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Financial:
runtvie
•
INCLUDING
Public Utility Compendium
Railway& Industrial Compendium
Railway Earnings Section
5tae & Municipal Compendium
Bank and Quotation Section
Bankers' Convention Section
SATURDAY, FEBRUARY 13 1926
VOL. 122.
NO. 3164.
turn of the member banks, issued yesterday afternoon. The return refers to the added data, saying
PUBLISHED WEEKLY
that the report "for this week carries the new item
Subscription—Payable in Advance
Tern..
'Loans to brokers and dealers (secured by stocks and
12 Mos. 6 Mos.
Including Postage—
$6.00 bonds) made by 61 reporting member banks in New
810.00
Within Continental United States except Alaska
11.50
6.75
In Dominion of Canada
13.50
7.75 York City'
and that "a statement regarding the
Other foreign countries. U. S. Possessions and territories
NOTICE.—On account of the fluctuations In the rates of exchange.
remittances for European subscriptions and advertisements must be made item . . appears in the Federal Reserve BulleIn New York funds.
tin for February." This Federal Reserve Bulletin
Subscription includes following Supplements—
SECTIONS—
COMPIND111116—
has not yet come to hand, so we are limited in our
BANK AND QUOTATION (monthly)
PUBLIC UTILITY (semi-annually)
RAILWAY EARNINGS (monthly)
RAILWAY & INDUSTRIAL (semi-ann.)
remarks
to the figures themselves. In the characBANKERS CONVENTION (yearly)
STATE AND MUNICIPAL(semi-annually)
of
the
results, these figures which, as already
ter
Terms of Advertising
5cent, noted, relate entirely to the 61 member banks and
Transient display matter per agate line
4requstn
Contract and Card rates
trust companies in New York City (the New York
eanuoao orncs—In charge of Fred. H. Gray, Western Representative.
Salle
Street.
La
Telephone Harrison 5616.
208 South
LONDON OrrIci—Edwardx & Smith, 1 Drapers' Gardens. London. E. 0. Clearing House contains only 29 members of the
Federal Reserve) are just like those given out by the
WILLIAM B. DANA COMPANY, Publishers,
Front,IPine and Depeyster Streets, New York
Stock Exchange. They show total loans to brokers
Published every Saturday morning by WILLIAM B. DANA COMPANY. and dealers on Feb. 3 of $3,091,997,000. Of this, only
President and Editor, Jacob Seibert; Business Manager, William D. Riggs
Treas. William Dana Seibert; Sec. Herbert D.Seibert. Addresses of all. Office of CO $1,221,842,000 were loans made by the banks on
their own account (that is, less than 40% of the
The Financial Situation.
whole), while $1,280,143,000 were "for account of
The publication by the New York Stock Exchange out-of-town banks" and $590,012,000 were "for acof figures dealing with brokers' loans has been the count of others." A situation like this, showing
overshadowing event of the week. After the close that Stock Exchange speculation is being promoted
of business last Saturday the Stock Exchange an- mainly from the outside, carries its own comment.
nounced the total of brokers' loans as being $3,513,- The most serious feature is that the ordinary statis174,154 as of Jan. 30 1926. This figure was approxi- tics regarding loans and discounts of these 61 memmately $1,000,000,000 greater than the private esti- ber banks which the Reserve Board has been regumates that had previously been current. The statis- larly giving out for so long have been positively mistics confirm the worst fears. We are told that of the leading, if not absolutely worthless. These old
$3,513,174,154 of loans reported, approximately $1,- statistics are continued in the usual way, but show
310,729,012 was borrowed through out-of-town branch only $2,221,476,000 of loans of all kinds on Feb. 3
and correspondent offices. Thatis,out-of-town banks "secured by stocks and bonds" whereas the brokers
have been placing this huge sum at the disposal of loans alone aggregated on the same date $3,091,the Stock Exchange and the financial markets. It is 997,000. Of the remaining loans and discounts goadded that "this latter figure does not include a large ing to make up the grand total of $4,505,734,000,
aggregate of loans contracted for out-of-town custom- $49,336,000 are reported as secured by U. S. Govers who deal through New York offices directly rather ernment obligations and $2,234,922,000 are the merthan through their branches and correspondents in cantile loans classed as "all other loans and disother parts of the country." So the $1,310,729,012 counts." Apparently only the $1,221,842,000 of
does not even representthe full amountof out-of-town brokers'loans made by the 61 member banks on their
money used at this centre. President Simmons own account have been appearing in the weekly•
makes the point that the listings in recent years on statements, while the $1,870,155,000 of brokers
the Exchange have enormously increased, and that at loans made for the out-of-town banks and others
the beginning of 1926 the grand total represented have found no place in the returns. It was high time
approximately $70,000,000,000. Exclusive of United that the Reserve made the change now inaugurated.
States bonds, these had a market value of $52,118,The effect on the market has been almost negli807,999. The intention is to show that Stock Exchange loans constitute only a small part of the gible, the severe drop in the shares of the baking congrand total of the listings. The trouble with this is cerns being due to the Government suit mentioned
that margin speculation is not spread over the below, while certain high priced specialties like,
whole 70 billions of listed Securities, but confined to American Can,GeneralElectric and Allied Chemical
a small part of the grand total,namely the activelist. have actually established new high records. Quite
The Federal Reserve figures arefully confirmatory notable event of the week has been the purchase of a ,
Of what is 'said. above: 'As- yet the only informa- controlling interest in Associated Oil Co. by a syntion available iS that contained' in: the weekly re- dioate:headed by, Blair & Co. and the Chase Securi-i
Ixt QDhrotxxeL
786
THE CHRONICLE
[VOL. 122.
ties Corporation, the amount involved being $132,- trading account less this year. Failures of manufacturing concerns numbered 510 last month, against
000,000.
480 in January 1925, while the indebtedness this
On Monday the Department of Justice brought year was $16,093,950, against $11,909,187 in Januan action to prevent a combination in the baking ary a year ago. Trading defaults last month were
industry, which it was thought would involve ap- 1,696, owing in the aggregate $21,511,872, the figproximately $2,000,000,000, through the combination ures for January 1925 were; respectively, 1,757 and
of the Ward Baking Co., the General Baking Cor- $24,654,579. In addition to the above, there were 90
poration, and other similar concerns. The action defaults in January of this year of agents and
was directed toward the Ward Food Products Cor- brokers, owing $6,055,622, against 80 similar insolporation, which recently had been formed as a hold- vencies in January of last year for only $2,871,966.
The increase in the number of manufacturing faP
ing company to bring about the proposed consolidation or merger. The action was brought under both ures in January of this year over a year ago is
the Sherman Anti-Trust Act and the Clayton Act. mainly among manufacturers of iron, founders, etc.;
This action seemingly caused the abandonment of manufacturers in the large lumber class, and manuseveral other proposed mergers, notably that of the facturers of clothing. Liabliities, too, for each of
California Packing Co. and the Postum Cereal Co. these three important classes in January of this year
There can be no question about unrestrained mo- exceeded those reported a year ago. Slightly fewer
nopoly being an evil that should not be tolerated. failures are noted among makers of machinery and
There is, however, serious question as to whether tools, than in January of last year, and liabilities
these proposed combinations could really exercise are less. There are fewer failures also this year
monopoly. It is still possible for Governments to among bakers, but the indebtedness shown is someform monopolies within their own territories, but what heavier. In the large trading class more dethere is question if under the conditions that exist faults again appear among grocers and hotels and
in the United States it would be feasible for a cor- restaurants. Decreases, on the other hand, are
poration to attempt monopoly. Competition to-day shown for general stores, dealers in clothing, in dry
is principally between industries. Where corpora- goods, in shoes and leather goods, with a notable
tions attempt to gouge the public they are almost reduction in the number of defaults among dealers
sure to fail, as other corporations with other lines in jewelry, although the indebtedness shown for the
of goods obtain the public's business. There is also last mentioned division is again quite heavy. For
international competition. Characteristic of the general stores and dry goods as well as for some
time is the marked success of the large efficient other trading classes, liabilities are less this year
corporation and the indifferent business position of than a year ago.
the smaller units. The welfare of the people of the
The number of large failures in January of this
United States has probably been held back far more year, that is those where the indebtedness exceeds
through anti-trust legislation and action in prevent- $100,000 in each case, is the same in number as last
ing the development of highly organized industries year, but the liabilities are less than they were a year
than it has been helped by the prevention of monop- ago. There were 53 of the larger defaults last month,
oly evils. We have cheap automobiles, cheap steel, against 53 a year ago, but the indebtedness was $18,cheap meat and cheap products of many kinds be- 364,205, against $26,803,026 in January 1925. The
cause of the unprecedented efficiency of the great larger manufacturing defaults were more numerous
corporations, which have developed these respective and the indebtedness heavier this year, but the reindustries. On the other hand, the inefficiently verse was true as to the larger trading failures.
managed or poorly planned combination is doomed There were six of the larger failures among agents
in advance, whether Government intervenes or not, and brokers with total liabilities of $5,258,737. This
since it carries within itself the seeds of its own de- last figure is rather notable, since there were 90 destruction. The bakery proposition, moreover, em- faults altogether in this division, but with aggregate
bodied some chimerical plan of philanthropy which liabilities no more than $6,055,622.
would have made it exceptionally vulnerable in any
event. We discussed that feature at length in our
The French Chamber of Deputies has continued
issue of last week—pages 661 to 663.
to make only slow progress in its efforts to work out
a finance plan for the Government. In his account
Insolvency returns for January make quite a sat- of the proceedings in the Chamber on Feb. 5 the New
isfactory showing in comparison with recent preced- York "Times" correspondent in Paris apparently
ing months, as well as with the corresponding month gave a very fair idea of the incompetent and absurd
of last year. There is a slight decrease in the num- way in which this highly important matter has been
ber of defaults compared with January a year ago, handled. In part he said: "Seldom has any Parwhile the indebtedness involved is very much less liament presented such a spectacle of tragic comedy
this year. January insolvencies numbered 2,296 and as the French Chamber has done during this week's
the liabilities were $43,661,444, according to the rec- debate of the taxation bill necessary to meet a
ords of R. G. Dun & Co.; in January of last year the budgetary deficit of 4,000,000,000 francs and to pronumber of failures was 2,317, and the indebtedness vide against a new inflation. To-dv, like yesterday
$54,354,032. These figures cover only commercial and the preceding days, was spent in hubbub and
failures and do not include banking defaults. There confusion with this for a net result: that one clause
was some increase in the number of manufacturing was adopted, making the income tax payable twice
bilures in January this year in comparison with a yearly but with a complicated proceeding for the
year ago, and the indebtedness involved on account first payment this year, and that all members of Parof manufacturing defaults shows a considerable gain liament be obliged to publish their total incomes, the
January 1925. On the other hand, trading de- number and value of their properties, the number
over
faults are fewer and the amount of liabilities on and nature of their automobiles, horses and car
FEB. 13 1926.]
THE CHRONICLE
riages, and that they make a statement of their total
wealth on Aug. 1 1914 and Nov. 11 1918. In addition to this comedy, the Deputies voted that all foreigners living in hotels, pensions and furnished
apartments who can be considered as having a habitual residence in France shall pay at the end of
each month a tax equal to 25% of their rent, to be
collected by the landlord. Finally, they considered
the punishment of defaulters by increasing all arrears by 200%, but that suggestion was referred
back for consideration by the civil law authorities.
After this day's work they adjourned until Monday."
He also suggested that "if the situation were not full
of peril, for it is estimated that the necessity of the
new inflation is not perhaps further off than next
month unless something radical is done to prevent
it, the Chamber's behavior could be regarded with
mirth."
Very little progress appears to have been made at
the session of the Chamber the next day. The New
York "Times" correspondent indicated that chaotic
conditions still prevailed. In part he said: "Undismayed by the absurdity of yesterday's proceedings
and the trouncing they got in this morning's press,
all parties in the Chamber to-day dropped from incoherence and confusion into violence. The strain of
the long debate and little progress has begun to tell.
Furthermore, the division between the Radicals and
Socialists has widened. After two days of private
bickering their quarrel is becoming public. After
banging his desk and shOuting above the din, Vincent Auriol, the Socialists' financial expert, walked
out of the session this morning in protest against
amendment of a clause which the Financial Commission, of which he is a member, had approved. Ten
minutes later it was the turn of M.Lammoureux, the
bill's reporter, to walk out, protesting shrilly."
As to reports that Governor Norman of the Bank
of England had a plan for stabilizing the French
franc that would involve substantial assistance from
the United States, the Associated Press representative in Paris cabled on Feb. 6 that "the stabilization
of the franc by the use of France's own resources
and without outside aid is the ultimate object of
Finance Minister Doumer's financial program. This
assurance was given in official quarters to-day when
attention was called to reports published in the
United States, asserting that plans were going forward for enlisting the aid of British and American
financial interests. In official circles the measures
provided by the Finance Minister are considered
sufficient to achieve the end in view." He added
that "if M. Doumer's bills are passed by
Parliament, or if he obtains equal resources by other
bills,
he will have made the budget secure against
further
derangement and it will be balanced so as to
stay
balanced, the Government believes. In addition,
he
will have $4,500,000,000 francs of revenue to refund
advances by the Bank of France and to retire
debts.
Premier Briand and M. Doumer maintain
that these
operations in themselves will do much to
stabilize
the franc. The Government feels that it is necessary to put the country's financial house in order
as a prerequisite to stabilization. Once that is done
it remains to decide what the actual value of the
franc ought to be in relation to foreign currencies
and to provide means to keep it at that mark."
Premier Briand, according to Paris cable
dispatches, did his best to goad the Chamber of Depu
787
ties to action. On Feb. 9 the Paris representative
of the Associated Press cabled that "Premier Briand
warned the Chamber of Deputies to-day that quick
action to solve the nation's financial difficulties is
necessary. He declared that, unless measures to
balance the budget were voted and sent to
the Senate within a week, the situation would
be dangerous." It was explained that "the
Premier's warning was evoked by criticisms
from the moderate and conservative opposition, which blamed him for not taking a definite stand relative to the financial measures before
the Chamber. M. Briand replied that the Government was following what it considered the best
course under the circumstances." Continuing, the
correspondent said: "The Premier admitted the
budget now shows a deficit of $4,300,000,000 francs.
He asserted that if within five or six days the financial bills had not been sent to the Senate and the
Chamber had not voted the necessary resources for
balancing the budget, the Government would no
longer assume responsibility for the financial troubles of the country. The Government suffered defeat by 287 to 233 on its demand that the measure
requiring that all bearer bonds be transformed into
nominative bonds should be disjoined from the measure under consideration. Under the reported compromise, the conversion of bearer stock certificates
into registered certificates would be made optional,
but all investors would be obliged to keep a book in
which their stock holdings are entered up, with a
complete record of all transfers."
Commenting on the adverse vote, the Paris representative of the New York "Herald Tribune" suggested that, "while the vote in no way endangered
the life of the Cabinet, it was another indication of
the utter hopelessness of the present Lower House
voting on a finance measure on which the stabilization of the franc and the future stabilization of
France's Treasury depend, which will satisfy the
more conservative Senate or begin to appear equitable to the country's taxpayers."
The situation was summed up in part as follows
in a special Paris dispatch to the "Herald Tribune"
the same day: "France is on the eve of events the
character of which will be determined by this country's undisciplined, disorganized and undirected
Chamber of Deputies. The situation after another
painful day of inaction on the national fiscal problem by the Lower House may be summed up in the
briefest manner as follows: Premier Briand is urging the Deputies to hasten the tax legislation on
which the Treasury's ability to meet its internal obligations depends. The Chamber majority, grouped
on the Left side of that body, is disdainful of the
Premier's advice. A large section of the majority
Right Wing, its patience lost, is threatening to abstain from debate or voting. Public opinion is
aroused and hostile to the Chamber, while virtually
every newspaper in France is fanning this discontent."
Various reasons were given in European cable ad.
vices last week as to why the French Government
took the lead in asking a postponement from Feb. 15
to May 15 of the proposed Preliminary Disarmament Conference. It was stated also that M. Berenger, the French Ambassador to the United States,
would explain the attitude of his Government to
788
THE CHRONICLE
Secretary of State Kellogg. He did this on Feb. 5.
The Washington correspondent of the New York
"Times" said that he informed Secretary Kellogg,
"among other things, that France desires to see Germany in the League of Nations before taking up disarmament questions." He added that "the Ambassador is also understood to have informed Secretary
Kellogg that France is anxious to have Russia participate in the disarmament conference and that the
Moscow Government had refused to attend any meeting in Switzerland because of a misunderstanding
between Russia and the latter country." Continuing, he said that "in to-day's informal conversation
the Ambassador is understood to have stressed the
point that France did not stand alone in seeking
postponement of the meeting, since five other nations had joined in the request, constituting a majority of the League Council. The Ambassador was
accompanied to the State Department by Count de
Sartiges, Counselor of the French Embassy."
{VOL. 122.
ment reduction. Germans within the League may
be expected to contest the French claims for special considerations, the need for security and other
issues which Paris seeks to attach to disarmament
proceedings."
That the German Government is eager to proceed
as rapidly as possible with respect to membership
in the League is shown by the following excerpt from
a special Paris cablegram to the New York "Herald
Tribune," also on Feb. 5: "An important conference on Germany's entrance into the League of Nations was held to-day between Premier Briand and
Herr von Hoesch, the German Ambassador, when
the latter called on the Premier to ask the procedure
which would be followed by the Council after receiving the Reich's application for membership. M.
Briand assured the German envoy that a special
meeting of the Council would be called, to be followed by an extraordinary meeting of the Assembly, and that every effort would be made to faciliThe German Government has made application to tate the formal acceptance of Germany in
the Gejoin the League of Nations. The formal document neva organization, as the Allies are agreed
that the
was forwarded on Tuesday, Feb. 9, to the Secretariat Locarno pact is not effective until this is
brought
of the League at Geneva. Two days previous the about. The Premier found the envoy in entire
agreeGerman Ambassador to France notified Premier ment with the program, as Herr von Hoesch
said
Briand that this action would be taken. At that Germany is anxious to make the process of entering
time, according to a special Paris dispatch from the the League short and as quickly as possible. DisNew York "Times" correspondent in the French cussing the question of the make-up of the Council
capital, it was reported that "a meeting of the Coun- after Germany is awarded a seat, M. Briand excil of the League will be called for Feb. 12 for the pressed the French desire that Poland should also.
purpose of arranging a special session of the As- be given a permanent place. On this point
the Amsembly to vote on admitting the Reich. This meet- bassador said Germany would not be enthusiast
ic
ing is expected to take place some time in the month over the idea of Poland being admitted
immediately
of March."
after the Reich's admission, declaring it would seem
Commenting upon the application of Germany to be an effort to counterbalance
her influence. Dr.
for League membership, the "Times" correspondent von Hoesch said, however, that Germany
would be
said: "The entrance of Germany into the League willing to see the Council enlarged by
several memfollows as a consequence of the Locarno Confer- bers, including Poland. The Premier
admitted the
ence, that step being one of the stipulations of the reasonableness of this attitude and
expressed the
Rhineland Treaty. Furthermore, it is specified in opinion that the general enlargeme
nt of the Counthe Locarno treaties that they become effective only cil as discussed by him and Sir Austen Chamberlain
after Germany shall have joined the League. The would be the best policy."
accession of Germany to membership in the League
As the week progressed the European cable adholds great interest from many angles. In the first vices indicated that there was some doubt
as to
place, it will add immensely to the power of the where the postponed Preliminary Disarmam
ent ConLeague in reducing the forces outside that organiza- ference would be held. On Feb. 8 it
was stated in a
tion; for with Germany in, the only important na- special Geneva dispatch to the New
York "Herald
tions outside will be the United States and Russia, Tribune" that, "with Germany's
agreement to the
and there is scarcely any probability of co-operation postponement of the preparatory
disarmament conbetween Washington and Moscow in rivalry to the ference and the notificatio
n by President Vittorio
League or for any other purpose. Furthermore, Scialoja, of the Council
of the League of Nations, to
Germany's membership will tend to weaken the force the other countries
invited, including Russia and
of the charge that the League is dominated by the the United States, that
there would be a delay in
former Allied nations. From the political point of holding the
meeting, the place where the conference
view, Germany as a member promises to bring an shall finally meet
has again become a problem." The
important change of line-up in the League. Hereto- correspond
ent said that "it is admitted that the
fore there have been two factions, one led by Eng- plans for the parley
and the place where it will be
land, the other by France. England has dominated held depend
to a large extent upon the attitude of
the Council, France has dominated the Assembly. Germany. The German
Foreign Office in its note
Germany will be a new element and an element to on
Saturday accepted the delay with the understandbe counted with. Students of the situation expect ing that the conference would
begin not later than
Germany to become very quickly the world's lead- May 15, and
indicated that Germany would adopt
ing proponent .of reduction of armaments, because, vigorous measures toward
obtaining a disarmament
naturally, Germany wants other armies, especially agreement. Signor
Scialoja announced to-day that
that of France, reduced in the proportion hers is the date of the conference
would be determined by
reduced by the Treaty of Versailles. Her case is the Council of the League
at its March meeting,
based on the opening sentence of the military sec- when Germany will be represented. If it becomes
tion of the treaty, which says the limitations placed evident then that friendly relations between Russia
upon Germany are with a view to a general arma- and Switzerland cannot be restored the Council un-
FEB. 13 1926.]
THE CHRONICLE
doubtedly will select some neighboring French resort as the scene of the conference, probably Aix-lesBains. The point has been raised that without Russian participation any progress in disarmament is
virtually impossible for Lithuania, Finland, Poland,
Rumania and Czechoslovakia. There is widespread
feeling that Russia is using the League as a wedge
to force the Swiss to agree to terms for the restoration of political and commercial relations with the
Soviet, which, it is said, is not really interested in
disarmament."
According to a special Paris cablegram to the
same paper on that date, the relations between Switzerland and Russia were more encouraging. The
correspondent said that "the French Foreign Office
received advices from Berne to-night that, contrary
to reports, the controversy between Russia and
Switzerland over Russia's attendance at the preliminary disarmament conference on Sviiss soil had
not reached a deadlock, but was on the way toward
a settlement. The proposal to hold the conference
on French soil did not meet the approval of Premier Briand, who said that this would not only detract from the prestige of the League but probably
would not be agreeable to other nations, including
the United States. The French Ambassador at
Berne is acting as mediator in the dispute between
Russia and Switzerland. His reports indicate an
impending agreement in which the Swiss will express regret for the assassination of Soviet Envoy
Vorovsky at Lausanne and promise adequate -protection for Moscow's delegation at the next meeting."
An Associated Press dispatch from Geneva the
next day seemed to furnish substantiation of the
idea that Switzerland and Russia were coming to
an understanding. It was stated that "the League
of Nations announced to-day that the first meeting
of the Preparatory Commission for its International
Economic Conference would be held at Geneva on
April 26. This is the first definite news that the
meeting will be held in Geneva, there having been
uncertainty on this point since Russia announced
that she would attend the League's gatherings only
if they were held outside of Switzerland. The announcement of this date and place is regarded here
as expressing the conviction of League officials that
the controversy between Russia and Switzerland
will be adjusted, thus eliminating Moscow's objections to Geneva."
Secretary-General, on Dec. 12 1924 and the reply
thereto of the Council of the League, dated March 14
1925, as well as to the note of other signatories of
the Locarno treaties of Dec. 1 1925, of which a copy
is attached, I have the honor, in accordance with
Article I of the Covenant of the League of Nations,
to formulate herewith, in the name of the German
Government, a proposal for the admission of Germany to the League of Nations. I beg you to put
this proposal on the agenda of the Assembly as soon
as possible.'"
According to a special cable dispatch from Paris
under date of Feb. 10, "following a long conversation between Premier Briand and Foreign Minister
Vandervelde, it was announced to-night that the
French and Belgian Governments are in accord to
move as rapidly as possible toward the admission
of Germany into the League of Nations. This means
definitely there will be no opposition to Germany's
entrance, since the only source from which unfavorable action was judged possible now reports favorably. The two statesmen also found themselves in
agreement that Germany should be given a place on
the Council as soon as admitted to the League, probably in March. It is understood that they also
agreed to co-operate toward obtaining for Poland
a permanent seat on the Council. The purpose of
this is to balance the political aspect of the Council
in offsetting an anti-French-German vote by a proFrench-Polish vote. This plan may, however, meet
opposition from the English."
Announcement was made in a United Press dispatch from Geneva on Feb. 10 that "Germany's application for membership in the League of Nations
has been received by the League Secretariat. The
application is without reservations or conditions."
A subsequent cablegram from the same centre
later in the day said: "Germany's request for admission to the League of Nations was formally
handed this morning by the German Consul to the
Secretary-General, Sir Eric Drummond. The note
was brief and formal, but at the same time a piece
of excellent diplomacy. It places Germany in the
position of knocking at the front door of the League
as an equal of the most powerful and influential
nations of the world. The note reads: 'With reference to the German memorandum of September
1924 to the Governments represented on the Council, and to the German note addressed to you, Mr.
789
Premier Mussolini of Italy has been remarkably
active and aggressive recently for the "sick man"
that he has been reported to have been for some
months. One of his most recent acts was to deliver a
vigorous speech in the Chamber of Deputies on
Feb. 6 in which he warned Germany in no uncertain
terms to stop Tyrol agitation. In a special wireless message to the New York "Times" on that date
the following outline of his speech and the manner
in which it was received were given: "Goaded by
the anti-Italian campaign raging in the German
press, and especially by the recent speech of the
President of the Bavarian Landstag, Premier Benito Mussolini to-day in a speech in the Chamber, in
which humor, biting sarcasm and threats were mingled, threw down the gauntlet to the Germans. 'Let
Germany remember,' he cried, while the whole
Chamber rose to its feet and cheered as if seized
with a paroxysm of fury,'that Italy is ready if necessary to carry her banners beyond her present frontiers, but, back never!' The Premier stigmatized the
German, anti-Italian agitation as 'nefarious and
ridiculous'; he termed the speech of the President of
the Bavarian Landstag as 'unheard of'; he scoffed
at Germany's proposal to boycott Italy, threatening
to take severe reprisals; he announced his intention
of inaugurating a policy of 'two eyes for an eye and
a whole set of teeth for the loss of only one tooth.'
He invited Germany to reflect that Italy now counts
42,000,000 citizens ready to march at his word, and
he referred to Italy's frontier on Brenner Pass as a
'boundary traced by the infallible hand of God.' As
is always the case when it is known that Mussolini
is going to speak, the Chamber was filled to overcrowding many hours before the beginning of the
sitting. The royal box, the diplomatic galleries and
places reserved for newspaper men and the public
were packed solid with anxious listeners when the
790
THE CHRONICLE
sitting began. The Premier's speech wa,s punctuated every few seconds by a frantic burst of cheering, in which the whole House participated. And
the whole proceeding was interrupted at intervals
while the Deputies sang in unison Fascist patriotic
songs, followed by loud shouts of 'Viva Italia!'
'Viva Fascismo!"Viva Mussolini!' Mussolini spoke
with calmness, but with cool determination and suppressed energy which thrilled all his hearers."
[vol.. 122.
likewise suggested that "the German propaganda,
therefore, is regarded as looking toward a union of
Germany and Austria, which Italy would fight to
the bitter end. If language privileges are conceded
to the German-speaking citizens of Upper Adige,
it is said, the inhabitants of the d'Aosta valley,
where French was the former language, might claim
the same right. That a boycott of German goods
would hit the Reich hard is evident from the fact
that last year German firms sold more than 2,000,As might have been expected, Mussolini's speech 000,000 lire worth of goods to Italy, which far exwas not well received in Germany. The New York ceeds Italy's sales to Germany."
"Times" representative in Berlin cabled on Feb. 7
that "pain rather than wrath is Wilhelmstrasse's
Subsequent dispatches from Berlin made it plain
reaction to Mussolini's bellicose pronouncements. that while Mussolini's speech was not liked and
But while it is appreciated in official quarters that regarded as unjust and uncalled for, the Governthe Duce's speech was designed primarily for home ment did not contemplate rash action, but, on the
consumption, the German Government takes it se contrary, proposed to go ahead as usual, particuriously enough to be preparing a public retort." He larly with its application to join the League of
suggested that "this probably will take the form of Nations. On Feb.8 the Berlin representative of the
a declaration by Foreign Minister Stresemann in New York "Times" said in a wireless dispatch that
replying before the Reichstag to the Nationalists' in- "republican Germany will reply to the oratorical
terpellation on Italian persecution of German cul- onslaught of Italian Fascism to-morrow in the form
ture in Southern Tyrol." He even claimed that, of a Ministerial declaration to be delivered by For"meanwhile there is a possibility that the German eign Minister Stresemann before the Reichstag. Dr.
application for membership in the League of Na- StreEemann means to outpoint, politely but firmly
tions will be delayed as a result of Mussolini's ora- the unfortunate effect Premier Mussolini's anti-Gertory. The meeting of the Luther Cabinet, which man harangue on the eve of Germany's re-entry into
under President von Hindehburg's chairmanship the European political cosmos via the League of
was to have fixed the time and form of the Reich's Nations is calculated to have upon the spirit of Locommunication to Geneva, will be held to-mortow carno." He also stated that, "contrary to expectaas scheduled, but will probably.be devoted more to tions yesterday, however, the German Government
the Italian question than to the League."
refuses to permit the incident to impede its entry
According to an Associated Press dispatch on into the League. Following two tong sittings held
Feb. 8, "there is much perturbation and no little this morning and this evening, the Luther Cabinet
ill-feeling in Germany over the speech delivered on unanimously approved the text of the note applying
Saturday afternoon in the Chamber of Deputies lit for admission to that body. The communication
Rome by Premier Mussolini with regard to an anti- was sent to-night by special courier to the German
Italian campaign alleged to have been propaga ted Consul-General at Geneva, by whom it will be preby Germans in the upper Adige." It was added that sented to Sir Eric Drummond, Secretary-General of
"although the German Government has made no the League. Its publication is scheduled for
*reply, pending receipt of the text of the speech, the Wednesday." The correspondent likewise suggested
utterances of Mussolini are considered the strong- that "the Cabinet's adherence to its original League
est issued by any statesman since the war toward program may be due to an impression prevalent in
a country with which his country is at peace. Mus- diplomatic and political circles that the Mussolini
solini's address is regarded as having been occa- pronunciamento was deliberately designed to keep
sioned by a recent speech of Dr. Held, the militant the Reich out of the League for the time being lest
Bavarian Premier, who requested all good Germans Geneva and Berlin find too many sympathizers in
to help their fellow countrymen in Southern the German dispute with Fascism."
Tyrol, which was awarded by the Treaty of St. Germa in."
The French attitude toward the Mussolini speech
was outlined in part as follows by the Paris repreFrom the Italian capital came a special dispatch sentative of the New York "Times," in a wireless
to the New York "Herald Tribune" on Feb. 7, in message, also on Feb. 8: "In France Mussolini's
which it was claimed that "a boycott of German speech is frankly regarded as very strong and gets
goods by Italy if the Germans do not cease their a mixed reception. The papers of the Right who
propaganda against German tourist traffic in Italy would like to have a dictator for France find that
will be the sequel of Premier Mussolini's vigorous the Duce put Germany where she belongs, and the
protest against the German Nationalist campaign in 'Temps,' which lately has been conspicuously favorthe Italian province of Upper Adige, it is reported able to Mussolini, finds he was justified. On the
here to-night." The correspondent further stated other hand, the Left papers think there should be
that "the 'Herald Tribune' is informed from Ger- no such utterances in Europe, which by right ought
man sources that the commercial interests of Ger- to be under the spell of the spirit of Locarno." The
many are making every effort to iron out the tension, correspondent likewise suggested that "the pin
which in view of the fact that Italy is now Ger- pricks that Premier Mussolini pleases himself to
many's greatest market, may ruin many German push at Germany immediately direct attention to
industrial firms. To uphold the Premier's protest the effort being made by the Germans to absorb Ausit is pointed out in official circles here that Upper tria, for that would give the Reich and Italy a comAdige never belonged to Germany, but was a part mon frontier, such a development would evidently
of Austria before the Treaty of Versailles." He make it easier for strained situations to arise than
FEB. 131926.]
THE CHRONICLE
with the buffer end of Austria between the two countries."
Foreign Minister Stresemann made his promised
reply to Premier Mussolini in the Reichstag on
Feb. 9. The Berlin representative of the Associated
Press cabled the following outline of the speech:
'The German Government must decline to reply to
Premier Mussolini in a tone which is better suited
to mass meetings than to diplomatic conversation
with other nations.' Foreign Minister Stresemann
made this declaration in the Reichstag to-day in
opening his reply to Saturday's broadside from the
Italian Premier regarding the situation in South
Tyrol. 'We have no quarrel with the Italian people,
who, according to Mussolini's own words, written in
1920, have no interests incompatible with the Germans,' Dr. Stresemann continued. 'German-Italian
difficulties, as Mussolini then stated, always were
due to misunderstanding and distrust—conditions
of mind, rather than conflicting economic or political interests.' Going back to the genesis of the
South Tyrol problem, the Foreign Minister pointed
out that the Italian Governments before the advent
of the Fascisti, and also the King, had promised the
inhabitants freedom of language, religion and culture. He insisted Germany had no political interest in the problem, but merely a cultural one. Deploring what he termed irresponsible newspaper
utterances and the unauthorized attempt by a small
group of Munich business men to inaugurate a boycott of Italy, he said the Government was unalterably opposed to such childish measures and was
concerned in maintaining the best relations with
.Germany's neighbors. He characterized Premier
Mm.solini's speech as 'filled with arrogance, contradictions and vehemence, which attempt to hide the
inner weakness of his argument.' He insisted that
Mussolini, who had accepted German hospitality
earlier in his career, and now derided German tourists, was ungrateful. Holding it unfair that Mussolini had replied to Premier Held of Bavaria without waiting the official text of his speech regarding
South Tyrol, he asserted the Federal Government
alone was responsible for the German foreign policy."
Through later dispatches from the German capital the same evening it became known that "Paul
Loebe, President of the Reichstag, read to that body
this evening a declaration that was approved by all
parties save only the Communists and which consequently may be regarded as the German Republic's
formal commentary on the Fascist dictator's outburst. The declaration runs as follows: 'The German Reichstag vigorously rejects the Italian Prime
Minister's objectively unjustifiable and insultingly
phrased attacks and sneers. Throughout the whole
world the judicial conception prevails that the fate
of racially related minorities is followed with heartfelt sympathy by their mother nation and that their
struggle for the preservation of their nationality
invokes her support. Although the German people
desire nothing other than to promote their' own
restoration in peaceful co-operation with other peoples, they will not permit themselves to be hindered
from demanding just treatment of German minorities under foreign sovereignty. Least of all through
insulting sneers and senseless threats, from wirerdyer they may come, shall we be deterred from the
exercise of this right.'" The New York "Times"
791
representative said that "thunderous applause from
every section of the House except the Oommunist
benches greeted Dr. Loebe's pronouncement, which
for the present, as far as Germany is concerned,
closes the Mussolini incident."
Rather than being settled, the situation between
Italy and Germany appeared to grow more intense.
Instead of letting the matter drop, as had been predicted, Premier Mussolini made a reply in the Italian Senate on Feb. 10 to Foreign Minister Stresemann's speech in the Reichstag of the day before.
He was quoted by the Associated Press representative at Rome as saying, "I confirm the letten and
spirit of my previous speech, not excluding the accent upon my phrase referring to the possibility of
the Italian flag going beyond the Brennero frontier, which Stresemann can interpret as he chooses.
Stresemann in his speech merely confirmed all the
points I made." According to the correspondent,
"Mussolini asserted Italians would interpret his
phrase in regard to the Brennero Pass as meaning
that Italy would never endure violations of the treaties of peace guaranteeing a frontier won by blood.
He said Dr. Stresemann had not denied a single one
of the charges he had made in his speech of Saturday, and denied categorically that Italy ever would
ask for a supplementary guarantee pact in regard
to the Brennero frontier." The dispatch further
stated that "he concluded by declaring that the German population in the territory did not constitute
a national minority, that Italy would not accept any
discussion of the matter in any assembly or council (an apparent reference to the League of Nations)
and that the Fascist Government would 'react with
maximum energy against any plan of this nature.'"
The Italian Chamber of Deputies has adopted the
plan recently agreed upon in London for settling
the war debt of Italy to Great Britain. The vote in
the Chamber was taken on Feb. 5 and was 224 to 1.
Count Volpi, Chairman of the Italian War Debt
Commission to both the United States and Great
Britain, on his arrival from London on that date,
"received a tremendous reception in the Chamber of
Deputies, which wished in this way to show him its
satisfaction at the settlement of war debts." In his
account of the proceedings the Rome correspondent
of the New York "Times" said that, "rising to explain the Washington and London debt agreements,
Count Volpi stated that the Italian people have now
maintained the promise made in their name by Premier Mussolini that they would pay their war debts
within the limits of their financial possibilities. The
Italian foreign debt, he continued, which, with the
fluctuation of exchange, at some moments reached a
figure as high as 130,000,000,000 lire, has been reduced to a debt payable in 62 years, of which the
present value is roughly 18,000,000,000 lire. Italy
now has, he stated further, no other war debts, but
has important war credits. Count Volpi repeated
what he said after the Washington agreement,
namely, that no nation has been vanquished and no
nation has been victorious in the debt agreements
with America and England. Both at Washington
and London there was merely a serene discussion
which led to an honest, equitable settlement. This
result, he added, has been reached without the debt
settlement being connected in any way, shape or
form with other problems, either economic or political. After rapidly sketching England's debt situa-
792
THE CHRONICLE
tion, which he said is rendered onerous for the British taxpayers by the heavy payments England is
making to America, he paid homage to Winston
Churchill's 'sense of comprehension and responsibility.'" On Feb. 10 the Italian Senate adopted both
the American and British plans.
London and Paris cable dispatches have indicated
that the French were considerably upset over the
war debt settlement terms given to Italy by Great
Britain. The French were said to have regarded
them as unduly easy, and, therefore, that Great Britain would derive some trade advantage from Italy.
ReJative to this alleged situation, the London representative of "The Sun" cabled on Feb. 8 that "in
reply to questions by Commander Kenworthy (Liberal), Premier Baldwin stated categorically in the
House of Commons this afternoon that no political
or commercial arrangements had been entered into
with Italy, and that no concessions of any sort had
been obtained in connection with the recent settlement of the Italian war debt." It was suggested
that "the Prime Minister's statement comes at a
time when a considerable part of the French press
is openly insisting that a new form of rapprochement with Italy followed the conversations of Sir
Austen Chamberlain and Signor Mussolini at Rapale.and the conclusion of the debt-funding negotiations at London. These reports aroused col:Adderable anxiety in Opposition quarters, and when the
debate on the Italian settlement takes place, it is
certain that a more detailed statement will be
sought from the Government. But Mr. Baldwin's
statement to-day is sufficient to allay the fears of
most members." The correspondent added that "the
chief political significance of that fiettlement, so
some of the Government supporters declared, is that
it did not mar the good relationship of the two countries. But the cry has already been raised in certain
quarters and has found a voice in the press, that the
easy terms accorded to Italy makes it possible for
Signor Mussolini to consider some grandiose scheme
of Italian expansion at the expense of the British
taxpayer."
[VOL. 122.
Snowden's political flirtation with David Lloyd
George came to a sad end to-night when the wartime Premier, with other Liberals, including Sir
John Simon, walked into the Government lobby and
helped in the defeat of the Labor amendment to the
King's speech by a vote of 299 to 112." He insisted
that the reports of a coming joining of forces by
Snowden and Lloyd George had been greatly overdrawn. With respect to this matter he said: "Too
much importance must not be attached to Snowden's
'glad eye.' He undoubtedly would like to see some
sort of an arrangement between the Liberals and the
Laborites and said so in his speech last week. Moreover, he is now personally friendly to Lloyd George,
whose close neighbor he is in Surrey. But the rank
and file of the Laborites are not as anxious for cooperation as Snowden, as their speeches in the Commons debate showed. Nevertheless, Snowden has
restored better feeling between the Opposition parties and it will be interesting if Ramsay.MacDonald,
who returns from a trip next week, will preserve this
relationship." He further asserted that, "on the
slender foundation of the facts that Mr. Snowden,
who was Chancellor of the Exchequer in the Labor
Government, said during his speech on Socialism
last night that he preferred Lloyd George's land reform plan to Premier Baldwin's agricultural proposals and that later Lloyd George came and sat on
the Labor front bench, talking with Snowden for
ten minutes, political writers in many of to-day's
newspapers gave full rein to their imaginations and
wrote columns about a pending Liberal-Labor amalgamation, or even the formation of a new party.
When the House of Commons met this afternoon the
lobbies fairly buzzed with gossip about Snowden's
political wooing. The topic crept into the debate.
Neville Chamberlain, the Minister of Health, said
Snowden gave Lloyd George the 'glad eye.' Lloyd
George, however, denied that there had been any
consultation between him and Snowden. All that
happened, he said, was that 'two intelligent and
well-informed minds had approached the same problem with an earnest and honest desire to solve it on
the right lines.' During the voting the Liberals
Considerable curiosity was aroused in the British again split, the radicals abstaining and the Lloyd
House of Commons for a day or two by the attitude George coalitionists going to the Government's
of Philip Snowden, temporary leader of the Labor lobby."
Party, toward Lloyd George, leader of the small
Cable advices from London relative to the labor
Liberal Party, and former Prime Minister. On Feb.4
Snowden "moved the official Labor Party amend- situation were conflicting. On Feb. 8 the represenment to the King's speech." It was claimed that he tative of the New York "Times" said that, "as the
"threw bouquets and the 'glad eye' toward Lloyd time draws near for the presentation of the report
George." The New York "Times" representative of the Royal Commission appointed to try to find a
cabled on Feb. 5 that "political circles have been way out of the economic and sociological troubles
buzzing with the question,'What does it all mean?'" with which the British coal mining industry is faced,
Continuing his account, the correspondent said: public anxiety increases." He added that "the sub"After Snowden's speech he and Lloyd George sidy given to the industry five months ago to tide it
talked earnestly for quite a while and, that too, set over its difficulties pending the Commission's report
tongues wagging. The general view was that Lloyd has already cost the nation £12,000,000. In the face
George had finally decided to laan toward Labor, of this expenditure, which, it is expected, will be aleven toward out and out Socialism, in an endeavor most double dbefore it ceases in May,Premier Baldto bring Liberalism back as an important factor in win was able to hold out in the House of Commons
present-day British politics. But to-night the situa- tonight no more roseate a promise of final settletion is almost as mysterious as it was yesterday ment than that he 'hoped from his information that
when Snowden started his political flirtation with very shortly an agreement might be come to.'"
On the very same date the New York "Herald
Lloyd George. Following a long speech by Lloyd
correspondent cabled that "Premier Baldin
the
House
Tribune"
afternoon
of
Commons,
George this
the House of Commons to-night that an
as
much
at
win
said
in
just
sea
as
ever."
seem
the wiseacres
be reached in a short time in Great
representative
of
the
agreement
might
New
York
"HerLondon
The
industry.
coal
He said that Sir Arthur
Feb.
5
also
Britain's
on
that
cabled
"Philip
Tribune"
ald
THE CHRONICLE
FEB. 13 1926.]
Steel-Maitland, the Minister of Labor, and Colonel
G. R. Lane-Fox were keeping in close touch with all
questions affecting the coal fields, and he hoped
soon to see a satisfactory arrangement between the
miners and operators. Colonel Lane-Fox said that
he had 'every reason to believe' that an agreement
would be reached. The Marquess of Londonderry,
who is a large coal owner, recently resigned from
the Ulster Government in order to bring together
both sides of the industry. In addition, the British
Government has let it be known that it would be
willing to follow the precedent set by the Irish
boundary settlement and drop the report now being
drafted by Sir Herbert Samuels and the Coal Commission, if the owners and miners succeeded in
reaching an agreement."
No change has been noted in official bank rates
at leading European centres from 8% in Berlin; 7%
in Italy and Belgium; 6% in Paris and Norway;
2% in Denmark; 5% in London and Madrid;
1
5/
2% in Sweden and 3/
1
4/
2% in Holland and Switzer1
land. In London open market discount rates continue to decline fractionally and short bills closed
2@4 9-16% last week,
1
2%, against 4/
1
at 4 1-16C)4/
with three months' bills at 4%@4 7-16%, against
2@4 9-16% last week. Call money in London, on
1
4/
the other hand, was strong for a while, touching
8% the
2%,but closed at 4%, as compared with 41/
1
4/
discounts
market
open
the
Paris
At
week.
previous
4%, and at Switzerland at
are still quoted at 41/
23
8%, the same as heretofore.
/
793
and notes in the banking department rose £906,000,
owing to the fact that note circulation decreased
£862,000. The proportion of reserve to liabilities
fell a trifle—to 18.32%, as against 18.51% last week.
In the corresponding week of 1925 the ratio stood at
8% and a year earlier at 19.05%. Expansion
/
187
occurred in all of the deposit and loan accounts.
Public deposits increased £4,120,000 and "other"
deposits £2,076,000. Loans on Government securities were augmented £945,000, and loans on other
securities showed an increase of £4,350,000. The
bank's gold holdings aggregate £144,556,776, which
compares with £128,577,329 last year (before the
transfer to the Bank of England of the £27,000,000
gold formerly held by the Redemption Account of
the Currency Note issue), and £128,083,422 in 1924.
Reserve amounts to £23,234,000, in comparison with
£23,479,419 a year ago and £22,634,327 the year
before that. The loan total is £77,586,000, as against
£73,460,483 and £69,431,421 one and two years ago,
respectively. Note circulation stands at £141,092,000. Last year it was £124,847,910 and £125,199,085
a year earlier. No change has been made in the
official discount rate from 5%, the level previously
prevailing. We append herewith comparisons of
the different items of the Bank of England return
for a series of years:
The statement of the Bank of France shows a further small gain in the gold item the present week,
namely 7,025 francs. Total gold holdings therefore
now aggregate 5,548;184,450 francs. Last year for
the corresponding date the total was 5,545,698,600
francs and the year before it was 5,541,073,135 francs.
Of these amounts 1,864,320,907 francs were held
abroad in each of the years 1926, 1925 and 1924.
Note circulation fell 381,474,000 francs, bringing the
total notes in circulation down to 51,089,457,680
francs, which compares with 40,777,648,495 francs
for the same time last year and 38,932,819,805 francs
the year previous. The French Government repaid
450,000,000 francs more to the Bank, reducing the
total of advances to the State to 32,850,000,000
francs. During the week silver holdings rose 35,000
francs and trade advances increased 62,935,000
francs, while on the other hand bills discounted decreased 1,310,577,000 francs, treasury deposits declined 1,578,000 francs and general deposits fell
277,009,000 francs. Comparison of the different
items in this week's return with the figures of last week
and on corresponding dates in both 1925 and 1924 are
as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of----Changes
for Week.
Feb. 111926. Feb. 12 1925. Feb. 14 1924.
France,
Francs,
Francs.
Francis.
add II Wings—
7,025 3,683.663.543 3.681.377.693 3,676,752.227
Inc.
In France
1,864,320,907
1,864,320,907
1.864,320,007
Unchanged
Abroad ........
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1923.
1924.
1926.
1925.
Feb.10.Feb.11Fek13.Feb.111.Feb.15.
g
b141,092,000 124,847,910 125,199,095 120,719,230 121.752,490
Circulation
17,887,000
9,569,278 14,466,839 19.517,200 14,911.673
Public deposits
108,813,000 115,081,190 104,354,872 106,726,844 137,461,763
Other deposits
Governm't seourities 43,948,000 45,819,540 44,849,182 48,507,299 64,425,565
77,686.000 73.460,483 69,431,421 70,623,032 80,56.5,926
Other securities
Reserve notes.4 coin 23,214,000 23,479,419 22,634,327 25.224,195 25,460,029
Coin and bullion...2144,556,776 128,577,329 128.083,422 127,493,425 128,762,519
Proportion of reserve
1634%
20%
19.05%
18.32%
1812%
to liabilities
464%
4%
3%
4%
5%
Bank rate
a Includes, beginning with Amil 29 1925, 127,000,000 gold coin and bullion
to the
transferred
was
previously held as security for currency note issues and which
Bank of England on the Bridsh Government's decision to return to gold standard.
Bank
of
£27,000,000
includes
1925,
29
April
for
statement
the
with
b Beginning
of England notes issued in return for the same amount of gold coin and bullion held
up to that time in redemption account of currency note issue.
The weekly report of the German Reichsbank,
issued as of Feb. 6, indicated shrinkage in note circulation amounting to 85,706,000 marks, which contrasts with an increase of more than 300,000,000
marks a week ago. Other liabilities expanded 26,801,000 marks. On the assets' side, the Bank reported a decline in holdings of bills of exchange and
checks of 53,049,000 marks, and 5,767,000 marks in
advances. A gain was reported in reserve in foreign
currencies of 208,000 marks; in silver and other
coins of 2,636,000 marks; in notes on other banks of
12,540,000 marks, and in other assets of 170,323,000
marks. An increase of 165,000 marks occurred in
investments. Gold reserves continue to mount, gold
and bullion holdings being now at 1,255,617,000
marks, a gain for the week of 622,000 marks. At
this time a year ago the total held was 844,807,000
marks and a year earlier 467,031,000 marks. Note
circulation now outstanding aggregates 2,563,103,000 marks.
•
Expansion in rediscounting constituted the principal feature of the Federal Reserve banks' weekly
statements, issued at the close of business on Thursday. This occurred both locally and nationally.
Gold holdings were reduced at New York, but
showed a gain for the System, while open market
and slightly
The Bank of England reported another, though operations were larger in New York,
The
combined
group.
smaller, gain in gold (£43,669) in its statement for smaller for the banks as a
gold
reserve
of
in
increase
in gold System reported an
the week ending Feb. 10, while the reserve
7,025
Inc.
Total
..........
36,000
Silver
1,310,577,000
Bills discounted-1ec.
62,935,000
advance8_ Inc.
,
icon
circulation_Dce. 381,474,000
Note
1,5/8.000
_Dec.
TresS. deposits_
General deposits Dec. 277,009,000
6.548,184,4E0
321.762.477
3,043,978,970
2,550,173.371
el,089,457.680
32,369.348
2.823,088,939
5,545.698,e00
305,065,266
4,807,414,596
3.071,748.944
40.777.648,495
16,150,195
1.878.261.324
5.541,073,135
297,259,906
3,575,160,102
2,441.324,391
38,932,819,805
38,205.035
2,077,032,892
794
THE CHRONICLE
$3,000,000. Rediscounts of both Government secured and "other" paper mounted approximately
$45,600,000, so that total bills discounted now aggregate $533,372,000, as compared with $487,796,000
last week and $331,806,000 a year ago. Holdings of
bills bought in the open market were reduced $1,700,000. Total bills and securities (earning assets)
inereased $28,000,000 and deposits $13,600,000. Increases also took place in Federal Reserve notes in
actual circulation, $5,300,000, and in member bank
reserve accounts $23,800,000. At New York a loss
in gold of $14,300,000 was shown. An increase of
about $31,100,000 occurred in the rediscounts of all
classes of bills, which carried the total up to $188,644,000, against $149,071,000 last year. Bill buying
in the open market expanded $15,600,000. Increases
were also recorded in total bills and securities of
$43,500,000; in the amount of Federal Reserve notes
in actual circulation of $3,400,000 and in member
bank reserve accounts of $23,300,000. Deposits
were augmented $20,100,000. The reserve ratios
declined slightly, mainly because of increases in the
deposit items. At New York a decline of 2.7%
brought the ratio down to 78.9%, while the group
statement showed a loss of 0.3%, to 74.2%.
[Vol.. 122.
tion was established again in the afternoon.
It was assumed that most of the large
amount of money that was reported to have
appeared in the Street that day came from
out of town. If the financial institutions had
in mind the checking of speculation in stocks and
the borrowing of money with which to finance their
operations, by advancing the rates for call money,
it would seem that they failed to a great extent, as
the transactions in stocks on the New York Stock
Exchange alone were close to the 2,000,000-share
mark for the first four days of this week. While at
first the total of brokers' loans as reported by the
Stock Exchange was regarded as large, it was suggested later that it was not, at least in comparison
with the aggregate market value of stocks and bonds
listed on the Exchange. According to Washington
dispatches early this week there was no apprehension at that centre over the volume of collateral
loans outstanding. Some recessions in certain lines
of business are reported, but the grand total of the
turnover must be large, or the car loadings of the
railroads could not hold up the way they have done.
A large volume of financing has gone forward again
this week, and has included considerable for foreign account.
Last Saturday's statement of the New York Clear._
ing House banks and trust companies revealed
ReferrinetoTmoney rates in detail, loans on call
heavy shifting of funds in some directions and sev- have ranged,betweenr4
MlrandT53/2%, as against
eral noteworthy changes. Chief among these was an
lasaweek.rr Monday the high was 51/27o,
increase in surplus of more than $33,000,000, The
the low 5% and also the charge for renewals. On
result mainly of a substantial addition to the reserve
Tuesday no loans were made under 532%, which
of member banks in the Federal Reserve Bank.
was the only rate named. Call funds again renewed
Loans were reduced $809,000. Net demand deposits
at 5M% on Wednesday; the high was still 5327c,
expanded $16,869,000, to $4,453,177,000, which is but
before the close there was a decline to 43/2%.
exclusive of $43,787,000 in Government deposits. Increased
ease developed on Thursday, and the
On the other hand, time deposits fell $7,062,000, to range
dropped to 4@5%, with 5% the renewal
$572,144,000. A nominal increase was reported in basis.
Friday was a legal holiday in New York
cash in own vaults of members of the Federal Re(Lincoln'siEtirthday).
serve Bank, namely, $138,000, to $48,267,000. This
In time money the market was quiet, but steady,
total, however, is not co'unted as reserve. Reserves
with quotations unchanged from 432@4%% for all
of State banks and trust companies in own vaults maturities
from sixty days to six months, the same
gained $387,000, and reserves kept by these instituas a week ago.11 Offerings continue light. Large
tions in other depositories increased $272,000. Mem- borrowers,
however, remain out of the market.
ber banks, as shown above, added to their reserves
No important individual trades were reported.
at the Reserve institution the sum of $35,139,000, so ;
Mercantile paper rateercontinue to be quoted at
that despite expansion in deposits, surplus was in- 4@4YiTforlfourItoi
sixt months' names of choice
creased $33,797,110, bringing total excess reserves character, with names
not so well known still reup to $39,077,290, as against $5,280,180 the previous p2Ling 43,@4%
. New England mill paper and
week. The figures here given for surplus are based
the shorter choice name's are being dealt in at 4%,
on legal reserve requirements of 13% against de- unchanged.
A fair demand was reported, but as
mand deposits for member banks of the Federal Re- supplies
of the best names were as light as ever,
serve System, but not including $48,267,000 cash in trading was only moderately active.
vault held by these member institutions on Saturday
Banks' and bankers' acceptances ruled quiet, but
last.
steady, andwithout new feature. Interior institutions absorbed most of the offerings, which continue
Inasmuch as last Saturday's statement of the restricted,
so that the aggregate turnover was not
New York Clearing House banks and trust comForrcall loans against bankers' acceptances
panies showed a substantial increase in excess re- the posted rate of the American
Acceptance Council
serve,the high rates for call money early this week
is now 4%, against 332% last week. The Acceptwere regarded in some circles as rather surprising. ance Council makes the
discount rate on prime
The calling of loans was attributed to a desire to bankers' acceptances eligible
for purchase by the
strengthen their position, following the publication FederallRe
serve banks 3%% bid and 332% asked
on Feb. 6 of the first official statement by the New for bills running 30 days, 33
5
4% bid and 3/%
York Stock Exchange showing a total of brokers' asked for 60 and 90 days,
378% bid and 34
3 %
loans as of Jan. 31 of upwards of $3,513,000,000. asked for 120 days, 43/g%
bid and 4% asked for
occasioned
in speculative circles 150 days and 431%Ebid and
Equal surprise was
41A% asked for 180
2% after days. Open market quotations
on Feb. 10 by a drop in call money to 41/
are as follows:
1
2%. On Thursday the
loans had renewed at 5/
SPOT DELIVERY.
90 Dap.
an Days.
30 Days.
1
2% quota- Prime eligible Digs
renewal rate was 5%, while a 4/
3%@3)1
3,103,4
4a532%
344
THE CHRONICLE
I'E1 13 19261
FOR DELIVERY WITHIN THIRTY DAYS.
3% bid
334 bid
Eligible member banks
Eligible non-member banks
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
FEB. 12 1928.
Paper Maturing—
After 90 After 8
Days. but
but
WiThin II Withfn 9
Months. Months
Within 90 Days.
RESERVE
BANK.
FEDERAL,
tymerelot
Agric'l &
1.1orstock
Payer.
n.e s.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francl•ro.
4
4
4
4
4
4
4
4
4
4
4
I
Secured
Cy U. S. Bankers
Doyern't AmyOhltgalances.
lions.
4
4
4
4
4
4
4
4
4
4
4
4
Trade Aoricut.• Agricurt
and
A ccepand
lances. Livestock Lfeestock
Payer.
Paper.
4
4
4
4
4
4
4
4
4
44
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
•Including bankers' acceputuctw drawn for an agricultural purnuac and secured
by warehouse receipts. &AL
795
volume of business transacted was small. Quoted
rates were firmly held on Tuesday, though with very
little trading activity; demand ruled at 4 86 1-16 all
day, cable transfers at 4 86 7-16 and sixty days at
4 82 13-16. Wednesday market operations were
almost at a standstill because of the crippling of local
traffic owing to a heavy snow storm; quotations which
were largely nominal, remained at 4 86 for demand,
4 86 7-16 for cable transfers and 4 82 for sixty days.
Pre-holiday inactivity developed on Thursday so
that the amount of exchange changing hands was
comparatively small, and demand continued at 4 86,
%.
cable transfers at 4 86 34 and sixty days at 4 823
York,
New
in
holiday
legal
a
as
Friday was observed
(Lincoln's Birthday). Closing quotations on Thursday were 4 823
% for sixty days, 4 86 for demand
and 4 864 for cable transfers. Commercial sight
bills finished at 4 854, sixty days at 4 82k, ninety
days at 4 813/2, documents for payment (sixty days)
%. Cotton
at 4 8*6 and seven-day grain bills at4 843
and grain for payment closed at 4 854.
While no gold was definitely reported this week
for either export or import, the Bank of Manhattan
Co. is said to be expecting a second shipment of
$1,000,000 gold from Canada. The Bank of England
reported the sale of about £100,000 in sovereigns for
expprt to Holland and India. Earlier in the week the
institution again purchased a considerable amount
of gold.
Dulness characterized trading in sterling exchange
this week and the market was featureless and generally neglected. Price movements were unusually
narrow and though for the most part the undertone
was steady, demand bills at no time went above
4 86 1-16, while the low for the week was 4 86.
In Continental exchange also trading was interBuying on the part of British banks appears for the
moment to have subsided, and speculative interest mittent and restricted in character, with irregular
in sterling is practically nil. Commercial offerings price movements, notably in francs and lire. As a
continue light, which, of course, helped to sustain matter of tact most of the limited business passing
quotations; as also did the fact that the Bank of was in these two currencies and atention centred
England in its weekly return again reported a gain chiefly in the up-and-down movements that characin gold, though small, namely £43,669. What. in terized the week's operations in the same. Italian
all probability constituted the most noteworthy de- lire were dealt in quite actively at intervals and the
velopment of an otherwise dull week, was the an- quotation, as a result of buying support, said to be
nouncement by cable that the Indian demand for of an official nature (for account of the Italian Nagold has quite suddently attained fairly considerable tional Institute of Exchange), advanced to 4.024,
proportions. India is reported as having taken the the highest figure named in several weeks, and more
£350,000 offered in London this week, as well as than 5 points above the recent low record. No spe£432,000 from South Africa. This is regarded as a cific reason was assigned for the increased volume of
factor likely to exercise an important bearing on the buying other than that the Italian Institute had comfuture of sterling. Quotations on rupees have been pleted certain special transactions that necessitated
very strong lately, in fact the tendency has been to the selling that forced down price levels a week ago
advance beyond the stabilized level of $.3675. and was once more in a position to lend substantial
Should this be continued it will likely cause the support as heretofore. French francs, on the other
withdrawal of large amounts of the precious metal hand, turned weak and suffered a setback as a result
from London. Bankers here are keeping close of unsettling rumors of the unfavorable reception
watch over the entire situation, and the opinion seems that is being accorded to M. Doumer's finance bill
to be quite general that India's requirements of gold in the Chamber of Deputies. After opening at 3.74,
this year will have not a little to do with determining there was a drop to 3.65, or under the low point
the course of sterling prices, also possibly the scope established some time ago. Considerable uneasiof gold shipments between New York and London. ness is felt over the possibility of failure of either
Toward the end of the week interruption of normal all or a large proportion of the Briand finance protraffic from heavy snow-storms and the usual gram; hence the warning of the French Premier betendency to pre-holiday inactivity incidental to the fore the Chamber to the effect that if the important
Lincoln's Birthday celebration, brought trading provisions of the measure were not passed within a
week, so as to allow the Treasury to strengthen its
almost to a standstill.
Referring to the more detailed quotations sterling position, an exceedingly grave situation, both poexchange on Saturday last was a shade easier, with litically and financially, would develop.• This statedemand at 4 86 1-16 (one rate) all day, cable trans- ment was interpreted as meaning that if the Cabinet
fers at 4 86 7-16 and sixty days at 4 82 13-16; trading failed to receive proper support it would call for anwas dull and featureless. On Monday the market other vote of confidence, failure to receive which
was fairly steady, although there was a decline to would undoubtedly lead to a fresh collapse in franc
4 86 for demand; the high, however, was 4 86 1-16, values. It is worth noting that the section of the
while cable transfers ranged between 4 864 and finance bill which was actually passed, relating to
4 86 7-16 and sixty days at 4 82%@4 82 13-16; the the doing away of bearer securities and allowing the
796
THE CHRONICLE
Government to examine registration books, had a
depressing rather than enheartening influence, since
it will likely tend to increase capital exports and stimulate the liquidation of franc securities. Paris this
week was the heaviest seller of francs, speculators
at foreign centres being inactive. Local dealers took
no part in the dealings.
No important changes occurred in the remainder
of the list and trading was dull and lifeless. Greek
currency moved down, from 1.50 at the opening to
1.41, on realizing sales. The minor Central European exchanges remained at close to the levels of a
week ago, except Polish zloties, which fell back to
13.50. German and Austrian exchange continue to be
quoted nominally, without trading activity. Antwerp
francs are still firmly held at a fraction over 4.53.
The London check rate on Paris closed at 131.78,
compared with 129.75 a +week ago. In New York,
sight bills on the French centre finished at 3.673,
against 3.74; cable transfers at 3.683/
2, against 3.75;
commercial sightbills at 3.663/
2,against 3.73, and commercial sixty days at 3.62, against 3.683/ last week.
Antwerp francs closed the week at 4.53% for checks
and 4.54% for cable transfers, in comparison with
3 the preceding week. Final quo4.53% and 4.54%
tations for Berlin marks were 23.81 (one rate) for
both checks and cable transfers, the same as heretofore. Austrian kronen continue to be quoted at
0.00143/s, unchanged. Lire finished at 4.02% for
bankers' sight bills and at 4.03% for cable remittances. Last week the close was 4.023' and 4.031
/.
Exchange on Czechoslovakia closed at 2.96%, against
2.963; on Bucharest at 0.433, against 0.44; and on
Finland at 2.52, against 2.523'. Polish zloties after
ruling at 13.90 for awhile, turned weak and finished
at 13.50, against 13.90 last week. Greek drachmae
closed at 1.41 for checks and at 1.413/
2 for cable transfers. This compares with 1.483/ and 1.49 the previous week.
[VoL. 122.
The South American exchanges continue to move
downward and Argentine pesos closed at a decline of
about 34 points, at 40.84 for checks and at 40.89 for
cable transfers, against 41.18 and 41.23;this was however attributed to purely seasonal influences. Brazilian milreis on the other hand showed improvement
and finished at 14.71 for checks and at 14.76 for
cable transfers, in comparison with 14.56 and 14.58
last week. Chilean exchange was easier also, closing at 12.10, against 12.14, while Peru was weak and
finished at 3.83, against 3.87 a week ago.
The Far Eastern exchanges ruled quiet and:without
important change. Hong Kong finished at 58%@
58%, against 583/
2@58%; Shanghai at 753@7532;
against 753@753/2; Yokohama at 4538@453/
2,
against 45/@45 8; Manila at 49%@4938, against
49%@49%; Singapore at 57@57h (unchanged);
Bombay at 37@373 (unchanged), and Calcuttarat
36%@37 (unchanged).
,
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
FEB. 6 1926 TO FEB. 12 1926, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Bale for Cable Transfers in New York.
Value in United Slates Money.
Feb. 6.
Feb. 8. p Feb. 9.
Feb. 10.
Feb. 11. Feb. 12.
EUROPEAustria, schilling•
.
.14076
.14057
14056
.14052
.14049
Belgium. franc
.0455
0455
.0454
.0455
.0454
Bulgaria, lev
.006871 .007072 .007111 .007069 .007057
Czechoslovakia, kron .029524 .029615 .029615 .029613 .029618
Denmark, krone
.2461
2467
.2463
.2482
.2472
England. Pound sterling
4.8641
4.8617
4.8635
4.8638
4.8636
Finland, markka
.025211 .025198 .025204 .025208 025204
France, franc
0374
.0371
.0388
.0367
.0370
Germany, reichsmark. .2381
.2381
.2381
.2381
.2381
Greece. drachma
M14973 .014598 .014373 .014418 .041381
Holland, guiltier
.4010
.4008
.4010
.4007
.4007
Hungary, pengo
.1758
.1758
.1755
.1756
.1756
Italy, lira
.0403
.0403
.0403
.0404
.0404
Norway, krone
.2031
.2031
.2034
.2033
.2034
Poland. zloty
.1339
.1333
.1346
.1336
.1353
Portugal, escudo
.0512
.0514
.0513
.0513
.0514
Rumania.leu
.004379 .004363 .004364 .004329 .004317
Spain, peseta
.1411
.1408
.1407
.1407
.1412
Sweden. krona
.2678
.2678
.2678
.2678
.2678
Switzerland, franc
.1927
.1927
.1926
.1926
.1926
Yugoslavia, dinar__ _ .017616 .017605 .017599 .017603 .017584
ASIAChinaChefoo. tael
.7717
7708
.7713
7708
.7883
Ilankow,tael
.7641
.7647
.7850
.7638
.7650
Shanghai, tael
.7408
.7405
.7396
.7409
.7391
Tientsin, tael
.7788
.7800
.7788
.7792
.7767
Hong Kong. dollar. .5805
.5807
.5812
.5805
.6795
Mexican dollar_
.5392
.5381
.5388
.538/
.5390
Tientsin or Peiyang,
dollar
.5433
.5429
.5425
.5429
.5400
Yuan, dollar
.5563
.5558
.5554
.5558
.5550
India, rupee
.3677
.3677
.3678
3877
.9677
Japan. yen
.4494
.4494
.4500
.4498
.4507
Singapore(S.S.),dollar .5667
.5667
.5867
.5667
.5667
NORTH AMER.Canada, dollar
.997344 .996897 .995708 .995848 .996975
.999219 .999656 .999719 .999500 1.000063
Cuba. peso
Mexico, peso
484667 .484667 .485000 .484500
484333
Newfoundland. dollar .994906 .994570 .993125 .993250 .994625
SOUTH AMER.Argentina. peso (gold) .9361
.9284
.9287
.9343
.9365
.1489
Brazil, milreis
.1481
.1481
.1484
.1477
.1214
.1211
.1214
Chile, peso (paper)
.1213
.1214
1.0325
1.0311
1.0324
1 0294
Uruguay. peso
1.0315
The former neutral exchanges moved narrowly under a small volume of trading. Guilders advanced
3 points, then fell back to 40.0434, which is the
lowest point possible without drawing gold from
HOLIDAY
London. Free offerings of grain bills were held
responsible for the drop. Swiss francs ruled nearly
all week at 19.27, then sagged, while the Scandinavians remained within a very few points of the levels
prevailing at the close of last week, except Danish
kronen, which closed strong. Spanish pesetas again
lost ground and declined 5 points to 14.05, though
recovering before the close. This declining tendency
is attributed to Spain's unsettled political and
financial status and to the after-effects of the expensive and long-drawn-out Moroccan campaign.
•One °chilling Is equivalent to 10,000 paper crowns.
Bankers' sight on Amsterdam closed at 40.05,
against 40.08; cable transfers at 40.07, against 40.10;
The New York Clearing House banks, in their.
commercial sight bills at 39.97, against 40.00, and operations with interior banking institutions, have.
commercial sixty days at 39.61, against 39.64 a week gained $3,153,458 net in cash as a °result of the curago. Swiss francs finished at 19.25 for bankers' sight rency movements for tile week ended Feb. 11.
bills and at 19.26 for cable transfers, as compared Their receipts from the interior have aggregated
with 19.27 and 19.28 last week. Copenhagen checks $4,656,458, while the shipments have reached $1,503,closed at 24.81 and cable transfers at 24.85, against 000, as per the following table:
24.65 and 24.69. Checks on Sweden finished at 26.75 CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK
BANKING
INSTITUTIONS.
and cable transfers at 26.79, against 26.74 and 26.78,
while checks on Norway closed at 20.30 and cable
Into
Out of
Gain or Lou
Week Ended February 11.
Banks.
Banks.
to Banks.
transfers at 20.34, against 20.313/ and 20.353/ a
Banks Interior movement
$4,656,458
$1.503,000 Gain $3,153,458.
pesetas
Spanish
finished
earlier.
at
14.083 for
week
As the Sub-Treasury was taken over by the Fedchecks and 14.103/ for cable transfers, as compared
with'14.10:and_14.12 the week preceding.
eral Reserve Bank on Dec. 6 1920, it is no longer.
FEB. 131926.]
THE CHRONICLE
possible to show the effect of Government opera.
thus on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANS
AT CLEARING HOUSE.
Saturday, Monday, 1 Tuesday, Wednesd'y. Thursday
Feb. 6.
Feb. 8.
Feb. 9.
Feb. 10.
Feb. 11.
Friday. 1
Feb. 12.
Aggregate
for Week.
$
$
$
I
$
113.000.000 94,000 000 68.000.000 85.000,000 72,000,000 Holiday Cr 412,000.000
Note.—The foregoing heavy credits reflee the huge mass of checks which come
to the New York Reserve Bank from all parts of the country In the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
bowever, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited
with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Februarf 11 1926.
Banks of
Gold.
Silver.
February 12 1925.
Total.
Gold.
England
144,556.776
144,556,77 128,877,32
France a,.. 147,354,542 12.960.000160,314,54 147,255,10
Germany c 48,732,450 d994,600 49.727,05
. .
Am -Hun. b2,000,000
„ b2,000.000
Spain
101,475,000 26.477,000 127,952,000 101,437.00
Italy
35,675,000 3,398,000 39,071,(00 35,583,000
Netherrds 36,354,000 2,142,
38,496,
42,041.000
Nat. Bets. 10,954,000 3,652,000 14,806,
10,890.000
Switaeri'd. 17,484,000 3,684,000 21,168,00 19,954,00
Sweden... 12,778,000
12,778,00 13,028,
Denmark. 11,624,00
825,000 12.449,0
11,840.0
Norway___ 8,180,000
8.180,00
8,180.
Total week 577.167,7681 54,130,60083I,298,36552,891,73
Prey.week 578,638,21 53,855,600632,493,818 552,658.757
Silver.
Total.
128,577,329
12.200,000159.455.108
d994,600 33,302,900
b2,000.000
26.464,00 127,901.000
3,372.000 38,955,000
1,313.
43.354,000
2,972,000 13,862,000
3,581,00 23.535.000
13,026,000
1,154,
12,794,000
8.180.000
52,050,600604.942,337
51,695.6 604.354.357
•Gold holdings of the Bank o France this year are exclusive of £74.572,838
beld abroad. b No recent figural c Gold holdings of the Bank of Germany this
year are exclusive of £13.048.300 held abroad. d As of Oct. 7 1924.
Mussolini and Germany.
Under ordinary circumstances it would be diffi'cult to take seriously such an extraordinary outburst as Premier Mussolini permitted himself on
Feb. 6 in his speech in the Italian Chamber, or to
believe that what was said on that occasion or in a
further speech on Feb. 10, was the considered language of the head of a great European Government.
The immediate occasion of the first speech was the
irritation felt in Italy at the outspoken criticisms
which have appeared lately in the German press and
in a recent speech of the Premier of Bavaria regarding Italian policy in South Tyrol, a part of the former Austrian territory which was assigned to Italy
by the Peace Conference, and in which there is a considerable but minority German population. The
criticisms were severe and in some cases apparently
false, but the rejoinder of Mussolini so far overstepped the bounds which responsible statesmen or-dinarily respect as to place Italian foreign policy
toward Germany and Austria in a highly unfavor.able light, and aroused widespread apprehension as
to what the immediate future may have in store.
In phrases which at best were covered by only the
thinnest veil of allusion, and which at times were
frank to the point of rudeness, Mussolini, in his first
speech, arraigned Germany for its alleged hostility
to Italy, declared that the anti-Italian campaign in
the German press was "nefarious" and "ridiculous,"
denounced the recent speech of the Bavarian Premier as "absolutely unheard of," characterized as
-"ridiculous nonsense" the allegations of Italian via
lence in the Upper Adige, reminded Germany that
Italy was a nation of 42,000,000 people plus 10,000,900 abroad, dwelt upon "our spirit, our sense of
.dignity, our moral force," and proclaimed a "new
formula" of "two eyes for the loss of only one eye
.and a whole set of teeth for the loss of only one
tooth. "We will apply," he continued, "rigor
797
ously, methodically, obstinately, with a system of
cool tenacity which is typical of Fascismo, all our
laws to the inhabitants of the Upper Adige," both
"those this Chamber has voted and those it will vote
in the future." "We will render that region Italian
because it is Italian, both historically and gee-graphically. The boundary of the Brenner Pass is a
frontier traced by the infallible hand of God." Probably few of Mussolini's hearers felt disposed to
doubt that he spoke by the card, but to make clear
that his words were both deliberate and authoritative he added that "this speech must be considered
as my pondered opinion and as tracing the line I
shall follow in this matter." In his second speech
on Wednesday, in the Senate, Mussolini is reported
to have said, apparently referring to the League of
Nations, that no discussion of the matter in any
assembly or council would be accepted, and that his
Government would "react with maximum energy
against any plan of this nature." Thus speaks the
statesman who, only a few weeks ago, affixed his
initials to the Locitrno treaties in which the principle and practice of international'arbitration were
formally consecrated.
The reply of the German Government, set forth in
a speech by Dr. Stresemann, Foreign Minister, and
a resolution of the Reichstag, although plainspoken
and uncompromising, was happily more temperate.
Addressing the Reichstag on Tuesday, Dr. Stresemann recalled that the inclusion of South Tyrol
within the boundaries of Italy was accompanied by
a solemn promise on the part of Italy to deal liberally with the German minority in regard to language and economic and cultural interests. The
Mussolini policy of "Italianization," however, he
declared, left no doubt that "deliberate degermanization" of the region was now intended. Dr. Stresemann admitted that false reports of the situation
in South Tyrol had been circulated in the German
press, but the Government had not sanctioned them,
and there existed in Germany no such control of the
press as Mussolini had established in Italy. The
criticisms voiced by Dr. Held, the Bavarian Premier, had apparently been correctly quoted by Mussolini, but the foreign policy of the Right was not
determined by the head of the Bavarian Government.
On the basis of "a purely private undertaking by
irresponsible people," Dr. Stresemann charged, the
German Ambassador had been told that Mussolini
"would forbid German imports into Italy and officially promote an Italian boycott of German goods."
The Reichstag, in a strongly-worded resolution to
which.all parties except the Communists gave their
support, declared that while the German people "desire nothing more than to promote their own restoration in peaceful co-operation with other peoples,"
they "will not permit themselves to be hindered from
demanding just treatment of German minorities under foreign sovereignties."
The precise merits of the case in this regrettable
controversy cannot be determined offhand, and an
impartial report of facts must be awaited. Mussolini's utterances, however, with their intimation of a
readiness to enlarge Italian territory in Europe and
their threat of meeting German criticism with force,
may well be pondered by those who, in this country
as in others, have shown a disposition to praise the
Fascist regime on the ground of certain good results
which it has produced. That Italy, in certain respects, is better off to-day than it was when Muss°.
.. 798
THE CHRONICLE
lini took the reins is beyond dispute. Industrial
and trade conditions are materially better, the financial situation is more reassuring, unemployment has
decreased, and private crime and disorder have been
more effectively repressed. What has been accomplished in these and similar directions, however, has
been at the cost of the suppression of constitutional
government and the establishment in its place of an
ironclad dictatorship. The Constitution of Italy
to-day is, to all intents and purposes; a scrap of
paper, and Mussolini has himself taken the position
that constitutional restrictions are impediments to
be got rid of if Fascism° is to do its work. The right
of free speech no longer exists, either for the press
or for the citizen, and the long arm of arbitrary
power is reaching out to punish Italian nationals
who, hitherto safe in other countries, presume to
oppose the Fascist regime. Effective, in a way, the
Mussolini Government undoubtedly is, as every dictatorship is likely to be when the dictator is as ruthless as he is strong, and its warnings and threats
may not safely pass unheeded abroad, but its voice
is not the free and deliberate voice of the Italian
people.
Whether, considering the nature of his hold upon
his followers, such utterances as those to which the
Italian Chamber has just listened, and which the
Fascist press is quoted as defending, are to be regarded as anything more than political bluster is,
for the moment, an open question. It seems to be of
the essence of dictatorial power that it must keep
up a certain amount of spectacular demonstration
in order to hold its supporters in line. It has been
so with other dictators -whose careers history records, and it appears to have been the case also with
Mussolini. The fiery harangue, the grandiloquent
appeal, the unexpected and bizarre program of action, are the stuff which often sweeps the unthinking off their feet, and the same things serve effectively in maintaining the enthusiasm on which despotism relies. In Italy, a little while ago, Fascism
was going wild over Mussolini's defiance of the
League of Nations in the Corfu imbroglio. A few
weeks since, it was the glowing picture of a resurrected Roman Empire, spiritual rather than temporal, as was presently explained, that sent Fascist
cheers reverberating throughout the country. Today it is the threat of massing the man-power of
Italy, 52,000,000 strong if men, women and children
be counted, summoned from the peninsula, the ends
of the earth, and the islands of the sea, to teach Germany that the "spirit," the "sense of dignity," and
the "moral force" of a bitted and bridled nation is
not to be interfered with in its Itilianization of
South Tyrol.
How empty such threats might turn out to be if a
serious attempt were made to carry them out, can
hardly need lengthy demonstration. With all the
evidences of economic recovery that are gladly to be
recognized, Italy is still relatively a poor country,
and a long time must elapse before it can hope to be
economically self-sufficient. The Italian Government has just been forced to ask almost humiliating
concessions in the settlement of its war indebtedness
to the United States and Great Britain, and the first
move toward war would go far to destroy at a stroke
the structure of American and European credit
which has been laboriously rebuilt. No conceivable
alliance with Great Britain, regarding which rumors
have lately been circulating in the press, may be
[Vol.. 122.
expected to bring British support to an Italian policy of territorial aggrandizement or political highhandedness. If it be true, as has been intimated,
that French opinion at first inclined to side with
Mussolini in his irritation at Germany, there is,
nevertheless, small reason for thinking that France
would approve a course one of whose first consequences would be to wreck the Dawes plan and
plunge Europe into chaos. It is assuredly to be
hoped that neither Mussolini nor his Fascist followers will thrust Italy into war, or defy a peaceful
and honorable settlement of an international dispute, but the events of the past few days have unquestionably clouded the European outlook, and
created a strained situation between Italy and Germany and Austria, which diplomacy cannot too soon
exert itself to relieve.
General Wood in the Philippines and General
Lyautey in Africa: A Parallel.
The retirement of General Lyautey after thirteen
years' service as the first Resident-General of the
French Protectorate of Morocco calls attention to
an administration of special value as interpreting
one now going on in the Philippines of which little
is known, but in which we are deeply concerned.
The Philippines which we so unexpectedly acquired
in connection with the war with Spain, proved an
entirely new problem in civil administration for
which we were little prepared. At the outset there
were many entanglements, and such progress as has
been made has been attended with so many vicissitudes and complications both internal and external
that there is continual question whether we should
not abandon the job altogether before it involves us
in the mortification of failure, or, possibly, something worse. Little is heard of General Leonard
Wood, the Governor-General. It is only known that
he, our most experienced and generally successful
General in dealing with alien and hostile peoples,
responded to the call of the Government a few years
ago to go to the Philippines to deal with a situation
that had become increasingly difficult. Since then
little has been heard of him save that he had settled
down to the task, resigning the distinguished position of Chancellor of the University of Pennsylvania that he might give his entire strength to the solution of the problem committed to him, which evidently is to require his remaining days. It is known
that there is no longer open warfare in those islands
and that there is every indication of real progress
toward settled conditions. The Philippines have for
the time being disappeared from the headlines of
the newspapers and the country has given its mind
to other things. The problem, however, still remains
and the story from France is illuminating.
In 1912 General Lyautey was sent to Morocco.
"It was far from a routine appointment," says the
London "Fortnightly Review," from which these
facts of his course are gathered. "It was one of
those miraculous strokes of policy that give to a
soldier and a statesman the opportunity for which
every professional instinct in him, every bit of his
experience, has been calling." He had been in Algiers as a young Lieutenant from 1880 to 1887, and
again on the frontier in the Sahara in 1903 through
a series of campaigns; and most important of all, at
the age of 40 in Tonkin as Assistant Chief of the
General Staff, where the main task was not merely
to employ the army to defeat enemies in the field
FEB. 13 1926..1
THE CHRONICLE
'799
but to conciliate and construct politically. Here he telegraphed in reply: "I will
hold Morocco for
had the vision of the work opening for the greater France," and he did.
States in the new age, and realized the field for his
That he was not permitted to finish en beaute, as
own ambition and his own powers.
the French say, was not his fault. He saw the Riffs
The parallel with Leonard Wood in his early mili- being armed with
munitions of all kinds to an extary career against the Apaches and the Indians tent never before
dreamed of. He foresaw the danalong the Mexican border, and later in the Spanish ger of the coming
outbreak. He could not with any
War, and his subsequent duties in Havana settling respect support
the policy and measures of Spain.
Cuba in her new relations to the United States will Little attention
was paid to the report to the home
readily appear. The two men have much in common Government
and he got but tardy reinforcements,
in their quiet dignity, their soldierly ways, their and when the
danger was realized, General Petain
love of action, their openness of mind and their was sent to enforce
military operations a.ud Lyhabit of retired thought.
autey resigned. In spite of the shock of the Riff
Then came to Lyautey at the age of 57 the Mo- invasion and
the revolt of a few border tribes, the
roccan task. On the one side was the great French system he had
created held together, the rest of Mocolony of Algiers with its outreaching ambition for rocco stood firm
and loyal to France. Governors of
increased territory, in the South and East. To the Algeria changed
, but he remained. Governments in
west was Spain perpetually engaged in costly and France came and
went, but left him very much
ineffective contest with the natives. And on all alone, sometim
es from the old indifference to colosides independent rebellious and ruthless tribes nial enterpri
se and sometimes from confidence. He
proud of their long history and masters of their own created an epoch
for Morocco which will not be condifficult and easily defended territory. The new tinued; it is not
probable that the country will ever
Governor-General had a definite policy. His army again have a
French Governor of his school; his
was simply to be une organization en marehe, a mili- personality and his
spirit were unique and all-pertary force for protection where needed, but always vading; but he will
not be forgotten and his work
a means of installing a civic organization. French will be the foundation for
such permanent structure
ways were not imposed. On the other hand, native, as in the days to come
will be built.
social and political life was re-established; mutual
The situation in the Philippines is in many ways
respect and friendship were sought; deep-rooted cus- different, but the two
problems and the two men
toms of religious and traditional law were recog- have much in common that at
once will be recognized and duly staffed by natives; only the main nized. The inherent difficul
ty of the dealing of a
organs of government were French, and all that stronger and more civilize
d race with an inferior
French officiols do is to supervise. The home Gevern- and cruder one, the inabilit
y of understanding each
ment, never very enthusiastic over colonial affairs, other, the development
of the strength of the infeand soon entirely concerned with the Great War, rior people in resisting
the imposing of alien ways
paid little attention to General Lyautey beyond ob- and institutions upon
them, the slow discovery by
serving that the cost of his administration apart the higher race
of the strength and the worth of the
from the direct military expenses was very little, traits of the lower,
the growing and often thoughtleft him undisturbed, though they might well have less impatie
nce of the one over against the despairthought that all their ablest military leaders were ing resistance of
the other, the rooted disrespect
needed at the front.
fading into irritating condescension on the one side
So Lyautey went his way. He built up a civil and irreparable distrust, and
withdrawal on the
service after the pattern of the British Indian Civil other; these are
a few of the difficulties which have
Service, surrounding himself with young men of always appeare
d in the close and forced contact of
education and ability whom he could inspire with widely
different peoples.
his own great aims and from whom he could exact
Morocco and the Philippines possess them all.
an individual responsibility which he could trust. mussed up and
emphasized by the frequent change of
He took the risk of leaving the Grand Kaids of the foreign
administration in earlier years. During
South in possession of their ancient feudal powers the
last decade of the Governor-General we have
which secured peace if not progress in that region,
described them, and the significance of the parallel
and on the northern frontier he left an unoccupied appears
. The French officer has returned home,
wide margin for many years to the south of the and
despite his disappointment, has received high
Spanish zone, while he personally directed that
honor and is made a Marshal of France. General
strange mixture of war and negotiation that has
Wood in prolonged isolation and at great personal
marked relations with the more warlike tribes. This
sacrifice remains at his post. Whatever the end
is not ended, but the testimony is that "over the may
be, and there is every reason to hope that it
great expanse of Morocco the main business is done. will
be without unforeseen disaster, he is deserving
The Moroccan system is set up firmly." His were of the
gratitude of his countrymen and should alnecessarily years of war as well as of peaceful conways have their support.
struction, but the record is "the construction of
2,000 miles of motor roads, 300 miles of railway of
The Farm Surplus—Balancing Production.
normal gauge, 1,000 miles of military railways, a
What is this !'farm surplus," over which the
port for ocean-going ships at Casablanca, and a port political and legislative friends of the farmer are,
at Kenitra—samples of what he has done." The pop- at the present time, very much excited? Certainly
ulation of Casablanca grew from 4,000 in 1907 to it is a good thing for the individual farmer, for it
110,000 in 1917, and the foreign trade from 70 mil- represents that excess production, over his oton conlion francs in 1907 to more than one billion in 1923. suming need, which he can carry to market and sell.
When on the outbreak of the European war he wait If there be no excess there can be no sales, and] no
ordered by the home Government in its alarm to profits. It is only when this "excess" is considered
withdraw all troops and European residents, he collectively that it is called in question. And
here
800
THE C_HRONICLE
[Vox.. 122.
"surplus" is defined as the excess of all farm pro- fixed, contrary to the natural consuming power-toduction over and above domestic consumption or buy of the American people, either by Government
over combined domestic and foreign consumption. agency, or by monopolistic collectivism of farmers
We have not yet, however, a clear definition, for in combination, either to produce or to control price
sale is not the equivalent of consumption. Pri- by limiting production, does not seem to be considmarily, the farmer and the farmer's friends are con- ered a crime by the "friends of the farmer," though
sidering sale. Farmers are not in the business of they generally animadvert in strong terms against
supplying the exact amount of wheat, corn, cattle or the same thing when said to be employed by other
cotton needed for the sustenance of the American divisions of production.
Turning to production, or supply, reacted upon.
people, and no more. And for the excellent reason
that they do not know what this amount will be for it is true, by consumption, there are original eleany given year. They raise a crop for sale, let the ments involved which forever preclude the possibildemand be what it will, domestic or foreign or both. ity of artificial control. It is a curious twist of
Just here enters the current panacea for low price, mind that looks upon the farm as a manufacturing
known as "balanced production." It is claimed that plant and still believes it possible to establish price
a surplus controls price, lowers price, since the sale by limiting production. How can the farm as a
of surplus in the markets of the world in competition manufacturing unit utilize its entire resources to
with other agricultural countries lowers price at the best advantage and at the same time follow the
home. If, however, these countries fail to produce dictation of some estimated total average as to the
a surplus themselves to send into world markets, number of acres to be put in corn, wheat or cotton.
and this country does produce a surplus over and The farmer alone knows the capabilities of his own
above domestic consumption, then world-scarcity fields. He may, and does, within limits, diversify
enhances prices in world markets through natural his crops. This is for the purpose of recuperation of
demand, and the American surplus sells for more soils to the end of the greatest outcome in producthan it otherwise would, and thereby increases price tion. To ask him to sow one year, over against a
at home. This was demonstrated during the war, surmised necessary production, so many acres in
at which time the American farmer, asking and re- wheat, corn or cotton, is agains tthe full power of
ceiving a price guaranteed by Government, lost by the plant to yield its highest returns. Take our
reason of the combined buying of this and foreign round-number production of three billions of corn
consuming countries, the ultimate profits of a price and eight hundred millions of wheat, and, for illusthat otherwise would have been set by the dire tration, say that it is agreed to reduce the total yield
needs of countries estopped from world markets by of corn to two and a half billions and wheat to six
hundred and fifty millions, and that each farmer
war's interference with transportation.
Outside of warehousing, incident to sale, we have (and farm) be governed accordingly. He alone can
no way of storing up the surplus of fat years against plant his own fields, he alone knows what acreage
the coming of the lean years. Nor are our farmers in his own farm is adapted to wheat and what to
individually well supplied with these facilities. It corn, and thus nature prevents him from being govis sometimes charged against our whole scheme of erned by some far-off power seeking to create artibusiness that we produce for monetary sale rather ficial demand by scarcity and to enhance price. He
than for the needs of sustenance and use. But we is bound to use his land to the best advantage reneed not stop to consider this fallacy save to say gardless of everything and everybody.
But suppose an amount of wheat, corn and cotton
that the proposed regulation of production by stabbe fixed by these mythical agencies of "balanced
to
those
who
(by
of
price
ilization
consider this posWho can control the seasons? Drought
production."
Socialism,
toward
which
would
elimitends
sible)
nate price and profit from all business. Leaving the may come and blast the best of prospects. Now, this
influence of price aside for the moment, we per- plan for the stabilization of production and price
ceive there are two elements in "balanced produc- does not contemplate increasing production and a
ticin"—supply and demand, or original production larger surplus, for this, those friends of the farmer
and actual consumption. While these elements re- say, is just what destroys, lowers, price. So, followact upon each other, neither is a stable quantity, and, ing the behest of these omnipotent agencies, and limwe may add, never can be made so. Take our own iting acreage, the farmer falls on a lean year and has
domestic consumption of agricultural products. little or nothing to sell, of what use is enhanced
That depends upon the general state of business by price? Again, he has to contend with the elements,
which consumers attain their power to buy. This he is never sure what his yield will be, drought,
varies from year to year—affected, of course, by the weeds, floods, mildew, rust, bugs, hot winds, are all
reaction of the agricultural supply upon trade, but his enemies, and he learns to "take no chances."
in many other ways entirely independent thereof. Will he, and can he, when others set the total of
No device in favor of farmers as a class can control production for all farms and farmers, trust to the
the variability of this consumers' power to buy. infallible working out of the plan? Again, for reaAnd when production exceeds domestic consumption sons we need not suggest, there is a tendency in this
the variability is by that much increased. This de- very limitation, to increase instead of dimini: It promand affects price, and if an attempt be made (ad- duction. Every movement of the kind must be left
mitting the possibility as claimed by some) to con- to the voluntary co-operation of all the farmers. This
trol price by stabilized production, the attempt 13 cannot be secured by the mere statement by Governjust as likely to fall ,short of the ultimate-demand- ment or any "co-operative" agency that next year's
price as it is to exceed it. Not only is this true, but price for wheat will be two dollars; nor can it be
consumers are buyers, and buyers, at least in a mar- secured by a Government bounty, subsidy, or guarginal way, have an independent control over price. 'antee, that the price of wheat will be two dollars,
in that they can refuse to buy and can use substi- corn one dollar; for the farmer owns his own farm
tutes. That the price of farm products should be and exercises his own will.
FEB. 13 1926.]
THE CHRONICLE
801
Either Government must set the price so high that to engage in an enterprise offering such profit. The
it will invite increased production, in which event prospect of a loss or but scant profit will discourage
it loses control of the total amount thereof, and them from engaging in an enterprise." But, alas,
finds itself compelled to purchase excessive sur- "decisions for the whole people" is just what cannot
pluses, or by paying a bounty it raises price regard- be made "through Government," which is a creature
less of the totality of production and puts a heavier through the consent of the governed. Government
burden on the consumer by tax as well as price. And cannot, at least in this country, tell a man what to
in either case, or in any other imaginable case, Gov- do with his own property. It cannot tell a farmer
ernment fails to control but is itself controlled 'in- to grow wheat on corn land, or corn on wheat land,
stead. It is unfortunate, of course, that the farmer or :,ugar on either. And at the very outset this
does not always have fair weather with nature and whole scheme falls into doubt and despair.
"The hope of profit will move men to engage in an
Government. But "protection" of one class at the
hands of. Government to the alleged detriment of enterprise offering such profit." Well, this is true;
another class can never be corrected or equalized by and it is as it should be. But a Government bribe
giving the same "protection" to this damaged class by 'way of bounty or guaranteed price is another
in a similar way, for the simple reason that two kind of temptation, and another kind of profit. This
wrongs never made a right. Co-operation that can whole scheme for advancing price of fundamental
efficiently market a surplus is not to be denied its crops is based on the assumption that farming does
efficacy—but even this cannot control production, not pay. It does pay a great many farmers, and
or surplus, or consumption, or price. Production whether or not farming under any or all conditions
and price are inherently variable; consumption, and pays depends very much on the farmer. If near half
remainders or surpluses, are likewise always chang- the people are in towns and cities and not engaged
ing. Stabilization of all things and all men alone in producing, rather in consuming, foodstuffs, there
is at least an assured large home market at some
will bring stabilization in anything.
price. And always the farmer has his living. How
MereL.
Edwin
Former Secretary of Agriculture
many in these cities and towns are producing (workdinClub
Economic
dith is quoted as saying at an
ing
for) a bare living with little chance at a surplus?
for
"Decisions
that:
ner in New York City recently
If
a
farmer does not own his farm is he a farmer in
Govour
through
only
made
the whole people can be
sense? Why count land values and
economic
the
bala
influence
can
we
that
urge
ernment, and I
anced production by our Government fixing one year interest paid, taxes, rents, operation costs in main advance for the following year's crops the mini- chinery, repairs and upkeep, in a combined jumble,
mum price it will guarantee on five fundamental and say farming does not pay? Why not take the
crops, wheat, which is bread; wool and cotton, which owned small farm with its high-priced by-products
are clothing; corn, which is meat, and sugar, of which and say this does not pay? There are many, many,
we import a very large quantity, and which can be capable, independent, farmers, that make farming
produced in many corn, wool and wheat States, and pay under any and all conditions. And as to controllabsorb much labor. Human nature is the same the ing these men by vague schemes for price-fixing and
,country over, and the hope of a profit will move men "balanced production"—it simply cannot be, done!
Railroad Gross and Net Earnings for December
The general character of the exhibit made by our
compilation of the earnings of United States railroads for the month of December is very much like
that of the exhibits for the months immediately
preceding. While the preponderating number of
roads is able to show satisfactory improvement as
compared with the corresponding month of the previous year that advantage is in no small measure
lost in the general results by the heavy losses suffered by the anthracite carriers, one and all,-and by
the decreases reported by several of the roads in the
Southwest. As a consequence, the gains for the ailroad system of the United States, as a whole, both
gross and net, are quite moderate, though the showing must be regarded as satisfactory nevertheless,
in view of the circumstances mentioned. An especially gratifying feature is the fact that growing
efficiency of operations is still the rule, with the result that net earnings make a relatively better showing than the gross earnings as far at least as the
ratio of improvement is concerned.
There is no use blinking the fact that the anthracite roads are suffering very heavy losses by reason
of the miners' strike and that these losses, as they
accumulate month after month, are becoming a serious matter. The miners may be suffering privation and want owing to the prolongation of the
strike, but the operators are by no means escaping
damage, and the roads in turn.which.move.the product of the mines to the consuming markets find their
revenues, both gross and net, cut .down in a most
noteworthy manner. With the, anthracita tonnage
over the roads almost absolutely nil, the revenues of
these carriers are dwindling to an extent that causes
consternation. For the month of December the Delaware & Hudson falls $1,470,860 behind in gross and
$558,522 in net; the Lackawanna $1,250,134 in gross
and $665,670 in net; the Lehigh Valley $1,281,718 in
gross and $646,455 in net; the Central of New Jersey $580,890 in gross and $1,156,237 in net; the
Reading $856,366 in gross and $267,036 in net; the
Ontario & Western $477,573 in gross and $291,188 in
net; the Central New England $166,306 in gross and
$214,740 in net; the Lehigh & New England $162,442 in gross and $68,547 in net; the Buffalo & Susquehanna $103,058 in gross and $48,108 in net, and
the New York Susquehanna & Western $68,100 in
gross and $68,405 in net, etc. The Erie has a large
soft coal tonnage in addition to its anthracite traffic and the former has been running heavier because
of the anthracite strike, but even the Erie reports a
loss of $237,757 in gross and of $77,317 in net. If
these losses, large though they are, stood by themselves they would not possess so much consequence;
as a matter of fact, however, they follow very important losses in the three months preceding, namelyNovember, October and September.
802
THE CHRONICLE
Vol.. 122.
The falling off on the Southwestern roads is much other hand, that this
increase in gross and net alike
less striking and confined to the roads and systems in December 1924
came after a falling off in Decemwhere the yield of cotton or of grain or of both com- ber of the previous
year. The contraction in the
bined was reduced by prolonged drought. It is well gross in December
1923 (as compared with 1922)
enough to remember, however, as to these South- was not large,
relatively speaking, being only $19,western roads that they were favored by unusually 212,804, or 3.75%, but
it testified to a slackening in
bounteous harvests in the preceding season, which, trade, of which much
had been heard in the summer
moreover, moved to market with an exceptional expe- and autumn of 1923. This
falling off of $19,212,804
dition because of the high grain prices then prevail- in the gross was attended
by a rdeuction in expenses
ing and the urgent foreign demand for our surplus. of $16,773,652, leaving,
hence, a falling off in the net
To say this is the same as declaring that comparison of no more than $2,439,152.
In considering this
is with very large earnings the previous season; shrinkage in gross and net,
however, in December
some loss, therefore, now cannot be deemed strange, 1923 the circumstance should
not be overlooked that
especially in view of the change in the crop situa- comparison then was with
extremely heavy totals in
tion. The Atchison Topeka & Santa Fe reports the year preceding (1922)—so
much so that some
$312,617 decrease in gross and $281,223 decrease in shrinkage in traffic and revenues
was rendered innet, but that Is the result for the entire Atchison evitable as a matter of course the
moment the slacksystem; on that part of the system represented by ening of trade made its influence
felt. In reviewing
the Gulf Colorado & Santa Fe, or Texas lines, where the results for December of this
previous year (1922)
the road had to contend with both a reduced cot- we noted as an interesting fact
that as the country
ton yield and a reduced grain yield, the decrease got further away from the disturbing
influence of
amounts to $327,109 in gross and $2,66,951 in net. the coal miners' strike of the previous
spring and
The St. Louis Southwestern reports $139,587 loss in summer and of the railway shopmen's
strike of the
gross, but only $1,661 in net; the Missouri Kansas summer the returns of earnings were
becoming bet& Texas has $331,149 loss in gross and $230,208 in ter. The addition to the gross in
December 1922
net; the International Great Northern $46,755 in over December 1921 was no less than $87,735,590
, or
gross and $236,144 in net; the Trinity - Brazos Val- 20.66%, and though this was attended by an
augley $263,568 in gross and $194,875 in net; the Colo- mentation in expenses in amount of $52,530,924, or
rado Southern $105,906 in gross and $111,579 in net 15.10%, there remained, nevertheless, an increase in
and the Kansas City Mexico & Orient $135,165 in the net of $35,204,666, or 45.87%. There was, howgross and $106,836 in net. Apart from these roads, ever, a qualifying consideration to take into
account
Western roads quite generally have done well, and in connection with the big gain made in December
some of them are able to report substantial gains. 1922. Comparison being with December
1921 was
We may mention in particular, the St. Louis-San with a period of intense business depression,
with
Francisco, the Rock Island and the Missouri Pa- resulting tremendous shrinkage in traffic
and gross
cific. The Texas & Pacific, on the other hand, has revenues, forcing the carriers at that time
to cut exgained $299,501 in gross, but reports $41,575 de- penses to the bone and the curtailment was carried
crease in the net.
to such lengths that the reduction in expenses acAs already stated, the general result for the whole tually exceeded the falling off in gross earnings, thus
railroad system of the United States must be con- leaving a gain in net in face of the enormous considered satisfactory, bearing in mind the great traction in gross earnings. Stated in exact figures,
shrirkage on the two groups of roads referred to. our tabulations for December 1921 showed $120,The improvement, to be sure, in both gross and net 615,992 falling off in the gross earnings, or 22.87%,
is only moderate, but that any improvement at all accompanied by a curtailment in expenses in the
should remain after the big losses under discussion huge sum of $144,215,090, or 29.84%, leaving, hence,
is a distinctly gratifying circumstance. In the a gain in net of $23,599,098, or 53.33%. As it hapgross the increase is $18,591,184, or 3.69%, and in pened, too, this gain in the net in December 1921
the net $10,354,676, or 8.34%. The ratio of expenses followed a moderate gain in the net in December
to earnings (before deducting taxes) is only 74.30% 1920, making the December statement for 1922 the
for December 1925, against 75.40% in December third consecutive one in which improvement in the
1924 and 78.42% in 1923, and still larger percent- net had been recorded.
ages in the years preceding. Our comparative sumIt is proper to state that the improvement in the
mary for the past two years is as follows:
net in December 1920 followed entirely from the
Month of December—
1924.
Inc.(+)or Dec.(—)• higher schedules of passenger and freight
1925.
rates
Miles of road
238.950
21,1,0"v7
+902 0.42%
which had then been put into effect a short while
Gross earnings
$523.041.7^4 $30t.t0.50 +818.591484 3.69%
operating expenses
350.339.622
593.130
388
+8.236.508 2.7%
Ratio of expenses to earnings _ before. In December of that year business depres74.309
75.409
earningx
Net
1134.445.634 5124.090.958 +310,354.876 8.34% sion had already begun and a marked
falling off in
What lends additional significance to these in- traffic had occurred. But owing to the advance in
creases in gross and net in 1925, even though mod- rates referred to, the falling off in traffic was oberate, is that they follow increases also in Decem- scured. These advances were of such magnitude
ber 1924. Our compilation for that month showed that it was estimated at the time that the effect
$11,308,918 gain in gross, or 2.29%, and no less than would be to add $123,000,000 a month to the gross
$17,998,730, or 16.90%, gain in net, the gain in the earnings of the carriers. That was on the supposigross having been accompanied by an actual reduc- tion that the volume of traffic would be maintained
tion in the expenses. The improvement in the gross at the level then prevailing. But as it happened,
in December 1924 was the first of any month in the depression came unexpectedly and with surprising
year 1924 since the previous February and was then swiftness. Instead of the $125,000,000 gain in gross
bailed as marking a definite turn in the tide, indi- earnings counted upon, our tables showed a gain of
cating that the shrinkage in gross revenues had only $96,073,439 and the difference between the two
reached its end. It is to be. remembered, on the amounts furnished some measure of the shrinkage
FEB. 13 1926.]
803
THE CHRONICLE
C•OZCIDC.VZCOCcOOD<OC,C.C.0412888A:
t•D
43 b.7•-•0 C 00-4 5
C 0000.1,
• • • • • • • • • • • • • • • • • • •
1.......••••••••••••
I
in the volume of traffic which then so suddenly over- the anthracite carriers and most of the Southwestwhelmed the carriers. Not only that, but of this ern roads fared badly. In the rest of the country
gain of $96,073,439 in December 1920 no less than the roads quite generally did well. Manufacturing
$82,268,614 was consumed by augmented expenses, depression had not quite reachec: its end in Decemleaving only the moderate gain of $13,804,825 in the ber 1924 and the great East and West trunk lines as
net already referred to. Moreover, this small gain a consequence sustained some falling off in revenue.
in net came on top of a whole series of losses in net The recovery of this loss in December 1925 was therein the same month of the years immediately pre- fore natural. The Pennsylvania Railroad on the
lines directly operated east and west of Pittsburgh
ceding.
In the great augmentation in expenses in Decem- reports $5,058,936 increase in gross and $2,190,210
ber 1920 and prior years, and the huge rise in oper- increase in net. In the previous year these lines
ating cost, we have the basis for the reduction in showed $1,994,325 decrease in gross and $3,253,478
operating ratio shown since then. Prior to Decem- decrease in net. The New York Central now reports
ber 1920, as just stated, our December compilations $1,734,255 increase in gross, but $816,756 decrease in
had yielded very unsatisfactory results for many net, after $214,806 decrease in gross, but $3,296,601
successive years. For December 1919 the figures improvement in the net in December 1924. This is
showed some increase in the gross, on top of a very for the New York Central proper. Including the
heavy increase in 1918, but it was quite moderate, various auxiliary and controlled roads, like the
being only $11,510,209, or 2.61%, and it was attended Michigan Central, the Big Four, etc., the whole.going
by an augmentation in expenses of $17,893,529, or to form the New York Central Lines, the result is a
4.53%, leaving the net earnings actually $6,383,320 gain of $3,167,475 in gross and an increase of $427,smaller than in December 1918. And this loss in the 445 in net, after a loss of $399,561 in gross, with
net in 1919 followed losses in each of the three years $5,347,156 increase in net in December 1924. The
preceding, in face of steadily rising gross revenues, Baltimore & Ohio has $2,281,098 increase in gross
too. Thus in December 1918 the addition to gross and $1,376,004 increase in net, which follows $1,139,revenues reached no less than $102,757,756, or 905 gain in gross and $2,217,244 gain in net in De30.62%, but as expenses were at that time rising by cember 1924.
The best showing of all is made by Southern roads
leaps and bounds because of the great increase in
wages that the Director-General had just made, the which also had such satisfactory exhibits in Decemaugmentation in expenses outran the improvement ber of the previous year, making the improvement
in receipts, amounting, in fact, for that month to no in their case cumulative. To enumerate the Southless than $143,786,626, or 57.55%. Accordingly, net ern roads distinguished in this way would be to
earnings fell off in the large sum of $41,028,870, the name nearly all the leading systems, though one or
decrease being 47.84%. In the two years preceding two of them report slight losses in net in face of sub—1917 and 1910—the showing was, as already noted, stantial additions to their gross. Northwestern roads
of similar character, an improvement in the gross and the Western transcontinental lines also give a
receipts being accompanied in both cases by a dimi- very good account of themselves, but in this case the
nution in the net. It is true that these losses fol- the gains are largely recovery of losses sustained in
lowed important gains in gross and net alike in 1915, December 1924. The Union Pacific reports $1,272,but these gains in turn came after poor results as to 623 increase in gross and $1,013,361 increase in net
both gross and net in the two years immediately pre- and the. Southern Pacific $734,387 increase in gross
ceding. In the following we furnish the December and $1,548,738 increase in net; the former had $917.summaries for each year back to 1906. For 1910, 717 decrease in gross and $168.079 decrease in net in
1909 and 1908 we use the Inter-State Commerce December 1924, but the Southern Pacific then had
totals, but for the preceding years (when the Com- $243,203 decrease in gross, with $342,514 increase
mission had not yet begun to require monthly earn- in net. Among other roads and systems in that part
ings) we give the results just as registered by our of the country which have done well this time, may
own tables each year—a portion of the railroad mile- be mentioned the Chicago & North Western, the Milage of the country being then always unrepresented waukee & St. Paul, the Burlington & Quincy, the
in the totals, owing to the refusal of some of the Great Northern and the Northern Pacific, though
roads at that time to give out monthly figures for this last has a small decrease in gross, attended by
publication.
$254,482 increase in net. In the following we show
Gross Earnings,
Net Earnings.
all changes for the separate roads for amounts in
Dec.
Year
Year
Increase or
Year
Year
Increase or
excess
of $100,000, whether increases or decreases,
Given.
(linen.
Preceding.
Decrease.
Preceding.
Decrease.
and
in
both gross and net:
$
3
$
$
$
$
13o.735.226 124,733,435 +11,001,791 43,831,182 42.943.900
+887,282
132,199,762 141,312,429 —9,112,667 34,354,158 45.998.206 —11,644,048 PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF DECEMBER 1925.
205,777,451 194.222,311 +11,555,140 68.415,740 51.533,086 +16,962.654
Increase.
Increase.
222,612.092 205.971,898 +16,720.194 68,467,305 68.653,301
—185,956
Buff Rochester & Pitts'bg $231,146
a$5,058,936
236,835,304 220,870.151 +15,965,153 70,357,004 67.558.550 +2,498,454 Pennsylvania
229.737
233,614,912 232,275,177 +1,339,735 61.225,377 56.766.970 +4,458.407 Baltimore & Ohio
2.281,098 Wheeling & Lake Erie_ _ _
221,967
51,734,255 N Y Chic & St Louis_ _ _ _
263,76a.603 234,087,361 +29.651,242 81,701.974 72,932,360 +8.769,614 New York Central
220,707
254,218,891 280,224.678 —12,005.787 68,800,026 82.622.271 —13,822,245 Chesapeake & Ohio
1.558,572 Los Angeles & Salt Lake_
211.073
232,598,369 258,285,270 —25,686,901 61,134,950 68,274,222 —7,139,272 Union Pacific (4)
1,272.623 Chic & East Illinois
195.648
295,202,018 232,763,070 +62,438,948 105,878.758 61,188,558 +44,612,200 Atlantic Coast Lines_
1.250.706 Chicago & Alton
190.893
262,171.159 242,064,235 +20,106.934 83,237,395 86,302,108 —3,064.713 Southern Ry
957,655 St Louts San Francisco (3)
188,761
343,875,052 317,836.386 +26.038.666 85,715.727 103,520.028 —17,804,301 Chic & Northwest
826.175 Denver&Rio Grde West_
175.760
438.365,327 335,607,571 +102757756 44.738,149 85,767.019 —41.028,870 Chic Mil & St Paul
823.642 Western Pacific
169.198
401,991,330 440,481,121 +11.510,205 38,536,432 44,919,752 —5,383.320 Seaboard Air Line
800.627 Great Northern
168.605
787,440 Denver & Salt Lake
039,11'7,615 443,124.176 +96.073,439 51.322,675 37,517.854 +13,804,825 Florida East Coast
158.706
406,864,055 527,480,047 —120.615.992 67,849,188 44,250,090 +23.599,098 Southern Pacific (7)
734,387 Western Maryland
150.241
662,850 Det & Toledo Shore Line
312 433,733 424,698.143 +87,735,590 111,942,758 76,738.092 +35,204,666 C CC &StLouis
147.030
493,099,550 512,312,354 —19,212,804 106,248,158 108,687,310 —2,439,152 Wabash
615,910 Ga So & Fla
146,331
50s818,559 493,509,641 +11.308,918 124,480.894 106,482,164 +17.998,730 Illinois Central
615,278 K 0 Southern
143.340
523:041.764 504.450.580 +18,391,184 134.445.634 124,090.958 +10,354.676 Michigan Central
608,133 Monongahela
140.338
Grand Trunk Western....
524,271 Chic Ind & Louisville_ _ _
125.524
Note.—In 1906 the number o roads Included for the month of December was 96: Pere Marquette
&
Potl
Richm
Fred
421.941
based on 232,007 mlie of road:in 1909.239.481:
urns
were
re;
the
11108
122,913
in
Orleans&No
Eastern
New
In 1907.89;
In 1111, 238.561; In 1912, 238,072: In 1913, 243.322; In 1914.
110.128
Mobile
&
Ohio
In 1910, 241.364; 248.437;
1917.
247.988; In 1918. 232.774: Louisville & Nashville_ _ _
In 1916, 216,811; in
382,849
246,807: In 1915,
1920. 229.422; In 1921, 225,619; In 1922, 235.920; in 192o. Central of Georgia
$27.952.412
339.889
Total (59 roads)
In 1919. 233,999; In
236.959.
Decrease.
Yazoo & Miss Val
328,677
235,379: In 1924. 236.196; in 1925.
As far as the separate roads or systems are concerned, we have already shown at length that both
1114ni'MtIrtford
182:831
Detroit Toledo & Ironton
Texas & Pacifi^
Cinc N 0 & Tex Pac_
Chic R I & Pac (2)
309.511
299.503
258.06'7
239,757
$2,317,629
Norfolk & Western
Delaware & Hudson_ _ _ _ 1.470.860
1.281.718
Lehigh Valley
Del Lack & Western_ _ -- 1.250,134
THE CHRONICLE
804
Decrease.
Decrease.
$856.366 Lehigh & New England_
Reading
$162,442
580.890 St Louis Southwestern (2)
Central New Jersey
159,587
477,573 K Mex & 0 of Tex___NY Ont & Western
135,165
331.149 Galveston Wharf
Mo Kansas Texas (2)_
124.299
312,617 Colorado Southern (2)
Atch Topeka & S Fe (3).
-105.906
Trinity& Brazos Valley263,568 Buffalo & Susquehanna_
103.058
Erie (3)
237.757
Total (26 roads)
202,965
Boston & Maine
$10,539,989
Central New England_
166,306
WS •
tlfigures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
returns so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis
and the Grand Rapids & Indiana).
b The New York Central proper shows $1.734,255 increase Including
the various auxiliary and controlled roads, like the Michigan Central, the
"Big Four," &c., the whole going to form the New York Central System,
the result is a gain of $3,167,475.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF DECEMBER 1925.
Increase.
Increase.
Pennsylvania
a$2,190.310 Det. Grd. H.& Mil
$145.399
Chesapeake & Ohio
1.598.217 Mobile & Ohio
138.390
Southern Pacific (7)___- 1.548,738 Det. & Toledo Shore Line
134.832
Baltimore & Ohio
1.376,004 Virginian
111.665
Den. & Rio Grde. West_ 1.171.042 Pittabg- Shaw.& North_
111.269
Union Pacific (4)
1,013.361 Maine Central
106,213
Wabash
861.993 New Orleans & No.East_
102,116
Michigan Central
587,489 Missouri McKie
101,022
Seaboard Air Line
581.097
Southern By
546.819
Total (52 roads)
$17,786,731
Great Northern
353.945
Decrease
Pittsburgh & Lake Erie..
352.244 Norfolk & Western
$1.433.377
Pere Marquette
345.933 Central New Jersey
1.156.237
00 C & St. Louis
New
York Central
306,910
9816,756
Minn. St. P. & 8.8. M__
281,855 Del. Lack. & Western_ 665.670
Cinc. N.0. & Tex. Pac_
274,103 Lehigh Valley
646.455
Northern Pacific
254,482 Delaware & Hudson..__ _
558.522
Det Toledo & Ironton
250.802 N. Y. Ont. & Western__
291.188
St. Louis-San Fran. (3)_
233.841 Atch. Topeka & S. Fe (3)
281.223
Atl. Coast Lines
224,001 Reading
267.036
Central of Georgia
215,684 N.Y. Chic. & St. Louis..
249.951
K. C. Southern
212.612 Clinchfleld
245.248
Hocking Valley
212,085 International Gt. North..
236.144
Western Pacific
209.785 Miss-Kan-Tex (2)
230.208
Denver & Salt Lake
208.087 Central New England_ _ _
214.740
Chicago & Northwest.._ _
207.360 Trinity & Brazos Valley_
194.875
N. Y.N. H.& Hartford_
201.909 Atl., Diem. ,S: Atl
171.813
Richm. Fred. & Pott_ --185,083 Colorado Southern (2).._
111.579
Central Vermont
182.340 K C. Mex. & 0
106.836
Yazoo & Miss. Valley__
181.249 N. Y. Connecting
105.838
Wheeling & Lake Erie__ _
163.289 Elgin, Joliet & Eastern
102,031
Chic. MIL & St. Paul...
153.015
Ala. Great Southern_ _ _
150.231
Total (24 roads)
$8,087,873
_Lz.This is ,the_resuktor the" Pennsylvania' RR:(including the former
Pennsylvania Company. th7Pittiburgh Cincinnati Chicago & St. LOTilreld
the Grand Rapids & Indiana).
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the Michigan Central. the "Big Four." &c., the result is an increase of $427,445.
When the roads are arranged in groups, or geographical divisions, according to their location, it
is found that all show increases in the gross, with
the exception of the Southwestern group, and all
increases also in the net, with the exception of the
Eastern Middle group, which comprises the anthracite roads. Our summary by groups is as follows:
SUMMARY BY GROUPS.
Gross Earning
1924. Inc.(+)or Dec.(-)
1925.
Section or GroupDecemberGroup 1( 9 roads), New England.... 22,213,380
155,212,476
Group 2(33 roads). wast Middle
47,461,387
Group 3(27 roads), Middle West
Groups 4 dr 5(34 roads,. Southern...... 88,775,512
..100,555,957
Northwest
.
Groups 6 & 7(29 roads),
83.474.861
Mows 8 & 9(48 roads,. Southwest
Group 10(10 roads), Pacific Coast.... 27,318,191
+211,412
+2.770,256
.+5.076.573
+5.394.633
+3.819,625
-577,443
+1.896.128
0.97
1.82
11.98
6.51
3.96
0.69
7.45
523.041,764 504,450.580 +18.591.184 3.69
Net Earning
1925.
1924. Inc.(+)or Dec.(-)
Total (190 roads)
Section or GroupDecemberGroup 1
Grout) 2
Group 3
Groups 4 & 5
Groups 6 & 7
Ground 8 & 9
Group 10
22,001,968
152,442,220
42,384,814
81,380,879
96,736,332
84.052,304
25,452,063
1925.
7.187
34,693
15.990
39.291
67,212
55,494
17.092
1924.
7.322
34,694
15,999
39,044
66.977
55,021
17,000
5,44o,428
27.791,717
14,717,321
27,505,663
25,957.666
24.884.235
8,143,604
5.041,959
29,082,085
11,109,648
25,034.499
24,244,653
23.276,460
6,301,674
+403.469 8.00
-1,290.348 4.44
+3,607,673 32.47
+2.471.164 10.07
+1.713,013 7.07
+1,607,775 6.91
+1,841,930 29.23
236,959 236.057 134.445.634 124.090,958 +10,354,676 8.34
Total._
NOTE.--Group I includes all of the New England States.
Group II includes ad of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also al. of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III Includes all of Ohio and Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV and V combined Inciude the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI and V.H combined include the northern peninsula of Michigan. all of
Minnesota. Wisconsin, Iowa and Illinois, all cis South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
Colorado north of a dna parallel to the State line
and Nebraska, together with
passing through Denver.
Groups VIII and IX combined include all of Kansas, Ok.ahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
of Louisiana. and that portion of New
of Denver. the whole of Texas and the bulk
Mexico north of a line running from the northwest corner of the State through
Santa Fe to El Paso.
Santa Fe and east of a line running from
Idaho, California. Nevada, Utah
Group X includes all of Washington, Oregon,
part of New Mexico.
and Arizona, and the western
[VOL. 122.
The Western grain movement did not differ
greatly from that of the same month of the preceding year, the aggregate receipts at the Western primars markets for the five cereals (wheat, corn, oats,
barley and rye) combined for the four weeks ending Dec. 26 1925 having been 88,031,000 bushels, as
against 89,323,000 bushels in the corresponding four.
weeks of December 1924 and 89,835,000 bushels in
the same weeks of 1923. The shrinkage this year
followed entirely from diminished receipts of oats,
barley and rye; the wheat and corn receipts ran
heavier than in 1924. Wheat receipts for the four
weeks of 1925 were 36,220,000 bushels, as against
34,882,000 bushels in 1924 and corn receipts 31,335,000 bushels, as compared with 27,239,000. The details of the Western grain movement in our usual
form are set out in the table we now present:
WESTERN
4 Weeks Ended
Flour.
(6613.)
Dec. 26.
Chicago1925
1,035.000
1924
972,000
Milwaukee1925
174.000
1924
85,000
Si. Louis1925
441,000
1924
329,000
1925
1924
Detroit1925
1924
Peoria1925
187,000
1924
181,000
Duluth1925
1924
Minneapolis1925
1924
Kansas City1925
1924
Omaha and Indianapolis1925
1924
Sioux Clip1925
1924
St. Joseph1925
1924
1Vichita1925
1924
Total All
1925
1924
FLOUR AND GRAIN RECEIPTS.
Wheat.
Corn.
Oats.
Barley,
(bush.)
(bush.)
(bush.) (bush.)
1.322.000 21,931.000 3,296,000 638,000
2,425,000 11,110,000 5,320,000 1,133,000
80,000
850.000
411.000 1,001.000 1,080.000 635,000
175.000
346,000 1,365,000 1,323,000
77.000
235,000
2,423,000 3.745.000 2,078.000
2.519,000 1,454,000 1,650,000
Rye.
(bush.)
177.000
70,000
1,000
3,000
1,111,000
1,356,000
759,000
427,000
343,000
380,000
15,000
2,000
10.000
12,000
85,000
183,000
83.000
58,000
52.000
76,000
8.000
4,000
10.000
110.000 2.814.000
68.000 1,739,000
716.000
842,000
99,000
90,000
6.000
3,000
7,312.000
11,941,000
61.000 1,758.000
12,000 2,497,000
488.000 722,000
313,000 2,100,000
12,494,000
600,000 3,121,000 1.959,000
9,769,000 1.114,000 3,819,000 2.297,000
7,180.000 2.209.000
3,172,000 4.439,000
835,000
425,000
647,000
418.000
1,434,000 5,044,000 1,164,000
1,285,000 3,325,000 1,350,001
183,000
182,000
658,000
614,000
246.000
408,000
1,022,000 1,030,000
702,000 1,058.000
177,000
158,000
1.073.000
1,115.000
400.000
543,000
8.000
5.000
2,000
14,000
41,000
38.000
1,837,000 38,220,000 31,335,000 14,717.000 4,022,000 1,737.000
1,567,000 34,882,000 27.239,000 18,317,000 5,233,000 8.652,000
The Western live stock movement was on a considerably reduced scale. At Chicago the live stock
receipts comprised only 25,401 carloads in December 1925, as against 34,440 carloads in December
1924; at Kansas City, 9,084 cars, against 12,295 cars,
and at Omaha, 8,481 cars, against 10,713 cars.
The Southern cotton movement did not equal that
of December of the previous year, notwithstanding
the great increase in the size of the crop. The gross
shipments overland were 245,888 bales in December
1925, against 285,573 bales in December 1924; 219,960 bales in December 1923; 270,217 bales in 1922;
157,389 bales in 1921 and 207,399 bales in December 1920. The receipts at the Southern outports
were 1,313,425 bales, as against 1,430,000 bales in
1924, 982,985 bales in 1923 and 575,902 bales in
1922, as will be seen from the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN
DECEMBER FOR SIX
YEARS, 1920 TO 1925, INCLUSIVE.
Month of December.
Ports.
Galveston
bales
Texas City, &c
New Orleans
Mobile
Pensacola. &e
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newport News
Total
1925.
1924.
1923.
1922,
1921.
1920.
517,655
235,124
330,280
29,604
3,2154
84,892
557.021
257,678
359.485
25,907
2.250
67,181
31.876
14,683
66.057
37.610
37.610
32,333
90,535
37o.594
192,046
243,334
11,874
519
43,827
489
28,284
17,657
70,361
225,884
67,134
165.205
10,309
1.532
22,090
100
12,875
6,985
43.788
240,457
48,960
119.584
8.855
794
88,836
1,800
10.004
9.723
39.664
74
332,287
71,417
242.914
20,650
116
54,941
750
9,897
11,931
42,184
268
9520511
MA 0412
1125 4111
757.385
1.313.425 1.430.000
FEB. 13 1926.]
805
THE CHRONICLE
MONTHLY RANGE OF PRICES ON THE DETROIT STOCK EXCHANGE.
The table below shows the range of prices for each month of the calendar year 1925 for all securities
dealt in during that period on the Detroit Stock Exchange. It is based entirely on actual sales, and the
record is that of the Detroit Stock Exchange itself except that we have brought the figures for the different
months together and combined them into a single statement, enabling the reader to trace the fluctuations
for each security during the different months by casting the eye along a single line across the page. The
table, it will be observed, covers stocks and bonds alike, and is meant to include every sale of either made
during the year.
November December
July
September
October
June
August
April
May
March
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
1925—STOCKS
Pep S per share $ per share $ per share $ per share S per share $ per *liar $ per share $ per share S per share S per share $ per share $ Per share
American Lt & Trac c0n3-101 137 146 145 152 145 145 13813 155 152 173 16312 170 174 175 192 221 215 22912 237 270 --------260 26142
35 37
3014 34
27 3012 29 30
22 24
21
24 27
16 --------------------------------21
Arctic Dairy Products com__11 15
i.4
14 ------- --------112 2
3
31a 234 3
412 318 4
153 172 152 14 2
It -------114 1 5
Auto Body corn
1134 1134
--__
_
___
.
_
___
____
____
_
--_.
____
—.Creamery
cons___
Al.
____
____
____
____
____
Listed
t
29
1925
Isle
Belle
- -134 141-2 -1334 1-8- 154 -11 1612 18
Bohn Aluminum & Brass coin
'Listed July 10 1925 --------------------------------1432 15-53 1312 1412
Bower Roller Bearing
5 li; .!,.
___ _ . iiemoveci corn boar-d- luly 1Brown-McLaren Mfg com
833 10 --94 'II- --iiii 13
814 9
6
-64 614 712 614 7
-5-74 614 7
54
5
ifs -5• 4
i1.K
-- 4 -7C G Sp & Bum corn
713 673 7i3 712 734 713 712 734 814 758 812 714 832 712 74 714 834 9
10 7
914 872 934 912 934
Preferred
lc
_ _
___ 12c 12c ------------------------10
Charcoal Iron Coot Amer com_ 160 20c - - _ -.._. 35c 40c 15c 40c 100 20c -___
5
- - ___- Dec29192
Preferred
72e 74c 8(21 85c 85c 95c 850 97c Removed 1 ram board
1
Coahuila Lead & Zinc
-g
7
8
312 -512 i
5.
-8-8-8-12 it
-8-1.-4 '34 -812 i
713 -7-73 lis -8-14 i
11
-8-- - 3
-8-14 i
Columbia Sugar
Continental Motor corn
' 814 1014 814 914 832 958 84 912 94 1114 104 104 978 1012 912 934 912 1132 1014 1512 1032 1312 1114 134
Continental Sugar corn
_
---------------86
Detroit Brass &Mall Wks...1114 91
91 -----------------------------------------.
94 95 -------------4 95
95
8512 --89 91
50 8214 8212 84 9112 90 91
84 8712 84 87
Detroit & Cleve Nay
2 18 2
10
2 18-7-2
New stock
__ _ ___
40 4614 4112 43
32
3412 3234 41
It 2834 -311-3 291-4 -3-1142 48
3734 41
35 40
Detroit Creamery
4 28i.2 -2-9-1-2 2934 301: 294 32
let 1103411434 11414 11512 113 118 11312 116 11512125 121 124 123 134 12712 131 129 1581: 140 1531: 134 147 135 143
Detroit Edison
Detroit Forging, corn
" Listed No v 12 1925 ---------------------------- ------ ------ ----- ------- 20 2012 20 2013
2812
31
3112 2912 32
3114
2 28
28
28
Edmunds &Jones corn
27 27
28 28
" 3134 33
29 321: 28 29
Preferred
-2-6--97 97
32 -gg
25 -2-8-14 2814 -3-13I t 19 -23-12 25 -2-2-4 i ir -2-1-34 '
3034 3434 ii -46-1, 5&f.4 III 3414 26-14
Federal Truck
25 29
21
101. 191 510 510 523 160 525 465 502 178 500 180 500 186 502 485 490 480 507 503 685 118 645 615 642
Ford Motor (Canada)
36t2
3834 3634 381. 3612 3714 36
3714 36
Gemmer Aug ciao A
• Listed Jul y 17 1925 -------------------------------- 37 3712 36
General Motors
914 13
834 814 10
1014 -1-1
General Necessities
714 712 74 714 712 812 732 814 8
34
-74 7174 /
74 714 i
11.
Gladys Belle Oil com __________ ____ ____ ____ ____
40
6c temovedf rom board NO, 17 19 25
50
7c
Preferred
110 110 Removed am board Nov.17 11. 25
1812 20 -i812 16- -16- -2-6- -181-4 -1- 2; - 1834 20-1- - 18'2 -2-61734 2114 1738 19
Grennan Bakeries, corn
2 17-32 16 17
• 161.
161g 1634 1512 19
99 9912 100 100 __ ___. 01121011 ____ ___
9912 9912 99 99
Preferred
IOL 96 9734 98 98 --------96 981 97 99
_ _ ____ 80 80
Warrants
141-4 -1-5: iiia -1-9-12 ii 'W
1-6
1334 1-5-34 143s -164 ii
14
13
14
'1214 1-4-7-g 131-4 -1-4-3, - 13- -111; -His -1-95 12
Hall Lamp
11 1012 1034 1012 103. .-- .. ___ 912 92 912 10 958 131g 12 134 1152 12 11 1134 1112 111 1014 1114 1114 12
Hoover Steel Ball
Houseman-Spitzley
11 2112 3814 35 391_ 35 -38 35 48 16 47 34 40 3212 3512 36 39 3712 40 38 44 4312 491 444 4712
914 914 934 934
Preferred
1034 1034
_ ____ ___ 30c 30c --------800 50c __ __
___ ____ _ - — ._ _ _ _..
Iron Silver Mining _ —
-1 ___
___
_
_ 350 -4-64
-22 -2-2- --------221 221.
II -1312 131-2 -134 -1-3-1,- -____
__
Mexican Crude Rubber
-- - - - --- ---- ---- -612 414 61
iii 1
6
514 64 54 7
It 64 732 612 67, 612 —7-14
Michigan Sugar Co
34 -4-72
614 732 614 6"7
- -634 - -i
In(Preferred
io /6 ie.62 -2-61r -,,...,
_
10
_
Miles-Detroit Theatre
Motor Wheel corn
• 124 1-6-4 BC.' 1-6-14 1551634 1958 1-54 -2-9 234 -3-2% 294 -3-314 tisi -32-14 2934 334 3113 3412 25414 3512 30
- g -1-5Muller Bakeries class A
LIsted Dc 04 1925
__
5 iii ii.
Murray hug corn
18
1834 1714 1814 1.'44 -1-7.
13- -1-5-- -i8- -1-5- it-emovec1-1 romboar-d- July 1511 -514 634 17National Grocer corn
3
_- -,,- --- 64 614 54 614 512 552 51-2 IC
10 74 712 712 718 7ls 712 -____ ____
1 40c 420 49c 52c 460 50c -4-6-e 48c 47c --9
4c 47c -50c 49c 500 49c .50c ____ ___ 40c 40c ___ ___ 30c 30e
Noble Oil & Gas pref
100
--10113
Northern Co coin
.364
39
433:3
iise
-4-84 37 12
10 15
2718 -324 3212 -3-853 3312 Iii 3622
16
Packard Motor corn
1512 19-5g 1712 -1-9-1-2 -15i4 2-3-14 2058 29
UM 10214 10512 10412 108 10713 108 l081210913 1093411034 Redeemed Aug 31 19 25
Preferred
2414 324 2412 294
20 264 2272 33
Paige-Detrolt corn (old)
• 1512 1834 16
144 1813 1733 2214 1934 2334 1914 3333 20 22
1852 1434 18
99 100 1001,122 112 11812 113 1154
9812 9934 98 99
94 104
Parke, Davis & Co __________ 25 -------- ------------------------ 8612 88
Parker Rust Proof corn
IC Listed No v 11 1925
Preferred
Ron Motor (old)
10 1714 1812 1814 1834 153--2 2212
- ____—.71
.._rr_..3 23 "if% Ms 15
New stock (ex stock div)--------------------1434 16
1532 1-673 1634 -904 174 1-94 19 -2-4-12 21 -214 2134 -9952 2212 -9i,
7 --------7
7 ----------------7
853 653 7
7
7
672 7
River Raisin Paper
10 634 712 ----------------7
131g 15
1612 1714 1434 16
72 1612 17
1714 163s 1712 16
10
16
Schwartz Cigar Corp A
1314
16
_ 1238 134 1414 1534
14
_ ____ --_ _,_
_ 1612 1612 ___
1614 1512 1614
_ 1212 1212.
B common
_ 1512 1614 16
Listed ma r. 27 1925 ____
2734 -2112 2812 36- 2114 --28 2812 ____28 3014
-- 28 30
3212 32 3234
28 29
Scotten-Dillon Co
10 2812 2812 28
2812 28 -2-9- 2812 29
8
852 814 958 84 Os
9
Timiren-Detrolt Azle com_10 4
412 34 414 334 5
44 64 54 54 512 914 814 938 714 914 8
9212 9312 9012 9112 91 91 92 92 9034 92 9034
100 64 66_ 66 70
7312 83 83 83 BO 95
Preferred
9312
22
25
2314
233
4
21
24
24 2714 2632 29
23
2134
2214
21
22
1812
Truscon Steel corn
10 18
191 19
183
4
19-14 1834 1914 18
Preferred
__ ____ _ 7, - _ 101 1-61- 16-212 1-0-21
100
Preferred
112 112 112 134
112 434
132
4
4
2 153 158
152 -214
Union Mortgage pref
ISO
213 234
232 212 112 214 2
100 13213148 140 140 146 175 --------165 165 150 160 160 160 ----------------150 150 170 175 167 167
U S Radiator corn
!--------9834 e23 --------100 100 101 101 ----------------102 103 101 103
9912 ow
100 97 98
Preferred
1 4
214 1114 1215
Wolverine Portland Centent_10 1214 1272 12
1312 12
ai. -Y14
-3-1-12
.
RIGHTS.
Detroit Edison............... ...— — - -..... .....----- —__ ____ ---.
312
-
574
334
_
512
BANKS—
American State Bank
185 187 187 187 187 187 191 191 192
Bank of Detroit
153 156 160 160
Detroit Savings Bank
___ 105 305 ____ ____ ____ ____ ____
Dime Savings Bank
..—
First National Bank
--------301
201 i(52 i6i i154
ii-xi- i66- ---First State Bank
134 135 ----------------140
_
Highland Park State Bank
225- 225.._ 145 260 265
Merchants National ______
-- ----_ 210 212National Bank of Commerce__ _
.
5 285 265 302 302
. ---- i-i,i- 2-5
Peninsula State Bank
Peoples State Bank
140 440
United Savings Bank
Wayne County Home Say Bk_ --- -- ---- ---- ---—5American Trust Co
Guaranty Trust Co
200 200
Union Trust Co
94 197 ----------------100 191 192 193 195 196 197 199
:65 165 167 167 ----------------168 167 166 166 --__ -- - -- ---- ____ ____ ____ ____ ____ ____ ____ _— ____ ____ ____ ____ ____
194
3-1-6 31
140
280
- - - -_ ii30- 30-6_ _ _.
4-3-S
LISTED BONDS—
Motor Products deb
Northern Co 82
3-1-1; --------325'1-1i iii iiii i615 366 iii ig.6
iiO- 4-1-1i144 144 145 145 ----------------150 150 -------- 153 153
---------------- -------- -------- 2
- 78 278 ---- -- --310 310
---
162
-
323 323
238 238
_
_. 405- 41-0
____ ____ 255 255
4-62
---- __-- --__ ____
_--- ------ ---- ---- ____ ....--
_
106
-06
_
99
1933
9934 9934 ____100 100
99
-- --
UNLISTED BONDS—
Briggs Mfg Co
Detroit Copper & Brass
Detroit Mortgage Prof
Detroit Motor Bus
Flint Motor
Michigan Copper & Brass
Motor Products corn
Preferred
Noble 011 & Gas corn
Paige-Detroit Motor pref
Parke. Davis & Co
RIckenbacker Motor
3712 39
22 22
---_
1614 -1-7-14
8
8
1513 1534
102 108
50 50
9c 120
8612 90
7914 8012
____
/Tsar -9-60
1612 18
15
1534 1534
90 102
4934 50
10c 130
8734 8734
8014 8114
414 434
_
17
17
98 10712 99 107
50 50 .
___
Ilc 13c -1-1-c 13c
8634 88
_
_
89 162
8112 87
334 4
412 432
1612 1214 -15
•Rook dividend 10% paid Dee. 1 to holders of mind Nov.Id 1925.
____ ____
rra 178
1514 1714 1514 19
___ _
9412 1-96
5014 5014
10c 12c
9014 9014
___
_
_ _-.. _ - - -
__
_.
93 -9512
_ .
-10-c Ilc
--__ __ __
_
134 134
14
15
_______
_
98 1-1-5
5012 5012
100 10c
93 9312
_
___
__
_
la- -1-4-7-3 -ii- -1-5 - -1434 -1-5
____ ____ __-- ___ ____ __ __
1514 1514 --,_-- --,r
103 10512 105 1-1-2 107i.2 12-68- --9-- -_-_-- --_ -- --9O --7-C
94 9412 9712 -97-3; 97 98
- -3C2 - -3-3-2 - -24x - -3-12 —31; - -3-1; --72i, --
--
—97
Record of
sales of unlisted
stocks di scontinued
Oct 17 1925
806
THE CHRONICLE
122.
YEARLY RANGE OF PRICES ON DETROIT STOCK EXCHANGE.
In addition to the foregoing Monthly record, we also show on this and the next page the high and low prices
for each of the last two calendar years for every stock and bond in which any dealings have taken place
on the Detroit Stock Exchange during these two years, as well as the total volume of business during the
year in each security. The record of prices is that compiled by the Detroit Stock Exchange itself, but
we have added in every case the month when the high and low prices were reached. In inserting this
additional piece of information we have availed of the monthly records of the Detroit Stock Exchange,
but as these records at least during the first six months were not kept to show the even month-an occasional
day or two lapping over into the following month-it is possible that our compilation may in one or two
instances be astray to that extent.
HIGH AND LOW PRICES ON DETROIT STOCK EXCHANGE FOR CALENDAR YEAR 1925.
1925-LISTED STOCKS-
Par No. Shares.
American Light & Traction, comnion100
Arctic Dairy Products, common
10
10
Auto Body, common
10
Belle Isle Creamery, common_a
Bohn Aluminum & Brass, commonb_no par
Bower Roller Bearing
10
Brown McLaren Manufacturing, common_c
C. G. Spring & Bumper. common___no par
10
Preferred
Charcoal Iron Co. of America, comnaond___
Preferred
1
Coahuila Lead 8z Zinc
10
Columbia Sugar
Continental Motors,common
no par
no par
Continental Sugar. common_e
100
Detroit Brass & Malleable Works
Detroit & Cleveland Navigation (01d) -1- 50
10
New stock.!
10
Detroit Creamery
100
Detroit Edison
Detroit Forging, Class A, com-g-no Par
Edmunds & Jones, common__.1_____ no par
100
Preferred
10
Federal Truck
100
Ford Motor of Canada
no par
Gernmer Mfg., Class A_h
no par
General Motors
10
General Necessities, common
Gladys Belle Oil, common.t
Preferred
no par
Grennan Bakeries, common
100
Preferred
no par
Hall Lamp
10
Hoover Steel Ball
I0
Houseman-Spitzley Corp., common
10
Preferred
,
Iron Silver Mining
10
Mexican Crude Rubber
10
Michigan Sugar, common
It
Preferred
10
Miles-Detroit Theatre
no par
Motor Wheel, common
no par
Muller Bakeries, Inc., common _f
Murray Manufacturing. commori_k
10
National Grocer, common
1
Noble Oil & Gas. preferred
100
Northern Company. common
10
Packard Motor, common..1
100
Preferred_m
Paige-Detroit Motor,common_n
25
Parke, Davis & Co
no par
Parker Rust Proof. common_o
IS
Preferred
10
Reo Motor_p
10
New stock (ex-stock dividend).9
River Raisin Paper. common
10
Schwartz Cigar, class A, common___no par
Class B common_g
10
Scotten Dillon
Timken-Detroit Axle. common
10
Preferred
100
Truscon Steel, common
10
Preferred
10
Preferred
100
Union Mortgage, preferred
10
U. S. Radiator, common
100
Preferred
100
Wolverine Portland Cement
10
Total listed stocks
1,915
2,864
6,160
28
78,472
133
400
81,236
20,795
12.525
33,978
200
11,295
208,760
102
32
1,296
1,825
32,809
63.575
5.300
9,752
110
84.625
2,974
14,805
50
18.228
19,250
1.000
47,467
708
87.880
19.649
26.918
245
1,775
99
77.429
600
195
263.969
430
2.633
5,684
47,750
10
585.180
883
320.008
7,273
625
33
55,042
414,967
4.460
.56.098
1,040
16,136
231,325
1.378
30,346
70
90
10,115
773
240
5,207
h Gemmer Manufacturing, Clam A, ILsted July 17 1925.
Low.
f Gladys Belle Oil, cora, and pref., removed from board Nov. 17 1925.
1 Muller Bakeries, Inc., Class A, tom. and pref., listed Dec. 4 1925.
Oct 137
Jan
Murray Manufacturing, corn., removed from board- July 15 1925.
Dec 15
Jan
!Packard Motor, Common, 10% stock dividend paid Dec. 1 1925 to stockholders
1% Mar
Sept43
11% Dec 11% Dee of record at close of blisiness Nov. 14 1925.
m Packard Motor, preferred, redeemed Aug. 31 1925.
19
Nov 13% Aug
n Paige-Detroit Motor, common. 2%% stock dividend paid April 1 1925 to stock
10% June 4% Jan
of
record Mar. 16 1925; also 10% stock dividend paid July 15 to stockholders of
20
Jan 20
Jan
13
Dec 4
Jan record at close of business June 30 1925.
o Parker Rust Proof corn, and Pref., listed Nov. 11 1925.
. 9% Dec 6% Feb
p Reo Motor, 33 13.% stock dividend paid April 15 to stockholders of record
40c. Mar
lc. Dec
97c Apr lc Dec at close of business Mar. 16 1925.
Schwartz Cigar. Class B. common, listed Mar. 27 1925.
O
5e
Oct Sc
Oct
8% June 5
Dec
15% Oct 8% Jan
73
Aug 72
Sept
I925-RIGHTS.
No. Shares.
Low.
High.
91
Jan 86
Oct
95
Aug 82% Jan Detroit Edison Co
33.921
5% Sept 3% Sept
1834 Dec 17% Dec
48
Dec 28% Mar
WARRANTS.
158% Sept 110% Jan Grennan Bakeries, Inc
20
80 June 80 June
20% Nov 20
Nov
35% Oct 27
May
100
Sept 97 May 1925-LISTED BANKS & TRUST COS. Par. No. Shares.
High.
Low.
46% Oct 19
Jan
685
Oct 460
Mar American State Bank
100
363 199
Dec 185
Jan
38% Sept 36
Aug Bank of Detroit
100
Feb
248 167
July 153
75
Feb 75
Feb Detroit Savings Bank
100
Feb
10 305
Feb 305
13
Nov 6% Jan Dime Savings Bank
100
Mar 310
Mar
20 310
70 Mar 4e
APT' First National Bank
100
Jan
287 415
Dec 300
11c Mar 11c Mar First State Bank
100
Feb
153
Dec 134
141
21% May 15% Apr Highland Park State Bank
100
Dec 225
Jan
95 310
101% Nov 96
Jan Merchants National Bank
100
120 212
Mar 210
Mar
15% Oct 12 May National Bank of Commerce
100
83 410
Dec 253
Feb
13% July 9% Apr Peninsular State Bank
Feb
100
Nov 215
123 255
49% Nov 21% Jan Peoples State Bank
Feb
100
20 462
July 440
10% Dec 8% Jan United Savings Bank
100
Dec
50 240
Dee 240
50c Nov 30c Sept Wayne County & Home Savings Bank 100
May
60 435 May 435
22% Sept 13% Feb American Trust Co
100
25 108
May 106
May
Mar 3% Dec Guaranty Trust Co
100
20 200
Mar 200
Mar
8
May7
7% Apr Union Trust Co
100
455 360
Dec 275 may
Apr
20% Oct 20
Nov 12% Jan
Total listed banks and trust COMpanieS__
2.120
8
Dec
Dee
e 28
Apr
18%
1834 Jan 13
Sept
5%
1925-LISTED BONDS.
Amount.
High.
Low.
5
721 F
ja
en
b 30c Dec
01% May 101% May Motor Products-debentures
Sept 99
Feb
$14,300 100
Jan Northern Company 8s, 1933
48% Oct 15
Feb
500
104
Feb 104
10% May 102% Jan
33% July 14% Mar
Total bonds
814,800
22
May
Oct 86
7
Dec 6% Dec
8% Dec 17% Jan
1925-UNLISTED STOCKS.
No. Shares.
Low.
High.
22% mar 8% Dec
27% Nov 14% Mar Briggs Manufacturing
1,023
39
Jan 3734 Jan
7% J80 634 May Detroit Copper & Brass Rolling Mills
Jan 22
Jan
50
22
17% June 10
Dec Detroit Mortgage, preferred
922
174 June 80e Feb
16% Aug 1234 Dec Detroit Motorbus
11,294
19 June 1234 Apr
36
Jan
Oct 21% Dec Flint Motors
8
Jan 8
5
9% June 3% Mar Michigan Copper & Brass Rolling Mills
17
Mar 1534 Aug
815
95 June 64
Jan Motor Products, common
Feb
10,155 126
Oct 90
29
Jan
Dec 18
Preferred
360
5034 July 4934 Feb
10% Mar 9% Apr Noble Oil & Gas, common
be Oct
164,317
13e Feb
Oct Paige-Detroit Motor, preferred
452
98
Oct 8636 Jan
102% Nov 101
2% Jan
1% Mar Parke. Davis & Co
2.022
87
Mar 7934 Jan
175
11,405
Mar 132% Jan Rickenbacker Motor
834 Sept 234 July
Jan
103
Oct 97
202.820
13% Feb 9% Aug
Total unlisted sales
High.
270
37
3.059,224
a Belle Island Cieamery Co., common, listed Oct. 29 1925.
b Bohn Aluminum & Brass, common, listed July 10 1925.
c Brown-McLaren Mfg., common, removed from board July 15 1925.
d Charcoal Iron Co. of America, corn, and pref., removed from board Dec.291925.
e Continental Sugar, common, listed July 17 1925.
Detroit 4z Cleveland Navigation, $50 par value stock exchanged for $10 par
Value stock.
g Detroit Forging Co., listed Nov. 12 1925.
Note.-Record of unlisted sales discontinued Oct. 17 1925.
Listed stocks
Listed banks
Listed rights
Listed warrants
Unlisted stocks
1925.
1924.
3,059.224 2,127,263
2,120
1,690
33,921
30,942
20
105
202,820
356,952
Total sales
3.298,105 2.516,942
Michigan Outlook Bright-Automobile Satura- battle among nations for commercial supremacy,
which has already begun, will demonstrate very
tion Point Not Yet Visible.
thoroughly over the next few years just how close
By FRANK W. BLAIR, President Union Trust Co., Detroit.
Business conditions in Michigan are highly sat- to each other our back doors really are. For exisfactory. As the spring season draws nearer it ample, Michigan at the present moment is having a
becomes increasingly evident that the first half of splendid opportunity to observe the possible effect
1926 will enjoy the full measure of prosperity which which curtailment of rubber production in the faroff East Indies might have on her automobile inhas been so widely predicted for it.
dustry.
Now, it is rather difficult to talk about the busiSpeaking of automobiles, we have learned to look
ness status of any State without referring to nasomebody to rise up just about every so often
for
tional and international conditions. So closely are
solemnly declare that the saturation point in
and
and
industrially
so
interdependent
we organized
production has been reached. Years
automobile
State
lines
in
that
many
respects
have we become
were producing only a few thousand
we
when
ago,
almost
have
disappeared.
to
Furthercan be said
heard the same cry. We have therecars
a
year,
we
policies
are
our
some
of
misunderstood
while
more,
become
quite
fore
accustomed to it. Back in the
and
more
world
the
particularly
of
parts
in certain
and
carriages few men were content
days
of
horses
who
yet
will
Europe,
deny
that
of
sections
in certain
driving
fine
horse; to say nothing of the
one'
with
other
nations.
before
to
The
ever
than
closer
we are
807
THE CHRONICLE
FEB. 13 1926.]
HIGH AND LOW PRICES ON DETROIT STOCK EXCHANGE FOR CALENDAR YEAR 1924.
1924—LISTED STOCKS.
American Light & Traction, common_.,,,..
Preferred
Arctic Dairy Products, common
Auto Body,common
Bower Roller Bearing
Brown-McLaren Manufacturing.common _a
C. G. Spring & Bumper,conunon_b
Preferred c
Charcoal Iron Co. of America,common _ _
Preferred
Coahuila Lead & Zinc
Columbia Motors_d
Columbia Sugar
Commonwealth Power. Ky.& Light,come.
Continental Motors, common
Detroit & Cleveland Navigation Co
Detroit Creamery
Detroit Edison Co
Durant Motors
Eddy Paper,common./
Edmunds & Jones,common
Preferred
Federal Truck
Ford Motor of Canada
General Aluminum & Brass, common_g
General Motors
General Necessities, common
Gladys Belle Oil, common_h
Preferred 4
Grennan Bakeries, Inc., commonj
Preferred It
Hall Lamp
Hayes Manufacturing, common_l
Hoover Steel Bail
Houseman-Spitzley Corp., common
Preferred
Iron Silver Mining
Mexican Crude Rubber
Michigan Drop Forge, common
Michigan Sugar, common
Preferred
Miles-Detroit Theatre
Motor Wheel,common
Murray Manufacturing,common
National Grocer, common
Noble Oil & Gas, preferred
Northern Company, common
Packard Motor,common
Preferred
Paige-Detroit Motor,common
Penberthy Injector, preferred
Reo Motor
River Raisin Paper Co.,common
Schwartz Cigar, Class A,common.m
Scotten-Dillon
Timken-Detroit Axle, COUUM:1111
Preferred
Truscon Steel, common
Preferred
Union Mortgage, preferred
United States Radiator, common
Preferred
Wolverine Portland Cement
Total listed sales
No. Shares.
High.
2,282 148%
20
90%
79
17
2,012
749
7
20%
800
7%
5.530
3.760
735
28.968
134
25.123
2,14
2.500
Sc
59.809
2
8,297
8
99%
215
245.329
83.4
1,509
82%
17,109
30%
21,860 115
34%
140
9,000
3534
42
6,405
99
62
3,588
2234
7,910 525
167,087
1534
16%
257
10,153
15e
389.877
263,434
270
32,676
22%
367
97
21,419
14%
3%
15,042
11
4.060
2234
5.967
451
934
925
50c
487
1234
23
380
67,884
8%
1,155
1,114
19
1234
25,390
20,726
21
2,695
8%
40c
46,575
78 100
16
139,519
3.739 103
142.997% 18
25 105
18%
94,335
8
1,220
13%
1.170
3,294
31%
149,840
7%
85%
2,340
25
5,667
910
10%
10,252
334
1.927 125%
236
96
38.526
13%
Low.
Oct 117% Jan
June 90% June
Oct
Jan 15
Jan
34 Dec
Jan 536 Dec
Oct
Oct 20
Mar 3% Oct
Nov 5% Apr
Jan 15e Dec
Jan 50c Sept
234cApr
Feb
Jan 6e Aug
Jan 6
Aug
Aug 9934 Aug
Apr
Dec 6
Mar
Dec 74
Dec 18% Jan
Dec 102 May
Apr
Jan 18
Jan 3434 Jan
Feb 3034 July
Feb
Dec 90
Aug
Jan 18
June
Dee 406
Nov 10% Jan
Feb 1334 Apr
Mar 6% Dec
Sc Jan
Feb
9c Jan
Feb
May
Nov 10
Aug
Nov 90
Apr
Jan 10
% Aug
Jan
Aug 935 Aug
Dec 934 Jan
Dec 7% Jan
Apr 34e June
Apr
June 12
Feb 2034 Feb
Oct 4% June
Jan 734 Oct
Aug 1854 Feb
Dec 834 June
Oct
Dec 14
Jan 6% Aug
Jan 260 Mar
Sept 98% JulY
Dec 9% Apr
Nov 8834 May
Feb 12 May
Aug 100
Sent
Jan 15 June
Jan 6% Aug
Nov 1134 Dec
May
Jan 26
Jan 3% June
Dec
Feb 62
Feb 1934 May
Nov 934 Feb
54 Oct
Dec
Dec 75 June
Dec 84 June
Dec 5% Jan
LISTED TRUST COMPANIES.
American Loan & Trust
Guaranty Trust Co
Security Trust
Union Trust
Total banks and trust companies'
1924—BONDS.
Detroit Edison Debenture 5s, 1933
6s, 1932
6s, 1940
7s, 1929
7s, 1930
8s, 1931
Eastern Michigan Edison Ss, 1931
Motor Products Debentures •
Northern Company 8s, 1933
Total bonds
1924—UNLISTED STOCKS.
Briggs Manufacturing
Commercial State Savings Bank
Continental Bank
Detroit Copper & Brass
Detroit Mortgage, common
Preferred
Detroit Motorbus
Detroit Fidelity & Surety_
Federal Discount
Invader 011
Michigan Copper & Brass
Michigan Finance
Michigan Smelting & Refining
Michigan Stamping, Preferred_
Motor Products, common.
Preferred
Motor Wheel, preferred
Noble Oil & Gas, common
Paige-Detroit Motor, preferred
Parke, Davis & Co
Rickenbacker Motor
Towson Body
Union Mortgage, common
No. sare.s.I
desires of the rest of the family. This same trait
in human nature prevails to-day in regard to automobiles. I do not mean to say that we are going
to'continue to break automobile production records
at the same rate that we did last year, but I do feel
that this so-called saturation point is much like the
Will-o' the-wisp, which appears from time to time
in the distance, only to disappear when we reach
the point at which we supposed it to be.
Automobile production will continue at a high
level for several months at least. A number of
plants are a month to six weeks behind in deliveries.
While the selling prices of several makes of cars have
been marked up, these are far outweighed by numerous price reductions by other concerns. Production facilities have been increased, economies effected, marketing facilities improved, all of which
tend to keep the automotive industry at the very
front of business progress.
But Michigan has many other important industries beside the automobile. Paper, furniture, pharmaceutical, stove, agricultural implement and cereal
plants are doing a splendid business and are contributing handsomely to the State's prosperity.
Many factories are working overtime in an attempt
to catch up with heavy orders. The iron mines are
profiting from the good demand for steel. Very
High.
Lew.
Nov 175 June
184
Jan
Dec 140
153
Apr 299 ',Feb
9
50
8. 301
Jan
Dec 275
BOO
Feb
5 126 Sept 125
- 45
Mar
Mar 215
15
Feb 235.. Aug
•2
392
61'. 262
Apr
Dec 212
215
IQ 1415 ..Mar 410 . .Apr
Nov
Nov 420
16 420
5
- 46
96
..
Apr 104,
6 105
.. 65
6'Mar
Dec 145
188
35 - , Aug 335. Aug
52
3
— Apr 193 ' Feb
1:690
Amount.
ROA.
$4,000 00 100% Oct 99% Sept
2,500 00 102% May 102 MaY
Oct 105% May
2000,
00 106
.Jab
2,10000 10634 July 102
Apr
5,000 00 106% .July 105
July 108".''"Jam
5,400 00 199
1,000 00 97% Mar 97% Mar
72.600 00 99% Oct 91 - -July
June
1,70000 108
Nov 104
396,30000
No. Spares
High.
Dm,
Feb 38% Dec
70
3,165
Feb 112 MaY
_ 3 113
Apr
Apr 195
. 5 195
2434 . Feb 2134 . Dec
' 135
460
224 Feb 15e Jan
2 May
8.504
54 'Aug
Feb 1534 Oct
17,329
33
May
May 51
5
51
Feb 334 Apr
380
6
-80 .Feb
'1,000-8. Feb
Jan
1634 Jan 13
2.155
4% Feb 4% . Feb
, 100
Feb 13 'Feb
• 50' 13
Jan
Jan 94
16
99
•
1.946 10534 Dec 3834 Jab
Dec
3.445
51..- • Oct .42
95— 10334 Dee' 9531 June
286.920.. 160 Feb • , .60 .Apr
Jan
Mar 83
976
91
3,661 .82% Mar 7634. July
4;927
• 1314 Jan 434 'Dec
175 , 27 . Mar 2334 May
500 ..220 -June -11e 'Apr
356,052 !
Total unlisted sales
• Motor Products, common, removed from listed department J6b,.11 1924.
2,127.252%
a Brown-Mclaren Manufacturing, common listed Sept. 19 1924.
0 C. G.Spring & Bumper, common, listed Feb. 291924; c Preferred, listed Feb.29
1924.
d ColuMbia Motors, no trading In this security after Sept. 1 1924.
e Commonwealth Power, Railway & Light, common and preferred, removed from
Board Aug. 30 1924.
f Eddy Paper, common, listed Jan. 25 1924.
g General Aluminum & Brass, common, removed from Board Dec. 3 1524.
',Gladys Belle OIL common, removed from Board Dec. 23
1924; 4 Preferred,
removed from Board Dec. 23 1924.
5 Grennan Bakeries, Inc., common,listed May 22 1924;1 Preferred, listed July 31
1924.
/ Hayes Manufacturing, common, removed from
Board Sept. 11 1924.
m Schwartz Cigar. Class A, common, listed Nov. 24 1924.
1924—LISTED BANKS.
American State
Bank of Detroit
Dime Savings
First National
First State
Highland Park State
National Bank of Commerce
Peninsular State Bank
Peoples State
Wayne County & Home Savings
1924—RIGHTS..
Detroit Edison Co
Detroit Motorbus
National Bank of Commerce
Total rights
WARRANTS.
Grennan Bakeries, Inc_z
NO. ;hares.
1,943
1
•';1
- 32,885.
•'105'
z Grennan Bakeries warrants, listed July 31 924.•:
Total listed stocks
Total listed banks and trust Companies
Total unlisted stocks
Total sales year 1924
High.
.
.
be May
30c May
29% Apr 22% Mar
Mar 50
Mar
50
05
Nov 25
Aug
.
•
.•
127,25234
. 1.690
356.952
2 485,894%
satisfactory results were obtained! at ;the anfinal
furniture market, held at Grand Rapid's in January,
and most furniture plants are operating at capacity.
Busy factories imply that laboris well employed,
which it is. There is a shortage of toolmakers at the
present time. Here and there over the State there
is slight surplus of common labor.
We should not overlook the.important'role that
the railroads have been playing in Our econotaic
welfare. Improvement in transportation service
has made it possible to conduct business with much
smaller inventories. With an inventory of U5,000,000 less than it carried a year ago one Detroit concern is doing a larger volume of business, while'another concern is also enjoying more business than
it did twelve months ago, with an inventory over
$11,000,000 less. Now what does all this mean?
Simply this: That the business concerns of Michigan and the United States are profiting to the extent of hundreds of millions of dollars annually by
being enabled to conduct their businesses on vastly
smaller inventories. Were it not for this released
money, business firms would be borrowing very
heavily from the banks in order to carry on their
present large volume of activity:
Bank credit is sufficient to take care of all reasonable and legitimate demands. 'There has been
808
THE CHRONICLE
no abuse in the use of credit for speculation in raw
materials or finished products. Farmers are borrowing leas than they did last year to pay taxes.
The outlook is for keener competition for credit
with an attendant increase in interest rates.
The year has started out well for the building industry. Lumber companies are more optimistic than
they were a month ago and anticipate a good volume of business during the next four or five months.
While building operations in 1926 will assume rather
large proportions, it is doubtful if they will equal
the record figures of 1925.
Trade at both wholesale and at retail is in good
shape. Feeling that prices will remain stable, merchants are buying with confidence and are paying
their bills promptly. There is no indication, however, that the retailer is going to forsake his hand-tomouth method of buying for some time to come at
least.
Michigan farmers are in much better condition
than at any time during the past five years. Farm
lands are selling much better than they have for
several years. Adverse weather conditions last fall
prevented many farmers from harvesting beans, sugar beets and late potatoes, but the loss has been
largely offset by high prices for the harvested portion of potato and other crops. Farmers are optimistic over the outlook for 1926.
One potentially unfavorable factor in the present
situation in our country is the increasing tendency
to extend the application of the principle of installment credit to luxuries and consumable goods. How
long this ,will continue before corrective steps are
taken is difficult to foresee. The abuse is becoming
generally recognized, and it is to be hoped that concerted action will be taken to stop it before it has
gone too far.
Fundamentally, practically everything is in good
shape. If bankers and business men will continue to
proceed with the same caution and employ the same
sound principles of good business practice which
have marked their movements and decisions during
the past few months, there will be no reason to
worry about violent downward movements in the
cycle of trade for a long time to come.
The 1925 Achievements of the Detroit Stock
Exchange.
Frew the Annual Report of RALPH W. SIMONDS, President
of the Exchange.
In the annals of the Detroit Stock Exchange, 1925
will stand out as one of the most successful years in
its history. Since comparative figures are more
convincing than words, I will present those which
are to me most significant. More detailed comparisons follow the conclusion of my report. In these
comparisons a precedent has been followed -in that
they are only for a two-year period. In 1925 the
total number of transactions of record was in the
amount of 3,298,105 shares, a gain of 781,16:1 shares
over the preceding year. At the close of 1925 our
recordsshow that the total value of securities cleared
through the Detroit Stock Exchange Clearing House
amounted to $147,650,144 47, as against a total of
$44,045,871 46 for 1924. Applicants for membership
admitted in 1925 numbered five; in 1924, two. At
the close of 1925 there were five applications for
membership on file and no seats for sale; in December 1924 twelve seats were offered and the Exchange was the only bidder. The total value of cap-
[voL. 122. '
ital stock of new listings and additions to cap. 1
already listed amounted to $61,269,670 for 1925; br
1924, $14,802,000. Total shares listed in 1925 n
bered 2,708,268; the 1924 total was 1,723,131 ahaiJes.
Eighteen applications for listing were approjI in
1925; ten in 1924.
'The preceding comparisons reveal increases in
volume of business and marked improvement in internal affairs which are most gratifying to members
and those who recognize the economic importance of
a local Exchange. I could not honestly take the
position that the big increase in volume of business
done through the Exchange is directly due to the
1925 administration. Whatever the measure of success enjoyed by the Exchange in 1925, it represents
the cumulative efforts of preceding administrations;
the progressive policies adopted by the present administration; the general prosperity of the country
reflected in the huge volume of business transacted
on all Exchanges; a stronger degree of co-operation
on the part of members and the banks and trust companies with whom we have daily contact.
It is plainly evident that good-will and confidence
are the response to progressive and constructive
activity on the part of any organization. Since the
Exchange has a service to offer to the public, it can
secure to itself a greater good-will and a stronger
confidence in good faith by bettering its service year
by year. This has been the aim in the past, and will
continue to be in the future.
Growing Activity of Business on Detroit Stock
Exchange.
By
CLARK C. WIcm,Secretary Detroit Stock
Exchange.
One of the primary functions of a Stock Exchange
is to give the securities listed there the widest possible distribution. At least two essentials must
exist in order that this function may be discharged
properly. First, an Exchange must have facilities
which insure distribution. Secondly, the public
must be somewhat receptive to stock buying.
The fact that the Detroit Stock Exchange measures up to this important primary function is borne
out by a comparison of the total value of securities
which passed through the Detroit Stock Exchange
Clearing House in 1925, with the total value for the
preceding year. What this comparison illustrates
forcibly is the fact that the distributing power of
member houses has increased enormously. These
clearings consist of the securities sold on the floor
of the Exchange, which later pass from the hand of
the seller broker to that of the buyer broker at a
central delivery point, known as the Detroit Stock
Exchange Clearing House. Delivery to the customer
is later made by the buyer broker. A broker's purchase of a large block of stock may be for the accounts of many customers and if so, then by this
process distribution is accomplished.
By example: If a stockholder wishes to dispose
of a block of 1,000 shares of a certain security and
this block finds its way into the hands of 10 100share buyers, then through the making of these
transactions, the broker selling this block of stock
and the broker or brokers buying parcels of the same
block discharge the primary function of which we
speak.
The following comparative table bears out the
statement that the distributing power of member
houses has increased enormously. It shows 1925 and
FI113. 13 1926.]
THE CHRONICLE
809
1924 monthly totals of securities cleared through leaders and statesmen big enough, broad enough and with
vision enough to right the course of national progress.
Detroit Stock Exchange Clearing House.
COMPARISON OF 1925 AND 1924 MONTHLY TOTALS OF SECURITIES
CLEARED THROUGH DETROIT STOCK EXCHANGE
CLEARING HOUSE.
1925.
1924.
January
$6,231,196 95
$5,447,590 60
February
4,419,287 29
5,934,386 73
March
5,537,023 55
4,657,670 73
April
5,986,250 08
3,425,710 16
May
9,909,817 66
3,302,096 49
June
9,012,362 56
1,883,994 73
July
21,368,929 73
2,203,921 11
August
17,182,334 95
2,289,934 65
September
17,252,787 63
2,921,19796
October
24,339,063 15
3,274,263 18
November
19,171,774 01
4,013,928 50
December
7,239,316 91
4,771,275 72
Total
$147,650,144 47
$44,045,871 46
1925 gain over 1924
$103,604,273 01, or 235%
Largest daily clearing to date in history of
Stock Exchange
2,454,372 16—Oct. 17 1925
Largest monthly clearing to date in history
of Stock Exchange
24,339,063 15-0ct.,1925
Another comparison which serves to prove that the
increasing distributing power of members is becoming more widely recognized lies in the fact that in
1925 there were 18 new listings with a total value
based on market at time of listing of approximately
$61,000,000, while in 1924 there were 10 new listings
with value of $14,400,000.
More and more, corporations are sensing the fact
that in addition to securing the good-will of their
stockholders by providing a market for their securities, the companies' interests are better served in
several ways by having their securities widely distributed. This is particularly true when corporations deem it advisable, or find it necessary, to secure additional working capital.
From the 1924 and 1925 annual reports of share
transactions on the Detroit Stock Exchange, the
following comparisons will more fully bear out
some of the preceding statements:
TRANSACTIONS IN LISTED AND UNLISTED STOCKS.
Listed securities
3,095,285 Shares
Unlisted securities
202,820 Shares
1925 total
Total for year 1924
1925
3,298,105 Shares
2,516,942 Shares
gain
78
63 Shares
"My Country,'Tis of Thee."
/By Jonn G. LON8DALE, President National Bank of
Commerce in St. Louis.
The following article by President Lonsdale was
intended to appear last week in connection with
our presentation of the price records of the St. Louis
Stock Exchange, but failed to reach us in time. It
is, however, a very notable utterance, written in
Mr. Lonsdale's characteristic style, and it possesses
such distinctive merit that we feel our readers
ought not to be deprived of the opportunity of seeing it. Everything that Mr. Lonsdale writes is sure
to attract attention by reason of the phraseology he
employs, and in addition, such a cheery tone and
such a spirit of optimism runs through the present
deliverance that no one can fail to be benefited by it.
His glorification of our country is superb.
President Lonsdale's Article.
Columbus discovered "dry-land"---America. Have Americans? He saw it first! Where do we see it?
There's always a lot of talk about what ails the country,
because business seems to come like bacon,"a streak of lean
and a streak of fat," but thinking men have long since
de the soothing discovery that there is never anything
radically out of kelter.
America will always have problems, because this great
nation is growing rapidly and is moving too fast not to produce some friction, but it continues to produce commercial
In sounding the future, one should leave statistics and
charts behind and seek the broad valleys and rolling prairies, view the over-stuffed barns, the black, plowed soil,
harbinger of a crop to come, and the pale stubble of the fall,
the vestige of a passing bounty; behold the fleecy, whitegold of Southern fields, the rushing industry of the raw
material producer, for lead, copper and iron are in heavy
demand. The carpenter's hammer is still working on the
building needs; the retailer reflects the confidence of the
manufacturer, and the wholesaler smiles in satisfaction;
salesmen are busy; banks are bulging with money and credit
and, more important still, that indefatigable criterion of
better times—the railroads—are in a constantly better position.
As we inventory our glory, take in the urban as well, for
it takes cities and smoke as well as country and sunshine
to make a nation; billion-dollar corporations sending out
their streams of happily and profitably employed labor,
living in a comfort not remotely approached by an indUstrial
class elsewhere on the globe. It's the worker who wins in
this country—the New World's secret—that prosperity is a
thing that rich and poor alike must share in. Is it little
wonder that the invested wealth of these savers increased
twelve to fourteen billion in 1925; is there any secret or
surprise in the tripling of our per capita wealth in the last
quarter century?
In recent years our giant strides have been almost unbelievable. Closer communion with the real source of our
wealth reveals a potency in this land that is proof against
disaster. It presages a to-morrow far mightier and rosier
than is really logical to predict.
No Check on America.
No one can look back upon the past and be bold enough
to define limitations for future development Already we
are prosperous beyond the dream of the pioneer, whose simple glories of life, however sweet and homelike, are dwarfed
by a constantly advancing standard of living. Attractive
in retrospection, and green in the memories of many nevertheless, these primitive comforts of the "good old days" have
changed mightily since grandma was a girL
These transformations in detail record American growth,
and are not to be slightly regarded in the light of what is
to be.
Why has the transformation come? What has become of
plain and meagre comforts of yore? What has made possible the coming of the automobile, the radio, good roads
and the movies to enlarge the horizon of local life?
Advertising—the power of the printed word, particularly •
co-operative advertising. Inventions, perfections, research
and extension of industrial life have come at the beckoning
call of advertising, whose broadening appeals-made possible
growing universal markets—a point not to be overlooked in
fathoming the domestic market extent of the coming era
of prosperity.
The luxuries of yesterday have become the necessities of
to-day. A course economically unsound, perhaps, if the
desire for additional comfort did not implant a general ambition for greater productive energies—to produce more, to
have more. Thus, the real kings of this democracy are the
men who can—the workers—the producers, whose harmonious output is the thing we call prosperity.
Squared Away for Progress.
There can be no doubt that business is well emerged
from the travail of after-the-war adjustments; there is still
some lingering flotsam of the upset, such as scattered evidences of the dislocation of credit, trade competition and
taxes, but these vanishing traces can be expected to menace
for some time to come. The fact of the matter is we just
now have the decks cleared for the action and development
that proverbially follows war periods. One speaks of the
prosperity of years and not of months in this respect, which
does not mean that many vicissitudes and reactions can obstruct before the true heights are obtained.
It is prudent, therefore, to preserve the prospects of this
approaching radiant epoch of business by avoiding feebleminded optimism. The proportions and extent of our progress toward this ultimate prosperity depend not alone upon
the sagacity of commercial and financial leaders, but upon
the smallest banker, retailer and manufacturer. Their
ability to pilot safely must emanate from their experiences
810
THE CHRONICLE
_
institutions become more capable of
as each year American
,
handling prosperity. There Is every evidence of this Same
attitude in the even'price condition and the calm reception
of the hinterland Of rather florid stock market conditions.
Put concretely, it means more business in business. Commercial arbitration, cheaper distribution, better merchandising, for instance, fall into this category; elimination of
doubtful trade• practices; better organized concerns, attention of cost accounting, credits and general expense, that
there might be a profitable and yet fair exchange of merchandise at reasonable prices.
The farmer, even, is a convert to this principle of more
business in business. He's ceased listening to the political
sirens and found out that he, too, is running a manufactory,
whose problem is only half production, the other half distribution. The improvement of his marketing system; some
way of applying the Federal Reserve principles to his financial problems; real business questions like these have his
attention now instead of how to legislate $2 wheat.
Railroads Blaze the Trail.
No branch of industry has reflected the magic of better
business methods so definitely as the railroads. The country seemingly has awakened to the realization that common
progress is grounded in railroad betterment; that anti-railroad more often becomes anti-prosperity; that tampering
legislation has kept the common carriers on the jump since
the '80s, with a serious loss in the momentum of national
development.
Both transportational goOd sense and commercial acumen
worthy of our best traditions will be needed in the days
[Yo. 122.
ahead. For, while our prosperity -precedes that of Europe,
it it not logical to expect that the fullest development of it
can be realized except in world association. We are being
drawn commercially, if not politically, into closer relations
with other countries. As international financiers, the tie becomes stronger. As a creditor nation, can we export as advantageously as before the war? CIan we compete with foreign labor? Will raw materials be our future heaviest
exports?
All troublesome questions that business man cannot
shrink from if the United States is eventually to achieve its
ideals in progress. In order to engage on a big scale in the
industrial competition that seems imminent in two or three
years from abroad, America is looking to co-operative plans,
exporting and importing combinations, tending to bigger and
not smaller business units.
Faith in the Future.
These are but mere incidents of progress that cannot seriously confuse or defeat the development we label American.
Prosperity is native and normal to this country. It is
firmly rooted in the best traditions of men whose labor and
wisdom have builded it wisely.
It looms now larger than ever before—the dawn ,of a new
day of peace and development in which it is written that
we are the elect of the nations of the world if only we will
steadfastly have faith in this country for what she is and
what she is to be, never losing sight of its unassailable stability and allowing no hasty judgment of the immediate to
obscure our view of the high destiny of these United States.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Thursday Night, Feb. 11, 1926.
-Bad weather- has hurt retail .trade, especially in the Atlantic Stites, though in other parts of the country it has
also flagged to some extent.' Bad roads in the Central West
and heavy snowfalls in the northern and eastern portions
of the United States have had a restrictive effect. Yet retail transaetions are larger than a year ago. The sales of
nine principal chain stores in January were $36,228,268,
against $32,192,082-in January 1925, but there is a sharp
contrast with'the total in December 1925, which rose to
$93;526,323. AS for the mail.order business, that also shows
some seasonal decline. The. total of the two largest concerns In January was • $37,867,851 against $34,745,860 in
Jannary.1,925, but slibwi a distinct falling off from the total
of ,Deceniber 1925, Which was $53,310,667. The total sales
of mail order houses and chain stores in January were $74,986,119, against. $96,937,942 in January 1925. but were
only about half as much in December 1925, When the total
was •$146836,990. On the other hand, jobbing trade makes
a pretty good showing. So do not a few branches of manufactures. In some branches of the steel business a pretty
goad trade is being done, especirally with the railroads. But
prices have been lower here.and there. And on the whole
the steel, business is not up to expectations. Pig iron has
been quiet and seems to suffer to some extent from foreign
competition. The rapid rise in coke prices has had a more
or less disturbing effeet. Some of the iron furnaces are
closing down, partly because of unsatisfactory trade and
partly because of a disposition to take advantage of the high
priees and sell some of their coke supplies. Fall River cotton mills are running, it is stated, on the basis Of 70 to 75%
of capacity, which is Some 30% better than a year ago. Certain of the New Hampshire mills are running at 60%. In
the Smith the cotton industry does not seem to be as active
as could be WiShed. Grain markets have declined sharply,
partly because of an overbought condition. It is true, however, that the 'export trade in wheat has been unsatisfac1
2% lower than a week ago.
tory. Prices are some 6 to 6/
There is a Iqssei decline in corn and oats. But rye is down
some 9 to 10 eenta, or"15 cents from the recent high point.
There are some reports of an export inquiry for corn, but
without aetual transactions. And the foreign demand for
both wheat and . rye is certainly disappointing. But on
Thursday there waa rather more European demand for
wheat, even if actual transactions were not much increased,
with the exception of durum.
Cotton has not changed much during the week. March
liquidation has carried the price for that month down only
a couple of points net. There is in truth an underlying
resistance to a decline. The old crop months have latterly
been sold by both American and English interests, but not
on a scale sufficient to cause any marked change. The premium on March over May has fallen to 53 points, but this is
no great decline. There is every superficial indication of
an intention on the part of the South to plant pretty much
the same acreage as last year. Of course, it is too early to
be at all certain on this point, but that is how it looks at
the present time. The weather has recently been favorable
what with rains and snow, and the soil is declared to be in
unusually favorable condition. That was the gist of the
weekly weather report on farming conditions. For all that,
however, there is a persistent demand for next crop months,
largely from the Continent, at the prevailing big discounts
under the March delivery, amounting to some 200 to 240
points. A year ago October and December cotton was selling at 40 to 50 points premium over March. The cotton
exports have not been satisfactory and the market for the
actual cotton at the South.has dragged. NOT has there
been any activity in cotton goods. Production at some New
England points is larger than it was a year ago, but actual
sales might be much better than they are. In fact, unfinished cotton cloths have been quiet, and in finished goods
there has been, as a rule, only a fair business. Quite a good
trade is being done in some printed fabrics and cotton and
rayon mixtures, but the sales are mostly in small lots. The
clothing trade is not buying men's wear woolens on anything
more than a conservative scale. The spring trade is not
as large as had been hoped for. There is an excellent
trade in broad silks, but raw silk meets with only a moderate demand. Wool has been dull. At the foreign wool
sales recently prices have been more or less irregular. On
the whole this branch of business is still in unsatisfactory
shape, reflecting the slowness of the manufacturing industry. In January building reached a new high record. The
weather favored it. That is not the case this month. In
tWo weeks the snowfall here has been some 22 inches and
26,000 men were at work to-day to clear the streets of New
York. But in January there was a total gain in building
2%
over the same month in 1925 of close to 9%, and also 31/
over the same month in 1924, after a decrease in December
of something over 14%. The unprecedented building in the
FEB. 13
1926.]
THE CHRONICLE
8117
first month of the year was reflected in a larger trade in Clay Herrick, of Guardian Trust Co. of Cleveland, on
lumber. Coal has been in brisk demand in severe weather
Current Conditions—Hand-to-Mouth
and prices have been tending upward. A noticeable fact is
Buying Continues.
that coke, as people become more used to it is a more
"Prosperity is shared by a larger percentage of people
popular fuel than might have been expected, the one draw- now than at any time in the history of this country or any
back being the necessity of the householder watching his other country, and this prosperity, up to the present time,
furnace fires much more carefully, as coke burns out much is well balanced," says Clay Herrick, Vice-President of the
faster than anthracite. In the suburbs even coke has lat- Guardian Trust Co. of Cleveland, in discussing current conterly been scarce and the tendency is to increase the con- ditions. "Business is characterized by greater steadiness
sumption of bituminous coal. Coke has sold as high as $14, and stability. Charts representing the total volume of busiwhich was the peak during the coal strike of four years ness show a tendency to cling more closely to the normal
ago. There has been a further advance in oil prices, al- line." In part he also says:
though for the first time in 60 days there is some increase
Distribution of earnings and business has become more general, with the
in output. It is limited, however, for the most part, to result that this prosperity is common rather than exceptional, and that the
of living has arisen among all classes.
the fields in Arkansas. In the last week of January car standard
While some forward-looking orders are being placed, the so-called handloadings were larger than in the same week of 1925. There to-mouth buying continues to be the rule. This is facilitated by ample
was a small decline for the month, partly owing to the fall- productive capacity, improved transportation facilities and rapid communiIt means quicker turnovers and lessens the risk of excessive ining off in coal shipments, not to mention grain, lumber and cation.
ventories. It keeps a better balance between production and consumption,
live stock. It is a gratifying index of the gradual rise of supply and demand. It produces greater steadiness in prices.
The more general study of economic questions and the greater distribu.
business in the United States that the earnings of Class I
tion of information as to business conditions are factors of increasing imrailroads in 1925 were at the rate of 4.83%, as against portance in lessening extremes in the business cycle.
4.33% in 1924. The net operating revenue last year was
The comparative steadiness of average commodity prices is a marked
Increasing activity of business during 1925 WU
something unique In the railroad history of the country, feature of the situation.
not accompanied by the steadily rising commodity prices which have been
though because of increased capitalization in the last six usual in such periods. Buyers' resistance to increased prices is evident.
years the rate of earning was simply the largest since 1920. Back of all this is apparent confirmation of the belief that, from the longviewpoint, we are in a period of declining prices.
Stocks of late have been irregular and bonds more or less term
Notwithstanding a lessening of activity in some quarters due to invenunsettled, with money easier. But the announcement of the tory taking and seasonal conditions, the new year thus far shows a conPractically all
big brokers' loans, merchants were interested to notice, had tinuance of the forward impetus of the last few months.probably
the first
analysts anticipate that the first quarter of the year, and
far less effect than some were inclined to expect. The half of the year, will witness increasing general activity. Beyond that,
situation is considered sound. In London the higher class caution is suggested. Nothing has occurred to give definite indication of a
possibility is recognized. Speculation in
of securities are firm, although England is not drawing coming slowing down, but its the
speculative part of the building boom
stocks and in real estate and
gold to the extent that had been expected. London was have apparently reached their limits. We have advanced tar enough in the
naturally interested in reports from this side that the Cop- prosperity phase of the business cycle to meet the suggestion that it will
not continue indefinitely. On the other hand the satisfactory underlying
per Export Association might be revived and take in the conditions
and the moderation with which business is being conducted suglargest interests in the business.
gest that if a slowing down comes during the year it will be of minor proBoston wired that a distinct revival in the cotton manu- portions only.
facturing industry of New England has been evident during the past three months, and now conditions are better Continental and Commercial Bank of Chicago on Trend of
Business.
than for two years. In Fall River, cotton mills are run"Business activity prevails and is clearly in prospect for
ning at from 70 to 75% of capacity, whereas a year ago the
ratio was 40 to 45%, and mill officials are quoted as say- the immediate future," the Continental and Commercial
ing that conditions are better than they have been for four National Bank of Chicago report in its "Trend of Business"
years. At Manchester, N. H., the Amoskeag Manufacturing under date of Feb. 8, saying in part:
Commodity
Current statistics are clearly on the side of optimism.
Co. is reported to be operating its plant on a basis of 60%
is available to
prices are stable and money rates steady. Credit
of capacity in the cotton and worsted division. Manchester, meet the needs of commerce and industry. Production is on a high
and
N. H., also wired that more looms are being adjusted in level. Employment is stable. Domestic trade is very active
trade is large.
mills of the Amoskeag Co. to make possible increased pro- foreign European
financial
situation is on the mend, in spite of the
The
duction on rayon lines. At Brunswick, Me., the Cabot Manu- position of the French government, or governments, which is admaking for
facturing Co. recently put its looms on full time production mittedly bad. 1925 contributed the Locarno Treaties, was
helpful.
in Europe. The operation of the Dawes Plan
peace
time
in three years, and even with reduced Further stabilization of Continental currencies, as well as the refor the first
England
production during the year, earned with the help of new storation of the gold standard in certain countries, notably
direction.
specialties, after all charges were deducted, $202,939, in —these were steps in the rightother
lines are lagging a bit in the
Textiles and one or two
contrast with a net loss in 1924 of $98,424. At Rockville, business procession, but there is never the uniformity of movement
Conn., the Rock Manufacturing Co. expects to close the about business that one expects of well trained troops.
All told, the conclusion is warranted that business is good and
plant by April 1, it is announced. The mill employs between
gives promise of continued activity.
350 and 400 hands. Adverse conditions in the textile inThe Possibility of Business Reaction.
dustry are given as a reason.
Few observers see the likelihood of a reaction, say, in the spring.
The feature of the Lancashire cotton trade is the Indian But their reasoning is worth noting, if only to avoid being caught
a business
demand. Manchester cabled that the recent increase of unaware. They hold that it is entirely possible to have reaction
in
setback without credit stringency or tight money. The
business is sustained and business tends to enlarge. Yarn '23 is cited as a case in point. The building boom and real estate
and cloth sales the past week were the largest for a long speculation, they say, are dangerous. The 1925 record for building,
it is contended, can't be repeated this year and in the event that
time back. Home trade was busier.
building should recede or slump, there would be less employmnt,
A snowfall here on Feb. 9 and 10 was 12 inches, follow- with the result that the purchasing power of those engaged in the
ing a similar fall last week. It was accompanied by a high building industry would be affected. Automobile sales, they con.
would feel the backwash. Iron and steel production would
wind. Trains on all railroads were delayed. Some trains chide,
also be reduced. Moreover, it is urged that manufacturing output
on the Long Island road were stalled. The schools closed generally, is too large. It will have to be checked to avoid invenwho look for
at noon. Out-of-town employees of some of the big depart- tory accumulation. Indeed, it is contended, by those
a reaction, that the time payment plan of selling commodities would
ment stores were allowed to leave at 3 o'clock. All the city result in frozen credits if employment were reduced. Goods now
departments closed at 4 o'clock. Not more than 10,000 men regarded as sold would really become inventory. The only doubt
the minds of doubters is whether the reaction will be slight or
.ould be had to clear the streets, but to-day 26,000 were in
c
serious and when it will come.
• • •
at work. Drifts in parts of the suburbs were 5 to 6 feet
Fortunately, everybody doesn't think alike. If doubt were universal,
deep. New England was hard hit with a 10-inch snowfall
it would be a powerful influence in the direction of a business
and a high wind. In parts of Massachusetts the drifts reaction. But we see no reason now for getting excited and cerwere 10 feet deep. Philadelphia and Baltimore had 9 to tainly we do not wish to be classed among the alarmists. We
merely feel that we might be remiss in our duty to the readers of
10 inches of snow. The storm extended as far South as this
summary if we did not present the views of the doubters, even
Washington. The winter is unusually severe in Europe. while business is in the midst of prosperity.
Sweden has had an unprecedentedly cold winter and in
Six Tests for Business Depression.
Lapland it is 67 degrees below zero. On the 9th inst. the
No one goes so far as to predict an old-fashioned depression. But
temperature here was 20 to 29; at Chicago 28 to 32; at Cin- let's take the worst possible view of the future and make sure that
we shall know how to recognize a depression at some future time
cinnati, 32 to 36; at Milwaukee, 24 to 30; at Minneapolis, if we ever should run across it.
In the past, a genuine depression has regularly been preceded by
20 to 24, and at Montreal, 6 to 10. Yesterday it was 10
stringency. The Reserve System may hvae changed all this,
degrees here at 8 a. m. and 18 to 19 in the afternoon. credit
but we think it unlikely. Whenever there are sizable business operaWarmer weather was predicted.
tions and significant changes in business, banks reflect what's going
812
THE CHRONICLE
[vol.. 122.
on. The money market is affected. However, the Reserve Banks total on record, having been exceeded only in August and December of
still have enough slack to permit a considerable amount of credit last year. The January Total was swelled by a $50,000,000 contract
There was an 8
expansion. Member bank loans may be running along at a high for an electric power plant in New York City.
level, but the reserve ratio of the Reserve Banks must be reduced per cent drop from December and a 76 per cent increase over the
to, say, 60 pr cent, before these banks are down to bed rock. Be- preceding January.
Last month's record included: $75,482,600, or 39 per cent of all
cause of the huge importation of gold that has lodged in the Reserve
Banks, the legal minimum for the combined reserve ratio, 40 per construction, for residential buildings; $62,602,000, or 32 per cent, for
some
that
There
agreement
is
general
much.
cent, doesn't mean
industrial and power plants; $35,878,500, or 18 per cent, for commerfigure like 60 per cent, probably is the equivalent of the old 40 per cial buildings; and $9,165,600, or 5 per cent, for public works and
cent. ratio.
utilities.
We believe that a period of depression would be forecast by the
Contemplated new work reported in January amounted to $204,305,tightening
of
the
Banks
and
Reserve
by
member
a
and
condition of
000, which was 32 per cent less than the amount reported in Decemmoney market, but suppose that this should not be the case. The ber, but 42 per cent more than the amount reported in January of
following tests then would remain: (1) A rapid and prolonged rise last year.
in commodity prices; (2) speculation in commodities, on borrowed
New England.
money, of course; (3) a marked decline in the number of business
Building and engineering contracts awarded in New England during
failures; (4) heavy inventory accumulations; (5) labor inefficiency.
These may not be all of the tests, but they are significant and any the month of January amounted to $25,589,600. This was a decrease
well-informed business man can determine when such conditions of 25 per cent from December, but an increase of 6 per cent over
January of last year. The month's record included: $12,274,000,
prevail.
At present there is no indication of depression. The statistics or or 48 per cent of all construction, for residential buildings; $5,144,000,
business do not fit in with the tests. Indeed, the indications, as we or 20 per cent, for commercial buildings; $4,962,800, or 19 per cent,
now see them, are that business this year will be good, although the' for industrial buildings; and $1,179,500, or 5 per cent for social and.
volume may be somewhat less than in 1925.
recreational projects.
Contemplated new work reported for New England in January
Building Still Active.
amounted to $64,710,500, being 31 per cent over the amount reported
It is too early to know what will happen to spring building. in December and 56 per cent over the
amount reported in January
There may be a slight recession from the figures for the corresponding of last year.
months of 1925. But build:ng is still active and it's too early to
Middle Atlantic States.
make a reliable forecast as to what may happen. The experts do
Last month's construction contracts in the Middle Atlantic States
not agree among themselves.
(Eastern Pennsylvania, Southern New Jersey, Maryland, Delaware,
Money No Handicap to Spring Business.
District of Columbia and Virginia) amounted to $34,649,900. This
We can take a more definite position as to money rates. The was a decrease of 9 per cent from
December, but an increase of 60
seasonal movement of prime commercial paper—a good index of
per cent over the preceding January. The month's record included:
the money market—is well known. There is usually a recession in $20,158,800, or 58 per cent of all
construction, for residential buildJanuary, a further recession in February, but an increase in March.
ings; $4,460,300, or 13 per cent, for commercial buildings; $3,497,500,
In April, rates ease off again.
industrial
buildings;
cent,
or
for
10
per
and $1,738,100, or 5 per
Commercial paper, prime names in New York, averaged 4.31 per
cent. in January, a slight recession from the December figure. And cent, for public works and utilities.
Contemplated new work reported for the Middle Atlantic States in
it may be that there will be a further decline in February. The
March figure, however, may reach 4% per cent, or even be a trifle January amounted to $101,059,400, an increase of 33 per cent over
amount reported in December and of 14 per cent over the amount
the
higher.
It will be recalled that three influences have been prominent the reported in January of last year.
last year or so in their effect on the money market: The importaPittsburgh District.
tion of large amounts of gold; the operations of the Reserve Banks,
January construction contracts in the Pittsburgh District (Western
more particularly in the open market, and the demand for funds.
It seems probable that the day of continued importation of gold Pennsylvania, West Virginia, Ohio and Kentucky) amounted to $38,is over. The United States may import gold in the fall and export 770,300. This was a decrease of 11 per cent from December and an
it in the spring, but the net position as to gold is not likely to be increase of 2 per cent over January of last year. The month's record
very much changed in 1926. England, definitely on a gold basis, included: $13,715,100, or 35 per cent of all construction, for residential
must m:intain her reserves. The American market will not, there- buildings; $8,254,000, or 21 per cent, for industrial buildings, $7,034,fore, become a dumping ground for gold, and gold imports should 600, or 18 per cent, for public works and utilities; and $3,845,700, or
not be looked to as an easier money factor or as a constantly growing 10 per cent for commercial buildings.
base for credit expansion
Contemplated new work reported for the district in January
The operations of the Reserve Banks cannot be forecast, of course. amounted to $61,966,200, a decrease of 1 per cent from the amount
But there is no present incPcation that anything startling is in reported in December and of 24 per cent from the amount reported
process for the spring. Only an unbridled spirit of speculation would in January of last year.
be likely to force the Reserve Bank authorities to take drastic action.
Southeastern States.
It is hoped that no such cond'tion will develop.
Building
and
contracts awarded last month in the
engineering
The demand for funds will depend on the activity of business
throughout the year. At present the usual seasonal movement seems Southeastern States (the Carolinas, Georgia, Florida, Tennessee,
Alabama,
Mississippi,
Arkansas and Louisiana) amounted to $65,probable.
822,300. This was a decrease of 3 per cent from December, but an
Conservatism Will Avoid Reaction.
increase of 60 per cent over January 1925. Included in last month's.
Business activity prevails and is clearly in prospect for the record were: $23,067,300,
or 35 per cent of all construction, for pubimmediate future. Many concerns have built up comfortable cash
lic works and utilities; $22,086,500, or 34 per cent, for residential
reserves to provide against any possible recession in buisness. Inbuildings; $7,941,900, or 12 per cent for commercial buildings; and
deed, the statistical odds are not in favor of pessimism. But thought
$7,443,500, or 11 per cent, for industrial plants.
of the morrow, careful planning of policies, watchful management
Contemplated new work reported for the Southwestern States in
and conservatism never wrecked any concern. Prosperity is with us
and by the avoidance of over-confidence and speculation we can January amounted to $162,926,200, an increase of 1 per cent over the
amount reported in December and of 77 per cent over the amount
continue the period of active, profitable business.
reported in the preceding January.
Record Construction Volume Continues--F. W. Dodge
Corporation's Review of January, 1926.
Record construction volume continued through .January,
according to the statement of F. W. Dodge Corporation.
Contracts awarded in January in the 37 States east of the
Rocky Mountains (which include about 90 per cent of the
total construction volume of the United States) amounted
to $457,158.600, the highest amount ever awarded in the
opening month of any year. The increase over the preceding January was 48 per cent. However, there was a
decrease of 14 per cent from December, the normal seasonal
decrease from December being only 5 per cent. Last
month's large total included a $50.000,000 power plant in
New York City, which brought New York's January contracts up to a third of the entire contract volume of the
37 States. Analysis of the January record shows the following important items: $190,847,000, or 42 per cent of
all construction, for residential buildings; $94,676,500, or 21
per cent, for industrial and power plants: $71,321,700, or
16 per cent, for commercial buildings; $52,922,200, or 12
per cent, for public works and utilities; and $13,346,200, or
3 per cent, for educational buildings. Contemplated new
work reported for the 37 States last month amounted to
$851,590,300, only 6 per cent under the record amount
reported in December and 26 per cent more than the
amount reported in January of last year. The report
continues as follows:
New York State and Northern New Jersey.
January construction contracts in New York State and Northern
New Jersey amounted to $195,463,000, the third largest monthly
The Central West.
Construction work started in Texas last month amounted to $13,.
Indiana, Iowa, Wisconsin, Michigan, Missouri, Kansas, Oklahoma and
Nebraska) amounted to $79,065,000. There was a decrease of 28 per
cent from December and an increase of 43 per cent over January of
last year. Included in last month's record were: $37,997,100, or 48
per cent of all construction, for residential buildings; $11,097,400,
or 14 per cent, for public works and utilities; $9,402,600, or 12 per
cent, for commercial buildings; $7,178,300, or 9 per cent, for indus•
trial buildings; and $4,651,800, or 6 per cent, for educational buildings.
Contemplated new work reported for the Central West in January
amounted to $219,525,200, being 8 per cent over the amount reported
in December and 25 per cent over the amount reported in January of
last year.
TheNorthwest.
Contracts awarded during the month of January in the Northwest
(Minnesota, the Dakotas and Northern Michigan) amounted to $4,012,400. This was a decrease of 23 per cent from December and of
20 per cent from January of last year. Last month's record included:
$1,565,000, or 39 per cent of all construction, for residential buildings;
$840,600, or 21 per cent, for commercial buildings; and $456,500, or'
11 per cent, for industrial plants.
Contemplated new work reported for the district in January amounted
to $16,758,000, which was 60 per cent greater than the amount re.
ported in December and 13 per cent greater than the amount reported
in January last year.
Texas.
Constructoin work started in Texas last month amonnted to $13,786,100. While this was 23 per cent less than the amount of contracts let in December, it was an increase of 5 per cent over the
January 1925 contract total. Last month's record included: $7,567,900,
or 55 per cent of all construction, for residential buildings; $3,808,100,
or 28 per cent, for commercial buildings; $705,500, or 5 per cent, for
religious and memorial buildings; and $610,500, or 4 per cent, for
educational buildings.
Contemplated new work reported for Texas last month amounted
to $20,839,800, an increase of 37 per cent over the amount reported in
December, but a decrease of 43 per cent from the amount reported in
January of last year.
THE CHRONICLE
FEB. 13 1926.]
Business Indexes of the Federal Reserve Board.
The Division of Research and Statistics of the Federal
Reserve Board issued Feb. 2 the following statement giving
current figures of its various business indexes. In the Federal Reserve "Bulletin" for February figures for these indexes for the past 18 months and annual averages since
1919 are published.
INDEX OF PRODUCTION IN BASIC INDUSTRIES.
(Adjusted for seasonal variations. Monthly average 191100.)
Total
Pig iron
Steel ingots
Cotton
Wool
Wheat flour...
Sugar melting_
Cattleslaughed
calves slaught_
Sheep slaught'd
Hogs slaughed
T rimhiV
1925.
Dec.
1925.
Nov.
1924.
Dec.
121
130
149
120
95
80
203
99
166
88
89
133
115
116
136
116
97
79
135
84
131
76
96
117
117
119
134
111
102
82
91
99
155
87
130
128
Bituminous- _ _
Anthracite_ ___
Copper
Zinc
Sole leather
Newsprint. _
Cement
Petroleum
Cigars
Cigarettes
Mfd.tobacco
1926.
Dec.
1925.
Nov.
1924.
Dec.
130
3
139
137
59
117
188
196
85
195
94
126
2
*138
129
63
116
194
200
95
165
89
116
100
136
121
76
103
182
182
92
170
94
INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
INDUSTRIES.
(Not adjusted for seasonal variations. Monthly average 1919=100.)
Payrolls.
Employment.
Dec.'25. Nov.'25. Dec.'24. Dec.'25. Nov.'25. Dec.'24.
105.6
111.7
112.1
94.1
97.1
97.2
Total
96.3
91.1
100.6
85.2
91.6
89.9
Iron and steel
107.5
107.0
107.9
96.2
97.2
97.3
Textiles-Group._.
113.9
109.0
111.1
100.0
99.3
99.1
Fabrics
99.7
104.5
103.9
91.2
95.0
Products
94.6
111.9
116.7
116.4
101.0
102.0
Lumber
100.9
97.4
91.4
91.7
89.7
81.6
82.6
Railroad vehicles
114.5
178.9
163.5
99.3
129.6
136.3
Automobiles
139.9
145.4
148.7
105.9
107.2
107.8
Paper and printing_
104.5
103.6
103.2
91.1
89.6
Foods,&C
88.5
91.5
87.9
86.5
87.9
89.0
84.1
Leather, dm
143.6
155.4
151.3
106.1
123.1
Stone, clay, glass._ 121.0
100.0
98.7
99.3
91.1
89.7
90.1
Tobacco, &c
98.2
103.6
104.9
74.1
Clhamirstla Aer
77.4
77.6
INDEXES OF WHOLESALE AND RETAIL TRADE.
Retatl Trade.
Whotesate Trade.
1925. 1925.
1925. 1925. 1924.
Nov.
Dec.
Dec.
Dec.
Nov.
Groceries
Meat
Dry goods_ _
Shoes
Hardware
Drugs
Total
1.4,1
PIP'
•Revised.
83
72
74
54
101
111
79
90
*72
*92
59
103
110
*86
83
66
77
67
99
109
79
Dept.store sale *Adjusted.... 141
unadjusted. 225
Dept.store stoc ks
Adjusted__ 139
Unadjusted _ 129
Mail order sales
Adjusted.... 139
166
Unadjusted
1924.
Dec.
129
145
131
210
137
154
133
124
116
144
123
148
Changes in Retail Food Costs From Dec. 15 to Jan. 15.
The Bureau of Labor Statistics of the U. S. Department
of Labor has completed the compilations showing changes
in the retail cost of food in 28 of the 51 cities included in
the Bureau's report, and made public as follows on Feb. 10
the changes shown for the period from Dec. 15 to Jan. 15
and for the year to Jan. 15, 1926:
During the month from December 15, 1925, to January 15, 1926, 20
of the 28 cities showed decreases as follows: San Francisco, 3%;
Fall River, New York, Portland, Oreg., and Scranton, 2%; Baltimore,
Bridgeport, Butte, Mobile, Newark, New Haven and Norfolk, 1%; and
Dallas, Kensas City, Memphis, Omaha, Peoria, Portland, Me., Providence, and St. Paul, less than five-tenths of 1%. Seven cities
showed increases as follows: Charleston, S. C., 3%; Indianapolis, 1%;
and Atlanta, Cincinnati, Louisville, Minneapolis and Washington, less
than five-tenths of 1%. In Milwaukee there was no change in the
month.
For the year period, January 15, 1925, to January 15, 1926, all of
the 28 cities showed increases: Minneapolis, 11%; Atlanta, Cincinnati,
and St. Paul, 10%; Bridgeport, Indianapolis and Scranton, 9%;
Charleston, S. C., Fall River, New Haven, Norfolk, Omaha and Providence, 8%; Peoria and Washington, 7%; Kansas City, Louisville, Milwaukee, Newark, New York and Portland, Me.
Me., 6%; Baltimore, 5%;
Mobile, 4%; Memphis, 3%; Butte, Dallas and
Francisco, 1%; and
Portland, Oreg., less than five-tenths of 1%.
As compared with the average cost in the year 1913, the retail cost
of food on January 15, 1926, was 72% higher in Washington; 70%
in Baltimore, 69% in Atlanta, Charleston, S. C., and Scranton; 67%
in New York and Providence; 66% in New Haven; 65% in Cincinnati; 64% in Fall River, Milwaukee, Minneapolis, and Omaha; 62%
in Kansas City; 61% in Indianapolis and Louisville; 60% in Dallas;
57% in Newark; 56% in Memphis and San Francisco; and 42% in
Portland, Oreg. Prices were not obtained from Bridgeport, Butte,
Mobile, Norfolk, Peoria, Portland, Me., and St. Paul in 1913, hence
no comparison for the 13-year period can be given for those cities.
Seasonal Decline in Factory Employment in New York
State During January.
The decrease of I% in factory employment during January was hardly more than the expected seasonal decline.
Preparations for inventory, the end of holiday business and
other midwinter reductions caused a general slowing up
in New York State factories. Outside of the seasonal activity in the men's clothing shops, the only important gain
was in the railroad equipment industry, which began the
813
new year with a substantial increase. But the slight hesitancy which was suggested by some of the trade reports at
the end of January was not apparent in the employment
situation around the 15th of the month. The decrease for
January 1926 did exceed 1925, but this seemed more a result of the activity in recent months than of any tendency
to curtail operations. The drop in electrical equipment and
supplies, for example, followed a record December. This
statement was issued on Feb. 8 by New York State Industrial Commissioner James A. Hamilton. It is based on
reports from manufacturers employing 35% of all the factory workers of the State. These were chosen to represent
industry and localities. Continuing, Commissioner Hamilton's review for January says:
Automobiles Imiportant in Metals Decrease.
Much interest was attached to developments in the metals with the .13eginning of the new year, and steel was watched for any indications of the
future course of manufacturing. Steel and iron mills in this State continued to expand operations through the month just past though the rate
of expansion has gradually decreased. In January a sharp reduction in one
of the mills considerably modified the gain for this industry, but it was due
to special rather than general conditions within the industry. Perhaps the
chief downward influence in the metals was the seasonal dulness in automobile manufacture. Reporting plants making automobiles and parts
released over 500 additional employees in January and there were further
reductions in auto hardware, castings, batteries, etc. This also partly
explained the loss in brass and copper goods. Adjustments in working
forces in the machinery shops were small and instruments and office equipment stayed even with December as one or two substantial losses were
offset by several increases. While railroad equipment factories were responding to a definite improvement in demand for their products, repair
shops found it necessary to reduce forces. The coal strike has been a factor in the dulness in some of the shops.
Scattered Improvements in Textiles.
January brought, on the whole, a slight improvement in the textile
industries. The only large reductions were the usual 'seasonal ones in the
factories making sweaters, hosiery and silk and cotton underwear. Manufacturers of silk goods were busier and some of the cotton mills had a few
more at work than in December, while payrolls were higher, as the wage
dispute in some of the mills ended. Woolen and worsted goods were
uneven. The steady increases in the twine factories continued.
Good Advance in Men's Clothing.
The upward turn in the manufacture of men's clothing in New York City
added to further gains up-State, meant the employment of about 2,500
additional workers in the reporting shops. This exceptionally large gain
was partly explained by the reopening of some factories shut down in
December. But conditions in this industry are more encouraging than a
year ago. Manufacturers of women's garments and hats were also busier,
but modistes let part of their forces go, as the height of their season was
passed. Shorter working schedules were put into effect in the fur garment shops. Shirt factories slowed up and makers of women's undergarments released employees taken on for holiday orders. Shoes were
irregular in New York City and up-State manufacturers excepting in Rochester were still reducing forces. Rochester factories, however, had already
begun work for the new season.
Household furnishings were quieter after Christmas orders. But, though
overtime was cut out in the furniture factories, there were a few more
workers employed than in December. Small reductions were made in the
piano plants. The upward course of employment in the rug factories was
resumed after a pause in December. With the interruption in construction, building supplies slowed up more sharply, and one or two manufacturers of lighting fixtures shut down.
Food products, excepting flour, all slowed up seasonally. Over 2,000
workers were released from the reporting factories alone. A large part of
this decrease appeared in the cigar factories, where the closing down of one
large factory, along with many small reductions, meant the release of hundreds of these workers. Paper goods lost slightly, but printing and publishing kept fairly even. All the chemicals were slower excepting photographic supplies and lubricating oils. Rubber goods which have been very
unsteady this year reached the lowest point in recent years.
Continued Improvement in Albany-Troy-Schenectady District.
Conditions varied widely in the industrial districts of the State. The
one outstanding gain appeared in the Albany-Troy-Scheneotady district,
where the expected improvement in railroad equipment occurred. Rochester
was the only city in which employment rose, and the increase was purely
seasonal. Buffalo and Utica were affected by the general decline.
Almost all the metals in the Tr -City district either maintained the
December rate of operations or increased forces. Over a thousand employees
were taken on in the reporting railroad equipment shops and repair shops
in this district employed a few more workers, though earnings were lower
because of the inclusion of New Year's Day in the reports. There was an
opposing downward movement in the steel and iron mills, however, which
affected several hundred workers. The textiles of this district showed good
improvement in January, though earnings of the operatives were somewhat
lower. Working schedules were lengthened in two or three of the shirt
factories, but a few increases in employment were offset by reduction.
Printing shops made substantial additions to their forces.
Employment in Rochester advanced about 1% in January as shoe manufacturers reporting to the State took on 200 workers at the beginning of
their season. Men's clothing shops also required more workers as their
work progressed. Chemicals contributed to the upward movement but the
metal industries, which have been important in the steady rise in Rochester's employment, showed a slight loss in January. This was largely on
account of a reduction in railroad equipment shops which had been exceptionally active. There were scattered gains in instruments and appliances,
auto equipment and one or two other metals. Seasonal reductions in canning and building supplies occurred.
Changes in Buffalo Plants Involve Many Workers.
The changes made in the factories of the Buffalo district affected many
more workers than was evident in the 2% loss in total employment. Large
adjustments in forces, particularly in the metals, involved thousands of
employees. The most important gain of the month took place in the steel
mills, which continued to extend production. Railroad equipment came
second in the advance, but repair work fell off abruptly with almost BOO
men dropped from payrolls of the reporting shops. Seasonal declines in
814
THE CHRONICLE
[VOL. 122.
the automobile industry and in electrical equipment were responsible for tail trade at department stores in leading cities in December were the
the release of many more workers.
largest on record for that month, and total sales for 1925 were larger than
Fewer operatives were on the payrolls of the shoe, wood working and those for 1924.
paper plants. The majority of the chemicals were slower, particularly
December and the year 1925 were notable for large building operations in
those affected by holiday orders. More were at work in the printing and this district. The value of permits, $8,198,512 for December and $123,clothing shops, but further reductions occurred in food products.
048,924 for the year, indicated that building programs in eighteen reportA few rather large curtailments in the metal plants and knitting mills ing cities had not been fully carried out and there was a promise of large
resulted in a 2% decrease for the Utica district. The reductions in the construction operations during the remainder of the winter and in the
textiles were partly seasonal and there were some small increases at the spring. Construction of hard surfaced highways set a new record during
same time. Earnings went up in the cotton mills with the end of a wage the year and there was a larger volume of public work in cities and towns
dispute, but employment was a little lower. The losses in the metals were than for several years. All this construction activity resulted in larger
also partly seasonal, dependent on the dulness in the automobile industry business in manufacture and sales of materials, and was a large factor in
and the end of Christmas business. Brass and brass goods were quieter, the making of better employment conditions in this district than for many
but firearms and machines again advanced. Wood working plants were years.
decidedly more active.
The mineral industries reported former high records for this district
Practically all of Binghamton's industries were involved in the 2% de- broken during 1925. The output of crude oil was the largest for any year
crease in January. Shoe factories released between two and three hundred of record and the value exceeded that for 1924 by 23.8%. The year's proworkers and there were sharp reductions in some of the cigar factories. duction and shipment of zinc and lead ores was the largest in tonnage and
The only increases occurred in silk and chemicals and these affected only value in the tri-State field. Colorado metal mines produced more silver,
a small number of workers.
zinc and lead, and less gold and copper, than in 1924, and the value of the
The curtailment in the automobile industry in Syracuse was not as severe five metals produced was 13.2% larger than that for the previous year.
as in some other part of the State and therefore the loss for this district Coal mining in the last half of the year was at a high percent of full-time
was only 1%. Steel mills took on more employees after the small reduc- activity and production for the year was larger than the previous year's
tion in December, but other metal industries were uneven. Chemicals output.
were also irregular, but there was an improvement in the industrials. More
High records in most lines of manufacture were established during the
workers were employed in the shoe factories and in printing shops, but food last twelve months. Though restricted by the market supply, the slaughter
and clothing showed further declines.
of hogs at the meat packing plants fell below that for 1924. There were
increases in the slaughter of cattle and calves, and the slaughter of sheep
Small Loss in New York City.
number as in the previous year. The smaller reThe reaction after the rush of the holidays is an important factor in the was almost the same in
leading markets of the district was responsible for a
January employment situation for New York City and in view of this a ceipts of wheat at
year's flour output at Southwestern mills.
1% decrease ir moderate. In 1925 the decrease was larger. The opening decrease of 7.3% in the
Agricultural production in this district in 1925 was estimated in value
of the new season in the men's clothing shops and some of the women's
$1,229,500,000, about $284,000,000 less than the value of
dress and coat factories carried employment for the clothing trades 5% at approximately
$149,500,000 more than the value of 1923 crops. It was
above December, though the rest of the sewing trade slowed up. The 1924 crops and
production of wheat, potatoes and hay brought higher
dress trimming shops, however, were stimulated by the increased activity noted that the smaller
farm prices per unit than prices paid for such crops produced in 1924.
In women's dress and coat factories. Shoes were irregular.
hand, the larger crops of corn, oats and cotton in 1925 brought
Practically all the metals declined, especially hardware, stamped goods On the other
bushel or pound than was paid to growers for the crops
and electrical equipment. Manufacturers of instruments and appliances lower prices per
of 1924.
were also less busy.
The live stock situation improved in 1925 and at the beginning of 1926
Seasonal reductions appeared in jewelry, leather goods, toys, paper goods
was in a stronger position than for several years. This was
and all of the food, products. The reduction in the cigar industry was the industry
due to readjustments of cattle values which placed breeding herds on a
especially severe.
more consistsent level. The supply of cattle, calves and sheep
There were fewer workers in the chemical plants and in printing and higher and
equal to market requirements, but the supply of hogs was 22.7%
publishing houses. Furniture went up a little and the loss in pianos was was
smaller than that for 1924, and indicated fewer hogs on farms and smaller
moderate. Building materials were lower.
pig crops last spring and fall. There was reported a considerable restocking
industry,
of cattle on some of the ranges and further expansion of the sheep
though late surveys gave little promise of any increase in the farm supply
Department Store Sales in Cleveland Federal Reserve of hogs for this year.
District in December Establish New High Record.
The following is the statistical record supplied by the
Stating that department store sales in the Cleveland Fed- Bank:
eral Reserve District, as in the entire country, established a STATISTICAL RECORD OF THE TENTH FEDERAL RESERVE DISTRICT.
Returns for 1925 Compared with Those for 1924.
Per Cod
new high record for all time in December, the "Monthly
Change.
1924.
1925.
Business Review," dated Feb. 1, of the Federal Reserve Bank debits, 27 cities
515,446,205.000 $13,901,532,000 +11.1
+13.0
$9786001503
$11,061.945,198
Bank
Federal
Reserve
Clearings,
Bank of Cleveland adds:
61,975,039 +10.2
68,301.676
Items handled
The increase over December of last year was 5.3%, and for all of 1925
over 1924 was 2.1%. For the month, all cities gained except New Castle,
the largest gains occurring in Cincinnati and Dayton. For the year, the
majority of cities gained, the largest increases being in Akron, Cincinnati
and Columbus, and the greatest decline in Wheeling.
Turning to departmental sales, 37 out of 52 separate departments reported
by 78 firms in the Fourth District showed an increase over December of last
year. Percentage changes in the departments doing the greatest business
in December were as follows:
Per Cent Change-December 1925 Compared with December 1924.
Silks and velvets
+12.31 Women's es children's hosiery._ _ _ +11 1
Toilet articles, drugs
+5.115115 and muslin underwear
+7.2
Silverware and Jewelry
-2 8 I Shoes
-1.0
Men's clothing
+8 51Furniture
+26
Men's furnishings
+3.61 Draperies, lamps. shades
+2.8
Boy's wear
+12.1 Toys. sport goods
+3.1
Women's ready-to wear
+0.3IBooks. stationery
+0.7
Regarding wholesale trade in the district, the bank says:
For the month of December, declines from last year were reported by the
grocery, dry goods and shoe trades, while drugs and hardware showed Increases over December 1924.
The highest rate of gain is again shown in drugs, where an increase of
10.3% is reported, while the greatest decline was that of 7.1% shown in
the wholesale shoe trade. The increase in the hardware line was 0.7%,
with dry goods and groceries reporting decreases of 5.6% and 0.6%, respectively.
The year 1925 as compared with the preceding year shows increases in
the drug and hardware lines of 4.2 and 1.9%, respectively, while the year
witnessed declines of 4.2% in the dry goods, 3.1% in groceries, and 0.6%
In shoes.
Business failures
Liabilities
Building permits, 18 cities
Value
Flour production, barrels
Grain receipts, 5 markets:
Wheat, bushels
Corn, bushels
Oats. bushels
Mineral production:
Crude oil, 5 States, barrels
Value
Coal. 5 States, tons
Value
Gold, Colorado
Silver, Colorado
Five metals. Colorado, value
Lead ore, Tri-State District, tons
Value
Zinc Ore, Tri-State District, tons
Value
Live stock receipts, 6 markets:
Cattle
Calves
Hogs
Sheep
Horses and mules
Meat packing, 6 centres:
Cattle
Calves
Hogs
Sheep
Leading farm crops:
Winter wheat, bushels
Spline wheat, bushels
All wheat, bushels
Corn. bushels
Outs, bushels
Potatoes. bushels
Tame hay, tons
Cotton. bales
Value, all crops
1,238
$16,117.033
34,804
$123.048.924
21,507,892
1.478 -16.2
127.575.805 -41 5
33.753
+3.1
$98,972,586 +24.3
23,203,502 -7.3
116.094.000
47,188,050
33,964,100
194.302.900 -402
64.752.550 -27.1
25,345,400 +34.0
246,819.000
1443,433.000
29,397.000
190.542.000
57,234.500
13.019.670
120.882.270
128.829
$15.151.495
813.421
$44,403,344
239.358.000
1358.250.000
29.046.000
189,562.000
18.494.000
12.176.160
118.449.000
100.045
110.679.018
731,080
$30,873,009
+3.1
+23.8
+1.2
+1.1
-14 8
+43.4
+13.2
+2s.7
+41.9
+11 3
+43.8
5,771.141
1,037.637
9,087.803
7,518.485
130,263
6.001.544 -3 8
1,031.398
+06
11.752,413 -22 7
7,634,951 -1.5
128,240 +1.6
3,098 640
760.690
6,645.247
3.635.659
3,006,119 +3.1
693.399 +9.7
8.991,142 -26.1
3,654,758 -0.5
150,185.000
8.711.000
158,896.000
430,317.000
159.468.000
29.402.000
16.612.000
1,547,000
$1.229,500,000
294.409.000
8.687.000
303,096.000
425.705.000
149,9136.000
31,270.000
18,911.000
1.442.000
11,513,500,000
-48.0
+0.3
-47.6
+1.1
+6 3
-59
-122
+7.3
-18.8
High Records in Most Lines of Manufacture in Kansas
City Federal Reserve District Established in 1926.
Furnishing a statistical record of the district for 1925 as
Loading of Railroad Revenue Freight Running Ahead
compared with 1924, the Federal Reserve Bank of Kansas
of Last Year.
City, in Its "Monthly Review," dated Feb. 1, states that high
Loading of revenue freight for the week ended on Jan.
records in most lines of manufacture were established dur30 totaled 925,263 cars, according to reports filed by the
ing the last twelve months. We quote, as follows, what the carriers with the Car Service Division of the American
"Review" has to say:
Railway Association. This was an increase of 27,895 cars
Industrial, trade and banking activity in the Tenth Federal Reserve Disthe corresponding week in 1925 but a decrease of 4,360
over
during
the last eight months of 1925, and
trict, after expanding steadily
in December achieving the high mark for five years, exhibited in the early cars under the corresponding week in 1924. The total for
weeks of January something of the curtailment and caution usually mani- the week of January 30 was, however, an increase of 3,529
fest at the beginning of a new year. Conditions generally were regarded
preceding week, increases being reported in
as favorable for a heavy volume of business during 1926, based upon actual cars over the
current needs, but with no apparent boom tendencies.
the total loading of all commodities except grain and grain
Reports, now complete for the month of December and for the year,
products, coke, ore and miscellaneous freight which showed
confirmed the estimated volume of business for 1925 in this district announced in the issue of the "Monthly Review" of Jan. 1 1926. Wholesale slight decreases. Further details are added as follows:
trade, naturally slowed down at the inventory period at the end of the
year, was smaller in December than in November, but sales in nearly every
line exceeded those reported for December 1924. The 1925 sales in dollars
and in the volume of goods distributed was the largest ever reported. Re•
Miscellaneous freight loading for the week ended on January 30
totaled 316,362 cars, a decrease of 3,061 cars under the week before
but 24,314 cars above the same week in 1925. It also was an increase
of 11,530 cars over the same week in 1924.
FEB. 13 1926.]
THE CHRONICLE
Loading of grain and grain products amounted to 45,192 cars, a
decrease of 507 cars under the week before as well as 2,688 cars
below the same, week in 1925. It also was a decrease of 8,419 cars
below the same week in 1924. In the western districts alone, grain
and grain products loading totaled 27,951 cars, a decrease of 4,029
cars under the.coresponding week last year.
Coal loading totaled 183,071 cars, an increase of 2,148 cars over
the week before but 10,229 cars below the same week in 1925. Compard with the same week in 1924, it was also a decrease of 15,819
cars.
Loading of merchandise and less than carload lot freight amounted
to 248,837 cars, an increase of 2,250 cars over the week before and
1.6,511 cars above the same week in 1925. Compared with the corresponding week in 1924, it also was an increase of 12,675 cars.
Forest products loading totaled 72,634 cars, 2,704 cars over the
week before but 2,953 cars below the same week in 1925 and 8,174
cars below the same week in 1924.
Coke loading totaled 18,192 cars, a decrease of 182 cars under the
preceding week but 4,882 cars above the corresponding week in 1925.
Ccmpared with the same week in 1924 it also was an increase of
5,620 cars.
Live stock loading for the week amounted to 31,228 cars, an increase
of 488 cars above the week before but 2,804 cars below the corresponding week in 1925. It also was 2,014 cars below the same week
in 1924. In the western districts alone, 23,561 cars were loaded with
live stock during the week, 2,293 cars below the same week last year.
Ore loading totaled 9,747 cars, a decrease of 311 cars under the
preceding week but 862 cars above the corresponding
week in 1925.
Compared with the same week in 1924, it also was an increase of
241 cars.
Compared with the preceding week, all districts showed increases
in the total loading of all commodities except the Eastern, Allegheny
and Centraiwestern, while all except the Northwestern and Central.
western reported increases over the corresponding
week in 1925. All
districts except the Eastern, Allegheny and Northwestern showed increases over the corresponding week in 1924.
Loading of revenue freight this year compared with the two previous
years follows:
Week
Week
Week
Week
Week
Ended
Ended
Ended
Ended
Ended
on
on
on
on
on
January
January
January
January
January
TOTAL
2
9
16
23
30
1926
741,239
907,119
936,655
921,734
925,263
1925
767,098
934,170
934,022
924,291
897,368
1924
706,292
872,023
894,851
891,481
929,623
4 432,010
4,456,949
4,294,270
Increase in Postal Receipts at Fifty Selected Cities.
Postal receipts for the 50 selected cities for January 1926
were 6.77% greater than in January 1925, according to figures made public on Feb. 5 by Postmaster-General
New.
Akron, Ohio, with 27.03%, was first in point of
percentage
of gain. Jacksonville, Fla., was second with 24.84%, Baltimore, Md., third, with 22.79%; Kansas City, Mo., fourth,
with 19.67%, and Forth Worth, Tex., fifth, with
19.11%.
Pittsburgh, Pa., Buffalo, N. Y., and Columbus,
Ohio, each
reported slight decreases. Tabulated figures
follow:
815
Increase in Postal Receipts at Fifty Industrial Cities
During January.
Postal receipts for the 50 industrial cities for January
1926 amounted to $3,193,452, as compared with $2,978,591
for January 1925, an increase of $214,861, or 7.21%, according to figures made public by Postmaster-General New
on Feb. 6. Five Sundays in January of this year were responsible to some extent for the comparatively small increase in receipts. Tampa, Fla., led the 50 industrial cities
in percentages of gain, with an increase of 46.19%. Springfield, Ill., was second, with 28.37%; Cedar Rapids, Ia.,
third, with 27.78%; Oakland, Cal., fourth, with 23.71%, and
Bridgeport, Conn., fifth, with 22.73%. Tabulated figures
follow:
-STATEMENT OF POSTAL RECEIPTS AT FIFTY INDUSTRIAL OFFICES
FOR THE MONTH OF JANUARY 1926.
Per Cl Per Ct.Per Ct.
1926 1925 1924
January
Over
Over
January
Over
OfficesIncrease. 1925. 1924. 1923
1925.
1926.
Springfield,Ohio
8208,19916 $200,356 25 $7,842 91 3.91 33.22 1.80
Oklahoma, Okla
1,24315 1.02 3.09 3.23
123.188 93 121,945 78
Albany, N.Y
124,539 67 116,751 44
7,78823 6.67 2.34 12.97
Scranton, Pa
83,31406 85.726 58 *2.412 52 *2 81 *17.46 26.06
Harrisburg, Pa
126,710 08 145,634 07 '18.92399 *12.99 17.11 '823
Ban Antonio, Tel
6.14430 6.87 6.68 10.14
95.54422 89,39992
Spokane, Wash
95.519 65 81.874 12 13,645 53 16.67 *2.69 *3.98
Oakland, Cain •
146,315 66 118,274 00 28,041 66 23.71 11.58 27.28
Birmingham, Ala
128,331 21 110,176 39 18.13482 16.48 2.68 20.67
Topeka, Kan
3.725'45 3.81 *11.49
101.505 61 97,780 16
.33
Peoria,Ill
79,709 87 82,90823 '3.19836 *3.86 18.85 2.06
Norfolk, Va
7.062 14 10.22 2.64 2.16
76.134 99 69,07285
Tampa, Fla
97.031 71 66,046 99 30.98472 46.91
1.48 14.01
7.28343 8.49
93,067 41 85,783 913
Fort Wayne,Ind
.11 11.83
'98967 *1.39 2.53 3.06
Lincoln, Neb
69.993 66 70.983 33
141 00
Duluth, Minn
61.600 20 61,459 20
.23 *5.71 13.06
5.65864 7.85 9.77 *6.98
Little Rock, Ark
77,712 93 72,05429
Sioux City,Iowa
67.548 07 68,56947
978 60 1.47 11.13 *2.69
Bridgeport. Conn
70.518 23 57,457 63 13,060 60 22.73 *7.14 .P.81.
Portland. Me
63.031 02 66,372 11 '3.34109 *5.03 7.90 4.89
St. Joseph, Mo
59.515 08 58,766 95
748 13 1.27 3.07 1.23
75.689 61 58.940 50 16,719 11 28.137 *30.72 41.02
Springfield. Ill
5,35356 9.12
64.039 23 58.68567
.58 6.10
Trenton, N. J
7,751 75 15.72 *4.93 3.55
57.045 29 49,29354
Wilmington, Del
73.430 44 63,34680 10.083 64 15.92 21.75 ..72
Madison, Wls
6,81267 12.31 22.67 *9.91
62,133 14 55.320 47
South Bend. Inc
59,300 74 58,345 96
954 78
1.64 14.21 7.52
Charlotte,N.C
48 886 47 48,789 21
97 26
.20 1.92 13.32
Savannah, Ga
54.305 24 42.60022 11.80502 27.78 1.97 2.32
Cedar Rapids, Iowa
1.30592 2.87 6.11
Charleston, W. Va
46.736 07 45,430 15
7.39
6,539 28 11.15 *8.41
65,160 14 58,620 88
Chattanooga, Tenn
.90
2.19780 5.36 *9.81 6.49
Schenectady, N.Y . 43.187 46 40,989 66
5,84409 16.77
40,701 99 34,85790
.91 *4.38
Lynn, Mass
44,731 39 41,253 84
3,47755 8.43 5.02 5.09
Shreveport, La
5,49579 15.31 3.96 10.68
41.394 01 35,898 22
Columbia. S. C
31,754 93 30,889 50
865 43 2.80 17.75
Fargo, No, Dak
.815
4,874 17 15.62 18.79 isms
36,082 36 31,208 19
Sioux Falls, So. Dak
418 49
38,362 34 37,54385
.21 32.09
1.10
Waterbury. Conn
1.29505 4.07 13.28 17.23
33,153 92 31,858 87
Pueblo, Colo
39981
.10 *4.34
.89
23,320 92 23.121 11
Manchester. N. H
'80060 *2.82 *4.10 22.84
28.346 28 29.11688
Lexington, KY
'42845 *1.32 20.48 11.76
31.94973 32.378 18
Phoenix, Ariz
.28 *8.51
891 39 4.88
21,231 63 20,340 24
Butte, Mont
1,552 11 5.38 18.70 *.03
30,39072 28,838 61
Jackson. Miss
15,30700 21,64900 '8,34200 *29.29 27.35 *12.36
Boise, Idaho
1,114 19 6.10 3.18 2.66
18,257 61
19,371 80
Burlington, Vt.
'6265 .0.45 *5.14 10.86
13,842 42 13,90507
Cumberland, Md
'45286 *3.68 2.65 *4.31
12.295 88
11,84332
Reno, Nev
1,16077 7.71 *4.99 13.09
Albuquerque. N. Mex. 16,334 60 15.164 83
2,49075 17.88 1.41 4.57
13,926 71
16,417 46
Cheyenne, Wyo
STATEMENT OF POSTAL RECEIPTS AT FIFTY
Total
33193,452 0752978,591 27 6214,880 80 7.21 4.18 6.11
SELECTED OFFICES
FOR THE MONTH OF JANUARY 1926.
•Decrease. Oct. 1925 over Oct. 1924, 6.59; Nov. 1923 over Nov. 1924, 13.09
Per Cl, Per Cl. Per Cf. Dec. 1925 over Dec. 1924, 14.19.
1926 1925 1924
January
January
Increase,
over
over
over
1926.
1925.
1925.
1924. 1923.
OfficesGoodyear Company Denies Wage Increase-15,000
New York, N.Y
5.591,84890 5.290,36248 301.486 42
5.70 .1.03 4.33
Chicago, III
Workers Ask Raise, Basing Claims on High
5,079,735 16 5,020.766 74
58,968
42
1.17
9.43
.86
Philadelphia, Pa 1,672.673 19 1,564,961 68 107,711
51 6.88 5.43 1.49
Cost of Living.
Boston, M5.s8
1,364,471 21 1.235.058 14 129.413 07
10.48 5.52 3.25
St. Louis. Mo.-- 1.015,166 76 1,004.143 77
41.02299 4.09 4.41 4.71
A request from representatives of the 15,000 factory
Kansas City, Mo_ 903.154 49
754.693
88 148.460 61 19.67 3.30 9.76
Detroit, Mich.- 807.890 78
686,978 21 120.912 57 17.60 3.88
16.41 employes of the Goodyear Tire & Rubber Co. for a general
Cleveland, Ohio- 782.871 28
742,567 09
40,304 19 5.43 10.79 1.39 wage increase
Los Angeles, Cal_ 697.248 89
of 123% on Feb. 10 was refused by P. W.
668,345 43
28,903 46 4.32
1.19 18.95
San Franclsco,Cal. 690.403 79
631,593 45
58,810 34 9.31 11.33
.16 Litchfield, Vice-President and Factory. Manager. The New
Brooklyn, N.Y
647,832 89
558.564
92
89.267 97 15.98 .0.38 4.66
Pittsburgh, Pa... 563,725 97
568,596 71
*4,870 74 .0.86 4.54 1.73 York "Journal of Commerce" in reporting this from Akron
Cincinnati
574.074 25
534,001 34
40,072 91 7.50 11.47 9.15
Minneapolis. Minn 515.010 71
Feb. 10 adds the following:
509.131 76
5,87895
1.15 4.33
.22
Baltimore, Md._ 531,196 52
432.89992
98.596 60 22.79
.59 5.63
Milwaukee. Wise_ 384.794 37
The Goodyear Industrial assembly, recognized by the company as the
370,434 74
14.359 63 3.88 5.08 8.50
Washington, D.C. 447.583 65
397,740 65
49.843 00 12.53 2.24 14.66 official organization representing workers, asked for the wage advance.
Buffalo. N. Y.... 364,793 57
383.156
73
*18,363
16 *4.79 1.24 9.50
The petition of the organization set forth that the company has enjoyed
St. Paul, Minn.__ 385,652 83
366,050 01
19.602 82 5.36 13.74 11.13 Increased earnings: that the cost of living is higher and that increased effiIndianapolis. Ind. 363.778 92
328.775 28
35,003 64 10.65 6.21 10.66
Atlanta, Oa
338.041 12
would result by decreasing labor turnover.
ciency
311,376
87
26,664 25 8.56
1.29 8.06
Newark, N.
301.131 91
284.149 11
Mr. Litchfield's answer was:
16,982 80 5.98 6.08 11.39
Denver, Colo
275,552 33
261.646
26
13.90607
5.31 6.06
"An investigation shows that we are paying rates
1.70
Dallas, Tea
to, or better than
306.328 98
285,183 15
21.145 83 7.41 12.60 4.14 those being paid locally, and that we recently took equal
Seattle. Wash..._ 270.469 30
the initiative In raising
250,296 60
20.172 70 8.06 9.97 8.45 rates 5% in spite of these conditions, and in spite of the oompetitive situaOmaha, Neb
255.732 98
233,534
04
22,193 94 9.51 *4.33 6.04 tion in which our business is engaged.
Des Moines,Iowa_ 281,740 48
246,319 77
36,420 71 14.85 1.04 13.32
"Rubber workers in Akron are paid more than'in any other locality, and
Portland, Ore_ 236,163 44
226,495 77
9,667 67 4.27
.23 11.04 our labor cost in our Akron plant is higher than the coot in arty of our other
Louisville, Ky..._ 223,335 95
218.048 26
5.28769 2.42
1.87
plants.
6.81
Rochester, N. Y
231,951 17
201.319 39
30.63178 15.22 *3.45 6.48
"It is true that the company has had a prosperous business during 1925
Columbus, Ohio._ 233,673 57
.
235,524 15
*1.850 58 ..79 13.40
1.21 owing to increased tire prices, but on each advance we have had to use low
New Orleans, La_ 229,666 28
217,662
10
•.84
12,004
18
5.51
7.68
rubber which we bad, and replace it with higher price rubber than the
cost
Toledo, Ohio
189,433 88
162,244 14
27,189
74
16.76
*2.37 3.30 advance prices justified.
Richmond, vs.__ 192.866 28
169,076 44
23.789 82 14.07 7.97 2.77
"This has made it necessary to reserve the major portion of last year's
Providence. R.I
161,495 39
148.467 95
13,027 44 8.77 *1.52 5.66 profits for possible losses in raw material during the coming Year rather than
Memphis. Tenn._
163.912 77
163,809 22
103
55
.06 9.69 *4.01 paying dividends to our stockholders, who have been waiting manY years
Dayton, Ohio
179.587 79
18.47980 11.47 26.35 13.40 for returns on their investments.
161,017 99
Hartford, Conn
177.696 68
151,194 62
26.50206 17.53 6.53 12.03
"We cannot at this time foresee what changes in the situation may come
Nashville, Tenn_
147,724 41
128,704 17
19.020 24 14.78 1.36
.72 about later On, but we believe it highly inadvisable to commit ourselves at
Houston,Texas... 149.753 18
133.477 17
16.276 01 12.19 4.34 6.73 this time to a 12;6% wage advance."
Syracuse. N. Y... 129.374 95
114,187 69
15.187 26 13.30 *1.34 3.92
New Haven,Conn. 128.225 16
125,603 12
2.622 04 2.09 1.44 9.83
Or. Rapids. Mich. 128.487 33
113.060 25
15,427 08 13.64 3.77 8.41
Akron.Ohio
124.213 04
26,434 21 27.03 *599 19.90
97.778 83
Pepperell Manufacturing Strike Off.
FortlWorth. Tex_
124.135 04
104.215 72
19,919 32 19.11 17.19 *51.34
Salt Lake City__._
101,726 67
98,420 75
3,305 92 3.36 8.95 4.22
According
to Boston advances to the "Wall Street Journal"
Jacksonville, Fla__
113.051 78
90,36068
22.491 10 24.84 16.54 9.22
Worcester Maw__
99,200 20
90,974 68
8,225 54 9.04
.05 7.91 Feb. 11 the Biddeford (Me.) weavers' union voted to call
Jersey City, N.J__
106.499 85
98.925 71
7.574 14 7.66 4.41 *6.87
101,361 62
Springfield, Mass_
1.06318 1.06
100.298 44
1.18 9.89 off the strike against the introduction of multiple loom
Total
• Decrease.
29,116.441 64 27,271,185 95 1,845,255 69
6.77
4.76
4.40
October 1925 over October 1924, 11.57%. November 1925 over November 1924,
13.19%. December 1925 over December 1924. 13.20%.
system at Pepperell Manufacturing Co. plant. The strike
had been in force since Dec. 1, when the weavers refused to
accept the multiple loom system proposed by the manage-
816
THE CHRONICLE
[VOL. 122.
ment. Last month the plant was reopened to all workers
While announcements from other low-priced motor ear
willing to return.
companies had not been released up to the time of our
going to press, they are expected to be forthcoming soon.
Respecting the new policy of selling to be put into effect
Dun's Report of Failures in January.
by the Hudson Motor Car Co. on the 15th inst. (noted in
Reflecting the strain incident to the annual settlements, our columns last week, page 680) the "Wall Street Journal"
the number of commercial failures in the United States of the 8th says in part:
•
One of the most far-reaching changes In the methods of selling autoinvariably increases during the first month of a year, and
mobiles
at
retail
started
since
industry
out
the
on
the
motor
the total reported to R. G. Dun & Co. for January of this price basis, will be effected Feb. 15 by distributors of the f. o. b. Detroit
Hudson Motor
year is 2,296. These defaults, which compare with 1,878 Car Co. The company will discontinue quoting cars at list price, f. o. b.
last December, involved liabilities of $43,661,444, against Detroit.
When total consumer cost is compared for the different models the
$36,528,160 in the immediately preceding month. The increases
and decreases practically offset each other. On Feb. 15 the
number of failures recorded last month is, however, moder- consumer in various zones over the country will be given by the Hudsondealers
a net delivered price which will be uniform throughout, each
Essex
January
below
ately
1925, while this year's
the 2,317 of
zone and which will Include not only freight and war tax but also about
indebtedness is materially under the $54,354,032 of a year $55
worth of equipment heretofore bought by the consumer separately
ago. Contrasted with the high point of January 1922, and commonly known as extras.
Instead
of the consumer having to add freight, war tax, and other
when the amount was practically $73,800,000, the present
miscellaneous charges to the list price in order to obtain final retail price,
liabilities show a reduction of more than 40%, and last dealers will quote
only the actual delivered price. To accomplish this
month's defaults, in point of number, disclose a decrease of new sales program the country has been divided Into zones. Each zone
delivered
a
price which will apply to all dealers in that zone.
set
will
have
nearly 20% from the maximum of 2,848 failures reported
There is no intention to make the cars sell at one price the country over
for January 1915.
as has been erroneously rumored.
Monthly and quarterly reports of business failures, showing
number and liabilities, are contrasted below for the periods Weekly Lumber Review of West Coast Lumbermen's
mentioned:
Association.
Number
Liabilities.
hundred
mills reporting to West Coast Lumand
two
One
1924.
1925.
1926.
1926.
January
2 296
2,317
2,108
$43.661,444 bermen's Association for the week ending
Jan. 30 manufac1924.
1925.
1923.
1925.
December
2,040
1,878
1,841
$38,528,160 tured 94.852,625 feet of lumber; sold 100,503,221 feet, and
November
1,672
1,653
1,704
35.922,421
October
1.581
1,673
1,698
29,543,870 shipped 101,560,859 feet. New business was 0% above proFourth quarter
5,389
5,131
5.218
$101,994,451 duction. Shipments were 7% above production.
September
August
July
1.465
1.513
1,685
1.306
1,520
1.615
1,226
1,319
1,231
$30,687,319
37.158,861
34.505,191
Third quarter
June
May
April
4,663
1,745
1,787
1,939
4.441
1,607
1,816
1,707
$102,351,371
$36,701.496
37,026,552
37,188,622
Second quarter
March
February
January
5,451
1,859
1,793
2,317
5,130
1.817
1,730
2,108
3.778
1,358
1,530
1,520
-4,408
1,682
1,508
2,126
$110,916,670
$34.004,731
40,123.017
54.354,032
First quarter
6989
5,655
5,316
$128,481,780
-Number
Manufacturers1928. 1925. 1924.
1926.
Iron foundries & nails
18
6
8 81,513,000
Machinery & tools
32
31
969,873
36
Woolens, carpets & knit
goods
9
2
435,700
4
Cottons, lace & hosiery
3
2
1
62,000
Lumber, carpenters and
coopers
28
1,645,697
36
61
Clothing & millinery
70
55
824.834
62
Hats, gloves & furs
13
15
138.300
9
Chemicals and drugs
7
3
6
41,300
Paints and oils
35,550
1
3
Printing & engraving
15
1.4
178,011
13
Milling & bakers
770,486
53
58
65
Leather, shoes & harness.... 15
20
26
338,078
Liquors & tobacco
17
46.234
II
8
Glass, earthenware & brick
2
5
11
53.200
All other
226 216 215 9,041,689
LiabilUies
1925.
$260,600
1,225,085
1924.
$999,563
2,034,328
340,000
334,570
2,822,653
29.884
992,681
746,753
2.300,854
703.908
141,031
166.599
13.200
223,985
17,000
349.400
334.612
742,018
499,127
368,452
435,756
184.819
122,927
895.428
14.200
6,643,740 16.841,278
Total manufacturing
510
480
505 $16.093,950 $11,909,187 $28,875,260
TradersGeneral stores
Groceries, meat & fish_ _ _ _
Hotels & restaurants
Liquors & tobacco
Clothing & furnishings_ _Dry goods & carpets
Shoes, rubbers & trunks
Furniture Ac crockery
Hardware.stoves& tools
Chemicals & drugs
Paints & oils
Jewelry & clocks
Books Sr papers
Hats, furs & gloves
All other
136
349
108
18
270
142
65
64
43
70
10
79
18
8
298
179
339
93
40
299
165
92
61
36
60
4
98
12
16
283
152 $1,407,191 $3.081,131 $1,371.957
264
2,445,224
2,195,996
2.361.878
74
1,603,704
1,659,980
1,023.733
22
223.555
345,552
108,972
276
4.165,686
4,276,858
3.347,054
127
1,993,725
3,164.029
2,006,087
87
646,932
1,015,638
1,056.045
39
1,876,962
871.375
698.846
33
764,870
525.000
444,965
65
622.188
791.005
583,641
5
128,800
82.500
34,441
55
1.552,232
1.425,610
1,034.710
12
164.088
160.262
329,112
16
72.211
153,272
327,018
301
3,844,506
4,906,371
4.196.823
Trading
Other commercial
Total
1,696 1,757 1,538 $21.511,872 $24,654,579 $19,525.282
90
80
65 8,055,622 17,790,268
2,871,966
2,296 2.317 2,108 843,661.444 854.354.032 $51,272,508
Forty-five per cent of all new business taken during the week was for
future water delivery. This amounted to 45,399.881 feet, of which 34,492,881 feet was for domestic cargo delivery and 10,907,000 feet export. New
business by rail amounted to 1,693 cars.
Forty-seven per cent of the lumber shipments moved by water. This
amounted to 47,447,619 feet, of which 39,031,657 feet moved coastwise
and intercoastal, and 8,415,862 feet export. Rail shipments totaled 1,660
cars.
Local auto and team deliveries totaled 4,313,340 feet.
Unfilled domestic cargo orders totaled 109,057,827 feet. Unfilled export
orders 140,171,541 feet. Unfilled rail trade orders, 5,138 cars.
In the first five weeks of the year production reported to West Coast
Lumbermen's Association has been 376,876,968 feet; new business, 468,844,170 feet, and shipments, 427,218,131 feet.
Production and Shipment of Lumber During Month
of December.
The "National Lumber Bulletin," published monthly by
the National Lumber Manufacturers Association of Washington, D. C., and Chicago, Ill., on Feb. 7 1926 reported the
status of the lumber industry during December as follows:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR DECEMBER 1925 AND
THE YEAR 1925.
Production.
Mills. Hardueds.
Feet.
California Redwood
15
California White & Sugar
Pine Mfrs
27
Georgia-Florida Saw Mill. 12
North Carolina Pine
55
Northern Hemlock &
44 22,098,000
Hardwood Mfrs
9
Northern Pine Mfrs
2,355,000
Southern Cypress Mfrs_
161
Southern Pine
Went Coast Lumbermen's 96
38
Western Pine Mfrs
12 6,778.000
Lower Michigan Mfrs _
21 8,057,000
Individual reports
Total
Automobile Price Changes.
A reduction in price of about $95 for the closed models
and an increase of around $30 for the open models was
announced Feb. 11 by the Ford Motor Co. to take effect
at once. There was no change announced in the price of
the Ford ton truck chassis or Fordson tractor. The following table shows how the prices compare:
ModelRunabout
Touring
Old.
$260
290
New.
$290
310
Coupe
520
500
Tudor sedan
Fordor sedan
580
660
520
565
Change
+$30
+20
-20
--60
-95
An announcement made by Edsel B. Ford, as President
of the company, was reported by the New York "Times"
of Feb. 11 as follows:
The demand for closed cars since the Improved type in colors were
introduced has been oonstantly increasing. With greater output of these
types, costs have lessened, and it is the policy of the company to give
Its customers the benefit of all reductions in production costs
December 1925.
Association.
Softwoods.
Feet.
36.980,000
Shipments.
Hardseds.
Feet.
78,393.000
9,591,000
29,569.000
Softwoods.
Feet.
30,198,000
100.882,000
10,939,000
31,903,000
26.628,000 33,289,000
30.939,000
6,979,000 2,276,000
350,843,000
329,471,000
85,808,000
1.118,000 7,102,000
30.971,000 9,561.000
16.276,000
33,082.000
9,691,000
353,470,000
355,744,000
101,367,000
2,168,000
36,213,000
497 39,288,000 1.017.280.000 52.208.000
1,081,933,000
Twelve Months of 1925.
Association.
Aver.
Production.
No.of
Mills. Hardw'ds. Softwoods.
Shigments,
Ilardw'da
Softwoods.
Feet.
Feet.
Feet.
Feet.
California Redwood
15
407.320,000
364,654,000
California White & Sugar
Pine Mfrs
27
1 398.283,000
1,278.836.000
8
Georgia-Florida Saw Mill
82,462,000
95.996.000
57
North Carolina Pine
475,747,000
438.722.000
Northern Hemlock &
Hardwood Mfrs
42 380138000 249,687,000 341404000 213,552.000
Northern Pine Mfrs
10
479,790.000
471.834,000
Southern Cypress Mfrs_
10 26,9313,000 131,717,000 33,805,000 132.863.000
Southern Pine
171
4 660,187,000
4,642337.000
West Coast Lumbermen's 107
4 965,837,000
6,111,413.000
Western Pine Mfrs
39
1 677.825,000
1,545,362.000
Lower Michigan Mfrs_ _ _
11 84.007,000
30,500.000
27,658,000 79,602,000
Individual reports
24 115444 000 456,993,000 114466000 466,836,000
Total
521 606526000 16013506.000 669177000 14792705.000
Total production Dec. 1926 1.056,568 000 ft. Average monthly production
1926. 1.301,669,000 ft. Total production for the year 1926, 15,620.031.000 ft.
Total Production for the year 1924. 14,966,925,000 ft. Total production for the
year 1923, 15,798,340,000 ft.
Total shipments Dec. 1925, 1,134,141,000 ft. Average monthly shipments 1926.
1,280,157,000 ft. Total shipments for the year 1925. 15,361.882.000 ft. Total
shinments for the year 1924, 14.711.682,000 ft. Total shipments for the year 1923,
16,203,228,000 ft.
FEB. 13 1926.]
DURUM WHEAT.
(Included in Spring Wheat.)
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
AND MEMBER ASSOCIATIONS.
Alabama____
Arkansas ___
California_ _ _
Florida
Georgia
Idaho
Louisiana_
Michigan
Minnesota _ _
Mississippi
Montana
No. Carolina
Oklahoma
Oregon
So.Carolina_
Texas
Virginia
Washington_
Virlseonsin
Others •___ _
23
19
34
17
10
15
45
22
5
40
8
14
3
53
16
34
16
64
35
24
12 Months of 1925.
doge.
Shipments. No .of Production.
Feet.
Mills.
Feet.
Production.
Feet.
32,273,000
33,918,000 22
40,432,000
35,469,000 21
99,020,000 117,129.000 35
25.731,000
33,554,000 13
5,053,000
5,993,000 10
22,217,000
38,720,000 16
95,949,000
96,949,000 50
19,7683300
19,565.000 20
29,652,000
27,164,000
6
• 96,765000 102,547,000 42
10,747,000
19,749,000
9
5.308,000
4,189,000 13
8,166,000
6,732,000
3
186,902,000 180,725,000 53
5,894,000
7,185.000 19
69,375,000
65,840,000 36
14,380.000
15,903,000 17
211,766,009 231,863,000 74
38,141,000
39,889,000 34
39,029.000
51,053,000 28
..I
Produalon, Bushels. t
Yield, Bushels.
Acreage.
State.
385,349,000
481,555,000
1,541,890,000
355.646,000
70,622,000
711,810,000
1,356,543,000
253,714,000
376,225,000
1,329,172,00
269,085,000
79,846,000
95,171,000
2,580,283,00
113,373,000
874,330,000
251,648,000
3,329,984,000
502,921,000
660,864,000
1924.
1925.
126,000 142,000
2,922,000 3,362,000
997,000 1,019,000
126,000 121,000
21.5
16.2
15.3
18.0
15.2
14.5
13.8
10.0
2,709,000 2,158,000
47,336,000 48,749,000
15,254,000 14,478,000
2.268,000 1.210,000
Total, four States_ 4.171,000 1,674,000
16.2
14.2
67,567,000 66.593,000
1924.
Shipments.
Feet.
395,300.000
478,018,000
1,431,592000
367,433.000
74,507.000
635,474,000
1,383,168.000
225,866,000
370,769,000
1,312,154,000
263,300.000
64.277.000
95,399.000
2,553,023.000
109,022,000
848.927,000
227,900,000
3,404.285,000
454,136,000
667,332,000
Minnesota
North Dakota
South Dakota
Montana
1925.
1924.
1925.4
ACREAGE, YIELD,PRODUCTION AND PRICE OF CORN, 1924 AND 1925.
(Subject to revision.)
Yield,
Bushels.
Acreage,
1,000 Acres.
Production,
1,000 Bushels.
Price Dec.1
Cts. per Bu.-
State.
1924.
1925. 1924. 1925.
1924.
k4.
... .W.
........0-.0.000.000....0400w10 ..,.
I....
vo04,=..01.0.......m.0.0.00.0,1040mowc4mcc.a.
:1.88gt&28888tVolV8S88SZta.=Er,888Z4tn8=t2=
December 1925.
Mills
817
THE CHRONICLE
1925.
1924. 1925.
.NWN0000..N.A.1oN
.NN.400&00000CM.4.0
mmm, m.wwww=.4mwwww.wwmmmwom..0,
.WW.
I
0000WO.N000WA.WWW00.O.WWWWA.WWWW.4
0.4100000IP00NW.00..4000.4,
1000
W.
NON
WW.
N
.,10
NW
000OA.MO0000MOONOO..400.PNWWd
.Cet
COO§
o00NWOOWWWW0
.
M17.Inowl4;-.14
1.:MW.wW1,.. o
04.W.wWWO,
JOW&4..00OWNOC.C.14W
W
mw
585 138 112
12
13 43.0 45.0
Maine
750 134 100
15 48.0 50.0
14
New Hampshire
4,080 118 100
85 47.0 48.0
83
Vermont
2,100 129 110
41
42 45.0 50.0
Massachusetts
405 140 120
9 40.0 45.0
8
Rhode Island
2,850 120 110
.57 43.0 50.0
55
497 1,056,568.000 1.134,141.000 521 15.620,031,000 15,361,882,000 Connecticut
Total
24,876 117
691 34.0 36.0
97
677
New York
•Includes mostly Individual reports, not distributed.
206 34.0 52.0
10,712 116
73
195
New Jersey
72,471 118
80
1,316 1,421 36.5 51.0
Pennsylvania
145 27.0 37.0
5,365 112
65
140
Delaware
.568 31.0 45.0
25,560 111
537
713
Maryland
36,058 126 101
1.499 1,639 21.0 22.0
Acreage, Yield, Production and Price of Grain Crops Virginia
460
506 26.0 36.5
18,469 124 100
West Virginia
for 1924 and 1925 by States.
42,014 124 110
2,317 2,271 18.0 18.5
North Carolina
1,650 1,584 12.0 12.3
19,483 123 110
Carolina
In our issue of Jan. 2, on page 23, we gave the report South
3,975 3,895 11.5 10.7
41,676 112 100
Georgia
600
680 13.5 15.0
Florida
8,700 112 100
of the Crop Reporting Board of the United States Depart- Ohio
3,432 3,707 26.0 48.0
177,936 104
57
201,318 94
4,450 4,628 25.6 43.5
55
ment of Agriculture, showing the Department's final esti- Indlana
Illinois
8,946 9.240 33.0 42.0
388,080 95
58
1,610 1.642 28.1 40.0
65,680 106
75
mates of the acreage, production and value of the important Michigan
2,185 2,141 26.0 46.5
99,556 105
Wisconsin
72
farm crops of the United States in 1925 compared with Minnesota
4,586 4,357 27.0 36.0
156,852 85
58
10,912
11,130
28.0
43.0
478,590
93
56
Iowa
whole
1924. These figures dealt with the totals for the
6,500 6,825 24.0 29.5
201,338 96
Missouri
69
1,320
1,056 20.0 23.5
24,816 76
55
United States. We now give the production for each of the North Dakota
4,814 4,766 21.3 17.5
83,405 80
South Dakota
60
wheat,
spring
wheat,
different States in the case of winter
8,716 9,100 22.0 26.0
Nebraska
236,600 91
61
6,021 6,623 21.7 15.8
104,643 87
Kansas
86
corn and oats. The statement is as follows:
Kentucky
3,048 3,200 25.0 26.5
84,800 102
81
3,100 3,162 21.5 20.0
Tennessee
63,240 108
89
WHEAT,
ACREAGE, YIELD, PRODUCTION AND PRICE OF WINTER
2,900 2,797 12.5 13.5
Alabama
37.760 122 100
1924 AND 1925.
2,240 1,077 12.0 18.0
Misgissippl.
35,586 126
94
1,250 1,225 11.5 18.0
Louisiana
22,050 115
94
(Subject to revision.)
3,943 3,154 16.0 8.5
28,809 110 110
Texas
2,862 2,558 19.0 7.5
Oklahoma
19,185 89
90
Production, Price Dec.1 Arkansas
Acreage,
Yield,
2,090 2,006 16.0 14.0
28,084 107
97
1,000 Bushels. Cts. per Bu. Montana
1,000 Acres. Bushels.
399 18.0 16.5
420
6,584 99
95
State.
191 12.0 23.0
180
4,393 94
Wyoming
70'
1924. 1125. 1924 1925. 1924. 1925. 1924. 1925. Colorado
1,450 1,494 10.0 15.0
22,410 88
70.
220
175 18.0 18.0
3,150 110 100
New Mexico
New York
320
300 18.7 19.5 5,984 5,850 144 152
31
39 22.0 20.0
780 125 130.
Arizona
54
58 18.5 21.0
New Jersey
999 1,218 157 143
15
18 20.0 23.3
419 145 100'
Utah
1,136 1,136 16.5 20.0 18.744 22,720 144 147
Pennsylvania
2
2 22.4 25.0
50 121 120
Nevada
100
103 17.8 18.5
Delaware
1,780 1,906 144 145
30.7 41.0
3,198 113
75
66
78
Idaho
510
Maryland
520 15.8 21.0 8,058 10,920 145 151
2,030 112
43
58 30.0 35.0
95
Washington
Virginia
630
630 13.4 14.2 8,442 8,946 148 161
2,059 121 107
59
71
30.5
29.0
Oregon
122
128 13.0 13.5 1,586
West Virginia
1,728 147 158
3,026 138 118
86
85 33.8 35.1
Californla
414
406 12.0 11.0 4,968 4,466 160 171
North Carolina
57
46 11.0 11.0
South Carolina
627
506 170 185
28.5 2,312,745 2,900.581 98.2 67.4
101.076
101.631
22.9
United
States
76
99 9.5 10.5
722 1,040 169 182
Georgia
1,853 1,594 18.0 15.0 33,354 23,910 155 158
01110
•Includes corn for all purposes.
Indiana
1,700 1,768 17.0 14.5 28,900 25,636 142 155
Illinois
2,276 2,185 16.0 16.0 36,416 34,960 136 150
Figures shown above cover corn for all purposes, Including that bogged off and
Michigan
835
818 24.0 17.0 20,040 13,906 138 156
cut for silage and forage, as well as that husked and snapped for grain, the yield
Wisconsin
76
53 25.6 19.0 1,946 1,007 128 136
for grain being applied to the total acreage to obtain an equivaient production
Minnesota
142
170 25.0 16.0 3,550 2,720 130 136
429
386 20.4 17.0 8,752 6.562 127 136
Iowa
figure for all corn.
Missouri
1,600 1,664 13.3 13.2 21,280 21,965 133 150
108
125 15.0 11.5 1,620 1,438 125 127
South Dakota
ACREAGE, YIELD, PRODUCTION AND PRICE OF OATS, 1924 AND 1925.,
Nebraska
2,866 2,493 19.5 12.7 55,887 31,661 122 141
9,808 8,592 16.3 8.7 159,870 74,750 128 148
Kansas
(Subject to revision.)
200
Kentucky
236 10.3 14.0 2,060 3,304 143 160
310
Tennessee
367 10.5 12.5 3,255 4,588 147 166
6
Alabama
Yield,
7 10.0 11.0
Acreage,
Production,
60
Price Dec.l.
77 162 175
5
5 12.3 18.0
Mississippi
Bushels.
62
1,000 Bushels.
1.000 Acres.
Cts. per Bu.
90 150 160
1,365
819 18.5 8.0 25,252 8,552 129 155
&We.
Texas
3,556 3,449 16.0 8.2 56,896 28,282 124 147
Oklahoma
1925. 1924. 1925.
1924. 1925. 1924. 1925. 1924.
33
30 11.5 13.0
Arkansas
380
390 133 150
620
Montana
195 17.1 14.5 10,602 2.828 124 133
4,598
Maine
38.0 45.0
6,165 65
121
55
26
29 16.0 16.0
Wyoming
416
663 73
464 III 124
New Hampshire
39.0 39.0
624
64
16
1,120
Colorado
896 14.0 12.0 15,680 10,752 118 136
Vermont
38.0 40.0
2,888
3,240 69
76
59
175
52 14.0 3.0 2,450
New Mexico
156 125 150
34.0 38.0
272
304 70
Massachusetts
8
65
32
32 21.0 21.0
Arizona
672
60
66 75
672 141 175
Rhode Isiand
2
30.0 33.0
65
133
145 13.3 21.0 1,769 3,045 130 130
Utah
377
Connecticut
13
29.0 33.0
482 70
61
2
Nevada
2 23.0 26.0
46
52 150 146
34,920
New York
36.0 36.0
37,800 62
970
52
427
406 17.0 27.0 7,259 10.962 131 125
Idaho
30.0 30.0
New Jersey
1,770
1,920 64
54
59
Washington
1,200
372 17.0 25.0 20,400 9,300 130 128
36.0 35.0
38,736
42,945 62
Pennsylvania
1,076
51
790
350 16.7 22.0 13,193 7,700 129 136
Oregon
120
4
Delaware
30.0 25.0
100 66
65
377
California
603 15.0 19.0 5,655 11,457 154 148
34.0 32.0
Maryland
48
1,632
1,856 64
53
23.5 21.5
Virginia
5,311
226
5,826 72
70
35,489 31,269 16.6 12.7 589.632 398.486 131.6 147.1
United States
24.0 27.0
West Virginia
165
3,960
5,292 73
62
North Carolina
258
18.0 19.0
4,644
4,902 84
76
ACREAGE, YIELD, PRODUCTION AND PRICE OF SPRING WHEAT, South Carolina
19.5 19.0
7,020
360
7,182 97
90
Georgia
15.5 17.0
4,262
275
7,021 95
87
1924 AND 1925.
Florida
13.5 14.0
148
11
182 90
90
(Subject to revision.)
•
Ohio
41.0 41.5
58,265
1,665
86,362 52
30
Indiana
1,850
37.0 28.0
68,450
59,052 48
37
Acreage,
Yield,
39.0 32.0 170,586 151,168 47
4,374
35
Production, Price Dec.1 Illinois
1,000 Acres. Bushels.
1,600
38.8 32.0
62,080
53,248 48
40
1,000 Bushels. Cis. per Bu. Michigan
State.
Wisconsin
38
2,590
40.0 48.5 103,600 126,246 48
1924. 1925. 1924. 1925. 1924, 1925. 1924. 1925. Minnesota
31
4,629
43.0 42.0 199,047 202,188 43
Iowa
32
5,855
42.0 40.5 245,910 246,604 44
49,166 51
44
104
6 26.0 28.0
Missouri
40,750
1,630
25.0 28.0
Maine
170
27
North Dakota
65,295 38
21
2 21.0 21.0
93,753
2,841
33.0 27.0
Vermont
150
28
South Dakota
133
8 19.0 18.5
2,889
37.0 34.0 106,893 100,198 40
144
New York
36
73,953 43
4 23.0 22.9
68,768
92
Nebraska__
28.0 27.4
2,456
144
Ohio
44
39,376 47
34,225
4 18.0 16.0
72
Kansas
25.0 23.0
1,369
142
Indiana
159
5,187 67
5,452
46 20.5 20.0
636
.
23.2 21.0
Kentucky
235
136
Illinois
4,862 69
64
3,717
5 18.5 18.0
92
Tennessee
177
21.0 22.0
138
Michigan
78
2,227 87
1,875
67 21.0 21.0
840
Alabama
15.0 17.0
125
Wisconsin
128
1,615 85
78
1,200
31ississippl
2,030 21.8 13.0 34,313
16.0 19.0
75
130
Minnesota
630 83
80
500
17.2
15.0
447
21.0
26
Louisiana
25
20.0
127
Iowa
13,41. 59
49,470
63
108
7 15.4 16.0
Texas
34.0 12.3
1,455
133
Missouri
26,220 53
30,000
51
11.7
133,450
9,605
15.7
23.0
Oklahoma
25.0
Dakota
126
1,200
North
14,176 64
4,950
58
18.0 16.0
2,622 15.0 11.8 34,500
Arkansas
125
275,
South Dakota
14,355 47
16,815
63
29.5 22.5
183 13.5 13.6 2,632
Montana
122
570,
Nebraska
3,750
4,690
58
46
6.7
94
35.0
10.5
30.0
9
Wyoming
128
1251
Kansas
50
6,210 58
5,800
25.0 27.0
3,026 16.2 10.5 41,197
Colorado
124
232
Montana
1,120
720 60
64
New Mexico
20.0 20.0
120 15.0 18.0 1,725
111
56,
Wyoming
280
360
81
75
15.0
3,840
30.0
252
16.0
28.0
Arizona
10
118
Colorado
2,052
3,196 70
600
62
28 15.0 12.0
33.1 47.0
Utah
125
62
New Mexico
69
90 72
65
34.0 45.0
88 22.7 33.0 1,544
Nevada
2
130
Utah
5,580
2,330 58
275
13 22.9 32.0
36.0 49.0
43
150
Idaho
155
Nevada
'8,738
11,176 59
520 22.0 29.0 8,800
38.5 44.0
62
131
175
Washington •
7,840
5,980
33.1
10,580
9.2
16.2
1,700
28.0
61
51
130
Oregon
280
Idahoington
Wash
1.789
5,194 87
20.8 34.4
61
560 15.0 20.0 1,500
129
86
California
Oregon
16.875 20,931 16.2 12.9 272,995 270,879 126.2 132.3
United States
42.758 45.160 35.6 33.3 1,522,668 1,501,909 47.8 38.1
...... RtatPII
818
THE CHRONICLE
(VOL. 122.
stated that purchasers have posted a premium of 25o. a
barrel on crude oil in many Oklahoma fields and in most of
north Texas. Tulsa on Feb. lOreported the action is causing
some uneasiness among those opposed to undue haste in
advancing crude prices.
The wholesale price of gasoline was advanced twice during
the week by the Sinclair Refining Co. The earlier press
dispatches on Feb.8 stated that the company had advanced
United States Motor gasoline in carload lots to 1143. at
Chicago. Sinclair had been receiving 103
4 to 10Mc. a
gallon for motor gasoline theretofore, depending on locality.
The price was 1143. f. o. b. Tulsa, at all points. Later in the
week, on Feb. 11, it was reported that the company had
advanced prices at New York, Philadelphia and other
Atlantic Coast terminals to 123'c. in tank car lots only.
Kerosene prices were generally advanced throughout the
Eastern sections of the country, the Standard Oil Co. of
New Jersey on Feb. 8 increasing the price lc. per gallon,
e.. (000) °witted. . —11*F1.73 followed by the Standard Oil Co. of New York,
which, on
Rye. Barley. Flax.
Total.
Feb.9,advanced the price of kerosene lc.a gallon throughout
its territory, making the tank wagon price 16c. The Gulf
1,402
82,870 Refining Co. on Feb. 9 followed...the Standard Oil of New
1,927
82,916
1,452
73.008 York's advance of lo. a gallon for kerosene in Standard Oil
1.297
82.711 of New York's territory,
according to reports on that date
1.820
96.702
702
63,141 from Pittsburgh.. Water white kerosene was raised
Mc. a
1.768
78.439 gallon by Pennsylvania refiners at Oil City, Pa., on Feb. 9.
922
64.054
877
62.637 The Atlantic Refining Co. on Feb. 11 increased the price of
779
66,935 kerosene lc. a gallon effective Friday Feb.
12.
507
62,336
Transactions in Grain Futures During January on
Chicago Board of Trade and Other Contract
Markets.
Revised figures showing the daily volume of trading in
grain futures on the Board of Trade of the city of Chicago
during the month of January 1926, together with monthly
totals for all "contract markets," as reported by the Grain
Futures Administration of the United States Department of
Agriculture, were made public on Feb. 4 by L. A. Fitz, Grain
Exchange Supervisor at Chicago. They show total transactions at all the markets during the month of 1,849,137,000
bushels, compared with 3,093,848,000 bushels a year ago.
On the Chicago Board of Trade the total transactions during January this year aggregated 1,632,732,000 bushels,
whereas a year ago they totaled 2,791,330,000 bushels. In
the table which we give herewith the figures listed represent
sales only, there being an equal volume of purchases.
Expressed In Thousand Bushels. 5.
Dale—
Wheat. Corn.
Oats.
Jan. 1 1926-11oilday.
2—Holiday.
3—Sunday.
4
62,173 16.397 2,898
5
63.220 15,089 2,680
a
57.192 12.642 1,720
7
86.053 12.523 2.838
S
76,221 17,285 1,576
9
47,993 13,067 1,379
10—Sund•y.
11
81,790 13,526 1.355
12
63,340 8,931
861
13
50,391 10.576
993
19
47.766 16.391
999
15
41,458 18.432 1.939
16
33,098 15,024 2,509
17—Sunday.
18
40,678 11.838 2,767
67,382 11.443 2,110
19
20
39.206 6.033
723
21
59,996 12.738 1,458
22
57.535 7.276 2,071
23
32,895 5.688
1,190
24—Sunday.
52,708 7.079 1,687
25
arili 9,136 1.323
26
27
6.435 1.753
28
74.802 6.406 1,151
65.625 15,727 2.866
29
87.530 9.382
30
887
745
51,376
921
1.477
595
1,939
1,585
752
56.204
82,412
46,557
76.131
68.467
40,523
1.695
1,303
1,418
2,058
1.668
967
63.169
56.792
57,507
84.215
85,586
48.746
Total Chicago:
Board of Trade
1,281.783 279,062 41.713 30.174
Open Board
51.382 7.856
46
178
Minneapolis Chamber
64,841
of Commerce
7,948 5.198
Kansas City Board of
39.780 13,477
Trade
140
Duluth Bd. of Trade- *8.925
2.577
St. LouisiVierch. Ex_..
6.810
Milwaukee C. of C..—
"335
959
2.044
315
San Francisco C.of()Los Angeles Or.F.xch.
Baltimore C.of C_
---- 1.632.732
59,462
1.386
1,208
80.581
1.11453.397
11
12.627
6,885
Log
—
, Total all markets__1,454,565 302,229 50.314 38.310 1.397 2.322 1,849,137
Total all mkts. yr. ago 1,907.786 709,340 355,085 115,396 2.614 3,627 3,093,848
Chicago Bd. of Trado 4* •-•-.84... Mg 4,44,4•4411•1
1.700;817661.047 326,169 103,297 --------2.791,330
Year ago
•Durum wheat with exception of 94 spring wheat.
• .
•rOPEN CONTRACTS"IN I tr.l. ORES ON THE CHICAGO BOARD OF TRADE
FOR JANUARY 1926.
("Short" aide of contracts only, there being an equal volume open on the "Long"
side.)
Wheat:212z Corn.
1926—
Oats.
Rye.
Total.
Ian, 1—Holiday
2—Holiday
•
3—Sunday
111.868,000 40.904.000 52.185.000 11,657.000 216.414,000
4
5108.671,000 40,640.000 51.999.000 11.606.000 212.916.000
108.253,000 41,099.000 a51,694,000 al1,498.000 212.644.000
e
106,637.000 40,641.000 52.449.000 11.842.000 211,569.000
7
a105,431,000 40,658,000 52,493.000 12.258,000a210,840,000
8
109.681.000 a40,144,000 52,679,000 12.259,000 214,763.000
9
10—Sunday
11
111,363.000 41,691,000 52,822.000 12,536.000 218.412.000
111,490,000 42.289.000 52,680.000 12,463.000 218.922,000
12
111,914.000 42,899.000 52.600.000 12,589.000 219.802.000
13
113.146,000 44,719.000 52,448,000 12,667,000 222,980.000
14
111.882.000 46,048,000 52,584.000 12,625,000 222,939,000
15
111,380.000 47.081,00052,784.000 12,605,000 223.850,000
16
17—Sunday ••••••••••
II 41111
.41..".../.. .firigulliwiria— Ng
113.287,000 47,225,00052,847,000 12,663.000 226.002.000
18
113,809,000 48.590,000 53,026,000 12,818,000 228.243.000
19
114,065.000 49.159.000 52.968,000 12,832.000 229,024.000
20
116,135,000 49.823.000 53.065,000 13.030.000 232.053.000
21
115.806,000 49,888,000 53.303,000 13,274.000 232.271.000
22
114.938,000 49,984.000 53,364,000 13,440,000 231,726,000
23
24—Sunday
114.361,000 650.197.000 53.690.000 13.622,000 231,870.000
25
c116,445.000 49,931,000 53.714 000 c13.665.000c233.755.000
26
114,918.000 49,868.000 53.909.000 13.562,000 232,257.000
27
112,852,000 49.922,000 53.606,000 13,0130.000 229,440.000
28
110,854,000 49,641.000 54.390,000 13,258,000 228.143,000
29
109.054.000 50,161,000 c54.653,000 13,295.000 227.163,000
30
81—Sunday
Average—
Jan. 1926
Jan. 1925
Dec. 1925
Nov.1925
Oct. 1925
Bept.1925
Aug. 1925
July 1925
June 1925
May 1925
a Low. c High.
111.992,000
117.119,000
110.001.000
113,110.000
111,016,000
103.176,000
96,018.000
90,783.000
103,475,000
87,483,000
45,969.000
73,860 000
45,102,000
58.161.000
46.647,000
46,392,000
51,983.000
48.553.000
55,271.000
54.477,000
52,998.000
103.716.000
49,503,000
50.211.000
49,720.000
49,351,000
43,652,000
33.374,000
41,976,000
42,860.000
12,713,000 223.662,000
22,363,000 317.058.000
10.038.000 214.644.000
11.730,000 231.212.000
11,869,000 219.252.000
11,694,000 210.613,000
10,924.000 202,575.000
8,895.000 179.605.000
8,515,000 209,237.000
10,230,000 195.050,000
Crude Oil Prices Steady—Kerosene and Wholesale
Gasoline'ShoeRising Tendencies.
No actual advances in the price of crude oil were reported
during the current week, although paying of premiums in
some Mid-continent fields continues to be reported.— Icis
Small Increase Shown in Week's Crude Oil Output.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United
States for the week ended Feb. 6 was 1,906,250 barrels, as
compared with 1,892,900 barrels for the preceding week, an
increase of 13,350 barrels. The daily average production
east of California was 1,298,250 barrels, as compared with
1,280,900 barrels, an increase of 17,350 barrels. The following are estimates of daily average gross production by
districts for the weeks indicated:
DAILY AVERAGE PRODUCTION.
(In Barrels.)
Feb. 6 '26. Jan. 30 '26. Jan. 23 '26. Feb. 7 '25.
Oklahoma
445.750
443.400
442.450
478.950
Kansas
100.650
99.050.81.900
North Texas
77.400
77,950
78.700
88.950
East Central Texas
60.700
61.850
63.250
178,050
West Central Texas
71,350
72.050
75.950
54.150
Southwest Texas
36.700
36.700
37.450
50.000
North Louisiana
44.300
43.400
43.900
48.800
Arkansas
171.650
159.500
182.000
104,250
Gulf Coast
91.550
91.300
93.050
74,650
Eastern
99,500
99.500
100.500
98.500
Wyoming
75.850
74.090
77.700
78,250
Montana
12.150
12.200
12.150
7.450
Colorado
6.400
5.800
5.850
1.850
New Mexico
4.300
4.200
4.000
350
California
608,000
612,000
613.000
595,500
Total
1,906.250
1.892,900
1.928.350
1.941.600
The estimated daily average gross production of the MidContinent field, including Oklahoma, Kansas, north, east
central, west central and southwest Texas, north Louisiana
and Arkansas, for the week ended Feb. 6 was 1,008,500 barrels, as compared with 993,900 barrels for the preceding
week, an increase of 14,600 barrels. The Mid-Continent
production, excluding Smackover, Ark., heavy oil, was 866,.500 barrels, as compared with 863,900 barrels, an increase
of 2,600 barrels.
In Oklahoma production of South Braman is reported
at 8,000 barrels, against 9,050 barrels; Thomas, 13,600 barrels, against 14,900 barrels; Tonkawa,43,300 barrels, against
44,350 barrels; Garber, 21,950 barrels, against 22,250 barrels; Burbank, 44,450 barrels, against 42,200 barrels; Davenport, 19,900 barrels, against 20,200 barrels; Bristow-Slick,
31,600 barrels, against 31,150 barrels; Cromwell, 19,950
barrels, against 19,450 barrels, and Papoose, 14,650 barrels,
against 13,100 barrels.
The Mexia pool, east central Texas, is reported at 13,500
barrels, against 14,100 barrels; Corsicana-Powell, 32,300
barrels, against 32,200 barrels; Wortham, 11,250 barrels,
against 11,900 barrels; Reagan County, west central Texas,
30,200 barrels, against 31,300 barrels; Haynesville, north
Louisiana, 11,350 barrels, against 11,400 barrels; Cotton
Valley, 8,400 barrels, against 8,100 barrels, and Smackover,
Ark., light, 19,000 barrels, against 18,750 barrels; heavy,
142,000 barrels, against 130,000 barrels. In the Gulf Coast
field Hull is reported at 15,200 barrels, against 14,200 barrels; West Columbia, 9,050 barrels, against 9,350 barrels;
South Liberty, 7,850 barrels, against 7,350 barrels; Boling,
4,300 barrels, against 4,550 barrels, and in the southwest
Texas field, Luling is reported at 20,700 barrels, against
FEB. 13 1926.]
819
THE CHRONICLE
20,000 barrels; Lytton Springs, 7,150 barrels, against 7,450
barrels.
In Wyoming, Salt Creek is reported at 56,000 barrels,
against 54,750 barrels.
In California, Santa Fe Springs is reported at 47,000 barrels, against 49,000 barrels; Long Beach, 112,500 barrels,
against 112,000 barrels; Huntington Beach, 44,500 barrels,
against 45,500 barrels; Torrance, 29,000 barrels, against
30,000 barrels; Dominguez, 23,000 barrels, no change; Rosecrans, 21,500 barrels, against 23,000 barrels; Inglewood,
56,000 barrels, against 55,000 barrels, and Midway-Sunset,
92,000 barrels, no change.
volume of new business is not spectacular but good and constant. Expressions of disappointment as to the amount
now being placed leave doubt as to whether any of these
expectations were not unwarranted. Compared with one
year ago, the tonnage is better spread out, and the high
pressure then that was to fade out sharply by the end of
March, is absent, adds the "Review," giving further details
regarding the status of the industry as follows:
Various steelmakers continue to emphasize the fact that their order books
and January's high record of steel output serve to register the scope of
present demand, especially since there is no evidence of much material
going into stock. Ingot production then rose to the highest point for any
January in history or within 1.2% of the greatest month on record. It
approximated 89% of the country's theoretical capacity. This meant, on
an annual basis, a rate of 49.680.000 tons, which compares with an annual
rate of 47,550.000 tons in December or a gain of 4.4%. On a daily basis
January this year showed a gain of 2.8% over January, 1925.
Advances of 5 to 10% in the wages of day men in sheet and tin plate
mills posted Feb. 1 by the American Sheet Tin Plate Co. interject a new
element into the disturbed sheet situation, where independent companies
have been struggling among themselves with conditions of severe price
competition. The advances have been granted, it is believed, to offset
the more attractive wages being offered by the building and other trades.
A number of the independent companies making tin plate have met the rise.
Should the sheet mills generally follow this action the question of wages
for the tonnage men. which by agreement are based on current selling
prices, premises to be raised.
Automobile builders, it now is clear, have won their fight against advances
in full finished sheets for the first quarter. The market is openly 4.400.
Pittsburgh, at which a number of mills have booked tonnage, most of
which went In this week The leading producer reports the largest January
sheet shipments In its history.
An iron ore inquiry for 275.000 tons, put out by the Ford Motor Co., is
expected to bring about the establishment of the season's Lake ore prices
at an early date. Well informed opinion looks for an advance of at least
25 cents a ton.
Coke conditions continue to produce wide price swings. After having
sold at $12 50 a ton the middle of last week the market on furnace fuel Is
down 60 cents to $1 this week. Crushed coke has sold up to $14.50 in
the week.
The composite price on the fourteen leading iron and steel products this
week is $38 92. This compares with $3900 last week and $3901 the
week previous.
oc0000at
4,
VV000:7,:*140:41
00t4ON.r.NO
t000,
Steel Markets Report Increased New Business—Pig
Iron Output Falls Off Because of Coke Situation.
New business so far in February shows improVertleni0V0P
January, but while the Steel Corp. remains at close to the
90% rate of operations of a week ago, activity on a whole is
on a slightly lower basis, according to the "Iron Age" in
its Feb. 11 market survey. The flow of orders, while steady,
is now sufficiently below the December level to call for the
gaging of production in the interest of price preserve don,
continues the "Age," adding:
1 Specifications released In January against the purchases late last year
proved unexpectedly heavy and are largely responsible for a daily ingot
production In January exceeded only twice, In March 1924 and March 1925.
At 4.153.545 tons for the month, or roundly 159.750 tons per working day,
last month's steel output was about 15% above theoretical needs or the
normal growth in demand. It was 4H% more than December. but under
January 1925.
The anthracite coal strike Is disturbing usual market currents. The
highly remunerative prices obtained for coke as a domestic fuel substitute
and
Is causing a further banking of blast furnaces. In the Pittsburgh
Youngstown districts four stacks have been banked, one to avoid buying
coke at present prices and three to sell coke they make. At least two other
furnaces contemplate early suspension to secure some of the coke business.
In the face of weakness in pig iron in certain centres induced by the lack
of demand,curtailed output together with the possibility of higher contract
Ensley.
Steel Production in January Larger.
coke and ore is Influencing some sellers to take a firmer stand. An out
for
Ma., furnace and a Federal stack at Chicago have been blown
steel ingot production reached the largest figure
January
repairs.
On the Eastern seaboard heavy offerings of foreign iron at low prices since March last. The American Iron & Steel Institute in
have had a depressing effect, but this material was bought by American its monthly report, issued Tuesday, Feb. 9, placed the probrokers some time ago and meanwhile prices abroad have advanced, indicat- duction of steel ingots in January 1926 by companies, which
ing that the present competitive situation is temporary.
In spite of a stiff stand by the larger producers, black and galvanized in 1924 made 94.43% of the steel production, at 3,922,193
as well as automobile body sheets are obtainable at the prices of last Novem- tons, of which 581,683 tons were Bessemer, 3,326,846 tons
ber These represent a recession of $2 a ton, though not much had been
bought meanwhile, as consumers have not used up the material covered open hearth and 13,664 tons all other grades. On this basis
prior to the advance.
the calculated production for all companies during January
Increased galas of pipe. both In merchant sizes and for the oil industry. was 4,153,545 tons, which, as already stated, is the largest
and of wire products have brought no higher plant operations. Makers
output for any month since March 1925. This compares
had built up stocks In preparation for the demand.
Chicago makers booked 20.000 tons of rails, Including 14.000 tons for with the calculated production in January 1925 of 4,198,564
the Cotton Belt. The New York Central has decided to exercise its option
for upward of 52.000 tons in connection with 155.000 tons bought In October. tons, and with 3,649,913 tons the year previous. In the
The Pacific Fruit Express placed 4.043 cars in the Chicago district and following we show the details of production back to 1924:
1,000 cars on the Pacific Coast. Fresh inquiries appeared for 1.175 cars.
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1925 TO
In general finished steel lines Chicago reports buying slightly in excess
DECEMBER 1925.
of shipments. Deliveries of universal plates have become sufficiently
by companies which made 94.43% of the steel ingot production in
Reported
the
allow
to
East
sell there at the Pittsburgh basis.
extended to
1924.
That fabricated steel demand is keeping up is shown by the week's
bookings of 25.000 tons, the average of the five previous weeks.
Arm:fonds
Calculated
Detroit reports automobile manufacture at a higher rate than January
Monthly
Monthly No of Daily Proand without a storing of cars.
Production Production Work- duttion An
Ail
OpenMonths
As was the case in recent years, the Ford Motor Co. has issued the first
Hearth. Bessemer. Other. Companies AU Cons- mg. Companies.
Reporting. ponies. Days. Gross Toni.
inquiry in the open market for ore for 1926. It asks for 275,000 tons, but
it may be 30 days before prices for the season are named.
1924.
in
weakness
all
markets. At Pittsburgh, Chicago and January__ 2,766.534 667,032 12,577
Scrap shows
3.649,913 27 135,182
3,826,246 25
153.050
Buffalo heavy melting steel has again dropped 50c. a ton. The market February. 2,902,641 695,905 14,085
4,206.699 26
161,796
gets practically its only support from dealers who wish to deliver before March ___ 3,249.783 706,801 15.260
3.348.466
12,355
26
128,787
573.381
2,575,788
April
customers cancel.
2,640.034
6.648
27
425,099
97,779
2.060.896
May
purchase
Japan's
of
here 5.000 tons of rails, the Nippon 011 Co. June
Following
2,065.676 25
82.627
1,637,660 310.070 2,622
1,877,789 26
72,223
1,525,912 241,880 5,162
has divided 55,500 boxes of tin plate between the Steel Corp. and the July
2,552,891 26
361,781 5.764
98,188
2.042.820
August
Weirton Steel Co.
2,827,625 26
409,922 6,864
108,755
September 2.252,976
The "Iron Age" composite price for finished steel is now October. 2.505,403 438,468 7.058
115.758
3,125,418 27
3,121.149 25
124.848
459,349 8,403
November 2,479,147
2.4240. per lb., compared with 2.439c. last week and 2.546c. December
3,569.251 26 137,279
2,811,771 646,506 11,707
a year ago. Pig iron remains unchanged, the composite Tots)._ 28.811,331 5,836,194 108,508 34.756.031 38.811.157 312 117.934
price having stood at $21 24 for 11 weeks. One year ago
1925.
it was $22 50, as shown in the following composite price January._ 3.262.748 689,996 11,960 3,964,704 4.198.564 27 155,502
156,510
602,042 13,014 3,547,020 3,756,243 24
February_ 2,931,964
tables:
161.482
3,336,169
614,860 13.633 3,964,662 4.198,520 26
March
Finished Steel Feb. 9 1926, 2.424c. Per Pound.
137.982
515,715 14,182 3.387.699 3,587.524 26
AprU
2.857,802
1E8.010
23
3.265.628
3.458.253
13,790
497,708
May
2,754,130
1
bars,
ago
tank
steel
week
of
beams,
One
prices
22..443539cc..
on
Based
123,343
28
3,028.423
3.207.056
12.490
2,538,988
476,945
June
glates, plain wire, open-hearth rails, One month ago
118.753
457,095 13,547 2,915,611 3;087.590 26
2,444.969
. Thr
One ea ago
2.546c. July
lack pipe and black Sheets.
131,6134
523.734 12.914 3,233.315 3,424.034 . 26
2,696.667
y_ pre-war average 1.689c. August
prod'ts constit'g 88% of U. S. output 10-year
134,342
September 2,737,251
547,121 13.977 3,298,349 3.492,904 26
144.186
October..., 3,075,995
Pig Iron Feb. 9 1926, $21.54 Per Gross Ton.
584.567 15,624 3,676,186 3,893.028 27
3,907,437 25
3,091,361
3,689.793
581,347
17,085
November
of basic and foundry One week ago
$21.54 December 3.169,224 569,304 15,843 3.754,371 3,975,824 26 156,297
152.916
Based ontheaverage
month
One
ago
quotation,
Valley
21.54
irons, basic being
an average of Chicago, One year ago
22.50
142.080
34 507 2115 ft aan 424 IRA 050 41 795 761 44 1F1/1_977 311
Total
the foundry and
10-year pre-war average_ .15.72
Birmingham
Philadelphia
1926.
JANUARY
INGOTS,
STEEL
MONTHLY PRODUCTION OF
—1925— —1924— —1923
for 1926 by companies which made 94.43% of the steel ingot production
Finished steel___High 2.560c. Jan. 6 2.789c. Jan. 15 2.824c. Apr. 24 in Reported
1924.
Low 2.396c. Aug. 18 2.460c, Oct. 14 2.446c. Jan. 2
High $22.50 Jan. 13 $22.88 Feb. 26 $30.86 Mar.20
Pig Iron
Calculated Hum- Approx, Per
Low $18.96 July 7 $19.21 NoV. 3 $20.77 Nov.20
Monthly ber of Daily Pro- Cent
Monthly
Open
AU
of
Production Production Work- due/don
Month
Other
Hearth.
Bessemer.
Companies AU Corn- Leg Cos..Oross OperHeavy consumption proceeding steadily, but remarkably
Reporting. panics. Days. Tons. Mon
flurry
and
of
seems
tension,
accompaniment
usual
free of its
1926.
best to describe the iron and steel situation, remarks the Jan...
581,683 13,664 3,922.193 4,153.545 26 159.752 89.00
3,326.846
key
The
be
to
continues
week.
this
Review,"
Trade
"Iron
The figures of "per cent of operation" are based on the "theoretical capacity" as
to
producer
from
user.
The
Of December 31 1925 of 5e.000,000 gross tons of Ingots.
the rapid dispatch of material
THE CHRONICLE
820
Unfilled Orders of United States Steel Corp. Decline.
In its monthly statement issued Wednesday (Feb. 10),
the United States Steel Corp. placed unfilled orders on books
of subsidiary corporations as of Jan. 31 1926 t 4,882,739
tons. This is a decrease of 150,625 tons from the orders
on hand Dec. 31 1925, and also the first decline reported
Since August last. On Jan. 31 1925 the unfilled tonnage
stood at 5,037,323 tons and on Jan. 31 1924 at 4,798,429
tons, but on Jan.31 1921 the unfilled orders totaled 7,573,164
tons, the highest figure reached for the past five years. In
the following tabulation we show the figures back to the beginning of 1922. Figures for earlier periods may be found
in our issue of April 14 1923, page 1617.
End of MonthJanuary
February
March
April
May
June
July
ugust
September
October
November
December
1925.
1926.
4,882,739 5,037,323
5,284,771
4,883,564
4,446.568
4.049,800
3,710.458
3.539.467
3,512,803
3,717,297
4,109,183
4,581,780
5,033,364
1924.
4,798.429
4.912,901
4,782,807
4,208,447
3,628.089
3,262.505
3,187,072
3,289.577
3,473,780
3,525,270
4,031,969
4,816,676
1923.
6,910,776
7.283,989
7,403,332
7.288,509
6,981,851
6,385.261
5,910,763
5,414.663
5,035,750
4,672,825
4.368,584
4,445,339
Vol,. 122.
report showing the merchandise imports and exports by
grand divisions and principal countries for the month of
December and the 12 months ending with December for
the years 1924 and 1925. The following is the table complete:
TOTAL VALUES OF IMPORTS AND EXPORTS OF MERCHANDISE BY
GRAND DIVISIONS AND PRINCIPAL COUNTRIES.
'
Month of December. 12 Months Ended December.
Imports from' 1924.
1925.
1924.
1925.'
Grand DivisionsEurope
North America
South America
Asia
Oceania
Africa
$
i
110.654,212 115.641.948
69.216,735 79,337.761
44,127,069 47.928,691
93,355,214 139.893,591
4.009,681 5.153,678
11,829,143 9,989,300
$
$
1,096.087,463 1.237,831,843
995.155,751 981,449,307
456.073,844 518,991,017
930,708.48f 1,319,771,147
48.944,804
77,807,810
72.992.231
92.143.967
333,192,059 397.944,978 3.609,962,579 4.227,995,
091
-
1922.
4,241,678
Total
4,141.089
4,494,148
PrillCipal Countries
5,096,917
5,254,228 Belgium
5,379,148 5.065.494: 65.559,015 68.981,536
5,632,531 Denmark
419.110
291,601
6.167,725
4,327,503
14,436,622 15.256,871 147.636,34
5,776,161 France
5.950,105 Germany
12,793,693 21.386,690 139.258.4375 157,431,546
164,251.52
3
6,691,607 Greece
2,366,771
517,741
26,186,500
6,902,287 Italy
9,073,209 9.452,032 27.728.750
75,010,813 102.204,930
6,840,242 Netherlands
7,600,032 9.166,830 74.044.125
92,590,826
6,745.703 Norway
2,194,861 1.638,554
21.391,602 23,290,835
Russia in Europe
1,477,058 1.003,498
8.144.373
12,787,731
Spaln
3,149,431 3.250.75(
28,992307 32,924,960
3,934,158 3.451,394 4
Bituminous Coal and Anthracite Production Gains Sweden
0,031.185 40,998.857
Switzerland
3,494,406 3.945,835 35.582,029
United Kingdom
Somewhat-Coke Output Recedes a Trifle.
39,337,833 36.745.982 366,465.553 440,301.754
12.315,859
Canada
36.569,746 42.675,816 399.148,113
454,762.560
Central
America
2.269,174 3,133,971
A gain of 171,000 net tons in bituminous coal was re37.261,325 42.625,011
Mexico
14,729,817 14.046,832 167.087.309
ported for the week ended Jan. 30 by the United States Cuba
13,08,968 15,239,345 361.720,542 178.835,454
261,672,858
Republic
352,565
540,342
5,825.167
Bureau of Mines. During the same week the output of an- Dominican
7,646,953
Argentina
6.293.877 7.145.924
75.297,795 80.169,993
Brazil
21.838,684
22,526.141 179.336,80
thracite reached 34,000 tons and of coke, 338,000 tons, ac- Chile
6.764,633 4,764.193 98.284,8282 221.787.803
88,978,286
cording to the estimates given in the Bureau's report, parts Colombla
3,820.037 7.596,264
57.728 893 63,376,084
Ecuador
1,076,024 1.033.315
6,697,533
8,700,627
of which we append:
Peru
2,233.514 2,239,970 22,892,195
17,278.278
931,868
812.671
Total production of bituminous ccal during the week ended Jan. 30, as Uruguay
7.069,513
16,100,470
Venezuela
953,530
1,680.658
16,462,635
number
Indicated by the
of cars loaded for shipment, amounted to 12,602,- British India
19,584,027
12,173,917 13.296,431 103.276,588 14
000 net tons, a gain of about 1% over that in the preceding week. Com- Straits Settlements
11.753,452 44.729,421 147,633,725 314,484,375
3,940,948
pared with output in the corresponding week last year, the increase is China
10,855.404: 13,351,001 117,888.104 169.610,726
Hongkong
739.495
899.308
about 14%.
16.490.360
17.789.033
Dutch East Indies
6.926,738 11.185,125 57,520,320 94
,827,964
Estimated United States Production of Bituminous Coal(Net Tons) a,Including Japan
39.625,723 39.176.682 340 061.299 384.112,167
Philippine Islands
5,318.900 7,536,237 97,088,449 111,837,748
Coal Coked.
Australia
3,091.722
3,735,762
32.867,924
55.110,266
1925-26
1924-25
-- New Zealand
579,830
598,114
13,524,999
19.733,618
Coal Year
Coal Year
British South Africa
1.217.666
986.259
7,727,037
Week.
to Date.
Week.
to Date.b
9,214,858
Egypt
6,195,065 5,226,459 30.095.404
13,069,000 423,021,000 12,044.000 371,858,000
January 16
41,045.099
2,178.000 1,731.000 2.007,000 1,526,000
Daily average
Exports
to
12,431,000 435,452.000 11,588,000 383,446,000
January 23_c
Grand Divisions2,072.000 1,739,000 1,931,000 1,536,000 Europe
Daily average
274,251.284 246,160,064: 2.445.300,13,4 2,602.485.592
12.602.000 448,054,000 11,073.000 394,519,000 North America
January 304
77,263.261 96,161,914 1.090,041.34e 1.140.346,807
Dailyaverage
1,747.000 1,846.000 1,543,000 South America
2,100.000
28,845,311 43,544.944 314,251,551 402
,603.132
a Original estimates corrected for usual error, which in past has averaged Asia
46,443,371 54.884,095 514,591,534 485,426,98
2%. b Minus one day's production first week in April to equalize number Oceania
11.918.615 18.045,190 158.504.858 189.489,2050
days in the two years. c Revised. d Subject to revision.
Africa
7,026,542 9,848,832 70,294,414
89.043.626
During the present coal year, total output is now 448,054,000 net tons,
Total
445,748,393 468,645.042 4.590,983.845 4,909,396,342
approximately 14% greater than during the same period in the year 192425. Production for similar periods in other recent years is given below:
Principal Countries-485,670,000 net tons 1921-22
353.449,000 net tons Belgium
1918-19
12,178.487 11.527.105 116,001.235 120,257,911
1919-20
472,559.000 net tons I)enmark
404,860,000 net tens 1923-24
4.851,838 5,495.954
43,413,028 55.731,871
1920-21
394,519,000 net tons France
471.419.000 net tons 1924-25
27,861.784
28,217,569 281.683.972 280.299,43
9
Germany
50,672.526 35.983,071 440.417,951 4
ANTHRACITE.
70,344,233
Greece
3,784,488
880.584
16,721.827
16,633,212
Production of anthracite during the week ended Jan. 80, as indicated by Italy
23.913,901 17.479,012 187,146,20
8
Netherlands
15,285,723 11,092,099 151.764.1758 205,149.57
the number of cars loaded for shipment, amounted to 84,000 net tons, a Norway
0
2,757.051 1,155,268 23,235,92e 141,518.24
slight gain over the preceding week. Total output during the present coal RUP8111 in Europe
26,199,708
129.066 2.442,499 41,314.355 68,19
5.686
year, 1925-28, now amounts to 40,654,000 tons, less by 31 million tons, Spain
7.893.995 8.555.098 71.162,469 79,202,892
Sweden
or 43%, than for the corresponding period in the year 1924-26.
4,060,480 3,382,018 42.312.524
42,564,446
Switzerland
703.818
822,791
8,908,298
Estimated United States Production of Anthracite (Net Tons).
8.812,648
United Kingdom
116,791,787 114.233,723 982.941,88
1925-261924-25
- Canada
88.988.414 51.648.585 624,031.1882 1.031.876.748
650,762.50
Central
8
Coal Year
America
Coal Year
4,991,959 6.973.304 64,835,170
72,780,764
Mexico
Week EndedWeek.
to Date.
Week.
to Date.a
12,173.191 12.720,343 135,074,96
0
144,716,52
January 16
0
37,000 40,573.000 1.803.000 68,517,000 Cuba
15,261,515 17,815,816 199,777.856
January 23
47,000 40,620,000
1,740,000 70,257,000 Dominican Republic
1.326,175 1.622,938 15,642,268 198,655.032
January 30
17.763.969
34.000 40.654,000
1,730.000 71,987.000 Argentlna
10.702,184 16.870,909 117,093,36
6 143,758,808
Brazil
a Minus one day's production in April to equalize the number of days
6,722.934 8,246,920 65
.206,712 87.461,021
Chile
In the two years.
2,804,068
4,387,740 31,376,932 39,273.692
Colombia
2.693.621 4.531,863 27,763,876
BEEHIVE COKE.
Ecuador
41,376,571
399,698
764,620
5,537.621
Production of beehive coke during the week ended Jan. 30 is estimated at Peru
6.807,624
2.015.753 2.516,950 23,836.804
23.029,779
338,000 net tons, a decrease of but 5,000 tons from the revised estimate for Uruguay
1,251.267 2.251.920
18,222,114 21.269.743
Venezuela
1,633.659
preceding
week.
the
3304,509 17,642,530 25,157,087
British India
3,723.677 3.972,602 34.900,844
Total output of beehive during the present calendar year up to Jan. 30 Straits Settlements
38,281.698
589,998 1.164,745
7,505,968 11,220,718
amounts to 1,379,000 tons, with a daily average of 53,000 tons. Compared China
6,954,518
11.805,889
1 93,537,434
with the 1925 output for the same period, 1928 shows a gain of 251,000 Hongkong
1,594,347 1,523,495 109,188,79
1
7,476.124
Dutch East Indies
14.306,456
991,684 1,900,687
tons, or 22%. The table below, which gives production for the several Japan
14,479.165
10,204,364
26,451,461 26,801,195 25
groups of States during the two years, shows that the increase was largely Philippine Islands
0.306,452 227.707,264
4,529,825 6,023,440 59,518,674
61,061,644
in the Pennsylvania-Ohio group, or, more specifically, in the State of Australia„
9,561,972 13,783,447 12
5.177.672 148,523,955
New Zealind
Pennsylvania.
2,171,960 3,857,536 29,306,357
British South Africa
38,362.658
3,633,805
4,859,985 36,020.286 46,161.706
The Connellsville "Courier" states that production in the Connellsville Egypt
579.759
675,891
5.865.625
7,381.169
region during the week ended Jan. 30 amounted to 232,880 tons, as against
234,870 in the week ended Jan. 23. During the later week there was a
net decrease of 28 ovens in blast, 25 at furnace and 3 at merchant plants.
Weather is Main Factor in Coal
Estimated Production of Beehive Coke (Net Tons).
Markets-Anthracite
Week Ended- 1926
Strike Continues.
1925
Jan. 30 Jan. 23 Jan. 31
to
to
Developments in the coal markets of
1926.b 1926.c 1925.
RegionDate.
Date.a
the country the first
Pennsylvania and Ohio
281.000 285.000 197,000 1,141,000 897.000 week of February
intensified the factors which have been
• 15,000 16,000 11,000
West Virginia
63,000
56,000
22,000 22,000 25,000
Ala.. Ky., Tenn. & Oa
dominat
91,000
ing
the situation since the beginni
93,000
ng of the calen11,000 10,000 9,000
Virginia
42.000
43,000 dar year,
5,000 6.000 4,000
Colorado and New Mexico
reports the "Coal Age" on Feb. 11. The breaking
24.000
19,000
4,000 4,000 4.000
Washington and Utah
18.000
20.000 up of the
third anthracite wage conference
at Philadelphia
was immediately reflected in increased
demand for prepared bituminous coals and other substitu
te fuels all along
the Atlantic seaboard and indirectly as far inland as the
Indiana-Ohio state line. This demand was given a sharper
Total Value of Imports and Exports of Merchandise edge by the cold
wave that pressed on the heels of the disby Grand Divisions and Principal Countries.
solution of the wage negotiations. Weather demand for
The Bureau of Foreign and Domestic Commerce of the domestic coals also was felt in the Middle Western fields.
Department of Commerce at Washington has issued its There the situation was
accentuated slightly by the fact
338,000 343,000 250.000 1,379.000 1,128,000
United States total
56.000 57,000 42,000
53.000
Daily average
43.000
comparab
make
le the number of days covered in the two
Adjusted
to
a
years. b Subject to revision. e Revised since last report.
FEB. 13 1926.]
THE CHRONICLE
821
was the most sought after
tonnage of prepared same conditions prevailed. In this field egg
that eastern demand cut down the
size and brought good prices.
offered to western
sizes of West Virginia coals normally
details as to
buyers, continues the "Age," adding further
1926 National Foreign Trade Convention to Be Held at
quote:
we
which
from
,
market conditions
Charleston, S. C., April 28-30.
from the marked absence
both
suffer
hand,
other
the
on
coals,
Steam
industrial consumers and from the
big
the
by
buying
spot
active
The preliminary program of the 1926 National Foreign
of
producers to book every possible ton
fact that the eagerness of the
has
price
the
Trade
Convention, to be held at Charleston, S. C., April 28,
pay
to
ready
is
trade
of prepared coal while the domestic
agents 29 and 30, was announced on Feb. 1 by James A. Farrell,
purchasing
Industrial
sizes.
of
smaller
surplus
resulted in a
of affairs and they are using
are thoroughly cognizant of this state
of the National Foreign Trade Council. The
That explains why some high. Chairman
advantage.
own
their
to
knowledge
that
why
n will be the first to be held on the South
and
mines
conventio
coming
the
at
50c
at
volatile slack from Kentucky is to be had
price. Such quotations, of Atlantic Coast since the inauguration of these conventions
some distress tonnage has sold at half that
the price list has gencourse, do not represent the average range, but
in 1914. The Council has held its annual gatherings twice
erally weakened.
coal buyer is the previously on the North Atlantic, twice on the Pacific, twice
The only real cloud on the horizon of the steam
on the whole, on the Gulf and at six cities in the interior. In his call
possibility of a breakdown in transportation. Service,
of efficiency. Local conges.declares that "this is the
has been maintained on a remarkable plane
cautious purchaser that for the convention Mr. Farrell
tion in Pennsylvania, however, has warned the
restoration of international
see
the
to
fair
bids
which
period
on.
transportati
n
things—eve
all
to
limits
there are
coal for trade to the volume it held before the outbreak of the World
bituminous
on
prices
of
number
index
Age"
"Coal
The
price was $2.14. For Feb. 1
Feb. 8 was 177 and the corresponding
War." "The world did more werk last year than it did the
price was $2.16.
the index was 178 and the corresponding
to
dropped
4
year before," Mr. Farrell says, "and its trade grew correFeb.
ended
the
week
Roads
Dumpings at Hampton
preceding week. spondingly. Expanded production and importation of raw
388,265 net tons, as compared with 440,522 tons the
decline; export busiHeavy seas were in part responsible for the sharp
materials by the great industrial nations of both heminess was the principal sufferer.
to
indicate further expansion of production and conmoving
spheres
coke
on
quotations
There has been no check to the rising
e field, which is the sumption for this year. Every step of this recovery and
the retail trade. In the case of the Connellsvill
yard crushed coke for
its own problems, demanding conworst offender, oven have quoted $12 and $13 on
has intervened, some advance carries with it
sales direct to the dealer. Where the middleman
and $15, tinued study and thoughtful examination." According to
quotations at New York and Philadelphia have gone to $14
the estimates of the Council, the world's export trade for
but little coke has moved at the last named figures.
joint the current year will exceed $28,000,000,000, thus equaling
The breaking off of the negotiations of the
buying in volume, accounting for the decreased real value of money,
anthracite committee gave an impetus to the retail
demand,
great
in
were
s
the export trade of $19,322,000,000, done in 1913, the last
substitute
and
throughout the East
Calls for year before the Great War.
declares the "Coal Trade Journal" this week.
ovens were hard
The program of the Charleston convention lays special
coke became so heavy that the beehive
went up to new high emphasis on accelerating American exports. The general
pressed to supply the call and prices
this high priced and group sessions are planned to promote intensive attenlevels. Dealers were cautious about buying
to some ex- tion to foreign trade in Southern products, and especially
and,
s
bituminou
fuel and turned to prepared
on these were to exports originating in the Southeast, where foreign trade
Prices
coals.
better
the
of
run
minetent, to
prepared produc- in recent years has been increasing more rapidly than in
stronger in consequence and smokeless
"Journal's" review of any other part of the country. An announcement to this
the
continues
up,
sold
well
was
tion
further as effect by the Council continues:
conditions in the market, from which we quote
An outstanding example is the foreign trade of Charleston, which has
follows:
England showed a increased from $20,.500,000 to 843,500,000 between 1922 and 1925, a
The demand for steam and domestic coals in New
pre- growth of 110% in three years. Charleston and Savannah are also to-dayweek and prices were stronger. Domestic
marked expansion last
smokeless was scarce the two largest shipping points in the world in the key industry of ferpared showed the greatest gains. West Virginia
profited by this condition. tilizer products. From Norfolk to Miami, the South Atlantic ports are
and the central Pennsylvania low volatile coals
for this fuel Increasing their business in foreign trade tonnage by more than 20% per
Coke went up to new high levels and although demand
and dealers were re- year.
was great, not much was moved at the high prices
inducements
Behind these strides in foreign commerce is the industrialization of the
luctant to buy foreign cock far ahead even though price
at Boston was stronger New South, represented in the comparison which showed the surprising
situation
bituminous
tidewater
The
made.
were
Southern cotton
conditions at Providence total of last year of roughly 17,000,000 active spindles in
than during the preceding few weeks but
mills, beside 16,000,000 in the North, where in 1900 there were only
showed no change.
in
the
North. Cotton
greatest de- 4,000,000 spindles in the South beside 14,400,000
Last week the prepared grades of high volatile were in
consumption in Southern manufacturing has correspondingly increased
coke
of
prices
high
extremely
the
of
account
on
York
mand in New
200,000 bales in 1860 to 4,000,000
coals. The breaking off of twenty-fold since the Civil War, from
and the scarcity of low volatile prepared
-day one-quarter of the cotton grown in the South
Coke fell off in de- bales in 1925, so that to
trade.
retail
the
stimulated
negotiations
strike
the
cotton fields.
popularity as did is manufactured virtually in sight of the
mand but New River and Pocahontas increased in
The American Manufacturers Export Association, the National Associathe
central Pennsylvania mine-run. Very little coal was available in
Club of New York, and national
Managers
Export
the
Men,
stove re- tion of Credit
harbor and 2rices were high. A small amount of nut and
banking, advertising and importing organizations will co-operate with the
was
sold
locally.
anthracite
claimed
and group sessions will
and coke National Foreign Trade Council in the convention,
The heavy snowfall interfered with the movement of coal
of foreign trade, as well 88 export problems of the
to go up. Retailers were cover all these phases
and
modern
trade
policies in export
foreign
from origin and caused prices in Philadelphia
in time Southwest, education for
resigned to the fact that they would probably get no anthracite
salesmanship.
bituminous
for
prepared
market
the
in
for this season so were actively
Out of the 1,500 delegates to the National Foreign Trade Convention
Some of the
delegates were presidents and other exand coke, which were never before in better demand.
up in last year at Seattle about 1,075
prepared cokes were out of the market and all grades were way
of firms, representing most of the important business houses of
ecutives
while
price. Some of the pool coals showed substantial price gains
32 States actively engaged in foreign trade. This percentage of business
others held firm.
leadership is expected to be fully as great at Charleston, a convention city
the
since
two
cargoes
only
of
Export from Baltimore, while consisting
convenient to the great foreign trading centres of the country and in the
stretch
the
same
for
than
period
were
that
better
year,
for
first of the
awakening Southern area.
change over midst of the
little
showed
there
coal
and
coke
market
The
1925.
in
The preliminary program of the convention calls for
previous weeks.
Prices at the Virginia Piers showed no change and dock interests addresses of welcome on Wednesday, April 28, by Thomas
there were under no pressure to sell, standing tonnage being normal.
G. McLeod, Governor of South Carolina, and Thomas P.
Cold weather and congestion on the railroads due to the heavy snow
accelerated the boom in the central bituminous fields causing all coals to Stoney, Mayor of Charleston; an address on "The Foreign
the
rise in price. Records for coal shipments on the Middle division of
Trade Outlook," by James A. Farrell, President United
P. R. R., set in 1907 were broken last week.
States Steel Corporation, New York City, and an address
week
last
Demand for coal from the Pittsburgh field fell off slightly
resulting in softening of prices, particularly for slack. By-product coal on the "Commercial Possibilities of the South Atlantic."
Conwas in steady demand, most of it moving under contract. The
At the group sessions that day the following discussions are
nellsville coke field, was hard driven to meet the demand from the
East in spite of .the high prices prevailing on furnace grades, but pro- scheduled:
Group I.—"Education for Foreign Trade."
duction was not increased. Spot foundry prices, however, were weaker
Group II.—"Importing Problems."
conditions.
on account of less favorable market
Group III.—"Banking Facilities for Foreign Trade."
The Fairmont district of northern West Virginia reported an increase
for run-of-mine but a falling off in nut, egg and lump.
in the demand
On Thursday, April 29, the session topic will be "Foreign
York
A good amount of coal was moving from this district to New
were buying sparingly. Production was below Trade Transportation," with addresses as follows:
and vicinity. Railroads
week.
1. Address.—"Inland Rail."
that of the preceding
1. Address--"Inland Water."
Smokeless prepared, particularly the smaller sizes, was firm and in
pro8.
the
large
due,
to
Address—"Deep Sea."
probably,
slack
although
weak
was
good demand
4. Address—"Marine Insurance."
on the part of consumers to
duction of prepared grades and an effort
5. Address—"Bills of Lading."
price. On account of excessively large production the
beat down the
were off in demand and price. Logan, Coal River
The following group sessions have been arranged for
high volatile coals
last
but
week
Williamson,
fields curtailed their production
and Kanawha
29:
April
River
maintained
fields
Tug
and
Gulf,
Winding
Pocahontas
New River,
Group IV.—(In co-operation with the American Manufacturers' Export
former levels.
their output at
Output in the Upper Potomac and western Maryland fields was ample Association.)
Group V.—"Foreign Credits" (in co-operation with the National Assoof existing demands and consequently prices were un.
to take care demand for prepared grades as substitutes for anthracite ciation of Credit Men).
changed. The
Group VI.—"Export Problems of the South Atlantic." '
was good. Local coke was very high in price. In Virginia territory the
822
THE CHRONICLE
For April 30 group sessions are scheduled as follows:
Group VII.—"Special Export Problems" (in co-operation with the Export Managers' Club of New York).
Group VIII.—"Advertising for Foreign Trade" (in co-operation with
National Advertising Associations).
[VoL. 122.
1. Address—"Building Trade Through Foreign Loans."
2. Address—"The Problem of Our Raw Material Supply.
S. Address—"Making American Competition Effective."
4. Report of General Convention Committee.
On Saturday, May 1, there will be an excursion about the
harbor of Charleston, including Forts Moultrie and Sumter,
At the third general session on April 30 the following and inspection
of port developments and facilities, under the
program is proposed:
auspices of the Mayor's Convention Committee.
r
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Feb. 10, made public by the Federal Reserve Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows an increase
of
$45,600,000 in holdings of discounted bills, partly offset by
decreases of $16,600,000 and $1,700,000, respectively, in holdings of Govt. securities and of acceptances purchased in open
market. Total bills and securities went up $28,100,000
,
and Federal Reserve note circulation $5,300,000, while cash
reserves remained practically unchanged and non-reserve
cash declined $6,000,000.
Discount holdings of the Federal Reserve Bank of New
York increased $31,100,000, those of Boston $16,600,000
, of
Cleveland $11,500,000, and of Philadelphia $6,900,000. The
San Francisco Bank reports a decrease of $10,600,000 in
discount holdings, and Richmond and Atlanta decreases of
$5,400,000 and $3,500,000, respectively. After noting these
facts, the Federal Reserve Board proceeds as follows:
week, an increase of $12,000,000 in the Chicago district
being partly offset by nominal reductions in most of the
other districts. Further comment regarding the changes
shown by these member banks is as follows:
% Holdings of U. S. securities were $13,000,000 larger and of other securities $11,000,000 smaller than a week ago, most of the changes occurring
at reporting banks in the New York district.
Increases in net demand deposits of S11.000,000 in the Chicago district
and of $8,000,000 in the Cleveland district were nearly offset by reductions
of $9,000.000 and $7,000,000 in the Boston and Philadelphia districts:
respectively.
The principal changes in borrowings from the Federal Reserve banks include an increase of $53,000,000 by banks in the New York district and a
reduction of $8,000,000 by those in the Chicago district.
The statement for this week carries the new item "Loans to brokers and
dealers (secured by stocks and bonds) made by 61 reporting member banks
in New York City.(a)for their own account,(b)for account of out-of-town
banks, and (c) for account of others." A statement regarding the item,
together with weekly figures beginning with January 6, the first date for
which they were reported, appears in the Federal Reserve"Bulletin" for
February.
On a subsequent page—that is, on page 857—we give the
figures in full contained in this latest weekly return of the
member bank sof the Reserve System. In the following is
furnished a summary of the changes in the principal items
Open-market acceptance holdings of the New York bank
increased $15,- as compared with a week ago and with last year:
600.000, while
the Federal Reserve Bank of Boston shows a reduction of
$8.900,000 in this item and the Atlanta bank a reduction of $5,400,000.
Increase(+)or Decrease (—)
Treasury notes on hand declined *15.800.000, Treasury certificates $700,000
During
and United States bonds $100,000.
Week.
Year.
The Cleveland bank reports an increase of g4.900,000 in Federal Reserve Loans and discounts, total
+$26.000.000 +$862,000,000
note circulation, while the remaining hanks show relatively small changes
Secured by U.S. Govt.obligations_ __ +1.000.000
—21.000,000
for the week.
Secured by stocks and bonds
+18,000.000
+782.000,000
All other
+7.000.000
+101,000,000
The statement in full, in comparison with the preceding Investments.
total
+2,000.000
+25.000,000
U.S. bonds
week and with the corresponding date last year, will be
+14,000.000
+94.000.000
U.S. Treasury notes
+3,000.000
—187,000,000
found on subsequent pages—namely, pages 856 and 857.
U.S. Treasury certificates
—4,000.000
+32.000.000
Other bonds, stocks and securities_ _
A summary of changes in the principal assets and liabilities
—11,000,000
+86.000,000
Reserve balances with Fed. Res. banks_ _
—13,000,000
—20.000,000
of the Reserve banks during the week and the year ending Cash in vault
—7,000.000
—4,000.000
Net demand deposits
+2.000.000
—3,000,000
Feb. 10 1926 follows:
Time deposits
+19.000,000
+504,000,000
Increase (+) or Decrease (—) Government deposits
+1.000.000
+67.000.000
Total accommodation at Fed. Res.banks. +44.000.000
During
+131.000,000
Week.
Year.
Total reserves
—$101.700.000
Gold reserves
+$2.900,000
—101.500.000
Total bills and securities
+28,100,000
+117.900,000 Weekly Digest of Cables Received from Foreign Offices
Bills discounted. total
+45,600.000
+201.600.000
Secured by U.S. Govt.obligations..of the Bureau of Foreign and Domestic
+12.000,000
+119,600,000
Other bills discounted
+33.600.000
+82.000.000
Commerce.
Bills bought in open market
—1,700.000
—24,100.000
U. S. Government securities, total_
—16,600,000
The summary of foreign cablegrams received by the
—56,900.000
Bonds
—100,000
—15,300,000
Department of Commerce at Washington, released for
Treasury notes
—15,800,000
—105,900,000
Certificates of indebtedness
—700,000
+64,300.000 publication to-day, follows:
Federal Reserve notes in circulation
+5.300,000
—45.800,000
Total deposits
FRANCE.
+13,600.000
+53.600,000
Members'reserve deposits
+23.900.000
+64,500,000
Business men and industrialists in France are still extremely cautious
Government deposits
in
—14,200.000
+1,600,000 view of the indefinite financial situation and the rise in material,
transportation costs. Industries which are relatively independent labor and
of foreign
materials have profited by the stimulus to export
derived from franc
The Week with the Member Banks of the Federal depreciation, but those which are obliged to importsales,
raw materials and those
dependent on domestic sales are encountering restricted
Reserve System.
demand.
The textile industries are suffering from
production costs and a
The Federal Reserve Board's statement of condition of restricted demand. Metallurgy and coal arehigher
making new records for total
716 reporting member banks in leading cities as of Feb. 3 output, with prices advancing. Crop planting has been delayed by excessive rains. The cost of living has increased by continued advance In
retail
shows increases of $26,000,600 in loans and discounts, of foodstuffs prices.
GERMANY.
$19,000,000 in time deposits and of $44,000,000 in borrowThe opinion of reliable German observers seems to be that the end of
the
ings from the Federal Reserve banks. Member banks in depression period is not far away. Great hopes
are placed in the revival
New York City reported Increases of $23,000,000 In loans of the building industry with the coming of spring and in the anticipated
increase in agricultural labor employment. The deflation is also serving
and discounts of $10,000,000 in investments, and of $58,- to eliminate unsound organizations and to cause the formation of
important
combines
as che now German steel trust which was organized in Essen
000,000 in borrowings from the Federal Reserve bank. It on Jan. 14such
under the name of Vereinigte Stahlwerke A. G.
The founders of this organization are the Rhine-Elbe Union, Including
should be noted that the figures for these member banks
the Deutsche-Luxemburgischen Bergwerks and Huotten
the Bochumare always a week behind those for the Reserve banks er Verein, and the Gelsenkirchen; the Thyssen2:ruppe;A.G..
Phoenix, with the
Vereinigte Stahlwerken von der Zypen-Wisson; and Rheinstahl. Despite
themselves.
the fact that the adverse trade balance for the year 1925 would
to
Loans on corporate stocks and bonds went up $18,000,000, approximately 3,600.000,000 marks, there has been of late amount
a marked
tendency toward materially reducing imports, and as a result the December
the larger increase of $30,000,000 reported by banks In the trade figures showed a favorable balance
of some 34,000.000 marks, the
New York district being offset in part by comparatively first time that this had happened since the Inauguration of the Dawes
Plan. There was a slight but sustained improvement in the
stock exsmall declines in most of the other districts. All other change and the critical agricultural situation is expected
to be greatly
relieved
by
the
new
credit
of
from
200,000.000 to 300.000.000 marks which
loans and -discounts were $7,000,000 larger than the previous has been extended to German
agriculture by the Gold Discount Bank
FEB, 131926.]
823
THE CHRONICLE
SPAIN.
The volume of business continues to be subnormal in Spain. Bank clearings were lower in January than in December, and, in spite of increased
activity on the stock exchanges, financial transactions were hampered by
uncertainty as to government plans for the flotation of a new loan. No
definite announcement of this loan has been made, but, in view of the
disappearance of the working credit balance with the Bank of Spain and
the need for current funds, a new issue is believed inevitable. The business
situation at Barcelona is unchanged, but a renewed tendency toward dulness
in the textile industries is being manifested. Iron and coal mining are
depressed despite government subsidies to the latter, but lead and copper
mining acticity is sustained.
Demand for Spanish olive oil is slack and local consumption has been
restricted by the use of substitutes. The Valencia orange crop was seriously
damaged by frost and demand for higher priced undamaged fruit is restricted. Exportation of early potatoes and onions is improved and activity in
rice and almonds is above normal.
ered. The bonds were offered when, as and if issued and
received and subject to the approval of counsel.
Offering of Capital Stock of Barmer Bank Verein.
A limited amount of the stock of the Barmer Bank Verein,
of Barmen, Germany, was offered on Feb. 8 by Horwitz &
Co. and Jerome B. Sullivan & Co., of this city, at $18% per
4%.
share of 100 reichsmarks par value, equivalent to 791/
This price includes the coupon which entitles the holder to
the 1925 dividend. The present price in Germany, It is
stated is about 80%%. It was announced before the close
of the day that the books on the offering had been closed.
The Barmer Bank Verein was established in 1867 (succeedFINLAND.
ing Fischer Bros., bankers, organized 1810). It has a capImprovement in the financial situation is the outstanding development in
Finland during the past month. The money market has eased perceptibly. ital stock (without liability) of 20,800,900 reichsmarks and
Government finances are becoming stabilized, and the foreign exchange 199,100 reichsmarks management shares, making the total
holdings of the Bank of Finland are increasing. Bankruptcies and the
capital 21,000,000 reichsmarks. It has reserves of 10,000,number of protested bills are steadily diminishing. Lumber sales during
January were quite brisk, although prices remained depressed. Other 000 reichsmarks. The bank's business consists of commerexport industries report sustained activity. Finnish foreign trade during cial banking, particularly in the Rhineland and Ruhr. The
1925 resulted in a small favorable balance.
principal offices of the bank are located in Duesseldorf and
Barmen, with branches in over 40 cities, mainly in the Ruhr,
Offering of $3,800,000 Bonds of Bavarian Palatinate district. The bank holds an interest in the following banks
Consolidated Cities.
and banking firms:
Ames, Emerich & Co., together with the Federal SecuriMann°& Effectenbank, Amsterdam;Heydt, Keraten & Sons, Elberfeld;
ties Corporation and Strupp & Co., offered on Feb. 9 $3,800,- S.& H.Goldschmldt, Frankfort on Main; H.Schirmer, Cassel; Hardy & Co..
Munich; Siegfried Falk, Dusseldorf and Cologne; German General Credit000 7% external serial gold bonds of the Bavarian Palat- Anstalt, Leipzig; Bayer. Hypotheken & Wechsel Bank, Munich; Unman
inate Consolidated Cities (Germany), representing the loan & Co.. Vienna.
which this syndicate has made to these German cities, to
Its comparative balance sheet is furnished as follows:
Oa. 31 1925.
Which reference was made by us last week, page 686. The
(Approximated)
Assets—
Dec. 31 1924.
issue was offered at prices ranging from 100% and interest Cash—Balances In Govt.& clearing banks
14,269.957
17,000,000
22.842.869
33,000,000
Bills receivable and Treasury bills
to 93% and interest, to yield from 6.50% to 7.65%. The
35,980.711
18,000,000
Balance with other banking institutions
2,984.875
4,000.000
Stock Exchange collateral
bonds will be dated Jan. 1 1926 and mature serially, in Loans—Against
449,851
1,500,000
Against merchandise & shipment of merch'se.
2,991.400
1,000.000
varying amounts each year, beginning Jan. 1 1927 to Dec. 31 Securities—Owned
1.447.518
syndicates
2,000,000
Participation—In
1945. They will not be callable prior to Jan. 1 1932. As to
5,740.865
5,500.000
In banks
46.063,211
Current loans
50,000.000
the details of the issue, the prospectus says:
10,000,000
10,000,000
Real estate—Bank buildings
Callable as a whole on two months' published notice on Jan. 1 1932 and
Jan. 1 1933, at 103 and interest, and thereafter on any Jan. 1, the premium
decreasing /
1
4 of I% for each year elapsed thereafter. Interest payable
Jan. 1 and July 1. Principal and .interest payable in New York City in
United States gold coin of the present standard of weight and fineness,
without deduction for German taxes of any nature, past, present or future,
at the office of Ames, Emerich & Co., fiscal agents. The cities covenant to
pay principal and interest of this loan, irrespective of war or peace or of
the nationality of the bondholder. Coupon bonds. Denominations, $1,000
and $500.
It is announced that the issuance, purpose and terms of
this loan have been approved by the Bavarian Government
and by the Council for Foreign Loans of the German Ministry of Finance, Berlin. From the offering circular we
take the following information:
The Bavarian Palatinate Consolidated Cities consist of seven important
communities of the Bavarian Palatinate, a Governmental division of the
Free State of Bavaria situated in southwestern Germany. Their combined
1925 population was 259,280. The cities included are Ludwigshafen-amRhein, Kaiserslautern, Frankenthal, Neustadt-am-Haardt, Speyer, Zweibruecken and Landau.
These bonds are the direct, Joint and several obligations of the Bavarian
Palatinate Consolidated Cities, which covenant to apply thereto all of their
property and entire taxing power. They further covenant that if, while
any of these bonds are outstanding, they or any of them shall issue any
secured loan, the same security shall apply to these bonds.
Assets and Indebtedness.
The estimated value of all privately-owned land and buildings in the
seven cities exceeds $177,000,000. City-owned assets, including real estate,
forests, water works, electric light plants, gas works and other profitable
utilities, after giving effect to this financing, are valued at about $37,780,000. The total external and internal debt, including this loan and
after allowing for the revaluation of the paper mark debt in accordance
with the law of July 16 1925 is reported at $6,288,832.
Revenues and Expenditures.
The ordinary budget for the fiscal year ending March 31 1926 provides
for total revenues of $11,990,003 and total expenditures of $11,804,102,
or a surplus of $185,901. Public utilities alone supply about one-third of
total revenues and yield a substantial net profit, which for 1925-1926 is
officially estimated at $663,000, which is considerably in excess of interest
and amortization on the entire funded debt to be presently outstanding.
Such total annual service charges are estimated to be less than 6% of ordinary revenues for the present fiscal year.
Purpose.
Proceeds of this issue will be used for income-producing utility improvements, including water works, gas works, electric light plants and similar
betterments, which are expected to result in further increases in revenues.
Dawes Plan Charges.
Under the operation of the Dawes plan, in order to assure reparations
payments under the Versailles Treaty (Article 248) charges will be imposed upon municipally-owned works similar to those on private industrial
enterprises. Payments for this purpose by the municipally-owned utilities
of the Bavarian Palatinate Consolidated Cities are officially estimated at
$17,317 for the first year in which such payment is required, $29,878 for
the second year and $39,806 as the maximum in any year thereafter.
All conversions from German to United States currency
have been made at 4.20 gold marks to the dollar. Pending
delivery of definitive bonds, interim receipts countersigned
by the Central Trust Co. of Illinois, Chicago, will be deliv-
Other real estate
Inventory
Total
Liabilities—
Capitalization
Reserves
Credits
Deposits—By other banks
Deposits—(Customers' & other funds on call)
Acceptances
Checks
Reserves—Dividends
Directors' bonus
Balance carried forward
1
1
Rmk.142,771.262•Rmk.142,000.000
Oa. 311925.
Dec. 31 1924.
(Approximated)
21.000,000
21,000,000
10,000.000
10,000.000
8.954,573
8,900.000
11.510.894
9,000.000
87,323.162
83.000,000
1,822,838
20
7,400.000
1,680,0001
274,851/ (Not given)
204,9201
Rmk.142.771,262•Rmk.139,300.000
Total
•Difference in totals of assets and liabilities are due to this being an Interim
balance sheet compiled before the final closing of the books.
It is stated that with the exception of the year 1923, which
marked the culmination of German post-war inflation, the
bank has paid dividends ih every year since 1879, the rate
for 1924 being 8%. Dividends are declared annually during
the first half of the year covering the preceding calendar
year. It is expected that for 1925 the dividend rate will
again be 8%.
Germany in Position to Obtain Loans in American Market
at Lower Rates Than in 1925 According to
R. C. Schaffner.
According to Robert C. Schaffner, head of A. G. Becker
& Co., who has just returned from a three-month business
trip to Germany, that country is now in a position to obtain loans in the American market for its municipalities
and industries at moderately lower interest rates than in
1925 as a result of new developments in the German financial situation.
Germany's progress is attested, he said on Feb. 8, by
the unfaltering maintenance of the Reichsmark on a gold
basis, the balancing of the National Budget, the favorable
turn in her foreign trade balance and the easing of German interest rates. He stated that a study of German
conditions by bankers, including that of the A. G. Becker
& Company party, made up of Mr. Schaffner, Jay Dunne,
head of the firm's Research Department, and Dr. David
Friday, nationally known economist, has been the cause of
much optimism. Mr. Schaffner stated:
Conditions in Germany are comparable to those in the palled States
during 1921, and in many respects make the present time as desirable
an investment period for German securities as 1921 was for American
stocks and long-term bonds. Of particular interest to American investors, it seems to me, is the pronounced easing of money rates in
Germany. Dr. Friday has just cabled me that some German money has
even found its way to the New York call money market within the
last day or two. High interest rates were unquestionably the most
striking feature of the German financial and industrial situation during
the year 1925. Call money which opened in January, 1925, at 111
/
4%
fluctuated around 10% during the year. Time money between 10%
824
THE CHRONICLE
and 13% during most of 1925, and the private discount rate at the
banks was around 9%. During the first week of January, 1926, the
money market reectfled a markedly different tone. Call money fluctuated
between 6% and 8%, time money averaged 8.53%, and the private
discount rate stood at 6% and, finally on January 12, 1926, the
Reichsbank lowered its rediscount rate from 9% to 8% and its rate
on collateral loans from 11% to 10%.
According to Mr. Schaffner, the desire on the part of the
Reischbank to maintain the Reichsmark on a gold basis
has led to a credit policy which is forcing a downward revision of production costs and prices. The new capital
which is being brought into Germany is permitting an improvement in productive efficiency which together with the
Lower costs of production will enable Germany to have a
sufficient volume of exports to cover her reparations payments and imports. In conclusion Mr. Schaffner said:
It should be remembered that Germany is a nation with more than
$50,000,000,000 of property which is burdened with an interest obligation on account of public and private indebtedness far below normal.
She has over 63,000,000 people and they have a national income from
their productive efforts of about $12,500,000,000. The maximum reparations payments are only 5% of this national income. Furthermore, it is
estimated that interest on the amount of German public and private
indebtedness which was wiped out in the inflation period is approximately equal to the total annual reparations charge.
Investments Abroad Billion Annually—Treasury Experts
See Export Gold Movement and Larger Raw
Material Imports in 1926.
From its Washington Bureau tIte "Wall Street Journal"
reported the following on Feb. 9:
For many years to come the United States will continue to furnish
annually $1,000,000,000 for investment in foreign fields.
This is the consensus among economic experts at the Treasury, after
a general survey of world financial conditions to determine domestic
and foreign capital requirements, tendencies of money rates, general
stability of commerce and the probable movement of American gold.
The following were salient indications of this survey:
1. Continued pressure for capital abroad will result in the public
offering of more than $1,000,000,000 in foreign securities.
2. Private investors will send an additional $250,000,000 abroad for
backing of oil, mining, rubber and other raw material and manufacturing projects.
3. American bankers are buying into German and other foreign banking houses. Manufacturers in the United States are establishing plants
abroad to avoid tariff and other trade barriers.
4. About $6,000,000,000 will be required this year to meet the needs
of domestic commerce and industry.
5. Belief is expressed American money rates and price levels will
remain comparatively firm this year.
[VOL. 122.
Bankers here are reported to be in a better position to lend money
for industry and trade than ever before.
With railroads moving goods faster there is a smaller tendency here
to build up big stocks of raw materials, lessening the possibility of industries being caught in a falling market with a big stock of high
priced goods.
Burr & Co. to Offer German Bank Stock Issue.
George H. Burr & Co. confirmed on Feb. 11 reports
that
they, with Hardy & Co., of Berlin, had acquired
a block of
capital stock of the Bayrische Hypotheken & Wechsel
Bank,
of Munich. Public offering of the shares will
probably be
made next week. Acquired holdings have been
purchased
from German stockholders and the
transaction does not
Involve new financing, but merely a transfer
in ownership.
The amount approximates 5,000,000 gold marks.
The Bayrische Hypotheken & Wechsel Bank was established
in 1835,
has capital and surplus of over $36,000,000 gold
marks, and,
for the full year 1925, paid a dividend of
8%. Its shares
are listed on the Berlin Boerse. Purchase of
the stock represents the fifth in two months in which
American interests have bought stocks in German banks, the
others being
the Disconto Gesellschaft, the Dresdnen,
the Hamburg
Verein and the Barmer Verein banks.
Plans of State Commission of Russian Soviet
Union for
Increasing Gold Production,
The State Planning Commission of the Soviet Union
has
adopted a three-year plan for increasing gold
production,
involving an expenditure of $8,500,000 by the
State mines
for new equipment, according to advices received
by the
Russian Information Bureau. Production will be
brought
up to between 60 and 70% of that of the United States,
the Bureau reports, adding:
Production in the Soviet Union during the past fiscal year ending
Sept.
30 1925. was about 61,200 pounds avoirdupois. During the current fiscal
year It is planned to produce 72,540 pounds. In 1926-27 to produce
84,789
pounds, in 1927-28 to produce 92,384 pounds, which is 77% of the
production of 1913.
The state mines are expected to furnish this year 51% of the output,
private enterprises, 49%. This year's output of the Lena Goldfields,
recently leased to an Anglo-American concessionary&is,expected to be
•
about 16,200 pounds.
Internal Trade of Soviet Union for Year Ending
Sept. 30 1924 Over 13 Billion Dollars.
The total internal trade of the Soviet Union for the
Soviet
fiscal year ending Sept. 30 last was $13,494,000,000,
as
compared with $9,310,000,000 for the fiscal year 1923-24,
an increase of 45%, according to a bulletin received
Russian Information Bureau. The trade was divided as
follows:]
1924-25.
1923-24.1
State trading enterprises
$5,552,000,000 $3,347,000.000
Co-operatives
2.714.000.000 1.466,000.000
Private trade
2.737.000.000 12,621.000.000
Peasant trade
2,491.000.000 11,876,000.000
LTotal
$13.494.000,000.1$9.310.000,000
imports to Increase.
Business and industry are going strong in United States, a high
official informed "The Wall Street Journal." Imports of raw materials and foodstuffs will continue to increase this year, owing to
domestic prosperity and the high consumption power of the American
market.
Several factors probably will work to reduce our excess of exports
over imports. We are starting a prosperous year, with a tremendous demand for raw materials, much of which must come from abroad.
There is more competition promised abroad. Germany is slowly
coming back and Great Britain is adjusting prices to gold standards.
We can't look for a big increase in exports. It seems likely the
favorable balance of trade will be less than the $670,000,000 reported
in 1925. In 1924 the favorable balance was nearly $1,000,000,000.
Experts said American money rates will be firm through the year.
As there still is a sufficient margin between domestic and foreign rates Hungarian Government Purchases
for Cancellation
to stimulate investments abroad, they believe an outward movement of
Part of Reconstruction Loan of 1924.
gold from the United States may be resumed soon. While there was
The Hungarian Government has
some loss of gold in 1925, there was no decided movement either way
purchased for cancellain November and December.
tion through the sinking fund $242,500
bonds of its $9,000,000 7/
1
2% reconstruction loan of 1924. The
U. S. Gold Strength.
bonds were
It has been stated frequently the United States can safely lose bought in the market by Speyer & Co., fiscal
agents for the
$1,000,000,000 in gold, over a period of years, without upsetting the loan.
credit situation. Some New York bankers feel the United States will
not lose any of the gold stock this year, but this view does not conform
Greece to Pay 1925 Interest on
to the belief of most of the federal authorities.
Old Debt.
An Associated Press dispatch was
Interest rates here are not likely to exceed those of last year as a
reported as follows
general rule," the official declared. There is a great productivity of from Athens, Feb. 9,
by the New York "Journal of Comcapital in this country and a better balance between stocks and bonds
merce":
In industry and trade.
The Finance Minister to-day ordered the
Our domestic capital requirements are unlikely to exceed those of
payment in full of interest for
1925; from $5,000,000,000 to $6,000,000,000 probably will be invested 1925 on all Greece's old gold loans under the authority of the Commission
of Financial Control. This is the first time
in productive enterprise during the coming year.
interest has been paid on these
Electric utilities will be heavy consumers of domestic capital. The loans since 1920. It is expected to benefit Greek credit abroad.
manufacturing industry should not need much more than in 1925, although heavy issues of common stock are contemplated in connection President Machado
Approves Cuban Tariff Law Giving
with a number of important projected business mergers.
Him Special Powers.
British Industry Better.
The following Havana advices, Feb.
10, appeared in the
It was stated investors in the United States last year obtained $500,- New York "Journal
of Commerce":
more
as a return on American capital "working" abroad.
000,000 or
The proposed modifications of the customs
tariffs as finally approved
Some of this money is being invested in domestic enterprise, but in by President
Machado are as follows:
the opinion of experts a greater proportion is going back as investment
"Clause I.—For three years, counting from
approval of
into the Countries from whence it came.
this law, the Executive of Cuba is granted fullthe date of the
powers to revise the cusFrom the foreign standpoint British industry is said to be "looking toms tariffs now
in
force,
set
to
new
schedules
of duties, to cancel existing
up." Sterling is going up, with the grain and cotton bills out of the rates, to create
new items or clauses of any kind, and to burden or protect
way, bringing back the pre-war normal spring sterling strength. Sterling especially certain foreign
products by reason of their origin, with only the
benefited
enhanced
from
prices
for
tin,
has
rubber and a number obligation of giving account in
also
special message to Congress of what the
of other raw materials with which Britain largely provides the world President does in this matter.
market.
"Clause II—In order to exercise the
Signs show British industry as a whole on a better footing and clause, the Executive will consult in all powers granted in the preceding
cases with the Tariff Commission
adjusting itself to gold prices, it was stated.
to be appointed by the Executive after submitting the names
of appointees
Shipbuilding and coal are still in a slump but other productive in- to the Senate for approval, which
committee must be made up of five
dustries are picking up.
Cuban citizens of known technical expertness in tariff matters."
by the
In
r
FEB. 13 1926.]
THE CHRONICLE
825
of
fered by the same banking house on Jan. 5 and details
J. P. Morgan & Co. Asks Tenders for Argentine
which appeared in these columns Jan. 9, page 153.
Government Bonds of 1909.
J. P. Morgan & Co. announce that they are prepared to Half Million More for the Land Bank of the State of
es
receive tenders for the amortization on or before March
New York—State Comptroller Murphy Arrang
31 for $551,000 Argentine gold pesos, or £110,200 nominal
Investment of Sinking Fund Bonds.
for
7:
of the Argentine Government 5% internal gold loan 1909.
The following is from the New York "Times" of Feb.
Tenders for sale of bonds with coupons due Sept. 1, 1926,
r, N. Y., has again
Rocheste
of
Murphy
B.
Vincent
ler
State Comptrol
situation and his recogniand subsequently, at a price to be stated in the tender, given
evidence of his desire to relieve the housing
by arranging for the
must be lodged not later than 3 P.M. on Feb. 15, 1926, tion of the Land Bank of the State of NewalYork
funds in bonds of
York.
nt of a half million dollars addition sinking
New
investme
Street,
Wall
23
Co.,
&
Morgan
P.
J.
with
B. Hutton of the Land Bank
the Land Bank. Manager-Director David
rs
Brothe
Baring
that these funds
by
ions
associat
Tenders will be received also in London
immediately sent out notices to the member
o
Public
that a request for funds aggregating $3,was
Credito
result
the
by
The
e.
Aires
in
availabl
Buenos
and
d,
were
Limite
Co.,
&
the State of New York.
was received from the associations of
Nacional. Each 1200 bond has a par value of $973 U. S. 000,000
Bank has allocated the half
very careful consideration the Land
After
price
of the associations requesting the
Gold Dollars, and tenders. must be made at a flat
million dollars to best meet requirements
were made for over $3.000.000 indicates
be
requests
must
s
that
fact
Tender
The
bond.
per
money.
in
dollars
sed
under par expres
of the State of New York
if funds were available the associations
the Land Bank. These funds
accompanied by a deposit of bonds at the rate of not less that
make far greater use of the facilities of
could
associations at 434% interest and
than $97.30 per $973 nominal capital tendered. In the event were advanced to the savings and loans Trust
Co. of 139 Broadway. New
turers
Manufac
the
Baring
ion
distribut
with
pending
lodged
ions requirof the bonds tendered not being
temporary loans to many of the associat
made
has
City,
York
Brothers & Co., Limited, by April 30, 1926, the deposit ing funds immediately at the rate of 5% interest.
will be forfeited.
l Farm Loan BuChanges Sought in Ruling of Federa
Offering of $1,500,000 Bonds of Pacific Coast Joint
Banks.
Land
Stock
Joint
ning
Gover
reau
Stock Land Bank.
the Feb. 11
in
ed
The following from Washington appear
A new offering of 5% bonds of the Pacific Coast Joint
l":
Journa
Street
issue of the "Wall
Stock Land Banks, totaling $1,500,000, was announced on
numerous appeals from bankers
The Federal Loan Bureau has received
m
Willia
York;
tion of the Bureau's regulations govNew
Co.,
&
,
Harris
8
by
Forbes
Feb.
and others irterested for modifica
banks. The Bureau is considering the appeals.
Compton Co., New York; Halsey, Stuart & Co., Inc., New erning Joint Stock Land
changes will no doubt be satisfactorily worked
believes
Mellon
y
Secretar
and
York; the Mercantile Trust Co. of California; the First out.
Los
Securities Co. of Los Angeles, and the Security Co. of
t, to
ration—Making
Angeles. The bonds were offered at 103 and interes
Annual Report of War Finance Corpo
5%
and
Process of
(1935)
ed—In
ntinu
date
Disco
able
yield about 4.60% to the redeem
of New Loans
of the
Liquidation.
thereafter to redemption or maturity. A portion
optional
the annual
issue is dated June 1 1925, is due June 1 1955 and is
Giving an account of the year's operations,
June 1 1935, while a part is dated Sept. 1 1925, will mature report of the War Finance Corporation for the year ended
d
Sept. 1 1955 and will be redeemable at par and accrue Nov. 30 1925 points out that under the amendment of Feb.
date
the
from
years
applications for
interest on any interest date after ten
20 1924 the Corporation ceased to receive
of issue. These bonds are the obligations of the following new loans on Nov. 30 1924 and discontinued the making of
of
banks of issue:
Dec. 31 1924. It entered upon the period
due new loans on
and
law,
the
$1,000,000 Pacific Coast Joint Stock Land Bank of San Francisco 5s,
by
ed
provid
as
1925,
1
Jan.
tion on
June 19p5-35. Bank operates in California and Nevada. John Drum, liquida
that have been made are
President, also President of the Mercantile Trust Co. of California, San since that date the only advances
es"; that is, advances
advanc
se
Francisco.
"expen
as
ted
those designa
$250,000 Pacific Coast Joint Stock Land Bank of Los Angeles 5s due
of the Corporation's
ation
preserv
'
necessary for the care and
Sept. 1 1955-35. Bank operates in California and Arizona. J. F. Sartori,
liquidation of its
President, also President of the Security Trust & Savings Bank, Los Angeles. security in connection with the orderly
The report shows
.
affairs
$250,000 Pacific Coast Joint Stock Land Bank of Salt Lake City 5s, due
its
of
Presi- assets and the winding up
Sept. 1 1955-35. Bank operates in Utah and Idaho. Heber J. Grant,
repayments received
1925
30
Nov.
to
1924
1
City.
Lake
Salt
Dec.
Bank,
from
National
t
State
that
dent, also Presiden of the Utah
its agricultural and live stock loans
Principal and semi-annual interest are payable in New by the Corporation on
by
,000, of which $16,307,000 was repaid
York, Chicago, San Francisco, Los Angeles or Salt Lake aggregated $27,118
ies
compan
stock
live
by
,000
$10,256
tions,
City. They are coupon bonds, fully registerable and inter- banking institu
co-operatiie marketing associations. The
changeable, in denomination of $1,000. The above Land and $555,000 by
athat since the creation of the Corpor
banks are owned or controlled by the stockholders of the report also states
5,000
$689,71
ating
aggreg
es
advanc
tion in 1918 it has made
following Pacific Coast banks and trust companies:
,000 for export
—$306,771,000 under its war powers, $85,001
Security Trust & Savings Bank, Los Angeles.
and live stock
tural
agricul
for
Los
Bank,
Angeles.
National
The First
purposes and $297,943,000
,000 (principal
Pacific-Southwest Trust & Savings Bank, Los Angeles.
$36,812
ed
advanc
total
the
Of
s.
purpose
The First National Bank, Portland.
Corporation's books on
Walker Brothers, Bankers, Salt Lake City.
amount) was outstanding on the
on Nov. 30 1924.
Salt
City.
Lake
Bank,
Copper
The National
Nov. 30 1925, compared with $62,023,000
The Utah State National Bank, Salt Lake City.
The report also says:
Deseret National Bank, Salt Lake City.
Mercantile Trust Co. of California, San Francisco.
The Pacific Coast Joint Stock Land Bank at San Francisco has a paid-in capital of $500,000, the Los Angeles Bank
$400,000 and the Salt Lake City Bank $250,000. Each bank
is a member of the Association of Pacific Coast Joint Stock
Land Banks, a voluntary association organized for the purpose of co-ordination and the establishment of uniform
practices of the banks so affiliated. As of Dec. 31 1925, the
bank at San Francisco reports $8,025,000 of bonds outstanding, the Los Angeles bank $5,620,000 and the bank at Salt
Lake City $3,550,000. The following is the statement of the
Pacific Coast Joint Stock Land Banks as officially reported
Dec. 31 1925:
San Francisco. Los Angeles.
209,344
67,065
security loaned upon_
Acres of rea lestate
$5,742.800
$8.683,300
Total amount loaned
437 $13,701,881
_
$20,851,
estate
real
security
of
value
Appraised
$204.31
$99.60
Average appraised value per acre
$85.70
$41.47
per acre
Average amount loaned
appraised
value
to
loans
of
Patage
41.64%
41.91%
of security
Salt Lake.
96.650
$3,519,200
$9,632,400
$98.68
$36.41
36.9%
Offering of $250,000 Bonds of New York Joint Stock
Land Bank.
9
Clark Williams & Co. offered on Feb. $250,000 5% farm
Land Bank of New
Stock
York
Joint
New
the
loan bonds of
t, to yield 4.60% to 1935 and 5%
interes
and
103
at
City
York
ofthereafter. The bonds are part of the $1,000,000 issue
this time of the result of the
The closest estimate that can be made at
business has been finally liquiCorporation's operations is that, when its
the original capital and a sum
dated, it will have returned to the Treasury
the Government of the money
to
cost
the
equal
ately
approxim
will
which
Corporation's income from interest on
used by it; in other words, the
s will, after deducting operloans and investments in Government securitie
reimburse the Treasury for the
ating expenses and losses, approximately
costs of the funds furnished by it.
We quote the following from the report:
the approval of the Secretary of
On Jan. 5 1925 the Corporation, with
,000 of its capital stock leaving
the Treasury, canceled and retired $499,000
shed by the delivery of a check
$1,000,000 outstanding. This was accompli
Corporation on its account
Finance
War
the
by
drawn
,000
for $499,000
to the Treasurer of the
with the Treasurer of the United States and payable
United States.
inclusive, were set
The operations of the Corporation to Nov. 30 1924,
Dec. 31 1924 the
out in the last annual report. From that date until
ral and live stock
Corporation approved 84 applications for new agricultu
approved, $20,000
loans in an aggregate amount of $792,000. Of the sum
on and $772,000 to
represented advances authorized to a banking instituti
ents, as well as
seven live stock loan companies. Under these commitm
was actually adunder commitments made prior to Nov. 80 1924 $69,000
stock loan companies
vanced to banking institutions and $1,167,000 to live
during the month of December 1924.
1924—expense
During the same period—that is, from Dec. 1 to Dec. 31
and similar advances
advances made by the Corporation totaled $27,000,
total for the
a
from Jan. 1 to Nov. 30 1925 amounted to $892,000, making
the Corporation,
year of $919,000. Altogether, the expense advances of
aggregated $970,000,
including $51,000 advanced prior to Nov. 80 1924,
with agricultural
of which $955,000 represented advances in connection
amended, and $15,and live stock loans under the Act of Aug. 24 1921, as
the war powers of
000 in connection with loans on live stock made under
the Corporation
826
THE CHRONICLE
In addition to loans and expense advances, the corporat
ion approved
during the year ended Nov. 80 1925 536 applications
from banks and 111
applications from live stock loan companies for the renewal
of outstanding
loans totaling $13,456,000. It also approved applicat
ions for the renewal
and substitution of notes held as collateral in the face
amount of approximately $33,069,000 and for the release to borrower
s through live stock
loan companies of the proceeds of the sale of live stock
and wool totaling
$1,794,000.
[vol.. 122.
On Nov. 30 1925 8,659 banks (617 national
and 3,042 State), to which
a total of *143,488,000 was advanced, had
fully repaid their indebtedness
to the Corporation. Of these, 3,351 were going
banks, to which $131,691,000 was advanced; 272 were closed banks
which prior to suspension received advances amounting to $10,495,000; 32
were banks which closed and
subsequently reopened and to which $1,180,0
00 was advanced, and 4 were
banks which took over the balances due from
closed banks on advances
ggregati
ng
$122,000
.
From Dec. 1 1924 to Nov. 30 1925 repayments received
by the corporaIn addition, advances totaling $564,000 to 20
tion on its agricultural and live stock loans aggregat
banks which closed had
ed $27,118,000, of been liquidated, the Corporat
ion receiving in these cases the full amount
which $16,307,000 was repaid by banking instituti
ons, $10,256,000 by live advanced, together with
all interest and reimbursable expenses with the
stock loan companies and $555,000 by co-operative
marketing associations. exception of $2,273. In the
case of
In addition, expense advances were repaid to the
extent of $860,000, while of the principal, totaling $602,00 17 other closed banks, the full amount
0, has been paid, leaving only interest or
$2,000 was repaid on the corporation's war loans,
bringing the total repay- reimbursable expenses outstand
ments for the year of amounts advanced to $27,980,
ing.
000.
The
remaining banks, numbering 621 (53 national
On Nov. 30 1926 the loans and expense advance
and 568 State), to
s outstanding on the which advances aggregating $27,429,
000 were made, had repaid $18,206,Corporation's books totaled $36,812,000 (princip
al amount), as follows: 000 on Nov. 30 1925. Of this
War loans, $16,969,000; agricultural and live
amount, $7,882,000 was repaid by going
stock loans, $19,843,000 banks which received advances
totaling $11,875,000, and $10,324,000 by
(including expense advances of $97,000). As
stated in the last annual re- closed banks out of total
advances of $15,554,000, leaving a balance outport, all the Corporation's export loans have been
liquidated.
standing of $9,223,000—$3,993,000 to
In many instances, renewals of outstanding agricult
ural and live stock 253 State), including 21 banks which 267 going banks (14 national and
loans were included in new applications, and the funds
closed and subsequently reopened,
advance
latter were used, in whole or in part, to retire the outstand d under the and $5,230,000 to 354 closed banks (39 national and 315 State).
ing balances.
In many instances, the outstanding balances to
For example, a bank or loan company owing the Corporation
closed banks have been
$25,000 would reduced to small amounts, which probably
apply for a new loan of $50,000, of which $25,000 would
be used to retire in the near future; and in others repayme will be taken up by the receivers
nts during the current liquidating
the existing indebtedness. The transaction, therefore, would
represent, in season of the collateral pledged as security
effect, a renewal of $25,000 and a new advance of $25,000.
will be sufficient to retire the
In
the statistics have been revised and adjusted so as to exclude this report balances due.
all amounts
The number of banks indebted to the Corporation
representing renewals and to include as new advances
was reduced by 633,
only the net addi- including 199 closed banks, during
the year, and the amount outstanding
tional amounts approved or advanced.
on Nov. 30 1925 represents 5.4% of the amount originall
y advanced to all
banks.
Orderly Liquidation of Outstanding Loans.
Live Stock Loans.
The amendment of Feb. 20 1924 provides that
the time for the payment
of any advance "shall not be extended beyond Jan.
In addition to the loans to banks, 114 live stock
1 1926 if such advance
loan companies in 20
was originally made on or before Jan. 1 1923,
or beyond three years from States received advances from the War Finance Corporation. On Nov. 80
the date upon which such advance was originally
1925, 78 loan companies, to which a total of $29,659,
made, if such advance
000 was advanced,
was originally made after Jan. 1 1923." Under
had repaid their indebtedness to the corporation in
this
full, and the remaining
the outstanding advances, having been made prior provision a number of companies, numbering 36, had repaid $47,722,000
to Jan. 1 1923, cannot
out of total advances to
be renewed beyond Jan. 1 1928. In view of
them of $57,676,000, leaving a balance outstanding
the
the agricultural and banking situation, many of general improvement in $9,954,000, which represents 11.4% of the amount on Nov. 30 1925 of
the advances will be reoriginally advanced to
tired at or before the expiration of the time
limits, either through epay- all loan companies.
ment of the collateral securing them or from
During the year 20 loan companies, to which a
other assets or by transfer
total
of $10,284,000 was
to other channels. As the corporation le a tempora
ry organization in the advanced, retired the outstanding balances of their indebtedness to the
process of liquidation, the going banks and loan
companies have been en- Corporation.
couraged and misted in many instances to make
In the fall of 1922, as previously reported, the Livestoc
arrangements with perk & Agricultural
manent agencies for financing their operatio
ns as soon as it is possible to Loan Co. of New Mexico, through which the Corporation had made large
do so, utilizing the regular banking channels
advances
, moved a considerable number of cattle to ranches
or the facilities of the Fedleased by it in
eral intermediate credit banks, the permanent
Chihuahua, Mexico. This action was taken by
the loan company, with the
Congress to assist in financing the agricultural organizations created by the consent of the borrowers and of the
Corporation as holder of the mortgages
and
It has been, and will continue to be, the policy livestock industries.
on the cattle, on account of the severe drought in
of
the Southwest and the
duct its business during the period of liquidat the corporation to con- consequent lack of feed and water.
In the fall of 1924 approximately 12,700
ion without hardship to
applicants and their borrowers; and in cases
where advances cannot be head were returned to the home ranges where conditions were satisfactory
repaid or refinanced within the prescribed periods
and approximately 5,000 steers were brought
back and sold. At the same
local conditions or the inability to obtain funds because of unsatisfactory time it was necessary, on account
from other sources, and
of the continued drought in sections of
where the condition of the advances justify such
New Mexico, Texas and Arizona, to move
action,
across the
the Corporation tional
will carry the remaining balances past due for
number of cattle against which the Corporat border a large addisuch
ion had made advances
time as may be required to retire them in an orderly reasonable length of through the company named
and other companies. In order to provide
way.
This
situation
will arise with respect to some bank loans in certain
range for these animals and better grazing
sections
facilitie
of
s
the
for the cattle already
South,
Middle West and Northwest and particularly
with respect to live stock in Mexico, two other ranches were leased at a substantial saving in
rental
loans in the Southwest
and the old leases were terminated. The
movement from the United States,
The bulk of the Corporation's outstanding live
as well as from the old ranches to the
stock
new,
loans
was
represen
begun
t adin December 1924
vances made through loan companies to stockmen
in the Southwest. That and completed in March 1925.
section of the country has suffered from a severe
In the fall of 1925 approximately 7,000
steers from the Mexico ranches
a period of four years, and as a result it would drought extending over were sold against payment upon
many of the advances in the immediate future not be possible to retire that there are now around 35,000 delivery at El Paso, and it is estimated
cattle on the ranches. The percentage of
without undue sacrifice.
Fortunately, in recent months, the cattle situation
in the Southwest, as death loss among the cattle shipped to Mexico has been high, due largely
well as generally, has been improving, and the
the
to
weakene
d
conditio
n of the animals when they
outlook for the coming year
were moved.
appears encouraging. The drought has been
The Livestock & Agricultural Loan Co. of
broken, and the ranges are
New Mexico was placed in the
getting in better shape than they have been for
several years. Cattle prices hands of a receiver on May 16 1924 by the United States District Court for
have been tending upward, bringing better returns
to the stockmen, and the District of New Mexico. With the court's approval, there has been
there has been an increased demand for range cattle,
both breeding animals close co-operation between the receiver and the Corporation—the company's
and feeders. While many cattle raisers are laboring
under a heavy burden only creditor—in the administration and protection of its loans, and the
of debt which they will not be able to overcome,
Corporation has advanced the necessary
others
funds to the receiver against his
progress and, if conditions continue to improve, should are making steady certificates issued under court order.
Under, the supervision of the court,
succeed in working
out of their difficulties. The Corporation has been
receiver is in immediate charge of
the
all matters affecting the cattle on
satnding by the situation, and in cases where the borrowers have a reasonab
two ranches in Mexico against which
le chance to work the
advances were made through the
out, where other credit facilities are not available,
and where repayment company, and also, with the consent of the court, of the cattle on the same
could be made only through the sacrifice of breeding herds
ranches which were mortgaged to the
Corporation through other companies.
or other security,
It will continue to carry the loans until they can be
Loans to Co-operative Marketing
manner out of the proceeds of sales, or until they liquidated in an orderly
Associations,
can be financed through
From
Jan.
1
1921 to Dec. 31 1924 the Corporat
other sources.
ion authorized advances
totaling $202,590,000 to 33 co-operative
marketing associations in 20 States
Total Agricultural and Live Stock Loans.
to finance the orderly marketing of wheat,
cotton,
Under the Agri:a:Rural Credits Act of Aug. 24 1921,
as amended, the staple agricultural commodities. Of this amount, tobacco, rice and other
Corporation approved 8,749 advances for agricultural
$5,262,000 was authorlive stock purposes ized under the Corporation's export authority
In the aggregate amount of $478,926,000—$188,519
,000 to banking insti- Agricultural Credits Act of Aug. 24 1921 and prior to the passage of the
tutions, $93,080,000 to live stock loan companies and
$197,827
,000 under the pro$197,327,000 to co- visions of that Act. Altogether, the associations
operative marketing associations.
actually used only $41,162,000 of the commitments from the
Corporation, as they were able to
Of the amount approved, $297,943,000 was actually
advanced to Nov. finance the greater part of their requirements
80 1925—$172,083,000 to banking institutions. $87,335,
through the normal banking
laDnunr Invg
000 to live stock
loan companies, and $38,525,000 to co-operative marketing
the season of 1921-22 the Corporat
associationg.
The total repayments received by the Corporation
ion
approved loans totaling
to Nov. 30 1925 on $64,340,000 to co-operative marketing
associations
account of these advances aggregated $278,100,000, which
represents 93.3% used. For the season of 1922-23 the loans approved and $19,198,000 was
of -the amount advanced. Of the total, $162.860,000 was repaid
amounted to $126,250,by bank- 000, of which $19,412,000 was utilized, while for the
ing institutions, $77,381,000 by live stock loan companies
season of 1923-24 the
and $37,859,000 loans authorized aggregated $12,000,000, of which
by co-operative marketing associations, leaving a balance
$2,552,0
00 was actually
outstanding on advanced.
Nov. 30 1925 of $19,843,000, as follows: Banking and
Of the $41,182,000 advanced to
financing instituco-operative marketing associations,
tions, $9,223,000; live stock loan companies, $9,954,
$666,00
0, or 1.6%, was outstanding on Nov.
000; co-operative
30 1925.
marketing associations, $666,000. The advances made by
the Corporation
Loans for Export Purposes.
In eight States—Arkansas, Florida, Louisiana, Michigan,
Nevada, Ohio,
The export loans approved by the Corporat
Utah and Virginia—have been repaid in full.
ion after it resumed operations
In January 1921 totaled $58,374,000—$4
The figures given above, as well as those which appear
3,379,000 to banking and financsubseque
this report, include not only the original loans but also expense ntly in ing institutions, $9,733,000 to exporters, and $5,262,000
to co-operative
advances marketing associations.
In connection therewith.
Of
the
amount
approved
$5,778,0
00 represented advances authorized on
Loam to Banks.
grain, $3,246,000 on tobacco, $40,759,000
on cotton, $3,120,000 on other
In all, the corporation made loans for agricultural and live stock
pur- agricultural products, and $5,471,000 on
manufactured articles.
poses to 4,317 banking institutions in 37 States. Of these, 674, or 15.6%,
There was actually advanced against these
were national banks and 3,643, or 84.4%, were State banks. Of the State 654,000
commitments a total of $38:—$28,469,000 to banking and financin
banks, 213 were members of the Federal Reserve System. The advances
g institutions, $7,547,000
to to exporters, and $2,638,000 to co-operative
national banks, amounting to $33,761,000, constitute 19.6% of the whole, entire
marketing associations. The
amount has been repaid with the exceptio
n of $345 45, charged to
and the advances to State banks, totaling $138,322,000, equal 80.4%. profit and loss.
Of the 4,317 banks to which advances were made, 720 (82 national and
The loans made under the Corporation's
export
authority prior to the
subseque
ntly closed, and 57 of these (3 national and 64 State) suspension of activitie
638 State)
s in May 1920, amounting to $46,348,000, were paid
have reopened or have had their obligations assumed by solvent institutions. In full before Nov. 80
1922.
FEB. 13
1926.]
THE CHRONICLE
827
Corporation's books on
000 (principal amount) was outstanding on the
Summary of Operations Since January 1921.
30 1925, compared with $82,623,000 on Nov. 30 1924.
Nov.
aphas
it
1921
January
ed $63,170,000, but
Since the corporation resumed operations in
The Corporation's earnings on Nov. 30 1925 aggregat
agricultural and live stock
represents a profit to the Government.
this
that
proved advances aggregating $478,928,000 for
be
assumed
not
must
it
, making a total of $537,Treasury and in deterpurposes and $58,374,000 for export purposes
The capital of the Corporation was furnished by the
into
ion's operations it is proper to take
Corporat
the
300,000.
of
result
the
mining
97,943,
advanced-$2
Treasury had
Of the amount approved, $338,598,000 was actually
the cost to the Government of these funds for, if the
account
export
for
,000
market
938,854
the
borrowings in
000 for agricultural and live stock purposes and
not been called upon to supply them, its current
cost of administering and colpurposes.
,000. would have been correspondingly less. The
9318,753
totaled
1925
30
Nov.
to
loans
that will'be sustained on
these
on
losses
The repayment
ing loans, as well as the
agricultural and live stock lecting the outstand
orderly liquidaOf this amount $278,100,000 was repaid on the
also must be considered. Under a program of
loans,
these
has
ion
Corporat
the
,
e the outstanding balloans and $38,853,000 on export loans. In addition
tion, it necessarily will require some time to liquidat
loans
the
on
000
$57,992,
totaling
nts
received since January 1921 repayme
at this stage to determine with any degree
loans made under its ances, and it would be difficult
d.
made under its war powers and $35,838,000 on the
will be or what losses will be sustaine
expense
total
the
what
accuracy
of
bringMay 1920,
loans
export authority prior to the suspension of operations in
however, In comparison with the total
small,
be
will
losses
the
That
to
ns
operatio
of
on
of the aggregate amount
ing the total repayments on all loans since the resumpti
made by the Corporation seems clear, as 94.6%
part of the
$410,381,000.
had been repaid on Nov. 30 1925 and much the greater
advanced
for
advances
of
y
summar
a
includes
collected.
be
will
dly
Exhibit A, attached to this report,
undoubte
000
$38,812,
of
ing
balance
Sections 21, 22 and outstand
of the result of
export and agricultural and live stock purposes under
The closest estimate that can be made at this time
Jan. 4 1921 to
has been finally
24 of the War Finance Corporation Act, as amended, from
Corporation's operations is that when its business
the
the original capital and
Nov. 30 1925, inclusive.
liquidated, it will have returned to the Treasury
to the Government of the
a sum which will approximately equal the cost
Loans Under the War Powers.
interest
words, the Corporation's income from
powers, 918,989,000 money used by it; in other
deducting
Of the loans made by the Corporation under its war
Government securities will, after
in
nts
investme
and
loans
on
ion
on
Corporat
the
(principal amount) was outstanding on the books of
approximately reimburse the Treasury for
advance made in operating expenses and losses,
Nov. 30 1925. Of this amount 918,544,000 represents an
of the funds furnished by it.
recost
was
the
and
ship,
receiver
through
ng, particularly in view of
1918 to a public utility which passed
This result, if accomplished, will be gratifyi
received securiwhen the Corporation was authororganized in 1923. In the reorganization the Corporation
existed
that
ns
conditio
zed
of
demorali
value
the
a market
stock
ties of the new company which, on Nov. 30 1925, had
scale to the agricultural and live
represents the face ized to extend assistance on a large
approximately $18,882,000. Of the remainder $400,000 reorganization of industries. The expenses incurred in rendering this assistance necessarily
on
the
in
connecti
ion
than those incurred in
amount of the security taken by the Corporat
the war, while have been much greater, proportionately,
is estimated that the expense
It
ion.
an Industrial company which received an advance during
Corporat
the
of
business
under
other
with the
live stock
its agricultural and live stock
$25,000 represents the unliquidated balance of loans on
of making, administering and collecting
Corporation's
Section 9 of the War Finance Corporation Act.
equaled from 85 to 90% of all the
1925
30
war
Nov.
the
to
loans
under
loans
The nation-wide scale
The expense advances in connection with live stock
the operating expenses since its establishment in 1918.
with
1925,
SO
Nov.
d, the
to
conducte
prior
powers, amounting to $15,000, were repaid
of Aug. 24 1921 were
on which the operations under the Act
loss.
exception of 8400, which was charged to profit and
, and the nature of the business itself
involved
ions
transact
s
of
advance
number
large
expense
The repayments during the year on the war loans and
excess of those required in hannecessitated expenditures considerably in
In connection therewith aggregated $17,000.
other activities.
dling the Corporation's war loans and
, Chairman; Eugene
The report is signed by A. W. Mellon
Reduction of Operating Expenses.
Cooksey, Fred
has steadily aur- Meyer, Managing Director, and George R.
ion
Corporat
the
,
declined
have
loans
ing
As the outstand
l
personne
and
tion
ors.
organiza
Starek andFloyd R. Harrison, Direct
tailed its operating expenses and adjusted its
of the work under the
to the reduced volume of business. At the peak
Dec. 1
On
408.
d
numbere
ton
Washing
Act of Aug. 24 1921, the staff in
Dec. 1 1923 to 265, on Dec. 1
west, 1920-19251922 the force had been reduced to 373, on
ng Readjustments in the North
rate of'expenditure per annum Farmi
The
98.
to
1925
1
Dec.
on
and
159,
Farmers.
1924 to
g
Amon
was
,
uptcy
expenses
Bankr
g
operatin
in Washington on the basis of the November 1925
and business
annum on the basis of simapproximately $207,000 less than the rate per
From the monthly review of agricultural
for November 1923 and
Federal Rethe
by
29
Jan.
ilar expenses for November 1924, $385,000 less than
issued
t,
distric
the
in
conditions
$800,000 less than for November 1922.
ing:
follow
field
the
the
in
take
made
we
been
serve Bank of Minneapolis,
Steady adjustments and reductions also have
the Act of Aug. 24 1921
1% between 1920 and 1925 in the
organization and personnel. When the work under
The number of farms increased 8-10 of
in the various
hed
Dakota and Montana, acestablis
were
agencies
loan
ural
of Minnesota, North Dakota, South
was begun, 33 agricult
States
four
to
reduced
been
number had
Census of Agriculture. The
1925
the
1925
the
30
of
Nov.
results
On
ary
country.
prelimin
the
of
the
to
sections
and the supervision of the cording
the trend for the United States
15, the remaining 18 having been discontinued
in these States has been contrary to
Analysagencies or to Washington. trend
decrease of 1% in the five-year interval.
a
was
which
unpaid loans, if any, transferred to adjacent
whole,
a
as
showed increases in
a City and Kansas City,
by States, Minnesota and South Dakota
During the year, two agencies, those at Oklahom
figures
the
ing
The
City
a
declines.
Montana showed
through the Oklahom
were discontinued. The outstanding loans
of farms, and North Dakota and
on Dec. 31 1924, and the number
counties of Minnesota, where
northern
the
in
largely
agency were transferred to the Kansas City agency
occurred
s
Des Moines agency on June increase
and in southern Minnesota and
the business of the latter was transferred to the
land is being put under the jilow,
up into smaller
nue the agencies at much new
where the farms are being broken
Dakota,
80 1925. Arrangements had been made to disconti
South
eastern
at Helena on Jan. 15
very generally throughin the number of farms occurred
Cheyenne and Omaha on Dec. 31 1925 and the agency
s
Decrease
units.
Denver,
to the agencies at
and in northwestern South Dakota.
1928, and to transfer their outstanding loans
out Montana, in western North Dakota
Des Moines and Minneapolis, respectively.
NUMBER OF FARMS.
taken over the custodian
% 1925
At Minneapolis and Atlanta the agencies have
on
former
the
banks,
of1920.
Reserve
1920.
Federal
1925.
work formerly performed by the
105.5
of the col178.478
custody
The
1925.
15
188.215
Sept.
on
latter
the
97.8
March 14 1924 and
Minnesota
77.690
75.969
n was transferred from North Dakota
Wisconsi
in
loans
ing
106.6
outstand
the
securing
74.637
lateral
79.536
lis agency on June South Dakota
81.3
57.677
the Federal Reserve Bank of Chicago to the Minneapo
46.901
100.6
n has been com- Montana
388.482
390.621
30 1925, and in several instances the work of one custodia -consolidation Four States
98.8
6.448.343
the
for
way
63
under
6.372.2
now
are
Plans
States
bined with that of another.
of farm land. The acreN. M. These United
Fe,
selection
Santa
at
careful
agency
the
more
a
and
n
been
y
custodia
of the work of the
There has evidentl
States was K. smaller than
resulted, or will result,
land in farms in 1925 in these four
changes, in addition to facilitating the work, have
reduction in
Atlanta and age of all
in the number of farms, the
increase
an
of
in a substantial saving to the corporation. At Minneapolis,
spite
In
1920.
was very nearly as great
Reserve Bank in
pronounced in South Dakota, but
Denver space has been obtained for the agencies in the Federal
most
was
acreage
Minneures for rent
reduction of land in farms in
buildings free of rental, reducing the corporation's expendit
in Montana and North Dakota. The
the addition of new farm
that
showing
slight,
at the rate of nearly $8,000 per annum.
very
sota, however, was
abandonment of
The field staff, other than the members of the local committees who land in the northern part of the State very nearly offset
with
servd without compensation, numbered 143 on Dec. 1 1925, compared
the State.
of
parts
other
in
land
.
237 on Dec. 1 1924, 298 on Dec. 1 1923 and 273 on Dec. 1 1922. The rate
IN FARMS.
ACREAGE OF ALL _LAND
of expenditure per annum outside of Washington on the basis of November
per
rate
1011920.
. 1920.
1925, operating expenses was approximately 9348,000 less than the
:
1925.
1""ja'
igt"
l.
• .•
99.4
':-* a talla
30.221.758
30.040.933
annum on the basis of similar expenses for November 1924, $375,000 less Minnemta
.751.
.214
0536
34.326.9
92.4
than for November 1923 and $252,000 less than for November 1922. These North Dakota
34 636.491
898
32.006.
93.4
35.070.656
figures are based upon the total field expenses-the expenses incurred by South Dakota
32.740 442
94.8
the Federal Reserve banks and other custodians for the account of the Cor- Montana
.178 `1 - 136 143.656
129.115
States
Four
Dakota
are
which
g
poration as well as the expenses of the agencies, includin those
reduced very greatly in South
The size of the average farm was
ns occurred in North Dakota
reimbursable. The reimbursable expenses represnt, for the most part, ex1920 and 1925, and smaller reductio
1925
penses incurred by the field force in connection with closed bank advances. between
farm in Montana was much larger in
average
the
but
a,
Minnesot
and
Formerly they were carried in a separate account, but on June 25 1925,
1920.
in
than
when the outstanding balance totaled $296,100, of which $233,000 repreAVERAGE ACREAGE PER FARM.
sented items incurred prior to Jan. 1 1925, the entire amount was trans% 1925
of 1920.
ferred to the account "Expense of agricultural loan agencies." Since that
1920.
1925.
94.3
169.3
date, all reimbursable expenses incurred have been charged, and all pay- Minnesota
159.6
97.0
466.1
451.9
ments received on account of such expenses have been credited, to this North Dakota
86.7
464.1
402.4
ed
$95,aggregat
114.8
account. The collections of such expenses during the year
South Dakota
608.1
698.1
Montana
increased
586, and the total amount outstanding on Nov. 80 1925 was $318,000.
by
tenants
operated
States
four
The number of farms in these
Montana there was an increase of
Personnel.
25% during the five-year period. In
farmers, and in North Dakota and
tenant
of
number
the
in
was
half
more than
Eugene Meyer, whose term as Director expired on March 13 1925,
farmers increased more than one-fourth.
tenant
of
number
the
the
by
d
Dakota,
was
and
South
confirme
renominated by the President on March 11 1925
d only one-sixth.
on March 14 1925 In Minnesota the number of tenants increase
Senate on March 12 1925. He took the oath of office
OPERATED BY TENANTS.
as
FARMS
W.
resigned
Mondell
Frank
,
OF
g
R
Director
elected
Managin
NUMBE
again
and was
4 1925
9.
d by the
of 1920.
Director on July 15 1925 and Floyd R. Harrison was appointe
1920.
1925.
16 1925.
115.7
44.138
President to succeed him, taking the oath of office on July
51.081
131.0
and Minnesota
19.918
26.096
Gerard C. Henderson, General Counsel, resigned on Sept. 30 1925
North Dakota
126.9
041
26
33.046
Morrill.
Chester
Counsel,
t
the
by
Assistan
General
South Dakota
was succeeded
154.1
6.507
10.027
Montana
124.5
96,604
250
120
Conclusion.
States
Four
from
d
increase
tenants
by
operated
Montana
The percentage of farms in
program of war finance, the
ge of tenant farmers
Since its creation in 1918 as a part of the
to 21% in 1925. Increases in percenta
1920
in
11%
,000
308,771
5,000-$
ing
42%;
$689,71
35
to
aggregat
from
Corporation has made advances
were as follows: South Dakota,
purposes, and $297,943,000 for the other States
under its war powers, $85,001,000 for export
to 34%; Minnesota, from 25 to 27%.
the total advanced, $38,812,- North Dakota, from 26
Of
.
stock
purposes
live
and
ural
agricult
for
828
THE CHRONICLE
The average value of land and buildings per acre
in Minnesota declined
from $109 in 1920 to $80 in 1925; in North Dakota from
$41 to $30; in
South Dakota from $71 to $45, and in Montana from
$22 to $14. This
decline in farm values was almost entirely in the value
of land, for the
value of farm buildings increased during the
five-year interval in Minnesota and declined very slightly in North Dakota and
South Dakota, although
more seriously in Montana. The value of farm land,
exclusive of buildings,
on the other hand, declined more than one-third in
the four States.
VALUE OF FARM LAND.
(Excluding Buildings)
% 1925
1925.
1920.
of 1920.
Minnesota
$1.798.470.419
$2,750.328,432
North Dakota
65.4
812,160
,391
1.279.313.627
South Dakota
63.5
1,200.741.574
2,231,431.723
Montana
53.8
387.08
9,818
691,91
2.265
Four States
55.9
4.198,462.202
6.952,986,047
60.4
VALUE OF FARM BUILDINGS.
[VoL. 122.
and the penalty imposed by the Board
in the case be read from the
rostrum at the opening of the Exchange
on Thursday, June 1st, and
posted upon the bulletin of the Exchan
ge. This was done to my
grave injury and extreme humiliation.
Subsequently I made an application
to the Supreme Court for a
peremptory mandamus order, which after
a hearing was denied by the
Special Term, but on appeal taken by
me to the Appellate Division
that tribunal unanimously reversed the
decision of the lower court
with costs and disbursements and granted
the peremptory mandamus
order with $50.00 costs, the Court holding
that the attempted suspension was void ab initio.
In the opinion of the Justice writing
for the Appellate Court, it is
said:
That we cannot review the evidence and
reverse the decisions of
the Governing Body of the Exchange
unless there is no evidence
tending to support the charge;
-and again—
If we were to decide this questio on
% 1925
the weighht of evidence, I
1925.
1920.
would unhesitatingly hold that the ndecisio
of
Minnesota
1920.
$597,534.909
n of the Committee and
$550.839,893
of the Board of Managers was contrar
North Dakota
108.5
206.383
y to the weight of evidence;
,281
209,207.868
South Dakota
98.7
and
furthe
r—
236.176.643
241.461.958
Montana
97.8
That it must be shown clearly
66.255.825
84,855.264
the dereliction charged against
Four States
78.1
1.106.350.658
a member comes within the scope that
1.086.364,983
of the By-Laws and that it cannot
101.8
This great reduction in the value of farm
be extended by implication to include
land has been accompanied by
anything that is not clearly
financial distress among those farmers of
within its content;
this district whose land was most
and further—
heavily mortgaged. A rough index of this
is to be found in the figures for
bankruptcies among farmers. The followi
This respondent has been warned
can take nothing by implicang table of bankruptcies among
tion. Forfeitures depend upon clearitand
farmers has been compiled by the United States
Department of Agriculture
ex rdl Elliott vs. New York Cotton Exchan explicit language. (Peo.
from annual reports of the Attorney-Gener
ge, 8 Hun. 216);
al of the United States. It will and further—
be seen that the number of farmer bankrup
tcies was very small in each of
He had placed one of his partners in charge
the four States until 1920, and that from
and had given orders
1920 to 1924 the number of such
forbidding the doing of the act for which
bankruptcies increased rapidly to very
sonally responsible and for which he has he has been held perlarge proportions. However, the
been
large crops of 1924 and the high prices
stigmatized by the
reading of the order for his suspension
received for these crops caused a
notable reduction in the number of farm
Exchange stating that after due trial he from the rostrum of the
bankruptcies in every State, except
*
South Dakota. For the six-year period from
conduct detrimental to the best interests ofhad been found guilty of
June
the Exchange.
the percentage of bankruptcies to the total number30 1919 to June 30 1925 and further—
of farms in these States
We are in thorough sympathy with the
In 1920 was 3% for Montana and North Dakota
efforts
of the Exchange
and 1% for Minnesota and
to suppress bucketshops; but, however
South Dakota. It should be noted that the
e may be their desire
number of bankruptcies by no
in this regard, it is not permissible tolaudabl
means measures the extent of the financi
punish the innocent or to
al distress, for many farmers
inflict penalties not authorized by the By-laws
abandoned their land without bankruptcy
that appelant could not be disciplined upon . We hold, therefore,
proceedings, and many others
evidence adduced
were allowed to effect a composition with
for a violation of the By-Laws as now framedthe
their creditors without bank.
ruptcy proceedings being instituted.
and further—
It is not a case of holding the master civilly
BANKRUPTCY AMONG FARMERS.
caused to innocent third persons by the neglige liable for damages
(Cases Concluded in Fiscal Years Ending
nce of wrongful act
of a servant; but it is holding the master liable
June 30.)
Minne- North
his proprietory rights in his seat in the Exhange, to forfeiture of
South
MonFour
sota,
Dakota. Dakota.
the pursuit of his business, and therefore subject depriving him of
tana.
1910
States.
ing him to conse60
67
quences highly penal, 'for the act of a servant
30
1911
9
166
28
41
without his knowledge or consent, but againstcommitted, not alone
11
1912
9
89
his express orders.
29
54
19
1913
20
122 all to my great loss and humiliation.
32
92
25
38
1914
187
You have never undone the wrong inflicted upon
29
105
42
me.
When advised
55
1915
231
16
of the order of the Appellate Division on Decemb
111
33
71
1916
231
er 2nd, 1922—as
19
90
16
you informed me in your letter of November 24th,
81
1917
206
59
1925, you announced
60
50
90
1918
259 from the rostrum that "Lamborn & Company are
49
61
17
restored to trading
38
1919
165 privileges."
16
37
6
52
1920
111
42
50
Upon
advice
18
63
of
my
1921
Counsel, I now respectfully request
173
57
93
and de24
82
1922
256 mand that upon due notice given to all of
189
237
38
the members of the New
215
1923
679 York Cotton Exchange,
291
615
148
you
make
366
public announcement from the
1924
1,420
430
782
236
551
1925
1.999 rostrum and post upon the bulletin of the Exchange, that you were
369
629
352
460
Bankruptcies. 1920-25
1,810 wrong in your action in suspending me; that
1,378
2,406
816
you did not have the
1,737
Per cent which bankruptcies in
6.337 right to so do, and that you insert
in your records that the judgment
the six years 1920-25 are of
suspens
of
ion
was
null
and
void from the beginning and
number of farms in 1920_
.8
3.1
was illegal
1.1
3.0
1.6 and unwarranted, and that you send me a letter
advising me that
you have so acted.
N. Y. Cotton Exchange Retracts Charg
Unless this is done by you within
the
es Against A. H. sider
your failure so to act as a refusal next ten days, I shall conLamborn—Cancellation of Suspension and
Restoration
malice with which your whole proceed and as further proof of the
ing
to Rights of Full Membership.
and I shall take such course as I am advisedagainst me was charged,
to protect my rights and
defend my good name.
The New York Cotton Exchange public
ly retracted on
The suspension, which was referr
Feb. 5 the charges against Arthur H. Lambo
ed to in our issue of
rn, of 7 Wall
June 3, 1922 (page 2422), was said
Street, this city, which resulted in his
to have grown out of
suspension for a
alleged telephoning of quotations
period of six months beginning June 5, 1922.
by employes in technical
The vindicaviolat
ion of the rules. The verdict of
tion was announced from the rostrum of the
the Appellate DiviExchange ana
sion of the Supreme Court nullifying
posted on its bulletin board as follows on
the suspension was
the
5th
inst.:
On June 1, 1922, after a trial, the Board of
report
ed
in these columns Dec. 2, 1922,
Managers found Mr.
page 2433, and Mr.
Arthur H. Lamborn guilty of conduct detrime
ntal to the best interest Lamborn's reinstatement by the
of the Exchange and suspended him from all
Exchange was noted in our
rights and privileges as issue of Dec. 9, 1922,
a member for a period of six months commencing
page 2525.
June
5, 1922. This
was announced from the rostrum of the
Exchange.
Mr. Lamborn then applied to the
Special Term of the Supreme
Court for an order directing the Exchan
ge to cancel his suspension
and to restore him to full privileges of
membership. The Special
Term denied his application, and he
thereupon appealed to the Appellate Division of the Supreme Court
for the First Department,
whihc, on Dec. 1, 1922, reversed the
decision of the Special Term
and decided that Mr. Lamborn was entitled
to the relief sought by
him. The Appellate Division decided that
Mr. Lamborn had been
suspended for acts of employees of
his firm committed without his
knowledge and against his orders and that
he could not be held guilty
of conduct detrimental to the Exchange for acts
of his employees
which he had not authorized, but, on the contrary,
had expressly forbidden. The Appellate Division held that
the action
of Managers in convicting and suspending Mr. Lamborof the Board
n was wrong
and that the Board did not have the right to take this
action.
Because of a request received by the Board of
Manage
rs from Mr.
Lamborn, this further notice is published and
announced from the
rostrum for the purpose of making public announ
cement of the result
of the legal proceedings taken by him to cancel his suspens
ion and
restore him to the rights of full membership. A
copy of the opinion
of the Appellate Division will be posted with this notice on
the
bulletin board in order that the members may unders
tand its full
scope.
Steps for Formation of Inter-Stat
e Cotton Acreage Reduction Association Taken at
Memphis—J.S. Wannamaker's Proposals That
State Bonds Stand
Behind Protection of
Cotton.
A resolution, presented by Flarvie
Jordan of Atlanta, and
said to have been adopted at
Memphis, Tenn., on Feb. 3,
by a practically unanimous vote, calls
for the creation of
an Inter-State Cotton Acreage Reduc
tion Association, and
urges "a drastic reduction in cotton
acreage for 1926 and a
corresponding increase in the food,
feed and forage crops
of the cotton States." The resolu
tions, which were adopted
at a conference of planters, banke
rs and agricultural commissioners, read:
"Whereas, it is imperative that
immediate steps be taken to regulat
the cotton acreage of the south so
e
staple within the legitimate needs as to restrict production of the
of consumption, and
to increase
food and feed crops so as to make
the cotton farms of
the south selfsustaining, thereby promoting the
welfare and prosperity
south,
of
the entire
be
it
resolved
Mr. Lamborn's request for retraction of the charges
was
"That this committee recommend
the creation of an Interstate
contained in the following letter addressed to
the Ex- Cotton Acreage Reduction Association.
"That state associations be at once
change on February 3:
sentative farmers, bankers, merchants, organized, composed of repreGENTLEMEN:
affiliated associations and state
and federal agencies.
On June 1st, 1922, after what you termed a trial pursuant to the
"That the convention elect an
interstate commissioner and he be
By-Laws of the Exchange, the Board of Managers unlawfully sus- directe
d to call state meetings at the
pended me from all rights and privileges as a member for a period of organiz
ation and to devise ways and earliest opportunity to Perfect
means to carry out the objects
six months commencing June 5, 1922, and directed that their findings and purposes
of this movement. But it
further resolved
FEB. 13 1926.]
THE CHRONICLE
"That this convention, after giving full consideration to the present
for
raw cotton situation, urges a drastic reduction in cotton acreage
1926 and a corresponding increase in the food, feed and forage crops
of the cotton states. Be it further resolved
"That we appeal to the entire business interests of the south to
give full co-operation and support to the success of the recommendations set forth."
829
which
"It would follow as a matter of course, that the commission
the
will have been established jointly under this plan, would have
the law
power to decrease cotton acreage for the coming year under
in
automatically requiring a certain part of the lands to be planted
food, food and other money crops."
Universal Cotton Standards Favored Abroad.
According to the Memphis "Commercial Appeal,"
use of the universal cotton standards in Europe
Practical
Clarence Ousley has been asked to serve as Director
with general satisfaction among brokers and
meeting
Is
meeting
General of the movement. In its account of the
William I. Holt, Department of Agriculsays
merchants,
that paper announced the receipt of a message at the conwho has recently returned to Washingexpert,
ture
cotton
ference from Senator Heflin, as follows:
standards for grades of AmeriUniversal
from
abroad.
ton
waged
being
now
"I am in hearty sympathy with the -campaign
year,"
this
acreage
cotton
of
south
for
the
the
redution
throughout
can.cotton have progressed far beyond the perfunctory
Senator Heflin said in a telegram to the conference expressing his agreement stage in Europe," Mr. Holt says. "They have
regret at being unable to attend.
exchanges and cotton
i"The cotton crop of 1924 of 13,500,000 bales at 24 cents a pound, been accepted in fact by the cotton
or $120 a bale, sold for $1,620,000,000," the telegram continued. "The associations and put into daily use in transactions." Mr.
15,000,000 bale crop of 1925 at 20 cents a pound, or $100 a bale, Holt, the Department states under date of Jan. 20, was
will bring $1,500,000,000, which is $120,000,000 less than the 1924
use of the standards,
crop, and the 1924 crop was smaller by 1,500,000 bales than the 1925 sent abroad to facilitate the general
crop.
following the signing of agreements between the Depart"A 12,000,000 bale crop this year at 25 cents a pound, or $125 a ment of Agriculture and the cotton exchanges of Europe to
bale, would bring $1,500,000,000, while a 15,000,000 bale crop at
use the standards in connection with American cotton going
20 cents a pound, or $100 a bale, would bring the same amount.
"Then why should we make a 15,000,000 bale crop which requires to Eurobe. He says there is growing interest in the standmore money, more labor and more land to produce? Would the steel ards throughout the trade from brokers to spinners. He
corporation spend the money necessary and use the extra amount of
material required to produce and sell 1,500,000 tons of steel rails for adds:
the same amount it could get for 1,200,000 tons? Would any sensible
man agree to go into the forest and cut 1,500 trees when he knew in
• advance that he could get the same amount of money for cutting 1,200
trees of the same size?
Farmers Should Fix Prices
"A reduction of 25% in the cotton acreage of 1926 would be a
distinct blessing to the cotton farmers of the south. I also think it
would be a good plan for the American Cotton Association and thhe
commissioners of agriculture of the south to meet in Memphis or
some other place about the first of next August and suggest a scale
of prices for the 1926 cotton crop. I am at your service to aid in
any way that I can the cotton producers of the country."
The same account says:
J. S. Wannamaker, president of the American Cotton Association
and whose home is in St. Mathews, S. C. was in the chair. In open
big the conference Mr. Wannamaker said, in part:
effort
every
proof
that
convincing
present
"Records of 30 years
made by the southern cotton farmer to increase food, feed and forage
crops, and money crops other than cotton, have resulted in not only
making the farm self sustaining, bringing a source of revenue from
other money crops to the farmer, but also, without exception since
1877, every such movement, in which we have taken part, numbering
some 20 odd, have resulted in higher prices for cotton the following
fall.
• Planters Free of Losses.
"Of course, we recognize the law of supply and demand is immutable; and the benefit has always been in proportion to the extent to
which we carried out the plan.
"It is a popular belief that under the leadership of bankers, merchants and credit sources of the south, the cotton grower will make
these resolutions in the fall, when they are suffering as result of
cctton selling for less than the cost of production, and in the spring
of the year when he begins his operations he forgets all about these
resolutions of increasing his food, feed and forage and again plants
all the cotton that he can.
"A cotton factor who is vitally interested in the success of the cotton
grower recently told one of our representatives that you could do
nothing with the cotton grower toward reforming his tendency to plant
all cotton until he is prone on his back. The average cotton grower
is not prone on his at the present moment, but according to reports
made by hundreds of practical farmers who conducted demonstration
farms for the American Cotton Association show that the cotton industry as a whole lost around $300,000,000 last year.
"We would dislike to see a situation where there would not be an
ample supply of cotton for American mills at reasonable prices but
frankly we would dislike more to see the farmer cotton grower further
cripple himself by supplying that cotton if he cannot get the most
Of production plus a reasonable profit. For viewing it as an industry
and looking ahead 20 years, the sooner we can educate the consumers
of cotton to the wisdom of paying cost plus a reasonable profit, the
better it will be for all concerned, for it is inevitable that the variableness in production and in price will eventually destroy the American cotton industry and put it altogether in the hands of the Asiatic
and African countries.
Favors Cotton Commission.
"A joint cotton commission should be provided for whose duty it
would be to decide each year the amount of cotton to be retired from
time to time. This cotton to be warehoused and receipts to be deposited with the designated officials and handled very much in the
same manner as papers are handled by the intermediate credit system
today- In other words, debentures could be issued against these receipts, which debentures could be sold on the open market. There
would be no lack of financial means for carrying this machinery
through based on cotton stored in bonded warehouses.
..Legislation could either permit the chartering of the joint corporation with state divisions or with one central head for the entire
The
state divisions.
belt to be worked through existing banks or
capital should be subscribed by individuals and institutions.
stand
state
too
bonds might
far to say that the
"Would it be going
behind the protection of their cotton to the end that foreign countries
have
had
to do for their
do
we
for
cotton
what
to
required
may be
products? If it is economically wise for England, Brazil and Egypt
is it not wise for us to do it and remove the cotton
to do this, why
his property on a fair
grower from economic slavery and put him and
with other sections of the country.
and economical basis
"We put state bonds behind good roads for the social and economic
advancement of the people. Is it wrong to ask that state bonds be put
belongs to the south and
behind the nation's greatest products which
which action will enure to the benefit of the south.
The trade appreciates the advantage of moving cotton from the producer to the consumer under the same class designation and description.
This means getting away from the old system under which the same bale
of cotton was frequently called one grade when it left the hands of the
farmer in the primary market in America, and another when it had
reached the spinner. The trade wants standards that can be used continuously without change, and the present ones seem to meet that requirement.
Cotton Co-operatives Make Rapid Growth.
Fifteen State-wide or regional co-operative cotton marketing associations, having a total membership in 13 States of
more than 280,000 growers, handle approximately 10%
of the American cotton crop. The organization and operation of this group of generally similar associations is one of
the most interesting of contemporary achievements in the
history of the co-operative marketing movement in American
agriculture, says the United States Department of Agriculture, under date of Jan. 29, adding:
co-operative
The first important effort to organize cotton growers for
followmarketing occurred in the period of depression and reconstruction
the World War
ing the Civil War. Comparable conditions following
1920 of
influenced the movement which resulted in the organization since
belt.
the present large-scale associations that cover the cotton
plan.
non-profit
-stock,
These associations are organized on the non
average
Pooling is practiced, each grower receiving his pro rata share of the
less the
price received for all cotton of the same grade and staple as his own,
sales
cost of marketing. By operating annual pools and distributing
season's
the
approximately
throughout the year, they plan to receive
average price.
United States Department of Agriculture Bulletin No. 1392, "Co-operathe
tive Marketing of Cotton," by G. 0. Gatlin, Just issued, describes
conditions preceding the organization movement in the cotton-producing
including
association,
each
of
States; gives a brief history of the development
adopted
the American Cotton Growers' Exchange; discusses the generally
principles and policies, and describes operating methods and practices.
charge
Copies of Department Bulletin No. 1392 may be obtained without
as the
from the Department of Agriculture, Washington, D. C. as long
from the
supply for free distribution is available; or they may be purchased
10 cents
Superintendent of Documents, Government Printing Office, at
Per copy.
General Expansion in Agricultural Production Not Advisable, According to Department of Agriculture.
Although the farming industry is now in the best general
position since 1920, any general expansion in production this
year would tend to place farmers in a less favorable economic
position than at present, the Department of Agriculture
points out in its farm outlook report issued on Feb. 8. The
Department states:
for
There is little likelihood of increased domestic and foreign demand
farm products, the Department says, the situation indicating a possible
decrease in demand the latter part of the year.
No reduction in farm wages may be expected, and the cost of farm
equipment will probably remain at present levels. Sufficient funds will be
available for agricultural credit in most regions at about the same rates as
in 1925.
A slightly smaller world crop of wheat is indicated, with world stocks at
the beginning of the new crop year not burdensome. Domestic stocks are
likely to be smaller. If an acreage of hard spring wheat equal to that of
last year is planted and average yields are secured, export and domestic
prices may be expected to be more in line with those in other exporting
countries than at present.
Cara acreage the same as in 1925 with average yields will be sufficient
to meet feeding and commercial requirements as fully as In 1925. If last
year's oats acreage is maintained, rela.ively low prices are likely to continue
unless yields are greatly reduced.
The immediate and long time outlook for cattle is favorable. A reasonably constant demand for beef is anticipated. The number of steers is
the lowest in many years, but present breeding stocks are apparently large
enough to supply as much beef as it will pay cattle producers to raise.
The outlook for the hog industry appears favorable, with prices maintained at high levels. The number of hogs in areas of commercial production is the sandiest since 1921. and for the entire country the smallest in
Many years. The present strong domestic demand for pork products seems
likely to continue through most of the year.
830
THE CHRONICLE
Indications are that 1926 will be a good year for the sheep industry,
although profits are likely to be less than during the past two years. There
may be a gradual slackening in the demand for lambs and wool in late 1926.
but further increases in production may be undertaken profitably in some
sections, as contrasted with alternative enterprises.
A cotton crop as large as that of 1925 would sell for reduced prices.
World production has exceeded the rate of world consumption the past two
seasons, and stocks have increased. Further material increases in stocks
might easily make them burdensome. There is no marked indication
that the mill demand will exceed that of the present season.
The dairy industry as a whole is in a relatively strong position, and
some slight increase in numbers of young stock during the next two years
may be desirable. Should the present tend in foreign production continue
upward, however, and consumption in Europe fail to increase, foreign competition in our markets will be an important price factor.
Some increase in flax acreage may be undertaken inasmuch as domestic
production is much below domestic requirements, even though the price
may be lower. Both the export and domestic demand for barley next year
seems likely to be less than in the past year, except for high quality malting
types produced on the Pacific Coast.
There is danger that potato growers in the late producing States may
plant too heavily. Increased acreage of more than 10% is inadvisable.
Sugar cane and sugar beet producers may see some imrpovement in prices
for the 1926 crop. There is a tendency toward increased rice acreage in
leading countries, and the present domestic demand may not continue
next year.
Increasing consumption of cigarettes Is maintaining prices for cigarette
types of tobacco at a fairly high level which, in the absence of increased
production, should continue for the 1926 crop. Chewing, snuff, and dark
export types are bringing unremunerative prices, and readjustment in
acreage is advisable.
The market for poultry during the first six months of 1926 will probably
be be..ter than during the same period in 1925, but prices for eggs may be
lower due to increased production.
Further plantings of citrus fruit should not be made without serious consideration, inasmuch as, barring freezes, a very material increase in production in likely. A gradual improvement in the apple industry may be
expected. New plantings of commercial peach orchards are inadvisable
except under the most favorable conditions of production and marketing.
New plantings of grapes is undesirable.
Sweet potato growers are cautioned not to over-plant, and additional
acreage of truck crops should be taken on only after careful study of accessible markets. There is danger that present high prices of cabbage will
induce growers in the late States to increase acreage too much. The
market outlook for onions during the next few months is discouraging.
Movement Toward Revival of Copper Export Association—
Availing of the Webb-Pomerene Act.
A movement is under way which may result In the
creation anew of the Copper Export Association. Stating
that leaders in the copper industry have arranged to revive the Association, which was dissolved several years ago
because of dissension among its leading interests, the New
York "Times" of Feb. 10 had the following to say regarding the movement:
Representatives of the major copper companies have been considering
a plan of revival for some severa lweeks, and have submitted one to
a committee representing the producers whereby the new association will
be organized under the terms of the Webb-Pomerene act.
The committee has decided to submit the plan to producers individually
for their approval, and an official statement regarding the producers'
reaction is expected soon, according to C. F. Kelly, President of the
Anaconda Mining Company.
Although definite information on the plans for the new organization
are still lacking, it is reported that a credit will be arranged to finance
copper exports. It is understood that this may be along lines similar to
those established shortly after the World War, when producers had
large stocks on hand. Financing then was arranged by the sale of
$40,000,000 Copper Export Association notes, for which the collateral
was 400,000,000 pounds of copper at 10 cents a pound, earmarked for
export.
The action of the leading companies in getting together was the subject of much favorable comment in copper trade circles yesterday. It
is expected to bring about control and stabilization of the export market through the pooling of sales for foreign account, which is permitted
under the Webb-Pomerene act. While the old association was not
entirely satisfactory to all concerned, it is believed that the new
arrangement will profit by its experience and be more satisfactory.
One copper authority said yesterday that a difficulty of such an
organization was the willingness of some producers to ride along with
it when conditions were favorable and shade prices when conditions
were less favorable. Under the old organization, it was said, steps
were taken to eliminate such practices, but with little success.
Producers pointed out yesterday that because of the great potential
productive capacity of the copper mines in this country and South
America, consumers for some time have bought only for immediate
needs. Long-term contracts are rare. Producers believe that if the
price situation is stabilized long-term contracts may be developed.
Rubber Exchange of New York, Inc., to Begin
Operations February 15.
The Rubber Exchange of Now York, Inc., at 31 South
William Street, this city, will open for trading in crude
rubber and rubber futures at 10 a. m. on Monday next,
Feb. 15. Trading will be confined to rubber exclusively.
Reference to the Exchange was made in these columns
Sept. 26, page 1518, and Jan. 30, page 558.
Brokers Loans Outstanding of $3,513,174,154 Revealed in
Reports to New York Stock Exchange—Views in
Washington Regarding Figures.
Brokers loans outstanding of $3,513,174,154 are revealed
in the reports made to the New York Stock Exchange by
members. These figures, which were made public by the
[VoL. 122.
Exchange on Saturday last, Feb. 6, are the first official
figures to come from it regarding the volume of these
loans; they exceed by something like a billion dollars the
figures which had been reported from time to time from
unofficial sources, through Dow, Jones & Co., but properly
interpreted confirm these figures. Last month both the
Exchange and the Federal Reserve Bank of New York
made known their intention to institute measures for making available information regarding these loans, and the
figurcs made public by the Exchange are the first resulting
from this move. Of the $3,513,174,154 loans shown as outstanding, $2,516,960,500 consist of demand loans while
$996, 213,555 are time loans. The figures were made public
as follows:
Total net loans by New York Stock Exchange members, on collateral
contracted for and carried in New York as of the close of business in
January, 1926, aggregated $3,513,174,154.
Of this total, $2,516,960,599 (or 71+%) were "call" or demand
loans, and $966,213,555 (or 28+%) were time loans. Loans to the
extent of $3,043,044,309 (or 86+%) were obtained from New York
banks and trust companies while the remainder, $470,129,845 (or
13+%), were obtained from private bankers, brokers, foreign bank
agencies, and other lenders in the City of New York. The detailed
tabulation follows:
Time
Demand
Loans
Loans
(1) Net borrowings on collateral from
New York Banks or Trust Companies $2,122,914,934
$920,129,375
(2) Net borrowings on collateral from
Private Bankers, Brokers, Foreign
Bank Agencies or others in the City
76,084,180
394,045,665
of New York
Totals
$2,516,960,599
Combined Total of Time and Demand Loans.........
$996,213,555
$3,513,174,154
In order to avoid duplications in the above amounts, net rather
than gross loans were requested by the Exchange. Loans carried
outside New York were not requested by the Exchange, and therefore
are omitted from the present tabulation. Of the total $3,513,174,154
of loans above reported, approximately $1,310,729,012 was borrowed
through out-of-town branch anl correspondent offices. This latter
figure, however, does not include a large aggregate of loans contracted
for out-of-town customers who deal through New York offices
directly, rather than through their branches and correspondents in
other parts of the country. In addition to loans obtained by Stock
Exchange members to carry securities for customers, the amounts
listed in the table given above also include loans obtained to carry
securities for investment distribution.
In giving out the figures the following statement was
made by E. H. H. Simmons, President of the Exchange:
Since the war there has been a marked tendency for partnership
enterprises to convert into corporate form, and to list their securities
on the Exchange. Many financial authorities have likewise called
attention to still another interesting and recent tendency in the security loan markets which the present figures perhaps reflect—namelY,
the increasing corporate practice since 1921 of obtaining working
capital by the sale of securities rather than through recourse to
banking loans and advances. The loans contracted upon Stock Exchange collateral have thus come to possess both a more completely
national usefulness to American business, and a wider variety of
important economic and financial functions.
The collateral of loans by Exchange members as above reported
includes securities not listed on; the New York Stock Exchange, but
in what proporiion it is impossible exactly to determine. Since the
war, however, the securities listed on the New York Stock Exchange
have experienced a notable increase. Listed stock issues on Jan.
1st, 1919, numbered only 612 against 1,045 on Jan. 1st, 1926—an
increase of 433 stock issues, or 70%. Similarly, listed bond issues
have increased between these same two dates from 1,131 to 1,368
issues—an increase of 20%. At the beginning of this year, the
market value of issues listed on the New York Stock Exchange totaled
approximately $70,000,000,000. Exclusive of U. S. Government bonds
(whose outstanding amounts on January 1, 1926,
have not yet been
reported by the U. S. Treasury), the market value of listed issues
amounted to $52,118,807,999, consisting of
$34,480,257,125 tocks and
$17,638,550,874 bonds.
In consequence, Stock Exchange member loans in
New York as
currently reported constitute less than 6% of
the total market value
of securities listed on the Exchange, about 7% of the
value of
market
listings exclusive of U. S. Government bonds, and
about 10% of
listed stock issues alone—a significant indication
of the efficiency and
economy with which credit is employed to facilitate
the ordinary merchandising of securities through the New York
Stock Exchange market. If American business continues to prosper as
it has
the past
in
few years, not only the market value of Exchange
listings, but also
the loans extended on their collateral must
inevitably continue to
show a proportionate expansion.
Reference to the movement of the Reserve
Bank and the
Stock Exchange to collect and make
available information
relative to brokers' loans appeared in
these columns Jan.
23, page 431. We also published
therein the letter of
Governor Crissinger of the Federal Reserve Board to
Pierre Jay of the New York Federal
Reserve Bank containing the request for the inclusion of figures of brolters'
loans in member banks' weekly reports. In our issue of
Jan. 30, page 558, we gave details of the call made upon
members of the Stock Exchange for the information.
Treasury officials are reported as not viewing with alarm
the figures shown in the reports to the Stock Exchange.
One account from Washington on Feb. 8 as to the views
of the Administration,—that appearing in the New York
"Journal of Commerce" stating:
FEB. 131926.]
THE CHRONICLE
on
Three and a half billion dollars in brokers' loans, as reportedindiSaturday by the New York Stock Exchange do not necessarily conbe
cate a high degree of speculation nor can the figure quoted devoted
sidered as accurately representing the amount of credit being
high
by
expressed
to security trading purposes, according to opinions
Treasury officials this afternoon.
In fact, it was stated, the $3,500,000,000 recorded for demand
loans of New York Stock Exchange members cannot rightfully be
considered as the amount being used for such purposes. Although a
difference of opinion was expressed on this point in other quarters,
several details concerning the probable makeup of the total figures
were outlined.
Purposes of Loans.
While recognizing that the total seemed large, the question was
raised as to whether or not it was unusually large, there being no
real basis for comparison existing. It was then stated that an
analysis of the situation would indicate that only a part of the total
could be considered as representing loans for carrying stocks. A
great amount, it was stated, represents funds for investment, that
is, funds advanced to corporations during organization or reorganization periods before the actual securities are in the hands of investors. A second class of these loans which are not for speculative
purposes, it was declared, are those made for carrying securities on
which payments are deferred.
Another factor of importance, it was pointed out, is that of borrowings in anticipation of corporation mergers when it is frequently
'necessary to carry new projects over an extended period. The point
was raised that borrowings on securities by business men in need
of new credit probably enter into the situation. In this particular
Treasury officials do not agree, as it was stated by other officials
that such transactions are not among the normal functions of brokerage houses.
Business Expansion.
High officials who discussed the situation leaned to the opinion
that there was nothing alarming in the Stock Exchange report.
This is in line with the belief expressed previously by officials that
little if any inflation exists in stock market prices. The point was
raised to-day that large numbers of corporations are doing business
on a much larger scale than heretofore and, it was stated, with a
larger capacity for doing business it was to be expected that increases in the finances involved should be reflected in such reports
as that issued by the Stock Exchange.
The report of the Federal Reserve Board, which will include
brokers' loans negotiated through the sixty-one member banks of the
New York Federal Reserve District, is now expected to be made in
conjunction with the Federal Reserve statement for this week. Accompanying the report this .week, according to Federal Reserve
authorities, will be an analysis of the brokers' loans situation since
the first of the year, it being planned to include reports as of the
close of each week since the beginning of the year.
The Federal Reserve report will be comparable to the Stock Exchange report under certain limitations. It will not include borrowings from private banking institutions or borrowings through foreign
banking correspondents located in New York. It will, however, be
itemized to show time and demand loans separately, making a distinction between loans by banks for their own account and loans
from out-of-town correspondents.
Hearing on Temporary Injunction Issued by the State
Supreme Court Against Consolidated Stock Exchange of New York Postponed for One Week—
Thomas B. Maloney Resigns as President
and H. M. Betts as Treasurer.
Argument on the motion of the State Attorney-General
of New York for a temporary injunction restraining the
Consolidated Stock Exchange of New York from certain
practices and for the appointment of a receiver, scheduled
to take place on Thursday, Feb. 11, before Justice John
Ford in the State Supreme Court, was postponed for one
week from that day by consent. According to the New York
"Evening Post" of Feb. 11, Thomas B. Maloney, President
of the Consolidated Stock Exchange, on that day confirmed
a report that he had resigned as head of the Exchange and also
revealed that H. M. Betts, the Treasurer of the Exchange,
had also resigned and that the affairs of the organization
were in the hands of an executive committee of five members
of the Board of Governors with Roger Dunscornb as Chairman of the Committee. Both Mr. Maloney and Mr. Betts,
it is said, refused to give any explanation for their action.
Mr. Maloney was quoted by the "Evening Post" to the
effect that his resignation was to become effective on Feb. 15;
that he had submitted it to the Board of Governors about
a week previously and it was accepted immediately, and
that his resignation was "absolutely voluntary."
Reference was made to the temporary injunction issued
against the Consolidated Exchange in our issue of last week
(Feb. 6), page 692.
Sub-Committee of Senate to Begin Hearings on
McFadden Banking Bill on Feb. 16.
Hearings on the McFadden banking bill which was passed
by the House on Feb. 4, will begin before a sub-committee
of the Senate Committee on Banking and Currency on
Feb. 16, says the Washington "Post" of Feb. 6, which
added:
The sub-committee Is composed of Senators Pepper, of Pennsylvania,
who is sponsoring the bill in the Senate; Edge, of New Jersey, and Glass.
of Virginia. The committee is familiar with the bill as it was before them
during the last session of Congress and reported out of committee, but
opponents were able to keep it from coming to a vote.
831
particz.lar from-the
As passed by the House, the bill differs In only one
bang in the lanform in which it came out of committee, the difference
business. • As
guage used In permitting banks to conduct a safe cci:osit
of a bank
amended the bill was made to read that the safe deposit business
an institution
should be located on the banking premises, thus preventing
from seeking outside quarters.
that the
The opinion was expressed In the financial district yesterday
should indicate to the
vote in the House for passage of the 13111. 292 to 90.
session.
Senate that it Is desirable to enact it at the present
Tax Revision Bill in Senate.
Birthday—a
A vote by the Senate on Feb. 12 (Lincoln's
was forecast
holiday) on the passage of the tax revision
of the Senate
on Feb. 11 by Senator Smoot, Chairman
of the
Finance Committee. Chief among the provisions
the pubwere
week,
this.
Senate
the
by
of
bill, disposed
provisions imposlicity provisions, the estate tax, and the
theatre tickets.
and
cars
passenger
automobile
on
ing taxes
the admission
10
Feb.
on
repealing
The Senate's action, in
$100,000,000
nearly
by
increase
will
taxes
automobile
and
bill;
Committee
Senate
the
in
proposed
the tax reductions
in the Senate
it is likewise pointed ont that the tax cuts
the House
bill exceed by $125,000,000 the reductions which
by the
bill would effect. The repeal of the estate tax
Senate
the
of
action
the
with
line
in
was
10
Feb.
Senate on
a vote
by
approval,
Senate's
Committee on Finance. The
18 Demoand
Republicans
31
by
registered
was
26,
to
of 49
Republicans
crats; those voting in opposition were 16
time accepted
and 10 Democrats. The Senate at the same
inheritance and gift
a provision for a retroactive cut in
became law,
taxes in effect since the present revenue act
in its
-Tribune"
"Herald
York
New
The
1924.
June 2,
said:
10th
the
on
action
Washington account of the Senate's
in this respect, the
While the Finance Committee won a victory
Democratic leaders of this
so-called "coalition" of Republican and
and in quick succession
Finance Committee suddenly broke apart
on admissions and dues, th
the Senate knocked out the taxes
tax on automobiles.
tax on automobile trucks and the 3%
to Senator Smoot and
The effect of this action, greatly surprising
to increase the tax reduction
the Finance Committee chiefs, is
about $451,000,000. While
carried in the bill from $352,000,000 toconference, there is no doubt
in
stand
all
not
will
made
the changes
provide for a largely increased
the bill when it passes the Senate will bill in its original form.
reduction over the Finance Committee
Three Big Slashes Total $99,000,000.
and dues cuts off about
The wiping out of the taxes on admissionsCommittee bill, the aboliFinance
the
with
compared
as
$24,000,000
$6,000,000 and cutting out the
tion of the tax on trucks cuts off over
automobile tax lops off over $69,000,000.
in large part by the
The turn of events late to-day was caused
chiefs from other
attacks on the Democratic Finance Committee
their "coalition"
Democrats and Senators Norris and Lenroot over
with the Republicans.
According to the "Associated Pres' advices from Washday
ington on the 10th when adjournment was taken that
be
announced
Committee
Finance
the
of
Smoot
Chairman
of
would ask for reconsideration of some of the actions
advices:
same
the
from
is
following
The
day.
that
when repeal
"Go ahead and ruin your bill," Senator Smoot shouted
an additional reducof the automobile passenger car tax, involving
Senator King,
tion of $70,000,000 to the bill, was proposed by
Democrat, Utah.
joining
The proposal was approved, 42 to 21, sixteen Republicans
in supporting
with 25 Democrats and the one Farmer-Labor Senator
for a
it. Senator Reed, Republican, Pennsylvania, then appealed eight
recess "in view of th storm," and the Senate quit after nearly
hours of discussion.
Repeal of the levies on admissions and dues, also proposed by
Finance
Senator King, was accepted by a vote of 36 to 34. The
from
Committee had voted to cut $9,000,000 in revenue annually
this tax by increasing exemptions of tickets costing 50 cents and
adds
tax
the
of
less to tickets costing 75 cents and less. Repeal
$24,000,000 to the total reduction.
The committee also had voted to restore to the bill a 2% tax
on automobile trucks, which it was estimated would bring in $6,000,000
annually, but this was voted down, 54 to 12. The House also has
voted to repeat the present 3% tax on trucks.
The bill, as it stood to-night, provides for total tax reduction of
$452,000,000 or $125,000,000 more than provided in the House measure
and the limit of tax reduction set by'Secretary Mellon.
The elimination of the tax publicity provision of the
existing law was approved on Feb. 8 by the Senate when
It accepted without a roll call the Senate Committee's provision for the repeal of the provision, but Making the information available to Congressional Committees. The
Senate's acceptance of this provision followed the rejection
by it, by a vote of 49 to 32, of the Norris amendment proposing to open all income tax returns to public inspection.
The Washington "Associated Press" advices of that day
stated:
In the voting on the Norris amendment, 15. Republicans, 16 Democrats and one Farmer-Labor voted for publicity, while 33 Republicans
and 16 Democrats opposed the provision.
Those voting for publicity were:
832
[Vol.. 122.
THE CHRONICLE
Couzens, Frazier, Gooding, Howell,
Republicans: Borah, Capper, Couzens
Lenroot, McMaster,
Johnson, Jones of Washington, La
McNary, Norbeck, Norris and Nye—total, 15.
Harris, Heflin,
Ferris,
Dill,
Bratton,
Democrats: Ashurst, Blease,
Kendrick, King, McKellar, Neely, Reed of Missouri, Sheppard,
Smith, Trammell and Walsh—total, 16.
Farmer-Labor: Shipstead—total, 1. Grand total, 32.
Those voting against were:
Republicans: Bingham, Butler, Cameron, Dale, Deneen, Edge,
Ernst, Fernald, Fess, Gillett, Goff, Hale, Harreld, Keyes, McKinley,
McLean, Metcalf, Moses, Oddic, Pepper, Reed of Pennsylvania,
Robinson of Indiana, Sackett, Schall, Shortridge, Smoot, Stanfield,
Wadsworth, Warren, Watson, Weller, Williams and Willis—total, 33.
Democrats: Bayard, Broussard, Bruce, Copeland, Edwards, Fletcher,
George, Gerry, Glass, Harrison, Overman, Pittman, Randsdell, Simmons, Stephens and Swanson—total, 16. Grand total, 49.
The vote removed one of the main stumbling blocks in the Senate
consideration of the tax reduction bill and followed four days of
debate on the question of publicity.
Senator Norris, Republican, Nebraska, offered the amendment to
make all income tax returns open to public inspection and spoke
for six hours to-day in support of it, citing alleged corruption and
would be
fraud in the Internal Revenue Bureau, which he said
prevented by publicity.
The bill as it now stands provides that tax returns shall be opened
to investigation by special Congressional committees and also pro.
vides for the appointment of a joint Congressional committee of ten
to investigate and keep in touch with the administration of the
Internal Revenue Bureau at all times.
The latter committee would have power to inspect all returns,
and those opposing full publicity regarded this as a compromise on
the present law allowing publication of the amounts of tax payments.
The present law permitting publication of income tax payments
was condemned by both advocates and opponents of the full publicity amendment. Senator McKellar, Democrat, Tennessee, who had
drafted an amendment proposing continuation of the present system,
did not present it for a vote. Two years ago the Senate, by a vote
of 48 to 27, adopted the amendment it defeated to-night.
Offering full publicity of tax returns as a safeguard against
"fraud and corruption" in the Internal Revenue Bureau, Senator
Norris led the fight for adoption of his amendment in a speech which
took up more than half of the eleven-hour session. He declared
it was not the intent of the Senate in voting for publicity two
years ago to make it mandatory that just the amounts of tax paid
should be published.
Opposing th proposal for full publicity, Senator Simmons, Democrat, of North Carolina, protested against the right of curiosity
seekers to inspect income tax returns.
Senator Norris discussed at length certain tax cases investigated
by the special Senate committee, declaring "collusion" had been shown
between the Standard Oil Company of California and Internal
Revenue Bureau employes.
In a dispute between the United States Steel Company and the
Government, he declared, $25,000,000 had been saved the Government because "the sunlight of publicity got in on the case."
• "Secrecy in Governmental affairs," he continued, "will ultimately
and surely result in corruption. It is bound in the end to destroy
a free government."
The Senate went into its first night meeting of the session before
reaching a vote on the publicity provision, which was regarded as
one of the most controversial points in the bill.
Determined to get a final vote on the measure before the end of
the week, both Republican and Democratic leaders are prepared to
continue the day and night sessions.
time to prepare an answer to this dissenting opinion. Senator Smoot
consented to this delay, and stated that publicity would not be
discussed until Monday.
•
• •
Senator Smith won a victory when he persuaded the Senate to
exempt farmers' mutual fire insurance companies from all taxes.
The House had made such an exemption, but the Finance Committee
decided that the farmers' companies should be tax-free only if 85
per cent, of their income was money collected from members to pay
losses and expenses. The House provision was approved yesterday,
but Senator Smith forced a reconsideration by a roll-call vote of
50 to 14, and a few minutes later the exemption was approved.
Many Administration Senators voted for the farmers, including
Chairman Butler of the Republican National Committee, who first
voted against the agriculturists and then changed his vote.
By a roll-call vote of 48 to 9, the Senate approved the Finance
Committee's recommendation to strike out a House provision permitting unmanufactured leaf tobacco to be sold direct to the consumer at a manufacturers' tax of 8 cents a pound. The tax on the
manufacturers is 18 cents when the tobacco is sold through a
middleman.
Senator Copeland was defeated on a viva voce vote when he tried
to have dues to athletic clubs exempted from tax.
These three actions constituted all of to-days work on the bill,
important matters, such as the depletion allowances on oil wells,
going over for the time being. Senator Couzens, it is understood,
has agreed that 25% is a fair depletion allowance, but insists that
good-will shall not be included in the values to be depleted.
Incidental to the proposal for the repeal of the inheritance taxes the Treasury Department on Feb. 8 made public
statistics showing the estate tax produced in 1925 a total
of $110,758,984, as against $106,381,220 in 1924, while the
corporation capital stock tax produced $102,773,054 in 1925,
as against $82,989,103 in 1924. With regard thereto the
"Associated Press" said:
Of these totals New York produced more than one-third of the
estate taxes, and just under one-third in 1925, and just under onequarter in 1924 of the corporation capital stock taxes.
Following are the figures for the districts of New York, New
England, New Jersey and Pennsylvania:
Connecticut: 1924—Estate tax, $2,972,026.24; corporation capital
stock tax, $1,254,159.58. 1925—Estate tax, $3,461,133.70; corporation capital stock tax, $1,309,537.94.
Maine: 1924—Estate tax, $3,595,614.63; capital stock tax, $482,545.87. 1925—Estate tax, $620,609.68; capital stock tax, $444,572.67.
Massachusetts: 1924—Etate tax, $8,266,245.91; capital stock tax,
$2,238,323.86. 1925--$5,700,015.24; capital stock tax, $5,876,067.17.
New Hampshire: 1924—Estate tax, $431,342.91; capital stock tax,
$177,675.15. 1925—Estate tax, $432,262.53; capital stock tax, $193,341.45.
New Jersey: 1924—Estate tax, $5,978,035.81; capital stock tax,
$2,605,113.12. 1925—Estate tax, $5,773,676.32; capital stock tax,
$2,883,725.05.
New York: 1924—Estate tax, $36,452,040.67; capital stock tax,
$20,992,468.21. 1925—Elate tax, $44,018,420.89; capital stock tax,
$30,085,720.31.
Pennsylvania: 1924—Estate tax, $12,751,703.34; capital stock tax,
$9,626,372.81. 1925—Estate tax, $10,037,158.19; capital stock tax,
$10,620,699.07.
Rhode Island: 1924—Estate tax, $616,328.95; capital stock tax,
$651,005.69
1925—Estate tax, $1,110,041.55; capital stock tax,
$661,150.19.
Vermont: Estate tax, $139,409.88; capital stock tax, $115,915.05.
1925—Estate tax, $547,132.66; capital stock tax, $118,326.63.
On the 5th inst., when the tax publicity provision was
under consideration, the likelihood of a filibuster was evidenced in the action of Senator Couzens of Michigan and
Senator McKellar of Tennessee in delaying action through
lengthy arguments against the repeal. From the advices
Debate on Feb. 9 centered entirely on the proposal to
to the New York "Journal of Commerce" from Washington repeal the inheritance levy, which the House has voted to
that day we quote the following:
retain with reduced rates and with a provision increasing
"Collusion, dishonesty and favortism" had been discovered in the from 25 to 80% the credit to be allowed for payments of
administration of the bureau, Senator Couzens told the Senate to-day State inheritance taxes. In stating
this the New York
supporting an amendment by Senator Norris, Republican, Nebraska,
"Journal of Commerce" added:
opening income tax returns to public inspection.
Declaring the inheritance field should be left entirely to states and
Senator Couzens said he could not tell whether any fraud had
been perpetrated with respect to the individual cases his committee that terms of the House bill constituted a "confession that only 20%
investigated because they had not gone that far into the matter. .of the revenue from this source is needed," Senator Simmons of
Conditions now, he added, "are as bad, if not worse, than when North Carolina, ranking Democrat of the Finance Committee, led
the committee began its investigations."
the fight for the committee amendment.
Senator Lenroot of Wisconsin described the tax as "the fairest
Two Amendments Adopted.
and least burdensome ever levied," and predicted if the federal levy
By an amendment adopted by the Senate to-day, the United States were repealed that, within ten years, states also would repeal their
Board of Tax Appeals will be precluded from finding in favor of inheritance taxes "to keep up with Florida and Alabama."
the Government in an amount in any case exceeding the contentions
Senators King, Norris and Borah, Idaho, held the same view, but
of the Government. Under the provisions of the bill as retiorted Senators Fletcher of Florida, Caraway of Arkansas and Bruce of
by the committee it would have been possible for the board to make Maryland, all Democrats, urged repeal.
an award for the Government above the amount of the alleged defiState Rights Up.
ciency in tax payment.
Senator Caraway characterized the present law as an invasion of
Another amendment relieves the Government from the payment of
interest upon amounts refunded to taxpayers under the provision State rights. The credit provision, he said, would make the States
raise their taxes to take advantage of it. He added that the
which would reduce the gift tax rates paid in 1924 or 1925.
Principle of "coercion" could be used to bring any State "to its knees
Instructions to Taxpayers.
on any question on which it differed from the Federal Government."
"That there is a conflict between two jurisdictions' over the power
Methods are being devised by the Treasury Department whereby
the Government will be enabled to use existing blank tax reports. to impose a tax," Senator Lenroot argued, "is no reason why this
great
amount of wealth should go scot free. One by one, the
It is now proposed to prepare, if the bill is passed by the Senate not
later than Wednesday or Thursday next, instruction sheets to enable States will repeal this tax after we have done so."
Senator Wadsworth, of New York, insisted his State would never
taxpayers to inform themselves of the changes in the present law.
Should the bill become deadlocked either in the Senate, in confer- repeal its levy, and Senator Simmons did likewise, adding if the
ence or in the House, it might be necessary for the two or three Federal Government would repeal the tax, the States could take more
million taxpayers whom it is proposed to relieve from all temptation advantage of it and thereby cut other State taxes.
The effect of the inheritance tax on the estate of Henry Ford was
to pay their taxes according to the present law and seek refunds later.
It is confidently expected, however, that the tax bill will be discussed by Senator Copeland, of New York.
"If Henry Ford should die," he said, "we would confiscate 40%
accepted by both Houses and signed by the President by February 20.
of his estate, and if his widow then should die in six months, we
On the 6th inst. the Senate deferred action on the pub- would almost confiscate about 75% of the original
estate."
Senator Lenroot replied the average tax on the Ford estate would
licity provision until Monday, the 8th. The New York
amount to only 25%.
"Times" account of the 6th said:
"In the five years allowed for payment of this tax," he said, "the
After Senator Ernst read a minority report on the Couzens com- earnings of the Ford plant would pay every cent of the Federal tax.
mittee investigations, Senator Couzens announced that he must have There would be no confiscation in any sense."
1
FEB. 13 1926.]
THE CHRONICLE
833
that
to rapid progress, and I think nce
with us have similar obstructions
confide
to run in. We can have
sack
best
the
have
a
Americ
in
we
and of our institutions.
in the basic soundness of our people
business I
office. When I was in
I left a good job to take public
business more or less
with
meddle
could
I
time.
those
was *master of my own
and mold bullets for use of
trenches.
as I chose, or could sit at the fireside
myself over in the front
find
I
now
but
ine,
firing-l
the
in
restricted.
Freedom of thought and of action are y atmosphere of the Lotos Club
friendl
But when I came into the
at least, masters of their own
among men who are, to some extent However, I have no cause to
.
fortune
good
your
ate
appreci
time, I
its drawbacks as well as its many
complain. Public office must have
ting and there are gleams of fun
compensations. The work is interes compensations, and among them
many
now and then. Yes, 'there are seeing my friends from New York who
d of
the opportunity I am afforde Washington.
the Mellon National Bank,
to visit
Senator Reed was a director in the banks—Co.—when the Bureau ruled are at times obliged
dinner by Nicholas
the Union Trust Co. and the Union Savings t of the settlement. He also
Addresses were also delivered at the
ignoran
University, and
bia
on the case in 1921, but said he was
Colum
,
dispute
of
the
ent
in
Presid
banks
the
nted
Murray Butler,
was a member of the law firm which represepersonal part in the action.
Carnegie Lad,
the
of
ent
no
Presid
Harden Church,
although he explained that he had taken
case yesterday by Senator Samuel
The attention of the Senate was called to the affidavit signed by Daniel
urgh.
tute of Pittsb
Norris, Republican, of Nebraska, who read an
.
F. Hickey, a former employee of the Bureau
making
by
$91,000
saved
banks
,500 for Philadelphia's SesquiSenator Norris first had declared the
that they should have Bill Appropriating $3,186
consolidated returns, and Senator Reed replied corrected the statement,
Committee.
then
Centennial Ordered Reported by House
made consolidated returns. Senator Norris
failure of the banks to show
of $3,186,500
ns
riatio
approp
ng
carryi
declaring the saving was made because of the
On Feb. 10 the bill
affiliation and to make consolidated returns.
ation was orcelebr
nnial
the banks
-Cente
think
Sesqui
do
I
"but
elphia
to-day,
Philad
said
the
Reed
for
"I am no tax expert," Senator
returns."
ed to the House of Representatives by the Rules
should have been made to file consolidated
it was a case of favorit- dered report
believe
not
did
he
.
said
Senator
vania
Pennsyl
The
similar
granted
with recommendations for immediate action
been
ttee,
had
Commi
ism, since he understood other affiliated banks
the
on
ch
dispat
ngton
a
Washi
in
er"
"Ledg
The Philadelphia
privileges.
from Internal Revenue
Senator Reed Seeks Information
of Tax Returns
Filing
ding
Bureau Regar
by Mellon Banks.
from WashingAccording to Associated Press dispatches
ue was asked that
Reven
al
Intern
of
u
Burea
the
9,
ton, Feb.
Pennsylvania to explain
day by Senator Reed (Republican) of
banks in which Secrea decision whereby three Pittsburgh
stockholder were i era
was
n
Mello
ury
Treas
tary of the
idated tax returns.
consol
than
mitted to file separate rather
state:
r
furthe
ches
dispat
The
York "Times" 10th inst. regarding the Congressional appropriation said
In its reference to the matter the New
8:
Feb.
,
ngton
Washi
In part:
reported the following from
Centennial Exposition, though on a
day by both
the other
Federal participation in the SesquiThe story of the Mellon banks was misunderstood
learned to-day. At that
than anticipated, progressed rapidly to-day.
Senators Norris and Reed of Pennsylvania, it was making a consolidated somewhat less scale
ments:
develop
h
throug
these
were
There
banks,
the
that
time Mr. Norris argued
ental aid and participation
firm represented the banks
The appropriation of $4,186,500 for Governm
return, saved $91,000, and Mr. Reed. whose law
a
that
nt
stateme
the
with
was slashed $1,000,000.
and who was a director in them, countered
support to the project and
circumstances.
The House Steering Committee gave its moral
consolidated return was perfectly proper in the
a consoliit report a special rule to enable
filed
that
tee
first
Commit
banks
Rules
the
three
to
the
ended
that
recomm
What actually happened was
l Revenue Bureau, but
of the appropriation bill by the House.
dated return, which was accepted by the Interna is said the latter pro- speedy consideration
appropriation
and it
offered an amendment to the deficiency
,
Pepper
returns
e
Senator
separat
to
file
ion
permiss
got
later
be expended by the Exposition
bill naming $3,186,500 as a lump sum to
cedure saved them $91,000.
Commission.
Agreed to by Congress, the exUnder the present plan, lilt is eventually
enes
Surtax
Lower
for
Government departments would be placed
Looks
various
the
n
of
Mello
projects
ury
hibit
Treas
of
ary
Secret
planned in fixing
Ago.
hands of the Exposition Commission. It is
the
Years
in
l
tirely
Severa
Him
By
sed
Than Those Propo
a lump sum not to segregate exhibit items.
early conClub in New the sum asagreeme
nt was reached among House leaders to give
Virtual
At a dinner given in his honor at the Lotos
W.
w
Andre
measure, but the agreement was not gained
iation
ury
appropr
the
Treas
of
on
the
siderati
of
ary
York on Feb. 6 Secret
been cut by $1,000,000. The Steerury Depart- until the $4,168,500 appropriations had
by the Senate and
Mellon took occasion to refer to the Treas
ee's action forecast early ratification
Committ
ing
on,
taxati
throughout the day between
ment's plan of two years ago for the reform of
House. It followed a series of conferences
and Senator WarPepper
es, and in House members ,from Philadelphia and Senator
involving particularly a reduction in surtax
the Senate Appropriations Committee.
of
an
Chairm
Conren,
in
als
propos
ed his
alluding to the reception accord
sentiment
gress, he observed that a complete reversal of
Companies
Congress Government Sues to Prevent Merger of Baking
had since developed, and that "both parties in
l Bread—
Contro
to
re
Conspi
s
Other
and
s
Ward
figure
—Alleges
seem ready to reduce these surtaxes even below the
Food
Ward
of
tion
Forma
as
Companies Through
originally suggested by me." Secretary Mellon spoke
Products Corp.
follows:
given me
have
you
the formation of the $2,000,000,000
e
which
t
welcom
preven
warm
l
the
to
for
gratefu
suit
deeply
A
am
I
uished
ation, which was incorporated
Corpor
and for the generous words in which your eloquent and disting
cts
standing a Ward Food Produ
President has spoken of my work in the Treasury. Notwith
of Maryland Jan. 30, 1926, was
State
and
the
t
of
pleasan
laws
ly
the
especial
it
is
under
ving,
keen sense of inadequacy and undeser
is
It
e in the Federal District
dings.
Justic
surroun
al
of
congeni
tment
present
them
in
hear
the
gratifying to
by the Depar
one's self filed
lose
to
at
least
evening
one
for
and
come
here
to
ul
petition asks an injuncThe
delightf
Court in Baltimore Feb. 8.
ity.
in a place of such brilliant good-fellowship and precious hospital
combination in thehuge
"a
of
y
tion
scarcel
forma
I
t
can
h
tion to preven
I have been in the Treasury now five years, althoug
pretty
a
is
the Government,
by
know,
as
you
flied
y,
realize that it has been so long. The Treasur
baking industry." The suit was
employees and we do everyand the Clayton
act
rust
Anti-T
big organization. We have some 52,000
an
Sherm
the
to enforcing acting under
thing from settling foreign debts and collecting taxes
ation, the
are
Corpor
cts
Produ
We
prohibition and running public health and public buildings. requires act, against the Ward Food
actually trying to enforce prohibition. tI is a job whichnation of Ward Baking Corporation, the Ward Baking Company, the
determi
not only continuity of attention, but the frequent
ity of General Baking Corporation, the General Baking Comdifficult questions of long-time policy upon which the prosper
ental Baking Corporation, the United
our country so much depends.
- pany, the Contin
There seems to be more obstacles to overcome and greater obstruc
Howard B. Ward,
Private. Bakeries Corporation, William B. Ward,
tions to contend against in the conduct of public business than
W.
Rumbough, B. E.
J.
,
memHelms
H.
several
when
London
Paul
in
d
ger,
I
a
dinner
attende
which
William Deinin
I remember at
n:
questio
the
one
asked
some
,
Smith.
were
present
e
B.
British
Cabinet
the
Georg
bers of
Barber and
suc- Peterson, George G.
"Why is it that business men manage their affairs so much more genthe other deand
Ward
B.
am
Willi
of
se
purpo
the
The
cessfully than politicians?" "Oh, that is easily explained,"
s man
tleman sitting at my side answered. "It is because the busines
fendants concerned in the formation of the Ward Food
nment alleges, "is to cause
has only business men to compete with."
in Products Corporation, the Gover
This is true. We do not function as smoothly in public life as
com- that corporation to acquire, in exchange for its shares of
more
ons
ated,
conditi
e
is
more
complic
The
machin
life.
private
these
l stock, or for cash realized from sale of its capital
plex and the factors with which we deal more uncertain. While
in- capita
nddifficulties do not add to the ease of the job, they do increase its
stock, all, or at least a controlling interest, in the outsta
terest. Under a handicap one often feels greater incentive to get
Ward Baking
the
of
dants
the
defen
of
l
stocks
capita
ing
results.
g
And results are possible in this great country of ours. Let me give Corp., the General Baking Corp., the Continental Bakin
the line
proin
ed
you an illustration of what can actually be accomplished along
engag
nies
g
compa
bakin
other
such
of
and
Corp.,
preago the Treasury
of sound policy: Some two and a half years
which duction and sale of flour, milk, yeast and other ingredients
sented a plan for the reform of taxation, the essential feature of
s
more
to
reasonable figures.
surtaxe
was a reduction of the excessive
in the production of baked goods, including all manat first to under- used
availHere was a subject, economic in its nature, difficult
g the ner of baking machinery and equipment, as may be
of
favor
imposin
ablyin
presum
the
appeal
with
popular
and
stand,
You will recall the reception able. The result of such stock acquisitions by the Ward
.
the
on
wealthy
taxes
possible
highest
public discussion and
this plan had in a former Congress. Yet through
Corp. will be to eliminate all competition
ence of the average American citizen, Food Products
the fairness and innate intellig
imposnt.
corporate defendants, the largest, best
of
The
other
the
sentime
en
futility
e
betwe
l
of
complet
reversa
we have had a
of a proper taxing system
one
every
ge
to
the
advanta
and
taxes
zed and best equipped wholesale baking concerns In
ing such
to organi
are now generally recognized. Both parties in Congress seem ready
y, and create a virtual monopoly of the wholethis
countr
by
ed
figures originally suggest
reduce these surtaxes even below the
sale baking business in the United States."
h results.
use. We approac
p
With such responsive understanding among the people the handica
It was said at the Department of Justice that the
an incentive. If handling public business
ps
develo
for
month
g
igatin
of public service is indeed
invest
been
had
nment
running a race in a sack, at least all other nations competing Gover
Is like
834
THE CHRONICLE
Dror.. 122.
nients in the baking and related industries, and several devices. Among the new devices are the travelling oven, the automergers made from time to time convinced the department matic proofer, and machines for blending, mixing, sifting, kneading,
molding, rounding, panning and wrapping. With each new invention
that plans were under way to place several merged baking there
has been a resultant decrease in the number of necessary emcompanies eventually under the control of one gigantic ployees until it is now possible to operate an extensive wholesale bakery
with
but
a small force.
corporation. The formation of the Ward Food Products
Continued improvements and new inventions have cut down the
Corporation, the petition alleges, was for the evident pur- cost
of production and have increased profits. Such economies, howpose of consummating that plan.
ever, have not benefited the consumer by lowering the price of bread,
but
have
been absorbed by the great baking companies.
The Government aims to prevent the formation of a proTrend Towards Concentration.
posed trust before it can be consummated—an unusual proIn 1923, there were in the United States 18,739 wholesale bakeries
cedure—and also acts under the Clayton act to compel the doing a business
of over $5,000 per annum. In 1919, there were
Continental Baking Corporation to dispossess itself of -con- 21,988. The decrease between 1919 and 1923 was due in part to the
consolidation
of
bakeries
previously independent, and in part to withtrol of competing baking plants and thereby restore comdrawals from business. The same two causes have resulted in further
petition in the baking industry.
decreases since 1923. The wholesale baking business is thus being
The Government petition is that the defendants be ad- brought gradually into the control of a few great corporations, notably
the corporate defendants to this suit.
judged to have violated both the Sherman and the Clayton
The bakeries doing business in 1923 fell into the following classes:
acts, and it asks that the defendants be enjoined from any
Number
Percentage
lo.2% of
act in furtherance of the alleged combination. It asks the
Annual value of business
of bakeries
production
total26.4%
(a)
$5,000
to
$20,000
9,756
court at Baltimore to decree as f(dlows:
(b) $20,000 to $100,000
7,474
(a) That the combination and conspiracy in . restraint of interstate (c) $500,000 to $1,000,000
1,178
21.3%
trade and commerce hereinbefore alleged and the attempt to monopolize
(d) $1,000,000 and over
147
30.5%
such interstate trade and commerce, and all acts done or to be done
The
value of the products of class (d) in 1923 was $342,248,482.
to carry out the same, or any part thereof, are in violation of the Act It
has since greatly increased. As the percentage of the total conof Congress of July 2, 1890, commonly called the Sherman Anti-Trust
trolled by this class has increased, the percentage of the other classes
Act.
has correspondingly shrunk. This process not only is continuing, but
(b) That the stock acquired and to be acquired by the corporate
defendants in competing companies, in pursuance of the alleged com- is being accelerated by the unlawful operations of the defendants. All
four of the corporate defendants are in class (d). Three of them (the
bination, conspiracy, and attempt to monopolize, has and will have the
General Baking Co., the Ward Baking Corp., and the Continental
effect of substantially lessening competition between such companies in
Baking Corp.) have each an annual output of upwards of $40,000,000,
violation of Section 7 of the Act of October 15, 1914, commonly called
which is being rapidly increased. The majority of this represents sales
the Clayton Act.
of bread.
(c) That the defendants and each and every one of them, and the
officers, directors, stockholders, and agents of the corporate defendants, Description of Combination, Conspiracy, and Attempt To Monopolize
and of Violations of the Clayton Act.
and each and every one of them, be perpetually enjoined from doing
For a number of years last past, and more particularly since 1921,
any act in furtherance of, or for the purpose of carrying out the
when the defendant, the United Bakeries Corp. was formed, as hereaforesaid combination conspiracy, or attempt to monopolize.
(d) That the defendants—Ward Baking Corporation, Continental inafter alleged, it has been the plan and purpose of certain of the
hereto, principally the defendants William B. Ward and
defendants
Corporation,
Baking
General Baking Corporation, and Ward Food
Products Corporation—be perpetually enjoined and restrained from Howard B. NVard, to bring all, or substantially all, of the wholesale
acquiring the whole or in part of the stocks, bonds, or other evidences bakeries in the United States under the control of a single gigantic
corporation, or some other form of common control, and thereby to
of indebtedness, or the physical assets, of each other.
(e) That the Ward Baking Corporation, Continental Baking Cor- eliminate all competition between the baking companies so brought
poration, General Baking Corporation, and Ward Food Products Cor- under a common control in the sale of bakery products both locally
poration, severally, be perpetually enjoined front having any director, and in interstate trade and commerce; to eliminate all competition beofficer, agent or employee in common with each other, and from en- tween such bakeries in the purchase of ingredients and equipment and
tering into any contracts, agreements or understandings with one an- eventually to acquire milling companies, yeast companies and other
other for joint purchases of materials, supplies and equipment or for producers of such necessary ingredients and equipment.
A further objects of the defendants in seeking by the formation of
a common policy in the sale of their output.
(f) That the corporate defendants and each and every one of them huge corporations to acquire control of all or substantially all of the
be perpetually enjoined from acquiring directly or indirectly the whole wholesale baking concerns in the United States, and of suppliers of
or any part of the stocks, bonds, or other evidences of indebtedness. materials and equipment, was and is to reap large profits from commissions and promotion fees and in the sale of immense
or the physical assets, of any competing company.
amounts of
(g) That the corporate defendants and each and every one of them corporate securities for which the public will be expected to subhe required to dispossess themselves of the stocks, bonds, or other evi- scribe in order that the defendants may carry out their unlawful plan.
This unlawful plan for restraining and monopolizing
dences of indebtedness, or physical properties, of any competing cominterstate trade
panies heretofore acquired by them, to the end that competition may and commerce in bakery products and the ingredients and equipment
used
in the manufacture thereof originated with the
be fully restored in the baking industry.
defendants, W. B.
(h) That writs of subpoena issue, directed to each and every of Ward and Howard B. Ward. The other defendants, individual and
the defendants, commanding them to appear herein and answer, but corporate, entered into the plan from time to time as they came into
not under oath (answer under oath being hereby expressly waived), relation with those defendants or were brought into existence by them.
the allegations contained in the foregoing petition, and to abide by and The defendant, W. B. Ward, is today the most powerful single personage connected with the baking industry. Closely
perform such order or decree as the court may make in the premises.
allied with Ward are
the defendants Helms and Barber, who have been
associated with him
The petition of the government in part follows:
for many years and who with Ward constitute a
triumvirate controlling
and directing the fortunes of the baking industry.
Jurisdiction to Grant the Relief Asked.
Numerous steps have been taken in this
This suit is brought under Section 4 of the Sherman Anti-trust Act,
district and in other parts
as modified by Sections 289, 290 and 291 of the Judician Code (Act of the United States in furtherance of the plan and to bring it to
fruition,
the
particulars
of
which are alleged under succeeding headings.
of March 3, 1911, chapter 231) investing District Courts of the United
States with jurisdiction to prevent and restrain violations of that Act; The first aggressive step was the formation of the defendant, United
and under Section 15 of the Clayton Act which invests District Courts Bakeries Corp. This was followed by the organization of the Ward
of the United States with a like jurisdiction to prevent and restrain Baking Corp. to take over the pre-existing Ward Baking Co. Shortly
thereafter came the formation of the Continental
violations of that Act.
Baking Corp. to take
over the United Bakeries Corp. and numerous
independent baking comJurisdiction of the Subject Matter and the Parties.
panies. Then came the formation of the
General
Certain acts in furtherance of the herein alleged combination, con- over the pre-existing General Baking Companies Baking Corp. to take
and such other baking
spiracy and attempt to monopolize interstate trade and commerce, and companies as could be acquired. The
culminating step in the plan was
of the several violations of Section 7 of the Clayton Act, have been taken in this District on Jan. 30, 1926, when
the defendant, Ward
and are being committed in the State and District of Maryland and Food Products Corp:was formed to take over,
directly or indirectly, all
within the jurisdiction of this Court.
the other corporate defendants, together with
numerous manufacturers
The defendants, Ward Food Products Corp., Ward Baking Corp., of materials, supplies and equipment.
General Baking Corp., and Continental Baking Corp., were organized Acts in Furtherance of
Combination, Conspiracy and Attempt to
under the laws of the State of Maryland as steps in the consummation
Monopolize, and of Violations of the
of the unlawful plan herein alleged. Each of those defendants has
Clayton Act.
(a) Organization of the United Bakeries
its home office in the City of Baltimore, State of Maryland, the resiCorp.
Was organized
Delaware
in
Sept.
14, 1921, as a
dent agent of each being J. Bannister Hall, Jr., Baltimore.
holding
company to
The defendants, Ward Baking Co. and General Baking Co., operate acquire and bold the stocks and other securities of numerous conbakeries in the State of Maryland from which bread, cake, and other cerns engaged in the baking and related businesses.
The Ward
baked goods are shipped and delivered in interstate trade and corn- Brothers, the defendants William B. Ward and Howard B. Ward, were
merce into surrounding States and the District of Columbia. The the prime movers in the organization of this company and dominated
defendants, Continental Baking Corp. and General Baking Co., also and controlled it down to the time when such control
was transferred
control and operate plants in the District of Columbia, delivering and to the defendant, Continental Baking Corp., through
its acquisition
of the majority shares of the United, as
shipping baked goods into the State of Maryland.
The nucleus of the concerns acquired byhereinafter set forth.
the United Bakeries Corp.
Description of the Wholesale Baking Industry.
on its formation were Ward Brothers Co., a
baking concern organized
The wholesale baking industry includes those establishments which by the Ward Brothers in
Rochester, N. Y., in 1922, and Ward &
are engaged in baking bread, biscuit, crackers, cake, pastry, and other Ward, Inc., a similar concern
organized
by
the Ward Brothers in
similar products. Wholesale bakeries produce fully one-half of all the Buffalo, N. Y., in 1913.
baked goods produced in the United States. The industry embraces two
By the winter of 1924, when its majority
shares were acquired by
main classifications: (a) the manufacturers of biscuit and crackers, the defendant, Continental Baking
Corp., the United Bakeries Corp.
(b) the manufacturers of other baked goods. The corporate cle- had acquired a controlling
interest in ten companies operating 39
fendants come under class (b).
bakeries in 31 cities.
Large scale baking was begun about 1880, when Robert B. Ward,
(b) Organization of the Ward Baking
Corp. Was organized by the
father of the defendants, William B. Ward and Howard B. Ward, defendant, William B. Ward,
and his associates, on Feb. 18, 1924. It
Pittsburgh,
Providence,
bakeries
in
Chicago and Cambridge. was organized in Maryland as
opened
a
holding company for the stock of
Between 1890 and 1910, machinery was invented which made possible the defendant, Ward Baking
Co., a corporation organized in 1912
the substitution of factory methods for the hand processes of the past. in New York. The Ward Baking
Corp. now owns practically all of
During the past 25 years there has been development in method and the outstanding capital stock of the
Ward Baking Co.
•••
FEB. 13 1926.]
THE CHRONICLE
ion.
other property of the corporat
To dispose of leases, buildings and
of formulas,
, sell or otherwise dispose
formation in 1912 merged the
register
its
obtain,
upon
Co.
for,
under
apply
Baking
To
7
The Ward
in connection with or secured
concerns operating 8 bakeries in
processes and distinctive marks used
properties and plants of 5 baking
States or otherwise.
d its business ever since.
extende
United
the
of
steadily
patents
has
and
cities,
of another branch of the Ward
above..
To license same.
This company was under the control
and things incidental to the restricthe defendants William B. Ward
To do and transact all business
without
family until sometime in 1923 when
control thereof. It has an To carry on all or any of its operations in business and
the
into
came
Ward
B.
and Howard
preferred shares, and 150,000 tion or limit as to amount.
interest
authorized capital stock of 150,000
it acquired a controlling
per share. Of these there
Immediately upon its incorporation
common, each of the par value of $100
. in Delaware on Sept.
d and
(incorp
preferre
Corp.
of
s
shares
Bakerie
88,630
United
cOnin the stock of the
are now outstanding approximately
is a holding company which
14, 1921). The United Bakeries Corp.
United
114,371 of common.
Corp., to acquire trols 39 bakeries in 31 cities. Subsequently, all the stock of the stock
Baking
Ward
nt,
defenda
the
of
on
The formati
exchange of
the second step in the con- Bakeries Corp. was acquired by the Continental by
control of the Ward Baking Co., was
Bakeries preferred
tion and conspiracy in re- on the following basis: For each share of United
summation of aforesaid unlawful combina
in bakery products, and
straint of interstate trade and ommerce
Dominating Position of Defendants.
commerce, contrary to the
organized, and best
attenipt to monopolize such trade and
nts are the largest, best
defenda
te
corpora
The
Act.
Clayton
the
States. They have
United
Sherman Law and
the
in
s
500,000
concern
baking
of
capital stock
equipped wholesale
charter powers. They are
The Ward Baking Corp. has an authorized
ed
unlimit
no
and
stock,
es
resourc
l
common
of
s
enormou financia
heretofore unheard of in
preferred 7%, par $100, and 1,000,000 shares
into Class A and authorized to issue capital stocks in amounts
Each is capable of
par value. The common stock is divided equally
tions in the United States.
organiza
e
corporat
, thereby
Class B.
of its acquiring additional competing plants to an indefinite number strengthion
acquisit
the
in
Co.,
Baking
Ward
of
the
business and
The stockholders
e
wholesal
total
an
the
by
of
age
payment either
increasing its percent
ng
stock by the Ward Baking Corp., were offered
y. Acquisitions of competi
a share for preferred, ening their joint control of the industr
ions,
exchange of stock, or by cash, at the rate of $100
by all of the defendant corporat
past
was
the
in
which
made
been
e,
have
exchang
plants
an
and unless prevented by this
and $200 a share for common. They chose
of Ward Baking Co. such acquisitions are now being made,
purpose on
made on the following basis: For each share
and honorable Court, will continue to be made with the evident
d
preferre
Corp.
Baking
Ward
of
competition and of conpreferred, they received 1 share
all
ing
eliminat
of
nts
Co.
defenda
the part of said
of Ward Baking
United States.
1 share of Class B common. For each share
share of Class A trolling the wholesale production in the
common they received 2 shares of preferred and 1
y Affected.
Directl
ce
common.
Commer
te
Intertta
Co., the
on the
Through its ownership of the stock of the Ward Baking
be salable, must be placed promptly retailer
of
to
cake,
all
and
es,
Bread
compani
ng
followi
of the
Ward Baking Corp. now controls the
Busse market. Ordinarily, fresh bread should be in the hands
(1)
y:
Compan
This
Baking
Ward
bakery.
le
the
whose stock is owned by
leaves the wholesa
Co., Ltd., of within six hours from the time it
e
Baking Co. of South Bend, Ind.; (2) British-Arkady
restrict the sales territory of wholesal
to
tended
past,
ng);
the
operati
in
fact,
(not
es were
England; (3) Bronx Equipment Co., of N. Y. City
in which they operated. Distant deliveri tation,
towns
the
to
g)';
bakeries
operatin
(not
ion
(4) Research Products Co., a Delaware corporat
years improved facilities of transpor
operating); (6) Ward impracticable. In recent
air-tight wrapping of loaves,
(5) Ward Baking Co., Ltd., of Can. (not
Developing together with improved devices for the
ional
Internat
(7)
ng);
delivery to a very wide area.
of
Baking Co., of Virginia (not operati
sphere
the
extend
to
d
Co.,
operate
have
Bend Bread
ng the corporate defendants and
Co., of Santo Domingo (not operating); (8) South
All large wholesale bakeries includi
ion).
and
of South Bend, Ind. (now in process of dissolut
ries) now maintain fleets of motor trucks,from
subsidia
ng
operati
also
their
is
Co.)
50 to 75 miles
The Ward Baking Corp. (through the Ward Baking
es of bread over a radius of from
more
deliveri
make
serving
large
a
In
states,
up to 150 miles.
in direct control of 18 wholesale bakeries in 10
their ovens, and of cake over a radius extend over state lines; and
than 2,500 towns, as follows:
number of cases, the spheres of delivery
in
153
usetts;
Massach
supplies towns in three or four states.
Massachusetts-Boston, serving 197 towns in
a single plant in many instances
corporate defendants
Connecticut.
of express companies, moreover, the
use
Maine; 54 in New Hampshire; 18 in Vermont; 4 in
the
By
Island; 29 in are able to and do actually make deliveries of bread across state lines
Rhode Island-Providence, serving 37 towns in Rhode
and of cake at much greater disat a distance of 100 miles or more in interstate commerce therefore
Massachusetts; 10 in Connecticut.
ts
Shipmen
New
ovens.
in
their
towns
from
tances
243
item in the business of the
New York-(1) Bronx, N. Y. City, serving
in Pennsylvania; 1 constitute an important and growing
York; 164 in Connecticut; 43 in New Jersey; Ill
33 defendants.
York;
New
in
towns
189
in Rhode Island; (2) Brooklyn, serving
nts purchase enormous amounts of
serving 21 towns
In addition, the corporate defenda
in New Jersey; 174 in Pennsylvania; (3) Syracuse,
nts used in the production of
ingredie
other
and
milk
yeast,
flour, sugar,
in New York.
ry, pans and other equipment
machine
baking
as
well
as
goods,
New baked
from a large number of milling
New Jersey-Newark, serving 190 towns in New Jersey; 1 in
used in the production of baked goods,
and sale of
York.
companies engaged in the production
turing
manufac
and
of the herein Virginia;
in interstate commerce. The consummation e all compeMaryland-Baltimore, serving 58 towns in Maryland; 90
articles
such
in
16
a;
would eliminat
19 in Delaware; 32 in Pensylvania; 37 in North Carolin
described plan of these defendants
and Wash- inafter
companies, and the companies
South Carolina; 16 in West Virginia; 5 in New Jersey;
tition between them and their controlled
and sale of baked goods.
ion
ington, D. C.
to be acquired by them, in the product said corporate defendants in
placing
Pennsylvania-Pittsburgh (No. 1), serving 60 towns in Pennsylvania; Such consummation, by reason of
2), a position of domination in the purchase of necessary baking in,4 in West Virginia; 2 in Ohio; 1 in Maryland; Pittsburgh (No.
and unreasonably restrain the
gredients and equipment, would unduly
serving 43 towns in Pennsylvania.
es engaged in the manufacture
compani
of
ce
vania;
commer
Pennsyl
and
trade
in
te
intersta
Ohio-(1) Cleveland, serving 137 towns in Ohio; 8
14 in and sale of such ingredients and equipment.
2 in New York; (2) Youngstown, serving 23 towns in Ohio;
ntal preferred, and 1 share of
Ohio.
in
the holder received 1 share of Contine
towns
73
serving
, the holder
Pennsylvania; (3) Columbus,
. For each share of United Bakeries common shares of
common
B
Class
n.
, and 2
Michigan-Detroit, serving 5 towns in Michiga
1 share of Continental Class A common
received
Chicago
;
Illinois-Chicago (No. 1), serving 37 towns in IllinoisWisconsin; Class B.
United Bakeries Corp., the
(No. 2), serving 75 towns in Illinois; 33 in Indiana; 12 in
Through its ownership of the stock of the
; Chicago
following 10 bak2 in Michigan; Chicago (No. 3), ...crying 51 towns in IllinoisMichigan; defendant Continental Baking Corp. now controls the
cake
; 55 in
total estimated yearly sales of bread and
having
es,
compani
ing
(No. 4), serving 84 towns in Ilinois; 70 in Indiana
in
Nevada; 1
19 in Wisconsin; 9 in Iowa; 11 in Kentucky; 1 in
to the amount of $34,598,932.61:
with
1920,
e, May 13,
Oklahoma; 1 in Montana; 1 in Missouri.
Campbell Baking Co., incorporated in Delawar
in Michigan. bakeries at Kansas City and St. Joseph, Mo.; Des Moines, Waterloo
40
;
Indiana
in
towns
42
serving
Indiana-South Bend,
and
$23,403,108 and Sioux City, Ia; Wichita and Topeka, Kans.; Oklahoma City
sales
The estimated annual sales of the Ward Baking Corp. are
before Tulsa, Okla.; Dallas, Tex.; Shreveport, La. Estimated annual
as
But
,374.
$40,656
of
total
cake-a
for bread, and $17,253,266 for
$8,585,176.97.
24, 1910, with
alleged, its business is rapidly expanding.
Shults Bread Co., incorporated in New York, Mar.
ed in Mary, Brooklyn and Jamaica,
Vernon
Organisation of the Continental Baking Corp. was organiz
Mount
n,
Brighto
New
West
at
bakeries
nt,
land on Nov. 6, 1924, largely through the efforts of the defenda stock: N. Y.; Hoboken, N. J. Estimated annual sales, $9,698,472.46.
Aug. 14, 1913, with
hans II. Ward. The company has the following authorized capital
00
Ward & Ward, Inc., incorporated in New York,
2,000,0
$100;
$2,301,676.82.
2,000,000 shares 8% cumulative preferred, par value
shares bakery at Buffalo, N. Y. Estimated annual sales
00
2,000,0
value;
par
no
,
shares non•cumulative Class "A" common
13, 1913, with bakWard Bros. Co., incorporated in New York, Sept.
granting it
Youngstown and
Class "B" common. Its charter is of the omnibus variety
Among eries at Rochester, N. Y.; Dayton, Toledo, Cincinnati,
almost unlimited power to engage in almost all kinds of business.
,
Oak Park, Chicago Ill. Estimated anand
Ind.,
Gary,
0.;
s,
powers
Columbu
al
the objects for which it was established and for which perpetu
nual sales, $9,735,270.64.
were granted to it by the State of Maryland are these:
May 4, 1922, with
Crescent Baking Co., incorporated in New York,
To manufacture, buy, sell and deal in flour, bread, biscuits, cakes,
ether bakery at Utica, N. Y. Estimated annual sales, $531,289.77.
pies, crackers, ice cream, Italian paste, candies, confectionary, and
27, 1902, with
Memphis Baking Co., incorporated in Delaware, May
food articles of all kinds.
ed annual sales, $1,439,468.62.
Estimat
s,
Tenn.
Memphi
at
s
bakery
elevator
To purchase, lease and operate stores, bakeries, factories,
27, 1922, with
Crescent Baking Co., incorporated in Mississippi, May
and food plants.
alc, Miss. Estimated annual sales $211,324.69.
Clarksd
es
at
bakery
applianc
ry,
of
machine
To manufacture, repair and deal in all kiiids
a, April 1, 1922,
Stroehmann Baking Co., incorporated in West Virgini $1,249,020.27.
and plants incidental to the business of this corporation.
at Wheeling, W. Va. Estimated annual sales
To deal in shares of capital stock of this or any other corporations with bakery
1, 1923, with
the
Atlas Bakeries, Inc., incorporated in Delaware, Nov.
created under the laws of any state or country, and to exercise all
Estimated annual sales $1,246,016.74.
Wis.
ee,
at
Milwauk
in
bakery
exercise
rights, powers, and privileges which natural persons could
1922. This
Bakeries Service Corp., incorporated in Delaware, July 27,
connection therewith.
advertising
has charge of operating, buying, accounting and
To acquire, hold, sell or otherwise dispose of any securities or evi- corporation
tion.
al for all companies acquired by the Continental Baking Corpora
BakUnited
dence of debt created by this or any other corporation or any individu
the
In addition to the above companies (controlled through
acquired
in the same manner as natural persons could.
also
has
Corp.
Continental Baking
nt
defenda
the
Corp.),
eries
and
kinds,
all
of
To acquire the good will, rights, property and assets
es, either by purfirm, a direct controlling interest in the following compani
for that
to undertake the whole or any part of the liabilities of any person,
of their stock for cash, or by exchange of its own stock
chase
and
,
business
of
line
similar
a
in
ion
or
engaged
corporat
association,
methods. •
securi- of the companies controlled, or by both of these
other
or
res,
bonds,
in
the
debentu
wi.th
same,
stock,
for
cash,
1907,
14,
pay
Feb.
i,
to
American Baking Co., incorporated in Missour
law.
ties of this or any other corporation, or in any manner permitted by
Mo. Estimated annual sales $2,636,663.
Louis,
St.
at
7
bakeries
cor.
any
se,
or
lly
otherwi
June 26, 1923, with 3
To promote, finance, aid and assist financia
Livingston Baking Co., incorporated in Illinois.$3,520,224.
or
poration or association formed under the laws of the United States
s at Chicago, Ill. Estimated annual sales
bakerie
in
,
country
any
foreign
of
or
a
of
the
of
Columbi
or
District
n, July 1, 1890, with Ilkany State
Wagner Baking Co., incorporated in Michiga
s
071.
which this corporation has any interest or with whom it has busines
at Detroit, Mich. Estimated annual sale, $2,270.
ery
dealings.
Corp., incorporated in Delaware, Jan. 8, 1923, with
s
Bakerie
d
Standar
ion
descript
of
every
To erect, repair and maintain buildings or works
, Calif.; Denver and Pueblo,
ion. bakeries at Long Beach and Los Angeles
necessary or convenient for carrying on the business of said corporat
836
THE CHRONICLE
[Vol.. 122.
Colo.; Hammond, Ind.; El Paso, Tex.; Omaha, Neb.; Akron, 0. (1923
West Virginia—Wheeling, serving
net earnings $381,084.44).
30 towns in West Virginia; 48 in
Ohio; 6 in Pennsylvania.
During 1925, the Continental Baking Corp. has further acquire
d a
Virgini
a—Norfo
lk, serving 28 towns in Virginia; 32 in North Carolin
controlling interest in the following companies:
a.
District of Columbia—Washington,
(1) Massachusetts Baking Co., with bakeries in Boston, Mass.; Bridgeserving Washington, 12 towns in
Maryland; 19 in Virginia.
port, Hartford, New HaN;en and Waterbury, Conn.; (2) Consumers BakThe General Baking Company thus
ing Co., with bakeries in Paterson and Harrison, N. J.; (3) Occiden
serves a total of over 2,500 towns
t in 20 states.
Baking Co., with bakeries in Minneapolis, Minn.; Madison, Wis.;
(4)
The
compan
y
has
prospered exceedingly. Its first balance sheet showed
Spokane Bakery Co., Spokane, Wash.; (5) Perfection Bread
Co., Sam- the total value of land, machine
ry and buildings to be hardly more than
mento, Cal.; (6) Log Cabin Baking Co., Portland, Ore.; (7) Washin
gton the par value of its bonds.
Over $12,000,000 of securities were issued
Bakeries Co., Seattle, Wash.; (8) Buttercrust Baking
Co., Salt Lake
City, Utah; (9) Ogden Baking Co., Ogden, Utah; (10) Northern Bak- to balance less than $6,000,000 worth of tangible property and the enormous item of nearly $7,000,000 for
eries, Ltd., 10 bakeries in 7 Canadian cities; (11) Corby Baking
good will. The company earned
Co., with $365,000 during its first year
bakeries in Richmond, Va.; Washington, D. C.; (12) R. B.
of operation.
Ward &
During
its
first
ten
years
of operation the company paid out in diviCo., Inc., with bakeries in Los Angeles, San Diego, and Berkeley,
Cal.; dends over $6,500,000 on propert
y valued at a little over $3,000,000 at
(13) New England Bakery Co., with bakeries in Somerville, Haverhi
ll, the time of incorporation. By the
Lawrence, New Bedford and Springfield, Mass.
beginning of 1922 it
profits
not
only to pay all annual interest and preferr had made enough
The aggregate annual sales of the companies controlled
ed dividends, but
by
the
Conti
also
to
place
a
market
value of $150 per share on its common
mentalBaking Corp. of bread and cake were estimat
stock noted in 1923 at ap- withstanding the fact
that depreciation charges had been enlarge
proximately $43,000,000. That was an estimate
d in good
based on only a part years and profits thus
concealed. It had added nearly $3,000,
of a year's business. Since then the company has acquire
000 to its
companies operating 32 bakeries. Wherefore, petitioner, on d some 13 undivided sulplus and had increased the value of its tangible assets so
information that the factor of good will
was minimized.
and belief, alleges that the aggregate annual sales of the compani
es conIn 1922 the directors ordered a reorgan
trolled by the Continental Baking Corp. are between
ization and issued stock of
$80,000,000 and no par value. After payment of
$100,000,000 annually.
preferred
mained equal to 117% on the $100 par dividends, a net profit rePetitioner further alleges that many of the bakerie
value of the stock outstands controlling inter- ing before the reorganization
. The original stock issue sold for $2
est in the stock of which was acquired by the Continental
a
Baking Corp. share in 1916. It has since been
were engaged in competition with each other in intersta
expande
d five times by stock divicommerce and that the purpose and effect of such stock te trade and dends, so that the holder of one share in 1916 now holds six shares.
acquisition was In the present merger, the stockho
lders of the General Baking Co. are
and is to substantially lessen competition between such
companies.
offered by the General Baking Corp. $225
Organization of General Baking Corp.—Having
per share.
organized and placed
Acquisi
tion of the General Baking Co., in view
under his domination the Ward Baking Corp. and the
of its demonstrated
Continental Baking earning power, would be a
notable step in the consummation
Corp., William B. Ward ostensibly withdrew from
of the
connection with unlawful plan hereinbefore alleged.
those companies, but left them under the management
But
William
B. Ward, and the
of men who had defendant Paul H. Helms, whom
been his employees and were personally loyal to him
he associated with him in the transand were committed action did not plan merely
the
to his plans and policies. Ward then turned his
attention to the de- they planned the organization acquisition of that company. Instead,
fendant, General Baking Co., the largest indepen
of a gigantic corporation with
dent baking company powers and well-nigh unlimit
broad
ed authorized capital stock to acquire
in the United States.
not
merely
the
General
Baking
Co. but any other baking compani
The General Baking Co. was organized on June 6,
es or
1911, in the laws companies engaged in the
production of related commodities
of the State of New York. It has an outstan
which it
ding capital stock of might fit in with their plans
to acquire.
100,000 shares, 8% cumulative preferred, of no par
value, and 429,719
Accordingly, on Oct. 3, 1925,
shares common. Ninety-nine percent of the outstan
ding common stock is the laws of the State of Maryla they caused to be incorporated under
nd the defendant, General Baking Corp.
now owned by the defendant, General Baking Corp.
with an authorized capital stock of 10,000,000
During 1911 the General Baking Co. acquired
shares of no par value.
control, either by pur- Assuming, as is provided in the
case of the preferred shares, constichase or exchange of stock, or by purchase of
assets, of 25 wholesale tuting one-half of the total issue,
bakeries operating in 13 States, as follows:
that the shares will be expected to
earn a fair return on a par value of $100 a share,
Massachusetts—J. G. & B. S. Ferguson Co.,
this would be a
Boston; George G. Fox $1,000,000,000 corporation.
Co., Boston.
corporate powers are stated in the certificate
Its
Rhode Island—Arnold-Alhaus Co., Providence.
of incorporation in
the exact language of the powers of the defenda
nt Continental BakNew York—Fleischmann's Vienna Model Bakery
, Inc., New York ing Corp.
City; Deininger Bros. Co., Rochester; Rochester Baking
The stock of the General Baking Co. was
Co., Rochester;
acquired through the deGrocers Baking Co., Rochester; Ontario Biscuit
Co., Buffalo; Collins Bak- fendant William B. Ward in accordance with an offer
made by him
ing Co., Buffalo; Brunner Baking Co., Buffalo
on Sept. 29, 1925, to the defendant William
.
Deininger, Pres. of the
New Jersey—C. Martin Co., Jersey City; Weber
General Baking Co. Ward's offer which
aking Co., Newark,
was to remain open until
Oct. 10, 1925, was $225 per share'
Pennsylvania—Feihoier Vienna Baking Co.,
for the common stock, provided the
Philadelphia; Haller holders of at least
Bread Co., Pittsburg.
51% of the common stock should
deposit the same
stibject to his offer. The offer was
Ohio—United Baking Co., Toledo; Canton Baking
accepted by the officers, directors,
Co., Canton; Cleve- and by stockholders representing
land Bread Co., Cleveland; Juliet. Baking Co.,
a majority of the outstanding stock
Cleveland.
of
the General Baking Co. The same
persons approved of the name
Michigan—Morton Baking & Manufacturing
"General Baking Corp." Each of
Co., Detroit.
the remaining stockholders was adWisconsin—Atlas Bread Factory, Milwaukee.
vised of these proceedings by letter
by the defendant Deininger. Ward's
Indiana—Bryce Baking Co., Indianapolis.
offer was not acted upon; but the
General Baking Corp. itself acquired
the stock. It is in complete control
Missouri—McKinney Bread Co., St. Louis.
of all the latter company's activities.
West Virginia—Juergens Baking Co., Wheeling.
On Nov. 23, 1925, the General Baking
Louisiana—Vories Baking Co., New Orleans.
and since that date has actually purchased,Corp. contracted to purchase,
the
District of Columbia—Boston Baking Co., Washin
tal stock of the Smith Great Western Baking entire outstanding capigton.
Corp. of Kansas City,
Mo., operating 7 plants in 3 states:
On December 29, 1911, the General Baking Co.
Missouri—Kansas City; Kansas—
acquired the entire Kansas
common stock of the Kolb Bakery Co., of
City,
Wichita
,
Hutchin
son;
Philadelphia, amounting to
Oklahoma—Tulsa, Oklahoma City,
$2,000,000. In 1922 the Kolb Company
was merged with the General Enid.
Baking Co. During 1915, the General Baking
The Smith Great Western Baking Corp.
Co. purchased a bakery
is the principal competitor
at Rochester, N. Y., and constructed 2 new bakerie
of the
s, one at Steubenville, defenda Campbell Baking Co., 83% of whose stock is owned by the
0., and the other at Wheeling, W. Va. During
nt
Contine
ntal
Baking
Corp.
The Smith
1920, the General Bak- annual
ing Co. purchased the entire capital stock of
sales of about $6,000,000. The Campbe Great Western makes
the Dil!man Bakery Co.
ll Company makes annual sales of about $7,000,000.
of Brooklyn, N. Y.,
Formation of Ward Food Products
During 1923, the General Baking Co. acquire
Corporation.—On Jan. 30, 1926,
d the entire stock and
this District, the defendant, William B.
assets of Dexter's Bakeries, operating plants
at Springfield; Mass., and in
Ward, and his associates,
Waterbury, Conn. Later in the same year
articles of incorporation for the defenda
the Dexter Bakeries were filed
nt, the Ward Food Prodmerged with the General. During the same
year the General Baking Co. ucts Corp. It was their purpose to bring to fruition their unlawful
plan through the instrumentality of that corpora
purchased the entire assets of the S. S. Thomps
on Baking Co., of New
tion.
Haven, Conn., constructed a new bakery, with
The Ward Food Products Corp. has an authori
zed capital stock of
12 ovens, in the Bronx, 20,000,
000 shares without par value, of which
New York City, acquired a bakery with 5 ovens
in New Haven, Conn.,
10,000,000 shares are
7% cumulative preferred and 10,000,000 are
and sold the Ontario Biscuit Co.
common. Assuming that
During 1924, the General Baking Co.
corporation will be expected to earn the
acquired the entire assets of the
equivalent of a 7%
dividend on the common stock as well as
Gardner Bakeries, Inc., with plants at
the preferred, this would be
Baltimore, Md.; Norfolk, Va.;
a $2,000,000,000 corporation.
Philadelphia, Pa.; Newark, N. J.; Richmo
nd, Va., and Washington D.
C.
The powers conferred on the Ward Food
As a result of these and other acquisitions, the
Products Corp. are even
General Baking Co. at broader than
the present time owns and operates 26 wholesa
those conferred on the other
le
bakerie
s
located
in
is authorized to produce, raise, mainufacture corporate defendants. It
21 cities in 13 states, as follows:
or otherwise acquire,
prepare for market, sell, import, export,
Massachusetts—Charlestown, serving 98
distribute and generally
towns in
deal in
in New Ira-mpshire; 13 in Maine. Roxbury, serving Massachusetts; 13 food and food products and by-products thereof of
68 towns in Massa- description; and articles, materia
every class and
chusetts. Springfield, serving 159 towns in
ls, equipment, supplies
Massachusetts; 120 in Con- ery, and everything capable
, tools, machinnecticut; 40 in Vermont; 17 in New Hampshire;
of being used in
3 in N. Y.
connect
ion with the
business of the company. Especially broad
Connecticut—Hartford, serving 33 towns
powers are conferred in
in Connecticut; 14 in Massa- respect of the acquisition and holding
of the stocks, bonds
chusetts. Waterbury, serving 137 towns in
and other
Connecticut, Massachusetts evidences of indebtedness of other
corporations, or their physica
and New York.
l assets, and the payment therefor in the
securiti
es
of
New York-3 bakeries in New York City, serving
the
Ward Food
New York City, Products Corp. or cash realized from the sale of such
about 200 other towns in New York; 28 in Connect
securiti
es.
The directors are authorized, before
icut. Syracuse, servdeclaring dividen
ing 61 towns in New York. Rochester, 2 bakeries,
serving 120 towns mon stock, to set aside funds from the earnings of ds on the comthe
in New York. Buffalo, serving 118 towns in New York,
corpora
charitab
tion
for
le
uses.
This is a mere authori
7 in Pennsylvania.
gation upon the directors or the corpora zation and imposes no oblition;
and
./erse
y—Newa
the uses mentioned
New
rk, serving 77 towns in New Jersey.
are, for the most part, so vague and general
as to be meaningless.
Pennsylvania—Philadelphia, 3 bakeries,
Petitioner alleges on information and
serving 456 towns in Pennsyl
belief that it was and is the
purpose
Jersey,
vania, New
Delaware and Maryland.
of William B. Ward and the other
defendants concerned in
the formation of the Ward Food Product
Michigan—Detroit, serving 30 towns in
s Corp. to cause that corporMichigan.
ation
to
acquire, in exchange for its shares
--Steub
enville
, serving 21 towns in Ohio; Toledo,
Ohio
of capital stock, or for
towns in Ohio; 7 in Michigan. Cleveland, serving 22 towns serving 25 cash realized from the sale of its shares of capital
stock, all or at least
in Ohio.
a controlling interest in the outstanding
Louisiana—New Orleans, serving 47 towns in
capital
Louisiana; 42 in Miss- ants, the Ward
Baking Corporation, the Generalstocks of the defendissippi.
Baking Corporation,
and the Continental Baking Corporation
Missouri—St. Louis, serving 38 towns in Missouri;
and of such other baking
20 in Illinois.
companies and companies engaged in
the production and sale of flour,
FEB. 13 1926.]
THE CHRONICLE
837
milk, yeast, and other ingerdients used in the production sf baked
Furthermore, it is not my purpose to combine
the business of the
goods, including all manner of baking machinery and equipmment, as baking
companies whose names have been mentioned.
may be available.
Each is in the
hands of competent, successful managem
ent, and would not be likely
The result of such acquisitions of stock by the defendant the Ward
to
give
up
its
indepen
dence.
My purpose does contemplate having
Food Products Corporation will be to eliminate all competition between
Ward Food Products Corp., if conditio
ns warrant, consider taking
the other corporate defendants; the largest, best organized and best
over the properties. of Ward Baking Co.,
equipped wholesale baking concerns in this country, and
or some other one of the
the com- companies engaged in
producing bread, and also other representative
panies and properties controlled and owned by them, and to create
a
compani
es,
each
engaged in the production of a different kind of food
virtual monopoly of the wholesale baking business • in the
United
States. The defendants, the Ward flaking Corp., the General Baking product.
Plans for the consummation of
Corp., the Continental Baking Corp., and the companies and properti
the idea embodied in the charter
es of the Ward Food Product
owned and controlled by them are in many parts of the United
s Corp. recently filed in Baltimore have
States advanced no further than
actual competitors in interstate trade and commerce in break,
this.
I
feel certain that such a plan will
cake and meet with the approva
l of the public and of any judicial body.
other bakery products, except to the extent that the keen edge
of their
The fullest examination of the Ward
competition is dulled by the community of interest
Food Products Corp. is wels existing between comed, and
complete cooperation will be accorded in
said corporate defendants. In many instances bakeries owned
placing before
trolled by the corporate defendants are located in the same or con- the public the facts as they actually exist.
city, or
The formation of the new company
in cities adjacent to each other, and are competing for the
was
the
result
of experience in
business the baking industry
that the cost of distribution, which is ultimate
in those cities and in the surrounding territories, which territori
ly
es fre- borne by the
quently include portions of two or more states.
consumer, is greater than it need be. Too large
a part
of the cost of food is represented by the
Community of Interest Between the Several
expense of getting it to the
people. The aim of the new company is
Defendants.
to develop such an organizaThe principal corporate defendants, Ward Baking Corp.,
Continental tion that the distribution cost will be materially lessened, which will
Baking Corp., General Baking Corp. and Ward Food
result
.in wholesome food products at a
Product
Corp.,
s
fair cost to the American
were organized by the defendant, William B. Ward, and
his associates
in pursuance of the hereinbefore alleged combination and conspira
general
public
will
cy in
sooner or later get the real facts. Then
restraint of interstate trade and commerce,
w
realize that the merit of any proposed
and attempt to monopolize tphueylhice.ill
industrial enterprise
such trade and commerce, and to effect the objects
exists in the result which may be expected
of
the
same.
to be accomplished, and
Substantially the same persons acted
as incorporators in the for- that such an enterprise should not be condemn
ed
merely
mation of those corporations; Ward and his associat
because it is
es were represented large.
by the same counsel in each instance; Ward, the Continen
tal and GenThe huge baking project with Ward
eral Corporations all have their offices in the
as
head and its
same building and are
Philanthropic aims were originally outlin
in constant communication with each other; the certifica
ed as follows in
tes of incorporation of the Ward, Continental and General
dispat
ch to The New York Times from
Corporations are almost a
Baltimore under
identical and the certificate of the Ward Food
broader, is similar; the minute books of these Products Corp., while date of Jan. 30:
defendants are kept by
Incorporation papers of the Ward Food
the same person; and the four corporations all
Products Corporation, which
have the same resident apparently means
the merger of the largest baking concern
agent in Maryland.
s in the
East
into a gigantic corporation, were placed
This community of interest is further shown by
on record and approved
the connections of here today by the
the several individual defendants.
Maryland State Tax Commission. Douglas
H.
Ross 2d, E. H. Frost and R. Dorsey Watkins
William B. Ward entered the baking industry
are named in the inin 1907, when he be- corporation papers,
came connected with the Ward-Mackey Co.
their
office
being
in
the Calvert Building with the
in Pittsburgh. In 1912 firm of
Piper, Carey & Hall, attorneys.
he and his brother, Howard B. Ward, organized
the Ward Brothers
The Board of Directors, the papers provide,
Co. in Rochester, N. Y. In 1913 they organize
shall have power to
d Ward & Ward, Inc., sell, lease or
exchange all property and assets of this
of Buffalo, N. Y. In 1918 William B. Ward
corporation upon
organized the W. B. terms and
conditions and for such consideration
Ward Co., Inc., of Toledo, 0., the Gary Baking
as the board deems
Co. of Gary, Ind., and expedient.
the Crude Baking Co., of Dayton, 0. In 1919 he
organized the Oak
From time to time the board is to make
Park Co., of Oak Park, Chicago. After this he
contributions from surplus
organized the Ward or net profits of
Brothers, Inc., which purchased the three
corporation for the purpose of erecting
last-named companies. In
or maintaining
one or more hospitals, infirmaries or homes
1921 he and his associates organized the United
for invalid or aged
Bakerie
s Corp. which employes of the
he continued to dominate down to the time it
corporation, or for procuring healthful
was
acquired
surroundings
by the
Continental Baking Corp. In 1923 he
organized the Ward Baking for employes recovering from diseases or in infirm health, and for the
establishment and maintenance of a sanitari
Corp. to take over the Ward Baking Co. and
um for convalescent emremained president of
that corporation until he resigned to form
the General Baking Corp. ployes or those suffering from temporary debility.
In 1924 he was mainly responsible for the
The total amount of authorized capital
organization of the Contistock
is 20,000,000 shares
nental Baking Corp., of which he became the
without par value, of which 10,000,000 shares
largest individual stockare 7 per cent, cumula
holder. In 1925 he organized the General
preferre
tive
d
stock
and 10,000,000 common.
Baking Corp. and in 1926
the Ward Food Products Corp., as hereinbefore
alleged.
Provides for Welfare Fund.
'Toward B. Ward is a brother of the
defendant, William B. Ward,
Whenever the full dividend upon the
and has been associated with him in all his enterpri
preferred stock has been
ses
since 1912. He paid in, it is provided the Board of
is vice-president of the defendant Continental
Directors should set aside out of
Baking Corporation.
the surplus or net profits such sums as to
William Deininger is a former Presiden
it may seem proper to be
t of the defendant General used for advance
ment of the right of every child to be born well
Baking Co., and is now Chairman of the
to
board of directors of the grow to maturity physical
defendant General Baking Corp.
ly and mentally fit for American citizenship
and generally for the advancement of health
Paul H. Helms has been associated for
and
welfare
of
many
the
years
in the business American people, and dividen
enterprises of the defendants William
ds upon the common stock may then be
B. Ward and George B. Smith. declared out
of the remainder of surplus or net
He is a former Secretary-Treasurer of both the Ward
profits.
Baking
Co.
The
preferred stock shall be redeemable in
(of
New York) and the Ward Baking Corp. He is now
whole Sr part on any
president of the quarterly dividend date at $110
defendant General Baking Corp.
share plus amount accumulated dividends. In event of any liquidation, dissolut
J. W. Rumbough is a director of the
ion or winding up of
defendant General Baking the corporation,
Corporation.
whether voluntary or
stockholders shall be entitled before any involuntary, the preferred
R. E. Peterson is a former Assistant Secretary and
assets shall be distributed
Treasurer of or paid to holders of common stock,
the General Baking Co. He is now Secretary and
to be paid $100 per share plus
Assistant Treasurer accumulated dividends.
and a director of the defendant General Baking Corp.
A notable feature of the financial provision
George G. Barber has been associated for
is that "each holder
many years with the de- of any class
of stock of this corporation shall be
fendant William B. Ward in various baking
entitled at stockenterpri
ses.
He was con- holders meetings to one
nected with Ward & Ward, Inc., of Buffalo, N. Y.
vote
for every share of such stock in his
Later he was with narne.
'
'
th
the Ward Motor Vehicle Co., manufacturer of
electric vehicles, a
corporation owned by Robert B. Ward,
e eyes of the State Tax Commission, which
but not
reckons every share
baking company. In February, 1917, he became affiliated with the of stock where par value is not specified at an arbitrar
y par value of
Secretar
y
-Treasur
er
$100,
Ward,
&
Ward
the
Inc.,
concern is a billion-dollar corporation. In
of
and of Ward Bros., Inc.
the interests of
He was also an conservatism the Tax
officer in the subsidiary companies of each.
Commission's assessment has been cut in half.
In 1921 he became assoThe concern is one of the largest ever
ciated with the defendant William B. Ward in
incorporated under the laws
the United Bakeries of Marylan
Corp. He is now Sec.-Treas. of all the compani
d.
es affiliated with the
United Bakeries Corp. He was active in
Bonus
Tax,
$40,700.
the
promotion of the defendant Continental Baking Corp., and
Bonus tax paid by the corporation was $40,700
has served as its Presiden
, enough to pay the
t expenses of the Tax
since it was organized.
Commission for a year. This tax is
graduated
George B. Smith has also been closely
accordin
g to the capitalization of the company
associated with the defendant
incorporated. PreWilliam B. Ward for many years, as chairman
viously the biggest bonus tax paid in
of
the
Board
of
Marylan
d
was
Director
s
that
of the
of the United Bakeries Corp., and as an officer of many
General Banking Corporation, chartere
d last year. This concern paid
of its subsidiaries. He actively assisted the defenda
nt George C. Barber in pro- $20,700.
moting the Continental Baking Corp. He succeede
W. B. Ward of New York, head of
d the defendant
the Ward Baking Corporation,
William B. Ward as President of the Ward
Baking Corp., and now 1 was quoted in an Associated Press dispatch from Washing
ton, Oct.
holds that office.
31, 1925, as having told Chief Examiner
M. F. Hodson of the Federal
The defendant William Deininger was never associat
Trade Commission that he had made
ed
an
with
offer
for
Ward
common
stock of he
enterprises Prior to the creation of the General Baking
Corp. William General Baking Company, and if required this would be held by
a
holding company to be known as
B. Ward, however, was formerly a large stockholder and
the General Baking Corporation,
chairman of
Director
s
of
of
Board
the
but that no attempt would be made
General Baking Co.
the
to acquire capital stock of any
other company, any ether acquisit
ion, he explained, according to the
Chief Examiner in that report,
would be by purchase of assets. While
Suit Based on a Misapprehension of Facts, Says Ward— at that time declaring there "was
no truth in press reports" of a
baking merger, Mr. Ward
"Trust" Not Contemplated—The Plan
said, "It was not possible to say
Outlined.
what
might take place in the future."
With regard to the Government suit against the
Francis J. Carey Jr. of the law
various
firm of Piper, Carey & Hall, said
compan
ies
and
tonight
the
they
baking
had no
proposed Ward Food Produc
ts what was containe further information to give out at this end than
d in the incorporation papers,
Corporation, William B. Ward says:
which state that the
corporat
ion
is
found to produce, raise, manufac
The proceedings instituted by the Government against Ward Food acquire for
ture or otherwise
market,
sell,
import,
export, distribute and generally deal
Products Corp., with a declared purpose of preventing a monopoli
in, food products and by-products
stic
compani
es
food
is
combination of
thereof of every class and debased on a misapprehension of
the scription.
facts. In causing the formation of Ward Food Products Corp.
This corporation shall also have
I
the power to carry on the business
never contemplated building up a so-called "trust." Such a "trust" of manufac
turers and dealers in all kinds of machine
ry appliances
would be impossible because of the nature of the business.
and plants, and particularly those incident
or necessary to business
838
THE CHRONICLE
sell,.
which this corporation has power to engage in; also to buy,
appliances
manufacture, let or hire and deal in all such machinery
and plants.
Has Wide Powers.
The corporation is empowered to purchase, acquire, sell, assign,
this
transfer, mortgage or otherwise deal in shares of capital stock of
or any other corporation in this or any State or country, and to exerthereon,
cise all rights and privileges, including the right to vote
except on the stock of this corporation, and to purchase, acquire,
or
bold, transfer any securities or evidences of debt created by this
any other corporation, to undertake liabilities of any firm or corporation engaged in similar line of business, and to pay for same in cash,
other
stock, bonds, debentures or other securities of this or any
corporation; to aid in any manner any corporation or firm or instock,
dividual of which this corporation is a creditor or of which
sell,
bonds, mortgages, &c., are held or owned by this corporation; to
distinctive
process,
assign or otherwise dispose of formula, secret
marks, improvements and produce secured under letters patent.
In general the corporation is to carry on business in connection
law,
with the foregoing objects, and to perform any act permitted by
to the end that the American people may hope and enjoy wholesome
food at fair prices.
The principal office of the corporation in Maryland will be located'
in the Calvert Building in Baltimore. J. Bannister Hall, is named
as resident agent of corporation.
No holder of stock of any class shall have any preemptive or preferential right of subscription to any shares now or hereafter authorized.
The directors are empowered to authorize issuance from time to
time of no par value stock and securities converting into no par shares
of any class whether now or hereafter.
It is provided the corporation shall have three directors, which
number may be changed from time to time.
Alexander W. Jack, Hortense C. Wordeman and Clara Nulle shall
act is directors until the first annual meeting or until their successors
are chosen.
Expected in Wall Street.
Incorporation in Baltimore yesterday of the Ward Food Products
Corporation was considered last night to be a step in the formation
in
of a cartel or. combine of interests producing all ingredients used
The
bread which has been rumored for several weeks in Wall Street.
merger
the
reported
companies mentioned as probable partners in
supproduce milk, salt, sugar, yeast and flour. William B. Ward is
last
night.
not
reached
was
He
merger.
posed to head the
Distribution last week of securities in the United Milk Corporation,
a $50,000,000 concern, to former owners of forty-five milk properties
the
in all parts of the country was taken as another initial step in
formation of a bread cartel. Companies which have been discussed in
connection with the merger are the United Milk Products Corporation, Ward Baking, Southern Baking, Fleischmann Company, Carnation Milk and Pillsbury Flour.
Officials of companies mentioned in the reports have held frequent
meetings lately, but have denied that negotiations looking toward a
was
merger were in progress. It was understood that one proposal
capital,
for the formation of a corporation of at least $1,000,000,000
on a
which would exchange stock for that of the merged companies
in
ratable basis. The Ward interests already own one flour mill
in the
When Mr. Ward was asked if all those associated with him
plants
merger of the scores of bakery, milk, sugar, yeast and other
distributions
were in sympathy with his plan to make philanthropic
corporation,
before payment of a dividend on the common stock of the
he said:
not
This is a 100% proposition. I haven't talked to any one,
hasn't said:
only among my associates but in every walk of life, who
fullest
Why has it not been done before now? I expect to have the
business.
cooperation of my associates. We are putting a soul into the
be a
Our plan is a fundamental plan. For all we know, it may
pattern for the corporations of the future.
In discussing his plans to turn part of the profits into philanthropies,
Mr. Ward said that the distributions would not necessarily be limited
to the communities in which the new corporation has plants.
the
We shall make those distributions wherever there seems to be
best field, he said.
Wall Street Men Give Ideas on Mergers.
Wall Street, in the midst of participation in big business
consolidations, has some definite ideas about limitations of
such organizations. These limitations are characterized as
preservation of competition, efficiency, economy, consideration of conduct rather than size, and even keeping intact
the joy of living, so that people may not become standardized to the point of monotony. These beliefs were expressed to The Associated Press Feb. 8 by financial
authorities in a round table of opinions drawn forth by the
reports of consolidations in railroads, power, food and
other business, while Congress was considering merger
problems from the Government's point of view.
Francis I-I. Sisson, Vice-President of the Guaranty Trust
Company, said:
Canada.
Details regarding the merger will also be found in the
bill of complaint of the Government which we give at
length under a separate heading.
Associates in Baking Merger All Favor Philanthropic
Project, Declares Wm. B. Ward.
The huge consolidation in the bread industry under the
Ward Food Products Corporation will succeed because it
Is "starting out with the idea of service," according to
William B. Ward, who is quoted as follows in the New
York "Times," Feb. 1:
corThere is no doubt in my mind that when an individual or a
come.
poration starts out with the idea of service success is bound to
The best example of that is Henry Ford.
Continuing, the New York "Times" says in part:
The German cartel, or combination of different basic industries
contributing to a finished product, was not the inspiration of Mr.
idea
Ward's consolidation, he said "If I have followed the cartel
I did it unconsciously."
among
stock
Po you expect any difficulty in placing your common
and
investors who have been informed that a preferred stock dividend
a distribution to philanthropies come before the common dividend? he
was asked.
Not the slightest, said Mr. Ward. What financing we have done
has been done along these lines already. We give a share of common
stock as a bonus with a preferred share for $100. Under the plan
be
I should think that the common stock in this undertaking would
better off than that in the old undertaking.
Whatever I am I owe to my good father and mother. The idea
which I have endeavored to bring to fruition was really originated by
been
my father, Robert Boyde Ward. If he had lived, it would have
was
in operation years ago. I have heard my father say that if it
corporation
all right for an individual to tithe, it was all right for a
to do the same thing.
Mr. Ward was asked if he meant that the Ward Food Products
Corporation intended to give a tenth of its net profits to philanthropies
payment
under the plan of making philanthropic distributions after
the
of the dividend on the 7% preferred stock and before payment of
those
dividend on the common stock. He said that he and some of
followed
who would be associated with him in the merger had already
that biblical practice and found it most satisfactory.
was
I don't like the word charity, said Mr. Ward, when reference
such. He
made to the prospective distributions of the corporation as
the public in the form
said that the plan of turning profits back to
philanthropies was not a new
of beneficence to childhood and other
one among corporations.
been doing that, said Mr.
I know of companies today which have
ten years has
Ward. We have a• company in Pittsburgh which for
work among chlidren. In order to make this
welfare
supporting
been
into the charter.
corporation do it legally we have put it
• [VOL. 122.
Economy in production, small margins of profit, quick turnover of
capital and, hence, lower cost to the consumer are becoming more and
more the watchwords of business men. It is perfectly obvious to men
of natural intelligence that these ends can better be attained through
efficient operation on a big scale. The American people are gradually
being convinced that so far as harmful practices are concerned, Ahe
size of a concern bears no relation to its business ethics.
If there is to be governmental oversight in the conduct of business,
it would be much easier to watch a few big business men than thousands of small dealers.
Clarence Dillon, head of Dillon, Read & Co., who has
had the limelight recently through his financial operations,
said :
The greatest thing in business, large or small, is competition. The
element of keen competition, which is that intangible zest, the very
essence of alert life, must be preserved in big operations, even if there
is need of constant watchfulness to prevent machine-like, impersonal
administration. Individual merit must be quickly recognized and rewarded. The minute a corporation grows beyond its ability to do this
it ceases to be a healthy economic factor in the community. Low
production cost is not everything. The joy of living, even if it costs
more, is the principal thing we must preserve. It would be a drab,
monotonous world if everybody wore standardized suits, even if they
cost less and were better than clothes that revealed individuality."
George E. Roberts, Vice-President of the National City
Bank, said:
We have clung too long to the economic absurdity that large corporations are bad for the community just because they are large. If a
great business genius, through operation on a big scale, is able to
accumulate millions of dollars, what of it, if he hae contributed at
Who can
the same time toward the betterment of his community?
say he is worse off today because Henry Ford has amassed greater
wealth? He is the outstanding example of what large.scale operation
can do. We might have had many more such examples if it had not
been for the long period of anti-trust hysteria that blinded us for so
many years.
There is absolutely no limit to the necessities and desires of people,
he said, and pointed his meaning with this remark: We may reach
a time when automobiles will come with the rent, like built-in bath
tubs.
Several men said that consolidation could not be applied
to all lines of business. One of these was Harold Roberts,
of Mulliken & Roberts, investment bankers, who for many
years was an associate of the late J. B. Duke. He said:
I do not believe the merger idea can be applied to the cigar business, because it has been impossible, and, so far as can be foreseen,
will be impossible in the future to manufacture cigars by machinery.
Thus nothing can be saved by introducing labor-saving devices, the
principal reason for mergers. I believe in Roosevelt's slogan—Penalize
conduct, not size.
John C. Cowdin, member of Blair & Co., said:
Whatever America has gained in her standing as the home of
men of business acumen, has been gained through the operation of
with
big business. I see absolutely no limit to which it can be carried,
long
profit to the country as an economic factor in world trade, so
as these corporations are run on sound, economic principles.
Coal Miners and Operators Again Gather in
Philadelphia.
Announcement of the unexpected arrival in Philadelphia
on the 11th inst. of leaders of the anthracite coal miners
and operators gave rise to reports that a new move to
effect a settlement of the coal strike was under way. The
Associated Press advices from Philadelphia that day had
the following to say:
FEB. 131926.]
THE CHRONICLE
The negotiating committee of the operators and the sub-scale committee
of the miners are in Philadelphia, but not in communication. The operators
are in the Ritz Carlton Hotel, while the miners are in the Bellevue-Stratford
across the street.
Both sides deny there is anything directly pending between them. In
fact, each gave the same reason for assembling here—"legislative matters."
The negotiating committee of the operators, with a number of other
coal company representatives, arrived yesterday. John L.Lewis,President
and Thomas Kennedy. national Secretary-Treasurer, came in early to-day
and later the other four members of the miners' committee arrived.
If anything develops toward a settlement, it is believed it will come
from the operators' side.
If some new basis of settlement is decided upon among the coal companies, it is expected it will be at once made known to the miners. The
union leaders are hero to consider anything that might come from the
mine owners.
No engagemenzs, so far as can be learned, have been made for Mr. Lewis
and W. W. Inglis, Chairman of the operators' negotiating committee, to
meet, nor for the full commi.tee of the two sides to confer.
Alvan Markle, neutral chairman of the joint wage conference of miners
and operators, is registered at the Union League Club. Thus the machinery for a conference is ready.
United States Senate Adopts Senator Copeland's Resolution for I ntervention by President Coolidge in
Coal Strike—Robinson Bill and Other Congressional Proposals.
The third effort within a week by Senator Copeland of
New York to secure the adoption by the U. S. Senate of his
resolution seeking intervention by President Coolidge in
the coal strike resulted in the adoption of the resolution on
Feb.9. On Feb.5(as we indicated last week, page 702) the
Senate by a vote of 48 to 28 refused to consider the resolution. The Senator then made known his intention to press
the resolution until its adoption. On Feb. 6 his attempt to
secure the passage of the resolution was again defeated by
the Senate by a vote of 43 to 38. The vote, said Associated
Press accounts, was taken after considerable debate which
revolved around a bill offered by Senator Robinson of Arkansas, the Democratic floor leader, proposing creation of a
Federal board of industrial adjustments charged with fixing
• responsibility for coal strikes. Further advices from these
accounts stated:
Robinson Bill.
This measure was referred to the Committee
on Education and Labor
after Senator Robinson had urged for speedy
action in committee so the
Senate might take it up after the tax bill
has been passed.
At the end of the debate Senator Copeland
(Democrat. New York) moved
that the Senate consider his resolution
for a White House conference which
would have had the effect of displacing the
tax bill. Senator Edge(Republican, New Jersey) countered with a motion to
lay the Copeland motion on
the table, but that was voted down. 41 to
38.
On the direct vote on the Copeland motion,
which followed. 10 Republicans joined with 27 Democrats and the
one Farmer-Labor Senator in support and 3 Democrats joined with 43
Republicans in opposition.
Senator Robinson's measure, which was
offered after a number of Democratic leaders had conferred on the coal
situation as well as other questions,
has as its primary purpose the invoking
of public opinion for the protection
of anthracite consumers against controversies
between operators and miners.
The proposed board would function
when the President on his own
Initiative, or Congress by a concurre
nt resolution which would not require
Presidential approval, had declared
the existence of an emergency in
which
the public health or safety is endangered
because of interference with the
production or distribution of coal.
The board would be composed of the
Secretaries of Labor and Commerce and the chief of the Bureau of Mime,
together with two citizens not
engaged or interested in the production
or distribution of coal. It would
have authority to conciliate differences,encourag
e arbitration and ascertain
the causes of an emergency and recomme
nd adjustments.
While the coal question was engaging
the attention of the Senate, Representative Waters, Republican,
Pennsylvania, introduced a resolution in
the
HMSO inviting conferences of the
miners and operators with the Secretar
y
of Labor sitting in as a mediator.
839
as to how Senator Wadsworth would be able to get New York's vote after
opposing such a resolution.
With the resolution adopted, plans were being made for early action in
the Senate Committee on Education and Labor to bring up the Robinson
bill providing for a Federal Board of Industrial Adjustments. . . .
Glass Against Presidential Action.
Senator Glass of Virginia, explaining his opposition to the Copeland
resolution, said:
"I voted against it because I have an absolute conviction that the Interference of President Roosevelt in the 1902 coal strike, when he threatened
to
seize and operate the coal mines by the Government, has largely been
responsible for these controversies and outbreaks ever since.
"The President of the United States has no legal authority
to intervene
in such controversies, and I am morally certain that Presiden Coolidge
t
has
no intention whatsoever to be drawn into the dispute.
"Therefore, I regard Senator Copeland's resolution as perfectly futile
and as an attempt by the Senate to escape its own responsibility
and to
pass it on in a 13erfectly harmless but ineffective way to the Presiden
t.
"Mr. Coolidge could just as readily call the disputan
ts to a conference at
the White House without the Copeland resolution as he could
with it." ...
Secretary Hoover declared to-day that the Commerce Departm
ent was
not responsible for delays to coal legislation,
saying the department stood
ready to provide Congress and its committees with
all available information.
The question of the Department's responsibility had
been raised by Senator
Copeland with reference to the Oddie bill.
The Associated Press in indicating that the President
would not intervene in the matter said:
The Senate's action, it was said officially
, had not convinced Mr.Coolidge
that there was any change in condition
s would would justify a change in
his policy.
He does not consider the Senate's
advice in any way binding upon the
Federal Government, although he regards
it as a valuable expression of
opinion. Ile also feels that passage of the coal
resolution was more or less
necessary in order to have the time
of the Senate and permit it to centre
attention on the pending tax bill.
The President was described at the
White House as most anxious to see a
termination of the anthracite suspension,
but unable to see any method by
which the Federal Government if injected
into the situation could lend
effective assistance toward a solution.
On the 8th inst the House Republicans with
a view to
initiating coal hearings addressed a letter to Represe
ntative
Tilson, of Connecticut, the Republican leader, asking
that
they be given a hearing before the Republican
Steering
Committee to discuss the advisability of the
Commerce
Committee getting to work on the coal situation.
The letter
was signed by Representative Treadway of Massac
husetts,
Wainwright, Tolley and Fish of New York, and
Gibson of
Vermont, urged consideration by the commit
tee of the
recommendations set forth by the President in his messag
e
to Congress on coal, the recommendations of the old United
States Coal Commission and a number of bills designe
d to
settle the anthracite difficulties now pending on
the committee's calendar. The letter was as follows:
Washington, Tab. 8.
Hon. John Q. Tilson.
Majority Leader,
House of Representatives,
Washington D. C.
Dear Sir
We, the undersigned, being convinced that further
delay in considering
possible legislation upon the subject of coal Is
politically injudicious and
will lead to extreme hardship among the people,
request a hearing before
the Steering Committee upon the advisability of the
Committee on Interstate and Foreign Commerce holding hearings
upon the general subject of
coal as contained in the following:
1. The two recommendations contained in the
two addresses to Congress
upon the subject by the President of the United
States.
2. The report and recommendations made
by
the United States Coal
Commission.
3. Various bus pending before the Committ
ee on Inter-State and Foreign Commerce upon the subject matter of
coal.
Yours very truly,
ALLEN T. TREADWAY of Massachusetts.
J. MAYHEW WAINWRIGHT of New
York.
HAMILTON FISH JR. of New York.
E. W. GIBSON of Vermont.
HAROLD TOLLEY of New York.
The Copeland resolution, before its
Senate on Feb. 9 by a vote of 55 to 21, adoption by the
suggestion of Senator Reed of Pennsyl was modified, at the
On the same day Representative Sol Bloom
vania. We give here(Democrat)
with its text as adopted,showing in
of
New York in a letter to President Coolidge asked
italics the portion inserted
at the instance of Senator Reed:
make known just what his position is in the strike that he
Resolved, That the President be
and what legislation he considers necessary. The situation,
requested to invite to the White
following
House
at such time as he thinks best the committ
is
Representative Bloom's letter:
ee
of
operator
s and miners in
order that he may urge upon them the
national importance of an immediate
settlement of the anthradte coal
strike.
Feb. 81925.
The President,
The White House.
My dear Mr. President:
I have introduced in the Congress a
resolution and a bill with reference
to the present coal situation, and there have
been introduced in the Senate
and the House numerous bills representing
every kind of thought of the
legislators of both branches of the Congress.
Each and every thought is to devise some immediat
e and lasting solution
of the present coal situation by giving to the Presiden
t of the United States
some authority in this coal situation and future
Senator Curtis of Kansas, the Republic
authority to deal with like
an leader, finally gave consent conditions
effectively if the influence of your leadership is
for Its adoption, his thought being that much time
insufficient.
would be saved for
Coming from a district absolutely dependent upon
considering the tax bill if the Copeland
anthracite coal. being
resolution were out of the way and myself intereste
d in property that imperatively demands
not daily injected into the proceedings.
due to the health regulations; knowing the situation to be anthracite coal,
The roll call disclosed some interesting combinations, the
even worse than
measure being has been represented in the newspapers
approved on the one hand by Senators Butler of
throughout the country; having
Massachusetts, Chairman communicated with you on
several occasions concerning this
of the Republican National Committee; Curtis. the
subject, and
majority leader, and with my csnstituents pleading
to me for some kind of relief; in
Frazier, Howell and La Follette, and opposed on the
view of the
other by Borah, active demands of the people
of my district that their anxiety be
Couzens, Gillette, Smoot and Warren,
relieved by
some word of hope from the Executive and legislative
kiln the line-up against it the name of Senator Wadsworth
bodies of our country,
of New York
appeal to you, Mr. President, not only in
was most prominent, inasmuch as Senator Copeland had
the
nape
of the people of my
linked him with district, but of the millions in
the area affected, for some word,
Governor Smith for the Presidential campaign of 1928. raising
some statethe question ment,that the people who are
suffering from this terrible coal
condition may
Of the 55 votes in favor of the resolution,
26 came from
Republicans, 28 fr
.om Democrats and one from
a FarmerLabor member of the Senate, 19 Republicans
and 2 Democrats cast the votes against the resolution.
The
"Times" in reporting the Senate action on theNew York
9th inst.
part:
said in
840
THE CHRONICLE
[voL. 122.
anthracite strike.
refused to afford any relief in the present
United States stands with refer- and
the eastern secknow just where the Government of the
Ignoring the pleas of 40,000,000 anthracite users in
section of
ence to this drastic condition.
of the United States and of the stricken northeastern vital question
be
can
situation
the
how
to
as
mind
minutes to this
two
devoted
committee
this
,
If there is a definite thought in your
Pennsylvania
your leadership is powerall hope of public relief by killing the two
relieved by Federal legislation, if the influence of
necessary Federal legislation tion and put an end to
less. I have no doubt, Mr. President, that the hours after you request it. Administration anthracite bills.
of the
would be given unanimously within twenty-four
I doubt whether there ever was a more perfect example
of political affiliaThe Senate and House of Representatives, irrespective
one betrayal of the public rights.
and
only,
reasons
humane
for
situation
anthracite
this
tions, are anxious to relieve
The 'two anthracite bills were drawn to protect the
by all the people who
definite word from you would, I know, be welcomed
users—particularly the poor, who buy their coal by the bucket—
condition.
terrible
this
fi•om
suffering
monopoly.
now
are
this letter is that I have only from further extortion by a hard-boiled
One motive that prompts me to write
My recommendation that the production of anthracite be declared
my
to
authority
following
the
give
to
necessary
very recently found it
a public utility is supported and emphasized by the whole history of
most of all,
tenants in the City of New York:
to provide at any the anthracite industry in its relation to the public and,
inability
my
and
emergency,
present
the
of
free from public
"In view
authorized to buy coal at by the tremendous losses which this industry, now
Northern
cost an adequate supply of coal, you are hereby account."
of
communities
mining
control, is daily inflicting upon the
any price, if you can get it, and charge same to my
, upon the Commonwealth as a whole, and upon the
matter
Pennsylvania
pressing
very
this
give
to
expedient
it
find
will
Trusting that you
bow studying the anthracite-using people of the United States.
your immediate attention, and, as you have no doubt
not alone of the strike
• Harding Commission Quoted.
situation and are well informed as to the conditions a very difficult duty
should not be
but of the strikers and the operators, it
This Administration is not alone in urging that the anthracite
the
and
matter
in
the
is
position
your
what
just
poeple
for you to tell the
monopoly be subjected to public regulation. In 1921 President
Congress just what legislation is necessary.
appointed the United States Coal Commission. That body
Harding
Sincerely yours,
in making its report in 1923 found that there is and can be no
SOL BLOOM.
free -competition in anthracite "because the supply is limited and
According to Associated Press dispatches from Washing- controlled."
New
This present control of the supply by an economic combination
ton on the 10th inst. in the House on that day, the party
founded on a community of interest brought it to the conclusion that
the
place
to
steps
took
York Democratic delegation
the mining and marketing of anthracite should be "regarded as
membership on record as favoring action by Congress to affected by a public interest," and regulated as a public utility.
relieve the fuel shortage. The dispatches added:
Declares Issue Perfectly Clear.
The issue before us is perfectly clear. We can let matters go on
as they are going, and then prepare to face the same situation over
and over again, or we can assert our unquestioned rights, and apply
to this particular monopoly the same kind of regulation which the
general experience of mankind has long since approved for other
monopolies.
What relief can the people expect from regulation of anthracite
as a public utility?
First. Under regulation we can get all the facts concerning a
monopolized industry essential to the public welfare.
Second. Under regulation strikes will be far less frequent than
they have been in the past. Full publicity of all the facts in other
industries has proved most helpful in preventing industrial disputes
from arising, and in settling them when they have arisen. One of
the basic causes of strikes in the anthracite industry has been the
unwillingness of the operators to give to the public or to the miners'
representatives information without which a fair judgment on wages
and working conditions is impossible.
Copeland Resolution.
Third. Publicity of all the facts by a public tribunal will shape
to
President
the
requesting
resolution
Senate
to the fairness of the price he is.
Meanwhile a copy of the
Labor the judgment of the consumer as
the
to
and
forwarded
House
White
the
at
received
in Pennsylvania and elsewhere
take action was
it was required to pay. Anthracite users to
although
course,
usual
the
is
This
n.
consideratio
for
base a fair judgment as to
Department
at hand facts upon which
that he was not in sympathy will have
of
extortion, and to what extent.
been
the
victims
made clear by President Coolidge yesterday
they
have
whether
with the proposal.
Fourth. Public regulation will assure fair trade practices. That
of Pennsylvania,
In the House, Representative Brumm, Republican,
him to end means that the public will get the kind and size of coal it pays for,
in
vested
powers
police
the
use
President
the
that
made a plea
it will get clean coal.
Democrat, New York, charged the and especially that
the strike, while Representative Black,
"to break the miners'
The Reusing Plan.
President with taking a stand of non-intervention
There could be no better example of the need for such assurance
union."
than the resizing plan unanimously adopted by the operators and
Demand for Public made effective April 1, 1925. By this plan the meshes of the screens
Gov. Pinchot of Pennsylvania Renews
used for sizing the coal were changed from the generally accepted
Mines
Regulation of Anthracite Industry—Criticises
old standard to a new standard. In addition, larger amounts of tutLarge
to
s
Act—Point
to
Failure
burnable slate and bone were permitted, and a larger percentage of
Committee for
smaller sizes were allowed to remain in the larger sizes.
Dividends of Coal Companies.
Worth Millions to Operators.
scathingly criticised the
A statement in which he
Thre is no question, moreover, that this resizing plan is worth
I'ennsylvania Legislature's Committee on Mines and Min- many millions of dollars to the operators in higher price secured for
anproducts. The Secretary of Mines of Pennsylvania estiing for its action in killing the administration's two an- lower-priced pea
coal is adulterated with 30% of buckwheat and
mates that
40,000,000
of
pleas
the
"ignoring
thus
bills,
thracite
chestnut coal with 30% of pea, and that together with the increased
States
the
United
of
section
thracite users in the Eastern
adulteration with slate and bone, the resulting gain to the operators
of Pennsylvania," on the basis of 1924 production would be more than $18,000,000 a
and of the stricken Northeastern section
6. In it he referred to year. These additional millions are collected at the very time the
was issued by Gov. Pinchot on Feb.
operators are proclaiming over and over again their determination
Legislative Com- to protect the public against any rise in the price of anthracite.
the Committee as "the gang-controlled
was a
Fifth. Under public regulation the properties of the companies
mittee," and said he doubted "whether there ever
thereon are amply protected by constitutional prothe public rights." and a fair return
more perfect example of the betrayal of
visions as interpreted by the courts, and so they should be. Those
take
to
come
has
time
"the
therefore, that are ready to stand for fair price*
opinion
companies,
his
anthracite
in
He declared that
it that in a and fair practices have nothing to fear from public regulation. We
the anthracite monopoly in hand, and to show
know that public regulation has helped and not hindered public
alth are service corporations that deal fairly with the public. Opposition to
contest of power the people of this Commonwe
r."
whatsoeve
this measure, therefore, is likely to come only from those who desire
stronger than any hard-boiled monopoly
to exact extortionate prices, or who wish to perpetuate unfair trade
atti"their
that
asserted
he
task,
to
Taking the operators
practices.
their
Finally. Justice in a democracy after all must rest upon full pubtude is in effect that the strike must be settled upon
licity of all the facts. All the facts as to anthracite can be secured
own terms, or the public must take the consequences."
only from the investigation of a public tribunal. The best and
"During the past decade and more," he continued, "the easiest way toward the avoidance of industrial disputes through in.
all of dustrial co-operation and mutual understanding is by the means of
operators have pushed over upon the public not only
cost fact-finding public tribunals.
their increased labor costs, and all of their increased
Tells of Miners' Position.
subto
s
helped
themselve
also
have
they
but
of supplies,
public intervention we cannot expect in the future such
Without
increased
for
s
dollar
stantial portions of the consumer'
prompt and reasonable settlements of disputes in the anthracite field
the as will avoid the suffering and loss to the public which are so wide.
margins to themselves. The information we have as to
spread tqday and of which we have had so much experience before.
dividends paid by these companies fully justifies the con- In the present dispute the miners, in
order to reach a settlement,
anthracite
the
of
least
at
some
of
profits
the
that
clusion
have made very substantial concessions from their original position,
compared
as
te
and
and have shown themselves willing to waive any increase of wages
extortiona
companies are exorbitant
pay- unless such increase can be granted without raising the price of coal
with profits in other industries." Figures of dividend
to the public.
Asserts It Is Rule or Ruin Policy.
ments were presented by the Governor, tending to show
was paid by the
The operators, on the contrary, have refused to make any imthat in eight years a total of 377,.5%
coal portant concession whatever from their original position. Their attiLehigh Valley Coal Company, and payments by other
tude is in effect that the strike must be settled upon their own
in terms,
as
His
statement
cited.
likewise
were
or the public must take the consequences. No clearer illuscompanies
7
tration of the rule-or-ruin policy could be presented. To speak with
Feb.
follows:
of
the Philadelphia "Ledger"
the operators have left the welfare of the public wholly
on
moderation,
and
Mining,
Mines
Committee
Legislative
.
The gang-controlled
out of account.
Tuesday, once more slammed the door in the face of the public
had obtained sufficient
The New York members announced that theyparty, and that when it
slirnatures to a petition to call a caucus of their
of some form of legiswas convened they would press for the endorsementproposal
will take has
lation to end the suspension. Just what form the
before Congress are receiving
not been discussed, but two bills now pending
careful consideration.
of New York, and
One,sponsored by Representative Boylan, Democrat,
authority
similar to several other measures, would give to the PresidentThe other,
emergency.
an
to seize and operate the anthracite mines during
the Democratic leader, would
Introduced by Senator Robinson of Arkansas,
of the Secretaries of
create a Federal Board of Adjustment to be composed
by the President
Labor and Commerce and three citizens to be appointed
of coal.
who are not interested in the production or distribution
Robinson Bill.
the Senate Committee
The Robinson bill will come up to-morrow beforesummoned
his group to
having
on Education and Labor, Chairman Phipps
the measure.
meet to decide whether it shall hold hearings on
gfven
on
FEB. 13 1926.]
THE CHRONICLE
During the last decade and more the operators have pushed over
upon the public not only all of their increased labor costs, and all
of their increased cost of supplies, but they have also helped themselves to substantial portions of the consumer's dollar for increased
margins to themselves.
The information we have as to the dividends paid by these companies fully justifies the conclusion that the profits of some at least
of the anthracite companies are exorbitant and extortionate as compared with profits in other industries.
For example, the Lehigh Valley Coal Company paid dividends of
about 25% in 1917, 21% in 1918, 8.5% in 1919, 134% in 1920,
72% in 1921, 21% in 1922, 73% in 1923, 23% in 1924—a total of
377.5% in eight years or an average of 47% a year. Coxe Brothers
& Co. in 1920 paid a dividend of 91.7%, and this was before the
high margin of later months. In the three years previous to 1920,
this company paid dividends of 9%, 10% and 24.5%, respectively.
In 1921 its dividends were 83%. The Lehigh and Wilkes-Barre Coal
Company paid dividends on common stock previously outstanding at
the rate of 13% per annum from December 30, 1909, to June 30,
1921. In 1922 it paid 42%, and in 1923, 192%. On March 1, 1924,
it paid a dividend of 40%. On April 1, 1924, a stock dividend of
200%, consisting of one share of common and one share of preferred
was paid to each share of capital stock outstanding.
The Pennsylvania Coal Company paid dividends of 59% in 1920,
137% in 1921 and 168% in 1922. The Hillside Coal and Iron
Company paid 70% in 1920, 205% in 1921 and 190% in 1922. Reports of dividends for 1925 have been strangely impossible to find.
Tradejournals which published fully the reports of previous years
are this year wholly without information.
•
Worth In Tons of Coal.
flow much the dividends of these companies amount to per ton
of coal mined is worth noting. Taking 1921 for illustration, we find
that the dividend of 137% of the Pennsylvania Company amounted
to $1.37 per ton, the dividends of 205% of the Hillside Coal and
Iron Company to $1.51 per ton, the dividends of 72% of the Lehigh
Valley Coal Company to $1.03 per ton, the dividend of 83% by
Coxe Brothers and Company to $1.52 per ton, the dividend of 226.5%
by the Lehigh and Wilkes-Barre Company amounted to $4.10 a ton.
What are fair dividends and what is a fair price for anthracite?
A public tribunal after full investigation of all the facts can and
should find out and let the public know.
Of importance second only to price is the question of service. The
service given by anthracite producers to retailers in times of shortages
of supply determines the sort of service retailers can give th consumers. Public regulation can set up standards of service for this
natural monopoly comparable to those set up for other public utilities.
Protection of the people requires regulation of the anthracite producing industry. Such regulation, even if not at the beginning under
ideally perfect conditions, would be infinitely better than the present
condition of no regulation at all. It would be foolish to refrain
of supply determines the sort of service retailers can give the confrom taking a real step in advance merely because that step could not
yield at once all the returns for which we may ultimately hope.
Only Way to Get Relief.
Moreover, public regulation offers the only practical promise of
reilef. If we refuse it we must either forego all hope of relief or
pass beyond regulation to the next step. If public regulation fails
the next popular demand will be for something far more drastic.
I advocate regulation, and one of the reasons why I do is because
regulation oers the best means of resisting the pressure of those
who demand steps far more vigorous.
When all is said, the essential fact reamins that if the bill for
public regulation which I advocate had been law last summer the
present strike would never have taken place.
While reasons of
various other sorts have been given in plenty, from first to last the
true reason why this strike has not been settled lies in the refusal
of the operators to open their books so that the miners and the
public might cease to guess about the profits and the justice of the
present wage, and reason from officially ascertained facts instead.
The miners said "We want more wages!" The operators said,
"We cannot pay them." The miners said, "Show us your books!"
The operators said, "We refuse!" The public has been paying the
price of that refusal ever since.
Under public regulation the secrecy which is the heart of the
present strike and of every other strike of recent years in the anthracite region, would be impossible.
To declare anthracite a public utility and subject it to public
regulation in Pennsylvania will go far to protect the users
of anthracite in this Commonwealth. But if the users outside of Pennsylvania
are likewise to be protected, and there are six of them to one of us,
something more is required. As things stand now, no
State can
exercise control over interstate trade in anthracite. It
can do so
only under a compact with Pennsylvania, when approved by Congress.
That is why I ask for authority to negotiate such a compact with
other States under Section 10 Article I of the Constitution of the
United States. Under such a compact the legitimate interests of
those who buy anthracite can be protected against extortion. It is
of prime importance to safeguard our markets in this way, and there
is no other legal method known to me by which it can be done.
There is to my knowledge no other monopoly in America so
defiant of public opinion, so scornful of the public interest, so
utterly unaffected by the progress of modern industrial thought as the
anthracite monopoly. Its central idea is that the anthracite business
is exclusively its own business. It holds that any consideration of
the public interest is an impertinence, and it proposes to do as it
likes with anthracite without reference to the welfare of the 40,000,000
Americans who have been taught to depend upon it.
In my opinion the time has come to take the anthracite monopoly
in hand and to show it that in a contest of power the people of
this Commonwealth are stronger than any hard-boiled monopoly
whatsoever. In dealing with anthracite, as in dealing with gas, electricity and transportation, the men who have so long defied the
interests of the people should be made to recognize that in Pennsylvania the public good comes first.
S. D. Warriner of Anthracite Operators in Answer to
Gov. Pinchot Disputes Latter's Figures of Profits.
In answer to the allegations made by Gov. Pinchot on
Feb. 0 regarding the profits of the anthracite operators,
841
Samuel D. Warriner, Chairman of the Anthracite
Operators Conference and President of the Lehigh Coal
and Navigation Company, issued on Feb. 8 a statement in
which he described the Governor's statement as "a mass of
misrepresentation, half truths, and distorted economic
reasoning." Referring to the huge dividend payments of
coal companies which figured in the Governor's statement,
Mr. Warriner says:
He does not say that for years no dividends were paid by these
companies and that every dollar earned was put back into lands,
value of
plant, and equipment. He does not say that the present
these properties is many times their original capital. To make the
dividends
abnormal
the
that
say
misrepresentation worse, he does not
of surplus
paid by a few companies were the result of distribution
comand made prior to segregation of coal companies from railroad
panies under decisions of the Supreme Court of the United States.
The Governor's statement appears under another head
in this issue. Mr. Warriner's reply follows:
The most casual reader must naturally question the sincerity of
as it
the Governor's statement on the anthracite industry, coming
does immediately folowing his interview with Mr. Lewis and coincidentally with the launching of the miners' campaign for his candidacy
for the United States Senatorship. To those who are acquainted
with the facts, however, the statement is a mass of misrepresentation,
half truths and distorted economic reasoning.
In an attempt to justify his demand that the anthracite industry
be placed under the jurisdiction of the Public Service Commission,
the Governor has accused the industry of malpractice, citing as an
instance that the operators have mulcted the public of $18,000,000 by
a change made last spring in its standards of preparation. No statement could be further from the truth. As a matter of fact, the
industry received less per ton for its product after standardization
than it did before. Instead of resulting in a gain of $18,000,000 as
charged by the Governor, the realization on the same tonnage as
1924, at the prices received by the operators after the standardization
took effect, would have amounted to $7,500,000 less than was actually
realized for the 1924 production.
The Governor gives figures of earnings of the more prosperous
coal companies and attempts to show inordinate profits in certain
years based on percentage on capital and on profits per ton. He
does not say that his figures represent an investment of 50 or more
years ago. He does not say that for years no dividends were paid
by these companies and that every dollar earned was put back into
lands, plant and equipment. He does not say that the present value
of these properties is many times their original capital. To make
the misrepresentation worse, he does not say that the abnormal
dividends paid by a few companies were the result of distribution of
surplus and made prior to segregation of coal companies from railroad companies under decisions of the Supreme Court of the United
States.
The Governor must have been acquainted with the figures that
have been made public recently by the United States Treasury Department in answer to Senate resolution No. 99, which showed that
out of 139 anthracite producing companies, 47 earned net income
amounting to approximately $28,000,000 in 1924, while 92 companies
suffered losses amounting to approximately $7,000,000, the net result
for the industry being a net income of about $21,000,000, or less
than 3% on the valuation of the anthracite industry as given by
the United States Coal Commission.
The Governor quotes the miners as saying: "Show us your books,"
and the operators as saying: "We refuse." That statement, as far
as the operators are concerned, is absolutely untrue. The public
records of the present strike controversy, with which the Governor
must be familiar, shows that the operators from the very first have
repeatedly offered to show their books and to present to any arbitration body all the facts necessary to a proper determination of
the matters in controversy.
Finally, the Governor says that "under regulation strikes will be
far less frequent than they have been in the past." Industrial
history of public utilities does not indicate that because of regulation
by a public service commission strikes of employees have been
prevented.
The partisan attitude which the Governor has assumed from the
start has obstructed the settlement of the strike, and the responsibility for its continuance must in large measure be charged to him.
World Miners Seek U. S. in Coal Production Pact—Surplus
in Europe Threatens Drastic Price Cut or
Sharp Curtailment.
An effort will be made, it was learned tonight, to associate the United States, which is described by Frank Hodges,
of the International Miners' Federation, as "the greatest
potential disturber of the world's coal industry," in a
world-wide coal production agreement, says a copyright
cablegram from Geneva, Feb. 7, to the New York "HeraldTribune," which goes on to say:
A move in this direction will be made by the executive committee
of the International Miners' Federation at the coming economic conference to be held here, probably in October, under the auspices of
the League of Nations.
Confronted with what is described as a "desperately critical" situation, European miners have decided to seek a radical solution of their
difficulties at this conference. With a glut in the market, due to the
accumulation of coal in the Ruhr and elsewhere, the industry in continental Europe faces the alternative of a drastic price-cut or a sharp
curtailment in production.
Several plans have been suggested to meet this situation, the most
radical of which is an international agreement to regulate the output
all over the world. The benefits arising from a European agreement
could not be consolidated, it is said, in support of the effort to obtain
American co-operation, unless the United States came into some international arrangement.
842
THE CHRONICLE
-----_
PREFERRHD.
COMMON
•
DateStares. Per Cent.
Shares. Per Cent.
8.67
312,311
1,285.636 25.29 Mar. 31 1914
1,274.247 25.07 June 30 1914
1.193.064 23.47 Dec. 31 1914
308,005 8.55
1,130,209 22.23 Mar. 31 1915
303.070 8.41
957,587 18.84 June 30 1915
8.26
297,691
826.833 16.27 Sept. 3() 1915
696.631 13.70 Dec. 31 1915
634.469 12.48 Mar. 31 1916
171.096
537,809 10.58 Sept. 30 1916
166,412 4.34
502.632 9.89 Dec. 31 1916
494.338
9.72 Mar, 31 1017
HI
iiiig
431,342 9.45 June 30 1917
140,039 3.59
477.109 9.39 Sept. 30 1917
3.88
140.077
484.190 9.52 Dec. 31 1917
140.198 3.90
485,706 9.56 Mar. 31 1918
491.464 9.66 June 30 1918
49.5,009 9.73 Sept. 30 1918
MN
491,580
9.68 Dec. 31 1918
493,552
9.71 Mar. 31 1919
465,434
9.15 June 30 1919
394.543 7.76 Sept. 30 1919
368.895
7.28 Dec. 31 1919
RR iii
348.036 6.84 Mar. 31 1920
342,567 6.74 June 30 1920
323.438 6.36 Sept. 30 1920
118,212 3.28
292,835 5.76 Dec. 31 1920
289,444 5.69 Mar. 31 1921
288,749 5.63 June 30 1921
lill if
285.070 5.60 Sept. 30 1921
230,026 5.50 Dec. 31 1021
230.132 5.51 Mar. 31 1922
128,127
3.43
275,096 5.41 June 30 1922
123,844
270.794
5.32 Sept. 30 1922
261,768 5.15 Dec. 30 1922
239,310 4.70 Mar. 29 1923
11798a lit
207.041
4.07 June 30 1923
210.799 4.14 Sept. 30 1923
201.100 3.99 Dee. 31 1923
113.155 3.10
3.96 Mar. 31 1924
201.636
3.14
112.521
203.059
3.99 June 30 1924
8.12
112,191
201.691
3.97 Sept. 30 1924
111.557
3.01
198.010
3.90 Dee. 31 1024
1024
111.759
3.19
105.639
1925
3.85 Mar. 31 1025
111.463 3.10
1025
127.335 2.50 June 30 1925
3.10
111.800
1025
127.078 2.50 Sept. 30 1925
112.679 3.12
119,414
2.35 Dec. 31 1925
1925
113,843 3.16
Foreign Holdings of United States Steel Corporation
DateMar. 31 1914
Common Shows Further Decrease.
June. 30 1914
Dec. 31 1914
According to the figures for Dec. 31 1925, just made avail- Mar
31 1915
June 30 1915
able, foreign holdings of preferred shares of U. S. Steel Sept.
30 1915
Corporation show a slight increase over last year, while on Dec. 31 1915
Mar. 31 1916
the other hand, a large decrease is reported in the holdings Sept. 30 1916
Dec. 31 1916
of common shares. On Dec. 31 1925 the holdings abroad of Mar.
31 1917
June 30 1917
preferred stock totaled 113,843 shares, which compares with Sept.
30 1917
112,679 shares as of Sept. 30 1925 and with 111.800 shares on Dec. 31 1917
Mar. 31 1918
June 30 1925. Preferred stock held abroad as of Dec. 31 June 30 1918
Sept.
30 1918
1924 totaled 111,759 shares and on Dec. 31 1923 113,155 Dec. 31
1018
shares. Foreign holdings of common shares, which on Mar. 31 1919
June 30 1919
June 30 1925 stood at 127,335 shares and on Sept. 30 1925 Sept. 30 1919
31 1919
at 127,078, on Dec. 31 1925 was down to 119,414 shares. On Dec.
Mar. 31 1020
Dec. 31 1924 foreign holdings of common stock stood at June 30 1920
Sept. 30 1920
198,010 shares and for the corresponding date 1923 at 203,- Dec. 31 1920
Mar. 31 1021
109 shares. Contrasted with the period before the war, the June 30 1921
30 1921
Shrinkage in these foreign holdings is, of course, very Sept.
Dec. 31 1921
striking. While the foreign holdings of common now, as Mar. 31 1922
June 30 1922
stated, amount to only 119,414 shares, on March 31 1914 Sept. 30 1922
Dec. 30 1922
(eleven years ago) aggregated no less than 1,285,636 shares, Mar.
29 1923
and the preferred holding abroad, which at present totals' June 30 1923
Sept.
30
113,843 shares, on March 31 1914 stood at 312,311 shares. Dec. 31 1923
1023
Mar. 31 1924
Below we furnish a detailed statement of the foreign hold- June
30 1924
Sept. 30 1924
ings at various dates since Dec. 31 1914 to the latest time:
FOREIGN HOLDINGS OF SHARES OF EL S. STEEL CORPORATION.
Dec. 31 Dec.31 Dec.31 Dec.31 Dec.31 Dec.31 Dec.31
Common
Stock.1925. 1924. 1923. 1922. 1921. 1920. 1914.
2
116
135
190
Africa
73
139
125
340
Algeria
8
87
'h
90
45
Argentina
76
3
96
104
107
120
121
Australia
86
690
Austria
2,364 2,080 1.636 2.472 4.438 3,049
Belgium
2,388 2,346 2,318 2,214 2,279 2,264 3,509
46
124
190
191
196
Bermuda
97
200
143
142
162
Brazil_-126
18
144
79
British India:::
------------------------17
Bulgaria
2
Canada
23,966 22,8
.3
.8 23;4.55 24-,§418 30.885 31,311 54,2119
Central America
322
243
226
75
56
34
382
Chile
209
187
174
8
165 • 230
145
China
172
19
141
76
179
46
119
Colombia
1
1
1
1
7__Denmark
26
26
16
16
26
16
2
2
Ecuador
2
2
60
60
60
Egypt
iio
England
26,217 100.689 101.118 160,876 167,752 159,613 710-,621
Finland
4
France
9,990 16.91 11,65 10F,499 I3:5115 18:959 54-,837
Dermany
291 1,281 1.395 1,015 2664
520
32
----------------------_
-100
Dibraltar
_
areece
5
5
6
5
6
Holland
40,285 45,606 51,054 48,827 50.741 73,861 342,545
127
106
India
96
70
50
_
147
399
228
353
356
256 2,66i.
Ireland
184
317
273
146
Italy
461
274
269
386
fapan
66
62
56
5
19
55
23
rave
15
41
11
28
16
1
1
21
Luxembourg
1
1
1
Malta
40
40
-Ili
40
40
40
40
Mexico
300
340
338
320
125
225
211
gorway
80
60
70
60
65
60
65
Peru
33
20
14
5
Poland
405
503
Portugal
NO
Rumania
8
8
7
8
8
5
Russia
8
14
3
8
_ .,
--iii
3
3cotland
2,781 2,489 2,199 2,197
797
105 4,208
1erbia
8
8
8
8
8
8
;pain
561
232
642
340
330
302 1-,223
hveden
104
178
157
165
31
14
1
lwitzerland
3,409 2,793 2,473 1,980 2,180 1,860 1,470
Purkey
197
199
197
197
200
16
200
Jruguay
7enezuela
77ales
33
623
7Jest Indies
3,765 3.888 3,i042 3-.367 3,502 3,590 1,872
Total
Preferred Stock
Utica
Llgeria
krgentina
kustralla
kustria
1zores
lelglum
lermuda
traz11_
Iritish -I-n-dit
Yanada
1entral America
:bile
1hIna
lolombla
)enmark
.gypt
ngiand
'ranee
lermany
lreece
((Aland
utile
reland
taly
apan
uxembourg
faith,
fexico
lorocco
rorway
oland
ern
ortugal
ussla
:•.otland
3rbia
pain
;sedan
witzerland-.....
urkey _
'ales
"cst Indies..
;
119,414 198,010 203,109 281,768 280,026 292,835 119,306
313:2H III
N1:831 ilf
1:13
12113 1:1A
INOR 3:1A
13,101 iili
INA 111
In the following table is shown the number of shares of
tile Steel Corporation distributed as between brokers and
investors on Dec. 31 1925 and Dec. 31 1924:
CommonBrokers, domestic and foreign
Investors, domestic and foreign
PreferredBrokers, domestic and foreign
Investors, domestic and foreign
Dec. 31
Dec. 31
Ratio.
Ratio,
1925.
1924.
1,402.754 27.60 1,332.113 26.21
3.680,271 72.40 3,750.912 73.79
172.403 4.79
167,675 4.65
3,435,136 95.35 3,430.318 95.21
The following is of interest, as it shows the holdings of
brokers and investors in New York State:
CommonBrokers
Investors
PreferredBrokers
Investors
Dec. 31
De.31
Ratio.
1924.
Ratio.
1925.
1,327,288 26.11 1,189,461 23.40
1,178,278 23.18 - 1,156,940 22476
141,763
3.93
145,173 4.03
1,489,501 41.34 1.511.188 41.94
Bills Before Pennsylvania Legislature for Solution of Coal
Strike-J. L. Lewis Opposed to Arbitration
by Legislature.
According to "Associated Press" advices from Harrisburg
the Pennsylvania Legislature on Feb. 9, in seeking a way
out of the maze of resolutions and bills before it for the
solution of the anthracite problem swept most of them
aside and started out anew. The accounts stated:
It was informed in a letter from John L. Lewis, President of the
United Mine Workers, read before a House committee by Representative
Hurd P. Evans, that the anthracite miners do not care to have the Legislature or any committee representing it act in the capacity of arbitrator
in the present dispute.
At the same time Mr. Evans told the committee he had been notified
by Major W. W. Inglis, Chairman of the Operators' Negotiating Committee, that he agreed absolutely and unqualifiedly to a plan proposed
by the Representative for a State Mediation Commission to consist of
United States Senators Pepper and Reed and former Governor Edwin S.
Stuart.
The House attempted to deal with the situation directly by adopting
a resolution proposing a joint session of both branches of the Legislature for next Tuesday to hear miners and operators and seek a way
out. The Senate received the resolution and sent it to its Committee
on Mines.
An effort to revive the bill backed by Governor Pinchot to make
anthracite a public utility failed in the House, which also sent to
committee a resolution of Representative George A. Hricko calling upon
President Coolidge to intervene.
The House Mines Committee decided that in view of the action of
the United States Senate today in adopting the resolution of Senator
Copeland, calling for Presidential intervention, it would attempt to
work out a solution of its own. Then it adjourned until tomorrow to
give to a subcommittee of five opportunity to draft a single resolution
for presention to the General Committee.
47
47
67
58
75
15
15
- i5
15
11
113
113
123
123
484
28
-..- 4,770 2.566 2,086
120
120
120
120
292
287
287
117
-oft
430
430
285
21
430
29
23
31
36
20
81
_
•
--- .
3
;
iN 27-.1
29,136 32-,5
.§0 34,673
28-.N.(f")'28.069 27,
127
21
140
24
146
74
182
41
45
23
23
15
12
15
42
100
92
119
119
139
106
16
5
5
5
5
70
58
iti
50
58
58
55
140
44.693 45444 46.513 54,201 54,282 31.306 174,906
16.317 14,170 15.644 15,675 17.036 18,649 36,749
1,134 1,374 1,101 4,131 4,152 4,142 3,252
5
5
5
5
37
38
.5
10.210 10,616 10,742 9,180 9,555 13,935 29,000
302
290
325
326
305
___
302
On the 8th inst. a bill was reported by the Legislature's
995
989
939 1.049
505 4,119
971
1,881 1,880 1,958 1.701 1,867 1,811 1,678 Senate Committee on Mines
proposing control of the an1
1
1
1
1
1
81
23
23
23
23
23
23
thracite industry by a State Commission to be created in
50
50
50
50
-ion
50
50
116
96
25
25
235 ease of any shut-down continuing more than three months.
114
56
7
--.1.
--H
""i5
--"'
27 The bill was introduced by Senator Charles Steele, of
12
12
------- - -- Northumberland County. As to
---its provisions the "Assnci6
6
5
22
120 ated Press" stated:
--i8
--i6
--i4
--1
8
43
-1
-5
15
937
78 13,747
The proposed commission, which would be known as the "Anthracite
1.438 1,318 1,448 1,468
_---------------------- --220 Coal Supply Commission," would be made up of the Lieutenant Gov148
160
270
492
065
975
877
ernor,
the State Auditor General and the State Secretary of Mines.
79
283
84
74
137
84
102
3.189 2,745 2.772 2.128 2.167 2.174 2,617 It would automatically come into being when the coal supply has been
115
100
100 interrupted for three months and "the health and welfare of the
115
115
105
105
39 1,068
_
---_
811
560
874 people" are threatened.
-r7§5
-§56
2,045 1.856
The bill would empower the commission to take over the direction
111 !Mg 111 7110 113 1M 121.308 128.818 111,436 309,457
of the management and operation of all hard coal mines affected and to
339
89
15
90
422
120
257
349
174
15
90
428
120
192
476
168
116
Dec. 31
Mar. 31
June 30
Sept. 30
Dec. 31
[VOL. 122.
FEB. 13 1926.]
THE CHRONICLE
843
regulate and control production of coal and its preparation for sale.
C. F. Kettering, President, General Motors Research Corp.. Dayton.
The bill provides, however, that the commission would not assume Ohio, on "How Soon We Can Expect More Ton-Miles to the Gallon."
actual management or control of the mines, which would remain in the
George S. Davison, President, Gulf Refining Co.. Pittsburgh, Pennhands of the original owners or operators.
sylvania, "Possible Changes in Refinery and Marketing Practices."
James 0. Lewis, Consulting Petroleum Engineer, Tulsa, Oklahoma,
Use of the state's police powers to bring about resumption of operations is proposed by the terms of the measure, which would authorize "The Rejuvenation of Depleted Fields."
the commission to "order and direct" owners and operators to prepare
The evening session on the 10th was presided over by
their mines for work, to provide for payment of wages in effect at
the time of the cessation of operations and to provide for the sale of Secretary of War, Davis. The program was somewhat
coal "at a price not in excess of that prevailing prior to such sus- different from the morning and afternoon sessions, in that a
pension."
motion picture was presented depicting the actual operation
Provision for conciliating the differences between the miners and
operators also is embodied in the bill. Both parties would be required of vast oil fields in the United States and abroad.
to lay their contentions before the commission, which would within a
The speakers scheduled for Feb. 11 were:
year formulate a plan of settlement for submission to the employers
J. Edgar Pew, Vice-President, Sun Oil Co., Dallas, Texas. who
workers.
and
Neither side would have the right to appeal to court from discussed "The Oil Industry's Public Relations."
Thomas A. O'Donnell, Associated Oil Co., Los Angeles, California.
this decision.
"How Neighbors Should Co-operate."
Earl Oliver, Ponca City, Oklahoma.
Secretary Work Opens Public Hearings on Petroleumn
Mark Roque, San Francisco, California, who spoke on "The Oil
Industry's Opportunity."
—750 Million Barrels of Oil Produced and
L. V. Nicholas, President, National Petroleum Marketers Association,
Consumed in 1925.
Chicago. "Whether the Consumer is Best Served by the Present System of
The public hearings by the Federal Oil Conservation Transportation and Distribution."
At the evening session on the 11th W.S. Farish, President
Board, held at Washington on Feb. 10 and 11 were opened
by Secretary of the Interior, Herbert Work, who as Chair- of the American Petroleum Institute, presided and the
man of the Board spoke of the Board's work and the regular meeting was preceded by a motion picture portraying
problems which confront the country incident to the con- various phases of the oil industry. Speeches were also
servation of the Nation's oil supply. Secretary Work indi- planned by E. W. Marland, President, Marland Oil Co.,
cated that our oil fields in 1925 yielded 750 million barrels of Ponca City, Oklahoma; Karl C. Schuyler, Denver, Colorado;
crude petroleum and that the consumption during the year and R. H. Smith, the Oklahoma Co., Philadelphia, Pa.
Preliminary to the hearing an announcement by Secretary
reached the same figure, viz.: 750 million barrels; 10 billion
gallons of gasoline were produced and 9 billion gallons were Work, said:
The'Board has an open mind, the industry has willingly and fully respondburned. "How long at this rate," he asked, "can we as a
ed to the Government's request for specific data relating to petroleum
Nation maintain our equilibrium in manufacture? The conditions. The views expressed are divergent, the statements supplied
hearings were arranged by the Board to enable representa- conflict in some instances, and the conclusions arrived at represent apparently two distinct schools of thought. The Board, however, is not
tives of the oil industry to be present and express their views inclined
at this time to accept any of the expressions as conclusive, but
relative to national petroleum conditions. Secretary Work rather is hopeful for further elucidation from those who may be willing
amplify
or submit additional basic facts.
to
stated that the two days would be devoted to hearing the
The Government is a large producer of petroleum, the custodian of great
industry's representatives, and that those desiring to submit tracts of actual and potential oil lands, and the Government
wishes to
lengthy arguments, statistical and other data, would be benefit, constructively and lastingly, by the facts to be eventually adduced
present
inquiry.
the
At
industry
the
same
from
itself
time
can
the
perform
invited to render such extended views in writing within 10
duty to its own pioneers and those executives who now control enormously
days immediately following the public hearings. After the avaluable
oil lands.
formal hearings have been completed, an opportunity will be
From the governmental inquiry much good may come to the Government
the
industry, and when this Board has rendered its report, based
to
and
given for limited discussion outside of the arranged program.
upon official and unofficial data, it wants to feel that it has performed a
It is the desire of the Board, the Chairman said, to hear from service
not only for the industry but to the Nation as well. In the final
all schools of thought in the industry.
analysis it Is desired that all branches of the industry may feel they have
accorded
full and free opportunity to present their 'side of the matter'.
been
The full Board was present at the hearings, as was also the
The hearings will be held in the office of the Secretary of the Interior.
members of the Board's Advisory and Technical Committee, beginning at'11 a. m. and will be open to the public.
and the members of the Naval Oil Reserve Commission.
Speaking at the opening of the hearings on Feb. 10,
Following the set addresses at each session, an "open forum" Secretary Work, said:
The Federal Oil Conservation Board,in its inquiry Into national petroleum
was permitted, but of such duration as not to interfere
is appreciative of the generous interest manifested and the
materially with the subsequent observance of the regular conditions,
helpful assistance rendered by the oil industry.
program. It was the intention of the chairman of the Board
In extending you welcome, on behalf of the Government and members of
to ask former Secretary of State, Charles Evans Hughes, this Board, I ask your indulgence a moment while I read a letter addressed
to this Board by President Coolidge, under date of December 19, of last
counsel for the American Petroleum Institute, to preside at year. This communication sets forth somewhat in detail the purposes of
one of the Board's sessions, but Mr. Hughes, by reason of this Board. In observing the course of action therein suggested, the
of War, the
previous engagements, was unable to be present at the Federal Oil Conservation Board—consisting of the Secretary Secretary
of
Secretary of the Navy, the Secretary of Commerce, and the
hearings. It is likely, however, that if the hearings are the Interior—has sbught to elicit fundamental facts, to work frankly, along
reopened, Mr. Hughes will be accorded the courtesy ori- practical lines, with every branch of the oil industry, to open up the way for
a free exchange of views. Within the governmental sphere itself, the best
ginally determined on by the chairman.
information and advice has been sought from men and agencies whose
On Jan. 30 Secretary Work made public correspondence contact with and knowledge of national petroleum conditions have been
which recently passed between'the President's Oil Board and wide and practical.
The President in his letter to this Board, which many present doubtless
Mr. Hughes, who at the January annual meeting of the
are familiar stated:
American Petroleum Institute in Los Angeles, California, was
"It is evident that the present methods of capturing our oil deposits is
wasteful to an alarming degree in that it becomes impossible te conserve oil
selected to represent the Institute before the Oil Board in in
the ground under our present leasing and royalty practices if a neighborconnection with the Board's inquiry into national petroleum ing owner or lessee desires to gain possession of his deposits.
"Developing aircrafts indicate that our national defense must be suppleconditions. Secretary Work, in replying for the Oil Board mented, if not dominated, by aviation. It is even probable that the
supremacy of nations may be determined by the possession of available
to a suggestion by Mr. Hughes that the
public hearings petroleum and its products.
"I am advised that our current oil supply Is kept up only by drilling many
announced by the Board for Feb. 10 and 11 be postponed to
thousands of new wells each year. and that the failure to bring in producing
a later date to enable a more comprehensive study by Mr. wells for a two-year period, would slow down the wheels of industry and
bring about serious industrial depression. The problem of a future shortage
Hughes and the Institute, of petroleum conditions, stated the in
fuel and lubricating oil, not to mention gasoline, must be avoided, or our
manufacturing productivity will be curtailed to an extent not easily caloriginal dates for the open hearings would be adhered to,
but culated.
"We are not today, however, facing an under supply of oil. The prothat the Board would be willing to reopen the hearings at a
duction of our 300.000 wells is in excess of our immediate requirements.
later date to enable Mr. Hughes or others if interested to That overproduction in itself encourages cheapness, which in turn leads to
wastefulness and disregard of essential values. Oil, of which our resources
appear. Secretary Work said:
are limited, is largely taking the place of coal, the supply of which SCRIM; to
be unlimited, but coal can not take the place of oil in most of its higher uses,
The Board appreciates Mr. Hughes' personal and official
interest in on land cr sea or in the air.
the inquiry being conducted by the Government. and will be
glad to accord
'!For the purpose of giving this responsibility of Government in all of its
every courtesy and consideration to the American Petroleum
Institute. aspects the consideration it demands, I have constituted a Federal Oil
I am confident that the Board and the counsel for the Institute will be Conservation Board consisting of the Secretaries of War, Navy, Interior,
much more fully acquainted with actual conditions in the industry following and Commerce, to study the Government's responsibilities and to enlist
the full co-operation of representatives of the oil industry in the investigathe proposed open hearings, than is the case at present, and by
appearing tion. The Government itself is at present one of the largest lessors of oil
before the Board a month hence, and previous to consideration by
lands,
and the public domain still includes large undeveloped reserves of oil.
the
so that the administration of oil resources is a practical question with the
Board of its final report to the President and Congress.
Department
of the Interior.
Secretary of Commerce Hoover presided at the morning
"I would express the desire that these conferences may be open and
exhaustive. The oil industry itself might be permitted to determine its own
session Feb. 11 and Secretary of the Navy presided at the future.
That future might be left to the simple working of the law of supply
is so
afternoon session that day. For the Feb. 10 sessions the and demand,but for the patent fact that the oil industry's welfarewhole
intimately linked with the industrial prosperity. and safety of the
following addresses were scheduled.
people, that Government and business can well join forces to work out this
Amos L. Beaty, President, The Texas Co., New York City, on mrhe problem of practical conservation.
"Last March 1 appointed a commission to advise moon the special subject
Opportunity for State Legislation in Me of on Conservation."
of the best policy to insure the future supply of oil for the bTavy. That
W. C. Teaglo, President, Standard Oil Co. of New Jersey, New York Commission will continue to function in its limited field ad might to
advantage sit with the Conservation Board in the conferences I expect will
City, "The Economic Use of Petroleum Products."
between these four Secretaries directly concerned and the outstanding
Henry L. Doherty, New York City, "Conservation of Oil and Gas by be
producers of petroleum. Similarly, the membeis of the Conservation Board
Control of Gas Pressure."
will call upon their technical advisers in the bureaus to contribute to the full
844
THE CHRONICLE
discussion of ways and means of safeguarding the national security through
conservation og our oil."
[VOL. 122.
Speaking in rounded terms, our oil fields in 1925 yielded 750 million
barrels of crude petroleum, and the consumption was 750 million barrels.
For the past year this Board has been in intimate communication with the We produced 10 billion gallons of gasoline and burned up 9 billion gallons.
leaders of the oil industry, working in line with the President's thought that This is a common ratio. From these figures it would seem that we are
the Government and business might well join forces in coping with this proceeding along much the same line as the man who earns $100 a month
practical petroleum problem which has assumed national proportions. and spends $100 a month. How long, at this rate, can we, as a nation,
Questionnaires asking specific data relating to production, refining, dis- maintain our equilibrium in manufacture? It seems a serious problem; one
tribution, possible substitutes, manufacture and consumption of petroleum that should command at least reflection, if not indeed a decided hesitation.
products were addressed to the heads of great oil corporations, to engineers, on the part of the Government andifidustry, until a balance may be struck
economists, oil technologists, to co-ordinated branches of the Government, and stock taken, if only from a purely basic economic viewpoint.
I am informed that 24% of all the wells completed in the United States
in fact, to every one who seemingly was in a position to contribute to a full
and complete survey and analysis of present petroleum conditions. Re- were dry and did not produce oil. Thirty-one States produce no crude oil.
Ten additional States do not produce enough to meet their respective
sponses were prompt, informative, and co-operative
In the crucial days of the World War,the American oil industry unselfishly gasoline requirements. The three States of Califorma, Texas, and Oklaresponded to a nation's needs. The Government was appreciative then,and homa, furnish 74% of the crude production of this country.
Out of 6,320 producers of petroleum in the country, 70 companies prothe Government is appreciative today of the fine spirit of co-operation in this
comprehensive national survey which the Federal Oil Board has under way, duced two-thirds of the total output and no single company produced as
much as 7% of the total.
and which may mean so much to posterity
The story told by the industry to this Board, in its own language, in its
Is petroleum being judiciously and economically utilized nationally as a
own way, of Its own problems, is enlightening and helpful. Together with fuel, or is oil supplanting coal as a universal fuel?
The United States owns approximately 30,000,000 acres of coal lands
the information gathered by the Government itself from its archives and
from its own technicians at home and abroad, and to be presented here now, with estimated coal deposits of more than 200 billion tons.
this Board will formulate its final report in response to the instructions
In a single year, the railroads of th s country use approximately 50 million
contained in the President's letter
barrels of fuel oil; our merchant vessels consume another 50 or more million
In inviting you gentlemen to come to Washington at this time and barrels; the United States Navy uses about 7 million barrels; electric light
present your individual views, the Board believed that, already having plants burn 15 million barrels; gas manufacturers use another 25 million
before it the written views of some two hundred of the coun;ry's ablest oil barrels; while 140 million barrels additional are utilized by other industries,
company executives, some of the speakers possibly could fill in or bridge and the millions of barrels of oil which today are being used in connection
some of the gaps in the virtually completed chain of evidence which is to with the nation-wide Introduction into private homes of oil heating applifurnish the foundation for the ultimate Government report.
ances, have never been computed. Gentlemen, the time of the Board, its
The Federal Oil Board hopes for views of its guests concerning the present sub-committee of technical advisors, and the facilities of the Department,
actual conditions of the industry; whether there is sound reason for pre- all are at your disposal.
suming there is, or is not,an inexhaustible supply of petroleum in the United
States, whether the industry and Government are, through haste and waste.
squandering our natural resources; whether consumption and production are Midwest Regional Savings Conference in Kansas City
economically regulated; whether there is or may be practical substitutes at
March 4-5.
reasonable prices; whether present statutes should be repealed, liberalized,
Regional
The
Midwest
Savings Conference will be held
or made more restrictive in so far as they relate to public lands, piiie lines,
common carriers, &c.; whether the oil industry itself forsees the day when it in Kansas City on March 4 and 5. This conference is an
Will be possible, through legal, co-operative, or other means, to restrict
annual affair, under the auspices of the Savings Bank Diviproduction and reduce consumption with a view to prolong the country's
known and potential deposits of petroleum without seriously disturbing sion of the American Bankers Association. The States in
national economic conditions.
this conference are as follows: Arkansas, Illinois, WisSome of these questions the industry debated fully and freely. Many of
the constructive minds of the industry are inclined to the theory that the consin, Michigan, Minnesota, Nebraska, Iowa, North Dapetroleum deposits of the country are being drawn upon too liberally; that kota, South Dakota, Kansas, Oklahoma, New Mexico, Colothe future is not considered in the avaricious scramble by the whole world rado, Wyoming, Missouri,
Arizona and Indiana. It is hoped
for petroleum; that overproduction of crude oil is an outstanding fact that
oil pools constantly and hurriedly are drilled far in excess of current needs. to have an attendance of between five hundred and seven
In Its capacity as the largest landowner, the Federal Government is hundred delegates.
committed to a policy of protection and practical conservation of the
country's raw mineral materials, which, once exhausted, are implacable,
and to the protection of the public estate, the guidance of its development National Safe Deposit Convention May 7-8
in New
and natural resources. The promotion of the best use of these products of
York City.
the national domain, constitute an obligation both sacred and inescapable.
All governments ever have been confronted with problems;some susceptThe National Safe Deposit Convention will be held this
ible of solution, some beyond solving. In attempting to solve the problem
of how best to deal, nationally, with present petroleum conditions, we are year at the Hotel Roosevelt, New York City, on Friday and
confronted with a natural mobile mineral product, of unknown distribution Saturday, May 7 and 8. It is expected that on Thursday,
or volume. Since the first recorded production, more than 12 billion barrels May 6,
meetings of the National Safe Deposit Advisory
petroleum have been taken from the earth. This vast deluge of oil has come
from the virgin territory of the United States, Russia, and Mexico, with the Council and committees will be held. Visits to places of
United States producing about 70% of the entire volume.
interest in New York City will be arranged for Thursday
The amount of petroleum now being taken from the public and Indian
and Friday afternoons. The opening session of the convenlands represents one-tenth of this country's annual petroleum recapture, a
fact which suggests that the Government itself is no negligible factor in the tion proper will be held Friday morning at 9.30. The concurrent production of petroleum. At the present time there are outstanding vention will be held under the
auspices of the New York
457 leases on Government oil and gas lands. These leases were made
obligatory by the enactment five years ago by Congress of the general leas- State Safe Deposit Association. The Committee of Arrangeing law, and its administration was reposed in the Secretary of the Interior. ments consists of the following: Louis V. Ennis, President
At the date of the passage of the leasing act, March 3 1921, there were New York
State Safe Deposit Association; Walter J. Barapproximately 1.000,000 acres of land in the Osage Reservation alone,
unloosed for oil, and to comply with this law, approximately 100,000 acres rows, Chairman Committee of Arrangements; H. T. Mamust be offered for lease annually,irrespective of the economic conditions of gruder, Chairman Program Committee.
the oil industry or the necessities of the Indians.
It is unwise to attempt measures for the conservation and orderly
development of the oil resources of the country, with mandatory provisions Midwinter Trust
Conference to Be Held at Waldorfof law forcing a disregard of the best Interests of the Indians, the general
Astoria Feb. 17-18—Annual Banquet Trust
public, the oil producers, and the oil industry. We have twice asked
Congress to repeal or modify this statute and to vest discretion and authCompanies of United States Feb. 18.
ority in the Department of the Interior
The seventh Midwinter Trust Conference will be held at
The most productive areas of these Government oil and gas lands have
passed, through the process of governmental lease, to the control of in- the Waldorf-Astoria, New York, on Feb. 17
and 18. Edward
dustrial leaders who have exploited and developed them with amazing
J. Fox, Vice-President of the Trust Company Division of
thoroughness and speed, at a time, too, when petroleum production in this
country was at a peak. The Government itself is not without blame in this the American Bankers Association, and President of the
exploitation.
Easton Trust Co. of Easton, Pa., will preside. Dramatic
The result is that in 1921,a trifle more than 2 million barrels of petroleum
were produced from our Naval Reserves. Production from this same source presentation of the work of trust companies in dealing with
increased steadily until 1924, when the peak of production was reached- human problems will feature the conference. The sketch
13 million barrels for the year. Then, In 1925, a decline set In—a decline will illustrate how a trust
company takes the financial and
which registered a million barrel decrease for the year.
The same condition characterized the productivity of the Indian Oil other detailed technical problems of settling and managing
Lands. In 1921. 30 million barrels were produced, and in 1923 came the an estate off the hands of a widow untrained
in such matpeak, with 54 million barrels, which declined to 48 million barrels in 1925. ters. The
conference will consist of four regular sessions,
On the Public Domain, production figures tell the same story. In 1921
nearly 10 mllllon barrels of petroleum were produced. The peak came in to be held on Feb. 17 and 18. These will be supplemented
1923, with a 38% million barrel recovery. Again the decline, first in 1924. by additional sessions on Feb. 19, for
the further consideraWith a full million barrel decrease, then, in 1925, with a 7 million barrel
tion of insurance trust agreements and business building
decrease as compared with the 1923 production.
methods and practices if called for. All sessions will be
This is the story briefly, of the Federal Oil Lands.
What the potential wealth of the remaining unleased governmental held in the Astor Gallery. On
Feb. 17 they will continue
prophesy
with
can
accuracy.
With
one
the
richest
units
no
of
is,
acreage
these known mineral lands already under lease, explored, and largely from 10.30 a. m. to 12.30 p. m. and 2 p. m. to 5 p. m., and on
drained, geologists aro inclined toward the theory that the remaining Feb. 18 from 9.30 a, m. to 12.30 p. m. and 2 p. m. to 4.30 p. m.
unleased lands hold a relatively limited supply of the wealth already The program
will consist of short addresses on a wide
captured. What if this should prove to ho true?
The oil industry is supplying the world with indispensible products in range of fiduciary matters and the open forum method will
enormously expanding volume and value.
be followed throughout for a free discussion of subjects
In the year 1883. there were drilled in this country approximately 2,800 presented. At one o'clock each
day there will be a luncheon.
hundred,
but
28
thousand,
and the cost
wells, and in 1923 we drilled, not 28
A meeting of the Executive Committee of the Trust Comof completing these wells was 800 million dollars.
The transportation systems of the civilized world now depend largely pany Division will be held durir g the week of the conferupon petroleurn products. The automobile, the locomotive, the battleship, ence. W. S. McLucas,
President Commerce Trust Co., Kanthe factory, the home,have turned to oil.
FEB. 13 1926.]
THE CHRONICLE
sas City, and Chairman of the committee, will preside.
Meetings of several sub-committees will also be held.
The fifteenth annual banquet of the Trust Companies of
the United States will be held in the Grand Ball Room of
the Waldorf on the evening of Feb. 18 at 7.30 o'clock. A
reception will be held in the Astor Gallery from 7 to 7.30.
Francis H. Sisson, President of the Trust Company Division of the American Bankers Association and Vice-President of the Guaranty Trust Co. of New York, will preside
at the banquet and will act as toastmaster. George H.
Moses, United States Senator from New Hampshire, will
be the chief speaker. Communications relative to .the conference or banquet, or reservations for hotel, railroad or
entertainment, should be addressed to Leroy A. Mershon,
Secretary, 110 East 42d Street, New York City.
845
purpose being to give the most practical instruction possible to the students. The Retail Credit Profession is
occupying such an important position in the retail trade today that the course commands special interest.
Railway Taxes Increase 500% in Twenty Years.
"During the last twenty years, and also during the last
ten years," says the "Railway Age," "the taxes of the railways have increased more in proportion than any other form
of their income or outgo. This is shown strikingly by the
following statistics: In 1905 taxes consumed $1 out of
each $3547 of total earnings; in 1915, $1 out of each $21 55;
and in 1925, $1 out of each $17 14. In 1905 the carriers paid
$1 in taxes for each $2369 of operating expenses; in 1915,
for each $15 17; in 1925, for each $12 71. In 1905 they paid
$1 in taxes for each $1431 they paid in pages; in 1915, for
each $928; in 1925, for each $8 06. In 1905 they paid $1 In
taxes for each $1431 net operating income they had available for interest and dividends; in 1915, for each $5 13; and
in 1925, for each $3 14.
"Between 1905 and 1915 taxes increased from $58,712,179
to $133,276,330, or 127%, and in 1925 they were about $360,000,000, or about 500% greater than twenty years before
and 170% greater than ten years before."
Regional Savings Conferences in February and March.
Three regional savings conferences will be held during
February and March under the auspices of the Savings
Bank Division, of the American Bankers Association. The
first will be at Portland, Ore., February 25 and 26. Representatives of middle west banks will gather in Kansas
City, Mo., March 4 and 5, while there will be a southern
meeting at Atlanta, Ga., March 11 and 12. Thomas F.
Wallace, Treasurer Farmers and Mechanics Savings Bank,
Minneapolis and President Savings Bank Division, will
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
preside at all conferences. The object of the meetings
New York Stock Exchange membership were reported
is to present definite and detailed information on savings posted
for transfer this week as follows: That of Caleb F.
bank operations that can be applied by the institutions
Fox to Richard P. Loasby for $150,000; that of Edward W.
sending their representatives to the gatherings. Costs
Gould to Winton G. Rossiter for $149,000; that of James P
and improvements in mechanical facilities for handling
Cahill to Enrico N. Stein for $149,000; that of Jacob Field
savings accounts will be among questions discussed. At
to Bernard E. Smith for $149,000; that of Henry K. McHarg
Portland departmental banking providing segregation of
Thomas C. Eastman for $148,000; and that of Edward
to
savings deposits from the other assets in commercial banks,
L. Worthington to David V. Morris for a nominal consideracalled
for
by
the Oregon state law, will be considered.
as now
tion. The last previous transaction was for $145,000.
A discussion of handling loans on soldier bonus certificates,
which may be made in 1927, is scheduled, as well as protecAt a regular monthly meeting of the directors of the Lawtion of guileless savings depositors from the promoters of yers Title and Guaranty Company of this city on Feb. 10,
questionable investments. The continuous growth in time Joseph Bostwick and George P. Millard were appointed
deposits and its effect upon the investment policies of savings Assistant Secretaries of the company.
funds are also to have a place on the programs, as well as
The Chase National Bank of this city and the Mechanics
forms and methods for figuring interest on savings accounts.
and
Metals National Bank are to consolidate. Formal anDaly,
John F.
President of the Hibernia Loan and Savings
Bank, of Portland, is chairman of the executive committee nouncement of the event was made Thursday night by Albert
in charge of the Pacific regional conference, while Henry C. H. Wiggin, Chairman and President of the Chase National,
Brent, President of the Fidelity Savings Trust Company at his home, 630 Park Avenue. The directors of both inof Kansas City, Mo., is similarly identified with the mid- stitutions have approved the plan and it remains only for
western meeting. Thomas I. Miller, Vice President of the the stockholders, who meet on March 18, to give their
Citizens and Southern Bank of Atlanta, is chairman of ratification. The amalgamated bank is to be known as the
Chase National Bank of the City of New York, and will be
the southern regional conference.
second in size to the National City Bank. The combined
C. B. Hazlewood Logical Canididate For Second Vice- resources of the Chase National and the Mechanics and
Metals on Dec. 31 were $1,025.943,818, while the resources
President of A. B. A. at Los Angeles Convention.
The Executive Committee of the State hank Division of the National City Bank were $1,215,033,702. On that
of the A. B. A. makes public the following, dated New date the deposits were $896,616,157, as against $921,573,498
for the National City. Capital, surplus and undivided
Orleans Jan. 25.
According to the custom established at the Chicago
convention seven profits of the merging institutions were $73,312,401, while
years ago whereby the presidency of the American Bankers Association the corresponding figure for the National
City was $115,goes alternately to representatives of the various divisions of the Association, the Second Vice-President to be elected this year will be a repre- 032,497. Under the terms of the amalgamation, the capital
surplus and undivided profits will be raised to $79,000,000.
sentative of the State Bank Division.
The Executive Committee of the State Bank Division at its mid-winter Albert H. Wiggin will
be Chairman of the board of directors
conference held in New Orleans last week made a careful canvass of
the
available candidates for this high honor, and reached the unanimous con- in the new Chase National Bank. Gates W. McGarrah,*
clusion that Mr. C. B. Hazlewood, Vice-President of the Union Trust Chairman of the board of the Mechanics and Metals,
will
company, Chicago—one of the organizers of and an ex-president of
the become chairman of the executive committee. John McHugh,
State Bank Division—is the logical candidate who should be proposed
President of the Mechanics and Metals, will be President
for election at the Los Angeles convention.
In reaching this conclusion the Executive Committee of the
Division of the consolidated bank. The main office will continue to
own
its
only
unanimous
views but also relied on the expresexpressed not
be at 57 Broadway, the building now occupied by the
sion of opinions of some of the former officials of the Division present at
Judgment
the
and
of
the
meeting
membership
at
large,
which has long Chase National. The present offices of the Mechanics and
the
Metals, at 20 Nassau Street, will be a branch.
looked upon Mr. Hazlewood as one of its ablest leaders.
an
Ilazlewood
outstandingly
is
successful banker, who has conMr.
The terms of the amalgamation were approved by the
substantially
constructive
to
the
financial
and commercial developtributed
directors of the Chase on Wednesday and by those of the
ment of the country.
active in various ways as a member of the Executive Council Mechanics and Metals
He has been
on Wednesday. The Chase National
Chairman of the A. B. A. State Legislative Committee.
from Illinois. Administrative
Committee, the Economic Polley Commis-. Bank and its subsidiary, the Chase Securities Corporation,
Member of the
special committees.
are to increase their capital stock from 200,000 to 400,000
sion, and !other
-president of the Bankers Club of Chicago, and the shares. Of this
increase 100,000 of the additional shares of
He is also an ex
Association of Reserve City Bankers.
each institution are to be issued to the shareholders of the
Mechanics and Metals Bank in the form of Bankers' Trust
Course in Retail Credit Practice at New York University Company receipts,
representing an equal number of shares
School of Retailing.
in the Chase National Bank and the Chase Securities Corpoissued
been
describing
has
a
course
pamphlet
in
Retail
A
ration. The remainder of the additional shares will be ofCredit Practice which is being given at New York Uni- fered pro rata to the
present holders of Bankers' Trust ComRetailing
by members of the Associated
versity School of
pany receipts for shares of the two institutions on the basis
York
New
City,
of
Inc.
Men
The
course
Credit
Retail
of $105 for a share of the bank and a share of the securities
opened at the second term of the night division on Feb. 1. corporation, $100 of which will be received
by the bank and
course
have
selected
been
this
from
in
lecturers
a
The
$5 of which will be received by the securities corporation.
credit
managers
in
retail
the
experienced
field, the
group of
THE CHRONICLE
846
[Vora 1.22.
At a meeting of the board of directors of the National undivided profits to approximately $5,000,000. The proCity Bank of New York this week, the resignation of Paul posed increase, in connection with the bank's taking over of
Grosjean as a Vice-President of the bank was accepted with the Massachusetts Trust Co., was referred to in these columns in the "Chronicle" of Dec. 12 last.
regret.
The Security Trust Co. of Rochester, N. Y., has comGayer G. Dominick, of the f- irm of Dominick & Dominick,
has been elected a member of the Executive Committee of pleted the remodeling of its main banking room and is
occupying the seven-story building adjoining, which was
the Bank of America of this city.
formerly the Post-Express Building. The latter, which was
Norborne P. Gatling, Vice-President of the Chatham- acquired by the trust company in March 1923, has also been
Phenix National Bank & Trust Co. of New York, has left completely remodeled; both buildings are strictly fireproof.
for Pinehurst for a two weeks' vacation.
The growth of the trust department, established in 1901,
the acquiring of the adjoining building—seven
necessitated
First
in
made
Agent
York
been
New
has
Stephenson
J.
C.
Two of the floors and part of anCity of the Canadian Bank of Commerce, to succeed S. H. stories and basement.
Logan, who was recently made General Manager of the other are occupied by the trust department. The building
bank, in Toronto. John Morton has been appointed Second has a river frontage on the west and street frontage on the
and
Agent, P. H. Powers, Third Agent, and N. J. H. Hodson, east, which will always assure abundance of daylight
A
located
large
safe
ventilation.
deposit
is
excellent
vault
•
Assistant Agent.
on the ground floor with spacious customers' space and couHerman Klein has been a- ppointed head of the Travel pon rooms adjoining. Pictures of the trust company's
Department of the Trade Bank of New York.
quarters featured the gravure section of the Rochester
"Democrat and Chronicle" of Jan. 31. The company began
a
W. Kingsland Macy has been elected
member of the
business on Nov. 17 1892 with a capital stock of $200,000 and
board of trustees of the Seamen's Bank for Savings of this
deposits of $148,569. On Jan. 1 1920 the assets of the bankcity. Mr. Macy is a member of the well-known family of
ing department were $35,026,836, in addition to which the
that name which has been Identified with the institution
total assets of the trust department were $68,444,280, a total
for many years. He is a son of George H. Macy, who bein excess of $100,000,000, with a capital of $300,000, surcame a member of the board of trustees in 1885 and served
plus in banking department, $1,698,204, and an additional
as Vice-President from 1906 until the date of his death in
surplus in the trust department of $963,127.
family
the
of
1918. The first member
identified with the
Institution was William H. Macy, who became a member of
John W. Frank has been appointed Assistant Cashier of
the board in 1848 and served as President from 1863 to 1867, the Union National Bank of Philadelphia, Pa.
and, having been re-elected to that office in 1872, served
Allard Smith, Vice-President of the Union Trust Co. of
until his death in 1887. V. Event Macy, a member of the
addressed the Cleveland Retail Credit Men's
Cleveland,
same family, is also a trustee of the institution.
Association at their annual dinner at the Hotel Cleveland
The stockholders of the Bank of Rockville Centre Trust on Feb. 3. Mr. Smith's subject was "Cleveland as an IndusCo. of Rockville Centre, L. I., on Jan. 15 approved plans trial City—To-day and To-morrow."
to increase the capital from $100,000 to $200,000. The new
Oliver S. Bond, dean of Toledo bankers, died at his home
shares are being offered to stockholders at $100 a share
pro rata. Stockholders have until Feb. 15 to make pay- in that city on Jan. 16 in his ninety-fifth year. Up to
ment. The stock of the bank is on a 20% dividend basis. Jan. 1 last Mr. Bond was Chairman of the Board of the
The increased capital will become effective Feb. 15, when Merchants Savings Bank & Trust Co. (until recent years
known as the Merchants ez Clerks Savings Bank), which
the capital, surplus and profits will be $400,000.
he had founded. On that date his institution was consoliOfficers for the new Eastside National Bank of Paterson, dated with the Security Savings Bank & Trust Co. of
N. J., were selected recently and twelve directors appointed Toledo, and a few days previous to his death Mr. Bond was
to bold office until the next annual meeting of the institu- elected a director of the new institution. The Toledo
tion. The officers are J. Barclay Cooke, President; Alfred "Blade" of Jan. 16, in reviewing the late banker's carreer,
W. Greenwood, Vice-President and Acting Cashier; Joseph said in part:
Mr. Bond was not only one of Toledo's oldest, but one of its best-known
V. Bergin, M. D., Vice-President. The directors are:
banking could be complete without a record
Louis F. Auger, National Silk Dyeing Co.; Leonard J. Tynan, Counsellor- citizens. No history of Toledo
at-Law; J. Barclay Cooke, President Paterson Bridge Co.; Whitfield W. of the part he played in its development.
near Richmond, Ind., June 28 1831, Mr. Bond
farm
father's
his
on
Born
Smith, President First National Bank; Thomas Hand, silk manufacturer;
had been a resident of this city since, building
Frank Strehl, druggist; David Fullerton, of D. Fullerton & Co.; Senator came to Toledo in 1856 and
institutions, the Merchants & Clerks Savings
Henry A. Williams, Attorney-at-Law; Frederick D. Bogert, Cashier First up one of its stronpfinancial
National Batik; Joseph V. Bergin, physician; Alfred W. Greenwood, stocks Bank.
education In the district schools of Indiana,
early
his
received
Mr. Bond
and bonds; William Giger, Archbold-Giger Co.
supplementing this training with two terms of study in the Whitewater
The capital of the Eastside National Bank is $200,000 and College. Mr. Bond, after serving as Clerk in the Quaker Meeting House
Its surplus account $50,000.
In his home town, left to seek his fortune at the age of nineteen. He went
to Peru, Ind., where he became a clerk, selling to early settlers and the
tribe.
Richard J. &roles, President of the Passaic National Bank Miami Indian
In 1854 Mr. Bond left what was then the western frontier and went to
& Trust Co., died suddenly on Feb. 7 in the Passaic Gen- New York City. He spent two years in the metropolis in the wholesale
eral Hospital. Mr. Scoles had undergone a slight operation dry goods and notions business and traveled extensively through the
country.
the previous week, and his death resulted from hemorrhages. Western
The pioneer banker moved to Toledo In 1856 and for two years was a
Mr. Scoles, who was in his 59th year, was born in Millbrook, salesman and collector for the firm of Bell, Deveau & Co. On July 15
N. Y. Locating in Westfield, he became connected with the 1858. with William B. Messinger, Mr. Bond opened the boot and shoe house
of Messinger & Bond. During the twelve years that Mr. Bnod operated
Bank of Westfield in Westfield, N. J. From there he went this business, he became interested in banking as a director of the North,,,1
to Passaic with Brigadier-General Bird W. Spencer and National. now a part of the Toledo Trust Co. After selling his boot and
elected Vice-President of the Northern. He then
became Vice-President of the Peoples Bank & Trust Co. shoe business, he was
developed the plan to build his own bankinglinstitution. In 1871 the
Later he was made President of the Passaic Trust & Safe Merchants & Clerks bank was born. The hank, with Mr. Bond as TreasDeposit Co. With the death of Charles M. Howe, Mr. Scoles urer, was opened in a small room in the rear of 99 Summit Street.
Toledo then was a city of 30.000. Sound and conservative policy won
was elected President of the Passaic National Bank, and he friends
for the bank. The panic of 1873 proved a test of the bank's strength
became head of the consolidated institution in 1922.
and it came through unscathed. The bank then took a larger room at
78 Summit Street, having increased its deposits to more than $200.000.
Mr. Bond was elected President of the institution.
The new Pacific Avenue Na- tional Bank of Atlantic City, InIn1888
1891 the building at 338 Summit Street was purchased. The bank
March 15 1926 at Mount moved into its new quarters in the fall of 1891, opening a commercial
N. J., will open for business
Herbert W. Hemphill, Vice- department. Through the panic of 1893 the bank passed with flying colors.
about
Vernon and Pacific avenues.
President of the Marine Trust Co., has been elected PresiFor the fifth time in 25 years the Detroit Trust Co. of
dent of the new bank, which has a capital of $200,000, and
Mich., has outgrown its quarters and plans are
Detroit,
surplus of $50,000. The stock, in shares of $100, is being
to enlarge its building two and one-half
completed
nearly
placed at $125 per share. The bank's organization was
addition of 100 feet to the present quarters.
an
by
times
completed Feb. 5. Victor S. Fisher is Vice-President.
The new home of the company will be one of the largest
64,000 square
Stockholders of the Atlan-tic National Bank of Boston banking institutions in the city and will have
limestone, with
The
of
be
will
space.
building
floor
of
feet
of
shares
of
issuance
10,000
the
of
approval
on Feb. 1 voted
bronze windows and will have a row of eight monolithic
new stock, to be sold at $200 each, which will bring the
40 feet high along the front. Upon entering the
columns
and
surplus
its
and
$6,000,000
to
institution's capital up
FEB. 13
1926.]
THE CHRONICLE
building one will find a room 140 feet long by 100 feet deep.
On each side of the room will be a marble railing behind
which the officers will have desks. In the centre will be
an ornamental marble stairway giving access to the safe
deposit boxes. At the rear will be another marble stairway
leading to the mezzanine floor, which will be occupied by
the mailing and bond departments, switchboard and library.
Large vaults will extend from the basement to the mezzanine. The corporation, mortgage, stock transfer and insurance departments will be located on the second floor, as
will the directors' and special meeting rooms. The third
floor will have unassigned space, bookkeeping, auditing,
trust accounting and other departments. When the company began business in 1901, there were four employees.
Its first piece of business was to act as trustee for an issue
of bonds secured by four steamships built to operate from
Chicago to the Atlantic by way of the Welland Canal and
the St. Lawrence River. Constant growth necessitated
larger quarters and tile company in 1915 erected a building
for its exclusive use. Now the present building is Inadequate to accommodate its expanding business and
the fifth
home of the company will be erected during this,
the 25th
anniversary year: The growth of invested capital has been
from $1,000,000 in 1901 to $7,800,000 in 1926. Unusual
interest centres in the location, which is part of the old English fort erected in 1778, as a defensive against the Americans. It was subsequently called Fort Shelby, in honor of
Governor Isaac Shelby of Kentucky, and was demolished
in 1826. The evacuation of the fort by the British at 12
o'clock noon, June 11 1796, was the closing act of the War
of Independence. On that day the American flag was for
the first time raised over the soil, all of which was then
known as the Eastern Territory, becoming at that time part
of the Federal Union. Timbers from the fort, it is said.
were discovered in excavating for the present building of
the Detroit Trust Co. The Detroit Trust Co. announces
the
appointment of William J. Thomas Jr., formerly Auditor of
the institution, as Treasurer, to succeed the late F. J. Wixson, whose sudden death occurred recently.
847
organized to handle conservative first mortgage loans and
bond issues on all types of real estate.
On Feb. 3 the board of directors of the Mississippi Valley Trust Co., St. Louis, elected James A. Weaver, Dan W.
Jones and J. Gates Williams, formerly Assistant Secretaries of the bank, Vice-Presidents, and appointed Edgar L.
Roy Assistant Bond Officer, while continuing his duties as
Sales Manager. The following brief outline of the business
careers of the promoted men is taken from the St. Louis
"Globe-Democrat" of Feb. 4:
Vice-President Weaver began his business career with the Mississippi
Valley Trust Co. 23 years ago. He steadily advanced to positions of
greater importance and assumed the responsibility of chief clerk of the
financial department. In 1918 lie was elected Assistant Secretary and
placed in charge of the bank personnel.
Jones, who is a son of Breckinridge Jones, Chairman of the Board, has
been connected with the trust company since 1914, when he entered as a
junior clerk following graduation from Centre College. During the World
War, Jones was an Ensign in the United States Navy. Upon returning to
the bank after the war, he worked in various departments, and was elected
Assistant Secretary in 1920.
J. Gates Williams is one of the best known of the young business men
in St. Louis. He is a native St. Louisan, and a eon of the late Eugene F.
Williams, one of the founders of the Hamilton Brown Shoe Co. and a director of the Mississippi Valley Trust Co.
Williams is a graduate of Princeton University, Class of 1918, and of
the Harvard Law School. During the war he was an Ensign in the navy.
He entered the Mississippi Valley Trust Co. in 1922 and served in various
departments. In 1925 he was elected Assistant Secretary and became
active in the new business department.
Edgar L. Roy, the new Assistant Bond Officer, has held the position of
Sales Manager of the Bond Department for several years with marked success. He is a graduate of the St. Louis University School of Commerce
and Finance. In 1919 he entered the Mississippi Valley Trust Co. as a
bond salesman, and very early took the lead among the sales force in the
volume of business obtained. His promotion to the official staff of the
trust company came as a recognition of exceptional service. Roy will
continue as formerly in charge of the sales division of the bond department.
Stockholders of Industrial Finance Corporation at their
annual meeting at Norfolk, Va., on Feb. 8. re-elected all the
old directors, and added to their number William L. Bertles,
of the firm of Howe, Snow & Bertles, New York. At a special meeting held immediately afterwards, the stockholders,
by a vote largely in excess of the necessary two-thirds,
authorized the issue of a new 7% preferred stock to refund
the present 6% preferred stock and fund the accumulated
Fred A. Wixson, Treasurer of the Detroit Trust
Co., dividends thereon.
Detroit, died suddenly of heart disease at the 25th
anniversary dinner of the institution in the Book-Cadillac
The annual meeting of the directors of the Southside
Hotel,
on the evening of Jan. 30. Mr. Wixson had spoken
Banking
Co. of Birmingham, Ala.—an institution which
briefly
about his long association with the company, had
been began business about eighteen months ago—was held on
tendered hearty applause at the close of his
remarks, and Jan. 26 at which Walter Brower was elected Chairman of
was seated listening to one of the other speakers
when he the Board of Directors, John W. Maynor, was elected Presicollapsed. Hei was born in New York State Feb.
6 1868, dent, and John D. Elliott, Vice-President and Cashier.
and went to Detroit iii 1894. When the Detroit
Trust Co. It was voted at the meeting to change the name of the
began business in 1901, Mr. Wixson entered its
employ and institution from the Southside Banking Co. to the South
had been with the institution continuously since that
time. Side Bank, subject to the approval of the State SuperinIn Aug. 1919 he was elected Treasurer. He was a
member tendent of Banks. Announcement was made that the inof the Detroit Board of Commerce, Michigan Association
of stitution will shortly move to its new home in the Pioneer
Certified Public Accountants and the American
Building at South 20th Street and Avenue C. The new
Institute of
Certified Public Accountants.
quarters will contain up-to-date equipment, safety vaults
and other banking accommodations. Since it started busiGeorge W. Curtiss, President of the Dime
Savings & ness the institution,it is understood, has been very successful.
Trust Co. of Peoria, Ill., died of heart disease
on Feb. 5,
according to an Associated Press dispatch
The statement of condition of the Citizens Bank & Trust
from Peoria on
that date appearing in the St. Louis "Globe
-Democrat" of Co. of Tampa, Fla., at the close of business Dec. 31 1925
Feb. 6. Mr. Curtiss was 77 years of age.
shows total resources of $36,093,045 and deposits of $33,677,799 and total capital, surplus and undivided profits of
At a meeting of the board of directors
of the Continental $2,285,065. The increase in deposits from
Dec. 31 1924 to
& Commercial National Bank, Chicago, held
on Feb. 2, Dec. 31 1925 was no less than $18,351,011. The officers of
$5,000,000 was taken from undivided profits
and added to the Citizens Bank & Trust Co. are as follows: Dr. Louis
A.
surplus. Accordingly, capital remains the
same, $25,000,- Bize, President; W. W. Trice, Vice-President
and Trust
000, surplus is increased from $15,000,000
to $20,000,000, Officer; D. H. Laney, Vice-President and Cashier;
Isaac
and the undivided profits item is something over
$2,000,000. Maas, D. C. Gillett, L. L. Buchanan, Vice-Presidents; C. E.
Hester, Assistant Cashier and Credit Manager; W. W.
The death of Louis Rathje, President of the Chicago
City Blount,
John T. Bize, R. W. Clapp, D. B. Renfro, Ashby
Bank & Trust Co. on Feb. 10 was announced in a
special
Gibbons and S. W. McCord, Assistant Cashiers; A. M. Eddispatch from Chicago on that day to the New York
"Times."
Mr. Rathje, who was 70 years of age, had been ill for several wards, Auditor, and K. M. Kruse, Contact Man. The folweeks. He had been President of the City Bank & Trust lowing Florida banks are associated institutions of the Citizens Bank & Trust Co.: Franklin Bank, Tampa; First Bank
Co. since the foundation of the institution in 1893.
of Port Tampa City; Bank of Thor City, Bradentown Bank
A. G. Wells, Vice-President of the Atchison, Topeka & & Trust Co., Bank of Pasco County, Dade City; First State
Santa Fe Railroad, has been elected a director of the Central Bank, Fort Meade; Bank of Fort Myers & Trust Co., First
Trust Co. of Illinois, Chicago, according to a press dispatch National Bank of St. Petersburg, First Bank & Trust Co.,
from that city printed in the "Wall Street Journal," of Sarasota; Bank of Plant City and Citizens Nebraska AveFeb. 9.
nue Bank, Tampa. The combined resources of these instiThe officers and directors of the Second War Securities tutions, including the Citizens Bank & Trust Co. stand at
•
Co. of Milwaukee announce the opening of a real estate loan $72,881,518.
department in charge of William H. Bennett, formerly of
In giving his views of Florida in a discussion of the
Hackett, Hoff & Thierman, Inc. This department will be State, which appeared in the New York "Sun"
of Jan. 2,
848
[VoL. 122.
THE CHRONICLE
The bank's statement of date Oct. 31 1925 shows total deDr. Louis A. Bize, the President of the Citizens Bank &
posits
of $8.246,147 and aggregate resources of $10,710,644.
Trust Co., and also President of the Tampa "Morning Tribune," said:
The 25th annual report of the Provincial Bank of CanWhen asked the question as to the permanency of Florida's prosperity,
Montreal) covering' the fiscal year ended
the solidity of its growth, there can be but one answer. Florida will be ada (head office
prosperous, Florida will grow and develop, as long as it retains its natural Nov. 30 1925, was presented to the bank's shareholders at
advantages—and they are certainly permanent and abiding. Climate and their general annual meeting on Feb. 3 and makes a very
location—the only place in the Union, within convenient reach of the great
masses of the population, where one may live in comfort the year round, favorable showing. Net profits for the period, after dewhere one may escape the rigors of winter, where one may enjoy the great ducting charges of management, interest due to depositors,
outdoors every day of the year.
rebate on current discounts ($79,591) and provision for
Productivity—a soil which is the nation's sole source of convenient supply of winter fruits and early vegetables, which is capable of growing losses and doubtful debts, were $407,259, which when added
every product known to the Temperate or Tropic zone, which holds the to $22,738, the balance to credit of profit and loss brought
world's available supply of phosphate, its waters teeming with edible fish,
forward from the preceding twelve months, made $429,997
Its forest products practically unlimited—and with only 7% of its land
available for distribution. Out of this the following apunder cultivation.
Attractions—its far famed resorts stretching along Gulf and Atlantic propriations were made: $270,000 to pay four quarterly
coasts and throughout a picturesque interior, with every opportunity and
facility for winter sports on land and water, accommodations to please both dividends at the rate of 9% per annum; $50,000 to take care
the rich and the poor, where the man of moderate means may share equally of Dominion Government taxes and $84,534 for amortizawith the millionaire the benefits and joys of the world's greatest pleasure tion in full of the cost of installation and maintenance of
ground, and where those who come to work rather than to play may find
everything conducive to the making of a living under the most favorable new branches and written off "bank premises," "other real
circumstances and with the least exertion and deprivation.
estate" and "furniture and fixtures" accounts, leaving a balThese are Florida's advantages—and they will always be here. As long
ance of $25,463 to be carried forward to the current fiscal
as people seek an inviting place to play or work, as long as Florida has its
sunshine, its fruit and flowers, its soil and location, just so long will people year's profit and loss account. Total assets are shown in
and money come to it, and just so long will it prosper and progress.
the statement as $45,219,594, an increase of $4,573.032 durWithin the past two years advertising has given Florida the impetus
which is evident throughout the State to-day. The coming of men of na- ing the period under review. Liquid or quick assets are
tional note and great wealth, controlling spirits of big business and big shown at $26,398,685, or over 65% of the bank's liability to
capital, to this State, and their large investments here, naturally aroused the public; $7,872,690 of these liquid assets consists of cash
nation-wide interest. The general public said there must be something out
of the ordinary in Florida to attract men and interests of such importance. and bank balances. Total deposits are given as $36,564,840,
Added to this was Florida's very wise action in the matter of taxation—the of which $29,659,589 are interest-bearing deposits. During
demonstration given of the State's conservatism in the prohibition by
the year eight new branches of the bank were opened and
popular vote and constitutional amendment of the objectionable income
and inheritance taxes. This gave the whole country a most favorable im- three branches closed, the total number of branches now
pression of Florida. "Here is a State," said the people, "which does not being 133 in the Provinces of Quebec, Ontario, New Brunspropose to burden its citizens with unnecessary taxation." This appealed
wick and Prince Edward Island. Sir Hoimisdas Laporte
not only to the rich but to those of all stations and conditions of life.
Florida has only to guard against the depredations of the dishonest and is President and Tancrede Bienvenu, Vice-President and
the unreliable exploiter—and this it is now doing through the vigilance of General Manager.
its Chambers of Commerce, its real estate boards, its newspapers and its
individual citizens. The crooked dealer finds early discovery and speedy
exposure in Florida. In no so-called "boom" that has ever occurred on
earth has there been such a small percentage of complaints of unfair or
Illegitimate operations. Florida proposes to keep eternally awake on this
line, and to keep itself clean before the eyes of the world.
Every city and community in Florida is intent in the purpose of making
a greater State. The State spirit and the community spirit are alike
aroused and active in planning and building for the future. A noted writer
recently referred to Florida as "the headline of America." But with the
headline Florida has a "story"—a story of wonderful resources, of a prosperous present and a brilliant future.
•
Plans to increase the capital stock of the American Colonial Bank of Porto Rico from $1,000,000 to $1,500,000 were
ratified by the stockholders of the bank on Jan. 11. In a
letter to the stockholders under date of Jan. 16 F. M. Welty,
Vice-President of the institution, says:
The stockholders of this bank at the special meeting held on Jan. 11
1926 approved the amendment to the bank's amended certificate of incorporation, providing for the issue of 5,000 additional shares of Common
stock of the par value of $100 each, and the certificate of amendment
effecting such increase has been filed in the office of he Secretary of State
of West Virginia. At the stockholders' meeting, the recommendations of
the board of directors for the offer of the new stock to the present stockholders at $200 per share, in the ratio of one new share for each two shares
now held, were approved.
In accordance with the arrangements made by the board of directors
with its fiscal agents, William Schall & Co., holders of stock of the bank,
of record at the close of business on Jan. 11 1926, have the privilege of
subscribing to the new stock on or before 3 p. m. Feb. 3 1926 at $200 Per
share, upon the terms and conditions stated in the warrants hereinafter
mentioned.
Warrants not surrendered to William Schell & Co. at their office, 160
Broadway, New York City, with the subscription form thereon duly signed
and accompanied by payment of the full subscription price, by 3 p. m.
Feb. 3 1926, will become wholly void, and the privilege of subscription will
thereupon terminate.
Subscriptions may be made only to full shares. Combinations of rights
for fractional shares, to permit of subscription for full shares, may be made
through the purchase or sale of rights evidenced by fractional warrants. No
subscription may be made on fractional warrants, unless so combined and
exchanged for full-share warrants.
Purchase or sale of fractional warrants and rights may be made through
William Schell & Co., or at the office of the bank in San Juan, Porto Rico.
COURSE OF BANK CLEARINGS.
Bank clearings continue their upward movement, though
the further addition the present week is moderate. Preliminary figures compiled by us, based upon telegraphic advices from the chief cities of the country, indicate that for
the week ending to-day (Saturday, Feb. 13) bank exchanges
for all the cities of the United States from which it is possible
to obtain weekly returns will aggregate 2.2% more than in
the corresponding week last year. The total stands at
,591,903,230, against ,406,849,000 for the same week in
1925. At this centre there is an increase for the five days of
0.2%. At the Northern cities Lincoln's Birthday, a holiday,
came in to reduce the clearings, but the same was true last
year too. Our comparative summary for the week is as follows:
Clearings—Returns by Telegraph.
Week Ended February 13.
1925.
Per
Cent.
$3,530,000.000
445,947.970
354,000,000
254.000.000
87.508,847
101.900.000
137,233,000
113,069,000
112,137.645
92,681,155
71,698,481
69,387,837
39,514,969
$3,523,542,798
'
483.128,681
335,000.000
322,000,000
107,386,496
120,600,000
128,700,000
109,888,000
134,639,151
91,512,757
74,503,250
75,763,981
56,984,401
+0.2
—7.7
+4.3
—21.1
—18.5
—15.5
+6.6
+2.9
—16.7
+1.8
—3.8
—8.4
—30.7
Thirteen cities, five days
Other cities, five days
84.409,078,904
1,224.443,680
85,583.849,515
1,076,675,840
—2.8
+13.7
Total all cities, five days
All cities, one day
86.633,522,584
1,858,380,646
$6,640,325,355
1,766,523,645
—0.1
+5.2
54 001,titto non
.•
a.c. Al., n An ....n
,
i n et
T.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
.....M. Mr arelatr
1926.
Complete and exact details for the week covered by the
foregoing will appear in our ssue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
Advices from H. L. Cochran, Vice-President of the bank,
of the week has in all cases had to be estimated.
state:
In the elaborate detailed statement, however, which We
Upon completion of this operation our capital, surplus and undivided present further below, we are able
to give final and complete
profits will stand around $2,700,000.
Dividends in the past have been paid semi-annually but in the future will results for the previous week—the week ended Feb. 6. For
be paid quarterly and a quarterly dividend of 2% regular and 2% extra that week there is an increase of 3.9%, the 1926 aggregate of
has therefore been declared payable Jan. 30 1926.
the clearings being $10,689,118,925 and the 1925 aggregate
The American Colonial Bank of Porto Rico was founded in 1899 largely
through the efforts of William Schell & Co.. 160 Broadway, formerly $10,286,328,876. Outside of New York City the increase is
Muller, Schell & Co. The bank now has branches in Arecibo, Mayaguez, 8.7%, the bank exchanges at this centre recording a gain of
Caguas, Ponce and Santurce.
only 0.7%. We group the cities now according to the
The present officers of the bank are William Schell, President; F. M.
Welty, Vice-President; IT. L. Cochran, Vice-President; R. Cabrera Torres, Federal Reserve districts in which they arelocated, and from
Assistant to the Vice-President; Humberto Bozzo, Assistant Cashier: this it appears that in the Boston Reserve District the totals
Eduardo E. Perez, Assistant Cashier; E. A. Todd. Assistant Cashier;
R. Torres Ramis, Manager Foreign are larger by only 0.8%, in the New York Reserve District
D. P. Campbell, Assistant Cashier;
Department; E. A. Thayer, Credit Manager; Julio L. Porrata, Auditor; (including this city) by 0.9%, but in the Philadelphia ReBranch; Angel Sans, Manager Mayaguez
M. H. Balzac, Manager Arecibo
serve District by 14.2%. The Cleveland Reserve District
Branch; R. A. Garcia Cabrera,
Branch; Jul. Umbach, Manager Ponce
has a gain of 5.3%, the Richmond Reserve District of 7.6%
Manager
Santurce
Branch.
Lazaro,
R.
and
Branch;
Manager Caguas
FEB. 13 1926.]
THE CHRONICLE
and the Atlanta Reserve District (chiefly by reason of the
increase by the Florida points, the gain at Jacksonville being
83.5% and at Miami 80.5%) of 17.7%. The Chicago Reserve District has an improvement of 8.8%, the St. Louis
Reserve District of 4.0% and the Minneapolis Reserve District of 11.5%. In the Kansas City Reserve District the
totals are better by 1.0%, in the Dallas Reserve District by
4.5%,and in the San Francisco Reserve District by 19.8%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Feb.6 1926.
1926.
1925.
Federal Reserve Districts.
$
$
12 elt196 540,282,805 805,862,136
let Boston •
11 " 6,344,275,4256,279,208,285
2nd New York
10 "
611,474,576 535,311,606
3rd Philadelphia
8 "
410,754,699 390,151,685
4th Cleveland
6 "
210,132,836 195,113,264
5th Richmond
13 "
262,256,730 222,808,163
6th Atlanta
20 " 1,020,360,098 937,213,300
7th Chicago
8 "
240,482,607 231,232,426
8th St. Louis
7 "
114,886,051 129,801,602
9th Minneapolis
12 "
10th Kansas City
251,494,916 249,068,857
11th Dallas
5 "
88,130,107 84,312,795
17 "
12th San Francisco
694,588,045 496.214.516
Inc.Or
Dec.
1924.
1923.
3
%
+0.8 440,957,913
+0.9 4,669,713.075
+14.2 490,208,295
+5.3 351,605,113
+7.6 191,726.830
+17.7 192,311,825
+8.8 763,576,731
+4.0 209,695,984
+11.5 103,208,066
+1.0 213,660,409
+4.5 65,175,473
+19.8 484,943,523
8
363,901 404
,054,792,488
466.854,710
343,001,936
162,186,428
170,570,008
772,534,879
68,511,020
106,803,428
220,932,329
56,826,891
384,122,219
Grand total
129 Cities 10689118,925 10236328,876 +3.9 8,156,379,236 7,180,037,740
Outside New York City
4,481,513,747 4,123,027,999 +8.7 3,598,721.178 3,235,231,435
Canada
29 Olties
336.621.111 324.484.415 +3.7 419,800.152 276,578,171
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended February 6.
Clearings at
1926.
1925.
Inc. or
Dec.
5
First Federal Reserve Dist rIct-Boston
Maine-Bangor_ _
808.938
" 804.755
+0.5
Portland
3.696.522
3.863.500 -4.3
Mass.-Boston. 482.000.000 479,000.000
+0.6
Fall River_
2.217,907
2,376,649 -6.7
Holyoke
a
a
a
Lowell
906.869
995.658 -8.9
Lynn
a
a
a
Bedford_
1,402.031
_
New
1,455,610 -3.7
Springfield. _ ' 5,541,229
5,900.378 -6.1
Worcester
3,812.050
3.654.537
+4.3
-Conn.-Hartford
18.090.823
15.977.097 +13.2
New Haven__ _ . 7,479.934
7,624.178 -1.9
R.I.-Providence
13,509.700
13,457,100 +0.4
N.H.-Manches't
816.802
752.674
+8.5
Total(12 cities)
540.282,805
535.862.136
+0.8
1925.
1923.
702,627
3.153.159
391,000.000
2.190,719
a
1,119,695
a
1.330,114
5.263.051
3.388.000
13.022.759
6.154.979
12.908.500
724,310
770.883
3.108,382
318,000.000
2,204.123
a
1.136,000
a
1.795629
4.545.570
3.303.000
10.735,692
6,118.807
11,452.800
730,218
440,957,913
363,901,404
Second Feder al Reserve D istrict-New YorkN. Y.-Albany._
6,123.307
7.692.272 -20.5
5,5(15.862
5.546.507
Binghamton_ _
1.611.300
1.603.000 +0.5
1.177.700
1,321.300
Buffalo
d49.980,829
46,495.759
+7.5
40.934.599
39.967.545
Elmira
1.259.591
1,173656
+7.4
818.399
590.276
Jamestown_ _
c1.503.486
1,419.780 +5.9
1.742,411
1.126.118
New York._ _ 6,207.605.178 6,163.300,877 +07 4,557.658A58
3.944.806.305
Rochester
17.758.679
15,026.779 +182
12,503.037
9.692.322
Syracuse
8.326,091
7.046.974 +18 1
6.388.500
5,171.029
-Conn.-Stamford
c3.272.027
3.172.304
+3 1
3.403 797
2,753.785
N. J.-Montclair
786.956
576.139 +36 6
464.949
418.706
Northern N.J_
38,047,981
31.711,285 +13.7
39.055.763
43.398.595
Total(11 cities) 6,334,276,425 6,279.208,225 +0.9
4.669,713,075 4,054,792,488
Third Federal Reserve Dist rict-Philad elphia
1,483.139
1,539.867 -3.7
1.242.002
1,257,677
Bethlehem_ _ _ _
4,531.337
3.749.85( +20.8
*3,500.000
3.744.878
Chester
1.487.465
1,310.716 +13.5
1.163.102
1.157.770
Lancaster
2.370,132
2.329.70s
+11
2,994.191
2,813,246
Philadelphia__
581,000,000 503.000.000 +15.5 462.000.000 441.000.000
Reading
3.567,381
3,255.985
+96
3,394.586
2.844.886
Scranton
5,774.078
6.392.556 -97.
5,336.441
5.848.375
Wilkes-Barre_ _
3,070.414
4,234.045 -27.5
4.636,261
3,555 705
York
1,821,353
1,738,526
+4.7
1,492.400
1,275,159
N.J.-Trenton...
6,369.277
7,760,351 -17.9
4.448,412
3,357,014
a
a
a
a
a
Total(10 Cities)
7.387.000
4,187.240
59.307.961
91.812,354
15,560,600
a
a
1,570,922
a
a
3,993,526
a
159,182,333
351,605,113
343,001.936
2,043,544
8,704,616
63.863,000
2.520.840
90.897 830
23.697.000
2,110.088
8,528.458
46.571.612
2.401.993
81.780.074
20,814.223
191,726,830
162,188,428
5.817.575
3.060.840
18.679,597
52.813.188
2,573.473
1.582,111
a
13.536.611
3.728,797
27,886,179
5,531,739
2,695,579
17,148,152
47.872.003
1,935.988
1,435,350
a
12,939,327
1,419,526
561.147
60.652,761
27,433,232
iS
1,083.007
315.195
52.360,436
192.311.825
170,570,008
Inc. or
Dec.
1924.
1923.
g'
Seventh Feder al Reserve D istrict-Chi CB goMich.-Adrian _ _
269,89
290.149 -7.0
226.553
196,863
Ann Arbor_
1,466.791
1,216.569 +20.6
790.191
609,085
Detroit
154,657,214 132.126.959 +17.0 116.252,450
107.368.803
Grand Rapids_
8,305.315
7,418.534 +11.9
6.360.487
5.809.443
Lansing
.3,100.000
2.850.734
+8.7
2.359.923
1.803.017
Ind.-Ft. Wayne
2,460.644
2,548.665 -3.5
2.607.057
1,879,478
Indianapolis_ _ _
22,870,000
17,520 000 +30.5
17,458,000
18,199,000
South Bend_ _ _
3,030.500
2.646.600 +145
2,396,507
2.232,273
Terre Haute__ _
5.432,94
5,057,631
+7.4
5,591.014
Wis.-Milwaukee
46,604.57
42.967.041
+8.5
33.906.406
36,355,612
Iowa-Ced. Rap_
2,698.594
2,630.045
+2.6
2.261.685
2.218.170
Des Moines_ _
11.495.69
11.350.212 +13
9,557.203
9.941.560
Sioux City__ _
7,538.15
7.696.340 -2.1
7.391,160
6313,194
Waterloo
1.159.44
1.452.912 -20 2
1,258.017
1.308.571
111.-Bloomington
1.531.18
1,564,867 -2.2
1381.716
1,159,222
Chicago
734,946,307 685.288,653
+7.2 543,912,970 567,847,450
Danville
a
a
a
a
a
Decatur
1,397,64
1.470.220 -5.0
1.158,538
1,160.847
Peoria
5.189.28
5.448.866 -5.0
4.233,266
4,082.500
Rockford
3.302.93
2,639.696 +25.1
2.399.796
2,093.066
Springfield_ _ _ _
2,902,985
3.058,607 -5.1
2,273,792
2,156,725
Total(20 cities) 1.020,360,098 937.243.300 +8.8 783,576.731
772,534,879
Eighth Fedora !Reserve Dis trIct-St. Lo U18Ind.-Evansviale.
4.861.366
6.108.924 -20.4
4,147.179
4,140,141
Mo.-St. Louis_ _ 155.800.000 150,800.000
+3.3 140,800.000
Ky.-Louisville
36,030.144
32.715.091 +10 0
29.758.477
28209.855
Owensboro_ _ _
576.722
648.383 -11.1
485 971
776.978
Tenn.- Memphis
27,211.000
25.455.702
+6.9
20,817,941
21.780.160
Ark.-LittleRock
13,985.286
13,315.831
+5 0
11.361 084
11.210.567
111.-Jacksonville
456,970
421,236
+85
341.406
326,044
Quincy
1,561,119
1,767 259 -11.7
1,383,926
1,467,275
Total(18 cities) 240,482,607 231.232,426
Ninth Federal Reserve Di, trict - Min
Minn.-Duluth_ _
d5.837.996
7.471,050
Minneapolis_ _ _
72,441.884
86.363.904
St. Paul
30.024.495
29,449,123
No. Dak.-Fargo
1,979,100
1.800.875
S. D.-Aberdeen
1,427,445
1,416.410
Mont.-131hings _
539,760
678,440
Helena
2,635,371
2.621,800
+4.0 209,095.984
neapol Is-21.9
6.306,530
-16.1
60,967.442
+19
29.993.384
+9.9
1.578.733
+0.8
1.123,426
-20.5
538,794
+0.5
2,699,756
Total(7 cities)- 114.886.051 129.801.002 -11.5 103,208.065
Tenth Federal Reserve Ohs trict - Kan sas Cit yNeb.-FremonL.
d328,800
363,035 -9.4
403.386
Hastings
803.551
661.468 +21.5
528.733
Lincoln
5.062.561
4.747.937 +6 6
3.898.684
Omaha
41,000.318
41,966.818 -2.7
34.047.807
Ran -Topeka _ d4.414.998
3,284.210 +34.4
3.522.553
Wichita
d8,333.151
7,765.340 +7.3
8 235.677
Mo.-Kan. City_ 130.893,779 131,235.835 -03 113,958.252
St. Joseph_
d8,142,480
8,536.775 -4.6
6.874,746
Okla.-Muskogee
a
a
a
a
Oklahoma City d28,085,138
25.336.971 +10.8
22.161.696
Tulsa
a
a
a
a
Colo -Col. SI)ga.
1.298.837
1,202.379 +8.0
1.081 704
Denver
21,998.377
22.856.544 -3.8
18.233.982
Pueblo
01.132,856
1.111,545 +1.9
909.189
Total(12 cities) 251.494,946 249,068.857 +1.0 213,856,409
Eleventh Cede cal Reserve District-D aliasTexas-Austin___
2.092.357
1.691.099 +23.1
.2,499436
Dallas
52,042.932 +32
53,701.872
36.814.099
d16,488.851
Fort Worth
14.742.667 +11 8
13,099.331
Galveston
10,602,000
10,323.654
+2.7
7.963,34
Houston
a
a
•
a
La.-Shreveport_
5.245,027
5.504.443 -7.4
4.799.259
Total(5 cities) _
88.130.107
84.312.795
Twelfth Feder al Reserve D 'strict-San
Wash.-Seattle
42,084,980
36.254.451
Spokane
14.144.000
10,275.000
Tacoma
a
a
Yakima
1,568.676
1.445.559
Ore -Portland..
35,676,675
35.102.266
16,711,787
15,619.395
Utah-S. L City
Nev.-Reno
a
a
Aris.-Phoerdx _
a
a
Calif.-Fresno...
3,244.485
3.616,859
6.995,069
7.488,624
Long Beach
Los Angeles_ _ _ 173.974.000 152.309.000
Oakland
21,497.393
20.113.895
Pasadena
6,848,205
7.163.316
Sacramento _
d8.591.978
7.313,192
6.577.041
San Diego
5.269 337
San Francisco_ 246.632.000 188.285.407
3.066,629
San Jose
2.829.485
Santa Barbara.
1.859,952
1,512.559
Santa Monica
2.042.863
1.891.483
Stockton
2.569.500
2,467,500
+4.5
65,175.473
Franci sco+16 1
36,322.706
+37 5
9,552.000
a
a
-6 9
1.184.940
+7.8
34,246.000
+7.0
12.625.878
a
a
a
a
+11.5
4.053.309
+7.0
8.753.227
+14.2 152.799.000
+6.9
16.578.795
-4.4
6.556.310
+17.5
8.447.270
+24 8
4.324.675
+31.0 161.500.000
+8.4
2.269.660
+9.7
1,181.106
+80
2.159.147
+4.1
2.389,500
68,511,020
5,389,372
64.210.915
30.947.049
1.768,289
1,122,859
469.013
2.895.931
106.803,428
670.702
505,350
4.035.478
38.937.428
3.973.973
9.852.517
128,478,894
a
20,919,869
a
1,045.322
20,656.307
856.491
229,932.329
2,066.276
31.011.786
10.919.920
8.443.298
a
4.385,611
56.826,891
30,476,988
9,039,000
a
1.276.984
28.653.895
12.537,643
a
a
3.914.042
7,417.162
110.696.000
14.702.251
4.479.847
6.409.282
v4,000.000
144.800.000
2.028,691
1,264,974
2,425.500
Total(17 cities) 594,588.045 496,214,516 +19.8 464.943,523 384.122,219
Grand total (129
cities)
10689118,925 10286328,876
+3.9 8.156,379.236 7.180,037,740
Outside N.Y. _ 4,481,513,7474,123.027.999
Clearings at1926.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Cagan,
St. John
Victoria
London
Edmonton
Regina
13randon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough__ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
+8.7 3.598.721,178 3,235,231,435
Week Ended February 4.
1925.
Inc. Or
Dec.
$
S
%
105.546,685 108,965.251 -3.2
110.417,173
96.805.605 +14 1
45.638.288
49.818.862 . -8.4
18.296,457 . 14.411.659 +26.9
6,567.156
6,144.873 +69
5,909,195
6.009.817 -1 7
2,791,888
2,657.779 +5.0
5.044.489
4,542 997 +11.0
7.418,337
7.149.921
+3.7
2,486.034
2,400.849 +3 5
1,872.626
1.822.514
+2.7
2,576,512
2,642.400 -2.5
5.114.052
4.923.711
+3.9
3,188.431
3.155.457
+1 0
484.714
579.858 -16 4
545.649
505.061
+8.0
1,790,253
1,414.562 +26.5
1,065,332
1,235.380 -138
937,144
658.685 +42.3
741,143
784.585 -5.5
744.681
618.319 +20.4
272.436
310.424 -12 9
529.505
737.681 -28.2
860.241
805,003 +6.9
907,795
832.210 +9.1
3,225,879
2,764.819 +16 7
344.315
370.427 -7.1
719.620
725.417 -0.8
585.081
690.289 -15.3
1924.
S
132.117.927
168.293.788
45.702.309
15,782.748
6.882.117
5.634,214
2.885,298
5,17.291
7.652.470
3.319.210
1.923.606
2.810.103
4,510,116
3.315.868
486.438
497.005
1.726.630
1,185.837
938.430
984.372
593,43
390.42
747,70
874.83
1.100.48
2.319,83
357.69
736.16
673.790
1923.
a
222,808.463 +17.7
6,629.000
4.400.313
61.318.635
99,019,673
14,369,000
a
a
1,164,300
a
a
5,884,296
a
156.819,896
1926.
'0
t.
w8vog
WOM OVO M
no
aOr:4uicin.i.ichgcoOuiciriaieic:o;c4
64Wal
262,256.730
466.854.710
1926.
.0m"
Total(13 cities)
490,208,295
Week Ending January 23.
Clearings (U-
.,N40t....N.OMM.Mt.-MNMMOOMMVM0.
01,01.•2 1
00Mt•..41M0M0
611,474,576 535,311,606 +14.2
Fourth Feder al Reserve D Istrict-Clev eland Ohio-Akron___ _
5,555,000
4.7011.000 -4- 180
Canton •
4.216 468
4,149.992
+16
Cincinnati_ _ _
81,059.314
69.226.597 +17 1
Cleveland
112.657,119 107,227,624
+5.1
Columbus
17.091,100
15,149,500 +12.8
Dayton
a
a
a
Lima
a
a
a
Mansfield
d2,055,100
1,637,738 +25.5
Springfield _
a
a
a
Toledo
a
a
a
Youngstown
4,482,552
5612,507 -20.1
Pa -Erie
a
a
a
Pittsburgh_ _
183,638,046 182.438.728
+07
Total(8 cities)- 410,754,699 390.151,680
+5.3
Fifth Federal Reserve 831st rict-Riches ondW.Va.-II unt'g'n
cl 625.033
1,665 748 -2.5
d8,566.627
9.257.774 -7.5
Richmond
56.644,000
58.758 000 -0.2
d3.292.717
S.C.-Cbarleaton
2.424.974 +35.8
-Baltimore
_
111,145.115
Md
98.736.559 +12.6
G.C.--Washing'n
28,859,344
26.270,209 +98
Total(6 cities). 210,132.836 195,113,264
+7.6
Sixth Federal Reserve Dist rict--2k tla nt aTenn.-Chatrga
d7.251,820
8,427.412 +12.8
•4,200,000
1Cnoxville
3,888.913 +8.0
22.158.371
Nashville
20,321.393
+9.0
70.676.498
Ga.-A tianta____
59.935.484 +179
2,037.374
Augusta
2.394.791 -14.9
1,808,258
Macon
1.515.288 +19.3
a
Savannah
a
a
36.881.877
20.097.389 +83 5
Fla-Jacksonville
20,227.053
Miami
11.205.716 +805
27.222.541
27.805.056 -2.1
2,374,275
2.295.904
Mobile
+34
1,935.608
Miss.--Jackson1.617.000 +19.7
636.605
Vicksburg
877.736 +10.2
64,845,750
La.-NowOrIcalls
64,726,381
+0.2
849
9•9191 f011 AMA, 114 R91 III 995 .121 615 .1.27 110 411(1 159 974
574 171
a No longer report clearings. b Do not respond to requests for figures c
Week
ended Feb 3. d Week ended Feb. 4. a Week ended Feb. 5. •Estimated.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been unsettled the greater part of
the present week and much of the time depressed, particularly on Monday when food stocks moved.sharply downward, on the suit begun by the Federal Government under
the Anti-Trust Law against the projected combination of the
Ward Baking concerns. It happened at the same time that
the banks called loans and the call loan rate stiffened.
Price movements were somewhat irregular in the short session
on Saturday, though some of the high-priced specialties
and speculative stocks registered sharp gains in the inal
hour. Rubber stocks were in the foreground, United
States Rubber advancing 2 points to 85% and Goodrich
Rubber improved one point. New high records were
established by Associated Oil and Pacific Oil and substantial
advances were made by United Fruit and American Snuff,
the latter becoming unusually active and shooting upward
8 points to 158. The market was unsettled on Monday
and food stocks and industrial issues suffered sharp losses.
Baking shares, particularly, were under severe pressure
during the greater part of the day, Ward Baking B receding
14 points to 663/2. California Packing and Postum Cereal
also were weak then and have so continued because of the
withdrawal of the offer of the latter to purchase the stock
of the former. Railroad stocks impoved, Missouri-KansasTexas coin. reaching a new top. American Telephone &
Telegraph crossed 146% for the first time. The market
improved on Tuesday, many stocks advancing from one to
as high as 15 points. High-priced specialties and some
of the more active speculative issued lead the upward movement, American Can standing out conspicuously with an
advance of 15 points to 304. Another prominent feature was
American Snuff, which moved briskly forward 103( points to
165, though it lost part of its gain later in the day. Following early irregularity railroad shares also developed
strength, and St.-Louis Southwestern reached a new peack
at 74 as its high for the day. Numerous other stocks
displayed marked improvement, including United States
Cast Iron Pipe & Foundry, United Fruit, National Lead,
Remington Typewriter, Nash Motor, Sloss-Sheffield Steel
and General Electric. Motor stocks were all lower early in
the day, but rallied somewhat in the closing hour. Irregularity again characterized the trading on Wednesday and
declines of from 3 to 9 points occurred in some of the food
stocks. Motor stocks were in brisk demand and were
bought on a large scale. Jordan Motors led the upswing
with a new high at 63, followed by Hudson Motors, Mack
Trucks and White Motors. Railroad stocks were again in
demand, speculative interest centring on Delaware &
Hudson, Baltimore & Ohio, New York Central and Ches. &
Ohio. High-priced industrials were the big feature of the
day, General Electric making a sensational jump of more than
18 points to a new high record at 363. American Can at
its high surged forward 10 points to a new top at 314 and
new peaks were reached by Allied Chemical and Texas
Gulf Sulphur. American Smelting also wasin strong demand
at improving prices. Confused price movements again
characterized the market on Thursday, stocks moving widely
in both directions. Food stocks continued their downward
swing, Califronia Packing breaking into new low ground.
On the other hand, high-priced specialties made further progress to new high levels, American Can gaining five points
to 3173/i and Allied Chemical spurting forward 53 points
to 140 at its high for the day. General Electric continued
its spectacular forward movement with a net gain of 6%1
points to 367%. Motor stocks were in strong demand at
advancing prices and railroad issues made further gains.
The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY. WEEKLY AND YEARLY.
Week Ended Feb. 12.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tntal
Stage at
314 York stock
Exchange.
Mods.
Number of
Mares.
Railroad.
Re..
Bonds.
952,586
2,136,545
1,957,442
1.931,060
1,626.700
54.677,000
82,195,000
7.633,000
2,468,000
8.119.500
2,409.500
9,024,000
2,224.000
8,407.000
2.454.000
HOL1 DAY
8.907.333
State,
Municipal &
Foreign Bonds.
137.860.500
Week Ended Feb. 12.
1925.
511.750.500
United
Slates
Bonds.
7426,500
1,275,300
1,074,850
316,500
717.000
53.810.150
Jas. 1 to Feb. 12.
1928.
1925.
Stocks-No. of shares_
8,907.333
6.844,360
56.910,514
57,329,136
Bonds
Government bonds...
State & foreign bonds_
Railroad & misc. bonds
23.810.150
11,750.500
37,860,500
$6,426,550
11,872,000
59,353.500
$38,002,800
77,949.750
299,697.500
263,378.800
84,276,500
382,253,300
$53,421,150 $77,652,050
$415,650.050
$529,908.800
...Total bonds
[VOL. 122.
THE CHRONICLE
850
1926.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
Week Ended
Feb. 12 1926.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
Balintore.
Philadelphia.
Shares, Bond Sales. Share,. B0101 Sales, Share,. Bond Sale,.
$15,000
36.433
45,461
48,000
39.000
51,675
44,656
35,500
38,580
54,000
HOLI DAY
21.863
$23,100
38,471
40,400
32,236
51,200
44,776
72,500
35,031
31,000
HOLI DAY
57,100
•1,531
83,300
*2,698
80,9;in
*3,000
28,000
'3,460
45,000
•4,149
HOL1 DAY
216,805
9191,500
172.377
5218,200
14,838
$198.300
295.236
5190.700
254 222
5200 Ann
90 104
5 04800
'In addition sales of rights were: Saturday, 1,313: Monday, 575: TuesdaY.
423: Wednesday, 421.
THE CURB MARKET.
The Federal Investigation into the proposed Ward Baking
merger caused a heavy selling of baking stocks this week
and consequent slump in prices. This affected stocks in
general for a time, but except for the baking shares, there
was some recovery, though the market followed an irregular
course. Baking issues made some recovery to-day. Continental Baking Class A dropped from 121% to 108 and
recovered to 112. Class B stock weakened from 26% to
18% and sold back finally at 21%. General Baking Class A
was off from 75 to 64 and closed to-day at 6814. Class 11
lost 3% points to 11% and finished to-day at 12%. Glen
Alden Coal was an exception to the rule, advancing from
147% to 163 and closing to-day at 162. Elsewhere prices
show only slight changes. Public utilities as a rule are
lower, but losses are small. Oil shares were active, but
here also price movements were limited. Humble 011 &
Ref. fell from 96% to 89%, recovered to 94% and closed
to-day at 93. Carib syndicate sold down from 17% to 14%
and at 15% finally. Gulf 011 was off from 90% to 88%.
Engineer Gold Mining was conspicuous for an advance from
13% to 18%, though it reacted to 17%. A complete record
of Curb Market transactions for the week will be found on
page 873.
DAILY TRANSACTIONS AT THE NEW YORK.CURB MARKET.
STOCKS(No. Shares).
Week Ended Feb. 12.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Oil.
122,825
287,870
269,340
318,700
229,050
1,227,785
Mining.
85,420
176,560
213,551)
66,230
161.180
66,820
177,065
101,020
187,220
108,730
HOL1 DAY
915.575
BONDS(Par Value).
Donttstio. For'n Gott.
$304,000
498,000
480,000
350,000
208,000
$807,000
1,228,000
1,256,000
1,184,000
1,028.000
428.220 11.840,000 $5,503.000
Volume of Correspondence Entailed in Collecting and
Delivering Mail in U. S.
The business of collecting, dispatching and delivering
twenty-five billion pieces of mail annually to America's
hundred odd million people requires considerable correspondence according to a check-up made at the request of
Postmaster General New. Under date of Feb. 6 the Department supplies the following information regarding the
results ascertained:
The figures cover mail receipts at the Post Office Department for
a four-day period, January 25, 26, 27, and 28. They disclose that average of 15,315 letters were received on each of the four days. These
figures do not include the receipt of dead letter consigned to the Dead
Letter Office which ranged during the four-day period froin 22,710 to
46.350.
Of the total mail received that addressed to the Tihrd Assistant Postmaster General is the heaviest. For the four days this office averaged
7,233 pieces of mail. The First Assistant Postmaster General's bureau
for the same period averaged 3,727 letters. The Chief Inspector came
next with 1,480 while the Fourt Assistant Postmaster General averaged
1,112 letters. The count was made during the last week of the month
which is the lightest period in a number of divisions of the Department.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan. 20 1926:
GOLD.
The Bank of England gold reserve against notes on the 13th inat Amounted
to £142,592,810 as compared with £142,945,550 on the previous Wednesday.
The amount of gold on offer In the open market this week was only about
£120,000. It was, however, more than sufficient to meet the demand. the
Continental inquiry not being maintained owing to the exchange with Java
having risen above parity, and India being only a small buyer.
The following movements of gold to and from the Bank of England have
been announced since our last issue:
•
Jan. 14. Jan. 15. Jan. 16. Jan. 18. Jan. 19. Jan. 20.
£500,000 1141,000 520.000
Received
18.000 £800.000 £12,000
Withdrawn_ _ _ £5,000 £524,000
The receipt of £500,000 on the 18th inst. was announced as sovereigns
released on account of the South African Reserve Bank, and that of
£141,000 on the 19th inst. as £100,000 sovereigns released on account of
the Crown Agents for the Colonies Straits Settlements Note Guarantee
FEB. 13 19261
THE CHRONICLE
851
Fund, and £41.000 bar gold for which no origin was given but which was
generally understood to be South African. The destination of the £1,159,000 sovereigns withdrawn were given as follows: £600,000 set aside for
account of the Crown Agents for the Colonies on account of the note issue
of the Hong Kong & Shanghai Banking Corporation, £500.000 set aside for
account of the South African Reserve Bank. £24,000 to Singapore. E22,000
to India. £8,000 to Holland and £5.000 to Brazil. During the week under
review £498.000 on balance has been withdrawn from the Bank. increasing
the net efflux since the resumption of an effective gold standard to
£12.360.000.
The United Kingdom imports and exports of gold during the week
ending the 13th inst. were:
ImportsExportsBelgium
£303.607 Germany
£17,940
Belgian Congo
38,514 Netherlands
151,000
British South Africa
640.711 British India
81.853
Other Countries
4,766 Straits Settlements
77.140
Ceylon
10.450
Other Countries
11,350
Total
£987.598
Total
£349,733
APPLICATIONS TO ORGANIZE APPROVED.
Feb. 6-First National Bank in Tuckerman, Ark
830,000
Correspondent, Stephen J. Graham, Tuckerman, Ark.
Succeeds the Citizens Bank of Tuckerman, Ark.
Feb. 6-The First National Bank of Newton. Texas
$30.000
Correspondent, C. S. Mitchell, c-o North Texas N. B.,
Dallas, Texas. Succeeds the Newton County State
Bank, Newton, Texas.
APPLICATION TO CONVERT RECEIVED.
Feb. 6-The Carey National Bank of Pickens. S. C
$50,000
Conversion of The Keewee Bank of Pickins, 8. 0.
APPLICATION TO CONVERT APPROVED.
Feb. 6-The First National Bank of Roscoe, Texas
$25,000
Conversion of The Farmers State Bank, Roscoe, Texas.
CHARTERS ISSUED.
Feb. 1-12882-The First National Bank of Milton. Del
$25.000
President. J. C. Wiltbank: Cashier, Thomas H. Douglass.
Jan. 27-12880 The American National Bank of Bradenton. Fla 8150,000
President, R.J. Faust, Jr.: Cashier. Harold P.Munck.
Jan. 27-12881 Citizens National Bank in Sioux Falls, S. D.... 100.000
President, W.E. Stevens: Cashier, R. G. Stevens.
CHANGES OF' TITLE.
Feb. 1-9367-The First National Bank of Ramsey, New
Jersey, to "The First National Bank and Trust ComSILVER.
pany of Ramsey."
Buyers of silver have been little in evidence during the week and there
Feb. 1-11768--Community-South Side National Bank of
was no offset to the offerings made following the weak advices from China.
Buffalo, New York, to "The Community National
As a consequence prices fell sharply during the week until 31 1-161., for
Bank of Buffalo.'
both positions was reached on the 18th inst. This was the lowest price Feb. 4-11830-New First National Bank of Hartford, Arkansas,
to "First National Bank in Hartford."
fixed for cash since the 22nd of May and for forward since the 21st of May
VOLUNTARY LIQUIDATIONS.
last. A reaction of Hd. occurred yesterday as a result of inquiry from the
East. mostly to cover bear positions. Orders, however, were limited as to Feb. 1-5211-The Bloomsburg National Bank, Bloomsburg,Pa 8125.000
Effective
Feb.
1 1926. Liquidating Agent, A.Z.Schoch,
price and the majority were not executable at the higher level. The price
Bloomsburg. Pa. Absorbed by Columbia County Trust
thus reached-31 5-16d.-proved to be overstrained and to-day prices
Co., Bloomsburg. Pa.
again fell to 31 I-16d. and 31Hd. for cash and two months' delivery Feb. 1-12445-The Riverside National Bank of Buffalo, N. Y_
200.000
Effective at close of business Jan. 22 1926. Liquidating
respectively on further selling on China account.
Agent, Kenneth MacDonald, Buffalo, N. Y. Absorbed
Failing demand for silver for shipment to India, supplies in this market
by Manufacturers and Traders Trust Co. of Buffalo,
are ample and aided by the desire on the part of bulls to prolong their
N.Y.
positions, the premium on cash silver disappeared, and that delivery was Feb. 2-7203-The Coal St Iron Nat'l Bank of the City of New
York, N. Y
1.500.000
to-day quoted at I-164. discount as compared with forward.
Effective 3 p. m. Feb. 1 1926. Liquidating Agent,
The United Kingdom imports and exports of silver during the week
Fidelity-International Trust Co., New York, N. Y.
ending the 13th inst. were:
Absorbed by Fidelity-International Trust Co., New
York, N. Y.
ImportsExportsCONSOLIDATION.
Poland
£20,500 Germany
£7,430
Feb. 6-1546-The Aquidneck National Bank of Newport. R.I. $200,000
United States of America... 43.093 France
7.475
and 1565-The National Exchange Bank of Newport, R. I. 100,000
Mexico
148,860 Chile
93.000
Consolidated under the Act of Nov. 7 1918, under the
British West India Islands
charter of"The Aquidneck National Bank of Newport."
British India
550.033
1546), and under the title of "The Aquidneck Na(No.
(excluding Bahamas).- 20.000 Other countries
9,121
tional Exchange Bank and Savings Co. of Newport,"
Other countries
15.424
with capital of $300,000.
Total
£247,877
Total
£667,059
According to the Bureau of the United States Mint the preliminary
Auction Sales.-Among other securities, the following,
estimate of the United States silver production for the calendar year 1925
not actually dealt in at the Stock Exchange, were sold at auction
is 65,722,720 ounces, exceeding the production of 1924 by about
315.000 in New York, Boston and Philadelphia on Wednesday of
ounces.
this week:
INDIAN CURRENCY RETURNS.
(In lacs of rupees.)
By Adrian H. Muller & Sons, New York:
Dee. 31. Jan. 7. Jan. 15.
Notes in circulation
19176
$persh. Shares. Stocks.
19167
19088 Shares. Stocks.
$ per alt.
Silver coin and bullion In India
Mexican Nor. By. Co. Isti
$1,000
1,500 Consolidated Steel & Iron
8333
8324
8245
mtge. ext. 61, 1930: June 1924 18116
Co., common, no par
Silver coin and bullion out of India
$51 lot
and subsequent coup. attached- I lot 100,000 Shubert Film Corp_.(
Gold coin and bullion in India
iiii
Hai
iiii 10The Booklover'is Library. par $101
50,000 The William A.Brad7'111$3.506 50
Gold coin and bullion out of India
1,100 Lime & Stone Products)
Picture Plays Inc
lot
Securities (Indian Government)
Corp., pref.. par $10
Per Cont.
Bonds.
}$86
5711
iiii
biii
Securities (British Government)
700 Lime & Stone Products Corp ,) lot $600 InterboroUgh Metropolitan
2900
2900
2900
common, par $10
Co. coll. tr. 43.4% bond scrip-221 lot
The silver coinage during the week ending 15th inst.
$7,000 Consol. Steel & Iron Co.
amounted to 3 lace. Sundry notes aggregating approxiThe stock in Shanghai on the 16th inst. consisted of about
$350 lot
mately 278,000
•
63.4% cony, gold notes, 1929-$101 lot
49.400.000
ounces in sycee. 67.500,000 dollars and 550 silver bars as
compared with
By Wise, Hobbs, & Arnold Boston:
about 49.900.000 ounces in sycee, 67,000,000 dollars and
740 silver bars Shares. Stocks.
$ per sk. Shares. Stocks.
$ per sls.
• on the 9th inst.
5 Boston National Bank
13 First National Stores, Inc., pref_103%
112
Quotation during the week:
2 Plymouth Cordage Co
256
10 National Shawmut Bank
147
-Bar Silver, Per Oz, Std.- Bar Gold 15 Essex Co., par $50
237 Lowell Elec. Light Co.. par__64-6414
204-205
Cotton & Woolen Mfg. Co..
29 units First Peoples Trust
Cash,
7534
2 Mos.
Per Oz. Fine. 1 Troy
par $500
12734 4 Laconia Car Co., 1st pref
12175
Jan. 14
3114d.
31 7-164.
84s lid.
1 Richard Borden Mfg. Co
6534 4 Laconia Car Co.. 2d pref
lot
I
15
31 5-16d.
31 5-164.
180% 10 D. C. Heath & Co., pref
3 Ludlow Mfg. Associates
84s 11d.
101
16
31 3-16d.
50 Nashua Mts. Co.. common-- 59
36 North Boston Ltg. Props., com31 3-164.
84s lid.
3
4 Central Vermont RI
mon
18
31 1-16d.
95)4 ex-rights
31 1-16d.
84$ 1134d. 6
Suncook Valley RR
4
100 North Boston Ltg. Props, Pre.
19
31 5-164.
31 5-164.
84s 10Hd. 10 New England Power Assn. 6%
ferred
1029440234 ex-rights
20
31 I-16d.
preferred
31344.
87H 15 Graton & Knight Mfg.Co., pref. 36%
846 1034d.
Average
31.2394.
7 Collateral Loan Co
119
31.239d.
84s. 10.94. 20 Puget Sound P.& L., prior pref_108
10 American Glue Co., common
44% 4 Massachusetts Ltg. Co..,6% pref. 97
The silver quotations to-day for cash
and two months' delivery are 6 Fall River Elec.Light Co.. par $25 51% 7 unite First Peoples Trust
7534
respectively Hd. and Hcl. below those fixed a week
100 New Bedford Gas & Edison
ago.
4 special units First Peoples Trust- 5
Light. par $25
80it-80it 25 Manitoba Power Co
40
20 Greenfield Tap dr Die Corp., pi_ 94%
Meas.
Per rif2L
16 Amer. Glue Co.. common
33
4434 25 Old Colony Trust Co
ENGLISH FINANCIAL MARKETS-PER CABLE.
10 flood Rubber Co , pref
8 Atlantic National Bank
105
13 9-16
5F611 River Gas Works, par $25._ _ 6234 447 Atlantic National Bank
13 9-10
The daily closing quotations for securities,
1 Boston Athenaeum, par 5300._ _.850
25 Old Colony Trust Co
33
at London, 10
Boston Chamber of Commerce
250 North Roston mg. Prop., w.L 434
as reported by cable, have been as follows the past week:
Realty Trust, 1st pref
1228 Lynn Gas & Electric Co
55
1034
London.
117 North Boston Ltg Properties.
100 Lynn Gas & Electric Co
Sat
10 1-16
Mon., Taal., Wed., Thurs., Fri..
common
west mune Feb. 11.
95%-9634 ex-rights 33 North Boston Ltg. Prop.. w.1- 434
Feb. 6. Feb. 8. Feb. 9. Feb. 10. Feb. 11. Feb. 12.
50 Amer. Mfg. Co., common
12034 21 North Boston Ltg. Prop., w. - 4%
Silver, per os
d 30H
30 15-16 30 15-16 3014
2 Amer. Mfg. Co., preferred
17 North Boston Ltg. Prop.. w.1.4 7-16
82
30%
Gold. per line ounce Os. & d.) 84.1134 84.10H 84.10% 84.1131
29 North Boston Ltg. Prop., w.1.4 746
84.11%
Consols. 2I4 per cents......
56
55 15-16 55%
55%
By R. L. Day tic Co., Boston:
British, 5 per cents
10194
10134
10194
10134
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per Os.
British, 4% per cents....... _ _
95%
9534
95%
934
6 Webster & Atlas Nat. Bank
22734 10 Northern Texas Electric Co_.. 40
French Rentes(in Paris)--fr. --48.30
14 Atlantic National Bank
46.75
20 North Boston Ltg. Props. Co.,
265
45.50
46.50
French War Loan (in
4 First National Bank
357%
preferred
103
13 Nashawena Mills
104% 4 American Glue Co
Paris)
4434
fr.
56.85
55.80
55.30
55.62
._
8 Quissett Mills
10-100 State Theater Co.. met_ 62%
135%
The price of silver in New York on the same days has been: 19 Saco Lowell Shops, 1st pref.__ 2934 98 Eastern T ass Electric Co
100
70 Brookside Mills
85 6 Collyer Insulated Wire Co
Sliver in N.It per os.(cW):
12034
10 Nashua Mfg. Co., prig
9734 5 Greenfield Tap & Die. Pre:
94%
Foreign
67
67
6734
80 Columbus Mfg. Co
67
66%
136
2 Cleveland Elec. Ill. Co
310
32 Naumkeag Steam Cotton Co-175H 25 North Boston Ltg. Prole
9534
16 Farr Alpaca Co
171
25 North Boston Ltg. Prop.Pref.- 2514
10 Arlington Nuns
8634-85)4 25 Samoeet Chocolate Co., pref..- 500.
5 Massachusetts Cotton Mills
71% 7 special units First Peoples Trust- 5
8 units First Peoples Trust
7534
$ per Mehl.
Bights.
SE. E. Gray Co.. preferred
1334
834 127 Atlantic National Bank
8 State Theatre Co., pref
90
14 Mass. B.& B. Co
2894
S.
National Banks.-The following information regarding 2 U. Envelope Co., pref
10 New England Power Co.. pref.- 514
107
Dubuque Electric Co.. pref
9434 25 Lynn Gas & Electric Co
1034
national banks is from the office of the Comptroller of the 5
30 New England Power Co., pref-100% 220 North Boston Ltg. Properties_ 4%
10 Municipal Service Co., pref.... 85
Currency, Treasury Department:
Bonds.
Per cent.
10 Arkansas Lt.& Power Co., pref_ 98
$300 Eastern Mfg. Co.let 7s. 1938- 87 A
APPLICATIONS TO ORGANIZE RECEIVED.
10 Wm,Whitman Co., pref
9094 $3,000 New England Mineral Co. .1
3 Aetna Insurance Co
636%
lets. f. 85,1938
Capital.
23.000108
Feb. 2-The Union National Bank of Carnegie, Pa
Correspondent, F. 0. Reed, 615 Beechwood Ave., $100,000
By A. J. Wright & Co., Buffalo:
earned°. la.
Shares. Stockt.
$ per eh. Shares. Socks.
$ per as,
Feb. 6-The First National Bank of Fontana, Calif
50,000 2,000 Baldwin Gold Mines
3c. 20 Northeastern Power
32
correspondent. A. B. Miller, Fontana, Calif.
Kansas & Gulf 011
25
50c. 1,500 Barry Hollinger
410.
Feb. 6-The Interborough National Bank of Audubon, N. J._
Wright
50
Hargreaves
100,000
9.30 10 Keiter Qualitol
23.50 lot
Correspondent, Arthur J. Leupold, Audubon, N. J.
2013uff.Niag.& East.. pref
34%
Znutmerctat and AlIsccUancons Actin
1
[VOL. 122.
THE CHRONICLE
852
By Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Stocks.
20034
7 Citizens Passenger RP
of
Co.
Baking
Hardart
&
Horn
.5
27531
Phila., no par
5 Kensington Nat. Bank, par $50..19731
850.196
par
Bank,
KensIngtonNat.
10
2 Media Title dr Tr. Co., par 825.119
3 Hestonville Mantua & Fairmount
4034
Pass. RY., pref
545
15 Philadelphia Nat. Bank
543
Bank
Nat.
Philadelphia
20
210
20 Nat. Bank of North Philo
300
25 Union Nat. Bank
752
Bank
National
20 Girard
568
3 Penn Nat. Bank
66334
2 Central Nat. Bank
662
8 Central Nat. Bank
First Nat. Bank as follows:
4at 436;2 at 432;10 at435./514 at 435 yi
323
5 Tenth Nat. Bank
32131
5 Tenth Nat. Bank
321
Bank
Nat.
10 Tenth
18 Drovers & Merchants Nat. Bk_ _324
5 National Bank of Commerce_ -323
675
9 Franklin Nat. Bank
25 Jefferson Title & Tr. Co., par $50 65
306
Co
Trust
&
Title
Southwark
2
26 Olney Bank & Tr. Co., par $50__196
125
25 Mutual Trust Co., par $50
275
22 Aldine Trust Co
273
20 Aldine Trust Co
272
10 Aldine Trust Co
271
3 Aldine Trust Co
25 Bank of Nor. Amer.& Tr. Co_ _364
1542
Co
Trust
Girard
1
201
9 Finance Co. of Pa. let Pre:
200
10 Finance Co.of Pa.2d pref
20 Republic Trust Co.. par 850._ _220
20 Phoenix Trust Co., par MO..- 65
$ per sh.
Shares. Stocks.
7 Miners Nat. Bk. of Pottsville,
180
par $50
5 West Jersey Title dr Guaranty
Co., Camden, N. J.. Par $50____500
21031
10 Lansdowne Trust Co
22
50 Almar Stores Co.. no par
19 Phila. & Camden Ferry Co.,
156
par $50
1 membership Commercial Ex50
change, 1926 dues paid
5 Investment Bond dr Mtge. Co. of
Pa., voting trust certificates..__125
6 Railway Equip.& Publication Co_ 40
4 Phila. Bourse, common. par $50- 18
434
81 Octavla Hill Association
3231
10 Whittier Centre Housing Co_
5 Whittier Centre Housing Co___ 32
12 Tacony Palmyra Ferry Co.,
60
Par 850
1 Abbotts Alderney Dairies, let pf_101
1 Abbott's Alderney Dairies, 2d pf_ 94
100
5 A. H. GeutIng, 7% pref
9434
28 Hare & Chase, Inc., pref
50 Hare & Chase. Inc., corn., no par 2731
99 Hare & Chase. Inc., corn., no par 26
14
9 Philadelphia Life Insurance
130
10 Victory Insurance Co
70
5 Northeast Title & Trust
16331
76 Colonial Trust
Rights.
$ per right.
155
/4 Columbia Ave. Trust Co
151
st Columbia Ave. Trust Co
Bonds.
Per cent.
81,000 Borough of Haddon Heights,
84
N. J., S. D. 454s, 1955
82.200 Wayne Coal Co. jet (is,
Mar. 1 1937 (March 1925 and all
subsequent coupons attached)... 18
MIMI Of Company.
When
Per
Cent. Payable
Books Closed
Days massive.
Miscellaneous (Concluded).
Mahonlng Investment (guar.)
$1.50 Mar. 1 Holders of rec. Feb. 20
Marland 011 (guar.)
'Si
Mar. 31 'Holders of rec. Mar.24
Maytag Co. (quar.)
'50c. Mar. 1 'Holders of rec. Feb. 15
.50c. June 1 "Holders of rec. May 15
Quarterly
Quarterly
*50c. Sept. 1 "Holders of rec. Aug. 15
.50c. Dec. 1 'Holders of rec. Nov.15
Quarterly
McCahan(W.J.) Sugar Refining &
Molasses Co., Prof. (guar.)
Mar, 1 Holders of rec. Feb. 150
McCrory Stores Corp., corn. A and
*40c. Mar. 1 *Holders of rec. Feb. 20
Merrimack lanufacturing, preferred
234 Mar, 1 Holders of rec. Feb. 4
Metro-Goldwyn Pictures, pref.(guar.).- 1% Mar,15 Holders of rec. Feb. 27
National Sugar Refining (quar.)
1% Apr, 2 Holders of rec. Mar. 8
Newmarket Manufacturing (quar.)
Feb. 15 Holders of reo. Feb. 9a
2
011 Well Supply (quar.)
.50c. Apr. 1 Holders of rec. Mar.15
•1,4 Mar. I *Holders of rec. Feb. 19
Onyx Hosiery, preferred (guar.)
Pines Winterfront Co.. A and B (quar.). "50e. Mar, 1 'Holders of rec. Feb. 15
•13,‘ Mar. 1 'Holders of reo. Feb. 18
Pitts. Term. Coal, pref.(guar.)
Quaker Oats, common (guar.)
75c. Apr. 16 Holders of rec. Apr. I
Common (extra)
"$2.50 Apr. 15 "Holden of rec. Apr. 1
Preferred (guar.)
'1 34 May 29 Holders of rec. May 1
Radio Corporation, original pref.(guar.) 134 Apr. 1 Holders of rec. Mar. 1
Remington Typewriter Co
First pref. and Series S 1st pref.(guar.) 1% Apr. 1 Holders of rec. Mar.15
Second preferred (quar.)
_2
Apr. 1 Holders of rec. Mar.15
Sherwin Williams Co.(Can.). Com.(gu ) 1% Mar.31 Holders of rec. Mar.15
Preferred (guar.)
154 Mar.31 Holders of rec. Mar. 15
Steel Products, preferred (guar.)
'134 Mar. 1 'Holders of rec. Feb. 20
Sun 011 (guar.)
*250. Mar. 15 "Holders of rec. Feb. 15
Tennessee Copper & Chemical (quar.)_ _ 280. Mar.15 Holders of rec. Feb. 27a
Texas Company(guar.)
75c., Mar.31 Holders of rec. Mar. 5
.154 Mar. 1 'Holders of rec. Feb. 20
Timken-Detroit Axle. pref (guar.)
"40c. Mar.31 *Holders of rec. Mar.15
U. S. Gypsum, common (guar.)
•15.4 Mar. 31 *Holders of rec. Mar. 15
Preferred (guar.)
Valvoline 011, corn.(guar.)
134 Mar. 17 Holders of rec. Mar.13
Vesta Battery, pref. (guar.)
Mar. 1 *Holders of ree. Feb. 16
"51
Wabasso Cotton (guar.)
Apr. 1 'Holders of rec. Mar. 15
Wamsutta Mills (quar.)
111 Mar. 15 Holders of rec. Feb. 9
1% Mar. 1 Holders of rec. Feb. 15
Wesson 011 & Snowdrift, pref. (guar.)._
•1yi Feb. 15 "Holders of rec. Feb. 2
Whitman Mills (quar.)
25c. Feb. 27 Holders of rec. Feb. 15
Wright Aeronautical Co.(guar.)
$1
Apr. 1 Holders of rec. Feb. 23
Yale & Towne Mfg.(quar.)
Mar.31 Holders of rec. Mar. 15
Youngstown Sheet Sr Tube, Wm.(guar.) $1
131 Mar. 31 Holders of rec. Mar. 15
Preferred (guar.)
134
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in which
Below we give the dividends announced in previous weeks
we show the dividends previously announced, but which and not yet paid. This lisp does not include dividends anpaid.
been
have not yet
nounced this week, these being given in the preceding table.
The dividends announced this week are:
Name of Company.
Railroads (Stearn).
Canadian Pacific, tom.(guar.)
Preferred
Delaware & Bound Brook (guar.)
North Pennsylvania (guar.)
Southern Pacific Co. (guar.)
Union Pacific, corn. (guar.)
Preferred
When
Per
Cent. Payable
231
2
"2
Si
"134
'234
*2
Books Closed.
Days Inductee.
Apr. 1 Holders of rec. Mar. 1
Apr. 1 Holders of rec. Mar. 1
Feb. 20 "Holders of reo. Feb. 17
Feb. 25 Holders of rec. Feb. 15
Apr. 1 'Holders of rec. Feb. 26
Apr. 1 'Holders of rec. Feb. 27
Apr. I "Holders of rec. Feb. 27
Public Utilities.
Amer. Power & Light, corn. (quar.).... 25o. Mar. 1 Holders of rec. Feb. 15
Amer.Superpower Corp..cl. A & B.(q11.) '30c. Apr. 1 'Holders of reo. Mar. 1
081.50 Apr. 1 'Holders of rec. Mar. 1
First preferred (guar.)
Central Indiana Power. pref. (guar.)... •131 Mar. 1 .Holders of rec. Feb. 20
Cons. Gas, E. L.& Pl. Balt., corn.(qu.) '6234c Apr. / 'Holders of rec. Mar. 15
"2
APr. 1 "Holders of rec. Mar. 15
Eight per cent preferred (guar.)
•15.4 Apr. 1 "Holders of rec. Mar. 15
Seven per cent preferred (guar.)
"134 Apr. 1 "Holders of rec. Mar. 15
63170 preferred (guar.)
'
134 Apr. 1 'Holders of rec. Mar. 15
Six per cent preferred (guar.)
Empire Gas & Fuel. pref.(monthlY)---- •6432-3 Mar.1 'Holders of rec. Feb. 15
Si
Mar. 1 Holders of rec. Feb. 10
Georgia Railway & Power, corn
•1/4 Mar. I *Holders of rec. Feb. 16
Laclede Gas Light, prior lien (quar.)
Mar.15 "Holders of rec. Feb. 27
"2
Middle West Utilities (guar.)
North Carolina Pub. Sent., pref. (guar.) $1.75 Mar. 1 Holders of rec. Feb. 15
LA (Noir' n37/4c mar. 1 *Holders of rec. Feb. 20
Penna. Gas & Elec.
'50c. Mar.15 "Holders of rec. Feb. 15
Co.
Philadelphia ElectricCorp..?quer.)
(qual.)..- 1% Mar. 1 Holders of rec. Feb. 18a
pref.
Water.
Phila. Suburban
Portland Electric Power, 2d pref.(quar.) 1% Mar. 1 Holders of rec. Feb. 15
Mar. 1 "Holders of reo. Feb. 13
Rochester Gas & Elec., pref. B (quar.)_.
*134 Mar. 1 *Holders of rec. Feb. 13
Preferred D & E (quar.)
Mar. 15 Holders of rec. Feb. 28
Standard Gas & Electric, pref.(quar.).. '2
Southwestern Power & Light. pref. (g11.) 134 Mar. 1 Holders of rec. Feb. 13
Feb. 25 Holders of rec. Feb. 15
El
West Penn Company,corn.(quar.)
134 May 1 Holders of rec. Apr. 16
West Penn Fewer Co.,7% pref.(quar.)
134 May 1 Holders of rec. Apr. 15
Six per cent preferred (quar.)
Mar. 1 Holders of rec. Feb. 180
Wilmington Gas, preferred
Wisconsin Public Service. Pref.(quar.).. $1.75 Mar. 1 Holders of reo. Feb. 18
•134
Miscellaneous.
Abbotts Alderney Dairies. 1st pref.(qu.) 134 Mar. I Holders of rec. Feb. 150
SI 50 Mar.31 Holders of rec. Mar. 1 a
Amer. Railway Express (guar.)
American Sugar Refining, corn. (quar.)- '134 Apr. 2 Holders of rec. Mar.
Apr. 2 Holders of rec. Mar.
Preferred (guar.)
$1
Mar.10 Holders of rec. Feb. 2 a
Atlas Powder. common (guar.)
Feb.
15 Holders of rec. Feb. 1
134
(guar.)
pref.
011.
Beacon
Mar. 31 *Holders of rec. Mar. 2
.91
Bingham Mines (guar.)
Mar. I 'Holders of rec. Feb.
"S2
Bristol Manufacturing (guar.)
Mar. 1 'Holders of rec. Feb.
0$1.
Extra
California Petroleum Corp.. corn.(guar.) '50c. Mar. 1 'Holders of rec. Feb. 2
134 Mar.15 Holders of rec. Mar.1
Carter(Wm.)Co.. pref.(guar.)
Casein Co. of America (Del.) (guar.)... 134 Feb. 15 Holders of rec. Feb.
Feb. II Holders of rec. Feb.
Casein Co. of Amer.)N. J.), prof.(qu.). 2
Feb. 11 Holders of rec. Feb.
1
Preferred (extra)
•51.25 Feb. 25 *Holders of rec. Feb. 1
Caterpillar Tractor (guar.)
'25
Stock dividend
"134 Mar. 1 'Holders of rec. Feb. 15
Cleveland Stone (guar.)
•I
Mar, 1 'Holders of rec. Feb. 15
Extra
Mar. 1 Holders of reo. Feb. 15a
91
(guar.)
corn.
Company,
Cuba
Mar. 15 'Holders of rec. Mar, 1
"81
Cuneo Press (guar.)
June 15 'Holders of rec. June 1
.$1
Quarterly
Mar, 1 Holders of rec. Feb. 20
2
Dictaphone Corp., pref. (guar.)
.51.25 Apr. 1 *Holders of rec. Feb. 27
Eastman Kodak. common (guar.)
1 'Holders of rec. Feb. 27
Apr,
"7533.
Common (extra)
•131 Apr. 1 'Holders of rec. Feb. 27
Preferred (guar.)
Apr. 1 "Holders of rec. Mar. 15
Famous Players-Lasky Corp., com.(gu.) "S2
•134 Mar. I "Holders of rec. Feb. 20
General Clear, prof. (guar.)
500. Mar. 15 Holders of rec. Mar. 1
Gould Coupler, class A (guar.)
Apr. 1 *Holders of rec. Mar. 15
*2
pref.
Sugar.
(guar.)
Guantanamo
Mar.31 Holders of rec. Mar.19
•51.
Hood Rubber, common (guar.)
Mar, 1 *Holders of rec. Feb. 19
_
_
_
(quer.)
prof.
Products,
Rubber
Hood
Internat. Securities Trust, corn.(guar.). *96e. Mar. 1 Holders of rec. Feb. 15
Mar. 1 Holders of rec. Feb. 11
Interstate Iron & Steel, pref. (guar.)._
Mar, 1 Holders of rec. Feb. 11
Preferred (account accum. dividends) "h3
6234c. Mar. 1 Holders of rec. Feb. 19a
Jaeger Machine, common
I Holders of rec. Mar. 18
'pr.
•134
(guar.)
preferred
Tea,
Jewel
Preferred (account accum.dividends)- *fa 34 Apr. 1 Holders of rec. Mar. 18
Apr. 1 Holders of rec. Mar. 18
Kayser (Julius) & Co.. Pref.(guar.)._ '52
'131 Mar. 10 Holders of rce. Feb. 27
Kirby Lumber (guar.)
•1g June 10 Holders of rec. May 31
. Quarterly
•1,‘ Sept.10 Holders of reo. Aug. 31
Quarterly
1
•1% Dec. 10 Holders of reo. Nov. 30
Quarterly
common (guar.) *Me, Mar. 31 *Holders of rec. Mar.31
Kresge (S. S.) Co, new
•131 Mar. 31 *Holders of rec. Mar. 15
Preferred (guar.)
Kuppenhelmer (B.) & Co., pref. (guar.) '134 Mar. 1 'Holders of rec. Feb. 23
$1.50 Mar.31 Holders of rec. Mar. 15
(guar.)
cum.
Inc.,
Trucks,
Mack
134 Mar.31 Holders of rec. Mar. 15
First and second preferred (guar.)
37310. Mar. 1 Holders of rec Feb 19
Manhattan Shirt, common (guar.)
'131
•131
I/
Name of Company.
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, preferred_ -.
Atch. Topeka & Santa Fe. corn.(guar.).
Baltimore & Ohio, common (quar.).....
Preferred (guar.)
Bellefonte Central(annual)
Buffalo Rochester & Plttsb., common
Preferred
Central RR. of N. J. (guar.)
C eveland & Pittsburgh. guar. (guar.)._
Special guaranteed (guar.)
Cripple Creek Central, pref.(qual.)
Houston & Texas Central
Hudson & Manhattan, pref
Illinois Central, common (quar.)
Preferred
Intermit Rye. of Cent Amer., pf.(qu.).
Maine Central. pref.(guar.)
Preferred (acct. accum. diva.)
New Orleans Texas & Mexico (quar,)
N. Y. Chicago & St. Louis. coin.(qu.).Preferred (guar.)
Norfolk & Western, common (guar.).Adj. prof. (guar.)
Oswego dr Syracuse
Pennsylvania (quar.)
Reading Company.[het pref.(Oar.) _
St. Louis-San Francisco, pref. (qua?.)..
Preferred (guar.)
Preferred (quar,)
Wabash, pref. A (guar.)
Feb. 15
Mar. 1
Mar. 1
Mar. I
50o. Feb. lb
Feb. 15
2
Feb. 15
3
2
Feb. 15
8734c Mar. 1
50o. Mar. 1
Feb. 15
1
2% Apr, 10
2% Feb. 15
154 Mar. 1
Mar. 1
3
134 Feb. 15
134 Mar. I
67% Mar. 1
154 Mar. 1
134 April 1
154 Apr. 1
154 Mar. 19
• eb 19
$2.25 Fel 20
75c. Feb. 27
50e. Mar.11
134 May 1
1% Aug. 2
134 Nov. 1
$1.25 Feb. 25
Holders of rec. Jan. 15
Holders of rec. Jan. 290
Holders of rec. Jan. 160
Holders of rec. Jan. 16a
Holders of rec. Jan. 30a
Holders of rec. Feb. 50
Holders of reo. Feb. 5a
Holders of rec. Feb. 8a
Holders of rec. Feb. 10a
Holders of rec. Feb. 10a
Holders of rec. Mar. la
Holders of rec. Apr. 1
Holders of rec. Feb. la
Holders of rec. Feb. 5a
Holders of rec. Feb. 5a
Holders of rec. Jan. 300
Holders of rec. Feb. 15
Holders of rec. Feb. 15
Holders of rec. Feb. 180
Holders of rec. Feb. 150
Bolder, of rec. Feb. 15a
Holders of rec. Feb. 27a
Holders of rec. Jan. 300
Holders of rec. Feb. 80
Holders of rec. Feb. la
Holders of rec. Feb. 190
Holders of rec. Apr. 100
Holders of rec. July 15a
Holders of rec. Oct. 15a
Holders of rec. Jan 23
3%
134
134
Public Utilities.
Amer. Electric Power, pref. (quar.)
134 Feb. 15 Holders of rec. Feb. 5a
American Superpower, partic. pref.(qu) *50c. Feb. 15 *Holders of rec. Jan. 23
American Telegraph & Cable (quar.)..
Mar. 1 'Holders of rec. Feb. 27
Amer. Water Works & Elec., corn. (qu.) 1% Feb. 15 Holders of rec. Feb. la
Common (payable in common stock). 1234 Feb. 15 Holders of rec. Feb. la
First preferred (qmar.)
131 Feb. 15 Holders of rec. Feb. la
Associated Gas & EL.$6 prof.(guar.).- A81.50 Mar. 1 Holders of rec. Feb 10
e6 50 preferred (guar.)
zs 1.6234 Mar. I Holders of rec. Feb. 10
134 Mar. 1 Holders of reo. Jan. 30
Brazilian Tree. L & P., ord. (guar.)._
200. Mar. 1 Holders of rec. Feb. 13a
Brooklyn City R.R.(guar.)
2
Mar. I Holders of rec. Feb. lla
Brooklyn Edison Co. (guar.)
liklyn-Manhat. Transit pref.(quar.)_ _ $1.50 Apr. 15 Holders of rec. Apr. la
Central Ark. fly. & Light, pref. (guar.). 1/1 Mar. 1 Holders of reo. Feb. 16a
Central Illinois Pub. Sem, pref. (qu.).. •134 Apr. 15 'Holders of rec. Mar. 31
Central & Southwest. Utilities. Ill. (111.). "$1.75 Feb. 15 *Holders of rec. Jan. 30
'$1.76 Feb. 15 *Holders of rec. Jan. 30
Prior Hen stock (guar.)
Chic.Rap Tran prior pref (monthly).... 65c. Mar. 1 Holders of rec. Feb. 160
Columbia Gas & Elec., common (num.). 65e. Feb. 15 Holders of reo. Feb. 4a
1% Feb. 15 Holders of rec. Feb. 40
Seven per cent preferred (guar.)
Connecticut Ry.& Ltg.. corn.& p1.(qu.) 1% Feb. 15 Feb. 1 to Feb. 15
Consolidated Gas N. Y., corn. (quar.). _ 81.25 Mar. 15 Holders of rec. Feb. 8a
Consumers Power (Mich.),6% Of.(qu.). 1% Apr. 1 Holders of rec. Mar. 15
1 65 Apr. 1 Holders of rec. Mar. 15
6.6% preferred (guar.)
1% Apr. I Holders of rec. Mar. 15
7% preferred (guar.)
600. Mar. 1 Holders of reo. Feb. 15
6% preferred (monthly)
50c. Apr. 1 Holders of rec. Mar. 15
6% preferred (monthly)
55c. Mar. 1 Holders of rec. Feb. 15
6.6% preferred (monthly)
6.6% preferred (monthly)
55o. Arm. 1 Holders of rec. Mar. 15
Detroit Edison (guar.)
"2
Apr. 20 Holders of rec. Mar. 15
1% Mar. 15 Holders of rec. Feb. 1150
Duquesne Light, 1st pref., Ser. A (qu.)_ _
Eastern Mass.St.fly. 1st p1. & 5.f.stk. 3
Feb. 15 Holders of rec. Jan. 30
2
Eastern Shore Gas & Elec.. pref. (qu.)
Mar. 1 Feb. 16 to
Mar. 2
Federal Light dr 'Frac., common (quar.)- 20c. Apr. 1 Holders of rec. Mar. 150
stock)
corn,
in
(Payable
/150.
Apr. 1 Holders of reo. Mar.150
Common
Preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 150
Illuminating & Power Secur., pref.(01.) 134 Feb. 15 Holders of rec. Jan. 30
Middle West Utilities, corn. (quar.).... $1.25 Feb. 15 Holders of rec. Jan. 30
Montreal L., H.& P., Cons.(quar.)
2
Feb. 15 Holders of coup. No.381
Montreal Light, Heat & Power (quar.). "2
Feb. 15 *Holders of rec. Jan. 31
250. Mar. 1 Holders of reo. Feb. 15
Municipal Service (quar,)
National Power & Light, common
10c. Mar. 1 Holders of rec. Feb. 18a
North American Edison, pref. (guar.).- $1.50 Mar. 1 Holders of reo. Feb. 15a
131 Feb. 15 Holders of rec. Jan. 30
North West Utilities, 7% pref. (guar.).134 Mar. 1 Holders of rec. Feb. 15
Ohio Edison Co.,6% pref. (quar.)
6.6% preferred (quar.)
1.65 Mar. 1 Holders of rec. Feb. 15
7% preferred (quar.)
144 Mar. I Holders of rec. Feb. 15
6.6% preferred (monthly)
55c. Mar. 1 Holders of rec. Jan. 15
•1yi Feb. 16 'Holders of rec. Jan. 30
PacIftc Gas 0- Flee., pref.(guar.)
Pacific Lighting, common (guar.)
*4
Feb. 15 *Holders of rec. Jan. 30
Preferred (guar.)
*134 Feb. 15 *Holders of rec. Jan. 30
Pennsylvania-Ohio P.& L..8% O.(qu.) 2
May 1 Holders of rec. Apr. 20
Seven per cent preferred (guar.)
1/4 May 1 Holders of rec. Apr. 20
7.2% preferred (quar.)
600. Mar. 1 Holders of rec. Feb. 23
7.2% preferred (guar.)
60c. Apr. 1 Holders of rec. Mar. 25
60o. May 1 Holders of rec. Apr. 20
7.2% preferred (guar.)
•
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days IntWaive.
Pubtic Utilities (Concluded).
Holders of rec. Feb. 10a
Philadelphia Company, preferred
$1.25 Mar.
$1.25 Mar.3 Holders of rec. Mar. 5a
Public Service Corp.. common (quar.)_
Eight per cent preferred (quar.)
2
Mar.3 Holders of rec. Mar. 5a
1% Mar.3 Holders of roe. Mar. 5a
Seven per cent preferred (quar.)
Six per cent preferred (quar.)
134 Mar.3 Holders of rec. Mar. 5a
Public Service Elec.& Gas. 7% p1.(qu.). 11X Mar.3 Holders of rec. Mar. 5a
Six per cent preferred (quar.)
134 Mar.3 Holders of rec. Mar. 30
Southern Colorado Pow,corn. A (quar.)_ 50o, Feb. 2 Holders of rec. Jan. 31
.5
Feb. 1 'Holders of rec. Feb. 5
south Pittsburgh Water. preferred
Tampa Electric Co. (quar.)
236 Feb. 1 Holders of rec. Feb. la
Holders of rec. Mar. 15
Tennessee Elec. Pow.,0% let pref (qu.) $1.50 Apr.
7% first preferred (quar.)
Holders of rec. Mar. 15
$1.75 Apr.
Holders of rec. Mar. 15
7.2% first preferred (quar.)
81.80 Apr.
Holders of rec. Feb. 15
6% first preferred (monthly)
50c. Mar.
6% first preferred (monthly)
Holders of rec. Mar. 15
50e. Apr.
7.2% first preferred (monthly)
130c. Mar.
Holders of rec. Feb. 15
7.2% first preferred (monthly)
000. Apr.
Holders of rec. Mar. 15
United Rye.& Elec.. Balt., corn.(qu.)
50c. Feb. 15 Holders of rec. Jan. 23a
United Utilities. prof
$3.50 Mar. 1 Holders of rec. Feb. 20
West Penn Company, 7% pref. (quar.) _
1% Feb. 15 Holders of rec. Feb. la
West Penn Electric Co.. 7% pref.(quar.) 13,1 Feb. Ir Holders of rec. Feb. la
West Penn Rye..6% Pref. (quar.)
134 Mar.15 Holders of rec. Mar. 1
Winnipeg Electric Co.. coin. (ottan)_
Feb. IA Holders of rec. Jan. 31
I
Wisconsin Power & Light. pref. (quar.)_.
$1.75 Mar.15 *Holders of rec. Feb. 28
Hanks.
Public National (Payable In stock)
*1234 Mar.31 *Holders of rec. Mar.15
Trust Companies.
Fidelity-International (special)
Title Guarantee & Trust, extra
$40
4
Feb. 25 Feb. 17 to Mar. 2
Mar.31 Holders of rec. Mar.20
Miscellaneous.
Allis-Chalmers Mfg., corn. (quar.)
OM Feb. 15 Holders of roe. Jan. 25a
American Art Works,corn.& pref.(qu.)
134 Apr 15 Holders of rec. Mar.31
American Can. common (guar.)
114 Feb. 15 Holders of rec. Jan. 30a
Common (extra)
Feb. 15 Holders of rec. Jan. 300
3
Common (Payable in common stock)- 50
Mar. 11 Holders of rec. Mar. 10a
American Chain. Class A (quar.)
We. Apr. 1 Mar. 21 to Mar. 31
Amer.-La France Fire Eng., corn.(qu.). 25e. Feb. 15 Holders of rec Feb. la
American Linseed, pref.(quar.)
1% Apr. 1 Holders of rec. Mar.19n
American Metals, common (quar.)
Mar. 1 Holders of rec. Feb. 18a
$1
Preferred (quar.)
1% Mar. 1 Holders of rec. Feb. 19a
American Multigraph (quar.)
•40c. Mar. 1 *Holders of roe. Feb. 15
American Radiator,COM.(guar.)
Mar.31 Holders of rec. Mar. 15a
$I
Preferred (guar.)
1% Feb. 15 Holders of roe. Jan. 300
Amer. Rayon Products(quar.)
27 Holders of rec. Feb. 150
Feb.
500.
Amer.Smelling & Refining, prof.(quar.) 1% Mar. 1 Holders of rec. Feb. ba
American Soda Fountain (quar.)
134 Feb. 1a) Holders of rec. Feb 1
American Stores Corporation (quar )_ _ We. Apr. 1 Mar. 17 to Apr. 1
50o. July 1 June 16 to July 1
Quarterly
Quarterly
50c. Oct. 1 Sept 16 to Oct. 1
Mar. 1 Holders of Me. Feb. 10a
American Tobacco, corn. & corn. 13 (qu.) $2
Apr. 15 'Holders of rec. Apr. 5
Amer. Vitrified Products,cont.(quer.)- - .151
"IN May 1 *Holders of rec. Apr. 20
Preferred (guar.)
Amer. Window Glass Co., preferred__
334 Mar. 1 Feb. 19 to Feb. 28
Anaconda Copper Mining (quar.)
r.e. Feb 23 Holders of rec. Jan. 160
Artloom Corp.. pref.(quar.)
134 Mar. 1 Holders of rec. Feb. 18a
Associated Dry Goods, 1st pref. (quar.)- . 114 Mar, 1 Holders of rec. Feb. 130
Second preferred (quar.)
1% Mar
Holders of rec. Feb. 13.1
Associated Oil (quar.)
50c. Apr. 26 Holders of rec. Mar 9a
Babcock dr Wilcox Co.(quar.)
134 Apr 1 Holders of rec. Mar 20
Balaban & Katz, corn. (monthly)
25e. Mar. 1 Holders of rec. Feb. 200
25e. Apr. 1 Holders of rec. Mar.20a
Monthly
Bates Manufacturing, corn.(No. 1).._
t$1
Mar. 1 *Holders of roe. Feb. 13
Bethlehem Steel, 7% preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 60
Eight per cent preferred (quar.)
2
Apr. 1 Holders of rec. Mar. 6a
Big Lake Oil
'1734 Feb. 18 'Holders of roe. Feb. 15
4
Feb. 15 Holders of rec. Feb. 8
Bond & Mortgage Guarantee (quar.)._
$I
Mar. 1 Holders of rec. Feb. 160
Borden Company. cow.(quar.)
Common (extra)
25c. Mar. 1 Holders of ree. Feb. 16a
El
Feb. 15 Holders of rec. Feb. 5n
Botany (..onsd. Mills. Class 1 (quar.)
$1.25 Mar. 1 Feb. 24 to Mar. 1
Brill (.1. G.) Co., common (quar.)
Brown Shoe, new corn.(qual.)(No.1). 50c. Mar. 1 Holders of rm. Feb. 20a
$1
BuckeyePipe Line (quar.)
Mar. 15 Holders of rec. Feb. 19
50o. Mar. 15 Holders of rec. Feb. 19
Extra
*13234c Feb. 15 "Holders of rec. Jan. 30
Butler Bros.(quar.)
$2.50 Feb. 15 Holders of roe. Feb. la
Burns Brothers. Class A (quar.)
50o. Feb. 15 Holders of rec. Feb. la
Class B (guar.)
2
Feb. 15 Holders of rec. Feb. 5
Butler Mill (quar.)
134 Feb. 15 Holders of rec. Feb. 4
Cabot Manufacturing (quar.)
$1.50 Mar.15 Ho.ders of rec. Feb. 27
California Packing (guar.)
134 Feb. 16 Holders of rec. Jan. 31
Canada Cement, pref. (quar.)
1% Feb. 15 Holders of rec. Jan. 80
Canadian Converters (guar.)
134 Apr, 1 Holders of rec. Mar.20
Canadian Locomotive (quar.)
Case(J. I.) Threshing Mach., pref.(qu.) 1% Apr. 1 Holders of rec. Mar. lba
Apr. 1 Holders of rm. Mar. 16a
Certain-teed Products Corp., corn. (qu.) SI
134 Apr. 1 Holders of rec. Mar. 16a
First and second preferred (quar.)
25c. Feb. 15 Holders of rec. Feb. 6.
Centrifugal Pipe Corp.(qua!'.)
prof.
(quar.)_
_
Mills.
1% Mar. 1 Holders of roe. Feb. 6
Century Ribbon
0.0. Spring & Bumper, corn. (guar.)._ 10e. Feb. 15 Feb. 9 to Feb. 15
Common (extra)
5o. Feb. 15 Feb. 9 to Feb. 15
Lumber,
corn. (quar.), *1
Chicago,Mill &
Feb. lb *Holders of rec. Feb. 6
•134 Mar. 1 'Holders of rec. Feb. 18
Chicago Flexible Shaft, pref. (quar ,
Chicago Yellow Cab (monthly)
33 1-3c Mar, 1 Holders of rec. Feb. 20a
3
Mar. 10 Holders of rec. Feb. 26a
Childs Co., corn.,$100 par value (guar.)
Common, no par value (quar.)
60c. Mar. 10 Holders of rec. Feb. 28a
Cora.(extra, pay. in no par com. stk.) (j)
Apr. 1 Holders of rec. Feb. 260
Com.,(extra, pay. in no par corn. stk.) (.1) July 1 Holders of rec. May 28a
Cora.(extra, Pay. in no par corn. stk.) (j) Oct. 1 Holders of rec. Aug. 27a
Com.,(extm, pay. in no par man. stk.) (.1) Dec 30 Holders of roe. Nov. 260
Preferred (qua!'.)
134 Mar. 10 Holders of rec. Feb. 28a
6234c Mar. 29 Holders Of rec. Mar. 3a
Chili Copper(qar.)
•)4 Mar. 1 *Holders of rec. Feb. 15
Cities Service, common (monthly)
Common (payable in common stock)_
V% Mar. 1 *Holders of rec. Feb. 15
Preferred and preferred B (monthly)
•34 Mar. 1 *Holders of ree. Feb. 15
70c, Apr, 5 Holders of rec. Apr. 5
Cohn-Hall-Marx Co., corn.(quar.)
Mc, July 5 Holders of rec. July It
t:omnion (guar.)
2
Feb. 25 Holders of rec. Feb. 10a
Colorado Fuel & Iron, pref.(guar.)
Commercial Credit. Baltimore, corn_ _ 120 Feb. 27 "Holders of rec. Jan. 18
Congoleuna-Nairn, Inc., met.(quar.)-- 134 Mar. 1 Holders of rec. Feb. 15
Consolidated Cigar Corp.. pref. (quer.). 1% Mar. 1 Holders of rec. Feb. 15a
Consolidation Coal (quer.)
134 Feb. 20 Holders of roe. Feb. 10a
.334 Feb. 20 'Holders of rec. Feb. 10
Consumers Company, pre
diva.)
accum.
.87
of
all
full
Feb. 20 *Holders of rec. Feb. 10
(In
Pref.
$1.25 Feb. 15 Holders of rec. Feb. 5a
Continental Can, corn.(guar.)
$1
Feb. 15 Holders of rm. Feb. 5a
Common (extra)
•25c. Mar.15 *Holders of rec. Feb. 13
Continental Oil (guar.)
$1
Mar. 31 Holders of roe. Mar. lga
(guar'
)
Coty. Inc.
_
Motor. preferred
434 Mar. 1 Holders of rec. Feb. 15
&
Aeroplane
Curtis
(guar.).
75c, Mar. 1 Holders of rec. Feb. Ila
CUShMan'S BOWL Inc., corn.
(quar.)
134 Mar. I Holders of rec. Feb. Ila
Seven per cent preferred
(quar.)
52
Mar. 1 Holders of roe. Feb. Ila
Eight dollar preferred
Cohn,Inc.. pref.(qu.) 134 Mar, 1 Holders of rec. Feb. 20a
Decker (Alfred) &
1% Mar. 1 Holders of rec. Feb. lba
(quar.)
preferred
Co.
Deere &
dividends)
.)b Mar. 1 Holders of rec. Feb. 15a
Preferred (acct. accum.
2
Mar. 15 Holders of rec. Feb. 27a
Diamond Match (quar.)
1
Feb. 15 Holders of rec. Jan 30
(quar.)
Ltd.
Bridge,
Dominion
40e. Mar. 1 Holders of rec. Feb. 15
Eagle-Picher Lead, corn.(quar.)
Estey-Welte CorporationMock).- 2
Mar, 1 Holders of rec. Feb. 16
class A (payable in Class A stock)... 2
Class A
Mar. 1 Holders of rec. Feb. 15
Class p (payable in
134
Feb.
25 Holders of rec. Feb. 10
Euclid 00(monthlY)
134 Mar.25 Holders of rec. Mar. 10
Monthly
20c. Mar. 1 Holders of rec. Feb. 18a
(monthly)
corn.
Fair (The),
20c. Apr. 1 Holders of roe. Mar.250
Common (monthlY)
20e, May 1 Holders of rec. Apr 204
Common (monthl)')
(guar.)._
1% Mar. 1 Holders of rec. Feb. 16a
pref.
Co..
&
Fairbanks, Morse
Mar. 1 Holders of rec. Jan. 80
Corp., let pf.(gu.) $2
Famous Players Can.
234 Feb. 15 Holders of rec. Feb. 4
(quar.)
Bleacher),
Farwell
1
Feb
15 Holders of rm. Feb. 4
Farwell Mills (quar.)
853
THE CHRONICLE
FEB. 13 1926.]
Name of Company.
When
Per
Cent. Payable.
Boats Closed.
Days inclusfss.
Miscellaneous (Continued).
Mar. 113 Holders of roe. Feb. 25a
10
Federal Mining & Smelting. corn
Feb 16 Holders of rec. Feb. 81
Preferred (account accum. dividends)_ 3/6
Preferred (account aecum. dividends). 11714 Mar. 9 Holders of rec. Feb. 256
I% Mar.15 Holders of me. Feb. 25.
Preferred (quar.)
Firestone Tire & Rubber 7% pref. (au.) 134 Feb. 15 Holders of rec. Feb. 1
Apr. 1 Holders of rec. Mar. llta
First National Pictures, 1st pref. (qua!'.) $2
Fisk Rubber. 1st pt.(acct. aecum. diva.) 6134 Slay 1 Holders cf rec. Apr. 15.
•134 May 1 'Holders of rec. Apr. 15
Convertible preferred (No. 1)
General Asphalt, preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 13.
25e. Feb. 29 Holders of me. Feb. lija
General Development Co.(guar )
Feb. 15 Holders of rec. Feb. 54
General Outdoor Advertising, Cl. A (qu.) $1
136 Feb. 15 "Holders of rec. Feb. 5
Preferred (quar.)
.
General Petroleum Corp., corn. (quar.).. 75e. Mar. 15 Holders of rec. Feb. 150
756. Mar. 1 Holders of rec. Feb. 1
Gillette Safety Razor (qual.)
Extra_
25c. Mar. 1 Holders of rec. Feb. 1
50c. Apr. 1 *Holders of rec. Mar.20
Glidden Co., common (quar.)
.
Prior preferred (quar,)
•154 Apr. 1 'Holders of rec. Mar. 20
Goodrich(B. F.) Co., common (qtutr.)_ $1
Mar. 1 Holders of rec. Feb. 156
Preferred (guar.)
134 Apr. 1 Holders of rm. Mar. lba
I% July 1 Holders of rec. June lba
Preferred (quar.)
Goodyear Tire & Rubber, pref.(guar.)- 4.134 Apr. 1 *Holders of rec. Mar 1
Apr. 1 *Holders of rec. Mar. 15
Prior preferred (guar.)
*2
Gossard (H. W.) Co., corn. (monthly).. 33 1-3c Mar. 1 Holders of rec. Feb. 18.
Gotham Silk Hosiery, lst & 2d pi.(qu.). 134 May 1 Holders of rec. April 150
Feb. 15 Holders of rec. Feb. 6
Great Lakes Dredge & Dock (quar.)..... 2
2
Feb. 15 Holders of rec. Feb. 6
Extra
Greenfield Tap& Die Corp..6% Pf.(111.) •131 Apr. 1 "Holders of rec. Mar. 15
Apr. 1 'Holders of rec. Mar. 15
*2
Eight per cent preferred (quar.)
234 Feb. 16 Holders of rec. Jan. 16
Guenther Publishing, pref. (quar,)
Preferred (acct,accumulated dly.)_ - 6234 Feb. 16 Holders of rec. Jan. 16
214 May 16 Holders of rec. Apr. 16
Preferred (quar.)
8214 May 16 Holders of rec. Apr. 16
Preferred (sect. accumulated dive.)
24 Aug.
Holders of rec. July 16
. 16 Holde
Preferred (quar.)
2Nov.16 Holders of rec. July 16
Preferred (acct, accumulated diva.).-- 8234
Holders of roe. Oct. 16
Preferred (quar.)
Preferred (acct, accumulated divs.).-- /1234 Nov. 16 Holders of rec. Oct. 16
6c. Feb. 15 Holders of rec. Feb. 1
Hamilton Bank Note & Engraving
Harbison-Walker Refrac., corn. (quer.). 134 Mar. 1 Holders of rec. Feb. 196
114 Apr. 20 Holders of rec. Apr. lila
Preferred (quar.)
Hartman Corporation (guar.)
6234e Mar, 1 Holders of rec. Feb. 176
I% Feb. 27 Holders of rec. Fsb. 13
Hart, Schaffner & Marx (qua!'.)
2
Feb. 27 Holders of rec. Feb. 13
Extra
75e. Mar. 15 Holders of rec. Feb. 236
Hayes Wheel, common (guar.)
25c. Mar. 15 Holders of rec. Feb. 230
Common (extra)
134 Mar. 15 Holders of rec. Feb. 236
734% preferred (guar.)
25c. Feb. 24 Holders of rec. Feb. 4
Hazeltine Corporation (quar)
25c. Feb. 24 Holders of rm. Feb. 4
Extra
134 Feb. 15 Holders of rec. Feb. 5
Hercules Powder, pref. (guar.)
Hibbard,Spencer.Bartlett& Co.(nethly) 35c, Feb. 26 Holders of rec. Feb. 19
35e Mar.26 Holders of rec. Mar. 19
Monthly
20c. Mar.26 Holders of rm. Mar. 19
Extra
*500. Mar. 1 *Holders of rec. Feb. 15
Hires (Chas. E.). Class A (quar.)
•150 Mar 1 *Holders of rec. Feb. 15
Class B (quar.)
6234c Feb. 15 HoideJs of rec. Feb. 1
Hollander (A.) & Son, common
8e. Feb. 25 Holders of rec. Feb. 9
Hollinger Gold Mines
500. Feb. 25 Holders of rec Feb. 20
Homestake Mining (monthiY)
134 Feb. 15 Holders of rec. Feb. 6
Hoosac Cotton M111 (quar.)
75e. Mar. 1 Feb. 12 to Mar. 8
Household Products Corp.(guar.)
"3
Feb. 1 *Holders of rm. Jan. 19
Preferred
Oil.
Houston
75c, April 1 Holders of rec. Mar.15
Hudson Motor Car (guar.)
.2.4 Apr. 15 "Holders of rec. Apr. a
Illinois Brick (guar.)
*2.4 July 15 'Holders of rec. July 6
Quarterly
*2.4 Oct. 15 "Holders of rec. Oct. 5
Quarterly
25o, Mar. 1 Feb. 16 to Feb.f27
Imperial Oil, Canada (guar.)
25c. Apr. 12 Holders of roe. Mar.31a
Independent 011 dr Gas (quar.)
Feb. 15 Holders of roe. Jan. 22
$1
Indiana Pipe Line (quar.)
Mar. 1 Holders of rec. Feb. 15
500.
coin.
(quar.)
Indian Motocycle,
Ingersoll-Rand Co., new corn.(No. 1)._ The. Mar. 1 Holders of rec. Jan. 30
6234c Mar. 1 Holders of rec. Feb. 156
Inland Steel, common (quar.)
"154 Apr. 1 *Holders of rec. Mar. 15
Preferred (qua!'.)
Internat. Agricultural Corp., prior pref. 134 Mar. 1 Holders of rec. Feb. lba
50e. Feb. 28 Holders of rec. Feb. 15a
Internat. Combustion Eng. (guar.).1% Mar. 1 Holders of ma Feb. 10a
Internat. Harvester. pref. (guar.)
"25c. Feb. 15 'Holders of rec. Feb. 11
International Petroleum, Ltd
$1.50 Apr. 1 Holders of rec. Mar.15a
International Shoe, corn.(quar)
51.50 July 1 Holders of rm. June 15a
Common (quar.)
$1.50 Oct. 1 Holders of rec. June 156
Common (qua!')
IntertYPe Corporation, coin.(quar.).... 250. Feb. 15 Holders of rec. Feb. la
250. Feb. 15 Holders of reo. Feb. Is
Common (extra)
234 Feb. 15 Holders of roe. Feb. 96
Jefferson & Clearfield, preferred
Mar. 1 *Holders of rec. Feb. 15
Jones & Laughlin Steel, corn.(No. 1)... •1
134 Apr. 1 Holders of roe. Mar. 156
Preferred (quar.)
Kaufmann Dept. Stores, pref. (quar.)_ *11.4 Apr. I *Holders of rec. Mar.20
*134 July 1 *Holders of rec. June 21
Preferred (qua!'.)
..134 Oct. 1 *Holders of rm. Sept.20
Preferred (guar.)
*lyi Jan2 27 *Holders of rec. Dec 20
Preferred (qual.)
sit
Mar.15 *Holders of rec. Mar. 1
Keeley Silver Mines
Star. 15 *Holders of rec. Mar. 1
*4
Extra
Apr. 1 Holders of rec. Mar. ba
$I
Kennecott Copper Corp.(quar.)
Apr. 1 Holders of rec. Mar. 220
II
Kinney (G.R.) Co., COMMOD
Mar. 1 Holders of rec. Feb. 196
2
Preferred (guar.)
Mar, 1 Holders of roe. Feb. 13
Lake of the Woods Milling, corn.(quar.) 3
134 Mar. 1 Holders of rec. Feb. 13
Preferred (quar.)
Lanston Monotype Machine (quar.)136 Feb. 27 Holders of rec. Feb. 176
Feb. 27 Holders of rec. Jan. 306
$I
Lehigh Coal & Navigation (quar,)
75c. Mar. 1 Holders of rec. Feb. 15a
Lehn & Fink (quar.)
Liggett & Myers Tob.,com&com.B(qu.) 75c. Mar. 1 Holders of rec. Feb. 100
Mar. 1 Holders of rec. Feb. 10a
$1
Corn. & corn. B (extra)
Mar, 1 Holders of rec. Feb. 10a
Corn & corn. B (In corn. B stock).... 10
Mar. 1 Holders of roe. Feb. 150
Lima Locomotive Works,common(qu.) $1
50c. Feb. 20 Jan. 26 to Feb. 9
Lit Brothers Corp
134 Mar. I Holders of rec. Feb. 17.
Lord & Taylor, bat pref.(qual.)
$2.50 Mar. 1 Holders of rec. Feb. 3
Ludlow Mfg. Associates (qua!'.)
$2
Mar. 1 Holders of rec. Feb. 3
Extra
50c. Mar. 1 Holders of reo. Feb. 15a
Martin Parry Corp. (riar.)
May Department Stores, corn. (quar.)., $1.2.5 Mar. 1 Holders of rm. Feb. 15a
134 Apr. 1 Holders of rec. Mar. 15a
preferred (quar.)
. 18
1 *Holders of rec. Feb. 10
5‘
McCall Corporation, no par corn.(NO.1)•5010.
Holders of rm. Apr. 206
McCrory Stores, pref. (quar.)
May
134 Aug. 1 Helder, of rec. July 200
Preferred (quar.)
Preferred (pater.)
134 Nov. 1 Holders of rec. Oct. 204
250 Mar. 1 Holders of roe. Feb. la
McIntyre Porcupine Mines. Ltd
Mercantile Stores Co., Inc., corn.(quar.) 1F
15i Feb
b.. 15 Holders of roe. Jan. Si
Holders of roe. Jan. 81
Preferred (quar.)
II( Mar. 1 Holders of rec. Feb. 4
Merrimac Manufacturing, coin. (quar.)_
.1..1..1 Copper (guar.)_
25e. Feb. 15 Holders of rec. Feb. la
Mid-Continent Petrol. Corp., pref.(qu.)
. 1% Mar, 1 Holders of rec. Feb. 15a
$I
Mar. 1 Holders of rec. Jan. 30
Mohawk Mining
Montgomery Ward & Co., Claw A (du.) 41.75 Apr. 1 *Holders of roe. Mar.20
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar.20a
Morse Twist & Drill
•500. Feb. 15 *Holders of rec. Jan. 28
Munsingwear, Inc. (quar.)
675g,
60 Mar. 1 Holders of rec. Feb. 16a
Ntudb Motors,coin.(pay.in com.stock).
Feb. 19 Hold, of rec. Feb. milts
75c. Apr. 15 Holders of rec. Mar.810
National Biscuit, corn.(guar.)
Preferred (guar.)
134 Feb. 27 Holders of rec. Feb. Ila
Feb. 15 Holders of rec. Jan. 30
14
1
National Brick, pref. (qual.)
Mar. 1 Holders of rec. Feb. 240
National Cloak & Suit. pref.(quar.)....
13A Mar. 1 "Holders of rec. Feb. 15
:
Nat. Dept.Stores. pref.(quar.)
17a Mar. 1 *Holders of rec. Feb. 15
.2
2d prof. (quar.)
Mar. I *Holders of rec. Feb. 9
National Grocer, common
•3
July 1 *Holders of rec. June 20
Preferred
'Holders of rec. Dec. 20
•3
1,‘ Jan
Preferred
Mar. 15 Holders of rec. Feb. 19a
National Lead, preferred (quar.)
1 Holders of rec. Feb. 5a
750. Fob. 15
National Supply, corn.(quar.)
Mar.2Holders of rec. Feb. 15a
National Surety (extra)
300. Feb. 23 Holders of rm. Feb. 5a
New Cornelia Copper Co. (quer.)
Apr. 1 Holdess of rec. Mar. 10a
New York Air Brake. Class A (guar.)._ _ $I
100. Mar. I Holders of rec. Feb. 10
North Central Texas Oil (quar.)
Feb. 15 Holders of rec. Jan. 30
Ontario Steel Products, corn.(guar.).-- 1
154 Feb. 15 Holders of rec. Jan. 30
Preferred (qmar.)
Oppenhelm, Collina & Co.. cons. (guar.) *75e. Feb. 15 *Holders of roe. Jan. 30a
854
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
[VOL. 122.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded)
Orpheum Circuit, corn.(monthly)
18 2-3c Mar. 1 Holders of rec. Feb. 20a
The following shows the condition of the New York City
Common (monthly)
16 2-3c Apr. I Holders of me. Mar. 20a
Preferred (quar.)
2
Apr. 1 Holders of rec. Mar. 15a Clearing House members for the week ending Feb. 6.
The
Owens Bottle, corn.(extra)
75c. Apr. 1 Holders of rec. Mar. 16a
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar.16a figures for the separate banks are the averages of the daily
Pacific 011
$3
Mar. 6 Holders of ree. Jan. 28a
Mar. 6 Holders of rec. Jan. 28a results. In the case of the grand totals, we also show the
Special(two-fifths share Awed 011 stk.)
Pan American Petroleum of California.._
23-4 Apr. 1 Holders of rec. Dec. 20a actual figures of condition at the end of the week.
2
Pathe Exchange, preferred (quar.)
Mar. 1 Holders of rec. Feb. 8
Peabody Coal, oref.(monthly)
*58e. Mar. I *Holders of ree. Feb. 18
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Preferred (monthly)
•58c
Apr. 1 *Holders of ree. Mar. 20
Penmans. Limited. corn. (quar.)
2
Feb. 15 Holders of rec. Feb. 5
(Slated In thousands of dollars-that Is, three (000) ciphers omitted)
Pennok 011 (quar.)
*50e. Mar. 25 *Holders of rec. Mar. 15
Phillips-Jones Corp., corn.(guar.)
Mar. I Holders of rec. Feb. 200
El
Phoenix Hosiery, 1st & 2d pref. (guar.). •13( Mar. 1 Holders of ree. Feb. 170
New
Pittsburgh Plate Glass (quar.)
Apr. 1 *Holders of rec. Mar. 15
Capital Profits. Loans.
*2
Reserv
Extra
Week Ending
*5
Feb. 15 *Holders of rec. Jan. 30
Discount Cash
Time Bank
with
Net
Pittsburgh Steel, pref.(quar.)
Feb. 6 1926. Nat'l, Dec. 31 Invest134 Mar. 1 Holders of rec. Feb. I5a
In
De- CircaLegal Demand
Plymouth Oil& Gas
*50c. Feb. 20 *Holders of rec. Feb. 15
State, Nov.14 MOWS, Vault. Depot- Deposits, posits. kPratt & Lambert Co., common (quar.)_ •75e. Apr. 1 *Holders of rec. Mar. 15
(000 Omitted.) Tr.Cos. Nov.14
&C.
ilostortes.
Pressed Steel Car. preferred (quar.)._
134 Mar. 17 Holders of rec. Feb. 240
Procter & Gamble. corn.(quar.)
$1.25 Feb. 15 *Holders of rec. Jan. 25 Members of Fe d. Res. Bank, Average. Image Average Average. Average Alegi
Pro-phy-lac-tic Brush, corn. (extra)._ •50c. Mar. 1 *Holders of rec. Feb. 15
Bank of N.Y.&
$
$
Pullman Company (quar.)
Trust Co_ _
2
Feb. 15 Holders of ree. Jan. 300
4,000 12.807
75.362
488 7.696
57.222 8.751 ---Pure 011, common (quer.)
3734e Mar. 1 Holders of rec. Feb. 100 Bk of Manhat'n 10,000 14.732 158.944 2.899 17.790
-6
130.949 25,209
Common (extra)
549
1234c Mar. 1 Holders of rec. Feb. 10a Mech & Met Nat 10.000 16,134 184.081 3.378 23,095
174.239 11.019
Quaker Oats. preferred (quar.)
134 Feb. 27 Holders of rec. Feb. la Bank of America 8.500 5.223
75.656 1.729 11.903
89.871 4,421
Oldster Mill (quar.)
Feb. 15 Holders of ree,. Feb. 5
National City 50.000 65,032 592.004 5.596 63,775 *638,667 70,500 -855
2
Radio Corp., pref. A (quar.)
146 Apr, 1 Holders of me. Mar. la Chemical Nat_ 4,500 18,050 130.338 1.315 16.419
348
120.046 4,174
Reid Ice Cream Corp., pref. (quar.)._... 13( Mar. 1 Holders of roe. Feb. 20
Am Ex-Fax Nat 7,500 12.547 156.054 2,171 19,989
145.278 11,443 4,962
Republic Iron & Steel, pref. (guar.).- 131 Apr. 1 Mar. 16 to
Apr. 14
Nat Bk of Corn. 25,000 40.935 355,334 1,091 40.548
309.779 13.530
Reynolds Spring, pref. A & B tquar.)_ _ _ •134 April 1 *Holders of rec. Mar. 15
Chat Pb NB&T 13,500 12.571 222.145 2,689 24,404
174,014 42,144 5,970
St. Joseph Lead Co.(quar.)
Hanover Nat__ 5,000 25.505 125.696
50c. Mar. 20 Mar. 10 to Mar.21
559 14,753
112.417
-Extra
25c. Mar. 20 Mar,10 to Mar. 21
Corn Exchange_ 10,000 14,558 201,061 6,460 24.702
176.053 31.437
National Park 10,000 .3.843 192.671
Quarterly
50c. June 21 June 10 to June 21
891 20.836
158.125 9.530 3,486
Extra
Bow'y&EastRiv 3,000 3.071
25c. June 21 June 10 to June 21
49.856 1,479 5.152
995
35,733 14.746
Quarterly
First National. 10,000 73.804 315.494
50c. Sept.20 Sept.10 to Sept 20
619 24,842
186.044 21,961 4.835
Extra
25c. Sept.20 Sept. 10 to Sept.20
Irving Bk-ColTr 17.500 13,73, 295,634 2,684 37.270
279,949 27.665
7.919
Quarterly
50c. Dec. 20 Dec. 10 to Dec. 20
Continental_ _ _ 1.000 1.161
120 1,068
420 ---6.805
Extra
25c. Dec. 20 Dec. 10 to Dec. 20
Chase National_ 20.000 27.184 379.208 4,163 46.92
991
*370.444 16,059
26,983
Savage Arms Corp.. common
Mar. 1 Holders of rec. Feb. 15a Fifth Avenue__
500 2,905
769 3,493
$1
26,237
600 1,089
13,685
First preferred (quar.)
Apr. 1 *Holders of rec. Mar. 15
Commonwealth.
496 1.487
10.353 4,772
17.611
eecond preferre I (quar.)
134 Feb. 15 Holders of rec. Feb. la Garfield Nat'l_ _ 1,000 1.731
419 2.383
17.383
317 -Second preferred (quar.)
•134 May 15 *Holders of rec. May 1
Seaboard Nat'l_ 6.000 9,764 115.521 1,129 15,122
42
115.309 2,81
Mar. 1 Holders of rec. Feb. I5a Coal & Iron Nat 1.500 1.543
19,638
Schulte Retail Stores, corn.(in corn. stk.) f2
328 2,299
10.751 1,879
73
771 38.2031 *314,406 44.498
Scotten-Dillon Co. (quar.)
*3
Feb. 17 *Holders of rec. Feb. 8
Bankers Trust. 20.000 30.391 347,548
64,33
Extra
751 7,754
*7
Feb. 17 *Holders of rec. Feb. 8
US Mtge dr Tr_ 3.000 4,750
67.220 6.688
25,000
422.017
Shell Union Oil, pref. (quar.)
Feb.
260
21,538
1.259 46.2051 *412.291 52.484
15 Holders of rec. Jan.
Guaranty Trust
134
21.881
417 2,623
Sherwin-Williams Co., common (quar.). *50e. Feb. 15 *Holders of ree. Jan. 20
Fidelity-InterTr 2,000 2.209
19.382 1.816 -Common (extra)
500 20,201
*25c. Feb. 15 *Holders of rec. Jan. 20
New York Trust 10.000 20,018 174,936
148.827 18.501 ---145,495
454 14.359 •110.508 25.004 -Preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 150 Farmers L & Tr 10,000 18.52
Shredded Wheat Co.(quar.)
.234 Mar. 31 *Holders of rec. Mar. 21
Equitable Trust 23.000 12,852 268,156 1,530 30,137 *291,863 32,904 --__
Simon (Franklin), Inc.. pref. (quar)
136 Mar. 1 Holders of ree. Feb. 18a
Sinclair Consolidated Oil, pref. (guar.)._
2
Feb. 15 Holders of rec. Feb. la Total of averages310,100508.215 5.155,266 47,152 585.428c4.353,585504,682 23.101
Skelly Oil (guar.)
50c. Mar. 15 holders of rec. Feb. 15
Smith (A. 0.) Corp., corn. (quar.)
Totals, actual condition Feb. 65,139.619 48.267 816,333c4.325.433502,911 23,083
25c. Feb. 15 Holders of rec. Feb. 1
Common (extra)
Totals, actual co relltIon Jan. 305,142.736 48,129581,194 c4,310,849 509,91 23.299
25c. Feb. 15 Holders of rec. Feb 1
1
Feb.
Preferred (quar.)
Totals, actual condition Jan. 235.105,183 48,773604,15 c4,331,568 503,561 23,131
Feb.
15
Holders of rec.
134
Soule Mills, common (guar.)
State Banks Not Members of Fedi Res'm Bank.
Feb. 15 *Holders of rec. Feb. 5
•$2
Southern Acid & Sulphur, corn
Greenwich Bank 1,000 2,594
The. Mar.15 Holders of rec. Mar. 10
24,089 1.933 2.186
23.371 1,830 -Southern Pipe Line (quar.)
Mar. 1 Holders of rec. Feb. 15
State Bank._ _ _ 3,500 5,867 107.747, 4,700 2,620
$1
40.014 63,950
Spalding (A. G.) & Bros., lot pref. (qu.) 1% Mar. I Holders of rec. Feb. 130
Second preferred (guar.)
Total of averages 4.500 8,462 131,836 6,633 4,8
2
Mar. 1 Holders of rec. Feb. 13
63,385 65,7
Spear & Co., pref.(quar.)
1% Mar. 1 Holders of rec. Feb. 150
50e. Mar. 15 Holders of rec. Feb. 200 Totals, actual co ndition Feb. 6 132.234' 6.766 4,853
Standard 011 (California) (quar.)
63.883 65.763
15
Standard 011 (Indiana) (quar.)
.6235c Mar 15 *Holders of rec. Feb
Totals, actual co minion Jan. 30 133,003 6.559 4.756
64.805 65.79
Extra
•25e. Mar 15 *Holders of rec. Feb. 15
Totals, actual co nditIon Jan. 23 132.052 6.857 4.846
64.155 65,951
Trust Compan ies Not Membe rs of Fed 'I Res's,e BankStandard Oil of N.Y.(quar.)
*35c. 4Mar15 *Holders of rec. Feb. 19
Title Guar & Tr 10,000 17,233
Standard 011 (Ohio). pref. (quar.)
64.216 1,613 4,49
134 Mar. 1 Holders of rec. Jan. 29
40.600 2,36
Standard Sanitary Mfg., common (qu.). $2
Feb. 20 Holders of ree. Feb. 4
Lawyers Trust_ 3.000 3,204
26,714',
934 2,444
22,670 1,112
134 Feb. 20 Holders of rec. Feb. 4
Preferred (guar.)
Stewart-Warner Speedometer (quar.)
31.50 Feb. 15 Holders of rec. Jan. 300 Total of averages 13,000 20,437
90.930 2,547 6,937
63.270 3,472
-Studebaker Corporation, corn. (guar.)._ $1 25 Mar. 1 Holders of rec. Feb. 100
Preferred (quar.)
91.419 2.531 7,046
134 Mar. 1 Holders of rec Feb. 100 Totals, actual co edition Feb. 6
63.861 3,47
Totals, actual co ndition Jan. 30
Swift Internacional
60c. Feb. 15 Holders of rec. Jan. 15
88.342 2.371 6.871
60.654 3.493
Thompson (J. R.) Co., corn. (monthly)_ 30c. Mar. 1 Holders of rec. Feb. 230 Totals, actual co ndltIon Jan. 23
87,405 2.274 6.686
59,550 3,60
Thom ppon Starrett, preferred
Apr. 1 *Holders of rec. Mar. 20
54
Tkle-Water 011, preferred (quar.)
$1.25 Feb. 15 Holders of rec. Feb Sa Gr'd aggr.,aver_ 327.600 537,115 5,378.032 56.332 597.165 4,480.240 573,934 23,101
200
Comparison wit h prey. week.. +41,541-1.694 +6,994 +43.336-2,170 -137
Timken Roller Bearing (guar.)
750. Mar. 5 Holders of rec. Feb
Extra
25c. Mar. 5 Holders of rec. Feb. 200
,Tobacco Products Corp., Cl. A (qu.)_ _
134 Feb. 15 Holders of rec. Feb. la Gr'd aggr., act' ond'n Feb. 65,363.272 57.584 628,232 4.453,177 572,144 23.063
Union Tank Car, common (quay.)
-809. +525 +35411 +16,869-7,062 -236
134 Mar. 1 Holders of rec. Feb. 10a Comparison wit h prey. week_ _
--Preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 100
Gr'd aggr., act' ond'n Jan. 305.364.081 57,059 592,821 . . ,
United Biscuit. Class A (No. 1)
Mar. 1 *Holders of rec. Feb. 10
579.206 23.299
*31
United Drug, corn.(quar.)
1!..1 Mar. I Holders of rec. Feb. 150 Gr'd aggr., ace cond'n Jan. 235.326,540 57.904 615,682 4,455.273 57'!...2023.1:31
United Fruit kquar.)
234 Apr. 1 Holders of rec. Mar. 50 Gr'd aggr., act' ond'n Jan. 16 5,381,261 56,776 619,006 4.487,670 577,830 23.154
5a
Gr'd agrr., oaf' ond'n Jan. 9 5.437.614 61.503 564 147 4,486.817 578,544 23,195
Extra
2
Apr. I Holders of rec. Mar.
U.S. Cast Iron Pipe & Fdy., corn.(go.). 214 Mar. 15 Holders of rec. Mar. la Gr'd aggr., act' ond'n Jan. 25,614,463 58,562 605,129 4,662,665 587,065 23.458
Common(quar.)
254 June 15 Holders of rec. June la Gr'd aggr., act' condo Dec. 26 5,401,259 65,849 616.466 4,469,497 574,961 23,380
Common (quar.)
234 Sept. 15 Holders of ree. Sept. la
Note -U. S. deposits deducted from net demand deposits in tho genera totals
Common (quar.)
235 Dec. 15 Holders of rec. Dec. la
1% Mar. 15 Holders of rec. Mar. la above were as follows: Average total Feb. 6, 343,787.000. Actual totals Feb. 6,
Preferred (quar.)
Preferred (quar.)
194 June 15 Holdets of rec. June la 543,787,000; Jan. 30, 543,786.000; Jan. 23. $43,786,000: Jan. 16, 343,786.000;
Preferred (quar.)
1% Sept. 15 Holders of rec. Sept. la Jan. 9. 343,797,000. Bills payable, rediscounts, acceptances and other liabilities,
Preferred (quar.)
134 Dec. 15 Holders of rec. Dec. la average for week Feb 6.8636,401.000: Jan. 30,8629,687.000: Jan. 23, $642.189.000:
U. S. Hoffman Machinery, corn. (qu.)
75e. Mar. 1 Holders of rec. Feb. 18a Jan. 16, 5666,940,000; Jan. 9, $723,432,000. Actual totals Feb. 6, $688.129.000;
Preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 180 Jan. 30, $638,007,000; Jan. 23, $636,620,000; Jan. 16, 3650,978,000; Jan. 9, $689,U.S. Rubber, first pref.(quar.)
2
Feb. 15 Holders of rec. Jan. 200 427,000.
U. S. Steel Corp., common (quar.)
114 Mar. 30 Feb. 27 to Mar. 2
• Includes deposits In foreign branches not included In total footings as follows:
Common (extra)
35 Mar. 30 Feb. 27 to Mar. 2
National City Bank, $164,446,000; Chase National Bank, $12.117,000; Bankers
1% Feb. 27 Jan. 31 to Feb. 3
Preferred (guar.)
Trust Co., 832,865.000; Guaranty Trust Co.. 568.856,000: Farmers' Loan & Trust
U.S. Stores',Co,- prior pref.(quar.)__ _
14 Mar. 1 Holders of rec. Feb. 180 Co., $6,478,000; Equitable Trust Co., 967.818.000. Balances carried in banks In
Vacuum Oil oven'
50c. Mar.20 Holders of rec. Feb. 27
foreign countries as reserve for such deposits were: National City Bank, 321,199,000:
IP Extra _
50c. Mar.20 Holders of rec. Feb. 27
Chase National Bank, 31,694,000; Bankers Trust Co., $1,879,000; Guaranty Trust
Vanadium Corp (quar.)
50c. Feb. 15 Holders of rec. Feb. la Co., $3,883.000; Farmers' Loan & Trust Co., $6,478,000; Equitable Trust CO..
Van Raalte. Inc.. pref. ,quar.)
1% Mar. 1 Holders of rec. Feb.- 150 57,396,000.
Weber & Hellbroner, common (quar.)
Mar.30 Holders of rec. Mar. 160
$1
c Deposits in foreign branches not Included.
Preferred (quar.)
194 Mar. 1 Ilolders of rec. Feb. 16
Welch Grape Juice, corn.(quar.)
25c. Feb. 27 Holders of rec. Feb. 20
The reserve position of the different groups of institutions
20
k Preferred (guar.)
Feb.
194 Feb. 27 Holders of rec.
White(J. G.) & Co.. pref.(quar.)
135 Mar. 1 Holders of tee. Feb. 15
on the basis of both the averages for the week and the
White (J. G.) Engineering, pref. (quar.)_
1% Mar. 1 Holders of rec. Feb. 15
actual condition at the end of the week is shown in the
White (J. G.1Manag't Corp., pref.(qu.) 194 Mar. I Holders of rec. Feb. 15
Mar.31 *Holders of ree. Mar. 10
following two tables:
White Motor (quar )
*31
Will & Baumer Candle, corn.(quar.)__ _ _ 25e. Feb. 15 Holders of rec. Feb. I
Willcox & Gibbs Sewing Machine
Feb. 15 Feb. 3 to Feb. 16
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
3
Woolworth (F. W.) Co., corn.(quar.)Mar. 1 Holders of rec. Feb. 100
$1
AND TRUST COMPANIES.
Common (extra)
Mar. 1 Holders of ree. Feb. 10a
$1
Wrigley (Wm.)Jr. & Co.(monthly)..,.. 25e. Mar. 1 Holders of rec. Feb. 20a
20a
Mar.
25c.
Apr.
1
Holders
rec.
Monthly
of
Averages.
2
Mar. 1 Holders of rec. Feb. 20
Wurlitzer (Rud.) Co., 8% pref. (quar.)_
Cash
Reserve
Mar. 31 Holders of rec. Mar. 150
Youngstown Sheet St Tube, com.
$1
18
Sarni=
Reserve
15
in
Reserve
Preferred (quar.)
•134 Mar. 31 *Holders of rec. Mar.
Total
Reserve.
in Vault. Depositaries Reserve.
Required.
•From unofficial sources. t The New York Stock Exchange has ruled that stock
The Members Federal
$
will not be quoted ex-dividend on this date and not until further notice.
Reserve Bank_
585,428,000 485.428,000 581.106,510 4,321,490
New York Curb Market Association has ruled that stock will not be quoted ex
23,700
6.633,000 4.800.000 11,433,000 11,409.300
State banks•
dividend on this date and not until further notice.
-6.500
2,547,000 6,937,000 9,484,000 9,490,500
a Transfer books not closed for this dividend. if Correction. e Payable in stock. Trust companies*__ _
/Payable in common stock. g Payable in scrip. h On account of accumulated
Total Feb. 6._ _- 9,180,000 597.165.000 606.345,000 602.006.310 4,338.690
dividends. m Payable In preferred stock. n Payable in Canadian funds
Total Jan. 30... 9,058.000 590,171,000 599,229.000 596,419.800 2,809,200
1 Payable to holders of record Jan. 31.
for
share
of
no
par
value
stock
are
one
common
Total
Jan. 23_ -- 9,271.000 596,229.000 605,500.000 598,352,580 7,147,420
dividends
f Childs Co. stock
Total Jan. 10..... 9,456.000 601.846.000 611,302,000 603.030,650 8,271,350
each 100 shares held.
stock
at
hundredths
In
Class
A
rate
of
or
cash
either
in
payable
53-4
Dividend
k
• Not members of Federal Reserve Bank.
of one share of Class A stock for each share of $6 pref. and Six one-hundredths of
b This is the reserve required on the net demand deposits In the ease of State banke
Class A stock for each share of 86 50 preferred.
and
trust companies, but in the case of members of the Federal Reserve Bank
No.
S.
coupon
1 Payable to holders of
Includes also amount In reserve required on net time deposits, which was as follows:
be quoted ex the last div.on Feb.23.
m N.Y Stock Each.rules Nash Motors shall
one-fortieth
each
Feb
6, 315, 140.460; Jan. 30.$15,201,540; Jan.23,$15,104,220; Jan. 16,$15,224,010'
rate
of
of
a
share
for
the
at
Stock
Class
A
in
n Payable in caeld Or
Jan. 9, $15,292,260.
Share held.
•134
FEB. 13 1926.]
THE CHRONICLE
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Cash
Reserve
in Vault
Members Federal
Reserve Bank__
State banks •
Trust companies._
Total Feb. 8..
Total Jan. 30
Total Jan. 23
Total Jan. 18
_
Reserve
in
Depositaries
a
Reserve
Required.
Total
Reserve.
855
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
6.786.000
2.531.000
616.333,000 616.333.000 577.393.620 38,939.380
140,060
4.853,000 11,639 000 11.498.940
7,046.000 9,577,000 9.579,150
—2,150
9.317.000 628,232.000 637.549,000 598,471,710 39 077.290
8.930,000 592.821.000 601.751.000 596,470.820 5.280.180
9.131.000 615.682,000 624,813.000 598.691.070 26.121.930
9,311,000 619.006.000 628.317.000 603.106.440 25,210,560
• Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits in the case of State banks
and trust companies. but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Feb 6, 815,087.330; Jan. 30, $15,297,450; Jan. 23, $15,106,830; Jan. 16, $15,257,970;
Jan. 9, $15.272,490.
Feb. 10
1926.
Capital
68.000,000
Surplus and profits
89.058,000
Loans. dIsets & Investments. 1010181000
Individual deposits
677.067.000
Due to banks
136.666.000
Time deposits
212.429.0011
United States deposits
19.655.000
Exchanges for Clearing House 27.490.000
Due from other hanks
70,619.000
Reserve In legal depositaries_ 80,254.000
Cash In bank
10,265.000
Reserve excess in F.R. Bk.,
265.000
Jan. 27
1926.
3
1926.
Chanpes from
previous week.
Inc.
200.000 66.800.000 66.800.000
inc.
18.000 89.040.000 90.272,000
Inc. 1,151.000 10119030000 1011030000
Dec. 15.331,000 692.398.000 692,364.000
Dec. 5.132.000 141.798.000 138.286.000
Inc. 2,366 000 210.063.000 213.940.000
Dec.
2.000 19.657.000 19.660.000
Dec. 12.273.000 39.673.000 29.957.000
Dec. 9,313 000 79.932.000 78,182.000
Dec.
926.000 81,180 000 81.523.000
Dec.
131.001) 10.396.000 10,935.000
Dec.
844.000 1,109.000
376.000
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.—The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows: return for the week ending Feb. 6, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
Differences from to be kept with the Federal Reserve Bank. "Cash in vaults"
Previous Week. is not a part of legal reserve. For trust companies
Feb. 6.
not memLoans and investments
51,205.335.000 Inc. $2,897.800
Gold
102.800 bers of the Federal Reserve System the reserve required is
4.207.900 Dec.
Currency notes
23.680.600 Des. 1.157.700 10% on demand deposits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New York_ 100,862,200 Dec.
478,900
Total deposits
1 261,765,500 Dee. 2.573.700 depositaries" and "Cash in vaults."
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies In N. Y City, exchange It U. S deposits_ _1,189.594,300 Dec. 1,606.900
Reserve on deposits
468,300
171.499,100 Dec.
Percentage of reserve, 00.0%.
RESERVE.
—Trust Companies—
—State Banks—
Cash in vault
691.929.100 14.50%
•$36.821 600 15 84%
Deposits in banks and trust cos.._ __ 12,178,600 05.24%
30,569.800 04.82%
Total
8122,498,900 19.32%
$49,000,200 21.08%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Feb. 6 was $100,802,200.
Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater Now York City outside of the
Clearing House aro as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Demand
Deposits.
•Total Casla
in Vaults.
$
6.465,023.700
6.463.163.200
6.481.864.200
6.502.188.400
6.556.239,300
6.531.007.500
6.520,077.500
6,522.283.800
6.504.882.200
6.498.683.600
6,539,445.800
6.584.447.000
6.688,745.000
6.713,047,300
6.614.199.500
6.557,007,300
6.538,928.200
6.583.367.000
$
5,491,705.400
5.550.463.800
6.578.689.600
5.629.110.200
5.696,831,900
5.682.852.100
6.665.239.800
5,625,087.400
5.615,024,900
5,602.113,700
5.638,893.200
5,619.923.800
5,740,772.300
5.770,909.300
5.711.092.600
5.657,830.000
5.628.105.200
5.600 Am ann
$
84.916.400
84.365,300
83.765.400
83.583.400
86.517.600
88.814.300
84.741.300
88.401.000
88.462.600
91,125,200
98.884.300
105.692.300
99.811,300
95.988.600
90.893,800
87.033.900
87.174.800
RI 990 crin
Reserve in
Depositaries.
02080000G,,,,wyvvy ,--00000 00000000000C
Week Ended—
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov.21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dee. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
1,rh
0
Loans and
Investments.
New York City Non-Member Banks and Trust Companies.—The following are the returns to the Clearing
House by clearing non-member Institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars—that (s, three ciphers 10001 omitted.)
Loans,
Diecounts,
Investments,
Re.
CLEARING
SON-MEMBERS
Cash
in
Vault
Reserve
with
Net
Net
Legal Demand Time
Dcpool- Deposits. Deposits.
tortes.
8
1,000
1,856
12,756
35
985
6,572
3,899
200
1.200
804
2,787
8,588
30.800
792
3.161
377
1,502
6,307
26,2I i
2,591
4,665
Total-- - —
Trust Company
Not Member of tb
Federal Reserve Bank
Mech Tr, Bayonne
1.400
3,392
39,388
3,953
1,879
32,507
7,256
500
589
9.351
372
'178
3,554
5,972
Total----------
500
589
3,554
5.972
2.900
Grand aggregate-Comparison with D ev. week
5,838
61.494
+2
4,360
3,042 242,633
—34 --134
17.127
+88
2.900
2,900
2,900
2.900
5.838
6,838
5,736
5.736
81,492
61,769
62,148
81.0171
4,360
4,433
4,568
4.670
3,076
3.149
3.275
3.412
17.039
17.012
17.003
17 1)90
(it'd aggr., Jan. 3 1
Gr'd aggr., Jan. 2
Gr'd aver., Jan. 1
Gr'd agar., Jan
9,3
372
178
a42,787
a43,508
a44.039
a43.278
United States deposits deducted, 847,000
Bills payable, rediscounts. acceptanses and other ItabMtlee. 82.598,000.
Excess reserve. $1,440 increase.
Membersof
Trust
f?.R.System Companies
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits (not incl.)Res've with legal deposles
Reserve with F. R.Bank..
Cash in vault •
Total reserve & cash held_
Reserve required
Excess res. & cash in vault
842.275.0
129.436.0
849.415.0
36,957.0
107.523.0
146.740.0
590.155.0
125,904 0
862,799.0
85100.0
17,137,0
48 198.0
786.0
16 0
879.0
30,171,0
2.116.0
33,166.0
4,552,0
65,497,0
9.706.0
75,203,0
65,013.0
10,190,0
1,573,0
8.125.0
4,612.0
1,483,0
1925
Total.
647.275.0
146.573.0
897.613.0
37.743,0
107.539.0
147.619.0
620.326.0
128.020.0
895,965.0
14.461.0
4.552.0
65.497.0
11 279.0
81.328.0
69,655.0
11,673,0
J,in 30
1926
Jan 23
1928.
$47.025,0
146,573.0
896.796.0
39,783.0
108.692.0
145,527.0
629.631.0
124,648.0
899.706.0
14,461.0
3.811.0
65,728.0
11,638.0
81.177.0
70.086.0
11.091,0
$47.025,0
146,573.0
898,941.0
41,420.0
118.464.0
148.616.0
644,222.0
122.109.0
914,947.0
13.502.0
3,928.0
65,679.0
11,845.0
81,452.0
70.894,0
10,558.0
•Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
—The following shows the condition of the Federal Reserve
Bank of New York at the close of business Feb. 10 1926 in
comparison with the previous week and the corresponding
date last year:
Feb. 10 1926. Feb. 3 1926. Feb. 111925.
Resources—
$
339.535.000 389,649,000 442.098.000
Gold with Federal Reserve Agent
6,974.000
Gold redemp. fund with U. S. Treasury.. 10,527,000
7,230,000
Gold held exclusively scat. F.R. notes_ 350.002.00(1
Gold settlement fund with F. R. Board. 215.915.000
Gold and gold certificates held by bank.... 384,173.000
396,622.000
189.261.000
379,591.000
449.328.000
141,343,000
297,195,000
Total gold reserves
Reserves other than gold
950.150,000
38.125.000
964.474.000
37,861.000
887.866.000
33,412,000
Total reserves
Non-reserve cash
Bills discounted—
Secured by U. S. Govt. obligations
Other bills discounted
988.275.000 1,002.335.000
21.337,000
24,896.000
921.278.000
18,980,000
155.601.000
33,043.000
137,173.000
20,355,000
108,916,000
40,155,000
Total bills discounted
Bills bought in open market
U. S. Government securities—
Bonds
Treasury notes
Certificates of indebtedness
188,644.000
52,492,000
157.528.000
36,852,000
149,071.000
75,884,000
1,934.000
36,695.000
14,120.000
1.934.000
43.133.000
11,182.000
12,461,000
91.977,000
9,752,000
52,749.000
1,971,000
56,249,000
1,728,000
114,190.000
3,055,000
295.856.000
252.357.000
342,200,000
660.000
136,355,000
16,665,000
4.288.000
660,000
146,284.000
16.666.000
4,253.000
642,000
132,137.000
16.303.000
7,551,000
Total U. EL Government securities
Foreign loans on gold
Total Ms and securities (See Note)
Net
Capital. Profits
Week Ending
Feb. 6 1926.
-Members of
Average. Average Average. Average Average
S
$
$
Fed'I Res've Bank
$
i
$
1,000
1,856 12,756
Grace Nat Bank___
35
985
6,572
3,899
Total
State Banks.
Not Members of the
Federal Reserve Bank
Bank of Wash.IIts_
Colonial Bank
Week Ended February:0 1926.
Two Ciphers (00)
omitted.
Due from foreign banks (See Note).
Uncollected items
Bank premises
All other resources
Total resources
-
1,463,436.000 1,447.451.000 1,439.091,000
Liabilities—
Fed*I Reserve notes in actual circulation_ 369,560.000
Deposits—Member bank, reserve ace't
862.032.000
Government
6.008.000
Foreign bank (See Note)
5,857.000
Other deposits
8.890.000
366.127.000
838.748.000
13.404.000
1.437.000
9,081.000
348,623,000
850,215.000
6,112.000
19,043.000
10.142,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
862.670,000
123.511.000
33,098,000
59.965.000
2,081.000
885.512,000
113.714,000
30,172.000
58.749,000
2.321.000
Totalliabllitles
882.787.000
115.542.000
33.177.000
59,964.000
2,386.000
1.463.436,000 1,447,451.000 1,439,091,000
Ratio of total reserves to deposit and
Fed'I Reeve note liabilities combined_
74.6%
81.6%
78.9%
Contingent liability on bills purchased
12,198,000
for foreign correspondents
22.883,000
23.996,000
NOTE.—Beginning with the statement of Oct. 7 two new Items were added in
order to show separately the amount of balances held abroad and amounts due to
fOreIgn correspondents. In addition, the caption, "All other earning assets," now
made up of Federal Intermediate credit bank debentures, has been changed to
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provisions of
Sections 13 and 14 of the Federal Reserve Act, which are the only items Included
herein.
THE CHRONICLE
856
[VOL. 122.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Feb. 11, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 822, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEB. 10 1926
Feb. 10 1926. Feb. 3 1926. Jan. 27 1926. Jan. 20 1926. Jan. 13 1928. Jan. 6 1926. Dec. 30 1925. Dee. 23 1925 Feb. II 1925.
RESOURCES.
$
s
$
$
$
s
3
$
9
(*Old with Federal Reserve agents
1.433349,000 1.450.287.000 .511.514,000 1,517.010,000 1,472,351.000 1.424.473.000 1,356.607.000 1,327.438.000 1,712.410.000
49.504,000
49.159,000
49,711,000
Gold redemption fund with U. EL Tteaa48,135.000
58.528.000
51.702.000
52.699.000
49.343,000
48,298.000
Gold held exclusively eget. F.R.notes 1.484.851.000 1,496,422,000 1.561,118.000 1.568.169,000 1422.062,000 1,482.999.000 1.409.306.000 1.376.781.000
Gold settlement fund with F. R. Board_ 650,384,000 633.596,000 678.327.000 573.852,000 608.492.000 638.643.000 701.455.000 729.256.000 1,760,708,000
576,593,000
Gold and gold certificates held by banke. 659,638,000 661.914,000 661,709.000 674.782,000 668.479.000 622.378.000 593.520.000 559,259,000 559,039.000
Total gold reserves
2.794,873,000 2,791.932.000 2,801.154.000 2.814,783.000 2,799,033.000 2,744,020,000 2,704.281.000 2,665,288.000 2,896,340,000
Reserves other than gold
144,422,000 147.328,000 152.053.000 152.0139,000 150.846.000 138.046.000 117.852.000
91,983,000 144,693,000
Total reserves
2,939,295,000 2.939,260,000 2,953,207.000 2.966.852.000 2.949,879.000 2.582.066.000 2,822.133.000 2,757.279.000 3,041,033,000
Non-reserve cash.
64,425,000
83,920.000
81,250.000
86.990.000
71,056,000
74,481,000
62,053,000
42,783.000
58,045,000
Bills discounted:
Secured by U. S. Govt. ohligaiJons
310,096.000 298.089,000 258,227,000 251.872,000 305.962,000 363.832,000 466.014,000 441,479.000 190,515.000
Other bills discounted
223,276.000 189.707.000 190,330,000 201410,000 199,801,000 229,635,000 283.658,000 322.644,000 141,291,000
Total bills discounted
533,372,000 487.796.000 448,557.000 453.182.000 505,763,000 593,487,000 749.672,000 764,123.000 331,806,000
Bills bought in open market
300,519.000 302.264,000 295.417,000 305,850.000 327.402,000 344,783,000 362,818,000 369,951.000 324,647,000
O. S. Government securities:
Bonds
59,639.000
59,410,000
60,801,000
58.391,000
59,733,000
59,738,000
58,854,000
65,839,000
74,965,000
Treasury notes
168,673,000 184,435.000 182.873.000 183.595,000 184,022,000 185,906.000 192,077.000 190,037.00(3
Certificates of indebtedness
104.842,000 105,590,000 122.457.000 125,570.000 125,363,000 125,124,000 126.101400 103,831,000 274,539,000
40,592,000
Total U.S. Government secur1ties.-- 333,154,000 349,763,000 365.063.000 369.968,000 368,795.000 369,421.000 377.032.000 359.507.000
390,096,000
Other securities (See note)
3,150,000
3,150,000
3.150,000
3.205.000
3.150,000
3,158.000
3,205.000
3.205,000
2,559,000
Foreign loans on gold
7,299.000
6.399.000
6400,000
7.502,000
7,000.000
6,500,000
8.100.000
8.300,000
10,500.000
Total bills and securities Om Note)... 1.177,494,000 1.149,372,000 1,118,682.000 1.138,646.000 1.212.118,000 1.318,378.000 1,500,827.000 1,505486.000
1,059,608,000
Due from foreign banks(388 Note)
860,000
642.000
660.000
642,000
642,000
642.000
642.000
642.000
642,000
Uncollected Items
613,554,000 628,838,000 635.749.000 719.719.000 750.502.000 787.184.000 717.599.000 768.088.000
589,040.000
Bank premises
59,366,000
59.322,000
59.239,000
59,323,000
59.308,000
59.308.000
61.632.000
61.629,000
58,057,000
All other resources
16,893,000
16,995,000
16,507.000
17,071.000
16,860,000
16.456.000
18.272,000
18.006.000
23,757,000
Total resources
4.871,687,000 4,865,503,000 4.865.929,000 4,985496,000 5.075.895,000 5,138,850.000 5383358,000 5,151,513,000
4,830,182,000
LIABILITIES.
if R. notes In actual circulation
1,667,844,000 1.662,520,000 1,667,266.000 1,892,021.000 1,733,284,000 1,777,628,000 1,835,01r',000 1,895,663,000
1,713,662,000
DepositsMember banks-reserve amount
2,239,050.000 2,215.193,000 2,216.882.000 2,242.730,000 2,279.741,000 2,278.123.000 2,308,614,000 2,219,373,000
2,174,546,000
Government
29.151,000
27.628.000
17,516,000
17.117.000
28,935,000
16,087.000
43,356.000
29,120,000
27,601,000
Foreign bank (See Note)
9,252,000
8.397.000
7.763.060
8,097.000
8.796.000
4.991.000
12,014.000
7,956.000
21,473,000
Other deposits
18,648,000
19,560,000
25.482,000
20.369.000
17.623,000
21,446,000
18,952,000
19,166,000
18,835,000
Tots/ deposits
2,296301,13130 2.282.492.000 2.272.236.000 2.298.315,000 2424.990.000 2,329.218.000 2.357.141.000 2.275.615.000
Deferred availability Items
5513,961.000 570,721.000 578.385.000 644,929,000 669.225,000 683,994,000 635.681,000 625,263.000 2,242,455,000
Capital paid in
118,411,000 118,121.000 118.251.000 118,211,000 117.277,000 117.287,000 117.042.000 116,978,000 533.398,000
'112,
00
qurplus
220.310,000 220.310,000 220.310.000 328,0
220.310.000 220.310.000 220,310.000 217.837.000 217.837.000'
217,837,000
12,060,000
All other liabilities
11,810,000
11,481,000
11,339.000
10.413.000
10.809,000
20.447.000
20,167,00
10,502,000
Total liabilities
4,871,687,000 4,865,503.000 4,885,929.000 4,985.596,000 5,075,895.000 5,138,850.000 5383.158.000 5,151,513,000
4,830,182,000
Ratio of gold reserves to deposit and
70.5%
F. R. note liabilities combined
70.3%
71.1%
70.7%
66.8%
64.4%
689%
63.9%
73,0%
Ratio of total reserves to deposit and
74.2%
F. R. note liabilities combined
74.4%
74.5%
73.0%
70.2%
727%
67.3%
66.1%
76.9%
Contingent liability on bills purshased
84,656.000
for foreign correspondents
83.647,000
83.756,000
83.543,000
79.063,000
81.042,000
85,049,000
58.739.000
43,210,000
=
e
3
Distribution by Maturities5
$
$
$'
$
$
$
3
104,685.000
1-15 day bills bought In open market
86.940.000
37.201,000 105.423.000 118.339,000 123,664.000 111,320,000
96.785.000
424,195,000 373,858,000 332,309.000 338.215,000 393,006.000 463,256.000 618,325.000 613,605.000 108,570,000
1-15 days bills discounted
904,000
264,095,500
1-15 days U. B. mirth:, of indebtedness.
21.000
36,000
397,000
1,105.000
617,000
1-15 days municipal warrants
55,000
8,000
10.000
8,000
18-30 days bIlis bought in open market.
63,107.000
64,797,000
72.459.000
55.840,000
59,292,000
77.801.000
55.073,000
86,234.000
83.785,000
days
bills
discounted
32,047,000
16-30
31,428,000
29.941.000
34.030,000
26.942,000
35,816.000
32.329,000
40,829,000
18,976400
16-30 days U. B. eertif. of Indebtedness
16-30 days municipal warrants
45,000
55,000
1,000
81.930.000
87,951,000
90,439,000
85,094.000
31-80 days bills bought in oyes market_
89.620.000
94,319,000
86.264,000
93.019,000
75.542 000
42,821,000
49,668,000
52,215.000
53.152.000
111-60 days bills discounted
48.595,000
50,286.000
61,162,000
46,564,000
24.611:000
51-60 days U. B. eertlf. of
indebtedness.285,000
51-60 days municipal warrants
62.753.000
64.571.000
61-90 days bills bought in open market.
58.862.000
67.648.000
52,939.000
57.779.000
38.847,000
57.182.000
_2
5,488,000
discounted
25,469,000
33.428.000
61-90 days bills
23.779.000
33.536.000
37,755,000
26,772.000
25.194,000
26,308.000
44,345,000
476.000
61-90 days U. S. certif. of Indebtedness
61-90 days municipal warrants
4,698,000
9,060,000
9,459,000
Over BO days bills bought la open market
6.890.000
10,589,000
10,943.000
11.735,000
11.888.000
4,262,000
10.951.000
10.430.000
8,840.000
10,772.000
10.355,000
8,739,000
Over 90 days bills discounted
9.579.000
9.453.000
9,779,000
Over 90 days certif. of indebtsdness___. 104.821,000 105.590.000 122,457.000 125,058,000 125,363.000 124,727.000 124.996,000 102,727.000
39,690,000
Over 90 days municipal warrants
P. R. notes received from Comptroller_ _ 2,860,338,000 2,884,453.000 2498.753,000 2,922,541,000 2.944,910.000 2,969,043,000 2,980,473.000 2,972,910.000
851,949,000 883.051,000 850,030,000 846,131400 821,435,000 797.325.000 777.093,000 773,143,000 3.049,551,000
V. R. notes held by F. R. Agent
993,913,000
2,008,387,000 2.021,402,000 2,048.723.000 2.076,410.000 2,123.475.000 2.171.718.000 2,203,380.000 2,199.787,000
Issued to Federal Reserve Banks
2,055,638.000
How SecuredBy gold and gold certificates
310.000,000 309.961,000 309,121.000 308.260.000 302.836.000 302.431,000 302,231.000 302.046.000 281,516,000
114,853,000 106.916,000
98,181,000 104,883.000 112.443,000 101,359,000 108,767,000
Gold redemption fund
95,989,000 102,619,000
1,008,296,000 1,033,410,000 1,106,404.000 1.108,131,000 1,071,534,000 1.017,169.000 941,933,000 924,033,000 1.322.127,000
Gold fund-Federal Reserve Board
791,025,000 740,300,000 692,387,000 711,401.000 789,051,000 892.390,000 1.060,708,000 1.072.785.000 621.373,000
By eligible parer
2.224.174.000 2.190.587.000 2.203,901,000 2.228,411.000 2,261.402.000 2,316.863,000 2,417,315.000 2.400.223.000 71 :, ,
6
NOTE.-Beginning with the statement of Oct. 7 wo new items were added In order to show separately the amount o balances held abroad and amounts due
to foreign correspondents. In addition, the caption,"All other earning assets." now made up of Federal Intermediate Gredlt Bank debentures, has been changed to
"Other securities." and the caption."Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate deeotiption of the
tidal of the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which are the only items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 101926.
Total
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Mitinsap. Ran. City Dams. SanFran.
TOIL
Federal Reserve Bard of$
RESOURCES.
$
$
2
3
S
S
$
$
$
$
$
$
lold with Federal Reserve Agents 84,311,0 339,535,0 130,245,0 191.177,0 81,203,0 124,694,0 129,522,0 17,404,0 64,162.0 49,937,0 25,330,0 215,629,0 1,433,149,0
883,0 1,509.0 2.986,0 1,449,0 2,108,0
10,527.0 12.353,0 1,834,0 2,178.0 3,488,0 2,872,0
51.702,0
]
old red'n fund with U.El. Treas. 9,715,0
Gold held excl. eget. F.R motes 94,026,0
Ioldsettle't fund with F.R.Board 39.841,0
36,818,0
3old and gold certificates
350.062.0 142,598,0 193,011.0 63,381,0 128,182,0 132,394.0 18,087,0 65,671,0 52,923,0 26,779,0 217,737,0 1,484,851,0
215,915,0 32,333,0 68,142,0 32,874,0 32,177,0124,190.0 18,809,0 15,689,0 29,646,0 17,011,0 25,757,0 650,384,0
384,173,0 29,739,0 47,494,0 3,798,0 4,482,0 76.326,0 17.826,0 6,763,0 4,992,0 9,818,0 37,431,0 659,638,0
170,685,0
17,827,0
950,150,0 204.670,0 306,847,0 100,053,0 184,821,0 332,910,0 54,722,0 88,123,0 87.581,0 53,606,0 280,925,0 2,794,873,0
38,125.0 4,016,0 7,165,0 7,973,0 9,212,0 21,766,0 '17,772,0 2,828.0 5,015,0 6,252,0 6,471,0 144,422,0
188,512.0
Total reserves
5,610,0
Jon-reserve cash
line discounted:
Sec. by U. EL Govt. obligations 13,513,0
33,176,0
Other bills discounted
988.275,0 208,686.0 313412.0 108,026,0 174,033,0354,676.0 72,494,0 90.951,0 92,576,0 59,858,0 287,398,0 2,939,295,0
21.337,0 2,154,0 3,296,0 5,281,0 3,8994 8,756,0 3,903.0 1,074,0 2,762,0 2,927,0 3,426,0
84,425.0
46,689,0
Total bills discounted
66,752,0
ISM bought in open market
J. B. Government securities:
572,0
Bonds
1,510.0
Treasury notes
Certificates of indebtedness. 6,490,0
188,644,0 55,329.0 49,858,0 34,813.0 22.778,0 72,200.0 15,150,0
52,492,0 16,515,0 15,326,0 8,773,0 32,677,0 29495,0 16,539,0
Total gold reserves
teserves other than gold
..._-_. v, a
ri...... ......tria.
0 1172
n
155,601.0 35.458,0 25,443.0 11.220.0 3.445,0 39,329.0
33,043.0 19.871,0 24.215,0 23,593,0 19,333,0 32,871,0
6.634,0
8,516,0
3.115,0
3,429,0
7,375,0
8,529,0
578,0 8,385.0
4.459,0 12,241,0
310,096,0
223,276,0
6.544,0 15,904,0 5,037,0 20,628.0
6,986,0 14,796,0 16,083,0 23,985,0
533,372.0
300419.0
1,934,0
604.0 8,103,0
36,694,0 3,591,0 18,623,0
14,121,0 16,053,0 5,180,0
1,240.0
3.042,0
1,991,0
7,665,0 8,387,0 7,483,0
471,0
6.411,0 16,957,0 15,770,0 26,400,0
3,094,0 9,064,0 8,821,0 18,492,0
59,839,0
168,673,0
104,842,0
52.749.0 20.248.0 31.908.0
6.273.0 15.820.0 46.311.0 24.480.0 17.170.0 34.408.0 30.074.0 45.363.0
322 Iltl eh
955,0 20,190.0 2.035,0
8,910,0 17,329,0 13.436,0
5,755.0 8,792,0 8,989,0
IlESOURCKS (Conant:M)ngo Ciphers (00) omitted.
Belton.
New York.
S
$
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
UnooHeisted items
Sank premises
All other resources
857
THE CHRONICLE
FEB. 13 1926.]
1.971,0
540.0
Cleveland. Richmond Miami. Chicago. ss. Louis Matador. Kos CUr Degas. Bourrea.
PhGa.
781,0
$
$
$
$
4
3,050.0
679.0
299.0
387.0
1.007,0
$
4
338,0
241,0
$
100,0
292.1
$
4
255,0
511,1
regal
$
3,150,0
7,299.0
295,856.0 95,821,0 97.671,0 50.246,0 71.374,0 149,113,0 56,485,0 30.941,0 65,500.0 51,449.0 90,485.0 1,177,494,0
660,0
660,0
136,355,0 54,533,0 54,881.0 54,949,0 36,420.0 74.120,0 33,130.0 12,152,0 40,241,0 26.538,0 36,860,0 613,554,0
59,366,0
3,217,0
1,793,0
4,636,0
2,943,0
4,111,0
7.933,0
16,665,0 1,480,0 7,409,0 2,364.0 2,747,0
16,893,0
455.0 3.346,0
449,0
573,0 2,428,0
230.0 1,137,0
372,0 1,186,0 2,344,0
4.288,0
122,553,0
53.375.0
4,068,0
85,0
374,203,0 1,483,438,0 362,904,0 478,206,0 221,238,0 289,859,0 596,942,0 170,698,0 140.489,0 206,184,0 143,020.0 424,730,0 4.871,887,0
Total -esource
LIABILITIES
_
circulation_
147,039,0 369,580,0 148,587,0 204,466,0 78,892,0 159,542,0 182,223,0 36,987,0 64,593,0 68,575,0 40,010.0 189.370,0 1,667,844.0
1.R.notes In actual
CePosits:
165.944,0 2.239.050,0
Member bank-reeerve amt.. 144,094,0 882.032,0 130,007.0 185.646,0 69.904,0 79,381,0 319,002,0 82,375.0 51,465,0 87,765,0 61,435,0
6,008,0
5,857,0
8,890,0
4,789,0
355,0
139,0
Government
Foreign bank
Other deposits
Total depoelta
Deferred availability items
Capital paid In
Surplus
All other HabilWee
1,530.0
444,0
92,0
1,996,0
500.0
1,005,0
4,433,0
187,0
280.0
2,148,0
248.0
67,6
564,0
641,0
884,0
1,745,0
201,0
1,048,0
1,375,0
150,0
172.0
2.305,0
182,0
213.0
29,151,0
9,252,0
18,648,0
1,268,0
323,0
5.849,0
1,010,0
164,0
29.0
882,787,0 132,073,0 189.147,0 72,367,0 84,281,0 321,071,0 85,369,0 53,162,0 90,455,0 62,838,0 173,384,0 2,296,101,0
115,542,0 49,794,0 47,467,0 51,273,0 31,850.0 85,113.0 32.935.6 11,127,0 35.330,0 28,022,0 36.942,0 556,961,0
33,177,0 11.624,0 13,173.0 6.02C.0 4.828,0 15,859.0 5,119,0 3,174,0 4,244.0 4,270.0 8.296,0 118,411.0
59,964,0 20,464,0 22,894,0 11,919,0 8,700.0 30.613,0 9,570,0 7,501.0 8,979,0 7,615,0 15,071,0 220,310,0
12,060.0
465,0 1,667.0
571,0
932,0
716,0
458,0 2,063,0
382.0 1,059,0
767.0
2,386.0
149,357,0
51,566,0
8,627,0
17,020,0
594,0
374,203,0 1,463,438,0 362,004,0 478,205,0 221.238,0 289,859,0 596,942,0 170,696,0 140.489,0 206,164,0 143,020,0 424,730,0 4.871,687.0
Total liabilities
Memoranda
74.2
79.2
58.3
59.0
77.2
59.2
73.4
71.4
74.4
71.4
78.9
79.7
63.6
Renerve ratio (per Cent). _
Contingent liability on bills pur84,656.0
23,996,0 7,938,0 8,940.0 4,428,0 ,3,342,C 11,447,0 3,593,0 2,674,0 3,259,0 2,924.0 5,785,0
chased for foreign corresPondla 6.350,0
F. R. notes on hand (notes rec'd
from F. R. Agent less notes In oo nKn n IAA AAn n o.. AQII n to GAO n Iv Ion n In .10A n 17 °to n A AT, n o CM, A C 014 II k ma fl cl 0020 540 042 0
simulation)
ItitligaVg NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OP BUSINESS FEB. 3 1924.
/Meal Referee Agent at-.
NOW York
Boston
Phila.
Atlanta
Murmur Richmond
Chicago
St Loafs
Mlle. Res, MI
Son Pr
Dollar
Total
$
(Two Ciphers (00) Omitted.)
R. notes rec'd front Comptrorr 232,998,0
63,000,0
R. notes held by F.B. Agent
$
$
$
$
$
8
$
$
$
8
$
S
740,389,0 207,873,0 280,499,0 123,211,0 225,853,0 418,772,0 68,144,0 85,583,0 192,013,0 61,028,0 294.433,0 2,860,336,0
226,360,0 24,840,0 63,420,0 27.190,0 46.387,0 239,337,0 24,580.0 18,033,0 49,490,0 16,012.0 53,500.0 851,049,0
Ir.R. notea issued to F.R. bank 169,998,0
ilateral bold as security for
P.R. notes issued to P.R. Bk.:
Gold and gold certificatee- 35,300,0
. 15,011,0
Gold redemption fund
Gold fund-F.R. Board_ 34,000,0
113,441,0
Eligible Paper
514,029,0 183,033,0 217,009,0 96.021.0 179,276.0 179,435,0 43,564,0 67,550.0 72,523,0 45,016,0 240,933,0 2,008,387,0
Totalcollateral..
197.752.0
310,000.0
17.226
11,045,0 13.052,0
11,410,0
186,697,0 1,600,0 8,780,0 24,890
26,838.0 12.256,0 12,397.0 4,813,0 9.284,0 3,878.0 2.159,0 1,110,0 4,577,0 3,104,0 19,426.0 114.853,0
126.000,0 116,389.0 170,000,0 31,500,0 104,060.0125,644.0 4,200,0 50,000,0 45,360,0 5,000.0 196,203, 1,008,296.0
791,025.0
213.023,0 62,404,0 63.714,0 41,381.0 55,159.0 101,678,0 31,459,0 13.289,0 30,808,0 20,874.0 43.995.
552.558 0 102 A te 0 254.0010 102 084 0 170.653.0 231.200.n 43.663.0 77.451.0 80.545.0 46.204.0 259.624.0 2.224.174.
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 717 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve. banks themselves. Definitions of the different items in the statement were given in the statement
of Deo. 12 1917. published in the "Chronicle" of Dee. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 823.
1. Data for all reporting member banks In each Federal Reserve District at close of busloels Feb. 3, 1926.
Federal Rums DUNG.
1amber of reporting banks
l.oans and discounts, gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and discounts ._ ...
Total loans and discounts
leveetments:
U. S. pre-war bonds__
U.8 Liberty bonds
U. S. Treasury bonds
.S Treasury notes
V.6. Treasui7 certIneatee
(Aber bonds. stocks and securities
Total investment.
Boston. New York
Phila.
Clemiand. Richmond MOSUL
Mal
716
$
$
162,965
7,380
262.405 5.527,610
909,462 8.285,175
66
100
33
24
69
49
4
5,492
140,680
370,529
$
4
24,012
7,506
97,225 815,407
417,050 1,230,735
4
12,136
211,253
310,322
$
2,415
71,540
174,461
4
4.053
110,591
323.678
$
3.093
80,868
237,054
516,701
521,791 2.070,154
533.711
248,418
438,322
321,015 1,179,247 13.975,750
14,881
15,100
5,769
2,033
5,229
52,957
20.270
172,432
53.817
81,621
10,346
439,509
12,957
25,618
10,201
8,929
4,988
107,735
7,372
26,750
12.102
18,510
6,923
41,916
8,833
57,242
17,676
16,127
4,228
76,684
17.239
19.811
4,741
4.447
4,030
23.426
24,752
222,769
142.618 1.410.797
50,415
442.589
322.139
20,361
151,610
23,635
205.451 2.928.212
95,989
757,995
168,408
113,573
180,790
73,694
467.132 5,478.116
99
54
g
g
9,484
53.890
336.727 2391.272
646,970 2,554,277
75
71
$
10,893
406.736
384,397
3
22,611
502,906
748,230
993,181 5,099,439
782,026 1,271,747
39,338
9,684
86,717 619.613
17,914 208,539
4,066 153,415
18,585
41,986
213.239 1.106.750
9,488
50.523
18.029
7,178
6,689
251.729
32,993
183.047
35.478
25.688
22.412
345,548
24,964
31,326
7,910
1,784
2.699
83.288
350.185 2,169,641
343,634
625,164
131,931
40
Three cipher. O&M omitted.
Chicago. St. Louis Minesap. Kea. Cite Dallas. See Pram.
36
1,343,366 7,269.080 1,125.660 1,896,911 648,832 617.760 2,828,149 702.119 361,989 619.112 394,709 1,648,379 19,453.866
Toll loans and Investments._
42,851 244,1389
30.114 110,776 1.835,440
56.557
22,982
49,003
97,354 738,056
42.323
79.656 121.079
Swerve balances with F. R Banks_
10,948
274,295
12,529
48.414
5,648
10.514
7,596
79,486
20,897
19,299
15,498
12,782
30.684
Dasb in vault
893,228 5.678,429 787.609 1.007.277 375.035 365,051 1,734.533 428.211 225,396 491.397 280,785 789,343 13.036,344
Piet demand deposits
1,028.322
216,557
143,475
113.069
222,245
100,305
219,191
5.404.185
1.202,804
803,482
392.078
202,179
780,878
deposits
time
10.006
25.659
200,937
1.781
26.285
19.598
3.065
18.908
5,864
6,125
56,627
19,472
7,587
010•0111Ment deposits
with F R. Bk.:
Bill, payle & redlse.
3.758
213.789
35,549
1,790 120,878
15,327
9,025
1.294
1,400
2.707
9,707
4.285
8,049
Secured by U.S. Gov't obligations
14,826
9,401
15,379
9,320
5,536
6,781
100,392
8,809
3,441
11,475
2,721
12.703
All other ---------------------memreporting
of
balances
Rankers'
ber basks In F. R. Bank cities:
98,408 2,295.28
20,781 376.213
94,049
131,374 1,109.749 186,672
58,781 104.072
33.712
35.450
47.040
Due to banks
0728A
48 275
na nee
lft 02
10770
51 042
14.128 143.169
10 012
27.099
64.058
40.618 100.711
Moo.from hanks
2. Data of reporting member banks In New York City, Chicago. and for the whole country.
All Reporting Member Banks.
Feb. 3 1928.
Jan. 27 1926.
'
Feb. 4 1925.
Reporting Member Banks in N. Y. Mt.
Reporting Member Banks in Chicago.
Feb. 3 1926. Jan, 27 1926. Feb. 4 1925. Feb. 3 1926. Jan. 27 1926 Feb. 4 1925.
61
717
716
67
61
740
..--Number of reporting
$
$
$
$
$
gross:
3
Loans and discounts, banks..49,336.000
61,250.000
181,829.000
48,355,000
1132,965,000
184,354,000
Secured by U. S. Gov't oblig ,tIons
Secured by stocks and bonds.-.. 5,527,610,000 5,509,329,000 4,745,248,000 1,221.476,000 2,200,878,000 1,979,355,000
All other loans and discounts.____ 8.285,175,000 8,278.261.000 8,183.713.000 3,234,922,000 1,235,938,000 2.277,464.000
46
$
17,392,000
815,267.000
684,789.000
46
$
17,634,000
616.498,000
679.448,000
46
$
26,618,000
525.944.000
697,387.000
13,975,750,000 13.949.219,000 13,113,313,000 1,505,734,000 4,483.171,000 4,318,069.000 1.317.428.000 1,313,578.000 1,249,040,000
Total loans and discounts__
Investments:
bonds
pre-war
U. S.
4,626,000
3.597.000
34.440.000
29,552.000
222.606,000
3.853.000
29,781,000
232,192,000
222,769,000
U. S. Liberty bonds
82,100,000
1,410,797,000 1,405,725,000 1,389,377,000 526,849,000 525,452.000 538,549,000 100,468,000 101.132,000
U. S. Treasury bonds
16.621,000
16,468,000
433,977,000
27,993.000
360,192,000 191.034,000 182.404,000 139,999,000
442,589,000
U. S. Treasury notea
48,227,000
48,520,000
319.080,000
75,148,000
509,432,000 146.165,000 1142,681,000 210.755,000
322.139.000
U. S. Treasury certificates_
2.111,000
3.851,000
9.142,000
54,435,000
41,084,000
40,776.000
155.957,000
119.542,000
151.610,000
Other bonds, stocks and seeu Ries_
2.928,212,001).2,939.375,000 2,842,484,000 813,467,000 816.780,000 807,962,000 199.714,000 201.940,000 216,720,000
investments
Total
L
5.478.116.000 *5,476.720.000 5.453,219,000 1.748.151.000 1,737.874,000 1,786.140.000 371.767,000 375.505,000 414,956.000
Total loans and investments_
inks_
B
R.
•19425939,000 18.566,532,000 3.253,885,000 6,221,045,000 5,104,209,000 1,889.195,000 1,689,084,000 1,664,905,000
F.
with
19.453,866,000
balances
Reserve
1,635,440,000 1,648.579,000 1.855.453,000 880.757,000 690,823,000 713,405,000 169,700,000 171,411,000 153.145,000
Cash In vaultdeposits
21.786,000
20,695,000
66.404,000
65,596,000
64,789,000
281,652.000
27,001,000
278,070,000
274,295,000
demand
Net
13.036.344,000 13,034,186,000 13.039.813,000 5,117,675.000 5,119,986,000 5,185,759,000 1.150,175,000 1.144,123,000 1.178,314,000
Time deposits
5,404,185,000 5,335.199,000 4,899,797.000 808.709,000 808,915.000 785,148,000 512.089,000 501,858.000 456,403.000
Government deposits
12,947,000
49,995.000
20,499.000
49,995,000
12.947.000
200,360,000
200,937,000
18.096,000
133,850,000
Bllapayable and rediscounts with
Federal Reserve Banks: 'Lions
9,902,000
30,922,000
91.200.000
168,731,000
16,580,000
89,872.000
oblig
Govt.
213,789,001)
840,000
153.265,000
S.
U.
Secured by
3,528,000
8,618,000
6,240.000
100,969,000
3.558.000
5.376.000
100,392,000
29,687.000
190,000
All other
37,162.000
16.518.000
94,728,000
95,248,000
20,118,000
269.700,000
F. R. 6ks314.161,000
182,932.000
1,030,000
Total borrowings from
dealers(lecured by stocks and bonds) made by 61 reporting
Loans to brokers and
member banks in New York 3Ity:
1,221.842,000 1,200,914.000
amount
own
For
1,280,143,000 1,287.367,000
of out-of-town banks
, For account of others
590.012,000 809,911,000
account
For
lI
2 not 997 non 1 nog 102 non
Total
• 12.A...a t lenroe
858
[vou 122.
THE CHRONICI:
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-Below
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
Wall Street, Thursday Night, Feb. 11 1926.
Exchange. The transactions in registered bonds are given
Railroad and Miscellaneous Stocks.-The review
of the in a footnote at the end of the tabulation.
Stock Market is given this week on page 850.
The following are sales made at the Stock Exchange this Daily Record of U. S. Bond Prices. Feb.6. Feb. 8. Feb. 9. Feb. 10. Feb.11 Feb. 12.
week of shares not represented in our detailed list on the First Liberty Loan
(High 100°,, 100,8 100°,, 100..at 100"st
3Si% bonds of 1932-47_(Low_ 100°,, 100°,1 161)°,1
pages which follow:
100°. 100°,1
(First 334s)
(Close 100°,1
Oankers' Oaztitt
STOCKS.
Week Ended Feb. 11.
Sales
for
Week
Total sales in $1,000 units_ __
Converted 4% bonds of (High
Range for Week.
35
100.n 100°,i 100n°. 100,,n
46
139
35
130
Range Since Jan. 1.
Total sales in $1,000 units__ _
.. _ __
____
____
____
___ _
Converted 44% bonds (High 102,n 102°,2
of 1932-47 (First 44's)( Low. 102.n 102.ts 102°0/ 102°. 10241
102.,s
102.112
102'ss
Par.Shares $ Per share. $ per share. $ per share.$ per share.
(Close 102,st 102.ts 102.12 102.st 102,st
Railroads.
Total sales in $1.000 unUs.._ _
13
16
39
8
18
Erie Mrs 1st pref____100
Second Converted 431%(High
200 44 Feb 10 4434 Feb 11 414 Feb 4434 Feb
Minn & St Louis ars__ __
bonds of 1932-47 (First( Low_
100 24 Feb 11 2.4 Feb 11 234 Feb 24 Feb
____
____
____
____
_ ___
Morris & Essex
Second 411s
50
5 804 Feb 9 804 Feb 9 794 Jan 8031 Feb
Pac Coast 2d pref..l00
Total sales in 51.000 units_ _ _
600 52 Feb 9 56 Feb 10 503-4 Jan 56
____
Feb
____
._ __
___
_- - Pere Marquette ctfs.100
100 82 Feb 10 82 Feb 10 81
(High
Jan 82
____ 100°,1
Jan Second Liberty Loan
____
____ 100°. FIGLIReading Eta
4% bonds of 1927-42_ _ _ _(Low.
3,500 20 Feb 8 213.4 Feb 11 19
Jan 214 Feb
____ 100.00
____
____
100 00 DAY
Twin City Rap Trap! 100
(Second 4s)
600 102 Feb 6 10234 Feb 11 101
(Close
Jan 10234 Fob
____ 100.44
____
____ loom
Total sales In $1,000 units_ __
____
16
Industrial & Misc.
Converted 454% bonds (High 100°,14 1002.1,
of 1927-42 (Second (Low_ 100°°,, IOW's, 100,en 100°°,, 100,su
100°°,, 100." 100"st
Am Can Co
10061.400287 Feb 831734 Feb 11 27534 Jan 31734 Feb
44s)
(Close 1002'at 100"st 100"st 100"at 100"st
Am Car & Foundry Rts_ 50,940
Total sales in 51,000 unlis_._
4 Feb 10 1 Feb 6
Feb 3l4 Jan
61
66
181
27
125
Am Piano pref
100
100 97 Feb 8 97 Feb 8, 9634 Jan 98
(High 101.00 101,31 101.3, 101.00 101°u
Jan Third Liberty Loan
Barnet Leather
• 500 533 Feb 6 55 Feb 8 524 Jan 55
431%
bonds
of 1928
(LOW- 100"st 100"st 100',st 100"st
Feb
Barnsdall Corp Rta
(Third 430)
40,050 1-16 Feb 6
4 Feb 8 1-16 Feb 7-16 Jan
iClose 101.00 101.00 100°,,, 101.00 100"st
IOW°.
Brown Shoe
Total sales in $1,000 units. _ _
100
600 135 Feb 6 135% Feb 9 135
121
Feb 14334 Jan
375
220
28
123
Chandler Motor, new....
300 26 Feb 11 26 Feb 11 26
(High 1021,” 1020,,
Feb Fourth Liberty Loan
Feb 26
Chicago Yellow Cab___• 400 48 Feb 6 49 Feb 8 48
44% bonds of 1933-38_( Low. 102,11, 102111, 102‘so 102"st 102"st
Jan
Feb
49
102uu 102un 102°°,1
Corn Credit 1st pref_ _ _25
400 99 Feb 6 99 Feb 6 99
(Fourth
431s)
(Close 102un 102"st 102"st 102"st 102"tt
Feb 99
Feb
Corn Inv Tr 634% pf 100
500 97 Feb 10 98 Feb 8 98
Total sales in 51,000 units_ _ .
Feb 100
160
Jan
289
323
67
260
Consolidated Cigar Rts_ 10,200 2 Feb 6 2% Feb 6 1
(High 107"st 108,st 104,st
Jan 3
Feb Treasury
- - -Continental Can prof 100
200 11834 Feb 10 118% Feb 11 11734 Jan 11834 Feb
41.03, 1947-52
(Low. 107"st 107"st 107", 107"st
107"st
Durham Hosiery pf_ _100
300 6534 Feb 9 67 Feb 9 61
(close 107".: 107°.,, 108 00 107°.,, Jan
Feb
67
_Eisenloher & Bros_ ___25 4,600 174 Feb 9 19 Feb 6 174
Total sales in $1,000 units...
6
Feb 2034 Feb
183
143
Electric Auto Cite
-• 4.500 78 Feb 8 8034 Feb 9 7611 Jan 8231 Feb
4s, 1944-1954
(High 104.00 104°,, 104°,, 1042st
Electric Boat
* 5,800 634 Feb 11 74 Feb 8 5% Jan 84 Feb
(low. 130.71 104.00 103":2 103"st 104'ts
103"as
First Nat Plc 1st pref 100
100 106 Feb 8 106 Feb 8 102
!Close 104.00 104,st 104'21 103"st 1012st
Jan 106
Feb
Gen Cigar, new WI
1,100 57 Feb 10 59% Feb 11 57
Total sales ix 51,000 units_ _ _
12
Feb 59% Feb
186
11
11
42
Gen Motors pref_._100
100 99 Feb 11 99 Feb 11 99
Feb
Jan
Internat Rubber
6,000 2034 Feb 11 214 Feb 11 20% Feb 9934
2134 Feb
Island Cr Coal
Note.-The above table includes only sales of coupon
200 172 Feb 11 17234 Feb 11 172
Feb
Feb
17234
Kelsey Wheel, Inept 100
100118 Feb 8 118 Feb 8 113
Feb bonds. Transactions in registered bonds
Jan 118
Life Savers
were:
• 5,200 2034 Feb 8 2134 Feb 6 20
Jan 21% Feb
Loose-WilesBis 1st pf 100
200 115 Feb 10 115 Feb 10 112
Jan 19 211 431s
Jan 115
Mack Trucks Eta
100°,/, to 100°°,,131 4th 44s
10211., to 102"ss
52,453 634 Feb 8 731 Feb 11
Jan 7% Jan 36 3d 431s
Manati Sugar
100°°,2
to
100.2,1
100
100 47 Feb 6 48 Feb 6 41
Jan 5034 Jan
Preferred
100
300 81
Feb 9 81 Feb 9 80
Feb
Jan 82
MIllins Body pref_100
Foreign Exchange.-Sterling exchange ruled dull but
200 8834 Feb 8 9034 Feb 11 88
Jan 90:4 Feb
Omnibus Corp
"93,600 1934 Feb 8 2134 Feb 10 17
Jan 21% Feb steady at a small fraction
Preferred
below the levels prevalent a week
100
700 98 Feb 6 9814 Feb 6 94
Jan 9834 Feb
Owens Bottle pref
100
100 11534 Feb 8 11514 Feb
Panhaidle P At R pf_ _100 1,900 57 Feb 6 8034 Feb 8 1154 Feb 11534 Feb ago; trading was very light. The Continental exchanges
8
51
Jan 8034 Feb
Pub Serv of NJ Rts_ __ _ 31,200
5.6 Feb 8
Feb 9
Jan were likewise inactive and somewhat irregular, with francs
1
Si Jan
Reis (Rt) & Co let pf100
100 82 Feb 8 82 Feb
80
Feb and
Jan 82
Stand Plat Glass pf_ _100
guilders off and lire marked up.
200 45 Feb 9 45 Feb 9 45
Feb
Feb 45
Vick Chemical
800 51 Feb 11 5134 Feb 11 51
Feb 5134 Feb
To-day's (Friday's) actual rates for sterling exchange
Vivaudou pref
100
300 100 Feb 6 1034 Feb 10 94% Jan 10331 Feb
were 4 82
Wells Fargo & Co
1
100 314 Feb 11 34 Feb 11 34 Jan 334 Jan 4 8234 for sixty days. 4 86(14 86 for cheques and
4 8634(44 865-15 for cables'
Wilson & Co et's
25
100 434 Feb 9 4% Feb 9 454 Jan 4% Feb Commercial on banks,
sight 4 8534(D4 8534, sixty days 4 825.j
Preferred ctfs
820-4.
100
100 1734 Feb 9 17% Feb 9 17
Jan 184 Jan ninety days 4 8134@4
8134, and documents for payment (sixty days)
4 8234614 8234. Cotton for payment 4
853-4 3
1 4 853-4, and grain for
• No par vroue.
payment 4 85:4@)4 8534.
To-day's (Friday's) actual rates for Paris bankers'
francs were 3.62@
New York City Banks and Trust Companies.
3.6434 for long and 3.663403.6934 for short. German bankers'
marks
are not yet quoted for long and short bills. Amsterdam
All prices dollars per share.
bankers' guilders
were 39.61 for long and 39.97 for short.
Exchange at Paris on London, 131.78 francs; week's
Banks-N.Y Bid. Ask.
range 129.89 francs
Banks.
Bid. .45k.
A.4
rust Cos. Bid
high and 132.76 francs low.
America •___. 360 400 Hamilton.... 195 205
New York.
Amer Ex Pac 472 477 Hanover__-. 1120 1135 American.
The range for foreign exchange for the week follows:
.
Amer Union. 210 225 Harriman_ __ 520
Bank of N-"/
Sterling ActualBoweryEastR 365 375 Manhattan. . 235 539
Sixty Days. Cheques.
& Trust Co 640 650
Cables.
Broadway Cep 3.10 360 Mech & Met. 455 460 Bankers
High for the week
4 82 13-16
4 86 1-16
Trust 642 648
4 86 7-16
Low
Bronx Boro•- 1350 1437 Mutual•__ -- 500
for the week
4 82:4
4 86
Bronx
4 8694
Bronx Nat.._ 440 460 Nat American 200 510 CentralCo Tr. 290 325
Paris Bankers' FrancsBryant Park' 210 230 National City 612 618 Empire_Union 875 685
High for the week
__ ._ 300 396
3.6834
3.74
Butch & Dm% 175
3.76
185 New Neth•_ 265 275 Equitable Tr. 297 302
Low
for the week
3.5934
3.65
Capitol Nat.. 225 232 Park
3.66
535 542 Farm L & Tr. 575 182
Germany Bankers' MarksCent Nieman_ 340 350 Penn Each... 124 134 Fidelity Inter
320
Chase
High for the week
610 615 Port Morris_ 215
23.81
Fulton
370
23.81
Chath Phenix
Low for the week
Public
735 745 Guaranty Tr 380
23.81
23.81
83
NatBk&Tr 370 375 Seaboard_ .._ _ 665
-- Irving Bank
Amsterdam
Bankers'
Guilders
Chelsea Each' 230 240 Seventh
170 180
Columbia T 342 346
High for the week
' 30.65
40.09
Chemical_ _ _
40.11
755
81)5 Standard _ _ _ 580
Lawyers Tr_ .
Low for the week
30.603,
4
40.0434
Coal & Iron__ 285 310 State.
40.0654
650
_- Manufacturer 542 648
Colonial._ _
Trade'
150
1160 Mutual(West
Domestic Exchange.-Chleago. par. St. LOUIS,
Commerce. _ . 380 384 United
150125c. per $1,000
215 230
chest er)___
discount. Boston, par. San Francisco, par.
Com'nwealth• 315 325 United States• 340 350 N Y Trust__ 220 230
565 570
Montreal. 33.0625 DM
Continental_ 275 285 Wash'n
81.000 discount. Cincinnati, par.
Title Go & Tr 672 677
725
Corn Exch___ 585 593
Brooklyn
US Mtit & Tr 415 425
Cosinop'tano. 225
Coney Island° 215 230 United States 1870 1880
Fifth Avenue. e00
First
450
Westches Tr_
First
800 2850 Mechanics'.. 330 535
The Curb Market.-The review of the Curb Market is
Brooklyn
Franklin__ 180 200 Montauk• _ _ 4335
Brooklyn Tr $80 890
given this week on page 850.
Garfield
385 400 Nassau
360 570 Kings Count) 2150 300
Grace
270
People's..... 525
Midwood...- - 350 380
A complete record of Curb Market transactions for the
Greenwich.. 525 575 Queensboro• 175
People's.. _ _
7415 805
Lowest.
• Banks marked (.) are State banks
Bx-ricnrs
Highest.
Lowest.
Highest.
week will be found on page 873.
(0 New stook.
ix) Hz-dividsod
New York City Realty and Surety Companies.
All prices dollars per share.
Bid. Ask.
Alliance R'Ity 175 200 Mtge Bond__
Amer Surety. 180 185 Nat Surety..
Bond & M 0. 330 335 N Y Title &
Lawyers Mtge 245 250
Mortgage..
Lawyers Title
(IS Casualty.
& Guarantee 5328 335 U S Title Guar
Bid.
143
222
470
400
316
Ask.
Bid.
147 Realty Assoc.
225
(Bklyn)com 480
lst pref _ _ _ _ 92
415
211 pref _ _
90
475 Westchester
325
Title & Tr 425
Ask
500
98
95
_
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Asked.
Maturity.
Int.
Rate.
Bid.
Asked
ar. 15 1926-. 41
June 15 1926._ 331%
/
4% 100.34 ____
99°°,1 100
Pt. 15 1926_ _ _ 431% 10054 100"ss Dec. 15 1927... 44% 101,111 MI its
ne 15 1926...
3% 9u"ss 99,144 Mar. I51927___ 434% 100'34 10141
rg. 1R 102fi___ 2411t 100
10011.
CURRENT
NOTICES.
-The Bank of America, New York, has
been appointed Registrar of
Voting Trust certificates of the class II stock of
the Western Dairy Products
Corporation.
-Roan, Taylor & Co. announce that Mr. John
R. Fiery, formerly with
Seasongood & Mayer, is now associated with thorn
in their municipal bond
department.
-11. L. Rackliff, formerly President of
the H. L. Backlit( Company, Is
now associated with Todd & Leonard, Bank
Stock Specialists.
-The Equitable Trust Co. of New York has been appointed Transfer
Agent of the stock of Congress Cigar Co., Inc.
-W. A. Harriman & Co., Inc., announce
the election of F. S. Connett
and Irving Rossi as Vice-Presidents.
-Mr. Frank O. Reinhart 19 associated with the buying department of
Redmond & Co.
-Jules Denton is now associated with Libaire & Co. at 74 Broadway
New York.
859
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIX PAGES
For sales during the week of stocks usually inactive. See preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Feb. 6.
Monday,
Feb. 8.
$ per share 8 Per share
Tuesday,
Feb. 9.
Wednesday
Feb. 10.
Thursday,
Feb. 11.
Friday.
Feb. 12.
Sales
for
the
Week.
g per share $ per share 5 Per share $ per share Shares.
•125 131 .125 1313* .125 1310* •125 13138 .124 13138
12878 12914 12714 1287 128 129
12918 12958 12324 129,2
173 173
1681
4 168,2 16814 1681 *168 171 .168 173
/
*99
991
9934 89
995s 99
99/
4 9934 99
1
997
4258 424 4312 934 4378 4212 4312
4314 42
43
27
26
27
2734 2738 2738 2714 28
26% 27
32612
329
325 327
32611 32612 330 330
339 339
7
1718 1914
1734 1934
184 18,
1713 1712 17
173*
28 .24
28
28 .24
•24
25
25 .22
28
4 37
1
*35/
3512 3312 3513 3512 351s 3518 35% 35%
15013 15034 15012 15118 1503* 15112
15058 15134 150 151
85
85
85
35 •84
*84
86
.83
8414 8414
, 7234 731
734 7214 738
73
723* 7334 723* 723*
39
447 .41
37
39 .36
•36
43
*41
43
5214 52% 5214 5212 5214 5258 52
5288 63
5238
2312 .22
nz
24
24
nz
.22
.22
24
24
8314 8314 83
83
84
•83
8314 8314 8314 8314
•34
874 .8412 8718 •85
8714 .8412 871
4 .85
/
8712
77
76/
4 77
1
77
77
77% 7718 77
.7612 77
•14214 145 .14214 145 .14214 145 .14214 145 .19214 145
•11314 11512 .11318 115 *113 116
115131155* 11318 11318
88% 87
8512 8612 8872 87
87
8712 8634 883*
.4012 41
.4014 41
.4012 41
401
4 40/
/
4 •4012 41
1
.4034 41
4034 4034 41
4112 4112
41
41
41
55
.50
.50
55
55
.50
*50
55 .50
65
971t 9634 9718 9612 97
9778 9778 9612 97,2 97
8612 863. 862* •861, 8612
.8511 87
8612 861: •86
4 72
1
74
7078 7212 6912 71
7038 715* 7034 73/
7612 7712 77
.
7712 *77
78
.77
7712 77'c
78
4 46
/
4514 46
4512 451
4434 4518
4514 460* 441
40
45
4614 4614 461
4638 461
4612 4658 45
10152 102
1021g 10232 1017g 10214 10134 10214 10152 102
11434 115
11514 11584 114% 11614 11418 1153s 11412 115
91
91
91
9018 9012 9034 91
9112 9112 91
5612 5'e
8712 563* 57
5614 5738 57
5714 571
36'4 3712 3558 3714 3414 3714
3412 38
4 381
/
361
77
77
71
.
78
•74
.75
77
.7613
77's
•76
14814 148 14812 14832 149
14858 14834 147 14812 14734
, 77
7714 775
77
774 7634 7712 777 773
77
26
24
24
24
24 .23
24
•2312 26 .23
81
*80
80
8014 80
7813 7934 80
4 80
1
78/
50
49%
4
483
48
4834
49
4914
48
4914 4934
7552
75
751
7512 7534 7432 7512 7514 7554 75
67
70
*66
69
.66
•66
70
8
.655
69
*6512
1612 1512 1514 1512 1514 153* 1514 1538 1514 I5'4
22
2214 22
22
22.14 224 2233 223* •221* 23
Bid and asked prime. z Ex-dividend. b Its delta.
Stock
Exchange
Closed;
Lincoln's
Birthday
Holiday
PER SHARE
Ranee for Prettiest
Year 1925.
PER SHARE
Range Since Jas. 1 1926.
On basis of 100-share lels
Railroads.
Par
100
Ann Arbor
100
Do pref
12,800 Atch Topeka & Santa Fe 100
100
1,400 Do pref
100
8,100 Atlanta Birm & Atlantle
100
3,300 Atlantic Coast Line RR
100
10,500 Baltimore & Ohio
100
700 Do Met
50
600 Bangor & Aroostook
100
200 Do pref
31,300 Bleln Manh Tr v t o__•_No par
No par
200 Do pref v t e
3,900 Brunswick Term & Ity Sec_100
&
Rochester
Pitts_100
65 Buffalo
100
12 Canada Southern
100
4.900 Canadian Pacific
200 Central RR of New Jersey 100
100
10,000 Chesapeake & Ohio
100
200 Do pref
100
35.000 Chicago & Alton
100
59,600 Do pref
100
C C C & St Louis
100
800 Chic & East Illinois RR
160
4,200 Do pref
100
3,800 Chicago Great Western
100
7,300 Do pref
7,700 Chicago Milw & St Paul.._100
100
6,400 Certificates
100
9.700 Do pref
2,400 Preferred certificates._ 100
7.600 Chicago & North WesternlOO
100
200 Do pref
9,300 Chicago Rock Isl & Pacific_10
100
preferred
7%
Do
300
100
200 Do 6% preferred
47 .94
93 .44
47 .44
.44
43 .44
48
.6912 72
*6912 72 .6912 72
•69
72
*6912 72
1311 13218
131% 132
13034 13178 130% 13178 13114 132
7
9578 9578 9512 95% *9514 9512 9512 9552 9512 95.
73
713 72'e
712 704
712
712 878
818 834
2347 2407* 237 238
*23912 241
23514 23734 235 236
9078 9012 9072 9038 913* 9012 9114
90
91
91
4 6912 6912 6912 6934 *6918 6912
/
8912 6912 6912 691
4512 *43
*4312 451 *43
45
4 4312 .4312 45
/
431
9778 977 *9913 100
*99723 100
*9912 100
9912 9912
6612 6712 6534 6734 6714 6312 6614 67/
4 6534 663
1
*8514 85°4 8414 8414 .85
8614 *85
8612 8518 8518
*812 9
*812 9
914 914
912 113*
1178 1238
8084 8034 7812 7812 80
.80
81
80 .80
81
63
*57
63
*57
63 .57
83
*57
5814 5824
15618 15784 15634 15724 157/
15638 157
4 15738 15613 157
1
285 235 .280 285 .280 290
•200 305 *280 298
4 11918 11834 121
1
119 11913 11868 11913 118/
11914 120
124 124
*12234 125 *123 124
12414 1241 *123 12412
838 9
814 83s
814 9
914 103*
934 1118
4 14
1
1414 141
133* 1334 13% 14/
4 168* 16
/
1718
*190 200 *190 200 *1913 200 "190 200 *190 200
35
35
37
3513 36
*35
37
37
.35
37
481
*47
98
48
4712 5112 49
5184 4812 4812
101* 108 103* 1038 1038 1034 1018 108 1078 1112
2538 252* 2514 2558 2512 2512 2514 257
2578 273
133 1378 1334 137
1312 1358 1318 133* 1334 133
1234 1318 13
1314 13
1314 1234 13
123* 13
1914 1934 1973 2014 20
1934 197
2018 197 2014
1914 1914 1918 1914 1914 1914 *1938 1913 193* 1912
7214 7358 7314 74
74
74
7314 7358 725* 7322
*11912 12012 120 120 •120 121 .120 120. 12034 1203;
5318 538 62
53
53
5314 52
5278 517 52/
4
1
100 100 •9934 100
997 997 .992 100
100 100
*8814 8834 8838 8838 8814 8814 *83
8834 .
88
8824
•50
55
*50
55
55
*50
*50
55
55
*50
*106 112 *105 108 .105 110 .105 110 "105 108
*63
64
64 .60
*60
64 .60
64
6012 6012
66
*65
68 .__ 66
*60
*60
66 .80
66
*56
60 .56
60 .56
60 .56
60 "56
60
157 157
161 16318 16114 16414
15534 157
15534 158
14834 14834 14614 14614 14734 14814 14638 14914 1461
4 14924
/
437 437
4334 4334 4378 44
4 44
1
43/
46
45
*434 5
*454 5
*434 5
*434 5
*434 514
8
8
.712 8
.712 8
.712 8
*712 8
4 3558 3514 351
1
35/
3534 3718 36
37
3518 357
4524
4212 4212 4134 43
44
453
437
43
44
*304 4i12 4012 401 *4014 4012 42
4212 41
41
743* 'l4 e 737 747
7412 747
7414 75
745 75
26
26
26
261g 26
2638 2614 2614 2614 2614
4 33
1
*32/
323* 323* 315* 3158 32
33
*32
32
•102 10214 10178 102
10112 10122
102 102 *10112 102
4 3852 38
1
38/
3823 3812 3922 3814 391
3818 393*
*71
74 .71
74
.72
74
7378 737
73
73
1187* 1187 11712 11858 118 11838 118 118's 118 11813
•119 1193 11838 119 .117 1191 119 119 .118 120
*7213 731
7212 721 .73
74 .73
*73
74
74
3018 301
4 *2912 3018 .2912 301 *2912 30'8
/
*2918 293
*6134 68
*6134 68
*6134 68 .6134 68
*6154 68
3717 3613 3714 3612 37
3718 3814 35
3512 367
824 31
.212 33
•212 33 .
•213 33
212 314
471
4614 47's 46
4634 4884 46
4614 4558 461
4
/
*6212 63 .6212 63
*8212 63
6278 627 .62
63
823*
8212
82
8214 821 *80
*81
82
82
8314
1347 13514 13412 135 .13212 134
134 13434 134 134
89
8834 883 *80
8914 801 .87
88
"80
88
4734 4838 4612 4938 4812 5178 51
523
5038 5218
9%
934 10
9
9
87
10
"834 33
834 38
834
38
33
40
3134 39
30
30
*28
4614 4614 4712 4934 50
46
497 5132 4812 4912
19
2012 21
2184 217* 2217 *21
•1834 19
22
332 31
312 3 3 .3/
4 312
1
34 33;
4 312
1
3/
4934 4978 .50
50
51
50
4914 50
0493* 51
80 .76
475
79 .76
80
76
76 .73
78
•6618 6912 .661s 69% .6614 691 *6812 6912 .6812 6912
4434 4512 4434 4612 4658 471
4614 47
4412 46%
94
93
9384
5
,
94
9312
93
9314 9212 9324
93
3812 3678 3612 3678 3614 3678 3612 367
3678 37
go
86
85
851* 8538 8578 851
4 857
/
8518 850*
1844 185 .175 185 •175 185 .175 185 .175 185
.3
31, *3
313
3
3
3
3
.3% 312
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Mohan
$ per share
$ per share
44 Jan 19
6412 Jan 21
12912 Jan 22
9438 Jan 2
4 Jan 20
/
71
234% Feb 8
8812 Jan 22
6712 Jan 6
4214 Jan 22
977 Feb 8
5512 Jan 21
81 Jan 5
914 Feb 9
7812 Feb 9
58 Jan 15
14812 Jan 9
285 Jan 21
11412 Jan 22
119 Jan 20
712 Jan 26
1138 Jan 19
195 Jan 25
3412 Jan 9
47 Jan 13
1012 Jan 22
25 Jan 20
1038 Jan 2
10 Jan 2
1814 Jan 22
1818 Jan 20
7214 Feb 8
11812 Jan 4
51% Feb 11
99 Jan 5
86 Jan 11
45
6934
139
96
10
26212
9534
6934
46
10012
6912
8614
Jan 6
Jan 27
Jan 5
Jan 27
Jan 2
Jan 2
Jan 11
Feb 10
Feb 1
Jan 20
Feb 5
Jan 29
123* Feb 11
84 Jan 4
5814 Jan 21
162 Feb 3
305 Jan 11
12812 Jan 2
127 Jan 4
Ills Feb 11
17% Feb II
200 Jan 12
37 Feb lb
512 Feb 10
1172 Jan 2
28 Jan 2
1412 Jan 8
14 Jan 8
2214 Jan 9
2178 Jan 5
817s Jan 2
12034 Jan 29
4 Jan 15
/
601
100 Jan 2
90 Jan 29
LAWS:
Menai
$ per share $ per share
22 Feb 48 Des
40 Mar 67 Dec
11614 Jan 14012 Dee
9212 Feb 98 Des
1134 Dee
Jan
3
14714 Jan 268 Dee
71 Mar 9412 Del
622 Apr 6714 Nov
3514 Mar 5612 NOV
Oct
89 June 100
3518 Jan 64 Nov
4 Dee
1
7212 Jan 83/
1718 Nol
$ Feb
48 Apr 9232 may
Jan 59 May
58
13612 Mar 15238 Jar
Jam
265 Mar 321
8914 Mar 13012 Del
10514 Apr 130 Dec
3% Apr 1012 Feb
4 Apr 1912 Feb
1
5/
140 May 200 Dec
293* Mar 3814 A1311
40 Mar 5714 Jam
15 Feb
9 Jan
1914 Mar 322* Feb
314 Apr 1638 Jan
7 Sept 11 Nos
7 Apr 2812 Jan
1218 Oct 22 No
Apr 8078 Dee
47
4 Apr 120 Del
/
1011
4311 Mar 5878 Dee
Jan 100 Dee
92
82 Mar 8912 Ma)
Chic St Paul Minn & Om100 53 Jan 26 53 Jan 36
100 110 Jan 21 114 Jan 9
Do pref
100 6012 Feb 11 65 Jan 13
100 Colorado & Southern
100 65 Feb 1 67 Jan 11
Do 1st prat
59 Jan 11
100 59 Jan 11
pref
Do 2d
100 15312 Jan 20 16512 Jan 11
20.600 Delaware & Hudson
Jan 12
15312
20
Jan
143
5
Western_
&
1.ack
Delaware
4.300
47 Jan 2
1800 Deny Rio Gr & West pref _100 42 Jan 20
4 Jan 23
/
51
Jan 12
5
100
Atl
di
Shore
Sou
Du,uth
*
77 Jan 30
814 Jan 18
100
100 Preferred
100 3418 Jan 20 40 Jan 2
17,700 Erie
Jan 4
45%
20
Jan
4
/
411
100
pref
1st
25,100 Do
100 39 Jan 16 43 Jan 2
1,100 Do 20 pref
100 73 Jan 22 783* Jan 4
5 500 Great Northern pref
2878 Jan 4
4.300 Iron Ore Properties. No par 2512 Jan 18 3514 Jan 7
9
'400 Gulf Mobile dt Northern100 315* Feb
Jan 22 1020* Jan 28
100%
100
pref
Do
800
Jan 22 3912 Feb 9
13.300 Hudson & Manhattan_ _ 100 3458 Jan 4 75 Jan 19
100 7014
200 Do prof
8 124 Jan 2
Feb
11712
100
Central
Illinois
3.600
100 11838 Feb 8 12312 Jan 2
300 Do pref
6 7278 Jan 16
60 Railroad Sec Series A__1000 714 Jan
Jan 6
200 Int Rys of Cent America....100 2814 Jan 22 3018
100 64 Jan 27 64 Jan 27
Do pref
1
392* Feb 5
22,600 Interboro Rap Tran•t c 100 2412 Jan
312 Jan 15
3 Jan 16
100
100 Iowa Central
100 438 Jan 20 4938 Jan 13
7,200 Kansas City Southern
Jan 22 6278 Jan 14
100
612*
pref
Do
100
50 80 Jan 20 8578 Jan 2
2,100 Lehigh Valley
100 12734 Jan 22 143 Jan 4
2.000 Louisville& Nashville
85 Jan 15 894 Feb 5
100
guar
Elevated
Manhattan
200
100 3818 Jan 26 522* Feb 10
27,600 Do modified guar
10 Feb 9
7 Feb 1
100
3,800 Market Street Ry
100 2514 Jan 5 40 Feb 9
1,000 Do pref
100 42 Jan 21 5138 Feb 10
3,400 Do prior prat
100 1312 Jan 18 2212 Feb 10
1,000 Do 20 pref
37 Jan 11
314 Jan 4
10
1,108 Minneap & St Louis
3
600 Mlnn St Paul & S S Marie 100 4714 Jan 20 5212 Feb
Feb 3
79
23
Jan
70
100
pref
100 Do
100 64 Jan 13 6613 Feb 4
Leased lines
4 Feb 9
1
/
87.200 Mo-Kan-Texas RR___ _No par 3978 Jan 20 47
100 90 Jan 28 95 Jan 4
3,300 Do prof
100 3818 Jan 27 4014 Jan 14
8,100 Missouri Pacific
4 Jan 21 8914 Jan 4
1
84/
10
5 900 Do pref
6 188 Jan 14
'200 Nashv Chatt & St Loiils.._100 18434 Feb
412 Jan 7
4 Jan 5
1
/
2
100
preL
2d
Mex
of
Rys
Nat
1,000
New On Tex & Nlexlco____100 128 Feb 4 13213 Jan 9
20
Jan
4
100 1263
1353* Jan 2
29.900 New York Central
10 16814 Feb 9 18134 Jan 11
300 NY Chic & St Louis Co
9978 Feb 11
9
Jan
8
967
100
pref
1,200 Do
100 4014 Jan 22 4534 Jan 2
1 N It & Hartford
20.400 N (
4 Jan 30
1
28/
20
Jan
25
_10
Western__
&
Ontario
Y
N
5,200
11
589 NY Railways part ctfs_No par 296 Jan 4 329 Feb
6 Jan 25 2014 Feb 5
9,800 Preferred certificates_ No pa
14
Jan
2813
17
Jan
2413
100
Itallways
State
York
100 New
100 35% Feb 9 37 Jan 13
500 Norfolk Southern
100 1475* Jan 4 15714 Jan 19
13,600 Norfolk & Western
100 84 Jan 7 85 Jan 7
600 Do prof
100 7114 Jan 22 7812 Jan 2
8,000 Northern Pacific
3114 Jan 4 48 Jan 6
Coast
100
Pacific
500
4 Jan 2
/
50 51% Feb 2 551
18,100 Pennsylvania
100 2013 Jan 7 2634 Jan 14
Peoria & Eastern
Jan 4
86
16
Jan
8
823
100
700 Pere Marquette
100 85 Feb 5 87 Feb 1
Do prior pref
Jan 13
8012
9
Feb
4
763
pre(
100
Do
500
Pitts Ft Wcnt12 & Chic pf__100 14212 Jan 2 14314 Jan 11
300 Pittsburgh & West Va____100 112 Jan 21 1193s Jan 11
50 81 Jan 20 9014 Jan 11
8,400 Reading
4 Jan 18
/
50 40 Jan 6 401
300 Do let pref
40 4018 Jan 8 4112 Janll
700 Do 20 pref
Rutland RR prof
100 55 Jan 14 57 Jan 7
I00 98 Jan 20 10114 Jan 21
6,600 St Louis-San Francisco_
100 85 Jan 27 8812 Jan 22
200 Do pref A
38.4(1081 Louis Southwestern_100 64 Jan 20 74 Feb 9
100 7478 Jan 22 7713 Feb 5
400 Do pre!
100 43 Jan 20 61 Jan 2
7.900 Seaboard Air Line
10(7 43 Jan 20 4734 Jan 4
2,400 Do prof
100 9978 Jan 20 10414 Jan 2
12,100 Southern Pacific Co
100 11178 Jan 20 11934 Jan 4
12,100 Southern Railway
100 9018 Feb 10 9212 Jan 2
1,000 Do pref
100 55/
4 Jan 4 8142 Jan 13
1
6,200 Texas & Pacific
100 1312 Jan 8 4111 Feb 5
32,300 Third Avenue
7834 Jan 4
Twin City Rapid Transit. _100 75 Feb I
100 144 Jan 22 160 Jan 2
4.400 Union Pacific
4 Jan 6 7712 Fob 8
/
100 741
2,400 Do pref
200 United Railways Invest_ 100 20 Jan 28 2458 Jan 4
8112 Jan 4
2,800 Do pref
100 75 Jan 11
100 427 Jan 5 52 Jan 12
35,500 Wabash
7834 Jan 13
4
Jan
6,800 Do pref A
73
100
Do pref 13
100 80 Jan 4 72 Jan 29
100 1514 Feb 3 1658 Jan 4
3,100 Western Maryland
800 Do 20 pre/
100 21 Jan 22 24 Jan 4
3318 Apr 5912 Jar
7314 Apr 12018 Dec
4 Sept
1
4 Jan 70/
/
441
60 Mar 8634 Dee
Jan 8212 Aug
54
13312 Mar 155 API
125 Mar 14734 June
Jar
345 Oct 60
512 Dee
238 Apr
81s Dee
334 Apr
2634 May 393* Dee
35 June 4618 Jam
4 Jar
1
34 June 43/
80 Apr 8238 Del
25 Dec 40% Jar
23 Mar 363* Sept
8912 Mar 10914 Sept
2134 Mar 383* Aug
6412 Feb 72 Jul,
111 Mar 12512 Dee
11212 Apr 12514 Dee
6814 Aug 744 Dee
Jan 3318 Beni
18
5912 Jan 6612 Jul]
1312 Mar 3412 Fel
312 Mal
113 Jan
2853 Mar 51 Del
Jan 6314 Dei
57
60 Mar 8812 Dee
Jan 148 Del
106
64 May 11912 Sep
4 Mar 5114 Fel
1
32/
12 Sep,
6 Nov
Jan 464 Sep
20
4 Nov 6514 Sep
1
42/
15 Dec 3514 Sep
214 Oct4 Ma
3053 Apr 57 Not
40 Mar 8614 Nol
573,June 83 Fel
2814 Jan 4511 Sep
7434 Jan 9212 Del
3058 Jan 4134 De
71 Mar 9112 De
143 Apr 192 De
314 De
112 June
11314 June
11314 Jane
118 June
8812 Jan
28 Mar
203* Apr
262 Aug
5 Dec
21 Dec
2173 Apr
12312 Mar
7512 Jan
5814 Apr
30 Aug
4212 Apr
1334 Apr
8134 June
78 July
4 Apr
1
68/
Jan
139
83 Mar
693* Mar
3572 Mar
3614 Mar
42 Apr
5712 Jan
Jan
76
4344 June
7018 June
203* Jag
35 Mar
Oct
98
773* Jan
Jan
fri
4.314 Jan
4 Apr
/
71
Jan
58
13314 Apr
Jan
72
18 Aug
4812 Mar
4 Mar
/
191
553* Jan
3812 Jan
11 Mar
16 Mar
13712 De
13712 De
183 De
9878 No'
47 De
3434 AU
Oc
310
12 Jun
38 Jul,
45 Sep
151 De
86 De
7814 De
4012 De
5532 De
212* De
8512 De
8934 De
7958 De
144 No
123 De
9114 Jun
41 Jun
443* Jun
62% Ja
10214 Au
9214 Jul
8914 De
4 De
1
78/
5414 No
5112 Au
108% Ja
12012 De
9512 Set
69 De
15% Bell
7814 De
16314 la
7714 Jul
4 Ma
/
331
83% De
474 Au
733 De
6012 Au
188* Au
2614 Ja
New York Stock Record-Continued-Page 2
860
For sales during the week of stocks usually Inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Feb. 6.
Monday,
Feb. 8.
Tuesday,
Feb. 9.
Wednesday, Thursday,
Feb. 10.
Feb. 11.
$ per share $ per share $ per share $ per share
363 37
3638 3658
374 373
37
37
80
80
80
80
7912 7912 *7914 80
28
284 283* 284 283
28% 2712 23
471 43
*4812 49
474 484 •1812 49
Friday.
Feb. 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
per share $ per share Shares.
Par $ Per share
Railroads (Con.)
364 3612
900 Western Pacific new
100 3534 Jan 20
80
80
600 Do pref new
100 7712 Jan 15
23
3,100 Wheeling & Lake Erie Ry _ _100 27 Jan 22
2314
1712 4712
2,000 Do prat
100 4712 Jan 8
Industdal & 511seellane•uts
3,300 Abitibi Power & Paper_No par
All American Cables
100
1,000 Adams Express
100
1,700 Advance Rumely
100
3,000 Do pref
100
3,500 Ahumada Lead
1
2,200 Air Reduction, Inc_ _ _ _No par
111,400 Alax Rubber. Inc
No par
500 Alaska Juneau Gold Min__ 10
175,400 Allied Chemical & Dye_No par
403 Do prat
100
15,000 Allis-Chalmers Mfg
100
200 Do pref
100
10,530 Amer Agricultural Chem _ _100
100
1,000 Do pref
10
1,500 Amer Bank Note, new
50
Preferred
100
7,803 American Beet Sugar
101
303 Do pref
11,900 Amer Bosch alagneto__No par
17,200 Am Brake Shoe St F__.No par
100
200 Do pref
3.000 Amer Brown Boveri El_No par
100
400 Preferred
25
258,100 American Can w I
100
590 Do pref
4.200 American Car & Fdy__No par
100
500 Do pref
3,300 American Chain, class A__. 25
No par
900 American Chicle
500 Do certificates .._ No par
2,100 Amer Druggists Syndicate_ 10
100
600 kmerican Express
9.803 Amer & For'n Pow new_No par
No par
1,300 Do pref
Do 25% paid
1418 1418 1512 1614 1612 1712 1614 1712 1678 1712
11,600 American Hide & Leather.100
6612 6714 6134 6634 65
6113 6312 (144 67
100
6633
7,600 Do pref
132 13234 13014 13014
133 134
128 132
•13111 132
100
3,000 American Ice
8412 844 •84
84
84
85
85
84
84
85
100
600 Do prat
4334 4514 44
4472 43% 4434
4432 4314 44
44
15,200 Amer International Corp_ _100
1434 1512 1514 1534 1532 1534 154 1512
1434 15
10,800 American La France F E._ 10
45
4413 4514 45
454 454 46
46
47
100
46
1,600 American Linseed
.80
84 .80
84
84
84
84
84
•83
100
84
400 Do pref
1145s 11434 11313 11438 114 11438 114 11434 112 114
3,000 American Locom new_ _No par
12018 12012 12018 12014
•120 12018 .120 12018 120 120
100
400 Do pref
5138 5434 6412 5512 544 5658 554 5613 5614 5612
No par
15,400 American Metals
119 119 •11812 120
1194 120
120 120
119 119
100
1,000 Preferred
113 11434 •113 114
114 114
25
114 117
113 113
4,600 American Radiator
Stock
57711 7812 7814 7814 784 784 .7712 79
*78
794
200 Amer Railway Express.,_ -100
71
70
7134 .7014 71
*69
.69
72
*70
7118 Exchange
300:AmerIcan Republics_ _.No par
5872 58
564 67
56
5778 58
5934 5812 59
3,300 American Safety Razor_..100
64 034
812 64
64 6% Closed;
4,400 Amer Ship & Comm__.NO par
613 612
*614 612
13812 13372 13534 13812 13712 14212 14112 143% 14012 14214
59,000 Amer Smelting & Refining_100
11613 11612 116 116
116 11612 1164 11614 •114 116
100
Lincoln's
Do yet
700
15912 16312 159 16018
15214 15612 159 165
150 158
100
11,800 American Snuff
4434 454 44% 4514 45
1534 46
454 454 451z Birthday
5,600i Amer Steel Foundries_ _No par
11312 11312
113 113 *113 11338 11318 1134,•11311
100
300, Do pref
817111 82
8212 8172 8214 Holiday
804 8118 8018 814 81
11,100 American Sugar Ltefining Iso
104 104 .10312 104
10312 10334
104 104
104 104
100
700 Do prof
13
*1212 1312 1234 1234 114 1212 •1212 13
13
600 Amor Sumatra Tobacco _100
*8912 120
•8912 11972
100
Do pre(
8912 11813 .8912 1184 •8912 120
.
4112 411 411 *40
4114 *40
4112 .40
41
•40
100 Amer Telegraph & Cable_ -100
14638 14658 14652 14678 14638 14678 14638 147
1464 1474
100
6,900 Amer Telep & Teleg
11614 118
50
120 1214 119 12132 119 1204 21154 117
8,100 American Tobacco
100
10712 1074 10818 10318 10712 10312 .10712 10814 10818 10812
300 Do pref
11534 11672
11912 12012 11818 1194 11914 1204 511512 117
12,700 Do common class B . 50
130 130
129 129
131 13434
129 130
129 129
1,500 American Type Founders...100
6958 7078 7012 71
70
7032 6911 70
4,100 Am Water Works & Ease- 20
6913 70
10434 10434 104 104
10412 10412 10478 10472 10434 10434
100
500 Do 1st pref (7%)
39
394 3813 39
3914 3834 3932 364 3858
•39
100
14,400 American Woolen
8712 8414 86
100
*8514 8714 .8514 87
834 3812 87
1,100 Do pre
314 314
3
318
318 34
3
318 "34 312
1,100 Amer Writing Paper pref _ _100
_ _
•218 312 •218 31
*Vs 34
Preferred certificates_ _..100
*218 312
II% 1134 104 11
105* 114 11
11
104 11
5,100 Amer Zinc. Lead & Smelt.- 25
464 46
4618 4678 4312 46
25
4512 4812 4458 4434
5,300 Do pref
497 61
4912 4972 494 60
4978 5078
5012 51
72.300 Anaconda Copper Mining_ 50
43
*4234 43
.4314 434 43
•4212 43
424 4212
600 Archer, Dan'is Midl'cl.No par
•103 105 .103 105 •I03 105 •I03 105 •103 105
100
Do pref
.9712 9934 .9712 9734 *9712 9734 974 9712 9712 9712
400 Armdur & Co (Del) prof. _100
25
2334 24
244 2372 244 2383 24
24
24
37,300 Armour of Illinois class A
25
25
1612 164 1812 164 1634
1614 1612 164 1613 16
_lass B
28,100
92
913
4
9134
*914
100
92
9134
Preferred
93
*9112 9134
92
1,000
2814 2814 *28
2834
2914 2914 2812 2812 •2814 29
500 Arnold.Contrie&Co new No par
No par
Certificates
_
2214
22
*ifiit 23
*20
100 Art Metal Construction_...1O
62
No par
62 •8112 8214 .614 6214 62
6112 6112
400 Artioom
82
100
*110 112 *110 112 *110 112 *110 112 •110 112
Do pref
514 51
6012 51
5038 61
51
5138
3,800 Associated Dry Goods.....106
6034 61
100
10114 10114 *10112 103 *101 103 •10012 102
•10011 102
100 Do let pref
108 108 .108 109
108 108 *10812 109 •10712 109
100
200 Do 2d prof
25
58
5832 5852 5814 5838 5814 584
5918 5812 5878
215,200 Associated Oil
574 5714 5532 51314 5614 57
4,200 At Gulf & WI SS Line._ _ _100
5634 58,4 5712 87%
100
.52
53
524 6218 53
53
•53
52
52
54%
300 Do prof
100
•107 10834 10634 10811 108 110
108 10978 10612 108
2,800 Atlantic Refining
•11618 117 *1164 11634 •11.612 11634 •11612 11634 •11612 11634
100
Do pref
No par
68 .67
59 .57
5812 *58
68
5812 .5714 58
100 Atlas Powder
100
•93
95 .93
•93
95 •93
9512 *93
95
Preferred
9518
16
16
No pat
.1534 16
•1512 16
.1512 16
•16I4 17
200 Atlas Tack
•2714 2734 264 274 2634 2634 2634 2634 27
2,400 Austin,Nichols&Co vte No pa
27%
91
92
91
100
92 .92
*91
92
93 .92
93
300 Do prat
138
14 138
138
114 138
112
134
218 24
2.300 Auto Knitter Hosiery_.No par
12414 12614 125 1264 124 126
12812 127
12234 125
20,400 Baldwin Locomotive Wks_100
114 114 .11211 117 *113 117 •11213 117 •114 117
100
100 Do pref
3038 3084 3034 3138 30% 3114 31
. 25
3132 3034 3118
30,700 Barnsdall Corp class A.
, 27
25
27
27 .264 2634
1,800 Do class B
2614 264 2612 2634 261
4314 435 .4352 45
No par
434 4414 *4312 45
*434 45
900 Bayuk Cigars, Inc
6518 67
20
6518 6612
15,700 Beech Nut Packing
684 8915 6614 6918 664 67
Nu par
2,600 Belding Bros
37% 3734 3712 3778 3738 374 3712 3738 37% 374
464 47
46% 47
10,200 Bethlehem Steel Corp
4712 4784 464 474 4613 47
100
11852 11918 11812 1184 11778 11814 1184 11812 11734 118
2,300 Do cum cony 8% pref _100
103 1034 10312 104
103 10312
2.400 Do pref 7%
100
104 10418 10312 104
8
8
No par
300 B.0th Fisheries
*84 814 •8
814
84
84 84 *8
61
*46
*46
61
.46
47
47
100 First preferred
100
61
50
*48
393 4012 •39
700 Botany Cons Mills class A. 50
4012 394 3914
*3912 4012 *3912 40
3334 34
3334 3378 3334 34
3324 34
34
4,100 Briggs Manufacturing_.No par
34
.214 3
.214
3
.214
3
British Empire Steel
100
3
*214 3
•212
30 .25
30 .25
30 .25
30
First preferred
30 .25
100
•26
100 2d preferred
838 838 •714 814 *714 8
100
.714 812 *713 84
143 14414 14314 14414 14414 145 x142 144
3,100 Brooklyn Edison, Inc
144 144
100
76
77
7512 7634 763 774 75
77
7838 76
11,400 Bklyn Union Gas
No par
2,200 Brown Shoe Inc w I
4572 4434 444 454 4534 .454 4578 444 45
100
45
Do pref
100
•106 110 .106 110 *106 110 .106 110 •106 110
3,300 Brunswick-Balke-ColCr No par
2718 2714 2714 2712 2714 2758 2734 2814 2812 2934
138 1384 139 140
3,100 Burns Brothers
No par
138 138 *136 137 *136 140
.41
42 .4034 4114 4034 4278
4034 41
1,800 Do new class B com No Par
4018 41
100
*9912
100
*99
•99
101
10014
.994
Preferred
8
100
100
7
*9912
R519
RR
87
1144
80
ars
an
4592.
1174
3.200 Burroughs Add Mach._No par
day.
a
Ex-rights.
00
this
a Ex-divldende
•Bid and asked Wong •13 Wag
8212 8214 83% 8212 83
8034 81% 8112 8214 82
•140
•140
•141
_ •140
*138
10434 106
•106 10712 106 106 •10512 107
105 106
174 174 1714 1714 174 17% 1734 1734 18
1314
60
5812 5912 69
60
6012 604 61
5918 59
84 838
818 814
814 814
832 838
8'4
11214 11312 11138 1121
11313 11312 1114 11318 113 113
14
15
144 16
13
134 1314 14
134 1514
134 •14
112 1% el%
134 .
112
134 .112 134
128 12912 12534 129% 129 1314 13134 135
135 140
121 121 •12134 12378
12012 12012 12013 120% •12012 121
9134 9012 9138 91
92
92
91
9378 9134 9338
1034 10934 •10918 10978 10914 10914 '108 110 .10912 110
3078 31% 3014 3214 3112 3214 314 324 3112 3172
91% 9252 89
91
.91
9012 91
9114 9012 9012
41
41
40
40
41
4012 40
4012 •40
40
58 .55
53 .55
*55
58 .54
53 '54
53
334 35
3358 3414
344 3334 34
3358 3458 31
80
80
79
80
80
79 '79
•78
80
82
3014 3012 2914 2912 2934 314 3138 32
3012 3112
17412 17412 17212 177
176 17738 17212 174
170 17472
•113 117 .113 11434 113 113 .112 116 .112 116
4412 46
4414 4114 4114 4514 4414 4438
4434 45
.9634 97 .964 93
9612 964 .9614 9613 •964 93
494 4938 4312 4914 437 511
51's 5258 5238 5338
12334 12334 124 124 .123 1244 •123 12434 124 124
109% 110
1094 10912 10314 10911 109 109,2 10312 10914
1284 12612 *12612
•12612 -- *12634
•12612 12712
24% 25
2134 2434 2434 25
25
2434 25
25
*4612 4914 47
46
46
•46
4613 46
47
4912
44% 4512 44
.4312 44
4318 4312 *43
41
45
514 512
54 54
64 514
54 514
514 512
136 13613 135 135
•135 13634 •131 135
135 136
3834 3878 38% 3834 3812 4014 3914 4034 39
3914
9314 9314 9334 9334 94
9414 9412 954 9512
94
PER SHARE
Range Since Jan. 1 1926.
On basis of 100 share lots
7114 Jan 12
131 Jan 6
103 Jan 22
16 Jan 27
5513 Jan 21
758 Jan 23
10778 Jan 16
934 Jan 20
112 Feb 1
112 Jan 6
120 Jan 2
90 Jan 26
109 Jan 2
2634 Jan 2
80 Jan 2
39% Jan 4
55 Jan 15
31% Jan 15
76 Feb 2
2814 Jan 20
150 Jan 5
11234 Jan 12
434 Jan 21
994 Feb 9
4634 Jan 15
121 Jan 4
10314 Feb 9
124 Jan 7
2414 Jan 28
45% Jan 21
4318 Feb 10
44 Jan. 5
131 Jan 27
37 Jan 20
9114 Jan 2
12712 Jan 22
12% Jan 22
5934 Feb 1
12534 Jan 20
8212 Jan 13
4218 Jan 19
1318 Feb 1
4112 Feb 8
82 Jan 15
1114 Jan 21
11812 Jan 7
514 Jan 20
115 Jan 29
10014 Jan 29
7712 Jan 21
69 Jan 8
554 Jan 4
512 Jan 2
13014 Jan 20
113 Jan 4
14018 Jan 22
44 Jan 20
113 Jan 7
7334 Jan 21
102 Jan 6
11 Jan 2
40 Jan IR
14212 Jan 2
11414 Jan 4
10618 Jan 4
11312 Jan 4
114 Jan 22
68 Jan 16
10212 Jan 6
3614 Feb 11
8114 Feb 11
134 Jan 4
1 Jan 4
84 Jan 4
3778 Jan 6
4618 Jan 16
3912 Jan 22
102 Jan 27
97 Jan 6
2358 Feb 9
15% Jan 25
904 Jan 11
2814 Feb 10
14 Jan
1918 Jan 2
5014 Jan 12
110 Jan 14
504 Jan 21
10114 Jan 14
10712 Jan 4
4434 Jan
5518 Feb 2
52 Feb 2
105 Jan 12
11812 Jan IF
57 Jan 26
94 Jan 8
1518 Jan 20
24 Jan 27
894 Jan 22
34 Jan 2
12234 Feb 11
111 Jan 6
20% Jan 21
254 Jan 22
43 Jan 19
6114 Jan 22
3718 Jan 15
4618 Jan 22
115 Jan 2
10038 Jan 5
64 Jan 6
4512 Jan 5
394 Feb 11
334 Jan 8
24 Jan 13
27 Jan 28
838 Feb 9
13312 Jan 8
7412 Jan 20
4412 Feb 11
109 Jan 18
27 Feb 1
129% Jan 8
38 Jan 19
98 Jan 7
86 Feb 10
Highest
per share
3914 Jan 2
804 Jan 8
32 Jan 2
5012 Jan 4
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
per share $
1934 July
72 July
1034 Mar
22 Apr
per share
3912 Dec
81 Dec
32 Dee
534 Dec
8412 Feb 1
62
Jan 7614 Dec
13512 Feb 2 119
Jan 13334 Oct
109 Jan 6
90 Apr 11714 Oct
1834 Jan 29
13 Apr 20
Oct
6318 Jan 28
47 Feb 6214 Oct
94 Jan 4
718 Oct 1238 May
1114 Feb 4
8834 Jan 117% Dec
16 Feb if
9% Dec 1578 Jun
2 Jan 4
1
Jan
212 Oct
140 Feb 11
80 Mar 116% Dee
121 Feb 10 117
Jan 12114 Nov
9458 Jan 14
7112 Jan 974 Dec
110 Jan 4 10314 Jan 109 Dec
3438 Jan 14
1312 Mar 2978 Oct
9612 Jan 14
3612 Mar 824 Dee
13% Jan 8
3912 Dee 44% Dec
67 Jan 9
5312 Jan 5812 Sept
3834 Feb 5
2958 Oct 43
Jan
80 Jan 8
78 Dee 8778 June
3138 Jan 4
2618 Mar 5412 Jan
180 Feb 2
9014 Mar 156 Dec
115 Jan 8 10713 Jan 11458 Dec
484 Jan 9
4734 Dec 5372 Oct
9718 Jan 16
9018 Nov 98 Dec
5338 Feb 11
4714 Dec 49% Dec
124 Feb R 115
Jan 1214 Sept
11472 Jan 12
9712 Apr 11534 Sept
12712 Jan 30 12034 Apr 128 July
25 Jan 2
2212 Oct 27 Feb
51 Jan 4
37
Jan 62 Apr
474 Jan 7
37 Jan 5812 Apr
512 Jan 15
414 Dee
634 Jan
140 Jan 6 125 Apr 166
Jan
4238 Jan 2
274 Apr 5132 Sept
9412 Feb 10
87
Jan
91
Feb
131 Jan 2 11438 Apr 142 Sept
1712 Feb 9
812 Mar
1438 Dec
6714 Feb
5812 Sept 7578 Jan
13534 Jan 7
83 Mar 139 Dec
85 Feb 5
7412 Mar 86 July
4512 Jan 15
3218 Mar 4678 Nov
1578 Jan 4
1114 Jan 20 Nov
5278 Jan 4
20 Mar 594 Nov
87 Jan 4
53 Jan 89
Oct
11978 Jan 4 10413 Jan 14478 Mar
12014 Feb 11 115 Aug 124 Feb
56% Feb
4534 Mar 574 Oct
120 Feb f 111 Mar 119 Nov
117 Feb 11
8978 Jan 12212 Nov
7814 Feb 8 :76 Sept 84
Jan
74 Jan 5
48
Jan 79% Dee
63 Jan 8
3678 Jan
7634 Nov
634 Jan 5
618 Dee
1412 Feb
14434 Jan 7
90% Mar 14432 Dee
11712 Feb 30 10512 Jan 11514 Oct
165 Feb 9 13814 Apr 154 Nov
43% Feb 1
3758 June 4712 Dee
11312 Feb 11 108
Jan 1134 Oct
82% 1 eb 5
174 Jan 774 Dee
101 Feb 5
9114 Jan 10414 Nov
14% Jan 11
6 May 2412 Feb
28
Apr 12018 Oct
4118 Feb 10
37:4 June 47 Feb
1473 Feb 11 130% Jan 145 nee
121% Feb C
85 Feb 12113 Oct
10818 Feb 8 1044 Jan 110 Nov
8412 Feb 11912 Oct
12012 Feb 6
13434 Feb II 103 Apr 13538 Nov
74 Jan 4
34% Jan 764 Dee
10814 Jan 27
9714 Aug 103 Feb
4278 Jan 13
34% May 64% Jan
8934 Jan 4
69,7 May 9618 Jan
112 Dec
5% Jan 13
712 Jan
412 Jan 13
12 Dec
4
Jan
124 Feb 4
7 May
1212 Jan
484 Feb 4
241 May 1478 Dec
51 Feb 9
354 Apr 5314 Nov
44% Jan 2
26
Jan 4612 Dec
105 Jan 4
9012 Jan 105 Oct
9778 Jan 13
9018 Mar 100 Oct
2514 Jan 7
20 Mar 2712 Oct
17 Jan 4
16 Dec 2034 Oot,
93 Feb 11
90 Dec 934 Nov
30 Jan 11
Jan
8
15% Jan 6
27 Dec
2311 Jan 2
15
Jan
1738°
203 38 N
134°
:::
6312 Jan 21
39 June 1810034
11134 Feb 1 10112 Aug
Dec
544 Jan 9
4612 Aug
10212 Jan 6
94
Jan 10
62
1/
1
4N
Octe
108 Jan 28 101
Jan 10814 Feb
534 Feb
32 Mar 640714 SeptDe
e
68% Jan 6
20
Jan 77 Sept
5614 Jan 13
31
Jan
110 Jan 30
951: Jan
Feb
117 Jan 21 113 Sept 1 17:
111 June
59 Jan 6
45 June
9412 Jan 9
9012 Oct
1712 Jan 30
918 Feb 21 Dee
28 Jan 2(
22 July 3212 Jan
93 Jan 6
8738 Jan 65
9
94
5 A
Deejan
ug
218 Feb 11
:
1 Dec
44 May
13612 Jan 4 107 Mar 146 Feb
114 Feb C 107 Aug 11658 Jan
3312 Jan 2
1834 Aug 3312 Dec
294 Jan 2
16 Aug 30 Dee
4918 Jan 4
384 Sept 5314 Feb
71% Feb 4
60 Mar 77% Aug
3934 Jan 4
37 Sept 4133 Dec
504 Jan 7
37 June 5312 Jan
120 Jan 2( 109 Mar 1164 Feb
105 Feb '2
934 June 102
Jan
9% Jan 11
44 May
878 Oct
5112 Jan 7
25 June 62
Get
4118 Jan 4
40% Aug 46 July
3712 Jan 4
27
Oct 4412 may
3 Jan 18
158 May
5
Ott
27 Jan 28
22 July 36
Oct
1018 Jan 11
638 July
14
Oct
1464 Feb 1 1204 Jan 1564
Nov
78% Jan 11
734 Dec 1004 Nov
4814 Jan 9
46 Dec 464 Dec
10912 Jan 7
96 Mat 109 003
3078 Jan 4
24 June 49% Jab
141 Jan 29
9211 Feb 136 Dec
424 Feb II
17 Mar 30 Dee
10012 Jan II
9112 July 99
pea
93 Jan 4
65
Jan 103 sebs
New York Stock Record-Continued-Page 3
861
For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Feb. 6.
Monday.
Feb. 8.
Tuesday,
Feb. 9.
Wednesday, Thursday,
Feb. 10.
Feb. 11.
Friday.
Feb. 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
• EXCHANGE
PER SHARE
Range Since Jan. I 1926
On basis of 100-share lots
Lowest
Highest
Per share
per share $ per share $ per share Week. Indus, De Miscall.(Con.) Par $ per share $ per share
$ par share $ per share
22
•2114 2212 *2114 22
2212 22
200 Bush Terminal new. __No par 20 Jan 15 2278 Jan 4
2214 22,4 *21
89
8912 90
*88
89
90
*8812 00
100 8734 Jan 22 90 Feb 10
•88
89
600 Do debenture
Bush Term Shim pref.....100 9912 Jan 20 10112 Jan 30
•100 102 .100 102 *100 102 *100 102 .100 102
812 Jan 9
618 614
814 Feb 10
6
6
818
5
*578 6
6
64 814
1,500 Butte Copper Se Zinc
2238 22
22
22
22
221s .22
100 22 .3*n 6 2334 Jan 4
*224 2212 22
900 Butterick Co
1412 1438 15
1534 154 1534 1518 1538
15
15
10 1312 Jan 22 1814 Jan 11
4,800 Butte & Superior Mining
34 Jan 12 3818 Feb 2
38
37
3712 364 3712 *36
37
*36
38
No par
38
900 Byers & Co
Preferred
9938
100 9912 Jan 12 9912 Jan 12
12
3
8
% Jan 8
Oil
&
Ref_
.No
par
14 Jan 2
12
Caddo
Cent
12
12 --"ii
800
;12
58
14812 155
15212 172
14612 15012 143 148
17312 177
204,700 California Packing_ _ __No par 12918 Jan 5 17012 Feb 4
3612 3818 3614 3718
3538 3534 3534 3678 3714 38
25 304 Jan 20 384 Feb 10
181,200 California Petroleum
258 Jan 15
218 218
218
2
218 218
2 Jan 4
10
*218 214 *218 214
900 Callahan Zinc-Lead
63
62
6334 63
6338 6212 6338
6214 6338 61
4,100 Calumet Arizona Mining
10 5812 Jan 20 6414 Jan 8
147g 1514
1518 1538 15
1512 Jan 6
1434 1518 1478 15
1514
25 1414 Jan 21
3,500 Calumet & Hecla
84
8034 8312 83
8378 8312 8512 8712 90
82
100 8212 Jan 4 90 Feb 11
10,300 Case Thresh Machine
10312 10312 .104 105 •10212 105
105 105
105 105
400
Do pref
100 96 Jan 5 105 Feb 4
1912 2014 19
1978
1712 Feb 2 204 Jan 5
1838 1812 1838 194 1912 20
Leather
Central
100
9,000
6734 66
6234 6438 634 65,2 66
6714 6512 6612
100 60% Feb 1 6834 Jan 5
20,500
Do pref
2534 2612 2434 2514 22
24
25
2534 2534 26
2,700 Century Ribbon Mills_ No par 20 Jan 20 3278 Jan 8
*87
90
*87
90
•87
*87
90
90
*87
90
Do pref
100 88 Jan 26 90 Jan 21
6618 6818 6712 6914
65
654 634 6512 6514 66
42,500 Cerro de Pasco Copper_No par 8712 Jan 22 694 Feb 11
47
4712 47
4714 47
47
47
4712 4638 4714
3,700 Certain-Teed Products_No par 4578 Jan 20 4912 Jan 5
.100 105 .105 10612 105 105 *100 10812 .10438 10612
300
1st preferred
100 10212 Jan 2 10512 Jan 21
4438 46
46
48
4734 4734 4914 48
46
48
7,600 Chandler Motor Car._.No par 4512 Jan 5 4914 Feb 10
_
46
4612 47
45
45
47
4712 4712
No par 45 Feb 6 4878 Jan 7
700 Certificates
•111 11212 *111 11112 11212 114
11212 11412 •11112 113
1,500 Chicago Pneumatic Tool_ _100 11012 Jan 20 120 Jan 2
*6334 6512 6312 6312 6312 6334 64
64
6414 6414
1,100 Childs Co
No par 6038 Jan 16 6638 Jan 4
35
354 35
3512 3512 357s 3512 354 3538 3578
17,700 Chile Copper
25 33 Jan 22 3638 Jan 6
•1812 20
1838 135s 2018 204 2038 2012 2114 2114
5 1634 Jan 27 2114 Feb 11
1.300 Chino Copper
59
58
5818 5712 5712 57
58
5778 53
5912
1,800 Christie-Brown certifs_No par 57 Feb 10 6334 Jan 4
5114 52
4812 5114 49
504 4912 5034 4938 5012
new...
Corp
_
_
_No
par
4612 Jan 22 547 Jan 9
85,500 Chrysler
106 106
10534 10534 106 106
10438 10512 •105 106
1,650 Do pref
No par 1011s Feb 1 108 Jan 2
*6514 66
6612 6612 8612 6612 .6612 68
8712 68
800 Cluett, Peabody & Co....100 85 Jan 27 6812 Jan 7
*106 10712.107 10712 .107 10712 .107 103 .107 10712
Preferred
100 10314 Jan 13 107 Feb 2
15614 15734 152 157
15314 156
149 15234 149 152
15,300 Coca Cola Co
No par 14612 Jan 20 16112 Feb 4
_ •100
.100 103 *100
*100 103 *100 103
Preferred
100 99 Jan 14 99 Jan 14
3614 3634 3514 -31114 3512 3512 38
3712 37
3314
100 3412 Jan 23 3814 Feb 11
8,709 Co.crado Fuel & Iron
6218 6212 61
62
6114 62
8118 6118 6114 62
5558 Jan 26 64 Jan 30
3,000 :olumblan Carben v t c No par
8578 864 85
854 8518 8578 85
86
8434 854
No par 8318 Jan 2 90 Jan 9
10,000 Col Gas & Elec
11334 11334 11378 11414 •113 11312 11312 11312 .11312 11412
100 113 Feb 4 115 Jan 12
503 Preferred
34
3414 3334 3418 334 34
34
3334 34
3514
4,700 Commercial Credit__ _No par 3334 Feb 2 474 Jan 14
*25
26
*25
26
*25
26
*25
26
*25
26
Preferred
25 25 Jan 20 2614 Jan 13
*28
2712 26
2712 *2614 2712 *2614 2712
26
*26
25 26 Feb 8 2734 Jan 11
330 Preferred B
*69
7018 7012 7012 70
70 .6912 7012 6912 6934
4)0 Comm Incest Trust_ _ _No par 6618 Jan 23 72 Jan 11
•102 103 *102 103 •102 103 .102 103 .102 103
100 9918 Jan 18 104 Jan 28
7% preferred
13912 140
137 14114 1374 13734 13812 147
145 1501
5,200 Commercial Solvents A No par 12038 Jan 4 15012 Feb 11
•133 135
Na par 1184 Jan 4 14478 Feb 11
134 13912 1354 13518 137 141
139 14478
Do
B
4,500
2038 204 2012 2078 2012 2034 2012 204 2014 2038
1818 Jan 6 2134 Feb 4
7,400 Congoleum Co new....No par
*28 I
57, 1
*78
1
*78
1
78 Jan 30
78
Conley Tin Foil stpd___No par
"4
54 Jan 13
8214 6312 624 64
66
6414 66
6514 6614 65
33,403 Consolidated Cigar__ __No par 5814 Jan 22 6314 Feb 10
*97 100
*97 100 .98 101
1100 9412 Jan 11 10212 Feb 11
10012 10012 10112 1021
800 Do pref
412 438
414 438
414 Jan 4
64 Jan 7
44 438
438 412
414 41
3,700 Consolidated Distrib'rs No par
99% 10058 974 99
9814 9914 9334 9912 984 1001
40,300 Consolidated Gas(NY)No par 9412 Jan 5 10034 Feb 3
33g
312
312 312
334 Jan 18
24 Jan 2
35* 312
314 314 *34 34
2,400 Consolidated Textile_ __No par
8414 8438 8312 8484 8434 8688 8714 8812 8534 871
Stock
18,400 Continental Can, Inc_.No par 83% Jan 20 9212 Jan 2
138 13818 137 137
136 137
25 13034 Jan 5 14434 Jan 9
137 13712 *13712 138
1,400 Continental Insurance
1114 Jan 20 13 Jan 5
1238 1212 12
123s 12
1214 12
1214
1218 121 Exchange 11,500 Cont.
! Motors tem ctfs_No par
414 4112 4012 4112 4118 414 41
4112 4038 4138
14,900 Corn Products Refin w 1_ _ _ _25 3934 Jan 22 4338 Jan 13
123 123
12334 12334 12378 124 *123 126 .123
_
Closed;
100 12212 Jan 6 121 Feb 0
800 Do pref
544 55
55
55
55
55
No par 5112 Jan 27 6034 Jan 4
5334 5434 *534 5434
1,000 Coty, Inc
62
62
*61
62
*61
82
61
61
100 60 Jan 11 63 Jan 2
.61
62
Lincoln's
20.) Crex Carpet
•78
7838 7738 7818 7738 7738 7714 78
7634 7712
3,203 Crucible Steel of America_ _100 7634 Feb 11 8112 Jan 4
100 100
100 100
•9912 100
100 100
*9978 100
100 99 Jan 2 100 Jan 7
Birthday
pre(
Do
303
5012 5078 494 5012 494 5012 4973 514 504 51
No pot. 4512 Jan 20 53 Feb 4
17,303 Cuba Co
918 Jan 4 1112 Jan 29
11
1114 11
11
11
11
1034 11
No par
1012 104 Holiday
3,400 Cuba Cane Sugar
47% 48% 4634 48
4714 4734 4734 4838 4614 4714
100 43% Jan 15 495 Feb 4
Do pref
4,700
29% 2912 29
2414
Jan 2 3038 Jan 28
294 29
Sugar..._1
2938 294 2934 2838 2918
7,700 Cuban-American
•103 105 *103 104 *103 104 *10312 104
100 9734 Jan 5 104 Feb 5
10312 10312
Do pref
100
31
1
378 Feb 8
Feb
314 338
Dominican
Sug_No
pa
27
8
34
Cuban
318 312
314 338
29,100
314 312
1934 22% 21
2218 21
17 Jan 5 2238 Feb 6
10
2112 2034 21
214 2112
2,400 Do pref
9412 934 034 9312 9312 9312 94
•94
10
91 Jan 10 97 Jan 4
93
9312
600 Cudahy Packing
*98
97
9312 96
No pa
8534 Feb 11 98 Jan 12
z8534 9012
93,4 9314 9014 93
6,400 Cushman's Sons
50
50
49
No pa
46 Jan 5 51 Jan 14
50
4812 4918 4918 49,8 484 4818
1,100 Cuyamel Fruit
72
78
78
1 Jan 4
1
1
7g
78 Jan 4
1
1
1
1
700 Daniel Boone Woolen Mills_2
4134 4178 4038 4134 4114 4112 4114 4312 4214 4312
381* Jan 20 4312 Jan 4
14,500 Davison Chemical v t c_No Pa
28 Jan 9 29 Jan 8
*284 2934 *2814 29
•26
29 .2614 2914 *2614 29
De Beers Cons Mines. No pa
13912 13912 138 139
100 133 Jan 7 14118 Feb 1
13712 13878 13734 13744 13834 13714
2,200 Detroit Edison
1024 103
10134 103
90 Jan 2 10418 Feb 10
103 104
10312 10418 9312 10312
31.200 Devoe & Raynolds A....No pa
4414 4478 4234 4418 4278 4418 4378 4412 4312 4438
4134 Jan 16 4714 Jan 2
61,400 Dodge Bros Class A_ _No pa
874 3778 8714 8714 8714 8734 874 8712 87
..No pa
8518 Jan 25 8818 Jan 8
6,800 Preferred certifs..
8712
16 Jan 6 1812 Feb 0
184 1812 1818 1838
No pa
1818 1812 1818 1838 18
5,80C Dome Mines. Ltd
1814
.2424 25
1912 Jan 5 2512 Jan 30
No pa
2434 25
2378 2412 2312 2312 •2314 2412
1.100 Douglas Pectin
*113 11C
1101_ 113 113 •113 116
114 114
200 Duquesne Light 1st prof.. _10 11212 Jan 4 114 Feb 11
10978 10978 109-12
10934 110
1094 11014 11034 1107s
2,100 Eastman Kodak Co._ No pa 10814 Jan 20 11238 Jan 5
2938 2912 2878 2912 29
3238 Feb 4
2612 Jan 11
294 2912 30
294 3238
40.300 Eaton Axle & Spring__.No pa
230 23312 22612 232
23014 23238 230 2324 22612 231
12,900 E I du Pont de Nem Co__10 216% Jan 20 23878 Jan 4
•10134 10212 102 102
10 10134 Jan 2 10412 Jan IS
10218 10212 10212 10212 10214 103
1,400 Do prof 6%
311
/
4 3134 3131( 3214 3212 34
30 Jan 22 3412 Feb 10
33
3412 3212 334
89,000 Elec Pow & Lt etre_ _ __No pa
•
.109 110
10938 110
10512 Jan 12 115 Feb 11
110 111
112 11334 11212 115
1,600 40% pr pd
- 108 112 *108 112 •110 115 .112 115 .112 116
107 Jan 14 11018 Feb 4
Pref full paid
9434 9434 95
9538 9612 97
Do pref MN
9114 Jan 8 9712 Feb 11
9638 9714 9634 9712
3,000
7614 771* 7614 7838 7718 784 7712 774 7714 7914
14,800 Elec Storage Battery..No par 73 Jan 4 7914 Feb 11
.34 334 .
4 Feb 1
•338 4
312 4
Emerson-Brantingham
278 Jan 21
312 312 *3
Co.
100
334
200
24
*22
2014 23
2014 2014 21
21
1812 Jan 22 2424 Jan 29
•21
22
100
400 Preferred
704 7138 7012 7238 7114 72
7034 7134 7014 7134
50 6712 Jan 20 728 Feb 8
16,300 Endicott-dohnson Corp
117 117 .116 117 .116 117
117 117 •118 118
100 114 Jan 7 118 Feb 2
300 Do pref
5213 5212 5118 5278 52
5314 53
53
5234 5278
4,800 Eureka Vacuum Clean_No par 475 Jan 20 53% Jan 8
•16
1738 *16
173s .16
174 .164 17
Exchange Buffet Corp_No par
.1612 17
16 Jan 29 161 Jan 2
*234 313 .234 312 .278 312
234 24 *212 31
3 Jan 8
25
234 Feb 10
100 Fairbanks Co
5614 5714 5614 5612 574 5914 5812 5934 5814 5918
No par 51 Jan 4 5934 Feb 10
14,100 Fairbanks Morse
115 115 .113 116 .112 116
•11114 115 *11114 115
Feb 9
Preferred
116
1084
Jan
6
100
300
116 11914 11734 120
11718 118
116 11812 11634 11838
59,400 Famous Players-Lasky_No par 10318 Jan 19 120% Feb 1
121 121 *120 121 .120 12212 12034 12134 120 120
100 11612 Jan 7 12312 Feb 2
500 Do pref (8%)
3878 3934 3818 3334 334 3834 3738 3878 3712 3778
15 3518 Jan 28 3938 Feb 3
16,300 Federal Light & Tree
90
*87
90
•87
90
*87
*87
90
87
87
100 Preferred
No por 87 Feb 11 89 Jan 4
102 102
100 104
100 100 .90 100
*10212 106
600 Federal Mining & Smelt.g..100 90 Jan 22 11134 Jan 5
91
91
9114 91
91
9012 9012 91
•90
9034
100 9012 Feb 5 105 Jan 6
800 Do pref
193 19412 19312 19312 192 192 •193 200
*192 195
600 Fidel Phan Fire Ins of NY._25 176 Jan 2 20014 Jan 23
2112 2078 2138 20
20
20
20
1834 2012 20
4,800 Fifth Ave Bus tern ctfs_No par 14% Jan 2 215s Feb 9
48
4512 47
4612 4712
474 4338 4838 4814 47
39 Jan 15 495 Feb 5
No par
25,100 First Nat'l Stores
9814 98
9378 974 98
10018 10018 9618 9838 97
25 9334 Jan 21 10534 Jan 4
5,800 Fisher Body Corp
2414 2378 2418
2334 24
Rubber
244 243s 2334 2412 24
Fisk
No
par
23 Jan 2 2614 Jan 13
11,000
1134 113,2 11312 11312 11314 11312 .11318 11338
•11312 114
100 11114 Jan 20 115 Jan 2
1,900 Do 1st pref
5334 55
5434 5318 54
54
5538 5312 55
25,500 Fleischman Co new....No par 504 Jan 19 5612 Feb 1
55
No par 152 Feb 11 17934 Jan 29
80,600 Foundation Co
185 16534 16412 16512 16414 16518 162 16818 152 162
7334 80', 7834 7912 7812 7834 7834 7912
80
81
No par 7712 Jan 20 85 Jan 2
4,200 Fox Film Class A
2618
273
273
8
23
8
3
4
27
2814
263
4
2712
Freeport Texas Co
No par 19% Jan 13 284 Feb 1
64.300
2614 2673
393
8
394
42
39
394
3912
4112 41
394 3912
20,600 Gabriel Snubber A__.No par 3712 Jan 20 42 Feb 11
8
8
8
34 838
814 833
*818 84
2,300 Gardner Motor
No par
8 Jan 19
9% Jan 4
5312 5334 53
5312 5212 5318
54
4,600 Gen Amer Tank Car
100 5118 Jan 19 5538 Jan 2
5334 5414 53
101 101
200 Do pref
100 101 Feb 10 104 Jan 15
•10278 10314 •1024 10318 .1024 10318 101 101
67
66
6812 6714 69
68
86
6712
13,700 General Asphalt
100 64 Jan 22 73 Jan 11
6818 69
10634 10712 10812 10934 •10612 10912 .10712 109
600 Do pref
100 10312 Jan 22 11334 Jan 11
107 107
113 11812 115 11738
7,800 General Cigar. Inc
100 10912 Jan 29 11678 Jan 4
112 11213 112 11212 11214 113
Preferred (7)
100 109 Jan 11 115 Jan 2
•114 11512 .114 11512 *114 115 .114 11512 .114 11612
115 115
116 11812 .114 1154
400 Debenture preferred (7)_100 114 Jan 27 11812 Feb 10
•11314 115 *114 115
339 34834 34.4 34714 349 36312 36112 388
78,800 General Electric
100 323 Jan 5 368 Feb 11
34418 346
113
8
1114 1114
114
1114
1114 11,4
114
8,000 Do special
10 11 Jan 5 1138 Feb 8
1118 1114
514 514 5114 5114 5134 5212
63
52
1,70C General Gas & Elec A..No par 5114 Feb 10 59 Jan 2
5134 52
*97
9834 9734 9734 .98
9814
100 Preferred A (7)
No par 9734 Feb 10 99% Jan 4
*974 99
•9734 99
.10812 10912 .10812 10912 •10812 110
100 Preferred A (8)
No par 108% Jan 29 11014 Jan 15
109 109 .10812 109'2
4.0812 97
*9534 97
*9534 98
Preferred B (7)
No par 9512 Feb 3 96 Jan 4
•9512 97 .054 97
55
547
8
543
4
5514
55
5514
Outdoor
Adv
A.....No
par 5218 Jan 16 557 Feb 4
3,200
Gen
554
55
55
5538
.700 Tema c.,-ritientes . Vey ,nr 901• 89.1 9' R2 T.,
3134 32% 31 18 3214 324 324 3134 3238 3134 324
DO
Wei
on
this
a
day.
a
Ex-dividend.
Ex-rights.
• Bid and asked Vim:
PER SHARE
Ranee for Previous
Year 1925.
Lowest
Highest
Per share $ per short
14% June 26 Dees
80 May 8978 June
9612 Jan 103 Dee
414 Mar
884 JIM
17 May 2834 Jan
612 May 2414 Jan
23 Oct 4478 Oct
9512 Oct 100
Oct
14 Dec
2% Jan
10012 Jan 364 Nov
234 Jan 344 Dec
114 Oct
434 .Feb.
45 Apr 6118 Dec
1214 May 1838 Jan
24 Mar 6812 Dec
60 Mar 10712 Dec
1434 Mar 2338 Oct
Oct
4914 Mar 71
3034 Sept 4712 Mar
94 Dec 9834 Jam
4318 Mar 643 Nov
4034 Mar 5834 Sept
8912 Jan 110 Sept
2712 Aug 52 Oct
8014
4978
3012
19
6234
Mar
Mar
Mar
Apr
Dec
10018 July
5812 Mar
10312 Jan
80
Jan
99
Jan
324 Apr
45 Mar
4534 Jan
10414 Jan
3812 Sept
254 Sept
2614 Sept
50
Jan
100 Nov
8J May
76 May
154 Nov
12 May
2612 Jan
7934 Jan
318 Jan
744 Mar
234 June
6012 Mar
Jan
103
814 Jan
3238 May
1184 Jan
48 Aug
38 Mar
644 Mar
92 May
4414 Dec
734 Oct
37% Oct
Oct
20
9378 Nov
212 Oct
18 Dec
9312 Dec
82 Mar
44 Nov
34 Dec
2778 Apr
2014 Mar
110
Jan
53
Oct
2134 June
7312 May
1234 Apr
14 Feb
105
Jan
1044 July
1012 Feb
13414 Jan
94
Jan
1714 Apr
100 Mar
10012 Mar
8978 Aug
6034 Mar
1% May
8 May
6334 Apr
111 May
4812 Nov
1312 July
214 Mar
3214 Jan
10612 June
9014 Feb
1037 Feb
26
Oct
8212 Sept
1514 Mar
4912 Mar
14712 Jan
12
Jan
3812 Dec
6014 Feb
1012 Mar
7512 Jan
16"
Jan
6812 Sept
8 Mar
284 Aug
418 Jan
4412 Aug
9334 Feb
42% Mar
8612 Mar
8412 May
Jan
105
104 July
22714 Feb
1J78 Oct
58% Dec
99 Dec
110 Dec
_
8 Aug
451-
128
7478
374
284
6412
Dec
Oct
Jan
Feb
Dec
7 Nov
111;
7134 Jan.
109 Sept
17734 Nov
10112 Mar
4314 Jan
6234 Dee
86
Oct
11412 Dec
554 Dec
2712 Oct
2734 Dec
8412 Nov
10712 Nov
Jan
190
Jan
189
4312 Jab
17 Feb
63% Dec
96 Dec
94 Feb
97 Dee
54 Jan
9312 Dec
140 Dec
1512 Oct
4238 Dec
127 July
6012 Dec
6418 Dec
844 Nov
102 Dec
541* Oct
1438 Feb
6214 Feb
3312 Mar
101 Mar
638 Feb
4412 Jan
107
Oct
Oct
104
59 May
778 Jan
4934 Jan
29 Dec
15912 Seta
9014 Dec
4834 Nov
9112 Oct
1818 Nov
2312 Aug
11314 Dec
118
Jan
3012 Dec27114 Nov
10412 Nov
4018 July
110 June
11034 June9434 Dec
80 Dec58 July
2834 Aug
744 Sept
11834 Oct
5711 Dec
1978 Jaa.
434. Aug
5438 Oct
11018 Nov
11434 July
120 July
3714 Dec89 Dec
9512 Dec
9478 Dell
179 Der
1734 July
40 Dec
125 Nov
288 Oct
11812 Nor
1834 Nov
85 Dee
247k Oct
397 Nov
1614 Mar
Oct
60
104 Nov
70 Dec
109 Der
11514 Dec
11114 Mar
116 Dec
3374 Aug
117 July
613* Dee
100 Dee
110 Deetilf! Sept
862. .
New York Stock Record-Continued----Page 4
For sales during the week of stocks usually inactive, see (mirth page
preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT,
Saturday,
Feb. 6.
Monday,
Feb. 8.
Tuesday,
Feb. 9.
Wednesday, Thursday,
Feb. 10.
Feb. 11.
Friday.
Feb. 12.
Safes
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
'
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share lots
PER SHARE
Range for TreolOne
Year 1925.
Lowest
Highest
Lowest
Mohan
$ Per share $ per share $ per share $ per share $ per share $ per share
Shores. Indus. & Miscall.(Con.) Par $ per share $ per share 8 per share 5 per share
12834 13014 12514 129
12538 12734 1264 128
12412 12714
229,200 General Motors Corp__No par 11534 Jan 16 13114 Feb 4
6438 Jan 14934 Nov
114 114
114 114
114 11438 11414 11412 11412 11412
2,000 Do 7% prat
100 11378 Feb 3 11513 Jan 11 102
Jan 115 Dec
*98 100
*98 100 .98 100
*98 100
99
99
100 Deb 6% pref
100 9812 Jan 28 100 Jan 11
8812 Apr 9912 Nov
5814 59
5713 5812 577 588 5734 587
5712 58
32,300 General Petroleum
25 5434 Jan 16 5912 Jan 2
42 Jan 594 Deo
76
7612 75
76
76
77
76
7638 7534 76
GenRy
5,600
Signal
new.
____No par 7412 Jan 22 8438 Jan 7
68 Nov 8034 Oct
•103 105 *103 105 *103 10418 *103 10418 1038 10338
100 Do pref
100 10338 Feb 11 104 Jan 18
904 July 1057 Nov
*47
48
4714 4714 *47
4714 *47
4714 *474 474
100 General Refractories___No par 48 Jan 18 49 Jan 4
Oct 5812 Jan
42
70% 70% 7013 7038 70
70
7012 7278 7138 7138
4,200
Gimbel Bros
No par 6912 Jan 25 787 Jan 4
47 Mar 83 Dee
•1083 10913 *10834 1094 *10834 110 .108 110 *10834 10912
Do pref
100 109 Jan 22 11138 Jan 19 10214 Mar 11412 Nov
Ginter
Co
temp
ette___No
par
40
Jan 2 4434 Jan 4
2234 Feb 53 Deo
-2414 2431 -1338 2414 -24- -2-4-1-4 -iiis WI; "2334 -2-4:7.000 Glidden Co
No par 2338 Jan 2 2534 Jan 7
1212 Mar 2612 Dee
534 5538 5234 54
5338 5438 5334 5434 5338 5438
17,700 Gold Dust Corp v t e....No par 4434 Jan 22 2678 Feb 4
37 Mar 51
Oct
13813 6978 6714 6933 6734 684 6714 684 67
8712
Goodrich
19,900
Co
(13
F).
No par 6038 Jan 22 704 Feb 3
36% Jan 7434 Nov
9913 9913 *9912 100
100 100
*994 100
*99 100
200 Do pref
100 9612 Jan 22 100 Feb 9
Jan 102 Nov
92
10812 10878 10712 10814 1077 1077
, 10714 10712 1064 107
Goodyear
2,300
T
&
Rub
pf
v
t
c_100
1034
Jan
27
10934 Feb 4
8618 Jan 11438 Oct
106 10638 *106 10612 10638 10612 *106 10813 1064 10612
500 Do prior pref
100 1053g Jan 22 10613 Feb 9 103 Apr 109 Deo
404 40% 393 40
397 4012 404 403
40
40
1,800 Gotham Silk Hosiery_ _No par 3818 Jan 27 417 Jan 11
39 Dec 42 Dee
•101 102 *101 102
10112 10112 .1.01 12 102
10138 10134
Preferred
300
100
9934 Jan 29 10312 Jan 11
9913 Dec 10213 Dee
2012 2012 2012 2012 20
20
20
2014 2012 20%
1,000 Gould Coupler A
No par 1913 Jan 8 2112 Jan 23
1878 Dec 23 Sept
23
2338 2214 2278 23
2314 2234 2312 224 2384
6,700 Granby Cons M Sm & Pr_100
1813 Jan 21 2313 Feb 5
13 Mar 2178 Dee
1044 1047 10012 104'41 10112 104
10238 10412 10238 10312
Great
Western
7.900
tern
Sugar
e8.125
95
Jan
2 10614 Feb 2
Jan 11313 June
•115 116 *11538 115341 116 115 .115 11534 11513 11813
91
200 Preferred
100 114 Jan 5 116 Jan 14 107 Apr 11512 Deo
1233 124 1214 12131 1212 1314 1312 1414 1334 1418
3,300 Greene Cananea Copper
100 1078 Jan 28 1414 Feb 10
913 1018
1134 Mar 1914 Jan
912 912
95
9
954
94 984
938
Guantanamo
2.100
Sugar____No
par
54 Jan 5 10% Feb 1
37 Sept
612 Jan
8638 8713 8513 87
86
8633 8618 87
86
8634
4,00(1 Gulf States Steel
100 8512 Feb 8 9338 Jan 4
674 Mar 9534 Nov
•524 57
•5212 57 I .5212 57
*5213 57
55
55
100 Hanna 1st pref class A
100 55 Jan 12 55 Jan 12
*3212 33
4213 July 89 Feb
3218 327s1 324 33
324 3234 3258 3278
Hartman
Corporation_N
2,700
o par 3114 Jan 27 35 Jan 6
444 4418 4378 4438 44
2534 Apr 3712 Jan
4412 4434 45
4434 45
2,300 Hayes Wheel
No par 4214 Jan 25 46 Jan 14
30 Mar 4912 Nov
•6913 6934 6914 69141 8934 70
71
74
7313 7412
1,300 Heime(G W)
25 68% Jan 23 744 Feb 11
66 May 7734 Jan
32
32 .3113 33 .3111 32
*3112 3214 3112 3112
300 Hoe(R)& Co tern ette_No par 3013 Jan 2 35 Jan 6
27 Dec 4878 Jan
504 5114 51
5113 *5113 55
54
*53
53
54
800 Homestake Mining
100 4712 Jan 4 54 Feb 11
43
Jan
Jan 50
47
47
•4612 47 I 4634 474 4612 4712 z447 46
2.100 FIouseh Prod,Inc.tem ettNo par 4438 Jan 20 4831 Jan 8
3413 Jan 474 Nov
6714 6714 67
68
6718 671g 6712 6812
67111 68
1.400 Houston 01101 Tex tern ctfs100 64 Jan 20 71 Jan 5
Jan
59 Apr 85
3012 3034 30
3012 3034 3114 3013 30% 3012 3114
6,200
Sound
Howe
No
par
3111
27
Jan
8
Jan 19
1812 June 314 Nov
11513 11714 11138 116341 113 11534 11434 117
11412 1173
217,800 Hudson Motor Car
No par 10613 Jan 20 12314 Jan 4
3334 Jan 13912 Nov
2638 2678 26
2638 26
26381 26
2614 257 264
15,000 Hupp Motor Car Corp_ _ _ 10
2434Jan 25 2838 Jan 4
1414 Mar 31 Nov
303e 3012 30
30121 30
3112 30
304 294 3012
Independent
22,800
Oil
de Gaa.No par 2412 Jan 16 34 Jan 2
1313 Jan 4134 June
24
24
2313 2378J 2312 234 .2358 24
23
2358
2,600 Indian Motocycle
No par 18 Jan 6 2414 Feb 4
13 Mar 24 Aug
1138 1138 1138 113*8 1138 1134 12
1312 13
1334
24,800 Indian Refining
913 Jan 20 1318 Feb 11
10
513 Jan
1414 Dee
11
11
1114 11141 1114 1114 11
1218 12
1238
5,000 Certificates
10
912 Jan 20 1238 Jan 4
6 Sept
1238 Dee
*90 10378 *85 10378 •75 1037 *90 1037 •104_
Preferred
100 104 Jan 7 104 Jan 7
77 Mar 110 Des
98131 100 100
*95
98
*95
984 99
9914 -914
900 Ingersoll Rand new...No par 90 Jan 26 104 Jan 5
77 Nov 1074 Dee
4084 4034 40
40
4014 4014 4014 4014 398 4014
2,600 Inland Steel
No par 3938 Feb 11 434 Jan 7
3834 May 50 Feb
*112 115 *112 115
115 115 .115 11614 *115 116
200 Do prof
100 112 Jan 20 115 Feb 9 10412 Apr 112 Sept
2538 2512 2518 254 2512 2638 2614 264 2618 2638
Inspiration Cons Copper
6,700
20 234 Jan 20 2678 Feb 10
2214 Apr 3234 Jan
2438 2438 2338 247
24
241s 2378 2412 2338 2334
4,100 Internal Agricul
19 Jan 6 2814 Jan 22
No par
74 Jan 2418 Nov
•93
94 .93
94
*93
933
9338 9338 9312
200 Prior preferred
100 834 Jan 12 95 Jan 27
40 Apr 85 Nov
14912 15112 14812 15018 14834 1491z 147% 14812 14713 9312
148
Business
Int
5,000
Machines_No
140
par
Jan
15
15112 Feb 6 110 Mar 17614 Nov
68
68
6712 6878 6812 681
6778 6778 67
2,100 International Cement_ _No par 65 Jan 13 7178 Jan 21
6734
52
Jan 8111 Sept
10538 10538 10513 10512 *10514 1051 *10514 10512 10514 10514
300 Preferred
100 10312 Jan 7 106 Jan 26 10213 Nov 107 Aug
58
5878 5714 5934 5858 591
5814 59
563
45,300 Inter Cornbus Engine_No par 5312 Jan 15 6412 Jan 5
3134 Jan 6913 Dee
13018 13138 128 13034 13034 13338 13212 13412 13234 5834
8 13412
43,100 International Harvester
100 124 Jan 20 13412 Feb 10
9618 Mar 13814 Sept
12134 12134 .12134 12214 12214 1221 *120 12114 12112
12182
300 Do pref
100 118 Jan 5 12214 Feb 9 114 Mar 121 Nov
•1034 11
1012 1034 104 1012 1012 1012 1014 104
1,600 Int Mercantile Marine__ 100
912 Jan 21
1114 Jan 5
718 June 1478 Feb
43
4338 4134 4338 4214 438 4214 4314 42
437
11,000
Do pref
Stock
100 373 Jan 20 444 Feb 4
27 Aug 5234 Feb
5534 664 5534 567s 59
6034 60
62
6112 65
17,000 International Match pref...35 5514 Jan 28 65 Feb 11
561 Dec 6078 Deo
4334 44
4234 4338 4278 4412 4338 4434 434 44 Exchange 20,700
International Nickel (The)_25 41 Jan 22 4614 Jan 5
2414 Mar 4812 Nov
10214 1021;'102...*10
_
2
__ •102
__ .102
.
100 Do pref
100 1011s Jan 29 10313 Jan 26
Jan 102 Nov
94
.58
5834 58
58
5612/8
-i.714 *5714
57 -5-iClosed;
2,800 International Paper
100 56 Jan 21 6338 Jan 9
Oct
Mar 76
4814
87
*83
*83
87
*83
89
*83
88
*83
88
Do stamped pref
100 85 Jan 14 86 Jan 6
71 Mar 88 Dee
*9513 96
96
96 .94
95 .94
95
957* 957 Lincoln's
1,500
Do
pref
(7)
100 9534 Feb 2 9813 Jan 2
*172 178 .172 178 *170 173 *170 172 *170 172
86 July 99% Oct
14
International Shoe__ _No par 170 Jan 2 175 Jan 11 108 Feb 19984 July
1274 1283 12412 12778 12514 129
12712 1294 1274 12734 Birthday
13,600 Internat Telep & Tel-eg___100 11713 Jan 6 133 Jan 25
•25
8712 Apr 144 Aug
254 *2434 254 *241s 2514 25
25
2514
200 Intertype Corp
No par 2438 Jan 29 29 Jan 7
18 July
2938 Oat
317 32
3214 3233 3334 3312 3814 3312 2584
31
3514 Holiday
19.200 Jewel Tea, Inc
100 25 Jan 4 3314 Feb 10
1612 July
2633 Dee
*117 120 .118 120
120 125
123 124 •124 12412
800 Do pref
100
11512
Jan
29
125 Feb 9 10212 Jan 11512 Dec
1738 18
1712 184 18
1914
1818 1834 1758 1818
6,500 Jones Bros Tea, Inc,stpd _ 100 1438 Jan 22 1912 Feb 5
1134 Dec 2178 Feb
6114 62
5712 6118 59
61
60
63
6114 632
45,700 Jordan Motor Car
par
No
4634
Jan
16
6333 Feb 11
3538 Aug 65 Nov
*31;
34
.
38
34
*12
34
*12
34
12
12
100 Kansas Gulf
10
13 Jan 11
113 June
34 Jan
14 May
•10814 109
10834 10334 *10811 10912.109__ 109 109
Kan City Lt & P 1st pt_No pa 10712 Jan 8 109 Jan 8
200
4614 4638 4434 4512 45
Jan 109% Sept
99
45
4512 -9512 *4434 4512
1,500 Kayser (J) Co v t e____No par 4018 Jan 6 471 Jan 25
•104 10412 10418 10418 .104 10412 *10438 10412 .10418
1834 Mar 424 Deo
14
10412
100 Do 1st pref
No par 103 Jan 21 105 Jan 15
2038 2112 1934 2114 2058 2114 2018 21
83 Mar 10312 Dec
1978 2012
34,900 Kelly-Springfield Tires
25 17 Jan 20 2112 Feb 6
743 743
1214 Mar 2138 July
7214 7412 73
73
7214 7214 *71
75
700 Do 8% pref
100 6814 Jan 22 7434 Feb 5
7438 89
•72
41 Mar 74 July
69
*70
73
*70
73
71
71
200 Do 0% pref
10(8 6834 Jan 23 7314 Feb 5
Mar 72 July
*121 122
43
12014 12014 *114 120
12134 12134 11934 120
600 Kelsey Wheel. Inc
100 108 Jan 2a 126 Feb 4
87 Aug 124 Dec
567s 5714 564 5738 5738 584 584 587s 5734 5812
68,600 Kennecott Copper
No par 54 Jan 18 58% Feb 10
Mar 5914 Nov
2
4812
218
2
24
2
218
178
178
2
2
17 Jan 13
8.900 Keystone Tire & Rubb _No par
312 July
218 Jan 2
*76
7834 75
134 Sept
75
75
75
*70
77
*70
75
200 Kinney Co
No par 75 Jan 27 824 Jan 7
7878 797
75 Mar 100 Oet
7634 7834 774 7712 7738 78
7734 7934
14,900
Kresge
(9
9)
Co
new
10 7834 Feb 8 83 Jan 29
•11011 11314 *110 11412 *110 115 *110 115 *110 115
- - ..--Preferred
100 11312 Jan 13 11312 Jan
Mar 1-1-tc OM
•29
30
*29
3012 *29
294 29
29
29
29
200 Kresge Dept Stores__ __No par 2812 Jan 2 3338 Jan 13 1-11;4 -Dec 45%
•9112 94 .9114 94
2812
14
Jan
*9212 9312 9178 9178 9112 0112
300 Preferred
100 9112 Feb 11 9314
Jan 9734 June
•161 165 *163 168
88
165 165 *162 165 *162 165
100 Laclede Gas L (St Louis) _ _100 1604 Jan 19 168 Feb 1
Jan 14 11014 Jan 178 Mar
124 1378 134 1378 134 1334 1312 1358 134 1312
10,100 Lee Rubber & TIre___ _No par
1214 Jan 21
Oct
14 Jan 4
19
1133 Feb
3712 3712 3712 3778 374 3778 3658 38
3712 3738
2,500 Lehn & Fink
Ns par 3538 Feb 10 4118
3714 Dec 444 Oct
944 9412 9438 9484 .9212 94
584
84
84
84
400 Liggett & Myers Tob new__25 84 Feb 10 947 Jan 2
Jan 25
*120 124 *120 123
57 Mar 92 Dec
121 121 *121 122
12134 12214
600 Do pref
100 11934 Jan 18 12338 Jan 22
1612 Jan 124 Dec
93
92% 9314 38218 8434 8312 8438
9214 93
93
4,200 Do "B" new
25 824 Feb 10 94 Feb 1
5512 Mar 8978 Dec
6412 64
6512 6534 64
65
634 6434 6358 6334
3.400 Lima Loa Wks
No par 63 Jan 26 6934 Jan 4
60 June 743 Jan
394 3912 3914 40
394 3934 39
3938 3918 3912
6,900 Loew's Incorporated
No par 374 Jan 19 4034 Jan 9
22 Feb 4434 Nov
95 1114
93 1018
85s 11
714 83
74 73,
95,500 Loft Incorporated
No
par
7
Jan
28
94 Apt
1114
Jan
6
*49
4912 49
4914 4858 4858 *4834 4914 49
49
400 Long Bell Lumber A_ No par 47 Jan 20 5012 Feb 10
t4 mar 43 Sept
Feb
3
•128 131
12712 128 *125 127 *121 125 *120 125
Loose-Wi
300
les Biscuit
100 12712 F
h a 14012 Jan 4
14334 Dec
Feb
77
e*136 140
135 135 *133 140 .131 140 *12814 135
100 2d preferred
100 135 Feb 11 14314 Jan 6 104 Feb 148 Dee
3838 3914 3834 40
41
40
40
41
3938 4038
25,600 Lorillard
25 3514 Jan 2 4214 Feb 3
3934 Sell
3014 Jan
11518 1154 11614 11614 ------------------------200 Do pref
100
1124 Jan 14 11614
8 10818 Feb 118 Aug
1738 18
17
1713 17
174 1714 17
17
7,700 Louisiana 011 temp ctfs-No par 164 Jan 20 1938 Feb
1714
135s Oug 2334 Fell
2434 2478 2413 25
247 251
2513 2618 2534 2618
14.100 Louisville G & El A___ _No par 2278 Jan 2 2618 Jan 4
Feb 10
23 Dec 263s July
5613 5612 544 5534 5538 5538 5534 5534 541z 5518
3,200 Ludlum Steel
No par 485 Jan 20 5814 Feb 4
3134 Feb 60 Dec
•135 136
135 135
135 138 *137 140 •135 138
600 Mackay Companies
100 135 Jan 20 138 Feb 9 114 Mar 141 Sept
.7212 74
.7212 73
7214 7318 .72
74
.72
74
400 Preferred
100 72 Feb 1 734 Feb 9
66 Mar 7838 Feb
145 1463 140 14534 14214 14512 14413 14712 145 14784
26,400 Mack Trucks, Inc
No par 1354 Jan 22 159 Jan 4
Jan 242 Nov
117
•11011 11112 11113 11113 11038 11038 1103* 1103* •11012 1111z
300 Do 1st pref
100 10934 Jan 4 11113 Jan 20 104
Jan 113 Aug
*106 10634 106 106 .10612 10634 *10612 10634 .10612 10634
100 Do 2d pref
100 1044 Jan 2 101313 Jan 30
Jan 1064 Aug
99
10018 1004 1004 10012 10034 10034 10212 106
105 10512
3,500 Macy(R II) & Co. Inc_No par 95 Jan 27 108 Feb
Oct
10
6912 Jan 112
*117 11712 *117 11713 *117 11712 11712 11712 .117 11712
100 Preferred
100 117 Jan 23 11834 Jan 14
8
444 4412 44
114
4412 4418 4434 4434 4478 4412 4478
4 Jan 118 Aul
9,400 Magma Copper
No par 4034 Jan 22 447
no
34 Mar 46 Nov
: 2434 244 2412 2434 25
25
2634 *2512 28
1,800 MallInson (11 R) d:C9.No par 24 Jan 28 284 Feb 10
2114 Dec 374 Jan
6634 693* 87
70
69
691g 71
76
73
7618
37.400 ManhElecSupp tem ctfa No par 56 Jan 4 764 Jan 5
Feb 11
32 Mar 69 Mat
3011 3012
3014 30
2 3018 3013 *30
30
800 Manhattan Shirt
25 29 Jan 20 32% Jan 4
34711 NOV
2014 Mar
•32
3312 32
32
•32
3312 *32
33
*32
3312
100 Manila Electric Corp __No par 3114 Feb 5 3212 Jan
281s Mar 494 Ain
2634 254 2534 254 2618 2512 26
26
25
6.800 Maracaibo Oil Expl__.No par 244 Jan 22 28 Feb 20
2534
2
8
SePt
203
384 Jam
59
5938 58
59
584 5912 583* 5912 588* 5934
74,300 Marland 011
No par 55 Jan 18 604 Jan 29
323* Mar 604 Dec
2978 2978 294 2918 284 29
2912 2912 .29
1,300 Marlin-Rockwell
294
No par 28 Jan 4 31 Jan 11
1038 Mar 3278 081
21
21
21
21
2114 2114 213
21
, 21
21
900 Martin-Parry Corp
No par
1914 Jan 4 2112 Feb 3
374
Jan
Dec
19
98
9912 101
99 100
99
9938 10073 9914 10214
8,200 MathiesonAlkaliWksteractf50 90% Jan 16 1064 Jan
Jan 10714 Del
51
12714 12734 1265s 127
128 128
128 1287e 12634 127
3.600 May Department Stores...50 12638 Jan 16 13712 Jan 2
13912
Del
Mar
101
2
•12414 12514 *12414 12514 *12414 12514 *12414 12514 .12414 1254
Preferred
100 12238 Feb 2 12412 Jan 18 11612 Mar 124 June
217 22
217 22
2178 2212 2214 23
*2112 22
4,100 Maytag Co
No par 2112 Jan 26 23
218 Nov 2638 Oel
*11512 11612 115 11514 11312 11412 111 111
110 112
2,300 McCrory Stores Class B No yar 110 Feb 11 121 Feb 11
79 Mar 13934 Ott
Jan 11
*2414 2438 2414 2412 2438 2433 2412 2518 2514 2514
3,000 McIntyre Porcupine MInes_5 2238 Jan 2 254 Feb
Jan 2234 Oci
16
11
2212 2312 2314 2314 2358 244 24
24
2378 2378
2.900 Metro-Goldwyn Pictures pf _27 2214 Jan 8 2314 Feb 9
Jan 2412 No
18
97
104
97
10
97g 10
94 1014
978 10
3.700 Mexican Seaboard 011 No par
912 Jan 21
224 Jar
Dec
1218 Jan 4
9
1278 13
1234 13
1278 13
1234 1318
1278 13
14,300 Miami Copper
5 . 1138 Jan 25 1318
8 May 2434 Jan
11
347 357
345 358
3538 3414 35% 345 36
19,700 Mid-Continent Petro..No par 33 Jan 22 37 Feb
35
38 Nos
Jan
254
2
Aug
*9534 98 .96
97
*9512 99
9614 9614
100 Preferred
.9514 98
100 94 Jan 8 9614 Feb 11
8314 Apr 9414 041
13
134
155
112
138
138
155
4,100 Middle States Oil Corp....10
134
138 134
114 Jan 2
Apr
34 Jun,
%
213
Jan
8
*I
1
1
1
118
*78
14
1
118 118
2,200 Certificates
10
% Jan 7
112 Pet
112 Feb
14 Jan 8
400 Midland Steel Prod pref.- _100 1213* Jan 19 128 Jan 2
*126 12712 *126 130 *126 12713 *127 12712 12612 127
Jan 147 Au*
96
13,900 Montana Power
7938 804 794 803* 807 8212 8138 8312 804 82
100 778 Jan 26 8312 Jan 14
Apr 9914 Aug
64
26,800 Montg Ward & Co Ilieorp._10 7114 Jan 20 82 Jan 2
7314 751s 7414 7538 7512 7614 754 7612
75
75
41 Mar 8414 No
•
36
35
373
3434 36
347
21,800 Moon Motors
364
3338 3414 34
No par 314 Jan 19 373 Feb 10
224 Mar 42 Do
78. 73.
13,200 Mother Lode Coalltion_No par
73, 712
73*
714
74 73,
74
7
678 Jan 26
Ma Jaz
8 May
713 Feb 8
•Bid and asked prloes; no Wee on this day. 2 Ex-dividend. a Ex-new rights. n NO par.
863
New York Stock Record-Continued-Page 5
For sales during the week of *rucks usually Inactive, sec HMI page preceding.
HIGH AND LOW SALE PRICES-PER SF ARE, NOT PA'S CENT.
Saturday,
Feb. 6.
Monday,
Feb. 8.
Tuesday,
Feb. 9.
Wednesday, Thursday,
Feb. II.
Feb. 10.
Friday,
Feb. 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share lots
Lowest
Highest
PER SHABA
Range for Prertoa.
Year 1025.
Lowest
Highest
Per share
per share $ per share $ per share
per share $ per share $ per share Shares. Indus. & Miscall. (Con.) Par
$ Per share $ per share
19% Dec 2012 Dee
No par 19 Jan 26 21 Jan 4
3,700 Motion Picture
1912 20
1912 1934 1912 1934 1912 1934
90 Nov 9472 Oct
A
8
Meter
403
Motor
149,200
No par
4314 4534 4512 5038 4934 53% 47
Jan 20 5338 Feb 10
5118
18 Apr 35 June
13,800 Motor Wheel
No par 304 Jan 2 33% Feb 9
32
3134 32
3334 3234 3312 3212 33
13 Aug 2112 Feb
200 Mullins Body Corp__.No par 16% Jan 25 1934 Feb 1
.17
1814 18
1814 *1714 1814 .1714 1814
301s Apr 30 Dec
500 Munsingwear Co
No par 34% Jan 25 33 Jan 2
.3614 37
37
*36
36% 36% 3634 36%
54 Dec 4212 Mar ,
3,800 Murray Body
1012 Jan 2 15% Jan 27
No par
1438
14
1414 1434
1414 1412 14
1414
Oct
1,300 Nash Motors Co
No par 460 Jan 6 640 Feb 4 19312 Jan 488
610 810
580 580
599 622
620 623
Do pref
100 106% Jan 4 10618 Jan 4 103% Jan 107 JulY
414 Mar 1238 Dec
700 National Acme stamped__ _100 1112 Feb 4
1278 Jan 9
-1711-2
;iiET8 12 "iiEs 117* 115* 115* ;1112 12
17,800 National Biscuit
65 Apr 79 Dec
8914 90.2 8612 90
25 74 Jan 8 9314 Jan 29
91% 8834 8934 89
00
89
100 Do pref
100 126 Jan 27 12734 Feb 8 12312 Mar 128', May
•127 129
*12314 12912
_
12734 12734 *125 131 .125
16,500 Nat Cash Register Awl NO Par 4834 Feb 11 54 Jan 5
4912 49
4912 49
4912 49% 49
4-9-1-2 4834 4938
7 Oct
:
12,900 National Cloak & Suit. _ _ _100 45 Feb 10 57 Jan 2 161; Dec 14
5118 4514 5018 4514 4614 45
50
4634 4912
47
Jan
87% Dec 104
90
90
800 Do pref
100 90 Jan 21 9212 Jan 8
.9038 9212 90
90
9014 90
9012 90
15,200 Nat Dairy Prod tern ettsNo par 69 Feb 11 80 Jan 2
42 Jan 81% Nov
74% 74
74% 7518 74
73%
7434 69
7512 74
3312 Jan 45 May
40
40
900 Nat Department Stores No par 40 Feb 3 4238 Jan 7
40
40
40
40 .40
40
40,8 40
Jan
9612 9612 •N
96 Anr 102
96 Jan 26 97 Jan 19
200 Do pref
96
100
96
9712 *9534 9612 •9534 9812
34 Jan 4
29% Dec 43% Oct
6,100 Nat Distill Prcducts_.No par 2314 Feb 11
2618 2714 2714 2714 2414 2612 2314 25
28
28
Oct
731s Jan 4
5212 Jan 81
59% 61
900 Nat Distil Prod pf tem ctf No par 5938 Feb 11
65 .80
•63
6418 63% 63% 6014 61
3112 3434 3434 3414 3414 3438 3438 344 3414
4012 Jan 2
25 Apr 41% Dec
500 Nat Enam & Stamping_100 3414 Feb I
*34
Jan
4
893
June
Jan
8
75
pref
875
4
Do
13 8934 Jan
88
100
.87
88
88 .87
88 .87
88 .87
*87
100 16314 Jan 22 174% Jan 5 13812 Apr 174% Nov
16912 17112 169 17112
•16712 1691 166 16734 168 171
3.000 National Lead
100 1 116 Jan If 11712 Feb 10 11412 Sept 119 Sent
400 Do pref
117 117 .117 11714 •117 11714 117 11712 11714 11714
3212 3112 3238 32
3212 3134 3212 313* 32,4
32
20,900 National Pr & Lt etts_No par 3118 Jan 27 38% Jan 21
543 Dec 71 -5;1;
50 5513 Jan 4 6114 Feb 5
5912 60
60% 61
5912 5912 5912 5912 5914 5914
1,300 National Suppty
Preferred
100 106 Jan 13 110 Jan 26 104% Jan 110 Apr
•106 112 .106 112 .106 112 .106 112 .106 112
Oct
Jan 222
100 215 Jan 6 227 Jan 20 206
10 National Surety
224 224 •219 225 *219 225 .219 225 .219 225
No par 21014 Jan 29 238 Jan 4 201 Dec 250 Dee
•222 225
235 236
23612 237
232 232 .225 230
600 National Tea Co
1638 Jan
1134 Apr
1312 13% 1314 13% 13% 1334 133* 1334 1334 13%
8,500 Nevada Consol Copper_ _ _ _ 5 12% Jan 16 13% Jan 5
31% Oct 5612 Jan
4212 43
42
4218 4278 4234 445
43
4234 4312
14,600 NY Air Brake tern etts_No par 3613 Jan 2 44% Feb 10
Jan
No par 5514 Jan 6 .0 Feb 3
50 scot 67
.58% 5914 59
59
59
59
59
1,100 Do Class A
59
5918 59
3134 Mar 6112 Dee
82
80
75
68.000 NY Canners temp ctfs_No par 65 Feb 10 8434 Jan 29
7534 653* 69
7912 7414 7712 65
18 Mar 4514 Nov
42
100 34 Jan 19 4578 Feb 5
4434 4114 4311 4212 4312 4114 4234 4114 4114
4,800 New York Dock
100 7112 Jan 9 74 Feb 5
5218 Jan 76 Dec
74
74
*73
•73
74
*73
75
100 Do pref
.72
74
74
Jan 102 June
97
N Y Steam tat pref.._ __No par 101 Jan 12 101 Jan 12
•101 10114 •10I 10114 .101 10114 .101 10114 "101 10114
Jan
2838 Jan 22
27% Oct 29
2814 •28
•28
100 Niagara Falls Power pf new _25 28 Jan 11
2814 2814 2814 .28
2314 .28
2814
Oct
75
4112 Jan
6412 6334 6434 64% 6478 643* 653* 64
10 6314 Jan 6 67 Jan 14
64
30,100 North American Co
65
4658 Jan 5012 Sept
50 49 Jan 2 5013 Jan II
49% 49% 4934 50
1,600 Do Pref
5014 50
50
50 .497 50
Dee
9612
pref.
22
Dec
Jan
Edison
9413
9212
2
par
Jan
__No
954
7
Amer
No
.94
95 •9412 95
9412 9412 94
500
95
0178 95
1212 Sept 1814 Aug
1518 Jan 14
1418 1414 •14
3,000 Norwalk Tire & Rubber_ - _ _10 12% Jan 4
14% 1358 14
1312 1378 1334 1378
1812 Nov
Vo par
Jan
8
1618 Jan 2 1712 Jan 7
•16
17
300 Nunnally Co (The)
1618 1618 1612 1612 1613 1612 .16
1612
33% Dec 38 Nov
25 31 Jan 16 36 Feb 5
3512 35% 3412 3512 3434 354 3434 35
5,300 Oil Well Supply
3412 347
Oct
11
8
Jan
10
1012 Jan 14
512 Jan
Ontario Silver Mln new No par
-- -1858 Jan 39 Dec
Vs par 3114 Feb 2 36 Jan 12
"ii- 34 '32 3214 32 33 3212
1,000 Onyx Hosiery
-32- 3214
Nov
12
Jan
99
97
5
Mar
Feb
784
96
100
Preferred
100
'06 97% 96 96 •9512 9738 .9512 9738 .9512 9738
9118 Sept 53 Dec
3,900 Oppenheim Collins & CoNo par 47 Jan 12 59 Jan 19
57
5714 561z 57
56% 5634 5714
5612 56
56
1 29 Feb 11
3278 July
253- Jan
3012 Jan 14
800 Orpheum Circuit, Ins
.2912 2934 2934 2978 29% 2938 2938 2938 29
293
Jan 107 Sept
100 101 Jan 13 10114 Jan 19
98
Preferred
_
•102
•102
___. *102
.102
•102
8738 Feb 14013 Ang
50 123 Jan 22 129% Feb 5
1,200 Otis Elevator (0)
•I2712 129
126 12714 127 12712 12512 12712 12534 12534
100 10234 Jan 13 107 Feb 8 101 Feb 112 July
Preferred
100
•107 108
107 107 "I061g 109 .10618 109 .106 109
11% Jan 8 1412 Jan 19
1514 Aug
8 Ma
"To par
10,700 Otis Steel
1334 1418
1334 1418 133 1418
13% 1334 13% 1414
9712 Aug
5014 Ma
100 90 Jan 7 104 Feb 11
102 10212 100 10112 101 10312 10212 10312 103 104
3,100 Do pref
Jan 15 6814 Feb 8
6212
6938 Nov
42% Ma
25
Bottle
67% 68
4,300 Owens
6714
66% 6814 6634 6712 67
67% 67
4914 Nov 57 Nov
No par 47% Jan 22 51% Jan 29
•50
300 Outlet Co
52
50
50
50
50 .5013 52
.5012 51
98 Nov 10078 Dee
100 9914 Jan 22 1014 Jan 16
10014 10014 •10012 101 •10014 101 .10014 10034 10012 10012
400 Preferred
Stock
12912 12912 130 130
500 Pacific Gas & Electric_ _ _ _100 12612 Jan 21 13214 Jan 29 10212 Jan 13718 Nov
130 130
130 130 .130 13012
5152 Aug 7812 Dee
No par 744 Jan 5 83 Feb 11
8114 824 8012 8214 8114 8218 82
83 Exchange 130,800 Pacific 011
8234 82
Jan 4812 Nov
16
10 38 Jan 20 4338 Jan 4
4038 401
39% 4014 39% 4018 40
13,900 Packard Motor Car
4014 40
4038
Oct
1738 May 32
25
2518 2412 25
2412 25
25
6,300 Paige Det Motor Car_.No par 24% Jan 20 2312 Jan 4
2514 2434 2518 Closed;
2
83% Mar
5912 Sep
,
'
6912 70
6813 6834 6812 681
•6714 68
. 67% 6
2,000 Pan-Amer Petr & Trans__ _ _50 6534 Jan 20 7612 Jan 4
Mar
Jan
7838
8412
004
22
Aug
Jan
87
50
711.,
70%
6914 7034 69% 7114 69
6918 6934 Lincoln's 27,900 Do Class B
71
Jan 2
3714 Oct 4034 Dee
4312 4312 4278 43% 42% 43% 43
4212 42%
433
6,200 Pan-Am West Petrol B_No par 4018 Jan 15 46
S38 Feb 11
214 Aug
614 Dec
412 Jan 21
7%
7
534 7
712 8
838 Birthday 20,800 Panhandle Prod & Ref _No pa
714 8
8
3512 Jan
25 Sep
2512 Jan 20 2818 Jan 4
•26
2612 .2513 26
26
26
2512 26
2512 2534
700 Park & Tilforcl tam etfs _No pa
812 Feb 5
1
7% Jan 26
838 813
814 84
8% 812
838 813
814 83* Holiday
4,200 Park Utah C M
70 Nov 90% Oct
7412 Jan 20 83 Jan 7
No par
7712 7514 77% 7512 7512
7734 77
7838 7838 77
1,700 Pathe Exchange A
28 Apr
17 De
1672 Jan 23 20% Jan 30
No par
1814 18
1818 18
1838 1858 18
177 18
18
1,800 Penick & Ford
1234 Apr 2638 Ian
50 15 Jan 7 17 Feb 8
16
16
1638 1638 1612 17
16
16
16
16
1,700 Penn Coal & Coke
Au
1
Jan
214
3
4
Jan
11
Feb
138
par
No
vie
St'l
178
134
134
-Seaboard
4
13
134
17
13.1
138
1%
134
24,800 Penn
Oct
Jan 123
12513 12558 12312 12414 12513 126
12612 12812 1274 130
8,300 People's G L & C (Chic)_100 117 Jan 4 130 Feb 112 112
6714 Dec
511z Ma
Jan
7014
15
Jan
63
_50
_
_
(PIttsb)
Co
6778 66
Philadelphia
6814 6714 6314 66
6714
66
677
14,600
665*
4512 Jan 49 July
0 4734 Jan 4 49 Feb 3
•48t2 4912 "4812 49
•4834 50
49
49 .49
50
100 6% preferred
37% May 5218 Jan
4434 4314 4414 43% 45% 45
44
453
4434 463
22,200 Phila & Read C & L._ _No par 4112 Jan 20 46% Feb 11
11
Jan
4613
33 July 5012 Jan
9
Jan
444
par
int___No
of
45 .44
46 .43
Certificates
.44
4512 .44
46 .45
47
554 Jan 29
51 Nov 0018 Jan
54 Jan 2
59
*5314 69
59 .53
Phillips-Jones Cern__ _No par
•53
59
*53
59
*54
1234 Mar 2514 Sept
201 2 Jan 29
Jan
2014 20
20
1078 1978, *19
20
2014 2014 •19
300 Phillip Morris & Co., Ltd__ _10 1838.
3614 Mar 47% June
4858 Feb 11
No par 4234 Jan 2
45% 4614 4514 4534 4538 46% 464 4634' 487 48%
180,500 Phillips Petroleum
18 Apr 4214 July
5 3613 Jan 4 44% Jan ,9
3813 42
*38
43
40
91 • 91
4114 4135
40
1,200 Phoenix Hosiery
Apr 09 Dec
84
100 98 Jan 9 9918 Jan 21
•99 100
99
.99 100 .90 100
*98 100
99
106 Preferred
43% Jan
1078 Mar 4734 Oct
3735 38% 3814 3914 3312 398 38
38% 39
31. Ph) Pierce-Arrow Mot Car No par 35% Jan
3914
43 Ma 100 Nov
10878 Jan 11
100 94 Jan
103 10418 10312 105
102 103
Do pret
103 103
2.4,t
103 103
312 Fab
178 Jan 30
114 Nov
1% Jan
25
178
1%
15
115 13*
134
1%
134
134
134
2,900 Pierce Oil Corporation
2718 Jan 31
2014 Dec 90 Feb
100 24 Jan
•26
28
26
28
28 .25
*25
27
28
.25
1.000 Do prof
S14 Feb.
412 Dee
614 612
7 Jan 30
5 Jan 2
814 612
614 638
618 612
614 6%
7,700 Pierce Petrol'in tern ettsNo par
4212 Jan 5
3714 May 544 Jan
40 .4012 41
415*
41
41
.40
4014 4014 40
700 :,ittsburgh Coal of Pa.. 100 3912 Jan 21
80 May 99 .lan
•8I
86
*81
100 79 Jan 22 85 Jan 5
86
86
•8I
86
.81
Do prat
81
81
100
94 Mar 10212 Jan
100 96 Jan 8 98 Feb 1
*9612 0834 •9612 9814 •9612 9814 9612 9612 *9578 93
100 Pittsburgh Steel pref
30 Apr 63% Jan
61
5878 5918 5912 5912 *5314 59
.59
61
100 5518 Jan 4 63% Jan 9
60
700 Pitts Term Coal
79 July 8814 Nov
91
04 .90
100 88 Jan 6 9214 Feb 5
.9012 94
*9012 94
rhdutuitiu
*91
bfuerrge
pitle
•9012 93
1778 June
1278 Mar
16
16
16
16
pert....10 1512 Jan 18 1618 Jan 7
1618 16
16
.16
1614
16
1,700
1234 Mar 16 June
*1513 16
10 1512 Jan 7 1512 Jan 7
.15
1512 *15
*1512 16
Do pref certificates
151
1512 .15
1512 July
12% Nov
1512 .15
15 Jan 22 1512 Feb Ii
1512 .15
10
1512 1512 •1512 16 .15
151
100 Preferred ctfs new
6438 Nov 121 Dec
11712 11034 110 1173 10812 113
105 111
10312 108
105,000 Pcst'm Ger Co Inc new_No par 10312 Feb 11 12478 Feb 3
45 June 7014 Dec
697 70
70
100 65 Feb 11 79% Jan 7
6812 691
7018 7012 70
66
65
3,600 Pressed Steel Car
7612 July 9212 Jan
7
Jan
95%
2
92
Jan
91
92
92
100
91
pref
92 .9034 911
Do
91
92
91
900
12% Aug 3238 Feb
15
15
15
15% 15
15
1513 151
15% 1538
1,600 Producers & Refiners Corp_50 1414 Jan 20 1712 Jan 2
345 348 *3412 35
27 Sept 47% Feb
34
34
35
50 324 Jan 15 35 Feb 11
•34
35
35
300 Preferred
Mar 87% AUg
19
Jan
62%
9218
7
853 87
Jan
79%
87
8638 87
par
newNo
NJ
cf
8778 8718 873
PubServCorp
8713 871
5,600
Jan 106 Nov
99
10814 10814 *108 10812 *108 10812 103 108
100 10318 Jan 12 109 Feb 8
108 108
400 Do 7% pref
Oct
100 1153 Jan 12 119 Jan 28 108% Apr 119
•117 11812 11812 11812 .117 1181 .117 1181 118 118
200 Do 8% pref
Jan 106 Nov
99
984 933* *9812 983* 983* 9838 •9813 99
9814 9814 .
400 Pub Serv Elec & Gas pfd..100 97 Jan 22 9912 Jan 11
9212 May 10018 Dec
108 Jan 18 108 Jan 11
.109
Pub Service Elee Pr pref
•10734 - - - - *108 ____ *10734 ____ •109
10712 16834 16614 16712 16712 1687 168 1693* 16734 16834
100 16434 Jan 20 57 Jan 28 129 Mar 17312 Sept
6,400 Pullman Company
33 July 4714 Jan
4512 46
4512 453
4534 443* 457
45
50 39 Jan 2 47 Feb 4
4412 4512
3,700 Punta Alegre Sugar
251s Aug 33% Feb
25 2838 Jan 20 31 Jan 4
3018 30,4 2978 3014 Ms 303 32934 301
2958 30
27,500 Pure 011 (The)
100 107 Jan 5 109 Feb 8 10212 Jan 10812 Sept
10814 10814 109 109 .108 110 *108 110 "10712 110
200 Do 8% prat
4378 434 4378 4334 447
7778 Jan
394 Nov
4338 4414
4338 4418 43
14,200 Radio Corp of Amer__.No par 41 Jan 20 48% Jan 12
47
4718 47
45 Dec 54 Feb
47
47
47
50 4512 Jan 20 47% Feb 1
47 .4618 47
47
900 Do pref
5578 56
56
563* 553 553
55
5512
2,200 Railway Steel Spring new._ _50 55 Jan 23 57 Jan 28
57
56
100 11912 Jan 7 122 Jan 22 1-111-4 Mar Ili' Dec
100 Preferred
120% 12038 .12035 123 *12038 121 •1203s 121 .12038 121
*343* 375* .3458 37%
33% Nov 3912 Aug
Rand Mines, Ltd
No par 3312 Jan 18 31% Feb 5
•34% 3518 •343* 3735 53438 3738
1138 Apr 17% Feb
1213
1218
1212
1278 123 127
1238 1278
1214
18,700 Ray Consolidated Copper..10 11% Jan 13 12% Feb 9
12
52
Oct 604 Dee
43
52
53
52
52
No par 52 Jan 2.
5218 521s
56 Jan 4
52
1,000 Reid Ice Cream
53
53
Slay 2814 July
10
*15
17
5
1712
Jan
18
•15
(Robt)
par
*15
No
16
173*
17
21
Co
&
Jan
16
Reis
600
1713
.16
12112 126
4634 Jan 11734 Dee
12312 12534 123 12334
7,100 Remington Ty pewriter_ __ _100 114 Jan 20 127 Feb 3
122 12234 11934 122
Jan 10913 Oct
Do 1st prat
100 107 Jan 20 10814 Jan 2 100
•107 10812 *107 10812.107 10814 .107 10814 •107 10814
10834 10834
100 10612 Jan 2 111 Jan 5 103 Sept 11312 Apr
100 Do 2d pref
•108 109 .10712 109 .108 109 .108 109
12% June 2314 Jan
1312 13%
133* 13%
15% Jan 4
No par
1312 Feb 1
2,700 Replogle Steel
1334 13% 1318 19% 1338 135
4218 Apr 64% Jan
57
5534 5684 5518 5612
100 55% Feb 11 6358 Jan 7
5612 5712 57
9,000 Republic Iron & Steel
58
58
Jan
8414 July 95
9412
05 Feb 3
100 9234 Jan
94,2 •94
100 Do pref
9412 *944 9412 941z 9412 .94
.94
Jan
18
8 July
812
914
5
4
3
*8
Jan
914
81
Spring
Reynolds
834
10%
4
9
pa
No
Feb
812
2.800
83
4
914
9
Nov
95%
Mar
724
9813
Jan
5
9478
Reynolds
9412
9512
Tob
05
9414
(11J)
9414
9512
8
25
B
953
Class
9514
1
Feb
12.000
9512 951z
973 993
8.5 June 0712 Feb
971. 9712
96
95
100 Jan 20
94
25 90 Jan
2,500 Rossia Insurance Co
94
04
04
484 Mar 57% Jan
537 5418 5418 544 54
57% Jan 9
6,500 Royal Dutch Co(N Y shares)- 52% Jan 2
5414 5312 5334
53% 54
3
35% Jul) 5212 May
46% 4818 46% 4712
10 42% Jan 20 4818 Feb 10
16.100 St Joseph Lead
4534 4534 454 45% 4514 47
48 Dec 5012 DeO
14
Jan
51%
5118
Cable
5118
Safety
54
513
Jan
1s
4812
51
2,300
18
51
4
513
51%
5178 51%
4812 July 108% Mar
10
102
Feb
101
1017s
Savage
10212
I
Jan
102
Arms
N
95
102
10212
Corporationo
8
883
0
_17r
21,100
093*
9312 102
11 Nov
0 Nov
1014 Jan 4
No par
7% Jan 20
812 858
812 333
1,600 Seneca Copper
838 812
838 832
812 812
5112 Doc 5512 Dec
60% Jan 28
58
58
58
1,800 Shubert Theatre Corp_No par 5312 Jan
5812 5712 58,2
58% 5818 5734 58
1347
Sept
8 Dec
4
1013
Jan
13513
23
137
13512
4
4
1353
Schulte
1353
13512
Stores..
Jan
4
Retail
.No par 1293
5,900
13534
136 13712 13412 13634
118 Jan 12 112 Jan 118 Aug
117 117 •11514 117
100 Do pref
100 11212 Jan
•11634 117 •11614 117 .11614 117
1634 June
134 Nov
7
Jan
14
22
Jan
Corp
Seagrave
.13%
4
13
4
133
133
par
133
No
1
1312
500
33*
1334 13% 1335 13%
.Mar 23612 Dec
219 219
216 218
217 219
6,800 Sears, Roebuck & Co
100 21312 Jan 21 24172 Jan 4 1471
216 220
220 220
4018 Mar 92 Aug
6512
1.4,10 Shattuck (4
,(1)
6378 "6370 65
64
63
No par 61 Jan 21 6938 Jan 4
81
64
6314 64
Ex-50% stock dividend,
•Did and naked Deices; no sales on this day. z Ex-dividend. a Ex-rights.
$ per share
1978 20
4214 44
3134 31%
1812
•17
3614 3612
1435 1412
.590 610
864
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually Inactive, see sixth
page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Feb. 6.
Monday,
Feb. 8.
Tuesday.
Feb. 9.
Wednesday
Feb. 10.
Thursday.
Feb. 11.
Saks
for
the
Week.
PBX SHAKE
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1 1926
On balls of 100-share lots
PBX 511AKEI
Range for PrattOne
Year 1923.
Friday.
Feb. 12.
Lowest
Highest
Lowest
Higdon
$ per share $ per share g Per share $ Per Share $ per share $ per share Shares. Indus.
&Miscall.
(Con.)
Par
share
$
per
$
per share $ per share $ per share
46
46
0454 4714 *4512 4714 *4512 4714 *454 4534
Shell Transport & TradIng_r2 455" Feb 4 4838 J80 4
500
3912 Sept 49 Dec
27158 2734 2712 2734 2712 28
2734 2778 272 275
30,900 Shell Union 011
No par 25% Jan 18 2818 Jan 4
2138 Aug 2812 Dec
*104 10412 *104 105 *104 105 *104 105 *104 105
Do pref
100 10312 Jan 30 10612 Jan 25
9912 Jan 10614 Nov
2514 2578 241s 2578 254 275
2718 277* 2712 2838
86,700 Simms Petroleum
10 2334 Jan 20 2858 Jan 2
1734 Sept 2634 Jan
5234 5284 5234 5234 5258 53
5234 5314 53
53
4200,
Simmons Co
No par 5238 Feb 5 5412 Jan 4
3114 Mar 545* Nov
•1074 10812 *10714 110 *10714 10912 *10714 10912 *10714 10912
Preferred
100 10714 Jan 29 109 Jan 14 10018 Jan 10618 Dec
2312 2334 2234 2312 234 2412 24
2412 2358 2412
126,500
Sinclair
Cons 011 Corp_No par 2012 Jan 20 2414 Feb 9
17
Jan 2478 Feb
*94
9418 944 9412 9412 9412 9412 9434 9434
95
400 Do prof
100 91 Jan 5 95 Jan 29
7834 Jan 9418 Feb
3178 32
3114 3134 3112 3214 3112 3214 3112 32
19,400 Skelly Oil Co
.„ 26 2912 Jan 19 3278 Jan 25
2134 Mar 3212 Nov
125 129
128 128
12634 131
12934 132
1274 128
Sloss-Sh
5,600
effield Steel az Iron 100 120 Jan 16 13612 Jan 4
8014 Mar 14312 Dec
142 14212 139 140
140 143
141 143
137 139
3,100 South Porto Rico Sugar_100 10812 Jan 2 14712 Feb 2
62 Jan 10918 Dec
•117 120
1174 11718 •11714 120 011714 120 *11714 120
100 Preferred
100 113 Jan 8 11718 Feb 8
9934 Jan 11314 Dec
•16
•16
18
18
17
17
17
17
17
17
1,400 Spear & Co
No par
15 Jan 5 17 Jan 29
1318 Dec 24 May
8214 8217 .81314 93
81
81
.82
83
82
82
500 Do pref
100 81 Jan 6 8212 Jan 13
7814 Dec 92 May
3012 3012 2984 30
3014 3012 2934 303* 2938 3034
2,300 Spicer Mfg Co
No par 25 Jan 19 3138 Feb 5
1512 Feb 3678 Sept
•10012 10534 •10138 10534 *10138 10534 .10138 10534 *10138 1053
4
Do prat
100 101 Jan 12 10112 Jan 18
92 Apr 108 July
63
6534 6438 69
67
89
66
6712 64
683*
133,800 Standard Gas & El Co_No par 558 Jan 2 RE Feb 8
4014 Jan 61
*5612 5712 5634 5634 573* 5758 57
Oct
57
57
57
600 Preferred
5412
50
Jan
5
575*
Mar 564 Nov
5012
89
9
Feb
91
87
90% 8612 8834 85
86
8478 8534
7,300 Standard Milling
100 81 Jan 16 8212 Feb 4
62 May 88 Dec
*89
92 •87
92
89
89
*88
90 .88
92
100
Do prof
100 85 Jan 15 20 Feb 5
Jan 8634 Dec
81
5918 5912 5813 5958 59
60
6018 6078 5934 6012
58,900 Standard Oil of California_ 25 5518 Jan 20 6214 Jan 2
4518 4512 4458 4538 4478 4512 4434 4518 4434 45
5112 Aug 8714 Feb
31,900 Standard 011 of New Jersey 25 4318 Jan 22 4838 Jan 2
11712 11734 11738 118
3838 Mar 4712 Feb
11734 11734 11734 118
P18 118
1,800
Do
pref
non-vot
ing_
100
9% 934
11634 Jan 2 118 Jan 20 11614 July 119 Feb
812 914
9
1058 10
1078 10
1012
13,900 Stand Plate Glass Co..No par
634 Jan 2 10% Feb 10
8314 84
Jan
558 Aug
16
8212 8234 8214 8212 82
8218 81
82
2,300 Sterling Products
No par 8014 Jan 22 8812 Jan 7
9434 85
8318 8438 8458 8538 8534 8712 845* 8612
6214 Mar 82 Dec
14,400
Stewart-Warn
Sp Corp_No par 8212 Jan 22 9278 Jan 2
.74
76
55 Mar 9612 Deo
*74
76
75
7822
75
7512 7558 75
800 Stromberg Carburetor_No par 7278 Jan 28 7714 Jan 4
5834 594 5818 5834 5814 5834 z57
61 Mar 8958 Oct
5778 57
5738
29,700 Studeb'rCorp(The) newNo par 5514 Jan 16 5978 Jan 9
•120 12214 *120 123
4114 Jan 6858 Nov
120 120 *115 123 *114 123
100 Do pref
100
120
Jan
121
21
Feb
1
Mar 125 Sept
112
34 34
318 314
34 318
34 314
3
338
4,400 Submarine Boat
No par
3 Jan 13
40
334 Feb 1
Oct 12 Mar
4014 39
3
4014 3914 40
3934 3934 39
393*
2,300 win Oil
No par 3612 Jan 21 415* Jan 4
3818 Nov 4378 Nov
312 337
335 312
312 312
318 3,2 *312 314
3,800 Superior 011
par
No
Jan
*25
3
28
414
Jan
26
8
*25
2
Dec
618 Feb
26
*25
26
25
25
*24
26
100 Superior Steel
100 2412 Feb 3 2534 Jan 12
•12
14
12
20 May 415* Jan
12
*1118 12
*11
12
*1118 12
100 Sweets Co of America
50 1112 Jan 20 13 Jan 7
137 14
137 14
Oct
57
8
Mar
1512
1312 1334 1314 1338 13
1312
4,500 Symington temp ctfs__No par 1218 Jan 20 1412 Jan 4
*2014 2058 2014 2014 2012 2012 *20
2078 Sept
1012 Jan
2012 2018 2014
700 Class A temp ctfs___ _No par 1934 Jan 22 2078 Feb 4
*1334 1438 *1334 1438 •I334 141
1934 Dec 2618 Sept
137 1378 .1334 145*
200 Telautograph Corp____No par 1334 Jan 6 147 Jan 19
1512 1534 1518 155s 1 573 1578 153 1578 1514 1
11 Aug
1614 Nov
55*
15,300 Tenn Copp & C
No par
1388 Jan 16 16 Feb 5
53
5312 5214 5318 5212 535* 53
75* Apr 16 Deo
535* 5288 5318
22,600 Texas Company (Tha)__ 25 5034 Jan 20 547 Jan 2
13234 1331, 13214 13712 13714 14178 138 142
55 Deo
4234 Jan
13911 1407
54,400 Texas Gulf Sulphur
10 11912 Jan 12 142 Feb 10
1718 1714
9712 Feb 12178 Deo
1634 1712 17
165* 1718
175* 1878 1 75*
16,300 Texas Pacific Coal & OIL
10 1618 Jan 15 1912 Jan 7
0620 650 630 630
1078 Aug 2338 Feb
600 650
625 625 *600 650
20 Texas Pacific Land Trust..100 625 Feb 16 785 Jan 13 255 Apr 857 Dec
315* 3112 3014 31
31
3114 31
314 3112
31
2,300 The Fair
No par 304 Feb 8 34 Jan 14
Sept 3914 Oct
3214
3753 3812 367 3734 37
3734 37
3778 37
373*
20,200 Tidewater 011
100 3414 Jan 12 3314 Jan 25
102 10218 985* 10018 99
3014 Sept 367 Dec
9078 994 9938 9938 9938
3,100 Preferred
100 9838 Feb 8 103 Jan 25
99 Nov 101
5412 54% 5414 5573 5412 5434 5434 5612 55
Oct
5578
18,900 Timken Roller Ilearing_No par 5212 Jan 20 5812 Feb 10
3734 Mar 593 Oct
9778 9814 9712 9814 98
994 9818 993
98
99
13,200 Tobacco Products Corp. .100 9812 Jan 2 10414 Jan 13
70
Jan 10134 Nov
10878 10878 108 108
10814 110
108 10814 10712 10818
1,600 Do Class A
100 107 Jan 4 112 Jan 18
9318 Jan 1103 Nov
418 43
418 414
418 44
4
414
44 418
15,400 TranscTi011ternettnew No par
4 Jan 15
57 May
434 Jan 4
*26
312 Sept
2612 *26
2612 .28
2612 *26
2612 *26
Transue& Williams St'I No par 2618 Jan 19 27 Jon 28
2812
2412 Sept 35
Jan
5914 597
584 587* 6034 627g 6012 6214 60
61
7,700 Underwood Typewriter... 25 58 Jan 2 8334 Jan 7
Mar
3818
57
6514
5812 5512 5712 5612 5812 58
Nov
5812 5534 5712
9,100 Union Bag & Paper Corp..100 5512 Feb 8 7114 Jan 5
36
495* 4512 434 45
Apr 86
Oct
4312 4418 4334 45
4318 4418
65,000
Union
Oil,
California
25 3714 Jan 20 46 Feb 5
33
Oct 438 Feb
•9014 91
92
92
91
91
z8938 8973 89
90
500 Union Tan_ Car
100 89 Jan 27 94 Jan 15
*11578 11812 11612 11812 11612 11612 11414 117 *11414 117
94 Dec 134 June
200 Do pre(
Stock
100 11458 Jan 18 11.,12 Feb 8 11314 June 11718 May
2734 2734 2734 2778 273* 28
2734 277
277 28
3,900 United Alloy Steel
No par 254 Jan 21
2914 Jan 12
24 May 36% Mar
8334 8418 8314 8534 8513 88
8718 8812 8614 8734 Exchange 14,600 United Cigar Stores
25 3318 Feb 4 977 Jan 5
'11612 119 *116 119 .116 119
604 Jan 11512 Nov
116 119 *116 119
Preferred
100 117 Jan 11 121 Jan 21 115 Dec 13314 Dec
16312 164
161 163
16134 16478 164 18514 16314 16512 Closed;
9,400 United Drug
100 15034 Jan 20 187 Feb 4 11078 Feb 16212 Oct
*584 5718 5634 5714 57
57
*5614 5714 *57
5714
500 Do lot pref
50 56 Jan 6 5714 Jan 13
*10
52
Jan 5818 Nov
12
1014 1014 *10
12
*10
12 •10
12
Lincoln's
100 United Dyewood
100 1011 Feb 8 12 Jan 11
28212 295
9 Dec 20 Mat
284 290
287 29014 20012 29012 291 295
4,800 United Fruit
100
236 Jan 7 295 Feb • 2047 Mar 246 Sept
343
3434 35
•34
*34
35
35
3614 *3534 36
Birthday
1,500 United Paperboard
100 3112 Jan 6 3114 Feb 10
1814 Apr 3311 Dec
94
94
9312 *92
092
9212 *9212 95
*9314 94
100 Universal Picture. 1st pfd.100 93 Feb 1 95 Jan 8
9478 Dec 10312 Oct
24
2473 2312 2414 2314 24
24
2614 2518 2614 Holiday
12,800 Universal Pipe & Rad__No par 2012 Jan 27
2834 Jan 5
26 Dec 50% Feb
724 72 2 7212 7212 *71
7314 7314 72
75
73
600 Do pref
100 70 Jan 26 7812 Jan
65 July 94 Feb
198 198
195 197
1964 202
20212 20634 200 20532
8,400 U S Cast Iron Pipe & Fdy _100 188 Jan 20 21014 Jan 5
4 13114 Apr 250 Feb
103 10314 103 103
10314 10314 *10273 103 *10258 10314
403 Do prof
100
10036 Jan 5 101 Feb 2
91 July 113 Aug
5234 63
5236 54
545* 55% 55
5712
56
583*
37,500
U
S
Dlstrib
Corp
tem
Mt
No par 5012 Jan 20 52,38 Feb 11
• 1504-_ _ •15012
3018 Feb 634 Dec
__ *15012
_.*15012 --- *15012
Do pref
100
5818 5812 575 -58 /8
58
58 -5914 5773 18
6,100 U S Hoff Mach Corp v t c No par 4578 Jan 2 598 Feb 4 130 Mar 250 Deo
Jan 4918 Oct
23
663* 673* 654 6578 66
68
6234 6734 6334 8412
9,400 US Industrial Alcohol_ ___I00 623* Jan 21 7512 Jan 13
'102 10212 •102 10212 *102 10212 *102 10212 *102
7014 Dec 98
Oct
Do pref
10212
100 1015* Jan 18 10434 Jan 13 102 Dec 115 June
67
674 657 673* 68
6712 6512 67
65
657
6
3,300
USRealty&Impr
ov't
newno
par
644
Jan 27 717 Jan 4
8314 857
_
__.
--835 8634 85
-86% 85
86% 8412 86
68,500 United States Rubber
100 7811 Jan 12 8814 Jan 23 __10734 108 *10734 108
334 i'dar 9712 Nov
108 108
10916 10812 108( 108,2
1,5o%
Do 1st prat
100 10612 Jan 2., 10') Jan 19
9234 Mar 10878 Nov
4714 4712 4714 48
477 483* 48,4 4834 48
4812
5,600 U S Smelting, Ref & Min
50 4518 Jan 25 4978 Jan 2
*484 4912 49
30 Feb 51 Dec
49
4912 4934 *4812 497
4934 4934
800 Do prof
50 4518 Jan 12 50 Jan 4
Apr 4914 Dec
44
13212 13314 1314 13212 13112 13273 13112 13234 1315* 1323
113,600 United States Steel Corp_ _100 131 18 Feb 8 13813 Jan 4 112%
Mar 13914 Nov
1265* 12612 12658 1263* 1263* 12836 126 12618 12614 12634
1,100 Do prof
4
100 1251* Jan 29 12718 Jan 28 122% May 138 Nov
61
*59
.59
61
*59
60
5912 61
*61
63
1,200 175 Tobacco
No par 5612 Jan 4 62 Jan 26
'112___ *112
6112 Mar 5914 Nov
___ •112
_ _ 113 113 •114
100 Preferred
100 113 Jan 12 114 Jan 12 105% Apr 114 Sept
100 1-00
100 1-02
102 1-0i
1033* 1033* 105 1-0-5
800 Utah Copper
98
10
Jan
28
105
Feb
Mar 111 Nov
82
11
33
3234 33
33
33
35
3434 36
355 38
' 9,100 Utilities Pow & Lt A__ _No par 3234 Feb 8 31 Feb 10
3J Aug 38 Aug
*3112 32
314 3134 3112 32
3138 3218 315 3138
2,300 Vanadium Corp
No par 3014 Jan 22 3212 Jan 8
2558 May 3434 July
*21
22
22
22
*22
25
*21
25
*21
25
200 Van Raalte
No par 20 Jan 4 22 Feb 8
1514 Aug 2678 Nov
*70
75
*70
•74
75
75
*74
75
74
75
Do 1st pref
200
100 70 Jan 13 75 Feb 11
Apr 80 Nov
60
•112 1%
112 112 *112 138 *112
138
112 112
300 Virginia-Caro Chem__ _No par
14 Jan 2
178 Jan 16
112 Sept
834 July.
2358 2414 224 235* 2278 2312 231 2312 2334 2334
New
6,000
193
par
8
Jan
No
2
2512
Feb
17%
3
Dec
2178 Dec
15
•114
•114
173 I%
112
138 •114
13*
138
400 Certificates
par
14
No
Jan
4
no Feb 3
78 Dec
5 July
•11
1212 *9
*8
12
12 .11
12
*11
12
Do pref
100 10 Jan 30 11 Feb 3
812 Jan 2312 July
•11
12 •11
•1018 11
12
*11
12
1118 1113
100 Prof Ws
No par
94 Jan 2 1112 Jan 7
4 mar 20 Nov
•114
134 *114
15
134 *114
13
•114
Do "B"
*114 156
No par
1313 Jan 15
47 July
138 Jan 8
78 Aug
6512 66
654 654 654 6512 651's 6534 6535 6584
2,900 6% pref w 1
100 634 Jan 23 69 Jan 4
5614 Nov 637 Dec
*964 9634 9638 97
*9612 97
9634 9634 97
97
1,90(1 7% pref w I
100 953* Jan 22 9818 Jan 6
92(4 Nov
9512 Deo
*43
44
43
43
4312 43
*43
43
43
43
300 Virginia Iron Coal & Coke.100 41 Jan 12 93 Jan 21
30 June 46 Deo
3038 31
3034 3212 3134 3212 3218 320* 315* 3212
28,300 Vivaudou (V) new
No par 2712 Jan 23 325 Feb 1()
714 Jan
2834 Deo
1834 1878 1835 1878
1914 1958 19,2 1978
1878 1918
20,300 Waldorf System
No par
17 Jan 12 1978 Feb 11
1413 Aug
1978 Jan
2178 2178 2112 22
2112 2172 22
22
2134 22
2,200 Walworth & Co
No
21
par
281
Jan
23
Jan
4
2114
Dec
244
Dee
185 185
18718 190
179 18212 172 174% 163 172
4,100 Ward Ba_ing Class A_ _No par 183 Feb 11 195 Jan 2 116 Apr 198 Deo
80% 81
6612 795
6072 6734 55
6218 5712 6178
290,100 Class B
No par 55 Feb if
8538 Feb 1
374 Mar 9512 Oct
110 110
109 10912 10812 110
108 110
109 110
5,000 Preferred (100)
No par 108 Feb 10 11012 Jan 15
9412 Feb 112 Dec
1312 135
1314 1334
137 145s
143* 1512 1518 163*
14,800 Warner Bros Pictures A.... 10 1238 Jan 21
1818 Jan 6
1714 Dec 2278 Oct
*47
48
47% 4778 48
*46
48
48
98
98
4011 Warren Bros
No par 4514 Jan 20 4934 Feb 4
43
June 5012 July
7212 71
71
7214 7014 7014 70
713* 6814 70
3,000 Weber & Helibr, new,' No par 684 Feb 11
R512 Jan 13
Apr 10012 Dec
51
1454 14614 14412 14614 144 14612 144 14434 14312 145
4,400 Western Union Telegraph_100 13434 Jan 11 1473* Feb 4 11614 Jan 1447 Sept
121 12512 12512 1284 124 12714 123 125
123 123
16,700 Westinghouse Air Brake__ 50 116 Jan 21 12814 Feb 9
97
Apr
144 Aug
7618 778 7438 773* 76
7714 7814 7912 7712 7912
123,300 Westinghouse Elec 26 Mfg. 60 72 Jan 22 7912 Feb 10
6814 Mar 84
Jan
1712 1712 1712 1712 174 1734 174 18
1712 1718
2,600 West Eleo Instrument
1512 Jan 21
18.2
Jan
23
914
Apr
2012 Aug
*29
2934 *2918 2934 2918 2918 *2918 2914 29
2914
400 Class A
2714 Jan 4 294 Jan 25
195 Mar 28% Dec
•125 150 .12512 150 *12512 150 *12512 135 *12512 135
West Penn Co
No par 123 Jan 11 130 Jan 27
974 Sept 145 May
Certificates
12212 Jan 13 12414 Jan 5 107
..7..
'
- "" ---Oct 1255* Dee
'ii
. -9-9-1; 'iti- -9-i- -6iTI 9914 '100', fus *10012 103
300 Do 7% pf tern ctf new_100 9612 Jan 8 9914 Feb !
94 Apr 100 July
9218 924 93
19112 92
934 95
94
9512 97
1,600 West Penn Electric A._No par 8812 Jan 6 97 Feb 11
9712 97,2 9734 9814 98
9912 100 *100 103
99
1,200 Preferred
100 9612 Jan 8 100 Feb 1(
•108'4.... •10834 11034 •10814 11012 10814 1084 `10814 111
100 West Penn Power pref
100 108,4 Feb 10 112 Jan 16 1-04
Jan ifi July
2812 2812 2814 2834 2812 298 29
294 29
2911
12,600 White Eagle 011
No par 2614 Jan 22 29% Feb 10
2512 Aug 3134 Feb
854 86313 8312 8878 8412 8612 8412 885* 8734 90
121,500 White Motor
50 7834 Jan 20 80 Feb 11
574 Mar 10412 Aug
374 37
3714 377g 3712 375* *37
3712
3712 *37
1,100 White RR, M & S ctfs_No par 3438 Jan 23 3853 Feb 3
3312 Dec 493 Aug
278 3
3
•258 3
3
2% 278
2% 2%
700 Wickwire Spencer Steel Mt _
212 Jan 28
33* Jan 6
2 Dec
53* May
3118 3158 30% 3112
3034 32
3134 32% 3034 32
59,400 Willys-Overland (The).... 5 28% Jan 20 34 Jan 1
94 Jan 347k Nov
9812 98
9812 98
9814 9834 98
9812 9818 9812
9,300 Do pref
100 914 Jan 19 99 Feb 4
1237
Jan
7214
Deo
3
*434 54 .454 512
514 5 4
512 5,2 *434 5,4
300 Wilson & Co, Inc
45 Jan 4
No par
45 Dec 1334 Mar
512 Feb 10
.1714 19
19
.17
19 .17
*1712 19
*1712 19
Do pref
100 17 Jan 7 174 Feb 2
17
Sept
60
Mar
20418 20614
108 2095 205 20712 2074 209% 2054 208
9,500 Woolworth Co (F W)
25 197 Jan 20 222 Jan 4 11214 Jan 220
4112 4112 415* 424 42
Oct
41
43
413* 4012 42
2,600 Worthington P & M
100 374 Jan 22 4434 Jan 6
3514 Aug
795k Jan
•77
SO
80
*77
*77
*7712 80
SO
80
077
Do pref A
100 77 Jan 7 80 Feb '2
76 Nov 88
•63
64
64
Jan
*6212
•62
64
6418
64
63
63
400 Do pref B
100 60 Jan 5 644 Feb 11
58 Aug 78% Feb
29
2934 2838 2878 2818 2814 284 29
29
29
4,500 Wright Aeronautical__.No par 2014 Feb 4 30 Feb L
10 Mar 3238 July
5433 55
55
554 55
65
'554 56
5934 5934
700 Wrigley (Wm Jr)
No par 54 Jan 11
5934 Feb 11
4512 Mar 5714 Oct
63
6312 6312 6312 637
1334 6312 83
6334 8334
900 Yale & Towne
25 6212 Jan 11 6414 Jan 6
62 Sept 7014 July
324 31% 3212 31
325*
2934 3012 31
3038 31
31,900 Yeflow Truck & Coach
100 2814 Jan 22 327 Feb 9
2278 Oct 408 Oct
9514 9514 9514 954 9514 9534 *95
95
96'4
95
600 Preferred
100 9314 Jan 2 96 Jan 11
90
Oct 100
oat. Dal.
F121. MI, 84
834 541s 8336 841.
54
Oct
4.10" Youngstown Sheet & T No oar 83 Jan 22 897
,Jan 1
83 Mar 921, N.,.
••Bid and asked Pekes no saies OD this day. x Ex-dividend. a Ex-righte.
865
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan, 11909 the Exchange method of quoting bends was chanced and prices are now "and tateeest"--ereepl for income and defaulted bonas
BONDS'i•73
t
N.Y.STOCK EXCHANGE
...a,
Week Ended Feb. 12.
I
Price
Thursday I
Feb. 11.
1
Week's
Range or !111
Last Sale
al I
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 12.
3;
HIPrice
Thursday
a.1 Feb. 11.
R,eWeek'se or
Last Sak
13 1
uts
r
.3
Jan. I
Infib
1119.5110, Low
Ask Low
Bid
High
Ask Low
Bid
U. S.000000mint.
Netherlands fla Wag prices) l972 M S 10878 Bale 10812 1084 11 108 10878
First Liberty Loan11
65
1035s
104
1043*
10334
0
Sale
A
(flat).
external
68
A954
-year
99154,
00
30
385
1035,
,,
10014/I
100:n
Sale
1
4
/
10011
.1 D
3H% of 1932-1947
4 10012 102
1017s
00,n Panama (Rep) 510 tr rcts 19535 D 10178 10214 10178
Cony 4% of 1932-47
.1 D 100 101148 10048 Jan'26 ----' 100
7, 10212 104
104 1
41 0211
/
: Peru (Rep of) external 8s___1944 A 0 104 Sale 1034
4
/
Cony 414% of 1932-47
J D 10248 Sale 10241 1020,8 93 10111
674 6813
8812 22
4 Sale 68
/
'.11 D 101'48102 •10114/Jan'26 ----I 10145 01145 Poland (Rep of) gold 88._ _ _1940 A 0 681
2d cony 4H% of 1932-47
4
1
89/
8954 123. 88
i
J 8934 Sale 89
Ext'l S f g 88 interim recte.1950
Second Liberty Loan91 98/
4 100
1
1001/1 1 19 991I 00'n Porto Alegre (City of) 25. _ _1961 J D 100 Sale 9912 100
Sale 100
48 01 1927-1942
M N 100
114
31
1114
113%
11313
Sale
11318
0
A
s
(State)
ext
f 75_1941
Cony 4)4% of 1927-1942
•M N 100148 Bale J00342100341 456 10014,00.41 Queensland
105
7, 10412 106
1947 F A 10538 106 105
25-year 65
Third Liberty Loan9855 100
40
1946 A 0 100 Sale 9913 100
M 5,100.111 Sale '1001:n101481 757 100148 011:8 Rio Grande do Sul 8/3
434% of 1928
9714 100
100
35
Rio de Janeiro 25-yr if 8s._1946 A 0 9978 Sale 99
Fourth Liberty Loan10013 102' 97 10012
4
3
99
0
Sale
88
extl
A
1099
1947
101:48
25-yr
994
.10211n10217n
Sale
102"18
1933-1938
0
A
I
of
4.4%
'
104%
104
10
10454
4
Rotterdam
1043
N
Sale
M
(City)
mil
081:2
337
65._1964
10412
1061131
1947-19521 A 0 1072411081n 107:481081n
Treasury 414s
13 10512 10634
1948 J J 106 Sale 105% 106
1944-1954 3 23 104152 Sale ,103":2104188 261 10214800n El Salvador (Rep) 88
'Treasury 45
10258
101
,
6
102
102
10252'
10213
N
M
8e
f
1952
s
Paulo
Sao
(City)
1
1
Securities.
City
and
State
1
10,1 10214 106
100 101
San Paulo (State) ext f8a1936 J J 106 Sale 1037s 106
/
NY City-410 Corp stock_1960.
26, 10112 104
External a f 85 int recta...1950 J J 104 Sale 1034 104
1964 M s 1014_100% Jan'26 ...... 10012 101
410 Corporate stock
211 851/ 904
90
19425 J 90 Bale 89:4
10012 10012 Seine (France) extl 75
1968 A 0 1011s _ _110012 Jan'2131
4345 Corporate stock
4
1
4
1
93/
91
4 129
1
93/
4 Sale 92/
1
1972 A 0. 1011 -110114 Jan'26!____ 10054 10114 Serbs, Croats & Slovenes 88.1962 M N 93/
4Ne Corporate stork
83 8412
844 14
4 85:4 8312
1
1936 M N 83/
10512 10512 Soissons(City) 68
1971 J D_110512 Jan'28'
4345 Corporate stork
105
8
4
1
/
1044
1047
31
10512
105
65
D
10512
J
1939
10444
Sweden 20-year
105
4144 Corporate atock_July 1967 J J 1054 105 •1 10518 Jan'26
103 I 76 10112 103
1954 M N 10234 Sale 10218
10458 1051, External loan 510
1965 J D 10513 1057510538 Jan'26:
434a Corporate stock
611 11654 11714
4 1041
1
4 Jan'2131.-- 10412 10412 Swiss Conted'n 20-Yr s f 88_1940 .1' .1 11634 Sale 11634 117
/
1983 M s 10538 105/
434s Corporate stock
4
4 311 103 10434
1
103/
1
9734 9812 Switzerland Govt ext 510_1946 A 0 1033 Sale 1035
98 1
1959 M N' 98 Sale i 98
4% Corporate stock
67 6752
6738
5
Tokyo City Is loan of 1912_ _1952 M S 6714 Sale 674
1958 34 N 98
9812 9714 Dec'25.---4% Corporate stock
4 101
1
99/
4 100 1 23
/
Trondhjem (City) extl 6)0_1944 J J 100 Sale 991
1
98
98 1
98
1957 M N' 98
9814 98
4% Corporate stock
10978 31 109 111
Uruguay (Republic) ext 85_1948 F A 109 Bale 109
1956 M N 974 ----1 9612 Dec'25,_.
4% Corporate stock
10712
1075
10812
10812
11014
21
0
Sale
A
8188
1945
of)
(City
Zurich
stock
1955
Corporate
Oct'25;96
1
4%
MN 974
Railroad
434% Corporate stock _ _ _ _1957 3,1 N, 10478 10558 10434 Jan'26:____ 10454 10434
_
_
4 Jan'261.....- 10434 10518 Ala Gt Sou 1st cons A 58_19431J D 10012 10213 102 Oct'25_
1
413% Corporate stock. _ _ _1957 M N1 1047 10638 105/
101-- 1014
__IFeb'26
8734 8834 Ala Mid 1st guar gold 58_ _1928 M N 10034 102 101
313% Corporate st k _ AIay 1954 m N' 884 - _ _ 1 8834 Jan'26 ---8413 Feb'26
8415 8452
1946 A 0 841/4 _
8854 8834 Alb & Suaq cony 334s
3)4% Corporate stk_Nov 1954 MN 8814 ----' 8854 Jan'26..--, Jan'26'---. 101/
4 10155 Alleg & West 1st g 45 ECU-._ 1998 A 0 82 -83- 84
1
New York State Canal 116_481961 J J --------1015
92% 93
93 i
4
1942 M S 9275 9313 93
Alleg Val gen guar g 48
1942 .1 J---------1011* Mar'251..
48 Canal
4 78
1
75/
78 Sale 78
68
July 1995 Q
78
Ann Arbor 1st g4s
1964 3 3
11014 Jan'26:410 Canal (met
9114
0
Sale
8
905
42
A
-Gen
U.1995
Fe
g
S
&
Top
Atch
4 Ju1y'251.-_
1
102/
__
40 Highway impt register'd1958
_
Jan'26
12 90
4
1
9/
4
88
8
9112
A 0
Registered
Highway Improv't 4)0_1963 M S - -- ---- 10812 Oct'251_ _86
4
851s 86
Adjustment gold 48_ _July 1995 Nov 86 Sale 853,
Virginia 2-38
1991 J J 6414 -__ 764 Feb'251.--854
13
Sale
4
853
N
M
1995
July
Stamped
Foralon.Gorornmant.
MN 823*
1/4
8314 Jan'26
88
834
88
834
Registered
98121 57 10152 1021s
Argentine (Nat Govt of) 75.1927 F A 10134 Sale 101:4 102
8454 8514
8514 Jan'26 ____
1955.3 13 8438 -86
: Cony gold 45 1909
981
197
96
8 f 65 of June 1925 temp...1959 .11 13, 9812 Sale 98
8412 M
841s
8511
D
.1
1955
2
8534
8534
Cony 4s 1905
981j 127
Extl 8 f as of Oct'25 temp.1959 A 0 9838 Sale 98
4 F813
1
95/
8313 8512
4 Jan'26 ____
1
4 85/
1
Cony g 4, Issue of 1910_1960 J D 844 85/
964 9934
Sinking fund 68 Ser A. _J957 M S 98/
4 Sale 981/4
1
4
1
4 ___ 99/
/
2
9834 Ma
9912
East Okla Div let g 48_.l928 111 S 991
2j
External 68 Series B._ Dec 1958 J D 9812 Sale 98
414
r8
:
9534 99
8612 874
87181
1
Rocky Mtn Div 1st 4..._l965.3.1 8718 Sale 8718
50
78 8
4
1
8633 8775
Argentine Treasury 56 E
1945 p6 8 8778 Sale 87/
90
88
89
2
894 89
Trans-Con Short L let 45.1918J J 89
4 98
1
96/
178
98
Auatralla 30-yr 5e_ _ _July 151955 j J' 98 Sale 9734
9474 9518
4 Jan'26
1
Cal-Ariz let & ref 410 A.1962 M 8 9538 ____ 95/
4
1
10212 74 lows 102/
Auatrian (Govt) s f 7a
1943 J G 10178 Salo 10178
____ 9114
91¼
109% 110% Atl Knoxv & On Div 4s._ 19551111 N.
Belgium 25-yr ext a f 710 g_1945 J D 11034 Sale 11014
103 Dee'25 ___3
_
4 __-1
90/
9134
107 108% Atl Know & Nor 1st g 55...1946 J D
1941 F A 108 Sale 108
-year,f 88
20
9614 973*
9718
2
Atl & Charl AL lat A 4545 1944 J J' 974 Sale 97
157
95
4
/
4 95
1
25-year ext 8)4s
92/
1949 M S 9412 Bale 941
4 10311 Feb'26 __ 103 10352
1
1944 J .3 103 103/
B
Series
58
30-year
let
Bale
523
4
871s
873
8712
4
/
871
J
4
Extl s f 68 inter reta
853
1955J
4 July'25--1
85/
95/
4 97% Atlantic City 1st cons 45___ _1951 J J 85
1
97% 181
Esti s 1 78 inter etts
1955,3 D 9714 Sale 97
931;
921; --7
9314
4
1
All Coast Line 1st cons 45._51952 M El 9314 Sale 1 92/
4 11314 115
Bergen (Norway) 51 88
19455.1 N' 11412 1141
4 11412 115
/
4 106 1 20 10534 107
1053
Sale
108
N
M
1930
75
secured
-year
10
10018
18
98
9914
25-year sinking fund 615_1949 A 0 9912 Sale 98
9614
Feb'26
9612
____
944
953*
964
D
J
1964
4315
General unified
8654 87%
4 115
1
87/
Berlin (Germany) 610
1950 A 0 8712 Sale 8738
4
1
4 94/
/
911
9314 92
L & N coil gold 4B....Oct 1952 MN 9314 Sale 9214
4 107 108
108
Berne (City of) a f 815
1945 m N 108 Sale 107
774 7813
1948 J J 7812 Sale 7734
7812 22
0624 9812 $1 & Danv 1st g 4s
984 25
Bogota (City) ext'l a f 8a_ _1945 A 0 9812 Sale 98
1948 J J 687/ Sale 6878
26 4s
96% 100
121
100
Bolivia (Republic of) 85_ _ _ _1947 M N 100 Sale 995
7834 78
1949 A 0 78
Atl & Yad 1st g guar a
20
86
Bordeaux (City of) 15-yr 615_1934 MN, 853* Sale 8518
824 86
4 D07
1
99/
0'8925
26_
41_ _.
19413 .1 100 101
7777'1 76948
A & N W 1st gU g 55
238 1011
4 104
/
Email U El, external Si
1941 .1 13 10375 Sale 1025, 104
4
1
4 91/
4
1
-51-1
91 I 63
Balt & Ohio ist g 4a_ __July 1948 A 0 91 Sale 90/
93
278
7. (Central Ry)
1952 .3 D 9234 Bale 9012
4 93
/
891
8911
8815
____
Jan'26
8912
89
1948
5
July
Q
Registered
1063
10714
8
Jan'26
710(coffee seem)E(flat)A952 A 0' 10512 10611
10513
4
1
/
95
94
233
1
95
955
sale
9514
8
M
1933
10-year cony 45-0
9714 99/
4 15
1
99/
4
1
Buenos Aires (City) extl 61351955 J J 9978 Sale 9914
9312 97
4 114
/
951
Refund & gen 5s Series A-1995 J 0 9.534 Sale 9512
10014 12 100 10014
Canada (Dominion of) g 58 1926 A 0 10018 Sale 10018
4 171 103 104
/
1031
1948 A 0 10314 Sale 1034
1st g Saint ctfs
10134 19 1011
4 10212
/
1931 A 0 10112 102 10134
4
11
/
10314 60 10234 10312
19295 J 10318 Sale 103
19-year 68
1929 F A 10212 Sale 10238 10258 90 10113 103%
10-year 510
Ref & gen 68 Ser C temp..-1995 J 0 1065, Sale 10534 107 1 97 10412 107
1952 311 N 1034 Sale 10318
10334 115 10271 104
Is
9114
II
9 .."
7
PLE & W Va Sys ref 4ElG4lM N 91 Sale 91
1 10112 102/
4
1
1954 J J 10212 103 10234 10234
Carlsbad (City) 5 185
4
1
1950
J 9914 Sale 98/
98 994
9914 259
Southw Div 1st 55
10934 138 10734 10934
Chile (Republic) eat'.1 85_1941 F A 10914 Sale 109
7718
Sale
237
7714
J
J
mat
A-1959
48
Div
ref
Cin
&
102
f
8
a
1024
2 102 10234
Tol
External 5-year
85...„1926 A 0 10214 1025
May'
5
628s
2
'
77
4 82
1
7434 78
20-year extl 78
4 59 1004 10212 Battle Cr & Stur 1st gu 35..1989 J D 60/
1
1942 51 N 102 Sale 10112 102/
Jan'26
931
4 964 93
/
1946 M N 10834 Sale 10858 109
19 108 109
25-year a f fis
Beech Creek 1st gu g 45_ _1936 J
25 _ _ _ _
'
3 D 92
95
9034 Nov
Registered
fjA 9712
974 87
Chile Mtge Dk 610 June 30'1957 .1 D 9714 Bale 97
4834 80
Chinese (Hukuang Ry) 58_1951 J D 48 Sale 474
4512 4834 Beech Cr Ext let g 3Hs_ -1951 A 0 7812 -- -- 774 Dec'25
00
1
90
90 1
19445 13 8971
1945 A 0 11018 Bale 11018
11018 18 1104 1104 Dig Sandy 1st 48
Christiana (Oslo) 8188
4: 7434
1.
.7:3:
-8_i
1
74%
741/4
1954 M S 1004 10114 101
Feb'26 _ _._
30-year a f 68
B & NY Air Line 1st 45.......1955 F A
9938 101
9314 MS
__
9334 95- 9312 Jan'26 _ ..n
1008
16
Brum & W 1st gu gold 48_1938 J J 75-9871, 101
30-years f 65
I9SSMN 10014 Bale 100
Colombia (Republic)610_1927 A 0 10018 10012 100
10012
6 100 10011 Buffalo R & P gen gold 5s-1937 M S 10214 ____ 102 Dec'25 _
99
1957 M N 8938 Sale 89
Consol 4148
-year,f 51415.1944 J J 9914 Sale 994
9912 59
Copenhagen 25
4
1
4 100/
1
98/
__
___ 8252 May'25
1W N_ _
Registered
5
Cordoba (Proy) Argon 7s_ _1942 J J 99 Sale 984
991
9534 99
100
,
4
1
/
4
10014
74
100
10014
0
10114
1004
1934A
1944 M 8 100 Sale 9934 100
20
9834 10012 Burl C R & Nor 1st fe
Cuba 5s 01 1904
1 103 104
1031/4
10312
984 10012 Canada Sou cons gu A 55_ _ _19621A 0 10312
99
External 25 of 1914 Ser A.1949 F A 99 Sale 99
25
94
9314
g
94
9312
94
4
1
/
93
Nat
S
1
5
19541
9012
15
410
410.13ept
4
1
/
Canadian
loan
88
1949
F A 8934 9012 8934
External
4
1
89/
1
9811 991s
99
12
5-year gold 434,...Feb 15 19301F A 99 Sale 99
19535 J 10212 Sale 10212 102/
4 27 100/
1
4 102%
1
510
&
72 in
74
14
180
80 •1
12
11578 Sale 1 153* 1
8181.111
181127
Czechoslovak (Repub of) 84_1951 A 0 10212 Sale 1014
4 61 10054 10212 Canadian North deb s f 71-1940'J
1
102/
1 11738 Sale 11738
20-year s f deb 6Ha
1946J .
1021t 132 10011 10212
Sink fund 8s Ser B IMetts..1952 A 0 1024 Sale 10114
9611 97
97 1 17
4 Sale 96/
1
4
1
1945 A 0 99 Sale 9812
10-yr gold 4Hs_ _ _ _Feb 15 1935,F A 96/
4 99
1
95/
99 1 267
Ext'l 8 f 710 Set A
4 Sale 8111
/
Canadian Pac RI 4% deb stock.ki J 811
111
14 11011 112
Danish Con Munich/ Si A1946 F A 111 Sale 111
9314 Oct'25
4
1
1946 F A 111 Sale 11072 111
Carb & Shaw 1st gold 4s....,19321W S 95/
4 110 112
Serie/ B a f 8s
111
2 I2-1;
376 _ _
8212 Jan'2
1938.3 13 8112
4 Oct'25 __ _.
1
Caro Cent 1st con g 45
Denmark external if 85._ 1945 A 0 ._ __ _ ... 109/
8 16 102 1033*
4
1
___ 103/
19425 J 10314 Sale 103
10358 38 10214 1-61;
1 Caro Clinch & 0 1st 3-Yr 5s-I938 J D 103
20-year 65
5 10732 10814
1952J D 10758 Sale 107% 108 I
let & con g6s Ser A
4
/
10178 Feb'26 _ ._ _ 10112 103
Dominican Rep Con Adm a f 55•88 F A 1011
854 Feb'26
1981 J D 854 88
' 85
5 85
'
Custom AdmInIstr 5Hs_ _ _1942 NI 13 9958 Sale 98
99% 43
4 99% Cart & Ad 1st gu g 48
1
93/
7912 80
80 . 29
___ 80
10434 27 104 10514 Cent Branch U P 1st g 48._.1948 J D 80
Dutch East Indies ext.' ft._ _1947 J J 1043* Bale 1044
7012
68
7012 33
1962 M S 10414 Sale 10414
10434 43 104 10514 Cent New Ens 1st gu 4s.......1961J J 7012 Sale 70
40-year 68
4
1
1953 al S 10314 Sale 10278
30-year extl 530
10314
4 10154 10312 Central Ohio Reorg 4148_1930 M S 984 ____ 97/
10318 1034
1953 M N 10314 10334 10278
4 11 102 10314 Central of Ga let gold be ___91945 F A 103's-- -- 1034 Feb'26
1
102/
39-year a:0 510
Consol gold 50
1945 86 N 103 10312 103
10314 125 10052 10312
French Repub 25-yr extl 88_1945 M S 103 Sale 103
4
/
MN 10112
1011
Registered
4
1
9914 224
20-yr external loan 730_1941 J D 9914 Bale 97/
974 9914
4
1
4 sale 90
/
10-year secur 68_ June 1929.3 13 10314 Sale 103/
1949 J D 901
External 75 of 1924
9014 322
8814 91
1:013l47( 1 F814
1959 A 0 10258 10418 10314 an26
_.
Ref & gen 510 Ser B
1I_
2
.
90
Finnish Mun Ln 610 A___I954 A 0 914 Sale 9112
0342
9134
9212
9
21
818
;
111
4
1
.
8614
89
Chatt Div Our money 343_1951 J 13 87
External 613s Series 11_--1954 A 0 9112 Sale 911
4
/
92
5
9213
90
1945 M S 8914 Sale 8814
Mac 3: Nor Div 1st g 5,1948J J 9934 ____ 100 Dec'25
8914 21
Finland (Rep) extl 65
8734 894
1950 M El 978 Sale 9714
19465
___ 99 Dec'25_.
Mobile Division 515
101
External 5 f 7ii
98
48
9512 98
4
1
9834
4' -9833 -98/
4 Sale 9834
1
German external loan 75_ _ _1949 A 0 1024 Sale 10212 10278 409 1011
4 10272 Cent RR & B of Ga coil g 5s-1937 M N 98/
/
10914
I i 10839 10954
Central of N J gen gold 58-.1987 J J 10914 Sale 10914
German Cent Agri° Bk 75_....1950 M S 97 Bale 9658
94
97
97
173
k1987 @
108% _-- 1083, Jan'26 ____1 108% 10812
10614 52 1044 10615
Registered
Gt Brit & Irel(UK of) 513 -51937 F A 106 Sale 106
1929 F A 11834 Sale 11834
10-year cony 510
118% 30 11734 11873 Cent Pm 1st ref gu g 8__ 1949F A 9014 Sale 904
887
881
34 98
4
1
99216
1952 M N 97/
38
Mtge guar gold 310
8/
3 .
9687
8
_
k1929 J 111 9358 9634 9634 Feb'26Feb
6
4 Sale 974
1
977
40
937s 977s
Greater Prague 7345
1964 M N 87 sale 857
Through St L 1st gu 4a1954 A 0 8734 8812 88
4 87%
1
85/
8712 80
Greek Govt 7s
Haiti (Republic )63
1952 A 0 98 Sale 97/
9914' 270. 974 9914
1960 F A 9914 Sale 98:4
Guaranteed g 58
4
1
984 21
9554 9814
Charleston & Savannah 78_ _1938 J J 1153
11212
9438 98
974 18
Hungary (Kingd of) 5 f 710_1944 F A 9513 Sale 9534
4 10058 101
101
8 101 101
9934 10078 Chee & Ohlo fund & impt 5e.1929 J J 1005410012 32
Ind Bank of Japan 6% notes1927 F A 10018 Sale 100
81 1023, 104
D 9412 Sale 9412
1939 M N 10358 Sale 10338
1st cotisol gold 58
10334
943*
94
9412 1030
Italy (Kingd of) ext'l 75_ _ _1951 J
10118 Nov'25
1939.1W N 10114
'
Registered
86/
835 87
4 134
1
Japanese Govt £ loan 48_ ...1931 J J 8614 sale 864
--io,
92i4 94
93.,
9312
S
Hs
A
F
gold.4
19921W
1954
Sale
General
9312
9414
380
9238
93
944
9414
8
7
610
f
Sale
3o-year 5
94)l July'25
Registered
1992M S 8758 _
89
85
89
62
Oriental Development 65.1953 NI El 8812 Sale 8814
A
857
N
8 19-977
82
F
4
M
cony
983
1930
_1934
4
-year
Sale
68_
9812
9812
15-year
20
of)
8234
15
8512
85%
86
8
855
34s
(City
Lyons
30-year cony secured 511-.1946 A 0 132 Sale 131
13314 202' 1274 1424
15-yr 68_1934 MN 86sale 851s
86
22
4 86
1
R2/
Marseilles (City of)41381943
AO
MN
129 Dec'25
-._ 1 ---- ---Registered
31
31
31
Jan'26 ____
Mexican Irrigation
_ 984 Dec'25 ____ -------1943.
1940 Si 98%
Craig Valley let g 55
3178 10
2934 3438
3134 324 3178
Assenting 5 f 4 Hs
83
Oct'25 __ _ ..
8.5
Potts Creek Branch 1st 45.1946 35 81
4212 4538
424 Feb'26 ____
Mexico(U 2) extl 58 of'99 C.1945 Q J 433* 70
4 iiiis
is
87
873* 15 Ii48758
g
4
8658
408
con
lst
4:1_
Div
A
1945
_1989
1899
43
&
01
R
4
3934
404
393
13
4
1
/
40
56
Assenting
8358
8412 23 8271 8413
_
8418
4s
1989
gold
consol
2d
401 Jan'26 ....
4014 40
4
,
Assenting 511 large
9834 Oct'25
WarmBpringaVl,tgs&.1941M 13
3712 May'25 _ _ __
Assenting 58 small
67
48 If- iiii
67
Wt; WI; Chic & Alton RR ref g 35-1949 A 0 66's 67
1954 J 13 25
i5-3; 2714 Jan'26
Gold deb 40 of 1904
6258 Nov'25
25 Sale 25
Certlf dep stmpd Apr 1925 Int ---2412 2912
4 96
1
25/
Assenting 48 of
-fii- WI'
663* -cif" 67 Feb'26 _ _._
1925 Int
Oct
atpd
dep
Sale
Ctf
__
Aug'25
2314
25
of
-small---1904
Assenting 4s
5812 Sale 525, 5612 509 8184 5612
i i
Railway first Ilen 3145____1950 J
Assenting 45 01 1910 large_ __ _ ____, _ - ---- 2558 Oct'25 _ _ _ _
5412
61
52
331
Sale
-4
/
541
5412
Ctts dep Jan '23 & sub coup.
28
4 17 -2-8-- -317
1
29/
;
Assenting 43 of 1910
8354 85
8434 84
---_ _2: --_-_-_. 26
371 2514 2912 Chic Burl & Q-III Div 330_1949 J J 84
844 32
27
Assenting 411 of 1910 small_
924
3
j
913
J
31
J
9212
1
9212
924
1949
(Is:30'33
43
Division
Illinois
47
44
, ---- ---- 44 Feb'26 -__
Tress 68 of '31 assent
101 9912 100
4 100
1
4 .... _ _ 99/
1
Nebraska Extension 48_1927 M N 99/
44
7
47
_ .. _ __ 44
44
Small
'
98:4 Sept'25
MN
D
J
98114
4
1
/
1952
98
Registered
96
45
4
1
/
98
Sale
974
Montevideo 75
;
4
/
914
5 Ili% -9-2-1
4 Sale 911
/
1958 M S 911
41 10014 102
General 48
1948 F A 10134 Sale 10158 102
Norway 20-year ext1 68
1034 26 10318 104
1971F A 10358 Sale 10314
1944.F A 10112 Sale 1011
let & ref 58
4 10254 43 10016 10234
/
es
26-year external 68
7
4912
4
1
/
53
56
5118
0
Sale
A
524
1927
0
II..,.,
A
Rys
10213
14
Cons
&
101
1024
1952
10212 Chic City
Sale 1024
30-year external
95 9715
89
07
.1965 .1 D 961, Sale 9658
40-year a f 5145 temp8
Due
Nov.
k
July.
Due
Option
Due
sale.
y
Aug.
h
Jan.
a Due
High N o .1 Low
14
Igg: 137
866
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 12.
New York Bond Record—Continued—Page 2
16.2
t
...a.
Price
Thursday
Feb. 11.
Week's
Range or
Last Sale
34,6
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week Ended Feb. 12.
0
3
r
Price
I
Thursday
Feb. 11.
Week's
Range or
Last Sale
112
tho3
Range
Since
Jan. 1
I
Bid
Ask Low
NighiN o Low
High
Bid
Ask iLow
High No, Low
High
Chicago & Eas., Ill Is 613_1934 A 0 106
___ 10612 Jan'26..___ 10612 10 il2 Erie& Pitts R112 344s B
1940 J .1 86
88% 86
Jan'26 __ __
86 86
CA E III RR (new co) gen 58..195i 131 N 78 Sale I 7634
7812 451
7514 78,2
Series C
j 5 86
88%
8458
Aug'25
Chic & Erie 1st gold 58
1982 M N 10214 ____'10214
10214
1 10158 10212 Fla Cent & Penn let ext g 58_1930 J J 101/13 _ _ 10038 Nov'25
Chicago Great West let 4a 1959 M S 6814 Sale , 6512
6614 222
64% 66 14
Consul gold 53
1943 1 J 10038 191 1008
10058
1
igi; 1665;
Chic loll & Loulay—Ref 65-1947 J .1 1115s 11178 11158 Feb'26
111% III% Florida Etu3t Coast 1st 440_1959 J D 9613 9614 96%
9818 15
953s 98%
Refunding gold 58
19474 J 10112
101
Jan'2 i _
101 101
let & ref 55 Series A
19745.1 S 9778 Sale 9713
98
207
9718 9978
Refunding 421 Series C
1947.J J 8412 ____ 80
Jan'26 ____
795 80
Fla West & Nor 75 Series A 1934 M N --------178 Nov'25
General 58 A
1966 M N 9478 ____ 9434
9434
3
92
9434 Fonda Johns &
4140_1952 M N 62
63% 62,4 Dec'256
598; 647
.4
General 6s 13
May 1966 J J 10618 ____ 10618 10812 24 10314 10612 Fort St U D Co Glov
lot g 444s
1941 J J 9058 ____ 90
7912 Dec'25
Ind & Louisville let R11 4a_1956 J .1
Ft W & Den C 1st g 5448_ _ _1961 J D 10538-- _
0512 Jan'26 ___ 113-- 105-1;
Chic Ind & Sou 50-year 48__1956 J .1 8734 __ 9014 Jan'26 -- -897 9014 Ft Worth & Rio Gr 1st g 4s_ _1928 J J 96% 9738
- 97
Jan'26
9613 9788
Chic L S & East 1st 4348___1969 J D 94
____ 9414 Nov'25
Frem Elk & Mo Val 151 6s
1933 A 0 10838 109 10814 Feb'26
107 10814
C M & Puget Sd 1st gu 48___I949,J J 5138 52
513
515 - -ii. Ifis WA G II & S A M & P 1st be
100%
M
N
10013 Feb'26
1931
10114
10012 10012
5178 Sale 517
Certificates of deposit
I
51%
2
51 14 5212
2d extens 58 guar •
1931 J I 1003* Sale 0038 10038
3 10018 101
Ch hi & St P gen g1aSer A _81989 J .1 8214 Sale 8113
8138 83
8214 32
Galv Hous & Heed lot 55_1933 A 0 94% Sale 94
9412
1
9312 95
General gold 3348 Ser B__e1989 J J 7078 7112 7034
71
11
7014 7112 Genesee River 1st a f 63
1957 J .1 --------10512 10578 12 10414 106
Gen 4348 Series C_ May 19895 J 9034 93
9134
9212 27
9015 9212 Ga.& Ala Ry 1st cons 55___01945 5 J 9712
_ 97% Jan'26
_
96
9712
Gen & ref Series A 444a__a2014IA. 0 52
5213 52
5214 45
52
5378 Ga Caro & Nor 1st gu g 58 1929 J .1 10018 10014
_- - 0014 10012 - -2 10018 10012
5218 Sale 5113
Certificates of. deposit
525
76
5118 5312 Georgia Midland lot 38
1946 A 0 70 --__ 63
63
20
63 67
Gen ref cony Ser B 5s _o2014F A 52 Sale 52
5214 30
5134 .5314 Gr R & text 1st gu g 440_1941 J 3 9512
953* Jan'26
9534 9534
5114 Sale 5114
Certificates of deposit
5214 14
6118 53
Grand Trunk of Can deb 7s_1940 A 0 115% I11
- 34 11512 11534
2 11434 115%
1935,J J 10412 Sale 10414
1045n 35 104 108
lat sec 63
15.- years 1 8s
193651 5 10714 Sale 111714
10714
10 10678 10758
1932'J D 52 Sale 5134
Debenture 4448
5213 36
5134 5359 Great Nor gen 75 Series A
1936 J 5 113 Sale 112
113
151 10934 113
5114 52
51%
Certificates of deposit ______ I__ _ _
52
67
61
5314
Revistered
J J--------110 Dec'25
5212 52
Debenture 4s
1925 J D 52
5218 43
5134 53%
1st & ref 4444 Series A__1961 .1 J 94
9412 94
9412
27 13-14 -14-1;
I
51%
deposit
Sale 5114
52
Certificates of
110
51
53
General 53.4s Series B
1052.5 J 10314 Sale 10318 10414 33 102% 105
5218 18
25-year deben ure 48_ .—1934,J J 52 Sale 52
52
5338
General 58 Series C
1973 .1 J 9912 Sale 9838
99% 89
9714 9913
5114 5214 5112
Certificates of deposit
5112
I- --3
51
53
Green Bay & West deb ctfs A__ __ Feb 7614 85
78%
7914
6
7813 7914
Chic & Mo Ely Div 58_ —1927 J J 9912 Sale 9912
9912 11
9812 9915
Debentures Ws B
Feb --------177
1812 50
16% 19%
Chic & N'west Ext4s_1886-1926.F A 9912 9978 9913
1
9912
9938 9915 Greenbrier Ry let go 45
1940 IQ N 8812
_ 8815 Jan'26 ___
88% 88
,
2
t886-l926,F A 9912 9934 993 Jan'26
Registered
99% 9912 Gulf Mob & Nor let 5445
1950 A 0 10314 10412
_- - 10414 Feb'26
10314 10414
1987M N 7714 Sale 7612
General gold 34411
7714 11
7459 7714 Gulf & S I 1st ref At g 5s___61952 J J 10434
10415 Feb'26
104 105
Q F 71
__ __ 7212 July'25 •_ __
Registered
____ ____ Harlem R & Pt Ches 1st 48_1954 MN 86 12 ---- 8614 Feb'26
84,
4 8°14
General 4s
1987 M N 8678 Sale 8612
86% 16
8559 87
Hocking Val 1st cons g 4448.1999 J J
9234 Sale 92
9234
5
91% 92%
Stamped 48
1087,M N 87 Sale 8614
87
6
Registered
8515 87%
1999 J 1
General 58 stamped
1987 M N 10558
0534 10534
5 104 1054 11 & T C 1st g Int guar
1937 J J 1.01i4 1-62.1-991
4 10112
4M
Fa.2
eb
Y'26
5:
2-_ 161-14
• Sinking fund 68
1879-1929 A 0 104 105 104
2 104 1057s Houston Belt & Term 1st 58_1937 J J
10578
9813 Sale 9812
9612 9812
9813
1
Registered
A 0 10334 10412 10334 Feb'26 --- Ng% 1.81:4
'
1Tex 1st g 53_1933 M N 100
mE
25.1,
2;:
4 Hoirgo,n
10018 Oct'25
Sinking fund 55
1879-1929!A 0 10078 _
0134 Jan'26
1933 M N 100
100 Sept'25
1879-1929 A 0 98
____ 10012 Jan'26
Registered
10012 10012 Housatonic Ry cons g 58___ A937 IQ N 9334 :- -- 9512 Feb'26 _ _ _ _
9512 I5-li
Sinking fund deb 55
1933 M N 10012 10034 100
100
8 100 10114 Hull & Manhat bs Series A 1957 F A 9412 Sale 9418
9434 211
9212 9514
M N 10012 _
0014 Dec'25
Registered
F A -___ ____ 9114 June'25 __ __
Registered
10-year secured 7a g
193015 D 10758 Sale 0758 1077
9 107 108
A 0 8113 Sale 8
Adjustment income 5s.._1957
.
90
3,2
7514
iti"
11212
113
112%
I5-year secured 6345
-1938 M El
113
3 111 14 113
Illinois Central let gold 48_1951 J . 5
Feb
8
'
2
26 _5
_4
_3
_
9238 9312
g_-May 2037 J D 10058 10114 10014
let & ref g 58
101
21
9958 10112
Registered
1951 .1 J --- ____ 9338 July'25
Chic R 1 & P---Railway gen 481988.1 J 8538 8578 853
4
85
87
1951 J J .
8512
1st gold 3448
83_38 ____ 84
Feb'26
8314 84
83 Nov'25
Registered
1 J 8338
1 J
Registered
8234 Jan'25
1934 A 0, 89 Sale 8858
Refunding gold 413
236
89
88 8914
Extended 1st gold 3345_1951 A 0 827
_ 8313 Jan'26
83's 831k
A 0 10412 10712 8814 Jan'26
Registered
8814 88,4
1st gold 38 sterling
1951 M S 86 8-71- 62 Feb'26 _ ___
__ 104
104
2 104 10512
Chic St. L & NO gold 5s___ _1951 J D 10113
Collateral trust gold 48
1952 A 0 8815 90
8815 Feb'26 ____
8813 8834
1 D 7878 8112 10214 June'25
Registered
A 0 --------8684 Nov'25
Registered
8
1951 J I) 833
7812 Feb'26
Gold 330
7812 7812
1st refunding 48
1955 M N
9113 -- -- 9112 . 9134 16
liliO7;
1951 J 0' 85% 8634 87
Memphis Div tat 248
87
87
Jan'26
Purchased lines 334s
1952 J J 8218 _____ 84
2,
14
8 july
8...6
2
215
3
sps 8384
102 Feb'26 _
C St L & P 1St COW. g 53_ __ _1932 A 0 10158
iouti
102
Registered
J .1
Chic St P M & 0 cons 68_ _1930 J 13 104 10-418 104
10418 22 104 10418
Collateral trust gold 48_1953 M N --3
/.
558 1(118 86
8614
8614 11
85
_ 9334 Oct'25 _
Cons 89 reduced to 3348_1930 J 13 9358
M N ___ i2 ____ 8334 Dec'25
Registered
Debenture fis
1030 M S 987e -69-14 9914
9914 25 -48.1; 191-4
Refunding bs
1955 M N 106
_ _ 1057 Feb'26 ___ 1951
108
1;
9878 9918 98% Jan'26
Stamped
9813 998
15-year secured 544s
1934 J J 10234 103-12 10212 10312 10 10214 104
89
Chic T H & So Eaat 1st 58-1960 J D 88 Sale 88
45
90
15-year Bemired 644132
87
1936 J 1 11234 113 11234 113
24 11112 113
Dec 1 1960 M S 8112 8134 813a
Inc gu 55
8134 14
79
9184
Cairo Bridge gold 4s
1950 J D 91%
__ 9038 Jan'26
90% 9032
95
5
Chic Un Stan 1st go 4458 A-1983 J J 95 Sale 943
9414 95
Litchfield Div lot gold 38_1951 .1 J 74 -7-514 74
Jan'26
74
74
1
103
13
Sale
103
Series
1963
J
1
103
ba
3
1st
10258 103 4
Louisv Div et Term g 334131953 S J 8078 8134 8118
8118
2
803
4 81%
1944 J D 102 Sale 10134 1023s 45 100 102%
Guaranteed g 58
Omaha Div Is gold 3s
1951 F A
7334 75
7358 Jan'26
7358 73%
1903 J J 11712 Sale 11718
11712 14 117 11712
1st 630 Series C
5 Louis 3isDilvo & Term 5 35_1951
J
7438 Jan'26
74% 74%
Chic & Arm Ind gen g 68p1932 Q M 10512 ____ 10514 Jan'26 -Gold 334o
1951
J 8112 8234 Jan'26
8215 8212
1952 J J 8312 Sale 8314
81 14 19514
8378 52 108
84
- Consol 50-year 4s
Div 18 53348.195.1
J 8134 i3.-4 8212
8212
8212 8212
5
1962 M S 10214 Sale 102
1023s 76 10012 10238
1st ref 5449 aer A
Western Lines 1st g 4s
1951 F A 8812 ____ 8934 Jan'26
89,
4 89,4
('hoc Okla & Gulf eons 59._. 1952 NI N 10234 103 10258 Jan'26 _215
Registered
1951 F A --------84 Aug'25
1937 J J 9614 98
10
96 19
963s Feb'26
98
33
1'
8 III Central & Chic St L & N 0—
CM LI & D 2d geld 4448
c 1 st L & 0 1st g 4a___Aug 1936 Q F 8818 9414 9338 Jan'26 -9338 93%
Joint 1st ref 6m'Eteries A
9978 10114
1963 J 0 101 Sale 10078
10114 72
Aug 1936 Q F 9212 9312 9214 Dec'25 -Registered
Ind Bloom & West 1st ext 48_1940 A 0 9058 95
8814 Aug'25
-89-12 90
90
1942 M N 891
Jan'26 _
Cln Leb & Nor gu 18 g
Ind III & Iowa lst g 48
1950 J J
19-3; Ili
9112
9113
9112
10
2101 10014 Jan'26 -- 10018 10014 Ind Union Ry gen 58 Her A 1965 J J 10114
Cin S & CI cons Ist g 58_ — -1928 1 J 10014
10212 Feb'26
100% 10212
8512
5
Cleve (An Ch & St L gen 4a_1993 J D 8512 Sale 8511
85
8512
Gen & ref 58 Series B
1965 1 J 101 14 —.- 10078 Jan'26
10078 100%
1931 5 J 9814 9838 9734 Feb'26 -9714 09
20-year deb 4445
Int & Gil Nor 1st 6s Ser A..1952 J .1 10514 Sale 10412 10534 72 103% 10552
1993 J D 10238 103% 10234 Jan'26 -- 10234 10234
. General 68 Series 13
Adjustment 68, Series A1952 Aprl 7312 Sale 7314 * 7334 77
7373
72
1929 J J 10314 Sale 10314 10314
. Ref & Imp% 68 Series A
0
,
318 10
06
33
%1
Stamped
Apr!
5 10
7434 Dec'25
2
1941 1 J 106 107 10634 10834
8a Series C
Int Rys Cent Amer 1st 58___1972 M N 77 Sale 77
7812
17 -/7
7712
101
46
1961 J J 101 Sale 100
. 58 Series D
9934 10112 Iowa Central 1st gold 5s____1938 J D 65 Sale 65
65%
63
65% 11
____ 91
Feb'26.._
Cairo Div 1st gold 4s_ __ _1939 1 J 91
91
9118
Certs of Deposit
6334 6434 6434 F513'26
8058 65
83
7
Cln W & M Div 1st g 48...1991 J 1 83 Bale 813
Refunding gold 4s
8134 8.314
2218 Sale 2218
2014 2212
2214
4
1
84
84
St L Div 1st coil Cr g g 48_1990 M N 8414
8212 85
James Frank & Clear 1st 45_119
959
1 .M
1 D
S 89% 9114 8912. Feb'26
8858 89%
8018 July'25 _
M N
. Registered
KaA&GRiegugba
1934.1 J 10034
100 Nov'24
St & Col Div 1st g 4s____1940 M S 8834 ____ 89 Feb'26 -Kan & M 1st git g 46
89
89
1990 A 0 82%
83
Jan'26
8734 Jan'26 -,W W Val Div Ist g 45____1910 .1 .1 88
87% 87%
19275 J
2d 20-year 5s
10012 10012
10032 10114
0,C C & 1 gen cons g 8s____1934 J J 10734 ____ 10734 Jan'26 _- 10734 107% K C Ft S & M cons g 6s
1928 M N 18292 104
Sale2
10212 1027e 13 10212 103%
_
01% Jan'26 101% 10112 K C Ft S & M Ry ref g 4s
Cloy Lor & W con let g 58_1933 A 0 10138
1936 A 0 9114 Sale 9112
89% 9113
9132 67
CI & Mar 1st gu g 440
9414
193M
N
4
95
3
4
1935
Dec'25 -K C & M R & 13 1st gu 58_1929 A 0 99% Sale
2
9058 09%
9858 Dec'25 747
Cleve & Mahon Val g 5L.-1938 J J
Kansas CP-5/ Sou 1st gold 35_1950 A 0 74% Sale 743
74%
74
44
99 May'25
CIA P gen gu 444s Ser A-1942 J J 101%
Pet & Mutt 58
Apr 19505 5 9538 Sale 959538 20
93% 96
8512 Sept'25 -1948 M N 81% 85
Scrim C 3448
Kansas City Term let 48-1960 J J 8514 8515 8514 . .56
85
86
40
1950 F A 81% 8534 8334 Nov'25
Series D 3348
___ 86%
Kentucky Central gold 4a__1987 J J
86
8612
8612
3
9734 91- Kentucky & Ind Term 4348.1961 J J
Cleve Shor Line 1st go 4448 1961 A 0 9858 ____ 973* Jan'26 _- -12 8712 .Nov'25
y:2
g
1 10512 108
79
Cleve Union Term 6448_1972 A 0 105% 10578 10558 10558'
8_3_ 10
Knoxville & Ohio 1st g 6s___1925 1 S 8610258! 12 10034 102% Lake Erie & West 151 g 58_1937 J J
1973 A 0 10214 102% 10214
Sale 10078
iota f 55 Ser B
1007
3 19-01; 1111945 J D 86
19411J J
Coal River Sty let go 4s
4 8634 Feb'26
8714 87%
2d gold 58
93 - -- 99%
98% 9912
9912
1997,J I) 79
Colorado & South 1st g 48_1929 F A 9814 9812 9814
Lake Shore gold 3448
80
9814 99
79
98141
79
78% ii80
6
s 79
95% 9612
7 .N14 D
Refunding & exten 444S-1935 M N 9613 Sale 9613
9634
199
28
80
5
Registered
77 Feb'26
__
77 , 7711
8718 Jan'26
8718 8718
1948 A 0 8678 _
Debenture gold 48
9878 Sale 985
Col & H V tat ext g 48
987
9888 99
42
8414 Apr'25 -1955 F A 863
1931 M N 97 Sale 9678
Col & Tol let ext 48
25-year gold 48
9712 45
9814 9718
83
8213
A
0
Jan'26
-8212
Conn & Passum Rh' 1st 421_1943
Registered
81
96 Dec'25
_
9118 26
A 104 Bale 103
1 IVI
F N
19
95
34
Cuba RR 1st 50-year be g- —1952 J .1 91% Sale 9012
Leh Val Harbor Term 5s— _1
8834 92
104
1-112 164—*
107
6 105 107
1936J D 10658 Sale 10614
1st ref 7%8
Leh Val N Y ist gu g 4448_1940 J J 9815 Sale 9734
9512 981a
98%
6
13
19M J J 96 Sale 9512
9618 18
Cuba Northern Ry lot fls
Registered
9214 96%
9312
Dec'25
9818
Day & Mtch 18t. cons 410...1931 J J 977 ____ 9813
10
90
49
3j
M N
j
5
9818 98% Lehigh Val (Pa) cons g 49_2
83%
8312 11 IA lir
9284 15
1943,M N 92 Sale 92
M
N
Del & Hudson lot & ref 4a
Registered
90% 93
8034 18084
1123* 318 10938 113%
30-year cony 55
1935A 0 1123* Sale 11014
m N -55E,
General conag4
2,2
3452
s sedes.2
,
2003 M
Fet3'216
2 ---5
92
981s
10414 29 103 10415 Lehigh Val ER
15-year 5348
1937 M N 10314 1043* 1033
10184 1o238 10178 10214 19 1008
4 10288
108
Sale
108
10838
2
D
10-year secured 7s
.1930 J
108 110
Leh V Term RY 181 gu g 58-1941 A 0 10214 103 103
10212
103
_
_
D RR & Bdge 1st gli 48 it- —1936 F A 9414 9412 937 Dec'25
Leh & N Y 1st guar gold 4a_ _1945 MS 9012 Sale 9012 Feb'26-8858 9013
9012 10
Den & R G-1st cons g 4s__1938 .1 J 8814 Sale 8712
88,4 98
8i38 8818 Lex & East 1st 50-yr bs gu__1985 A 0 10612 108 107
107
10 10512 107
9178 16
Consul gold 4448
1936J J 917 Sale 913*
91% Little Miami 45
89
8434 _
84%
8712
8712
Jan'26
J D 9878 Sale 9812
9878 30
Improvement gold 58. _1928.5
98
98% Long Dock consul g 6s1
19
93
55
2A
MO
N 10912 - - - 10914 Nov'25
6578 7014 Long Isld 1st con gold 58....51931 Q J 10014
Den & E. G West gen 56_ Au21955 MN 694 Sale 67
7014 779
10015 lOOla
101 10018 Jan'26
47
4712 Feb'26
1935 J J 44
4712
Des M & Ft D Ist gu 48..
lot consul gold 4s
51931 Q J 9414
48
115
95
95
Jan'26
Temporary ctfa of deposit......... 4212 4513 46 Feb'26
47
1938 1 D 907 9134 9034
44
General gold 4s
90% 9073
9034
1
Des Plaines Val lot 444o_ _1947 M N 933 ____ 9313 Feb'25
Gold 40
1932 J D 9314 ---- 9312 Aug'25
76
70
Jan'26
Det ez Mack—let lien g 48_1995,J D 70
1949 M S 8478 ____ 8434 Jan'26
16- 16- Unified gold 413
584-3; ..134-3
;
65 Feb'25
1995 .5 D
Gold 48
Debenture gold bs
9733 99%
,
- 9514 953 2 9434 96,4 20-year
1961 M N 95 1953,
Det Ely Tun 4440
5 D
N 94
p m deb 531
1934
7M
95
9018
8
24
I69
5
9114
8
F
eb:2
266
Oct'25
Dui Misaabe & Nor gen 58_1941 J J 102% ____ 103
Guar refunding gold 413_1949 M S 8834 Sale 8578
85 8634
8634
6
Dul & Iron Range 1st E8._ 1937 A 0 10212 1023* 102 Feb'28
1-52- 10-2-3-4
Nor 81) 13 1st con g gm 56_01932 Q J 100 10014 100
100
5 100 100
8513
5
8512 Louisiana & Ark lot g 5a
Dui Sou Shore & Atl g 5s_ _1937 J J 85 Sale 85
101
1927 hl S 10012 Sale l0Omg
85
10018
10012
3
East Ry Minn Nor Div ist-4s_'48 A 0 9018 ____ 9018 Dec'25
Lou & Jeff Bdge Co go e 48.-1945 M 0 8814 8834 891 Feb'26
8652 8914
99% Jan'26
1938 M S
16.7Eaet Tenn reorg lien g 533
8 Louisville & Nashville 5.13._ _1937 M N 10258
104 , 104
104
4
04
00%
1 10038 10258
1003*
J 9434 95
East T Va & Ga Div g 55.„1930 J 11 1o17158
m N
934 94,
4
Unified gold 4s
1J
193
940
935
9434 27
__ 10234 Jan'26
1956M N 103
10214 10234
Cons 1st gold 511
C
lo_
olyiaetaerrasecuredlrus
t
goldt&L 1
100
04
Feb'26 - - - - 101 104
- -212 10134 102
2 10118 102
Elgin Joliet & East 1st g 6ei_ _1941 MN 10218 10
10514
1063
107
8
Sale 10534
50
107
1 10258 103%
1965 A 0 1027s ____ 103
103
1st refund 53413 Series A 2
33
0M
A O
N 10934 --__ 10914
El Paso & S W Ist bs
10
90
10912 15 107 10912
1
let & ref 58 Series 13
Erie lot consol gold 78 ext 1930. M S 10734 Sale 10734 10734 83 10734 10812
2003 A 0 10558 Sale 10559
10559 19 10412 106 4
771 150
19965 J 7713 Sale 7614
96
lot et ref 4448 Series C-2003 A 0 9712 Sale 9712
7412 7712
1st cons g 48 prior
98
,
4
9834 24
7113 Dec'25
19971J J 717s 75
10524 107
Registered
N2
0
d&
80/%1I
19305 J 10478 108 10478
d 1432t goId 63
107
2
7188 303
1996,J J 713* Sale 70%
67
71%
let corml gen lien g 48
103%
103
%
10414
105 1033*
10315
8
65 Feb'26 1996,J J
65
Registered
65
94
36
95
F A
5 6
Paducah & Stem Div 48_119
91% 9138
9
,
13
I
,2
9138
89
6
,
138
9812 -4/ I 97 9812
1951:F A 9714 -0-8-12 98
Penn col: trust gold 48
St Louis Div 2d gold 39_1980 M S
66
6612
Sale
6612 11
7214 77 I 69
7214
i 99 100, 99
9878 99
9194
55
2 JM S
60 year cony 411 Her A_ _1953:A 0 7212 Sale 71%
j'SoMut:jM
0i,212t3t
m242
4T:1
Jan'26 -7118
72%
Sale
72%
90
0
1953A
69
72%
L
D N
:
do Series B
854 87
5
11
883
4
85
8515
853*
833* 208
1953!A 0 8312 Sale 8212
8214 85
Loulay Cin & Len gold 4440_1932 M N
9914 9984
Gen cony 45 Series D
10012 995 Jan'26
Sale 10512 106 1
3 104 106
10184 10144
Mahon Coal RR lot 55 ....1934 .1 J 10
Erie az Jerney lat 5 1 6s____ 19565 J 1051
92911
10134 Jan'26
eDue
May. hDae July. n Due Sept. *Due Oct. p Due D7c. a Option sale.
a Due Jan. lt Duo Feb. eDlie June.
----
----
-9
,133i
New York Bond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 12.
Price
Thursday
Feb. 11.
Week's
I.
Range or
1'4
Last Sale
a8(S
867,
BONDS
1 11
Price
Week's
Range
ur Thursday
Range or
Since
N.Y.STOCK EXCHANGE
Jan. 1
Week Ended Feb. 12.
Last Sale
!a. Feb. 11.
ss
Ask Low
Bid
High N o Low
1
Bid
Ask Low
High NO, Lois
High
High
Manila RR (South L nets) 49_1939 M N 6112 62 62
62 I 11
Norf & West gen gold 8s__1931 as N 10612 ____ 1064 Dec'25
6012 64
let 48
Improvement & ext 6s___1934 F At 10858 ____ 1083e Apr'25 __-1959 M N
--- 94 Nov'25
Man Lobs Colon ant on 5s
1934 .1 D 9978 -- 9938 Dec'25I____
New River let gold
1932 A 0 107
____ 10712 Feb'26 _ _- 107
- __- 10712
- __man GB&N W 1st 3548_1941
J 81%
81 Nov'25
N & WRY In CODS g 4s
1996 A 0 91 Sale 9058
91 I -30
9014 914
Michigan Central 58
1931 M 5 1004
Registered
1996 A 0 8618-_- _ 8712 Oct'25
- 10038 Dec'25 _
m 8 994 ____ 10014 Dec'25
Registered
9114
5 - 71 ---9112
DWI let lien & gen g 48_1944 J J
9114 914 9114
es
1940 .8 J 933 95
9334 Feb'26 _
10-year conv 6s
- 148 1564
1929 M s 150% Sale 15044 15114 ---8
-1;
J L & S 1st gold 330
1951 MS 8(1 18 ---- 79
Jan'26
Pocah C & C joint 4s
1941 J D 9214 Sale 9214
9214 10
79
9113 924
79
1st gold 330
1952 as N 8212 85% 83
Jan'26
Nor Cent gen & ref 5s A
1974 as S 10338 104 10212 Nov'25
83
83
20-year debenture 48
1929 A 0 9818 Sale 98
9818 21
88
1945 A g
903
9012 Feb'28 ____
9012
9734 981s North Ohio let guar g 5s
Mid of N J 1st ext Se
1940 A 0 9312 Sale 934
9312
7
___- 8758
8814 33
804 8814
904 9312 Nor Pacific prior lien 48 _ 1997 Q J 8814 Sale
Milw L S & West Imp g 5s...1929 F A 1004 ---- 10018 Jan'26
Registered
8612 .
86
8
5
86
10018 1004
1997 @
884
Mil & Nor let ext 430(blue)1034 .1 D 9314 9413 9412 Dec'25
General lien gold 39 ____02047 Q F 6318 Sale
___- 63
81114 011
634 10
Cons ext 430 (brown)
1934 .1 D 9312 95
Registered
93%
9358
2
Jan'26
.,
60 69
02047 Q F 8058-- 60
9318 -113-4
3
MU Spar & N W 1st gu 48
1947 m 5 90
90
90
9014 12
81--6
Ref & Impt 430 ser A___2047
893
8918 90'4
'
I 8958 -91 - 893s
. .
Milw & State L 1st go 330_1941 .1 .1 8212 -- 81% Dec'25
Registered
_
4
J J
Minn & 541 Louis 1st 713
1927.1 D 9938
103 Nov'25 _
Ref & impt 6s ser B
1 712047 J J 110 sale 10912 110141 74 1
4 1:7
-1.3 let consol gold 523
1934 M N 63% 6412 64
_
Registered
Jan'26 _
10678 May'25
-63 64
J J
Temp Ws of deposit
99441 24 IiiIRef & impt 5e ser C
'731 N 6334 6412 635 Feb'26 _
99
2047 J J
4 WC
60 63%
let & refunding gold 4s_ __1949 M S 22
17
Ref & impt 58 sec D
2212 224
2218 20
99
100
2047 J J
2158 2258
9914 100
Ref & ext 50-yr 58 Ser A..1962 Q F
16
9914 Mar'24
St. Paul & Duluth 1st 58 1931 Q F
Jan'26
15
1614
164 15
let guar g 7s
let consol gold 48
1927 J D 100 102 102 Sept'25 _
874 • 8712!
1 152 WI;
1968 J •D
M St P&SSM con g 4s int gte3g J
Nor Pan Term Co let g 138..1933
89°9996'
°917344: SaleS:al- ---e: 100 Dec'25
89
89% 10 -8758 90
8914 89
.▪ 1 10
• 1st cons 58
1938 J J 9938 Sale 99
1938 A0 10214 1-05 - 10112 Jan'26
9918 42
1-0-1-1;1-11-1
975s 994 No of Cal guar g 58
;
• 10-year coil trust 8%8-_1931 M $ 10312 104 1033s
7434 ..7
North Wisconsin 1st 6s
.1930 .8 .1 103
.
i.1_4 10Z58 Jan'26 --- 10258 102%
1033
18 10314 104
1st & ref Os Series A
1946 J .1 10134 Sale 10038 10258
7514 Feb'26
,▪ T
1948
7 10038 10358 Og dr L Chem 1st gu le g
25-year 530
1949 M 5 9034 917 9058
Jan'26
Ohio River RR 1st a 58
1938 3D 10112 10212 102
903
13
8912 91
102
73 10
72
314
let Chicago Term 61 49__ _1941 51 N 9212
General gold 518
1937 * 0 10012 101 100 Dec'25 -924 Dec'25
MSSM&A lets 4sintgu_1926 J J
9 34 Sale 10034 101 1 - 8 1Ore & Cr I let guar g 55
1927 J J 1
99% Dec'25 _10038
6
64 1038
Nay
Mississippi Central let 58_ ..1949 J .1 -65- -19118
20
9118
RR
&
con
g
4e
Ore
1946
33 9334 Feb'26
ID
-13-14 -113-4
Mo Kan & Tex-let gold 48_1990 J D 854 Sale 8514
2
844 85% Ore Short Line-let cons g 58_'46 21 10518 106 10513 10512
858 40
Mo-K-T RR-Pr 1 5s Ser A1062.1 J 984 Sale 973
10512
3 10
Guar cons 58
1946 ii 10512 106 1051z
96% 99
°49°
53
9834 90
'8
4
4 1011911
48
40-year 48 Series B
refund
9714
974 59 1983
Guar
1929 J o
1962 .1 J 8378 Sale 8312
8011 83%
96
83% 28
009223434
4
78 10092958
54%
9752
34
74
3 SSaallee 8418
10-year 6s Series C
8434 65,
.• 1 8
1961
1932 J J 103 Sale 103
10334
5 102% 10414 Oregon-Wash 1st & ref 4s
Cum adjust 55 Ser A Jan_19671A 0 95 Sale 95
934
61946 ,JD 9312 Sale 9314
312
9234 954 Pacific Coast Co let g 5s..
95
9258 Feb'26 -_--1
Missouri Pacific (reorg Co)
Pac RR of Mo let ext g 48- _1938 FA
1
t
1st & refunding 5s Ser A 1965 F A 9312 Sale 9212
30
2:4
4 1-011-2 100
10014
4
1938
.• 1 10
2d extended gold M
8914 94
9334 100
let & refunding& Ser D 1949 F A 10414 Sale 10318
954 Nov'25 -10458 92 10134 10458 Paducah & Ills 1st 8 f 4198 1955 J J 9618 97
let & refund 68 Ser E int_1955 M N 10458 Sale 10312 10458 222 10134 10158 Parts-Lyons-Med RR 6s
774
1958 FA
7812 44
76
7811
General 4s
8534
8714 95
1958 MS
ST external 78
6534 684
1975 M
8234 874
6814 Sale 6734
688 271
Mo Pac 3d 7s ext at 4%
854
1954 01
8614 30
Paris-Orleans RR 5 f 78
1934 M N 88
84
88
88
88
883 88
Feb'26
101Ig
10 100% 10112
1942 MS 17880611142 SaleSS
Mob & Blr prior lien g 58
10
aa2
1el e4 10118
Paulista Re 78
1945 ..i .1 9812 ___ 99 Sept'25
Mortgage gold 48
944 9412
8158 M78 8158 Jan'28
1945 J
-101-8 -11-5-11 Pennsylvania RR-cons g 48 1943 MN 9314 -- 944 Jan'26 -934 17
1948 MN 9318 Sale 9218
Mobile & Ohio new gold 818_.1927 J D 10212 Sale 10158 10212
Consol gold 48
9112 931e
3 10158 10312
4
9114 9382
934
May 11948 MN 9512 95
let extended gold (le
45 stamped
9312
10112 10212
01927 Q
10114 1024 10112 Jan'26 _
100
Sale
29
993
4
100
430
1960
FA
Consul
General gold 48
98% 1003s
90
90
1938 01 S 9014 91
Jan'26
90
9814 52
General 410
1965 ID 95% Sale 9558
9414 964
Montgomery Div 1st g 55_1917 F A 9934
9914 100
100
Jan'26
41 10258 11.1512
1968 J o 10434 Sale 10412 105
General be
St L(1189 Division be
1027 J D 100 10014 100
4 100 10012
100
1077s 58 10712 108%
1930 * 0 10744 Sale 1074
10-year secured 75
Mob & Mar let gu gold 4s_1991 M S 8612 8634 87
87
87
Jan'26
11238 19 11138 11271
Mont C let gu g Os
15-year secured 630_ _._ 1936 FA 11218 Sale 11218
19372 .1 10912 11212 10912 Oct'25
Registered.
FA 10934 -- -- 10912 June'25
let guar gold 55
3 1-11-1-2 f111937;J .1 10114 10314 1017g
10178
10014 113
40-year gold 58
1964 MN 100 Bale 997
9838 10012
79
814
MdrElstgug310
2000'J D 80
8114 7934
8158 70
8612 Oct'25
Naahv Chatt & St L 1st 58_1928 A 0 10114 10134 10138 10158 31 10034 101% Pa Co-Cu 310 cell tr A rag 1937 MS 8612
8314 Sale 8314
8314
2
83 114
Guar 310 coil trust Ser 13.1941 FA
N Fla & 13 lst gu g 511
18371 A 10158 ____ 10158 Dec'25
82 Dec'25
Guar 134s trust etre C__1942 J O 82%
Nat Ry of Mex pr den 430._1957 J .1
30 Sept'24
82 Dec'25
1944 J o 8034
Guar 330 trust etts D
July 1914 coupon on-------I__
19 Apr'25
yv, 1914 Guar 15-25-year gold 4s1931 * 0 96% 9612 96% 9658 30 16-1; 16-7;
Assents(red June coupon on
_ -1812 -1-134 1914 Feb'26
Jan'26
1952 MN 8612 86% 88
Guar 413 Ser E
864 88
Guar 70-year f 48
1977A
10
_8712 July'24
8212
6
79% 83
Peoria & East 1st eons 48_1940 AG 8212 Sale 8218
Gen a f 48 assenting redeem_ __
22
2158 Sale 2112
22
15 -20
3913 80
361s 4112
1990 Apr. 39 Sale 3855
Income 48
Nat RR Mex prior lien 4348_1926 J J
3812 July'24
1 10014 10112
1974 * 0 10014 101 10038 1003g
July 1914 coupon on
Peo & Pekin tin lst 5Sis
24 Sept'25
J J
10212
1025
8
Sale
10234 17 101 1s 10234
Assent with July '24 coup on _
3254 3313 Pere Marquette 1st Ser A 55_1958 J
324 334 3234 Jan'26
8634
8
1956 J J 8612 Sale 8812
8514 8634
1st consol 48
1st re Ser B
1951 A0
28
Apr'25
9312
9312
2
1943 MN 9312
9312 9313
Assent with Apr 1924 coup on
1858 Sale 1612 • 1634 15
15
1634 Phi% Balt & W let g 4s
1974 FA 10734 ---- 10758 Jan'26
New England (None be
10818 107%
I945'J J
Gen bs Series B
94 Dec'25
4412 31
4012 4412
Consul 4s
Philippine Ry let 30-yo s f 45 1937 .1 J 44 Sale 43
19452 J 8213 ___ 8212 Feb'26
If
NJ June RR guar let 48__19310 F A
1932 JD 10434 ---- 1054 Mar'25.
Pine Creek regstd 65
8414 Dec'25
1940 A0 974 9813 9818 Jan'26
IfNO&NE ler ref&imp 430 A '52 J J 9414 Sale 9414
9238 9414 PC C & St L gu 430•A
9414
9658 Jan'26
New Orleans Term 1st
1942 * 0
.1953 J .1 844 85% 8412
OA! 96%
Series It 430 guar
84
8412
8534
2
__ 924 Dec'25 -• N 0Texas & Mex let 6s_Oct
1942 131 N 9534
418.- 1925J D
100 Sept'25
Series C 43-48 guar
9218 Dec'25 -1945 MN 9313
' Non-cum income 5s Met 1935 A 0 9814 9812 9814
Series D 48 guar
4 -9-134
9812 21 18-19234 ____ 9214 Feb'26
92'4 9238
1949 FA
let 58 Series B
1954A 0 9734 Sale 97's
Series E 330 guar gold
99 98
39 '96
1
92% 93
let 530 Series A
1954 A 0 10358 Sale 103
1953 Jo 9278 ____ 9278 Feb'26 -Series F 45 guar gold
10334 30 1024 104
Feb'26
• N & C Bdge gen guar 430_1045 J .1 9518 96
934
____
9318
93 93%
MN
guar
1957
Is
Series
0
944 94,
9434 Feb'26
4
9334 Sept'25
NYB&M1IIste03g5e 1935 A 0 10014 1003 994 Oct'25
1960 FA 9318
Series H 4s
9618 Feb'26
9612
9514 964
series I cons guar 430_1963• A
NY Cent RR cony deb 6s...1935 M N 10712 Sale 10718
10712 10 foil;
Registered
9618 -9914 96 Feb'26
96
M N 10538 116 10612 Jan'26
96
1964 M
1061: 10612 Series J 430
Consol 4s Series A
1998 F A 8758 Sale 87
1970 3D 1007g Sale 10012 10118 30 100 10114
General NI 55 Series A
8534 884
8734 23
1017
4
Sale
1003
8..
1017
8
8
2013 A 0 94 Sale 94
9912
B
Ref & !mid 430"A"
*
0
Series
1017
mtge
58
1975
8
Gen
9214
95
948 37
g1929 A0
101 101. Dec'25
Ref &'met 55 Series C2013 A 0 10234 Sale 10238 10234 71 10158 10312 Pitts & L Erie 2d g be
Registered
106 Aug'25
'A 0
Pitts NICK St Y 1st gu 68....1932 ii lobi4
10034 Aug'25
NY Central & Hudson River101 101
1940 A0 10112 ____ 101 • Jan'26
Pitts Sh & L E let g 55
10018 Oct'25
Mortgage 330
19972
1943 Ii 10014
7814 Sale 7814
---1st consol gold 58
7812 78%
7814
5
Registered
1997 J J
894 ____ 9114 May'25
78
---.
1943 MN
79
764 774 Pitts Vs & Char 1st 4s
7658 Jan'28
9414 9872 Pitts Y & Ash let cons 5s
Debenture gold 48
1934 M N
9514 Sale 9514
1927 MN 1003410114 Dec'25
953
18
Registered
M N 945
-1114 91
Jan'28
1948 ID
94% 9418
_
let gen 4s series A
9418 Jan'26
10422
0
10278. Jan'26
96214
3.18i
30-year debenture 48
9214 -93
1962 FA 16
1st gen 58 series B
9212 Dec'25
Registered
6038- Dec'25
Providence Secur deb 48......A957 MN
_
93 Feb'25
757 17-14 Providence Term let 48.......195 MS 85'2
_ 8318 Dec'25
_
Lake Shore roll gold 330_1998 F A 774 Sale 7658
774 13
Registered
1993 F A 74% 78
97 9714
1997 .1 J
75 Dec'25
9714
2
Reading Co gen gold 45
Mich Cent eon gold 335e1998 F A 79
94% May'25
Registered
.1 .1
791
7912 Jan'26 ____
80
Vica
1998 F A
Registered
7614 80
90 If
Jersey Central cell g 4s___1951 A0 -91E8 9184 91 Feb'26
79 Dec'25
1937 A 0 935 9412 9358
NY Chic & St L let g 48
9512 Sale 9518
96
26
1997 .1 .1
9414 96
Gen & ref 430 Ser A
9378
9 -93l 94 1937 A 0 92
Registered
100 100
Richm & Deny deb 58 stpd 1927 * 0 9934 100 100 Feb'26
92
9218
3
25 year debenture 4s
1031 M N 9718 Sale 9718
78
80
75 Dec'25 -1948 MN
4 Rich & Meek let g 45
9714 16 -9-3-li 17-11931 M N 103 Sale 102%
2d 6s Series All C
1-01118 1017*
Richm Term Ry 1st gu 5e_ 1952 .1 J 10158 1024 10178 Feb'26
10314 45 102% 105
Refunding 530 Series A_ _1974 A 0 10014 Sale 100
984 10114 RIO Grande June let gu 5s.._1939 J o 9612 9812 98 Feb'26
9513 98
10012 80
N Y Connect let gu 4358 A 1953 F A
5
7
512 Dec'25
934 Sale 9214
92
9312 Rio Grande Sou let gold 45.._1940 J J
931
2
N Y & Erie 1st ext gold 48_1947 M N 8878 9034 8913 Feb'26
6 May'25 _Guaranteed
J .1
891/ 8912
3d ext gold 430
1933 M S 9512 ____ 94 Nov'25
4Sale 8834
518-89
28
867s 90
Rio Grande West 1st gold 4/8_1939 J J 883
4th ext gold 58
1930 A 0 10012 ____ 10018 Jan'28
783
28
741g 7812
Mtge & coil trust 48 A____1949 A0 7812 Sale 781g
lOO'a 100's
5th ext gold 48
1928
D 9788
9218 74
9712 Sept'25
89
92%
HI Ark & Louts 1st 430_1934 MS 9114 Sale 9012
N Y & Greenw L gu g be
1946 M N 97 Sale 97
7534 ___ 77
77
5
94
J
Rut-Canada 1st gU g 45
1949
97
75% 77
1
97
__
NY & Harlem gold 330._._2000 M N 79
Jan'26
Rutland 1st eon g 4348
-_ 87
1941 J J
79 Nov'25
87 87
N Y Lack & W 1st & ref 5s I973 M N
7812 81
7812 Feb'26
80 July'24
St Jos & Grand tel 1st g 481947 J J 864784 7832
Ist & ref 430
1973 M N -5514 101- 9938 Jan'26
993k 993 St Lavvr & Adir let g 58
1996 J J 9712 9734 95 Sept'25
1930 M S 106% 108 107 Dec'25
NY LE & W let 713 ext
2d gold 85
1996 A0 10118 10312 101 Sept'25
1983 J .1
Dock & imPt 58
1011e
foll;
St. L & Cairo guar g 49
1931 .1 .1 9578 96% 964 Jan'26
1014 Jan'26
-44
1932 F A
N Y & Jersey let 58
10058 1004
1 10035 10112 St L Tr M & S gen eon g 65_1931 AO 10058 1007e 10052 10078 11 10014 ion
NY & Long 13ranch gen g 43_1941 M S 90% Iiss 9112 June'25
Unified & ref gold 45
9634 Sale 9634
9678 48
1929 J
9534 97
&
Hart
n-e
deb
48.1947
M
S
N
NY
J
93 Sept'25
Registered
ic12
704 Jan'26
Registered
M S 61
Riv & G Div 1st g 48
80 June'25
9078 48
1933 MN 9078 Sale 90%
Non-cony debenture 310_1947 M S 6618 -6812 8412 Jan'26
6211 "41; St L M Bridge Ter gu g
_1930 AO 100 10114 10014 Feb'26
10014 10014
Non-cony debenture 330_1954 A 0 6312 64
9312
61% 84
6312
St L & San Fran (reorg co) 4a 1950 21 794 Sale 79
7912 204
3
7732 80
Non-cony debenture 45___1955 J .1 70 Sale 69
9514 gg
Prior lien Ser B be
6834 7014
70
36
1950 J J 9514 Sale 948
93 954
Non-Cony debenture 48_1956 M N 70 Sale 70
Prior lien Sec C 55
681g 7032
7012 47
1928 J J 10212 Sale 10238 10258 113 10214 103
1956 .1 J 8312 Sale 9312
Cony debenture 3348
Prior lien 530 Ser D
6154 64
64
32
10113 99
1942 Ii 10012 Sale 10018
9914 10132
1948 J J 9912 Sale 99
Cony debenture 68
9734 997g
9912 .51
Cum adjust Sex A 68.......h1955 A0 95 Sale 9434
954 195
9244 96
•J J
Registered
97
97
Income Series A 68
97
Jan'26
88 Sale 88
Oct
883
4
199
87
01960
894
1940 A 0 994 Sale 9818
Collateral trust 88
964 9912 StLouis & San Fran Ry gen 138 '31 ii 1051s 10512 10512 Feb'26
104% 10512
9914 62
1957 M N 6212 9214 6238
Debenture 45
614 6258
6238 12
General gold Os
1931 ii 1005s ____ 1007e Jan'26 -- 10058 1014
6512 70
6718 Jan'26
Cons KY non-cony 4s_.1954.1 .1
St 1. Pee & N W 1st gu 581948 Ji 10012
10212 Jan'26
1024 10212
6512 7014 St Louis Sou 1st gu g 4s_ _ 1931 St S 9312 -9512 9413 Feb'26 -Non-cony debenture 48.1955.1
67
87
1
944 9412
69 Feb'26
Non-cony debenture 43_1956 J .1
654 69
L S W let g 41 bond etfe_1989 MN
8418 85
St
843
8
8458
8438
8458
25
2d g 45 Income bond etki-P1989 JJ 76
_ _ 10014 10014
N Y & Northern let a 58-_ _ _1927 A 0 10018 -- 10014 Feb'26
771 76
75
76
76
5
N y 0.88 w ref let g 4s.June 1992 M S 8918 6978 6878
67% 70
69
3
Consol gold 45
14
91% 93
1932 ID 9212 Sale 9238
9238
1955 .11 D 6314 64
6512 Feb'26
General 48
_
8912 9234
let terminal & unifying 58.1952 ii 9134 Sale 9134
63% 6512
923
4
17
RegRegisteredJ D
65 Apr'25
_
86
St. Paul & K C Sh L let 430 1941 FA 8734 Sale 8712
881s
8734 39
_ 8612 Feb'25
901s 91
N Y Providence dc Boston 48 1942 A 0
Jan'26
St Paul E Cr Trunk 430_1947 JJ 91
91
N Y &Putnam let con gu 48-1993 A 0 851896
854 865
- - 8 834 Nov'25
97
St Pau. Minn & Man con 45_1933 J D 97
97 Feb'26
1927 M S 9914 ____ 100
100 166
Jan'26
NY &RB 1st gold 58
Registered
9214 July'25
J D
79
N Y Sine & West let ref 58._1937 .1 J 8458 Bale 828
7
8458
8418
;10775
let consol g 4s
1933 JD 115838 1-09 10778 Jan'26 ---- 1-177
1937 F A 8958 75
64
6958
7013
7
Oct'25
Registered
7012
2d gold 430
106
.1, ---1940 F A
7112 74
63
7378
7112
7112
6
General gold bs
Isica I9874
68 reduced to gold 430...1933 J J _99,34
9934 Feb'26
1943 M N 98
98
_
99 Feb'213
Terminal lot gold 58
99
Registered
9712 Apr'25
1933 J J
74 Sale 7334
69,
s 76
744 20
9538
Mont ext let gold 48
N Y W'ehes & 13 lat Ser I 430'48 J J
9558 Jan'26,____
1937 3D 934 95
0
A
1950
82 Sale 813
7813 8214
8214 25
Nord Ry esti t 680
Registered
9014 Sept'25'___
•D
Pacific ext guar 48
Norfolk South lat &ref A 58.1961 F A 8212 Sale 8282% 92 • 7734 8232
1940 21 88s 11% 8878 Dec'25
9912 9812- Jan'26
98
9812 St Paul Union Depot 55
Norfolk & South let sold Is 1941 M N 99
10214 103 10258 10254 10 bOlTs 1114
1972
11
j
a,
a Due Jan. ADM July. 9Due Nov. 9 Option sale.
Range
Since
Jan. 1
868
BONDS
U. Y.STOCK EXCHANGE
Week Ended Feb. 12.
New York Bond R1Cord-Continued-Page 4
t
v
ThPrice
ursdar
Feo. :1.
Weme
Ramer or
Last Sale
all! =
1
Jam. 1
raI
BONDS
N.Y,STOCK EXCHANGE
Week Ended Feb. 12.
I ..40.
Prfes
Thursday
Feb. 11.
Week's
Ranee or
Last Sale
roth
Range
Pines
Jars. 1
Bid
Ask Low
High N o Low
High
'
Bid
Ask Low
litoh N o
w
High
zi A & A Pass 1st leu g 41i_1913 2 ,1 8.514 Sale 85
8513 18
64
8,12 Armour & CO 1st real est 4201939 J D 9154 Bale 913*
1,012 tat,
925* 49
Banta Fe Pros & Phen 53_1942 m 1: 1014 103 10012 Jan'26 ____ 100% 10012 Armour & Co of Del 520_1943 2
2
951:
Salo
95%
9513 88
U4.8 96%
Etav Fla & West Id g 68----1934 A 0 109 ---- 110
Jan'26 ---- 110 110
Associated 0118% gold notes 1935M S 10234 Sale 1023
103
5 10212 108Is
lat g 5a
1934 A 0 10213 . 1004 Dec'25
Atlanta Gas L 1s1 58
1947j D 99/
1
4 ____I 9838 May'25 -Scioto V & N E lat gu g 48_1989 M N 882 90
88% Feb'26
87% 88% Atlantic Fru.t 78 ctfs dep
I934 J D 26/
1
4 . I 28
Jan'26 --- Ill- .
21Seaboard Air Line g 48
881
: 82 Feb'26
1950* 0 87
82
7799
Stamped ctfs of deposit...
'
__
23% -3-9:
7 20% Jan'26 -201s 201
/
4
Gold 48 stamped
1950 A 0 81
8118
82
2
hps 8118
Atlantic Refg deb 55
iiiii i i lool: Sale loo
low: ii 9934 10011
Adjustment 58
1
4 Sale 84/
Oct 1949 F A. 84/
1
4
8513 190
84% 87% Baldw Loco Works 1st 53_1940 121 N 10434 Sale 10414
10
10434
10358 10544
Refunding 45
1959 A 0 7314 Sale 7314
74
73% 81 mm94
1
4 100.8909038
7115
Daraitua (Cour. Az) 720_
1937 J J 101 Bale 105
7 105 10615
10524
let & cons 68 Series A
1945 M S 961
/
4 Sale 9514
165
96
Barnsdall Corp 8 f cony 8%.1931 .1 J 10514 Bale 10518
4 105 107
10534
Atl & firm 30-yr let g 4841933 M 0 89% 904 9038 Feb'26
Bell Telephone of Pa 58
1948,12 2 103 Sale 101/
1
4 102/
1
4 37 10058 10214
Seaboard Cc Roan let 5a....1926 j 2, 100%
10014 Feb'26
1st & ref 5s Sec C
1960IA 0 10235 Bale ,10154
10218
125
100 10244
fl & N Ala cons gug 55
1936 F At 10312 1944 10418 July'25
Beth Steel 1st ext s f bs
192612 J ---- _-__ 9778 Dec'25 ---,
Gen cons guar 50-yr 58-1963 A 0, 10634 108,4 106% Jan'26
8
0
-6:
711
6,
.
:is
14 1ii
1st & ref 5s guar A
li,
05
1942 1141 N 9912 Sale 9813
9912
-953s 100118
4
Bo Par Col 4a(Cent Pc col)k11249 J DI 87 Sale 86%
8
87
30-yr P m & Imps 1 58-1936 J J 9634 Sale 9554
93
9644
96/
1
4 54
Registered
85 -Sept'25
Cons 30-year 68 Series A 1948IF A 99 Sale , 981s
99% 237
9515 9944
June 1929 M 8' 9744 Sale 9712
20-year cony 48
Cons 30-year 520 Series B 1953 F A 9214 Sale I 924
9754 46
93
126
9314
8712
20-year cony 61
10012
1017
DI
8
10018
10034
2
3 100
Bing & Bing deb 620
1950 M S 93
9434 95 Feb'26 ---93 95
20-year g 55
1944 Ai K 100 10054 1017
, Feb'26
1000171 Booth Fisheries deb s I 88_19213 A 0 9018
100 1:
Sale 9018
9213 19
90 97
San Fran Terra! lit 48-1950 A OI 90 Bale 90
87
90
90
2
Botany Cons Mills 620....„1934 A 0 9312 Sale 93
94%
29
93
9514
Registered
85
A DI
Jan'26
85 85 Brier Hill Steel lot 520
1942 A 0 10214 Sale 102
10214 19 101 102/
1
4
So Pao of Cal--Clu g bil
1927 M NI 10314 ....._ 104 Aug'25
B'way & 7th Av lat 0558_1943 J D 7412 Sale 73/
1
4
74% 16
76%
73
So Pao Coast 1st gu g 0
9414 9414
1937 J J 94% ---- 9414 Jan'26
CUs of dep stmpd June '25 int __
71
74
71
Jan'26 --7012 71
So Pao RR 1st ref 43
1955.5 JI 91 Sale 9058
9113 80
Brooklyn City RR bs
1941.5 J 9312 9314 93%
9314
9
9314 9312
9° 10
Southern-1st cons g 58
1994 .1 .I' 106 Sale 104%
92
511s
4 Bklyn Edison Inc gen bs A._19493 J 103% Sale
10514 21 104
15 103 10544
1053
10334
Registered
10211 Dec'25
-.1 D
General 65 Series B
1930 2 J 10578 ____ 10378
10378
5 10378 10544
Develop & gen 40 Ser A__1956 A 0 8214 Sale 82
170 Bklyn-Man R Tr Sec 65- -1968 J .1 9558
8114 -138212 74
Sale 942
943$ 462
921s 961t
Develop & gen 68
1956 A 0 108 Sale 107% 108
9 102% 10812 Bklyn Qu Co dr Sub con itt-d-58
1'
941 J
MN
J 6
75
2 8
•
79
18 I 6
77
213
61
an
Develop & gen 620
1958 A 0 11312 Sale 113
11354 74 112 114
btt 58
Feb
6
'
2
26 -- -5
771, 7712
Mom Div 1st g 420-50_1996 2 2 103
_
2%
/
1
4 Brooklyn Ft Tr let cony g 48-2002.2 ./
,8
10234 Jan'26
015
4
4 10
18,
88 -__ 92 June'25 ---St Louis Div let g 4s
1951 .1 .1 8814 Sale 88%
8814 15
3-yr 7% secured notes
1921I.1 1 -__- ___ 13612 Nov'25 --..
Mob & Ohio roil tr 48_1938 M S 91
92
9914
91
871
: 92
9
Ctrs of deposit damped
____ ___ 1234 May'25 ---So Car & Ga let ext 520_ _1929 MN 10113 Sale 10154 Jan'26
13
14
3 Bklyn Un El 151 5 4-bs
17
18
4,
107
10
9,
1950 i A 91% 92
9113
9113
5 IA 9134
Spokane Internet 1st g 5:1_1955 2 2 81
1
87
8218 81
Feb'26 - 10844
14 1804
83
Stamped guar 4-Se
1950 F A 911 92
88% 91%
9114
911
: 7
Term Assn of St L 1st g 4248_1939 A 0 9718 9734 97% Feb'26
Bklyn Un Gas lit cons g 51_ 193
945
2N
M N /_02.
58 Sale 10213 19214 14 102% 103
let cons gold 58
9
1944 F A 102 Sale 109
102
2 10118 102
cony
10-yr
deb 7a
Gen refund a 1 g 45
1953.5 J 85% 8614 8614
1s1 den & ref 68 Series A 1947 MN 112% 11
8614
- -2-5-8 18
12
51' N°
1v1.
2215 ---2
- 110 1-1-3-Tex & N 0 con gold 58
1943.1 J 99 Sale 99
99
99
9
Buff & Busq Irons 1 68
5
195
32 J
A D
o
92 Dec'25 ---Texas & Pan let gold bs
1
4 10523
2000 .1 D 103/
Bush Termina, let 45
03
63
4 103%
875
4
904
8811
Jan'26 --- Ili :00 101
La Div EL lot g58
1931 2 .1 10012 10104
Z
.
:
Feb'26
Consol 58
19552 .1 9212 Sale 9212
9211
9
915 93
Tex Pan-Mo Pan Tee 5243_1964 24 S 1011
99% mai
/
4 Sale 10114
10134 56
Building 55 guar tax ex.1900 A 0 9712 Sale 97%
981
19
Tol & Ohlo Cent 1st gu bs_ _1935 J J 101
9644 100
109's 1904 Cal G & E Corp unit & ref 5E1937 M N 10
___ 10018 Feb'26
Bale
034
100
/
1
4
100
/
1
4
2 10012 1011
/
4
Western Div 1st g 58_1935 A 0 10018 ____ 10013 Jan'26
10012 10011 Cal Petroleum s f g 620....1933 A 0 104 Sale
10334
10454 19 10312 10444
General gold 58
1935.1 D 9734 97% 975*
97%
97/
1
4 981
/
4 Camaguey Sug 1s1 f g 781942 A 0 9612 Sale 95%
1
9713 24
9018 9712
Toledo Peoria & West 4s
3734 Canada SS Lines 1st coil 3178 42 MN 10278 Sale
1917 J J 35
37
34
3734 Jan'26
10213 10278 16 1011s 10354
To St L & W pr liens 3240_1925 I .1
.. 71.3 May'25
Cent Dist Tel 1st 30-yr M-1943 J D 10234 Bale 10218 1023:
4 10154 102/
1
4
1950 A 0 8814 885* 8814
50-year gold 48
8:213 Cent Foundry 1st a 163
8812
5' 8
1931 F A 97
98 97% Feb'26 -97% 9944
Tol WV & 0 gu 4208 A
1931 J 2 2713 2214 9758 Jan'26
97/
1
4 98
Cent Leather 1s1 lien s f 6:1 1945 J
10078 Bale 1007
10114 52 10013 10161
Series 13 424s
1933.1 2 961 98
96% Dec'25
---- Central Steel 1st g 5 1 88_
1941 MN 116 11614 116
116%
4 11614 11614
Series C 45
1942 M S 91
-___ 90 Nov'25
, Ch 0 L & Coke let gu g 55.-1937 J J 1017s 1024 10214
Feb'26 ---- 101% 10254
Tor Ham & Buff lots 411_ _ _1946 2 D 8714 8712 8712
87%
Chicago Rya 181 58
1
1927 F A 771
:Bale 7613
78
7,08 81
98
Ulster & Del 1st cons g 5s
1928 J D 76/
1
4 7714 7634
_4 Chile Coroner 6s Ser A
76
11
7714
2
1932 A 0 10914 Bale 107% 10913 460 107 1091$
1st refunding g48
1952 A 0 43
48
461z Feb'26
4414 451
Mein Gas & Elec 1st & ref 5511
19 6A
A 0 103
____ 103
103
9 10254 10
_
3
Union Pacific 1st g 45
1947.1 J 9414 Sale 931
941
: 42
93% 94%
620 Ber B due Jan 1
10434 Sale 10434
1045$
3 10213 Iva%
Registered
J J 90% 9314 90 Dec'25 _Clearfield Bit Coal lot Als1940 J ,J 7714 _--- 82 Nov'25
---_
30-year cony 4s
1927
995g 74
9954 Sale 9912
WI:
C• olo F & 1 Co gen a f 58.1943F A 91% 94
9154
93
2 -91-- -91
.
88 39 oni Indus 1s1 & coil bs au
1st & refunding 4.8
e2008 M 8 8812 Sale 87%
89
22
1934 F A 844 Salo 8354
8414 81
83% 86
1st lien & ref bs
e2008 M Et 10718 1081: 108
Columbia G & E 1.1 65
108
1 1061: 108
19272 J 1004 1001
:100
100/
1
4
6 100 1014
10-year perm secured 6s 1928 J J 10278 Sale 102%
103
/
4
9 10254 1031
Stamped
19272 J 10012 Bale 1004
100/
1
4
9 1005* 101
_1944 M 8 9213 ...... 921: Dec'25
ET N J RR & Can gen is
Col & 9th Av 1st gu g 58_ -1993 M
10
Oct'25 --__
Utah & Nor gold 55
1926.5 J 100 101 100
far jUU
C• olumbus Gas let gold bs
Jan'26
1932 .1 J 99 100
9914 Jan'26 --- -9-9
1
4 Iiii
lot extended 40
1933 J J
9334 Sept'25
-_-_-- Commercial Cable 1515 42_2397 Q .1 77
78
78 Feb'26 -_-75 78
Vanden,: cons g 40 Bee A.- 1955 F A 8818 90
88
Feb'26
Oa
Commercial Credit if ft.__ _1934 M N 100 Bale 99%
100
12
993a 10011
Consol 45 Series B
1957 M N
87% Dec'25
---- Commonwealth Power 68
1947 31 N 104 105 10312 105 I 25 10254 106
Vers Cruz & Plat(n4218-1934 J J
20 Sept'25
Computing-Tab-Ree f 55_1941 J J 10434 10578 10454 105 , 15
104/
1
4 106
Assenting 1st 4211
1934
-i:I- -ids 257$ Jan'26
_
23
,„ Conn Ry & L 1st &refg 420 1951
J 9112 Sale 911
: 9112
1
Verdi VI & W 1st g 58
1926 ili E 9954 100
99% .wv%,
9954
99/
1
4
Stamped guar 420
5
1951.3 J 911 9214 92 Feb'26 -__
9
2
1
4 9151
Virginia Mid Series E 5s
1926 M 8 100 10014 10014 Jan'26
100% 500
'
4 Cons Coal of Md 1st& ref 51.19503 D 8514 Sale 85
85% 35
8118 86
1931.1 J 10018
be Series F
100 Dec'25
Consol Gas(NY)deb 5240_1945 F A 10538 Sale 1051$
10511 144' 10414 10624
folly
General 50
1936 M N 10118 102 10134
101
10158
Cons'd Pr & Ltg let 620_1943 PA 8 1047$ Bale 104%
2
105
11 104 105
Va & Southw'n 1st gu 50 ._ _2003 .1 J 100 103
99% 9915 Cont Pap & Bag Mills 620_ _1944 F A 75 Sale 75
9912 Feb'26
7514
7
7378 7514
1958 A 0 92
1st cons 50-year ba
9234 92
9054 921
/
4 Consumers Gas of Chin gu bs 1936.1 J 101
92
3
__ 101
100
0111 4,
9 97
014
814 100
10004
10168
Virginian 1st 5. Series A_ _ 1961 M N 10168 Sale 101
Consumers Power lot be
1011
/
4 114
_1952 M N 993 Bale 99/
1
4
1939 M N 10212 103 10212 10211
Wabash 1st gold 58
014
10
105
07 Corn
nPrydear
2
Ree
3 1011
lgisf
u g 65
1931 PA N
1939 F A 10018 Sale 9938
26 gold bs
100% 92
1934 M N 10
N
1544 El-a-la- 10
9°
1/
1
4
"
17
0.1254
4 ---3
- 10113 10T1-44
1975 M 8 10013 Sale 100
Ref if 5-4a ser A
9812 100'
5 Crown Cork & Seal lat f 65_1943 P A 8413 Sale 8412
101
102
8413
1
82114 86/
1
4
Debenture 13 6s registered-1939
_a _
9334 Feb'25 _ -Cuba Co cony s f
19352 J 9642 Bale 95
5 96%
96/
1
4 29
94
lit lien 50-yr g terms 4s_ I954 2 .1 8418 85% 8414
Cuba Cane Sugar cony 1o... 1930.3 J 9513 Sale 95/
8414 15
1
4
9178 31
9314 96
101 105
Del & Chi ext lit g 5s. _--1941
J 103
10118 Jan'26
,2
Cony deben stamped 8% _1930 J J 9934 Sale 9954
100
93
9218 100
Dee Moines Div lit g 48.-1939
8414 !
8
_ /
1
4 Cuban Am Sugar let coil 88_1931 M
./ 841
/
4 ---- 8414 Jan'26
10918 Sale 10812
10918 26 108 10951
22%
io
Om Div 1st g 3Ms
Cuban Dom Bug let 720_1914 M N 96% Sale 9514
1941 A 0 7854
78
78
1
97
99
9114 97
Tol & Ch Div g 48
1941 M 8 8734
87 87
Cumb T & T 1st dr gen 68
87
Jan'26
1937 J .1 10112 162 10113 1011:
1 10014 10
_
0
4
Warren tat ref gu g 334i.._2000
77
Cuyamel Fruit let Ca lot ctfs '40 A 0 9478 Sale 947s
Oct'25
95
4
937
1"
Wash Cent let gold 4s
1948 Q M 851$ 88
7.7, Deny City Tramw tat con 5s 1933 A 0 ____ ____ 92% Aug'25 -_ 8313 Dec'25
Wash Term lot gu 320
831*
1945 F A 9118 -_ 887
Den Gas & E L 1st & ref s f g 54'51 M N 94% Bale 944
, Jan'261__
9478 21 -lit-- Ili
let 40-yesr guar 46
1945 F A 837 83,5,1,
84
Stamped
Jan'26,....__
N 9454 Sale 94%
9478 15
so: 96%
W Min W & NW 1st gu 55_1930 F A 9718 98% 98/
965$ wo1
71 Dory Corp(D 0) 1st s f 7s.1942 M S 89 Bale 89
1
4 Jan'26I____
89/
1
4 21
8512.90
West Maryland tat g 4.81952 A 0 6913 Sale 69
67
12
695
Detroit
lit
Edison
roll
tr 58,1933.5 J 102 Sale 102
69/
1
41 76
102
___101
102
West N Y & Pa Is' g 55_1937 J J 10078
9:
8:8
4 1i85
0i
11.
5
101
let & ref 55 Series A.July 1940 M
101 I
1 1.0
1017
,102 102
1024
9 1005s 1111,
4
Gen gold 48
1943 A 0 8518 8612 85
Gen & ref 55 Series A
Feb'26
1949 A 0 100is Sale 100is
10114
6
100
102
44
Income g 58
Apr 1 1943 Nov 447 -- - - 45
151 & ref 68 Series B_July 1940 M 8 107% Sale 10713 10814 24
Feb'25
1071
/
4 108%
Western Pee 1st Be A 5s__ _1946 M 8 974 Sale 9634
Gen & ref ba ser B
97% 113
1955 2 D 19006454 101 19
0
6
14
196
017
1: 35
19
1 19
05
:
0:19
0
2
1:
lot gold Si Series B
1946 M 8 103/
1
4 Sale 10334 10414' 23 10314 1...
04
Det United Ist cona g 420-1932
J 905 91
92/
1
4 Feb'26 ____
90
92%
Wed Shore 1st 48 guar
2361 J .1 8434 85
83/
1
4 am__
Dodge Bros deb 65
8434
84%
1
1941,31 N
Sale
23612 J 83
Registered
83 00
84
Dold (Jacob) Pack 1st
83%
8313
2
N 7911 8212 83
1
83
72
sa
Wheeling & LE lat g be_ _ 1926 A 0 100 10012 10018 Dec'25
Dominion Iron & Steel 5s
1939 J J
621$ Sale 611
/
4
6214 21
60 62/
1
4
Wheeling Div lot gold 5::.1928 J .1 10218
-1 1-011-4 Donner Steel 1st ref 7s
1-00:
10114 Jan'26
1942 J 2 94 Sale 94
957
15
92% 97%
Ext'n & inlet gold 58
1930 F A 98
9813 Dec'25
du Pont(El) Powder 4248_1936 J D ____ ___
9914 Jan'26 ____
9
Refunding 420 Series A 1966 M S 8354 87
91
/
4
99
_ 14
:
7 -651
,,,-1-5 D• uquesne Lt 1st & coil 65
8312
8311
1949 J J 10612 Sale 10618
2 115
1065* 77 io514 .
RR lot consol 0
1_
1949 M S 834 85
0,
81 '
002
84% Feb'26
1st coil trust 5218 Seed 11- 1949 J J 10534 106 1053*
__
10554
5 105 won
Wilk & East 1st gu g 5s
1942 J D 71 Sale 71
Edit Cuba Bug 15-yr a f g 720'37 M S 10754 Bale 1073*
72
15
1081:
53
104%
108%
Will & El F let gold bs
19382 D 10214 _ _ _ _ 10212 Jan'26 _
10
64
24
4 10723145 Ed El III Bkn let con g 4s___1939 J .1 94
88% 87/
1
4 Ed Eleo III 1st cons g 68. _ -1995 J J 1045 ____ 99% Feb'26 -__93
9934
Winston-Salem S B 1st 48_1960 J J 8613 87% 8754 Feb'26 _ _
4 Sale 10454
1043
1 103 1004
Wis Cent 50-yr 1st gen 45_ _ _1949 J 2 8213 Sale 82
Elec Pow Corp(Germany):320'50 M 8 873* Sale 87
80% 114
82
26
8712 68
9578 8712
8413 8978 Elkhorn Coal 6% notes
Sup & Dui div & tern: 1st 48'36 M N 89
8934 89
8914 21
1925 J D 9934 Sale 9912
9934
3
99
9954
Woe & Con East 1st 424s19432
77
82% Dec'25
Empire Gas & Fuel 720___ _1937 M N 10234 Sale 1024
10234 79 102 10254
INDUSTRIALS
Egon Gas Light lit con bs_ _1932 M 8 100
I
997s
85 85/
5
1
4 Federal 1.ight & Tr 1st 58_ 1942 M 8 9434 10012 997
Adams Express colt tr g 45_ _1948 M
997
8
99
.75
85 Sale 85
85
2
9454 9434
9434 29
93/
Ajax Rubber let 15-yr a 1 88_1936 J
1
4 9°
105 Bale 10313 105
let lien 68 stamped
27 10214 105
1942 M 5 10334 Sale 103
10334 13 1017 10324
411I
Alaska Gold M deb Ela A1925 M
414
4% 412 4% Jan'26
30-year deb 6s See B
_
1954J D 9414 9454 944
418
2
945*
93
418
941
/
4
Cony deb fla Series B
1926 M
4%
734 418
Federated Metals a 1 75
4%
1
19392 DI 9554 Sale ' 95/
1
4
95
97
1
9554
Oils 9112 Fisk Rubber 1s1 s 1 85
Alpine-Montan Steel 7s
1955 M
911 911s 9114
1941 M S'
9114
1 102%
11131
/
4 11512 11612
9 11812 116%
10314 Ft Smith Lt & Tr 181 g 5s_ -1936 121 S 116
Am Agrie Chem 1st 58
1928 A
10312 ---- 10314 Feb'26
9458
Sale , 7554 Feb'26 --- 1 7514 1,,,
1st ref 5 f 720 g
1941 F
10434 Sale 104/
1
4 105
Frameric Ind & Dev 20-yr 720'42 J J, 9278 Sale I 9154
82 Has, 105
927$ 22 , 88/
98% 10112 Francisco Sugar lit sf 720_1942 M
1
4 9..:11
Amer Beet Bug cony deb 68_1935 F
10018 1007 10018
101
81
N,
7 I 1047s 19.1.?
9814 100% Gas & El of Berg Co cons g 581949 J D, 10634 10712 10712 107%
American Chain deb a f 6a 1933 A
10012 Bale 10014
10078 26
10013 ____ 10034 Jan'26
96% 9714 Gen Asphalt cony 68
Am Cot Oil debenture 58_1931 M N 9614 9634 9634 Feb'26
....I 100% 1_,w7
1939 A 0 105% 108 10554
106
11
1936.1 J 10612
Am Dock & Impt gu 68
10612 Feb'26 _ _ _ _ 10534 106
,,,;z General Baking let 25-yr 62.1936 J D ---- ____ 104% Nov'25 ---- 104% 11551
iii- -iiiii,
Amer Ice deb 7s__Ju.y 15 1939132 Bale 13178 133
35 124 1.,=-2 Gen Electric deb g 320
1942 F AI
87
1939;
Am Maeh & Fdy 0168
102% 10254 103
103
Gen Refr let s 1 g 6s Ser A 1952 F A 101% 102 4
1 10014 103
3 10012 10
.,2
2,5
Am Republic Corp deb 6/ 1937 A 0 9912 Sale 987
98
99% German Gen Elec 7s_Jan 15 1945J J. 984 Bale 10012 102
9911 24
97%
99 10114 Goodrich Co 620
98% 91
96 ....:1.
Am Sm At R 153 30-yr 5s ser A1947 A 0 10012 Sale 100
1
10114 70
194712 J 106 10658 10514
106% 32 104
9614 1
5o
vlz
is
1947 A 0 107 108 10778
1st M 68 Series II
10818
4 106 108% Goodyear Tire di Rub 1st s f 1941 M N 12113 Sale 1211
/
4 122 , 65 191 192
Amer Sugar Ref 15-yr 68_1937 J J 10414 Sale 10334
10434 40 103 1041z
10-year a f deb g fis
6193111
, A 11012 Sale 1101g
37
III
I
100
11
0
9
1
:4
8:
100
11
:
13
34
967
8
977
42_1929
s
9754 Sale 9758
Am Telep & Teleg coil tr
9778 149
Gould Coupler 181 5 1 6s. _19401F A 92
9214
92% 92
8 100
911
/
4 10
92
154
92
92/
1
4 Granby Cons M S& P eon 68 A'28 M
Convertible 45
1936M 8 92
921 92
92
3
N 100 100% 100 Feb'26 --9714 9841
1933:M S 973*
20-year cony 420
9818 Feb'26
Stamped
1928 M N 100 10113 10012 Jan'26 ---1024
1946.1 D 10178 Sale 1017
30-year coil It 56
10218 37 10074
_
103 10412
102%
7
1960.6 .1 9918 Sale 99
85-yr if deb 55
97% 99% Gt Cons El Power(Japan)7s_1944 F A 9178 Sale 100
9914 352
42
92
9134
1943 MN 10412 Sale 10414
20-years f 520
10434 126 10313 10458 Great Falls Power lst of 51.-1940 MN 10134 10312 101% Feb'26 --_ ,
9554 9714 Hackensack Water let 4s
Am Wat Wks & Elec 53-1934 A 0 97 Sale 97
9714 19
1952 .1 J 877$ ____ 86% Jan'26 ---861
/
419 9864
2'4
4
4812 56
5114 17
Am Writ Paper 5 f 7-60_1939,2 J 5012 Sale 50
1930 M S 86% ____ 8613 Aug'25 ---48/
1
4 5412 Hartford St Ry let 4s
Temp interchangeable ctfs dep.I ---- 49% 5012 5012
5012
Havana El Sty L & P gen 58 A'54 M S 93 Bale 93
2
93
5
Anaconda Cop Min lit 6s-1953 F A 1033 Sale 10258
103% 400 10114 10312 Havana Elec COMO! g 55._1952 F A 95
_ ,._ 9814 Feb'26
-94
6.5151-2
41
904
14
1938IF A 10714 Sale 106
10734 500 16408 107% Hershey Choc 1st a f g 6s__ _1942 MN _.__ ____ 1041$ Oct'25 --15-year cony deb 7$
__
90% 101
Andes Cop Min deb 7850% pd'43 J 2 101 Sale 9912 101
645
1st M & coil 520 int ctf 1940
J 100% Sale 10011 101 , 56 ICAi
l 1117
98% 100% Hoe(R)& Co 1st 624stemp_1934 J
Anglo-Chilean Nitrate 75.-1945 M N 9934 Sale 9913
100
84
A0
971 99 4
99 I 52
88)2 1,214 Holland-Amer Line 68 (fiet).1947 MN 99 Bale 98%
1
4 Sale 9054
9914 15
Antilla (Comp -awl 724s-1939 1 J 90/
8314 8554
84
84 Bale 8314
38
937. 93
9612
94% 9412 Hudson Co Gm 1dg 58
8
Ark& Mem Bridge & Ter 5s _1064 se 8 AR
1940M N 10038 103 1005s Jan'26---- 100% 100%
June.
1
is Due July.
Due Aug. / ODOM Mle
a Due May. e Due
New York Bond Record-Continued-Page 5
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 12.
I
6.a.
Price
Thursday
Feb. 11.
Week's
Range or
Last Sale
Range
Since
Jan. 1
Bid
Ask Low
High No. Low
High
Humble Oil & Refining 5%5_19321J J 10134 Sale 10112 10218 36 10112 10238
Illinois Bell Telephone 5a___1956 J D 102 Sale 10134 102
33 10034 10212
19401a 0 9614 Sale 9558
Illinois Steel deb 43s
9612 58
9434 9638
1936 M N 9214 9212 914
Ind Nat Gas dr Oil Es
911
/
4 20
9118 9178
1952 M N 10378 Sale 10334 1037s
Indiana Steel 1st On
4 103 104
Ingersoll-Rand let 58
19352 .7 100 ____ 9934 Dec'25
---- ---Interboro Metrop eon 4%5_1956 A 0
20
11
Apr'25
-----Guaranty Tr Co etre dep.....
13
4/
1
4 Aug'25
___---Ctf dep stpd asstd 18% sub_
1012 Mar'25
j -7514 fir;1-e- 70
Interboro Rap Tran let 56-1966
72
125 -611; 131;
Stamped
69/
1
4 Sale 6918
7034 486
62
7214
7312 Sale 73
10-year 65
1932.A
7614 88
64
767
10-year cony 7% notes_1932 M
92 Sale 92
93/
1
4 308
8534 94
Out Agile Corp 1st 20-yr 55_1932 M N 95
954 9518
9514
2
8814 9512
Stamped extended to 1942
M N 87
88/
1
4 88,
8 Feb'26
_
824 89/
1
4
Inter Mercan Marines f 513_19411A 0 88/
1
4 Sale 8814
89
53
86
89
j 94/
1947
International Paper 58
1
4 Sale 9418
94/
1
4 140
944 9514
s
f
13s
Ser
A
1955
Ref
31 S 991
/
4 Sale 99/
1
4 100
47
97 100
Int Telep & Teleg cony 5345 1945 /31
11312 Sale 113
11412 258 10812 11614
Jurgens Works 68(Hai prize).1947j
10812 Sale 10712 109
76 100 109
Kansas City Pow & Lt Es_1952 M
10112 Sale 10114
1011
/
4 52 mot, 1011
/
4
Kansas Gas & Electie 6s_ 1952 M s 10234 Sale 102/
1
4 103
14 10138 10312
l942F A 10678 Sale 106/
Kayser & Co 75
1
4 106/
1
4
1 10612 10712
Kelly-Springfield Tire 85_1932 M N 10612 Sale 10534 10612 3t 10318 108
Keystone Telep Co let 58_ __1936 J J 9114
_ 90 Feb'26
90
0012
Kings County El & P g 5s_ _.1937 AO 103
____ 10212 Jan'26
102 10212
1997 AO 123 Sale 123
Purchase money 68
123
2 120% 12214
Kings County El let g 4s..1949 FA 7814 80
78
Jan'26
7714 7812
1949 FA
Stamped guar 45
7814 7912 7914
79/
1
4 --1
-2
78
79/
1
4
Kings County Lighting 58_ _1954.3, 9912 100 100 Feb'26
98/
1
4 100/
1
4
1954
ii 10734 110 106
6%8
106
2 100 10812
Kinney Co 7345
1938.3 D 10512 107 10512 106
2 10512 107
Lackawanna Steel 5a A
1950 M
9712 Sale 9714
98
13
9814 98
Lac Gas L of St L ref&ext 58_1934 A 0 1012
_ 10138 1011
/
4
4 10034 101%
Coll & ref 5348 Series C.._ _1953 F A 104 Sale 103/
1
4 104
41 10238 104
Lehigh C & Nav s f 4348 A_1954 J
98
9812 98
Jan'26
98
98
Lehigh Valley Coal 1st g 55_1933 J
10014 10034 100/
1
4 Feb'26 _ _ _ _ 1001
/
4 101
Lex Ave & P F 1st gu g 5a....1993 M 5 39-_ ! 4012
4012
3
3878 4012
Liggett & Myers Tobacco 76_1944 A 0 119 1221
4 121
121
3 118 12612
Registered
A 0 120
____ 122
Jan'26
122 122
1951 F A 102,
On
8 Sale 10212 10234
4 100/
1
4 10284
Registered
F A
_ 98
Oct'25
Lorillard C'o(P)78
1944 A 0 118)4 Ili 118 Feb'26
if6-12 1-1-9/
1
4
Registered
A 0
11534 Oct'25
viva 1-66
- .1-2
1951 F A 100 Sale 9934 10014
511
8
Registered
F A 9414 _
9614 Oct'25
Louleville Gas & Electric 58_1952 M N 991
/
4 Sale 0812
994 55
9738 -3-91.6
Loulsy Ry let con 65
1930
J 91
94/
1
4 9412
9412
9412 9412
Lower Austrian Hydro-Elec CoIsts16345
1944 F A 8712 97/
1
4 8712
8712
9
8711 8734
1942 A 0 10212 Sale 102
Menet'Sugar 7345
103
17 100 103
Manhat Ry(NY)cons g 48_1990 A 0 64 Sale 63/
1
4
6914 65
65
90
2d 48
2013
D 58 Sale 57
58
27
Manila Electric 76
1942 M N 102/
1
4 103 10212 103
6 10
52
5 10
53
5
Manila Elec Ry & Lt a f 5.9_ _1953 M S 9034 92
91
91
8
8912 91%
Market St Ry 75 Series
Q J 99 Sale 9812
9914 44
98
9914
Metr Ed 1st dr ref g 66 Ber B-1952 F A 10678 Sale 105/
1
4 10678
3 104 10678
1st & ref Es Belles C
1953.3
97/
1
4 9814 9734
984 11
9634 9814
Metropolitan Power 68
1953.3 D
___ 104
10418
2 10211104'S
Met West Side El (Chic) 46_1938 F A 104734 74
7332
7338
5
7112 7338
Mid-Cont Petr 1st6%5
1940 M S 10318 Sale 10318
10312 75 10114 10312
Midvale Steel dr 0cony sf581936 M
95 Sale 944
9512 112
92/
1
4 9512
Milw Elec Ry & Lt cons g 56_1926 F A
9978 Jan'26
997 9978
__
Refunding & eaten 4348_1931
j 98/
1
4 1834 98/
1
4
987
26
General 5s A
1951 j D 9914 997 9914
997
10
9
583
5 8 99
972
1st 68 13
196111) 9314 Sale 93
934 76
904 9312
let & ref g Cs &rice C
1953 M S 10334 Sale 103/
1
4 10418 20 10034 10418
Milwaukee Gas Lt 1st 48_1927 M N 99
994 99
9918
7
99
991
/
4
Montana Power 1st 55 A. .1943J
J 101 Sale 10012 10112 19
9972 10112
Montreal Tram 1st dr ref 58_1941 J .1 974 Salo 9718
06/
1
4 97,
97/
1
4 21
8
Morris dr Co let sO 414s.- 1939 J J
8712 Sale 8714
88
23
847s 88
Mortgage-Bond Co 45 Ser 2_1966 A 0 80_ 7712 Nov'25
10-25-year 6s Series 3
1932 J J 97 -9712 9712
98 --iL Ifil-4
Murray Body 1st 6345
19343 D 92 Sale 9034
9214 24
84
1124
Mu Fuel Gas 1st ge g E63_ _ _1947 M N 9914 ____ 9912
9912
9834 9912
1
Mut Un gtd bonds ext 4% 1941 MN 1024
10214 Jan'26
_ 10134 10214
Nassau Elm guar gold 4s_ _1951 J J 6178 Sale 6112
611
/
4 11
584 6238
Nat Enam & Stamps let 58_1929 J D 101 105 103
Jan'26
103 103
National Acme 7314
1931 J D 9934 Sale 9934 100
6
984 100%
Nat Starch 20-year deb 62_1930 J J 10018
99/
10012 Jan'26
1
4 10012
National Tube let 58
1952 M N
- 10234 Feb'26
10134 10234
Newark Congo! Gas Es
1948.3 D 1023410034 1011
- 100/
1
4 10034
2 10058 10024
New England Tel & Tel 5a_:1952 J D 10212 Sale 10178 10212 21 10078 103
N Y Air Brake 1st Cony 68_1928 M N 10014 10112 10238 Jan'26
10238 102¼
New Orl Pub Say let 52 A..1952 A 0 9234 Sale 92
9234 19
212
90%4
90 93
1st & ref 56 ser
1955
D 9238 Salo 9214
923
6
NY Dock 60-year 1st g 45_1951 F A 83 Sale 82/
834
1
4
83
5
8112
N Y Edison lst & ref 6%8 A.1941 A 0 11512 Sale 11512 11534 91 11514 1161
/
4
1st lien & ref Es 13
1944 A 0 102/
1
4 Sale 10278
103
25 102 10314
N Y Gas El Lt & Pow g 55_ _1948 J D 10412 Salo 10412 10412
2 104 105
Purchase moneys 48
1949 F A
80/
1
4 90,
9014 Sale 9014
9012 15
8
NY L P:de West C &RR 5345 1942 M N
10312 10012 Apr'25
_N Y Q El L & P Ist 5a_1930 F A 10212 10312
1-60j14 1033.
10212 10212
1
N Y Rya 1st R E & ref 45_ _ -1942 J J
6118 5912
5934
52
2
5914
Certificates of deposit
49
60
59
5912 26
48
5912
30-year ad.) Inc 58._ _Jan 1942 A 0
9
1014 10
712 9
514
1014
Certificates of deposit
312 1014
712 934 9
1014 60
NY Rys Corp Inc Bs__ __Jan 1965
_
3212 Sale 3138
343
4
1615
Y & Rich Gas lst 65
1951 M N 10214 10212 10214 Feb'26
432
101
22 10
5214
N Y State Rye lat eons 4345_1962 MN 5914 Sale
5834
56/
1
4 5914
5938 16
let con 6348 series B
1982 M N
81
84
/
1
4
80
8012
7814
83
2
N Y Steam lat 25-yr 68Ser A 1947 MN 10212 Sale
10212
6
N Y Telep 1st & gene f 4%8_1939 MN 9734 Sale 10212 10212
9734
97
9814
9814
36
30-year debens f 65_ _ _Feb 1949 F A 110 Sale 110
1104 22 10978 11034
20-year refunding gold 68.1941,,A 0 10812 Sale
108
108/
1
4 47 1074 10878
Niagara Fall Power 1st 55_1932'J J 100/
1
4 102 102
102
10
Ref & gen 65
Jan 1932IA
106 Sale 10512 106
1 156212
0
7 5 5
Nies Lock dr 0 pr 1st 55 A_ _1955 A 0 10014 Sale
99 10038
10018 10014 22
No Amer Cement deb 63-48 A 1940 M
9914 Sale 98/
9814 100
1
4
9914
45
Nor Amer Edison 65
1952 M S 104 Sale 103
104
41 10114 104
Secured 80 g 6345 Ser B 1948 M S 105 Sale
10514 10512 23 103% 106
Nor Ohio Trac & Light 13s. 1947 M S 94
9412 94
92/
1
4 9512
94
8
Nor Strtes Pow 26-yrA 19411A 0 9834 Sale 9848
99
42
97/
1
4 99
Registered
A 0
9314 Jan'25
lot .14 ref 25-yr 6s Ser B__.1941,A 0 106 Sale 106
106
2 1-6i14 1064
North W T 1st fdg 434sgtd_19342 .1 9634 9712 9612 Jan'26
9812 9612
Service
734s A_ _1946 A 0 11212 113 112/
Ohio Public
1
4 Feb'26
11218 11318
1947 F A 11012 111 11112 Feb'26
1st J8 ref 79 serial B
1
10
10
58
2 104
Ohio River Edison 1st 88_ _1948/J .1 103 Sale 10212 1034
8
1944I1r A 9678 Sale 9658
Old Ben Coal 1st 68
9678
96,
8 974
7
Ontario Power N F 1st 55__ _1943 F A 10014 Sale 10014 10012 10
99/
1
4 101
Transmission
M
1945 M N 9938 99/
Ontario
1
4 9938 Feb'26
99
/
1
4
99,
8
1941 F A 10712 Sale 10712 10712
Otte Steel 85
2 10514 1084
lat 25-yr f g 7)is Ber 13_1947 F A 10212 1027 102/
1
4 10234
4 100/
1
4 10314
paeing G dr El gen & ref 55-1942 .1 J 100 Sale 9812 100
9712 100
126
Lt latdrret 20-yr 56.30,F A 9978 sale 9978 100
Pee Pow
9918 10018
16
1937'1 J 10178 Sale 1014
Pacific Tel & Tel let 58
102
28 10118 10212
1952 M N 10114 Sale 10038
Ref M 55 series A
98/
10114 95
1
4 10114
Pan-Amer P & T 1st 10-yr 78 1930 F A 10712 10734 10612 Feb'26
106 10824
19341 M N 10734 Sale 1071
Cony 1 65
/
4 1084 284 106/
1
4 1125k
,
8 Sale 8512
Park-Lex st leasehold 6348..1953 J J 85
8612 11 100
8512 18
818
0028
58 1949 M S 100% Sale 10038 100/
1
4
4
..P1111dt Passaic G & El eons
0
11012 11114 111
treoP Gas & C lat cons g 68..1943 A
111 111
Feb'26
194.7114
9912 Sale 9938
Refunding gold 68
9978 68
9812 100
Philadelphht Co coil tr 85 A 1944 F A 10448 Sale 104
10434 31 10312 105
15-year cony deb 5348._ _1938 M S 10012 Sale 997
10012 89
98
,
8 10012
J
J
55_1973
I
ref
dr
101
997 10158
Phi% & Reading C
Sale 101
101
2
10734 Sale 10714
Pierce-Arrow Mot Car deb 851943 M
10784
7 10718 10814
Pierce 011 s f Re .. Dec la- - 1631 J
106/
1
4 10 1031, 10778
1051
/
4 106/
1
4 108
a Due Jan. d Due April. p Due Dec. 'Option sale.
10
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 12.
t
869
Price
Thursday
Feb. 11.
Week's
Range or
Last Sale
Range
awe
Jan. 1
Ask'Low
Bid
High No. Lose
NW
Pillsbury Fl Mills 20-yr 6s__1943 A 0 10212 103 110278
10278
5 10134 10278
Pleasant Val Coal 1st g 5168_1928 J .1 9812 ____ 9812
9812
2
9812 9871
Pocah Con Collieries 1st s f 581957 J J 9018 9012 9018 Jan'26 _ _ _
1
9018 90
.
Port Arthur Can & Dk 68 A_I953 F A 10212 Sale 110212 10212
4 102 1025s
1st M 65 Series B
1953 F A 10218 ____ 10212 10212
2 10212 10211
Portland Elec Pow 1st 65 13_1947 M N 10038 10114 9934 10012 13
99 10034
Portland Gen Elec let 5s_ _ _1935 J -1 10018 ____ 10018 Feb'26 ____
9932 1004
Portland Ry 1st & ref 58_ _1930 M N 9412 Sale I 9412
9412
2
22/
1
4 Ha,
Portland Ry Lt & P let ref 581942 F A 9034 9134 9034
90/
1
4
8
881
/
4 93
let I & ref 68 Ser B
1947 M N 997 ___-I 9934 100
19
99 10014
let & refund 73413 Ser A 1948 M N 10714 10712 107
10714
2 10634 108
Porto Rican Am Tob Bs__ _1931 M N 105___ _1 10534 10534
2 10534 10614
Pressed Steel C Es
1933 J J 9714 Sale 97
9712 ___5
4_
94% 9813
Prod & Ref s f 8s(with waents)'31 .1 13 111
____ 11234 Feb'26
11012 11234
Without warrants attached__ .1 D 110
____ 11012 Jan'26 ____ 10934 11012
Pub Serv Corp of N J gen 58_1959 A 0 10434 105 105 Feb'26 ____ 104/
1
4 105
Secured g 65
1944 F A 103 Sale 1011
/
4 103
60 100 103
Pub Sera Elec & Gas let 53451959 A 0 10518 Sale 105
10518 38 10372 1051
/
4
1st & ref 5345
1964 A 0 10434 Sale 10434 105
36 10378 106
Pub Serv El Pow & Ltg 681948 A 0 10738 Sale 1071
/
4 10712
Punta Alegre Sugar 78
1
10914 110 10934 11012 3g iIN
(
1 17
114
Remington Arms Os
1937 M N 86
8612 86
87
5
8236 88
Repub I & S 10-30-yr M 51_1940,A 0 9884 9912 9812
9834 13
9714 99%
Ref & gen 5348 Ser A_ _19534 .7 9412 Bale 93/
1
4
9412 14
92/
1
4 9413
Rime Steel let 78
1955 F A 9018 Sale 9018
904 20
904 9078
Robbins & Myers s f 78
1952.3 D 6612 70
68 Feb'26
60 66
Rochester Gas & El 78 Ser13.1946 M 5 113 S_a_l_e
.10
1628
3 J2.
113
216
11212 114
2
Gen Mtge 5348 Series C_ _.1948 M 5
105/
1
4 106
Rogers-Brown Iron Co 72......1942 M N 78 Sale 72
73
8
68
73
St Jos Ry Lt Ht & Pr 5s__ -1937 M N 93
9512 93
93
1
9114 97
St Joseph Stk Yds 1st 4348.19301 J 9712 __.J 96
Jan'26
95/
1
4 96
St L Rock Mt & P55 stmpd_1955 J J 8014 8214 81
8022
172
10
78
012 7
1924 A 0 7012 ___ 7012 Feb'26
St Louis'1 remit Ear
5 28
1937.3 .7 _______ 9514
St Paul City Cable 58
9514
9514 953s
2
Wks
0312
94
923
4
96
/
1
4
Pub
(Germany)
75
'45
F
A
0512
Sale
9412
Saxon
1942 m 5 10912 110 109/
Saks Co la
1
4 10912
2' 1071a 10912
San Antonio Pub Serv 6s._1952 2 J 10212 ____ 10218
10238
6 19138 10238
Sharon Steel Hoop 1st 85 Ser A'41 M S 10712 10734 10712 Feb'26
10738 1074
1942 A 0 10718 10712 10714
Sheffield Farms 634s
10712
10678 10812
06
1
4 Sale 9412
S.erra &San Fran Power 56_1949 F A 94/
91/
1
4 95
17
Sinclair Cons 011 15
-year 75.1937 M 5 96 Sale 9514
96
85
93/
1
4 98 I
1
4 Sale 111
1st In col tr 69C with warr 1927.3 D 112/
113
755 10718 113/
1
4
6345
Ser
B
19381 D 9014 Sale 8934
1st lien
9012 32
87
9012
Sinclair Crude 011 3-yr 65 A_1928 F A 10078 Sale 10034
101
27 1094 101
3-yr 6% notes B Feb 15_1926 F AI 10078 Sale 10034 10078 31 10012 101
1942 A 0, 9014 Sale 9014
Sinclair Pipe Line 58
91
53
87
91
1927 A 0' 127 Sale 12614
Skelly 011 634% notes
12912 72 120 131
1
4
Smith (A 0) Corp let 6348_1933 A, N, 1024 10212 1024
10212
9 1014 102/
South Porto Rico Sugar 78_ _1941 J D 10712 Sale 10734 107/
1
4
1 107 10874
80 581941 2 J 102 Sale 10218
South Bell Tel & Tel lets
1024
7 1011
/
4 10212
S'west Bell Tel let & ref 58_ _1954 F A I 10214 Sale 10134 1024 94 10038 10214
southern Colo Power 68..„ _1947 J J 9834 Sale 9812
99
9712 99
23
1948 M NI 9738 __ 997 136e'25 _--SprIng Val water g 58
_1930 AI N 99
9912 99,
Standard Milling lat 5s
8 100
9 -99-58 111
--'1
J .1 108 Sale 107%
Steel & Tube senor 7s Ber C 1951
10814 28 107/
1
4 109
(Oriente)
78_19421
9612
Sale 9612
Sugar Estates
98
54
89/
1
4 98
1929 F4
A9518 9612 9612
Superior 011 let s f 79
97
11
95 91
1
4 __ 100/
Syracuse Lighting let g 58_195112 13, 100/
1
4 Jan'26 ____ 10014 10014
Tenn Coal Iron & RR gen 58_1951 J .1, 10312 __ -- 10318 Feb'26 ____ 10818 10311
Tennessee Elec Power 1st 68.19471 D 104 Sale 10378
10414 27 1025a 1944
1960.3 .11 62 Sale 6112
Third Ave let ref 45
6412 116
5512 8512
Ad) Inc 513 tax-ex N Y__ _a1960 A 0, 6034 Sale 6012
4112 657s
6614 883
957
19373 .11 94/
1
4 96
96
Third Ave Ry 1st g 5s
5
9372 96
1941M S' 10834 Sale 108/
1
4 10918 57 10834 10931
75% notes 1930 J .1 9814 9812 9834 Feb'26 ____
nPle5134
Erdt&
Toledo T
98 99
1949 M S 10012 ____ 10018 Jan'26 ____ 1004 100
1
Trenton G & El 1st g 5s
.
1940.F A --------97 Sept'25 ____
Trumbull Steel deb 68
- ---Twenty-third St Ry ref 58_1962 J J 6812 Sale 66
0812
8 --61
6812
Underged of London 434s_ _1933 2 J 9414 ---- 95 Feb'26 ____
94
9512
19481 J 9218 ___- 9234
Income 68
9234
5
9234 9234
Union Bag & Paper 1st M 68_1942 M N 105 10514 105
105
2 104% 1054
Union Elm Lt & Pr 1st g 55.193251 5 10112 Sale 1014 102l
7
M N 1004 Sale 10012 10012 ; 15
0t% 10?3;4
8
1954 J J 10138 _-__ 10214
534
exa1 Stied A
41
1set125'
10214
6 10012 1024
Union Elev Ry (Chic) 5.9_1945 A 0 7852 _--- 7712 Feb'26
19311.1 J 100/
1
4 Sale 10012 100/
Union Oil let liens f 58
1
4 10 100
77113
2 10112
5
May 1942 F A 10412 Sale 10412 10458
30-yr 6s Ser A
1041
/
4 104%
1935 F A 96/
1
4 Sale 9658
1st liens f 58 Ser C
97
18
9514 97
Union Tank Car elute 78._ _1930 F A --------101 Aug'25
united Drug 20-Yr 6s_Oct 15 19441 A 0 10514 Sale 1051
10512 21 1-63-l1 1-111/54
1936 1 J J 103 Sale 103
United Fuel Gas lst s f 6s
10318
4 10112 10314
United Rye Inv On Pitts issue 1926 M N 0972 Sale 9978 1004 21
99/
1
4 10012
997
Stamped
997 100
99/
1
4
1
9978 100
77 Sale 77
United Rys St L 1st g 48_ _ _ _I934'J J
774
744 78
6
o1R
522,
228
1
4 Sale 94/
620C
1937 M N 94/
1t
2ed SS
u
t.T0
1
4
95
3
944 95
Yr 5s
6s '42,A 0 104 Sale 10378
United
Realty
104
38 103 104
de
ref
Es Ser A1947,2 J 9418 Sale 9334
U S Rubber 15t
9414 214
9134 110
10-yr 734% sec notes
1930 F A 10758 Sale 10712 10832 38 10634 108/
1
4
US Smelt Ref & M cony 68_1926 F A --------9978 Jan'26 _
9972 1004
U S Steel Corpreoupon____d1963 MN 108 Sale 106
1061
/
4 281 10512 10838
s 1 10-60-Yr 58Iregistered _d1963 MN --------10538 Jan'26 ___. 1055 1058.
Utah Lt & Trac 1st & ref 6.9_1944 A 0 8838 Sale 8814
88,
8 28
884 8914
Utah Power & Lt 1st 5s
A944 F A 964 Sale 96
Utica Elec L & P 1st 6s
1950.1 J 10114
91
__ 10134 Jan'26 __3
95 104,
,...
5 100.,
t
U ica Gas & Elec ref & ext 58 1957 J J 10134 10212
10114
5 1004 10134
10134
Victor Fuel Ist 51 58
1953 1 .1 60 Sale 60
60
3
5314 60
Ve-Caro Chem let 78
1947 J D 9912 10712 10734 Feb'26 ____ 10614 10734
Certificates of deposit
--------- ---- 10414 Dee'25
---- -Certificates of deposit atmpd,___ --__ _--- 10234 Oct'25 -___
---- ---Stpd as to payt 40% of print
1947 _
10734 Sale
e 10712 1071/4 12 105% 108
of deposit
108 Sale 107
108
65 105 109%
of deposit stpd
10712 108 10712 Jon'26
10672 1084
I
7yi
le
stCC
:
wtt711
80 & without war_ _1937 J D 109
___ 110 Fe
107 11011
Certds of dep without
11212 Sale 11112 Jan'26 _ 113
52 10352 11372
Certifs of dep with warrants_
warr_l____ ____ -___ 107
107 107
Va Iron Coal & Coke lst g 58 1949 M El 9214 ____ 9114 Jan'26
91% 915k
Va Ry Pew 1st & ref 613
1943 J J 984 Bale 9814
9772 99
9858 21
Vertlentes Sugar 1st ref 78_ _1942 J D 9612 Sale 96 4
98
45
904 98
Warner Sugar Refln 1st 75_1941 J D 9914 Sale 994
100
95 100
49
Warner Sugar Corp let 75...19391 J 8878 Sale 88
8872 37
814 8E08
Wash Wet Power 5 f 5.9
1939 J J 10134 10214 102 Feb'26
10112 102
Westches UT g Es stmpd gtd 1950 3 D 10218 103 10218 Feb'26
10218 10318
west KY Coal 1st 78
1944 M N 10012 101 10012
101
5 100 101
West Penn Power Sec A 5s....1946 M S 10034 Sale 10034 101
42
9978 101
1st 713 Series 13
1946 M S 105/
1
4 Bale 105/
1
4 1067s 10 1054 10678
1st 5s Series E
1963 M El 101 Sale 100/
1
4 101
12
9934 101
12 emporary 68 Series E_ _1963 M 8 ____ __-- 9834 Sept'25
let 534s Series F
1953 A 0 10514 ____ 105/
1
4 10538
1 117147e 101
West Va C & C 1st 61
1950 1 J 8912 Sale 8512
81
8912
8912 54
western Electric deb 5a
1944 A 0 10072 Sale 10012 10078 69 10018 10078
Western Union colt tr eur 58_1938 J J 103 Sale 10258 1021
/
4 12 102 103
Fund & real estate g 4345_1950 M N 97 Bale 9672
97
21
9814 974
11212 11 111 1125a
1936 F A 112 Sale 112
15-year 634s g
Westinghouse E & M 75
1
4 Sale 107
651
1 ; 16
1931 M N 105/
07
5%
12 53 10516 10614
2
Wickwire Spen Steel 1st 78-1935 J J 6712 68
874 7012
- 754 Oct'25
Certificates of deposit
Certificates of deposit stamped MN --------7013 Jan'26
70's 7012
64
6
Wickwire Sp Steel Co 75 Jan 1935 MN 6318 Bale 6318
634 6812
8 102/
1
4 10212 102/
1
4 19 10214 10234
Willys-Overland a f 6348____1933 M 5 102,
1004
Sale 100
gyusen & Co 1st 25-yr s f 68-1941 A 0
100% 23
9878 1007;
93 Feb.25
7012 69
1928 J D 68
10-year
5 1 65
69
1 -ifi- IfCertificates of deposit----------.69 Sale 6812
6918 25
67
72
68
10-yr cony a 1 7345
p1931
75 68
684 20
68
7212
8812 Sale 68
Certificates of deposit
684 13
68
72
1941 A 0 102 Sale 101/
1
4 102/
Winchester Arms 7%6
1
4 27 10138 10234
Yotuairn Sheet & T 20-yr 62_1943 J .1 10212 Sale 1024
10234 91 1014 10234
BOSTON STOCK EXCHANGE-Stock RecordBON
870
DS
See Next Page
HIGH AN") OW SALE PRICES-PHR S't {RS. NOT PRR CE5'7'.
Saturday,
Feb. 6.
W ondag,
Feb. 8.
Tuesday,
Feb. 9.
Wednesday. Thursday,
Feb. 10.
Feb. 11.
Prickly.
Feb. 12.
Sales
for
the
!Vette.
STOCK';
BOSTON STOCK
EXCHANGE
Range Since Jan. 1 1926.
Lowest
Highest
P611 SHARR
Range for Previous
Year 1925.
Lowest
Molten
Railroads
95 Boston & Albany
109 159 Jan 9 172 Feb 11 156 Feb 26434 Jan
172 172
168 16313 "170
167 167
•16612 163
Jan
431 Boston Elevated
100 78 Jan 26 8214 Jan 11
7912 79
7912 794 7912
7912 79
7514 Marl 86
7912 7912 79
Jan 10414 - Dee
82 Do prof
93
100 96 Jan 21 100 Jan 5
96
93
*97
93
*96
93
'96
98
73 Do let prof
100 11512 Jan 16 122 Jan 7 109 Mar 130 Dec
116 116 *11534 -- •116
26 Do 2d preferred
94 Mar, 116 Dec
100 9812 Jan 9 112 Jan 2
4 •105
1044 1014 10114 101-3105 105
210 Boston & Maine
4412 Ift; 4114 45
10 Apr 4912 Dec
44
4412 44% 4414 4432 44
103 42 Jan 29 4814 Jan 7
Do pref
.41
1112 Apr, 46 Dec
100 40 Jan 28 474 Jan 6
43
*39
_
'41
"41
255 Do series A 1st pret
6412 6312 6434 65
100 5912 Jan 2 86 Feb 4
-5
.3- -di63
63 6-11
17 Apr 85 Dec
4 63
211 Do series B fat pref._. 100 85 Jan 29 91 Feb 5
89
89
89
89
29 Apr R712 Dec
89
89
89
89
143 Do series C 1s1 pref_ -100 75 Jan 4 80 Feb 3
-if 77
77
77
25 Apr 7912 Dec
784 7814 *7814 -*7814
103 Do series I3 1st pret
111 111
100 10.5 Jan 29 11712 Jan 7
_
*112 11212
3512 Apr 116 Dec
•110
25 Prior preferred
95 Jan 20 9812 Jan 4
9712 9712
96 Dec 99 Nov
97 If
14 Boston & Providence
100 179 Jan 8 182 Jan 29 167 Feb IRO May
180 180 'ilia- Ili +130 182
11'180 182
East Maas Street RY Co-- 100 55 Jan 21 61 Jan 6
26 Sept 8212 Nov
5332•
5312
59
53 Do lit prof
6412 6112
100 6412 Feb 10 71 Jan 2
65
6.5
65
80 July 73 Dec
'8412 67
Do pref B
100 63 Feb 1 69 Jan 13
*z__ 64
__ 61
51 Aug 70 Dec
•x__ 63
•z__ 68
235 Do adjustment
100 44 Jan 20 4914 Jan 29
4112 -4
.4T2 15.44
4512 44
35 Sept 50 Den
45
45
233 Maine Central
100 50 Feb 10 60 Feb 3
50
50
60
60
23 May 56 Dec
60
60
60
60
60
60
630 N Y N H & Hartford
100 4072 Jan 20 4514 Jan 4
28 Mar 4634 Dec
42% 43% 43% "4332 43% 4312 4312
•43
434 42
10 Northern New Hampshlre_100 8512 Jan 12 88 Jan 6
86
86
70 Feb 90 Dee
864
8612 8812 8312 "88
'88
10 Norwich & Worcester pref_100 121 Jan 7 123 Jan 28 100
Oat
Jan' 125
123 123 "12212 123 •12212
*123 Old Colony..,
Oct
100 III Jan 8 120 Jan 29
Jan 113
96
'117 120 *115 120 '117 120 '117 120
Dee
22 Vermont & Massachusetts.100 100 Jan 6 10314 Feb 41 87 Feb 101
_
103 103
103 103 "103
"103
'103
Miscellaneous
1
685 Amer Pneumatic Service___25
414 Jan 15
5 Dec
434 432
434 434
5 Jan 7
212 Marl
4% 434 *432 434
"44 434
Do pref
50 2278 Jan 21 24 Jan 291
2312
1612 Mar, 2412 Dee
24 '23
2312 "23
24
+23
'23
1.118 Amer Telephone dr Teleg-100 14232 Jan 4 147 Feb 9 13034 Jan 145 Dec
146% 14572 14634 147
146 14612 14614 14634 146% 147
433 Arnoskeag Mfg
No par 61 Jan 28 71 Jan 2; 81'2 MaylA118
87
67
6334 6714 6812 ant 6734
6634 6712 6714 68
45 Do pref
No par 7312 Jan 27 7614 Jan 20, 704
86* Aug
7618 7618
'7614
76
*74
_
754 754 76
Art
Metal
Construe,
Inc_
10 20 Jan 18 2112 Jan 231
16 Aug
Jan
22
14 May!
22
.21
"21
*21
22
21 22
103 Atlas Plywood to'60 Jan 21 13334 Jan 19, 41312 Aug 8712 Dee
63
63
*62
68 '62
6212 624 •62
Atlas Tack Corp
No par
L1312 Jan 8 174 Jan 2
Dec
17
912 Aug 21
+16
*16
17
*16
17
390 Beacon Oil Co corn T C
. 1814 Jan 19 2012 Jan 14 --__ _--- 1 --- - -1812 1812 1812 1812 1812 18,2 1812 1812
403 131gelow-Hartf Carpet_No par 93 Feb 8 9812 Jan 2
95
974 Nov 1091; -Oct
9512 95
9512 95
93
94
95
9512 95
23 13oston Cons Gas pret 63i %100 10512 Jan 25 108 Jan 12 103
Jan 10814 Aug
103 103 *10712
107 107
•107
_
55 Dominion Stores, Ltd__No par 65 Jan 8 6812 Feb II 2814 Jan 74
Oct
67
6712
*6612 6714 .6612 6714 *6512 67
Do pref A
100 104 Jan 5 112 Jan 23, 99 June 100 Dec
____
"108 _ -- •112 -'103
•108
510 East Boston Land
10
2% Feb 10
312 Jan 211
632 Sept
24 - -2114 --2-7;
112 Apr
234
-4
.
•2
4
3
3
*3
Manufacturing__
5
4
Jan
Eastern
12
412 Jan 1.9,
634 Jan
*414 5
"414 5
3 July
.414
5
*114 .5
*414 5
25 82 Jan 8 88'2 Jan 221 42 Mar 894 Dec
895 Eastern 8111 Lines, Inc
85
8513 85
8512
Ws 87
85
85
8512 86
No par 434 Feb 30 45 Jan 8
105 Do pref
4112 44
44
35
Jan 4614 Oct
4412 *44
4412 4412 4112 044
'44
I.t pref
100 9812 Jan 12 9912 Jan 9
89
Jan 100 July
9912
9912 '97
9912 '97
•97
9912 *97
2012 Jan 2 23 Feb 5
2,825 Economy Grocery Stores
-2:3T2, 16-18 Aug 234 Sept
2512 28
25
23
23
22
2134 22
Edison
z207
Jan
15
Electric
Ilium
100
230
2,150
Feb
11;
200
Jan
213 May
219
220
'22014
250
216 218/z
214 216
21212 213
10
212 Jan 1 1
Elder Mfg Co Or t e)
212 Jan 8
2
Dec
534 Oct
*212 412 •24 412 '24 412 *212
---Elec-1001
22
Jan
7
23
Galveston-Houston
Feb
8
25
17
Oct
38
Jan
*23
__
____
'23
_
23
23
23
*22
12 Jan 23 17 Jan 22
740 General Pub Ser Corp corn__
•1334 1434 144 144 144 1-412 1412 1412
1I '
Georg% Ry & Elea 5% pref 100
7-8-1;-ita-r -8414 Sept
No par! 38 Jan 21 4034 Jan 12
3234 Aug 43 July
535 Gliehrlst Co
9- 161-4 -56- lit; -54- li39 -3-6-31-1 39 isi- -3
5712 Jan1 11512 Dec
5,43/ Gldette Safety Razor_No par 1074 Jan 13 11112 Feb 6
11234 11312 11113 11312 11012 11314 110 11214 no 111
11 May
25 1012 Jan L2 1272 Fab 11
151: June
35 Greenfield Tap .9 Die
"1214 14
1278 12%
*1134 14 "1214 14
+11% 14
No par, 63 Feb 9 6814 Fab 4
52 May
475 Hood Rubber
72
Oct
68
6514 "65
6512 65
6414 614 6434 6134 60
5212 Jan 80
10 sr/tern:It Cement Corp_No par; 6612 Jan 7 6814 Feb I
Oct
69
+874 684 "6712 68
634 6314 *68
Jan
2
.10
Jan
2
.05
par
.10
Dec
International
Products_No
2
Jan
".10
.50
*AO
.50
.10
.50
*AO .50
Do prat
100 .55 Jan 5 .55 Jan 5 .10 Dec, 1012 Jan
".30 1
1
'.30 .75 *.30 .75 ".30
Kidder, Peabody Acceptance
Stock
8212 Jan
43 Corp Class A pref
100 944 Jan 5 9514 Jan 9
9512 Nov
1.9514
0514 9514 9514 9514 "9514
95 Feb I
814 Apr
814 Jan 4
932 Jan
61 Libby. McNeill & Libby__ 10
2 Exchange
9
-912 --9199
9
94 912
'914 934
1214
Jan
18
1114
Jan
12
Aug
10
Loew's
Theatres
25
11%
1372 Jan
1214
113
4
'113
_
_
11114
'12
1214
1214
•12
68 Feb85 Dec
793 Massachusetts Gas (3os--.101) £8312 Jan 5 8512 Jan 7
84
8112 84
8432 Closed;
8312 8312 8312 834 834 84
6312 Jan 70
100 65 Jan 6 70 Feb 9
Oct
33 Do pref
70 "6312 8912
6812 6812 70
69
*68
Jan 197
Oct
80 Mergenthaler Linotype.„100 19312 Jan 6 218 Jan 23 167
218 216
Lincoln's
21-8
216 216
216 216
"215 218
74 Sept
812 Jan 29 103 Jan 7
1834 Jan
95 Mexican investment, Inc
10
9
812 84 --9
'9
10
94 94
M11.144100 River Power___100 85 Jan 6 85 Jan 6 1 8376,8 Jan 124
Oat'
Birthday
Jan
25 Do stamped prof
Nov
100 95 Jan 2 96 Jan 4
;55- 16- ;55- Id- ;55- -id- ;55- id" -55- Vi
44 Jan 5
334 Dec 26
10
3% Jan 4
180 National Leather
83':
414
4
4
4
44 Holiday
4
44
438 *4
*4
115a Dec 17 Dec
7,455 Nelson(Herman) Corp.._ 5 1512 Jan 9, 2534 Feb 11
2412 25 .2512 25
24
2534
24
23
24
23
2 June
1,900 New Eng Oil Ref Co tr WS- .20 Jan 21 .50 Feb 9 .10 Dec
.42 .50
.40 .50
'.30 .50 '.30 .50
534 Apr .1
11
.
2 .
100
9 Feb 8 1012 Jan 8
f3;:i
pi
t
125 Do pref (tr etts)
1012
1012 "8
1012 *8
"8
9
9
Jan 6
100
Jan
4
85
New
England
Pub
Sery
prior
pf
98
99
073
'98
18
-100
9812
98
98
9912
.98
eo
412 Feb 8 --ifs -1561New Eng South Mills._No par
414 Jan 28
8
"4
8
44 412 "4
8
"4
20 Dec 55
20 Do pref
100 25 Jan 16 28 Jan 29
Jan
25
25
27
27 '25
27 .25
*25
99 Apr 1221t Nov
1,729,New Ened Telep dr Teleg_100 115 Jan 11 118 Jan 4
116 11634 1164 1-1-63-4
1154 116
1153 11612 11512 116
2114 Oat 3234 July
1 2934 Jan 9, 30 Jan 14
rOrpheum Circuit. Inc
31
"29
31
*29
31
*29
31
"29
50 Dec 8112 Jan
1,3631Pacifie Mills
100 42 Jan 261 55 Jan 2
51
50
4822 4912 49 50 4912 51 "50
32 Aug 75
100 5112 Feb 8 6814 Jan 12
Oct
50,Plant(Thos 0), 1st pret
60
5112 5112
5112 52
60
.52
10 15 Feb 8 17 Jan 12
154 Aug 18
Apr
95 Reece Button Hole
16
16
•1512 18
15
15 "154 16
114
Nov
112
Jan
19
23
4
15
Reece
Folding
Machine.10
112
Jan
19
Jan
12 134 *112 1%
"1
100 11212 Jan 2 116 Jan I 1 10914 Apr 120 Feb
539 Swift & Co
1,111e4 112 11111: it4l 1143 11434
11412 11434 11414 11434 1*
25 65 Feb 9 70 Jan 4
4512 Apr 734 Dec
135 Torrington Co
65
65
65
66
87
65
67
68
87
'67
5
7 Jan 5 1512 Feb 11
3
Oct
74 Jan
1,200 Union Twist Drill
912 94
9
9
912 1012 11
1512
25 48 Jan 5 494 Jan 14
408 July 50 Nov
1,849 United Shoe Mach Corp
4812 4872 4834 49
4812 49
4834 49
49
49
28 Jan 2 2812 Jan 25
2612 Jan 29
prof
25
Do
Oct
601
28
2812
2312
28
28
28
28
2812
2812
2812
1412 Aug
193 Jan
15,728 WaidortSys,Inc. new shNo par 17 Jan 6 20 Feb 11
1918 1934 • 1934 20
1914
19
1812 19
184 19
5
Jan 34 Dec
220 Walth Watch el B com_No par 29 Jan 18 40 Feb 5
40
39
39
39
39
40 "38
*38
39
39
52 Jan 23 59 Feb 10
Iva Jan 57 Dec
138 Do pref trust ette
59
5812 5812 59
60
57 '57
57
100 102 Jan 29 108 Jan 4
85
Jan 105 Dec
151; Do prior prof
_
107 108 "105 110
10712 10712 "106 110
20 21 Jan 21 23 Jan 27
1834 June 274 July
Company
735
Walworth
2112
*2112
22
2112
2112
1122
2134
22
22
Jan
21
45
49
Feb
5
50
37
1,284
Warren
Bros
Jan 504 July
4814
4312
473
4
4734 48
484 48
4812 48
48
50 41 Jan 111 42 Feb 4
37% Jan 4312 July
50 Do 1st prat
*42
___
---"4012 41
41
41
43
.41
50 46 Jan 2 47 Feb 10
4012 Jan 48 Dec
10 Do 2d prat
47
47
47
---47 '45
48 .45
'45
15 Feb 10 174 Jan 2
11 Mar 217 Dec
405 Will & Baumer Candle nom__
1514
1534 1534 *z1514 1534 1534 1534 15
Mining
I
25 .20 Feb 1 ao Feb 1 .05 Dec .25
ConsolidatedAdventure
Jan
".10'
.25
*.08
.25
.25
.08
.25
'.08 .25 '.08
25 .10 Feb 2 .10 Feb 2 .10 Mar .25
Algomah Mining
Jan
".11 .25 +.10 .25 '.10 .25 ".10 .25
150 Arcadian Consolidated__ 25 .45 Jan 27 .90 Jan 4 .50 Dec
3
Jan
--.5
--5 .55
5
11
Jan
Commercial
20
1224
Jan
Arisona
2
2,620
912
4
Feb
Mar
153
1
:
2
732
5
12
55
14
12
.715
4
1
.
1
6
34
5
12
51s
*5
65
12
.7
4
2
4 1.
1134 1212 1.1635
10 51 Jan 18 5534 Jan 4
125 Bingham Mines
2814 July 6014 Oct
53
53
53
*52
5212 53
53 53
53
53
25 1374 Jan 4 1512 Jan 7
2,128 Calumet & Hada
1238 June 184 Jan
154
154 15
15
15
154
143 15
1434 15
1 .35 Jan 18 .50 Jan 2 .20 May .90 Aug
Gold
Hill
Carson
150
.45
.50
.45 .45
•.50 .50 ".40 .45 '.45 .50
25 18 Jan 18 20 Jan 4
260 Capper Range Co
Jan
18 Dec 33
1912 20
1934 20
1934 19
19
198 1934 20
314 Jan 27
4 Feb 3
200 East Butte Copper Mining. 10
3 June
6,4 Jan
*334 4
354 334
334 4
312 33*
334 334
25 .50 Jan 4
140 Franklin
114 Jan 20 .04
Jan
134 Jan
114 ".80 114
114 +a.80
.80 .90 *6.80
.75 .75
25
Hancock Consolidated_
Feb
114 *.80 114
112 •.80 114 +.80 114 *.80
•.75
19 Jan 20 2114 Jan 4
225 Hardy Coat Co
Jan
19 '19
1912 19
•19
1912
19
1914 1914 19
25,
112 Jan 21
Helvetia
2 Jan 11 .5°1's
4
Ill
15 JuneDec
july' 2331312
112 *1
*1
•I
112 *1
112 *1
CY
1;
150
Coal
Jan
Creek
15
1,896
Island
175
Dec
Feb
8
121
Mar
165
17212
171
171
171
173
171
170
170
175
18212
1 994 Jan 4 10212 Jan 26
50 Do pre(
10112 10112
944 May 1004 Dec
10112 10112
•10112 102 .1014 102
25 11 Jan 21
97 Apr
660 Isle Royale Copper
1314 Feb 10
1314 1285 13
1234 1234 1234 13
*12
1212 '12
25
.50
Copper
Jan
165
Keweenaw
2
ua
nn
e
.60
Jan
III
11
1 Jj
.50
June 20
.60
.60
1
•.60
.75
.50 .60 ".80 .75 +.60
25
1 Jan 14
Jan
521 Lake Copper Co
3
14 Jan 4'
Apr
1
14 14 +14 14
1
14 +1 14
134
1
1
25
1
Feb
La
Salle
Copper
1
*114
14
112
*14
112
Jan
2
1
Dec
%
*114
112
Jan
112
•118
i
1
*112
5
134 Jan 26
28 Jan
Mason Valley Mine
2 Jan 4 .95 Septl
212 "212 212
24 *212 232 "214
•212 214, "2
25 .40 Feb 11 .80 Jan 5 .40 MaY
120 Mass Consolidated
114 Jan
.40 .40
.50 .50 +.50 .75
+.45 .75 ; *.45 .75
Jan
25 l
Al: Jan 14
3
8 37
265 Mayflower-Old Colony
112
112 "132
112 "al3*
.2
5
185
012 Nov
112 'al's
114
1,2
133 112
Jan
125 Mohawk
June
mar 2451
'
I
ja
en
b 10
3512 3612
5
3434 3414 3512 3512 37
34
341
34
Jan
5 1972 Jan 2 21 Feb 10
Copper
230 New Cornelia Cop
2034 21
2014 204 2018 2012 20% 2034 21
20
.05 Jan 30 .10 Jan 7; .10 July .85 Feb
New Dominion Cop per
.05 .10 _ _ _
*.05 .10 '.05 .10 ".05 .10
100 25 Feb 4 25 Feb 41 25 Apr 31 Aug
New River Company
26
*2412 26
26
_
25
100 50 Jan 4 72 Feb 11
1,035 Do pref
40 Juno 65 Aug
64
66
69 • 72
6212 64
62
59
59
*256
77 Jan 271
5
632 Jan 4
190 Nipissing Mines
432 July, 68 Jan
63* 6%
612 612
634 64 '65* 6%
6% 64
37 Nov
15
234 Jan 27
930 North Butte Mining
314 312
334 Jan 91 .89 June
24 34
314 314
34
3
34 34
114 Jan
Nov,
240
.15
F
J
a
e
n
b
131
.75
.55
.55
'.55
.75
OjibwaY
.50
*.50
Mining
.50
.50 .50
Jan
27
Dec
1634
2
5
.55
1612
261 Old Dominion Co
j
Jan 20
194
4 .6
15
912
194 *19
1914 19
+18
1812 1814 1814 19
670 P d Cr'k Pocahontas CoNo par 1312 Jan 25 15 Jan 2, 101: June 187 Sept
14
14
14
1412 144 14
14
14
134 14
Apr
3912
Jan
1,330
19
Quincy
4,
Jan
214
217
4
2114
183
4
Jan
22
223
4
213
4
25
21
2112
2034 2114 2012 21
Jan
2812 Apr 48
1,625 St Mary's Mineral Land__ 25' 3312 Jan 22 3812 Feb 10
3812 37
38
3714
3712 3612 38
37
37
*36
Nov
11 Nov
74
100
812
Seneca
Jan
16
Mining
932
Jan
4
812
83
83
4
*814
83
4
"8
812
"812 812 '8
112 Jan
10 .50 Jan 13 .80 Jan 5 .50 May
800 Shannon
.65 .85
.70 .70 ".60 .75
•.60 .70 ".60 .70
2
Jan
950 Superior .9 Boston Copper.-I0 .65 Jan 26
1 Jan 16 .70 May
.85 .90
.85 .90
.85 .85
.80 .80
.80 .85
Jan
8144
Jan
34
5
6
24,885
Utah-Apex
Jan
5
Mining
6
114
Feb
1114
1112
114
1112
1112
101* 1114 1034 1114 1112
Jan
1 .50 Jan 8
12* Feb 5 .40 July .98
7,685 Utah Metal & Tunnel
112
112
134
134
134
114
13* Vas
14 111*
Nov
114 Jan
.22
25
.45
11
Jan
Jan
600
Victoria
12
.50
.55
*.45
*.45
.60
.45
.45
.45
.45
31.40 .45
Jan
Dee
.48
.10
25
.15
9
2,000
Jan
23
Feb
Winona
.25
.20 .25
.18 .18 ..20 .25
.22 .25 '.25 .30
25 .40 Feb 1 .40 Feb 1 .05 Apr .21 Pea
.50 ____
Wyandot
.50
.50
ta _ _ .50
Ex-dividend.
Ex-stock
paid. p Price on new Nall.
tights.
Assessmen•
and
dividend.
a
Ex-rights.
to
Ex-dividend
x
e
•Mg end asked prices; no sales on this day.
FEB. 13 1926.)
THE CHRONICLE
Quotations of Sundry Securities
Outside Stock Exchanges
tit bond price* are "and interest" except where marked "t."
Standard Oil Stocks Par Bid
Aa.
Angio-Amer 011 vot at— -£1 *1818. 1812
Bonus stock
I *1712 18
Atlantic Refining
100 10612 10812
Preferred
100 1164 11634
Borne Scrymeer Co
100 225 233 i
Sue _eye Pipe Line Co_ — 50 *5712! 5812
Cbesebrough Mfg new— 25 *69
70
Preferred
100 * ....----Continental Oil new.
10 *. 234 23%
Rights
*8,563 85c
Crescent Pipe Line Co-- 50 *1512 1612
Cumberland Pipe Line_ _100 133 135
Eureka Pipe Line Co_ _._ 100 *18 I 60
Galena Signal 011 com _ _ 100 6330
31
Preferred old
100 921 96
100 88 I 90
Preferred new
Humble 011 & Ref new. 25 •9234 93
Illinois Pipe Line
100 13834 13712
25 *13413 135
Imperial 011
New when issued
t 3814 3634
Indiana Pipe Line Co_ — 50 *65 8512
International Petroleum-1 *3378 3418
Magnolia Petroleum_ _ _ .100
National Transit Co..12.50 *1912 1978
New York Transit Co.--100 42
44
Northern Pipe Line Co__100 77
79
25 64 8434
Ohio 011 new.
25 *19
Penn Mex Fuel Co
20
Prairie Oil& Gas new... 25 *58
5814
Prairie Pipe Line new._100 12134 12012
100 204 208
Solar Refining
Southern Pipe Line Co_.100 462
64
100 178 178
South Penn 011
Southwest Pa Pipe Lincsi.100 *52
5312
Standard Oil (California) 25 *808 6012
6714
Standard 011 (Indiana)._ 25 * 67
Standard Oil (Kansas).. 25 *3212 33
Standard 011 (Kentucky) 25 *12512 12611
Standard 011(Nebraska).100 248 253
Standard 011of New Jer_ 25 044,
8 4454
Preferred
100 11734 118
Standard Oil of New York 25 *36
3618
Standard Oil (Ohio)
100 350 353
Preferred
100 117 118
Swan & Finch
100 19
21
Union Tan_ Car Co_
100 89
90
Preferred
100 11414 117
Vacuum 011 new
25 *10518 10538
Washington Oil
10 *55 , 70
Other 011 Stocks
I
Atlantic Lobos 011
I *24 214
Preferred
50 *4 , 412
Gulf 011 new
25 *8812 8912
Mountain Producers.-- 10 *2438 2412
Mexican Eagle 011
5 *44 512
National Fuel Gas
100 155 159
Salt Creek Cons 011
10 ..1.7$ 10
Salt Creek Producers
10 3214 3212
Public Entities
Amer Gas & Bloc
1 *94
98
6% pref new
t *93
95
M&N *99
Deb 85 2014
9913
Amer Light & Tree com_100 250 252
Preferred
100 *114 11412
Amer Power dz Lt common._
74
75
100 9312 94
Preferred
Deb 65 2016
M&S 97
98
Amer Public Util corn _100 80 84
7% prior preferred _ _ _.100 89 92
100 85
4% partic pref
90
Associated Gas & El Pt- -.1' *50
51
Secured g 8348 1954--J&J 1014 10212
Blackstone Val G&E coin 50 *100 105
3
20
*388
8
common
Cities Service
84
100 8312 84
Preferred
10
712 734
Preferred B
100 *77
Preferred B-B
79
Cities ElerviceBankersShares 8.194 __
Com'w'Ith Pow Corp new-t *4138 41-3-8
Preferred
100 8614 87
Elec Bond & Share pref-100 105 106
8212 84
Elec Bond & Sh Secur
11 *7
9
Elee Ry Securities
Lehigh Power Securities. t *2014 2
71
Mississippi Riv Pow corn 100 go
Preferred
100 *95 97 I
First mtge bs 1951....J&J 9934 10008
S F g deb 75 1935...M&N 102 _
t •10112 11:1
Nat Pow & Lt pref
J&J 103 10
Income 75 1972
North States Pow com_100 129 13
Preferred
100 101 103
Nor Texas Eiec Co com.100 40 45
Preferred
100 60 65
Pacific Gas& El let pre:_100 98
99
14
t *9
Power Securities corn
t *20
Second preferred
25
8
Coll treat68 1949......1&D *84
8
Incomes June 1949__F&A *77 80
Puget Sound Pow & Lt_.100 57 59
100 84
6% preferred
86
100(007 109
7% preferred
let & ref 5318 1949—J&D 10012 10112
Republic Ry & Light...100 93 95
100 104 106
Preferred
South Calif Edison com.100 13512 13812
100 138 — - 8% preferred
_
Standard G&E17% pr p1100 101
Tenn Elec Power 1st pf 7% 101 1-02 Western Pow Corp pf..10097 99
93
West Missouri P17% pref.. 91
Short Term Se"urIties
Anaconda Cop Min 65'29 a &J
Chic RI & P8059 1929_J&J
Federal Sug Ref 60'33.M&N
Missouri Pacific 55 '27-11.34.1
Sloss-Sheff S&I 65 '29.-F&A
Why Cent 5548 Apr 15 '27._
Railroad Equipments pan east.
Atlantic Coast Line 65
5 15 500
Equlpment654s4 9) 4 75
Baltimore & Ohio 68
5 15 5 03
Equipment 4118 & Ss_ --- 490 4 70
Buff Roch & Pitts eqtdP 68- 5 25 500
Canadian Pacific 448 & 65- 500 4 75
515 5 00
Central RR of N J 68
Chesapeake & Ohio 65
5 15 5 00
Equipment 645
5 10 4 85
4 90 4 70
Equipment 55
Chicago Burl & Quincy 68— 5 20 5 00
Chicago & Eastern III 548_ 550 5 15
Chicago & North West 65.. 5 20 500
Equipment 6318
500 4 80
Chic R I & Pas 434s & 55— - 490 4 70
Equipment65
5 35 5 10
Colorado & Southern 68— 5 30 b 05
Delaware & Hudson 65
5 15 5 00
625 500
Erie 4318 & 55
Equipment 663
5 43 5 15
Great Northern 65
5 25 5 05
Equipment 58
4 90 4 75
Hocking Valley 58
4 90 4 75
Equipment65
5 25 5 05
Illinois Central 4348 & 55
4 80 4 65
Equipment68
b 15 5 00
Equipment 78 & 6118.4 95 4 75
535 5 10
Kanawha & Michigan 65
Equipment 4315
600 4 80
Kansas City Southern 530- 535 5 00
5 15 5 00
Louisville & Nashville 65
4.95 4.75
Equipment 6118
Michigan Central 53 &Mt.__ 5 15 4 75
Minn St P &SS M'LAB& 58 630 500
535 505
Equipment 63.45 & 78-Missouri Kansas & Texas68_ 565 525
550 5 15
Missouri Pacific 65 & 8148
SIobile & Ohio 411s & 58---- 500 4 70
New York Central 4318 & 58 4 80 4 65
5 15 5 00
Equipment65
4 90 4 75
Equipment 78
4 80 4 60
Norfolk & Western 4145-5 00 4 80
Northern Pacific 75
Pacific Fruit Express 7s- -- - 4 95 4 80
Pennsylvania RR eq 58 & 65 5 10 4 70
5 00 4 85
Pitts & lake Erie 648
5 30 5 05
Equipment65
Reading Co 45454.58......485 4 81
St Louis & San Francisco 55- 4 95 4 80
Seaboard Air Line 548 & 68- 540 5 15
4 85 4 70
Southern Pacific Co 4115Equipment 78
4 95 4 80
505 4 80
Southern Ry 41463 & 58
5 20 5 00
Equipment68
Toledo & Ohio Central 65— 5 35 5 10
Union Pacific,75
4 95 4 80
Tobacco Stocks
American Cigar 00111M011 100
100
Preferred
Amer Machine & Fdy. -100
British-Amer Tobin,ord. El
£1
Bearer
Imperial'rob of G B & Irel'd
Int Cigar M whiner)
,- -100
Johnson Tin Foil & Met_100
MacAndrews & Forbes-100
100
Preferred
100
Mengel Co
Porto Rican-Amer Tob_ _100
Universal Leaf Tob com 100
100
Preferred
100
Young (J 8) Co
100
Preferred
113 115
96
99
200 215
*26
27
*26
27
24
25
95 105
60
75
45
48
101 104
45
49
70
75
69
71
99 101
127 132
105 110
Rubber Stocks (Cleveland)
Flreatone 1ire & Rub com 10 *119 12012
100 10112 10134
6% preferred
100 99
7% preferred
9914
General Tire dz Rub corn. 50 *370 390
100 10512
Preferred
00111.100
Goodyear Tire & R
36% W14
Goody'r T & R of Can p1100
97
India Tire & Rubber_ - —100 150 160
Preferred
97 100
Mason Tire & Rub com*Vs 2
100 11
Preferred
13
Miller Rubber corn new_100 43
45
100 10214 103
Preferred
100 50
Mohawk Rubber
65
Preferred-75 85
Selberling Tire & Rubber (t) *27
28
100 95
Preferred
98
Swinehart Tire & ft com.100
100
Prefeixed
Sugar Stocks
Caracas Sugar
50 •113 3
Cent Aguirre Sugar corn. 20 86
88
100 156 159
Fajardo Sugar
Federal Sugar Ref coin. _100 50
100
Preferred
_ 85
Godschaux Sugar, Inc...(t)
9
100 25
Preferred
35
Holly Sugar Corp corn..(t) *39
43
100 83 87
Preferred
Juncos Central Sugar.—100
National Sugar Reflning.100 125 127
New Niquero Sugar_ _100 65
80
Banta Cecilia Sug Corp -11110o
Savannah Sugar com.- (t) .116.- 116- 100 129 133
Preferred
Sugar Estates Oriente p1.100 55
103 10338 Indus. & Miscellaneous
25 *92
9934 10018 American Hardware
93
96
100 143l
Babcock & Wilcox
10018 10008 Bliss(E W)Co new
(Si *25
10214 10234
50 *55
Preferred
10012 10034 Borden Company corn-.(t) *105
Celluloid Company ....100 15
Bonds
100 53
Preferred
Joint Stk Land Bk
Chic Jt St- Ld B. 5s..1951 10012 10112 Childs Company pref...100 117
10014 10214 Hercules Powder
100 144
58 1952 opt 1932
101 103
100 112
be 1963 opt 1933
Preferred
102 10412 International Silvrr pref _100 104
514s 1951 opt 1931
10015 10112 Lehigh Valley Coal Sales 50 82
4315 1952 opt 1932
9915 10034 Phelps Dodge Corp
100 128
4148 1952 opt 1932
100 10034 Royal Baking Pow com 100 190
41461 1964 opt 1934
1004 102
100 101
Preferred
4315 1963 opt 1933
100 10034 Singer Manufacturing— -100 373
434s 1985 opt 1935
Pee Coast of Portland. Ore---658 1955 opt 1935-„M&N
561 1954 opt 1934 ___M&N ----
95
14512
27
11
- -6
20
58
119
111
- 107
84
130
200
103
379
•Per share. t No par value. 0 BMW. d Purchaser also pays accrued dividend.
S New stook. f Flat price. k Last sale. n Nominal. x Ex-dividend. y Ex-rights.
o Ex-stock dividend. s 6616 Price r Canadian quotation.
871
Boston Bond Record.—Transactions in bonds at Boston
Stock Exchange Feb. 6 to Feb. 11, both inclusive (Friday,
Feb. 12, being Lincoln's Birthday and a holiday on the
Exchange):
Thurs.
Last Week's Range Sales
Sale
of Frices.
for
Price. Low. High. Week.
Bonds—
Andes Copper 78
1943
100 1004
Chic Jet Ry & U S Y 4a '40
8734 874
be
1940
9931 100
East Mass St RR448 Ser A
1948 84% 64
64%
55 Ser B
1948 094 674 70
65 Ser C
1948 784 74
784
Good Hope St & T 75_1945 92
91
92
Hood Rubber 78
1937 10131 101% 1014
Int Pr Sec Corp 78_ _ _1936
100 100
K C M & B 4s
1934 934 934 9331
Inc bs
1934
98
98
Mass Gas 4548
1929 99
99
99
5345
1940
100% 1011(
Miss River Power 55_1951
100 1004
New Eng Tel & Tel 58_1932
10034 101
P C Pocah 78 deb_ _ _ _1935
10934 110
Swift & Co 58
1944 100% 100 10054
Western Tel & Tel 55. _1932
1004 10031
Western Und Corp 6115..'55
99% 994
Range Since Jan. 1
Low.
519,000
1,
5,000
9931
83
99
31.000
17,100
28,000
7,000
3,000
10,000
4.000
2,000
2,000
15,000
3.000
6,000
11,000
10,500
7.000
7.000
63
67
78
9031
1011(
100
9231
98
9811
994
9934
1004
109
9934
100
994
High.
Jan 1004 Feb
Jan 8731 Feb
Jan 1004 Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
65
70
784
92
101%
100
934
98
9931
10131
10031
101%
11034
10031
1014
9914
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange Feb. 6 to Feb. 11, both
inclusive (Friday, Feb. 12, being Lincoln's Birthday and a
holiday on the Exchange), compiled from official sales lists:
Stocks—
Thurs.
Sales
Last Week's Range lot
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Ranee Since Jan. 1.
Low.
High.
Alliance Insurance
10
Am Elec Pow Co, pret_100
American Milling
10
American Stores
* 9134
Bell Tel of Pa, pref
111
Brill Corp, Class A
*
Cambria Iron
50
Congoleum Co Inc
*
100
Elsenlohr (Otto)
Electric Storage Batt'y_100
_10
Fire Assn, new stock
Giant Peril Cement, pref50 45
Insurance Co of N A_ _ _ _10 8131
Keystone Telephone_ .50
50
Preferred
Keystone Watch Case_ _100
Lake Superior Corp_ _ _100
50 11614
Lehigh Navigation
10 304
Lit Brothers
Manufactured Rubber_.10
MinehIll & Schuyl Hay_ _50
Penn Cen L & P,cum pfd_*
50
Pennsylvania RR
Pennsylvania Salt Mfg_ _50 86
Philadelphia Co (Pitt8)- 50
Preferred (cumul 6,I,) _50
25 6394
Phila Electric of Pa
*
Plana Insulated Wire
Phil& Rapid Transit____50 5734
Philadelphia Traction_ _ _50
Scott Paper Co, Pret___100
TonoBelmont Devel_ _ _ _1
1
Tonopah Mlning
50 413.4
Union Traction
50 134
United Gas Impt
Victory P814 'rapt_ ...l0
564 584
30 38
Jan
10334 10331
46 10134 Jan
24 114 Jan
1234 123.1
8,172 8331 Jan
9134 94
110% 1114
334 1104 Feb
51
51
40 51
Feb
3914 3994
105 3834 Jan
2014 204
100 1734 Jan
18
1894
105 18
Jan
77
77
10 73
Jan
05
66
115 65
Jan
45
4831
772 3434 Jan
61
62
871 59
Jan
51)
631 7
631 Jan
294 2934
5 2931 Jan
67
674
20 62
Jan
354 331
170
311 Jan
113 117
8,202 1104 Jan
304 3034
580 30
Jan
634 7
800
231 Jan
5131 5131
580 514 Jan
7234 7331
95 7231 Jan
5214 53
15,658 5194 Feb
734 91
7,895 71
Jan
67
6734
200 6634 Feb
4911 4911
20 48
Jan
8034 6331 73,561 5434 Jan
52
55
217 50
Jan
58
5734 1.938 51 'Jan
6394 65
318 5834 Jan
10031 10034
10 99
Jan
3iii, 434 23,295
2814 Jan
6
131114 7.925
4144 Jan
4134 424 1,613 38
Jan
1314 13531 8,192 119
Jan
64 631
125
634 Jan
59
Jan
105
Feb
123.4 Feb
9414 Jan
112
Jan
bl
Feb
3914 Jan
21
Feb
2094 Feb
77 'Feb
68
Jan
4811 Feb
6454 Jan
74 Jan
2934 Jan
6734 Feb
434 Jan
11934 Jan
3314 Jan
8
Jan
5134 Feb
734 Jan
5594 Jan
91
Feb
6734 Feb
4914 Feb
8714 Jan
55
Feb
5734 Feb
65
Feb
10034 Feb
431 Jan
6111. Feb
4334 Jan
14434 Jan
64 Feb
Bonds—
A T Bakers 6148
Amer Gas & Elec 55..2007 99
Adv Sag dm Pap 75...1943
ConsolTrac NJ 1st Ss 1932 694
Elec & Peoples tr ctfs 45'45 6434
Inter-State Rys coil 451943 5611
Lehigh C & N cons 4118'54
Annuity Cis
Peoples Pass tr ens 18_1943
Phila Co 1st 5s
1949
Stmpd sk td & red 1951
Phila Elec trust ctts 58 1960 103
1st Ss
1936
1947
5148
5118
1953
68
1941
United Rys gold tr ctt 45'49
• No par value.
100 100
8931 99
102 102
8031 694
6431 6474
583.4 5634
98
9814
1254 12534
874 68
1034 1044
984 9834
10234 103
10334 10431
10734 10731
1073.4 10731
10834 10834
60
6294
100
99
102
694
644
5834
9834
12534
6834
1044
99
103
10431
10711
107)4
10814
65
2,16.
6,600
6.000
63,200
10,800
11.000
4,6' 6
10,000
6,000
1,100
I,' 16
21.500
19,300
5,000
7,000
8.000
1.100
994
8934
1004
58
5834
56
98
12534
8334
10331
9654
102
1024
10694
106
10734
594
Feb
Fe.
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange Feb. 6 to Feb. 11, both inclusive
(Friday, Feb. 12, being Lincoln's Birthday and a holiday
on the Exchange), compiled from official sales lists. ,
Stocks—
Thurs.
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares
Amer Wholesale pref .100
Arundel Corp, new stock..•
Baltimore Trust Co
50
Baltimore Tube pref ..100
Benesch (I)corn
•
Preferred
25
Central Fire Insurance_ _10
Cent Teresa Sue pf
10
Cites & Po Tel of Bait pf100
Commerce Trust
100
Commercial Credit
Preferred
25
Preferred B
25
•
Consol Gas El & Pow_
100
6% preferred
84% preferred
100
7% preferred
100
100
8% preferred
Corn Credit 634% pret_100
Consolidation Coal_ _ _.100
Preferred
100
100
Continental Trust
East Roll Mill new stock.*
Federal Finance Comm_ •
50
Fidelity & Deposit
34
152
55
112%
34
254
26
1094
1144
4911
45
123
1004 10034
34
3434
148% 152
55
55
394 394
2634 264
28
284
.80
.80
11234 112%
.5734 58
33% 3431
2511 2534
26
2631
52
5715
10334 10334
10931 10934
11494 11411
12731 128
99
99
49% 49%
96
96
250 250
44
45
30% 3034
123 123
50
1,045
322
10
17
104
105
200
11
155
443
589
702
629
26
45
10
40
30
28
5
24
1,463
2
5
Range Since Jan. 1.
Low.
100
3314
147
50
394
2611
264
.80
11054
5714
3331
254
26
45
102
1084
110%
124
99
46
96
241
39
3034
118
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
10034
36
152
55
40
27
2811
.80
11231
58
474
264
274
57%
1034
110
11431
128
99
53
9734
250
47
3014
123
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
872
THE CHRONICLE
8134
533-4
165
201
15
2534
BondsAlabama Co gen 6s._1033
Commercial Credit 68_1934
Consolidated Gas 58_ _1939
ConsolGEL&P 4%81935
534% notes. set E1952
6% notes, ser A _ _ __1949
Conan'Coal ref 4548_ _1934
Danville Trac & P 5s_ _1941
Davison Sul & Phos 6s 1027 101
Elkhorn Corn 68
9955
Fair & Clarks Trac 5.1_1938
Fairmont Coal 5s
1931
Ga Car & Nor let 58_ _1929
Houston 011635s
1935
Md Electric Ry 1st 58_1931
6548
1957
North Ball Trac 5s_ _ _1942
United E L & P 455s_ _1929
United Sty & E 48_ _ _ _1949 6934
Income 4s
1949
Funding 53
1936 70
8s, when issued_ _ _ _1949 9354
Wash Balt & Annan 58 1941
73
Wil & Weldon Ea
1996
10035 11034
10035 10055
102 102
9755 9735
10534 10554
10635 10635
9234 923-4
6634 6635
101 101
9954 9934
9034 9055
9855 9855
9914 9935
100 100
95
95
92
92
9954 9934
9834 9814
69
6931
48
4851
6935 7014
9214 9334
73
7355
102 102
.w.
w
100
400
5255
19
45
w
22
2334
22
1634 1655
12
12
2031 21
1034 1034
9334 9334
8534 8534
6455 65
22
2234
233j 2334
22
2255
10534 106
99 100
400 400
50
5355
19
19
45
44
1634 1655
8134 83
5331 54
80
8034
165 165
20
20
1735 18
19755 201
1934 21
15
15
2555 2555
113 113
54
54
bb
§§§§§§n§§§§§§§§§§§§88§§
12
21
v.
Fin & Guar Co pref
25
Finance Co of America A_*
Finance Service, Class A 10
Preferred
10
Ga Sou & Fla 1st prat_ _100
Houston Oil pf tr etfs_ _100
Manufacturers Finance_ 25
18t preferred
25
2d preferred
25
Trust preferred
25
Manufacturers Fin Blocks
Maryland Casualty Co_ _25
Mercantile Trust Co_ -50
Merch do Miners, new_ _ __•
Mortgage & Accept nom_ _•
Preferred
50
Mt V-Woodb Mills v t r 100
Preferred v t r
100
New Amsterd'm Cas Co _10
Northern Central
50
Penna Water & Power_100
Silica Gel Corp
•
United Ry & Electric _50
U S Fidelity & Guar_ _ --50
Rights
Wash Bait & Annan _ _ __50
Preferred
50
West Md Dairy, Ine eom _•
Preferred
50
NtQW.POWW4>1.
QW
00WONW0000=00-4WWWW0W00000000.0
7'/jars.
&MSS
Last Week's Range for
Sale
of Prices.
Week.
Stocks (artschstlect) Pat. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
1635
11
2034
10
9355
85
63
2134
2255
2055
105
9834
400
4434
19
4234
16
80
5234
7834
16034
12
17
19755
18
15
2555
94
53
10034
9934
10155
9754
10434
10531
91
6655
101
9955
9034
9834
9934
100
9431
9134
9955
9855
6654
48
6755
91%
7114
101
s4
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
28
12
21
1015
9334
89
65
23
24
23
109
102
400
5355
2335
45
1655
83
5634
8155
171
22
183-4
21955
21
1554
2555
11434
5435
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
101
1003-4
102
98
10554
107
9355
6615
101
9915
9154
9835
100
100
95
93
9934
9814
6935
4835
7014
9334
7355
102
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
•No par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Feb. 6 to Feb. 11, both inclusive
(Friday, Feb. 12, being Lincoln's Birthday and a holiday
on the Exchange), compiled from official sales lists.
Stocks-
Thurs.
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par, Price. Low. High. Shares.
225 26
1,100 14
235
334
110
5
1,005 36
150 152
100 10854
345 25
7,775 37
25 9034
1,205 2535
685 25
30 92
5,333 81
3455 Feb
1955 Jan
9755 Jan
Jan
87
7534 Jan
835 Feb
534 Jan
334 Feb
9734 Feb
9234 Feb
2534 Feb
Feb
17
Jan
5
Feb
66 •
55 Feb
7234 Jan
10255 Feb
434 Jan
Feb
40
3134 Jan
3334 Feb
1634 Jan
Jan
91
Jan
93
Jan
94
1814 Jan
31 Jan
Jan
7
Feb
35
6154 Feb
Jan
100
Jan
83
755 Feb
114 Jan
55 Feb
155 Jan
Jan
585
Jan
144
1055 Feb
Feb
93
1334 Jan
Jan
60
11734 Jan
4855 Feb
10055 Jan
Jan
1
3035 Feb
10454 Feb
10955 Feb
Jan
129
Jan
25
Jan
25
3234 Jan
3055 Feb
3355 Jan
Feb
107
Jan 30
Feb 1554
431
Jan
Feb
7
Jan 39 ,
Jan 171
Feb 109
Jan 2834
Jan 42
Jan .91
Jan 2934
Jan 38
Jan 95
Jan 903.1
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
35
35
1013-4 10135
10
107-4
934 935
3
3
41
41
18
18
22
2234
130 13454
10555 11155
12355
11555
46
46
9934 9954
9634 9655
6135 6351
126 127
25
2554
9355 9334
455 435
98
983.4
9331 9455
97
97
1935 2114
22
23
2231 2231
42
39
134 135
13314 134
10154 101%
11455 11455
134 134
106 107
5714
56
24
2455
16
16
2534 2534
96
96
6434 6434
56
5634
8355 8735
114 115
2135 2234
4555 4635
8255 8434
4935 53
135 13934
155 155
89
90
51
50
3434 3554
14634 153
4
515
1255 14
75
7554
11554'116
10951 10934
2134 2255
10
1031
934 934
731 754
55
.5555
3035 32
2955 33
94
9435
4731 5031
BondsChicago City Ry 58._ _1927
Chic City & Con Rya 5s'27
Chicago Rys 5s ser A._1927
4s series B
1927
Commonw Edison 5s. _1943
Houston G0Costg 6549'31
• An par value.
75
50
52
37
10235
99
76
53
52
99
50
10
8,525
2,350
150
50
50
222
4,925
4,150
1,910
200
545
10
9,050
155
340
10
1,750
92
150
60
17,560
4,925
650
1,600
197
57
10
40
100
170
1,260
580
100
50
10
35
25
10,800
1,345
4,800
1,625
14,000
4,985
1,115
175
370
460
625
3,160
450
1,975
60
105
100
6,050
1,025
100
45
2.430
16,950
8,550
102
8,475
Low.
High.
293-4 Jan
10134 Feb
Jan
10
834 Jan
2
Jan
Jan
41
1635 Jan
2131 Jan
11555 Jan
0734 Jan
1063-4 Jan
45
Jan
99
Jan
96
Jan
5634 Jan
126
Feb
2435 Jan
93
Jan
435 Jan
Jan
93
9334 Feb
93
Jan
Jan
15
Feb
22
2234 Jan
39
Feb
Jan
130
130
Jan
10034 Jan
Jan
112
Jan
128
Feb
105
Jan
54
2231 Jan
1535 Jan
Jan
25
96
Feb
6455 Feb
54
Jan
8235 Jan
Jan
113
1935 Jan
4455 Jan
7234 Jan
4975 Feb
Jan
125
Jan
150
Jan
89
4735 Jan
3154 Jan
Jan
138
Feb
4
9
Jan
7234 Jan
115
Jan
109
Jan
1635 Jan
854 Jan
835 Jan
555 Feb
5434 Jan
2954 Jan
2854 Jan
93
Jan
47
Jan
35IR Feb
10134i Feb
1434 gJan
10
Feb
334 Feb
42
Jan
18
Feb
2234 Feb
13455 Jan
11155 Feb
1233.4 Feb
4834 Jan
100
Jan
9655 Jan
6334 Feb
12734 Jan
26 44Jan
9554 /Jan
455 Jan
09
Jan
9534 Jan
97
Feb
2114 Feb
24
Feb
2235 Feb
5955 Jan
137
Jan
135
Jan
10255 Jan
Jan
115
Feb
134
107
Feb
5854 Jan
2555 Jan
Jan
16
2534 Jan
96
Feb
6454 Feb
5654 Jan
Jan
93
11555 Jan
2234 Jan
Jan
47
8534 Feb
5934 Jan
144
Jan
155
Jan
9134 Jan
Feb
51
3555 Feb
16155 Jan
Jan
7
14
Feb
8131 Jan
117
Jan
11034 Jan
2334 Feb
1054 Feb
1035 Feb
934 Jan
5534 Jan
32
Feb
Feb
33
957-4 Jan
5031 Feb
76 $31,900 75
53
15,000 4954
5,000 52
52
3,000 37
37
10235
1.000 10234
5.000 98
99
Feb 7034 Jan
Jan 5831 Jan
Feb 5034 Jan
Jan 40
Jan
Jan 10254 Feb
Jan 99
Feb
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Feb.6 to Feb. 11, both inclusive
(Friday, Feb. 12, being Lincoln's Birthday and a holiday,
on the Exchange), compiled from official sales lists:
Stocks-
Thurs.
Sales
Last Week s Range for
ofPrices.
Sale
Week.
Par. Price. Low. High Shares.
Am Vitrified Prod, com _50
Am Wind Glass Co, p1100
Arkansas Nat Gas, com_10
Blair Knox Co
35
Byers (A M)Co, pref....100
Carnegie Metals
10
Colonial Trust Co • 100
Devonian 011
10
Duquesne Light, pret__100
Harb-Walk Refrac, com100
IIouston Gulf Gas
Indep Brewing, com____50
Preferred
50
Jones & Laughlin, pref_100
Lone Star Gas
25
Nat Fireproofing, pref....50
Ohio Fuel Corp
25
Oklahoma Natural Gas 25
Pittsburgh Brew, com 50
Preferred
50
Pittsburgh Plate Glas8_100
Pittsb. Steel Fdry, com_ •
Preferred
15o
Salt Creek Con Oil
10
Stand Plate Glass, pret_100
Sand Sanit Mfg, com___25
10
Tidal Osage 011
U S Glass
25
West'house Air Wake_ _ _50
3134
655
20
114 •
150
4
11555
5454
37
36
33
301
935
10935
3154 3234
109 109
835 655
5314 54
99
9954
2034
17
230 230
16
163-4
114 11431
150 150
955 955
331 4
735 8
11555 11555
5435 55
37
38
35 360
3251 33
434 5
14
14
301 301
30
31
7653 7655
934 10
40
50
10934 11235
934 931
1855 19
12655 127%
650
50
1,655
300
235
3,742
10
349
120
20
50
1,373
250
170
1,691
630
3,043
1,345
690
400
10
250
20
1,230
285
746
25
400
145
Range Since Jan. 1.
Loto.
31
wag
. 6
5351
99
16
226
16
11231
142
934
254
535
114
5134
37
35
3134
3
11
298
30
75
9
32
109
934
1834
11755
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
BondsPitts McK & Conn 58.1931
High. .
97
97
Ft ono C17
Feb
•No par value.
Note.-Sold last week and not reported: 100 Arkansas Natural Gas at 614: 10 A. M.
Byer Co.. pref. at 9934: 100 Blaw-Knox Co. at 54; 28 Carnegie Metals at 1635;
35 Duquesne Light, pref. at 11334; 1,350 Houston Gulf Gas at 9310951; 190 Jones
& Laughlin Steel, pref. at 11534; 24 Pittsburgh Plate Glass at 300: 50 Standard Plate
Glass, pref. at 36; 1 Union National Bank at 375; 100 U. S. Glass at 19.
0
13,600 2715 Jan
585 14
Jan
400 9635 Jan
115 82
Jan
30 72
Jan
6.600
73.4 Jan
3.700
431 Jan
9.295
234 Jan
685 9634 Jan
1.325 90
Jan
11.410 2334 Feb
9,100 1534 Jan
175
4
Jan
17.125 4855 Jan
1,600
51 Feb
620 6634 Jan
10 100
Jan
200
331 Jan
525 3555 Jan
1,060 2634 Jan
4,015 28
Jan
525 1555 Jan
300 8734 Jan
470 89
Jan
2,370 8931 Jan
3,835 1055 Jan
200
35 Jan
2,235
5
Jan
275 32
Jan
2,845 49
Jan
85 9955 Jan
85 7955 Feb
755 Feb
50
325
Jan
1
1,250
55 Feb
55 Jan
400
Jan
10 575
555 13934 Jan
50,100
534 Jan
2,025 8034 Feb
175 1135 Jan
103 5835 Jan
285 11634 Jan
240 47
Jan
60 100
Jan
% Feb
25
400 28
Jan
100 102
Jan
145 107
Jan
120 125
Jan
150 21
Feb
1,170 2231 Feb
150 23
Jan
2,800 2654 Jan
1,980 31
Feb
80 105
Jan
High.
Kup'helmer & Co(B) Inc_5 35
Preferred
100 10134
La Salle Ext Transit (111) 10 1055
Libby,MeN&Libby,new 10
935
Lindsay Light
10
3
McCord Radiator Mfg A.
41
MeQuay-Norris Mfg
•
Maytag Company
• 2255
Middle West Utilities_ _ _ _• 131
Preferred
100 11034
Prior lien preferred_ _100 12155
Midland Steel Products..* 46
Midland Util prior lien.100 9955
Preferred A
100
Morgan Lithograph Co. .° 6355
Nat Carbon pref, new_100 126
Nat Elea Pow A w 1
* 25
Preferred
100
National Leather
10
434
Nor West Ut11 prin pref 100
7% preferred
100 94
Omnibus prof A w 1_ _ _ _100
Voting trust etfs w 1 a_• 20
Penn Gas az El w 1
• 2255
Pick Barth & Co pref a_ _ _* 2234
Pines Winterfront A
5
Pub Serv of Nor III
• 135
Pub Serv of Nor III_ __ _100 13335
Preferred
100
7% preferred
100
Quaker Oats Co
100
Preferred
100 106
Real Silk Hosiery Mills_10 5635
Reo Motor
10 2434
Ryan Car Co (The)
25
So Colo Pow El A com_ _25
Southw Gas & El 7% pf 100 96
Standard Gas & Electrie_•
Preferred
50
Stewart Warner Speedom _* 8534
Swift & Co
100 11434
Swift International
15 22
Thompson (J R)
25 46
Union Carbide & Carbon_* 8235
United Biscuit class A_ _ * 50
United Lt&Pcom clA wia• 139
Common c113 w i a
•
Preferred CIA w 1 a_ _ • 90
Preferred el B WI a.... _ _* 5035
United Paper Board_100
U S Gypsum
20 151
Unlv Theatres Cone el A_5
Wahl Co
* 1335
Ward(Montgomery)&Col0
Preferred
100
Class A
•
Williams 011-0-Matic com• 213-1
Wolff Mfg Corp
• 1035
Voting trust certificates*
Wolverine Portland Cem 10
Wrigley Jr
* 55
Yates Mach part pref._ _ _• 3155
Yellow Cab Mfg cl B _ _10 31
Preferred
100
Yellow Cab Co,Inc (Chic)• 5054
Range SInt... Jan. 1.
5g250,55iiitgi55522itl.MtgLit
mm.mmwmm.m
.mm.mm4,Nm
m.Nwmmmw
•
x
Low.
Thurs.
nninsosa Bales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
m.
Adams Royalty Co com-• 3334 29
3434
All American Radio el A_ _5 14
14
1414
American Pub Serv pref 100 9655 9655 9755
100 87
Amer Pub Util pf
8655 87
American Shipbuilding_100 7214 7214 7255
Amer States Sec Corp A_ _•
834
855 834
Class B
•
554 534
53.4
Warrants
351
3
355
Armour & Co (Del) pref 100 9735 9731 9734
Armour dc Co pref
100 9255 9134 9234
c„...25
Common al A v t
2534 2334 2534
Common cl B v t c__25 1634
1634 1634
Armour Leather
431 435
15
Auburn Auto Co com _ _.25 6334 58
66
Rights
. 55
51
55
Balaban &Katz v t c_ _25 6734 6755 69
Preferred
10234 10234
100
Beaver Board v t c 13
4
•
4
Preferred certifIcates.100 40
40
38
Bendix Corp cl A
10 2855 28
2934
• 33
Borg & Beck
3135 333-4
10 16
Bunte Bros
16
16
Central III Pub Serv pref-• 90
8914 90
Central Ind Power pref_100 92
.55
9114 92
• 9255 92
9255
Cent SW 7% pref
Warrants
1835
1234 1834
Chic City & Con Ry pt sh*
55
31
555 535
Preferred
•
35
Chicago Fwse Mfg Co._ _ _• 35
34
Chic N S Sr Milw com _ _100 5914 5734 6134
Prior lien preferred_ _100
993.4 100
Preferred
100 80
80
80
Chicago Rys part elf sec 1
734 714
Part ctfs series 2
1
155
Part etf series 3
14
54
Part ett series 4
55
35
Chicago Title & Trust.100
580 580
Commonwealth Edison 100 14234 142 14234
Consumers Co,new
835
634 1034
5
Preferred
100 8055 8035 93
Continental Motors
1231 1234
•
Crane Co
25 57
57
57
Preferred
100
11734 11734
Cuneo Press A
50 4834 4835 4834
Crown(Wm)Paper 1st pf•
1003-4 10054
Daniel Boone Wool M111825
Si
%
Decker (All) & Cohn,Inc_• 3035 3055 3034
Preferred
100
104 10455
Deere & Co pref
100 10955 109 10934
Diamond Match
100 128
127 128
Eddy Paper Corn (The) 5
21
21
Elea Household UtilCorp 10 2234 2231 2334
• 2455 2434 25
Elea Research Lab
Evans & Co, Inc, cl A_ _ - _ 5 30
3035
29
• 3155 31
32
Fair Co(The)
100
Preferred
107 107
Fts Simons & Connell
2834 30
Dock & Bridge C0.-20 30
1434
14
Foote Bros (CI & M)Co--* 1454
•
431
434 435
GIII Mfg Co
•
Godchaux SWIM
534 635
• 3734 37
38
Gossard Co (H W)
156 159
Great Lakes D & D_100 159
109 109
HammermillPaper, pfd 100
27
26
10 28
Hupp Motor
3915 42
100 41
Illinois Brick
91
91
Illinois Nor Utilities p1_100
29
28
Jaeger Machine Co, corn.* 29
3855
Kellogg Switchboard_ _ _ _ 25 3634 36
9354 94
Kentucky HYdra-E1.1)1d100
---... n........ r.,-.
25 8514 8134 86
Range Since Jan. 1.
[Vol.. 122.
Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange Feb. 6 to Feb. 11, both inclusive (Friday, Feb. 12, being Lincoln's Birthday and a
holiday on the Exchange), compiled from official sales lists.
Thurs
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks-Par.Price. Low. High. Shares.
Am Laundry Mach,coin.25 129
128% 130
Preferred
100 12435 12435 124%
Range Since Jan. 1.
Low.
1,352 115
10 124
High.
JanI 145
Jan
Feb 12474 Feb,
13 1926.]
Sales
Thurs.
Last Week's Range for
Week.
of Pricers.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
873
THE CHRONICLE
Range Since Jan. 1.
Low.
High.
Jan 5911 Feb
Amer Rolling Mill, com_25 554 5611 584 3,378 51
119 1084 Jan 10911 Feb
100 10931 10934 10934
Preferred
Feb
230
Jan
229
9
230
230
100
230
eon)
Baldwin,
Feb
Jan 33
200 30
Buckeye Incubator_ _ _ _100 3234 323-4 3234
Jan
Jan 175
52 175
175 180
Carey (Philip), corn_ _ _100 180
Feb
55
Feb
55
55
50
55
55
100
Campbell Mfg Co
Feb
Jan 70
174 66
• 6751 6734 70
Churngold Corp
Feb
2
135 Feb
300
135 2
2
Cent CInti Tob Wbse_100
Jan 2534 Feb
585 25
2555
25
• 25
City Ice & Fuel
Jan
Jan 108
12 106
Cooper Corp, new pref _100 10611 106 10615
Feb
Jan 185
5 275
285 285
100 285
Dow Drug,corn
Jan 3414 Feb
2.555 33
Eagle-Picher Lead. com_20 3331 3334 34
Feb 2634 Feb
35 21
2434
• 2411 24
Formica Insulation
1611 Feb
Feb
3 16
16
16
French Bros-Bauer, com.• 16
240 2314 Jan 3711 Feb
364 3734
• 37
Giant Tire
3715 Feb
Feb
3614
670
•
3654
3631 37
Gibson Art, corn
Jan
662 9615 Feb 101
984 99
Globe Wernicke. com_ _100 99
25
100 9315 9334 9334
Preferred
Jan
Jan
3934
36
288
• 39
374 39
Gruen Watch, corn
Feb
15 1044 Jan 105
100 10434 10455 10451
Preferred
Feb
100
Feb
99
45
_100
_
_
100
pref
100 100
Johnston Paint,
Feb
Feb 65
50 65
65
65
Kemper-Thomas, corn_ -20 65
1,842 12051 Feb 13531 Jan
10 123
12034 125
Kroger, corn
Jar
935
Jan
8
290
951
854 9
Paragon Refining, com_ _25
gag 13934 Jan 160 • Jan
157 158
Procter & Gamble, corn-20 158
Feb
163
Jan
160
10
162
160
100
162
8% preferred
329 11031 Jan 11234 Jar
100 1114 11054 11155
6% preferred
Feb
257 854 Jan 96
9414 95
Pure Oil. 6% pref. _ __ _100 95
Feb
Feb 20
4 30
* 20
20
20
Putnam Candy,corn
Feb 1054 Feb
4 105
100 10531 105 10531
Richardson. pref
Jar
2231
Jan
224
10
100
2334 234 234
Standard Drug
Jar
Feb 62
20 60
60
60
• 60
US Can, corn
Jan 10114 Jar
15 101
100 10234 10214 10254
Preferred
Feb
144
Jan
20 1433.4 143 1434
343 139
U 8 Palying Card
Fet
10 9114 Jan 96
97
96
U 8 Print & Litho, pref _100 97
Jar
8
734 Feb
16
74 74
734
US Shoe, corn
•
Jar
103
Jan
1 100
100 100
Whitaker Paper, pref._100 100
New York Curb Market.—Official transactions in the
New York Curb Market from Feb. 6 to Feb. 11, both inclusive (Friday, Feb. 12, being Lincoln's Birthday and a
holiday on the Exchange), compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which'forms the basis of the compilations below.
Sales
Thurs.
Last Week's Range for
Week.
ofPrices.
Sale.
Par Price. Low. High Shares.
Week Ended Feb. 12.
Stocks—
Range Stnal Jan. 1.
Low.
High.
Indus. & Miscellaneous.
• 50
5434 Jan
F
50
120 50
50
Abraham & Straus
Jan 10834 Jan
100 106
107 107
100 107
Preferred
Jan
14
Feb
124
12
400 12
A ero Supply Mfg, Claim B• 12
10511 106
200 9811 Jan 10834 Feb
Ala Gt Southern,corn_ _60
Jan
105 108
190 9831 Jan 110
50 105
Preferred
34 Feb
100
•
334 351
334 Jan
Allied Packers, corn
Feb
Jan
1354
115
13531
120
1354
1334
100
Alpha Portland Cement
6251 84
2,000 5434 Jan 6534 Jan
Aluminum Co corn new. • 64
99
100
200 984 Jan 9934 Jan
9931
Preferred new
Feb
80
Jan 80
80
100 74
Amalgam Leather. pref.100
Feb
Jan 233
220 220
20 144
Amer Cyanamid, cora...100
Feb
46
Jan
1,100
46
45
3834
Class A, w
4614 3,800 354 Jan 4635 Feb
4611 45
ClasaB.Wi
Jan 9934 Jan
American (las & Erne corn • 934 9211 954 4,900 80
American Home Products.* 274 264 274 29,400 2634 Feb 274 Feb
Jan
128 128
25 128
Feb 155
Amer Laundry Mach,corn•
Jan
Jan 283
575 232
245 25234
Amer IA & Trae com. _100
114 1144
Jan 11534 Jan
750 114
100 114
Preferred
Jan 2334 Jan
300 22
224 2234
Amer Ntultlgrann. corn- •
534 Feb
100
511 54
434 Jan
Amer Pneum Sere, com_25
7431 9.400 6814 Jan 7934 Jan
Honks—
__• 744 73
Amer Pow de Lt corn
Jan
96
Jan
924
240
94
9311
9315
104)
Preferred
Jar
Jan 220
6 116
Jan 3534 Jan
30
223 223
3031 2,600 30
100 220
Citizens National
Amer Raynn Products_ • 30
Jar
Jan 325
Feb
Jan 335
930 265
20 321
299 335
329
325 325
100
Fifth-Third-Union unita100 325
Co.
Seating
American
Fet
Feb 210
5 210
344 37
2,000 8334 Jan 3734 Jan
210 210
100 210
Second National
Am Superpow Corp Cl A.• 37
Jan
35
3834 9,800 3434 Feb 39
• 38
Class B
Feb 2534 Jan
900 25
254
254
Public Utilities—
25
preferred
Prior
4
Jan
Feb
334
4
100
4
_5
American Thread. pref._
Jan 844 Fel
156 83
100 2734 Jan 3935 Jan
30
30
Cincinnati & Sub Tel._ _50 8334 8334 8415
Arizona Power, corn_ _100
Jan 924 Fel
Jan
3531
Jan
647 89
1,100
32
313
924
92
4
3134
100 92
3151
A
•
Class
Cla Gas & Elec
Elec
&
Ansoc Gas
Fel
234 Feb
Jan
2 1124 Feb 114
131 234 7,700 89e
2
114 114
Cln Gas Trnnsport'n_ _ _100 114
Atlantic Fruit & Sugar. •
100 5051 Feb 5251 Jan
238
_.• 5134 5111 5114
Cement
0N & C Id & Trac,com100 8314 834 8434
Portland
Atlas
Feb
36 6434 Jan 6654 Jai
59
600 504 Jan 65
65
6535 66
100 66
Preferred
Auburn Automobile. com25
Feb
62 10911 Jan 11011 Fel
200 2534 Jan 37
3631 37
110 1104
100 110
Ohio Bell Tel, pref
Beaverboard Cos. pref 100
Jan
984
Feb
9351
25
9311
9334
corn•
Carpet
Hartf
Bigelow
Jan
Jan
1184
9731
104
1.000
105
Traction—
Blackstone V G&E.com_50
Jan 8134 Jan
100 25
28
26
•
coin_
Co
&
W)
(E
Bliss
842 324 Feb 334 Fel
Jan
29
Jan
25
324 334
100
2831
284
•
_
dep.
50 33
of
anc Street Ry '
Common certif
Fel
Jan 11
9
30
.11
11
sg 64 600 53( Feb 634 Feb
534
Ohio Traction, com _ _ _ _100 11
Blyn Shoes. Inc. com--10
Jan 8434 Jal
MO 70
5121.6 Race
inn 5191.4
1,000 254 Feb 25c Feb
254 25c
Ohio Trnettnn nrof
•
Boissonnault(0)Co
Jan
2,900 994 Jan 118
50 1094 1084 111
Borden Co new
• No par value.
Jan
Jan 14
4,700 63e
1
94c
1
Bradley Fireproof Prod_l
Jan
14
134
124
2,200
Jail
154
14
•
_
corn
Mach
Bridgeport
Feb 5734 Jan
St. Louis Stock Exchange.—Record of transactions at Brill
1,800 48
5011
Corp (new) Class A.• 484 48
Jan
700 2651 Jan 33
28
30
• 28
Claes 13
St. Louis Stock Exchange Feb. 6 to Feb. 11, both inclusive Brit
Jan 2734 Jan
2831
1.600
2631
2634
El
bear
-Amer Tob ord
400 2634 Feb 263-4 Feb
2634 264
Ordinary registered_ _ _41
(Friday, Feb. 12, beingLincoln's Birthday and a holiday
Jan 2834 Feb
400 25
Brockway Mot Trk new _ _• 284 2614 2855
951 Feb
734 Jan
934 16,500
9
10 z934
on the Exchange), compiled from official sales lists.
Brooklyn City RR
Feb
Jan 335
550 179
2324 245
240
100
corn
Co,
Bucyrus
Sales
mars.
Jan
3851
Feb
31
3,600
3734
324
34
•
_
corn_
Pow
Buff Niag & E
Range Sm.Jan, 1.
Last Week's Range for
Jan 2435 Jan
200 24
25 2431 2454 2431
Preferred
Week.
ofPrices.
Sale
214 Jan
Jan
2011
100
2011
2011
common..*
Inc,
Sardines,
Low.
High.
Par. Price. Low. High. Shares
4954 8.700 4034 Jan 494 Feb
Stocks—
- • 4934 47
Can Dry Ginger Ale
Jan
2
134 Jan
800
151
111
Car Ltg & Power, com _ _25
Jan
Feb 23
30 15
20
20
Bank Stocks—
100
corn
Feb Celluloid Co
Jan 160
40 153
160
160
100
Jae
68
Bank
Feb
51
26
664 564
Boatmen's
100
Preferred
Jan 275
1 270
Feb
275 275
Feb
Jan 95
840 82
90
Merchants-Laclede Nat 100
85
Feb Central Aguirre Sugar-- -50 86
Jan 161
100 155
15934 161
Jan 3434 Feb
900 32
3454
3414 33
Nat Bank of Commerce 100
States Elec new w I
Central
Feb
Jan
165
181
6
165
165
_100
Feb
Jan 99
180 90
934 99
100 94
State National Bankpreferred
8%
900 6251 Jan 7434 Jan
70
7414
Trust Company Stocks
•
Feb Central Steel corn_
Jan 414
3
410
414
414
100
Trust
Feb
Feb
11134
2
108
Mercantile
108 108
100
Preferred
Jan 275
5 287
Feb
275 275
Jan
Jan 27
23
Mississippi Valley Tr_ _100
Cent ribural tape Cori( •• 2331 2334 254 7.600
Jan
2934
Fe.
2631
254
700
26
1_0
w
Chand Cleve M coin
•
Miscellaneous Stocks
900 4434 Feb 4834 Jan
454 46
Preferred w I
Jan
Feb
42
700
4251
42
4354
_
A
4231
CI
Mfg
Feb 294 Jan Chic Nipple
25 28
28
28
Jan
500 2651 Jan 27
Baer. St'b'g & Cohen corn •
50 264 2631 2634
Clam B
Feb
85 414 Jan 44
• 434 424 434
100 5151 Jan 5915 Feb
Boyd-Weish Shoe
5914
5935
I00
com
MOW,
&
S
No
Jan Ch13
50 10734 Jan 111
100
10815 110
Jan
Feb
3834
3751
8,700
3831
374
Brown Shoe [ref
3855
20
Feb Cities Service corn__
52 10234 Feb 105
103 104
Jan
100 8355 8311 8334 1.000 8334 Feb 64
Certain-teed Prod lstpf 100 104
Preferred
Feb 95
Feb
20 92
95
100
95
74
'Ian
754
Feb
300
754
734
10
2nd Preferred com-25
Preferred B
3 41
Feb 45
Jan
41
41
Equip
Jan
30
Ry
Jan
2534
300
2634
26
Chicago
Feb 534 Jan Cleveland Automobile com•
80 52
• 52
524
52
200 3094 Jan 3351 Jan
3231
31
•
E I. Bruce corn
Feb 1004 Jar Cohn-Hall Marx Co
30 100
100 1004 100 1004
Jan
34
Preferred
rt.
Jan
50.300
315
1is
3
234
2.005 314 Feb 3334 Jar Colombian syndicate.cons_25 3111 314 3234
MY & Walker D G
Feb Com'wealth Power Corp—
2 10714 Jan 109
100..109 109
4234 Jan
Jan
39
First preferred
13,600
4211
41
4131
•
Common
42 87
Jan 90
Feb
884 8834 90
Jan
Jan 88
600 85
Second preferred__ - _100
864 874
100
Preferred
*
Jan 3634 Feb
50 30
34
32
Feb
76
Feb
Fulton Iron Works corn_
600 84
7234 714 75
Warrants
Jan 9931 Fet
10 96
9951 9934
loo
Feb
44
Preferred
Jan
4134
44
3.600i
434
44
1—*
1133i
Jan 11334 Fet
5 113
Congress Cigar Co w
534 Jan
454 Jan
Globe-Democrat, pref _ _100 11334 11334
54
54 531 1.600
Consul Dairy Products _•
Jar
1,035 4634 Feb 57
4634 50
47
Feb
58
Hamilton-Brown Shoe_-25
23,803 4434 Jan
•
Jar
Con Gas. E L&P Bait cm* 554 5231 58
72 384 Feb 41
384 39
Feb
Hussman Refr corn
283-6
Jan
2454
13,300
2851
2694
—• 27
Fet
•
335 3511 Jan 44
Consul Laundries,
4134 4234
651 Feb
534 Jan
800
}WHIR 8 & D corn
8
10
834
_20
_
corn_
Co,
Jan
6
10
63.4
Consumers
Fet
su 634
Feb
Feb
12155
108
Hydr Press Brick com-100
12,200
12134
108
112
oomA•
Jat
Continental Baking,
Feb27
340 26
264
26
Independent Packing corn • 2634
• 214 1834 2634 186,400 1831 Feb 3034 Jan
Common B
Feb17511 Jar
195 170
170 173
International Shoe cora- • 170
Feb
101
Jan
9755
9,500
1
974
9711
0034
100
preferred
Jar
Jan
1114
78 110
8%
loci
nog 11111
Preferred
•
1811 Fet
110 1711 Jan
Copeland Products, Inc—
18
184
MeQuay-Norris
Feb 2751 Jan
900 27
274
27
274
warrants..
17
with
Jan
Fet
16
A
34
•
Class
17
1614
MO-Ills Stores corn
32
100 3111 Jan 345( Jan
32
.C1 32
Jar
Feb 67
72 62
Courtaulds Ltd
63
62
-25
Mo Portland Cement1,300 2044 Jan 23% Jan
65 884 Jan 92
Fel
Curtiss Aeropl de M.com • 2134 214 2251
92
92
100 92
500
Nat Candy C010
8911
8034 Jan 8934 Feb
89
8934
100
•
Jar
39
Feb
3711
100
Preferred
38
37
Pedlgo-Weber Shoe
6
Feb 104 Jan
3,400
914
6
634
3.734 3734
100 3715 Feb 3751 Fel
De Forest Radio Corp ._ •
"A" •
Polar Wave I & F com_•
Jan 4034 Feb
400 84
4074
3815
3834
l•
w
prf
new
Jan
Fel
254
244
Tram.
759
Denver
2534
254
2534
Rice-Stix Dry Goods
Jan 10134 Feb
91
400
100
•
_
10135
100
_
new_
3 10011 Jan 10255 Jar
Devoe & Ftay cl B
102 102
Second preferred- -100
Jan
Co—
11731
Jar
45
12034
Hotels
120
Dinkier
120
120
_100
_100
corn
G
D
socuggs-V-B
Jan 2515 Jan
2435
800
25
244
25
warr•
Jan
parch
Jar
2934
with
26
435
A
28
Class
• 2734 27
Jan
Sheffield Steel COM
Jan 159
10 150
1534 15334
Feb 22
Jar
140 21
2134
21
Dixon (Joe) Crucible__ _100
• 2131
Jan
/Helot( Packing com
300 134 Jan 18
1631
•
___
1634
Casting
59
Feb
Jar
47
Die
570
Doehler
504
47
50
•
Jan
6734
Skouras Bros A
Jan
2
67
674
674
_•
_
Ltd_
Jan
114
Fel
94 11211
113 11334
Dominion Stores,
-100
Jan
11
Southw Bell Tel pref -A,.• 53
74 Feb
84 84 2.200
Feb 5911 Jai
15 53
Dubiller Condenser & Rad*
53
53
Amusement
Jan
131
Feb
75c
100
754
•
75e
t
St. LOUISCotton Comp_100
e.
Feb
v
1631 Fel
Rad
&
170 16
Cond
164 1634
Duplex
Jaw
1331
Louis
Jan
1031
3,200
1111
12
St
Ja
1214
50 9451 Jan 97
95
Durant. Motors, Inc_ ._•
95
pref com_100
Jan 20% Feb
1,000 14
2031
15
Feb 354 Ja
St Louis carFuller
• 2014
.:
50 34
Class A
34
Co,
Bus
34
Jan 204 Feb
Stix-Itaer dr
2014 4,200 14
15
• 2034
Feb 3411 Ja
209 30
Class A vtc
3051 304
com___.
Jan 46% Feb
Wagner Electric pref_100
200 40
Ja
5 82% Jan 85
83
83
Eastern Rolling Mill. com• 4451 4434 4454
Jan
Jan 90
10 82
Wagner Eiec Corp
8451 844
Jan 4435 Ja
42
Lines.•
216
Steamship
4434
4434
4454
Eastern
•
720 3631 Jan 374 Jan
Waltke Co corn
• 8634 364 37
Fe
90 10414 Jan 106
108 106
100
Eitingon-Bchild Co
-------Jan
10854
Preferred
400 104% Jan
Elec Bond & Share, pi 100p. 10534 10514 10631
Jan
Jan 86
Elec Bond & Share See__ • 834 7854 834 24.900 78
Feb
2254
Feb
2234
Mining StoCks
100
Elec Household Utilities.. 2254 224 2215
Jan 7434 Jan
55
6635 6834 7.800 66
Fel
Jan
6834
554
war*
50
265
without
544
ors
avail
I
Elm:
55
_20
Co_
Jan
Zinc
10
451 Jan
100
84 85(
c,,nsoi Lead &
Electric Ry Secure
814 804 824 12,900 781( Jan 904 Jan
Electric Refrigeration_
Bonds
Feb
Jan 87
85
200
87
87
87
Street Railway
,
.
cont.
Co,
Electric
Paso
El
Feb 3914 Jan
800 37
37%
• 3714 37
8435 14.000 8314 Jan 844 Fel
Emporium Corp WI
Jan 29% Jan
Sub Co 55 32 8434 84
2734 5.200 24
Jan 7734 Jm
E St Louis &
Engineers Public Sem,com• 274 27
7634 774 4.000 75
4s...1934
Jan 10254 Jan
99
400
101
Fel
101
77
Jan
74
1004
United Railways
•
_
6,000
paid).
(full
77
Preferred
7611
.............1934 7614
Jan 101% Jan
9931
900
4s o-d
Preferred (60% paid) • 10034 wog wog
Jan 1034 Jan
8
8% 2.900
8
831
Fageol Motors Co. corn.10
Feb
Jan 169
139
Miscellaneous Bonds—
180
162
154
158
100
Fajardo Sugar
Jan 355( Jan
Tel
33
tz
n9
1
Fpl
300
a iwi 102
Ins
ins
15% 3334 3351
.
Federal Finance Corp el....
. . ___ s.. trios, Ins
600 1534 Jan 1734 Jan
1554 16
KJnloch Telepflonr
Class B
• No per value.
874
THE CHRONICLE
[vol.. 122.
77wers.
Sales
Thurs.
Last Week's Range for
Sales
Range Since Jan. 1.
Last Week's Range for
Sale
of Prices.
Week.
Range Since Jan I
Stocks (Coat(need) Par Price. Low.
Sale
of Prices.
Week.
High Shares.
Low.
High.
Stock.(Concluded) Par Price, Low.
High.
Shares
Low.
High.
Federal Motor Truck...II. 42%
41% 44%
700 3644
4554 Feb Richmond Radiator
Federated Metals
•
•
11334 1614
21
21
15
100
300 20
Jan
1814
Jan
22
Film Inspection Mach • 21
Jan
Preferre
d
100
3814 3814
5% 64
100 3634 Feb 3814 Feb
800
5
Firestone T & R 7% P1.100
71( Jan RIckenbacker Motor
•
751
7% 7% 3,000
954
310 99
734 Jan
936 Jan
100
Fisk Rubber 1st pref...100 85% 99
Jan Royal Rae Powd corn_ _100
190 196
160 190
Jan 213
Jan
, New cony 1st pref_ -100 1114 8514 863-( 1,200 8414
86% Feb
Preferred
100
103 103
110% 112%
800 1104
10 102
Jan 103
Feb
Ford Motor Cool Can _100
113
Feb Safety Car Heat & Lt.100
124 1284
811 818
123
90
611
90
Jan
128%
Forlorn Co. cia-a A
Feb
629
Jan
Reels
Paper
corn
_ • 79% 79
• 1736 17
8034 3,700 7854 Feb 90
17%
600 17
Jan
20
Foundation Co-Jan Schulte Retail Stores new w
5434 54
55% 2,000 5336 Feb 5614 Feb
Foreign share Class A.
Sears, Roebuck, new corn.'
38% 37
54% 56% 2.300 5454 Feb 5734 Jan
42
6,700 37
Fox Theatres. Cl A. corn.. so
55
Jan .1,.rvel Corporation A ... • 28
274 29
5,800 2534 Jan 3034 Jan
34% Jan Sharon Stahl Hoop
Franklin (H H)Mfg.corn.* 32% 2954 31% 9,100 29%
50 29% 28% 2934
314 3254
300 25
700 31
Jan 2914 Feb
33
Preferred
Jan Sherwin Wms Co com_ _25
100
42
42%
85
85
200 42
50
82
Feb 4234 Feb
85% Jan Shredded Wheat Co.._100
Freed-Elsemann Radio--•
204 210
834 7
150 201
800
Feb 210
Feb
Freshman (Chas) Co
834 Jan Sierra Pat. Elm'Co COOL all
634
• 24% 24
25
2534
24% 21.300 17%
300 25
Jan 2834 Jan
24% Feb Silica Gel Corp corn v t0._•
Garod Corporation
•
18
18
354 4
100 18
Jan 2231 Jan
300
3%
General Baking class A _ -.• 684
7
Jan Singer Manufacturing__100
375
378
64
75
20 375
Feb 385
35,900 C4
Jan
•
79% Jan Singer Mfg Ltd
Chum 13
£1
7% 8
700
734 Feb
96,000 11%
Jan
9
17% Jan *teener Ka4lo v lit
Gen Gas& El of Del CIS * 12% 11% 15
.•
134 1% 4,000
114 Feb
100 43%
24 Jan
Gen'l Ice Cream Corp ..• 5414 4534 4534
49
Jan Snla The0511, ord _(200 lire) 15
15
15% 1.600 15
5434
Jan 16
500 50%
Jan
56% Jan •tou Calif Edison corn _100 135
General Public fiery W L." 15% 53
13334 138% 4.300 128
144 15%
Jan 142
Jan
920 13%
15% Feb
Georgia L.P & Rys,com100
New common
25 3414 3314 35
69
6,500 3334 Feb 35
69
Feb
100 69
75
Georgia Ry & Pow. corn 10t
Jan
ti% pre( Series
_100
98% 98%
100 9834 Jan 9814 Feb
500 1384
German General Electric_ _ 14014 139% 142
160
Jan South'n Cities Util v t c 100
28
28
2354 23%
200 28
Feb 3334 Jan
300 23
24
Gilchrist Co
Jan South Dairies Class A-.
55% 5234 57
39
16,000 48
39
Jan 57
Feb
100 39
Gillette Safety Razor...
• 3714 34%
40
Jan
Class 13.......
1104
110
39%
69,200
114
Jan
2434
3934 Feb
8,100
10814
114
Glen Alden Coal
Feb Teastern Pr & La. Corn.' 39% 3814 40%
•
147% 163
15.860 3854 Feb 4634 Jan
13,300 138%
166
Goodyear Tire & R.comlia 182
Jan
Common
new
w
I
394
38% 41
12.200 3854 Feb 41% Feb
Grand (P W)5-10-254 St.• 3854 3614 38% 5,700 33
38% Jan
Preferred
65
6214 65% 1,6C0 61
73
Feb 553-4 Feb
76
1,100 71
Grimes Ha & Cam Rec...• 73
85
Jan
Warrants
14% 1414
4
3% 4% 8,700
Happiness Candy St el A "
7
Jan Southern It P Class A • 2634 2654 1534 2,1100 1434 Feb 153,4 Feb
274
7% 8
6.200
2514
Jan 2734 Feb
2,500
734
83(
Founders shares
Jan Southern Ice & Utilities A• 28
•
26% 28
7
6% 7
1,300 24% Jan 28
Feb
2,500
6
Havana Elec 13111 v t o..--• 433(
7% Jan Southwest Bell Tel pref 100
112% 113
43% 44
91
Jan
1,700
43%
1113,4
11334 Jan
4434
Jan
spar
Preferred
hington
W
It
Co.. •
•
2614 28%
71
71
300 2114 Jan 2834 Jan
100 6834
71
Hazeltine Corporation
Feb Splitdorf Beth Else Co...• 41% 41%
4214
1554 1534
600 3834 Jan 4314 Jan
100 15
17% Feb Stand Mot Conatruct_100
Hellman (Rich). Inc. corn.' 18
254
234 214
18
19
300
24 Feb
234 Jan
300 14%
Fret with warrants.. _.•
19
Feb Stand Pow & Lt A
25
200 2014 Feb 21
Feb
500 334
36% Feb +anti Publishing CI A _25 18% 20% 21
Hercules Powder, 00111-100 35% 35% 36%
1814 19
150 152
4,800
Jan
1634
20
145
19
Feb
Hoyden Chemical
152
Feb
Stand
Tank
Car common.•
•
1214 12%
2
214 1.560
200 12
Feb 1436 Jan
2
Hire;(Chas E) Co234 Jan Stanley Goof America w I• 49% 49%
49%
100 4954 Feb 5054 Jan
Class A common
Stand TextUe Prod corn 100
• 25% 25% 25% 2,700 24%
14
14
100 14
Feb 14
Feb
26
Hollander(Al & Son,corn'
Jan Steer Co of Can, com__100
32
101
33
25 101
400 32
Feb 101
Feb
35% Jan Strook (S.) & Co, Ino.......• 4434 101
Horn & Hardart Co
43%
57% 60
44%
900 4034 Jan 4454 Feb
500 57%
5234 Jan Suns Motor Car
Hunt Bros Pack Class A__
• 34% 34
25
35% 9,400 29
26
800 25
Jan 3754 Jan
23
Imperial Tob of Canada__L
Feb zwIft & Co
100
1143(
115
6
200
8
113
1.000
Jan 11534 Jan
Industrial Rayon Class A.• 1734 17
6
Feb Swift International
15 21% 2114 2254 4,500 1914 Jan
1714 5,400 16
2254 Jan
Intercont Rubber(N It 100
1914 Jan Tampa Electric Co...-100 310
3024 313
22
22% 4,300 154
120 292
Jan 313
Feb
23% Jan Terre Haute I & E pref-100 35
Intercont Rub of Del new.'
35
20
35%
300 30
20% 12,800 1514
Jan 38
Feb
214
Int Concrete hid frrs sh_10
rtwraoo
Jan
dyne
Radio.
•
1%
734
1
7
14 2,700
7%
400
Feb
1
7
214 Jan
Internal Utilities, Class A•
8% Jan Thompson (John 10 Co.25
4534 "46
37% 37%
400 4554 Feb 4074 Jan
100 37
39
Class B
Jan Thompson(RE)Radio vte
73,4
34 334
7% 714 1,500
300
334 Jan
54 Jan
73.4
Johns-ManvUle, Inc
934 Jan
Dalkon-Detroit Axle...10
1504 147 152
10%
114
1,500
142%
9% Jan 1114 Jan
300
159
Jones(Jos W)Radio Mfg • 500
rob Prod Exports Corp •
Jan
4%
44 4%
500 87c
700
44 Jan
414 Jan
2,100 500
Jones & Laughl St com_100
1% Jan Todd Shipyards Corrl
•
32
32
80
80
100 29
Jan 32
25 70%
Feb
Keivinator I !nrtatration 80
Feb Tower Manufacturing-5 12%
914 12% 3,40,
8234 83
7
Jan 1214 Feb
800 78%
Keystone Solether
89% Jan Trans-Lux Day Pict Screen
260
28o 26c
1,000 24c
450
'craft Cheese
Jan
Class
com
•
A
2'
12
1114 1214 12.000 1114 Feb 14
82
400 81%
83%
Jan
Kroger Grocery...
Nun.buil steel, eom---25 12
88% Jan
&Barg_10
11
12% 8,000
125 125
8% Jan 12% Feb
10 125
ICruskal dr Kruskal Inc.-. so
130
Jan Truscon Steel
10 25
25
20
27%
400 25
2034 5,000 20
Feb
3014
Jan
Lima Co of Florida
2034
l'eleee
ArLif
Feb
13
Milt
CI
__•
225%
•
22514 22834
40% 45
50 215
400 40
Jan 240
Jan
Landay Bros. Inc, CI A_ • 40%
47% Jan Tung Sol Lamp Works...'
9%
3554 35
934 91( 1,300
3834
400 334
814 Jan 1034 Jan
• 204 20
31334 Feb
Landover Hold'il Corp CI AChase A
3234 3114 33
20% 4,300 1914 Feb 2014 Jan
1.900
28%
Feb
33
Lehigh Coal & Nav
Carbide
Union
& Carbon • 83
50 11114 113 117
82
2,900 110
8.900 774 Jan 85% Feb
Lehigh Power :Securities_ •
120
Jan United Flee Coal Cos v t c• 44% 421( 844
44% 2.700 35
Jan 44% Feb
United Fruit Co w 1
New Cons Corp
11634 118% 117%
20
19% 2014 45,300 le%
800 116% Feb 166
17%Fe
F
3se
b
22
Lehigh Valley Coal &atm.&
Jan
Unmed 0 E cum
• 624 8234 83% 2.500
8214 83
75 8.134
58% Jan
•
86% Jan
Lehigh Vail Coal rtfs new
Trust certificates
4434 40% 4434 22,300 37%
700 583( Jan
45% Jan United Gas Improvem1.50 134% 824 83%
Libby Owens SheetGlasa 21 17734 175
180%
240 171
J an
44
411 j
219
Jan United Lc & Pow corn A • 1384 1301( 13834 14,800 118% Jan 16
Liberty Radio Ch Stores .• 600
500 760
5,300 50c
22,400 12514 Jan
3% Jan united Profit SharIns_.....1 13% 133% 140
Marconi Wireless of Can_l
lar• liii
1314 13%
100
400
11u,
11
Jan
1
311
4
14
134
Jan
j
J
an
Marconi Wire!Tel, Loud £1
United
Shoe Mach'y cons 25
5% 5%
483-4
500
200 48
Feb 49% Jan
614 Jan US Dairy Products cl A...* 38% 48
McCord Rao .* M fa v t
2434 23% 24%
38% 33%
700 23%
100 3514 Jan
25% Jan
McCrory Stores
Class
B
•
• 20% 20% 20%
117% 118
200 110
100 20
Ja
11834 Feb
2234 Jan
41
Melville Shoe without wart 62
eirie
lg
err
dx.Heat Qom.-0
hted
1
21% 18
55% 62
21% 1,000 18
150 5534
Feb 22% Jan
62
Feb
Preferred....
Preferred
10
6%
128
122 126
6% 6% 4,100
30 122
5%
Jan
126
6% Feb
Feb
Mengel Co
Radiato
S
U
r Corp new w
100 45
4414 49%
850 4434
40344054
100 40% Feb 40% Feb
52
Jan
Mercantile Stores Co.....100 142% 140 14434
Certificates w
40% 40%
400 140
100 40% Feb
145
FT ei Itubber Itechuming-•
Feb
Jan
Metro 5& 50c Stores. CI B
19% 1934
234 2%
100
231
300 1414 Jan 2134
3
Jan Universal Pictures
Metropol, Chain Mures • 41
40% 3914 41
404
800 40%
600 37
4934 Jan u'Aimee Power & Lt
Feb 40344211
Feb
eebb
Middle Walt iltIlltlee,e0W' 130% 129% 42
•
16%
16%
17
1334 4,500 114%
1,7C0 1534 Jan 17% Jan
135
Jan Utility Share Corp w 1._ •
Prior Ilen atock..
101
12% 13% 1,300 10% Jan
114% 122;4 1,360 98
12214 Feb
1414 Feb
Preferred
Preferred non-voting •
101 111
1714
105 11134 2,950 97
17%
1.200
Jan 1734 Feb
11114 Feb
Midvale Co
Option warrants
•
534
5(4 5% 4.900 16
234 234
300 23%
234 Jan
24% Jan Vick Chemical Co
Feb
8
Miller Rubber. corn
•
• 44% 42
5014 52% 2,900 41% Jan 52% Feb
44% 11,000 36
44% Feb Victor Talking Machine100
Preferred
100 102
90
102 102
92
100 100
1,500 8714 Jan 9814 Jan
102
Feb Ware Radio Corp
Mohawk &Bud Pow eom.• 2614 23;4
510
510 70c
26% 3,300 23
5,200
510 Feb
114 Jan
28% Feb Warner Broa
'Mohawk vane, Co
10
34% 344
95,4 10
100 3414
600
934 Jan 144 Jan
374 Jan Warner Quinlan Cow
Moore Drop Forging CI A.5
27% 27% 29
66
68
100 65
3.300
Jan
24%
29
Feb
Jan
67
Wash
toot• Master Corp
Ry
Elec
corn...100
&
•
225 225
23,4
2
24 2,900
50 200
134
Jan 225
Jan
3% Jan
Western Power pref..._1011
Nat Casket Co new oom_ •
98% 99
564 56%
200 5.5%
80 96
Jan 99
Jan
5814 Jan White Sewing Mach, pref-• 504 50
Nat Kier: Power, Clime A.• 25% 25
50% 2.140 50
25%
1,600
Jun
'224
5104%4
2614
Jan
Wilson & Co (new) w
National Leather.
13
44
4
13% 1.10
44
700
12% Feb
4
Feb
4% Jan
Class A
Nat low & Li met
•
• 2834 284 234 1,000 284
101 10134
530 100
Jan 3
70
334 J ab
an
102h Jan
Preferred
Nat Pub Spry Ci A corn • 22
684 8834 6914
22
22%
500
22
800
884
Feb
Jan Woodward Iron corn---100
24
Class B common
18
85%
1514 16
105
200
270 77
Jan 105
134
17% Jan Yellow Taxi Corp, N Y..• 1034 10
Feb
Nat Sugar Refining. _100
125 127%
11
3,100 10
50 116
Feb 13
Jan
1294 Jan
Neptune Metes Claw A
254 25%
200 244
254 Jan
New Engl'd Co new P1-100 88
87% 88
200 86
Feb
88
New Eng Tel & Teleg_.100 11614 116 116%
Rights
100 115
117% Jan
New Mei & Art, i anti
•
13
12% 13% 0,600 124
Jan Horn & Harden
17
NY Merchandise Co_ •
800 910
25
200 500 Jan 1%
25
100
2334
Jan
Feb Mohawk & Hudson Power.
26
N 5 Teter)63.`,‘ tnel 110
114 60o Ill% 30,600 000
112% 113%
280
Feb 750 Feb
1114
11314 Jan
Nickel Plate corn new w i.
108% 107% 108% 1,200 106%
ea
113% Jan
Former
Standa
Preferred new w I
011
rd
93% 94
1,000 91%
Subsidiaries.
9414 Jan
Niles-Bement-Pond corn100
26
•••4*
27%
300 19
27% Feb
Mier Corp. Class
80%
82% 1,700 76
89% Jan Anglo-Amer 011 (vol sh)
N Y Trust Interim recta_ 81% BOA 82
18
18
1834 2,800 18
8054
1,600
Jan 1914 Jan
75
8934 Jan
Northeast Power. w I
Non-voting shares ....LI
1734 17%
3234 31% 34
700 17% Jan 1814 Jan
21,700 3134
Northern Ohio Power Co
Non-vol slut ctfs dep__ £1 17% 17% 17%
30% Jan
21% 214 23% 23,500 15%
700
17%
Jan
17% Feb
Jan
26%
Nor(int 1.t & Pr corn. lit
Borne Scrymser & Co-100
22914 22934
55
1 228
534 8314 1,900 49
Jan 232
674 Jan tsurkeye Pipe Line
Preferred
58
57% 584
JCS
400 65% Jan 59% Jan
78
78
79
150 78
Chesebr
844
Jan
Jan
Nor States P Corp con).Its 129
ough
Mfg
25
6914 7914
126% 131
200
Jan 71
3.500 125%
Jan
136% Jan Continental Oil v t
Preferred.
z23% 23% 24
_.Its
15,500 234 Jan 2534 Jan
101 10115
225 100
10154 Jan Crescent Pipe Line
Ohio Traction common_100
21
10
16
10
104 104
1534 Jan 18
100
8%
10% Jan fatiletta-tilettel I Ill, coin, Ile
Pacific Steel Boller
Feb
304 30
31
154 15% 165( 2,800 15
50
28
Jar
32% Jan
Fender(D) Groc el A w 1 • ao
lb% Feb
New preferred
100
88
90
50
7
50%
200 50
88
Jan 904 Jan
Jan
Humble
5014
11011dr
Clam B w 1
OH&
93
:4_26
• 35
8914 9814 22,200 86% Jan 99% Jan
33
3814 4.290 30
36% Feb Illinois Pipe Line
Penn Power & Light pro!
100 1374 135% 13714
'
105% 1054
76 135
100 104%
Jan 142
Jan
105% Jan Imperial Oil (Can)
Penne Water at Power int
• 364 38
104 168
37
10,00
260 160
35
Jan 381( Jan
174
Jan
Indiana
Phelps-Dodge Corp__ _100 129
Pipe Line
50 65
8234
65
12114
130
50
350
as Jar 65 Feb
120
Philadelphia Elec rom .2: 26334 62%
130
Feb National Transit _-12 50
18%
19%
6334
900 18
800 544
Jan 20% Jan
Jan New York Transit
87
Pick (Albert), Barth &
100
43
43
50 39
Feb ao
Jan
Northern Pipe Line.. _101
Co pref A
78
2234 22%
80%
25
200 22%
70% Jan 80% Feb
Feb
23
Ohio
Pillsbury Flour Mills_ .50
Oil
644
25
64
39
6534 1,500 413,4 Jan 67% Jan
454
600 37
Feb Penn Mel Fuel
48
Pitney Bowes Postage
21
18% 1914
30
1614
Feb 23
Jan
Prairie Oil & Gas.
Meter Co
2' 58
•
8
56% 5814 11,100 55
8
8%
400
8
Jan 604 Feb
8% Feb Prairie Pipe Line
Pitts Bess& L E RII.com50
Int 126
125% 126
3014 3134
850 1234 Jan 127
500 30%
31% Feb Solar Refining
Pitts a. I ,
Jan
I RR c.o.
206
100
153% 153% 15854
205
206
15
270 153%
202
Jan 212
162% Jan South Peen Oil
Jan
Portland Elec Power...100 45% 4514 45%
100 17734 176 178
100 45
14 174
Jan
48% Jan
Power COrO tot 7.4 N 1.001
New w I
Jan
25 45
80
45
7814 83% 9,400 7814
454
so 44% Jan 197
90% Jan Southern Pipe Line._..100
50
Power Securities 2d prof..* 24
Jan
24
24
6214
63
100 20
150 51% Jan 6814 Jan
Jan So West Pa Pipe Lines.100
25
Pratt & Lambert. Inc.. • 6034 56
53
004 1,700 53
50 53
Feb 54%
6034 Feb Standard 011 Calif new to.. 58% 53
Procter & /ramble com 21 155
155 16015
56
270 14234
5854 87,800 54% Jan 58% Jan
163
Jan
Standar
d
Puget Sound P & L corn 100 58
Oil
11
[Miens)
_
.21
x674
58
58%
85% 68% 22,300 854 Jan 7014 Feb
400
51%
Jan
06%
Standard Oil (Kansas)_25 32% 32%
Purity Bakeries Class A.2. 414 41% 41% 1,100
63% 2,400 32% Feb 8814 Jan
414
42
Jan Standard 011(KY)
Class
Jan
25 120
37
37
125% 125% 1,200 125% Jan 134%
38
1,800 37
39% Jan Standard Oil(Neb) -100 250
PYrene Manufacturing..10 10% 1014 10%
Jan
248
200 10%
248
50 239% Jan 254 iFeb
10% Jan Standard 011 of N Y._ -25 30
Rand-Kardex flu new w I.• 45
44% 47% 11,500 41
35%
3814 10,700 35
4/4.
Jan 474 Jan
Jan Standard Oil(0)corn..100 362
Rem Noiseless Typew, A •
4514 46%
350 352
500 44
50 33934 Jan 382
52% Jan
Preferred
Reo Motor Car
100 117
11
23% 23% 24% 1,900 234
117 11714
100 11814 Feb 118% Jan
25% Jan Swan & Finch
Republic Mot Tntrit is cc •
1934
100
Feb
934
9% 94 2,400
19% 20
153 1934 Feb 23
84
184 Jan Vacuum oll
25 105% 103% 105%
Jan
3.500 103% Jan 1094 Jan
THE CHRONICLE
FEB. 13 1926.]
Stocks
Sales
Thurs
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High Shares.
Range Since Jan. 1.
Bonds (Concluded)-
Aigh.
Low.
875
•
Thurs.
Last Week's Range Roles
for
of Prices.
Sale
Price. Low, High. Week.
Range Since Jan. I.
High.
Low.
Jan
18,000
95
95
Cosg-Mesh Coal 6349_1954 95
Feb
109 109% 20,000
1941
Cuban Telep 734s
Jan
24.00e
9434
9455
oudahy Pack deb 541).1937 94%
Feb
9554 5,000
1946 9515 95
5s
655 Feb
Jan
5
5
6
Feb
634 5.100
6
Amer Contr 011 Fields
41.111
105
106
65.-1947
Gas
City
Detroit
10835
1455 Jan
Jan
8
-•
855 1051 55.300
Feb
93-4
Amer Maracaibo Co
1930 13611 135 13835 6,000
Feb
651 Jan Detroit Edison 7e
6
6
Feb
614 2,800
654
Arkansas Natural Gas. 10
LOGO
135 135
1928 135
75
Jan
234 Jan
2
500
2
•
2%
Atlantic Lobos Oil coin_ •
Jan
28,000
9814
9835
65.1935
Co
Eitingon-Schild
4% Feb
351 Jan
300
455
4
Jan
Preferred
65..1936 10414 1043410534 111.000
1851 18% 3.800 18% Feb 19% Jan Elec Refrigeration
• 184
Feb
Beacon Oil Co
41.000
_1954
.
74;
8355
France
8414
8435
of
RR
Ent
Feb
Jan
1
311 17,100
2
Jan
311
Cardinal Petroleum Corp10
13,000
9415
9455
Europ'n Mfg & Inv 7148'50
Jan 22% Feb
15% 14% 1735 121,300 10
Feb
Carib Syndicate
13.000
9551 98
1933
Federal Sugar 6s
955 Jan
854 J an
1.000
9
8% 9
1
Consol Royalties
Jan
39,000
98%
9855
984
514e____1931
Rubber
13% 144 2,300 13% Feb 1551 Jan Fisk
Creole Syndicate _ . .6 14
Jan
9314 9355 15,000
755 Jan Florida Pow & Lt M__1954
4% Feb
3,500
434 514
415
Feb
Crown Cent Petrol Corp.•
1044
2.000
10315
78...1937
Co
(Robert)
Gair
Feb
Jan
1
400 81c
•
1
Darby Petroleum
Jan
65_1928
10154
29,000
10114
101%
Jan General Petroleum
3
255 Jan
200
214
254
255
Feb
Derby Oil& Refg nom-.•
56,000
Aug
94
1940
944
15
944
58
1st
111,8
Feb
Jan
21,5
3,200
255
2
Feb
234
Euclid 011.
190.000
97
9714
650.1940
96%
Elec
Gen
German
Jan
654 Jan
5
555 5% 17,200
535
I
.Gibson Oil Corn
Jan
Jan Goodyear T & R 5a..-1928 98% 98% 9814 95.000
Jan
1
100 48c
10 560
56c 56e
Jan
Granada Oil Corp
1083( 108% 4.000
25 8854 884 9015 3,500 8654 Jan 93% Jan Grand Trunk Ry 654.9_1936
Gulf MCorp of Pa
Jan
648_1950
89.000
85%
Elea
88
Cons
8514
Jan 37% Jan Great
34
33% 345( 20,100 32
Feb
International Petroleum •
_1937
9935 10034 10.000
•
34 Feb quit 011 of Pa 55
211 Jan
100
254 255
255
Feb
Kirby Petroleum
63,000
9514
96
7s...1935
Co
Elea
95%
Hamburg
Feb
Jan 2535
2454 2351 2554 71,600 21
Feb
Lego Oil&'Tr Corp al A..
15.000
10415 105
1936
Feb Hood Rubber 7s
13
9,000 1014 Jan
11% 13
Feb
Lago Petroleum Corp_._ • 12
inland Steel deb 5145.1945 9851 984 98% 169,001
94 Jan 1114 Jan
10% 36,100
10
10%
Leonard 011 DeeeloPm't
Jan
0.19644
29,000
85
Term
854
City
Kansas
-----• 24% 23% 2431 2,200 23% Feb 2514 Jan
Llon Oil & Refining
Jan
84% 854 10,000
Keystone Telep 5 s._1955
Jan
Jan
154
80c
1
•
1
800
Petroleum_
Livingston
Feb
49.000
751929
93
Ltd,
93%
(Fried),
Krupp
Jan
Jan
1%
14
500
155 14
Feb
Margay 011 Corporation. •
99% 100% 46.000
514 Feb Laclede Gas L 514s_ 1935 100
335 Jan
5
515 18,800
53.4
Mexican Panuco Oil ..
Feb
95
9531 19,000
Jan Lehigh Pow Scour 6s._2026 95
Jan 12e
It
100 110 30,000 1043
Mexico Oil Corp.
151 Jan Leonard Tiets Inc 745'46
14 Jan
1%
300
1
155
Mountain & Gulf Oil
Jan 974 Feb
97
9734 9754 10,
with stock purch worry'
Jan
It 2454 244 2454 9.800 23% Jan 26
Mountain Producers
Jan
104% 104% 5.000 1044 Jan 105
Feb [Abe MeN di Lib 71.1931
Jan 159
440 135
149 159
100
National Fuel Gas
10855 1084 3,000 1074 Jan 1084 Feb
Jan
651 Jan Liggett Winchester 75.1942
6
64 64 8,300
6%
New Bradford OIl..
Jan 10114 Jan
10054 101
9.000 100
4.4e4g island Lug Co 65_1945 101
Jan
17
Jan
11%
200
25
13)4
13
New York 011
Manitoba Power 7s. _ :941 10555 105 1054 15,000 10314 Jan 1054 Jan
Jan
Jan
90
70
6,000
7c
70
70
Noble 011 & Gas nom -1
Feb
Feb 96
1951
20 000 96
98
98
5545
North Central Tex Oil-. • 11% 1111 11)4 1,700 1054 Jan 12% Feb
Gas Cos 5SO- _1940 101% 101 101% 88.000 9954 Jan 10194 Feb
MSS!
Jan
Jan
38
34%
it,
35%
100
35%
Ohio Fuel Corp
Jan
9814
98
Jan
44,000
58_1938
98%
MStP&135Mity
98%
Feb
25( Feb
2
•
2
255 6,200
24
Peer(MCorp
1927
Pacific RR 5s
10034 1004 1,000i10034 Feb 10054 Jan
_21
1915 19% 20% 1.200 17% Jan 2051 Jan Mo
Red Bank Oil _ _
Jan
10435 Jan 105
Co 754, _ _1950
&
105
16.0001
orris
10454
s4
Feb
2434
Jan
14%
• 21
20% 22% 7.300
Oil Corp...
Reiter-Poster..
Jan
Jan 99
99
99
20001 99
Jan Nat Dist Prod 61415- A945 99
Jan 66e
2,000 320
40c 450
Royal-Can 011 Syndicate.'
Jan
Jan 181
Nor States Pow 630._1933 12751 1234 128 250 000 121
Jan
754
Feb
534
700
•
534
Petroleum
614
514
Ryan Consol
Jan
1044
Jan
103
1933
10314
notes
gold
11.0001
615s
10355
Feb
Jan
10
9
4,600
9% 10
936
Salt Creek Consol Oil. 11
Feb
9554
Jan
94
.1952
B
tier
55
9531
000
Power
944 964 40
Jan Ohio
324 3135 32% 5,700 31% Jan 36
Salt Creek Producers...1'
Petrol6a w 11040 1034 103 1034 2120003 10134 Jan 10434 Jan
Amer
Pan
Feb
Feb
13(
135
900
151 2
Savoy 011
Jan 10755 Feb
4.0001 100
107% 10755
1927
754 Feb Pennok 01168
415 Jan
651 8
78.410
754
Venezuelan Petroleum -5
Jan
10414 105
9854 Jan 108
53.
Penn-Ohio Edison 6s.._1950 105
Jan 27% Jan
700 25
• 25% 2555 2551
Jan
Wilcox Oil & Gas new
Jan 99
IS
54..1952
931(
Light
130001
&
9814
9834
Pow
Penn
jou
6
531 Jan
200
5% 534
Woodley Petroleum Co_.•
Jan
99
98
Jan
1953
8.0003
9814
9334
98%
6.SeileSD
-OS 1962 994 99% 9914 7.000 9774 Jan 994 Feb
Ma Rapid Transit
Pure Oil Co 6141... .193:4 103% 103 1034 18,0001 102% Jan 10355 Feb
Mining Stocks
Jab
Jan 115
Rand-Kardex Bur 5344 '31 11254 10954 11335 251,0003 107
Corp
Jan
170 Feb Rhine-Main-Danube
1
15o 17c
7.000 Ile
17o
Arizona Globe Copper
Feb
98
Jan
94
.1950
_
98
.
98
84,000
97)4
"A"
Series
7s
Feb
Jan 90c
1,500 45c
1 90e
820 900
% 141.000 934( Jan 9574 Feb
Beaver Consolidated
9554 94% 957
Rhine-Westphal El P Taw
Jan
4
354 Jan
__ I
3% 34 1,500
334
Feb
Calaveras Copper
_1955 9551 9454 98 146.000 944 Jan 96
16c Feb 3auds Falls Co 55.._
Jan
5.000 100
14o 16c
Calumet.41) Jerome COP-1
1935
974
9635
9751
Cs
31.000 0654 Feb 9844 Jan
Co
Schulte R E
Sc Feb
30 Jan
1,000
1
Sc
Sc
Chino Extension
Jay 8814 Jan
85
8555 25.000 85
-corn atock1935 85
without
138
Jan
254
Jan
151
134
134 055 12,100
Como!Copper Mines
6.000 10174 Ja
1024 Jan
101% 102
Mills 7s-.1931
Jan 220% Feb Shawsheen Bahian
220 220
10 181
Cons M & Smelt of Con.25
Feb
78. _1928 9914 98% 100 183 000 964 Jan 100
Jan siemans &
20
200 17% Jan
19% 204
Copper Range Co
Jam
44
96)4 95
148.000
9694 Feb
985(
Jan
Jan
70
6c
4,000
Sc
70
8c
Cortez Silver Mines
Jan
Jan
10234
102
3,000
10234
1024
16.1929
&
Steel
214 Jan Sloes-Sbeff
2)5 Jan
24 234
2)5
1,400
Cresson Cons Gold M & M.1
Feb
1,000 10354 Jan 104
104 104
_ -.1934
Jan
155 Jan 848 eay & Cie 011 66.-2025
1.190 50c
50c 50e
Crown King Cons Mines..1
L
dr
P
Southeast
Jan
Jan
5c
40
4e
1,000
4o
Divide Extension
1057% 105 1064 207,000 10314 Jan 10815 Jan
With 10 warrants
Jan 18% Feb
1355 18% 9.400 12
Engineer Gold Mlnee.Ltd 5 1751
Jan 124,4 Jan
12015 12214 22,000 115
With 20 warrants
Jan
Jan
70
fio
Sc
5c
8.000
Eureka Croesus
9135 913( 9155 149.000 914 Feb 915( Jan
warrants
Withont
Jan
ge
Jan
10c
Sc 10c 36.000
flo
First Thought Gold M in _1
Jan
9834 Feb
98)(
93%
5,000
_ _1944 98% 9835
214 Jan Sou Calif Edison 5s40_1933
255 7,100
2
151 Jan
Golden Centre Mines ._ _15
234
1064 10815 10654 30,000 10814 Jan 10714 Jan
Jan Stand 011 of N Y 6
Jan
Sc
50
Sc
543
1,000
Goldfield Consol
Jan
120
Jan
II
48.000
117
118%
118
'37
Am
7345
1 13c
Jan
12c 130
13e Feb 8tuts Motor of
90
7,000
Goldfield Florence
995( 139.000 97'4 Jan 995( Feb
1939 99% 99
Jan 320 Feb Sun 011 5348
23c 30c 43,000 17e
25c
Hawthorne Mines, inc...I
Jan
964 Jan 98
98
97%
107.000
1932
98
15
_Oct
bs_
Co
et
swift
18
25.
1835
184 Feb
3.600 1751 Jan
1815
Hada Mining
Jan
Jan 95
95 137,000 93
95
94
19
19% 6,100 17% Jan 19% Jan Thyssen (Aug) Ida)7s 1930
Hollinger Congo] G M. .1 1955
Jan
4.000 1034 Jan 105
10455
10415
..1931
104
0117s._
eldal-Osage
elop_50c
115
Jan
135 Feb
1% 14 2,500 910
Jerome Verde Des
Ian
Jan
98
91
5,000
96
9514
01178'30
95%
-Continental
Frans
2
MOO
1% Jan
Feb
155 2
2
Kay Copper Co
Feb
9634 148,000 953( Jan 96
reembell steel es _ _1940 9654 96
,
Feb
114
Jan
115
1
14
Lake.
500
155
Kerr
Power
Westph
Elec
United
5
2% Feb
155 Jan
900
24 24
Mason Valley Mines
Jan 864 Feb
813,000 8.5
8554 86
Corp (Germany)648'50 88
2155 Feb
New Cornelia Copper..._L 2131 2015 21% 2,000 1951 Jan
Feb
31.000 301( Jan 40
39)5 40
40
101, 205
Jan United Oil Producers 8s '31
203 205
90 202% Fe 210
New Jersey Zinc
Jan
Jan 110
6.000
110
10954
110
110
746'36
Hay
of
55
57
Feb (Jutted Res
2,300 464 Jan
57
Newmont Mining Corp_1(
Jan
Jan
1004
100
100 . 100
9.000
6%
635 Jan
6% 615 1.700
751 Jan (7 8 Rub Bar 11145 _ _1926 100
Nipisaing Mines
Jan 10254 Jan
1014
11.000
1019,4
10134
101%
_1927
notes_
%
%
6
Serial
•
17
1615 1855 12,200 1334 Jan
18% Feb
Noranda Mines Ltd
Jan
10254
102
Jan
5.000
10255
SS
102
_1928
.
notes
Serial 615%
Jan 750
700
65e 74c 12,500 8143
Jan
Ohio Copper
Jan 10215 Jan
11.000 102
102 102
Serial 635% notes_ _1929
33e 33e
Jan
1.000 25c
350 Feb
Parroac Porcupine Min_ _1
Jan
1024
Jan
35.00
101%
1014
10235
102
note...1930
654%
Serial
110
Jan
11c lie
8c
2.000
Jan
13c
Plymouth Lead Mines_ _ 1
10134 1024 15.00 101% Jan 102(4 Jan
Serial 64 clo notes...1931
235 Jan
255 251 6.800
251 Jan
234
Premier Gold Mm, Ltd 1
102% Jan
Jan
101%
4.00
10151
1024
-1932
notes_
634%
Serial
1
220
Jan
22c 26o 16,000 20c
26c Feb
Red Warrior Mining
102 10235 16.000 101 14 Jan 10254 Jim
Serial 635% notes..1933 102
4
351 4
351 Feb
500
4% Jan
South Amer Gold & Plat. _1
10.000 1014 Jan 1024 Feb
102 102
Serial 64% notes _.1934
3c
2c
20 Feb
40 23,000
Jan
5c
Spearhead Gold Mining_ _1
102 102% 10.000 11114 Jan 102% Jan
10234
_1935
notes_
634%
Serial
1
2171) Jan
35( Feb
3% 354 5.700
Teak Hughes
8,001 1014 Jan 102% Jan
% 10234
1017
Serial 615% notes_ _1936
234 Jan
455 Jan
43-4
334 4.34 5,400
Tonopah Belmont DeveL1
4 Jan 102% Jan
7 102% 14,000 191,
101%
Serial 654% notes_ _1937
1 63c
56o 67c 21.900 56c Feb
Jan
1
Tonopah Extension
Jan
5,000 10114 Jan 102
102
102
102
_193s
notes_
Serial 64%
7%
731 7,900
Jan
5
6
731 Feb
Tonopah Mining
notes _ _1939 102% 10134 10254 49.000 1014 Jan 102% Feb
Aerial
615%
6c
Sc
fimelt&Dev.10c
Sc
Jon
5c
14,000
9c
Feb
-Bullion
'Fri
102% Feb
Jan
101%
24.000
_194o
10151
10254
102
notes_
Serial
_I
654%
43e 43e
Jan 47c
3.000 43c
Jan
United Eastern Mining_
Jan 10134 Feb
10055 1014 22.000 100
S Smelt & Ref 545_1935 101
2.000 274 Jan 33
Feb
United Verde Extern; 50e 3255 2934 33
10414 Jan 10454 Jan
Sc
84:
Jan
Sc
7e
5.000
10c
Jan Vacuum 011 75_ _ .......1938 104% 10454 10414 34.000
U S Continental Mines._ _5
Jan
Jan 97
95
14
OW)
97
95
97
_1935
Walworth Co 634,..
104 1114 34.700
. 5 1111
651 Feb 1114 Feb
Utah ApexJan
7.000 914 Jan 97
95
95
1945 95
65
131 Feb
134
14 1% 6.100
14 Feb
Utah Metal & Tunnel
Jan
Feb 101
25
994
000
994
100
99)4
1033
Age
%rower
Milla
Mining.
3.15
Feb
3
314 3,300
3
351 Jan
Wenden Copper
Jan
99
Jan
97
50,000
9734
4c
_1
3e Nov
4c
6,000
17e
Jan White Sewing Mach 651938 974 97
West End Eaten Mln
Wart
95
1084
9251
944
10454
134%
133
9814
10434
8114
9251
90%
9834
9314
10314
10115
9334
9355
98
10754
85'i
9954
94
104 3.4
9814
84%
84%
9015
98
95
Other 011 Stocks.
Jan
Jan
Jan
Jan
Jan
Ja
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
9619
10934
9551
9844
10fi
13854
135
9854
107
8414
9455
96
9854
9354
1043-4
1024
9415
9715
4
999,
10955
88
101
96
105
9814
8551
8594
9364
10055
954
Sc
Foreign f7overnment
and Municipalities.
Bonds1930
Allied Pack, deb 8
1939
Debenture 68
AlUralnlim Cu of Am 7 19.53
Amer G & E deb 64) .20l4
American Power & Lighten old without warr.20I6
Amer Rolling Mill 65.!.1938
American Thread 65 192s
Amer W Wks & El 68_1975
Anaconda Copt311n fis 111211
Andian Nat Corp 65 1940
Without warrants
ASSOC Gas & 131ec 65 .1955
Assoc'd Simmons Hardware
1933
a vas
1949
Atlantic Fruit 85
,10,e I sqi.541 .1.15,1
Bait & Ohio RR 5s. -2000
Beaver Board Co 88 _1933
_1943
Beige Can Paper 65_ .1955
Bell Telep of Can 5s
1935
7a
eritliP
Steel
Beth
6,1934
Banton & Maine RR
Buffalo Gen Elea M..-1958
Canadian Nat Rye 78.1935
Chic R 1 & Pac 55511-1926
1966
Cities Service 65
New w I
Cities Serv 7s, Ser B.-1968
Cities Sere 7s, Ger C .1966
Cities Sere 7s. Ser D..1966
Cities Sere Pr & Lt 611.1944
Cons 0, E L& P. Bail1949
ee, Series A
1941
Conrad Textile 85
86
75
75
10651 106%
99% 9954
86 $12,000 86
764 24,090 75
6,00 10814
107
99)5 223,000 98
9751 272,000
9734 97
1024 1024 102% 33.000
10214 10255 102% 12.000
944 943( 94)5 49.000
103% 10355 32.030
144 145
6,000
100 1004 14.000
94
9335 94% 28,00
95)4
30
73%
10015
10454
101
110)4
9315
93%
178
1255(
10154
94%
9534 9514 31,000
28% 31% 199,000
72% 7351 40,00
95% 9555 29,000
14,000
9354 94
10015 10035 3,00
100% 10055 42,000
104% 10455 26,000
9515. 95% 15,000
100% 101 101.090
110% 110% 6,000
10015 1003-5 5.000
9315 93% 70,000
9311 935( 22,000
178 178
12,000
12515 125% 154,000
101% 102
50,000
943( 85,000
94
106% 107
107
9054 9051 92
Feb 89
Jan
Jan 80
Jan
Jan 107
Feb
Jan 99% Jan
96
101
102%
9135
102%
143
9914
93%
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
98
10114
1034
944
1034
148%
10034
9514
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
95
20
725(
95%
934
100
994
103%
91%
99%
110
100%
92%
934
178
12554
10154
9351
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
96
333.4
70
9555
95
100%
100%
10415
96
101
11034
10034
9335
934
180
127
102
9454
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
107
92
Jan
Feb
8,000 10534 Feb
Jan
18,000 85
Buenos Aires(Prov)7555'47 10155 1004 10135 213 000
8655 8715 129,000
Cologne (City) 83-4e. _1950 87
Columbia (Rep of) Dept of
1945 9054 90% 9014 11.000
Antioquia 7s
41,000
Danish Cons Muni°545'55 9855 9354 99
9914 128.000
1951 9955 99
Denmark(Kg)5%a
1974 100% 100 1005( 4.000
tis
93 153.000
92
Dresden (City) 78-.1945 93
824 54.000
Fren..0 Nnt Ma1114174 11141. 81)4 81
9654 98% 13.000
Gratz (City) Austria 83'54 97
1.000
9314 9834
Heidelberg(City) 73451950
Hungarian Coos Mum
. 1941 87% 8734 8755 53,000
Loan 714s__
Indust Mtge Bk of Finland
99
9834 99 103.000
M coils f 7s. _ _1949
Medellin (Colom) 88_ _1945 9935 9854 99% 7,000
10855 10855 1.000
Netheeds (Kingd) 6s B '72
Rhinelhe Union 7n__ _.1946
9414 53,000
With stk purch warrants 9455 94
1755 17%
1.000
RUfailan Sleet64s._ _1910
23,004)
1919 1654 16% 17
815s certifs
17
1715 7,000
1921
514s
16% 16% 17
14,000
53-4 certificates._ _ _1921
94
93
42.000
SatitaPe(Argentina)7s 1941 94
96% 9655 5,001
Sarre Basin coo 7a__ _1935
7,000
9334 94
Saxon State Mtge Inv 78'45
102 10255 18,000
Switzerland Govt 544a1929 102
9035 27,000
90
tipper Austria (Prey) 73'45
994
85
Jan 10155 Feb
8854 Feb
Jan
90
9851
98.4
9914
92
7314
96
984
Jan 9014
Jan 99
Jan 99%
Jan 10114
Jan 94
Jan 8214
Jan 98
Jan 985(
Jan
Jan
Jan
Jan
lax
Feb
Jan
Jan
8634
Jan
8854
Jan
963( Jan
Jan
98
Jan
108
94
15%
1415
1441
144
92%
94
934
101%
90
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
99
9914 Feb
108)( Jan
9454
1714
17
1734
17
94
9534
94
10214
91
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
•No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. s Optlon sale. e En-cash and
,sued. x Re-dividend. y Ex-rights. s Ex-etock dIv.
'
stock dividends. tr When
876
Armament and
S.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of February. The table covers 5 roads and shows 6.25%
increase over the same week last year.
First Week of February.
1926.
1925.
Increase. Decrease.
Buffalo Rochester & Pittsburgh_
344.518
319,679
24,839
Canadian National
4,229,381 3,945,351 284,030
Canadian Pacific
3,083,000 2,758,000 325,000
Minneapolis & St Louis
286,006
335,971
49.965
St Louis San Francisco
1.749,867 1.763,657
13,790
Total (5 roads)
9,692,772 9,122,658 633,869
63,755
Net increase(6.25%)
57(1.114
In the table which follows we also complete our summary
of the earnings for the fourth week of January:
Fourth Week of January.
1926.
1925.
Increase. Decrease.
$
$
$
$
Previously reported (4 roads)-- - 7,307,337
7,342,395 238,429 273,487
Canadian National
5.753.746 5.605.956 147.790
Duluth South Shore & Atlantic_
139.490
159,848
20,358
Georgia & Florida
53.000
30.932
22,068
Great Northern
2.099,000 2.420.390
321.390
Mineral Range
9.342
16,155
6,813
Mobile & Ohio
526.117
533,100
6,983
Nevada California & Oregon__ _
5,871
5,862
9
St Louis Southwestern
698,400
781,232
82,832
Southern Railway System
5.305.788 5,143.390 162.398
Texas & Pacific
897,828
889.775
8,053
Western Maryland
626.766
536,414
90,352
Total (15 roads)
23,422.685 23,465.449 669,099 711,863
Net decrease (0.18%)
__
427R4
In the following we show the weekly earnings for a number
of weeks past:
Week.
1st week
i'd week
3d week
4th week
1st week
2c1 week
3d week
4th week
tat week
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Feb.
16 roadsL.,__
16 roads,___
15 roads____
14 roads,,___
15 roads _ _ _..
15 roads ____
15 roads ____
15 roads)__(5 roads)____
Current
Year.
Previous
Year.
$
21,257.393
21,115,174
21,370.089
19.905.020
16,483.387
16,801.718
17,314.742
23,422,685
9.692.772
$
19.782.037
18.890,134
18.249,323
17,955,644
15.221,149
15.778.084
16.076,124
23,465.449
9.122.658
Increase or
Decrease.
%
$
+1,475.356 7.46
+2,225,040 11.78
+3.120.766 17.10
+1,949,376 10.91
+1.262,238 8.29
+1.023,634 6.50
+1,238.618 7.71
-42.764 0.18
+570.114 6.25
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the
net
the deduction of taxes), these being very comprehenbefore
They include all the Class A roads in the country, with asive.
total
mileage each month as stated in the footnote to the table.
Gross Earnings.
Net Earnings.
Month
1925.
1924.
Increase or
Decrease.
1925.
1924.
Increase or
Decrease.
Mead inttiligauct
Gross
Balance.
Fixed
Na after
Earnings.
Surplus.
Taus.
Charges.
Companies.
$
$
$
Cumberland City Dec '25
386.668
105.658
c195.356
89,698
Pow & Lt Co Cons Cos '24
382,648
104,998
79.489
cl84,487
12 silos end Dec 31 '25 4.160,485 c2.038,716
978.455
1.060.261
'24 3.877.708 c1.825.336 1,013,504
811,832
Havana El Ry, Lt Dec '25 1,373.659
596,929
87,625
*684,554
'24 1,313,550 *669,262
579,393
89.869
12 mos ended Dec 31 '25 15,309.372 *7,651.753 1.063,957
6.587.796
'24 14.357,901 *7.264.002 1,088,950 6.175,052
*Includes other Income.
c After depreciation.
FINANCIAL REPORTS.
-Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest inctex will be found in the issue of
Jan. 30. The next will appear in that of Feb. 27.
Republic Iron & Steel Co.
(26th Annual Report-Year Ended Dec. 31 192
@FedFRASER