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The
°Miliaria',
INCLUDING
Railway &Industrial Compendium
State & Municipal Compendium
VOL. 124.
financial
muirk
Public Utility Compendium
Railway Earnings Section
SATURDAY, FEBRUARY 5 1927.
Bank and Quotation Section
Bankers' Convention Section
NO. 3215.
the restoration of Missouri Pacific credit. On the
other hand, the restoration of this railroad to normal
PUBLISHED WEEKLY
position under reorganization policies is not as comTerms of Subscription—Payable in Advance
Including Postage—
12 Mos. 6 Mos. plete as in the case of Rock Island. The cumulative
Within Continental United States except Alaska
$10.00
$6.00
In Dominion ef Canada
11.50
6.75 preferred stock issued in reorganization has not as
Other foreign countries. U. S. Possessions and territoriee
13.50
7.75
NOTICE.—On account of the fluctuations In the rates of exchange, yet received dividends, and there are some $30,000,remittances for European subscriptions and advertisements must be made
to New York funds.
000 in dividends now accumulated and in arrears.
Subscription includes following Supplements—
These must be dealt with in some form before the
Clomrsistonsuo—
SECTIONS—
PUBLIC UTILITY (semi-annually)
BANE AND QUOTATION (monthly
RAILWAY & INDUSTRIAL (semi-annually) RAILWAY EARNINGS (monthly)
common stock of that railroad will take its place as a
FIRATII AND MUNICIPAL (110MI-IlIIIIIIRily)
BANLICRS. CONVENTION (yearly)
normal owning equity of a successful enterprise.
Terms of Advertising
Transient display matter per agate line
45 cents Nevertheless, it is gratifying to note the progress
Contract and Card rates
On request
CnicAclo Orrzos—In charge of Fred. II. Gray, Western Representative,
made by the Missouri Pacific system back to a strong
208 South La Salle Street. Telephone State 051:1.
Also in the decade following its reorLONDON Ornos—Edwards & Smith, 1 Drapers Gardens, London, E. C. credit position.
WILLIAM B. DANA COMPANY, Publishers,
ganization it has greatly added to its mileage by
Front, Pine and Depeyster Streets, New York
acquiring one-half interest in the Western Pacific and
Published every Saturday morning by WILLIAM B. DANA COMPANY. a controlling interest in the Texas Pacific and InterPresident and Editor, Jacob Seibert: Business Manager, William D. Riggs,
Treas., William Dana Seibert; Sec., Herbert D.Seibert. Addresses of all, Office 01 00 national Great Northern. At
present the system
serves the greater part of the southwest quarter of
The Financial Situation.
the United States, stretching southward from St.
Security markets have been characterized during Louis to Gulf points and the Mexican border, and
the week by important developments regarding sev- westward, with a large network of mileage in many
eral railroad companies, continued large volume of States, to San Francisco. The mileage, however,
security offerings atfirm prices, and a swing of specu- between Salt Lake City and San Francisco is not
lative sentiment from uncertainty to renewed en- controlled but is that of its associated company, the
thusiasm. Growing ease in money, a less disturb- Western Pacific.
ing political outlook, and reports of an increased volOn Wednesday Louis W. Hill, Chairman, and
ume of business by General Motors and a number cif Ralph Budd, President, of the Great Northern Ry.
other of the more important corporations have proba- Co., sent a communication to stockholders informing
bly been the principal factors in stabilization of the them that a plan was in preparation for unification
situation.
of the Northern Pacific Ry. and the Great Northern
Chicago Rock Island & Pacific on Wednesday Ry., together with the Spokane Portland & Seattle
placed its stock on a regular $5 dividend basis. This Ry. system, which these two companies caused to
marks the completion of at least the first stage of a be constructed in the years 1908-09. The two roads
process of rehabilitation of this great system, which have been in partnership through ownership of 97%
was begun with reorganization in 1916. Charles of the Chicago Burlington & Quincy stock since 1901;
Hayden, Chairman of the board, in a statement ac- the latter road is not involved in the plan for actual
companying the announcement of the dividend, consolidation, but it is proposed that its ownership
pointed out that in the decade following reorganiza- shall be transferred to the new unified company.
tion more than $44,000,000 new cash had gone into These gentlemen expressed the belief that the effecimprovements of the roadbed and structures, and tuation of the new plan would eliminate waste and
more than $22,000,000 into new equipment, a large duplication of facilities, minimize the requirements
part of this having been available from surplus earn- for new capital expenditures, effect important operings retained for this purpose instead of being dis- ating economies and promote public service and the
tributed as dividends. This is an important mile- interests of the countries served. They. add that
stone in the process undertaken seriously in 1920, of these accomplishments should result in better serving
restoring the value of American railroad properties. the interests of the stockholders. There has been
Of equal interest in the same direction was the offer- no more obviously probable consolidation from the
ing on Tuesday by Kuhn, Loeb & Co. of $95,000,000 point of view of present alignment. On the other
Missouri Pacific RR. first and refunding 5s, 1977, to hand, these two roads occupy much the same terrirefund 6% bonds issued under the same mortgage in tory and are more or less natural rivals. It, there1916, when that road also was reorganized. These fore, has not been entirely clear that the Inter-State
bonds were offered at par and immediately went to Commerce Commission would consider it a matter
a small.premium. The price and the way the bonds of public polity for them to unite. At the same time,
were taken by investors • is very clear evidence of the public has learned that its interests are not hest
The Thronielt.
682
THE CHRONICLE
[voL. 124.
protected by needless duplications and hostile rival- its cost will be large, this will be provided from the
ries. The principle of regulated monopoly has been company's surplus funds. A development of this
found to be for the best interest of the public. It is, kind should be of far more ultimate value to stocktherefore, altogether probable that the unification holders than the retirement of the preferred shares,
of these two great systems will in the long run result but, of course, the company's strength is such
in very great economies, and, therefore, in lower that this development does not necessarily preclude
rates than would otherwise be possible.
consideration of the latter.
The week has been prolific of large security offerOn Monday the Pullman Company announced
that a holding company would be formed to take over ings, among the most important the $50,000,000 Genthe two operating Pullman companies, the stock of eral Motors Acceptance Corporation debenture 6s,
present holders in the Pullman Company to be ex- 1937, offered on Monday by a syndicate headed by
changed for stock of the new company in proportion J. P. Morgan Sr Co. at 100; the $95,000,000 Missouri
of 1 share of old for 23/2 shares of new. In 1924 Pacific 5s offered on Tuesday at par by Kuhn, Loeb
the Pullman Company segregated its manufacturing Sz Co. have already been mentioned. On Wednesday
business from the operation of Pullman cars by form- there were a large number of issues, including $14,ing a separate corporation for the former. What 000,000 Republic of Bolivia 7s, 1958, offered by Dilthe dividend rate on the new stock will be has not lon, Read Sz Co. at 983/2, yielding 7.12%;$27,500,000
been announced, but it is generally expected that Chile 6s, 1961, offered by a syndicate headed by
there will be an increase in cash distribution over Hatlgarten Sr Co. at 933'i, yielding 6.50%; $25,000,the present $8 rate. Earnings in the last fiscal year 000 New South Wales 5s, 1957, offered by a syndicate
were $13 42 per share.
headed by Equitable Trust Co. of New York at 963I,
Estimates of the December operating income of yielding 5.25%; and $11,000,000 Community Power
Class 1 railroads make it seem probable that the Sr Light first mortgage and collateral 5s, 1957, offered
operating income for the year will approximate by a Spencer Trask syndicate at 9532, yielding
$1,236,500,000, or 5.84% on the figure of $21,173,- 6.30%. On Friday a syndicate composed of H. M.
000,000 now used for rate-making purposes. This Byllesby Sr Co., Inc., Ladenburg, Thalmann Sr Co.
will compare with $1,136,973,000, or 5.74% on the and the Union Trust Co. of Pittsburgh, offered $24,valuation of $20,500,000,000 used a year ago. This 000,000 Standard Power Sr Light Corp. 6s, 1957, at
45 the' latest evidence of the splendid progress that 9932, yielding 6.03%.
has been under way, year after year, since 1920;
but the exact figure 5.84% means at the present
Insolvencies in the United States last month in
time practically nothing. The railroad law provides commercial lines, as shown by the reports to R. G.
that rates shall be regulated so as to produce a reason- Dun Sr Co., were more numerous than in any preable return, one-half of any excess above 6% to be ceding January back to 1922. Only one other
turned over to the Government. The Commerce January, and that in 1915, the year following the
Commission has ruled that 5% is a reasonable beginning of the European war, records more nureturn. The figure probably achieved in 1926, merous commercial defaults than appeared in January
.5.84%, would, therefore, seem to indicate that the 1927 and January 1922. .Last month's business
railroads as a whole are now earning more than the failures numbered 2,465. These figures compare
goal set for attainment. It is 'entirely unsafe to with 2,296 similar defaults in January 1926; 2,317,
form this conclusion. In the first place, the figure 2,723 and 2,848 for the corresponding periods in the
used for valuation is a tentative one, based largely years 1925, 1922 and 1915; respectively. The inupon preliminary figures announced by the Inter- debtedness involved in January of this year is also
State Commerce Commission. The railroads have heavy, exceeding in amount any preceding month
not accepted them. A final agreement as to the real back to March 1924, with the single exception of
value for rate-making purposes cannot be attempted January two years ago. Total liabilities reported
until the final figures have been announced. It for January this year were $51,290,232, as against
may be a long process before an agreement can be $45,619,578 for December and $43,661,444 in
reached, as recent decisions by the United States January 1926.
Supreme Court would indicate that principles must
The increase in the number of defaults last month
be adopted which would lead to a material higher over a year ago Was almost entirely in the tradng
valuation than what the Commerce Commission is division. There were 1,842 trading failures in
ready to allow. Accordingly, it does not seem January of this year with $24,530,455 of liabilities;
probable that railroad earnings have as yet risen to a year ago the number was 1,696 owing $21,511,872.
In the division embracing manufacturing lines, 501
the barrier which ultimately the law will impose.
For several years Allied Chemical Sr Dye has been failures occurred last month, against 510 in January
a mystery stock, in that it sold at a price not justified 1926, while the liabilities in January of this year
by announced earnings or yields. The price has, of were $19,996,202 in comparison with $16,083,950
course, been affected by the company's exceptionally a year ago. Defaults among agents and brokers
strong and liquid position, the possibility of retire- were respectively 122 and 90 in January of this
ment of preferred stock and various surmises as to year and last, with $6,763,575 of indebtedness this
split-ups, stock dividends, Src. Announcement dur- year, and nearly the same amount a year ago.
In the trading division the increase in the number
ing the week sheds more light on this situation than
It
is
stated
rumors.
that
of
defaults last month over that of January 1926
during
the
these
of
any
has
company
expended
this
was
largely among general stotes, grocers, dealers in
$4,500,000
years
five
past
of
purpose
the
establishing
clothing,
in dry goods, shoes and in furniture. On
a
comfor
experiments
in
mercially feasible way for extracting nitrogen from the other hand, there were fewer failures last month
the air, and that now such an enterprise is to be than a year ago in the drug line; also, among dealers
launched on a very substantial scale. The new plant in jewelry. Liabilities were heavier in January of
is to be established at Hopewell, Va., and, although this year• than in January 1926 for general stores,
FEB. 5 19271
THE CHRONICLE
there being quite a number of large defaults in this
division in some of the important Southern States.
There was also an increase last month in losses
reported by grocers, by dealers in dry goods, in
shoes and in jewelry, a number of heavy defaults in
these lines adding to the defaulted indebtedness this
year. In the manufacturing end, with fewer failures reported for that division in January of this
year than a year ago, a decrease in the number of
defaults appears for manufacturers of machinery and
tools, manufacturers of clothing, and for bakers.
There was an increase last month in the lumber
manufacturing division, however; also in the class
embracing printing and engraving, the liabilities reported for the last mentioned division being heavy
this year. For the divisions embracing machinery
and tools, lumber and clothing, the defaulted indebtedness shows a marked increase last month over
January a year ago—due to some large failures in
these lines this year.
It was in the manufacturing division that the
larger failures which occurred in January of this year
swelled the total of liabilities. There were in all last
month 56 of these larger defaults (that is, those having
an indebtedness in each instance of $100,000 or
more), the total amount involved being $20,590,352.
In January 1926 the number of such defaults was
53 and the total liabilities $18,364,205, an increase
this year of $2,226,000 in the indebtedness, practically all of which is due to the larger defaults in
the manufacturing division.
683
later that negotiations concerning them were abruptly
discontinued by the Cantonese Foreign Minister,
Eugene Chen. Meanwhile the Government of Northern China vigorously protested to Great Britain
against the military activities on foot. A Foreign
Office note, said the Associated Press dispatch, was
delivered to the British Legation at Peking, which
was asked to transmit it to London in the hope that
the British Government would "give necessary instructions for the immediate withdrawal of troops
dispatched to China so nothing untoward may happen
to mar the friendly relations of the two nations."
The Foreign Minister's note declared that if the
object of the expedition was merely to protect the
Shanghai international settlement, it was unnecessary
and it expressed surprise that Great Britain had
decided to send to China "a large number of regular
troops, warships, submarines and airplanes," which
"could not but be deemed the most extraordinary
action."
The attitude of the British Government toward
the demand of both warring elements of the Chinese
nation for changing its military policy and refrain
from sending thd large force planned for Shanghai
was set forth in a speech by the British Secretary for
the Dominions on Feb. 3 when, according to the
London correspondent of the New York "Times,"
he said: "We are not going to be deterred from
doing our imperative duty to our fellow-citizens in
China. After the incidents at Hankow it became
perfectly clear that the Cantonese Government is
Instead of the opposing factions in China getting not capable, or perhaps willing, to afford protection
together to meet the far-reaching offers of both the for British subjects and the concessions. We have
United States and Great Britain for the fulfilment of no idea of waging war against China, but we must
their wishes of China for the Chinese, they appear to provide the minimum of security for the lives of our
have been drifting farther apart. Peking advices to subjects out there."
Simultaneously information came from Washingthe Associated Press on Jan. 31 represented the
saying that several United States naval units had
ton
Peking Government as about to rush military operordered to Chinese waters and that various
been
ations on a large scale against the Cantonese armies
of marines were being embarked for the
contingents
"Large
of
objective.
forces
with Hankow as the
The correspondent of the New
destination.
same
declared,
"have
been
moved
was
it
Manchurians,"
centre said on Feb. 3: "Addithat
at
"Times"
York
Honan
into
were
Province
Province
and
Chihli
from
welcomed by Marshal Wu Pei-fu, who hitherto had tional American warships and marines started for
opposed their coming into his territory." It was Chinese waters to-day, and when they arrive there
added that "dispatches from Shantung Province indi- the American forces available to protect our nacated extensive recruiting for the forces of its Military tionals in an emergency will total 33 ships and more
Governor, the preparations in Shantung giving evi- than 2,500 marines."
Associated Press advices from Washington on
dence of plans for war upon a large scale, while the
3 said that "American refugees, including many
Feb.
were
moving
large continNationalists (Cantonese)
are fleeing in increasing numbers from
missionaries,
from
Hankow
Ichang
and
other
gents of troops to
of interior China to the seacoast
zones
danger
foe
the
the
meet
rolling
to
down
points
Yangste River
naval forces are moving closer
States
United
and
cities
north."
the
from
upon them
war
of
to
theatre
afford them any protection
the
make
to
it
to
held
was
improbable
development
This
be
needed."
might
be
Some of the cities from
that
would
to
appointed
for
act
commission
any
that
the entire Chinese nation, with which Secretary of which Americans were scurrying to places of safety
State Kellogg last week indicated he would be willing were stated to be Chung King, Chang-sha, Szechuan
to negotiate without waiting for the establishment of a and Foochow. At Hankow and Nanking American
unified stable government. Nowhere has the action Consuls had warned them to leave. Those in Amoy,
of the United States as respects relinquishing extra- Swatow and Canton had been concentrated at places
territoriality rights met with disapproval, but rather which could be evacuated on a moment's notice.
A crisis is expected from the battle that may dewith favor everywhere. A Shanghai dispatch to the
described
31
the possession of Shanghai and which the
Jan.
termine
sentiment
New York "Times" on
the
British
of the Associated Press there cabled
concerning
representative
proposals
among'ithe Cantonese
the
3
Feb.
to be fought inrentral Chekiang
on
accompanying
was
show
by
"about
weakened
and
as "belated
Cantonese forces pushing
that
so
troops,
Province
the
between
acceptance
of
dispatch
the
in
force
of
at once by the Chinese would put them under the north and those of Marshal Sun Chuan-fang, striving
imputation of yielding to force and provide the to prevent their penetrating further into the Eastern
extremists with arguments against making conces- war lord's territory. . . .Foreign experts believe
sions." As a matter of fact, it was only a few days the Cantonese will make the most strenuous efforts
684
THE CHRONICLE
to capture Shanghai from Sun Chuan-fang before
the arrival late this month of the large British force
being sent to protect British interests." Sixty
American missionaries arriving at Shanghai on Feb.3
as refugees from the Province of Chekiang were
reported the same date by the correspondent of the
New York "Herald Tribune" as saying that Cantonese troops had advanced to a position forty
miles from Hangchow, the capital of Chekiang.
They said that intense fighting had begun outside
Hangchow and that the hospitals at Hangchow
were overcrowded by the arrival of more than 1,000
wounded daily. The correspondent added: "Sun
Chuan-fang has massed 100,000 troops in Chekiang
in the hope of checking the Cantonese advance
toward Shanghai. Since the Chinese illegally imposed surtaxes and dismissed Sir Francis Aglen,
the Inspector-General of Maritime Customs, Shanghai is coveted as a rich prize because more than
$1,000,000 monthly is available to whatever military
force controls the port."
(VOL. 124.
that the Commission ordered the destruction of
54,000 guns and pieces of artillery, 100,000 machine
guns, 14,000 airplanes, 27,000 airplane engines,
174,000 gas masks, 488,000,000 rounds of small
ammunition, 39,000,000 shells and mines, 36,700
tons of gunpowder, 6,000,000 small arms, 28,469
mine throwers and 59,000,000 fuses. More than
33,000 inspection trips were made in which 121
unpleasant incidents with the populace occurred.
The new German Cabinet, announced at the close
of last week, underwent several changes before it was
finally completed early this week. President von
Hindenburg refused to confirm the appointment of
Judge Graef, slated for the portfolio of Justice, because of his extreme anti-republicanism. Dr.Oskar
Hergt, Nationalist leader, thereupon was shifted to
that portfolio and Dr. Walter von Keudell, described
as a young farmer of Junker clan, was selected to fill
the Graef vacancy and was assigned to the all-powerful Ministry of the Interior. When the Reichstag
reassembled on Feb. 3, the Cabinet, known as Dr.
The Inter-Allied Military Control Commission Marx's new Bourgeois Coalition Ministry, made its
departed from Germany on Feb. 1 marking the end declaration before that body. The Ministry now
of its work of seeing that Germany complies with the consists of the following:
Chancellor—Wilhelm Marx (Centrist).
disarmament provisions of the Versailles Treaty,
Foreign Minister—Gustav Stresemann (People's Party).
which now has passed into the hands of the League
Minister of Finance—Heinrich Koehler (Centrist).
of Nations. Both the Allies and Germany aver that
Interior—Walter von Keudell (Nationalist).
they made heavy concessions to adjust what proved
Justice and Vice-Chancellor--Oskar Hergt (Nationalist).
a very vexatious problem. "In broad lines," says
Economics—Julius Curtius (People's Party).
Communications—Wilhelm Koch (Nationalist).
the Paris dispatch of Feb. 1 to the Associated Press,
Post and Telegraphs—Walter Schaetzel(Bavarian People's
"the agreement calls for the destruction of the
Party).
fortifications at Kuestrin and Glogau, in Prussia,
Agriculture and Food—Martin Schiele (Nationalist).
and twenty-two fortified works in the vicinity of
Defense—Otto Gessler (former Democrat).
Koenigsberg. The German Government solemnly
Labor—Heinrich Brauns (Centrist).
affirms that no other fortifications exist except those
The Berlin correspondent of the New York "Herald
expressly recognized by the Allies, and engages not Tribune," reporting the initial appearance of the
to construct others." The other outstanding point Cabinet before the German Parliament,called the day
in the negotiations was Germany's manufacture of "a significant one in the history of the young German
and trade in arms, but this was settled last week, as Republic," and added: "German Nationalists sat on
noted in our issue of Jan. 29 on page 554. The con- the Ministerial benches in the Reichstag this afterclusion of the work is reported to have .stirred all noon as the Chancellor, Dr. Wilhelm Marx, outlining
Germany, "but the joy over the termination of the the new 'blue and black' Cabinet's policy, delivered a
functioning of the Inter-Allied Military Control confession of faith in Germany's republican instituCommission," says the Berlin correspondent of the tions in the name of his colleagues. From to-day on,
New York "Herald Tribune" on Feb. 1, "which for the Republic stands recognized by every big party in
eight years has been annoying and visible evidence this country as the representative Government of
to the German people of their national humiliation, Germany. The grim and unsmiling Nationalists sat
is somewhat sobered by the reflection that this devel- in their places as Chancellor Marx announced further
opment is only one step on the road back to a position that his Government would continue the foreign
of equality in the family of nations." Both the policies hitherto pursued by Foreign Minister Gustav
Democratic and Nationalist press are said to em- Stresemann—Locarno, the League of Nations and
phasize this point. The Democratic "Berliner Thoiry—that the prime object of foreign policy would
Tageblatt" rejoices that in the end of Allied control be to obtain the liberation of the Rhineland and that
vanishes the "spirit that contributed to the poisoning the Reichswehr would lie taken out of politics, its
of the relations between two great peoples." The connection with secret monarchist bands cut and the
junker organ, the "Deutsche Tageszeitung," in monarchist propagandists within its ranks weeded
grudgingly expressing its gratification, says that "in out. Apart from its Locarno policy, Dr. Marx progeneral satisfaction over liberation from this yoke claimed that the new Cabinet would continue to
comes the galling thought that Germany is the only strengthen the friendly ties existing with other
member of the Council of the League of Nations nations, 'especially our neighbor, Soviet tRussia,
which is subject to arms control by other nations." and the great people of the United States of
As long as foreign troops remain in the occupied America.'"
territory, continues this newspaper, there can be no
The Italian Finance Minister, Count Volpi, has
talk about the equality of Germany in international
politics. The same correspondent said that the rendered a report on the lictorar loan to Premier
Control Commission in its eight years of existence Mussolini, the keynote of which, says an Associated
cost Germany about $12,500,000, while millions of Press dispatch of Feb. 2 from Rome, is "success
dollars worth of arms and ammunition were de- beyond all expectations." The total subscribed is
stroyed. A semi-official report is quoted to show 3,150,000,000 lire by 3,000,000 Italians. Sub-
FEB. 5 1927.]
THE CHRONICLE
scriptions made abroad are yet to be received,
"prospective subscribers having until March 31 to
do their bit in helping the Treasury to bring the
lira back to its pre-war level." Count Volpi stated
that 200 subscriptions of more than 100,000 lire,
2,000 of between 50,000 and 100,000 lire, and 5,000
between 25,000 and 50,000 lire were received by the
Treasury. Short-term Treasury bondholders converted 20,353,000 lire into loan certificates. Conversion was compulsory. He also pointed out that
the public debt decreased by 6,824,000,000 lire during
the last six months of 1926 as compared with the
previous six months, but shows an actual increase
of 486,000,000 lire which, Count Volpi predicts,
will be covered by loan subscription from abroad.
The Rome representative of the New York "Times"
cabled on Jan. 28 that the "unexpectedly liberal
response to the Government's appeal for money
was regarded as a popular endorsement of the
Fascist financial policy of revaluation and deflation.
"It is worthy of note," he added, "that during
almost the entire time when subscriptions were
open quotations of the old consolidated loan, which
is in every way similar to the new lictoral loan,
oscillated on the open market between 70 and 80.
The lictoral loan was issued at 87.50. This means
that the Italian public apparently was actuated
solely by patriotic motives in buying from the
Government at a higher price securities identical
to those it might have bought far cheaper in the
open market. The sum raised should be amply
sufficient to meet all demands for discounts which
may be made by Italian industries on the Bank of
Italy."
685
policy of the Government, which would be one of
national union as heretofore."
Spain also continues to have its troubles. The
much discussed National Assembly, which was
expected to mean the beginning of Spain's return to
a modified form of constitutional Government, was
not convoked on Feb. 1, as General Primo de Rivera
the Premier, promised several weeks ago. Instead
of issuing the call for it he published an explanatory
note on Jan. 31, according to the representative of
the New York "Times" at Madrid. A serious crisis
is feared as a result of the delay, despite the Dictator's
claim in his note that "no one believes that convoking
the Assembly is urgent, although all believe it indispensable," for it is "an open secret," says the correspondent, "that relations between the Premier and
King Alfonso are now severely strained, the latter,
until recently, earnestly desiring the convocation of
a representative Assembly as soon as possible."
Many are said to think, however, that the Assembly
would not have been to the King's liking, as it was
expected that not a few of his old supporters would
take advantage of the opportunities it would afford
to declare a preference for a conservative Republic
to a monarchy dominated by militarists. The
Premier's explanatory note said "that it would be
the easiest thing under the sun for him to convoke the
old style constitutional Parliament, then leave the
country, but I prefer to bring on my head the unpopularities of the doctrinaires who have reduced
liberalism to a stiff-jointed affair than to spoil,
through egotism and weakness, a beautiful work
realized by Spanish citizens for the forty months they
they have assisted us in our task of government."
A Lisbon dispatch on Feb. 3 to the New York The note gives no intimation of when the General
"Times" said a part of the garrison at Oporto that intends to summon the Assembly, but the impression
morning revolted but that the majority of the troops is that it will not be for many months.
remained loyal to the Government. It was added
The Lausanne Treaty having failed to pass the
that "martial law which hitherto had been in effect
nominally was to-day ordered stringently enforced." United States Senate, Turkey is now having trouble
A Geneva dispatch to the Associated Press on the in concluding its negotiations with Soviet Russia for
same day said this revolution had been actively a commercial pact. The Constantinople correspondprepared for several months according to informa- ent of the New York "Times" cabled on Feb. 1 that
tion in League of Nations circles, adding: "It is the country was showing restivemess in the matter
understood that opposition to the military dictator- for the negotiations had been in progress for almost
ship of General Cormona, now President, has been two years. Instead of showing signs of ending, it is
steadily growing, fanned by the dissolution of Parlia- declared by the official newspaper, "Hakimieta
ment. . . .Hostility reached its climax when the Millie," that difficulties which are not the fault of
Government sought to negotiate a loan of £12,000,000 the Turkish Government have arisen. The newsabroad. The opposition group protested to the paper asserts that "the Turkish Government throughforeign legations against the granting of such a loan, out the negotiations (with Russia) has maintained a
which would tie up public revenues as a guarantee, most conciliatory attitude and cites as proof the fact
on the ground that the expenditure of the loan would that Turkey has applied to Russian imports the same
be absolutely uncontrolled by the constitutional or- tariff as that enjoyed by countries trading with
gans of the country."
Turkey under provisional commercial treaties. The
Millie adds that the Soviet Government must underA new cabinet was sworn in on Feb. 1 at Belgrade, stand that this conciliatory attitude cannot last
says a dispatch to the New York "Times." It was indefinitely." It is set forth that "one of the chief
the sixth since April and the chances were bright, difficulties which prevents the conclusion of a treaty
the correspondent declared, that Premier Uzonovitch is the Soviet Government's insistence upon a State
would soon be having to form his seventh as the new monopoly of foreign trade. This condition is opposed
ministry has a majority of only three. The dispatch by the Turks, but it is not likely that the Soviet
continues: "Premier Uzonovitch said to-night (Feb. Government will yield, as this is one of the out1) that during the budget debate, which will open standing points of its foreign policy." A Central
soon, the Government would reply to all of the news cable from London on Feb. 4, said: "The
questions which have been agitating the country. Angora government has resolved, despite rejection
This is taken to mean that the Italo-Albanian situa- of the Lausanne treaty by the United States Senate,
tion will receive a thorough airing. The Premier de- to continue provisional commercial agreement expirdared that there would be no change in the basic ing on Feb. 8."
686
THE CHRONICLE
[VOL. 124.
The Mexican question remained in statu quo all dame. "Here the revolutionaries," he added,
week and elicited little or no public interest. All "lost many in killed and prisoners, 300 rifles and two
the developments had to do with the administration machine guns. These armaments were similar to
of the petroleum law and the regulations under it. others used by the revolutionaries, which are being
The Department of Industry of the Mexican Gov- brought from Mexico and landed in Costa Rican
ernment in charge of this work, according to a territory, supposedly with the permission of Costa
Mexico City dispatch to the New York "Times" Rican Government officials."
on Feb. 2, "has issued a new order, under which
General Zapata a few days later was reported capdrilling operations begun before Jan. 10 by oil tured. Sacasa fared badly also in another way. He
companies that have not complied with the law may was informed by Washington through representatives
be continued. Up to now the Department has been calling on him at his headquarters at Puerto Cabezas,
cancelling permits issued for work begun before that Nicaragua, that as it is against the policy of the
date. The latest order will give the companies an op- United States to recognize governments that obtain
portunity to complete several wells. The original control by force he could not expect recognition by
ruling of the Department, which caused suspension this country even in the event of the success of his arms.
of work on many wells, created considerable hardRejected last week by the Assembly of Panama,
ship for the companies." The Associated Press
advices from the Mexican capital the same day were as the reported discussions in that body seemed
as follows: "Further assurances came from the to indicate would be the case, the Panama-American
Department of Industry, Commerce and Labor treaty is to be the subject of efforts on the part
to-day that the Government had no thought of of that Republic for new negotiations with the
confiscating oil property held by foreigners." Three United States. The Washington correspondent of
district courts in Mexico City that day, however, the New York "Journal of Commerce" on Jan. 30
it was stated, announced rejection of 31 applications telegraphed that that was the interpretation put
by foreign oil companies for arnparos, or blanket by .the Panama Legation there on a speech by the
injunctions, against the new petroleum law, while President of Panama. The State Department, howthe Turman District Court has already granted ever, the correspondent added, was not in a "conwhat is described as a "definite ampario" to two ciliatory" mood regarding renewal of negotiations.
companies, which has been considered equivalent He also said it was rumored that officials of the
to a permanent injunction restraining application War and Navy Departments were seriously conof the petroleum law until the Supreme Court renders cerned for "the military clauses of the treaty are
final decision. The Government on Feb. 2 an- considered essential for a defense of the Panama
nounced that the revolutionary uprising in Mexico Canal, and reports from Panama indicate that
had ended, at the same time promising amnesty to these clauses have been especially singled out for
such remnants of rebel bands as might surrender criticism by the Assembly. A new formula must
unconditionally.
be found, and found immediately, it is felt in military
circles, if the military interests of the United States
Both .ides in Nicaragua reported "important" are to be preserved without wounding the susceptivictories during the week with Dr. Juan B. Sacasa, bilities of the Panaman public." Discussing the
head of the revolutionary forces (the Liberals), sup- matter further the "Journal of Commerce" correplementing his claims with a statement to the Asso- spondent continued: "The State Department's atticiated Press on Feb. 1 that the Conservative Gov- tude is not known beyond Secretary of State Kelernment of President Adolfo Diaz "would not exist logg's assertion to-day that the 'treaty is largely for
long but for its support by the American marines," the benefit of Panama,' and his flat denial of the
and saying: "I would like Americans to know the report that the seeming rejection is in any way
following facts: Diaz does not control the country. concerned with the treaty's military phases. To be
On the contrary the defeats which the Liberals have exact, the Secretary said that the Panaman Asinflicted on Diaz's forces are decisive. My forces sembly's action is concerned only 'with minor
would control the country if the marines were not points and it does not touch on the military aspect.'
engaged in military operations against us and if From all of this it is gathered that the Department
we were not suffering from the effects of a severe is not in a conciliatory mood regarding renewal of
blockade preventing the transport of provisions, even negotiations. It indicated before that no further
Red Cross supplies, to our armies, and if the marines compromise was possible. Its attitude apparently
did not occupy towns which we are about to capture. remains unmodified, which in view of the action
Should the marines suspend hostilities against the of the Panama Legislature, means a deadlock."
Liberals the Diaz Government could not last."
Declaring that he had no animosity towards the
The Third Internationale is reported in a Moscow
American Government and had never obstructed the dispatch of Jan. 30 to the Associated Press to have
policy of the United States, he affirmed he would had another outburst and issued a "bitter" tirade
never be "an obstacle to a real, honorable peace" against the United States. This country, it says,
but all the facts in the case, he argued, clearly proved wants to choke Nicaragua and subdue all the little
the "impossibility of a peace based on Diaz in the countries of Central America and transform Latin
presidency." The American marines were said to be America into an American colony." The proclamaonly "delaying" the "decisive triumph" of the Lib- tion was addressed to "the workers and peasants of
erals. Cabling from the Nicaraguan capital on the the oppressed nation of the world." It accuses
same day the correspondent of the New York "Herald American capitalists of "exploiting the Latin AmeriTribune" reported a rout of "strong" revolutionary can countries, robbing the people of their independforces Commanded by General Zapata at the town ence and gradually edging out England from those
of Rivas after a fight lasting six or seven hours and countries, seizing all their natural wealth, industries
the defeat of another revolutionary force at Ni- and transports."
FEB. 51927.]
T-FrP,
CHRONICLE
By military threats the United States, the Internationale declares, is trying to frighten Mexico into
giving American capitalists control of Mexico's rich
oil fields. The proletariat everywhere is asked to
rally in support of the people of Latin-America to
save them from what it calls enslavement. "American
imperialism is becoming bolder and cruder in trying
to colonize the whole of Latin America" it avers.
"Since its foundation the Third .Internationale has
proclaimed the necessity of war against the insolent
and mightiest capitalist regime and imperialism of the
United States. Every fight of an oppressed nation
against imperialistic power will find the support of
the Internationale. The Third Internationale invites
all anti-imperialistic forces to support the people of
Nicaragua in their struggle against the base designs of
American imperialism."
No separate currency is recommended for Ireland
by the commission headed by H. Parker Willis,
which has given the financial structure of the Irish
Free State a thorough overhauling. The report of
this committee has just been published in Dublin,
says a copyright dispatch to the New York "Evening
Post" dated Jan. 29. It urges that the currency be
anchored to that of Great Britain. "This will not
prevent the Free State Government from proceeding
with its issue of a national token coinage, the value of
which wi I be strictly related to that of the British
pound sterling," the correspondent said,summarizing
the document. A specie. issue of Free State currency
to replace notes now issued by certain Irish banks and
also British Treasury notes, however, is suggested by
the commission. These notes, it is said, would be
controlled by a commission appointed jointly by the
Government and the banks and would be backed
partly by gold and partly by other securities to keep
their value at par. Another important question
considered by the commission,it is added, was placing
of the Government funds. "Hitherto practically all
the Government's banking has been done with the
Bank of Ireland, an arrangement inherited from the
days of the British regime, but now other banks assert
they are entitled to a share of the business. The majority of the commission adopted this view, but there
is a minority report signed by the Bank of Ireland
and Government representatives which favors continuance of the present system. As unanimity was
impossible, the commission declined to make a definite recommendation and suggested that the decision
was one for the Minister of Finance." The commission also decided, it is further stated, that "the
present banking facilities for farmers were insufficient
and recommended the establishment of an agricultural credit bank which would advance money to
farmers for longer periods and at lower rates than
those which ordinary banks can offer, the capital of
the new bank to be offered for public subscription on a
Government guarantee and the loans to be made
mainly through eo-operative societies for the improvement of lands and purchase of cattle." .Moreover,
the commission, with a view to the development of
manufactures, recommended a special issue of bonds
totaling a million pounds sterling to be "available for
the establishment or extension of factories, this being
in addition to a million which the Government has
already arranged to provide for the purpose."
687
rate from 63/ to 51A%. The Austrian Bank, which
on Jan. 18 reduced its rate from 7% to
further
reduced to 6% yesterday. Aside from these changes
official discount rates at leading European centres
continue to be quoted at 7% in Italy; 63/2% in Belgium; 5
in Denmark; 5% in London, Berlin and
Madrid; 43'% in Sweden and Norway, and 332% in
Holland and Switzerland. In London the open mar-.
ket discount rates remained steady with short bills.
at 4M@4 3-16%, against 4 3-16@431.% last week,.
/
3%,unchanged. Money
and three months' bills at 41
on call at the British centre was lower, closing at
33
4%, which compares with 43.1% a week ago. At
Paris open market discounts continue to be quoted
at 5%, but at Switzerland there has been a decline
to 27
4%, against 33% last week.
As was the case last week, the Bank of England in
its usual weekly statement showed a further loss in
gold-012,408. Gold holdings are now £151,032,135,
as against £144,513,107 last year and £128,573,186
in 1925 (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). Reserve of
gold and notes in the banking department declined
£1,200,000 as a result of the expansion of £888,000
in note circulation, while the proportion of reserve to
liabilities fell to 27.09% from 29.22%; two weeks
ago the ratio of reserve was 27.58% and a year ago
183%. Public deposits fell off £4,197,000, but
"other" deposits increased £5,412,000. Loans on
Government securities expanded £758,000 and loans
on "other" securities £1,710,000. The total of note
circulation now stands at £137,937,000, as compared
with £141,954,160 in 1926 and £125,464,780 a year
earlier. The Bank's official discount rate was left
unchanged at 5%. We append herewith detailed
comparisons of the principal items of the Bank of
England's return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1927.
1926.
1925.
1924.
1923.
Feb. 2.
Feb. 3.
Feb. 4.
Feb. 8.
Feb. 7.
6137.937.000
Circulation
9,537.000
Public deposits
108,189.000
Other deposits
Governm't securities 28,876,000
74,162,000
Other securities_
Reserve notes & coin 32,844,000
Coln and bullion_a151,032,135
Proportion of reserve
27.09%
to liabilities
Bank rate
5%
141,954,160
13,767.508
106.737,142
43.002.247
73,336.225
22.308,947
144,513,107
125,464,780
11,048,724
134,913,063
67.503.461
73,688,034
22,858.406
128,573,186
125.880,870
15,801.191
104,197,950
46.797,032
69,328,478
21,950,308
128,081,178
121,481.100
17,895.285
130,344,618
49,067,299
65,812,176
24,459.719
127,490,819
1835%
5%
1554%
4%
4%
2034%
3%
a Includes, beginning with April 29 1925, £27.000,000 gold Coln and bullion
previously held as security for currency note issues and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 192,5, includes £27,000,000 of Bank
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.
In its statement for the first week of the month the
Bank of France reported an increase of no less than
453,985,900 francs in note circulation, while advances
to the State were reduced 650,000,000 francs to
31,900,000,000 francs. The increase in note circulation this week followed reductions the three previous weeks aggregating over two billion francs.
Total notes in circulation now stand at 52,625,703,580 francs, as against 51,470,932,295 francs and
40,858,675,550 francs in 1926 and 1925, respectively.
The State's indebtedness to the Bank, which now
amounts to 31,900,000,000 francs, as already mentioned, is the lowest figure since the indebtedness of
31,600,000,000 francs in November 1925. Last year
at this date advances stood at 35,100,000,000 francs
Cable advices from Paris on Thursday reported and in 1925 at 21,900,000,000 francs. Following a
that the Bank of France had reduced its discount small decrease last week, gold holdings the present
THE CHRONICLE
688
week gained 3,500 francs and are now up to 5,547,827,750 francs, compared with 5,548,177,436
francs in 1926 and 5,545,597,513 francs the year
previous. Changes in the other items were: Silver
holdings increased 212,945 francs, and bills discounted
780,218,023 francs. Advances to trade fell off 57,570,947 francs, Treasury deposits 30,201,811 francs
and general deposits no less than 1,375,257,071
francs. The Bank's discount rate was reduced, as
already stated, on Thursday from 63/2% to 53/2%,
the former rate having been in effect since Dec. 16
1926. Comparisons of the various tiems in this
week's return with the statement of last week and
with corresponding dates in 1926 and 1925 are as
follows:
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold Holdings—
Inc.3,500
In France
Unchanged
Abroad
COMPARATIVE STATEMENT.
Status as of
Feb. 2 1927. Feb. 4 1926. Feb. 5 1925.
Francs.
Francs.
Francs.
3.683,506.843 3.683.856.529 3,681.276.605
1,884,320.907 1,864,320.907 1,864.320.907
3,500
Ino,
Total
212,945
Inc.
Silver
Bills dlocounted-Ino. 780,218.023
Trade advanees-Dee. 57.570,947
Note circulation-Inc. 453.985,900
Tress. deposits—Dec. 30,201.811
Goa. deposits—Dec. 1,375,257.071
AdvanoetoStateDeo. 650,000,000
5,547,827.750
341,571.131
4,373,347.737
2,001.509,850
52,625,703,580
11,316,788
4,549.121.204
31.900,000,000
5,548,177,436
324.727,230
4,354,556.306
2,487,238.090
51,470,932.295
30.791,566
3.100.097.845
35.100.000.000
6,545,597,513
304,787.127
6,301,187.299
2.937.905,346
40,858.675.550
9.284,315
2,006.475.554
21,900,000,000
The Reichsbank in its return for the fourth week
of the month showed an expansion of 432,884,000
marks in note circulation. Daily maturity obligations, on the other hand, decreased 510,406,000 marks
and "other" liabilities 2,796,000 marks. Total note
circulation now amounts to 3,409,616,000 marks,
as against 2,648,809,000 marks the same time last
year and 1,901,255,000 marks in 1925. The majority of the items on the asset side of the account
recorded decreases. Reserve in foreign currencies
fell off 80,368,000 marks and notes on other banks
13,152,000 marks. Silver and other coins showed a
loss of 6,943,000 marks and investment 754,000
marks. Gold holdings were reduced 56,000 marks
and "other" assets 86,381,000 marks. Bills of exchange and checks increased 80,368,000 marks and
advances rose 72,005,000 marks. Gold and bullion
holdings now aggregate 1,834,661,000 marks, as compared with 1,254,995,000 marks in 1926 and 834,231,000 marks the previous year. Below we give
a detailed comparative statement back to 1925:
REICRSBANICEI COMPARATIVE STATEMENT.
Changes for Week. Jan. 29 1927. Jan. 30 1926. Jan. 311925.
ReicAsmarks. Retehsinarks. Reichsmark&
Reich:marks.
Assets—
Dec.
56,000 1,834,661,000 1,254,995,000 834.231.000
Gold and bullion
122,420,000 142,981,000 198,653.000
Unchanged
Of which depos. abr'd_
Res've In foreign curr_Dec. 80,368,000 421,082,000 418,331,000 278,077.000
Bina of exch.& checka_Inc. 35,331,000 1,415,035,000 1,464,386,000 1,770,733,000
58,546,000
80.253,000
Silver & other coin_ Dec. 6,943,000 126,810,000
13,151.000
8,748,000
6,565,000
Notesonoth.Ger.bka-Dec. 13,152,000
81,703.000
Inc. 72,005,000
10,885,000
Advances
81,618,000
Dec
754,000
Investments
88,884,000 233,596,000 110,077,000
Dec 86,381,000 570,194,000 608,695,000 1,506,634,000
Other assets
IAabfWles—
Notts in circulationInc. 432,884,000 3,409,616,000 2,648,809,000 1,901,255,000
Oth.dally matur.oblig.Dec. 510,406,000 574,566,000 578.724.000 746,780,000
Dec. 2,796,000 200,794,000 543.761,000 1,534,398,000
Other liabilities
Larger rediscounting operations, also heavier open
market purchases, were revealed by the Federal
Reserve Banks in their weekly statements issued
on Thursday afternoon; indicating increased de• mands upon the banks incidental to end-of-the-month
activities. For the System as a whole, rediscounts
of paper secured by Government obligations increased $13,700,000, and of other bills $14,400,000,
making a gain in total bills discounted for the week
of $28,100,000. Holdings of bills bought in the
open market increased $27,200,000. A small decline
[VoL. 124.
in gold reserves, $4,900.,000, was shown. Total
bills and securities (earnings assets) expanded $56,500,000, while deposits gained $52,900,000. In
member bank reserve accounts there was an increase of $50,200,000, but the amount of Federal
Reserve notes in actual circulation decreased $1,900,000. The New York bank reported a loss in
gold of $13,800,000, together with expansion in
rediscounts of Government secured paper of $19,900,000. "Other" bills fell $3,400,000, so that
total bills discounted moved up $16,500,000. Substantial increases were registered in all of the following
items: $32,900,000 in open market purchases;
$49,400,000 in total bills and securities and $23,000,000 in deposits. Member bank reserve accounts
were larger by $14,600,000, and the amount of
Federal Reserve notes in actual circulation increasd
$11,200,000. Expansion in deposits and shrinkage
in gold holdings combined to bring about a reduction
in the reserve ratios. For the banks as a group,
the ratio of reserve declined 1.1% to 78.5%, while
at New York there was a loss of 3.5% to 8.5%.
Last Saturday's statement of the New York Clearing House banks and trust companies showed the
effect of diminished borrowing at the Federal Reserve
Bank. The previous week's surplus reserved was
completely wiped out and instead a deficit of more
than $15,000,000 appeared. Loans increased $60,742,000. Net demand deposits were reduced $25,049,000 to $4,388,301,000, which is exclusive of
Government deposits.to the amount of $29,168,000;
while time deposits 'expanded $29,021,000 to $687,969,000. Cash in own vaults declined $126,000 to
$43,664,000, which, however, does not count as
reserve. Unusually large changes occurred in reserves in own vaults of State banks and trust companies and those kept in other depositories, namely,
expansion of $3,608,000 in the former and a drop of
$1,585,000 in the latter. Member banks drew down
their reserves in the Federal institution to the extent
of no less than $61,864,000, and this is responsible
for a loss in surplus reserve aggregating $55,548,390,
eliminating last week's excess reserves of $39,601,140
and leaving in its stead a deficit of $15,947,250.
The above figures for surplus are on the basis of
legal reserve requirements of 13%, against demand
deposits of member banks of the Federal Reserve,
but not including $43,664,000 cash in vault held by
these members on Saturday hat.
Notwithstanding the large deficit in legal reserves
shown in last Saturday's Clearing House statement,
call money opened the week easy and unchanged at
4% and reamined at that level throughout the
week. Considerable business was reported at 3%
in the so-called outside market. Time money
reflected the abundance of loanable funds with a
0 on Tuesday and a
concession from 43/b to 4 87
business at 43.i% on
short-date
of
small amount
dull the rest
remained
funds
Time
Wednesday.
all
for
432%
to
maturities.
at
The
week
of the
43è
Reserve Bank made no change in its 4% rate.
Another decrease, namely $38,232,000, was reported this week in the total of brokers' loans; and
to the French shipments of gold, now approximately
$20,000,000 for the year to date, was added announcement of a consignment of $3,150,000 from
London. The offerings of new securities continued
on an increased scale.
FEB. 5 1927.]
THE CHRONICLE
689
With regard to money rates in detail, loans on call 4 84 7-16, a loss of Mc. from the low record estabagain ruled at the single rate of 4%,that having been lished a short time ago. Irregular movements
the only rate named during the entire business period occurred at frequent intervals; so that the quotation
843/i
from Monday to Friday. Plethora of loanable veered from 4 843/ to 4 84 9-16, down to 4
figure
closing
the
with
9-16,
84
4
to
back
funds, with lack of demand, was given as the cause for again, then
4 84 7-16. Developments in the Chinese crisis have
this unusual showing.
and
been far from favorable and the whole situation is
noted,
was
In time money also a general easing
grave concern. While this, of course, has
with
occurred,
causing
before the close of the week declines
%;
prime factor in reducing rates, the imthe
been
against
4%,
at
4/@432
sixty-day money quoted
4%; four mediate cause, in the opinion of traders, has been
ninety days at 498%, against 4%@41
/%, and five and the unexpected easing in monetary conditions in
months at 49s@4M%, against 41
in New
six months at 43%, unchanged. Trading WaS in- London, as compared with those existing
money
London
in
strength
ago
active with offerings of funds plentiful and large bor- York. A few weeks
tofunds
of
movement
general
a
rowers still out of the market. No large trades were rates resulted in
of
outbreak
the
With
centre.
British
wards the
reported.
unsettling
consequent
a
and
East
Far
the
in
and
trouble
Mercantile paper shared in the general easing
four to six months' names of choice character were of confidence in English financial circles,, a reverse
lowered to 3%@4%, as compared with 4@43%, movement was soon on foot and American bankers
while names not so well known now require 43.1%,as commenced to recall their balances. Announcement
compared with 43/2%, the previous figure. A good of a small engagement of gold from London at once
demand was noted with offerings quickly absorbed revived talk of a probable outflow of the precious
by both local and out-of-town bfinks. Supplies of metal in this direction. As far as could be learned
prime names, however, continue light. New Eng- the shipment which was for account of Kuhn, Loeb
land mill paper and the shorter choice names are now & Co., was in the nature of a special transaction for
the accommodation of a customer, but it was stated
4%,against 4%.
passing at 33
Banks' and bankers' acceptances were dull but that the purchase was made possible by the decline
easier with a decline of about M of 1% in open market in sterling at the same time that open market prices
quotations for 30-day maturities. Out-of-town in- for gold were lowered. At present, it is true, that
stitutions were the principal buyers but offerings were sterling is slightly above the point at which gold could
not large and the volume of business traneacted was be shipped at a profit and bankers claim that similar
limited. For call loans against bankers' acceptances, transactions are likely to be of infrequent occurrences.
the posted rate of the American Acceptance Council That the Bank of England will lower its discount rate
4%. The Acceptance Council makes at this time is considered very unlikely; at least unless
remains at 33
the discount rate on prime bankers' acceptances the New York Reserve Bank should also take action
eligible for purchase by the Federal Reserve banks in this respect. The continued ease in sterling values
4% asked for bills running 30 days, will probably preclude such action. From the view3% bid and 35
3% bid and VA% asked for point of Great Britain, an outflow of gold to the
/
60 days and 90 days, 37
120 days, and 4% bid and 378% asked for 150 days United States would be undesirable in the extreme,
more especially as the Bank of England is losing gold
and 180 days. Open market quotations follow:
to several of the Continental countries.
steadily
SPOT DELIVERY.
30 Days
60 Days.
90 Days.
were at the lowest for the week, due
rates
Closing
334io834
3344!
Prime eligible bills
354•1 334
to particularly liberal offering of bills. As a matter
DELIVERY WITHIN THIRTY DAYS.
834 bld
Eligible xnemerbanks
so persistent as to arouse
3)4 bid of fact the selling has been
EU4yu4nember banks
discussion in financial circles.
As to the day-to-day rates, sterling exchange on
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule Saturday last was easier and demand declined fracof rates now in effect for the various classes of paper tionally, to 4 843'ig4 84 9-16 and cable transfers
to 4 85@4 85 1-16; offering of sterling bills conat the different Reserve banks:
tinues liberal in volume. On Monday further easing
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
FEB. 4 1927.
in values sent prices down an additional fraction
to 4 84 7-16@4 84 17-32 for demand and 4 84 15-16
Paper Maturing-@,4 85 1-32 for cable transfers. Slightly heavier
After 90 After 0
Days, but b t
market
Within 6 Within 9 buying caused a better feeling in the sterling
Within 90 Days.
kforsths. Months.
FEDERAL RESERVE
2(4
843/
4
back
to
moved
demand
and
on
Tuesday
BANK.
Conercial Secured
Agriel & by U. S. Bankers' Trade Agricul.• Agricull 4 84 9-16 with cable transfers at 4 85@4 85 1-16.
Accepand
and
Lisestock Gorern't AccepPaper. Obllya- lances. lances. Livestock Livestock Wednesday's market was quiet but fairly steady;
Paper. Paper. I
lions.
n.e.s.
demand bills ruled all day at 4 84 17-32 and cable
4
4
4
4
4
4
Boston
4
4
4
4
4
at 4 85 1-32. Renewed selling was re4
transfers
New York
4
4
4
4
4
4
Philadelphia
4
4
4
4
4
for
4
sponsible
Cleveland
weakness in undertone on Thursday;
4
4
4
4
4
4
Richmond
4
4
4
4
4
4
Atlanta
but
were not changed from
actual
quotations
4
4
4
4
4
4
Chicago
4
4
4
4
4
4
St. Louts
84
4
for
17-32
demand and 4 85 1-32 for cable
4
4
4
4
4
4
Minneapolis
4
4
4
4
4
4
Kansas City
On
transfers.
the market was irregular and
Friday
4
4
4
4
4
4
Dallas
4
4
4
4
4
4
Ban Francisco
weak and demand sold off to 4 84 7-16@4 843/2,
•Including bankers' acceptances drawn for an agricultural purpose and secured
able transfers to 4 84 15-16@4 85. Closing quoby warehouse receipts, dm.
tations were 4 84 7-16 for demand and 4 84 15-16
be for cable transfers. Commercial sight bills finished
The sterling exchange market continue
dominated by the same set of influences which were at 4 84 5-16, sixty days 4 80 5-16, ninety days
at work last week, and further recession in the price 4 78 3-16, documents for payment (sixty days)
level had the effect of sending quoted rates for 4 80 9-16 and seven-day grain bills at 4 84 1-16.
demand bills down to a new low for the year, namely, Cotton and grain for payment closed at 4 84 5-16.
690
THE CHRONICLE
Gold engagements were reported this week from
England and also another consignment from France.
The latter totaled approximately $6,250,000, which
makes the fourth shipment of gold from France
since the second week of January and brings the
total shipped up to $20,650,000. Messrs. Kuhn,
Loeb & Co. have engaged $3,000,000 South African
gold purchased in the open market, to arrive via
the Olympic, while the International Acceptance
Bank is expecting a shipment of £150,000 incidental
to a commercial transaction. The Bank of England
reports sales of £9,000 in gold sovereigns and exports
of about £220,000 to Spain, Indian and Holland.
The Japanese Government is shipping $2,000,000
gold on the Tayama to San Francisco.
[voL. 124.
against 3.94, and commercial sight bills at 3.9114,
against 3.92 last week. Closing rates on Antwerp
beglas were 13.90 for checks and 13.91 for cable
transfers. This compares with 13.90 and 13.91 the
previous week. Reichsmarks finished at 23.69 for
checks and 23.70 for cable transfers (unchanged.
Austrian schillings have not been changed from
143/
s. Italian lire closed at 4.27 for bankers' sight
bills and 4.28 for cable transfers, as against 4.28
and 4.29 a week earlier. Exchange on Czechoslovakia
finished the week at 2.969g (unchanged); on Buchrest there was a rise to 0.564, against 0.54; on
Poland at 11.50 (unchanged), and on Finland at
2.523/
2 (unchanged). Greek exchange closed at
1.30 for checks and 1.31 for cable transfers. A
week ago the close was 1.303/i and 1.313/
2.
1".ITZT"
Continental exchange for the time being appeared
to have been relegated to second place, with the posIn the neutrals, or so-called smaller Continental
sible exception of pesetas, which are still in the hands exchanges, there is very little in the way,of real news
of a powerful speculative clique. Changes in mone- to report. Guilders were quiet and slightly easier
tary conditions in the London and New York markets; though finishing at a small net advance. Swiss
possibility of important movement of gold, as well as francs slipped off. to 19.2234 for a time. Danish
the serious Chinese-British crisis, all combined to and Swedish currencies remain steady and virtually
turn attention to sterling instead of, as has been the unchanged, all on narrow, featureless trading.
case for so many weeks past, to the major European Spanish pesetas repeated their performance of recent
currencies. French francs dipped a little, another weeks and were again active, excited and higher,
M point, to 3.923 for checks, but in the main the registering sudden and violent price changes. Europe
market showed signs of active support. According as usual led the way and heavy speculative buying
to French traders, the recent slight but steady lower- sent the quotation skyrocketing to 16.89, a gain of
ing in the value of the franc has been due to the policy 35 points from the close of last week and still another
of the French authorities in permitting somewhat new high record. Sharp up and down movements
freer movements in quotations for the express purpose occurred at frequent intervals as a result of profit
of ascertaining actual current values. That the taking both here and abroad and the price ranged as
Bank of France is still actively in control there is much as 15 points in a single day, the close was weak
little reason to doubt, but the opinion is put forth at 16.60. With the pesetas ruling well above 16, it
that declines have been allowed for encouraged or the will be easily possible for Spanish importers to draw
purpose of advantageously transferring to francs cer- gold from England and small shipments have contain loans made previously in foreign currencies, such tinued during the week. Norwegian krone, though
as guilders and Swiss francs. Be this as it may, the not particularly active, continue to move eratically.
market was a trifle nervous at times and offerings of
Sight bills on Amsterdam finished at 39.9814,
30-day franc futures were plantiful at a discount of against 39.95; cable transfers at 39.993/
4, against
$.0002 below spot, which compares with a discount 39.96, and commercial sight bills at 39.9734, against
of only $.00013/
2 in the early part of the week. Bel- 39.94 a week ago. Swiss francs closed the week at
gian exchange ruled a trifle easier, though rallying 19.223/ for bankers' sight bills and at 19.233/i for
before the close to 13.90. It is interesting to observe cable transfers. This compares with 19.233/ and
that predictions made when the belga was first 19.243/i the previous week. Copenhagen checks
floated to the effect that this new unit would in time finished at 26.64 and cable transfers at 26.65, against
completely replace the franc, are proving well • 26.633/ and 26.643/
2. Checks on Sweden closed at
founded. Some days ago it was officially announced 26.68 and cable transfers at 26.69, against 26.67 and
that the Bank of Belgium contemplated the issuance 26.68, while checks on Norway finished at 25.69
ofinew notes denominated in belgas and francs, with and 25.70 for cable remittances, in comparison with
small denominations in francs and large in belgas; 25.75 and 25.76 the week before. Spanish exchange
which is to say, that the belga has at last become the closed at 16.60 for checks and at 16.61 for cable
unit in use for internal as well as external accounts. transfers, as contrasted with 16.54 and 16.55 a week
In all probability the time will come when the franc earlier.
will be regarded and utilized as a subsidiary unit,
equal in value to about one-fifth of the belga.
South American exchange was neglected and prices
Italian lire trended downward in sympathy with moved narrowly on a small volume of transactions.
the remainder of the list, but moved quietly within Argentine pesos ruled easier but steadied and finished
narrow limits-4.28 to 4.25-on a small volume of up at 41.49 for checks and at 41.54 for cable transfers
trading. Reichsmarks remain fixed at the low against 41.35 and 41.40. Brazilian milreis were
level of 23.69 recently established. Greek drachmae slightly easier, closing at 11.80 for checks and at
were strong and slightly higher. In the minor 11.85 for cable transfers, which compares with 11.87
Central European group price changes were in- and 11.92 the preceding week. Chilean exchange was
consequential except Rumania lei, ,which closed easy and finished at 11.95, against 11.96, though
Peru was strong at 3 69, against 3 68 a week ago.
sharply up, and trading dull and neglected.
While attention continues to be concentrated on
The London check rate on Paris closed at 123.32,
as compared with 123.05 a week ago. In New the Far Eastern exchanges, price changes were not
York sight bills on the French centre finished at particularly important this week. The silver cur3.9234, against 3.93;Icableltransfer8 at 3.9334, rencies, so-called, were very strong as a result of
=••=••••••••=1•
THE CHRONICLE
FEB. 5 1927.]
activities in the silver metal market. It is understood that attempts have been made in China to take
advantage of an enormous sleeping short interest,
and that as a result the price of bar silver shot up more
than 2c. Japanese yen failed to reflect news that
more gold is coming from Japan. The quotation
however, was well maintained. The Indian currencies also remained stable, at close to the levels of
the previous week, regardless of the fact that short
covering operations in the Indian bazaars have
advanced the price of silver sharply. Trading has
been more than usually active, and the reason assigned
is that of the close approach of the Chinese New Year
and the desire of Indian and Chinese merchants to
have their obligations cleared up before that date.
Hong Kong finished the week at 52 5-16@513/
2,
against 51 1-16@5231; on Shanghai at 67@67
against 64/@64%; Yokohama, 48.85@59 (un
changed); Manila, 49.50@49.60 (unchanged); Singa8@56
(unchanged); Bombay, 36/@
pore, 563/
363/2, against 363/2@36%, and Calcutta, 36%@
363/2, against 363'@36/.
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,
JAN. 29 1927 TO FEB. 4 1927, INCLUSIVE.
Noon Buying Rate for Cable Transfers On New York.
Value in United States Money.
Country and Monetary
Unit.
Febs 18
Feb. 2,
Feb. 3.
Feb. 4.
8
.14085
.1390
.007210
.029617
.2664
$
.14079
.1391
.007235
.029615
.2665
$
.14101
.1390
.007215
.029619
.2665
$
.14093
.1390
.007231
.029617
.2665
4.8501
4.8496
4.8499
.025214 .025198 .025209
.0394
.0394
.0393
.2369
.2369
.2369
.013197 .013188 .013209
.3994
.3995
.3995
.1754
.1752
.1754
.0429
.0426
.0427
.2584
.2585
.2583
.1136
.1131
.1139
.0512
.0511
.0512
.005368 .005381 .005400
.1670
.1680
.1680
.2668
.2669
.2668
.1923
.1924
.1924
.017592 .017616 .017610
4.8501
.025231
.0393
.2369
.013166
.3997
.1754
.0428
.2575
.1140
.0512
.005465
.1671
.2668
.1923
.017615
4.8493
.025210
.0393
.2370
.013084
.3999
.1753
.0428
.2570
.1132
.0513
.005524
.1656
.2669
.1923
.017608
Jan. 29. Jan. 31.
EUROPE$
Austria, schIlling ....14073
Belgium. belga
1391
Bulgaria, lev
007263
Czechoslovakia, kron 029614
Denmark, krone
2664
England, pound sterling
4.8501
Finland. markka
025206
France. franc
0394
Germany, reichsmark. .2369
Greece, drachma
.013110
Holland, guilder
3995
Hungary, pengo ---- .1753
Italy, lira
0429
Norway, krone
2575
Poland, zloty
1129
Portugal. escudo
.0511
Rumania,leu
005378
Spain. peseta
1656
Sweden,krona
2669
Switzerland, franc_ .1924
Yugoslavia, dinar
.017621
ASIAChina6854
Chefon, tadl
Hankow,tadl
6742
Shanghai, tael
.6539
Tientsin, tadl
6863
Hong Kong, dollar_ .5129
.4759
Mexican dollar
Tientsin or Peiyang,
.4679
dollar
4663
Yuan, dollar
India, rupee
3636
4881
Japan, yen
Singapore(8.8.),dol
.5600
NORTH AMER.
Canada, dollar
998389
.999750
Cuba, peso
471833
Mexico. peso
Newfoundland, dolls .996188
SOUTH AMER.Argentina, paw (gold) .9387
Brazil, milreis
1183
Chile, peso
1201
Uruguay. peso
1 0133
$
.14077
.1390
.007223
.029615
.2664
.6829
.6692
.6973
.6854
.5116
.4731
.6779
.6646
.6468
.6804
.5059
.4713
.6800
.6888
.6523
.6842
.5125
.4735
.6883
.6742
.6586
.6917
.5152
.4806
.6892
.6758
.6568
.6917
.5146
.4800
.4633
.4617
.3634
.4882
.5600
.4583
.4567
.3635
.4882
.5600
.4744
.4719
.3631
.4881
.5600
.4650
.4633
.3827
.4881
.5596
.4650
.4633
.3629
.4881
.5608
.998405
.999688
.471667
.996750
.998419 .998364 .998378 .998424
.999688 1.000500 1.000750 1.000760
.471333 .471500 .471667 .470833
.996250 .996250 .996250 .996250
.9386
.1188
.1201
1.0127
.9391
.1181
.1201
1.0132
.9390
.1182
.1201
1.0126
.9406
.1178
.1201
1.0118
.9422
.1176
.1197
1.0111
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $5,707,106 net in cash as a result of the
currency movements for the week ended Feb. 3.
Their receipts from the interior have aggregated
$6,812,006, while the shipments have reached
$,1,104,900 as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended February 3.
Banks Interior movement
Into
Banks.
16.812.006
Out of
Banks.
Gain or Loss
to Ban*.
11.104.900 Gain
5.707,106
691
As the Sub-Treasury was taken over by the Federal
Reserve Bank on Dec. 6 1920, it is no longer possible
to show the effect of Government operations 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 BANK
AT CLEARING HOUSE.
Tuesday, TVednesd'y, Thursday,
Feb. 2.
Feb. 1.
Feb. 3.
Saturday, Monday,
Jan. 29. Jan. 31.
Friday.
Feb. 4.
Aggregate
for Waft.
76,000,000 93,000,000 100,000000 129,000 000 97,000,000 102,000 000 Cr. 597,000.000
Note.-The foregoing heavy credits reflect 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,
however, 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:
Feb. 4 1926.
Feb. 3 1927.
Banks of
Gold.
England_ - 151,032,135
France a- - 147,340,244
Germany 85,614,850
102,392.000
Spain
45,728.000
Italy
Netberl'ds 34,630,000
Nat. Bela- 17,722,000
Switzerid_ 17,492,000
Sweden_ _ 12,447,000
Denmark. 11,610,000
8,180,000
Norway
Total week 634,188,229
Prey. week 634,461,527
Silver.
I
£
I
Total.
Gold.
Silver.
I
Total.
£
£
£
I
£
151,032.135 144,513,107
144,513,107
13,640,000160,980.244 147,354,251 12,960,000 161.314.281
994,600 50.706,450
c994,600 86,609.450 49,711,850
27,302,000 129,694.000 101,475,00 26,293,000 127,768.000
3,394,000 39,062,000
4,185,000 49,913,000 35,668,00
2.393,000 37,023,000 36,488,000 0,140,000 38,628,000
1,073,000 18,795,000 10,954,000 3,646,000: 14,600,000
3,676,000' 21,566.000
3,050,000 20,542,000 17,890,
I 12,447,000 12,778,00
I 12.778,000
752,000 12,378,000
838.006 12,448,000 11,626,000
I 8,180,000 8,180.000
I 8,180,000
Si
53,475.600687,663,829 576,638,21 63,855,600630,493,818
53.080,600687.542.127576,401.59 53,690;600630,092,197
a Gold holdings of the Bank of Prance this year are exclusive of £74,572,866
held abroad. b Gold holdings of the Bank of Germany this year are exclusive
of .C6,121,000 held abroad. c As of Oct. 7 1924.
The End of Allied Military Control in Germany.
Another of the punitive provisions of the Treaty of
Versailles was relegated to the historical lumber-room
on Tuesday, when the one-time Allies gave up their
long attempt to control the military armament of
Germany, and the Allied Commission of Control left
Berlin. In place of the Commission, the League of
Nations is henceforth to undertake the task of seeing
to it that the German army does not exceed the limits
prescribed by the treaty, and that the other conditions which have just been agreed to are observed.
An agreement to do in principle what has now been
done in fact was reached at Geneva last December,
but it was not until the last minute, on the eve of
what would otherwise have been an automatic transfer of the whole matter to the Council of the League,
that the definitive settlement was accomplished.
As announced by the Council of Ambassadors at
Paris, that anomalous and extra-legal body which,
for some reason, still continues on occasion to represent the former Allied Governments, the agreement
appears to fall into three parts. The first relates to
the size of the German army. Nominally, the agreement assumes that the army of the Reich will continue to be limited to 100,000 men, the number
hitherto prescribed. Actually, it is more or less a
matter of common knowledge in Allied military circles
that the number of effectives, counting police and
other organizations not technically a part of the
regular army, is from 200,000 to 300,000, and that
the annual cost of the military establishment is out
of proportion to the small number of men nominally
under arms. Since Marshal Foch, however, is reported to be satisfied that the terms of the treaty
have been complied with, the Council of Ambassadors
could not well do less than accept his opinion. What
the agreement means at this point, of course, is that
692
THE CHRONICLE
[VoL. 124
the Allies have been compelled to acquiesce in an ment and people of the Reich. The drastic penalties
evasion of the strict requirements of the treaty, for imposed by the Peace Conference have been shown by
the simple reason that enforcement of the treaty time to be unwise and impracticable. That they
limitations has been proved impossible. With a rela- have remained even nominally in force as long as they
tively large standing army in every country that have is doubtless due, in considerable measure, to
touches the German border, it was out of the question Germany itself. Galled and chagrined by the presto think of permanently holding the Reich, the largest ence of a Commission whose every act was a reminder
country on the Continent outside of Russia, to an of humiliating defeat and Allied distrust, more than
army of only 100,000, and the Allied Governments one German Government has connived at the evasion
have shown their good sense by agreeing to accept of the treaty requirements, and this notwithstanding
Germany's compliance with the spirit of the Ver- that the allegations, rumors and suspicions to which
sailles treaty, and tacitly ignoring the letter.
such evasions gave rise could have no other effect
In the second place, Germany is reported to have than to postpone the day when Germany should be
agreed to demolish, within four months from Feb. 25, free. The Nationalist following, strong in agitation
thirty-four of the eighty-five "shelters" or fortified if not in voting power, has been particularly active in
places on the eastern frontier, and to erect no more fomenting opposition to the Versailles Treaty and
such fortifications in the eastern region. The prac- urging a more or less open repudiation of its restrictical effect of the arrangement is to create a demili- tions, and more than one other party has appeared at
tarized zone on the eastern border of Germany,from times to favor the Nationalist policy.
the Baltic to the Rhine, without fortifications except
The past two years, however, have witnessed great
such as existed there prior to the conclusion of the changes in Germany. The dignified and conciliatory
peace treaty. As Poland and Czechoslovakia have course of President von Hindenburg has done much
from time to time expressed fear of possible German to disarm suspicion of Germany abroad, and has
aggression on their western fronts, the demolition of been a standing rebuke to the critics who have inthe "shelters" should serve to give them greater peace sisted that Germany, if it were given a free hand,
of mind. Here again, however, the agreement is a would soon renew the war. German Chancellors and
compromise, somewhat more than half of the forti- Foreign Ministers have shown themselves as anxious
fications being retained while somewhat less than half to further the cause of peace as have the heads or
are to be levelled.
responsible Ministers of the Allied Governments,
For the rest, the agreement binds the German while the economic recovery of Germany under the
Government to prevent the importation or exporta- Dawes plan has made it less and less possible to
tion of arms, or the manufacture of arms for export, treat Germany as an inferior. The temper of
the
and to regulate strictly the manufacture and sale of Allied Governments, too, has changed. The Premier
arms for domestic use. To this end the Government Poincare of the past few months has been a
very
agrees to see that the necessary laws are enacted by different person from the Poincare who, not so
very
the Reichstag. The agreement does not, apparently, long ago; was sharply questioning the good faith
of
affect the treaty provisions regarding the demili- Germany and setting out to collect reparations in the
tarized areas along the Rhine, or the conditions im- Ruhr with machine guns and bayonets, and the
conposed by the treaty regarding the terms of enlistment ciliatory policy of M. Briand has been applauded
and other details of the German army, nor does it do everywhere. Now, with the Locarno
pacts conaway with what is left of Allied military occupation cluded, and the admission of Germany
to the League
of parts of the Rhine area.
an accomplished fact, the removal of the military
The task of supervision that has now been devolved restraints that have rested upon
Germany has apupon the League of Nations is one which that body parently proved easy of accomplish
ment, and at the
seems ill-fitted to perform, if by supervision is meant very moment, as it happens, when
a new German
any real exercise of authority over the German mili- Government,largely dependent upon
the Nationalists
tary establishment. The League has no machinery for support, comes into power.
at present for exercising military supervision throughIf there be other motives in the transaction beyond
out the whole of Germany,and itis highly improbable what appear on the surface, they will
doubtless be
that, if Germany were disposed to claim still greater revealed by the progress of events. At present,
howliberty of action in the matter of defense, the League ever, it is wiser and more generous to
take the recent
would be able to exert a pressure which the Allies agreement for what it seems to be, a frank
exchange
have found it impossible to keep up. Moreover, of confidence and an equally frank pledge
of mutual
Germany is now a member of the League in good and good faith. It should be easier, also, now
that the
regular standing, with a permanent seat in the Coun- ghost of military aggression has apparently
been laid,
cil, and although it may still be called to account for to dispose of the other and greater burden
that still
the infraction of any treaty or agreement to which it is rests upon Germany, namely, the entire
uncertainty
a party, any attempt to put pressure upon it would regarding the aggregate amount of reparations
that
take on a very different character from that which it is expected to pay. The Dawes plan offers
no
it would have had even a year ago. Since it is solution of that problem, for the Dawes schedule
of
to be assumed that the Allied Governments are fully payments is provisional, and the total of payments is
aware of the limitations of the League and the not even suggested. If the Allies are willing to
leave
essentially political nature of its procedure, the agree- to Germany the observance of the spirit of
the Verment to leave to the League the further oversight of sailles Treaty in the matter of its military establishGermany's military establishment would seem to be ment, subject to such nominal supervision as
the
in effect an admission that, in military matters, out- League of Nations may be able to give, they may well
side control of Germany has virtually ceased to exist. be asked to take up with Germany the question of
Be that as it may, the lifting of the restrictions reparations, and exert themselves to reach an agfeewhich has now been achieved may well give satisfac- ment regarding the total amount to be paid and the
tion to both the Allied Governments and the Govern- length of time over which the payments are to extend.
FEB. 5 1927.]
THE CHRONICLE
Until this issue is disposed of, there will still exist in
Germany an occasion of irritation and political agitation which the recent military settlement will not
remove.
Edison as an Example.
The eightieth birthday of Thomas Alva Edison on
Feb. 11 is an event that will arrest the attention of
the world and bring forth encomiums of respect
and praise wherever the electric light is known.
From humble beginnings as a railway telegrapher,
and even as a "butcher" selling cigars and candy
on the train, he has risen to be one of the most
noted scientists of earth. His inventions are numerous, but he is chiefly known as the wizard
of light. His span of life goes back to the kerosene
lamp and the tallow dip, and he has made and lost
fortunes in the pursuit of his investigations. A
tireless worker, he has referred to the fact that he
has lived two or three ordinary lives measured by
the hours of the working day. and in this he stands
as an example to a social age that is not averse to
shirking work when it may. As we look about us,
as we consider the clamor for an eight-hour day
and a five-day week, it seems a far cry to the time
when on the blackboard of every school was blazoned
the motto, "There is no excellence without great
labor." Yet Edison's life spans that period, and
with it a revolutionary social change that is to
have a profound effect on the future of mankind.
To this man possibly, and probably, there is more
pleasure in pursuit than possession. For no sooner
has his great analytical mind perfected one invention than he turns to another. But his benefactions are not always temperately and wisely
used by the masses and his life's work suggests
the thought that the gifts of the intellect turn to
ashes when they are made to serve us only as the
agencies of irresponsible pleasure.
Prometheus, chained to the rock, the "vultures
at his vitals," for bringing fire from heaven, has no
place in our modern advance. Too often we accept
the gifts of these master minds with little thought
of personal reverence, and with less appreciation of
their value to society at large. If there is nothing
sacred in the hidden truths of science, there is also
nothing sacred in the discoveries by which we are
lifted above the condition of all peoples in all ages.
To bring forth light in darkness is a wizardry that
would have placed Edison among the immortals in
any age of the _world. •But so commonplace has
become electricity in our lives that in our accept-a-nce
we scarcely stop to give honor to the great discoverers. Franklin, flying his kite into the bosom
of a storm-cloud, is a figure to conjure with, but
Edison, Steinmetz, Bell and Marconi, are mere
co-workers in a commercialized society always ready
to receive and exploit, but not entirely willing to
give honor to the patience and toil that bring forth
the inventions that make the last fifty years the
marvel of all time. Perhaps a century will apotheosize these men, but unless there shall come upon
us A devout sense of the worth of the things achieved
for us by "work," we shall not carry forward the
spiritual values so abundantly showered upon us.
Other inventions may be superseded, may be
more and more perfected in their powers of production, but artificial light in its essential nature
and colossal benefits will remain forever. Perhaps
sometime a cold light will be produced, we do not
693
know; it may be that soon a mysterious current
broadcast without wires will set a whole city "aglow
and turn night into day; but the elemental forces
will always remain and the divine sources are inexhaustible. No future Lincoln need ever ruin his
eyesight by reading by the light of a pine knot.
Poor and rich are equal recipients of the genius of
the man who did so much to wrest this secret from
nature and give it to man. That he is modest in
demeanor, meek in spirit, generous in his attitude .
to his fellows, honest in his deductions as to the
ultimate powers that lie behind and outside the
physical world in which we live, is testimony to
the heroic in his character. It is said of him, that,
with his contemporary Burbank, he has been unable
to find the God of the orthodox in nature, but to
all philosophic thought he is himself an example
of the divine working in and through the material.
For these blind forces out of which he conjures
light are themselves unable and have always been
unable to give themselves to the good and glory
of man. It is by this approach to the place that
Mr. Edison must take in history that we can best
appreciate the tireless toil and indefatigable investigation that has brought forth his invention, and by
this procession of our thought we are best able to
appreciate the worth of the benefactions he has
given us.
Many years must elapse, it may be centuries,
before this Bringer of Light will take his rightful
placel,amonehe:great scientific discoverers of history.
As civilizations pass, we can imagine tradition
hanging its veil over much of his life and works:
but the knowledge of this new lamp he has hung
in the citadel of man's progress will still shine to
light the way to better things. When men used
the rush light and the wick soaked in oil, they had
evolved a wondrous philosophy of life and studied
the stars with a devotion we know not of to-day.
But now, in the most intense material age of all
the centuries, light has become our unfailing servant,
perhaps the most priceless possession we have. And
with its earthly immortality will ever be connected
the name of Edison. To a small portable instrument we can carry in the hand, a touch will send
a sudden flashlight into darkness, and to the caves
of the sea, the gloom of the jungle, the night of the
roadway, and the deep shadows of the silent rooms,
become as the day. Others beside Mr. Edison have
had part in the development of this mystery of
electric light, but because of his many improvements and persistent purpose to make it available
for rich and poor alike history will link his name
to the marvel before all others. As we look at the
dome of the Capitol at Washington, gleaming like
alabaster under powerful projectors, we must regard
this new light as one of the wonders of the world.
For in its concentrated glow, here as in the more
sordid street of our cities, light is the painter, painting
out the defects, and giving grace to form and feature,
with impalpable pencils that are dipped in the
fountains of beauty that lie behind the ambitions
and accomplishments of the workaday world. It
is in this form of appreciation that we come closest
to the vision that led this master mind to persist
until he gave physical form and action to the ineffable blessing of light.
There are many characteristics of the man we
must all admire and revere. Mr. Edison is honestminded. He does not pose for the plaudits of his
694
THE CHRONICLE
[VOL. 124.
fellows. Profound of thought, he is simple and
A first hand and graphic account of the countries
sincere in manner. Sometimes at the insistent themselves is found in a recent book of travel by
pressure of the press he is induced to comment on Wallace Thompson of the Hispanic Society of Amermatters that lie outside his own pre-empted province. ica, published by E. P. Dutton & Co. Besides an
And sometimes, as others think, he makes mistakes. intimate picture of the several States, it presents the
But he enters into no controversies, economic, po- essential features common to all in their background,
litical, social or religious. He expresses his opinion, their history, their natural resources, and the disand it ends there. He is a doer. And if he dreams, tinctive traits of the life and thought of the inhabi(and what magnificent dreams they are), he peers tants. The trade winds made the Central American
into scientific realms where few can follow. Take coast the most difect landing place for Columbus in
him for all in all, he is a man,and it is in this solidarity 1502 and that of the Spanish galleons on their adof character that he becomes the great exemplar of venturous way to Mexico at the north and Buenos
work and service. In his workshop and laboratory he Aires at the south. It became the centre of the
is far from the turmoil and the race for fame and Spanish Empire in the West, and the treasures comwealth. Not that he has not essayed the accumula- ing from Peru and Manila passed across Panama.
tion of money, but that it is the by-product of a For three centuries Spain held the world at bay,and
life devoted to experiment, research, and inven- then one hundred years of revolutions shut the new
tion for the good of mankind. Young men in school, States away from Europe and the United States.
college, and university may well gain inspiration After four hundred years, as Mr. Thompson says,
from one who has been steadfast and serene in the Panama has become the crossroads of the world, and
midst of the insatiate quest for personal power and the United States has been drawn into the diplomacy
private gain.
of the world with Central America a centre of political
As the congratulations upon his eightieth birthday and commercial possibilities.
pour in upon him, his heart will be touched with
The five States, while entirely separate and distearful thankfulness. But on the morrow he will tinct, have certain outstanding features common to
go back to work, for such is his life and his religion. all. Except Salvador, all front on both oceans. A
And what finer type of citizen can bless a country? twin range of mountains, the continuation of the
He is comrade to his associates who toil with him, great ranges along the western edge of the Northern
and has never given evidence of false pride in his and Southern continents, traverses the region, supachievements. He is benefactor to his people, and porting high, fertile table lands with temperate cliasks no rewards save the kindly regard of earnest mate,falling off to the Atlantic in broad,rich tropical
men wherever his name is known. If he had lived areas, and in sharper descent to narrower spaces to
in the time of Bacon he would have been feared the Pacific. While the chief cities and the richer
as a disciple of black magic. To-day, happily, he coffee and sugar farms are on the west, all are availis part of a civilization he has himself fostered, and able with fertile soil and abundant water supply for
even the thoughtless pay him homage as they enjoy varied and extensive production. At present coffee,
his inventions. It seems to us, as we join in the bananas and sugar are the most important; but vast
universal tribute upon his anniversary, that the forests of highly valuable timber and a great amount
lesson of his life lies in his singleness of purpose, his of unccupied or imperfectly tilled land awaits settleunceasing industry, and his triumph over obstacles ment. Following the coast from Honduras southand failures. In a lesser way and with a smaller ward, Columbus saw no evidence of wealth until he
natural equipment, we may all emulate his character reached Costa Rica, where the friendly natives wore
and deeds. And as the night of Feb. 11 suddenly rich ornaments of gold, a treasure rare to them. It
glows and gleams with its millions of electric lights was sufficient, however, to turn the Conquistadores
in homes and cities, we may all send our silent wish under Pizarro to Peru in search of it, and to make
for "many happy returns" to Thomas Alva Edison. Costa Rica the chief settlement of the Spanish and
their descendants the great majority, and their influence the dominant feature of Costa Rica to-day.
Central America To-Day.
A great Indian empire had long preceded the SpanBigness has never been a measure of the importance iards in the peninsula. In Guatemala at the north
of States. The group of small States occupying it had built superb cities of elaborately wrought stone,
what may be regarded as the peninsula uniting the with a notable literature and a science in many ways
American continents were unknown before Columbus more accurate and advanced than any in the Europe
and the Spanish Conquest, but they were inhabited of that day, with a social organization which their
in the dista'nt past by races of men whose remains conquerors could destroy but could not excel. To
contain many marks of greatness; their natural re- that section the Spaniards came by heroic effort
sources were ample enough to be the prize in the across the mountains from Mexico and established
epoch-making contest of modern empires, and their themselves by terrible battles of which only legends
geographic position in the West is similar to that of survive. Here was the centre of the great Maya
Egypt, Syria and Turkey in the East as constituting civilization, marked by its ruins in Guatemala, Hona chief gateway in world intercourse. The place they duras and the States of Tobasco, Campeche and
now command in public attention is witness to their Yucatan in Mexico, and which flourished for about
importance and the special relation in which they a thousand years each before and after the beginning
stand to the United States is obvious and inevitable. of the Christian era, having once, it is claimed, a
Up to 1821, when independence was gained, the population of 30,000,000.
whole region was a province of Spain, but soon after
Guatemala is the second largest of the Central
it separated into five States as they now exist, American States, with 2,000,000 inhabitants-42 to
Guatemala, Honduras, Salvador, Nicaragua and the square mile. Three-fourths of these are Indians.
Costa Rica, extending for six hundred miles from the They are the laborers, the chief potential market, the
border of Mexico to Panama.
unthinking soldiers, the support of the Government
FEB. 5 1927.]
THE CHRONICLE
and, in turn, of those who overturn it, as a whole a
book unread by white men still unfolded in the
mysteries of environment and race and history.
Though the State is nominally democratic, the native
laborer has long been kept in a condition of practical
peonage through the need of labor on the great coffee
farms. This is gradually giving way through increasing contact with the outside world, which received a sharp impetus during the European war.
The currency, for a long time paper and fallen from
50 cents to 2 cents, is now stabilized by a new coin at
par of gold. Guatemala is a traditional friend of the
United States. She has railways running from coast
to coast and is the gateway to the southern border
of Mexico; and the American base of Guantanamo, in
Cuba, is but two days distant from the Caribbean
coast, so that her railways to the Pacific ports are of
great importance to the peace of the Americas and of
the Pacific. She is drawn to the United States by
forces of common interest and relationship stronger
than can be expressed in treaties.
Salvador, which lies along the Pacific coast, is both
the smallest and the wealthiest and most settled of
the States. It is established on a gold basis, with
rich fields and abundant labor, with every opportunity for safe investment. Its national bonds are
guaranteed by the corporation of the railway, which
is under American control, and is an important link
in the railway eventually to be the trunk line between
North and South America. With a population of
1,500,000, or 120 to the square mile, mainly agricultural, and land owners, she is a great coffee producer.
Nicaragua just now attracts special interest. It
has 49,000 square miles and 638,000 people, i. e.,
the size of Alabama and of England, with their 23/2
million and 35 million population. Until the construction of the Union Pacific RR.it was the shortest
route to California and the Pacific, and it contains
the "Nicaragua Route" for the next trans-continental
canal. For the privilege .of constructing this the
United States has paid $3,000,000. The Government has always been in the hands of the ruling class
of old families, chiefly Creole, and closely linked in
most cases by ties other than interest with the United
States. From 1912 to 1925, American marines
were at the capital to protect American property
during a revolution, and they were the guaranty of
undisturbed peace. When the Government was reorganized under American advice, the marines were
withdrawn. Then came revolution. This has been
the method throughout Central America since the
Spanish withdrew, and is characteristic of their form
of democracy. When the revolution of 1912 was
started by the Liberals, the United States held them
responsible for the evils that arose, and the marines
were sent in the interest of the Conservatives who had
been in power for thirty-five years. The financial
aid furnished by Americans was wholly friendly and
helpful, and similar loans were sought by all the
States. It was called "Dollar Diplomacy," and is
now stigmatized. Nicaragua welcomed it and it was
successfully established. The loan was to have
been $150,000,000, but the treaty with the United
States failed of ratification, and only $1,500,000
was loaned by bankers to convert the currency and
establish a bank. This has proved adequate. In
1924 the State purchased the bank with funds provided by a careful budget. The marines were withdrawn, and independent government, if not peace,
followed and was supposed to be established. A
695
shrewd native observer said during the "intervention": "The presence of the marines is only an incident in the close and friendly political relations of the
United States with Nicaragua."
The present situation is unfortunate, especially because of the somewhat heated controversy it has
occasioned here; but as we are discussing the situation, not of Nicaragua, but of the Central America
composed by the five States, and our relations have
been uninterruptedly peaceful and friendly for a long
period of years, we can leave the Nicaragua issue in
the hands of the State Department, which has all the
facts, and an amicable adjustment on the spot is
under way. The policy of our Government has long
been settled and understood, as, despite hoWle criticism, absolutely unselfish and friendly. It could be
said with truth that "American good faith is accepted
in Nicaragua more fully than in any other Central
American State, or perhaps in all Latin America."
Central America certainly needs outside aid.
Coffee was introduced in the middle of the Nineteenth
Century and has so far monopolized the field that
food of all kinds has to be imported and in some of
the States at least the excessive infantile mortality
is due to lack of food. Money is scarce and there is
great need of banking facilities. The union of the
five States has long been the political ideal and is the
frequent aim of local revolutions, but it has always
been thwarted by selfish personal aims and there is
little intercourse between the States.
It has always been possible to find here at home a
ready ear for the charge that the shortcomings of
Central America's democracy in achieving its goal
are due in some degree to the lack of policy, the interferences and neglect Of the United States. Certainly
a definite policy is well on the way of being recognized
as established. This has been expressed by the Department of State as follows: "The encouragement
of independent, orderly constitutional government,
enabling these people to stand as equals among the
nations of the earth, enjoying political peace and
economic prosperity."
In 1923 the United States gave formal notice of its
acceptance of the standards for recognition adopted
by the five Central American countries in their own
Treaty of Peace and Amity of that year. The ideal,
at least, of Washington, is "to keep the centre of
Central American politics in Central America, not in
Washington, and to insist that the political responsibility of each country rests on the people of the country." It is an ideal not fully realized, but it can be
hoped that its clear statement and recognition at
one end of the line will lead to an equally satisfactory
and settled recognition at the other.
Federal Farm Loan Board Reduces Interest Rate of
Springfield Land Bank to STo.
A deduction in the interest rate on new loans from
51/
2 to 5% at the Federal Land Bank of Springfield, Mass.,
was announced on Jan. 30 by the Federal Farm Loan
Board. The reduction became effective Feb. 1. The announcement by the board said:
The Federal Farm Loan Board has fixed the interest rate of the
Federal Land Bank of Springfield, Mass., at 5% on new loans on and
after February 1, 1927. The reduction of one-half of one per cent in
the rate on new loans is in keeping with the policy of the officers of
the bank and the board to give to farmer-borrowers the lowest rate of
interest consistent with sound banking and the market for their bonds.
The Federal Land Bank of Springfield serves the First Federal Land
Bank District which is composed of Maine, New Hampshire, Vermont,
Massachusetts, Rhode Island, Connecticut, New York and New Jersey.
Since the bank was established in 1917, it has loaned on farms $50,614,220 to 16,925 farmers.
I
696
[VOL. 124.
THE CHRONICLE
RECORD OF PRICES ON ST. LOUIS STOCK EXCHANGE.
On this and the following page we furnish a complete record of the high and low prices for both stocks
and bonds made on the St. Louis Stock Exchange for each month of the last two years. The compilation
is of course based on actual sales, and covers these and nothing else.
MONTHLY RANGE OF PRICES ON
I926—STOCKS
ST. LOUIS STUCK. LXL:1-1A1ll.r.
rot(
T LAK .LUZO.
November December
August September
April
June
October
March
May
July
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
BANK AND TRUST
$ per share $ per share $ per share 8 per share S per share 8 per share S per share $ per share $ per share 15 per share St per share $ per share
COMPANIES
Par
Boatmen's Bank
100 153 157 160 160 160 16014 --------158 16012 155 156 155 156 158 158 156 15612 155 158 153 105 153 154
Franklin Bank
100 ----------------155 155 157 157
First National Bank
100 228 230 --------230 235 233 233 23112 23312 232 234 235 235 240 240 251 251 245 245 ---- ---- 248 251
Lafayette-South Side Bk 100 ------------------------ 250 260 --------255 255 ----------------290 290
Merchants-Laclede Nat Bk_100 270 270 273 275 ----------------------------------------280 280 ---- ___ ---- ____ ---- ---) 169
Nat Bank of Commerce
014 1634 164 165 164 168 163 166 162 164 160 163
100 155 15812 158 171 160 170 16212 166 167 170
State National Bank
United States Bank
American Trust
100
420 420 415 420 iio 416 423 423
i421
i
411
- 95914426 i6
Mercantile Trust
i41i iii iii ii5 iii 420 420 ii
ii
100410 411
.
Mississippi Valley Trust
100 267 270 275 275 ----------------298 298 --------296 297 298 298 ------------------------ 285 286
.327 327
St Louis Union Trust
100 321 321 321 323 321 321 --------31812320 316 321 321 325 328 330 325 325 325 325 — _ _ _.
Title Guaranty Trust
MISCELLANEOUS
5112 53
53
American Credit Ind
50
49 50
50
50 50
25 53 05
Rights
_ ____ ____ ____ -___ ____ ____ ____ ___ __-American Inv "B"
20 ____ ____ ____ --__ -___ ____ ____ ____ ____ __-_ ____
A S Aloe common
Baer-Sternb-Cohen 1st pfd _100 ---------------- 96 98 - --- ---- --2412 2412
Common
• 2812 2934 28 2812 26 26
Berry Motor
iii -6612 57
55 -iii
Best-Clymer
ii15r4 -61 60 66 .
• 60 61
Boyd-Richardson 1st Pref__100 111 111 ____
_-- -,„-- --- ---- --._ -___ ____ ____
38 39
36 41
38
Boyd-Welsh Shoe common_ * 4112 44
42 -4414 3512 -42
Brown Shoe pref
100 10779 III 108 110 110 110 109 1094 108 109 108
Common
100 141 141
4 33 364 30 34
Common_
30
44 -4412 ii 12-399
Bruce (E L) Co pref
100 11115 10034 100 101 101 1014 ------9914 100
42 4212 40
4112 44
5212 43 51
Common
• 52 5234 52
53
55 55
53 54
5112 5212 55
52 52
--__ ...-- -___ ---- ____ ____ ____ ____ ____ 30c
5412 55
54
50c 40o 500
____ ---- --__ ---_ ____ __-- ____ 33 334 32 33% 33 33,9
--------5
--- ---- --- -- --- ---- ---95
97 97
----------------15
_ 40 45
4834 01_
2
52 64
60
2
____ ____ ____ ---- ---- ---- -..._ -___ ____ 11;1 111
_
56i4 lifi
41
40 43
40 42
4012 4312 4019 42
4014 44
109 10712 108 107 108 10814 10934 109 110 109 110 110 11012
32
100
40
36
3032 36
97
99 99
3914 3914 39
3812 34% 3612 3412 36
97
97 97
97 97
38 39
39
36 37
32
97
36
3634 334 34
97 98
97
35% 37
36
_ iio Ili ii5 fit; iii ill ii
Century Electric corn
iii ----------------117 cif
Certain-teed Prod 1st pref 100 leiii2 1-66. ii13 1-6i iOO 1-05 9812 1001 101 10112 100 102 101 101 10012 10114 --------104 106 106 1-06 10534 110
--------85 85 --------87 88
95
95
--------02
951
Second preferred
997 997
90 90
98 98
9414 9414 97 97
100
Chicago Ry Equip pref
24 25
25 25 ----------------2313 2312 ---- ---- ---- -2528 26 --------26 26 -------- 25 25
Common
38 40 ------------------------3030.271230 2828 2828 - _ _ _ _ _ _ _ 28 28
38 41
2 43 45
Consolidated Lead & 7inc_20 50 54
534 5514
--- --1- i 53------------------24
"A"
2i -55--ii.
-----2I -ii--2(1
i -i5--ii -55--ii 55 li -iii-s 2i 15f1
2 02 i5is 17G
Curiae Clothing pref
100 ---------------- 101 104 101 l0i's 10112 102 102 102 ----------------101 102 101 10112 104 105 1044 10611
Eisenstadt Mfg pref
110 110
. iof)T2 1-6912 i55 1-66 111 112
10 ioir2 iiiil ioi 1-66 iiiii2 1-66 16 1-6i i65 1-6i i(iii2 1-6i ioi 1-65. la 168 iOi 1-68
Ely-Walker D G let pref
87 8712 87 87
Second preferred
84 84
85 85
84 85
87 87
86 86
90 90
87 87
854 86
8812 90
100 87 90
Common
28 3312 30 3314 3214 3412
3112 34
35
2912 3014 31
25 32 33'2 3114 32*2 29% 314 28,2 2934 2812 2912 29 31
Emerson Electric pref
100 100 104*2 10212 103% 10214 102,4
- _ .102 103 ___. ____ 10119 1011 101 101 --------101 101 101 101 105 105
Fred Medart hug pref
100
Common
------------------------------------------------983
----------------2930
30 30
------------------------10134
304 32 --------3030
4
3
3t
Globe Democrat pref
--------116 116 ---__
100 113 1131 11334 11334 112 112 112 11212 ----------------110 110 113 13 113 11
Hamilton-Brown Shoe
43 46
43 4412 4112 43
44 46
45 45
36 12
43 40
44 454 4434 45
46 5034 43 49
25 5034 57
(H L) Hussman Refr cow_
34 35
36 3634
34 3512 35 3712 34 30
34 35
34 374 34 35
36 36
39 41
34 39
3734 39
Huttig S & D pref
ii40 102 103 102 103 102 103 -------- 101 103 102 103 10112 10112 --------102 102 100 102 --------101 101
Common
30 30
324 3312 31
29 31
35442'240 44
3212 32 3312 32 3212 3134 3134 29 31
3312 4014 34 35
Hydraulic Press Brick pref_100 97 97, 90 96
8112 8312 80 80
80 84
76 7Th 774 8212
85 87
82 84
85 8712 85 87
88 89
Common
312 312 3
10
614 614 54 62 5
314 44 614
312 4
512 314 314 334 414 34 5
312 312 3% 31
Income Leasehold cora
Indep Brewing 1st pret___100
9
612 7
6
Indep Pac'Ang pref
___ iat2 10412 107 1074 109 109 110 110 1094 10912
10 ------------107 11i,2 107 10712 10534 los. ioi 1-6ti ____
Conunon
25 25,4
2512 26
25 25
• 26 27
25 2512 254 -2512 2512 26
25 2512 25 25
26 29
2534 2714 2534 26
International Shoe pref_100 110 11114 110 11hz 10912111 109 11012 107 110 107 10812 10712 108 10714 108 10714 108 107 108 107 109 108 108,2
Common
170 1751 165 17312 150 170 14934 155 135 148 140 15012 149 168 180 168 159 16012 159 160 153 162 158 164
Johansen Shoe cora
341 36
30 30
33 33
40 45
28
34 348 30 30
30 32
3012 31
36
35 40
30 33
35 38
55 68
50 60
56
58 58
56
53 53
58 58
60 60
Johnson-Stephena,Shinkles 86 981 60 85 80 74
60 60
60 64
Laclede Gas Light pref__I00 ----- --- -- 8412 85
----------------86
86
88 88
87 88
--------862
8712
87 87
90
86
Laclede Steel
10 150 150 150 150 148 150 148 15014 151 15112 148 148 --------155 157 160 160 160 160 ---- --__ ---- ---Meletio Sea Food pref
80 80
Missouri-Illinois Stores pfd_10 i Hi 111 ii1) 116 ---------------- 104 1-65-414 iia 1-6i ioi 1-6i io5 166 .___ . __ ____
__ ..._ _ -:,—
Common
16
173 1612 17
1472 147 15
1514 1512 15
1-512 16 -1-514 15
1-5
15
1412 15
154 1614 --------15 15
Moloney Electric pref
LO1100 100 100 100
Missouri-Portland Cement_25 iii -ii iiiWiiii
2 55i2 li 5
. I.
-74 it
6 54 5712 55 6712
2 6 --iiilLil
iii -58l ii -ei
4 1611 561z
McQuay-Norris rag
• 1612 18
17
1512 1512
1712 1712 17 17 ----------------------------------------17
19
19'l 19
17
National Candy 1st pref___10 110 110 --------106 109 108 108 --------------------------------107 10712 ---- 10734 10734 -,-!.- ,
"Second preferred
104 102 102
-- ---- --- 10812 10312 --------100 101 100 10114
_
- -- 100 101 104 104
ioo ------------104
Common
75 -79
75 76
70 75 -,,--8212 8514 77 83
74 81
75 92
8612 904 8612 9111
77 78
7612 79
100 8812 92
Pedigo-weber Shoe corn
38 39
28 31
27 30
34 38
33 3534 35 35
2934 3412 30 33
3212 34
32 35
3112 3612 34 36
Planters Realty pref
---100 —7— 95 95 --------95 9512
- ---- ___ ---- --- -,-- --- 9412 944 -_-95 95
• 3712 -37-3 37 -3-7-34 32 -37
Polar Wave I & F"A"
32 33
3112 -33
32 -33
32 1412 34 -3-7
114 31
32
3212 34
3134 3212 31
Rice-Stix D G 1st pref
100 108 109 108 108 108 10812 1081210812 108 108 --------106 106 --------106 10712 10612 10612 106 107 10212 106
Second preferred
100 100 1021 10112 102 101 10112 100 10012 100,2 101 100 00
9914 100 IN 106
9912 106
97 98 --------96 99
Common
* 2411 251 2412 2512 214 2434 2134 2312 2172 224 2134 22
2112 22
2112 20 2212
2112 2412 2214 24
19
23
21
Scrubbs-V-B DC 1st pref--100 01
91
92 92 --------90 91 --------90 90
90 90 ----------------89 89
87 89
85 85
Second preferred
Common
100 117'2 120 118 120
Common
25
ii
2414
12
id
tii
tii
23 -2-4
25 ----:- 30 30 ii 16
iiil II 2412 I512 ii W1-2 -55 If ii ii
Scullin Steel pref
100 111012 10612 107 107 105 107 105 107 --------106 106 107 10712 --------107 107
Securities Investment com_.• -----------41 41--------41
40 4112 414 43
4
- 0 45
41
41
4'34 -------- --------40 11_
Sheffield Steel corn
* 20
2912 26 28
24 26
25 2634 26 28
25 27
25 28
2512 27
264 2772 26 2714 23 2612 25 26
Sieloff Packing com
• 21
22
21
18
19
18
2112 20 2112 20 20
18
19
18
19
19
19
19
19
19
19
19 20
19
Skouras Bros"A"
* 5114 59
4612 52
4514 49
47 51
46 60
4612 50
51
52
51,4 58
50 5312 50 5012 46 46
50 57
Southern Acid common
* 50 5134 5012 5234 48
43 46
4234 44
47 50
45 47
51
434 4512 43 4434 4312 49
45 4812 45 46
Southwestern Bell Tel ph:1_100 11212 11312 113 114 11212 11414 11212 1134 113 115 11314 11514 114 11538 113 115 11312 11512 11334 11412 114 115 114%11612
Stlx-Baer & Fuller corn
295s 30
2912 30
• 34
2912 297 284 2912 30 3312 32 3212 32 324 3112 33
29 324 2934 31
334 35
St Louis Amusement ..A.,,_ * 55 3514
5912 52 53
47 52
48 50
50 52
50
46
46
48 50
4834 46 4612 46 48,2
49 01) 00 50
St Louis Car pref
94 9512 ---------------- 90 95
lel) 9434 97
93 93
90 93
92 9414 93 9334 9112 9314 9012 92
93 9712
161
Conunon
6 --------------------14
164 16
4 1634 16
10
__ 1512 154
1612 ____
___
__
1512
14
__
St Louie Pub Serv corn
• ---------------------------1714 20
16
18
1614 17 -___-1712 1712 1734 1812 19
-1712
16
1614
17
1912
United Rys pref
C-Ds
Common
100 20c 20c I5c I5c --------50 10c 100 10c ic foc ioe -ii; -115; -iOc -___- ..,- --- -,,M ,
-• •,- Wagner Electric pref
100 824 85
80 83
6514 73 67 69
70 80
6812 -70
73 75
70 -76
71 -736134 70 68 69
66 -7-0
Common
• 30 3412 26
3034 20 27
2312 20 2212 1378 2112 17 21
214 2312 20
17 2212 20 2712 19 21
1812 22
(Wm) Waltke & Co pref-_.j00 10412 106 105 106 105 106 104 105 105 10512 106 106
106 10712 --------108 108 10834 1084 --------11012111
• 42 4412 404 4414 40 43
Common
4212 47
46 494 4714 4812 4712 8
40 42
4712 4912 45 48
4612 30
50 504
BONDS
American Bakery 69
Dallas Aut Tel 6s
1927
_
834 844 lgs -ii iii1iii4ii
St Luis & Sub Ity 5s___1932
s 8
7-iiI-i
812 ii. 1E3
-si14 ii1i
4 12
f i Ii ii -ii12 iTE m ii solz 8612
4
---- _ _
.100 100
99%100
99%100 10014 1003 10014 1005 10038 10034 10034 10034 10114 10212 102%10314
Indep Brewing 69
Income Lease hold Co let59 1936 -,,- - -- iiii2 12-12 _ _ _ _ _ _._ 55 -ii
.
__
7Z
2
.
7:
,7 . _ •_ _ - .
1925 102 10-214 02 102 -------- 102 10214 --------10214
Kinloch Telephone 69
3 101-3-4 10112 101-12 1014 1013s
_161-4 102- 1-02 - 102- 1-02 - --------1014
Kinloch Long Dist Tel 59_1929 ---- ---- 9979 100
oc
__ 100 100 100 100
9972100 100 10014 10016 10018 1004 1004 1004 10018 100 0012 ____
-,
_
Laclede Gas Light 5Ms_ _1953 ---- ---Missouri-Edison Elec 58_ _ _1927 ------ 100 10114 ---- --- _ 100 111i 100 1-66 1001i 10014 IOU4 f6614 ioo 166- 100 1-00 100 100 100 11014 100 1-00
Missouri Portl Cem 6Ms__serial
__ ____ ____ ____ ____
101 101
___ __
1932 95 95
Pontiac Bldg Ext 69
_93 93
--- ---- iiii" 1-63- ----------------103
serial 103 103
Scruggs-V-B 79
---- ---- ---- 16i- 1.651*2 1-6i11 ____ ____ ---- ---- ioi 1-6i
lova love ------------------------102 102 10112 1-0112 10134 102
iii1_
St Louis Mer Bldg Term 59_1930 --- -- --- ---_ _ii_ -_ .
9
St Luis & Sub gen 5____1923
ii
134 ii -84 _______ 55 -86 so so
11
. 6 iii1iir
: 82- ii -ii iii2 -1
91,2 914 --------7934 7934 81
1923 89 90
C-Ds
__-- --- 794 794 81
8112 8112 82 --__ -_-- __-- --- — -- 8112
1927 99,2 9912 ___ ____ _
St Louis City 3.65%
--- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---49
- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---993
4
91514
1929
441
1931
49
7734 7634 78
1934 75
United Railway 49
7$ -iiii "781.2 -7-1i ii1-4 -7-7- 764 7714 iii -7-6-ig
7t3 -7-i 77 -7.7-12
76,4 7714 774 7712 7712 7812 7612 7712 7534 764 76,4 77
1934 74 77
C-139
7534 7614 7584 764 7614 7714 75 7614 7612 77
serial 10014 10112 101 10114 --------100 10014 100 10014 9914 100 ____ ____ ___ ____ __._ .._-. 9712 9712 97 99 9834 10014
Wagner Electric 7a
iai,
. -71
•No par value.
ia -fez; ii -ii,,
697
THE CHRON:CLE
FEB. 5 1927.]
MONTHLY RANGE OF PRICES ON ST. LOUIS STOCK EXCHANGE FOR YEAR 1925.
I925—STOCKS
BANK AND TR usr Par
COMOANIES
100
Boatmen's Bank
100
First National Bank
100
Manchester Bank
Merch Laclede Nat Bank_ _100
Commerce—AO°
Nat Bank of
100
State National Bank
100
United States Bank
100
American Trust
100
Mercantile Trust
Mississippi Valley Trust_100
100
St Louis Union Trust
100
Title Guaranty Trust
OctoberN
High
overnAh
ecernber
High
August September
July
April
May
June
January
February
March
Low
Low
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
5 per share $ Per share 5 Per share $ per share $ per share $ per share $ per share $ per share $ per share 8 per share 5 Per share $ per share
143 197 143 145 145 146 143 145 144 145 142 143 142 14212 --------14012 14012 152 15212 190 150 148 150
205 208 205 210 208 210 20912 210 208 21314 216 221 212 216 215 222 220 222 220 227 225 230 229 230
- ---- ---- ---,- :,,- ,
-- ,r-_.-- ---_ ---260 516 ----------------267 2-58 570 5/6 ____
14312 150 149 15012 14712 150 147 14812 145 14712 145 1-4-7-34 146 147 144 196 146 19712 195 1-4-7 145 14612 146
---------------- 175 179 177 177 --------173 173 -------- 173 173 173 173 --------160 166
----------------127127---------------------------------------- 135135
1-66
.
------------------------ 160 160 ----------------165 165 --------160 160 --------165
396 396 398 398 398 396 398 396 400 --------396 397 400 400 40212407 407
398 401
4
__ _- _ ____ 26212 265 264 265 265 265 265
242 242 242 242 275 275 275 280 275 275 270 270 --,--------315 315 300 300 31712 320 315
-256 275 290 290 --------295 295 295 300 320 320 318 320
50
52 52
50 51
---- ------------------- 45 45 -------------------------------- 50 50
iii
--_,159
1-66
410
270
325
50
MISCELLANEOUS
50 54
52 53 50 63
48 48
4712 48
25 3612 60
47 47
47 48
47 47
60 60
47 48
48 50
American Credit Ind
14
1414 14
• --__ ____ ____ ____ ____ ____ ____ ____ ____ ____ ---- ____ __-_ ____ ____ ____ __-_ ____ ____ ____ 14
A merican Inv "B"
Baer-Sternb-Cohen 1st pfd_100 ___ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ --_- ____ ____ ____ 101 10118 --------100 100
_
r
_
__
____
_
101
10112
_
-___
100
--_____
____
____
____
preferred
--------------.
-----__
------____
____
____
2d
28 -3314
3212 36
____
29 -3012
Common
98 99
10012 101 100 100 ----------------99 99
Beck and Corbitt, pref____100
5 2512 2712 26 2814 5
52 - 5 33 -56 30 -5i 31 if
-12
21
23 2
23 23
2712
-- 2314 24
•:_ _ _
Berry Motor, corn
59 62
6814 73 62 69
56 70
49 55
44 46
* 44 96
4312 45
4212 4412 43 4514 4312 4414 44 45
Best-Clymer
BoydRichard8On,Prei
100
2 47),
012
• --------------------------------1021024312
412 40 4112 55 -5634 5iii4 -4-5 i1i2 -4-5 i51-2 -65 40 4414 42 4814 40 -41
Y
Boyd-Welsh Shoe
:107 108 108 109 108 10834 108 10812
99 9934 99 10012 9812 99 100 10412 104 105 10412 106 10612 1081
100 9812 100
Brown Shoe, pref
100 71
92 10012 98 118 12712 134 13812 14812 13912 153 128 15612 129 13312
.. _ 7534 100
71 --------69 69 ___
Common
100 ------------------------100- 1-60 100 100 10034 10012 100 100 100 100 100 100 100 100 100 10012 10014 102
Bruce (E L) Co. pref
56 58
5512 56
58 65
5714 63
55 58
4912 59
4612 50
Common
* -----------------------38 3812 3914 48
100
Carleton D-G, corn
100
-- --__
Central C & C,Pref
10059
()minion
_ _
lio 11-5 ----------------103 1-55
100 _ _
Century Electric, corn
9612 104 104 105 103 103 10212 104 105 1-05
Certain-Teed Prod, 1st pref.100 57 -9i i612 -61-1-2 -4.52 -6472 -65i4 "Oy7-8 -55 -9-g- 51 911 -613 -97
91 --------95 97 --------9412 9412
100
91
__
-__
__
77 811: 82 8232 8112 8112 82 8214 ___
_
2d preferred
26
2638
2614 2612 26 16 - -26- 162-4 -2612 /612 2618 2614 2612 2612 28 2612 2614 27
25 26 2634 2612 2634 2612 27
Chicago Ry Equip, pref
47 47 ---- --__ 4312 4312 4212 4334
47
47
25 50 50 --------493450
48
48
Common
48 48---_ ____
100
_ -__- _-__ ____ --__ ____ ____ ---- -___ ____ 5212 5212
Consolidated Coal
---- ---- ---' ---- --_-_..
_ ____
— - — -_
_ 42 4612 42 45
42 46
:" "-- --'
46 56
Consolidated Lead & Zinc 20
100200100
Elder Mfg, 1st pref
100 55- 1-63-- 991210012 -0012 -561-2 -07- -57 - -05- ii- -664 VC -Iiii! -69-12 95 9912 05 15 05 1-61 I01-1 1-61-14 100 1-61Emerson Electric, pref
Ely-Walker D G, 1st pref_100 102 103 10212 10212 --------203 104 10212 104 104 106 -------105 106 108 108 108 110 109 110 111 III
92 92
8612 8712 8912 90
89 90
100 _
2d preferred
8434 85
84 84
8434 8434 8112 8 12 84 84
3312 3714 3078 3634 32 35
2712 32
24 30
25 iii.4 ii3-4 -ii‘ IC
2314 24
Common
23 24
2332 24
-iii4 -212-4 2314 2413
_
__
1021
103
103
____-_
---- _
100
210212
103
prof
___ ___ 103
_
Fred Medan hug,
33 34
33 3312 33 3612 34 -3/ --,_-33 33
3212 33
Common
3112 -33
31
34
- - -- 1012 1021210212*513 -54-3- --------30
_
100
100
10012
101
101
10012
101
9812
10012
101
100
10012
9912
Fulton Iron, pref
100
100
101
101
10212
--------98
100 101 101
.
1
0
30 37
3712 40
39 42
39 45
4012 41
4234 4112 43
Common
3514 3812 35 334 3612
40 42
40 41
* 3712 43
100 _
Globe-Democrat, pref
104 106 10612 110 110 110 10912 110 110 112 110 111 112 112
58 6212
5914
65
64
66
51
70
55
4712
50
Shoe
4612
Hamilton-Brown
4 --------4512 47
25 491-2 -470-1-2 -46.2 18-3-4 -,Th- -4/- -4574 I5139 4014 41 44
4412 48
4612 51
4412 46
47
46
H L Hussmann Refr, com--,* _
41
4134 4212 42 47
45
3734 4214 38 42
___
__
10112
10212
1013
4
102
101
102
102
102
101
101
--------1001210112
Huttig S & D, pref
100
101
10012 102 100 10112
"
,
0
3212 3434 3412 -i612
3312 35
33 3534 3212 3512 3312 36
Common
32 314 3214 364
3112 34 12 33
- ------33
40
9912
9712
101
98
9912
9912
102
9412
95
9412
9514
9112
95
Hydraulic Press Brick, pref _100 0,- 8.
91
897
s
96
90
1
512
9112
85
.34 86 95
812 7
838 7
778 614 7
6
100
614 612
812 7
612 834 7
812 634 714 6
7
Common
714 5
738 7
------- --------10212 10712 104 10612 106 107 105 107 105 107
100
Indep Packing, pref
29
28
331
_
_
27 2734 26 27
30
32
2712
•
Common
_
Internet shoe, pre(8%)__A00 1.1517 fiC iii
iiiiiii iii'f2 1-261; ii§- firi.- 11912 III- ii6- iii- 1i512 11622 11614 11634 11412 11712 --_- --------------------- ------------------------------- 106 1-5/ 1155 1-1-512
100
Preferred (6%)
12 165 19712 175 188 185 194 185 190 171 191 165 180
Common
4
• 115- Ili- 'HI 1-1-8-1-2 11-5- 1-1-52 12
4613 4714 4512 5412 46 4912 39 46
41
44
Johansen Bros Shoe, com
* 4234 5212 42 4812 40 43
4212 4912 4412 4812 45 48
42 43
99 101
70 82
70 75
Johnson-Stephens-Shinkle—• 118 130 130 135 130 130 135 140 195 155 155 160 175 190 180 225 100 105
- ---- --- ---- ---Kennard & Sons Carpet, pf.100 103 103 _
-- - - - - -- _ - - -' - ---- -81 ii "164 si 8614 §iis -8114
. §
-6
Laclede Gas Light, pref____100 81
.8 -02 i§ -i6 ii
55- -8-5- -5:1- -8-5 1-3
81
100 143 146 141 141 135 135 13212 13212 13212 135 134 136 130 130 130 131 --------147 150 150 fio 148 15212
Laclede Steel
Mark & Haas Cloth. pref_ .iOO ç
99
Meletio Sea Food, pref_._ 100_
_
37
57 -55 57 If
Common__ ____ ____ ____ ____ ____ ____ ________ ____ ____ ____ ____ ____ 31
10098
Mermod-J accard, pref
167
---------------- ---- --------------------- --107
_100
Missouri-Illinois Stores, pf
iifs Tif
1312 1512 ii "ff
2 112
114
2 1 72
16
Common
t
--- ---- -* ------------------------1622
68 70
60 70
6118 67
312 4334 52
Missouri Portland Cement-25 54 11
49 5812 57 6212 6212 7212 65 6812 68 75
s ,
1712 19
1912 --------17
18
1312 16
1514 16 --------16
McQuay-Norris Mfg
1412 18
_ ---'
4 —
— — --_ ioi 1-5/ 10734 1-0-7-3-4 --------108 108 -------- 108 108 110 110 109 110 108 109 108 110
National Candy, 1st pref_100
2c1 preferred
100 i(53" 11Ri- 105" 1-56 104 104 103 103 --------1061210612 --------1061210612 104 104 104 104 105 105 106 107
9434 96
9412 9912 9412 99
100 9934 107
88 96
89 93
9712 100
Common
98 98
95 9912 94 9512 9712 10
98 105
33 4212
44 4012 35 45
43 4614 43 55
4312 4814 4118 4512 4312 46
4112 4412 40 4512 4112 44
Pedigo-Weber Shoe, corn
* 4212 130
_
100
------------ ----94
Planters Realty, pref
__
_
_ 40 91-14 57i2 154
Polar Wave I & F "A"
fff 106 los los 1082i---- ------- -100 iih" 1-661
Rice-Stlx D G, 1st pref
2 -_-_-_-_ --_-: irO§T2f11- io§i2 1-68-2-2 ioi- ff6- HO- ff6- i65- 166- ----------------110
100 1011 1021 103 1-05 1011 1031 1001 1111 13
2d preferred
100 1021 101 101 102 103 104 104 10312 105 10212 104 102 10414
100 _ _ ---------------------_
200 210 210 225 225 310 267 280 265 265
Common (old)
29 3114 2624 2914 251k 2678
Common (new)
---- ---- ---- - - -_--55 6212 5412 56
50 63
-----St Louis Amusement "A"_ •
pre(
10097
9758 93
97
tt...ar.
Lou
St
.---- ---- 1612 17 _ 1614 17
_ _ ---Common
10
_ _ ----_ ---_ ::::
:: :::: :::: :::: :::: :::: :::: :::: :::: :::: :::: :::: ::::
_ .
70 71
St LOWS Cotton Compress 100 _ _
90 9012
." ii- -851-3 '8-3-1-2 -§,iScruggs-V-B D G, 1st prof 100 SS iii -_-__-_ -_-_-_-_ -iii
--- ---- ---- -- -100
95 96
95 -55
93 94
92 92 -------- -------- 95 95 ----------------94 94
2d preferred
-----804 110 110 110 --------109 109 10612 114 114 11612 115 115 113 11412 111 11412 114 11412 11312 12012
Common
10014
102 10214 102 10212
100
Scullin Steel, pref
_ 1(12 103 105 _ --------10712 10712 10712 10712 107 108 --------105 10634
_.
_ 101 10112
_
_ _ _
----------------110 no
1
Securities Investment, pref.100 _
• :64 9412 41 13-34 ii- If 41 Ii ii. li- -4184 4-2
4514 -49
4234 4312 42 4414 43 5114 49 -50
Common
4134 43
Sheffield Steel, com
Sieloff Packing, corn
8 ;15 -4-7-12 i5i2 -6-2-12 59 68
54 6712 52 57
Skouras Bros "A"
4 i5i2 -417• ------------------------36
-g3-4 -463-55f2 -59-14 3
Southern Acid & Sulphur_100
•
.....,_
5;1 Wi12 bi 64
_ 6012 65
Southern Acid,com
Southwestern Bell Tel, pref.100 i57i2 1-59-1-2 i0514 1-66- 1.07i2 1-1-0-1-2 107f2 1-1-6- io5r4 1-1-1-- 10041-1i- llio- 1-1-1-- i.I.51- 1-1-1-1-4 11U 1-1-1-12 110 11112 11212 114 11234 11512
Stlx-Baer & Fuller, corn
100 -"ifs 532 512 712 4
__
_
6
iig -f14 8
478 512 434 512
414 414
4
5
8
United Railways, prof
712
9
414 512 512 7
5
634 464 412 412 -1'13 434 434 --------424 512 512 —6-12 5
Certificates of deposit_100
6
814 6
8
819
8c 25c 150 15c 20c 20c 25c 25c 25c 25c --------150 15c 20e 20c _,_
Common
_ 20c 20c 150 300
8312 91
80 87
100 80 87
79 81
80 82
81312 92
79 88
82 84
Wagner Electric, pref
85 IC 83 • 87
80% 82
81
85
32 39
3212 3812 35 4312 35 3812 3012 35
Common
* 2612 4712 34 50
37 4712 36 44
33 39
34 40
33 35
Win Wat Ito & Co. prof
-- ---- ---- ---- ____
Common
ig- -_--- ---- ---- -- §i -if §i -if ___-_ -_-_ -66- -96
-3-7--
BONDS
Alton Granite &St Louis 531944 6512 66
American Bakery 65
East St Louis & Sub Ry 5s_1932 i52 iii____
Independent Brewing 68_1942
1928 __ __
Kinloch Telephone 6s
Kinloch Long Dist Tel 5s._1929 i00 100
__ ____
1953
Laclede Gas Light 5 tis
Little Rock 11$ & 3V 4s
Missouri Edison Eke 5s. _1927 100 1-65
6412 6712 64 65
61
6312 6312 65 6514 70 ----------------6812 6812
100 100
-§5ii -56 5ii2 -ff1-2 -59i4 -8-4-1-2 -5i- -8-4-14
- -84- -59- -ii- -54-1-2 -5:1- -8-4-- 83 2 8312
____37
12 38
__
103 1-0518 --------10311
1-0318 10232 1-023s 103 1-03-12
_ 10312 15312 ____
9978 9978 100 10022 100 10028 10018 10012 10014 10014 /00i4 1-6612 100 10012
____ ____ 98 9834 ____ __
9912 9912 ____ ---10112 10112 ____ ___ ____ __
---- ---- 10014 1-661, io0i4 1-5614
7312 731
- ---- ---- ---____
_ - _
83 -gi 112'12 -fii- -82i2 -S-4— - ---- ---- ---- ---- ----
---- — ---- ---- ---- -80 80
10(51 1-5512 _::: :::: 1.010- 1-55- :::- -___ 9912 9913 - -- --
90 90
St Louis & Subur gen 58-1923 Si -Si Si -gi 82 -8-3-12 --------79 -8(7 ig lig 'if-3 --_-_-_- --- ---- --5
84 -84
Certificates of deposit 1923 82 8312 82 82 82 83 -------- 77 78
78
78
82- -85
7712 78
77 77
77 77
77 78
-- -----------------------10212 10212 10212 10212 ____
_ ____ --_ 10212 10212
Scruggs-V-B I) G 78
Serial --------------------6934
-- 70 7012
7212 73
74
73 74
72 -73
176
United Railways 48
1934
6834 -73
a4 1634 6834 6934 6812 70
6812 7114 68 6812 68 6914 69: 7 14 68 69
72
7114 7212 72 7312
Certificates of deposit_1934 72 7314 71
6814 6812 6712 6812 6712 72
10114 16114
Wagner Electric Is
Serial 101 1011, 10114 10114 10034 102 10034 101 101 101 10012 10012 100 10012 1001510012
• No par value.
John G. Lonsdale Elected President of St. Louis
Clearing House Association..
John G. Lonsdale, President of the National Bank of
Commerce in St. Louis, who has received innumerable
laurels in the banking world, has been further honored by
being elected President of the St. Louis Clearing House
Association. In addition to this office, Mr. Lonsdale is at
present head of the Bankers
'Club of St. Louis, a director
representing finance on the United States Chamber of Commerce Board, and a Class A Director of the St. Louis Federal Reserve Board. He is likewise a member of a National Commission on Agriculture.
THE CHRONICLE
"Wanted—More Babbitts from Main Street."
By Jorm G. LONBDALE, President, National Bank of Commerce in St. Louis.
So much is said about the outlook of business and
too little about the outlook of the people for 1927.
With fundamental conditions pretty secure, the tenor
of the folk seems to be the vital equation. How do
people feel about things? What things? Oh,everything. It's the sum total of little impressions that
counts.
What sort of an aftermath has oil, elections and
baseball left in the public taster? .Are the old
anchors to the windward holding? Have law laxities
and disrespect for government weakened our supports
of respectability; do the headlines hint at decadence?
Let me first affirm my faith in the everlasting
stability of the American people. Nevertheless, the
tendencies that give occasion to these questions are
not of religious or ethical concern alone; they affect
the lives of all, participants and observers alike.
We live in a tremendous age of big achievement;
the world never moved at such a dizzy pace. I do
not belong to the gentry that sighs for a return of
the good old times; I do not share the hue and alarm
over the youth of to-day. It is only the thing that
the conductor says to me of mornings that has me
thinking, "Watch Your Step."
Speed sometimes breeds carelessness; hurry gives
license to thoughtlessness. Let us be sure that in
all our getting and progress, in all the accumulation
of national wealth, let us not lose sight of those
things you can't count that are finer than dollars.
In an effort to provide some new thrill, be sure
the proved past is preserved. Are we respectful of
these things? Are we growing contemptuous? Are
we burlesquing our very greatness?
Day in, and day out, we buy canned romance,
warmed over satire and pink colored doctrine in
"volume." Authors must be startling in their disclosures and their revelations, or else the jaded senses
of a reading public would not react; the book reviewer
would languish in his enthusiasm, and, above all,
the ignoble prize of cash registrar proportions would
not be realized.
For the sake of a thrill, or the till, as the case might
be, we find almost everything, anything, held up to
the glare of ridicule these days, from ex-presidents
and religion to the most obscure but important of
Americans—the average citizen, and the place where
he lives, "Main Street."
Don't blame authors; the high cost of living plays
no favorites; it is as blind as justice when it comes
to genius, but such a wave of ridicule and petty
fun-poking at simple but fundamental factors of our
daily life can become menacing to the American
ideals of home, church and nation.
It has been the untainted faith of the small towns
that made up the background of this mighty country.
The "hick"—blessed be his memory, the radio, the
movies, the auto have subdued his type—was the
real American. A survey of city leadership will show
that its blood transfusions have come from the forks
of the creek. So, let's don't forget that "Main
Street" is America and that it is the wholesome,
though seemingly naive spirit of the "Babbitts" that
have contributed the purest strain of national endeavor.
This Babbitt-like eagerness to join hands, eat
lunches and exchange viewpoints is the most typical
[vol.. 124.
characteristic of our progress, coupled with a wholesome, unashamed profession of belief in a Divine
Providence.
However hurried or tinselled the future may be, we
should not stray far from these simpler forms of our
past greatness. May it never be out of fashion to
be from a small town, belong to a Chamber of Commerce for common good, and believe in God. The
rest will take care of itself.
1926 a Most Satisfactory Year on the St. Louis
Stock Exchange.
By Wm.H.BIXBY,President St. Louis Stock Exchange.
The primary function of the St. Louis Stock Exchange is to broaden the distribution of the issues
listed, and to create a free and open market on the
same. Almost all of the securities of the leading
local industrial, public utility and banking institutions are now listed and traded in on the St. Louis
Stock Exchange. Our market has expanded wonderfully in recent years and we are proud of the fact
that most of the securities listed can now be bought
and sold without any abnormal fluctuations.
Several new issues and more than 900,000 shares
were listed during 1926, but trading was not as active
and average prices somewhat lower than in 1925;
nevertheless, we had a good market and a most
satisfactory year. We are proud of the fact that
during the past twelve months not one single company whose stock is listed has passed its dividends,
nor have any of the bond issues defaulted. Our
membership numbers fifty and seats on the Exchange
have doubled in price in the last two years.
The St. Louis Stock Exchange offers a distinct
and valuable service to the public and both the
governing body and the members, realizing that the
strength of their institution depends on the class of
securities listed and public confidence in the same,
have therefore enacted and continually enforced most
rigid listing requirements. Hearty co-operation and
financial support is lent by the members to the State
Securities Commission and the Better Business
Bureau in their endeavor to prevent the sale of fraudulent securities. We point with pride to the fact that
not only the Securities Commission of Missouri but
the Commissions of adjoining States show their confidence in our Exchange by automatically permitting
the sale in their territories of any security listed on
the St. Louis Stock Exchange.
All of the investment houses and banks realize that
our city should have a larger and broader local security market, and I feel confident that I can assure
the investing public that all the various agencies will
co-operate and strive to give the City of St. Louis a
Stock Exchange in keeping with its size and importance.
Course of Security Prices in Kansas City.
There is no Stock Exchange in Kansas City, but
the Prescott, Wright, Snider Co. keep a record of the
dealings in the securities having a market in that city
and they have courteously placed that record at our
disposal. The following shows the high and low
prices of these securities for the calendar year 1926,
together with the bid and asked prices on Dec. 31,
the close of the year. The figures, we are informed,
have been obtained from reliable sources and the list
includes, it is stated, virtually all of the most active
local securities.
THE CHRONICLE
FEB. 5 1927.]
RANGE OF PRICES IN SECURITIES LOCAL TO KANSAS CITY.
Range In 1926. Price Dec.31'26.
Name of Security.
Low.
STOCKS—
Butler Manufacturing Co.. Preferred
Central Coal & Coke, common
I,Preferred
Cook Paint & Varnish. 8% preferred
Huttig Lead & Zinc
Irving-Pitt Manufacturing Co
Kansas City Power & Light, 1st preferred
Kansas City Stock Yards, common
le Preferred
Kansas City Structural Steel. preferred
Kansas Gas & Electric. preferred
Lee (H. D.) Mercantile Co
Lucky Tiger Mining Co
Peet Brothers Co.. common
Preferred
Sheffield Steel Corporation, common
Preferred
BONDS—
Central Coal & Coke 634s
6s
Dickey(W. S.) Clay Mfg. 6s
Kansas City Railways 1st 5s
2-year 6s
3-year 7s
2d 5s
2d 6s
Kansas City Bolt ik Nut 6348
Long Bell Lumber Co.6s
Pickering Lumber 6s
Wichita Union Stock Yards 6s
High.
101
99
55
7034
72
8134
10436
100
3434
2334
101
100
11134 115
108
102
80
8334
104
100
10434
97
53
4936
6.159.60
95
5934
108
10434
24
2634
102
99
1944 1003.4
1926-42 100
1927-40 9934
1944 5536
1919 6534
1921 73
5
1944
3
1944
1926-39 10034
1942-43-46 93
1946 9534
1934 99
10334
102
10034
6534
75
8134
734
734
102 34
9634
100
102 34
Bid.
Asked.
101
100
65
60
82
78
._
102
31
33
102
100
112
115
___
104
__ _
8234
103
101
10134 103 34
53
50
6.50
6.25
82
78
___
105
2634
2534
102
100
102
100
99
62
72
81
4
4
101
9334
9534
993.4
10334
102
100
64
76
84
8
8
102
96
97
699
The Colonial Bank Becomes Member of New York
Clearing House Association.
On Jan. 24 the Colonial Bank at Columbus Ave. and 81st
St., this city, was admitted as a member of the New York
Clearing House Association. The bank had previously
cleared its checks through an arrangement with another
bank, a member of the Clearing House Association. The
Colonial Bank is designated as No. 124 on the Clearing House
roster. It was elected to membership on Dec. 12, and is
the first bank admitted to the Clearing House since the
Equitable Trust Co. became a member in September 1920.
Meeting of Association of Reserve City Bankers to Be
Held in Pittsburgh May 19-21.
of Reserve City Bankers will meet at
Association
The
Pittsburgh Thursday, Friday and Saturday, May 19-21, it
was announced by Hal Y. Lemon, President. The Pittsburgh members have promised to make it a memorable
convention.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. ticed that the sales of building materials, brick, lumber;
paint, cement and other supplies are larger than they were
Friday Night, Feb. 4 1927.
year ago. That is also the case with the machine tool
a
espebusiness,
general
in
increase
small
There has been a
cially at retail, owing to the springlike weather. It has been manufacturing trade. The automobile factories are workup to 48 degrees here and 52 to 64 degrees in parts of the ing on a larger scale, though it is still much below that of a
West. These temperatures, of course, hurt the coal trade. year ago. Petroleum has' not changed much if any. It
Cotton has advanced on a persistent demand and a remark- turns out that the production in 1926 was 766,504,000 barable scarcity of contracts; March touched 13.73 cents to-day rels and of gasoline 292,820,000 barrels, a gain in petroleum
a new high in the last month. There is a relative scarcity of 1)4% and in gasoline of something over 12M% as comof tenderable cotton. This neutralizes the effect of the big pared with 1925. Both show a new high record. Mail order
crop, especially as there is believed to be an unprecedented sales decrease in January. The totals are noticeably below
consumption. The rise here to-day of 3.4c. was traceable those of the same month last year. But chain store sales in
partly to a belief that the McNary-Haugen bill will become January increased 6%%. Lower prices have prevailed for
a law next week. Yet its passage would encourage the farmer copper, and some of the minor metals. The merchandise
to increase his acreage rather than to reduce it the proposed price index is lower. That is one of the features of the week.
Bank clearings in January were smaller than those of the
25 to 30%,and might in the end work hardship to the cotton
month last year. The stock market has been strong
same
unwonted
an
to
competition
European
promoting
by
mills
advances of 16% in issues like Wheeling &
sensational
with
for
degree through especially cheap raw cotton prices made
Europe in big crop years. Meanwhile cotton goods have Lake Erie, for which there was a special demand. But it
been less active in this country, though it is true that some was noticeable,for that matter,that the railroad list in general
of the mills are well sold ahead. Manchester, England's, showed marked strength. The outstanding feature is the distrade has latterly incresaed with the Continent and India. position to invest idle funds in the railroad shares on an inWool has been steady and Boston reports a fair business. creasing scale. This is reflected in the increase in the transThe London wool sales ended this week and resulted in steady actions for the whole list, the total to-day approximating
or somewhat higher prices. Wheat has advanced with a 2,300,000 shares, or 1,000,000 more than a week ago. Money
better export demand,especially in Canada. It is significant has been abundant and easy, the call rate ruling at 4% for
that despite very large world's exports to Europe for weeks the third week in succession, while time loans were 4% to
%. There has been a decrease in trading in bonds after
past its stocks do not increase. Evidently its needs were
greater than it has admitted. At the same time the receipts a prolonged period of activity. Francs have declined someat our Southern markets have increased, the ordinary cash what during the week but on the whole have acted very
demand has been smaller, the flour trade has fallen off and well, and it looks as though the French Government has the
some look for lower prices when the wheat shipments from situation pretty well in hand. On the other hand, sterling
the Southern Hemisphere increase. Corn has been in the exchange has touched the lowest price seen for several
main steady though the interior holdings seem to be large months, coincident with the threatening situation in China.
and the cash demand is poor, even at the large current dis- Of course the outstanding feature in the foreign news is the
counts; much of the crop was of low grade. There has been regrettable civil war in China. The United States Government is handling the situation with mingled firmness and
some foreign demand for rye at steady prices .
Sugar has been in the main quiet but steady. The statis- consideration and it is noted that the British Government is
tics are not adverse to Cuban interests. The world's crop beginning to be more conciliatory. Due regard for the
is smaller than last year by about 1,400,000 tons. Coffee rights of China and a firm insistence on the requisite protechas declined here and in Brazil. The coming Brazilian crop tion of our nationals seems to be the aim of the President
is expected to be large, something foreshadowed by the sharp and if the British and other Governments maintain a similar
discounts on the distant months. Meantime the spot trade attitude, it will be for the best interests of all concerned,
in coffee is dull and mild coffee seems especially depressed. bearing in mind that Asiatic psychology would misinterpret
There has been a larger business in leather. The shoe manu- any other attitude.
The Massachusetts Cotton Mills, recently purchased by
facturing industry has been rather more active. A fair trade
and
goods
It
the
machinery.
electrical
Pepperell Manufacturing Co. of Biddeford, Me., are
radio,
has been done in
is still noticeable that the jewelry trade is dull. The sales of busy and oversold on certain lines. The Merrimack Manucoal are smaller than a year ago. That is the case also with facturing Co. is adding new equipment to the Tremont and
silk, silk goods and fur goods. Coke prices have shown a Suffolk mills. At Saco, Me., the mills are said to be doing
downward tendency. Iron and steel quotations have been better. The Subway Mills of Franklin, N. H., manufaclower in some cases. The modified prices led to some in- turers of hosiery, are now using a large part of Paper Mill C.
crease in buying, but on the whole both were quiet. The The Contoocook Mills at Hillsborough, N. H., are running
flour mills have had only a small trade. The mild weather close to capacity. For the past two years this plant, which
has led to some increase in building operations. It is no- turns out underwear and hosiery, ran on a greatly reduced
700
•
THE CHRONICLE
schedule. In Spartanburg, S. C., many of the 32 cotton
mills of the city and county are booked well into the future.
The outlook for the spring season is very hopeful. No idle
spindles are expected and no cut schedules. Mills are now
running night as well as day shifts on full time.
Sears, Roebuck January sales, it is stated, totaled $22,080,174, against $22,590,905 in January 1926, a decline of 2.2%.
Montgomery Ward & Co.'s gross sales for January were, it is
said, $13,157,954, against $15,266,946 for January 1926,
which is a decrease of 13.82%. F. W. Woolworth reports
January sales $16,123,754, against $15,162,106 in January
last year, an increase of 6.34%. S. H. Kress & Co. reports
for 1926 net profit of $4,672,952 after Federal taxes, equivalent, after preferred dividends, to $37 23 on the common
stock outstanding at the close of the year. This compares
with $4,158,541, or $32 92 a share, in 1925.
The weather here has been mild and springlike and that
has been the case over a good deal of the country. At New
York yesterday temperatures were 29 to 47; at Chicago 34 to
52; at Cincinnati 36 to 64; at Cleveland 28 to 54; at Kansas
City 46 to 58; at Milwaukee 30 to 48; at St. Paul 14 to 36.
This afternoon it was 33 degrees here and the forecast was
for fair and colder to-night and cloudy to-morrow. In the
Southern States there have been rains and mild temperatures. In parts of Arkansas floods have continued and some
of the cotton fields are under water. In various parts of the
Mississippi Valley there were floods following heavy rains.
And snow covering disappeared from a considerable area of
the winter wheat belt.
{VOL. 124.
Commodity Stocks.
Stocks of commodities held at the end of the year, although showing a
decline from the previous month, were larger than a year ago, after adjustments for seasonal variations.
classes of commodities were held
in larger quantities than a year ago except manufactured foodstuffs,
which showed smaller inventories.
All
Unfilled Orders.
Unfilled orders for manufactured commodities, principally iron and
steel and building materials, were larger at the end of December than a
month previous, but were substantially smaller than at the end of
both groups comprised within this index showing the same condition.
The index numbers of the Department of Commerce are given below:
-Monthly Atige.Nov. Dec. Dec.
P. C.
1926. 1926. 1925. 1925. 1926. Inc.a
Production (Index Numbers 1919-100)
Raw materials-Total
165 140 141
117
121
+3.4
Minerals158 148
123 133 142
+6.8
Animal products
125
125
123 113
114
+0.9
Crops
199
151
164
111
117
+5.4
Forestry
113 108
118
126
119 -5.6
Manufacturing, grand total (adjusted)
122 114
122
Total (unadjusted)
122 114
122 iii
Hi 4-I6
Foodstuffs
101
105
109
107
+2.8
106
Textiles
113 118
110
104
106
+1.9
Iron and steel
127
119
134
+7.3
124
133
Other metals
154
148
167
180
169 -6.1
Lumber
137 129
142 150
147 -2.0
Leather
84
83
76
86
83 -3.5
Paper and printing
123 118 119
111
122
+9.9
Chemicals and oils
205 210 186
170
181
+6.5
Stone and clay products
144
115
112 138
142
+2.9
Tobacco
128
104
104
115
123
+7.0
Automobiles*
162 103 192 211 221
+4.7
Miscellaneous
110
91
119 133 135
+1.5
Commodity Stocks(Index Nos. 1919-100)(Unadjusted)Total
189 189 162
Raw foodstuffs
270 273 196
Raw materials for manufacture
217 203 199
Manufactured foodstuffs
76
69
71
Manufactured commodities
183 192 172
(Aadjusted for seasonal element)Total
198
186
153
Raw foodstuffs
346 303 206
Raw materialsfor manufacture
160 158
155
Manufactured foodstuffs
76
72
75
Manufactured commodities
180 182 161
Unfilled OrdersTotal (1920-100)
45
47
64
Iron and steel
38
39
51
Building materials
74
78
119
.Includes in miscellaneous group. a Minus sign (-) denotes
decrease.
1925.
Industrial Operations, While Below Level of Year Ago,
on Higher Level Than During Holiday Period,
According to Franklin Fourth Street National
Bank of Philadelphia.
Business Indexes of Federal Reserve Board.
The business forecast given by the Franklin Fourth Street
The Federal Reserve Board, in making public on Feb. 1
National Bank of Philadelphia, in its February letter,
"Trade Trends," states that "Business is moving into the its Monthly Business Indexes, showing figures for the month
new
conservatism. of December, says:
_ year under the check rein of continued
_The Federal Reserve Board has computed a new index of industrial
Industrial operations and employment argona higher level
production, which is presented in the February issue of the Federal Reserve
than during the recent holiday and inventory period. How- Bulletin. The new index will henceforth be given on this statement in
ever, they are below the level prevailing at the beginning place of the index of production in basic industries, which will not be
of February one year ago. Any expansion of activities is computed for any month subsequent to Dec. 1926.
INDEX OF PRODUCTION IN BASIC INDUSTRIES.
being made slowly, pending the development of more favor(Adjusted for seasonal variations. Monthly averages 1919 - 100.)
able weather and more energetic buying demand." The
-1926-- 1925
-1926-- 1925
Dec. Nov.
Dec.
Dec. Nov. Dec.
bank adds:
Total
124
124
121 Bituminous
138
148
130
124
125
130 Anthracite
100
99
3
A few lines have encountered a little more than normal seasonal relaxa- Pig iron
Steel ingots
130
130
149 Copper
145
154
139
tion. This is partly due to some curtailment of agricultural income, the Cotton
127
125
120 Zinc
145
140
137
result, primarily, of lower prices for cotton and a reduced crop of spring Wool
96
97
95 Sole leather
69
69
59
79
82
80 Newsprint
wheat. Moreover, industrial employment and payrolls in November and Wheat flour
116
125
117
Sugar melting
178
203 Cement
187
202
December were lower than during the corresponding months of
188
Cattle slaughtered__ 95
92
99 Petroleum
231
225
196
Over a period of years, however, both industrial and farm incomes have Calves slaughtered_ _ _153
143
166 Cigars
84
105
85
been steadily rising. Meanwhile living costs remain near the
89
88 Cigarettes
level. Sheep slaughtered___105
199
199
195
95
89 Mfd. tobacco
This means that despite the small reduction of the country's purchasing Hogs slaughtered__ 86
91
101
94
Lumber
131
*115
133
power in the last few months, it still is on a high plane.
With the reduction of demand late last year in a few lines, production INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
INDUSTRIES.
was promptly curtailed. That was a constructive development calculated
(Not adjusted for seasonal variations. Monthly average 1919 to avert serious overproduction. This was especially true of the automobile
100.)
Employmen
Payrollsindustry, which last autumn found itself confronted by rising stocks of used
-----1926----1925.
-19261925.
and new cars in dealers' hands. Retrenchment of outputs came in good
Dec.
Nov
Dec.
Dec.
time. With the approach of the spring buying season, automobile produc- Total
94.1
95.2
97.1
107.8
108.8
112.1
Iron and steel
90.4
91.5
91.6
99.1
tion gradually is being increased.
99.0
100.6
Textiles-Group
95.0
93.6
97.2
106.3
102.0
107.9
January events have made clear some of the important economic characFabrics
97.5
97.0
99.3
107.3
109.8
111.1
teristics of the new year. The ease and fluidity of credit is one of these
Products
91.9
89.4
94.6
95.5
102.0
103.9
characteristics. This has been demonstrated during the last month by Lumber
97.1
99.3
100.9
115.5
111.8
116.4
82.3
83.0
84.6
92.1
91.9
91.7
the great demand for investment bonds, the prices of which have climbed Railroad vehicles
Automobiles
104.0
110.2 '
131.3
111.5
129.6
163.5
to the highest level since
hint of the stress or stringency of Paper and printing
110.7
111.1
152.3
154.7
107.8
148.7
credit which usually precedes a period of business depression is absent.
Foods,.4c
102.1
102.9
86.7
88.5
88.6
103.2
Other important influences are to be found in the declining tendency of Leather, eze
89.0
90.4
87.1
88.5
86.1
86.5
Stone,
clay,
glass
117.9
121.0
123.9
154.6
147.6
151.3
prices and in keen competition. Because of lower prices in some lines and
Tobacco, &c
88.4
90.1
82.3
90.6
81.8
99.3
somewhat reduced volumes. profit at the start of
are inclined to be Chemicals, &c
109.1
77.6
78.2
108.6
77.8
104.9
narrower than one year ago. In view of this situation, industry is still
INDEXES OF WHOLESALE AND RETAIL TRADE.
bending its efforts to increase productive efficiency and lower costs. By
Wholesale Trade.
Retail 7'rade.
this means, together with big volumes, industry was able, in
to
-1926- 1925
-1926-- 1925
achieve unexampled profits despite falling prices. The output per man in
Dec. Nov. Dec.
Dec. Nov.
Dec.
more than before the war.
industry now is
Total
86
78
80 Department store salesGroceries
Adjusted
146
80
83
140
87
141
Meat
Unadjusted
234
71
72
157
76
226
Dry goods
75 Department store stocks91
71
Adjusted
137
54
67
60
138
139
Monthly Business Indexes of Department of Commerce Shoes
Hardware
Unadjusted
128
101
104
99
156
129
Drugs
111 Mall order sales117
110
-Output of Raw Materials Lower in December
Adjusted
138
122
140
Unadjusted
165
1926 Than Same Month in 1925.
153
168
*Revised.
1925.
1921
1913. All
1927
1926,
35%
The United States Department of Commerce presents as
follows its monthly indexes of manufacturing, commodity
stocks and unfilled orders:
Production.
The output of raw materials in December was lower than in either the
but for the year as a whole the proprevious month or December
duction of raw materials was greater than in
all classes of commodities
showing increased output except forest products, which declined. The
output of manufactured goods, after adjustment for differences in working
time, was smaller in December than in either the preceding month or
but for the year as a whole manufacturing output was
December
all classes of goods showing increased production
greater than in
metals, lumber and leather, which declined.
non-ferrous
except
1925,
1925,
1925.
1925,
Changes in Cost of Living Since 1914.
Changes in the cost of living in 32 cities and in the United
States as whole were given out on Jan. 27 by the Bureau of
Labor Statistics of the United States Department of Labor.
The following tables, 1 and 2, show changes in the total
cost of living in 19 of these cities from December 1914 to
December 1926, and in 13 cities from December 1917 to
December 1926. In addition, the tables show the changes
in each city from June 1920, December 1925 and June 1926,
respectively, to December 1926. The first column in the
T1TE CHRONICLE
FEB. 5 1927.]
tables shows the changes from the time this survey was first
taken up to December 1926. The second column shows the
changes from the date when prices were the highest to the
present. The third column shows the changes during the
year preceding December 1926, and the last column shows
the changes for the six months period preceding December
1926.
TABLE 1.-CHANGES IN TOTAL COST OF LIVING IN 19 CITIES FROM
DECEMBER 1914, JUNE 1920. DECEMBER 1925 AND JUNE 1926,
TO DECEMBER 1926.
City.
Per Cent of
Per Cent of
Per Cent of Increase(+)
Increase from Decrease from
Decrease (-)fromDecember 1914 June 1920
to
Dec. 1925 to June 1926 to
to
December 1926 December 1926 Dec. 1926.
Dec. 1926.
78.6
71.9
83.6
79.0
81.5
84.1
70.6
81.3
72.2
68.1
80.0
74.6
82.3
69.2
55.1
61.7
60.5
69.1
66.0
Baltimore
Boston
Buffalo
Chicago
Cleveland
Detroit
Houston
Jacksonville
Los Angeles
Mobile
New York
Norfolk
Philadelphia
Portland, Me
Portland, Ore
San Francisco
Savannah
Seattle
171.thinaton
16.7
18.4
17.1
16.6
17.6
22.0
19.6
16.3
14.6
18.8
17.9
21.4
14.6
18.5
22.6
17.5
23.4
19.7
17.5
-1.4
-1.6
-.6
-.9
-.7
-2.0
-2.1
-.2
-2.9
-.2
-1.0
-.2
.6
-1.1
1.8
-1.6
-1.5
-A
+.1
+1.5
+.4
+.7
+.8
+.6
+1.1
+.8
+.9
+.9
+1.1
+.3
+6
-.1
-.2
+ fl
TABLE 2.-CHANGES IN TOTAL COST OF LIVING IN 13 CITIES FROM
DECEMBER 1927, JUNE 1920, DECEMBER 1925 AND JUNE 1926
TO DECEMBER 1926,
City.
Per Cent of
Per Cent of
Per Cent of Increase (-I-) or
Increase from Decrease from
Decrease(-)fromDecember 1917 June 1920
to
to
Dec. 1925 to June 1926 to
December 1926 December 1926 Dec. 1926.
Dec. 1926.
Atlanta
Birmingham
Cincinnati
Denver
Indianapolis
Kansas City
Memphis
Minneapolis
New Orleans
Pittsburgh
Richmond
St. Louis
Scranton
17.4
17.8
23.8
20.4
22.3
15.2
19.9
18.2
21.7
27.2
19.3
24.5
29.8
20.0
17.0
15.8
19.9
18.6
23.7
18.1
17.6
14.2
14.7
17.0
16.4
14.3
-1.3
-1.2
+.7
-1.5
-2.4
-1.7
-1.7
+.1
+3
+1.0
+6
+.3
--1.2
•
-1.2
701
Retail distribution of merchandise in December was at a high level even
for the time of year, but the indications of other measures of business were
somewhat mixed. Car loadings, foreign trade, advertising, and employment were somewhat smaller than in November, after allowance for the
usual seasonal variations, while bank debits, stock trading and postal receipts showed increases.
Two of the best indicators of general business conditions-loadings of
merchandise and miscellaneous freight and bank debits in 140 centres outside of New York-which have shown very similar movements in recent
years, are shown in the accompanying diagram. Both of these indicate a
moderate decline toward the end of 1926 to a level somewhat below that of
a year previous.
Various indexes of business in per cent of trend, with allowance for Seasonal variations,and, where necessary,for price changes,are shown below:
(Computed trend of past yeart100%.)
.
1925.
Primary DistributionCar loadings, merchandise and miscellaneous_r__
Car loadings. other
Exports
Imports
Grain exports
Panama Canal traffic
Distribution to ConsumerDepartment store sales, Second District
Chain store sales
Mail order sales
Life insurance paid for
Real estate trasters
Magazine advertising
Newspaper advertising
General Business AatengBank debits, outside of N. Y. City
Bank debits, New York City
Bank debits. 2d Dist.. excl. N. Y. City
Velocity of bank deposits, outside N. Y. City
Velocity of bank deposits, New York City
Shares sold on N. Y. Stock Exchange*
Postal receipts
Electric power
Employment in the United States
Business failures
Building permits
New corporations formed in N.Y.State
General price level
1926.
Dec.
Oa.
Nov.
Dee.
Ill r
106
89
124
47
104
110r
107
92
124
71
84
108r
113
96
124
70
84
105?
112
921,
117p
63
84
100
102
134
113
126
102
108
105
99
119
109
102
108
111
102
98
120
117
100
111
108
107
101
138
121
III
122
100
100
115
207
108
112
104
101
160
127
188
113
122
108
105
129
189
98
117
103
107
169
122
186
106
112
102
99
115
146
98
113
102
111
137
112
185
108
126
103
101
124
195
105
ioa
103
lois
110
158
114
186
* Seasonal variations not allowed for.
r Revised.
p Preliminary.
Loading of Railroad Revenue Freight Continues Large
Because of Heavy Coal Tonnage.
-1.2
with revenue freight for the week ended on
loaded
Cars
-.4
+.3
-1.7
+6
Jan. 22 totaled 942,587 cars, according to an announcement
Average United States
:75.6
18.9
-1.3
+.5
by the Car Service Division of the American Railway Asso• No change. a From 1913 to December 1926.
ciation. This was an increase of 20,944 cars over the corTables 3 and 4 show the changes from December 1914 or responding week last year and an increase of 18,296 cars
December 1917 to December 1926, in each group of items, over the same week two years ago. The total for the week
and in the total cost of living, in each of the 32 cities.
of Jan. 22 was, however, a decrease of 7,458 cars under the
TABLE 3.-CHANGES IN THE COST OF LIVING IN 19 CITIES FROM preceding week. The improvement over the two previous
DECEMBER 1914 TO DECEMBER 1926. BY GROUPS OF ITEMS.
years follows entirely as the result of the heavier coal tonPer Cent of Increasefrom Dec. 1914 to Dec. 1926 in Cost of- nage, coal loading for the week of Jan. 22 having totaled
224,715 cars, an increase of 43,878 cars above the same week
City.
House
Cloth- Hous- Fuel
Fur- Miscellast year and 22,531 cars above the corresponding week in
AU
Food.
tag.
and
nishing laneous Items.
1925. Further details follow:
Light. Goods.
-.8
+1.3
+.8
Grain and grain products loading totaled 45,913 cars, an increase of 137
cars over the corresponding week last year but 7,845 cars below the same
week two years ago. In the Western districts alone, grain and grain
products loading totaled 28,174 cars, a decrease of 759 cars below the
same week last year.
Miscellaneous freight loading totaled 306,129 cars, a decrease of 12.814
cars below the same week last year but an increase of 6,833 cars above the
same week in 1925.
Live stock loading amounted to 30,965 cars, an increase of 174 cars above
the same week last year but 2.035 cars below the same week two years ago.
In the Western districts alone, livestock loading totaled 23,468 cars, a
decrease of 95 cars under the same week last year.
Loading of merchandise and less than carload freight for the week totaled
247,713 cars, an increase of 517 cars over the corresponding week last year
and 8.496 cars above the same week in 1925.
Forest products loading totaled 65,518 cars, 4,520 cars below the correlast year and 7,701 cars below the same week two years ago.
TABLE 4.-CHANGES IN THE COST OF LIVING IN 13 CITIES FROM sponding week
Ore loading totaled 9,143 cars. 598 cars under the same week in 1926 and
DECEMBER 1917 TO DECEMBER 1926. BY GROUPS OF ITEMS.
the corresponding week two years ago.
cars
below
1,093
Coke loading totaled 12.491 cars. 5,830 cars below the same week last
Per Cent of Increase from Dec. 191710 Dec. 1926 in Cost ofyear and 890 cars below the corresponding week in 1925.
House
City.
All districts except the Allegheny and Northwestern showed increases in
Fur- Miscel- AU
Cloth- Hous- Fuel
the total loading of all commodities compared with the corresponding week
and
wishing laneous Items.
lag.
Food.
Light. Goods.
in 1926, while all except the Northwestern and Central Western showed
increases over the same week in 1925.
42.1
46.0
15.5
Atlanta
2.9
33.9
4.3
17.4
Loading of revenue freight this year compared with the two previous
51.3
12.4
65.8
26.9
Birmingham
•1.9
1.8
17.8
years follows:
55.9
83.6
16.9
Cincinnati
•1.7
3.1
50.5
23.8
Baltimore
Boston
Buffalo
Chicago
Cleveland
Detroit
Houston
Jacksonville
Los Angeles
Mobile
New York
Norfolk
Philadelphia
Portland, Me
Portland, Ore
San Francisco
Savannah
Seattle
Washington
63.0
56.6
63.8
69.6
58.7
63.8
59.8
53.5
44.7
58.0
59.1
58.7
61.2
63.3
40.6
48.3
39.7
41.6
66.3
72.5
85.3
74.6
61.9
68.3
71.0
88.9
90.9
75.2
48.8
93.7
72.8
80.3
70.3
54.0
85.6
72.0
73.1
70.9
70.6
53.5
77.4
96.7
71.8
95.5
32.6
69.9
61.7
40.5
70.2
49.2
77.3
23.8
33.5
39.5
38.1
60.3
37.4
87.3
98.7
127.1
64.4
170.7
86.8
43.7
91.2
34.8
97.7
96.1
109.6
98.5
102.9
61.9
51.0
68.4
61.2
45.7
110.5
129.6
110.2
109.2
105.3
88.7
137.9
128.1
123.8
96.4
106.0
90.4
92.3
120.8
90.7
104.6
123.9
137.5
107.5
112.3
92.3
112.5
95.7
112.7
121.6
86.8
105.7
105.7
102.2
117.5
103.7
121.5
88.6
76.6
75.3
79.0
97.6
75.0
78.6
71.9
83.6
79.0
81.5
84.1
70.6
81.3
72.2
68.1
80.0
74.6
82.3
69.2
55.1
61.7
60.5
69.1
66.0
Denver
Indianapolis
Kansas City
Memphis
Minneapolis
New Orleans
Pittsburgh
Richmond
St. Louis
Scranton
•3.0
2.9
•1.7
*5.7
2.3
•1.6
5.6
0.9
2.0
6.7
11.8
5.4
6.3
3.9
2.5
15.6
5.5
7.0
7.0
18.3
65.5
36.5
34.1
53.9
36.1
56.2
75.0
36.0
83.2
72.4
38.1
47.8
33.5
80.1
46.6
43.8
91.9
61.4
38.9
78.5
23.5
19.9
10.8
17.1
17.0
25.0
24.3
36.7
22.7
33.7
36.6
51.8
36.3
37.7
33.5
47.4
46.4
40.8
36.6
55.9
20.4
22.3
15.2
19.9
18.2
21.7
27.2
19.3
24.5
29.8
64.2
61.8
88.7
•Decrease. a From 1913 to December 1926.
88.3
107.7
103.9
15.6
Average United States_x_
Week EndedJan. 1
Jan, 8
Jan. 15
Jan. 22
Total
1927.
740.348
940,800
950.045
942,587
1926.
741,560
907,622
931.735
921,643
1925.
767,098
934.170
934.022
924,291
3,573,780
3,502,560
3.559.581
Farmers' Cash Income from 1926 Crop in Minneapolis
Federal Reserve District Less Than Previous Year.
New York Federal Reserve Bank on Indexes of Business
The Federal Reserve Bank of Minneapolis in its "Monthly
Activity.
Review," dated Jan. 28, reports that the farmers' cash inIn its February "Monthly Review" the Federal Reserve come received from the 1926 crop in this district totaled less
Bank of New York has the following to say under the head than from the crop of the preceding year. Continuing, the
"Indexes of Business Activity":
Bank says:
[Vol,. 124.
THE CHRONICLE
702
Farmers' cash income from crops is arrived at by deducting from the
total crop production those parts fed to animals, as these are not sources
of immediate cash income. It is the cash income only which is significant
in determining the purchasing power of the farmer. In the four States,
Minnesota, North Dakota, South Dakota and Montana, farmers' cash
income from the crop of 1926 was 30% less than that received in the preceding crop: the difference being approximately 122 million dollars. In
making this computation, it is assumed that the farmer's family used the
same amount of food raised on the farm in each year. To determine the
total cash income of the farmer, one should also include figures for cash
received from actual sales of livestock, dairy products and poultry products.
The accompanying table shows the changes in farm value of all reported
crops and of the feed crops and cash crops separately for these four States
in 1925 and 1926:
FARM VALUE OF CROPS AT DECEMBER 1 PRICES, 1925 1926.
(Source: United States Bureau of Crop Estimates.)
1926.
1925.
All Reported Crops$288,053,000
$328,190,000
Minnesota-11 crops
175,438,000
259,105,000
North Dakota-10 crops
110,191,000
174,230,000
South Dakota-12 crops
97,797,000
101,108,000
Montana-12crops
$671.479,000
$862,633.000
Four States
Feed Crops (Corn, Oats, Barley and Hay)
$198,156,000
8223,728,000
Minnesota
56,174,000
68,839,000
North Dakota
86,179,000
116,464,000
South Dakota
40,698,000
41,551,000
Montana
$381,207,000
2450,582,000
Four States
Cash Crops (Including amounts consumed on the farm or used for seed)$99,897,000
$104,462,000
Minnesota
119,264,000
190,266.000
North Dakota
24,012,000
57,766,000
South Dakota
57,099,000
59,557.000
Montana
$290,272,000
2412,051.000
Four States
Falling Off in Wholesale Trade in New York Federal
Reserve District.
Reporting on the status cf wholesale trade, the Federal
Reserve Bank of New York in its Feb. 1 "Monthly Review
of Credtt and Business Conditions" states:
in ten
Sales of representative wholesale dealers in this district, which
the amounts for January of both 1925 and 1924 as well as
of that month in 1921.
Relatively the largest increase in number of failures in January, as
compared with the number for that month of 1926, was in the class embracing agents, brokers, and similar concerns and individuals that cannot
be properly included in either the manufacturlig or trading divisions.
The number of "other commercial" defaults increased 35.6%, while the
increase among traders was 8.6%. Among manufacturers, on the other
hand, the number decreased 1.8%. All three classifications show larger
liabilities than in January last year, there being an increase of 24.8%
among manufacturers, 14% among traders, and 4.7% in the class embracing agents, brokers, &c. Nine of the 15 separate manufacturing
groups disclose fewer insolvencies for last month, these being iron,foundries
and nails, machinery and tools, cottons, lace and hosiery, clothing and
millinery, hats, gloves and furs, chemicals and drugs, milling and bakers,
leather, shoes and harness, and miscellaneous. As to the liabilities, six
of the 15 manufacturing classifications show decreases, these being woolens.
carpets and knit goods, cottons lace and hosiery, hats, gloves and furs,
chemicals and drugs, milling and bakers, and miscellaneous. Among
trader, the number of failures decreased only in five of the 15 groupsnamely hotels and restaurants, tobacco, &c., hardware, stoves and tools.
chemicals and drugs, and Jewlery and clocks. In'hats, furs and gloves.
no change occurred. The record as to the trading indebetdness reveals
smaller amounts in six instances, these being hotels and restaurants.
tobacco, &c., clothing and furnishings, furniture and crockery, hardware.
stoves and tools, and chemicals and drugs.
FAILURES BY BRANCHES OF BUSINESS-JANUARY 1927.
Liabilities.
Number.
Manufacturers.
1927. 1926. 1925.
Iron, foundries and nails__
Machinery and tools
Woolens, carpets & knit g'ds
Cottons, lace & hosieryLumber, carplers & coopers
Clothing & millinery
Hats. gloves & furs
Chemicals & drugs
Paints & oils
Printing de engraving
Milling dc bakers
Leather, shoes & harness_
Liquors & tobacco
Glass, earthenware & brick_
All other
1926.
1927.
8
6 $1.585,700 $1,513,000
18
969,873
35 2,811,345
22 31
435.700
9
4
2
324,200
62,000
3
1
-35 3,096,641 1,645,697
51
57
49
55 52 1,481,336
824.834
15
138.300
14
9
76,200
7
36.100
41,300
3
3
1
2
3
130.000
35.550
14
27
13 1,860,860
178,011
58 65
44
197,796
770,486
15
722,148
338,076
14
20
12
11
6
46,234
139,800
5
2
15.5.913
53.200
10
230 234 216 7,378,163 9.031,689
1925.
2260.600
1,225,085
340.000
334.570
746.753
703,908
141.031
13.200
17,000
349,400
499,127
435.756
184,819
14,200
8,643,740
of the first eleven months of 1926 had averaged smaller than a year previous.
continued in the final month of the year to show a substantial reduction.
Total manufacturing_ _ _ - 501 510 480 819,996,202 $18,083,950 $11,909,187
For the year as a whole, a weighted average of sales in all reporting lines
Tradersfor
shows a reduction of 8% from sales in 1925. Lower prices, especially
176 136 179 83.467,828 $1,407,191 $3,081,131
General stores
389 349 339 2,979,661 2,445.224 2,195.996
Groceries. meat & fish
textiles, were probably responsible for a part, but not all, of the decline.
a
549.900 1.603.704 1,659.980
of
83 108
93
those
restaurants
with
&
EIotels
compared
sales
December
in
Most of the larger declines
28
40
18
218,050
223,555
345,552
Liquors & tobacco
year ago were in clothing and textiles, and the same was true for the year as a :Nothing & furnishings
297 270 299 3.830,592 4,165.688 4.278,858
com171 142 165 3.023,130 1,993,725 3,164,029
whole. The women's clothing business showed the most unfavorable
Dry goods & carpets
646.932 1,015.638
97 65 92 1,452.920
parisons with 1925, due partly to labor troubles, but sales of men's clothing, 3hoes. rubbers & trunks,.__
871,375
77 64 61 1,364,174 1,876,962
& crokery
cotton goods and silk goods also were considerably smaller. Shoe sales, Furniture
631,902
764,870
525.000
36
43
42
tools
&
sotves
Hardware,
however,continued the tendency of most preceding months of 1926 and were Dhemicals & drugs
622,188
791,005
70 60
529.477
52
134,584
128.800
82,500
4
10
11
larger in December than a year previous.
'stints & oils
1,552.232
1,794.964
1,425.610
98
79
conwere
months,
72
clocks
recent
leweiry &
Machine tool sales in December, as in other
160.212
374,400
164.086
12
18
19
papers
de
looks
had
increases
substantial
though
siderably smaller than a year previous,
72,211
153,272
77,300
16
8
8
lats. furs & gloves
been reported in the earlier months of the year. Sales of groceries, drugs, 111 other
320 316 283 4,103,795 3.845,506 4,906.371
stationery and diamonds also showed declines in the later months of 1826,
1,842 1.696 1,757 24.530,455 821,511,872 $24,654,579
Trading
following increases in the first half of the year. Hardware sales, on the
122 90 80 6,763,575 6,055,622 17,799.266
)ther commercial
other hand, were larger in December than a year previous, after decreases
1926.
of
$51,290,232„
months
previous
reported
most
in
2,465 2,296 2,317$43,651,444
had been
Total United States
Stocks on hand at the close of the year continued considerably larger than
In 1925 in silk goods, and somewhat larger in hardware and jewelry and
diamonds. A slight increase was shown in jobbers'stocks of cotton goons Increase in Department Store Sales in New York
but shoe stocks remained much smaller.
Federal Reserve District in December as Compared
Percentage Change
December 1926 from December 1925.
Groceries
Men's clothing_
Women's
dresses
Women's costal
and suits_ _
Cotton goodsJobbers
Commission..
Silk goods
Shoes
Drugs
Hardware
Machine tools_
Stationery
Paper
Diamonds
Jewelry
Percentage Change
Is Net Sales.
Accounts Dec. 1928 Year 1926.
from
from
Reedsable.
Nov. 1926 Year 1925.
Net
Sales.
Stock
End of
Month.
Colleclions.
--6.7
--21.0
-1.4
--14.7
--10.4
--7.8
+0.4
+55.0
-28.3
-5.3
--5.6
-29.1
-25.5
-1.5
--12.3
-0.7
--5.4
-11.4
+4.3
+7.2
+11.4
-27.1
+9.0
-4.3
+1.4
--1.7
--17.1
I --9.4
-9.1
-11.4
-6.7
+2.0
+2.4
-2.8
-1.4
+4.0
+5.0
+3.5
-2.5
--3.7
--7.9
_
--23.7
-23.0
-0.8
-16.1
-12.8
+5.8
-7.4
+4.7
-15.3
-8.9
+0.8
-13.6
-3.0
Weighted avge -11.5 I
•Quantity, not value.
+2.1
+11".i*
-13.0
-5.4
+6.5
-19.2
+4.8
-6.8
-4.5
-8.2
-27.4
--2.6
--7.5
Dun's Report of Failures in January.
The month of January invariably brings the largest number
of commercial failures each year, due to the strain of the
annual settlements, and last month's defaults in the United
States show a considerable increase. Thus, the January
insolvencies, as reported to R. G. Dun & Co., number
2,465, which is about 19% above the 2,069 failures for December and is, in fact the highest total of any month since
Jan. 1922, when the number was 2,723. It is, moreover,
approximately 73% in excess of the 2,296 defaults for
January of last year. On the other hand, some rise in
insolvencies is to be expected, in view of the steadily increasing number of firms and individuals in business. With the
larger number of failures in January, thel iabilities increased
to $51,290,232. This is about 12.2% above the $45,619,578
of December, and exceeds by approximately 17.5% the
$43,651,444 of January, last year. It is, however, less than
with Same Month in 1925.
From the Feb. 1 Monthly Review of the Federal Reserve
Bank of New York it is learned that "according to final
reports, December department store sales were 4% larger
than a year ago, a slightly smaller increase than was indicated
by business of the first 24 days of the month. Apparel
store sales increased nearly 5%,but sales of mail order houses
fell slightly below the high level of December 1925. For the
first time in two years department store stocks at the end
of month showed no increase over a year previous." The
Review adds:
Total sales of department stores for the year 1926 were 4% larger than in
1925, compared with increases of 53,i and 434% in the two previous years.
Sales of apparel stores and mail order houses increased 6 and 5%. respectively.
The rate of turnover for the year was slightly higher than in 1925,although
for the first half year it had been running somewhat behind a year ago. In
the case of apparel stores, due to the considerably larger increase in stocks
than sales, the turnover was not so high as last year.
LocalUy.
Percentage Change
Dec. 1926 from Dec. 1925.
Net
Sales.
Stock
End of CollecMonth. tions.*
Acets
Reedyable.*
Percentage Change
Year 1926 from
Year 1925,
Net
Sales.
Stock
on
Hand.
+3.7
+2.6
+1.2 -0.2 +10.6
+3.8
New York
+1.6 -2.0
+2.4
-8.3
+0.4
Buffalo
+4.4
+9.5 +22.0
+2.2
+3.4
-1.3
Rochester
-2.3 -5.3
+2.6 -14.2
Syracuse
+8.0
3.8
1+-2.6
4-15
+7.5
+10.2
Newark
+11.2
+4.4
+3.4
+9.6
Bridgeport
+1.9
+3.4
+3.5
+3.4
Elsewhere
-1.9
-0.3
Northern N.Y.State
+3.6
---+6.2
Central N. Y. State
+2.0
+3.3
---State
N.Y.
Southern
+6.1
Hudson River Valley Dist_ +2.9
-1.0
-4.1
Capital District
+19.8
- +15.6
Westchester
+3.9
+4.3
+11:1
All department stores
+4.8 +18.9
+6.2 +13.6
---Apparel stores
+5.0
Mail order houses
In December for the second consecutive month the largest increases were
in sales of shoes, furniture, books and stationery, men's and boys' wear,
and hosiery. The increases in total sales for the year compared with those
of 1925 were especially large in books and stationery and furniture,and all
•
FEB. 5 1927.]
THE CHRONICLE
other leading departments except silk and velvets, woolen goods and
musical instruments and radio apparatus showed at least moderate increases.
The substantial reduction in radio sales followed a very large increase
in 1925.
Percentage Change in
Net Sales.
Percentage Change in
Stock on Hand.
Dec. 1926 Year 1926 Dec. 31 '26 Year 1926
from
from
from
from
Dec. 1925. Year 1925 Dec. 31'25. Year 1925.
Shoes
Furniture
Men's & boys wear
Books & stationery
Hosiery
Women's ready-to-wear accessories_
Men's furnishings
Toys & sporting goods
Luggage & other leather goods
Women's ac mimes' ready-to-war_ _ -Home furnishings
Linens & handkerchiefs
Toilet articles & drugs
Silverware & jewelry
Cotton goods
Silks & velvets
Musical instruments & radio
Woolen goods
Miscellaneous
+25.3
+12.7
+12.6
+12.2
+12.1
+11.3
+8.8
+8.2
+6.1
+4.9
+3.8
+3.6
+1.6
+1 2
+0.9
-2.2
-3.6
-19.5
-1.2
+9.4
+14.0
+5.1
+15.0
+8.2
+5.4
+6.5
+11.8
+6.4
+3.1
+4.7
+11.4
+7.2
+3.4
+2.3
-0.4
-26.9
-24.1
-2.7
-0.3
+3.6
+6.2
-14.2
-2.9
-2.9
+3.0
-.5.4
-6.3
+4.9
+5.6
+1.5
-0.7
-0.7
-5.7
-6.5
-7.4
-44.5
-15.3
-0.1
+7.2
+5.4
+1.4
+1.6
-5.9
-0.2
+4.2
+7.7
--4.4
+3.7
-0.1
+4.7
+4.8
-3.4
-1.4
-6.3
-29.9
-10.3
Chain Store Sales in New York Federal Reserve District
in December 14% Above Same Month in Previous
Year-Smallest Increase in Recent Months.
Increases in chain store sales in the New York Federal
Reserve District are reported as follows in the February 1
"Monthly Review of Credit and Business Conditions" by
the Federal Reserve agent at New York:
Aggregate December sales of chain stores in this district were 14% larger
than a year ago, one of the smallest increases reported in recent months.
The increase in average sales per store, however, was larger than in most
months of 1926, and in shoe chains it was the largest in more than two and
a half years.
Total sales for the year increased 17% over 1925 due mainly to the large
increases in sales of grocery, variety, and drug stores which have each
month in the year shown larger gains than the other types of stores. Moderate increases were reported for the year in all other lines, but only in variety,
grocery, and ten cent systems did the increases in sales exceed the expansion
in number of stores in operation.
New stores opened ordinarily have smaller sales for some time than the
established units. Consequently in variety and grocery chains where
the opening of new units proceeded less rapidly than in 1925,sales per store
averaged larger in 1926, and the increase in total sales was larger than in
the number of stores operated. In drug, tobacco, and candy chains, the
opening of new stores was more rapid in 1926 than in 1925. sales per store
averaged smaller, and the increase In total sales was smaller than in the
number of units operated.
Percentage Change-Dec. 1926
Percentage Change-Year
from Dec. 19251926from Year 1925No. of
Total
Sales per
Total
Sales per
Type of StoreStores.
Sales.
Store.
Sales.
Store.
Variety
+12.9
+25.2
+10.9
+25.2
+5.2
Drug
+30.6
+19.7
-8.4
+20.8
-2.8
Grocery
+9.0
+17.5
+7.9
+21.8
+6.7
Shoe
+10.4
+14.6
+3.9
+6.1
-6.6
Ten Cent
+7.7
+9.0
+1.1
+9.3
+2.7
Tobacco
+5.4
+4.8
-0.5
+8.6 ' -1.6
Candy
+4.7
+2.6
-2.2
+2.1
-10.2
Total
+8.2
+14.2
+4.9
+17.4
+3.5
703
Farm Income $9,750,000,000.
The total farm income for the year 1926-27 will be about $9,750,000;
000, cutting to some extent the purchasing power in rural communities.
The new year will see a continuation of the policy of emphasizing volume
rather than price in production lines. As long as transportation conditions reman easy, the productive capacity of the country points clearly fa
such a continuation.
Installment buying as employed during this year renders it one of the
danger points in the present busness situation. Under present employment
conditions it is not liable to be a weighty factor in starting a recession.
However, if a business slump starts, this installment buying will tend"
definitely to accelerate the down turn and lengthen its duration.
Retail trade throughout the United States during the first
six months of 1927 will be fully equal to the volume piled"
up during the corresponding period of last year, according to'
the annual sales and credit analysis of the Brooknaire Econod
mic Service, Inc. This is indicated, says the survey, by the
carry-over purchasing power in the form of savings banks
depo3its. The survey goes on to say:
Prospects are however. that 1927 may see some slight reduction in total
income from the high mark of over 76 billion dollars for 1926,although the
consumer demand for merchandise is expected to hold up relatively well.
Mercantile credit conditions are sound for the most part as inventories
are moderate and cash position of customers fair to good in most sections.
Conditions are somewhat unsatisfactory in certain parts of the cotton belt
and the northwestern wheat belt and in other sections where the cumulative
effect of past inflation still leaves local banks in weakened conditions.
Due to these local weak spots, to some rather loose financial methods on
the part of some mercantile and financial institutions and to growing intensity of competition generally, the rate of commercial failures may rise
somewhat.
The Eastern Manufacturing Section recorded the greatest gain in estlmated income in the country, with a total of $23,000,000,000. or a gain of
734% over 1925. Others in order were: Central Manufacturing Section,
$20,000,000,000,a 7% increase; West Central Agricultural Section.$8,300.000.000. no gain; Southeast Agricultural Section, $6,300,000,000, no gain;
New England, $5,900,000,000 an increase of 3%; Pacific Coast Section,
$5.650,000,000,a 4% gain; Southwest Agricultural Section,$4,700,000,000.
a decrease of $100,000,000; Rocky Mountain Section. $2,400.000.000. a
1% increase.
Stable Business Conditions Reported in Boston Federal
Reserve District.
Business conditions as a whole in New England
were unusually stable during the latter part of 1926, and
the New England business activity index did not vary by
one per cent during October, November and December, according to the Feb. 1 issue of the Monthly Review of the
Federal Reserve Bank of Boston. In its further analysts
of the business situation in New England, the Bank states:
The rate of activity during the closing quarter of the year was
slightly higher than the average maintained during the past five years,
but was not as good as in the closing quarter of 1925. Inasmuch as
preliminary reports indicate little change in New England businessactivity in January, as compared with December, it is probable that
activity thus far in 1927 has been less than it was a year ago. Countrywide reports indicate a similar condition in the United States as a
whole; in fact, during December production in the leading industries(as distinct from general business activity) was the lowest since 1924.
The sharp reduction in automobile output was one of the major factors
contributing to the decline in total production during the month. The
building industry of New England continues to be very active, although
Brookmire's Forecast for 1927-Retail Trade Holds the value of new contracts awarded during the closing months of 1926
and the first three weeks of 1927 was less than in the corresponding
High Level of 1926 Due to Great Purchasing
periods a year ago. In December there was a marked reduction in the
Power in Form of Bank Savings.
number of real estate advertisements appearing in the Boston newspapers. An active real estate market is usually accompanied by a lam
America will experience a period of more active business number of real estate advertisements in the metropolitan newspapers.
and larger profits than normal during the first half of 1927,
New England department stores reported an exceptionally large
though below the activity of the first half of 1926, according volume of trade during both December and the early part of January.
December business was the largest on record, and Boston stores durto the Brookmire Economic Service, Inc., of New York. The ing the first three weeks of January reported a moderate increase over
movement of trade will be at a fairly high level, unless some sales in the same period last year. This was a month in which trade
in New England made a larger increase over sales in the correspondexcesses in the way of speculation and accumulation of ing
period a year previous than in any other Federal reserve district.
inventories slow up operations during the first six months.
Wholesale commodity prices in general have been relatively stable
since
late in December. During October and November and the first
The prosperity of 1926 Brookmires bases chiefly upon these
part of December there was a moderate decline, resulting in a lower
factors:
level of prices than at any time since the summer of 1924. Money
1. An abundance of credit obtainable at low prices, as a result of the rates declined during the first half of January, in response to an easier
tremendous gold supply which the war and its aftermath has heaped up in position of the member banks. The decline is seasonal in nature, and
this country.
continues a softening in rates which often starts in October and ends
2. A continuation of the construction boom.
shortly after the middle of January. The volume of so-called "com3. A good demand for our products in foreign countries during the last mercial" loans of member banks in nine of the larger New England
half of the year.
cities was smaller late in January than at any time in a year and a
4. A measurable. improvement in the economic status of the farming half. This is a reflection of the decline in prices of basic commodities,
as well as the reduced rate of business activity in this district.
population as a result of the crop year 1925-1926.
5. Efficiency in the transportation system of the country.
volume
rather
than
emphasize
price.
6. Business policies which
Usual End-of-Year Recession Experience& in Federal
7. A widespread use of installment selling to push production by placing
a lien upon future income.
Reserve District of Philadelphia.
The Brookmire report on the business outlook says in
part:
Business activity in the Philadelphia Federal Reserve
District has experienced the usual end of the year recesA great stock of gold still remains here with no reasonable probability of sion during the past few weeks, the Federal Reserve
its being shipped abroad in the immediate future. It is reasonable to say
Bank of Philadelphia reports in its Feb. 1 Business Rethat as long as an easy credit situation exists there is little probability
that any down turn in business which might occur would be in any way view. In further surveying conditions the Bank states:
drastic.
Factory employment has declined somewhat from the October peak
The present volume of contracts in the initial stage of construction and and now stands practically at last year's level, and factor payroll totals
the high volume of contracts still being let is a guarantee that there will in December were closer to the previous year's level than at any other
be no violent break in construction work, at least through the greater part time in the year. For the year 1926, as a whole, however, industrial
of next year.
activity in the district averaged 6% above that of the previous year.
What effect our foreign trade relations will have upon domestic business
during the coming year is somewhat problematical. On the whole we are
going to meet with a period of increasing competition from abroad as stability is effected in currency and industrial conditions.
Construction activity naturally is quiet at this season, although conteteplated building is in large volume. The value of permits issued and of
contracts awarded in December both showed large increases over the
previous month and the same month of 1925. Production of both anthras•
704
THE CHRONICLE
cite and bituminous coal in the district has slackened somewhat during
the past four weeks and the market for both varieties is quieter than
in November and December.
Distribution and marketing of commodities has continued in somewhat larger volume than a year before, but the December volume
showed a smaller gain over 1925 than did many of the earlier months
of the year. Railroad freight shipments in the Allegheny district declined seasonally in November and December, but in the latter month
were 5.6% larger than in the previous year. December sales at wholesale Were larger in most lines than in 1925 although the total gain was
only 2.4%, owing partially to the lower prices prevailing for most
wholesale commodities. Retail trade of reporting stores in the district
was in record volnme in December and the year closed with a small
gain over the 1925 total. January has of course witnessed a seasonal
recession in both retail and wholesale business. The dollar volume of
business ni the district, as measured by debits to individual accounts
during the first three weeks of January was 8.4% larger than in the
same period of 1926.
Although operations at mills making textile products in this district
are being well maintained, there has been of late a seasonally quiet
market and a few instances of declining prices. Business in raw cotton
and cotton goods has been in fair volume and mill activity has been
at about 80% of capacity. Gray goods and yarns have declined slightly
in price but raw cotton and finished fabrics continue stable. The
woolen industries have quieted seasonally and quotations for tops and
worsted yarns have weakened slightly. Mills still have a good volume
of orders, however, and continue active. Silk mills are operating at
85% of capacity, but demand is only fair and prices have been lowered. Rayon prices, too, have been reduced since November 1. In
the hosiery trade there has been a slackening in the market for fullfashiond grades and a continued weak market for seamless. A seasonal
lull characterizes the market for carpets and rugs and for clothing,
but prices in both of these trades are fairly stable.
Purchasing of iron and steel products has slackened noticeably in the
last two months and the industry generally has been less active than
it was at the same period a year earlier. Despite the large annual
totals recorded in 1926, the output of steel ingots and pig iron in the
last month of the year was substantially less than in December, 1925.
Unfilled orders of the United States Steel Corporation on December 31,
were more than 20% below the volume a year earlier. Cement, lumber,
paint and other building materials, though selling at firm prices, have
met with only fair demand in the past few weeks, owing to the slackening in building operations. There has been some accumulation of
stocks in anticipation of spring trade.
in the hide and leather trades a good market is reported for packer
hides, goatskins, colored kid and sole leather, while demand for black
kid is only fair. Conditions in the industry as a whole compare favorably with those of the year before. Prices of shoes are firm and unchanged and manufacturers report a fairly good demand.
The cigar industry is quiet following the excellent holiday business,
but the current volume of sales at firm prices is in excess of that of
last year. A moderately active market exists for flour with sales larger
than in December but smaller than those of a year ago.
City Conditions.
In most of the cities of the district industrial activity, as measured
by factory employment and payrolls, was less in December, 1926, than
in the same month of the previous year. Philadelphia and Reading
were the chief exceptions; 'these cities showed substantial gains in both
items. The dollar volume of business, as reflected by debits, was larger
than last year in all cities but Allentown, Johnstown, Lancaster and
York, while only Johnstown failed to show a gain in the December
volume of retail sales.
The changes from November to December were chiefly seasonal in nature. Considerable gains in retail sales and debits occurred in all
cities, while building activity declined in most of them. Factory employment was less in most cases and the gains in payroll disbursements
are attributable largely to the occurrence of Armistice Day in November payroll period.
Retail Trade.
Preliminary reports indicate that retail business during the month
ended January 20 was more active than that of a year before. Prices,
with some exceptions, continue at about the same level as those prevailing four weeks ago.
The total volume of retail trade during 1926 was 2.3% greater than
in 1925. December sales were heavier than those in the same month
of the previous four years; reporting stores and credit houses registered increases ranging from 1.1% in apparel to 9.4% in shoes. Among
items showing larger sales are leather goods, misses' ready-to-wear, furs,
silverware and jewelry, draperies, lamps and shades, musical instruments and radio; whereas marked decreases are noted in silks and velvets, woolen and cotton dress goods, women's coats and suits, waists
and blouses. Stocks held by reporting retailers at the end of December were nearly 3% below those on the same date of 1925.
Further Curtailment in Industrial Employment Conditions in Chicago Federal Reserve District.
Further curtailments in employment at industrial plant
of the Chicago Federal Reserve district were reported for the
period Nov.15 to Dec. 15. According to the Feb. 1 Monthly
Business Conditions Report of the Federal Reserve Bank of
Chicago, from which we take the following:
[VOL. 124.
covering employment at that city indicate a decline of approximately 20%
from Dec. 1925, although the level is slightly higher than two years ago.
The supply of labor for outdoor work greatly exceeded the demand; the
number of applicants at employment offices increased steadily whereas
available positions decreased, resulting in a high unemployment ratio.
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL RESERVE
DISTRICT.
Number of Wage Earners1
Week Ended
Industrial Groups.
Total Earnings
Week Ended
Dec. 15 Nov. 15 % l Dec. 15
1926.
1926. Cleoe1926.
Nov. 15
1926. Cleas.
All groups (10)
375,46 381.624-1.6$9,780,49 $9,920,067 -1.4
Metals and metal produc
(other than vehicles)
154,753
.293 1.01 3,785,5343,837,188 -1.3
Vehicles
38,017 40,360-5.8 1,080,955 1,189,099 -9.1
Textiles and textile products_ 27,584 26,87 +2.7 656.105 573.130 +14.5
Food and related products
48,919 49,457 1.1 1,321,766 1,334,906 -1.0
Stone, clay and glass produc
13,981 15.084-7.3 406,65
445,402 -8.7
Lumber and its products
31,771 32,862 3.3 805,912 836,367 -3.6
Chemical products
9,918 10,22
3.0 275,40
281,84 -2.3
Leather products
16,532 16,42 .+o.rj 362,370 355,68 +1.9
Rubber products
3,026
2,988 +1.3
79,491
71.8511-10.6
Paper and printing
30,964 31,062-0.3 1,006,301 994,5
+1.2
Moderately Decreased Activity Reported in St. Louis
Federal Reserve District.
Reports relative to business and industry in the St. Louis
Federal Reserve District during the past thirty days, says
the Federal Reserve Bank of St. Louis in its Monthly
Business Review made public Jan. 29, "reflect moderately
decreased activity, both as compared with the month before
and the corresponding period a year earlier." The Bank
adds in part:
At many industrial plants operations have not been resumed at a rate
as high as prevailed prior to the seasonal slowing down incident to inventorying and the holidays. Wholesalers and jobbers in a number of important
lines, notably dry goods, hardware, groceries, and chemicals, complain of
light and backward buying,though since the first week in January the drop
in temperature has stimulated the movement of winter merchandise and
brought out a good volume of fill in orders. Almost universally, purchasing
of commodities is on an immediate requirement basis,future business on the
books of manufacturers and wholesalers being at a lower ebb than at any
similar period in more than a decade. Except in few instances, manufacturers are making up very small quantities of goods for which they have
not actual orders.
While accounting for the movement into consumptive channels of a large
volume and variety of merchandise the holiday trade on the whole was
below expectations. Sales of department stores in the five largest cities of
the district during December were 2.8% less than the same month in 1925,
and turnover of retailers generally both in the large centers of population
and in the country was relatively light. A decrease under a year ago was
also reported in the December business of mail order houses and chain
stores, but a gain in sales of the five and ten cent stores. The recent downward trend in production and distribution of automobiles continued in
December, sales of passenger cars being the smallest for any month since
January 1925. Generally through the iron and steel industry declining
tendencies were in evidence. As indicated by permits issued and contracts
let, building activity in December was below that of the same month In
1925. Debits to individual accounts in the principal cities of the district
in December showed a decrease of 5.9% under the same month in 1925,
and an increase of 6.0% over the November 1926, total.
Reports of the Employment Service of the Department of Labor indicate
a rather general decrease in employment and gain in surpluslabor throughout
the district. Fewer workers were engaged in the coal mining, lumber, iron
and steel and packing industries, and small reductions were reported at oil
refineries, chemical plants, glass factories and quarries. While textile
mills in the South were for the most part operating on full schedules, a
slight decrease took place among textile workers. Unfavorable weather for
outdoor activities of all sorts was reflected in curtailed building and highway
construction, and resulted in a rather sharp accretion to the ranks of idle
common labor. Fair to good gains in employment were noted at tobacco
products plants, and activities at tobacco warehouses in Kentucky and
Tennessee absorbed a heavy quota of unskilled workers. Following the
holidays, there have been heavy releases of clerks and general help by
department stores and other retail establishments in the largo cities.
There Was no marked change in conditions in the fuel situation as compared with the preceding thirty days. Interruption in demand from
industrial sources during the inventory and holiday period was offset by a
heavier call for coal from domestic consumers, with the result that operations at mines in the chief fields of the district averaged about the same as
during the month before. In the Indiana and Illinois fields shaft mines were
working from two to five days per week, those showing the greatest activity
being favored with increased patronage from the railroads. Strip pits were
for the most part operating at, or close to capacity. There were further
complaints of "no bills" in all districts, but in the case of steaming coal the
number of loaded cars on track has been substantially reduced since the
first of this month. Operators report that the disposition to store coal
against possible strike of bituminous miners in the spring is much less in
evidence than thirty days ago. Since settlement of the strike of British
coal miners the export trade, which was the principal contributing factor
to activity in the general coal market during the last half of 1926, has
fallen off heavily in volume. Total production of bituminous coal for the
entire country during 1926 is estimated by the TJ. S. Bureau of Mines at
578,290.000 tons, the largest on record with the exception of 1918, when
578,386.000 tons were mined.
The decreases for firms employing about 375,000 workers
aggregated
1.6%, bringing the volume to 4% below the high point of the year reached
In September. Approach of the holiday season With inventory-taking
at
many plants accelerated the downward trend in evidence since that time.
Vehicles and the stone, clay, and glass products industries contibuted the
Largest share of the reductions, while metals for the second consecutive Continued Large Volume of Production in Kansas City
month registered a decline in both men and payrolls. Increases for the
Federal Reserve District in First Half of Januarymonth were generally confined to the leather and rubber products industries
and the manufacture of clothing, the latter in preparation for the spring
Volume of Trade Recedes From High Peak of
demand.
December.
Employment throughout the year 1926 fluctuated within a range of not
Surveying business conditions in its district the Federal
more than 6%, and with the exception of the closing month of the year,
was on a definitely higher level than in 1925. At the close of the year, how- Reserve Bank of Kansas City in its Feb. 1 Monthly Review
ever,food products and the paper industries were the only groups to register
increases in both men and payrolls over a year ago. Metals showed a slight says:
Reports to this bank from over the Tenth (Kansas City) Federal Rencrease in men but a somewhat smaller payroll; textiles, stone, clay and
glass, and rubber products reduced the number of workers but increased serve District covering the first two weeks of January, 1927, reflected
chemicals,
lumber,
and leather reported definite a continuance of the exceptionally large production of commodities which
. payrolls; while vehicles,
declines in both item,. Reports by the Employers' Association of Detroit featured the closing month of 1926. The volume of trade, which in
FEB. 51927.1
THE CHRONICLE
December rose to the highest peak of last year, exhibited a recession in
the early half of January such as usually occurs after the holidays.
Market supplies of grain and livestock were larger than at this time
last year. The daily value of checks cashed at reporting banks in
leading cities, indicative of the general volume of business and banking, was 6.2% larger during the first eleven business days of 1927 than
for the like period in 1926.
In spite of severe winter weather, which forced some lines of manufacture to close down, or to operate on winter schedules, mineral production was at a very high level. Figures reported by the American
Petroleum Institute indicated a continued week-by-week increase in the
output of crude petroleum, the week of January 15 showing a daily
average flow of 782,500 barrels for the producing fields of this District.
This was the highest daily average reported for a 7-day period, and
25,984 barrels above the daily average for December, which was the
peak month of crude oil production. The January 15 total represented
32.3% of the United States output for that week, while Oklahoma's
production of 594,650 barrels per day amounted to 24.8% of the United
States total. The year opened with production of soft coal at about
9% larger than a year ago, while shipments of zinc ores increased
17.2% and shipments of lead ores decreased 3.2%. A downturn in
prices carried zinc ore to an average of $44 a ton and lead ore tot $95
per ton during the week ending January 15, as against $56 and $118.33
for the corresponding week in 1926.
Marketings of meat animals to January 15, including shipments of
hogs direct to packers, were larger for all classes than a year ago,
while market receipts of wheat and corn were larger than at this time
last year. The increased supplies resulted in heavy winter slaughtering operations at each of the meat packing centers. There was also
a continued heavy production of flour at southwestern mills.
Conditions throughout the District in the opening period of 1927
were regarded as favorable to agriculture, with excellent prospect for
winter wheat on an increased acreage and a tendency to increase production of livestock during the year.
Fall Lines of Overcoatings and Suitings Opened by
American Woolen Company-Prices Under Those
of Year Ago.
Lines of plain and fancy overcoatings, piece dye staple
suitings and specialty cloths for next fall, comprising goods
in Departments 3 and 7, were opened on Feb. 2 by the
American Woolen Co. In reporting this the New York
"Times" stated:
Overcoating prices, it is understood, show an average reduction of about
8%, as compared with last•fall. Price comparison is difficult, owing to
the changes made in the new fabrics. The overcoating offering is very
comprehensive and includes some 7,000 different styles. The opening was
well attended by representative buyers.
The following table shows the new prices on six repeated fabrics, as
compared with those of 1926 and 1925:
No.13826
7224
10728
4428
3728
5126
4Veight
(Ounces).
Fall
1927.
Fall
1928.
Fall
1925.
28
24
28
28
(Melton)
(Kersey)
$28234
2 15
320
34234
2 20
2 7234
$30234
2 1734
34234
37234
235
2 9215
$385
26734
4 1735
460
__
The lowest priced overcoating in the line is No. 7,400. a 24-ounce cloth
of the Burlington mill, quoted at $1 4734. The highest priced one is
No. 7,623. a 36-ounce weave of the Chase mill, which has a base price of
$5 30, with ranges to $5 6255 for certain colors
The color assortment in the line is large, but stress is said to be placed
on the darker tones, with blues and browns receiving much attention.
The fabrics include plain goods, through-and-through weaves, boucles,
chinchillas, fancy backs, ratines, whitneys, meitons, kerseys and thibets.
In the subjoined table the high to low price ranges of the fabrics by
mills are given, together with these ranges for last year:
Department 3.
Mill.
Saranac
Tilton
Waverly
Norwich
Webster
Assabet (overcoat182)
(Settings)
Pioneer
Foxcroft
Vassalboro
(Shirtless)
Anderson
(Shirtless & mackinaws)
Indian spring
Kennebee
Ounegan
Black River
Tenth:
Burlington
Forest
Chase
Brown
Hartland
Weybosset
Baltic
Newport
Oakland
Lebanon
Maacoma
t_ (Shirtless & mackinaws)
.
1 Department 7Sawyer
Decal
Globe
Puritan (staple settings)
1927
Price Range.
Low.
High.
$1 7735
1 55
2 3235
1 60
2 1734
1 60
1 50
2 8734
3 30
2 2235
1 25
1 85
0 8734
2 20
24234
25734
2 85
I 95
14734
1 5734
2 60
34734
3 17%
23734
1 35
3 60
2 80
1 8735
1 8735
1 20
32 50
1 85
3 15
2 7234
5 3234
5 1735
2 35
4 4734
35734
3 4235
1 55
300
1 75
300
3 0234
2 90
5 0234
890
280
200
56234
65234
400
5 35
26734
3 75
3 37%
60734
3 0734
2 1235
1926
Price Range.
Low.
8190
High.
32 20
23234
16734
2 05
150
26234
3 65
66734
42234
33734
3 3235
1 55
43234
4 05
4073,4
18234
3 35
2 40
230
1 75
2 8734
1 4234
165
1 35
29134
360
2 85
'
282%
1 65
3 1234
3 15
150
1 85
300
2 40
2 45
6 1234
8 95
88234
1 7755
8 85
4 95
56734
5 75
49234
3973.4
3 35
3 60
26234
705
The London Colonial wool sales were brought to a close to-day with an
offering of 11,750 bales, bringing the total offferings for the series up to
124,000 bales. It is estimated that the Continent bought 56.000 bales.
home trade 44,000 bales and America 3,000 bales. Some 25,000 bales are
carried forward, including 12,000 bales which were not offered. The next
series commences March 15.
Compared with December sales, prices proved from 734 to 10% higher
on best merinos, 5% higher on scoured sorts, and other merinos were at
par. On crossbreds, greasy sorts showed a general advance of 5% over
December figures, while prices realized on slipe and Cape wools ranged
from par to 5% higher.
Details of yesterday's sale (prices in pence per pound)follow:
.
04
Scoured
No. of
Greasy
Greasy
Scoured
Bales. Merinos.
Merinos.
Crossbreds. Crossbreds.
Sydney
3,450 1835 to 283487 to 4034 12 to 1935
Queensland
793 18 to 24 3434 to 43
Victoria
1,95021 to 27 24 to 343,4
Adelaide
418 18 teal 37 to 42
West Australia
442 16 to 2335
Cape
438
26 10 42
...New Zealand
4,133
k
17 to 32
New Zealand slipe, 13d. to 24d., latter half-bred lambs. x Unavailable.
of Hosiery Mills in Philadelphia Federal
Reserve District.
The following table compiled by the Bureau of the Census
shows the activities of the hosiery mills in the Third Federal
Reserve District in December and a comparison with those
of November; it is issued by the Federal Reserve Bank of
Philadelphia:
Activities
Men's
Full-fash •
(In Dozen Pairs)
%
Chang
Dec. from
1926 Nos.
1926
Men's
Seamless
Dec.
1926
%
Chang
from
NOV.
1926
22,833 +4.0202,68•
Production
43,209 +61.1208,080
Shipments
Stock,finished and I.
38,473-24.9378.359
the gray
36 957 +671178.877
Orders booked
241 -45. 17,190
Cancellations ree'd
Unfilled orders end o
20,668 +1.6304,66
month
Boys and
Misses'
growler!,
Fun-fashioned
Dec.
1926
-1.' 554,3
-0.. 507,70
%
Chang
from
Dec.
1926
Women's
Seamless
%
Ch'ge
Dec. from
1926 Nov.
1928
-1.1 96,507 22.6
-7.8 73,049-39,7
-1.0 778,469 +8.0331,921 +11.7
-9.1 602 302 +5.2 68.26 --33.8
+86.: 200,282 +822. 7,73-38.13
+10.1.761.273 -2.71 49.3051 -8.2
Children's
and Infants'
Athletic and
Sport
%
Change
Change
Change
Dec. from Dec. from
Dec. from
1926 Nov. 1926 Nov. 1926 Nor.
1926
1926
1928
Total
Dec.
1926
Change,
from
Nos.
1926
28,16. -18.1109,912 +40.7 54.718+35.2 1,069,214 +0.4
Production
26,773 -11.6 75,625 +28.1 44,162 +10.4 978.607 -5.6
Shipments
Stock,finished and in
37,932 +13.3406,685 +7.5 73.746 +13.42,045.585 +5.5
gray
17,307 26.8 52,915 -32.9 59,334-41.6 1,015.955 -7.5
Orders booked
Cancellations reeeiv'd 8401+600.0 10.672 +423.7 2,7951 +6.0 239,750 +891.9
Unfilled orders end o
48,6341-14.6351.999 -8.0143,649 +8.22.680.191 -1.9
month
Manufacturing Activities in Chicago Federal Reserve
District-Seasonal Recessions in Shoe TradeDecline in Midwest Distribution of Automobiles.
In its monthly "Business Conditions Report," Feb. 1,
the Federal Reserve Bank of Chicago thus reviews the situation as to manufacturing activities and output:
Shoe Manufacturing, Tanning and Hides.
• Shoe factories in the Seventh Federal Reserve District reported a further
seasonal recession in operations in December, with shipments totaling
6.9% under current production, but with both items near the level of a
year ago. Twenty manufacturers had sufficient unfilled orders in the
aggregate to provide about seven weeks' future shipments at the current
rate of distribution., Stock shoes reported on hand Jan. 1 by 24 companies were equivalent to 73.1% of the volume of their December shipments
CHANGES IN THE SHOE MANUFACTURING INDUSTRY IN DECEMBER
1926 FROM PREVIOUS MONTHS.
-Per Ct. Change from-Co's IncludedNov.
Dec.
Nov.
Dec.
1926.
1925.
1926.
1925.
Production
-9.2
28
+2.2
28
Shipments
-12.4
28
28
-0.6
Stock shoes on hand
+5.4
-12.2
25
24
Untitled orders
-5.0
-17.4
21
20
A majority of the reporting tanners showed a gain both in production
and in the total value of leather billed in December over a month ago.
Demand for belting tended to slasken. Prices ranged from steady to
firmer.
A slightly greater number of packer green hides and calf skins were sold
at Chicago during the month than in November. Quotations strengthened.
Automobile Production and Distribution.
The number of passenger automobiles manufactured during December
in the United States aggregated 137.361, as compared with 219.504 in
November and 278,643 in December 1925: truck production totaled 28,302,
a decrease of 22.2 and of 13.6% in the respective comparisons. For the
year 1926 a record was established of'3.765,048 passenger cars, as against
3,696,490 in 1925, and of 494.377 trucks with 478,396 a year ago.
480
230
4 45
26234
Continued declines were reported for December in automobile distribu4 95
20734
2 35
5473,4
2 25
4 95
5 70
3373.4
tion in the Middle West, dealers indicating recessions in both wholesale
25734
5 10
2 60
6 3235
and retail sales as compared with the preceding month and December a
Other overcoating lines will be opened within the next few days by year ago. Aggregate sales for 1926 were below the 1925 totals for wholesale distributors, while retail dealers reported a greater number of cars sold
other mills.
during the year with a smaller total value. The number of new cars on
hand Dec. 31 declined from the end of November, but remained larger than
Higher Prices at the London Wool Auction.
on the same date of 1925: for the twelve months of 1926 stocks averaged
The New York "Journal of Commerce" reports the follow- decidedly heavier. Used car sales in December were smaller than in the
preceding month, but above a year ago, and stocks were larger in number.
ing cablegram from London Feb. 2:
sales for the year increased over 1925, as did average stocks.
7O6
VTR CHRONICLE
Deferred payment sales of 31 dealers reporting the item were 41.1%
of their total retail sales in December, as compared with 36.1 in November and 38.6% a year ago. For 19 firms sales made on the deferred payment plan averaged 40.1% of their total 1926 retail sales, as against 39.1%
In 1925.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
December 1926
Year 1926
Companies Included
Changes from
Changes
Year
Dec.
Nov.
Nov.
Dec.
from
1925.
New Cars1926. 1925.
1926.
1925. Year 1925.
Wholesale:
Number sold
33
33
-30.2
-6.3
36
33
33
Value
-4.5
-7.4
36
-29.6
Retail:
46
46
Number sold
+2.1
80
-13.4
Value
46
80
46
-6.2
On hand Dec. 31:
48
48
Number
51
-20.1
+4.9
'
0+40.2
48
48
Value
51
-15.4
•+34.2
+16.6
Used CarsNumber sold
80
47
46
-5.3
+11.1
+7.8
Salable on hand47
46
50
Number
+1.6
+0.6
'
0+21.9
47
46
Value
50
.+10.8
-5.7
+2.0
*Average monthly.
Great Britain Further Reduces Percentage of Rubber
Exportable from Ceylon and Malaya.
The British Colonial Office on Jan. 31 approved a
further 10% reduction in the rubber exportable quota
from Ceylon and Malaya, effective Feb. 1. In its cablegram from London aiaouncing this the New York "Journal
of Commerce" said:
This brings the export allowance for the February-March-April restriction quarter to 70% of production.
This action follows the failure of the average spot London price for
standard rubber to reach the pivotal level of 21 pence. The final average for the quarter just ended was fixed at the close of today's business at 19.265 pence. The failure of the average price to improve
during the coming quarter will result in a further 10% reduction in
exports to 60% of production.
In the event the exportable allowance should fall to 60%, the average
price, under the restriction terms, must rule at 21 pence or better for
three consecutive quarters before the allowance can be increased 10%.
The last reduction in exports was made on November 1, 1926, the
average for the quarter ended with October being returned at 20.1997
pence. At this time the reduction amounted to 20%, the restriction
act calling for 20% outs when the reduction is made from a 100% export basis.
It is estimated by the rubber trade that this latest export reduction
of 10% will reduce shipments from Malaya, Ceylon and other British
plantations about 10,000 tons.
Great Britain's rubber restrictions of last November
were referred to in these columns Nov. 6, page 2320. The
New York "Times" cablegram from London Jan. 31 (copyright) said in part:
Falling off of American consumption has been an important factor in
producing the altered situation in the rubber market. The latest estimates of United States consumption in 1926 are 366,000 tons, against
385,000 tons in 1925. Stocks steadily mounted during the last quarter
and this week London stocks further increased to 54,786 tons against
10,000 at the end of January, 1926.
So far there is no sign of expansion of American demands, while
owing to the use of export rights shipments from Malaya have lately
been sonsiderably larger than would have been the case if the shipments had had to bear the full effect of the restriction to 80%. It
is understood that the new standard figure for Malaya will show an
increase of 10% while the announcement that the Ceylon standard is
raised from 69,252 to 73,839 tons gives little indication that the liberal
assessment of Ceylon estates is likely to be corrected.
As to the views in Washington respecting the new
restrictions, the Washington correspondent of the New
York "Journal of Commerce" said:
A further restriction to 70% in the exportable allowance of rubber
for the quarter beginning February 1 will have but little effect upon
the American rubber industry, it is hazarded by officials here tonight.
Tire manufacturers, it is believed, have long since discounted the
cut from 80%, which has been expected for a considerable period.
See 10,000-Ton Export Drop.
It became evident some time since that the average price of rubber
in London would not reach 42c for the quarter ending today, and plans
of rubber users accordingly were based upon the probability of a cut
for the coming quarter. Just what effect the cut will have upon tonnage shipped to the United States during the coming three months
depends to considerable extent upon the amount represented by outstanding certificates carried over from the quarter just ended. It is
estimated, however, that the exportable allowance for the coming quarter will be about 10,000 tons less than for the quarter just ended.
It is believed by some British rubber authorities that the present
year will see free and unrestricted production overtaken by real consumption for the first time in some six or seven years. This prediction, however, is based to some extent upon the assumption that production of Dutch rubber will decline as a result of excessive tapping
induced by the high prices which prevailed up to a comparatively recent
time, but whether this is true is not definitely known as figures are
lacking to show whether there has been any extensive plantings during
the past few years.
It is pointed out here, furthermore, that due allowance must be
made for the use in this country of reclaimed rubber and rubber substitutes, which may tend to keep imports lower than might be anticipated.
Peak Seen This Year.
Unrestricted production for this year is placed by Lieutenant Colonel
J. C. G. Kunhardt, formerly of the Indian Medical Service and an
authority on the statistical position of rubber, at something less than
640,000 tons, with consumption placed at somewhat in excess of that
figure. Production in 1927, he declared in a recently issued review of
the rubber position assuming a moderate rise in price, will be the
maximum production from the world's present available sources of
supply; in other words, the maximum annual output for the next five
or six years.
[vol.. 124.
Production in 1928, if stimulated by rising prices, will probably remain at approximately the same level, but it is believed that thereafter,
in spite of further increases from wild sources, a decline will occur,
reaching a minimum of something less than 630,000 tons in 1931.
During the next five years consumption will increase steadily, it is
anticipated, with the tesult that, in order to make production and consumption balance, there will be a very considerable rise in the average
price of rubber, probably accompanied by wide fluctuations.
On the basis of this authority's analysis, permanent increases in the
exportable allowances of British controlled rubber could be looked for
in the comparatively near future, but, it is pointed out by officials
here who are familiar with the situation, actual data regarding the
condition of wild rubber sources are lacking, and possible developments
in the production and use of rubber substitutes and reclaimed rubber
must be taken into consideration in attempting to survey the future
situation.
Dutch East Incites Ban Seed Rubber Imports
Under date of Jan. 31 Washington advices to the New
York "Journal of Commerce" stated:
New regulations and restrictions governing the importation of plants
and plant products just issued by the Governor General of the Dutch
East Indies prohibit the importation of seeds of hevea rubber, live hevea
plants or parts of such plants, according to a report received today at
the Department of Commerce from Assistant Trade Commissioner Bliss,
Batavia. Other plants and living plant materials may be imported only
at certain ports by permit and under regulations to be prescribed by
the Director of Agriculture.
It is necessary that seeds, plants and plant products be accompanied
by a certificate from a Government expert in the country of origin as
well as undergo an official inspection upon arrival in port. In most
cases the packing material will be fumigated. Contaminated material
will be destroyed unless it can be purified or disinfected.
Review of Meat Packing Industry by Federal Reserve
Bank of Chicago.
Reviewing the meat packing industry the Federal Reserve
Bank of Chicago in its Feb. 1, Monthly Business Conditions
Report, says:
Production of meat and fat at slaughtering establishments in the United
States totaled greater for December than in the preceding month, owing to
a seasonal gain in the pork department which more than offset a recession
in the beef section usual at this time. Employment for the last payroll in
December declined 1.9% in number, 3.7% in hours worked, and 4.8% in
total value from the corresponding figures for the preceding period.
Domestic demand was affected by holiday consumption of poultry, so that
the total value of sales billed to domestic and foreign customers by fortyeight packing companies in the United States showed a decline of 6.5% in
December from November and of 1.2% from the corresponding month
last year.
Quotations at Chicago were rather irregular during December with prices
of lamb,smoked meat,lard, cow carcasses, choice-to-good veal, a majority
of beef cuts, and the lighter pork cuts averaging lower than in the preceding
month, while those for steer carcasses ranged from steady to slightly
firmer and prices for fresh pork hams, fresh clear bellies, heavy pork
cuts. 10-16 lb. dry salt fat backs and common to medium quality veal
strengthened. Inventories at packing plants and cold-storage warehouses in
the United States were heavier on Jan. 1 than at the beginning of December;
dry salt pork stocks showed the only decline from a year ago. All items,
with the exception of lamb, frozen pork, and pickled beef holdings, fell
below the 1922-26 average for Jan. 1. Foreign demand remained rather
dull during the entire period and centered largely upon stocks already
landed, so that American packers forwarded a smaller quantity of edible
product in December for export than in November. A majority of the
companies reported reductions in their European consignment inventories
from Dec. 1; a few showed increases. Prices, to some degree on the continent but more generally in the United Kingdom, continued somewhat
under Chicago parity.
Lumber Industry Lethargic.
Failure of approximately forty West Coast mills to report
ast week's operations, says the National Lumber Manufacturers Association, makes it impossible to deduce reliable
conclusions as to the state of the softwood lumber industry
for the week ended Jan. 29. The total number of softwood
mills reporting for that week for the whole country was only
303, as compared with 348 for the preceding week, and
almost 400 at times. However, it appears that there has
been a slight decrease in the volume of the softwood lumber
movement outside of West Coast territory, both as between
last week and the week before, and as compared with the
corresponding week of 1926. The first four weeks of 1927
show a considerable recession of business, as compared with
the same period of 1926.
Reports from 111 hardwood mills, compared with the
figures for 129 mills the week before, indicate some shrinkage
in the volume of hardwood business, states the National
Association, adding:
Unfilled Orders.
The unfilled orders of 184 Southern Pine and West Coast mills at the end
438,504,409
ft.. as against 548,157,996 ft. for
of last week amounted to
216 mills the previous week. The 115 identical Southern Pine mills in the
group showed unfilled orders of 205,614,558 ft. last week, as against
203,666,868 ft. for the week before. For the 69 West Coast mills the
unfilled orders were 232,889,851 ft., as against 344,491,128 ft. for 101
mills a week earlier.
Altogether the 303 comparably reporting softwood mills had shipments
101%, and orders 104%. of actual production. For the Southern Pine
mills these percentages were respectively 86 and 89; and for the West
Coast mills 99 and 101.
Of the reporting mills. the 281 with an established normal production for
the week of 187,546.549 ft., gave actual production 82%, shipments 83%
and orders 85% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of seven softwood, and two hardwood,regional associations,
for the three weeks indicated:
Past Week
Corresponding
Week-1926—
Preceding Week
1927 (Revised)
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood.
177
348
117
332
111
303
Mills
Production. 160,452.000 18,172,000 204,862,000 18,345,000 192,990,000 28,495,000
25.876,000
195,626,000
18,865,000
15,799,000
220,938,000
161,793,000
Shipments _
Orders (new
business). 167.005,000 21,053,000 236,502.000 19,374,000 212,626,000 26,208,000
The following revised figures compare the lumber movement of the
same regional associations for the first four weeks of 1927 with the same
period of 1926:
Production
707
THE CHRONICLE
FEB. 5 1927.]
Shipments
Orders
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood.
707,658,000 99.889,000 694,334,000 91,560,000 768,967,000 98,130,000
765,170.000 89.322.000 815,587,000 87,001,000 888,224.000 90,973,000
The mills of the California White and Sugar Pine Association made
weekly reports, but not being comparable, are not included in the foregoing
tables. Sixteen of these mills, representing 52% of the cut of the California
pine region, gave their production for the week as 8,768,000 ft., shipments
14.308.000 and new business 13,570.000. Last week's report from 16 mills,
representing 58% of the cut was: Production, 9,040,000 ft., shipments.
13,873.000 and new business, 15,096.000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 69 mills reporting for the week ended Jan. 29, was 1%
above production, and shipments were 1% below production. Of all new
business taken during the week 32% was for future water delivery,amounting to 18.478,764 ft.. of which 12,594,549 ft. was for domestic cargo delivery,
and 5,884,215 ft. export. New business by rail amounted to 37,573.235 ft.,
or 65% of the week's new business. Thirty one per cent of the week's
shipments moved by water, amounting to 17,965.770 ft., of which 11.913.170 ft. moved coastwise and intercoastal. and 6,052.600 ft. export. Rail
shipments totaled 37,118,958 ft., or 65% of the week's shipments, and
local deliveries 2,104,284 ft. Unshipped domestic cargo orders totaled
70,602,590 ft.. foreign 48,472,986 ft., and rail trade 113.814.275 ft.
1927
1926
this gap, Marmon has opened a new field which will enable its distributors and dealers to offer a complete line of fine cars at prices ranging
from $1,795 upward.
Little Marmon custom body styles now in production and the price of
each are as follows:
$2,595
Custom-built two-window sedan
2,595
Custom-built three-window sedan
2,595
Custom-built Victoria coupe
3,125
Custom-built Town cabriolet
The Jordan Motor Car Co. on Jan. 29 announced a reduction of $500 in the price of the Jordan eight cylinder closed
cars, the sedan, Victoria and sport coupe. Their former
price of $2,195 will be reduced to $1,695, effective as of
Jan. 31. The open roadster, known as the Playboy, was
reduced $300, the new price being $1,545, also effective on
the 31st.
In a statement to the press, Mr. Jordan said the reduction had been made possible by the increasing public demand for the straight eight type of automobiles and also
by the favor with which the small six cylinder Jordan,
first brought out at the recent New York national show, had
been received.
Dodge Bros., Inc., on Feb. 3 announced a new closed
car called the "Special All-Purpose. Sedan," from which
the leather upholstery is removable. To all appearances
it is a pleasure vehicle, but when converted has many
commercial uses.
Gasoline Prices Advance in the East—Change in Grading
of Crude Oil.
oil market during the week just
crude
the
in
Events
ended were far from exciting. No price changes by the
large dealers were made and but one revision in grading
occurred. This was announced from Pittsburgh on Jan. 31
Southern Pine Reports.
Joseph Seep Crude Oil Purchasing Agency when it
The Southern Pine Association reports from New Orleans that for 115 by the
orders
and
made known the fact that there will be no division in the
mills reporting, shipments were 14.28% below production
11.26% below production and 3.52% above shipments. New business grades of Somerset crude in the future and that the new
taken during the week amounted to 57,241,584 ft., shipments 55.293.894 ft.
$.20 a barrel for this crude in the Cumberland
and production 64,508,399 ft. The normal production of these mills is price will be
74,561,326 ft. Of the 113 mills reporting running time, 88 operated full Pipe Lines. Previously Somerset crude was divided into
time, 21 of the latter overtime. Four mills were shut down, and the rest light and medium, the former being quoted at $2.35 and
operated from three to five and one-half days.
The Western Pine Manufacturers Association of Portland. Oregon, with the latter $2.20.
one less mill reporting, shows slight increases in production and shipments,
Gasoline prices showed a tendency to rise, several upwith new business somewhat below that reported for the week earlier.
revisions being made during the week by the leading
ward
with
California,
Francisco,
San
of
The California Redwood Association
The Standard Oil Co. of New Jersey and the
companies.
notable
and
production,
in
increase
slight
a
shows
reporting,
mill
less
one
Increases in shipments and new business.
Jan. 29 advanced the price of gasoline one
on
Co.
Texas
The North Carolina Pine Association of Norfolk, Virginia. reports
New Jersey, Maryland and the District of
in
gallon
a
cent
new
and
shipments
in
increases
production about the same, and substantial
follows the advance by Tide Water Oil
This
Columbia.
business.
The Northern Pine Manufacturers Association of Minneapolis. Minne- on Friday last (see p. 582, issue of Jan. 29.) The new
sota with one more mill reporting,shows a nominal decrease in production,
tank wagon price is 19 cents per gallon.
and good gains in shipments and new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Effective Jan. 31 the Standard Oil Co. of New York adOshkosh, Wisconsin. (in its softwood production) with five fewer mills vanced rank wagon and service station price of gasoline
reporting, shows heavy decreases in all three items.
1 cent per gallon in Albany and Syracuse, making tank
Hardwood Reports.
wagon price 21 cents and service station 23 cents at both
Association.
Manufacturers
and
Hardwood
The Northern Hemlock
an its hardwood production) with five fewer mills reporting, shows a small points. This follows a similar advance of one cent per
decrease in production, and nominal decreases in shipments and new gallon Jan. 27. Also on the 31st, the Atlantic Refining Co.
business.
advanced the price of gasoline one cent a gallon in PennsylThe Hardwood Manufacturers Institute of Memphis. Tennessee, with vania and Delaware, folowed at once by a similar advance
all
in
notable
decreases
three
factors.
shows
reporting,
mills
fewer
thirteen
posted by the Gulf Oil Corp.
Wholesale prices in the Chicago market on Feb. 4 stood
West Coast Lumbermen's Association Weekly Report. as follows: United States motor grade gasoline, firm at
2 cents for 4143 water white;
1
cents; kerosene, 6@6/
One hundred and one mills reporting to the West Coast 8%@9
oil, $1.27%@$1.30.
fuel
24-26
22
1927
Lumbermen's Association for the week ended Jan.
manufactured 89,195,478 feet, sold 96,008,612 feet and
Crude Oil Output Shows Further Decrease.
shipped 91,101,187 feet. New business was 6,813,134 feet
A decrease amounting to 18,300 barrels per day occurred
more than production, and shipments 1,905,709 feet more
in the daily output of crude oil according to the Feb. 2
than production.
which estimated
COMPARATIVE TABLE SHOWING PRODUCTION. NEW BUSINESS, report of the American Petroleum Institute,
SHIPMENTS AND UNFILLED ORDERS.
in the United
production
oil
gross
crude
average
daily
that
the
Jan. 8.
Jan. 1.
Jan. 15.
Jan. 22.
Week Ended—.
102
99 States for the week ended Jan. 29 was 2,370,350 barrels as
103
101
Number of mills reporting.-89,195,478 87,877,536 70.986.881 36,304,010
Production (feet)
96,008,612 109,920,061 72,762,589 66,421,374 compared with 2,388,650 barrels for the preceding week. The
New business (feet)
91,101,817 84,267,947 64.041,372 58,886,055 daily average production east of California was 1,722,950
Shipments(feet)
Unshipped balances:
130,772,136 130,258,404 109,880,654 108,662,473 barrels, as compared with 1,732,050 barrels, a decrease of
Rail (feet)
114,133,976 113,637,490 103,424,962 94,727,162
Domestic cargo (feet)
99,585,016 101,228,580 102,633,150 82,707,609 9,100 barrels. The following are estimates of daily average
Export(feet)
indicated:
344,491,128 345.124,474 315,938.766 286,097,244 gross production by districts for the weeks ended as
Total (feet)
First Three Weeks of—
Average number of mills
Production (feet)
Now business (feet).
Shipments(feet)
1925.
1924.
1926.
1927.
118
129
103
102
248,059.895 236,899,684 301,740,357 297,027,941
278.691,262 297.662,669 276.463,762 318,594,589
239,410.506 256,642,281 300,180.600 289,337,527
New Automobile Models and Prices.
In accordance with plans announced early in December
and mentioned in our Dec. 11 issue on page 2978, the Marmon Motor Car Co. is augmenting its line with the introduction of custom built bodies on the Little Marmon chassis. An official statement says:
Four body styles have been released to production with the price
range falling midway between the prices of the standard Little Marmon
and the standard Series 75 large Marmon body types. In bridging
DAILY AVERAGE PRODUCTION.
(In Barrels.)
Jan. 29'27. Jan. 22'27. Jan. 15'27. Jan.30'26.
443,400
594,650
Oklahoma
597,650
607,250
99.050
118,900
Kansas
117,800
115,750
2.300
140.450
Panhandle Texas
133.400
127.450
75,650
101,350
North Texas
100,650
99,700
72.050
136.200
West Central Texas_ _ _ _
138,500
147,000
61,850
52.400
East Central Texas
51.600
50,000
36,700
39.800
Southwest Texas39150
39.300
43.400
53.300
North Louisiana
53,550
53:350
159,500
133,550
Arkansas
130,850
128,950
81.200
166,800
Coastal Texas
162,350
147,650
10.100
12,150
Coastal Louisiana
13,300
12.500
99,500
108,000
Eastern
107,500
107.500
74.000
57,000
59.600
Wyoming
62.700
12,200
12,600
12.600
Montana
12,550
5.800
7,900
7,850
Colorado
7.750
4,450
4.200
5,550
New Mexico
3.700
651,000
612,000
656.600
California
647.400
Total
2,370,350
2.388.650
2,391,000
1.892.900
708
THE CHRONICLE
The estimated daily average gross production of the Mid-Continent field
including Oklahoma, Kansas, Panhandle, North, West Central, East
Central and Southwest Texas, North Louisiana and Arkansas,for the week
ended Jan. 29 was 1,368.600 barrels, as compared with 1,363,300 barrels
for the preceding week, an increase of 5,300 barrels. The Mid-Continent
production, excluding Smackover, Arkansas heavy oil, was 1,266.750
barrels as compared with 1,260,150 barrels, an increase of 6,600 barrels.
In Oklahoma, production of North Braman is reported at 9,050 barrels
against 10,350 barrels; South Braman 4,300 barrels no change: Tonkawa
25,350 barrels against 26,350 barrels; Garber 18,800 barrels against 19,150
barrels; Burbank 47,850 barrels against 47,250 barrels; Bristow-Slick
27,400 barrels against 27,450 barrels; Cromwell 13.400 barrels against
13,550 barrels; Papoose 7,850 barrels against 8,100 barrels; Wewoka 21,200
barrels against 23,000 barrels; Seminole 195,400 barrels against 181.000
barrels.
In Panhandle Texas, Hutchinson County is reported at 111,150 barrels
against 115,350 barrels, and Balance Panhandle 16,300 barrels against
18,050 barrels. In East Central Texas, Corsicana Powell 22,400 barrels
against 23,600 barrels; Nigger Creek 8,100 barrels against 8,400 barrels;
Reagan County, West Central Texas 28,750 barrels against 28,650 barrels;
Crane & Upton Counties 31,300 barrels against 29,600 barrels; and in the
Southwest Texas field, Luling 17,800 barrels against 17,950 barrels; Laredo
District 15,600 barrels no change; Lytton Springs 2,850 barrels, no change;
In North Louisiana, Haynesville is reported at 8,350 barrels no change;
Urania 13,250 barrels against 13,600 barrels; and in Arkansas, Smackover
light 12,050 barrels against 12,450 barrels; heavy 101,850 barrels against
103,150 barrels; and Lisbon 5.300 barrels against 5,600 barrels. In the Gulf
Coast field, Hull is reported at 17,600 barrels against 18,850 barrels; West
Columbia 11,300 barrels against 12,800 barrels; Spindletop 70,100 barrels
against 80.600 barrels; Orange County 6,500 barrels no change; and South
Liberty 4,450 barrels against 4,650 barrels.
In Wyoming, Salt Creek is reported at 47,200 barrels against 42,550
barrels; and Sunburst, Montana 10,000 barrels no change.
In California, Santa Fe Springs is reported at 45,500 barrels against
47.000 barrels; Long Beach 93,000 barrels no change: Huntington Beach
90,000 barrels against 93,000 barrels: Torrante 25,000 barrels against
26,000 barrels; Dominguez 18,500 barrels against 19,060 barrels; Rosecrans 12,500 barrels no change; Inglewood 38,500 barrels against 39,000
barrels; Midway Sunset 90,500 barrels no change; Ventura Avenue 51,700
barrels against 54,300 barrels, and Seal Beach 10,200 barrels against
10,300 barrels.
Cut in Wages of Glass Workers-Cut in Glass Prices
Attributed to Output of Ford Plant.
Wage reductions and price cuts in the glass trade were
reported toward the end of the month. From Pittsburgh
on Jan. 28 Associated Press Advices said:
The Standard Plate Glass Co. and the Pittsburgh Plate Class Co. have
cut plate glass prices 10%.
This brings prices in line with those of the Ford Motor Co. glass plant.
which had been selling automobile glass to other producers at about 6 cents
a foot below the general market.
The "Wall Street News" announced the following from
Pittsburgh on Jan. 29:
In the glass trade there are many who believe Henry Ford's glass plant
near here is responsible to a great extent for the cut in glass prices. The
10% reduction in glass prices takes in virtually the entire list headed by
automobile glazing sizes. Ford's plant has been running out glass at a
capacity rate, but he has not been absorbing it for his automobiles and has
been selling in competition with other glass concerns at perhaps a lower
figure than the prevailing market. Ford's plant which is near Pittsburgh
is a model of efficiency. It is admitted officially by glass people that the
cut was caused by lack of demand from automobile makers, but they
hesitate to mention Ford selling as a dominant factor.
[vol.. 124.
was paid $1,463,470 in royalties during the fiscal year and reported net of
$1,237.356, which was equivalent to $5 74 a share on the $12,998.000
common stock.
World Zinc Stocks Increase 10,500 Tons-Sharpe
Estimates World Stocks Jan. 1 at 43,600 Metric
Tons, Against 33,100 Tons Dec. 1.
In presenting in its issue of Jan. 25 the figures of world
zinc stocks on Jan. 1, the "Wall Street Journal" said:
A. J. M. Sharpe, Honorary Foreign Secretary of the American Zinc
Institute, estimates world stocks of zinc Jan. 1 1927 at 43,600 metric
tons of 2,204.6 lbs. each, compared with 33,100 December, increase of
10,500 tons during the month, mainly in United States and Germany.
Stocks of zinc Nov. 1 came to 31,500 tons, Oct. 1 30.100 tons, Sept. 1
33,200, Aug. 1 to 37,200. 40,600 July 1, June 1 49,200, Jan. 1 1926 26,150.
Jan, 1 1925 26,130 and Jan. 1 1924 53.050 metric tons.
Following table gives, in metric tons, Mr. Sharpe's estimates of zinc
stocks in various countries:
1927
1295
1926
Jan. I Dec. I Nov. 1 Oct. I July 1 Jan. 1
United States
19,800 13.200 14,400 14,200 23,400
8,450
Canada
3,200
2,300
1,200
2,300
2,200
2,100
Australia
2,400
2,300
2,000
2,200
2,200
2.200
Germany and l'oland
9,500
7,500
6,000
5,000
6,500 10,400
Belgium
4.000
1,800
3.200
2,400
2,100
1,800
France
1,500
800
1,400
1,200
1,000
1,000
Great Britain
1,000
300
1,000
1,200
1,000
1,000
Scandinavia
200
200
200
200
200
200
Far East
200
.500
500
500
500
500
Elsewhere
1,500
6,000
1,500
1,500
1,500
1,500
Total
43,600 33.100 31,500 30,100 40,600 26,150
Mr. Sharpe in reviewing conditions in the industry throughout the
world as of Jan. 1 says: "The United States statistics for December will,
I am afraid, react on sentiment in Europe, which is unfortunate, because
conditions were beginning to improve and better times in the market were
expected. As it is, the increase of 7,400 tons in United States stocks
Jan. 1, due to falling away in domestic consumption in December, will
not conduce to stronger markets on this side. Indeed, these unfavorable
American statistics will influence adversely the European situation unless
they are quickly followed by a definite pronouncement that a curtailment
of output policy is being introduced forthwith.
"Market factors are also becoming alarmed at the expansion in Canadian
output of high-grade zinc, regular quantities of which find their way to
Great Britain and the Continent.
"Belgian production for December is unavailable at time of writing,
but, in any case, that country's output for 1926 will register a heavy increase over any post-war year. Similarly, production in Germany and
Poland is continuing to expand and, although consumption in the Old
World has not been at all had, it has failed to keep pace in the last few
weeks with European production supplemented by imports of high-grade
zinc from Australia and North America. Thus it is that stocks in Europe
have increased in the same way as they have in the United States.
"Now that the coal strike in Great Britain is past history, the industrial
outlook is decidedly better, but it must necessarily be some little time
before the various trades are able to make real headway. British zinc
smelters resumed operations just before close of last year and in December
accounted for a modest 500 tons of slab zinc. In the current month they
should output at least 3,000 tons, so that, unless domestic consumption
makes a similar gain, there will be a corresponding falling away in the
amount of foreign zinc required.
"Germany has continued to be a most disappointing factor in the zinc
situation in that her consumption has failed to progress mainly owing to
the bad situation of the German works.
"There is no longer any dearth of ores. Indeed, there has been a superabundance of supplies for many months past, and the smelting charges
have just lately been stiffened."
Regarding wage cuts we quote the following from PittsSteel Shipments and Orders Show Greater Volumeburgh Jan. 24 (Associated Press):
Some Price Concessions-Pig Iron Market
A 10% wage reduction, affecting more than 1,000 cutters and fiatteners
in the window glass trade, became effective to-day. The reduction was
Reveals Strong Competition.
agreed upon by employers and the labor union, it was announced,to enable
With wide variations among even the leading companies,
manufacturers to compete with imported glass.
As to the wage reductions by the American Window Glass shipments of steel in anuary appeared to average 15% more
Co., Pittsburgh advices to the "Wall Street News" Jan. 25 than in December, and specifications for February rollings
were in still greater volume, the "Iron Age" states in its
stated:
weekly
review of the market issued on Feb. 3. Business reThe American Window Glass Co. and the American Window Glass Machine Co. have reduced wages of employees 10%. This is the first wage mains highly competitive, with buyers feeling safe as to covercut in the glass trade for some time and it was accepted by the men without ing requirements. Current concessions in price have been
protest. The glass trade has been anything but brisk in past few months
and the shares of the American Window Glass Machine Co. have dropped effective chiefly in lining up bookings in steel bars. To
from 80 to 40, with fears now that the dividend will be passed. Foreign what extent definite specifying will follow, the week's develcompetition and other factors have caused uneasiness and the fear of a opments afforded little suggsetioia one way or the other,
moratorium in the building trades has been added to the troubles of the
observes the "Age" in summarizing the situation in the marwindow glass makers.
adding:
The "Wall Street Journal" of Jan. 25 reported the following ket,
The anomalous price situation in sheets and strips resulted in so little
from its Pittsburgh bureau:
increased buying that the dips of $4 and $5 a ton from prices which had
Reduction of 10% in wages paid by the American Window Glass Co.
will partly compensate for the recent price cuts which averaged 18.2% on
B. quality, single strength glass and 13.9% on B. quality, double strength,
glass, compared with Oct. 25 1925 quotations.
Demand for window glass is now inactive. Company is operating at
about 50% of capacity with 44 machines producing. Window glass
Industry, as a whole, has been producing about 1,000,000 boxes of glass a
month and shipping about 600,000 boxes. American Window Glass, in
common with other producers, has been accumulating a surplus stock of
glass, but improvement in the situation appears likely since a number of
plants throughout the country are closing down.
Foreign competition continues severe at coastal points and has been
largely responsible for the downward trend of prices during the past two
years. Plants in Belgium and Czechoslovakia have an advantage of an
exceptionally low labor cost.
American Window Glass is installing 10 sheet drawing machines of the
fourcault type at the Belle Vernon plant. Up to the present time company
has confined operations to cylinder blowing machines.
Company reported net income of $420.710 for the fiscal year ended Aug.27
1926 which was equivalent tf $1 08 a share on the 130.000 shares of common
stock after deducting dividends on $4.000,000 7% preferred. Entire
osinmon stock is owned by American Window Glass Machine 0o., which
sAso owns patents under which the subsidiary operates. Holding company
held for some months promise now to give place to the basis named last
week,or generally $2 below what had obtained up to the middle of January.
Operations have been stepped up slightly in the Pittsburgh and Youngstown districts, with plans to maintain the rate through February. December thus becomes the low period In the dip in production starting last
October.
Keen competition rules in the pig iron market. At producing centres
where prices have receded to unusually low levels bookings are in fair
volume. At Cleveland, sales totaled about 25,000 tons for the fourth
consecutive week. Buffalo producers booked 50;000 tons. In New
York and in New England furnaces east of Buffalo have become more
aggressive.
Buying of pig iron, in many cases, is prompted by the belief that the
market is low rather than by pressing needs. In eastern Pennsylvania a
decline of 50c. in foundry iron has been accompanied by slightly increased
sales. Bessemer iron in the Valley has also receded 50c. a ton, although in
that district likewise demand is not active. The market at Chicago has
undergone no real test since the decline of 50c. in foundry and malleable
grades a week ago, and the scheduled blowing out of a stack next week Will
reduce the number of active merchant stacks in the district to 4 out of 10.
Building demand loomed large in the past week,covering awards for more
than 52,000 tons of fabricated structural steel. Included was an office
building in Philadelphia taking 15,000 tons, a convention hall in Atlantic
FEB. 5 1927.]
THE CHRONICLE
City, N. J., calling for 12.000 tons and a hospital in Los Angeles, 9,000
tons. A bridge over the Hudson River at Poughkeepsie, N. Y., taking
10,000 tons, and a Detroit office building, of 9,000 tons, are two notable
fresh inquiries.
The automobile trade still is cautiously buying. Automobile body sheets
have not figured in reports of sheet weakness, and alloy steel specifications
are heavier and prices steady.
About the last large rail business of the season has been chased with the
purchase by the Rock Island of 26.000 tons, placed with the two Chicago
rail makers. Orders were taken for 900 freight cars and 40 locomotives,
and inquiries appeared for 1,305 freight cars. The Southern Pacific
covered for 11,000 tons of tie plates and 30,000 kegs of spikes and bolts,
and the Boston & Maine for 7.000 tons of tie plates.
Demand for wire and wire products has not taken on the proportions
usual for the season, and competition at the expense of prices now and
then still obtains.
Sales of large billets and slabs at $33, Pittsburgh, and prices now obtainable on sheet bars and wire rods show $2 a ton recession in these forms of
semi-finished steel. Rather than stiffening finished steel, they have
reacted to its weakness.
Expectation of a suspension in union coal mines on April 1 grows stronger,
and western Pennsylvania now believes it will be of long duration, though
showing no concern over coal supplies.
In a market of unusual activity, tin declined to 64.75c., New York, for
spot Straits metal, the lowest since Aug. 18 1926. Some 3,000 tons was
bought. The high price last year was 72.50c., on Nov. 23.
Exports in 1926 of American iron and steel products amounted to 2,167,048 gross tons. Rolled and finished steel accounted for 1,952,594 tons, or
% of last year's total output.
The "Iron Age" pig iron composite price full to $19 21, from $19 30 last
week and $19 71 at the opening of the year. One year ago it was $21 79.
The finished steel composite price remains for a second week at 2.396c. per
lb.. as shown in the following tables:
Finished Steel.
Pig Iron.
Feb. 1 1927, 2.396 s. Per Lb.
Feb. 1 1927, $19.21 Per Gross Ton.
One week ago
2.396e. One week ago
$19 39
One month ago
2.4530. One month ago
19 98
2.439e. One year ago
One year ago
21 79
10-year pre-war average
1 689e. 10-year pre-war average
15 72
Based on steel bars, beams,tank plates,
Based on average of basic iron at ValPlain wire, open-hearth rafts, black pipe ley furnace and foundry irons at Chicago
and black sheets, constituting 87% of Philadelphia, Buffalo, Valley and Bir
the United States output.
mingham.
High.
Low.
High.
Low.
1926_2.453c., Jan. 6; 2.403c., May 18 1926_321 54, Jan. 5; 819 46, July 13
1925__2.560c., Jan. 6: 2.3960., Aug. 18 1925._ 22 50; Jan. 13: 18 96, July 7
1924_2.789e., Jan. 15; 2.460e., Oct. 14 1924... 2288. Feb. 26; 1921. Nov. 3
1923.3.824b., Apr. 24; 2.446c.. Jan. 2 1923._ 3086. Mar. 20: 2077. Nov. 20
709
No. 2 Mingo furnace of the Carnegie Steel Co. in the Wheeling district;
one Haselton furnace of the Republic Iron & Steel Co.and the Cherry Vailey
furnace in the Mahoning Valley; one furnace of the Inland Steel Co. in the
Chicago district; No. 3 furnace of the Sloss-Sheffield Steel & Iron Oe.,
No. 6 Ensley furnace of the Tennessee Coal, Iron & RR. Co. and one
Woodward furnace of the Woodward Iron Co. in Alabama.
Among the furnaces blown out or banked during January was one furnace
of the Wickwire Spencer Steel Corp. in the Buffalo district; B furnace of the
Bethlehem Steel Corp. in the Lehigh Valley; one Edgar Thomson furnace
of the Carnegie Steel Co. in the Pittsburgh district; the Sharpsville furnace
in the Shenango Valley; No. 1 furnace of the Weirton Steel Co. in the
Wheeling district; No.2 Hubbard furnace of the Youngstown Sheet & Tube
Co. and the Mattie furnace in the Mahoning Valley.
The actual output for January will be published next week.
Activity in Iron and Steel Operations in Philadelphia
Federal Reserve District During December.
Production of iron castings was 2.3% greater in December
than in November and exceeded the volume of a year ago
by 8.7%. According to the Federal Reserve Bank of
Philadelphia, which in its further report of iron foundry
operations says:
Shipments also were heavier but December unfilled orders declined
23.5% from the November total and were 7.5% smaller than in December
1925. Stocks of pig iron and scrap were somewhat larger than those at the
end of December of the previous year, but supplies of coke were materially
lighter. The following table gives comparisons:
IRON FOUNDRY OPERATIONS, PHILADELPHIA FEDERAL RESERVE
DISTRICT.
Capacity
Production
Malleable iron
Gray iron
Jobbing
For further manufacturing
Shipments
Value
Unfilled orders
Value
Raw stock:
Pig iron
Scrap
December
1926.
Per Cost
Change
Month Ago.
Per Cent
Change
rear Ago.
10,695 tons
5.371 "
516 "
4,855 "
3,440 "
1,415 "
4,615 "
$601,160
3,589 tons
8540,262
+2.3
+13.9
+1.2
-3.5
+14.6
+2.1
+4.1
-23.5
-20.2
+8.7
+2.2
+9.4
+7.6
+14.0
4-4.3
+1.0
-9.5
-5.9
December
1926.
Change
Month Ago.
Change
Year Ago.
12,490 tons
8,943 "
6,021 "
$924,844
4,477 tons
$748,491
+49.2
+18.0
+10.4
+0.04
+13.5
+30.8
+8.9
+2.6
-33.7
-25.9
-0.8
+3.8
+7.2
+10.9
-33.1
-22.4
Pig iron production in January nosed out December by the
6,242 tons
+6.3
+2.1
narrowest of margins and fell considerably below last Jan3,711 "
+0.3
+1.3
1923 "
45.4
-14_S
uary, but a bright promise is held for February by the gain of
seven active stacks at the end of the month, declares the
Regarding the steel foundry operations during December
"Iron Trade Review" his week. The January total of the bank states:
3,096,049 tons exceeded by 6,874 tons the total of 3,089,175
Foundries making steel castings in the Philadelphia Federal Reserve
unusually active during December, as shown by increased
tons for December and compares with 3,319,789 tons in District wereheavier
shipments and a larger volume of unfilled orders than
production,
January 1926 on a daily average basis; the comparisons are was the case in November. Compared with the rate in December 1925.
90,872 tons for January, 99,651 for December and 107,089 operations also were more extensive. Stocks of pig iron at the end of
than those on the same date a year before but
tons for last January. There were 210 stacks in blast as December were heavier
supplies of scrap and coke were smaller. Details follow:
February opened. This is 56.9% of the total serviceable,
according to the "Review's" report issued Feb. 3, in which STEEL FOUNDRY OPERATIONS,PHILADELPHIA FED. RES. DISTRICT.
it goes on to say:
Per Cent
Per Celli
Moderate and continuing improvement, spotty in character and superimposed upon an unstable price structure, still describes the finished steel
market. Some producers emerged from January with orders and production slightly topping last January but many have fallen short. There is
no doubt that the uncertainties of the price situation have proved discouraging. Buying experience of the past two years has been that February pig
icon and steel ingot output has kept pace with January, to expand in March
to a year's record. Larger producers of steel believe the unfavorable
showing of January will be dissipated shortly.
The price tendency in pig iron is downward. Bessemer iron has been
reduced 50c. a ton by Mahoning Valley producers who have made several
sales at the new price of $1.9. Keeping step, basic iron has receded to $18.
Valley. At Chicago $20 50 is more definitely the market for foundry and
malleable iron. In eastern Pennsylvania foundry iron is easier at $21 to
$21 50 base furnace, with $21 having been shaded. Second quarter
inquiries for pig iron are more numerous but are meeting a cool reception
from producers in view of possible coal strike. Where second quarter
commitments have been made they generally have been accompanied by
some first quarter business.
Connellsville coke producers continue to adjust contracts in the light of
their production in wage scales to $6 or the 1922 level. Furnace coke has
been holding its ground with spot sales at $3 25 to $3 35 but the foundry
grade has surrendered 25c. and now ranges from 33 75 to 34 50.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products this week is 337 32. This compares with $37 38 last week and
$37 47 the previous week.
.
Capacity
Production
Shipments
Value
Unfilled orders.
Value
Raw stock:
Fig iron
Scrap
Coke
v Figures of one plant omitted.
2,108 tons
7,977 "
1,377 "
Possibility of Strike on April 1 Affects Bituminous
Coal Markets-Anthracite Demand Is Dull.
A great deal has been accomplished to put the coal market
in a position to meet the "unpleasantness" that is expected
on April 1, observes the Feb. 3 issue of the "Coal & Coal
Trade Journal." As this is the whole burden of the story
of the industry that was told during the past week, it is
pretty nearly the first and last thing to be mentioned in
any review of the market situation, declares the journal,
adding further details as follows:
Two things are essential to this preparation. The holding together of
mining organizations and the accumulation of coal stocks. It is net so
easily apparent,even to those who watch the coal market closely, how much
effort is being made to keep non-union miners in their places and working.
The idea back of this is to have a strong front when the time comes, and
it seems inevitable that it must come, when only non-union mines are
operating. The effort to do this is wider than might be expected. Operators in some instances are keeping their men employed and selling coal
at a substantial loss in order that their employees may not stray from
them. Steady employment must become an attraction. The first of
April must be met with the non-union mines ready to handle all the demands of current consumption.
At least this is the reasoning that is largely prevailing. It serves the
further purpose of keeping production Up and creating a reserve that is
partly in the hands of the coal men and partly in those of the consumer.
This process will continue if reasonable encouragement is forthcoming.
That is, if a fair amount of the mined coal is bought and contracted for at
There were 12furnaces blown in and 7 blown out, a net gain for the month prices covering the cost or nearly so. Is this encouragement forthcoming?
of 5. In December there was a net loss of 10 furnaces. There were 208 Apparently it is not. There is more buying at this time than is usual for
furnaces active on Feb. 1 as compared with 203 on Jan. 1.
the season, but not enough to make it easy for the operators to keep their
Among the furnaces blown in during January were the Sheridan furnace mines running continuously and at high speed and get a return that will
in the Lebanon Valley; one Carrie furnace and the Edgar Thomson furnace make things financially comfortable for them. There is much coal to be
of the Carnegie Steel Co. in the Pittsburgh district; the Stewart furnace in delivered on contract at unattractive prices, but not that amount of new
she Shenango Valley; E furnace of the Bethlehem Steel Corp. in Maryland; and current buying that could be desired and is necessary.
Estimated Pig Iron Production Shows Small Gain in
January.
Data gathered by the "Iron Age" on Feb. 1 from companies
which in most cases estimated the pig iron production for
the last one or two days of the month, show that there was
a small increase for January over December. The daily rate
for January was 100,000 gross tons, as contrasted with 99,712
tons per day in December, a gain of 288 tons per day for
January.
The total estimated output in January was 3,100,004 tons,
or 18,944 tons larger than the December production of
3,091,060 tons, reports the "Age," adding:
710
[VoL. 124.
T H.E CHRONICLE
The mine owners are full of determination and have a consistent program.
The best calculations that they can make cause them to believe that larger
baying must soon begin, and that prices will advance. They are banking
on the fact that very many must buy and that the industrials, especially
the public utilities, will have to take the probabilities of a strike into consideration and not be caught napping.
It Can be said for the operators and their plans that such a break in their
favor is highly probable. It is generally believed that they buying necessity of the country will have to be exerted soon, and that they and prices
• will feel the effects.
Anthracite is dull but expectant. It may soon be given a chance to
become very much more active. There is of course a border land between
it and bituminous that one or the other may occupy. Not long ago some
of this land was lost to anthracite and the time is coming when it may be
won back. In spite of prospects, however, the weather is not to be disputed. And never was the weather so unfair. Cold comes for a few days
and then repents. The nipping periods have been extremely short. But
the winter is not far spent. A different story may be written to-morrow
It has been at least an ideal winter for the movement of coal both by rail
and in the cities and country. The people are able to purchase rather
freely. There is a mild tendency to keep the bins partially filled. Orders
do come in small quantities and for small amounts. But there is none of
the excited urgent buying that follows in the wake of sustained cold.
The very lack of excitement and anxiety is the best thir g that can be
counted upon if a real strike develops. The public is in calm, constructive
mood. Forty-four States Legislatures are in session at this time and a
great deal of the coal legislation that is before them for consideration is
constructive rather than otherwise. There appears to be little effort to
regulate, but a certain effort to check up and change constraining laws.
This is but a reflection of the public temper.
The first of April can be approached at least without the fear of thoughtless public remonstrance, because a strike comes with it.
Viewing the current weather conditions as the most
important factor in the coal marketing situation, the" Coal
Age" of New York in its weekly survey, makes the following
observations under date of Feb. 2:
Continuance of rigorous winter weather over a large portion of the
country stimulated buying interest in the market for bituminous coal, yet
prices were irregular, the average being slightly lower than last week.
Production continues to hover close to record figures. Domestic demand
reacted most favorably to the low temperatures. Railroads, utilities and
large industrial consumers bought for storage purposes, but a tapering off in
this class of purchasing was noticeable here and there. Contracting is
backward and export trade has disappeared from the picture.
Even in the absence of definite developments at the United Mine Workers'
wage convention at Indianapolis the labor situation takes on increasing
importance in the bituminous industry.
The "Coal Age" index of spot bituminous prices on Jan. 31 was 185 and
the corresponding average price was $2 24, a decline for the week of 3
points and 4 cents, respectively. Recessions in spot quotations on lowvolatile coals of West Virginia and central Pennsylvania were responsible in
large measure for the decline. A softening tendency was in evidence in
New York, with prices in Philadelphia and Baltimore unchanged. Few
changes occurred in quotations for Midwestern coals.
Steam sizes, particularly No. 1 buckwheat, held the center of the stage
in the anthracite market. Small lots of No. 1 brought as high as $4.50 in
Philadelphia. Domestic demand for egg and pea has been good, while
stove and chestnut are giving considerable trouble. Production of anthracite
at the mines continues at a restricted rate working time in some of the
collieries being limited to three days a week.
Decreases Occur in Production of Bituminous Coal
and Anthracite—Coke Output Increases.
Though the production figures of bituminous coal and
anthracite for the week ended Jan. 22 fell off from the records
made in the preceding week, the output was, nevertheless,
well above that of one year ago, reports the U.S.Bureau of
Mines in its weekly statistical review of the industry.
Bituminous coal output amounted to 13,498,000 net tons in
the week ended Jan. 22, against 12,431,000 net tons in the
corresponding week of 1926, while anthracite, at 1,488,000.
net tons for the week of Jan. 22 was greatly in excess of the
output of 47,000 net tons in the corresponding week of 1926,
when a strike was in progress, according to the tabulations
prepared by the Bureau. Coke output during the week
ended Jan. 22 amounted to 186,000 net tons, an increase of
5,000 net tons over the preceding week, reports the Bureau
in its statement which we quote in full as follows:
The total production of bituminous coal during the week ended Jan. 22
is estimated at 13,498.000 net tons. This figure is subject to slight revision.
As it stands, however, a decrease of approximately 0 5% from the output
in the preceding week is indicated. The present rate of soft coal production
is well above that in any other recent year.
Estimated United States Production of Bituminous Coal (Net Tons).
Including Coal Coked.
1925-1926—
1926-1927
Coal Year
Coal Year
to Date.a
Week.
to Dale.
Week.
January 8
13,253,000 445,805.000
13.031,000 406.467.000.
Daily average
1.712.000
2.209.000
1.876.000
2.172,000
January 15..b
13.571.000 459.375.000
13.068.000 419:536:000
lEtaily average
1.7,24:003
2.262.000
1 .885000
2.178.000
January,22.c
13.4.98.000 472874.000
12.431,00.
0 431.966.000
Daily average
2,250.000
1,732.000
2072.000
1.894.000
a Minus one day's production first week in April to equalize number of
days in the two years. b Revised since last report. c Subject to revision.
ANTHRACITE.
The sharp increase in anthracite production during the week ended
Jan. 15 appears to have been temporary. The total production during
the week ended Jan. 22 declined to 1.488,000 tons. This is, however,
higher than in the week of Jan. 8. Output during the week of Jan. 22 in
1924, a normal year, was 1,836.000 tons.
Estimated United States Production of Anthracite (Net Tons).
1926-1927-—1925-1926-Coal Year
Coal Year
Week.
to Date.
Week Ended—
Week.
to Da te.a
Jan. 8
1,368.000
75,344,000
47,000
40,455.000
1.834,000
77.178,000
Jan. 15
37,000
40.492.000.
Jan. 22
1.488,000
78666.000
47,000
40,539.000
a Minus one day's production first week in April to equalize number of
days in the two years.
BEEHIVE COKE.
The total production of beehive coke in the week ended Jan.22 is estimated
increase
of5.000 tons over the output in the preceding
at 186,000 net tons,an
week. The accumulated rroduction of beehive since Jan. 1 amounts to
565,000 tons—less by 427,000 tons, or 43%, than in the corresponding
period in 1926.
Estimated Production of Beehive Coke (Net Tons).
Week Ended— 1927
1926
to
to 4
Jan. 22 Jan. 15 Jan. 23
Date. Date.a
1927.b 1927.c 1926.
146.000 143,000 285,000 445,000 820,000.
Pennsylvania & Ohio
19,000 12,000 16.000 49.000 46.00e
West Virginia
6,000 8,000 22.000 20,000 66,000
Ala., Ky., Tenn. & Georgia
7,000
7,000 10,000 22,000 30,000
Virginia
5,000
7,000 6,000 17,000 17,000
Colorado & New Mexico
3,000
4,000 4,000 12,000 13.000
Washington & Utah
United States total
186,000 181,000 343.000 565.000 992.000
Daily average
31,000 30.000 57.000 30.000 52,000
a Minus one day's production first week in January to equalize number of
days in the two years. b Subject to revision. c Revised since last report.
Current Events and Discussions
The Week with the Federal Reserve Banks.
of the Reserve banks during the week and the year ending
The consolidated statement of condition of the Federal Feb. 2 1927 is as follows:
Increases(+)or Decreases'—)
Reserve banks on Feb. 2, made public by the Federal ReDuring
twelve
Week.
Year.
the
for
results
serve Board, and which deals with the
—$4,200.000
Total
reserves
+$189.000.000
Reserve banks combined, shows an increase for the week of
I 169,000,000
—4,900,000
Gold reserves
$56,500,000 in bill and security holdings, partly offsetting Total bills and securities
+56,500,000
—120,700.000
Bills
discounted,
total
+28.100,000
week;
—94.500.000
the reduction of $96,400,000 reported the preceding
+13,700,000
Secured by U. S. Govt. obligations
—94,400.000
also an increase of 450,200,000 in member bank reserve deOther bills discounted
+14.400,000
—100.000
note
Reserve
Federal
posits, and declines of $2,000,000 in
Bills bought in open market
+27,200.000
+26,800,000
U. S. Govt. securities, total
+1,100.000
—45,900.000
circulation and of $4,200,000 in cash reserves. Holdings of
+2,000,000
Bonds
—6,400.000
discounted bills increased $28,100,000, of acceptances pur—100,000
Treasury notes
—91,100,000
chased in open market $27,200,000 and of Goveinment
Certificates of indebtedness
—800,000
+51.600,000
—2,000.000
+24.000,000
securities $1,100,000. After noting these facts, the Federal Federal Reserve notes in circulation
+52,900,000
deposits
Total
+15,700,000
Reserve Board proceeds as follows:
+50,200,000
Members' reserve deposits
+26,800,000
Discount holdings of the New York Reserve bank increased $16,600,000
during the week, of the San Francisco bank $9,400,000 and of Boston
$3,000,000, while the Chicago bank reports a decrease of $5,700,000. An
increase of $32,900,000 in open market acceptance holdings reported by the
New York Reserve bank was partly offset by reduced holdings reported by
Boston. Philadelphia and five other banks. The System's holdings of U.S.
bonds were $2.000,000 above and of Treasury notesand certificates;$900.000
below the preceding week's totals.
The principal changes in Federal Reserve note circulation during the week
include an increase of $11,200,000 reported by the New York bank, and
decreases of $5,500.000 and $5,200,000, respectively, reported by Chicago
and Cleveland.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
•f
* ound on subsequent pages—namely, pages 759 and 760.
A summary of changes in the principal assets and liabilities
Government deposits
+3,800.000
—10,600,000
The Member Banks of the Federal Reserve System—
Reports for Preceding Week—Brokers' Loans
In New York City.
for the Federal Reserve Board to issue
possible
It is not
the weekly returns of the member banks as promptly as the
returns of the Federal Reserve banks themselves. Both
cover the week ending with Wednesday's business, and the
returns of the Federal Reserve banks are always given out
after the close of business the next day.(Thursday). The
statement of the member banks, however, including as it
does nearly 700 separate institutions, cannot be tabulated
FEB. 51927.]
THE CHRONICLE
711
GREAT BRITAIN
until several dayslater. Prior to the statement for:the week
for British coal for export are reported to have been placed
ending May 19 1926 it was the practice to have them ready on byOrders
the Swedish and the Egyptian railways in the amounts of 80,000
Thursday of the following week, and to give them out con- tons and 100,000 tons, respectively and large prospective orders are
week
currently with the report of the Reserve banks for the next said to be under negotiation. British coal production during the below
January 15 amounted to 5,245,000 tons which was 4%
week. The Reserve authorities have now succeeded in ended
the output for the corresponding week of 1926.
expediting the fine of the appearance of the figures, and
FRANCE
they are made public the following week on Monday instead
A decree of January 21 authorizes the issue, beginning February IS,
of on Thursday. Under this arrangement the report for the of 15-year, 7% Treasury bonds for the redemption of 6% Treasury
4,380,000,000 francs and maturing in Sepweek ending Jan. 24 was given out after the close of business bonds issued in 1922 totaling
tember of this year. The issue price of the new loan is 462.50 francs
on Monday of the present week.
per nominal 500 francs bond. Another decree dated January 21 auThe Federal Reserve Board's condition statement of 681 thorizes the issue of a loan of 150,000,000 Swiss francs for the use
December production of pig iron was
reporting member banks in leading cities as of Jan. 26 shows of the French State Railways.
827,000 metric tons and of steel ingots and castings 741,000. Total
an increase of $22,000,000 in investments and declines of production for last year of pig iron and steel was 9,393,000 and
$71,000,000 in loans and discounts, $149,000,000 in net 8,386,000 metric tons respectively.
GERMANY
demand deposits and $51,000,000 in borrowings from the
Preliminary figures of German trade in 1926 show that imports totaled
Federal Reserve banks. Member banks in New York City
10,565,000,000 marks and exports 9,884,000,000 marks. The unfavorreported an increase of $11,000,000 in investments and reduc- able
balance, therefore, is 681,000,000 marks, which is nevertheless a
tions of $42,000,000 in loans and discounts, $91,000,000 in considerable improvement over 1925 when imports exceeded exports by
loan of
net demand deposits and $28,000,000 in borrowings from the more than 3,000,000,000 marks. The new government internalFebruary.
528,000,000 marks will be floated during the first week of
Federal Reserve bank.
continue
to
conditions
money
Business conditions remain active, easy
Loans on stocks and bonds, including U. S. Government prevail, and the stock market is once more rising.
obligations, were $37,000,000 below the Jan. 19 total,
BELGIUM
reductions of $32,000,000 in the New York district, $10,Belgian foreign trade in 1926 set a new record with exports only
an adverse balance of 18% in
000,000 in the Philadelphia district and $7,000,000 in the 15% below imports, as compared withduring
the last quarter of 1926
The foreign trade movement
Chicago district being offset in part by relatively small 1925.
balance of 3%. Total
favorable
a
encouraging
with
was especially
increases in other districts. "All other" loans and discounts imports in 1926 were valued in round figures at 23,000,000,000 francs
the better trade showing is
declined $34,000,000, the principal changes including reduc- and exports at 19,500,000,000. Although
due partially to the British labor troubles, it has been achieved despite
tions of $16,000,000 in the New York district and $15,000,000 stabilization
October.
in
which occurred
in the Chicago district and an increase of $9,000,000 in the
ITALY
Boston district. Total loans to brokers and dealers, secured
The prediction that public subscription to the new loan would reach
by stocks and bonds, made by reporting member banks in 3,000,000,000 lire has been confirmed. Recent improvement in security
is being maintained. This upward tendency is attributable to
New York City were $38,000,000 below the previous week's prices
the belief that further rise in lira exchange is improbable. Negotiafigure, -loans for own account having declined $18,000,000, tions for the commercial treaty with Rumania have been begun.
loans for out-of-town banks $15,000,000 and loans for
NORWAY
others $5,000,000. As already noted, the figures for these
The keynote of Norway's economic situation during January was
member banks are always a week behind those for the uncertainty. The money market was as during the last few months,
abnormally easy. The exchange rate fluctuated mildly. The developReserve banks themselves. The statement goes on to say:
ment of a definite trend in the value of the crown was not apparent.
Holdings of U. S. Government securities increased $16,000,000, of which
$8,000,000 was at reporting banks in the New York district. Holdings of
other bonds stocks and securities were $6,000,000 above the previous
week's total, only nominal changes being shown for any of the reserve
districts.
Net demand deposits declined during the week by $96,000,000 in the
New York district, $23,000,000 in the Chicago district, $16,000,000 in the
Philadelphia district, and by $149,000,000 at all reporting banks.
Borrowings from the Federal Reserve banks were reduced $51,000,000 at
all reporting members and $32,000,000 at reporting members in the New
York district.
On a subsequent page—this is, on page 760—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the charges in the principal items
as compared with a week ago and with last year:
Depression and commercial dullness dominate the industrial situation.
Industries engaged in supplying the domestic market are still in an
unsatisfactory position. Export industries are faring better so far as
activity is concerned but the financial returns are so low that a
satisfactory profit is not forthcoming. There are about 30,000 unemployed and the outlook in the labor market is becoming somewhat uncertain. Wage negotiations are being carried on in several industries.
The summary budget proposal for 1927-28 balances at 384,000,000
crowns, as a result of drastically reduced expenditures. There are no
new taxes in this proposal but neither are any of the present taxes
reduced. It is apparent that the complete discontinuance of the gold
supplement duty during 1927 is anticipated. Activity on the bourse
decreased markedly and capital issues were much less than during
November. The wholesale index is dropping rapidly.
DENMARK
Increased financial stability followed Denmark's return to the gold
standard on January 1, 1927. This, together with a peaceful labor
Increase (±) or Decrease (—) outlook, constitutes the chief favorable factor in the Danish economic
In general, conditions in the commercial and industrial field
situation.
During
remain very dull and the immediate outlook can not be considered enWeek
Year.
Loans and discounts, total
—871,000,000 +$251,000,000 couraging. It is now expected locally that statements regarding the
Secured by U. S. Govt. obligations
+6,000.000 —19,000.000 "crisis" relief measures of the new Government will be submitted about
Secured by stocks and bonds
—43,000,000 —29,000,000 February 15. There was no apparent pressure on the crown during
All other
—34,000,000 +299,000,000 January and the exchange rate remained very stable. The downward
Investments. total
+22.000,000 +63,000,000 trend of wholesale prices continued and retail prices have followed the
U. S. securities
+16.000,000 —194,000,000 same course. Unemployment has been declining somewhat A conOther bonds, stocks and securities
+6,000.000 +257,000,000 siderable number of important spring wage negotiations have been
Reserve balances with F. R. banks
—65.000.000 —42.000,000 settled on the status quo basis. The adoption of protective measures
Cash in vault
—3.000,000 —13,000,000 by the Government has again been demanded by the footwear, textile
Net demand deposits
—149.000.000 —156,000,000 and leather industries. The hoof and mouth disease has been practically
Time deposits
+10.000,000 +489,000.000 extinguished. The production and exportation of agricultural products
high.
Government deposits
—81,000.000 continue
SWEDEN
Total borrowings from F. R. banks
—51.000,000 —73.000,000
Business activity in Sweden increased considerably during December. The iron and steel industry, still in a very depressed state, is
Summary of Conditions in World's Market According to assuming a more favorable• position due to increased domestic demand
and augmented exports of ore to Germany. A seasonal lull occurred
Cablegrams and Other Reports of the
in the lumber industry but the general outlook is hopeful. Sales for
Department of Commerce.
future delivery are approaching 50% of the estimated output. SweThe Department of Commerce at Washington releases den's imports during December were valued at 147,521,000 crowns as
142,424,000 crowns during November, and exports totaled
for publication to-day (Feb. 5) the following summary of against
152,435,000 crowns and 138,458,000
during these months, reconditions abroad, based on advices by cable and other spectively. There was, therefore, acrowns
favorable balance of 4,914,000
crowns
during
December,
communication:
while
November
means of
trade resulted in an import
surplus of about 4,000,006 crowns.
CANADA
FINLAND
Wholesale trade is imprpving in Montreal, Toronto and Winnipeg,
The port of Helsingfors was still open at the end of the first week
but in most of the other centers it remains quiet. Retail business is
in
January
and
the port authorities claim that they will be able to
fair throughout the Dominion. Ontario manufacturers of heavy machinery are said to be receiving numerous inquiries and their plants keep it open throughout the winter. There is much heavy ice, but
are moderately active. In the metal markets there is a hesitancy to the ice breakers have been able to keep the lanes open without difficulty.
buy in volume bemuse of the feeling that price reductions may be The air service between Helsingfors and Reval is expected to resume
made. The increasing imports of British woolen and worsted goods daily flights very shortly. The retail trade over the end of the year
is being keenly felt by Canadian manufacturers. Imports during 1926 was reported to be very large. Lumber sales for 1927 delivery continue
were more than 17% larger than in the previous year. The leather very active and are considerably larger at the end of this year than
market is developing a firmer tone on account of the growing export usually.
demand; several large foreign buyers are now visiting Canada. The
GREECE
egg market was unsettled by the recent decline at Chicago, which has
It is reported that the Government experts committee, now considprices
in
affected
Western Canada more than in the eastern part of ering measures to improve the financial situation chiefly by reducing
the Dominion. The increased Customs valuation of American apples expenditures and by modifying tax collecting methods, will shortly
for duty purposes, effective January 24, adds 75 cents per box to the complete their report. The Athens market shows no great activity
invoice prices of apples grown west of Chicago and imported into
because of the tightness of ready money. Industrial enterprises in
Canada from Chicago and points east.
general are reported to have suffered serious losses from the depres-
712
THE CHRONICLE
sion in the value of their stocks, the increase in workmen's wages,
and the reduction in demand for manufactured products because of
the scarcity of money. A number of bankruptcies are also reported.
For the first time since the war, however, the cost of living index fell
a few points at the close of the year. The Greek refugee indemnity
bonds are showing considerable improvement in price, reaching 660 on
January 28, as compared to 510 to 520 in the first week of January.
This is reported due to the Government's acceptance of plans submitted
by the Refugee Settlement Commission. Revised estimates of the 1926
tobacco production are somewhat higher than the earlier ones although
the crop is still estimated as somewhat less than that of 1925. Considerable progress has been made by the Parliamentary committee in
•considering the revision in the Constitution.
EGYPT
Business conditions continue unsatisfactory because of the decline
in the purchasing power of the small cotton cultivators who constitute
the backbone of the population of the country. The market in general,
however, shows no radical change and remains comparatively stable.
It is believed in Egypt that the Government's intervention has helped
to prevent further speculation on the cotton market. Importers are
not optimistic as to the immediate future. It is expected locally that
as a result of increasing agitation the present Parliament may take
some action to bring about a general reduction in land rents. Alexandria bonded warehouse stocks of rice, flour, and coffee have shown a
decline, while those of sugar and cereals have advanced. December
crop reports, show weather conditions to be good and winter planting to
have been satisfactorially completed. The Egyptian total foreign trade
for 1926 amounted to $262,000,000, imports, as compared to $209,000,000,
exports, showing an import surplus of $53,000,000, which is almost
wholly due to the 1926 fall in cotton prices.
SYRIA
There is increasing industrial activity in northern Syria. Wages are
increasing in the textile trades and foreign trade in cotton goods has
been more active. Export trade to southern Turkey has increased
in spite of Customs difficulties. The Government's financial position is
secure as 1926 revenues have exceeded expenditures. The tobacco
monopoly concession is estimated to have produced a revenue of £ S.
600,000 ($389,400) as compared to £ S. 325,000 ($210,925) in 1925.
The road construction program is being carried out and two suspension
Pistabridges over the Euphrates River are being built. Although the
chio nut harvest is carried on under favorable conditions the crop is,
nevertheless, lower than the early estimates indicated.
PALESTINE
The winter sowing season was delayed, first by lack of rain, and
then by exceptionally heavy rains. Most of the crops, however, are
now progressing satisfactorily. Wheat prices increased because of the
delayed sowing. Fruit and olive production promised to be exceptionally good this year, but some localities have suffered from attacks by
the olive fruit fly. The Samaria olive crop is estimated at double that
of last year. Vegetable crops are normal, but the tobacco crop is still
on the strings and the market is inactive with few purchasers. The
Indian corn (dura) was the best crop of the year in the north but
poor in the south. Agricultural settlement is regarded to be progressing satisfactorily in spite of the handicap of a somewhat reduced agricultural budget.
SOUTH AFRICA
Trade in South Africa during January was quiet, due to the after
Christmas buying depression, the taking of inventories, and business adjustment processes. The port Elizabeth wool market is firm and competition is active. Shipments of all types of wool to America are higher.
New gas works are to be erected in Johannesburg, for which project the
municipality is borrowing £300,000; other construction projects are reported. The Johannesburg broadcasting station has been placed in liquidation. A severe drought, the third serious one within a period of
five years, has caused extensive stock and crop losses, but the situation
has been checked by recent rains. The total value of all mineral production in South Africa during the calendar year 1926 is stated to be
158,481,000, which is over £4,250,000 greater than the 1925 valuation
of these products.
JAPAN
With the exception of a slight improvement in textile exports, there
was little change in business conditions in Japan during the week ended
January 29. Silk prices remain low and there are no indications of a
rally in the market. Japan's adverse trade balance up to January 20
shows an increase of over 100% compared with the same period last
CHINA
Business in North China at the end of January is chiefly concerned
with the settlement of its accounts, in preparation for the Chinese New
Year. The money market is easy and interest rates show no abnormal
advance. Chinese New Year settlements at Shanghai are proceeding
satisfactorily with no serious failures. Business houses are closing for
the New Year, to reopen February 7. British banking houses at Hankow, the closing of which had seriously hampered the Yangtze trade,
reopened for business January 24. Import business at present may be
characterized as limited to small current requirements, due in part to
the near approach of the Chinese New Year and in part to the uncertain political conditions surrounding Shanghai.
PHILIPPINE ISLANDS
Business has improved somewhat from the quiet tone, prevailing since
to moderately good trade activity. The copra
year,
the beginning of the
market is slightly easier, with arrivals at Manila fairly good and all
mills operating. Abaca trade has weakened, on account of smaller demand from foreign markets and increased production. The price tendency is downward. Sale of the government owned Cebu Cement Company, which was considered for several months past, has been definitely
abandoned and the deposit returned to the prospective purchasers.
NETHERLANDS EAST INDIES.
Restrained optimism in business circles, with which the present year
opened, continues and is reflected in conservative buying. The first
few months of the year constitute the season between major crops and
business is abnormally quiet. There are at present no unusual retarding influences, however, and general good feeling prevails.
INDIA
The piece goods market at Calcutta has shown an appreciable improvement since the first of the year, and dealers are optimistic for
the future. jute and hessians, however, have been dull. Rubber shares
are moving well and money is easier. Currency bills were introduced
into the legislature on January 25, and the Government announces
[VOL. 124.
that those having to do with exchange and the rupee ratio will be
pressed for final action at this session. A bill embodying the gold
standard and reserve bank features is being circulated throughout India
at present, in order to ascertain public opinion. It is thought in India,
therefore, that action on this bill will not be taken until the September
session of the legislature.
MEXICO
•
No change is noted in the generally depressed business situation which
has existed in Mexico for some time. Domestic tanneries and shoe factories are operating on a 60% capacity. The cotton acreage during the
present year has been considerably reduced. The acreage sown to wheat
and garbanzos has been increased, and the prospects of these crops, as
well as for alfalfa, are good. Production in the mining industry has
been holding up fairly well, but petroleum production continues to decrease. Due to the reducttion in drilling operations the oil companies
are discharging a large number of their employes. The Mexican Government recently made a remittance to New York to cover the balance
due on the service of the public debt for 1926, and also the interest on
the general mortgage bonds of 1908 of the National Railways. Due to
the scarcity of gold coin Mexican gold showed greater strength during
the week ended January 29. Due to the rise in the value of gold, silver
coins dropped to a discount of 12%.
WESTERN NICARAGUA
General business conditions improved somewhat during January in
Managua and Granada, while other west coast cities suffered depression,
due to the disturbed political conditions. Banks and merchants report
payments more prompt in the above mentioned cities. The withdrawal
of foreign credits to finance the coffee crop has resulted ia increases
in cordoba circulation. Importations show slight, if any, decrease in
volume, and incoming consignments are being accepted rapidly. It is
estimated locally that 225,000 quintals of coffee will be available for
exportation. This figure is a reduction of 25,000 quintals over previous
estimates. The sugar crop is estimated in Nicaragua at 225,000 quintals.
GUATEMALA
The lateness of the coffee crop and a decline in prices, together with
the inactivity of the foreign market, have brought about unusually unfavorable conditions in the month of January. A large portion of the
coffee crop is ready for shipment, but is being held for a more active
market. The standard grades are quoted at one cent lower than in December and five cents lower than in January, 1926. The planters have
not settled their accounts and, as a consequence, merchants are not
meeting their drafts promptly. Bank' are complaining of a shortage of
American currency.
HONDURAS
The business outlook is reported as one of pessimism throughout the
in December and to date have been inconditions
republic. Economic
creasingly unfavorable. Banana shipments (the principal item of export
along the north coast) were at a low level due to the seasonal buying
depression in the United States and British markets. The exchange
situation improved somewhat in southern Ilonduras.
SALVADOR
Although imports into Salvador during the month of January increased over December, merchants complained of the general inactivity
in business transactions. This situation is probably due to the continued weak prices for coffee and lack of interest in the foreign
markets. There were few shipments, owing to the subnormal demand
from abroad and the lateness of the crop which will not be available
for export until late in February.
PANAMA
The new treaty between Panama and the United States, together
with a disappointing tourist trade, have been the underlying factors in
the adverse business conditions which prevailed in Panama during January. There was a general lull in business following the holidays, with
the exception of sales of automobile tires and construction materials.
Banks report a decline in collections.
ARGENTINA
The exports movement in Argentina has reached its seasonal peak, and
the prevailing impression is that improved business conditions will follow shortly, although the effect will probably be gradual in view of
the abnormal conditions in the cattle market and low prices for export
agricultural commodities.,
Shipments of new wheat and linseed have been delayed en route to
the seaboard because of congestion at storage and rail-collecting points
occasioned by a large carry-over from last year's corn crop. The accumulation of corn resulted from unfavorable weather conditions during
harvesting and a shortage of ocean tonnage to European ports because
of the British coal strike.
Weather conditions have been favorable to the growing corn crop,
which will be harvested in March. Harvesting operations of other
cereals were somewhat hindered by rains in January, but no serious
results are anticipated. The new wheat is of good quality and an exportable surplus of approximately 4,000,000 metric tons is expected in
Argentina. European wheat stocks are low and Argentine farmers are
pressed for money, so it is believed locally that the greater part of
the crop will be marketed in the early part of the year. The flaxseed
crop will be large, it is reported, but the quality is inferior to that of
last year; the quantity available for export, including carry-over from
last crop, is estimated at 1,650,000 metric tons.
Import lines have experienced the usual midsummer dullness, but, in
view of favorable crop returns, the coming season is expected to be
good.
The Argentine budget for 1927 has been passed by Congress; it provides for expenditures of 650,000,000 paper pesos ($270,000,000) from
general revenues and 23,000,000 paper pesos ($9,550,000) from the national lottery proceeds. Authorization is included in the budget for a
bond issue of 142,000,000 paper pesos ($59,000,000) for consolidation of
part of the floating debt of the State Railways and issues of 6% internal
port works bonds totaling 140,000,000 paper pesos .($58,100,000).
BRAZIL
General business conditions in Brazil showed little change in January,
the expected improvement in all lines having failed of realization,
although early improvement is still expected locally and conditions are
somewhat better in many lines than last year. Most national industries, especially the textile industry, are operating satisfactorily due to
low exchange. Producers of low grade cotton goods are again working
full time and old stocks have been liquidated. In the Sao Paulo district many lines have been adversely affected by unfavorable weather
conditions. General conditions in the money markets of Brazil are
slightly easier. Rediscount rates at the Bank of Brazil are unchanged,
but discount rates are slightly lower, being 9% for best paper in both
FEB. 5 1927.]
THE CHRONICLE
Sao Paulo and Rio de Janeiro. Commercial failures have been less nu.
merous than in past months.
Exchange has been steady, averaging 8.568 milreis to the dollar, which
is slightly lower than the stabilization level. There was no marked
change in export movements, coffee, sugar, and cotton maintaining about
the same relative positions as for last month. The cost of living is
rapidly increasing, due, primarily to the failure of prices to decrease
during the past year of comparatively high exchange, and to the further
price increases resulting from the recent weakening of exchange. Prices
of practically all domestic products are increasing to the same extent
as imported goods.
CHILE
Chilean business in general was characterized by quietness in January.
larger
volume
was
transacted by retailers, because of the
A somewhat
summer season, but purchases in wholesale and import lines was confined to goods for immediate requirements. Practically all manufacturing industries worked on reduced schedules. Recently reported annual
balances show that the banks of the country are in excellent condition,
and bank and trade collections are reported to be good, while commercial failures are not numerous and unimportant. The guarantee by the
Nitrate Producers Association to repurchase from buyers all unsold
stocks remaining on July 1, 1927, has greatly stimulated nitrate exports.
Congress and the Chief Executive have agreed on the revised measure
for the 1927 budget, as resubmitted to Congress last week. Congress is
expected to remain in extra session throughout the summer. Harvesting of crops continues, but the wheat yield, as reported from the
Santiago-Conception zone, is disappointing. Quietness characterized the
import market in all lines.
PERU
The retail trade in Peru for the month of January was dull. Imports
increased abnormally as a result of the rush of local merchants to import stocks of merchandise affected by the tariff advances prior to the
effective date, January 1, 1927. The balance of the 1927 cotton crop
was placed on the market following a slight rise in prices, which helped
business in general. Estimates of the new cotton crop indicate a reduction in acreage planted. Exchange was quoted on January 30 at $3.6
to the Peruvian pound compared with $3.55 on December 24, 19
The anticipated conversion of the $12,000,000 reorganization loan has
stimulated exchange, and representatives of several American banks are
in Peru to bid for this loan. Congress adjourned on the 19th of January.
VENEZUELA
The volume of Venezuelan trade during January was below average,
and bank collections were slow. The dry goods, hardware, machinery,
and drug markets were dull, a condition apparently resulting from overstocks of merchandise. The trade in low-priced automobiles was good
but sales of trucks and medium and high-priced cars were slow. The
outlook for the agricultural implements trade is fair as the Government
is endeavoring to arouse renewed interest in agriculture. Farmers are
discouraged as a result of the severe drought that was experienced in
the country in the early months of 1926 and the exodus of farm labor
to the cities and petroleum fields. Crops of coffee and cacao, the two
principal export commodities of the country, are reported to be smaller
than usual and of poor quality. Stocks on hand at the various shipping points are low. The exports of petroleum from the Maracaibo
region reached the large total of 36,000,000 barrels during 1926, as
compared with 19,000,000 barrels in 1925.
BOLIVIA
Business conditions in Bolivia were fair in January, although no
improvement took place over December. The demand for staple foodstuffs was the only activity in an otherwise quiet market. The average
London quotation for tin was £300 per ton, with the market fluctuating. Exchange was steady, the average for January being 2.92 Bolivianos to the United States dollar compared with 2.95 for December.
In the mining industry conditions were satisfactory and prospects appear good for the future.
URUGUAY
Some improvement was noted in Uruguayan business conditions during January, and prospects for continued betterment appear favorable
for the next two months. Packing house operations and the wool market are active, and the agricultural situation continues excellent. The
money market is quiet, and exchange holds steady. Uruguayan imports
for 1926 totaled 73,271,000 gold pesos (tariff value, which is approximately 70% of the real value) a gain of over 832,000 when compared
with 1925. Exports on the other hand declined from 98,727,000 pesos
(real value in 1925) to 94,773,000 in 1926, a loss of 3,954,000 pesos.
Uruguayan purchases from the United States increased over 2,000,000
pesos and its sales to this country decreased 830,000 pesos in the 12month period.
CUBA
Little actual increase occurred in the business movement during
January, but there is a general expectancy of greater future activity.
The prospects for future business have stimulated negotiation and
preparation. The improvement shows more plainly over the island than
in Havana, as the effects of the depression have been felt more direetly
outside of the capital. Reports received from the interior indicate that
collections are better, retail trade is improved and a much better feeling is in evidence. Foodstuffs are being distributed in heavier volume
and the movement of building materials to the interior has shown a decided increase. Building in Havana is at a low ebb, except for the
construction of small houses in the suburbs. Havana retail trade was
maintained remarkably well during the depression and consequently it
has not shown a notable response to the change in general conditions.
Sugar prices have remained at profitable levels and the grinding of the
crop is progressing favorably. The tobacco crop is expected in Cuba
to be smaller than the very large crop of last year.
HAITI
The operations of the new tariff is benefitting Haiti, and stimulating
shipments of Haitian tomatoes and
industries.
The
first
the local
bell peppers sold at good prices in New York. The coffee crop is
moving slowly at fair prices and the sugar yield is reported good. The
sisal contract, permitting the development of up to 10,000 acres by
American capital, has been approved by the Haitian government, and
other American interests are investigating the possibilities of Haitian
kapok. Depression is noted in the textile market and the automotive
trade is slack. Warehouse construction is active. Government reports
show a strong financial position.
JAMAICA
The outlook in the island is good. Leading exports during the month
showed substantial increases, with the exception of coffee, the movement of which is practically over for this season. Imports are estimated to have increased 15% during the first 25 days of January. Re-
713
tail business has been dull since the cessation of holiday activities, and
collections are slow. Bank deposits, however, are normal. There is,
progressive activity in construction, and the number of .tourists during
the first 25 days of January, 1927, was nearly double that of the same
month of 1926.
BRITISH GUIANA
No improvement was evident in the unfavorable economic conditions
in British Guiana in recent months. The severe drought that was experienced throughout the country from the beginning of September,
1925, to the end of May of 1926, seriously affected the rice and sugar
crops and diamond production. A decrease in value of the exports of
these commodities was noticeable. According te preliminary figures,
imports for 1926 amounted to $10,600,000, a decrease of $700,000 as
compared with the previous year; and exports totaled $12,300.000, a
decrease of $2,000,000, as compared with 1925.
PORTO RICO
Although business conditions in Porto Rico during January were about
at the same level as in the previous year the economic outlook is good.
The credit situation is better and merchandise stocks normal. Collections are fairly prompt and improving. The trend of sugar prices is
the center of interest, and it is expected locally that better prices will
prevail in the near future. Nearly all the sugar mills are grinding and
one new mill, "San Michel," is expected to start grinding in March.
Recent heavy rains have somewhat reduced the yields, and drier weather
is needed if the sucrose content is to be increased. New sheds are
being erected for storing the tobacco crop which is progressing well
although the excessive rains have hampered picking and the leaves
contain an excessive amount of moisture. Coffee prices are firmer.
Vegetable shipments to New York during the past winter have been
heavier than in the previous year and grapefruit prices improved
slight
with expectations of a still higher price level. Sea Island
demand and prices are still unsatisfactory.
cot
%
sN
Sir Reginald McKenna of Midland Bank, Ltd., Compare
Rigidity of Bank of England System With Elasticity of Federal Reserve System.
The workings of the Bank of England were contrasted
with those of the Federal Reserve System in the United
States by Sir Reginald McKenna, Chairman of the Midland Bank, Ltd., of London, in addressing the stockholders
of the Midland Bank at the annual meeting on Jan. 28.
Mr. McKenna, who was formerly Chancellor of the Exchequer, exploded a bombshell (we quote from the copyright account to the "Herald-Tribune") when he told the
stockholders in almost as many words that the Bank of
England, familiarly known as "The Old Lady of Threadneedle Street," is in fact an "old lady" in its methods of
granting credits to industry. That the Bank of England's
system must be modernized to meet trade requirements
was the keynote of Mr. Kenna, whose standing as a financial authority in England is almost unrivalled. The paper
quoted states that Mr. McKenna called for the re-establishment of the Bank of England on the same reserve basis as
the Federal Reserve Bank and the recently constituted
Reichsbank, "or, indeed, in accordance with any modern
system." Among other things, the account also said:
He pointedly referred to the far greater elasticity of the Federal Reserve system of the United States as compared with England's central
bank. To-night financial circles are busy speculating on whether or
not the present visit of Montagu Norman, governor of the Bank of
England, to New York may not be preliminary to a reform of the
Bank of England on the model of the Federal Reserve Bank for which
Mr. McKenna's startlingly outspoken speech was intended to pave a way.
Many hard things had been said before about the Bank of England,
but this venerable institution never before was so roughly handled by
a critic of Mr. McKenna's standing.
The following extract from Mr. Kenna's remarks in the
Jan. 28 message (copyright) to the New York "Times":
"We have been working on a gold standard for nearly two years and
except for the rigidity of the Bank of England system there is nothing
now to prevent the same response being given to growing trade demands in this country as has been given in America. It may be argued
that if the Bank of England were to buy or lend more freely, thus
increasing bank cash and enabling banks to grant additional accommodation to industry, we should have no absolute assurance this step
would be followed by greater production. If it were not an expaasion
it would be in the nature of a sure inflation.
"Admit the risk. But what reason is there for supposing productiom
would not be stimulated as it was in the United States in the Autumn
of 1921 and at intervals since that time when exactly this policy was
pursued.
"In the United States credit can readily be expanded to meet trade
requirements more or less regardless of the movement of gold, while
with us such movements are guiding factors, and the explanation of
the difference is to be found in a far greater elasticity of the Federal
Reserve System, compared to our own central bank.
"The American system has been framed to suit modern conditions.
and in fixing reserve requirements the development of deposit banking
has been duly recognized. On the other hand, the Bank of England
continues to operate under an act of 1844, and as a consequence..
though it hold £15,000,000 in gold, its reserve against deposit liabilities%
is only £34,000,000.
"This reserve, susceptible as it is to foreign demands for gold, ia
insufficient to permit our own market operations with a view to increasing the volume of credit on anything more than quite a small scale.
Its diminutive size does not allow the same freedom of policy as enjoyed
by the Federal Reserve Bank in order fully to occupy our people and
give the volume of commodities which the unemployed and new recruits to labor would produce."
An Associated Press account (from London) of the reception of Mr. McKenna's declarations appeared as follows
In the New York "Evening Post" of Jan. 29:
714
THE CHRONICLE
Who shall decide when bankers disagree?
This is a question suggested by a comparison between the statement
of Reginald McKenna, former Chancellor of the Exchequer, that the
Bank of England should be placed on a basis somewhat similar to that
of the Federal Reserve Bank in the United States, and the argument
put forward recently by Frank Goodenough, chairman of Barclays
Bank, that the American system, although successful in the United
States, probably would not suit the conditions existing in Great Britain.
The former Chancellor, who was speaking before the annual meeting
of the London joint City and Midland Bank, of which he is chairman,
made a comparison himself—between the prosperity of the United States
a
and the depression in Eng1=4.. To overcome this he was in favor of
sort of inflation, to take the form of greater facilities for trade and
improvement and bank credits. It was his opinion, however, that before
any radical changes are determined upon there should be a searching
investigation by experts.
Modification Called Inevitable.
Coining from such a high authority, Mr. McKenna's remarks were
found to awaken special interest and they draw comment from the
whole press. The gist of most of the comment appears to be summed up
in the statement of one newspaper that the "expert consideration of
the theoretical basis and practical technique of the British credit and
currency system," which Mr. McKenna advocates, would be advantageous, particularly as to the impending fusion of Treasury notes and
Bank of England notes seems to make inevitable some modification of
the bank aot.
Notwithstanding this conclusion, however, financial commentators
point out that conditions in the United States differ widely from those
here, and dwell on these differences at considerable length.
Bank Act of 1844 Seen as Obsolete.
The London Times, while believing that England's bankers more generally agree with Mr. Goodenough, says that Mr. McKenna's statement
amounts to an assertion that the bank act of 1844 is obsolete, and
admits that many thoughtful persons share the former Chancellor's
views.
Therefore, the paper thinks an inquiry, if conducted in a free, unof
prejudiced atmosphere, would contribute to a better understanding
the problems involved.
In copyright advices to the "Post" on Jan. 28 its London correspondent made the following observations:
His (Mr. McKenna's) speech will be severely criticized in sound financial circles as savoring more of political expediency than of sound
banking. The cardinal error was his complete failure to recognize the
entire difference between American conditions and ours, also his failure
to recognize many of the obvious causes of Britain's depression distinct
from our money policy.
McKenna never mentioned, for example, that in the years selected the
United States was saturated with gold and had a favorable exchange,
while Great Britain's bank reserve proportion was frequently 12%,
against pre-war level of 50%. American exchange was under $4 and
her commodity price level about 45% above pre-war, against our 140%.
In his eagerness to make out a case against the monetary policy all
these points, and also our labor restrictions were entirely ignored by
McKenna, thus crippling the effectiveness of his speech which included
a plea for a reconsideration of our banking and currency system.
British Incorporate Estates to Escape Supertax.
Associated Press cablegrams from London Feb. 2 said:
Eight English dukes, four marquises, a dozen earls and many wealthy
persons who claim no title have now become "incorporated." In other
words, they have transferred their properties to limited liability companies whereby they are enabled to divide up their estates more readily
among their heirs and avoid payment of the supertax on their "savings" and on sums spent for improvements.
Limited liability companies in England are free from the supertax,
which hits individuals with incomes exceeding £12,000 a year at the
rate of 6 shillings on the pound. This is equivalent to 30%.
Latvia Fixes Legal Rate of Interest on Loans at 12%.
According to advices to the Department of Commerce
from Commercial Attache C. J. Mayer, at Riga, the legal
rate of interest has been fixed (effective Jan. 1) at 12%
by the Government of Latvia. The advices from Riga
were announced as follows at Washington on Feb. 2:
According to the new regulations, the legal interest rate for any kind
of loans and for any business transactions, the economic object of
which is a loan, Is 12%.
All charges made beyond the stipulated limit, regardless of their
qualification (provision, commission, porto, coercive deposits, remuneration for various services rendered), are not considered binding, and if
already paid, they are subject to reimbursement.
For bills payable elsewhere than the residence of the holder it is
permissible to make an extra charge equivalent to actual collection expenses, but in no case more than 3d of 1% of the amount of the bill.
Interest which has been paid in advance, before the enforcement of
these regulations, for a period not exceeding six months, is not to be
refunded, regardless of its amount, except in cases of usury where
reimbursement is ordered by the court.
British Proposals for Settlement of Chinese Problem—
Statement by Sir Austen Chamberlain in Speech
at Birmingham, England.
statemnt of Great Britain's policy
authoritaive
first
The
the Chinese problem since the British
for the settlement of
December, was made by Sir
memorandum was issued last
Foreign Secretary, in a long speech
Austen Chamberlain,
that subject at Birmingham, Engdevoted exclusively to
Forcing Secretary then announced
The
29.
land, on Jan.
was prepared to give up her concesthat Great Britain
Chinese courts and make British
sions in China, recognize
regular Chinese taxation. This
the
pay
subjects liable to
[Vol,. 124.
declaration of policy by Sir Austen Chamberlain was followed on Feb. 2 with official publication of the text of
British proposals in accordance therewith handed to the
rival Chinese Governments at IIankow and Peking. Both
the speech as cabled to the Associated Press and the text
of the proposals are given hereunder. According to the
latest advices, the proposals were on the point of being
accepted by the Nationalist (Cantonese) Government on
Feb. 1 when the negotiations were suddenly stopped by
Eugene Chen, the Cantonese Foreign Minister, with a demand that the British first must cease their concentration
of troops in China. The negotiations, however, were not
broken off, it has been announced at London.
In a long speech devoted entirely to Chinese relations Sir Austen declared that Great Britain was prepared for a change in all points desired
by China—extraterritoriality, the tariff and the quasi-independent status
of the concessions. On all these points the present system, he contended, was antequated, unsuited to modern conditions and no longer
afforded protection to British merchants.
Will Recognise Native Courts.
The much-discussed proposals which Charge O'Malley had presented
to the Cantonese Foreign Minister at Llankow, the Foreign Secretary
said, included recognition of modern Chinese law courts without the
attendance of British officials as competent courts for causes brought
by British complainants. The British government, he added, was ready
to apply to British courts in China existing modern Chinese civil and
commercial codes and duly enacted subordinate legislation.
"We will go further than this," the Secretary continued, "as soon as
all the Chinese codes and judicial administration are ready. We are
prepared to make British subjects liable to pay the regular Chinese taxation not involving discrimination against British subjects or goods.
"This would include taxation levied under a national tariff when such
a law was promulgated and so far as we alone can effect such an object
this removes the last obstacle to full tariff autonomy.
Goes Further Than Half Way.
"As regards the concessions, we are prepared to enter into local arrangements according to the particular circumstances of each port, either
for the amalgamation of the administration with that of adjacent areas
under Chinese control or for some other method of handing over the
administration to the Chinese while securing to the British community
some voice in municipal matters.
"You will see that we go much further than half way. But I am certain that it is the right and wise course to take. I am thinking not of the
inconvenience of the moment but of our relations with China for the
next 100 years.
"These proposals can be put into force by the unilateral action of the
British government. For the moment there can be no new treaty, for
a treaty can only be signed with a recognized government and we cannot
yet recognize any government as the government of the whole China.
"We cannot recognize Canton as the government of China only, for
this would be to recognize the division of China, which every Chinese,
whatever his party, would resent. We cannot recognize the claim of
Canton to be the government of the whole of China, for this would not
be in accordance with the facts, for Canton controls hardly a third of
China. The Chinese themselves .must decide the question, and foreign
recognition must conform to the realities of the situation."
The Secretary admitted that the anti-British policy of the Cantonese
was an additional difficulty in dealing with them, and discussed at length
the reasons why Great Britain was singled out for this attack. He protested that the so-called opium war, which had opened China to foreign
trade, was no more an opium war than the American War of Independence was a tea war. Declaring that alien influences did not hesitate
to preach to the Chinese that the British were more responsible than
any other people for Chinese woes, Sir Austen said that undoubtedly the
anti-British cry was the most dangerous factor in the present situation.
Proceeding to outline recent events at Hankow, he characterized the
seizure of the British concession as an outrageous and unjustifiable
attack on the long-established rights of a peaceful British community,
and, combined with a similar outrage at Kiukiang, proved there was
no guaranty of safety for British lives under the authority of the
Cantonese government in the present revolutionary state of affairs.
He argued that, while it was comparatively easy to induce the few
British residents to leave Hankow, it would not be so easy from
Shanghai; hence, while he did not desire to assume that there would be
British
bloodshed at Shanghai, it would be a dereliction of duty if the
government failed to take proper precautions.
Austen
Emphasizing that the defense force was non-aggressive, Sir
added: "I hope no occasion will arise for its use. There is no intention on our part to hold Shanghai if we can obtain satisfactory assurat
ances that what has happened in Hankow will not be repeated
Shanghai."
He heartily reciprocated the expressed desire of Eugene Chen, the
and other
Cantonese Foreign Minister, for a settlement of the treatyeach other's
questions on a basis of economical equality and respect for
nothing
say
to
desired
political and territorial sovereignty. He therefore
to make a friendly settlement more difficult; but preferred to look for
what he hoped would be a happier future.
The text of the proposals given out at London follows:
1. His Majesty's Government is prepared to recognize the modern
Chinese law courts as competent courts for cases brought by British
plaintiffs and to waive the right of attendance of a British representative
at the hearing of such cases.
2. His Majesty's Government is prepared to recognize the validity of
a reasonable Chinese nationality law.
3. His Majesty's Government is prepared to apply, so far as practicable, in the British courts in China modern Chinese civil and cornmercial codes, apart from procedure codes and those affecting personal
status, and the duly enacted subordinate legislation as and when such
laws and regulations are promulgated and enforced in the Chinese courts
and on Chinese citizens throughout China.
4. His Majesty's Government is prepared to make British subjects in
China liable to pay such regular and legal Chinese taxation, not involving discrimination against British subjects or British goods, as is in fact
imposed on and paid by Chinese citizens throughout China.
5. His Majesty's Government is prepared, as soon as a revised Chinese
penal code is promulgated and applied to Chinese courts, to consider its
application to British courts in China.
FEB. 5 1927.]
THE CHRONICLE
6. His Majesty's Government is prepared to discuss and enter into
arrangements, according to the particular circumstances at each port
concerned, for modification of the municipal administration of the British concessions so as to bring them into line with the administration
set up in former concessions, or for their amalgamation with former
concessions now under Chinese control, or for the transfer of police
control of the concession areas to the Chinese authorities.
7. His Majesty's Government is prepared to accept the principle that
British missionaries should no longer claim the right to purchase land in
the interior, that Chinese converts should look to Chinese law and not
to the treaties for protection, and that missionary, educational and medical institutions conform to Chinese law and the regulations applying to
similar Chinese institutions.
715
German Trade in Arms.
As for the arms trade, Germany agrees once more that import and
export of arms as well as manufacture thereof for export shall be for-.
bidden in the Reich, and she furthermore agrees there shall be no
manufacture or commerce in arms for interior use. Then follows a
long list of what are construed to be arms.
The report of Sir Austen Chamberlain's speech follows:
The Berlin Government pledges itself to obtain passage by the
Reichstag as soon as possible of a law putting this agreement into
effect. Inasmuch as the League will lack the machinery to keep watch
on all corners of Germany this arrangement has a value commensurate
with the reliance one places in Germany's promise, and she had already
in the Versailles Treaty promised what she promised again today. It
When communicating these proposals to Eugene Chen, is not difficult to see that there is doubt in the minds of
many Frenchthe Cantonese Foreign Minister, Owen O'Malley, the men. Those who favor Foreign Minister Briand's policy of conciliation say that inasmuch as the Allies could not control Germany's miliBritish Chargfi d'Affaires, prefaced them as follows:
tary equipment in all details it was just as well to take the step, which
"When a satisfactory settlement has been reached with respect to the should remove causes of irritation. Naturally
the Nationalists take the
British concessions at Hankow and Kiukiang, and when assurances are opposite view and accuse M.
Briand of sacrificing the security of France.
given by the Nationalist Government that they will not countenance any They quote the words of General Morgan, formerly
of the Control Comalteration except by negotiation of the status of the British concession mission,
that Germany could make equipment in twelve months for a
and the international settlements, his Majesty's Government will be large army, and that without its being discovered.
prepared to concede at once along the lines indicated in the enclosure
The Liberte says Germany
hereto part of what is desired of them by the Chinese Nationalist Party. of the Treaty of Versailles ought to be proud of the constant revision
and adds: "Naturally enough, when they
So liberal and generous a step cannot, in their view, be regarded other- saw Hindenburg, who figured in the list of war guilty,
sign the Locarno
wise than an earnest of the fair and conciliatory spirit with which they compact with the shout of 'Glory Hallelujah,'
who could blame them
are animated."
for thinking they could get away with anything?" The Temps says the
Germans have never been honest about the military clauses and will
Inter-Allied Arms Control Commission Leaves Germany not be honest about today's agreement. The Temps laments the concession of the suppression of control made by France to favorize the
—Work of Enforcing Disarmament Passes to
Left Government in Germany, whereas it is a Right Government which
League of Nations.
benefits. This paper is especially worried that Defense Minister Gessler
The Inter-Allied Military Control Commission, after of- now has his task made easier in rebuilding the German army since the
allied inspectors today leave Germany. The Journal des Debats says:
ficiating seven years under the provisions of the Versailles "The
Covenant and treaties of Locarno give the League sufficient powers
Treaty regarding the disarmament of Germany, ended its to denounce and forestall menaces to peace. It depends on how the
work on Feb. 1 and the League of Nations succeeded to it. League uses its powers whether it justifies its existence or should disThe Paris correspondent of the New York "Evening Post" appear."
A Political Sacrifice.
4:m the following day, cabling that the accords had reached
If it be true that the Allies give up powers they could not enforce, it
the Council of Ambassadors sitting there, briefly sum- is also true that they have given up a position where, in the analysis,
marized the terms and conditions as follows:
they could take summary action, which is now impracticable. That is a
The Allies' unconditional demands for the demolition of fortresses in political sacrifice and the Germans see it, for, as the Berliner Tageblatt
East Prussia, near the Polish frontier, and specific orders regarding the says today, henceforth the Allied Ambassadors may call Germany's
manuisacture of munitions have prevailed. The Council of the League attention to an alleged default, but Germany does not have to answer
of Nations will assume responsibility for the interpretation of the Ver- them—she will answer only to Geneva. And Germany and her friends
sailles Treaty's disarmament clauses, and henceforth the League will be sit in the League. They did not sit in the Conference of Ambassadors.
the watchdog of the old Central Empire. The Allied Military Control In other words, today's developments conduce to peace if Germany lives
Commission, as set up by the Council of Ambassadors, is suppressed. up to her new obligations better than she lived up to her old ones. If,
Marshal Foch, however, will be virtually the judge of Germany's arma- on the other hand, the Reich uses its new and better opportunity to
ments, inasmuch as one of his best friends, General Baroatier, will build up another big army, today's developments may conduce in the
opposite direction.
head the League's Commission of Investigation in Germany.
One can scarcely resist remarking that the Treaty of Versailles was
The points of the agreement are: First, the establishment of a frontier zone between Germany and Poland, in which no forts, gun bases or divided into three parts, territorial, military and financial. The financial
part was revised in the Dawes plan. Today the military clauses are
trenches can be constructed and in which only those built prior to 1920
will be tolerated; second, an agreement concerning the works to be revised. There remains before Germany revision of the territorial
demolished; third, special provisions on maintenance work in existing clauses. And who doubts that vision guides hre statesmen now?
forts along the terms of the peace treaty; fourth, a formal declaration
on the part of Germany to engage in no construction work on forts,
$3,000,000 Hungarian Credit.
shelters, bases or trenches other than those specifically mentioned; fifth,
the Reich engages to vote a bill prohibiting the importation or exportafollowing is from the "Sun" of last night (Feb. 4):
The
tion of war materials and their manufacture for exportation.
The Hungarian Central Mortgage Credit Institution has sold to Marshall
The occasion was the subject of the following discus- Field. Clore, Ward & Co., an issue of $3,000,000 ten year 7% agricultural
sion by the Paris Correspondent of the New York "Times," bonds, offering of which will be made within a few days.
cabling to his paper on Feb. 1:
Feb. 1, 1927, is a date which will be written often in the history of
the next few decades, for today the Allies gave up their effort to
control the military equipment of Germany. For the sake of the policy
of conciliation, they agreed to consider Germany as up to date in execution of the military clauses of the Treaty of Versailles, and henceforth it is up to the League of Nations to see that Germany does not
arm again.
Certainly there fis no one foolish enough to say that Germany now
could put into the field only the army of 100,000 men allowed by the
treaty. She could put three times as many into action in ten days, and
that the Allies know full well. One is forced to the conclusion, then,
that the Allies have largely admitted the impossibility of holding a nation of 60,000,000 to an army of 100,000.
German Army Budget Equals French.
And it is interesting to note that for that technical 100,000 the German budget this year carries about the same appropriation as France
is spending for an army of 600,000. There is a difference between
prices in the two countries, but not that much difference. And allied
control ceases on the day there comes into power a German Government depending on the Nationalists of the Reich.
He would be an unreasoning optimist who believed the League of Nations was going to control Germany militarily, as the Allies tried to
do. The Allied Commission of Control ceases business today and in
reality the military control of Germany ends. In future League members may call the Council's attention to the armament of Germany, and
there is a League commission in control, but no more will German
armament makers be up against groups of allied officers exploring the
secrets of their factories and dye works.
It had been arranged at Geneva on Dec. 12 that allied military control should cease Feb. 1 and pass to the League of Nations. It had
also been agreed that if the Allies and Germany could not agree on
outstanding issues by that date they would go to the Council of the
League. The meetings of the Allied Military Commission and the
Conference of Ambassadors up to midnight failed to agree, but this
morning new instructions were received from Berlin by the German
delegates and shortly after midday it was announced that an agreement had been reached.
There are two outstanding points: First, German trade in arms and,
secondly, Germany's new fortifications built along her eastern frontier. By a compromise Germany agrees to destroy the forts built since
1920 and the Allies allow her to keep others. The Reich agrees to
build no more fortifications in a zone to be delineated, this applying
to the Koenigsberg Kustrin and Glogau districts. Further, Germany
gives her word that there will be no more forts than are listed, which
include a series discovered quite by aocident some months ago.
J. E. Sterrett, Retired Member of Dawes Committee,
Arrives in United States—Sees European Progress.
Joseph E. Sterrett, who resigned, effective Jan. 15, as
American member of the Transfer Committee under the
Dawes Reparation plan, arrived in New York on the North
German Lloyd liner Columbus on Jan. 24 accompanied by
Mrs. Sterrett and his son. Mr. Sterrett will resume his
connection with Price, Waterhouse & Co., in which he was
a partner before his appointment to the Transfer Committee
in 1924. Just before their departure from Europe the
German Government bestowed on Mr. and Mrs. Sterrett
the order of the German Red Cross. As was noted in these
columns Dec. 11 (page 2994), Mr. Sterrett has been succeeded
on the Transfer Committee by Pierre Jay, of the Federal
Reserve Bank of New York. According to Mr. Sterrett,
"Europe is making progress in political, economic and social
stabilization." He is also reported as saying:
This fact must be apparent to any one who compares the conditions which
existed three years ago in the countries recently at war, with those of the
present. Everywhere it is at last recognized that the war is over and that
peaceful co-operation will prove more productive than force. In bringing
about this change there have been many factors at work, but none has been
more important than the Dawes plan. The reparation problem had reached
a point where it was poisoning the international relations between ex-enemy
countries, and was rapidly bringing ruin to all. The adoption of the
Dawes plan substituted a definite program for uncertainty and, what was
equally important, it took the reparation problem out of politics and allowed
the nations involved to approach their other mutual problems in a kindlier
spirit. That they have developed leaders and have courageously faced these
other problems we have the witness of Locarno and Geneva. and there is
also the promise of Thoirry—all within two years.
In economic and other fields the advances are not less marked. That
the Dawes plan has been and is a success is due in the first place to the
soundness of the principles upon which it is based. It had to do with a
highly controversial subject and at a time when it was exceedingly difficult
to forecast the future. The plan did not attempt a final solution of the
reparation problem but it provided for the immediate future so that time
with its healing processes, might bring the plan to fruition through a more
complete settlement, which it is not unreasonable to expect may be realized
in the not distant future.
716
[VOL. 124.
THE CHRONICLE
Itfraust be an especial satisfaction to Americans, that so much of the
success of the plan is to be found in the industry, the fairness and the great
administrative ability of the Agent-General S. Parker Gilbert. He has
wade the plan a living, vital thing. His task is one of very great delicacy
and difficulty but,as an official and as a man,he is to-day cordially respected
and admired in Europe.
The European nations and peoples are struggling to overcome the effects
sif the war and to avoid a recurrence of the causes that brought about the
war,some at which trace their roots into the distant past. They are trying
to help themselves and they have already accomplished more than the
most optimistic dared hope two years ago. There is still a steep, hard road
ahead and for years to come conditions of life must be far from easy. All
of these countries, and none more than Germany, desire that America
should maintain a sympathetic understanding of the difficulties and problems
that in the common interest of Europe and America must find a peaceful
solution.
German Reparation Receipts and Payments in
December.
Total receipts of 95,020,846 gold marks during December
1926 are reported in the statement covering the month,
issued under date of Jan. 11 by the office of the Agent,
General for Reparation Payments. The payments for the
month totaled 88,498,325 gold marks. The statement
follows:
TABLE II-PAYMENTS TO EACH POWER CLASSIFIED ACCORDING TO
CATEGORY OF EXPENDITURE.
Third Annuity
Year-Cam viaMonth of
December
five Total to
Dec. 31 1926.
1926.
Payments to or for Account ofGold Marks. Gold Marks.
1. France(a) Marks supplied Army of Occupation
1,504,162.02 8,017,955.44
(b) Furnishings to Army under Arts. 8-12 of
8,243.174.62
Rhineland Agreement
(c) Reparation Recovery Act
7,256,115.96 22,018,718.53
(d) Deliveries of coal, coke and lignite
16,332,512.16 45,335,808.16
(e) Transport of coal, coke and lignite
4,210,223.32 11,047.149.99
(1) Deliveries of dyestuffs and pharmaceutical
1,016,373.29
products
236,776.66
(g) Deliveries of chemical fertilizers and nitrogenous products
3,503,463.72 14.574,342.38
1,196,882.15
(h) Deliveries of coal by-products
195,306.66
59,546.85
(I) Deliveries of refractory earths
7,079.63
(I) Deliveries of agricultural products
921,901.83 3,371,482.01
(k) Deliveries of timber
1,444,298.14 6,843,348.87
317,940.24
(1) Deliveries of sugar
7,037.72
(m)Miscellaneous deliveries
6,483,127.19 26,950,988.42
300,000.00
(n) Miscellaneous payments
75,000.00
(o) Cash transfer: Settlement of balances owing
for deliveries made or services rendered by
the German Government prior to Sept. 1
286,584.56
1924
42,177,005.01 149,580,295.51
Total France
2. British Empire(a) Marks supplied to Army of Occupation...... 1,002,012.76 4,459,300.40
(b) Furnishings to Army under Arts. 8-12 of
2,111,941.74
Rhineland Agreement
(c) Reparation Recovery Act
17,463,582.79 65.421,649.73
(d) Miscellaneous payments
15,849.41
(e) Cash transfer: Settlement of balances owing
for deliveries made or services rendered by
the German Govt. prior to Sept 1 1924_
35,022.76
OFFICE OF THE AGENT-GENERAL FOR REPARATION PA'YMENTS.
STATEMENT OF RECEIPTS AND PAYMENTS FOR THE THIRD
ANNUITY YEAR TO DECEMBER 31 1926.
Total British Empire
(On Cash Basle, reduced to Gold Mark equivalents)
Third Annuity 3. ItalyYear-CumulaMonth of
(a) Deliveries of coal and coke
tive Total of
December
(b) Transport of coal and coke
Dec. 31 1926.
1926.
(c) Deliveries of dyestuffs and pharmaceutical
Gold Marks.
Gold Marks.
products
A. Receipts in Third Annuity Year(d) Miscellaneous deliveries
1. In completion. of Second Annuity:
(e) Miscellaneous Payments
8,095,425.61
(a) Transport Tax
45,000,000 00
Total Italy
(b) Interest on Railway Reparation bonds_
2. On account of Third Annuity:
(a) Normal Budgetary Contribution
9,166,666.66 36,666,666.66 4 Belgium(a) Furnishings to Army under Arts 8-12
(b) Supplementary Budgetary Contribution
18,000,000.00 54,000,000.00
Rhineland Agreement
(c) Transport tax
22,500,000.00 90.000.000.00
(b) Deliveries of coal, coke and lignite
(d) Interest on Railway Reparation bonds_ _ _ 45,000,000.00 135,000.000.00
(c) Transport of coal, coke and lignite
650,882.05
3. Interest received
354,179.86
(d) Deliveries of dyestuffs and pharmaceutical
products
Total receipts
95,020,846.52 369,412,974.32
(e) Deliveries of chemical fertilizers and nitro93,626,074.81
B. Balance of cash at Aug. 31 1926
geneotua products
(0 Deliveries of coal by-products
463,039,049.13
Total cash available
(g) Deliveries of timber
(h) Miscellaneous deliveries
C. Payments in Third Annuity Year(I) Miscellaneous payments
1. Payments to or for the account ofCD Cash transfer-Settlement of balances owing
France
42,177,005.01 149,580.295.51
for deliveries made or services rendered
British Empire
18,485,595.55 72,043,764.04
by the German Government prior to
Italy
4,527.806.68 23,759,195.25
Sept. 1 1924
Belgium
3,842,244.21 17,013,828.96
Serb-Croat-Slovene State
3,974,005.87 13,729.225.52
Total Belgium
United States of America
3,373.100.00 31,096.539.73
Rumania
929,780.39 2,988,358.67 5. Serb-Croat-Slovene State1,613,064.99
Japan
1,134,438.02
(a) Deliveries of pharmaceutical products
1,571,164.00
Portugal
500,553.98
(b) Miscellaneous deliveries
1,092,745.63
Greece
258.097.61
(c) Miscellaneous payments
76,972.59
Poland
65,470.67
Total Serb-Croat-Slovene State
Total payments to Powers
• 79,248,097.99 314,565,154.89 6. United States of America2. For service of German External Loan, 1924_ _ 7,709,848.79 28,288,306.63
(a) Deliveries under agreement
3. For expenses of:
(b) Cash transfers in foreign currencies
1,183,786.34
Reparation Commission
300,320.55
1,088,979.23
Office for Reparation Payments
163,894.17
Total United States of America
996,924.41
Inter-Allied Rhineland High Commission
210,321.26
900,000.00 7. RumaniaMilitary Inter-Allied Commission of Control200,000 00
66,729.14
4. Costs of arbitral bodies
49,907.71
(a) Miscellaneous deliveries
5. Discount on amounts received from Deutsche
(b) Miscellaneous payments
Reichbahn iasellschaft in advance of due date 656,047.52 2,616,479.35
134,820.31
Dr.40.112.02
6. Exchange differences
Total Rumania
88,498,325.97 349,841,180.30 8. Japan-Miscellaneous deliveries
Total payments
113.197,868.83
D. Balance of cash at Dec. 31 1926
463,039,049.13 9. Portugal-Miscellaneous deliveries
•See Tables I and II for analysis of payments by category of expenditure and by
Powers.
TABLE I-TOTAL PAYMENTS TO POWERS CLASSIFIED ACCORDING TO
CATEGORY OF EXPENDITURE.
Third Annuity
Year-CumtdaMonth of
tire Total to
December
Dec. 311926.
1926.
Gold Marks.
Gold Marks.
1. Occupation Costa(a) Marks supplied to Armies of Occupation__ 2,506,174.78 12,477,255.84
(b) Furnishings to Armies under Art. 8-12 of
Rhineland Agreement
11,677,720.35
2,506,174.78 24,154.976.19
2. Deliveries in Kind(a) Coal, coke and lignite
(b) Transport of coal, coke and lignite
(e) Dyestuffs and pharmaceutical product& _
(d) Chemical fertilizers dc nitrogenous products.
(e) Coal by-products
(f) Refractory earths
(g) Agricultural products
(12) Timber
(I) Sugar
(J) Miscellaneous deliverlea
19,480,183.58
5,319,054.54
1,119,330.09
3,714,481.57
336,892.15
.079.63
983,113.59
1,700,230.88
7,037.72
15,882,442.68
59,331,704.72
15,444,691.80
4,303,368.70
15,168.550.36
1,395,622.40
59,546.85
3,432,693.77
8,051,563.11
317,940.24
63,472,282.26
48,549,846.41 170,977,964.21
3 Deliveries under Agreement
4. Reparation Recovery Acts
5. Miscellaneous Payments
20,144,639.73
24,719,698.75 87,440,368.26
96,772.10
448,196.25
6. Cash Transfers- balances owing for deliveries
(a) Settlement of
made or serviced rendered by the German
2,505.95
447,110.25
Government prior to Sept 1 1924
3,373,100.00 10,951,900.00
(b) In foreign dummied
3,375,605.95 11,399,010.25
Total payments to Powers
79.248.097.99 314.565,154.89
10. Greece-Miscellaneous deliveries
11. Poland(a) Deliveries of agricultural products
(b) Miscellaneous payments
(c) Cash transfers-settlement of balances owing for deliveries made or services rendered by the German Government prior
to Sept. 1 1924
Total Poland
Grand Total
18,465,595.55 72,043,764.04
3,147,671.40 13,092,962.95
1,108,722.12 3,963,822.27
90,136.48
180,275.72
1,000.96
1,518,718.45
5,148.047.39
35,644.19
4,527,806.68 23,759,195.25
109.10
1,322,603 99
902,933.61
433,719.54
783,126.91
1,723,822.17
211,017.85
594,207.98
141,585.49
198,740.25
255,932.74
1,208,214.24
2.450,472.12 10,503,155.53
10,947.86
115,483.79
3,842,244.21
17,013,828.96
9,290.04
44,454.79
3.945,697.65 13,608,592.49
76,178.24
19,018.18
3,974,005.87 13,729,225.52
20,144,639.73
3,373,100.00 10,951,900.00
3,373,100.00 31,096,539.73
929,780.39
2,984,523.81
3,834,86
929,780.39
2,988,358.67
1,134,438.02 1 ,613,064.99
500,553.98
1,571,164.00
258.097.61
1,092,745.63
61,211.78
1.752.96
61,211.78
5,741.69
2,505.95
10,019.14
65,470.67
76,972.59
79,248,097.99 314,565,154.89
Note.-Furnishings under Arts. 8-12 of the Rhineland Agreement.-During the
month of Dec. 1926, negotiations have been conducted by the French, British and
Belgian Governments with the German Government, with a view to fixing, inter alto,
the amounts to be provisionally advanced to the German Government as from
Dec. 1 1926, on account of furnishings to the Armies of Occupation and to the
Rhineland Commission under Articles 8-12 of the Rhineland Agreement. Pending
the conclusion of these negotiations, no advances have been made by the Agent
General In respect of the month of Dec. 1926.
Indirect Financing of French Loans in United States
Looked Upon as Private Transactions by Administration at Washington.
Daily appers this week have commented upon the fact
that there has been financing of French loans notwithstanding the attitude of the Administration at Washington
toward foreign offerings, where countries whose debts are
unfunded, are concerned. As to this the "Wall Street
News" in a Washington dispatch Feb. 3, stated:
The government imposes no restriction on private offerings of foreign
securities in this country, Secretary of the Treasury Mellon said today,
when informed that securities of this type had been marketed on a
large scale in New York, including sale of Paris bonds, obtained by
American bankers on underwriters' ,terms, and sold privately. Such
transactions are considered entirely private and the government never
interferes, Secretary Mellon stated.
FEB. 51927.]
THE CHRONICLE
ing" the New
With reference to this "indirect financ
:
stated
3,
Feb.
of
issue
its
in
York "Times"
which
ng for French interests through transactions
Indirect financi
to countries which have not
do not come under the ban against loans
reached considerable prohas
States
United
the
to
debts
their
funded
operations have come about
portions, it was learned yesterday. These
n securities, which have
through the demand in this country for Europea
reached their highest price levels on record.block of City of Paris bonds
The purchase by American bankers of a
of several transactions put
recently issued in Holland was typical
American bankers obtained the
through in the last few weeks. The
bonds, buying them from Dutch
original underwriters' terms on the
y, mostly to their friends.
bankers. Then they sold the bonds privatel in the position of making
not placed
were
bankers
n
America
way
this
In
her industries or municipalities while
direct loans to France or any of
there was no public offering of
the debt situation was unsettled. Also,
be under negotiation in Paris,
this class of financing is understod to
e.
moderat
are
s
amount
the
though
Other Securities Taken Here.
for French securities was
The extent of the demand in this country ated a large stock of old
accumul
illustrated recently when bankers here
and made a public offering of them,
City of Paris bonds in the market
are also said to have been conThere
ed.
subscrib
y
promptl
was
which
railway loan floated in Europe last
siderable purchases of the French
year.
New York Stock Exchange have
French dollar bonds traded in on the
of the improved financial
risen to record prices recently, mainly because
and economic conditions in France.
al part of the search
The indirect French financing is only an incident to bring out in the
issues
by American bankers in Europe for new bond
week of three imunprecedented market here. Despite the sale this
negotiations are being
portant foreign loans aggregating $66,500,000,
,000. At least
pushed for several new issues, none for less than $10,000
are discussing with
three, and probably more, American banking houses
and Poland is expected
Budapest the possibility of a loan of $20,000,000,
are being made by
to obtain a large loan shortly. Competitive bids
Europe and South
in
Wall Street houses for several other issues
America.
717
paying interest at 5%
France to the United States. France has been
after the war, despite
on obligation representing supplies purchased
debt proper.
failure so far of a final conclusion of the war
Bonds.
France Suspends Further Issues of Treasury
the New
Paris,
2
from
Feb.
ram
cableg
In a copyright
York "Times" stated:
suspending further issue of
A decree of the Ministry of Finance
on Friday. This, following
ordinary Treasury bonds will go into effect
defense bonds, is rethe recent suppression of the six-month national
on the road to financial health
garded as another proof that France is
and stability.
elected today as President of
Former Finance Minister Clementel was
s among newly added
the Senate Finance Commission, which include
r, M. Caillaux.
members another former Finance Ministe
Gold Shipments from France.
, noted in
In addition to the gold shipments from France
a further shipment was
our issue of a week ago (page 586),
Feb. 3 as follows:
reported in the New York "Times" of
in this country from France in the
The fourth shipment of gold to arrive
on the French liner l'aris. It totaled
last few weeks came in last evening
000. With earlier shipments which
97,000,000 francs, or about $4,000,
vessel, on the Rochambeau and on the
arrived on the last trip of the same
$14,000,000. this brings the total
France, amounting to a little more than
to nearly $19,000,000.
which has arrived in the country up
consigned to the American Exchange
Like previous shipments, it was
to be taken to the vaults of the Federal
Irving Trust Co. It arrived too late and remained overnight on the liner.
Reserve bank where it will be stored,
From the "Journal of Commerce" we quote in part
from Washington adviees of Feb. 3 the following:
for Franc—Puts PolitPremier Poincare Denies Plans
e Financial.
Befor
n
izatio
•
ical Stabil
s from Paris yesteradvice
Press
ated
Associ
The following
:
day (Feb. 4) are from the "Sun"
e stated
Two weeks ago the official spokesman for President Coolidg money
his
that the President believes that it is a citizen's right to invest
the part of the
as he pleases with as little interference as possible on
investments
Government and that it would not interfere unless such
a whole. He
should prove to be to the disadvantage of the country as
the profor
when
pointed out at that time that there are contingencies
wise to exercise
tection of the citizens of this country it would seem
and over foreign
some supervision over investments in the foreign field
monopolies
loans floated here, such as when there is a threat of foreign
so that the
or in case there should be insufficient funds in this country
ed.
sending of considerable funds abroad would not be warrant
or fears ofimmediate stabilization
Premier Poincare put an end to all hopes Deputies to-day that such action
Chamber of
the
told
he
when
franc
the
of
would be too dangerous.
to insure my political situation by not
"I have been accused of wishing
am ready to yield my place to the man
stabilizing the franc," he said. "I
much danger at present, and we must
who will stabilize it, but there is too
tation."
first insure financial rehabili
be no legal stabilization until political
lie emphasized that there would
times crisis confronting France since the
stability was assured. The hard
the Premier predicted, but he warned
franc was saved will boa passing one,
would have to swallow a good deal of unthe Chamber that the country
y was complete.
pleasant medicine before its recover
the crisis, he asserted, remarking
Successive inflations had brought on
the traditional desire to save.
that Frenchmen no longer had
French Objections Cease.
ry Mellon is anything
The attitude of both the President and Secreta
3,000,000 Italians Respond to Loan Appealhere and it is very
but discouraging to the flotation of foreign loans
to
n
objectio
e
an
interpos
would
3,150,000,000 Lire Subscribed.
now
unlikely that the Administration
the public offering of French security.
d all expectations of the Italian lictoral
beyon
nations
s
to foreign
Succes
Indications of a relinquishment of the ban on loans
Volpi,
be
to
believed
are
loan was the keynote of a report made by Count
which have not funded their debts to the country
of Administration offie, to Premier Mussolini, says
Financ
of
er
becoming evident as a result of the conviction
Minist
t
Fascis
upon foreign govadd:
cials that the ban has not been an effectual influence
Associated Press accounts from Rome (Feb. 2), which
ernments in the funding of their debts.
bed 3,150,000,000 lire. This
steadily despite
Three million Italians thus far have subscri
France, for instance, has been improving her position
and the end is not yet, for prohad not learned
is exclusive of subscriptions made abroad
the loan ban, and, although Secretary Mellon today
Bank of France spective subscribers have until March 31 to do their bit in helping the
the reason for the change in the discount rate of the
line
on was in
Treasury to bring the lira back to its pre-war value.
from 6 to 5Y,%, he was of the opinion that the reducti
"of the importance of the
in France. He
"This is ample proof," assets Count Volpi,
with the general improvement of financial conditions
nce of the subscribers and the
position
present
by
the
ed
evidenc
financial operation, as well as of the confide
believes that the situation in France is
popularity of the loan."
of the franc.
has been
100,000 lire, 2,000 of between
Two hundred subscriptions of more than
Despite the fact that the tendency of the money market
Federal
on
between 25.000 and 50,000 lire were
unmistakably downward, Secretary Mellon sees no effect
50,000 and 100,000 lire, and 5,000
y bondholders converted
the
of
rate
unt
Treasur
erm
the
redisco
in
Short-t
received by the Treasury.
Reserve rates as a result of the change
was compulsory.
20.353,000 lire into loan certificates. Conversion
Bank of France.
public debt decreased
The Minister of Finance also pointed out that the
of 1926 as compared with
by 6,824.000.000 lire during the last six months
in Holland and the previous six months, but shows an actual increase of 486.000,000 lire
City of Paris (France) Loan Arranged
by loan subscriptions from
which, Count Volpi predicts, will be covered
Switzerland.
abroad.
Post"
ing
following is from the New York "Even
Circulation has not increased on account of the loan.
The
of Feb. 1:
28,000,000 guilders in Holland and
The City of Paris has borrowed
twenty-year 7s offered at 95%. The
Switzerland. The new bonds are
Amsterdam amounted to 20,000,000
portion of the loan offered in
8,000,000 guilders.
guilders and the Swiss share was
a New
32% Bank of France Dividend Distribution Sets
Take
ares
2%—Sh
by
1925
ding
Record, Excee
Market Lead.
l" on Jan. 27 reported the
Journa
The "Wall Street
following from its Paris office:
Germany to Float Internal Loan—Government Offers
500,000,000 Marks in 25-Year 5% Bonds at 92.
The proposal of Germany to float an internal loan was
detailed as follows in a cablegram from Berlin Jan. 25
(copyright) to the New York "Times":
The German Government will float an internal loan of 500,000,000
today
marks in 5% twenty-five-year bonds, it was officially announced
to
by Herr Reinhold, Minister of Finance. The money will be used
income
balance the 1927 budget, it being foreseen that the Reich's
amount
through taxes, duties and other sources of revenue will lack this
32% net, a new record, against of covering the estimated expenses, totaling more than 10,000,000,000
of
d
dividen
a
declared
France
of
Bank
francs jumped 755 points to marks, including increased Dawes plan reparations payments.
s
30% paid for 1925. Shares of 1,000 advance in bank shares with
Of these bonds, 300,000,000 will be taken over by banking concern
13,200 on Wednesday, leading a general
ank. The remaining 200,000,000, the greater part
the
Reichsb
through
-month
foreign purchasing.
three-quarters of the circulation of which has already been subscribed, will be issued with a nine from
The governor's report remarks that
market
ee only, and so long as this non-sales obligation. The bonds will be placed on the
guarant
state's
the
by
backed
es
be
will
continu
and
e to be exposed to the dangers Feb. 3 to 11 at 92. They are unredeemable before 1934
circulation remains, the franc will continu
at par. Steps will be taken
er
rs.
thereaft
ive
years
maneuve
within
twenty-f
retired
ive
speculat
Exchange and
of change in public mood and
immediately to place the bonds on the German Stock
fix the discount rate at the Reichsbank.
approval of the
Receives Interest
Herr Reinhold explains that the Reichstag, through its
Federal Reserve Bank of New York
,000 marks, empowered
940,000
to
ng
amounti
budget
dinary
Debt.
1926
h
extraor
the Treasury be
Instalment Due on Frenc
of that amount on condition that
l" an- him to make a loan
t rate had been reduced
In its issue of Feb. 2 the "Wall Street Journa
permitted to delay it until the Reichsbank discoun Although the present
u:
and the fluidity of money warranted the step.
nounced the following from its Washington burea
new Government within
y reported to Treasury interim Cabinet will likely be replaced by a time should be lost in
Tuesda
York
New
of
Bank
Reserve
Federal
no
that
felt
d
Reinhol
Herr
as
days,
of
nual
France
of
a
couple
semi-an
receipt of $10,000,000 from the government
of filling present Treasury
d
ial debt of putting through the loan, not as a means
instalment of interest on the $400,000,000 so-calle commerc
718
THE CHRONICLE
needs, but to provide for the shortage which is predicted in
the coming
year's budget.
The Minister explains that he saved the taxpayers large
sums by
being able to postpone the loan until the discount rate
had dropped
from 7 to 5%. Herr Reinhold gives as another reason
for floating the
loan at the present time his belief that private industry will need
large
loans in the near future, which will be followed by a period
money, when a national internal loan would be more difficult. of tight
The Boersen Courier differs with Herr Reinhold's view as to
the
advisability of hurrying the loan through at the present time.
It is
pointed out that the Treasury at the end of November contained
163,000,060 marks surplus, with an additional 400,000,000 surplus
from last year, which, with the income of the last quarter of the fiscal
year undoubtedly will cover the extraordinary budget demands. The
Courier fails to see in what manner Herr Reinhold's step will aid either
the Government or industry.
Referring to the surprise in German financial circles
occasioned by the low interest rate of 5% which the new
loan is to bear, even though the issue price is 92, the
Berlin correspondent of the "Times" on Jan. 30 said in a
copyright message:
Since the Government has the Reichstag's sanction to borrow 940,000,000, the smallness of the issue indicates that the 5% rate is officially regarded as a doubtful experiment.
General opinion is that the interest yield, which works out at 5.43%
less income tax in reichsmarks, will not attract foreigners at a time
when some European dollar loans yield well over 7% tax free. The
loan will materially increase the republic's debt, which, including the
Dawes loan, stood at 2,196,000,000 marks at the end of 1926.
Kingdom of Norway 6% Internal Bonds 1921-1931 Called
For Redemption.
The Guaranty Trust Company of New York, as depository, announced Jan. 28 that it has been informed
that the entire outstanding issue of Kingdom of Norway
8% internal loan 1921-1931 bonds has been called for redemption on April 1, 1927, at par and accrued interest
to the date of redemption; and notice has been given by
the depositary that all their deposit certificates are likewise called for redemption on the same date at their
principal amount and accrued interest to the date of redemption. Holders of deposit certificates may present
them for redemption to the Guaranty Trust Company at
its Corporate Trust Department, on and after April 1,
1927, with Interest Warrants due October 1, 1927 and subsequent attached. Interest Warrants due April 1, 1927 are
to be detached and presented for payment in the usual
manner. Warrants due after April 1, 1927 shall be null
and void.
[Vox,. 124.
sum of $2,674,097, sufficient to cover a year's
requirements of such issuesThe National Railways of Mexico has remitted to
the Committee for the
benefit of the Railways obligations not
guaranteed by the Government, a
sum sufficient to enable the Committee to pay
the cash warrants due to and
Including July 1 1924, upon that class of railway
debt. Detailed announcement as to the payment of the various cash
warrants will
promptly. :These details will be found in our advertising be advertised
pages to-day—
Ed.'
The International Committee is pleased to express
tion that despite a somewhat complex situation the publicly its satisfacGovernment has at
this time so fully carried out its obligations to
its bondholders as contemplated by the agreement made with the Committee
under date of
Oct. 23 1925 for the benefit of the holders of its external
debt.
Further advices on Feb. 2 regarding Mexico's external •
debt and the payments in 1926 stated:
Following the prolonged period, beginning in 1911, during
which Mexico
was suffering from abnormal conditions, the Mexican
Government concluded, under date of June 16. 1922, an Agreement with
the International
Committee of Bankers covering the resumption of interest
payments on its
external indebtedness. This agreement, at the Government
's request, was
so drawn as to cover both the debt for which the
Government was directly
responsible and the obligations of the National Railways
of Mexico which
the Government controlled through ownership of a majority
of the common
stock.
The 1022 agreement was declared operative on Dec. 8 1923,
and during
that year the Government remitted $15,000,000 which was
distributed to
the bondholders in payment of the interest due for that
year on the debt
covered by the agreement, the payments being made
by means of cash
warrants attached to the bonds and evidencing the
amount of interest each
bond was entitled to receive under the terms of the agreement.
Late in 1923, conditions in Mexico were again upset
by the revolt of de la
Huerta who had been Minister of Finance at the
time of the negotiation
of the 1922 agreement, resulting in such a strain
on the Government's
finances as to cause a cessation of the remittances for
interest on the external
debt and in a demand for some modification in the
terms of the agreement
because of their negotiation by an official who subsequentl
y revolted against
the Government.
Recognizing the added burdens thrown upon the Mexican
Government's
finances by the de la Buena revolt, the Committee
discussed with Finance
Minister Pani the conditions under which new remittances
could be resumed,
with the result that a modified agreement was
executed under date of
Oct. 23 1925. This modified agreement separated the
obligations into two
classes:
(a) The direct debt of the Government; and
(b) The debt of the National Railways.
Under the modified agreement payments were begun
early in 1926 and
shortly after
July first of that year the Committee was able to
announce
the payment of the six months' interest on the direct debt,
the first unpaid
cash warrants then attached to the bonds being announced as
payable upon
preseatation. Remittances were also received from the
railways for the
purpose of paying obligations on the Railways Debt,butfor
various reasons
including the necessity of making necessary repairs to the Railways
property, together with a certain amount of interruption in the business
of the
railways as a result of the so-called religious boycott, the railways
remittances were not sufficient to permit the payment of the cash
warrants
attached to Railways Bonds at the same time payment was made
on the
cash warrants attached to the direct debt.
With the receipt of funds remitted during the last few days, the Mexican
Government has completed its obligations payable during 1926 with
respect
Banker Before United States Senate Committee Tells
of to interest on the direct debt,and has also remitted funds sufficient to take
Loan to President Diaz—American Capitalist Sought
care of one year's interest on that part of the Railways Debt which
was
guaranteed by endorsement by the Mexican Government prior
Control of Railway, It Is Also Testified.
to the execution of the 1922 Agreement. The Committee is, therefore,
now
able
to
The following is from
the United States Daily of Jan. announce payments of the earliest overdue cash warrants on the deposit
of bonds as follows:
29:
Although incorporated under laws of the State of Maine,
(a) Cash warrants maturing up to and including January 1 1925
the Bank direct
on the
debt;
of Nicaragua and the Nicaraguan Railroad are owned
by
Republic
the
(b)
Cash warrants maturing up to and including Jan.
of Nicaragua, Dr. Joseph L. Medina, of New York,
1
1925
on
the
National
Railways
a
of
director
of the
Mexico 4s: Vera Cruz and Pavific Railway guaranteed
bank and president of the railroad, told a special sub-committ
and Tehuantepec National Railway guaranteed
ee of the 4348
58 and 43-4s:
(s) Cash warrants maturing up to and
Senate Committee on Freign Relations. The bearing
including July 1 1924 on the
at which Dr. Railways Debt other than those
Medina testified was conducted by Senator Shipstead
items mentioned above under (b).
(Farmer-Labor),
A formal notice specifying the cash warrants
Minnesota, in pursuance of his resolution (Senate Resolution No.
now payable is being pub15) lished in the
against commitment of American forces for the collection
United States and abroad.
of financial
obligations due from foreign governments.
The Nicaraguan bank and railroad pay taxes to the United States.
Both have sought for some time to obtain charters under the laws
of
Nicaragua in order to escape these taxes, said Dr. Medina.
The president of the Nicaraguan railroad, like Dr. Tejerino, former
financial agent of the Nicaraguan government under President Solorzano, testified that 51% of the stock of the railroad, one
day after
Diaz became president, was pledged to the bank as collateral
for a
$300,000 loan to Diaz. He estimated the road's value
$4,000,000.
at
At that time, said Dr. Medina, Frederick Straus,
New York banker,
was President of the railroad, and R. F. Loree, Vice-preside
nt of the
Guaranty Trust Co., was President of the Bank of
Nicaragua.
Philip Moffat, former American Consul at Bluefields
and Managua,
testified that shortly after obtaining control of the railroad,
the bankers were offered $1,600,000 for their controlling interest.
The offer,
he said, was made by Minor C. Keith, an American capitalist, interested in Central America.
In various fiscal arrangements, including the issuance of a new
currency by the government of Nicaragua, the negotiations bore
the
stamp of approval of the State Department at Washington
, said
Mr. Moffat.
With regard to a statement in the matter by the Mexican
Ministry of Finance, we quote the following Mexico City
advices from the "Wall Street Journal" of Jan. 29:
Government of Mexico on Thursday deposited $3,822,405 with the
International Committee of Bankers on Mexico to cover direct obligations
and payments due on National Railways obligations. Official statement
issued by the Ministry of Finance follows:
"If the de la Huerta-Lamont agreement had been in force in 1926,
Mexico
would have had to pay for direct obligations on its foreign debt $11.400,440
,
plus, for National Railway obligations, $11,099,560, or a total of $22,500,000. The Paul agreement of 1923 reduced that total to $11,021,999.
"During 1926 the Government placed in New York City, to cover direct
obligations, $9,229.536 and on Thursday placed there $1,792.462. Further,
in view of the fact that the National Railways were unable to cover their
obligations, even under the modified agreement, the Government was
obliged, as its original guarantees still stand effective, to place in New York
against the general mortgage on railways of 1908, the sum of $2,029.943.
Thus the total placed to the credit of the International Committee of
Bankers on Mexico on Thursday was $3,822,405, and total payments for
the year 1926 were $13,051,942.
economic difficulties of 1926, which were accentuated during the
Mexico Completes 1926 Payments Due on Foreign Debt. rresent month, the Government In respecting the sanctity of its contracts
has succeeded in complying with its foreign obligations, but heroic sacrifices
were involved. These will be continued to ensure future payments,for thus
only can Mexico's credit be rehabilitated."
"Despite
Announcement that the Mexican Government had remitted in full the amount due during 1926 on its external
debt, was made on Feb. 2 by the International Committee
of Bankers on Mexico, of which Thomas W. Lamont, of
is Cha'rman. The statement follows:
J. P. Morgan & Co.,
Committee of Bankers
on Mexico is gratified to
The International
announce that the Mexican Government has completed the remittance to
the Committee for the benefit of the holders of the Government's direct
obligations of the sum of 810,692,845, being the total amount due for
interest and payable by the Government for the year 1926 under the terms
of the Modified Agreement of October 1925, between the Government and
the Committee. The Government has also paid to the Committee for the
benefit of the holders of such obligations of the National Railways of
Mexico (or its subsidiaries) as bear the guaranty of the Government, the
Mexican Paper Hits Payment on Debt—Ask If Government Has Right to Impose Such a Sacrifice on
the Nation.
We take from the New York "Times" the following Mexico
City cablegram (copyright), Feb. 2:
The Government is criticized adversely for continuing payments on the
foreign debt in spite of the difficult state of its own finances in an editorial
in "The Universal" to-day.
Referring to the remittance last week to the International Committee
of Bankers in New York, the editorial begins:
rEtt. 5 1927.1
THE CHRONICLE
"A New York dispatch published in Mexico City states that the financial
press makes no comment on the payments made on the Mexican debt.
The favorable impression we expected to make has failed to appear,although
we have paid at the cost of much sacrifice the sum of 13,000,000 pesos.
"It was announced at the time the agreement to pay the debt was made
that when capitalists saw that Mexico wished to pay and could pay,currents
the
of gold would flow into the country to develop our natural riches,"
"Universal" continues. "But we are still waiting.
"We are suffering to satisfy a small group of bankers who neither in the
that
present international difficulties nor in any others have done anything
re-estabwould recognize this credit which we foolishly believed would be
lished.
"Now is the time to ask whether a Government has the right to impose
tremendous sacrifices on the people,to matter what the conditions,in order
to pay a group of powerful gentlemen who, in the idleness which they
be well
enjoy, have not felt or,learned the suffering which the desire to
thought of by them has cost us."
all guaranteed obligations, and including this issue but excepting obligations to be retired thereby, aggregates about $327,255,007, of which
approximately $96,734,274 consists of guaranteed obligations for railirrigation
road companies, the Mortgage Bank, workmen's dwellings,
an
projects and municipal loans. Government owned properties have the
twice
about
is
whichestimated value of approximately $650,000,000,
country
the
of
wealth
national
total
the
total debt. On July 1, 1923,
capita.
was estimated at over $3,372,000,000, equivalent to over $855 per
The national wealth in 1923 was therefore over, 10 times the total
debt as of the end of 1926, including this issue.
Monetary System—By legislation enacted in 1925 upon recommendations of a Commission of American experts, the country has established
a
a financial structure providing a stable currency. The peso has
gold parity equal to $0.12166 United States currency and is currently
quoted at substantially this rate.
Offering of $27,500,000 6% Bonds of Republic of Chile—
Books Closed—Bonds Oversubscribed.
At 93% and interest to yield about 6.50%, an issue of
$27,500,000 Republic of Chile, 6% external sinking fund
gold bonds was offered on Feb. 2 by a group headed by
Hallgarten & Co., Kissel, Kinnicutt & Co., Halsey, Stuart
8z Co., Inc., and Lehman Brothers, and including J. Henry
Schroder Banking Corporation, Cassatt & Co., William
R. Compton Co., Continental and Commercial Company
of Chicago, The Union Trust Company of Pittsburgh, the
Northern Trust Company of Chicago, the Guardian Detroit Company, Inc., E. H. Rollins & Sons, Bank of Italy
of San Francisco, The Canadian Bank of Commerce, Edward B. Smith & Co., Merrill, Lynch & Co. and J. G.
White & Company, Inc. The books were closed about
10:30 on the 2nd, the bonds, it is announced, having been
oversubscribed. A substantial amount of the bonds has
been placed in Europe, including $1,500,000 of bonds which
are being offered in Amsterdam by Pierson & Co., Nederlandsche Handel-Maatschappij, Mendelssohn & Co. Amsterdam, Proehl & Gutmann and Vermeer & Co.
The proceeds of the loan will be used for public works,
including additional port facilities, sanitation and water
supply, and for the retirement of certain existing obligations. The bonds will be the direct obligation of the
Republic of Chile and principal and interest will be payable in time of peace or war irrespective of the nationality
of the holder. The bonds will provide that if in the future
the Republic shall issue or dispose of any bonds or loan
secured on specific revenues or assets, these bonds shall
be equally and ratably secured therewith.
The bonds will be dated Feb. 1, 1927, and will become
due February 1, 1961. They will be redeemable only
through the sinking fund on Aug. 1, 1927, or on any
interest date thereafter at face amount on not less than
10 days' notice. Regarding the sinking fund which is
calculated to redeem.the entire issue at or before maturity
we quote as follows from the prospectus:
Application will be made to list the bonds on the New
York Stock Exchange.
Chile to Inquire Into Loans Made By North American
Bankers in 1926.
Santiago (Chile). Associated Press advices Feb. 1 said:
Prompted by reports that Chilean Government contracts with North
American bankers who extended loans to Chile during 1926 would
endanger the economic liberty of the country, the Chamber of Deputies
today adopted a resolution requesting the Minister of Finance to deliver
copies of such contracts to the Chamber for examination.
Because of the short time allowed for discussion of the budget for
1927, amounting to more than 993,000,000 pesos, the Chamber refused
to act on it, and the budget, by virtue of a constitutional provision,
became automatically effective at midnight. The budget had not been
approved by the Senate.
A cumulative Sinking Fund of 1% per annum is provided for, to
operate semi-annually through purchase of bonds at or below face
amount or if not so obtainable then by call, of bonds by lot at face
amount. Te Republic reserves the right to increase the amount of any
Sinking Fund payment, and to tender bonds in lieu of cash.
The bonds will be in coupon form in denominations of
$1,000 and $500, registerable as to principal only. Principal and interest Feb. 1 and Aug. 17 will be payable
in New York City at the office of either of the Fiscal
Agents, Kissel, Kinnicutt'& Co. and Hallgarten & Co., in
United States gold coin of the present standard of weight
and fineness; or at the option of the holder in London at
the office of the Sub-Fiscal Agent, J. Henry Schroder &
Co., in Sterling at exchange rate of $4.8665 to the Pound
Sterling; without deduction for any Chilean taxes, present
or future. Kissel, Kinnicutt & Co. and Hallgarten & Co.,
are Fiscal Agents. The National Bank of Commerce in
New York, is Registrar of the bonds.
Alberto Edwards, Minister of Finance of the Republic
of Chile, supplies the following information regarding the
revenues, debt, etc., of the Government:
Offering of 04,000,000 Bonds of Republic of Bolivia—
Books Closed—Issue Oversubscribed.
A public offering of $14,000,000 7% external secured
gold bonds of the Republic of Bolivia, designed to finance
important railway construction in that countyr, was made
on Feb. 2 by Dillon, Read & Co., at 98% and interest to
yield 7.12% to maturity. The closing of the books occurred shortly after they were opened, the bonds, it is
stated, having been oversubscribed. A portion of the
issue 'was withdrawn for offering in Europe by Mendelssohn & Co. Amsterdam, Nederlandsche Handel Mastschappij, Pierson & Co. and others. The bonds will be
dated Jan. 1, 1927 and will mature July 1, 1958. An
accumuldtive sinking fund is provided for, beginning
October 1927, calculated to redeem all the bonds by maturity, which will be used to purchase bonds up to 102%
and interest or, if not obtainable, to call bonds by lot,
semi-annually, at 102% and Interest.
The bonds will be in coupon form in denominations of
$1,000 and $500 registerable as to principal only. Principal and interest (Jan. 1 and July 1) will be payable in
United States gold coin of the present standard of weight
and fineness, in New York City at the principal office of
Dillon, Read & Co., without deduction for any Bolivian
taxes, present or future. The bonds will be redeemable
as a whole, or in part by lot, at 102% and interest, on
any interest payment date on 30 days' notice. The Central Union Trust Company of New York, is Countersigning Agent. The Republic of Bolivia has agreed to make
application to list these bonds on the New York Stock
Exchange. Zacarias Benavides, Minister of Finance of
the Republic of Bolivia, states:
Revenues—The budget for 1927 aggregates in round figures $117,000,000 and has been submitted to Congress entirely balanced. For the
years 1922 to 1925, inclusive, total revenues, exclusive of receipts from
loans or from the sale of capital assets, amounted to $282,554,089,
while total ordinary expenditures amounted to $323,644,195. Included
in the above figure of ordinary expenditures was over $41,000,000 for
amortization of external debt alone, or practically the entire amount
by which the expenditures exceeded the revenues.
Debt—Official records disclose that there has been no default in interest payment on external debt for over 84 years. By agreement with
the bondholders, amortization was deferred from 1880 to 1884 on
account of conditions arising from the War of 1879. Between 1885
and 1914, Chile placed loans in London and on the Continent for a
total principal amount of £46,662,638 ($227,083,728) which were offered
to the public on an average yield to maturity of approximately 5.04%.
The total debt of the Republic as of December 31, 1926, including
719
The bonds will be the direct obligation of the Republic of Bolivia,
and will be issued under authority of the Laws of November 18, 1923,
March 31, 1926, December 24, 1926 and January 5, 1927. In addition,
the Government has agreed that it will pledge, by a first or a second
charge, certain revenues to secure payment of interest, amortization and
principal, and that the proceeds of such revenues available for the
service of the bonds shall be maintained at not less than one and onehalf times the amount required for such service. Included in the
revenues upon Which the service of the bonds will constitute a first
charge are the newly created royalties of the Government from the
exploitation of the oil lands in the Department of Chuquisaca, in which
Department important oil properties have been located.
The Republic proposes to employ the proceeds of the bonds to commence the construction of a railroad from Cochabamba to Santa Cruz,
to carry on the construction of the Potosi-Sucre railway, and for other
purposes.
•
Finances.
The Bolivian Government has met all obligations appertaining to the
national
total
public debt incurred during the last half century. The
debt of Bolivia on December 31, 1926 was approximately $43,700,000
or less than $16.00 per capita (excluding this issue). This debt has
been incurred principally for the construction of railroads and other
public works. Revenues of the government have exceeded expenditures,
other than capital expenditures, in each of the past three years. Belivian currency is based on the gold standard, the notes of the Banco
de la Nacion Boliviana having a gold cover in excess of 40%. The
Government is arranging for an American Financial Mission to visit
Bolivia in 1927 for the purpose of advising with respect to the fiscal
system of the Government.
Conversions of Bolivian currency into United States
currency have been made at 331/3 cents to the Boliviano,
approximately the present rate of exchange, parity being
720
THE CHRONICLE
38,93 cents to the Boliviano. It is expected that temporary
bonds, or interim receipts of Dillon, Read & Co. will be
ready for delivery about February 17.
London Underwrites South Australian. Loan.
A cablegram from the Central News, London, Jan. 29,
to the New York News Bureau, said:
Offering of $25,000,000 5% Bonds of New South Wales
(Australia)—Books Closed—Issue Oversubscribed.
The first financing ever done in this country for the
State of New South Wales, Commonwealth of Australia,
occurred on Feb. 2, in the offering of a new issue of
$25,000,000 external 30-year 5% sinking fund gold bonds
at a price of 96% and interest, to yield about 5.25%.
This offering was made by a syndicate headed by The
Equitable Trust Company of New York, Harris, Forbes
& Co., The First National Corporation of Boston, Estabrook & Co. and the Harris Trust & Savings Bank. Negotiations were conducted by a representative of The Equitable Trust Company of New York, who recently returned
from Australia. A portion of this $25,000,000 issue was
withdrawn for sale in Europe by various banking houses,
including Pierson & Co., Mendelssohn & Co. and Nederlandsche Handel-Dfaatschappij, of Amsterdam.
The Equitable Trust Company of New York, on behalf
of the syndicate which offered the bonds announced that
the issue had been largely oversubscribed and the books
closed at 10:15 A. M. on the day of the offering. The
bonds are not redeemable except for the sinking fund,
prior to Feb. 1, 1942. A cumulative sinking fund sufficient
to retire at least one-half of the entire issue by maturity
has been set up. Details are given as folows:
Coupon bonds in denominations of $1,000 and $500, not interchangeable. Callable as a whole on February 1, 1942, or on any interest date
thereafter, on thirty days' notice, at 100 and accrued interest. The
State of New South Wales has agreed to provide a cumulative Sinking
Fund, payable semi-annually, calculated to be sufficient to retire at
least one-half of the Bonds of this issue by maturity, by purchase at
not exceeding 100 and accrued interest, or, if not so obtainable, by
annual lot drawings for redemption on February 1 of each year, on
thirty days' notice, at 100 and accrued interest. Principal and interest
payable in New York in Unitetd States gold coin of the present standard
of weight and fineness, without deduction for any present or future
taxes levied or collected by or within the State of New South Wales,
or the Commonwealth of Australia or any political subdivision or taxing
authority thereof, at the principal office of The Equitable Trust Cornpony of New York, Fiscal Agent. The bonds will bear date February
1, 1927 and will run to February 1, 1957. Interest will be payable
February 1 and August 1. Unusual interest was occasioned by the
recent announcement that this issue had been purchased by American
bankers, who, while not having participated in any loan for New South
Wales heretofore, have nevertheless financed other British colonies or
states, an instance being the $22,000,000 loan marketed in this country
for the State of Queensland, Australia, a few years ago and which
in July, 1925, marketed a loan of $75,000,000 for the Commonwealth of
Australia. American financing for British colonial account, which
except in the case of Canada has been entirely a post-war development,
is expected by bankers here to expand steadily.
As to the purpose, etc., of the $25,000,000 New South Wales issue,
information credited to John T. Lang, Premier and Colonial Treasurer
of the State of New South Wales, and other sources.
Purpose—The State advises that the proceeds of these Bonds will be
devoted by the State exclusively to productive public works.
Security—These Bonds will be the direct obligations of the State of
New South Wales, which has agreed that if at any time, while these
bonds are outstanding, it shall issue, offer for public subscription or
sale, or in any manner dispose of any bonds or contract any loan secured
by any charge or pledge on or of any revenues or assets of the State,
the services of these Bonds shall be secured equally and ratably with
such subsequent bonds or loan.
General—New South Wales is the oldest and most prominent State
of the Commonwealth of Australia, and has a population of about
2,300,000. Its area is 309,432 square miles, or larger than the combined areas of Germany and Italy. The State embraces approximately
forty per cent, of the population, wealth, industry and developed resources of the country. More than 97% of the population of Australia
is of British stock. The capital of New South Wales is Sydney, the
largest City industrially and financially, and leading port of Australia.
Finance—New South Wales enjoys a high credit rating in the London market. The State's loans in London bear an average coupon
rate of about 444%. As of June 30, 1926, the public debt of the
State was $1,115,690,975 of which $681,644,602 was external, $355,804,437 was internal and $78,241,936 was floating. The total value
of all State-owned properties is estimated by the State to be about
$1,596,277,600 of which about 79% is revenue producing. Many of
the State's properties are of a municipal character as a result of which
the debts of the Municipalities are relatively small.
For the fiscal year ended June 30, 1926, total revenues of the State,
including income from public works and services, amounted to $188,097,955 and total expenditures, including cost of operating public
works and services, amounted. to $194,298,131. Approximately 58%
of the State's revenues was derived from its public works and services.
For the fiscal year ending June 30, 1927, the State's budget provides
for revenues of $209,258,366 and budgeted expenditures of $208,581,895.
[Vol.. ad,.
Underwriting is in progress for a £2,500,000 5% South Australian
loan, to be offered at 98. The issue is redeemable 1945 to 1975. On
July 1 three months' interest will be due. The financial district thinks
it will be interesting to compare the outcome with the New South
Wales issue in New York.
Loans Puzzle Australia—Two Issues at Different Prices
Cause Wide Comment.
A London cablegram Jan. 31 to the New York "Times"
(copyright), said:
The simultaneous issue of the New South Wales 5% loan in New
York at 96% and the South Australian 5% loan in London at 98, is
the subject of much discussion in Australian newspapers and financial
circles, according to the Sydney correspondent of the Daily Telegraph.
"The general opinion in political circles," he says, "is that Mr.
Lang, Premier of New South Wales, received a plain hint from London that New South Wales business was not wanted on any terms at
the present juncture. Having regard to the quotation of New South
Wales stocks on the London Exchange, Mr. Lang probably obtained
a favorable price in New York, even though South Australia obtained
194% better terms.
"The exact method by which the New York loan will be 'finalized'
will probably form the subject of a Parliamentary discussion.
"Although several American financial houses negotiated for it, the
New South Wales Government loan is stated to have been completed
suddenly, without giving some reputable firms an opportunity of bidding.
"Mystery surrounds the Australian representation on the American
syndicate, which is said to include a former Australian university professor and a former prize fight promoter who recently had dabbled in
politics."
Ontario Grain Pool.
According to the Toronto "Globe" of Jan. 28, Ontario's
grain pool, modelled on the same lines as the
Prairie
Organizations, was launched at a meeting of 300 Kent
farmers at Chatham, Ontario, Jan. 27. The "Globe's"
advices state:
The first contract—disposing of all grain grown for the next five years
—was signed by President Harry Gilroy of the United Farmers' Cooperative Company, while F. L. Agnew of Comber, signed the second.
The Ontario pool, it was explained, will work in conjunction with
the three Western pools, and when it is fully organized it is hoped that
the greater portion of the grain grown from the Ottawa River to the
Rocky Mountains will be marketed through one central organization in
the hands of the producers themselves.
Similar to Prairie Pool.
The form of contract adopted is very similar to that of the Manitoba
Wheat Pool. The grower who signs up agrees to dispose of all his
grain through the pool for a term of five years. Exceptions will be
made in certain cases. A farmer selling pedigreed seed grain can de
so without permission of the pool, while a farmer who desires to sell
a quantity of grain to a neighbor for the latter's own use will be able
to secure permission from the local committees. It is purposed to
appoint captains for each county and canvassers from each township,
and a campaign will be conducted simultaneously in the various counties for contracts, In the meantime, however, those who desire to
sign
are privileged to do so.
Use Present Elevators.
As far as possible the grain will be handled through the elevators
already established. A conference was held previous to the meeting
between the co-operative company officials and elevator men of the district, at which the former requested that the pool grain be handled as
well as that not purchased by the pool. A meeting was held subsequently by the elevator men, and it is understood that a proposition
will be submitted to the company.
C. P. Burnell, President of the Manitoba Wheat Pool; J. J. Morrison, Secretary of the U. F. 0.; J. S. Jeffrey, Manager of the Grain
Department of the United Farmers' Co-operative Company, and Mr.
Gilroy were the principal speakers.
In a short address Mr. Morrison declared that the farmers of Ontario were just turning their attention to amrketing. He maintained
that unless the farmers adopted co-operative marketing, not only in
Ontario, but in other parts of the world, farmers will never receive
their just dues.
This is the first of a series of meetings in the interests of the pool
that will be held throughout the Province this winter.
Bill Authorizing Secretary of Agriculture to Take a
Census of Baled Cotton Passed by Senate.
A bill authorizing the Secretary of Agriculuro to take a
census of baled cotton, known as tho "carryover," on hand
on Aug. 1 1927, and to make and publish a report thereof
was passed by the Senate on Feb. 2. The Washington
correspondent of the "Journal of Commerce" says:
The bill provides that any individual, firm or corporation who, between
Juno 7 and Aug. 1 1927 sells or otherwise disposes of any cotton subsequent
to its examination and classification shall make a full report to the Secretary
of Agriculture of the number of bales, grade and staple so sold or disposed
of. The report of the Secretary of Agriculture is to be made on or before
Sept. 1 and is to bo based upon an accruate and exhaustive census.
Dollar amounts given above have been converted from
Pounds Sterling at par of exchange. It is expected that
application will be made to list these bonds on the New Message of President Walker D. Hines of Cotton
York Stock Exchange. It is anticipated that Temporary
Textile Institute to National Wholesale Dry
Bonds, or Interim Receipts of The Equitable Trust ComGoods Association.
pany of New York will be available for delivery about
With his inability to be present at the annual meeting of
February 15. The intention to make public offering of the National Wholesale Dry Goods Association
at the
these bonds was noted in our issue of Jan. 29, page 590. Waldorf-Astoria Hotel, this city on Jan. 20,
Walker D.
FEB. 5 1927.]
THE CHRONICLE
Textile Institute, Inc.,
Hines, President of the Cotton
iation in which he sought
addressed a message to the Assoc
its representatives with a
with
views
of
an early exchange
rs which may be of
matte
view to promoting "all those
The message, read by
mutual interest and benefit."
Institute, follows:
the
of
George A. Sloan, Secretary
721
are fitted by
other members of the club who
those members of the staff or
us editorial task.
arduo
this
for
ng
traini
and
t
pubtemperamen
ter would be complete without again rop
No announcement of this charac
of North
work of the late Mr. Bould, and
ants.
assist
licly acknowledging the fine
associate editors. They and their
the
Clarey and Jacques Cohen,
ce Barron of the facilities of
Claren
of
bution
contri
us
with the genero
this publication possible."
made
l,
Journa
Street
"Wall
of
nors of the Bond Club
In October the Board of Gover
calling for the establishment
ng the honor
New York adopted a resolution
greatest interest to enjoyi
I had looked forward with the
shown me by
had
the income therefrom to be
ation
,"
Associ
Fund
d
Goods
Boul
Dry
ert A.
which the National Wholesale
disappointed that I of a "Rob
deeply
am
I
and
r
Dinne
educational purposes, to
l
Inviting me to the Annua
members of the used "for social, charitable and
the great interest which the
ore
in honor of the memory
theref
cannot be present. I know
and
done
be
ute
Instit
may
ile
deeds
that good
of the Cotton-Text
Association feel in the policies
ting those the end
respec
ion
situat
t
to the late Mr. Bould,
te
presen
tribu
my
explain
A. Bould." The
It seems appropriate to
that of a student seeking to of Robert
be
must
role
of the Bond Club
my
being,
policies. For the time
experience who was one of the most popular members
ofview of men who have hadlong
a resolution, was
of
am
I
form
learn the facts and get the points
things
of
the
in
nature
red
the
in
prepa
York was
and trade, and
in the cotton textile industry
them to the of New
mend
approval at the
recom
their
and
s
for
policie
ate
the club
not yet in a position to formul
unity to submitted to members of
ute. I am seeking every opport
Club on Oct. 21
ers
Bank
the
at
held
the
governing board of the Instit
gh
eons
Althou
lunch
first of the fall
t of personal discussion.
eon Myron
lunch
establish contacts and get the benefi
that
this
mean
not
At
does
vote.
this
g
s,
by a risin
ed to mill owner
st and approved
Institute membership is confin
intere
n
was the
commo
of
s
ce,
Fran
matter
of
to
n
or
consideratio
ck, United States Ambassad
the Institute's interests exclude
instrumentalities in the cotton goods T. Herri
drafted
ution
resol
The
er.
speak
to the cotton mills and the important
of
ons
ipal
functi
princ
guest of honor and
e one of the most important
"It is
said:
trade. On the contrary. I believ
goods
part
cotton
in
the
of
Club
es
various branch
by the Governors of the Bond
the Institute is to consider with the
on July 31 of
st, and to co-operate in promoting
death
the
d
recor
we
that
w
trade the questions of common intere
ointed with deep sorro
this reason that I am doubly disapp
those common interests. It is for
rt Alexander Bould. He gave
g, because I had felt the occasion would our beloved member. Robe
not to be at the dinner this evenin
ation
Associ
your
save another. The deed,
relationships with
his life in an heroic effort to
be an admirable one for establishing
in effective understanding and cont
ed, was entirely charnceme
-soul
comme
a
whole
be
and
would
,
which
geous
your Association will, through its generous, coura
, after reviewing
ution
operation. I very much hope that
resol
an
Committee, make provision for
acteristic of the man." The
Executive Officers or some appropriate
which he wasja
in
e
and myself, so that we may
decad
Sloan
the
ary
g
Secret
durin
with
d
views
recor
of
ge
early exchan
Mr. Bould's
"In his death
a continuing practice of exchanging
be
:
to
state
prove
er
will
furth
hope
I
t,
what
Stree
begin
Wall
all those matters which may be of famil ar figure in
without stint
views and helping to find and promote
gave
who
again honor me with an invitation we have lost, not only a member
mutual interest and benefit. If you ever
had become
who
and myself but will be
one
you
but
oint
,
disapp
Club
not
shall
I
Bond
hope
the
I
to be your guest,
to the interests of
show me.
in the City
you
and
favor
the
t
of
tage
Stree
advan
take
Wall
to
able
personality in
s to the an outstanding
it
be
fore,
After delivering the message from Mr. Hine
There
of the Cotton- of New York.
of New York hereby records its deep
Association meeting, Mr. Sloan, Secretary
gave
Resolved, That the Bond Club
ve servioe which Robert Bould
effecti
and
great
appreciation of the
Textile Institute, added:
I can assure you of his to the Club; and be it further
works;
Having talked with Mr. Hines during the day,
that recognition be given to his
g.
Resolved, It Is fitting and proper
keen disappointment in not being present this evenin
we have come to and be it further
needs
ry's
indust
ment
the
of
invest
sions
In the preliminary discus
of Governors shall set aside in the
part which you gentlemen
Resolved, That the Board
appreciate more and more the importance of the
nd dollars to be known as the "Robert
thousa
ten
of
sum
the
club
fund of the
play in the distribution of cotton textiles.
en maintain—our present A. Bould" fund; and be it further
Certainly, we can never hope to improve—ev
be administered and may be maintained
various
the
of
n
inatio
co-ord
Resolved, That this fund shall
tent
consis
Governors, and that the
standing in commerce without the
encouraged in the by and in the sole discretion of the Board of
are
We
.
bution
distri
and
tion
charitable. and educational purunits engaged in produc
social,
for
ed
id
expend
splend
the
be
by
rom
n cause
Income theref
belief that the Institute may be helpful in the commo
be done in honor of the memory of
within and without the poses, to the end that good deeds may
promises of support that reach us daily both from
A. Bould.
t
Rober
industry.
g tangible to offer for your
In this early stage of our efforts there is nothin
the policies and activities of the
consideration. But as Mr. IIMes develops
7Peak
occasion for the executives of Wheeling & Lake Erie Shares Again Reach High
Institute there will undoubtedly be frequent
ange.
s as are of mutual concern.
Exch
of
re
nnai
stio
—Que
ange
our organizations to Jointly consider such matter
Exch
k
on Stoc
extremely interested observer
Oonsider me,therefore, this evening as an
stook of the Wheeling
for the opportunity to be present.
The violent upward movement in the
and kindly accept my sincere appreciation
Association
Spencer Turner Elected President of the
York.
New
s
of
hant
Merc
le
Texti
on
of Cott
ard St.,
Leon
62
Co.,
y
Halse
er
Turn
of
er
Turn
er
Spenc
n
Textile
Cotto
n
of
iatio
Assoc
the
of
was elected President
the Boa d
Merchants of New York at the Jan. 31 meeting of
r
of Directors. He succeeds William D. Judson of Parke
am
Willi
ws:
follo
as
n
chose
were
rs
Wilder & Co. Other office
F. Adam, of American Bleached Goods Co., Inc., VicePresident, and Norman S. Hope, of Wellington Sears & Co.,
Treasurer. Perry S. Newell was re-elected Secretary.
of
Mr. Turner, Mr. Adam, Mr. Hope, Saul F. Dribben
of
r,
y
C.
Taylo
Henr
and
Co.,
on
Cone Export & Commissi
tive
Taylor, Clapp & Beall, will comprise the Execu
Committee.
New York Stock Exchange
& Lake Erie RR. witnessed on the
to in our issue of Saturday
red
refer
a week ago (Jan. 28) and
the current week. The
ted
repea
been
has
594)
last (page
es to members, has
notic
ate
separ
Stock Exchange, in two
and aggregate short
long
gate
aggre
their
of
ts
repor
for
called
stock of the comrred
prefe
and
on
comm
the
positions in both
in the common
ngs
deali
to
pany; the first notice relating
28
Jan.
ws,
follo
as
d
issue
stock, was
ed by Late
Suspension of "Bawl Street Journal" Edit
d Fund.
A.
rt
Boul
Robe
of
tion
Crea
Robert A. Bould,
ted in
d
has
resul
Boul
A
rt
Robe
of
July
last
The death
al" of which Mr.
the suspet sion of the "Bawl Street Journ
d
his life in
Bould was the editor-in-chief. Mr Boul lost
n
g
who had
woma
youn
a
ning
drow
an effort to save from
s of Long Island Sound.
water
the
into
boat
sail
his
from
n
falle
lly for
The "Bawl Street Journal" has been published annua
n with the annual field day
the past seven years in conjunctio
ion to suspend its
of the Bond Club of New York. The decis
ng of the Board
a
meeti
at
ed
reach
was
publication this year
n on Jan. 28 by Medley
of Governors and was made know
Bond Club, who issued a
G. N. Whelpley, President of the
statement saying:
.
NEW YORK STOOK EXCHANGE
January 28. 1927.
the Committee on Business Conduct to
Gentlemen —I am directed by
m., Monday. Jan. 31 1927, the aggregate long
ask you to furnish by 11 a.
ons of yourselves and Customers in the Wheel
and the aggregate short positi
n stock at the close of business on
commo
Co.
ay
Railw
Erie
ing & Lake
29 1927.
Jan. 22, 24, 25. 26, 27, 28 and
ng thereafter until further notice, the
At the same hour each morni
from you with respect to your position
ation
inform
Committee desires like
us day.
previo
the
on
ss
busine
at the close of
envelope addressed to the ComPlease send this information in a sealed
601, Stock Exchange Building.
mittee on Business Conduct, Room
Rest ectfully,
E. V. D. 00X. Secretary.
ors of the Bond Club of New York, I
On behalf of the Board of Govern
that there will be no issue of the "Bawl
have been requested to announce
decision was reached unanimously at a
Street Journal" this year. This
n of the many factors surrounding
meeting of the board after full consideratio
the continuance of the publication.
Bould last summer, the club has lost
inrough the death of Robert A.
and acted as editor in chief of each of
paper
the
uted
who
instit
man
the
several years it had become increasingly
the seven issues. During the past
exclusive family publication, but a
apparent that there had developed not an
of an institution, with a national
paper that had assumed the proportions
sibility thus created has imposed
respon
The
ation.
l
circul
ationa
intern
and
have found impossible to demand of
•burden in time and effort which we
The following notice was issued Feb.3
NEW YORK STOCK EXCHANGE.
February 3, 1927.
on Jan. 28 1927 by the
Gentlemen—Reterring to the letter sent to you
among other things, a report
Committee on Business Conduct, requiring,
r notice of your aggregate
from you at 11 o'clock each morning until furthe
ss on the previous
long and aggregate short positions at the close of busine
n stock. I am directed
ay in the Wheeling & Lake Erie Railway Co.commo
information, it desires
by the Committee to say that in addition to this
ted on Feb. 4 1927.
your reports, commencing with the one to be submit
of the same company.
to contain like data with respect to the jreferred stock
Resjectfully„
E. V. II. 00X.Secretary.
Monday
With regard to the continued rise in the stock on
d
(Jan. 31) the "Times" of Feb. 1 state
t
to watch the marke
While the New York Stock Exchange continued
Railway, no action was
action of the stock of the Wheeling & Lake Erie
had been discovered
taken yesterday to indicate that anything illegal
ay asking members
through means of the questionraire sent out on Saturd
y by the Exchange was
to report their position in the stock. The inquir
on Friday.
Instituted after the violent fluctuations in the stock
day, but much less so
Wheeling & Lake Erie common was active yester
a low of 59%. closing at
than last week. It touched a high of 6654 and
turnover was 19,500 shares.
6214 for a net gain of 23 points. The total
day on the Wheeling
No comment was made at the Exchange yester
Lake Erie situation.
722
THE CHRONICLE
[VoL. 124.
During the past few days the soaring of the stock has been
outlined the purposes and the aims of the new plan.
marked, the "Wall Street News" of the 3d in observing
Presiits dent Simmons said:
movements stating
Applications to list new and
After Wheeling & Lake Erie dropped five points
to 63, the stock became
In urgent demand following the
calling in of loan stock and a little over
1,000 shares were in the market as urgent
borrowers putting the leaning
rate up to 1 j. % premium, the highest
touched so far. This high loaning
rate was followed by hurried buying of
the stock, forcing it up more than
10 points to 73;i, a new high record.
Yesterday (Feb. 4) gyrations were discribed in the "Evening Post" of last night as follows:
Another outburst of speculative enthusiasm in
railroad shares, featured
by a sensational rise in Wheeling & Lake
Erie shares, was the outstanding
development in a strong and active session
of the stock market to-day.
Hurried covering of commitments by unfortun
ate speculators for the
decline contributed to the large volume of buying
orders that forced prices
upward in vigorous fashion, not alone in the merger
rails but in the standard
Investment list.
Speculation in railroad shares flared up again
to overshadow movements
In standard industrials soon after the opening
of trading. Wheeling &
Lake Erie shares attracted most attentio
n, although others in the so-called
merger class began to move over a wider
range as the market broadened.
Frantic attempts on the part of trapped
shorts to cover their commitments
were reflected In the sharp run-up
of Wheeling common, which again
crossed the preferred in a sensational spurt
of a point or mere between sales
of small lots. After rising almost
15 points from the opening, the shares
sagged slightly and then started a new climb
which carried them to a record
,peak at 89 in the early afternoon. an•adva
nce of more than 60 points from
the year's low. Reports of a corner were
revived, but shares were available
for borrowing at high premiums. Wabash
suddenly came into the spotlight
with a sharp rise at the start of the session
and was Joined later by Kansas
City Southern, Missouri, Kansas & Texas,
Texas & Pacific and Missouri
Pacific. New Haven was strong by
Western Maryland was quieter.
Reports of pending change in control of the Wheeling &
Lake Erie have figured in the news of the week, the "Post"
et Feb. 2,referring to this in part, as follows:
additional issues of secur ties are being
approved by the New York Stock Exchange
at the rate of nearly 500 a year.
The printed applications for initial listings
probably contain a greater
amount of fundamental data bearing upon
the character and va ue of the
securities to be listed than is available in any
other form to others than
the officers and directors of the corporat
ions themselves. Such an initial
application may consist of from four
to thirty large and closely printed
pages giving both descriptive matter and
tabulated statements of figures.
Applications for additional listings bring
the history of the applicant up
to date.
These printed applications can be of great
use and information to those
whose function It is to advise investors
wisely and the Stock Exchange
feels an obligation, in the public interest,
to make them available to others
than its own membership.
The Exchange offered this service at a nominal cost,
covering the expense of printing and mailing the applications
as they were approved by the Governing Committee.
Prior
to making this information available to others than membe
rs
of the Exchange, the President wrote a letter to all
member
firms urging them to carefully preserve and to keep
a complete file of all these applications as they were
received
from the Exchange. At that time President Simmo
ns
wrote:
In its endeavor to stabilize investment and
to protect American investors
the Exchange makes a most serious effort
to obtain from applicants for a
listing the significant and essential details
concerning the security Issues In
question. In many respects these applicat
ions are the most exhaustive
and informative documents of the sort in
existence. But there remains
the further problem of rendering this detailed
information readily available
to American investors throughout the country.
I would, therefore,request
your co-operation in carefully preserving in a
permanent file these listing
applications as they are received.
The Baltimore & Ohio RR. was
disclosed to-day as the maker of close
traffic agreements among itself, the
Wheeling & Lake Erie and the Pittsburgh & West Virginia railroads,and
as likely to become the ultimate owner
of the Rockefeller stockholdings in the
Western Maryland and Wheeling &
Lake Erie roads.
It was reported that a deal was
almost completed whereby the large
blocks of prior preference and preferre
d stock in the Western Maryland and
Wheeling & Lake Erie companies,now held.by
the Rockefeller interests, will
pass to a group that is acting in behalf
another railroad. This report
was unofficial, but it received credence of
from those known to be closely in
touch with affairs of the two Rockefel
ler-controlled roads, as did also the
report that the other railroad was the Baltimor
e & Ohio.
New York Stock Exchange Notice Regarding Lost
Securities—Members Reminded They Are Respo
nsible for Safekeeping of Securities Erroneously
Delivered to Them.
A reminder of the ruling affecting lost securities,
under
which the Arbitration Committee of the New York
Stook
Exchange takes the position "that a firm receiving
securities
which are not due them are responsible for their safekeeping,
"
was issued as follows
The New York Stock Exchange on Feb.4 made the follow- of the Exchange: on Nov. 17 by E. V. D.Cox, Secretary
ing announcement:
November 17 1926.
To the Members:
The Stock Exchange is informed that
I am instructed by the Arbitration Committee to
directors of Wheeling & Lake Erie
particularly call to tin
meet Monday to consider prescribing
regulations for conversion of prior attention of members the circular heretofore sent out, which
lien and preferred stock into common
reads as follows:
. It is believed that if such regulations are prescribed it will be
1 1920.
necessary to obtain formal approval of the
"I am instructed to bring to your attention the fact"October
that
I.-S. 0. Commission and Public
a
of
Utilities Commission of Ohio to issue claims have recently come before the Arbitration Committee ofnumber
the Stock
additional common. This should
Exchang
e in connection with lost securities.
not take a great while. The Stock
"In many instances securities have been received by firms
Exchange will be prepared to list the
whica should
additional common stock immediately not have been delivered to them, other
names having been given up, or
upon notification that these steps have
comparison refused, or no transaction having
been taken.
been had. These securities
have been given out again to messengers who did
not come from the firma
to whom the securities belonged and have
away with. In some
cases receipts had been given when the been made
s were originally received
Shares of Gold & Stock TelegraphiCo. Trade
and the return of such receipts was not securitie
demande
d.
d in on
"The Arbitration Committee has taken the
position that a firm receiving
New York Stock Exchange.
securities which are not due them are responsi
ble for their safe-keeping,
and therefore must use more than ordinary
care
For the first time within the memory of
in seeing that such securities
returned to the proper firm,
the oldest stock are
I am instructed to request that you
bring this matter forcibly before and
market statistician, shares of the Gold and Stock Telegr
your securities department."
aph
E. V. D. COX, Secretary.
Co., which operates the
New York Stock Exchange tickers,
Supplementing the above Secretary Cox issued
were traded in on that exchange on Jan. 26.
the folTen shares lowing notice Nov. 29:
changed hands at 1163, it was noted in the New
York
Nov. 29 1926.
"Times," which further said:
To the Members:
The stock is on the recently established "Inactiv
e list" of stocks rarely
traded in. Special interest attached
to the appearance of this stock's
symbol. GSX. on the tape because it
represents a company which distributes the market quotations.
The company is a subsidiary of the
Western Union Telegraph Co.
I am instructed by the Committee
on Securities to call again to your attention the decision of the Committee that
securities reported to have been
lost or stolen may be returned until they
reach the party who introduced
them into the Street. unless in the opinion
of the committee in any particular case there are equitable considerations why
such reclamation should
not be made; also to point out that unless
you are in a position to return
such securities to customers from whom originall
y received, you may be
called upon to defend your title thereto.
I am also instructed to call to your attention
the decision of the committee that securities cease to be a delivery at
the time of pub' cation of
notice that they have been called for redemption,
and that if called
securities are delivered either the buyer or seller may make
reclamation,
unless in the opinion of the committee in any particul
ar case there are
equitable considerations why such reclamation should
not be made. This,
of course, does not apply where an entire issue of securitie
s is called; neither
does it prevent members from trading in called securities specifically
as such.
New York Stock Exchange Inaugurates
New Service
Making Available Copies of Listing
Applications to
Banks and Investment Houses Throu
ghout Country.
In order that investors in securities
throughout the
United States may have available comple
te information
concerning all corporations whose stocks
and
listed on the New York Stock Exchange, a new bonds are
service was Ruling of New York Stock Exchange Regarding
recently instituted by the Exchange by means of
which banks,
Advertising by Members.
investment bankers and brokers throughout
the country
Under
date
of
Jan. 25 new regulations governing forms of
might secure copies of listing applications as they
are ap- advertisements by members of the New York
Stock Exproved by the Governing Committee of the Exchan
ge. A change were announced by Secretary E. V.D.Cox.
number of bankers and others in a large number
Among
of States other things, members are advisedthat "when offerin
g, are
are reported as having taken advantage of this
service. permitted, members must maintain the same market
on the
Because of the fact that in remote parts of
the floor of the Exchange as they make over the counter."
The
country, it has been found difficult for prospective investo
rs regulations were issued as follows:
adviser
s to secure complete information concerning
and their
NEW YORK STOCK EXCHANGE,
these corporations without some delay, the authorities of
Committee on Business Conduct.
presen
devise
the
Exchan
t
d
plan, which has proved of
ge
the
Advertising.
considerable benefit to a large body of American investors.
New York, Jan. 25 1927.
To the Members:
In a letter sent to banks and investment bankers throughout
The rules of the Exchange dealing with the forms of
advertising of memthe United States at the time the service was first inaugu- ben are embraced in Sections 1 and 2 of Chapter VIII of the rules
adopted
by the Governing Committee pursuant to the
Constitution, and read as
rated, E. H. H. Simmons, President of the Exchange, follows:
FEB. 5 1927.]
THE CHRONICLE
723
the owners are attempting to take adan advertisement of other than a gaged properties. In certain cases
F "Sec. 1. No member shall publish
from the Miller bankruptcy to obtain the
arising
n
situatio
the
of
r.
vantage
characte
strictly legitimate business
, unless it is in a general form properties at less than their value.
"Sec. 2. Every advertisement of a member
d, and steps must
Conduct, must, before publicaa
approved by the Committee on Businessee."
"In some cases the property mortgaged is leasehol
committ
said
consequent complete loss
tion. receive the approval of
be taken to prevent forfeiture of the leasehold and
a
in
the property are
of
s
sement
earning
adverti
d
to bondholders. In almost all these cases the
You will note that it is provided that a propose
committee may be published insufficient to pay the interest and amortization on the bonds, and a readgeneral form that has been approved by the
the Committee on Business justment of the financial structure will be necessary."
without first being submitted. It is the ruling of
special fund created by the
respect to listed securities which
Reclamation petitions and claims against the
Conduct that, subject to the policy with
sements come under this Miller Company last August must be filled at once as the Bankruptcy Act
adverti
of
types
g
followin
the
below,
Is outlined
their claims within six months
requires all creditors of a bankrupt to file
general description:
lt.
date of adjudication, according to Mr. Rooseve
the
after
card;
business
y
ordinar
An
I.
be
various Miller bond issues, Mr.
of a particular security (which must
"Under the mortgages which secure the
2. A simple and direct offering
and
;
sement)
adverti
pay monthly to
"blind"
to
of a so-called
"mortgagors were usually required
named and not take the form securiti
.
es of a corporation. provided: First, Roosevelt added,
of
3. A syndicate offering ed
ive Miller & Co. a certain amount. These monthly payments, taken together
prospect
a
in
ion
corporat
a
of
that
not
is
the maturing
that the security advertis
for the semi-annual interest on the bonds,
provide
on of any kind is made in the offering; third,
to
were
state; second, that no predicti
of what past earnings would have been under
for other minor items.
that no statement is made
fourth, that principal on the bonds and
made it a general practice to
that did not exist at the time; and,
any assumed conditions any
"Up to about Aug. 10 1926, Miller & Co.
lated application to list the security
contemp
to
made
is
e
referenc
no
its own funds and to use the money for any
with
s
payment
these
mingle
& Co.
on this Exchange.
Miller & Co. saw fit. About Aug. 10 1926, Miller
tee on Business Conduct. purpose which
sort which had come in before
In order to expedite the work of the Commit
took a general account of the moneys of this
must
ion
publicat
before
l
with a
and
approva
g
all proposed advertisements requirin
had been thus mingled with their general funds,
be retained by the committee for that date and
bondholders for whose account such moneys had
those
be submitted in duplicate, one copy to
ng
to
protecti
view
es, consisting
with its decision.
its files and the other to be returned
Miller & Co. set aside certain cash and securiti
t and of the Committee of been received,
, under a resolution of lb
Policy of the Committee on Business Conduc
lly of Miller bonds and interim receipts
principa
ted
formula
es,
securiti
listed
of
and secursements
Arrangements with respect to adverti
purporting to establish a trust of such cash
adopted by the Governing board of directors
bondholders. Monthly payments of this sort reunder Section 3 of Chapter VIII of the rules
of
benefit
the
for
ities
reads as follows:
kept separate from Miller & Co.'s general funds.
Committee pursuant to the Constitution, which
or ceived after Aug. 10 Were
in this trust fund and
of a member offering to make purchasesam
from the possible rights of bondholders
"Sec. 3. Every advertisement before
"Apart
the
to
in
addition
ion,
publicat
determining those rights, must
sales of listed securities, must,
the Committee of these segregated moneys, the court, besides
of
l
approva
the
receive
2,
Section
by
their bonds or coupons to Miller
proval required
decide on the status of persons who sent
Arrangements."
e for other bonds just before the receiver
exchang
to
or
t
paymen
for
Co.
&
cabinets
to the :bond
paid or receipts or
Offerings may be advertised in securities assigned
got in return checks which were never
who
and
ship,
be
must
es
securiti
the
ing
advertis
and the inactive stock list. In such
other evidences of their rights."
%."
Protective Committee are Lyle
offered "at the market, to yield about ____
The other members of the Bondholders' W. E. Robb. Arthur F. Clemay merely
above,
as
d
classifie
not
e.,
those
I.
es.
securiti
Active listed
E. P. Curtis and
Bigger,
A.
R.
n,
Alverso
T.
extext,
nying
offices at 30 East 92d St.
be advertised by giving their names without any accompa
.- Inactive listed securi- ment is Secretary with
cept, if desired, the phrase "Circular on Request
Commerce in New York has been
of
Bank
ed.
al
Nation
ties may, of course, be similarly advertis
es
securiti
of
ent, dated
case
the
in
,
however
made,
is
rules
An exception to these
ted depositary under a deposit agreem
price by participants in the appoin
Roosevelt, Chairman,
E.
of original issue, which may be advertised at a
George
which
in
1926,
share
22
one
of
s
Dec.
al amount
syndicates during its existence. Scrip and fraction
P. Curtis and W. E.
Lyle T. Alverson, R. A. Bigger, E.
may also be advertised at a price.
same
the
on
treated
be
shall
the protection of the
they
for
dealing
When rights are admitted to
Robb are named as a committee
& Co., Inc.
Miller
basis as listed securities for advertising purposes.
L.
G.
h
throug
sold
must
made
bonds
are
s
holders of
Advertisements of the above character in which offering
ion.
publicat
before
t
be submitted to the Committee on Business Conduc
n the same market
3 in Excess
When offerings are permitted, members must maintai
counter.
McCown & Co.'s Liabilities Placed at ;919,90
on the floor of the Exchange as they make over the
E. V. D. COX, Secretary.
of Assets.
Consolidated Stock Exchange Resumes Trading.
after a
The Consolidated Stock Exchange of this city
d trading
resume
has
ity
inactiv
s
l
month
severa
of
period
as many
on a limited scale, four or five floor traders and
ing to the
commission houses now doing business, accord
that at the
New York "Times" of Feb. 3, which reported
volume
Exchange's executive offices it was said that the
Consing.
increa
slowly
is
small,
while
,
ctions
of transa
tinuing the "Times" said:
e and the WestThe three tickers which the New York Stock Exchang proceedings to
ern Union Telegraph Company are seeking by judicial
ated at 14-16 Pearl
have removed from the headquarters of the Consolid so-called "injuncthe
Street are being used. Two of these tickers are insists it is entitled
ated
tion tickers," to the use of which the Consolid
years ago.
under an injunction in its favor obtained nearly forty
conditions
The Consolidated several months ago consented to certain the diswith
imposed by the State Attorney General in connection
Speact.
Martin
the
missal of proceedings instituted against it under
case. In
cial Deputy Attorney General Keyes Winter prosecuted the
nothing
his absence from his office yesterday it was said there that
was known of the resumption of trading.
to
agreed
Winter
Mr.
and
The stipulation which the Consolidated
be nominated
provided that the Exchange should employ an auditor totime ago; that
by the State Attorney General, which was done someion house must
stocks must actually be delivered, that each commiss
not less than 5%
maintain intact a capital of not less than $25,000 and
customers and that no
of the market value of all stock carried for
in securities for his own
partner of a commission house shall trade
of the partnership,
account when such trading would affect the capital
that of a customer in
"or result in a position in any security against
the same security."
on plans for
President Philip Evans has been working several months
the resumption of trading.
age house of McThat the liabilities of the stock broker
e on Jan. 25 was
failur
whose
,
elphia
Philad
of
Co.
&
Cown
592, exceed the
page
29,
Jan.
of
issue
reported in our
a schedule filed in
firm's assets by $919,903, according to
Fidelity-Philadelthe Court of Common Pleas No. 4 by the
the firm made an
phia Trust Co. of Philadelphia to which
was reported
assignment for the benefit of its creditors,
the schedule,
In
1.
Feb.
of
r"
"Ledge
in the Philadelphia
061, with additional
it is said, assets are set forth as $4,958,
the only member
personal assets of Frank C. McCown, Jr.,
. Total firm liaof the failed firm, amounting to $20,562
personal liabilities are given as $5,895,577, with added
say:
to
on
went
r"
bilities of $2,949. The "Ledge
ery, filed the
Protective Committee Calls for Creditors of G. L.
Miller-1i Co., Inc., to Deposit Bonds.
The committee for the protection of the bondholders of
G. L. Miller & Co., the realty investment house, which has
been in the hands of a receiver in equity since September
3 1926, and is now in bankruptcy,issued a call on Jan. 20,
for concerted action by the bondholders. George E. Roosevelt, Chairman of the Committee, according to the New
York "Times" of Jan. 21 stated that principal amounts of
more than $26,000,000 were involved as well as a special
fund, claims against which must be filed before March 1,
next, in order to protect the investors. The committee has
sent to bondholders of record a list of fifty-seven bond issues,
which it says should be deposited with the committee to
protect the investors. The following is taken from the
paper mentioned:
insti-
Roberts & Montgom
Charles A. Wolfe, of the law firm of
and signed by McCown & Co.,
schedule after it had been drawn up
pointed out that the schedule is
and submitted to the assignee. He
ated in the short time
"sketchy," due to the amount of work necessit
He particularly specified
made.
is
ent
assignm
an
after
law
by
allowed
and banking and brokerage conthe accounts between the assigned firm of collateral to secure loans.
cerns which are complicated by pledgesprobably require an inventory of
According to Mr. Wolfe, it will
will be taken by expert appraisers
the firm's assets and liabilities, whichdetermi
ne the exact status of the
to be appointed by the Court, to
firm's condition.
a statement that, because
Attached to the schedule filed yesterday is
to check the accounts and
of the shortness of time, it is not possibleand investigation.
that the schedule is subject to verification
firm's difficulty
There is also attached a short statement that the
of a corporate stock,
was due to the sudden decline in market price
leaving McCown
"for which McCown & Co. had large commitments,
care of the commitments
& Co. with insufficient working capital to take
ns."
in view of the market conditio
g the
Estimates made in financial circles yesterday (Jan. 31), followin
approximately
filing of the schedule, indicate that there will be a loss of
may
s
$1,250,000 to creditors of the McCown firm and that creditor
receive 75 cents on the dollar.
Another development in the affairs of McCown & Co.,
according to the paper mentioned, was the filing on Jan.
Earl
31 in the Court of Common Pleas No. 4 of a suit by
t the
B. Breeding, a customer of the company, agains
reFidelity-Philadelphia Trust Co., as assignee, for the
Co.
Trust
&
Title
y
Libert
of
covery of 45 shares of stock
for a
stock placed with the McCown firm as collateral
prea
d
grante
said,
is
it
Lewis,
roan of $8,000. Judge
Trust Co.
liminary injunction restraining the Northern
& Trust
from disposing of the stock and the Liberty Title
ies.
securit
Co. from changing title to the
4) stated that
Yesterday's edition of the "Ledger" (Feb.
d on the day
(forme
tee
commit
at a meeting of the protective
sed of
the brokerage house made an assignment and compo
g
bankin
York
New
and
elphia
Philad
ngs have already been
representatives of
"In some of these cases foreclosure proceedi
A
stock
class
ation
the
d
Corpor
bonds
be
that
collecte
y
houses which held Estey-Welte
tuted.- said Mr. Roosevelt,"and it is necessar
ves upon any sale of the mortat the Racquet
so that the bondholders may protect themsel
the account of McCown & Co.) yesterday
for
ed
for
the
appoint
moltbeen
have
s
receiver
cases
other
gaged property. In
724
THE CHRONICME
[VOL. 124.
Club in Philadelphia, the members unanimously agreed to farmers. Farm mortgage payments have
been made with
in
place their holdings of Estey-Welte Corporation class A recent months, and collections by merchants are reported asregularity
satisfactory.
With such sound credit conditions, the solution of an excess
stock in the hands of trustees in order to protect the market greatly
crop is
facilitated and
is every reason to expect that the general
value of the shares. No estimate of the number of shares level of prosperity willthere
be maintained during 1927."
represented in the approval of the resolution, it was stated,
could be obtained, but it was said that of the more than Acceptance Bank Earnings Larger—Increase Due in
50,000 shares of Estey-Welte stock held for the McCown
Majority of Cases to Extension of Activities
account when the assignment was made last week, approxiinto Other Fields.
mately 50% had been liquidated. The passage of the resoAcceptance houses generally did much better in 1926 in
lution for trusteeship, it was stated,followed the presentation the way of earnings, notwithstanding
that the volume of
of a deposit agreement and a review of the 1926 business of acceptances outstanding has been running
smaller, the
the Estey-Welte Corporation, and the outlook for the com- "Wall Street Journal" says in a survey of the field.
For the
pany's activities. C. S. Newell, Vice-President and Secre- most part, however, larger earnings were
due to the fact
tary of the Pennsylvania Co. for Insurances on Lives & that these houses extended their activities into other
fields,
Granting Annuities; Harry Thayer, of West & Co., Phila- such, for instance, as syndicate operations, including
flodelphia, and M.L. Tooker, of Tooker & Co., 120 Broadway, tations of foreign issues, and trading in securities,
&c. The
New York, were appointed trustees and the Pennsylvania following is also from the item appearing in the
"Wall
company was named depository. The resolution, according Street Journal:"
to the "Ledger," after designating acceptance of the plan,
There are few what might be called Purely acceptance
houses here'
comparable to the real acceptance, or merchant banking, houses
read:
of Europe.
Nearly all the leading banks, trust companies
and private banks now do
an acceptance business but In most cases accepting
is a side line with
them. Special provisions under the banking laws empower
the national
and State Institutions to accept bills of exchange.
Of original acceptance houses, the largest are Internationa
The agreement of deposit provides, the "Ledger" went on
l Acceptance
Bank, Kidder Peabody Acceptance Corp., J.
Henry Schroder Banking
to say, that Estey-Welte A stock "shall be held and con- Corp.,
French-American Banking Corp. and Huth & Co. Houses such
as
trolled and marketed in such manner as best to preserve the J. P. Morgan & Co., Brown
Bros. & Co., Goldman, Sachs & Co., Heidelmarket value for said shares and to realize the maximum back, Ickelheimer & Co. accept on a large scale, but they have for many
also undertaken other financial operations.
value thereon." Also that any holder of the stock may be- years
According to the American Acceptance Council, which
is designed to
come a party to the agreement by depositing his stock with further the acceptance business generally, volume of bills outstanding
at
the Pennsylvania company. The trustees are especially close of last year was $751,365.000 as reported by the principal accepting
banks throughout the country, compared with
$773,735,60
the
0
at
close
authorized and empowered, through such agencies as they of 1925.
may in their uncontrolled discretion select, to sell and disFollowing table shows the amount of acceptances and
letters of credit
pose of at public or private sale any part of the shares depos- outstanding reported by these banks on Dec. 31:
1926.
1925.
ited under the agreement.
International Acceptance Dank
155.200,008 355.610,638
The Pennsylvania company, it was stated, would start to Kidder-Peabody Acceptance Corp
33,337.261
34.378,910
II. Schroder Banking Corp
receive the stock at 2 o'clock yesterday (Feb. 4). Although J.
12.626.296
11,545,950
French-American Banking Corp
12,896.469
the agreement of deposit designates Feb. 5 (to-day) as the
From Dec. 31 reports, the net earnings in the preceding 12.284,171
12 months,
final day on which deposits may be made, it was said it is with precentage earned on capital, surplus and profits, compare as follows:
likely that an extension of time will be granted. Further,
1926
1925.
%
l Acceptance Bank..... 12,298.000 16.9 11.882.136
the agreement provides that those who make deposits shall Internationa
14.6
Kidder-Peabody Acceptance Corp__
1,080,012
9.0
789,368 6.8
receive depository certificates, which shall be transferable J. II. Schroder Banking Corp
940,779 23.4
520,670 15.0
and negotiable, it was stated. A consolidated balance sheet French-American Banking Corp_ _.
454,530 11.8
328.048
9.3
International Acceptance Bank's net earnings are before taxes, profit
of the Estey-Welte Corporation, it was stated, as of Dec. 31
sharing,
charge
offs,
extra
reserves,
&c..
which
amounted to 11,310,300 in
1925, showed total assets and total liabilities of $4,283,542.
1926 and 1927,000 In 1925.
Current assets were $1,329,947 and current liabilities $630,International Acceptance Bank, started in 1921. is owned by a number
of stockholding banks and firms in the United States and foreign countries.
921, it was said.
J. Henry Schroder Banking Corp. Is the New York affiliation of the great
London, century-old, house of J. Henry Schroder & Co. The New York
E. F. Higgins of Bank of America Looks for Maintenance institution was opened in Oct.. 1923. French American Banking Corp.
was organized in April 1919, and is entirely owned by three banks.
Comptoir
of General Level of Prosperity in South in 1927
National d'Escompte de Paris, National Bank of Commerce in New York
and the First National Bank of Boston.
Despite Fall in Cotton Prices.
We all agree to deposit our stock with the Pennsylvania company as
depository, provided that the amount deposited be satisfactory to the
committee.
The general level of prosperity will be maintained in
the South in 1927 despite the decline of approximately
Call Money Market.
$600,000,000 in purchasing power caused by the fall of
The following are the daily statements issued this week
cotton prices, according to a study made by Elmore F. by the New York Stock Exchange regarding the call money
Higgins, Vice-President of The Bank of America, New market:
CALL LOANS ON THE NEW YORK STOCK EXCIIANGE.
York. Cotton is only one factor in the Southern economic
, 4%; high 4%; low, 4%; last, 4%. Small volume.
situation and accounts for only a fraction of the total in- Jan. 31—Renewal
Ample supply.
come, Mr. Higgins declares. A survey of the agricultural Feb. 1—Renewal. 4%; high. 4% low, 4%; last. 4%. Small turnover.
Money freely offered. Some transactions reported over the
situation reveals that other crops have been uniformly
counter at 3q%.
large and will benefit their producers, particularly those Feb. 2—Renewal, 4%; high, 4%; low. 4%; last, 4%. Money in supply
all day and at close.
farmers who heeded the appeal for crop diversification. Feb. 3—Renewal.
4%; high, 4%; low, 4%; last, 4%. Money freely
offered at all times.
Mr. Higgins says:
Feb.
"The new South of 1927 is becoming primarily an
industrial South.
The textile manufacturing plants, particularly
in the Piedmont section,
the iron and steel industry centering in Birmingham,
the great building industry, the railroads, the growing mining developments
in many
parts of the South and the shipping and lumbering
activities are the
vital indices of the true economic conditions of that
part of the country
and the purchasing power of its people. It has
been estimated that
the total annual income of the South is ;18,000,000,000.
"For the first time in the history of this country,
the number of
cotton mill spindles located in the Southern states has at
last exceeded
that in New England, thus establishing the South as the
most important
textile manufacturing region in the United States. The
Southern mill
owner is not only operating more spindles but is producing more
than
twice as much as the New England mill owner per unit of
machinery.
"The iron and steel industry also enjoyed an active and
profitable
year. The lumber industry has maintained a heavy rate of operations.
The shipping industry of the South continues prosperous. Conditions
in the building industry indicate a return to normal conditions after
the boom of 1920-1925, and moreover the transition has been accomplished in a satisfactory manner. Railroad activity in the South continued at a high level through the year. Coal production in Alabama
and Kentucky increased sharply and these regions are becoming important producing areas.
"This record of continued progress in the major industries of the
South in large part offsets the adverse cotton crop developments which
have received an undue share of the public attention. This conclusion
is supported by the sound banking conditions now prevailing in the
South. The ease with which the banks handled the present recordbreaking crop was a remarkable demonstration of banking efficiency.
Furthermore, this sound credit condition extends to the individual
4—Renewal, 4%; high, 4%; low. 4%; last, 4%. Money in supply
all day.
Statements of previous weeks have appeared weekly in
our issues since July 10 1926; last week's statement will be
found on page 592 of our issue of Jan. 22.
McNary-Haugen Farm Bill Given Right of Way In
Senate—Efforts to Make McFadden Branch Banking Bill Special Business of Senate.
Efforts to make both the McNary-Haugen.farm relief bill
and the McFadden branch banking bill the special order
of business in the Senate have marked the sessions of
that body this week, and on Feb. 3 the farm measure was
given right of way, the Senate voting on that day (66
to 14) to make it the unfinished business. In the House
on Jan. 31 a tentative agreement to call up the MeNaryIlaugen bill on Feb. 8 was reached by Representative
Tilson, the Republican leader, and Chairman Snell of the
Rules Committee. Privileged legislative status for the
bill was approved the same day by the House Rules Committee. As to the Senate action on Feb. 3, we quote
the
following from the Washington account to the New York
"Journal of Commerce":
FEB. 5 1927.]
THE CHRONICLE
725
make the Mc-
n to
Charles L. McNary, that day on Senator Pepper's resolutio
The effect of the motion presented by Senator had, is to make the
February 3. Late
business
of
order
was
special
vote
a
this
bill
Fadden
in charge of the measure upon which
enabling that Senator
McNary served notice on
Senator
2,
Feb.
measure the unfinished business of the Senate,
on
day
the
in
indihas
However, he
quote from
to hold it before the Senate until acted upon.
aside from time to the Senatethat he would move on Feb. 3 (we
cated a willingness to have it temporarily laid
on the
unvote
to
present
time
The
a
bills.
fix
to
on
)
appropriati
the New York "Times"
time to permit action on pending
ber milk bill, which
finished business of the Senate is the Lenroot-Ta
efforts to reach an agreement having failed.
measure,
will come to vote tomorrow.
would
joint petition in the Senator Pepper announced at the same time that he
This action was taken after failure came to a
up the Farm Relief
up the McFadden-Pepper Banking
take
to
3rd
the
on
move
form of a unanimous consent agreement to take
February 7; then to take
bill at once and to vote upon it on Monday,
Bank bill, with a view bill.
up the resolution on the McFadden National
McFad9. Despite the setSenator Pepper, in proposing on Jan. 31 that the
to voting upon the latter Wednesday, February
a coalition of the agriof the Senate business,
order
special
the
back to the bank bill today it seems as though
made
be
bill
den
indicate that a vote on
cultural and farm groups is near. This would
the bill:
the sponsors of the had the following to say in part regarding
the latter will be assured at this session, and
its passage.
House. It was sent to
assure
McFadden bill hold they have votes enough to
This measure was originally passed by the
amendments, including two
the Senate, and the Senate proposed 39
Storm Greets Motion.
measure the sohad the effect of eliminating from the House
Senawhich
McNary.
Senator
by
motion
this
followed
protest
to the House. The House
A storm of
it was a mistake called Hull amendments. The bill went back
that
declared
tts,
Massachuse
of
a conWalsh,
requesting
I.
in
but
;
tor David
adding that he did not refused to recede, and requested a conference
to link these two important measures together, or three days allowed ference the House passed an overriding resolution instructing its contwo
only
with
s.
propose to see the farm bill pass
ed. the farmer-banker ferees to stand pat on the Hull amendment restriction. We went into
for debate. The Massachusetts Senator characteriz
The Senate appointed conferees without
he would agree
that
however,
n.
He
said,
combinatio
novel
a
as
alliance
even months discussed the matter
and on the bank bill conference, and for weeks and perhaps
to a vote on the farm bill a week from tomorrow
conference.
in
objected
also
Nebraska,
of
Norris,
to yield on the point
the following day. Senator George
The Senate conferees found themselves unable
had been the subject
to grouping the two issues.
he covered by the House instructions, because that expressed itself by a
bill?"
bank
the
for
fire
the
of
out
chestnuts
the
pull
to
try
"Why
had
of a test vote in the Senate, and the Senate
inquired.
being bound by the House
vote of 67 to 16. The House conferees,
Among others opposed to the agreement was Senator Ashurst, of Ari- instructions, were unable to agree with us. The consequence was that
Boulder
the
get
to
made
be
would
efforts
that
feared
a disagreement. That was
zona, who said he
opposed. there was no recourse except to report
conferees reported their disagreeDam bill in under the agreement and to this he is very much
House
the
when
but
done;
accordingly
for a further conference
Senator Jones, of Washington, stated that such an agreement would
of ment to the House, the House, without asking
matter
delay action on the appropriation bills. Senator Joseph T. Robinson,
withdrawing its instructions, took the whole subject
merely
or
allowed
time
the
that
stated
also
leader,
floor
Arkansas, Democratic
resolution which is now
dispute into its cognizance, and, by the
of
imbe
it
would
that
short
so
was
bank
measures
and
extent:
farm
following
the
for the
the President's table, reversed its action to
practical to take up the money bills before these other two were dis- upon
out of hand, expresses
Out o fthe 39 Senate amendments, the House, the House concurred
posed of.
in 26. In the case of seven others
e
concurrenc
its
Intervenes,
Dames
very slight verbal changes, raisin the Senate amendments with some
Senator Glass told Senator Norris he had put "the cart before the ing no question of substance except one, which I need not now go
out
the
chestnuts
pulling
not
were
six points, stood pat upon its
bill
supporters
farm
the
horse," that
into, and, with regard to the remaining
of the fire for the bank bill, but that the exact opposite was the case. original provisions; but no one of them concerned any point of serious
Senathey being points upon
He declared that two-thirds of the Senate were for the bank bill.
difference between the Senate and the House,
prepared to yield in a free contor Norris retorted that if this be true the supporters of the bank bill
which the conferees would have been
over here we were
came
rule.
could get a cloture
ference. So that when the House resolution
Senator Gooding of Idaho informed the Senate that be had been is a position to move to concur with the House in its insistence upon
active in endeavoring to bring the farm and bank groups together, the seven points of difference with the Senate in the form of amendsince he was satisfied that otherwise neither bill could pass this session. ments to Senate amendments, and to recede on the six points where the
He has been circulating two petitions calling for the application of House stood pat on its original provisions. So that while we have not
cloture with respect to these two matters, to be invoked at such time technically a conference report, because the conferees, under the cirnt, we have
as it may be deemed desirable so to do. He declared that the farm
cumstances I have narrated, had to report a disagreeme
bloc have enough votes to pass the measure and that they were not going completed legislation here with the exception of some points which
the
in
earlier
to find
Dawes,
surprised
to devote much time to talk. Vice President
Senators who have not yet studied the bill will be
day, had been brought into the matter and sought to use his influence are of exceedingly minor importance when compared to the whole scope
in getting the two groups together with respect to the controversy of the legislation. It is because we are pressing for a consideration
ly completed
between them as to which of the measures should have precedence.
of this as legislation carefully thrashed out and substantial
way that
When it became apparent that it would not be possible to reach an
by the two Houses that we are urging in a rather unusual
Senator
together,
measures
two
the
linking
order.
agreement in the Senate
matter be made a special
this
McNary withdrew his suggestion and immediately moved to take up
Senator Smith interjected, "so that in effect you are
the farm bill. Senator Jones, of Washington, offered a substitute motion contemplating the taking up of the State, Justice, Commerce and asking the Senate to pass upon the resolution that is now
Labor Appropriation bill, which was reported to the Senate yesterday. pending in reference to the action of the House, so that
He said that this could be done, holding that the measure was privithe Senate and the House will then, by that act, if we
leged, but the Vice President ruled that was not so after 2 o'clock.
An agreement has been reached, it is said, between the Kentucky adopt the resolution, be in practical accord?"
and Tennessee delegations and the farm bill sponsors in Congress for
In answer Senator Pepper said:
the inclusion of tobacco as one of the basic crops covered by the
and let me
McNary-Haugen bill. It is declared that this makes certain that votes
The Senator has stated the matter with entire accuracy;
and
that otherwise would be of a negative character will be drawn to the say that on all the great points of difference between the House
support of the bill. The Kentuckians claim that inclusion of tobacco the Senate, with the exception of one that I referred to awhile ago—
will mean at least forty additional votes for the measure. Appropriate the question of territory contiguous to a municipality—on all the great
has
amendments will be offered in the Senate by Senatotr McKellar, of
points of difference between the House and the Senate the House
Tennessee, and in the House by Representative Kinchetoo, of Kentucky. accepted the point of view of the Senate, and accepted it finally, and
The basic commodisies now carried in the bill are cotton, rice, corn, the Hull amendments are removed from the realm of discussion. The
indeterminate charters of Federal reserve banks are removed from the
wheat and hogs.
are
Line-up of Vote on Bill.
realm of discussion. These are points upon which both Houses
agreement.
in
of
now
the
votes
of
King
Utah—all
negative
Senator
exception—
With one
on the McNary motion to take up his bill came from the East.
The acceptance by the House of the McFadden bill
•
•
the Hull amendments was noted in our issue of
without
Analysis of this vote shows that the so-called "bank bloc" played
page 596. In the same issue (page 594) we re29,
for
instance, Senator Glass Jan.
along with the farm bloc members, since,
the farm bill and Senathe fact that the McNary-Haugen farm bill had
to
of Virginia, has been opposed to the passage of
ferred
are members with
tors Pepper, Pennsylvania, and Edge, New Jersey,
favorably reported by the Senate Agricultural
ordered
been
Mr. Glass of the Senate Conference Committee on the banking bill.
the Senate Committee on Committee.
Senator McLean (Conn.), is chairman of
with his colleague,
Banking and Currency. Senator Reed (Pa.) stands
of these are listed with
Senator Pepper, back of the bank bill. All
nt
those voting to take up the farm bill and it is doubtful if they will Federal Reserve rank of New York on Gold Moveme
vote for its passage unless to do so will actually guarantee enactment
During Year and Month of December.
of the McFadden bill.
A motion to make the conference report on the McFadden banking bill the special order of business of the
Senate on February 3 came from Senator Pepper on Jan.
31. On the latter date the Washington correspondent of
"The Journal of Commerce" said:
and roll calls occuPoints of order, parliamentary inquiries, disputes when
and
adjournment
pied the attention of the Senate for four hours
an agreement as
nearer
no
was
came it was apparent that the Senate
had
there been
than
considered
be
should
to the time when the report
no discussion today.
Poll Is Favorable.
A poll of the Senate, it is said, indicated that there are sufficient
it comes up for final
votes to pass the conference report if and when
of Virginia, there is a
action. But it was charged by Senator Glass,
of the cloture
filibuster under way which may compel the application
a law
rule before anything can be done to make the McFadden bill
before March 4 next.
The United States Daily noted that in the Senate on
Feb. 1 the parliamentary discnssion was prolonged nearly
four hours as a result of which no action was taken on
With regard to the gold movement the Federal Reserve
Bank of New York has the following to say in its February
"Monthly Review:"
With the receipt of $17.000.000 during December, inports of gold for
the year 1926 reached a total of nearly $213.500.000. Exports of$7,000,000
brought the export total up to $115,700.000. For the entire year there
were net imports of slightly under $97,800.000. as compared with net
net
exports of $134.000.000 in 1925. but, with the exception of 1925,
imrorts of gold in 1926 were the smallest in any year since 1920.
Of the exports during December, 35,000.000 went to Germany, continuing the movement of earmarked gold to the Reichsbank. and 31.000.000
each
was shipped to the Dutch East Indies Imports included 55,000.000
from
from China and Chile. $4,000.030 from Japan, and 51.000.000
Enr.land'
follows: the
The most important movements of the year have been as
542.000.000 to that
Imrort of $83,000.000 from Canada and the export of
the
import of
exchange:
in
s
country In consequence of seasonal fluctuation
0 from Mexico,
S51.000.000 from Australia: the import of 824,000.00and partly offset
largely due to special shipments by the Bank of Mexico.
from Chile. chiefly
by exports of 56.000.000; the import of 521.000.000
reserve In New York:
from the Central Bank of Chile for the creation of a
Japanese Government
the Import of $14,000,000 from Japan, sent by the
726
THE CHRONICLE
for the support of its exchange; and the export
of $48,000,000 to Germany,
consisting chiefly of earmarked gold belonging
to the Reichsbank
In January, following the decline of Canadian exchange
below the gold
shipping point, there was an earlier and heavier
gold movement from
Canada than in either of the two previous years.
This movement amounted
to $37,500,000 in the first 28 days of January. In addition,
gold imports
at the Port of New York amounted to $17,700,0
00, including $14,700.000
from France and $2,600,000 from Chile, and exports
totaled 814,500,000.
of which $12,500,000 went to Germany.
to Redeem Circulation Bonds—Likely Action on
McFadden Bill Presages Completion of Plan to
Abolish National Bank Currency.
From its Washington Bureau the "Wall Street Journal"
on January 24 reported the following:
Treasury
Recent developments in Congress foreshadowing final
action at this
session on the McFadden banking bill bring forward
again the Treasury's policy for abolishing national bank currency by
the ultimate retirement of all bonds bearing the circulation privilege.
Initial steps for the carrying out of this policy were taken more
than
two years ago by Secretary Mellon when
he called for redemption the
4% bonds of 1925. Retirement of the national
bank circulation was
predicated upon the early passage of the McFadden bill, which later
became the subject of extended controversy only recently showing
definite
signs of subsiding. Retirement of the 4% bonds
of 1925 of which
$118,489,900 were outstanding, was begun February 2, 1925. There now
remain only three issues of bonds bearing the circulation privilege,
all
2% bonds, of which an aggregate of $674,625,6
30 is outstanding.
As originally drafted by Mr. Mellon, the Treasury's program
would
provide for the retirement of the 2% Panama canal loan of 1916-36,
of which $48,954,180 is outstanding and the 2% Panama
canal loan
of 1918-38, of which $25,947,400 is outstanding, at some date
after
the passage of the McFadden bill but before the callable date
of the
2% consols of 1930. These bonds are not redeemable until
after
April 1, 1930, and would be retired next.
Objections by some of the national banks to the plan for abolishing
national bank circulation have been met by the Treasury with
the
contention that by the passage of the McFadden bill they would
obtain
additional powers which would more than compensate them for
the
loss of the circulation privilege.
The loan of 1925 carried interest at 4%, so that in its retirement
the government made money. But the remaining bonds
bearing the
circulation privilege outstanding are all 2% issues and the government is paying above 3% for new money. However, Mr. Mellon
inaugurated the retirement program on the principle that it was necessary in the interest of an elastic currency system, and believes
the
importance of simplifying the country's currency system by the elimination of the national bank note is paramount and the increased
rate of
interest in such event may properly be considered
an investment in
behalf of a sound monetary reform.
[VOL. 124.
For the 12 months ended June 30 1926—that is, for the latest
fiscal
year—net profits for member banks were 5434,409.000, or
8.97% of their
their capital funds, which amount to $4,842,687,0004 This
was the
highest rate of return that has been received in any fiscal year
since 1920.
The actual dollar amount of net profits for the past year was
larger than
for any other fiscal year on record, but the rate of return expressed
as a
percentage of total capital funds was considerably below the record
figures
for the fiscal years 1919 and 1920, owing to some growth
in the volume of
capital funds during the intervening period. In the accompany
ing table
are shown the actual dollar amounts of the various items of member
bank
costs and earnings, together with the amount
per $100 of earing assets,
for the years ended June 30 1925 and 1926. Compariso
ns between the
two sets of figures indicate the effect of changes
in the volume of earning
assets on the actual dollar amounts of costs and earnings
and on the final
rate of profits on capital funds.
ANALYSIS OF MEMBER BANK COSTS AND EARNINGS,
YEARS ENDING
JUNE 30 1925 AND 1926.
1926.
1925.
Ante pa
$10001
Earning
Assets.
1920. 1925.
Interest earned
Other earnings
Gross earnings
Interest on deposits
Interest on borrowed money
3alaries and wages
Taxes
All other expenses
Total expenses
$1,679,827,000 51,543,202,000 85 46 5636
303,390,000
300,706,000 099 I 05
51,983,217,000 51,843,908,000 56 45 8841
$658,027,066
29,688,000
384,259,000
106,297,000
230.834,000
5625,368,000 52 14 52 18
19,866,000 0 10 0 07
362,128,000 I 25 I 26
100,205,000 0 35 0 35
213,398,000 0 75 0 74
$1,409,105,000 $1,320,965,000 54 58 $4 CO
Net earnings
5574,112,000
8522,943,000 $I 87 $1 82
Losses on loans
Losses on investments
all other losses
5131,227,000
35,963,000
38,447.000
$133,554,000 a0 60 GO 66
34,958,000 SO 40 CO 40
29,765,000 --------
Total losses
Recoveries
$205,637,000
65,934,000
$198,277,000 SO 67 50 69
53.738,000 021 0 19
Net toasts
Set addition to profits
Dividends declared
rota' earning aseeta_c
3apital funds_d
2139.703,000 $144,539,000 $O 45 50 60
$434,409,000 $378,404,000 51 41 $1 32
278,358,000
260,677,000 ----30.746,398,000 28,745,251,000 ---- ---44842.687,000 4,694,265,000 ....-- ---Otha Rasta
Farnhigs assets Per $1 capital fundsSet profits per $100 of capital funds_e
$0 36124 20
8 971 8 24
a Amount per VW of loans.
b Amount per $100 of Investments.
Gross loans and inveetmente—average of amounts from
condition reports
for five call dates during the year.
d Capital, surplus, and undivided profits—average of amounts
Earnings and Expenses of Member Banks in Federal reports
from condition
for five call dates during the year.
Reserve System—Gross Earnings in 1926 Exceed
C Obtained by dividing net profits by capital funds: equivalent to
product of
two preceding ratios.
Those of 1925 by $140,000,000.
Gross earnings during the last fiscal year were about
Gross earnings of member banks in the Federal Reserve
$140,000,000
than the year before. The increase was almost entirely
in interest
System during the year ending June 30 1926 were about larger
and discount earned, which constituted about 85%
of
the
$140,000,000 larger than those of the year before, according earnings, and reflected for the most part growth in the banks' total
volume of the
to the Federal Reserve Board, which in its January Bulletin banks' loans and investments. The table shows that interest and discount earned amounted to $5 46 per $100 of loans and
investmen
ts during
reports 1926 gross earnings of $1,983,217,000, as compared 1926, compared with $5
36 in 1925. Since this class of earnings is derived
with $1,843,908,000 in 1925. The net earnings of member almost entirely from the banks' loans
and investments, the amounts(
banks in 1926 are shown as $574,112,000, against $522,- approximate the average yield of these assets. The increase in gross
earnings was due in part to the slight advance In
the average rate of return
943,000 in 1925. The net addition to profits amounted to on the loans
and investments, but in larger measure to growth
in the
$434,409,000 in 1926, or 8.97% of the banks' capital funds, volume of these assets, which, at about $30.750,00
0,000 * in 1926. was
which amount to $4,842,687,000. Details are supplied as $2,000,000,000, or about 7%,larger than in the preceding year.
Total expenses absorbed somewhat more
than 71% of gross earnings
follows by the Board:
and showed an increase of nearly 890,000.00
leaving net operating
During the first six months of 1926 member banks in the Federal Reserve earnings about $50.000.000 above last year. 0,
Although there were increases in all the reported items of expense, the amounts
System had net profits of $223,061,000: this amount was
of each class of
about 812.000,000
expenditure per $100 of earning assets showed only slight changes,
larger than the figure for the preceding six months and represents
increases
an annual
rate of return of 9.10% on the banks' total
capital funds.* compared with in the actual amounts of the expenses being accounted for by growth in
8.86% for the earlier period. The increase in
profits was the net result the volume of transactions, as Indicated by the volume of earning assets.
of an increase in gross earnings only partially
absorbed by a slight increase and,in the case of interest on deposits, by growth in the volume of deposits.
In total expenses, and a decrease in the net
Total losses charged off during 1926 were somewhat larger in
amount of losses charged off.
amount
than for the preceding year, but the increase was more than offset
Notwithstanding a considerable decrease in the
by an
number of member
banks during the first half of the year, total
Increase in amounts recovered on assets previously charged off,
loans and investments were
and the
In larger volume than ever before, and
while the average yield of these net result was a slight decline In net losses, leaving net profits after meeting
earning assets was somewhat lower than
in the last half of 1925, gross all costa nearly $60.000,000 larger in the past fiscal year than in the preearnings increased by about $9,000,000
; at the same time expenses increased ceding one.
only slightly. There was a reduction of
The amount of net profits per $100 of earning assets, as well
$12,000,000 in the amount of
as the
losses charged off, owing chiefly to a decrease in
actual dollar amount, was somewhat larger in 1926 than in
the amount of defaulted
1925. The
loans written off; amounts recovered from assets
slight increase in the amount of gross earnings per $100 of earning assets
previously charged off
showed a decline for the period, but net losses were
still nearly $5,000,000 has already been pointed out. The amounts of both expenses and net
lower than in the last half of 1925. Costa and earnings
losses per $100 of earning assets showed slight decreases for the year,
of member banks
and
six-month
periods since the middle of 1924
for
are summarized in the the amount remaining as net addition to profits, at $1 41 per $100 of
following table:
earning assets in 1926, compared with $1 32 for the year before.
During the past two years there was a comparatively steady growth
COSTS AND EARNINGS, ALL MEMBER BANKS,
in the volume of member bank earning assets. This growth has been
JUNE 30 1924 TO
JUNE 30 1926.
at a somewhat more rapid rate than the accompanying growth in the
volume of capital funds invested In member banks, and in 1926 the banks
had,
for each dollar of capital funds, $6 35 of earning tweets as against
First Six
Last Sir
First Six
Last Six
Months of
$6 26 In 1925. As a result of this change a given amount of profits per
Months of
Months of
Months of
1920 (9,372 1925 (9,482 1925 (9,530
1924 (9,566 $100 of earning assets represented a somewhat larger return per $100 of
Banks).
Banks).
Banks).
capital funds in 1926 than in 1925. The increase in the rate of net profits
Banks).
on capital funds from 8.24% in 1925 to 8.97% in 1926 is, therefore, due
$996,047,000 5987,170,000 5930,924,000
Gross earnings
705,580,000 703,525,000 663.792,000 5912,984,000 in part to the increase in the profit per $100 of earning assets and
Expenses
657,173,000
In part
to the increased proportion of earning assets to capital funds.
8290,487,000 $283,645,000 $267,132,000
Net earnings
6255,811,000
It has already been noted that net profits of member banks in
at 8434,409,000, were higher than for any previous fiscal year. 1920.
.$96,681,000 $108,956,000 584,143,000 5114.134,00
Total losses
The
29,275,000 38,659,000 25.147,000 28,591.0000 increase in net profits during the past few years has accompanied
Recoveries
a marked
growth in gross earnings, which is attributable in considerable measure
$67,406,000 $72,297,000 858,996.000 $85,543,00
Net lossesa
_
0 to growth in the volume of earning assets. This fact is broght out in
1VAA 0AfIlfinn *A r.,..nts
1223.061.000 8211,348,000 8208,136.000 5170.268.000
t Capital. surplus, and undivided profits.
• Average ,of amounts shown in reports of condition for nvelcall:da
a Total losses less recoveries on assets previously charged off.
tes during
the year.
TH I
FEB. 5 1927.]
years the volume
the following table, which shows for the past eight fiscal
earned and of
of member bank earning assets, the amounts of interest
earnings per 100
gross earnings and the amounts of interest and of gross
of earning assets.
BANKS,
PRINCIPAL EARNING ASSETS AND EARNINGS, ALL MEMBER
YEARS ENDING JUNE 30 1919 TO 1926.
Int. and Discount Earned.
Years Ending
June 30-
Earning
Assets.•
Total.
Amount
per $100
ofEarning
Assets.
All the figures which appear in the foregoing analysis relate to all meanber
each
banks combined. Corresponding figures are given separately for
Federal Reserve district in the following tables:
ANALYSIS OF MEMBER BANK COSTS AND EARNINGS, BY DISTRICTS.
YEARS ENDING JUNE 30 1925 AND 1926.
Boston
District.
Gross Earnings.
Total.
Amount
per $100
ofEarning
Assets.
$21,063,242,000 $1,170,426,000 $556 $1,291,001,000 56 13
1919
6 59
1,636,141,000
5 86
24.820,716.000 1,453,656.000
1920
7 21
1,829,671,000
6 41
25,384,254.000 1,627.717,000
1921
6 98
1,669.429,000
00
6
1,436,068.000
23,932,966.000
1922
53
6
1,683.512,000
60
5
1,443,920,000
25.783,429.000
1923
6 50
1,742,332.000
5 63
26,800,856,000 1,509,799.000
1924
6 41
1,843,908,000
36
5
1,543,202.000
23.745,251,000
1925
6 45
1,983,217.000
5 46
30,746.398,000 1,679,827.000
1926
• Averages of amounts of gross loans and investments from condition reports
for call dates during the year.
Total interest and discount earned by member banks has shown an
increase In each of the past eight years with the exception of 1922. when
there was a decrease from the record total for the preceding year. Since
interest and discount constitute the major portion of banking income,
the same was true also of gross earnings during the period. The table
shows that for the year ended June 30 1926 the banks'gross income amounted
year before
to about $1,983,000,000. an increase of $140,000.000 from the
and of more than 5692,000.000 from 1919. The variations in gross earnings from year to year during this period are the result of changes both
in the volume of earning assets, as shown in the table, and the rate of income
which these assets bore, as indicated approximately by the amounts of
interest and of gross earnings per $100 of earning assets. During the
last three years, however, growth in the volume of earning assets rather
than changes in yield have been the principal factor in the increase in gross
earnings. The volume of earning assets increased almost continuously
throughout the entire period, the net increase for the eight years amounting
to nearly $9,700,000.000, or about 37% for the period. This represented
an annual Increase of about 4%. From about $21,000,000,000 in 1919
there was an increase of nearly 20% during the next two years, and at
the same time a similar increase in the approximate yield of these assets
from $556 per $100 of earning assets to $6 41, and a corresponding increase in the amount of gross earnings per $100 of earning assets: after
a decline in 1922, the growth in earning assets was resumed, although
at a somewhat less rapid rate than before. During the later period there
were only slight changes in the amounts of interest and of gross earnings
per $100 of earning assets, but growth in the volume of earning assets
was reflected in market increases in gross earnings.
Costs and earnings of member banks for the last eight fiscal years are
summarized in the following table, which shows actual dollar amounts as
well as amounts per $100 of earning assets:
COSTS AND EARNINGS, ALL MEMBER BANKS, YEARS ENDING
JUNE 30 1919 TO 1926.
Gross
Earnings.
1919
1920
1921
1922
1923
1924
1925
1926
$1,291,001,000
1,636,141,000
1,829,671.000
1,669.429.000
1,683,512,000
1,742,332,000
1,843,908,000
1,983,217,000
1919
1920
1921
1922
1923
1924
1925
1928
$6 13
8 59
7 21
G 98
6 53
6 50
6 41
8 45
Expenses.
Net
Earnings.
$876,613,000 $414,388,000
1,097,471,000 538,670.000
1,267,705.000 561,966,000
1,156,417,000 513,012,000
1,189,732,000 493,780,000
1,253,983,000 488.349,000
1,320,965,000 522,943,000
1,409,105,000 574,112.000
Net
Losses.
Net
Profits.
$80,056,000 $334,332,000
129,062,000 409,608,000
216,309,000 345,657,000
213.863,000 299,149,000
148.643,000 345,137,000
151,234,000 337,115,000
144,539,000 378.404.000
139,703,000 434.409,000
Amounts per $100 of Eearning Assets.
$4 16
4 42
4 99
4 83
461
4 68
4 60
4 58
$1 97
2 17
2 22
2 15
1 92
1 82
1 82
1 87
30 38
0 52
0 85
0 89
0 58
0 56
0 50
0 45
$1 59
1 65
1 36
1 25
1 34
1 26
1 00 ,
1 00
While member bank earnings were expanding during the past eight
years, with growth in the volume of banking transactions, some of the
more important items of expense have also been increasing. The largest
increases were in amounts expended in salaries and wages and in the form
of interest paid on deposits, which accompanied the increased volume
of business handled as reflected In growth in the volume of earning assets
and of deposits. Although total expenses increased by about 60% over
this period, the amount per $100 of earning assets changed but little.
Net losses showed considerable increase up to 1921 and 1922, but have
declined since then and in 1926 were the smallest in actual amount since
1920, and in amount per $100 of earning assets were the smallest since
1919. Changes in gross earnings during the period under review were,
therefore, rather closely paralleled by changes in costs, so that amounts
of net earnings (after deducting expenses from gross earnings) and of
net profits (after deducting expenses and net losses from gross earnings)
were relatively constant, with slight increases in the last two years. The
amounts of both net earnings and net profits per $100 of earning assets
showed little variation throughout the whole period, but particularly in
recent years. The rate of profits per $100 of capital funds, however, has
shown considerable variation, resulting in part from minor changes in
the profit per $100 of earning assets and In part from changes in the proportion of earning assets to capital funds. The accompanying table
shows tho relation of net profits to earning assets and to capital funds:
PROFITS OF ALL MEMBER BANKS, YEARS ENDING JUNE 30
1919 TO 1926.
Years
Ending
Jung 30-
Earning
Assets.•
Capital
Funds.°
Amount
of Earning
Assets per
Si of
Capital.
Funds.
Net Profits.
Per
$100 of
Earning
Assets.
Per
$100 of
Capital.
Funds.a
31 59
$1064
56 70
$21,063,242,000 $3,141,465,000
1919
1 65
701
11 57
24,820,716,000 3,539.824,000
1920
1 36
6 34
8 63
25,384,254,000 4,003,516.000
1921
1 25
576
720
23,932,966,000 4,158,112,000
1922
1 34
798
5 96
25,783.429,000 4,325,123,000
1923
1 26
605
761
26,800,856,000 4,427,155,000
1924
32
1
26
6
24
8
4,594,265,000
28,745,251,000
1925
1 41
8 97
6 35
30,746,398,000 4,842,687,000
1926
• Averages of amounts from reports of condition for cal dates during the year.
a Obtained by dividing net profits by average aniount of invested capital; equivalent to the product of the two preceding ratios.
New York Phila'phia
District.
District.
Cleveland
District.
1926. 1925. 1926. 1925. 1926. 1925. 1928. 1925.
Amounts per $100 of loans and
Investments:
Interest earned
Other earnings
$5 06 $503 $4 94 14 70 $540 3.5 29 $5 63 $562
0 80 1 02 1 20 1 27 0 93 0 92 0 97 1 12
35 85 $605 $11 13 $597 $632 36 22 56 60 $6 75
Gross earnings
$2 29 $2 27 31 98 $202 El 98 $200 $247 $248
Interest on deposits
0 11 007 0 09 006
Interest on borrowed money._ _ 0 08 0 08 0 07 004
I 01 1 05 110 1 08 1 70 1 07 1 19 1 21
Salaries and wages
033 0 30 0 35 0 37
26
0
28
0
27
0
25
0
Taxes
061 0 64 0 69 0 65 0 62 0 62 0 70 0 72
All other expenses
$4 24 $430 $4 13 $405 $4 10 $406 54 81 $484
Total expenses
Net earnings.,.
31 61 51 75 $200 51 93 32 22 $2 16 31 79 11 91
Total losses
Recoveries
$061 30 85 $0 64 $058 $O 47 5032 $0 53 $049
0 20 0 17 0 26 0 20 0 19 0 15 0 13 0 12
Net losses a
50 42 $0 68 SO 38 $0 36 $0 28 $0 17 30 40 30 37
Net additions to profits
51 19 $1 07 $1 62 $1 56 $1 94 31 99 SI 39 31 54
Other ratios:
Earning assets per $1 of capital
56 36 $6 20 36 51 57 69 34 91 $4 87 $5 78 $570
funds
Net profits per $100 of capital
7 60 6 63 10 58 10 45 9 54 968 501 8 77
funds_b
40 $0 25,$0 46 50 34
Losses on loans per 1100 of loans SO 45 50 76 $0 50 50 52 30
Losses on investments per $100
0 55 0 77 053 0 39 0 39 024 041 0 47
of Investments
Richmond
District.
Atlanta
District.
Chicago
District.
St. Louis
District.
1926. 1925. 1926. 1925. 1926. 1925. 1926. 1825.
Amounts per $100 of loans and
investments:
Interest earned
Other earnings
Gross earnings
Interest on deposits
Interest on borrowed money-Salaries and wages
Taxes
All other expenses
Total expenses
Net earnings
Years End.
June 30-
727
CHRONICLE
$5 77 55 80 86 28 $6 20 3.539 3.528 55 70 5573
0 71 0 65 1 21 1 16 0 96 0 93 091 0 87
$848 36 45 $749 57 45 $6 34 36 21 $660 8660
$2 03 $203 $2 11 12 09 52 15 32 18 $205 8207
0 24 021 0 18 0 16 0 07 0 05 0 19 0 14
1 26 1 26 1 43 1 .51 1 28 1 25 133 1 37
041 0 44 0 48 0 54 0 40 0 41 0 45 042
0 71 0 74 0 99 0 97 0 78 0 75 0 80 080
$465 54 69 15 19 35 28 $467 $464 34 81 $480
51 82 $I 76 52 30 $2 17 $1 67 SI 57 SI 79 $1 81
Total losses
Recoveries
50 63 SO 62 $084 $0 96 $O 52 $065 $069 51 02
0 11 0 15 0 18 0 18 0 17 0 16 0 22 0 22
Net losses_a
$0 52 50 47 30 65 $078 $035 5049 $048 30 80
Net additions to profits
51 31 $1 29 51 64 $1 38 SI 32 81 08 SI 32 81 01
Other ratios:
Earning assets per $1 of capital
$5 42 55 30 86 40 15 71 $6 91 58 75 36 35 $6 11
funds
Net profits per $100 of capital
7 10 6 82 10 52 789 913 7 29 8 36 6 16
funds_b
Losses on loans per $100 of loans $0 61 50 57 30 74 $0 89 SO 52 SO 66 $0 72 $1 10
Losses on investments per 8100
023 037 0 28 044 023 0 35 0 23 0 39
of investments
Minneapolis Kansas City
District.
District.
Dallas
District.
San Fran.
Dis ria.
1926. 1925. 1926. 1925. 1926. 1925. 1926. 1925.
Amount per $100 of loans and
Investments:
Interest earned
Other earnings
Gross earnings
Interest on deposits
Interest on borrowed money_ _ _ _
Salries and wages
Taxes
All other expenses
Total expenses
Net earnings
Total losses
Recoveries
Net losses a
Net additions to profits
3.5 72 55 91 $6 35 $6 50 36 91 $6 78 $6 11 8802
0 68 0 72 0 85 0 89 00 82 0 84 0 83 0 97
56 41 86 63 57 20 $7 39 57 73 57 62 $6 95 $6 99
V 45 $2 60 82 19 $2 34 31 69 $1 80 52 42 $247
0 06 0 08 0 09 0 06 0 16 0 14 009 006
1 41 1 47 1 70 1 78 1 87 1 85 160 1 67
0 36 041 0 45 0 49 064 0 56 0 32 0 33
0 77 0 80 1 05 1 09 1 02 1 06 0 87 090
15 03 55 35 $548 55 74 55 28 $541 35 30 $543
51 37 SI 28 $1 72 51 66 $244 52 21 51 64 Si 56
$0 90 $I 07 51 36 Si 52 51 30 51 35 50 76 $0 68
0 27 0 22 031 0 38 0 36 0 33 0 22 0 18
30 63 $0 85 SI 05 $1 14 $094 $1 02 $068 $0 50
SO 74 $0 43 30 67 $0 52 $1 50 3119 SI 10 51 08
Other ratios:
Earning assets per 31 of capital
57 40 $7 13 57 16 $6 73 8502 34 94 $8 08 57 62
funds
Net profits per $100 of capital
funds_b
5 46 3 08 4 52 350 7 55 5 88 8 85 8 10
LOBSCS on loans per 310001 loans 31 11 51 2731 48 51 63 51 30 51 24 50 64 50 80
Losses on investments per 5100
of investments
0 15 0 27 045 034 018 026 035 0 45
a Total losses less recoveries on assets previously Charged off.
b Obtained by dividing net profits by capital funds; equivalent to the product
of the two preceding ratios.
Note.-These and other figures here presented are based upon data taken from
the customary abstracts of reports of condition and of earnings, expenses, and
dividends. It should be borne in mind In using them that the statistics employed
as
represent aggregates for banks reporting on the various dates and such ratios
for
are Included In the tables are therefore ratios of aggregates, In which figures
large banks have a statistical influence somewhat disproportionate to their number.
In comparison with the figures for small banks. No adjustments have been made
In the underlying data for changes during a given year in the number of banks
whose reports underlie the statistics, since the figures presented are for sufficient'y
large groups that the results appear not to be appreciably affected by these changes.
728
THE CHRONICLE
{VOL. 124.
MEMBER BANK COSTS AND EARNINGS. YEARS ENDING JUNE 30
1925 AND 1926.
(In thousands of dollars.)
Boston
District.
New York
District.
1926. I 1925.
1926.
Clereland
District.
Philadelphia
District.
1925.
1
1926.
1926.
1925.
s
Loans
Investments
1925.
s
43,226 76.518 73.283
1.421 2.815 1.681
23.260 36,978 35 732
6,540 10.994 10.911
13,431 21.754 21.185
Total expenses_ _ _ 10±).1_,117 93.492380.170 348.252 96.326 87.878 149.059 142.792
Net earn lags_ _
38.023 37,964 184.435 185.801 52.154 46 753 55.473 56.322
Losses on loans_ _ _
Losses on In vestrn'
All other losses_ _ _.
Total Iowa
7.670 11,738 31,744 29,812
3,700 4.848 15.072 11.082
3,085, 1.949 12.162j 7,271
3,294
2.f)77
1,566
5,956
3,353
1.697
14.455 18.533 58,978 48.165 11.006
Recoveries
4,605
Net losses*
9.5671 6.560
4.149 4 771
2.718 3,1'13
6.937 18,434 14,464
3.829 24.064 16.890
4,487
3,265
9,850 14.704 34.914 31,275
6,519
3.872 12.512 10.956
3,922, 3 508
Net add'ne ti, pro)) 28.173 23.260 149.521,134,526 45.635 43.081 42.061' 45.390
Dividends declared. 18,641 17.258 89.147. 81,526 24.533 23,004 28.416 26.715
1926.
I
1925
Atlanta
District.
1926.
1925.
Chicago
District.
St. Louis
District.
1925.
1926.
1926.
1925.
$ M
$
$
$
$
$ ,
1
Interest earned_ _ _ 74.005 71.295 74,730 63,367 241,334 223.058 73,856 60,407
Other earnings
9,077 8,016 14,361 11,7241 42,808 39.430 11,749 10,579
Gross earnings_ _ _ 83.082 79,311 89,091 75,091 284,142 262,486 85.605 79.986
Interest on deposits 28,053 25.001 25,064 21,054 96,404 92,183 26.518 25.111
Interest on borrowed
mosey
3.1251 2.623 2,102 1,653 2.9541 2,304 2,464 1,730
Salaries and wages_ 18.157 15.548 17.060 15,254 57.127 52,913 17,195 16.560
Taxes
5.299 5.415 5,682 5.478 18,000 17.185 5.806 5.012
All other expenses_ _ 9.058 9.072 11.835 9.816 34,810 31.635 10.389 9.657
Total expenses__ _ 59,692 57.659 61,743 53,225209,295 196.220 62,372 58.090
Net earnings_ _ _ _ 23.390 21.6521 27,348 21,8361 74.847'
Losses on loans_ _
Loses on inve'stm'14
AU other losses_ _ _ _
Total tosses
Recoveries
Net /oases*
6.23.233 21.896
8.198
619
1,268
5.508
994
1,133
7,102
670
2.171
7,2871 16.908 20.384
820 2,771: 4,04
1,601 3,7711 3,163
8,043
7.615
9,944
9,708 23.450'' 6
8.992 12.322
1,474
1.811
2,151
1.814
2.827
2.615
6.609
5.804
7.793
7.894 15,684 20,741
6,165
9.707
7,766
6,717
823
1.452
6.955i
9.819
1.327
1,376
Net addMa to Profit 16.781
15.848 .
19,555 13.942
45,625 17.068 12,189
_
_ _ 59,163
_
Dividends declared_
85
Minneapolis
District.
Kansas City
District.
1921. 1 1925.
1926. 1 1925.
Dallas
District.
1926.
1
San Francisco
District.
1925.
1926.
1925.
$ 1
$
$
s
s
$
I
s
$
50.924 51,909 72.111 70,349 56,495 52,803 161.633 149 427
6.059 6,327 9.669 9,699 6,698 6,559 22.051 23.707
Interest earned_
Other earnings
Gross earnings__
56.983 58.236 81,780 80,048 63,193 59,362183,684 170,134
Interest on deposit I 21.773
Interest on borrow
money
494
Salaries and wages 12.507
Taxes
3.174
All other expenses_
6.837
22.818
685l 24.9271 25,281 13.833 14,010 64.014 60 078
1
1,284
9861
6751
1,067 2.301
1.384
12,880 19,288, 19.083 15.279 14,418 42.413 40.706
3 58.5 5.109 5,269 4.442 4.339 8.576 8.122
7,0:12 11.913 11.7951 8,377, 8,297 22.904 21.803
_____I
Total expenses_ _ _ 44.785 47.000
62.223i 62 103 43.215 42.131 140,208 132.093
Net earnings__ _
12,198 11,236 19.557' 17.945 19,978 17,231 43 478 38.04!
Losses on loans_ _ _ _
Losses on Inventm'te
All other losses_ ___
Total losses
Recoveries
Net losses*
Net add'ne to profit
Dividends declared.
6,514
468
1,035
7.826 11,960 13,109
723 1.497
9541
880 2,011 2.365
8.015
9.429 15,468 16,428 10.626 10.540 20.186' 18.540
8.533 7,803 12,360 10.616
296
379 2.547. 2 954
1,797, 2,358 5.279 2..170
2.380
1.986
4.106
2,952
2.601
5.635
7.443 1I.899,i1
7.674
7.939 14.449 12 182
8,563
5.544
3,793
5.302
3,569
7.658
8.031,
5.737, 4.358
5.623 12,304 9,292 29 027 25.85)
8,157 9.467 10,318 21.077 19.84f)
• Total losses charged oft, less recoveries on assets previously charged off.
MEMBER BANK EARNING ASSETS AND CAPITAL FUNDS. YEARS
ENDING JUNE 30 1925 AND 1926.
(Averages, in thousands of dollars. of amounts from reports of condition for five
call dates during the year.)
Boston District.
1926.
Loans
Investments
I
1925.
New York District, 1Philadelphia District.
1928.
1925.
1
1926.
1925.
$1.685.789$1,545.835 $6,349.426 $5,743.718 $1,490.101 51,310 .538
626,903 2,856,849; 2,862.383
672.070
857,768
854.568
Earning assets. 52.357.86952.172.738 $9,206,275 $8.606,101 32.347.86032,165.108
5350.635 31,413.23431,287,242 3478,320--$444.934
Capital funds*. _ 3370.606
Clereland DistIct.
1926.
Loans
Investments
I
1925.
Richmond District.
1926.
1925.
Atlanta Dtstrict,
1926.
12.081.70631,034.73631,018.343 3968.680 $954.671
264,484
261.539
235.364
1.016.10 1,016.040
1925,
$70:444
-i
Earning assets_ $33.097.904 52.950.776 51.282.827 $1,230,219 31,190,034 $1.008.09
s
$536,029 $517,253 $236,468 5232,264 2185,922 $176.596
Capital funds•
Minneapolis District.
1925.
1926.
$936,782 $874.421
359,522
336.348
1925.
$615,952
262.966
Earning assets_ $4.480.220 $4,226.551 $1,296,304 $1,210,769 $889,570
$878.918
Capital funds._ _
$648.057 $626.014
Kansas City District.
1926.
Loans
Investments
1925.
$204,251
3198,01
Dallas District.
1926.
$8066151 $802,462 $657,564
329,81'
280.095
160.12
1925.
$120,288 $ 123,242
San Francisco District.
1928.
I
1925.
$631,347 11,916.890 31.777.987
147.912
726,5221 656.172
Earning assets_ 51,138,43051.082,557 $817.693 $779,259 32,643.41232,434,159
Capital funds'.. _
$158.741 $160,783 $162.9291 $157,894 5327,839
•Capital, surplus, and undivided profits.
$319,3110
Resignation of C. B. Winston as Under Secretary of
Treasury-Ogden L. Mills Appointed as SuccessorMr. Winston a Director of National City Bank
of New York.
Garrard B. Winston, whose resignation as Under Secreof the Treasury became effective on Feb. 1, was
elected a director of the National City Company on the
tary
1st inst. at a
caused
RIchsounsd
District.
1926.
1925.
33,279,612133,048,034
1.200.60 1.158,517
05'5l4,053 148,480134.631 204.532 199.114
Interest on deposi
54.013, 49,339 182.457173.984 46,453
Interest on borrowed 1.8501 1,212 6,771 3,431 2,542
money
Salaries and wages. 23.8671 23.031 101,312 92.743 25,076
Taxes
5.882j 5.909 25.671 22.420 7.662
All other expense-s_ _
' 14,001 63,959 55.674 14.593,
St. Louts District.
I
$585.137
304.433
$
$
Interest earned_
119.2371109,363454,341,404,623 128.760 114 641 174.401 165.962
Other earnings_ _ _ 18.8031 22.093 110,284 109.430 21,720 19,990 30.131 33.152
Gross earnings_ _ 138.040,131,456
Chicago District.
1926.
meeting of the board to till the
by the death of Ralph
Crews.
vacancy
Mr. Winston is
joining the law firm of Shearman & Sterling, counsel for
the National City Bank, of which Mr. Crews was also a
member. While in the Treasury Department, which be
entered in 1923, Mr. Winston served as Secretary of the
Debt Funding Commission and his work in promoting the
•;ettlement of foreign war debts to the United States, as
well as his other activities, drew forth the commendation
both President Coolidge and Secretary of the Treasury
of
Mellon. Before assuming his duties in the Treasury Department, Mr. Winston was a member of the law firm of
Winston, Strawn & Shaw, Chicago. The intended resignation of Mr. Winston was noted in these Nov. 27, page 2717
4, page 2847. In his letter to President Coolidge
;Ind Dec.
tendering his resignation (made public by the Treasury
Department on Jan. 31) Mr. Winston said:
•
"Dear Mr. President: I hereby tender my resignation as Undersecretary of the Treasury, and ask that it be accepted to take effect February 1, 1927. For some time past I have wished to return to private
life. I feel now that the work with which I have been particularly
charged in the Treasury is done, and I have made arrangements to resutne the practice of law as a member of a firm in New York.
"It has been three-and-a-half years since I came to the Treasury.
I have found it a period of absorbing interest; and I shall always
count it the highest privilege to have had this opportunity of serving
with Mr. Mellon and to have had a part in carrying out the ideas and
policies of your Administration."
In replying the President wrote as follows:
The White House,
Washington, Jan. 29, 1927.
My Dear Mr. Winston,
Your request to be permitted to resign as Under-Secretary of the
Treasury, to take effect on February 1 next, has been received. It is
with real regret that I accept it.
I realize, however, that, having
served the National Government for more than three-and-a-half years,
von are entitled to relinquish your post.
In the discharge of your duties you have shown very marked ability
and rendered service of the first order. It is a satisfaction to know
that we had in office a man of your character.
The work which you have done in helping to refund considerable
!tarts of our national debt, settle the obligations due to us from other
countries, take part in two material reductions of taxation, besides the
general work of the Treasury, has all been discharged in a way to
merit the highest approval.
I trust that in your new situation you will find a great deal of
iatisfaction.
With kindest regards, I am, very truly yours,
CALVIN COOLIDGE.
Mr. Winston also addressed a letter to Secretary Mellon
'n which
he said:
Dear Mr. Mellon: It is with real regret that I am resigning as your
Undersecretary. During the years I have been with you there have
arisen many troublesome questions of policy, some merely vexatious,
:erne most perplexing, and some dangerous to good government. Always I have gone down the corridor to you and found a calm, a wise
and a certain answer. It has been a great training to learn from your
experience and to watch the application of your sound judgment to
the problems faced by the Treasury. In all our discussions together
you have made me feel quite free.
I shall miss most of all my close association with you-the happiest
years I have known. I have, Mr. Mellon, the highest respect and the
deepest affection for you. It is hard indeed to leave you.
Replying, Secretary Mellon said:
"When you first told me that it would be necessary on account of
your personal interests to resign as Under-Secretary and to resume
practice of your profession, I more than ever realized how much your
assistance and support and the association with you had meant to me
in carrying on my official work.
"I have had all along a sense of satisfaction and reliance upon your
ready response and resourcefulness in disposing of the many problems
always before us. Your clear analysis and facility of concise statement have been invaluable. I shall most deeply miss your congenial
co-operation and the intimate association I have had with you; this
intimate contact will always remain with me a very pleasant memory.
FEB. 5 1927.]
TRE
CHRONICLE
729
contributes
how low the position held, each of us in the Federal service
to the aggregate of the product.
convinced
fully
am
We are often charged with inefficiency. But I
of the that the facts demonstrate that, measuring efficiency by the aggregate
ary
Secret
Under
as
ded
succee
is
n
Winsto
Mr.
body more efficient
nomina- of the product these last years, there is no business
ent. You have
Treasury by Ogden L. Mills, of New York, whose
the business organization of the Federal Governm
than
on
ge
Coolid
people. It calls not
tion was sent to the Senate by President
the opportunity and privilege of serving all of the conception of duty
—a
on that alone for efficiency, but for high ideals of service
Feb. 1. The nomination, confirmed by the Senate
no place. It calls for
nce to a where selfish interests and selfish desiresa have
cause which to us should be
day, was called up out of order without refere
patriotism. We are serving
and
loyalty
former
to
people of this great nation.
committee, a courtesy usually extended only
sacred above all things—the cause of the
There is no excuse for disloyalty. If
e.
of
excusabl
House
are
t
the
judgmen
of
of
r
Errors
membe
a
Senators. Mr. Mills, who is
tion who have not been loyal, who have
seat for there be persons in our organiza
serve, they have
Representatives, will, it is stated, retain his House
up to the ideals demanded by the cause we
lived
not
Washington, not only contributed nothing but they have subtracted something from
the present. Associated Press advices from
displaced.
the efforts of the loyal. They should be
Feb. 3, announcing this, said:
he said later,
Debt Reduction in Five Years.
Although he had mailed his resignation to Governor Smith,
his mind and had
to put our finances in
after a visit to the White House, that he had changed
When five and a half years ago we set about
It is easy
faced with a public debt of $23,977,000,000.
recalled his resignation.
were
we
order,
divide
would
he
different thing to save and
After his conference with the President, Mr. Mills said
to save when not in debt. It is an entirely
certain
has
after
looking
period
and
ing
y
interven
his attention between duties at the Treasur
economize when in debt. The record of this
debt was an inspiration for real accompublic
Administrative measures at the Capitol.
vast
the
that
shown
00,000
ee, and this sesseen that debt reduced by more than $4,334,0
He is a member of the House Ways and Means Committ
the Treasury's plishment. We have
y
five years the
sion has been particularly interested in alien propert and
years which ended June 30 last. In these
five
the
in
.
receipts
whiskey
al
y
n from our ordinar
proposal for replacement of the supply of medicin
schedule fixed by law for debt reductio
other words, on June 30 last we
was exceeded by $2,096,000,000. In
. This excess debt reducschedule
the
over $2,000,000,000 ahead of
- were
saving in interest of nearly
tion represents an extraordinary annual
Semi-Annual Meeting of Business Organization of Govern
we have seen three sub$100,000,000. And in the same period of time has been accomplished
ment—President Coolidge on Budget—Favors Adequate
This
.
taxation
of
rates
in
ns
reductio
stantial
service rendered by the Federal
Preparedness But Opposes Militaristic Policies.
not at the expense of the character of
of that
manifestly and plainly to all for the benefit
nment
Gover
but
the
of
g
ent,
meetin
ss
Governm
busine
nnual
semi-a
the
At
can be applied this
The outlook today is that a large sum
service.
condirect
the
this io
to
ed
If
referr
ge
debt.
n of our
on Jan. 29, President Coolid
current fiscal year to the further reductio
below $19,000,000,000.
nection which the public debt has with the question of realized our debt on June 30 next will stand wellthan
two and one-half
more
We will be then ahead of the schedule
military preparedness, and said:
dollars.
of
billions
elimito
and
debt
public
our
To the extent that we are able to reduce
Public Debt and Military Preparedness.
nate the vast charges of interest thereon, to that extent are we adding
of military
ng
lighteni
we
are
extent
same
has a direct connection with the question public debt
the
to
debt
and
public
ness,
The
military
prepared
our
to
we are able to reduce our
the burden of the people of this country. Probably of all the great preparedness. To the extent that
n. and to eliminate the vast charges of interest thereon, to that extent arc
nations of the world, we are in the most fortunate financial conditio
and to the same extent are we
from
should,
we
reasons,
nt
importa
we adding to our military preparedness; country. Probably of all the
But, aside from the many and other
this
of
could
people
which
the
any
of
gesture
from
burden
the
refrain
ng
alone,
nt
l
lighteni
a financia standpoi
conare in the most fortunate financial
possibly be construed as militaristic. There are in this nation people great nations of the world, we
and other more important reasons,
.
dition. But, aside from the many
who advocate policies which would place us in a militaristic attitude
gesture
nt alone, refrain from any
There are others who beguile themselves with a feeling of absolute we should, from a financial standpoi
as militaristic. There are in this
are
which could possibly be construed
safety and preach a doctrine of extreme pacifism. Both of these
which would place us in a miliand
nation people who advocate policies
dangerous to our continued peace and prosperity. What we need
In taristic attitude. There are others who beguile themselves with a feelall that we need for national protection is adequate preparedness.
a doctrine of extreme pacifism. Both
that is reflected our traditional attitude toward all nations. It contains ing of absolute safety and preach
ed peace and prosperity. What
of these are dangerous to our continu
no gesture of offense and no gesture of weakness.
protection is adequate prenational
we
for
nation
a
need,
As
we
•
•
•
that
ness.
all
and
prepared
we need,
I am for adequate military
act paredness. In that is reflected our traditional attitude toward all naany
from
refrain
we
Should
only
Not
peace.
of
are advocates
s.
t, but
of offense and no gesture of weaknes
which might be construed as calling for competition in armamen com- tions. It contains no gesture preparedness. It is a question to which
such
I am for adequate military
rather should bend our every effort to eliminate forever any s in this
the
to
in my recommendations
interest
I always give the most serious thought
petition. We can not and should not divorce our own
Commander in Chief of the Army
Congress in the budget message. As
direction from the interests of other nations.
this nation has an emphatic
of
and of the Navy, the Chief Executive
are advoThe President pointed out that five and a half years responsibility for this phase of our welfare. As a nation we
we cates of peace. Not only should we refrain from any act which might
ago, "when we set about to put our finances in order,
should
rather
but
t,
He be construed as calling for competition in armamensuch
competition. We
were faced with a public debt of $23,977,000,000."
effort to eliminate forever any
every
our
bend
we
n from
noted that "we have seen that debt reduced by more than can not and should not divorce our own interests in this directio
Rather should we view the matter from
$4,334,000,000 in the five years which ended June 30 last" the interests of other nations.
nations. Surely the best interfor the standpoint of the best interests of allthe
channels of public welfare
and that "in these five years the schedule fixed by law
to
g
directin
in
found
are
all
ests of
results.
debt reduction from our ordinary receipts was exceeded moneys which would otherwise be spent without reproductive
ent.
Improvement in Business Operations of Governm
by $2,096,000,000. In other words, on June 30 last we were
in the business operations of our
There has been great improvement
over $2,000,000,000 ahead of the schedule. This excess
Congress
is due primarily to the establishment by the the real
This
ent.
Governm
saving
y
annual
the nation's business. But
debt reduction represents an extraordinar
a scientific plan for carrying on
of
e
executiv
the
by
n of this plan
In interest of nearly $100,000,000." The President also accomplishment has been in the executio
the unwavering support of its general
with
ent
Governm
seen
have
we
the
time
of
of
period
branch
same
observed that "In the
We have learned that impulsive
principles by the legislative branch.
three substantial reductions in rates of taxation. He recommendation or impulsive action is out of harmony with good busieffort to make each dollar count
added that "the outlook today is that a large sum can be ness administration. In these days of thought
and mature deliberation.
mature
of
lesson
the
ion
r
learned
reduct
the
to
have
furthe
we
applied this current fiscal year
weight to each of our requirements and are
relative
giving
are
We
And
of our debt. If this is realized" he said "our debt on June measuring them in the light of their real importance and necessity.
forward and building for the
30 next will stand well below $19,000,000,000. We will be upon this same principle we are looking
lf future.
of this successful effort
then ahead of the schedule more than two and one-ha
It is rather difficult to visualize the real effect
es
promis
that
year
"this
stating
While
of the Government. We see
."
billions of dollars
for constructive economy in the business
a sur- certain tangible results, but there are others equally, if not more, ima substantial surplus, and we have every hope for
our public debt. There
portant. We can visualize the vast reduction in
said:
ent
Presid
the
year,"
substantial reductions
plus the next
is brought home to us the benefits of the three
pera
further
be
not
can
there
or
whether
forecast
the firm grasp which we have taken
know
It is too early to
We
.
taxation
of
rates
in
made
near future. We are waiting a test
there are other things not so apparent
manent reduction in taxes in the
act of 1926. But what we can, on our expenditures. But
since
of the producing ability of the revenue
this country has been increasing from year to year
in
ty
Prosperi
ture
on
grasp
our
firm
expendi
a
keep
closed was one of
should, and must do today is to
depression of 1920. The calendar year which just
the
favora
of
full
the
reap
to
benefits
Your
are
we
if
nation.
this
program. This is essential
unprecedented business prosperity in the history of
n. The reduction
able revenue under the existing law.
efforts contributed materially to this favorable situatio own income for
in taxes gave the people a greater proportion of their more money to
The President's address follows:
d
s
these
In
ation:
investment in profitable industry. It thereby returne
Busines
Organiz
ent's
Governm
aside from all
Members of the
h them with knowledge the channels of agriculture, trade and commerce. And
I
approac
gement.
encoura
ns of the
real
a
operatio
find
I
cal
meetings
economi
the
e
which
influenc
d
great
is
future.
the
the
for
increase
hope
this
with
of
of what has been done. I leave them
people of this country. An exthe
on
had
have
ent
ns
of
the
ent.
Governm
operatio
Governm
Federal
business
necessarily has an
We gather here to consider the
aims, so that all may contribute travagant and poorly managed central Government
influence flows
It is here we discuss our policies and
e on its people. And just the reverse
t
the
colossal
influenc
most
We
represen
adverse
ent.
fulfillm
their
to
Government.
understandingly
central
aged
well-man
and
every
ered
s
touch
almost
Its activitie
from a well-ord
the transaction of our
business organization in the world.
is important that we proceed along
One of the great lessons we have learned in
known interest. Because of this it
Coordination in any business
effort.
ted
nt
coordina
more
when
even
of
importa
the
is
value
becomes
business
this
is no exception. For
definite business lines. And
object of our operations—the is essential to success. The nation's business establishments operated
we pause to consider the one and only
profit of our labors go to the many long years the executive departments and common good of all.
The
people.
n
America
the
the
welfare of
ion for loyal, faithful and devoted independently, with little or no concern forthings has disappeared. In
people. This is our constant inspirat
of
This is no longer the case. The old order
e branch of the Governservice.
executiv
of the Federal Government we its place we have a well coordinated
ental prerogatives
In speaking of the business operations
bility attaching to ment. Departmental lines have given way and departmwhich are adopted
of
responsi
amount
the
with
ed
practices
are not greatly concern
with the manner in which that have willingly surrendered to policies and
disposal of the
the
at
s
an office. Rather are we concerned
e of our duties that for the best interests of all. The facilitie
In
responsibility is discharged. It is in the discharg
inary both in class and character.
extraord
of
the
are
ent
Federal
Governbusiness
Governm
Federal
vast
profession
we find success or failure. In the
ted the highest talent of science,
represen
e.
the
in
This
aggregat
are
product
l
the
our
personne
measure
ily
not alone department we must necessar
No matter how high or and trade. We are utilizing our facilities and talent
aggregate is the sum total of all of our efforts.
and my best wishes for
You carry with you my very warm regards
n."
success and happiness in your new occuptio
730
TH1 CHRONICLE
mentally but interdepartmentally. The extent to which we are doing
this is increasing as our vision of its possibilities is enlarged.
Coordination has brought a clearer conception of what is required
of us—a clearer conception of what our real duty is. For your assistance in coordinating the routine business of Government we are maintaining certain coordinating agencies. These in effect are your agencies,
their business is your business and the work they are doing is your
work. I refer to the chief coordinator, his assistants and the several
coordinating boards. They are rendering valuable service and I urge
you to give them your hearty cooperation.
We are gradually but surely covering the ground for standardization
of methods and practices to cover operations which are common
throughout the service. Standardized Federal forms are replacing the
individual departmental forms. We are still in the period of transition,
but the foundation has been well laid and we are building on that.
Expenditures Since 1955.
Keeping pace with the improvement in our business operations is
an improvement in our physical plant. This has been made possible
by holding down our ordinary current requirements so that v,'e could
make profitable investment. The building programs prescribed by the
Congress will extend over a period of years. The cost is thereby
wisely distributed so that it can be absorbed without embarrassment.
The completion of these programs will remove an overhead cost and
effect a permanent saving. This is wise spending. It will bring a real
profit, which is the essence of constructive economy.
In all directions we are taking up the slack. We are striving in this
way to provide for enlargements in existing necessary lines of effort
and for the assumption of the cost of additional projects essential to the
public welfare without materially increasing the sum total of our annoel expenditures. We are having a fair measure of success in this.
In 1925 we spent $3,529,000,000; in 1926, $3,584,000,000; and it is now
estimated that we will spend in 1927 $3,643,000,000 and in 1928
$3,572,000,000.
With a full Treasury and revenues at flood it requires courage to
continue along the lines we have been following these last years. I am
speaking not alone from an executive standpoint, but also from a legislative one. I realize the great pressure for increased appropriations
brought upon the Congress and I realize the enviable record whichit
has made in supporting the principles of its budget law. It is significant that the Congress has not granted the total amount requested in
any single budget. It is pleasureable and easy to give. It is difficult
to withhold. If the Treasury vaults were thrown open and its accumulated capital drawn upon until not a dollar were left, even then would
we not be able to satisfy the demands that probably would be made from
various groups and from various localities. And who will say that
these demands may not have justification? Projects that eventually
will be resolved into completed works, purposes and policies that in time
to come must be adopted and financed, if accepted
in their entirety
today, would throw a tax burden upon the people that would cripple
business_ check prosperity and convert our annual surplus into
an
annual deficit. What needs to be done should be done.
Great developments are sure to come. They should come, however,
as the result
of orderly procedure with an eye always to the best interests
of the
taxpayers. For extravagance and unnecessary provision—
a waste of
the people's money—there is no justification. I
intend always to recommend sufficient appropriations to do what is necessary
to
what should be done. If I err in my judgment I prefer be done and
to err on the
side of saving rather than on the side of spending.
(Vol. 124.
the Government. From this has accrued the yearly surpluses which
have been invested in the further reductions of the national debt and
the profit arising therefrom through reduction in interest. These
surpluses would not have accrued had the business of government not been
well managed.
Too Early to Forecast Further Tax Reduction.
This year promises a substantial surplus, and we have every hope for
a surplus the next year. It is too early to forecast whether or not
there can be a further permanent reduction in taxes in the near future.
We are waiting a test of the producting ability of the revenue act of
1926. But what we can, should and must do today is to keep a firm
grasp on our expenditure program. This is essential if we are to reap
the full benefits of a favorable revenue under the existing law.
In planning your next year's expenditure program keep constantly
in mind the necessity of holding the level of spending to a degree
consistent with efficient and productive results. Every dollar wasted,
every penny misspent, is confiscation of capital—a withdrawal of working funds from the field of useful development and production. And in
giving consideration to plans or proposals for enlarging the functions
and activities of the Government apply to them the measure, not of
desirability, but of necessity.
In making your apportionment of funds for the coming year, I want
to emphasize again the necessity of setting aside a reasonable amount
in reserve to meet the contingencies which may happen during the year.
We have found this a profitable practice. These reserves should
not be
released to meet ordinary or routine requirements. The true spirit of
the eeserve of which I speak is to have something in hand
to meet contingencies. If these do not arise, the reserves are then reflected
in a
direct saving. They always reflect an indirect saving
to the extent
that they make it unnecessary to call upon
Congress for additional
funds.
Reduction in Government Crisis.
Six years ago the costs of the Government were
over
or $51 per capita. Total taxes were nearly $4,900,000, $5,500,000,000,
000. The index
figure of the cost of living was over 190. To
initiate a policy of constructive economy at that time required a great
courage. To
deal
all appearances it was almost impossible of accomplish of
ment. The time
when it would give any actual relief seemed to
be so far in the distance that there was little incentive to make the
required sacrifices to
secure it. In this short period of time the
progress has been nothing
less than astounding. We have reduced the costs
of the Government
nearly $2,000,000,000, so that they now stand
somewhat over $3,500,000,000. The per capita costs have been reduced
more than $20, so
that they now stand at somewhat over $30. The
total taxes have been
reduced about $1,500,000,000, so that they are now
just over $3,400,000,000. This is a saving of $5,000,000 for each
working day. The
index cost of living has come down to 176.
This readjustment of the finances of the Governmen
t has been a large
contributing factor in the prosperity which the country
has enjoyed.
Out of our surplus earnings we have paid off nearly
a quarter of our
national debt and furnished billions of dollars to
stabilize and refinance
other parts of the world. Meakured by its productive
capacity and by
its distribution in wages and its results in the
general raising of the
standards of living, it is far in excess of anything ever
enjoyed before
by any people anywhere at any time. If we had the
this policy when its beneficial results appeared to be courage to adopt
far in the future,
now that we are in the midst of their enjoyment we
ought to have the
courage and the self-control to continue it. There is not
a home anywhere within the broad confines of this republic which
is not better
off because of the services which you have rendered
which you have made. These results are unpreceden and the sacrifices
ted in the financial
history of the world. They have placed America
at the pinnacle of
success and prosperity. It is our business to do
our part to keep it
there.
Business Administration of Government.
In business administration the matter of personnel is
of first importance. It is a matter in which justice to the employes
and justice to
the people must be equally conserved. It is the
money of the people
which pays the salaries of our employes. These salaries
constitute the
largest single item in our overhead costs. The Federal
service should
be adequately manned, but not over-manned. It may be
impossible to
secure this exact level, but every effort should be made to
approximate Director of Budget, Brigadier-General Lord on Accomit. Since the end of the fiscal year 1921 the number
of
plishments of Bureau—Surplus
the Federal executive civil service, excluding the Postal employes in
Applied Toward
Service, has
been reduced 70,000. This has not impaired efficiency of
Reduction of Debt.
operation.
Rather has it been one of the contributing factors in
The record of what has been
increasing
accomplished during the
efficiency.
period of budget control was dealt
The chief incentive for perfecting new and improved
with in the remarks of
methods of Brigadie
business is reduction in cost. That incentive, which exists
r-General H. M. Lord, Director
everywhere
of the Budget, at
in private business, should certainly exist in the business
of the Federal the semi-annual meeting on Jan. 29 of
the Business OrGovernment. We are serving more stockholders than any other
busi- ganization of the
ness. When reductions of force are justified, they must be made.
Government. He stated that "despite
This
does not mean that we have no concern in the welfare of employes
sep- persistent efforts to reduce revenue by cutting taxes to a
arated from the service by reason of reduction in force.
point barely sufficient to meet our actual
I
have
recently issued an executive order that the names of those so
demands we
separated seem helpless in
having satisfactory efficiency records be placed upon the
the face of the country's continuing prosre-employment
registers of the Civil Service Commission and that
perity.
Reduction in taxes" he said "has come to be almost
all new appointments be made from the qualified eligibles thereon
until the registers synonymous with increase in revenue.
have been exhausted.
At the end of each
year we are called upon to determine what
The Government has given evidence during the
to do with
last few years of its
continuing interest in the welfare of its
employes. The recently surplus millions. Our great but diminishing national debt
amended retirement act has materially improved
the financial outlook solves for us the problem. We
can put the surplus there,
for those employes who leave the service because
of age. The new thus
travel-allowance law has provided adequate rates
reducing our. interest costs by many millions, and
of reimbursement for
those traveling on the business of the Government
The classification thus in turn contributing to the development of a similar
act of 1923 is continually operating to improve the
salary status of the surplus and the creation of a similar
personnel in the executive departments and
problem at the end
independent
We are concerned with the question of adequate and establishments. of the next year." In part the "Herald-Tribune"
proper salaries
quotes
for our employes. This is both a natural and a necessary
the director-general as saying:
interest.
In the last fiscal year there were 21,486 employes at
the
seat
"The
of
govsixth
annual budget is now before Congress. The estimates in
ernment in grades 1 to 4 of the clerical administrat
ive and fiscal ser- the six budgets total $22,741,682,205.02, which
is $1,492,458,996.68 less
vice, with a salary ,range from $1,140 to $2,040. They
than
comprised
was
46
asked
by the executive departments. In that billion and a
per cent of all employes classified under the act of March 4,
1923, and half overestimate are buried proposals that never should have been
salary
average
$1,549.
was
their
The average salary in that
year of seriously considered. Generous contributions to that vast total
were
8,039 employes of banks, financial institutions and insurance
companies made by executives newly identified with the government service. New
in nine of the largest cities east of the Mississippi River, with
in the field and eager to do something, they called for liberal appropriaduties
comparing fairly with those of theGovernment employes in
the four tions for all sorts of things, some of them wise and meritorious,
others
grades mentioned, was $1,329. This shows a difference of $220
per new, novel, unnecessary and impracticable.
year in favor of these employes i n Washington. Since the field set'If the responsible people in the departments would show a little
salary
comparable
basis,
this
a
vines are on
favorable difference applies more discriminat
ion in their asking, the amazing difference between the
bS the much larger number of employes performing the same kind of departments'
estimate and the President's submission to Congress would
service in the field.
be measurably reduced.
The Federal Government exists only for the good of the people. If
• • •
we do not make every dollar count in doing the needful things, we
"Since the
War we have had but one deficit.
unduly enlarge the amount required from the people. The same is true According to end of the World
the school boy, a deficit is what you've got when you
if we unduly enlarge the functions of the Government. In spite of
haven't as much as you had when you didn't have anything. Well,
three substantial reductions in tax rates, we have taken from the people that's what we had
in I919—a deficit—and it was a robust one.
something more than actually necessary to carry on the business of that fiscal year-1919—our expenditur
es exceeded our receipts by
731
THE CHRONICLE
FEB. 5 1927.]
D AS TO CORPORATION
surplus STATEMENT OF INCOME TAX (SEPARATE
THE CALENDAR
$13,370,637,568.60. In 1920, however, we swung into our
AND INDIVIDUAL) COLLECTED DURING
.67. A great
stride and ended the year with a balance of $212,475,197
YEAR 1925.
$212,000,to
year
one
in
red
the
000
in
reversal that-from $13,000,000,
that 1920 surplus,
Total.
Individual.
000 in the black the next. In 1921, on the strength of
Corporation.
States.
with a
taxes were reduced, and June 30, 1921, we emerged triumphant
49
58,100,042
00
61.
$3,074,898
$86,723,771.
55,025,14449
Alabama
reduced surplus, but a surplus nevertheless, of
1.537,55708
618,089 16
919,467 02
this on the Arizona
19
"The surplus at the end of 1922 was $113,801,651.10, and
3,054,290 09
1,937,873
98
2,306,362
belonged to the Arkansas
97.077,017 27
48,248,680 73
48,828,336 54
heels of tax reduction. This surplus, like the others,
showed a sur- California
12,581.038 15
4,549,814 81
8,031,223 34
taxpayers and was handed back to them. The year 1923
Colorado
27
28,308,582 15
14,044,944
year
fiscal
The
14.263,63788
Connecticut
plus of $309,657,460.30. The taxpayers got this, too.
7,658,496 76
2,068,565 97
79
4,689,930
$505,366,billionDelaware
a
half
than
16.803.14988
11,840,042 48
1924 gave us a record surplus, more
4,963,107 20
Florida
went
it
but
distribute,
to
money
11.971.67200
of
sum
96
large
4,196,395
very
7,775,277 54
986.31. That was a
Georgia
5,705,542 92
1.677,918 92
4.027,62400
Hawaii
back to the people who contributed it.
1,158,027 05
289.933 85
868,093 20
tax reduction Idaho
"For the next year-1925-notwithstanding another
164,121,784 34
70,334,558 95
03.787,22575
and
Illinois
taxpayer,
the
for
.33
23,328,648 99
12
8,499,683
87
measure, there was a surplus of $250,505,238
14,828,965
an excess of receipts over Indiana
10.893,082 56
4,511,052 94
6.382,02962
he got it. We closed the year 1926 with
15,006,376 33
the other Iowa
3,414,483 53
11,591.892 80
Kansas
expenditures totaling $377,767,816.64, which has followed
14.588,90345
44
4,874,971
01
9,713,932
These
taxpaying citizen.
Kentucky
12,032,187 41
4,829.144 39
surpluses through the channel of relief to the
7,203,043 02
Louisiana
from
saved
21.96
7,828,340 56
2.825,84995
61
5,001,490
various surpluses added give a total of $2,056,208,1
Maine
the
to
credited
is
52.68
$1,757,099,1
total
expenditures. Of this great
Maryland, Incl. Dist.
38,276,437 91
19,528,866 52
no
93
is
there
that
18,747,571
statement
President's
The
Columbia
control.
of
period of budget
98,520,190 69
46,218.969 71
53.301,22098
of the Fed- Massachusetts
102,535,814 86
37.554,64533
business body more efficient than the business organization
64,981.169 53
Michigan
23.862,10895
9.985.070 11
84
13,877.038
eral government is supported by this wonderful record.
Minnesota
3.467,635 56
1,867,384 60
proten- Mississippi
1,600,250 96
"The World War debt on August 31, 1919, reached its most
44.472.09823
14,406,416 95
28
30,065,681
dropped
had
it
last
31
December
Missouri
48.01.
1,933,448 97
846,483 65
tiou proportions-$26,596,701,6
32
1,086,965
337.35, a reduction in Montana
6,046,886 76
2.518,20808
3,528,678 68
-not dropped but brought down-to $19,074,665,
year, from Janu- Nebraska
477,689 86
203.298 71
calendar
last
the
In
15
10.66.
274,391
$7,522.036,3
of
years
seven
2,915,528 70
1,640,684 71
by $1,173,504,301.08, Nevada
1,274,843 99
New Ilampshire
ary 1, 1926, to December 31, 1926, it was reduced
67,440,004 64
34,126,184 82
82
33,313,819
00
$1,000,000,0
a
of
prospect
the
Jersey
to
New
attention
710,690 75
355.884 16
and the President has called
354,806 59
New Mexico
528.796,90503
319,734,204 79
209,062 700 24
cut this fiscal year.
16,445,345 98
in the New York
4.960.566 24
and
surpluses
of
74
array
11,484,789
imposing
this
in
however,
is,
Carolina
North
"There
645,262 80
339,643 54
405,619 26
in the
melting away of the debt no warrant for any relaxation whatever debt is North Dakota
100,348,420 16
36,447,238 42
63,901,181 74
Our national
Ohio
12.084,830 36
6,627,013 64
72
effort for greater economy with greater efficiency.
5,457,816
Oklahoma
every way possible.
6,448,030 03
2,469,859 23
3,978,170 80
too big by billions. It should be lightened in
190,529,556 30
87,679.286 07
one year Oregon
102,850,270 23
Pennsylvania
"At a meeting of the Federal Business Organization, held
13,662.71002
31
7,499.453
71
6,163,256
time Congress was Rhode Island
5,117,522 03
ago, we organized the One Per Cent Club. At that
1,190,149 54
3,927,372 49
to meet South Carolina
917,033 99
427,709 49
489,320 50
engaged in tax reduction. To help the President and Congress
South Dakota
estiyour
28
reduce
11,324,154
to
28
asked
were
4,255.078
you
00
7,069,076
whatever contingency might arise
Tennessee
32,082,591 61
13,379,138 88
forty-three
73
the
Of
18,703,452
1%.
than
less
not
by
year
the
for
Texas
mated expenditure
78
3,492,199
25
610,668
53
2,881,531
2.853.281 13
departments and establishments that make up the government's execu- Utah
1,321,812 35
1,531,468 78
the One Vermont
15,303,615 34
4,163,386 17
17
11,140,229
tive organization, thirty-two qualified for full membership in
expendi- Virginia
Per Cent Club. Eleven of the thirty-two cut their estimated
Washington, including
12,168,811 87
3,570,091 35
8.598,72052
Alaska
ture by more than 5%. The White House and the Budget Bureau
11,410,580 42
4.053,84202
7.356.737 50
Virginia
West
26.976,193 13
class.
21
5%
8.206,387
the
are in
18,769,805 92
Wisconsin
1,393.857 53
510,390 16
883,467 37
"We have in mind the organization of a new and different kind of Wyoming
Federal club--a correspondence club. The Federal Specifications Board
3869,435,917 89 81.825.704.13503
04
218
3956,258
seven.
to
twelve
from
use
Total
government
has reduced the kinds of ink for
ce
Study of the great and increasing mass and mess of correspondenthe STATEMENT OF INCOME TAX (SEPARATED AS TO CORPORATION
with which the government is afflicted makes one almost wish that
DURING THE CALENDAR
AND INDIVIDUAL) COLLECTED
one
,
specifications board had limited the varieties of ink to one, and that
YEAR 926.
temptaalluring
are
the invisible kind. Stenographers and typewriters
or
page
a
use
We
prolixity.
and
Total.
Individual.
tions to verbosity, loquacity, garrulity
Corporation.
Stales.
or two and use
two to say what should be expressed in a brief sentence
88.934,01608
or better be left Alabama
32,082,903 27
71
well
55,851,113
as
just
might
what
say
to
two
or
sentence
brief
a
1,646,622 65
653.340 02
993,282 63
Arizona
unsaid.
5,166,829 71
2,112,53962
3,054,290 09
re- Arkansas
108,090,054 06
49
46,487,204
57
"Unnecessary correspondence, redundancy, repetition, duplication,
61,602,849
money annu- California
12,257,772 73
3,918,517 02
8,339,255 71
iteration are costing the Federal Treasury a great deal of
Colorado
31,747,900 40
15,273,775 06
16.474,125 34
cost in time and sup- Connecticut
ally. The fault is so universal in the service, the
11,913,619 28
55
3,125,068
73
8,788,550
be
attempt will
Delaware
46.678.668 47
plies so great something must surely be done, and an
28,998,920 30
17,679,748 17
ce. I present Florida
14,164,922 04
4.461,73843
61
9,703,183
made to curtail and improve government corresponden
5,835.947 26
you give thought to Georgia
1,111.283 30
4,724,663 90
Hawaii
it to you at this time with an earnest appeal that
1.443,43545
222.080 17
1,221,355 28
suggestions you Idaho
the subject and furnish the Director of the Budget
192,101.24700
77,833,567 07
93
114,267,679
Illinois
effort."
this
organizing
17
in
27.473.092
05
helpful
8,757,781
think may be
18,715.311 12
Indiana
Iowa
Kansas
Federal Income Tax Collections in 1926 Exceed 1925
Collections by $346,423,185.
Federal income tax collections in 1926 (on 1925 incomes)
aggregated $2,172,127,321 and compared with $1,825,704,136
collected in 1925-an increase of $346,423,185. Of the 1926
totals $1,256,793,286 represented corporation taxes and
$915,334,036 individual tax payments. These figures compare with $956,268,218 paid in 1925 by corporations and
$869,435,918 paid by individuals. New York led collections in 1926, paying $618,415,054, of which $276,299,218
came from corporations and $342,115,836 from individuals.
While the income tax collections in 1926 showed increases,
miscellaneous taxes collected in 1926 amounted only to
$698,160,578, against $868,552,110 in 1925, a decrease of
$170,392,531. The following summary of income tax
collections in 1925 and 1926 was made public by the Bureau
of Internal Revenue at Washington on Jan. 26:
SUMMARY, INCOME TAX-CALENDAR YEAR 1925.
Quarter Ended-
Corporation.
Individual.
Total.
Mar. 31
June 30
Sept. 30
Dec. 31
$255,519,132 21
237,215,713 20
231,068.867 12
232,464.505 51
5263,722,799 77
224,596.757 28
193,260,185 96
187,856,174 88
5519,241,931 98
461,812,470 48
424,329,053 08
420,320,680 39
Total
1988.268,21804
5869.435.917 89
8182.570e 17c n,
Kentucky
Louisiana
Maine
Maryland, incl. Dist.
of Columbia
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington, including
Alaska
West Virginia
Wisconsin
Wyoming
Total
7,575,604 15
14,163.434 06
9,806,820 75
8,410,819 23
5.715,28523
4,253,817 38
3,375,980 65
6,235,580 49
5,673,550 15
3.393.836 54
11,829,421 53
17.639,394 71
16,042,401 24
14,084,369 38
0.108,12177
25,339,377 93
56,813.882 09
108,869.297 36
21.435,64758
2,337,846 27
39.587,22257
1,470,247 34
3,983,528 97
260.534 27
1,428,272 50
43,653,405 88
369,563 70
276,299,217 78
14,354,580 15
562,712 44
83.519,97739
9,287,819 03
4,026,097 97
130,040,325 09
8.234,420 07
3,221,738 13
549.299 60
8,940,445 97
28,293,907 37
3,039,550 76
1.613,381 39
15,595,794 78
19,208 776 43
47.266,37884
38,816.774 25
7.834,45859
1,232,136 45
17.072,917 19
767.353 09
2,258.634 38
189,601 05
1,588,842 38
34,558,821 23
246,509 22
342,115.836 67
4,746,030 83
263,539 33
36,280,041 21
11,119,458 63
2,258,727 44
83,378,629 71
6,592,940 83
695,261 04
288,612 94
3,785,432 21
12,923,802 43
740,528 66
1,100,944 36
4,018,826 97
44,548,154 38
104,080.280 93
147.686,071 61
29,270,106 17
3,569,982 72
56,660.139 76
2,237,600 43
6,242,163 35
450,135 32
3.017,114 88
78,212,227 11
616,072 92
618,415.043 45
19,100,610 98
826.251 77
119,800,018 60
20.407,27766
6,264,825 14
213,418,954 66
14,827.360 90
3,916,999 77
837.912 54
12,725,878 18
41,217,709 80
3,780.079 42
2,714.325 75
19,614.621 75
9,767,143 79
10,988,966 09
24,493,324 01
1,128,384 41
3,212,104 92
3,034.055 76
8,501.132 96
386,461 46
12,979,248 71
14,023,021 85
32,994.456 97
1,514.845 87
51,256,793,285 05
3915,334,035 48
82.172.127,321 43
An increase of $251,859,624 in the total collections of
internal revenue during the fiscal year ended June 30 1926
(the above figures are for calendar years) as compared with
SUMMARY, INCOME TAX-CALENDAR YEAR 1926,
the yield for the previous fiscal year, despite the reduced
tax rates, was shown in a preliminary statement of
income
Individual.
Corporation.
Total.
Quarter Endedthe Commissioner of Internal Revenue. According to this
$575.386,583 90
$248,735,739 86
$326,650,844 04
Mar. 31
, made public Sept. 27, the total internal revenue
statement
46
249.272,306
50
96
304,795.517
554.067,823
June 30
213.001,03929
319.582,81709
532,583,856 38 collections from all sources in the late fiscal year were
Sept. 30
204,324,949 87
510,089,057 19
305,764,107 32
Dec. 31
$2,835,999,892, as compared with $2,584,140,268 for the
5915,334,035 48 $2,172,127,321 43
51,258,793.285 95
Total
fiscal year ended June 30 1925. The late year's collections
8346.423 ten so
$45,898,117 59
5300,525.067 91
increase. 1926
include back tax collections totaling $404,537,468. On the
as
other hand, the tax refunds amounted to $174,120,177. The
furnished
follows
by
are
the
States
by
details
The
collections from income tax in 1926 were $1,974,104,141, as
Bureau:
732
THE CHRONICLE
compared with $1,761,659,049 in 1925-an increase of
$212,445,092. Further below we give the internal revenue
receipts by States, from which it will be seen that more than
25% of the total 1926 yield of $2,835,999,892 was contributed
by New York State, the receipts from that State totaling
$733,729,534, of which $569,505,487 represented income tax
and $164,224,047 miscellaneous taxes. In our issue of
Nov. 6 (page 2349) we referred to the income tax yield for
1924. We give herewith the statement issued in September
by Acting Commissioner C. R. Nash:
[VOL. 124.
second Installments of the tax on the returns of net income
for 1925, together with additional collections on assessments made for
prior years.
A comparison of the quarterly receipts from the tax on
Incomes during
the last two fiscal years is as follows;
1924.
1925.
Quarter ended Sept.30
-$399,963,367 54
$424,329,053 08
Quarter ended Dec. 31
380.641.27961
420,320,880 39
1925.
1928.
Quarter ended Mar. 31
519,241,931 98
575,386,583 90
Quarter ended June 30
461,812,47048
554,067.823 96
Miscellaneous Taxes.
The collections in 1928 and 1925 from miscellaneous taxes,
which include all sources of internal revenue except income
tax, were as follows:
1926
$881,895,750
88
TREASURY DEPARTMENT.
1925
822.481,21873
Office of Commissioner of Internal Revenue.
Increase
$39.414,532 13
Washington, D. C., Sept. 8 1926.
A comparison of quarterly receipts from miscellaneo
have the honor to submit the following preliminary statement
us taxes during the
relating to the collection of internal revenue for the fiscal year ended last two fiscal years Is as follows:
1924.
1925.
June 30 1926:
Quarter ended Sept.30
$222,655,456 70
$267,372,008 80
Quarter ended Dec. 31
Total Collections, 1926 and 1925.
228,403.711 84
229,759.051 20
The total collections of internal revenue from all sources for the fiscal Quarter neded
1925.
1926.
Mar. 31
178,076,403 42
195,702,803 07
years 1926 and 1925 were as follows:
Quarter ended June 30
193,345,646
77
189,061,887
79
1928
32.835,999.892 19
The principal increase during the year in the
revenue from miscellaneous
1925
2,584.140.268 24 taxes was on account of tobacco and tobacco manufacture
s,which amounted
to 325.419.227 91. The States reporting
the largest collections from
Increase
$251.859.623 95 manufactures of tobacco were as follows:
The revenue Act of 1926 provided for an increase in rates of corporation
Income tax from 124 to 13%. effective for the tax year 1925. and a further
Manufactured
Increase to 13%%, effective for the incomes earned In the year 1926.
Tobsacconuffrd
States.
Under the revenue Act of 1926 the normal income tax rate on individuals
Cigars.
Cigarettes.
Who are citizens or residents of the United States Is 1%% upon the first California
$452.795 10 *9.302.88780
335,813 78
$4,000 of net taxable income. 3% on net taxable incomes between $4,000 Delaware
415,409 79
14 98
409,720 92
and 38,000, and 5% on net taxable Incomes above $8.000. compared with Florida
4,089.643
38
11,532 80
57607
Illinois
the corresponding rates of 2. 4 and 6% provided for by the revenue Act Indiana
644.18693
18.861 07 6,029,781 52
1,042,598 48
22 90
of 1924. The surtax rates were reduced from a maximum of 40% appli- Kentucky
77,175 25
505,214 54 1,287,638 70 6,523,610 00
cable on the amount of net income in excess of $500,000 to 20% applicable Maryland
795,041 29
402
86567
on the amount in excess of $100,000, the reductions beginning with net Massachusetts
772,103
86
17,019 68
78,071 09
Michigan
2,024,002 85
Incomes of $26,000. The earned income provision of the Act of 1926 allows Missouri
59,923 61 2.845.423 41
194.224 16
92 34 10,559,568 21
a 25% reduction in tax liability on earned net income of not more than New Jersey
3.738,890 12 20,485,899 53 4,357.819
$20.000, the maximum amount being $10.000 under the revenue Act of New York
4.213.810 50 28.792.271 27 1,508,611 28
39
North
Carolina
1924. The revenue Act of 1926 provided for an Increase in the personal Ohio
164,716 63 149.637.30600 22,271,553 75
2.682,117 18
980 31 9,505,473 58
exemption from $1.000 to $1,500 in the case of a single person, and from Pennsylvania
11.538.049 02 9.734.203 02
804,581 88
22,500 to 33.500 in the case of a head of a family or a married person living Tennessee
447,314 67
21 BO 3,453,943 45
Virginia
with husband or wife.
1,403.051 89 35,562,424 02 3,759,013 80
West
Virginia
278.308 04
12000 00 2 r112 055 as
The revenue Act of 1926 provided for the repast of and for reductions
in the rates of various miscellaneous taxes which also affected the revenue
The taxes on tobacco products, such as cigarettes,
cigars. &c., and
receipts for the last few months of the fiscal year 1926. The Act reduced automobiles and certain other miscellaneous
taxes, are payable by the
the rates of tax on the net Estates of decedents with an exemption of $100.- manufacturers and are credited to the offices
of the collectors where the
000 Instead of 5.50,000 and a maximum credit of 80% Instead of 255 for payments are made. Many of these articles are
distributed for consumpestate, Inheritance or legacy taxes paid to States. effective Feb. 26 1926. I ion or sale throughout the country. The taxes
on such articles, therefore.
The Act also provided for making refunds on amounts paid on net estates ,an not be considered as being 'erived wholly
from the States in which
taxable after June 2 1924 in excess of the rates provided In the revenue Act
ollection is made.
of 1921. The revenue Act of 1926 repealed the gift tax, effective Jan. 1
There was an increase in cone( lions on passenger automobiles
and motor
1926, with provision for making refunds of such taxes paid since June 2
ycles amounting to *18.991.69662 and a decrease in collections
on auto1924 under the provisions of the Act of 1924 in excess of the rates pro- mobile trucks and wagons, tires, parts or accessories,
amounting in the
vided for in this Act. The enactment of the revenue Act of 1926 requited aggregate to 35,523.247 12. The States reporting
the largest collections
In a reduction in the rates of tax on all classes of cigars. effective March
29 from these sources were as follows:
1926. The revenue Act of 1926 repealed the corporation capital stock tax
and other special or occupational taxes. effective July 1 1926. It also reAutomobile
Other Autopealed certain stamp taxes on deeds, conveyances, powers of attorney. &c..
Trucks and
mobiles and
Tires, Parts Of
effective March 29 1926: and various excise taxes, Including taxes on
States.
Wagons.
Motor Cycles. Accessories.
automobile trucks and wagons, tires, parts or accessories, effective Feb.
26 . ialifornia
$137,322 48
$825.105 20
8700,827 06
1926. The Act also reduced the rate of tax on passenger automobiles
3onnecticut
10.908 93
284,186 98
351,427 18
and motor cycles from 5 to 3%. effective March 29 1928. The tax on ad- Illinois
524,492 25 1,183,058 17
962,186 67
missions to theatres and other places of amusement remains the same with Indiana
807.668 26 7,151.493 05
443,518 41
Massachusett
s
28.796 64
the exception that the exemption of amounts paid for admission of 50 cents
472,002 57
954.232 08
Michigan
882.695 22 84,391.992 70 3,256.113 04
or less was Increased to 75 cents or less, effective March 29
Missouri
1926.
91,555 72 1.064,14565
150.837 31
During the fiscal year 1926 tax refunds were made from the following New Jersey
38.784 83 1.002.71527
657.138 72
New York
appropriations.
1.420.397 76 2,800.601 46 2,447.785 91
Ohio
2.678.839 29 7.882,937 78 5.961.317 40
Refunding taxes Illegally collected 1924 and prior years_.._
$737.003 85 Pennsylvania
381.439 17
474.901 39
942.283 16
Refunding taxes Illegally collected 1926 and prior years___ 58,944.780
129.007 05 5.735.014 OS
59 Wisconsin
Ron 210 RR
Refunding taxes Illegally collected 1927 and prior years.,_.... 114,475.022
77
There was a net increase in collections from documentar
y stamp taxes
amounting
to $3,732.426 07. The States reporting the largest
Total
collections
3174,156,897 01 from these taxes were
as follows:
Less amount by which repayments exceeded disbursements
In connection with the appropriation refunding taxes
illegally collected 1925 and prior years
Bonds, Capital
Capital
36,719 27
Sales of
Stock Issues.
Stock
Produce
Conveyances,
Sales or
(Future
Net total
$174.120,177 74
States.
dee.
Transfers.
Delivery).
The above total includes interest allowed on claims under provisions
California
$1,586,095 29
of the Revenue Acts of 1921, 1924. and 1926.
3128,879
11
Florida
2,311,076 88
If the taxes refunded for erroneous or illegal collections for the
fiscal Illinois
2,290,455 08
534,132 07 $2,425.903 29
year 1926 and prior years. amounting to $174.120,177 74, were
304,558 72
12,353 86
deducted Louisiana
343,326 02
Massachusetts
from the gross collections of $2,835,999,892 19, the net
957,201 90
289.994 59
collections for Michigan
716.488 33
39.280 60
the fiscal year would be $2.661,879,714 45. The gross collections, how- Missouri
501.376 91
28,249 91
114,437 50
ever, are used for comparative purposes in this report.
New Jersey
1.156.323 86
2,449 22
New York
The gross collections of $2.835.999,892 19 are comprised
10,252.099 34 15,898,212 17 1,095,791 20
of collections Ohio
1.006,907 11
on current returns amounting to $2,431,462,424 28.
65.109 92
371 BO
and back-tax col- Pennsylvania
1.982.921 28
230.084 86
lections In the amount of $404.537,467 93. The
latter figure is made up
as follows:
There was a decrease in the collections from the tax on admissions
to
Income tax
•$285,358,185 32 theatres and other places of amusement amounting to $6,927,132 43.
Estate tax
20,540,328 39 The States reporting the largest collections from the admission taxes
Gift tax
202,039 87 were as follows:
Capital-stock tax
7.800,434 54 California
Sales tax
21,892,752 78 New Jersey
*683,51840
1,103.268 89 Illinois
Miscellaneous taxes
2,575.197 97 New York
7,782,036 80
132.964 61 Massachusetts
Tobacco tax
1,330.935 88 Ohio
1,109,132 79
195,863 31 M ichigen
Accounts and collections unit:
1.023,051 85 Pennsylvania
1.821,589 97
Missouri
Deputy collectors
674,689 21
$78.500,438 00
Speclal squads
10.704.165 00
The miscellaneous taxes for 1928 include the following collections on
89.204,603 00 account of the Philippine Islands, Porto Rico, and the Virgin
Islands:
Total, fiscal year 1926
Philippine Islands
8790.887 58
8404,537,467 93 Porto
Rico
103 25
1"-•Exclusive of $148,867,165 26 deficiency assessments subject to provision of Virgin Islands
8,85748
1924
Revenue
of
of
Act
and
See.
(d)
279 of Revenue Act of 1928.
Sea. 274
Total
$794,848 29
Income Tax.
In addition to the above amount reported on account of Porto Rico there
The collections from Income tax for 1928 compared with that for 1925 was also collected $992.901 30 from sale of stamps affixed to tobacco
manufactures shipped to the United States, which was deposited in San
were as follows:
1928
$1,974,104,141 33 Juan,P. 11., to the credit of the Treasurer of the Territory of Porto Rico.
1925
1,761,659,049 51
Collections Tinder the Revenue Act of 1926 and Other Internal Revenue
Laws.
Increase
3212,445.091 82
The following is a comparative statement of internal revenue receipts
for
The receipts for 1928 include payments of the third and [myth Install- the fiscal years 1925 and 1926, which are shown as nearly
as possible accordmemts of the tax on the returns of net income for 1924 and the first and ing to the grouping of taxes levied In the revenue Acts
of 1924 and 1926:
FEB. 5 1927.]
THE CHRONICLE
Sources of Revenue—
Title IL—Income tax:
Corporation (a)
Individual
Total
1925.
916,232,697 02 1,094,979,734 17
845,426,352 49 879,124,407 16
1,761,659,049 51 1,974,104,141 33
Title III.:
Part I. Estate tax
Part II. Gift tax
101,421,766 20
7,518,129 32
Title IV.—Tax on cigars, tobaccos, and manufactures thereof: (b)
Cigars
44,077,665 10
Cigarettes
225.142,22541
Tobacco
66,922,388 87
Snuff
6,753,619 76
Cigarette papers and tubes
1,189,408 29
Miscellaneous collections relating to tobacco_ _ _
35,989 12
Total
Title V.—Tax on admissions and dues:
Admissions to places of amusement or entertainment
Club dues
Total
Total
Total
Title VIII.—Stamp taxes:
Documentary stamps sold by postmasters
Bonds, capital stock issues, conveyances, A:c
Capital stock transfers
Sales of produce on exchange
Playing cards
Total
Title LX.—Tax on distilled spirits and cereal
beverages:
Distilled spirits, .tm
Cereal beverages
Total
Miscellaneous taxes:
Oleomargarine, adulterated and process or renovated butter, filled cheese, and mixed flour_
Receipts under prohibition laws
Internal revenue collected through customs
offices
Other miscellaneous receipts (c)
Total
116,041,036 09
3,175,338 73
38,852,093 13
254,951.590 42
67,710,773 30
6.917,71862
1,061.144 42
40,963 01
369,534,28208
30,907,809 09
8,690,588 35
23,980,676 66
10,073,838 39
39,598,397 44
34,054,515 05
138,155,194 80
604,471 93
659,006 83
2,618,367 96
49,897 34
323.091 01
6,827 39
419.864 90
7,307.853 95
140,852,097 72
150,144,576 11
90,002.594 56
1,326,657 07
2,289,831 18
16,523 10
12.015 44
1,865,075 43
301,455 82
656,713 86
396,468 75
72,731 80
97,385.755 61
939.938 13
1,714,659 86
14.159 54
8.098 48
1,646,797 45
223.324 75
602,456 50
454,600 88
75,098 59
1,090,932 73
981,739 07
98,030,999 74
104,046,628 86
7,737,895 47
20.124.726 57
12,808,629 24
5,397,147 98
3,183.384 92
7,880,707 04
20.599.714 97
17,137,185 75
4,183.217 57
4.213.414 03
49.251,784 18
54.014,239 36
25,904.774 72
26,452.028 63
53.589 77
The annual report of the Bureau will furnish detailed information in rog4rd to all of the revenue collected and the expenditures relating thereto.
Respectfully,
C. R. NASH,
Acting Commissioner of Internal Revenue.
GARRARD H. WINSTON,
Acting Secretary of the Treasury.
We also annex the following tables from the report:
States..
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia_ _
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michgan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New hfeste°
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rholde Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
\Vest Vinzinla
Wisconsin
Wyoming
Philippine Islands
25,904,774 72
26,505,618 40
3,064,155 39
560,888 07
3,092,540 42
416,197 63
51,054 05
12,105.875 35
55.065 43
815,711 88
15,781,972 86
4.379,515 36
2 584,140.268 24 2.835,999,892 19
a Includes income tax on Alaska railroads (Act of
July 18 1914), amounting to
$15,573 74 for 1925 and 815,784 13 for 1926.
S Receipts on account of special taxes from cigar, cigarette
and tobacco manufacturers are shown under "Title VIL—Special taxes."
c Includes 512,098.035 75 for 1925 and $803,551 69 for 1926,
delinquent taxes collected under repealed laws.
Recapitulation.
The following table gives a recapitulation of receipts by
general sources
corresponding to the titles in the Revenue Acts of 1924 and
1926, for the
fiscal years 1925 and 1926:
1925.
1926.
General Sources-.
$
$
Income
1 761,659,049 51 1.974,104,141
33
Estates and gifts
108,939,895 52 119.216.374 82
Cigars, tobacco and manufactures thereof
344,121,296 55 369,534.282 90
Admissions and dues
39,598,397 44
34,054,515 05
Excise taxes, manufacturers
..te
140,852.097 72 150.144,576 11
Special taxes, Including corporation capital stock
tax
98,030,999 74 104,046,628 86
Stamp tax, including playing cards
49,251,784.18
54,014,239 36
Distilled spirits and cereal beverages
25,004,774 72
26.505,61840
Miscellaneous taxes, including delinquent taxes
under repealed laws
15,781.072 86
4,379,515 36
Total
584.140.268 24 2.835,999,892 19
Note.—Income tax represents approximately 70% and miscellaneous
taxes 30%
of the total receipts, fiscal year 1926,
as compared with 68% for Income and 32%
for miscellaneous taxes fiscal year 1925.
Expenditures.
The expenditures In administering tho internal revenue
tax laws for the
fiscal year 1926 were 334,948,483 37, not including
expenditures for refunding internal revenue collections and
taxes illegally collected, which Is in no
sense an administrative expense, The aggregate
receipts of Internal revenue
were $2,835.999,892 19, which makes the
cost of operation for the fiscal
year 1926 31 23 for each $100 collected,
compared with $1 44 for each $100
collected for tho fiscal year 1025, or a reduction
of 14.6%•
There was also expended $9,573.791
64 for the enforcement of the
Prohibition Law and $1.233,136 73
for tho enforcement of the Narcotic
Law from appropriations provided
for that purpose.
There are appended certain
statistical statements of internal revenue
receipts for 1926 and 1925. The
totals for the fiscal year 1926 are subject
to revision on the verification of collectors'
accounts.
Income Tax.
58,276.196 51
150,823 68
1,573,910 74
4,391,724 01
101,712,719 02
11,975,701 35
29,001,346 93
9,539,634 48
15,190.626 43
33,989,492 86
12,436,864 89
6,060.722 10
1,128,838 03
176.861,248 76
24,922,712 59
11,111.594 99
15,582.895 63
14,638.764 32
12.582,610 45
8,591,328 97
25,646,453 69
100,017,316 88
122,570.115 51
28.384,381 81
3,526.683 24
49,603,446 88
1,967.948 61
6,172.516 77
450,979 00
3,012.765 76
72,251,938 53
635.119 85
569,505.487 10
17,677,936 94
778.088 68
109.070,914 30
15.788,615 86
6.399,176811
195,395.832 62
14,460.565 33
4,176.144 47
858.476 91
11,398.292 06
36.878.727 77
3,462.747 60
2,661,312 19
17.827,023 66
12.156,713 14
11.653.718 64
28,650.351 23
1,364,591 60
Miscellaneous
Taxes.
31,178,799 80
16,786 23
408.869 72
541,770 34
33.347,28591
2.854.648 74
6,535,478 50
2.002,415 57.
1,875,178 64
9.217,592 89
1,794,632 12
736,429 70
262.143 51
39.858,538 67
14,714,646 90
2,840,488 80
1,872,627 74
12.206.445 41
3.764,518 44
1,191.680 24
4,823,689 66
18,830,444 53
103,059,032 93
5,513,800 86
439.775 87
18.325.307 68
7,132.612 80
1.285.621 65
135,369 84
1,113,028 02
40,119 397 48
104.484 79
164,224.046 56
174,725,696 40
239,887 16
46.684,708 42
2,265.159 18
1,090.920 83
56.922.005 10
2.434.61196
721.360 29
257.416 13
5.859.841 84
6,000.321 17
600.512 06
740.068 97
42,959.014 00
2.047.205 83
3.974.637 42
10,945.004 60
221.255 25
788.529 73
Total.
89.454,99631
167.609 91
1,982,780 46
4,933.495 25
135.060.004 93
14,830,350 29
35,536,825 43
11.632,05001
17,065,805 07
43.207.085 75
14,231,497 01
6397.151 80
1,390.981 54
216.719,787 43
39,637.359 49
13.952,08379
17.435.523 37
26,845.209 73
16,347,128 89
9,783,00921
30.470,143 35
118,847,761 41
225,620,148 44
33.898.182 67
3,966.459 11
67,928,754 54
9.100,561 41
7.458.13842
586,348 84
4.125,79378
112,371,33601
739.604 14
733.729.533 86
192,403.633 34
1,017.975 84
155.755,622 72
18.013,77504
7,490.097 69
252.317,837 72
16.895,181 29
4.897.504 76
1,115,893 04
17.258.133 90
42.879.048 94
4,063.259 66
3.401.381 16
60.786.037 86
14.203.91897
15.628,35606
39.595.355 83
1,585.846 85
788.529 73
Total
1,974,104.141 33
861.895.75086 2.835.999.892 19
*Including the Territory of Alaska and the District of Columbia,
SUMMARY.
Quarter Ended—
Total from all sources
733
INTERNAL-REVENUE RECEIPTS. FISCAL YEAR 1926, BY STATES.
344.121,296 55
Title VI.—Excise taxes:
Automobiles, motor cycles, &c
124,686,745 30
Cameras and lenses
653,544 64
Photographic films and plates
876,735 14
Firearms, shells, &c., including pistols and revolvers
3,664,124 89
Cigar holders. Pipes. ,
,
fe
65,243 52
Coin-operated devices, coin-operated machines,
Are
390,549 42
Mali-long and similar tile sets
20,220 14
Sculpture, paintings, statuary, Ac
821,519 08
Jewelry, watches, clocks, opera glasses. Ate..
9.673,415 59
Title VIL—SPecial taxes:
Corporations, on value of capital stock
Brokers
Bowling alleys anti billiard and pool tables
Shooting galleries
Riding academies
Passenger automobiles for hire
Use of yachts, power and sailing boats, te
Cigar manufactur rs
Cigarette manufacturers
Tobacco manufacturers
Importers, manufacturers, and compounders
of
and dealers and practitioners in opium, coca
leaves, their salt derivatives, &c., including
tax on the product
1926.
Sept. 30 1925
Dec 31 1925
Mar 31 1926
June 30 1926
Total, fiscal year 1926_
Total, fiscal year 1925_
sn.....A
10911
Income Tax.
I/Heel:anemia
Taxes.
Total.
*424.329.05308
420.320.680 39
575.386,583 90
554.067.82396
8267.372.008 80
229.759,051 20
195.702.803 07
169.061.887 79
8691.701.061 88
650.079.731 59
771.089.38697
723.129.711 75
1,974.104.141 33
1,761,659,049 51
*61.895,7.5086
822.481.218 73
2.835.999.892 19
2.584,140,2882%
919/45001 52
10414 5132 It
9511 szso A91 OS
INCOME-TAX RECEIPTS, FISCAL YEAR 1926, BY STATES.
States..
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia_ __ _
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Corporation.
$5,296,424 31
65,586 38
965.470 92
2.590.026 95
58,133,403 32
7.740,853 54
14,907.983 64
6.473.862 14
7.962.003 49
11,561,152 88
8,108,994 73
4,672,925 70
900,802 23
102,461,175 40
16,520,103 15
7,052,127 52
12.200,129 41
8,582,478 913
7.840,971 46
5,607.562 35
14.016,48922
52.729,515 75
86,459,731 84
19,307,161 86
1.858.77223
34,307,257 05
1,184,967 29
3.902,462 33
260,714 38
1,424.995 57
38.008,641 52
365,452 25
245.152,464 37
12.853,611 70
489,073 43
72.725,946 19
7.485,18006
4,109,875 18
112,055,902 00
6,135,345 04
3,239,128 84
532,122 10
7,599,939 42
23.804,445 54
2,820,060 36
1.523.394 45
13,786,574 34
9.075.138 88
8,419.751 33
20,320.617 29
980,963 83
Individual.
$2,979,772 20
85.237 30
608.439 82
1.801,69706
45,579,315 70
4.234.848 01
14,093.363 29
3.065,772 34
7.228,622 94
22,428,339 98
4,327,870 16
1,387,796 40
228,035 80
74,400,073 36
8,402.609 44
4.059.467 47
3.362,766 22
6,056.285 36
4.741.63809
2,983.766 62
11,629,964 47
47.287,801 13
36.110,38367
9.077.21995
1,667,911 01
15,296 189 83
782.981 32
2,270,054 39
190,264 62
1.587.770 19
34.243,29701
269,667 60
324.353,022 73
4,824,325 24
289,015 25
36,344,968 11
8,303.435 80
2,269,301 68
83,339,930 62
7,925,220 29
937.015 63
326.354 81
3,798.352 64
13,074.282 23
642,687 24
1,137.917 74
4,040.449 32
3.081.57426
3,233,967 31
8,329,733 94
383,627 77
Total.
58.276,196 51
150.823 68
1,537.910 74
4,391.724 91
101,712.719 02
11,975,701 55
29,001,346 93
9,539.634 48
15,190,626 43
33,989.492 86
12.436.864 89
6,060,722 10
1,128,838 03
176,861,248 76
24,922,712 59
11,111,594 99
15.562.895 63
14.638.764 32
12.582.61045
8.51)1.32897
25,646.453 69
100,017,316 88
122,570,115 51
28,384.381 81
3.526.683 24
49,603.446 88
1,967,948 61
6,172,516 77
450,979 00
3,012,765 76
72,251,938 53
635,119 85
569,505,487 10
17.677,03694
778,088 68
109,070.914 30
15,788.615 86
6,399,176 86
195.395,832 62
14,460,565 33
4,176,144 47
858.476 91
11,398.292 06
36.878,727 77
3,462,747 60
2,661.312 19
17,827.023 66
12,156.713 14
11,653.718 64
28,650 351 23
1,364,591 60
Total
1.094.979.734 17
879.124.407 16 1,974,104,141 33
*Including the Territory of Alaska and the District of Columbia.
1
THE CHRONICLE
734
In reply. Senator Bruce, Democrat of Maryland. said the Republic:dui,
not the Democrats, were playing politics.
SUMMARY.
Total.
Corpora:fon.
Individual.
*231,068,88712
232,464,505 51
326,650,844 04
304,795,517 50
$193,260,185 96
187.856.174 88
248,735,739 88
249.272,306 46
*424,329,05308
420,320,680 39
575,386,583 90
554,067,823 96
Total. fiscal year 1926_ 1,094,979,734 17
Total, fiscal year 1925.. 916,232,697 02
879.124.407 16
845,426,352 49
22 ROR nA4 A7
1,974.104,141 33
1,761,659.049 51
Quarter Ended—
Sept.30 1925
Dee. 31 1925
Mar.31 1926
June 30 1926
Onprettaw 109A
175747027 IS
212445001 52
TAX, FISCAL YEARS 1924,
COMPARATIVE RECEIPTS FROM INCOMECENT.
OF INCREASE OR
1925, AND 1926, BY STATES: ALSO PER
DECREASE, 1926. COMPARED WITH 1925.
•
1925-26
Stales—
Alabama
Alaska e
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Dist. of Columbia
Florida
Cleonsia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts.-..
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
)hio
3klahoma
3regon
Pennsylvania_
Ethode Island._
South Carolina._.
South Dakota. —
Tennessee
Texas
Rah
lermont
iirginia
Washington
Nest Virginia_
Wisconsin
Wyoming
Total
1924.a
1925.b
1926.c
Per Cent.
Increase
(+) or
Decrease
d
—22
+11
—6
+10
+2
+9
$
7,984,248 70
190,228 03
1,591,667 27
5,431,632 83
92,401,441 98
11,543.618 03
26,901,779 90
f 9.127.303 62
$
8,288,275 40
194,373 20
1.416.79443
4.692,973 75
92,884,521 21
11.740,667 75
26,565,634)68
$
8,276,196 51
150,823 68
1,573.910 74
4,391,724 91
101,712.719 02
11,975,701 55
29,001,346 93
8.005,449 14
13.869,531 55
5,021,422 53
1,271.318 63
161,072,008 68
26,384,368 37
12.854,33796
17,323,184 44
14,284,640 29
13,400.178 10
8,978,879 87
25.562,203 85
109,857,344 01
104,378,390 00
23,855,584 21
4,008,798 72
44,116,410 10
2.060,349 38
7,458,788 40
581,492 18
4.038,467 48
69,620.079 55
890,835 06
506,593,933 70
18,173,158 85
771,387 02
95,412,405 37
12,118,724 67
12,613.731 58
5.067.18625
1,437,069 46
159,415.517 66
23,702.838 24
10,716,799 85
15,140,741 11
14,324,935 92
12,396,172 35
7,682,797 60
25.110,611 82
99,444,237 57
33,689,492 86
12,436,884 89
6,0 0,722 10
1.128,83803
176.861,248 76
24,922,712 59
11,111,594 99
15,562,895 63
14.638.764 32
12.582,610 45
8,591,328 97
25.646,453 69
100,017,316 88
122,570,115 51
+22
22,426.721 53
3,483,059 12
42,467,573 63
1,885.190 42
5.681,388 67
451,905 66
3.221,556 83
66.137.027 83
733,076 51
496.709.72773
15,877,648 25
667,994 23
95,526,111 67
9,820,419 90
6,784,101 67
189,164,203 75
14,234,137 95
5,787,515 35
28,384,381 81
3.526.88324
49.603.44688
+27
+1
+17
g 24,164,324 01
11,028,491 98
8.242,14527
198,270,944 16
16,241,809 18
7.544.042 97
Eirm.. 124.
6,563.730 62
12,480,534 83
100,868,402 20
1,169,750 72
11,943.033 92
28,295,285 81
2.937.172 54
2,935,562 31
858.943 34
11,770.201 37
28,885,747 79
3,385,994 71
3.001,68945
16,048.299 83
14.723,370 45
14,386,962 07
27,215,717 70
1,595,540 08
15.303.807 61
12,334.154 38
9,539,634 48
15,190,626 43
1.967.948 61
6.172,516 77
450,979 00
3.012,765 76
72,251,938 53
635.119 85
519,505,487 10
17,677,936 94
778,088 68
109.070,91430
15,788.615 86
6.399,176 86
195,395,832 82
14,460,585 33
4.176,14447
+45
+22
+180
—1
+20
—21
+11
+5
+4
+3
+2
+2
+12
+2
+1
+4
+9
d
—6
+9
—13.
+15
+11
+16
+14
+61
--6
+3
+2
—28
858.476 91
11.398,29206
36,878,727 77
3,462,747 60
2,661,312 19
17,827,023 66
d
—3
+28
+2
—11
+16
12,156,713 14
12,044,165 99
11.653,718 64
26,697,560 11
1,450,159 93
28,650,351 23
1.364,591 60
—1
—3
+7
—6
1.841,750.31680 1.761.659.049 51 1.974.104.111 33
+12
fourth installments of the 1922 and the first
a Includes payments of the third and
income tax.
and second installments of the 1923 and
fourth installments of the 1923 and the
third
the
of
payments
b Includes
income tax.
first and second installments of the 1924
and the first
e Includes payments of the third and fourth installments of the 1924
and second installments of the 1925 income tax.
d Less than one-half of 1%.
1925; and 515,784 13 for 1926.
e Includes 520,329 08 for 1924: $15,573 74 for
1914).
Income tax on Alaska railroads( ct of July 18
to returns for prior years.
relating
payments
from
53.000,000
over
Includes
f
g Includes over $9.000,000 back taxes on alien property held in trust by the United
BUM.
United States Senate Declares Against Tax Reduction
—Records Itself in Favor of Applying Treasury
Surplus Toward Reduction of Debt.
The U. S. Senate yesterday (Feb. 4) went oft record as
favoring the use of the Treasury surplus for reducing the
public debt rather than for tax reduction. The vote was
46 to 33.
A resolution making such a declaration, offered by Senator
Norris, Republican, Nebraska, was adopted as a substitute
for one by Senator Harrison, Democrat, Mississippi, which
would have declared for a tax reduction at the present session.
The resolution of Senator Harrison, sponsored by the Senate
Democrats, was offered on Feb. 1. On Feb. 2 Associated
Press dispatches from Washington said:
Veto By President Coolidge of Bill Authorizing Shoshone
Indians of Wyoming to Submit Claims to Court of
Claims.
On Jan. 28 President Coolidge sent to the Senate a
message vetoing the bill proposing to authorize the
Shoshone Tribe of Indians of the Wind River Reservation
in Wyoming to submit claims to the Court of Claims. The
President withheld his approval of the bill because of its
provision for the payment of interest from the date of the
origin of the claim. He stated that the amount of the
interest under the bill "Is several times greater than the
amount of the principal" and that "such a policy would
inevitably mean that issues supposed to have been placed
in the way of fair determination by jurisdictional acts
of the past will come forward again for additional interest
settlements far exceeding the amounts of the original
claims." The following is the President's veto message:
Read by Congressional Record, Jan. 28, page 2521.
To the Senate:
I am returning herewith Senate Bill No. 2301, "An Act authorizing
the Shoshone Tribe of Indians of the Wind River Reservation in
Wyoming to submit claims to the Court of Claims," without my
approval.
The Fort Bridger treaty of July 3, 1868 (15 Stat. 673), set aside a
reservation for the Shoshone Indians and for such other tribes as the
Shoshones might "admit amongst them," but also provided that no
cession of any portion of the reservation should be valid unless a treaty
for the purpose should be signed by a majority of the male adult Indians
of the Shoshone Tribe. Afterwards, the northern band of Arapaho
Indians were located on the Shoshone Reservation.
The Shoshone Indians claim that a majority of the male adult
Shoshones did not sign a treaty agreeing to the cession to the Arapahoes
of a portion of the reservation; that the consent, if any, given by the
Shoshones to the location of the Arapahoes on the reservation was for
temporary occupancy only; and that the Shoshones have from time to
time asserted that they should be compensated for the land occupied by
the Arapahoes.
It might be fair to say that these contentions may be disposed of, it
seems to me, by the fact that in 1896 and 1904 reservation lands were
ceded by agreements signed by both the Shoshones and the Arapahoes
which provided that the moneys received therefor should be divided
between the Shoshones and the Arapahoes. Congress ratified these
agreements and they were carried into effect. Still, this objection might
not be fatal.
But, aside from the question of the merit of the claim the enrolled
bill is objectionable because of the provision for the payment of interest
from the date of origin of the claim. It had never been Government
policy, prior to the Crow Indian Jurisdictional Act of July 3, 1926, to
provide for the payment of interest from the date of origin of a claim.
I am now satisfied that further departure from our former policy would
be Jnjustified. It seems to me unreasonable to expect that the Government should be charged with interest from the dates of origin of
such ancient claims. The amount of the interest under the enrolled
bill is several times greater than the amount of the principal. Such an
interest policy would inevitably mean that issues supposed to have
been placed in the way of fair determination by jurisdictional acts of
the past will come forward again for additional interest settlements far
exceeding the amounts of the original claims. Should the item of
interest be eliminated, I can now see no reason why the bill should not
be approved. But if interest is to be allowed on this claim, it will
certainly result in an effort to reopen an endless number of claims
which have already been settled.
CALVIN COOLIDGE.
The White House,
January 28, 1927.
H. Montague on "Present Tendencies in the
Anti-Trust Laws."
the above subject before the New York
on
In an address
State Bar Association on Jan. 22 Gilbert H. Montague of
the New York Bar referred to the changed attitude of the
Federal Trade Commission and the Department of Justice
toward organizations authorized under the Webb Export
Trade Act, and said:
Gilbert
Conditions abroad may soon develop which may make it desirable for
ic
American exporters to abandon their present individualist attitude and
regarding prices to be charged
to come to an agreement with one another
markets.
foreign
or orders to be allotted in
The Senate agreed to-day to go on record not later than Friday en the
An abstract of Mr. Montague's further remarks follows:
Export Trade Act, which was sponDemocratic proposal for tax reduction at this session of Congress.
In 1918 Congress passed the Webb
Facing a threatened Democratic filibuster, Republican leaders accepted sored by the Federal Trade Commission to permit American exporters, by
on the resolum.
by
Friday
p.
2
action
for
agreement
consent
themselves in American export
among
unanimous
a
avoid competition
which would express agreement, to
among themtion of Senator Harrison, Democrat of Mississippi,
and through "associations" to make any agreements
trade
tax
schedules
in
the
permanent
a
artificially or intentionally affect
it as the sense of the Senate that reduction
selves or with foreigners that did not
would
4
resolution
.
The
March
adjournment
the
before
should be made
substantially lessen competition within the United States.
any tax revision. Senator Harrison prices or
of this Act.
not in itself, however, accomplish
As yet little use has been made
tie up the Legislative machinery until he got
would
he
announced
because. In most lined of business, American exporters
again
partly
is
This
vote on his resolution. Senator Curtis, the Republican
the individualism that is characteristic
an agreement for a
have not yet felt the urge to abandon
by agreeing to a vote Friday.
leader,shut off opposition
of American business.
with which the Federal
This is partly due also to the early suspicion
Regarding yesterday's action in the Senate, Associated
Commission viewed any "association" that itself did no buying or
Trade
stated:
Press accounts
merely served as the means through which members of the
organization opposed the Norris resolution and the selling, but might agree on prices and terms of sale in American export
The Democratic
aided by some of the Republican insurgents. "association"
,
organization
with which the Department of Justice
Republican
trade, and to the early suspicion
"association" whose operations abroad to any extent affected
supported it.
any
viewed
that
the
Senate
ts,
told
Republican of Massachuset
tor Gillette.
8
prices in the domestic market.
evinced
was a "palpable and bare-faced attempt to transfer
Recently the Commission and the Department of Justice have
the Harrison proposal
on
resulting
this
Administrati
of
popularity
the
some of
former attitude.
a disposition to abandon their
to the Democrats
from tax reduction."
FEB. 5 1927.]
THE CHRONICLE
735
This change in the attitude of the Commission and the Department of
who are paid on an hourly or daily basis. In through
passenger service,
Justice has stimulated the organization of several new "associations"
under firemen receive a day's pay for 100 miles or less,
5 hours or less (the amount
the Webb Export Trade Act.
depending upon the size of the locomotive), with additiona
l pay for mileage
With the spread throughout Europe of trade agreements and "cartels
" in excess of 100. Overtime is computed on a speed
basis of 20 miles per
of international proportions, conditions may develop, in some lines
of hour on runs in excess of 100 miles. For example:
If a firemen made a
trade, that may make it practically necessary for American exporters,
run of 175 miles and was on duty 6 hours, his pay would
through "associations" under the Webb Export Trade Act, to come
be computed by
to multiplying 175 (equivalent to 1%
days' Pay) by the mileage rate for the
agreements with foreign producers and with foreign "cartels" regardin
g six hours' work.
prices to be charged or orders to be allotted in foreign markets.
Short Turn-Around Service.
"The acquisition or pooling of competitive patents," said the Attorney
In short turn-around and suburban passenger
General in 1924, "is one of the major problems arising in the enforcement
service. 100 miles constitutes a day's work. Overtime b3 allowed after
of the anti-trust law."
eight actual hours'
Monopoly is the purpose of the patent law, and prevention of monopoly work within a spread of ten consecutive hours; also for all
time in excess
of the ten elapsed hours. In this service both miles
Is the purpose of the anti-trust laws.
and hours in excess
Patents, patent license agreements and the acquisition of competing of that constituting a day's pay are allowed.
patents are to-day being closely scrutinized by the Department of Justice.
Freight Service.
The Supreme Court on Nov. 23 1928 rendered an important decision on
In freight service, 100 miles or less, eight hours
this subject, but other issues, going to the fundamentals of the patent sysor lees constitutes a
day's
pay.
Additional pay is allowed for mileage in excess of
tem, are foreshadowed in other cases now pending in the courts and within
100, together
with
time
and
one-half
for
any overtime that may accrue on a speed basis
the Department of Justice.
of
12A
miles
per
hour.
To
illustrate
:
On s run of 125 miles made in
Trade associations. with all their new liberty under the Supreme Court
11 hours, a fireman would receive 125 miles (equival
decisions of June 1925, are still closely bound by the rules that enable
ent of 134 days)
the plus one hour overtime at time
and one-half. On a run of 150 miles made
Government to "imply" unlawful agreements from the course of
conduct in seven hours a fireman would
receive pay for 150 miles. or the equivale
ofassociation members.
nt
Labor unions in several recent cases have escaped the anti-trust laws on of a day and one-half. If a fireman made 70 miles and consumed 10 hours
the ground that they did not substantially restrain "inter-state commerce." he would receive one day's pay and two hours' overtime at punitive rates.
This loophole is not a wide one, however,and did not avail the Chicago
Yard Service.
carpenters' union in the case that the Supreme Court decided on
In yard service, a day's pay is allowed for eight
Nov. 23
hours' work or less,
1928.
with time and one-half for service performed beyond
eight hours.
Mergers, especially since the three merger cases that the Supreme
Briefly, the present rates of pay and the increases
Court
requested are aa
decided on Nov. 23 1928, will probably hereafter be watched still
more follows:
vigilantly by the Department of Justice ana the Federal Trade Commiss
ion
Rates of Pay
Increases
with a view to prompt action by the Government against any mergers
in Effect at
in
Requested
Class of Employee:.
violation of the Clayton Act before those mergers have been
Prate711 per Day.
per Day.
actually
Passenger Service—
accomplished.
Steam locomotives(other than 3-cylinder and Mallet).$4 56 to 85
44
$1
Every period of industrial mergers and consolidations during
Electric
locomotiv
es
4 66 to 4 88
the past
1
37 years has been immediately followed by.a period of anti-trust prosecu- Firemen on Mallets when used in passenger service._
$5 76
1
Firemen in passenger service—daily earnings guarantee
tions, accompanied by agitation for more drastic legislation.
5 25
1
Note.—The Mallet rate is also asked for firemen
Will history repeat itself in the instance of the present flood of
industrial on 3-cylinder locomotives, which would result In an
mergers and consolidations? Public attention has been captured
increase of $1 72 if applied to 3-cylinder locomotives
by the now in service.
prodigious proportions of the present flood of mergers and
consolidations,
Through Freight Service—
and in certain sections of the country this movement has been
viewed with Firemen on steam locomotives (other than 3-cylinder
deep suspicion.
and Mallet)
500 to 620 81 00 to 82 43
Electric locomotives
Ominous of the unrest that prevails on this subject in many
5 00 to 5 16 1 00 to 2 75
parts of the Mallet engines
country are several resolutions that have been Introduc
6
1 10 to 2 09
ed into the United
Note.—The Increase requested for firemen on 3-cyl- 20 to 6 51
States Senate during the past few years calling for
investigations and re- inder locomotives in through freight service ranges
ports by the Federal Trade Commission regardin mergers
$163 to $182 per day.
g
and consolida- from
Yard
tions in various lines of industry. Already there is
some indication that, FiremenService—
on steam locomotives (other than 3-cylinder
when the next period of agitation begins for more drastic
legislation against
and Mallets)
528 to 688
"big business," efforts may be made to strengthen
81
the anti-trust laws by Electric locomotives
6 28 to 6 44
1
legislation along entirely new lines.
Mallets
840
to 664 81 00 to $124
Outside hostiers
The notion so prevalent in 1912 that "the big trusts, the big
IPS 92
combina- Inside hostlers
81
tions," to quote President Wilson's language in "The New Freedom
5 28
," "are Hostler helpers
4 72
the most wasteful, the most uneconomical, and after they
Note.—The request for firemen on 3-cyllnder locopass a certain
motives ranges from 81 88 to $2 12 per day.
size the most inefficient way of conducting the industrie
s of the country"
has long since been exploded.
The other outstanding features of the requests of
the firemen are as
Radical critics who advocate the strengthening of the anti-trus
t laws follows:
now seem to be turning aside from the old linos of drastic prohibiti
Changes Requested in Working Conditions.
ons
against various specifically defined mergers, consolidations,
That overtime In through-passenger service be paid
agreements
at one-fifth instead
in restraint of trade, and the like. and to be advocating some form
of Gov- of one-eight the daily rate which now obtains:
ernmental regulation and control that may somehow compel
That mechanical stokers be placed on locomotives
the big, lowweighing 175,000
cost units to discontinue selling at the price level fixed by
their smaller, pounds and over on drivers, and that two firemen be
employed on such
higher-cost competitors, and to sell at a lower price level, and
thus to reduce locomotives until so equipped.
their profits, and to hand on to the public, in the form of lower
That flrmen on freight service be given a reasonab
prices, a
le amount of time
larger part of their low-cost economies.
for meals en route.
This involves, of course, the extermination of these smaller,
That firemen in all classes of road service be allowed
higher-cost
50c. per meal and
competitors unless, as seems desired by some of these critics,
it is intended 50c. lodging when away from home.
that the Government should embark upon a policy of price
fixing in a great
many lines of industry such as was attempted by this and
other Governments under the stress of the great war.
Wage Demands of Brotherhood of Locomotive Fireme
n
and Enginemen Referred to United States
Board of Mediation.
On Jan. 20 an agreement to refer to the United States
Board of Mediation (created under the Watson-Parker
Act) the wage demands of the Brotherhood of Locomo
tive
Firemen and Enginemen reached between representative
s
of the Eastern railroads and the Brotherhood. The request
s
of the firemen for wage increases ranging from 15%
to
20% o,nd for changes in working rules were submitted to
the
railroads last year and held in abeyance awaiting the result
of arbitration of the recent wage dispute of the conduct
ors
and trainmen on Eastern lines, in which an increase of
73i% in wages was awarded by the Board of Arbitration
on
Dec. 2. Regarding the firemen's demands and the
conferences thereon, the Committee on Public Relations of
the
Eastern Railroads had the following to say in a
statement
Issued Jan. 24:
Reduction in Corporation Taxes Urged Upon
President
Coolidge by Committee of New York Chambe
r of
Commerce With View to Stimulating Business.
Declaring that corporations are excessively
taxed, that
Congress can lighten the burden of productive
industry
and lessen the cost of living, thus stimulating
manufacturing and benefiting all classes of people,
Andrew V. Stout,
chairman of the Committee on Taxation of
the Chamber
of Commerce, in a report made public
on Jan. 31, urged
upon President Coolidge, Secretary
of the Treasury
Mellon and Congress an immediate
reduction in taxes
levied on corporations. The report and
resolutions, which
were presented to President William
L. DeBost at the
regular monthly meeting of the
Chamber on Feb. 3, was
prepared and signed by Mr. Stout
and the other members
of the Committee on Taxation
of the Chamber, Acosta
Nichols, Charles F. McWhorter and
Willis D. Wood. The
Federal corporation tax has been
raised several times, in
the last few years, Mr. Stout
stated, whereas the individual income tax has been
reduced three times in the
same period. Since the individ
ual purchaser pays, in the
last analysis, the corporation
tax, Mr. Stout said it would
be better for general busines
s to reduce the corporation
assessment. Then, too, he pointed
out, with a reduction
In the Federal CorporatiOn
tax, American corporations
would be able to compete
more successfully with foreign
manufacturers. In his report Mr.
Stout said: •
The Conference Committee of Managers, representing
certain Eastern
railroads, has been in conference almost steadily during the
past week
with the representatives of the Brotherhood of Locomoti
ve Firemen and
Enginemen, in an effort to reach an amicable settlement of
the requests
of the firemen for an increase in rates of pay and certain
changes in working
conditions. The total increases requested amount to between
$1 and
$2 75 per day, depending on the type of service and the
size of the locomotive. No agreement has yet been reached.
These conferences started on Jan. 8 1927. The requests for
increased
wages were served on the railroads
on June 25 1926. D. B. Robertson,
President of the Brotherhood of Locomotive Firemen and Enginemen,
"In past generations,
Is handling the case for the employees. Associated with him is his executiv
taxes have often been made excessive
e
oommittee and the general chairman from each
as a
of the individual railroads result of a general hostility in the public mind toward
involved. J. G. Welber, Vice-President, Personnel, New
ons,
York Central frequently a hostility engendered by misrepresentations corporati
of
political
med,is chairman of the railroads' conference committe
demagogu
es. Such an attitude can
e.
hardly exist at the present day,
when corporate organizations
have become in the United States the preDual Basis of Pay.
vailing method of doing
business. In fact, a large part of the daily
Railroad firemen in road 11131
,
(103 have a dual basis of pay and the method expenditures of
every
inhabitan
t are now made for commodities and
of computing their earnings is mace favorable than obtains for ether
classes services supplied by corporations." '
736
THE CHRONICLE
Now, according to Mr. Stout, there are 19,000,000 stockholders in the United States. Not alone investors, but
customers and employees, have become stockholders of
corporations, and a large part of this total pay income on
only the minimum rate of 1%%. The corporations during
1926 were assessed at 131/2%. Corporations, too, he added,
were in many sections of the country taxed locally, corporations in the State of New York being subject to a
4%% tax. Mr. Stout added:
or distributor
'"It is now well recognized that taxes on the producer the customer
on to
of commodities or of services ultimately are passed
fact, in the
of
matter
a
As
as an expense of carrying on the business.
enterprise, taxes are
cost accounting of every well conducted business
price which the
including, and are, in the final analysis, added to the
a reduction in
buyer is asked to pay. It seems obvious, therefore, that
will give the
that
reduction
corporation income taxes is a form of tax
buyer directly or
most benefit to the general public, for everyone is a
indirectly from corporations.
as taxes are a part
"Furthermore, it should not be overlooked that
prices, the
of manufacturing and production costs, and raise commodity
by a
sale of American goods in foreign markets would be benefitted
of
decline in corporations taxes. In short, the economic tendency
the cost of
lower corporation rates would be not only to decrease
larger
through
industries
living in the United States, but to benefit our
foreign sales of American goods."
Wage Increases Granted to Employees of American
Railway Express Co.
cents an hour in wages was awarded
21
of
increase
An
to 60,000 employees of the American Railway Express Co.
in a unanimous decision announced on Jan. 13 by the
United States Board of Mediation which was created under
the Watson-Parker Railroad Labor Act. The increases are
based upon rates of pay in effect Dec. 31 1926, and became
effective as of Jan. 1 1927. Messengers on trains required
to handle baggage will be paid 4% cents an hour more than
the general rates provided, as well as those required to
handle mail. Messengers required to handle both mail
and baggage are to receive 8 cents in addition to the
general rate. The increases will add about $4,500,000 to the
company's yearly pay-roll. The text of the award was
given out by John H. Clarke, formerly Associate Justice of
the United States Supreme Court, and Chairman of the
Board of Mediation. Its text follows:
1. An increase in the rates of pay of 234 cents per hour shall be paid to all
employees romi rehended within the terms of the agreement of submission.
2. The same relative increase in the rates of pay shall be applied to all
employees corn; rehended within the terms of the agreement of submission
and rated upon daily, weekly or monthly bases.
3. Rates of pay in effect on Dec. 31 1926 shall be the bases upon which
the increased rates of pay prescribed herein shall be computed.
4. The increases in the rates of pay hereinbefore provided for shall be
effective as of Jan. 1 1927.
shall be paid
5. Messengers in train service required to handle baggage
431 cents per hour in addition se the general rates hereinbefore established
by this award.
States mail shall
6. Messengers in train service required to handle United
e
be paid 431 cents per hour in addition to the general rates hereinbefor
established by this award.
both baggage and
7. Messengers in train service required to handle
to the general
United States mail shall be paid 834 cents per hour in addition
rates hereinbefore established by this award.
United States
handling
The extra allowant e to messengers in train service
does not exceed
mail will not apply Al hen the amount of such mail handled
the minimum space
in volume, between any two points, that provided for
; namely, three feet
that can be authorke.1 by the Post Office Department
or its equivalent, 54 sacks or pieces.
[You 124.
it will compete actively with the Pennsylvania, Baltimore
& Ohio, New York Central, and the proposed Van Sweringen
system. Talk that there is no room for a fifth line, he
points out, does not take into acount the railroad topography of the country. Sufficient traffic exists, in his
opinion, to give the system gross earnings of more than
$.350,000,000 a year. It would have capitalization in
excess of a billion dollars. Mr. Lisman says:
The public seems to have no conception of how complete a railroad
River
system, between the Atlantic Coast on the east and the Mississippi
t conon the west, can still be created by the consolidation of independen
mile of
necting corporations—practically without the construction of a
additional line, with the exception of Mr. Loree's Pennsylvania project—
or about
and by trackage rights involving altogether less than 100 miles
1% of the total mileage.
Such a system would be created around
Miles
Oper. Cafitalization.
52,569,000
601
Pittsburgh
&
Rochester
Buffalo
18,608,000
905
Delaware & Hudson
138.335,000
1,363
Lehigh Valley
232.131,217
2,524
Wabash
260,344,233
283
New York Pittsburgh & Chicago
90.072.858
511
Wheeling & Lake Erie
34,935,000
92
Pittsburgh & West Virginia
Akron Canton & Youngstown (with its controlled 171
18.050,000
Northern Ohio)
140.642,043
804
Wr-*-rn Maryland
3.250,000
81
it Rah' igton & Old Dominion
18.264,250
296
finn A bor
10,100.000
234
( ree. Bay & Western
71.620,626
1.627
Mitmeapolis & St. Louis
9.492 81388.922,457
Total
and would include for its main stem the new 283-mile road projected
by Mr. Loree from Easton to Pittsburgh, known as the New York Pittsburgh & Chicago, which he calls the backbone of the fifth system.
The lines would extend from Montreal and Quebec on the northeast.
Potomac
also from New York, Baltimore, Washington, and the important
cities
yards south of Washington. with main lines passing through the
St.
of Pittsburgh, Buffalo, Cleveland. Toledo and Detroit. to Chicago.
Louis. Kansas City. Omaha and the Twin Cities.
Miles.
360
be
would
and
Pittsburgh
York
The mileage between New
the
or about 75 miles shorter than the route of the Pennsylvania RR.:
distance from New York to Chicago would be about 50 miles shorter
miles
30
than the Pennsylvania RR., the present short line, and about
by
shorter between New York and St. Louis; it would be the shorter line
17 miles between Baltimore and Pittsburgh. The line between Pittsburgh
and St. Louis would include trackage between Delphos. Ohio and Huntingthe Erie.
ton. led.; 15 miles over the Nickel Plate anti 48 miles over
Few people realize that the Wabash is 11 miles shorter between Chicago
as
and Detroit than the Michigan Central and exactly the same distance
The Ann Arbor
the New York Central between Toledo and Chicago.
Western.
Bay
&
Division of the Wabash. in connection with the Green
and the
would form a most excellent trans-lake route to the Twin Cities
Northwest. with avoidance of the congested Chicago gateway.
Green
Trackage rights would have to be obtained from the end of the
get into the
Bay & Western for distance of about 35 miles. in order to
magthe
of
avail
to
and
St.
Louis
Twin Cities over the Minneapolis &
Minneapolis.
nificent terminals owned by that company in the city of
forma a
The Minneapolis & St. Louis, in connection with the Wabash.
a reasonably
short line between St. Louis and the Twin Cities and also
Cities.
good line between Kansas City and the Twin
from a traffic
The roads above enumerated dovetail into each other
with quite
point of view; as a whole, they are in good physical condition.
amounts of
a substantial amount of double track. Undoubtedly large
but the
railroads
money would have to be spent to co-ordinate all these
probably
economies which can be brought about by joint management would
required.
pay a very large part of the interest on the additional capital
River and
The only important sections and cities north of the Ohio
be sections
east of the Mississippi not reached by such a system would
Ohio and
Louisville.
of Ohio and Indiana, including Cincinnati and
making a
Indiana are gridironed by electric interurban lines which are
passengr
tremendous struggle to recover from freight earnings their loss in
and would.
business. They are more and more successful in that direction
system.
no doubt, greatly welcome the co-operation of a new railroad
Albert Frank & Company Opens Offices on Pacific Coast.
the
by
sought
been
has
hour
an
cents
12
of
increase
An
Albert Frank & Company, established in New York in
express workers. Regarding the arbitration of the de- 1872 and ranking as one of the oldest advertising agenmands the "Times" of Jan. 14 said:
States, extends its organization to the
Railway Express cies in the United
A remarkable feature of the arbitration in the American
the opening this week of offices
through
was
Coast
controversy
the
of
Pacific
side
neither
Co. case, it was declared, was that
its
was
ive
representat
San Francisco. In addition
company's
express
Street,
The
ry
represented by attorneys.
at 507 Montgome
Workers
atives in Los Angeles,
Vice-President, L. R. Gwynn; the American Federation of Express
represent
maintain
will
company
the
of
d
was represented by its President, James J. Forrester; the Brotherhoo
to the entire
available
making
thus
ent.
Seattle,
Vice-Presid
its
and
by
Portland
Railway and Steamship Clerks was represented
E. V. Badley, and the Order of Railway Expressmen was represented by its Pacific Coast territory the international advertising servPresident, A. Bollinger.
ice which it is equipped to render. The announcement
Mr. Clarke was the neutral arbitrator. The partisan says:
n in this
arbitrators were E. A. Stedman of Chicago, Vice-President
The extension of Albert Frank & Company's organizatio
the demands of business, transportaof the Express company, and William B. Wilson of Penn- country and abroad has followed
finance for an advertising service developed on the broadest
sylvania, former Secretary of Labor, who represented the tion and scale.
In 1900, the company, whose activities had previously
possible
Chicago field, where it has played
employees.
centered in New York, entered the
"Fifth Trunk Line System" Analyzed by F. J. Lisman —
Will be 50 Miles Shorter than any Existing
Railroad between New York and Chicago.
The fifth trunk line system now in the making under the
direction of Leonor F. Loree and his associate, William H.
Williams, Chairman of the Wabash, promises to be 50
miles shorter than any existing railroad between New York
and Chicago and 30 miles shorter than any between New
F. J. Lisman, railroad
York and St. Louis, according to
economist, who has analyzed the project and makes public
details regarding it. Mr. Lisman
for the first time certain
believes that if plans for the new system are consummated
advertising work. In 1908, an
an active part in sales promotion and
of the growing community
office was opened in London in recognition
business enterprises and of
of interest between American and foreign
to
strengthen friendly and
effort
the opportunity for sound advertising
ago, an office was
profitable international relationships. Three years
Albert Frank & COM'
established by the company in Boston to place
of New England
pany's service more conveniently at the disposal
where the firm already had extensive interests.
company
rounds out its
by
offices
the
Coast
The opening of Pacific
coast to
national organization, giving it direct representation from
coast, and signalizes the recent rapid development of industry, comthe
merce and finance in the Far East. The offices will be under
management of E. E. Albertson, who has bad many years' experience
in the advertising and newspaper business on the coast. For three
years he was financial editor of the San Francisco Chronicle and for
five years served in that capacity with the San Francisco Call. He
has also been connected with the "Coast Banker" and has had his own
FEB. 5 1927.1
THE CHRONICLE
advertising agency in Spokane. He comes to Albert Frank & ComPany from "Finance and Trade," of which he has been co-editor and
co-publisher. Mr. Albertson has an unusually wide acquaintance among
newspaper men and bankers on the Pacific Coast.
The Pacific Coast offices, as is the case with the offices maintained in
Chicago and Boston, will comprise a complete, self-contained advertising
organization, offering a thoroughly comprehensive service in art, copy,
research, merchandising and sales promotion. They will express the
policies and ideals which have distinguished the work of Albert Frank
& Company since the organization of the firm and will be under the
direct supervision of Albert Frank headquarters at 14 Stone Street.
M. It Herman, vice-president of the company, is iow on the Pacific
Coast, where he is engaged in installing the offices.
Vice-President Dawes Turns Over His Portion of Nobel
Peace Prize to Walker Hines Page School of
International Relations.
Vice-President Charles G. Dawes, who, jointly with
Sir Austen Chamberlain, the British Secretary for Foreign
Affairs, was awarded the Nobel Peace Price for 1925, has
turned over his half of the award to the Walker Hines Page
School of International Relations. The check (which is
for 59,082 kronor, about $15,775, and was offered as a part
of Chicago's $100,000 quota of the $1,000,000 endowment
for the school) was sent to Owen D. Young, Chairman of
the SchoolTrustees, by Rufus Dawes, brother of the VicePresident, and Edward N. Hurley, who are at the head of
a committee which is seeking to raise the Chicago allotment.
Mr. Young in a letter to Vice-President Dawes acknowledging
the gift said:
ly Dear General Dawes,—I do not know how to express to you my
appreciation of your contribution to the Walter Hines Page School. If It
were a contribution of money merely I could do so. If it were a testimonial
only of a man in high place familiar with international affairs and of the
need of such work as ours I could do so. It is, however, all of these and
much more. It is the Nobel Prize Fund which you have dedicated to us.
It brings to the Page School something of the high honor attached to that
award. No greater distinction for work in the international field could
come to any man than the Nobel Prize and all Americans, and especially
all your associates on the Dawes Committee of whatever nationality.
rejoice in its grant to you.
The funds of the Nobel Peace Prize were dedicated to the recognition
of the efforts of individuals in the cause of peace. What an inspiration
It is to have them rededicated by you to the study of international relations
in order that we may learn how to promote peace, not by segregated
monumental acts alone, but by better daily contact between the nations
of the world.
I thank you for the gift, and I am sure that Johns Hopkins University
will see that it works in perpetuity for peace, not only as money, but as an
inspiration to teachers and students of international relations.
Very respectfully and gratefully yours,
OWEN D. YOUNG.
The New York "Times" of Jan. 16 notes that the Page
School is to be at Johns Hopkins University at Baltimore
and is to be a fact-finding organization, obtaining and
making available to others information bearing on the causes
of any great world movement or governmental policy, either
social, economic or racial.
Los Angeles Banks Organize Pacific Mortgage
Guaranty Co.
D. M. Reynolds, Vice-President of the First National
Bank of Los Angeles, in a wire received yesterday, advises
us that "the Pacific Mortgage Guaranty Co., with an
authorized capital of one million dollars and owned by the
First National Bank of Los Angeles, the Merchants National Trust & Savings Bank, the California Bank and
the Pacific Southwest Trust & Savings Bank was launched
here today for the purpose of selling to Eastern banks,
Insurance companies and other financial companies, which
are desirous of loaning money in California, either directly
through first mortgage or indirectly through the purchase
of bonds and other securities with a steady volume of
conservatively made insured mortgages. The demand for
California securities of this type would be increased if
Eastern institutions were assured of an unfailing supply
of this class of securities. The Pacific Mortgage Guaranty
Co., through its stockholders, which constitute some of
the largest banking groups in California, will be in position to satisfy this demand of Eastern institutions.
The strength of the new organization is shown by its
list of officers and directors. Directors will be John E.
Barber, President First Securities Company and Vice.
President the First National Bank of Los Angeles; Harry
J. Bauer, President; C. It. Bell, Vice-President Merchants
National Trust & Savings Bank; A. M. Chaffey, President California Bank; A. E. Huntington, Vice-President
California Bank; A. N. Kemp, Vice-President California
Bank; Harry Lee Martin, Vice-President; T. A. Morrissey,
Vice-President Merchants National Trust & Savings Bank;
Edward J. Nolan, President Merchants National Trust &
Savings Bank; Henry M. Robinson, President the First
National Bank of Los Angeles, and Charles F. Stern, President Pacific Southwest Trust & Savings Bank. Officers
will be Harry J. Bauer, President; Harry Lee Martin,
'Vice-President; George H. Robinson, Treasurer, and Wallace Moir, Secretary.
737
Foreign Holdings of Common and Preferred Stock of
United States Steel Corporation Show Decline.
According to the figures for Dec. 31 1926, just made available, the foreign holdings of both common and preferred
shares of United States Steel Corporation were again reduced
during the last quarter of 1926. On Dec. 31 1926 the holdings abroad of common stock totaled 123,090 shares, as
against 123,557 shares Sept. 30 1926 and 129,020 shares
June 30 1926. On Dec. 311925, however, common holdings
abroad totaled only 119,414 shares. Foreign holdings
of preferred shares, which on Sept. 30 1926 totaled 112,822
shares, were down to 112,562 shares on Dec. 31 1926. Preferred holdings on June 30 1926 amounted to only 111,908
shares, but on Dec. 31 1925 they were up to 113,843 shares.
When contrasted with the period before the war, the shrinkage in these foreign holdings is very striking. Thus foreign
holdings of common on Dec. 31 1914 aggregated no less than
1,193,064 shares, but now amount to only 123,090 shares,
as already stated, while preferred shares have dwindled
away from 309,457 shares on Dec. 31 1914 to the present total
of 112,562 shares. Below we furnish a detailed statement of
the foreign holdings at various dates since Dec. 31 1914 to
the latest period:
FOREIGN HOLDINGS OF SHARES OF U.S.STEEL CORPORATION.
Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dee.31
1926. 1925. 1924. 1923. 1922. 1921. 1914.
Common Stock.
116
2
135
190
Africa
139
125
125
Algeria
---------------- --------345
i7
45
8
Argentina
230 -___
104
96
3
107
120
121
Australia
27
690
Austria
2,737 2,364 2,080 1.636 2.472 4,438
Belgium
2,290 2,388 2,346 2,318 2.214 2,279 3,509
124
190
191
46
Bermuda
196
200
100
Bolivia
ii
143
144
Brazil
162
Liz
164
lie
17
British
2
-Bulgaria
Canada
29.121 23,968 22.838 23-.422 24-.§-18 30.885 54,259
56
226
382
75
Central America
243
260
322
174
8
187
209
Chile
230
165
235
179
172
13
76
China
141
46
50
Colombia
1
I
1
I
1
16
26
16
Denmark
26
26
26
2
2
2
Ecuador
2
2
2
Egypt
60
60
60
England
29,385 26,217 100:ai 101.118 160.876 167.752 710-,iii.
Finland
4
• 4
France
9,937 9.990 ui.§ii 11.203 10-.:194 13-.10 64-A7
Germany
520
663
291 1.281 1.395 2,664
632
Gibraltar
100
Greece
6
5
5
6
5
5
36,168 40.285 45,606 51.054 48.827 50.741 342-j48
Holland
106
India
96
70
127
147
35
Ireland
228
134
399
184
353
356 2-,iii
Italy
274
317
386
148
273
461
500
Japan
66
23
5
62
19
24
56
15
41
Java
11
---- ____
28
I.uxembourg
1
1
21
1
1
1
__=r
40
40
Malta
40
40
40
40
TO
225
92
340
211
338
Mexico
320
360
Norway
60
60
60
60
70
60
65
Peru5
33
20
14
Poland
503
"98 "408
Portugal
---ieo
---7---8-- 8
--Rumania
A
A
_
3
8
3
14
3
Russia
8
-16
3,037 2,781 2,489 2.199 2.197
Scotland
797 4,208
Serx
8
8
8
8
8
ia-.e11
340
232
642
Spain
561
330 1-,iii
178
157
165
Sweden
104
385
31
1
Switzerland _ _ _ _ 2.229 3.409 2.793 2.473 1.980 2.180 1.470
197
Turkey
199
200
197
199
197
16
Uruguay
---- --- --_
---- ---- ---____
10
Venezuela
Wales
iii
West Indies
4
-143-Ani1,872
3-.888 3-423
3-1g3-'
123,090 119.414 198,010 203.109 261.768 280.026 1.03.051
Total
Preferred Stock
Africa
393
339
89
116
47
47
58
Algeria75
Argentina
15
15
15
15
15
11
15
Australia
90
90
90
113
113
123
484
Austria
410
422
428
284.770 2,085
Azores
120
120
120
120 -120
120
614
Belgium
257
192
292
287
287 -597
Bermuda
747
349
476
430
430
430
21
Brazil
---174
168
36
29
23
31
British India
81
Canada
28-;91113 28-.286 28-.662 27:294 27-1152 29:136 84,673
Central America
24
74
182
140
127
21
146
Chile
15
15
15
41
45
23
12
China
139
139
106
100
92
119
42
Colombia
5
5
5
5
16 _
5
Denmark
26
55
50
70
58
-44
-58
Egypt
140
England
42.039 44.693 45.444 46.513 54-.201 54.282 174,906
France
14,337 16,317 14,170 15.644 15.675 17.036 86,749
Germany
961 1,134 1,374 1.101 4,131 4.152 3.252
Greece
5
5
as
5
5
5
5
ilolland
11,040 10,210 10.616 10.742 9.180 9.555
29.000
India
616
302
302
290
325
326
Ireland
758
971
989
995 4-,119
939 1.049
Italy
1,724 1,884 1.880 1.958 1.791 1.867 1,678
Japan
1
1
I
81
1
1
1
Luxembourg
83
23
23 23
23
23
NI alto
50
iiii
50
50
bo
50
50
Mexico
154
235
25
114
96
116
56
Morocco
7
_
Norway
1
24
12 -12 --12 --12 --I2
Poland
Peru
------6
---- --22
---5
--Portugal
_
120
Russia
43
26
915 -----6
1
--i
15
Scotland
937 13,747
1.648 1.438 1.318 1,448 1.468
Serbia
220
- __ _
Spain
482
1,160
847 -ei "8
1.14
6i1
sW 1.5
8,
.eden
79 1,137
749
74
84
84
102
Switzerland._ _ _ 2,606 3,189
2.128 2.167 2,617
2.772
2.745
Turkey
100
115
115
105
115
105
105
Wales1
,068
West Indies
874
Lou 2:U8 1.888 -085 -'iAt -Aii
Total_
119 F419 1111 EA9 111 7R13112 11LR 191
finst 12R
Rill
2011.1.11
738
THE CHRONICLE
[VoL. 124.
PREFERRED.
Federal government 8101,421,766. In 1926 the yield was $115.410,036 and
Shares. Per Cent. in five months of the fiscal year 1927 the sum of $39,796.153 has been
Date-8.67
312.311
Mar. 31 1914
312.832 8.67 collected.
June 30 1914
309,457 8.59
Dec. 31 1914
The opinion of the United States Supreme Court denying
308,005 8.55
Mar. 31 1915
303.070 8.41 the plea of the State of Florida for permission to file a bill of'
June 30 1915
8.26
297,691
Sept. 30 1915
274.588 7.62 complaint against Secretary of the Treasury Mellon and
Dec. 31 1915
7.27
262.091
Mar. 31 1916
171.096 4.78 Internal Revenue Commissioner Blair to enjoin them from.•
Sept. 30 1916
156,412 4.34
Dec. 31 1916
inheritance taxes imposed
4.21 attempting to collect in Florida the
151,757
Mar. 31 1917
3.94 under the Revenue Act of 1926 was handed down on Jan. 3.
142,226
June 30 1917
140,039 8.59
Sept. 30 1917
140.077 3.88 It was contended by the State that the Federal tax is
Dec. 31 1917
140,198 3.90
Mar. 31 1918
inheritance taxes
149,032 4.13 not uniform, because other States impose
June 30 1918
147,845 4.10 while Florida does not. This contention, the Supreme
Sept. 30 1918
148,225 4.11
Dec. 31 1918
149,832 4.16 Court held, is without merit. "Congress," said the Court,
Mar. 31 1919
4.07
146.478
June 30 1919
3.99 "cannot accommodate its legislation to the conflicting or
143,840
Sept. 30 1919
3.84
138,566
Dec. 31 1919
control the diverse
3.54 dissimilar laws of the several States nor
127,562
Mar. 31 1920
3.46 conditions to be found in the various States which necessarily
124,346
June 30 1920
3.28
118.212
Sept. 30 1920
3.09 work unlike results from the enforcement of the same tax.
111.436
Dec. 31 1920
2.96
106.781
Mar. 31 1921
be
2.91 All that the Constitution requires is that the law shall
105.118
June 30 1921
2.87
103,447
Sept. 30 1921
of liability
rule
the
provisions
its
that
the
by
in
uniform
sense
3.68
128,818
1921
Dec. 31
3.56 shall be alike in all parts of the United States." It was also
128,127
Mar. 31 1922
3.43
123,844
June 30 1922
123,710 3.43 held that the provisions of the Federal law constitute "an
Sept. 30 1922
3.38
121,308
Dec 30 1922
a direct
3.32 invasion of the sovereign rights of the State and
119,738
Mar. 29 1923
3.27 effort on the part of Congress to coerce the State into imposing
117.631
June 30 1923
3.29
118.435
Sept. 30 1923
3.10 aa inheritance tax and to penalize it and its property and
113.155
Dec. 31 1923
3.14
112,521
Mar. 31 1924
3.12 citizens for the failure to do so." The Court maintained that
112.191
June 30 1924
3.01
111.557
Sept. 30 1924
power to
3.19 the Act "was passed by Congress in pursuance of its
111.759
D'ec. 31 1924
111,463 3.10 lay and collect taxes, and, following the decision of this
Mar. 31 1925
3.10
111.800
June 30 1925
3.12 Court in respect of the preceding Act of 1916 (when New
112.679
Sept. 30 1925
113.843 3.16
Dec. 311926
3.13 York Trust Co. vs. Eisner, 256 U. S., 345), must be held.
112.844
Mar. 31 1926
111.903 3.10
June 30 1926
went on to say:
112,822 3.14 to be constitutional." The opinion
Sept. 30 1926
112.562 3.12
I Dec. 31 1926
If the Act interferes with the exercise by the State of its full powers of
or has the effect of removing property from its reach which otherIn the following table is shown the number of shares of taxation
wise would be within it, that is a contingency which affords no ground for
the Steel Corporation distributed as between brokers and judicial relief. The Act is a law of the United States made in pursuance
of the Constitution, and, therefore, the supreme law of the land, the Con
investors on Dec. 31 1926 and Dec. 31 1925:
'Mutton or the laws of the States to the contrary notwithstanding. WhenDec. 31
Dec. 31
Ratio. ever the Constitutional powers of the Federal Government and those of the
1925.
Ratio.
1926.
COM171011.1,473,606 28.99 1.402,754 27.60 States come into conflict, the latter must yield.
Brokers, domestic and foreign
3,609,419 71.01 3,680,271 72.40
Investors,domestic and foreign
The United States "Daily" gave as follows the text of
Preferred167.675 4.65
186,972 5.20
Brokers, domestic and foreign
handed down by
3,415,839 94.80 3.435,136 95.35 the Supreme Court decision, which was
Investors, domestic and foreign
COMMON.
DateShares. Per Cent.
Mar .31 1914
1.285,636 25.29
June.30 1914
274.247 25.07
1:
Dec. 31 1914
1.193.064 23.47
1,130,209 22.23
Mar 31 1915
June 30 1915
957.587 18.84
826.833 16.27
Sept. 30 1915
Dec. 31 1915
696,631 13.70
Mar. 31 1916
634.489 12.48
537.809 10.58
Sept. 30 1916
Dec. 31 1916
502.632 9.89
494.338 9.72
Mar. 31 1917
481.342 9.45
June 30 1917
Sept. 30 1917
477,109 9.39
Dec. 31 1917
484,190 9.52
9.56
Mar. 31 1918
485.706
9.66
June 30 1918
491,464
Sept. 30 1918
495,009 9.73
Dec. 31 1918
491.580 9.68
Mar. 31 1919
493.552 9.71
9.15
June 30 1919
465,434
Sept. 30 1919
394,543 7.76
Dec. 31 1919
7.26
368.895
Mar. 31 1920
348.036 6.84
June 30 1920
342,567 6.74
Sept. 30 1920
323.438 6.36
Dec. 31 1920
292,835 5.76
5.69
Mar. 31 1921
289,444
June 30 1921
288,749 5.68
285,070 5.60
Sept. 30 1921
5.50
280,026
Dec. 31 1921 •
5.51
280,132
Mar. 31 1922
275,096 5.41
June 30 1922
5.32
270,794
Sept. 30 1922
261.768 5.15
Dec. 30 1922
4.70
239,310
Mar. 29 1923
4.07
207,041
June 30 1923
210.799 4.14
Sept. 30 1923
203.109 3.99
Dec. 31 1923
3.96
201.636
Mar. 31 1924
3.99
203.059
June 30 1924
3.97
201.691
Sept. 30 1924
3.89
198.010
Dec. 31 1924
3.85
195.689
Mar. 31 1925
2.50
127.335
June 30 1925
2.50
127.078
Sept. 30 1925
2.35
119.414
Dec. 31 1925
122.098 2.40
Mar. 31 1926
129.020 2.53
June 30 1926
2.43
123,557
Sept. 30 1926
2.52
123,090
Dec. 31 1926
The following is of interest, as it shows the holdings of Associate Justice Sutherland:
State of Florida vs. Andrew W.Mellon,as Secretary of the Treasury of the
brokers and investors in New York State:
United States, and David H. Blair, as Commissioner of Internal Rev-
enue of the United States; No. ___, Original; Supreme Court of the
United States.
The constitutionality of the Federal inheritance taxes was sustained in
this original suit.
4.47
141,763 3.93
161.251
The full text of the opinion of the Court was delivered by Mr. Justice
1 472.628 40.87 1.489.501 41.34
Sutherland, as follows:
Seeks to File Complaint.
deThe State of Florida seeks leave to file a bill of complaint against the
Florida's Claim for Exemption from Federal Inheritance fendants,
citizens of other States, to enjoin them from attempting to collect
Tax- Denied by United States Supreme Courtin Florida inheritance taxes imposed by Section 301 of the Revenue Act of
cause
1926, C. 27, 44 Stat. 9, 69-70. A rule upon the defendants to show
Bill to Repeal Estate Tax Provisions.
why such leave should not be granted was issued and answered.
inon
tax
no
Reporting that "further legal action by Florida, or by her
Florida
The complaint alleges that under the Constitution of
by Section
citizens, to bring before the United States Supreme Court heritances can be levied by the State or under its authority; that
of the Act referred to certain graduated taxes are imposed on the estates
the issue of eonstitutionality of the Federal estate tax as 301
of decedents subject to the following provision:
any
1924
be
and
of
1926
will
Acts
written into the Revenue
"The tax imposed by this section shall be credited with the amount of
actually paid to any State or
undertaken shortly," the "Wall Street Journal" in advices estate,inheritance,legacy, or succession,taxes
Territory or the District of Columbia, in respect of any property included
Jan. 12 from its Washington bureau, added:
in the gross estate. The credit allowed by this subdivision shall not exceed
The State itself brought one suit in the Supreme Court attacking the 80 per centum of the tax imposed by this section,and shall include only such
tax. Although that suit resulted in a defeat of Florida, the Court did not taxes as were actually paid and credit therefor claimed within three years
pass directly upon the issue of constitutionality, but said the State could after the filing of the return required by Section 304."
not maintain the action on the grounds setup.
The next step is for a suit to be brought on behalfof a Florida estate which
Held Invasion of Rights.
has paid the tax. This suit will be begun in lower courts and carried to the
It is further alleged that the defendants are officers of the United State
Supreme Court.
and are seeking to enforce the provisions of Section 301; that citizens of
Florida's constitution prevents her levying an estate or inheritance tax.
subject to taxaFlorida have died since the Act was passed leaving estates
tax.
a
such
States
have
foil.
but
All
and are
terms of that section; that defendants have required
The Federal Revenue Act of 1926 provides an estate tax, but gives to the tion under the
the legal representatives of such decedents to make returns under
States that have inheritance taxes 80% of the Federal taxes so paid. In requiring
withthe
in
result
will
it
restrained,
that section, and unless such action is
the 1924 Revenue Act the credit was 25%•
several million dollars per annum and thus diminish
Florida expected that her ban on inheritance and income taxes would drawal from Florida of
State. derived largely from taxation of property therein;
attract many residents to that State. This expectation has been nullified the revenues of the
is directly interested In the matter because it raises by taxato some extent by the collection of the Federal tax, 80% of which goes to that the State
tion a sufficient amount of revenue to pay the expenses of the State GovStates which have inheritance taxes.
by imposing inheritance taxes or taxes on incomes
Florida claims that the Federal tax in its present State violates the con- ernment otherwise than
of the said section constitute an invasion of the sovstitutional provision that Congress can levy direct taxes only when they and that the provisions
of the State and a direct effort on the part of Congress to
are uniform among the States. The State points to the credit provision as ereign rights
imposing an inheritance tax and to penalize It and its
evidence that the Federal tax is not one for revenue, but that it is an coerce the State into
for the failure to do so. It is further alleged that
citizens
and
property
Florida
States
and
which
the
force
other
inheritance
have not
attempt to
the State is directly interested in preventing the unlawful discrimination
is
charge
made
further
The
that
it.
an
the
is
adopt
tax
infringement
to
tax
against its citizens which is effected by Section 301 and in protecting them
on State sovereignty.
against the risk of prosecution for failure to comply with the enforcement
In decidirg the case brought by the State of Florida, Supreme Court
Provisions of the Act; that the several States, except Florida, Alabama and
did not pass upon the constitutionality of the tax, unless its statement that Nevada,levy inheritance taxes, but by rhason of the provisions of its Conits
accommodate
not
to
conditions
fit
legislation
could
varying
Congress
stitution Florida cannot place its citizens on an equality with those of the
among the States, can be so taken. It merely decided that the State itself
the tax in question, and th tereforel the tax is not
bad suffered no injury on which suit could be maintained and that it could other States in respect of
uniform throughout the United States as required by Section 8 of Article I
not bring a suit in behalf of its citizens.
of the Federal Constitution.
Other States appeared in the suit also. Edward A. Harriman who acted
for Connecticut points out that Congress might credit back to the States
Two Grounds Are Cited.
part of the income tax and other taxes in the same way that it has the
carried to its logical conclusion. Congress
The allegations of the bill suggest two possible grounds upon which the
estate tax. If the tendency were
invoke the jurisdiction of this court may
mightcontrol the governmental policies of all the States by controlling their asserted right of complainant to
be supported: (a) that the State is directly injured because the imposition
revenuee.
could not be decided on the same ground as of the Federal tax, in the absence of a State tax which may be credited, will
A suit brought by a citizen
and those behind the case believe that the cause the withdrawal of property from the State with the consequent loss
the one brought by the State
to the State of subjects of taxation; and (b) that the citizens of the State
court would have to look into the constitutionality feature.
injured in such a way that the State may sue In their behalf as parene
Supreme Court disapproval of the tax would entail large refunds by the are
Neither ground is tenable.
Federal government. In the fiscal year 1925 the estate tax yielded the patriae.
CommonBrokers
Investors
PreferredBrokers
Investors
Dec. 31
Dec. 31
Ratio.
1925.
Ratio.
1926.
1,398,797 27.51 1,327,288 26.11
1,138,085 22.39 1,178,278 23.18
FEB. 5
1927.]
THE CHRONICLE
While judicial relief sometimes may be granted to a qaasi sovereign
state
under circumstances which would not justify relief if the suit were between
Private parties, Georgia vs. Tennessee Copper Co., 206 U. S. 230, 237
nevertheless it must appear that the State has suffered a wrong furnishing
ground for judicial redress or is asserting a right susceptible, of judicial
enforcement. The mere fact that a State is the plaintiff Is not enough.
Wisconsin vs. Pelican Insurance Co., 127 U. S. 265. 287; Oklahoma vs.
A. T.& Santa Fe Ry., 220 U. S. 277, 286, 289.
States Must Yield.
The Act assailed was passed by Congress in pursuance ot its power to lay
and collect taxes, and,following the decision of this cour.t in respect of the
preceding Act of 1916, New York Trust Co. vs. Eisner, 256 U. S., 345, must
be held to be constitutional. If the Act interferes, with the exercise by the
State of its full powers of taxation or has the effect of removing property
from its reach which otherwise would be wialin it, that is a contingency
which affords no ground for judicial relief. The Act is a law of the United
States made in pursuance of the Constitution, and, therefore the supreme
law of the land, the constitution or laws of the States to the contrary notwithstanding. Whenever the constitutional powers of the Federal Government and those of the State come into conflict, the latter must
yield.
Ex parte Virginia, 100 U. S.339,346;Brown vs. Walker. 161 U.8.591,
606;
Cummings vs. Chicago, 188 U. S. 410, 428; Lane County vs. Oregon,
7 Wall. 71, 77.
The contention that the Federal tax is not uniform because other States
impose inheritance taxes while Florida does not,is without merit. Congress
cannot accommodate its legislation to the conflicting or dissimilar laws
of the
several States ner control the diverse conditions to be found in the
various
States which necessarily work unlike results from the enforcemen
t of the
same tax. All that the Constitution (Art. 1. scction 8. column 1)
requires
is that the law shall be uniform in the sense that by its
provisions the rule
of liability shall be alike in the parts of the United States.
Result Held Speculative.
The claim of immediate injury to the State rests upon the
allegation that
the Act will have the result of inducing potential taxpayers
to withdraw
property from the State. thereby diminishing the subjects
upon which the
State power of taxation may operate. The averment to
that effect, however, affords no basis for relief, because, not only is
State's right of taxation
subordinate to that of the general government, but
the anticipated result is
purely speculative, and,at most,only remote and indirect.
Minnesota vs.
Northern Securities Co., 194 U. S. 48, 68-70.
If, as alleged, the supposed
withdrawal of property will diminish the revenues of
the State, non con.stat
that the deficiency cannot readily be made
up by an increased rate of
taxation. Plainly, there is no substance in the
contention that the State
has sustained, or is immediately in danger
of sustaining, and direct injury
as the result of the enforcement of the Act
in question. See In re Ayers,
123 U. S. 443, 496; Massachusetts vs. Mellon,
262 U. 8. 447, 488.
Nor can the suit be maintained by the State
because of any injury to Its
citizens. They are also citizens of the United States
and subject to its laws.
In respect of their relations with the Federal
Government "It is the United
States, and not the State, which represents
them as parent; patriae, when
such representation becomes appropriate and to
the former, and not to the
latter, they must look for such protective
measures as flow from that
status." Massachusetts vs. Mellon, supra,
pp. 485-486.
It follows that leave to file the bill of complaint
must be denied.
Rule discharged and leave dented.
Florida's fight to maintain the right of the States
to determine their own internal taxation policies and
to protect
State constitutions against invasion by Federal
authorities,
was resumed on Nov. 22 in the Supreme Court of
the United
States. In the suit Florida attacked the Federal
inheritance
tax law on four grounds: First, that her State
Constitution
forbids the levying of inheritance taxes; second,
that under
the provisions of the Federal law inheritance
taxes from
which the Commonwealth receives no benefit
are now collected in the State; third, that the Federal
Government
rebates to the States having inheritance tax
levies 80% of
the tax collected, and, Florida having no
estate tax, receives no rebate, it being, therefore, contended
that the Federal statute is discriminatory, and fourth, that
the courts
have held that the estate tax is an excise tax
and that the
Federal Constitution expressly provides that
excise taxes
must be uniform.
Florida's executives in seeking permission to
bring the
suit had the backing of the business interests of
the State
headed by the Florida State Chamber of Commerc
e, which
was one of the organizations sponsoring the no
-inheritance
tax provision of the State's Constitution, and the
court action was the result of a State-wide meeting of business
men
held in Palm Beach last April at the call of the
Chamber.
J. B. Johnson, Attorney-General of Florida, appeared
before
the Court for the purpose of setting forth why the
Commonwealth should be permitted to file an original bill
of complaint seeking to test the constitutionality of the
statute.
The Solicitor-General of the United States, represent
ing
Secretary Mellon and David H. Blair, Commissioner of
Internal Revenue, appeared before the court some weeks
ago .in answer to the tribunal's rule to the defendants
to
show cause why the State should not be permitted to file its
bill. Florida base her right to bring the suit on four different grounds, Mr. Johnson told the court.
First, that under the estate tax provision of the Revenue Act several
millions of dollars annually are withdrawn from the State, thus depleting
its revenue producing property.
Second, that under and by the terms and provisions of this Act the KWereign rights of the State have been invaded.
Third, that it is an undertaking to coerce the State of Florida into laying and collecting an estate or inheritance tax, and
Fourth, that it is an undertaking to penalise the State of Florida
and
her property and citizens for failure on the part of the State to lay and
collect for State purposes a tax on estates of decedents.
739
The United States Solicitor-General raised three
points
against the right of Florida to maintain the suit: First,
that Section 3224 of the Revised Statutes provides that
"No
suit for the purpose of restraining the assessment or collection of any tax shall be maintained in any court"; second,
that the State does not suffer any direct injury through the
taxation of its citizens and therefore may not maintain the
bill on that ground, and, third, that the State is not entitled
to bring the suit as parens patriae.
The Solicitor-General's assertion that Florida sought to
enjoin the collection of taxes was an error, Mr. Johnson
argue. "The State of Florida can have no objection to the
United States laying and collecting this tax," he told the
court. "The provision of the Revenue Act challenged by
the State is that provision which rebates a proper tax. It is
the indirect appropriation of Federal revenue to favored
States to the detriment and hurt of Florida.
"The estates tax provision was not intended as a revenue
measure. This clearly appears from the reports and proceedings by and before the committees of Congress, and
from the debates and proceedings in the House of Representatives. It was intended solely as a coercive measure to
force, if possible, uniformity as to estate and inheritance
taxes as between the States. And the bare truth of the',
matter is that this rebate provision was directed at the
State of Florida. It is a direct attack on the State of
Florida for having adopted a constitutional amendment prohib:ting the assessment and collection of inheritance taxes.
This estate tax provision with the rebate is entirely outside'
and beyond the powers delegated to Congress." Mr. Johnson
quoted from the report of Chairman Green of the House
Ways and Means Committee as follows:
A very important change was also made in the application of estate
taxes. Under the present law a credit is allowed upon these taxes of the
amount of any inheritance or estate tax paid to any State, up to 25% of
the Federal tax. In order to give the States full freedom to make use of
this tax the committee decided to extend the credit which might be so
allowed up to 80% of the Federal tax. The several States by the use of
this provision will be enabled to snake use of the inheritance tax without
additional cost to its citizens.
"From this it is plain that the application of this estate
tax provision was not intended to apply to the taxpayer,
but was intended to apply to States as units," asserted Mr.
Johnson, "And it was passed for the purpose of making an
indirect appropriation of Federal taxes for the use and
benefit of certain favored States, and for the purpose of
making a direct attack upon the State ofsFlorida.
We have made a table of the estate taxes collected by the Federal Government for the year 1925 by States. From this table it appears that the
United States collected estate taxes in the sum of $101,411,866 78.
Taking this, and allowing the 80% rebate to those States imposing an
Inheritance or estate tax, it would leave the Federal Government the pitiful
sum of $21,888,915 11. This would amount to an indirect appropriation
of $79,622,862 80 of Federal taxes for the use and benefit of certain State
Governments.
It is useless to search for any precedent or decision of
the Supreme or any other court covering a parallel case,
said Mr. Johnson, because the case in question is without
precedent or parallel.
It is a direct attack on one of the sovereign States of the Union by a
combination of a majority of the States. This estate tax provision cannot be considered a Federal statute. It is so entirely outside of the
power
of Congress that it amounts to nothing more or less than efforts
of members of Congress to force States into uniformity in the laying and
collection of estate or inheritance taxes. It is an effort on the
part of the
members of Congress, not representing the United States,
but representing
the prejudices and wishes of their several States, to
perpetuate an illegal
act, not against the individual taxpayer, but against the
State.
The action on the part of a majority of the States
is equivalent to these
States saying to Florida: "You have a legal and
constitutional right to
exempt your citizens and the property of your State
from the payment of
estate or inheritance taxes for the support of your
State Government. You
had the right to provide for this exemption
by constitutional provision.
Yet, regardless of your right, and right or
wrong, and because we are
strong enough to force you, we will make you
pay an estate tax for the
support of the Federal Government and we will
appropriate four-fifths of
this same tax to pay the expenses of our
respective State Governments."
Georgia was cited as a concrete example. Georgia,
in
March last year enacted an estate tax law wherein
the tax
was set at 80% of the Federal assessment. Tax officials
of
the State of Georgia, the Attorney-General
told the court„
were advertising the advantages Georgia possesses in leaflet
a
which compares Georgia with Florida, and cite that when
the Government levies a $75,000 estate
tax in Florida "the
whole amount goes into the Federal Treasury, with not
one
penny of benefit, so far as that $75,000 goes, to either the
estate or to the State of Florida." In Georgia, the leaflet
continue, the Government assesses $75,000 against the
estate, but four-fifths of the amount is credited as an ex-I
gniption going into the Treaspry of Georgia. "In our case,"
740
THE CHRONICLE
the leaflet set forth, "we get our share for applying to the
expense of operating our State Government."
"If the Representatives and Senators in Congress had wanted to be fair,
and had wanted to meet the uniformity provision in the laying and collecting of taxes as required by Section 8, Article 1, of the Constitution
of the United States," continued Mr. Johnson, "they should have provided
for the collection of the entire amount of the estate tax paid and then refunded to the treasury of each State, for State purposes, 80% of the tax
collected from each State. If Congress had no authority to do this, then
Congress has no authority to do what it has done. Congress cannot do
indirectly what it is not allowed to do directly."
[vol.. 124.
these rights the United States agreed that these grievances should be adjudicated by the Supreme Court of the United States. In this case this Court
owes it to itself, to the United States and to the States, to take cognizance
of the State's case presented and to exercise the jurisdiction conferred by
the Constitution in such cases made and provided.
Senator Fletcher, of Florida, introduced in the Senate on
Jan. 3 a bill to repeal the estate tax provisions contained in the Revenue Act.
Thirty States Demand Repeal of Federal Inheritance
Tax.
Florida did not ask for an injunction to restrain the
its Washington correspondent Dec. 30, the New
From
collection of a Federal tax, the Attorney-General told the York "Evening Post" reported the following:
court. "The so-called estate tax is the instrument used by
Plans for concerted action by the majority of State Legislatures
of the Federal
a combination of a majority of the other States to nullify a throughout the country to demand of Congress the repeal
tax were decided upon at a meeting here of the National Comvalid constitutional provision of the State of Florida, and inheritance
mittee Opposed to the Federal Inheritance tax.
to slander and violate the State's sovereignty; and for the
Official representatives of almost thirty States were present, the majority
Legislatures that meet next month or appurpose of establish,ng and vindicating this sovereignty the of them members of the State
pointees of the Governors of those States especially designated to attend
employed."
weapon
State has asked to enjoin the use of the
this meeting.
Arthur A. Sherman, President protempore of the Rhode Island Senate.
With reference to the assertion of the Solicitor-General
at the meeting.
resided
the
through
injury
direct
any
that Florida does not suffer
Legislature,
According to Edgar A. Brown,speaker of the South Carolina
has
taxation of its citizens and therefore may not maintain the the Federal inheritance tax, as contained in the last revenue measure,and
Legislatures
State
bill on this ground, Mr. Johnson declared that the existence resulted in a nation-wide protest from taxpayers,
repeal
to
Congress
to
chic leaders, many of whom have already appealed
of a State depends primarily upon its citizens, upon the this levy.
is for
its
and
people
its
of
support
the
Sentiment both in the House and in the Senate at the present time
for
property and business
leader
the repeal of this measure, said Frank W. Mendell. former majority
Government and upon resources from which it can draw the on
was
Philadelphia
the floor of the House. Franklin S. Edmonds of
necessary revenue to support the Government.
,mong those attending the meeting.
"Any unlawful attack by a foreign power on any one of
the enumerated elements is of direct interest to the State of Ridder Brothers Acquire Ownership of "Journal of
Florida," he continued. "The other States in the Union and
Commerce"—New York "Commercial"
the United States, outside of its constitutional powers are
Merged With It.
foreign to the State of Florida for this purpose. Under the
controlling interest in the New York
of
purchase
The
to
constitution, it is tile primary duty of the United .States
" as well as the good-will and assets
Commerce
of
"Journal
protect the sovereignty of the State of Florida. The State of the New York "Commercial" by Bernard H. Ridder
the
denied
having been denied the use of diplomacy, and
Joseph E. Ridder and Victor F. Ridder, sons of the late
use of force, has only one recourse, and that is to this court. Herman Ridder, was made known on Jan. 1. Editorially
The United States might lend its aid to an unlawful and the "Journal of Commerce" had the following to say in its
unconstitutional act, or wrong perpetrated by a majority of issue of Monday,Jan. 3, regarding the change in ownership:
in GA'
States against one State, or a minority of States. When it
The "Journal of Commerce" announces in its news columns
By virtue of this change new
does it will lose its self-respect and the integrity of the Issue a change of ownership and control. of
the board of directors have,
officers have been elected and a majority
beUnion. That is what we are before this court to find out. resigned
and have been succeeded by others. Bernard H. Ridder has
of
Vice-President, Victor
We are appealing to our only source of relief, outside
come President of the corporation, Joseph E. Ridder
force."
If Congress should pass an estate tax law with the same rates as are in
Mis.
the present law, and should then provide that the State; west of the
of
sissippi River should be allowed a rebate of 80% of this tax for the use
pay
should
River
their States, but that the States east of the Mississippi
the tax in full, you would either have a civil war or a split in the Union
No self-respecting State would submit to so unjust a discrimination. And
such a discrimination would be as unjustifiable as the present law.
When the earnings and wealth of the citizens of the State of Florida are
unlawfully taken by foreign powers then it Is up to the State of Florida to
appeal to the United States for protection, or resort to force. If the tax•
table wealth of the State is $500,000,000 and ten millions of this is taken
away, then 2% of the State's producing wealth is gone, and the ability
of the people to pay the taxes necessary to the State is reduced to a much
greater per cent, because taxes must necessarily come from the earnings of
the people. We should take warning from the example of those nations
whose Governments have been destroyed by excessive taxation. The power
to tax is the most dangerous weapon in the hands of any Government.
Honorable Andrew W. Mellon, Secretary of the Treasury of the United
States, made a true statement before the Finance Committee of the Senate.
On page 38, Report of Hearing before the committee of the Senate, Part 1.
Jan. 4-5 1928, he said:
"Taxation by the Federal Government is going down and that of the
States is going up. The States need every source of revenue available.
In the majority of the States the Federal tax directly decreases the property which the State can tax. For example, if an estate pays $1,000,00o
of tax this is deducted from the net value of the property on which the
State percentage is levied. The State gets no tax on the value represent.r1
by what the Federal Government has taken. Aside from the direct loss
of revenue to the State there i. an Indirect loss. The preset n'
death taxes in this country could in some cases take more than 100% of
what a man leaves. Exeessi,e Federal taxes contribute I
muddle. The result must be that ultimate values are destroyed, and with
them the sources from which the State must take revenue."
The above statement is not true as to the facts stated because they come
irons the Honorable Secretary of the Treasury. They are not to be considered as true for the purposes of this case as an admission against interest.
The facts stated by Mr. Mellon are true fundamentally. They are true the
same as if Mr. Mellon had said "water runs down hill."
ownership
P. Ridder Treasurer and Leo E. Owens Secretary. The former
and officers have completely retired.
stock will
When reorganization of the company has been completed its
absolute
be opened in part to general public subscription, although the
by
retained
be
will
and
control of a majority of the stock has been acquired
the Ridder brothers.
certain of the
As a phase of the reorganization the subscription list and
Beginning
assets of the New York "Commercial" have been purchased.
"The Journal
of
with to-day this newspaper will be published under the title
delivered
be
will
and
of Commerce, Commercial Bulletin and Commercial,"
subto all "Journal of Commerce" and former "New York Commercial"
scribers.
Comof
The well-established editorial and news policies of the "Journal
sustain and
merce" will undergo no change. Every effort will be made to
e of
representativ
independent
strengthen its position as a non-partisan,
problems of
business. It will devote special attention to the great current
a level
financing business. Its news services will be maintained at as good
improve and broaden
as heretofore and effort will be made still further to
its contact both with foreign and domestic affairs.
interests,success
As with every enterprise which seeks to represent public
upon the support and
In the program this mapped out will depend entirely
Commerce" has
approval of readers and clientele. This "The Journal of
of such support and
liberally received in the past. It solicits continuation spirited newspaper
it promises continued publication of liberal and public
the well-being of the trade
inte t neon reflecting the interests and promoting
people.
and business of the United States and its
New York
The Ridder Brothers are the publishers of the
and
"Long
"Herold."
York
New
the
tung,"
`Staats-Zei
Tribune,"
Island Daily Press." According to the "Herald
just announced
the amount involved in the transaction
, of which
$2,850,000
ely
approximat
been
is said to have
cash payment. The
close to $2,000,000 represented the
paper quoted also says:
Policies Not to Be Changed.
contemplated, according to Victor
No immediate change in policies is
of Conunerce" with substantial
Ridder, and the staff of "the Journal
will be retained virtually intact.
additions from that of "The Commercial"
Journal of Commerce," will be
"the
of
editor
The State of Florida was in no sense acting as parens H. Parker Willis, the present
new paper.
patriae to the taxpayers, except as such purpose would be the editor of thereported
that the ownership is considering disposing of the
It is generally
served as incidental to the main relief sought by the State, membership in the Associated Press held by "the Journal of Commerce and
its full name reads, and will conduct the merged
the Attorney-General told the court. The primary purpose Commercial Bulletin," asAssociated
Press service. That this franchise was
the
without
publication
and
violation
to
a
was
restrain slander
involved In the transfer is indicated from
of the suit, he said,
one of the most valuable assets
were going over the estate of the late
of the State's sovereign right.
the fact that when state tax assessors
ago, the Associated Press membership Of the
It is for the purpose of restraining other States in the Union, by and Joseph Pulitzer some years
Negotiations for the sale of the
8200,000.
at
valued
through an unconstitutional, unauthorised and unlawful Federal weapon, morning "World" was
of the State reserved to it franchise to the tabloid "Daily News" are reported in progxemp.
from violating and interfering with the rights
the infliction of a penalty on the
under the Constitution, and to restrain
Deal Financed in Wall Street
with the wishes and desires of other
of
State of Florida for failure to comply
financed by the Ridden under the name of Journal
control.
or
no
was
have
deal
authority
they
The
which
over
matter
States in a
firm, act"
is without parallel or precedent. Under the Commerce Corporation, with Shields & Co., a Stock Exchange
As stated before, this case
United States were reserved log as bankers.
Constitution all powers not delegated to the
The new owners point out that "The Journal of Commerce," established
the States surrendered their rights
excess
to the States. Under the Constitution
for
and
in
1827, has in the last eighteen years had earnings substantially in
In
consideration
form,
by
and
diplomacy
by
to redress grievances
FEB. 5 1927.]
THE CHRONICLE
ref the maximum annual interest on the new notes, and that during the
ive years ended June 30, 1926, earnings available for interest and Federal
taxes averaged $215,725 annually, equivalent approximately to three and
one-half times the maximum interest charges on the notes. During the
Years 1918-21 the earnings averaged in excess of $500,000 a year. and in
1920 were more than $700,000.
Rumors of the pending merger had been current in the street for weeks.
The delay in closing is said to have been due to difficulty in establishing
clear titles to the properties. It was generally thought that Charles A
Stoneham. President of the New York National League ball club, had the
controlling interest in "The Journal of Commerce," but in the course of
the negotiations it was disclosed that the estate of the late R. R. Govin,
the former president of the company, and other stockholders also held
substantial interests. At the time of the sale the paper was under the
direction of Mason Peters as business manager. R. R. Govin. Jr. was
the president of the corporation.
Similar title difficulty was experienced with "The New York Commercial" which dates its origin back to 1795 with the establishment of "The
New York Price Current." which it succeeded. Russell R. Whitman was
President of the Commercial Newspaper Co. which held "The Commercial,"
but was generally reported that W. B. Lashar, President of the American
Chain Co., Inc., a $30,000,000 concern, was a substantial financial backer
of this publication and had a major interest in it at the time of the sale.
The two papers were competitors in the same field, with the latest circulation figures giving "The Journal of Commerce" from 28,000 to 30.000
daily and "The Commercial" about 15,000. Only "The Journal of Commerce" was a member of the Associated Press.
The consolidation adds a new chapter in the remarkable rise of the Bidder
family in the publishing world. Their fortunes began with the arrival in
this country of Herman !Udder in 1826 and his publication of a Catholic
organ in 1876. In 1889 Herman purchased the "The New Yorker SiestaZeitung." Later ml'he New Yorker Herold" was added to the family
possessions and more recently the late pioneer's three sons took
over "The
Long Island Daily Press." They will assume active management of
the
newly merged paper on Monday.
Fred B. Marvin, editor of "The Commercial." referring to the sale
last
night, said: "It is to be regretted that a newspaper devoted to American
ideas and institutions must disappear from the newspaper field,
especially
since this paper on Jan. 1 would have entered into its 132d year."
Mr.Marvin said he would continue his interest in the Bey Men ofAmerica
organization for keeping track of radical movements. Be is
to become
associate editor of "The National Republic," a magazine
published at
Washington. Mr. Marvin said he would shortly assume
charge of the
New York Office.
The New York "Times" in its account of the transaction
had the following to say in its news columns Saturday,
Jan. 1:
Joseph E., Bernard H.and Victor F.Bidder,sons of the
late Herman Bidder,announced yesterday the purchase of the entire capital
stock and debentcre notes of the "Journal of Commerce and Commercial
Bulletin" and the
good-will, subscription lists and other assets of the "New
York Commercial" for a total of about $2,850,000. The two newspapers
will be merged
under the title of "The Journal of Commerce and Commercial.
" The first
Issue will be published on Monday morning in the plant of
the "Journal of
Commerce." The Bidder brothers publish the "New
Yorker StaatsZeitung." the "New Yorker Herold" and the "Long Island Daily
Press."
The Bidders announced that the merged paper would follow the
news
and editorial policies of the "Journal of Commerce" under the
continaed
editorship of Dr. H. Parker Willis of that paper. As the merged
papers
publish news of all the important trades and industries, as well as
financial
and general news, they said, the amalgamated paper would be
the only
daily paper of its kind In New York,since the "Wall Street Journal"
did not
Print trade news in detail.
Will Sell Notes to Public.
They also said the new paper will be the "first responsible newspaper" in
New York, so far as they have been able to learn, to offer common stock
for sale to the public. Through Shields & Co.,investment bankers, with the
Chase National Bank as trustee. the Journal of Commerce Corporation,
which will publish the merged paper, will sell ten-year 63 % sinking fund
gold notes of a par value of $950.000. These notes will be dated
to-day
and will be sold at the price of 983 and accrued interest, to yield about
6.70%. Each note will carry..on its original issue, a detachable
warrant
entitling the holder to purchase 20 shares of common stock at $29 85 a
share
up to Dec. 31 1927; $31 54 up to Dec. 311928. and $33 22 up to
Dec. 31
1929. The stock will be voting stock with a par value of $1 a share. Note
holders may sell their rights to buy stock. It is planned to have the stock
listed on the New York Stock Exchange,
The Bidders and their associates in the merger will buy stock
to the
amount of $650,000 for cash. It is announced that they will control twothirds of the common stock. There will be 100.000 shares of common
all
together. In addition, $425,000 worth of 7% cumulative first preferred
stock ($100 par) has been issued to the former owners of the purchased
newspapers as part payment. An issue of $350,000 7% cumulative second
preferred stock has been authorized but not issued.
Another unusual feature of the merger is that the Bidders, who will direct
the policy, publication and circulation of the amalgamated paper, have
agreed to act in this capacity without pay so long as any of the
$950.000
note issue is outstanding. They reserve the right to redeem all
or any
Dart of the Issue at 102A and interest on any interest date at thirty days'
notice. They explained that the profits of the papers which they
now pub18k made it unnecessary for them to take anything for managing
their new
paper and that they wished the note issue to be an absolute first
lien, even
ahead of their own salaries, while the notes are outstanding.
Papers Long Established.
Both newspapers are among the oldest in New York. The "Journal
of
Commerce and Commercial Bulletin" was established in 1827. The circular offering the notes for sale states that for the last eighteen years its annual
earnings have been substantially in excess of the maximum Interest requirements on the notes, and that during the five years ended on June
30 1926
such earnings, available for interest and Federal taxes, averaged $215.725
annually, equivalent to three and one-half times the maximum annual
interest charges. From 1918-21 such earnings averaged more than
$500,000
a year, and in 1920 they were more than $700,000. The newspaper's
circulation is about 30,000. It has an Associated Press franchise. It has been
controlled by the Govin estate since R. R. Govin, its publisher
since 1923.
died in Monte Carlo last February.
The "New York Commercial." which was established in 1795 as the
"New York Price Current," has not been so successful as the "Journal of
Commerce" in recent years. Its circulation is about 10,000.
It has no
Ammociated Press membership. Russell It. Whitman was President
of the
Commercial Newspaper Company, which published
741
As some of the circulation was duplication, the Ridden expect jhe circulation of the merged paper to be about 35,000. The Bidder family
has been
publishing newspapers in New York since 1876. Herman Bidder, who
died
in 1915, had been a director of the Associated Press, President of the American Newspaper Publishers' Association and Treasurer of the National
Democratic Committee.
Shields & Co. of this city on Jan. 4 offered $950,000 tenyear 63 % sinking fund gold notes of the Journal of Commerce Corporation. Each note will be accompanied by a
detachable warrant entitling the holder to purchase common stock of the company during the next three years in the
ratio of 20 shares for each $1,000 note, at prices ranging
from $29 85 to $33 22 per share. Details of this offering
were given in our "General Investment News" Department.
Governors of Investment Bankers Association of
America Opposed to Swing-Johnson Bill for
Construction of Dam at Boulder Canyon, Colo.
Opposition to what they term an effort to engage the
United States Government in the electric power business
was expressed by the Investment Bankers Association of
America, at a meeting of the Board of Governors held in
Chicago on Jan. 19, in a resolution condemning the SwingJohnson bill now pending in Congress, which proposes the
construction by the Government of a high dam in the Colorado River at Boulder Canyon, Colo., under the guise of
flood protection. The resolution, adopted unanimously,
follows:
Resolved, by the Board of Governors of the Investment Bankers Aged.,
tion of America, at a meeting held at Chicago, Ill., on the nineteenth day
of January 1927, that the Investment Bankers Association of America reaffirm its opposition to the proposed legislation now pending before the
Federal Congress, known as the Swing-Johnson bill, because:
1. While the measure is represented as primarily for flood control and
reclamation on the Colorado River, yet it Is in fact a proposal to have the
Government enter into the electric power business, involving government
ownership and operation of a large power plant.
•
2. The bill departs from the already established national policy contained
in the Federal Water Power Act for tee handling of power euestions by the
Federal Power Commission by granting licenses to private enterprise for
the use of water for power purposes under the Feder,' Water Power Act.
3. Full and adequate flood protection and water supply can be provided
by construction costing much less than will be required to build the proposed
high dam at Boulder Canyon.
And,further resolved, that a copy of this resolution be sent to the Rules
Commission of the House of Representatives now considering the question
of a special rule for said bill.
PLINY JEWELL, President,
Investment Bankers Association of America.
Incident to the above resolution, it is recalled that Con
gressman E. 0. Leatherwood, of Utah, a member of the.
Commission on Irrigation and Reclamation, recently stated
in his minority report on the Swing-Johnson bill that he
found the measure one which would seek to bestow special
advantages to one State at the expense of her sister State
and the public at large. He furthermore stated that he
found it backed by clever propaganda and personal appeal.
and masquerading under false colors and a concealed attempt to thrust ,the Government in to business on a large
scale, and that the purpose of flood control and reclamation
can all be covered at much less expense.
The Nation's Food Bill—Between 18 and 22 Billion
Dollars Spent Annually by United States for Food.
The food bill of the United States shows an annual retail
valuation of between 18 and 22 billion dollars, and more than
43.1% of the average workingman's family budget isrexpended for food, according to an "Analysis of the Nation's
Food Industry" issued by Chandler & Co., emphasizing:the
tremendous proportions of the industry in this country today. Food is America's greatest pursuit in respect to the
value of annual output, the number of people engaged therein, and the amount of investment involved. A statement
bearing on the analysis says:
To supply the demands of Americans for foodstuffs,
every year more than
116.980,000 tons offoodstuffs are carried by our railroads
and approximately
375.000 independent and chain grocery stores
are in constant operation in
the process of distribution. The average
annual production of our canning
factories alone exceeds 30 pounds of fruits
and vegetables for each of our
110,000,000 men, women and children.
A study of the aggregate annual retail valuation
of foodstuffs reveals the
startling fact that 17 different articles of
food rep resent approximately 76
of the total national food bill, while the
remaining 24% are distributed over
more than 1.000 different items. Many
of the 1,000 articles are manufactured combinations of the 17. The main
food classifications are: Pork.
fish, chickens, other meats, milk, wheat
flour, sugar, butter, eggs, wheat,
bread, white potatoes, ice cream,
coffee, canned vegetables, apples and
canned fruits.
Like other phases of modern life, the
food industry has been affected by
the contributions of science and Invention.
As late as 1880, 71% of the
people lived on farms, but with the
growth of factories and large scale Production, to-day more than half of the population urban and strictly
is
a
consuming class. During this same period those remaining
on the farms have
been able to more than double the food production
meet
to
the demands of
our increased population.
1
742
THE CHRONICLE
A comparative ranking of States in consumption and production of food
classification
shows that while consumption of the 17 basic food sof the
among
follows closely distribution of population, production varies greatly
the rank of
the different States. Some marked variance is present in
ranking
,
population
consumers, however,such as Delaware,ranking 46th in
as a consuming
18th in consumption of apples. New York ranks first
second, Illinois
State in every classification, with Pennsylvania generally
third, Ohio fourth, and Texas fifth.
the production
In production, New York leads again, with first place in
in the production
of bread, white potatoes, coffee and apples; second place
beef, wheat
of
production
the
in
of milk and ice cream, and third place
of pork and beef.
flour and fish. Illinois, with first place in the production
third place in the
with second place in the production of coffee and with
place in rank
production of thickens, eggs and ice cream, claims second
in the producleads
which
among producers, closely followed by Minnesota
and Iowa
tion of wheat flour and butter and is second in white potatoes,
in butter.
which leads in the production of chickens and eggs and is second
vegetables and
California has two first places in the production of canned
of ice cream;
canned fruits while Pennsylvania leads in the production
Colorado. sugar.
Wisconsin, milk; Virginia, fish; Kansas, wheat, and
development in the
According to the bulletin, the outstanding recent
chain store and the
distribution of food has been the rapid rise of the
industry. Where a
resulting economies of large scale distribution in the
to-day approxifew years ago the chain store was practically unknown,
are members of a
mately 40,000 or over 10% of our 375.000 grocery stores
gross business
chain. Cdmparative size shwas that shops doing an annual
number in business,
of from $13,000 to $58,500 represent 78% of the total
20%.
represent
while shops with sales ranging from $58,500 to $250,000
essential commodities
According to the survey, "an ideal distribution of
processes of menuwould require a continuous flow of raw material in the
through the channels
facttire and an eqnally steady flow of finished products
they are produced.
ofdistribution,to be consumed and replaced as rapidly as
be secured on any
Economic distribution of essential commodities cannot
constant movement of
other basis than that of continuous demand and a
edits beproducts toward the consumers, with a minimum of handling
time out of the 41,614,tween the producer and coln.sumer. At the present
in manuengaged
248Veople engaged in gainful occupation, 29,570,867 are
facturing, transportation, distribution and allied activities.
[VOL. 124..
with resolutions memorializing the Legislature, was presented to President William L. DeBost at the regular
monthly meeting of the Chamber on Feb. 3. With a slight
amendment to the report the Chamber unanimously urged
the Legislature to delay action on the referendum of increasing
the city's debt limit by $300,000,000 until the city authorities
clarify their subway plans, especially regarding the five-cent
fare, municipal operation of the various lines and the unification of the various systems. The Executive Committee
of the Chamber, for whom Mr. Marling acted, consists of
Mr. Marling, Mr. DeBost and James Brown, Chairman; John
McHugh, R. A. C. Smith, David T. Warden, Clarence A.
Ludlum, Andrew V. Stout, Charles L. Bernheimer, Frederiok
J. Lisman, J. Vipond Davies, Charles T. Gwynne, John
Claflin, E. H. Outerbridge, Darwin P. Kingsley, Irving T.
Bush, Frederick H. Ecker, John B. Trevor,IGeorge F. Baker,
Howard C. Smith. Stating that the Chamber has re-
peatedly taken action in favor of the unification of the
rapid transit facilities and for a rate of fare which will
make them self-supporting with charging deficits to the
city treasury, Mr. Marling pointed out that numerous
civic and commercial organizations throughout the greater
city had supported this stand and virtually all who have
studied the situation are opposed to municipal operation.
Nearly $14,000,000 a year is charged to deficits and the
enormous sum of $76,642,188 "has already been .charged
into taxation since the opening of the subways." Mr.
Marling continued:
AssoGolden Anniversary of American Paper & Pulp
ciation'to Be Celebrated in New York Feb. 21-24—
Increase in Use of Newsprint Paper.
Plans for the four days celebration of their Golden Jubilee
by the American Paper and Pulp Association were completed on Jan. 17 at a meeting of the executive committee
at the association's headquarters in New York. The
fiftieth annual convention will be held at the WaldorfAstoria here, Feb. 21-24. "During our golden anniversary,"
said Dr. Hugh P. Baker, Secretary of the association, "we
will attempt to bring home to the public the vital part in
the nation's progress which the wood pulp process of papermaking has played. Next to the invention and improvement of printing itself, this growing production of wood pulp
paper has been of prime importance in the wide dissemination of knowledge." He added:
also in-
rags has
, The manufacture of fine paper from cotton and linen
and its allied
'creased greatly during the past half century paper making
until it ranks
industry
operations have grown from the status of an infant
output valued
seventh among the country's large industries, with an annual
we will soon
at more than a billion dollars. At the present rate of increase
rest of the world
• be using as much fine paper and newsprint as all the
of paper and pulp.
combined. Our total for 1926 exceeds 16,000,000 tons
products ranging from
This includes more than a million tons of specialty
ers are pushing forward
paper cups to automobile tops. For the manufactur
products in order to
• the development of all sorts of new pulp and paper
meet competition and keep pace with demand.
A century ago an
Americans are the greatest paper users in the world.
To-day we use 170
American's paper ration was about a pound a year.
as much as an Englishman
pounds per capita. This is more than twice
as much as a Japanese
uses, four times more than a German, 12 times
Russians. During our golden
and 16 times the per capital consumption of
and aid of the public
interest
anniversary our Association aims to enlist the
the country's great
In a program for the preservation and reforestation of
pulp and newsprint
wooded areas upon which the future supply of wood
supply of raw
depends. Scientific forestry alone will insure a permanert
to yield six
material. Under skillful management an acre can be brought
unaided.
times as much wood as by the slow processes of nature
The American Paper and Pulp Association has its own
forestry servie7717is co-operating with the Forest Services
of the Department of Agriculture; also with the Department
viice—Board,
onC f7r—
of =nerce, the Natio=7:lustiial r—
and other national organizations. Norman Viri'irilli=ot the
ifainmermill Paper Co., Erie, Pa., is President; Alex G.
Gilman of the Allied Paper Mills, Kalamazoo7M07—ana
D. C. Everest of the Marath=ills, RothschifrWis.,
Vice-Presidents.
New York Chamber of Commerce Urges Delay on Measure
Increasing City's Debt by 000,000,000—Unification
of Subways and Increased Fares Favored.
Declaring that the $300,000,000 referendum measure for
increasing the city's debt limit should be laid on the table
re, Alfred E. Marling, on
for a year by the State legislatu
e of the Chamber of
e
Committe
Executiv
the
of
behalf
in a report sent to
York,
New
of
State
Commerce of the
"By making the present unsecured investment of the City of New
York, amounting to $266,000,000, self-sustaining by an increase in
the rate of fare, that amount would be removed from the present debt
limit and a like amount financed for use in construction of the new
subways. There is, therefore, no immediate necessity for legislative
authority for the present increase of '$300,000,000 in the city's debt
limit for transit purposes.
"It appears, so far as the Chamber can ascertain, to be the avowed
intention to recapture portions of the properties now operated by private operating companies, under contract with the City, to the serious
damage of these operators, to the inconvenience of the public by the
breaking up of continuously operated lines, and to the damage of the
City by competition with its own properties leased to the companies.
"So far as the Chamber can ascertain, no steps have been initiated
by the City looking to negotiations with the present operating corn.
panics nor with any other organization, tending to a general unification of the existing systems together with the new subways now under
construction.
"So far as the Chamber can ascertain, the plans of the Board of
by
Transportation for the new subway system, now under construction
the City, include lines which directly duplicate service now provided
by the City-owned subways, and when completed will compete directly
with existing service, which these existing lines are amply able to
serve with adequate capacity for many years to come. The unification
of all these properties, operating rapid transit service, will thereby
eliminate the present necessity ,for duplication of subway construction,
not
by postponement for many years of an expenditure estimated at
less than $150,000,000, so that the unified operating system by proper
reduced
greatly
at
and suitable connections can be earlier produced
present cost of investment.
"The Executive Committee of the Chamber of Commerce, recognizing
a serious emergency in this problem, and being convinced that the
at this
questions above recited should be clarified and determined
time and absolutely in advance of the passage of legislation, which
directly, or by authorizing a Referendum Vote of the State on the
City of
subject, would, if carried, place in the Government of the
00 for
New York the power to increase its debt limit by $300,000,0
LegislaState
the
to
transit purposes, recommends that appeal be made
and action
ture in all its branches that the matter be held in obeyance
which the Chamber
postponed for one year, or until the principles for
of Commerce stands are cleared up satisfactorily.
Commerce in no
"In making this recommendation, the Chamber of and the issuance
limit
way desires to oppose the increase of the debt
transit purposes as soon
of bonds to the amount of $300,000,000 for and it believes that the
as the fundamental objections are removed;
necessary time to the officers
postponement. of this action will give the
Transportation and the operators
of the City Government, the Board of reproachment."
of existing public utilities to effect a
Sixtieth Anniversary of Kuhn, Loeb & Co.
Tuesday of this week, Feb. 1, marked the sixtieth
anniversary of the organization of the investment banking
firm was founded on
house of Kuhn, Loeb & Co. The
Loeb, of
Feb. 1, 1867, by Abraham Kuhn and Solomon
as comal
fortunes
substanti
acquired
had
Cincinnati, who
H. Schiff, whose
mission merchants in that city. Jacob
rank in finance, beenergy brought the firm to the front
was directing head of the
came a partner in 1875 and
Wolff, father-infirm until his death in 1920. Abraham
in
1875 and was
partner
a
became
Kahn,
law of Otto H.
first office was
active until his death in 1900. The firm's
of the present building of
at 31 Nassau Street, the site
space was taken
the National Bank of Commerce. Later,
Building. SubLife
Mutual
the
in
Street
Nassau
at 30
at 27 Pine
building
own
its
erected
sequently the firm
in New
Street and was the first private banking house
that
members of that organization on January 30 urged
firm acquired
es
on the unification York to have its own system of vaults. The
themselv
declare
es
authoriti
the city
corner -of William and Pine Streets
t
southeas
the
on
land
report,
The
fare.
increased
an
subway systems and
of the
FHB. 51927.]
THE CHRONICLE
743
and later built the twenty-story structure in which its for
full discussion. W. S. McLucas, Vice-President of the
offices are now located.
Division and Chairman of the Board of the Commerce Trust
Directing heads of the firm today include Otto H. Kahn
Co., Kansas City, Mo., will preside. The sessions will be
and Felix H. Warburg, both elected members in 1897; held
in the Astor Gallery as follows:
Mortimer L. Schiff, admitted in 1900; and Jerome J.
Wednesday, Feb. 16, business meetings 10.30 a. m. to 12.30 p.
m. and
Hanauer, admitted in 1912. The activities of the firm 2 p. m. to 5 p. m.
Thursday
.
Feb.
17,
business
meetings
9.30 a. m. to 12.30 p. m. and
have centered largely in acting as banker for governments 2
p. m. to 4.30 p. m., recelption 7 p. in. and banquet 7.30 p. m:
and large corporations and in issuing securities to the
Friday, Feb. 18, business meetings 10 a. m. to 12.30 p. m. and
2 p. in.
public. It is estimated that the firm alone or with others to 4.30 p. m.
has placed or underwritten almost ten billion dollars in
There will be one o'clock luncheons each day at which
securities, an amount equal to one-half of the national those in attendance at the conference may get together.
Hotel reservations, transportation and entertainment ardebt of the United States.
Among the earliest clients of the firm were a number rangements will be handled by the conference managers for
of great railroad systems. The first transaction was with the delegates.
The sixteenth annual banquet of the trust companies of
the Chicago & North Western and took place in 1880. The
Pennsylvania and the St. Paul did business with the firm the United States will be held in connection with the conIn 1881 and the Missouri Pacific in 1885. Banking rela- ference in the Grand Ball Room of the Waldorf Astoria
tionships with the New York, Ontario & Western; the the evening of Thursday, Feb. 17, preceded by a reception
Texas & Pacific; Norfolk & Western; Illinois Central; in the Astor Gallery at 7 p. m. Edward J. Fox, President
Union Pacific; Baltimore & Ohio; and the Chicago & of the division and President of the Easton Trust Go.,Easton,
Alton date back from 25 to 40 years; while Southern Pa., will preside. The speakers will be Cornelius F.
Pacific, Chesapeake & Ohio; and Delaware & Hudson first Kelley, President of the Anaconda Copper Mining Co., and
sought advice and cooperation 20 or more years ago. More Edgar A. Guest of the Detroit Free Press. The committee
recent are the relations between the firm and the Wabash; on arrangements for the banquet is as follows:
Edward J. Fox, Chairman.
Hudson & Manhattan; Chicago & Eastern Illinois; Denver
J. N. Babcock, Vice-President Equitable Trust Co., New York.
& Rio Grande Western; Gulf, Mobile & Northern; New
F. W. Blair, President Union Trust Co., Detroit.
Orleans, Texas & Mexico and the International-Great
Uzal H. McCarter, President Fidelity Union Trust Co., Newark, N. J.
Edwin P. Maynard, President Brooklyn Trust Co., Brooklyn, N. Y.
Northern.
A. V. Morton, Vice-President Pennsylvania Co. for Insurances on Live!,
The incident of the struggle between James J. Hill and
and Granting Annuities. Philadelphia.
J. P. Morgan & Co. on the one hand and E. II. Harriman
James II. Perkins, President Farmers Loan & Trust Co., New York.
John W. Platten, President United States Mortgage and Trust Co..
and Kuhn, Loeb & Co. on the other over Northern
Pacific New York.
In 1901 stands out in the history of Wall Street.
Francis H. Sisson, Vice-President Guaranty Trust Co., New York.
The
firm also acted as bankers for Western Union Telegra
Theodore G. Smith, Vice-President Central Union Trust Co., New York.
ph
A. A. Tllney, President Bankers Trust Co., New York. •
and Westinghouse for many years, also Central
Leather,
Leroy A. Mershon, Secretary, 110 East 42d St., New York.
American Smelting and Refining, United States Rubber,
A meeting of the executive committee of the Trust ComInland Steel, Republic Iron & Steel, Consolidation Coal
pany Division will be held during the week of the conference.
and Famous Players-Lasky Corporation. The firm
has
placed many issues of foreign governments and munici- William R. Hervey, Vice-President of the Pacific-South
West Trust and Savings Bank, Los Angeles, Chairman of
palities.
the committee, will preside. Meetings of sub-committees will
In times of great financial stringency, notably in
1893 also he held.
and 1904 and in the panic of 1907, Kuhn, Loeb & Co.
and
other institutions came forward with supplies of cash
to
relieve the situation. In the field of railroad reorganiza- Amalgamated Bank of New York (Labor Bank) Increases Capital.
tion the firm has been active, such roads as Union Pacific;
Central Pacific; Baltimore & Ohio; Missouri Pacific;
The stockholders of the Amalgamated Bank of New York,
Wabash; Chicago & Eastern Illinois; Texas Pacific; the first labor bank to operate in New York, voted at their
Denver & Rio Grande and Hudson & Manhattan having annual meeting on Jan. 19 to increase the capital from
been reorganized under its direction. Present efforts
are $300,000 to $500,000 and to increase the surplus from
being directed toward the successful reorganization of the $150,000 to $250,000. The increase became effectiv
e
Chicago, Milwaukee & St. Paul.
Jan. 27, at which time 2,000 shares were sold at $150
per share.
Booklet of National City Co.—"Spanning the Hudson
."
"Spanning the Hudson" is the title of a booklet which
the
National City Co. of New York has prepared presenti
ng
drawings and figures in connection with the proposed
bridge
to be built across the Hudson River from Fort Lee to
Fort
Washington under the direction of the Port of New
York
Authority. The National City Co. with associates recently
placed an issue of $20,000,000 Port of New York Authori
ty,
New York-New Jersey Inter-State bridge 4% gold
bonds,
the proceeds of which are being applied to the construction
of the bridge. In addition to numerous views of the proposed bridge, the booklet discusses the need for such a structure, the part the Port Authority will play in the project,
the plan for defraying the cost of construction and also furnishes comprehensive figures regarding the estimated volume
Newly Organized
Brotherhood National Bank of
San Francisco.
A charter for the Brotherhood National Bank of San
Francisco, California, was issued by the Comptroller of
the Currency on Dec. 13, and the institution opened its
doors on Dec. 18. It is housed at 26 O'Farrell St., the
building having been completely remodeled for its needs.
The bank has a capital of $500,000. The stock of the bank
was offered at $130 per share, giving a surplus of 8150,000.
On the opening day deposits were $1,519,256, with deposits
at close of the year, under date of the bank's
first call,
in the amount of $1,837,289. It is stated that its
opening
day deposits broke the record for all Brother
hood banks
throughout the country. The officers are: Presiden
t, Henry
of traffic over a period of years and the probable
revenues E. Cass; Vice-Presidents, L. L. Sanford, J. H. Stapp, B. E.
which will be derived therefrom. Asserting that the
Port Crayne, W. H. Treseler and L. R.
Authority bonds are "a sound investment," the booklet and Cashier, E. B. Ansley; Chairm Arnold; Vice-President
an of the board, George
says that:
0. Barnhart.
Thoroughgoing investigation convinces us of the technical and
trative ability of the Port of New York Authority to conceive, adminisplan, carry
through and operate its various projects," and that "bonds
secured by
revenues from its bridges or other facilities whose economic
practicability
has been established by exhaustive traffic and engineering studies,
in our
Opinion, are safe and desirable investments."
Brotherhood of Locomotive Engineers Nationa
l Bank
of Boston Changes Name to Enginee
rs National
Bank.
The Comptroller of the Currency announc
es that on
Jan. 20 the name of the Brotherhood
of Locomotive Engineers
Nationa
l Bank of Boston, Mass., was changed to
Midwinter Trust Conference under Auspices of Trust
the Engineers National Bank of
Company Division of A. B. A. to be Held Feb. 16-18.
Boston.
The eighth midwinter trust conference for corporate fidu- Name
of Labor Co-Operative National Bank of Newark
ciaries conducted under the auspices of the Trust Company
Changed to Labor National Bank.
Division, American Bankers Association, will be
held at
The Labor Co-Operative National Bank of Newark, N.
J.,
the Waldorf Astoria Hotel, New York, Feb. 16, 17 and 18. on
Jan. 20 changed its name to the Labor National Bank
Subjects of practical value to trust officials in
the daily of Newark, according to the
weekly report of the Compconduct of business will be presented and opportunity
given troller of the Currency.
744
THE CHRONICLE
Annual Convention of American Bankers Association
at Houston, Tex., Oct. 24—Spring Meeting at
Hot Springs, Ark., in May.
The week of Oct. 24 has been fixed for this year's annual
it is
convention of the American Bankers' Association,
the
of
r
Manage
ve
Executi
d,
Shepher
N.
F.
by
ced
announ
organization. The convention will be held at Houston, Tex.
The Administrative Committee of the American Bankers
,
Association has designated the Arlington Hotel, Hot Springs
,
Ark.,for the annual spring meeting of the Executive Council
week
the
held
be
will
meeting
The
tion.
Associa
the
of
of May 1.
[Vol- 124.
Association, committed suicide yesterday (Feb. 4) by shooting himself in the uptown office of the bank on East 42d St.
His act is attributed to ill health. Mr. Knox had been
President of the bank since March 14 1922. He entered its
employ as a clerk in 1885. Mr. Knox was President of the
Savings Bank Section of the American Bankers Association
in 1914-15, and Vice-Chairman of the National Association
of Mutual Savings Banks in 1921-22. He was President
of the American Bankers Association in 1924-25. He was
a director of the Title Guarantee & Trust Co. and the Queen
Insurance Co., a member of the New York Chamber of
1862,
Commerce, &c. Mr. Knox was born in Ireland in
and came here with his parents at the age of nine.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The Bank of Manhattan C- o. of this city on Jan. 27 apWall
Plans for the erection of a 31 story building at 52
pointed the following new officers: George S. Dowing, ViceBuildStreet, to be known as The National City Company
President; William S. Milan and Ellis Weston, Assistant
,
Mitchell
E.
Charles
by
1
Feb.
on
ced
ing, were announ
Vice-Presidents, and Richard P. W. Weber and Henry P.
its investPresident of The National City Bank and of
Strebel were added to the advisory board.
The structure
ment affiliate, The National City Company.
on May 1,
cy
occupan
Directors of the Old Colo- ny Trust Co., Boston, have
for
ready
which is expected to be
l
Nationa
the
of
w
called a special meeting of shareholders for Feb. 15 to
1928, will be designed to house the overflo
future
its
for
vote on increasing the capital of the institution from
space
provide
to
and
City organization
that
ood
underst
is
000 to $15,000,000. This will be done by offering
It
$12,000,
growth over many years to come.
d by to stockholders 30,000 additional shares at $175 a share.
occupie
be
will
g
buildin
the
of
half
mately
approxi
available for With the present market value of the stock of the Old
the National City and the balance will be
h the erec- Colony Trust Co. at $337, this will give a probable
general occupancy on long-term lease. Throug
ation will value to the rights of around $30 each. These new shares
organiz
City
l
Nationa
the
,
tion of this building
activ- will bring in $5,250,000, of which $2,250,000 will be added
various
its
all
be able to bring under a single roof
rters, 55 to the present surplus of $10,000,000. Undivided earnings
headqua
at
le
availab
not
is
space
which
ities for
tion, a now total more than $3,200,000. This increase in capital
Wall Street. The International Banking Corpora
whose is made necessary, it is stated, by the growth in business
of
most
wholly-owned subsidiary of the bank,
s of the company, particularly in its banking, trust and savoccupie
now
last,
1,
Jan.
on
over
branches the bank took
Wall
GO
at
g
buildin
ings departments, as well as the Old Colony Corporation.
under lease two entire floors of the
ation rents With probable increase to $15,000,000, the Old Colony
organiz
City
l
Nationa
the
n,
additio
.
In
Street.
various parts Trust Co. occupies still more strongik its position as New
for storage and other purposes quarters in
and brick England's largest trust company. According to the Boston
of the city. The new building will be of stone
have a "Transcript" of Feb. 1, William Edmunds of Edmunds
will
and
ar,
particul
every
in
construction, fireproof
a Brothers ,investment bankers, has been made a Vice-Presihave
will
It
total floor area of 350,000 square feet.
through to dent of the company.
ng
extendi
Street,
Wall
on
45
feet
e
of
frontag
feet, with
Pine Street where it will have a frontage of 88
The State Banking Depar-tment at Albany has granted
to a
entrances on both streets. Present estimates point
ion to the Colonial Bank of this city to increase
permiss
rhood of
total cost for the building in the neighbo
from $1,200,000 to $1,400,000. The new issue
capital
Its
been
has
which
,
$5,000,000. Architecturally, the building
ted as a stock dividend to the stockholders.
was
distribu
in
Grecian
designed by McKim, Mead & White, will be
approved the issuance of the additional stock
latter
The
in
back
setfirst
the
type up to the thirteenth floor, where
12. It was made effective
The second at their annual meeting on Jan.
conformity with the zoning laws will occur.
tely.
immedia
at the
set-back will be at the sixteenth floor, the third
twenty-sixth, above
twenty-second and the fourth at the
The State Banking Department at Albany has also
above the
which the building will tower to a point 410 feet
permission to the Colonial Bank Safe Deposit Comgranted
which The
street level. The building will rise on the site
this city to increase its capital from $200,000 to
of
pany
of its organiNational City Bank occupied from the time
The new capital was authorized by the stock.
$250,000
were
zation in 1812 until 1908 when present headquarters
the yearly meeting on January 12. It became
at
holders
the site of
completed. Prior to that 52 Wall Street was
at once.
e
effectiv
of
First Bank
the home of the New York branch of the
l City Bank
the United States, from which The Nationa
Announcement is made of the election of William A.
building in
the
of
tone
corners
the
and
,
descent
traces its
Lobb to the Board of Directors of the Chelsea Exchange
business 115
which The National City Bank opened for
Bank of this city. The Board, in addition to Mr. Lobb,
e.
now consists of Jules E. Blulatour, Herbert Dupuy, Chesyears ago will be preserved in the new structur
ter F. Ericson, William J. Flynn, Louis Golde, Victor H.
l
Nationa
The
of
At the executive committ-ee meeting
A. Hardy,
Gramount, Lamar Hardy, Louis Haas, Toney
ng appoint
City Bank of New York on Feb. 1, the followi
E. Reed,
ld,
William
Rothchi
S.
Edward
t cashier, George Kern,
ments were made: Daniel A. Freeman, assistan
and Charles J. Specht. Mr. Lobb, who
ld
Rothchi
H.
Lewis
and Harbeck Meeker, assistant manager.
has been associated with the Chelsea Exchange Bank since
ent of 1903, or over twenty-three years, is at the present time
Meyer Rosenstein has be-en elected Vice-Presid
Vice-President in charge of the new branch at 36th Street
the American Union Bank of this city.
and Eighth Avenue. Prior to the opening of this new
Central
On Monday evening, Jan. 31, the officers of the
branch, Mr. Lobb was for years in charge of the old
d
Mercantile Bank & Trust Co. of this city, were tendere
Chelsea Exchange 34th Street Branch. The Chelsea Exa dinner at Fleischer's Restaurant, Broadway, between change Bank, which has six branches in various sections
ts of
87th and 89th Streets by the merchants and residen
of the city, opened its new bank at Eighth Ave. and 36th
Central
of
action
the
of
ation
appreci
in
,
the vicinity
Street, on Jan. 31. The bank, which is the most modern
Mercantile Bank & Trust Co. in taking over the Broadway in this section, according to President Rothchild, replaces
recent
for
Central Bank, Broadway at 97th Street, during the
the old Chelsea Branch which had been at 34th Street
of de- nearly 25 years.
"run" on the institution, following the discovery
falcations by three of its officers. More than 250 persons
E. Vincent, who died in St.
The funeral of Edward
of the
attended the dinner. Arthur Tarshis, Chairman
took place at the Fairchild
2,
Feb.
on
l
speakers were Mary's Hospita
dinner committee, presided. Among the
Feb. 4. Mr. Vincent, who was in hison
n,
Brookly
Chapel,
nt of the Central Mercantile
0. Stanley Mitchell, Preside
year, was an Assistant Secretary of American
te John P. O'Brien, Louis thirty-ninth
Bank & Trust Co.; Surroga
Irving Trust Company, and was connected with
Robert Adamson, Exchange
Stewart, Sr., a director of the bank, and
Brooklyn Office of that Company, 350 Fulton Street,
the
ion.
he enVice-President of the institut
Brooklyn. lie had been engaged in banking since
York National Exchange
New
the
of
service
the
tered
Bank
Savings
William/E. Knox, Presiden-t of the Bowery/
boy in 1904. For a number of years he bad
y President of the American Bankers Bank as a
of New York:and formerl
FEB. 5 1927.]
TELE CIERONICLE
745
been actively identified with the New York Chpater of
the American Institute of Banking and during the last
two years had been a member of the Board of Governors
of the Chapter. Last year he also was Chairman of the
Chapter's Entertainment Committee.
stock at $250 per share, and in December, 1922 was further
increased to $600,000 by the declaration of a stock dividend of 100%. Since the increase of capital to $600,000,
annual dividends have• been paid at the rate of 16%, and
it is understood to be the policy of the management to
maintain this dividend rate after the capital is increased
At a meetings of the Board of Directors of the Globe
to $1,000,000.
Exchange Bank of Brooklyn, on January 13, Jean Perl
Meyer Kussy is president of West Side Trust Company,
was appointed Assistant Cashier, and Louis Levine was
also of the South Side National Bank and Trust Company
appointed Assistant Cashier and Manager Foreign Departand the Peoples National Bank, and Ray E. Mayham is
ment. At this meeting, a dividend of 3% on the par value
vice-president of all three banks. The other officers of the
of the Capital Stock of the bank was declared, payable
West Side Trust Company are: Frederick W. Paul and
February 1, 1927 to stockholders of record as of January
August Goertz, vice-presidents, Herman G. Grimme, treas20, 1927.
urer, Frederick W. Parisette, secretary, and Ferdinand T.
The Hampshire County Trust Company of Northampton, Burger, asistant treasurer.
Mass., claims the distinction of making the first transThe National Newark and Essex Banking Co. of Newark,
Atlantic telephone call from that city. The call from New
N. J., announce the opening of a Travel Bureau of which
England to Old England was put through by Arthur B.
Witherell, Treasurer of the trust company, who talked Charles Ashmun, is manager. The new bureau is the
official agency for all Steamship Lines Tours and Cruises.
with Mr. Mickie, of the Midland Bank, Ltd., London.
The stockholders of the C-entral Trust & Savings Bank
The newly organized United States Trust Co. of Newark,
N. J., opened its doors for business on Feb. 1 in its tem- of Philadelphia on January 13 approved plans to increase
porary quarters at 946 Broad St., Newark. The trust the capital from $750,000 to $1,000,000. The enlarged capcomany will open its permanent home at Broad and Franklin ital will become effective April 1, 1927; par value, $50;
Sts., Newark, later in the year. The institution has been subscription price, $100; this will add $250,000 to capital
formed with a capital of $1,200,000 and a surplus of $400,000. and $250,000 to surplus, making in addition to the capital
The officers are: President,J.Ashley Brown; Vice-President of $1,000,000, a surplus of $1,600,000.
Edward T. Ward; Secretary and Treasurer, Percy B.
Tradesmens National Ban-k of Philadelphia announces
Menagh; Trust Officer, Hugh B. Reed; Solicitor, Andrew Jan. 29 the declarati
on by its Board of Directors of the
Van Blarcom; General Counsel, Saul Cohn. The directors regular quarterly dividend
of $3.50 per share, at the rate •
are:
of 14% per annum, payable February 1 to stockholders of
J. Ashley Brown, President. William L. Blanchard,
Builder. E. record at the close of business January 31, 1927.
Torrey Carrington, President Carrington & Co., manufactur
ing jewelers'
Newark. Saul Cohn, Vice-President United States Mortgage
& Title
Guaranty Co. of New Jersey: Vice-President Citizens National
Bank &
Trust Co. Albert S. Cronhelm, Treasurer the Georke Co..
Newark.
James Crowell, President James Crowell Lumber Co. Rubin
M. Ellis,
President Philip Morris & Co., Ltd., New York. James Falls,
Falls'
Markets, Newark. Rudolph J. Goerke,Presient the Georke Co.,
Newark:
Vice-President Dime Savings Bank. Martin II. Goldsmith, Treasurer
the
David Straus Co., Newark. Alfred J. Jennings, President Hahne
& Co.,
Newark. Joseph Kahrs (Lintott, Kahrs & Young) Counsellorat-Law.
S. S. Kresge, President Kresge Department Stores. Jack H. Lehman,
Builder. William E. Lehman, President United States Mortgage
and
Title Guaranty Co. of New Jersey. John Milton. Counsellorat-Law:
Prosecutor, Hudson County. Paul J. Nugent, Member New York Stock
Exchange. William T Posey. Vice-President United Cigar Stores
Co.
Hugh B. Reed (Reed & Reynolds) Counsellor-at-Law. Louis Schlesinger
,
President Louis Schlesinger, Inc. John F. Shanley Jr., Estate of John
F.
Shanley. Alfred A. Stein, Judge Common Pleas Court. Union County.
Andrew Van Blarcom (Riker & Riker) Counsellor-at-Law. Edward
T.
Ward.former President Aaron Ward & Sons; Director. Firemens Insurance
Co. E. Francis Whalen, Director United Cigar Stores Co. Norman
F.
Wise, Treasurer J. Wiss & Sons, Newark. Thomas B. YuMe, President
Tobacco Products Co.
The Erie National Bank of Philadelphia, the organization of which has been in process for the last few months,
was opened in temporary quarters at No. 3824 North Fifth
Street, on Feb. 1, according to the Philadelphia "Record"
of that date. A modern bank building is being erected
for the institution on the northwest corner of Erie Ave.
and Sixth Street, which is expected to be ready for occupancy next June. The new bank, which is a member of
the Federal Reserve System, starts with a capital of $250,000 and a surplus of $50,000. Its officers are as folows:
Allan Sutherland, President; Charles D. Jones, J. Westley
Masland and Joseph Lynn Aylesworth, Vice-Presidents,
and Julius P. Loef, Cashier.
The Philadelphia "Ledger" of Jan. 29 stated that John
W. Frazier had been elected First Vice-President of
the
Whatron Title & Trust Co. of that city, succeeding
George
The new Harrison National Bank of Newark, N. J., Cascaden, while
J. A. Doody had been made Second Viceopened for business on Monday, Jan. 31, in temporary President, succeeding
David PatchelL
quarters• at 103 North Fourth Street, corner of Cleveland
A merger of the Phoenix Trust Co. of Philadelphia with
Avenue, Harrison. The bank will occupy these quarters
pending the completion of a new building which it is the Northern Central Trust Co. of that city, under the
erecting at Harrison Avenue. The charter for the bank title of the latter, was consummated on Jan. 31, when the
was granted on Jan. 26, 1927. The bank has a capital of enlarged trust company opened for business. The new
$225,000 and a surplus of $56,250. The officers are: Presi- bank in addition to its main office at the South West
cordent, Joseph C. Braelow ; Vice-Presidents, Thomas J. But- ner of Broad and Erie Avenues has five branches, namely,
ler, Walter R. avidson, Patrick J. Condon and F. Ran- the 29th Street branch, East Germantown branch, Lehigh
branch, Lindley branch and Fern Rock branch.
dolph Dunn; Cashier, Horatio W. Manning.
Herbert
J. Girard and W. J. Wilson, Assistant Secretari
es of the
At a meeting of the directors of the West Side Trust institution, are in charge,
respectively, of the 29th Street
Company, of Newark, N. J., on Feb. 1, a resolution was Office and the Lehigh Office.
The new bank has resources
passed calling for a special meeting of the stockholders of $6,500,000. Walter Gabell
is President.
on Feb. 15, for the purpose of voting to increase
the
Organization of a new bank in Ardmore,
capital stock of the company from $600,000 to $1,000,00
Pa. (a Phila0.
This increase will be offered to the stockholders, who will delphia suburb) under the title of the Counties Title
&
Trust
Co.
with a capital of $200,000 and a paid-in
be entitled to subscribe for two-thirds of their present
surplus
holdings, at $300 a share. The present quotation for West of $100,000, was reported in the Philadelphia "Ledger" of
Side Trust Company stock is $825 per share, which it is Jan. 24. The new company, it was stated, is now erecting
pointed out is the highest quotation for any bank stock a two-story banking home of white limestone at the Southin Essex County. The statement of the company issued east corner of Anderson and Montgomery Avenues,
Ardat the close of business December 31, 1926 showed capital more, which will be ready for occupancy in the early
of $600,000, surplus of $650,000 and undivided profits of spring and the bank plans a formal opening about June 1.
$125,000. The West Side Trust Company has interests in Anthony L. Aff, formerly of the Federal Reserve Bank
other banks, controlling through owenrship of two-thirds and First National Bank of Philadelphia, it was further
of the capital stock, the South Side National Bank and stated, would be Vice-President of the new institution.
Trust Company and the Peoples National Bank, both of
Incorporation of the Paoli Bank & Trust Co., Paoli, Pa.,
Newark.
This will be the third increase of capital of the West with a capital stock of $125,000, was announced on Jan. 13
Side Trust Company, which commenced business on June at the State Corporation Bureau, Harrisburg, according to
2, 1902 with a capital of $200,000, which was increased to the Philadelphia "Ledger" of Jan. 14. Frank W. Coffman
of Paoli has been chosen Treasurer of the new bank.
$300,000 in March, 1922, by the sale of $100,000 of
new
746
THE CHRONICLE
According to the Philadelphia "Ledger" of Jan. 21,
George W. Reily, formerly Vice-President, was recently
elected President of the Harrisburg National Bank of Harrisburg, Pa., succeeding Edward Bailey. Mr. Rely is also
President of the Harrisburg Trust Co. Howard A. Rutherford, who has been connected with the bank for thirty-seven
years, was chosen to succeed Mr. Rely as Vice-President.
Mr. Rutherford was heretofore• Cashier of the bank, it is
understood, and continues to hold that office as well.
Stockholders of the Washington Trust Co. of Pittsburgh
at their recent annual meeting authorized an increase in the
capital out of surplus account, according to the Pittsburgh
"Gazette" of Jan. 14. The increase, which amounts to
$650,000, or 6,500 shares (raising the capital, it is understood,from $350,000 to $1,000,000), will be divided pro rata
among the stockholders of record Jan. 12. For each share of
stock at present held, it was stated, the holder will receive
one and six-sevenths shares additional out of the increase.
will be
It was further stated that for fractional shares there
interest
no
bear
will
which
warrants,
issued fractional stock
or dividends.
Unanimous approval of a plan to unite the Bank of
Pittsburgh, N. A., and the Columbia National Bank of
Pittsburgh, was given at a meeting of the directors of
these institutions held on Feb. 1, according to the Pittsburgh "Post" of the following day. The respective shareholders of the banks, it was stated, would be asked to
ratify the proposed consolidation at meetings to be held
on Mar. 4 and the merger would become effective Mar. 7.
The resulting institution will continue the name of the
Bank of Pittsburgh, N. A., which is said to be the oldest
banking institution West of the Allegheny Mountains, having been established in 1810. The Columbia National Bank,
known as the "oil bank," was organized in 1893 by Edward
H. Jennings, nationally known as an oil operator. It
opened in quarters at Fourth Avenue and Smithfield Street,
and in 1904 was moved to its present location in Fourth
Avenue, three doors from the Bank of Pittsburgh. The
proposed consolidation, it is understood, will increase the
deposits of the Bank of Pittsburgh $11,000,000, making the
total deposits of the enlarged organization $65,000„000,
while the combined capital and surplus of the institution
will remain as heretofore, namely at $6,000,000. A complete financial service, including commercial, 4% savings,
trust, bond, safe deposit, stock register, foreign and credit
departments will be maintained. The officers will be as
follows: Harrison Nesbit, President; Wilson A. Shaw,
Vice-President and Chairman of the Board; J. D. Ayres,
J. M. Russell, Alex. Dunbar (and Cashier), and William
A. Wison (and Trust Officer), S. B. Conglon, William H.
Bell, Thomas H. Eddy, W. T. Davidson, V. C. Boggs, VicePresidents; Frank D. Young, William M. Kiser, Scott S
Nesbit and S. M. Shelly, Assistant Cashiers; John H. Reit.
sher, Comptroller, and Foster W. Doty, Assistant Trust
Officer.
C. H. Handerson, President of the Financial Advertisers
Association, who, at the annual meeting Jan. 12 was made
Assistant Vice-President of the Union Trust Company,
Cleveland, has served for a number of years as the bank's
advertising manager. Mr. Handerson has been prominent
in advertising for many years and at the last convention
of the Financial Advertisers Association, he was elected
Mr.
to head that body. In addition to his new duties,
Handerson will continue to handle the advertising of the
Union Trust Company. Reference to Mr. Handerson's
466.
new post was made in our issue of Jan. 22, page
The Central Trust Co. of Cincinnati—the institution
formed by the affiliation of the interests of the Citizens'
National Bank & Trust Co. and the Fourth & Central
Trust Co., noted in our issue of Jan. 1, page 65—is now
carrying on all the business of the two institutions at
Fourth and Vine Streets, the former main office of the
Fourth & Central Trust Co. and at the five former branch
offices of that institution, namely at 2818 Woodburn Ave.,
3114 Reading Road, 3766 Warsaw Avenue, Spring Grove
and Hopple Streets, and in Mariemont. The new organization has a combined capital, surplus and undivided profits
of $8,500,000 and is a member of the Federal Reserve
System. The Fourth National Bank was organized in
1863. The original Central Trust Co. organized as the first
trust company in Ohio, began business in 1883. In 1923
[VOL. 124.
these two banks merged and became The Fourth & Central
Trust Co. The Citizens' National Bank & Trust Co. began
business in 1880. The personnel of the Central Trust Co.
is as follows: A. Clifford Shinkle (former President of
the Fourth & Central Trust Co.), Chairman of the Board;
Charles W. Dupuis (heretofore President of the Citizens'
National Bank & Trust Co.), President; G. W. Williams,
First Vice-President; Hugh P. Colville, Edward A. Sisson,
William D. Knox, Charles Bartlett and R. Cliff Smith,
Vice-Presidents; Edward J. Hoff, Assistant to President;
J. F. Klein, Cashier, G. E. McCubbin, Secretary; Philip
Hinkle, Trust Officer; Benjamin R. Emley, Max C. Rieker
and F. S. Mygatt, Assistant Cashiers; F. W. Weissman, F.
B. Baldwin and Fred Lindsey, Assistant Secretaries; A. M.
Hopkins, Charles H. Cheeseman and Albert W. Schwartz,
Louis Gulden and A. S. Bowling, Assistant Trust Officers;
A. H. Cochnower, Manager of Safe Deposit Department,
and B. R. Taylor, Auditor.
Failure of the Jewett State Bank, Jewett, Ohio, with
deposits of more than $300,000, on Jan. 28, was reported in
a dispatch from Cadiz, Ohio, on that date to the Cincinnati
"Enquirer." The closing of the bank, it was stated, following a "run" on the institution the preceding day.
Formal opening of the new and enlarged banking quarters of the Central Manufacturing District Bank of Chicago at 1110 West Thirty-fifth Street, that city, will take
place today, Feb. 5. William N. Jarnagin is President of
the institution.
Robert D. Mathias, Vice-President of the Depositors
State Bank, Chicago, long identified with the activities of
the Financial Advertisers Asociation in Chicago, was
elected vice-chairman of his bank's Board of Directors at
the annual meeting of stockholders, January 11.
That important changes in the personnel of the Illinois,
Merchants' Trust Co. of Chicago would take place yesterday
(Friday, Feb. 4) necessitated by the recent death of Ernest.
A. Hamill, who was Chairman of the board of that institution, was foreshadowed in the Chicago "Journal of Commerce" of Feb. 1. It was then stated that John J. Mitchell,
the President of the trust company, would be elected Chairman of the board to succeed Mr. Hamill,and that Eugene M.
Stevens, an Executive Vice-President of the bank, would be
made President. The election of Mr. Mitchell as Chairman
of the board marks the second time that he has been elected
Chairman of the board. The "Journal of Commerce" gave.
the following brief outline of Mr. Stevens's (the new President) career:
As a curious coincidence this may be considered a birthday President to
Mr. Stevens. He was born Feb. 1 1871 in the little town of Preston, Minn.
His schooling and early business education, however, was obtained in
Winona, Minn. He tried his hands at various clerical pursuits while
educating himself in finance and by 1901 had accumulated sufficient experience and capital to organize the investment business of Eugene M.Stevens
& Co. in Minneapolis. He was so successful in developing a clientele as a
result of his Investment knowledge that he was called to become vicePresident in charge of the bond department of the Illinois Trust & Savings
Bank in 1917. When the merger developed he was made an Executive
Vice-President.
Mr. Stevens enjoys a wide acquaintance with banks and bankers throughout the country and has taken a very active interest In association work.
Be was one of the organizers of the Investment Bankers Association of
America, one of the first Board of Governors and later its Vice-President
for three terms. He has also served as Chairman of the Chicago group of
this organization and the esteem with which he is held by his fellow bankers
Is Indicated in the fact that during 1925 he served as President of the
Bankers' Club of Chicago. Ills knowledge of financial organization has
given Mr. Stevens increasing responsibility in recent years and he has
served on a number of reorganization committees, among them Wilson &
Co. He is a director of the packing company, of the Diamond Match Co.
and numerous other corporations.
Rogers & Tracy, Inc., Chicago Bank Stock specialists,
announce that they have completed negotiations resulting
in the acquiring of the controlling interest in the Ogden
National Bank of Chicago by several prominent Chicagoans. The new interests will be added to the old management for the furtherance of the bank's progress. Thepresent list of officers and new associates is as follows:
B. L. Rosset, President of B. L. Rosset & Co., certified'
public accountants, Chairman of the Board; Max Woldenberg, President of A. Daigger & Co. and Mutual Paper Box
Corporation, Vice-Chairman of the Board; Frank Ranaford, President; C. H. Corbett, formerly Assistant Cashier
of People's Trust & Savings Bank, Vice-President; Raymond Greene, Cashier, and A. F. Mirrielees, Assistant
Cashier. John W. Fowler, Vice-President and a director
of the Chicago Trust Co. and Chairman of the executive"
committee of the United States Gypsum Co. and Gordon,
1
FEB. 5 1927.]
TITE CHRONICLE
747
Ramsey, Attorney, Davis, Ramsey & Kracke, former Asdistant Director of the United States Budget, will be associated with the management of the institution.
The American National Bank of Saint Paul, Minn.,. announces that in closing its year, Dec. 31, 1926, it
transferred $100,000 to the Surplus account from the Undivi
ded
Profit
account, leaving the capital $400,000 and making
That the First State Bank of Detroit with resources
of $27,917,000 and approximately 60,000 depositors is the surplus $200,000 with an Undivided Profit account of
shortly to be merged with the Griswold National Bank of ft little over $108,000. The bank also paid its regular 8%
that city, giving the reorganized institution combined re- .lividend for the year.
sources of approximately $48,000,000, and that stock conThe First National Bank of Montevideo, Minn., with
trol of the First State Bank had already passed into the
deposits of $700,000, closed its doors on Jan. 31, accordi
ng
hands of a syndicate composed of the directors of the
to advices from that place appearing in the "Wall Street
Griswold bank, were reported in the Detroit "Free Press"
of Feb. 1. Full details of the proposed merger, it was News" of Feb. 1.
stated, wou lbde completed within 30 to 60 days. It was
Advices by the Associated Press from Shelbyville, Ky.,
yet to be determined, it was said, whether the new insti- on Jtin. 25, printed in the St. Louis "Globe
-Democrat" of
tution would operate under a national or a state charter. the following day, reported the closing
of the People's Bank
Definite announcement had been made, however, that & Trust Co. of that place by S. A.
Phillips, Deputy State
George H. Kirchner, President of the First State Bank, Banking Commissioner, following the
discovery of a shortwould become Chairman of the executive committee and a age of $60,000 in the accounts of Otho
H. Vardeman, Asdirector of the enlarged bank, "retaining a substantial in- sistant Cashier. When arrested Vardem
an is said to have
terest in the merged institution." The Detroit paper went told the examiners that the embezz
lements covered three
on to say:
or four years and he had lost the money in specula
tion.
The First State, at the southwest corner of Griswold street and La- The Peoples Bank
'
& Trust Co., according to the dispatch,
fayette boulevard, has 15 branches and one under construction, at Gratiot and Park Grove avenues. The directors of the bank have recom- was organized in 1905 with a capital of $75,000 and surmended to the stockholders that they sell their stock to the directors plus of $20,000 and its December statem
ent showed assets
of the Griswold National, and it is understood that a fixed price
for of $567,379.
the securities has been stipulated in the agreemen
t to merge.
Calvin H. Newman, president of the Griswold, declined to say
price was paid for the First State stock. He said the directors what
to make no further announcement at this time. It is understo wished
ever, that Mr. Kirchner, president of the First State, has od, howagreed to
use his full efforts to bring about a transfer of as much
stock as possible not later than February 28.
Advices by the Associated P- ress fromfJeffersonlCity, Mo.
on .Tan. 25, appearing in the St. Louis "Globe-Den
--Ticr
—r)
of the following day, reported the closing ofatherarmer
yfA
Merchants' Bank (a small institution) of Kelso, Mo.,to
-ii
The Griswold National Bank began operations in October Jan. 25 by its board of directors. The dispatch
further
,
1925, Mr. Neuman going to Detroit from Empori
a, Kan., stated that C. A. Duncan, a State bank:examinerlhad been
to become President of the institution. It
is capitalized at sent to take charge of the institution.
$1,000,000 with surplus of $1,000,000 and
has total reArthur H. Burg, a Vice-Pre- sident of thelSt. Louis Union
sources of $20,000,000. The capital of the First
State Bank Trust Co.,
St. Louis, Mo., committed suicide on Jan. 21
is $2,500,000, with surplus of $700,000 and
its total reby shooting himself in Forest Park, that city. Three weeks
sources, as before stated, are $27,917,000.
previously Mr.Burg had been overcome by carbon
monoxide
The Comptroller of the Currency announces
that effect- gas while in his garage, and his act in taking his:life is attribive Jan. 24 The Old National Bank of- Battle
Creek, Mich., uted by his associates to the unfounded obsession that he
changed its name to "The Old National Bank
and Trust was losing his mind as the result of the carbon monoxide
Company of Battle Creek."
poisoning. Since the accident he had been very despon
dent.
Mr. Burg, who was 49 years of age, was connected;with
In regard to the affairs of the Iowa Loan &
the
Trust Co.
St. Louis Union Trust Co. for twenty years,lhaving entered
of Des Moines, whose failure on Dec. 20,
1926, was rethe institution as a bookkeeper.
ported in the "Chronicle" of Dec. 25, page
3277, the Des
Moines "Register" of Jan. 25 stated that the
Central State
The Bank of Hyde at Swa-nquarter, Hyde County, N.
Bank of Des Moines ,had agreed, to take
C.,
over enough of closed its doors on Jan. 25, according
to a press dispatch
the closed bank's liquid assets to pay the
depositors 40% from Swanquarter on Jan. 28, printed
in the Raleigh
of the amount due them, 25% to be paid
as soon as the "News & Observer" of the followi
ng day. Poor agriculproper waivers are obtained and the
proposition is ap- tural conditiOns in Hyde County
, it is understood, were
proved by the Court, and 15% within a
period of six the main causes of the bank's
embarrassment.
months from that time. The remainder
of the assets, it
was stated, are to be handled through a
company organized
That the Fourth Nationa
l Bank of Macon,iGa., which
by the depositors or through the State
Banking Depart- has owned the Continental Trust Co. of that city
for more
ment. The plan was approved by the deposit
ors' commit- than five years, had parted company on Jan. 11,
each institee and the State Banking Department on
Jan. 24. Con- tution deciding to "go it alone," was reported in
a special
tinuing, the Des Moines paper said in part:
dispatch from Macon on Jan. 11 to the New York
"Times,"
This proposition has been pending for some three
weeks
and all of which went on to say:
the assets have been very carefully examined
and analyzed by the
officers of the Central State bank.
It has been predicted by those who are somewha
t familiar with the
assets of the Iowa Loan & Trust Company that the
final
depositors will realize will be between 65 and 85 per cent. amount the
Much depends upon the liquidation of real estate which at
the present time is
problematical.
A depositors committee, which has been meeting
Commerce daily and which represents $1,500,000 at the Chamber of
of deposits in the
closed bank, has been working with the Central State
bank and is now
preparing waivers necessary to put the plan
into operation.
There are two forms of waivers which
must
be
secured—
the first
to adopt the plan of having the
Central State bank pay 40 per cent
to the depositors; the second, to
adopt the plan for liquidating the balance of 60 per cent of the assets.
This latter 'half of the proposal
contemplates each depositor taking liquidati
on certificates for 30 per
cent of the remaining 60 per
cent of the assets and by assigning to a
liquidating corporation the remaining
30 per cent and to receive therefore stock in proportion to the amount
assigned in the liquidating corporation. The liquidating corporation
will take for liquidation all of the
assets over and above those taken by
Central State bank.
the
Before the plan can be put in operation
under
jority of the depositors having a deposit of $10the Iowa law, a maor more each and
whose total deposits equal 75 per cent of
the
total deposits of the bank
must sign waivers.
This plan will in no way hinder the
state banking department from
Proceeding to collect the stock assessme
nt from the stockholders of the
Iowa Loan & Trust Company.
"The state banking department
drew, superintendent of the departmehas approved the plan," L. A. Annt, said last night.
•
A group of depositors partly
to the above plan will meet
tonight at the courthouse at 8 p.opposed
m. This group, which is organizing
as the "Iowa Loan & Trust Company Bank Depositor
s' Defense Association," was launched by A. D. Pugh, C.
S. Cooter, Lon Pollock, and I.
T. Jones.
Charles B. Lewis. who has been President of the Fourth
National, was
chosen President of the Continental Trust Co., and
Leon
President of the Public Utility Co. of Macon, was elected S. Dure, VicePresiden
t of the
Fourth National. W. R. Rogers Jr. becomes
active Vice-President of
the Continental Trust Co., and George E.
Patterson, Executive VicePresident of the Fourth National. The resources
of
are given at 812,469.159 49, with deposits of more the Fourth National
than $11,000.000.
At the annual meeting of the stockholders
of the Industrial
Bank of Richmond, Richmond, Va., on
Jan. 21 Charles F.
Hayward tendered his resignation as a
director and H. A.
Claborne of Clabome & Taylor, Inc.,
was elected in his
stead, according to the -Richmond
"Dispatch" of Jan. 22.
At the subsequent meeting of the
directors Mr. Hayward
also tendered his resignation as Vice
-President and Cashier
and A. A. Schaaf, formerly Assista
nt Cashier, was chosen
to succeed him as Cashier. Other
elections were that of
John D.Brown, who was made Vice
-President and Counsel,
and that of H. L. Newbill Jr.,
who was elected Assistant
Cashier. In regard to Mr. Haywar
d's resignation from the
Industrial Bank, the "Dispatch"
said:
Mr.
Hayward is widely known
nected with the Industrial Bank in banking circles. He has been conof
1924. prior to which he was with the Richmond since its organization in
Federal Trust Co. Though Mr. Hayward declined to discuss his plans
for
the future, he declared that he did
not contemplate leaving Richmon
d.
William S. Ryland, Vice-President of
the State-Planters
Bank & Trust Co., Richmond, Va.,
who recently tendered
his resignation to accept a similar positio
n with the Citi-
1
THE CHRONICLE
748
d,
zens' National Bank of Raleigh, N. C., has been elevate
institulatter
the
of
rs
Directo
of
Board
the
of
action
by
to
tion, to the Presidency of the Citizens' National, owing
the death on Jan. 30 of Joseph C. Brown. Mr. Ryland,
of the
who is about thirty-six years of age, will be one
was
youngest bank Presidents in the United States. He
or,
success
possible
his
as
Brown
Mr.
late
the
by
chosen
gentlewho said of him: "I heartily commend him as a
man of sterling worth and an experienced and capable
banker." The Raleigh Savings Bank & Trust Co., which
for some years past has been controlled by the Citizens'
National Bank, is to be consolidated with the latter, and
Rythe working out of this merger will come under Mr.
land's supervision. His recent experience in connection
with the merger of the State and City Bank & Trust Co.
and the Planters National Bank last March will prove invaluable. Mr. Ryland began his banking career in 1907
with the National State Bank and, except for a brief
period with the National City Bank of New York, has
ors
been continuously with that institution and its success
—the State and City & Trust Co. and the State-Planters
Bank & Trust Co. He has risen steadily. In 1916 he was
made an Assistant Cashier, and in May, 1919, at the age
of twenty-six, was elected Vice-President.
Miller, Vice-Chairmen of the Board; L. M. MacDonald,
Vice-President and Chairman of the Executive Committee;
George A. Webster, Vice-President and Vice-Chairman of
the Executive Committee; Jay E. Randall, Vice-President
Braunand Trust Officer; W. A. Bonynge, Jr., W. J.
schweiger and H. It. Erkes, Vice-Presidents; Eustace
Buckley,
Cullinan, Secretary and Treasurer; F. M.
n; W.
Divisio
n
Souther
ller,
Comptro
Cashier; A. Fenton,
e,
L. Vincent, Comptroller, Northern Division. Mr. Monnett
in
saying
as
cle"
"Chroni
the
in
quoted
was
nt,
Preside
the
regard to the merger:
s
Four promotions were made in the official body of the
San Jacinto Trust Co. of Houston, Tex., at the annual
ng
meeting of the directors of that bank on Jan. 20, accordi
to the Houston "Post" of the following day. They were:
C. T. Thomason, advanced to an Assistant Vice-President;
C. V. Mangum and R. Moise, named Assistant Cashiers, and
C. M. Galey, appointed Assistant Auditor. The advancement of Messrs. Thomason, Mangum and Moise was made
in recognition of their long and faithful service.
-4--
A dispatch from Monrovia, Cal., to the Los Angeles
"Times" on Jan. 26, stated that announcement had been
made in Monrovia on that day of the purchase of the
First National Bank and the Granite Savings Bank, Monrovia institutions, by the Americommercial Corporation
(Los Angeles) of the Bank of Italy interests. The dispatch, continuing, said:
A. I. Mellenthin, president of the First National, and Arthur Graf,
president of the Granite Bank, announced that no changes in the personnel are contemplated. Application has been made to the State Banking Department, it was said, to convert the local institutions to branches
of the Bank of America.
The Liberty Bank of America with resources of more
than $200,000,000—the latest Giannini branch banking
organization in California—began business on Jan. 28.
The new institution, with its 136 branches in northern and
southern California, is formed by the consolidation of the
Liberty Bank of San Francisco and the American Bank of
Los Angeles, both owned by the Bank of Italy through
the Americommercial Corporation. It has an authorized
capital of $50,000,000 of which $15,000,000 is paid in,
surplus of $5,000,000 and a contingent and operating fund
of $2,500,000, or in other words a total of $22,500,000 of
invested capital. Some of the leading units which are incorporated into the Liberty Bank of America, according to
the San Francisco "Chronicle" of Jan. 28, are: Liberty
Bank of San Francisco with 32 branches, Commercial
National Trust & Savings Bank of Los Angeles with 23
branches, Bank of America of Los Angeles with 22
branches, and the newly acquired Southern Trust & Commerce Bank in San Diego with 8 branches. Individual
units, it was stated, recently acquired bring the number
of branches in the merger up to 136. All these banks, it
is understood, became branches of the new organization
on Jan. 28. The cities in which offices are maintained, as
given in the paper mentioned, are as follows:
[voL. 124.
Alhambra, Angels Camp, Arcadia, Camarillo, Chula Vista, Concord,
Corning, Glendale, Halfmoon Bay, La Mesa, Lancaster, Palmdale, Long
Beach, Los Angeles, Culver City, Fullerton, Huntington Park, Anaheim, Pomona, Torrance, Santa Barbara, Placentia, Burbank, Santa
Monica, Ocean Park, Los Gatos, Manteca, Mill Valley, Monrovia, Morgan Hill, Mountain View, Ontario, Orange, Pittsburg, Redondo, Sacramento, Salinas, Soledad, San Bernardino, San Diego, Brawley, Coronado, El Centro, Escondido, National City, San Francisco, La Jolla,
Anderson, Arcata, Benicia, Burlingame, Crescent City, Daly City, Dos
Palos, Eureka, Fairfax, Firebaugh, Fort Bragg, Fortuna, Gustine,
Healdsburg, Relseyville, Lakeport, Lodi, Mendocino, Palo Alto, RedUkiah,
ding, Roseville, San Bruno, Sonoma, St. Helena, Tipton, Tulare,
,
Vallejo, Yreka, San Jose, San Rafael, Tiburon, Santa Cruz, Sausalito
Winters.
Sawtelle, South San Francisco, Stockton, Watsonville, Willows,
n, commence
Liberty Bank of America, the consolidated institutio of men who
hands
business today as a State-wide bank. It is in the
and it
banking,
have had long and successful experience with branch which it mainwill bring to the numerous communities in California in
banking under the
tains offices those benefits which State-wide branch
of resources,
laws of California, with its diversity of interests, mobility
which it serves.
and large loaning ability, brings to every community
north and the
The policies which have made the Liberty Bank in the
continued by the
Bank of America in the south successful, will be
consolidated institution.
Bank and
Sanction of the consolidation of the Liberty
C. Wood,
the American Bank was the first action of Will
ia,
Californ
for
Banks
of
tendent
the new State Superin
pending for
the application for the merger having been
. In its
eleven months under the former administration
said:
cle"
"Chroni
the
comments on the consolidation,
others of the
The tie-in of Liberty Bank, Bank of America and
is regarded as
grouping has long been foreseen in San Francisco and
which has
program
one of the major steps in the Giannini program, a amalgamation of all
been popularly regarded as intending the ultimate
a into one, or
the Bank of Italy branch banking interests in Californi
nationalization of the
at most two, major concentrations, with possible
branch banking institutions.
House this week
In the latter respect, the favorable action of the
national banks, withon the McFadden bill regulating branch banking by
favorable to Bank
out the Hull amendments, is generally regarded as
of Italy plans for a great national bank with branches.
his associates to
and
Whether it is the ultimate purpose of Giannini
sixth bank in point
attempt a merger of the Bank of Italy, already the Bank of America
of size in the Nation, and the newly created Liberty
of President Bacigalupi
Is not yet made plain, but definite declarationsBank of Italy that there
of
at the time of the recent annual meeting that institution is regarded
of
was no intention of changing the name operated as a parallel branch
be
as an indication that the new bank will concern.
banking institution to its greater parent
on Jan. 28,
Announcement was made in Ventura, Cal.
place (according
that
in
Italy
of
Bank
the
of
by officials
that date to the Los Anto a dispatch from Ventura on
ing interest, or a total
geles "Times"), that the controll
of Ojai, Cal., had
Bank
State
Ojai
the
of
of 746 shares,
newly organized
the
by
day
s
been bought the previou
Bank, the disState
Ojai
The
.
America
of
Bank
Liberty
h further
dispatc
The
1907.
in
ed
organiz
patch stated, was
lo, Cal., which
stated that the Farmers' Bank of Camaril
of Italy, was
recently became a branch bank of the Bank
America chain.
also to be placed in the Liberty Bank of
of San FranStockholders of the French-American Bank
elected N. R.
cisco at their annual meeting on Jan. 24
a director to
Tucker of Bond & Goodwin & Tucker, Inc.,
Ginty, acJohn
of
death
the
by
fill the vacancy caused
of Jan. 25. At
cording to the San Francisco "Chronicle"
stated, the folthe subsequent directors' meeting, it was
of the instiel
personn
lowing changes were made in the
az, the
Bocquer
Leon
of
brother
az,
Bocquer
tution: R.
was
ion,
institut
the
of
director
bank's President, and a
heretofore a ViceDuffy,
F.
W.
;
esident
Vice-Pr
a
ed
appoint
of the Cashiership
President and the Cashier, was relieved
J. T. Irilarry, formerly
and continued as a Vice-President;
to Cashier, and J. A.
an Assistant Cashier, was advanced
California Bankers'
the
of
editor
Vilquette, who has been
Officer.
Trust
ed
appoint
was
,
Bulletin
tion
Associa
of the Mission Bank of
A meeting of the stockholders
Feb. 28 to consider a
for
called
been
has
San Francisco
ion to the Bank
proposal to sell the assets of the institut
ng to the
accordi
co,
Francis
San
of
A.,
N.
ia,
of Californ
on to
went
which
26,
Jan.
of
cle"
San Francisco "Chroni
say:
d the Mission Bank for many
The Bank of California has controlle
as a separate State institution. As such,
years, but it has been operated
it cannot serve the growing Mission
it has reached the point where a branch of the Bank of California,
district as efficiently as if it were
to make its resources directly availwhich would be then in a position
district.
Mission
able to the
in reporting
The San Francisco "Chronicle" of Jan. 27
California
more
two
of
day
ng
precedi
the
the purchase on
company
banks by the Bancipaly Corporation (the holding
to that
1
up
Jan.
since
that
stated
Italy)
of
of the Bank
had been acquired loseven
banks
twenty27)
(Jan.
new
date
bank
the
co
heads
Marshall Hale of San Francis
n, Angels Camp,
of Directors, while Orra E. cated in the following places: Stockto
as Chairman of the Board
Diego, Morgan Hill, La Mesa, Ontario, SauSan
in
of
the
three
officers
nt.
Other
Preside
is
Monnette of Los Angeles
South San Francisco,
C. C. Chapman and R. E. salito, San Rafael, San Ansonia°,
institution are: G. A. Davidson,
FEB. 5 1927.]
San Bernardino, Oceanside, Martinez, Santa Cruz, Halfmon Bay, Brawley, El Centro, La Jolla, Coronado, National
City, Chula Vista, four in Long Beach. The two banks.
purchased on Jan. 26 were the People's State Bank at
Chula Vista, with a capital of $85,000 and total resources
of $800,000, and the Ontario National Bank at Ontario with
combined capital, surplus and undivided profits of $2.52,000, deposits of $1,400,000 and resources of 1,750,000.
The 56th annual statement of the' Dominion Bank (Canada), with head office in Toronto, covering the twelve month.
ended Dec. 31 1926, was submitted to the shareholders at
their annual meeting in Toronto on Jan. 26. The report
shows net profits for the period, after deducting charges of
management and making full provision for bad and doubtful
debts, of $1,259,277, which, together with $964,298-the
balance to credit of profit and loss brought forward from the
preceding year-made $2,223,575 available for distribution.
This amount was allocated as follows: $780,000 to cover
four quarterly dividends at the rate of 12% per annum
($720,000), together with a bonus of 1% ($60,000); $45,000
contributed to officers' pension fund; $166,020 to take care
of Dominion and Provincial Government taxes, and $200,000
written off bank premises account, leaving a balance of
$1,032,555 to be carried forward to the current year's profit
and loss account. Total deposits are given in the statement
as $98,860,581, comparing with total deposits of $96,227,162
a year ago, or an increase of $2,633,418, while total assets
are shown at $127,780,858, of which $60,014,344 are liquid
assets. The bank's paid-in capital is $6,000,000 and its
reserve fund $7,000,000. A. W. Austin is President of the
Dominion Bank, and C. A. Bogert, Vice-President and
General Manager.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The railroad stocks have again been the dominating feature
in the speculation on the New York Stock Exchange during
the past week, price movements in a majority of issues going
to materially higher levels. Oil shares displayed considerable improvement, particularly Houston Oil which reached
its highest peak in a number of years. Motor stocks gradually improved and railroad equipment shares reached their
best levels toward the end of the week. Under the leadership
of General Motors the market resumed its forward movement during the two-hour session on Saturday, many of the
leading issues advancing from 1 to 3 points. Railroad stocks
continued in the foreground, Chesapeake & Ohio moving
up 4 points and substantial gains were made by New York
Central, Wabash, Wheeling & Lake Erie and several of the
more active stocks in this group, Atlantic Coast Line recording a 4-point rise on a comparatively small turnover. Oil
stocks were unusually active, Mid-Continent being especially
conspicuous with an advance of 1% points. Prices again
moved toward higher levels on Monday and advances
ranging from 1 to 7 points were recorded by a number of
the mOre active stocks. Oil stocks were in special demand,
Houston Oil making a gain of 7 points and Independent Oil
& Gas recorded an advance of over 2 points. Railroad stocks
were in strong demand, Rock Island making a new high record on an advance of more than a point to above 75 and New
Haven shooting upward more than 3 points. Motor stocks
continued to move forward, General Motors closing with
a net gain of 2% points and Hudson holding to the high levels
of the early trading and closing at 56 with a 2-point advance.
Other strong stocks included such outstanding leaders as
United States Cast Iron Pipe & Foundry up 3 points, Commercial Solvents B, American Smelting and Pullman.
Wheeling & Lake Erie pref. and Pittsburgh & West Virginia
were the outstanding strong stocks on Tuesday.. Vigorous
buying in other low-priced railroad stocks was also apparent,
such issues as Western Maryland, Now Haven and Rock
Island recording substantial gains, though the latter lost
all its gain. Oil shares continued to move forward, Houston
Oil advancing sharply, followed by Atlantic Refining and
Pan American with substantial advances.
The railroad stocks were again the dominating feature of
the stock market on Wednesday, both high and low grade
stocks soaring upward and carrying with them many of the
more active shares in the general list. Baltimore & Ohio
was one of the strong features of the day and moved vigorously forward to 1113/s. Pere Marquette sold as high as
126 at one time and Wheeling & Lake Erie common closed
with a net gain of nearly 4 points. One of the outstanding
advances was the upward spurt of Canadian Pacific, which
hung up a new high for recent years on an advance of 8 points
749
THE CHRONICLE
to above 177. Industrial issues moved into the foreground
on Thursday and numerous stocks in this group exhibited
considerable buoyancy, particularly during the latter part
of the session. The strength in the railroad shares was one
of the noteworthy features and new tops were scored by
Wheeling & Lake Erie issues and Atchison. Canadian
Pacific continued its remarkable rise to the highest level
since 1916. Oil stocks continued to advance under the
leadership of Houston Oil, which moved into new high
ground and new tops were registered by Phillips Petroleum
and Barnsdall A. Railway equipment shares were unusually
strong, Baldwin Locomotive selling 8 points up and reaching
a new top for 1927 and New York Air Brake also reached its
highest prices. Prominent among the outstanding strong
stocks were General Railway Signal, Woolworth, J. I. Case
and United States Steel common, the latter selling as high
as 158%.
The sensational advance of Wheeling & Lake Erie, which
shot forward 15 points to a new top at 89, was the outstanding feature of the broadening market on Friday. The
remarkable uprush in this stock stimulated interest in lowpriced rails and numerous substantial advances were scored
in this group. Wabash bounded upward 73/i points to 55%,
followed by such active issues as Texas & Pacific, Kansas
City Southern, New Haven and Erie. In the final hour
oil shares moved to the front and brisk advances occurred
in Houston Oil, Barnsdall A, Atlantic Refining and Standard
Oil of New Jersey. Woolworth was conspicuous in the mercantile stocks and General Railway Signal was the feature
of the equipment shares. The final tone was strong.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
•
State.
United
Railroad,
Stocks.
States
&
Municipal
&c.,
of
Number
4.
Feb.
Week Ended
Bends.
Foreign Bonds.
Bonds.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
703,770
1,356.700
1,496,220
1,858.890
1.777,125
2,071,900
55,127,000
9,200,000
10,029,500
12,457,500
10,192,500
11,349,000
Total
9.264,605
$58,355,500
$3,316,000
Jan. 1 to Feb. 4.
1926.
1927.
9,264.605
9,423,108
41,479,636
48.003,181
$3,316,000
28,583,000
58,355,500
$4,757,900
12,658,000
55,593.000
S28,145,850
131,352,200
277,716,700
$34,192,650
66,199.250
261,837,000
890,254,500 873,008,900
8437,214,750
$362,228,900
1927.
Stocks-No,of shares_
Bands.
Government bonds-.
State and foreign bonds
Railroad & misc. bonds
8334.000
463,500
402,900
597,600
593,000
925,000
828,583,000
Week Ended Feb. 4.
Sales at
New York Stock
Exchange.
Total bonds
83.495,500 1
6,211,000
6,581,000
4.550.000
5,001,500
2,684.000
1926.
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Feb. 4 11127.
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
•14,389
28,360
.31,928
.39,191
*41,363
20,246
812,000
19,200
11,400
27,550
18,500
10,000
6,320
18,095
29,273
20,021
20,059
17,572
Total
175,477
$98,650
111,340
82.000
30.000
22,100
14,500
18,000
13,000
$99,600
a387
al.232
a2,221
a2,416
a2,377
a883
817,000
25,200
75,000
35.000
54.400
7,000
9.516
$213,600
8258,300
Prey, week revised 184,769 $125,600
•In addition, sales of rights were: Saturday, 50; Tuesday. 400; Wednesday, 179;
Thursday, 150.
n In addition. sales of rights were: Saturday, 1,452; Monday. 104; Tuesday, 50;
Wednetay, 2; Thursday, 397; Friday, 625.
155,182
$161,000
14.840
THE CURB MARKET.
The volume of business in the Curb Market this week
showed a decided increase over that for the past few weekly
sessions and prices also, in the main, were inclined to advance. Oil shares continue to absorb the attention. Buck3 and closed to-day at
eye Pipe Line advanced from 46 to 47%
47%. Declaration of an extra dividend of $33 in addition
to the regular $2 on Cumberland Pipe Line stock caused an
advance from 124 to 1343', though it reacted later to
121, the final figure to-day being 122. Humble Oil & Refining sold up from 58% to 613- and at61% finally. Indiana
Pipe Line rose from 623 to 693, and ends the week at 67.
New York Transit improved from 315
/s. to 36. Northern
Pipe Line gained three points to 75% and finished to-day
at
Ohio Oil moved up from 60 to 623'. Prairie
Pipe Line gained six points to 140 and eased off finally to
1373. Standard Oil (Indiana) advanced from MX to
713/g and closed to-day at 713
%. Standard Oil (Ohio) sold
up from 341 to 352 and at 345 finally. Gulf Oil was up
from 943'3 to 963.', the final figure to-day being 96. Among
/s to 18%
industrials Estey-Welte class A dropped,from 218
and recovered finally to 213
%. Standard Commercial Tobacco was conspicuous for an advanced from 22 to 253- ,
750
THE CHRONICLE
the final transactions to-day being at 25. Union & United
Tobacco sold up from 85% to 90 and at 87 finally. Brill
Corp. class A gained 2 points to 47, easing off finally to
4634. Marmon Motor Car from 5634 reached 60, but reacted to 58. Rand-Kardex Bureau sold up from 669/i to
713
/i and ends the week at 70%. U. S. Gypsum common
rose from 98 to 106, but reacted to 103. Universal Leaf
Tobacco sold up from 4334 to 46 and at 4534 finally. Warner
Bros. Pictures improved from 30 to 339/i and closed to-day
at 32%. Among the utilities American Gas & Electric common improved from 6834 to 73% and finished to-day at 73.
Associated Gas & Electric class A advanced from 37 to
403
4 and sold finally at 403. Commonwealth Power
common moved up from 433 to 4434.
A complete record of Curb Market transactions for the.
week will be found on page 777.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No. Shares).
BONDS(Par Value).
Week Ended Feb. 4.
ind &Misr
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
OU.
63.340
102.156
79,441
92.195
110,731
97,616
54,890
110,360
98.670
76,850
111,365
131,945
545,479
584,080
Mining.
Domestic. For'n Govt.
40,420 $1,707,000
96,820 2,847,000
91,927 2,634,000
70.350 2,482,000
71.012 2,872,000
67,450 2,825,000
$217,000
380,000
258,000
487,000
301,000
170,000
437,979 $15367000 $1,813,000
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. 19 1927:
GOLD.
The Bank of England gold reserve against notes amounted to £150.256,855
on the 12th inst. as compared with £150,145.555 on the previous Wednesday.
The bar gold on offer this week in the open market amounted to about
£960,000. of which the Bank of England, as will be seen below, secured
£240,000. The remainder, with the exception of small purchases for
India, was taken for the Continent.
The following movements of gold to and from the Bank of England have
been announced since our last letter:
Jan. 13. Jan. 14. Jan. 15. Jan. 17. Jan. 18. Jan. 19.
Received
nil
nil
£240,000
nil
nil
nil
Withdrawn..
15,000 £52,000
£81,000 £58.000 £27.000 £35,000
The recipt yesterday was in the form of bar gold from South Africa.
The £247,000 sovereigns withdrawn were destined as follow: Spain
£199,000, Holland £23,000. Arabia £25,000. During the week under
review. £28,000 on balance has been withdrawn from the Bank. decreasing
the net influx this year to £312.000. According to the daily announcements posted at the Bank, there has been a net efflux of £5,012,000 since
the resumption of an effective gold standard.
United Kingdom imports and exports of gold during the week ending
the 12 inst. were:
ImportsExportsFrance
£142,095
£20,361 Germany
British South Africa
34,200
514,792 France
Other countries
20,800
8.520 Austria
13,600
Egypt
British India
17,500
40,470
Straits Settlements
16.690
Other countries
Total
£543.673
Total
E285.355
[VOL. 124.
SILVER.
The market is still dominated by the situation in China. Banking
facilities in Hankow continue paralysed, and control by the Chinese
authorities of the public attitude toward foreigners is as yet ineffective in
the areas of disturbance. Silver meanwhile is a speculative counter, and,
through some reactions have taken place, the tendency has been for it to
cling precariously to what are generally considered higher quotations than
the statistical position warrants.
When, with a restoration of security, the great Eastern banks are enabled
to release funds, and this country is in a position to negotiate in that
friendly spirit toward the Chinese nation as a whole which has always
animated the British people, silver prices will again find their natural level.
The substantial absorption of silver by India during the last year or so
can well be understood in view of the remarkable statistics (as detailed in
our annual letter for 1926) which indicate the great advance in the prosperity
of that Empire. Whether such a demand for silver will be maintained when
a gold bullion standard becomes effective, and hoarding in precious metal is
discouraged and investment in interest bearing securities encouraged instead
by the Government. has yet to be seen.
United Kingdom imports and exports of silver during the week ending
the 12th inst. were:
ImportsExportsUnited States of America__ £60.086 Austria
£76.510
Mexico
260.696
83.286 British India
Other countries
12,055
2,060 Other countries
Total
£349,261
£145,432
Total
INDIAN CURRENCY RETURNS.
(In lacs of rupees.)
Dec. 31. Jan. 7. Jan. 15.
Notes in circulation
18058
18112
18118
Silver coin and bullion in India
10292
10346
10352
Silver coin and bullion out o India
---Gold coin and bullion in India
2232
2232
2232
Gold coin and bullion out of India
Securities (Indian Government)
4977
4977
4977
Securities (British Government)
557
557
557
No silver coinage was reported during the week ending the 15th inst.
The stock in Shanghai on the 15th inst. consisted of about 63,700,000
ounces in sycee. 71:400,000 dollars and 980 silver bars as compared with
about 64,800,000 ounces in syclle, 70,800.000 dollars and 2,900 silver bars
on the 10th inst.
-Bar Surer, Per Oz, SW.Bar Gold,
QoutationsCash.
2 Mos.
Per Oz. Fine.
Jan. 13
25 Wi d.
25 9-16d.
84s. 110.
14
2534d.
25 11-16d.
84s. 1134d.
253.d.
15
255-16d.
84s. 11Hd.
25%d.
17
25 11-16d.
84s. 11Hd.
18
25 15-16d.
2531d.
84s. 105.
2574d.
19 '
25 11-16d.
84s. 1031d.
Average
25.802d.
25.614d.
84s. 11.1d.
The silver quotations to-day for cash and two months' delivery are each
7-16d. above those fixed a week ago.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Sat.,
Mon., Tues., Wed., Thurs., Fri.,
Witik Ending Feb. 4.
Jan. 29. Jan.31. Feb. 1. Feb. 2. Feb. 3. Feb. 4.
d 273-16 27 9-16 2731
27H
28
Silver, per oz
27H
Gold, per fine ounce
a 84.1131 84.1031 84.1034 84.1131 84.1134 84.1134
Consols, 231 per cents______
55%
5531
5534
5534
55%
British 5 per cents
10131
10134
10134
10134
10134
British 434 per cents
9634
9631
9834
9831
9834
53.75
53.50
French Routes (in Parls)-fr.
54.50
54.50
53.40
FrenchWarLostn(inParls)_fr.
71.15 210.35
68.70
69.20
68.65
The price of silver in New York on the same days has been:
Silver In N.Y., per es.(eta.):
Foreign
5934
z Ex-coupon.
5834
5831
59K
80
5931
Course of Bank Clearings
Bank clearings the present week will show a satisfactory
increase compared with a year ago. 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.5) bank exchanges for all the cities of
the United States from which it is possible to obtain weekly
returns will be 6.5% larger than those for the corresponding
week last year. The total stands at $11,387,998,737,
against $10,689,118,925 for the same week in 1926. At this
centre there is a gain for the five days of 9.8%. Our comparative summary for the week is as follows:
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
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below we are able to give final and complete
results for the week previous-the week ended Jan. 29. For
that week there is a decrease of 4.1%, the 1927 aggregate of
clearings being $9,383,126,094, and the 1926 aggregate
$9,782,355,255. Outside of New York City the decrease is
4.0%, the bank exchanges at this centre having shown a
loss of 4.1%. We group the cities now according to the
Clearings-Returns by Telegraph.
Per
Week Ended February 6.
Federal Reserve districts in which they are located, and from
1927.
Cent.
1926.
York Reserve District
New York
$5,710,000,000 $5,198,935,546
+9.8 this it appears that in the New
Chicago
610,736,498
619,972,956
-1.5 (including this city) there is a decrease of 4.0% and in the
Philadelphia
487,000,000
477,000,000
+2.0
Boston
513.000,000
402,000,000 +27.6 Philadelphia Reserve District of 8.8%, but in the Boston
Kansas City
122,862,745
110.233,681 +11.4
St. Louis
123,200,000
137,900,000 -10.7 Reserve District a gain of 1.7%. The Richmond Reserve
San Francisco
,
171.541,000
204,676,000 -16.2
falling off of 1.4% and the Atlanta Reserve
Los Angeles
162,635,000
145,190,000 +12.0 District records a
Pittsburgh
223,827,161
154,041,868 +45.3 District of 22.9%, due mainly to the diminished totals at
Detroit
131,937,656
134,946,198
-2.2
Baltimore
89,470.535
92,541,059
-3.3 the Florida points, Miami showing a loss of 61.6% and JackCleveland
101,440,566
94.965,181
+6.8
58,974,547
New Orleans
65,537,034 -10.0 sonville of 43.0%, but the Cleveland Reserve District has
trifling increase, it being only 0.6%. In the Chicago Re$8,506,625,708 $7,837,939,523
Fr Thirteen cities, 5 daYs
+8.5 a
983,373.240
Other cities, 5 days
1,123,603,670 -12.5 serve District the totals are smaller by 6.4%,in the St.Louis
ha
$9,489,998,948 $8,961,543,193
, Total all cities, 5 days
+5.9 Reserve District by 3.8% ana in the Minneapolis Reserve
1.897,999,789
1,727,575,732
All cities, 1 day
+9.8
District by 6.4%. Th ,Kansas City Reserve District
$11,387,998,737 $10,689,118.925
'
Total all cities for week
+8.5 shows a gain of 7.9% and the San Francisco Reserve DisComplete and exact details for the week covered by the trict of 0.7%, but the Dallas'Reserve District has suffered
foregoing will appear in our issue of next week. We cannot a loss of 6.4%.
751
THE CHFONICLE
FEB. 5 1927.]
The course of bank clearings at leading cities of the country
In the following we furnish a summary by Federal Reserve
for the month of January in each of the last eight years is
districts:
SUMMARY OF BANK CLEARINGS.
shown in the subjoined statement:
Week Ended Jan. 291927.
1,16.07
Dec.
1926.
1927.
BANK CLEARINGS AT LEADING CITIES IN JANUARY.
1924.
1925.
S
$
`il.
476,354,700
430,294,897
+1.7
-4.0 5,025,571,349 5,219,718,997
490,619,695
533,129,975
-8.8
351,507,050
355,646,515
+0.6
173,417,625
-1.4
189,261,460
209,231,340
192,467,703
-22.9
806,780,302
878,230,731
-6.4
202,841,207
218,259,748
-3.8
98,740,470
113,640,465
-6.4
211,582,471
229,002,674
+7.9
56,436,234
71,565,090
-6.4
459,270,289
+0.7
435,913,472
Federal Reserve Dist..
lit Boston_ ___12 cities
2nd New York _11 "
3rd PhIladelphlal0 "
4th Cleveland__ 8 "
5th Richmond _ 6 "
6th Atlanta_ __.13 '
7th Chicago ___20 "
8th St. Louis __ 8 "
Otis Minneapolis 7 "
10th Kansas Clty12 "
5 "
11th Dallas
12th San Fran_ _17 "
$
526,842,739
5,497,396,510
551,168,627
398,959,261
188,119,270
199,895,499
901,667,549
208,806,173
98,608,471
247,870,758
74,551,653
490,2.39,584
3
516,791,822
5,728,753,787
604,568,458
396,433,951
190,627,339
259,256,791
963,446,057
217,016,605
109,547,630
229,676,418
79,679,471
486,556,926
129 cities
Total
Outside N. Y. City
9,383,126,094
3,997,708,422
9,782,355,255 -4.1 8,673,903,832
4,165,983,058 -4.0 3,749,407,987
an n1•1.•
AAA ARA WIG
01111 Ana OIR -1-10 A
8,753,580,578
3,636,538,424
000 174 101
OA? 'MA QQ1
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Baltimore
Cincinnati
Kansas City
Cleveland
Minneapolis
New Orleans
Detroit
Louisville
Omaha
Providence
Milwaukee
Los Angeles
Buffalo
St. Paul
Denver
Indianapolis
Richmond
Memphis
Seattle
Salt Lake City
Hartford
1927. 1926. 1925. 1924. 1923. 1922. 1921. 1920.
$
$
$
$
3
$
$
$
25,562 27,101 26,721 20,689 19,775 17,296 18,573 23,210
2,857
2,123
2,414
2,797
2,676
3,070
2,890 3,133
2,217 2.228 2,059 1,922 1,735 1,285 1,339 1,809
2,437 2,637 2,511 2,175 2,194 1,701 1,853 2,176
593
778
550
897
629
655
703
665
698
499
720
688
702
774
763
772
606
721
703
582
724
832
764
824
414
364
419
277
433
443
490
496
308
235
265
308
315
296
346
338
724
1,123
575
534
628
586
631
588
582
344
531
483
496
471
527
528
208
251
290
276
338
342
359
299
210
216
353
296
291
264
281
266
537
377
389
490
661
594
720
708
152
105
109
80
140
156
159
157
195
140
173
305
153
182
175
168
71
50
56
49
57
67
65
71
118
127
156
138
156
172
185
188
545
410
365
316
683
738
660
823
190
173
196
159
199
227
228
256
119
150
87
141
154
135
138
126
160
82
91
92
143
136
132
136
82
93
71
66
93
86
99
107
331
204
247
173
241
244
218
243
75
74
162
116
116
105
120
93
175
124
130
153
170
176
196
180
71
85
88
53
69
80
80
80
46
54
41
44
66
66
76
69
We also furnish to-day a sunimary by Federal Reserve
districts of the clearings for the month of January. For
that month there is a decrease for the whole country of 5.0%,
the 1927 aggregate of the clearings being $45,283,402,561
and the 1926 aggregate 847,660,896,816. This is the fifth
time since March 1924 that,our monthly compilation of bank
clearings has shown a decrease as compared with the corresponding month of the previous year. Outside of New
York City the decrease for the month is 4.0%. the bank exchanges at this centre registering a loss of 5.7%. The
41,264 43,377 42,177 34,853 33,843 28,030 30,704 37,955
Total
Boston Reserve.District for the month shows a loss of 1.2%, Other cities
3,019 4,283 3,990 3,629 3,262 2,450 2,551 4,063
the New York Reserve District (including this city) of 5.6%
47,660 46,167 38,482 37,331 30,480 33,255 42,018
45,283
Total all
and the Philadelphia Reserve District of 5.7%. In the
13,184 14,682 18,828
Outside New York City_19,721 20,533 19,442 17,793 17,553
Cleveland Reserve District the totals are smaller by 0.8%,
in the Richmond Reserve District by 3.8% and in the
Our usual monthly detailed statement of transactions on
Atlanta Reserve District by 23.3%. the latter following
New York Stock Exchange is appended. The results
the
mainly from the falling off at the Florida points, Miami
1927 are given below:
having a decrease of 65.5%, Tampa of 54.0% and Jack- for January in 1924 to
Month of January..
sonville of 38.7%. In the Chicago Reserve District there
Description.
is a decrease of 5.4%, in the St. Louis Reserve District of
1924.
1926.
1925.
1927.
6.8% and in the Minneapolis Reserve District of 10.1%.
34,275,410 38,987,885 41,570.543 26,857.386
Stock, number of shares____
$225,712,300 3203,287,000
The Kansas City Reserve District registers a gain of 3.3% Railroad and miscell. bonds. $233,688,200 $212,055,000
foreign, &c.. bonds___ 112.475.700 55,146,250 49,414,550 33,152.000
and the San Francisco Reserve District of 2.3% but the State,
25,627,650 30,311,300 59,440,300 92,088,000
U.S. Government bonds.
Dallas Reserve District has suffered a loss of 2.1%
$371,791,550 $336,500,435 $364,567,150 $328,527,000
Total bonds
January
1927.
January
1926.
1
Federal Reserve Diets.
5
I
159
_14 intim 2,483,038,758
2nd Boeton__New York _14 " 26,265,719,393
2,707,426,848
3rd Philadelphlal4 "
1,834,503,328
4th Cleveland __15 897,261,108
5th Richmond -10 "
6th Atlanta..._18 "
975,369,8231
4,277,565,385
7th Chicago ___29 "
1,021,266,190
8th St. Louis_ _ _10 ','
500,196,058
Otis Minneapolls13 "
1,260,094,553
10th Kansas C11y16 "
11th Dallas
12 "
593,228,273
2,467,702,844
12thaSan Fran..28 "
lacer
Dee.
January
1925.
$
%
2,512.500,575 -1.2
27,811,212,491 -5.6
2,871,134,704 -6.7
1,849,443,573 -0.8
933,084,936 -3.8
1,271,664,371-23.3
4,521,731,772 -5.4
1,096,133,205 -6.8
556,029,058 -10.1
1,220,131,730 +3.3
605,938,474 -2.1
2,412,891,927 +2.3
$
2,326,742,794
27,353,524,389
2,728,876,103
1,785,687,653
882,402,751
1,045,550,510
4,376,963,883
1,076,031,877
574,094,481
1,219,646,857
593,648,235
2,199,088,678
January
1924.
$
2,174,586,501
21,302,654,371
2,399,804,723
1,664,131,415
859,776,586
957,711,892
3,866,472,382
993,550,991
487,628,223
1,104,523,938
496,769,976
2,174,770,521
Total
193 cities 45,283,402,561 47,660,896,816 -5.0 46,167,061,022 38,482,391,519
Outside N. Y. City
19,721,489,091 20,533,798,550 -4.0 19,441,822,436 17,793,263,047
•
Clanarla
(90 nitianl
1 MA 9.SR 47A
1 A40 IAA AAA -I-11 A
1 an, crn AGA
i Ian ana a.a
The volume of transactions in share properties on the
New York Stock Exchange for the month of January in
1924 to 1927 is indicated in the following:
1926.
1927.
1925.
1924.
No. Shares. No. Shares. No. Shares. I No. Shares.
34,275,410
Month of January
38,987.885
41,570,5431
26.857,386
We now add our detailed statement showing the figures
for each city separately for January and for,the week ending
Jan. 29 for four years:
CLEARINGS FOR JANUARY FOR FOUR YEARS, AND FOR WEEK ENDING JAN. 29.
Week Ended January 29.
Month of January.
Clearings at1927.
1926.
Inc. or
Dec.
1925.
1924.
1927.
1926.
Inc. or
Dec.
1925.
1924.
%
$
$
$
$
%
$
$
$
$
First Federal Reserve D 'strict-Bosto n4.079.966
3,286,453
Maine-Bangor
15,471,922
16,191,548
Portland
2,216,982,138 2,228,000.000
Mass.-Boston
9,428.892
8,672.009
Fall River
4,584,290
4,269,569
Holyoke
4,938,835
5,476,670
Lowell
a
a
Lynn
5,984.600
New Bedford
5,173,649
27,803.157
26.170,503
Springfield
17,211,868
16,309,767
Worcester
76.198,689
68,570,985
Conn.-Hartford
33,202,622
34,499.819
New Haven
11,272,900
Waterbury
11,138,600
71,425,800
It. 1.-Providence
62,359,900
3.690,547
N. 80.-Manchester
3,143,635
+24.1
+4.6
-0.5
-8.0
-6.9
+10.9
a
-13.6
-5.9
-5.2
-11.8
+3.9
-1.2
-12.7
-14.8
3,222.472
14.158,421
2,059,462,354
10,449,403
4.543,86
4,921,408
a
6.115,789
26.987,899
17,018,13.5
66,421,716
31,826,954
11,303.100
67,185,900
3,133,379
1,062.874
3,739.548
3,343.816
14,083,536
477,000.000
1.922,000.000
1,920,603
10,561,769
4,241.102a
5,228,242
1,033,361
a
a
1,077,340
6,637,944
23,998,616
5,199,579
3,098.305
16.037.000
65,908,993
12.661,476
32,043,905
7,564,541
9,410.800
57.786,500
11,379,500
3,408,546
501,344
694,383
2,757,296
466,000,000
1,763,100
a
909,586
a
1,012,409
5,326,337
2,973,188
15,323,052
6,873,997
2,512,500,575
-1.2
2,326.742.794
2,174,586,501
516,791,822
Total (14 cities)
2,483,038,758
525,842,739
+53.1
+21.3
+2.4
+8.9
a
+13.6
a
+6.4
-2.4
+4.2
-17.3
+10.1
594.550
2.610,652
382.000,000
2,134,782
a
901,457
a
1,467,823
5,141.893
2.872.415
13,633.313
6,086.425
705,428
3,071.038
428,000.000
2,141,453
a
997,221
a
1,573,713
4,972,785
3,680,000
13,406.384
6,680,961
12,491,400 -8.9
667,074 -24.9
12,212,800
638,787
10.333,700
792,017
+1.7
430,294,897
476,354,700
Second Federal Reserve District-New York27,776,153 -4.9
New York-Albany
26,411.258
28,450,533
24,257,487
4,879.719
4,997,264
,Binghamton
5,767,600 -3.0
5,574,500
4,950,000
5,594,893
1,083,400
1,194.200
255,975.421 -11.0
, Buffalo
227.005,882
198.661,107
51.625,145
227,971,692
46,368.487
4,694,052 -0.5
, Elmira
4,237,159
4,671,864
3.683,198
945,448
1,218.546
7,114,512 -6.5
t Jamestown
6,175,186
5,110.706
6,654,746
1.083.855
1.377,095
New York
25,561,913,470 27,101,098,266 -5.7 26,720893,986 20,689,128.472 5,385,417,672 5,616.372.197
4.557.633 +7.3
4.322,317
4,891,440
4,106.440
I Niagara Falls
63,483,693 -2.7
59,547,514
Rochester
51,080,396
61,797,757
11,008,463
11,747,615
27.661.622 +5.4
25,327.956
Syracuse
22,876,255
29,167.507
4.828.464
4.925.917
Conn.-Stamford
14.680.709 +3.1
11,862,005
14,293,064
15,140,899
2,890,874
0,6I 8,759
N. 1.-Montclair
2,861,533 +37.6
2,392.697
2,353,559
3,936.764
547,672
962.073
Newark
115,554.584 -2.9
91,294,221
112,181,161
82,600,547
197,657.645
173,418,452 +14.0
Northern New Jersey
161,143.549
194,846,221
32,227,813
36.829.619
6,568,261 +18.1
Oranges
5,496,884
7,758,297
4,706,919
I•ntall (Id eltincl
OR 950 750 707
97 011 919 101
-A 6
97 062 A95 /00
92 1n0 505 .2/1
c en/ once sin 0 '00 .10.1 707
5,193,092
4.590,417
-2.4
877.300
1,113,000
-9.3
38,224,913
45,636,660
-10.2
1,205.242
971,513
+28.9
1,040,921
1,223,881
-21.3
-4.1 4,924,495,845 5,117.042,554
-6.3
+2.0
+25.2
+75.7
10.678,364
5.009.442
2.431,748
435,151
11,104.278
5,185,865
2,292,167
453.434
+14.3
28.985,328
37,099,231
-40 5.025.571.349
5.219.718.997
752
THE CHRONICLE
[VOL. 124.
CLEARINGS-(Continued).
Month of January.
Clearinos at1927.
Inc. or
Dec.
1926.
$
Third Federal Reserve D istrIct-Philad elphiaPa.-Altoona
8,214,640
8,445,487
Bethlehem
18,199,467
17,693.257
Chester
6,574.164
5.955,158
Harrisburg
21,026.891
20,175.294
Lancaster
8,670,210
10,656.081
Lebanon
2.534,411
2,604,244
Norristown
4,231,258
3,791,591
Philadelphia
2,437,000,000 2,637,000,000
Reading
18,192,368
17,775,122
Scranton
30,476,489
28,184,205
Wilkes-Barre
17,800,284
16,200,105
York
7,425,971
8,065.208
N. J.-Camden
97,867,251
68.837,778
Trenton
29,213,444
27.751,194
Del.-Wilmington
a
a
1925..
+27.4
+2.8
+10.4
+4.2
-28.6
-2.7
+11.6
-7.6
+2.3
+8.1
+9.9
Weat Ended January 29.
1924.
1927.
1926.
1,540,195
4,149.296
1,193,054
Inc. or
Dee.
1925.
1924.
1,478,620 +4.2
4,731,437 -12.3
1,471,264 -18.9
1,176,601
3,693,058
1,077,798
1.179,172
4,648,060
772,757
1,738,735
2,194,403 -20.8
2.045,961
3,043,262
521,000,000
3,482,999
6,966,246
3,748,422
1,405,211
576,000,000 -9.6
3,293,800
+5.7
5,478,581 +27.1
3,208,795 +16.8
1,599.039 -12.1
508,000.000
2,839,256
5,449,606
3,586.962
1,256.180
464,000,000
3,005,959
5,022,304
3,310,025
1,411.079
+42.2
+5.3
a
6,057.740
15,662,402
5,868,968
21,956,686
11,504,160
2,321,882
4.073,407
2,510,855,000
16,078,045
30,620,946
16,854,566
7,806,104
52,939,712
26,276,485
a
5,662,055
20,852,528
6,351.718
18,400,178
13,073,758
2,440,891
4,616.834
2.175,000,000
16,353,203
26,214,547
17,535,254
6,863.543
64,859,669
21.580,545
a
5,944,469
a
5,112,519
a
+16.3
a
4,004.553
a
4,227,077
a
2.871,134,704
-5.7
2,728,876,103
2,399,804,723
551,168,627
604.568.458
-8.8
533,129,975
490.619,695
Fourth Federal Reserve District-Clev elandOhio-Akron
23,315,000
28.398,000
Canton
17,334,028
18,253,962
Cincinnati
337.710,028
345,796,010
Cleveland
526,600.813
528,174,996
Columbus
75,408,700
74,292,300
Dayton
a
a
Hamilton
3,992,795
3.735,410
Lima
a
a
Lorain
1,735,970
1,802,653
Mansfield
8.367,366
9,287.809
Springfield
a
a
Toledo
a
a
Youngstown
26,163,085
23,573,736
Pa.-Beaver County
3,163,543
3.221,200
Erie
a
a
Franklin
1.333,834
1,661,495
Greensburg
6,239,597
5,580,941
Pittsburgh
772,462,431
774.441.558
Ky.-Lexington
10,888,430
11,130,108
W. Va.-Wheeling
19.787.708
20,093,395
-17.9
-5.0
-2.3
'-0.3
+1.5
a
+6.9
a
-3.7
-9.9
a
a
+11.0
-1.8
a
-19.7
+11.8
+0.3
-2.1
-1.5
41,419,000
21,221,758
315,474,274
495,691,001
64.958,900
d4,742,000
3,450,618
69,645,222
122.654,863
14.712,300
a
2
4,822,175
a
1,843,404
8,090.304
a
a
23,960,534
3,290,258
a
1,485,905
7,241,703
762,722,642
14,390,934
19,074,861
34,082,000
22,251,091
295,507,710
471,233,938
60,668,500
a
3,584,379
a
1,681,869
8.181,350
a
a
22,940,929
3,267,399
a
1,331,843
7,106,484
701,724,634
11,485,143
19,084,146
6,909,000 --31.4
3,459,177 -0.3
75,786.701 -8.1
116.000,000 +5.7
14,794,600 -0.4
a
a
9,999,000
3,919,012
62,453.360
98,916,818
12,169,900
a
6.740,000
4,237,400
63.952,278
101,241,390
15.174,900
a
1.818,210
1,923,015
a
a
3.838.656
-0.8
1,785,687,653
1.664.131.415
-8.541,838
a
38,451,460
244,113,000
11,277,914
a
13,682,884
8.686,751
443,104,749
1,937,863
3,043.676
109.562.618
9,096,313
a
39,738.759
241.265,568
a
10,477.036
a
12,209,081
9,068,547
433,243,439
1,678,394
3,153,306
99.846.145
Total (14 cities)
Total (15 cities)
2,707,426,848
1,834,503,328
1,849,443,573
Fifth Federal Reserve D Istrict-Richm ondW.Va.-Huntington
6,709.768
6,529,487
+2.8
Va.-Newport News
a
a
a
Norfolk
29,009,495
38.211,947 -21.7
Richmond
217,884,000
243,218,000 -10.4
N. C.-Asheville
a
a
a
Raleigh
12,274,117
11,242,476
+9.2
Wilmington
a
a
a
S. C.-Charleston
11,016,968
12,936,052 -14.8
Columbia
7,274,105
7.002,998 +3.9
Md.-Baltimore'
489,710,048
495,521,978 -1.2
Frederick
1,881.313
1,998,482 -5.9
Hagerstown
3,526.335
3.570.075 -1.2
D. C.-Washington
117,074,963
112,853,441
+3.7
a
d1,935,227
a
a
4,853,414
a
a
1.841.319
a
a
5,056,545
•
a
a
+5.1
a
a
-4.0
4.;62,915
a
a
176,965,617
172,586,609
+2.5
161,577,300
154,399,413
398.959,261
396,433,951
+0.6
355.646,515
351,507.050
1.262,366
+9.6
1.609.131
2,033,204
8,817,597 -29.3
57,158,000 -10.9
7.542,672
54,258,000
8,177,219
56.994,000
1,384,271
d8,234,264
50,936,000
d2,781.587
103,578,098
3.709,837 -25.0
97,780,654
+5.9
2.645,341
2.561.488
86,087.367
98,105,503
23,205,050
21,900.885
+5.9
21,375.114
21.390,046
933,084,936
-3.8
882.402,751
859,776,586
188,119,270
190,827.339
-1.4
173,417,625
189,261.460.
strict-Admit a33,490,129
33,804,401
14,998,260
16,442,027
94.524,081
94,870,168
227,850,857
333.215,969
9,053,918
9.585,386
4,652.752
4,938,872
8,558,243
6,741.423
a
a
104,063,118
169,660,016
35,191,420
101,887,199
25.182,431
54.726,977
110,920,130
120,316,990
10,512,883
10,028,388
7,614,216
9.233,521
*8,500,000
9,355,017
7.890,576
8,915,514
3,989,526
4,338,490
2,234,127
2,284,935
266,143,176
281,319,078
-0.9
-8.8
-0.4
-31.6
-5.6
-5.8
+26.9
a
-38.7
-65.5
-54.0
-7.8
+4.8
-17.5
-9.1
-11.5
-8.1
-2.2
-5.4
30,556,578
14,803.370
94,095,178
277,294,106
9.084,137
4.660,577
6.669,675
a
87,423,087
39,941,859
24,161,000
123,224,046
0,553.159
7,827,792
7,235,101
6,172,822
3,5.50,449
2,841,772
296,455,802
32.848.780
15,616,291
85,440,660
259,154,954
8,485.430
4,059,894
6,277,187
d7,299,148
2,902,807
21,137,610
51,755,668
2,070,309
7,372,516 -1.0
2,996,409 -3.1
20,188,849
+4.7
74.159,881 -30.2
2.000.349
+3.5
6,128,448
2,722,137
18,648.234
59,723,206
1,727.362
6,531,571
2,846.177
16.926.623
53.810,179
2,185,254
63,132,962
15,501,645
15,949,000
122,260,879
9,270,938
8,418,464
7.313,703
5,915,839
4.707,149
2,059,285
291,299,142
1,783,331
a
22,594.030
7,761,921
1,505,342 +18.5
a
a
39,611,918 -43.0
20,166.244 -61.8
1,418,592
a
20,282,306
8,994.860
1,589,702
a
13,468,647
3.555.926
24.686,658
2,197.736
26,359,170
2,070,327
-6.4
+6.1
25,045.371
1,790,923
27.812,817
1,799,828
1,748,000
1,667,934
+4.8
1.308,826
1,610,939
441,549
53,516,732
400,200 +10.3
80,757.652 -11.9
441,075
61,000,000
516,041
59,813,999.
1,271.664,371 -23.3
1,045.550,510
957,711,892
199.895.499
259.256.791 -22.9
209,231.340
192,467,703
+9.1
+25.6
-1.6
+15.8
+0.8
+9.0
-5.3
-1.3
-2.5
+8.1
+5.5
+4.0
+13.0
+1.6
+13.2
-0.4
-4.6
-12.4
+4.8
f
-6.4
+20.6
+2.6
-7.9
-7.8
a
-4.2
-3.2
+14.4
-3.9
1,254,532
4,664,548
660,849,393
9,969,554
34,976,276
8,800,851
10,769,025
11,104,240
9,501,712
85,667,000
10,903,000
30,381,260
14,421,066
172,396,451
4,143,614
12,029,542
52,024,094
48,648.661
2,140,847
2,626,900
34,287,544
6,555.124
5,331.526
7,155,853
3,070.132,079
a
7,162,141
23,906,536
11,631,136
12,529.378
1,097,635
3,766,666
594,202.968
10,793.379
30,270,063
9,011,999
10,859.649
11,056.970
15,850.000
93,378,000
10,072.452
22,764,071
11.997,590
155,715,153
3,061,750
10.367,139
52,981,294
47,647,593
2.071.883
2,3 0,072
27,125,278
6,001,238
4,962.284
5.977.257
2.675,530.457
a
5,363,904
20,302,379
10,371,887
11.541,374
220,505
1.287,023
154,239,216
178.737 +24.8
963.563 +33.6
150,187,581
+2.7
217,271
752.579
153.782,047
227,127
510,334
134,535.272
-5.4
4,375,963,883
3,866,472,382
Eighth Federal Reserve District-St.L ouls23.376,523
25.383.799 -7.9
Ind.-Evansville
823,942
New Albany
783,831
+5.1
665.492.199
Mo.-St. Louis
703.378,670 -5.4
a
a
Springfield
a
158,796.452
158,657,841 -1.2
2,361,158
2,603,679 -9.3
Owensboro
11,21,0.745
10,843,254
Padueah
+2.6
92.897,443
119,579,130 -32.5
Tenn.-Memphis
60,885.987
85,319,738 -6.8
Ark.-Little Rock
1,632,298
1,830,905 -10.9
5,939,445
6.752,360 -12.1
Quincy
26.413,556
828,700
692.374,659
a
155,823,727
3,032,535
12.427.014
116.268.514
60,156,025
1.870,371
6,838,776
23.066,558
729,354
655.070,226
a
139,602,906
2,642,594
8,960.895
104,929,811
50,917.769
1,481,946
6.099.132
1,076,031,877
993,500,991
Total (10 cities)
Sixth Federal R
Tenn.-Chattanooga
Knoxville
Nashville
Ga.-Atlanta
Augusta
Columbus
Macon
Savannah
Fla.-Jacksonville
Miami
Tampa
Ala.-Birmingham
Mobile
Montgomery
Miss.-Hattiesburg
Jackson
Meridian
Vicksburg
La.-New Orleans
Total (18 cities)
897,261,108
975.369,823
Seventh Federal Reser veDistrIct-Ch icagoMich.-Adrian
1,134,895
1,040,237
Ann Arbor
6,476,523
5.154,311
Detroit
708,486,570
719,714,637
Flint
14,514,847
12,556,558
Grand Rapids
37,599,219
37.307,938
Jackson
9,868,140
9,052.056
Lansing
10,764.892
11,252,341
Ind.-Fort Wayne
12,028,627
12,190,996
Gary
23.994,810
24.604.570
Indianapolis
106,838,410
98,810,000
South Bend
12,920,900
12,244,300
Terre Haute
29,832.249
28,678,496
Wis.-Madison
17,647.117
15,614,062
Milwaukee
188,116,824
185,108,880
Oshkosh
4.229,062
3,736,533
Iowa-Cedar Rapids
12.131.208
12,180,152
Davenport
45,977.712
48.166.833
Des Moines
39.908,498
45.534.835
Iowa City
1,951,621
1.861,675
Mason City
f
f
Sioux City
29,008,743
30,994.339
Waterloo
6.606,107
4,648,000
Ill.-Aurora
6.987,880
6.808.589
Bloomington
6,335,342
6,876,443
Chicago
2,800.292,746 3,133,022,937
Danville
•
a
Decatur
5.897,823
6,157,274
Peoria
22,075,258
22.807,255
Rockford
14,538.594
12,700,688
Springfield
12,402,268
12,906,837
Total (29 dues)
Total (10 MUM)
4,277,565,385
1,021.266,190
4,521,731.772
1,095,133.205
-6.8
-4.2
6.644,664
6,259,128
+25.2
2,230,773 +10.9
1,927,904
2.248,275
2,310,761
2,087,865
21,408,000
2,576,117
5.652,384
18,947.000 +13.0
2,393,000
+7.6
4.551.443 +24.2
14,553,000
1999,000
4,598,913
17,458.000
1,988.000
4,436.899
38.887,443
39,620,622
-1.9
34,883.144
35,320.096
2,511,169
2.336.378
+7.5
2,139,442
2.381,318
7,772,007
8.880,874 -12.3
9,211,651
9,557,203
6,641,507
1,051.118
6,522,000 +1.8
876,097 +20.1
7,056,497
1,096.428
6,697,825
1,106,941
1.382.411
634,809,009
•
1,230,481
4,621.360
2,852,936
2,458,830
1.335.311
+3.5
703,004,438 .
-9.8
a
1,275.396 -3.5
4,535,816
+1.9
2,497.395 +14.2
2.814,269 -12.6
1,347,071
624,7
.
68.903
1,423,106
4,733.958
2,340.282
2,508.596
1.266,377
570,712.552
a
1,108.218
4,254,802
2.143,330
2,425,254
901,667,549
963,448,057
878,230,731
806,780.302
7.108,862
7,418,368
2.504,000
2.473,171
0,2,000,000
-6.4
4,768,202
4,592,317
+3.8
5,827,150
4,199,606
135.300,000
140,600,000
-3.8
143,300,000
134,300,000
33,375,065
468.319
31,522,672
489,000
+5.9
-4.2
32,476,785
583,004
28,577.126
458,781
21,147,159
12.229.347
302.930
1.217,151
24,361.655 -13.2
13,814,830 -11.5
343,448 -11.8
1,292,683 -5.8
22.378,241
12,086,146
335,338
1,273,084
21,544,936.
10,253,402
273,566
1,233,790
218,259,748
200,841,207
208,806.173
217,016,605
-3.8
753
THE CHRONICLE
FEB. 5 1927.1
CLEARINGS-(Concluded).
Week Ended January 29.
Month of January.
Clearings at1927.
Inc. or
Dec.
1926.
1925.
1924.
1927.
1926.
Inc.or
Dec.
1925.
1924.
$
Ninth F ederal Reserve District -Min neapolis26.068,661
30.102,085
Minn.-Duluth
299.402.015
342,542,225
Minneapolis
2,452,722
2,230,095
Rochester
125,553,135
137,651,171
St. Paul
8,141,674
7,312,319
No. Dak.-Fargo
5,511,000
5,370,000
Grand Forks
1,144,494
1,012,505
Minot
5,275.203
6,155,009
So. Dak.-Aberdeen
7,391,494
5,114,039
Sioux Falls
2,656,325
2,539,695
Mont -Billings
3,853.200
3,127.672
Great Falls
12,140,000
12,263,380
Helena
606,135
608,863
Lewistown
-13.4
-12.6
+10.0
-8.8
+11.3
+2.6
+13.1
-14.3
+44.5
+4.6
+23.2
-0.9
-0.3
32,873,443
358.679,859
1,823,257
135.351,135
8,079,506
6,521,000
1,003,201
6.193,475
4,401,980
2,797,262
2,998,216
12,997,147
375,000
25,207,299
275,672,447
1,898,585
141,026.866
7,103,881
5,229,694
847,077
5,507,314
7,453,056
2,176,286
2,285,012
12,420,706
800,000
d5,857,522
61,663,582
6,286,473 1-6.8
68,744,158 -10.3
7,226,783
74.574,145
5,056,198
58.076,995
25,484,940
1,609,506
28,978,447 -12.1
1,517,728 +6.2
25,993,696
1,587,052
29,993,385
1,427.137
1,034,522
1,185,350 -11.2
1,311,686
1,093,914
556,029,058 -10.1
574,094,481
487,628,223
City1,501,541
2,669,147
20,242,752
174,591,486
20,493,683
a
•
15,998,420
33.313,197
8,208,216
587,502,163
37,164,845
a
1,265,610
a
133,095,765
41,523,794
4.808,369
132,694,219
5,058,523
+10.5
-32.2
+2.5
-4.0
-43.4
a
a
-13.7
+9.3
-13.0
+7.4
-15.5
a
-47.4
a
+2.9
+26.8
+0.9
+2.2
+12.1
1,718,637
2,458.029
19,861,665
182.035,730
19,095,586
a
a
15,521,692
33,838.844
7,590,612
585,845,490
39,135,076
a
1,315,754
a
127,692,713
30.806,624
5.261,828
142,757,857
4,710,720
1,748,534
2,063,542
16,762,178
153,106,672
25,349,441
a
a
15,392.333
34,031.743
6,507,000
533,922,886
34.001.032
a
1,507,615
a
106.745,733
28,495,187
4,526,588
136.404,266
4,019,188
1,220,131,730
+3.3
1,219,646,857
1,104,583,938
Eleventh Federal Reserv e District-Da 11asTexas-Austin
6.550,377
7,975,178
Beaumont
7,018,993
8,987.000
Dallas
240.644,209
229,992,906
El Paso
22.385,871
22,645,817
Fort Worth
54,843,327
61,156,947
Galveston
52,405,000
52,060,000
Houston
167,662,258
155,806,991
Port Arthur
2,640,569
2,669,501
Texarkana
2,789,230
3,714,560
Waco
1,135,438
10,895,855
Wichita Falls
16,036,000
15,913.735
La.-Shreveport
27.800,297
25,538,683
-17.9
+28.0
-4.4
-1.2
-10.3
+0.7
+7.6
-1.1
-24.1
+4.2
+0.8
+8.9
8,201.538
6,816.554
221,291.763
22,371,653
60,561,871
61,632,313
155,658,854
2.380,608
3,311,600
14,335,605
13.353,943
23,731,933
7.911,065
7,500,000
175.728,270
21,797,049
54,108,061
51,552.373
125,884.960
2.283,414
2,800,917
14,230,207
9.431,809
23,541,851
605,938,474
-2.1
593.648,235
496,709,976
Twelfth Federal Raserv e District-Se n Francisco3,411,000
.3,100,000
Wash.-Bellingham
195,622,410
180,278.772
Seattle
50.366,000
51,188,000
Spokane
a
a
Tacoma
6,557,285
5,795,064
Yakima
4,949,017
5,339,372
Idaho-Boise
2,007,000
2,283,815
Ore.-Eugene
150,277.284
157,840,151
Portland
6,082,186
Utah-Ogden
7,032,000
80.187,498
79,577.971
Salt Lake City
2,978,092
Nov.-Reno
2,889.906
Arlz.-Phoenix
11,900,000
13,377.000
Calif.-Bakersfield
6,310,351
5,893,994
Berkeley
22,415,098
21,855,672
17,429,610
Fresno
17,257.396
Long Beach 32,496,201
33.209.370
Los Angeles
822,832,000
737,906.000
Modesto
4,197,995
3,858.078
Oakland
82,780,668
95,429.938
Pasadena
34,678.246
30,454,597
Riverside
5.805,671
4,685,102
Sacramento
38,311,671
37,083,767
San Diego
29,425,995
26.727.200
San Francisco
824,336.036
831,541,107
14,295,427
San Jose
12,956,675
Santa Barbara
6,517,771
6.760,311
9,735.533
9,514,527
Santa Monica
1,972.958
Santa Rosa
2,028,583
13,940,800
12,909,700
Stockton
-9.1
-7.9
+1.6
a
-11.6
-7.3
-12.1
-4.8
-13.5
+0.8
+3.0
+12.4
+7.
+2.6
+1.0
-2.2
+11.
+8.
-13.3
+13.9
+23.9
+3.3
+10.1
-0.9
+10.3
-3.6
+2.0
-2.8
+8.0
2,930,000
169,939.174
47.938,000
6.653,712
4,841,752
1,876,180
150,202,123
6,355,000
80.369,494
2,803,847
11,320,000
5,142,967
20.060,232
13,959,131
31,750,353
660.128.000
3,711,969
83,966,088
28,781.393
4,417,581
34,982,231
20,983,517
764,328,336
11,942,132
5.960,443
8,795,846
2,070.177
12,879,000
3.030,000
175,738.615
45,200.000
a
5,569,958
5,404,572
1,558,525
158,366,803
6.512,000
68,594.742
2,693,366
10,002,651
4,241,281
19,683,987
17,227.485
39.645,031
683.307.000
3,369,241
73,182,064
29.721,232
3,732,828
33,913,309
19,832,644
723,900,000
10.948,510
5,907,774
10.394,564
2,270,239
10,762,100
+2.3
2,199,088,678
2.174,770521
Total (13 cities)
.500,196,058
Tenth Federal Reserve District-"an sas
1,658,991
Neb.-Fremont
1,810,410
Hastings
20,756,816
Lincoln
167.636.354
Omaha
11,591.516
Kan.-Kansas City
a
Lawrence
a
Pittsburgh
13,807,806
Topeka
38,418,449
Wichita
7.143,743
Mo.-Joplin
631,318,552
Kansas City
31,410,332
St. Joseph
a
Okla.-Lawton
666.407
McAlester
a
Muskogee
136,992,612
Oklahoma City
52,671,346
Tulsa
4,853,437
Colo.-Colorado Springs_
Denver
135,685,125
Pueblo
5,673,657
Total (16 cities)
Total (12 cities)
Total (28 cities)
Grand total(193 cities)_
Outside New York
1,260,094,553
593.228,273
2,467,702.844
2,412,891,927
464,204
438,492
+5.9
484,782
436.824
2,494,195
2,416,982
+3.2
2,462,321
2,656,017
98,608.471
109,547,630 -10.0
113,640,465
98,740,470
d376,850
333,884
4,110,612
38,156,058
249,677 +50.9
528,557 -36.8
3,730,395 +10.2
36,789,068 +3.7
292.579
517,793
3,934.983
37,362,806
444,257
508,779
2,791,831
34.771,050
d2,444,373
d7,798.934
3,274,665 -25A
6,741,533 +15.7
2,948.768
7,009,265
2,249,174
7,469,952
137,235,562
d6,594,044
124.736.430 +10.0
8,023,629 -17.8
122.096,654
7,701,234
116,041,830
6,537,988
a
31,972,860
a
889,900
16,859,743
1,097,938
a
a
26,623,592 +20.1
•
a
878,361
+1.3
17,000,792 -OA
1,039.719 -0.2
•
26,107,487
•
1,001,676
19,103,152
926.297
a
21,137.059
a
377,077
17,834.964
818,512
229.002.674
211,582,471
247,870.758
1,157,054
229.676,418
+7.9
1,793,558 -35.5
1,912450
1,505,020
-6.1
41,970,517
33,366,433
13,502,070 -15.3
9,683,000
4-8.1
a
a
12,723,884
10.643,900
a
8.079.907
9,223,439
a
46,881,043
49,928,577
11.441,641
10,465,000
a
4.606,915
4,772,266
-3.5
4,314,139
4,261,435
74,551,653
79,679,471
-6.4
71,565.090
56,436.234
36,889,132
10,193,000
a
999,629
41,042,368 --10.1
10,363,000 --1.7
a
a
1,128,054 --11.4
34,999,755
8.491,000
a
1,122,864
37,475.832
9,474,000
a
1,147,303
30,011,819
35,115,638 -14.5
29,144,943
35,381.540
14,923,233
a
a
15,644,511
-4.6
a
a
13,583,457
a
a
13,026.814
a
a
3,276,698
6,732,836
172,387,000
+0.2
3,269,166
6,670,651
+0.9
149,996,000 +14.9
2,741,196
6,182.893
133,854,000
2,945,764
7,845,343
148,031,000
17,260,439
8,097.827
19,087,704 -9.6
6,551.896 +23.6
16,461.817
8.572,519
15,305.938
7,350,017
+1.9
+56.6
-7.0
+14.4
+10.7
+12.2
6,419,051
3,700,224
165,310,290
2,157,952
1,121,852
1.765,616
6,477.876
3,777,519
163,500,000
2,210,599
1,066,687
2,333,095
7,355,959
7,968,598
164,975,000
2,757,274
.1,500.000
2,134,540
2,776,600
490,239,584
a
7,219,492
5,089,107
177,304,000
2,409,738
1,354,914
1,901,687
2,409,100 +15.0
486,556,926
+0.7
2.284,000
1,920,900
435,913,423
459,270,289
45,283,402.531 47.660.896.816
-5.0 46,167,061.022 38,482,391,519 9,383,126,094 9,782,355,255
-4.1 8,673.903.832 8,753,580,578
19.721,489,091 20,539,798,550
-4.0 19,441,822,436 17,793.263,047 3,997.708.422 4,165,983,058
-4.0 3,749,407,987 3.636.538,024
CANADIAN CLEARINGS FOR JANUARY FOR FOUR YEARS AND FOR WEEK ENDING JANUARY 27.
Week Ended January 27.
Month of January.
Clearings at1927.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
• London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
474,437,219
512,802.497
186,980.986
74,237,750
26,451,654
25,476.927
13,021,236
22,424,319
32,305,225
11,264.095
8,411,576
13,201,281
23,025,499
17,786,630
2.200,520
2.196.287
7,230,330
5,381,946
4.640.192
3,442.593
3,139,985
1.096.905
3,739,527
3,587,305
4,517.386
16,687,365
1.670,553
3.981,801
2.958.926
Total (29 cities)
1,508.258,478
•No longer report clearings.
1926.
411,683.291
407,878,163
202,911,318
73,298.095
25.999.393
23,599.720
13,390,887
19,590,474
35,237,730
11,451,202
10,466,745
11,023,528
22,472.747
18,667,226
2,135,976
2,779,092
7,675.963
5,024,150
3,989,583
3,887,622
2,764,200
1,194,679
3.055,868
3,108,346
4,153,308
13,927,053
1,539,540
3,514,740
2.886,004
Inc. or
Dec.
+15.2
+25.7
-7.9
+1.3
+1.7
+7.9
-2.8
+14.5
-8.3
-1.7
-19.6
+19.8
+2.4
-4.8
+3.0
-20.0
-5.8
+7.1
+16.3
-11.5
+13.6
-8.2
+22.4
+15.4
+8.8
+19.8
+8.5
+12.7
+3.8
1925,
460,698,109
422,607,063
209.592,521
65,908,014
27,706,840
29,1.56,274
13,318,296
19,519.011
32,651,188
10.425,873
8,298,260
12,991,163
22,212,770
17,233,859
2,392,860
2,081,129
6,505,443
5.059,642
3,684.647
2,958,749
2,341,663
1,154,304
3,321,459
2,989,895
4,031,545
11,614,512
1,487.708
3.105,694
2,753,805
1924.
444,600,306
449,560.139
180,894,648
66,363,858
26,991,813
24,020,727
12,209,818
21,521,116
31,472,446
11,719,521
8,011,612
13,187,300
21,113,612
14,928.660
2,175,756
2,485,624
7,497.355
5,055.479
4,216,896
3,632,403
2,344,224
1,528,670
3,347,346
3,528,460
4,155,314
13,064.743
1,480.266
3,536,619
2.753.988
1927.
106,146,648
119.639,088
37,804,376
16,499,090
5,269,698
5.384,001
2,743,073
4,561,672
6,994.246
2,291,947
2,157,868
2,704,840
5,319.955
3,177,409
400,479
507.928
1.331,021
1,016,788
1,013,191
743,941
661,285
190,867
762,407
750,074
908.437
3,749,981
329,947
758.225
637.397
1926.
181,644,843
85,709.519
40,936,867
20.392,319
4,621,963
4,146,960
2,510,235
4,341,994
7,730,826
2,370,961
3,924,188
2,115,762
4,387,98
3,523,94
398,63
633,69
1,366,78
926,550
779.110
779,20
568.71
194,40
663,49
622,85
868,72
2.650,72
315,42
689.390
568.20
Inc. or
Dec.
+30.0
+39.6
-7.3
-19.1
+14.0
+29.8
+9.3
+5.0
-9.5
-3.3
-45.1
+27.8
+21.2
-9.8
+0.5
-19.9
-2.6
+9.7
+30.1
-4.5
+16.3
-1.8
+14.9
+20.4
+4.6
+41.5
+4.6
+10.0
+12.2
1925.
173,369,831
82.135,123
44,385,030
13,795,568
4,150,188
4,834,018
12,456.126
4,004.490
6,451,724
2,012,483
1,478.859
1.827,473
4,262,892
3,030,930
429.584
441,299
1,232,581
1,010.147
697,327
567.888
474,074
235,201
586.193
514,906
850.612
2,564,167
301,394
610,442
463,743
1924.
87,481,196
88,460.282
133,149,169
14,512,140
4,474,433
14.490,216
2,157.330
3,955,512
6,193,119
2,442,326
1,575,865
2.021.649
3,388,562
2.792,628
374,312
704,290
1,256,391
811,600
720,098
547.026
447,037
206,238
615,762
551,857
812.057
2.174.747
266,533
725.267
488.388
1,349,286,643 +11.81 1.407,802.296
1,387,398,719
334,455,879 280,404,275 +19.3 259,174.291 267.793,997
b Do not respond to requests for figures. c Week ended Jan. 26. d Week ended Jan. 27. e Week ended Jan. 28. •Estimated.
754
THE CHRONICLE
Zontriterrial andMiscellantons 1.eIte3
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange Jan. 29 to Feb. 4, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par, Price. Low. High. Shares.
Stocks—
Amer Vitr Prod, cons_ _50
Am Wind GI Mach,com 100
Preferred
100
Arkansas Nat Gas,com.I00
Bank of Pittsb. N A__50
Byers(A M)Co. corn__ _ _*
Preferred
100
Carnegie Metals Co_ _10
Columbia Gas& Elec,com•
Preferred
100
Consolidated Ice, com_50
Preferred
50
Devonian 011
10
fliarb-Walk Ref, com_100
Houston Gulf Gas
*
Indep Brewing, com_ _50
Preferred
50
Jones & Lau'n St% pf_100
Lone Star Gas
25
Nat Fireproofing, corn. 100
Preferred
100
Okla Nat'l Gas ctts of dep
Pittsburgh Brewing, pf_50
Pittsb Coal, pref
100
Pitts Plate Glass. com_ _100
Pittsburgh Trust Co___100
Salt Creek Consol OU___10
San Toy Mining
• 1
Stand &mit Mfg, com__25
'Ida! Osage Oil
100
Union Steel Casting, com_*
United States Glass Co _ _25
Waverly Oil W.ks,class A.5
West'house Air Brake_ _50
Rights1,...1..... t..... r•—..
r
ra_ ,
1 .....S.
50
8
5134
10034
3
11834
3934
22
24434
232
s87
2434
Range Since Jan. 1.
Low.
High.
24
24
30 24
Jan 27
Jan
45 40
Jan 52
4934 50
Jan
77H 7734
100 7734 Feb 80
Jan
734 8 1-16
55
734 Jan 8 1-16 Feb
15 175
180 200
Jan 200
Feb
15 43
Jan 517.4 Feb
5134 5134
10 10634 Jan 108
10634 10634
Jan
13
10 1174 Jan 1334 Jan
13
84
30 84
Jan 91 74. Jan
8534
48 9934 Jan 10134 Jan
9934 10034
3
3
1,000
3
Jan
234 Jan
19
95 14
Jan 20
20
Jan
14
1414
490 14
Jan 15
Jan
20 133
Jan 138
Feb
138 138
634 Jan
540
734 Jan
634 674
234 Feb
3
234 274
150
Jan
534 Jan
534 Jan
534 534
50
Jan 119
180 118
11834 11874
Jan
3874 4054 15,364 3734 Jan 4434 Jan
Jan
834 Jan
50
8
874 834
Jan
115 27
28
28
2834 Jan
23.111 2034 Jan 23
2134 23
Feb
15 11
Jan 1174 Jan
11
11
71
10 71
Jan 72
Jan
71
282 24434 Feb ,270
Jan
24434 252
9 232
Feb 232
Feb
232 232
28
734 Jan
774 Jan
774 774
50
Jan
60
Jan
Sc
6c
6,000
714 85
Jan 9234 Jan
87
89
Jan 2534 Jan
2234 2434 1,122 22
3234 3234
55 3234 Jan 3334 Jan
14
8 14
Feb
1534 Jan
14
Jan 43
4234 43
Feb
483 42
30 134
Jan 139
Jan
13634 13034
01,
*I
AO G
mot,
OTC
'Mr..
oil
0 I/
074
T........
* No par value.
1' 35 shares Harbison-Walker Refractories common stock reported sold at 10535 in
out issue of Jan. 15 was an error; should have read preferred stock.
Note.—Sold last week and not reported: 1,293 Columbia Gas & Electric rights
at 254 03.
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
$25,000
Correspondent, L. E. Younger, 531 East 81st St.,
Seattle, Wash.
Jan. 25—The First National Bank of Shelton. Wash
25.000
Correspondent, H. S. Saari, Shelton, Wash.
Jan. 29—The National Bank of Ulysses, Ulysses, Neb
25,000
Correspondent, Rev. J. J. Loughran, Ulysses, Neb.
APPLICATION TO CONVERT RECEIVED.
Jan. 19—The County National Bank of Scranton, Pa
$500,000
Conversion of the County Savings Bank of Scranton, Pa.
Jan. 27—The Union National Bank of New Kensington, Pa
$100,000
Conversion of the Peoples State Bank of New Kensington, Pa.
CHARTERS ISSUED.
Jan.21—The Erie National Bank of Philadelphia, Pa
$250,000
President, Allan Sutherland; Cashier. Julius P. Loot.
Jan. 21—The Union National Bank of Neodesha, Kan
50.000
Conversion of the Union State Bank, Neodesha, Kan.
President, F. J. Harmon; Cashier, J. G. Kimball.
Jan. 26-13034—The Harrison National Bank, Harrison, N. J_- _$225,000
President, Joseph C. Braelow: Cashier, Horatio W.
Manning.
Jan. 28-13035—The Elmhurst National Bank of New York,N.Y. 200,000
President, A. H. Hansen; Cashier, E. G. Watson.
CHANGES OF' TITLE.
Jan. 17—The City National Bank of Evanston, Ill., to "City
National Bank & Trust Co. of Evanston."
Jan. 17—The National Bank of Hollywood in Los Angeles, Calif.,
to "The Hollywood National Bank of Los Angeles.'
Jan. 20—The Brotherhood of Locomotive Engineers National Bank
of Boston, Mass., to "The Engineers National Bank
of Boston."
Jan. 20—The Labor Co-Operative National Bank of Newark,N.J..
to "Labor National Bank of Newark."
Jan. 24-7589—The Old National Bank of Battle Creek, Mich., to
'The Old National Bank and Trust Co. of Battle Creek."
Jan. 24-12661—The First National Bank of L'Anse Creuse, Mich.,
to "The First National Bank of Saint Clair Shores,"
Mich., to conform to change in name of place in which
bank is located. (The Post Office Address of this bank
is "Grosse Pointe Farms, Mack and Defer Roads,
Detroit, Mich.)"
Jan. 25-5816--The National Exchange Bank of Castleton, N. Y.
to "The National Exchange Bank of Castleton on
Hudson," to conform to change in name of place in which
bank is located.
Jan. 25—The Mt. Baker National Bank of Deming, Wash
[VoL. 124.
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
4 National Shawmut Bank
256
5,300 American 011 & Engineering
31 Old Colony Trust Co_ —_335, ex-div.
Corp., par $10
$234 lot
15 National Shawmut Bank—Boa250 Tide Crest Co
4
ton
25634 3 special units First Peoples Trust_ 5
30 Brookside Mills
85
3 units First Peoples Trust
70
3 Edwards Manufacturing Co
41
7 New Eng. Pow. Co., 6% pref.
22 Bates Manufacturing Co_ _113, ex-div.
104-105 & div.
2 Sagamore Mfg. Co
150. ex-div. 10 Firestone Footwear Co. pref,_ 8534
20 Nashua Manufacturing Co.,corn 4934 100 New Eng.Pow. Assn.,
'
6% pf__ 90
7 Hamilton Woolen Co
48
1 unit First Peoples Trust
.60
23 Merrimack Mfg. Co., corn.
8 special units First Peoples Trust_ 5
11974, ex-div. 5 units First Peoples Trust
6034
5 Farr Alpaca Co
16434 SOB. L. Patch Co., par $50
50
1 Textile Securities Co
50
10 Turners Falls Pow.dr Elec. Co_ _193H
8 Lyman Mills
108
46 New Eng.Pow. Assn.,6% pref- 8954
5 West Boylston Mfg. Co., pref
45
5 Heywood-Wakefield Co., 1st pref. 96
10 Saco Lowell Shops, corn
574 10 Fitchburg Gas & Elec. Co., ctf.
10 Nashua Mfg. Co., corn
122
4934
of dep., par $50
10 Ludlow Mfg. Associates
17834 10 Turners Falls Power & Elec. Co_19354
5 Arlington Mills
6834 2 special units First Peoples Trust_ 5
5 Hood Rubber Co.,734% prior pf_100 H 8 special units First Peoples Trust_ 5
10 Eastern Mfg. Co., pref
29
$ per right.
No. Rights.
1 Flintkote Co., pref
1049-4 200 Bangor Hydro-Electric Co—
634
50 Walter Baker & Co.. Ltd_121-121H 230 North Boston Litg. Prop
--2 1-16
5 units New England Equity Corp_10934
Per Cent.
Bonds.
29 United Elec. Light Co.of Spring81,000 Quincy Market Cold Storage
field
489-492
& W.Co.534*, due May 1946_98 &int.
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
20 First National Bank
353
5 Merchants National Bank
390
22 First National Bank
353
25 National Shawmut Bank
25634
6 Appleton National Bank, Lowell_140
10 Hill Manufacturing Co
23
36 Naumkeag Steam CottonCo.173-17334
5-8 Pepperell Manufacturing Co__ 1534
38 Brookside Mills
90
1 West Point Manufacturing Co
13854
4 Farr Alpaca Co
164
18 Bates Manufacturing Co
s11334
5 Dwight Manufacturing Co
14
10 Merrimack Mfg. Co., corn
119
10 Maverick Mills, corn
48
2 Ludlow Manufacturing Associates177
5 Lancaster Mills, pref
44
6 Kilburn Mills
102
6 units First Peoples Trust
70
20 Hartford Elec. Lt. Co., com.33934-404
15 Saco-Lowell Shops, first pref
2134
11 Boston Wharf Co
11334
8 American Glue Co., prat
11731
8 Waldorf System, pref.. par $10-- 11
10 Wm. Carter Co., pref
9534
2 special units First Peoples Trust_ 5
10 Kidder Participation. Inc., pref_ 93
24 units First Peoples Trust
seg
4 Firestone Footwear Co., pref
86
50 Plymouth Cordage Co
12534
Shares. Stocks.
$ per eh:
25 Charlestown Gas es Elec. Co.,
120
par $25
50 Flintkote Co., corn., par 825_ 58
20634
10 Merrimac Hat Corp., corn
194 Flintkote Co., corn., par $25_ 5734
6 nit National Stores, bat pref___10034
40 Boston Insurance Co
500 •
40 Cambridge El. Lt. Co., par $25-17834
19 Harold G. Holcombe Co., Inc__ 50
11 New Eng. Pow. Associates, Pre! 90
100 Mass. Bonding dr Instr. CO...282
69
50Draper Corporation
18 Merrimac Hat Corp., cons_ _209-21034
35 Lowell Gas Light Co., par $25-- 7134
No. Rights.
$ Per right.
50 Old Colony Trust Co.(when, as
and if issued)
3334
25 North Boston Lighting Prop
234
500 North Boston Lighting Prop 208
Bonds,
Per Cents
$500 Savannah Elec. Co. let cons.
59, Jan. 1952
9834
81,000 Trustees of the Copley
Square Trust let mtge. 4345,
March 1941
9734
All of the accounts receivable of S.
H. Davis Co., formerly located
corner of Portland and Sudbury
Streets Boston Mass
105
By Barnes & Lofland, Philadelphia:
$ per sh. Shares. Stocks.
Shares. Stocks.
$ per sin
2 Belmont Trust Co., par $50
12634 4 Franklin Trust Co
500
100 Merlon Title & Trust, par $50_275
63 Franklin Trust Co
500
4 Southwestern National Bank._ _ _217
35 Peoples Bank & Tr. Co., par 350.195
2 Drovers & Merchants Nat. Bank_217
20 Finance Co. of Penna.. 1st pref_317
5 Drovers & Merchants Nat, Bank_216
20 Provident Trust Co
750
2 Tradesmen's National Bank
505
55 Aldine Trust Co
25054
15 Quaker City National Bank_ ___302
53 Aldine Trust Co
25034
2 Corn Exchange National Bank. 751
23 Aldine Trust Co
250
5 Phila, Girard National Bank— —66534 12 Belmont Trust Co., par $50_ — -12634
5 National Bank of Commerce_ _-.250
10 Holmesburg Trust Co.. par $50_151
I Penn National Bank
626
Northeast Tacony Bank & Trust
2 Nat. Bank of Del.(Wilmington)207
Co., par $50-1 at 9534, 5 at
10 Pa. Co. for Insur. on•Lives, &c....87514
959-4,5 at 95, bat 9434,3 at94H.
5 Central Trust & Say. Co., par 1350
50 Guarantee Trust dr S. D. Co___310
(With 1 2-3 rights to subscribe)
1 Camden Safe Deposit & Trust
Sat 240* 2 at 210
15034
Co.. par $25
10 Fidelity-Philadelphia Trust Co_7003-4 37 Camden Safe Deposit & Trust
2 Fidelity-Philadelphia Trust Co--70034
150
Co.. par $25
2 Fidelity-Philadelphia Trust Co-700H 50 Reliance Insurance Co., par 310- 2234
34 Fidelity-Philadelphia Trust Co_699
36 Midland Valley RR.; pref
33
10 Metropolitan Trust Co., par 350.120
50 St. Charles Hotel Co., pref
20
8 Metropolitan Trust Co., par $50.120
1 Penna. Academy of the Fine Arts. 30
19 Metropolitan Trust Co., par $50.120
40 Commonwealth Casualty Co.,
10 Sixty-Ninth St. Term. Title dr
24
par $10
Trust Co., par 350
10714 100 E.G. Budd Mfg. Co., corn,, no
3 Ninth Bank & Trust Co
35
531
par
1 Lancaster Ave. Title & Trust Co.,
47 F. G. Vogt & Sons, Inc., Pref..
50
92
Dar $50
par 850
15 Lancaster Ave. Titled:Trust Co..
14
35 Almar Stores
• Par 850
60
9074 16 Allegheny Title & Trust
5 Conti.-Equit.Title & Tr., va-$50.26394 86 Huntington & Broad Top Mt.
25 Commonwealth Title Ins. & Tr_55234
RR. & Coal
Si
5 West Pirtle Title & Tr.. par $50-_251
$ per right
No. Rights.
1 Mutual Trust Co., par 850
159
110
Savings
Co
8
Central
Trust
de
151 Mutual Trust Co., par $50____160
Per Cent.
Bonds.
2 Chelt n T
Co251
18 Chelten Trust Co
227
$4,000 Burgess and Town Council of
10 Colonial Trust Co.. par $50
Bridgeport, Pa., 4s, 1942. reg.- 95
23534
8 Bank of North Amer. & Tr. Co_ _38534 $10,000 Stanley Real Estate Co. 1st
5 Susquehanna Title & Tr., par 850 13334
5345, 1945
10134
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bri g together all the dividends announced the
current week. Then we follow with a second table, in
Which we show the dividends previously announced, but
which have not yet been paid.
Auction Sales.—Among other securities, the following,
The dividends announced this week are:
not actually dealt in at the Stock Exchange, were sold at auction
Per
When
Books Closed.
in New York, Boston and Philadelphia on Wednesday of
Name of Company.
Cent. Payable.
Days Inclusive.
this week:
Railroads (Steam).
By Adrian H. Muller & Sons, New York:
Feb. 15 Holders of rec. Feb. 11
Buffalo Rochester & Pittsburgh. cora- -- 2
$ per sh.
Shares. Stocks.
$1,800 Bangor &Nazareth Transit
Co. 6% bonds. 1953
$100 Mauch Chunk & Leighton
Transit Co.6% bonds, 1959_ _ _ _
$2,000 note of the Atlantic Features 3251
lot
Inc., with balance due, $926_ _
5 Le Salon Des Annales Aux Etats
Unis, Inc., pref., par $10
1,000 New York Graphite Co., Ltd.
par 31
Co.
16 Penn-Allen Portland Cement
C. Keith Florida Proper2001nor
14
134
ties, Inc., corn.. v.• 1.0
Allegheny
53 Union Mining Co. of
40
County
Shares. Stocks.
$ per sh.
275 Union Discount Co., Inc.,com.,
no par
$35 lot
300 Haytock-Cronemeyer Co
75e.
1,500 Cleartron Vacuum Tube Co.,
corn., no par
25c.
200 Cleartron Vacuum Tube Co.
preferred, Dar $25
1
Bonds,
Per Cent.
$50,000 Great Bras d'Or Gypsum
Co.. Ltd., 8% bonds, interim
certificate
$500 lot
$12,500 South American 011 Syndicate subscription receipts
MO lot
By A. J. Wright & Co., Buffalo:
Shares.
$ per sh.
Shares Stocks
pref.,
1 Buff. Mag. & East. Pow.,
26H
Par $25
20 Central Mexican 011 Co., par $10
$2.50 lot
Stocks.
$ Per oh.
1,000 March Gold, par 100.
12c.
500 Consol. West Dome Lake. par $1 15c.
1 Buff. Nlag.& East.Pow.. no par_ 2834
3
Feb. 15 Holders of rec. Feb. 11
Preferred
Chicago Rock Island & Pacific. com.(qu.) •134 Mar. 31 *Holders of rec. Mar. 11
134 Mar. 1 Holders of rec. Feb. 16.
Maine Central, pref. (guar.)
N. Y. Chicago dr St. Louis, corn. (guar.) 231 Apr. 1 Holders of rec. Feb. 15
114 Apr. 1 Holders of rec. Feb. 15
Preferred (guar.)
*374 Feb. 10 *Holders of rec. Jan. 21
Peoria & Bureau Valley
Public Utilities.
American Power & Light. corn,(quar.)._ nse. Mar. 1 *Holders of rec. Feb. 15
Central Illinois Pub. Serv., pref. (quar.) *111.50 Apr. 15 *Holders of rec. Mar. 31
Mar. 1 *Holders of rec. Feb. 15
Cleveland Electric Illuminating, pf.(qu.)
t873-4c Feb. 1 Holders of rec. Dee. 15a
Consolidated Gas. pref. (quar.)
Federal Light & Traction, cons. (guar.). 20c. Apr. 1 Holders of rec. Mar. 15
Common (payable in common stock). f15e. Apr. 1 Holders of rm. Mar. 15
134 Mar, 1 Holders of rec. Feb. 15
Preferred (quar.)
Mar, 1 Holders of rec. Feb. 25a
Havana Electric Ry., pref
$3
Laclede Gas & Electric, prior lien (guar.) *13i Mar, 1 *Holders of rec. Feb. 15
Louisville Gas & Electric(Delaware)—
43Hc. Mar. 25 Holders of rec. Feb. 28
Class A and B, corn. (quar.)
North American Edison, pref. (quar.). $1.50 Mar, 1 Holders of rec. Feb. isa
Penna. Gas & Elec., class A,corn,(guar.) *3734 Mar, 1 *Holders of rec. Feb. 21
Class A. common (guar.)
*331e. Mar. 1 *Holders of rec. Feb. 21
THE CHRONICLE
FEB. 5 1927.]
Nana of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
1
Mar. 15 Holders of rec. Feb. 28
Southern Canada Power (guar.)
"334 Mar. 1 *Holders of rec: Feb. 20
United Utilities, preferred
1
Feb. 15 Holders of rec. Jan. 3I0
Winnipeg Electric Co. (guar.)
Wisconsin Power & Light, pref. (quar.)_ *S1.75 Mar. 15 *Holders of rec. Feb. 28
Fire Insurance.
82.50 Feb. 1 Holders of rec. Jan. 27
Bankers & Shippers (quar.)
Jan. 27 Holders of rec. Jan. 260
20
Commonwealth
Jan. 31 "Holders of rec. Jan 25
'10
Globe & Rutgers (quar.)
1234 Jan. 29 Holders of rec. Jan. 280
Mercantile of America
Merchants Fire Assurance, pref. (guar.) "1% Feb. 1 'Holders of rec. Jan. 24
134 Jan. 31 Jan. 27 to Jan. 31
Stuyvesant (quar.)
"500. Jan. 21 "Holders of rec. Nov. 1
Westchester Fire (guar.)
*15c. Jan. 21 *Holders of rec. Nov. 1
Extra
Miscellaneous.
American Chicle, prior pref. (quar.)____ *S1.75 Apr. 1 "Holders of rec. Mar. 15
334 Mar. 1 Feb. 19 to Feb. 28
American Window Glass Co., pref
.50c. Apr. 2 *Holders of rec. Mar. 5
Associated 011 (mar.)
*40e. Mar.2 "Holders of rec. Mar. 5
Extra
*S1.50 Feb. 15 *Holders of rec. Feb. 1
Beacon Manufacturing. pref. (quar.)
1.8734 Feb. 15 Holders of rec. Feb. 11
Beacon Oil, preferred (guar.)
pref. Mar.)._ _
134 Mar. 15 Holders of rec. Feb. 28
Belding-Corticelli,
oil
Apr. 1 *Holders of rec. Mar. 15
Ltd.. (No. 1)
Brill Corporation, classA
"S1.75 Mar. 1 *Holders of rec. Feb. 15
Preferred (quar.)
500. Mar. 1 Holders of rec. Feb. 19
Brown Shoe, common (quar.)
Bullard Machine Tool. corn.(extra)_ _ 50c. Jan. 31 Holders of rec. Jan. 18
"134 Feb. 15 'Holders of rec. Feb. 3
Cabot Manufacturing (quar.)
*500. Mar. 1 'Holders of rec. Feb. 15
California Petroleum (goar.)
Canada Steamship Lines, pref. ((Mar.).- 134 Apr. 1 Holders of rec. Mar. 15
Feb. 10 *Holders of rec. Feb. .5
*2
Canfield Oil,common (extra)
•134 June 30 *Holders of rec. June 20
Common (quar.)
*134 Sept. 30 *Holders of rec. Sept. 20
Common (quar.)
'
134 Dec. 31 *Holders of rec. Dec. 20
Common (guar.)
'
134 June 30 'Holders of rec. June 20
Preferred (quar.)
•134 Sept.30 'Holders of rec. Sept.20
Preferred (guar.)
•134 Dec. 31 *Holders of rec. Dec. 20
Preferred (quar.)
134 Mar. 15 Holders of rec. Mar. 11)
Carter (William) Co., prof. (goar.)
Casein Co. of America (Delaware) (qu.) 134 Feb. 15 Holders of rec. Feb. 7
34 Mar. 1 Holders of rec. Feb. 15
Cities Service Co.. Bankers Sits.(mthly.)
Extra (payable,in stock)
34 Mar. 1 Holders of rec. Feb. 15
$1.75 Apr. 1 Holders of rec. Mar.15
Coca-Cola Co. (guar.)
750. Apr. 1 Holders of rec. Mar. 15
Extra
*2
Colorado Fuel & Iron, pref.(guar.)
Feb. 25 *Holders of rec. Feb. 10
Congress Cigar (guar.)
*S1
Mar. 30 *Holders of rec. Mar. 15
Dictaphone Corporation. corn. (quar.)_.. *250. Mar. 1 'Holders of rec. Feb. 18
Common (extra)
*250. Mar. 1 *Holders of rec. Feb. 18
Preferred (quar.)
*2
Mar. 1 "Holders of rec. Feb. 18
Eastern Dairies, Inc., corn. (guar.)
50c. Feb. 1 Holders of rec. Jan. 20
Federal Terra Cotta, pref
4112
Mar. 31 *Holders of rec. Mar. 21
First F,ederal Foreign Investment Trust.. $1.75 Feb. 15 Holders of rec. Feb. 10
First Federal Foreign I nvestmeiit
$1.75 May 15 Holders of rec. May 5
Fisk Rubber. second pref. (guar.)
13.4 Mar. 1 Holders of rec. Feb. 15
General Asphalt. pref. (guar.)
14 Mar. 1 Holders of rec. Feb. 140
Gleasonite Products (guar.)
234 Mar. 10 Holders of rec. Feb. 28
Great Atlantic & Pacific Tea, corn.(qu.) Mc. Mar. 1 *Holders of rec. Feb. 10
Preferred (quar.)
•134 Mar. 1 *Holders of rec. Feb. 10
Greenfield Tap & Die. 6% pref. (guar.) 134 Apr. 1 Holders of rec. Mar. 15
Eight per cent preferred (guar.)
Apr. 1 Holders of rec. Mar. 15
2
Hazeltine Corporation (quar.)
25c. Feb. 24 Holders of rec. Feb. 4
Hollinger (A.)& Sons. Inc., corn.(qu.)__ *6234 Feb. 1 *Holders of rec. Feb. 1
Hollinger Consolidated Gold
10c. Feb. 25 Holders of rec. Feb. 9
Holmes Manufacturing, pref. (guar.).- '134 Feb. 15 *Holders of rec. Feb. 1
Homestake Mining (monthly)
50e. Feb. 2 *Holders of rec. Feb. 19
Hoosac Cotton Mills, pref. (guar.)
'$1.50 Feb. 15 *Holders of rec. Feb. 5
Internat. Combustion Engineering (qu.) 50c. Feb. 28 Holders of rec. Feb. 17
International milling, pref. (quar.)
"134 Mar. 1 *Holders of rec. Feb. 20
International Petroleum Co., Ltd
25e. Feb. 15 uFeb. 8 to Feb. 15
Int. Secur. Trust of Amer., A.corn.(qu.) 450. Mar, 1 Holders of rec. Feb. 15
Seven per cent preferred (guar.)
Mar. 1 Holders of rec. Feb. 15
634% preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 15
Six per cent preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 15
Mar. 1 *Holders of rec. Feb. 10
Interstate Iron & Steel, pref.(quer.)_ _
Jefferson & Clearfield Coal & Iron, pief_
234 Feb. 15 Holders of rec. Feb. 7
*8c. Mar. 15 *Holders of rec. Feb. 28
Keeley Silver Mines
*40. Mar. 15 "Holders of rec. Feb. 28
Extra
Kennecott Copper Corporation (guar.)._ *111.25 Apr. 1 *Holders of rec. Mar. 4
Knox Hat, Inc., prior pref.(guar.)
$1.75 Apr. 1 Holders of rec. Mar. 15
Prior preferred (guar.)
$1.75 July 1 Holders of rec. June 15
Prior preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 15
Second preferred
$3.50 Aug. 1 Holders of rec. July 15
75e. Mar. 1 Holders of rec. Feb. 15
Lehn & Fink (quar.)
Ludlow Manufacturing Associates (g11.) $2.50 Mar. 1 Holders of rec. Feb. 2
Mahoning Investment (quar.)
$1.50 Mar. 1 Holders of rec. Feb. 23
Manhattan Shirt, corn. (guar.)
3734c. Mar. 1 Holders of rec. Feb. 15
May Department Stores, new corn.(qu.) *S1
Mar. 1 *Holders of rec. Feb. 15
Preferred (guar.)
Apr. 1 *Holders of rec. Mar. 15
McCallan (W.J.) Sugar Refining & Mo417
lasses, corn
McCrory Stores, cont.& corn. B (quar.)_ *400. Mar. 1 *Holders of rec. Feb. 21
25c. Feb. 10 Feb. 1 to Feb. 9
McKesson & Robbins, corn. (quar.)
Preferred (quar.)
134 Feb. 10 Feb. 1 to Feb. 9
34 Feb. 10 Feb. 1 to Feb. 9
Preferred (extra)
50c. Feb. 15 Holders of roe. Feb. 5
Medart (Fred) Mfg., corn. (guar.)
75o. Feb. 1 Holders of rec. Jan. 27
Melville Shoe Corp., corn. (guar.)
$2
Feb. 1 Holders of rec. Jan. 27
Preferred (quar.)
Metropolitan Paving Brick, corn.(war.) *50c. Mar. 1 *Holders of rec. Feb. 15
*134 Apr. 1 *Holders of rec. Mar. 15
Preferred (quar.)
*2
Mar. 1 *Holders of rec. Feb. 10
Miller Rubber, pref. (guar.)
*750. Mar. 1 *Holders of rec. Feb. 15
Munsingwear, Inc., COM. (guar.)
334 Feb. 15 "Holders of rec. Jan. 31
-'
National Building Units Corp., pref
National Cloak & Suit. pref. (qtrar.)---; 134 Mar. 1 Holders of rec. Feb. 23a
e33 1-3
Holders of rec. Feb. 1
New Bedford Storage Warehouse
*50c. Feb. 1 *Holders of rec. Feb. 1
Ohio Seamless Tube
Holders of rec. Mar. 15
50e. Apr.
Oil Well Supply Co., corn. (guar.)
17340. Apr. 30 Holders of rec. Apr. 15
Pioneer Petroleum, pref
Holders of rec. Feb. 15
Prof. (one year's accum. dividend)_ 350. Mar.
Holders of rec. Feb. 15
13.4 Mar.
Pittsburgh Steel, pref. (guar.)
134 Feb. 1 Holders of rec. Jan. 31
Russ Manufacturing (goar.)
*134 Mar.
*Holders of rec. Feb. 16
Simon (Franklin) hz Co., pref. (quar.)
Feb. 1 *Holders of rec. Feb. 4
"2
Soule Mills (quar.)
*Holders of rec. Feb. 15
Spear & Co., pref. (guar.)
"134 Mar.
*62340 Mar. 1 *Holders of rec. Feb. 15
Standard 011 (California) (guar.)
*12340 Mar. 1 *Holders of rec. Feb. 15
Extra
*62340 Mar. 1 *Holders of rec. Feb. 16
Standard Oil (Indiana) (guar.)
*250. Mar. 1 "Holders of rec. Feb. 16
Extra
*40c. Mar. 1 *Holders of rec. Feb. 18
Standard Oil of New York (quar.)
$1.25 Feb. 2 Holders of rec. Feb. 4
Standard Sanitary Mfg., com. (quar.)
134 Feb. 2 Holders of rec. Feb. 4
Preferred (guar.)
Holders of rec. Jan. 29
Stanley Works, preferred (guar.)
3340. Feb. 1
*Holders of rec. Mar. 19
Apr.
*4
Thompson-Starrett Co., pref
*Holders of rec. Feb. 10
1.25 Mar.
Studebaker Corporation, corn. (quar.)-'
*Holders of rec. Feb. 10
Mar.
Preferred (quar.)
Swan-Finch Oil Corp., pref. (quar.). - "134 Mar. "Holders of rec. Feb. 7
*134 Feb. 1 *Holders of rec. Feb. 10
Taber Mill (guar.)
*Holders of rec. Feb. 18
Mar.
Timken Roller Bearing (guar.)
*S1
*25e. Mar. 'Holders of rec. Feb. 18
Extra
Mar. 'Holders of rec. Feb. 15
United Drug, corn. (guar.)
*2
'Holders of rec. Mar. 2
Apr.
U. S. Playing Card, new common
"SI
Vacuum 011 (guar.)
50c. Mar. 1 Holders of rec. Feb. 28
50e. Mar. 1 Holders of rec. Feb. 28
Extra
*Holders of rec. Mar. 25
Wahl Company, pref. (acct. accum.)
"41.75 Apr.
Holders of rec. Feb. 15
White(JO.) Mgt. Corp.. pref. (guar.)
134 Mar.
Feb. 2 to Feb. 16
Feb. 1
4
Willcox & Gibbs Sewing Machine
Wright Aeronautical Corporation
25c. Feb. 2 Holders of rec. Feb. 15
"Y"011.4 Gas, new.$25 par stk.(No. 1) "25c. Feb. 2 *Holders of rec. Feb. 15
134
"134
*134
'134
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table
Name of Company.
755
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
$1.75 Feb. 14 Holders of roe. Jan. 14
Alabama Great Southern, preferred
$1.75 Feb. 14 Holders of rec. Jan. 14
Preferred
500. Feb. 14 Holders of rec. Jan. 14
Preferred (extra)
Atchison Topeka & Santa Fe, corn.(qu.) 13.4 Mar. 1 Holders of rec. Jan. 28a
75e. Mar. 1 Holders of rec. Jan. 28a
Common (extra)
13.4 Mar. 1 Holders of rec. Jan. 15a
Baltimore & Ohio, corn.(guar.)
34 Mar. 1 Holders of rec. Jan. 180
Common (extra)
1
Mar. 1 Holders of rec. Jan. 15a
Preferred (guar.)
2
Feb. 15 Holders of rec. Feb. d7a
Central RR.of New Jersey (guar.)
Cleveland & Pittsburgh, guar. (quar.)_ _ 87340. Mar. 1 Holders of rec. Feb. 10a
500. Mar. 1 Holders of rec. Feb. 10a
Special guaranteed (guar.)
*1
Mar. 1 "Holders of rec. Feb. 15
Cripple Creek Central, pref. (quar.)__
24 Mar.21 Holders of rec. Feb. 260
Delaware & Hudson Co. (guar.)
5
Feb. 7 Holders of rec. Feb. 40
Green Bay & Western (annual)
234 Feb. 15 Holders of rec. Feb. la
Hudson & Manhattan, preferred
134 Mar. 1 Holders of rec. Feb. 4a
Illinois Central, common (guar.)
3
Mar. 1 Holders of rec. Feb. 40
Preferred
Internat. Rys. of Cent. Am. pf.(qu.)-- 134 Feb. 15 Holders of rec. Jan. 31a
Louisville Henderson ht St. Louis, corn-- *234 Feb. 15 'Holders of rec. Feb. 1
*2
Feb. 15 'Holders of rec. Feb. 1
Preferred
334 Feb. 10 Holders of rec. Jan. 14a
Louisville & Nashville
New Orleans Texas & Mexico (guar.).- 134 Mar. 1 Holders of rec. Feb. 15a
2
Mar. 19 Holders of rec. Feb. 280
Norfolk & Western, common (auar.)1
Feb. 19 Holders of rec. Jan. 310
Adj. pref.(guar.)
8734e Feb. 28 Holders of rec. Feb. la
Pennsylvania Railroad (guar.)
$1
Feb. 10 Holders of rec. Jan. 150
Reading Company, corn. (guar.)
$1.
Feb. 10 Holders of rec. Jan. 13a
Common (extra)
50c. Mar. 10 Holders of rec. Feb. 18a
First pref. (quar.)
St. Louis-San Francisco, pref. (quar.)-- 134 May 2 Holders of rec. Apr. 9a
13.4 Aug. 1 Holders of rec. July 15a
Preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 15a
Preferred (guar.)
134 Feb. 15 Holders of rec. Jan. 25a
Wabash Railway, pref. A (quar.)
Public Utilities.
234 Apr. 15 Holders of rec. Mar. 15a
American Telep. & Teleg. (guar.)
Amer. Water Works & Elec., corn.(cm) 40e. Feb. 15 Holders of rec. Feb. la
40c. Feb. 15 Holders of rec. Feb. la
Common (payable in corn. MOM
134 Feb. 15 Holders of rec. Feb. la
7% first preferred (guar.)
Holders of rec. Jan. 31
Associated Gas & Elec., $6 pref.(guar.). 41.50 Mar.
Holders of rec. Jen. 31
sS 1.6234 Mar.
$634 preferred (Otter.)
Holders of rec. Jan. 31
134 Mar.
Brazilian Trac., L.& P., ord.(quar.)___
Holders of rec. Feb. 110
10c. Mar.
Brooklyn City RR.(quar.)
Holders of rec. Feb. 106
Mar.
2
Brooklyn Edison Co. (guar-)
Bkin.-Manh.Transit, pref.ser. A.(quar.) 134 Apr. 15 Holders of roe. Apt. 1
Holders of rec. Jan. 31
Central & Southwest UM.,prior Ilen(qu.) $1.75 Feb. 1
$1.75 Feb. 1 Holders of rec. Jan. 31
Preferred (quer.)
Herders of rec. Feb. I5a
Chicago Rapid Tran., prior pref.(rnthly) 65c. Mar.
Columbia Gas & EL,corn.(cm.)(No. 1).. $1.25 Feb. 1 Holders of rec. Jan. 20a
6% preferred series A (guar.) (No. 1) 134 Feb. 1' Holders of rec. Jan. 200
134 Feb. 1 Holders of rec. Jin. 200
Preferred A (quar.)
Holders of rec. Feb. 18
Mar.
Community Pow.& Lt., 2d pref.(quar.) 2
134 Feb. 1 Feb. 1 to Feb. 15
Connecticut Ry. & Ltg., corn. & pref.._
134 Mar. 15 Holders of rec. Feb. 150
Duquesne Light Co., first pref.(quar.)
Feb. 15 Holders of rec. Jan. 31
East. Mass.St. Hy. 1st pr.& sk.fd.stk_ 3
Electric Power & light, 2d pref. A (qu.) $1.74 Feb. 14 Holders of rec. Jan. 15
Empire Gas& Fuel,8% pref.(monthly). 662-30 Mar. 1 Holders of rec. Feb. 154
58 1-30 Mar. 1 Holders of rec. Feb. 154
Seven per cent preferred (monthly)
Feb. 25 Holders of rec. Jan. 5
1
Foshay(W.B.) Co., common (extra)._ _
Feb. 25 Holders of rec. Jan. 5
2
Seven per cent preferred (bonus)
1
Feb. 25 Holders of rec. Jan. 5
Eight per cent preferred (bonus)
34 Mar, 1 Holders of rec. Feb. 156
Gas & Electric Securities, cont. (mthly.)
Common (payable in common stock)._
f34 Mar. 1 Holders of rec. Feb. 156
34 Apr. 1 Holders of rec. Mar. I56
Common (monthly)
Common (payable in common stock). fM Apr. 1 Holders of rec. Mar. 156
7-12 Mar. 1 Holders of rec. Feb. 15a
Preferred (monthly)
7-12 Apr. 1 Holders of rec. Mar. 150
Preferred (monthly)
Havana Electric & Utilities, 1st pf.(qu.) $1.50 Feb. 15 Holders of ree. Jan. 21
$1.25 Feb. 15 Holders of rec. Jan. 21
Cumulative preferred (quar.)
Illuminating & Power Securities, corn_ _ 450. Feb. 10 Holders of rec. Jan. 31
134 Feb. 15 Holders of rec. Jan. 31
Preferred (quar.)
Kentucky Utilities, junior pref. (goar.). *8734c Feb. 20 *Holders of rec. Feb. 1
Mar. 1 Holders of rec. Feb. 17a
Keystone Telep. of Phila., pref. (quar.)_ $1
Key System Transit, prior pref. (quar.)_ $1.75 Feb. 15 Holders of rec. Jan. 31
Middle West Utilities,common (guar.)_ _ $1.50 Feb. 15 Holders of rec. Jan. 31
Montreal Water & Power, corn.(guar.). 6234c Feb. 15 Holders of rec. Jan. 31
134 Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
National Power & Light, corn. (quar.)... 20c. Mar. 1 Holders of rec. Feb. 156
81.75 Feb. 15 Holders of rec. Jan. 31
Northwest Utilities, pref. (guar.)
134 Mar. 3 Holders of rec. Feb. 15
Ohio Edison,6% preferred (goar.)
1.65 Mar, 3 Holders of rec. Feb. 15
6.6% preferred (guar.)
13.4 Mar. 3 Holders of rec. Feb. 15
(guar.)
7% preferred
50c. Mar. 1 Holders of rec. Feb. 15
6% preferred (monthly)
55c. Mar. 1 Holders of rec. Feb. 15
6.6% preferred (monthly)
Penn-Ohio Edison, 7% prior pref. (cp.L). 134 Mar. 1 Holders of rec. Feb. 21
May 2 Holders of rec. Apr. 20
Penn.-Ohio Pow. & Lt., 8% pref. (qu.)_ 2
I% May 2 Holders of rec. Apr. 20
Seven per cent preferred (quar.)
600. Mar. 1 Holders of rec. Feb. 21
7.2% preferred (monthly)
600. Apr. 1 Holders of rec. Mar.21
7.2% preferred (monthly)
600. May 2 Holders of rec. Apr. 20
7.2% preferred (monthly)
55c. Mar. 1 Holders of rec. Feb. 21
6.6% preferred (monthly)
55c. Apr. 1 Holders of rec. Mar.21
preferred
6.6%
(monthly)
550. May 2 Holders of rec. Apr. 20
6.6% preferred (monthly)
Peoples Light & Pow., corn. A (mthly.) *200. Feb. 10 *Holders of rec. Jan. 31
"20e. Feb. 10 *Holders of rec. Jan. 31
Common B (monthly)
Seven per cent preferred (monthly)_:. *580. Feb. 10 'Holders of rec. Jan. 31
$1.25 Mar. 1 Holders of rec. Feb. 106
Philadelphia Co.. 5% preferred
Philadelphia Suburban Water, pref.(fm.) 134 Mar. 1 Holders of rec. Feb. lla
50c. Feb. 15 Holders of rec. Feb. 56
Phila. & Western Ry., corn.(No. 1)._
Public Sort. Corp. of N.J., corn.(quar.) 50c. Mar. 31 Holders of roe. Mar. 4
134 Mar. 31 Holders of rec. Mar. 40
Seven per cent preferred (quar.)
2
Mar.31 Holders of rec. Mar. 40
Eight per cent preferred (guar.)
50c. Feb. 28 Holders of rec. Feb. 40
Six per cent preferred (monthly)
50c. Mar. 31 Holders of rec. Mar. 4a
Six per cent preferred (monthly)
Public Serv. Elec. & Gas,7% pref.(go.) 134 Mar.31 Holders of rec. Mar. 4a
134 Mar.31 Holders of rec. Mar. 4a
Six per cent preferred (guar.)
Southern California Edison,corn.(goar.) 50c. Feb. 15 Holders of rec. Jan. 20a
Southern Colorado Power, corn. A (qu.)_ 50c. Feb. 25 Holders of rec. Jan. 30
Southern N.E.Telep.,$7 pref.(guar.)._ $1.75 Mar. 1 Holders of rec. Feb. la
134 Mar, 1 Holders of rec. Feb. la
6% preferred (guar.)
South Pittsburgh Water, preferred
$1.25 Feb. 19 Holders tlf rec. Feb. 56
Tampa Electric Co., corn. (guar.)
50e. Feb. 15 Holders of rec. Jan. 31
Common (payable in common stock)._ (r)
*Holders of rec. Feb. 9
Tennessee Elec. Power,6% 1st pf. (qu.) 134 Apr. 1 Holders of rec. Mar.15
Seven per cent first preferred (quar.)__
134 Apr. 1 Holders of rec. Mar. 15
7.2% first preferred (guar.)
1.80 Apr. 1 Holders of rec. Mar. 15
Six per cent first preferred (monthly). 50e. Mar. I Holders of rec. Feb. 15
Six per cent first preferred (monthly)_ 50c. Apr. 1 Holders of rec. Mar. 15
7.2% first preferred (monthly)
600. Mar. 1 Holders of rec. Feb. 15
7.2% first preferred (monthly)
60c. Apr. 1 Holders of rec. Mar. 15
United Rys.& Elec.(Bait.), corn.(guar.) 50c. Feb. 15 Holders of rec. Jan. 296
West Penn Electric Co.. 7% pref.(qu.)_
I% Feb. 15 Holders of rec. Feb. la
West Penn Railways,6% pref.(quar.)
13.4 Mar. 15 Holders of rec. Feb. 25
Wilmington Gas Co., preferred
Mar. 1 Holders of rec. Feb. 126
3
Banks.
National City (Interim)
National City Company (Interim)
2
2
Feb. 15 Holders of rec. Feb. 50
Feb. 15 Holders of rec. Feb. 5
Trust Companies.
Title Guarantee & Trust, extra
5
Mar. 31 Holders or rec. Mar. 22
5
$1.
*8
Apr. 11 Holders of rec. Mar. 5
Jan. 26 Holders of rec. Jan. 256
May 2 Holders of rec. Apr. 25
Fire Insurance.
Home (quarterly)
Pacific
United States (guar.)
Miscellaneous.
Abbotts Alderney Dairies. 1st pref.(qu.) 13.4 Mar. 1 Holders of rec. Jan. 15o
Aeolian, Weber Plano & Planola, pref__ _ h5
Feb. 10 Holders of rec. Feb. 25
Allis-Chalmers Mfg., common (cluar.)__ $1.50 Feb. 15 Holders of rec. Jan. 240
756
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Alaska Packers Awn.(guar.)
2
Feb. 10 Holders of rec. Jan. 31
Extra
Feb. 10 Holders of rec. Jan. 31
2
American Can, cons. (guar.)
50c. Feb. 15 Holders of rec. Jan. 31a
American Chain,8% pref. class A (cm.). 500. Mar. 31 Mar. 22 to Mar. 31
American Chicle, com.(guar.).*75c. Apr. 1 'Holders of rec. Mar. 15
Preferred (guar.)
"1% Apr. 1 *Holders of rec. Mar. 15
-Amer. Electrice Corp., class A (gust.)- 43% Feb. 15 Holders of rec. Feb. 5
Amer.European Securities, pref.(guar.) 51.50 Feb. 15 Holders or rec. Jan. 31
• American Home Products (monthly)._ _ 200. Mar. 1 Holders of rec. Feb. 154
Amer-La France Fire Engine,corn.(cm.) 250. Feb. 15 Holders of rec. Feb. la
- Amer. Laundry Machinery, corn. (qu.)_ $1
Mar. 1 Holders of rec. Feb. 21
American Linseed, preferred (quar.)_
1M Apr. 1 Holders of rec. Mar. 18
American Metal, corn. (guar.)
75a, Mar. 1 Holders of rec. Feb. 18a
Preferred (guar.)
13( Mar. I Holders of rec. Feb. 19a
- Amer. Pneumatic Service, 1st prat
•31.75 Mar. 31
American Radiator, corn. (guar.)
$1.25 Mar.31 Holders of rec. Mar. I5a
Preferred (guar.)
1% Feb. 15 Holders of rec. Jan. 316
• American Railway Express (guar.)
$1.50 Mar. 31 Holders of rec. Mar.d15a
American Seating, corn. (extra)
250. Apr. 1 Holders of rec. Mar.20
Common (extra
25e. July 1 Holders of rec. June 20
Common (extra)
250. Oct. 1 Holders of rec. Sept.20
- Amer. Smelt. & Refg., pref. (guar.)_ _ _ _ 1% Mar. 1 Holders of rec. Feb. 4a
American Stores Co., common (guar.)
50e. Apr. 1 Mar. 22 to Apr. 1
Amer. Sumatra Tobacco, pref. (quar.)_ _
1% Mar. 1 Holders of rec. Feb. 14a
Amer. Tobacco, coat, and corn. B (gu.)- $2
Mar. I Holders of rec. Feb. 10a
Amparo Mining (guar.)
2
Feb. 10 Holders of rec. Jan. 31
Anaconda Copper Mining (guar.)
The. Feb. 21 Holders of rec. Jan. 15a
• Artloom Corporation, pref. (guar.)---- 1% Mar. 1 Holders of rec. Feb. 17a
MAO. Dry Goods Corp.. let prof.(gum-) 1% Mar. 1 Holders of rec. Feb. 116
1% Mar. 1 Holders of rec. Feb. 116
Second preferred (guar.)
Babcock & Wilcox (guar.)
1( Apr. 1 Holders of rec. Mar.20
Jan. 31
Not closed
Bachmann,Emmerich&Co.,Inc..91.(qu.( 2
250. Mar. 1 Holders of rec. Feb. 17
Balaban & Katz. cons. (monthly)
25c. Apr. 1 Holders of rec. Mar.21
Common (monthly)
1% Apr. 1 Holders of rec. Mar. 21
Preferred (guar.)
1M Apr. 1 Holders of rec. Mar. 56
Bethlehem Steel, pref. (guar.)
Rloels Bros. Tobacco, common (gnat.).. 3734o. Feb. 15 Holders of rec. Feb. 10
3754o. May 15 Holders of rec. May 10
Coommon (guar.)
3734e. Aug. 15 Holders of rec. Aug. 10
Common (guar.)
374o. Nov. 15 Holders of rec. Nov. 10
Common (guar.)
1%
Mar. 31 Holders of rec. Mar. 28
Preferred (guar.)
1M June 30 Holders of rec. June 25
Preferred (guar.)
1% Sept. 30 Holders of rec. Sept.25
Preferred (guar.)
1% Dec. 31 Holders of rec. Dec. 26
Preferred (guar.)
Bond & Mortgage Guarantee Co.(guar.) 4
Feb. 15 Holders of rec. Feb. 8
Borden Company, common (quar.)____ $1.25 Mar. 1 Holders of rec. Feb. 15a
70e. Mar. 1 Holders of rec. Feb. 200
Brach (E. J.) & Sons (guar.)
1M Mar.10 Holders of rec. Feb. 28
British Columbia Fish & Pack (quar.)__
Brunswick-Balke-Collender Co., oom_
75c. Feb. 15 Holders of rec. Feb. 5a
$1
Mar. 15 Holders of rec. Feb. 18
Buckeye Pipe Line (guar.)
Burns Bros., common, clam, A (gust.).. $2.50 Feb. 15 Holders of rec. Feb. la
50c. Feb. 15 Holders of rec. Feb. la
Common, class B (guar.)
Burroughs Adding Machine_ f33 1-3 Mar. 1 Holders of roe. Feb. 15a
Common (payable in ()ore. stock)
62%a. Feb. 15 Holders of ree. Jan. 29
Butler Brothers (guar.)
California Packing (guar.)
Mar. 15 Holders of rec. Feb. 286
$1
Calumet & Heels Consol. Copper Co--- 500. Mar. 15 Holders of rec. Feb. 286
Canada Cement, preferred (guar.)
13( Feb. 16 Holders of rec. Jan. 31
Canadian Converters (guar.)
1% Feb. 15 Holders of rec. Jan. 31
Centrifugal Pipe (guar.)
250. Feb. 15 Holders of rec. Feb. 7
Century Ribbon Mills, pref. (guar.)
1M Mar. 1 Holders of rec. Feb. 18a
Chase (A.M.) Co., Ltd.. 8% Pref.(qu.) 2
Feb. 10 Holders of rec. Jan. 31
Chicago Yellow Cab Co. (monthly)-- 33 1-3c Mar. 1 Holders of rec. Feb. 18a
Childs Company,oommon (guar.)
600. Mar. 10 Holders of rec. Feb. 230
Common (payable In no par corn. stk.) fl
Apr. 1
elders of rec. Feb. 256
Common (payable in no par com.stk.) fl
July 1 Holders of rec. May 276
Common (payable in no par corn. stk.) 11
Oo f 1 Holders of rec. Aug. 260
Common (Payable in no par com.stk.) fl
Dec. 30 Holders of rec. Nov. 25a
Preferred (guar.)
1% Mar. 10 Holders of rec. Feb. 256
Chill Copper Co.(oar.)
8210 Apr. 1 Holders of rec. Mar. 4
Churngoid Corporation (guar.)
*75c. Feb. 15 *Holders of rec. Feb. 1
Cities Service, common (monthly)
% Mar. 1 Holders of rec. Feb. 15
Common (payable in com. stock)
.11i Mar. 1 Holders of rec. Feb. 15
Preferred and pref. B (monthly)
% Mar. 1 Holders of rec. Feb. 15
Preferred BB (monthly)
% Mar. 1 Holders of rec. Feb. 15
City Ice & Fuel (guar.)
50c. Mar. 1 Holders of roe. Feb. 100
Quarterly
50c. June 1 Holders of rec. May 100
500. Sept. 4 Holders of rec. Aug. 100
Quarterly
Cleveland Stone (guar.)
50c. Mar. 15 Holders of rec. Mar. So
Quarterly
500. June 15 Holders of roe. June 50
Quarterly
50c. Sept. 15 Holders of rec. Sept. 54
'4
'Cockshutt Plow, preferred
Feb. 8'Holders of roe. Jan. 31
Congoleum-Nairn Co., pref. (gust.)..-- *I% Mar. 1 'Holders of rec. Feb. 15
Conlon Corporation, preferred (guar.).- .1% Feb. 5 *Holders of rec. Jan. 21
Consolidated Cigar Corp., pref. (quar.)_
15( Mar. 1 Holders of rec. Feb. 166
*3% Feb. 20 *Holders of rec. Feb. 10
Consumers Company, preferred
'Continental Can,common (guar.)
51.25 Feb. 15 Holders of rec. Feb. 5a
'Cots', Inc. (guar.)
$1.25 Mar.31 Holders of rec. Mar.216
Crown Willamette Paper, let pref. (qu.) $1.75 Apr. 1 Holders of rec. Mar. I56
2
Mar. 15 Holders of rec. Feb. 28
Cumberland Pipe Line (guar.)
33
Mar.16 Holders of rec. Feb. 28
Extra
Curtiss Aeroplane & Motor, preferred__ _ $3.50 Mar. 15 Holders of rec. Mar. 1
Mar, 1 Holders of rec. Feb. 15
Custunan's Sons, Inc., common (guar.). 51
Common (payable in $8 pref. stock)_ _ 41.50 Mar. 1 Holders of rec. Feb. 15
Common (payable in $8 pref. stock) 41.50 Sept. 1 Holders of rec. Aug. 15
Mar. 1 Holders of rec. Feb. 15
$8 preferred (guar.)
$2
1% Mar. 1 Holders of rec. Feb. 15
Seven per cent preferred (guar.)
Davis Mills (guar.)
1
Mar.26 Holders of rec. Mar. 120
Decker (Alfred) & Cohn, Inc., com.(qu.) 50c. Mar.lb Holders of rec. Mar. 5a
1% Mar. 1 Holders of rec. Feb. 186
Preferred (guar.)
Deere & Co., prefer.ed (guar.)
I% Mar. 1 Holders of rec. Feb. 15
Preferred (account accum. dividends). 575e. Mar. 1 Holders of rec. Feb. 15
Delaware Division Canal
SI
Feb. 15 Feb. 8 to Feb. 14
Diamond Match (quar.)
2
Mar. 15 Holders of rec. Feb. 286
Dominion Bridge (guar.)
1
Feb. 15 Holders of rec. Jan. 31
•Dominlon Textile, common (guar.). _ _ $1.25 Apr. 1 Holders of rec. Mar. 15
Preferred guar.)
1% Apr. 15 Holders of rec. Mar. 1
Dow Chemical, common (guar.)
$1
Feb. 5 Holders of rec. Feb. 5
Preferred (guar.)
1% Feb. 15 Holders of rec. Feb. 5
Early & Daniels. common (guar.)
•6250 Apr. 1 *Holders of rec. Mar.20
Common (extra)
•250. Apr. 1 'Holders of rec. Mar. 20
Common (guar.)
'62)c July 1 'Holders of rec. June 20
Common (guar.)
*62%e July 1 'Holders of rec. June 20
Common (guar.)
'62).c Oct. 1 *Holders of rec. Sept.20
Common (guar.)
'6234o Jan 1'28 *Holders of rec. Dee. 20
Preferred (guar.)
81.75 Apr. 1 *Holders of rec. Mar. 20
*31.75 July 1 *Holders of rec. June 20
Preferred (guar.)
•31.75 Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
"31.75 Jan 1'28 *Holders of rec. Dee. 20
Preferred (guar-)
3% Jan. 31 Holders of rec. Dec. 31
Eastern Theatres, Ltd.(Toronto), pref._
50c. Feb. 21 Holders of rec. Jan. 310
Electric Refrigeration (guar.)
6251e. Mar. 1 Holders of rec. Feb. 140
Erie Steam Shovel, common (guar.)_
151 Mar. 1 Holders of rec. Feb. 146
Preferred (guar.)
Eureka Vacuum CleanerMar. 1 Holders of rec. Feb. 18a
Common (payable In common stock)._ 15
Aug. 1 Holders of rec. July 206
Common (payable in common stock). 16
•20o. Mar. 1 *Holders of rec. Feb. 20
Fair (The)(monthly)
•20c. Apr. 1 *Holders of rec. Mar. 20
Monthly
•20c. May 1 'Holders of rec. Apr. 20
Monthly
"IM May 1 *Holders of rec. Apr. 20
Preferred (guar-)
Fairbanks, Morse & Co., com.(guar.)... The. Mar. 31 Holders of rec. Mar. 15
75c June 30 Holders of rec. June 15a
Common (guar.)
1% Mar. 1 Holders of rec. Feb. 16a
• Preferred (guar.)
1% June 1 Holders of rec. May 14
(guar.)
Preferred
Mar. 1 Holders of rec. Jan. 31
Famous Players Can. Corp.,1st pf.(qu.) 2
200. Apr. 1 Holders of rec. Mar. 19a
Federal Motor Truck (guar.)
2%
Apr.
d6 Holders of rec. Mar. 19a
Stock dividend
3
Mar. 1 Holders of roe. Feb. 14
Fifty-Five Park Avenue, Inc.. pref
Mar.
1 Holders of rec. Feb. 14
3
_
prat
Inc..
Street.
54th
Fifty-Nine East
Firestone Tire & Rubber, 7% pref. (qu.) 1% Feb. 15 Holders of rec. Feb. la
Name of Company.
[Vol,. 124.
Per
When
Cent, Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
General Box Corp., pref. A and B (guar.) 4.151 Mar.
*Holders of rec. Feb. 18
General Cigar, preferred (guar.)
Holders of rec. Feb. 21a
1% Mar.
Debenture preferred (guar.)
Holders of rec. Feb. 2Ia
151 Mar.
General Development(guar.)
25e. Feb. 2 Holders of rec. Feb. 10
General Outdoor Advertising, cl. A (qu.) 134 Feb. 1 Holders of rec. Feb. 5
General Railway Signal, com.(gust.)... $1.25 Apr.
Holders of rec. Mar. 10
Preferred (guar.)
Holders of rec. Mar. 10
134 Apr.
Gillette Safety Razor (guar.)
Mar.
Holders of rec. Jan. 31
31
Extra
12340 Mar.
Holders of rec. Jan. 31
C.G.Spring & Bumper, cons.(guar.)... 100. Feb. 1 Holders of rec. Feb. 8a
Common (extra) '
Sc. Feb. 1 Holders of rec. Feb. 8a
Common (in corn. stk. on each 10 shs.) 13-10 Feb. 1 Holders of rec. Feb. 8a
Goodrich (B. F.) Co., com.(guar.)
Holders of rec. Feb. 15
Si
Mar.
Preferred (guar.)
Holders of rec. Mar. 15a
151 Apr.
151 July
Preferred (guar.)
Holders of rec. June 150
Goasard (H. W.) Co., com.(monthly)._ 33 1-3c Mar.
Holders of rec. Feb. 20
Preferred (guar.)
Holders of rec. Mar.20
134 Apr.
Great Lakes Dredge & Dock (guar.)
2
Feb. 1 Holders of rec. Feb. 8
_
Extra
Feb. 1 Holders of rec. Feb 8
2
Guenther Publishing Co., pref.(guar.)_ _
Feb. 20 Holders of rec. Jan. 20
5
Quarterly
5
May 2
Quarterly
5
Aug. 2
5
Quarterly
Nov.2
Hamilton Bank Note
8c. Feb. 1 Holders of rec. Feb. 1
Hamilton Bank Note
6c. Aug. 1 Holders of rec. Aug. 1
Hamilton United Theatres(Can.), prof _
334 Mar.3 Holders of rec. Feb. 28
Hammermill Paper, common (No. 1)_ _ _
Feb. 1 Holders of rec. Jan. 3Ia
Harbison-Walker Refrac., com. (gust.). 134 Mar.
Holders of rec. Feb. 10a
Preferred (guar.)
Apr. 20 Holders of rec. Apr. 9a
Hartman Corporation, clam A (guar.). 600. Mar.
Holders of rec. Feb. I5a
Class A (guar.)
Holders of red. Feb. 15a
60c. Mar.
Class B (guar.) In class A stock
Holders of rec. Feb. 15a
(o) Mar.
Class B (guar.) in class A stock
(o) June
Holders of rec. May 17a
Hart, Schaffner & Marx, Inc., com.(qtr.) 134 Feb. 2 Holders of rec. Feb. 14
Common (extra)
2
Feb. 2 Holders of rec. Feb. 14
Hawaiian Pineapple (extra)
•20a. Feb. 2 'Holders of rec. Feb. 18
• Stock dIvidend
•10
Subj. to stkholders meeting in Feb.
Hayes Ionia Co.(monthly)
.10
1% Mar.
Holders of rec. Feb. 25a
Hayes Wheel, preferred (guar.)
134 Mar. 1 *Holders of rec. Feb. 25
Hercules Powder, preferred (guar.)
Feb. 1 Holders of rec. Feb. 5
Hibbard,Spencer,Bartlett & Co.(mthly.) 30
30:: Feb. 2 Holders of rec. Feb. 18
Monthly
Mar.2 Holders of rec. Mar. 18
Hollander (A.) & Bon, Inc.( guar.)._ 6234e. Feb. 1 Holders of rec. Feb. 1
Household Products (guar.)
873.0. Mar,
Feb. 16 to Mar. 14
Hudson Motor Car (guar.)
8734 Apr.
Holders of roe. Mar. 154
Illinois Brick (guar.)
600. Apr. I Apr. 5 to Apr. 15
Quarterly
600. July 1 July 3 to July 15
Quarterly
130e. Oct. 1 Oct. 5 to Oct. 16
Imperial Oil, Ltd.(guar.)
126
234
%. 14.4r.
Ma
ar.
Holders of rec. Feb. 15
Extra
Holders of rec. Feb. 15
Imperial Tobac.of Or.Brit.& Ire.(final) *9
Mar.
*Holders of rec. Feb. 12
Is. 8d. Mar.
Bonus
*Holders of rec. Feb. 12
Independent 011 & Gas(guar.)
25a. Apr, 1 Holders of rec. Mar.31
Indiana Pipe Line
51
Feb. 1 Holders of roe. Jan. 21
Ingersoll-Rand Co., common (gust.).5. 750. Mar.
Holders of rec. Feb. 2a
Inland Steel, com. (gear.)
6234o. Mar.
Holders of rec. Feb. 15
Preferred (guar.)
134 Apr.
Holders of rec. Mar. 15a
Interlake Steamship (guar.)
$1.50 Apr.
Holders of rec. Mar. 16
Internat. Agricul. Corp., prior pref.(gm.) 1% Mar,
Holders of rec. Feb. 15a
International Harvester, pref.(gust.)... 1% Mar.
Holders of rem Feb. 10
International Paper, common (quar.)--- 60c. Feb. 1 Holders of rec. Feb. la
1% Mar.
International Silver, com.(guar.)
Holders of roe. Feb. 154
Intertype Corporation (guar.)
25o. Feb. 1 Holders of rec. Jan. 31a
25c. Feb. 1 Holders of rec. Jan. 31a
Extra
Iron Product Corporation, com
52.75 Jan 3 Holders of roe. Jan. 150
*400
Island Creek Coal (stock dividend)
50e. Feb. 1
Holders of rec. Feb. 4
Isle Royale Copper Co
6234c. Mar.
Jaeger Machine Co. (guar.)
Holders of rec. Feb. 18a
151 Mar.
Holders of rec. Feb. 15
Jones & Laughlin Steel, com.(guar.)._
1% Apr.
Holders of rec. Mar. 150
Preferred (guar.)
Mar.
Holders of rec. Feb. 18a
Kinney (G.R.)& Co., Inc.. prof.(guar.) 2
Kruskal & Kruskal, Inc.(No. 1)(guar.) 50o. Feb. 1 Holders of rec. Jan. Ole
50e. May 1 Holders of res. Apr. 290
Quarterly
Mar.
Holders of rec. Feb. 19
Lake of the Woods Milling, Corn.(guar.) 3
154 Mar.
Holders of rec. Feb. 19
Preferred (guar.)
I% Feb. 2 Holders of rec. Feb. 18a
Lanston Monotype Mach. (guar.)
Lehigh Coal & Navigation (quar.)51
Feb. 2 Holders of rec. Jan. 31a
25e. Feb. 2 Holders of rec. Jan. 31a
Extra
Liggett & Myers'Fob., com.&com.B (qu) 75e, Mar.
Holders of rec. Feb. 10a
$1
Common & common B (extra)
Mar.
Holders of rec. Feb. 10a
10
Corn.& com . B(pay.in com.B stk.)_
Mar.
Holders of rec. Feb. 10a
Lima Locomotive Works, com
31
Mar.
Holders of rec. Feb. 15
Lindsay Light, pref. (guar.)
"1734c Feb. I "Holders of rec. Feb. 10
Preferred (in full of all accum. diva.).. •835o. Mar. 1 *Holders of rec. Feb. 10
Lit Brothers Corporation
50c. Feb. 2 Jan. 26 to Feb. 9
Loblaw Groceterlas, common (guar.). "25c. Mar. 'Holders of rec. Feb. 15
Common (bonus)
"250. Mar.
*Holders of rec. Feb. 15
Lord & Taylor, 1st preferred (guar.).
151 Mar.
Holders of rec. Feb. 17a
Louisiana 011 Refining (guar.)
1.8234 Feb. 1
Holders of rec. Feb. la
Madison Square Garden Co.(gust.)... 25c. Apr, 1 Holders of rec. Apr. b
Quarterly
25c. July 1 Holders of rec. July 5
Quarterly
Holders of rec. Oct. 5
250. Oct. 1
Marmon Motor Car (guar.)
"31
Mar. 'Holders of rec. Feb. 16
Martin-Parry Corp. (guar.)
500. Mar.
Holders of rec. Feb. 15a
Massey-Harris Co., Ltd., pref. (guar.)._
151 Feb. 1 Holders of rec. Feb. 5
Holders of rec. Apr. 20a
McCrory Stores Corp., pref. (guar.)._
151 May
Holders of rec. July 20a
151 Aug.
Preferred (guar.)
Holders of rec. Oct. 20a
Preferred (guar.)
134 Nov.
Holders of rec. Feb. la
McIntyre Procupine Mines, Ltd. (gu.). 25c. Mar.
Feb. 1 Holders of rec. Jon. 31
Mercantile Stores, common (guar.).- - $1
Holders of rec. Jan. 31
$1.75 Feb. 1
Preferred (guar.)
Merrimac Mfg., common (guar.)
$1.75 Mar.
Holders of rec. Jan. 14
$2.50 Mar.
Holders of rec. Jan. 14
Preferred
3734e Feb. 1 Holders of rec. Feb. la
Miami Copper Co. (guar.)
Mid-Continent Petrol. Cdrp., pf. (qu.). 154 Mar.
Holders of rec. Feb. 15a
El
Mohawk Mining (guar.)
Mar.
Holders of rec. Jan. 29
Feb. 1 Holders of rec. Feb. 40
Montgomery Ward & Co., corn. (qu.)- - $1
$1.76 Apr.
Class A (guar.)
Holders of roe. Mar. 2Ia
*31.50 Feb. 1 *Holders of rec. Jan. 27
Morse Twist Drill (guar.)
2
Feb. 1 Holders of rec. Jan. 31
Motor Wheel Corp., pref. (guar.)
31.50 Feb. 1 Holders of rec. Jan. 15
Mulford (H. K.) Co
10
Stock dividend
Feb. I Holders of rec. Jan. 15
National American Co., Ino.(gu.) (No.1 1"75o. May
*Holders of rec. Apr 16
$1.25 Apr. 1 Heiden of rec. Mar. 31a
National Biscuit, common (guar.)
151 Feb. 2 Holders of roe. Feb. 14a
Preferred (guar.)
154 Feb. 1 Holders of roe. Jan. 31
National Brick, prof. (guar.)
National Food Products, class A (guar.) 623-40 Feb. 1 Holders of rec. Feb. 5
National Lead, pref. (guar.)
151 Mar. 1 Holders of rec. Feb. 18
37%0 Feb. I Holders of rec. Feb. la
National Refining, corn. (guar.)
50e. Feb. 1 Holders of rec. Feb. la
Common (extra)
$1
Feb. 1 Holders of rec. Feb. $a
National Supply, corn. (guar.)
30c. Apr.
Nelson (Herman) Corp. (guar.)
Holders of rec. Mar. 17
el
Stock dividend
Apr.
Holders of rec. Mar. 17
300. July
Quarterly
Holders of rec. June 20
1
July
Stock dividend
Holders of rec. June 20
300. Oct.
Quarterly
Holders of rec. Sept.4
el
Oct.
Stock dividend
Holders of rec. Sept. 19
134 Mar.
Newberry (J. J.) Co., pref.(guar.)
Feb. 17 to Feb. 20
50c Feb. 2 Holders of rec. Feb. 4a
New Cornelia Copper Co
2
Feb. 1 Holders of rec. Jan. 20
New Jersey Zinc (guar.)
15c Mar.
North Central Texas 011(guar.)
Holders of rec. Feb. 10
1
_
Feb. 1 Holders of rec. Jan. 31
Ontario Steel Products,corn.
134 Feb. 1 Holders of rec. Jan. 31
Preferred (guar.)
Oppenhelm, Collins & Co., com (gust.). $1
Feb. 1 Holders of rec. Jan. 286
2
Orpheum Circuit, pref.(guar.)
Apr.
Holders of rec. Mar. 150
50c Feb. 1 Holders of rec. Feb. 1
Overseas Securities, class A
The. Apr.
Owens Bottle, com.(guar.)
Holders of rec. Mar. 1.60
154 Apr.
Preferred (guar.)
Holders of rec. Mar. 160
Mar.
Pathe Exchange, Inc., pref. (gust.).... 2
Holders of rec. Feb. 9
Perunans, Ltd.. com. (guar.)
2
Feb. 1 Holders of rec. Feb. 6
251%
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Packard Motor Car20c. Feb. 28 Holders of rec. Feb. 15a
Common (monthly)
200. Mar. 31 Holders of rec. Mar. 150
Monthly
20c. Apr. 30 Holders of rec. Apr. 15a
Monthly
20c. Apr. 30 Holders of rec. Apr. 15a
Monthly
200. May 31 Holders of rec. May 140
Monthly
Feb. 15 Holders of rec. Feb. la
Peoples Drug Stores, Inc., pref.(guar.). 2
Mar. 1 Holders of rec. Feb.d2la
$1
Phillips-Jones Corp. (guar.)
19d Mar. 1 Holders of rec. Feb. 17
Phoenix-Hosiery, lot & 2d pref. (quar.)_
Pick (Albert), Barth & Co., part.pf.(qu.) 433(c. Feb. 15 Jan. 27 to Feb. 14
Feb. 15 Holders of rec. Jan. 31
35
Pittsburgh Plate Glass (extra)
Feb. 11 Holders of rec. Feb. 1
$1
Planet Steamship Corporation
50c. Feb. 28 Holders of rec. Jan. 310
Prairie Oil & Gas
*75c. Apr. 1 *Holders of rec. Mar. 15
Pratt & Lambert,corn.(guar.)
Pressed Steel Car, preferred (quar..- 1% Mar.31 Holders of rec. Mar. 1
$1.75 Feb. 15 Holders of rec. Jan. 25a
Procter & Gamble,corn.(guar.)
2
Feb. 15 Holders of rec. Jan. 31
Pullman Co.(quar.)
37160. Mar. 1 Holders of rec. Feb. 10
Pure Oil, corn.(quar.)
1234c. Mar. 1 Holders of rec. Feb. 10a
Common (extra)
75c. Mar. 1 Holders of rec. Feb. 15a
Purity Bakeries, class A (guar.)
50c. Mar. 1 Holders of rec. Feb. 15a
Class B (quar.)(No. 1)
13 Mar. 1 Holders of rec. Feb. 15a
Preferred (guar.)
134 Feb. 28 Holders of rec. Feb. la
Quaker Oats, preferred (quar.)
Feb. 15 Holders of rec. Feb. 5
2
Quissett Mill (guar.)
Mar. 1 *Holders of rec. Feb. 18
Reliance Manufacturing, pref. (quar.)._
1
Mar. 1 Holders of rec. Feb. 15a
Republic Iron dr Steel, corn. (guar.)
Apr. 1 Mar. 15 to Apr. 15
Preferred (quar.)
Feb. 15 Holders of rec. Feb. la
Reynolds(R.J.) Tobacco,corn.& com.B p25
Feb. 19 Holders of rec. Feb. 15
$5
Richman Brothers (extra)
el()
Feb. 10 Holders of rec. Dec. 22
Stock dividend
Rolls-Royceof America, Inc., pref.(qu.) *31.75 Feb. 15 *Holders of rec. Jan. 31
500. Mar. 21 Mar. 10 to Mar.21
St. Joseph Lead (quar.)
25c. Mar.21 Mar. 10 to Mar.21
Extra
500. June 20 June 01 to June 20
Quarterly
25e. June 20 June 10 to June 20
Extra
500. Sept.20 Sept. 10 to Sept.20
Quarterly
25c. Sept. 20 Sept. 10 to Sept.20
Extra
500. Dec. 20 Dec. 10 • to Dec. 20
Quarterly
25c. Dec. 20 Dec. 10 to Dec. 20
Extra
Mar. I Holders of rec. Feb. 15a
81
Savage Arms, corn. (guar.)
*1% Feb. 15 *Holders of rec. Feb. 1
First preferred (guar.)
*134 Apr. 1 *Holders of rec. Mar. 15
First preferred (quar.)
Second preferred (guar.)
'134 Feb. 15 *Holders of rec. Feb. 1
*134 May 16 *Holders of rec. May 1
Second preferred (quar.)
Schulte Retail Stores,common (guar.) *8734 Mar. 1 "Holders of rec. Feb. 15
Common (guar.)
*8734 June 1 *Holders of rec. May 15
Common (quar.)
•8734 Sept. 1 *Holders of rec. Aug. 15
Common (quar.)
'873.4c Dec. 1 Holders of rec. Nov. 15
Bootten, Dillon Co.(guar.)
*30c. Feb. 15 *Holders of rec. Feb. 7
Extra
*700. Feb. 15 *Holders of rec. Feb. 7
Shawmut Mfg., pref. (guar.)
*134 Mar. 31 *Holders of rec. Mar. 21
Shell Union 011, pref. series A (guar.)._ _
134 Feb. 15 Holders of rec. Jan. 26a
Sherwin-Williams Co., common (quer.). 50c. Feb. 15 Holders of rec. Jan. 31
Common (extra)
250. Feb. 15 Holders of rec. Jan. 31
Preferred (quar.)
Mar. 1 Holders of rec. Feb. 150
Sinclair Consolidated Oil, pref.(qua:.) _ 2
Feb. 15 Holders of rec. Feb. la
Skelly Oil (quar.)
50e. Mar. 15 Holders of rec. Feb. 15a
Smith (A.0.) Corp., corn.(quar.)
Feb. 15 Holders of rec. Feb. 1
$1
Preferred (guar.)
Feb.•15 Holders of rec. Feb. 1
Southern Pipe'Llne, new $50 par stock _ 10
Mar. 1 Holders of rec. Feb. 10
Spalding (A. G.) & Bros., 1st pref. (qu.)
Mar. 1 Holders of rec. Feb. 15a
Second preferred (guar.)
2
Mar. 1 Holders of rec. Feb. 15
Standard Oil (Ohio), pref.(quar.)
Mar. 1 Holders of rec. Jan. 28
Stewart-Warner Speedometer (quar.)._ _ 31.50 Feb. 15 Holders of rec. Jan. 31a
Stromberg-Carlson Telep. Mfg. (quar.). "25c. Mar. 1 'Holders of rec. Feb. 14
Extra
*1234c Mar. 1 'Holders of rec. Feb. 14
Swift International
60c. Feb. 15 Holders of rec. Jan. 15
Texas Company (quar.)
75c. Mar.31 Holders of rec. Mar. 4a
75e. Apr. 1 Holders of rec. Mar. 4a
Texas Corporation (quar.)
Stock dividend
10
Apr. 2 Holders of rec. Mar. 4a
Texas Pacific Coal& 011(guar.)
150. Mar. 31 Holders of rec. Mar. 10
Thompson (J. R.) Co. (monthly)
300. Mar. I. Holders of rec. Feb. 236
134 Mar. 1 Holders of rec. Feb. 19a
Thompson Products, pref.(quar.)
13( Feb. 15 Holders of rec. Feb. la
Tide Water 011, pref. (quar.)
134 Feb. 15 Holders of rec. Jan. 28a
Tobacco Products, class A (guar.)
50c. Feb. 10 Holders of rec. Jan. 15a
Union 011 Associates (qua:.)
47c. Feb. 10 Holders of rec. Jan. I5a
Extra
Union 011 of California (quar.)
50c. Feb. 10 Holders of rec. Jan. 15a
Extra
50c. Feb. 10 Holders of rec. Jan. 15a
Union Storage (quar.)
•6214c Feb. 10 *Holders of rec. Feb. 1
Quarterly
'62340 May 10 *Holders of rec. May 1
Quarterly
'62340 Aug. 10 *Holders of rec. Aug 1
Quarterly
'62340 Nov. 10 *Holders of rec. Nov. 1
Union Tank Car (guar.)
134 Mar. 1 Holders of rec. Feb. 10
United Biscuit, class A (guar.)
$1
Mar. 1 Holders of rec. Feb. 10
United Drug, common (guar.)
Mar. 1 Holders of rec. Feb. 15a
2
U.S. Cast Iron Pipe & Fdy., corn.(qu.). 234 Mar. 15 Holders of rec. Mar. la
Common (guar.)
26 June 15 Holders of rec. June la
Common (guar.)
234 Sept. 15 Holders of rec. Sept. la
Common (quar.)
26 Dec. 15 Holders of rec. Dec. la
194 Mar. 15 Holders of rec. Mar. la
Preferred (guar.)
I% June 15 Holders of roe. June la
Preferred (quar.)
Sept. 15 Holders of rec. Sept. la
Preferred (quar.)
Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
75c. Mar. 1 Holders of roe. Feb. 18a
U.S. Hoffman Machinery (quar.)
250. Mar. 1 Holders of rec. Feb. I8a
Extra
Feb. 15 Holders of rec. Jan. 20a
United States Rubber, first pref. (quar.) 2
Mar.30 Holders of rec. Feb. 28a
United States Steel Corp., corn. (quar.)_
Subj. to stockholders'meet.Apr.18
Common (payable in common stock).- *40
Feb. 2 Holders of rec. Jan. 290
Preferred (quar.)
Mar.
Holders of roe. Feb. 19a
U.S.Stores Corp. prior pref.(guar.)-- may
Holders of roe. Apt. 150
Universal Pipe & Radiator, pref.(guar.)
Aug.
Holders of rec. July 15a
Preferred (quar.)
Holders of rec. Oct. 15a
1% Nov.
Preferred (guar.)
75c. Feb. 1 Holders of rec. Feb. la
Vanadium Corporation (qua:.)
Mar.
Holders of rec. Feb. 15a
Van Raalte Co.. let pref.(quar.)
Va.-Carolina Chemical, prior pref.(qu.)- •1% Mar. *Holders of rec. Feb. 14
Holders of rec. Feb. 15
WaYagamack Pulp & Paper (guar.).- 750. Mar.
Holders of rec. Feb. 15a
194 Mar.
Weber & liellbroner, prof.(quar.)
Mar. 30 Holders of rec. Mar. 15
Wesson 011 & Snowdrift, corn. (quar.)-- $1
Holders of roe. Mar.20
Whitaker Paper, pref. (quar.)
154 Apr.
Holders of rec. Feb. 15
114 Mar.
White (J. G.)& Ce., Inc., pref. (quar.)
Holders of rec. Feb: 15
White(J. G.) Engineering Co., pt.(qu.). 134 Mar.
50c. Feb. 1 Holders of rec. Jan. 15
Wilcox (H. F.) 011 & Gas (quar.)
Will & Baumer Candle, corn.(quar.)-- - 250. Feb. 1 Holders of rec. Feb. 1
Williams 011-0-Matic Heat. Corp.(qu.) 3734c Feb. 1 Holders of rec. Feb. 1
Wolverine Portland Cement (quax.)--- 116 Feb. 1 Holders of rec. Feb. 5
Holders of rec. Feb. 10a
21.25 Mar.
Woolworth (F. W.) Co.(quar.)
Holders of rec. Feb. 20a
Wrigley (Wm.)Jr. dr Co.(monthly)_ _ 250. Mar.
*134
134
134
134
134
134
134
134
134
154
154
154
134
154
•From unofficial sourced. $ The New York Stock Exchange has ruled that stock
Will not be quoted ex-dividend on this date and not until further notice. 8 The
New York Curb Market Association has ruled that stock will not be quoted oxdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
!Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock.
o Leas $2 per share to cover legal expenses of extending second mortgage and
third and fourth installments of 1925 income tax.
P Payable in class D stock.
r Tampa Electric stock dividend is one one-hundredth of a share of common stock.
o Payable either in cash or in stock at the rate of 4 6-100ths of a share of class A
for each share of 56 pref. and 5-100ths of ashore of class A for each share of $634 pref.
t Erroneously reported in previous issues as $1 10
u Payable to holders of coupon No. 13.
u Cushman & Sons common stook dividend Is payable in $.8 preferred on the
valuation of $100 for preferred stock.
757
THE CHRONICLE
FEB. 5 1927.]
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Jan. 29. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers (000) emitted.)
New
Reserve
Capital. Profits. Loans,
Discount Cash
with
Nei
Time Band
Week Ending
in
Legal Demand
De- Circu•
Jan. 29 1927. Nat'l, Dec. 31 InvestState, Nov.15 manta, Vault. Depot- Deposits. posits.
Ole.
tortes.
(000 omitted.) Tr.Coe. Nov.15
Members of Fed. Res.Bank. Average. Aurae Average
Bank of N Y & $
77,117
541 8,022
Trust Co_ __ _ 4,000 13,3
Bk of Manhat'n 10,700 15,854 171,807 3,29 17,247
79,503 1,157 11,617
Bank of America 6,500 5,28
National City-- 50,000 66,287 681,335 4,681 74,538
Chemical Nat__ 4,,,, 19,061 135,913 1,31 16,376
82 40,905
Nat Bk of Corn. 25,000 42,479 351.802
ChatPh N B &T 13,500 13,329 217.109 2,441 23.293
124,034
570 14,366
Hanover Not.. 5,,i 26,60
Corn Exchange- 10,000 15,26 206,305 4,893 23,687
856 16,181
National Park-- 10,000 24,319 156,296
5,965
59,604 1,60
Bowery & E R_ 3,000 3,52
57 25.702
77,448 282,809
First National- 10,
28,80 435.521 4,544 52,207
Am Ex Irving Tr 32,0
122
7,993
859
Continental_ _ _
1,000 1,269
Chase National_ 40,000 38,221 563,154 6,68 66,138
761 3,429
Fifth Avenue_
500 2,985 26,307
12.962
492 1,358
740
Commonwealth.
800
522 3,070
17,444
Garfield Nat'l__ 1,000 1,830
87 15,402
Seaboard Nat'l_ 6,00 11,007 123,192
93• 34,856
Bankers Trust_ 20,000 35.540 332,437
771 7,401
US Mtge dr Tr- 3,000 4,965 59,018
Guaranty Trust 25,000 25,202 453,959 1,542 48.095
813 5,170
Fidelity Trust__ 4,000 3,235 44,299
615 17,819
New York Trust 10,000 21,813 166,799
474 14,116
Farmers L & Tr 10,000 19,908 139,494
Equitable Trust 30,000 22,907 288,774 1,832 27,692
Average. Average Atm
$
s
It
58,354 9,697 _ _ -127,052 24,849 __ _ _
88,460 3,510 __ __
*768,992 136,845
94
122.455 3.111
345
308,952 22,287
165,946 43,683 6,100
109,339
174,104 31,404
123,985 6.644 3,828
40,586 18,998 1,480
195,317 11,515 6,394
391,7171 39,833 ___.
428
.137
*521,019 43,354 2,487
26,611
9,432 4.199
17,304
599
116,961 4,179
41
41,340
*287,04
56,911 4,134
*426,645 74,095
39,45
4,001
132,543 21.858
•106,911 19,021
*294,088 29,913
Total of averages335,500 541,2545,195,987 43,751 575,511c4,271,440699,39620,749
Totals. actual condition Jan. 295,223.239 43.664553,061c4,238,457614,32320,861
Totals, actual condition Jan. 225,197.762 43.790614,925c4,293.054590,86320,613
Totals, actual co ndition Jan. 155.359,821 45,020606,706c4,434,273598.94220.386
State Banks Not Me mbers of Fed'I Res've Bank.
Greenwich Bank 1,000 2.645 25,042 1,965 2,381
State Bank_ _ _
5,000 5,761 107,392 4.644 2,589
33,650 3,600 1,700
Colonial Bank__ 1,400 3,000
11,406
23,516 2,796 -39,712 63,275 -28,200 5,600 --
166,084 10,209
6,670
91,428 71,671
Totals, actual co ndition Jan. 29 166,281 10,234
Totals, actual co ndition Jan. 22 132,649 6,608
Totals, actual co ndition Jan. 15 134,646 6,954
6,458
5,070
4,782
91,485 71.681 -_-_
63,519 66.155 _65,336 66.394
Total of averages
7,400
Trust Compan les Not Membe roof Fed'IRes'v e Bank.
Title Guar & Tr 10,000 19,506 62,767 1,771 3,970
911 2,115
Lawyers Trust. 3,000 3,429 24,172
37,724
19,700
967
975
---.
__--
Total of averages 13.000 22,936
86,939
2,682
6.085
57,424
1,942
Totals, actual condition Jan. 29
Totals, actual condition Jan. 22
Totals, actual oo ndition Jan. 15
87,857
86,224
87,555
2,580
2,598
2,637
6,370
6,173
6,238
58,359
56,776
59,485
1,965
1,930 ---1,928 ----
Gr'd aggr., avge.354,500572,597 5,449,0101 56,642588,266 4,420,292673,008 20,749
Comparison with prev. week- -42,8591+4,932-11,455 -60,458 +13,514 +172
!cond'n Jan. 295,477,377 56,478565,889 4,388,301687,96920.861
Gr'd aggr., ad.
Comparison with prey. week__ +60,742 +3,482-60,279 -25,049 +29021 +248
Gr'd aggr., act cond'n Jan. 225,416,635
Jan. 155,592,022
Jan. 815,571,043
D.
ec 31 5,771,022
Ord aggr., act'l cond'n Dec. 255,531,S21
Ged aggr.. ad'Icond'n Dec. 185,428.150
°ea aggr., acricond'n
Gr'd aggr., 44'1 cond'n
cond'n
are aggr.,
62,998628.168
64,611617,726
59,482528,917
66,230642,710
76,170632.916
65,516578,982
4,413,350668,94820,612
4.559,094667,26420,386
4,502,151 676,888 19,815
4,693,702651,04520,545
4,462.828661,816 20,518
4,420,609651.23220.468
Note.-U. S. deposits deducted from net demand deposits in tile general totals
above were as follows: Average total Jan. 29, $29,168,000. Actual totals Jan. 29.
829,168,000,Jan. 22.829.167,000; Jan. 15,$29,168,000;Jan.8,833,313,000;Dec.31,
$39,680,000; Dec. 25, 339,681,000. Bills payable, rediscounts, acceptances and
other liabilities, average for week Jan. 29. 8598,869,000; Jan. 22, 2614,045,000i
Jan. 15, 3639,126,000: Jan. 8, 3673,392,000: Dec. 31, 8688.516,000: Dec. 25, 8651,340,000. Actual totals Jan. 29, 2614,355,000; Jan. 22, 3627.857,000: Jan. 15,
$655,189,000; Jan. 8, 3596,858,000; Dec. 31,$721,662,000; Dec. 25, $712,139,000.
•Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $227,792,000; Chase National Bank, $12,046,000; Bankers
Trust Co., $28,680,000: Guaranty Trust Co., $81.405,000; Farmers' Loan & Trust
Co., 83,201,000; Equitable Trust Co.. $91,761,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank, 837,363,000;
Chase National Bank, $1,657,000; Bankers Trust Co., $1,120,000; Guaranty Trust
Co., $3,392,000; Farmers' Loan & Trust Co., $3,201,000; Equitable Trust Co.,
$6,253,000.
c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
In
in Vault. Depositaries
Total
Reserve.
Reserve
Required.
Members Federal
Reserve Bank_
575,511,000 575,511,000 573,269,050
State banks.
10,269,000 6,670,000 16,879,000 16.457,040
Trust companies_ _ 2,882,000 6.085,000 8,767,000 8,613,600
Surplus
Reserve.
2,241,960
421,960
153,400
Total Jan. 29____ 12,891,000 588,266,000 601.157,000 598,339.690 2,817,310
Total Jan. 22_ __ _ 9,232,000 599,721,000 608,953,000 604,565.620 4,387,380
Total Jan. 15.._ 9,709.000 604,038,000 613,747.000 611.460.640 2.286.360
Total Jan. 8_ ___ 10.019.000 625.960.000 635,979,000 826,013.950 9,965,050
• Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the ease 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 follower
Jan.29, 517,981,850: Jan. 22,817,739,540: Jan. 15.817,995.880; Jan. 8,818,074,260;
Dec. 31. 817,527,590; Dee. 25, 317.546,970.
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank_ _ _ _
State banks.
Trust companies__ _ _
Total Jan.
Total Jan.
Total Jan.
Total Jan.
[VOL. 124.
THE CHRONICLE
758
10,234.000
2,580,000
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
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:
$
$
$
553,061,000 553,061,000 569,429,100 -16,368,100
224,7(0
6,458,000 16,692.000 16.467,300
196,150
8,370.000 8.950,000 8,753,850
29_ _ _ _ • 12,814.000 565,889.000 578,703,000 594,650,250 -15,947,250
22_ _ _ _
9,206,000 626,168,000 635,374,000 595,772,860 39,601,140
15....__
9,591,000 617,726,000 627,317,000 615,106,980 12.210,020
8... 10,030.000 528,917.000 538.947,000 607.962.000 69.015.900
• 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:
Jan. 29, 318,429,690; Jan. 22, 517,725,890; Jan. 15,347,968,260: Jan.8,318,246,660:
Dec. 31, $17,456,640, Dec. 25. 317,784,960.
•
BOSTON CLEARING HOUSE MEMBERS.
Feb. 2
1927.
Changes from
Previous Week.
Jan. 19
1927.
Jan. 26
1927.
$
$
69,650,000
69,650,000
Capital
69,650,000 Unchanged
92,428,000
92,428,000
Surplus and profits_ _
12,428.000
Unchanged
Loans, dIsets & Invest_ 1,017,241,000 Inc. 1,241.000 1,016,000.000 1,011,485,000
Individual deposits_ _ _ 693.738,000 Inc. 13,165,000 680,573,000 698,003,000
142,626,000 148,530,000
Due to banks
150,252.000 Inc. 7,626.00
Time deposits
233,086.000 Dec.
509.000 233,595,000 232,258,000
13,006,000
13,002,000
United States deposits_
13,009,000 Inc.
7,000
41,471,000
31,143,000
Exchanges for erg H'se
45,740 000 Inc. 14,597.000
89,572,000
77,133,000
Due from other banks_
82.374.000Inc. 5,241,000
81,661,000
81,204,000
Res've in legal deposles
81,561,000 Inc.
357,000
11,020,000
10,971,000
Cash In bank
10,496,000 Dec.
475,000
362.000
712,000
Res've excess in F.R.Bk
467,000 Dec.
245,000
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week ending Tan. 29, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
Department.)
Banking
(Figures Furnished by Stale
Differences from is not a part of legal reserve. For trust companies not
Previous 1Veek.
Jan. 29.
$1,261,860,100 Dec. $1,826,400 members of.the Federal Reserve System the reserve required
Loans and investments
140,100
4,716,900 Dec.
Gold
130,400 is 10% on demand deposits and includes "Reserve with
24,395,800 Dec.
Currency notes
102,217,000 Dec. 2,540,500 legal depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
1,294,392,400 Dec. 25,922,100
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchange, and U.S.deposits.1,224,342,400 D3c. 19,509,900
172.345,700 Dec. 3,523,700
'Reserve on deposits
Percentage of reserves, 20.4%.
RESERVE.
-Trust CompaniesState Banks
591.933,700 14.90%
339.396,000 17.47%
Cash in vault
4.99%
29,605,400
11,410,600
DepositsIn banks and trust cos._
5.06%
350,806,600 22.53%
Total
3121,539,100
19.89%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Jan. 29 was $102,217,000.
Banks and Tust Companies n 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 New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedOct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov.20
Nov.27
Dec. 4
Dec. 11
Dec. 18
Dec. 25
Dec. 31
Ian. 8
Jan. 15
Tan. 22
Jan. 29
Loans and
Investments.
Demand
Deposits.
Total Cash
in Vaults.
Reserve in
Depositaries.
$
6.683,007,800
6,668,046,700
6.617,799,100
6,559.420,600
6,553,253,200
6,615,890,200
6,553,162,600
6,570,297,600
6.599,992,200
6,689,295,600
6,667,713,300
6,664,332,100
6,713,433,300
6.837,671,900
6.954,175,000
6,819,657.900
6,755,555,500
6.710.870.100
$
5,662.751,200
5,660,177.400
5.628,365,000
5,542.973,000
5,539,644,900
5,562,041,000
5.511,751,000
5,551.891,300
5,556,678,300
5,716.914,900
5,586,288,800
5,630,977,600
5,636,517,700
5,741.187.400
5,898,416,700
5,789,308,200
5,801,064,500
5.714.684.400
$
84,153,500
85,684,200
89,206,200
84,662,600
86,186,300
86,272,300
87,381,300
84,480.000
864,684,000
76.615,500
88,536,500
96,557,700
105,590,700
95,908,300
91.552,900
91,267,300
81,093,000
85,754,700
8
733.798,400
730,174,600
719,799,100
722,780,700
717,062,800
723,552,600
721,151,800
724,021,000
728.368,600
734,203.700
728,827.700
738.221,800
734,688,400
761.848,700
786.239,700
757.056,100
746,207,200
731,499,000
New York City Non-Member Banks and Trust Cornpanies.-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.
(Slated in thousands of dollars, that is, three ciphers MOO] omitted)
CLEARING
NON-MEMBERS Capital.
Week Ending
Jan. 29 1927.
Members of
Fed'I Res've Bank.
Grace Nat Bank__
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. Eta_
Trust Company.
Not Member of the
Federal Reserve Bank
Mech.Tr., Bayonn
3
1.000
Loans,
DisNet
counts,
Profits. Investments,
etc.
$
1,950
$
14,273
Cash
in
Vault.
Reserve
Net
Net
with
Legal Demand Time
Deport- Deposits.Deposits.
tortes.
Average. Average. Average. Average.
$
$
55
1,189
7,694
3,820
400
1,028
9,755
809
381
6,717
3,079
500
660
9,337
35
1116
3,912
5,853
6.945'
3,100
6.945,
3,100
16,82811
3
'
6,828
3.100
67.634
68,347
66.833
66.692
4,893
4,922
4.844
4,823
3,514
3,475
3,606
3,414
847,335
a48,009
a47.349
a4.5.767
•United States deposits deducted, $22.000.
Bills payable, rediscotinta, acceptances, and other liabilities. $2,573.000.
Excess reserve. $222,950 decrease.
Capital
Surplus and profits
Loans, disc'ts & investin'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal deposits_
Reserve with F. R. Bank...
Cash in vault •
Total reserve & cash held..
Reserve required
Excess res. & cash in vault
18,316
18.173
18,188
18,000
Membersof
Trust
F.R.System Companies
350,225,0,
152,972,0'
941,896,0
34,330.0
96.492.0
134,786,0
627,377,0
153,635,0
915,798,0
$5,000.0
17,812,0
47,108.0
529,0
23,0
898,0
27,081,0
2,285.0
30,264,0
3,735,0
170,191,0
*9,671.0
79,862.0
69.163.0
10,699,0
1,398,0
5,133,0
4,228,0
905,0
Jan. 15
1927
Jan. 22
1927.
1927
Total.
355.225,0
170.784,0
989,004,0
34,859.0
96,515.0
135,684,0
654,458,0
155.920,0
946,062.0
3,735,0
70,191,0
11,019,0
84,995,0
73,391,0
11,604,0
355,225,0 355,225,0.
170,784,0 170,784,0
998,352.0 1007,306,0
37,168,0 38.231,0
104,751,0 104.084.0
139,498,0 141,972,0
666,837,0 674,391,0
157,510,0 159,691,0
563,845.0 976,054,0
3,470,0
3,591,0
70,527.0 71,885.0
10,835,0 11,583,0
84,953,01 86,938,0
74,306,0, 75,296,0
10,647,0 11,642,0
•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 1eb. 2 1926 in
comparison with the previous week and the corresponding
date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
Feb. 2 1927. Jan. 26 1927. Feb. 3 1926.
8
$
$
394,075,000 427,658,000 389,648,000
6,974,000
12,666,000
9,283,000
436,941,000
111,637,000
524,205,000
396,622,000
188,261,000
379,591,000
1 058,931,000 1,072,783.000
33.407,000
32.960,000
964,474,000
37,861,000
Gold held exclusively agst. F.R.notes_ 406.741,000
Gold settlement fund with F. R. Board
152,167,000
Gold and gold certificates held by bank
500,023,000
Total gold reserves
Reserves other than gold
Total reserves
1,092,338,000 1,105,743,000 1,002,335,000
24.896,000
Non-reserve cash
23,149,000
25,268,000
Bills discountedSecured by U.S. Govt. obligations_ _ _ _ 61,553,000
41,628,000 137.173.000
18,564.000
20,355.000
Other bills discounted
15.190.000
Total bids discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
76.743,000
92.706,000
60,192,000
59,852,000
157.528,000
36,852,000
2,156,000
12,557,000
39,405,000
1.892,000
12,557,000
39,669,000
1,934,000
43.133.000
11,182,000
Total U.S. Government securities
Foreign loans on gold
54,118,000
54,118,000
56.249,000
1,728,000
Total bills and securities (See Note)
223,567,000
174,162,000
252,357.000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
657,000
160,576,000
16,276,000
1,980,000
657.000
159,121,000
16,276,000
1.974,000
660.000
146,284,000
16,666,000
4.253,000
1.518,543,000 1,483,201,000 1,447,451,000
Total resources
LiabilitiesFedi Reserve notes In actual circulation. 406,771,000
845,227.000
Deposits-Member bank, reserve acc't
13,170,000
Government
2,141,000
Foreign bank (See Note)
9,885,000
Other deposits
395,571,000
830,699,000
4,437,000
1,845.000
10,498,000
366,127,000
838,748,000
13.404.000
1,437,000
9,081,000
870,423,000
140.432,000
37,059,000
61.614.000
2,244,000
847,479,000
139,333.000
36,966,000
61,614,000
2.238.000
862,670,000
123,511,000
33,098,000
59.964,000
2,081,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabUltles
Total liabilities
1,21
1,900
3.640 33,365
1,766 a18,323 12,752
Cled mgr., Jan. 29
Comparison with p ev. week ....._1-34,269 -3,674 -1,748-29,012 -5,564
Gra agar.. Jan. 22
Gra aggr., Jan. 15
Ord agar.. Jan. 8
<It'd aggr., Dec. 31
Week Ended Jan. 29 1927
Two Ciphers (00)
omitted.
.1,518.543,000 1,483,201,000 1.447,451,000
Ratio of total reserves to deposit and
Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
85.5%
9.728,000
89.0%
26,322,000
81.6%
22,883,000
NOTE.-Beginning with the statement of Oct. 7 1925, 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," Pre.
viously made of Federal intermediate credit bank debentures, was changed to "Other
securities," and the caption "Total earning meets" to "Total bills and securities."
The latter term was adopted as a more accurate description of the total of the discounts. acceptances and securities acquired under the provisions of Sections 13 and 16
of the Federal Reserve Act, which. It wasstated, are the only items included therein
FEB. 5 1927.]
759
7C1TE CHRONICLE
Weekly Return of the Federal Reserve Board.
condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, Fab. 3, and showing thethe
system
for
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the resultsweek
last year.
of the corresponding
as a whole in comparison with the figures for the seven preceding weeks and with thosebanks.
The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve
and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller
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 710 being the first item in our department of "Current Events and Discussions."
FEBRUARY 2 1917.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
Feb.
2 1927. Jan. 26 1927. Jan. 19 1927. Jan. 12 1927. Jan. 5 1927. Dec. 29 1926. Dec. 22 1926. Dec. 15 1926. Feb. 3 1926.
$
$
$
$
$
$
$
$
$
1,552.754,000 1,601.114.000 1,575.495.000 1,523.670.000 1,419.755.000 1,369,124,000 1,376,776,000 1,435,352,000 1,450,287,000
3016 with Federal Reserve agents
46,135,000
56,229,000
65,407,000
65.712.000
67,927,000
51,921,000
50.318.000
52,926,000
52,6:3,000
3old redemption fund with U.S. Treas.
1.434.836.000 1,442,183,000 1.491.581,000 1,496,422.000
Gold held exclusively asst. F. R. notes 1,605,680,000 1,653,035,000 1,628,128,000 1.573,988,000 1.487,682,000 658.330.000 657,023.000 622,656.000 633.596,000
594.679,000 507,931,000 503,513,000 555,673,000 637.805,000
3016 settlement fund with F.R.Board
721,645,000 704,074,000 716,480,000 661,914,000
729,956,000
786.382,000
Sold and gold certificates held by banks. 761,504,000 805,824,000 804,294,000
RESOURCES.
Total gold reserves
Reserves other than gold
Total reserves
son-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
2,961,863,000 2,966,790.000 2,935.935.000 2,916,043,000 2,855.443,000 2.814.811,000 2,803,280.000 2,830.717.000 2.791,932,000
166,786,000 166,072,000 159,566,000 155,054,000 142,816,000 129,404,000 106,985,000 121,331.000 147,328,000
3,128,649,000 3,132,862,000 3,095,501,000 3,071.097,000 2,998,259,000 2,944.215.000 2,910,265,000 2,952.048,000 2,939,260,000
71,056,000
51,007.000
47,073,000
68,348.000
76.180,000
79,109,000
81.808,000
71,849,000
81.174,000
203.661,000
189,610,000
189,939,000
175,218.000
201,611,000
214,448.000
254,077.000
236.401,000
360,532,000
272,950,000
383.388,000
327,543.000
422,397.000
293.027.000
321.981,000
240.326,000
298,089,000
189,707,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
393,271,000
329,072,000
365,157.000
301,827,000
416.059,000
337,360,000
490,478.000
338.142,000
633,482.000
388,837,000
710.931.000
378,798.000
715,424,006
387,593,000
562.307,000
384,125,000
487.796,000
302.264,000
53,351,000
93,320,000
157,208,000
51,327,000
93,395,000
158,043,000
55.463,000
97,774,000
159.505,000
52.992,000
93,606,000
164,453,000
54,108,000
93.659.000
166,106,000
47,525,000
86,279,000
183.400.000
46,858.000
89,844,000
177,704.000
46.428,000
82.216,000
349.595,000
59.738,000
184,435,000
105,590,000
Total U. S. Government securities
Other securities (see note)
Foreign loans on gold
303,879,000
2,500,000
302.765,000
2,500,000
312,742.000
2,500,000
311,051,000
3.500,000
313,873.000
3,621.000
317.204,000
2.596.000
314,406,000
2,596,000
478,239,000
2,564,000
349,763,000
3,150.000
6.399,000
1,149,372,000
972,249,000 1,068,661,000 1,143,171,000 1.339.813,000 1.409.529.000 1.420.019,000 1,427,235.000
650,000
660,000
650,000
651.000
657,000
657.000
657.000
657,000
894.699,000
628,838,000
785,171,000
627,766,000 722,746,000 706.362,000 814,912,000 728.043,000
60,148,000
59.322.000
60,271.000
60,273,000
58,131.000
58,168.000
58,258,000
58,231,000
13.919,000
16,995,000
13,154,000
13.074,000
12.302,000
12,108,000
12,189,000
12,053,000
Total bills and securities (see note)...... 1,028.722,000
657,000
Due from foreign banks (see note)
636,827,000
Uncollected items
58.269,000
Bank premLees
12,195,000
All other resources
F.R. notes in actual circulation
DepositsMember banks-reserve account
Government
Foreign banks (see note)
Other deposits
00 4,865.503,000
4,937,168,000 4,883,090,000 5,039,023,000 5.073,371,000 5,300.254,000 5.224,133,000 5,236,603.000 5,399.706.0
1,840.132.000 1,662,520,000
1,686,515,000 1188,485,000 1,709.919,000 1,750.464,000 1,812,698,000 1.857.015,000 1.913,960.000
2,353,883.000 2,215,193.000
2,241,946,000 2,191,753,000 2,243,429,000 2.273.647.000 2.351,953.000 2,264,144,000 2.218.095.000
6.170.000
43,356,000
67.848.000
38.579,000
6,451,000
22,989,000
36,238,000
28,999,000
32.768,000
6.204,000
4,991.000
5.506.000
25.882,000
25,308,000
5.632,000
5,487.000
5.699,000
4,866,000
26,223.000
18,952,000
16,513,000
17,133,000
25.657,000
21.571.000
19,072,000
32,429,000
18,631,060
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,298,211,000 2,245,311.000 2,317.795,000 2,323,839.000 2,409.369,000 2.345.738.000 2.307,962,000
644,012,000
587,680,000 584,540,000 646,976,000 635,148,000 714,682,000 650.096.000
125,748,000 125,523.000 125,480.000 125,066.000 125,011.000 124.824,000 124.763,000
228,775,000 228,775,000 228,775,000 228.775.000 228,775,000 220,310,000 220,310,000
25.596.000
26.150,000
9,719,000
10.079,000
10,078.000
10,239,000
10.456.000
2,392.480,000 2,282.492,000
797,018.000 570,711,000
124,752.000 118,121,000
220,310,000 220,310,000
25.014,000
11,339,000
Total liabilities
4.937.168,0604,883,090.000 5,039,023,000 5.073,371,000 5.300.254.000 5,224.133.000 5,236,603,000
Ratio of gold reserves to deposit and
67.2%
66.9%
67.6%
71.6%
72.9%
75.4%
74.3%
F. R. note liabilities combined
Ratio of total reserves to deposit and
68.9%
70.1%
71.0%
75.4%
76.9%
79.6%
78.5%
F. R. note liabilities combined
Contingent liability on bills purchased
52,437.000
55,857,000
60.718.000
86,273,000
90,382,000
94,674,000
77,780,000
for foreign correspondents
5.399.706.000 4.865,503,000
Total resources
LIABILITIES.
70.7%
66.9%
69.7%
74.5%
50,491.000
83,543,000
5
$
$
$
$
$
$
$
$
Distribution by Maturities-96,785.0041
157.087.000 142,583.000
1-15 days bills bought in open market. 153,851,000 123.999,600 147.001.000 130.158.000 170,212.000 155.744.000 583.639,000 446,952,000 373,858,000
575,544.000
517,727,000
382,115,000
310.773,000
266.642,000
296,490,000
discounted
bills
1-15 days
100,000 183.000.000
4,500,000
7,860,000
5,676,000
1,564,000
1-15 days U. S. certif. of Indebtedness.
111,000
1-15 days municipal warrants
55,073,000
77.340.000
80.459.000
76.818.000
78,150,000
78,201.000
72,313.000
71,170,000
93,787,000
16-30 days bills bought in open market__
39,153.000
32,329,000
37,193,000
38,865,000
30,510,000
28.768,000
21,613,000
26,748,000
25,2E9.000
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
96,000
96,000
16-30 days municipal warrants
97.685.000
86,264,000
86.642.000
90,963.000
98,299.000
95,654.000
31-60 days bills baught In open market90.754.000
60,322,000
81,778.000
42.924.000
46,564,000
52.688,000
49.876.000
47,635,000
45,490,000
41.069,000
38,881,000
43,411,000
31-60 days bills discounted
81-60 days U. S. certif. of Indebtedness.
64.000
10,000
31-60 days municipal warrants
59,468.000
57.182,000
56,469,060
49.382.000
36,144,000
27,344,000
16.810.000
17,618,000
21,080.000
61-90 days bills bought in open market_
26,306,000
26,096.000
33,150,000
37,232.000
27,090,000
21.560,000
22,479,000
24.270.000
24,448,000
61-90 days bills discounted
1,000
20,000
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
6,690,000
7.049.000
6,936,000
5.891,000
6,032,000
4,302,000
6,119.000
6,785,000
7,375,000
Over 90 days bills bought in open market
8,739,000
7.182.000
8,754,000
9,414,000
10,520,000
9,668.000
9,835,000
9,592,000
9.814.000
Over 90 days bills discounted
161,594,000
105,590,000
177,584,000
Over 90 days certif. of indebtedness.... 157,208,000 158,043,000 157.941.000 158.777.000 158,246,000 178,900,000
Over 90 days municipal warrants
2,994,086.000 27884413.000
3',R. notes received from Comptroller._ 2,954,551,000 2,967,911,000 2,983,478.000 3,002,781,000 3,023,052,000 3,039.590,000 3,022,190,000 805,711.000 863,051,000
865,848.000 855.743,000 820.473.000 792.378.000 770.918,000 774.815.000 755.030.000
F. R. notes held by F. R. Agent
2,088,703,000 2312,168,000 2,163,005.000 2.210.403,000 2,252,134,600 2,264.775,000 2,267,160,000 2.188.375.000 2,021.402,000
Issued to Federal Reserve Banks
How Secured357.927.000 321,246,000 306,280,000 306,281,000 306,096,000 306,095.000 306,151,000 306,274.000 309,961,000
By gold and gold certificates
96,904.000 102.401,000 105,659,000 106,287,000 111,071.000 109.052,000 111,978,000 104.828.000 106,916,000
Gold redemption fund
1,033,410,000
Gold fund-Federal Reserve Board.... 1,097,923,000 1,177,467.000 1,163,556,000 1,111,102,000 1,002,588.000 953,977,000 958,647,000 1,024.250.000
694,440,000 651.717,000 733.266,000 812.610.000 996.817.000 1.058.364.000 1,066,858,000 919.193,000 740,300,000
By eligible paper
a 9d7 ins non 9 9A9 Sal non 9 -Ins sal non o soft non non's Ala xso non 9 A97 AsIt2 non s Ass ASS Ann 9 '4Ad AAA (11111 7 1011 4117 01141
NOTE.-Beginning with the statement of Oct. 7 1925, 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," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption,- -Total earplug assets" to "Total bills and securities.' The latter item was 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, It was stated, are the only items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 2 1927.
Two cipbem (00) omitted.
Federal Reserve Bank of
Boston.
New York.
Phila.
RESOURCES.
$
$
$
Cleveland. Richmond Atlan)a.
$
$
$
Chicago. St. Louts. Minneap. Kan. City
$
s
31,836,0
s
$
59,466,0
Dallas.
San Fran,
TOW).
$
s
$
38.280.0 174,540,0 1,552,754,0
Oolcrwith Federal Reserve Agents 128,814,0
Gold redo fund with U.S.Treas. 6,605,0
394,075,0 112,819,0 165.874,0 66,596,0 144,336,0 177,689,0
908,0 2,000,0 3,528,0
12,666,0 12,507.0 5,595,0
Gold held excl. agst. F.R. notes 135,419,0
Gold settle't fund with F.R.Board 31,812,0
32,749.0
Gold and gold certificates
406,741,0 125,326,0 171,469,0 67.504,0 146,336,0 181.217,0 33,074,0 62,416.0 62,069,0 37,527,0 176,582.0 1.605,680.0
152.167,0 42,487,0 75,100.0 21,092,0 25,860,0 125,152,0 22,866.0 10.548,0 33,381,0 16,842.0 37,372,0 594,679.0
500,023,0 28,264,0 51,207,0 12,897,0 4.451,0 59,769,0 16.339,0 6.553,0 7,587,0 8,495,0 33.170,0 761,504,0
Total gold reserves
Reserves other than gold
1,238,0
60,429,0
1.987,0
2,603,0
1,247.0
2.042,0
52,926,0
199.980,0 1,058.931.0 196,077,0 297,776,0 101,493,0 176,647,0 366.138,0 72,279.0 79,517.0 103,037.0 62.864.0 247.124.0 2.961.863.0
33,407.0 7,543,0 11.310,0 11,719.0 12,297.0 27.084,0 18,025,0 3,818,0 5,905.0 8,478,0 8,842,0 166.786,0
18,358.0
218,338,0 1,092,338,0 203.620,0 309,086.0 113,212,0 188,944.0 393,222,0 90,304,0 83.335,0 108,942,0 71,342,0 255.966.0 3.128.649,0
Total reserves
71,849.0
23,149,0 1,922,0 4,315,0 7,342,0 4,665,0 8,898,0 4,673.0
878,0 2353,0 2.586,0 3,491.0
7,797,0
Non-reserve cash
Bills discounted:
446,0 44,729,0 8.518.0
449,0 3,205.0 1,140.0 16.019.0 203,661.0
61,553,0 22,434,0 28.560,0 6.746,0
See. by U.S. Govt. obligations 11,862,0
15,190,0 13,765,0 25,079,0 16,059.0 27,958,0 32.228.0 6,586,0 3,477,0 7,043,0 2,814,0 24.987,0 189.610,0
14,426.0
Other bills discounted
26.288,0
Total bills discounted
Bills bought in open market_ __ _ 38,114,0
El. B. Government securities:
681,0
Bonds
2,422,0
Treasury notes
Cert!ficates of indebtedness.... 6,546,0
Total TT A_ rinse. securities
9 649 0
76,743.0 36,199,0 53,639,0 22,805,0 28,402,0 76.957,0 13,104.0 3,926,0 10,248,0 3,954,0 41,006,0
92.706,0 23,996,0 28,965,0 11,149,0 15.380,0 40.915,0 11,308,0 11,110,0 15,586,0 13,392,0 26,453,0
393.271,0
329,072.0
532,0
7,693,0 8,962,0 6,004,0
2.122.0 4.707,0 4,395,0 15,790.0
6.666,0 14.399,0 13,793.0 22451.0
53,351.0
93,320.0
157,208.0
AfIli 0 24.192.0 38.873.0
303.879.0
659,0 1,367.0
2,156,0
12,557.0 15,543,0 18,683,0
39,405,0 3.726,0 15,283,0
54
11R
n
19.928.0 35.333.0
1,279,0
1.436,0
4,344,0
253,0 21.060.0 2,705,0
1.557,0 6.653,0 7.455.0
2,0 19,888,0 10,605,0
7.059.0
181211 471101 n
90 'Sean
is dal
n
28
760
THE CHRONICLE
RESOURCES (Coractuded)Two ciphers (00) mined.
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
Boston.
New York.
$
$
74,051,0
Phila.
$
2,000,0
[Vol,. 124.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran
$
$
$
$
$
3
500,0
4
$
$
Total.
$
2,500.0
223,567.0 82,123,0 117,937,0 41,013,0 45,594,0 165,473,0 45,175,0 32,017,0 53,902,0 41.538.0 106,332,0 1,028,722,0
657,0
657,0
160,576,0 58,594,0 62,002,0 52,521,0 25,496,0 77,520,0 30,916,0 10,527,0 37,323,0 23,995,0 37,609,0 636,827,0
16,276,0
1,709,0 7,119,0 2,136,0 2,866,0 7,842.0 3,957,0 2,774.0 4,459.0 1,752,0 3.433,0
58,269,0
345.0
1,980.0
1,020,0
287,0
747,0 2,700,0
817,0 2,051,0
486,0 1,139,0
550,0
12,195,0
59,748,0
3,946,0
73.0
Total resources
363,953,0 1,518,543,0 348,313,0 501,479,0 216,511,0 268,312,0 655,655,0 175,842,0 131,582,0 207,329,0
LIABILITIES.
F. R. notes in actual circulation_ 128,840,0 406,771,0 117,331,0 105,059,0 75,346,0 157,538,0 211,423,0 46,028,0 63,986,0 68,345,0
Deposits:
Member bank-reserve met 148,805,0 845.227,0 140,291,0 208,527,0 71,122,0 68,879,0 319,052,0 79,424,0 45,077,0 90,865,0
Government
1,839.0
13,170,0
597,0 1,926,0 2,531.0 4,912,0 1,261,0
1,614,0
1,143.0
936,0
Foreign bank
2,141,0
400,0
283,0
362,0
196.0
154,0
520,0
162,0
113,0
139,0
Other deposits
92,0
474,0
9,885,0
891,0
112,0
90,0 1,021,0
329,0
160.0
88,0
Total deposits
151,019,0 870,423,0 142,741,0 210,415,0 73,356,0 71,654.0 325,505.0 81,176,0 46.493,0 92,028,0
Deferred availability items
57,403,0 140,432,0 54,128,0 56,516,0 48,783,0 24,048.0 67,734,0 32,645,0 9,594,0 33,229,0
Capital paid in
8,800,0
37,059,0 12,584,0 13,762,0 6,108,0 5,020,0 16,856,0 5,284,0 3.043.0 4,182,0
Surplus
61,614,0 21,267,0 23,746,0 12,198,0 9,632,0 31,881,0 9,939,0 7.527.0 9,029.0
17,606,0
All other liabilities
285,0
262,0 1,081,0
2,244,0
720,0
420,0 2,256,0
770,0
939,0
516,0
141,679,0 407,970,0 4,937,168.0
43,646,0 171,302,0 1,686,515.0
58,276,0 166,401,0 2,241,946,0
1,079.0 1,760,0
32.768,0
132,0
264,0
4,866,0
18,631,0
33,0 5,456,0
59,520,0 173,881,0 2,298,211,0
25,585,0 37,583,0 587,680,0
4,304,0 8,746,0 125.748,0
8,215,0 16,121,0 228,775,0
409,0
10,239.0
337,0
Total liabilities
363.953,0 1,518,543,0 348,313,0 501,479,0 216,511,0 268,312,0 655,655,0 175,842,0 131.582,0 207,329,0 141,679,0 407,970,0 4,937,168,0
Memoranda.
Reserve ratio (per cent)
78.0
85.5
76.1
82.4
78.3
76.1
73.2
71.0
75.4
78.5
67.9
74.2
69.2
Contingent liability on bills purchased for foreign correspond'ts 7,060,0
9,728,0 9,036,0 9,977.0 4,894,0 3,859,0 12,989,0 4.047,0 2,824,0 3,483,0 3,294.0 6,589,0
77.780.0
F. R. notes on hand (notes reed
from F. R. Agent less notes in
33.261.0 110,864,0 49,488.0 30,668,0 18,520,0 26,575,0 52,639,0 4.502,0 6,077,0 13,648.0 7,704,0 48,242,0 402.188,0
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS FEB. 2 1927.
Federal Reserve Agent at--
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas, San Fran.
Total.
(Two ciphers (00) omitted.)
S
F.R.notes reed from Comptroller 255,701,0
F.R.notes held by F. R. Agent__ 93.600,0
5
S
$
$
$
$
$
$
$
$
$
$
809,715,0 199,319,0 280,867,0 120,220,0 247,778,0 430,862,0 71,230,0 89,615,0 110,803,0 69,397,0 269,044,0
2,954,551.0
292,080,0 32,500,0 54,240,0 26,354.0 63,665,0 166,800,0 20,700.0 19,552,0 28,810,0 18,047,0 49,500,0 865,848.0
F.R.notes issued to F. R. Bank 182,101,0
Collateral held as security for
F. R. notes issued to F. R. Bk.:
Gold and gold certificates___ 35,300.0
9,514,0
Gold redemption fund
84,000,0
Gold fund-F.R. Board..
64,402,0
Eligible paper
517,635,0 166,819,0 226,627.0 93,866,0 184,113,0 264,062,0 50,530,0 70,063,0 81,993,0 51,350,0 219,544,0 2,088,703,0
193.216,0
Total collateral
210,080,0
8,780,0 28.805,0 15,397,0
7.750,0 13,507,0
18,308,0
22,995,0 9,942,0 12,094.0 6,791,0 4,939,0 2,689,0 2,786,0
922,0 3,606,0 3,972,0
161,000,0 102,877,0 145,000,0 31,000,0 124,000.0 175,000.0 21,300,0 46,000,0 55.860,0 14,000,0
153,082.0 54,405,0 78,966,0 33,419,0 43,414,0 117,657,0 24,206,0 14,726,0 25,730.0 17,220,0
20,000,0 357,927.0
16,654,0
96,904,0
137,886,0 1,097,923.0
67,213,0 694,440.0
547.157.0 167.224.0 244,840.0 100.015.0 187.750.0 295.346.0 56.042.0 75.155.0 85.196.0
241 7.:1 fl. 947
53
MO ri
Ina n
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 681 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 Dec. 12 1917, published in the "Chronicle" of Dec. 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 710.
I. Data for all reporting member banks in each Federal Reserve District at close of business JANUARY 26 1927. (Three ciphers (000) omitted.)
Federal Reserve District.
Boston. New York
Number of reporting banks
Loans and discounts, gross:
Secured by II.S.Gov't obligations
Secured by stocks and bonds
All other loans and discounts_ _
Total loans and discounts
Investments:
U. S. Government securitles
Other bonds, stocks and securities
Total investments
37
Phila,
Cleveland. Richmond Atlanta,
92
50
74
67
3
$
9,646
51,141
341,376 2,262,058
641,054 2,811,768
3
10,625
419,334
377.992
5
21,801
556,223
785.622
992,076 5,124,967
134,688 941,090
249,009 1.213,862
383,697 2,154,952
362,015
24
66
45
3
5,268
156,596
366,063
$
$
5,799
18,077
108,639 858,262
389,474 1.251,149
$
5,128
192,722
306.369
$
3,312
77,349
160,422
3
4,144
116,808
294.460
$
2,238
73,520
236,407
807,951 1.363,646
527,927
503,912 2.127,488
504,219
241,083
415,412
312.165 1,279,211 14,200,057
88,430 259,620
273,585 '359,490
66,078
69,293
65,502
121,136
65.383
49,165
101,150
94,850
135,373
863,300
41,990
13.810
392,954
214.662
3,461
37,676
58,986
282,981
451,667
96,662
734.848
188,638
114,548
196,000
600,574 2.862,136
40,434 237,993
11.366
48,591
340.642 1,723,397
225,491 1,045,389
7,614
11,645
690,857
46,400
7,601
405,686
226,980
3,082
355,631
23,944
5,666
212,240
125,366
628
611,412
55.138
12,383
492,019
146,734
1,697
49,030
22,982
251,843 2,343,471
232,231 3,196,258
72,012
484,074 5,539,729
384,177 1,763,285 19,739,786
27,871 110,623 1,606.111
9,880
268,177
22,285
270,195 785,698 12,878,603
101,781 922,619 5,874,332
3,977
12,297
119,588
2,080
491
35
1,310
2,017
2,543
575
1.720
11,905
10,805
114,165
82,939
4,560
2,295
22.710
197,104
99,033
581
31,
o,,01
8.106
11,571
54,932
2.571
1,345
132.449 1,041,363
168,846
48,522
90 750
34.085
18,571
15 9R1
361,836
14 ,A1
002
89,
00 A c,
52,896
I ela "nil
K1 /OS
681
38,728
16.204
34,708
0')sot
5
5,724
142,903
316,781 5,479,668
956,706 8,577,486
207
11,364
7,914
9,
,IRA
5
63
2,338
5,768
37,148
9,244
Total.
31
619,110
T.... 1...-.... h.h.......
Chicago, St. Louis. lifinneap. Na,,. City Dallas. San Fran.
97
Total loans and Investments_ _ _ _ 1,375,773 7,279,919 1,169,966 1,982,756
Reserve balances with F. It. Bank
98,831 718.397
78.939 125,551
Cash in vault
20.646
72,764
29,269
15,916
Net demand deposits
907,042 5,544,917 778,520 1,025.293
Time deposits
424,842 1,365,977 251,246 823,245
Government deposits
36,206
9,675
12,270
17,036
Bills pay. di redis. with F. R. Bk.:
Secured by U.S.Gov't obligations
465
5,350
28.110
22,355
All other
2,564
9,038
12,353
8,779
Total borrowings from F.R.Bank
Bankers' balances of reporting member banks In F. R. Bank cities:
Due to banks
35
1n
,o
•i c.,1
100,774 2.178,958
Ann 1')
515 AA!
2. Data of reporting member banks In New York City. Chicago, and for the whole country.
All Reporting Member Banks.
Reporting Member Banks in N. Y. City.
Reporting Member Banks it Chicago.
Jan. 26 1927. Jan. 19 1927. Jan. 27 1926. Jan. 26 1927. Jan. 19 1927. Jan. 27 1926. Jan. 28 1927. Jan. 19 1927. Jan. 27 1926.
Number of reporting banks
681
717
682
54
54
61
Loans and discounts. gross:
$
$
$
$
$
$
Secured by U. S. Gov't obligations
161,629.000
142,903,000 *136,984,000
48,182,000
46.355,000
42,050,000
Secured by stocks and bonds
5.479,668,000 •5.522,514.000 5,509,329,000 1,961,985,000 1,994,245,000 2,200,878,000
All other loans and discounts
8,577,486,000 *8.611,472,000 8,278,261,000 2,460,252,000 2,475,645,000 2,235,938,000
46
$
12,481,000
642,666,000
689.802,000
45
$
13.510,000
647,302.000
700.709.000
46
$
17,634,000
616,498,000
679,446,000
Total loans and discounts
14,200,057,000 •14270970,000 13,949,219,000 4,470,419,000 4,511,940,000 4,483,171,000 1,344,949,000 1,361,521,000 1,313,578.000
Investments
U. S. Government securities
2.343,471,000 y2,327,166,000 2.537,345,000 852,128,000 843,800,000 921,094,000 150,652.000 146,638,000 173,566,000
Other bonds, stocks and securities. 3,196,258,000 .3,190,599,000 2,939,375,000 897,519,000 894,879,000 816,780,000 210,814,000 209,108,000 201.940,000
Total investments
5.539,729.000 .5.517,765,000 5.476.720,000 1,749,647,000 1.738,679.000 1,737,874,000 361,466,000 355.746,000 375,506.000
Total loans and investments
19,739,786.000 *19788735,000 19,425,939.000 6.220,066.000 6,250,619,000 6,221,045,000 1.706,415.000 1,717,267,000 1,689,084.000
Reserve balances with F. R. Banks._ 1,606,111,000 1.671,589,000 1,848,579,000 658,613,000 712,280.000 690,823,000 187,683,000 172,967,000 171,411,000
268,177,000 *271,326,000
Cash in vault
281,652,000
20.902,000
86.404,000
59,142,000
21,158,000
58,782.000
21,786,000
12,878,603,000 .13027153,000 13,034,186,000 4.976,284,000 5,066,949.000 5,119,986,000 1.164,593,000 1.178,835,000 1,144,123,000
Net demand deposits
5.874,332,000 *5.864.219,000 5,385,199.000 914,482,000 911,633,000 808,915,000 517,414,000 518,812,000 508,656.000
Time deposits
Government deposits
119,588,000
119,527,000
5,644,000
200,360.000
49,995.000
5,644,000
33,518,000
33,518,000
12,947.000
Bills payable and rediscounts with
Federal Reserve Banks:
114.165,000
Secured by U. S. Gov't obligations
126,107,000
5,003.000
30,922,000
168.731.000
11,591,000
23.100,000
19.950.000
16,560,000
82,939.000
121,640,000
6,240,900
All other
2,080.000
100,969,000
32,918,000
8,319.000
5,656,000
3.558,000
bks
197,104,000
It.
from
F.
borrowings
247,747,000
Total
7,063,000
37,162,000
289,700,000
56,018.000
28,269,000
17,247,000
20,118.000
-Loans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks In New York City:
For own account------------------------------------------------------ 865,183,000 882,901,000 1,200,914,000
1 125.713,000 1,140.604,000 1,287,367,000
For account of out-of-town banks
741,044,000 746.667,000 609,911,000
For account of others
Total
On demand
On time
• Revised figures.
2,731.940,000 2,770,172,000 3,098,192,000
2.047.954,000 2,081,944,000 2,135,023,000
683,986,000 688,228.000 963,169,000
TRE CHRONICLE
FEB. 5 1927.1
kaniters'
New York City Banks and Trust Companies.
azette.
AU prices dollars per share.
Wall Street, Friday Night, Feb. 4 1927.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 749.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Feb. 4.
Sales
for
Week.
Range for Week.
Lowest.
I
Highest.
I
Range Since Jan. 1.
I
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share.S per share.
Railroads.
Feb 1 118
180,118
Feb 1 119
Feb 119
Jan
Alabama & Vicksb_ _.100
Feb 2 8334 Jan 85
201 85
Feb 2 85
Jan
Caro Clinch & Ohio_ _100
201 9834 Feb 4 99 Feb 4 9834 Feb 99
Feb
Stamped
Jan 10434 Jan
1001033.4 Feb 1 1033.4 Feb 1 103
C C C & St L pref_ _ _100
40 60
Feb 1 66
Feb 2, 55
Jan 66
Feb
CM St P Minn & 0_ _100
110111
Jan 29111
Jan 29 110
Jan 111
Jan
100
Preferred
Fe
600 4
Feb 2 5
Feb 2 4
534 Jan
Duluth S & Atl_ _ _ _100
Feb 2 734 Feb 2 54 Jan 714 Jan
100 600 6
Preferred
40 83
Feb 3 83
Feb 3 83
Fe. 83
Feb
Green Bay & West._ _100
Ja 2634 Jan
100 26
Jan 29 26
Jan 29 26
Havana Elec Ry rects__•
30 933.4 Jan 29 9434 Feb 4 9314 Jan 9.53.4 Jan
Preferred certificates.*
10 79
Jan 31 79
Jan 31 79
Jan 79
Jan
Ill Cent Leased Line_100
100 4,070 234 Feb 2 634 Feb 3 1
Jan 634 Feb
Iowa Central
Minn & St Louis etfs_100 3,600 194 Feb 2' 234 Feb 3 I% Feb 214 Feb
130 80
Feb 4 8054 Jan 29 8034 Jan 8014 Jan
50
Morris & Essex
20104
Jan 31 104
Jan 31 1033.4 Jan 104
Jan
NY Lack & West...1
10 97
Jan 311 97
*
Jan 31 97
Jan 98
Jan
N Y Rys etfs stpd
200 3734 Feb 2,' 37% Feb 2 3434 Jan 3734 Feb
NY State Rys pref_100
110 54
Feb 21 55
Jan 55,
Feb 2 46
Feb
Pacific Coast let 0_100
200 6414 Feb 2' 6474 Feb 3 62
Jan 65
Jan
Twin City Rap Tran_100
40 101
Feb 2 101
100
Jan 101
Feb 2 100
Jan
Preferred
50 100% Feb 3,101
Feb 3 9834 Jan 101
Feb
VIcks Shrev & Pee pr.100
Industrial & Miscell.
Feb 1 104
Jan 108
Feb
Amalg Leather pref _ _100
7001053.4 Feb 21108
100 90
Feb 4 90
Feb 4 90
Jan 90
Jan
Amer Chicle prior pref.•
Amer-La France Fire
1
8734 Jan 31 8734 Jan 31 8734 Jan 9034 Jan
Engine 7% pref _ I s
4 1013.4 Feb 3104
Feb 4 10114 Feb 107
American Piano pref_100
Jan
2 13334 Feb 213334 Feb 2 13334 Feb 13334 Feb
Amer Radiator pref..100
1 80
Feb 4 80
Feb 4 80
Jan 80
Jan
Amer Shipbuilding
American Snuff pref _100
14 96
Feb 4 97
Feb 4 9434 Jan 98
Jan
Am Type Found pf _ _100
7010734 Feb 110934 Feb 2 10734 Feb 10934 Feb
Am Wholesale Corp pf 100
8 10334 Jan 29 10394 Jan 29 9934 Jan 10334 Jan
Autosales Corp
*
10
414 Feb 3 434 Feb 3 414 Feb 411 Feb
Barnet Leather
• 2,10 47
Jan 29 55
Feb 3 40
Jan 55
Feb
Bayuk Bros lst pref _100
30 101
Jan 31 102
Feb 1 101
Jan 10234 Jan
2d preferred
20 100
Feb 1 100
100
Feb 1 100
Feb 100
Feb
Byers & Co pref
100
12 106
Feb 1 107
Feb 2 106
Jan 107
Feb
Cent Alloy Steel pref 100
400 10614 Jan 31 10614 Jan 31 10634 Jan 10734 Jan
Central Leather ctfs.100 1,00
836 Feb 1 954 Feb 3 734 Jan 994 Jan
Preferred ctfs
100 3,500 5654 Feb 3 58
Jan 58
Feb
Feb 4 54
Columbia Gas& El righ 15,900 236 Jan
3 Jan 31
254 Jan 354 Jan
Consolidated Gas rights_ 63,38
334 Jan 29 414 Feb 4 3% Jan 414 Jan
42,241
% Feb 4
Preferred rights
% Jan 29
14 Jan
56 Feb
Continental Can pref 100
60 123
Jan 31 123
Jan 31 120
Jan 124
Jan
Deere & Co pref
100 1,00 1083.4 Feb 2109
Feb 3 1055-4 Jan 109
Feb
Devoe & Rayn let pf _100
10 103
Feb 3103
Feb 3 101
Jan 103
Jan
Durham Hosiery
50
10
834 Feb 1 834 Feb 1 8% Feb 814 Feb
Eastman Kodak pref_100
Jan
Feb 3 119% Jan 123
301193.4 Feb 2 120
Jan 9294 Feb
Eisenlohr & Bros pref 100
200 92
Feb 4 9214 Feb 1 89
Feb 2
Elk Horn Coal
*
100 10
Feb 2 10
Jan 10 ITan
10 2214 Jan 31 2234 Jan 31 2234 Jan 2334 Jan
Preferred
Si)
Emerson-Brant class A_•
Jan
100 834 Feb 3 834 Feb 3 7% Jan 9
Fifth Avenue Bus
• 100 1234 Jan 31 1214 Jan 31 123-4 Jan 1314 Jan
Franklin-Simon pref.100
10 111
Feb 3111
Feb 3 109% Jan 111
Jan
Feb 1 120
General Baking pref....*
40 120
Jan 29 122
Jan 125
Jan
Jan 29 4034 Jan 31 39
Jan 407-4 Jan
General Gas & El el 13 _• 200 39
Generality Signal pf_100
380 104
Feb 2 10434 Jan 29 104
Jan 10434 Jan
94 Jan 2
1
Feb 1
Gotham Silk Hosiery rts_ 4,125
Feb
94 Jan 1
Jan 10834 Feb
Preferred new
100 1,800 105% Feb 1 108 94 Feb 2 104
10 100
Feb 4 100
Feb 4 95% Jan 100
Guantanamo Sugar 01100
Feb
Feb 2103
Feb 2 99% Jan1103
Gulf States St let pf..100
110 103
Feb
Feb 1 100
Feb 1 100
Feb 10134 Jan
Hayes Wheel pref
100
20 100
Feb 4 70
Feb 4 65
Jan 72
International Salt... 100
20 70
Jan
1
40220
Feb 1 220
Feb 1 219
Jan240
Island Creek Coal
Jan
280 117
Feb 2 119
Feb 4 117
Feb 11934 Jan
Jones & Lang Steel pf 100
Kayser & Co 1st prof...* 3.100 117
Jan 3112034 Feb 3 111% Jan 12034 Feb
Kinney Co pref
100
370 8334 Jan 31 85
Feb 3 83
Jan 8634 Jan
• 200 60
Kress & Co new
Feb 2 60
Jan 81
Feb 2' 59
Jan
4,400 534 Jan 29 514 Feb 1 5
Laclede Gas rights
Jan 6
Jan
40 98
Jan 31 100
Preferred
100
Feb 3 95
Jan 100
Jan
103118
Feb 2 118
Loose-Wiles Bis 1st pf100
Feb 2 118
Jan 11834 Jan
5
30 60
Feb 2 6334 Feb 3 60
McCrory Stores
Feb 75
Jan
• 2.300'i3334 Jan 29 139
Feb 1 124
Macy Co Inc
Jan 139
Feb
600 4514 Jan 31 4534 Jan 31 41
Maned Sugar
100
Jan 4514 Jan
Feb 4 105
30 103
Jan 29 103
Mathieson Alkali pref100
Jan 105
Jan
Jan 29125
20 125
Jan 29 124% Jan 125
May Dept Stores pref100
Jan
3,300 1
Jan 29 194 Feb 3 1
Jan 1% Jan
Rights
Feb
2
80
8014 Feb 3
170 80
Jan 8014 Feb
Mullins Body pref... 100
Jan 29 33
51,800 31
Feb 4 30% Jan 33
Murray Body new
Feb
2011434 Feb 211534 Feb 2 11434 Jan 11534 Feb
Nat Supply prof. .100
Jan 10834 Jan
32010334 Feb 410434 Feb 4 103
pref _100
4311 Well Supply -Feb 4 87
Feb 4 81
Jan 89
100, 87
Omnibus Corp A pref 100
Jan
Jan 116
50 11534 Jan 3111534 Jan 31 115
Owens Bottle pref _100
Jan
94 Jan 31
94 Jae
2,600
94 Jan 31
% Jan
Pacific Gin;& El rts
Jan 31 39
Jan 31 39
Jan 41
20 39
Pacific Mills
100
Jan
Jan 10834 Jan
90 10814 Jan 3110834 Jan 31 107
Pacific Tel & Tel pref 100
Jan
Patino Min & Ext ctfs..20 6,200 2334 Feb 4 2434 Jan 2 2314 Feb 25
Penlekt Ford pref .100
10010134 Feb 410134 Feb 4 10134 Jan 10134 Feb
Feb 4 80
Feb 8534 Jan
Feb 4 80
3() 80
PitU.Term Coal pref.100
Feb 1834 Feb
Feb 2 1834 Feb 4 18
60 18
Pitts Utilities pref _ _10
Feb 2 18
Feb 18
Feb 2 18
Feb
60,1 18
Preferred ctfs
10
Feb 9114 Jan
Feb 2 8414 Jan 31 80
Porto-Rican Am Tob 100
800 80
Sherwin Wms pref _100
Jan
5010834 Feb 310834 Feb 3 10734 Jan 110
Feb 1 13
Feb 13
Feb 1 13
Van Raalte Co
Feb
• 100 13
Feb 2 60
Feb 6754 Jan
Feb 2 60
1st Preferred
60, 60
100
Victor Talk Mach
•50,300 36% Feb 3 3814 Jan 29 3654 Feb 3834 Jan
Jan 9234 Jan
Jan 29 9014 Feb 4 90
Cum preferred
• 4,000 90
Jan 99
Jan
Jan 29 9814 Jan 3 98
Prior preferred_..100 4,100 98
Feb 2 76
Feb 76
Feb
Va Coal & Coke prof _100
Feb 2 76
10 76
Feb 2 1634 Jan 24
Jan
Vulcan Detinning_ _ _100
110 2214 Jan 31 23
Jan 10634 Jan
Feb 3 90
0111 Preferred
100
11010234 Feb 4 103
Feb 4 10034 Jan 103
Jan
West Penn Pr 6% p1_100
110 102 94 Feb 3103
Jan
'Westinghouse El 1st pf 50
100 8234 Feb 4 8234 Feb 4 8254 Jan 83
Jan 29 182 34 Jan 3 17534 Jan 18434 Jan
Woolworth (F W) Co_25 6,500 178
•No par value.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Mar. 15 1927--- 4%% 1001n
-June 15 1927394% 100
Asked.
Maturity.
Int.
Rate.
Bid.
Asked.
10034 Sept. 15 1027_.... 314% 99"ts 100
100'ss Dec. 15 1927... 43.4% 100"ss 100%
New York C'ty Realty and Surety Companies.
Alliance R'lty
Amer Surety_
Mond & M G.
Lawyers Mtge
.Lawyers Title
& Guarantee
AU prices dollars per share.
Bid.
Bid. Ask.
Bid. Ask.
50
55 Mtge Bond__ 145 155 'Realty Assoe's
(Bklyn)corn 240
210 215 Nat Surety.... 238 241
1st pref._ _ 90
325 335 N Y Title &
2d pref.. _ -- 89
272 277
Mortgage__ 443 449
U S Casualty_ 320 340 Westchester
Title dr Tr_ 650
280 290
761
Ask.
250
93
91
Banks-N.Y. Bid.
America*___ 305
Amer Union.. 200
Bowery EaatR 405
Broadway Cen 50
Bronx Bort& 1375
Bronx Nat._ 490
Bryant Parka 210
Capitol Nat__ 215
Cent Mercan_ 290
Central
140
Chase
422
Chath Phenix
NatBk &Tr 395
Chelsea Exch. 268
Chemical_ _
855
Colonial*____ 650
Commerce_ __ 425
Com'nwealth• 300
Continental_• 265
Corn Exch.__ 435
Cosmop'tan. 290
Fifth Avenue* 2200
First
2675
Franklin
158
Garfield
370
Globe Exch.. 225
Grace
350
Greenwich
525
Hamilton.... 205
Hanover
1170
Ask.
315
208
410
90
1475
510
225
225
305
150
426
402
274
870
___
429
320
285
440
2300
2700
167
380
250
550
210
1200
Bid.
Banks.
Harriman_ _ _ _ 630
Manhattan .9_ 237
Mutual*
610
National CR 516
New Neth'ds 315
508
Park
Penn Exch..... 155
Port Morris
350
540
Public
Seaboard ____ 690
160
Seventh
670
Standard
590
State*
190
Trade*
185
United
United States* 320
Waslen Hts•_ 700
Yorktown •_. 135
Brooklyn.
Coney Island* 375
215
Dewey*
First
390
Mechanics'._ 340
Montauk'....360
Municipal 5.... 312
V315
Nassau
700
People's
Queensboro 5._ 185
Ask. Trust Co.. Bid.
650
New York.
241 Am Ex Iry Tr. 325
Bank of N
521
& Trust Co 775
325 Bankers True 672
514 Bronx Co Tr_ 330
165 Central lJnio • 965
375 County
320
548 Empire
371
705 Equitable Tr_ 305
170 Farm L & Tr_ 553
800 Fidelity True 305
597 Fulton
450
205 Guaranty Tr. 444
200 Interstate__ _ _ 200
326 LawyersTrue
900 Manufactur
548
142 Murray Hill__ 215
Mutual(W
375
cheater) ___ 225
N Y Trust__ 542
ioo Terminal Tr 200
350 Times Square. 135
375 Title On &
687
320 U Mtg & Tr. 405
325 United States.1930
550
Westchest'r
_
Brooklyn.
Brooklyn_ _ _ _ 820
Kings Count 2100
Midwood____ 255
•Banks marked(5)are State banks. t New stook.
y Ex-rights.
z Ex-div.
Ask.
329
800
877
350
975
335
377
308
558
315
476
448
208
Eii
225
250
547
210
140
695
415
1970
830
2250
275
tr Ex-stock div.
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 Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Jan. 29 Jan. 31 Feb. 1
Feb. 2 Feb. 3 Feb. 4
High 101111, 101",,
First Liberty Loan
314% bonds of 1923-47- Low. 101",, 101"3,
Close 10111.1 10114,
(First 3340
50
181
Total sales in 51.000 units__
____
____
Converted 4% bonds ofIHigh
Low.
__-_
__-_
1932-47 (First 4s)_ _
Close
------____
__
Total sales in $1,000 units _ _ _
_103"ss
Converted 414% bondrigh 1039.1
1932-47 (First 414s) Low_ 103"st 103'n
Close 103'ss 103"ss
6
36
Total sales in 51.000 units. __
Second Converted 434% High
____
____
bonds of 1932-47 (First Low_
Second 434s
____
.___
Total sales in 51,000 units_ _ _
High
------Second Liberty Loan
____
____
4% bonds of 1927-42 _ _ _. Low_
Close
------(Second 4s)
____
____
Total sales in 51,000 units _ _ _
Converted 434% bondarigh 100"n 1002%
Low_ 10019.2 10011.1
of 1927-42 (second
Close 100"., 10010,,
414s)
133
39
Total sales in $LOW units...
High 101"ss 1011'n
Third Liberty Loan
1019
.1
1019
..
Low_
1928._
434% bonds of
Close 1015.1 101'n
(Third 4345)
32
66
Total sales in $1,000 units...
High 103"ss 103",s
Fourth Liberty Loan
434% bonds of 1933-38_ Low_ 1033'n 103"st
Close 103"ss 103"ss
(Fourth 4sfs)
65
115
Total sales in 81,000 units _ _ _
..... 11021.1
High
Treasury
Low_
___. 110"13
434s, 194752
---- 110"n
Close
8
Total sales in 21,000 units-------8
(High 106
- 3 32 106"ss
Low_ 106"ss 106"ss
4s, 1944-1954
Close 106'°,, 106"st
.
I
3
Total sales in $1,000 units.....
____
High 10311:.
Low. 10311..
____
314s, 1946-1956
____
Close 10311.,
Tronl enlat 1.. 21 nnn ..4re
A
10113.1
101un
1011111
15
____
-___
---____
103"ss
103'n
103'ss
9
10119.1
101"n
101111,
34
____
..___
---____
103'n
103'ss
103'n
10
10111.,
101"ss
10111n
10
100"..
100"..
10014n
1
102"ss
103131
103"st
10
101"ss
101"n
10111.1
52
101
101
101
1
___ _
____
____
__ _ _
____
.___
------____
-___
------____
____
155",,100"n
10019.. 10011.1
100"., 100".,
19
132
101"ss 101'n
1019.1 101.5n
101,11 101"ss
63
85
103"ss 103"ss
103", 103"ss
103"ss 103"si
148
288
11011., 11019.2
110", 110"n
110", 110"n
38
18
106", 106"ss
106"s 106"ss
106", 106"ss
5
103", 103"ss
103"s 103"st
103". 103"ss
25
.,
1031
103,of
1030n
26
_ -__
_ __
101112, 100%
1009.. 10091.
1001n 1005..
2
21
100",,10011.1
10019.. 10019.1
10011., 10011:.
21
685
101'ss 101'n
1019n 101'31
101'ss 101'ss
68
33
103"ss 103":.
103"ss 103"..
103"ss 103"si
50
79
11011.1 11011.1
110"n 110"si
110"n 110"si
5
8
---- 1062311
---- 106".:
---- 106"si
23
----
--__
1
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
24 2d 4348
25 3d 434s
10011n to 100",, 10 4th 4345
101'ss to 101'n I
103"ss to 103"ss
Foreign Exchange.-Sterling exchange ruled dull and
nominal with a tendency to slightly lower levels on continued
selling. The Continental exchanges were more or less
neglected and trading was inactive and featureless. Spanish
pesetas, however, proved the exception and speculative
manipulation caused violent up-and-down movements in
them.
To-day's (Friday's) actual rates for sterling exchange were 4 84 7-16©
4 8454 for checks and 4 84 15-16@4 85 for cables. Commercial on banks,
sight, 4 84 5-16(:414 8436; sixty days. 4 80 5-1664 8056; ninety days,
478 3-16584 7834. and documents for payment (60 days), 4 80 9-16 ®
4 80 Al,. Cotton for payment, 4 84 5-16 ®4 8494 , and grain for paymnet
4 84 5-165848456.
To-day's (Friday's) actual rates for Paris bankers francs were 3.0154 for
short. German bankers' marks are not yet quoted for long and short
bills. Amsterdam bankers' guilders were 39.963-4 ®39.97% for short.
Exchange at Paris on London, 123.32; week's range, 123.14 high and
123.75 low.
The range for foreign exchange for the week follows:
Sterling, ActualCables.
Checks.
High for the seek
4 85 1-16
4 84 9-16
Low for the week
4 84 15-16
4 84 7-16
Paris Bankers' FrancsHigh for the week
3.94%
3.9334
Low for the week
3.9334
3.9234
Germany Bankers' Marks23.7034
High for the week
23.6934
Low for the week
23.6954
23.6854
Amsterdam Bankers' GuildersHigh for the week
39.9954
39.9834
39.94 1.4
Low for the week
39.93%
Domestic Exchange.-Chicago, par. St. Louis 15 ®25c. per $1,000 discount. Boston, par; San Francisco. par Montreal $1.5625 per $1.000 premium. Cincinnati. Par.
762
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIT PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Jan. 29.
Monday,
Jan. 31.
Tuesday,
Feb. 1.
Wednesday, Thursday,
Feb. 2. 1 Feb. 3.
Friday,
Feb. 4.
$ per share $ Per share 5 per share $ per share IS per share $ per share
16212 163% 16312 16478 164 16478 16338 166381 16514 16658 16412 16534
101 101 1.10012 10034 10034 10078
10038 10034 10018 101
10012 101
112
1
158
114
178
58
*5s
58
%
34
34
34
18634 18712 18812 18812 186 188781 18838 18934 18812 19018
18534 187
10812 1087o 10918 10958 109 10978 10914 11138 11014 11138 110 11078
7412 7412
*74
7438 74
7418 7438 7412 75
74
74
74
5178 5138 5178 5138 5178
49
5178 51
5112 51
5014 50
106 106
10578 106
10612 10634 107 10718 10612 10712 10778 10778
6734
6734 6814 66
68
68
6838 *6712 68
69
684 *68
8758 8738 *8714 88
*8634 88
*87
88
8712 8712 *8714 88
11
1158 1078 1078
11
11
11
113* 1118 1158 1114 1114
8612
8614 *84
82
83
*81
83
*80
*80
83
*81
83
*59
60
60
*59
60
5918 5918 *59
*59
60
*59
60
16658 167% 168 17114 17014 17134 16912 17712 176 18014 176 17878
290 293 *285 300
*285 295 *285 290 *285 300
291 291
15434 1574 154 15618
155 15812 15414 1558 154 158
1538 157
7
7
714
7
*614 63
612 634
64 7
678 738
1038 1078
1012 1112 1058 1114
*10
958 10
10
1034 10
*261 300
275 275 *265 305 *270 305 *225 305 *272 325
3314 3378 3314 3412
32
34
*30
32
.30
32
*31
32
473* 4812 4758 48%
*46
47
*46
4612 4534 4534 4614 48
1318 1334
118 14
10
1012 1012 1214
10
934 934 10
2534 26
2534 2618 2618 27113 2718 2912 2934 3078 2918 3014
*1012 1112 1014 1012 1014 1014 1014 1012 1012 1012 1034 11
1012 1058 *1012 1034 1034 11
1018
1014 1014
1014 1014 10
2114
*20
2012 *1934 2012 1934 1934 195s 2034 2014 2014 20
21
*1934 2012 19114 1978 1978 197s 1934 2058 2018 2038 20
81
8034 8134 80
7914 80
8038 7934 81
80
80,2 80
13412 13412 132 132
*128 130 *128 130
131 133
130 130
7538 7432 7518 7358 74713
74
7334 7514 7334 75
7338 74
1058 106
106 106
10512 10534 10558 1053* 10534 10534 106 106
97
9714 9714 9714 9714 9714
*96
9634 9612 9612 9634 97
91
*89
91
*89
91
9012 9078 *89
90
90
*90
92
*73
75
*7312 74
75
*73
*73
75
*73
75
*73
75
72
*68
*6834 72
73
*68
73
*68
*68
*68
73
73
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
*8212 8312 8312 8418 *83
6712 *6712
66
67
*65
11012 112 *11012 11112 11012
140 145 *140 148 *140
134 136 *153
133 135
1014 *1013
in,.. 1014 *10
8414
85
*67
69
11112 11012
148 *140
136 .135
1018 1014
8414 84
6812 6714
11012 11012
148 *140
136 *13214
1038
1014
84
*83
6712 *67
11012 111
148 *140
13378 *133
1038 1014
Ex-right.
•Bid and asked prices. x Ex-dividend. 3
85
6712
112
148
13578
1034
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Shares.
$ Per share
Railroads.
Par
27,500 Atch Topeka de Santa Fe__100
100
3,700 Preferred
38,700 Atlanta Birm & Atlantio_100
5,100 Atlantic Coast Line RR
100
26,100 Baltimore az Ohio
100
100
600 Preferred
7,900 13.,ngor de Aroostook
50
140 Preferred
100
10,900 Bkin-Manh Trao v t o-No par
400, Preferred v to
No par
2,800113runswIck Term & Ry Sec_100
315 Buffalo Rochester az Pitts-100
10 Canada Southern
100
30,500 Canadian Pacific
100
400 Central RR of New Jersey-100
20,600 Chesapeake de Ohio
100
100
4,400 Chicago de Alton
100
9,700 Preferred
100
10 C C C & St Louis
2,800 Chic dc East Illinois RR
100
100
5,900 Preferred
93,400 Chicago Great Western_100
100
68,900 Preferred
4,500 Chicago MIlw & St Paul-100
2,700
100
Certificates
5,500 Preferred
100
9,600 Preferred certificates--100
12,800 Chicago & North Western.100
500 Preferred
100
10,500 Chicago Rock Isl &Pacifie_100
1,600 7% Preferred
100
100
3,100 6% preferred
500 Colorado az Southern
100
100
.,, First preferred
100
Second preferred
1613 Jan 6
998 Jan 5
58 Jan 3
183 Jan 28
10612 Jan 4
7314 Jan 3
44 Jan 6
10112 Jan 10
66 Feb 4
8634 Jan 27
912 Jan 25
8014 Jan 8
59 Jan 18
165 Jan 6
285 Jan 4
15134 Jan 25
434 Jan 8
712 Jan 5
275 Jan 31
3012 Jan 10
43 Jan 6
812 Jan 6
2314 Jag 7
9 Jan 4
9 Jan 4
1838 Jan 3
187 Jan 3
7838 Jan 27
12414 Jan 3
6812 Jan 4
10234 Jan 4
9514 Jan 28
84 Jan 3
70 Jan 4
68 Jan 14
17138 Jan 3
101 Jan 3
178 Feb 3
205 Jan 3
11318 Jan 10
742 Feb 4
5212 Jan 25
10718 Feb 4
708 Jan 20
88 Jan 4
1518 Jan 7
8614 Feb 3
5912 Jan 8
18114 Feb 3
29934 Jan 17
16234 Jan 5
8 Jan22
1134 Jan22
27514 Jan22
3412 Feb 4
4812 Feb 3
14 Feb 3
3078 Feb 3
12 Jan 20
1112 Jan 20
2112 Jan22
2138 Jan22
6312 Jan 17
1342 Feb 3
753 Feb 2
10612 Feb 3
9714 Feb 2
93 Jan 15
73 Jan 13
7112 Jan 15
122 Mar
9418 Mar
12 May
18112 Mar
8312 Mar
6712 Jan
33 Mar
978 Feb
5418 Mar
78 Mar
812 Mar
6934 Mar
58
Jan
14612 Jan
240 Mar
112 Mar
414 Sept
618 May
17314 Mar
30 Dec
3612 Mar
734 Mar
1614 Mar
814 Dec
734 Dec
1418 Mar
14 Apr
6514 Mar
11812 Jan
4012 Mar
96 Mar
8314 Mar
52 Mar
62 Mar
59 Jan
172 Dec
102 Dec
10
Jan
26212 Jan
10934 Sept
7378 Aug
46 Feb
103 Deo
77% Dec
8934 Dee
1858 Nov
8734 July
61 June
17014 Dec
305 Jan
17833 Sept
1158 Feb
1814 Feb
275 Aug
37 Feb
5134 Feb
12% Sept
3158 Sept
1412 Jan
14
Jan
24 Aug
2358 Aug
8334 Sept
12612 Apr
7114 Dec
108 Dee
98 Nov
9614 Oct
74
Oct
72 Sept
6912 Jan 15
17118 Jan 28
14014 Jan 27
4118 Jan 5
3912 Jan 3
5238 Jan 4
49 Jan 4
7958 Jan 4
1914 Jan 13
35% Jan 6
105 Jan 14
4012 Jan 3
78 Jan 6
12118 Jan 10
12078 Jan 12
74 Jan 4
24 Jan 18
63 Jan 4
4312 Jan 7
4114 Jan 4
647 Jan 7
9934 Jan 6
12818 Jan 14
72 Jan 20
17814 Jan 17
14634 Jan 17
53 2 Feb 4
4578 Feb 4
5812 Feb 4
5212 Feb 2
8833 Jan 17
2314 Feb 4
48 Feb 4
10814 Jan 19
4158 Feb 4
81 Jan 28
12514 Feb 2
12) Feb 2
7658 Jan 27
25 Jan 15
6434 Jan 10
477 Jan 3
4914 Feb 4
67 Jan22
125 Jan 19
13334 Jan 10
88 Jan 4
52 Jan 19
458 Jaa 31
20 Feb 4
4414 Jan 2
1212 .Tan 24
41 Feb 3
40 Feb 4
57 Feb 4
63 Jan 13
3)8 Feb 4
99 Jan 20
45 Feb 4
9134 Feb 2
5,2 Feb 3
238 Feb 2
130 Feb 4
14434 Jan22
191 Feb 3
105 Jan 27
5014 Feb 4
31 Feb 2
1534 Jan 14
22 Feb 3
423* Feb 3
16312 Feb 2
86 Jan 3
85 Jan 17
1514 Feb 3
5838 Jan 21
2678 Feb 2
126 Feb 2
9612 Jan 11
92 Feb 3
1384 Jan 2/
104 2 Feb 4
4118 Feb 4
4512 Jan 19
56 Feb 4
10578 Jan 19
9812 Jan 15
68% Feb 4
804 Jan 25
4014 Feb 4
4334 Feb 4
11058 Jan 3
127 Jan 3
9539 Jan 11
6034 Feb 4
4018 Jan29
16512 Feb 2
82 Feb 4
5714 Feb 4
8118 Feb 4
7518 Feb 4
3533 Feb 2
33[2 Feb 2
3258 Feb 4
75.2' Feb 1
80 Feb 4
84 Feb 4
6834 Nov
15014 Mar
129 Mar
3712 May
2212 Mar
3334 Mar
30 Mar
6812 Mar
18 Dec
2518 Apr
95 Mar
3458 Jan
6734 Mar
11312 Mar
11512 Mar
7114 Jan
24 Dec
62 Mar
2412 Jan
3414 Mar
6058 Mar
751 Mar
118 Mar
84 Mar
381* Jan
4% July
1912 Oct
3918 June
1134 Oct
118 Dec
2578 Dec
50 Dec
60
Oct
2912 Oct
82 Mar
27 Mar
7112 Mar
434 Apr
134 Oct
120 Mar
117 Mar
130 Mar
93 Mar
3058 Mar
1934 Mar
6
Jan
13 Dec
278 Apr
13914 Mar
8312 Nov
6534 Mar
15
Oct
4858 Mar
157s Oct
67 Mar
79 Mar
7034 Mar
85 Mar
79 Mar
3934 Dec
40 Mar
42 Apr
85 Mar
8312 Apr
5712 Mar
72 Mar
2712 Mar
3112 Mar
9618 Mar
10358 Mar
8712 Apr
4218 Mar
1312 Jan
14112 Mar
7434 Jan
337 Mar
68 Mar
57 Mar
11 Mar
1638 Mar
2712 Dec
72 Dec
18 Mar
37 Mar
7212 Dee
18312 Sept
15312 Jan
47 Jan
42 Dec
5514 Dec
51)14 Dec
8418 Dec
2714 Feb
4114 Sept
10912 Sept
4112 Dee
80 Dec
131 Sept
12912 Sept
77 June
31 Feb
66 June
5384 Dee
513 Sept
6838 Sept
106 Dec
144 Sept
9234 Apr
617 May
10 Feb
40 Feb
5138 Feb
2212 Feb
378 Jan
521 Feb
79 Feb
668 Feb
4718 Feb
9638 Dec
45 Sept
95 Sept
84 Jan
412 Jan
13212 Jan.
14712 Sept
20412 Sept
106 July
4838 July
2878 Feb
2014 Feb
28% Jan
443* Sept
17078 Oct
853 Aug
8212 Aug
48 Jan
5713 Oct
2634 Jan
122 Dec
96 July
9178 July
13514 Dec
10114 Dec
42 Apr
4534 Dec
6114 Aug
10312 Dec
9712 Dec
74 Feb
8014 July
51 Dec
4838 Feb
11214 Deo
13114 Sept
9512 Aug
6133 Jan
43 Apr
16833 Oct
8114 Aug
52
Jan
7834 Jan
72
Jan
1658 Jan
245* Sept
3914 Jan
8634 Sept
32 Jan
5012 Jan
7114 7012 7012 7012 70a 3,200 Ceusei RR of Cuba pref___100
70
100
4,500 Delaware az Hudson
17518 1757
17512 176
174 176
4,800 Delaware Lack & Western_ 50
14114 14312 143 143% 143 144
5134 5014 5112 5012 532 9,800 Deny & Rio Gr West prei_100
49
100
4458 4414 4578 78,500 Erie
4358 4478 44
100
5612 5712 5612 5712 561s 58'2 36,600 First Preferred
100
5212 1,400 Second preferred
5214 5212 5112 5112 52
8534 8614 8534 8618 12,300 Great Northern preferred_100
8514 86
22,900 Iron Ore Properties. No pa?
2238 2278 2234 2314 2214 23
25,500 Gulf Mobile & Northern_100
4334 44/8 4334 443* 4414 48
100
400 Preferred
107 10734 107 107 *106 107
4334 4414 4358 4414 4414 4558 10,500 Hudson & Manhattan_ -100
100
81
Preferred
8012 *77
*77
81
*77
100
12378 12514 12412 125 *122 12378 5,800 Illinois Central
100
600 Preferred
126 126 *124 126 z122 122
290 Rallgoad Sec Series A__1000
7638 *7512 7614
*76
7638 76
lot Rys of Cent AmerIca_100
*1818 2512
*1812 2612 *1818 26
100
30 Preferred
65
.6234 6434 6458 6458 *63
4414 4512 4353 4434 5,600 Interboro Rapid 'I'ran v t c_100
4458 45
100
4434 4578 4514 4534 4512 4914 40,800 Kansas City Southern
100
300 Preferred
67
67
67
6658 67
*66
50
11834 12012 120 12133 11934 12078 12,700 Lehigh Valley
100
132 13278 2,800 Louisville& Nashville
13134 132
13112 132
86
Manhattan Elevated guar 100
*85
86
*85
86
*82
*8418 86
*8418 86
85% *84
100
2,300
Modified guaranty
4912 50
5014 5014 5012 5034 4938 4954 4958 4958 4978 50
100
*412 6
200 Market Street Rallway
412 412 *412 6
458 458 *412 6
*412 512
100
200
20
Preferred
19
26
*20
26
*20
26
*20
26
•20
*20
26
100
600 Prior preferred
423* 423* 4214 4214
43
*43
44
*43
44
43
*43
44
100
15
Second preferred
*12
15
*12
14
*12
•12
15
*12
*12
15
15
278 338 41,800 Minneapolis & St Louls_100
3
458
234 278
238
214
*218 212
23* 238
3,200 Minn St Paul az 85 Marle_100
40
36
35
34
34
*29
*30
31
30
*29
32
32
100
700 Preferred
57
57
56
56
52
54
*49
52
*49
53
*50
54
100
120 Leased lines
62
*61
62
62
62
*61
*61
62
62
62
*61
62
3618 3558 363* 3534 3978 37,500 Mo-Kan-Texas RR____No par
341 3412 3412 35
3433 34% 35
*9758 98
100
9812 5,400 Preferred
9818 9518 9558 9818 983* 98
98
98
98
82,300 Missouri Pacific
100
41
4112 4118 42
42
4212 4214 4318 4258 432 4212 45
100
9812 53,700 Preferred
9838 97
952 9834 97
95
97
9412 95
9412 95
514 538 1,400 Nat Rya of Mex lot pref 100
512 512
5
538
*4
*4
5
5
*414 5
214 4,100 Second preferred
100
2
218 214
238
2
134
178
178
134 2
178
120 New Orl Texas & Mexico_100
126 130
*123 126 *123 126 *12312 12512 *12312 12512 *12512 126
100
13834 140
13934 14034 139 14078 13958 14178 14112 14212 14114 14234 61,500 New York Central
100
1,900 NY Chic & St Louis Co
18812 189
"188 189
189 189% 18912 19034 19034 191 *190 191
104 10412 1,200 Preferred
100
1104 10414 10312 10414 1034 104
104 104 *10312 104
100
4738 4858 4814 4914 475* 48% 4778 5014 349,100 N Y N H & Hartford
48
4433 4538 46
3014 2914 3034 79,500 N Y Ontario & Western_ _100
28
2858 2878 31
2738 27
2534 26 - 26
*13
14
500 N Y Railways prer ctfs_No par
14
14
1318 1314
*1318 15
*1312 15
14
14
*1638 2312
100 New York State Rallways_100
22
22
*1638 21
*1638 21
*1714 24
•1638 24
6,500
417
8
Norfolk Southern
41
100
397
8
423
8
403
8
39
*3734 3978 *3734 3912
38
38
100
15878 16312 16214 16312 16112 16234 14,500 Norfolk & Western
.1 157 158
15712 15814 15714 158
300 Preferred
100
*8312 8512
84
84
86
*84
*84
85
8512 851 *8334 86
100
8134 8212 8214 8234 8258 8334 834 8418 8438 844 835* 848 22,300 Northern Pacific
100 Pacific Coast
18
100
1514 1514 *15
18
*15
18
•15
*15
*15
18
18
50
58
5814 55712 5778 5758 5734 5734 5778 5712 5778 14,100 Pennsylvania
5778 58
100
234 244 9,900 Peoria & Eastern
25
2678 25
*22
23
*2012 23
22
2434 25
100
12212 12212 12234 12412 13,600 Pere Marquette
12038 12112 12112 12134 121 18 12278 12212 126
Dv
800 Prior preferred
9538 0538 9514 9514
95
95
95
9512 9514 9514 *9514 96
91
1,300 Preferred
91
92
100
9112 92
9118 911g 9112 9158 9158 91
*91
100
132 13314 13018 13258 13114 13434 133 13478 133 13334 134 13734 13,500 Pittsburgh & West Ta
50
9634 9738 9714 9814 9734 9858 98 10038 9938 10358 10218 10412 109,600 Reading
200 First preferred
4118 4118
*41
*41
42
50
*41
42
*41
42
41
41
42
40
500 Second preferred
*4414 4514 4334 4414 4412 4412 4412 4412 *4434 4514
*4334 45
100
3,000 Rutland RR pref
56
*52
53
53
5412 55
53
5312 53
*5012 5112 52
100
10414 1044 25.600 St Louis-San Francisco
102 1023* 10212 10334 10234 10378 10278 105
10334 105
100
900 Preferred A
*95
97
9612 9612 9612 97
97
97
97
9614 9614 *96
100
65
65
1164
644 *64
64
6838 4,300 St Louis Southwestern
6514 6512 6512 65
64
100
200 Preferred
•78
80
79
79
*79
80
*78
80
80
80
*79
81
100
3512 36
35
353
3458 35
3612 4014 55,700 Seaboard Air Line
3558 3738 3638 37
100
4012 4334 10,500 Preferred
4038 4114 *4012 41
41
*3934 4012 3934 4012 *40
1073
4 10712 108
100
10712 10878 10834 10914 10834 10914 17,500 Southern Pacific CO
10634 10712 10712
100
12212 12338 12214 124
12314 124
123 12312 10,600 Southern Railway
1204 12112 12112 123
100
*9412 95
95
9538 2,200 Preferred
9412 9412 9412 9412 9434 948 9458 95
100
56
5714 5634 5814 58
6034 42,300 Texas & Pacific
5938 58
5512 56% 5534 56
3912 *39
100
40
*3812 3912 384 3834 4,300 Third Avenue
3878 4018 3958 3958 *39
162
16212
16512
100
1613
4
3
,
17,200
1643
4
16414
Union
16418
16514
Pacirlo
162
162
160 162
100
8112 *8112 82
8112 8138 8138 81
1,800 Preferred
82
82
8012 8078 81
100
4578 4634 4612 4814 473 4814 4834 5714 255,100 Wabash
4434 4478 46
44
100
7934 7912 7978 7912 8012 7912 7934 7934 8178 24,400 Preferred A
79
7714 785
100
7412 75
75
*72
*73
7434 7518
75
75
1,200 Preferred B
*73
75
*70
109
337s 3318 3558 3058 3418 32
2718 28
3458 371,700 Western Maryland
26
2578 27
100
3618 36
3812 335 3712 34
365* 50,100 Second preferred
2912 2934 31
30
29
100
3058 3012 3034 3114 3114 3034 3238 1,600 Western Pacific new
*29 3004 *2978 309s 3058 7512
100
7518 7518 7412 7514 *74
75
1,300 Preferred new
7518 7514 7514 7514 75
7312 7034 89
80,700 Wheeling de Lake Erie Ry 100
5912 6434 6314 6538 6412 6914 63
63
57
100
7812 7512 7934 77
6578 6534 7434 75
48,500 Preferred
84
6418 6534 64
7112
*7014 7034 7034 7034 71
*172 174
17212 17212 *173 174
141 14112 *141 14178
141 141
49
4818 4812 49
4734 48
4338 431g 4358
4112 4214 42
5678 5614 5634
548 5614 56
*51
5134 *5112 52
5034 51
85
8.534 8538 8578 8514 86
2112 2134 2134 2234 2212 23
4314 4414
42
4214 4214 43
*106 107 *106 107 *106 107
43
43
43
4378 4378 4418
*8014 8112 *7734 81
*8014 81
123 12312
12212 123 *12212 123
*123 126 *123 125 *124 126
763* 7633 7618 7618 7638 7638
*1818 2612 *1818 2612 *1818 2612
*6234 6434
*64
6418 *6234 64
*4412 46
47
46
4612 *45
4412 45
4312 44
4414 4434
*66
67
*6514 67
*66
87
11812 11834
116 11614 117 119
12834 13038 *13014 131
131 13112
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
85 Jan 2'
48 Jan 6
412 Feb 2
19 Feb 4
4214 Feb 4
1212 Jan 21
138 Jan 13
27 Jan 6
51 Jan 12
59 Jan 6
3112 Jan 6
9534 Jan 4
3778 Jan 4
9018 Jan 4
412 Jan 12
134 Jan 7
121 Jan 8
13714 Jan 27
186 Jan 8
103 Jan 3
418 Jan 4
2314 Jan 15
1212 Jan 21
16% Jan 26
3718 Jan 14
156 Jan 4
84 Feb 3
78 Jan 3
1514 Feb 3
5634 Jan 3
20 Jan 25
11412 Jan 6
93 Jan22
894 Jan 4
12212 Jan 18
94 Jan 4
4012 Jan 13
4334 Jan 12
43 Jan 7
10034 Jan 6
93 Jan 21
61 Jan 6
7678 Jan 8
3112 Jan 28
3914 Jan 27
10314 Jan 28
119 Jan28
9414 Jan25
538 Jan 7
3712 Jan 21
159 2 Jan 27
8018 Jan 4
4012 Jan 4
76 Jan 3
65 Jan 15
1334 Jan 6
23 Jan 7
2734 Jan 12
73 Jan 3
2712 Jan 3
4712 Jan 7
$ per share $ Per share $ per share
Industrial & Miscellaneous.
500 Abitibi Power & Paper_No par 83 Jan 27 877
500 Abraham & Straus____No par 63 Jan 18 70
100 11012 Feb 1 112
410
Preferred
100 145 Jan 3 150
All America Cables
100 124 Jan 5 137
400 Adams Express
912 Jan 3 1114
100
1,200 Advance RumelY
Jan 12
Jan 21
Feb 4
Jan 10
Jan 27
Jan 8
7034 May 98 Sept
43 May 72 Dee
10418 Mar 112 Dec
131
Jan 155 July
007* Mar 136 Sept
8 Dec 22 Sept
New York Stock Record-Continued -Page 2
763
For sales during the week of stocks usually inactive, see second page precedina
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 29.
Monday,
Jan. 31.
Tuesday,
Feb. 1.
Wednesday, Thursday,
Feb. 3.
Feb. 2.
Friday,
Feb. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rrac un.ars.
Range Since Jan. 1 1927
On basis of 100-share tots
Lowest
Highest
rcas AMAZE.
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share $ per shore
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Mace'. (Con.) Par $ per share
28% Dec 6534 Sept
100 3014 Jan 25 3518 Jan 6
3134 32% 3313 3413 1.600 Advance Rumely pref
3234 3234 3134 3134 3158 315
*3012 33
43
918 Jan
434 Nov
Jan
28
518 Jan 3
45
1
Ahumada
Lead
1,400
458
458 433
458 458
458 434 *458 434
458 458
May 14634 Dec
13712 138 *137 13812 54,800 Air Reduction, Ino____No par 13412 Jan 26 14214 Jan 12 10714
13612 13612 13612 13612 *137 138 *13712 139
71 Oct 16 Feb
1
8
Feb
Jan
4
12
3
9
par
No
113
4
Inc
10%
48,500
&lax
Rubber,
II%
1113
1134 1153 12% 1153 123
1078 1114 11
78 Oct
2 Jan
112 Jan 20
114 Jan 6
112
800 Alaska Juneau Gold Min_ 10
112
112
113 112
113
*133 112
133 *114 13
13
134 Jan 25 13914 Jan 10 106 Mar 148% Dec
13513 13714 13633 13814 13618 13812 13613 13734 13612 13778 13658 13838 78,600 Allied Chemical & Dye..No par
17
11834
Mar
1223
4 Dec
Jan
Jan
5
12112
12012
100
*12058
200
Preferred
12114 *12058 12114 12012 12012
*12013 12112 *12014 12112 *12034 12112
7814 Mar 9458 Jan
100 88 Jan 25 9233 Jan 19
9018 8934 9012 2,300 Allis-Chalmers Mfg
90
90
8912 8934 9014 9012 90
89
89
Apr
11113
Dec
111
Jan
10
105
Jan
31
10912
100
100
10912
Preferred
*109
*109
10912
10912
*10812
10912
*109 10912 10913 10912 *10812
1434 Oct 21 Sept
1918
1833 1878 17,400 Amalgamated Leather_No par 16 Jan 25 1953 Feb 2
1612 1633 1734 1713 1912 1833 1933 18
*16
2414 May 3278 Aug
7 3514 16,000 Amerada Corp
Jan 6 3658 Jan 17
3113
par
No
34
4
35
35
3512
35
3
343*
3513
3514
35
354
34
9
Oct 3418 Jan
1258
1258 1258 1258 1273 12
1233 1278 2,200 Amer Agricultural Chem__100 11 14 Jan 13 14 Jan 10
1234 1234 *1258 13
3538 Oct 9612 Jan
100 4513 Jan 26 5184 Jan 10
600 Preferred
4734 *47
4734 4612 4612 46% 4618
4618 46
4612 46
*45
8 Mar 46
Oct
20
34
483
8
Jul
7
41
Jan
6
new
10
Bank
Note,
2,100
Amer
4712
47
4612
483
3
48
473
4
478
4738 4733 *4713 4712 • 4712
55 Jan 5813 July
50 Preferred
50 5612 Jan 4 59% Jan 22
57
57
57
*5612 56% 57
*5612 5812 *5612 5812 *5612 58
2012 Sept 3834 Feb
Jan 17 2538 Jan 5
2233
100
500
American
Beet
Sugar
25
25
25
*23
258
25
*23
*23
25
3
*243
8
247
2412
55 Nov 83 Feb
100 57 Feb 2 6018 Jan 3
100 Preferred
*5614 58
*5614 57
60
57
57
*57
60
*57
*5614 60
16 May 3438 Jan
1434 1434 1412 142 1412 1413 132* 1433 1,800 Amer Bosch Magneto-No par 13 Jan 20 1718 Jan 5
1434 15
1433 15
3 110 May 180 Feb
Feb
26
1434
par
134
Jan
F___No
Shoe
&
142
700
Am
Brake
14113
142
14314
*13912
14112
14112
*136
14112
13834
*13618
136
100 118 Jan 13 11814 Jan 10 11014 Mar 12814 Feb
Preferred
*11714 11814 *115 11814 *11714 11934 *11714 119 *11714 119 *11714 119
3014 Mar 50 Aug
4,700 Amer Brown BoveriEl_No par 3413 Feb 4 3912 Jan 5
3512 35
3514 3434 3512 3412 35
35
3512 36
3514 36
8612 Mar 9718 Jan
9512 Feb 4 98 Feb 1
100
9512
9658
1,600
97
Preferred
98
97
9713
9612
98
9712
9712
9712
*97
387
3 Mar 6313 Aug
Jan
3
Jan
28
4914
455
25
72,900
American
Can
w
i
4753 4834 4634 48
4534 4658 24613 4658 45% 46% 45% 48
Jan 13018 Dec
100 126 Jan 14 12913 Jan 5 121
500 Preferred
128 128
1277* 12778
*12734 12812 128 128 *128 12812 128 128
10
9113
Mar 11478 Jan
Jan
28
10212
Jan
10178
120
12012
10212
9912
101
10158
4,700
--No
par
American
Car
&
Fdy
1007
8
10012
9934 100
1008
10018
Oct13014 Dec
12012
130
Jan
17
12812
Jan
6
100
12934 12934
300 Preferred
12812 12812 *128 130 *12712 130
*12812 130 *12812 130
2314 Mar 2614 July
27
2714 27
27
2673 27
27
2,600 American Chain,class A_ _ _25 2514 Jan 7 2734 Jan 28
27
27
2714 2714 27
Oct51
Jan
Feb
4
31
26
40
Jan
3.3
No
par
40
2,800
373
4
39
395
American
Chicle
,
2
*37
38
374 3714 3712 3712 37
37
Oct474 Jan
28
No par 35 Jan 4 3914 Feb 4
3712 *37 '37% 3712 39
39
374 *37
3914 1,300 Do certificates
37
*3634 38
93 Jan 3 1112 Jan 13
414 Jan 1033 Aug
1018
1014
Druggists
Syndicate-10
1014
1014
1018
1014
5,000
Amer
1018
1014
1018
1014
104
1018
100 127 Jan 17 1334 Feb 4 10578 Mar 140 Jan
12912 13034 13012 13173 *13034 13134 13133 13138 132 13314 2,900 American Express
*12812 131
144 Nov 4238 Jan
19 Jan 27 23 Jan 6
2018 4,800 Amer & For'n Pow new_No par
1914 1912 1914 1912 1912 2013 20
1938 1918 20
19
Oct98 Feb
79
No
par 8712 Jan 28 8958 Jan 13
8814
600
8812
87%
88
88
88
88
Preferred
88
*88
88
*87% 38
7 May 1712 Feb
912 Jan 6
818 Jan 20
858
812 9
*812 914 *214 94
88
800 American Hide & Leather_100
*9
812
918 91a
12
3312 May 6714 Feb
Jan
7
Jan
31
527
8
49%
100
49
*49
50
*49
51
700
Preferred
4918
497
3
4918
4918
498
50
50
235 Oct305 Dec
3114 31
8,100 Amer Home Products__No par 30% Jan 3 3314 Jan 8
318 317 3218 3178 32
3078 3133 3118 3118 31
100 111% Jan 26 1264 Jan 5 109 Mar 136 June
900 American lee
11834 119
120 12014 12012 12012 12012 12012 *120 12034
117 117
8112
Oct8634 June
Jan
19
7
8514
84
Jan
100
854
85%
*84
85
8514
*84
8512
*84
8512
300
Preferred
85
*8434 85
3134 July 464 Feb
37% 3712 38
3912 3878 4012 3912 4014 31,100 Amer International Corp 100 3714 Jan 12 402 Feb 3
384 3712 375
38
978 Dec 1578 Jan
734 Jan 6 10 Jan 3
814 812 *814 812 2,000 American La France F E___10
8% 838
8% 84 z813 8153
8% 8%
2558 Oct527 Jan
100 2014 Feb 4 3012 Jan 12
2234 2333 2234 23
2012 2278 204 213* 16,200 American Linseed
2214 247
24% 25
6734 Oct87 Jan
100 54 Feb 4 71% Jan 3
5614 7,800 Preferred.
6112 6012 60% 57
6012 54
6212 6012 6218 61
62
9014 Mar 1197 Jan.
9,100 American Locom new __No par 10534 Jan 19 10938 Feb 3
10612 10734 108 10834 10734 10814 10734 10814 108 10938 10834 109
100 11934 Jan 4 121 Jan 21 116 Aug 12414 Dec
300 Preferred
12012 12013 *12018 122 *120 122 *120 122
*12012 122 *12012 122
6514 Oct801 Aug
79
794 7912 79
79
7912 7914 7912 7912 8034 3,700 Amer Machine & Fdy-Na par 7314 Jan 3 8034 Feb 4
78
79
100 12513 Jan 6 1301s Feb 1 114 Jul 125 Dec
10 Preferred
_ *131
_
*13038 - _ 13018 13018 *133
*128-- *128
434 Dec 573g Feb
20
44
Jan
par
4113
Jan
28
42 -4-214 4214 -4214 4218 424 42 -4212 *4213 -4258 423* -42-53 1,000 Amer Metal Co Ltd---No
100 108 Jan 6 11012 Jan 24 11312 Apr 120 Feb
Preferred
*110 112 *110 112 *110 112 *110 112 *110 112 *110 112
503 May 7212 Sept
Jan
3
Jan
27
6112
par
51
Light____No
7,400
Am
Power
&
5714
56
5612 5714 5812 5814 5873 5814 5812 5713 58
5612
25 11012 Jan 21 11514 Jan 11 10114 May 12238 Aug
11134 11134 11133 1117 112 11214 11178 112
1,300 American Radiator
11058 111 *111 112
7718 Mar 90 Dec
94
300 Amer Railway Express-100 8812 Jan 7 94 Feb 2
*22
9212 9212 9212 *92
94
94
94: 9214 9214 *92
397 Nov74 Jan
447 447
300 American Republics___No par 3518 Jan 4 48 Jan 28
45
45
*40
46
*40
45
48
48
*41
46
42 Apr 7034 Aug
52
4,300 American Safety Rasor-100 48 Jan 28 55 Jan 3
• 4912 5114 5112 52
51
5134 51
5134 5112 5178 *51
53 Dec
1178 Mar
Jan
7
3
412
Feb
2
4
47
pa
63
Comtn___No
5
5
5
7,300
Amer
Ship
&
4% 5
*5
576
514 5%
5
538
13518 13734 138 14134 14012 142% 13934 142% 142 1433* 141 14234 80,100 Amer Smelting & Refining_100 13158 Jan 25 14338 Jan 3 10958 Apr 152 Aug
100 12014 Jan 25 124 Jan 28 11278 Mar 122% Dec
400 Preferred
*12112 122
122 122 *121 122
122 122
12118 121% *11914 12012
100 11938 Jan 17 12634 Jan 1 i 12134 Oct 165 Feb
200 American Snuff
*122 124 *122 124 *122 124
12212 124 *123 124 *123 124
40 May 47 Aug
*45
47% *45
4512 4518 45'2 45
4512 452* 4512 447 454 3,700 Amer Steel Foundries_No par 44 Jan 3 4512 Jan 19
113 Jan 7 115 Jan 13 11014 Sept 115 Feb
100
Preferred
114
*112
114
*112 114 *112 115 *ill 114 *112 114 *112
6514 Apr 874 Nov
100 7) Jan 25 84 Jan 5
8212 8212 827s 3,900 Amer Sugar Refining
82
8214 81
81
8112 82
8111 818 82
100 108 Jan 11 10934 Jan 13 100 June 11012 Nov
109 10914 *108 1094
600 Preferred
109 1094 10853 10853 •10878 109
*108 109
294 Aug 44 Dec
44
4478 45
4512 4478 4534 4412 4558 447 4534 44% 4558 12,300 Am Sum Tob new etts.No par 4113 Jan 3 4634 Jan 17
2513 July 4118 Feb
200 Amer Telegraph & Cable 100 28 Jan 5 29 Jan 7
*2812 29
2812 29
*28
29
*2812 29
*2812 29
*2812 29
Jan
8
1395
8June 151 Dec
Jan
3
1553
4
Teleg
100
1494
&
15418
Amer
Telep
16413
9,500
15418
15212 15318 15213 1534 15258 1633* 163% 15334 15434
50 120 Jan 7 123% Feb 3 1113s Mar 124% Sept
122 122
121 121
12218 12214 122 12212 12234 12338 1233* 12333 2,600 American Tobacco
100 11018 Jan 4 11278 Jan 5 10618 Jan 113 May
500 Preferred
11034 11034 112 112
*11013 11214 112 112
111 111 *11012 112
50 11914 Jan 5 12238 Feb 4 11018 Mar 124 Sept
*12012 12112 12144 12133 12112 12112 12134 12218 12134 1224 122 1223* 3,600 Common Class B
Jan 135 Feb
Founders_100
125 Jan 7 137 Jan 21 114
100 American Type
131 131 *130 133 *130 133 *130 133
*130 133 *13012 132
4334 Apr 74 Jan
20 624 Jan 3 6714 Jan 21
6412 66
6514 66% 654 6572 12,500 ^ m Water Works & Elec
26412 651
6518 6534 6518 66
21
10113
Mar
10814 Jan
Jan
4
Jan
7
1107
3
100
1053
preferred
(7%)
10712
1st
200
108 10814 *10712 10834 *10534 108 *10534 108 *10712 10834 *10578
19 June 427 Jan
100 244 Jan 27 333 Jan 5
2678 27
7,200 A.zerican Woolen
2534 2618 2512 2618 2534 261
2618 2612 2612 27
66 Apr 904 Dec
100 76 Jan 18 8612 Jan 7
8012 1,700 Preferred
7918 79
79
7914 80
8018 808 7914 8014 80
79
12 Aug
558 Jan
118 Jan 8
1 Jan 3
1
1
*1
1%
1
1
1
1
113
600 Amer Writing Paper pref-100
*1
114 *1
5% May 1218 Feb
812 Jan 3 10 Jan 8
*853 9
834 94 1,500 Amer Zinc. Lead & Smelt-2
*833 9
812 9
*814 91
812 812
4812
Jan
8
20
May
54
Dec
Jan
5
42
25
4712
47
48
Preferred
46% 4638 464 4673 47% 4714
9,400
4513 4512 • 46
4112 Mar 518 Aug
4634 4738 474 4738 4713 475
465* 471s 4634 474 4612 4634 11,000 Anaconda Copper Mining_50 4612 Feb 4 4912 Jan 12
3478 June 441 Jan
*40
4134 *40
413 *40
413 *41
4134 4134 413
400 Archer, Dangs, MidI'd_No par 40 Jan 27 42 Jan 18
4153 415
100 106 Jan 4 10734 Jan 11 100 Mar 108 Oct
'
Preferred
.5106 10734 *106 10734 *106 10734 106 10734 *106 107% *106 10734
7
9014 May 97% Jan
9518 9514 9514 9553 9512 9553 9512 9512 9558 9573 *9513 96
1,700 Armour & Co(Del) pref.-100 9278 Jan 5 95 Feb 3
1318 May 2512 Feb
1578 Jan 7
1413 Jan 31
A-25
Class
1412 1453 1412 145
Illinois
1458 1453 1412 143
1412 145*
Armour
of
7,300
1412 1434
Jan 6
534 May. 17
Jan
31
918
75g 814 6,800 Class B
25
72 Jan
*778 8
712 8
753 753
753 734
758 73*
80 Apr 93 Feb
100 82 Jan 7 8614 Jan 27
86
*8511 86
*8512 86
86
86
*8534 8614
86
864 86
400 Preferred
8
g
18
Apr
31
Jan
11
25
Jan
20
22
Jan
*2318
No
par
2312
2312
2412
*2313
2412
tern
cat
*2312
2412
Corp
2312 2312
200 Am Cons
*2312 24
19% Jan 2334 Oct
2218 2218 *2212 2212 *2218 2212
*2112 2214 2214 2214 *2212 23
200 Art Metal Construction____10 22 Jan 11 2212 Jan 21
4634 Sept6312 Jan
No par 4973 Jan 20 5434 Jan 5
*50
51
*50
52
*50
52
50
5012 *4934 5014 54934 50
300 Artloom
108 Mar 113 Dec
100
Preferred
*110 11413 *110 11418 *110 11418 *110 11413 *112 115 *112 113
3714 Mar 547k Jan
4033 4034 40% 4134 41
4118 2,900 Associated Dry 000ds____100 4018 Jan 18 4258 Jan 12
404 4034 404 4114 4012 403
96 Mar 10212 Jan
102
Jan
2
Feb
4
100
101
*102
103
*102
103
8
103
*102
103
101
preferred
101
*10178 103 *1017
1st
May 110 Dec
102
100
2d preferred
•106 110 *107 109 *10612 10912 *105 109 *10514 109 *106 109
4434 Jan 60 Mar
25 483 Jan 27 4912 Jan 11
*49
51
*4934 52
*498 52
Associated 011
*49
52
*4912 51
' 4,4912 51
7
1
7
Oct683 Jan
29
42
Jan
5
Line___100
35
Jan
28
37
387
I
El
13
3912
37
3814
&
W
3712
373
4
39
All
Gulf
37
3714
3,800
36% 3658
3314 Oct564 Jan
100 36 Jan 26 3813 Jan 8
*36
38
37% 38
*3714 38
*36
38
200 Preferred
*3612 3814 *36% 38
97 Mar 12838 May
11112 11312 112 11273 1113 11458 11,800 Atlantic Refining
100 107 Jan 28 115 Jan 13
110 11138 111 114
10812 109
100 11512 Feb 1 117 Jan 13 1154 Oct120 June
200 Preferred
*11558 116
11558 1158 11512 115% *11512 11612 *1151 11612 *11512 11612
54 Mar 64 Nov
61
No par 60 Jan 5 6212 Jan 20
*6012 62
300 Atlas Powder
6112 *61
6112 *611a 6114 6112 6112 61
*61
7
7
94 Jan 973 Dec
*994
100
99
99
100
100 98 Jan 6 100 Jan 8
100
100
*994
30
Preferred
*9812 9938 *9912 100
8 Oct17% Jan
813 Jan 19
No par
34 Jan 21
Atlas Tack
*84 814 *84 812 *84 812 *814 812 *814 812 *84 812
718 Oct28 Jan
8
818
712 8
712 Feb 3 1014 Jan 3
712 734 1,700 Austin, Nlehola&Co no No par
812 812
*8
9
81s 818
54 Nov93 Jan
100 53 Jan 14 61 Jan 5
*5412 5512 *5412 5512 5414 5414 *5314 5512
160 Preferred
55
55
547 55
14 Oct218 Feb
14 Jail 3
38 Jan 7
33 1,400 Auto Knitter Hosiery-No par
38
34
38
38
*14
38
38
*14
38
14
14
928 Mar 16734 Dec
1518s 1534 1514 15234 15214 16078 159 1633* 152,400 Baldwin Locomotive Wks-100 14318 Jan 18 1633* Feb 4
14858 15012 .150 153
118 118
100 116 Jan 14 118 Jan 27 105 Mar 11914 Nov
200 Preferred
•11718 11814 *11718 118
11714 11714 *11718 11712 *117 118
2313 May 3313 Jan
25 27 Jan 4 3378 Feb 4
3212 33
33
3314 327 337 140,400 Barnsdall Corp 011UIS A
3013 3112 3138 3212 323* 327
2978 3014 2958 3012 7,500 Class B
25 25 Jan 4 30,2 Feb 4
2212 Oct 3912 Jan
28
2873 29
291* 2912 2934 297 297
511g 5012 5012 50% 5012 5012 5012
39 Mar 553 Nov
800 Bavuk Cigars. Ina.--No par 4912 Jan 25 5334 Jan 5
5014 5014 514 514 51
6712
5712
*57
58
Packing
*57
59
Beech
Nut
20
5412
Jan
24
Jan
10
5214 Oct 7178 Feb
*56
58
100
584
*57
58
58
*5613
2312 2278 23
233* 23
26 Dec 393 Jan
2212 2212 2212 23
3,900 Beld'ir Wway Co tern ottNo par 20% Jan 26 '2753 Jan 7
2234 2314 23
100 434 Jan 27 4734 Jan 13
4412 45
374 May 5118 Sept
45
4512 4518 45% 4518 4512 453* 4634 4512 463* 21,400 Bethlehem Steel Corp
100 10434 Jan 3 1088 Jan 18
1075a 10818 Dam 10814 10734 10818 2,600 Preferred (7%)
99 June 10578 Dec
10712 10712 10714 108
1071 108
400 Bloomingdale Bros-No par 37 Jan 25 413* Jan 11
28 June 42 Dec
3914 3914 395 397 *38% 40
*3814 39
3818 3818 *387 393
11014 11014
100 10912 Jan 20 112 Feb 1 10414 June 110 Dec
11012 11012 110 110
320 Preferred
•10912 110
10913 10913 110 112
541
5414
54
5414
5414
par
2
1,400
Bon
Ami,
class
A
No
5318
Jan
5
5512
Jan
13
5312 Dec 5613 Dec
54
541 5418 54
5512
54
55
*618 al
934 Jan
634 65
634 65
No par
614 Jan 28
714 Jan 5
43 Mar
658 634
800 Booth Fisheries
*614 634 *636 612
*40
46
*40
46
45
1st preferred
100 45 Jan 11 45 Jan 11
*40
*40
45
*40
45
3434 Oct 51% Jan
*40
43
29
*25
29
Botany Cons Mills clans A__50 2514 Jan 17 2812 Jan 5
2814 *25
20 May 41% Jan
*27
281 *26
2812 *25
2812 *25
24
Oct 3712 Jan
2938 291
2912 30
3012 3018 313* 31% 3112 3113 3113 23,400 Briggs Manufacturing _No par 2838 Jan 3 3134 Jan 20
30
*34
1
4,38 1
4.3, 1
*58
1
4.3, I
3 Jan
British Empire Steel
34 Jan 24
*58
1
34 Jan 24
'2 May
152 152
152 152
500 Brooklyn Edison, lite
*151 152
100 14912 Jan 25 1544 Jan 5 133 Mar 163 Sept
15212 1521
.*151 15234 15112 152
9253 2,300 Bklyn Union Gas
908 90% 91
No par 8178 Jan 28 933 Jan 8
68 Mar 98 Dec
*90
91
*8912 901
9012 9012 *9014 91
*3178 321
32
32
3,600 Brown Shoe Inc
2912 June 4858 Jan
No pa
3212 321
302 Feb 1 3412 Jan 5
328 327
3012 3218 315 32
200 Preferred
*110 120 *112 120
100 1103 Jan 5 11212 Jan 7 107 June 111 Mar
11134 112 *109 112 *109 112 *109 112
2,600 Brunsw-Balke-Collau'r_No par 35 2 Feb 4 388 Jan 10
2438 Mar 3934 Sept
3653 365* *3612 37
3733 *3612 361a 23512 37
367* 36% 37
112 11634 116 117 z112 114
115 11514 114 11512 11312 1l47s 3,600 Burns Bros new clAcom No par Ill Jan 25 12534 Jan 20 121 Mar 144 July
25
25
25
300 New class B com____No par 2214 Jan 25 34% Jan 27
25
2612 Nov 44 Feb
*23
2438 25
27
*2212 25
*2312 26
*98 100
97 Mar 10312 June
*9818 100
Preferred
*98
99
*98
99
*9813 100
*98 100
100 9818 Jan 25 100 Jan 3
122 12218 122 123
600 Burroughs Add Mach_No par 118 Jan 4 123 Jan 21
7712 Apr 124 Dec
•11818 121
12012 12012 121 121 *12112 122
36
363* 9,500 Bush Terminal new ____No par 2934 Jan 12 37 Jan 31
1634 Mar 3414 July
3412 353
3618 37
3534 37
36
365* 3534 37
944 94's
300
86 Apr 93 Aug
9333 94
Debenture
*9214 94
*9278 94
*9278 94
*9278 94
100 9114 Jan 5 9418 Feb 4
140 Bush Term Bldgs. pref
9912 Jan 104 Nov
*105 107
106 106
1073 108
1073* 1077s 10738 10738 10712 108
100 10414 Jan 28 109 Jan 18
4
4
614 Feb
4
1,300 Butte Copper & ZIno
4 Dec
4
*4
413
418 418
4
4
4
4
5
412 Jan 4
4 Jan 20
5812 61
7,000 Butterlok Co
1734 Mar 71 Sept
5254 523
573* 61
521s 521/3 53
5412 5553 57
100 5012 Jan 3 61 Feb 3
107s lO7s
74 May 1614 Jan
1,100 Butte & Superior Mining
*1012 1114 1114 1133 1034 115* *1033 1138 1058 11
10 1013 Jan 3 1134 Jan 7
77
77
1,500 By-Products Coke...-Nopar 661s Jan 27 77 Feb 4
53 June 90 Sept
681
66
664 *67
6812 5812 6812 68% 6858 72
38,300 Byers & Co(A hi)..---No par 42 Jan 3 53 Feb 4
28 Mar 443* Nov
48
4632 4614 4618 4614 47
49% 5014 53
4613 48
47
•814 and asked prices: no sales on this day. s Ex-dividend.
764
New York Stock Record-continued-Page 3
For sales during the week of stocks usually Inactive, see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Jan. 29.
Monday,
Jan. 31.
Tuesday,
Feb. 1.
Wednesday, Thursday,
Feb. 3.
Feb. 2.
Friday,
Feb. 4.
Salts
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
FEU SHAKE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Precious
Year 1928
Lowest
Highest
$ per share 8 per share $ per share 8 per share $ per share $ per share Shares. Indus- & Miscall-(Con) Par 8 Per share 8 per share 8 per share 8 per share
2,800 California Packing- ---No par 65
6658 67
6614 Oct 1794 Feb
68
6618 66% 6612 664 6612 6638 6612 66% 67
Jan26 70 Jan 5
9,900 California Petroleum
31% 317
2934 Oct 384 Feb
31
3118 31
25 3058 Jan 4 327 Jan 18
314 3118 3112 3118 3112 3114 315
17
17
2
2
3,000 Callahan Zino-Lead
2
213
258 Jan 17
112 Mar
2
2
2
17
10
112 Jan 3
258 Jan
17
18
.5512 Mar 7358 Aug
6812 6718 67% 6612 6612 1,000 Calumet Arizona Mining
10 653* Jan 3 68% Feb 1
6612 6612 67
67
673* 6733 *67
15% 1553 1.100 Calumet & Resin
13% Mar 1812 Aug
1614 1614 *1614 1638 16
*155 16
25 1412 Jan 4 1612 Jan 20
1614 15% 16
3812 3812 3814 3812 3812 3812 3818 3812 3814 3812 3814 3812 2,600 Canada Dry Ginger Ale.No par 36
Jan 5 3912 Jan 10
3212 Oct 49 Sept
Jan27 14934 Jan 8
6212 Jan 176 Aug
100 132
135 1364 13678 13778.•13714 138
136 137% 136 1454 14212 14378 9,000 Case Thresh Machine
11312 11312
100 Preferred
96
Jan 11812 Aug
100 11312 Feb 4 117 Jan 12
*10814 114 *110 114 *10814 11412 111 114 *10814 114
1,200 Central Alloy Steel____No par 2612 Feb I 2878 Jan 4
2812 Oct 3314 Aug
*27
2712 27
27
2612 27
2612 2612 264 2612 263 27
100
83* Jan 3 1034 Jan 7
7 Nov 2012 Jan
*9
912
94 918
958 958 *9
91, 97
938
933 981 1,600 Central Leather
3,300 Preferred
5712 5714 58
100 54 Jan14 5814 Jan 6
4314 Apr 6834 Jan
5.512 5512 56
5714 57
57
5718 5718 *57
1014 Oct 327 Jan
1212 •12
1212
300 Century Ribbon Mills__No par
1012 Jan26 1278 Jan 29
123 1278 .1112 1234 *1112 1214 *1112 1212 *12
75
76
360 Preferred
Jan24 784 Jan 4
*73
76
100 70
7814 Dec 90
76
75
75
75
76
*73
75
*73
Jan
618a 62
6112 6218 613 62
5,300 Cerro de Paean Copper_No par 6013 Jan29 6253 Jan 12
62
5712 Jan 734 Aug
61
604 6014 6014 61
437 44
4458 4418 443
7,100 Certain-Teed Products_No par 42 Jan25 4434 Feb 4
44
364 May 494 Jan
4212 434 4312 437
4334 437
105 109
200
1st preferred
Feb 1 1084 Jan 22 100 May 1064 Nov
100 106
*106 107 *106 107
106 106 *105 109 *105 109
10
2,500 Chandler Cleveland MotNopar
1018 10
813 Jan 6 11 Jan 13
812 Nov 26 Feb
1014 1012 1018 1058 1014 1012 1013 1018 10
6,600 Preferred
2312 2253 23
No par 2118 Jan25 244 Jan 12
203 Dec 454 Feb
2234 2278 23
2318 2318 22
235
2314 24
9412 Apr 1284 Dec
127 130
13273 13314 1334 13378 13334 1344 8,400 Chicago Pneumatic Tool-100 12012 Jan 3 1344 Feb 4
131 133
13212 133
No par 50 Jan 29 5358 Jan 11
5134 518 517 *50% 51% 1,400 Childs Co
4518 May 6638 Jan
50
5012 5018 51
51
5112 61
354 3558 9,100 ctate Copper
35
354 35
3514 354 353* 354 354 3513 351
30 Mar 3633 Jan
25 343 Jan 3 3612 Jan 19
*2253 26
*2258 25
Chino Copper
5 224 Jan 7 2318 Jan 6
*2258 25
16 Mar 26 Nov
*2233 25
*2258 25
*2258 25
1,300 Christie-Brown certifs_No par 3473 Jan 5 42 Jan 18
395 3934 40
40
40
3978 40
40
294 Oct 633 Jan
4912 *39
40
40
39
4014 40
284 Mar 5478 Jan
4053 4058 4034 4013 4112 414 4234 4134 4234 112,200 Chrysler Corp new__ __No par 3318 Jan 28 434 Jan 6
104 104
1,800 Preferred
No par 103 Jan 3 105 Jan 12
93 Mar 108 Jan
*10313 10334 104 10414 10413 10414 *104 10414 10378 104
60 Dec 6812 Jan
65
634 64'2 64
64
3,300 Cluett, PeitTeariECT.-___WIS 604 Jan 4 66% Jan 24
6414 6414 644 6638 65% 6578 65
50 Preferred
100 11114 Jan 6 1144 Jan25 1034 Jan 116 Sept
*114 11418 11418 11418 11418 11418 *11114 114 *11114 114 *11114 114
No par 16712 Jan 4 173 Jan 19 128 Mar 17434 Dec
169 170
16918 17034 169 1707s 169 16958 16912 17012 17012 1703 13,300 Coca cola Co
69
6912 15,500 Collins & Altman
70
6912 7058 6914 70
No par 63 Jan 4 707 Jan 21
348 May 6912 Dee
69
684 68% 6934 708
400 Preferred
1397 1397s *138 142 *137 140
100 126 Jan 4 140 Jan 21
98% May 13812 Dec
1397 140 *137 140
*134 140
564 123,200 Colorado Fuel & Iron
5312 5434 53
5438 54
537
100 425* Jan 4 5612 Feb 4
2738 Mar 493 Oct
4958 5038 5018 524 52
77
784 8118 8012 8212 21,900 Columbian Carbon v to No par 6678 Jan 3 822 Feb 4
55% Jan 703 Dec
7512 76
7334 74
75
7638 75
8514 8512 9,400 Colurn Gas & Elec new_No par 8318 Jan 28 915 Jan 12
8558 Nov 91 Dec
8312 8414 8412 8518 8412 8538 847 8612 84% 85
100 9912 Jan24 10112 Jan 19
9878 Nov 10153 Nov
100 10014 100 10058 10012 100% 10053 10078 4,900 Preferred new
9978 100
100 100
1513 1434 15
154 15
600 Commercial Credit_ __No par
1458 Feb 1
1734 Jan 8
1612 Nov 474 Jan
143* 1534 144 1534 145 155* 15
21
21
80 Preferred
•20
22
*21
22
25 194 Jan 28 2212 Jan 5
2114 Nov 2614 Jan
217 2173 2012 204 *2053 22
2212 *20
2212
2212 *20
210 Preferred B
25 20 Feb 1
2118 20
204 *20
23 Jan 7
20 Nov 278 Jan
.2118 2234 21
84
83
*80
100 let preferred (634)
84
83
100 83 Feb 3 854 Jan 12
84
*80
84
*30
8512 Dec 9912 Feb
85
*80
•80
300 Comm Invest Trust___No par 534 Feb 4 5512 Jan24
5412 Dec 72
Jan
*54
57
*54
5512 *5412 5512 5458 5453 *5312 5512 534 5318
*974 99
*9712 99
100 7% preferred
*9712 99
100 964 Jan 28 9812 Jan 27
Jan
*9714 99
97
*97
99
97 June 104
97
*9114 92
9012 904 9078 90% 91
600 Preferred (634)
9114 9114 9114 *9114 92
100 9012 Jan25 917 Jan 10
Jan
89 May 100
2394 2404 15,500 Commercial Solvents B No par 223 Jan 3 255 Jan 13 1184 Jan 237 Nov
2414 24453 241 24553 241 24312 233 243
23634 241
1758 18
174 188
1712 178 16.800 Congoleum-Nairn Inc-No par
1812 173* 18
1714 Jan26 21 Jan 5
12's May 29% Sept
184 1813 18
534 5314 5312 543* 5412 5434 3,000 Congress Cigar
No par 5112 Jan 27 55 Jan 5
5273 5378 5314 533
40'2 May 57 Dec
52
52
100 Conley Tin Foil stpd
14 Feb 1
No par
58 Jan 5
*4
34
*14
%
*14
34
33 Dec
1 Mar
14
14
*4
34
34
a-m,„
33
8414 82
798 *79
84
16,200 Consolidated Clgar-No par 7773 Jan26 847 Jan 5
7934 797 83
79
4514 Apr 8714 Dec
784 787
100 Preferred
10212 10212 *100 10212 *100 10278
100 102 Jan 12 10212 Feb 2
91 Mar 1078 July
*100 103 •10112 103 *100 103
18
178
15* 2
134
17
21 14,900 Consolidated DistrIb'rs No par
112 Jan 3
1%
134
212 Feb 4
112 Aug
13
18
612 Jan
15*
997 101
10033 101
100 10134 31,609 Consolidated Gae(NY) No par 9918 Jan 28 10912 Jan 10
87 Mar 11533 Aug
995 10058 9912 997
995 100
33
37
3% 37
334 3% 6,400 Consolidated Textile -No par
34 Jan 27
34 312
312 312
413 Jan 15
312 35
114 May
44 Nov
6813 694 6712 7112 39,200 Continental Baking clANo
par 6614 Jan24 747 Jan 6
7158 6812 714 6812 70
-504 Oct 937 Aug
70% 7112 71
77
77 Feb 1
77
818 838
1014 Jan 5
8%
814 814
838 23,500 Class B
812 85*
No par
758 Oct 1518 Sept
812 812
935
93
93
94
9312 9334 93
2,900 Preferred
100 92 Jan 21 974 Jan 13
834 9312 9312 9312 93
87
Oct 9612 Aug
27012 71
7112 717s 714 71% 7153 728 724 73
10,500 Continental Can, Ine__No par 6912 Jan 7 7312 Jan 3
70 Mar 9212 Jan
72
71
•135 13712 137 137
137 138
13812 139
139 139
139 139
1,400 Continental Insurance_ _ _ _ 25 135 Jan 27 14112 Jan 19 122 Mar 14434 Jan
1214
1218 1238
12
1214 20,400 Cont'l Motors tern etfs_No par
1133 Jan 28 138 Jan 6
1152 124 1214 1258 12
978 May 137 Dec
1112 Ilh
355* Mar 5158 Dec
4814 487
484 49
4834 4918 485 487 11,800 Corn Products Renn w I. 25 46% Jan 12 497 Jan24
4814 4873 485* 49
100 128 Jan 11 12938 Jan 18 12212 Jan 13014 Dec
100 Preferred
•12814 12912 *12812 12912 *12812 12912 *12834 12973 *12814 1294 1285s 12858
4412 Mar 62 Dec
6038 6012 6134 6078 6158 61
613s 614 6134 3,000 Coty, Inc
*59
No par 56 Jan 3 6158 Feb 2
•59
60
64 Apr 8234 Dec
7912 8012 8078 8314 8,100 Crucible Steel of Amerlca__100 77 Jan 4 8314 Feb 4
7812 7812 7834 7834 7834 7834 7834 79
96 Mar 104 Dec
104 104 *103 10412 *1043
-- 10518 10518
100 103 Jan 18 10518 Feb 4
105 105 *104 105
300 Preferred
2814 Oct 5333 June
32
30
3153 264 2912 2812
No par 2614 Feb 2 3414 Jan 8
31
31
31
8-2914 2914 3038 13,300 Cuba Co
97
97
No par
978 Feb 1 1034 Jan 5
82 May 1112 Jan
10
10
10
10
1013 1018
1018 1013 *10
103
5,500 Cuba Cane Sugar
3512 June 503s Dec
4712 48
100 47% Jan 20 5034 Jan 4
478 48
48
48
478 4838 4838 4912 4812 483
9,900 Preferred
2014 Aug 3033 Jan
2,900 Cuban-American Sugar
10 26 Jan 18 2812 Jan 3
2614 264 2612 2612 264 2612 2614 2614 2612 2713 *2612 27
973 Jan 105 Nov
100 10.2 Jan 31 10312 Feb 1
10312 10312 *103 104 *103 104 *103 10418
200 Preferred
102 102
*102 105
154 Sept 2014 June
*16
1718 •16
Cuban Dom'ean SugneWNopar 17 Jan25 18 Jan 21
*16
1718 •1618 1713 *1618 17 .1512 17
1718
Packing
new
50
50
Jan
25
523
4
Jan
4
514
3,400
Cudahy
Nov 55 Dec
5214
5214
5214
5258
52
5214
52
5158
514 5112 515* 523
No par 105 Feb 4 112 Jan 17
500 Cushman's Sons
774 Mar 103 Dec
1064 10612 106 106
105 105
108 108 .10612 110 *10612 110
*33
34
No par 3218 Jan 3 34 Jan 15
32 Nov 51
34
*33
34
3318 34
*3212 333
600 Cuyamel Fruit
Jan
34
*33
*33
2318 Oct 463 Feb
29
2833 29
2813 2834 2812 29
29
28
2834 2,000 Davison Chemical v t e_No par 2718 Jan 3 3134 Jan 11
*2812 30
100 1334 Jan 21 13612 Jan 19 1234 Mar 14112 Dec
1,500 Detroit Edison
13412 1343 135 13514 135 1354 13534 136 *135 136
*13434 135
31
8,200 Devoe & Raynolds A__No par 37% Jan25 4258 Feb 2
Oct 10418 Feb
4014 4014 403 4178 4112 4238 4114 4134 4012 41
4014 41
2114 May 4714 Jan
2514 25% 33,500 Dodge Bros Class A.__No par 2312 Jan 18 2712 Jan 5
2478 253
2514 2534 2518 2512 25
2534 2512 26
7912 May 90 July
No par 8112 Jan 4 8358 Jan 10
824 83
8234 8312 8314 8312 834 8312 8318 833* 8318 8358 4,200 Preferred units
95
No par
94 Feb 2 1114 Jan 4
8
Oct 20 Mar
914 938 8,900 Dome Mines. Ltd
913 912
933
953 934
9% 9%
918 934
19 Mar 46 Nov
No par 46 Jan 3 5312 Jan24
52
52
524 5214 5214 5212 *5214 5212 *5214 5212 5212 5278 1,900 Douglas Pectin
400 Duquesne Light let pref___100 1152 Feb 3 11614 Jan 3 11112 Mar 1163 Aug
.11512 116 *11512 11534 4111512 11534 115% 11534 11512 11512 11512 11512
1,400 Eastman Kodak Co_No par 12614 Jan 28 13412 Jan 13 10658 Mar 13634 Dec
129 12912 129 129
12812 12912 129 12914
012812 13012 129 129
2638 2534 2534 2,000 Eaton Axle & Spring...No par 2412 Jan 4 2634 Jan 21
264 2638 26
23
*2478 2.514 25
25
Oct 323 Feb
2512 257
175 1767o 175 17812 44,800 E I du Pont de Nem new_No pa 168 Jan25 17812 Feb 4 15434 Nov 13112 Dec
17034 17212 1707 17312 173 17414 17214 176
1,200 8% non-vol deb
100 1057 Jan 29 10912 Jan 4 10334 Apr 1104 Dec
10573 106
106 10612 1061, 10612 10612 10612 *105 10658 *105 10658
1214 2,200 Elsenlohr & Bros
124 121! 12
124 12
25 1170 Jan 3 1234 Jan24
1218
1214 123
1034 Oct 2012 Feb
12
12
12
5,000 Electric Autolite
67
68
69
694 71
No par 6312 Jan 13 71 Feb 4
6612 66
6134 Mar 82 Feb
65
6512 6512 *66
65
1438 15
147 155* 22,300 Electric Boat
No par
1353 Jan 2.5 1614 Jan 10
4 Mar 16 Dec
14
1434 144 1433 137 144 1418 15
1818 16,0001E1w Pow & Lt cue__
17
1658 1714
17
173
No par
1658 17
10 2 Jan 27 18% Jan 6
154 Oct 3412 Feb
165 1718
1658 17
300 40% pr pd
10378 Jan 28 1045* JOIEI 1 1
9912 Mar 115 Feb
.10314 10412 '10358 10412 *10358 10412 1044 10414 *104 10412 10412 10453
Pref full paid
____ -----____ *104
10212 Oct 11012 Feb
_ - _ - *104
*10312 ____ 103 ____ •10312 ____ *104
9634 9714
1,1001 Preferred certlfs
8912 Mar 9814 Sept
96 Jan 14 974 Feb 4
9638 9612 9612 *9612 9634 9634 9634 9634 97
*96
49,200 Electric Refrigeration__No par 324 Jan 20 378 Jan 3
3634 348 36
332 Dec 7812June
344 3552 234%3685 35% 3614 355 3678 36
76
7612 6,300 Eleo Storage Battery__No par
77
7118 Mar 944 Aug
74
7212 Jan 31 7912 Jan 6
7334 74
724 744 .733 7434 7334 74
4 Feb
__ ____
_ - _ - __ - Emerson-Brantingham Co.100----------------1 May
____
•1
2
2
*1
2
*1
2
•1
6512 Mar 725* Feb
654 6518 6512 66
6612 2,200 Endicott-Johnson Corp.._ 50 6434 Jan 28 (i 14 Jan 8
- 8 6612 --66
6638 -663
65% 6614 66
Jan 120 Sept
100 Preferred
100 11633 Jan 5 11814 Feb 3 114
*1178 120 *11734 120 *11734 119 *11734 11814 11814 1184 '11734 120
1914 Oct 2412 July
2412 11,101 Engineers Public Serv...No par 213 Jan 11 2412 Feb 3
2314 2314 2433 24
2438 244 2412 24
2278 23
23
9214 Nov 9612 Aug
1,700 Preferred
99
99
No par 9334 Jan 8 99 Feb 1
9712 9712 9734 973
93
99
98
98% 985* 987
2112 Oct 255* Nov
263 2712 12,600 Erie Steam Shovel
5 2434 Jan 3 2938 Jan 17
274 277
2658 2718 2714 28
2714 28
2712 28
Oct 102 Nov
600 Preferred
104 104
100 10112 Jan 6 10712 Jan 17 100
1048 10478 *104 105 *104 105
10418 10418 *104 105
997 June 13214 July
100 Equitable Office Bldg 2111_100 119 Jan 27 122 Jan 7
119 119 *11814 119 *11814 120 *11814 120 *11814 119 *11814 119
43 May 68$3 Dec
6234 63
6258 63
6212 6318 63
67
6512 6612 644 6512 28,500 Eureka Vacuum Clean_No par 6078 Jan25 6712 Jan 5
148 July
17 Apr
Exchange Buffet Corp_No par
1518 Jan25 1558 Jan 10
•15
1514 *1518 1514 *1518 1514 *1518 1512 *1518 1512 *1518 1512
3758 Dec 5934 Feb
4018 4038 4018 4018 4034 405 *4014 4034 3,900 Fairbanks Morse
No par 3914 Jan 4 427 Jan 22
397 4014 404 41
100 Preferred
100 108 Jan 4 10812 Jan 11 10612 Nov 115 Feb
*107 10812 *107 10812 *10814 10812 *10814 10812 10814 10814 *107 10812
111 111% 11112 112
11012 11218 11033 11133 1104 111% 10973 11014 12,800 Famous Playere-Lasky_No par 108 Jan 22 1145* Jan 6 10318 Jan 12712 June
200 Preferred (8%)
122 122
100 12114 Jan 14 12433 Jan 12 115 Mar 12412 Dec
*121 1224 122 122 *121 122 *12112 122 *12112 122
28 Mar 4712 Dec
15 3712 Jan 17 424 Jan 10
3812 39
393* 39% 3912 40
40
403
3934 3934 3,000 Federal Light & Trao
38
40
86 June 94 Dec
*92
94
9234 9234 *9234 94
94
170 Preferred
94
9378 9378 94
No par 9254 Feb 1 94 Feb 4
•92
41 May 11134 Jan
*75
88
*70
87
Federal Mining & SmeltV.100 88 Jan 18 90 Jan 15
88
*70
87
*70
87
*70
87
*75
61 Mar 105 Jan
*7534 7634 7612 7612 7612 7612 7638 7638 76
600 Preferred
76
100 7512 Jan 28 77 Jan 15
*7512 78
23
Oct 343* Aug
284 2812 2818 2834 2814 2814 3,400 Federal Motor Truck .No par 2612 Jan 4 3073 Jan 10
2818 2814 2914 2814 287
28
948 943 *9412 95
9434 9434 *95
300 Fidel Phan Fire Ins of N Y. 25 94 Jan26 193 Jan 6 160 Apr 20014 Jan
9712 96
96
*934 95
96 May 107 Feb
*96 100
*97 100
•96
98
100 First Nat'l Pio, let pref.
*96
98
98
98
_ _100 9712 Jan 13 984 Jan 17
*96 100
28 Nov 49% Feb
2912 29
2912 2914 2912 2912 2934 *2912 295
2,800 First Nat'l Stores
No par 2814 Jan 4 2934 Feb 3
284 2912 29
1414 May 264 Jan
16 Jan 24 174 Jan 6
1658 1714 1634 17
No par
1612 174 1638 1678 18,300 Fisk Rubber
1638 1658 168
16
Jan
Jan
5
8612
27
767
3 Abr 8414 Mar
100
81
*854 36
857 857
86
86
lst
8512 86
86
stamped..
86
preferred
94 June 107 Mar
100 97 Jan24 99 Jan 7
*98 100
*98 100
4198 110
100
i00 1st preferred cony
9814 98'
*9812 10218 *98 101
487
3
Jan
II
324
4618
4678
464
Feb
I
Mar 5612 Feb
4614
par
47
465
____No
465
8
8
4678
10,500
new
464
464
4612
Fleischman
Co
47
4658
734 Dec 17934 Jan
No par 7638 Jan 28 8173 Jan 13
79
7912 79
79
78
79
79
79
79
2,300 Foundation Co
7734 78
77
5518 Mar 85 Jan
No par 65 Jan 25 744 Jan 6
68
631
6,200 Fox Film Class A
67% 6814 67% 6833 6814 6838 6814 7014 683 70
1058 Jan 36 Dec
No par 3414 Jan 4 43 Feb 1
4112 423* 414 417
4114 4218 418 43
41 13 4238 76,100 Freeport Texas Co
404 417
2553 Nov 42 Feb
2918 Jan 3 3112 Jan 12
3158 3114 3158 3012 3114 31
No par
31
31
3114 6,700 Gabriel Snubber A
30% 3078 31
78 Jan 11
93 Jan
533 Nov
612 Jan 27
.64 7
612 634 *612 6%
No par
612 612
678 67s
612 658 1,500 Gardner Motor
39 Mar 553* Jan
4734 484 4758 48
100 46 Jan 3 4814 Jan 19
6,600 Gen Amer Tank Car
4612 4612 4714 4758 4712 47% 4753 48
9912 June 109 Dec
100 10612 Jan 5 10812 Jan 12
Preferred
*19712 10812 *10712 109 *10712 109 *108 109 *10712 109 *10712 109
50 Mar 944 Aug
8218 83% 8218 8338 82
100 7712 Jan 27 8853 Jan 4
853s 41,200 General Asphalt
8012 8033 8218 8133 833
79
100 120 Jan25 130 Jan 10
947 Mar 1404 Aug
1247s 1247o *123 128 *122 128 *124 132
100
Preferred
*116 126 •118 127
7
52
Jan26
557
8
Jan
15
46 Mar 5912 Feb
54%
54%
55
545
par
3
5518
5312
aew_NO
54
5312
548
1,500
Inc
General
Clear.
*53
5312
*53
Jan 118 Dec
100 116 Jan 5 11712 Jan 15 109
Preferred (7)
011612 121 *11612 121 511612 129 *116 121 *116 121 *116 121
*116 1174 *116 11712 *116 11712
Debenture preferred (7).100 116 Jan 11 116 Jan 11 10914 Apr 11812 Feb
*116 11712 *116 11712 *116 11712
7
Jan25
58
*57
58
5712
5712
Jan
*5612
5518
31
51
Mar
57
5712
par
5633 Aug
*574
600
.No
Gen
Adv
A__
Outdoor
5738 574 58
*57
2658 Mar 397 Dec
3912 4014 3918 3912 3918 3912 3918 3934 11.600 Trust certificates-No par 37 Jan 18 404 Feb 1
3838 3812 397
38
844
8418
845
81
Jan
27
June
8212
8
par
854
Jan
13
79
New__No
833
4
954
843
3
83%
26.500
General
Electric
Aug
83
8312
8173 8212 83
1138 1112 1138 1112 1114 1112 9,300 General Eleatic special____10 1114 Jan 3 11% Jan 5
11
Jan
1134 Dee
114 1138 1114 1112 1138 1112
42
42
42
42
42
34 Mar 69
Jan
428
428
1.700 General Gas & Elea A_ _No par 41 Jan 19 45 Jan 22
4214 *42
424 421, 42
•Bid and asked prices: no sales on this day. x Ex-dividend. a Ex-rights.
New York Stock Record-Continued-Page 4
765
For sales dating the week of stocks usually Inactive, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Jan. 29.
Monday.
Jan, 31.
Tuesday, 1 Wednesday. Thursday,
Feb. 1.
Feb. 2.
Feb. 3.
Friday,
Feb. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rEIC .511AICS
Range Since Jan. I 1927
On basis of 100-share tots
Lowest
Highest
$ Per share 2 per share $ per share , $ per share 2 per share $ per share Shares. Indus. ec Miscall. (Con.) Par $ per share $ Per share
105 105 *103 10012 *103 10512 *103 106 *103 106
102 102
200 Gen Gas & Elec pf A (7)No par 100 Jan 3 107 2 Jan 24
*11512 118
11512 11512 *115 118 *115 120 *118 120 *115 120
100 Preferred A (8)
No par 115 Jan 15 11534 Jan 28
*95
98
*9714 9812 9812 9812 9834 984 *97
984 *97
9834
300 Preferred B (7)
No par 96 Jan 13 984 Feb 2
14814 151
1518 115312 15212 15412 1525 15518 15512 15714 15514 157 503,400 General Motors Corp No par 14512 Jan 25 15714 Feb 3
1215 12158 12158 12112 *ID 12112 120 121
12012 12078 12058 121
2,400 7% preferred
100 120 Jan 26 122 Jan 7
'104... *104
___ *104
___ *104
__ *104
*104
_ __ - __ 6% preferred
100 105 Jan 3 105 Jan 3
87 -8712 874 -884 8758 -8812 8758 1712 88 197
89% --9034 33,000 Gen Ry Signal new ___-No par 8218 Jan 14 9034 Feb 4
*40
43
*49
*40
43
43
*40
43
*40
43
*40
43
General Refractories___No par 38 Jan 14 4212 Jan 15
434 4334 4314 44
*4212 4312 4312 4312 42
438 44
4218 2,000 Gimbel Bros
No par 40 Jan 4 444 Jan 28
*10212 10334 *10212 1034 10212 10212 103 103
10212 10212 *102 10212
310 Preferred
100 10212 Feb 1 1044 Jan 11
1834 19
1834 1878 19
1812 1934 1858 19
19
19
1914 3,300 Glidden Co
No par 18 2 Jan 26 2134 Jan 3
3
424 4314 4358 44
434
44
4558 45
434 4312 4312
4614 7,900 Gold Dust Corp v t o No par 4212 Jan 29 464 Feb 4
48
4812 4814 487
487 4912 4912 504 5012 513
4934 5078 15,100 Goodrich Co (B F)
No par 4234 Jan 3 5158 Feb 3
*9734 98 '97
9718 98
98
*9712 98
98
98
9812 9812
500 Preferred
100 95 Jan 3 9812 Feb 4
'9814 99
9918 9918 99
99
99
994 9912 9912 *9912 100
800 Goodyear T & Rub pi v t o_100 9818 Jan 27 10034 Jan 10
"107 10718 *107 10712 *107 10718 107 107 *1064 10718 *10612 10718
100
Prior preferred
100 105 Jan 7 107 s Jar 26
60
6078 6078 62% 6258 6414 6418 6458 63
6218
6312
648
8,300 Gotham Silk liosiery_Ne par
5738 Jan 12 6438 Feb 2
6038 6012 60,2 6258 6212 6514 6458 6514 63
6334 63
5,100 New
63
No par 58 Jan 12 6514 Feb I
Preferred
100 11118 Jar 7 1114 Jan 7
91. 912 *912 97
*912 97
*912 97
912 912 *912 97
30010ould Coupler A
912 Jan 10
No par
958 Jan 13
317 3258 3134 32
3158 3112 31% 32
318 3212 3258 3212 9,500 Granby Cons M Sm & Pr_100 3118 Jan 27 35 Jan 3
112 112'4 112 11312 1102 112% 11038 11112 1117 11314 112 11314 9,300 Great Western Sugar tern ott20 109 Jan 26 1148 Jan 17
121
121
121
4
121
121
1203
12012
*12014
121 '117 120
12012
340 Preferred
100 11812 Jan 4 12178 Jan 17
293 294
*2934 30
2934 2978 30
30
30
30
3014 30
3058 2,700 Greene Cananea Copper__ 100 2914 Jan 27 3212 Jan 21
*812 858
858 858
8% 9
858 812 *858 9
*878 9
700 Guantanamo Sugar___ _No par
10 Jan 4
8 Jan 25
56
56
56
0614 5614
56
554 56
5614 57
5534 56
3,700 Gulf States Steel
• 100 53 Jan 4 572 Jan 26
56
58
56
*5614 60
58
56
5712 56
56
"5612 56%
50 Hanna let prig class A
100 56 Jan 31 67 Jan 19
"2518 27
254 2518 *25
*2518 2614 258 26
2612 *25
2612
400 Hartman Corp class A_No par
25 Jan 22 27 Jan 8
2434 2534 *2412 253
2412 2412 2418 2418 2418 2434 24% 2478
1,400 Class B
No par 2418 Jan 28 2612 Jan 3
17
1714
167o 1678 1614 17
1614 167 *26
28
1612 1658 2,503 Hayes Wheel
16,4 Feb 1 20 Jan 3
No par
*79
793 *79
7034 79
79
79
7934 *794 8014 8014 8014
400 Helme (03 W)
25 7612 Jan 14 834 Feb 4
*21
22
*2112 22
22
2212 *21 12 22
22
22
*2212 23
1,400 Hoe(R) & Co tern etfs_No par 22 Jan 31 28 Jan 12
60
*5912 61
60
60
60
*6014 61
*60
61
*60
61
200 Homeatake Mining
100 60 Jan 25 6318 Jan 12
4712 477
4714 477
4712 478 4734 494 484 4918 48
4878 10,700 Househ Prod,Inc.tem ctfNopar 4314 Jan 3 4918 Feb 2
6918 6912 70
7614 76
7934 7658 7814 784 8178 8134 87
84,000 Houston 01101 Tex tem 01.16100 Ms Jan 11 87 Feb 4
4,3834 3914 38% 3914 39
3912 394 4014 3914 3914 39
3978 6,300 Howe Sound
No par 38 Jan 11 4014 Feb 2
5312 5112 5334 56
5518 5634 5518 5734 5712 5818 574 69 233,100 Hudson
Motor Car
No par 4814 Jan 24 5912 Jan 5
2118 2114 214 2138 21
2114 204 2112 2114 2158 2114 2112 7,600 Hupp Motor
Car
10 21 Jan 17 2318 Jan 10
Corp__
2978 3014 30
3212 3158 3284 3134 3212 3134 3238 3158 3258 58,200
Independent 011 & Gas_No par 29 Jan 3 324 Feb 1
*15
1512 *15
*1434 17
16
*15
16
*15
16
*15
16
Indian Motocyele
15 Jan 21
No par
1514 Jan 15
93 10
758 8
*734 8
838 1038
97
97 12,300 Indian Refining
934 10
10
758 Jan 29 10's Feb 1
814
*734 858
73
84 9
84 914
914 934
958 95 47,900
Certificates
10
758 Jan 12
934 Feb 3
9312 9312 *93
94
*93
94
*9214 94
*9214 94
200 Ingersoll Rand new ____No par 92 Jan 10 9534 Jan 3
938 9358
4112 4112 *41
4134 41
4158 4112 4112 4112 4112 414 4134
800 Inland Steel
4112
No
433
par
Jan
4 Jan 3
22
*106 11214 *106 1124 *106 11214 *106 11214 *106 113 .106 113
Preferred
100 111 Jan 3 111 Jan 3
.24
2414 *24
2414 24
2418 *24
2412 2314 24
2318 2334 2,100 Inspiration Cons Copper___20 2318 Feb 4 2512 Jan 12
*1214 1234 *12
1234
1212 1234 1258 1234
1212 1234 1212 121
2,100 Intercont'l Rubber___No par
1112 Jan 3 1318 Jan 7
918 912 *918 1014
93
97
914 10
9% 97
1,400 Internat Agricul
9%
97
No par
918 Jan 25 1034 Jan 4
6212 621 *61
6312 '62
6312 *62
64
64
64
*62
64
200 Prior preferred
100
Jan 26 64 Feb 3
6118
5414 5414 65
5512 56
56
56
564 56
56'e 565 58% 6,600 lot Business Machines_No par 6318 Jan 13 5338 Feb 4
4712 4758 4712 48
4712 4734 4758 4712 4712 472 477 4814 7,200 International
21 5178 Jan 10
par
Jar
4514
Cement-No
*10238 103
103 103
103 10312 *1031. 104 *10312 104
104 10458
900 Preferred
100 10214 Jan 21 10412 Jan 7
45
457
46
4612 46% 4734 4614 4714 464 47'5 4618
4758 18,200 Inter Comb EM Corp_No par 4318 Jan 28 497 Jan 3
138 140
1407e 14134 141 1437e 1435 14478 14412 14058 25,500 International
14058 141
Harvester
100 1353s Jan 18 14914 Feb 4
•127 127'2 12712 12712 12712 12712 12712 12758 12758 12758 127 127
700 Preferred
100 12634 Jan 12 128 Jan 3
7
7
7
7
*7
714
718 818
738 8
758 858 13,800 lot Mercantile Marine__ _100
614 Jan 4
812 Feb 4
3818 38's 3812 3834 *3858 3834 3812 411
4012 4158 4918 42% 77,000 Preferred
100 3718 Jan 6 41's Feb 4
63
634 634 6312 6318 6312 634 64
6258 63
62% 63
4,809 International Match pref35 6212 Jan 17 6438 Jan 4
4014 4114 4034 4112 41
398 401
42
404 4134 41
415 19,600 International Nickel (The)25 3814 Jan 3 4338 Jan 11
*106 -___ 4'106
_
•106
-_ _ 10614 10614 *106
. _ *106
_
100 Preferred
100 105 Jan 11 10614 Feb 2
56%57
56 -57
z5612 -5714 5612 57
5558 -5i38 5512 -5534 4,500 International Paper
100 5318 Jan 3 6014 Jan 10
*9914 995 *9912 9958 9912 9912 9918 9918 9958 9958 *9918 9
300
100
9612 Jan 3 99.8 Jan 28
Preferred
958
(7)
*157 161 *157 161 *157 161 *15712 161 *15712 16012 161 161
100 International Shoe_ _No pa 160 Jan 21 151 Jan 4
124 12434 12434 1257 12412 1257 12418 125
12414 12718 126 128
16,800 Internat Telep & Teleg-100 12214 Jan 25 12912 Jan 8
1958 1958 21912 1912 *1934 21
*1934 21
*20
214 *20
300 Intertype Corp
2112
No par
1912 Jan 31., 214 Jar lq
544 5412 5512 56
*55
551: 5514 5514 55
55
5512 561.
10 IP 5312 Jan
2,40 1ewel Tea, Inc
6812 Jan .
"120 124 '120 124 '120 124 *120 124 *120 124
12334 124
104, 12334 Jan 28 124 Feb 2b
20s, Preferred
•1334 1412 *1418 15
1412 1412 *1334 1514 *144 15
1412 1412
200 Jones Bros Tea, Ino,stpd_100 105s Jan 3 1612 Jan 19
1812 1858 19
19
1834 1958
19
19
19
1914
No par 184 Jan 18 2212 Jan 5
19
1914 4,500 Jordan Motor Car
*14
38
*14
%
10
Kansas Gulf
14 Jan 11
14 Jan 11
11234 11234 113 113 *112 113 '112 11278 *112 113 *112 113
200 Kan City P&L 1st pf A_No par 11218 Jar 26 1144 Jan 13
5312 5312 53
5714 6512 5614 55
56
5412 5512 5334 5434 11,200 Kayser (3) Co v t o____No par 50 Jan 4 5714 Jan 31
958 1012 104 1012 1012 11
1078 1078 1012 104
958 1014 7.600 Kelly-Springfield Tire
912 Jan 27 114 Jan 10
25
*3712 3912 38
3812 39
39
35
35
*38
41
*3818 41
500 8% preferred
100 35 Feb 2 43 Jan 4
*42
47
*45
48
*45
48
*40
48
"45
48
*42
48
44
100
Jan 19 48 Jan 10
preferred
6%
*79
80
79
79
*89
84
80
8014 *80
84
*80
84
600 Kelsey Wheel, Ins
100 77 Jan 26 85 Jan 4
61
6118 614 6112 6112 6112 6158 6158 6158 .6158 6114 6112 29,100 Kennecott
Copper
No par 61 Jan 29 624 Jan 3
58
4
%
58
58
34
53
34
34
34
34 1,600 Keystone Tire & Rubb_No par
*58
12 Jan 3
34 Feb 1
"30
33 '30
33
30
30
*30
37
*30
33
"30
35
100 Kinney Co
No par 28 Jan 17 45 Jan 5
*5412 547 *5412 5612 65
55
*5412 5612 55
55
5412 5412
300
Kraft
59
Feb
25
Jan 13
4
5412
Cheese
4758 49
4834 4912 4912 5034 494 50
4912 4934 49
4912 16,300 Kresge (5 5) Co new
10 458 Jan 28 55 Jan 7
•105 11212 *105 11212 *105 11212 *108 11212 112 112
112 112
20 Preferred
100 112 Jan 10 11238 Jan 5
1412 17
17
1714 *1712 19
*1712 19
"1712 19
*1712 19
2,000 Kresge Dept Storee--__No par
1412 Jan 29 1714 Jan 31
75
74
75
74
*70
80
.72
74
*71
74
*71
74
200 Preferred
100 74 Jan 31 80 Jan 4
*172 175
174 174
17712 180 *180 183
183 183
18358 18358
900 Laclede Gas L (St L04112)_100 17334 Jan 27 18358 Feb 4
'2912 21
2118 2138 2112 2112 2278 22% 204 207
21% 2158 1,300 Lago 011 & Transport-No par 2012 Jan 13 2278 Feb 2
*6634 6714 6614 6678 664 664 6612 6878 68718 69
6712 6818 6,900 Lambert Co
No par 66 Jan 28 69 Feb 3
*634 7
7
7
712 712
7
71
*74 734
714 74
1,000 Lee Rubber & Tire
No par
7 Jan 4
712 Jan 3
53534 36
36
36
3512 3512 36
364 3614 363* 36
3618 1,500 Lehn & Fink
No par 3512 Jan 3 3734 Jan 19
*2212 23
*2212 23
2314 2212 2212 2258 223
23
2234 2378 2,000 Life Savers
No par 22 Jan 7 237 Feb 4
...•9912 10078 10034 10034 10111 19112 9914 9914 10018 1001
997 10058
700 Liggett & Myers Tob new__2
99 Jan 21 10278 Jan 4
'126 130 *126 130 *126 130 *126 130 *126 130 *126 130
Preferred
100 1243 Jan 27 12614 Jan 21
59912 100
*9912 9978 9912 9958 984 100
9938 997
9912 997
3,300 "El" new
25
Jan 24 10234 Jan 18
9718
63
63
63
63
63
6311 6318 6312 63
6458 65
6514 3,400 Lima Loo Wks
No par 62 Jan 6 6518 Feb 4
*5312 5412 54
54
54
04
5412 5558 5478 553* 3,500 Liquid Carbonic certifs_No Par
5378 537
51 Jan 5 5712 Jan 19
5134 5214 5112 5258 508 52
50% 5158 5058 51
5038 52
31,700 Loew's Incorporated__.No par 4678 Jan 4 5214 Jan 29
7
7
7
7
7
718
7
7
7
7
7
7
2,500 Loft Incorporated
NO pa
61/4 Jan 10
758 Jan 20
*4034 4114 41
'41
41
411 *41
41
"4012 4078 41
414
300 Long Bell Lumber A
No par 4012 Jan 15 4214 Jan 7
155 156
160 161
157 160
159 15934 *157 160
164 165
1,900 Loose-Wiles Biscuit
100 150 Jan 18 165 Feb 4
*150 165 '150 165 "150 165 "140 160 "140 160
160 160
100 2d preferred
100 15814 Jan 18 16434 Jan 5
31
31,s 3012 301
2912 30
3018 3034 2958 3018 2914 30
11,000 Lorillard
25 294 Feb 3 327 Jan 3
*114 118 *114 118 *117 1174 *11612 1174 '1164 11712 *11612 11712
Preferred
100 117 Jan 25 11812 Jan 13
1614 1614 1638 1658 1658 1634 1638 1658 16
1634
16
1612 13,400 Louisiana Oil temp otfe_No par
1575 Jan 22 1818 Jan 5
*9614 97
*9614 97
*9.54 97
*9512 97
97
"9512 97
595
Preferred
100 95 Jan 10 9638 Jan 26
*2412 25
*2458 247
*2458 2434 2434 2434
2412 2134 •2458 25
700 Louisville 0& El A----No par 233s Jan 3 25 Jan 14
27
27
2758 2734 2712 2858 *2814 2834 2834 2918 2758 2814 1.600 Ludlum Steel
NO par 2618 Jan 12 2912 Jan 22
*121 122 *12112 122
12118 12118
121 121 '121 125 "121 125
200 Mackay Companies
100 120 Jan 14 126 Jan 4
*7178 72
"7112 72
*7112 72
*7112 72
*7112 7134 *7112 72
Preferred
100 7038 Jan 7 72 Jan 27
9214 9312 934 95
7
944 95
944 9558 9434 9534 934 95
82,100 Mack Trucks. Ino
No
par 8814 Jan 24 974 Jan 3
*108 109 *108 109 *108 109 *108 109 *108 109
109 1094
400 let preferred
100 109 Jan 25 111 Jan 4
*101 104 '101 104
104 104 *103 106 *103 106 *103 106
100 28 preferred
100 102 Jan 18 104 Jan 4
3412 3412 3414 3412 343* 3478 3458 347
35
35
35
3514 2,800 Magma Copper
_No par 333 Jan 25 35% Jan 4
•15
16
*15
1612 1518 1512 '15
154 *15
1512
15
16
400 Mallinson (II R)& Co-No par
1412 Jan 24 16 Jan 0
7434 7434 75
76
7412 7412 "7412 76
75
75
76
*74
500 Manati Sugar pref
100 72 Jan 18
54
5458 54
54
54
55
5414 5512 5412 5534 5414 5412 4,600 Manh Elea Supply___ _NoPar 53'8 Jan 25 76 Jan 6
5718 Jan 4
*25
2518 2518 2518 2514 2514 2518 2514 2518 2518 2514 2514
1,000 Manhattan Shirt
25 2414 Jan 18 2612 Jan 12
*4114 4334 *4134 4334 *41
4374 44
44
43
43 '3812 43
600 Manila Electric Corp__No par 40 Jan 22 44 Feb
4
20
2012 20
2038 2078 2112 203 21
204 2112 2,800 Maracaibo 011 Expl____No par 18 Jan
*2012 21
6 2234 Jan 18
5535 5658 564 5758 568 577
5718 5818 91,500 Marland 011
5658 5734 5733 58
No
par
551r
Jan
28
5812
Jan
17
31
3112 314 3158 31
3118 3018 3078 3078 307s 3034 3278 7,500 Marlin-Rockwell
No par 27 Jan 10 327 Feb 4
•2112 22
"21
22
*21
21
*2114 2214 *2114 2214
22
21
100 Martin-Parry Corp
No par 2038 Jan 6 2258 Jan 10
*85
86
86
86
8438 9734 867 8678 8612 87
8678 87'2 2.700 MatbleeonAlkaliVirkstemott50 82 Jan 6 874
Feb 1
67% 6814 6812 69
6812 684 69
6914 6914 6938 6958 693* 5,700 May Dept Stores new
25 6714 Jan 27 6958 Jan 10
264 2658 2678 2712 2678 2712 2678 2714 27
2712 28
28
33,300 Maytag Co
No par 2318 Jan 15 28 Feb 3
5
6358 64
*6312 64
63
6412 654 6014 *64
'64
66
66
550 McCrory Stores Class B N.par 58 Jan 20 751
2 Jan 3
2532 22534 2534 26
2538 '25
*25
26
26
"2512 26
28
800 McIntyre Porcupine Mines__5 2514
2514 2514 2514 *2514 2512 25
2514 254 25
2514 244 2514 1,900 Metro-Goldwyn Pictures p1.27 2434 Jan 25 2634 Jan 8
Jan 3 2578 Jan 22
7
*678 7
6
714
714 714
7
714 714
74 1,900 Mexican Seaboard 011_ _No par
74 74
678 Jan 27
734 Jan 5
1534 1634 1534 157 21538 1534 1512 1512 1512 1512 1512 151s 2,400 Mlaml Copper
5 1535 Jan 6 1618 Jan 3
364 377
377 3858 3734 3858 3735 3834 384 3834 3734 38's 47.400 Mid-Continent Petro__No par 3414 Jan
3 3938 Jan 21
*1034 10412 10412 10412 "10334 105 "1033 105
105 105 '10414 10514
200 Mid-Cont Petrol pref
100 103 Jan 10 105 Feb 3
23
2% 212
23* 212
212
2% 21 25,900 Middle States 011 Corp____10
212
23
23* 212
11
/
4 Jan 3
2111 Jan 11
114 02 *138
153 •112 153
*114
14
158
112
15
112
2,000 Certificates
10
14 Jan 26
2 Jan 10
111 111
111 111 *110 112 *110 11212 "110 112
*110 111
400 Midland Steel Prod Dref___100 110 Jan 14 11314 Jan 20
•sid end "Akita prime. no sane 00 this day. z EX-C11•11111Md. 5 Ea-rights.
PISS .SH A ew
Range for Previous
Year 1928
Lowest
Highest
$ per share $ per share
95 May 100 Dec
10512 Apr 113 Sept
9214 Apr 96
Jan
11314 Mar 22534 Aug
11312 Jan 12214 Dec
9814 Apr105 June
6012 Mar 9378 Aug
36 May 49
Jan
4114 Nov 7874 Jan
100 Nov 11138 Jan
1558 June 2534 Jan
41 12 Ma
56% Feb
3912 Nov 7034 Feb
9412 Dec 100 Feb
9612 Dec 10978 Aug
10414 Dec 109 Sept
3314 Mar 6912 Nov
47Iy July 6878 Nov
98 Apr 125 Aug
8
Oct 214 Jan
1618 Mar 36% Dec
89
Apr 11312 Dec
10812 Mar 11814 July
958 Apr 3434 Dec
518 Jan
1078 Feb
5138 Oct 933 Jan
45 June 6012 Dee
26
Oct 2812 Nov
24% Dec 30 Sept
174 Dec 46
Jan
68 Mar 88 Dec
1712 May 354 Aug
4712 Jan 63
Oct
40 Mar 48% Jan
5014 Mar 71
Jan
Jan 45 Sept
27
4034 Oct 12314 Jan
17 Mar 2838 Jan
1958 Mar 34
Jan
1412 Dec 2414 Feb
734 Oct 134 Feb
712 Oct 1212 Feb
804 Mar 104
Jan
3412 May 4334 Des
10334 Mar 115 Feb
2034 Mar 2858 Nov
12 Dec 2134 Feb
918 Dee 2614 Jan
56% Dec 95 Jan
3818 Mar 568 Dec
4458 Oat 717 Jan
Jan
10178 Oct 106
3312 Mar 6412 Jan
11214 Mar 1584 Deo
118
Jan 129 Dec
6 Sept 1238 Feb
27 Mar 46% Feb
5312 Mar 6638 Feb
3258 Mar 4614 Jan
101 18 Jan 10412 Dec
4418 Apr 6334 Aug
89 May 100 .Dee
135 May 175 'Jan
111 Mar 133 I Jan
T,n
1812 July 29
-.vw-swese
25 Jan
bo, ,...,
11512 Jan 12712 Nov
9 Dec 194 Feb
12 Nov 66 Feb
14 Mar
34 Jan
10714 Mar 115 Nov
3314 May 5134 Dee
9
Oct 2112 Feb
4312 Oct 7434 Feb
45 Dec 7314 Feb
7634 Nov 126 Feb
4934 Mar 644 Nov
12 May
218 Jan
39 Nov 8218 Jan
5658 Dec 68 Nov
4234 Mar 82 Jan
11212 Nov 11434 Feb
1518 Mar 333 Jan
7014 Mar 9314 Feb
146 Mar 19614 Dec
1918 May 2412June
3912 May 72 Nov
614 Dec 14 Jan
3034 Mar 4118 Jan
1714 May 25 Dec
7218 Ma 103 Dec
11934 Jan 12934 May
71 Mar 7234 Dec
534 Mar 694 Jan
4312 Oct5878 Nov
3414 Mar 481% Dec
6
Oct1114 Feb
4134 Dec504 Feb
88 Mar 17712 Dec
12014 Mar 175 Dec
2734 Oct4214 Feb
11118 Apr 120 Aug
12 Mar 197k June
93 Dec 98 Dec
2234 Mar 264 Feb
2258 Oct5814 Feb
122
Oct138 Feb
68 Mar 7318 Feb
8958 Nov159 Jan
1074 Nov113 June
102
Oct10834 Sept
34 Apr 4478 Feb
123* Nov 2818 Jan
55 June 82 Feb
44
Oct 8734 July
2178 Oct 3278 Jan
2712 Mar 4558 Sept
1612 Oct 28 Feb
4914 Mar 6338June
2412 Oct 33 Mar
17 May 23 June
62's May 1061s Jan
6912 Dec 70 Dec
19 Mar 2412 Sept
Jan
72 Mar 121
2214 Oct30 Feb
2214 Jan 2512 Nov
6 Feb 134 July
11 Mar
1735 Oct
2712 July 37
Jan
90 Mar 1044 Dec
34 Nov
212 Jan
12 Oct138 Dec
107 Mar 13312 Feb
New York Stock Record-Continued-Page 5
766
For sales during the week of stocks usually inactive, see fifth page preceding
wail
AND LOW BALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Jan. 29.
Monday,
Jan. 29.
Tuesday,
Feb. 1.
Wednesday, Thursday,
Feb. 3.
Feb. 2.
Friday,
Feb. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
rale am ARE
Range for Previous
Year 1926
Lowest
Highest
Indus.& Miscall.(Con.) Par 3 per share $ per share $ per share i per share
30 May 4434 Feb
Miller Rubber etfs____No par 314 Jan 25 35 Jan 10
6938 Mar 8612 Nov
100 8112 Jan 28 83 Feb 4
Montana Power
56 May 82 Jan
Montg Ward & Co Ill corp _10 6034 Jan 27 6738 Jar 5
934 Nov 3738 Feb
84 Jan 23 1212 Jan 5
No par
Moon Motors
712 Feb
4 Nov
438 Jan 3
418 Jan 3
Mother Lode Coalition_No par
1034 Dec 2312 June
llis Feb 4 13 Jan 17
No par
Motion Picture
3334 May 5338 Feb
371s Feb 3
No par 3318 Jan 31
Motor Meter A
1918 Nov 334 Feb
No par 2034 Jan 3 2458 Jan 7
Motor Wheel
8 Nov 1934 Feb
10 Jan 5 1012 Jan 19
Mullins Body Corp____No par
343
4 Apr 3834 July
11
Jan
397
8
37
Jan
3
No
par
Munsingwear
Co
300
3 May 1578 Feb
612 Jan 10
6 Jan 4
No par
Murray Body
52 Mar 7078 Dec
No par 63 Jan 28 7312 Jan 5
42.700 Nash Motors Co
1278 Jan
5 Nov
54 Jan 18
658 Jan 7
National Acme stamped_100
74 Jan 102 Deo
25 9134 Jan 27 10112 Jan 10
4,100 National 1317301111
Jan 13112 Apr
100 130 Jan 10 132 Jan 3 126
Preferred
100
3712 Oct 54 Jan
5,500 Nat Cash Register A WINO var 394 Jan 3 42 Jan 22
18 Nov 57 Jan
18 Jan 22 22 Feb 4
100
1,000 National Cloak & Sult
5818 Nov 9212 Jan
13
Jan
673
4
Jan
61
31
100
Preferred
3,100
Jan
53 Apr 80
21,800 Nat Dairy Prod tern otrallo par 7038 Jan 3 7712 Feb 2
Oct 4238 Jan
24
300 Nat Department Stores No par 25 Jan 18 2612 Jan 10
2534
*25
625
2534 2534 2534 *25
25
25
26
26
*25
97
Jan
893
4
Oct
10
Jan
9114
100
9414
Jan
28
preferred
let
*92
921*
*92
9212
*9112 9212 *9112 9212 *9112 921 *9112 9212
1212 May 34 Jan
2034 Jan 17
18 Feb 1
2,200 Nat Distill Prod otfe___No par
1814 18
1834 61712 1834 *1712 18
1812 1812 18
.1814 19
7318
Jan
Aug
3712
8
Jan
18
431
487
,
Feb
2
atf__No
par
Preferred
temp
800
4312
437
8
437
8
4318
437
s
4318
4312
*4312 45
45
4333
*4312
2118 July 4012 Jan
*2634 2714 3,100 Nat Enam & Stamping_100 2412 Jan 11 2934 Jan 17
27
*2512 2612 *25
2614 2818 2718 7234 27
27
76 July 8934 Jan
100 81 Jan 4 8312 Jan 28
Preferred
84
*8212 8412 *8212 8412 *8212 841 *8212 8412 *8212 8412 *82
100 160 Jan 27 168 Jan 10 138 Apr 181 Dec
165 16614 1,500 National Lead
16212 16212 163 168 *16212 165 *163 165
160 162
Jan 120 May
100 11714 Feb 3 11834 Jan 8 116
Preferred
100
11714 11714 *11712 118
*117 118 *117 118 *117 118 *117 118
1634 Mar 3838 Jan
1968 1934 1978 2038 20
2033 2018 2014 2018 2014 2018 2034 8,500 National Pr & Lt cUs....No par 19,8 Jan 28 22 Jan 6
Jan 88 Dec
554
Jan
28
Jan
3
93
3
4
8212
Supply
50
29114 9234 14,500 National
92
92
9214 9412 9238 94
9018 92
9012 92
No par 11412 Jan 11 118 Jan 6 11612 Nov 238 Jan
National Tea Co
*116 120 *116 120 *116 210 *117 11912 *116 11912 *116 120
1614 Nov
June
115
*
3
1418
15
Jan
Feb
2
5
1418
1414
Nevada
6,600
1414
1414
1418
143
8
Conso1CoPPer
143
2
1433
1412 1412 1414 1432
3612 Jan 4612 Sept
No par 404 Jan 8 4614 Feb 3
4478 4434 4614 4518 4578 25,900 NY Air Brake
*4212 4234 4212 4358 4258 4338 43
2018 Nov 8434 Jan
1714 Jan 24 2178 Jan 3
oner_ amp otIs_No par
900 NY
1914
1912 1912 19
*19
20
20
619
184 1914 '
20
*19
7014 Dec 85 Apr
No par 63 Jan 21 72 Jan 13
*6512 72
Preferred
*6512 72
*6512 72
72
*65
*66
72
*65
72
Oct 454 Feb
32
100 34 Jan 14 35 Jan 10
600 New York Dock
*34
3434
34
*3312 3434 *3312 3434 34
34
3418 *3312 35
May 77 Dec
69
73
Jan
25
7412
Jan
10
100
74
Preferred
*72
74
4
12
•72
73
3
4
733
4
*72
733
4
*72
7312 *72
2758 Mar 2912 Deo
29 Jan 5
2818 1,000 Niagara Falls Power pf new_25 2734 Jan 31
2818 2818 2818 2818 *28
28
•28
2814 2734 2734 28
Jan
42 Mar 67
10 4558 Jan 14 4934 Jan 19
4852 4812 4712 484 4714 4778 22,400 North American CO
4658 47
4658 47
4638 47
Jan 5214 Aug
49
50 50 Jan 10 5114 Jan 7
600 Preferred
*5012 5112 *5012 51
5034 5034 5012 5012 5018 5014 5058 5058
9118 Mar 97 Dec
1,300 No Amer Edison pref--No par 9658 Jan 6 10014 Jan 25
99
984 9812 9858 9918 9914 9914 *98
*9812 99
9834 99
418 Oct 1518 Jan
4 Jan 31
434 Jan 10
10
1.800 Norwalk Tire & Rubber
4
414
4
414
412
4
44 *4
4
4
*4
412
1712 Jan
1234 Dec
Nunnally Co (The)_-No par 13 Jan 19 13 Jan 19
*13
14
14
*13
1314 *13
14
613
*13
14 '
•13
14
30
July 3638 Oct
3114
Jan
28 3534 Feb 4
25
3534 6,700 011 Well Supply
33
3378 34
33
3212 632
*31
•304 3134 3134 32
Oct 2214 Feb
12
No par 1238 Feb 4 1438 Jan 6
1318 1258 1318 1238 1258 3,200 Omnibus Corp
1234 1234 1258 1234 1212 1212 13
Jan 6358 Sept
47
100 Oppenheim Collins & CoNo Par 5834 Jan 31 8012 Jan 18
*58
5878
*58
59
60
658
5854 5334 *5714 59
*5714 59
2712 Mar 3318 Nov
1 3018 Jan 4 3458 Jan 24
3312 2,600 Orpheum Circuit, Inc
3334 3312 3312 *33
*3314 3312 3312 3334 3334 3333 *33
Jan 105 Apr
100 105 Jan 20 10612 Feb 3 101
200 Preferred
____
....._ 10612 10612 *106
____ *106
____ *106
*10512 -- .- *106
50 2103 Feb 2 131 Jan 18 106 May 136 Dec
4.200 Otis Elevator
--------105 10814 107 108
•128 12934 *12812 12934 *12912 130
100 10818 Feb 3 111 Jan 14 10234 Jan 10912 Aug
390
Preferred
10818 10814 10814 10814
109 110 6108 110 *108 110
*107 109
8
Oct 1412 Jan
812 Jan 14
734 Jan 6
No par
700 Otis Steel
734 734
778 74
8
8
78 778
734 74 *74 8
63 Nov 74 Sept
100 62 Feb 3 66 Jan 3
300 , Prior pref
6212 *6112 6214
6212 82
6212 *62
6212 *62
6212 *62
*62
5334 Mar 9034 Dec
25 754 Jan 18 8078 Feb 4
7934 79
804 5,800 Owens Bottle
79
79
7812 7878 78
79
78
*76
78
44 May 5514 Dee
No par 5234 Jan 24 5712 Jan 3
Outlet Co
*52
55
*52
55
55
*52
*52
55
*52
56
55
052
9712 Apr 10712 Den
100 107 Jan 27 107 Jan 27
Preferred
__ *104
6104 ____ •104 ____ •104 ____ *104
•104 ____ '
19
33
Jan
9
Feb
2
317
25
Gas
cic
Elea
new
Pacific
3,100
32
32
32
317
8
32
3214
32
32
3214
3214
•32
3214
n1 May 8318 Feb
178 Jan 7
112 Jan 12
No par
400 Pacific 011
158
112
112 *158
158
134
112 112 *112 134
•112 134
3134 Mar 4514 July
10 34 Jan 25 3638 Jan 4
' 3418 3412 3438 3458 3414 3434 3418 3412 3414 3458 3414 3412 10,300 Packard Motor Car
9 Nov 2812 Jan
117
8
Jan
6
Jan
26
10
par
Det
Motor
Car__No
1012
1078 1014 1034 4,800 Paige
1014 1014 1018 1012 1014 1012 1012 1012
5618 Mar 7612 Jan
50 6034 Jan 6 6578 Jan 19
*6312 6412 634 6378 6312 6478 4,000 Pan-Amer Pete & Trans
64
6134 6178 6312 6358 64
5678 Mar 7838 Jan
50 61 Jan 3 6638 Jan 20
Class B
6534 45.800
6258 634 634 6434 644 6514 6418 6478 6414 6474 64
30
Oct 46
Jan
900 Pan-Am West Petrol B_No par 3518 Jan 27 374 Jan 24
3612 3534 3534 36
3634
6'3558 3714 *3614 3612 3618 3634 36
412 Jan 32 June
14 Jan 5 1878 Jan 17
16
1618 1534 16
1512 1558 16
•1518 1612 15
1534 1578 2,500 Panhandle Prod & Rel_No par
51
Jan
993
8
Jan
17
June
813
4
15
Jan
7014
100
Preferred
300
80
•76
8112 *75
•75
79
78
7712 7712 7472 7474 *72
1858 Oct 2818 Jan
2014 2014 21
400 Park & Tilford tem ette_No par 20 Jan 27 23 Jan 3
*2014 2118 203g 2036 •2014 2138
•2014 21
21
518 Sept
812 Feb
718 Feb 4
6 Jan 3
1
678 718 13,500 Park Utah 0 M
612 7
638 612
638 638
638 633
.64 614
3214 Nov 83 Jan
19
Jan
423
4
Jan
3
par
3812
Exchange
A-_No
Pathe
5,800
3912
394 3912 3958 40
39
394 40
39
40
3913 40
Nov
3112
8
Nov
233
Jan
8
50 2678 Jar 29 32
800 Peerless Motor Car
274 2778 2712 2712 2778 2778
*2718 28
28
28
2678 27
1678 Jan 24 Dec
No par 21 Jan 17 23 Jan 24
600 Penick & Ford
*2114 2112 *2114 2112 *2114 2178 2112 2158 2178 2178
*2112 22
7
Aug
Jan
24
19
Oct
14
19
Jan
1014
50
100 Penn Coal & Coke
*12
*12
14
*12
14
14
*12
14
14
134 1378 *13
41 Dee
38 Dec
37
3614 3614 37
36
3512 36
3412 36
374 3612 3738 5,700 Penn-Dbde Cement__ _No par 3412 Jan 29 39h Jan 13
Nov
10012
Nov
99
13
994
Jan
Jan
4
99
100
Preferred
300
*99
993
8
99
99
9933 9958 *99 100
99
99
•99 100
214 Jan
58 Oct
78 Jan 12
58 Jan 3
34 16,600 Penn-Seaboard St*1 ,'to NO par
84
84
34
34
78
4
78
34
78
li
4
800 People's 0 L & C (Chic)_100 126 Jan 14 129 Jan 29 117 ,Jan 131 Dec
12838 129 *12814 130 *12814 12812 12814 12814 12814 12814 12814 12814
91
Dee
Mar
594
21
88
Jan
Jan
18
8514
*84
88
85
600 Philadelphia Co (Pittab)-50
86
87
*84
88
*84
.8412 88
*86
90
Oct 5114 July
45
50 50 Jan 6 51 Jan 27
600 6% preferred
51
5078 5078 504 5078 5078 5078 51
*5034 51
*5034 51
483
8
Feb
Apr
364
47
Jan
3
28
Jan
415
8
par
I___No
4212
4238
4234
415
8
4214
Phila
&
Read
C
&
14,200
4312
4212
8
417
42
4214 4214 43
3634 June 4612 Jan
400
42
42
43
Certificates of int___No par 4138 Jan 26 4312 Jan 11
*42
4378 *4114 4212 *4114 4212 *42
*4112 43
45 Dec 5534 Jan
4912 *48
4912 *48
4912 *48
Phillips-Jones Corp_-No par 47 Jan 3 50 Jan 24
4912
•4634 4912 *4634 4912 •48
16 Apr 41 Dec
3712 38
3714 38
*374 38
2,500 Phillip Morris & Co, Ltd...10 3512 Jan 26 414 Jan 10
3858 *3714 38
3512 3934 33
40 Mar 5738 Dec
5858 5914 5812 5978 133,200 Phillips Petroleum--No par 5434 Jan 3 5978 Feb 4
5512 564 5618 564 564 574 574 59
Mar 4614 Nov
31
Jan
19
45
Jan
7
42
5
*40
425
8
*41
43
*42
43
43
Phoenix
Hoalery
*4212
*40
43
•4214 43
Oct
94 Mar 103
100 103 Jan b 10434 Jan 24
20
Preferred
010412 10434 10412 10412 *10114 10412 *10114 10412 *10114 10412 *10114 104
19 May 4318 Jan
1912 20% 15,500 Pierce-Arrow Mot Car No par
1818 Jan 25 224 Jan 3
1934 2018 194 2034 194 204 2014 2078
1934 20
Aug
12714
Apr
7612
Jan
3
10212
Jan
17
100 85
9012 9214 2,000
*92
94
91
Preferred
9112 9118 9214 91
91
91
91
14 Jan
12 Oct
84 Jan 4
4 Jan 6
25
84 2,800 Pierce Oil Corporation
88
34
4
58
4
4
4
4
34
*4
34
1118 Nov 2718 Jan
*1412 17
100 1434 Feb 4 174 Jan 24
1434 1434 1,200
*1412 16
17
Preferred
1534 1534 *14
•15
18
Jan
7
Aug
24
13
Jan
34
338 312 27,600 Pierce Petrorm tern ctfallo par
338 312
3 Jan 5
312 358
358 334
*34 334
312 334
29 June 4212 Jan
36
100 33% Jan 11 3612 Jan 3
300 Pittsburgh Coal of Pa
*33
35
3533 *35
36
36
*34
36
36 '34
*34
70 June 85 Jan
7314 7114 7114 7114 7114
100 714 Feb 3 7412 Jan 7
7314 *71
200
Preferred
7314 *71
7314 *71
*71
94 Mar 10018 Dec
100 100 Jan 4 101 Jan 18
100 Pittsburgh Steel pref
101 101 *10012 103 *10012 103 *10012 103
•100 101 *100 101
7512 Mar 12478 Feb
9814 9914 11,600 Post'm Cer Co Inc new-No par 964 Jan 4 10234 Jan 14
9814 9812 9878 9834 100
9718 994 98
974 99
344 May 44 Nov
3834 12,600 Pretend Steel Car new
100 38 Jan 12 47 Jan 25
3834 4114 38
4314 3834 4114 3838 41
4178 4318 42
Dec 9534 Jan
7712
22
Jan
79
100 77 Jan 7 84
700
80
8018 79
81
Preferred
8234 8234 80
83
83
*84
86
11 Mar 2034 Oct
26
54,800 Producers & Refiners Corp_50 1834 Jan 5 2678 Feb 1
254 25
2334 2414 2458 2678 2534 2634 25
2334 24
4134 Oct
304
May
1
Feb
494
6
Jan
8
50 387
3,640
Preferred
4674 4812 4714 48
49
4512 4512 4912 47
*44
45
45
3114 Oct3338 Nov
15.300 PubServCorp of Nlnew No par 32 Jan 6 35 Jan 21
337 3418 3338 34
3312 3338 3314 3358 3358 3378 3334 34
Apr 101
Oct
9612
5
Jan
9912
14
Jan
99
*9812
991
100
9912
Preferred
6%
*9812 994 *9812 9912 *9812 9912 *9812 9912 *9812
100 10812 Jan 5 1104 Jan 17 10318 Jan 110 Nov
100
7% preferred
*10912 11018 *109 11018 *109 10978'6109 10978 10958 10958 *109 1097
100 125 Jan 10 126 Jan 30 115 Mar 12434 Nov
8% preferred
*12514 128 *12518 130 *12514 130 *12514 130 *12514 130 *12514 130
97
Jan 10418 Sept
800 pub Serv Elec & Gas pfd_100 102 Jan 4 10312 Jan 26
6,1034 10314 *1034 10314 10318 10338 10312 10312 10312 10312 10234 1031
Jan 114 Aug
100 Pub Service Elea Pr pre/-100 1135* Jan 18 11412 Jan 21 106
*11414 11472 11412 11412 *1141,115 *11414 115 *11414 115 *11414 115
Jan 3 14514 Mar 19912 Sept
18912
18
Jan
1813
4
100
38,400
18412
1854
Pullman
Company
8
18714
1853
18634 18814 x18632 18834 18412 186
186 18778
33
Apr
3
4914 Des
Jan
467
8
28
Jan
4584
50 414
4,500 Punta Alegre Sugar
44
4314 44
4414 4412 454 4518
4314 44
44
44
254 Oct31
Jan
25 2714 Jan 3 294 Jan 17
29'4 26,300 Pure Oil (The)
28
2812 2814 284 2858 2914 29
2834 2914 29
29
106
Apr
Jan
18
1123
4 June
11212
Jan
11
1114
100
100
8% preferred
11218 11218 *112 113 *112 113 *112 113 *112 113 *112 113
47 Oct4938 Nov
.25 4632 Jan 20 49 Feb 3
1.000 Purity Bakeries class A
*4812 49
48
4834 4734 474 4834 4834 4834 49
*473 48
414 Nov 44 Dec
4134 Jan 3 44 Jan 12
No par
Class B
434 4312 *4312 4334 4312 4334 4312 4358 4318 4378 4338 4358 2,000
99
Oct103 Dec
100 10114 Jan 8 10234 Jan 14
Preferred
'
610214 105 *103 104 *10234 104 *10234 105 *10234 105 *10234 105
32 Mar 614 Nov
8134 2338 5058 5338 39,400 Radio Corp of Amer-No par 4712 Jan 24 5412 Jan 10
9278 213 52
5134 5212 5218 5312 51
445
8
Mar
5378 Dec
4
5218
Feb
1
Feb
5014
50
700
5218
52
5014 5014 52
*51
52
52
5178 52
52
Preferred
*51
32 Apr 4184 Oct
No par 40 Jan 5 41 Jan 7
200 Rand Mines, Ltd
*4138 4234 *4212 4234 *4218 4238 *4178 4234 *4218 424
41
41
1012
Mar
22
1634 Nov
1514 *154 1514 1518 1518 41434 154
15 •15
300 Ray Consolidated Copper-10 15 Jan 10 1532 Jan
•15,8 1533 15
3712 Nov 5014 Oct
10 3918 Jan 25 4658 Jan 5
4534 4438 4558 4458 4514 4434 451g 4434 45
15,700 Real Silk HoslcrY
4058 4312 44
9314 Dec 100 Nov
100 91 Jan 29 9314 Jan 8
*92
99
*92
99
99 '692
100
*92
99
99
•92
Preferred
91
91
3934 Dec 56 Jan
No par 3812 Jan 24 401g Jan 8
39
39
•3834 40 '639
63834 40
200 Reid Ice Cream
40
384 3878 *3812 40 '
74 July
1834 Feb
9 Jan 10
708 Feb 3
No par
1.100 Reis (Robt) dc Co
8
773 778
724 754
8
74 734 *712 734
*734 8
8312 Apr 127 Feb
11212 Jan 12 136 Jan 24
13114 13312 13114 13412 1334 1344 13212 13414 133 13434 133 13433 11,400 Remington Typewriter--100 112 Jan 7 118 Jan 24 106
Oct
118
Apr
100
*114
*114
116
1157
114
114
8
116
1157
8
*114
7% let Preferred
60
11578
114 114
100 111 Jan 6 116 Jan 18 105 Apr 11514 AMC
11512 11558 11378 11378 114 11512
114 114
8% 2d preferred
230
114 114
114 114
8
Oct 1578 Jan
1012 Jan 28 134 Jan 10
No par
lllz
113
8
113
4
1118
113
4
113
4
8
Steel
1114
115
8
113
Replogle
3,200
8
107
11
*1034
44 May 6338 Jan
100 5612 Jan 4 6378 Jan 13
5.500 Republic Iron dc Steel
6014 604 6112 6012 607
5912 5934 5934 6014 60
59
59
911
/
4 Mar 99 Sept
100 9632 Jan 3 100 Jan 31
100 100
100 100
100 100
*99 100
Preferred
600
9912 9912 100 100
414 Oct 1032 Jan
13
Jan
43
4
Jan
5
per
414
No
*438
41
412
412
412
41
*43
8
Reynolds
700
43
4
4'z
Siring
412
438 458
90
Mar 12172 Nov
124
Jan
14
13
Jan
11912
12278 12212 12234 12212 12234 12212 12258 9,000 Reynolds (RJ) Tob Class B 25
12214 12252 12258 12278 12212 80 •78
7618 Dec 100 Jan
25 74 Jan 13 8358 Jan 21
80
*78
*78
300 Roods Insurance Co
7838 79
80
80
80
82
*79
473
8
Oct 674 Feba
10
Jan
5372
5012
Jan
25
shares)5058
5034
5078
5133
(NY
51
5034 51
2,100 Royal Dutch Co
514 5118 5118
5072 51
3654 May 481s kD
10 41 Jan 26 4238 Jan 5
41
41
41_
411 41
41
41
41
2.200 St JoaePh Lead
/
4 414 4114 4114
411
424
Jan
19
5512 Nov
Mar
5614
4
Jan
03
523
par
No
Cable
5514
553
55
2
551
2,700
553
4
Safety
5518
5573
55
5458 5434 *544 55 •63
6714 Nov 10212 Febr
*63
•63
67
200 Savage Arms Corporation_ 100 614 Jan 28 71 Jan 4
64
64
65
67
338 8218
312 *64
*314 70
3,2
3
6218
212 Dec
338 43
1014 Jan
21
24 Jan 4
3
334 Jan 10
No par
3
234 23
2,300 Seneca Copper
62 Mar 7058 July
5812 592 5912 5933 2,300 Shubert Theatre Corp_No par 5612 Jan 12 5912 Feb 3
581
*5712 584 58
4,3712 573
5734 58
4212 Mar 13812 Jan
4818 4811 4.700 Schulte Retail Storee-No par 47 Jan 18 4933 Jan 3
48'2 4838 49
4532 48
483
8
49
4814
43
48
100 1164 Jan 22 118 Jan 12 11212 Jan 120 Sent
Preferred
120 *11612 120 *11612 120 •11612 120
•1164 1184 *11612 1184 *11612 1234 1234 1234 •1234 13
1212 Mar 1414 Mar
1234 Jan 191352 Jan 3
No pa
*1234 13
900 Seagrave Corp
1234 1234 1234
•1234 13
.
_
a new.
this day a Ex vl en . a Ex-rights. is Hz-dividend one share Of StafldatQo
on
sabre
no
teats;
asked
•Bid sad
8 Per share $ per share $ per share $ per share $ per share $ per share
3412
34
3412 3434 3434 34
34
33
3312 *3312 3414 34
68112 8212 8238 8238 8212 8212 8212 8412 8338 8378 8334 85
x62
6234
6214- 6378 6214 64
8234 6214 63
6134 6258 62
1018 1018
10
104 1014 1038 1014 1014
10
1038 *10
10
414 414
414 414
414 438
414 414 *414 438
438 432
•1218 1214 124 134 1218 1218
1112 1218 1112 1112 1118 1214
3412 3718 364 37
34
34
34
34
3313 34
34
34
2212 2218 2218 2214 2212
22
•2112 22
2212 2218 22,8 *22
11
610
*10
11
11
*10
*10
11
*10
11
*10
11
*3712 3812
38
*3712 38
3812 38
*38
3812 *38
38
38
712 *__
712 *____
712 *__ __
V__
733 ____ ____ ____ ____
6578 6658
6638 67
6338 643g 647g 6814 6578 6638 6534 67
*558 64 *558 6
*553 612 *538 612 *534 612 *558 612
9634 97
9638 9634 97
9714 9658 9714 9634 9738 9534 97
*13012 131 *131 133
13114 13114 *13114 133 *131 133 *131 133
4114
4114 41
4114 4138 4118 4114 41
4114 41
4138 41
22
22
19
20
*20
24
*1814 1834 19
20
20
19
66
67
6714 66
61
•56
65
6614 67
62
62
61
76
7634 7534 7614 7578 7712 764 7712 7612 7738
7514 76
Week.
1,200
2,500
29,700
1,700
2.100
2,100
5,800
1,600
767
New York Stock Record-Continued--Page
For sales during the week of stocks usually inactive, see sixth page preceding
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Jan. 29.
Monday,
Jan. 31.
Tuesday,
Feb. 1.
Wednesday. Thursday.
Feb. 2.
Feb. 3.
Friday,
Feb. 4.
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
per share $ per, share $ per share $ per share $ per share Shares. Indus. & Miscall. (Con.) Par $ per share $ Per share $ Per share $ Per share
$ Per share
4414 Mar 5838 Sept
533g 5234 53
18,800 Sears,Roebuck & Co newNopar 51 Jan 17 5334 Feb 2
5334 53
5218 5258 5258 5314 5234 5313 53
5812 6034 *5814 63
47 Mar 6958 Jan
1,900 Shatuck (F Ca
No par
5638 Jan 17 6112 Jan 19
59
5914 6014
59
58
58
•57
58
4012 July 4838 Jan
*4412 45
1612 *4458 46
*4434 45
100 Shell Transport & Trading_E2 4412 Jan 4 47 Jan 10
4512 4512 *46
*4478 46
24 Mar 31 Nov
No par 2834 Jan 3 3114 Feb 4
3014 3032 3052 3078 3012 3634 3012 3034 3058 3078 3058 3114 21,900 Shell Union Oil
Preferred
100 10712 Jan 27 10812 Jan 10 103 Mar 114 July
*10712 10812 *10712 10812 *108 10812 *108 10812 *108 10812 *108 10812
1512 Aug 2858 Jan
10 19 Jan 3 21% Jan 17
2012 2078 2034 2134 2158 2178 2112 2178 2114 2158 2118 2134 18,900 Simms Petroleum
2838 Oct 5412 Jan
No par 3312 Jan 6 3638 Jan 10
3538 35
3512 3512 3558 4,400 Simmons Co
3412 3434 3458 3538 3514 3534 35
4
Jan
12
10512
Jan
10912
Nov 10912 July
*10818
109
460
Preferred
100
10714
108
108
10818
10818
10818
10818
108
108
10734 108
1634 Oct 2478 Feb
63,900 Sinclair Cons Oil coro-No Par
19 Jan 3 2273 Jan 20
2014 2012 2058 2132 2112 2134 2112 2112 2138 2134 2114 22
90 Mar 9912 June
10218 10212 10212 103
4,500 Preferred
100 97 Jan 6 10314 Jan 31
102 10314 310034 10134 10138 102
10178 102
2638 Mar 3718 June
54,100 Skelly (911 Co
25 3414 Jan 4 3614 Jan 10
3514 351: 3434 3512 3478 3512 3514 3512 3518 36
3434 35
12612 12834 *127 129
500 Sloss-Sheffield Steel & Iron 100 12314 Jan 20 13112 Jan 10 103 Apr 14212 Aug
*125 12614 41124 12612 *124 12612 *124 125
Jan
25
17314
Jan
10
92
Apr 16912 Dec
161
16314
..100154
160
161
160
1602
166
167
65,000
16113
South
Sugar
161
Porto
Rico
160 161
Oct 121 Dec
12212 12217 *11813 12212 12212 123 *123 12434
70 Preferred
100 119 Jan 6 123 Feb 3 110
120 120
4111812 120
30 Dec 33 July
3272 3278 33
*3234 33
*3212 33
33
900 Southern Calif Edison
25 3158 Jan 3 3414 Jan 13
33
*3213 3234 33
41
Oct 5512 July
3512 38
36,8 3734 3618 3714 33
3714 24,800 Southern Dairies al A _No par 33 Feb 4 4538 Jan 13
3814 40
40
40
20 Jan 7
1712 Oct 3534 Mar
14
13
14
13
14
1218 1338 16,100
No par 12 Feb 1
Class B
151? 1558 14321552 12
10
Feb
4
13
Jan
20
Dec
1734 Feb
*1014
13
*1014
13
*1014
13
103
8
103
8
13
103
8
100
No
par
Spear
&
Co
13
•1014
72 Apr 8212 Jan
7812 Jan 22
*7712 79
*7712 79
*79
80
*79
80
100 77 Jan 1
Preferred
*7712 79
*7712 79
1834 Apr 3138 Feb
21
22
2112 22
21
2214 2134 2134 22
3,100 Spicer Mfg Co
No par 2012 Jan 27 2358 Jan 19
2053 2034 21
Jan 10714 Dee
100 106 Jan 10 106 Jan 10 161
Preferred
010012 104 *101 105 *101 104 *101 104 *101 104 *101 104
51 Mar 69
Feb
5414 5434 5438 5412 7,200 Standard Gas & El Co_No par
54 Jan 25 5578 Jan 5
5414 5478 5438 5434 5418 5438 5414 55
5334 Mar 5738 Feb
5814 5814 5812 5812 5812 5812 1,400 Preferred
50 5718 Jan 3 5812 Feb 3
5758 5738 5712 58
58
68
Oct
9212
7114
Jan
4
Jan
10
6718
Feb
713
4
71
71
*70
71
71
71
71
100
7014
71
700
Standard
Milling
71
7114 7114
80 Mar 90
Feb
*87
88
88
88
89
89
100 84 Jan 5 88 Feb 2
87
*84
*88
20 Preferred
87
*8612 88
5238 May 6358 Sept
5912 5978 6014 5978 6014 5914 6038 27,100 Standard 011 of Cal new.No par 58 Jan 3 6034 Jan 19
5912 59
5852 5834 59
3738 Dec 4638 Jan
3858 3872 387s 4078 104,600 Standard 011 of New Jersey_25 3734 Jan 10 4078 Feb 4
3838 3818 355s 3814 3834 3838 39
38
116 11618 116 116
116 116
116 116
100 11558 Jan 3 1168 Feb 1 115 Noy 11918 May
116 116
8,000 Pref non-voting
116 116
3212 Dec 3314 Dec
3278 3338 3278 33
327s 33,4 33
34
38,400 Standard 01101 New York. _25 3212 Jan 10 3418 Jan 18
3234 3234 3234 33
312 Nov
312 312
104 Feb
414 Jan 3
3
3
3
318 318
3
338
3 Jan 11
1,700 Stand Plate Glass Co__No par
*318 334
9614 9614 9578 9614 3,100 Sterling Products
75 Mar 9614 Nov
96
No par 9012 Jan 4 9612 Jan 12
9512 9512 *9514 9614 9512 9512 96
61
Nov
927
8 Jan
par
1
673
4
Jan
5
6212
637
8
Corp_No
2
Feb
3637
8
6412
6314
633
4
64
62,
9,600 Stewart-Warn Sp
6478 6334 654
6518 6514
4734 Dec 7714 Jan
50
*49
51
*49
*49
51
51
.50
5034 50
51
100 Strornberg Carburetor_No par 474 Jan 3 51 Jan 7
*50
47 May 62 Sept
5434 5418 5478 5378 5412 5414 5434 5414 5458 30,600 Studeb'rCorp(The) new No par 5318 Jan 28 5612 Jan 7
5338 5412 54
100 11912 Jan 23 120 Jan 4 11412 Feb 12212 June
0119 122 *119 122 *119 122 *119 122 *119 122 *119 122
Preferred
3
318
314
112 July
334 Feb
3
334 Jan 8
3
3
3
278 3
234 Jan 4
No par
3
3,4 4,100 Submarine Boat
R
*3312
3018 Mar 4158 Jar
34
34
34
*33
*33
34
34
*33
34
400 Sun 011
3318 3312
No par 3134 Jan 10 3478 Jan 17
514 Dec
1 July
412 434
458 5
434 478
412 Jan 3
514 Jan 21
434 47s
458 434
434 434 7,303 Superior 011
No par
1912 Apr 3478 Sept
21
21
21
21
*2012 22
22
*21
22
*21
22
*20
200 Superior Steel
100 1958 Jan 25 2514 Jan 21
175
85
s
Apr
8 Sept
Feb
3
12
1178 1338 13
12
*11
*11
1312 1338 1338 1312 1358 3,400 Sweets Co of America
50 1138 Jan 27 1358
.514 6
.514 534
4 Nov
1412 Jan
*518 6
518 Feb 29
6 Jan 14
51s 518 *54 6
200 Symington temp ctfs__No par
*512 6
105g
Oct
204
Feb
Jan
14
*1214 1234 *1218 1234 *1218 1284 1258 1258 1218 1212
133
8
Jan
1
*1212 13
_No
par
1218
700 Class A temp ctfs___
11
Apr 1478 Jan
1234 1234 1234 1234 1234 .12
*12
1234 *12
1158 Jan 10 1338 Jan 22
123 *1218 123
300 Telautograph Corp____No pa
1058 Dec 16 Feb
1158 1138 1112 1158
1112 1158
1158 1158 1112 113
1058 Jan 4 1314 Jan 13
Ills 111
3,800 Tenn Copp & C
No pa
48 Mar 58 Aug
*58
5634 5612 561
5614 56,
5.512 Jan 26 58 Jan 17
4 *5634 5712 *5634 571 *5634 57
1,100 Texas Company (The)
2
5312 Nov 5778 Des
50
5614 5614 561
5619 57
5614 5678 5658 57
5612 57
19,500 Tea5.9 Corporation
56 Jan 26 58 Jan 17
2
39
Oct 5238 Nov
5134 5238 5212 5318 5278 5334 5312 54
53
49 Jan 3 54 Feb 2
5314 533
5312. 117,100 Texas Gulf Sulphur new No pa
Oct 1912 Jan
15
12
1518 15
151
1518 1538 1514 1538 1518 1538 1518 1512 13,700 Texas Pacific Coal & 011_10 1418 Jan 27
1638 Jan 12
1738181
•1614 171
1678 18
1712 18.
1712 1838 1612 1758 11,800 Texas Pac Land Trust new_ _
1512 Jan 25 2014 Jan 13
2712 271
2734 2714 2712 *2714 2712 *2714 2712 2712 2712
800 The Fair
No par 2414 Jan 11 2734 Jan 14 16g -15-e; -31- Jan
4214 May 5012 Sept
*4712 481 *4814 481
1814 48,4 4814 48,4 484 4812 4814 4814
600 Thompson (J R) Co
25 47 Jan 26 4812 Jan 15
27 Nov 3914 Jaa
*2712 281
2812 281. •28
100 2712 Jan 3 2918 Jan 13
2812 *28
2812 *28
2812 *28
100 Tide Water Oil
2812
874 Nov 103
Jan
•8834 891
89
89
38834 8834 8712
100 8712 Feb 2 8912 Jan 19
_
2 8778 8778 8712 8758 1,200 Preferred
4478 Mar 8533 Nov
8958 9114 8912 9038 8938 9212 9218 94
9014 911
9112 9318 67,800 Timken Roller Bearing_No par 78 Jan 3 94 Feb 3
9514 Apr 11658 Sept
10813 109
10872 110
,Jan 5
109 10934 109 10912 109 10934 10878 109
100 107 Jan 26 1103
20,100 Tobacco Products Corp
*11438 115
100 1134 Jan 4 11612 Jan 18 103 Mar 11838 Sept
115 115 *114 115 •11412 115
115 115
11434 11434
300 Class A
3 Mar
512 July
438 41
478 Jan 21
438 412
414
418 Jan 13
438 412
43g
412 12.600 TranseTI 011 temctf newNopar
414 412
412
Jan
15 Aug 27
•15
151 *15
15
15 Jan 18 1514 Jan 6
1514 •15
1514
15
15 •__
100 Transue & Williams St'l No par
4314 Nov 6334 Jan
45
451
45
45
454 4514 4513 4558 4512 4534 4513 4512 1,900 Underwriter Ty rewriter ____25 45 Jan 29 4712 Jan 19
35 May 7114 Jan
4114 423 *11
4258 *41
43
"42
43
41
4214 42
42
3,200 Union Bag & Paper Corp..i00 3812 Jan 25 4314 Jan 3
7712 Mar 10034 Dec
9978 1001 10034 10212 102 10238 10178 10378 10314 10414 103 10334 17,000 Union Carbide & Carb_No par 9918 Jan 26 10538 Jan 7
374 Jan 5838 Sept
25 53 Jan 25 5612 Jan 6
5314 5358 5312 5378 5334 5472 5412 55
5358 5412 17,300 Union Oil California
5414 55
93 Dec 9514 Dec
•95
97
*96
100 94 Jan 3 9814 Jan 19
97
97
*97
964 9614 9614 9634 97
98
500 Union Tank Car new
8318 Feb 10934 Aug
95
957
9434 9612 9538 97
25 9314 Jan 25 100 Jan 6
95
9512 95
9612 9434 96
22,000 United Cigar Stores
•12612 132 *1264 132 •121318 132 *12618 132 *12618 132 *12618 132
100 125 Jan 5 128 Jan 5 1144 Mar 12.5 June
Preferred
Jan
10
134
alar 174 Dec
Jan
25
17114
159
163 165
100
16534 167
166
164
166
165
164 164
16312 164
2,600 United Drug
5512 Mar 59 July
5812 Jan 6 60 Jan 12
5934 593
5934 5934 5934 5934 5934 5934 60
60
5958 5958
1s1 Preferred
900
98
Apr 126 Nov
11414 1141 114 11414 114 115
No par 11312 Jan 26 11978 Jan 5
11414 115
11412 115
11514 11612 2,100 United Fruit new
17 Dec 3812 Slay
*17
100
17 Feb 2 17 Feb 2
171 *17
17
1812 *17
1712 17
17
17
17
17
400 United Paperboard
90 Mar 9812 Dec
•99 101 *100 101 *100 101
100 100
10138 10112 10112 10112
500 Universal Pictures 1st pfd_100 98 Jan 14 10112 Feb 3
1358 Mar 3412 Dec
29
28
287
30
29
2978 2938 31
3114 37,400 Universal Pipe & Rad__ No par 2712 Jan 25 33 Jan 3
2934 3012 30
52 Mar 9012 Dec
85
100 8134 Jan 27 90 Jan 11
*8234 843
8734 *8112 8734 *84
874 *86
8734 *8434 8734
1,200 Preferred
20458 20778 208 21212 20334 21134 21058 213
211 21358 212 21478 17,400 U S Cast Iron Pape & FdY-100 202 Jan 25 22812 Jan 3 150 May 24812 Aug
*110 115 *109 114 •109 114 •109 114 *109 114 *109 114
100 11378 Jan 28 115 Jan 5 10014 Mar 118 Dec
Preferred
6152 54
39 Mar 6112 Feb
5412 5314 5434 5312 54
5418 5438 54
5412 54
2,600 USDistrib Corp tem at No par 53 Jan 25 6078 Jan 12
53
454 Jan 5938 Feb
*5312 54
5374 513s 53
5678 Jan 19
5238 53
*5312 5334 53
5152 Feb 1
5312 3,000 US Hoff Mach Corp vtcNo par
7914 7952 79
7972 7978 7978 79,8 8112 794 8034 7934 80
453g Mar 8412 Dec
100 774 Jan 3 8212 Jan 18
8,900 U 8 Industrial Alcohol_
*109 110 •109 110 *109 112 *109 111 *109 111 *109 111
9914 Apr 11478 Nov
100 10858 Jan 27 10934 Jan 17
Preferred
•6134 6234 64812 Mar 7178 Jan
6212 62
6214 6134 6218 6214 63
6314 64
13,900 US Realty & Impt new No par 618 Jan 27 6514 Jan 10
58
6014 5914 6038 60
6138 6034 6158 6058 6138 5918 6034 56,700 United States Rubber
5014 May 8814 Jan
100 5634 Jan 25 6212 Jan 10
10714 10714 10712 10752 10734 10734 10734 10778 108 108
108 108
Jan
100 1074 Jan 27 110 Jan 11 10112 Mar 109
2,500 1st Preferred
•34
35
3434 3532 3434 35
35
35
Oct 4978 Jan
3518 3512 3512 3552 3,900 US Smelting. Ref & Min_ 50 3338 Jan 13 364 Jan 4
30
4678 •46
4678 46
*16
*46
46
4612 *4618 4612 4618 4618
42
Oct 50
Jan
200 Preferred
50 4558 Jan 18 4734 Jan 4
15534 157
15578 15712 15572 157
15414 156
15678 15812 157,2 15818 197,000 United States Steel Corp...100 15312 Jan 28 15914 Jan 10 117
Apr 16012 Dec
112 11278 11234 11312 11278 11358 11234 11312 11314 114
11312 11378 9,1200
11138 Jan 28 116 Jan 10 11378 Dec 117 Dec
New w I
12934 12934 12934
12934 12934 130 13038 12934 130
12978 130
2,800 Preferred
100 129 Jan 28 13058 Jan 5 12412 Mar 13034 Dec
68
*68
69
68 '68 129768 89
68
*68
69
6812 6812
5612 Jan 67 Dec
400 U 0 Tobacco
No par 67 Jan 4 70 Jan 11
*12313 125 •12312 125 *12312 125 *12312 125 .12312 125 *12312 125
100 123 Jan 14 124 Jan 26 112 Mar 123 Dec
Preferred
*1,34
*27I3
ao
11313 11312 1311312 11434
*113q 114 •11312 114 *11312 114 •11312 114
200 Utah Copper
10
2758 2812 *2712 2812 1,000 Utilities Pow & Lt A___No par
•27
2712 2712 2714 28
2734 *2712 28
3912 41
3878 3878 39
3934 23812 3812 3812 39
4012 4034 5,600 Vanadium Corp
No par
545
8
5412
545
8
5412
55
8
557
8
5512
5412
5512
5518 547
5558
6,200 Vick Chemical
No par
1018 *10
1018 *10
972 978
1018
972 97, 10
800 Virg-Caro Chem new_No par
934 9,
4
*33
3312 *3312 3378 3334 3334 *3414 3434 3414 3414 3414 3414
300 6% pref w I
100
86
*86
88
86
*86
843g 8438 *8434 8518 *8434 86
88
200 7% pref w I
100
*43
.5(1
*43
50
*43
50
043
*43
50
50
*43
50
Virginia Iron Coal & Coke.100
3478 3514 3412 3,534 35
3538 3434 3512 3412 354 3434 3518 13,000 Vivaudou (V) new___ _No par
108 108 *107 108
*107 10712 10712 10758 *107 108 *107 108
300 Preferred
100
*2358 2378 2334 2334 *2312 2334 2334 2334 2334 2378 2334 247s 5,100 Waldorf System
No par
2058 20
20
1934 1934 4,100 Walworth Co etre
1878 1878 19
1938 2014 20
1978
No par
__
*100
*105 115 *107 115 •100 115 *100 115 *100
Ward Baking Class A_ _No par
31
3014 3134 3012 3034 - 2,400 Class B
*3012 31
30
*30
*30
31
30
No par
•92
93
9534 94
•92
9312 91
95
93
9212 9212 93
1,800 Preferred (100)
No par
4134 43
45
4214 4334 42 • 4338 4178 4414 4338 4438 43
84,600 Warner Bros Pictures A___ _10
67
6738 6814 69
78
684 7214 71 12 7212 7312 7434 75
5,800 Warren Bros
No par
5712 5712 5712 5712 5812 6034 60
*5912 60
5912 5912 1,400 Weber ds Fiellbr. new c_No par
60
149 149
14758 14818
148 148 •149 151
15012 151 *148 150
1,300 Western Union Telegraph _100
136 136
138,4 13918 13812 139
135 13614 13512 136
136 139
3,000 Westinghouse Air Brake___50
68
6812 1374 6812 6812 6932 6914 69,2 6914 6958 6858 69,4 7,900 Westinghouse Eleo & Mfg50
17
1714 1718 1714 1634 1634 1612 1612 1634 1634 1634 1634 2,000 Weston Eleo Instrument
33
*33
33
34
*32
33
33
33
400 Class A
3218 3212 *3214 33
4101 10112 10118 10134 *10112 10178 10134 10134 10112 10112 10112 10134
130 West Penn Eleo el A vtf No par
10612
10612
107 10712 10713 10738 •10612, 108
106
106
320 Preferred
106 10613
100
*112 11212 112 112 •11218 11212 11212 11212 11212 11213 11212 11234
190 West Penn Power pref
100
26
2652 28',, 2,600 White Eagle Oil
2638 2614 2638 2614 2612 2614 2634 2634 27
No par
5614 12,200 White Motor
5638 55
5334 5412 5458 5578 5512 56
5558 5638 56
50
*2614 27
2714 2778 *2714 2712 *2714 2778 *2714 274 2712 2712 1,800 White Rock MIn Sp ctf.No par
*47
4712 1,700 White Sewing Mach pf_No par
48
474 48
4712 4778 4714 4734 47
4751 48
*12
58
84 20,300 Wickwire Spencer Steel at-58
58
12
12
55
53
NI
58
II
2014 21
21
2138 2112 2178 2158 2218 2158 2218 2158 22
41.500 Willys-Overland (The)
5
*9214 9212 9214 9214 *924 9212 924 924 92
924 *90
9212
400 Preferred
100
*1214. 1212 1238 1258 1258 1338 13
1312 1338 1414 11,200 Wilson & Co. Inc. new _No par
1338 13
28
2818 27
2778 2712 2938 287g 2914 2914 2934 2834 3078 11,200
Class A
No par
*77
79
98
7934 81
7878 7812 7934 79
9,900 Preferred
7958 7958 80
100
119 12014 12011 12112 12058 12158 x12038 12134 12272 12378 123 12378 21,100 Woolworth Corp new w 1
*21
22
*21
2112 2114 2114 2113 2112 *2114 2212 2212 23
800 Worthington P & M
100
*44
47
47
47
*47
49
*47
48
48
*47
400 Preferred A
•47
48
100
•39
41
*39
41
•40
41
*40
41
4012 40
*40
40
200 Preferred B
100
eat
3112 32
32
30
3112 3112 32
31
31
3214 30
3,300 Wright Aeronautical...No par
52
52
*5113 52
52
52
*5112 52
200 Wrigley (Wm Jr)
*5112 52
*5112 52
No par
*72
7214 7214 7214 '72
7214 7214 73
7314 7334 '7314 7334
700 Yale & Towne
25
2678 274 27
2712 2673 2738 2718 29
2838 2934 2814 2938 124,400 Yellow Truck & Coach_ _100
9512 95
95
96
•95
9512 .95
9512 9512 9534 9612 96
2,000 Preferred
100
851a 8613
8835867s8612 8612 87
88
87
8714 3.700 Youngstown Sheet & T_No par
•Bid 1n4 ulna prises: no salsa an this day. s Ex-dividend. 6 ala-41y14enil and ex-110w
sou so,.
11312
27
37
48
938
3278
8418
45
3212
10438
2212
18
Jan 4 11312 Jan 4
Jan 8 2914 Jan 20
Jan 20 41 Feb 3
Jan 3 5758 Jan 19
Jan 24 1073 Jan 17
Jan 6 3514 Jan 12
Jan 22 8718 Jan 3
Jan 25 51 Jan 4
Jan 24 3534 Jan 31
Jan 27 108 Feb 3
Jan 6 2478 Feb 4
Jan 14 2034 Jan 20
29 Jan 25
9138 Jan 7
3718 Jan 26
65 Jan 14
5612 Jan 5
14412 Jan 8
13312 Jan 4
6758 Jan 4
15 Jan 8
3014 Jan 6
9778 Jan
102 Jan
111 Jan 15
2534 Jan
5334 Jan 25
26 Jan 26
47 Feb
Is Jan 26
1912 Jan 24
91 Jan 8
1114 Jan 17
2614 Jan 26
7618 Jan 3
11734 Jan 11
2012 Jan 27
46 Jan 22
40 Feb 2
30 Feb 3
5078 Jan 4
7014 Jan 8
25 Jan 14
94 Jan 6
854 Jan 29
3312 Jan 5
9534 Feb 3
4512 Jan 6
78 Feb 4
6034 Feb 1
151 Feb 1
13918 Feb 3
7058 Jan 10
1714 Jan 29
344 Jan 28
102 Jan 20
10758 Jan 31
114 Jan 13
27 Jan 12
5714 Jan 5
2858 Jan 11
59 Jan 17
78 Jan 3
2378 Jan 10
95 Jan 11
144 Feb 4
3158 Jan 6
8158 Jan 6
12378 Feb 3
24 Jan 7
4812 Jan 7
4212 Jan 10
3514 Jan 6
5234 Jan 21
7334 Feb 3
294 Jan 5
99 Jan 3
90 Jan 13
93 Apr
2758 Dec
29 Mar
4314 July
Oct
9
3138 Oct
Oct
83
40 May
26 Ma
9434 Jan
Jan
17
1214 Jun
99 Jun
2114 Oct
8812 Oct
12 Jun
4378 Apr
53
Apr
13412 Ma
1054 Ma
65 Ma
1334 Ma
2714 Jan
8812 Jan
9512 May
108 Ma
2518 Apr
5118 Apr
22
Oc
4612 Oct
58 De
18 May
8812 Oc
6 Ma
14 Mk
42 May
12014 De
19 No
44 No
3714 No
2412 Ma
Apr
47
6012 Ma
20 Ma
9112 Apt
69 Ma
116 Nov
37 Feb
43 Aug
52 Aug
2512 Feb
69
Jan
Ws Jan
6012 Nov
3612 Dec
11012 Dec
23 Dec
2314 Jan
195
Jan
8538 Feb
11012 Jan
6914 Sept
69 Dec
8512 Jan
1577s Sept
146 Dec
7912 Feb
1912 July
3212 Oct
9812 Oct
10212 Des
115 Sept
2934 Feb
90 Feb
3838 Feb
6414 Oct
338 Jan
34
Jan
99 Feb
1438 Dec
3058 Dec
8138 Dec
128 Des
4434 Jan
80 Feb
65 Feb
3934 July
5934 Feb
7212 Aug
3958 Sept
10712 Sept
9514 Aug
768
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of ouoting bonds was changed and prices are now "and fnlerest"—ezcept for income and defaulted bonds.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 4.
Price
Fridati,
Feb. 4.
Week's
Range or
Last Sale
U. S. Government.
Bid
High No,
Ask Low
First Liberty LoanJ D 1013228 Sale 1011332101"n 342
834% of 1932-1947
2
J D
Cony 4% of 1932-47
1007,32101
.1 D
Cony 43a% of 1932-47
1035n 10332n 99
J D
2d conv 43,
f% of 1932-47
10210nDec'26
Second Liberty Loan—
23
M N 100%, Sale 100.0 1006u
as of 1927-1942
MN 10013,2 Sale 1001%11002%, 1207
Cony 434% of 1927-1942
Third Liberty LoanM S 101n Sale 101.0 1011h, 357
41.4% of 1928
Fourth Liberty LeanAO 10322,, Sale 10324.,1032%, 729
434% of 1933-1938
Treasury 434e
1947-1952 AO 11023., Sale 11021.,1102.1, 77
Treasury 48
1944-1954 J O 1062%, Sale 1062.., 10623,1 35
10321.,10327,, 24
Treasury 334s
1946-1956 M
State and City Securities.
NY City-414a Corp stock 1960 M
13012 101 10078 Jan'27
3411 Corporate stock
1964 MS 10238 103 10232 Jan'27
434, Corporate stock
1966 AO 13238 103 10178 00'26
1972 AO 13212 103% 10278 Jan'27
434,Corporate stock
4348 Corporate stock
1971 J O 10634 ---- 10634 Oct'26
4348 Corporate stock_Ju1y1967 J J 10612
10634 Jan'27
634s Corporate stock
10638 Jan'27
1965 ID
434s Corporate stock
10612 Jan'27
1963 MS
3
4% Corporate stock
1959 MN
9934
9914 Sale 9914
6% Corporate stock
1958 MN
99 Jan'27
10) Jan'27
a% Corporate stock
1957 MN
4% Corporate stock
1956 MN 9814
-- 9812 Nov'26
6% Corporate stock
1955 MN 9814 ---- 9778 Oct'26
6% Corporate stock
09 Mar'26
1936 MN
1067s Jan'27
434% Corporate Mock _ .. _1957 MN 10613
1
107
434% Corporate stock _ _ _1957 MN 19612 ---- 107
89% Jan'27
834% Corporate stk_May 1954 MN
MN
8978
Jan'27
Corporate
stk_Nov
1954
834%
89 A pr'26
1955 MN
834,Corporate stock
New York State Canal Im 412.1961 Jo 7
14212 Oct'26
da Canal
1960
10212 Aug'26
as
102 May'26
1962
J
de Canal
10238 Mar'25
1942
Apr'26
4348 Canal impt
1964 J J
102
as Highway impt reglat'd_1958
101% Mar'26
111 Dec'26
Highway improv't 4348__ _1963 174-i
Virginia 2-3s
1991 J J
7612 Feb'25
Foreign Gov't and Municipal's
Argentine Govt Pub Wks 68_1960 AD 9834 Sale 9734
98% 257
2
Argentine (Nat Govt of) 78_1927 FA
99
,
8 100
Sink fund 68 of June 1925_1950 J D 9834 Sale 98
9834 118
9812 109
Had f 6s of Oct 1925_
1950 AO 9812 Sale 98
108
Sink fund Os Series A__ _ _1957 M S 9934 Sale 9812 100
98% 62
External 68 series B_ _Deo 1958 J O 9812 Sale 98
Extl s f es of May'26 temp 1060 MN 98% Sale 98
98% 185
EMI 69 Sanitary Works
9812 203
1961 P A 98% Sale 98
38
Argentine Treasury 58 £__ _ _1946 MS 02 Sale 90%
92
303
Australia 30-yr Sa_ _July 15 1955 J J 9734 Sale 9712
98
47
Austrian (Govt) a f 78
1943 J D 104 Sale 03% 105
Bavaria (Free State) 6348_ A945 FA 100 Sale 9934
10014 142
Belgium 25-yr ext s f 734s g_1945• D 11214 Sale 1214
11314 86
20-year, f 88
10834 57
1941 FA 10812 Sale 0814
25-year external 630
1949 MS 101 Sale 00% 10212 305
461
External s f 6s
98
1956 J J 97 Sale 96,
8
External 30-year a f 75_1955 J D 13418 Sale 03%
10512 468
Stabilization loan 78
1956 Ni N 103 Sale 0234 103% 487
23
Bergen (Norway)8 f 88
1234 113
1945 MN 11234 113
25-year sinking fund 65_1949 AO 103 Sale 9912 15018
6
Berlin (Germany) 634s
10012 332
1950 AO 100 Sale 00
Bogota (City) ext'l s f 88_ _ _1945 AO 103% Sale 0312 10412 20
Bolivia (Republic of) 88_
1947 MN 104% Sale 0412 10512 229
Bordeaux (City of) 15-yr 68_1934 MN 96 Sale 96
97,
8 158
Brazil(U of) external 8s._ _1941 J D 108 Sale 0612 10812 133
Externals f 6344 of 1926.1957 AO 93% Sale 9358
617
96
9912
78 (Central Railway)
497
1952 JD 9734 Sale 97
10412 50
734e(coffee scour) (flat)_1952 AO 9714 9734 03
,
8
112
Bremen (State of) ext'l 7a_ _ _1935 MN 105 Sale 04
105
Buenos Aires (City) exti 63481955 J
100% 42
100 Sale 99%
Bulgaria (Kingdom) s f 7s 1967 J J 93 Sale 92%
9414 308
Caicias Dept of(Colombia)734g'46 • J
9814 84
9814 Sale 98
Canada(Dominion of) 55.._1931 AO 10114 Sale 101
101% 45
10-year 5348
10218 85
1929 P A 10178 Sale 101%
sa
104% 85
1952 MN 10114 Sale 10418
434e
1936 FA 9814 Sale 9814
9858 74
2
Carlsbad (City) 8 f 8s
1954• J 10434 Sale 10434 105
Chile (Republic) ext'l 51 8s1941 FA 10918 Sale 10812 10918 100
20-year external 7s
10034 80
1942 MN 100% Sale 13014
114
25-year sinking fund 8s
1946 MN 108 109 10812 109
External sinking fund 6s 1960 A 0 9314 Sale 9314
9312 1629
Chile Mtge 13k 634e June 30 1957 J D 9614 Sale 9558
96% 56
B f fie of 1926_ _June 30 1961 J D 9712 Sale 9718
1734 49
66
Chinese(Huknang By)fa_ _ _1951 ID 2614 Sale 26
30
3
100%
Christiania (Oslo) 30-yr et 681954 M S 100 10018 130,
8
100
96
Cologne (City) Germany6301950 MS 99% Sale 99%
4
Colombia (Republic)634e. _ _1927 AD 99% 10012 99%
99%
Dept of Antlogula 78 A_..1045 J J 96 Sale 95%
96% 60
External sf78 ser B_ ..1945 J J 9534 Sale 9512
9638 72
Copenhagen 25-year s f 5348,1944 J J 100 10012 9934 100% 89
10
Cordoba (Prov) Argentina 781942 J J 98 Sale 98
98
Cuba 56 of 1904
10018 21
1944 MS 100% Sale 10018
External 58 of 1914 sec A_1949 P A 10114
Jan'27
_
10112
-External loan 434s
1
1949 P A 9412 -9-538 9412
0412
Sinking fund 534s
60
1953 J J 102% Sale 19158 103
Czechoslovakia(Rep of) 88_ _1951 AO 10858 Sale 108,4
101
81
Sinking gund 88 sec B...1952 AD 108 Sale 10712 10812 137
External f 734e series A 1945 AD 10714 Sale 105%
10714 243
Danish Cons Munielp 88 A 1946 F
111
12
111 Sale 11014
Series B f 8a
1946 FA 110% Sale 110
11034 25
Denmark 20-year 6e
1942• J 104% Sale 10414
105
45
Dominican Rep Con Adm St 56'58 FA
10018 Jan'27
CUM= Administr'n 5348_1942 MS 9938 Sale 99%
9934 35
Dresden (City) external 75_1945 MN 104 Sale 103% 10412 57
J
J
Dutch East Indies exti 6a
1947
10238 Sale 10238 10234 42
40-year 68
1962 MS 10238 Sale 10214
10212 20
30-year external 5348
1953 M
10038 Sale 10038 10012
7
30-year external 5%8
1953 MN 101 Sale 100%
10114 18
El Salvador (Repub) 88 _ _1948 J J 10614 107 10614
2
10612
Finland (Republic) extl 68„1945 MS 95 Sale 95
9512 77
External sink fund 7e_ _ _1950 M
10012 Sale 10014
130,
8 31
External a I 6348
1956 MS 9812 Sale 98
9858 164
AD
Finnish Mun Loan 6348 A..1954
9814 Sale 98,4
9858 11
External 6445 series B_1954 AO 98
9812 9812
9834 22
Wrench Repub 25-yr ext'l 88_1945 MS 10834 Sale 10812 10934 496
20-year external loan 7348_1941 ID 110% Sale 11018
11212 514
1949 J O 10212 Sale 10214
External 78 of 1924
10418 1686
German Republic ext'l 7s__ _1949 AO 10734 Sale 10318
10012 919
German Cent Agric Bank 78_1950 MS 10258 Sale 102% 10234 34
1954 MN 19214 Sale 102
Gras (Municipality) 88
10234 11
FA
10514 Sale 104%
10558 224
Gt Brit & Irel(UK of) 5348_1937
1929 P A 118 Sale 116%
118
76
10-year cony 5348
MN
106
Sale 10412 106
45
Greater Prague(City)7348_ _1952
1964 MN 9412 95
94%
95
29
Greek Government 75
1952 AD 99% Sale 9914
100
20
Haiti (Republic) 8 f 633
Jan'27
Heidelberg (Germany)ext 734850 J J 10312 104 105
Hungarian Munlc Loan 7348.1945 J J 10012 Sale 10312 101% 84
99
213
Sept 1 1941 J J 9712 Sale 9712
External s f 7s
74
Hungary (Kingd of) af 7348- 1944 FA 10318 Sale 103% 105
10012 49
Ind Bank of Japan 6% notee.1927 P A 10038 Sale 10014
97
336
Italy (Kingdom of) ext'l 78__1961 J O 95% Sale 9512
9214 52
Japanese Govt loan 4,.. 1931 J J 9214 Sale 2154
10114 338
1954 FA 10118 Sale 101
80-year s f 63411
98
191
Oriental Development 68-1953 M 8 97 Sale 97
----
----
_-__
3 8.£.
_-_-
Range
SinC6
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 4,
Price
Friday,
Feb.4,
Low
Week's
Range or
Last Sale
High
Bid
High No.
Ask Low
Leipzig (Germany)s f 78____1947 F A 10214 Sale 10218 1027s 63
101%101110 Lyons (City of) 15-year 6,3_ _1934 M N
70
9638 Sale 951
977
00"82 101
Marseille°(City of) 15-yr 68_1934 M N 96 Sale 9534
9758 107
10221a210313u Mexican Irrigation 434s____1943 M N
_
30 Mar'26
Assenting f 4145-------1943
18
- 3412 3512 34
3514
Mexico(U 8) extl 58 of 1899 R'
1945
5112 Oct'26
100532100"n
Assenting 58 of 1899
4412 Sale 4414
4513 82
100153110f 'if
Assenting 58 large
4034 Jan'27
Assenting 58 small
3712 May'26
101332101"n
Gold deb as of 1904
1954J D
34 July'26
Assenting 4s of 1904
3034 3234 32
3538 176
031.3,10327.,
Assenting 4,0? 1904 large.........
27 Dec'26 - 110.3,1101.0
Assenting 4s of 1904 small
_
2553 Sept'26
1064,,10627,,
Assenting 4501 1910
2934 101-2 273 Jan'27
103.8,10327.2
Assenting 48 of 1910 large......... _2.614 6;1_6_ 3
3
26
1%
12 307
5%
20
Assenting 45 of 1910 small
444
100-8 10078
Trees 6801'31 assent(large)'33
4634 48
4512
4618 25
10212 10212
Small
48 Sale 47
4838 138
s 102 Sale 10114 102
Montevideo 78
Al D
97
52 l
16
„19
mices)1
10278 10278 Netherlands 65 (flat
10734 Sale 1075, 10734 13
30-year external 6s (flai)_..1954 A 0 1033, Sale 10338 10334 122
10684 1108-3-4 Norway 20-year extl 6e
1943 F A 102 Sale 10134 10214 46
106% 106
20-year external 138
141
1944 F A 10134 Sale 10153 102
10638 10612
30-year external 68
10158 Sale 101%
10258 24
99
9934
A D 10012 Sale 10038 101
40-year f 5348 temp
19
96
55
2J
144
99
99
Oslo (City) 30-year s 68_ __ _1955 MN 10114 Sale 101
10112 30
98% 100
Sinking fund 5348
63
997 Sale 9834 100
---- Panama (Rep) exti 5%s
F D
A
194
953
8J
7
10214
10212
Peru (Rep of) external 8a
---1944 A 0 105 Sale 1047
10512 16
Extl sink Id 734s temp__ 1940 M N 1007a Sale 1007
28
10114
1.0-5E8 1-0-67
8 Poland (Rep of) gold Os
1940 A 0 8314 Sale 8338
8434 20
10534 107
Extl sink fd g 8a
06 Sale 9514
0614 667
89% 89,
8 Porto Alegre (City of) 88_ _ _ _1
J 111
j 105 Sale 10412 105
9961
59 j
9
89,
8 89% Queensland (State)eat's f 781941 A 0 112,
8 Sale 112
37
113
25-year external 68
---1947 F A 10514 10512 10514
10512 34
---- ---- Rio Grande do Sul extl sf8,.1946 A 0 10434 Sale 10458 10514
6
Rio de Janeiro 25-yr 8 f 8/1-1946 A 0 105 Sale 10418 105
---33
25-yr eat! 88
1947 A 0 10418 10438;10418 10434 34
Rotterdam (City) exti 68
1964 M N 10414 Sale '10414
10434 25
Sao Paulo(City) ef 88
1952 M N 10834 109 108
102
8314
2 12
San Paulo (State) eat Sf 85,1936
J 100 Sale 10434 105
22
External e f 8s Int recta_ _1950 J J 1065, Sale 106
10653 52
External water loan 7e
1956 M S 10012 Sale 100
10012 91
Santa Fe (Prov Are Rep) 78_1
194
42
2 M S 9534 Sale 9534
9614 106
9758 9834 Seine (France) extl 75
10078 Sale 10012
3613
99% 10112 Serbs. Croats & Slovenes 8,.1962'M N 102 Sale 101
212
10212
9734 98,4 Soissons (City) extl (Is
1936 M N
90
D 10
93
1939
97
,
4 9834 Sweden 20-year 68
41421 S
lO
a4
1e12 10
94
4118
2 10
94
6%
34 24
9738 103
10338 Sale 10338 104
External loan 534e
17
9738 9834 Swiss Confed'n 20-yr
JJ
M
N
41
11338 Sale 11314
88..199
11312 30
9734 9834 Switzerland Govt ext E448-1946 A 0 10334 Sale 10312 104
73
9814 98,2 Tokyo City 58 loan of 1912_1952 M S 79 Sale 79
797
49
9038 92
Trondhjem (City) eat' 6348_1944 J J 10012 1003.1 10012 10012
3
9714 9812 Upper Austria (Prov) 78
1945 3 D 9612 Sale 9612
41
97
10114 10 ,
Uruguay (Republic) extl 85..1946 F A 10912 Sale 10858 10912 25
9818 10014
Sale
External a f fis
342
111 114
M N 96
Yokohama (City) extl 6s
1961
89 JD
5112
2 Sale
1e 9
96
512
97
9
5712 407
10314 109
Railroad
96% 10212 Ala Gt Sou let cone A 5e_..1943.3 D 10318 10312 10318
4
10318
92% 98
1928 M N 100% Sale 10033 1003s
2
Ala Mid 1st guar gold 5e
10212 105 12 Alb & Susq cony 3348
1946 A 0 8734
8734 Jan'27 -1998 A 0 8434
10138 103% Alleg & West 1st g gu 4s
85
85
1
11212 11334 Alleg Val gen guar g 421
1942 M S 953 -9-3-4 06
Jan'27
9912 10014 Ann Arbor 1st g 413
July 1995 Q J '7978 8014 7934
7934
3
9818 10012 Atch Top & Fe—Gen g 48_1995 A 0
95
A 0 9332 Sale 9
10234 10412
92
2
_
352 Jan9'4 __5
Registered
104 105,2
_ 908
Adjustment gold 4s_July 1995 Nov 8714
9114
7
9338 97%
Nov
8412 Sept'26 - 104 10812
27
91
Stamped
July 1995 M N 9038 Sale 903
M N 85
89
93
85
8812 85
1
Registered
9412 9 02
4
8812
1955 J D 0812 Sale 9812
Cony gold 48 1909
101% 106
89 Sale 8812
26
89
Cony 48 1905
10218 105
19
96
50
5 .1 D
Cony g 48 Issue of 1910_ _1
9914 10038
8
99
73144 B_a_l_e_ 8
1928 M
99
East Okla Div let g 4s
7534
8 Jan
8
'
7217
4
9414
92
Rocky Mtn Div let 4s_ _1965 J J 8912 Salo 8912
3
8912
98
98%
Trans-Con Short L 1st 48,1958 J J 9012 9218 9158 Jan'27
10014 10112
Cal-Adz 1st & ref 4348 A I962 M 8 9838 9914 9914 Jan'27 -10112 102% Atl Knoxv de Nor 1st g 58_1946 J D 10434 Sale 10434 10434
2
104 10512 Atl & Charl A L 1st A 4%8_1944 J J
___ 9958
5
9958
9818 9858
9805
4:
1 18005
1st 30-year 58 series B
1944 J J 18
104
094
57
18
2
10312 105
Atlantic CIty 1st cons 4,.,_...1951 J
8634 Dec'26 -108 10918 Atl Coast Line 1st cons 4s July '52 M S
Sale
18
3
100 101
10
9
109443142 1514 104;
10-year secured 78
12
10734 109
D
N 9814 99
General unified 430
1964
39
98
Jan'27 - 9214 93,2 AtL
IA
&D
Nan
26
93
covIligao
41545
d 4s_ _ _ _Oct 1952 M N 9214 Sale 9214
9558 96,2
8138 11
1948 J J 8034 Sale 8034
97% 98%
2648
7514 Sale 7514
7512
3
2418 30
A
5
84
8358 Sale 835
Atl & Yad lstg guar 4th _ 1948
9j
100 10112 Austin & N W ist gu g 5s__ _1941 J J ____ 103 103
Jan'27 - - _ 9758 100
Mgt.& Ohio 1st g 48— —Juts' 1948 A 0 9334 Sale 9334
9412 55
9978 10014
9212 Dee'26'- _
July 1948 Q J 9114 _
Registered
94
9638
20-year cony 4445
1933 M S 9818 Sale 9734
9838. 219
94
96%
M S
_
9638 Nov'26
_
Registered
9914 10078
200
.634 Salo 10058 102
Refund& gen 58 series A__1995 J D 10
59
J 10514 Sale 10514
9734 9914
106
A 0
192
49
8J
10018 100%
118
10278 Sale 10212 103
10-year 68
10114 10134
Ref & gen 65 series C
1995.3 D 10338 Sale 10818 10812 95
9458
94
.
9
95 ...
PLE&W Va Sys ref 48_1941 MN 9334 Sale 9334
10118 103
10212 130
102 Sale 102
Southw Div 1st 58
105 110
83% 52
J 8312 Sale 83
Tol & Cin Div 1st ref as A_1
59 J j
1959j
206
10434 108,2
2000 M S 10138 Sale 10114 102
Ref & gen 58 series D
_ _ 65
10434 107,4 Battle Crk & Slur 151 go 38.-1989 J D 65
Jan'27
9513
Jan'27
953
4
9614
10938 111
BeechCreeklst
oegistered gu g 4e
1936 J
J D 9412 ____ 9512 Jan'27
10914 11012
_
83 Nov'26
10338 105
1951 A 0 82
o
Bee
ig cohan
Cdry
k lE
et
talst g 334g
91 -91-78 9114 Dec'26
10018 1001a
A 8012 Sale 8012
F D
9938 10012 Bost & N Y Air Line 1st as_ _1
45
4j
8034 17
195
9558 Dec'26
10012 104,2 Bruns &W lst gu gold 4a__ _1938 J J 9558 97
102% 10334 Buffalo R & P gen gold I%
5
1937 M S 10253 __ 10258 103
N 9512 Sale
A1A 0
104.1 1 10312
1957 M
z
9612 45
Consol 434e
90
51 Dee'26
100% 102
Registered
Re
101
___ 101
Jan'27
100% 10158 Burl C R & Nor let 58
1
106
4A 0
1932
10614 107%
anada Sou cons gu A 5s__ _ _196
C 10434 106 106
963
6
93
9512 Canadian Nat 430-Sept 15 1954 M S 9638 Sale 9618
9978 30
100 102
5-year gold 4348,_Feb 15 1930 F A 997s Sale 9912
96
99% Canadian North deb f 713..1940 J D 11512 Sale 11512 11534 31
1181z 11834 11838 11838
7
96
9834
20-year s f deb 6345
j 9814 Salo 9818
J
F A
9812 11
1946 j
95
,
8 99
10-yr gold 430_ _ __Feb 151935
11434 Sale 8514
8434 56
10814 110
Canadian Paz Ry 4% deb stock_ _
_
9558 Jan'27
B
MD
1949JI
1932
105 11212 Carb & Shaw let gold 4s
95%86
863
- -4 86
86
1
99 10418 Caro Cent 1st cons g 4a
103
o 103 Sale 103
2
_1952j D
10612 10912 Caro Clinch &0 1st 3-yr 58.1938.3
10812 Sale 10813 109
12
5 A_ _
101 103% calit
5u
2r41es
stAdrAco
dnisg46
s se
91
9012 Dec'26
10112 10234
945
D 85 -86
86
.1 D
48
1j
24
198
104% 105% Cent Bmnch U P 1st g as__ _1
N
A 105 Sale 104l
105
945
25
11634 118
Central of Ga let g 58_Nov 194
10414 105 104
1
104
103% 106
Consol gold 58
M N 10012 102 1015s Feb'26 _
Registered
93,4 9514
o 10218 Sale l021
1929 J D
10212 17
99 10014
10-year secured 68__June_1959A
10434 Sale 10453
10312 10514
Ref & gen 5%8 series 13_ _
8914 9034 89
Jan'27
97% 101%
Chatt Div pur mono,g 413-1951 J
0214 Dec'26
9514 99
Mac & Nor Div let g 5s-1946 J J 100
1946 J J 10178 104 10178 Jan'27 -10014 105
Mobile Division 68
1961 J J 83 Sale 8012
100 100% Cent New Eng 1st gu as
66
83
9234 97
0912
Central Ohio reorg 4348-1930 M S 987k---. 9912
4
90
92% Central RR of Ga coil g 58_1937 M N 100 10012 l0012 Dec'26
J .31 11314 Sale 11334
57 Q
99% 102
2
11314
Central of NJ gen gold 58-198
11234 Sale 11234 11234 10
94
98
Registered
? .y
----
----
----
----
Range
Since
Jan. 1.
Low
10014
931
934
High
1027g
9774
9732
"iii8 151;
"4534 1639% 4014
2484 Ifs;
273g 273g
2618 3112
2378 2358
42
4618
411s 483s
101 102
10714 10734
10318 103%
10114 10214
10114 102
100 102%
9834 101
10034 10112
97 100
10214 10212
10312 10511
10038 10134
7612 85
9314 96%
10314 105
111 113
104 10512
10338 10514
10218 103
10214 10434
10334 10434
10712 10814
10412 10512
105 106%
9834 10012
9334 9614
9728 10234
9714 10212
9114 97
103% 1043s
102% 101
11314 11378
102% 104
75% 79%
9912 101
94
97
1085, 10912
95
9612
9314 9712
10318
10038
873,3
85
9514
7912
9234
92
8714
1031s
100%
8734
85
96
81
9434
92
9114
875s 91
85 85
8812 8812
8734 89
86
87%
9914 99
8912 90
9012 9138
9812 9014
10434 10434
99% 100
10414 105
94l 96
10458 10512
9734 9814
9112 93
80
8112
7312 7534
82% 84
103 103
9334 9514
"VI VA
I003s 102l
10434 10612
10214 103
107% 10834
9232 9514
10134 1024
82
84
10038 102%
64
65
9512 9512
9512 9512
-Hill If"
1025, foil;
9418 9612
Ha" 101
10518 106
95
97
9918 997s
11434 11534
11738 118%
9712 981g
8414 8512
9552 9532
86
86
10234 10334
108 109
8453 86
10432 105
10334 104
ioi" 1621
;
10411 10514
89
89
ioij8 102
7812 83
9912 9925
112 114'i
11234 113
769
New York Bond Record-Continued-Page Z
r.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 4.
r.
t
Price
Friday,
Feb. 4.
Week's
Range or
Last Sale
is
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 4.
Range
Since
Jan. 1.
:03
it
Week's
Range or
Last Sale
Price
Friday.
Feb. 4.
Range
Since
Jan. 1.
High
Ask Low
High No, Low
Bid
Ask Low
Bid
High No, Low
High
1
9838 98
9214 Sale 92
9212 15
983
915 9212 Day &Mich let eons 4 4s_1931 J J 98
99 4 9834
42
93 2 9412
9018 92
94
Del & Hudson 1st & ref 4s___1943 MN 9312 Sale 93
90 Sept'26
60 11412 118
973 9734
117
30-year cony 58
1935 AG 11612 Sale 115
97 4 -- 97 4 Jan'27
6 103 105
8912 9038 90
Jan'27
1937 MN 13412 Sale LI412 105
90
15-year 54s
9234
102 Sale 10134 102 8 110
1930 3D 11634 Sale 10612 1)6 4 15 106 8 106
103.
10-year secured 78
118
11812 Oct'26
D RR & Bdge let gu 45 g
1936 PA 9412 ____ 95 Apr'26
12
10014 10114 10034 10034
3 inoTs 10114 Den ds RD-lit cons g 48_1936 J J 914 9134 91 8
9134 33
5
945 953
10338 Sale 10338 10338
953
8 10338 10378
95
953 954
Consol gold 44e
1936 J
99 2 100
38
10212 Jan'27
Improvement gold 5a......A928 3D 99 8 Sale 99 2 100
10212 10212
7358 80
79 4 810
9758 Sale 0738
30
98
9718 9858 Den & RD West gen 5s_Aug 1955 MN 7878 Sale 784
34
34
8
J 34
34
34
94 8 Oct'26
Dee M & Ft D let gu 451935
38
334 34
7
563-8 Sale 9938 994 169
34
34 Sale 34
"I9-5; Temporary ars of deposit___ 101
10078 Jan'27
963 Aug'26
1007 10078 Des Plaines Val let 4)s.,......,1947 MS
2
1 -iOrz Itir
7312 7212
7212
8418 88
8712 Dec'26
Det & Mack-let lien g 48__1995 3D 70
8734 90
88
Jan'27
6612 65 Nov'26
Gold 48
"8734 88
1995 3D 65
2 "OiTs 98
8538 8678 86
Jan'27
98
853 86
Detroit River Tunnel 448_1961 MN 98 Sale 9778
1 10334 1013
10018 Sale 10018 10018
9978 10018 Dul Missabe & Nor gen 58_1941 J J 10334 Sale 10334 1333
7234 73
102 8 103
1
102 8 Jan'27
7278
7278
Dul & Iron Range let 55____1937 AO 10134
71
73
8
3
754 75
79
7134
7134 -- 7134
713 7178 Dul Sou Shore & Ati g 58_1937 33 79 Sale 78
6312 ____ 6312
16
64
6114 6412
6212
6238 Jan'27
92 2 Dec'26
60
6212 East By Minn Nor Div 151 4/3248 AO 9338 94
2 1664 Ili"
87
101
8712 8734
8734
8658 884 East T Va & Ga Div g 5s___1930 J J 101 Sale 1003
3 106 10612
8614 Dec'26
106
Cone 1st gold 58
1956 MN 106 10612 106
9458 Sale 9438
9458 11
9412 95% Elgin Joliet & East lat g 5e__1941 MN 10318 10412 10312 10312 10 102 1034
1043
9934 9978 9934
2
9978 26
993 10018 El Paso & W 1st 55
1965 AO 1043 106 10512 Jan'27
9912 Nov'26
Erie 1st consol gold 78 ext..1930 MS 10658 Sale 10658 10653 13 10 58 10713
8118 84
9334 Sale 9334
J 83 Sale 83
9418 41 -554 WI;
8378 10
1996
1st cons g 4s prior
79
79
9218 Mar'26
79
Jan'27
1997 3.1
Registered
7312 773
10612 Sale 10612 10634 51 10614 10678
1st consol gen lien g 48____1996 33 7712 Sale 764
7734 49
73
75
1
106 10712 106
75
75
Jan'27
106 106
1996 J J
Registered
984 10014
7
8318 Sale 8234
10014
8358 496
1951 FA i50f4 Sale 10014
8038 833
Penn toll trust gold 48
175
106 107 10718 10718
783 83
83
10678 1073
50-year cony 45 series A__1953 AG 82 Sale 8114
79
82 4
8214 106
7158 Sale 7012
83
81
7214 1501
1953 AG 81
Series B
6914 7214
84 8 90
9)3 4334
1953 AG 9038 Sale 873
Gen cony 48 series D
2 113
16
113
113
11378 10 11378 1337s
Ohio Ind & Loulev-Ref 66_1947 J J 11378 115 1134
Erie &Jersey let of 6s
1955.13 113
5 113 2
1947 J J 10358 10412 10338 Jan'27
11258 46
Refunding gold 58
10338 10338
Genesee River let e f 58_1957.13 11212 Sale 112
1947 J J 9012
9038 Dec'26 - .13 883
88 2 Nov'26
Refunding 48 Series C
Erie & Pitts gu g 345
1966 MN 100 10118 10034
General 58 A
88 8 Sept'26
10034
1940 J J
1 iiio" 1-0-1-78
Series C 34s
953 10114
May 1966 J J 10678 107 10678 Jan'27 307
General 63 B
10634 107
Est RR extl 8 f 75
1954 MN 13014 Sale 9958 101
J 9318 931 9318
9318
1
Chic Ind & Sou 50-year 45__1956
92,8 93
9718 Nov'26 -Ohio LB & East let 4 4s____1969 3D 9718 09
Fla Cent& Penn 1st ext g 58_1930 3J 11158 102 100 2 Dec'26
.614 icifi
5938 83 "-OA
GM & Puget Bd 1st gu 4s_1949 J J 5914 593 5812
1943 .1.1 10014 100% 10178 Jan'27
Consol gold 58
9818 9812
5978 Sale 59
8 Tr certife of deposit ______
5938 56
553 5-38 Florida East Coast 1st 446_1959 3D 9812 ____ 98 2 Jan'27
9918 10 ils
205
8614
1
103
Oh M & Bt P gen g 4e Fier A.81989 .1-.1 86 Sale 8614
1st & ref 58 series A
1974 MS 9912 Sale 99 8
86
88
61
631z
Registered
63 2 11
QJ 8314 ____ 84 Dec'26
Fonda Johns & Olov 4 t4s___1952 MN 63
6334 63
7612
94
94 4
General gold 3 4e set 13._e1989 .1
755 /612 Fort St U 000 let g 44s_1941 33 9438
94
Jan'27
7612 Jan'27
10658 1063
Oen4a Series C___May 1989Ii 97
97
10634
98
9714 11
Ft W & Den C 1st g 5 4s____1961 JO 10634
96
98
-- 1063
975 98 2
Registered
Jan'27
9234 Dec'26
Ft Worth & Rio Or 1st g 48....1928 J J 9814 9812 98
-- -107 2 108
Gen & ref ser A 4
_Jan 2014 A 0 6012 Sale 6014
6012 307
Jan'27
60 o Frem E1 & Mo Val 1st 6s- __1933 AG 10712 109 108
57
Guar Tr certife of deposit
_
6012 Sale 5938
6034 201
5678 61
100
101
Gen ref cony ser B 58 Jan 2014 FA
2
_59 Sale 59
MN
1103
4
1003
5938 30
10112
GA
&SA
M
&P
let
58_1931
10012
5512 5934
10012
Guar Tr outfits of deposit
6 100 8 100
5912 16
2d extens 58 guar
1931 .1 3 10418 1)012 100 8
5834 5912 59
5534 593
96 2 98 4
let sec 6s
2
1934 I-3 1033 Sale 10314
41 10314 10612 Daly Buns & Rend 1st 50_1933 AG 97 4 98
104
974
9734
98 2 904
Debenture 4
19323 D 5912 Sale 5914
8
9934 99 2
99
6038 04
5612 60,2 Ga& Ala Ry let cons 5s_Oct 1945 J J 99
99 1004
Bankers Tr certifs of deposit
5912 Sale 5912
5978 95
56
6014 Ga Caro & Nor ist gu g 58_1920 J J 100 1004 100 4 Jan'27 _
724 724
Debenture 48
1925 Ili 5934 60
0 7234 7358 72 2 Jan'27
1946
5934 17
59,4
5612 6914 Georgia Midland let 3s
u El Mtge & Tr etts of dep__
5912 Sale 5914
5934 90
5612 6'118 Gr R & ext 1st gu g 4 45-1941 J .1 9712 -- 96 4 Dec'26
4 ll5' 11538
115-year debenture 48
1934 Ill 5934 60
5912
5912 126
Grand Trunk of Can deb 78_1940 AO 11558 Sale 11558 115%
5612 60
Farm L & Tr efts of dell.7 106 108
5912 Sale 5938
1936 MS 10712 Sale 10712 10758
5934 26
15-years 168
5638 60
Chic & Mo RIv DIv 5s____1926
9514 Oct'26
9912 June'26
16_ Grays Point Term 1st 5s 1947 3JO
795g 16- 7958
144 113 e 1145
Ohio & N'west gen g
114
s___1987 M N
7
1936
11334 Sale 11318
7938
Great Nor gen 78 series A
.1
11338 Nov'26
Registered
1
Q F 7812
7412
Registered
7412
7 12 7612
5 "iiis WI;
General 48
98 4
1987 M N 9134 Sale 9114
1st & ref 449 series A__1961'3 95 Sale 98
9134 22
9012 9134
41 108 1094
1093
Registered
87 Aug'26
1952 33 10918 Sale 10918
@ F 89
General 54s series B
1)3 4 35 10238 1033
'Hod 48 non-p Fed in tax '87 M N 9118
1973 33 10318 Sale 193
9012 Jan'27
General 58 series C
-50.12 -I()1-2
9418 954
95 8 105
1976.13 95 Sale 95
Gen 448 stpd Fed Inc tax_1987 MN 10512 106 10558 10558 10 105 107
General 4)48 series D
84
Oct'26
General 58 stamped_ _. __1987 M N 109 Sale 10918
7 10814 110
Green Bay & West deb Ws A____ Feb
110
Feb 22 Sale 21
2238 46 "Zi"
Sinking fund 68
1879-1929 A 0 10234 10314 103
Jan'27
Debentures Ws B
10114 103
Registered
A 0 10214 - - - - 101
Greenbrier Ry 1st gu 48_ ___1940 MN 9214 --__ 92 Dec'26
Jan'27
101 101
10558 106
Sinking fund 56
1 10112 10.34 Gulf Mob & Nor 1st 5 l4s___1950 AO 10534 ____ 1053
/534
1879-1929 A 0 10114 10138 10134
10134
107 107
Jan'27
101
Oct'26
Registered
1879-1929 A 0
Gulf & SI lot ref & ter g 58 _b1952.13 11618 ---- 107
Sinking fund deb 55
1933 M N 101.12 103 10134 Jan'27
ioi" 102
98
98 2
98
M N 10114 10214 10118 Jan'27
9838 £8
Registered
10118 1014 Hocking Val 1st cons g 445_1999 ii 98
J
90 May'26
10612 27 106 1065s
1999
10-year secured leg
1930 J D 10614 10638 10614
Registered
93) 9913
9812
1937 MN 9812 Sale 9812
9 11158 112
15 year secured 64e g____1936 M
11158 Sale 11138
11178
Housatonic By cons g 5s
.1 10158 10212 13038 Jan'27
10038 100
1937
5 10314 106
let & ref g 58
May 2037 J 13 10418 10438 10418
106
El & T C 1st g int guar
_ _ _ _ 10134 Mar'26
1930 MN 102
Ohio R I & P-Rallway gen 481588
8834 Sale 8834
8938 23
Waco & N W lot 68
8734 8 58
"9913 100
29 2 Jan'27
9914 100
Registered
J J 8612 8734 87
Jan'27
Houston Belt & Term let 58_1937 J J
8612 87
100 4 Oct'26
Refunding gold 48
9314 -283
1934 A 0 9278 Sale 9278
9214 9312 Houston E & W Tel 1st g 5e-1933 MN 13018 _
4 10078 10138
9238 Jan'26
1933 MN 10034 -- 13058 1003
Registered
A 0
let guar 58 red
9814 994
99 8 110
Ob St L & N 0 Mem Div 411_1951 J D 8938 91
90
9834 Sale 9838
Jan'27
90- 16- Bud & Manhat 58 series A1957 FA
Apr'26
FA
97
St L & P 1st cone g 5e..___1932 A 0 10212 103 10218 Jan'27
10)10
Registered
10114
84
174
3 10338 104
87
87
Ohio Bt P M & 0 cons 65_1930 J D 10338 Sale 10338 10338
Adjustment income 58 Feb1957 AG 8612 Sale 8612
Cone (39 reduced to 3Sis_ _1930 J D 9458 9512 95 Nov'26
91
95
2
./
7 -9913 100
95
9412
Debenture 58
1930 M S 9958 9934 9912
9912
Illinois Central 1st gold 48___1951
9958 9934 9934 Jan'27
93 Mar'26
Stamped
1951 3.1
Registered
,34 9534
743 14-3;
150
Ohio T H & So East 1st 5s1960 J D 9638 Sale 96
7438 Jan'27
97
1951 J J
9358 97
let gold 3)45
Dec 1 1960 M S 92 Sale 9038
Ino gu 58
3J ____
623 Jan'25
0278 178
8734 9278
Registered
8714
87
Jan'27
87
CbloUnSta'n1stgu45sA.i963J D 9734 Sale 9734
9818 14
9714 98
Extended let gold 34s___1951 AO
13 10412 10534
73
743
1963.1 .1 971. 9838 10412 105
Jan'27
73
1st 5s series B
1951 MS
let gold 38 sterling
1944.1 D 103 Sale 10278
9 10112 105 •
4
904 91 2
514
Guaranteed g Es
10314
Collateral trust gold 48_1952 AG 9114 Sale 914
18 11778 11834
1963.1 .1 11712 Sale 11718
AG
_
118
8034 Nov'25
let 64s series C
Registered
9414 23 -9-513 "91'
Chic & West Ind gen g es..p1932 Q M 10512 10578 10512 Jan'27
1955 MN 9358 Sale 9358
let refunding 48
105,2 10512
1952 J .1 8718 Sale 874
8778 63
Como!50-year 48
1952 3
8512 8634 844 Dec'26
8658 8814
Purchased lines 334s
1962 M S 104 Sale 104
10414 50 104 10434
33
_
lst ref 54e ser A
8412 July'25
Registered
88
8838
8834 13
Choc Okla & Gulf cons 5s_1952 M N 8714 87% 10418 Jan'27
10418 10418
Collateral trust gold 413-1953 MN "iiis 8834 8812
9734 Jan'27
MN
8512 Oct'26
CID
& D 2d gold 4481937 J .1 9734
Registered
9734 9734
9512
_ 9534 Jan'27
10818 21 ioigs 10812
O I St L & C let g 40. .Aug 1936 Q
9514 9534
1955 MN iEnis lOSIz 10778
Refunding 513
9518 Jun'27
103 I 44 1017 103 4
Aug 1936 Q F 951" 96
103 Sale 10178
954 95 •
1934
Registered
15-year secured 5(4i
11258
6 11258 113 4
Oln Leb & Nor gu 421 g
1942 M N 9114 ---- 9114 Jan'27
9014 9114
15-year secured 648 g_-__1936 ii 11258 11234 11258
100
100
96
97
100 100
Aug 1 1966 PA 9634 Sale 9634
9712 408
Oln B & CI cone let g 5a_.-.1928 J J 100
40-year 4(s
9012
92 2 9212
D 90 Sale 90
89
1950 JO 9278 ___ 9212 Jan'27
Cleve Cin Ch & Bt L gen 48_1993
0012
Cairo Bridge gold 48
9914
3
76 2 Telz
1931 .1 J 99 Sale 99
7612 Jan'27
9834 9914
Litchfield Div let gold 38_1951 3.1 7612
20-year deb 4(4e
1993 .1 D 10738 III 108 Dec'26
8312 Dec'26 _Loulev Div & Term g 48_1953 J J
General 58 Series B
10212 Sale 10212 10238 15 iHig 1E3;
J3
1929 J
8118 Aug'26
Registered
Ref & Inapt es aeries A
1941.1 J 10712 ____ 10712 Jan'27
107" 10712
77
77
77
Jan'27 - Omaha Div 1st gold 3s____1951 PA "ir712
es Berke C
10418 11 10314 105
1963.1 J 10314 Sale 10314
7612 7612
St Louis Div & Term g 38_1951 J3 7658
58 series D
7612 Jan'27
9438
9438
13
943
s
95
Cairo Div let gold 45._ _ _1939 J .1
9438 9438
1951 ii 86
2
86
86 I
Gold 3'4s
86
86
87
2
86
ClnW&MDlylstg4s.,..lS9lJ J 86 Sale 86
86
Springfield Div let g 34e1951 3J
84 Sept'26
__
8712
Jan'27
8812 90
9058 Jan'27
St L Div let coll tr g g 481990 MN 88
874 90
Western Lines let g 48
1951 FA -554
-4/5Ta 9078
8314 Feb.26
Registered
M N 85
Registered
1951 PA
84 Aug'25
Elpr & Col Div lst g 45_ __1940 M S 9212 -- 9178 Jan'27
914 9178 III Central & Chic St L & NOW W Val Div 1st g 4e__1940 J J 9114 -- 9314 Jan'27
91
9314
Joint 1st ref 533 series A
1963ID 10312 Sale 10312 104 1 48 10314 104
1074 1074
OCC&Igen cOns g 6s-__1934 J J 10738 108 10714 Jan'27
1951 3D 10512 19712 10512 Jan'27 -- 10512 10512
Gold 55
10238 Jan'27
10238 10238
D 10314 104 10214 Apr'26 -Clev Lee & W con let g 58_1933 A 0 10138
Registered
____ 9938 Sept'26
Cleve & Mahon Val g
J 100
Gold 34e
1951 3D 79% --__ 7812 Feb'26
1938.5CI & Mar let gu g 445
9838 18-5-8 Ind Bloom & West let ext 45_1940 AG 9212 ____ 9332 Dec'26 ---1935M N 9812 ____ 9838 Jan'27
9918 Aug'26
Cleve & P gen gu 44e ser 13_1942 A 0 10018
Ind III & Iowa 1st g 48
1950'3
1554 ..9-15;
--__ 935 Jan'27 ____
100
Jan'27
166" 100 Ind & Louisville let gu 48._ _1956 .1 J 934
Belles 445
1942 .1 J 10018
86
8614
8614 87
86 4 Jan'27 -Ind Union By gen 65 ser A__1965 33 10212
tiertee C 3346
1948 M N 8712 ____ 8514 Oct'26
102 4
13214
2 1024 1034
8438 Sept'26
(ben & ref 58 series B
1023 102
Series D 348
1950 F A 8512 _
1965 33 10238 10312 102 8 Jan'27
10118 10112 lot & On Nor let 68 ser A._1952.13 10614 Sale 106
Cleve Shor Line 1st gu 445_1961 A 0 10118 101711 10112 Jan'27
11 106 107
137
22 10858 1 0
110
Cleve Union Term 548_1972 A 0 10934 Sale 10938
835 91
Adjustment es ser A July 1952 Aprl 9034 Sale 89 2
91
208
10478 68 10334 105
let f 5e ser B
81 2 884
1973 A 0 10334 Sale 10334
Stamped
Aprl ---- ____ 884 Jan'27
8858 8838 lot Rye Cent Amer let 5s___1972 MN 77 Sale 76
Coal River Ry let gu 4e_...._1945 J D 8838 ____ 8838 Jan'27
754 77 2
774 33
31
9914
Colorado & South let g 45_1929 F A 9918 Sale 99
1st coll It 6% notee
95
95 4
20
95
9834 99,2
1941 MN 95 Sale 95
9734 62
97
51 2 54
99
Iowa Central let gold 5e____1938 3D 54 Sale 51 2
34
Refunding & exten 445_1935 M N 9712 Sale 9718
54
52 2 5312
Col & H V lst ext g 45
5112 5412 52 2
1948 AG 9138 92 8912 Nov'26
53
7
Certificates of deposit
2112
8934 Nov'26
17
Col & Tol 1st ext 4a
1955 F A 9012
Refunding gold 48
2112 55
1812 2012 17
1951 M
88 Nov'26
9134 927
James Frank & Clear 151 48_1959
Conn & Possum RI, let 45..1943 A 0
D 9278 Sale 9278
9278 12
9238 Dec'26
1930 F A 9318
Consol By deb 48
3
7818
-713-1-8 KaA&GRIstgug155
Non-conv 48
1954 3
7818 Sale 7612
Apr'26 -- -19383 J 10212 10512 131
70 Sept'26
17-.1 D
Kan & M let gu g 45
Registered
Jan'27 -1990 A 0 8538 8634 87
77
694 77
2d 20-year 58
Non-conv debenture 4a-_1955 J J 77 Sale 77
Jan'27 -- 100 1003
1927 3
10012 10334
Jan'27
Non-cony debenture 4s_1956 .1 J 7418 77
76
6918 76
K C Ft B & M cone g 6s
58 10178 11 101 1017
N 10178 Sale
1928
92
93
34
9512 Sale 9512
9478 96
K C Ft B & M Ry ref g 411_1936 A 0 9214 Sale 92
92
Cubs RR 1st 50-year 58g-1962 J
9578 36
9912 100
10812 13 107 10834 KC&MR&Blet KU 58_1929 A 0 10018 Sale
3
1936J D 10714 10814 108
8
Bot ref 7
727 7412
9912 101
19
101
1936 J D 10014 Sale 10014
lien & ref 61 oar B
74 2, 33
KlUlaaa City Sou 1st gold 33_1950 A 0 73521 Sale 734
9914 1004
77
10212 Sale 10218 10273 45
9934 103
Ouba Nuthern By let 68_ -1966 .1
Ref & !mot 56
Apr 1950.1
100 Sale 99
Cent Pao let ref gu g 45____1949 FA
FA
Registered
Mtge guar gold 348__Aug 1929 JD
Through St L 1st gu 48.-1954 AO
1960 PA
Guaranteed g 58
Charleston Os Savannah 55__1936 J J
Cites & Ohio fund & impt ts.1929 J J
1939 MN
1st consol gold 58
1939 MN
Registered
1992 M
General gold 44e
1992 MS
Registered
1930 FA
20-year cony 448
1946 J J
Craig Valley let g 58
Potts Creek Branch 1st 48_1946.13
R & A Div lst con g 48-1989 J J
1989 J J
2d consol gold 48
Warm Springs V 1st g 5e 1941 MS
1949 AO
Chic ez Alton RR ref g 3s
Ott dep stpd Apr 1926 int____
1950 JJ
Railway first lien 348
Ctfs dep Jan '23 & sub coup
7 348_1949 JJ
Ohio Burl & Q-111131,
.13
Registered
1949 J
Illinois Division 48
1927 MN
Nebraska Extension 48
MN
Registered
1958 MS
General 48
MS
Registered
1971 FA
lst & ref 5s series A
1934 AO
Chicago & East Iii let 6s
o & Ill Ry (new co) gen 5s__1951 MN
1982 MN
Ohio & Erie 1st gold 58
Chicago Great West 151 4s._1959 MS
3
14
3
5
8
4
10134
34
5
3
4
12
3
1
5
4
1
3
3
4
1
8
1
18
4
8
4
4
5
4
34
18
78
-1;
4
4
1
1
4
4 1011
4
4
4
4
4
4
12
1
3
4
,4
14
4
14
4
4
3
1
1
1
14
4
12
1
1
1
1
3
4
4
1
1111
111 8
14
4
1
14
14
8
1
34
1
1
1
4
34
78
1
1
11
1
7
1
34
1
1
4
1
18
1
8
4
4 1
1
3
1
1
38
4
1
4
8
1
/1
1
1
3
14
1
34
1
1
12
10014
101
34
100 1901
1
34 13.1 1
Due Nib. (DSO 541/7-
pDu.D.
8
38
1
1
1
1
78
8
18
8
1
38
34
34
1
1
1
18
-eliT8
38
8
8
8
18
770
New York Bond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 4.
t
Price
Friday,
Feb.4.
Week's
Range or
Last Sale
c4.n
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 4.
Pries
Friday.
Feb.4,
Week'.
Range or
Last Sale
83'
High
High No. Low
BM
Ask Low
/30
Ask Low
High No.
Kansas City Term let 48_1960 J J 8914 Sale 8834
88
8914 87
8914 N Y Central & Hudson RiverKentucky Central gold 45_..1987 J
Mortgage 34e
1997 J J 8014 Sale 8014
88
8812
89
90
8812 Jan'27
8034 61
Kentucky & Ind Term 448_1961
_
J 8518 88
Registered
1997 S i
8514 Dec'26
9
76
93
14
2 Jan'27
,7
Stamped
8812 89
1961 J J 8834
Debenture gold 411
1934 MN 96a 9714
89
Jan'27
36
Lake Erie & West 1st g 5s 1937 J J 10214 103 10214 Jan'27
MN
10214 10214
Registered
_
9458 Dec'26
30-year debenture 48
1 10038 10012
2d gold 55
1941 J J 10038 Sale 10038
1942 J J 9533
10033
7
5
Lake Shr & Mich S g 345_ _1997 J D 8114 8138 8134
Registered
8118 8134
8134
6i;l:!
. 93
538 Feb
'
952%
5
Lake Shore coil gold 348_1998 FA 79 -7038012 8012
Registered
8012 Jan'27
4 7934
7934
Debenture gold 45
Registered
9878 9958
9958 47
1998 FA 7812 79
19218
7
13 99.8 Sale 9918
7834 Jan'27
Mich Cent coil gold 34s 1998 FA 7934 8014 8018
9738 9878
25-year gold 45
1931 M N 9812 Sale 9778
9812 27
8012 20
FA
1998
Registered
Registered
96 Dec'26
7858 8012 7834 Sept'26
Leh Val Harbor Term 5a-1
17 10412 10514 NY Chic dc St L let g 48_ __ _1937 AO 59 Sale 95
F A 105 Sale 105
954
1 MN
105
93
3
95 a
98,2 98%
Leh Val N Y 1st gu g 448_ _1940 J J
Registered
1937 A0
9812 Jan'27
Mar
Lehigh Val (Pa) cons g 49_2003 M N 8812 8834 8834 Jan'27
25-year debenture 48
1931 MN -66i8 97" 99633'44
8614 88%
952684 13
MN
2d 68 series A B C
1931 MN 13212 Sale 10212 10234 40
Registered
8012 May'26
Refunding 54e aeries A 1974 AO 10578 Sale 10512 106
General cons 448
97
9834
2003 MN 9812 9834 9712
9812 10
58
Lehigh Val RR gen 55 seriee_2003 M N 10558 Sale 10538 10538 21 10514 10534
Refunding 5lis series B ...1975 S i 10534 Sale 1054 106
68
Leh V Term By 1st gu g 5e_ _1941 A 0 10212 ____ 10212 Jan'27
10212 10212 N Y Connect let gu 4Sie A...1953 FA 96
9
97
9712
9712
Leh & N Y lst guar gold 48_ _1945 M
90
let guar be series B
1953 FA 10338 104 10338 10338
9014
9012 92
9014 Jan'27
1
Lax & East 1s1 50-yr be gu_ _1965 A 0 10934 110 10934 Jan'27
10934 10934 N Y & Erie let ext gold 4e.._1947 MN
9134 Oct'26
MS
865
8
90
Little Miami te
3d
ext
gold
1933
Jan'27
445
87
90
90
1952 M N
9812
9812
____
Jan'27
Long Dock consol g 68
10834 109
4935 A 0 10834
_ 109
4th ext gold be
1930 A
Jan'27
10018 ____ 10018 Jan'27
10034 10034
Long meld let con gold beJuly1931
5th ext gold 48
1928 3D 9814 __
10034 ____ 10034 Jan'27
99 Mar'26
let eonsol gold 48_ __ _July1931 Q
N Y & Greenw L gu g 55
9712 Aug'26
1948 MN 9912
96
98
9912
9912
NY & IIarlem gold 3Me_.. 2000 MN
General gold 48
93 Dec'26
92
1938 J
8278 8134 Jan'27
MN 8134 __Gold 4s
97 July'26
Registered
9438
80
Dec'26
20
Unified gold 45
8918 ___ 90
90
19
1,3
19
9
5
89
9'8 10
9034 N Y Lack & W 1st & ref 53_ -1973 M N
9934 ____ 9934
Debenture gold 58
9934
89 July'25
984 99
70
First & ref 44s
1973 M N 10212
20-year p m deb ba
99
9834
1'
3 9818 99
10214 Jan'27
10158
89
1930 M
89% NYLE&W /et 7sext
8978 Jan'27
1949 M S 8918 90
Guar refunding gold 4e
106 Nov'26
1 100 10034 N Y & Jersey 1st be
1932 F A 106
Nor Sh B 181 con gu 5s_Oc,'32 Q
100 10034 100
100
10034 Sale 10034 10034
4 100 10034 N Y & Long Branch gen g 451941 M
100
Loulzdana & Ark let g be
1927 M S 100 10012 100
90 Dec'26
1
894 9012 NY &NE Bost Term 48_1939 A 0
Lou & Jeff Bdge Co gu g 48_ _1945 M
8958 Sale 8958
8958
NYNH&Iln-cdel348_1947 M S 90 = _ 9138 Oct'26
_
____ 10518 Dec'26
Louisville & Nashville be_...1937 M N 105
80
80
Sale
80
957
97
32
M S
Registered
97
Unified gold 4s
1940 J J 9612 Sale 9638
60 July'25
10112
4 10114 16112
Non-cony debenture 345_1947 M S 731
Collateral trust gold be_ _ _1931 MN 10114 Sale 10114
7212
Jan'27
71
;
1
10
1043
4
106
1047g
105
Non-cony debenture 349_1954 A 0
1930 M N
Sale 10434
10-year secured 78
7112
7112
10712 10812
let refund 534s series A 2003 A 0 10814 10812 10838 Nov'26
Non-cony debenture 4e_ _1955 J J 7014 71
1
76
76
10614 Sale 10614
Non-cony debenture 4s,._1956 M N 7914 83
let & ref 58 series B
10614 13 10534 10634
7914
793
7914
Sale
4 17
9934 101
10014 Sale 10014
10038 32
Cony debenture 34e
1956 J J
& ref 4lie series C
1)13
2
4
7038
7114
10334 10334
104 10412 10334 Jan'27
1948 J J 7038 71
Cony debenture 68
NO & M let gold (le
1930 J
58
2 10358 10334
• J 109 Sale 10812 109
2d gold Os
1930 J J 10334 10412 10334 10334
105
Jan'27
9378 94
1940 A 0 39434
Jan'27
CoR
lia
egi
tesra
teIrt
erust
d
65
Paducah & Mem Div 48_ _1946 F A 94 ____ 94
Sale 10434 10478 20
6712 674
2
_1957 M N
6714 6778 6712
6712
Debenture 48 ______
St Louie Div 2d gold 3s 1980 M
7358 23
10012 10012
10018 102 1001z Jan'27
Harlem R & Pt Chea 1st 481954 M N 7312 Sale 7278
Mob & Montg 1st g 443_ _1945 M
87.2 88
32
88
N Y & Northern 1st g 5s_ _ _ _1927 A 0 8878 8958 8934 Jan 27
South By joint Monon 48-1952 J J 88 Sale 8712
100
__ _ _ 9978 Nov 26
9334 9478 NY 0& W ref 1st g 4s_June 1992 M
Atl Knorv & Cin Div 48_ _1955 MN 9418 9412 9478 Jan'27
7912 36
100 10014
M S 79 Sale 78
Registered $5,000 only
Lousy Cin & Lex Div g 448'31 MN 100 10012 10014 Jan'27
7212 Dec'26
_
103 Dec'26
General 45
Mahon Coal RR 1st be
1934
J 103
43
7414
75
7412
Sale
N
68
24
Sale
j
A
D
O
66
M
6712
6712
N Y Providence & Boston 4e.194
1982
5
68
Manila RR (South Lines)43_1939
_ _ 8612 Dec'26
7
7312 7614 NY & Putnam let eon gu 4e 1993 A 0 883
7614
let 48
1959 m N 7618 ____ 76
8 9014 8958 Dec'26
N Y & B B let gold be
1927 M S 8934Manitoba S W Colonlza'n 5s 1934 J D 100 ____ 10012 Dec'26
1
100
100
8514 _-- 8312 Oct'26
NY Susq & West 1st ref 55_1937 J J 100
Man GB&NW let 3
_1941 J
901s 16
37 FA
F A 8912 -90 8934
2d gold 4345
1940
ketch Cent Det & Bay City 58.'31 S M 101513 ____ 10158 Jan'27
40
743
4
75
757
8
Sale
101
Q
M
Dec'26
General gold 58
Registered
9612 Dec'26
1946
3 M N 9914 - -- 9918 Jan'27
Mich Air Line 45
Terminal 1st gold 58 4x24
1940 5 .1 9518
8212 155
J J
J J 8212 sale 8134
• 92 Nov'26
N Y W'ehee & B let ser I
Registered
S
837s ____ 79 Nov'26
J L & 8 lat gold 34e
1951 M
9734 303
6614 Sale 9614
-85i4 8631st gold 3Ile
8614 Jan'27
8 Nord Ry ext'l a f 6Sie
1952 al N 8614 87
9218 57
9838 10034 Norfolk South 1st & ref A 58_19
1929 A 0 99 Sale 99
A °
A 9112 Sale 9112
6
961
59 F
20-year debenture 4e
9918
10112
Jan'27
-10012
95
9738 Norfolk & South 1st gold 55.1941 M N
Mid of N J 1st ext 58
9738 19
1940 A 0 9738 Sale 96
10
10038 10034 Norfolk dc West gen gold 68_1931 M N 10534 Sale 10334 106
alliw L E3 & West imp g 58_ _4929 F A 101 10111 10034 Jan'27
083
4
Dec'26
- __
10812
D
-F
A
J
-bill& Nor 1st ext 44Mblue)1934
9512 98
9412 Dec'26
Improvement & ext 68_1934
0718 Dec'26 - _
New River let gold 6s
1932 A 0 107
Cons ext 44s (brown)
1934 5 D 9614 Sale 9512
9614 41 -9553 961;
9314
0312 46
9214 9212
Mil Spar & N W 1st gu 4b
9134 94
N & W By let cons g 48., _1990 A 0 9314 Sale
9212 Jan'27
1947 m
9278 9012 Oct'26 -3411w & State L 1st Fill 348_1941 J
Registered
1996 A 0 _
8138 Dec'26
9314
9314
1
Dive let lien & gen g 48.1944 J .1 9318 9334
58 Jan'27
M S
Minn & St Louie 1st 78
----1929
10-yr cony. Os
1927 J
9834 9934 9812 Dec'26
958
9512
10
-8T8 9533
1927J G 100 101 100 Nov'26
lstguarg7e
Pocah C & C joint 4s._ _1941 J D -9
106
1
- - 06
56 -56 - North Cent gen & ref be A__1974 m s 106
let consol gold be
2
56
58
56
1934 m N 56
8
96
8
M N 5312 54
5114 54
1945 A 0 9338 Sale 955
8
Temp et's of deposit
North Ohio 1st guar g 55
53
5312
nlaq
93
40
1712 23
2134 Sale 19
North Pacific prior lien 4e
199
997
153
7 Q 1 9134 Sale
23
let & refunding gold 4s_ _ _1949 M
9038 Jan'27 - 9114 92
13
1514
Ref & ext 50-Yr 58 ser A_ _1962 Q F 1414 15
Registered
1314
1514 14
6738 46
87
8812
Gen'l lien gold 38_ __ _Jan 2047 Q F 67 Sale 67
8814 14
MEItP&SSMcong4eintgu'38 J 5 8818 Sale 8778
6514 Jan'27 -9712 9833
Jan2047 Q F 6312 67
8814 9712
1st eons 5s
Registered
9818 17
1938 5 5 88
9712 21
9714
Sale
97%
9712 985a
J J
9753 Sale 9712
1st eons be gu aa Int_ _ 1938 J
_
Ref & impt 44e aeriesA_2047
4
9858
J .1 9234 -- 8534 Jan'26 -„4
10-year coil trust 6
50 10038 10178
_ _1931 m s 10078 Sale 10038 101
15
114
1312
1134
Sale
f
10018
1013
4
10012
11
102
10114
let & ref 6s series A
1
114
1m
1
e
p
rt
ed
f
le
series
B____2047
J
J
e
4:
10134
1946
10,4 Mar'26
89
87
8612 8712 87
J .1 11114
6
25-year 54s
Registered
8712
1949 m
6
9734 9734
1st Chicago Terme f 4e_ 1941 MN 965s _ _ 9734 Jan'27
Ref & !rapt be serial C ___2047 J J 10438 Sale 0458 10458
9512 96,4
5
9734 9814
Ref & impt be series D_ _ _2047 J J 10438 Sale 0423 10458 13
9614
Mississippi Central let 58.__1949 J J 97
8633 88
8714 Sale 8714
Me Kan & Tex-let gold 411_1990 J
- - 0934 Jan'27
Nor Pao Term Co let g 65__1933 J J 10934
8734 21
110-1K-T RR--Pr 15e ger A_ _1962 J J 102 Sale 10178 10212 49 101 102'2 Nor of Calif guar g be
1938 A 0 1054 -- 0518 Jan'27 _
0258 Oct'26
7
40-year 48 series B
8678
8534 87
North Wisconsin let 68
1930 J J 10278 105
1962 J J 86 Sale 8534
10234 Sale 10234 103
21 10238 10312
10-year (is series C
1932 J
1
83
83
Sale
96
9934 Og & L Cham 1st gu 45 g___1948 J J 83
9912 772
Cum adjust 58 ser A Jan_1967 A 0 9914 Sale 9834
Ohio Connecting By 1st 48_ _1943 M S 9214 ___ 9034 Dee'25
Missouri Pacific
____ 014 Oct'26
9934 101
10014 162
Ohio River RR lit 558
1936 J D 102
let & refunding baser A.._1965 F A 10734 Sale 100
General gold 58
1937 A 0 1021s ____ 10133 Jan'27
let & refunding 65 ser D_ _1949 F A 10734 Sale 10712 10814 332 10612 10814
7
10014
10778 352 10678 1077a Oregon de Cal 1st guar g 5+4_1927 J J 10014 10038 10014
let dr refund (3a ser E__ _ _1955 MN 10734 Sale 10714
4
9234
76
794 Oregon RR & Nay con g 46_1946 J D 9212 Sale 9212
7734 1097
General 4e
1975 m 8 7712 Sale 77
3
10733
93
93
93 Jan'27
Ore Shore Line lst, cons g 540_1946 J .1 9212 9234 10714
Mo Pac 3d 75 ext at4% July 1938 MN 9278
Guar cons bs
1946 J .1 10738 Sale 10738 10712 15
93
99
9858 Sale 984
Guar refunding 48
Mob & Bir prior lien g
_ _1945
.
5 10018 ....-- 99 Sept'26
39
9
80
81
5
%
lilie78 go
98
014
2 So
8618 Jan'27 _ _ -ii; 8633 Oregon-Wash1st & ref 45.....1961
29 5
1 D
J 8
865s
Mortgage gold 4s
1945
2
82
82
Jan'27
_
_
Pacific Coast Co 1st g 58___ A946 .1 D
- 82
Small
1945
J 82 -8578
9434 Jan'27
2 10078 10134 Pee RR of Mo let extl g 48._1938 F A
Mobile & Ohio new gold Se_ _1927 5 D 10078 Sale 10078 10078
2
102
____ 102
9934 10012
102
_
2d extended gold be
10038 10034 10012 Jan'27
1st extended gold (Se__ July1927 Q
Jan'27
4 444
93
93,8 Paducah & Ills lets f 440_1
9318 Jan'27
General gold 4e
1955
938 .1
5 1 9814 9912 98
1938 m s 9318 94
9514
7
__
Paris-Lyons-Med RR 65_
1958 F A
Montgomery Div let g be_1947 F A 10038 10238 100 Dec'26
197
101
ioo- 1-66;
1
2114
7Sale
94 r
10033
Sinking fund external 78_ A958 M S 1
St Louis Dlyleion 55
_ 1001 1 Jan'27
1927 J D 100
10014 83
Mob & Mar 1st gu gold 48_ _ 1991 M
Paris-Orleans RR 8 f 75
1954 M S 100 Sale 100
90 Dec'26 _ _ _ _
92
91
,00,2367
8 11
0967
212 oj6,111
9.6
2
103
18 1896
10
iI lig ifi- Paulin's% Railway 78
10
9969
234 s
Mort C 1st gu g 6s
11112 113 11178 Jan'27
1937 5
J J
Pennsylvania RR cons g4s 194
Registered
0914 Dec'26
943
2M N
S
1
9434 9534 95
ioirs 1031;
1st guar gold be1937
95
Consol gold 4e
5 10334 1-15.i14 10312 Jan'27
9514 Jan'27
804 811a
148
1
Morrie & Essex let gu 3lis_ _2000
4s sterl stpd dollar-May 11948
9 M N 9434 95
81
905
_ 81
10212 22
10278 Sale 10218
10032 100,4
Naehy Chatt & St L let be__1928 A
Consolidated 445
110384 11114 10034 Jan'27 _
146
1937F
A
J D
2 10238 1034 . General 4)45 series A .... 1965
NFla&Sletgugbs
80 F
10318
10318 Sale 103
Nat Ry of Mex pr lien 440._1967
---- ---General be series B
1968 J D 108% Sale 108 18 10912 36
30 Sept'24
July 1914 coupon off
1930 A 0 10638 Sale 1063s 10658 65
10-year sccured 713
19 Apr'25 _
20
Assent cash war rct No 3 on -- 20 Sale 1612
1936 F A 11118 Sale 11134 11218 60
15-year secured 648
20
85 -ii- "iO11112 ____ 11114 Oct'25
Guar 70-year f 48
Registered
8712 Aug'25
1977A 0 25
s 103 Sale 10134 104J, 96
37 M
NI N
M..1
19
964
Assent cash war rct No 3 on _ _
40-year gold be
26
95 -ii;, -2-6- 2514 Sale 2134
Pa Co gu 34e cell tr A
Nat RR Mex prior ilen 448_1926 J
3812 July'25 _ _ _ _
8638 Dec'26
89
.1 J 27 _
July 1914 coupon on
Guar 34e coil trust ger B.1941 F A 86
24 Sept'25 _
86
8612 Jan'27
Assent cash war rot No 3 on..
2612 20 -ii" Vdti
2612 Sale 24
Guar 345 trust ette C._ _ _1942 J D 85
15t consol 45
28 Apr'25 _ _ _ _ ---- ---Guar 3348 trust etre D.__ _1944 J D 844 ._ ._ 8412 Jan'26
1951 ic
6
98
A 0 16
1931 A 0 9734 Sale 9734
April 1914 coupon on
Guar 15-25-year gold 45
1812 June'26 _ _ _ 2
89
1952 MN ____ 8838 8834
1612 44 i5j2- 1-6-1;
Assent cash war rot No 3 on. --- 1614 Sale 15
Guar 48 eerles E
Range
Sines
Jan. 1.
Low
High
8014 8134
79
7912
9612 9738
941
114
79'2 801;
7834 7814
7978 8012
51
96
-aa; 114
10218 103
10418
io418
96%
103%
meg
Iowa
9712
10412
-0-iT2 9833
100,8 1001a
-99 2
8134 8134
i '2 E1
g3.1
2
1945
5
New England cons 58
1943.1
Consol guar 4s
Ni Juno RR guar 1st 48.-- A986 F A
NO&NE18tref&Imp 44s A'52 S J
1953
New Orleans Term let 45
0
N 0Texas & Mex n-e Inc 55_1935 A
1954 A 0
let bs series B
1954
),
A
series
54e
lat
N & C Bdge gen guar 445_ _1945
NYB&MB 1st con g 514_1935 A 0
si N
NY Cent RR cony deb 68-1936 fd
Registered
1998
A
series
Consol 46
2013 A
Ref & Mot 4548 • A"
A 0
Ref &'rapt be aeries 0.....2013
Registered
9938 10034 9912 Jan'27
8738 89
87 Dec'26
843
-_ 8512 Jan'27
_
9612
8-9712 9714 Jan'27
_
8712 Sale 8712
88
34
10012 Sale 10012 10031 30
10034 Sale 10034
10112 64
10478 Sale 10478
05
8
97
9634 De'26
98
__
10034 102 101
Jan'27
_
10714 Sale 10631 10714 62
10612 Nlay'26
9114 Sale 9114
92
134
9834 Sale 9834
9914 25
106 Sale 106
107
29
10512 Jan'27
0912 9912 Peoria & Eastern let cone 48_1940 A 0
April 1990 Apr.
Income 45
8512 8512 Peoria & Pekin Un let 548-1974 F A
9612 97.2 Pere Marquette let ser A 53-1956 J .1
1956.3 J
871s 88
let 48 series B
100 10034 Phil& Belt & Wash let g 48_1943 34 N
1974 F A
10018 101 12
General bs series B
10434 10518 Philippine By let 30-yr s f 48 1937.3 .1
108 - Pine Creek registered 68-1932 J D
0
1940
;
2A A
150kt 101P C
44
ser
Cil0
St4Lxgaugs
1942 A 0
10,38
1942 MN
1945 M N
90
92
Seri
Beriee
mD
C 44043014garuar
Series E 3345 guar gold...1949 F A
s778 9934
1953 J D
10514 10738
Series F 45 guar gold
1957 M N
10512 10512
Series 0 4e guar
8618 Sale 86
43% 4434 4134
1044 ---- 10434
00
438
10438 Sale 10
9014 Sale
9578
9512 97
11012 111 111
43 Sale
43106
1065a - - - 106'2
10034 10214 10112
101 Sale 101
10034
- 100
96 Sale 98
954
_ _ 9312
9512 _ _ _ 9734
9512 --_ 97
8618
45
Jan'27
10514
00
97
111
4333
196
3112
2
Jan'27
101
Dec'26
96
Nov'26
Dec'26
Jan'27
60
171
10214 10214
ioola
76
7954
7714 804
6934 7114
10512 109
103 105
10314 10514
6912 74
8914 8915
76'i 7912
73
8712
7314
711s
981/1
7812
9314
9078
10114
10534
-55
"oiTs
158
9312
10538
9412
9114
904
6538
65
96
75
1-6(i
9112
75
75
834
9734
9214
10113
106
9333
9333
158
98
106
98
93
903s
6732
654
9715
113" 114
SOS's
10314
10934
1051a
fal;
10634
10934
10518
8158 834
ioife 101ii
100 1004
92,
4 93
107 10778
107324 1074
984 99
867a 8914
9058 93
9334 9434
102 102%
98
98
8712 95
9812 101
0514 10114
102 1024
96 964
9414 96
9478 9514
102 10212
9912 101
10678 10934
10538 1074
11134 11212
ia" 10354
85
8612
-iirz If"
8834
89
2
8514 87
4178 45
104 10434
10338 105
89
9014
9532 97
11012 111
42
434
10612 10612
994 1014
101 101
1
-96
162
17
102
1
17
1
_
97
90
9
9
New York Bond Record—Continued—Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended Feb. 4.
Price
Friday.
Fcb, 4.
Bid
Pitts CM Chic dr St L (Concluded)
Series H 48
1960 FA
Series! C0116 guar 448._ 1963 FA
Series J 435s
1964 MN
General M be series A1970 JD
Registered
JD
Gen mtge be series II
1975 AO
Pitts & I. Erie 2dg Is. __Jan 1929 AO
Pitts McK & Y let gu 65
1932 .1 .1
2nd guar fis
1039 J J
Pitts Sh & I. E 1st g 58
1940 AO
1943 ii
let consol gold 55
1943 NI N
Pitts Va & Char let 48
Pitts Y dr Ash let cons 5s
1927 MN
1948 in
1st gen 4s series A
1962 FA
let gen 55 series!!
1957 MN
Providence Secur deb 4s
1956 MS
Providence Term let 45
Week's
Range or
Last Sale
Ask Low
Range
Since
Jan. 1.
High No. Low
95581
9712 Nov'26
2
10034 102 10034
10034
10034
Jan'27
100
10818 Sale 108
10812 127
102
Oct'26
108 Sale 168
10812 64
100 101 100
3
100
13578
_ _ 10578 Jan'27 -10334
_ 13134 Nov'26 -10212 1-1:412 10214
2
10214
10038
10134 June'26 -0238
9114 May'25 100,2
- 10014 Dec'26 - - 931s
93 Dec'26 1365g Sale 10658 10658
2
7212 75
5
73
73
84% Aug'26
Reading Co gen gold 48
1997 J J
ii
Registered .
1951 AO
Jersey Central coil g 48
Gen & ref 4)45series A _ _ _1997 J J
Riehm dz Danv deb Is stmpd 1927 AO
Rich & Meek let g 4s
1948 MN
1952 J J
Rlehm Term Ry let gu 55
Rio Grande June let gu 55._1939 JO
Rio Grande Sou 1st gold 45_ _1940 J J
Guaranteed (Jan 1922 coup on) J J
Rio Grande West lit gold 45-1939 J J
1999 AO
Mtge & coil trust 45 A
1934 MS
RI Ark & Louie let 4Ms
_1949 J J
Rut-Canada 1st gu g 4s
1941
Rutland let con e 4 qs
J
St Jos & Grand Isl lit g 45_ _1947 J J
St Lawr & Adir 1st g 55
1996 J J
1996 AO
2d gold fle
1931
St L & Cairo guar g 45
J
L Ir Mt & S gen con g. 58_1931 AO
1931 AO
Stamped guar 5e
1929 J J
Unified Ac ref gold 414
Registered
ii
Riv &0 Div let g 45. ___1933
N
St L M Bridge Ter gu g So...1930 AO
St L Az San Fran (roorg co) 4s 1960 J J
Registered
J J
Prior lien series B 55
1950 J J
Prior lien series C Cs
1928 J J
Prior lien 535s series D _1942 J J
Curs adjust ser A 6s_ _July 1955 AO
Income series A Cu. _July 1900 Oct
St Louis & San Fr Ry gen 613_1931 J J
General gold Es
1931 J J
at L Peer & NW 1st gu 5e 1948 J J
St Louis Sou let gu g 4s
1931 MS
St L 8 W lit g 45 bond ctfe 1989 St N
2d g 4s inc bend etre.Nov 1989
Consol gold 48
1932 J 1
let terminal & unifying 56_1952 iJ
St Paul & K C Sit L let 45514_1941 FA
St Paul & Duluth 1st be
A
1931
let consol gold 48
1968
D
St Paul E Gr Trunk 4!i.e.__ _1947 JJ
St Paul Minn & Man con 48_1933 Ji
let coneol g (Is
1933 ii
Registered
J J
Os reduced to gold 414i......1933 Ji
Registered
1933ii
Mont ext let gold 45
1937 JD
Registered
D
Pacific ext guar 45 (sterling)'40 J
St Paul Union Depot 55___1972 J J
Sale 100
5
10018
4478 May'26
92
9234 92
Jan'27
9812 Sale 9834
9912 29
____ 100 1(0
Jan'27
7934 83
80
Jan'27
10212
10212 Dec'26
10058 1-13114 10034 10034
3
714 9
718 Dec'26
714 -- 6 May'25
9158 Sale 9158
9134 35
8538 8558 8538
8534 48
9578 Sale 9512
9578 52
8338 8334 83 Jan'27
9258
9214 Jan'27
87
88
8814 Jan'27
994 _ _ 88 Nov'26
_ _ 10518 Dec'26
1051497
9712
- 9712 Jan'27
10038 10058 1003s
10034 17
10038 Sept'26
9812 Sale 9814
9812 91
93 Sept'25
9312 Sale 9312
9334 73
10)14 101 10014 Jan'27
8512 Sale 8514
8618 176
8212 Oct'26
101 Sale 101
10134 58
10112 Sale 10112 10134 45
10212 Sale 10212 10234 61
192
9978 Sale 9912 100
9738 Sale 9714
526
98
10538 Sale 10514
10538 16
10034 101 10058
1
10058
10334 10514 10512 Jan'27
95
971 9718 Jan'27
8714 Sale 867s
8714 93
4
8158 Sale 81%
83
9434 Sale 9434
6
9434
9834 Sale 9814
27
99
9318 Sale 934
9334 29
10158
_ 10114 Sept'26
92 Jan'27
9514 _7 — - 98
Jan'27
9778 Sale 9812 Jan'27
1075s 10814 10778 Jan'27
106
108 Aug'26
9978 Sale 9934
4
10018
9934 ---- 9812 Aug'26
97
Jan'27
9418
_ 9512 Jan'27
9034 _ _ _ _ 9112 Jan'27
10534 Sale 10534
16
106
S A & Ar Pass let gu g 4s____1943 J J
Santa Fe Pres & Phen bs_1942 MS
Bay Fla & West let g 6s
1934 A 0
let gold 58
1934 A 0
Scioto V & N E 1st gu g 4a 1989 MN
Seaboard Air Line g 48
1950 A 0
Gold 45 stamped
1950 A 0
Adjustment 58
Oct 1949 F A
Refunding 4s
1959 A 0
let & cons 68 series A
1945 M S
All & Birm 30-yr let g 4a_d1933 M S
Seaboard All Fla 1st gu 6s A _1935 F A
Seaboard & Roan Is extd
193I J J
So Car & Ga 1st ext 6 I,,;8_ _ _1929 M N
8 & N Ala cons gu g 58
1938F A
Gen cons guar 50-yr be__ _1963 A 0
So Pac coil 48(Cent Pee coil) 149 JD
Registered
J D
20-year cony 45
June 1929 M
20-year cony 58
1934 3D
20-year gold ris
1944 M N
San Fran Term! let 48_
1950 A 0
Registered
A 0
So Pac of Cal—Gu g 58
1937 NI N
So Pac Coast lit go g 4s
1937 J J
Bo Pao RR lit ref 48
1958 J J
8912 Sale 89
102
__ 10212
10858 ____ 10234
1025
-_ 10234
92588 93
9212
8134
82
82 Sale 8134
8 34 Sale 8412
7618 Sale 76
99 Sale 9858
9278 Sale 924
98 Sale 9712
100_ 19053
101 11158
- 10112
104
_ 10373
11014 11012 111
90 Salo , 8812
8418 8612 86
9834 Sale 1 9858
10114 Sale 101
10012 101 1101
9058 Sale 9038
86
10412 ____ 10412
9012 ____ 9514
9414 Sale 94
Southern—lit cons g St
1994 J J
Registered
J J
Devel & gen 4e seriee A_ _ _1956 AO
Develop & gen 65
1956 AO
Devil & gen 6 kt,ir
1956 AG
Mem Div lit g Si
_1996 J J
St Louls Div let g 4s
J
1951
East Tenn reorg lien g be_ _1938 SI $
Mob & Ohio coil tr 4e_ __ _1938 SI S
Spokane Internet let g be_ _ _1955 .1 1
Sunbury & Lewiston let 4s 1936 J J
Superior Short Line 151 53....e1930 MS
'Corm Assn of St L 1st g 4%8_1939 AO
let cons gold fut
A
1944
Gen refund e I g 44
1953 J J
Texarkana & Ft Slit 594i A 1950 PA
Tex & N 0 con gold 514
1943 J J
Texas & Pac let gold 5a
2000 31)
La Div B L let g 5s
1931 J J
Tex Pac-Mo Pac Ter 5)45.1964 MS
roi & Ohio Cent let gu 55_ _ _1935 J
Weetern Div let g be
1935 AO
General gold 6,5
1935 J 1)
Toledo Peoria & West 48_
1917 .1 .1
rol St L W 50-yr g 48 1950 AO
ToIWV&Ogu4LiaA
1931 J J
1st guar 4145 series B_ __ _1933 J J
1st guar 45, series C
1942 M S
1946 3D
Tor Ram& Buff let g 45
10714 Sale 10714
1075s 48
104
Jan'27
8634 Sale 864
177
87
11438 Sale 11458 11538 54
12058 Sale 12012 121
73
10638 10712 10634 Jan'27
8958 9012 9018
9018
5
10112
10018 Nov'26
9112 94
3
9212
9212
8414 86
85
9
8534
9234 _
9212 Jan'27
9938 ____ 10012 Sept'26
9858 __ 9834
2
9834
_ 10278
10214
5
10278
8778 8812 8818
4
8818
10414 Sale 10378
10434 49
101
_ _ _ 1011s Jan'27
10578 10658 10612 107
13
1)012 Sale 10014
10014
10
10434 Salo 10414
3
10434
10212 Jan'27
19212
10358 Jan'27
10314 10112 18018 Jan'27
15
Jan'27
90
2
9312
9034 9012
99 Jan'27
9658 Dec'26
Jan'27
9314 -- -- 94
9) 9078 90
90
100
Ulster & Del lit cons a 58_1928 in 60 Sale
1952 AO 40
let refunding g 45
41
Onion Pacific let g 43
1947 J J
9518 Sale
Registered
J
043s 9534
1927 J J 9978 Sale
20-Year cony 4s
Registered
J J
let & refunding 4s_ _June 2008 M S 9234 Sale
June 2008 NI
let lien dz ref 58
10834 1)934
10-sear perm secured 65..1928 J J 10178 102
d Due May. e Due June. k Due AUguln.
8912
Dec'26
Jan'27
Oct'26
Jan'27
Jan'27
8238
8778
7612
99
9278
98
Jan'27
Jan'27
Jan'27
Dec'26
90
Jan'27
99(8
10112
101
9)34
Dec'26
10412
Jan'27
9414
60
631g
4034
4034
9518
9558
9438 Jan'27
130
9934
9414 Dec'26
91711
93
108% 110
13134
102
2
44
175
4
1
12
2
118
9
3
74
69
27
II
High
IT N J RR & Can gen 4s__1044
S
Utah & Nor let ext 45
1933 J J
9958 10034 Vandalla cons g 4s series AI955 FA
Consol 95 series 13
N
100 100
1957
10634 110
Vera Cruz & P 1st gu 4 358-1934 J J
July 1914 coupon on
J J
Assenting let 43')s
10634 110
1934
9978 100
Virginia Mid be series F1931 j--j
10578 10578
General 58
1936 MN
Va de Bouthw'n 1st gu 55...2003 J J
1017s 10238
let cons 50-year 53
1958 A0
Virginian let be series A
1962 MN
Wabash let gold ba
1939 MN
2d gold 58
1939 FA
Ref if 53413 series A
1975 MS
10458 10658
Debenture 1368 registered_1939 MS
73
72
let lien 50-yr g term 4s
1954 J J
Bet & Chi ext 1st g 5s_
1941 j j
- - -Des Moines Div 1st g 4s 1039 J J
100 10018
Om Div let g 3)s
1941 AO
Tol & Ch Div g 4s
1941 MS
92
9258 Warren lit ref gu g 355e__2000 F ,A
98 10012 Wash Cent 1st gold 4s
1948
M
100 100
Wash Term let gu 334s
1945 FA
SO
80
1945 FA
let 40-Year guar 4s_ ___
iooi's 1-663-4
-6-1"8
8412
9458
8212
914
874
93
8534
96
83
9214
89
_
-6Of4 -417
10014 10134
9738 9812
9318 9378
100 101
8412 8612
-56i8
W Mln W & NW 1st go 58_1930 P A
West Maryland 1st g 4s
1952 AO
West N Y & Pa let g 56
1937 J J
Gen gold 4s
1943 A0
Income g 58
Apr 1 1943 Nov
Western Par 1st ser A 5e1946 M
let gold 6e series B
1946 MS
West Shore let 48 guar
2361 J J
2381 J
Registered
Wheeling & Lake Erie
Wheeling Div let gold 55_1928 ii
1930 FA
Ext'n & inapt gold 68
Refunding 438i series A1966 NI S
1949 SI S
RR let consol 45
1942 3D
Wilk & East lit gu g 58
1938 3D
Will & S F let gold be
Winston-Salem El B let 4s_1960 J J
Wie Cent 50-yr let gen 4s__ _1949 J J
Sup & Dui div & term 1st 48'36 MN
Wor & Con East let 455s. _ _1943• J
10112 10134
10218 10234
99 10014
9514 9914
105 10578
10012 1005s
105 10512
9718 0718
8658 8812
81
83
9418 9638
95
99
9278 9334
INDUSTRIALS
Adams Express coil tr g 4s_ _1948 M S
Ajax Rubber 1st 15-yr if 88_1936 J D
Alaska Gold M deb 68 A____1925 M
Cony deb 6s series B
Alpine-Montan Steel 70_119
95
25
6M S
1928 A 0
Am Agric Chem 1st be
1941 F A
1st ref I 7;,X11 g
Amer Beet Bug cony deb 60_1935 F A
American Chain deb s f 68_1933 A 0
Am Cot 011 debenture bs_ _1931 M N
1936 J J
Am Dock & Impt gu 6s
1930 A 0
Am Nlach & Fdy s 6s
Am Republic Corp deb 68_1937 A 0
92
92
Am Sm & R let 30-yr be ser A '47 A 0
98
08
1947 A 0
let NI 6s series B
9814 9812 Amer Sugar Ref 15-yr 68_ _ _1937 J J
10778 108
Am Telep & Teleg coil tr 48_1929 J J
1936 M S
Convertible 43
9934 10058
1933 M
20-year cony 4y48
1946 J D
30-year coil tr be
J D
0512 96
Registered
19603 J
9512 9512
35-yr f deb 5a
91
1943 M N
92
20-year a f 5 u:s
10514 106
1940 A 0
Am Type Found deb 68
Am Wat Wks de Elec 5s1934 A 0
8838 91
Am Writ Paper a I 7-68_ _ _1939 J J
Temp interchangeable ale dep_ _ _ _ _
10234 1E3-4
-61-
38
323
212
303
12
107
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 4.
Anaconda Cop Min let 6s 1953 F A
Registered
1938 F A
15 year cony deb 75
Andes Cop Min cony deb 78_1943 J J
Anglo-Chilean Nitrate 7sww1945 M N
Without warrants
Antilla(Comp (Azuc) 735e_ _1939 J J
Ark & Stem Bridge & Ter 53_1964 M 8
Armour & Co 1st real est 4-45'39 J D
Armour & Co of Del 535s.._ _1943 J J
Associated 0116)4 gold notes 1935 M S
1947 J D
Atlanta Gas L let be
1934 J D
Atlantic Fruit 75 etre dep
8812 16"
Stamped etre of deposit
86
86
Atl Gulf & W I SS L col tr 58_1959 J J
883s 9912 Atlantic Refg deb be
1937 J J
101 102
101 10112 Baldw Loco Works let 5s.,.1940 M N
9018 9134 Baraque(Comp Az) 715 e .19373 J
Barnsdall Corp 6s with warr _1940 J D
jOii2 1-4; Deb 65 (without warrant)_1940 J D
9514 9514 Belding-Hemingway 6s
1936 J J
9338 9412 Bell Telephone of Pa be
1948 J J
1960 A 0
1st & ref 5.5 series C
10678 10712 Beth Steel lit & ref 58 guar A '42 IN N
10358 109
30-yr p m & imp if 58. 1936 .1
86
8812
Cone 30-year 68 series A _ _1948 P A
11338 11538
95
50
3 FA
Cons 30 year 534s series 11_ 1,
11914 122
fling & Bing deb 6)45
MS
10614 10634 Booth Fisheries deb 5 f 6e_ 1926 A0
8934 9212 Botany Cone Mills 655s
1934 AO
Brier Hill Steel 1st 535e_ _ _1942 A0
"ii" "4" B'way
& 7th Av lit cg 68.._ _1943 J O
8412 8534
Ctfe of dep etmpd Juno '26 Int
9212 9212 Brooklyn City RR be
1941
'3
Edison inc gen be A._1949
-08 -44 Bklyn
General 68 series B
1930 is
10278 102%8 Bklyu-Man R T sec 6s
1968 J J
8778 88,2 ilklyn Qu Co & Sub con gtd ba '41 Si N
10378 105
let be
1941 J J
101 18 101 18 Brooklyn R Tr lit CODY g 48_2002 J J
10578 10738
3-yr 7% secured notes_ _ _ _1921 J
100 10012
Ctts of deposit stamped......
10414 10514 Bklyn Un El let g 4-58
1950 1-A
10212 10212
Stamped guar 4-5e
FA
100 ,8 100'3 Bklyn Un Gas let cons g 5s 19:
5
9
35 MN
100'8 10114
let lien & ref 68 series A 19
93
47
2 MN
15
15
Cony deb b'-is
32
9018 9034 Buff & Buse Iron f be
•D
99
99
Bush Terminal let 45
191:2 AO
Consol be
1955 J J
-5-i- -4- Bush
Term Bldge 5s gu tax-ex '110 AO
90
9078
Cal0& E Corp unit & ref 55_1937 NI N
60
64
Cal Petroleum if g 635e-- -1933 AO
3934 4134
Cony deb s f 5'-4s
1938 SI N
9478 96
Camaguey Suit 1st if g Ts__ _1942 AO
9438 9438 Cent Diet Tel let 30-yr Se_ _ _1943 3D
9958 100
Cent Foundry 1st f 8s_May1931 P A
Cent Leather lit lien if 68..1945 .1 .1
-0134 93
10858 110
10134 10238
8114 84
8112 8314
8318 8812
73
7634
9712 9938
9114 924
9634 9838
10012 10012
10112 1015s
10378 10378
771
Price
Friday,
Feb. 4.
Week's
Range or
Last Sale
44
Range
Since
Jan. 1.
Bid
Ask
9418
971s 6834
9232 _
9232
Low
High No. Low
High
9418
9418
4
9418 9418
97
Oct'26
9212 Jan'28
-5T2
9312 Oct'28
---20 Sept'25
____
24 Apr'26
2612 Sale 2312
23 -2112
2612 25
10058 -- 101 Sept'26
10238 10278 10278
1;,278
lo2T2 1E7
;
102
102
102 102
Jan 27
95
9778 9512
9514 96 1
9578 10
10212 Sale 10212 10312 45 10212 10358
13334 Sale 10414
10414
1 103 10412
131 1 ,138 11112 1)134 61 10118 102
10378 Sale 10334 10434 93 10334 10434
83 Feb'26
8638 _ _
8712 Jan'25
-8711 Wit
104 Sale 104
19 104 10418
104
8834 _ _
4
8812
8812 89
89
8438 8434 8438
3
8334 8432
8938
90
91
93
90
9)
1
91
8112
8138 Jan'27
80
8138
8712 884 8714 Jan'27
8714 8714
8558 8834 8714 Jan'27
85,
8 8553
8558 86
8558 14
855s
9212
8712 Jan'26
9914 9914
9914
9914 9934 9914
3
7614 8234
8134 Sale 7912
8234 1661 10158 102
10134 012 13134 10134
88
89
1
88
89
88
Jan'27
-56; 1-6611,
45 Feb'25
9912 Sale 9912
9978 62 10314 10412
13318 13312 10334
861s 8734
10373
8612 87
8678 Sale 8634
8718
8618 8614 8612
8674 26
9934 100
9978 130 100
Jan'27
130
___ 9714 Dec'26
-OOT2 W87118 8834
9334 Sale 9312
3
9034
8758 Sale 8738
7214 76
4
88
7512 77 I 76
Jan'27
10358 10412 103 Nov'26
83 Ii18738 8812 8678 Dec'26
4
89
8338 Sale 1 8338
91
84
21
902 Sale 9012
89
91
89
7
92
89 Jan'27
90
9918 9318
9334
107 Sale 13614
107
314
3 Sale
3
4
ftld
3
314
9614 Sale 06
9614
10414 10458 103
Oct'26
10434 Sale 1041s 13434
95 Sale 9734
98
10278 Sale 10158
10278
9514 96
9514
9578
125 _ _ _ _1 0512 Nov'26
104 105 104
104
9912
9914 9912 99
10114 Sale 101
10112
10814 Sale 108
10812
10458 Sale 10414
135
9878 Sale 9834
99
9412 Sale 9438
9434
9812 9918 9812
9834
103 Sale 103
10312
S-Ae 103 June'26
10112 Sale 10134
10238
1(612 Sale 10614
10678
104 135 104
105
9812 Sale 9814
9834
5834 60
59
@FedFRASER