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The
ontintrcial
INCLUDING
Railway &Industrial Compendium
'State 8c Municipal Compendium
VOL. 124.
financial
nantrie
Public Utility Compendium
Railway Earnings Section
SATURDAY, JANUARY 1 1927
Bank and Quotation Section
Bankers' Convention Section
NO. 3210.
Bond prices, which reached the highest point of
the recent movement about Dec. 18, have reacted
PUBLISHED WEEKLY
hardly at all, and the excellent investment condiTerms of Subscription—Payable in Advance
12 Mos. 6 Mos. tions in the bond market which have obtained for
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6.75 many months past appear to be continuing. Un11.50
In Dominion of Canada
7.75
Other foreign countries, U. S. Possessions and territories.-- 13.50
NOTICE.—On account of the fluctuations in the rates of exchange, doubtedly both the bond and stock markets have
remittances for European subscriptions and advertisements must be made
been under the influence of the prospective heavy
In New York Funds.
Subscription includes following Supplements—
interest and dividend payments to be made in JanuSECTIONS—
COMPENDIUMS—
BANK AND QUOTATION (monthly)
PUBLIC UTILITY (semi-annually)
ary, which it is estimated will break all records.
RAILWAY EARNINGS (monthly)
RAILWAY & INDUSTRIAL (semi-ann.)
STATE AND MUNICIPAL (semi-annually) BANKERS' CONVENTION (yearly)
How far this has been discounted, or perhaps overTerms of Advertising
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Officsoo OPTICS—In charge of Fred. H. Gray, Western Representative.
coming favorable developments, purchasing before
208 South La Salle Street, Telephone State 0613.
LONDON 01,105—Edwards & Smith. 1 Drapers' Gardens, London, E. C. the market has come under the real influence of acWILLIAM B. DANA COMPANY, Publishers,
tual events and realizing on the arrival of such
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events.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
The increase in expected interest and dividend
President and Editor. Jacob Seibert; Business Manager, William D. Riggs:
Treas.. William Dana Seibert; See.. Herbert D.Seibert. Addresses of all. Office of Co. payments is based upon the constant growth in the
volume of securities outstanding, plus the many inThe Financial Situation.
creases in dividend rates which have occurred lately,
A short week coming between two holidays and and also the many extra dividends declared. Among
bringing the year to a close has not been productive the more notable recent additions to this list was
of significant market movements. Trading has been the declaration of $1 extra by Reading Co., a quarat about the usual level of the past few months, al- ter per cent extra payable in February by the Nathough transactions on the New York Stock Ex- tional Biscuit Co., following $1 extra in November,
change rose above 2,000,000 shares on Tuesday, the and in addition to the regular annual rate of $4, a
28th, accompanied by sharply declining prices. The 25% stock dividend by Otis Elevator Co., and an
movement, however, did not run into a break of any increase in the annual rate from $4 to $6 by Allied
significance, as the following day recorded a lessen- Chemical & Dye Corporation.
ing of activity, and although prices were generally
Common stocks, representing ownership in busilower during the morning, before the market closed ness and rightly reflecting the ebb and flow of busithere had been decided net gains for the day. There ness profits in dividend distributions, are sometimes
was also a renewed outburst of strength on Friday difficult to appraise on an investment basis on acafter an early break on that day.
count of the frequent changes in dividends. StockThe Dow-Jones averages have changed very little holders, for instance, at present find it difficult to
of late, being not far from the level of a year ago, and determine the probable total dividend payments of
substantially at the level of a month ago, although the National Biscuit Co. The company is in an exthe railroad average has gained a point or two in ceptionally strong position and with exceptionally
the meantime. Individual stocks, however, have steady business. The policy at present would seem
worked sharply upward, including several stocks to be to pay regular dividends at $4 plus extras quarused in the Dow-Jones average, notably General Mo- terly if possible, with a clean-up for the year in the
tors and United States Steel common, also several final extra dividend, this being larger or smaller,
of the other motor stocks 'and certain of the oil and according to results. A policy similar to this has
sugar stocks.
been adopted by a number of the strongest and best
There has been far less evidence of selling for tax managed companies.
purposes this year than in previous years, although
The business situation is somewhat mixed. There
in cases of a number of comparatively inactive is quite evidently a slowing down in many important
stocks, which are at decidedly lower levels than a lines, apparently for the most part in production
year ago, there has been more than normal activity, goods. Car loadings for several weeks have been
with declining prices indicating the probability of below those of corresponding weeks in 1925, but
tax selling. The wisdom of such action is highly higher than corresponding weeks in any previous
problematical, and there are many cases where the year. Comparison is with a period of rather intense
saving in taxes is more than offset by loss in repur- activity, production of basic materials having inchasing the securities or in unnecessarily realizing creased rapidly from the middle to practically the
end of 1925, whereas this year the tendency during
losses on securities held.
The Thronick
2
THE CHRONICLE
[Vol,. 124.
the first five months and the last three months has mately at a parity with the rest of the world.
been in the opposite direction. On the other hand, France's great advantage in exports has, therefore,
the consumption of goods would appear to be not disappeared, and the boom condition of French busifar if any from maximum, and the Christmas holi- ness which has continued during the period of infladay trade is thought to have been at a very high tion is now flattening out.
level. Automobile production, which for the entire
French economists join with others in assertyear has been slightly above that of 1925, has been ing that stabilization of the franc at the four-cent
decidedly lower during the past two months, the level will prove a difficult proposition and will place
November production of passenger cars in the United upon the French people a heavy load in respect to
States totaling 219,479, as compared with 328,694 in their funded debt. Therefore, it is decidedly an
November 1925.
open question as yet as to whether ultimate stabiliTotal construction for the year has also appar- zation will occur at the present level. The position
ently been slightly less than in 1925, and commodity of the franc, therefore, remains an unsettling influprices are distinctly lower, the decline in the latter ence in the state of the world's finances.
part of 1926 having been particularly marked. In
fact, looking backward, wholesale commodity prices
With its issue of Nov. 30 last the "Moniteur des
have been declining on the average since the middle Interets Materiels," one of the best kftown and most
of 1925. All these factors indicate the cautious atti- important of the European financial and trade jourtude of business, which is the best of safeguards nals, completed seventy-five years of continuous
against unnecessary curtailment or depression, and publication. Founded at Brussels in 1851 as a
the best foundation for warranted advance. If the weekly journal under a different name, the "Monifalling off in business had been in retail purchasing, teur" took its present title in September 1852. In
with the manufacturers continuing to increase out- January 1886 it changed from a weekly to a semiput, the situation would have been quite the reverse weekly, increasing its issue to three a week in March
and there would have been created dangerous busi- 1895, and in July 1919 became a daily. The present
ness strains. These, of course, are not entirely ab- editors recall with pardonable pride the long consent—in fact, never can be—and.at present very evi- trol of the paper by the same family, and the long
dently attend the large drop in the value of the cot- periods of service of its accomplished staff. The
ton crop, the relatively smaller decline in the total founder of the paper, Auguste Lamoral de Laveleye,
value of the crops and the changes that are under passed on his high editorial standards to his succesway in Europe,to say nothing of possible weaknesses sors, Georges and Auguste de Laveleye (with whom
in connection with the technical position of our own was associated Leon Fontaine), and through them
securities market. However, the business situation to the late Paul de Laveleye. Of some thirty memas a whole possesses some unusual elements of bers of the present staff, one has served uninterstrength as reflected in efficiency of transportation, ruptedly for 63 year's, one for 51 years, one for 43
activity of general business at good profits and full years, and six for periods ranging from 25 to 35
employment at top wages.
years. The "Chronicle" extends its hearty congratuDeclining commodity prices have acted as a very lations to its Belgian contemporary, and its good
salutary brake upon business, preventing overstock- wishes for what it hopes may be a long continuance
ing in inventories and overspeeding of production. of useful and honorable service.
The extent of the danger in the increased buying
power that has come through installment purchasThe preliminary or temporary steps taken by the
ing cannot be measured at present. If this is so Bank of France and the French Treasury to stabilsoundly financed that it is going to be a continuing ize the franc appear to have been successful, at least
factor, the productive capacity to meet this demand to an appreciable degree. Cabling on the evening of
is necessary. If, on the other hand, it should be Dec. 24, the Paris representative of the Associated
suddenly discontinued, this capacity might tempo- Press said that "French trade received an acceptrarily be a burden.
able Christmas present to
-day in the form of a
It is thought by some economists that the stabili- steadied franc. Taking the situation in hand yeszation of the European currencies which has been terday the Bank of France and the French Treasgoing on during the past three years has had a de- ury succeeded in two days in putting the French unit
pressing effect upon world commodity prices. Great on apparently solid ground through the simple anBritain and Germany in particular are factors in nouncement that they were ready to take or sell
this situation. The smaller countries are now fall- dollars and pounds to any amount the speculators
ing in line so that this influence is likely to persist wanted to buy or unload." He added that "the movefor several years. Perhaps it is the principal reason ment in the direction. of what was called semi-offiwhy business in the United States has not run from cially to-day 'pre-stabilization' was well timed and
prosperity into boom conditions, although it has been carefully prepared. Premier Poincare is understood
usual to ascribe this fact to the caution developed to have made up his mind that the franc could not
by the severe lessons of the 1920-1921 deflation.
go any higher without greatly affecting economic
The French situation is becoming of increasing in- conditions. Unemployment, while not yet serious,
terest. During the past six months the franc, after threatened to °assume alarming proportions from the
declining below two cents, has more than doubled in fact that it has been impossible for several weeks to
value. French commodity prices which during the do any business for next year's delivery. Having
summer were adjusted to the low level of the franc, plenty of dollars and pounds in* hand the Governhave stubbornly resisted subsequent adjustments in ment was prepared to grapple with speculators on
the higher level, with the result that the prices of both sides of the market."
French goods which were extremely cheap in foreign
In a cable message the next day the representacurrencies during the summer are now approxi- tive in the French capital of the New York "Times"
JAN. 1 1927.]
THE CHRONICLE
took a rather pessimistic position as to what had
been done with regard to the franc. He declared
that "when the Bank of France intervened Thursday
to hold the franc quotation, immediately there were
started half-baked and illogical reports that the
Premier had decided to stabilize at that day's quotations. These reports, cabled to America by some
over-eager newspaper correspondents, brought denial by the Cabinet that the Bank's intervention represented a Government decision to stabilize the franc
at 25 to the dollar. It really represented a step by
the financial interests to hold the exchange market
steady until after the holidays." Discussing the
situation further he said: "The figure at which the
franc is stabilized, while important to holders of
Government securities, is much less important to
France as a whole than stabilization itself. Business is suffering from creeping paralysis due to the
combination of a too rapid advance of the franc and
uncertainty as to whether it will hold the present
rate. Prices are not coming down and in many
cases they are increasing over the rates when the
franc was worth nearly twice as much gold. The
Government seems to have no definite plan, and
meanwhile there is an unending debate between politicians who consider it an issue of national pride to
make the paper franc go higher and business men
who are fighting to keep it from rising. Advocates
of revalorizatibn appear to lose sight of the fact
that France could not possibly carry her domestic
debt of 300,000,000,000 francs if those francs became
gold francs, while advocates of stabilization and conversion point out that the present value of the franc
is too high and urge retrogression to 30 to the dollar
and 150 to the pound."
3
pound and other foreign gold liquid credits to the
amount of $372,000,000. Thus the Bank of France
can be said to have more than $1,100,000,000 gold
available. In addition it holds $70,000,000 worth of
silver. There is also $370,000,000 worth of gold
francs deposited in London which the Bank carries
on its balance sheet as 'gold abroad'; but this in
reality is not available for French use, the agreement with England providing only that this amount
be held available for repurchase by France. There
are about 55,000,000,000 paper francs in circulation,
so that if France were to convert to a new franc at
the present rate of exchange,five to one,there would
be fully 50% gold reserve in the Bank and 11,000,000,000 francs in new money. This was approximately the amount of bank notes in circulation in
France before the war."
It was made known in Paris yesterday that Promier Poincare had announced an issue of Treasury
bonds amounting to 5,000,000,000 francs. In a Paris
dispatch last evening it was stated that the bonds
are to be issued "under authority contained in the
law of Aug. 7. The bonds mature and bear interest
as follows, interest being payable in advance: One
to two months at 3%; two to three months, 3/
1
2%;
three to four months,3%;four to six months,4%;
six to eight months, 434%; eight to twelve months,
5%. After March 1 only bonds exceeding two
months' maturity will be issued, and after May 1
only bonds exceeding three months."
Aristide Briand, Foreign Minister in the French
Cabinet, has been quoted as taking a hopeful view
of the outlook for peace in Europe during the new
year. In a dispatch on Christmas day the Associated Press correspondent in Paris said that "Foreign Minister Briand, in a Christmas message to the
American press, to-day denied the truth of the old
adage that the best means to preserve peace was to
prepare for war. Christmas, he said, was a good
time to reckon up what had been done toward preparing for peace. He gave Germany credit for making a real effort to bring about complete reconciliation and said that he believed, with Foreign Minister
Stresemann of Germany and Foreign Secretary Sir
Austen Chamberlain of Great Britain, that the year
1927 would see the new spirit of Locarno more
largely spread through the minds of the peoples of
the world." The Foreign Minister was quoted directly as saying that "the peoples of the world have
begun to realize that it is necessary to give themselves whole-heartedly to peace and to setting up the
technical means needed to do away with the old automatic risks of war. For the first time in history
France and Germany are working together to that
end. In sight of the whole world the undertaking
is a great experience of reconciliation founded on
reason. Like Dr. Stresemann and Foreign Secretary Chamberlain,I am convinced that the year 1927
will see a new spirit and a new conception of international affairs more widely spread through the
minds of peoples, and then there will be really somothing changed in the destinies of humanity. No
other people can associate itself in mind and heart
more earnestly in the realization of such a hope."
The Bank of France is in a stronger position, particularly with regard to its gold supply, than probably has been generally realized. As to the likelihood of this being used as part collateral for a foreign loan or credit, the Paris correspondent of the
New York "Times" said in a dispatch on Dec. 29
that "publication this morning of a report that
France was seeking a loan in New York brought
forth a statement to-day from the Finance Ministry
that an American loan was not among the projects
of the French Government at this time and that no
move had been taken by Paris to float a loan in New
York." He added that "this recalls that Premier
Poincare feels proud of having brought about the
recovery of the franc without the use of foreign
credits, and although his plans are supposed to be
based on the experts' report, which advocated foreign credits, there has been no well-founded &port
recently that he is looking toward large credits from
abroad. Furthermore,it has been generally accepted
in France that no French loan could be floated in
America without ratification of the debt agreement.
With regard to the question of foreign credits for
France it seems worth while noting that M. Poincare has now topped the $1,000,000,000 in gold formerly mentioned as the reserve the Bank of France
would need to put back of a new gold franc. While
the Bank of France has not actually $1,000,000,000
worth of gold in its vaults, it has the equivalent of
that total. The formal gold reserves of the Bank
amount to 3,684,000,000 gold francs, or $756,000,000.
Until very recently little or nothing has been said
Since the rise of the franc started, the Bank, as the in Paris cable
adviceerelative to the existence of
Government's fiscal agent, has purchased dollar, unemployment in
France. On the contrary, atten
4
THE CHRONICLE
tion had been called frequently in the last few years
to the fact that while Great Britain had considerably over 1,000,000 out of work all the time, the
French people were practically all working. In a
special Paris dispatch to the New York "Herald
Tribune" on Dec. 28 it was stated that "the unemployment problem in France again cropped up in
Governmental consideration to-day, much of the
Cabinet meeting, presided over by President Doumergue, being devoted to a discussion of the growing
industrial and economic apathy. Although Government officials continue to insist that the situation is
exaggerated by the public and press, the fact that
officials are getting more concerned is. not concealed.
Andre Fallieres, Minister of Labor, and Andre Tardieu, Minister of Public Works, both reported a lack
of employment in various industries. They admitted that the situation is worse in the silk, steel, furniture and automobile industries. The Government
estimates 50,000 are now unemployed throughout
France, asserting that this is not much above the
normal for this time of the year. Other estimates,
however, exceed this. The 'Herald Tribune' is informed that in one respect such figures are not exact,
since it appears that the Ministry of Labor offidally has been advising employers to increase the
personnel and shorten working hours. This advice
has been followed in many plants and factories.
Consequently on paper the unemployed have increased slowly, while shorter working hours have
greatly reduced incomes."
(Vol,. 124.
26,535,872. For the same territory in 1911, also
minus foreigners, the approximate population, however, was 38,500,000." He observed that "thus it
may be seen that, if anything, France's population
is slightly decreasing, even with the dead taken into
account."
The Paris correspondent of the New York "Times"
thinks there is a possibility of a new naval conference being called. In a cable dispatch on Dec. 26
he said that "when the American Government decides on the construction of ten new cruisers it
launches on a policy which, as seen from this side
of the Atlantic, is most apt to lead to the convocation of a new naval conference on terms acceptable
to Washington. Former Secretary Hughes's ratio
for capital ships was accepted by England for the
very good reason that the United States stood in the
position to outbuild her. Had he made his proposal
before kind circumstances had placed the United
States in that position it probably would not have
been accepted. If that example signifies anything
it means that the prospect of America building
larger cruiser strength will lend interest to her so
oft-repeated semi-official invitations to a second
naval conference."
In a special Washington message to the "Times"
on the same date it was stated "that diplomatic
overtures toward another international conference
on naval limitation at Washington were made by
the American Government to the British Government some months ago, as recalled in the dispatch
Striking figures relative to the population of to the 'Times' from Paris, was confirmed to-night
France were given in an official statement made pub- in a quarter in touch with the State Department.
lic in Paris on Dec. 27. The New York "Herald Details of the move could not be obtained, but it was
Tribune" correspondent in the French capital ca- learned from the same source that the maneuver was
bled on that date that, "during the last 15 years the not successful and has not yet reached the point
population of France has remained virtually numer- where there is reasonable prospect of success that
ically stationary. Despite war losses and compen- such a conference might be held. It is understood
satz.on for them by the inclusion in 1918 of 1,700,000 that similar moves have been made in the direction
persoi b in Alsace-Lorraine, figures announced to- of such a conference in informal conversations with
day by the French Ministry of the Interior show that certain other Powers signatory to the Naval LimFrance had approximately 38,500,000 population in itation Treaty of the Washington Arms Confer1911, while to-day she has 38,250,000." It was ex- ence. Whether the failure of the American Govplained that "these figures do not show foreigners ernment's diplomatic maneuver toward another naliving in France, who were 1,000,000 in 1911 and val limitation conference at Washington failed be1,500,000 in 1921, but now have increased to 2,500, cause London replied that she would be interested
000. This shows an increase in the last five years of in such a conference so far as cruisers and auxiliary
1,000,000 foreigners, most of whom are Italians, ships were concerned only if the agenda were to be
Poles, Spaniards and Belgians. The Spaniards and worked out on the basis of the present status quo
Italians are engaged in agriculture in southern could not be ascertained to-night. But the estabFrance and the Belgians and Poles in the textile lishment of that fact would come as no surprise in
industries in the north. In the last five years 1.178,- informed Senatorial and naval circles, especially in
000 foreigners have entered France for labor pur- view of the suspicion that has existed for more than
poses, including 420,000 Italians, 200,000 Belgians, a year in Washington that certain Powers are not
221,000 Spaniards and 190,000 Poles. More than willing to extend to cruisers, submarines and other
250,000 have been repatriated, including 153,000 naval auxiliaries the ratio of'5-5-3 which former SecItalians." The correspondent added that "the cen- retary Hughes suggested, and Great Britain and
sus figures announced to-day give the total popula- Japan accepted as relative strength to which their
tion of France as 40,743,851, of whom 2,498,230 are capital ship—battleship and armored cruiser—tonunnaturalized foreigners. In 1911 France's popu- nage would be limited by treaty agreement."
Commenting upon his speech at the Sesqui-Cenlation was given as 39,604,992, of whom about 1,000,celebration in Trenton on Dec. 29, a Washtennial
deduct
to
the
one
were
If
peo000 were foreigners.
t of "The Sun" said that "Presicorresponden
ington
to
in
France
who
came
Lorraine
ples of Alsace and
the most significant move
made
has
Coolidge
citident
figures,
census
France's
1918 from the present
since the Washington
armaments
of
reduction
for
the
and
losses
war
to
consequent
zenry, due mainly
at Trenton is a bid
speech
His
1921.
of
conference
In
only
be
would
36,000,000.
rate,
drop in the birth
to
anew in the
world
take
counsel
the
of
rest
the
to
ine
factofs—the
Alsace-Lorra
two
fact, minus these
of
era
another
armacompetitive
preventing
of
hope
is
remaining
figure
the
population and foreigners—
JAN. 1 1927.]
T H 114 CHRONICLE
ments. Mr. Coolidge calls on the nations to give up
both. He asks for 'moral disarmament,' arguing
that while treaties and covenants can help some,
neither is sufficient to bring about the right state
of mind by nations toward one another. The President calls on the peoples of the world to 'take counsel' again, meaning naturally another international
conference. He speaks also of the necessity of
making sacrifices to a common cause and recognizing obligations for 'mutual service.'"
Germany will not have a dictator in the near
future, according to a special wireless message to
the New York "Times" on Dec. 28. The correspondent of that newspaper said that "President Hindenburg, to-day through political channels, made it
emphatically clear that he has absolutely no intention of creating a dictatorship in Germany through
the executive power vested in him by the Weimar
Constitution, except in the improbable event of an
armed revolt against the State." The "Times" representative suggested that "thereby the Field Marshal allays alarm aroused in Republican quarters by
sensational rumors current the last few days about
a national conspiracy to bring about dissolution of
Reichstag and the constitutional establishment of
dictatorial regime."
Continuing to outline the situation, he said: "Although the business of building a new Cabinet in
succession to the Marx Ministry defeated on Dec. 17
begins officially only on Jan. 10, the political situation already is clarified to the extent that only two
alternatives present themselves thus far. One is
the formation of a Government based on the "bourgeois bloc" comprising the Nationalists, the German
and Bavarian Peoples' parties, the Economic Union
and the Catholic Centre. The other is a Cabinet of
the middle parties, which would include the Democrats but exclude the Nationalists and so be in a minority. This latter coalition is the same as that which
backed Chancellor Marx. Whether it could win
enough votes from the Nationalist Right or Socialist
Left to get a transient majority is open to much
doubt. If it could not, the Reichstag would have to
be dissolved and a new general election decreed."
5
the fact that Mussolini himself signed the instrument—and Stresemann didn't. Neither France nor
any other Power,in the view of Wilhelmstrasse, can
raise any objection to the treaty, which, as Republican and anti-Fascist organs point out,is not a treaty
of friendship, but simply an agreement to compromise or arbitrate all issues possibly leading to war
between the two countries. But had the German
Foreign Minister accepted the Duce's invitation to
meet him somewhere on Italian soil to sign the treaty
undue importance would have been lent to the event,
with the risk of offending the Reich's other Locarno
partners."
The signing of the treaty was favorably received
in Paris, according to a special cable dispatch from
that centre to the New York "Times" on Dec. 30. It
staetd that "the French Government has no fault to
find with the German-Italo Treaty. This became
plain to
-clay at the Quai d'Orsay, where it was
learned that a copy of the treaty had been communicated to M. Briand as well as to Sir Austen Chamberlain in ample time for them to make any desired
observation before its signature at Rome yesterday.
Considering the violent criticisms of the French
press ever since the announcement of the proposed
compact and before it was known what was in it,
this attitude of the Foreign Office is very interesting, since it indicates that the arbitration agreement between Rome and Berlin was accepted at its
face value and will not become a matter of controversy."
Comparatively little was said this week in cable
advices from Berlin and other European capitals as
to evacuation of Germany by Allied troops. The representative in the German capital of the New York
"Herald Tribune" cabled on Dec. 27, however, that
"the German Foreign Office is satisfied with the
results of the Geneva conference and is confident of
a friendly settlement of all outstanding questions,
the 'Herald Tribune' learns to-nightfrom an authoritative source. Foreign Minister Stresemann's efforts at Geneva for the early evacuation of the
Rhineland have found support from Sir Austen
Chamberlain, the British Foreign Secretary, and
also have met with a friendly attitude on the part of
the Italian representative, Signor Scialoja. Diplomatic negotiations for the evacuation of the Rhineland, based on the Geneva conversations, are continuing." Continuing, he said: "The question of a
German equivalent is still outstanding, financial
remuneration from Germany not being discussed any
more, but France demanding guaranties of the security of her frontiers. An Inter-Allied Control
Commission is now proposed by France, not to be
military, but civil, in its nature and controlling not
only the demilitarization of the Rhineland but also
the neighboring French and Belgian districts. German Government circles entertain the hope that by
Jan. 31 1928 evacuation of the Rhineland will be
completed. If this hope is fulfilled the date will be
a historical one for the Germans, since on the same
day a year ago the Cologne zone was evacuated, on
the same day next year the Control Commission will
leave Germany and on the same day in 1928 the
Rhineland will be evacuated."
Germany and Italy have entered into an important
.treaty agreement. Announcement was made in an
Associated Press dispatch from Rome on Dec. 29
that "Premier Mussolini and Ambassador von Neurath of Germany to-day signed the treaty of conciliation and arbitration between Italy and Germany. The treaty is for ten years. The new treaty
contains no political clauses and conforms strictly
with the spirit of the League of Nations, with which
it will be registered shortly, a spokesman for the
German Foreign Office said to-day. The treaty provides for arbitration and the amicable adjustment
of virtually all classes of disputes which may arise
between Germany and Italy and follows closely the
pattern for such treaties already negotiated by Germany with eight nations, including Switzerland,
the Netherlands, Denmark and various Baltic
States."
• According to a special wireless message from Berlin to the New York "Times" later the same evening,
"the act [the signing of the treaty] caused gratificalion but no special excitement in Berlin political
Great Britain apparently has taken a definite
circles. Considerable quiet satisfaction is felt over stand with regard to the situation in China. This
6
THE CHRONICLE
was made known in cable dispatches from London
under date of Dec. 25. The New York "Times" representative at that centre said that "the complete
text of the official memorandum on British Chinese
policy, communicated on Dec. 18 to the representatives at Peking of the Washington treaty Powers,
together with the full text of the memorandum sent
by the British Foreign Office to the United States
Embassy in London last May, advocating relaxation
of foreign control over China, were made public tonight by the British Foreign Office." Continuing
to outline the memorandum, the "Times" correspondendt said: "They breathe in every line a conciliatory spirit far different from the aggressiveness
which has so frequently characterized the previous
policy of the Occidental Powers toward the Celestial
Empire." He declared also that "in its memorandum to the United States the British Government
came out emphatically against further attempts to
force upon the Chinese increased foreign control.
Similarly, the statement of the contemplated new
British policy toward the Chinese pre-supposes recognition of the changed conditions in China, especially the growth of the Chinese nationalistic spirit.
Account is taken of the success now crowning the
campaign of the Cantonese Nationalists against the
Peking Government and the futility of considering
the latter as representative of all China. Especially
interesting is the British suggestion that the foreign
Powers not only condone the levying of the 'Washington surtaxes' by the Cantonese authorities in
defiance of foreign treaties, but that they sanction
the levying of these surtaxes throughout China. It
is frankly recognized bilf the British Government that
in many respects the treaties of foreign Powers with
China are now hopelessly out of date and that, if
order is to be brought out of the chaos now engulfing China, the Occidental Powers must face the
realities, take account of changed conditions, and
by working along new lines preserve their position
in China without resorting to the antiquated appeal
of brute force. One of the strongest arguments now
advanced by the British is that since last May, when
the British Government submitted its memorandum
on China to the United States Embassy in London,
events have proved the soundness of the suggestions
outlined in that memorandum."
What purported to be the Washington view of the
British memorandum on China was given in a special dispatch from that centre to the New York
"Times" on Dec.27. The correspondent claimed that
"conflicting views developed in Washington to-day
over the British memorandum to the Powers, made
public in London on Saturday, urging a more liberal
policy toward China, with indications that the entire
question would be discussed in Congress after the
holidays. The memorandum is still before Secretary Kellogg, who is not ready to comment on it.
The view was expressed in State Department circles, however, that a close study of the document
would probably reveal Great Britain as nearer the
American position on China than she has been before. A different view of the memorandum was
taken by Senator Swanson of Virginia, ranking
Democratic member of the Foreign Relations Committee. He interpreted it as an effort to show Great
Britain as a great and generous friend of China with
a contrasting effort to prove the United States and
[VOL. 124.
other Powers indifferent or unwilling to follow this
lead."
It was stated in a Washington message to the
"Times" the next day that "President Coolidge let
it be known to-day that the United States Government might announce an adaptation of its Chinese
policy to the situation that had developed in China
since the Washington Arms Conference, which also
dealt with Pacific matters. This Government's position will be defined in the reply it will make shortly
to the British Government's request for a re-statement of the present attitude of the signatories of the
Washington Treaty respecting China." It was
added that "Secretary Kellogg had a long conference with President Coolidge late this afternoon,
after which he said that this Government's reply to
the British request was discussed. Secretary Wilbur was present during most of the conference, which
also covered other matters. Secretary Kellogg admitted upon leaving the President to-night that the
American memorandum would be sent to Great Britain shortly. He declined, however, to indicate the
nature of the reply. It is expected that it will declare in favor of China's right to levy her own
taxes."
Some apprehension appeared to have developed in
diplomatic circles in Shanghai over the probable
effect of the British memorandum. The correspondent at that centre of the New York "Herald Tribune"
cabled on Dec. 27 that "diplomats profess to foresee
possible disintegration of the unity among the Powers regarding the Chinese question as a result of a
British note recommending that the Powers immediately and unconditionally grant China the right to
impose surtaxes and that complete tariff autonomy
be extended as soon as China effects a national tariff law. Unless the Powers,including Japan, France
and the United States, agree to the British proposals, it is believed that Great Britain, after notifying
the Powers, will be constrained to act alone and
recognize the Canton Government."
On the other hand, the .correspondent stated that
"the Chinese newspapers welcome the note as an
announcement that the former policy toward China
has definitely changed, that the treaties will be
modified and that the adverse reports of the tariff
and extraterritoriality commissions will be scrapped.
The substance of the British proposal as interpreted
is that Britain intends to encourage the nationalist
movement and that henceforth China will be largely
thrown upon her own responsibility without waiting
for the establishment of a stable Government." Continuing, he claimed that "the immediate effect of
granting surtaxes will be to provide large revenues
for the Canton Government. Most of the British
trade in China is confined to the territory south of
the Yangtse, which is under the control of the Cantonese. Although the Cantonese already are illegally collecting taxes, the British proposal would
standardize the Canton Government's finances and
provide it with sufficient funds to carry on the nationalist movement to the gate of Peking."
The French Government will proceed cautiously
in dealing with the British note on China, according
to a special cable message from Paris to the New
York "Times" on Dec. 28. The correspondent said
that "the French Government is in no hurry to ap-
JAN. 1 1927.]
THE CHRONICLE
prove the British memorandum on China. This
document was considered at length at a Cabinet
meeting to-day, when it was decided to pursue a policy of watchful waiting, rather than approve the
British proposals at once. A semi-official statement
issued after the Cabinet meeting said the Government would remain in close touch with its representatives in China and 'following information received, will decide what definite attitude to take.
For the moment, it retains a watchful attitude.' As
a matter of fact, the British memorandum took the
French somewhat by surprise, and, believing that
Downing Street always acts with material, rather
than altruistic objects in view, the Quai d'Orsay
wishes to determine exactly the purposes behind the
London move. In addition, the French profess not
to understand how, in the present status of China,
it is possible to negotiate with any authorities who
may be considered as speaking for China as a whole."
Still another phase of France's attitude toward
the British note on China was suggested by the Paris
representative of the New York "Herald Tribune."
He said in a dispatch on Dec. 29 that "France's decision not to subscribe to the new British policy in
China has been greatly encouraged by the attitude
of Japan, it was learned from authoritative sources
here to-day. From the French point of view it is
not regarded as desirable to foster the dismemberment of China because this would prove the source
of greater conflict following the breaking up of
China into smaller parts which would fall before
the imperialism of neighboring States either through
necessity or conquest."
According to advices received by cable this week,
the Imperial Bank of India has raised its discount
rate from 4%, the level at which it had been held
since June 10, to 570. Aside from this change, however, official discount rates at leading centres abroad
remain at 7% in Belgium, Italy and Austria; 6/
1
2%
in Paris; 6% in Berlin; 5/
1
2% in Denmark; 57
0 in
London and Madrid; 4/
1
2% in Sweden and Norway,
and 3/
1
27
0 in Holland and Switzerland. Open market discounts in London were steady and closed at
4%7
0 for short bills, against 4 11-16%, with three
months' bills at 49-16%, unchanged. Call money in
London was lower, and closed at 3/
1
47
0, against
4/
1
4% last week. At Paris the open market discount
was lowered from 61/4 to 51/
4%,while in Switzerland
it was raised.from 2% to 3/
1
4%.
Another decline in gold was shown by the statement of the Bank of England for the week ending
Dec. 29, amounting to £824,567, but as note circulation was reduced £500,000, the reserve of gold and
notes in the banking department decreased only
£302,000. The proportion of reserve to liabilities
sharply declined,falling to 21.04%,from 25.32% last
week and 27.70% the week of Dec. 8. At this time a
year ago the ratio stood at 11/
1
2% in both 1925 and
1924. Important changes occurred in the deposit
and loan items. Public deposits declined £502,000,
while "other" deposits expanded no less than £23,403,000. The Bank's temporary loans to the Government increased £2,830,000, and loans on other
securities rose no less than £20,379,000. Gold holdings now are £151,118,648, in comparison with £144,556,367 last year and £128,560,002 in 1924 (before
the transfer to the Bank of England of the £27,000,-
7
000 formerly held by the Redemption Account of the
Currency Note Issue). Outstanding note circulation
stands at £140,696,000, as against £144,730,510 in
1925 and £128,295,915 the year before. Clearings
through the London banks for the week totaled £532,381,000, in comparison with £931,959,000 a week ago
and £526,505,000 last year. Despite rumors of impending,change, the Bank of England kept its discount unchanged at 570. We append herewith detailed comparisons of the principal items of the Bank
of England's return:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1926.
1925.
1924.
1923.
1922.
Dec. 29.
Dec. 30.
Dec. 31.
Jan. 2.
Jan. 3.
Circulation
b140,696.000 144230.510
Public deposits
11.632.000 8.362,323
Other deposits
131,342,000 160,681,969
Govern't securities_ 34.168.000 64,087426
Other securities
96,658.000 103,280.596
Reserve notes & coin 30.083.000 19,575,857
Coln and bullion_ _2151,118,648 144,556,367
Proportion of reserve
a to liabilities
21.04%
111%
Bank rate
5%
5%
s
128,295,915
8411.485
165.779,092
68,579.552
103,600.354
20.014.087
128,560,002
127.520,765
13.434.631
150,193,259
52,262,032
108,966.150
20.287.237
128,058,002
124.053,480
12,916.950
144.881221
59.658.031
94.203.674
21.889,730
127.493,190
113%
4%
12;£%
4%
13%
3%
a Includes, beginning with April 29 1925, £27.000.000 gold coin 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 1925, 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.
The Bank of France in its weekly statement as of
Dec. 29 reported an expansion of no less than
673,800,000 francs in the note circulation item.
Total now aggregates 52,907,329,545 francs as
against 51,085,133,250 francs on Dec. 31 1925 and
40,885,178,535 francs on Jan. 11925. Gold holdings
remained unchanged at 5,548,809,600 francs. At the
end of 1925 gold holdings amounted to 5,548,088,000
francs and at the end of 1924 were 5,545,202,143
francs. The Government reduced its indebtedness to
the Bank of France to 36,000,000,000 francs, having
repaid 450,000,000 during the week. Advances to
the State last year aggregated 35,950,000,000 franca
and the year before, 21,800,000,000 francs. Other
changes in the Bank's report were: Silver holdings
.
increased 7,000 francs; bills discounted, 795,019,000
francs, and general deposits 570,071,000 francs. On
the other hand, trade advances fell off 72,215,000
francs and treasury deposits 33,629,000 francs.
Comparisons of the various items in this week's
report with the statement of last week and with
corresponding dates in the two previous years are as
follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Dec. 29 1926. Dec. 31 1925.
Jan. 1 1925.
Gold Holdings—Francs.
Francs.
Francs.
Francs.
In France
Unchanged
3,684.488,693 3,683,767,093 3,680.881,236
Abroad
Unchanged
1,864,320,907 1,864,320,907 1,864,320,907
Total
Unchanged
5.548,809,600
Silver
Inc.
7,000
340,724,101
Bills discounted
Inc.795,019,000 4,437,327,790
Trade advances
Dee.72,215,000 2,082,788,247
Note circulation
Inc.673,800.000 52,907,329,545
Treasury deposits Dee.33.629,000
14,370.885
General deposits Inc.570,071.000 5,894,436,901
Advances to State_ _Dec450,000,000 36,000,000,000
5,548,088,000
321,207.317
3,202,738.412
2.517.507,397
51,085,133.250
11.903,822
3,322.890,047
35,950400,000
5,545,202,143
305,960.283
5,914,070,299
2.938,601,030
40,885,178,535
12,214,546
2,573.937,326
21,800,000,000
The weekly statement of the Imperial Bank of
Germany, issued on Dec. 29, as of date Dec. 23,
showed an increase in note circulation of 132,309,000 marks, which was offset by a decrease in other
maturing obligations of 68,371,000 marks, and a
decrease in other liabilities of 40,146,000 marks. On
the assets side, the Bank reported an increase of
134,780,000 marks in holdings of bills of exchange
and checks, with a decrease of 20,459,000 marks in
silver and other coins. There was an increase in
reserve in foreign currencies of 11,910,000 marks,
8
T H Di CHRONICLE
but a decrease in advances of 15,305,000 marks. Investments increased 28,000 marks. Notes on other
banks decreased 5,450,000 marks and other assets
declined no less than 115,301,000 marks. A further
substantial addition to gold and bullion holdings
was recorded, viz., 33,589,000 marks, and the total
stock of gold now aggregates 1,805,850,000 marks.
The Bank's outstanding note circulation is now
3,298,113,000 marks.
The weekly statements of the Federal Reserve
banks, issued at the close of business on Thursday
showed declines in both rediscounting and open market operations. For the System as a whole rediscounts of bills secured by Government obligations
declined $39,000,000. In "other" bills there was an
increase of $34,500,000, so that total bills discounted
for the week fell $4,500,000. Holdings of bills bought
in the open market were smaller by $8,800,000. Total
bills and securities (earning assets) declined $10,500,000, but deposits were augmented by $37,800,000.
Member bank reserve accounts rose $46,100,000, but
the amount of Federal Reserve notes in actual circulation was reduced no less than $56,900,000. Gold
reserves for the banks as a group increased $11,600,000. At New York also there was an addition to
gold holdings, viz. $18,000,000. There were also
closely similar changes in the other principal items.
Rediscounts of Government secured paper decreased
$23,100,000; "other" bills increased $22,500,000.
Open market purchases were reduced $13,600,000.
Here also total bills and securities fell—$11,600,000.
Deposits expanded $23,700,000 and member bank
reserve accounts were $19,200,000 larger. Federal
Reserve notes in actual circulation showed a shrinkage of $12,900,000. As to the reserve ratios, the gain
in gold was sufficient to offset larger deposits, and
small advances were recorded. The combined statement reported a ratio of 70.1%, up 1.2%. At New
York there was a gain of 1%,to 77.2%.
•
Striking changes were again noted in last Saturday's statement of New York Clearing House banks
and trust companies,indicative of the large turnover
of funds needed to care for seasonal requirements.
Loans were heavily increased, as also were deposits;
nevertheless, the banks by increasing their borrowing at the Federal Reserve Bank were able to wipe
out their deficit of the previous week and show a surplus reserve in excess of $46,000,000. The expansion in loans, discounts, etc., reached $103,371,000.
Net demand deposits increased $60,219,000, and
time deposits $10,584,000, the latter to $661,816,000.
The total of demand deposits was $4,462,828,000,
which is exclusive of $39,681,000 in Government deposits. Cash in own vaults of members of the Federal Reserve Bank was augmented $10,122,000, to
$65,525,000, but this does not count as reserve. Reserves in own vaults of State banks and trust companies expanded $532,000, but the reserves of these
institutions kept in other depositories showed a falling off of $553,000. Probably the most noteworthy
feature of the report was the addition of $54,487,000
to the reserves of member banks in the Reserve institution, which served to offset larger deposits and
bring about, as already stated, a restoration of surplus reserve; the gain in the latter was $46,230,350,
which after eliminating last week's deficit of $5,036,920, left excess reserves of $41,193,430. The surplus
riroz. 124.
reserve is on the basis of legal reserves of 13%
against demand deposits for member banks of the
Federal Reserve, but does not include $65,525,000cash in vault held by these members on Saturday
last.
Because of the Saturday (New Year) holiday the
New York Clearing House bank statement this week
was issued at the close of business yesterday. In
brief, the figures showed that surplus had been reduced $20,106,000, while loans and discounts recorded a further expansion of $239,501,000 and net
demand deposits were increased $230,874,000. Time
deposits fell off $10,771,000. There was a decline
of $9,694,000 in cash in own vaults of members of the
Federal Reserve Bank. Member banks added $9,305,000 more to their reserves in the Federal institution.
State bank and trust company reserves in"own vaults
fell $246,000, but reserves kept in other depositories
increased $489,000.
2% until Thursday, when it
1
Call money ruled at 5/
advanced to 6%, as it did last week. Demand loans
were said to have been called on Thursday to the extent of $40,000,000. This was a considerably larger
amount than reported for any single day recently.
The incident did not cause surprise—because of the
unusually large disbursements on Jan. 1. Yesterday
renewals were arranged at 6%, but the offerings were so large that there was a decline
2% and later to 5%. An aver1
first to 5/
2% again next week is confidently
1
age rate of 5/
expected. The most recently published figures have
indicated that brokers' loans were increasing rather
steadily. The Federal Reserve Board statement for
the week ended Dec.22 disclosed an increase of more
than $31,000,000 over the previous week. The freer
offerings of time money at 434%, particularly toward the end of the week, were regarded as a significant feature of the entire money market, inasmuch
as they came at a time when the rates for call money
* development did
were advancing. Even the lat.
effect on the stock
depressing
a
have
to
not appear
market. Experienced observers assumed that money
would be genuinely easy after the turn of the year.
There have been no material changes in the general
business situation. A large Christmas trade was
reported. The output of the United States Steel
Corporation is said to be increasing, but that of the
trade as a whole is smaller. Quiet conditions prevail in the automotive industry. Crude oil production is still increasing. Railroad earnings for November were rather mixed.
Dealing with specific rates for money, call loans
this week were almost stationary at the high levels
established last week. The range was again 5@6%
and for the first three days—Monday, Tuesday and
Wednesday—all loans on call were negotiated at
53/2%, this having been the only rate for the entire
period. Thursday increased firmness set in and there
was an advance to 6%,although the ruling quotation
was still 532% and this was the - low. Stiffening
in rates due to the last minute rush to meet year-end
requirements sent the renewal rate up to 6% on Friday, although eventually there was a decline to 5%
low; the high was 6%.
Fixed date maturities were steady with.quotations
not changed from 4%@4%% for all periods from
sixty days to six months, the same as a week ago.
JAN. 11927.]
THE CHRONICLE
Very little business was transacted and the market
was a dull, lifeless affair.
Commercial paper had a ready market, but trading
was restricted as usual by lack of offerings; hence the
week's turnover was not large. Four to six months'
names of choice character have not been changed
from 434,@432%, while names not so well known
still require 432@4%%. New England mill paper
and the shorter choice names continue to be dealt
in at 43.1%, the same as heretofore.
Banks' and bankers' acceptances remain at the
levels previously current. Trading, however, has
been quiet and the market devoid of new feature.
The falling off in inquiry for acceptances was in line
with the stiffening in the call division. For call
loans against bankers' acceptances, the posted rate
of the American Acceptance Council still remains
at 4%. The Acceptance Council makes the discount
rate on prime bankers' acceptances eligible for purchase by the Federal Reserve banks 33
4% bid and
3%% asked for bills running 30 days; VA% bid and
39.% asked for 60 and 90 days; 4% bid and 37A%
asked for 120 days, and 43A% bid and 4% asked for
150 days and 180 days. Open market quotations
follow:
SPOT DELIVERY.
90 Days.
3140-3%
Prime eligible bills
60 Days.
3.
FOR DELIVERY WITHIN THIRTY DAYS.
Prime eligible bills
Eligible non-member banks
30 Days.
35i0.3%
34S bla
34 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
DECEMBER 31 1926.
Paper Maturing—
After 90 After 6
but
Days. but
WWlhs 6 WWtin 9
Months. Months
WWeln
90 Days.
FEDERAL RESERVE
BANK.
Com'rcial Secured
Agrtc'Ist by U. 3. Bankers' Trade Apricut.• A priest
Livestock Goverrnm't Accep.
Accepand
and
Payer. Obliga- tances. tances. Livestock Moistest
n.e4.
Notts.
• Paper.
Paper.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
44
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
6
4
4
4
4
4
4
4
4
4
4
• Including bankers acceptances drawn for an agricultural purpose and secures
by warehouse receipts. &a
The sterling exchange market has displayed a
distinct tendency toward firmness, and notwithstanding that trading was still of a holiday character,
and much restricted,quotations moved up to 4 85 5-32
for demand, which is the highest figure reached in
some months. This price was reached under the
impetus of brisk buying, mainly for foreign account,
and compares with last week s low quotation of
4 84 9-16. Evening up of balances over the year-end
was regarded as the factor chiefly responsible for
the sudden broadening in activity and corresponding
firmness, which was quite in line with general expectations, and the market may be said to have
repeated its performance of the two preceding years.
So far as could be learned, there was little or no
indication of a movement of American funds to
London for either deposit or investment purposes.
On the other hand, it was intimated in some quarters
that at least some of the recent buying was of an
9
official nature designed to support the pound and
restrict the outflow of gold from London. In substantiation of this view, it is claimed that the bulk
of this week's inquiry for exchange was from London
and that it included a variety of spot and future
bills not usually traded in at a time like this; hence
the assumption that the Bank of England was
engaged in supporting the pound sterling. A feature
of the trading which aroused interest was the action
of futures. Previously when spot quotations have
moved up, there has been a widening of the spread
between spot and futures. Just at present the
reverse is the case and the future market is holding
its own with spot. Thirty days futures sold at a
discount of only 1-32 of a cent, ninety days about
%
1 of a cent and six months' futures only • about
Yi below the price for immediate delivery; a state
of affairs which is interpreted as meaning that
bankers are optimistic over the outlook for sterling.
Still another factor making for improvement in
values has been the gradual clearing up of the
difficulties engendered by the long-drawn-out coal
strike of earlier in the year. Toward the close,
requirements were evidently satisfied, for trading
was quieter and quotations reacted downward.
Referring to the more detailed quotations, sterling
exchange on Monday (Saturday was a holiday—
Christmas Day) was slightly firmer, and demand
bills advanced to 4 84%@4 84 15-16, and cable
transfers to 4 85%@4 85 7-16; notwithstanding the
firmness, the market continued dull and listless.
Increased firmness set in on Tuesday, and rates advanced another fraction to 4 84%@4 85 1-32 for
demand and to 4 85/@4 85 17-32 for cable transfers; trading was inactive. Wednesday's market
was strong and higher, mainly on good buying, which
emanated from London, and which sent prices up to
the highest point in several months, namely,4 85 1-18
@4 85 5-32 for demand and 4 85 9-16@4 85 21-32
for cable transfers. Reaction set in on Thursday and
small declines were in order; demand ranged between
4 84 5-16 and 4 85 1-16, and cable transfers at
4 85 7-16@4 85 9-16. On Friday trading was of the
usual pre-holiday type, with only occasional flurries of
activity due to belated attempts at evening-up of
balances quoted rates were lowered to 4 84 13-166
4 847
4 for demand and 4 85 5-16@4 85 4
3 for cable
transfers. Closing quotations were 4 84 13-16 for
demand and 4 85 5-16 for cable transfers. Commercial sight bills finished at 4 84 11-16, sixty days
at 4 80 11-16, ninety days at 4 78 3-16, documents
for payment (sixty days) at 4 80 15-16, and seven-day
grain bills at 4 84 1-16. Cotton and grain for payment closed at 4 84 11-16.
No gold engagements were reported, either for
export or import. The Bank of England sold about
£700,000 in gold bars and exported £5,000 in gold
sovereigns to Holland.
As to Continental exchange, little or no increase
in activity was noted, and the volume of business
transacted was again limited to the merest routine
requirements, with rate fluctuations narrow and
generally meaningless. The chief topic for discussion
in exchange circles was the probable effect and duration of the Bank of France's control of the franc.
Among traders the belief is expressed that the assumption of control of franc rates is more or less an
experiment and that its tenure will depend largely
upon the condition of the market; that is to say, if
10
[VOL. 124.
THE CHRONICLE
speculative activities do not necessitate the taking
on of large commitments. Considerable doubt is
expressed over the statement that 3.963/ has been
chosen by M. Poincare as the permanent value of
the franc; although it is within the range of possibility
that after a fair trial this level may be found to be a
desirable not to say profitable one. However, the
move has had the important effect of reducing speculative operations and .French francs ruled quiet and
steady all week within a range of M point, at 3.95@
3.9532 up till Friday, when there was a drop to
3.943/2. Market operators will undoubtedly watch
with keen interest the outcome of the Bank of France's
pre-stabilization policy. Much will depend, of
course, upon the course of political events and the
backing given to the institution in its efforts to suppress undesirable speculative attacks.
Antwerp belgas moved within narrow limits on
light trading. Italian lire opened strong at 4.5332,
but subsequently moved clown to 4.46, then rallied
to 4.51. Reichsmarks were stable at or near 23.82
until Friday, when there was a slump to 23.773/ on
heavy selling, while the minor European currencies all
ruled dull but steady and virtually unchanged.
Greek currency turned strong before the close and advanced to 1.253 on loan talk.
The London check rate on Paris closed at 122.76,
against 122.373/2 a week ago. In New York sight
2,against
bills on the French centre finished at 3.943/
3.96; cable transfers at 3.933/2, against 3.97, and commercial sight bills at 3.93M, against 3.95 last week.
.Closing rates on Antwerp belgas were 13.913/ for
checks and 13.92 for cable transfers, which compares with 13.90 and 13.91 a week earlier. Reichsmarks finished at 23.773/2 for checks and at 23.783/2
for cable transfers, as against 23.823/2 and 23.833/2 the
preceding week. Austrian schillings have not been
/. Italian lire finished the week at
changed from 14-1
4.483 for bankers' sight bills and at 4.493. for cable
transfers.. This compares with 4.493/ and 4.503/ a
week earlier. Exchange on Czechoslovakia closed
at 2.96/, against 2.963; on Bucharest at 0.52k,
against 0.53; on Poland at 11.50, against 11.25, and
on Finland at 2.523/2, against 2.52 last week. Greek
drachmae finished at 1.25% for checks and at 1.26%
for cable transfers, against 1.23 and 1.24 the preceding week.
As to the smaller Continentals, or former neutral
exchanges, dulness was the predominating feature
of the week's trading and rate changes were unimportant. Dutch guilders were slightly firmer, advancing a few points to 40.013.. Swiss francs showed
2, while
a further small gain, going as high as 19.343/
well
maintained
all
were
currencies
Scandinavian
the
at close to the levels of the previous week. Spanish
pesetas were strong with an advance to 15.31, though
on narrow trading. It is rumored that a boom in
Spanish currency is to be launched shortly. However, opinion is not wholly favorable to the peseta,
as it is considered that the political outlook in that
country is still much mixed and financial affairs not
favorable. Trade balances are poor and Spain is
hampered with a large internal debt; as against this,
the Bank of Spain has the third largest supply of gold
held in European institutions, while economic conditions are on the mend.
a week ago. Final quotations on Swiss francs were
19.32 for bankers' sight bills and 19.33 for cable
transfers, in comparison with 19.33 and 19.34 last
week. Copenhagen checks, finished at 26.67 and
cable transfers at 26.68, against 26.64 and 26.65.
Checks on Sweden closed at 26.74 and cable transfers
at 26.75, against 26.74 and 26.75, while checks on
Norway finished at 25.27 and cable transfers at 25.28,
against 25.28 and 25.29 the week before. Closing
rates on Spanish pesetas were 15.30 for checks and
15.31 for cable transfers, as compared with 15.27
and 15.28 last week.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
DEC. 25 1926 TO DEC. 31 1926, INCLUSIVE.
Costars and Monetary
Una.
Noon Baring Rate for Cable Transfer. St New York
Value Is United States Mosey
Dec. 25. Dec. 27. Dec. 28. Dec. 29. Dec. 30. Dec. 31.
EUROPE&nettle, eebtilIng____
8.14085
Belgium. belga
.1391
Bulgaria, ley
.007258
krone
Czechoslovakia,
.029619
Denmark, krone
.2664
England. pound star4.8535
ling
Finland. markka
.025211
.0396
France.(rano
.2383
Germany, releOsmark.
.012457
Greece. drachma
.4000
liolland. guilder
.1758
. pengo
Sungari,
.0453
Italy. lira
.2528
Norway, krone
.1136
Poland, sioty
.0512
Portugal. escudo
.005297
Rumania.les
.1528
Spain. Peseta
.2673
Sweden,krona
.1934
Switzerland. (rano_
.017645
Yugoslavia. dinar__
ASIACOInaHOLI- .6208
Chefno. tael
DAY
.6075
Hankow.tael
.5893
Shanghai. tael
.6229
Tientain, teal
.4774
Hong Kong, dollar_
.4356
M eslean dollar__
Tientsin or Peiyang,
.4275
dollar
.4242
Yuan, dollar
.3621
India. rupee
.4889
laPan. yen
.5594
Ringapnre(S.S.).do
NORTH AMER..999155
Canada, dollar
.999063
Cuba, peso
.465833
Mexico, peso
.996844
Newfoundland, dollar
SOUTH AMER..9401
Argentina. peso (gold)
.1179
milreis
.1202
Chile. peso
1.0236
Uruguay. peso
8.14075 8.14081 8.14077 8.14090
.1392
.
.1391
.007222 .007256 .007250 .007235
.029622 .029620 .029621 .029622
.2668
.2667
.2666
.2668
4.8544
4.8555
4.8548
4.8533
.025212 .025209 .025205 .025208
.0396
.0398
.0396
.0395
.2383
.2383
.2379
.2379
.012446 .012506 .012507 .012562
.4002
.4002
.4002
.4002
.1756
.1758
.1755
.1756
.0451
.0451
.0449
.0450
.2528
.2531
.2526
.2529
.1131
.1119
.1133
.1128
.0512
.0511
.0511
.0511
.005274 .005256 .005251 .005271
.1529
.1528
.1528
.1528
.2674
.2674
.2673
.2673
.1934
.1935
.1933
.1933
.017645 .017646 .017645 .017645
.6229
.6100
.5906
.6263
.4777
.4367
.6221
.6072
.5903
.6250
.4777
.4379
.6233
.6113
.5930
.6267
.4798
.4388
.6233
.6102
.5926
.6267
.4776
.4378
.4275
.4242
.3643
.4893
.5596
.4279
.4246
.3643
.4895
.5596
.4292
.4258
.3641
.4895
.5594
.4283
.4250
.3630
.4893
.5598
.999250
.999083
.466000
.997063
.999224
.999125
.466667
.996938
.998936 .998779
.999125 .999125
.466667 .466333
.996625 .996563
.9400
.1188
.1202
1.0231
.9401
.1183
.1202
1.0236
.9397
.1180
.1202
1.0233
.9395
.1178
.1203
1.0220
In South Amenican exchange there has been very
little doing and quotations were slightly irregular
with no definite trend. Argentine pesos were e sier
and finished at 41.35 for checks and at 41.40 for cable
transfers, against 41.40 and 41.45; but Brazilian milreis were firmer, at 11.80 for checks and 11.85 for
cable transfers, against 11.78 and 11.83 the preceding
week. Milreis have been held with very little variation at close to the level proposed under President
Luis' currency reform, plan. The scheme, which is
said to have a favorable chance for passing the Brazilian Parliament, calls for a new unit of value, the
cruzeiro, the equivalent of about 4 paper milreis and
based on a gold 'standard of evaluation. The plan,
however, will not likely be in operation for quite
some time, as passage of a measure through the
Brazilian Parliament is at times a lengthy and tedious
process. Large sums have been lost recently as a
result of speculative attacks upon the milreis. Chilean
exchange was easier but rallied and finished at 12.05,
against 12.00, but Peru was unchanged at 3.57.
Far Eastern exchanges were dull and perfunctory
with only slight changes in price levels. Hong Kong
8@483, against 483@48%; Shangclosed at 483/
hai at 5932@59%, against 59%@59%; Yokohama
at 49@49 3-16, against 48.85@49.06; Manila, 49.60
@49.75 (unchanged); Singapore, 56%@563/ (unchanged); Bombay, 36N@36M, against 363.@
Bankers'sight bills on Amsterdam closed at 40.003/2, 36 7-16; and Calcutta, 36%@36%, against 363.
2,against40.00, @36 7-16.
against 39.98;cable transfers at 40.023/
against 39.94
39.96
at
bills
sight
commercial
and
JAN. 1 1927.]
THE CHRONICLE
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $5,393,147 net in cash as a result of the currency movements for the week ended Dec. 30.
Their receipts from the interior have aggregated
$6,717,647, while the shipments have reached $1,324,500, as per the following table:
11
encroachment on that sovereignty and independence
of China which the Powers agreed at Washington to
regard, is so fundamentally opposed to the traditional policy of the United States toward China that
His Majesty's Government are disposed to believe
that the State Department will share their anxiety
on this subject."
CURRENCY RECEIPT AND SHIPMENTS BY NEW YORK BANKING
In the memorandum of Dec. 18, seven months
INSTITUTIONS.
later, the British Government proposes that the GovInfo
Gain or Loss
Out of
ernments which subscribed to the Washington treaty
Week Ended December 30.
Banks.
Banks.
to Banks.
"shall issue a statement setting forth the essential
Banks Interior movement
80,717,647
$1,324.500 Gain 85,393,147
facts of the situation, and declaring their readiness
As the Sub-Treasury was taken over by the Fedto negotiate on treaty revision and all other outeral Reserve Bank on Dec. 6 1920, it is no longer
standing questions as soon as the Chinese themselves
possible to show the effect of Government operahave constituted a Government with authority to netions on the Clearing House institutions. The Fedgotiate, and stating their intention, pending estaberal Reserve Bank of New York was creditor at the
lishment of such a Government, to pursue a conClearing House each day as follows:
structive policy in harmony with the spirit of the
DAILY CREDIT BALANCES OF NEW YORE FEDERAL RESERVE BANE
Washington Conference, but developed and adapted
AT CLEARING HOUSE.
to meet the altered circumstances of the present
datiaday. Arendt:v. Tomb.. WidmerTy. Thursday
Friday.
Aogreeass
time." To this end, the proposed declaration should
Dec. 25. Dec. 27. Dec. 28. Dec. 29. Dec. 30. Dec. 31.
for Week.
make it clear that the Powers "desire to go as far as
8
$
Holiday 122,000000 81.000.000 100,000000 91,000,000 132,000 000 Cr.526.000.000
possible toward meeting the legitimate aspirations
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 of the Chinese nation"; they should "abandon the
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 idea that the economic and political development of
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 China can only be secured under foreign tutelage,"
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 and should "declare their readiness
to recognize her
Bank for collection for the account of the local Clearing House banks.
right to the enjoyment of tariff autonomy as soon as
The following table indicates the amount of bul- she herself has settled and promulgated a new national tariff." The suggestion already put forward
lion in the principal European banks:
in the May memorandum, to the effect that the surDecember 30 1926.
December 31 1925.
Banks of
taxes outlined by the Washington Conference should
Total.
Silver. I
Gold.
Siker. I Total.
Gold.
be allowed to become operative at once, fell to the
E
r
L
L
f
f
1
1
England __ 151,118,64:
144.556.367 ground because of the breakdown of the Tariff Con151,118,648 144,556.3671
France a.... 147,379,548 13,600,000160,979,548 147,350,694 12,848.000 160,198,694
Germany 81,460,000 c994,600 82,454,600 49,687,250
994,600 50,681,850 ference at Peking, but Great Britain now
proposes
Spain ........102.268.000 27,099,000 129,367,000 101,478,
26,085,000 127,563,000
Italy
45,597,000 4,159,000, 49,756,000 35,648,''' 3,411,000 39,059,000 that those taxes, which have
already
been
collected
Netherl'
34,460.00Q 2,327.000 36,787,000 37,282,111 2,044,000 39.326,000
Nat. Belg_ 17,722,000 1,073,000/ 18,795,000 10.954,o i 1 3,649,''' 14,603.000
SwItterl'd. 18,143,000 2,997,000 21,140,000 18,228,110 3,595 1 61 21,823,000 by the Canton Government for some time, be authorSweden... 12,497,000
12,795,000
I 12,497,000 12,795,000
Denmark. 11,612,000
886,000 12,498,000 11,628,000
874,000 12.502,000 ized without condition for the whole of China,
Norway __ 8,180,000
8,180,000
I 8,180,000 8,180,00'
thereby regularizing and accepting, and at the same
Total wee $30,437,196 53.135,600683.572.796577.787,311 53,500,600 31,287,911
Frey. wee 629,179,763 53,045,600 682,225,363578,462,60 53,432,600 31,895,207 time extending throughout the country, what the
a Gold holdings of the Bank of France this year are exclusive of £74,572,836 *Canton Government has done irregularly
in the limhold abroad. b Gold holdings of the Bank of Germany this year are exclusive
of £8:830.000 held abroad. c As of Oct. 7 1924.
ited area of its de facto authority.
Whether or not the British Government, in bringThe British Proposal of a Chinese Policy.
ing forward these proposals, has shrewdly thought
The publication on Christmas Day, by the British to steal a march on the Government at Washington
Foreign Office, of the text of a memorandum handed and to make Great Britain, rather than the United
on Dec. 18 to the representatives at Peking of the States, the leader in the movement for the reconstiPowers which signed the Washington treaty of 1922, tution of China, or whether, as one would prefer to
together with the text of a memorandum transmitted believe, it has only given another illustration of the
to the American Ambassador at London last May, wisdom of facing the facts of a situation and bowing
puts a new phase upon the Chinese situation as far gracefully to the inevitable, the proposals themas the relations between China and other Powers selves are clearly of first rate importance. They inare concerned. In the memorandum which was sub- dicate a deliberate conviction on the part of the
mitted in May for the consideration of the American British Government that the day of an old
order,
Government, the British Government state that, "af- with outside coercion as one of its cornerstones,
has
ter full consideration and prolonged consultation passed as far as China is involved, and that
the day
with their delegation at Peking" (the delegation re- of a new order,founded in a frank recognition
of the
ferred to being, apparently, that which took part in legitimate demands of a growing and
powerful nathe Chinese Tariff Conference), they "have come to tionalism, has come. If good government
and good
the conclusion that while they are ready to agree to order, economic health and financial stability,
are
any reasonable scheme for dealing with the unse- to be established in China, it can only be, in the
cured debt put forward by the Chinese and agreed to view which Great Britain now takes of the situaby the other Powers, it would not be right to asso- tion, by conceding to China, to the utmost extent
ciate themselves in any attempt to force upon the possible, the right to regulate its own affairs, exterChinese a greater degree of foreign control over the nal as well as internal, and by co-operating with any
revenues required for that purpose than they are Government that appears to be strong enough to
' prepared voluntarily to concede." "A policy involv- enforce its authority and inspire respect for its ening increase of foreign control," the memorandum gagements. At the moment the Canton Government
goes on to say;"and capable of being regarded as an in the south appears to meet, in reasonable prospect
12
THE CHRONICLE
at least, these conditions, the feeling of those most
familiar with the situation apparently being that
the northern Government at Peking, while perhaps
able to maintain itself for a time, will not succeed in
recovering authority throughout the country. It is
accordingly proposed that the irregular course of the
Canton Government,in setting up a duplicate line of
customs stations and collecting the difference between the old and wholly inadequate duties and the
additional duties, or surtaxes, laid down in the
Washington agreement, shall be condoned without
debate, and that the new fiscal system shall at once
be authorized and accepted.
It cannot be denied that this generous and practical policy, according in principle with much that
the United States has long insisted upon in its own
declarations regarding China,faces some difficulties
in application, partly because of uncertainty about
the possible scope of the program as outlined in the
published memoranda, and partly because of the
way in which the suggestion has been put forward.
Paris dispatches indicate that the French Government is unfavorably impressed by the fact that Great
Britain, in a matter in which a number of Powers
are interested, has apparently chosen to act alone,
and that the Ministry, following the advice of M.
Briand, will not at present accept the proposal or
enter into a conference with the Canton Government. The fact that French trade with China, especially the important trade that goes on between
China and the French colony of Indo-China, appears
to have been much less seriously affected than has
British trade by the prolonged boycott of foreign
goods, perhaps helps to explain the French attitude.
Japan, in turn, is also reported to hesitate on
the ground that an unconditional sanction of the
Washington surtaxes would leave Japanese investments in China,estimated at some $200,000,000, without proper security. Fear has also been expressed
lest so frank an overlooking of the irregular course
of the Canton Government, in collecting duties without first obtaining the consent of the Powers, should
have the effect of jeopardizing treaty rights in general, and encourage the demand of certain elements
among the Canton nationalists for immediate tariff
autonomy whether the Powers consent or not, and
for a general denunciation of objectionable treaties
without first attempting to revise them.
It is only fair to assume that the British Government, while naturally concerned first of all with its
Chinese trade and the rights and privileges of British subjects in China, has weighed such objections,
and that its unexpected and independent proposal
screens no ulterior purpose to which, when the situation is considered in its entirety, the Powers will
object. The plain fact of the matter appears to be
that the methods which the Powers have hitherto employed in dealing with China have broken down, and
that Great Britain, which has been the chief sufferer,
and at the same time the chief exponent of the policy
of strong hands and firm tones, has abruptly changed
its front and committed itself to a policy at once
more generous and more enlightened. It would be
inaccurate, and certainly ungracious, to insist that
the course which it now advocates is in essentials
similar to that to which the United States has
all along adhered, for while the United States has
apparently been willing to see the new customs duties inaugurated without delay, its official declara-
VoL. 124.
tions fall short thus far of the recognition of the
importance of the nationalist movement and the
Canton Government contained in the British memoranda.
The main point, however, in all such affairs, is not
who first set out the new policy, but what the policy
is. As Great Britain sees the Chinese situation, the
continuance of foreign control, especially in the form
of direct financial interference, offers no solution of
the Chinese problem, but tends rather to retard the
growth of a healthy national spirit upon which the
future well-being of China depends. It is, in other
words, to the obvious facts of the case that Great
Britain, following the lead of the United States,
pointedly invites the attention of the Powers. At
the moment, thanks in part to the abruptness of the
British change of front, and perhaps still more to
the reluctance of other Powers to abandon traditional methods, the proposal has encountered opposition. It seems reasonable to expect that the opposition will diminish if the Chinese show that they
are able to organize and maintain a Government
whose authority shall be respected in China and
with which other Governments may confidently deal,
and make clear to the world that the withdrawal of
foreign control would mean no impairment of the
good faith and just conduct which are implicit in
the obligations of international laws.
Landscapes of Life: Examples of Success.
We worship the great god Success. Not always
is success service. It would be a thankless task to
register an objection to emulation and ambition.
Example is the best of teachers. If no one rose
above the ranks, life would be drab and dull. Yet
it is perhaps worth while to say that, in a time
marked by discontent, we should temper our view of
society and business by making an equable estimate
of the opportunities open to all. Not every man can
be a leader or become a success in the ordinary significance of these terms. Looking on the landscapes
of life is much like gazing on the shore line of the
City of New York as the ship comes in from sea.
The line is serrated by the sharp outlines of tall
buildings and we scarcely note the low levels between. And we are too apt to think that in this
famed land of liberty and opportunity every man can
rise to the heights. It is not so. And when the disillusionment comes we are apt to feel the sharp edge
of despair and the slow pain of envy. A philosophical physician tells us to look upon the expectation
of death without fear. In a similar way it may be
wise to look upon the possibility of failure, and still
strive on. A popular success may be a private and
personal failure.
It has become a custom, sometimes, we think,
more honored in the breach than in the observance,
to paint in glowing colors the lives of our most successful business men, our captains of industry. We
are told of their early beginnings, of their obscurity
and poverty; of their trials and hard work; of the
golden opportunities they embraced or created; of
the many ways in which and by which they builded
great going enterprises; of their principles of conduct and mottoes for guidance; of the crucial times
when failure seemed to be just ahead, and of the
daring devices by which they extricated themselves
from this danger; and finally, of their personal views
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NMI 3 •NNT
14
THE CHRONICLE
[VOL. 124.
notony and humdrum as possible. Yet guided by the
Vocations and Avocations—Having a Hobby. principles evolved by a
lifetime of useful activity he
Among the current bits of advice freely tendered chooses something important in itself. At
this he
-to us on occasions not rare is the one which says works assiduously at odd hours. It is play
because
"
- Every man should have a hobby." It is something it is work that involves no duty or
responsibility to
to interest himself in when not engaged in his regu- himself or to others. In this sense a man may
be
lar vocation. It is his hobby, his avocation. It may known by his hobby. To choose to study a
langauge,
be collecting Old Masters or postage stamps; riding to learn a handicraft that produces objects of
beauty
a bicycle or piloting an aeroplane; playing golf or or use; to be an amateur chemist, astronomer,
mafishing; reading poetry or detective stories; writing chinist, author, writer, archaeologist or antiquarian
,
verse or after-dinner speaking; being a baseball fan these rest the mind, expand life, and bring joy
and
or an amateur astronomer; posing as a political boss contentment. Many of our great financiers are
pator as a social reformer; in fact, anything and every- rons of art—not in the distant way of furnishing
thing not counted in the day's work. And though a money, but as actual students and scholars. They
hobby is like a habit and sometimes gets the better participate—if not in actual creation, then in wise
of us, we are advised to cultivate it as a means of appreciation. And this has the double effect of enrest and relief from the strain of making a living.
couraging others and enlightening themselves. And
Well, there is some truth in the advice. It is not, it follows that there is a wide field of choice in avohowever, a magic key to health or happiness. And cations as well as vocations.
the difficulty is that if the avocation is not held
We are often discussing in our public prints what
closely in place it will in time come to supersede the a man shall do with great wealth. It
would appearvocation. Only a very strong man or a very rich one that he may more wisely select its
application and
should have a hobby. He should be strong enough distribution if he has kept himself abreast
of the
to keep it under control, or rich enough to let it times by studying the wants and needs of
the people
control him. The lover of• sports should at least by the open roadway of an avocation. In
industry a
read the daily news about the saving measures put man should know how to do the various minor
parts
forth by legislatures and the devourer of the comics of the work he directs in general. The
most compeshould save time enough to read the serious parts tent executives are those who have come up from
the
when there are any. But this may not be pertinent, ranks. If a man does not know how a thing
should
for reading is neither a vocation nor an avocation, be done he cannot be expected to rightly
direct othproperly speaking.
ers. Yet the bearing of the whole industry on the
Now, "all work and no play makes Jack a dull life of the people cannot be known unless the
man
boy" is also one of our honored aphorisms. But all has made excursions into life itself. Wealth
to be
play and no work never got Jack anywhere. And effectively applied to scientific research must
know
wisdom lies in keeping a proper balance between the life of the masses. Merely to endow a school
of
work and play. The American people are very hard pure science without reference to a distinctive
obworkers, and unfortunately, it would seem, they play ject is to turn a set of dreamers loose in a world of
just as hard. The economic question might be pro- phantasy. Pure science must also be applied
science.
pounded, can they keep both the vocation and avoca- Thus, if we may be permitted to make a comparison
,
tion and reach contentment and competency in the it is better to try to eradicate certain major
diseases
long run? We do not think collectively, although from the world than to establish free
libraries at
we often follow the crowd. We concern ourselves every crossroads. One is specific, the other is genwith economics, and political science, such as it is, eral, each is a good work.
but our chief thought concerns ourselves. Even our
The main usefulness of a worthy avocation is that
propensity to save the State and the world is moved it teaches the comparative value
of things. Not
and modeled by our individual needs and wants, every man is so fortunately situated as to
be able to
especially the latter. So that in cultivating our lik- learn the lesson. It is literally true of
many that
ing for sports we are biased by our personal tastes they have no time for these outside or aside pursuits,
and desires. If we like a "game of ball occasion- however much they may have the inclination.
They
ally," we see no waste in spending a million on a have builded a business that absorbs them and
they
world series of games; if we like the manly art of cannot let go. To do so would destroy a great
and
boxing, there is nothing very wrong in a million for useful enterprise to indulge in a mere pastime.
a prize fight in a two-million dollar municipal sta- Wealth, position, place, rife often prison bars.
These
dium; and if we like the movies a billion annually men cannot choose an avocation more than a
vocais about as it should be. Let us not carry this tion. And just here may be interspersed a plea
for
thought to the point of objecting to our national the men of "big business" that they be regarded for
games and pastimes as if we would exclude them what they do, rather than for their charities and
entirely. The thought is that if we cannot select benevolences. And all along the line from small to
and control our vocations in life (and what a vast big business it is true. The whole structure of our
amount of suffering and failure might be avoided if individual and communal life, being builded on inwe could) we can at least prevent our avocations dustry and commerce must be maintained from one
from selecting and controlling us.
generation to another by those who spend their lives
More strictly an avocation is something we work in useful though prosaic activities. These toilers
at outside our regular business. It is not, primarily, make possible the fads and fancies indulged in by
play; it is not solely for pleasure. There is benefit others. It is their ownership and generalship that
to us and to others. And in this light a man's fad, earns the wherewithal to educate the masses and
hobby or avocation may be a source of great comfort sustain the State. And the school or the State that
and content. Usually the hard worker in his voca- looks patronizingly on these hewers of wood and
tion wants to get as far away from the daily mo- drawers of water is largely responsible for the social-
JAN. 1 1927.]
THE CHRONICLE
15
disapprobaistic idea that culture is independent of commerce. any nation may show, is sure to meet
rebuke,
formal
of
possibility
the
incur
to
and
tion
avoan
To these teaching is a vocation and business
excepwithout
almost
ives,
representat
official
and
false.
cation, in the broad sense. This is
disposifriendly
the
to
emphasize
pains
at
are
tion,
worthy,
be
it
if
And just as a man's avocation,
The repremay throw light on the worth of his vocation, so, to tion of their respective Governments.
Maud,
Messrs.
carry the specific into the general, the worth of an sentatives of the leadings nations, as
Amerithe
of
industry may be learned by comparing it to others Stresemann, Chamberlain, and, course,
been
has
What
this.
in
that seem to be incidental. No set of men has a cans, have been pre-eminent
by
and
differences,
national
settling
right to interfere with the general good by the accomplished in
a
putting
out
disease,
stamping
in
action
manipulation of what is known as a key industry. combined
narin
and
children,
and
women
in
trade
If instead of a "strike" they would seek other em- stop to the
to bear upon
ployment they would learn through comparative val- cotics, and in bringing united pressure
same line.
in
is
the
all
misconduct
national
ues that they are not wholly necessary to the means notable
interesting
people,
the
of
temper
general
the
to
As
of life. If they interested themselves in the techin an article
nique of work outside the trades they would see the evidence is furnished in a new direction
Co., in the
&
Morgan
P.
J.
of
Morrow,
L.
Dwight
by
nournatural interdependence of all. And if they
reprinted
and
Affairs,"
"Foreign
of
issue
January
and
middle
ished, and let it be said that.the working
from
that
reports
He
18.
Dec.
of
"
"Chronicle
the
in
avocation
useful
classes have the time for this, some
issues
large
five
of
sales
of
number
the
of
90%
to
80
a
or
a
of
trade
power
binding
the
as a relief from
business they would so broaden the view that the of foreign,bonds were made to investors of less than
folly of ruling a key industry in their own interests $5,000, and their purchases embraced from 44 to
would be plain. An avocation teaches, if nothing 62% of the total amount of the issue. Whatever the
rememmore, that one vocation is only a part of a mighty, motive of the individual buyer, when it is
foreign
a
of
promise
a
simply
is
bered that each bond
useful and necessary whole.
when
hence,
years
many
perhaps
— —
Government to pay,
rewho
those
and
money
the
loaned
New.
the men who
The Contribution of the Old Year to the
wonder.
but
cannot
one
dead,
be
long
Passing from the Old Year info the New should ceived it will
do more than attract momentary attention. Ad- Yet thousands of people in all parts of the United
vance has been made in a number of directions dur- States, school teachers, army doctors, clerks and
doing
ing the past twelve months. Eager as we are to stenographers, out of their small savings, are
sake.
children's
their
for
largely
something
of
without
look ahead, it is well worth while to take note
are
they
and
possible
investment
best
the
seek
They
what has been already accomplished.
nation
another
of
people
of
promise
the
with
content
conthe
The first is the increase of knowledge and
fact,"
sequent better understanding of the ordering of whom they never have seen! "It is a startling
not,
do
nations
that
considered
is
it
"when
says,
origin
he
the
of
reached
nature. No explanation is yet
to
war
to
go
or nature of energy, or of electricity, or of the cell, and statesmen assert they should not,
the
that
or the atom, or the electron, or certain functions of collect debts, and many people are saying
the animal organism, but great advance has been various nations of the world have lost faith in one
made in understanding these functionings, their another." What does it mean but that to-day, as the
people
interrelations and those, also, of the molecule, the result of recent progress widely recognized,
confidence
and
good-will
of
atom and the electron, and, what is of more imme- have regained feelings
diate importance, the unity of nature in all its in nations other than their own!
This may be little valued as evidence, but it performs, and its movement toward a definite goal. If
its origin or its goal is not discoverable by the scien- tains to a very sensitive element, namely money laid
tist the evidence of its structural oneness and cer- away in reserve, and certainly counts for much in
tain development has been greatly increased and an attempt to appreciate the contribution of the
ground established for human effort. Whether for Old Year to the New as public opinion thus furnishes
our knowledge or our happiness, our wisdom or our a ground for courage and hopefulness.
A third fact to be considered as we look into the
welfare, the saying of the ancients is still true—
Omne seibile et aliud omne. As never before "all New Year is the growing sense of our responsibility
knowable things," which men of science seek, and as a nation for our attitude and obligations toward
"all that lies beyond," is now important to man, others. The ties uniting the nations, economically,
politically and inherently, have gained a new
and indicates the range of his inquiring search.
and a recognized reality. Inevitably they
making
strength
is
advance
Equally true is it that similar
individual adjustment; for circumundergoing
We
himself.
man
are
of
ing
in the better understand
and in no other feature is the
greatly,
differ
of
y
the
his
of
universalit
stances
evidence
have increasing
mental and moral traits and the reality of his indi- new age more definitely marked than in this. The
vidual personality, coupled with the community of small States have less sense of responsibility and
his qualities and his conscious needs, however di- can like children feel free to squabble and quarrel
verse his condition. First and last and everywhere with one another because they are aware of heavier
he is a man, and not a thing, or merely an animal, hands that may be laid upon them; and with the
human in his impulses and to be influenced and great States differences deep-rooted and complex
guided through his motives. It is no small thing imply grave possibilities and require time and
if the recognition of this as a primary and fundamen- patience. But definite and grateful progress has
been made, so marked, indeed, and so general in the
tal fact in all our relations has been advanced.
The new era of conciliation and of peace for which spirit that inspires it that it may well come to the
the world is looking has found expression politically front in our thoughts of the immediate future. It
in the efforts the nations are making to the same certainly will be manifest in many directions. The
end. Opposing, or even negative, conduct, which attitude of America cannot fail to be important.
16
THE CHRONICLE
[VoL. 124.
Our responsibility will naturally be measured by operations of the Federal Reserve
institutions for
our prosperity. That certainly is phenomenal. It the calendar year 1926, and we
print it in full below,
is marked by the size, variety and richness of our as follows:
natural resources, our supply of food, of raw mate- , The principal changes in the condition of the Federal
rials and of power, by the physical and mental vigor, Reserve banks between the end of 1925 and 1926, as rethe industry and the earnings of our people, by the flected in the statement just issued by the Federal Reserve
mobility of the population, the community of lan- Board, were a reduction of $90,000,000 in bill and security
holdings and
increase of $120,000,000 in cash reserves,
gauge, the social institutions and the freedom from due chiefly toan
gold imports which amounted to $88,000,000
obstacles to intercourse and trade between the in- during the first eleven months of the year. The peak of
habitants of the different States. The wide distribu- bill and security holdings, $1,490,000,000 on Dec. 24, was
tion of income is favorable to a high level of con- $20,000,000 below the figure reported on the same date last
sumption and a reasonable expectation for further year, while, the peak of Federal Reserve note circulation,
$1,930,000,000, was about $30,000,000 above the peak figure
increase of opportunity for the majority of the peo- for last year.
ple and more certainly for their children. If in other
At the beginning of 1926 there was the usual sharp falling
lands restricting circumstances or lack of ability off in bill and security holdings, accompanying the seasonal
and opportunity should make similar advantages return flow of currency, and on Jan. 27 total holdings of
impossible the reason for looking to us for helpful bills and securities were $1,120,000,000, as compared with
the peak of $1,510,000,000 a month
intercourse is obvious. "To him that hath shall be five-week period cash reserves earlier. In the same
increased $190,000,000
given," is a commercial axiom of various applica- and Federal Reserve note circulation declined $240,000,000.
tion. But equally true and with a far better founda- Total bill and security holdings averaged $1,230,000,000 in
tion is the other saying, "He that helps another is January, as compared with $1,430,000,000 the month before,
and continued to decline to $1,140,000,000 in June, after
twice blest." An action so directed certainly is blest
which came a slight increase in July and a substantial
to oneself.
growth in the last four months of the year to an average of
The most significant international movement to- $1,380,000,000 in December to date. The level of bill and
day is the extent to which the nations without wait- security holdings this year ranged from $80,000,000 to $160,ing for universal compacts, are seeking alliances 000,000 above the corresponding months of 1925 until October and November,
with their neighbors. Whatever may be the indi- and in December, when it was about the same as in 1925,
when the average was $50,000,000 below
vidual motives it is the expression of the widespread last year's level.
desire for helpful fellowship and intercourse. BurHoldings of bills discounted averaged about $530,000,000
densome obstacles must as far as possible be re- in January and February, increased $30,000,000 in March,
moved. The recent appeal of 165 leading bankers and then fell off steadily to the low monthly average for the
year of $480,000,000 in June, the decline in discounted bills
and manufacturers of more than a dozen different being nearly offset, however, by
increased holdings of United
countries calling attention to the evil of existing bar- States Government securities. Discount holdings increased
riers in the form of high tariffs, special licenses, throughout the remainder of the year, except for a decline
prohibitions of export and import, and the like, is of $50,000,000 in November, which was offset by a correnot to begin a movement so much as to support one sponding increase in bills bought in open market, and averaged $670,000,000 in December—about $20,000,000 below last
already begun. Their list of the injury such re- year. Bills bought in open market declined
approximately
straints work is long and emphatic. It embraces loss $90,000,000 during the first four months from the January
extending from that of greatly needed raw materials average of $330,000,000, remained relatively unchanged durand the destruction of local industries, with arti- ing the next three months, and, as is normally the ease, increased steadily
ficial dearness and reduced production, to contrac- an average of during the last five months of the year to
$390,000,000 in December as compared with
tion of credit and depreciation of currency, and also $370,000,000 a year earlier. Holdings of United
States seto the imperiling of the State by the economic folly curities declined $30,000,000 during the first quarter, increased during the second quarter to a monthly average of
of treating "all trading as a form of war."
$410,000,000 in June, and then declined throughout the reCertain it is that with no purpose of our own the
mainder of the year, except
Old Year in departing is crowding us all up to recog- December, the December for an increase of $20,000,000 in
average, $320,000,000, being about
nizing a new desire for human intercourse open and $40,000,000 under the December 1925 level.
Federal Reserve note circulation, after the post-holiday
friendly. It is evident between different classes in
decline
of $240,000,000 in January, ranged around $1,670,the desire for a better understanding, a closer co000,000 during the next three months, after which there was
operation and a completer sharing of material ad- a gradual
increase, except for a .slight recession in
avantages. There is a new interest in work and a to an average of $1,770,000,000 In November. The August.
holiday
new spirit in personal touch. Life becomes mark- demand for currency, which brought Federal Reserve note
edly human and social, and there is an increasing circulation up to the maximum for the year of $1,930,000,000, was chiefly responsible for an increase of about $90,sense of assured peace.
000,000 in the December average. Changes in the currency
With nations the difficulties are greater and the demand are also reflected
in the movement of cash reserves,
process will be slower. Open-minded leaders exist, particularly during the period preceding and following
the
but the people need to be enlightened; prejudices Christmas holidays. Average cash reserves rose in Januhave to be overcome, and old hatreds dissipated; but s*. to $2,920,000,000, about $120,000,000 above the month
when self-interest combines with good-will the way preceding, and thereafter gradually increased to an average
of $2,980,000,000 in June, due chiefly to net imports of
gold.
opens. This time the New Year can take the lead During the last half of the year
cash reserves fell off to an
with.the buoyancy and strength of youth, and, what- average of $2.930,000,000 in December, approximately $120,ever man's personal burden, he may lift up his eyes 000,000 above the December 1925 total. The seasonal inand be one with the many who thankfully receive the crease in currency requirements at the end of this year was
materially less than in 1925. principally because the susNew Year as God's gift to all.
tained demand for currency during
Changes in Condition of Federal Reserve
Banks During 1926.
The weekly return of the Federal Reserve banks,
issued Thursday night, contains a review of the
midsummer had kept tha
circulation about $100,000,000 above the 1925 level.
Member bank reserve balances declined from an average
of $2.240,000,000 in January to $2,180,000,000 in April,
and
fluctuated between $2,200,000,000 and $2.220.000,000 thereafter to the end of the year, standing throughout this period
at about the level that prevailed in the last quarter of 1925.
JAN. 1 1927.]
THE CHRONICLE
17
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Dec. 31 1926.
There has been the usual year-end falling off in general
business. The retail trade has been stimulated in some
degree by special sales at attractive prices on the eve of
Inventories. That has been the case in different parts of
the country. Jobbers have done a fair trade, but at relatively low *ices. Wholesale business has been halted by
the inventory taking. As a rule salesmen were called back.
Yet wholesale business is up to the level of a year ago on
the temporary orders that appear at this time. It is noticed, however, that spring business shows little or no snap.
It may wake up later on. The fact remains that it is without animation now. Naturally, cold weather all over the
country, including the South, tends to help business in
coal and clothing. Heavy rains and floods have had a detrimental effect on business in some parts of the West. There
were floods also in Tennessee, Arkansas and Alabama. Corn
husking has been delayed to some extent by stormy weather.
For all that, however, the movement of corn to market has
been large enough to cause a decline of 4 to 5 cents in prices.
Wheat has declined, partly under the influence of heavy
liquidation of December holdings, and that month shows a
decline for the week of nearly 8 cents. Foreign wheat supplies are turning out rather larger than was expected, and
as a rule export buying in this country has been only moderate when it has not been actually small. Argentina and
Australia will dispute the European wheat market with this
country. Some export business in rye has been done with
Norway and there are prospects of a larger sale of this grain
in 1927 to Germany, where the yield has proved disappointing. Prices of American .oats are noticeably firm. The
flour trade has been dull here and at the Southwest, though
to-day it was reported to be larger in the Northwest.
Cotton has advanced during the week some 20 to 25 points
net, making 100 to 122 points during the month, mainly
owing to cold rains and damage to cotton in the fields. It
is feared that the last Government crop estimate of 18,618,000 bales will not be picked and ginned. Not a little may
be lost in the fields. Sleet has beaten out cotton lying in
the fields of Oklahoma and Arkansas. At the same time
indications point to a very large consumption, perhaps the
largest on record. Business in cotton cloths and yarns here
has been quiet. Fall River, however, seems to have sold
nearly 100,000 pieces of print cloths this week, the largest
total for months past. Manchester, England, is hopeful of
a better trade early in 1927, favored as it is with cheap
American cotton. Coffee has advanced with stronger Brazilian markets and greater steadiness in exchange. Sugar
has been very quiet, but to-day there was a little business
at firm prices, while futures showed some advance. Rubber, after declining earlier in the week, became steadier
towards the end, both here and in London. Steel has been
very quiet and sheets at Pittsburgh are said to have declined somewhat. The output of steel ingots in 1926 is
expected to show the largest total on record. But taking
the steel mill operations at the present time, they are supposed to be down to about 65%. The prospects for the steel
trade at the end of 1926 were not so promising as they were
at the end of 1925. Pig iron has been quiet and prices have
been little better than nominal. Copper has been dull and
lower and the minor metals have also shown a downward
tendency. The automobile production in December is said
to have been the smallest since 1921. Naturally, there is
less employment at the big automobile centres. At Detroit
it is said to be 87,842, a decrease in a week of 27,810, and
as compared with a year ago a falling off of 41,262 workers.
Industry in the main shows a distinct slackening as compared with the opening of December and also in contrast
with late December 1925. Car loadings again show a decrease as compared with last year. On the other hand the
net income of Class I railroads for November records an
increase of 8%. The showing for December in the light
of recent decreases In car loadings, it is surmised, may not
be in every case quite so favorable.
In general it is remarked that the tone in business in
this country is not quite the same as it was a year ago.
Then everybody was confident that 1926 would show a
marked increase in business. At the present time the general belief is that there will be a conservative demand for
goods without any approach to a boom. Yet the fundamental situation is such that there is no fear of a general and
sharp deflation. Land speculation died out during 1926.
Although business in 1926 was good, there was no overbuying. Taking the country over, supplies are supposed to be
rather small. Prices of merchandise in general have the
appearance of having been largely stabilized, after steady
declines in many directions. Cotton is 7% cents lower than
a year ago, rubber is 52 cents cheaper, wheat is down 54
cents, corn 18 cents, coffee 2% cents, and pig iron $1 to $3.
Competition in many lines of trade is sharper than for years
yast. There is a story that Maryland recently sold pig iron
to California in competition with Utah. Building shows
seasonal quiet. Lumber is dull. Wool has been quiet but
steady. Men's wear woolen goods have been quiet. On the
whole there is no ground for pessimism, nor is there any
for expecting remarkable activity in business in the fore
part of 1927. What may come later is another matter.
Stocks have been irregular and call money was at one time
up to 6%, the highest point of the year. But the amount
of business paper outstanding is said to be the smallest for
years past, something like 15% less than a year ago. This
afternoon there was a sharp rally in stocks after an early
decline. The call loan rate of 6% dropped before the close
to 5%, and this turned the tide after an early decline of
1 to 7%. The tone in London was described as firm, but
quiet, with money easy, and gold imports promised England
for next week. Moreover, Paris was stronger. Sterling
exchange has latterly advanced here, though there has been
a slight easing in French francs.
Vienna cabled the New York "Times" that the year is
ending with the different Bourses in varying moods. The
Vienna Stock Exchange last week was extremely weak,
owing to continued forced sales of shares, but there was
distinct improvement in the market at Berlin and Prague
and a much livelier business in stocks on the Budapest market resulting from considerable foreign loans for Austrian
cities. In Jugoslavia, industrial shares and State securities rose considerably. Berlin cabled that the year-end economic reports of the leading German bankers were in an
exceedingly hopeful strain, especially in regard to resumption of foreign credits of Germany's productive enterprises.
At Fall River, Mass., the Barnard Manufacturing Co. was
shut down as a result of a sympathetic strike on the part
of all of the workers when 100 weavers walked out last
Friday, claiming 'their wages had been cut. Fall River is
running at 70%, it is said. Lowell, Mass., it is said, plans
to reduce mill taxes. At East Warren, Mass., the Parker
mills opened its gates after a week's shutdown, but none of
the employees reported for work and the plant was closed
once more. Manchester, N. H., reported that the Amoskeag
Manufacturing Co. will be closed to-night for the New Year
holiday. The Cantoocook mills at Hillsboro, N. H., manufacturers of men's underwear and hosiery, will start next
Monday on a full 48-hour week. The mills have been on
short time for more than two years. Manchester, N. H.,
wired: "The incoming New Hampshire Legislature will
consider a bill providing taxation relief for some of the
industries, such as the textile concerns of Salmon Falls and
Greenville, which are having difficulty in keeping alive."
Short hour laws are feared in the South. Manufacturers
in South Carolina are preparing to combat such legislation.
Anticipating agitation at the approaching session of the
South Carolina General Assembly, the Greenville Chamber
of Commerce is attempting to block any effort to modify
existing State labor laws, especially those relating to the
hours of operation in cotton mills. In the Charlotte, N. C.,
district mills are said to be running at 100%. The Fairchild composite fibre index increased slightly during the
week compared with the previous week. New York middling spot cotton and domestic wool prices advanced, while
raw silk prices declined; foreign wool and rayon prices remained unchanged. Both yarn and goods prices showed further declines. The Fairchild index of yarns based on four
numbers declined from 28.44 to 27.75, while the average
price of 36 cotton goods numbers declined from 11.518 to
18
THE CHRONICLE
11.494. Gray goods declined, while finished goods remained
unchanged.
Final reports for New York showed that department store
sales for the month of November were nearly 7% over the
previous year; apparel store sales 9% and sales of leading
mail order houses 6% over last year. This increase was
partly due to the fact that there was one more selling day
in November. Sales of nearly 200 reporting wholesale
houses in this district during November average about 10%
lower than in November last year. Leading department
store sales of Dec. 1 to 24 in the New York district will
average about 5% larger than last year and will substantially exceed sales in any previous December, according to
the Federal Reserve Agent here. The total will substantially exceed sales in any previous December. The report
adds that stocks of silk goods, hardware, jewelry and diamonds were larger at the end of November, but cotton goods
and shoe stocks were considerably smaller.
Remarkably cold weather on the 27th inst. prevailed in
the southern Rocky Mountain States and desert regions following a week-end storm which brought snow to the valleys
as well as to the mountains. Miami and Superior, Ariz.,
had a 4-inch snowfall. Albuquerque reported 13 degrees
above zero, with snow. Snow fell at Tucson for the first
time in three years. Memphis, Tenn., on Dec. 27 reported
six deaths and much property damage because of floods in
the lowlands of Kentucky, Tennessee, Arkansas, Mississippi and Alabama. The flood began to recede on that day
in most of the inundated area, but not at others. In Nashville, Tenn., the floods inundated 50 blocks and drove 2,000
people from their homes. It was mild and rainy here early
in the week with a heavy downpour on the 28th inst. But
it was clear and pleasant here on the 29th. It was 30 to -12
here; at Boston 34; Cincinnati 18; Chicago 12; Cleveland
20; Detroit 22; Kansas City 18; Milwaukee 6; Montreal
22; St. Paul zero.
Nashville, Tenn., reported that the Columbia River was
sweeping through that city in the most devastating flood in
the city's history and spreading over a wider territory, forcing hundreds to join several thousand homeless who had
fled from the surging waters. It was clearer here to-day
and 41 degrees at 4 p. m. The indications pointed to rains
to-night and fair and colder on Saturday. Yesterday Chicago was 32 to 40; Cincinnati 30 to 34;'St. Paul 24 to 40;
Portland, Me., 16 to 24: Philadelphia 26 to 34; New Orleans
44 to 56, and Abilene, Texas, 32 to 62.
Federal Reserve Board's Summary of Business Conditions in United States—Decline of Manufacturing Activity.
Activity in manufacturing industries decreased in November and December, while production of important
minerals continued at a high level, says the Federal Reserve
Board in its summary of business conditions in the United
States, made public Dec. 27. The Board adds:
Wholesale prices declined to the lowest level in more than two years.
Firmer money conditions in December reflected the usual seasonal requirements in connection with holiday and end-of-year activity.
Production.
Factory employment and payrolls declined in November, reflecting
decreased activity in many important industries, but owing to the large
output of minerals, the Federal Board's index of production in basic industries advanced somewhat during the month. Production of bituminous
coal and petroleum in recent weeks has exceeded all previous records, and
output of copper and zinc during the month of November was in unusually
large volume. Pig iron production also increased slightly in November,
but steel mill operations in that month and in December were considerably
reduced. Automobile production, which is not included in the index of
production in basic industries, declined sharply in November for the
second consecutive month and was smaller than in any month sincne
August 1925. Textile mill activity was maintained during November
at approximately the same rate as in October. The value of building
contracts awarded showed less than the usual seasonal decline in November
and was slightly larger than in November 1925. Awards for the first
half of December likewise exceeded those reported in the corresponding
period sf last year.
Agriculture.
The Department of Agriculture estimates the value of 55 principal
crops raised in 1926, on the basis of Dec. 1 farm prices, at 57,802,000,000,
compared with $8.950.000,000 in 1925. Of the decrease in the value of
crops the decline in the value of the cotton crops accounts for $580,000,000
and that of the corn crop for about $260,000.000, while the total value
of the wheat crop increased by nearly $40,000.000.
Trade.
In November distribution of merchandise at wholesale and retail showed
activity
earlier in the autumn. Compared
the usual decline from the
with a year ago, however, wholesale trade was in about the same volume
and retail trade larger. Sales of department stores were about 7% larger
than last year and those of leading mail order houses were 6% larger.
Stocks of merchandise carried by wholesale firms declined further in
November and were smaller at the end of the month than a year ago.
Inventories of department stores, however, increased slightly more than
[VOL. 124.
is usual in November. Freight car loadings declined considerably 111
November and December from the record high levels of October, although
the movement of coal continued heavy.
Prices.
The general level of wholesale prices declined in November and prices
of many important basic commodities decreased further In the first half
of December. The Bureau of Labor Statistics index of wholesale commodity prices for November was 148. the lowest level since July 1924.
Bituminous coal prices increased sharply during October and the early
part of November, but in recent weeks have declined by about two-thirds
of the previous rise. Petroleum prices have been reduced since early in
November, and there have also been declines in pig iron, copper, zinc,
lead, and silver. The fall in prices of agricultural commodities, which
has lasted with flew interruptions for over a year, continued in November.
Grains, however, have risen somewhat since the latter part of that month.
The clothing materials and house furnishings groups have declined steadily
in price during recent months to the lowest levels of the post-war period.
Bank Credit.
Loans and investments of member banks in leading cities increased by
over $100,000,000 during the four weeks ending Dec. 15, reflecting in
part the growth in the demand for credit and currency that usually occurs
in December. The increase was in loans on securities, while commercial
loans declined somewhat from their seasonal high point in November.
The volume of Reserve bank credit showed the usual seasonal increase
after the middle of November but was lower than in the corresponding
period of 1925, partly because there was a smaller Increase this year in
the amount of money in circulation.
Money market conditions became slightly firmer in December than
at the end of November. Commercial paper rates were unchanged but
open market rates on bankers' acceptances advanced by one-eight of 1%
and call rates on security loans averaged higher for the month.
Secretary of Commerce Hoover Views New Year Optimistically—Nation Making Economic Progress.
In response to requests from newspapers and magazines
for his views regarding conditions and prospects for the
coming year, Herbert Hoover, Secretary of Commerce, expresses himself as follows in a statement released for publication to-day (Jan. 1):
A reply to requests for opinion on the New Year's economic prospects can
only be based on the economic currents already born of the old year. New
and unknown currents will enter in the new year, so there Is no such thing
as assured economic prophecy.
No one will deny that 1926 has shown the highest total production and
consumption of industrial commodities of.any year in the history of the
United States. Except in the textile industry and parts of the coal icdustry, it has been a year of high degree of employment, which has been
accompanied by the highest peak in real wages, because wage income for
the country as a whole has slightly increased and cost of living slightly decreased during the year. Manufacturing the service industries, and commerce generally have continued to improve their methods, to reduce costs,
and to improve services. In aggregate each industry appears to show
substantial profits except the textile and some parts of the coal induArY•
While there has been a slackening in production and demand for several
staple lines during the past few weeks, we enter the new year with no consequential over-stock of manufactured goods. With the largest volume
of cor structlon during the past year ever known there may trove to be some
construction in advance of immediate needs, but slackening in this direction may be partially compensated by the assurance of a larger amount of
public construction during the next year. Savings of the country have
shown a steady increase and there is ample cheap capital available.
The lag of agricultural recovery has continued and has been accentuated
by distressing crop ffailures in some localities. Cotton and some fruit
crops beyond world demand have brought about prices below the cost of'
production of large areas of those commodities. There is a consequent
lowered buying power in some agricultural sections.
Taking the foreign field as a whole, it shows continued progress toward
balance of budgets; reduction of floating debt; greater stability in currency;
and somewhat diminished unemployment. The most important exception
has been the results of the British coal strike which left the world poorer
by its interruption ot the progress of that country, but this is now happily
over. Russia shows some economic improvement; and China, due to international trade relations, still continues below normal. Each year sees
progress in European political relations with fear less and less a dominating
factor.
Combining all foreign and domestic tendencies with which we enter the
New Year, while some of them are not so good as we could wish, others
are most hopeful. To those who are interested in the movement of the
business cycle, it is worth remarking that we have had no inflation in
commodities as prices have decreased rather than increased duringthe year.
Moreover, the elasticity of credit through the Federal Reserve System, the
absence of undue stocks of commodities, the greatly enlarged information
services of the country and wider understanding (and thus better common
judgment and caution) are all protections against violent movements, such
as we experienced in former times.
The nation is making economic progress. Some areas lag behind others
and discontent with the lag is an assurance of a lively sense of initiative
and the best promise of remedy. Each individual tests the question of
prosperity by his own setting and naturally applies his own test to his
views of the economic state of the nation. If we use the more precise term
"economic progress" we find we have per capita as the result of the year
1926 more and better lhomes, more electric lights and power, more transportation, more roads, more substantial buildings, more radios and more
automobiles, more savings, more life insurance and more of a lot of things.
We also have more educational facilities and more per capita circulation of
newspapers and magazines than ever before.
Altogether we enter the New Year with a job in prospect for most everybody, with the whole nation better fed, better housed, and better clothed
than any other nation. The large disappearance of poverty in the chronic
sense should make us more sensible to the remedy of misfortune in the
individual sense, and the high recovery of industry and commerce from the
losses of the war shoidd make us more sensible of the needs of agriculture.
Manufacturers Optimistic—Directors of National Association Expect Big 1927 Business.
The following, made public Dec. 26 by the Associated
Press, is from the New York "Times:"
JAN. 1 1927.]
19
THE CHRONICLE
Jtb.7.00000N00.
.40ONW.0001,00b.2.40..
WWONOWW
04,
t,,W00
.00014,.0
.were fairly large, but loadings of merchandise
Twelve directors of the National Association of Manufacturers, repre- a year ago.% Retail sales
senting large industi ial interests in the East, South and Middle West, in and miscellaneous freight, and bank debits ih this district and throughout
1927
of
more
than the usual seasonal declines.
public
continuance
in
the
country
showed
statements made
yesterday, predicted a
the unprecedented business and industrial prosperity that has charac(Computed trend of past years
100%.)
terized 1926.
1926
1925
Among the reasons for the general optimism the following were emphasized:
Noe.
Sept.
Oct.
Nov.
1. Business is nearer to a cash basis than it ever has been.
2. No financial panic can come because the Federal Reserve Banking - Primary Distribution102
104
103
Car loadings, merchandise & miscellaneous
System stands as an indestructible buffer.
113
107
107
Car loadings, other
3. The industries are operating at a high rate of production.
92 i p 96x
106
Exports
125:
124
121
4. The margin of profits has been narrowed and we are closer to a Imports
71
70
112
Grain exports
true relationship between costs and sales.
84
92
84
Panama Canal traffic
5. Competition will be stronger.
wink
Distribution to Consumer- ow pi.
6. Credits have decreased and there is ample money at reasonable rates. Department store sales, 2d District
102
105
109
99
I 98
95
7. People generally are contented and there are gradually fewer labor Chain store sales
120
126
119
Mail order sales
disturbances.
117
109
116
Life insurance paid for
The views of the individual directors follow:
102
103
Real estate transfers
11.1
108
106
Magazine
advertising
JOHN E. EDGERTON,
108
111
107
Newspaper advertising
President, National Association of Manufacturers.
IS ic•
General Business Activity- 1190
106
110
113
debits, outside of New York City
Government officials who know, individual economists and private re- Bank
112
122
123
Bank debits, New York City
ports all tell us our country is in the finest position we have ever known; Bank debits, 2d District, excl. New York City
102
108
105
99
105
98
that we have attained a new national standard of living. Recent surveys Velocity of bank deposits, outside of N. Y. City115
127
129
made by the National Association of Manufactureis among its members Velocity of bank deposits, New York City
146
189
173
Exchange
*
Stock
Shares sold on New York
support this appraisal amply.
95
100
98
Postal receipts
Ninety-nine per cent, of our members are planning for better business Electric power
116
117
jai
103
104
in 1927 than they had in 1926, classifying their chances variously as Employment in the United States
111
107
94
from excellent down to fair. Only one per cent, takes a pessimistic Business failures
137
169
133
permits
view and anticipates a decline. Seventy-five per cent, have recorded Building
112
122
112
New corporations formed in New York State _
185
186
1£03
better business for 1926 than they had in 1925. Sixty-eight per cent. General price level
have increased their forces and eighty-nine per cent, are paying higher
Seasonal variations not allowed for. x Prelim nary.
wages this year than last year.
Excellent reason for being optimistic! But with all of this I want to
sound a note of caution against becoming panicky when we see our Falling Off in Wholesale Trade in New York Federal
prosperity easing off in certain spots. It is bound to come, for we are
Reserve District During November.
closer to the basis of just costs all around than we have ever been since
In reviewing the conditions in wholesale trade in this
the war.
Within the last six months I have traveled through nearly three-fourths district, the Federal Reserve Bank of New York, in its
of the States of the Union, and have talked to and with thousands of
"Monthly Review," states that "sales of nearly
industrial and business men. I find in some places tendencies toward Jan. 1
gloom, but also I find in these places a little overbuilding, overgrowing, 200 reporting wholesale houses in this district during Nooverproduction. Those things must, and will, find their stable bases, a vember averaged 10% lower than a year ago, despite the
more even relation between production and consumption, as exists in the
adds:
great bulk of our standard lines of business that have gone on and on additional selling day this year." It
The decrease, as in previous months, was largely due to smaller sales
for decades and must always go on.
large
The United States today has an annual crime bill of $10,000,000,000. of clothing and textiles. Sales of men's clothing had an unusually
We are the most criminal nation in the world. We should give continu- year-to-year decrease, and sales of women's coats and suits continued
however,
was
sales,
decline
in
dress
The
year
ago.
ing thought to the fact that there is a keener relationship between crime much smaller than a
smaller than in any month this year. Leading silk houses and cotton
and leisure than there is between crime and the necessity for work.
When nations turn to pleasure, they crumble. Idleness destroys, and commission houses reported sales considerably smaller than a year ago.
when idleness becomes the business of those who make, mold and rule but jobbers' sales of cotton goods were slightly larger for the first time
nations, there can be only one harvest-ruin. That has been the story In a year.
Wholesale grocers reported the smallest sales for any November in the
of civiliation; and now, in our most favored position, it behooves us to
below
give more thought to constructive progress and to hold the respect of the last eight years, and machine tool sales remained considerably
the moderately high level of a year ago, but paper and jewelry sales showed
world.
the
largest
for
the
the largest increase since June, and shoe sales were
Besides Mr. Edgerton, among manufacturers, who con- month of November in five years.
tributed their views, were:
Stocks of silk goods hardware, and jewelry and diamonds were larger
A. H. Mulliken, Preisdent, Pettibone-Mulliken Company, Chicago; at the end of the month than a year previous, but cotton goods and shoe
William C. Coleman, President, Bucyrus Company, South Milwaukee, stocks were considerably smaller. Collections during November averaged
Wis.; P. 0. Geier, President, Cincinnati Grinders Incorporated, Cincin- slightly larger than a year ago, and accounts outstanding at the end of
nati, Ohio; D. M. Weir, Vice-President, Weirton Steel Company, Weir- the month were somewhat smaller.
ton, W. Va.; H. B. McCormac, President, Virginia Manufacturers' AsP. C. Change
sociation, Virginia Woolen Company, Winchester, Va.; E. E. Straus,
P. C. Change
November 1926
President, Courier-Journal Job Printing Co., Louisville, Ky.; E. B.
from October 1926 November 1926 from November 1925.
Leigh, President, Chicago Railway Equipment Company, Chicago;
Commodity.
Stock
Stock
Joseph C. Kimball, President, Associated Industries of Massachusetts,
Net
End of Collte- Accounts
End of
Net
Boston; Frank R. Valentine, President, M. D. Valentine & Bro. Co.,
Sales. Month. Sales. Month. lions. Rec'able.
Woodbridge, .N. J.; Henry Abbott, President, Calculgraph Company;
and Fayette R. Plumb, President Fayette R. Plumb, Philadelphia.
-9.4
-1.3 -9.5 -7.6
+6.9
-4.2
Groceries
-3.2
-18.6
+14.1
-41.8
Men's clothing
-6.7
-49.1
Women's dresses
-24.2
-5.3 -21.5
Women's coats di suits..__ -62.4
Babson's Outlook for 1927.
-8.3
-8.9
-1.7
+0.7
Cotton goods-Jobbers_- -12.0 -14.0
-12.5
--4.4
The Babson Statistical Organization, in submitting its
Commission
-4.3
+6.4
-2.7 *+16.1 -16.9 *+9.3
Silk goods
outlook for 1927, enumerates certain weak spots which it Shoes
+2.0
+8.0 -16.5
+9.1
-0.1
-5.0
-4.5
-23.7
says "suggest no further improvement in business." We Drugs
+0.9
-2.9
+3.8
0.0
-8.5 -3.1
Hardware
-11.0
+3.6
Machine tools
give herewith what it has to say:
+5.6
-0.9
-5.9
-2.7
Stationery
As we stated at our September Business Conference, we do not feel Paper
+6.3
-5.9
+6.3
-1.6
-22.3 1 -4.7j -5.6 1 +7.7
apprehensive for 1927, altho business shobld total less than in 1926. The Diamonds
1 +6.5 I
+22.0 j
following are certain weak spots which suggest no further improvement Jewelry
-5.6
Watahtael avarima
-21.2
4-0.7
-9.5
in business.
•Quantity, not value.
(1) The political enthusiasm engendered by the Coolidge election in
1924 has passed its crest. (2) Stimulation from installment selling is
wearing off. Instead of helping business as a whole in 1927 it will be Ten Per Cent Increase in Chain Store Sales in New
rather a necessary expense. (3) The rental situation is shaky; some
-York Federal-Reserve District During November.
decline in building values is likely to take place. (4) Tariff arguments
chain store systems reported for-November the
"Leading
will create uncertainty, but we do not expect a real show-down on the _
tariff during 1927. (5) The sagging tendency in commodity prices evi- unusually large increase of 10% in average sales per store
dent since 1920 probably will continue so far as industrial products are
compared with a year ago," according to the Jan. 1 "Monthly
concerned. Grains during the first six months, however, should average
Review" of the Federal Reserve Bank of New York, which
higher.
The territories in which business should be best during the first half goes on to say:
year are the industrial areas of the East and Middle \Vest. Money rates
A part of the increase was due to the extra selling day this year, and the
for the first six months should continue easy, with, of course, the usual less rapid opening of new stores, which have smaller average sales_than
seasonal variations. During this period, therefore, good bonds should established units,accounted for a part of the increase in some lines.
pursue a firm tendency. A flood of new offerings is bound to come before
Variety, drug and grocery chains continued to show the largest gains
the year is over. Our position on stocks is well known. The rounding- in total volume of business, but all types reported substantial increases over
out process in the stock market will continue during the coming months. last year in November.
Special issues will advance, but many others, some of them now at high
levels, will move downward. Stocks are in a high zone and clients shuold
Percentage Change
conserve their liquid funds! With the Babsonchart as far above the
November 1926 from November 1925.
Type of Store.
X-Y Line as it is today, stocks are not bargains. Above all things, 1927
Sales per
Number of
Total
is the year to get out of debt!
Store.
Sales.
Stores.
Y rk Faderal Reserve Bank's Indexes of Business
Activity.
•
n it; Jan. 1 Monthly Review the Federal Reserve Bank
of New York says:
Variety
Drug
Grocery
Candy
Ten Cent
Tobacco
Shoe
+13.2
+34.0
+10.1
+8.0
+7.0
+6.7
+10.4
+33.7
+24.5
+24.2
+15.3
+12.1
+11.6
+9.7
+18.1
-7.1
+12.8
+6.7
+4.7
+4.6
This bank's indexes of business activity in general were lower for November
than for October ,and in a number of cases,were lower also than those of
Total
+9.9
+20.8
+10.0
20
THE CHRONICLE
Department Store Sales in New York Federal Reserve
District in December Larger Than Year AgoIncrease Also Shown in November.
[VoL. 124.
It is also pointed out that in addition the practice of installment selling has acted to reduce wholesale costs without
reducing retail costs to the same extent. Mass production
The Jan. 1 Monthly Review of Credit and Business has been more economical for the wholesaler, but in retail
Conditions by the Federal Reserve Agent at New York trade installment selling inevitably adds to the price of the
article purchased. Considering the decrease in the physical
has the following to say regarding retail trade:
Reports from leading department stores in New York and vicinity on volume of wholesale trade, "The Index" states:
The development of department and chain stores combining both wholesales from Dec. 1 to 24, inclusive, indicate that December sales in
this
district will average about 5% larger than last year, and will substantially sale and retail features has appropriated some of the wholesaler's business.
exceed sales in any previous December. This would make total sales for The enormous increase in business of mail order houses, for example, indicates a vast rural consumption for products which do not pass through the
the year 4% larger than last year, compared with an increase of
54% medium of the wholesaler.
Department stores, chain stores, five and
In 1925.
Final reports on November business showed an average increase of nearly ten cent stores are spread all over the country, and in a sense their steadily
7% over a year ago in department store sales, 9% in apparel store sales, increasing business is a restrictive force upon the business of the wholesaler.
and 6% in sales of leading mail order houses. A considerable part of
these
Increases may be attributed to one more selling day in November this year,
however.
Stocks of merchandise in department stores at the end of November were Dr. J. T. Holdsworth on the Business Situation-1926
Prosperity-Favorable Factors in Outlook1S4% larger than a year previous, and the ratio of sales to average stock
on hand during the month was slightly higher than in November
Cotton Situation.
1925.
Collections on charge accounts were somewhat smaller than last year, and
Speaking on "The Business Situation" before the Florida
accounts outstanding at the end of the month were 10% higher. Installment collections were larger than a year ago, however, and accounts receiv- State Chamber of Commerce
at Miami on Dec. 7, Dr. J. T.
able showed little change.
Percentage Change
November 1926from November 1925.
Holdsworth, Professor of Economics of the University of
Miami, said:
On the basis of statistics now available for the first three quarters of the
year, 1926 will probably go into economic history as the best business year
this generation has known. There are some surface indications of business
Net
recession, notably the construction and the building trades, but nothing
Sales.
short of an industrial "hurricane," of which the ordinary "barometers"
New York
+6.3
+1.0
-5.7
+9.8
of
trade give no suggestion or warning, can now prevent the hanging up
Buffalo
-3.9
-0.6
+3.2
+0.2 of the banner of prosperity for 1926.
•
Rochester
+4.3
+12.2
+4.7
+21.4
Syracuse
And the significant thing about this long and almost unbroken stretch
-11.4
+2.3
Newark
+12.1
+6.3
48:11
+13.0 of prosperity extending over more than two years, is the fact that it has
Bridgeport
+11.3
+4.7
been a period of steady, quiet, conservative progress, free from the hectic,
Elsewhere
+6.9
+5.4
-i-Iii
-:-a:i jerky spasms of alternating good business and bad. Someone has
Northern New York State
not
+1.0
____
__
___
.
Central New York State
-2.6
____ - __
_ _ ... inaptly called it a period of "prudent" prosperity. The restrained and pruSouthern New York State
+6.7
dent prosperity of the period beginning early last year may be attributed
____
------Hudson River Valley District
+11.8
___
____
__ _ partly to the fact that in general there has been a gently declining trend of
Capital district
-1.0
___
---_ _ -- wholesale commodity prices, and to the further fact that there has been
Westchester district
stor+19.7
es_
All department
+6.7
-1-118
-1.E
+-11.1 available to business a constant and ample Supply of credit through the
Apparel stores
+22.0
+9.4
channels of the Federal Reserve System.
Mali order houses
-4-8.3
The gradual decline of commodity prices has been accompanied by a
•Exclusive of Installment accounts.
policy of hand-to-mouth buying, with the result that no heavy inventories
November sales and stocks in the principal departments are compared have been piled up, as has generally been the case in previous periods of
prosperous business. With business running at such a steady, prosperous
below with those of a year ago:
pace; with freight car loadings repeating high records week after week
most of our railroads in better financial and physical condition than
and
•••. Net Sales
Stock on Hand
Percentage Change Percentage Change they have been at any time since the war, and many of them increasing
returns to stockholders, employees and the physical plant itself; with
November 1926
Nov. 30 1926
from
from
ample credit well in hand, despite the fear of over-extension by the route
November 1925. Nov. 30 1925.
of installment buying, and money in plentiful supply at reasonable rates;
Books and stationery
with steel production and the automobile output holding up remarkably
+19.4
-6.8
Shoos
well for this time of year, and with industrial production and profits gen+18.9
+1.2
Mon's and boys' wear
+18.7
+4.2
erally moving at so satisfactory a pace-with these favorable factors, it
Furniture
+17.4
+4.1
is
hard to see where the business pessimist can get a hearing for some time
Hosiery
+13.9
-0.1
Luggage and other leather goods
to come.
+13.8
-0.5
Women's ready-to-wear accessories
+13.1
This is not to say that peering into the future as the year draws to a
+0.2
Linens and handkerchiefs
+12.7
+5.6
close there are no clouds in the business sky. Building operations which
Men's furnishings
+10.7
-5.8
Home furnishings
have been going forward in such large volume for some years show signs of
+9.4
+4.1
Toys and sporting goods
slackening, but the year's totals will be among the very best on record.
+9.1
+0.8
Women's and misses' ready-to-wear
+6.1
The
early setting in of winter may check the normal movement of commodi+2.1
Silks and velvets
+5.9
+1.3
ties to the market, but wheat arid other farm crops have been moving
Toilet articles and drugs
+5.7
-3.2
Cotton goods
rapidly to consuming centres. The fear that low prices for farm prodUcts
+4.7
-6.5
Silverware and jewelry
would affect the purchasing power of the fanner has pretty largely dis+4.5
+2.0
Woolen goods
-14.2
-39.0
appeared,
and with excellent yields and diversity of products, the farmer,
Musical instruments and radio
-20.6
-5.7
if the politicians and agitators will leave him alone, will realize that heMiscellaneous
-3.4
-10.4
has had a fairly good year. The spread between the purchasing power of
the farming communities and the wage earning group, while undesirable
and economically disturbing, presents no new situation and is not as alarmNew York Trust Company on Reasons for Decline in ing as some statisticians would have us believe.
There is no denying the fact that the cotton situation presents some seValue of Wholesale Trade Since 1919.
rious aspects to the South and to the nation. With a crop of 18,000,000
"Since 1919 the index of wholesale trade is the only bales this year added to 5,000,000 carry-over from last year's big crop, and
with cotton selling around 13 cents, a price considerably lower than the
figure in the table of major economic indices, as compiled
average cost of production, the gravity of the situation is apparent. Such
by the Department of Commerce, that has not shown a an enforced reduction in the purchasing power of the great area included
marked increase," says "The Index," published by the in the cotton belt must adversely' affect the entire country. Bid even this
dark picture is not unrelieved. Indications already point to the probability
New York Trust Co. In its article on the subject, made that the low prices for cotton will stimulate
buying both by our own textile
public under date of Dec. 27, the trust company says in part: mills and by foreign markets.
this
year's
overproduction
lesson
If
bitter
of
be sufficiently well-learned
Vast gains have been made in the volume of manufactured goods, in
mineral and forest products, in railroad freight ton-miles. electric power as to lead to a marked reduction in cotton acreage, to diversification of
crops in the cotton belt, and to co-operative marketing and financing of
production and in building contracts.
Similar gains have been made in the value of sales by department stores, the cotton crop, the year's loss will bring about eventual gain. Until our
South
learns, as the corn belt and the wheat areas are learning from bitter
five- and ten-cent stores and mail order houses. But wholesale trade still
experience, the folly of dependence upon a single crop and the economic
lags, being still considerably less than in 1919:
advantage of diversification, we shall lag behind in the economic struggle.
nice: Year (1919- 100)1924.
1925.
1923.
1926.
The fact that less than 10% of the cotton crop is handled co-operatively,
Department stores
126
125
118
133
that is, through co-operative marketing organization, points its own signifi5 and 10 cent stores
196
173
152
219
Mall order houses
cant lesson. A leaf must be borrowed from the experience of the fruit
110
91
100
122
Wholesale trade
83
82
80
growers' associations of California and elsewhere. Though co-operative
85
The apparent phenomenon of the failure of wholesale trade to reach the marketing has had some disastrous episodes, the basic principles of this
level of 1919 can be partially explained by two factors. First, the value type of economic distribution are sound; the fault has generally been with
of wholesale trade has had a disproportionate decline chiefly due to a fall the management or type of organization. In the matter of financing cotIn wholesale prices from the peak of inflation which has been much more ton, there fortunately exists in the banks, the Federal Reserve System and
severe than the fall in retail prices. Second, there has also been a decrease the Intermediate Credit Bank System, all the machinery necessary for the
in the actual physical volume of wholesale trade, due to certain develop- satisfactory and economical handling of even such an immense crop as has
ments which will be discussed later in this article.
been produced this year.
It is fortunate that the cotton growers, unlike some other agricultural
Wholesale Prices More Inflated.
groups in this country, have generally escaped the virus of such economic.
The effect of the inflation of 1919 and 1920 upon wholesale prices was ally unsound and vicious practices as price fixing, valorization,. Government
much more marked than its effect upon retail prices. Between 1913 and subsidizing, "Haugenism" and other numerous economic fallacies with
1919 wholesale prices increased 123% while retail prices were increasing which politicians and agitators have sought to bedevil us in recent years.
99%. The wholesale price index with 1913 taken as the bards of 100 reached All the legislation and all the remedies needed for the solvipg of the cottonits peak in 1919 at 223. In 1921 it fell to Its lowest point of 140, a drop problem are at hand. If sober sense and business wisdom be mixed with
et 83 points. Retail prices, on the other hand, fell from a peak of 200 these, the "cotton situation" will gradually clear itself up.
to a low point of 169, a drop of only 31 points.
As to Florida, the sun shines as genially as "before the storm," the whisAs a result of these developments, the much more severe decline in pering breees are as caressing as ever, the black soil of the Everglades
wholesale prices sille0 1919 would naturally reduce the value of wholesale still "laughs into a harvest" and the spirit of its people remains undaunted.
trade in greater proportion than the value of retail trade.
To the thousands of contented people here are being added more thousands
Locality.
Stock on
Hand End Callerof Month. lions.*
Accounts
Receivable.*
JAN. 11927.1
THE CHRONICLE
seeking and finding contentment and health and happiness. Florida has
settled down to the business of steady, normal growth and expansion. Again
this winter all the world will contribute to her upbuilding and will be
rewarded by the re-creation of physical and mental well-being.
Activity in Boston Federal Reserve
District Is at Lower Rate than Year Ago
1927 Starts with Factories Active.
Reviewing the situation in New England the Federal
Reserve Bank of Boston has the following to say in its
January 1 Monthly Review:
While Business
Industry starts the year 1927 with factories quite active, with retail
distribution of merchandise in large volume, with prices of basic raw
materials having shown a decline for about eighteen months, and with
loans of commercial banks at nearly the largest amount on record and
money rates fairly firm. Business activity at the beginning of 1927, however, is at a lower rate than a year ago, both in this district and in the
country as a whole. In both cases the current rate of activity is somewhat higher than the average maintained during the past five years.
Business conditions in the country as a whole were extraordinarily stable
lnd free from fluctuation in 1926, but in New England there was a
iccession in activity during the summer months, followed by a partial
recovery in the autumn. The average Massachusetts factory did not
have as many people on tis pay roll in 1926 as in the previous year, but
the average weekly earnings of the employees were slightly higher than
in 1925. The total value of business in the leading New England textile
centers during 1926 was less than in 1925, and but little better than in
1924. The important shoe cities, on the other hand, reported the largest
value of business in 1926 for several years. Metal trade centers reported the largest value of business since war times. The decline in
basic raw material prices since the summer of 1925 has been an important factor in the business situation, and has tended to reduce the dollar
value of trade, as distinct from the physical volume of trade. Some
shrinkage in inventory values has been caused by declining prices, and
the value of check payments has also been affected. Retail distribution
of merchandise through the New England department stores, and in
fact, through department stores in the entire country, was larger in 1926
than in any previous year for which records are available. The increase
in New England department store sales in 1926 as compared with 1925
was entirely due to larger sales on charge and instalment accounts, there
being no increase reported in the total volume of cash sales. There was
not as much building activity in New England during the past year as
in 1925, but with that exception there was the largest volume of building in New England on record. Both total deposits and total loans
of member banks in New England averaged higher in 1926 than in the
previous year. The growth in deposits was even more noticeable in the
so-called country banks than in the banks in Boston. Money rates on
the whole were somewhat firmer than in 1925, continuing the upward
trend in effect since the third quarter of 1924.
Volume
of
Production
and
Trade
in
Philadelphia
Federal Reserve District.
the last two months of 1926 have witnessed
a continued good volume of production and trade in the
Philadelphia Federal Reserve District, with some recessions
from the high levels of October, the Federal Reserve Bank
of Philadelphia in its Business Review for Jan. 1 further
indicates as follows the business situation in the district:
Noting that
Factory activity in the district slackened somewhat in November, as
Indicated by a reduction in employment and payrolls, and a further slight
decline in employment is indicated in December. Output of manufactured
goods, however, continues to exceed substantially that of last winter.
Anthracite and bituminous coal are also being mined in much larger quantities than in the same period of 1925, though the demand for the latter
variety has declined in the past few weeks. The colder weather has
naturally caused a slackening of construction in the district, but contract
awards in November held very close to the October level and were
14.5%
larger than in 1925. Industrial buildings continue to represent a more
important share of the total than in the earlier months of tho year.
Shipments of goods by rail have fallen off from tar% record volume of
October, but freight car loadings in the Allegheny district have continued
about 10% ahead of last year. Wholesale trades in the district have also
been making a favorable shoving as compared with 1925. Every line
reported larger sales in November than in the same month of the previous
year and in most cases this betterment was accompanied by a reduction in
stocks and an improvement in collections. Total retail business in November showed small gains over the preceding month and the same month of
last year. but this increase almost disappears when it is remembered that
there was one more trading day in November 1926 than in either the month
preceding or in November 1925. Indeed, a small decline was reported in
November by the Philadelphia department stores. In the department
stores outside Philadelphia, however, and in the apparel and shoo trades
substantial increases were reported over 1925. The volume of check payments in the leading cities of the district declined seasonally in November but
was 5% greater than in the same month of last year.
A quieter market exists for iron and steel products. Operations in most
branches of the industry have slackened seasonally and there have been
some reductions in the price of pig iron. November output of pig iron in
this district and in the United States was slightly larger than in October,
but the daily output of steel ingots was substantially less than in the preceding month or in November 1925.
The textile industries of the district have given further evidence of their
marked recovery from the mid-year recession. November wage payments
at textile mills were only fractionally smaller than the October total, while
employment at these mills increased 1.6% in face of a decline in nearly
every other group. The record breaking crop and consequent price declines
for raw cotton have been accompanied by lower prices for finished goods but
manufacturers in the district report a fairly good demand and sondem
orders on their books to enable them to continue their present active
production schedules for several weeks. Woolen manufacturers also
report good business for this season and they have been more active recently
than at any time in the past year. Quotations for wool products remain
stable. Silk goods are meeting with slackened demand and lower prices,
and production schedules have been reduced of late.
Hosiery mills also have been seasonally lees active. There has been a
smaller demand for full-fashioned and the market for most grades of seamless
is only fair or poor. Quiet prevails in the carpet and rug market, though
21
some producers report a good demand and several mills have increased
their operations.
Tanners of sole and kid leather report some improvement in demand and
more active operations. Manufacturers of leather luggage report good
business and capacity operations, but activity in the shoe industry of the
district has decreased somewhat and the present market is seasonally quiet.
Cigar factories in the district are working at a high rate in response to
an excellent demand which will insure a continuance of this activity for
several weeks. Sales of confectionery are larger than in 1925 and most
factories are working at close to capacity schedules.
City Conditions.
There is a wide variation in conditions in various parts of the district
asshown in the accompanying table. Seasonal business decline in November
from October levels is evidenced in most of the cities by a smaller volume of
wage payments, building permits and debits.
November conditions as compared with last year also vary widely in
different parts of the district. Philadelphia showed the largest increases
in factory employment and wage payments but was the only city besides
Trenton to report smaller retail sales. Important gains in wage payments
occurred in only three other cities, Reading, Harrisburg and York. Debits
increased over the 1925 figures In all cities except Lancaster, Trenton and
Wilmington, but the volume of building permits showed large declines.
in most cases.
Retail Trade.
Advance reports indicate that the holiday retail trade in this district is
active and sales during December should approximate the volume in the
same month last year. Exceptfor some declines, prices continue unchanged.
Partly because of the greater number of trading days, sales by reporting
stores during November exceeded the volume of a year ago by 3%,and the
volume of business from Jan. 1 to Nov.30 was 2.3% larger than in the same
months of 1925. With the exception of a slight decrease in Philadelphia
department store business, total sales for this district showed increases.
Large gains over the volume of a year ago are especially noticeable in leather
goods, women's suits, furs, gloves, knit underwear, infante wear, women's
and children's shoes, but in waists and blouses,sweaters ribbons and woolen
dress goods,losses are reported. Stocks on Nov.30 were but slightly heavier
than those on the same date last year. The rate of turnover in the past
11 months was somewhat more rapid than that in the corresponding period
of 1925.
Merchandising Conditions in Chicago Federal Reserve
District Decline in Wholesale Trade-Increase
in Department Store Trade.
Declining wholesale trade in the Chicago Federal Reserve
District and increasing department store trade during November are reported in the Jan. 1 number of the "Monthly
Business Conditions Report" of the Chicago Federal Reserve •
Bank, from which we quote as follows:
Wholesale Trade.-All five reporting lines of wholesale trade in the
Seventh District reported declines in November sales as compared with
October, but increases over November a year ago. Stocks increased in
both comparisons for hardware and drugs, but were smaller for dry goods
and shoes; groceries showed inventories larger than for a month previous
but less than on Nov. 30 last year.
Groceries.-Three-fourths of the reporting grocery firms registered declines
In sales from October, and two-fifths fell below November 1925. Sales
for November amounted to 4.7% less than in the prior month and 3.7%
above a year ago. Stocks increased 1.5% over October but were
7.3%
under the corresponding month last year. Collections declined
3.8%
from October and 1.3% from November 1925, while outstanding accounts
Increased 0.4% in the monthly comparison, but were 3.1% below last year.
Hardware.-Aggregate sales by 17 hardware dealers dropped 10.0%
below those for October, only four increases being reported. All but two
of the firms showed gains over November a year ago, with the total
4.7%
greater. The majority indicated smaller collections and receivables than
for the preceding month, but larger than a year ago. Inventories were
4.1% heavier than on Oct. 31 and 1.2% ahead of Nov. 30 1925.
Dry Goods.-Almost -without exception, November sales, stocks and
accounts receivable were lower than for October. Collbctions increased
by 18.8%. As compared with November of last year, there were declines
in all items except sales.
Drugs.-November sales of reporting drug' dealers were 10.6% above
November 1925 but 1.6% below the preceding month. Stocks increased
slightly in both comparisons. Collections were 13.9% larger than last
year, though 2.9% under October. Accounts outstanding declined 4.9%
from a year ago; they were slightly larger than in the prior month.
Shoes -Declines from October were indicated in sales, stocks, outstanding accounts, and collections. Increases over last year took place in
all items except stocks, which declined 1.2%. Sales totaled 14.4% below
the preceding month and 18.4% more than a year ago.
Department Store Trade.-The month of November witnessed an increase
of 9.0% in aggregate sales of reporting department stores over
the corresponding month of 1925. As compared with the preceding month, this
Item declined 2.3%, making the third November since the collection
of
these figures was begun in 1919 that the October volume
has not been
maintained. November sales represented 32.6% of average stocks for
the month, as compared with 31.4 for a year ago; cumulative
sales for the
11 months of the year amounted to 343.6% of average
stocks, as against
328.9% for the same period of 1925. Unfilled orders for new goods declined
from 8.7% of total 1925 purchases at the end of October
to 6.3% on Nov.30.
Collections during November amounted to 38.1% of receivables on the
books Oct. 31, as compared with 41.8% in 1925. Inventories changed
little from Oct. 31; they increased by 1.1% over those of a year
ago, owing
to gains in a comparatively small number of stores as the
majority showed
declines.
Retail Furniture Trade.-Combined sales of furniture, furnishings,
and
equipment during November by 27 departments stores and 3 furniture
retailers aggregated 10.7% less than in October, but 3.8% above
November
a year ago. Inventories at the end of the month
for 30 firms totaled 2.3%
larger than on Oct. 31 and increased 7.5% over Nov.
30 1925. Accounts
outstanding, as reported by 25 furniture houses, advanced slightly during
month; they were 21.8% larger than last year. Collections
declined 1.6%
from October, but exceeded the corresponding figure a year
ago by
Installment payments for 19 firms averaged 2.1% below October15%•
and
gained 17.8% over Nov. 1925.
Retail Shoe Trade.-Although more than half of the reporting firms
showed a decreased volume of shoe sales for November as compared with
the previous month, total sales were 6.9% larger than
for October and 15.3%
more than for Nov. 1925. Aggregate stocks changed but slightly
from
October and were 3.4% less than a year ago. The ratio of
outstanding
THE CHRONICLE
22
[Vol.. 124.
accounts to sales stood at 86.4% for November, as compared with an mail order houses,the increase in employment for reporting firms amounting
to over 12%.
October ratio of 76.6%.
Chain Store Trade.-Six of the seven .chain store systems reporting EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL RESERVE
DISTRICT.
November sales to this bank, indicated an increasing number of stores In
operation throughout recent months. Two drug and one shoe chain had
Wage Earners.
Total Earnings.
increased sales over those of a year ago, but smaller than for the previous
of
No.
month. Musical instrument dealers reported sales larger than for October,
Per
Ended.
Week
Per
Ended
Week
Groups.
Industrial
andjess than in Nov. 1925. Gains over last year were shown by two groCent
Cent
ceryt chains, as compared with October, one of these recorded increased
Ch'ge.
Oct. 15
Nov. 15 Oct. 15 Ch'ge. Nov. 15
1926.
1926.
1926. 1928.
and.the other lowered,sales.
Manufacturing Activities in Chicago Federal Reserve
• District-Midwest Distribution of Automobiles.
ThelFederal Reserve Bank of Chicago in its January 1
"Monthly Business Conditions Report" presents the following summary of manufacturing activities and output:
Shoe Manufacturing, Tanning and ifides.-Shoe factories in the Seventh
District operated at a seasonally lower level in November than in October.
Shipments fell 3.3% under current production, but both items were in
excess of a year ago. Twenty-one companies had sufficient unfilled orders
to provide about six weeks' shipments at the present distribution rate.
Stock shoes on hand reported for Dec. 1 by 25 of the firms were equivalent
to 59.7% of the volume of their November shipments.
CHANGES IN THE SHOE MANUFACTURING INDUSTRY IN NOVEMBER
1926 FROM PREVIOUS MONTHS.
Per Cent Changefrom
Production
Shipments
Stock shoes on hand
Unfilled orders
Oct. 1926.
Nov. 1925.
-8.3
-16.9
+12.5
+5.7
+15.2
+15.6
-20.9
+9.1
Companies Included.
Oct. 1926. Nov. 1925.
28
28
26
22
28
28
25
21
375,556 381,379
All groups (10)
Metals and metal products
(other than vehicles)__ _ 154,776 155.635
38,520 40,600
Vehicles
Textiles & textile products_ 26,221 26,726
Food and related products_ 50,816 52,148
Stone,clay & glass products 15,457 15,617
32,554 32,749
Lumber and its product&
10.156 10,340
Chemical products
16,509 16,949
Leather products
2,988 3,090
Rubber products
27,559 27,525
Paper and printing
-1.5 $9,720,308 $10,159,608 -4.3
-0.6
-5.1
-1.9
-2.6
-1.0
-0.6
-1.8
-2.6
-3.3
+0.1
3,788,465
1,136,347
561,791
1,365,059
452,962
824,635
275,447
356.057
71,851
887,694
3,872,862 -2.2
1,287,684 -11.8
621,013 -9.5
1,419.206 -3.8
478,576 -5.4
855.251 -3.6
287,601 -4.2
374.920 -5.0
73,637 -2.4
888.858 -0.1
Business Conditions in Kansas City Federal Reserve
District-Gain in Volume of Trade.
Continued heavy industrial operations, the output for some
industries surpassing former high records, and a sharp
upturn in the volume of trade following a recession early
in autumn were features of the situation in the Kansas
City Federal Reserve District at the close of 1926, according
to the Monthly Review of the Kansas City Reserve Bank,
dated Jan. 1. Further reviewing conditions, the Bank says:
Official returns for the full 12-month period may not be completed for
several days, but the value of checks cashed at banks in 30 cities to the
middle of December and other statistical data available indicated the
grand total of business for the year would exceed the high mark attained
in 1925. With conditions basically sound the outlook at the year-end
was reassuring.
Production of farm crops, the basis for a good part of the prosperity
reflected by the reports, was estimated for the year at slightly below the
average for ten years. Yet, considering individual crops,it was a noteable
year for agriculture-the peak year for production of cotton and sugar
beets and the second best year for wheat production. The corn crop
was reduced by drought to about half the size of the 1925 crop, but this
loss was partly offset by large yields of other crops of value for feeding
livestock. On the whole the value of farm crops in this district should
fall but little below the value of 1925 crops, estimated at 81,229.000,000.
The enormous crop and the fine quality of winter wheat harvestedand another crop up to good standards and entering the winter in excellent
condition-led to an expansion of the milling industry and gave this district first rank in flour production. The flour output from Jan. 1 to the
end of November was 15.7% above that for the like period in 1925.
The livestock industry, second only to that of agriculture, had a good
year. Production of meat animals amde good progress and while market
supplies of all classes of livestock, except sheep, fell below those for the
preceding year, prices were better balanced and generally more satisfactory
to growers. Dairy production made good gains, and there was heavy
marketing of poultry and eggs. The wool clip was the largest for several
years.
Companies Included.
Meat packing operations were moderately heavy but not quite up to
Per Cent Changefrom
the record of 1925. The official count of cattle, calves, hogs, sheep and
Nov. 1925. Oct. 1928. Nov. 1925. lambs purchased and slaughtered during the first 11 months of the year
Oct. 1926.
totaled 12,598.293, a decrease of 368.304, or 2.8% from the record for
New Cars:
35
39
-30.4
-25.8
the like period in 1925.
Wholesale-Number sold__ _
39
35
-36.1
-31.1
Value
Reports of the mineral industries revealed remarkable progress. Several
55
60
-33.0
-18.0
Retail-Number sold
new high records were established. The output of crude oil increased in
55
60
-23.6
-14.4
Value
62
late autumn and in November was the largest for any month of record.
57
+47.1
+4.6
On hand Nov. 30-Number_
62
57
+51.6
+2.4
Value
The final figures were expected to show the year's production a few thousand
60
55
-2.4
-15.9
Used cars-Number sold
barrels less than in the preceding year, but higher average prices gave the
60
55
+7.3
+10.6
Salable on band-Number.._
1926 output a value greatly in excess of that for 1925. Soft coal pro60
55
+k.7
+11.4
Value
duction in the week ending Nov. 20 attained the highest peak in four
years, and the tonnage mined during the calendar year was largerthan in
1925. Production and shipment of lead and zinc ores in the Missouri,
Federal
Chicago
in
Industrial Employment Conditions
Kansas and Oklahoma district exceeded the tonnages of the preceding
Reserve District Less Favorable in November
year, but values were smaller on account of the lower prices. There
Months.
Preceding
in
Than
was no apparent slowing down in the camps of Colorado and New Mexico
where metal mining operations were the greatest for many years. The
Industrial conditions in the Chicago Federal Reserve Dis- arrival
of winter caused the usual slowing down of operations at plants
trict were somewhat less favorable during November than manufacturing cement, brick, mineral paints and clay products, while
operations at glass plants increased. Production in these industries for
for several months previous, a slowing down in activity at the
year was slightly larger than in 1925.
curcorresponding
a
by
accompanied
industrial plants being
Building operations and public work throughout the district as a whole
tailment in the number of men and women employed, says were heavy, and the value of contract awards in 11 months was greater
for the same period in 1925, although in reporting cities the value of
the Federal Reserve Bank of Chicago in its Jan. 1 "Monthly than
permits decreased, indicating that building shortages in these cities had
say:
Business Conditions Report." The Bank goes on to
been overcome and construction was in keeping with the seasonal demand.
According to the State Department of Labor of Illinois, 10 out of 14
in
decline
the
State.
that
to
contributed
industries
56
of
out
cities and 31
State reports for Wisconsin and Iowa, and direct returns to this hank from Lessening of Business Activity But Increased Trade
Indiana and Michigan plants, also indicate that decreases, while not large
Volume Reported in San Francisco Federal
In percentage, prevailed throughout all sections of the district. As reflected
Reserve District During November.
workers,
the
aggregate
375.000
approximately
representing
In returns
A:ie.-line from the previous month amounted to 1.5%.
Business activity in the Twelfth Federal Reserve District
Most metal industries made reductions, the loss. in volume of employdecreased during November 1926, as compared with October
ment amounting to 0.6%, or about one-third of the cumulative gain of the
previous three months. Branches of this industry to register increasing 1926, but total trade volume is estimated to have been'
activity were the manufacture of tools and instruments and electrical slightly larger than in November 1925, according to Isaac D.
apparatus. The production of cars and locombtives, and of automobiles,
Newton, Chairman of the Board and Federal Reserve Agent
was curtailed considerably. The clothing industry continued to operate
on greatly reduced schedules, but knitting mills were busy, adding to their of the Federal Reserve Bank of San Francisco. His summary
working forces. Work at sonte quarries, cement plants and brick yards for November (dated Dec. 20) was made public as follows
slowed down, many losing employment, while glass factories, saw and
planing mills showed no appreciable decline in activity. A recession in the Dec. 28:
This bank's index of bank debits in 20 principal cities of the district
manufacture of chemicals partly offset the increase made by this industry
declined during November for the fourth
during October. Leather products registered curtailment, a decline in (a measure of business activity)
(1919-100) the index was 5.4% lower than
the manufacture of boots and shoes contributing the greater part of this. consecutive month. At 153
mployment figures for paper products reflected an increased demand in in October 1926, 9.2% below the peak of July 1926, and 1.4% higher
than in November 192 .
this industry.
Seasonal influences have tended to maintain demand for credit. Total
Outdoor work became scarce during the month, as road construction
also
building
general
fell
and
loans and discounts of reportnig member banks increased from $1.289,peroff
winter,
the
practically ceased for
on Dec. 1 ,and total deposits Increased
ceptibly with the advent of more severe weather. Seasonal requirements 000,000 on Nov.3to $1,299,000,000
as well as from $1,689,000,000 to $1,712.000,000 during the same period. The
were apparent in the figures for wholesale and retain concerns,
Production of leather increased slightly in November over the preceding
month, although a large number of tanneries reduced operations. The
value of sales billed showed a recession from October but was greater
than a year ago, according to reports sent direct to this bank by representative tanners in the district. Prices remained steady.
The market for calf skins was quiet during the greater part of November,
and Chicago sales of packer green hides totaled a little less than for the
preceding period. Prices averaged slightly less than in October.
Automobile Production and Distribution.-Passenger automobiles produced In the United States during November totaled 219,479 (Dept. of
Commerce report), representing a recession of 24% from the prior month
and of 33.2% from November 1925. Truck production of 36,334 was
15.3% lower than in October and 3.9% less than a year ago.
Data for November show no improvement in automobile distribution
In the Middle West. Retail sales have declined steadily for six months,
and since September have fallen below a year ago. Distribution at wholesale in November was smaller for the third successive month, and for
the fifth month was below the corresponding period of 192.. The number
of new and used cars on hand continued to increase, stocks of new automobiles being about 50% heavier than a year ago. Sales made on the
deferred payment plan averaged 37.5% of total retail sales by 37 firms
reporting the item; the October ratio was 42.8 and that for November
1925 38.8%.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in November 1926 from Previous Months.
JAN. 1 1927.]
THE CHRONICLE
ratio of deposits to loans at these banks continued the downward tendency
-which has been In progress since July 1926 and on Nov. 24, at 129.6.
reached the lowest point since 1921. On Dec. 1 1926 the ratio stood
at 131.9. Demands upon the Federal Reserve Bank of San Francisco
have been relatively light for this season of the year, the total of bills
discounted, at $38,000,000 on Dec. 1, being $12,000,000, or 24%, smaller
than a year ago. Continued expansion of member bank loans, coincident
with sharply increased deposits and with a reduction in discounts at the
• Federal Reserve Bank, indicates that the recession in business noted
during recent weeks has not been of sufficient magnitude nor sufficiently
prolonged to result in liquidation of bank credits in this district.
Value of district sales at wholesale, reported to this bank by 171 firms
in 11 lines of trade, declined 7.6% during Novemer 1926 as compared
with October 1926. The reported decline was smaller than that which
usually occurs at this season of the year (estimated at 12%) but, in interpreting the figures, account must be taken of the occurrence of five Sundays
in October 1926, which reduced the number of trading days in that month.
Compared with November 1925, reported value of trade at wholesale
'during November 1926 declined 0.8%, a decrease accentuated by the
fact that there was one more business day in November of this year than
in November of last year. It is doubtful if the difference in trade value
amounted to more than 5% on a daily average basis, however, and it
should be remembered that the general level of wholesale prices during
the past month was 7% lower than a year ago. It should also be remembered that trade at wholesale was more active during the fourth
quarter of 192 than at any time since 1920.
This ban's index of sales at retail (for 32 department stores in seven
cities) which is corrected for seasonal fluctuations, stood at 169 (1919
monthly average sales-100) during November 1926, compared with 158
in October 1926 and 161 in November 1925. The advance in the index
from October to November was due to the fact that actual sales decreased
by loss than the usual seasonal amount, again the result partly of changes
in the number of business days referred to above.
Seasonal decreases in industrial activity and in figures of employment
were reported throughout the district during November 1926, and industrial activity generally was slightly below the levels of a year ago. Figures
of value of building permits issued in 20 principal cities of the district
were between 12 and 13% below similar figures for both the previous
month and the same month of last year. Lumber production, as reported
by 179 mills of four associations in this distirct, decreased seasonally
during November 1926, and was smaller than during November 1925.
Output exceeded both shipments and new orders received, however, and
shipments exceeded sales. As a result unfilled orders on mill books were
smaller in volume and their stocks of unsold lumber were larger in volume
at the close of November than at the close of October. Output of flour,
as reported by 14 milling companies in this district, declined by less than
the usual seasonal amount during November as compared with October,
but was 3% less than in November a year ago and 17% smaller than the
five-year (1921-192 )average output for that month.
Heavy seasonal rains fell throughout the Twelfth District in late November, benefiting fall-sown grain crops and livestock ranges.
Henry Ford Sees 1927 as Probable Normal Year-1926
Abnormal Of 1926 Production of Cars, 10% RePossessed for Non-Payment----The Five-Day
Week.
Referring to 1926 as an abnormal year, Henry Ford, in an
interview at Detroit with a representative of the Associated
Press on Dec. 25 said the year.1927 should be one of normalcy. He expects the 1927 output of automobiles to be
normal, and incidentally notes that of the 1926 production
of cars of all makes, "10% or more were repossessed by the
sales agencies for non-payment." Mr. Ford also spoke of
the five-day week, which he said "has proved its economic
value." His views as printed in the Detroit "Free-Press"
follow:
Any attempt to forecast business prospects for 1927 must be tempered
with the fact that the year opens with a great surplus of everything on hand,
Henry Ford told the Associated Press to-day.
Mr. Ford took occasion to spike a few rumors, among them one to the
effect he plans production of a low-priced, six-cylinder car, discussed the
difference between credit and debt, and reiterated his belief in the economic
value of the five-day week.
"Not only is there a large surplus of grown and fabricated material now
on hand," Mr. Ford said, "but there is also a large surplus of debt. Undoubtedly the material surplus will be absorbed in the natural course of
events, and the year 1927 should be one of normalcy."
"You mean a year as prosperous as 1926."
"Well, 1926 was abnormal," he replied.
The query apparently suggested a second thought.
No Six-Clyinder Car.
"What is prosperity anyway?" Mr. Ford asked, "A real prosperity is
that in which all participate and in which all are consumers. When man
consumes he must produce, and when there is the proper balance between
production and consumption prosperity is bound to follow."
The rumored six-cylinder car was dismissed with the remark: "Nothing
to It.,,
"You know," Mr. Ford went on, "we did build a six 20 years ago. We
made a thousand of them. Two of them now are in our museum."
Mr. Ford also denied that he was at present financially interested in
rubber growing. He added, however, that some developments in the
future might attract him to that field.
Sees Normal Output.
Concerning automobile production in 1927, Mr. Ford expressed the
opinion that the output would be about normal. He was careful to point
out again, however, that 1926 was abnormal. "Of the total 1926 production of cars of all makes," he went on, 10% or more were repossessed
by the sales agencies for non-payment. The trade anticipates a repossession
ratio of 1% of all the machines sold on the deferred payment plan. This
condition shows that a portion of the people are buying things they cannot
pay for."
Concerning credit and debt, the motor manufacturer said:
"There is a point up to which credit is constructive, but beyond that
point it becomes destructive.
"The habit of never wholly owning anything we use, never having that
personal attitude toward quality which use and ownership give, IS simply
23
to cease working for oneself and become something like a mortgaged servant.
This is a situation for which no good word can no spoken.
"Selling" May Be Overdone.
"When a man has been 'sold' on the installment plan up to or beyond
his income he is automatically out of the market, and he does not contribute to the prosperity of the community. He is just as much out of the
market as if he were saving his money for six months to pay cash for something he wants, but with the difference that under the installment plan the
seller doesn't get the money and the buyer doesn't own the goods."
The five-day week has proved its economic value and already has resulted
in 100,000 wage increases, ranging from 40 cents to $1 50 a day, Mr. Ford
said. "It gives men and women time to consume what they produce," he
said. "People who have more leisure must have more clothes. They must
have a greater variety of food, more transmportation, more service of
various other kinds. Thus the industrial value of leisure as a promoter of
the consumption of goods and as a stimulant to business has been proved.
Leisure Time Profitable.
"The five-day week was not inaugurated from purely humanitarian
motives," Mr. Ford continued. "It had its inception in the conviction that
people consume more in their leisure than in their working time, and thus
create a demand for more production.
"Proper management, utilizing modern machinery and tools, has made it
possible for the worker to accomplish in five days what heretofore required
six days. And this is being done without crowding the worker-with the
same expenditure of energy."
Increase in Postal Receipts at Fifty Selected Cities.
Every one of the fifty selected cities throughout the country showed an increase in postal receipts for November 1926
as compaied to the same month last year, according to figures made public Dec. 6 by Postmaster-General New. The
total receipts amounted to $31,868,452 56, as against $29,961,96971 for November 1925. This shows an increase in last
month's receipts over those for November 1925 of $1,906,482 85, or 6.36%. Fort Worth, Texas, led all the cities in
the percentage of increase, with 34.39%. Atlanta, Ga., came
next, with an increase of 25.90%, while Dayton, Ohio, ranked
-jog &swum eta .04eng O esea.zatti nu 2nimotts ‘pattii
lows:
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES FOR
THE MONTH OF NOVEMBER 1926.
Per Cl. Per Cl. Per Cl.
1926 1925 1924
over
Increase,
over
over
Nov. 1925.
Nov. 1926.
1925 1924 1923
$
OfficesNew York, N. Y.- 6,527,72570 6,426,180 81 101,544 89 1.58 17.33 .2.98
5,351,672 58 5,112,064 56 239,608 02 4.69 10.54 3.29
Chicago, Ill
46,454 65 2.65 25.86 .2.47
Philadelphia, Pa 1.801,551 21 1,755.096 56
Boston, M888 _ _ - 1,495,432 54 1,321,540 13 173,892 41 13.16 8.86 .0.50
1,200,099 01 1,088,844 23 111,254 78 10.22 4.99 *1.61
St. Louis, Mo
71,178.23 7.67 16.28 1.07
927,693 08
Kansas City, Mo. 998,871 31
805,857 88
85,998 28 10.67 23.96 3.14
891,856 16
Detroit, Mich._
67,618 77 9.87 11.41 .0.27
685,357 37
752,976 14
Cleveland,0
1.24
99,935 20 15.38 6.72
650,074 10
750,009 30
Los Angeles, cal
659,523 75
51,505 41 7.81 11.59 2.02
San Francisco,Cal. 711,029 16
655,827 36
77,362 51 11.80 9.48 .1.81
Brooklyn, N.Y._ 733,189 87
569.884 50
41.228 85 7.23 7.90 *4.37
Pittsburgh, Pa_ _ _ 611,113 43
41,409 26 6.78 13.37 6.32
610,689 41
652.098 67
Cincinnati,0
1,94275 0.36 5.05 .6.61
543,065 73
Minneapelis,Minn. 545,008 48
45,022 94 8.05 29.65 .3.19
559,531 32
604,554 26
Baltimore, Md_
429,024 50
29,151 78 6.79 17.36 .5.40
Milwaukee, Wis.- 458,176 28
445,991 26
59,212 91 13.28 13.08 1.03
Washington, D.C. 505,204 17
409,354 46
10,310 39 2.52 6.92 0.13
419,664 85
Buffalo, N. Y._
386,912 93
5,40822 1.40 6.56 5.91
St. Paul. Minn.- 392.321 15
376,583 04
23.034 90 6.12 11.36 3.48
Indianapolis, Ind. 399,617 94
75,821 88 25.90 8.25 *1.27
292,771 12
368.593 00
Atlanta, Gs
312,464 60
40,285 48 12.89 13.62 0.38
Newark, N. J.-- 352,750 08
275,839 34
22,730 11 8.24 7.92 .2.86
298,569 45
Denver,Colo
323,721 33
26.50646 8.19 16.60 0.55
350,227 99
Dallas, Tex
255,021 77
25,743 29 10.09 7.76 1.67
Seattle, Wash_ _ _ - 280,768 06
7,941 50 3.28 4.94 .3.55
25(1,179 36 • 242,237 86
Omaha, Neb
252,817
08
278,998
14
26,181 06 10.36 3.35 6.76
Ia.Moines,
Des
229,885 12
10,756 56 4.68 3.00 1.74
Portland, Ore.__ _ 240,641 68
21,625 34 9.93 3.30 LSO
239,493 94
217,868 60
Louisville, Ky
241,800 07
227,305 76
14,494 31 6.38 14.69 *7.89
Rochester, N. Y
209,084 85
238,401 76
29,316 91 14.02 4.77 3.07
Columbus.0
227,903 01
5,312 61 2.33 4.64 1.11
New Orleans, La- 233,215 62
18.364 06 10,14 6.62 1.02
199,459 15
181,095 09
Toledo,0
165,899 69
20,694 12 12.47 6.58 *3.26
186,593 81
Richmond, Va._
172,513 27
4,873 99 2.82 15.57 5.12
Providence, R.I- 177,387 26
179,070 60
174,444 81
4,62579 2.65 17.49 7.01
Memphis, Tenn
183,827 92
157,757 22
26,070 70 16.53 16.71 .0.73
Dayton, 0
162,286 94
17,157 28 10.57 9.27 6.84
Hartford, Conn.__ 179,444 22
146 41 0.10 11.66 *2.34
145,481 62
Nashville, Tenn_ _ 145,628 03
143,852 38
10,006 12 6.96 17.33 7.67
Houston, Tex.__ - 153,858 50
140,959 07
779 24 0.55 23.54 *12.61
141,738 31
Syracuse, N. Y
134,917 58
20,080 26 14.88 11.25 0.17
New Haven,Conn. 154,997 84
1.80
GrandRapids,Mieb. 140,558 04
126,247 74
14,340 30 11.36 16.41
127,279 09
118,186 92
9,092 17 7.69 23.62 7.79
Akron, 0
167,024 81
124,284 89
42,739 92 34.39 19.08 6.10
Ft. Worth,Tex
104,839 15
12,320 51 11.75 2.87 '10.16
Jersey City, N.J.- 117.159 66
105.502 05
6,62397 6.28 8.68 *2.72
Springfield, Mass,. 112,126 02
SaltLakeCity,Utah 117,306 05
113,643 99
3,66206 3.22 11.00 10.05
3,83820 3.68 51.55 .4.45
Jacksonville, Fla
108,198 22
104,360 02
100,953 67
1.27709 1.28 13.79 0.25
Worcester, Mass
99,676 58
Total
31,868,452 56 29,961.969 71 1,906,482 85
6.36 13.19 .0.23
*Decrease: Aug. 1926 over Aug. 1925, 6.50%; Sept. 1926 over Sept. 1925, 4.99%1
Oct. 1926 over Oct. 1925, 1.14%.
Increase in Postal Receipts at Fifty Industrial Cities.
Postal receipts at fifty industrial cities throughout the
country for November 1926 showed an increase of 8.75%
over those for the same month last year, according to figures
made public Dec. 7 by Postmaster-General New. The total
receipts for November 1926 were $3,223,464 97 as against
$2,963,976 26. The increase for last month over the
corresponding period last year amounted to $259,488 71.
The city of Springfield, Ill., headed the list of cities in the
percentage of increased receipts, with 33.17%. Boise,
Idaho, was next with an incraese of 32.72%, and Charleston,
W. Va., came third, showing an increase of 28.25%. The
summary follows:
•
24
THE CHRONICLE
STATEMENT OF POSTAL RECEIPTS AT FIFTY INDUSTRIAL OFFICES
FOR THE MONTH OF NOVEMBER 1926.
Offices-Springfield, Ohio
Oklahoma, Okla
Albany, N.Y
Scranton, Pa
Harrisburg, Pa
San Antonio, Texas__ _
Spokane, Wash
Oakland,Calif
Birmingham, Ala
Topeka, Kens
Peoria, Ill
Norfolk, Va
Tampa,Fla
Fort Wayne, Ind
Lincoln, Nebr
Duluth, Minn
Little Rock, Ark
Sioux City, Iowa
Bridgeport, Conn
Portland, Maine
St. Joseph, Mo
Springfield, Ill
Trenton, N. J
Wilmington, Del
Madison, Wis
South Bend, Ind
Charlotte, N. C
Savannah, Ga
Cedar Rapids, Iowa
Charleston, W. Va.,_
Chattanooga, Tenn_ _ _
Schenectady, N. Y
Lynn, Mass
Shreveport, La
Columbia,S.C
Fargo, N. Dak
Sioux Falls, S. Dak
Waterbury,Conn
Pueblo, Colo
Manchester, N. H
Lexington, Ky
Phoenix, Ariz
Buttle, Mont
Jackson, Miss
Boise, Idaho
Burlington, Vt
Cumberland, Md
Reno,Nev
Albuquerque, N. Mex
Cheyenne, Wyo
Total
Nov. 1926. Nov. 1925.
$
$
254,812 70 216,141 00
128,161 39 123,768 11
121,394 43 111,451 35
96.536 81
87,748 20
119,909 05 116,456 35
95,796 48
87,482 33
87,267 30
79,865 89
151,504 21 142,552 10
134,680 39 119,587 65
100,924 98
87,893 64
81,088 16
71,393 66
76,437 71
69,287 45
83,673 72
88,359 00
92,733 48
86,666 55
70,377 41
64,373 43
69,774 37
64,083 89
74,538 83
66,512 58
65,35446
64,121 73
77,228 91
69,392 10
68,109 77
61,060 24
59,368 03
56,95466
58,015 53
43,564 89
62,153 01
59,286 61
58,089 62
53,085 03
63,414 62
66,305 62
69,912 83
63,64700
61,759 88
58,946 16
44,819 32
43,231 62
47,310 91
43,208 93
52,418 84
40,872 36
67,273 49
65,396 95
47,022 98
46,606 55
39,201 96
36,959 47
39,370 67
38,565 82
31,618 01
38,013 53
28,330 67
33,180 47
34,662 54
29,052 76
36,951 00
34,934 02
28,67980
25,485 66
29,143 17
25,906 08
28,800 64
28,409 69
32.120 18
26,817 36
22,020 52
19,643 20
27,133 17
28,359 95
25,794 00
19,435 00
21,392 02
19,861 97
13,876 07
12,679 58
12.810 79
12,211 79
14.177 00
12,405 80
8,666 14
9,412 80
Per Cl. Per Cl. Per et.
1925 1924
1926
over
over
Increase., over
1925. 1924. 1923.
$
38,671 70 17.89 24.82 27.62
4.39328
3.55 13.41 *443
9,94308
8.92 11.79 4.80
7.04 *16.64
8,788 61 10.02
3.45270
2.96 19.82
4.92
8,314 15
9.50
7.54
6.63
7,401 41
9.27
2.88 *6.5
8,952 11
6.28 28.00 13.7
5.77
15,092 74 12.62 14.30
13,031 32 14.83
2.20 *1.5
9,69450 13.58 11.96 *6.34
5.68
1.9
7.15026 10.32
7.60
*4.685 28 *5.30 44.06
6.066 93 7.00 13.23 *6.75
*.72
2.45
6,003 98 9.33
5.69048
8.88
.63 *5.13
.41
1.14
8,02625 12.07
1.92 6.24
3.32
1,23273
7,836 81 11.29 15.45 *9.92
7.04953 11.54 *2.52 13.57
4.24 11.01
*.59
2.41337
2.49 10.12
14,450 64 33.17
3,18
2,866 40 4.83 16.76
9.43 18.73
3.26
5,044 59
6.42
*2,891 00 *4.36 40.51
.53
6,06583 9.50 27.73
7.53 42
2,813 72 4.77
.70
1,58770
3.27
6.50
27
4,101 98 9.49
7.36 *10.81
11.54648 28.25
1,87654
2.87 23.81 *16.41
5.00
.89 17.95
416 43
6.07 20.16 *13.16
2,24249
4.41
1.39
80485 2.08
.48
6.39562 20.23 7.87
*.21 21.43
4,84980 17.12
*5.60978 *16.18 17.23
3.96
6.93 *3.40
5.77
2,01698
.07 *5.83
3.19384 12.52
3,23709 12.50 12.54 *4.82
1.37 14.01 *2.20
390 95
5,302 82 19.77 10.42 14.10
9.62
2.37732 12.10 10.11
2.02
1.22678 4.52 22.19
9.22 *13.02
6,359 00 32.72
.73
6.94
1,53005
7.70
7.08 *8.12
1.19649
9.43
590 00 4.83 4.00 17.68
4.85
1,771 20 14.28 *2.66
*74666 *7.93 15.37 *18.80
3,223.464 97 2,963 976.26 259,488 71
8.75
13.09
.68
*Decrease; Aug. 1926 over Aug. 1925. 7.49%; Sept. 1926 over Sept. 1925, 5.56%;
Oct. 1926 over Oct. 1925, 2.06%.
Ford's Analysis of Conditions Challenged-Commerce
Department Experts Deny Industrial Overproduction Exists-Call Auto Situation a Healthy
One.
The following from its Washington Bureau was published
in the "Wall Street Journal" of Dec. 28:
Commerce Department experts challenge Henry Ford's analysis of the
business condition of the country. They scout his assertion that the industry of the country is overproduced, declaring that Ford cannot show this
condition to be a fact. Conceding that there is overproduction in some lines
of agriculture, Government experts insist that such is not the case in other
branches of activity. It is contended that the automobile industry is not
overproduced despite Ford's idea.
Government experts point out that nobody finds fault with the record
of the automobile industry in 1925. They maintain that the record for
1926 will not show enough increased production over 1925 to warrant an
warning against dangerous expansion. The bulge in production of automobiles came earlier in the year during 1926 than it did in 1925. Total production for 1926 is estimated at 4,480,000, compared with 4,336,000 in 1925.
Passenger cars are estimated at 3,950,000in 1926,against 3,839,000 in 1925:
trucks at 530,000, against 497,000. For 1926, percentage of closed cars ir
estimated at 74%, against 56% last year.
Neither increase in output of passenger cars nor of trucks is considered
unhealthy. Exportfield is said to be only opening up. Total foreign registration of cars at present is declared to be equal only to the registration in
the United States in 1917. Exception is also taken to Ford's contention
that 10% of installment sales of automobiles are repossessed by dealers for
non-payments. This is answered by claim that repossessions are high only
where cash payments are low.
The point is that where an installment buyer has a small equity in a car
the depreciation is not sufficient to offset amounts due. Figures are cited
to prove this point. In 1926 the percentage of repossessions of new cars
where down payment was 33 1-3% ofcash price, or 30% of time selling price
was 2.00%; where down payment was 25% of time selling price repossessions
were 4.02%, an increase of hazard over standard terms of 92%. Where
down payment was less than 25% of time selling price repossessions were
11.52%, or an increase of hazard over standard terms of 451%.
,ranging from 4.27%
On used cars the percentage ofrepossessions is higher.
of the time selling price to 8.57% where down payment was less than 37%
troubles in used car
attribute
experts
Government
price.
time
selling
of
market to rapid change from open to closed cars. Problem is regarded as a
question of turning over open cars, not one of handling used cars.
New Automobile Models and Prices.
Some new models of automobiles have been introduced
during the week but the majority of the companies which
intended to show new models are, no doubt, awaiting the
opening of the New York Automobile Show later in the
month. Reports from Detroit on Dec. 27 stated that a
new 5-passenger coupe on the imperial "80" chassis to sell
at $3,095 f. o.b. Detroit had been announced by the Chrysler
Sales Corp. of that city. On Dec. 29, the Stutz Motor Car
Co. of America advanced prices on its standard line from
$155 to $200. New list prices range from $3,150 to $3,685.
[VOL. 124.
Before a gathering of newspaper writers and editors at
the Hotel Plaza, N. Y. City, on Dec. 28, the Studebaker
Corp. made its first American showing of the new Erskine
Six. This car, described in our issue of Oct. 9, p. 1814,
is in production at the Detroit plants of the corporation, with
the current output taking care of the demand for export
which has resulted from its showing abroad. It is priced
slightly under $1,000 and will be introduced in several
different models including sedan, coupe and touring car
supplementing the present line of higher-priced six-cylinde
models.
An announcement of particular interest, because of th
recent rumors concerning its product, has been made by th
Ford Motor Co., which is now offering to recondition corn
pletely except tires, for $60, any 1925 Ford car a dealer ma:
send to the factory. This will include new paint job an(
upholstering, and completely rebuilt motor, says the Detroi
press dispatch, dated Dec. 28. The offer applies to anj
1925 car, regardless of condition, and carries a three montl
guarantee after it leaves the factory. The value of th(
scheme to dealers is that it permits them to make highei
offers for Fords taken in trade than they were formerly in 13
position to make.
Reports'from Detroit on Dec. 30 stated that new models
will be introduced on Jan. 1 by the Chevrolet Motor division
of the General Motors Corp. These improved cars will
differ from the old chiefly in bodies, and will have in addition
an air cleaner and an oil filter. Prices on the new models,
it is understood, will range from $20 to $50 below the pries
on the old cars.
Sales of Lower Priced Automobiles in Philadelphia
Make Gain in November-Declines in Sales of
Expensive Cars.
In its advance report on the automobile trade in the Phildelphia Federal Reserve District, the Federal Reserve Bank
of Philadelphia states:
Retail sales of new automobiles selling for less than $1,000 increased considerably in November over the total for October of this year and for
November 1925, but sales of more expensive cars showed marked declines.
Business in used cars and deferred payment sales were much greater than in
the same period last year. On the other hand, large decreases are reported
in sales of new cars at wholesale from those in October and in November
1925. There was a pronounced gain in stocks of medium priced new cars
held by distributors at the end of November over those on the same date last
year; whereas other classes registered declines. Supplies of used cars on
Nov. 30 were only a trifle heavier than a year ago.
November 1926 Change from-
Automobile Trade
Philadelphia Federal Reserve District,
17 Distributors.
October 1926.
Sales of new cars at wholesale
Cars selling under $1,000
Cars selling from $1,000 to $2.000.._
Cars selling over $2,000
Sales of new cars at retail
Cars selling under $1,000
Cars selling from $1,000 to $2,000
Cars selling over $2,000
Stocks of new cars
Cara selling under $1,000
Cars selling from $1,000 to $2,000
Cars selling over $2,000
Sales of used cars
Stocks of used cars
Retail sales, on deferred payment
November 1925.
Number.
Value.
Number.
Value.
-47.0%
-41.1%
-59.8%
-30.6%
+52.1%
+67.6%
-34.7%
-31.1%
-23.8%
-48.7%
+51.2%
+6.8%
+11.6%
+14.1%
+22.8%
-47.7%
-41.8%
-59.1%
-33.0%
+24.4%
+64.9%
-27.0%
-36.0%
-8.6%
-48.3%
+36.2%
+12.2%
+12.1%
+4.4%
-11.4%
-29.4%
-9.2%
-68.2%
-26.4%
+90.3%
+113.3%
-44.4%
-22.8%
-33.0%
-38.7%
+103.0%
-22.4%
+53.1%
+1.0%
+26.6%
-36.4%
-10.9%
-67.0%
-28.4%
+57.8%
+113.3%
-36.9%
-17.7%
-23.0%
-36.3%
+75.3%
-20.9%
+26.8%
-7.5%
+5.0%
Increase in Philadelphia Sales of Electricity for Lighting and Power Purposes-Gain in Production.
The Department of Statistics and Research of the Federal
Reserve Bank of Philadelphia reports that sales of electricity
for both lighting and power purposes were greater in November than in October and exceeded materially the volume of
the year previous. The bank adds:
Consumption of power by industries and of electric light by municipalities,
however, was a trifle lower in November than in the month before. Production of electricity by 11 systems in this district during November also
surpassed the October volume and was much larger than in November 1925.
Generated output at hydro-electric plants alone showed a slight decrease
from that for October. The table below gives comparative details:
ELECTRIC POWER, PHILADELPHIA FEDERAL RESERVE DISTRICT.
(Eleven Systems)
Rated generated capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial .__
Power
Municipal
Street cars and railroads
Industries
All other sales
November
1926.
Changefrom
Od. 1926.
Changefrom
Nov. 1925.
1,243,000 KW
405,020,000 KWH
17,711,000 "
325,592,000 "
61,717,000 "
322,865,000 "
67,256,000 "
8,737,000 "
58,519,000 "
215,355,000 "
1,871,000 "
46,220,000 "
167,264,000 "
40,254,000 "
0%
+2.6%
-2.2%
+0.2%
+19.4%
+5.2%
+12.4%
-0.0%
+14.5%
+1.4%
+12.2%
+24.9%
+68.5%
+20.4%
+41.9%
+28.0%
+17.8%
+6.9%
+19,7%
-0.5%
+16.2%
+28.8%
+45.5%
+7.3%
+24.2%
+5.5%
+10.6%
+85.3%
JAN. 1 1927.]
THE CHRONICLE
W. J. Moore on Building Outlook for 1927—Construction Expected to Reach Record-Breaking
Volume of 1926.
Pointing to the fact that building operations during 1926
were unprecedented in volume, reaching the record-breaking total of approximately $6,850,000,000, William J. Moore,
President of the American Bond & Mortgage Co. of New
York, in surveying the building outlook for 1927, says in
part:
This represents an increase of about 5% over 1925, the largest previous
building year in history. The enormous investment of this sum has had a
most benefical effect on the business situation and, perhaps, has been the
major factor in stimulating and sustaining the general prosperity of the
country.
Available data indicates that the total value of construction in 1927
will closely approach the record-breaking proportions of the last year,
and no serious major building recession is in sight. If there is a decline
during the approaching year—and I am not sure there will be—it should
not be more than 5% or 10% less than the total of 1926. Any recession
will be extremely moderate and gradual, and there need be no fear that
the bottom will fall out of the building market.
Steadily increasing popularity of first mortgage real estate bonds among
investors, banks and institutions was one of the outstanding developments
of the year. Increased sales of this type of security, which to-day ranks
next to public utilities, was an important factor in furnishing needed building capital. Realty bonds sold by the leading investment houses furnished
approximately $900,000,000 for new construction, an increase of about
28% over 192.5. The indications are that by the end of 1927 the real
estate bond industry will be furnishing building capital at the rate of
one billion dollars a year.
Building Industry Sound.
Gratifying eoundness underlies the building Industry as the new year
begins. There is still evidence of a strong national demand for well-constructed buildings—constructed in accordance with the rise in American
standards. Building costs are well stabilized. Rental conditions are generally satisfactory and there is ample evidence that report of over-production have been unduly exaggerated. A strong, wholesome tone prevails
throughout the industry.
The helpful effect that the great volume of construction, breaking all
precedents almost month by month during the year, has had on general
business and upon practically every industry in the country, cannot be
over-estimated. It has not only furnished excellent wages for millions of
men in all the building trades, but it has also provided steady employment for the hundreds of thousands of men engaged in the manufacture
and transportation of building materials. This creation of new wealth for
the country and the widespread enhancement of property values through
Improvement, means real American progress and prosperity. In view of
these beneficial effects on the national business machine, it would indeed
be unfortunate if there were to be any radical slowing up in construction
activities.
Building Costs Stabilized.
There is still some talk that building costs are too high and that such
costs must come down. While there will always be fluctuations when, due
to temporary or local conditions, building costs ease up somewhat, it
should be kept in mind that present price levels are directly affected by
such economic factors as labor, taxation, transportation and other important items on which any marked reductions are improbable.
Building costs, in my opinion, will remain stabilized at near present
levels, and those who are postponing contemplated construction projects expecting pronounced cost decreases are doomed to disappointment. Also,
our constantly advancing standards of living constitute an influence equally
as powerful as any purely economic factor.
Analysis of index figures on construction costs, as compiled by the
Federal Reserve Bank of New York, gives a reasonably accurate picture
of actual present-day conditions. These figures show:
1. 13ulidinglcosts are 94% above the 1913 level and about 2% higher
than one year ago. Since April 1923 construction costs have been showing
a slight tendency to decline, with small seasonal fluctuations. At no
time have they shown indication of rising to the peak level of April 1920,
when building costs stood at 154% above the 1913 level.
M$2. Building wages are 128% above the 1913 level—the higehost level
in history—and about 4% above the level of one year ago. Index figures
show that wages have been steadily advancing and now stand about'17%
above the former peak reached in the fall of 1920.
3. Building material prices are 72% above the 1913 level and labout
2% below the level reached a year ago. Since the first of the year material
prices have shown a gradual tendency to decline. Prices are now sta: •••
bilized at abouti42%fbelow the peak reached in April 1920.
Statistics compiled by the "Engineering News-Record' show that the
national level of wages in the skilled building trades is approximately 95%
above the 1913 level. The rate for common, unskilled labor is about
192% above 1913. This does not favor common labor so much, when it is
considered that in 1913 the skilled rate was 247% above that of common
labor, for the nation as a whole. Compared with rates a year ago, skilled
men get 4% more, while common laborers receive an average wage of
about 3% above the December 1925 level.
2 cents per hour, for the entire
/
The average rate for common labor is 551
country, as compared with 64 cents at this time last year.
Building Shortage Overcome.
There is no longer any shortage of buildings resulting from the war.
There has been no such shortage lion the beginning of the year 1925.
Hectic building operations are over. We are now facing more stabilized
conditions, and henceforth our construction must be in keeping with our
normal building requirements. Speculators in construction have had their
day. Construction must be thought of only in strict terms of growth, requirement, population trend and industry.
there is an unThere is indisputable evidence that in some localities
building; but taking the
satisfied demand for housing and other types of
the Iccal remeeting
country as a whole, the building problem is one of
growth of the
quirements. It is estimated that the annual population
of various kinds ;
nation requires approximately 450,000 new buildings
decay, fire obsolescence
replacing and remodeling structures affected by
placed the v.lue
have
and other causes. Estimates from private sources
$4,500,000,000 to $7,000,of construction to meet normal needs at from
000,000.
Current Building Needs.
requirements for 1927 can be gained
Some idea of the nation's building
construction situation just completed
from the results of a survey of the
8,000 questionnaires sent to buildby the "American Builder." Replies to
country, indicated that more
ers, contractors and architects throughout the
25
than seven billion dollars' worth of new building would be needed during
the coming year. The forecast figures of need construction follow:
Housing requirements for new population annually
$1,500.000,000
Other buildings required for new population
1.138,850,350
Annual fire loss
335.000,000
AnnIro trrnado and flood loss
100,000,006
Depreciation and obsolescence on the 22.000,000 dwellings In
in th + United States at 3%
3,031,244,000
Depreciation and obsolescence applied to all other classes
of buildings
1,030.304,400
Total
$7,135,498,750
"A very large share of this is residential, viz., $4,526,573,518, including hotels," said the forecast, "and this in strict keeping with the proportion shown as residential by building permits in 274 cities of 25,000 and
over."
There will undoubtedly be changes in the activities in connection with
definite classes of projects during the next year. With the housing shortage problem practically solved, it is to be expected that residential and
commercial building will somewhat decline. Industrial, public works and
public utility buildings, however, will undoubtedly increase in volume.
Because of an inadequate labor supply, and the constant tendency toward
higher costs, development of many Federal, State and municipal building
projects were deferred until recently, and it will take a long time to catch
up with the plans that have been made for this type of work. These buildings have become 11 part of the nation's potential requirements and sooner
or later must be added to the sum of actual activities. The Federal Government has indicated that it will go ahead during the next twelve months
with its $165,000,000 public building program authorized by Congress,
and this will undoubtedly give impetus to the 1927 building program.
Demand for Cheaper Housing.
Residential strutcures will continue to account for the largest single
There is still a great need for cheaper housing
building.
portion of new
facilities throughout the country, as well as a moderate demand for medium
priced apartments and homes. This need will have to be met before any
serious falling off in building can be expected. In many of the larger
cities there has been little or no building of the cheaper class of tenements
during the last seven or eight years. Hence, conditions have been brought
about that are socially, morally and economically unsound. Adequate
housing conditions must be provided for those of limited incomes, and
during the coming year real progress is to be expected along these lines....
The growth of the suburban movement will also continue to increase the
demand upon the building industry and has meant an abnormal demand
for houses of the usual suburban type. The large migration of population
from the more or less congested city quarters to the open suburbs results,
of course, in an enormous increase in the demand for dwellings, stores,
garages, schools, churches, club houses, city halls, and all the equipment
of the modern city. It also involves at least the alteration of buildings
Irons which removement has taken place, and in many cases the demolition of them and their replacement by structures of another type.
Over-Production Talk Exaggerated.
Recently these has been much talk of over-production in building accommodations. These statements have no basis in fact, unless they are narrowed down to certain, definite types of buildings in certain, definite
localities. They cannot be applied to the situation as a whole.
Contrary to the reports that have been broadcast, rentals in the better
grade and better located apartments and high class office buildings in the
larger cities, especially in New York, are fairly stable and have been
showing little fluctuation. Where there actually is what might be termed
an over-built situation, it is so obvious that no reputable building or lendbuilding
ing institution will lend its efforts or money to aid or abet further
procedure—
in that particular district, for it can gain nothing from such a
only lose.
to time,
Some slight slackening in building may be necessary from time
growth of population
but it will be for a brief period only, as the rapid
in the
soon absorbs any surplus that may develop. This is a normal cycle
restriction
upbuilding of any large city, and is no excuse for a general
of building financing.
failed to disclose any
A story of the recent situation in the larger cities
material abnormal
alarming over-built condition, and did not show any
number of cases
percentage of vacancies, except in a few localities. In a
rapidity that exour reports show that buildings are being rented with a
ceeds the hghest expectations of their builders.
loft and
It may be true that some of the older and obsolete types of
discommercial buildings in certain sections—especially in the mid-town
percentage of vacancies
trict of New York City—have an uncomfortable
this
in
and have suffered a decline in rents. There is nothing unusual
going to
situation, as progresive manufacturers and business men are not
rents.
high
pay
and
structures
time-worn
and
remain in these antiquated
lighted, better
They are going to move into the more sanitary, better
as they are erected.
situated and more modern and up-to-date buildings
on the market,
These older structures, to some extent, may become a drug
be necesary for
may
It
and their owners may suffer monetary losses.
new buildings. There is
some of them to be torn down and replaced with
curb on connothing, however, in tins situation that would justify a general
buildings and thus
struction loans that would shut off the supply of modern
compel tenants to remain in unsanitary and unsuitable quarters.
responsibility
The real estate mortgage bond houses are fully aware of the
there can
that is placed upon them in financing needed construction, and
for the
be no question but that ample funds will be available in 1927
progress.
building projects that are necessary to the nation's growth and
over-proLending institutions must, at all times, consider the matter of policies
Their
duction and must be extremely cautious in making loans.
analysis of the demand
should be determined by personal investigation and
They must be
for a particular kind of space in a particular location.
economic blunder of
extremely careful in guarding against the possible
the inveswith
over-production by pursuing a policy of strict conservatism
tor's safety paramount in mind.
Rent Declines Temporary.
buildings, it must be
In connection with appraisals and the financing of
always taken into
remembered that the possibility of a decline in rents is
the future,
consideration. Rents may show a slight downward tendency in
buildings.
of
but no drastic decreases are expected in the better types
of over-producAny reduction in rentals that may occur as a direct result
a time building
tion would be only temporary. The reason is that at such
be taken up In
construction automatically will cease, and the surplus will
are multiplying their
a comparatively short time, for our larger cities
populations at a tremendously rapid rate.
in rentals can come
The only possible way that a permanent reduction
costs. This will be
about is through a material reduction in building
to wit:
possible only when five fundamental conditions develop,
reduction in the wages of all-mechanics
1. There must be a substantial
of buildconstruction
the
employed in producing building material and in
26
THE CHRONICLE
[VOL. 124.
ings. This is true, because between 60 and 70% of the cost of items the week's shipments moved by water,
amounting to 35,050,334 feet,of
entering into construction material and its erection is for labor.
2. The price of coal must be reduced, for coal is an important factor which 23,038.954 feet moved coastwise and intercoastal and 12,011.380 feet
export. Rail shipments totaled 34.707,726 feet, or 47% of the week's shipin the_production of many building materials and in their transportation.
3. Freight rates must be reduced, for transporation of building materials ments, and local deliveries 3,342,816 feet. Unshippedfdomestic cargoforrepresents a large and important part in their cost.
ders
totaled 98,854,568 feet, foreign 96,496,788 feet and rail trade 99,770,4. General living costs must be reduced materially before any of the
three costs named above can begin to move downward in any marked degree. 587 feet.
5. Income taxes must be reduced. Every penny of income tax collected
Southern Pine Reports.
from the building industry is added to buildfng costs.
The Southern Pine Association of New Orleans, with thirteen fewer mills
Reductions Appear Improbable.
reporting, shows heavy decreases in production, shipments and'new busiThe prospects of such reductions being made at this time, or in the near ness when compared with reports for the week earlier. Detailed reports
future, are out of the question, and in some respects increases may be ex- were not received in time for publication.
The Western Pine Manufacturers' Association of Portland,fOrel;with
pected because:
1. Labor is so well organized in the construction industry that nothing three more mills reporting, shows slight decreases in production and,shipshort of starvation of the men engaged in the building trades can bring ments and a marked decrease in new business.
18/,, MI 4
about a material reduction in wages. The problem has developed into
The California Redwood Association of San Francisco, Calif., report,
one of holding wages at present levels.
considerable decreases in all three items.
•_ 2. The cost of coal is largely a question of wages and transportation,
The North Carolina Pine Association of Norfolk, Va., with 12 more
The prospect of reducing miners' wages is not at all promising.
3. Freight rates are largely dependent on labor and fuel costs. In- reporting, shows big increases in all three factors.
creases in railroad wages seem more in prospect than reductions. The
The Northern Pine Manufacturers' Association of Minneapolls,!Minn.,
cost of railroad operation in the East has already been increased 734% with one more mill reporting, shows some
increases in production, a slight
by the granting of increases to several hundred thousand railway workers.
decrease in shipments and a heavy decrease in new business.
Lowerl•ates at this time appear very unlikely.
The Northern Hemlock and Hardwood Manufacturers' Association of
4. The cost of living has been showing some slight downward movement,
but this has not yet been sufficienct to materially affect wages and building Oshkosh, Wisc. (in its softwood production), with two more mills reporting,
costs. Many important commodity prices are holding firm.
shows
some decrease in production with shipments and new business some5. State and Federal income taxes continuo to add to the cost of living.
Costs of these taxes have been added by building material and construction what below those reported for the previous week.
firms. Some tax relief is probable, but not definitely assured.
Hardwood Reports.
With the prospects of building costs holding at present high levels, no
The Northern Hemlock and Hardwood Manufacturers' Association resubstantial or permanent reduction in rentals can be expected. If- however, ported from 18 mills production as 1,624,000 feet, shipments 2,138,000 and
a permanent reduction does occur, it will be spread over a long period of orders 1.709,000.
time. Therefore, there is no donger of impairment of the earning power
The Hardwood Manufacturers' Institute of Memphis, Tenn., reported
of buildings sesured by carefully negotiated first mortgage real estate bonds from 69 units, production as 7,872,995 feet, shipments 6,676,757 and orders
offered by the well established houses whose national operations permit a 7,434,553. The normal production of these units is 11,632,000 feet. The
close and continuous first-hand study of all the factors involved.
failure of 50 or 60 mills to report makes these figures of comparatively little
The continual rising of the American standard of living is also an value.
rentals
and
in
important influencing factor in connection with a reduction
The two hardwood groups totals for the week,as compared with the prebuilding costs. History shows that prices and money wages may fall and ceding week, were:
rise, but except for short periods, the real wages and real incomes of the
Mills. .Production.
Shipments.
Orders.
American people steadily increase. The wage earner constantly wants a Week ended Dec. 24- - -- 87
9,496.995
8,814,757
9,143,553
better home and is willing to pay more for suitable housing accommoda- Week ended Dec. 18_ _ _ 131
19,430,048
19,375,096
17,716,325
tions. He also wants all the necessities, comforts and luxuries that he can
For the past 51 weeks all hardwood mills reporting to the National Lumbuy with his wages and income. He is not going to be turned back in that ber Manufacturers' Association gave production. 1,487,738,564 feet.
shiprespect. It is the easiest thing in the world to raise one's standard of liv- ments, 1,494,598,261, and orders, 1,517.564,208.
ing ; but it is the hardest thing in the world to lower it.
The American wage earner is now organized as never before to resist any
attempt to deflate his living standards. If any revision is necessary to West Coast Lumbermen's Association Weekly Reports
bring labor costs and prices in a more reasonable alignment, it is more
One hundred and two mills reporting to the West Coast
likely to come through an increased productivity of industry.
Holiday and Seasonal Curtailment Reported in Lumber
Industry.
Sharp decreases in production, shipments and orders in
the lumber movement of the country for the week ended
Dec. 24 is indicated in telegraphic reports received by the
National Lumber Manufacturers Association from 352 of the
larger commercial softwood, and 87 of the chief hardwood,
lumber mills, as compared with reports for the week earlier
and with last year. The current decrease is partly accounted
for by the Christmas holidays, and by the fact that this is
the mill season for semi-annual repairs, and many mills are
shut down for them, on account of weather and for inventories. But it also appears that production has been suspended or curtailed because of stagnant or univiting markets,
according to observations made by the National Association
which reports the situation as follows:
Lumbermen's Association for the week ended Dec. 18 manu
factured 89,805,329 feet, sold 87,373,066 feet and shipped
84,082,066 feet. New business was 2,432,263 feet less than
shipments 5,723,263 feetless than production.
=UGC
pl.°
land
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Dec. 11.
Dec. 18.
Dec. 4.
Week Ended—
Nov. 27.
of
102
100
No. milk'reporting---104
105
98,017,941 103,234,847
Production (feet)
89,805,329
92,570,734
81,166,437
78,074,994
New business (feet)
87,373,066
82,127,675
Shipments (feet)
82,181,935
89,455,196
84,082,066
73,179,880
Unshipped balances:
106,239,691
92,655,934
Rail (feet)
85,117,209
93,454,212
99,483,226 111,001,716 111,449,500
Domestic cargo (feet).. 104,288,860
Export (feet)
103,797,195 111,322,338 120,632,351 122,721,574
Total (feet)
314,325,746 303,461,498 316,751,276 327,625,286
First 51 Weeks—
1926.
1925.
1924.
1923.
113
106
123
Average number of mills_
134
5,310,966,878 5,092,350,672 4,775,434,663 5,214,937,274
Production (feet)
5,293,554,833 5.237,227,645 4.856,354,419 5,176,987,446
New business (feet)
5,308,883,448 5,239,778,808 4.864.776,199 5,282,933,633
Shipments (feet)
Building Construction Activity on Firmer Basis Than
Ever Before, According to A. E. Dickinson—Indiana
Unfilled Orders.
Limestone Quarries Look for Record Business
The unfilled orders of the Southern Pine Association were not received
in 1927.
in time for publication. For the 102 West Coast mills the unfilled orders
week
mills
a
earlier.
102
were 295,122,033 ft., as against 314,325.746 ft. for
In a yearly business review Issued under date of Dec. 31,
Altogether the 338 comparably reporting softwood mills had shipments
03%, and orders 80%, of actual production. For the Southern Pine mills A. E. Dickinson, President of the Indiana Limestone Co.,
these percentages were respectively 79 and 67; and for the West Coast mills says that in the Indiana Limestone Co. quarries preparations
98 and 79.
Of the reporting mills, the 312 with an established normal production for are being made for a record business in 1927. Since the
the week of 210,570,161 ft., gave actual production 74%, shipments 70% organization of the new corporation, which acquired the
and orders 60% thereof.
properties of more than a score of companies, production
The following table compares the softwood lumber movement,as reflected
by the reporting mills of seven regional associations, for the three weeks efficiency, he says, has been enormously increased. Everyindicated:
thing is now ready, he adds, for the large volume of business
Corresponding Preceding Week
Past
1926 (Revised). in prospect for the coming year. Regarding the building
Week 1925.
Week.
338 industry, Mr. Dickinson states:
333
338
Mills
191,976,323
215,420.047
162,389.472
Production
Lights and shadows show up in sharp contrast when one endeavors to
174.936,167
203.369,338
151,575,807
Shipments
look into the future of an industry. The building industry is not without
177,946,272
209,368.037
129,981,475
Orders (new business)
Its dark patches. But they are exceptionally few. For building construcThe following revised figures compare the softwood lumber movement tion activity is standing upon a firmer basis than ever before in history and
of the same seven regional associations for the first fifty-one weeks of 1926 perhaps the general outlook is as promising as at any previous time.
Recent years have shown the fallacy of long-range predictions, particuwith the same period of 1925:
Orders.
Production.
Shipments.
larly in building. For the past three years there have been murmurings
12,080,013,346
12,227,690,240
12,136.840,976
of a probable slump. Each of the three years has been entered with a feel1926
12,251,988,317 12,108,608,124 11,961,891,152 ing of slight uneasiness in some branches of the industry. And each year
1925
The mills of the California White and Sugar Pine Association make weekly has set up new records in volume. Nor is the country overbuilt. On the
reports, but not being comparable, they are not included in the foregoing contrary, the swift expansion of commerce and industry, the rapid growth
tables or in the regional tabulation below. Fourteen of these mills, repre- In population and the throwing open of vast suburban districts, have placed
senting 48% of the cut of the California pine region, gave their production the Industry on a new plane. So it is unwise to use building figures of a
for the week as 9,347,000 feet, shipments 9.710,000 and new business 8.440.- few years ago and building "cycles" of the past decade in attempting to
the cut, was: forecast the future.
000. Last week's report from 11 mills, representing 42% of
It has been clearly established that this is a new age of construction—
Production. 11.687.000 feet; shipments, 11,186.000, and new business. 11,marked by skyscrapers large enough to house a small town, by enormous
638,000.
West Coast Movement.
public buildings and by a home-owning consciousness that is just getting
age that cannot properly be compared with previous buildThe West Coast Lumbermen's Association wired from Seattle that new under way—an
business for the 102 mills reporting for the week ended Dec. 24 was 21% ing periods.
production. Of all new
Looking into 1927. it seems reasonable to suppose from the volume of
below production and shipments were 2% below
work now indicated that the year will be a very prosperous
business taken during the week 41% was for future water delivery, amount- contemplated
feet was for domestic cargo delivery one. Important State, Federal and municipal building, together with large
ing to 24,044,471, of which 15,144,155
business by rail amounted to 31.- commercial construction, should keep the industry at flood-tide for many
and 8,900,316 feet for export. New
Forty-eight per cent of months to come. And unless something totally unforeseen occurs, a build
486,913 feet. or 53% of the week's new business.
JAN. 1
1927.1
THE CHRONICLE
big year under six billion dollars will be disappointing. That would seema most conservative estimate.
One thing is certain. There is still a considerable unsatisfied demand for
more modern construction of all types. It is estimated that four billion
dollars will be spent in 1927 for the replacement of old structures alone.
With the higher standard of living prevailing in America to-day, the public
does not wait for obsolesceRce; with the onward sweep of commerce, buildings are wrecked or remodeled which a few years ago were accepted as modern structures.
Residential construction, which accounts for half of the 1926 building
total, continues to be stimulated by the suburban trend. Forecasts for
1927 indicate two and a half billion dollars will be spent for single-family
dwellings. City residential construction will be in the main of the larger
apartment building, which will cost approximately $800,000.000. Among
other large groups. $1.000,000.000 probably will be spent for commercial
buildings Educational and military buildings will cost more than $60,000,000; industrial building, 0360,000.000; public works and public utilities,
$1.000,000,000; public buildings. $46,000,000, and religious, memorial,
social and recreational buildings approximately $375,000.000.
The advantages of winter building are being fully recognized. All season
construction has been a big factor in stabilizing the entire industry. Owner,
builder, laborer, and, indirectly, the entire public, are benefited by elimination of seasonal swings. Popularity of winter building has been largely
responsible for the big total of $7,000,000 rolled up in the last twelve
months.
27
For the first eleven months of the year
the total value of pulp and
paper exports amounted to $158,289,495, as
compared with a total of $139,430,915 in the corresponding months of 1925.
This was an increase for
the current year of $18,858,580, or nearly 14%.
Exports of wood pulp
in these months were valued at $47,722,945
and exports of paper at $110,566,550, as compared with $43,306,575 and
$96,124,340, respectively, in
the eleven months of last year.
Details for the eleven months are given below:
-11 Months 1926- -11 Months 192.1PulpTons.
Value.
Tons.
Value.
Mechanical
350,787 $10.576,242
322.865 $9,447,062
Splphite, bleached
185,723
14.490,697
171,731
12.910.055
Sulphite, unbleached_
230,322
13,031.900
235,906
12,654,730
Sulphate
152,199
9,624,106
135,750
8,294,728
919,031
PaperNewsprint
Wrapping
Bond (cwts.)
Writing (cwts.)
All other
$47,722,945
866,252 $43,306,575
1,575,578 1103.745,021 1,264,515 $89,165,482
17,493
2,141,897
19,016
2,573,682
55,282
473,070
40,254
377,269
17.202
128,378
9.880
82,108
4,078,184
3,925.799
5110,566.550
$96,124,340
Exports of pulpwood in the eleven months amounted to 1,316,189
cords
valued at $13,287,074, as compared with 1,351,728 cords valued
at $13,469,975 exported in the corresponding months of 1925.
Activities of Hosiery Mills in Philadelphia Federal
Reserve District.
The following preliminary report on the hosiery industry
Slight Increase Reported in Crude Oil Output.
in the Philadelphia Federal Reserve District (compiled by
An increase of 5,650 barrels per day was reported by the
the Bureau of the Census) is made public by the PhilaAmerican Petroleum Institute in the daily average gross
delphia Federal Resere Board.
The following table shows the activities of the hosiery mills in the Third crude oil producti6n in the United States for the week ended
Federal Reserve District in November and a comparison with those of Dec. 25, bringing the total up to 2,402,350 barrels, as comOctober.
pared with 2,396,700 barrels for the preceding week. The
daily
average production east of California was 1,738,750
Men's
Men's
Women's
Women's
Full-Fashioned.
barrels, as compared with 1,736,600 barrels, an increase of
Seamless.
Full-Fashoned.
Seamless.
2,150 barrels. The following are estimates of daily average
(In Doz. Pairs).
P. C.
P. C.
P. C.
P. C.
Change
Change
Change
Change gross production by districts for the weeks indicated:
Nov. from
Nov. from
Nov.
from
Nov. from
1926.
Oct.
1920.
1926.
Oct.
1926.
1926.
Oct.
1926.
1926.
Oct.
1926.
Production -._ 21,959 +6.9 221,481 -2.2 574,063 -3.1124,044
Shipments_ ____ 26,823 +4.5 226,537 -5.3 562,056 -3.4 121,010 -15.3
-17.1
Stock, finished
& in the gray_ 62,920 -6.8 394,033 -3.9 725,312 +3.2
+1.3
Orders booked_ 22,026 -15.5 210,242 -8.5 577,825 -35.5 291,402
102,447 -18.7
Cancellations received
441 +30.5 9,200 -15.2 21,711 -87 12,315 +218.5
Unfilled orders
end of month. 20.347 -12.5 283.630 -11.7 1.810.698 +19 55.371 -36.9
Boys' and
Misses'.
Children's and
Infants'.
Athletic andSport.
P. C.
P. C.
Change
Change
(In Doz. Pairs). Nov. from
Nov. from
Nov.
1926. Oct.
1926.
Oct.
1926.
1926.
1926.
Production ____ 34,125 +13.4 78,115 -18.8 40,472
Shipments
30,639 +7.1 59,048 +51.1 39,988
Stock, finished
& in the gray_ 32,942 +9.1 378,346 +7.2 65,025
Orders booked_ 23,369 -41.2 78,87 -53.1 101,679
Cancellations received
120 -78.4 2,038 -30.1 2,637
Unfilled orders
end of month_ 56,131 -15.3 382,58
+5.3 132,810
P. C.
Change
from
Oct.
1926.
Total.
Nov.
1926.
-29.8 1,094,259
-13.5 1,066,101
P. C.
Change
from
Oct.
1926.
-6.5
-3.7
-7.3 1,949,985 +1.5
+97.4 1,116,464 -27.4
-44.8
48,462
+2.9
+77.4 2,741,581
+1.0
Crude Oil and Gasoline Prices Remain Unchanged
Throughout the Week.
Though the crude oil and gasoline markets of the country
continued fairly active throughout the holiday week, no
changes in the price of either class of petroleum were noted.
Up to the reports late on Friday, Dec. 31, quotations in the
wholesale markets at Chicago remained the same, when,
however, they eased off, standing as follows: United States
Motor grade gasoline, 9@93/8c.; kerosene, 63i(4)6%c., for41-43 water-white; 24-26 gravity fuel oil, $1 30(01 35.
Increase in Canadian Exports of Pulp and Paper
During November and Eleven Months.
Canada's exports of pulp and paper for November were
valued at $15,551,525, according to the report issued by the
Canadian Pulp & Paper Association. This was a decline
from the previous month, when the total value was $15,647,249, but was considerably ahead of the $13,967,287 reported
for November 1925. The Montreal "Gazette," from which
the foregoing is taken, gives the further details as follows:
The total for the month was made up of exports of wood pulp
valued
at $4,718,435 and exports of paper valued at $10,833,090, the
corresponding values for October being $4,633,043 and $11,014,206, respectively.
Details of the various grades of pulp and paper are as follows:
-November 1926- -November 1925PulpTons.
Value.
Tons.
Value.
Mechanical
39,241
11,178.957
45,198 $1,300,567
Sulphite, bleached
16,857
1.319.714
16,535
1,278,983
Sulphite, unbleached-- 22,576
1,249,256
23.455
1,249,137
Sulphate
15.868
970,508
12,650
769,497
94,542
$4,718,435
97,838
14,598,184
PaperNewsprint
153,729 $10,118,572
122.486 $8,678,472
Wrapping
1,927
225,303
1,914
254,854
Book (cwts.)
6,515
54,882
5,123
48,314
Writing (cwts.)
719
5.648
1,084
7,335
All other
428,685
380,128
$10,833,090
$9.369.103
DAILY AVERAGE PRODUCTION.
(In Barrels.)
Dec. 25 '26. Dec. 18 '26. Dec. 11 '26. Dec. 26 '25.
Oklahoma
570,300
561,200
564,650
461,050
Kansas
117,750
119,750
119,150
102,600
North Texas
255,150
261,650
261,600
85,050
East Central Texas
54,350
54,950
55,300
69,600
West Central Texas_ _ _ _
129,150
128,750
126.850
80.200
Southwest Texas
40,250
40,650
40,700
39,550
North Louisiana
54,000
54,800
55,900
45,650
Arkansas
137,300
138,950
140,150
194,600
Gulf Coast
183,200
181,750
181.300
88,150
Eastern
110,000
110,000
110,500
103,000
Wyoming
60,600
57,400
58,550
77.250
Montana
11,600
11,650
11,800
16,200
Colorado
7,250
7.700
8,150
5.000
New Mexico
7,850
7,400
5.950
4,750
California
663,600
660,100
655.700
629,500
Total
2,402,350
2,396,700
2,396,250
2,002.150
The estimated daily average gross production of the Mid-Continent field,
including Oklahoma, Kansas, North, East Central, West Central and
Southwest Texas. North Louisiana and Arkansas, for the week ended
Dec. 25 was 1,358.250 barrels, as compared with 1,360,700 barrels for the
preceding week,a decrease of 2,450 barrels. The Mid-Continent production, excluding Smackover, Arkansas heavy oil, was 1.249,600 barrels, as
compared with 1,250,950 barrels, a decrease of 1,350 barrels.
In Oklahoma. production of South Braman is reported at 5.050 barrels,
against 5,000 barrels; Tonkawa, 24,950 barrels, against 27,450 barrels;
Garber, 20,950 barrels, against 21,650 barrels; Burbank, 46,900 barrels.
against 47,000 barrels; Bristow-Slick, 27.900 barrels, against 27,200 barrels;
Cromwell, 13,850 barrels, against 13,800 barrels; Papoose, 8.550 barrels,
against 8,600 barrels; Wewoka, 25.100 barrels, against 25.150 barrels;
Seminole, 146,150 barrels, against 133,350 barrels.
In North Texas, Hutchinson County is reported at 138,950 barrels,
against 144.900 barrels, and balance Panhandle 13,450 barrels, against
13,650 barrels. In East Central Texas, Corsicana Powell, 24,700 barrels.
against 24,200 barrels; Nigger Creek, 10,200 barrels, against 11,250 barrels;
Reagan County, West Central Texas,29,600 barrels, against 29,500
barrels;
Crane and Upton Counties. 22.650 barrels, against 22,700 barrels;and in the
Southwest Texas field. Luling, 18,200 barrels, against 18.250
barrels;
Laredo District, 16,150 barrels, against 16,300 barrels; Lytton Springs,
2,950 barrels, against 3,100 barrels. In North Louisiana, Haynesvllie is
reported at 8.400 barrels, against 8,550 barrels; Urania, 12,000 barrels,
against 12,150 barrels; and in Arkansas. Smackover light, 12,800 barrels,
against 13,000 barrels; heavy, 108,650 barrels, against 109,750 barrels, and
Lisbon, 5.850 barrels, against 6,000 barrels. In the Gulf Coast field, Hull
is reported at 20,800 barrels, against 20.650 barrels; West Columbia.
9,350
barrels, no change; Spindletop. 96,500 barrels, against 92,700
barrels;
Orange County, 6,150 barrels, against 6.250 barrels, and South
Liberty.
3,800 barrels, against 5,600 barrels.
In Wyoming, Salt Creek is reported at 42,500 barrels,
against 41.250
barrels; and Sunburst, Mont., 9,000 barrels, no change.
In California, Sat ta Fe Springs is reported at 44,500 barrels, no
change;
Long Beach, 94.500 barrels, against 95.000 barrels; Huntington
Beach.
102,000 barrels, against 98,000 barrels; Torrance, 26.000 barrels.
against
26,500 barrels; Dominguez, 19,000 barrels, no change; Rosecrans.
13,500
barrels, no change; Inglewood, 39,500 barrels, no change; Midway
Sunset.
91,000 barrels, no change; Ventura Avenue, 50.800 barrels, no
change:
and Seal Beach. 10.800 barrels, against 8,700 barrels.
Steel Industry Maintains Output-Pig Iron Market
Stable-Prices Unchanges.
As 1926 ends, the steel industry is less active than in the
final week of 1925, so far as new business is concerned
according to observations made by the "Iron Age"and published in its weekly review of Dec. 30. Production also is
less, indications being that the December total of steel ingots
will be not far from 3,400,000 tons, as against 3,970,000 tons
in December one year ago. Last year the production curve
was moving upward, while the present trend is downward
28
[vol.. 124.
THE CHRONICLE
an 88% operation in October, 80% in November and a prob- Iron and Steel Foundry Operations in Philadelphia
able 73% in December, states the "Age," adding further:
Federal Reserve District During November.
However. in view of the well maintained rate of Steel Corporation output
The total volume of iron castings produced in the Phila'this month, there being only the suspension of Christmas Day and a few
hours on Friday, the year's steel Ingot production promises to be above delphia Federal Reserve District during, November was
rather than under 47,000.000 tons, against 44,140,000 tons In 1925.
noticeably greater than in the Same:month last year, the
While no marked increase in steel output is looked for in January, the
possibilities of the coal situation after April 1 will tend to the maintenance output of malleable iron castings alone showing a decline,
of the present rate, even though there be come stockings of bigots for a time. says the Federal Reserve Bank of Philadelphia which goes
Some steel producers estimate their December orders at substantially the
on to say:
total of November, railroad buying this month making up for some falling
off in other lines.
Chicago Is still reporting large inquiry as well as actual oeders for track
supplies, and the week's scattered rail buying at Chicago amounted to
15.000 tons. Rail sales and inquiries in Ohio were 8,500 tons, besides
which Is a considerable tonnage of track supplies for the new Chesapeake &
Hocking Valley extension.
Chicago district rail mills are running at 75% and this rate will be increased early in the new year as railroads are now calling for their spring
rails.
A situation is developing in automobile body steel, as the result of the
long-expected competition between sheets and wide strips. Makers of the
latter have lately named prices at Detroit that are materially below recent
quotations on body sheets.
Whllemotor car builders talk hopefully of the 1927outlook they are buying
sparingly and are likely to make little increase in production schedule until
after the New York and Chicago shows.
Except in sheets and cold-rolled strips prices of finished steel show a good
deal of steadiness, though it is still evident that some considerable buyers
are postponing the issue on 2c. bars.
Oil industry buying in November was responsible for the largest bookings
in fabricated plate work since April 1923. In the total of 50,863 tons,
over 40% was for storage tanks and refinery materials. Tank cars aocounted for 35% of the remainder.
The feature of the week in pig iron was the closing of contracts for 38.000
tons for the Standard Sanitary Mfg. Co.-20,000 tons in the Pittsburgh
market and 18.000 tons in southern Ohio. The Valley price in these transactions was $18 50 for No. 2 and the Louisville. Ky., price, $21 90. Otherwise the pig iron market Is uneventful, the Eastern situation still giving
evidence of a more than ample supply of merchant iron.
Close to 50.000 tons of ferromanganese has been put under contract for
delivery in the first half of 1927 to large consumers. Other ferro-alloys,
including 50% ferrosllicon and standard ferrochromium, have also been
bought in fairly large quantities.
Bookings of steel castings for the eleven months ended Nov. 30 were
1014% greater in tannage than in the same period last year. Nearly 40%
was for railroad needs. Production up to Dec. 1 amounted to about
1,105.000 gross tons.
Imports of iron and steel products into the United States In the first
eleven months of 1926-1.035,531 gross tons-were the largest since 1903.
Pig iron, with 430,819 tons, accounted for nearly 42%, and scrap was an
additional 8%. Rolled and finished steel, 363,430 tons (about 210,000 tons
to Dec. 1 last year), represented 35%. Cast iron pipe. 71.779 tons, was
7% of the total.
The "Iron Age" composite price for pig iron remains for a second week
at $19 88, compared with $21 79 last year. Finished steel stands for the
twelfth week at 2.453c. per pound,the same level as a year ago, as shown in
the following composite price table:
Pa Iron.
Finished Steel.
Dee. 27 1926, 319 88per Gross Ton.
Dec. 27 1928, 2.453c. per Lb.
$19 96
2 453e. One week ago
One week ago
17
20
2
3
19
2 4530. One month ago
One month ago
2.453e. One year ago
One year ago
15 72
1 6890. 10-year pre-war average
10-year pre-war average
Based on average of basic iron at ValBased on steel bars, beams,tank plates.
plain wire, open-hearth rails, black pipe ley furnace and foundry irons at Chicago,
Buffalo. Valley and Bir
Philadelphia,
of
87%
sheets,
constituting
and black
mingtutm.
the United States output.
Low.
high.
13
1928_2.453c., Jan. 5; 2.403c., May 18 1926..321 54, Jan. 5; $19 46,
1925...2.5600., Jan. 6; 2.396e., Aug. 18 1925._ 22 50; Jan. 13: 1896, July 7
1924_2.789c., Jan. 15;2.460c., Oct. 14 1924__ 2288. Feb. 26: 1921. Nov. 3
1923__2.824c.. Apr. 24;2.448c.. Jan. 2 1923._ 3086, Mar. 20: 2077. Nov. 20
Passing out of the greatest production year in its history,
the iron and steel industry is swinging into 1927 with solid
confidence that consumption will shortly attain the high
average of the past year and buying on a comparable scale
cannot be long deferred, asserts the "Iron Trade Review"
on Dec. 30. Variations in production and shipments the
past few weeks and relatively light commitments of mill
capacity are appraised as year-end phases and have not
dimmed the general outlook, adds the"Review"in its weekly
summary of conditions in the industry. From this we quote:
New orders and specifications for iron and steel are measurably higher
than production and shipments in past few days. In some Instances,
notably pig iron, this is an improvement partially at the expense of price.
Some independent producers have been pressed to maintain 65 to 70%
operations but the feeling is general that the low point has been passed
and as January opens, b tterment will be progressive. Steel Corporation
subsidiaries are operating between 75 and 80%. The leading market activity
was the purchase of more than 38,000 tons of pig iron for first half year
delivery by the Standard Sanitary Mfg. Co. This interest placed 20,000
tons for the Allegheny and New Brighten, Pa., plants at a price understood
the
to be $18 50, base Valley, or 50 centa under what has been considered
market. For its Louisville, Ky., plant, 18,000 tons were placed with
southern Ohio makers at $19 75, Ironton. Some iron also was placed at
Chicago. By way of repercussion. Cleveland furnace interests lowered
their prices ,for local delivery 50 cents. Efforts of the American Steel
Foundries to place 4,000 tons of basic in Mahoning Valley at $18. or 50
cents tinder market, is understood to have met with no success.
Railroad business stands at the same point as a week ago, constituting
awards apparently
the largest potential tonnage for the industry but actual
have been postponed until early in first quarter.
Demand for sheets, while still light, continues to pick up and has been
augmented by releases from some automotive interest. Prices, especially
a ton under the established
black sheets, are none too steady. Two dollars
Mahoning Valley makers claim to have
levels frequently is done and some
after running
encountered concessions much deeper. Tin plate production,
for the industry as a whole, suffered
a number of weeks at more than 90%
from holiday Interruptions.
price on 14 leading iron and steel
The "Iron Trade Review's" composite
$38 12 last week and
products this week is $38 08 This compares with
33822 the previous week!
Gains In unfilled orders over the volume of a year ago were substantial,
but shipments decreased somewhat. Stocks of pig iron and coke were
lighter but of scrap heavier on Nov. 30 than on the same date last year.
The following table shows comparisons:
IRON FOUNDRY OPERATIONS, PHILADELPHIA FEDERAL RESERVE
DISTRICT.
November
1926.
Capaticy
Production
Malleable iron
Gray iron
Jobbing
For further manufacture
Shipments
Value
Unfilled orders
Value
Raw stock'Pig iron
Scrap
Coke
Change
Month
Ago.
Change
Year
Ago.
12,295 tons
6,035 tons -7.5% +4.6%
453 tons -18.8% -12.9%
5,582 tons -6.4% +6.3%
3,882 tons -4.4% +10.3%
1,700 tons -10.7% +1.7%
5,381 tons -l2.3% -2.6%
-12.9% -2.9%
$751,911
5.792 tons -2.9% +13.2%
-2.1% +28.0%
$938,187
6.488 tons -4.0% -4.5%
3,751 tons -1.9% +9.5%
2,165 tons +8.3% -19.9%
The bank's report on steel foundry operations follows:
Unfilled orders for steel castings in this district were nearly 37% greater
but production and shipments were 24.4 and 14.5%,respectively,smaller in
November than in October. Compared with those of a year ago, shipments
in November increased about 20%. whereas production and unfilled orders
declined. Stocks of pig iron, scrap and coke were substantially smaller
at the end of November than on the same date last year.
STEEL FOUNBRY OPERATIONS. PHILADELPHIA FEDERAL RESERVE
DISTRICT.
%I
Change Change
November
Mena
Year
1928.
Ago.
Ago.
Capacity
Production
Shipments
Value
Unfilled orders*
Value*
Raw stockPig iron
Scrap
Coke
•Figures of one plant omitted.
11,840
5,267
4,715
3782.200
4.132
8610,762
tone
ton -24.4% -4.7%
tons -14.5% +20.2%
-10.9% +21.0%
tons +36.6% -13.6%
+6.2% -18.1%
1.615 tons -12.3% -26.3%
6,533 tons -8.5% -31.1%
85.1 tons +4.0% -50.6%
Holidays Cause Dulness in Bituminous Coal and
Anthracite Markets.
severe weather conditions with an atunusually
Barring
tendant breakdown in transportation, the Christmas holiday
period is one of dulness for the bituminous coal industry
declares the "Coal Age" on Dec. 30. The present time,
with its adequate transportation service, is proving no exception to the general rule. Prices are unsteady, buying is
erratic, production is uneven but at a high rate and more
interest is expressed in what may happen after the turn of
the year than in the duller day-to-day small-scale developments in individual markets or producing fields during the
next few days, says the "Age" in describing the current
trends in the marjEets, adding:
Although the general level of spot prices declined slightly during Christmas
week,the fluctuations as between different coals and between the same coals
in different markets were such that the changes were indicative of no major
trends. For the most part the variations were due to local conditions.
Where the influences were broader in scope they could be attributed either
purchasing agents to break a
to the weather or to the efforts of industrial
by absolute
sagging market by withdrawing all buying support not dictated
necessity.
on
198 and
prices
Dec.27
was
The "Coal Age" index of spot bituminous
$2 40. This was a decline
the corresponding weighted average price was
20. Midwestern prices on
of 2 cents and 2 points from the figures for Dec.
domestic sizes were weaker and tidewater quotations on some pools dropped
lower. On the other hand,inland quotations on West Virginia coals, which
the collapse of
have been bearing the brunt of the attack on prices since
stronger.
the British strike, were, generally speaking,
Looking to the new year, the question of wages in the non-union fields Is
groups of buyers seem bent
attracting the greatest general interest. Many
the bases in effect prior to
upon forcing the non-union districts to revert to
others appear firmly
reduction,
the
made
have
mines
Nov. 1. While some
to such time as the position of the
set against any such action-at least prior
issue to be fought out,.
union miners and union operators on the wage
presumably in Miami, is definitely known.
of how much reserve
question
the
is
interest
Second to this in general
weeks of November
stocks were accumulated during the record production
will rest the course of the
and December. Upon the answer to this question
a doubt there has
spot market during the next three months. Without
industrial coal stocks. How
been a marked augmentation of consumers'
be quantitatively approximuch the increase has been, however, cannot
stock survey.
mated until the publication of the next Government
anthracite trade a
The holiday slump in buying interest hit the domestic
going
into storage and
been
have
hard blow. Egg, nnd even nut and stove,
Produefurtther
accumulations.
avoid
to
operations have been curtailed
net tons. On the
tion during the week ended Dec.18 dropped to 1,792.000
upon the moveother hand, the shortened production had a favorable effect
ment of the steam sizes. No. 1 buckwheat showed more strength than it
and
Rice
barley also
were,firmer.
has for months and independent prices
held their ground.
JAN. 11927.1
THE CHRONICLE
In the Connellsvillecoke trade,Tovens and furnaces'are'beginning to discuss first-quarter contracts in a serious way. Some business, it has been
revealed, has been closed at $4(4$4 25, and independent ovens generally
appear to be holding out for figures which will be in line with that basis.
Anything like a review of the coal maket that would
cover this past week would be distinctly unfair if it were to
be considered in comparison with others that surround it, ,
says the "Coal and Coal Trade Journal" on Dec. 30. The
week was passed to the accompaniment of holdiays and it
partook of the nature, in the opinion of the "Journal,"
which makes further comment as follows:
29
Estimated United States Production of Anthracite (Net Tons).
1925
1926-Cal. Year
Cal. Year
Week EndedWeek.
to Date. a
Week.
to Date.
Dec. 4
1,997.000 78,774,1
63,000 61,537.000
Dec. llb
1,802,090 80,581,C
64,000 61.601,000
Dec. 18c
1.792,000 82.373,C
56.000 61,657.000
a Minus one day's production first week In January to equalize number:of
days in the two years. b Revised since last report. c Subject to revision.
BEEHIVE CORE.
During the week the output of coke continued about the same, u
shown by the following table:
Estimated Production of Beehive Coke (Net Tons).
Week Ended-1926
Dec. 18 Dec. 11 Dec. 19
to
1926.13
Date.
1926.c
1925.
Pennsylvania & Ohlo-149,000 148,000 259,000
9,100,000
West Virginia
15,000
15.000
15,0
751,000
Ala.,Ky.,Tenn.&Ga_ 4.000
6,000
21,000
586,00
Virginia
6.000
6,000
341,00
9,000
Colorado & New Max. 5.000
5,000
5.000
250,00
Washington & Utah
4.000
4,060
4,000
173,000
1925
to
Generally speaking, there Is an air of cheerfulness that does not come
Date.a
from the mines or the centres of distribution or sal of coal. The good
7,898,000
624.000
feeling is due to the season and to the general business prosperity that
1904.000
pervades the commercial world and the many authoritative announcements
366.000
that this prosperity will continue into the new year. It is not meant to
234
188 'a,
be inferred that without the immediate seasonal cause for good cheer
the coal market will have been particularly downcast, but rather that
United States total-183,000 184,000 313,000 11,201,000 10,214,000
Its real complexion is obscured by passing events which are entirely outside Daily average
35,000
31.000
31,000
52,000
38,000
the coal industry.
a Adjusted to make,,comparable the number of days in the two...years.
As a matter of fact there is good reason to believe that the coal industry b Subject to revision.* c Revised since last report.
Is righting itself. It is rather hard to appreciate that the convulsion that
was supposed to come with the end of the British strike has entirely passed
Heavy Shipments of Bituminous Coal-Petroleum
and no real after-effects are apparent.
But there has been considerable news to report. The chief seems to
Exports.
be that there Is a distinct tendency to readjust wages and that this readThe Department of Commerce at Washington gave out on
justment is not causing any visible disturbance. The report that certain
places in West Virginia are adopting a compromise scale may be regarded Nov. 24 its monthly report on the exports of coal and petroas largely important. It is felt that as these changes go on and are accepted
month of October and the ten months ending
by the miners, they will give courage for other mine operators to take leum for the
the same course, and if they too succeed without provoking an upheaval, with October. Bituminous coal ,exports increased heavily
a feared situation will have been ended almost before it has begun. The in the month of October, due Lo the coal- strike in Great
Idea seems to be that April first can be met at this time, and when the
date comes there will be little to apprehend. The non-union mines in Britain. The value of these Molts in October this year
this country, it is estimated, can produce eight million tons of coal a week, was $20,773,543, against only 10,292,786 in October a year
and it is probable with the high production that is even now going on and
ago, and for the ten months' period ending with Oetober 1926
the lowered export demand, there would be little difficulty if these nonunion mines were all we had to supply us with coal for a very long period. the value was $105,316,624, against $55,930,569 for the corThis is distinctly encouraging to the producers and users of coal.
responding period a year ago. Anthracite shipments were
More mines have closed down, but not very many. Not so many, at
larger than in the same periods a year ago,
least, as was looked for by some prophets. Enough have closed to give also considerably
a certain hue to the labor market that makes a continuous job appreciated the shipments in October 1926 being valued at $5,088,091,
by the one who holds it. Production has not been much affected by
against $385,792 in October 1925. Fr the ten months' pereason of idle collieries, but with the season the figures of the amount of
coal being brought to the surface Is naturally curtailed. The chances riod this year the value was $33,970,353, against $31,403,281
are that the curtailment will go considerably further. All of which will in the corresponding period last year. Crude petroleum exnot encourage those who see the coming of April as an opportunity to
ports for October 1926 were smaller than in October 1925,
stage a disturbance.
Dulness is felt in many local markets but the wholesalers and retailers the value of the exports being $2,130,680, against $2,241,865.
have reason for satisfaction with the prospect at hand. The first cold On the other hand, the exports for the ten months ending
weather brought activity but neither the winter nor the winter's business
is over. As the season advances not only will the demands for the moment with October this year were larger than in the correspondbe heard from, but the advisability of reserves be more apparent.
ing period a year ago, the value being $23,646,112 for the
The industries especially will see the advantage of Lege piles Just outperiod this year, against $21,218,374 in the period a year
side their doors. They cannot afford to trust to hopeful calculations.
The reserve stocks, that the production figures give notice of, will be ago. The value of refined petroleum exports increased both
moved to a certain extent from places near the mines to places near to for the month and the period, being $36,211,648 in the
the point of burning. There is an effort to have this done without affecting
month of October 1926, as compared with $34,004,730 in
the prices that now prevail and perhaps it will succeed.
Altogether the new year is about to dawn with the seller of coal in not October 1925, and for the ten months' period $418,481,526,
such a bad position.
against $347,953,487. Below are the figures:
DOMESTIC EXPORTS OF COAL AND PETROLEUM.
Incomplete Returns Indicate Decline in Output of
Bituminous Coal and Anthracite.
The production of bituminous coal and anthracite declined during the week ended Dec. 18, according to the estimates made by the United States Bureau of Mines, which
made its report one day earlier than usual because of the
observance of Christmas Day. Consequently, revision of
the figures given in the following tables may bring the totals
to higher amounts.
Production of bituminous coal in the week ended Dec. 18 was between
13,100,000 and 13,300,000 tons, probably about 13,220,000 tons. Because
of the Christmas holiday, this report is published one day earlier than
usual, and a number of the coal-loading railroads have not yet been heard
from.
Estimated United States Production of Bituminous Coal (Net Tons), Including
Coal Coked.
1926
1925 a
Cat. Year
Cal. Year
Week.
to Date.
Week.
to Date b
Dec.4
14,676,000 530,180,000
12.868,000 478,653,000
Daily average-2,446.000
1.857.000
2,145,000
1.678,000
Dec. 11c
14,090,000 544,270.000
12,908,000 491.561,000
Daily average- - 2.348,000
1,867,000
2,151,000
1,687.000
Dec. 18d
13,220,000 557,490.000
12,684,000 504.245.000
1,873,000
Daily average2,204.000
2.114,000
1,695,000
a Original estimates corrected for usual error which in past has averaged
2%. b Minus one day's production first week in January to equalize
number of days in the two years. c Revised since last report. d Subject
to revision.
Cumulative production of soft coal during 1926 to Dec. 18 (approximately 298 working days) amounts to 557,490,000 net tons. Figures for
corresponding periods in other recent years are given below:
1920
1921
1922
557.095.000 net tons
406.407,000 net tons
415,933,000 net tons
1923
1924
1925
554,232.000 net tons
971,612,000 net tons
512,676,000 net tons
ANTHRACITE.
Production of Anthracite during the week ended Dec. 18 is estimated,
subject to revision, at 1,792,000 net tons. Compared with the output in
the preceding week, this shows a decrease of 10,000 tons, or 0.6%.
Month of Octoher.
1925.
Coal-Anthracite, tons
Value
Bituminous, tons
Value
Coke,tons
Value
1926.
Ten Months Ended October.
1925.
1926.
2,954,218
459,170
2,800,030
43,835
$385,792 $5,088,091 $31,403,281 $33,970,353
22,614.140
12,718,911
1,245,540 4,188.865
$5,292,786 $20,773,543 555,930,569 5105,316.624
84,423
633,716
753.566
70,603
$4.884.601
35.910.256
8550.223
5577 013
DOMESTIC EXPORTS OF PETROLEUM AND REFINED PRODUCTS.
53.672,682 42,423,525 483,449,656 536,744,137
Petroleum-Crude, gals
82,241,865 52,130,680 821.218.374 823.646,112
Value
Total refined petroleum, gals 335,040,997 292,312.973 3,209.439,254 3,681,311,381
854,004,730 336,211,648 8347,953,487 5413,481,526
Value
Gasoline, naphth sand other
102,48.5,644 113,538,862 1,040,684,663 1,487,180,516
light products, gala
$14,690,837 $17,640,374 $161.798.331 $221,912.183
Value
87,373,006 75,458,406 722,998,212 759,064,992
011s--Illuminating, gals
$8,202,535 $8,977,636 569,267,564 $83,180.130
Value
111,026,860 70,888,467 1,107,162,930 1,104.793,335
Gas and fuel, gals
$3,768,455 52,650,144 $41,102,206 $34,713,568
Value
31,642,866 29,236,644 333,973,709 317,663,579
Lubricating,gals
$7,212,614 $6,348,916 $75,269,338 $71,477,102
Value
Other refined petroleum pro12,608,959
2,532.621 4,190,594
4,619,740
ducts, gals
82,198,543
8130.289
5594.578
5516,048
Value
33,049,076 28,365,432 270,716,787 281,408,726
Paraffin wax, lbs
51.873.623 81.615.963 815.057.564 515.704,730
Value
Production of Bituminous Coal During Monthiof
October.
During the month of October the production of bituminous
coal in the United States rose to 54,592,000 net tons, against
48,976,000 net tons in the preceding month, according to
the statistics compiled by the U. S. Bureau of Mines. The
following table presents estimates of soft coal production,
by States, in October, and during the first ten months of
1926. Figures also are given for the first ten months in
1924 and 1923, but in view of the fact that work is nearly
completed on final statistics by months in 1925, the usual
column for that year has been omitted. The total production
for the country as a whole during that period in 1925
amounted to 417,034,000 tons, declares the Bureau, from
which source we give the table below:
30
THE CHRONICLE
ESTIMATED PRODUCTION OF SOFT COAL BY STATES IN OCTOBER
1926 AND IN THE FIRST TEN MONTHS OF THE CALENDAR YEARS
1926, 1924 AND 1923 (NET TONS)a.
Total Production for
September
1926.
Alabama
Arkansas
Colorado
Illinois
Indiana
Iowa
Kansas
Kentucky-East
West
Maryland
Michigan
Missouri
Montana
New Mexico
North Dakota
Ohio
Oklahoma
Pennsylvania
Tennessee
Texas
Utah
Virginia
Washington
West Virginia
Wyoming
Other States b
October
1926.
Jan. 1-Oct. 31.
1926.
1924.
1923.
1.855,000 2,008,000 18,055,000 15,588.000 17,331,000
150,000
194.000 1,291,000 1,165,000 1,077,000
941,000 1,058,000 8,081,000 8,392,000 8,329.000
5.377,000 6,683,000 52,897,000 55.077.000 66,500,000
1,879.000 2,132,000 17,565,000 17,418,000 21,899.0(10
418,000
515.000 4,161,000 4,430,000 4,684,000
390,000
481.000 3,483,000 3,440,000 3,653.000
4,228,000 4,202.000 39,588,000 29,249,000 28,496,000
1,396,000 1,550,000 12,245,000 7,366,000 9,152,000
294,000
329,000 2,803,000 1,721,000 1,990,000
49.000
73,000
494,000
688,000
982,000
228,000
286,000 2,070,000 2,014,000 2,815,000
247,000
315,000 1,976,000 2.249.000 2,544,000
233,000
266,000 2,295,000 2,279,000 2,426.000
100.000
160.000
858,000
901,000 1,129.000
2,379,000 2,973.000 22,603,000 25.159.000 34.930,000
201.000
235,000 1,820,000 1.915,000 2,350,000
12,526.000 14,088,000 120.959,000 108,052,000 147,917,000
487,000
523.000 4,760,000 3,669,000 5,132,000
104,000
119,000
957.000
822,000
983.000
378,000
432,000 3,543.000 3.570,000 3,847,000
1,151,000 1,222,000 11,019,000 8.788,000 10,072,000
234,000
285.000 1,996,000 2,151,000 2,394,000
13,081,000 13.727,000 120,075,000 83.488,000 91,940,000
642,000
727,000 5.353,000 5,375,000 6,103.000
8,000
9,000
218,000
86,000
223,000
48,976.000 54.592.000 460.898,000 395,319.000 478,898.000
a Figures for 1923 and 1924 are final: for 1926, subject to revision. b This
group is not strictly comparable in the three years.
[vol.. 124.
Output of beehive coke during November remained
practically stationary, there being a decrease of 8,000 tons,
or less than 1%,when compared with the preceding month.
Production of all coke totaled 4,602,000 tons, the byproduct plants contributing 81% and the beehive plants
19%,reports the Bureau,from which we quote the following
-tables:
MONTHLY OUTPUT OF BY-PRODUCT AND BEEHIVE COKE IN THE
UNITED STATES (NET TONS).a
By-Product
Coke.
Beehive
Coke.
Total.
1923 monthly average
1924 monthly average
1925 monthly average
3,133,000
2.833.000
3.326.000
1.615.000
806,000
946.000
4.748,000
3,639.000
4,272,000
Aug. 1926
Sept. 1926
October 1926
November 1928
a Excludes screenings and breeze.
3.749.000
3,641,000
3,812,000
3.743.000
752,000
1,310,000
887,000
859.000
4,501,000
4.951,000
4,679,000
4.602.000
The total quantity of coal consumed at coke plants in
November was about 6,734,000 tons, of which 5,379,000
tons were consumed in by-product ovens and 1,355,000 tons
in beehive ovens.
ESTIMATED MONTHLY CONSUMPTION OF COAL IN THE MANUFACTURE OF COKE (NET TONS).
Consumed in
Consumed in
Total
00OD OD CO CC 00 0000 00 00 CO 00
t4b2b21,
ataCJG4b2t4t,lb.IN
k Li GI ;.
b5
By-Product
Beehive
Coal
Production of Coke During Month of November.
Ovens.
Ovens.
Consumed
Production of by-product coke in November declined 1923 monthly average
4.523,000
2.507.000
7.030.000
1924 monthly average
4.060.000
1.272,000
5,332,000
69,000 net tons when compared with October, declares the 1925
monthly average
4,759,000
1,452,000
6,211.000
United States Bureau of Mines in its statistical review of the
Aug. 1926
5,386,000
1,188,000
8,574,000
industry for the month of November. The decrease was due Sept. 1926
5,232,000
2.066,000
7,298,000
October 1926
5,477.000
1.387,000
6,844,000
to the shorter month, and the daily rate of output rose NYnyarnhar 1095
A 270 nna
1 255nnn
A 724 AAA
from 122,975 to 124,783 tons, with one exception the highest
Of the total production of by-product coke during Nodaily rate on record. Total production for November
amounted to 3,743,000 tons, compared with 3,812,000 tons vember, 3,089,000 tons, or 82.5%, was made in plants assoin October. There were 76 active plants, the same number ciated with iron furnaces, and 654,000 tons, or 17.5%, was
as in October, and these plants produced about 92% of made at merchant or other plants.
PER CENT OF TOTAL MONTHLY OUTPUT OF BY-PRODUCT COKE
their capacity.
THAT WAS PRODUCED BY PLANTS ASSOCIATED WITH IRON
According to the "Iron Age," the production of coke
FURNACES AND BY OTHER PLANTS. 1921-1926.
pig iron for the 30 days of November was 3,236,707 gross
1921.
1923.
1922.
1924.
tons, or 107,890 tons per day, as compared with 3,334,132
1925.
1926.
tons, or 107,553 tons per day, for the 31 days in October.
FurFurFurFurFurFurMonth nom Other noes. Other nate Other nice. Other sacs. Othe nace. Other
The November daily rate is the largest for any November
January .. 83.1 16.9 82.4 17.6
17.2 82.8 17.2 84.8 15.1 82.9 17.1
since 1918, when 111,802 tons per day was reached. It is February
. 82.3 17.7 83.3 16.7
17.7 83.6 16.9 83.7 16.1 81.7 182
the largest peace-time November output ever recorded. March.... 81.3 18.7 83.3 16.7
17.4 84.0 16.0 83.7 16.1 82.6 17.4
April
80.3 19.7 83.7 18.3
17.4 83.6 16.4 83.7 16.1 82.8 17.2
Only March, April and May have exceeded November in May
81.1 18.9 85.5 14.5
17.3 80.0 20.0 83.2 16.1 82.6 17.4
June
17.4
85.7
82.6
14.3
16.9
80.8 19.2 83.1 165 82.7 17.3
daily output this year. A year ago the daily rate was July
81.2 18.8 86.0 14.0
16.7 80.8 19.2 82.6 17.9 83.3 16.7
August... 83.0 17.0 80.3 19.7
17.3 79.5 20.5 82.1 175 83.2 16.8
97,528 tons.
Beptember 83.8 16.2 82 7 17.3
17.8 82.0 18.0 82.2 17.1 83.0 17.0
The same source states that the production of steel ingots Dctober- 84.0 16.0 83.3 16.7
17.8 82.9 17.1 82.3 177 82.6 17.4
November 84.2 15.8 83.1 16.9
17.8 83.4 166 23.0 17.0 82.5 17.5
during November amounted to 3,722,000 gross tons, or 9% December.
84.9 15.1 82.9 17.1
17.4 84.6 15.4 82.9 17.1
less than the October output.
82.7 17.3 83.6 16.4 82.6 17.4 82.3 17.7 83.1 18.9
Current Events and Discussions
The Week with the Federal Reserve Banks.
The report of the Federal Reserve banks this time deals
with the results for the year 1926, and we are accordingly
publishing it in our editorial columns-see page 16.
The tabular statement in full, in comparison with the preceding week and with the corresponding week last year, will
be found on subsequent pages, namely, pages 80 and 81.
The Member Banks of the Federal Reserve SystemReports for Preceding Week-Brokers' Loans
in New York City.
It is not possible for the Federal Reserve Board to issue 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
until several days later. Prior to the statement for the week
ending May 19 1926, it was the practice to have them
ready on Thursday of thefollowing week, and to give them out
concurrently with the report of the Reserve banks for the
next week. The Reserve authorities have now succeeded in
expediting the time of the appearance of the figures, and they
are made public the following week on Monday instead of on
Thursday. Under this arrangement the report for the week
ending Dec. 22 was given out after the close of business on
Monday of the present week.
The Federal Reserve Board's condition statement of 688
reporting member banks in leading cities as of Dec. 22 shows
an increase of $61,000,000 in loans and discounts and decreases of $39,000,000 in investments and of $268,000,000 in
net demand deposits. Borrowings from the Federal Reserve
banks increased $140,000,000 and cash in vault $39,000,000.
Member banks in New York City reported an increase of
$76,000,000 in loans and discounts and $67,000,000 in borrowings from Federal Reserve Bank, and a decrease of
$87,000,000 in net demand deposits.
Loans on stocks and bonds, including United States
Government obligations, increased $104,000,000 at all reporting banks and $102,000,000 at reporting member banks
in the New York district. All other loans and discounts were
$43,000,000 less than a week ago at all reporting member
banks and $19,000,000 less at reporting member banks in
the New York district. Smaller decreases were reported
by member banks in all other districts except Dallas and
San Francisco in which districts small increases are shown.
Total loans to brokers and dealers, secured by stocks and
bonds, made by reporting member banks in New York City
increased $31,000,000, loans for their own account having
increased $82,000,000, while loans for out-of-town banks and
for others declined $38,000,000 and $13,000,000, respectively. As already noted, the figures for these member
JAN. 1 1927.]
THE CHRONICLE
banks are always a week behindlthose for.thelReserve banks
themselves. The statement goes on to say:
Holdings of United States Government securities declined $54,000.000
during the week,of which $25,000,000 was at reporting banks in the Chicago
district and $9,000,000 in the Cleveland district. Holdings of other bonds,
stocks and securities were $15,000,000 above the previous week's total,
smaller increases being shown for reporting banks in 9 of the other districts.
Net demand deposits declined at reporting member banks in all districts,
the total for the current week being $268,000,000 below the total on Dec. 15.
Borrowings from the Federal Reserve banks, largely as a result of the
demands for cash for holiday purposes, increased $140,000,000, the largest
increases being $73,000.000 in the New York district, $21,000,000 in the
Chicago district and $15,000,000 in the San Francisco district.
31
ning of the Burma rice season. It is anticipated that this movement of
important commodities will tend to stimulate the export market, which
has been lagging for some time, and that it will in turn cause a better
demand for imported commodities.
AUSTRALIA.
Record Christmas sales are reported from all Australian centres and the
the
new
year is good.
present outlook for
The Yallourn brown coal field workers have resumed work at the old
scale of wages and fear that certain industrial plants in Victoria would be
forced to close because of power shortage has passed.
The Government statistician in South Australia estimates that the wheat
yield for this season in that State will reach 35,475,000 bushels (an average of 13.41 bushels per acre), as compared with 28,031,000 bushels last
On a subsequent page—that is, on page 81—we give the season (an average of 11.60 bushels per acre). The local wheat position
unchanged, with the price on rail at Sydney 5 shillings 434 pence per
figures in full contained in this latest weekly return of the is
bushel. It is suggested in Australian shipping circles that because of the
member banks of the Reserve System. In the following is occupations of shipping facilities for transporting coal to England there
of bottoms for moving the wheat crop. This, however,
furnished a summary of the changes in the principal items may be a shortage
is thought unlikely, as coal production in Englnd is increasing daily, thus
as compared with a week ago and with last year:
shipping
that
has been engaged in importing coal since the comrelieving
Increase (+) or Decrease (—) mencement of the coal strike.
During
Evidence relative to the 44-hour week case now being tried in AustraWeek.
Year.
lia is complete, but decision is not expected before February next.
Loans and discounts, total
+$61,000,000 +$323,000.000
The first section of the Sydney City Railway opened for business on
Secured by,IU. S. Govt. obligations
+1,000,000
—32,000,000 Dec.
20 carrying 40,000 passengers the first day.
Secured by stocks and bonds
+103.000,000 —25,000,000
All other
PORTO RICO.
—43.000,000 +380,000.000
Investments, total
—39,000,000_±42,000,000
Retail trade in Porto Rico during December experienced the usual seaU. S. securities
—54,000,000 —223-,000-.000 sonal acceleration accompanied by a healthy reduction in merchandise
pr Other bonds, stocks and securities
+15 oo94999_-Fm_poopoo stocks. The economic outlook for the coming year is decidedly better than
Reserve balances with,Fed..Res. banks
—102,000,000 ft-6,000,000 it was two years ago, but much depends upon the trend of sugar prices.
Cash in vault
+39,000,000
@2,000,000 The Sugar Producers' Association estimates the coming crop at approxiNet demand deposits
—268,000,000 —118,000,000 mately 616,000 short tons, or slightly in excess of the estimate of the
Time deposits
—8.000,000 +467,000.000 Insular Department of Agriculture. Weather conditions remain favorable
Government deposits
—94,000.000
°Mai borrowings from Fed.lRes. banks_ _ _ _ +140,000,000 —42,000,000 to growing crops except in certain sections of the west and south coast,
where insufficient rainfall still delays planting. The tourist season is in
full swing. Bank clearings for both December and the period Jan. 1 to
Summary of Conditions in World's Markets According Dec. 23 are above those of the previous year.
Rowe to Cablegrams and Other Reports of the
Department of Commerce.
The Department of Commerce at Washington releases
for publication to-day (Jan. 1) the following summary of
conditions abroad, based on advices by cable and other
means of communication:
CANADA.
The Dominion's 1926 Chritsmas trade was the largest since the war.
As usual at this season, activity in wholesale lines has been restricted and
manufacturing plants have been temporarily curtailing operations.
GREAT BRITAIN.
Good progress is being made toward recovery in British coal production,
according to a cable from Commercial Attache William L. Cooper, London. During the week ended Dec. 11 there were 886,000 miners at work
and the output was 82% of the volume produced during the corresponding week of 1925. British production and imports of coal together now
approximately represent the amount normally handled in the country.
FRANCE.
After the shortest budget discussion in 40 years, the budget for 1927
received final parliamentary approval on Dec. 19, with an estimated surplus of 187,000,000 francs. Parliament has adjourned, but will reconvene the second week of January.
The Bank of France rates on discounts and advances were reduced by
1% on Dec. 16. (On July 31 the discount rate had been increased from
6 to 71
/
4% and the rate on advances from 8 to 934%.)
The issue of one-month National Defense bonds was suspended on Dec.
17, and of three-months bonds on Dec. 23. However, renewals of the
latter are permitted. The interest rates on all National Defense bonds
have been reduced and two-year bonds have been created, effective Jan. 1,
with interest at 6%.
Since Dec. 13 the public Treasury has been receiving account current
deposits at 4% interest. The minimum initial deposit is 100,000,000 francs,
and one month's notice is required for reimbursement.
There is no change in the unfavorable industrial and commercial situation. Prices of iron and steel for both domestic and foreign account are
sagging.
AUSTRIA.
The year has ended in Austria and Hungary with general economic and
commercial conditions substantially better than a year ago. Both Government and private finances are fundamentally sound, budgets are balanced
and currencies are stable. There is still, however, a certain scarcity of
ready cash and bank rates remain high.
PHILIPPINE ISLANDS.
Retail business is active, as a result of holidy buying. No improvement, however, is expected by the wholesale trades until after inventories
at the close of the year.
JAPAN.
There was little change in conditions in Japan during the week ended
Dec. 25. Business ws quiet and the money market easy. The stock
market was firm but trading slow.
CHINA.
The market price of all Chinese bonds is showing weakness on account
of the uncertainty of the financial situation in China and continued encroachment of military authorities upon the Government's income sources.
The Peking Ministry of Finance is endeavoring to issue approximately
silver $2,400,000 in new Treasury notes, secured on the renounced Austrian
share of the Boxer indemnity. The arrangements have not been completed,
but it is expected the interest rate will be 8% and the issue price $2.
Leading automobile companies in North China report that the sales for
this year will exceed those of last year. All building operations in Tientsin and Peking are practically at a standstill on account of the severe cold
weather. Tentative contracts for building a new bridge in Tientsin are
being considered by the municipal authorities, but it is expected the construction and engineering contracts will be given to local firms.
According to the figures cabled, declared exports from the whole of
China to the United States in November amounted to gold $30,457,000,
compared with gold $14,127,000 in October.
INDIA.
Exchange and money rates in India have been much firmer during the
past week, due to a heavier movement in cotton and jute and the begin-
JAMAICA.
General condition of Jamaica at the close of the year was one of improvement. With both bank collections and deposits increasing, and the
agricultural situation excellent, the general economic prospects for the
coining year are bright.
HAITI.
Credit conditions in Haiti are so uncertain that business firms are carefully considering all requests for extended credits. Collections are being
pressed, while loans and discounts are reduced. The coffee crop is now
moving normally; the cutting and grinding of the sugar cane will start
the first week of January.
MEXICO.
Business conditions in Mexico have reached a low level in all sections of
the country. In commercial and financial circles the economic depression
is more severe than it has been in several years. The sale of basic materials, such as steel and cement, have been declining for the past several
months, and the general situation is still having a deterrent effect on
sales in many lines. The strike of shopmen on the National Railways
continues in force. The Government proposes to effect new economies
during 1927 by reducing the salaries of all Federal employees by 5%.
GUATEMALA.
General trade conditions in Guatemala during December showed improvement over the previous month, 'reports Consul Philip Holland from Guatemala City, although they did not compare favorably with the some period
in 1925. The ripening of the coffee crop will be fully two months late,
which will bring the harvesting of coffee and corn at the same time. The
movement of the present coffee crop is but 20% of that for the same
period in 1925. Coffee prices have remained steady since November.
HONDURAS.
There has been no material change in the depressed economic conditions
in Honduras. Merchants continue to complain of dull business. The exchange situation will undoubtedly remain critical until the next Congress
convenes on Jan. 1 1927.
SALVADOR.
General business conditions in Salvador continued somewhat dull during
December, due to the impending Presidential elections. The coffee market
was very depressed during the month. The new crop will not be available
for export until late in February because of slowness in ripening.
NICARAGUA.
In western Nicaragua there is a growing confidence that a return to
stable political conditions is imminent, and that this belief, together with
increased holiday demand for luxury goods, has resulted in improved business conditions. Should hostilities cease in the near future, prospects are
good for further favorable trade developments. Coffee picking and
grinding of sugar have begun, but labor shortages, brought about by military activities and consequent rising wages, have affected the two industries unfavorably.
•
COSTA RICA.
The holiday season produced the usul increase in trade, and, although
much less than that of Decemebr 1925, was so much better than the
month of November that general satisfaction was expressed by merchants.
.
There was reported a weakness in all markets for Costa Rican coffee.
PANAMA.
The approach of the dry season and the increased number of tourists in
Panama have been responsible for a greater activity in retail trade in
that country in the month of December. Bank clearances for the month
reached a high record. Banana shipments from Panama in December were
slightly in excess of November shipments.
BRITISH GUIANA.
The newly-elected Combined Court, the governing body of the colony,
which was inaugurated in October, has postponed consideration of the
country's revenues and expenditures for 1927; it has also deferred action
on the new customs duties until after the first of the year. Seasonal rains
are aiding agricultural interests very materially and good crops would be
a decided aid in lowering the price of essential foodstuffs and improving
the situation generally.
TRINIDAD.
General economic conditions in Trinidad are in a better position at the
end of the year than they have been for some time past. Both business
and agricultural interests are optimistic of the future. New areas are
being planted to sugar and coffee. Petroleum production is increasing
about 5% monthly.
32
[VOL. 124.
THE CHRONICLE
VENEZUELA.
General business conditions throughout Venezuela can only be characterized as fair, with the exception of the Lake Maracaibo region, where,
because of increased petroleum development, conditions are more favorable.
Labor has been shifting from agricultural pursuits and cattle raising to
the petroleum industry and public works, which pay higher wages, and
the resulting shortage of agricultural labor has materially increased the
cost of farm products. Coffee arid cacao crops should begin to enter the
markets in January and February, respectively. Old stocks of these commodities are small and the market is dull. More than 3,000,000 barrels of
petroleum were produced in the Lake Maracaibo region during the month
of November.
CHILE.
Business was generally quiet in Chile during December. Persistent
deperssion in the nitrate fields continued to manifest itself in all lines of
trade and in manufacturing industries. The banking situation remained
easy during December and colections were normal. A project was reported
by the Mixed Congressional Finance Committee to balance the 1927 budget
by reduction in expnditures and an increase in revenues.
Nitrate sales for December showed some improvement, but in spite of
the reduced number of oficinas working, stocks contfnued to accumulate.
Copper production for the first six months of this year amounted to 166,050
metric quintals, compared with 151,865 metric quintals for the same
period of last year.
The anticipated improvement in the movement of imported commodities
did not materialize. The December turnover in all lines, excepting automobiles, lacked stability, and the inability of importers to establish a definite
future market trend mitigated against placing any volume of orders in
foreign commodities, excepting foodstuffs.
PERU.
Retail business and local collections in Peru were stimulated by the
holiday trade while relatively heavy orders were placed by cable during
the month for merchandise affected by the new emergency import tariff law
In effect Jan. 1 1927, reports Commercial Attache L. W. James from Lima.
Additional orders for the next few months will therefore be small, inasmuch
as local merchants are heavily stocked and sugar and cotton plantations
are facing the most serious financial condition experienced since 1921.
The Callao custom house is crowded with the sudden influx of imports
being rushed into the country to escape the new tariff. A decree issued
Dec. 17 extends the time for payment of customs charges on goods enterd,
whose clearance has been applied for on or before Dec. 31 1926, from
Jan. 8 to Jan. 15.
URUGUAY.
The volume of business in Uruguay during December was restricted by
the usual seasonal dulness and was further affected by the continued
political uncertainty. Trade was normal, with imports fairly heavy.
Money was plentiful and exchnge strengthening. Harvesting of the cereal
crops preceded under favorable conditions, with promise of an excellent
yield this year. The wool market was dull, with the new clip proceeding
slowly and large quantities of the present clip are still held in the warehouses awaiting export. The meat packing plants were operating actively.
$4.000,000 from Japan, and $1,000,000 from Hong Kong. The first three
of these shipments continued movements from those countries in previous
months. Gold exports amounted to $7,700.000, of which $6,000,000 was
sent to Canada in consequence of the rise in Canadian exchange. The
autumn export movement to Canada was, however, much smaller this
year than last, as shown in the accompanying diagram, which compares
gold movements this year and last, and indicates the principal sources or
destinations of the larger movements during the two years. The net
import of gold for the first 11 months of 1926 was $88,000,000, as compared
with a net export of $136.000.000 last year.
During the first 28 days of December, imports at the Port of New York
totaled $6,500,000, which included approximately $5,000,000 from Chile
and $1,000 from England. Exports amounted to $1,700,000, of which
$1,000,000 was sent to Java. An import of $2,000,000 from Mexico was
also received, and additional shipments from Japan were announced.
The Foreign Exchanges.
The month of December was marked by a general rise in the exchange
rates of all the leading European countries now on the gold standard. The
pound sterling, which was as low as $4.8413 in November, did not fall
below $4.8444, and near the close of the year was above $4.8480. The
German mark, from a November low of 23.73 cents, rose to 23.84 cents,
2 points above par, and a similar rise above dollar parity took place in Swiss
francs. The Netherlands florin and the Swedish crown also were firmer,
while the belga was quoted throughout the month slightly above par.
The French franc rose from 3.71 cents at the beginning of the month to
4.07 cents on the 20th. This renewed rise was followed, Dec. 23, by the
announcement that the Bank of France was prepared to buy and sell at
the rate of 25.19 francs to the dollar, or just under 3.97 cents to the franc.
The lire rose from 4.25 cents on the first of December to 4.60 cents on the
13th, but thereafter was quiet at about 4.50 cents. The Norwegian rate
declined slightly during the month.
After several months of de facto stabilization just under parity, it was
announced that the Danish crown would return to the gold standard de jure
with the first day of 1927. Denmark thus becomes the fifth country to
take this step formally since the beginning of 1926. the others being Finland
on Jan. 1, Chile on Jan. 11, Canada on July 1. and Belgium on Oct. 25.
The Canadian dollar, which stood above the United States dollar in early
December, declined to a small discount. The rupee, which had been heavy
In November, rose moderately toward the end of the year; but yen declined
to somewhat lower levels.
The price of silver scarcely moved during the month, and the silver
exchanges fluctuated in a corresopndingly narrow range, the Hong Kong
rate being somewhat stronger than that on Shanghai.
The following table shows the current quotations of a number of exchantes, compared with those prevailing a year ago.
(In cents per unit of national currency)
Dec. 22 1925. Dec. 22 1926.
Europe14.05
14.05
Austria
4.53
13.91
Belgium
24.83
26.63
Denmark
484.75
England
484.56
ARGENTINA.
3.97
3.64
France
The outlook for Argentine trade appears brighter at the close 'of 1926.
23.82
23.81
Germany
This is believed to be due to the conviction that good results will be
39.97
40.14
Holland
obtained from the current cereal harvest. Credit conditions have improved
4.46
4.03
Italy
somewhat. The year just ended was unfavorable for Argentine agriculture,
25.15
20.29
Norway
commerce and industry, chiefly because of the practical failure of the
15.24
14.13
Spain
1925-26 wheat crop, low prices for export commodities, and unfavorable
26.72
Sweden
26.84
conditions in the cattle market.
19.33
Switzerland
19.31
The present low price level for cattle and the expectation that a still
lower level will be reached is arousing much agitation in favor of Govern- America41.47
41.36
Argentina
ment assistance against restrictions on imports of frozen and chilled beef
14.27
11.85
Brazil
Into certain foreign countries. Congress adjourned for the Christmas recess
99.92
99.92
Canada
wtihout having definitely approved the 1927 budget, but it is expected
Asia
that a new project involving larger 'BUMS for expenditure will be enacted
36.50
36.00
India
some time in January. The Province of Mendoza is negotiating an external
Japan
43.15
4.875
loan of $6,500,000, and the President of the Republic has authorized the
Shanghai
75.88
58.63
expenditure of 20,000,000 paper pesos ($8,200,000) for State Railway exAmong the gold standard countries it will be noted that rates are generally
tensions for the coming year. There has been a steady rise in exchang as
slightly
higher,
while
among
the
other
countries,
only
Brazil
and
China are
a result of the expected large export movements, and trade in all import
materially lower than a year ago, the latter reflecting the fall in the price
lines is slowly improving.
of silver. Rates for Norway. Argentina and Japan are almost at parity,
BRAZIL.
although no formal action towards stabilization has been taken by those
The level of trade and Industrial activity in Brazil improved somewhat countries. Several other fountries have maintained stability through the
in December over recent months, although in some lines the usual seasonal year, or over the latter part of the year. without,formal announcement of
dulness was evident. Exchange weakened during the month, which im- either de facto or de jure stabilization. Among them may be mentioned
proved the position of domestic textiles but resulted in greater importa- Jugoslavia, whose dinar has remained at 1.77 cents for many months; the
tions in some lines in anticipation of a further decline. The project for Bulgarian ley has been stable at about .72 cents over a longer period, and
stabilization of the milreis at $0.125 and adoption of the new currency unit, the Polish zloty has for several months been quoted at about 11 cents.
the "cruzeiro," is now a law. Trade was stimulated by the improving
The progress of currency reform in 1926 was therefore more general than
prices of export commodities, especially of coffee. Both coffee and cacao would be appreciated merely from the list of those countries which formally
exports increased during the month, and cotton sales showed some Im- returned to gold in the course of the year. In a considerable group of counprovement. Freight rates on coffee to the United States advanced to 60 tries the success of de facto stability has furnished strong evidence of
cents per bag of 132 pounds on freight steamers, and 70 cents per bag on capacity for de jure stabilization; while in others reforms have been underpassenger vessels, from 40 cents and 50 cents, respectively, effective taken in recent months, particularly in the Government finances, which are
•Jan. 1.
e
the necessary preliminaries of eventual monetary reconstruction.
Prices of imports have increased as a result of the exchange decline,
and, despite present seasonal dulness, a general tone of improvement pervades the market, partly attributable to confidence in the results to be
obtained from exchange stabilization.
J. P.Morgan & Co. Admits Three New Partners-Name
PARAGUAY.
Paraguayan business and economic conditions continue to be poor as a
result of the disastrous drought recently experienced throughout the Chaco
and eastern regions of the country. Damaged crops and low cotton prices
are the chief contributing factors in the depression. A colonization project
of a group of Canadian Mononites in the Paraguayan Chaco is now under
way with the arrival of 300 colonists and reports that 1,500 more will
follow within the next two months.
Federal Reserve Bank of New York on Gold Movement
and the Foreign Exchange.
From the Jan. 1 Monthly Review of Credit and Business
Conditions, issued by the Federal Reserve Bank of New
York, we take the following:
Gold Movement.
Gold imports during November reached a total of $16,700,000, due
chiefly to the receipt of $5,000.000 from Mexico $4,900,000 from Australia,
of Morgan, Harjes & Co. Changed to Morgan & Co.
In addition to announcing the admission of Francis D.
Bartow, Arthur M.Anderson and William Ewing as partners
in the Morgan banking houses here and abroad,J.P. Morgan
also announced on Dee. 31 that the name of their Paris
house would be changed Jan. 1 from Morgan, Harjes & Co.,
to Morgan & Co. The announcements follow:
December 31 1926.
Owing to the death of our partner, Mr. William II. Porter, his interest in
our firms terminates this day.
Mr. Francis Dwight Bartow, Mr. Arthur Marvin Anderson, and Mr
William Ewing, who have heretofore held procuration for our firm in
New York, are this day admitted as partners in our firms in Now York,
Philadelphia, London and Paris.
J. P. MORGAN & CO., New York.
DREXEL & CO., Philadelphia.
MORGAN, GRENFELL & 00., London.
MORGAN & CO., Paris.
JAN. 1 1927.]
THE CHRONICLE
December 31 1926.
Owing to the death of our partner, Mr. Henry Herman Rules. his
nterest in our firm terminates this day.
In conformity with certain requirements of the laws of France, the use
of the firm name of Morgan, Harjes & Co. ceases at the close of business
this date.
On and after January 1 1927 our firm name will be Morgan & Co.
MORGAN, HARJES & CO.
MORGAN & CO.
Mr. Bartow joined the staff of J. P. Morgan & Co. at the
close of 1924,coming from First National Bank of New York.
He entered the First National Bank in 1902, and was made
Assistant Cashier in 1911 and Vice-President in 1915. Mr.
Bartow was born at Annapolis, Md.,in November 1881 and
attended Rectory School at Hamden, Conn.
Mr. Anderson entered the organization of J. P. Morgan
& Co. in June 1914 as chief of their bond department. He
was formerly a member of the firm of L. von Hoffman &
Co., which firm was succeeded by Wood, Struthers & Co.
He was born in New Jersey and is forty-six years of age.
Mr. Ewing became a member of the staff of J. P. Morgan
& Co. in August 1916. He had previously been associated
for ten years with the Harris Trust & Savings Bank at
Chicago. Prior to that he had been employed for three
years by the C. B. & Q. RR. Co. Mr. Ewing is a native
of St. Louis, Mo., and graduated from Yale in 190r=
forty-six years of age.
Outerbridge, Former Head of New York
Chamber of Commerce, Contends that Revision of
Allied.Debt Settlements Is Necessary to Prosperity of.Our Own Country.
E. H. Outerbridge, former President of the New York
Chamber of Commerce, in an article in which he refers to
the Allied war debt agreements as "a case for revision,"
and alludes to the moral, the political and the economic
aspects of the issue, devoting himself particularly to the
last named. Since the payments, he says, "cannot be made
in gold, and since to prevent demoralization of exchange
rates between the nations the bulk of these goods must be
sold outside their home countries, two things are easily
apparent:
•
One, that the standard of living in these foreign countries for years to
come cannot be bettered even if it does not have to deteriorate—a condition that would seriously impair for an indefinite period the purchasing
power of potential customers for our own productions.
The other, that tremendous competitive forces for trade throughout the
world will prevail.
"It is well known," he adds, "that the productive capacity
of this country has been increased far in excess of its consumptive capacity, and that industry must seek and depend
upon foreign markets for its surplus, otherwise its overhead
will be so excessive as to make profits impossible. To maintain our higher wages and higher standards of living, it
seems hardly possible that we can meet such impending competition. If I am right in this, then, when our industries
begin to languish, when profits have disappeared, when
unemployment follows, and when it is then developed that
the cause of it all is the necessity of these foreign nations
to meet their debt obligations to us, I believe there will be
a universal demand for a revision of them all, if not indeed
for the cancellation of any unpaid balance." The views of
Mr. Outerbridge are printed as follows in the December
"Bulletin" of the New York Chamber of Commerce:
The subject of the advances by the United States to foreign Governments
to aid in the prosecution of the war has several aspects. So far as the
matter has engaged public attention, speaking very generally, there are
three: the moral, the political and the economic aspects.
The moral aspect has had advocates on diametrically opposite theories.
One side holds that there was a moral as well as legal obligation upon the
foreign nations to return with interest every dollar that had been advanced
to them, as in any ordinary commercial loan or debt. The other side haa
held that the United States was morally bound, after it entered the war,
to contribute of its means to the war expenses of its Allies pending the
time that it was prepared to render effective aid with its own forces and
materials.
The political aspect in the United States has been almost wholly onesided. Many members of Congress began very early in the day, while conditions were still chaos in the distraught countries of Europe, to agitate the
question of debt settlements, and it is believed by many that the Administration was finally forced, earlier than it otherwise would have done, to
make definite suggestions to the European nations that the time had come
when they should negotiate settlements.
The economic aspect has had but little public discussion and less public
understanding. Such discussion as has taken place has been confined
chiefly to a few experts and economic associations.
Quoting from a report written for the Chamber of Commerce of the
State of New York in March 1914:
"There are threefundantental types of law affecting Industrial life—
moral law, statutory law and economic law None of these types of law is
Immutable. On the contrary all are changing Moral law, at least in its
aspects as the expression of the conscience of the people, changes with the
advancement of civilization and the influence of ethical and religious culture.
Statutory law is enacted, amended, repealed and re-.enacted. Economic
law, the product of economic forces springing from we ,mow not where, is
the most inevitable, as it is the most irresistible of all law. It, too, is
constantly changing with the progress of invention and science in the arts
33
and Industries, with the development oftransportation and intercommunication, with the productive energy of new peoples and countries, and noteven
all those who are in daily touch with the administration of business affairs
are always sensible to the changing currents and the overwhelming power
of economic law and necessity, which,like time and tides, wait for no man."
History shows that:
"The shores of the sea of commerce have been strewn with the wrecks of
nations, corporations, firms and individuals which have failed to apprehend
the trend and force of its currents and to adjust their affairs thereto."
I shall not touch upon the moral aspect of this question further than to
suggest that opinions should only be formed after an exhaustive study of all
the circumstances, and, after such analysis, should be based upon the dictates of justice rather than upon partisan national spirit.
Neither shall I say much on the political aspect, although that is fraught
with potentialities of enormous importance to this country. Statements
have appeared in the public press that the United States is now almost a
hated nation among the countries allied with us in the war. This is probably much exaggerated, but there has been enough basis for the statement
to indicate a condition which if not checked may in time grow into a confirmed sentiment. Most of the rudenesses reported in France toward
American travelers leave been provoked by thoughtless and inconsiderate
actions of our own people, and have not been based upon deeper sentiments
or causes, which, nevertheles, have found some lodgment in the hearts of
portions of the French people.
Some very thorough and important private investigations have been
made in England among a cross-section of the population, and the resulting reports were sent to distinguished Englishmen for review and comment. I have seen some of these confidential reports, and I have also
had them reviewed by important English people. They disclose that the
policy and influence of the British Government is devoted to maintaining
the friendliest relations with the United States and to allay among their
own people and press any other tendency: hut that in the clubs, at the
dinner table and in general conversation, while the feeling expressed toward
the American people as individuals, and as they are personally known to
British people, is of the friendliest character, the majority feeling toward
the American Congress and Government is one both of dissatisfaction and
distrust.
It is to the economic aspect of this subject that I think attention and
discussion should be directed. The grand total of principal and interest
of payments to be made by the Allied nations to the United States confirmed by all the countries except France (which has not yet ratified the
Berenger agreement), amounts to $22,143,000,000, to be paid in installments over a period of substantially sixty-two years.
Of this amount England has obligated herself to pay over $11,000,600,000. or substantially half of the whole.
The principal of the English debt WRS $4,600,000,000 and the interest
totals $6,505,965,000.
These payments for the first ten years are to be at the rate of $160,000,000 a year and for the remaining fifty-two years something over $180,000,000 per year.
It is a well-recognized fact that these payments cannot be made in gold,
the only money recognized in international transactions. They must be
paid in products and commodities or the proceeds thereof sold somewhere
in the world. Great Britain, as we know, has no agricultural products to
export. It must raise this vast sum through taxation on the sale of products and commodities and on such services as it can otherwise perform.
Economists and statisticians state that not legs than so% of the cost of
manufactured products and commodities is labor. Applying this percentage
to the $180,000,000 annual payment, gives a labor content of $144,000,000,
and if, as I believe, the average wage of the working man in Great Britain
does not exceed $1,000 per annum, it appears that the labor of 144,000 men
for approximately sixty-two years is expressed in the payment which Britain has undertaken to make.
The principal of the French debt is $4,025,000,000, but interest has been
deferred and reduced, so that the interest item is $2,822,674,104, or a total
that France must pay of $6,847,694,104.
reach
The annual payments from France begin at a lower rate, but
rate
$100,000,000 in 1937 and $125,000,000 in 1942, and continue at that
$100,000,to completion in 1987. Eighty per cent of this payment equals
does not
000, and if, as I believe, the average wage of the French worker
payment exexceed $600 per annum, it would appear that the annual
approximately sixtypresses a labor content of almost 170,000 workers for
two years.
productive
But it is presumed that these countries will expect that their
and commodielements will make a profit from the sale of their products
raise.
must
Governments
ties out of which to pay the tax which their
somewhere yearly
If only 5% profit is calculated Great Britain must sell
earn at 5%
products and commodities to the value of $3,600,000,000 to
the sum of $180,000,000.
the Allied
all
by
The annual payment to be made to the United States
at 5% profft
nations is approximately $355,000,000. To realize that sum
commodimeans that those nations must annually dispose of products and
average annual wage
ties to the value of $7,100,000,000, and if we take the
aggrethis
in
of the workers in all the countries at $600, the labor content
470,000 people for
gate annual payment would represent the effort of
suhstantially sixty-two years.
recognized
These tiger's take no account of Germany, but it is generally
meet her payso far as France at least is concerned, that her ability to
as
reparations
menta will depend upon the ability of Germany to meet her
payment to
arranged under the Dawes Plan, and compared to the annual
Germany's
the United States by all the Allied nations of $355,000,000,
payment of
obligation under the Dawes Plan after 1929 calls for an annual
$625,000,000, which expresses a labor content of 830,000 workers, and to
products and
earn that sum at 5% profit Germany would have to dispose of
services to the value of $12,500,000,000 annually.
made in
Since, as has been previously stated, these payments cannot be
between the
gold, and since to prevent demoralization of exchange rates
nations the bulk of these goods must be sold outside their home countries,
two things are easily apparent.
One that the standard of living in these foreign countries for years to
condition
come cannot be bettered even if it does not have to deteriorate—a
that would seriously impair foi• an indefinite period the purchasing power
of potential customers for our own productions;
The other, that tremendous competitive forces for trade throughout the
world will prevail.
As the United States has the largest population of substantial purchasing
Power and wealth, American markets will be necessarily sought, irrespecand
tive of tariff barriers, and must absorb a large proportion of products
commodities, which the foreign nations must sell.
In this lies the crux of the situation for this country.
While there are a large number of corporations in the United States, only
a limited number of them are of great size and scientifically operated, and
a vast amount of production is still done by firms and individuals which
production.
though small units, aggregate s
34
THE CHRONICLE
Some' years ago a Government Bureau survey of industries in this country indicated that a majority of the manufacturing industries had no costaccounting systems and had no means of determining which of their several products were profitable and which were unprofitable.
I refer to this to indicate that industries run in that manner clearly
show that a majority of the people in productive enterprises do not understand or concern themselves with the principles and effect of "economic law
and necessity" to which I have earlier referred, and therefore they have
paid no attention to and do not understand what the probable economic
effect of this foreign debt settlement will have upon them. Generally it
is looked upon as vast sources of money to pour into the United States
Treasury for sixty years that will extinguish our national debt and aid
everybody in becoming prosperous and happy.
What I personally apprehend will happen is that as soon as these foreign
Countries get into the full swing of productive enterprise and their drive
for foreign markets, we will find a repercussion on our own industrial and
commercial enterprises of a depressing if not, indeed, a disastrous character.
It is well known that the productive capacity of this country has been
increased far in excess of its consumptive capacity, and that industry must
seek and depend upon foreign markets for its surplus, otherwise its overhead will be so excessive as to make profits impossible. To maintain our
higher wages and higher standards of living it seems hardly possible that we
can meet such impending competition. If I am right in this then when
our industries begin to languish, when profits have disappeared, when unemployment follows, and when it is then developed that the cause of it all
is the necessity of these foreign nations to meet their debt obligations to
us, I believe there will be a universal demand for a revision of them all,
if not indeed for the cancellation of any unpaid balance.
The taxes which industry in the United States would have to pay for
interest and amortization on such of the Liberty bonds as then remain to
be retired would not be any heavier than they are to-day, because none of
the receipts from debt settlements are as yet being used for reduction of
taxes, and though taxes to-day are considered heavy, what are they in
proportion to the loss of profits and activity in general industrial and
commercial enterprise if that should be the penalty for enforcing these payments to the end?
In conclusion, one word more on the subject of the feeling of the foreign
peoples toward the United States. It must not be forgotten that all of
the money advanced to them was spent in this count/3, in the purchase of
products and commodities at war prices 200% or 300% above normal
pre-war values, but they have got to repay these debts by the sale of their
products and commodities at prices far below those which they paid with
the borrowed money. In other words, the dollars they borrowed had greatly
depreciated purchasing power at that time, while the dollars they must
repay are at par. Furthermore, economists are generally agreed that we
are facing a period of declining averages in commodity prices. The effect
of this is, in its appearance to people of foreign nations, that they are to pay
about two dollars to one for what they got in tangible value; nor must it
be forgotten that the labor of these hundreds of thousands of men as the
years pass will be of men of growing generations who, not having lived
and experienced the horrors of the war and the struggles of the reconstruction period, will feel, nevertheless, that they have been sold into
bondage for the best part of their natural life.
Can the United States complacently or even safely face such a condition
as that for the next half century or more?
[VoL. 124.
budget and steady the franc without help. A little aid from
us would make success certain. We certainly lose if she
fails and further chaos results, and I suspect the promissory
note we hold is a better asset if we help her to success."
Mr. Bush's statement, issued Dec. 20, says:
I quite agree that Mr. Mellon cannot take part in any discussion of the
French debt, but I am sure he does not suggest that opinion should not be
expressed upon matters concerning our interests. That would savor too
much of those countries of Europe which have abandoned democracy for
autocracy.
Mr. Mellon is one of our most able and distinguished public servants,
and far too intelligent to voice such a view. My suggestion has nothing
to do with the French debt. I do not believe in cancellation. The terms
of the Mellon-Berenger agreement are generous to France. They practically
forgive the war debt and deal only with post-war obligations.
I suggested that we withhold credit from France because her finance was
disordered, but now she has started to put them in order. It is enlightened
self-interest to help her within the limits of reasonable business caution.
The moment is critical. It looks as though she would balance her internal
budget and steady the franc without help. A little aid from us would
make success certain. We certainly lose if she fails and further chaos results, and I suspect the promissory note we hold is a better asset, if we
help her to success.
The obligation of a debtor out of trouble is usually better than that of
a debtor in trouble. The help needed at the moment is slight. A gesture
might be enough to restore French confidence in their money and that is
all that is needed. In the end, such settlements must depend upon her
will to pay. That will not be less if her finances are restored.
The best way to prove we are not Shylocks is to remove the price which
has been set upon our friendly help. We will gain in the end, and if we
reconsider a policy which, while sound when adopted, is unfortunate in the
light of present conditions. Mr. Mellon agrees that "money which puts a
nation on its feet through the stabilization of its currency . . . stimulates world trade as a whole," and, I infer, serves a useful purpose. It
is such a purpose a loan to France would serve right now. Of course, a
loan has not been asked. Our policy slammed that door in the face of
France.
The previous statement of Mr. Bush and the views of
Secretary Mellon were referred to in these columns Dec. 18,
page 3119.
Renewal of Danish Government Credit in London.
The "Wall Street Journal" on Dec. 29 announced the
following from its Washington bureau:
Danish Government £3,000,000 credit arranged in London early in 1926
has been renewed in slightly altered form in connection with stabilization
of Danish exchange on a gold basis Jan. 11927. Security has been changed
to Danish National Bank promissory notes from Treasury bills, to be
guaranteed by the Government. Terms remain unchanged at 1% over
the bank rate, with 5%% being minimum interest.
Charge on French Budget in 1927 Incident to RatifiNew British Consolidation Loan.
cation of Debt Agreement.
Announcement was made on Dec. 27 by the British GovIn case of the ratification of the debt agreement arranged
ernment of the proposed issuance of a 4% consolidation loan,
redeemable at par at the Government's option in February between France and the United States and France and England, the total charge upon the French budget in 1927 would
1957. The Associated Press advices on Dec. 27 said:
The loan may be obtained through the Bank of England either by the be 3,833,000,000 francs, according to advices received by the
conversion of 5% Treasury bonds or 5% and 4% war bonds, all of which
Bankers Trust Co. of New York from its French Informaare due in 1927, or for cash.
The announcement, which was not foreshadowed, has caused some tion Service. The Trust Co. in announcing this Dec. 23 said:
surprise. The "Daily Mail" suggests that aside from the necessity of
Mr. Palmade, the budget reporter, analyzes the figures as follows:
converting the maturing bonds, the loan may be designed to meet a possible
Francs.
substantial deficiency at the end of the financial year.
Payments to the British Treasury in accordance with the
The "Westminster Gazette" figures the amount of the maturing bond
Perot-Churchill agreement; 2 million pounds sterling, at
issues at approximately £250,000,000.
150 francs to the pound
300,000,000
The New York "Journal of Commerce" in a London cable- Additional payment in the case of ratification of the CaillauxChurchill agreement;3 million pounds sterling at 150 francs
gram, Dec. 29, had the following to say regarding the new
to the pound
450,000,000
issue:
Additional payment to the United States in the case of ratifiThe new British consolidated loan bonds will be issued at 85, it was
cation of the agreement of April 29 ($30,000,000 less $20,revealed to-day. This price was generally considered as rather high, the
367,057, credit for stocks provided for in the budget)
loan being regarded as not more attractive than existing loans as at present
$9,632,943, at the rate of 31 francs to the dollar
298,000.000
quoted. It is argued, however, that if the loan were put out at a lower Payments on the external commercial debt(Bank of England
price, it would only depress existing loan quotations,and in that way have a
8 million pounds sterling, at 150, 1,200 millions ; English
heavy influence on British credit without attracting a larger response to
stocks. 1 million pounds, at 150, 150 millions; Uruguay
the new issue.
credit, 3 million gold pesos at 32, 96 millions; Dutch credit
No limit has been placed on the amount of the loan. The final cash
No. 5, 30 million florins, at 12.5, 375 millions; Argentine
installment must be paid by May 4 and the first dividend of 134% will be
credit, 18,463,996 gold pesos, at 30, 554 millions)
2,375,000,000
August.
The
issue
and
then
will
not
be
redeemed
1957
only
paid in
before
Expenses of the armies of occupation
410,000,000
at the option ofthe Government,but the Government undertakes,besinning
April 1937, to apply .£2,500.000 quarterly to purchase the bonds in the
Total
3,883,000,000
market up to par for cancellation.
In addition, there must be paid to the inhabitants of the devastated
Terms of Conversion.
francs,
which
will
1,000,000,000
bring
this
total
up
to 4,833,000,The conversion terms are as follows: 117% of the new 4% bonds in ex- districts
000 francs. According to the Dawes Plan, there will be available for the
change for 100 Treasury 5% bonds maturing in February; 124% in now
French budget a yield of 4,000,000,000 paper francs, which will leave a
4s for 100 national war 5s, maturing Oct. 1927, and 118 new 4s for 100
balance of 833,000,000 francs, say $33,000,000 at current rates of exnational war 4s maturing Oct. 1927.
change, to be covered by the budget.
To meet all of the maturity payments on these three issues will require
about £322,500,000, but it is not expected that the October maturities will
be entirely absorbed by this operation.
New French Bond Issue of $200,000,000.
Irving T. Bush in Reply to Secretary Mellon Declares
Loan to France Would Serve Useful Purpose.
Irving T. Bush, President of the Bush Terminal Co., this
week issued a rejoinder to Secretary of the Treasury Mellon,
who in commenting on the appeal of Mr. Bush for a loan to
France, was reported as saying that it serves no purpose to
stir the French up and complicating the debt issue. Mr.
Bush in arguing that a loan to France at this time would
serve a useful purpose, says "the moment is critical. It
looks as though she (France) would balance her internal
According to Paris accounts, Dec. 31, Premier Poincare
has announced an issue of Treasury bonds amounting to
5,000,000,000 francs, or about $200,000,000. A Paris dispatch states that the bonds will be issued "under authority
contained in the law of Aug. 7. The bonds mature and
bear interest as follows, interest being payable in advance:
One to two months at 3%; two to three months, 33%;
three to four months, 3%; four to six months, 45,4% six to
4%; eight to twelve months, 5%. After
eight months, 43
March 1 only bonds exceeding two months' maturity will be*
issued, and after May 1 only bonds exceeding three months."
JAN. 1 1927.}
THE CHRONICLE
35
The pengo is divided into 100 "fillers," the coins issued being the silver
French Income Tax Payments in 1923 and 1924.
copper one-and two-filler pieces and nickel 10-and 20-filler units.
The records of the French Ministry of Finance show that pengo,
These are the first metallic Hungarian coins seen in ten years.
for the year 1923, 1,201,285 persons paid taxes on incomes
Bank totes of 5, 10, 25, 100 and 1,000 pengos also have been issued.
amounting to 29,931,430,500 francs, while for 1924 taxpayers The pengo and the filler are the names of ancient Magyar coins.
The pengo is obligatory after New Year's Day. The paper crowns are
numbering 1,387,234 paid taxes on incomes totaling 33,884,- allowed to continue in circulation until
June 30. Thereafter they will be
239,600 francs, according to advices received by Bankers converted by the National Bank until 1930, when they lose all value.
Trust Company of New York from its French Information
Service, and made known Dec. 29. The following table
Banking House of Teixeira de Mattos Bros. of Amsterwill show the number of persons contributing, as well as the
dam Celebrating 75th Anniversary.
amount of taxes assessed on incomes varying from 7,000
On
Jan.
1 1927 the well-known Dutch banking house of
francs to over one million francs for the years 1923 and 1924:
Teixeira de Mattes Brothers of Amsterdam will celebrate the
1923.
No. of
75th anniversary of its existence. In their early days TeixIncomes—
Taxpayers.
Tax Paid.
7,000— 50,000 francs
1,110,392
264,328,600 eira de Mattes Brothers as correspondents of the Speyer
50.000— 100.000 francs
58,840
252,549,200
100,000-1.000,000 francs
31,676
1,381,974,300 firms (which they are to this day) placed in Holland substan1.000,000 and over
377
453.606.000 tial amounts of United States Government bonds, and later
1,201,285
2.352,458,100 on of American railroad bonds. More recently they have
1924.
joined in the distribution in Holland of New York issues of
No. of
Incomes—
Taxpayers.
Tax Paid,
foreign securities and placed substantial amounts of South
7,000— 50.000 francs
1,282,383
279,560.900
50,000— 100.000 francs
69,786
295,042.600 American and German municipal and corporate bonds. In
100,000-1,000,000 francs
34,777
1.419,818,500
1,000,000 and over
288
350,615,200 1925 they took a prominent part in financing the American
1,387,234
2.355,037.200 Bemberg Corporation, whose plant for the manufacture of
artificial silk has recently been opened in Johnson City, Tenn.
Americans in France Resent Identity Levy—Taxpayers They also have successfully issued a number of Dutch State
and municipal loans and have participated in many imporHit by Rise in Tourist Card Rate, Expected to
tant financial transactions in Holland and other European
Yield $6,000,000 Yearly.
present partners are G. Kreyenbroek and
Many Americans living in France see an element of in- countries. The
Schulein.
J.
justice in the new French law which raises to 375francs yearly
the price of the carte d'identite which all foreigners staying
Germany Increases Potash Prices 93,%.
in France more than two weeks must carry. This is learned
from copyright advices to the'New York "Times" from Paris
The Washington correspondent of the New York "Journal
Dec. 23. Continuing, the cablegram says:
of Commerce" under date of Dec.27 said:
The price was 62 francs for a card good for two years, while the new
An increase of 03i% in the average price of potash, effective Dec. 23,
cards will be good for only one year.
has just been voted by the Federal Potash Council (Germany), according
American residents in France who are subject to the French income tax, to Acting Commercial Attache Miller
at Berlin in a cablegram to the
which is very much higher than the American tax, think they should thereby Department of Commerce.
be in a different category from tourists who are not subject to the French
It is believed in Germany that the Federal Economic Minister, who
income tax.
possesses the power to veto, will not disapprove the increase since there
So far as tourists are concerned, it may be seen that this promises con- is a provision in the German Law
which states that the prices for export
siderable revenue for the French Government. If 400,000 tourists come cannot be less than inland prices. It is
safe to assume, the Department of
from the United States this year their cartes didentite will cost, at $15 Commerce advises, that prices for German potash
in the United States will
each. about $6,000,000, unless they remain less than two weeks or else be advanced accordingly.
violate the French law.
This tax is in a somewhat different category from the visa fees, for that
system, by which Americans spend millions every year, is due to a mistake
German Reparation Receipts and Payments in
in the policy of our own State Department which, to collect hundreds of
dollars, makes American travelers pay thousands. There is some resemNovember.
blance to the American head tax, but this analogy does not hold completely,
Total receipts during November of 94,787,131 gold marks
since the head tax is refunded if the foreigner remains less than six months
in America.
are reported by the Agent-General for Reparations PayThe situation would be comparable to that which would exist if the
ments in the monthly statement of receipts and expenditures
American Government charged every foreigner in America $15 a year for
issued Dec. 8. The payments for the month aggregated 89,the privilege of being there.
The motive back of the tax, which has been agitated for some time, was 558,842 gold marks. The statement in detail follows:
to make foreigners pay for the benefits they had from French exchange.
With the recovery of the franc this benefit has largely disappeared.
OFFICE OF THE AGENT-GENERAL FOR REPARATION PAYMENTS.
The Government was not sponsor for the tax and even opposed It. It
STATEMENT OF RECEIPTS AND PAYMENTS FOR THE THIRD
Was put in the Financebill by the Chamber of Deputies, taken out by the
ANNUITY YEAR TO NOV. 30 1926.
Senate and then put back by the Chamber. Day laborers and journalists
(On cash basis, reduced to gold mark equivalents.)
are exempted.
Third Annuity
Year—ConnieMonth of
November
Me Total le
Nov. 30 1926.
1926.
Hungary Adopts New Gold Currency—Pengo, New
Gold Marks.
Gold Marks.
Unit, Issued in Bank Notes of 5, 10, 25, 100 and
A. Receipts in third annuity year1. In completion of second annuity—
1,000 Denominations.
8,095,425.61
(a) Transport tax
45,000,000.00
(b) Interest on railway reparation bonds
Regarding the new Hungarian pengo currency, to which we
2. On account of third annuity—
(a) Normal budgetary contribution
9,166,666.67 27,500,000.00
referred in these columns last week (page 3250), we quote
(b) Supplementary budgetary contribution.-- 18,000,000.00 36,000,000.00
(c) Transport tax
22,500,000.00 67,500,000.00
from the New York "Times" the following Budapest cable(d) Interest on railway reparation bonds
45,000,000.00 90,000,000.00
gram Dec. 28 (copyright):
3. Interest received
296,702.19
120,464.85
The pengo, Hungary's new gold standard currency unit, has been placed
Total receipts
94,787,131.52 274,392,127.80
In circulation and has started everybody doing an arithmetical Charleston B. Balance of cash at Aug. 31 1926
93,626,074.81
in order to know what the prices marked in pengos mean in terms of yesTotal cash available
368,018,202.61
terday's paper crowns.
When, after the League Commissioner-General Jeremiah Smith had C. Payments in third annuity year
stabilized the inflated Hungarian currency. it was decided to issue the
1. Payments to or for the account of—
new,gold standard unit, two simple ways of minimizing confusion were
France
38,304,290.75 107,403,290.50
British Empire
18,583,569.05 53,578,168.49
proposed. One was to make the peago equiValent to the pre-war unit
Italy
5,649,331.84 19,231,388.57
(the gold crown) as Germany did with the mark. The League stabilized
Belgium
2,304,785.63 13,171,584.75
the paper crown on the basis of 14,000 to the gold crown, but this made
Serb-Croat-Slovene State
2,967,686.3.5 9,755,219.65
United States of America
the pengo worth 20 cents.
The Government considered such a unit
13,461,449.58 27,723,439.73
Rumania
556,849.05 2,058,578.28
too high and rejected the method.
Japan
478,626.97
The other proposal, which was even more simple, was to take advantage
Portugal
486,838.22 1,070,610.02
of the decimal system and make one pengo worth 10.000 paper crowns
Greece
834,648.02
504,545.07
Poland
or about 15 cents. This is what Austria did in converting her paper
11,501.92
6,488.79
crowns into the new schMing unit.
Total payments to Powers.
235,317,056.90
80,825,834.29
Against the advice of the League Commissioner-General, Jeremiah
2. For service of German External Loan 1924_ _ _ _ 6,726,504.89 20,578,457.84
Smith Jr., who urged simplicity, and despite the protests of Hungarian
3. For expenses of—
Reparation Commission
banks, business firms, press and the general public, the Government
300,027.86
883,465.79
Office for Remration Payments
925,085.06
308,128.21
finally decided to establish the new unit on a basis of 12,500 paper crowns
Inter-Allied Rhineland High Commission_ _
261,783.54
786,603.15
equivalent to one pengo, making it worth 173i cents.
Military Inter-Allied Commission of Control_
700,000.00
200,000.00
4. Costa of arbitral bodies
16,821.43
5. Discount on amounts received from Deutsche
New Method Confusing.
Reichsbahn Gesellschaft in advance of due
The result is that in order to convert paper crowns, which still circulate,
date
870,499.73 1,960,431.83
into pengos, one must multiply by 8 and divide by 100.000, while to cal6. Exchange differences
66,064.15
174,932.33
culate pongo prices In paper crowns one has to reverse the process.
payments
89.558.842.67 261,342,854.33
Dealers in automatic conversion tables, which to most laymen are D. Balance ofTotal
cash at Nov.30 1926
106,675,348.28
somewhat simpler than the engineer's "slipstick," though not quite so
easy as table logarithms, are doing a brisk mail-order business. Even
368,018,202.61
these contrivances, however,do not help the great majority of the peasants,
•See Tables 1 and II for analysis of payments by category of expenditure and by
who are illiterate and who provide a promising field for sharpers.
Powers.
36
[Vol.,. 124.
THE CHRONICLE
TABLE 1.—TOTAL PAYMENTS TO POWERS CLASSIFIED ACCORDING
TO CATEGORY OF EXPENDITURE.
_
Third Annuity
Year—CumulaMonth of
tive Total to
November
Nov. 30 1926.
1926.
Gold Marks.
Gold Marks.
1. Occupation costs—
(a) Marks supplies to Armies of Occupation_ _ _ 3.251,973.55 9,971,081.06
(b) Furnishings to Armies under Arts. 8-12 of
Rhineland Agreement
3,877,005.82 11,677,720.35
7,128,979.37 21,648,801.41
2.!Det1veries in kind—
(a) Coal, coke and lignite
(0) Transport of coal, coke and lignite
(c) Dyestuffs and pharmaceutical products
(d) Chemical fertilisers and nitrogenous products
(e) Goal by-products
(f) Refractory earths
(g) Agricultural products
(h) Timber
(I) Sugar '
(I) Misoellaneous deliveries
13.291,146.32 39,851,521.16
2,764,701.12 10,125,637.26
698,612.14 3,184,038.61
5,288.473.91 11,454,068.79
347.436.71 1,058,730.25
52.467.22
20,502.69
455,315.31 2,449,580.18
1,018,769.16 6,351,332.23
310,902.52
13,695.830.90 47,589.839.58
37,580,788.26 122,428,117.80
3.7_Deliveries under agreement
Pt 4wi
4.1Reparation Recovery Acts
10,112,949.54 20,144,639.73
99,030.48
351,424.15
444,604.30
7,578,800.00
3.351,000.06
8,023,404.30
Total payments to Powers
80,825,834.29 235,317,056.90
TABLE II.—PAYMENTS TO BACH POWER CLASSIFIED ACCORDING TO
CATEGORY OF EXPENDITURE.
Third Annuity
Year—CumulaMonth of
tive Total to
November
Nov. 30 1926.
1926.
Payments to or for the amount of—
Gold Marks. Gold Marks.
14France—
(a) Marks supplied to Army of Occupation_ _ _. 2,000,346.06 6,513,793.42
(b) Furnbahlogs to Army under Arts. 8-12 of
Rhineland Agreement
2,735,000.00 8.243,174.62
(c) Reparation Recovery Act
5,924,150.86 14,762,602.57
(d) Deliveries of coal. coke and lignite
10,754,090.00 29.003,296.00
(a) Transport of coal, coke and lignite
1,852,064.81 6,836.926.67
(I) Deliveries of dyestuffs and pharmaceutical
193,688.38
779,596.63
products
(g) Deliveries of chemical fertilisers and nitrogenous products
11,070,878.66
(h) Deliveries of coal by-products
331,762.46 1,001,575.49
(I) Deliveries of refractory earths
52,467.22
20,502.69
(J) Deliveries of agricultural products
455,315.31 2,449,580.18
(k) Deliveries of Umber
841,433.26 5,399,050.73
310,902.52
(1) Deliveries of sugar
(m) Miscellaneous deliveries
5,832,463.01 20,467,861.23
225,000 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 1924
286,584.56
Total Franoe
36,304,290.75 107,403,290.50
.1Britiali Empire—
(a) Marks supplied to Army of
_ _ 1,251,627.49 3,457,287.64
(b) Furnishings to Army under
Occupation_Arts. 8-12 of
703,005.82 2,111,941.74
Rhineland Agreement
16,628,935.74 47,958,066.94
(c) Reparation Recovery Act
(d) kliscollanopus payments
15,849.41
(el Gash transfer: Settlement of balances owing
for deliveries made or services rendered
by the German Government prior to
Sept. 1 1924
35,022.76
Total British Empire
18,583,569.05 53,578,188.49
3. Italy—
2,537,056.32
(a) Deliveries of coal and coke
(b) Transport of coal and coke
909,874.32
(c) Deliveries of dyestuffs and pharmaceutical
358,103.62
products
1,843.295.49
(d) Miscellaneous deliveries
(e) Miscellaneous payments
1,002.09
Total Italy
Total Belgium
Total Serb-Croat-Slovene State
9,945,291.55
2,855,100.15
1,428,581.97
4,967,771.67
34,643.23
6,649,331.84 19.231,388.57
4. Belgium—
(a) Furnishings to Army under Arta. 8-12 of
439,000.00
rthineltuad Agreement
(b) Deliveries of coal, coke and lignite
2,761.99
(c) Transport of coal. coke and lignite
(d) Deliveries of dyestuffs and pharmaceutical
127,121.14
products
(e) Deliveries of chemical fertilizers and nitrogenous products
(g
(f)
) Deliveries of coal by-products
15,674.25
177,335.90
Deliveries of timber
(Ii) Miscellaneous deliveries
1,542,892.35
(1) Miscellaneous payments
(1) Cash transfer: Settlement of balances owing
for deliveries made or services rendered
by the German Government prior to
Sept. 1 1924
5. Serb-Cruat-Slovene State—
(a) Deliveries of pharmaceutical products
(b) Miscellaneous deliveries
(c) Miscellaneous payments
1,322,603.99
902,933.61
433,610.44
940,695.26
383,190.13
57,154.76
952,281.50
8,052,683.41
10,947.86
2,304,785.63 13,171,584.75
19.899.00
2,928,947.71
19,039.64
35,164.78
9,662,894.84
57,160.06
2.967,686.35
9,755,219.65
10,112,949.54 20.144,639.73
3,348,500.00 7,578,800.00
Total United States of America
13,461,449.54 27.723,439.73
Total Rumania
556.849.05
2,054,743.42
3,834.86
556,849.05
2,058,578.28
486,838.22
1,070,610.02
504,545.07
834,648.02
8. Japan—Miscellaneous deliveries
9. Portuga1—Miscellaneous deliveries
10. Greece—Miseellaneous deliveries
Total Poland
Grand total
3,988.73
3,988.73
2,500.06
7,513.19
6,488.79
11,501.92
80,825,834.29 235,317,056.90
Diamond Prices Up Again—More Than 14,000 Belgian
Cutters Get Increased Pay.
An Associated Press cablegram from Brussels Dec. 22 was
published as follows in the New York "Times":
The price of diamonds is going up again.
The diamond &utters of Belgium, of whom there are more than 14.000.
have just won a fight for increased pay. At first their employers declared
a lockout, but the bars were up only a week when they capitulated. _
There were too many tempting American buyers in town.
Subscriptions to Italy's National Loan
The following is from the New York "Times" of Dec. 26:
At the end of November subscriptions to the new Italian 5% aational
loan were reported at 1,000,000,000 lire. A London review of the subscription reports that "undoubtedly subscribers are moved by a patriotic sense of duty. They feel that the Treasury must be put in a strong
position, so as to be able to pursue a definite policy of defense of the
lira. It appears from the Treasury account of Oct. 31 that during the
month of October 725 million lire of Treasury short bills had to be
repaid on falling due.
"The cash in the exchequer went down to 62 millions lire, and the
Treasury current account at the Bank of Italy, which at the end of
February was 2,669.7 millions, and was still 1,970.4 milions at June 30th,
was reduced to 632.1 at Sept. 30, and had been turned at Oct. 31 into an
overdraft of 129.7 million lire. At present the crisis, thanks to the
consolidation of the Treasury bills, is over."
The loan was referred to in these columns Nov. 13, page
2466 and Nov. 20, page 2597.
Denial That Poland Is Negotiating for Morgan Loan
From Washington Dec. 26 the New York "Journal of
Commerce" reported the following:
The Polish Legation, in a statement to the press, makes emphatic
denial of the report that the Polish Government was negotiating with
the firm of J. P. Morgan & Co. and with a Dutch-Swiss syndicate for
a loan of $100,000,000. It was declared that there is no truth in the
dispatch from Warsaw to New York newspapers that such a loan is
sought.
"The Polish Legation is instructed to state that no such negotiations
have been undertaken and consequently the information to that effect
contained in the dispatch from Warsaw is devoid of foundation."
the statement declared.
Twenty Polish Banks Ordered to Liquidate on Account
of New Capital Requirements.
The Washington Bureau of the "New York Journal of
Commerce" reported the following advices Dec. 30:
'bout twenty banks and credit institutions in Poland will be made to
liquidate on January 1, as the result of the enforcement on December
31, 1926, of the decree fixing the minimum initial capital required under
the banking decree of 1924, according to a despatch of the Polish Telegraph Agency received at the Polish Legation today.
The decree of 1924 placed the minimum at one milion zlotys.
Ambassador Jay Returning to United States.
The American Ambassador to Argentina, Peter Augustus
Jay, sailed for the United States from Buenos Aires on
Dec. 30 with his family on the steamer Pan-America. He is
accompanying the body of his daughter, who died last week
after an operation for appendicitis. Associated Press advices state:
Although Mr. Jay announced he has not presented his resignation,
merely going home on a leave of absence, the belief is folt here he will not
return to Buenos Aires.
Proriosed Bolivian Loan.
115,483.79
6. United States of America—
(a) Deliveries under agreement
(b) Cash transfers in foreign currencies
7. Rumania—
(a) Miscellaneous deliveries
(0) Miscellaneous payments
11. Poland—
•
(a) Miscellaneous payments
(b) Cash transfers: Settlement of balances owing
for deliveries made or services rendered
by the German Government prior to
Sept. 1 1924
22.553.086.60 62,720,669.51
trasZransfers-ham (a) Settlement of balances owing for deliveries
made or services rendered by the German Government prior to Sept. 1 1924_
2,500.06
(In In foreign currencies
3,348.500.00
5.1Miseellaneous payments
Third Annuity
Year—CumulaMonth of
live Thai to
November
Nov. 30 1926.
1926.
Geld Marks. Gold Marks.
478,626.97
In its issue of Dec. 28 the "Journal of Commerce" said:
According to a report that was current yesterday, an offering of about
$15,000,000 bonds of the Republic of Bolivia will rrobably be placed upon
the market in the near future. The Equitable Trust Co. of New York,
Stifel, Nicholaus Jz Co.,of St. Louis, and associates. are said to be negotiating the loan, the proceeds of which will be expended for railroad construeHon. The same bankers were interested in the underuriting of the Bolivia
8% loan of 1922, of which a total of $29,000,000 was originally issued.
The proposed issue is to be secured by specific pledge of certain Government
revenues which in 1925 amounted to $9,737,072.
Offering of Bonds of Municipality of Medellin (Colombia) New Week.
It was announced on Dec. 31 that a group, headed by
Hallgarten & Co., Kissel, ICinnicutt & Co., and Halsey,
Stuart & Co., Inc., will offer early next week an issue of
$3,000,000 25-year external 7% secured gold bonds of the
Municipality of Medellin, Colombia, at 93X and interest,
to yield over 7.60%.
JAN. 1 1927.]
THE CHRONICLE
37
$10,000,000 Credit Granted to Cuba—Chase Bank Aids fourths of the former bondholders, pursuant to which the Republic is
purchasing the bonds at a price of $50 for each 500 franc bond. After
$70,000,000 Highway Project.
such retirement, the Bonds of this issue will be a first lieu on the
alcohol
and liquor revenues, which alone, in 1925, amounted to nearly 2
The following is from "The Sun" of Dec. 31:
Confirming a dispatch from Havana to the effect that the Cuban Government had entered into an agreement with the Chase National Bank for
credits to finance the 170,000,000 central highway project, it was stated
officially to-day that the Chase had granted to Cuba an initial credit of
110,000,000, to be available as required, to pay the early construction costs
in anticipation of taxes to be collected for this specific purpose.
The Cuban Government recently gave contracts to the American highway construction firm of Warren Brothers and to a Cuban firm for the
building of a 700-mile highway running the full length of the island, representing the greatest single project ever undertaken by the Cuban Republic.
The road is calculated to open for more intensive development large areas
of potentially productive land.
To finance the project the Cuban Legislature has set up new taxes,
among which is an impost on gasoline, which are to be applied specifically
to financing of the $70,000,000 highway over a period of years. These
taxes are calculated to produce up to $18,000,000 a year. At the start of
the building program the Government has an accumulation of 114,600,000
or $15,000,000 as a working fund and has made arrangements with the
Chase National Bank for a sort of standby credit of $10,000,000 which can
be drawn upon as needed. Eventually the special taxes will extinguish
whatever part of the credit is used.
The Chase National credit is to run until June 30 1930, and the Cuban
Government is to pay interest at the rate of 6% on whatever funds it uses
from this account. In this respect it is much the same as the private banking credits that have been extended by American bankers and the Federal
Reserve Bank of New York to European Governments for foreign exchange
stabilization in connection with efforts to put the various currencies on a
gold basis. The difference lies in the use of the credit, which in the case of
Cuba Is for a project destined to open up new sources of revenue for the
Government.
The whole scheme of financing the Cuban highway is designed to obviate
the necessity for any public offering of securities.
times the annual service of these Bonds.
The Republic may pledge additional revenues, and may issue additional bonds provided the revenues available as security for all the
bonds are at least 3 times the service charges thereon; and may modify
or abolish its alcohol and liquor revenues upon substitution of other
equivalent revenues satisfactory to the Trustee, all as more fully set
forth in the Trust Agrement.
REVENUES: For the four years ended December 31, 1925, the gross
yield from the revenues pledged as security for these Bonds averaged
After deducting $696,200, the annual prior
$3,811,224 annually.
charges above mentioned, the balance available for these Bonds averaged
4% times the annual interest and sinking fund requirements. The balance available for the year 1926, similarly calculated, based on returns
for the first ten months of the year, will approximate 5 times the annual
service of these Bonds.
The revenues pledged to secure these Bonds are to be deposited daily
during each month with the Trustee's representative in Costa Rica for
remittance to New York until the monthly service of these Bonds has
been covered.
All conversions of colones into United States dollars have
been made at the rate of 4 colones to one dollar. The bonds
were offered when, as, and if issued and received, subject
to prior sale and subject to the approval of counsel. Interim receipts or temporary bonds will be deliverable in
the first instance. Application will be made to list the
bonds on the New York Stock Exchange.
Redemption of $385,000 Kingdom of Belgium Bonds Due
1941.
J. P. Morgan & Co. and the Guaranty Trust Company
of New York have issued a notice under date of December 30 to holders of Kingdom of Belgium external loan
twenty-year 8 c/e, sinking fund gold bonds, due 1941, announcing that $385,000 face amount of the bonds of this
issue have been drawn by lot for redemption at 107/2
on February next. Bonds so drawn will be redeemed
and paid on and after February 1, 1927 at the office of
J. P. Morgan & Co. or of the Guaranty Trust Company
of New York. Interest will cease on all such drawn
bonds after February 1.
Offering of $8,000,000 7% Bonds of Republic of Costa
Rica—Books Closed—Issue Over Subscribed.
Offering was made on Dec. 28 of a new issue of $8,000,000
Republic of Costa Rica external secured sinking fund 7%
gold bonds, dated Nov. 1, 1926, and due 1951, representing
the first public dollar financing ever done by this Central
American country in the United States. The issue, which
was priced at 95% and interest to yield about 7.40%, was
offered by a syndicate consisting of J. & W. Seligman &
Co., Blyth, Witter & Co., Marshall Field, Glore, Ward &
Co., F. J. Lisman & Co., and Hemphill, Noyes & Co. Before the close of the day the syndicate announced that the
issue had been oversubscribed and the books closed. The $990,000 Principal of San Paulo Bonds Doe 1938 To Be
Paid January 1.
proceeds of this loan will be used to the extent of approxiSan Paulo fifteen-year 8% sinking
State
of
of
Holders
mately $5,900,000 to retire internal indebtedness, effecting
an appreciable saving in interest. The Republic plans to fund gold bonds due January 1, 1936, are reminded that
devote the remainder of the proceeds to productive public In accordance with the notice of redemption which has
been published on several occasions, $990,000 principal
purposes. An announcement regarding the loan says:
Primarily a refunding operation which will save the Republic a amount of these bonds will be paid at 105% of their face
substantial sum in interest charges through retirement of about value on and after January 1, 1927, at the office of
$5,900,000 of internal indebtedness and release domestic capital for productive uses, the issuance of these bonds will add only about $2,000,000 Speyer & Co., 24 & 26 Pine Street, New York City, where
to the total indebtedness of the Republic, which will then be only $17,- copies of the above notice,showing the drawn numbers,
500,000. There is much discussion at present about devoting the reare obtainable.
mainder of
the proceeds to the founding of an agricultural mortgage
bank which would arrange for the sale of farm loans at home and
abroad. Large areas of farm land can be developed by further extension of highways and railroads.
The bonds are redeemable on November 1, 1936, and on
any interest date thereafter, in whole or in part at 100 and
accrued interest. The bonds are not redeemable prior to
November 1, 1936, except for the Sinking Fund. Regarding the sinking fund it is stated:
A Cumulative Sinking Fund will be provided, calculated to retire all
these bonds by maturity, operating by purchase in the market at or
below 100 and accrued interest or, if bonds are not so obtainable, then
by drawings at 100 and accrued interest. After November 1, 1936, the
Republic may, at its option, increase the amount of any payments to
the Sinking Fund.
Liquidation of Outstanding Dominican Customs Bonds
of 1908, Maturing in 1958.
A transaction of more than passing interest in the field of
international loans is on the eve of completion by the liquidation of all bonds outstanding of the Dominican Customs
Bond Issue of 1908. Under agreement of Jan. 27 1906,
between the Dominican Republic and the Guaranty Trust
Co. of New York, there was issued $20,000,000 Customs
Administration Sinking Fund gold bonds pf the Dominican
Republic, to mature in 1958 but through the operations of
the sinking fund all the bonds have been paid with the
exception of $2,100,000 (which have been called for payment Feb. 1 1927) showing that revenues from customs far
exceeded the expectations of the Dominican and United
States Officials who participated in the adoption of the plan
of financing the Republic. In its announcement of this on
Dec. 28 the trust company says:
Central Union Trust Company of New York is Trustee.
They are coupon bearer bonds in interchangeable denominations of $1,000 and $500. Principal and interest (May 1
and November 1) will be payable in United States gold coin
of the present standard of weight and fineness, in New
York City at the office of J. & W. Seligman & Co., Fiscal
was the first participation of the kind by the American Government
Agents, free from any Costa Rican taxes present or future. in It
the fiscal affairs of the Caribbean countries. The arrangement had for
Don J. Rafael Oreamuno, Envoy Extraordinary and Min- Its principal purpose the ascertainment and adjustment of outstanding
ister Plenipotentiary of the Republic of Costa Rica to the Indebtedness to be settled on fair terms to Santo Domingo, and at the same
time protect the legitimate rights of the creditors. Incidentally, and as a
United States, in advices to the syndicate furnishes the second consideration, making available funds for needed public improvefollowing information regarding the security back of the ments in the country in order to allow it to progress in a way more commensurate with its important and latent natural possibilities.
bonds and the revenues of the country.
the Dominican Customs
The service of this loan has been the work of
SECURITY: These bonds will be the direct obligation of the Re- receivership, constituted and organized under the convention with Santo
public of Costa Rica, and will be specifically secured by a direct lien Domingo. The first monthly interest" payment of $100,000 was made In
or charge upon (1) the gross revenues of the Republic from customs January 1908, and the last will be for the present month of December—
duties, subject only to the lien of an external 5 per cent, sterling loan exactly nineteen years—which means the liquidation of the entire loan
of 1911 involving an annual charge net exceeding $583,200; and (2) thirty-one years in advance of its authorized maturity. This splendid
the gross revenues of the Republic from its monopoly of alcohol and showing has been made possible largely by result of increased customs
liquors, subject only, after completion of this financing, to the lien in revenue collections under the Dominican Customs receivership.
favor of an external 5% franc loan of 1911, involving an annual charge
William E. Pulliam. Receiver General of Dominican Customs, has
not exceding $113,000. The Republic has now on deposit sufficient recently arrived in New York and is engaged with the Fiscal Agent in
funds to retire the outstanding balance of this franc loan under the connection with the details incidental to the complete liquidation of the
terms of an offer which has already been availed of by about three- loan. By a coincidence. Mr. Pulliam. who was appointed originally by
38
THE CHRONICLE
President Roosevelt In 1907 to administer the important work in question,
has been reappointed to the same post by three other Presidents, made the
first payment for the service of the loan in 1908, and will make the concluding payment on behalf of the Dominican Government at the close of
the present month, which gives him a distinction not often possible in
connection with the complete history of an international loan of this magnitude. intended originally to extend over a period of fifty years.
The bonds, bearing interest of 5%,have enjoyed a very envianie position
in the bond market during recent years—in fact, they have been quoted
and sold above their call price of 10234, and that record goes even further,
placing these bonds in a position relatively immediately after United States
Government securities. The Guaranty Trust Co. of New York has acted
as Fiscal Agent of this loan, and all interest and sinking fund payments have
been made by the Dominican Customs Receivership to tbe Guaranty Trust
Co. for account of the loan.
One of the far-reaching effects of this very favorable arrangement on
behalf of Santo Domingo, which was undertaken by President Roosevelt,
in 1905, has been the impetus It has given to the country's internal development, and emphasizes its possibilities for the future. At the same time, it
has drawn attention to its points of historic interest in connection with the
initial colonization of the Spaniards in the New World. The capital of
Santo Domingo is the earliest permanent European settlement, and
established the first seat of Spanish Government. Santo Domingo relatively
is small both in area and population, compared with the other LatinAmerican Republica. In fact, there are but two of these countries, Haiti
and Salvador, which have smaller areas. Nevertheless, among the advantages Santo Domingo now possesses is a modern and extensive roadway
system, and is now planning several more much needed and important
Improvements.
[VoL. 124.
same period the outstanding Federal Land Bank bonds have increased
from $434,534,775 to $1,048,029,045. During this period the twelve
Federal Intermediate Credit Banks with $60,000,000 capital subscribed
by the U. S. Treasury, have also been created. These banks have about
$61,000,000 debentures and $83,000,000 loans and discounts outstanding.
There are now 57 joint stock land banks—since January 1, 1922, the
number of these banks has increased 185% and their loans have increased
from $81,734,869 to $614,639,203 on September 30, 1926. During the
same period the outstanding joint stock land bank bonds have increased from $81,509,600 to $597,263,000.
Members of Business Men's Commission on Agriculture.
The membership of the Business Men's Commission on
Agriculture, created jointly by the National Industrial Conference Board and the Chamber of Commerce of the United
States, was announced on Dec. 26 by Charles Nagel, of St.
Louis, former Secretary of the United States Department of
Commerce and Labor, who is Chairman of the Commission,
to be as follows:
Charles Nagel, of Kirby & Nagel, St. Louis, Mo., Chairman.
Robert W. Bingham, publisher of the Louisville "Courier-Journal" and
the Louisville "Times," Louisville, Hy,
E. N. Brown, Chairman of the St Louis-San Francisco Railway Co., New
York.
E. M. Herr, President of the Westinghouse Electric & Manufacturing Co.,
New York.
J. G. Lonsdale, President of the National Bank of Commerce, St. Louis.
Argentina Pays League of Nations $136,939.
John Stuart, President of the Quaker Oats Co., Chicago,
Buenos Aires advices (Associated Press) Dec. 22, stated:
Alfred H. Swayne, Vice-President of the General Motors Corporation,
Agrentina has remitted 5136,939 to the League of Nations as her dues New York.
Paul H. Warburg, Chairman of the International Acceptance 0,rporation,
for 1926. The Government has consistently met its financial obligations
to the League, although Congress has not yet ratified Argentina's renewed New York.
membership in the Geneva organization.
Additional members of the Commission may be announced
later, according to Mr. Nagel. Frank D. Graham, Professor
Expected Federal Lank Bank Issue of $20,000,000.
of Economics at Princeton University, has been retained by
Regarding an expected issue of Federal Land Bank the Commission as Economic Adviser. The Commission has
Bonds, the New York "Herald-Tribune" of Dec. 30 said:
established its headquarters at 247 Park Avenue, New York.
It is understood that an issue of about $20,000,000 Federal Land Bank A reference to the creation of the Commission appeared in
bonds will be floated shortly by the same syndicate heretofore identified
11, page 2989. Preliminary meetings
with this business, of which the leading members are Alex. Brown & these columns Dec.
Sons, of Baltimore; Harris, Forbes & Co., Brown Bros. & Co., Lee, Hig- have been held by the Commissioners, according to Mr.
ginson & Co., the National City Company and the Guaranty Company of Nagel, for the purpose of organization and of discussing
New York. According to unofficial advices, the set-up of the coming
program of the Commission inissue will resemble that of the $60,000,000 flotation on June 14 last, with details of procedure. The
a ag% coupon, a price of 101, and a thirty-year maturity optional after cludes hearings in various sections of the country, the dates
ten years.
and places for which will be made public later.
The coining issue, though smaller than previous Federal Land Bank
Wheeler MacMillan, editor of "Farm and Fireside";
flotations, possesses some features of special interest. It will apparently
mark the completion of refunding operations which have been spread over George E. Roberts, Vice-President of the National City Bank,
a long time. Back in 1918 at the inception of the system Congress
aind Dr. E. A. Rumely, Treasurer of the Vitamin Food Co.,
appropriated $200,000,000 with which the Treasury was directed to purchase Federal Farm Loan• bonds. At the peak, the Treasury holdings of all of New York, appeared before the Commission at the
the obligations reached $195,925,000. For some time the Federal Land Commission's first hearing and presented in broad outline
banks have been repurchasing these bonds, none of which bore less than
situation as reflected in their contact with
436%. Of the $60,000,000 issue last June, $40,000,000 was devoted to the agricultural
that purpose, and Secretary Melions recent report shows that on June 30 agriculture in their respective fields of activity. Charles
the Treasury's holdings had been reduced to $60,495,000. Since then and Nagel, Chairman, in a statement on Dec. 26, outlined the
up to October 31 further repurchases brought the holdings down to
of the Commission as follows:
$5,000,000. There has also
Treas- aims and attitude
been a progressive diminution of the
ury's stock holdings in the Federal Land banks, from a peak of $9,000,000 to $1,180,440 on June 30 last.
It is believed that the present flotation will permit the land bank system to acquit itself completely of its obligations to the Treasury, and
thus for the first time stand completely on its own feet. The government, under the terms of the Congressional resolution, is obliged to
resell its 434% bonds at par and accrued interest. By refunding at
lower interest rates the bonds held by the Treasury, the land banks will
have effected a total annual saving in interest charges of almost $500,000.
Proposed Amendment to Federal Farm Loan Act Providing for Independent Examination of Farm Loan
Banks by Secretary of Treasury.
A statement has been issued during the week to the effect
that misunderstanding that has developed among some
members of the Farm Loan Board over the proposed
amendment to the Federal Farm Loan Act providing for
an independent examination of Farm Loan banks by the
Secretary of the Treasury is cleared up through an analysis of the bill sent out by the Board. The announcement
says:
Contrary to the opinion prevalent in some quarters the suggested
legislation will not in any way alter the present administrative duties
of the board but it will bring the Land Bank System into closer accord
with the comparable practices in the very successful National Banking
System by transferring the examination duties to the Treasury Department. The amendment does not take away from the Board the power
either to require reports or to make special examinations.
It is the opinion of those sponsoring the bill, which was introduced
in the Senate by Senator McLean, of Connecticut, and in the House
by Representative McFadden, of Pennsylvania, that the Treasury's
supervision of examinations will strengthen the public's confidence in
the banks as well as in the Federal Land Bank bonds which have been
defined by law as Government instrumentalities.
It has only been through the cooperation of the Treasury Department
with the Farm Loan Board that the examinations in the rapidly growing
Land Bank System are being brought up to date and the amendment,
if passed, will provide a competent force of examiners to take care of
the expansion that is certain to come. In the past the Farm Loan Board
has been compelled to pay the cost of additional examinations caused
by the system's rapid growth out of its annual appropriation.
The loans of the twelve Federal Land Banks have increased in less
than five years from $432,523,141 to $1,057,216,877 and during the
It is the purpose of the Business Men's Commission on Agriculture to
make an exhaustive study of the agricultural problem in itself and in its
relation to the rest of our economic activities. On the basis of such a
study it is hoped that the Commission may be able to make recommendations calculated to give substantial help in the effort to arrive at a wellbalanced, sound and sustained national agricultural policy. The Commission is a tender of good offices toward a united attempt in meeting the
problem, and on the basis of common sense, fairness and in the national
interest we hope that this tender will be met in the spirit in which it is
made.
I have accepted the chairmanship with the understanding that the Business Men's Commission shall be an entirely independent body. While we
shall seek information and suggestions from leaders in all fields of business and agricultural activity, and from all sections of the country, the
Commission's findings and recommendations must be entirely its own,
uninfluenced and free even from the policies and attitudes of either of the
two organizations that have co-operated in organizing the Commission.
If there be something seriously wrong with agriculture, business cannot
permanently escape the consequences. Sooner or later individuals engaged
in other pursuits, such as manufacturing, mining, trade, transportation or
finance, would be bound to feel the effect. The agricultural problem, whatever its causes, is therefore a national problem of immediate concern to all
business groups. The farmer's relation to our national economy is vital;
it affects our entire economic life as well as our national security.
It will be the task of the Commission to inquire into and to ascertain
the nature of the agricultural problem and its causes. This the Commission plans to accomplish by intensive studies and hearings in different parts*
of the country, to which will be invited agricultural leaders and economists as well as men prominent in the various business activities who
have different contacts and relations with, and different attitudes toward
the problems of, the farming community, so that the many complex and
intricate aspects of the agricultural problem may be fully understood and
considered by the Commission.
Other industrial nations in the past have faced, and some now face, the
same or similar problems. They have found these conditions difficult to
deal with and usually beclouded by political controversy. I regard it as
a most hopeful sign that in the United States business interests are giving
serious and sympathetic attention to the agricultural situation. The fact
that business men have on their own motion made possible this undertaking,
distinctly reflects that capacity for private initiative and achievement
which has always characterized and been the foundation of American
progress.
Annual Agricultural Outlook Report to Be Issued
Jan. 28.
The annual agricultural outlook report of the Department of Agriculture will be issued Jan. 28. The date has
JAN. 1 1927.]
THE CHRONICLE
been moved up ten days, in response to requests of officials
engaged in agricultural extension work to enatle them to
prepare local outlook reports at an earlier date than heretofore. In indicating this in a statement Dec. 23 the Department added:
The Department's report will be a review and outlook of the crop year
and probable trend in 1927. It will cover the general domestic and foreign
demand situations for all staple crops and live stock. Later in the winter
when "intentions-to-plant" surveys are completed and other material is
available, supplementary outlook statements will be made by the Department.
In the hope of indicating cotton prospects for next year as a guide to
producers in planting the 1927 crop, cotton will receive special attention
in the Jan. 28 report. Conclusions will be based on careful surveys and
analyses of the situation. A discussion of the world cotton situation will
be a part of the report. The date set for the report is the earliest that
can be fixed so as to enable the Department to make use of the results of
the annual live stock survey as of Jan. 1, and certain other consumption
figures which are necessary to a proper analysis of the situation. In addition to the January outlook report, the Department will issue a hog outlook statement in July based on the midsummer pig survey, a winter
wheat outlook next fall and sheep and lamb, and beef cattle outlooks.
Lloyd S. Tenny Appointed Chief of the Bureau of
Agricultural Economics.
Lloyd S. Tenny has been appointed Chief of the Bureau
of Agricultural Economics, Secretary Jardine of the Department of Agriculture announced on Dec. 23. Mr. Tenny
has been Acting Chief of the Bureau for the last six months.
Mr. Tenny has been with the Department of Agriculture
since 1902 except for the period 1910-1921, when he was
engaged in fruit marketing work in Florida and New York.
He became Assistant Chief of the Bureau in 1921 and has
been Acting Chief since last June. Mr. Tenney's former
work with the Department had to do with marketing problems and as Assistant Chief he has been in charge of service and regulatory work on marketing.
39
Under the bill the July 1 and Aug. 1 forecasts would be abolished and
weekly reports substituted therefor, which I presume contemplates weekly
crop comments such as are now issued by the Weather Bureau. This plan
has considerable merit. But, while the statisticians of the Crop Reporting
Board would be very glad to be relieved of the necessity of making the early
bale forecasts, there are certain aspects of the situation which should not be
overlooked before final action is taken. Would weekly comments, containing no figures whatever, meet the needs of the producers of the southern
part of the cotton belt, particularly south Texas, who by Sept. 1 have
already ginned and marketed a large part of their crop? If the official
bale forecasts were to be abolished during July and August, these farmers
would have to depend entirely for quantitative crop information upon private trade reports. Moreover, while the early forecasts have frequently
been considerably above or below the final ginnings, they have been more
accurate on the whole than those issued by private organizations and have
furnished a basis upon which those engaged in the buying and selling of
cotton could transact business. The abolishment of the Government reports
during these two months would leave the field entirely to the private crop
estimators and the cotton trade would have to base its transactions upon the
reports of such organizations. There is also the possibility that the omission of the early reports might affect the reliability of the Sept. 1 forecast in that the correspondents would not have in mind as heretofore the
reports they have made earlier in the season. The effect of this might be
to destroy the comparability, to some extent, of the reports made on
Sept. 1 and those made in previous years.
In order that you may have before you a complete record of the variance
of the official cotton forecasts from the final ginnings, I am enclosing herewith a sheet which shows the percentage which each forecast since the
work was begun has been above or below the final ginnings. This table
speaks for itself and shows that while the July forecasts have varied rather
widely from the final report, there has been a marked improvement in the
Aug. 1 forecasts over those iseued on July 1, while the Sept. 1 forecasts
have been reasonably close to the final ginnings.
Section 2 of the bill makes a very desirable change in the time of the
Issuance of the acreage report on cotton in that it fixes the date to which
these reports shall relate the earns as that for all other crops. This will
make for efficiency and interfere less with the reports on other crops. At
present the cotton acreage report is made as of June 25, and is required by
law to be issued on or about the first Monday in July. The provision in
this section for the publication of abandonment reports on Sept. 1 and
Dec. 1 is simply embodying in the law the practice now followed by the
Department.
The idea contained in Section 3 of the bill of making periodical reports
of grades and qualities of cotton in warehouses, as well as that being
produced, is an excellent one. Information of this character is greatly
needed for the intelligent handling and marketing of the cotton crop. The
inauguration of reports of this kind involver; many problems, however, and
in order to confer upon the Department the necessary authority for gathering the information it will be necessary to have a very carefully drawn
section which will make it possible not only to obtain the necessary samples for grading and classing, but also to permit of access to warehouse
stocks and records. I presume there will be a full discussion of this paragraph before the Agricultural Committee and that, therefore, it is unnecessary to go into details at this time.
Sincerely yours,
W. M. JARDINE, Secretary.
Secretary Jardine's Views on Jones Bill Reducing
Number of Cotton Estimate Reports.
In an item in our issue of a week ago (page 3257) we indicated that an expression of view had been given by Secretary of Agriculture Jardine regarding the proposals contained in the bill of Representative Jones reducing to four
the number of cotton estimate reports issued by the United
States Department of Agriculture. While stating that "no
We also rive here the report on the bill submitted by Repharm would be done so far as I can see by omitting the mid- resentative Jones from the
House Committee on Agriculmonth reports in July, August and November," Secretary ture on Dec. 21:
Jardine questions the advisability of abolishing the midREPORT—To accompany H. R. 15,539.
month reports during September and October. We give
The Committee on Agriculture, to whom was referred the bill (H. R.
herewith Secretary Jardine's letter:
15,539) to make certain changes in the reports of the Department of AgriDEPARTMENT OF AGRICULTURE.
Washington, D. C., Dec. 14 1926.
Hon. Marvin Jones, House of Representatives.
Dear Mr. Jones: I have your letter of Dec. 8, concerning H. R. 14,245
"A bill relating to certain cotton reports of the Secretary of
Agriculture,"
and asking for a report on same, this suggestion being made
by Mr. Haugen,
Chairman of the Agricultural Committee.
I note that the bill provides for the omission of all mid-month
cotton
reports during the season. No harm would be done so far as
I can see by
omitting the mid-month reports in July, August and November.
In fact,
the frequency of these reports has made it difficult to maintain a
satisfactory
corps of correspondents and has also interfered seriously with the
fieldinspection work of our State statisticians. I question the advisability, however, of abolishing the mid-month reports during September and
October.
In this connection, I would call your attention to the situation which gave
rise to the demand for semi-monthly reports. For three years beginning
with 1921 the prospects for the cotton crop declined for the most part
during the season, and the final outturn in all of the three years was
considerably IC68 than was anticipated during the early part of the season.
In
October 1923 severe freezes and storms occurred over part of the
Cotton
Belt which reduced the prospects of the cotton crop approximately 1,000,000
bales, with a consequent sharp rise in prices. At that time the
Department had no authority to make a mid-month report in October, and many
complaints were received because of the. failure of the Department to indicate the change in prospects until several weeks after it occurred,
farmers
contending that had the decline in prospects been announced more promptly
it might have benefited them to the extent of many million dollars.
The
present law was approved in May 1924 and for the past three years, namely
1924, 1925 and 1926, the crop situation has been just the reverse of that
of the preceding three years in that crop prospects have for the most
part
steadily improved during the season, the final ginnings being much greater
than was anticipated earlier in the season. This probably accounts for
much of the present agitation for the discontinuance of mid-month reports.
Throughout the summer months the largest single price factor in
the
minds of buyers and sellers is the probable number of bales of cotton to
be
added to the supply upon the maturity of the growing crop. The market
is
sensitive to the Department's crop reports and responds with great rapidity.
It would be reasonable to expect that with increasing crop prospects
more
frequent reports would mean more frequent adjustment of lower prices
while, on the other hand, with decreasing prospects more frequent reports
would be followed by more frequent readjustments to higher price levels.
In any discussion of the wisdom of issuing or withholding reports during
this period, it would seem that the real issue involved is not whether
the
interest of this or that special group will be best served in any case by
frequent or infrequent reports, but whether it is to the best interest of all
concerned to know the truth to the extent that it can be reasonably ascertained, and, if so, under what conditions and by what means the truth can
best be ascertained. It is with this in mind that I have recommended the
continuance of the mid-month reports in September and October.
culture in reference to cotton production and to make certain additional
reports in reference to grades and staples, having considered the same,
report thereon the recommendation that the measure be passed.
Under the present law the Department of Agriculture issues semimonthly reports beginning with July and ending with December of each
year and giving the Department's estimate of the number of bales of cotton that will be produced during the current crop year. During this period
of time 11 of such estimates are published.
Under the terms of the proposed bill these estimates will be reduced to
four, these to be issued as of Sept. 1, Oct. 1, Nov. 1 and Dec. 1, and to be
made public simultaneously with the ginning reports.
It is thought that for the few days prior to the issuance of these reports
there is a tendency toward a slackening of the trade and consequent depression of the market. It is also thought by many of those interested
that there is a tendency toward an upsetting of the market immediately
following such reports, and the committee therefore recommends that the
number of these reports be reduced from 11 to the number provided in
the proposed measure. The committee is of the opinion that, in view of the
fact that private estimates are made as to cotton production, it would not
be wise to abolish these reports entirely.
The measure also provides for a report on the grades and staples of the
cotton on hand in the warehouses and cotton storage places, and which is
sometimes referred to as the "carry over," and also a report on the grades
and staples of cotton production.
There are 10 tenderable grades of cotton. A considerable portion of
cotton production is not of a tenderable character. Some of it, due to
weather conditions, exposure, etc., especially the latter part of the crop,
is below the tenderable grade. There is also some production of the extra
long staple which is not regarded as tenderable because its value is too
great for its use in that connection. All of this cotton, however, without
regard to grade or staple, is included in the carry over, and only the total
figures are known. Naturally this affects the market adversely. By having reports as to the grades and staples of this cotton the amount of cotton which should affect the market would be shown.
The report of the Secretary of Agriculture on this matter is herewith
submitted and made a part of the report.
The following is the text of the Jones bill:
H. R. 15,539.
A BILL—Relating to certain cotton reports of the Secretary of Agriculture.
Re it enacted by the Senate and House of Reipresentatives of the United
States of America in Congress assembled, That, of the reports issued by the
Secretary of Agriculture pursuant to the Act entitled "An Act authorizing
the Department of Agriculture to issue semi-monthly cotton crop reports
and providing for their publication simultaneously with the ginning reports
of the Department of Commerce," approved May 8 1924, only four shall
be
issued hereafter, one as of Sept. 1, one as of Oct. 1, one as of Nov. 1, and
one as of Dec. 1, each of which shall state the condition and progress
of
the crop and the probable number of bales which will be ginned,
these
reports to be issued simultaneously with the cotton ginning reports of
the
40
THE CHRONICLE
Bureau of the Census relating to the same dates, the two reports to be
Issued from the same place at 11 a. en. of the eighth day following that to
which the respective reports relate. When such date of release falls on
Sunday or a legal holiday the report shall be issued at 11 a. m. of the
next succeeding workday.
Sec. 2. The Secretary of Agriculture shall cause to he issued a report
on or before the 10th of July of each year showing by States and in toto
the number of acres of cotton in cultivation on July 1, to be followed on
Sept. 1 and Dec. 1 with an estimate of the acreage of cotton abandoned
since July I.
Sec. 3. It shall also be the duty of the Secretary of Agriculture, in so
far as is practicable, to report from time to time the grades, staples and
qualities of the cotton in the warehouses, and his estimate of the grades,
staples and qualities of that which is being produced.
Sec. 4. That for the purposes of Section 3 of this Act it shall be the
duty of every owner, president, treasurer, secretary, director or other officer or agent of any cotton warehouse, cotton ginnery, cotton mill or other
place or establishment where cotton is stored, whether conducted as a corporation, firm, limited partnership or individual, when requested by the
Secretary of Agricultur or by any special agent or other employee of the
Department of Agriculture, acting under the instructions of said Secretary,
to furnish completely and correctly, to the best of his knowledge, all of the
information concerning the grades and staple length of cotton on hand,
and when requested to permit such agent or employee of the Department
of Agriculture to examine and classify samples of all such cotton on hand.
The request of the Secretary of Agriculture for such information may be
made in writing or by a visiting representative, and if made in writing
shall be forwarded by registered mail, and the registry receipt of the
Post Office Department shall be accepted as evidence of such demand.
Any owner, president, treasurer, secretary, director or other officer or
agent of any cotton warehouse, cotton ginnery, cotton mill, or other place
or establishment where cotton is stored, who, under the conditions herein.
beforestated, shall refuse or wilfully neglect to furnish any information
herein provided for, or shall wilfully give answers that are false, or shall
refuse to allow agents or employees of the Department of Agriculture to
examine or classify any cottcn in store in any such establishment, shall be
guilty of a misdemeanor and, upon conviction thereof, shall be fined not
less than $300 or more than $1,000, at the discretion of the court.
Sec. 5. The Secretary of Agriculture shall conduct studies and prepare
and publish from time to time reports on the various uses of cotton of the
several grades and qualities upon which reports are issued in accordance
with Section 3 of this Act.
Sec. 8. Samples of cotton used or to be used in determining the grades
and qualities of cotton in accordance with Section 3 of this Act shall, under
such regulations as the Postmaster-General shall prescribe, pass through the
mails free of charge, whether deposited in the mails by officers or employees of the Department of Agriculture or by persons from whom such
samples are obtained.
Sec. 7. The Secretary of Agriculture may co-operate with any department or agency of the Government, any State, Territory, District or possession, or department, agency, or political subdivision thereof, or any person;
and shall have the power to appoint, remove and fix the compensation of
such officers and employees, not in conflict with existing law, and make
such expenditures for the purchase of samples of cotton, for rent outside
the District of Columbia, printing, telegrams, telephones, books of reference, periodicals, furniture, stationery, office equipment, travel, and other
supplies and expenses as shall be necessary to the administration of this
Act in the District of Columbia and elsewhere, and there are hereby authorized to be appropriated, out of any moneys in the Treasury not otherwise
appropriated, such sums as may be necessary for such purposes.
Sec. 8. All laws and parts of laws in conflict herewith are hereby
repealed.
Trading in Oats Futures on New York Produce Exchange
To Start January 3.
Axel Hansen, chairman of the Grain Futures Committee
of the New York Produce Exchange, in a statement on
Dec. 27 said that the inauguration of trading in oats futures on the Exchange on Jan. 3 would further enhance
the prestige of New York as a grain trading center. Mr.
Hansen said:
"As is well known in the grain trade, New York is the outstanding
market for the export trade in North American wheat as well as the
most important flour market of the country. These two factors were
the basis for the formation of the New York Grain Futures market
last July. Trading in wheat futures began early in August, and it
is felt by the grain trade in general that our wheat futures market
has now been sufficiently well established to extend the trading to
other grains, and so in line with the policy formed several months
ago, trading in oats futures will be started on January 3.
The New York Produce Exchange has always been a most prominent
market for domestic trade in coarse grains. It has been the chief
distributing market for the enormous eastern consumption districts of
feedstuffs, and among these, oats holds a most important position, so
it is only natural that this particular grain should be the first to be
traded in for future deliveries.
Buffalo has for many years been the point from which the oats have
been distributed, whether the oats were destined to points in the
New England states, which for a decade or more have been among
the largest buyers of western grown oats, or whether the destination
were in New York, New Jersey or Pennsylvania. Inasmuch as the
delivery point of the New York Grain Futures Market is Buffalo, the
requirements of the oats distributors as well as the oats buyers of
the East are singularly well reconciled, and extensive use of the
new oats futures market for hedging purposes can be looked forward to.
It affords the buyers an opportunity to cover their deferred requirements in the cheapest, quickest and most satisfactory manner. It
enables the dealers to trade with a degree of safety which has been
non-existent before, and it enables the large western shippers and eastern distributors to hedge themselves in such a way as to practically
eliminate the risk of market and premium fluctuations.
The speculative incentive in trading which always follows in the
wake of cash grain transactions will lend the necessary breadth and
stability of the new market. Trading in oats futures adds another and
important line of activity to the many now already in existence under
the auspices of the Produce Exchange.
[VOL. 124
Copper Exporters Form Corporation to Bolster Market
To Cultivate World Trade and Check Fluctuations
From Speculations.
The following is from the New York "Journal of Commerce" of December 29:
A world-wide export association, recently formed, says the Associated Press, to control the marketing of copper, has started to function
as part of an ambitious project to bring the consumption of the red
metal into closer alignment with production, valued annually at nearly
$500,000,000.
Under the plan formulated by the new Copper Exporters, Inc.,
American methods of direct selling will be extended to the international
markets in an effort to increase trade, stabilize prices abroad and
combat harmful speculation.
Previous Attempts Failed.
For many years attempts to cultivate world trade in copper have
been thwarted by demoralizing price changes caused by factors other
than supply and demand. The price of copper in many foreign
markets has been dominated largely by the action of speculators
without any financial interest in the production of the metal. The
agreement of producers controlling approximately 90% of the copper
supply to deal directly with foreign consumers, in line with the simplified policy, is now expected to eliminate this troublesome speculative
element.
Center Here.
New York City is the center of the copper market in the United
States, and it is here that contracts aggregating several hundred million dollars are made each year through a dozen or more sales agencies
for the distribution of the metal from the producers to the largest
consumers.
The leading selling agencies, handling the output of mines in all
sections of the United States, South America and other producing
centers, include Guggenheim Bros., American Metal Company, Metal
Sales Corporation, Phelps Dodge Corporation, Chile Exploration Company, Nichols Copper Company, American Smelting & Refining Company, Calumet & Hecla Company, United States Smelting, Refining
& Mining Company, Adolph Lewisohn & Sons, Copper Range Company,
Mohwak Mining Company, Quincy Mining Company and International
Metals and Minerals Corporation.
Uncontrolled Market.
Virtually the entire output of American copper refineries is sold
through these agencies, which are all located within a half mile radius
in downtown New York. Some of the large copper buyers such as
the big electrical manufacturing companies, maintain purchasing agencies in the same district. The bulk of the great volume of business is
transacted by telephone and telegraph, and this is made made possible
because of the relative stability of the market in which daily variations are normally limited to a fraction of a cent a pound.
Copper normally is sold for shipment in from one to three months,
thus allowing producers to govern their output in accordance with
the orders on their books so far as possible. At present, surplus stocks
of refined copper, exceeding 140,000,000 pounds, make possible immediate shipments, but frequently these are not available. Quotations
ordinarily are made on a delivered basis.
Notwithstanding the narrow price fluctuations, the copper market in
the United States is regarded as competitive, with values governed
strictly by supply and demand. Attempts to maintain an artificial
price level have always resulted in failure. Many years ago an organization known as the Secretan syndicate tried to bolster prices by withholding copper from the market. Buyers held off as supplies increased, and eventually the syndicate was forced to dissolve with prices
breaking precipitately as the accumulated stocks were dumped on the
market.
Other Attempts Failed.
In 1907 a similar attempt to hold up prices turned out disastrously
and as late as 1920 producers, accustomed to inflated war values, attempted to hold the price around the 18-cent level. Price cutting by
low-cost producers quickly broke this artificial market.
United
There are five outstanding copper refining centers in the
States—New York City, Baltimore, the Michigan Lake district, AnaMonconda, Montana and Tacoma, Wash. With the exception of the
transportation.
tana works, most of the refiners are able to use water
Refining Company
The Tacoma refineries of the American Smelting &
while the
supply virtualy all of the copper exported to the Orient,
the domestic repart
of
major
the
Eastern seaboard plants provide
quirements. Connecticut is the center of the brass industry, which
takes a large part of the copper output.
several years has led to
The great industrial activity of the past
development of electric
increased consumption of copper through the
telephone facilities and
of
extension
power, railroad electrification,
large amount of new building.
Call Money Market.
the daily statementsiissuod this week
are
following
The
the call money
by the New York Stock Exchange regarding
market:
YORKATOCKILEXCHANGE.
CALL LOANS ON THE NEW
last, 5%%. Average
Dec. 27—Renewal, 544%; high, 544%; low, 54.5%;
turnover. Surplus offerings all day.
last, 53,6%. Moderate
Dec. 28—Renewal,53,i7o: high, 53i%;low, 5.3i%;
turnover. Ample supply.
534%; last, 534%. Quiet
Dec. 29—Renewal, 534%; high, 534%; low,
day. Funds plentiful.
%;last,6%. Calling of loans
Dec. 30—Renewal,534%;high,6%;*low,
advance to 6%. Sufficient
for end of year requirements caused
funds all day at the rate.
last,
5%. Accumulation of
Dec. 31—Renewal, 6%; high, 6%; low, 6%;
about decline in
funds for first of month disbursements brought
rate.
Statements of previous weeks have appeared weekly in
References to the proposed trading in oats futures ap- our issues since July 10 1926; last week's statement will be
found on page 3259 of our issue of a week ago.
peared in our issue of Dec. 18, page 3128.
THE CHRONICLE
JAN. 1 1927.]
41
it was said President Coolidge believes the cotton districts are
years,
.Receiver Appointed for William C. Hesse Jr. & Co., in a position to absorb some of their present losses.
Manufacturing, the President believes, to be going on at a rate a little
Philadelphia.
above the average. Transportation has been moving rapidly. The rails
proceeding
Following the institution of bankruptcy
roads are in receipt of large incomes, and it was said the President becondition.
-against the stock brokerage house of William C. Hesse Jr. lieves the country to be in a sound and prosperous
by
admission
an
after
18,
& Co., of Philadelphia, on Dec.
Looks for
members of the firm that the business was insolvent, Judge Alvin W. Krech of Equitable Trust Co.
s.
of
Nightmare
Devoid
Year
20,
on
Dec.
Court,
District
States
Dickinson, in the United
Alvin W. Krech, Chairman of the board of trustees, the
placed the firm in the hands of Thomas H. Hyndman as
ia
from
Philadelph
dispatch
press
to
a
Trust Co. of New York, thus submits his views
according
Equitable
receiver,
on Dec. 20, appearing in the New York "Times" of Dec. 21. regarding the outlook for the new year:
The thermostat that operates to establish an even temperature in a wellLiabilities of the company were placed at more than $200,regulated heating system has a parallel in the influences of numerous radiWilof
consists
firm
business.
000 and assets at about $25,000. The
cal changes that have recently taken place in the conduct of
The business risks involved in wars, pestilence and money panics have
liam C. Hesse Jr. and William B. Potts.
Federal Reserve Bank of New York on Money Market—
Increase in Use of Reserve Bank Credit.
Reporting a substantial increase in the use of Reserve bank
• credit to maintain reserve balances at the required levels the
Federal Reserve Bank of New York thus refers to the local
money market in its Jan. 1 "Monthly Review."
Sobeen minimized. Immigration laws have stabilized labor conditions.
called hand-to-mouth buying, or "producing for consumption" supported
by efficient transportation and prompt distribution has reduced inventory
risks and the peaks of employment and unemployment In the industrial
field.
The
Saner methods are being applied to installment buying and selling,
business weather man may confidently predict smooth seas for 1927.
is
Money should be fairly easy. Europe's slow but sure financial recovery
apparent. Foreign loans will continue to increase only to the extent
on unquestioned
that other countries can afford to pay a higher return
Holiday and year-end demands for funds resulted in higher call loan rates security.
digestion and
With his usual courage and enterprise, backed by a good
in December than in November, but other money rates showed little change.
look forward to a
Rates on 60 and 90 day bills were advanced Ji% in December, but yields cheerful temperament the American business man may
•on short-term Treasury obligations declined, accompanying a shortage in year devoid of nightmares.
the supply of these securities and a general advance in bond prices. Time
money and commercial paper rates showed no quotable change.
MONEY RATES AT NEW YORK.
Dec. 28 Nov. 29 Dec. 27
1925.
*8
Call money
44-5
Time money-90 day
Prime commercial paper
434434
334
Bills-90 day unendorsed
3.50
Treasury certificates and notes maturing March 15
3.54
Treasury certificates and notes maturing June 15
Federal Reserve Bank of New York—Rediscount rate_ _ _3%
Federal Reserve Bank of New York—Buying rate for 90334
day bills
1926.
*414-534
4.4-494
434
34
3.10
3.38
4
334
1926.
.534-6
4%
434
314-3%
2.97
3.02
4
334
Charles E. Mitchell of National City Bank on Credit
Situation—Effects of War Clearing Away.
Among the views of business leaders on the outlook for
1927 carried in Associated Press accounts on Dec. 27 was
one by Charles E. Mitchell, President of the National
City Bank, which deals particularly with the credit situation. Mr. Mitchell observes that the country is carrying
banking
on its business without drawing upon its ultimate
reserve, a fact, he says, "that speaks strongly for the underlying soundness of the credit situation." Mr. Mitchell's
views are presented as follows:
* Prevailing rate for preceding week.
The principal cause of the firmer call loan market was the usual large increase in currency requirements for the holiday trade. New York City
banks withdrew from the Reserve Bank approximately $46,000.000 of addi•
in banking. For
tional currency in the latter part of November and the first half of DecemThe year 1926 has been one of comparative stability
ber, and an additional loss of funds to the New York money market was over a decade the financial world has been tossed about in a sea of altercaused by outgoing transfers to replace similar currency withdrawals from nating inflation and deflation caused by war and great shifts of gold on
banks in other districts. This double drain on New York banks necessi- a scale heretofore unheard of. Gradually the effects of the war are clearing
tated a substantial increase in the use of Reserve Bank credit to maintain away and banking conditions the world over are getting back more nearly
reserve balances at the required levels.
to normal.
a healthy expansion
Around the middle of December there were the usual heavy movements
In this country commercial demands have shown
of funds incident to the Treasury tax period operations, with a consequent during the past year, in keeping with the activity of industry, but there
minor unsettlement of the call money market. The redemption of maturing Is no evidence of borrowing to excess. In fact, the conspicuous feature
Treasury certificates and the payment of interest on Government obligations of the present situation has been the ability of business concerns to finance
on the 16th exceeded actual collections of income taxes by $117.000,000, and themselves with comparatively little recourse to bank credit,
have been
a similar, though smaller, excess of Treasury disbursements in other disSuch increases as have occurred in commercial borrowing
tricts resulted in an inflow of funds from other centres. Consequently, a offset in part by a decline in bank investments and security loans, so
credit
bank
total
York
City
in
New
leading
considerable surplus in actual reserve balances of
that the year doses with but a moderate advance
banks developed, notwithstanding a reduction in borrowing from the outstanding over the levels prevailing at the beginning of the year.
large
Federal Reserve Bank to the lowest level since the latter part of November,
Concern has been expressed in some quarters over the present
average reserves for that reserve week were carried somewhat above require- holdings of banks of securities and collateral loans which are ineligible
these
of
expansion
ments, and call loan rates declined temporarily.
for rediscount or pledge at the Reserve banks. The
During the following week the collection of income tax checks greatly holdings in recent years has been due largely to the fact that gold imports
exceeded Government disbursements, and resulted in outgoing transfers have caused supplies of funds to increase faster than they could be absorbed
from New York, as well as a direct loss of funds to banks in this district, in the ordinary commercial channels, so that banks have had no other
Which coincided with the time of largest demand for holiday currency.
alternative than their employment in the security markets.
attention of all
A contraction in currency circulation usually begins immediately after
The problem of maintaining liquidity should engage the
Christmas, but preparations for year-end statements and disbursements bankers, but there is no evidence that the banking position thus far has
of the country
tend ordinarily to keep money rates firm in the final week of December.
been impaired. If we do not get any more gold the savings
Member Bank Credit.
securities, and banks
will gradually absorb this large floating supply of
all
increased
banks
by
member
reporting
Loans on stocks and bonds
will increase their holdings of commercial paper.
markets
$250,000.000 in the latter part of November and the first three weeks of
Despite the large amount of funds employed in the security
December, accompanying rising security prices, and on Dec. 22 were less growth of installment credit, and other demands upon the banks, the
than $200,000,000 below the high point reached at the end of last year. The important thing to note is that the total volume of credit required of the
greater part of the increase was in the loans of New York City banks. Reserve banks is less than that of a year ago. The country is thus carrying
Commercial loans showed a gradual seasonal decline from the high level of on its business without drawing upon its ultimate banking reserves, a
November in this district and elsewhere, while investments showed little fact that speaks strongly for the underlying soundness of the credit situation.
money
net change.
With the resources of the Reserve banks practically untouched,
the trend
conditions continue easy, with no prospect of strain. What analysis.
last
rates will bring during the coming year depends, in the
the nature of
President Coolidge Depicts 1927 as Year of Continued of
upon the course of business. No one expects anything in
temporary seasonal
Business Activity and Prosperity.
tight money, but it is true also that aside from such
so long
as always occurs in January no large reductions are likely
President Coolidge, it was stated orally at the White easing
remembered that
as business holds up to current levels. It should be
five
past
the
n
House on December 28, has received informatio from demands for capital have increased very rapidly during
have been met, with funds to spare,largely
members of his Cabinet and from reports from various years, and that heretofore they
imports.
of the replenishment of our bank reserves through gold
Is now over.
sections of the country which leads him to believe the because
With the probability that the period of large gold imports
of
combination
year of 1927 will be one of continued healthy business we can hardly expect to enjoy indefinitely the unusual
high business activity and abnormally low money rates.
The "United States Daily"
from
activity and prosperity.
which the foregoing is taken, also has the following to
say regarding the President's views.
James S. Alexander of National Bank of Commerce
Although President Coolidge does not, it was stated, believe that he
Looks for Keener Competition in 1927 than
is qualified to diagnose the economic trends in this country any better
in 1926—Conditions Sound.
than any one else, his opinion has been sought regarding the outlook
for the coming year. He has been told by Secretary of Labor Davis
That conditions underlying business in the United States
of an increased number of opportunities for employment, especially in are unquestionably sound, is the statement contained in the
New York, New England and the East.
Alexander, Chairman of the
The American people generally are in receipt of good incomes, it was 1927 forecast by James S.
stated, and when such is the case it is characteristic of them that they Board of the National Bank of Commerce in New York.
be even
make expenditures, which call for production.
In the view of Mr. Alexander "competition may
It was also pointed out in behalf of the President that nobody can
he says,
prospect,"
a
such
but
1926,
in
than
It
was
recalled
change.
1927
wiU
In
that
it
keener
business
had
conditions
tell when
following
the
The
in
be
would
experienced
country
depression
during
ment."
a
discourage
predicted
been
"affords no ground for
the present year, but 1926 has ben generally prosprous.
Mr. Aleaxnder's views as given in Associated Press
Th prices of a few commodities, such as cotton, have declined, but are
the
during
preceding three advices in the "Times" of Dec. 27:
because of good prices which had prevailed
42
THE CHUONICLE
[VOL. 124.
In forming a judgement as to business in 1927,
it is even more than
We are CWISCiolls that our prosperity has been
ordinarily essential to separate the fundamentalfrom the
unevenly distributed, that
superficial elements the satisfactory volume and profits
in the situation. Conditions underlying business
in some classes of industry have not
in the United States been reflected in others. We
have seen a great break in cotton
unquestionably are sound.
prices, a
reduction in automobile production, a slowing up
The inventive genius of the American people in the
in the building trades,
mechanization of protracted and costly strikes in several
industry has greatly increased the individual productive
industries and a substantial collapse
capacity of workers of the Florida boom.
in many lines and the natural resources of the
country furnish the major
We have seen "hand to mouth" buying raised
part of the raw. materials needed for the operation
to the level of a doctrine
of the great national and practiced to such an extent by
plant.
one section of commerce as to work a
real
hardship
upon
another
and
complementary section.
Despite a standard of living never before equaled,
savings are accumulatWe cannot believe that it is sound policy for any
ing at an astonishing rate. The stabilizing influence
branch of industry to
of the Federal Reserve look for its profits to the losses
of another.
system and the liquid position of manufacturers
and merchants afford
The retailer can no more exist without the manufactu
assurance of freedom from credit stringency. In
rer than can the
a word, the United States producer survive without
the consumer. They represent supply and deis tremendously rich; it is self-contained as is no
other country, with a fine mand and they are supposedl
y ancient enemies engaged in constant warfare.
plant and well-balanced business organization, and
the main trend is toward They should be friends.
When will some economic Moses arrive to
continued prosperity.
lead
them out of the wilderness of strife and misunders
tanding into the promised
Doubts Big Building Slump.
land
of
balanced
and
co-operati
ve effort.
It is true that there has been some recent
decline in the geneeal rate of
We are, as always, optimistic, but we view 1927
business activity. Prices of non-ferrous metals
as a year in which
have been falling for some optimism must be practised
conservatively. We believe it will be a year
months, and steel output has begun to decline.
While a pronounced slump ofgood but not great production
. We cannot achieve new peaks every year.
in building in the immediate future is not likely,
the peak of the upswing in We believe it will be a year of
keeping step, of taking stock, of conserving
construction, which began in 1921, has been
passed.
energies, of looking to service and efficiencies, rather
It may be that the automobile industry has not
than to volume, for
yet completed the adjust- profits, a year of equalizing
the balance between industries, of a
ments necessary for the transition from
mild
production for rapidly expanding reckoning for the overprosperous, of some prosperity for the hitherto
markets to production for replacement plus
normal year-to-year growth profitless, of a closer
scrutiny of terms and credits—in short a year of quality
in population and business. The sharp decline
in the price of cotton and rather than quantity.
unsatisfactory prices for most other agricultural
products have resulted in
We must remember, however, in putting efficiencie
reduced purchasing power in many agricultur
s and economies into
al regions, when measured in effect, that every economy
terms of present prices for manufactured goods.
potentially lowers someone's wage, and that
real
thrift is not miserly pinching or hoarding, but
In consequence, some doubts have arisen in
rather
prudent spending,
men's minds as to the course and that general and well
diversified prosperity depends to a great degree
of business in 1927, and there is evidence
of much conservatism in the on spending according
to our means.
making of forward plans. This is as it should
be and is the best assurance
111
We hope for better conditions abroad and
of reasonably good business ahead. A real danger
an increasing foreign market
signal would be universal for our goods. We seek
no shortage of money to finance any
and enthusiastic optimism rather than conservati
volume of'
ve optimism:
business likely to be done in the next year, and
It seems likely that some downward revision
finally we are thankful that
in the prices of finished goods we are living and doing
business in the happiest and richest country
will be necessary during the coming year, in
in the
order to maintain the physical world.
volume of distribution in the domestic market at
a satisfactory level. In
short, competition may be even keener in
1927 than in 1926, but such a
prospect affords no ground for discouragement.
Survey of 1926 by M. A. Traylor of Chicag
o—Outlook
for 1927.
Imbrie & Co., Ltd., Urge Conside
In
his
survey
ration of Counter
of 1926, issued under date of Dec. 31,
MelFactors in Situation which Dictate a Keynote
vin A. Traylor, President of the First National
Bank of
of Caution.
Chicago, and of the First Trust & Savings Bank,
thus refers
Imbue dz Co., Ltd., view the outlook somewhat dif- to the outlook for the new year:
ferently from the majority of people, and in a display
The trend of business during this last year has shown
impossibility of
advertisement point out that certain features in the business forecasting with accuracy the future. Most observers athe
year ago expected
that by the end of the year we should be in a time
situation warrant consideration. They say:
of marked depression.
Fortunately, these predictions did not come true,
but it
On account of the prevalent tendency to stress only
favorable features
of present business activity we believe thoughtful considerat
ion should
be given to the counter-factors and that these factors
dictate a keynote
of caution for American business in the considerat
ion of plans for the
years 1927 and 1928.
We submit for consideration of investors the sale
of a considerable
proportion of their stock and bond holdings in exchange
for high-grade
short-term investments.
The firm says—Lest we forget:
1. We believe that the rise in average price levels of investmen bonds
t
and stocks has outrun the basic causes . . . namely. America's
unequal
share of the World's gold supply and the temporarily lessened
demand
upon the New York market for European reconstruc
tion financing. We
believe the near future will mark a drain upon our gold reserves
through
net exports of gold and that foreign reconstruction demands
on capital
will soon be renewed, emanating especially from France
and Italy.
2. We believe that intrinsic and serious overproduc
country, hidden under the cloak of installment buying. tion exists in our
3. We believe that, generally speaking, the
farming area of our country
is faced with economic difficulties for which the immediate future holds
no reasonable relief, and that no sound prosperity can be maintained for
long without the participation of this basic industry of our national life.
4. We believe that the long period of our country's favorable trade
balance, of net exports over net Imports, is temporarily at an end and
that the immediate.futut e will witness a decline of exports and increase
of imports.
5. We believe the political situation to be somewhat unsatisfac
tory
due to signs of the waning popularity of the conservative business ministration now in power at Washington.
Horace F. Poor of Garfield National Bank Views 1927
as a Year in which Optimism must be Practiced Conservatively.
While stating that "we are, as always, optimistic," Horace
F. Poor, President of the Garfield National Bank of New
York, says, however, "we view 1927 as a year in which
optimism must be practiced conservatively." "We believe,"
he says, "it will be a year of good but not great production"
and that it "will be a year of keeping step, of taking stock,
of conserving energies, of looking to service and efficiencies,
rather than to volume of profits, a year of equalizing the
balance between industries . . . in short a year of quality
rather than quantity." Mr. Poor's forecast follows:
Again we pause for a moment to survey the recent past, in the hope that
by its lessons and its portents we may the more safely and prudently chart
our COUThe across the coming months.
On the threshold of 1926 we and many of our friends looked at the rising
crest of a wave of great prosperity, and we saw many signs ahead to assure
us that its momentum had not been spent. We saw tax reduction, improved labor conditions, prosperous railroads, expansion in building and
national advertising, production in balance with consumption, increased,
advance orders, and a "buying" public, and we were thankful and optimistic.
We saw a few small clouds on the horizon and we kept them in mind.
Now, twelve months later, we are sensible that despite a year of great
general prosperity and the achievement of many new records of production,
hipment and consumption, we are a little winded from our effort
shows how easily
even the most exuert economist may be misled.
Again we
for one reason or another, largely owing to the situation are hearing that
in the automobile
and the building industries, we shall be face to
face with a recession next
year. This may be so, but as long as credit remains
as plentiful as at
present, and stocks as low as they are now, there is no
reason to anticipate
anything resembling a crisis in our affairs—given fair
crops and no untoward happenings in the world outside of our own boundaries
.
Noting that tile year 1026 was, on the whole, one of unequaled prosperity in the United States, Mr. Traylor says:
In nearly all lines of business production exceeded
that of any other
year, and in consequence the business activity of
the country reached
unprecedented proportions. The latter part of the year
witnessed a recession in some lines, but on the whole conditions have
remained satisfactory, and for the present are likely to continue so.
Satisfactory progress has also been made in Europe. There
has been a
distinct rapprochement between Germany and France which
has tended to
relieve still more the tension created by the war, and which
had already
been lessened somewhat by the acceptance and successful
operation of the
Dawes Plan. Great Britain, in spite of the serious coal
strike, has been
able to maintain her currency upon a gold basis, and thus
has assisted in
the stabilization of international finance generally.
Very recently Belgium has succeeded in rehabilitating her currency,
so that of the more
important European countries only France and Italy
now have a fluctuating currency. In the case of the former country
it appears as though
within the next few months the possibilities of
a satisfactory solution of
the financial problem of that country may be found.
And, undoubtedly,
with the steady progress that Italy has been making in a political,
economic
and industrial way she also will be able to
place her financial affairs in
order.
As a result of these improved conditions in Europe oar
foreign loans
have been increasing and our interest in international business
affairs has
Frown in corresponding measure. More and more we are becoming
creditors of the whole world. The easy credit conditions which continue
to prevail in our country make it comparatively easy to float large
issues here.
Low money rates resulted at various times during the year in
an orgy of
speculation with consequent reactions. It is a proof of the
fundamental
soundness of our banking structure and especially of the efficiency
of the
Federal Reserve System that these rather violent fluctuations on
the exchange markets had little or no repercussion on business generally.
The agricultural situation continues to be a subject of wide
general
discussion. There is no gainsaying the fact that the plight of many farmers is distressing. In some sections of the country, notably in
the South,
large acreage and unusual growing conditions resulted in a very
large
surplus production of the staple crop of that territory, namely
cotton. In
other sections, excessive rainfall prevented the harvesting of the
crop, thus
greatly curtailing the income of the farmers in the affected areas.
On the
whole, however, it seems perfectly safe to say that agricultural conditions
are gradually improving. As in other lines of industry, the individual
farmer is coming to a better understanding of the economics of his situation, and by force of circumstances or otherwise, is directing
his energy
toward reducing the cost of his production, and to the adjustment of
the
estimated value of his plant to a figure upon which he can reasonably
expect to earn a fair return. In that direction, and in that manner only,
can the problem of the farm be successfully solved.
Our transportation system has handled the increasing volume of business with remarkable efficiency. Generally railroad properties are again
in splendid condition and have been returning more or less satisfactory
dividends to their owners. We seem to be at the beginning of a new era
in the development of our waterways. There are innumerable projects
for
building new canals and developing and increasing the capacity of existing ones. It is to be hoped that the very large investment of capital, both
public and private, which will be required to undertake these improveme
nts
JAN. 1.1927.]
THE CHRONICLE
inin our transportation system will only follow careful and non-partisan
vestigation as to the engineering and economic feasibility.
year.
Banking, like all other branches of business, has had a prosperous
hand the volume
Money rates on the whole have been low, but on the other
Banking,
few.
of business has been great, and losses have been relatively
large, even if the
like other businesses, is best off when the turnover is
average profit is small.
Review and Forecast 1926-1927 by Spencer Trask & Co.
According to the 1927 forecast of Spencer Trask & Co.,
"the security owner may look forward to 1927 with conficence in a continuation of the experience of the past twelve
months." The outlook is presented as follows:
43
With all indications pointing toward a continuation of the present favorable business situation, it is not unreasonable to anticipate the extension,
well into the new year, of the generally propitious conditions which now
characterize the market for investment securities. There appears little
doubt, moreover, that for some time to come money rates are going to
continue easy, which, together with the possibility of further reduction in
commodity prices, may find reflection in further strengthening in the
general level of bond prices.
Mr. Sills in his discussion also had the following to say:
Where do all the bonds go, is a question that has been frequently asked
during the past year. Dealers themselves viewing the unprecedented output of securities during the year, and the ready absorption almost immediately following, have, at times, expressed equal wonderment. The total
volume of financing, including both stocks and bonds, in the United States
during the present year, according to present estimates, will aggregate no
problems which less than $7,000,000,000—the largest figure in all history, excluding the
The stock market of 1927 will probably.present the same
will probably period of Government war financing. All of this, of course, was not new
have been met during the past year. Investment funds which
have a corre- capital, approximately 12% being for refuisding purposes.
cause an advancing trend of bond prices may be expected to
hand, the
other
the
On
To find an answer for the question asked above, one must consider the
sponding influence upon the highest grade stocks.
and keener many factors that have been at work over a several-year period to create
possibility of moderately reduced general business activity
situation the seemingly inexhaustible supply of surplus funds that. has been evident
competition suggest lower average corporate earnings. This
which throughout the year. Primarily, of course, it is due to the generally prosshould result in a downward trend of the more speculative securities
of ex- perous business situation which has now continued for several years, resultPeriods
may be sufficiently broad to carry average prices lower.
and create ing in a wage-scale allowing many people a larger surplus over living recessive speculation will undoubtedly bring about severe breaks
anticipate no quirements than ever before—much of which has gone into the investment
the same uncertainties which have punctuated 1926. We
either market, directly or indirectly.
prolonged bear market, nor do we believe that a very broad trend in
strong
A corollary of this situation has been the ever-widening appreciation of
direction is to be expected. Credit conditions and the unusually
with the merits of sound investment securities, starting in many cases, with the
together
corporations,
financial position of the majority of our leading
preclude any- purchases of Liberty Loan bonds, and developing from the widespread eduthe existing fundamentally sound economic structure,seems to
in security distributing organithing more than a temporary period of readjustment. Such a moderate cational effort attending the large increase
and broader and more
intermediate recession appears to be in progress, and in consequence it is zations, with their largely increased sales forces,
factor of no small imAnother
technical
efforts.
than
advertising
other
intelligently directed
difficult to justify recent strength and activity on
diminugrounds. Probably to the extent that speculation is now being overdone, portance in the increased demand for sound securities has been the
the
there will follow a reaction of proportionate severity. The security owner tion in output of fraudulent and highly promotional securities—also
guiding the investing public
may look forward to 1927 with confidence in a continuation of the experi- result, in part, of increased educational effort
legisto
and
well-conceived
securities,
of
being,
selection
time
toward more intelligent
ence of the past twelve months. The speculator and, for the
the Blue Sky vender. Figures
the investor with new funds, had best stand aside until the aftermath of lation aimed at curbing the activities of
purconservative
for
opportunity
an
are lacking as to the volume of unsound securities, but it appears safe to say
provides
again
speculative excesses
that despite the prosperous conditions that have for some time prevailed,
chases.
would ordinarily result in a large outpouring of such securities, the
We also quote in part as follows from the review for the which
volume during recent years appears to have shown an actual decline.
past year:
Such departures as the legalizing of public utility bonds in certain of the
Another year of record-breaking prosperity draws to a close with basic New England States; the creation of the Farm Loan System (thereby diyear
coming
the
for
prospects
the
conditions fundamentally sound and with
verting considerable sums from the mortgage field to the bond market);
have
the activity in building and the attending growth in the real estate bond
similar in many respects to those existing twelve months ago. We
to the
field, are also factors contributing to the present-day large supply and
had new experiences with markets and trade which have contributed
increasing knowledge of successful business conduct which is spreading demand for investment bonds. The tremendous growth in savings deposits
the
weakened
yet
as
not
throughout the country. Extended prosperity has
throughout the country; the vast increase in life insurance (much of which
cautious, conservative conduct of Government and business. There has goes indirectly into the bond market) have had their influence. The
system
banking
central
our
in
confidence
of
strengthening
further
been a
change in marketing and merchandising methods has also been a factor—
and in our ability to maintain a high level of general prosperity. Never less money, in other words, is now tide up in inventories than ever before,
capital
of
part
the
before has there been such a broad understanding on
thus releasing it for other purposes, partly for investment. This is due, in
each part,
and labor of the part which each plays and the responsibility which
to the so-called "hand-to-mouth buying" so prevalent among both
so
have
before
Never
structure.
economic
entire
the
manufacturers and merchandisers resulting, in a measure, from greater
assumes in relation to
with
conservatism on their part—an outgrowth of the post-war deflation period
many millions of people been brought together in such economic unity
equal promise for the future. With vast wealth and with already a leading —and also to the vastly improved transportation facilities which make it
the
of
progress
material
the
international position, the responsibility for
possible to get orders quickly from the jobbing centres. The lower interest
rates which have prevailed during recent years have also been a factor in
world rests upon us now more than ever before.
in
factors
important
the
of
prospects
and
position
the
of
review
A brief
releasing some funds for investment—that is, many organizations have been
1927. able
our economic structure sheds some light upon what is in store for
to refund at considerably lower figures, thereby reducing fixed
the
in
element
From the standpoint of security prices the most important
charges.
anticipate
to
reason
every
now
is
Improvement abroad has also had its effect. In the first place, the
situation is the supply of credit. There
a liberal supply of money during the first half of next year and probably broader viewpoint of the American investor has made him willing to purthroughout the entire year. We seem to have been creating wealth faster chase the bonds of foreign countries and industries—a class of securities
than we have been expending capital, and as, generally speaking, our pres- which previously he was a bit wary of due to his own unfamiliarity with
ent productive capacity in most lines is excessive, there is a probability that them. This improvement abroad has recently had another effect affecting
there will be a still more disproportionate demand for new money. Leans demand, in that some foreign corporations and municipalities are now findon securities have remained fairly constant throughout the year. Neither ing it possible and desirable to repurchase their own issues for the purpose
the collapse of the Florida real estate speculation nor the break of cotton of cutting down their debts.
prices has been reflected to any important extent in our credit supply.
As for the more immediate causes of the unprecedented financing of 1926,
Moreover, the year has brought a more general acceptance of the economic first consideration should perhaps be given to the easy money situation
soundness of conservatively conducted installment sales, based upon a that has prevailed throughout the year, enabling corporations to borrow on
slowly developing code of procedure. The country is still saving in increas- favorable terms, and which has led to steadily strengthening boad prices.
ing proportion to its total income. Savings depositors increased from 20.- It is a fact, of course, that investors are more inclined to buy on a rising
915,612 in 1920 to 43,850,127 in 1925 and in the past decade the number than a falling market, and the past year has proven no exception to that
of persons in the United States holding stocks is said to have increased by rule. The lower trend of commodity prices during the past year has also
3,500,000 and bond holders by 2.500,000. It is estimated that our annual had its effect on the price level—as the dollar buys more, the price of
savings out of earnings amount to over $9,000,000,000, not to mention an bonds naturally moves the other way. The continued reduction of Governincreased appreciation of assets and properties. Herewith it should be ment debt throughout the year, and the possibility of further tax relief in
noted that new capital flotations for the eleven months ended Nov. 30 the form of reductions or iefunds are factors which have a bearing perhaps
amounted to only $6,762,976,408. It is anticipated that there will be a more on the price level of securities than the output.
• continued and possibly increasing volume of financing representing merely
The Outlook for the New Year.
a shift of ownership from private to public control. The efficiency of our
Whether or not the existing favorable market will continue into the new
railroads; declining commodity prices; low inventories as a result of handto-mouth buying; greater efficiency in manufactures; greater stability in year is not so much debated as how long it will continue, for opinion pretty
operation—all these factors are still directly and indirectly increasing our generally agrees that as far ahead as it is safe to predict, present conditions
promise to prevail in both industrial and investment circles. Any diminucredit supply. . . .
Bond prices have advanced steadily almost all year, with a rapid advance tion in the output of securities would, of course, prove an important factor
during the last two months to levels not equaled since 1913. Credit condi- in fixing the trend of prices, for, with the supply of surplus funds maintions indicate that this advance will be extended during 1927,subject only to tained at somewhat its present level, and the output of securities decreased,
there would naturally be a further upward swing in bond prices. Investment
temporary interruptions.
Average stock prices are, strictly speaking, quite close to the levels bankers for several years past, have been fearful that the supply of new offersomeare
taken,
they
be
ings might slow up somewhat, but that eventuality has not as yet maaverage
broad
a
if
obtaining a year ago, although,
what higher. The year was punctuated by a severe break in March and a terialized, and there seems no serious reason for believing that it will durless severe reaction in October, with the remaining time being spent in re- ing the new year. If business should slow down, that might decrease the
covering the ground lost in each case. The more recent reaction has been new offerings—the necessity for expansion of industry being curtailed,
followed by an advance into new high ground. In the seven weeks from the and considerable funds now employed in industry being released for investmiddle of February to the end of March the market suffered the greatest ment. There appears no present reason for anticipating that this will
decline of any similar pentad in history. It has been a year in which the happen, however. There is the possibility that the building industry
permanent investor holding high-grade stocks, has fared well, while the which has contributed so largely both to general business prosperity, and
speculator carrying stocks against borrowed money has suffered heavily, to the output of securities, may show recession during the new year. There
unless fortunate enough to have been forewarned of the brief periods of de- is also the possibility that• certain foreign countries which have had to
dining prices. The stock market has been neither a bull nor a bear market. look to us for financing during their period of reconstruction, and have now
Careful analysis of security values and proper appraisal of individual values attained more stable conditions, will be able to do more of their own
in„the light of existing conditions has been the only satisfactory method of financing, thus cutting off a source of supply. There still remain, howapproach. There has been no broad forward sweep of prices as in 1924 and ever, many foreign countries whieh have need of our help, and from them
we can expect a considerable volume of financing, assuming our willing1925.
ness to meet their demands.
Railroad financing during the past three years has been in declining volPresent Tendencies in the Bond Market by C.W. Sills. ume, aggregating less during the present year than the year preceding,
the year before—this despite the fact
In discussing "Present Tendencies in the Bond Market," which, in turn, showed a decline over
that earnings have shown rather steady improvement and have been parC. W. Sills, Vice-President Halsey, Stuart & Co., Inc., says ticularly good during the present year. The railroads are, of course, doing
very little expanding, and, for the most part, are probably not seriously
in conclusion:
44
THE CHRONICLE
[Vol,. 124.
in need of additional financing. Their capital structure, however, in many
The demand for high grade investment issues has at Glues exceeded the
instances, is somewhat unbalanced, interest-bearing securities forming
supply, and a similar condition exists in the market for new corporate
to preponderant a part of the whole. There appears little probability,
offerings, notwithstanding the fact that total financing of this description
therefore, of any considerable increase in interest-bearing financing from
has maintained a decided lead in the past twelve months over the year
the railroad field, though unquestionably certain of the carriers would
preceding.
welcome an opportunity to do more stock financing. Whether or not they
There is, in fact, a plethora of investment capaal available. There are
would be able to do that is, of course, problematical, though with the confully twice as many small investors in the United States to-day as there
tinuance of present earnings it appears not unreasonable to anticipate that
were a decade ago. The re-investment of funds to be distributed in 1927 is
they may be able to do this at a not distant date. It is interesting to note
likely to surpass the record that has been recently established. This is to
that in this connection, during 1926, stock financing on the part of railbe explained largely by the increasing number of corporations which have
roads was aim x3t negligible—in fact, at the time of writing it aggregated
only a little more than $10,000,000. One of the most interesting develop- inaugurated or raised disbursements to shareholders in 1926 and which
ments of the year in the railroad field was the inauguration, by the Inter- give promise of continuing such payments in the new year.
The stock dividend announcement of the U. S. Steel Corporation, a
State Commerce Commission, of competitive bidding among banking insti.utions for new equipment offerings. This is a practice now firmly estab- fortnight ago, was of two-fold importance. In the first place, it was
lished in the field of municipal financing—with which equipments are popularly inteureted as proof of the optimistic feeling of our leading industrial and financial interests toward the business outlook. Moreover it •
somewhat comparable in point of ease of appraisement, security and market
encouraged the view that a number of other corporations, industrial and
distaibution.
railroad, would be influenced to follow the example of Steel durirg 1927.
Tax-Exempt Financing May Decline.
Business and the stock market, therefore, have a common interest in these
In the tax-exempt field there is the possibility of some decline in the extraordinary dividend possibilities.
output of securities. Domestic municipals, for instance, during the past
Brokers' loans reached their peak early in 1926. Subsequently they
three years, have remained on about the same volume level—incidentally declined. On the other hand,commercial loans are now about 8350,000,000
at the highest point in history. Most of the demand for public works, above the level of a year ago. Bank reserves, however, remain at a high
vesulting from deferment of such activities during the war period, have point, and the credit position of the nation is sound.
now been met, and there is undoubtedly a growing feeling on the part of
The stock market's action has confounded many of its critics. They
taxpayers that the tax burden should not be materially increased for im- underestimated business prospects, and before 1926 was very old realized
provements other than those contributing directly to the welfare or in- their mistake. Some very attractive investment opportunities were
creased valuation of the communities affected. As the Federal tax burden presented during the year. The buying they Invited was the foundation for
is reduced from year to year, there is, moreover, some diversion in the an advance which carried Stock Exchange prices
. to the highest ever recorded.
demand for tax exempts to taxable bonds resulting from the fact that many,
What is in prospect_ We look for a continuation of investment purchases
who in the high tax era were forced by their tax liability to the purchase to be the dominant factor in our security markets. With domestic trade
of tax-exempt bonds, are now finding it advantageous to switch to the requirements amply provided for, with loans generally in a healthy state
taxable field. Insofar as the large output of municipal bonds was, there- and interest rates working lower, with seasoned bonds selling at in,ch high
fore, a reflection of the active demand for tax-exempt bonds to avoid heavy figures and new offerings so scarce,and with investment securities approachtaxation, it is not unreasonable to expect that there will be some curtail- ing a gradually lower yield basis, the stock market will be called upon to
ment in the supply. Incidentally, in this connection, the present price absorb an unusual proportion of liquid funds.
level of municipal bonds has not reflected the same advance, over the past
four-year period, as that registered in most other classifications. As a
result, some purchasers who previously confined their investments to taxable issues can now purchase tax-exempts and obtain a net yield closely Competition by Commercial Banks and Trust Companies Forces Liberalizing of Interest Rules in
comparable to what they would obtain from high-grade corporation issues.
It is improbable, however, that the increased demand from this source will
Savings Banks, Says Herbert K. Twitchell
offset the lessened demand from the switch in the opposite direction.
of the Seamen's Bank.
In the other field of tax-exempt securities—that is, Farm Loan bonds—
there does not appear any reason to anticipate an increase in output. In
Competition of commercial banks and trust companies,
fact, there may be even further recession from this year's figures which
in themselves are considerably lower than the high level established during which now hold about $17,000,000,000 of the approximate
1922 and 1923. The emissioni of such bonds, of course, depends largely on $25,000,000,000 of savings in banks of the United States, is
conditions in agriculture, which, during recent years, have, as is common forcing savings banks to
liberalize their interest rates,
knowledge, been none too favorable. In other words, the farmer ordinarily borrows in periods of prosperity, for the purpose of acquiring addi- according to Herbert K. Twitchell, President of the Seational land, new equipment, or the erection of additional buildings. With men's Bank for Savings, in announcing that his bank
will
agriculture somewhat depressed, there is a corresponding let-up in the deallow interest from the day deposits are made, beginning
mand for these improvements and expansions, and, therefore, a smaller volume of Farm Loan bonds. There has been some criticism of the Joint Stock Jan. 1. This change in the interest policy of the Seamen's
Land Bank System recently, though the fact remains that they are serving an Bank is an innovation in the field and
is being made in the
important need, and while, as would be expected in the very considerable volume
of loans negotiated by these banks since their inception some ten years ago, hope that savings banks may in the near future adopt a unithere have been some defaults and individual banks have not shown a uni- form -policy satisfactory to all. In making a survey of the
formly profitable record, the relatively few foreclosures that have occurred lack of uniformity in
interest rules now in use in New York
have not in any sense impaired the intrinsic merits or permanence of the
system, nor the credit standing of conservatively managed banks. It is banks, Mr. Twitchell said:
There are now in force in New York about eight plans for paying interest,
significant of the greater familiarity with the investment merits of Farm
Loan bonds that they sold during the current year at the highhest price and as there are three methods used among these banks for compounding
interest there are 24 possible combinations of interest computations. This
since the inception of the system in 1916.
situation does not furnish a basis for a charge of a combination in restraint
Public Utility Financing Totals Two Billion.
of trade.
Savings bankers must acknowledge that the liberalizing of rates and terms
Perhaps the moat interesting classification—and by a wide margin the
has not been entirely voluntary, but has been forced by competition not only
largest during the current year—is the public utilities. The total volume
of savings banks, but of commercial banks and trust companies which saw
of public utility financing for the year will probably aggregate no less than
$2,000,000,000, or over 28% of the estimated totals. During the year 41
/
2% an opportunity to attract business to their interest and thrift departments
public utility bonds on the part of some of the large companies made their by offering convenient and prompt service with interest from the first of
first appearance, and comment has already been made about their accept- the month following a deposit, compounded monthly.
The average savings bank depositor has only a limited knowledge of the
ance for savings bank investments in certain of the New England States.
additional protection to his savings offered by the mutual savings bank;
Very recently two important and extremely favorable decisions were ren
nor
does he spend much time figuring out the actual return in the matter
dared by the Supreme Court of the United States. One of these held the
law prescribing $1 per 1,000 feet as the maximum rate for gas in New of interest. He is given the impression that the compounding of his interest
every
month affords him about the same income that he would get in
• York City invalid because confiscatory. The other affirmed the declaior
of the District Court of Indiana enjoining the Public Service Commission of a savings bank at a high rate; that he can get his money in or out in less
that State from fixing the water rates of an Indianapolis company at at time and with much less red tape than the savings bank system permits.
low a figure as to be allegedly confiscatory. Important rulings were given Few prospective depositors are willing to go five or ten blocks to find a
savings bank, when a bank known to be under Federal or State supervision, •
in the latter decision having to do with the determination of fair values—
one ruling being that unless there was a marked trend of prices, upward offering all kinds of inducements, is just around the corner.
Only a small percentage of savings bank depositors know whether their
or downward, present valuations were to be taken as a fair measure of the
value of the physical elements of the property. From the standpoint of bank pays interest from the first of the quarter, or the first of the month,
and
inasmuch as it is easier to compute interest on the quarterly basis, the
supply of utility offerings there appears no reason to anticipate any marked
curtailment of output, for, despite the huge growth of the industry during banks changing to a plan of Interest from the first of each month gained
recent years, the demand for the services of public utilities continues nothing by such change of policy. Those who follow such ultra-conservaunabated due to the ever-increasing uses to which gas and electricity are tive thinking must not complain if savings depositors drift to the thrift
departments of commercial banks. Mutual savings banks in the past have
being put, and in part, of course, to the normal increase in population.
The electric railways during the year showed considerable improvement, been too prone to assume an attitude of independence, as if the depositor
and the financing done in connection with that industry, while not large, should consider it a favor to be permitted to do business with them.
One of the practices of savings banks contributing to this attitude has
will probably exceed by a slight margin that done in any previous year
since the war. There is a growing recognition of the fact that in the large been that of taking the depositor's money with the understanding interest
would
not be allowed until a later date. At one time the period varied
metropolitan centres the electric railways have a permanent place as the
most economical agency for mass transportation which it seems will inev- from a few days to five and one-half months. Competition has shortened
itably lead to the solution of some of the electric railways' other problems, this period with many banks to about 26 days. There was a time when
principally that growing out of inadequate franchisee. It appears not investment limitations doubtless justified this practice, but, as far as New
unreasonable, therefore, to anticipate a further increase in the output of York savings banks are concerned, there is no reason why interest should
not begin from the date of deposit as it does with trust companies. We
bonds of such companies.
can lend on call or buy bank acceptances in an hour, and as a rule find delegal bonds available any day. We long since ceased to be charThomson:A0McKinnon Look for Further Improvement sirable
itable institutions, but it is our business to encourage thrift and there
in Security Prices in 1927.
would be a great inducement to save in the offer to allow interest from the
of the receipt of funds.
Looking forward "to a year of sound business, with date
Under our present plan there is a rush on the first of the month, especially
dividends
profit,
and
an
liberal
of
satisfactory margins
the first of the quarter, many persons withholding their deposits during
abundance of capital," Thomson & McKinnon in their the month, even though they are paid weekly, on the theory that there is
no advantage in making deposits earlier.
annuallstock review, written by C. A. Wolcott, state in
The payment of a higher rate of interest would be a still greater inducement. This doubtless is true, but this is hardly the time to take such a
part:
'The new year will be no exception in the matter of price fluctuations. step. High grade municipal and Government bonds can be had on a basis
We are concerned, however, with the trend, and the prospects, in our of about 4% or less and high grade rails on about a 4.50% basis, with the
tendency toward a still lower return. When mortgage rates also are
opinion. arelfor further improvement in security prices during 1927.
JAN. 1 1927.]
45
THE CHRONICLE .
small return he would have
2%. in a prosperous business, not content with the
/
41
slackening it would seem to be an unwise move at this time to offer
on money safely loaned, takes large risks in order to get large
accept
to
earnings
have
still
and
this
do
could
reserves
While some banks with large
from his stocks is none the lees
would mean returns; yet his apparently larger income
for the guarantee fund, if such banks offered the rate it simply
by a depreciated dollar.
and many of partially deceptive. It is decreased proportionately with stability in securithat most of the savings banks would be obliged to follow,
changing dollar interferes
the
which
in
ways
The
their
place
to
those with a narrow margin of earnings would be tempted
something of a gamble as long as
earnings that ties are many. The wisest investing is
fixed money
funds in less conservative investments. By paying out
we have a fluctuating dollar--though by buying or selling
of
system
entire
our
weaken
would
they
surplus
common stocks at
ought to go into the
obligations at the right times and by selling or buying
fluctuating
to
due
loss
banking.
obviate much of the
that 4% is as the right times skillful men may
It probably would be best at present to take the position
words, to changes in the purchasing power of the
other
in
or,
price
levels
paying,
in
warranted
are
system should be planned
high a rate, under present conditions, 89 the banks
depositors dollar. It is highly desirable that our monetary
of the dollar, if a prachaving in mind the upbuilding of a sufficient surplus to afford
banks to the end of stabilizing the purchasing power
savings
But
weather.
financial
of
kind
any
in
in the way should only spur us
absolute protection
Difficulties
obtained.
be
can
plan
ticable
as possible in
should show that we are anxious to adopt as liberal rules
problem is solved a good deal of investing
soon as funds to renewed effort, but until the
clouds.
the interest of depositors and will begin to allow interest as
must be frankly considered as like tying knots in
are received.
that the instability of the purchasing power of
Meeting of Stable Money Association—Dr. Cox on
Stability in Investments. Address of J. E. Rovensky.
Stable money advocates assembled in St. Louis during the
past week to attend the series of meetings held coincidently
with the meeting of other national organizations interested
in economic and social problems. The principal event of
the meeting of the Stable Money Association was a dinner
at the Hotel Statier on Dec. 30, where a discussion of matters relating to the stabilization of the purchasing power
of the dollar was engaged in. At the dinner meeting W. F.
Gephart, Vice-President of the First National Bank in St.
Louis, and Vice-President of the Stable Money Assuciation,
presided, and made an address on "The Stable Money
Movement." The rest of the program included the following:
Declaring
concern
the dollar was a matter of immediate and pressing
of the
resident
Vice-P
First
Rovensky,
E.
to everyone, John
Stable Money
Bank of America of New York, addressing the
apAssociation at its annual meeting on Dec. 30, urged Eie
the ecopointment of a Government commission to study
recommend
nomic problems involved in the situation and
al
Government
a
that
said
Rovensky
Mr.
remedial measures.
study of this nature preceded the adoption of the Federal
RoReserve Act. This suggestion was the feature of Mr.
association.
vensky's inaugural address as President of the
Mr. Rovensky said:
whether a 20-year
What a mockery when bankers debate for days as to
basis when
bond shall be sold to the public on a 4.78 or 4.78%ofinterest
the bond will be
it is uncertain as to whether the prncipal amount
situation is a menace to
repaid on a 100%, 80% or 120% basis. The
professional and
the welfare of the farmer, the industrial worker, the
furthermore a world-wide
salaried man, as well as men in business. It is
present in some
but
than others,
Address—"Stability in Investments," George Clarke Cox, Investment problem—more acute in some countries
Councillor of the firm of Cox ac Trainor, New York City. Discussion G. F. degree everywhere.
men
Kelton
Warren, Professor of Agricultural Economics, Cornell University;'
Mr. Rovensky said that many bankers and business
appointthe
to
looking
White of Walker az Co., investment bankers, St. Louis.
movement
a
support
to
were ready
Address—"The Federal Reserve System and Price Stabilization," John
commission of inquiry, and he cited
R. Commons, Professor of Economics, University of Wisconsin. Discussion, ment of a Government
Irving Fisher, Professor of Economics, Yale University.
the widespread popular interest in index numbers, as being
Address—"Past Progress and Future Program," Norman Lombard, Execuan indication of a favorable attitude on the part of the
tive Director, the Stable Money Association.
Association.
Money
Stable
public.
the
of
President
Address by the new
A summary of the address of Dr. Cox on "Stability in
Investments" has been made public, as follows:
Federal Reserve Board
on
Bank Suspensions in
In investing there are but two things to do—lend or go into partnership.
September and October.
Put in another way, you may buy bonds or stocks. The man who confines
In indicating that during September 37 banks with
himself to either of these two classes of investment, an any theory whatsoever, will come a "cropper." Diversification based upon wise initial deposits of $12,679,000 were reported to the Federal Reserve
choice is helpful in preventing disaster. Safety is increased by choosing
having been closed on account of financial diffithe securities of corporations with large reserves and surpluses and with Banks as
sound and wise management; but to prevent serious impairment, both bonds culties, the Federal Reserve Board in its November
and stocks must be constantly shifted, moved and watched by someone who "Bulletin," says:
knows the principles underlying .the investment science, and who watches
The number of suspensions was the smallest for any month since Septemthe fluctuations in the purchasing power of the dollar itself.
ber 1925, when 30 banks, with deposits of $14.141.000. wore reported closed.
The bond holder lends money to a business; the stock holder is a partner The September figures compare with 52 banks, having deposits of $12,in the business. Neither can afford to neglect his business—the business 112,000. closed during the preceding month.
wherein his money is invested. Also a knowledge of markets, of changing
Suspensions in the Minneapolis district account for about one-half of
money rates, of changing personnel, of political moves and their conse- the total for all districts, but were considerably smaller in number than in
Much
securities.
specific
sell
and
buy
to
wisely
quences is necessary in order
August, when 28 suspensions were reported for this district; fewer suspenunnecessary pity is wasted on those who lose their money because they do sions for September than for August were reported also in the Cleveland,
nothing to conserve it. There is no rule, and probably never will be, to Atlanta, and Kansas City districts. Twenty-two banks which had preenable the sluggard or the ignoramus to hold on to his funds. One may viously been closed were reported as having resumed operations again—in
say there ought not to be, for social progress. If the investor has not the Richmond district one national bank and two non-member banks, all
sufficient knowledge of the principles of investment to look after his in South Carolina; in the Atlanta district eight non-member banks In
affairs himself, he should delegate the work to competent persons.
Florida and six in Georgia; in the Minneapolis district four non-member
But, even if all the ordinary precautions have been taken, they may yet banks in South Dakota; and in the Kansas City district one non-member
the
purin
variations
less—if
prove worthless, or at any rate—worth
in Kansas. The number and deposits of banks closed during Septemchasing power of money are disregarded. Thus, the highest grade railroad bank
ber 1928, are shown in the following table, by class of bank; the figures
bonds dropped 30 points or more, between 1914 and 1920. The chief for
closed banks represent, so far as can be determined, banks which have
reason for this was the increase in the money rate. Combined with de- been closed to the public by order of supervisory authorities or by the
60
from
of
loss
creased purchasing power of money there resulted a net
directors of the bank,on account offinancial difficulties, and it is not known
to 85% on investments otherwise apparently wisely made.
how many of the institutions thus reported may ultimately prove to be
of
equivalent
what
true
the
to
back
get
wants
money
lends
The man who
solvent.
be loans, with interest. The man who borrows does not want to pay back
BANKS SUSPENDED DURING SEPTEMBER 1926.
more than he borrowed in real value—but both borrower and lender are
Two
value.
in
Non-Member
Member a
All Banks
affected, though at different times, when the dollar changes
Federal Reserve
remedies are commonly proposed to protect the bond investor or lender
Total
NumTotal
NumTotal
Numinvest
first,
are,
District.
These
rise.
prices
when
occur
which
losses
the
against
Deposits.
her.
bee.
Deposits.
bee. Deposits b
chiefly in stocks ; second, stabilize the dollar.
29 28,361,000
8 14,318,000
37 112,679,000
Investing in stocks is investing in equities. It is much more difficult,
All districts
Is based upon many variables and is usually more profitable in times of
Boston
more
deal
great
a
runs
the
investor
ordinary
but
prices;
rising commodity
New York
risk, so far as security goes, even in the best of stocks, than he can possibly Philadelphia
.
meet in only fairly good bonds.
Cleveland
1
55,000
1
55,000
Out of $115,000,000,000 of securities outstanding in the United States Richmond
1
144,000
1
144,000
Atlanta
integrity,
as
well
as
bonds.
was
0
in
Intelligence,
in 1925, $80,000,000,00
6 4,247,000
6
4,247,000
Chicago
687,000
5
demands that some way be found to keep these tremendous funds which St. Louis
5
687,000
13 2,758,000
18
5,471,000
5 2,713,000
have been invested in bonds stable, so far as purchasing power is concerned. Minneapolis
525,000
4
4
525,000
vary
Kansas City
The stability of a particular bond no one can ever guarantee. It will
1
1
427,000
427,000
Dallas
with the fortunes of the particular company issuing it, but instability in San
1
1
1,123,000
1.123.000
Francisco
bond values which is occasioned by fluctuations in the purchasing power
a Comprise 7 national banks with deposits of $3,391,000 and 1 State member
of money may be eliminated if we can stabilize the money itself.
bank with deposits o $427,000.
Changes in the purchasing power of the dollar affect very seriously the
b Figures represent deposits for the latest available date prior to the suspensions,
ability of corporations to estimate adequately reserves for depletion and and are subject to revision when information for the date of suspension becomes
is
corporations
public
service
for
rendered
available.
more
making
Rate
depreciation.
During the first three weeks of October 55 banks, with deposits of
difficult and inexact—and all these things affect directly the investor in
both bonds and stocks. Thus, falling prices mean depreciating inven- $12,062,000, were reported as having been suspended during that period;
no
n
dividends of these 43 were non-member banks and 12 were member banks-9 of them
tories; declining and dwindling markets, small dividends—eve
at all, or a struggle to pay interest charges—unemployment, fierce compe- national and 3 State institutions. Five banks previously closed wore
cutting.
price
reported to have resumed operations during the period—four in Florida and
tition,
Attempts have been made to meet this dangerous condition by various one in South Dakota.
devices, such as by adjusting rates to prices of significant commodities;
In making known that during October 87 banks, with
e. g., New York Steam Corporation rates are based on changing prices of
with
increased
were
of $19,991,000, were reported to the Federal
rates
Co.
increases
Gas
deposits
Consolidated
Boston
coal, and
in cost of labor and material; but the most effective device has not yet been Reserve banks as having suspended operations on account
tried—that is to stabilize the dollar itself.
of financial difficulties the Reserve Board in its December
By all means stabilize the dollar. An unstable dollar hits the holders
of both stocks and bonds, both borrowers and lenders. The holder of stocks "Bulletin" adds:
46
• THE CHRONICLE
The number of suspensions was more than twice
as large as the total
reported for the month of September, and compares
with 53 banks, having
deposits of $15.581,000, which suspended in October
1925. Of the total
for October this year 68 with deposits
of $13,000.000 were
banks and 19 with deposits of $6,991,000 were member non-member
banks; of the
latter 14 were national banks and 5 wore member
State banks.
Suspensions in the Atlanta, Chicago Minneapolis
and Dallas districts
accounted for the larger part of the total for the month
and for the major
part of the increase over September; within
these districts the larger increases were in the States of Georgia, Michigan, Iowa,
Minnesota, North
Dakota, South Dakota. and Oklahoma, where, altogether,
59 suspensions
were reported. Seven banks which had previously
suspended were reported
as haying resumed operations again—in the
Atlanta district, four nonmeniir-r banks in Florida; in the Minneapolis
district, two non-member
banks in South Dakota, and in the Kansas City
district one non-member
bank in Kansas. The number and deposits
of banks which suspended
during October 1926 are shown In the following table,
by class of bank;
the figures for suspended banks represent,
so far as can be determined,
banks which have been closed to the public by
order of supervisory authorities or
the directors of the banks on account of financial difficulties,
and it is not known how many of the institutions
thus reported may ultimately prove to be solvent.
BANKS SUSPENDED DURING OCTOBER 1926.
ve
AU Banks.
Federal Reserve
District.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
No.
Total
Deposits.b
1
6
c9
c17
2
33
4
c13
2
507,000
2.079,000
1,704,000
2,759,000
155.000
9,490,000
456.000
2,621,000
220,000
Member a
No.
Total
Deposits.b
2
1
6
1,424,000
579,000
1,746,000
4
2,325,000
5
1
Non-Member.
No.
1
4
c8
cll
2
29
4
c8
1
Total
Deposits.b
507,000
655,000
1,125,000
1,013,000
155,000
7,165,000
456,000
1,859,000
65,000
762,000
155,000
All districts
57 110001 non
IA
as not nnn
AR SIR ono AAA
- a Comprise 14 national banks with deposits of $5,876,000
and 5 State member
banks with deposits of $1,115,000.
b Figures represent deposits for
latest available date prior to the suspensions.
and are subject to revision when the
Information for the date of suspension becomes
available.
c Includes one non-member State bank In the Atlanta
district, four private banks
In the Chicago district, and one private
bank in the Dallas district for which deposit
figures are not available.
I.During the first three weeks of November 100 banks, with
deposits of
$27.378,000, were reported as having suspended operations
during that
period. Of these, 81 were non-member banks and
19 were member banks16 of them national and 3 State institutions.
Three banks which had
previously suspended operations were reported
to have resumed during
the period. 2 in South Dakota, 1 in Florida.
In our issue of Nov. 4, pages 2341-2344 we
gave a review
of bank suspensions during 1926, and 1925 and
1924.
All Bank Guaranty Laws Unworkable,
According to
Minnesota Bank Commissioner—Advocates
Increase in Capital Requirements.
For.. 124.
ure, in every State where it has been tried. Even if such a
bill is ever
considered, this is clearly not the time to do it.
"The last few years, of course, have been trying times for banks,
but
the conditions are gradually getting better. We cannot speak too highly
of the large majority of bankers who have so loyally stood back of
their
banks. Most of the banks have taken their losses and are now in
fine
condition.
Hopes,for Normalcy Soon.
"The officials of the Banking Department think they understand fully
the causes of past troubles in banks, and they have a definite program to
remedy the preseni conditions and to prevent similar conditions in
the
future. This will take time, but much already has been done, and we
are
following a well-defined program and face the future with every
confidence that banking conditions in Minnesota will gradually and steadily
improve until they are back to normal."
Bankers of Minnesota, as in other States, are practically unanimous in
•
opposition to guaranty systems. Their contention is that such a
plan
works only while it is not needed. As soon as the need comes, the
plan
breaks down. The Minnesota Bankers Association has collected information as to the status of funds in States which have tried such plans.
This
information, boiled down, runs something like this:
North Dakota—Claims on the guaranty fund still being checked;
will
total more than $20,000,000. Interest on certificates at 5% is $1,000,000
a year. Assessments on the banks bring in about $180,000.
Funds accumulating since 1917 were used to pay $600,000, or 10% on claims
of depositors in 81 banks closed prior to Oct. 1 1923.
Nebraska Sole Exception.
South Dakota—Estimated liability of the guaranty fund, over and
above
assets of closed banks, about $24,000,000. Annual interest,
$1,200,000.
Assessments on banks bring in $275,000 a year. Assessments
at
the
Nebraska rate, six-tenths of 1% on deposits, would
bring only $660,000 in
South Dakota, or about half the annual interest on claims.
The 1925
Legislature repealed the law, but a referendum vote killed
the repeal.
Since that vote the South Dakota Supreme Court has held
that any State
bank can change to a national bank and withdraw from the
on paying its current assessments. Many banks able to guaranty fund
qualify are expected to convert and get out from the guaranty fund burden.
Nebraska—Law in effect since 1911. Maximum assessments, 6
of 1%
on daily deposits, now in force, bringing in $1,700,000 a year.
Deposits
amounting to $24,426,516 in 151 closed banks have been paid, except
those
in 38 banks which the State Department is operating as "going concerns."
Depositors in these banks may operate open accounts but are not allowed
to withdraw their money. Department hopes to pay off certificates in
three
years. Assessments on banks amount to 7% a year on their capital
stock.
Most of the Nebraska banks, therefore, are operating without profit,
as
"the law drains the lifeblood from the good banks." As destruction
of
public confidence in the guaranty system would create a financial
panic
in the State, bankers make no public statements attacking it.
Oklahoma Law Repealed.
Oklahoma—Law enacted in 1909 and repealed in 1923. People voted
down a bond issue to make good $12,000,000 of unpaid claims. Assessments had taken as high as 30% of bank capital in a single year. If the
law had not been repealed, says the Oklahoma Commissioner, "it is doubtful if there would be very many solvent State banks in Oklahoma to-day."
Texas—Law effective in 1910. Gives banks the option of going under
guaranty fund plan or the "bond security plan," each bank putting up an
amount equal to its capital stock to prolect its own depositors. In 16
years fund paid $17,072,902 to depostors. Since Jan. 1 1925 654 banks
have changed to the "bond security plan" and 88 have changed to national
banks, to escape the guaranty fund burden.
Kansas—Law effective since 1909, but is optional. Fund is in debt
$3,725,440, and nearly all banks have withdrawn from it.
Washington—Optional law no longer operative, as all banks have withdrawn from the system.
Mississippi—Fund heavily encumbered, and present assessment rate would
not pay outstanding certificates for 15 years.
The Nebraska plan, the only one claimed now to be a success, has been
urged for adoption in Minnesota. Assessments on the Minnesota banks at
the Nebraska rate would bring in $1,992,734 a year, and would be equal to
more than 8.5% of the capital stock of Minnesota banks, each year.
The Nebraska fund is in fairly solvent condition because it had been
built up for a number of years before the heavy losses came, because its
assessments are heavier than in other States, and because bank failure losses
in Nebraska have been relatively small, with few large banks involved.
The following is from the Minneapolis "Journal"
of Dec.
17:
A. J. Viegel, State Commissioner of Banks, takes a strong
stand against
bank guaranty legislation in his biennial report, on file
to-day with Governor Theodore Christianson. Experience of other States that
have tried
such systems demonstrates that such a remedy is unsound, he
says.
Minnesota has had too many banks, especially small
ones, Mr. Viegel
declares. The institutions that have weathered
the troubles of the
years are generally in sound condition, he says, but the burden last five
of a bank
guaranty asseesmeat would be serious, especially now
when they are just
working out of their difficulties.
•
The most important change in the banking laws favored by the
Commissioner is an increase in the minimum capital requirements
for new banks.
"The minimum capital, which is now $10,000, should
be increased for
new banks to $25,000, and more in larger cities,' Commissioner
Viegel
says. "We urge you to recommend this increase to the Legislature.
Adoption of Investment Trust Plan In United States.
"Such a law will give the depositors additional protection and will
prevent the organization of some small banks by persons who are
The introduction of the investment trust device into Our
not financially able to protect the depositors.'
financial machinery follows the entry of the United States
The bill to be introduced this winter will set the following
minimum
into the ranks of important creditor nations," says the
capital requirements for new banks:
Cities of 3,000 population or less—$25,000 capital.
National Bank of Commerce in New York; writing in the
Cities of 3,000 to 10,000 population, $35,000.
January issue of the Commerce Monthly it Says:
Cities of 10,000 to 100,000 population, $50,000.
"The investment trust, a financial device for averaging risks and
Cities of over 100,000 population, $100,000.
In addition to this capital stock, each bank opening would be compelled rendering expert service to the small investor, has been introduced into
country since t hewar. It is a type of investment organization that
this
have
a 20% surplus.
to
has satisfactorily met the test of long use in Great Britain, which was
Only one new bank has been chartered by the Department in two and
a for
half years. That was for the new community of Hollandale. There have
so long the leading creditor nation of the world. The synchronizabeen 96 banks closed, and of this number 30 reopened. There also have tion of the entry of the United States into the ranks of important credbeen 44 consolidations, and this process of reducing the number of banks itor nations and the introduction of the investment trust device into our
financial machinery raises the question as to whether the record of its
is urged in many communities by the Department.
There are now in Minnesota 941 State banks, seven savings banks and 19 successful operation in Great Britain will be paralleled here.
trust companies.
The most significant aspect of the investment trust is the diversificaIn the last 3% years 46 bank officials have been convicted of grand tion of its assets. The problem of diversity of investment in the well.
embezzlemen
t or violation of the banking laws, on evidence sup- managed concerns of Great Britain has been approached from many
larceny,
plied by the Department. There are 30 more indictments which have .different angles. Too much of the investigable capital of any particular
been found and the cases not disposed of. The Department has called trust must not be wrapped up with the fortunes of any particular geoassessments on stockholders totaling $15,000,000, or about half the entire graphic locality. Too much must not be dependent upon the prosperity
capital of Minnesota State banks.
of any particular type of industry or business.
In addition to diversification along geographical and industrial lines,
Bays All Plans Are Unsound.
diversity in type of security is usually sought. A large portion of the
Bills for a State guaranty system are to be introduced this winter by assets of the corporation generally consist of bonds with a fixed interFarmer-Labor members. The plan is one of the planks of the Third Party. est return. Some of these may rightly be government obligations.
Others
There will be other bills providing for some kind of insurance of deposits, may be corporate obligations with trusteed fixed security. Still
others
or a bonding system. Mr. Viegel declares all such plans are equally un- may be debentures without particular collateral.
sound and unworkable, as shown by the experience of other States. He
Then, there is the field of corporate stock. A large portion of the
deals with the subject briefly in his report, saying:
assets may consist of preferred stock of various types of enterprises.
"Bills to guarantee bank deposits undoubtedly will be introduced at the In addition to bonds and preferred stock, common stock offers an
attracsession.
subject
given
this
not
have
We
coining
much study and have a tive field. Purchases of this type of security afford the possibility of
great deal of information on file. In our opinion, such legislation is eco- realizing unusual dividend returns and large increments of profit in
nomically unsound, and already has proved a failure, or will prove a fail- market value.
JAN. 11927.]
THE CHRONICLE
17
8 The system of trusteeship will be perfected and made uniform.
9. The financing of automobiles will be limited to twelve months.
10. Down payments will be required on the purchase of new automobiles
commensurate with the immediate depreciation of the car.
11 The system will recommend limiting the amount of member companies' purchases of paper on used cars in proportion to its capital and to
the amount of paper purchased on sales of new cars.
12. No member company will be permitted to purchase paper of used
cars in greater amount than 33 1-3% of the selling price of the new car.
13 No member company will be permitted to purchase paper of second
hand cars unless of an existing model, and the car less than two and onehalf years old.
14. The member company will be required to register all notes issued by
it and sold to banks and the public. This is to prevent an issuance of notes
in greater proportion than the credit limits established by the American
Rediscount Corp.
15. A uniform system will be provided for checking consumers credits
at the source.
16. There will be a department for the prevention of fraud, where each
purchase of a member company will be registered in order to prevent
duplication by dishonest dealers and purchasers and thereby prevent
losses to the member companies.
17. Other improper practices will be prevented, such as the making of
unethical contracts by member companies with dealers, whereby excessive
charges are made to the purchasers and the finance company rebates part
of it to the dealer thereby increasing the price of the car to the ultimate
consumer and retarding the sale of such cars by the manufacturer.
18. The system will co-operate with the manufacturer in the various
industries selling on the deferred payment plan in arranging specific plans,
which will facilitate proper sales, and give the public the opportunity to
purchase on deferred payments with the minimum expense and under sound
economic principles.
As evidence of the need of such a constructive force the applications by
credit finance companies for affiliation already are in excess of the expects
tions of the Committee. They include may companies whose credit is of
high standing and who enjoy the greatest reputation in the industry for
fair dealing and sound management. In view of the demand, the number
of affiliation certificates to be issued at first must necessarily be limited
A number of companies who are financing such unproductive articles as
well as other articler
for Jewelry, clothing and exclusively second-hand cars, as
which have no place in deferred payments, will necessarily have to be
excluded, as the policy of the system is to act as a constructive force and to
prevent the abuse of such sales and its corresponding effect upon business
at large.
It often happens that either in the charter of the corporation or in
policy definite ratios for the amounts of different classes of securities
to be purchased are prescribed. There are an infinite number of combinations that will achieve practical and profitable diversity. The portfolios of some of the larger British trusts show as many as 500 different
securities.
Profitable operation of an investment trust may often be materially
bound up with the turnover in its portfolio. Skilful managers of investment trusts develop a feeling or an art in turning over the portfolio
to advantage. But large scope is offered for scientific study and analysis
of different offerings and of securities already owned. To this end an
analysis staff must investigate constantly the standing and credit of
obligors.
The general practice in connection with British investment trusts has
been to arrange capital structure in three divisions. From the point of
view of the best security, there are first of all debentures bearing a
fixed interest return. Generally these have no specific collateral underlying them, but there is an agreement that the assets of the investment
company shall be trusted upon insolvency or dissolution for the benefit
of the debenture holders. The second division of the capital structure
is preferred stock, which usually carries a specified annual return slightly
higher than that of debentures and is preferred over the common stock
as to assets in case of liquidation. Lastly, there is common stock.
The development of investment trusts in Great Britain witnessed some
adverse experiences, but on the whole the movment has prospered. Today, there are scores of successful investment trusts in the British Isles
controlling aggregate assets of hundreds of millions of dollars.
The usual investment trust of the British type has certain differentiating characterists. There are certain types of organizations sometimes
called or confused with investment trust that do not have some of the
fundamental characteristics.
It is to be hoped that the development of the movement in this country
will avoid certain abuses sometimes found in Great Britain. However, if
the record develops on the whole as cleanly in this country as in Great
Britain, it will be gratifying. Clearly, the success of any particular
venture must depend upon the honesty, judgment and knowledge of its
management.
Formation of Nation-wide "Reserve" System
Instalment Credits Under Name of American
Rediscount Corporation—Lawrence H.
Hendricks of New York Reserve Bank
to Head Institution.
What is called "a reserve system, nation-wide in scope,
for credit finance companies which will safeguard and guide
instalment selling in all industries affected by the problem
of deferred payment sales," has been formed as a result of
a survey conducted in 34 industries during the past year by
the Advisory Committee on Finance and Industrial Credits,
it was announced on Dec. 29 by the Committee. The
survey has already been referred to in these columns, Dec. 4,
page 2843 and Dec. 18, page 3129. This week's announcement of the formation of the new corporation says:
The system, which is to be known as the American Rediscount Corp.,
patterned after the Federal Reserve System but having no connection with
the latter, will serve as a constructive force in guiding the financing of
machinery, automobiles and all necessary and useful equipment sold on
the instalment plan. It is declared unique in the history of credits.
Operations will begin Jan. 5, the corporation having been chartered
under the laws of Maryland with an authorized capitalization of $31,500,
000. These operations will be conducted through the Credit Corporation of
American, recently organized under the Banking Act of the State of New
York and thereby under the full supervision of the State Banking Department.
At the head of the credit reserve system will be Lawrence H. Hendricks,
at present comptroller of the Federal Reserve Bank of New York.
Comptroller Hendricks has been with the Federal Reserve practically since
its inception, first as cashier and then as comptroller of fiscal agencies.
Relations of the system with depositary banks will remain undisturbed,
and will be strengthened under the plan of operation.
The American Rediscount Corporation will have as an advisory board
twenty-five bankers located in different centers of the country, with five
members from New York City. The Chairman of the Advisory Committee will be the Morgan J. O'Brien, trustee of the Metropolitan Life
Insurance Co., Emigrant Savings Bank, and the American Trust Co.
Other members of this Committee will be announced later. Offices have
been temporarily established at 160 Broadway.
The Committee has found that instalment sales in many industries are
advisable and necessary and that it is vital to increase domestic sales in
such industries in order to maintain the present status of national prosperity. It has also found evidence of abuse in the methods of deferred payment sales, which if allowed to continue will result in losses to the public,
banks and the credit finance companies, which eventually may undermine
the present system of mass-production and quantity sales. Therefore, in
order to safe-guard the beet interests of all concerned, it is necessary to
have such a national organization. This system will rediscount paper for
member credit finance companies who may qualify and comply with the
rules and regulations set forth by this system,among which are the following.
1. Each credit finance company qualified and admitted to the system
will receive an affiliation certificate which may be revoked by the American
Rediscount Corp. if the member does not comply with the rules and regulations, or conducts its business in a manner detrimental to the industry or to
the credit structure of the country at large.
2. The American Rediscount Corp. will undertake to rediscount only one
quarter of the amount established for the member company to borrow,
permitting the member to borrow the supervision and guidance of the
American Rediscount Corp. In other words, this system was formed to
protect the banks and the public, and not to compete but to co-operate
to the utmost extent for the safety of industry and business at large.
3. The member company will be required to have periodic audits of its
books by acceptable certified accountants or by its own auditors.
4. A uniform system of bookkeeping will be required.
6. A proper check of the physical property for which the notes have
been given by the purchaser, will necessary.
6. The member finance company will be required to maintain a 15% cash
reserve against all outstanding loans
7. A limit will be set as to the ratio of borrowings against capital and
surplus by member companies.
•
F. A. Geier Named as Director of Cincinnati Branch of
Federal Reserxe Bank of Cleveland.
Fred A. Geier of Cincinnati has,been appointed a member
of the board of directors of the Cincinnati branch of the
Federal Reserve Bank of Cleveland, to succeed A. E. Anderson, who resigned to accept the nomination of Republican
State Central Committeeman. Mr. Geier is President of
the Cincinnati Milling Machine Co. and a director of the
Lincoln National Bank.
Secretary Mellon Announces Tax Refunds of $174,120,177 Illegally Collected in 1926—Tax Refunds of
$721,646,777 Covering Period Since 1917.
Refunds of $174,120,177 to 287,000 taxpayers on account
of income taxes llegally collected by the Federal Government on claims approved in the fiscal year 1926 are provided
for in a report sent to the House Ways and Means Committee
by Secretary of the Treasury Mellon on Dec. 28. A special
appropriation by Congress is necessary for the repayment
of the sums to be returned, which range from one cent to
millions of dollars. The New York "Jorunal of Commerce"
in its report on Dec.28 of the refunding proposals said in part:
On Dec. 11 President Coolidge submitted to Congress an estimated
appropriation of $175,000,000 for refunding internal revenue taxes illegally
collected, to be available until June 30 1928. This estimate was based on
the amount of claims allowed and on hand awaiting payment Nov. 1, and
the estimated amounts which will be allowed for payment during the
period to Dec. 31.
The prospective total refunds on account of the collection of income and
profits taxes is given as $157,291,088; of estate taxes, $11,749,800; capital
stock levy, $2.233,288; sales taxes, $5,084,220; tobacco taxes. $5,030;
miscellaneous taxes, $647,521, and prohibition and narcotic taxes, $77,048.
On Nov. 1 the unencumbered balances existing in appropriations 'which
have been available for the payment of tax refunds during the present
fiscal year totaled $1,338,043.
Regarding total refunds of $721,646,777 covering illegal
tax collections since July 1 1917, we quote the following from
Washington accounts, Dec. 29, to the New York "Times":
The Federal Government refunded $721,646,777 29 to income tax payers
on account of illegal tax collections during the period of nine and a quarter
years between July 1 1927 and Sept. 30 1926.
Data to this effect have been submitted to Chairman Madden of the
House Appropriations Committee by the Treasury Department in support
of an urgent deficiency estimate now pending for an appropriation of $175.000.000 with which to enable the Bureau of Internal Revenue to meet tax
refunds it expects to pay in the next year and a half. This money is
expected to take care of tax refunds until June 30 1928.
The request for this appropriation, although made not long before the
transmission to Congress yesterday of Secretary Mellon's report on tax
refunds aggregating $174,156,897 to 287,000 individuals and corporations
for sums illegally collected during the fiscal year 1926, was declared to-day
to bear no relationship to the cases whose names and amounts were made
public yesterday by the Ways and Moans Committee.
In the nine-and-a-quarter-year period since July 1 1917 the Government
collected $33,090.655,009 16 in income taxes. The refunds made during
that time represented 2.2% of the total tax collections.
More Back Taxes Collected.
While the refunds have been great, the sums taken in by the Federal
Government through the collection of back taxes have been still greater
48
THE CHRONICLE
Between July 1 1917 and Sept. 30 1926 the collections from this
source
reached $3,318.170,691, or approximately 10% of the total tax collections,
and approximately five times as large as the amount
collected
illegally
and
returned to the taxpayers.
By fiscal years since July 1 1920. the amounts
repaid to taxpayers in
refunds based on various kinds of illegal collections, according
to the data
furnished by the Treasury, have been as follows:
Fiscal YearRefunds.
Fiscal YearRefunds.
1921
828,656,357 95 1925
8151.885.41560
1922
48.134.127 83 1926
174.120,177 74
1923
123,992.820 94
1924
137,006,225 65 Total
$663,795,125 71
The difference between these figure and the total
of $721.646.777 29 in
refunds for the entire ten and a quarter year period represents refunds
amounting to slightly less than 860,000,000 made in the fiscal years 1917.
1918. 1919 and 1920.
The very limited publicity now allowed by law in income tax cases is
confined mainly to the transmission to Congress of the names of those to
whom refunds have been granted and the amount of
the refund, without
other enlightening facts. Hence Treasury officials refused to-day to reveal
any fact connected with the refund cases other than the names and amounts
sent to Congress yesterday. They said, however, that the refunds were
based on many rulings.
Generally speaking, all the refunds were based on illegal or erroneous
collections-many due to mistakes by the taxpayers themselves in making
out their returns. Some were based on Court rulings or principles laid
down in decisions of the Board of Tax Appeals, some to improper
auditing
of cases in the first instance, and others to excessive payments by taxpayers
who did not understand the income tax law or the forms sent out byCollectors.
In its issue of Dec. 29 the "United States Daily" had the
following to say regarding the refunds on account of illegal
tax collections for the fiscal year ended June 30 1926:
There were 14,380 sheets of this official data, typewritten in books as
sections of the report to Congress. The whole comprises a statement,
Secretary Mellon explained, showing the claims for refund approved by
the Commissioner of Internal Revenue during the fiscal year and forwarded
to the disbursing clerk of the Treasury Department for payment or to the
General Accounting Office for direct settlement.
Differences Noted.
"As the report is on the basis of claims for refund approved by the Commissioner of Internal Revenue," said the Secretary, "and forwarded by
him to the disbursing clerk of the Treasury Department, for payment or
to the General Accounting Office for direct settlement, the figufes differ
somewhat from the actual cash expenditures during the year on account
of internal revenue refunds as shown in the daily Treasury statements
for June 30 1926."
The following list of refunds is from the Washington
advices Dec. 28 to the New York "Times":
The du Pont family of Delaware received in the aggregate the largest
refunds, their total being nearly $10,000,000; but the largest single refund
was 35,117.200, to the British American Tobacco Co. of New York City.
The items making up the total for the du Ponta were: E. I. du Pont, de
Nemours & Co.. $3.739.344. 31.343.833, $1,612.755 and $94,331; Alfred I.
du Pont, 82,036.618, and du Pont Fabrilroid Co., 8341,153.
Other Refunds in Millions.
Other refunds made in excess of $1,000,000, included those to Booth &
Co., Inc., of New York City, 82.988,01831, and Edith Anne Oliver of
Pittsburgh, 82.950.581.
To John D. Rockefeller Sr., was granted refunds totaling $76,475.
Other refunds granted to well-known persons and corporations were the
following:
Rodman Wanamake:of Philadelphia, two refunds of 8770 81 and 865 93.
The New York Tribune, $895.795.
Ford Motor Co., Detroit, two refunds, $106 25 and $79 23.
Governor Gifford Pinchot of Pennsylvania, $4,314 77.
Senator-elect William S. Vare of Pennsylvania, 8632 07.
American League Baseball Club, New York City, three refunds, $10.40488. $41.426 67 and $19,820 75.
Edwin R. Stettiniu.s, New York. $1 53.
Robert U. Jones. Jr., Atlanta, 81 85.
William Cabell Bruce, Baltimore, $5 95.
Executor of the estate of Florence Kling Harding, widow of President
Harding, 81,217.
Mrs. Mary Roberts Rhinehart, 81,292.
William G. McAdoo. $7,711.
Mack Sennett, Los Angles, $1,355 27.
Brander Matthews. Now York, 812 24.
Refunds for persons living abroad include:
Richard John Walter and Edward De Grey Beaumont, executors of the
estate of Hubert George Beaumont, Mayfair, London, 863 69 and $71 33.
Giovanni Branchi, Pistoia, Italy, $80.
Mrs. Louisa K. De Moller, Zurich, Switzerland, $9 20.
GemeensteLspaarbank, Bakkerstraat, Holland, $241 25.
Comtesse de Fels Lebaudy, Paris, $60.
Viscountess Camdun, $173 70.
New Yorkers on the List.
Among the refunds of over 8100,000 each for New York City, were:
National City Bank subsidiaries, $1,274,055 94.
National City Bank. $446,910 96.
American Smelters Securities Co., $804,255 97.
James H. Dunham Co., 8118,230 05 and $2,127 13.
Post & Sheldon Corp., $72,852 47, $39. 894 38 and 820.805 63.
Then Centaur Co., 3142,873 45.
General Chemical Co.. 3258.904.
Rudolph Schreiber. $135.534.
Francisco Sugar Co.. $145,552.
F. A. Poster Co., $234.481.
Gans Steamship Line. 8511.238.
Estate of John C. Leslie, $532,801.
Estate of Amos F. Eno, $241.444.
West End Colliery Co., $111,737.
Mrs. Lucy Wortham If. Jones, $206,413.
Tiffany & Co., $160.711.
Executors of Georgia T. Pry, 8156.743.
Estate of Benjamin Douglass Jr., $160,816.
Mrs. Robert Dun Douglass, $146,893.
Lehigh Valley Railroad. $118.200.
John H. Meyer, $273,847.
Van Raalte Co., $251,180.
[VoL. 124.
W. & J. Sloane, Inc., $431,874.
Estate of Margaret Olivia Sage, 8114,314.
Atlantic Transport Co.,8697.751.
International Mercantile Marine, $814,392.
Executors of Georgia F. Fry, 8156,743.
Roy A. Rainey. $134.421.
Federal Lead Co., $129,388.
International Bank Corporation. 8156,076.
Other refunds for New York City reported were:
P. W. Morgan, 862 36; Emery-Beers Co., Inc., 817,968 63; Hulett •
Motor Car Co., 817,401 23; Western Power Corp., 327.117 37; Mrs. Helen.
H. Burson, $38,364 77; Jakor Insurance Co., $107,576 97; Consolidated
Amusement Enterprise, 845,697 73; Charles K. Crane, $16,547.05; theTexas Co., 21 cents, $5 09 and $6 94; Sinclair Refining Co., 40 cents and
$1 86; Western Electric Co., Inc., 83,709 49: Northern Finance Corp.,
$59.565 45; George L. McAlpin, $4 50; Standard Oil Co. of New Jersey,
34,385 91; Mrs. Muriel Vanderbilt. $40 57; Lehn & Pink, Inc., $74,170 47;
Louis S. Oppenheimer,$50,845 47; Snowden & McSweeney Co.,$51,322 44;
executors estate of Henry P. Davison, 318.486 10; Edmund C. Converse,
$61,370 33.
Refunds for Philadelphians.
Refunds of more than $100,000 for Philadelphians included the following:.
Burk Brothers, $94 .934 04; Southwark Foundry & Machine Co.,
$127,568 34; Girard Trust Co.,$199.847; Stanley Co. of America,$321,585:
Dungan Hood & Co., $842.089; Young, Smith. Field & Co., 8105.135;
Equitable Illuminating Gas Light Co., $161.805; New River & Pocahontas
Consolidated Coal Co., $133,307; Curtiss Publishing Co.. 826,496 83.
Refunds to Pittsburgh taxpayers included:
Follansbee Brothers Co., $128,682:38; George H. Boyle, $532,949;
Ohio Fuel Co., 3321,593; National Valve & Mfg. Co.,$38,686 45; Henry C.
Frick, $135.009; Estate of T. H. Given. $192.735; Union Steel Casting
Co., $105.247; Estate of Edith Anne Oliver. $2,950,581; South Penn Oil,
Co., 8485,465; Floyd K. Smith, 8135.534.
Among those receiving refunds in excess of $100,000 were:
Shipley Construction & Supply Co.. Brooklyn, $314,102 48; Carl E.
Scmhidt & Co., Inc., Detroit, 829,782 13 and $221,379 03; Illinois Zinc
Co., $114,704 48; Elk Refining Co., Charleston, W. Va., 8312,927; Crete•
Mining Co., Cleveland, $297,444; Northern Lumber Co., Cloquet, Minn.,
$253,228; Hayden Chemical Works, Garfield, N. J., $383,739; G. Lever
& Co., Inc., Gloversville, N. Y., $349,592; General American Tank Car
Corp., W. Va., $264,152; Ohmer Fare Register Co., Dayton, Ohio, $128,144; Mrs. Jane J. Cook, Baltimore, $458,098: Executors Lush J. Dun,
Baltimore, 8192,885; Hubbard Fertilizer Co., Baltimore, $109,000; William
A Douglass, Oak Park, Ill., 3146.883; White & Richardson, Washington,
D. C.,8203,215; Louis Bamberger, South Orange, N.J.. $103,035; National.
Shawmut Bank. Boston. $409,075; Albers Brothers Milling Co., Portland,
Ore., $101.080; Home Beneficial Association, Richmond, Va., $125,000:.
Harley-Davidson Motor Co., Milwaukee, $180,109; Midway Gas Col,
Los Angeles, $113,773; William L. Clayton, Houston, Texas, $113,371.
Still others on the list to receive more than $100,000 were:
Kentucky Tobacco Products Co.. Louisville, $140,702; Rose R. Walker,
Kansas City, 8247,224; Aetna Paper Co., Dayton, $140,844: Corsica Iron,
Co., Cleveland, $104,709; Ohio Fuel Supply Co., Pillsbury, $108,417;
Mary Lilly Flagler Bingham, Louisville, $103,670; Morgan Co. and subsidiaries, Oshkosh. Wis., $122,037; London Guarantee dr Accident Co.,
New York, $108,657; A. Schrader's Sons Co., Brooklyn, $225,048; C. D.
Worsted Mills Co., Cleveland, $290.021; Continental Motors Corp..
Detroit, $214,494; Frank M. Heinrich, Harden, Mont., $118.118: William
Haram, St. Paul. 8117.177.
Other smaller refunds to various persons and concerns were:
Youngstown Sheet & Tube Co., $45.227 76; Dan A. Japhet, administrator estate of Martha K. Japhet, Houston. Texas, 842.18646; Gilmer
Brothers, Winston-Salmen, No. Caro., 825,882 74; Robert H. Denufrille,
Montclair, N. J., 6 cents; Bartholomay Brewery Co. and Genessee Brewing
Company, Rochester. N. Y., $59,446 08; Federal Motor Truck Co.,
Detroit, $47,450 11; William M. Calder Co., Brooklyn, 82,054 19; Felk
Feld, South Orange, N. J., $98,174; John Waldron Co., New Brunswick,
N. J., $59,828; National Democratic Club, New York City, $17,347:
William Volker, Kansas City, Mo.. $97.803.
Regarding the refund enumerated above to the New York
"Herald-Tribune," the "Times" in a Washington dispatch,
Dec. 29, said:
Through an error made in copying the refund lists the New York "HeraldTribune" was credited in several newspapers, including the New York
"Times," with receiving a refund of 8895,795.
This refund should have been placed to the credit of the American-La
France Fire Engine Co., whose offices are in the Tribune Bldg., 154 Nassau
St., where the lawyers of the fire engine company and the "Tribune"
also make their hedaquarters.
The "Times" Washington correspondent also stated-on
Dec. 29:
Names in 29 Large Books.
The tax refund lists submitted yesterday to the Ways and Means Committee were in a form which made it difficult to obtain the names of the
persons to whom refunds were granted or the amounts. They went to the
committee in 29 books composed of 15,000 pages in the aggregate and were
not arranged by States.
The letter of transmittal stated that the refunds represented amounts that
had been paid in 1926 or were to be paid in 1927, and claims running back
as far as 1921.
In addition to the names published to-day of New Yorkers, with the
amounts of their refunds, the following appear on the lists submitted:
Lehman Packing Co., Bklyn__ $6,214 28 Stein, Hall dc Co
2,368 87'
William E. Lauer
3,994 38 Emily Trevor
3,333 213
Woodbury G. Laudon Co___ 4,65500 Tilton & Keeler
11,314 85.
John H. Meyer & Co
273,84709 Union Exchange National Bank 4,966 75.
Nathan T. Miller
88,90751 United Marine Contracting
Ogden Mills, executor
3,38931 Corp
4,30324
Mrs. Irma W. Mayer
374 73 Mrs. Albertina Van Rojen„.... 1.07801
Merkel Bros., Inc., Jamaica
1,70661 Helbron, Wolf & Co
36,353 011
Mrs.Sara T. McLeaa
2.11682 Greenville L. Winthrop
637 82
L. E. Waterman Co
Executors under will of Whit52,795 63
field P.Pressiner
5,006 53 C. M. Young Publishing Co__ 2,370 10
Pine Hill Crystal Spring Water
William Ziegler, Jr
19,077 73
Co
61,881 37 A. Ziegler & Co
587 92
M.Taylor Pyne,Jr
9,38932 Bulkley, Denton & Co
21,936 68
Alta Rockefeller Prentice
3,951 60 Hyman H. Butler
16,366 87'
Pelham Builders' Supply Co.,
Trustees Marcia Ann Gavitt
Pelham
2,597 45 and E. P. Gavlett trust__ __ 25,912 03
Mrs. Ade 'I'. Reyna!
2,752 00 Samuel Stickman
14,513 70
Executors under will of Emile
Samuel Untermyer
32,676 00
H. Roth
8.820 82 Helen Gould Shepard
4,17400
Levi Simson & Co
4,484 19 Commercial Bank of SpanishSwitzerland Cereal Insurance
America
1,903 57
CO
23,838 54 Columbia Theatre Bulldiag_ __
138 47
•
1
1
49
THE CHRONICLE
JAN. 1 1927.]
Others in Long List.
de
Estate of Chester W.Chapin_ $2,557 06 Anna Gould (Duchess
701 87
Talleyrand)
29,432 10
Cuba Railroad Co
Y.
28,134 92
N.
Syracuse,
4,849 70 T. Hoffman,
Cary Mfg. Co., Brooklyn
6,581 38
308 01 John F. Havemeyer
Alvin G.Cass
8,881 82
465 19 Harris, Forbes & Co
Caye Construction Co.,Bklyn.
Havana Docks Corp.. Chicago 13,818 37
Columbia Trust Co., Hoboken,
12,315 82
Co
Rubber
Hodgman
2,44375
N.J
2,465 00
1,861 64 Benjamin L. Holzman
Columbia Trust Co
14,206 76
Hitchcock, Dermody & Co
Columbia Trust Co.,succeeded
11,787
36
Jackson
B.
Minnie
Irving Bank-Columbia Trust
7,864 50
20,781 83 Max Kops
Co
994 58
Hops
Waldemar
4,50402
CorpFinance
Commonwealth
64,127 31
Philip T. Levi
Eugene J. F. Coleman, White
14.570
865 88 Robert W. Allen
Plains
M.
Annie
of
estate
Executor
Compania de Petroteo de
525 40
Dustin
2,237 46
Angola
03
1.17286 Theodore C. Achilles
Robert W.de Forest
1,16051
Appell
T.
Anna
1,211 91
Estate of Henry Evans
William Waldorf Astor. FarmExecutors under will of Francis
ers' Loan & Trust Co.,
24,337 99
G. Lloyd
396 00
trustee
Executors under will of Peter
2 64
42,016 33 American Tobacco Co
Cooper Hewitt
56
1,085
Co
Assurance
can
British-Ameri
23
156,743
Estate of Georgia F. Fry
175 77
James E. Bristol, Brooklyn.._
Estate of Mary Lily Fleeter
922 69
Bolger
C.
James
00
18,647
Bingham
estate_ _ _ 7,451 97
Coat& Sheepskin Import Co__ 33.419 46 Katherine G.Bmker
181 77
17,399 50 Boston Gayety Theatre Co_ __
H.Coldwater & Co
Cora H.
of
will
under
Executor
70
5,255
Elbert H. Gary
6,385 76
Tangeman
Great Bear Spring Water Co 47,003 12
In printing additiona names of those receiving refunds,
the "Times" in a dispatch from Washington Dec. 3 said:
and its
The names of hundreds more persons in Greater New York
erroneously
environs who have received refunds on account of income taxes
to-day
or illegally paid to the Treasurery in the last five years were obtained
at the office of the Ways and Means Committee in the Captiol as submitted by Secretary Mellon.
The names of many persons of prominence, including Florenz Ziegfeld,
John D. Rockefeller, Jr.. Marie Dressler and Nora Bayes, are among them.
The Mills estate of New York also received a refund.
volumes,
The amounts named in the Treasury books, comprising
made up of nearly 15,000 pages, range from one cent to sums running into
the hundreds of thousands.
represented in the accounts now
A large part of the close to
ly
made available to the public has already been paid. A comparative
year
small proportion of the total remains to be disbursed in the current fiscal
drain of
The prospective Treasury surplus will not be affected by this
probable surplus
$17 ,000,000 from its general fund. In estimating the
into
took
on June 30 next, the end of the current fiscal year, officials
of refunds
consideration Sams that would have to be disbursed in the form
on excess payments of taxes.
29
$175,000,000
Some of those in the additional list are:
Treasury Defends Position.
misunderstanding
Treasury officials point out that there is a great deal of
an appropriaconcerning the refunds and the request of the department for
They explain that it is made incumbent upon the
tion for
to Congress
report
a
make
Secretary of the Treasury in the law to annually
lists
of the amounts of refund made and the names of the recipients. The
previous to
made public yesterday, it was said, covered payments of years
to
is
for
The appropriation asked
the last fiscal year ended June 30
cover refunds after that date.
on account
It is also explained that no small part of the refunds made are
own reports.
of errors made by individual taxpayers in preparing their
questions
Other refunds, it was emphasized, grow out of the settlement of
profits
as to the value of property in connection with the making of excess
various
to
returned
was
out,
pointed
was
tax returns. No small amount, it
to the
taxpayers under mandate of the courts in cases decided adverse
Government. Still other refunds, it was said, come from final findings in
Board
the
to
carried
favor of the taxpayers where disputed items have been
8175.000,000.
1926.
of Tax Appeals.
General Revision.
return of tax
It is declared that in no sense may it be said that the
tax revision.
moneys erroneously collected constitutes grounds for general
also a member
According to Representative Henry T. Rainey of Illinois,
of the Governof the Ways and Means Committee, not only is this action
equitable act. but
ment in returning this money to the taxpayers clearly an
collected,
erreously
moneys
the Government should go still further and repay
to check refunds.
but against which action the statute of limitations operates
colleague. Mr.
Mr. Rainey declined to discuss the contentious of his
matter of providing
Oldfield, but let it be known that he is interested in the
be due in ale
to
for the return of taxes found by the Treasury Department
to permit such
fairness to the Oxpayers, but for which there is no law
of the department
action. Mr. Rainey has had this matter up with officials
his Congressional
as a result of an appeal made to him by a corporation in
would be returned as having been erroneously
district to whom
which that could
collected in one year, but for the fact that the time within
there are many such
be done has run out. He has been informed that
them, however, being
cases, the total amount of money necessary to meet
unknown.
Rainey to Push Question.
up with Chairman
The Illinois member proposes to take the matter
to see if something
William R. Green, of the Ways and Means Committee,
will permit these
that
cannot be done to write into the law a provision
on the other hand, that
refunds being made. Treasury officials point out,
Government has been
there are doubtless large numbers of cases were the
be due it. In answer
stopped from making full collection of sums held to
of the Government to
to that, it is said that it was at one time the practice
possible assessment
any
cover
to
make an arbitrary assessment high enough
his rights.
precedent practically to compelling the taxpayer to waive
there can be no
It was declared by other members of Congress that
out, as they do in
connection between refunds of this character, growing
or Government
large part, from errors made either by taxpayers themselves
by President
accountants, and refunds or credits originally proposed
refunds that were
Coolidge to be made in March and June next year. The
do not grow out
yesterday reported are in no wise general in character and
the proposed Collidgeof the application of rates as would be the case under
t Hamilton Fire Insurance Co.,
American Sumatra Tobacco
20,980 42
11 William St
817,913 90
Co., 131 Water St
Co., 56
Robert W. Allen, 80 Bway_. 14,575 09 Harris, Forbes & York....
8.881 82
New
St.,
William
Atlantic Transport Co., 9
697,751 47 Hunter Mfg. & Commercial
Broadway
92,478
75
St
Worth
58
Co.,
692
Booth & Co., Inc.,
2,988,018 31 Hoiden Leonard Selling Corp_ 32,271 45
Broadway
Wright Barclay, 162 W.54th_546,146 25 Harriman National Bank, 24,606 17
527 5th Ave
E. W.Bliss Co.. Brooklyn__ 17,942 15
Irving Bank-Columbia Trust
British & Foreign Marine In20.781 83
Co., 60 Broadway
Cotton
sumnce Co., Ltd.,
26,029 75 Knight American Patents Co.,
Exchange Building
21,732 88
36 West 44th St
Chill Exploration Co.,25 Bway 58,007 90
Kohler & Campbell, Jr., 601
Continental' Works, West &
59,053 71
West 50th St
31.183 05
Calyers Sta., Brooklyn
Light &
Susan V.Clark, 149 Sway_ _ _ A73,223 00 Kings County Electric
44
St_
50,430
Pearl
360
Co.,
Power
Amusement
Consolidated
12,054 22
Enterprise, 623 8th Ave._ _ 45,697 73 Lincoln Trust Co.,204 5th Ave
St_
47
74,170
William
120
Fink,
&
Lehn
Computing Tabulating Record
Eberhard L. Lueder, 99 Wall- 39,161 32
Co.,care International Bust64.12791
Broadway_
120
Levi,
J.
Philip
(sueCorp.
ness Machine
34,27638 Mallory Industries Co., Port
teaser). 50 Broad St
59,44608
Chester
The Cuba Railroad Co.,
42,613 55 Maritime Insurance Co., Ltd.,
52 William St
Cotton Exchange Building_ 14,017 15
52.087 58
Same
29,432 10 H. Mayer, Jr., & Co., Inc., 50
Same
273,847 09
Union Square
Wendell P.Colton,30 Church_ 13,612 79
Milligan & Higgins Glue Co.,
Canadian Bank of Commerce.
45.016 96
St
Front
222
1,06427
16 Exchange Place
Nathan J. Miller, 120 SWIM,-- 88.90761
City of New York Insurance
10,937 89 Snowden S. McSweeney Co..
Co., 59 Maiden Lane
51,322 44
437 Fifth Ave
Columbia Bank,513 5th Ave_ 33,994 02
Phelps Dodge Co.,99 John St_ 73,721 03 Northern Assurance Co., Ltd.,
50,675 41
St
John
55
Wks.,
Rubber
Eugene Doherty
110 Kent Ave., Brooklyn_ _ 39,418 58 Norwegian Globe Ins. Co..
26,456 34
80 Malden Lane
Samuel Eiseman Co., 114 East
31,441 49 Northern Finance Corp., 14
23d St
59,565 45
Wall St
Emery Beers Co., Inc.,
17,968 63 North American Co.,60 Sway. 18,149 78
1107 Broadway
Federal Lead Co., 120 Bway _ _ 54.899 88 Northern Assurance Co., 55 23,320 17
John St
Freeport Texas Co., 61 Bway_ 14,491 75
28,237 28
Federal Land Co.. 120 Bway._129.388 38 National Park Bank,214 Bway
Louis S. Oppenheimer, 120
Gans Steamship Line, 44
50,845 47
Broadway
13
486,613
Whitehall St
24,625 40 Percy R..Pyne,20 Exchange Pl.11,96861
do
Peierls, Buhler & Co., and
Goat & Sheepskin Import Co ,
P.P.Securities, 260 4th Ave 40,269 39
33,419 46
28-30 Spruce St
Archibald D. Russell, Jr.,
W. It. Grace & Co., 7 Han36.615 29
20 Exchange Place
09
1,598,341
over St
Edward Shearson, 71 Sway_ - 11,570 29
Gunzberg,
David
Estate
126,968 60 Shearson, Hammitt & Co.,
Buffalo, N.Y
28,497 72
71 Broadway
General Baking Co.. 45 East
46,321 17 Jackson B. Sells, 50 Broad St- 36,230 04
17th St
516
Jr.,
Stymus,
P.
William
83
25,117
Broadway..
Herbert Gans, 10
32,053 38
Fifth Ave
Hungerford Brass & Copper
49,813 61 Shipley Construction & Supply
Co., 80 Lafayette St
Ave__
..3l4,102
2d
and
48
St.
42d
Co.,
Hulett Motor Car Co., 1884
17.401 23 Armand Schnell, Inc., 41
Broadway
OS
30,022
Ave
Park
681
Corp.,
M. S. C. Holding
24.904 56 Western Pr. Corp., 25 Broad_ 27,117 37
5th Ave
Hodgman Rubber Co.,25 West
12,315 82
43d St
820,000
Mellon plan.
Mellon
Refunds Appropriation Defended by Secretary
-Most Returns Under Old Excess Profits Law,
Secretary Asserts, Not Evidence of Excessive
Levies.
Under the above head, Washington advices to the Wall
Street Journal," Dec. 30, said:
members of
Secretary Mellon takes issue with suggestion's of Democratic
n of 8175.000,000
Congress that the Treasury's request for the appropriatio
Government is collecting too much
for tax refunds is evidence that the
reduced. Ile explains that
revenue and that therefore taxes should be
Treasury pay
approrpiations for tax refunds are asked in order that the
to the individuals
return taxes illegally collected. Payments must be made
were received, not in the
or corporations from whom illegal collections
form of a general reduction.
under the old
Most of the tax refunds, according to Mr. Mellon, are
was very difficult of
excess profits law, which no longer exists and which
it gave rise.
administration because of the close questions of law to which
Treasury has been
Refunds are necessary when the courts decide that the
does
however,
Mellon,
in error in its interpretation of these questions. Mr.
in the future. The only
not think there will be many more large refunds
the administration
excess profits cases are being cleaned up and he thinks
far as the present year is conof the revenue law is now more efficient. So
was willing that
cerned, the Secretary points out that the Administration
should be used for a general tax credit, but Congress
the surplus for
Mr. Mellon
preferred to utilize the surplus for reduction of the public debt.
considered yet.
still contends that permanent tax revision cannot be
Mr. Mellon
Despite the amount of appropriations asked for refunds,
in excess of
points out that the collection of back taxes is greatly
approach
may
000,000. Be believes that back tax collections this year
can
$400,000,000. The difference in the situation is that the Treasury
money has been
collect deficiencies in taxes without legislation, but once
authorization
collected and paid into the Treasury it requires a specific
from Congress to it it out.
1927
$175,.-
Senator Couzens to Introduce Bill to Transfer from
Treasury Department to Comptroller General Authority for Collection and Refund of Taxes.
Representative Oldfield Assails Refund as Move To
A bill which Senator Couzens (Republican) of Michigan
Dodge Tax Cut-Indicates Too Much Money Is Colto introduce on Jan. 3 embodies administrative reforms
plans
lected from Individuals, Corporations-Treasauditing system of the Bureau of Internal Revenue
the
in
ury Defends Its Action on Rebate.
by the investigation of the committee headed by
suggested
The following from its Washington bureau Dec. 29 ap- Senator Couzen, Associated Press dispatches from Wash" of Dec. 30:
peared in the New York "Journal of Commerce
Dec. 30, in reporting this said:
to taxpayers, as reported to the ington,
$175.000.000
The refunding of some
functions to
Under a blanket clause tAnsferring all Government auditing
the Treasury Mellon, is another
House of Representatives by Secretary of
of execulegislation at this session the Comptroller General, who, under existing law, is independent
reduction
tax
real
for
desirability
the
evidence of
Department of
ve William A. Oldfield of Arkansas, tive authority, the bill would specifically strip the Treasury
of Congress. according to Representati
of claims
member of the Ways and all ”powers, duties and jurisdiction" in the "audit and; ettlement
Democratic whip of the House and prominent
arising out of the collection or refund of taxes."
Means Committee.
to-day said
In explaining the purposes of the measure, Senator Couzens
indicate that the GovernMr. Oldfield makes it appear that these refunds
and authoriand corporations.
one of its principal objectives was to bring tax refund payments
ment is collecting too much money from individuals
50
THE CHRONICLE
zations under the scrutiny of some agency independent
of the Treasury
before actual payment.
Senator Couzen's bill would leave untouched the
provisions of the present
law governing appeals from tax decisions to the
special courts established
for tax and customs cases.
3
Billions in War Insurance Good
for Loans—Veterans
Holding Adjusted Compensation May
Borrow 81i
Cents on Each Dollar—$333,454,000
Limit Here.
The following is from the New York "Herald-Tribu
ne"
of Dec. 31:
World War veterans holding adjusted
compensation certificates with
an aggregate face value of nearly $3,000,000,0
00 will find these pieces
of paper suddenly transformed into eligible
collateral for bank loans
tomorrow, and the banking community was
speculating yesterday as
to what the result of this new-found
borrowing capacity might be
throughout the country. In New York
City alone holders number
315,000 with $333,454,000 in these insurance
certificates.
At the Federal Reserve Bank here it was said
yesterday that no
particular repercussions on the money market were expected.
It was
pointd out that during the year 1927 owners of the certificates
may
borrow only up to 835 cents for each dolar face value, which
would
mean an aggregate maximum of such borrowings for the country as
a whole of only about $262,540,00. It is not believed that there will
be any concerted rush to borrow on the paper.
The rate of interest which may be charged by the lending bank or
trust company upon a loan to a veteran secured by his certificate shall
not exceed by more than 2% per annum the rate of interest charged
at the date of the loan for the discount of ninety-day commercial
paper under Section 13 of the Federal Reserve act.
A note held by any bank or trust company and secured by an ad.
justed service certificate may be discounted or rediscounted with any
other bank or trust company authorized by law to make such loans.
In the event the veteran fails to pay the note at maturity, the bank
or trust company holding such note may present it to the Veterans'•
Bureau at Washington for payment.
Income Tax Returns Accordingrto J. S. McCoy of
Treasury Department Indicate that United States
Has 11,000 Millionaires—Individual Big
Business Practically Obsolete.
Joseph S. McCoy, Government Actuary of the United
States Treasury Department, had an interesting article in
the September number of the American Bankers Association
"Journal" under the head "Our 11,000 American Millionaires." The "Journal" drew attention as follows to the
facts brought out in the article:
(Vol,. 124.
Received as wages,fees or salaries
$4,023.484
Earned in individual business
1,249.700
Profits from partnerships
9,245.689
Profits from current sales of real estate, stocks, bonds and
other property
2,951,746
Profits from sales of capital assets
50,110,43(1
Rents and royalties received
4.602,434
Interest from investments
11,124.379
Interest on Government bonds (taxable)
677.686
Receiptsfrom dividends
102,668,615
Receipts from fiduciary sources
2,497,644
Total income
$189,151,818
General deductions
$20,991.489
Contributions, not taxable
13,307,615
34,299,104
•
Total net income
$154,852,709
Individual Big Business Passing.
One surprising thing becomes very clear. That is, that individual
big
business is practically obsolete. Out of a total income of over
$189,000.000,
lees than a million and a quarter is earned in individual
business, while
about nine and a quarter millions is earned in partnership
business.
The fact is that corporate business possesses so many advantages as
to
discourage large individual business.
The profits from the sales of property held for less than two years,
including both real and personal, amounted to less than 83.000,000.
The profits
from the sale of capital assets, however—those
held for over two years—
amounted to over $50.000,000. This is to be expected. The receipts
from
Investments other than corporate, but including rents,
amounted to over
$15,000,000.
The fact that much over half of the entire net income
of our millionaire
income class is derived from corporations is worthy of note.
Over $102.660,000 was thus received as dividends from corporations
. This means
that our wealthiest men are deeply interested in
corporate business, both
personally and financially.
There is one thing that may seem a trifle odd to the casual
observer, and
that is that these 74 individuals earned on an average
over $54,000 apiece
that year by their personal services. The fact is very
evident that. In
order to be included among our pecuniarily most prosperous,
a man must
possess financial ability of the highest order. Again,
their enormous
receipts from dividends indicate ownership of large amounts
of corporate
stock. Directors' fees, however, could account for comparativel
y little
of this salary, so it must be that many of these 74 are leading
officials of
our largest corporations, and are in receipt of princely amounts
as compensation for their invaluable services. It is evident, therefore, that
our
most wealthy people with incomes in excess of a million a year are not
on
the retired list, but, on the other hand, are active and vigorous,
and, in
addition to all their other income, are earning through personal service
an
average of about $150 each every day in the year.
Garden Variety Millionaires.
The wealthy that we have so far been studying are those with annual
incomes in excess of a million dollars. In addition to these are the people
who are actually worth a million dollars or more, although their Income
may be much less than a million. The real millionaire is he whose
total
wealth is in excess of $1,000,000. In France, to-day. the French millionaire or possessor of wealth to the value of one million francs may be worth
A millionaire in this country not many years ago was a rarity. To-day, only about $25,000, while a few years
ago a German millionaire might
according to the estimate made by Joseph S.McCoy,the Treasury's expert, have been worth only a
few thousand dollars.
there are 11.000. This means that one person out ofevery 10,450 Americans
An American with one million dollars cash capital, invested in Governhas accumulated a fortune of a million dollars. It is safe to say, Mr. ment bonds at par, paying the Liberty
Loan rate of interest of 45i%.
McCoy adds, that the nation now has its first billionaire and the guess is would have an income of only
$42,500. Again, if he puts $50,000 in a
that he is a citizen of New York. Every State in the Union, except one, city home, $50,000 in a country home.
$50,000
in fittings, furniture, and
has a representative in this glittering galaxy.
automobiles, keeps $100,000 balance in bank, and invests the reaminder
In
stocks
netting
him, say,5%, his income would be $37,500•
We reproduce the article herewith in full:
The American individual who receives an annual net income of $50,000
The individual wealth of our most prosperous citizens has always been
exclusive
of
the
income derived from personal services, it would seem
tremendous
subject
of
a
importance to the rest of us. This is so now
and it has always been so* In the most remote ages we have the story safe to say, is an American mllllonaire.
The
latest
complete statistics of income Issued by the Bureau of Internal
of such great wealth that the possessor was able to encase himself in solid
gold—with fatal effect. Notice the moral attached to all these old tales Revenue Is for the income received for the year ending Dec. 31 1923. the
tax
upon
which
was payable during the year ending Dec. 311924. That
of wealth. King Midas "blessed" with the golden touch. Ring Croesus,
whose fame reaches even to the present time. Fate despoiled him of his report shows that 74 individuals also returned net income in excess of
$1,000,000.
Of these, 46 were married men; one, a man, head of a family;
enormous wealth and made him a slave. The modern moral is contained
In the aphorism that It is only "three generations from shirt sleeves to shirt two women heads of families; 12 single men; seven single women, and
six
married
women
separately returning their Income. That Is, 59 men
sleeves." Despite all this, however, how many of us would willfully
and 15 women received net incomes in excess of $1,000,000.
abandon the path to wealth?
These 74
A hundred years ago millionaires were very scarce, especially in this individuals represented at least 68 separate families, probably six of which
reported separately the income of husband and wife, each of which
country. Then it was practically impossible to ascertain with
returns,
any certainty
the wealth of anyone. If the most of a person's wealth was in the for= however, individually were in excess of 81,000.000.
Of
the
7,698,321
returns
analyzed
in
that
report,
8,600
property,
returns
were
a fair guess could sometimes be made, although then
of taxable
made by indivduals whose wealth was probably in excess of 81.000.000.
methods of taxation were somewhat crude. The fact now
is that the tax That Is, their net income, exclusive
of salaries and wages, was in excess
gatherer is a terrible fellow, not only because he takes our money,
but of $50,000.
because, to do so, he must know more or less about our
private business.
Our 11,000 Millionaires.
It remained until a uniform Federal income tax law was enacted before
In 1914, upon this basis, there were probably abour 4,500 millionaires
there was any check upon the wealth of our prosperous people.
In the United States. This number increased to about 6,600 in 1915,
to about 10,900 in 1916, to about 11,800 in 1917, the maximum number
The Amazingly Wealthy
It is true that the returns made for income tax are not made public, but of American millionaires at any one time—due probably to war conditions,
At
the present time there are probably about 11,000 American millionaires.
the number of returns in the several income brackets are published annually
The increase in number from 1923 has been caused by the wonderful
by the Bureau of Internal Revenue From the returns we can easily
proSperity of corporate business. This has occurred since the removal
ascertain the number of individuals in each State who have net
incomes
within certain limits. For example, the latest preliminary figures made of the burdensome excess profits tax that was levied upon corporations
as
a war measure. This tax produced the largest revenue ever derived
public by the Bureau of Internal Revenue indicate that the net incomes
of 74 individuals in the United States for the calendar year 1924 were in from a single source of taxation in a single year of which the world has
any record. During the calendar year 1918 over 82,505,000,000 accrued
excess of 81,000,000. Of course this does not mean that there
were only from corporations on account of this tax.
74 millionaires in the entire United States. It does show, however, that
These statistics also show the squeezing out of many of our war-made
74 individuals actually made returns for income tax whose net income was
millionaires. By 1923 some 2,800 of these were no longer in the millionIndividually acknowledged to be in excess of 81,000.000.
This means that their entire income, less all allowable deductions, such, aire class, many had even totally disappeared from the list making incomeamong others, as prior year losses, bad debts, interest on debts, taxes paid, tax returns, while others made returns of comparatively small incomes.
The evidence seems to prove that it is easier to earn great wealth than
depreciation, and business expenses was in excess of
$1.000,000 each. It is to preserve or conserve
it.
The total net income of these 74 individuals was returned at $154,852,709
,
In 1914 the number of American millionaires was about 45.44 per each
an average of something over 82,000,000 each.
Of these individuals, about one-half, or 36, had incomes not in excess 1.0000,000 population. In 1923 it was about 77.30 per each 1,000.000,
while to-day it is about 95.22 Per
each 1,000.000•
of $1,500,000.
This proportion of millionaires will probably
decrease. Many of those
Those with incomes in excess of this amount, but not in excess of $2,000,who become millionaires through profitable investments in
corporations
000, numbered 13.
will pass from the ranks, while their places will be filled only
partially
With incomes of over $2,000,000, but not over $3,000,000, there were
by new millionaires.
15 Persons.
The fear that the American business man is deteriorating in ability is
There were four with incomes between $3,000,000 and $4,000,000.
without ground. It cannot be gainsaid that the modern business man
There were three with incomes between $4,000,000 and 85.000.000, while is
not the slave to his business that those of the old school were. That is,
three individuals returned incomes in excess of $5,000.000. These three he
takes time off—occasionally, to look after his physical welfare. His
returned a total income of $27,955,319, an average of over $9,318,000.
business does not depend, at any rate to the extent it did in past times.
The source of the income of these 74 persons with million-dollar incomes upon
his own individual work. He has learned, probably from his college
maylbe worth noting.alt was as follows;
football tactics, the advantage of team work.
JAN. 1 19271
THE CHRONICLE
Instead of attending to all the details himself,he now has a well-organized
force watching for the signals, each ready to aid the team at his call, and
so, working together, form an almost irresistable organization. This is
now evident in every line of industry, and probably is one cause of the
great development in corporate business.
The increase in wages of all kinds also has entered into the problem.
The result is that, although the national income is enormously increased,
the national outgo is increased possibly even to a greater extent, due to
new necessities being added to the life of all.
The eventual result of these modern tendencies will probably be a
healthier, sturdier, happier race, with the poorest classes practically
eliminated.
Distribution by States.
The distribution of these millionaires by States for the year 1923 may
be of interest.
The following table will illustrate the probable distribution of American
millionaires by the States in which their returns for income tax were filed.
The probable number of persons with wealth in excess of $1,000,000, and
the number, included in the former group, who reported net income in
excess of $1,000,000 for the calendar year 1923. is given below:
Number
Number
Returning
Returning
Net InProbable
Probable Net InNumber come in
come in
Number
of MU- Excess of
of Mil- Excess of
lionatres. 81,000,000
State—
State—
lionaires. $1,000,000
16
Nebraska
1
26
Alabama
1
Nevada
7
Arizona
28
New Hampshire_ _ _
24
Arkansas
New Jersey
390
470
California
1
New Mexico
44
Colorado
3
2,800
New York
180
Connecticut
North Carolina..._
63
24
Delaware
o
North Dakota
86
Dist. of Columbia..
361
Ohio
51
Florida
33
Oklahoma
42
Georgia
28
Oregon
30
Hawaii
1
1,052
1
Pennsylvania
Idaho
NO
83
Rhode Island
Illinois
19
South Carolina.. _ _
85
Indiana
1
33
South Dakota
Iowa
29
17
Kansas
Tennessee
96
Texas
32
Kentucky
e
Utah
Louisiana
35
15
Maine
Vermont
30
36
Virginia
129
Maryland
24
Washington
610
1
Massachusetts
.52
West Virginia
312
6
Michigan
95
Wisconsin
110
0
Minnesota
2
Wyoming
14
0
Mississippi
174
Missouri
7
Total United States 8.600
0
3
Montana
This estimate is about as close as the income statistics will allow. The
undeterminable fact that some persons are now in possession of very valuable
property that is not at present productive may increase the number of
American millionaires, but, on the other hand, the possession by others
of property that is exceptionally productive at present may act as a setoff.
It is, therefore, safe to say that at the present time,among over 115,000.000
people, there are some 11,000 who are worth in excess of $1,000,000 each.
The above statistics clearly show that wealth and population go hand
in hand. New York, naturally having the largest number, followed by
Pennsylvania and Illinois.
Our First Billionaire.
The latest returns that we have from our three wealthiest citizens are
that they owned $33,811,500 of the obligations of States and political
subdivisions thereof; $82,691,850 of obligations of the United States not
taxable, and $3,823,598 partially taxable. In addition, they held corporate securities from which the dividends in 1924 amounted to about
$30,000,000.
This represents a total of stocks and bonds held by these three persons
of from $750,000,000 to $800,000,000, from which they received about
534,500,000 interest and dividends.
If to the value of these interest-bearing securities be added the value
of all the other property owned by these three millionaires—their non
productive or inactive securities, their holdings of real estate, collections
of art, Jewelry, and all other personal property—it would seem safe to
say that the entire present value of their gross estates will be in excess of
$2,000,000,000, or, because of the newness and class of investment of
two of these, over $1,000,000,000 to our wealthiest man—a billionaire.
South Dakota Bankers Ban Loans to Veterans.
A Sioux Falls (South Dakota) dispatch, Dec. 17, was
published as follows in the Minneapolis "Journal:"
Sioux Falls bankers to-day were in accord with the decision that they
will be forced to decline requests of World war veterans for loans under the
clause in their bonus insurance certificates, which permits borrowing after
Jan. 1. Reasons given for this decision is that amounts which may be
loaned on certificates are too small: the length of time is too long and the
Interest rate is less than that obtainable elsewhere on large loars without
the necessity of restrictions imposed by the government.
As stated in these columns last week (page 3269) Des
Moines bankers have also refused to make loans on Veterans
insurance certificates.
President Coolidge in Address at Celebration of
150th Anniversary of Battles of Trenton and
Princeton Urges Sacrifices in Behalf of Peace.
At the celebration in Trenton, N. J., on Dec. 29 commemorating the 150th anniversaryof the Battles of Trenton and
Princeton, President Coolidge reviewed the trials and achievements of Washington and his army, and said that while the
smoke of the conflict in which they engaged has cleared,
and the civil strife and disorder which followed have been
dissipated, "the institutions which they founded, the Government which they established, have not only remained
but have grown in strength and importance and extended
their influences throughout the earth." "Washington and
the patriots of his day," said President Coolidge, "wanted
peace. We want peace," he observed, adding:
They found it was necessary to make great sacrifices in order to secure it.
We cannot escape the corresponding sacrifices, sometimes for the purpose
51
of providing adequate national defense, sometimes through international
covenants by limiting the scope of our military forces. I do not believe we
can advance the policy of peace by a return to the policy of competitive
armaments. While I favor an adequate army and navy, I am opposed to
any effort to militarize this nation. When that method has been worked
out to its logical consequences the result has always been a complete failure.
. . . Altogether too much of international relationship is based on fear.
Nations rejoice in the fact that they have the courage to fight each other.
When will the time come that they have the courage to trust each other?
The world has been striving to advance in this direction, to discard the
old theory of relying entirely on force and to adopt the method of relying
more on reason. We are in dnager of slipping back into the old formula.
The habit and tradition of ages call us in that direction. We cannot establish the new principal unless we are willing to make some sacrifices, unless
we are willing to put some courage into our convictions. We have met to
celebrate some of the events which secured our independence. I believe we
are strong enough and brave enough to resist another domination of the
world by the military spirit through our own independent action.
The President's address in full follows:
Fellow Countryrnew—The season is now well advanced in the celebrations
of the one hundred ,and fiftieth anniversary of the opening events of the
American Revolution. The year of 1925 marked the passage of a century
and a half of time from the days of Lexington. Concord, and Bunker Hill,
and the assumption by Washington of the post of Commander-in-Chief
of the Continental Army at Cambridge. During the following March of
1776 in forcing the British to evacuate Boston he secured his first military
success. In the following July the Declaration of Independence was
adopted by the Continental Congress at Philadelphia. The early summer
saw nearly 30,000 British, under the command of Sir William Howe,
landed at Staten Island. Coming in contact with some of these forces
on Long Island and again at White Plains, the Americans fought without success. But General Washington was entitled to great credit for
extricating his army, which was then forced for nearly two months to
retreat through New Jersey, and crossing the Delaware at Trenton, reached
the Pennsylvania shore Dec. 8, barely in time to escape from Cornwallis.
Although the Americans were safe for the moment, as they had possession of all the boats up and down the river for 70 miles, their situation
was so desperate that Washington thought it might be necessary to retreat
into Virginia, or even go beyond the Alleghenies. All hope of taking
Canada was gone. New York had been lost. The British had advanced
Into New Jersey. Even the Congress had fled from Philadelphia to
Baltimore. Entrenched behind the Delaware with a ragged, starving
army, poorly equipped, broken in morale, dwindling through the expiration of enlistments and daily desertions, while the patriotic cause was
at its lowest ebb, on Dec. 18 Washington wrote to his brother:
"You can form no idea of the perplexity of my situation. No man, I
believe, ever had a greater choice of difficulties and less means to extricate
himself from them. However, under a full persuasion of the Justice of our
cause I cannot entertain an idea that it will finally sink, though it may
remain for some time under a cloud."
There you have the full measure of the Father of His Country. He faced
the facts. He recognized tt•e full ha.lort of their seriousness. But he was
firm in toe faith that the right would rrevail. To faith he proposed to add
works. If ever a great cause depended for its success on one man, if
ever a mighty destiny was identified with o-e rerson in these dark and
despondent hours, that fig ire was Wasaington.
Such was the prelude to the historic events which, notwithstanding
their discouraging beginning, were soon to culminate L. the grilliant victories of the patriotic armies in the batzles of Trenton and Princeton
the one hundred and fiftieth anniversary of which the ,•eople of New Jersey are new so apdrorriately celebrating. After a series of engagements
and retreats which can only be characterized as defeats, running from
April to late December, Washington now decided to take the offensive.
While some of his generals supported this proposal, others were doubtful.
Colonel Stark, who was to be heard from at the battle of Bennington in
the following August, is reported to have advised the Commander-in-Chief
as follows:
"Your men have too long been accustomed to place their dependence
for safety upon spades and pickaxes. If you ever expect to establish the
independence of these States you must teach them to place dependence
upon their firearms and courage."
Crossing the Delaware.
It was finally decided to attempt the crossing of the Delaware from
Pennsylvania into New Jersey on Christmas night, 1776, for the purpose
of a surprise attack on the Hessians who occupied Trenton. Orders were
Issued to Colonel Cadwalader, commanding three Philadelphia battalions,
to cross at Bristol, and to General Ewing, of the Fennsjlvanla Militia, to
cross at Trenton Ferry. Washington planned to .-ake his army over at
,well-known history.
McKor.keys Ferry. The crossing has ever since bee.
The cold, the sleet, the wind, the great cakes of floating ice made the effort
well-nigh impossible. But for the skill of a regiment of fishermen from
Marblehead, Mass., under the command of Colonel Glover, the effort
would have failed. The commands of Cad walader and Ewing were unable
to reach the New Jersey shore. Tradition relates that Washington said
to General Knox' "The fate of an empire depends upon this night." It
was not until4 a'clock in the morning that the little army of 2,500 men began
their march on Trenton. The password was "Victory or death." The
storm of sleet was freezing as it fell, the mud was deep, the night was dark
Being told the muskens were too wet to use. Washinzton continued the
advance and ordered that where gunpowder failed the bayonets be used.
About 8 o'clock the Americans, emerging through the storm, surprised
the Hessians at Trenton, then a village of about 800 inhabitants, killed
their commander, Colonel Rail, and captured between 1,060 and 1,500 men.
It is said that Washington personally directed the artillery fire. Alexander
Hamilton commanded a battery. Being unsupported and out numbered
three to one. Washington recrossed the Delaware and again took up his
position on the Pennsylvania shore.
It cannot be said that this ranks as a great battle but it was the turning
point in the Revolutionary War at which defense and defeat became offense
and victory. From that hour the spirit of the patriot cause rose. The
inhabitants of this region began to remove their loyalist flags and to manifest their open adherence to the American cause. Early on New Year's
morning Robert Morris was busy waking people in Philadelphia making
appeals for money to support the army. lie secured $50,000. which went
largely to pay the soldiers, encouraging them to remain after their enlistments had expired.
Meanwhile Caldwalader had crossed the Delaware. Learning of his
movements, on the 30th Washington again occupied Trenton and drew
his lines on the south side of Assunpink Creek with about 5,000 men
Skirmishers which he sent toward Princeton were driven back by the
British commanded by Cornwallis, who encamped on the north banks of the
creek, expecting with his superior numbers to overwhelm the Americian
on the following day. Realizing that he could not recross the Delaware
for lack of boats and that his army was too weak to advance. Washington
held a midnight council, at which it was decided to leave their camp fire
52
THE CHRONICLE
[Vol,. 124.
burning and their sentinels posted while the army moved off to theright of law. When the battles were over and the Federal Constitution
and marched rapidly around behind the British position. Just after day- with its Bill of Rights had been adopted, when the Federal courts
had
break Cornwallis heard the roar of Washington's guns from Princeton, a been appointed and the jurisdiction of the national laws was thoroughly
dozen miles away, where a sharp engagement took place. When the established the people of this country found themselves in the possession
battalions of Mercer and Cad walader were thrown into disorder Washington of greater liberties than were enjoyed by any other nation.
While our
road to the front, rallied his men, and brought victory out of defeat. political ideals were in many respects an inheritance, and our
political
Having routed the British. he continued north toward Brunswick. but capacity the result of generations of experience, our theory and
form of a
finding his men too exhausted to attack the British depot turned his army representative system of self-government based on the broad doctrine
of
north toward Morristown, where he arrived on Jan. 7.
equality, recognizing that the individual had rights upon which not even
By this brilliant action he had broken through the lines of General Howe the Government itself could encroach, was something altogether new
in the
and held a position where he could recruit his army and continue the war. world. It completely obliterated the old system of class and
caste and
"Earlier successes," says John Fiske, "had been local. This was continen- opened wide the door of opportunity,to every talent.
What had heretofore
tal. Seldom has so much been done with such slender means." On hearing been the privilege of the few immediately became the right of the
many.
what Washington had accomplished, Sir Horace Walpole wrote:"His march Under the great intellectual and spiritual awakening
which this new conthrough our lines is allowed to have been a prodigy of generalship. In one ception of human relationship brought about the nation
began that rapid
word, I look upon a great part of America as lost to this country." After development and expansion which has been so continuous
and increasing
this display of valor and success, Congress hastened to vote more troops through the whole length of our history. Our fears in
the end have proved
and supplies. Recruits began to mrive. The crisis was passed. The way to be delusions, while it has been our hopes that have proved to be
realities.
was open to arouse the spirit of the Colonies to such point that they were
We have wondered whether a people left entirely to themselves with
able in the following October to surround and defeat Burgoyne at Saratoga. no restraints except those which were self-imposed through their
own
That victory brought the open support of France and led on to Yorktown political action would be able to exercise sufficient self-control to
remain
and independence.
economically sound. We have wondered whether there would be enough
It is the relationship of events which makes them important. The cap- security for property against confiscatory action, so that there could be
ture of a small outpust in a little village by the Revolutionary force of sufficient accumultaions of capital to finance the needs of a rapidly
expandscarcely 2.500 men is not in itself impressive. The night march from the ing nation with its many requirements for tremendous investments,
to
south side of Assunpink, the surprise attack on Princeton, the escape of the provide it with the necessary methods of production and
distribution. We
patriot army through the British lime, hold a trifling place if considered have seen that under a republic, with the great
inspiration that it gives to
merely as a military achievement. The colonists had demonstrated that private initiative, our accomplishments in
this direction have surpassed
they could fight at Bunker Hill. But that was more than a year and a those of any other country.
half ago, and it was not a victory. Washington had demonstrated his
Distribution of Wealth.
military capacity by the successful and almost bloodless siege of Boston.
We have wondered whether, if the individual were left unrestricted, the
He had shown his strategy in the retreat from Long Island. But here at
more
intelligent,
more
resourceful
and more unscrupulous would not
last he had led an attack of great boldness, had one or two actions in the
field and finally reached his objective. This was successful offensive vic- gather unto themselves so large a proportion of the wealth of the countory. He had demonstrated his genius for command. His cause was far try that they would dominate the great mass of the people by the mere
from won. He was yet to pass that terrible winter at Valley Forge and meet weight and power of money. But some way people of that stamp do
the shock of Arnold's treachery on the Hudson. But hereafter he stood out not prosper, do not gain real power. We have seen many great fortunes
as a general that commanded the pride of his countrymen and the respect accumulated. But they do not dominate the people. Rather the people
of their foes. Thereafter every one knew that the Colonies had an army in dominate them. Their whole tendency has been toward investment for
the field that would fight and could win victories. It was that knowledge the benefit of the public. Some of those which stood out as the largest
and that army which were the entire support of the Revolutionary move- scarcely twenty-five years ago have been practically all bestowed upon
charity, while men at that time obscure and unknown have risen to the
ment.
We cannot, however, put the main emphasis of these important events highest rank in the wealth of our country. Who can doubt that these
on their immediate results. It was not that they enthused the patriots results are even now in the process of repetition? As a general rule with
with a new spirit which enabled them to win important victories in the us great wealth has meant great public service.
We have only to look about us to see that under our institutions these
coming campaigns of 1777. The war could have been lost many times in
the following years. It was not even the more distant day of indepen- conditions, instead of affording a means of burdening and oppressing
dence. A straggling, dissevered, unrelated aggregation of Colonies, each the great mass of the people, have rather afforded them means for a higher
a prey alike to Its own domestic jealousies and foreign intrigue, riotous, standard of living and a greater degree of prospertiy than ever before existed.
Impotent, bankrupt, would scarcely have been worth the blood and treas- Under our system, the wealth of the country, instead of tending to concenure expended for a nominal and fleeting independence. The American tration, tends to distribution. If all the large fortunes of the country were
Revolution was not an accomplished fact until the adoption of our Federal combined, their amount in comparison with our entire wealth would not be
Constitution and the establishment under its provisions of an efficiently large. The fact is that the great mass of the property of the country is
functioning Government. Unless the engagements at Trenton and Prince- owned by the people of the country. This is the great outstanding fact in
ton had led in this direction, they would have been all in vain and we should the economic life of America. It cannot be too often stated or too strongly
emphasized. Instead of retarding, our political institutions have advanced
not be here assembled to do our reverence to them and their heroic figures.
and strengthened our economic condition.
Strength and Importance of Institutions Founded by Washington and Ills
We are placing a great deal of emphasis on prosperity. Our people
Generals.
ought to desire to be prosperous, but it ought not to be their main desire.
Washington and his generals are gone. The bloody tracks which their There are other things that they ought to want more. Prosperity Is not a
barefoot armies often left on the frozen ground have long since been washed cause; it Is a result. It is not based on indolence and ease, on avarice and
away. The smoke of the conflict in which they engaged has cleared. The greed, or on selfishness and self-indulgence. It is the result of industry,
civi istrife and disorder which followed have been dissipated. But the in- fair dealing,self-denial and generosity. It is all summed up in a single word.
stitutions which they founded, the Government which they established, It is character. If the country will put its emphasis on this process and rehave not only remained, but have grown in strength and importance and member to practice these virtues, its prosperity will become greater and
extended their influence throughout the earth. We can never go to their greater, and the greater it becomes the more worthy it will be of our admiraassistance with supplies and reinforcements. We can never lend our counsel tion. A more effluent ser ace. one to another, will be the foundation of a
to their political deliberations. But we can support the Government and greater prosperity and of a stronger national character.
Institutions which are their chief titles to the esteem and reverence in which
It is never possible to discuss the political institutions which resulted
they are held by the common consent of all humanity.
from the American Revolution without realizing that their fundamental
Our country has traveled far since these soul-inspiring days. Our prog- conception is reliance on the individual. The whole system or a selfram has been great. Our prosperity has been the wonder of the world. supporting,self-governing people breaks down both in theory and in practice
Our present day existence has its difficulties, requiring courage and resource- unless the Individual is of a character capable of rising to the great dignity
fulness. The political and economic life of the nation offers abundant op- of that position. The whole record of American success Is traceable to the
portunity for developing the character and increasing the moral power of excellence of American citizenship. To such a people institutions, of
the people. I believe it to be a grave error to assert that the spiritual force course, are important. Our political organization, with its ropresenative
of the men and women of the Revolutionary period was superior to that system and its local self-government, its strong executive authority and
which exists in the America of the present. But they did set for us an ex- independent courts, harmonizes our historical background with sound
ample which no nation can ignore and long exist.
social principles. Yet this elaborate and well wrought out system would be
No doubt their desire was as great as ours, if their chance to gratify of little avail unless the people supply sufficient energy and intelligence to
It was more limited, for an opportunity to reap a profit from following make it work. Unless that be done, there is no system of government that
their own business and living in security and peace. But this was not can supply a nation with political salvation. Under our theory, the citizen
their supreme choice. They were willing to accord to those rights which Is sovereign. Whenever he abdicates, some pretender assumes the throne.
they set out in the Declaration of Independence something more than In large centres of population this has often taken the form of what wo
lip service. When they had pledged to the support of those principles term a political boss. The voters cease to function in their sovereign
their lives, their fortunes and their sacred honor, they demonstrated capacity and turn their power over to some individual who rules in their
by their actions that they stood ready to redeem that pledge. In order stead. They cease thinking and acting for themselves and permit some one
that their ideals might be maintained, they did not hesitate to sacrifice to think and act for them. They are not willing to make the sacrifice and
all that they had and were.
perform the service which Is necessary to support self-government.
Nation not Suffering through Spread of Luxury and Ease.
Influences of Religion and Education.
The Colonies of those days had little in the way of accumulated wealth,
When this condition exists there may be many palliatives, but there is
but by hard work the people on the whole maintained themselves in com- only one fundamental remedy. Methods can be devised under which it
fort. Those condtions, as every one knows, have been radically changed. may be more difficult for the political dictator to remain in power and more
Through the development of our natural resources, our inventive genius easy for the great body of the voters to direct their own destiny. But under
and mechanical skill this nation has become possessed of very large wealth. our institutions the only way to perfect our government is to perfect the
Such a situation has its dangers. In past history it has usually led first Individual citizen. It is necessary to reach the mind and the soul of the
to luxury and ease and later to decline and decay. We do not yet appear Individual. It is not merely a change of environment but a change of heart
to be tending in that direction. While we have a considerable extent that is needed. The.power of the law may help, but only the power of
of what might be called luxury, it is not of that destructive nature which righteousness can be completely sufficient.
has in the past afflicted other people. In a wide measure it is for use
I know of no way that this can be done save through the influences of
rather than display. It makes its appeal to the soul rather than to the religion and education. By religion I do not mean either fanaticism or
senses. With whatever else we may be charged, our sharpest critics do bigotry; by education I do not mean the cant of the schools; hut a broad
not claim that this is a nation given over to ease. The fact Is that idleness and tolerant faith, loving thy neighbor as thyself, and a tri_ning and
Is no longer fashionable. The American of large possessions has not been erperience that enables the human mind to see into the heart of things.
afflicted with indolence. Rather, he has been a victim of overstrain and This has been a long, slow and laborious process, accompanied by many
overwork. The class of idle rich in this country has dwindled to such failures and many disappointments. No doubt there will be many more in
small proportions that it is no longer worth noticing. No doubt it can the future. But those who have faith in the power of the individual to
be said that we have permitted certain types of extravagance, as in the work toward moral perfection are willing to entrust their destiny to that
use of our natural resources and in the waste that attends the conduct of method of reform. It is that faith which Justifies the American conception
much of our daily life, but as a nation it does not appear that we are suf- of popular sovereignty. There is no other theory by which we could
explain the making of the American Nation and no other theory on which we
fering any impairment through a spread of luxury and ease.
can hope for its continuity. It was in this faith that Washington crossed
Indiridual Freedom Growing Out of War.
the Delaware.
The main effort of our Revolutionary period, it seems to me, was ta
It is true that the world is coming to comprehend the spirit of service
bestow upon the individual a larger freedom guaranteed by the authority better than it ever did before. We ought
to rejoice in that conception.
JAN. 1 1927.]
T-FrE CHRONICLE
53
people
The our agent in the conference at Paris, that it would be acceptable to the
But that theory does not run counter to the theory of independence.
of the of the United States.
Colonies had been called on to fight the European wars on this side
European
The following is Mr. Root's speech:
Atlantic. They had been required to pay tribute to liquidate
had been
debts and support the European military establishment. They
Chairman, Mrs.Wilson, Ladies and Gentlemen:
Mr.
for the benefit
me.
forced to submit to the regulation and control of their trade
I beg you to believe that I deeply appreciate the honor that you do
impositions
unjust
these
resist
to
determined
They
commerce.
of European
finest thing about it is the spirit in which it was done, which was able
The
not
do
and
differand establish their complete independence. They did not then
to brush aside as incidental long political opposition, and not a few
world, and that they
identity
now fill to recognize that they are a part of the civilized
erences of opinion publicly avowed and to rest upon fundamental
were
they
But
obligations.
distinchigh
great
the
to
others
suitable
to
owe not only to themselves, but
with fitting proportion, proportion
their own of purpose
to
determined then and are determined now to be the masters of
of the great President whose memory you celebrate, and suitable
and we ought tion
permanent purpose of your organization. In foreign affairs
destiny and the judges of their own conduct. They knew,
and
the deep
Unless
anything.
be
to know, that unless we can be American we can not
peculiarly true that the spirit in which work is done is everything.
obligations It is
said, very
we look after ourselves we can not look after anybody else. The
M. Briand in the Washington Conference five years ago
others
to
owe
we
that
be moral
consideration
same
The
reciprocal.
are
of civilization
wisely as well as very eloquently, that in Europe there must
they owe to us.
disarmament before there could be physical disarmament, and ever since
that sage
Washington and Patriots Sought Peace.
he has been applying to the disturbed conditions of Europe
peace. philosophy, to his own immortal glory and to the great benefit of all manWashington and the patriots of his day wanted peace. We want
it.
secure
to
order
in
sacrifices
kind.
They found it was necessary to make great
and
the purpose
Nations always will differ. They differ in inherited characteristic;
We cannot escape the corresponding sacrifices, sometimes for
there
international
through
sometimes
defense,
national
predictions and traditions and modes of thought and feeling, but
adequate
of providing
apif
settled
peaceably
covenants by limiting the scope of our military forces. I do not believe never is a difference so great that it cannot be
competitive proached in the right spirit. And there never can be a difference so trifling
we can advance the policy of peace by a return to the policy of
approached in the
to
that it may not be made the occasion of war if it is
armaments. While I favor an adequate army and navy. I am opposed
any effort to militarize this nation. When that method has been worked wrong spirit.
failure.
out to its logical consequences the result has always been a complete
United States and the League.
our
We can render no better service to humanity than to put forth all
confronted by some difficulties in this regard in this co.mtry.
are
We
that
of
grasp
the
into
back
slipping
influence to prevent the world from
We have long been a member of the community of nations and adjusting ravaging system. Truth and faith and justice have a power of their own
of
with our sister nations the rights and obligations and duties of members
in which we are justified in placing a very large reliance. Washington could
that community arising from the necessity of neighborhood by means of
carry on the war because, as he wrote to his brother, he had "a full percourse
up
the
in
built
been
had
which
the modes of diplomatic procedure
suation of the justice of our cause." It was the final conviction on the part
of centuries—foreign officers and ambassadors and ministers and diplomatic
of the British that their cause was not just that led them to abandon their
notes and diplomatic memoranda and treaties and mediation and conciliaattempt to subdue the Colonies.
art
tion and so forth—but at the close of the great war, when the greater
Moral Disarmament Would Result in Little Need for Armaments.
of the nations of the world united in the League of Nations, they entered
and
some
to
other
expect
each
regard
can
with
we
As
conduct
counterpart.
their
their
have
In nations, individuals
upon a new mode of regulating
help from domestic laws, so we can expect some help from international adjusting the differences that arise in the ordinary course of internationa
covenants. While each represents the best that humanity can do at this affairs.
time, neither in themselves are sufficient. As it is necessary to change the
Instead of the old method, they proceed by formal conference of °camel
heart of the individual, so it is necessary to change the heart of nations. and Assembly and a large part of the business which foreign officers and
This has often been referred to as moral disarmament. The mistake that is ambassadors used to do in the old methods are now done through the
being made in its application lines in the fact that it does not come first. machinery of the League. We have stood out of the League and we
If the world had complete change of heart, complete moral disarmament, are going on in the old ways, by the old methods, and the utmost friendly
complete mutual understanding, complete sympathy, we would have little consideration is needed to reconcile the conduct of international affairs
need of armaments and no need at all for international treaties limiting their in the new ay by our sister natins across the Atlantic, and the old way
use and size. It is because all nations are in danger from this source that by ourselves.
we ought to provide such artificial barriers as are possible for the protection
It is a very difficult thing to make a horse that trots and a horse that
of the peace and welfare of humanity. It is because the spirit of avarice. gallops pull evenly in the same team. If the League of Nations had been
hearts
the
from
eliminated
yet
not
are
revenge
of
of jealousy, of hate and
formed against the United States, the matter would be simple, but it
of the nations that it is well for them to take counsel together that they was not formed against the United States, it was formed in friendship
may devise means for protecting themselves from these evil counselors, to the United States. It was formed in the acceptation that we would
that they may deliver themselves from their control and come more com- be a member, and it was formed with the understanding, based upon the
pletely under the dominion of benevolence, kindliness, charitableness, and judgment of our representative, our negotiator, our agent in the Conference
goodwill. Altogether too much of international relationship is based on at Paris, that it would be acceptable to the people of the United States.
fear. Nations rejoice in the fact that they have the courage to fight each
We had a perfect right to refuse to enter into the treaty. Fair notice
other. When will the time come that they have the courage to trust each of that was given by the provisions of our Constitution. Nevertheless.
other.
President Wilson, when he went to Paris, was our representative he
Need of Sacrifices.
was Our negotiator; he was our agent; he was the only one to whom the
The world has been striving to advance in this direction, to discard the nations of Europe could look to acertain what would be satisfactory to
old theory of relying entirely on force and to adopt the method of relying the people of the United States. When the League was completed, when
more on reason. We are in danger of slipping back into the old formula. we refused to become a member of it, and Europe was left with an inThe habit and tradition of ages call us in that direction. We cannot complete organization, left without the support of the most populous and
establish the new principle unless we are willing to make some sacrifices, richest and most potentially powerful nation whose name was written
unless we are willing to put some courage into our convictions. We have Into the covenant; when Europe was left with that incomplete organization
mot to celebrate some of the events which secured our independence. I to deal with the wcrld parties that were set loose by the adjustment of
believe we are strong enough and brave enough to resist another domination territory and of sovereignty under the Treaty of Versailles, what would
of the world by the military spirit through our own independent action. we naturally have said, what would any gentleman have said to another
This is the holy season. All humanity has laid aside the burdens of the who had been brought into such an untoward condition by his representaday that they might rejoice in the glad tidings of "peace on earth,good will tives and agent? Mistaken, but in good faith, what but an expression
toward men." Remembering the sacrifices that Washington and his of the most sincere regret; what but an expression of a confirmed intention
patriot army endured for us, we ought not to shrink from sacrifice to make and a strong desire to do everything possible to prevent our abstaining
that inspired vision a practical reality.
from the League from being injurious to our old friends and associates.
What did we do? Has there ever been an exhibition by America of
or sympathy with the League and its work? Unfortunately,
Elihu Root, in Accepting Woodrow Wilson Peace friendship
the controversy which resulted in our determining not to enter the League
Award, Comments on Aloofness of United States
was violent and bitter feelings were aroused, and those feelings came to
be carried over to the League itself, and it came to be a common thing
from League—Money Donated by Mr. Root
that we would read in the newspapers and hear in speech and conversation
Toward Endowment Fund for Maintenance
expressions of expectation that the League would fail, and evident pleasure
of "Foreign Affairs."
when it seemed that it Might fall. Those feelings were extended to the
Court, which was presently created to cover another part of the field in the
Elihu Root, who, it was announce dearly in December, same
effort to bring about permanent peace. Reprisals began to come from
had been selected as the one to whom would be given the the other side. Unkind expressions never can be confined to one side.
prize of $25,000 given annually by the Woodrow Wilson Reprisals began to come,disagreeable things were said upon the other side.
and a period of pin pricks has proceeded for years. It has colored and
Foundation, was formally presented with the award and conditioned
the consideration of the debts between the foreign nations and
the
held
at
the
of
Foundation,
Hotel
Astor
dinner
a
at
medal
ourselves.
not
all. Nt only did we forget the demands of honorable obligaThat is
on Dec. 28. Mr. Root was accorded the award in "recogresting upon old associations and fellowship and the expectations raised
nition of his services to humanity and the casue of peace tion
by our own representative, but consider the service that was rendered by
through justice, in helping to create the Permanent Court the League and by the Court. For these years the League in the political
field have been rendering the best service
of International Justice, popularly known as the World field and the Court in the judicial
In the cause of peace known to the history of civilization; incomparably the
since
the
given
has
to
$25,000
Root
the
Court." Mr.
best.
War results from a state of mind. These institutions have been teaching
Council on Foreign Relations, Inc., as part of an endowment
people of Europe to think in terms of peace rather than in terms of war.
fund, the income from which is to be applied toward the the
They have been teaching them by actual practice, by things done; to think
quarterly
journal
"Foreign of conference instead of war, about policies; to think of argument and proof
maintenance of the Council's
Affairs." The presentation of the award to Mr. Root on and judicial judgment, instead of war, about rights; 1-Paching them to
habits of thinking and of acting that way. The question of war or
Dec. 28 was made by Norman H. Davis, President of the acquire
peace for the next generation is being settled now, to-day, by the character
Foundation. Mr. Root in his speech of acceptance referred and habits of thought and feeling, the standards of conduct which the
of the future.
to the fact that the United States has "stood out of the people of the world are learning to guide them in the exigencies
We, the great peace-loving people, what have we done to help in this
League," and said "we are going on in the old ways, by the wonderful new work?
No sympathy, no moral support, no brotherhood—
old methods and the utmost friendly consideration is needed No. Our Executive Department has done the best it could, for GovernIt is the people, the power of the people behind
in
ments
can
but
do
little.
affairs
the
international
new
to reconcile the conduct of
the Government that means everything.
way by our sister nations across the Atlantic and the old way
We have allowed insensate prejudice, camouflaged but futile phrasei,
to appear, but falsely appear, to represent the true heart of the American
by ourselves." He also said:
the
United
against
States,
the
formed
with all its idealism, with its breadth of human sympathy, with Its
been
people,
had
Nations
of
If the League
matter would be simple, but it was not formed against the United States; strong desire that our country should do its share for peace and happine:c
it was formed in friendship to the United States. It was formed in the and noble life in all the world.
Are the qualities which saved the soul of a nation worth that wealth,
expectation that we would be a member, and it was formed with the understanding. based upon the judgment of our representative, our negotiator, and prosperity? But these qualities do not long survive disuse. The re.
M
THE CHRONICLE
percussions of our domestic strife seem to have prevented the effectiveness
of our noblest impulses.
These, my friends, are some of the evils visited upon us by a hateful and
contentious spirit, from which may the good Lord deliver us.
[VOL. 124.
"May 20 1926.
"My Dear Mr. Thompson:—As you are
for the Philippines to
make a survey and report to me on what Ileaving
might
possibly
to secure a
better administration of affairs in the islands and furtherdodevelopment
of their economic conditions, I am sending you thisa letter,
which you are
at
liberty
to
present to Governor-General Leonard
Regarding the disposition of the award by Mr. Root, the
with the request
that he give you any assistance he can in meetingWood,
these requirements. I
"Herald-Tribune" of Dec. 30 said:
suggest that if you have occasion to confer with Government
officials you
After ascertaining from Norman H.Davis,President of the Woodrow Wil- do so through General Wood as an intermediary.
"I have no doubt that he would also be pleased to arrange for you any
son Foundation, at the close of the dinner at the Hotel Astor on Tuesday meeting
with private parties in the islands.
night, that the Foundation would have no objection to the gift, Mr. Root
"I trust that you will find your journey comfortable and interesting,
turned the check over to John W. Davis, President of the Council, on For- that a benefit to the Filipino people and the American Government mayand
be
eign Relations, with the following letter, which he had prepared in advance: derived from it.
"With kindest regards, I am,
I beg to hand you herewith a check for 525,000, drawn to my order and
"Very trour,
indorsed by me to the order of the Council on looreIgn Relations, Inc.
'This is the money part of the Woodrow Wilson award presented to me
"CALVIN COOLIDGE."
on Dec. 28 1926 by the Woodrow Wilson Foundation.
I sailed from Seattle on June 15, arriving in Manila, the capital of the
give
the
I
money
which this check represents to the Council on Foreign Relations, Inc. I Philippines, on
July 9. My first action was to call upon Governor-General
should be glad to have it invested and kept as a part of an endowment fund,
the income from which would be applied to the maintenance of the quarterly Leonard Wood, to whom I presented your letter.
journal entitled 'Foreign Affairs.'
For the ensuing three months, lacking five days, I spent my time in
Should that admirable and enlightening
cease to be published traveling throughout the Islands and in interviewing representative Amerior'should the Council on Foreign Relations journal
be dissolved, I should like to cans and Filipinos in Manila and elsewhere. On Oct. 4
have the principal fund applied to such purpose
I sailed from
directors
as
the
of the Coun- Manila, stopping in China and Japan
cil shall then deem to be most useful to promote a general understanding
for the purpose of studying general
of the relations between the United States and other nations."
economic and political conditions in those countries as they are related to
Mr Davis expressed his gratitude on behalf of "Foreign Affairs" in a let- the Philippine Islands. I arrived in Seattle on Nov. 19.
This report is based upon information gathered from personal observater to Mr. Root.
tions; from conferences with representative Americans and Filipinos; from
speeches, memorials, petitions and various other written documents, and
from reports and statistical
prepared by the executive departments
Report of Colonel Carmi A. Thompson on Philippines— of the Philippine Governmentdata
and the American Trade Commissioner in
Manila.
I
have summarized this material in a memorandum which is hereWhile not Entirely Agreeing With Report,
with submitted as a supplement to this report.
President Coolidge Says It Merits
FUNDAMENTAL NEED OF THE PHILIPPINES.
Consideration.
It became apparent
me early in my inquiry that the political probBrief mention was made in these columns last week (page lem is the fundamentaltoproblem
in the Philippines. The political and the
3263) to the report of Colonel Carnal A. Thompson on the economic elements of the situation in the Islands are so inextricably bound
together that it will be impossible to bring about any economic
developPhilippine Islands. The recommendations contained in the ment there before the
political status of the archipelago has been settled
report were set out in the item, these among other things finally or for a long time to come.
Although the Philippines have vast natural resources and remarkable
proposing the extension of the Federal Reserve System to
advantages in geographical location, soil, climate, timber, mineral deposits
the Islands, and the establishment of one or more Federal and water power,
the development of which would make it a land of wealth
Land Banks in the Philippines. The appointment of Colonel and prosperity, they lack capital and business energy. They can obtain
capital in considerable amounts only from external sources, and for some
Thompson by President Coolidge as a special commissioner time,
at least, a part of the business energy
which capital is useless
to survey economic and internal conditions in the Philip- must come from abroad. Under the presentwithout
conditions of political turmoil
pines was noted in these columns May 8, page 2598. Colonel and uncertainty outside capital and business energy are not attracted to
the Philippines, and the Filipinos discourage their entry into the Islands
Thompson's report was transmitted to Congress by Presi- on
the ground that it would lead to economic exploitation and permanent
dent Coolidge on Dec. 22. In his message of transmissal political domination of their country by Americans.
Business
in the Islands is practically at a standstill. Not only is it
the President said:
impossible to obtain new capital, but many existing investments are reIt will be noted that the report of Colonel Thompson is more candid and
intimate than is the usual published report, but I have not felt that I should garded as unsafe. In some of the more essential enterprises, such as the
erection and operation of sugar centrals, the mining of coal and the
on that account withhold it from the Congress. Colonel Thompson has
freely and fearlessly expressed his views on the Philippine situation. While manufacture of cement, the Philippine Government has sought to stimulate
economic development by supplying the necessary capital. These ventures
I do not agree entirely with all his views and recommendations, I believe
were inefficiently managed, with the result that the Government suffered
that the report is an excellent one and merits your careful consideration.
heavy losses.
Philippine labor is without sufficient employment and is emigrating to
The President's message follows:
Hawaii, the United States and other countries. Eighty-five per cent of the
To the Congress of the United States:
In my annual message to the Congress I referred to Colonel Carmi A. land is still public domain, most of it original forest. Although the PhilipThompson's survey, at my request, of conditions in the Philippine Islands. pines contain large areas of unused land, which could be converted into
I contemplated that in transmitting his report to the Congress I might the finest rice Dela in the Orient, lack of production compels the imporwish to make more specific recommendations than those made in my an- tation of a part of the country's requirements of this staple food. Further
nual message. I find, however, that the general line of his conclusions is development of the Islands through education, public health agencies and
In such close agreement with what is already recommended that this seems the construction of roads, port facilities, irrigation works and other aids
unnecessary, but on account of the interest in the text of Colonel Thomp- to business and agriculture is made virtually impossible by the lack of
son's report and a desire to secure it, I am transmitting it herewith for adequate national revenue; and the Government cannot materially increase
its revenue until the taxable wealth of the Islands has become much greater
the information of the Congress.
In my message I recited the fact that Governor Wood had administered than it is now.
In this situation the fundamental need in the Philippines is the solution
his office as Governor-General with tact and ability and to the advantage
of the Filipino people. Many, although not all, of the recommendations of the political problem in such a way as to assure the existence for a concontained in the report undoubtedly would meet with the approval of Gov- siderable period of time of a Government which will be reasonably favorable to economic development and financial investment and which will
ernor-General Wood, as they have been recommended by him in the past.
It will be noted that the report of Colonel Thompson is more candid and inspire confidence on the part of investors.
intimate than is the usual published report, but I have not felt that I
PHILIPPINE INDEPENDENCE.
should on that account withhold it from the Congress. Colonel Thompson
The political problem has two principal phases: First, a widespread and
has freely and fearlessly expressed his views on the Philippine situation. Insistent agitation
for immediate, absolute and complete Independence; secWhile I do not agree entirely with all his views and recommendations, I ond, a
deadlock between the Governor-General and the Legislature.
believe that the report is an excellent one and merits your careful conComplete independence is impossible now and for a long time to come,
sideration.
for the following reasons:
He went to the Philippine Islands as a volunteer. He gave his time.
1. The Philippines lack the financial resources necessary to maintain an
He paid a large sum for his own expenses. For all this he is entitled to independent Government. The
revenue derived from taxation in 1925
sincere thanks.
amounted to 88,507,000 peeps ($44,253,500). This would not be enough
CALVIN COOLIDGE.
independent
to enable an
Philippine Government to meet those expenses
The White House, Dec. 22 1928.
from which the Philippines are now relieved—those of an army, navy,
diplomatic
corps,
consular
service and other establishments—entirely
a
report
The
describes the political problem as the fundaaside from the cost of maintaining the existing departments and of carrymental problem in the Philippines, which, says Colonel ing on essential internal
activities, such as public education, sanitation,
Thompson, has two principal phases: First, a widespread irrigation and road building. New sources of taxation cannot be found
until
resources
natural
the
of the country are more fully developed.
and insistent agitation for immediate, absolute and comThe poverty of the Filipinos as a whole is illustrated by the fact that
plete independence; second, a deadlock between the Gover- practically all of the bonded indebtedness of the Philippine Government
is
nor-General and the Legislature. The report says "the held by citizens of the United States, who bought the securities relying
upon the continuance of American sovereignty over the Islands, only a
Philippines may have presented a military problem in the small part of these securities being held by Filipinos.
The financial weakness of the Philippines makes it almost a certainty
early days of American sovereignty, but internal problems
of the Islands are now primarily those of civil administra- that these bonds would greatly depreciate in value should immediate independence be granted, and eventually they might become worthless. If the
tion and economic development. I found no evidence of any payment of these bonds were made a prerequisite to independence the Philanti-Americanism which would necessitate military control. ippine Government would have no means with which to redeem them.
2. Because they lack a common language, and for other reasons, the
. . My observations lead me to believe the people would Filipinos
do not have the homogeneity and solidarity which are prime
be more contented and less inclined towards unrest under requisites of a strong democratic nation. Eight principal dialects are
spoken in different parts of the Islands, most of the common people of each
a more purely civil administration." The report in full group
being unable to communicate with those of the other groups. The
follows:
members of the so-called ruling class throughout the Islands are able to
communicate
with each other in Spanish or English. This group, however,
--- REPORT ON CONDITIONS IN THE PHILIPPINE ISLANDS.
constitutes but a small proportion of the people. Such a gulf as exists
Cleveland, Ohio, Deo. 4 1928.
between the upper and lower classes in the Philippines is unknown in
Mr. President:
America. This gulf is so wide that no genuinely popular government is
In the spring of 1926 you requested me to proceed to the Philippine Possible until the position of the masses of the Filipino people has been
Islands at the earliest possible date for the purpose of making a survey raised by education and economic improvement, and until a common second
of conditions there and to report to you, making such suggestion' as might language of the masses has been established. This common language should
occur to me, especially with reference to the administration and economic be English. Were the United States to grant independence before these
development of the Wands:
conditions are corrected, the Government might become an oligarchy or
JAN. 1 1927.]
'41
THE CHRONICLE
55
the Philippines might be split up into warring factions led by chieftains of the administration of all these overseas possessions to a special insular
bureau in one of our civil departments or to an independent establishment
of the various language groups.
The bitter religious and other differences between the Mohammedan reporting directly to the President, would unquestionably produce increased
in their management and would tend toward a reduction of fricefficiency
civil
of
danger
the
accentuate
Mores and Christian Filipinos might also
tion in the Philippine Islands.
strife should independence be granted at this time.
The fundamental obligations of the United States with reference to the
3. The controlling public opinion which is necessary for the support of
a democracy does not now exist in the Philippines, nor can it till the daily Philippines are clear. America must not abandon these islands to the risks
an independent existence without reasonable preparation to meet the
of
much
very
circuare
widely
opinion
more
and other vital organs of public
economic comeefltion or the political aggression of stronger nations. We
lated and read than they are at present.
4. From the standpoint of American commercial interests in the Far East, must not drop the task which we assumed a quarter of a century ago until
it would be unwise to relinquish control of the Philippines at the present we have satisfied ourselves that the Filipinos are fully prepared for comtime. Our trade with the Orient has been expanding yearly and all indica- plete self-government. Nor should we take from the Filipino people their
tions point to an increased volume of business for the future. We need aspiration to govern themselves whenever they are able to stand erect as
the Philippines as a commercial base, and the retention of the Philippines an independent people, a condition of which the United States must be
the final judge.
will otherwise be of great benefit to our Eastern situation.
The United States should not be swerved from these purposes either by
5. Abandonment of the Philippines at this time might complicate interAmericans who may desire to exploit the Philippines or by Filipinos who
national relations in the Orient
6: The granting of complete and immediate independence would end the are demanding a premature relinquishment of American sovereignty over
free trade relationship between the United States and the Philippines. the Islands. However, while we are preparing the Philippines for selfThis and other resulting conditions would bring about economic digester for government, we should not reduce the internal autonomy which they have
the Philippines. The sugar industry would not be able to compete with already been granted unless their conduct should make this step necessary.
Cuba and other countries nearer to the American market. The cocoanut Our policy should be gradually to extent autonomy in internal affairs in
oil, tobacco and many other industries would be affected in like manner. accordance with the capability of the Filipinos to shoulder these responsiThe Filipino people, who under free trade with America have been taught bilities. We should convince the Filipinos by our conduct that we will
the benefits of the higher standards of living than they previously not exploit and will not permit others to exploit the natural resources of
enjoyed, would be forced to compete with other Orientals having a much the country, but will facilitate and expedite the growth of a strong, united
lower standard of living. Such competition would, without doubt, have nation with sufficient development of its natural wealth to insure a revean adverse effect upon them and upon political and other conditions in nue great enough to provide for the proper functions of goveinment.
With this end in view, steps should be taken at once to restore the conthe Islands.
The independence propaganda might give those Unfamiliar with political fidence of the Filipinos in our good faith in order that there may be
methods the impression that the Filipinos will not be satisfied with any- complete co-operation between the two peoples and the two Governments.
thing less than ...omplete independence, which would mean an entirely inPENDING CONGUSSIONAL LEGISLATION.
dependent Filipino nation.
The Christian Filipinos are unanimously opposed to the measures now
During my stay in the Islands I sought every opportunity to obtain the
Congress known as the Riess bills, Nos. 1 and 2, and the
private opinions of Filipino political leaders and business men on this sub- pending before
question the wisdom of giving greater power to the Insular
ject I believe that no leader, either in politics or business, expects inde- Bacon bill. I
American, as provided for in Riess bill No. 1. However, hia
pendence for a long time to come. I learned that all Filipinos, with the Auditor, an
to be clarified.
exception of a small radical minority, really hope for an ultimate settle- authority may need
Riess bill No. 2 provides that the revenue derived from the tax on
ment of their relations with the United States on a basis which would
sold in the United States shall be transferred from the
tobaccos
Philippine
eventually give them complete autonomy in internal affairs, but with the
general funds of the Philippine Govern1nent and expended for certain genUnited States directing all foreign relations.
eral purposes at the discretion of the Governor-General. It seems to be
THE GOVERNOR-GENERAL AND THE LEGISLATURE.
unquestionable that this money, which is a part of the revenue of the United
The second phase of the political problem in the Philippines is the breach States, should be appropriated by Congress in the same way that other
between the Governor-General and the Legislature. This breach has public moneys are appropriated instead of being conveyed into the general
reached the stage where the legislative branch of the Government has, or treasury of the Philippine Government. It is not advisable, however, to
claims to have, lost faith in the executive branch of the Government, and place this sum in the hands of the Governor-General to be expended at
the executive branch appears to have no confidence in the leaders of the his discretion. If Congress desires to present this sum to the Philippine
Legislature.
Islands for the benefit of the Filipino people it should appropriate the
Consequently no constructive legislation is possible. The conclusion of money in such a way as to provide for its expenditure, under the direction
the legislative memorial addressed to you and unanimously adopted by of the Governor-General for specific purposes in the same manner as other
another session of the Legislature on the day of my departure from appropriations are made.
Manila, reads as follows:
I know of nothing which would shake the confidence of the Christian
Pir "With!respect to the relations between the Executive and the Legislature Filipinos in the good faith of the United States more than the passage of
the present situation is unsatisfactory. The facts which have given rise an Act which might permanently segregate the southern Islands from the
to this state of affairs are of common knowledge and have been submitted remainder of the Philippine Archipelago. The opponents of the Bacon bill
to the President of the United States. Hence it is unnecessary to relate say the passage of this bill would produce that result. Furthermore, it is
them again.*So long as the causes which have created those difficulties
remain, it is not to be expected that the situation will improve. The plan my conviction that the southern islands of the Philippines should not be
to enlarge the powers of the Governor-General.far from relieving conditions, permanently separated from the rest of the archipelago. Their unoccupied
would only aggravate them."
lands afford a necessary outlet for the rapidly increasing population of the
The lack of co-operation between the Governor-General and the Legisla- islands to the north and their natural wealth is very essential to the up.
ture since their break in 1923 has caused the Senate to refuse confirma- building of the strong Philippine nation which it is the purpose of both
tion of many appointments made by him, and the Legislature has rejected Filipino people and the United States to establish.
It should be pointed out in this connection, however, that the granting
many recommendations designed to improve the administration of Government and to develop the economic resources of the country. During the of independence at the present time would necessitate the separation of
period of this break very little constructive legislation has been passed Mindanao and the Sulu Archipelago from the rest of the islands unless the
United States were to break faith with the Moms.
with the exception of the annual appropriations and public works bill.
The Mores, unconquered by Filipinos or Spaniards, surrendered to the
On the other hand, the Governor-General has vetoed many bills passed
by the Legislature. Some of these measures were passed with the appar- Americans upon receiving what they believed to be a solemn promise on
ent intention of furthering the independence movement and limiting the the part of the United States to protect them from Filipino rule. The
powers of the Chief Executive. Others dealt with the ordinary affairs of obligation of this promise should be met.
government. In some cases the Legislature has repassed bills over the
It is inevitable, however, that during the ensuing years the Moms shall
Executive veto with the evident intention of bringing the controversy to come into more intimate contact with Western Christian civilization; and
the attention of the President Apparently this deadlock will exist as long while this contact should be made under active American direction and
as the present conditions continue.
control, the purpose of the Philippine Government to induce the Moms to
Responsibility for the friction appeal"; to be divided between the exec- become willing members of a united Filipino people should be respected
utive and the legislative branches of the Government. The Legislature and and, so far as possible, furthered.
its leaders have consistently sought to exercise powers vested in the GovAt the present time conditions in the Moro provinces, especially Demo,
ernor-General by the organic Act of 1916, the fundamental law of the are so bad that the control and direction of their Governments should be
virtually
were
powers
abandoned to placed in American hands. So far as is necessary and practicable, the
Philippine Islands. Many of these
them by the Executive who preceded General Wood in office, and they Filipino civil officials and military forces in the More country, should be
have stubbornly contested General Wood's efforts to regain and exercise replaced by Americans and Moros. When peace and order have been
restored and passions which at present run high have somewhat subsided,
them.
It may be noted that in the contest with the Legislature and its leaders the United States should seek to reach a solution of this very delicate and
the Governor-General has been supported by the proper authorities in difficult question which will serve the best interests of all concerned.
Washington.
ECONOMIC POSSIBILITIES OF THE PHILIPPINES.
On the other hand, the military atmosphere of the present AdministraWhen the way has opened for the solution of the fundamental political
tion has been unfortunate in its reactions upon the Filipino leaders. The
Governor-General, himself a distinguished soldier, is surrounded by a problems of the Philippines it may be confidently expected that capital
group of American Army officers who serve as assistants, aides and con- will be forthcoming and development will be rapid. The Islands have
fidential advisers. These officers have excellent military records, but evi- gerat possibilities in mining, and industry will probably develop suffidently lack training and experience in the duties of civil government and ciently to supply many of the needs of the people. This is looking into
in dealing with legislative bodies and civilian officials. Indeed of fa- the far distant future, however, because agricultural development must
cilitating co-operation between the Governor-General on the one hand and always precede the growth of an industrial system. Agriculture will be the
the Filipino heads of the executive departments and the legislative leaders principal occupation of the Filipinos for many years to come.
After the introduction of capital, the Islands should carry on a large
on the other, this group has been one of the factors which have made such
co-operation difficult. This situation gives the Filipino leaders an oppor. export business of commodities which the United States cannot produce in
tunity to protest that the Islands are under militaristic rule. On the whole, sufficient quantities for our requirements, or at all. And while the PhilipGeneral Wood is to be commended for his efficient conduct of affairs dur- pine market should not be limited to the United States, we will be the
natural outlet for a large proportion of their products.
ing his Administration.
Besides the principal items now raised, such as rice, tobacco, sugar, copra
Civil Administration Advised.
and hemp, the Philippines, within a comparatively short time, should be
under
that
Governor-General
maintains
the
present
system he can able to supply the United States with a large part of its requirements of
The
secure American advisers only from the War Department, under whose rubber, coffee, camphor, pineapples, lumbang, hardwood lumber and many
supervision the Islands have been governed since American occupation, other tropical commodities.
and that these advisers are, therefore, necessarily army officers. The
Camphor, coffee, pineapples and lumbang are especially desirable as
Philippines may have presented a military problem in the early days of crops for the small farmer. Once the market is established, little capital
of
the
problems
are
Islands
internal
but
now
sovereignty,
pri- and no expensive machinery are required. Expert foresters say that the
American
marily those of civil administration and economic development. I found Philippine timber ie 100 years overripe and is now deteriorating, so that
no evidence of any anti-Americanism which would necessitate military it should be cut and marketed in order to provide an opportunity for a
control. Provided that we avoid exploitation in our conduct toward the new stand.
Filipinos, there seems to be no danger of sedition or insurrection.
The camphor and coffee required by the United States are now monopolies
My observations lead me to believe the people would be more contented in the hands of foreign Governments, but could be grown in sufficient quanand less inclined toward unrest under a more purely civil administration. tities in the Philippines to !supply the entire American market, or at least
In the past there has been no co-ordination between the Government of to insure protection against exorbitant prices based upon export duties
the Philippines and that of our other overseas possessions. The transfer levied abroad.
56
THE CHRONICLE
Rubber.
Rubber, has, perhaps, been the Philippine product uppermost in the
minds of the American and the Filipino people for the past two years.
The trees from which rubber is obtained grow wild in many parts of the
Southern Islands, but it is only during the last twenty years that efforts
have been made to cultivate it.
On the largest plantation in the Philippines, that of the American Rub.
ber Co., on the Island of Basilan, there are now growing approximately
250,000 trees of which 40,000 are eight years old and are being tapped.
This company operates its own refining plant, which was erected at a
cost of approximately $15,000 and which has sufficient capacity to refine
the product of the plantation when all of the trees reach maturity. This
plantation is now operating at a profit and has been doing so for some
years past, which demonstrates that rubber can be produced at a profit in
the Philippine Islands under present conditions.
There are also other successful rubber developments on the Island of
Basilan and in the provinces of Davao and Cotabate. The American Department of Commerce has reported that there are approximately 1,500,000
acres of land on the islands of Mindanao, Basilan and Jolo suitable for the
production of rubber, and that in some respects this acreage is better
suited for the purpose than land now producing rubber in Java, Sumatra
and the Malay Peninsula.
When rubber is raised on a very large scale in the Philippine Islands,
the problem of securing an adequate supply of labor will become a matter
for serious consideration. I believe, however, that for some time to come
labor will enter the rubber territory from other parts of the Islands as it
Is required, and in sufficient quantity to produce from 75,000 to 80,000
tons of crude. rubber annually. This quantity constitutes about one-fourth
of the annual requirements of the United States at the present time.
While it is apparent from the experience of the American Rubber Co.
and of all other rubber districts in the East that rubber can be and should
be raised in the Philippines by small planters, it will probably be necessary to encourage the development of a few larger estates in the beginning.
Such estates would establish a market for small producers, aid in solving
many of the technical problems which might arise in introducing rubber
culture into a new area and generally create a feeling of confidence in the
future of rubber production in the Islands.
If it should be found necessary to change the land laws of the Philippines to induce large interests to enter the country for the purpose of
starting rubber production there, such amendments should be made by the
Philippine Legislature. This body Is in a position to keep within reasonable limits the amount of land held by large companies and otherwise to
protect the interests of the Philippine planters who may be expected to
develop small plots when the market is established.
RECOMMENDATIONS.
In accordance with your request I have included in this report a number
of suggestions of what might be done to secure a better administration of
affairs in the Philippines and a further development of their economic
condition.
In conclusion, these suggestions are summarized and certain other recommendations made. I have the honor to recommend:
1. That such steps be taken as may be required to re-establish co-operation between the executive and legislative branches of the Philippine
Government.
2. That the granting of absolute independence to the Philippines be
postponed for some time to come; that this matter be considered at some
future date when the Islands are sufficiently developed to maintain an
independent Government, and that in the meantime there be granted such
further autonomy in the management of internal affairs as conditions
may from time to time warrant.
3. That the United States Government establish an independent department for the administtration of the Philippine Islands and other overseas
territory.
4. That the Governor-General be provided with the necessary civil advisers in order to relieve him of the present necessity of selecting such
advisers from the United States Army.
5. That Mindanao and Sulu should not be separated from the rest of the
Islands, but that American control be strengthened in the Moro country.
Extension of Federal Reserve System.
6. That the Fedcral Reserve System should be extended to the Philippine
Islands.
7. That one or more Federal Land banks should be established in the
Philippines to provide loans at reasonable interest rates for the farmers
who now pay from 21 to 30% interest.
8. That the United States Department of Agriculture establish a sufficient number of experiment stations in the Philippine Islands to properly
develop the agricultural resources of the Islands.
9. That the fundamental law governing the Philippines known as the
Jones Act be hot amended or changed at this time.
10. That the Philippine Legislature should amend the Philippine land
laws (with proper safeguards) so as to bring about such conditions as will
attract capital and business experience for the development of the production of rubber, coffee and other tropical products, some of which are now
controlled by monopolies.
11. That no amendments be made at this time to the Philippine land
laws by the American Congress.
12. That the Philippine Government withdraw from private business at
the earliest posssible date.
The fundamental problems in the Philippines concern the Government
of the Islands and their future relations with the United States. Upon
the proper solution of these problems depends the political, social, economic
welfare of the Filipinos.
Respectfully submitted,
CAME A. THOMPSON.
Assumption by Major-General Wood of Powers Previously Exercised in Philippines by Board of
Control—National Bank Under His
Jurisdiction.
An executive order announcing that the duties and powers
heretofore exercised in the Philippine Islands by the Board
of Control will in the future be exercised solely by the Governor-General, was issued at Manila on Nov. 9 by MajorGeneral Leonard Wood, Governor-General of the Philippines. The Associated Press advices stated:
The Board of Control is comprised of the Governor-General,the President
of the Senate and the Speaker of the House of the Insular Legislature.
The executive order was Issued under authority, it was stated, of opinions
rendered by the Judge Advocate-General of the United States Army and
[WT.. 124.
the Attorney-General of the United States, holding invalid the previsions
of the Philippine statutes creating the Board of Control and defining its
duties. These opinions greatly increase the powers of the GovernorGeneral.
Under the Philippine statutes the Board of Control selects the directors
of all Government-owned corporations, including the Philippine National
Bank, Manila Railroad Co., National Development Co.. Nation:I Coal
Co. and other corporations. The Senate President and House Speaker,
being a majority, were enabled to dictate decisions of the Board, overriding
the Governor-General.
•
The executive order, with the opinions of Judge Advocate-General Davis
and Attorney-General Sargent, was handed to President of the Senate
Manuel Quezon and Speaker Manuel Roses immediately after the sine die
adjournment of the Legislature this morning.
Governor-General Wood's order reads:
"Whereas, It is held by opinion of the Judge Advocate-General of the
United States Army, confirmed by opinion of the Attorney-General of the
United States, received Nov. 7, that provisions of statutes passed by.the
Philippine Legislature creating a Board of Control or committee and
enumerating the duties and powers thereof respecting certain corporations
wherein the Insular Government is the owner of stock, are nullities; that the
remaining portions of said statutes are valid; that the duties imposed by
these statutes upon the Board are exceutive in nature and subject to the
provisions of the organic act relating to executive functions; that said executive duties and powers may be performed as in oilier cases not specifically
provided by law.
"Now, therefore, acting under authority of these opinions, duties and
powers heretofore exercised by the Board of Control shall hereafter be
exercised solely by the Governor-General, pursuant to the executive power
vested in him by the organic act."
•
From the Nov. 11 issue of the "United States Daily" we
take the following in the matter:
The Department of War, on Nov. 10, made available upon request the
texts of the opinions of the Attorney-General of the United States and of the
Judge Advocate of the Army,touching on the legality of the Board of Control of the Philippine Islands. Acting under the authority of these opinions,
Major-General Leonard Wood, Governor-General of the Philippines. issued
an executive order in Manila on Nov.9 that hereafter the duties and powers
heretofore exercised by the Board of Control would be exercised solely by
the Governor-General.
Both legal opinions enter into the history of the Board of Control, which
was established by an Act of the Philippine Legislature of Feb. 20 1918,
when the voting power of all the stock of the National Bank was to be vested
In a committee consisting of the Governor-General, the President of the
Senate and the Speaker of the House of Representatives of the Insular
Legislature.
In 1921, they point out. the Board of Control, consisting of the Governor
General, the President of the Senate and the Speaker of the House of
Representatives, was given charge not only of the voting of the official
stock in the bank, but of the final decision on the issuance of loans and the
purchase of bonds. Later the Board of Control was given the Government
voice in the National Coal, Petroleum. Cement and Iron Companies.
Organic Law Reviewed.
Both legal opinions carry the question of the validity of the acts creating
the Board of Control back to the organic law of the Islands, passed by the
United States Congress and approved Aug 29 1916. The pertinent clauses,
the Attorney-General says, are Sections 8, 18, 21,22 and 24. These sections
apply, first, to the division of the executive and legislative powers, and,
second, I. the right of the legislature to elect its members to offices outside
the legislature Itself.
The Attorney-General states that the organic act "is unquestionably
modeled on the Constitution of the United States" in its segregation of the
powers to the three branches of government,and states that "the legislature
may not exorcise any of the powers which have been granted to the Executive Department of Government."
The conclusions stated for the Attorney-General are signed by Assistant
Attorney-General William J. Donovan, as acting. They are in full as
follows:
The acts of the Philippine Legislature which have been considered are
clearly invalid in so far as they provide that the President of the Senate and
the Speaker of the House of Representatives shall be members of the Board •
of Committee of Control. The statutes make thorn not only members of
the Board but a majority of it, having power to dictate its decisions. Their
membership is an inseparate feature of the board.
For this reason, as they cannot serve upon the board, the provisions of
the statutes which create that board and enumerate its powers must be
treated as nullition.
Part of Statute Valid.
Of course, the remaining portions of the statutes are not affected by the
invalidity of the portions under consideration. The present directors of
those corporations are de facto directors until others are chosen. The
Legislature may possibly create another board of control by a statute which
recognizes that the duties of such a board are executive, subject to the
provisions of the organic act relating to executive functions.
But unless and until the Legislature creates such an executive board, any
duties of an executive nature which arise may be performed as in other
cases not specifically provided for by law. The supreme executive power is
vested in the Governor General.
The Judge Advocate General of the Army,Mal. Gen. J. A. Hull,expressed
his conclusions in the following summary, which is given in full:
Congress unquestionably has the authority to legislate for the Philippine
Islands. It may do so without regard to constitutional limitations so long
as there is no violation of what is commonly called the "natural rights"
of persons.
Congress in dealing with the Philippine Islands may delegate legislative
authority to the Philippine Legislature, which then becomes the agent of
Congress. When so delegated the Philippine Legislature can exercise only
such legislative power as is granted or which Is necessarily incidental thereto.
The delegation of legislative power in the organic act was general except
as limited therein and in defining the power of the Governor General it was
provided that his executive power should be "supreme." Obviously
Congress meant by that language that he should have complete, unhampered
executive authority, otherwise the word supreme would not have been used
In defining his powers, which was also stressed in Section 22 by the mandatory provision that all executive functions must be directly under the
Governor General or within one of the executive departments under his
control. Clearly this is a limitation on any legislative action that would
limit, curtail, or destroy his executive authority.
The action of the Philippine Legislature in creating the various boards
and committees involved in the statutes under examination and definitely
naming the personnel of which such boards and committees shall be composed, is in effect creating an office and at the same time filling it.
Such action encroaches on the powers of the executive department,
destroys the fundamental principle of the separation of powers in the
government and violates the doctrine that the legislature has the power
and authority to make the laws, but the duty of executing them is on the
executive department. In my opinion the legislature was without legal
authority to make the appointment of the members of the boards and
committees as was done In these statutes, and that conclusion makes it
unnecessary to determine whether a member of the Philippine Legislature
Is ineligible for such appointment.
In view of the fact that my conclusions in this matter may seriously affect
activities in which the Philippine Government is engaged and which it
conducts by these various boards or committees,it is recommended that the
papers be transmitted to the Attorney-General with a request for his
opinion.
JAN. 1 1927.]
THE CHRONICLE
Governor Ritchie of Maryland Declares We Are Building
Up Federal Government at Expense of Sates—
Plea for Spirit of Toleration in Religion.
Declaring that "it cannot be denied that a spirit of excessive Federalism has been the political earmark of the last
quarter of a century, Albert C. Ritchie, Governor of Maryland, in an address on Nov. 26 at the Iroquois Club luncheon
at Chicago expressed the belief "that this is fast destroying
the American system of sovereign States united in a sovereign nation." Governor Ritchie pleaded in his speech "for
those enduring truths upon which our country was builded,
and without which our Government cannot survive—the love
of liberty; the spirit of toleration; faith in the individual
man and in his right to the blessings of freedom; hatred of
arbitrary power and of excessive Federalism; the glory of
self-reliance." "Maryland," he said, "has the right to plead
for these things." He added:
Almost 300 years ago the Calverts came to America to establish here a
sanctuary for those who were persecuted or oppressed. Well did they know
the need of such a sanctuary.
Lord Baltimore was a Catholic and in England he had felt the heavy
hat,d of religious intolerance.
So in Maryland he established a province which gave two conceptions to
a waiting world.
One was in the field of religion, and it was that in Maryland every men
should be free to worship God as his conscience dictated, and that religion
should never enter the domain of politics or be a factor in a man's right to
hold office, whether the lowest in the State or the highest in the land.
The other was in the field of government, and it was that no law should
ever be imposed upon the people except with the consent of the freemen
of the province or their representative in the Legislature.
Thos two beliefs spread to the other colonies, they were translated into
the Declaration of Independence, and after a mighty war they became part
of the Constitution of our land.
And to-day, at the close of nearly 300 years, they are still our living
gospel and our fighting creed.
They are in truth the factors in the great equation of human liberty.
They are our American inheritance, handed down to us in a direct line of
descent from our fathers who conceived them.
Let us snake them once more our very own, for they embody the integrity
and the purity of American institutions. They personify the faith and the
hope of the American people.
Governor Ritchie also said:
The last election gives us encouragement to believe that political
hypocrisy, political cowardice and political buncombe are ceming to be no
longer political assets. The strong common sense and instinct for reality
which are striking American characteristics are again making themselves
felt in American politics. We begin to see that a nation cannot just drift,
but must steer by compass and that there is a point where the principles
of cound political philosophy must prevail.
I think the people are awakening to the reality of this, and when the
people awake the Democratic Party generally comes into its own. That
has been the story of our political history from the beginning.
The Democratic Party comes into its own when it has an honest, affirmative, constructive program to offer. Have we such a program? I think
we have, or at least one is in the making.
In this seething world of human aspirations and human conflicts no
real party program springs from any leader or group of leaders. It springs
from a deeper source. It is born of the times and the needs of the times.
The impelling forces come from the bottom, not from the top. They are
rising now in this great democracy of ours. I believe they find expression
through the creed and the doctrines of the Democratic Party. I insist
that ours is the only party that can meet the living issues of to-day.
It cannot be denied that a spirit of excessive Federalism has been the
political earmark of the last quarter of a century. I believe that this is
fast destroying the American system of sovereign States united in a
sovereign nation—a political mechanism unexcelled for a free people in
a great diversified nation like ours.
How is this new trend of government affecting us practically to-day?
For if it does not concern us materially, if it has no confect with our
daily lives and pursuits and happiness, I have little interest in it.
Local self-government means nothing to me in the abstract. I regard it
important only because I believe it makes the complicated problems of
government more workable and more effective and because it is the best
means ever devised of furthering social justice and preserving our individual and collective liberties.
We are forgetting that our indivisible Union is composed of indivisible
States, with the rights of the Union clearly defined and limited. By a
process of amendment, surrender, acquiescence and indifference we have
been building up a Federal Government at the expense of the States.
In that process we are not only weakening the States but weakening the
national structure as well, by making it top-heavy, unwieldy, bureaucratic
and remote. And we are invading the rights and liberties of the individual
—rights which the founders tried to protect and the protection of which
has made us a free nation and a great nation.
Marshall's recognition that Congress may select the means. has been
distorted into a doctrine of implied powers he never announced and never
contemplated, until now the Federal Government has gone far afield from
Its allotted scope. Too much strain has been put upon it; this has invited the abuse of power and human rights have suffered. We have become
the victims of foolish, unworkable and unsound laws, attended by the
evils of bureaucracy and Paul Pryism.
The individual's failure to assert the charter of his liberties has caused
a breakdown in political fibre and the loss or impairment of some of the
dearest and most priceless possessions of American life and freedom.
Is this picture overdrawn?
Consider the field of business. We are an industrial country now, with
the value of our manufactured products five times greater than the value
of our agricultural products. With less than 6% of the world's area and
between 6 and 7% of the world's population, we are doing in nearly every
line of industry more than one-half the world's business.
One of the amazing things in American politics is the effort of the
Republican Party in taking to itself the credit for industrial prosperity
and in creating the illusion that it alone is the party of business progress.
How absurd it is to say that 120,000,000 people, all workers, in a land of
unlimited resources, owe their prosperity to any political party.
You cannot injure business without injuring the nation. And anything
that chills the free enterprise of men or deadens their initiative or inter-
57
feres arbitrarily with their pursuits does injure business and is destructive of social and economic progress.
Too much government in business does just those things. The underlying
responsibility of Government with regard to business is to keep the door
of opportunity open to all on equal terms and prevent the abuse of industrial power. Government should keep its hands off business so long as
business keeps its hands off Government and engages in no practices which
are unfair or stifling to others. That is the Democratic faith and it is the
very heart of honest business prosperity and progress. We believe that
so long as business recognizes its political and economic obligations, it is
entitled to its own measure of self-government and not to bureaucratic
control superimposed upon it.
Can anyone say that business enjoys this right to-day, when in addition
to the Revenue Department with its innumerable inspectors and accountants, there are at least 40 other Federal departments and bureaus, not to
mention Congressional investigations, which are continually injecting themselves into the counting room and the business office, rarely in a helpful
way and never in a helpful spirit?
Take the field of education, where a .determined effort is being made to
establish a Federal Department of Education. That would be the entering wedge to Standardize the education of the young in accordance with
the views of those controlling the new bureau, and the personnel of the
bureau would inevitably become an organized lobby, paid by the taxpayers, to accomplish that deadening and paralyzing thing.
Where is the political consciousness of America when an attempt to
nationalize a thing so vital and belonging so fundamentally to the States as
education can acquire substantial support?
A kindred proposal to subject everyone under 18 years of age to the
standardized rules and prohibitions of another Federal bureau has apparently been rejected by the States, and we may rejoice that the working
conditions of the young will be left where they belong, to the mothers and
fathers of the land, acting under appropriate State laws, and not placed
under the direction of bureaucrats in Washington.
Finally, consider national prohibition. And in doing so, why not face
the truth about it? The truth is that this hats bred more inter-State discord and more political cowards and hypocrites and has done more damage
to the body politic and to our social fabric than anything which, in my
observation at least, has ever entered our national life.
I resent the imputation that those who recognize this and who want to
find a remedy for it are lacking in regard for law and order. There is no
disregard for law and order in protesting against an unsound and an unenforceable law.
I stand upon my constitutional right to petition the Legislature of my
country for the redress of grievances.
We may admit that a break has come in the constitutional right of free
speech and a free press. We may concede that peaceable assemblies are
now sometimes dispersed. We may realize that contempt proceedings and
padlock injunctions too often take the place of jury trials. We know that
unwarranted searches and seizures occur and that a man may now be placed
in double jeopardy for the same offense if only the nation prosecutes him
the one time and the State the other.
But at least the right to petition for the redress of grievances still remains, and I put my reliance on that.
I say that if the fall elections teach any lesson at all it is that both
parties must face the prohibition question honestly and fearlessly. It embodies a national issue which is irrepressible.
Either the Volstead law must be changed or it must be enforced, and I
am convinced that it cannot be enforced. We have spent nearly $150,000,000 trying to enforce it and have sacrificed nearly four billions of dollars
In taxes while the effort has been made, and our last state is worse than
our first.
The Democratic creed offers the one and the only solution. We have
always believed in the right of each State to settle in its own way questions which intimately concern its people, its peace, its order, its morals
and its customs.
This is such a question. Many of the States may prefer absolute prohibition. Others do not. There is no use in ignoring the fact—there is
grave danger in ignoring it—that in many States the population is preponderantly urban and that the urban element is against Volsteadism.
Why intensify the conflict between the rural and the urban? The South
and the West are rich in achievement and richer still in promise. If they
want prohibition they are entitled to have it; but why submerge the
infinity of problems that confront them in a futile struggle to enforce
prohibition in States which do not want it?
So instead of attempting to standardize human conduct, instead of attempting to club communities which resent the Volstead Act into taking
it, let the problem be settled under the traditional Democratic doctrine of
local self-government and State determination and turn the subject back to
the States so that each State may handle it in accordance with the convictions and the will of its own people.
What is the answer that underlies all these things? It is the message
of Democracy, it is true, but it is no narrow or partisan message. It is a
message which embodies the heart of American institutions.
It is for principles that I plead, for policies, for fundamentals. And a return
to local self-government will, more than any other one thing, tend to put
an end to sectional controversies, group interests and class conflicts. For
if the States once more assert their right to settle their own problems in
their own way, then differences which can only breed discord when handled
nationally will disappear when handled locally.
All this will not, of course, settle all the questions which confront our
people.
There still remains the farmer, who has been too long the forgotten man
and whose problem should not be one for the politician, but rather one for
sound and competent economic minds.
There remains, too, the international field, where becoming the creditor
nation of the world we are destined to be the world's banker, with whatever effect that will have in shaping presently our international policies
and relations.
a.
But to-day I plead for those enduring truths upon which our country
was builded and without which our Government cannot survive—the love of
liberty the spirit of toleration; faith in the individual man and in his
right to the blessings of freedom; hatred of arbitrary power and of excessive Federalism; the glory of sew-reliance.
Validity of Martin Anti-Fraud Act Upheld Anew by
. Court of Appeals at Albany—Campaign Against
Questionable Promotions of Securities.
For the second time within a month the Court of Appeals
on Dec. 4 sustained the constitutionality of the Martin antistock law, upholding the right of the Attorney-General to
move in cases of implied fraud as distinguished from cases
58
THE CHRONICLE
of intentional fraud, according to the "Knickerbocker
Press," which in its account of the latest findings said:
The opinion, written by Judge Cuthbert W. Pound, was unanimous.
The effect of this decree, obtained upon the argument of Attorney-General Albert Ottinger in the case of Garden, Green ac Co., New York City
brokers, who were enjoined in the promotion of the sale of the stock of the
Federated Radio Corporation, will be to establish the Martin law as a permanent weapon for the prosecution of all forms of stock fraud.
The decision rules that the definition of fraudulent practices as given by
the general business law of the State includes the sale of securities or commodities by means of concealment or misrepresentation of material facts
where such concealment or misrepresentation is not intentional as distinguished from cases of intentional fraud.
It is further stated in the opinion that the Martin law authorizes suit
by the Attorney-General for injunction against persons engaged in unintentional fraud as well as intentional fraud. The primary purpose of the law
Is remedial in its character, according to Judge Pound.
In commenting on the ruling, Attorney-General Albert Ottinger said:
"This decision settles one of the most important questions in regard to
the powers of the Attorney General under the Martin Act. It already has
been firmly established by the Court of Appeals that the Attorney General's
power to investigate and compel persons and corporations to bring in their
books and papers and submit their business methods in his scrutiny is
constitutional. Now it is held that it is also constitutional for the Attorney
General to proceed to enjoin operations or courses of business which,
perhaps, have not already resulted In fraud, but which, in his judgement,
would if persisted in, cause loss to innocent investors.
"Without this power, the whole purpose of the Martin Act would be to
a west extent frustrated. It was enacted because it was self evident that
existing methods of procedure were not adequate to save the investing
public from an annual loss of hundreds of millions of dollars at the hands of
conscienceless stock promoters. Unless the Attorney General was able to
Intervene in advance of the Commission of these fraudulent practices,which,
In his judgment, such practices must necessarily result in fraud, it would
always be a case of locking the stable door after the horse had been stolen."
Ottinger Plana Proud Drive.
Attorney-General Ottinger indicated to-night that the decision would be
followed by a very intensive campaign against a large number of questionable promotions of stocks and bonds, all constituting schemes which in the
judgment of the Attorney-General will eventuate in imposition upon the
public.
•
"This decision," Ottinger said last night in explanation of the present
status of the Martin Act, "settles one of the most important mooted questions in regard to the powers of the Attorney-General under the Martin
Act." It has already been established by the, Court of Appeals that the
Attorney-General's power to investigate and compel persons and corporations to bring in their books and papers and submit their business methods
to his scrutiny is constitutional.
"Now it is held that it is also constitutional for the Attorney-General to
proceed to enjoin operations or courses of business which, perhaps, have
not already resulted in fraud, but which, in his judgment, would, if persisted in, cause loss to innocent investors.
"Without this power the whole purpose of the Martin Act would be to a
great extent frustrated. It was enacted because it was self-evident that
existing methods of procedure were not adequate to save the investing public
from an annual loss of hundreds of millions of dollars at the hands of conscienceless stock promoters.
Must Be Able to Intervene.
"Unless the Attorney-General were able to intervene in advance of the
commission of these fraudulent practices, when, in his judgment, such
practices must necessarily result in fraud, it would always be a case of
locking the stable door after the horse had been stolen.
"It may be accepted by all that such powers will not be abused in my
administration. Furthermore, it would be impossible for any Attorney-General to exercise these powers without a case that would stand up in court,
for the defendants in every Martin Act litigation have the right and opportunity to state their case before the bench. What we have been fighting
for in this matter has been the enforcement of the plain intent of the
Legislature that, when it is obvious that a fraud would result, there should
be the power to interfere with it before the public has suffered.
"If the Attorney-General is wrong in any particular instance, the person
Interfered with has his day in court, and the courts will see to it that he
obtains all the protection be deserves."
The earlier opinion of the same court upholding the validity of the Martin Act was noted in these columns Nov. 20,
page 2600. Letters setting forth the purposes of the Martin Act were issued Dec. 9 by Attorney-General Ottinger.
This is learned from the "Knickerbocker Press," which
adds:
Two missives, one directed to domestic corporations, and the other to
representatives of foreign concerns which have indicated an interest in New
York State laws, went forward.
The letter of instruction to domestic corporations follows:
"I inclose herewith copy of the Fraudulent Securities Act of this State,
being Article 28-A of the General Business Law, as amended to date.
It is more popularly known as the Martin Act, and takes the place in
this State of what are generically known as 'Blue Sky laws.'
"Under Section 359-e of this statute, corporations desiring to market
their securities, which are not covered by the exemptions set forth in Section 859-f, are required to cause to be published certain notices, as a condition precedent to offering such securities for sale to the public in this State.
May Investigate at Any Time.
"The statute does not provide for the granting of any license or permit.
Corporations contemplating the offering of their securities for sale within
this State, may, if they so desire, file voluntarily with the Attorney.
General such data regarding their proposition as they think may inform
him as to its bona fides, but the acceptance for filing of such information
must not be considered as carrying with it any approval of the proposition.
"Should the Attorney-General refrain from taking action to prevent the
sale of any specific security, the issuer thereof has the right to presume
that the State has no present objection to its being sold or offered for sale.
It must, however, be held in mind that at any time the Attorney-General is
liable to undertake an investigation of the facts for the purpose of determining whether be will take action under the statute.
"Except in rare instances of palpable fraud, no Court proceedings will be•
instituted without careful preliminary investigation, and an opportunity
being afforded to the suspected corporation to be heard in its own defense."
Officers of foreign corporations were given the following advice by
Attorney-General Ottinger
"If the corporation which contemplates selling its securities in this State
Is a foreign corporation, attention is particularly directed to the provisions of Section 352-a of the enclosed statute.
[VOL. 124.
Shows the Advantages.
"The advantages of compliance with the section in question are obvious.
Should any corporation, for any reason, come under the suspicion of the
Attorney-General and should it be found that, being a foreign corporation,
it has failed to make any of the designations described in the section, the
Attorney-General would have the right to require the personal appearance
of the officers of the corporation at the Capitol at Albany, for examination,
regardless of the inconvenience or expense of such attendance. And should
the corporation or its officers fail to appear in compliance with such requirement, such failure alone is declared by the statute to constitute prima
facie evidence of fraudulent practices, upon which, without further proof,
the Attorney-General could move for an injunction.
"The filing of the designation provided for by the section as being in
lieu of the general designations provided for by other statutes, does not
make the corporation amenable to any process of the courts of this State,
save only such process as issues out of the office of the Attorney-General,
or out of court at his instance. By filing such designation, no jurisdiction
is conferred upon the courts of this State, except only as to matters involving the disposal of the securities of the designator. Nor is the corporation,
by such filing, deemed to have submitted itself to the jurisdiction of this
State for taxing purposes.
"No forms of designation are provided by the State, but a certificate
which follows the language of the statute will be accepted by the Secretary
of State.
"The filing of such designation does not exempt the corporation from publishing the notices called for by Section 359-e, these publications being re.
quired of both domestic and foreign corporations."
Commodity Prices in Relation to Transportation
Costs—Fluctuations in Farm Prices of
Oats and Corn.
Fluctuations in farm prices of oats are very irregular and
frequently are different for the same kind and grade at
different points in the same general territory having the
same or practically the same freight rate to market. This
is shown by a study just completed by the Bureau of Railway Economics and made public Dec. 30 as to the range it
farm prices for the 1925 crop in this country and the relationship to transportation costs. "The wide range in farm
prices," said the study, "was in marked contrast to the stability of the freight rates, which remained almost unchanged
during the period covered. No relationship is found between freight rates on oats and fluctuations in the prices
paid to the farmer. In fact, the spread in farm prices during each crop season of the years 1923, 1924 and 1925 was
often greater than the total freight charge to market." In
respect to the fact that different prices were frequently
paid the farmer for oats of the same grade and grown in
the same general territory having practically identical
freight rates to market, the study said:
The prices of white No. 8 oats at Beaver Dam and Sun Prairie, Wis., were
different on 51 of the 52 Fridays for which comparative prices are shown.
These two points are in the same general territory and have the same
freight rate of 5.1 cents per bushel to Minneapolis, to whch both make
shipments. These two points also ship to Milwaukee, to which destination
the freight rates are 3.6 cents per bushel from Sun Prairie and 3.2 cents
from Beaver Dam. The differential in freight rate is three-tenths of one
cent; the differential in price, however, in 47 weeks was 2 cents or more
per bushel, and at times rose as high as 5 cents.
Ths same general situation existed at Iroquois and Donovan, Ill., two
points in the game county having the same freight rates to destinations to
which shipments were made. The same general situation also prevailed at
Donnelly, Morris and Truman, Minn., three points which made shipments to
Minneapolis on an identical rate of 3.7 cents per bushel, although shipments
were made to other points having slightly different rates.
Higher prices were sometimes paid, the study adds, for
the same kind and grade of oats at producing points involving longer hauls and higher freight rates to their natural
markets than were paid at points involving shorter hauls
and lower freight rates. Prices paid for oats were also
sometimes different for the same kind and grade at different elevators at the same point on the same day. It is
pointed out that oats represents the third most important
major cereal crop in the United States, being exceeded in
acreage only by corn and wheat. The United States produces about 1-3 of the world production, compared with 22%
for wheat and 68% for corn. Oats is grown in every State,
but three-quarters of the total production in 1925 was concentrated in •ten of the North Central States, those States
In order of importance being: Iowa, Minnesota, Illinois,
Wisconsin, South Dakota, Ohio, Nebraska, North Dakota,
Indiana and Michigan. The average annual production in
the United States during the five crop years 1921 to 1925,
was about 1,325,000,000 bushels, of which about 500,000,000
bushels, or 38%, enters into the commercial markets by railway. On a tonnage basis, this amount constitutes 8.7% of
the average annual tonnage of all farm products originating
on the principal railroads.
According to a study completed and made public on Dec.
27 by the Bureau of Railway Economics into the relationship of corn prices to transportation costs, corn, ranking
first in value of all agricultural products raised in this
country, comes closer to being an all-American product than
almost any other agricultural commodity, as virtually the
JAN. 1 1927.]
THE CHRONICLE
entire crop is consumed In the United States. This country,
according to the study, produces about 68% of the world
production but only about 2.3% was exported annually from
1921 to 1925, while imports were negligible. The Bureau
says:
Unlike wheat, most of the corn produced in the United States is consumed on the farms, about 80% being fed to live stock. Rail shipments
of corn average 15,300,000 tons annually and constitute approximately 17%
of the total tonnage of farm crops originating on the principal railroads.
The study, which covers each of the crop seasons from 1923 to 1925,
showed a very wide range in corn prices received by the farmer in contrast to the stability of freight rates which remained almost unchanged
during that period. In fact, the usual spread in farm prices during the
three years was several times the total freight rate to market.
The farm price of corn changed more often from week to week than it
remained stationary, and throughout the seasons studied was very irregular.
This would show that there is no relationship between freight rates on corn
and fluctuations in the prices paid to the farmers, but that such fluctuations and variations in corn prices were due to general economic conditions,
supply and demand, and many economic factors other than freight rates.
Iowa outranks all States as the greatest producer of corn, with Illinois
second. These two States combined produce more than one-fourth of the
United States' corn crop and are located in almost the centre of the thirteen States which produce over 76% of the total corn crop of the country.
In addition to Iowa and Illinois, the other eleven States were, in the order
. of production: Nebraska, Missouri, Indiana, Ohio, Minnesota, South Dakota, Kansas, Texas, Wisconsin, Kentucky and Tennessee. All other States
produce corn in varying amounts, but the thirteen States named produce
more than three-fourths of the total corn raised in this country.
Slight Decline in Savings Deposits in Philadelphia
Federal Reserve District in November.
SavinTrEFosits, as reported by 99 banks in the Philadelphia Federal Reserve District, declined 0.02 of 1% in November, as compared with an increase of 0.1 and 0.4 of 1%
in November of 1925 and 1924, respectively. More than
half of the cities listed below showed decreases last month,
• says the Federal Reserve Bank of Philadelphia, whictgives
as follows percentage changes by cities:
59
In this connection, we call you attention to a special feature of
our
Stamp Department service, which we instituted a few months
ago,
for the greater convenience of the brokerage houses. We refer
to the
advance orders, whereby your requisition for Stamps, both State
and
United States, may be mailed to us at night, the order filled and
ready
for your messenger in the morning before the banks are open
for the
certification of your check.
States Army Deaths in World War, 50,510193,663 Wounded.
American army battle casualties in the World War,
ex'
elusive of Navy:and Marine Corps personnel, are placed
at
244,173 in revised figures just completed by the War Depart-.
ment,according to Associated Press accounts from Washington Dec. 11. In reporting the details the accounts said:
Those killed in action
United
are put at 37,568, including 1,656 officers
and
35,912 men, while 12,942 died of wounds,including 559 officers and
12,383
men, the total of these battle deaths being 50.510. The record
shows that
10,535 men received snore then one wound, 436 were hit three
times. and
18 four times each.
The total of non-mortal wounds was 193,663, although
the number of
Individuals treated was only 182.674, of whom 6.475 were
officers and
176,195 enlisted men.
Of all wounds treated, including those which caused death,
127.228 were
gunshot, 68,975 gas, 9.406 shell, 229 air weapons and
164 bayonet. The
total of authenticated shell shock cases is placed at 5,016.
There were 244.086 casualties in the A. E. F. in Europe,
including
Northern Russia and at sea,and 87 among the American forces in
Siberia.
The revised casualty figures show that 5,237 soldiers who
enlisted from New York were killed in action and 1,750 died
from wounds. Those wounded,but not mortally, were 26,955
and the total casualties were 33,942. The caualties by divisions (the figures are taken from the New York "HeraldTribune" of Dec. 12), follow:
TABLE 1.-CASUALTIES BY DIVISIONS.
In the following table the 244,173 battle casualties of the army
are class:Wed by
divisions:
Killed
Died
Total :Wounds Yrotal
Os
of
Balk
Not
Action. Wounds. Deaths. Mortal. Bonk
let
3,730 1,266 4,996 17,324 Casual's.
'WM
ns011tilul
22.320
2d_z
Changes from Nov. 1 to Dec. 11,984
Dec. 1 1926
719 2.883
9.063
3d
2,637
Compared
784 3.401 12,000 z11,746
15,401
Cities.
4th
2,160
743 2,903
with
9,917
,
5th
1924.
1,630
1925.
1928.
490 2,120
Dec. 1 1925.
6,996
9,116
6th
38
30
68
318
386
Allentown
7th
204
+0.7%
-0.7%
+0.8%
83
+5.6%
287
1,422
Altoona
1,709
28th
+1.9%
1,587
+2.3%
+0.9%
694 2,281 11,383 13,664
+12.7%
Bethlehem
27th
-0.8%
1,442
+0.6%
-0.8%
+4.1%
6,505
8,334
Chester
28th
+0.7%
2,165
+1.6%
+0.7%
709 2,874
+5.6%
1
1,285 14.139
Easton
29th
+0.4%
787
1.5%
-2.0%
+4.3%
268 1,053
4,517
Harrisburg
5,570
30th
+0.1%
-0.3%
1,237
-1.4%
+7.9%
404
1,641
6.774
Johnstown
8,415
32d
+0.1%
1.3%
2,250
-0.4%
778 3,028 10,233 13,261
+5.5%
Lancaster
33d
691
-0•3%
+0.4%
+1.4%
302
+8.6%
993
5,871
Philadelphia
6,864
35th
+0.2%
+0.2%
1,018
+0.5%
280 1,298
+7.0%
5,998
Reading
38th
7.296
+3.2%
+0.7%
486
+0.8%
-8.2%
125
591
1,993
Scranton
2,584
37th
+0.1%
1.0%
794
-2.7%
+2.1%
272 1,066
4,321
Trenton
5,387
41st*
+0.3%
+2.7%
69
+0.5%
34
+2.8%
93
315
Wilkes-Barre
408
42d
+2.8%
1.1%
2,058
-0.9%
752 2,810 11,873 14,883
+0.4%
Williamsport
78th*
3.3%
+0.5%
1
-2.9%
3
+5.3%
28
Wilmington
77th
+0.5%
1,486
+0.6%
+0.2%
624 2,110
+5.8%
8.02
84
2 10,194
York..
78th
-0.6%
1,169
0.0%
-0.2%
-0.8%
381 1,530
5,614
Others
7,144
79th
+0.3%
1,151
-0.9%
+0.4%
366 1,517
+1.7%
5,357
6.874
80th
880
361 1,241
4,788
6,029
Totals81st
+0.4%
195
+0.1%
-0.2%
53
+5.3%
248
856
1,104
824
995
418 1,413
6.664
8,077
83d*
49
18
67
257
324
85th•
123
22
145
281
426
88th
Record Savings Deposits in Baltimore.
12
8
20
58
78
89th
980
488 1,468
5,625
7,091
The following Is from the Nov. 30 number of the "Monthly 90th
1,091
405 1,496
6,053
7,549
91st
1,134
320 1,454
4,854
Review" of the Federal Reserve Bank of Richmond:
8,108
986
120
62
182
1,465
1.647
93d
Deposits in 14 mutual savings banks in Baltimore increased
487
124
591
2,943
last month
3,534
to the highest point on record. The 14 banks had aggregate
deposits of
Total divisional battle casualties-38,770 12.729 49,499
$157,836,179 at the close of business Oct. 31 1926, compared
190,809 240.308
with $156,- Total battle casualties in non-divisional
255,880 on deposit at the end of September this year and $151,139,2
units
771
205
976
62 at
2.802
3.778
the end of November last year. Time deposit figures declined slightly
in
Grand total A.E.F.battle casualties_37.541 12,934 50,475
88 regularly reporting member banks between Oct. 13 and Nov.
a193,811
b244.086
10, this Total battle casualties In Siberia
27
8
35
52
87
year, but the decrease was probably due to the shift of Christmas savings
funds from time to demand deposits. The reporting member banks
37,588 12,942 50,510 c193,863
Aggregate
had
(1244,173
Division
did
not
*
reach
8th
the
The
A.
E.
F.
In
time
to participate in operations.
time deposits aggregating $208,972,000 on Nov. 10 1926, compared with The
31st, 34th, 38th. 39th. 40th, 84th and 87th Divisions were
not combat
$209,133,000 on Oct. 13 1926 and $201,244,000 on Nov. 11 1925.
In and had no battle casualties. The 41st, 78th. 83d and 85th divisions were divisions
depot or
Richmond alone, nearly $2,000,000 were paid into Christmas savings
replacemen
some
but
divisions,
of
their
t
units
or personnel were in combat.
clubs
a The figures In this column represent the number of cases of non
during 1926.
-mortal wounding
that received medical treatment and do not represent individuals
; for total number
Of individuals wounded, see notes a and c.
y The total number of individuals represented by the figures
in this column is
County Trust Company Appointed Fiscal Agent For
shown
d.
and
b
In
notes
State
z Casualties for army personnel only. The total losses in
Marine Corps units of
Tax Commission-Empire Trust to Continue Sales of
the 2d Division were 11,348, which does not Include
losses among navy personnel
with the Marine Corps,
Stock Transfer Stamps.
a Represents 182.822 individuals. b Represents 233.097
. eRepresenta 182,674 individuals. d Represents 233,184 Individualsindlvidusis
It was announced on Dec. 30 that the County
.
Trust
Company of New York, 15th St. and 8th Ave., New York
City, has been appointed fiscal agent of the State Tax
Commission for the sale of New York State stock transfer
tax stamps. The County Trust Company has designated
as sub-agent, the New York office of the Brooklyn Trust
Company located at 26 Broad St., adjoining the New York
Stock Exchange, for the convenience of the users of these
stamps in the financial district. The Empire Trust Company of New York, which had heretofore been the transfer
tax agent, issued the ollowing notice on Dec. 30:
We are pleased to inform you that the Empire Trust Company
will
continue the sale of New York State Stock Transfer Stamps,
as well
as those of the United States, Pennsylvania and Massachusetts,
and
United States Documentary and Future Delivery Stamps. The
appointment of another bank as Agent for New York State will not affect
our service. hTe organization experience and facilities which we have
developed in handling the sale of Stock Transfer Tax Stamps for
so
many years, will continue to be at the service and convenience of
the
public.
Gain in Savings Deposits in Federal Reserve District
of Chicago.
According to the Jan. 1 Monthly Business Conditions
Report of the Federal Reserve Bank of Chicago, the regular
savings deposits on Dec. 1 for 218 reporting banks in the
district exceded the Nov. 1 figures by 0.9% in amount and
0.2% in number of accounts; individually, two-thirds of the
banks registered gains in the first comparison, and about
three-fourths in the second; by States, all five showed
increases in both. Of 186 banks for which comparable
1925 data are available, the majority reported gains in
deposits this year amounting for the district to 1.1%, with
Illinois averaging the one decline; the advance of 2.9% in
number of accounts reflects gains in each State. The
following are the statistics furnished by the bank's Division
of Research and Statistics:
60
THE CHRONICLE
[VOL. 124.
SEVENTH FEDERAL RESERVE DISTRICT-SAVINGS ACCOUNTS AND
DEPOSITS.
State.
Illinois
Indiana
Iowa
Michigan
Wisconsin
stations remaining open to pick up the 5,000-word message
simultaneously. The receiving operators in turn relayed
Savings
Per Cent Change in Per Cent Change in the material along to newspaper offices and the advertisement
Banks Deposits
Amount from
Average Accountfrom
Dec. 1 1926.
appeared in the morning papers of Dec. 30. having been
Nov. 1 '26 Dec. 1 '25 Nov. 1 '26 Dec. 1 '25
constructed wholly by telegraph. The headquarters opera54 2404,198,213 +0.7
+1.0
-1.0
-0.8
tion was in charge of H. E. Merkel, head of the National
38
59,079,851 +0.9
+1.0*
+0.7
+2.9*
45 107,699,394 +0.7
-0.6
+0.0
+0.5
City Co. telegraph department, and the sending operator
29 326,490,971 -0.4
-2.6
+3.3
-0.1
was H. K. Nix.
52 96,925,353 +1.5
-3.3a
+1.9a -1.5
District
218 2994,393.782 +0.4
•37 banks. *21 banks b186 banks.
+1.1b
+0.6
-1.5b
William C. Redfield, Former Secretary of Commerce,
Joins Redmond & Co.
An event of interest in the world of finance is the association of the Hon. William C. Redfield, formerly Secretary of Commerce of the United States, with Redmond &
Co., investment bankers, which becomes effective with the
New Year. Mr. Redfield brings to his new activity worldwide industrial and commercial experience. Before becoming Secretary of Commerce, Mr. Redfield, as Treasurer and
later as President of J. H. Williams & Co., manufacturers
of drop forgings, and as Vice-President of the American
Blower Company, made business investigations throughout
the world, and through extensive travel and residence
abroad became familiar with economic currents of both
hemispheres. It is of interest that Mr. Redfield investigated on the spot conditions of production in the Dutch
East Indies, Malaya, British India, the Philippines, as well
as in England, Ireland, France, Belgium, Germany and
Holland. He was elected to Congress in 1911, and continued as a member of Congress until appointed by President Wilson to his Cabinet in 1913. As the first Secretary
of Commerce, after the separation of the Departments of
Commerce and Labor, he established the present structure
of the Department of Commerce of the United States; he
was head of the Department through the war, and until
1919. Mr. Redfield is a writer on commercial subjects and
Is the author of several books on economic and industrial
themes. Among the publications to which he has contributed are the Atlantic Monthly, Outlook, Saturday Evening Post, Forum, The New York Times, and others of
wide range of interest. His most recent book, "Dependent
America," was published in the spring of 1926. Mr. Redfield is a member of the American Committee of the International Chamber of Commerce and also of the Foreign
Commerce Advisory Committee of the Chamber of Commerce of the United States. He was made Vice-President
of the Brooklyn Chamber of Commerce in 1926, after serving two years as director and national councillor. Mr.
Redfield was twice President of the American Manufacturers Export Association and for eight years was a director of the Equqitable Life Assurance Society of the United
States. He is a member of The Pilgrims, is a director and
former President of the Netherlands Chamber of Commerce in New York, a member of the Russian-American
Chamber of Commerce and a director of the American
Arbitration Association.
Redmond & Co. and its predecessor Redmond, Kerr &
Co. have been in the investment banking business about
forty years and have been a member of the New York
Stock Exchange since 1892. During this time Redmond &
Co. has taken a prominent part in the financing of States,
Municipalities, railroads, public utilities and industrial
companies located throughout the United States, has participated in extending credits to European and South
American countries. The past two years this house has
been active in underwriting real estate bonds of important new buildings in New York City and elsewhere.
Dinner to E. R. Tinker of Chase Securities Corporation
With His Retirement From Active Business.
Published reports early this week to the effect that
Edward R. Tinker, Chairman of the Executive Committee
of the Chase Securities Corporation would become a member of the firm Of Blair & Co. on January 1st are denied
by Mr. Tinker. At a dinner given on Dec. 28 in his honor
by Albert H. Wiggin, Chairman of the Board of the Chase
National Bank, Mr. Tinker announced that he is retiring
from active business and will take a long-desired vacation. Speaking at the dinner Mr. Tinker said in part:
This occasion takes me back to another dinner in this same club
some 14 years ago, when Seward Prosser, with that thoughtfulness
for which he is noted, invited a group of banking friends to welcome
me into the fold of institutional bankers as Vice-President of the Chase
National Bank at a time when, under Mr. Hepburn's and Mr. Wig.
gin's able direction, two Vice-Presidents, a Cashier and four Assistants were amply sufficient to handle its $125,000,000 of assets and that
total at that time, to the novice such as I, certainly looked larger than
the $900,000,000 to one billion of the bank's total assets today.
On that last occasion I arose to thank my host, Seward Prosser, for
his kindness and hospitality to a novitiate in the game of institutional
banking and to express to Mr. Wiggin my appreciation for extending
me the opportunity to enter that field of endeavor. Tonight the task
is even a more difficult one, for it covers not only an expression of
thanks to my host, senator and leader, but also a goodbye to old and
loyal allociates, who ahve contributed so largely to the pleasure and
success of these years.
To you, Mr. Wiggin, first many thanks for this most characteristic,
thoughtful courtesy and hospitality; thanks for the generous and complimentary words you have spoken; thanks for the well wishes for the
future; thanks for those 14 years of association with you, with their
many opportunities and pleasant experiences. You have been a senator
and friend, as well as a leader. Even though I am losing the letter,
it gives me great pleasure to still rely upon and claim the two former.
To express to you representatives of my associates in the Chase
Securities Corporation the sadness I have in leaving you and the
appreciation of that loyal and devoted service which has been the
success of that organization, is an even more difficult task. Of the
original officers of the Chase Securities, only Mr. Wiggin and I remain
on its official roster, but that does not contradict the statement of
loyalty just made, for these original officers were drawn from the bank
and devoted only a portion of their time to the security corporation.
With the latter's expansion and growth, it became necessary to draw
from outside sources so the part time officers gradually disappeared and
the present Chase Securities permanent organization came into being.
I am proud to state that of these executive officers from outside, not a
single one has ever left the Chase Securities except by transfer to the
bank. Hence my characterization of your loyalty and devotion; no one
can question or gainsay it-the record stands untarnished. But loyalty
and devotion only expresses a part-ability has been ever present.
Since 1917 you have raised the Chase Securities Corporation from a
child of only $2,500,000 capital to a stalwart youth, larger than the
Chase National Bank when I first joined its forces in 1912, for in that
year the total capital surplus and undivided profits of the bank were
about $14,670,000, while today the total for the Chase Securities Corporation will show over $20,500,000.
You have carried the Chase Securities through its successive stages
of development, first as a small offspring of the bank handling a part
ments which benefited its business, some of which it later absorbed,
of its security business, then a little later acquiring for the bank elc.
while all through this preliminary period you were steadily building
towards that ultimate goal of creating one of the leaders in the field
of corporate and governmental security finance without ever crossing
the border land into retail security distribution. In attaining this
toal you have at all times had in mind you duty to your stockholders
as the record demonstrates, for in 1917 the bank game them $25 a
share to reinvest in the new infant, the hCase Securities Corporation;
$9,250,000,
since that time the stockholders of the old Chase contriubted
making a total of $11,750,000 represented by 300,000 shares of the
share,
on which
$40
a
400,000 capitalization, or a cost of less than
total
they are receiving a dividend of $4 a share, which is 25% of the
dividends being paid on the Trust certificates representing one share
Corporation stock. Last
of the bank and one share of the Securities
percentage continue to
year you paid 20% of that dividend-may your
rate is shown
increase. That you are conservative in this dividend
for dividends were
applicable
earnings
by the fact that last year your
$3,600,000 against
more than $2,950,000 and this year they exceeded
year.
a dividend requirement of $1,600,000 per forward to a period of rest
looking
I regret leaving you but I am
have been in business; every
and relaxation. For some 27 years I
to another, with no
change has been practically from one position
business responsibilities. I have
period when I could feel free from
had determined to take it upon
long promised myself such a rest and present duties. In maintaining
my
the date of my retirement fromcounter to the advice and urgings of
this resolution, I am going to
kind enough to suggest various undertakmy friends who have been
me.
ings which they felt would interest
Linking of 6,200 Miles of Wire for Investment Advertising Purposes by National City Co.
What is looked upon as a world record in telegraph wire
hookup for investment advertising purposes was used by the
National City Co. on Dec. 29 in sending the newspaper
advertisment for the $6,000,000 McCrory Stores Corp.
debenture issue to publications in the 60 cities on the United
States and Canada where it has branch offices. A wire
taking in 6,200 continuous miles of its 11,000-mile private
wire system linked the head office with branch offices at
Cleveland, Detroit, Chicago, San Francisco, Seattle, Los
Summary of Bank of Montreal-Continued
Angeles, Houston, New Orleans and Atlanta. The wire Business
Improvement of Conditions.
Gradual
in the head office was handled by a single operator who
Summarizing business conditions in Canada in its monthly
transmitted the newspaper advertising copy instructions
dated Dec. 22, the Bank of Montreal says:
Circular
to operators at each of the above points, all of the receiving
JAN. 1 1927.]
T-FrE CHRONICLE
No new occurrence of importance has characterized the month under
review, nor given to the business situation a changed complexion. The
gradual improvement, now of several months' duration, continues, subject
to seasonal fluctuation, and upon the whole the year closes upon a state of
trade distinctly better than at any similar period in the last six years.
Christmas trade the country over is excellent
The grain moiement from the western provinces was halted earlier than
usual by low temperatures and violent storms which interrupted naviga-tion on the Great Lakes, as well as on the St. Lawrence River, causing a
slowing down of railway traffic and some monetary loss to shipping; on
the other hand, many branches of retail trade felt the stimulus of cold
weather in brisker demand for furs, heavy clothing and footwear. Stock
taking is now proceeding in some sections of wholesale trade; inventories
are generally satisfactory and balance sheets more gratifying than for a
considerable period.
Car loadings and railway receipts were diminished in December by the
tie-up of lake shipping out of Fort William-Port Arthur, but the incident
is a passing one. In November, gross earnings of the Canadian Pacific
Railway Co. rose $2,234,000 and of the Canadian National Railways $1,182,000, and both roads show substantial increase in net revenue for the year.
One factor which is causing anxiety is the increasing operating costs of
the railways. During the month the two leading railway systems in Canada,
faced with the threat of a strike on the part of certain classes of employees, have effected a compromise settlement. In a joint statement they
have made it plain that the partial adoption of the increases in pay which
were demanded has created a serious situation which will entail the consideration of a readjustment of pay for other classes, and prove embarrassing should the demands for a lowering of freight rates be pressed.
Building operations experience a seasonal slack after an active year; the
paper and pulp industry maintains output close to capacity; textile mills
are well employed; mercantile mortality makes favorable comparison with
recent years; leather and footwear trades are in better shape; mining
production enlarges; iron and steel production and distribution are fairly
satisfactory; the lumber trade is somewhat slow and the winter cut is expected to be smaller; and while the dry goods trade is in the between.
seasons stage, sorting orders have been numerous.
In the United States no recession in business is recorded. Crops there
have given a good average, and while the extremely large cotton crop has
depressed prices to a low point, the greater volume implies enlarged consumption and increased railway traffic. In Great Britain the termination
of the coal strike and the active resumption of mining are reviving manufacturing industries, rapidly restoring shipping to normality, and checking
in some measure the ascending excess of imports into that country which
has latterly characterized its foreign commerce. A reflection of the coal
strike is seen in the reduction of importations of anthracite into Canada
from overseas to 168,554 tons this year from 438,841 tons in 1925, and in
the importation of both German and Dutch coal during the recent season.
Mid-Continent Fiduciary Conference of American
Bankers Association at Omaha Dec. 6-7.
The American Bankers Association held its second MidContinent Fiduciary Conference at the Fontenelle Hotel,
Omaha, Neb., Dec. 6 and 7. It included the States of
Alabama, Arkansas, Colorado, Illinois, Indiana, Iowa,
Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, North Dakota, Oklahoma,
South Dakota, Texas, Tennessee, Wisconsin. The following
was the program presented:
Monday, Dec. 6, 8 a. m. to 10 a. m., registration of delegates.
First session, 10 a. m., Palm Room, Fontenelle Hotel, C. W. Carey,
President National Bank Division, A. B. A., and President First National
Bank, Wichita, Kan., presiding.
Invocation, Frank G. Smith, D.D., Pastor First Central Congregational
Church and President of the Omaha Ministerial Union.
Address of Welcome, John L. Kennedy, Chairman Greater Omaha Com•
mittee.
Response, Melvin A. Traylor, President American Bankers Association and
President First National Bank, Chicago.
"Relations With Beneficiaries," H. E. Parks, Assistant Trust Officer
Denver (Col.) National Bank.
"Corporate and Business Trusteeships From Standpoint of Lawyer and
Client," J. A. C. Kennedy, Corporate Counsel and attorney, Omaha.
"Corporate and Business Trusteeships From Standpoint of Trust Company," Howard Kennedy, Vice-President and Trust Officer Peters Trust
Co., Omaha.
At 12.15 p. m. luncheon of delegates with life insurance underwriters,
Ball Room, Fontenelle Hotel, C. J. Claassen, Vice-President Peters Trust
Co. and Peters National Bank, Omaha, presiding; address, "Life Insurance
Trusts," H. Albert Linton, Vice-President Provident Mutual Life Insurance
Co., Philadelphia.
Second session, 2 p. m., Dec. 6, Palm Room, Fontenelle Hotel, W. S.
McLucas, Vice-President Trust Company Division A. B. A., Chairman
Commerce Trust Co., Kansas City, and President
' Kansas City Clearing
House, presiding.
"Co-operation Between Banks, Trust Companies and Insurance Underwriters for the Development of New Business," H. P. Pelham, Trust Of
First National Bank, Flint, Mich.
"Examples of Living Trust Agreements," Joseph W. White, Trust Officer
Mercantile Trust Co., St. Louis, Mo.
"Our Most Effective Trust Department Publicity," J. G. O'Brien, Trust
Officer Commercial National Bank, Shreveport, La.; H. L. Standeven, VicePresident Exchange Trust Co., Tulsa, Okla.; J. H. Stewart, Vice-President
and Trust Officer First National Bank, Wichita, Kan.; Frank F. Taylor,
Vice-President Illinois Merchants Trust Co., Chicago.
At 6.30 p. m., reception on the mezzanine of the Fontenelle Hotel and
at 7 p. m. banquet in the ball room. Guy C. Kiddoo, Vice-President and
Trust Officer Omaha Trust Co. and Chairman of General Committee of the
Conference, will preside as toastmaster. Speakers will be Melvin A. Traylor, President A. B. A., and President First National Bank, Chicago, and
Francis H. Sisson, Vice-President Guaranty Trust Co., New York.
Third session, 9.30 a. m., Tuesday, Dec. 7, Ball Room, Fontenelle Hotel,
R. E. Harding, Vice-President Fort Worth National Bank, Fort Worth,
Texas, presiding.
"Co-ordinating Forces—From the Inside," P. S. Kingsbury, Personnel
Director Cleveland Trust Co., Cleveland, Ohio.
"Safeguarding the Handling of Securities," L. L. D. Stark, Assistant
Trust Officer Midland National Bank & Trust Co., Minneapoils, Minn.
"Taxation—Estate, Inheritance, Income and General," R. H. Berry,
Assistant Vice-President Detroit Trust Co. and member Special Committee
on Taxation, Trust Company Division, A. B. A.
61
At 12.30 p. m. luncheon in the Exchange Building, Union Stock Yards,
Ford E. Hovey, President Stock Yards National Bank of Omaha and
President Union Stock Yards Co. of Omaha, presiding.
Fourth session, 2.30 p. m., Dec. 7, Ball Room, Fontenelle Hotel, W. S.
McLucas presiding.
"Danger Signals to Be Observed in Trust Investments," Davis Biggs,
Trust Officer National Bank of Commerce, St. Louis, Mo.
"Practical Problems of Fiduciary Accounting," C. A.. Tolin, Assistant
Trust Officer, Mississippi Valley Trust Co., St. Louis, Mo.
Membership of American Bankers Association 21,252.
During the past year, a total of 826 banks were added to
the membership of the American Bankers Association. In
the three States of Florida, Louisiana and Nevada there is
a 100% membership. At the close of the fiscal year, Aug.31
there were 21,252 banks in good standing, according to an
announcement just made by the Association. The enrollment in the standard and special course of the American
Institute of Banking increased to 35,210 during the past year.
Institute membership increased by 2,232 the total now being
57,456. Twenty-three new chapters have been organized,
bringing the total tp to 186, and sixteen study groups have
been formed in places considered too small for chapters.
James C. Auchincloss, Governor New York Stock Exchange Elected President National Better Business
Bureau.
James C. Auchincloss, a Governor of the New York Stock
Exchange and Vice-President and Treasurer of the Better
Business Bureau of New York City, has been elected President of the National Better Business Bureau, an organization which co-ordinates and puts to use for country-wide
benefit the work of the 42 local bureaus situated in all parts
of the United States. At the same time it was announced
that the national organization plans to broaden and intensify its work against fraud, swindling and misrepresentation in financial, manufacturing and merchandising fields.
Mr. Auchincloss, who has been one of the chief directing
influences in the New York Bureau since its formation in
1922, has gained from that work a knowledge and experience
which the directors and supporters of the national bureau
declare especially equip him to take the reins of that body.
His predecessor, Lou Holland, is retiring after several
years of vigorous work in fighting fraud all over the country. The National Better Business Bureau grew out of the
expansion of the work of the numerous local bureaus and of
the Vigilance Committee of the International Advertising
Association. Mr. Holland first became active in campaigning against fraud in 1915, when he was one of the founders
of the Kansas City Business Bureau. For three years he
was President of the International Advertising Association
and later, when the work of the Vigilance Committee was
turned over to the National Better Business Bureau, he
became President of that organization. It is pointed out
that during past year the national bureau has been known
to the public chiefly for its activities against fraudulent
stock promotions in the oil, motion picture, automobile, rubber and radio industries. More recently the bureau has
directed its efforts toward protecting investors in Florida
real estate. One of the most effective campaigns which
has been carried.on by the National Better Business Bureau
was that to protect the American consumer against misleading advertising, trade names, etc., in mercantile fields.
According to Mr. Auchincloss, "the Better Business movement has come to stay." He also said:
It has proven itself a tremendous force in the fight on fraud and misrepresentation in business and the effectiveness of its methods has long since
been demonstrated conclusively. Statistics show the steady migration of
swindlers in business and finance from those centres where the operations
of local Better Business Bureaus have proved vigorous and effective to
others, where no such force against fraudulent business exists. We must
expand the work still further along broad national lines, so that it will
reach into many sections now unprotected in this way.
Reduced Volume of Reserve Bank Credit Reported by
Federal Reserve Board in Review of November—
Growth of Commercial Loans.
"Demand for Reserve bank credit showed little change in
November and the average volume outstanding was at about
the same level as during the preceding month," says the
Federal Reserve Board in its "Review of November," published in its December "Bulletin." Continuing, the Board
says:
This absence of growth in Reserve bank credit during the period of seasonal increase in the demand for currency is in contrast with the increase
in the autumn of 1925, with the consequence that the volume of Reserve
bank credit, which during the larger part of this year was considerably
above last year's level, was smaller in November than a year ago. The
62
THE CHRONICLE
lower level of Reserve bank credit than a year ago is shown, notwithstanding an increase in the demand for currency and a growth of more than
$600,000,000 in deposits of member banks. Factors accounting for the
reduced demand for Reserve bank credit during a year of growth in the
demand for currency and for bank credit have been the importation of gold
from abroad in sufficient volume to enable member banks to meet the
demand for additional currency, and changes in the composition of member
bank deposits sufficient to enable them to increase their deposit liabilities
considerably and at the same time to reduce somewhat their reserve balances at the Reserve banks.
[VOL. 124.
amount of gold certificates into circulation. During the past year changes
in the demand for currency have been reflected chiefly in changes in the
volume of Federal Reserve notes in circulation, while the amount of gold
and gold certificates in circulation has remained at a fairly constant
level.
Gold Movements.
Gold movements into and out of the United States during the year were
in the aggregate smaller than in any previous year since 1913, with the
exception of 1918, when gold exports were restricted by law. Analysis of
the figures by countries shows that the relative smallness of the total
movement during the past year has reflected principally the absence of a
large movement between Europe and the United States. This relatively
small volume of gold movement between Europe and the United States followed upon a period of five years, 1920-1924, during which a large part of
gold imports to the United States had originated in European countries,
and the year 1925 when a considerable part of the net gold exports from
this country was used to build up the gold reserves of the Reichsbank. In
1926, also, the largest gold exports from the United States were to Germany, which imported about $48,000,000 of gold from the United States
and large additional amounts from other countries. Gold movements between the United States and other American countries, which have been
increasing in volume each year snce 1921, were relatively large during the
past year, exceeding $175,000,000 in the aggregate, of which more than
$125,000,000 represented gold imports. Of the total imports of gold during the year a net amount of about $40,000,000 came from Canada and
about an equal amount from Australia. In contrast to previous recent
years, there were no imports from India and exports to India were negligible. Total net gold imports into the United States since the beginning
of 1923 have been somewhat less than $80,000,000. In general, gold movements during the past year have been a less important factor in the credit
situation in the United States than in almost any other year in more than
a decade, and have exerted a relatively small influence on the demand for
Reserve bank credit
Changes in Composition of Deposits.
Changes in the composition of member bank deposits that have reduced
the amount of reserves required for a given volume of deposits have been
the rapid growth of time deposits, throughout the country and the decline
of demand deposits, especially at banks with the highest reserve requirements, while demand deposits at banks with smaller reserve requirements
have increased. Thus the increase for the year of about $625,000,000 in
the total of net demand and time deposits, the two classes of deposits for
which reserves are required by law, reflects a growth of about $775,000,000 in time deposits, against which a 3% reserve is required, and a decrease of about $150,000,000 in net demand deposits, against which reserve
requirements range from 7 to 13%, depending on the class of city in
which the banks are located. The growth in time deposits has been more
rapid for a number of years than the growth in demand deposits. When
the composition of net demand and time deposits combined in the spring of
1922 is compared with the composition at the present time, it appears that
four years ago time deposits constituted 31% of the total, compared with
38% now. As the result of this change the reserve requirements of member
banks are about $200,000,000 less than they would have been had the same
growth in total deposits occurred without increase in the proportion of
time deposits. During the past two years the change in the composition
of member bank deposits has been sufficient to provide the basis for a
considerable growth in the volume of member bank credit outstanding, with
but a slight increase in the amount of reserve balances carried by the
Composition of Reserve Bank Credit.
member banks with the Reserve banks.
With a somewhat smaller volume of Reserve bank credit outstanding in
This change in the character of member bank deposits has been accompanied during the past year by a change in the geographical distribution November of this year than a year ago, changes in the composition of total
of net demand deposits. The following table shows for the end of October bills and securities have not be& large. The following table shows the
1925 and 1926 the net demand deposits of reporting member banks in holdings of different classes of bills and securities on Nov. 17 1926 and
New York City, representing for the most part banks subject to 13% Nov. 18 1925:
FEDERAL RESERVE BANKS.
requirements, of banks in other weekly reporting cities subject largely to
10% reserve requirements, and of other member banks subject almost
entirely to 7% reserve requirements.
Nov. 17 1926. Nov. 18 1925.
Change.
NET DEMAND DEPOSITS OF MEMBER BANKS.
$567,000,000 $566,000,000 +S1,000,000
Discounts
348,000,000
Acceptances
355,000,000
—7,000,000
308,000,000
333,000,000 —25,000,000
Increase 1-1-) or United States securities
End of October.
3,000,000
3,000,000
Decrease (—). Other securities
Foreign loans on gold
6,000,000
—6,000,000
1926.
1925.
•rntal hill. and vanoritleta
SI soft non 000 11 9Aq MIA non —C17AAA non
All member banks
$18,280,000,000 $18,432,000,000 —$152.000.000
New York City reporting banks.._ _ 4,942,000,000 5,167,000,000 —225,000,000
While there was little change in the total volume of discounts during the
Other member banks, total
13,338,000,000 13,265,000,000 +73,000,000
In leading cities
7,976,000,000 7,915,000,000 +61,000,000 year, there was a decrease of $35,000,000 in the borrowings of member
Outside leading cities
5,363,000,000 5,350,000,000 +12,000.000 banks in New York City and an increase of $36,000,000 in borrowings of
The table shows that net demand deposits of member banks in New other member banks. Of the Federal Reserve Bank districts, the largest
York City declined by about $225,000,000 between the end of October 1925 increases in borrowings, at the Reserve banks were shown for Chicago,
and 1926, while at other member banks these deposits increased by about Atlanta and St. Louis, while the Northeastern districts showed the largest
$75,000,000. The decrease in net demand deposits of banks in New York reduction.
Conditions in the Money Market.
City has coincided with the liquidation of about $250,000,000 of loans to
The absence of growth in the demand for Reserve bank credit during the
brokers and dealers by reporting member banks in New York City. It is
largely in consequence of the decline in demand deposits at New York past month and the continued decline in loans on securities by banks in New
City banks that member banks as a whole have been able to increase their York City have been reflected in a downward movement of money rates in
total deposits and their volume of credit outstanding and at the same time the open market. Rates on acceptances and on commercial paper were
lower in November than a month earlier, but still somewhat higher than a
to reduce their use of Reserve bank credit.
year ago, while rates on Stock Exchange loans not only declined sharply,
Growth of Commercial Loans.
but were below the level of these rates in November 1925. Long-term
Notwithstanding the decline during the past year in the volume of money rates have also declined, and this has been reflected in a rise of
brokers' loans and of security loans as a whole, the total volume of member bond prices to 'the highest level since 1917. Thus, on the eve of the
bank credit outstanding reached this autumn a higher level than at any approaching peak of the seasonal demand for funds for holiday trade and
previous time. This growth in bank credit has been due to the increase in end-of-year settlements, conditions in the money market are easier this
commercial loans, Which for the year has amounted to about $300,000,000 year than at the same period in the past titfo years.
for member banks in leading cities, compared with an increase of about
$250,000,000 for the preceding year and of about $225,000,000 for the year
before. The course of commercial loans in 1926, 1925 and 1924 is shown
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
on the chart. [This we omit—Ed.I This increase in commercial loans
The New York Stock Exchange membership of Owen F.
has occurred during a year characterized by a noteworthy growth in the
volume of industrial production and a sustained level of trade activity, Roberts was reported posted for transfer this week to William
though at a declining level of prices. The additional credit has not been
used, so far as available evidence indicates, for the purpose of financing B. Potts, Jr., the consideration being stated as $175,000.
larger inventories, since there has been little increase for the year in the The last preceding transaction was at the same figure.
stocks of merchandise held by producers and middlemen. On the contrary, the efficiency of the transportation system, assuring the producers
A Philadelphia Stock Exchange membership was reported
and dealers of prompt deliveries, and the cautious attitude induced in part
by the downward trend of prices, appear to have encouraged them to con- sold this week for $11,000. It is stated that this is the third
tinue their policy of so-called hand-to-mouth buying, which has prevailed transaction at that price this month.
during the past few years.
Money in Circulation.
The larger volume of industrial and trade activity during the year has
accompanied
by full factory employment and large pay rolls and by
been
a larger volume of retail sales, and these have in turn resulted in a larger
demand for currency in circulation. Thus, the volume of money in circulation on Nov. 1 1926 was larger by $32,000,000 than at the corresponding
date in 1925. An analysis of changes in money in circulation for the
year by classes of currency is shown in the following table:
MONEY IN CIRCULATION.
Nov. 1 1926.
Gold and gold certificates
Silver and silver certificates
United States notes
Federal Reserve notes
Federal Reserve bank notes
National bank notes
Noe. 1 1925.
Change.
$1,508,909,000 $1,497,948.000 +$10,961,000
723,105,000
715,673,000
+7,432,000
307,199,000
306,575,000
+624,000
1,737,406,000 1,706,622,000 +30,784,000
5,127,000
6,314,000 — 1,187,000
651,421,000
667,707,000 —16,286.000
E4.932_1fi7_nno 54_1)11(1 520 non --532328000
It will be seen that the increase in gold and gold certificates in circulation has been less than $11,000,000, and this increase, together with the
growth of silver and silver certificates, was about sufficient to offset the
decrease in national bank notes outstanding. The net growth of circulation
for the year thus represents chiefly an increase in the volume of Federal
Reserve notes in circulation. This growth in Federal Reserve note circulation has been different from the trend for the preceding two or three years,
when some of the Federal Reserve banks were pursuing a policy of meeting
the currency demand of their member banks by paying out a considerable
Tntal
In the further development of its plan (referred to in these
columns last week, page 3274) for the absorption Jan. 1 of
the organization and major offices of the International
Banking Corporation, The National City Bank on Dec. 28
announced the appointment as officers of the bank of eight
of the men who have served as officers of the corporation.
The election of H. T. S. Green, President and General
Manager of the corporation, as a Vice-President of the National City Bank had previously been announced, while
G.Edwin Gregory has been Comptroller of both institutions,
so that the appointments made this week complete the transfer of the official personnel of the corporation to the bank.
The appointments, which were made by the executive committee of the National City Bank at this week's meeting,
follow:
Lewis I. Sharp, Vice-President, and Marcus D. Currie,
Vice-President and Cashier of the International Banking
Corporation, as Assistant Vice-Presidents of the National
City Bank. Arthur C. Shorey, Assistant Cashier of the
Corporation, as Assistant Comptroller of the bank. Perry
W.Jones,Assistant Cashier and Secretary of the corporation,
JAN. 1 1927.]
THE CHRONICLE
and Noel G. Evans, Robert F. Crary, John G. Hogeboom,
and Walter L. Dana, Assistant Cashiers, of the corporation,
as Assistant Cashiers of the bank. The men who thus
become officers of the National City Bank have long been
identified with the management of the International Banking
Corporation and their transfer to the bank's organization,
will facilitate the consolidation of the business of the two
institutions. With one or two exceptions, all officers of the
corporation, a wholly owned subsidiary of the National City
Bank, founded in 1901 to specialize in foreign business, will
be conducted after Jan. 1 as foreign offices of the bank, and
will benefit directly from the full facilities and world-wide
organization of the National City Bank. When the corporation was organized, national banks were not permitted to
operate foreign branches as such, but this prohibition has
since been removed under the Federal Reserve Act and the
National City Bank has built up an organization of its own
in many countries abroad.
A transaction unique in the history of New York City real
estate and involving an exchange of two of the most valuable
parcels in the financial district, the properties known
as 50
and 52 Wall Street, was announced Dec. 26 by the
National
City Co. and the Bank of New York & Trust Co.
Through
the exchange the Bank of New York & Trust
Co. acquires
from the National City Co. the property at
50 Wall Street
and the National City Co. acquires from the Bank
of New
York & Trust Co. substantially all the propert
y at 52 Wall
Street. The announcement also says:
63
In the transaction just announced, it is pointed out that
the National City Co. comes into possession again of the
site which the bank owned and occupied for nearly 100 years,
and the Bank of New York & Trust Co. obtains from
the
National City Co. a parcel which it owned prior to its acquisition by the National City.
At a meeting of the board of trustees of the Central Union
Trust Co. of New York, the following appointments were
7effective Jan. 1: Assistant Vice-Presidents, Frank
Wolf and Samuel A. Brown; and Assistant Treasurers,
Charles L. Herterich and Charles S. Flanagan.
Regarding reports of plans for merger between the Guaranty Trust Co. and the American Exchange-Irving Trust
Company of this city, the "Journal of Commerce" in its
issue of Dec. 30 said in part:
There was a sudden sharp revival in the financial district yesterday of a
former rumor that a merger of the Guaranty Trust Co. and the American
Exchange-Irving Trust Co. was under negotiation. Report had it that
a
distinct approach had been made to a desirable basis for consolidation,
taking the possible form of the acquisition of the Guaranty Trust Co.'s assets
by the American Exchange-Irving Trust Co., through the usual methods of
an exchange of stock.
A rush of reporters to the office of President William C. Potter of the
Guaranty Trust Co. drew from him a statement which, as quoted by one
of his representatives, was to the effect that "If the Guaranty Trust
Co.
were negotiating any such deal, you will readily understand it would
not
be discussed for publication at this time." It was stated at Mr. Potter's
office that rumors had also coupled the Guaranty Trust with the Equitable
Trust in a merger some months ago. It was, however, stressed that Mr.
Potter had not denied the pendency of negotiations, but had met direct
questions by representatives of the press with the answer already quoted.
In the financial district the policy which led to the merger resulting in the
Irving Bank-Columbia Trust Co. and in the subsequent merger of that
institution and the American Exchange Pacific National Bank, which went
Into effect early this month,is pointed to as indicating that a new consolidation of banking and investment capital is pending from which a consolida
ted
Institution will emerge shying aggregate resources far in excess of one billion
dollars.
Both institutions will erect modern buildings
on these sites. The National City Co. will erect a home at 52 Wall Street
which will provide for
its future growth and will house many activities
of the National City Bank
and the International Banking Corporation. The
Bank of New York &
Trust Co. will put up a banking and office
building on the corner of Wall
and William streets, the site for which will
consolidate the two parcels at
48 and 50 Wall Street. From the standpoint
of Wall Street's history, the
exchange possesses unusual significance since the
properties at 48 and 52
Wall Street have been identified with the two
institutions or their predecessors since the last decade of the 18th century.
Lewis L. Clarke, Chairman of the executive committee of
The National City Co. building will be on
the site occupied by the the American Exchange-Irving Trust Co., was the recipien
National City Bank from its foundation in 1812
t
until 1908, when its present on Dec.
28 of a handsome loving cup from officers and direcheadquarters were completed. The Bank of New
York & Trust Co. building'
will rise on property, part of which, No. 48
Wall Street, was originally tors of the former American Exchange-Pacific National Bank,
acquired by the Bank of New York in 1798.
The New York Life Insurance of which he was President until its union with
Irving Bank &
& Trust Co. headquarters have been located at
52 Wall Street since its Trust
establishment in 1830, the company, now merged
Co. on Dec. 11. Engraved on the cup was the inwith the Bank of New
York, having been a joint tenant with the National
•
City Bank until 1908. scription:
The property at 50 Wall Street was at one time
owned by the New York
To
Life Insurance & Trust Co., and since 1919
has been owned by the Na.
Lewis L. Clarke
tional City Co.
from his fellow Officers and Directors of the
Building operations, which will clear the way to
American Exchange-Pacific National Bank
bringing up to date the
structures on the three parcels which since prior
to 1800 have been known
in token of their personal regard
as "bankers' row," will start on May 1 1927,
with the demolition of the
and in appreciation of his
present buildings. The purchase will give the
Bank of New York & Trust
brilliand record as President
Co. a site with a frontage of more than 99 feet
on Wall Street by 126 feet
of that Bank
on William Street, while the National City
Co. building will have a frontNew York
age of 45 feet on Wall Street, extending through
to
December
Pine
Street,
11, 1926
where it
will have a frontage of 88 feet.
Mr.
Clarke
has
been
a
banker for nearly 38 years. EnterAside from the unusual exchange feature of
the transaction, interest in
the transfer is heightened by the fact that the
ing the service of the American Exchange National Bank
Wall Street frontage affected
has been closely identified throughout their
history with two of New York's March 17 1889, he rose by successive steps until his election
greatest banking institutions, and with the
development of the financial as President of that institut
district. Here was the real beginning of Wall
ion in January 1910. Since the
Street as the centre of the
financial district, which previously had
stretched along Broad Street south- American Exchange-Irving merger, he has been at 233 Broadward from Wall Street. In 1791 the Bank of
the United States was organ- way, where Lewis E. Pierson, Chairman of the Board,
ized by Alexander Hamilton and a New
and
York branch of that institution Harry
known as an "Office of Discount and Deposit"
E. Ward, President, also have their offices.
was
establishe
d
a
year
later at 52 Wall Street. In 1811, the charter
of the Bank of the United
States expired and the following year the City
Bank of New York was orThe group of companies headed by Arthur J. Morris,
ganized, its stock being offered in exchange for that
of the Bank of the
United States. More than a majority of the stock
of the City Bank founder of the Morris plan system of industrial banking,
was issued in exchange for stock of the Bank of
the United States and the will move in the latter part of April to the Graybar
BuildNational City Bank therefore is a direct descendant of
that institution. It ing adjoini
ng New York's Grand Central Terminal on the
continued to do business at 52 Wall Street until 1908,
when it moved into
its present home at 55 Wall Street, immediately
across the street from its east. This building is being erected on the block bounded'
old quarters.
by 43d and 44th streets, Lexington Avenue and Depevr
Meanwhile, in 1796, the Bank of New York, which had
previously been
organized in 1784 by Alexander Hamilton, the first
bank to be organized Place, and it is claimed will be.the largest office building
in New York State and the second in the United
States, purchased from above ground in the world. The group of companies includes
William Constable for ,C11,600 New York currency,
the
the corner of Wall and William streets. Here it erected house and lot at the following:
a
was occupied from 1798 to 1834, when the widening of building which
Industrial Finance Corporation.
William Street
necessitated the erection of a new building. The present
Industrial Acceptance Corporation.
building, where
the foreign department of the Bank of New York & Trust
Co. is
Morris Plan Corporation of America.
dates from 1858, some additions having been made in 1878. The housed,
Morris Plan Mortgage Corporation.
first real
estate transaction in which the predecessor institutions were
jointly interMorris Plan Securities Corporation.
ested occurred in 1799, when the Bank of New York and the
New York
General Bond and Share Corporation.
branch of the first Bank of the United States bought two adjoining
plots in
Puritan Corporation.
Greenwich Village during the yellow fever epidemic of that period.
The
Realty
Acceptance Corporation.
business of the two institutions was transferred to temporary
quarters in
Stuyvesant Corporation.
this section until the epidemic had passed.
In 1830 the New York State Legislature granted a charter to the
The Graybar Building will have a 40-foot concourse
New
which
York Life Insurance & Trust Co., which was merged with the Bank
of New will lead directly into the Grand Central
Terminal and
York in 1922. This institution, which was the second trust company
to serve as its
be formed in the United States, and the first to use "Trust Company"
principal eastern entrance, only 200 feet from
in
its title, took quarters in the building with the City Bank at
52 Wall the information booth and the outgoing "Twentieth Century
Street. Gradually, as its business expanded, the company took more and
Limited."
more space and at the time the National City Bank moved across
the
street, it owned roughly half the building. It then acquired from
the
National City Bank title to the other half of the plot, where it has done
At a meeting of the executive committee of the Equitab
le
business ever since.
Trust Co. of New York on Dec. 28, Adam K. Geiger
Fifty Wall Street, the site of the McEvers Mansion in Colonial days,
was
appointed an Associate Manager of the company's bond
was acquired by the New York Life Insurance & Trust Co. in 1902,
but
was subsequently sold only to be acquired a few years later by the National department. Mr.
Geiger became associated with the
City Co.
Equitable in 1920 when he left the TrustCompany of Georgia
64
THE CHRONICLE
[VOL. 124.
The proposed merger of the Merchants' Bank of Rochesto enter the Equitable's Atlanta office. The following year
Co. of that city (referred
he was transferred to the company's New York bond depart- ter, N. Y., with the Union Trust
of Dec. 18) was ratified
issue
our
in
columns
these
in
loans,
to
foreign
in
d
specialize
since
has
ment. Mr. Geiger
institutions at special
respective
the
of
ers
stockhold
the
by
particularly South American issues.
meetings held Tuesday, Dec. 28, according to advices from
in
The following advancements are announced by the Na- Rochester on that day by the Associated Press, printed
merger
from
the
Meyer
Under
."
Franz
Commerce
of
York:
New
in
of
"Journal
e
Commerc
tional Bank
the New York
Second Vice-President to Vice-President; and to Second Vice- plans the Merchants' Bank, is to become a branch of the
James
,
Dyckman
M.
Henry
,
President, Harry J. Carpenter
Union Trust Co., which will have a combined capital and
S. Alexander Jr. and Rowland R. Malvare.
surplus, it is stated, of approximately $4,000,000 and total
"The Dawn of Liberty" is the title of the Percy Moran resources of about $50,000,000.
painting which illuminates the 1927 calendar now being
The directors of the Fidelity Union Trust Co. of Newark,
distributed by the United States Mortgage & Trust Co. of N. J., have recommended that the capital be increased from
New York. General Washington is shown with his troops $5,250,000 to $6,000,000, the new stock to be offered to
on the banks of the Delaware River after the Battle of shareholders of record Feb. 1 1927 at $500 per share. The
at $720
Trenton, which was fought Dec. 26 1776. Although vic- stock of the institution is selling hi the open market
an extra divideclared
also
have
directors
The
share.
returning
per
of
point
the
on
torious, the Revolutionists were
dend of 10% in addition to its regular quarterly of 6% on
home. Their period of enlistment had expired, they had Dec. 21. Officers and employees of the bank have rereceived no pay to send to their families and there was ceived a Christmas bonus of 10% of their yearly salaries.
no money available for them. General Washington, grate.al
Plans to increase the capital stock of the Union County
to his soldiers for their loyalty and bravery, appealed to
$400,000 to $750,000
Robert Morris, Philadelphia financier. This wealthy patriot Trust Co. of Elizabeth, N. J., from
by the stockholders on Dec. 23. It is proposed
responded by making a house to house canvass for money were ratified
to declare a stock dividend of $100,000 and in addition to offer
and clothing. He was successful in raising a large sum of pro rata 2,500 shares to the stockholders at $100 per share.
result
the
with
money and a great quantity of supplies,
The stock dividend of 25% declared is payable Jan. 3 1927,
that Washington's army was enabled to take the field again. and the addition of 2,500 shares to stockholders is effective
on Feb. 15 1927.
The Manufacturers Trust Co. announces the promotion
-Jersey Trust Co. of Camden, •
The directors of the West
of the following to the position of Vice-President: Harry N. J., have recommended that the capital be increased from
I. Arrow, John T. Madden and Daniel Lipsky.
$200,000 to $500,000. A stock dividend of 150% has been
declared and the stockholders will meet Jan. 11 to ratify the
the
Henry P. Schoenberner, formerly Cashier of the Nassau action of the directors. With its capital of $500,000,
by
ratified
If
$750,000.
of
surplus
a
t
have
will
Vice-Presiden
n
institutio
elected
National Bank of Brooklyn, has been
effective
become
will
capital
increased
the
ers,
stockhold
the
of the institution. Mr. Schoenberner has been associaed Jan. 15.
with the bank since 1898 and had been cashier since 1916.
He is succeeded in that post by Joseph T. Stevens, hereThe Northern Valley Nation- al Bank of Tenafly, for which
tofore Assistant Cashier. Mr. Stevens started with the a charter was issued by the Comptroller of the Currency on
bank in 1904. S. Sargent Volck, has also been elected a Dec. 8, will begin business on Monday next, Jan. 3. The
Vice-President of the bank. Mr. Volck is a member of the institution has been formed with a capital of $100,000 and
firm Hathaway & Co. of this city.
surplus of $50,000. Of the $150 per share at which the
stock has been placed, 50% has already been paid in and
to
become
plans
Texas
Marfa,
of
Bank
State
Marfa
The
50% is payable on Jan. 10. The officers of the bank are
a National institution under the name of the State National Ernest J. Heppenheimer, President; Harvey N. Wadham,
Bank of Marfa. The State National Bank of Marfa will Vice-President, and Herbert Bogert, Cashier.
have a capital of $100,000. Application for a charter under
Stockholders of the Central Trust & Savings Co. of
the National Banking system has been made to the
hia at their annual meeting on Jan. 13 will be asked
Philadelp
.
the
Currency
of
er
Comptroll
to vote on a proposed increase in the capitalization of the
bank from $750,000 to $1,000,000, according to the Philathe
stock
in
partner
Galen L. Stone, financier and former
"Ledger" of Nov. 30.
delphia
brokerage firm of Hayden, Stone & Co., with headquarters
26.
on
Dec.
(Mass.)
Brookline
in Boston, died at his home in
The Philadelphia "Ledger" of Dec. 24 says that Louis R.
The deceased, who was in his sixty-fifth year, was born in
President of most of the Crozer companies, has been
Page,
Leominster, Mass., but moved to Boston when a child.
a director of the Bank of North America & Trust Co.
elected
he
Hayden
Charles
In the early nineties together with
hia, to fill the vacancy caused by the death of
Philadelp
of
organized the brokerage house of Hayden, Stone & Co. and
Mr. Page, it is said, will represent his own
Crozer.
P.
John
he
retired,
when
1923
until
was actively engaged in its affairs
as well as the Crozer interests, which
board
the
on
interests
of
offices
but retained his desk at the Post Office Square
with the institution, dating back
affiliated
closely
the firm. Mr. Stone was largely interested in the Chinese- have been
years.
many
in
office
main
its
American Bank of Commerce, which has
Pekin, this interest being largely through his large stock
Thomas F. Armstrong, President of the Conkling-Armownership in the Chinese American Investment Corporation. strong Terra Cotta Co., has been elected a director of the
Among his many other interests he was Chairman of the Union National Bank of Philadelphia, according to the
Board of the Eastern Steamship Lines, Inc., and a director Philadelphia "Ledger" of Dec. 24.
in the following companies: American Agricultural Chemical
Co., American Zinc, Lead & Smelting Co., Amoskeag ManuRalph McKelvey, heretofore Secretary and Treasurer of
facturing Co., Atlanta, Birmingham & Atlantic Ry. Co.; the Tioga Trust Co. of Philadelphia, was elected President
Atlantic, Gulf & West Indies Steamship Lines and all its of the institution at a meeting of the directors on Nov. 10
subsidiaries; Clyde Steamship Co.; Cuban Portland Cement to succeed Charles W. Rueter, who resigned several months
Co.; International Portland Cement Co.; Island Creek Coal ago, according to the Philadelphia "Ledger" of Nov. 11. Mr.
Co.; Mallory Steamship Co.; Massachusetts Electric Cos.; McKelvey entered the employ of the trust company as a
Mathieson Alkali Works; Maverick Mills; National Acme Co.; teller thirteen years ago and is only 35 years of age, it is
New York & Cuba Mail Steamship Co.; New York & Porto said, at the present time. At the same meeting the direcRico Steamship Co.; Pond Creek Coal Co., and Punta Alegre tors declared a dividend of 5% payable Dec. 1. The instituSugar Co.
tion, it is understood, is about to erect an eight-story bank
and apartment building on the site of its present home at
The Naumkeag Trust Co. of Salem, Mass, announces
the southwest corner of 17th and Tioga streets.
the death of its President, Leland H. Cole, on Dec. 17.
Resignation of H. 0. Redue as Chairman of the Board of
Shareholders of the Exchange Trust Co. of Boston at
Old Town National Bank of Baltimore and of T. R.
the
their annual meeting on Jan. 11 will be asked to authorize
as Cashier of the institution, was announced on
Cornelius
a proposed increase in the capital of the institution from
to the Baltimore "Sun" of Dec. 24. J. R.
according
23,
Dec.
new
of
stock
shares
2,500
$1,000,000 to $1,250,000. The
Assistant Cashier of the bank, was
formerly
,
Schneider
(par value $100 a share) will be offered at the price of $200 a
succeed Mr. Cornelius.
to
Cashier
promoted to
share, $100 going to capital and $100 to surplus account.
1
JAN. 1 1927.1
THE CHRONICLE
.65
consolidation of the institutions under the title of the CityNational Bank of Columbus, according to the "Ohio State
Journal" of Dec. 29. The merger, it was stated, with the
approval of J. W. McIntosh, the Comptroller of the Currency, would become effective yesterday (Dec. 31), but
organization of the combined banks would not be completed
until the annual meeting to be held Jan. 11, when the President and other officers would be named. The proposed
union of these banks was referred to in these columns in our
issue of Dec. 11 last. As then indicated, the capital of the
The Fifth-Third National Bank of Cincinnati and the new organization will be $500,000, with surplus of $800,000.
Directors of the Mercantile Trust & Deposit Co. of Baltimore on Dec. 27 declared an extra dividend of 4%, or $2 a
share, on the $50 par canital stock of the company, tax free,
In addition to the regular quarterly dividend of 6%, or $3 a
share, according to the. Baltimore "Sun" of -Dec. 28. As a
result of this action, it is said, stockholders will receive
total dividends for the year of 28%, or $14 a share. Both
dividends were payable yesterday, Dec. 31, to stockholders
of record Dec. 29.
Union Trust Co. of that city—banks which have been affiliated in interests for the past seven years—were united as
of to-day under the title of the Fifth-Third-Union Trust Co.
Formal action to this effect was taken by the respective
directors of the institutions at a joint meeting held on Dec.
24, according to the Cincinnati "Enquirer" of Dec. 25. The
new bank, which is one of the largest in that section of the
country, is capitalized at $5,000,000, with surplus and undivided profits of more than $6,000,000 and total resources in
excess of $90,000,000. Charles A. Hinsch, former President
of both banks, heads the new institution. The "Enquirer"
stated that the directors of both banks would constitute the
directorate of the new institution which will have 32 members and that there would be no change in the officers or
the employees of the banks. As part of the new organization, two new corporations are to be organized to undertake certain functions formerly conducted by the constituent banks, namely a securities company, to be known as the
Fifth-Third-Union Co., with an authorized capital of $500,000, to conduct the bond and investment business heretofore
handled by both banks, and a corporation to be known as the
Fifth-Third-Union Safe Deposit Co., with an authorized
capital of $50,000, to operate the safe deposit business of
the banks and the branches. Both the banking houses formerly operated by the Fifth-Third National Bank and the
Union Trust Co. are to be continued as banks, and all the
Union Trust Co.'s branches are to be conducted as heretofore. The stock basis on which the consolidation was effected is outlined in the "Enquirer" as follows:
The merger will result in a handsome Christmas present to the holders
of the Fifth-Third Union Trust unit certificates. These holders will receive 125 shares of the stock ot the combined banks in exchange for each
100 units now held. The new stock will pay 14% annually in quarterly
installments, as against 16% now paid on the units. The total of cash
dividends now paid amounts to $640,000 a year, while the total cash dividends on the new stock at the indicated rate will be $700,000, thus giving
the shareholders a greater annual cash return than now received.
To effect the merger the Fifth-Third National Bank is to surrender its
national bank charter and to sell its assets to the Union Trust Co., which
also will assume all the Fifth-Third Bank's liabilities.
The next step will be the increasing of the capital stock of the Union
Trust Co. to $5,000,000. Of this $3,000,000 will be used to distribute to
stockholders of the Fifth-Third National Bank in exchange for the assets
of the bank and the assumption of its liabilities, $1,000,000 is owned by
the present Union Trust Co. stockholders and $1,000,000 is owned by the
present Union Trust Co. stockholders and $1,000,000 is to be used for distribution as a stock dividend on a pro-rata basis to the shareholders of the
Union Trust eo. and the Fifth-Third National Bank. The effect of all this
is to give the holders of 100 units representing the stocks of the two banks
125 shares of new bank stock in exchange for their unit holdings.
The capital for the Fifth-Third-Union Co., the securities corporation, is
to be provided by declaring a dividend of $500,000 out of the assets of
the combined institution. The capital is to consist of 50,000 shares -of $10
par each. The stock Is to be trusteed in the hands of three trustees, to be
agreed upon by the directors of the bank, and the ownership of the stock
is to be evidenced by an indorsement on the certificate of stock of the
trust company.
To provide the capital for the Fifth-Third-Union Safe Deposit Co., a
dividend of $50,000 is to be declared out of the assets of the combined
bank. This capital is to be represented by 50,000 shares of $1 par each,
the stock to be trusteed in the same manner and the ownership to be indorsed on the trust company's certificates also.
A second large bank merger was also consummated in
Cincinnati on Dec. 31, the institutions involved this time
being the Citizens'National Bank & Trust Co.and the Fourth
& Central Trust Co., which were merged under the name of
the Central Trust Co., the original title of the institution
from which the Fourth & Central Trust Co. evolved. In its
issue of Dec. 29, the Cincinnati "Enquirer" stated that, according to the plan approved by the respective directors of
the institutions on Dec. 28, all resources and liabilities of the
Citizens' National Bank & Trust Co. would be taken over
by the Central Trust Co.; that the capital stock of the new
organization would then be $4,000,000, deposits $39,000,000
and total resources approximately $56,000,000; that 40,000
shares of the new company's stock would be issued, with a
par value of $100 a share, and that holders of Citizens' National Bank & Trust Co. stock would receive share for share
in the new institution. It was further stated that A. Clifford Shinkle,former President of the Fourth & Central Trust
Co., would be Chairman of the board of directors of the new
bank, while Charles W. Duquis, heretofore President of the
Citizens' National Bank & Trust Co., would be President.
Charles E. Wilson, former Chairman of the board of the
Fourth & Central Trust Co.; G.P.Griffith,former Chairman
of the board of the Citizens' National Bank & Trust Co.,.
and W.A. Julian, a former Vice-President of the latter, had
declined to serve in the new organization, it was stated. The
five branches of the former Fourth & Central Trust Go.,
it is understood, will be operated as parts of the new organization. These branches are located at 3114 Reading Road,
3766 Warsaw Avenue,Woodburn Avenueand Madison Road,
Hopple Street and Spring Grove Avenue, and 3903 Oak
Street, Mariemont. A meeting of the stockholders of both
institutions to ratify the consolidation and elect a board of
directors will be held on Jan. 11, it was stated.
Henry Hart and Emmett F. Connely received appointments as Assistant Vice-Presidents of the Detroit Trust Co.
of Detroit, Mich., Dec. 23. Both men were Assistant
Managers of the bond department prior to their new appointments. Mr. Hart after practicing law for one and one-hall
years in Detroit entered the bond department in 1916. Ia
1918 he was made Manager of the municipal bond department. He is a member of the National and Local Municipal
committees of the Investment Bankers Association, and he
was instrumental in drawing u the Evans-Baxter bill which
regulates the issuance of municipal bonds, provides the
method of payment of such bonds and prescribes the duties
of the State Treasurer and municipal officers. Mr. Conneli
has been with the bond department of the company since
1920. Prior to that time he was Assistant Purchasing
Agent for the Liberty Motor Co.
The United States Trust Co. of Detroit at its recent annual stockholders' meeting enlarged its board of directors
The officials of the new institution, in addition to Mr. by the election of three new
members, namely George H.
Rinsch, the President, are as follows, according to the "En- Kirchner, President of the
First State Bank and Treasurer
quirer": Edward A. Eeiter, Monte J. Goble, Louis G. Po- of
the Newcomb, Endicott Co.; J. P. Neudorfer, Attorney,
chat, Charles T. Perin, Lewis E. Van Ausdol, Louis E. Miller, and
a Vice-President of the United States Mortgage Bond
Edward Senior, Charlett H. Deppe, Edward F. Romer and Co., and Felix J. Mahler,
Secretary and Treasurer, and one
Edgar Starke, Vice-Presidents; Charles H. Shields, Cashier; of the organizers of the
Federal Bond & Mortgage Co.
Samuel McFarland, Edward A. Vosmer, G. William Gale,
William B. Huesing, Harry Nagel, Louis C. George, Gus G.
Hampson, Claude E. Ford, Charles N. Evans, W. Carroll
Shanks and Frank Acomb, Assistant Cashiers; William L.
Thede, Secretary; William E. Gray, Treasurer; Frank J.
Loewe, Joseph C. Lohrey, Henry J. Mergler and William
B. Thesing, Assistant Secretaries; Harry J. Plogstedt,
Branch Supervisor, and James D. Chambers, active executive in charge of the new securities corporation.
On Jan. 1 the Cody Trust Co. will open offices on the
third floor of the Borland Bldg., 105 South La Salle St.,
Chicago. •It will handle real estate loans exclusively, specializing in mortgages for life insurance companies and in
conservative bond issues for banks, estates and private
investors. Incorporated June 23 1926, Cody Trust Co. has
an authorized capital of $2,000,000, consisting of $1,000,000
7% cumulative preferred stock and $1,000,000 common
stock. The amount of paid-in capital on March 1 1927
The respective stockholders of the National Bank of Com- will exceed $1,000,000, now fully subscribed. Officers of
merce and the City National Bank, both of Columbus, Ohio, the Cody Trust Co. are President, Arthur B. Cody; Viceat special meetings held on Dec. 28, ratified the proposed President & Treasurer, Lewis W. Riddle; Vice-Presidents,
66
THE CHRONICLE
Hiram S. Cody and Thomas T. Roberts; Secretary, Arthur
C. Cody; Assistant Secretaries, Edward S. Clark and
Lester P. Price, General Counsel, Robert W. Campbell.
The Cody Trust Co. is the exclusive loan correspondent
in Chicago of the State Mutual Life Assurance Co. of
Worcteser, Mass.; Home Life Insurance Co. of New York,
and of the Register Life Insurance Co. of Davenport, Iowa.
It is one of the real estate loan correspondents in Chicago
.of the State of Illinois for the Life Insurance Co. of Virginia,
Richmond, Va., and has direct connections with three other
large insurance companies. The mortgage business of Cody
Trust Co., originating in 1848 by Judge Hiram H. Cody, was
later developed by the law firm of Gary, Cody & Gary.
This firm consisted of Judge Elbert H. Gary, now and for
many years Chairman and chief executive officer of the
United States Steel Corp.; Judge Hiram H. Cody, under
whom Judge Gary had studied law, and Noah E. Gary,
Judge Gary's brother. In 1919 the business then under
the name of Arthur B. Cody & Son was consolidated with
the Chicago Trust Co. This division of the mortgage loan
business between the Chicago Trust Co.and Cody Trust Co.,
as arranged two years previously, was effected under a complete and friendly understanding between the two institutions. The directors of the Cody Trust Co. are Senator
William Alden Smith,formerly U. S. Senator from Michigan;
Robert W. Campbell of Knapp & Campbell, attorneys,
Chicago; Gilbert L. Daane, President of the Grand Rapids
Savings Bank; Albert W. Swayne, Arthur B. Cody, Hiram
S. Cody, Lewis W. Riddle, Thomas T. Roberts, and Arthur
C. Cody of Chicago.
Informal opening of the Midway State Bank at 6236
•Cottage Grove -Ave., Chicago, occured this week. The
institution which has capital and surplus of $375,000,
-announces the following officers: President, Augustus E.
'Olson; Vice-President, Osborne E. Quinton; Cashier, Ray
A. Delassus.
Officers and directors of t- he Congress Trust & Savings
Bank, an institution now organizing in Chicago, were
elected on Dec. 28. The officers are: Henry S. Henschen,
President; Philip F. W. Peck, Vice-President; Thor H.
Erickson, Cashier, and Oliver W. Reese, Assistant Cashier.
The directors elected include, in addition to Mr. Hensehen
and Mr. Peck, Albert I. Appleton, Norman E. Bensinger,
Vail R. Bucklin, Alfred Cowles, Eugene R. Farny, Mitchell
D. Follansbee, Adolph Lindstrom, Roy 0. Nereim, J. A. 0.
Preus, Alexander H. Revell, Jr., Paul Schulze, Ernest J.
Stevens, and P. D. Swigart. The new bank will be located
in the Congress Bank Building at the southwest corner of
Congress St. and Wabash Ave. and will be capitalized at
$300,000 with surplus of $30,000. It is expected it will open
for business on March 15. Mr. Henschen, who has been
chosen to head the institution, is a former Vice-President of
the State Bank of Chicago.
According to advices from M- ilwaukee to the "Wall Street
Journal" on Dec. 21, the Marshall it Ilsey Bank of that city,
said to be the second largest bank in Wisconsin, declared a
25% stock dividend, payable yesterday (Dec. 31) to stockholders of record Dec. 26, thereby raising the capital of the
institution from $1,000,000 to $1,250,000. The bank's
surplus and undivided profits combined amounts to $1,862,000. At the same meeting the directors declared a quarterly
dividend at the rate of $10 annually, payable at the same
time (Dec. 31) as the stock dividend. J. H. Puelicher,
former President of the American Bankers' Association, is
President of the Marshall & Ilsey Bank.
That a second Milwaukee bank—the Marine National—
had declared a stock dividend of 100%, raising the capital
from $500,000 to $1,000,000, was reported in a special
dispatch this week from that city to the "Wall Street Journal"
The surplus and undivided profits of this institution amount
to approximately $900,000. The dispatch went on to say
that the dividend rate on the old stock was 16% annually,
but it is not expected that this rate will be maintained after
the doubling of the stock.
The San Francisco "Chron- icle" in its issue of Dec. 24
stated that purchase of the French-American Bank of San
Francisco by the Bancitaly Corporation (the holding company of the Bank of Italy) had.been confirmed the previous
day, Dec. 23, by Leon Bocqueraz, President of the FrenchAmerican Bank. The official statement of the bank, together with comments by Mr. Bocqueraz, follows:
[VOL. 124.
In reply to recent articles appearing in the press, Leon Bocqueraz,
President of the French-American Bank, to-day (Dec. 23) announced that
the Bancitaly Corporation had acquired a substantial block of stock in
the French-American Bank. Mr. Bocqueraz stated that both he and the
board of directors were highly gratified in having associated with them as
part owners a corporation of the size, strength and international prestige
of the Bancitaly Corporation. Mr. Bocqueraz feels that the relationship
thus established will be of substantial benefit to everyone associated with
the French-American Bank, particularly in view of the strong international
connections of the Bancitaly Corporation.
"There are no changes in the personnel or policy contemplated in view
of the Bancitaly Corporation's becoming a stockholder in the French-American Bank," said Mr. Bocqueraz, "and we will continue to do business as
before and have plans in mind which should greatly increase our present
business and resources."
According to the San Francisco "Chronicle" of Dec. 22, the
acquired bank is capitalized at $12,50,000, with surplus and
undivided profits in excess of $1,000,000; deposits of more
than $20,000,000 and total resources of $25,000,000.
According to the San Francisco "Chronicle" of Dec. 18,
the directors of the San Francisco Bank, San Francisco, on
Dec. 17, increased the bank's regular dividend from $50 to
$60 per share per quarter, or from $200 to $240 per annum,
and increased the extra dividend from $42 50 to $52 50 a
share per quarter, or from $170 to $210 per share per annum.
The dividend is payable Jan. 3. At the same meeting, it is
understood, the bank's surplus was increased $150,000, as
It was last year, but the capital and undivided profits and
reserves were left at the same figure. It was further
stated that employees of the institution would receive a
bonus of half a month's salary, while the officers and manager would receive a special bonus, which has been granted
I o them in previous years.
The 57th annual report of the Royal Bank of Canada
(head office Montreal) for the fiscal year ending Nov. 30
1926, which we print elsewhere in our pages to-day, shows
the highest profits (after deducting all charges) in the history of the institution, namely $4,516,239, as compared with
$4,081,628 in the preceding year. The net profits when
added to $1,249,435, the balance to credit of profit and loss
brought forward from the preceding fiscal year, made the
sum of $5,765,675 available for distribution, and this was
appropriated in the following _way: $3,416,000 to pay four
quarterly dividends at the rate of 12% per annum ($2,928,000), together with a bonus of 2% per annum $488,000);
$100,000 transferred to officers' pension fund; $400,000 appropriated for bank premises, and $440,000 reserved for Dominion Government taxes, including tax on bank note circulation, leaving a balance of $1,409,675 to be carried forward
to the current year's profit and loss account. Total assets
of the institution are shown in the report as $766,376,943, of
which $367,280,084 are liquid assets, or equal to 54.30% of
the bank's liabilities to the public, while cash and cash balances are shown at $157,568,134, or 23.30%, of the public
liabilities. Current loans and discounts in the Dominion
stand at $197,759,230, while Dominion and Provincial securities held are given at $64,733,058, and Canadian municipal
securities and British, foreign and colonial public securities
other than Canadian at $26,880,492. Total deposits are
shown as $612,860,289, of which $451,689,830 are interestbearing deposits. The paid-up capital of the institution is
$24,400,000 and its reserve fund a like amount. A foot-note
to the report says that the Royal Bank of Canada (France)
has been incorporated under the laws of France to conduct
the business of the bank in Paris and that as the entire
capital stock of the Royal Bank of Canada (France) is
owned by the Royal Bank of Canada, the assets and liabilities of the former are included in the general statement.
Sir Herbert S. Holt is President of the institution and C. E.
Neill, General Manager.
A very satisfactory annual financial statement has just
been issued by the Canadian Bank of Commerce (head office
Toronto). The report, which covers the fiscal year ending
Nov. 30 1926, shows total resources of $512,603,549, of which
$238,802,853 are liquid assets. Of the latter gold and silver
coin alone ammint to $22,230,555. Total deposits are shown
at $403,318,105 and current loans in Canada at $216,186,235.
Net profits for the period, after providing for all bad and
doubtful debts, amounted to $3,636,984, which when added
to $1,234,574, representing the balance to profit and loss
brought forward from the preceding fiscal year, made
$4,871,558 available for distribution. Out of this amount,
the statement shows, the following appropriations were
made: $2,400,000 to cover dividends; $200,000 to pay a
bonus; $500,000 to take care of Dominion and Provincial
Government taxes; $40,000 to cover donations and subscrip.
JAN. 1 1927.]
THE CHRONICLE
tions; $200,659 transferred to pension fund and $250,000
written off bank premises, leaving a balance of $1,280,899 to
be carried forward to the next year's profit and loss account.
The bank's paid-up capital is $20,000,000, with a rest fund
of like amount. Sir John Aird is President and S. H. Logan,
General Manager.
The 52d annual financial statement of the Banque Canadienne Nationale (head office Montreal) covering the fiscal
year ending Nov. 30 1926, shows net earnings, after the
deduction of expenses of management, interest accrued on
deposits, rebate of interest on discounts, and making full
provision for all bad and doubtful debts, of $860,660. This
amount, together with a balance to credit of profit and loss
of $265,019 brought forward from the preceding fiscal year,
made $1,125,679 available for distribution. This, the report
shows, was allocated as follows: $550,000 to pay four quarterly dividends; $30,000 contributed to pension fund $100,000 to cover Dominion,Government taxes, and $125,000 to
provide for payment to the Treasurer of the Province of
Quebec under Statute 14, Geo. V, Ch. 3, leaving a balance of
$320,678 to be carried forward to the next year's profit and
loss account. The bank's total resources are shown at $139,070,229, of which $72,737,874 are liquid assets, or 57%
of
the bank's total liabilities to the public. A foot-note to the
report states that the assets and liabilities of the Banque
Canadienne Nationale (France), the same being considered
a branch operating as a subsidiary of the Banque
Canadienne Nationale, are included in the balance sheet.
Total deposits are given in the statement as $114,896,765 and
the
paid-in capital as $5,500,000, with a rest fund of like
amount.
J. A. Vaillancourt is President and Beaudry Leman
General
Manager.
Evidence of the striking improvement in general
business
throughout Canada is shown in the annual statement
as of
Oct. 30 of the Bank of Montreal. Total assets are
carried at
over $781,500,000, a gain of over $26,000,000 as
compared with
the previous year. The profit and loss account
shows that
as a result of the greater volume of business, profits
for the
fiscal year just ended ran well ahead of the previous
year.
Following is the companys profit and loss account:
Balance of profit and loss account, Oct. 31 1925
Profits for the year ended Oct. 31 1926, after
management
charges and provision for bad and doubtful debts
Dividends for the full calendar year 1926, including
bonus of 2% payable Dec. 1 1926
$4,188,338
Provision for taxes
319,167
Reservation for bank premises
300,000
$596,788
4,978,133
$5,574,921
'
4,807,505
Balance of profit and loss carried forward
$767,416
Total assets of the bank now stand at $781,525,145, up from
$755,147,876 at the end of the previous year, representing
a
gain of over $26,000,000. Of this the total liquid
assets
amount to $424,919,084, equal to 60.35% of liabilities to
the
public. • As a result of the greater volume of business, current loans have advanced to $322,855,265, as compared with
$270,087,143 last year, an increase of more than $52,000,000.
Principal items in the Bank's statement as compared with
the year previous are as follows:
Total assets
Liquid assets
Total current loans
Dominion notes
Government securities
Railway bonds and securities
Deposits not bearing interest
Deposits bearing interest
Bank premises
1926.
$781,525,145
424,919,084
322,855,265
50,884,509
79,157,614
4,463,251
132,034,727
515,925,640
11,800,000
1925.
$755,147,876
450,459,068
270,087,143
49,962,661
96,542,710
3,666,616
152,552,338
471,845,303
12,150,000
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The Christmas holiday on Saturday, together with a
reactionary price tendency, caused a slowing up of specu-
lative activity in the New York Stock Market during the
present week. Early gains followed by sharp declines have
been of frequent occurrence and except for the sharp advance on Wednesday and the brisk upswing in the final
hour on Friday, the general tendency has been toward
lower levels. Following the Christmas holiday on Saturday
the market opened strong on Monday and in the early
trading moved briskly forward under the leadership of
United States Steel common which crossed 160 and came
within a fraction of its record high. Sloss-Sheffiled was also
in strong demand and advanced more than 2 points at its
high for the day. Oil shares were particularly active and
strong, such stocks as Phillips Petroleum, Atlantic Re-
67
fining, General Asphalt and Sinclair Consolidated scoring
gains of a point or more. Railroad shares made substantial
advances and motor stocks, especially Yellow Cab,climbed
to higher levels. As the day advanced, realizing sales
carried a number of the more prominent issues down considerably from the higher prices of the forenoon and most
of the stocks closed with fractional losses. On Tuesday
price movements were somewhat irregular, some issues
showing a moderate amount of strength, while others moved
abruptly downward. Indeed, in the afterncon trading
there was a general downward movement and losses ranging
anywhere from 1 to 8 points were recorded at the close.
Oil shares continued moderately strong, Pan American and
General Asphalt developing considerable strength, and Union
Oil of California and Atlantic Refining made further progress
upward. General Electric dropped to a new low at 84
and American Smelting slipped back to 145 •
The market continued weak in the first hour on Wednesday
but improved somewhat as the day advanced. In the final'
hour motor shares led by Hudson and Nash, climbed into
the foreground and many stocks moved forward to higher
levels. Gains of a point or more were made by Baldwin
Locomotive, J.•I. Case Threshing Machine, du Pont, Pullman Company, American Woolen common, Consolidated
Gas, Southern Railway and Allied Chemical & Dye. Oil
shares were again moderately strong, Mid-Continent moving
forward about 2 points, followed by Marland Oil, which
advanced about a point, and Pan American B, which
moved forward the same amount. The market opened fairly
strong on Thursday and several of the more active speculative
stocks registered gains ranging from one to five or more points
during the early trading. As the day advanced a wave of
liquidation came into the market that wiped out practically
all of the morning gains. The sharpest selling was in the
motors, though it gradually extended to other groups,
including steel stocks and railroad issues. The weak stocks
of the final hour included Baldwin Locomotive,United States
Cast Iron Pipe & Foundry, American Smelting, General
Asphalt and Underwood Typewriter. On the other hand
moderate gains were made by Atchison, Foundation Company and Union Carbide & Chemical Co. Oil shares
maintained a strong tone throughout the day.
Trading during the final day of the old year was characterized by more or less irregularity during the forenoon,
though the market displayed some improvement in the
final hour. Railroad shares moved into the foreground,
led by Atchison with a gain of about 3 points, and a number
of other substantial gains were recorded toward the end of
the session. The strong stocks included Atlantic Coast
Line, Union Pacific, Southern Railway, Chesapeaks &
Ohio, Kansas City Southern and New York Central. Motor
stocks were heavy and oil shares made little progress. The
final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
Number of
Shares.
Week Ended Dec. 31.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tntal
State,
Municipal &
Foreign Bonds
Stocks-No, of shares_
Bonds.
Government bonds_
State and foreign bonds
Railroad & misc. bonds
United
States
Bonds.
1,714,399
1,982,033
1,678,293
1,483.696
1,382,600
HOLIDAY- CHRISTNIA S DAY
$6,039,000
$2,415,000
$912,900
6.898,000
3,104,000
2,855.500
6.300,000
3,354,500
1,961,800
6,222,000
4,424,500
1,559,200
5,684.000
2.553,000
1,127,000
8.241.021
131.143.000
I
115.851.000
Week Ended Dec. 31.
Sales at
New Fork Stock
Exchange.
Total bonds
Railroad,
&c..
Bonds.
38.416.400
Jan. 1 to Dec. 31.
1926.
1925.
8,241,021
8,232,730
.451,945,618
447,398,703
$84,16,400
15,851.000
31,143,000
$8,924,250
9.327,500
33,181,000
$260,257,050
620,661.450
2,005.087,100
$355,659,610
697,023.500
2,890,975,875
1926.
1925.
355.410,00 $51,432,750 $2,886,005,600 $3,943,658.985
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Dec. 311926.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. BondSales. Shares. BondSales. Shares. Bondlialea.
.30,366
*33,524
.41,624
54,854
11.255
$26,000
27,000
10,100
26.200
14,000
171.623
$103,300
HOLI DAY
37,670
$52,600
30,424
10,200
35,700
31,815
46,568
31,500
13,149
24,000
159,626
$154,000
a850
a924
a3,219
a2,279
a1,786
$9,100
20,900
19,500
10,000
31.000
9,058
690.500
Prey, week revised 152.697
378.550 203.000 3148.800
11.600 3109.100
•In addition, sales of rights were: Monday, 2,100; Tuesday, 430; WednesdaY,38;
Thursday. 70.
a In addition, sales of rights were: Monday,5,837; Tuesday, 537; Wednesday,836;
Thursday, 1,039; Friday, 463.
THE CURB MARKET.
Trading in the Curb Market this week was dull and
irregular though the undertone of the market was strong.
Price changes for the most part were narrow. An event
in the industrial division was the beginning of trading
in the new Union & United Tobacco stock, which, it is
reported, will be offered' n exchange for Schulte and United
Cigar Stores stocks. Starting at 88, it rose to 90 and
ends the week at 883. Amer. Piano corn. dropped from
278 to 261 and sold finally at 263. Ford Motors of Canada
was off from 433 to 415, recovering finally to 420. JohnsManville new stock lost over two points to 58 and ends the
week at 583/8. Victor Talking Machine declined from 153
to 1515i, but recovered to 1533. Wanner Bros. Pictures
%, the close
sold down from 32% to 293i and back to 323
to-day being, at 32. Oils were quiet and steady, with
changes small. Buckeye Pipe Line lost three points to 47
and sold finally at 48. Humble Oil & Refining was off from
623/i to 603, the close today being at 61%. Prairie Pipe
Line fell from 1373 to 1303, with the final figure to-day
132j..
A complete record of Curb Market transactions for the
week will be found on page 98.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No Shares).
BONDS(Par Value).
OU.
Domestic. For'n Govt.
Week Ended Dec. 31.
Ind &Mire
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
'Total
[VOL. 124.
THE CHRONICLE
68
125,355
115,550
163,810
170,260
120.395
695.370
HOLIDA Y-CHRI STMAS D AY
124,020
142,900 $1,698,000 $278.000
305,000
56,925
56,600 1,963,000
466,000
77,510 2,239.000
92,460
364.000
84,150 1,871.000
113.700
228,000
98,010
69,320 1,587,000
485,115
430.480 $9.358,000 $1,641,000
I
ExportsImports£338.630 Germany
Mexico
43,534 British India
United States of America..
18,320 Other countries
British West Africa
644
Other countries
/38,500
55,200
12,103
Quotations during the week:
-Bar Silver Per Oz. Std.- Bar Gold
Per Oz. Fine,
2 Mos.
Cash.
Quotations24 13-16d. 848. 1134d.
2454d.
Dec. 9
84s. 1130.
24 11-164. 24%d.
Dec. 10
84s. 11 d.
24 15-16d. 25d.
Dec. 11
84s. 11 d.
24 15-16d. 25d.
Dec. 13
84s. 11 d.
2434d.
13-164.
24
Dec. 14
24 11-16d. 84s. 113d.
245cl.
Dec. 15
84s. 11.5d.
24.854d.
24.791d.
Average
The silver quotations to-day for cash and two months delivery are
1-164. and ;id., respectively, above those fixed a week ago.
on the 4th inst.
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:
Dec. 25. Dec. 27. Dec. 28. Dec. 39. Dec. 30. Dec. 31.
London.
Wed. Thurs. Fri.
Mon. Tues.
Sat.
Week Ended Dec. 3124 15-16 24 5-16 25 1-16 25
d
Silver, per oz
84.1134 84.1134 84.1134 84.103(
Gold, per fine ounce
5334
5434
5334
54
Consols, 234 per cents
10074
10034
Holiday
10034
Holiday10034
British, 5 per cents
9434
9434
9434
9434
cents
per
British, 434
55.60
55.60
54.90
53.90
53.90
French Rentes (in Paris). fr64.40
64.75
62.25
60.90
60
French War Loan(inParis),tr.
The price of silver in New York on the same day has been
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date
Dec. 15 1925:
GOLD.
The Bank of England gold reserve against notes amounted to £151,847.95
on the 8th inst., as compared with 1151,414,110 on the previous Wednesday.
Gold to the value of 1463,000 was on offer yesterday in the open market,
of which £343,000 was bought for Germany. Home and Continental
trade accounted for £106,000, whilst £14,000 was taken for India and
the Straits Settlements. The following movements of gold to and from
the Bank of England have been announced since our last letter:
Dec. 9. Dec. 10. Dec. 11. Dec. 13. Dec. 14. Dec. 15.
Received
--- £603,000 1464,000
Withdrawn
£10.000
It is understood that the bulk of the withdrawals of bar gold was destined
for Germany. The 115,000 sovereigns witndravrn were destined as follows*
Holland 110,000 and Italy £5,000. During the week under review £1,077.000 has been withdrawn from the Bank. reducing toe net influx since Jan. 1
1926 to £7,249,000. and increasing the net efflux since tne resumption of an
effective gold standard to £4,346,000. United Kingdom imports and exPort3
of gold during the week ending the 8th inst. were:
- Exports
ExportsImports
177,378
British South Africa
£1,261,454 Germany
12,265
British West Africa
26,121 Other countries
Other countries
5.448
189,643
11.293.023
The Transvaal gold output for November 1926 amounted to 840,276 fine
ounces as compared with 853,296 fine ounces for October 1926 and 787,633
fine ounces for November 1925. During the month of November last the
United Kingdom imports and exports of gold were:
Imports.
Exports.
£3,515,099
Germany
141,030
Austria
55,676
Russia
212,439
Netherlands
203,150
Belgium
73.577
92,939
Prance
86.157
Switzerland
10,000
Spain and Canaries
27,200
Egypt
121,097
West Africa
30.000
Argentina, Uruguay and Paraguay
6,455
Other South American countries
127,062
Rhodesia
3,404,473
Transvaal
156.671
British India
65,723
Straits Settlements
50,000
Ceylon
450,000
Canada
32,035
6,266
Other countries
Total
13,813.968
15,053,279
SILVER.
Although the price of silver has been fairly well maintained, the market
of buyers; this
is not robust. A feature has been, and is. the shyness
supplies been as plentiful
would have been shown by still easier prices had
free selling from China
as usual. Conditions, however, have been against
will be felt for a
this period. Possibly a certain amount of steadiness
consignment has
steamer's
settlement
Bombay
week or so until the next
much opportunity to sell here owing
been arranged. America has not had
Kingdom imports
buyers usually being satisfied at "fixing." United
ending the 8th inst. were:
Rd exports of silver during the week
Sliver in N.Y., per oz.(eta.):
Holiday 5334
Foreign
54
54
5414
54
COURSE OF BANK CLEARINGS.
Bank clearings the present week will show a small decrease
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, Jan. 1), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will fall 4.9% below those for the corresponding
week last year. The total stands at $9,413,168,729, against
$9,898,670,704 for the same week in 1925. At this centre
there is a loss for the five,days of 5.8%. Our comparative
summary for the week is as follows:
1927.
1928.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
15,567,065,400
609,723,905
519.000,000
428,000,000
129,003,975
131,500,000
• 174,758,000
153,205,000
135,998,479
136,145,631
97,614,203
101,569,025
53,797,575
$5,906,120,658
633,446,529
549,000.000
430,000,000
125,817,820
147,900,000
170,000.000
142,503,000
158,302,827
138,585.180
104,884,438
116,931,570
62,188,039
-5.8
-3.5
-5.5
-0.5
+2.5
-11.1
+2.8
+7.5
-14.1
-1.8
-7.0
-13.2
-13.5
Thirteen cities,5 days
Other cities, 5 days
18,237,381,193
1,175,787,536
$8,685,680,061
1,212,990,643
-5.2
-3.1
$9,413,168,729
HOLIDAY
$9.898.670.704
HOLIDAY
-4.9
19.413.168.729
19.999.670.704
-4.6
Clearings-Returns by Telegraph.
Week Ended January 1.
Total all cities, 5 days
All cities, 1 day
Pntal All MI.tnr..kk
•
Complete and exact details for the week covered by the
foregoing will appear in our *ssue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly in the above the last day
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 Dec. 25. For
that week there is an increase of 2.5%, the 1926 aggregate
of clearings being $8,547,199,360 and the 1925 aggregate
$8,339,107,559. , Outside of New York City, however, the
increase is only 1.0%, the bank exchanges at this centre
having shown a gain of 3.7%. We group the cities now
according to the Federal Reserve districts in which they are
located, and from this it appears that the Boston Reserve
District totals are larger by 8.5%, in the New York Reserve
District (including-this city) by 3.5% and in the Philadelphia
Reserve District by 4.4%. The Richmond Reserve District
shows a gain of 20.3% but the Cleveland Reserve District
JAN. 1 1927.]
THE CHRONICLE
has a loss of 1.5% and the Atlanta Reserve District of 9.2%,
the latter duo mainly to the falling off at the Florida points,
Miami having a decrease of 57.1% and Jacksonville of 35.4%.
In the Chicago Reserve District the totals are 3.1% smaller
than a year ago, in the St. Louis Reserve District 6.2%
smaller and in the Minneapolis Reserve District 13.3%
smaller. The Kansas City Reserve District shows a falling
off of 1.0%, the Dallas Reserve District of 6.2% and the
San Francisco Reserve District of 4.7%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
;Week Ended Dec. 25 1926.
1926.
1925.
Inc.or
Dec.
1924.
Federal Reserve Dists.
1st Boston_ __ _12 cities
2nd New York _11 "
3rd Philadelphial0 "
4th Cleveland__ 8 "
5th Richmond.6 "
6th Atlanta_ ___13 "
7th Chicago __ _20 "
8th St. Louis .. _ 8 "
9th Minneapolis 7 "
10th Kansas City12 "
I 1 th Dallas
5 "
12th San Fran_ _17 "
3
$
$
441,625,537
4,993,333,394
527,868,100
354,365,459
174,145,424
208,756,150
791,625,359
194,294,940
106,392,104
238,889,976
71,710,673
444,632,244
407,017,703
4,764,230,290
505,588,778
359,544,836
144,704,510
229,896,391
816,906,364
207,061,829
122,660,274
240,582,639
74,470,503
466,483,442
%
+8.5
+3.5
+4.4
-1.5
+20.3
-9.2
-3.1
-6.2
-13.3
-1.0
-6.2
-4.7
380,049,549
4,452,634,749
493,122,512
323.120,740
167,259,267
191,733,643
753,648,750
199,548,851
113,400,162
209,554,481
78,278,938
384,838,870
368,266,050
3,912,316,970
472,893,675
315,413,835
163,513,003
176,440,966
736,660,608
188,941,074
99,456,826
206,354,104
61,206,133
391,315,535
Total
129 cities
Outside N. Y. City
8,547,199.360
3,730,121,503
8,339,147,559 +2.5
3,694,595,777 +1.0
7,747,190,512
3,386,460,972
7,092,808,782
3,179,997,029
316.304.035
9.56 370 314
PrInnria
90 elf Ina
390 OM 604
IfiA ma 779
-4-6.9
1923.
s
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended December 25.
Clearings at1926.
1925.
1,10. or
Dec.
1924.
1923.
$
3
%
$
a
First Federal Reserve Dist net-Boston Maine-Bangor..
564,951
563,642
+0.2
Portland
3,410,016
2,313,100 +47.4
Mass -Boston._ 397.000.000 359,000,000 +0.6
Fall River
1,794,539
1,961,762 -8.5
IIolyoke
a
a
a
Lowell
1,101,301
927,661 +18.7
Lynn
a
a
a
New Bedford
897,837
065,547 -7.0
Springfield_ _ _ _
4,906,073
4,406,247 +11.3
Worcester
2,766,331
3,453,726 -19.9
Conn.-Hartford.
11.679,050
15,976,607 -27.0
New Haven...
5.557,340 +14.1
6,339,456
R.I.-Providence
10,632,000
11,159,300 -4.7
N.11.-Manche-3'r
533,083
732,771 -27.3
Total(12 cities)
441,625,537
407,017,703
+8.5
516,188
2,477.145
340,000.000
2,009,509
a
939,070
a
1,393.151
3,859,286
3,018,000
10.457,415
5,123,803
9,720,200
535,782
1,541,628
2,062,482
328,000,000
1,852,877
a
1,362,000
a
1,120,484
3,981,979
2,591,000
9,382,320
5,227,616
10,537.600
606,064
380,049,549
368,266,050
Second Feder al Reserve D istrict-New
N. Y.-Albany
5,488,420
4,369,204
Binghamton__ _
819.600
046,700
Buffalo
43,701,942
56,545,210
Elmira
815,373
786,735
Jamestown_ _ _ _
c1,659,204
1,355,865
New York_ .... _ 4,817.077,857 4,644,551,782
Rochester
11,991,994
10,285,693
Syracuse
4.242.604
4,168,521
Conn.-Starn ford
c4,101,720
4,323,536
N. J.-Montclair
562,473
472,274
Northern N. J_
42,872,117
36,424,770
York-+25.6
4,149,247
6,656,286
-13.4
863,800
721,900
-22.7
35,688,444
35,517,802
+3.6
844,313
567,904
+22.4
1,254,578
1,051.337
+3.7 4,360,729,540 3,812,811,753
9,405,563
+16.5
8,450,164
+1.8
3,654,714
4,169,934
-5.1
3,029.138
2,496,722
+19.1
525,177
311,415
+17.7
32,490,235
39,551,723
Total (11 cities) 4,933,333,394 4,764,230,290
+3.5 4,452,634,749 3,912,316,970
Third Federal Reserve Dist rict-Philad elphla Pa.-Altoona._ _ _
1.533,998
1,430,245 +7.2
1,232,642
Bethlehem_ __ _
4,021.958
3,800.000 +5.8
3,300,000
Chester
967,970
1,224,675 -21.0
075,834
Lancaster
1,428,981
2,195,510 -34.9
1,857,689
Philadelphia_ _ _ 498,000.000 478,000,000 +4.2 466,000,000
Reading
3,581.627
3,271,246
+9.5
2,787,993
Scranton
5,841,908
4,944,715 +18.1
5,797,004
Wilkes-Barre
e4,090,488
3,759,343 +8.8
3,764,029
York
1,479,290
1,589,516 -6.9
1,962,614
N. J.-Trenton
6,921,880
5.373,528 +28.8
5,944,787
Del.-It ilming'n.
aa
a
a
Total (10 cities)
527,868,100
505,588,778
Fourth Feder al Reserve D lattice-Clay
Ohio-Akron._ _
4,144,000
6,260,000
Canton
3,194,010
7,856,071
Cincinnati_ _ _ _
63,881,466
64,704,228
Cleveland
95,944,491
93,448,370
Columbus
14,421,100
13,592,500
Dayton
a
a
Lima
a
a
Mansfield
1,778,952
1,796,711
Springfield_ _
a
a
Toledo
a
a
Youngstown
5,199,959
5,846,641
Pa.-Erie
a
a
Pittsburgh_ _ _ _
165,801,481 166,040,315
Total(8 citles)_
354,365,459
359,544,836
+4.4
493,122,512
472,893,675
eland--33.8
6.767,000
-59.4
4,200,197
-1.3
59,539,196
+2.7
89,156,039
+6.1
11,301,800
a
a
a
a
-1.0
1,502,705
a
a
aa
-11.1
4,505,026
a
a
-0.1 146,148,777
5,188,000
3,975.037
57,789,247
87,631,689
12,041,900
a
a
1,552,451
a
a
4,232,959
a
143,002,552
-1.5
323,120,740
Fifth Federal Reserve Dist rict-Mehra ondW.Va.-Hunt'g'n
1,689,172 -13.9
1,453,999
Va.-Norfolk_ _
9,892,394
9,717,052
+1.8
Richmond __
46,830,000
44,005.000 +6.4
S.C.-Charleston
2,632,778
2,316,728 +13.7
Md.-Baltimore_
89,298,816
68,634,358 +30.1
D.C.-Washing'n
24,037,437
18,392,200 +31.0
1,502,832
8,029,689
53,774,000
3,100,000
80,683,666
20,169,160
Total(6 cit1es)_
174,145,424
144,704,510 +20.3
167,259,267
Sixth Federal Reserve Dist rict-Atlant aTenn.-Chatt'ga.
e9,315,151
8,676.018 +7.4
Knoxville
.3,200,000
3,000,000 +6.7
Nashville
18,440,304
14,602,353 +26.3
Ga.-Atlanta_ _._
59.919,633 -6.2
56.215.290
Ilk Augusta
1,711.467 +19.7
2,048.378
, Macon
1,726,881 +29.1
2,230,131
li Savannah
a
•
a
Fla.-Jack'nville.
23,634,043
36,599,798 -35.4
lis Miami
7.874,546
18.331,978 -57.1
Ala.-Birming'm.
26,412.772 -13.9
22,743,747
Mobile
1,420,765 +21.8
1,730,783
Miss.-Jackson..
1,480,000 +2.0
1.510,000
Vicksburg
341,816
336,636
+1.5
La.-NewOrleans
59,471,961
55,678,890 +4.9
17,289,496
58,042,339
1,721,007
1,502,152
a
14,000.000
5.738.660
26,260,917
2,000.000
1,104,690
378,168
54,220,000
Total (13 cities)
208,756,150
229,896,391
1,196,381
3,115,157
1.118,689
2,456,671
449,000,000
2,756.017
4,737,355
3,176,332
1,275,694
4,061,379
a
-9.2
6,776.194
2,700,4300
191.733.643
69
Week Ended December 25.
Clearings at
1926.
1925.
Inc. or
Dec.
$
Seventh Feder al Reserve D Istrict-C h I cagoMich.-Adrian _
234.150
191,743 4-22.1
Ann Arbor__ _ _
967,889
736,745 4-31.4
Detroit
139.089,293 149,042,043 --6.7
Grand Rapids_
6.027.100
7,443.178 --19.0
Lansing
2,910,816
2,407,975 --20.7
Ind.-Ft. Wayne
2,384,627
2,945,859 --19.1
Indianapolis_ _ _
20,013,000
19,033,000 +5.2
2,867,600
South Bend_ _ _
2,575,000 4-11.4
5.312,375
Terre Haute__ _
5.362.563 --0.9
Wis.-Milwaukee
31,568,642
33,148,833 --4.8
2.257,076
Iowa-Ced. Rap2,025,446 4-11.4
7,717.697
Des Moines_ _ _
8,604.609 --10.4
5,330.009
Sioux City.--6,067,306 --12.2
Waterloo
1,013,500
928,534
4-9.2
Ill.-Bloom•gton_
1,293,117
1,606,366 --19.5
554,075,309 564,114,032 --1.8
Chicago
a
Danville
a
a
Decatur
1,268,168
1,207,470
4-5.0
3,257,289
Peoria
4,424,247 --26.4
Rockford
2,677,682
2,746,698 --2.5
Springfield_ _
2,360,020
2,294,717
4-2.8
1924.
1923.
174,067
703.802
104,087,797
6,405.955
1,580,289
3,370,439
14,215.000
2.318,000
5.434,753
30,585.011
2,063,785
8,567,943
5,946,005
1.263,909
1,232,362
554.862,246
a
1,249,587
4.130,413
2,389,455
2.067,932
162,361
644,970
111,209.720
5.530.222
2.074,044
2,059,126
17,223,000
1,640.200
4,729.680
29,443,414
2,575.030
8,938.997
5,008.269
1,174,759
1,000,003
534,501,589
a
899,650
3,,,91,236
2,027,774
2.126,567
753,648,750
736,660,608
4,760,155
126,838,188
27,952,167
511,647
24,891,243
13,159,669
318,387
1,117,395
4,282,787
123,406.743
27,305,767
459,145
21,315,760
10.682.788
344,690
1,143,494
-6.2 199,548,851
neapol is+9.6
6.709,072
-18.4
72,503,000
-7.4
27,901.944
+15.0
1,625.107
-17.0
1,359,129
+22.0
507,331
-29.1
2,794,579
188,941,074
Total (7 cities)_ 105,392,104 122,660.274 -13.3 113,400,162
Tenth Federal Reserve Dis tact - Kan sas Cit yNeb.-Fremont.376,816
251,403 +49.9
298,838
321,184
Hastings
462,371 -30.5
368,364
3,878,400
Lincoln
3,727,571
+4.0
3,369,848
32.055,039
35,571,854 -9.9
Omaha
30,414,027
Kan.-Topeka _
3,708,103 • 4,068,577 -8.9
2,676,869
8,498,851
Wichita7,677,496 +10.7
6,641,000
Mo.-Kan. City_ 133,277,616 129,602,975 +2.8 112.393.520
6,782,596
St. Joseph- - 7,724.288 -12.2
6,142,746
a
Okla.-Muskogee
a
a
a
Oklahoma City
30,735,913
31,959,336 -3.8
27.967.280
a
Tulsa
a
a
962,329
Colo.-Col. SPgS.
1.057,583 -9.0
828,738
16,386.348
Denver
17,503,791 -6.4
17,635,568
1,266,781
Pueblo
975.394 +29.9
817.683
99,456,826
Total(20 cities) 791,625,359 816,906,364 -3.1
Eighth Federa Reserve Dis trictt.-SLo uisInd.-Evansville_
4,441,298
4.317,511
+2.9
Mo.-St. Louis.. 127,500.000 131.900,000 -3.3
Ky.-Louisville._
29,522,434 -0.8
29,299,668
438,261
Owensboro_ 415.690 +5.4
Tenn.-Memphis
19,005,777
24,245,078 -21.6
12,011.137
Ark.-Little Rock
15,019,041 -20.0
111.-Jacksonville
345,638
415,301 -16.8
1,253,161
Quincy
1,226,774
+2.1
Total(8 cities). 194,294,940 207,061.829
Ninth Federal Reserve Dis trict - Min
Minn.-Duluth._
11,073,777
10.105,589
Minneapolis_ _ _
63,885,896
78,284,182
25,992,612
28,074,038
St. Paul
1,688,406
No. Dak.-Fargo
1,467,839
1,068,536
S.D.-Aberdeen.
1,287,982
574,123
470,393
_
2,970.251
2,108.754
Helena
Total (12 cities) 238,249,976 240,582.639 -1.0 209,554,481
Eleventh Fede ral Reserve District-U aliasTexas-Austin....
1,307,840
1,572,829 -16.9
1,315,650
41,741,575
Dallas
46,335,282 -9.9
51,877,230
Fort Worth....
14,369,858
13,622.595 +5.5
10,344,611
Galveston
9,713,000
10,558,600 -8.0
10,477,346
a
Houston
a
a
a
La.-Shreveport _
4,578.400
4,381,197 +4.5
4,264 101
Total (5 cities).
71,710,673
76,470,503
Twelfth Feder al Reserve IS Istrict-San
Wash.-Seattle_ _
35,978,298
37,026,044
Spokane
11,025,000
10,120,000
a
a
Tacoma
1,195,739
Yakima
1,259,936
31.036,208
Ore.-Portland_ _
36,134,641
15,771,182
Utah-S. L. City
17,351.007
a
Nev.-Reno _ - a
Ariz.-Phoenix..
a
a
5,656,333
Cal.-Fresno.- - 3,364,016
6,159,466
Long Beach....
6,340.913
Los Angeles..- 147,127,000 144,992,000
15,443,301
Oakland
18.569,245
5.785,925
Pasadena
4,879,682
7,880,946
Sacramento
8,393,286
5,923,127
San Diego- - - 4,639,028
San Francisco_ 147,748,000 165,001,000
San Jose
2,127,219
2,308,837
Santa Barbara_
1,301,100
1,457,550
2.811,900
Stockton
2,958,600
Santa Monica_
1,861,500
1,687,657
--6.2
78,278,938
Franci sco---2.8
29,993,196
4-8.9
8,620,000
a
a
--5.1
1,129,447
--14.1
29,343,189
--9.1
15,836,672
a
a
a
a
--31.9
2,797,532
--3.9
5,419,194
4-1.5 119,888,000
--16.8
13,550,051
4-18.6
4.335,252
--6.1
6,195,900
4-27.7
3,183,043
--10.5 137.600.000
--7.9
1,863.810
--10.7
904,739
--5.0
2,674,300
4-10.3
1,503,445
5,780,405
57.641,168
29,968,961
1,470.668
1,075,522
475,071
3,045,031
278,979
411.949
3.054.567
32,213,307
3,528.018
6,699.000
114,615,423
6,232.895
a
20,240.382
a
881,649
17,568,905
629,030
206,354,104
1,525.000
34,507,000
11,595.280
9,374,930
a
4.203,923
61,206.133
33,562,939
9,403,000
a
1,053,980
31,195,579
14,527,598
a
a
3,887.482
6.851.559
125,781,000
12,798.134
4,484,780
6,451,631
3,093.550
131,600,000
1,871.192
767,051
2,198,000
1,788,060
Total (17 cities) 444,832,244 466.483,442
Grand total (129
cities)
8,547,199,360 8,339,147,559
-4.7
Outside New York 3,730,121,503 3.694,595,777
+1.0 3,386.460,972 3,179.997,029
384,838,870
391,315,535
+2.5 7,747.190,512 7,092,808.782
Week Ended Dec. 23.
Clearings as
1926.
1925.
Inc. or
Dec.
1924.
1923.
Canada5
$
$
Montreal
124,140,611
94,129,798 +31.9 110,553,968
81,800,559
Toronto
117,285,230 105.702,108 +10.9
84,527,126
88,093,079
'Winnipeg
59.079,790
77.909,974 -24.0
50,774.441
52,638,737
Vancouver
19,109.727
17,620.700 +8.4
13,941,037
13,931,197
Ottawa
8,724,185
7,666,254 +13.8
315,413.835
6,103,240
6,086,396
Quebec
6.345.232
5,834,543 +8.7
4,644,827
4,704,086
Ilallfax
2,901,780
3.268.460 -11.2
2.297,496
2,409,592
Hamilton
5,919,079
5.447,827
+8.7
1.812,787
5,167,368
4.336,087
Calgary
8,702.817
10,131,941 -14.1
7,980,978 St.
7,113.346
6.367,244
John
2.708,872
2,851,446 -5.0
48,530,000
2,398,657
1,967,969
2,103.294
2,186,932 -3.8
2,904.811 Victoria
1,050,070
1,520,444
3,082,903
3,196,830 -3.6
84,133,430 London
2,705,719
3,160.024
Edmonton
5,885.118
5,984,904 -1.7
18,181.000 Regina
4,215,348
4,093,817
5,166,348
6,277,104 -17.7
3,921,869
3,312,295
778.249
713,008 +9.1
163,543,006 Brandon
593,691
595.155
Lethbridge
598,539
927,483 -35.4
510.537
533.498
Saskatoon
2,298,687
2,447,799 -6.1
2,065,002
1,585,888
Moose
Jaw
1,667,704
1,484,793 +12.3
5,626,112
1,421,047
1,168,667
1,292,390
1,386,670 -6.8
2,499,012 Brantford
793.783
993,985
Fort
1,155,234
1.131,802
15,792.594 New William_ +1.9
1.366,229
1.186.710
Westminster
686,608
645,853 +6.3
50,533.757
494,265
431,450
353,317
397.967 -11.3
1,684.000 Medicine Hat-- 271,931
422.239
1,042,154
930,333 +12.0
1,307.239 Peterborough_
805,322
730.671
Sherbrooke
898,099
a
831,565
+8.0
690,484
698,010
Kitchener
1,270,310
1,031,967
12,326.450
+23.1
828,481
882.420
Windsor
5,345,516
3,550.278 +50.6
2,484,267
2,638.948
501,795
471,157
25,587.943 Prince Albert---+6.5
298.324
387.271
Moncton
1,073,198
1,071,112
1,785,711
+0.2
742.634
815,698
872,818
803,664
826,321 Kingston
+8.6
753,571
798,237
331,405
Total(29 cities) 300,989,604 366,034.272
58,140.422
+6.8 316,301,039 286,379.314
a No longer report clearings. b Do not respond to requests
for figures. c Week
176.440.966 ended Dec. 22. 0
Week ended Dec. 23. e Week ended Dec. 24. • Estimated,
[VOL. 124..
THE CHRONICLE
70
FOREIGN TRADE OF NEW YORK-MONTHLY
Public Debt of United States-Completed Returns
1926.
31
STATEMENT.
Oct.
of
as
Debt
Showing Net
The statement of the public debt and Treasury cash holdCustoms Receipts
Merchandise Movement at New York.
ings of the United States as officially issued Oct. 31 1926,
at New York.
delayed in publication, has now been received, and as interest
Exports.
Imports.
Month.
attaches to the details of available cash and the gross and
I 1925-26. I 1924-25. 1925-20. 1924-25 1925-20. 1924-25.
net debt on that date, we append a summary thereof, making
5
$
8
$ 1 $ 1 $
comparisons with the same date in 1925.
17,121,252
I
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Oct. 311926. Oct. 311925.
$230,560,594 2198,748,196
Balance end month by daily statement,&o
Add or Deduct-Excess or deficiency of receipts over
+962,128
+569,780
or under disbursements on belated Items
$231.130,374
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Settlement warrant checks
8199,710.324
3,337,362
64,107,958
60,573,850
14,299,531
61,658,839
66,961,816
9,235,530
1,294,397
$142,318,701
+391,979,792
Balance, deficit(-)or surplus(+)
INTEREST-BEARING DEBT OUTSTANDING.
Interest Oct. 311926.
Payable.
$
TUle of LoanQ.-J. 599,724,050
28, Consols (A1930
Q.-F.
48,954,180
25 of 1916-1936
25,947,400
Q.-F.
28 of 1918-1938
49,800,000
Q.-M.
38 of 1961
Q.-J.
28.894,500
3s Conversion bonds of 1948-1947
J.-J. 861,848,500
Certificates of indebtedness
J.-J. 1,397,687,600
3%s First Liberty Loan, 1932-1947
J.-D.
5,156,700
45 First Liberty Loan, converted
J -D. 532,874,350
434s First Liberty Loan, converted
3,492,150
J.-D.
4145 First Liberty Loan, second converted
M.-N.
20,849,350
45 Second Liberty Loan, 1927-1942
3,083,674,950
434s Second Liberty Loan converted
M.-S. 2,308,133,250
414s Third Liberty Loan of 1928
A.-0. 6,324,466,150
434s Fourth Liberty Loan of 1933-1938
763,948,300
4%5 Treasury bonds of 1947-1952
1,047,087.500
as Treasury bonds of 1944-1954
494,898,100
3%8 Treasury bonds of 1946-1956
matures 358,070,326
48 War Savings and Thrift Stamps
J.-.1.
12,881,080
2%5 Postal Savings bonds
J -D. 1,197,481,300
5%s to 5%5 Treasury notes
+857,391.623
Aggregate of interest-bearing debt
Bearing no Interest
Matured, Interest ceased
,...
Total debt
Deduct Treasury surplus or add Treasury deficit
Oct. 311925.
$
599,724,050
48,954,180
25,947,400
49,800.000
28.894,500
596,045,000
1,409,993,350
5.157,600
532,873,450
3,492,150
20,857,450
3,083,691,000
2,802,473,150
6,324,478,300
763,948,300
1,047,088,500
381,019,405
12,234,220
2,404,241,405
00
_19,165,869,735 20,140,913,4252,836,318
242,359,016
13,721,530
11,925,990
019,420,154,742 20,407,471.253
+91,979,792 +57,391,623
519,328,174,950 20,350,079,630
Net debt
a The total gross debt Aug.31 1926 on the basis of daily Treasury statements was
819.4201(0,8.012, and the net amount of public debt redemption and receipts
In transit. &c., was 86,037 80.
S No deduction is made on account of obligations of foreign Governments or
other Investments.
Sounivercial audnXiscellaneroasgalas
Breadstuffs iligures brought from page 133.- All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts at-
Wheat.
Flour.
Corn.
Oats,
Barley.
Rye.
bbls.1961bs. bush.60155, bush. 56 lbs bush. 32 155 bush.481bs bush.56lbs.
24,000
177,000
910,000
198,000 2,617,000
231,000
Chicago
141,000
144,000
258,000
182,000
1,326,000
Minneapolis
64,000
7.000
164,000
2,000
292,000
Duluth
9,000
162,000
206.000
227,000
14,000
19.0001
Milwaukee.-3.000
95,000
109,000
117,000
Toledo
10,000
38,000
91,000
43.000
Detroit
68,000
571,000
12,000
Indianapolis._I
36,000
43,000
313,000
569.000
317,000
82,0001
St. Louis-..._
23,000
140.000
523.000
3,000
73
Peoria
70,000
156,000
967.000
Kansas City_
56,000
461,000
209,000
Omaha
12,000
202,000
114.000
St. Joseph_ _ _
15,000
367,000
Wichita
26,000
231,000
7,000
Sioux City.
I
I
I
Total wk. '2
Same wk. '2
Same wk. '24
Since Aug. 1
1926
1925
1924
405,000
409,000
325,000
3,986,000
6,180,000
4,789,000
5,956,000
7,358,000
5,799,000
2,356,000
3,143,000
4,511,000
556,000
673.000
835,000
287,000
300.000
424,000
10,161,000 205,635,000 95,689,000 71,880,000 7,021.00019,016,000
9,974,000215,471.000 94,430,000 132,532,00051,832,000 15,643,000
10,129,000 369.504.000 106,409,000 160,687.00041.648.00045.664,000
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,
Metrojpolitan National Trust & Savings Bank of
-The
Nov. 23
$100,000
Calif
Beverly Hills,
Correspondent, Fred Niblo,care Metro-Goldwyn-Mayer
Studios. Culver City, Calif.
100.000
Bank of Melrose, Mass
Dec. 17--The First National
Correspondent, Angier L. Goodwin, 53 State St., Boston, Mass.
APPLICATIONS TO °ROANE% APPROVED.
200,000
National Bank of Newark, N.
Dec. 22-The Mount Prospect
Correspondent, Andrew Van Blarcom, 24 Commerce
J.
N.
Newark.
St.,
200,000
Bank of Trenton, N. J
Dec. 23-The Security National
Correspondent, Harvey T. Sattcrthwalte, American
J.
N.
Trenton,
St..
State
East
137
Bldg..
Mechanicts'
APPLICATIONS TO CONVERT APPROVED.
$50,000
Union National Bank of Neodesha, ICan
-The
Dec. 22
Conversion of the Union State Bank, Neodesha, Kan.
1,000,000
National Bank of New York, N. Y
Discount
-The
22
Dec.
New
Conversion of the Italian Discount & Trust Co.,
York. N. Y.
VOLUNTARY LIQUIDATION.
825,000
National Bank of Norton, Texas
Dec. 22--12415-The First 1926. Liquidating agent, T. J. McEffective Dec. 20
business.
Caughan,Norton.Tex. Bank discontinued
26.628,880
25,131,733
29,523,243
24,280,726
22,333,749
25,280,530
24,619,552
29,183,549
32,000,997
31,369,820
27,072,503
27,666,90
22,893,230
21,933,376
23,298,328
24,327,008
28,235,015
30,186,355
29,389,796
Total.. _ 1863493731 165680357e1364139848 1466278147270,352,77 250,123,814
Movement of gold and sillier for the ten
$139,150,582
Total
January _ _ 215,137,735 156,923,263153,410,759 158,313,003
February _1195,930,212 160,460,910 135,855.812 123.210.344
March.__ _ 1234,703,468 183.494.498147,798.478 175.312,931
193,961,303 166.694.007,164,810.083 171,392,165
April
161,807,859 149.170.018124.551.637 147,545,548
May
175,031,076 160,308,912 112,535,945 123,740,727
June
164,794,382 154,206,974 132,903,105 135,781,354
July
August _ _ _ 61,973,351 166,853,2321116,821,090 168,713,039
September 182,914,678 166,212.020 151,629,613 137,468,016
October._ 177,239,667 192.479,7421123,823,326 126,801,02
Silver-New York.
Gold Movement at New York.
Imports.
Month.
Exports.
1
months:
Imports.
Exports.
1925-26.
1925-26.
1924-25.
1
1925-26.
1924-25.
1925-26.
$
$
I
s
$
$
705,698 1,029,134 2,569,831 66,002,262 1.858,862
January -612,514 2,012,359 33,520,792 5,524.289
10,707.02
February
March_ - 3,201,667 3,662,342 2.038.148 21,435,084 1,613.500
5,694,336 _......
April
802.731119,899,3812,252,994
895,89
May
901.2081 10,304,870 1,273,845
619,245 7,776,455
948,811 2.174,5101 2,641,349 1,925,834
4,287,601
June
846,762 6,489,017 1.598.5401 2,468,247 2,172,443
July
759,804 21,154,9741 1,024,953 1,724,207
662.466
August..
672,610 21,675,322 5,060,700 3,225,587
972,617
September
523,939 42,379,043 1.013.799 1,395,082 1,508,244
October
Total_ _ _ 23,422,91
s
6,438.232
3,848,818
5,556,070
4.650,649
4,432,012
4,945,823
3,888,993
4,260,831
3,758,076
4,029,252
70,024,065 55.941,413l163.752,520 23,079,8051 45,806,758
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
$ per share.
$ Per sh. Shares. Stocks.
Shares. Stocks.
100 Federal Alloy Steel, no par_ _ _ _85 lot 33,500 note of George A. Salmon,
dated June 24 1021, without
40 N.Y.,Atlantic City & Phila. SS.
recourse
35
$1 lot
Corp., pref., no par
Sundry warehouse receipts covering
an City & Phila. SS.
80 N.Y., Atlantic
30 consoles, 3.182 radio cabinets,
Corp., com., no par
1,600 radio cabinets, 50 receivers,
1,000 Kinsley SS. Lines. Inc., corn.$35 lot
50 receivers, 50 cabinets_ _ _ _33,000 lot
1,000 Pyrograph Advertising Sign
Corp. of U.S., class A, no par__360 lot 100 Port Henry Iron Ore Co. of
Lake Champlain
550 lot
5 Amer. ICatalite Co., V. t. c., no]
i $25 100 Stanton Oil Co. of Del., corn.
par
lot
(fully paid & non-assessable),
50 Amer. Katalite Co., pref
,ot
par $1
$75
184 Katallte Co., B, no Dar
lot 575 Temptor Corn & Fruit Products
230 Katalite Co., A, no par
par
no
III.,
A,
lot
of
$2
class
Co.
lot
Corp..
.8400
Banking
Associated
100
Sundry demand notes of Alaskan
5,000 The Monarch Mica Mining
Investment Corp. aggregating
53 lot
Co.. par El
$12,245 51, dated from July 15
5,000 The Monarch-Standard Mica
$15 lot
1919 to Dec. 31 1922
$7 lot
Mining Co., par El
$150 701
30 Cast Steel Ship Corp., pref., cl.B35 lot 25 Dry Ice Corp., corn
Inc.,
Co.,
Chemical
Independent
1
$5 lot
45 Cast Steel Ship Corp., corn
6
7% cum. 1st pref., trust ctf
75 No. Amer. Fisheries & Cold
Sunstar 011 Co.. pars1-___E0 lot
Ea lot 10,000
Storage, Ltd
1,100 Non-Aerial Radio Corp., par
25 Roadless Patents Holding Co.,
$15 lot
$5
lot
Inc., Del
502 Sanders Metals Corp., class Al
100 Radiant Oil Co., Inc., Del.,
$251
Pref., Par $50
$1 lot
corn., par $10
54814 Sanders Metal Corp., class lot
200 Radiant Oil Co.. Inc., Del.,
B corn., par $50
$2 lot
partio. pref., par $10
Pn$0400 ot
400 E. W.Bliss Co., corn., no par__ 2034 1,250 R. M. Catts Corp
$60 lot 100 National Motor Car Co.,
470 Wondersigns, Inc., pref
ot
.,ll
par
pref $55 lot
370 San Augustin Sugar Co.,Corp
9,470 Empire Lee Mining Co., par
175 National Drug Stores Corp..
$5 lot
rn no par
co.,
$30
$5°
000 Boston Mexican Petroleum
60
2,
100 National Drug Stores Co,
$40 lot
Co., no par
$20 lot
pref
1,800 Consol. Distributors, no par. 134 450 Saxon Motor Car Co., corn.,.
t
....s$1100
par
no
prof
Ark.,
of
Co.
Line
300 Crusader Pipe
lot
$15 lot 16 Saxon Motor Car Co.,
corn., no par
7,500 Island 011 & Transport Co_ _525 lot
200 Crusader Pipe Line Co. of Ark.,
$55 lot 1,000 Locomoblie Co., no par_ -.580 lot
Class A, par $100
53 Black & White &Town Taxis,
1,000 Smith & Kaufman, Inc.,
$3 lot
Inc., 7% cum. pref
lox
$1,000
preferred
Terminal & Town Taxi Corp,
150 Bishop Paper Co., Inc.-35.0001ot 28common
1 t
$2
5
249 Elderfields Reservation, Inc.,
lot
El lot 25 Primary Mfg. Corp.. pref
common
60 Primary Mfg. Corp., cont., no
2,000 Copper Exploration Co.,Inc,
lot
$1
par
lot
3_171513
$10
par
pref.,
300 keh 011 & Refining Co., Del.,
25 Internat. Bk., Waah., D. C_ _
Par $1
25 Internat. Bk., Worth., D. C.-114
588 Lyons Petroleum Co., Del.,
23,000 Southern Production Co.,
$255.
par $1
Ltd., coin., par$1315lot
Alamos Sliver Mining Co.. lot
300
lot
Co..
.54
Holding
Patents
Roadleas
10
SI
par
Ariz.,
50 Columbia Graphophone Mfg,
$1 lot 50 Ucan Safety Hair Cutter Corp.,
preferred
Del.. par $10
400 Smith Signal Corp., fully paid '
$1 lot 40 Farmers Fund of Illinois, Inc.non-assessable
10 Okla. Petroleum & Gasoline Co.,
50 Standard Wrench & Tool Co.,
$5 lot
preferred
common
84 Amer. Lace Mfg. Co., no par_3100 lot
50 Stand. Wrench & Tool Co., pref.
Gold
Blue
Flag-SlIvertown
2,557
pref
Inc.,
5 Tyson Co.,
Mines Co.. par $1
$105 lot
5 Tyson Co., Inc., corn., no par
Jersey Island Co. (Nevada
1,000 Mays Consol. Oil Co., par 20. $26 100
ctis.
$1
dated
corn.,
1907
Corp.),
lot
pref
Inc.,
20 Record Repeater Co.,
lot
and 1908
par 310
Co.
(Nevada
Jersey
Island
50
Products
Metal
Stand.
40 Amer.
Corp.), pref., ctts. dated 1907..
Corp., pref
3,200 Buck Creek 011 Co., Par $1.- 17o.
160 Amer. Stand. Metal Products
Novo Mfg. Co., Inc.,
1.47362-100
Corp., corn., no par
N. Y
5240 lot
13 Clarkson A. Collins, Jr., Inc., pt
Hitner
Salvage
100
Corp.. no Par--351 ot
$100
Inc.,
Jr..
Collins,
A.
13 Clarkson
Purity
Commercial
Alcohol
50
lot
common
511 lot
Corp., pref
100 National Drug Stores Corp., of
5351ot
60 Friedman Dyeing Co., Inc
250 Nat. Drug Stores Corp., corn.,
100 Dry Ice Corp. of America,
no par
corn., no par
5600 lot
80 Nevada Silver Field Co., par $5
200 Mason Dry Goods Co.,Phoenix,
500 Parmao Porcupine Mines, Ltd.
$20 lot
AM/
$100
par $1
Belcher Divide Mining Co.,
100 Crystal Oil & Ref. Co., par $5- lot 325.000
par 10
$6 lot
5,000 Lost City 011 & Gm Corp.,
$3 lot
100 Caddo Central 011 Co
I
par $1
349 Multiple Elec. Products Co.-.535 lot
33,000 note of P.J. Corrigan, dated
200 Arcadian Consol. Min, Co.,
May 13 1924, without recourse.
11350 per oh, paid in, assassSecured by 40 shares Corriganmeats Nos. 1, 2 and 3 paid.
$35 lot
Illiliker-Corrigan, pref
par $25
in lot
lot
Corp...4175
Burner
Oil
Bumoil
1,000
JAN. 11927.]
THE CHRONICLE
Shorts. Stocks.
$ per share. Shares. stocks.
$ per share.
Note of Multiple Elec. Products
1.050 Ott ECo., Inc., Mass
25
Co. In the sum of $400,000 with$5.000 El Dorado Ref. Co.7% 5-yr.
out interest
$25 lot
s. f. gold notes, Jan. 1922, & $670
33 Engraving Machine Co., pref. 1510
subsequent coup. attached., Ws. lot
560 Engraving Machine Co., co._
in
lot
of dep
$600 right, title & int. In claim
5 El Dorado Refining Co., com ___ _
against the Astoria Mahogany Co.52 lot 200 Empire Tire & Rubber Corp.,
100 Minor C. Keith Florida Pron..
Par $10
$1 lot
corn., no par
23g 3,500 Interstate Gaso Ins Co
$50 lot
100 Minor C. Keith Florida Prop.,
470 Wondersigns, Inc., pref
14c.
land preference ctfs., no par.... 934 790 Wondersigns, Inc., corn., no par 3c.
100 Minor C. Keith Florida Prop..
50 Benedict Stone Co., pref
1E400
land preference ctfs., no par --.- 83( 390 Benedict Stone Co., com
I lot
1,000 Amer. Bosshardt Furnace
• $1,238,415 52 face
value ctfs. of
Corp., interim receipts, no par._ $5 lot
panic. for coll. notes, ser. A. of
500 Amer. Bosshardt
Furnace
Santa Clara Sugar Co. (of Del.)
Corp., v. t. c., el. B,no par__. $45 lot
$50,000 lot
700 Amer. Bosshardt
Furnace
$2,600,000 face value Compania
Corp., interim receipts, no par_.$25 lot
AccionLsta de Camaguey sec. gold
300 Amer. Bosshardt
Furnace
notes, due Aug. 1 1934_5780,000 lot
Corp., v.t. c., el. B., no par__ _ _$35 lot 50 Kingsport Hosiery Mills, Inc.,
126 H.B. Claflin Co., 1st pref_ _ _ _531 lot
common
$55
53,500 Floral Park Villa Co., 6%
50 Kingsport Hosiery Mills. Inc., lot
reg. coupon bond, ser. C & D, $7
preferred
due March 11925
lot Notes aggregating $36,000 of The
25 E. W. Gates Lumber Co
Jerseyman, Inc., without re10 Greenlawn Lumber Co
course
$5 lot
350 Quigley Fuel Systems, Inc.,
80 The Seoul Mining Co.. par $25._ I
preferred
$45 lot 250 Garner Print Wks.& Bleachery. 4
1,000 Mogul Finance Corp.,8% Pf$75 lot 250 Garner Print Wks.& Bleachery. 4
1.400 Royal Canadian 011 Syndi250 Garner Print Wks.& Bleachery.
cate, Inc., sub. abs.. no par_ _..20o. 250 Garner Print Wks.& Bleachery. 4
1
829 Golden Rule Merchandising
136 International Planters Corp..
Co., Inc., pref
preferred
$25
$1,200 lot
60 Golden Rule Merchandising Co., lot 611 Certified Food Stores, Inc.,
Inc., com
class A, pref
$25
500 Caddo Central Oil& Ref.Corp.,
611 Certified Food Stores, Inc., lot
DO par
$45 lot
common
2,500 K. C. B. Development Co..
1,000 Pittsburgh Jerome Copper
par lc
$1 lot
Co.(Jerome, Ariz.), par $1
$6 lot
2,692 National Drug Stores Corp..
107 Franklin Coal & Coke Co.,
preferred
$16 lot
pref.. Dar $10
$6 lot
5,082 National Drug Stores Corp..
30 Goldfield Deep Mines Co.,par 5c.$1 lot
common, no par
$10 lot 30 Goldfield CODS01. Mines Co.,
Undivided one-half int. in 1,000 shs.
Par $10
$2 lot
Rollin Chemical Corp., pref__..$15 rot 120 Jerome Verde Developmen
t Co.,
Undivided one-half int. in 4.000 shs.
par 50c
$35 lot
Rollin Chemical Corp., corn., no
17 602 Riverdale Ave. Corp
$21 lot
Par
$11 lot 140 United West Indies Corp..
Trustees ctf, of dep. for 1,000 she.
common, no par
$10 lot
Certified Food Stores, Inc.. Cl. A
$1,00 St. Michel Corp. Syndicate,
pref. and one-half beneficial int.
ctf. of participation
$50 lot
in 1,000 she. Certified Food
60 Brownsville Coal & Ice Co., par
Stores, Inc., el. A pref
$36 lot
$10
$4 lot
50 Vegetable Oil Corp., 8% cumul.
80 Huntington Bay Corp
25
preferred
$290 1,917 Molybdenum Corp. of Amer.,
25 Vegetable Oil Corp., corn., no lot
par $10
$125 lot
par
90 Huntington Bay Corp
25
SOO Pierce Oil Corp., Par $25.---52 5 lot 1,792 Molybdenum Corp.
of Amer.,
28,000 Seaman's 011 Co., com., par
Par $10
$125 lot
SI
2,000 R. E. Seaman Co., Ins.,
Bonds.
Per cent.
pref., par $10
$40,000 Norman Oil Co. 8% gold
800 R. E. Seaman Co., Inc., com., $55
bonds, due Jan. 1 1931. July
Par $10
lot
1922 coupon on
$35 lot
350 Continental Asphalt & Petrol.
$6,500 Vermont & Quebec Power)
Co., pref., par $10
Corp.. 1st M. 20-yr. s. f. MI
250 Continental Asphalt & Petrol.
(Mfrs. Trust Co. ctfs. of dep.), $400
Co., com., par $10
1942
lot
100 Continental Asphalt & Petrol.
$500 Vermont dr Quebec Power
Co., corn., par $10
$5
Corp.,
M.20-yr. s. f. 85, 1942
415 Continental Asphalt & Petrol. lot $140.000 1st
Barney it Smith Car Co.,
Co., Prof., par $10
1st M. 5s, due 1936
$65 lot
200 Music Master Corp
$16 ot
6,125 Red Seal Ref. corp., el. A.
Rights.
$ Per Rigid.
par $1
$5 lot 475 American Dutch Guiana Corp_S6 lot
By R. L. Day & Co., Boston:
71
Shares. Stocks.
$ per share. Shares. Stocks.
$ per sh•
15 Fall River El.Lt., par 525_4734 ex-div. 35 Quincy
Mkt, Cold Storage dr
50 Courtaide Ltd., ord., Brown
Warehouse Co., common
3534
Bros. receipts
2234 50 Flintoke
634
44 First Nat. Stores, 1st pref.100H ex-div No. Rights. Co.(cash)
$ per right.
11 New Bedford Gas& Edison Light
BondsCo., par $25
8134 ex-div. 5,000 francs French Govt. Internal
12 New England Power Association,
55, series 0528
5100 lot
preferred
8434 ex-div. $10,000 South Utah Mines & Smelt150 Ucan Safety Hair Cutter Corp.,
ers 20-yr. cony. Inc. 6s, Jan. 1
Par $10
$2 lot
1930
510 lot
10 United Amer. Trading Corp....52 lot $1,100 T.0.Petroleum
1st cony.85,
2 Vermont Milling Products Corp.,
July 1934
1 flat
common
$1 lot $1,500 Wickwire Spencer Steel Corp.
12 Vermont Milling Prod.Corp.pref.$1 lot
75, Feb. 25 1930, class A.___25 dc int.
12 Quincy Mkt. Cold Storage &
30,000 rubles Russian 534s, Feb.
Warehouse Co., common
35
1926
560 lot
20 Quincy Mkt .Cold Storage &
Warehouse Co.. common
3534
By Barnes & Lofland, Philadelphia:
Shared Stocks.
$ per sh. Shares. Stocks.
per +h.,
10 Peoples Nat. Fire Ins. Co., par
27 Hare & Chase, Inc., pref
94
$25
35
24 Hare Sr Chase, Inc., corn., no Dar 24
2 Horn az Hardart Baking Co., no
Certificate of membership in Rolling
Dar
265
Green Golf Club
$950 lot
12 Excelsior Trust Co., par 550.-167
498 Kenin & Shapiro Realty Co-31
6 Farmers Trust Co. of Mt. Holly.
40 Safety Block Signal
$2 lot
N. J
137
124 2-10 Hurlburt Motor Truck 4%
8 Camden & Burlington Co.Ry.Co. 2734
pref., with 30 shs. com
$15 lot
10 Drovers dr Merchants Nat. Bank216
50 Treasure Island, Inc.(ord.abs.)$60 lot
1 Citizens Nat. Bank of Jenkin300 The Titan Metal Mfg. Co.. prof
34
town, Pa
99
50 The Niles Press Co
$100 lot
29 Guarantee Trust & Safe Dep. Co.306
No. Rights.
$
right.
Per
10 Fidelity-Philadelphia Trust Co_695
10 Lumbermen's Insurance Co____ 3334
20 Colonial Trusl Co., Par $50-190
Bonds.
Per Cent,
10 Bankers Trust Co. of Phila., par
$100 City Club of Phila., 6% note,
$50
6234
due Jan. 2 1928
50
4 Girard Trust Co
1350 $247,500 Selas Co.,6% s. f. note
15 Northeast Tacony Bank dr Trust
due Jan. 1 1925, par value
Co., Par $50
94
$625 each, July 11023 and all
25 Fairmount Park Transit Co.,
subsequent coupons attached_
911 Selas Co
1234corn
5 Fairmount Park Transit Co., prof. 834 $19,000 Selas Co. at 6% demand
25 Victory Insur. Co., Dar $10.- 2234
note, dated Dec. 15 1926
52.5.000
10 Federated Engineers Develop't
10 Selas Co
lot
Corp., pref., with 10 shares com_51 lot $15,000 Selas Co. 6% demand
75,000 Salts dr Chemicals, Ltd., par
note, dated Dec. 15 1926
$1
$75 lot $340.63 8% Promissory notes of
84 Hyper Humus Co.. no par
$5 lot
the Selas Co., dated Oct. 24
497 Hess-Ives Corp., pref.. par $50515 lot
1921, with various maturities,
497 Hess-Ives corp..com..par 550.525 lot
In default
3 Roane County 011 Co., pref
534 $718.76 6% promissory notes of
25 General Florida Co., Inc.,-pref.,
the Selas Co., dated Nov. 10
with 1834 shares corn., no par-$15 lot
1921, with various maturities,
1 Florida Investors Corp
$1 lot
in default
120 Chester Beverage Co.(formerly_
$6,400 Benevolent Protective Order
Chester Brewing Co.)
T.35 lot
of Elks 2d M.6s, 1931
$2,000 lot
100 J. Maury Dove Coal Co
$60 lot $1.000 Sesqui-Centennial Exhibition 4 sal
50 Funding Corp., com., class A..515 lot
Assn., participation certifs
$10 lot
50 Funding Corp., pref., class A.-$25 lot $2.500 Sesqui-Centennial Exhibition
40 Auburndale Construction Co..520 lot
Assn, participation certlficates__56 lot
3734 Royal Realty Co
$1 lot $4,900 Payette Heights Irrig. Dist.,
50 RaPhaers,Inc
$550 lot
certificate of deposit
$25 lot
100 Standard Supply & Equip. Corr
$2.000 Olean Bradford & Salamanca
class A, with 50 shares class 13.5105 lot
1st dc ref. otf. of dep
$150 lot
100 Standard Supply Sr Equip.Co.
55.050 Sesqui-Centennial Exhibition
class A (Delaware)
$155
Assn., participation certif.-..$100 lot
50 Standard Supply & Equip. Co.,
lot $4,317 note Niles Press, dated
Class B (Delaware)
Aug. 14 1925
$30 lot
200 Midco Oil Co.,no par, v. t. c__ 5
$5,300 note Niles Press, dated
120 Lincoln Motor Co.,class A, par
Aug. 27 1925
$55 lot
$50
$1 lot $1,600 note Niles Press dated
1.622 Baker Cocoanut Co., pref.__ 1
Aug. 27 1925
$15 lot
100 Amer.Portland Cement,com
8
$1,000 note Niles Press dated
50 Castle Kid Co., Brat pref
$15 lot
Aug. 27 1925
$20 lot
70 Enterprise Mfg Co
$550 lot $3,000 Indiana Columbus& Eastern
112 Hall Wheel Corp., Par $50-550 lot
1st 5%, 1926
6.
Shares. Stocks.
By A. J. Wright & Co., Buffalo:
$ per sh. Shares. Stocks.
per sh.
5 First National Bank
34934 ex-div. 10 New Eng. Star. W'house Co
Shares. Stocks
S per share. Shares. ticks
42
20 Bank of Okeechobee, Florida _.520 lot 100 Alaska Gold Mines
$ per share.
3 Buff.. Niag. at East. Pow, corn.,
Co.,
com
,
40 Davenport Coal Co., par $10_51.25 lot
25 U.S. Worsted Corp., let pref.- 5
Par $10
no par
$3 lot
28
9,000 Bailey Cobalt Mines, par
8 Naumkeag Steam Cotton.15534 ex-div. 10 Berkshire Hills Paper
3 Buff., /snag. & East. Pow., pref.,
Co., pref..
$1
6 Parker Mills, old pref
$1.10 lot
1
5 Coypus Engineering Corp., pref.
Par 525
2534 200 Music Master Corp., no
31 Pepperell Mfg, Co
1134$ 5 Coppus Engineering Corp., Cora- $25 250 March Gold, Inc., par 10c
834c
par
22 Hamilton Woolen Co
$10.25 lot
mon,as bonus
3034
25 Roch. Lockport & Buff. Ry., pf_ 20
lot
4,200
Thermiodyn
e Radio Corp" no
10 Nashua Mfg. Co., common.... 4234 20 Mayhew Steel
500 New Sutherland Divide, par
Prod.,Inc., pref. _
Par
31 Granite mina
$100 lot
1934 10 Mayhew Steel Prod., Inc., com10e
90e. lot 11 Hill Pierce Oil dr Ref
27 Border City Mfg. Co
$I lot
mon as bonus
39
250 Tucker Rubber. par $10
$10
lot 29,700 Adargas Mines, par 1 peso_510 lot"
48 York Mfg. Co
A 3134 10 Berkshire Hills Paper Co., preL$ 0 lot 1,000 Crown Oil. Par
$6 lot 80 Strong Steel Foundry
$1
10 Arlington Mills
$2,501 lot"
67 ex-div. 25 Quincy Mkt. Cold Storage dr
38
Roch.,
Lockport
Buff.
Ry.,
&
3,600
Adargas
9 Merchants Mfg. Co., Fall River,
Mines, par 1 peso_ $5.50 lot:
W'house Co., common
com
3434
$5 ot 20 Elgin Motors
Mass
$7 ot
SO
23 Quincy Mkt. Cold Storage &
28,020 Adargas Mines, par 1 peso..55 lot
Bonds.
10 Everett Mills
1534
W'house Co., preferred
1,000
Gifford
Cobalt
Mines,
6234
par
10,000 peso Adargas Mines deb.
15 Potomska Mills
65
5 New Eng. Guar. Corp., pref
25e
52
$1.50lot
bons!, due 1925
357 U.S. Worsted Corp., 1st pref._ 434 5 New Eng. Guar.
$500101.
Corp., common_ lot
50 U.S. Worsted Corp., 1st pref.- 534 20 Beacon Chocolate
By
1926)A.
Co.. prior pref.
J. Wright & Co. last week (Wednesday, Dec. 22
100 U.S. Worsted Corp., common_
H 300 Richmond Eureka Mining Co,.
:
25 Dwight Mfg. Co., Dar $25
20
Par $10
$100 lot
200 U. S. Worsted Corp., common. % 100 Farms Co., class A
Shares. Stouts.
Sold at Shares. Stocks.
11
Sold a
47 Salmon Falls Mfg. Co
1.685
20
1434
Okeechobee Highland Park, Inc_51 lot
Buffalo Steel Car. prof. (Par
100 Music Master Corp., interim
27 Fairhaven Mills, pref
134 10 Pope Mfg. Co.. pref
$100) with 3,374 shares common
Si
receipt, no par
lot
50 U.S. Worsted Corp., common._ 40c. 65 Joint Stock Secur. Co.
$4 lot
(no
par)
bonus
of Mass._ 4034
20
60 Thermiodyne Radio Corp. temp.
25 Great Falls Mfg. Co
10
1,400 West Roxbury Oaks_ _540.000 lot 2 Buff. Niag.& East. Pow., no Par. 28
ctf, no par
25 Hamilton Mfg. Co
$6.25 lot
103 Prizma, Inc., no par
95e. 145 Cleveland dr Canton RR., prof _
23$ 1,000 Night Hawk, par $1
28 New Hampshire Spinning Co.- 21
Sc.
50 Dow Composing Machine Co.._ $10 50 Hewitt Rubber, pref
50
175 Dampney Co. of America, no
25 Samoset Cotton Mills
22
4,000 Gold King Cons. Mines. Co., lot 750 March Gold, par ific
8c.
par
62 Hartford-Springfield St.fly. CO..
$500 lot
100 Hewitt Rubber, no par
par $1
1
50 Tucker Rubber,8% pref
$15 lot'
common
757 One Homewood Ave, Ltd.,
$5 lot 30 Cities Service Refg. Co., pref _
5
150 Tucker Rubber, no par
40 Boston & Providence RR
$5 lot:
15 Cities Service Refg. Co., corn. _ _ I 34
Par $10
205
$10 lot
12 Hartford-Springfield St. Ry
100 Joint Stock &cur. Co. of Mass_ 4034
Co., preferred
By Weilepp Bruton & Co., Baltimore:
$5 lot 10 Trustees under Beacon Chambers
25 Winnisimmet RR.. par 550
37
Trust
Shares. Stocks.
60
$ per sh. Shares. Stocks.
10 Boston & Revere St. Ry. Co_ ._.65
20 Pemberton Building Trust
S per sh,
1 Bank of Bethesda, Md., par $25- 45
5034
25 Boston & Chelsea RR., par $50_ 37
5 Old Homestead Dairy, prof,
50 Bigelow-Hartford Carpet Co.,
'
1,740 Carolina Coach Co., el. A,
10 Dustin Motor Co
par $100
common
$5 lot
coin., no par
8034
9% 5 Old Homestead Dairy, corn.... $2 lok
100 Saco Lowell Shops, common.-- 334 50 Amer. Glue Co., common
1 Churchill Bank of Md., par $10.. 30
25 New Eng. Guaranty Corp., pref), H on 20 Lockwood Greene Inc., pref... 3534 1
1 Washington Trust Co., Ellicott
Eastern Shore Trust Co., Cam7 on
17 New Eng, Guar. Corp., coin_ j pref. 3 Lockwood Greene Inc., class
City, par $50
107
B__
pref.
bridge, Md., par 550
122
260 Professional Building Co., Inc.,
Bonds.
50 Florida Lake Sh. Farm Co., pfd 5 on
Per Cent.
1 Frederick Co. Nat. Bk.. par $15_ 23
$2.000 Indiahoma Refining, deb.
Preferred
$25 lot 50 Florida Lake Sh. Farm Co.,com pref. 1 Farmers Nat, Bank,
Annapolis,
100 Ucan Safety Hair Cutter Corn,
8s. ctfs., 1929
5 Eastern Mfg, Co., 1st prof
$2.50 lot
Md., par $30
2934
83
$18,800 Mt. Carmel Coal 1st ref.
par $lo
23 North Packing & Prov. Co
1 Glyudon Bank par $10
110
31
Loop Pioneer Petroleum Co., corn., $lx 50
73.4s, 1938
Boston Chamber of Commerce
$50 per $1.000
par 85
By Wise, Hobbs & Arnold, Boston:
Realty Trust, 1st prof
55-16
50
48 Doherty Securities Co., pref.,
600 Wills St. Claire. Inc., 1st prof._530 lot Shares. Stocks.
$ per sh. Shares. Stouts.
Class C
85 Chairtown Garage, Inc
75
a per sh.
50
1
Commercial
Security Nat. Bank
2 Atlantic Chemical Co.,common.) 55 6 units First Peoples Trust._
41 Nashua Mfg. Co.. cam
4234
_ _70 ex-div.
170, ex-div. 50 Everett Mills
10 Lactic Prod. Co., pf., par $50..1 lot 100 Saco Lowell Shops, common...
15 Old Colony Trust Co
1434
330% 33 Hamilton Manufacturing Co- _ 55c.
100 Bausch Machine Tool Co.,com. 734 20 A. L. Bayles dr Sons, pref., temp. 334 24
Essex
Co., par 550
100 Bausch Machine ToolCo., pref. 19
19034 300 Home Bleak & Dye Wks,com.60e. lot
ctfs., par $50
300 Hamilton Manufacturing Co..110
51
5 Amer. Glue Co., common
30
Home
Bleach & Dye Works, pref $6 lot
15 Coe-Stapley Mfg. Co., corn
405 Ashland Cotton Co., corn
lot
1 Home Bleach & Dye Works, pref. 35
1
3 Coe-Stapley Mfg. Co., pref
23 Massachusetts Cotton Mills.... 60c. 30 Alvarado Min. & Mill Co., par
10 Home Bleach & Dye Wks., corn..
$20
15 E.T.Burrowes Co., pref
$5 lot
200 U.S. Worsted Corp., 1st pref.._ 71
25
4H
33 State Street Exchange
50c. lot 100 Brightwood Mfg. Co., 1st pref. 10
40 Hamilton Manufacturing Co__ _ 1
4034
89 Saco Lowell Shops, common...
15
Rubber Shoe Co., prof. 7134
334 10 Plymouth Cordage Co
12534 12 Nashua Mfg. Co., pref__85H, ex-div. 1%Converse
32 Indus. Labor., Inc., class A.B.
Hamilton
Co., pref
4 old units Internat. &cur. Trust._146 SS 150 New Eng,Southern Mills,
64 Indus. Labor., Inc., class B.--53 7H B. Hamilton Co.. com
60 U. B. Stores Corp. of Del. 8%
lot
)510
135 Tremont &Suffolk Mills pref
10 Savannah Creosoting Co
26
26 Boston Woven Hose & Rubber
cony. pref
$125
10 Saco Lowell Shops,
20
1,000 Ucan Safety Hair Cutter
corn
Co., corn
234
lot 122 Saco Lowell Shops, common_._ 24$ 10 Otis Company
7714
Corp., par $10
18
25 Lockwood, Greene & Co., Inc..
61 Saco Lowell Shops, 2d pref.
1034 6 Textile Securities Co
50
$5,000 Port Wentworth Terminal
pref
356 Saco Lowell Shops, common... 234 25 Tremont & Suffolk Mills
4-5M
26% 6 units First Peoples Trust
Corp. cony. 8s, 1950, ctf. of del).
178 Saco Lowell Shops, 2d pref..
100
6834
Hamilton
1034
Manufacturing Co._ 1
r56.000 Savannah & Atlanta Ry.
10.000 Boylston Street Land Co..
117 Saco Lowell Shops, common... 23$ 25 1%1anomet Mills
Co., 1st 6s. 1035
9H
par
$15
6
68 Saco Lowell Shops, 2d pref
500 Everett Mills
1034
15
34 Tremont Building Trust
6
72
[Vol,. 124.
THE CHRONICLE
per eft.
$ per sh. Shares. Stocks.
Shares. Stouts.
100 Barker Cotton
21 Dennison Mfg. Co., 7st pref__ _127
Co._
Ins.
Equitable
30 New Engl.
28 Int. Sec. Tr. of Amer., 63.4% pt. 89
1,703 Tex Ken Oil Corp., par $5.- $7,000
65
10 units First Peoples Trust
lot
Water Improvement_
32 Lowell Gas Light Co.. par $25._ 643.( 334 United Water Improv't, Pre
144 4-10 Wills St. Claire, Inc., let pal lot 167 United
Lead__
dr
Silver
Graphite
10,000
10e.
$10
Co..par
Mines
2,600 North Star
100 Island Oil & Transport Corp.,
$ per right.
Rights, dte.
$1 lot
com., v. t. c., par 310
7
661 FlIntoke Co
2
15 Tyer Rubber Co.. corn
52
Corp_
Finance
l
20 units Commercia
100 Franktn Realty Snyd., Inc___ 2
70
TrUst
Peoples
First
units
8
33
corn__
Co.,
12 Bay State Fishing
25 Ideal Lunch, prof
10 Commonwealth Hotel Construe.
($1 lot
5 Ideal Lunch, corn
5
Corp., corn. ctf. dep
Baush Machine Tool Co.. coin_ 6
80
6234
20 units First Peoples Trust
of
Corp
75 Century Steel
70
4 units First Peoples Trust
1734c. per sh.
Amer., par $10
7,700 Wickwire Spencer Steel Corp.
on the
60a 22 B. B. & R. Knight
Ilb com. v. t. c
Knight A.
Corp., class A
6 Fall River Elec. Co., par $25_47,ex-div.
wet-1311.ot
Corp.
Guar.
Eng.
New
18
7 North Boston Lte. Prop., Prof-7108
18 New Eng. Guar. Corp. com_
121 Eastern Steel Co., pref
131 lot 20 Farmers Fund of IllinoisCorp.,
75 Eastern Steel Co., corn
Knight
66-6634, ex-div. 14 2-3 B. B.& R.
631) aper Corp
$43 lot
class C
2
102 Tide Crest Co
-Utah 7%
Nevada
Consol.
2-3
98
62
16 units First Peoples Trust
receipt
interim
pref.,
89
67 Berkeley Hotel Trust
5 Everlastick, Inc., corn •
18 British Empire Steel Corp.,Ltd.,
9434
10 Wendell Phillips Co., pref
3
2d pref
Per Cent.
Bonds.
8 British Empire Steel Corp., com_80c.
Tenn. Ala. & Ga. RR.
$27,509.15
Co.,
Mining
2,000 Crown Reserve
Co.(book accounts and notes)__SU rot
$160 ,ot
par $1
$25.000 Kalurah Temple Mystic
5,880 Yarg Prod.& Ref.Co.,corn.1
70 & int.
1st M. 55, 1945
Shrine
lot
l$5
Par $1
$65.000 Kansas City Ry. Co. 2d M.
6,120 Yarg Prod & Ref. Co., v.t.c.j
1944 Nat. Shawmut
A,
series
Os,
par $1
21 lot
Bank deposit receipt
66
10 units First Peoples Trust
10 Stollwerck Choc. Co.. 1st pref._ 11
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inolutiee.
Joint Stock Land Banks.
Atlantic
Extra
Chicago
Denver
Virginia
4
1
3
4
4
Jan. 1 Holders of rec. Dec. 25
Jan. 1 Holders of rec. Dec. 25
Jan. 1 Doe. 21 to Dec. 31
Jan. 1 Holders of rec. Dec. 240
Jan. 1 Dee. 21 to Dec. 31
Banks.
Bryant Park
Extra
Far Rockaway (Nat. Bank of)
Ozone Park National
Richmond Hill National
Rockaway Beach National
West New Brighton
3
3
5
2%
3
5
3
Jan. 3
Jan. 3
Dec. 31
Jan. 3
Dec. 31
Jan. 1
Jan. 10
3
Dec. 31 Dee. 25
Trust Companies.
Midwood
Holders of rec. Doe. 20a
Holders of rec. Doe. 206
Holders of rec. Dee. 3I6
Holders of rec. Dec. 7a
Dec. 27 to Jan. 2
Dee. 29 to Jan. 2
Holders of rec. Doe. 3Ia
to
Jan. 2
Miscellaneous.
Feb. 1 Holders of rec. Jan. 14a
Allied Chemical & Dye, corn.(guar.)._ $1.50 Feb. 15 Holders of rec. Jan. 3Ia
50e.
American Can, corn.(guar.)
Feb. 1
Feb. 1 Jan. 12 to
$1
American Coal (guar.)
Jan. 25 Holders of rec. Jan. 70
2
American Ice, corn.(guar.)
7a
rec.
Jan.
of
Holders
25
Jan.
2
Common (extra)
134 Jan. 25 Holders of rec. Jan. 70
Preferred (guar.)
'Holders of rec. Dec. 20
24
Dec.
"20c.
American Milling (guar.)
*20c. Dec. 24 *Holders of rec. Dec. 20
Extra
Dec. 24 Holders of rec. Dec. 20
*eel
Stock dividend
3% Dee. 31 Holders of rec. Dec. 10
American Republics Corp., pref
1 Holders of rec. Jan. 20
Feb.
1%
*
pref.
(on.)
Products,
American Vitrified
75e. Feb. 21 Holders of rec. Jan. 15a
Anaconda Copper Mining (guar.)
Feb. 1 Holders of rec. Jan. 15a
Associated Dry Goods Corp., cow.(qu.) 63c. Mar. 1 Holders of roe. Feb. ha
1)4
First preferred (quar.)
1% Mar. 1 Holders of roe. Feb. Ila
Second preferred (guar.)
Jan. 3 Holders of rec. Dec. 20
Atlas Portland Cement, pref. (oust.)... 2
1)4 Feb. 1 Holders of rec. Jan. 200
Atlas Powder, pref.(guar.)
DIVIDENDS.
1% Feb. 1 Holders of rec. Jan. 15a
Austin Nichols dr Co., pref. (guar.)
Jan. 15 Holders of rec. Dee. 31
$3
e tables. In the Bankers Capital Corporation, corn
Jan. 15 Holders of rec. Dec. 31
$2
Dividends are grouped in two separatds
Preferred (guar.)
ed
the
announc
dividen
Dee. 18 Holders of rec. Dec. 14
'273.4
the
all
Oil
together
Big
Lake
bring
first we
1 Holders of rec. Dec. 15
Jan.
*4
second table, in which Brady. Cryan & Colleran
Jan. 1 Holders of red. Doe. 15
*2
current week. Then we follow with aannounc
Extra
but
which
ed,
25 Holders of rec. Jan. 10a
Jan.
75c.
ly
previous
ds
dividen
(guar.)
Briggs Manufacturing
we show the
623.5c. Jan. 2 Holders of rec. Dec. 21
Bruce Co., com. (guar.)
1% Jan. 2 Holders of rec. Dec. 21
have not yet been paid.
Preferred (guar.)
are:
Jan. 1 Holders of rec. Dec. 15
week
2
this
ed
announc
(guar.)
The dividends
Cadet Knitting, 1st pref.
Jan. 1 Holders of roe. Dec. 15
2
Preferred (guar.)
25 Holders of rec. Jan. 15e
Jan.
1%
(guar.)
Tool
Closed.
Books
Pneumatic
Chicago
When
Per
Feb. 1 Holders of roe, Jan. Ila
21
Days Inclusive.
Collins & Airkman Co., corn. (quar.)_
Cent. Payable
1% Feb. 1 Holders of rec. Jan. Ila
Name of Company.
Preferred (guar.)
•1% Jan.
1 *Holders of rec. Dec. 31
Consumers Co., prior pref. (guar.)
Dec. 31 Dee. 24 to Dec. 31
3
Railroads (Steam).
Jan. 1 Holders of rec. Dec. 200 Craddock-Terry Co., corn. (guar.)
4
Dee. 31 Doe. 24 to Dec. 31
3
Akron Canton & Youngstown, common_
1
preferred
to
Jan.
22
second
and
Dec.
First
'Jan. 1
334 Dec. 31 Dec. 24 to Dec. 31
Belt RR.& Stk. Yds. of Ind., corn.(qu.) 2
1
Preferred class C
134 Jan. 1 Dec. 22 to Jan. 31
1% Jan. 5 Holders of reo. Dee. 24
Preferred (guar.)
of rec. Dec.
Eisenstadt Mfg., pref. (guar.)
.2 Jan. 20I *Holders
Jan. 2 Holders of rec. Dec. 22
2
Boston RR. Holding Co
(guar.)._
pref.
80
let
ing,
Holders of rec. Jan.
Elder Manufactur
Jan.
$1.50
(qu.).
Jan. 20 *Holders of rec. Jan. 4
Western
&
a
"1323.4c
Delaware Lackawann
$1.00 Jan. 20 Holders of rec. Jan. 84 Elgin National Watch (guar.)
91.50 Feb. 1 *Holders of rec. Jan. 14
Extra
14
Jan.
1
to
Jan.
Extra
234 Jan. 15
1 Holders of rec. Dec. 276
Jan.
1%
Georgia RR.& Banking (guar.)
Elyria Iron & Steel, pref.(guar.)
2% Jan. 10
6234e Jan. 15 Holders of rec. Jan. 5
Houston & Texas Central (guar.)
16 to Dec. 31
Federal Knitting Mills (quar.)
31 *Holders of rec. Jan. 15
Jan.
354 Jan. 1 Dec.
*750.
New London Northern (guar.)
(guar.)
I40
of
rec.
Jan.
Gilchrist Company
Jan. 31 Holders
1
1% Feb. 1 Holders of rec. Jan. 20
New York Ontario & Western
Gebel (Adolf), Inc., cony. pref. (guar.). 2
Feb. 19 'Holders of rec. Jan. 31
Dec. 31 Dec. 21 to Dec. 31
Norfolk & Western. adj. pref. (guar.)._ *1
Grace Securities Corp., corn
Jan. 1 Holders of rec. Dec. 20
2
Grant(W.T.) Company, pref.(quar.).. *5
Jan. 3 "Holders of roe. Dec. 24
Utilities.
Public
Jan. 1 Holders of rec. Dec. 200 Gray Telephone Pay Station (quar.)
Jan. •3 *Holders of rec. Dec. 24
*5
Adirondack Pow.& Lt., cond.(monthly) 10c. Jan. 1 Holders of rec. Dec. 200
Extra
$1.50
Jan. 1 Holders of rec. Dec. 15
134
86 preferred (guar.)
of rec. Dec. 2I0
Co., Ltd., pf. (qu.)_
134 Dec. 31 Holders of rec. Dec. 310 Greening (B.) Wire pref. (guar.)
1% Jan. 1 Holders of rec. Dec. 20
Barcelona Tr., Lt. & Pow., pref.(qu.)
Greif (L.) & Bros.
Dec. 31 Holders
2
6 Holders of rec. Dec. 18
Jan.
50c.
Bell Telephone of Penna., corn. (quar.)_
(quar.)
134 Jan, 1 Holders of rec. Dec. 24a Hazet Atlas Glass'
25c. Dec. 31 Holders of rec. Dec. 15a
Beloit Water, Gas & Elec., pref.(guar.)_
Holly 011 (guar.)
Jan. 10 Jan. 1 to Jan. 2
1% Feb. 1 Holders of rec. Jan. 15
Brooklyn Borough Gas, common (quar.) 50c. Jan. 3 Holders of rec. Dec. 200 Holly Sugar, pref. (guar.)
134
*11.87 Feb. 1 *Holders of rec. Jan. 20
O.Preferred (guar.)
Jan. 3 Holders of rec. Dec. 60 Hood Rubber. 734% Preferred (guar.)._ '154 Feb. 1 "Holders of roe. Jan. 20
Califonna Elec. Generating, pref.(au). 134 Jan. 15 Holders of rec. Dec. 31
Seven per cent preferred (guar.)
134
3734c Feb. 1
•
Canada Northern Power, Ltd., pf.(qu.)
31a
rec.
Dec.
Horn dr Harden (guar.)
Jan. 15 Holders of
*12340 Feb. 1
Central Power Co.(Neb.), pref. (quar.)_ 134 Jan. 15 *Holders of rec. Dec. 31
Extra
•134 Dec. 38
Consolidated Traction of New Jersey__ _ *2
(final)
of
Canada
154
rec.
Dec.
Holders
Tobacco,
23.4 Jan. 3 Holders of rec. Dec. 31a Imperial
134 Dec. 30
.
Consumers Gas, Toronto (guar.)
Interim
Dec. 31
134 Dec. 31 Holders of rec. Dec. 25
Diamond State Telephone, corn. (guar.) 2
Dec. 200 Imperial Royalties (monthoy)
1% Jan. 1 Holders of rec.
50c. Feb. 15 Holders of rec. Feb. le
Eastern N. Y. Utilities, pref. (quar.)_ _ _
(guar.)
corn.
23
rec.
of
Dec.
International Paper,
31 Holders
Dec.
_
Jan. 15 Holders of rec. Dee. 31
13.4
(guar.)
86234c
pref.
Pow.,
Harrisburg Light &
Kawneer Co. (guar.)
50e. Dec. 31 Dee. 16 to Jan. 2
Jan. 15 'Holders of rec. Jan. 5
•134
(quar.)_
Hartford City Gas Light. corn.(guar.)
pref.
2
to
Jan.
Rubber,
&
16
Dec.
Tire
Keystone
Dec. 31
50c.
Jan. 1 Dec. 23 to Jan. 2
2
(extra)
Common
31 Dec. 16 to Jan. 2
Kelley Island Lime & Transp., com.(qu.) 2
Dec.
50e.
Jan. 1 Dec. 23 to Jan. 2
Preferred (guar.)
15a
Common (extra)
134 Jan. 3 Holders of rec. Dec.
Dec. 31 Dec. 28 to Jan. 2
$1.50
Iowa Power & Light. pref.(quar.)
240
A
Dec.
class
Korach (S.) Co.,
15 Holders of rec.
Jan.
Jan. 2 Holders of rec. Dee. 21
134
1%
(guar.)
Kentucky Utilities. pref.
of rec. Dec. 270
Clay Prod., pref. (qu.)
$5 Dec. 30 Holders of tee. Dec. 170 Laclede-Christy& Clark (guar.)
75e. •ee. 31 Holders of rec. Dec. 21
Kings County Lighting,common
Holders
Frary
3
Landers,
dm Jan.
Jan. 8 Holders of rec. Dec. 21
21
7% preferred (guar.)
Extra
Jan. 3 Holders of rec. Dec. 170
2
2% Dec. 31 Holders of too. Dee. 27
8% preferred (guar.)
rec. Jan. 15a Lawton Mills Corp. (guar.)
23.4 Feb. 1 Holders of
Dec. 23 "Holders of rec. Dec. 17
'10c.
Lawrence Gas & Electric (guar.)
31a
rec.
Dec.
of
(guar.)
134 jam. Is Holders of rec. Dec. 31a Mammoth Mining
*15e. Dec. 23 *Holders of rec. Dec. 17
Loulsv. Gas & El. of Ky.,7% pf.(on.)
Extra
134 Jan. 15 Holders
I% Jan. 18 Holders of rec. Jan. 3
6% preferred (guar.)
310
rec.
Dec.
(guar.)
of
pref.
Holders
Milling,
Leaf
Maple
$1 Jan. 15
*$1.50 Feb. 15 *Holders of rec. Jan. 15
Manufacturers' Light & Heat (quar.)_
of
Dec. 15a Mulford (H. K.) Co
$1.50 Jan. 1 Holders of rec.
Feb. 15 Holders of rec. Jan. 15
•10
Mississippi Power dr Light, corn
rec. Doe. 15a
Stock dividend
Jan. I Holders
$2
Doe. 28 Holders of rec. Dec. 17
10
Preferred (guar.)
corn_
154
Paper,
rec.
Dec.
of
Coated
Gummed &
1 Holders
Nashua
Jan.
2
Jan. 3 Holders of rec. Dec. 21
(rm.).
1%
corn.
Gas,
New York St Richmond
rec. Doe, 15a
of
Holders
(quar.)
1
Preferred
Jan.
134
25e Jan. 31 Holders of rec. Jan. 140
Preferred (guar.)
National Biscuit, corn. (extra)
134 Mar. 3 Holders of rec. Feb. 15
Doe. 28 Holders of rec. Deo. 21
10
Ohio Edison,6% pref. (guar.)
Land
Holders of rec. Feb. 15
Orleans
3
Mar.
New
1.65
Jan. 1 Holders of rec. Dec. 23
50c.
6.6% preferred (guar.)
of rec. Feb. 15
North Amer. Discount Corp., corn.(qu.) $1.75 Jan. 3 Holders of rec. Dec. 20
134 Mar. 3 Holders of
e
7% preferred (guar.)
(guar.)
rec.
15
Dec.
pref.
Holders
Palmolive Co.,
50c. Jan. 3
50o. Jan. 30 Holders of rec. Jan. 10a
6% preferred (monthly)
Pan-Amer. Western Petrol. A & B (qu.)
50c. Feb. 1 Holders of rec. Jan. 15
700. Feb. 1 Holders of rec. Jan. 10a
6% preferred (monthly)
Pathe Exchange. class A & B (quar.)_
50c. Mar. 1 Holders of rec. Feb. 15
Feb. 15 Holders of rec. Feb. 5
2
6% preferred (monthly)
(guar.)
3 Holders of rec. Dec. 15
Penmans, Ltd., corn.
me.
Jan.
Jan. 31 Holders of rec. Feb. 1
1%
6.6% preferred (monthly)
Preferred (quan)
Mc. Feb. 1 Holders of rec. Jan. 15
1% Feb. 1 Holders of rec. Jan. 20a
(guar.)
6.6% preferred (monthly)
pref.
Corp.,
15
of
rec.
Feb.
Phillips-Jones
Mar. 1 Holders
Jan. 3 *Holders of rec. Dec. 27
Mc
*1
6.6% preferred (monthly)
to Jan. 2
Pittsburgh Steel, corn. (guar.)
154 Jan. 1 Dec. 21 of rec. Dec. 31
Pennsylvania Gas & Elec., cond.(quar.)_
Plymouth Cordage, corn. & employees' •dyi Jan. 20 'Holders of rec. Jan. 1
Jan. 10 Holders
*5
Philadelphia & Camden Ferry
30
of
stock (guar.)
"11 Doe. 31 Holders of rec. Dec.
"750. Dec. 20 *Holders of rec. Dee, 14
Quebec Ry., L., H.& Power
rec. Dec. 31
Plymouth 011
Jan. 15 Holders
*25c. Feb. 1 *Holders of rec. Jan. 5
Republic Ry. & Light, pref.(quar.).... 134 Jan. 1 Dec. 16 to Dec. 31
Richfield 01101 California
134
•15c. Feb. 1 *Holders of rec. Jan. 5
(qu.)
pref.
dr
Power,
Light
Ry.,
Rutland
of rec. Dec. 31
Holders
Jan. 15
15
Extra
Jan.
lId
_ _ 3% Feb. 1 Holders of rec. Jan.
San Diego Cense'. Gaa & EL, pf.(qu.)
15
Rockland & Rockport Lime, let
Jan. 15 Holders of rec. Dec. 31
2
Feb. 1 Holders of rec.
3
Southern N.E.Telephone (guar.)
of roe. Dec. 28,
Second preferred
1 Holders of roe. Dec. 31
Holders
Jan.
3
Jan.
134
2
p1.
(qn.)._
Co.,
El.
Southern WLsconsin
preferred
2
1st
to
Jan.
17
Dec.
Stores,
20
roe.
Dee.
of
31
Ross
Holders
Dee.
7
134
Jan.
2
Spring Valley Water (guar.)
St. Lawrence Paper Mills, Ltd., Pf.(111.)•
Jan. 1 Dec. 16 to Jan. 2
750. Jan. 1 Holders of rec. Dec. 15
Superior Water, Light & Pow., p1.(o.). 134 Jan. 3 Holders of rec. Doe. 200 Second Int. Secur. Corp., 1st pf. (qu.)
2)4 Jan. 15 Holders of roe. Doe, 31
Tennessee Eastern Elec., corn. (guar.)._ $1
la
rec.
Feb.
of
Company
Holders
Securities
1
$1.75 Mar.
1% Jan. 15 Holders of roe. Jan. 1
$7 preferred (guar.)
t, class A (qu.)
13.4 Mar. 1 Holders of rec. Feb. la Securities ManagemenMine.
25c. Jan. 3 Dec. 16 to Jan. 2
6% preferred (guar.)
roe.
of
Coalition
15
Mar.
Holders
King
1
Silver
Apr.
•$1.25 Jan. 15 *Holders of rec. Jan. 18
Tennessee Electric Pow..6% 1st pf.(qu.) 134 Apr. 1 Holders of rec. Mar. 15
Spalding (A. G.)& Bros.. corn.(guar.)
Mar. 1 *Holders of rec. Feb. 15
134
(guar.).
preferred
first
cent
per
Seven
First preferred (guar.)
1.80 Apr .1 Holders of tee. Mar. 15
Mar. 1 *Holders of rec. Feb. 15
*2
7.2% first preferred (guar.)
Second preferred (oust.) (guar.)
*3
Feb. 1 Holders of tee. Jan. 15
Jan. 10 *Holders of roe. Jan. 4
Cable
Six per cent first Preferred (monthly). 50e. Mar. I Holders of tee. Feb. 15
nd
Undergrou
Standard
*3
10 *Holders of rec. Jan. 4
50c.
Jan.
_
(monthly)
preferred
Six per cent first
Extra
Apr. 1 Holders of rec. Mar. 15
154 Feb. 15 Holders of rec. Feb. la
Six per cent first preferred (monthly)_ 50c. Feb. 1 Holders of roe. Jan. 15
Water 011, pref. (guar.)
Tide
60e.
15 Holders of rec. Jan. 5
Jan.
154
preferred
(monthly)
7.2% first
Holders of rec. Dec. 20
Union Biscuit, let pref. (guar.)
130e. Mar. 1 Holders of rec. Feb. 15
(qu.) 134 Dec. 31 *Holders
pref.
7.2% first preferred (monthly)
Mtge.,
of
&
15
Bond
rec.
Mar.
Holders
of rec. Jan. 3
States
1
United
60e. Apr.
*50o. Jan. 15
7.2% first preferred (monthly)
Dec. 15
COD. Mari
Radiator,
1
of rec. Jan. 3
Jan.
*Holders
S.
134
15
U.
Jan.
•60e.
(quer.).
2
to
Texas-Louisiana Power. pref.
Jan.
21
Dec.
(extra)
1
of rec. Jan. 3
ers
Jan.
Common
$e
*Hold
'134 Jan. 15
Thirteenth & 15th Sta. Pass. Ry., Phila. I
Jan. 3 Holders of roc. Dee. 20a
Holders of rec. Jan. 60
Preferred (guar.)
15
Jan.
(quar.)
He
87
corn.
Light,
qu)
&
com.&pf.(
'Fri-City sty.
of roe. Dec. 31
Jan. 3 Holders of rec. Dee. 200 U.S.Smelt., Ref. & Min.,
Holders
13.4
12
Jan.
750.
O Preferred (guar.)
8734c. Jan. 1 Holders of rec. Dec. 18
Warner (Chas.) Co., corn.(ouar.)
15( Jan. 27 Holders of rec. Dee. 31
Union Elec.& Gas Co.7% Perth.Pf.(gU) $1.75 Jan. 1 Holders of rec. Dec. 18
second preferred (quar.)...
and
of rec. Dec. 24
First
*Holders
2
Jan.
1)
(No.
A
set.
"234
$7 cum. let pref.
•du Jan. 2 "Holders of rec. Dec. 24
Young (J. S.) Co. corn.. (guar..)
nce, Kan.,
Union Gas Corp., Independe
'
Jan. 1 Holders of rec. Doe. 20a
Preferred (guar.)
134
preferred (guar.)
Jan. 20 Holders of rec. Jan. 100
$2
United Utilities, common
announced in previous weeks
134 Jan. 3 Holders of rec. Dec. 21a
Preferred (guar.)
Below we give the dividends
Doe. 27 Holders of rec. Dec. 17a
154
of
15
rec.
Dec.
Utilities Securities. pref. ((Man)
Holders
not include dividends andoes
1
Jan.
list
This
pf. (qu.) 134
not yet paid.
Vermont Hydro-Electric Corp.,
62e. Jan. 3 Holders of rec. Doe. 176 and
in the preceding table:
Worcester Gas Light. COM.(QUM%)
Jan. 3 Holders of rec. Dec. 150 nounced this week, these being given
2
Preferred (quar.)
P
Name of Company.
0
73
THE CHRONICLE
JAN. 1 1927.]
When
Per
Cent. Payable.
Books Closed.
Days Inchalve.
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Public Utilities (Coulnutid).
Railroads (Steam).
Jan. 3 Holders of wee. Dee. 8a
$1
Brooklyn Union Gas(guar.)
$1.75 Feb. 14 Holders of rec. Jan. 14
Alabama Great Southern, preferred
1% Jan. I Holders of rec. Dec. 15a
Brazilian True.. L.& P., oref. (guar.)81.75 Feb. 14 Holders of roe. Jan. 14
Preferred
t.Pow.,corn.(qu.) 25c. Jan. 8 Holders of rec. Doe. IS
Nlagara&asE
rr
e
o
Burclaelfed
14
Jan.
rec.
of
Holders
14
Feb.
50o.
Preferred (extra)
400. Jan. 3 Holders of rec. Dec. 15
(gust.)
4% Jan. 1 Holders of rec. Dec. 15a
Albany & Susquehanna
rec. Dec. 13
Jan. 8 Holders of rec. Dec. 226 Capital Tree., Washington, D.C.(qu.). 154 Jan. I Holders of
2
Extra
Jan. 8 Holders of roe. Dee. 15
prof.
81.75
Light
&
$7
Power
(guar.).
2I0
Carolina
Dec.
rec.
of
Holders
1
Jan.
3
Allegheny & Western
rec. Dee. 15
of
Holders
3
Jan.
81.50
preferred
$6
2% Feb. 1 Holders of res. Doe. 31a
Atch. Topeka & Santa Fe, prod
3 Holders of rec. Dec. 15
3% Jan. 10 Holders of rec. Dec. 17a Central Illinois Light,6% pref. (guar.). 134 Jan.
Atlantic Coast Line RR., COMM0111
of rec. Dec. 15
Jan.
Holders
3
141
(guar.)
preferred
cent
per
170
Seven
Dec.
rec.
of
Holders
10
Jan.
134
Common (extra)
Jan. 15 Holders of rec. Dee. 31a
1% Mar. 1 Holders of rec. Jan. I5a Central Illinois Public Sere.. pref. (qu.) $1.50 Feb. 1 Holders of rec. Jan. 15
Baltimore & Ohio, com.(guar.)
14 Mar. 1 Holders of tee. Jan. 15a Central Power & Light, preferred (guar.) 1)4 Feb. 1 Holders of roe. Dee. 81.
Common (extra)
$1.50
corn
Utilities,
Southwest
&
15a
Jan.
Central
May. 1 Holders of rec.
1
Preferred (guar.)
$1.75 Feb. 15 Holders of roe. Jan. 31
Prior lien (gust.)
75e. Jan. 1 Holders of roe. Dec. 14a
Bangor & Aroostook. corn.(quer.)
Feb. 15 Holders of rec. Jan. 81
Preferred (guar.)
1St Jan. 1 Holders of rec. Dec. 140
Preferred (guar.)
75 Jan. I Holders of rec. Dee. 154
11%
8
(gu.)
Ilen
prior
Milw..
60e. Jan. 3 Holders of rec. Dec. I5a Chic.. No.Shore&
Beech Creek (guar.)
134 Jan. 1 Holders of rec. Dee. 156
17
Dec.
rec.
of
Preferred
(guar.)
Holders
2.33
1
Jan
preferred
prior
Boston & Maine,
Chicago Rapld Transit, prior pt.(mthly.) 65e. Jan, 1 Holders of rec. Dec. 211
Jan. 1 Holders of rec. Dec. 17
First pref. el. A (stpd. & unstpd.)___. 5
65e Feb. 1 Holders of rec. Jan. 180
Prior preferred (monthly)
Jan. 1 Holders of rec. Dec. 17
8
First pref. cl. B (stpd. & unstpd.)._
650 May.) Holders of roe. Feb. 16a
Prior preferred (monthly)
17
Dec.
rec.
of
Holders
Jan.
7
First pref. el. C (stpd. & unstpd.)._
Jan. 1 Dec. 25 to Jan. 2
I
_
(guar.)
common
Elec.,
&
Gas
Chickasha
Holders of rec. Dec. 17
Jan.
First pref. el. D (stpd.& unstpd.)____ 10
134 Jan. 1 Dec. 25 to Jan. 2
(guar.)
17
Preferred
Dec.
rec.
of
Holders
Jan.
4%
unstpd.).
&
(stpd.
E
el.
pref.
First
Jan. 3 Holders of rec. Dec. 200
35e.
(guar.)
corn.
Co.,
Car
Cincinnati
20
of
Dec.
Holders
rec.
2% Jan
Boston & Providence (guar.)
134 Jan. 3 Dec. 15 to Dec. 21
Holders of rec. Dec. 150 Cincinnati Gas & Electric (guar.)
Boston Revere Beach & Lynn (guar.)... 1% Jan.
Jan, 16 Jan. 1 to Jan. 16
134
Tr..eom
.(qu.)
.L.&
Coy
&
.Newport
30a
Dec.
Cin
rec.
of
Holders
1%
Feb.
Canada Southern
134 Jan. I Jan. 1 to Jan. 16
Preferred (guar.)
Holders of rec. Dec. 310
75c. Jan. 1
Carolina Clincht & Ohlo,corn.(guar.)
6234 Jan. 1 Dec. 25 to Jan. 2
Holders of rec. Dec. 3I0 Cincinnati Street Ry.(guar.)
Coihmon stamped certificates (guar.). 1% Jan. 1
rec. Dec. 310
Jan. 1 Holders of rec. Dec. 270 Cleveland Electric Ilium.. corn.(gust.). 234 Jan. 15 Holders of
2
Central RR. of N. J. (extra)
Holders of rec. Dec. 18
Jan.
Holders of rec. Dec. So Cleveland Railway, COM. new (guar.).- 134 Jan.
2
Chesapeake& Ohio,corn.(guar.)
Holders of rec. Dec. 15 '
Jan.
pf.
(au).
134
&
Gas
Elec..
6%
Valleys
Coast
rec
8a
1
of
Dee.
Jan.
Holders
3%
Preferred A
Holders of rec. Dec. 15
1% Jan.
Seven per cent preferred (guar.)
2% Jan. 10 Holders of rec. Dec. 24a
Chicago Indianan. & Louisville, corn
Jan. 3 Holders of rec. Dec. 15
Jan. 10 Holders of rec. Dec. 24a Columbus Elec. & Power, old COM.(an.) 2
1
Common (extra)
50e. Jan. 3 Holders of rec. Dec. 151
(guar.)
common
240
New
Dec.
rec.
of
10
Jan.
Holders
2
Preferred
11.75 Jan. 3 Holders of rec. Dec. 150
Preferred series 13 (guar.)
Jan. 20 Holders of rec. Jan. 13a
5
Cincinnati Northern
$1.62.. Jan. 3 Holders of rec. Dec. 156
Preferred series C (guar.) (No.1)
Cleve. On. Chic. & St. L., corn.(au). 1% Jan. 20 Holders of rec. Dee. 30a
$1.75 Jan. 3 Holders of rec. Dec. 115a
(quir.)
pref.
Ere.ond
1% Jan. 20 Holders of rec. Dec. 30a
Preferred (guar.)
(guar.). 50e. Feb. 1 Holders of rec. Jan. 7
Consolidated Rita. of Cuba, pref.(quay.) 1% Jan. 3 Holders of rec. Dec. 10a Commonwealth Power,common
134 Feb. I Holders of rec. Jan. 7
(guar.)
Preferred
15a
Jan.
rec.
1
of
Feb.
Holders
3
Cuba RR., pref. (guar.)
Holders of rec. Dec. 150
Jan. 5 Holders of rec. Dec. 20a Consul. G., E. L.& P.. Bait., corn.(gu.) 6234c Jan. 3 Holders of rec. Dee. 154
2
Detroit Hillsdale & Southwestern
2. Jan. 2
Preferred, class A (guar.)
Jan. 15 Holders of rec. Jan. 8a
3
Detroit River Tunnel
of rec. Dec. 16a
Holders
Jan.
3
154
(guar.)
B
class
Preferred,
$1.61 Jan. 1 Holders of rec. Dec. 200
Elmira & Williamsport, pref
154 Jun. 3 Holders of roe. Dec. 150
Preferred, class C (guar.)
214 Feb. 1 Holders of rec. Dec. 300
Great Northern, preferred
Jan. 3 Holders of rec. Dec. 158
1)4
(quay.)
D
class
Preferred,
150
Dec.
rec.
of
Jan.
Holders
1%
3
Gulf Mobile & Northern, pref.(guar.).
(guar.) 21.10 Feb. 1 Holders of rec. Dee. lba
Preferred (account accumulated dive., 4214 Jan. 3 Holders of rec. Dee. 15a Consolidated Gas of N. Y.. pref.
134 Jan. 2 Holders of rec. Dec. 16
234 Feb. 15 Holders of rec. Feb. la Consumers Power,6.6% pref.(monthly) 1.65
Hudson & Manhattan. preferred
Jan. 2 Holders of roe. Doe. 15
(guar.)
preferred
6.6%
Jan. 1 Dee. 12 to Jan. 4
2
Illinois Central, leased lines
194 Jan, 2 Holders of roe. Dec. 16
7% preferred (guar.)
IN Jan. 8 Holders of rec. Doe. 23a
Joliet & Chicago (guar.)
50e. Jan. 2 Holders of rec. Dec. 15
preferred
(monthly)
310
6%
Dee.
rec.
of
15
Jan.
Holders
1
Kansas City Southern, pref.(guar.).55e. Jan. 2 Holders of rec. Dec. 15
6.6% preferred (monthly)
Jan. 3 *Holders of rec. Dee. 27
*2
dLake Erie & E stern
87 %c Jan. 3 Holders of roe. Dec. 110
8734e Jan.. 3 Holders of rec. Dee. 18a Continental Gas & Elea.. COM.(Quar.)-Lehigh Valley. corn.(guar.)
(guar.)
154 Jan. 3 Holders of rec. Dee. lla
preference
prior
18a
7%
$1.50 Jan. 3 Holders of rec. Dee.
Common (extra)
1 54 Jan. 3 Holders of rec. Dec. Ila
6% participating pref. (guar.)
81.25 Jan. 3 Holders of rec. Dee. 18
Preferred (guar.)
134 Jan. 3 Holders of rec. Dec. Ila
(guar.)
pref.
participating
16
6%
Jan.
to
18
Dec.
15
Jan.
$1
Little Schuylkill Nay. RR.& Coal__
134 Jan. 3 Holders of rec. Dec. 1 la
6% preferred (guar.)
3% Feb. 10 Holders of rec. Jan. 14a
Louisville & Nashville
$1.25 Jan. 1 Holders of ree. Dec. 15a
Maboning Coal RR., corn. (quar.)___-. 112.50 Feb. 1 Holders of roe. Jan. 140 Denver Tramway Corp.. pref. (guar.).- 2
Jan. 15 Holders of rec. Dec. 200
(guar.)
Edison
270
Detroit
Dec.
$1.25 Jan. 8 Holders of roe.
Preferred
15 Holders of rec. Dec. 20a
1734 Jan. 29 Holders of reo. Dec. 30a Diamond State Telephone, pref. (guar.) 144 Jan.
Michigan Central
pf.(gu.) 1% Jan. 15 Holders of rec. Dec. 23
Transport'n,
&
Power
Dominion
15a
Jan.
rec.
I
of
Feb.
Holders
134
(guar.)
A
pref.
Missouri-Kansas-Texas,
3 Holders of rec. Doe. 15
Jan.
1
Duke Power (guar.)
Dee. 2 to Jan. 2
Jan.
2
Mobile & Birmingham, preferred
Jan. 1 Holders of rec. Dee. 15a
Holders of rec. Dee. 90 Duluth-Superior Traction. pref.(guar.). 1
.12% Jan.
Morris & Essex
Holders of rec. Dee. 31
Jan.
15
134
(guar.)
A
pref.
Water,
Bay
East
26
Dee. 31 to Jan.
1% Feb.
N. Y. Central RR.(guar.)
134 Jan. 1 Holders of rec. Dec. 31
Preferred B (guar.)
Holders of reo. Nov. 15a
N.Y. Chicago & St. Louis. common.... 244 Jan.
Dec. 22 to Jan. 1
Jan.
2
(cm.)
pref.
8%
Co.,
Power
J.
N.
Eastern
15a
Nov.
rec.
of
Jan.
Holders
1)4
Preferred Series A (guar.)
154 Jan. 1 Dec. 22 to Jan. 1
Seven per cent pref. (guar.)
Holders of rec. Doe. 15a
New York & Harlem, corn, and pref.__ 82.50 Jan.
Holders of rec. Dee. 66
Holders of rec. Doe. 13a Eastern Texas Electric Co., pref.(guar.) 134 Jan.
N. Y. Lackawanna & Western (quay.).. 1% Jan.
Holders of rec. Jan. 15
Feb.
(guar.).
pref.
Share,
&
Bond
Electric
3I0
Dec.
rec.
Jan. 1
Holders of
32
Northern Central
1
Holders of rec. Dee. 15
Jan.
25c.
Holders of roe. Dec. 816 Electric Bond & Share Securities(guar.).
I% Feb.
Northern Pacific (guar.)
Jan. 1 Holders of rec. Dec. 31
(r)
.st.10
corn
com.(In
Inc.,
Investors.
Electric
13
of
Dec.
Holders
rec.
3
Jan.
1)4
(guar.)
Northern RR.of New Hampshire
&
Abington
of
Power
&
Light
Electric
Jan. 10 Deo. 24 to Jan. 10
4
Northern Securities
Holders of rec. Doe, 15a
50c. Jan.
Rockland (guar.)
Jan. 10 Dec. 24 to Jan. 10
2
Extra
Holders of rec. Dec. 154
50c. Jan.
Extra
Jan. 3 Holders of rec. Dec. 18a
.2
Norwich & Worcester, pref. (quay.)
Holders fo rec. Dec. 164
$1.75
Ian.
(guar.)
Electric Power & Light.first pref.
I% Jan. 1 Holders of rec. Dec. 11
Old Colony (guar.)
common
for
certiticatee
Allotment
15a
3
of
Dec.
Jan.
Holders
rec.
134
Pere Marquette. coin. (guar.)
Holders of rec. Dec. 154
3
Jan.
$1.75
p.
f
d
,
(guar.)
and prefer''
I% Feb. 1 Holders of rec. Jan. 15a
Prior preference (guar.)
Allot,etfs. for com.& pf.40% pd.(gu.) 700. Jan. 3 Holders of rec. Dee. 15a
134 Feb. 1 Holders of rec. Jan. I5a
Preferred (guar.)
1
Jan.
Holders of rec. Dec. 20
144
(guar.).Service,
7%
•
Pref
Public
Elec.
11
234 Jan. 10 Jan. 1 to Jan.
Philadelphia & Trenton (guar.)
154 Jan. 15 Holders of rec. Jan. 30
El Paso Electric, pref. A (guar.)
2% Jan. 20 Holders of rec. Jan. 10
Pitts. Cin. Chic. & St. Louis
Jan. 15 Holders of rec. Jan. 36
134
series
(guar.)
Preferred,
Dec.
10a
1
Jan.
rec.
144
of
Holders
corn.
(pa.).
&
Pittsb. & Ft. Wayne Chic.
rec. Dee. 15
1% Jan. 4 Holders of reo. Dec. 10a Empire Gas & Fuel.8% pref.(monthly). 66 2-3c Jan, 3 Holders of rec. Doe. 15
Preferred (guar.)
58 1-3c Jan. 3 Holders of
7% preferred(monthly)
$2.50 Feb. 1 Holders of rec. Jan. 176
Pittsburgh & Lake Erie
Dec. 23
rec.
31.60
1
of
Jan.
Holders
(guar.)._
pref.
$43
Corp.,
Power
170
Jan.
Empire
rec.
1
Feb.
Holders of
$5
Extra
50e. Jan. 1 Holders of rec. Dec. 23
Participating stock
Plash. McKeesp. & Tough.(guar.).- $1.50 Jan. 3 Holders of rec. Dec. 15a
3 Holders of rec. Dec. 61
Pitts. & West Virginia. corn.(Quay.).... 134 Jan. 31 Holders of rec. Jan. 15a Engineers Public Service, pref.(guar.).- $1.75 Jan.
60e. Jan. 2 Holders of rec. Dec. 140
E RiverElectrie Light (guar.)
$1 Feb. 10 Holders of rec. Jan. 130 Fall
Reading Company, corn. (guar.)
260. Jan. 2 Holders of rec. Dee. 144 •
$1 Feb. 10 Holders of rec. Jan. 130
Common (extra)
20e. Jan. 8 Holders of rec. Dec. 156
(Misr.).
common
Trio.,
&
Light
Federal
23a
1
of
13
Dec.
Jan.
Holders
rec.
Second pref.(guar.)
150. Jan 3 Holders of rec. Dee. 150
stock).4
Common (Payable in common
Jan. 1 Doe. 16 to Jan. 2
Rensselaer & Saratoga
Federal Water Service, pref.(guar.).- $1.75 Jan, 1 Holders of rec. Dec. 20
2).1 Jan. 1 Dec. 22 to Jan. 1
Rome & Clinton
134 Jan. 3 Holders of rec. Dee. 17
prof.
(guar.).&
Jan. 20 Holders of rec. Doe. 300 Florida Power Light.
1
Rutland, preferred
30
St. Louis-San Francisco, corn. (quay).. I% Jan. 1 Holders of rec. Dec. 15a Foshay (W.B.) Co., common (monthly) 67c. Jan. 10 Holders of rec. Dec.
580.
Jan, 10 Holders of rec. Doe. 30
__
(monthly).
preferred
cent
per
Seven
1
1%
of
Feb.
Holders
rec.
15a
Jan.
(quer.)
Preferred
30
Dec.
rec.
of
10
67c.
Jan.
Holders
134 May 2 Holders of rec. Apr. Oa
Preferred A (monthly)
Preferred (guar.)
% Jan. 1 Holders of rec. Dec. 150
1% Aug. 1 Holders of rec. July 15a Gas & Electric Securities, corn.(m'thly).
Preferred (guar.)
150
Dec.
rec.
1
of
Jan.
Holders
stock).
common
In
34
(payable
1
1
1% Nov.
Common
Holders of rec. Oct. 15a
Preferred (guar.)
54 Feb. 1 Holders of rec. Jan. 151
Common (monthly)
1% Jan. 3 Holders of rec. Nov. 26a
Southern Pacific Company (guar.)
150
Jan.
rec.
1;4
of
1
Feb.
Holders
stock)._
common
in
(payable
1
Common
Feb.
Holders
rec.
10a
1%
of
Jan.
corn.
(guar.)
Southern Railway,
nthly)
(mo
54 Mar, 1 Holders of rec. Feb. 15a
blel
ath
yn
ao
pm
(
common
Common(
134 Jan. 15 Holders of rec. Jan. 3a
Preferred ((Mar.)
May. 1 Holders of rec. Feb. 15a
common stock)
Jan. 15 Holders of rec. Dec. 31a
6
Troy Union RR
Holders of rec. May. 156
14 Apr,
Common (monthly)
234 Jan. 3 Holders of rec. Dec. la
Union Pacific, common (guar.)
Holders of rec. May,156
134 Apr.
Common (payable in common stock)_ _
United N. J. RR.& Canal Cos.(guar.). 2% Jan. 10 Dec. 21 to Jan. 1
7-1
Jan.
Holders of rec. Dec. 15a
(monthly)
250
of
Preferred
Jan.
Holders
rec.
1%
25
Feb.
Wabash Railway, pref. A (guar.)
7-1
1
Feb.
Holders of rec. Jan. 156
Preferred (monthly)
1% Jan. 5 Holders of roe. Dee. 21a
Western Pacific, pref. (guar.)
7-12 May. 1 Holders of rec. Feb. 15a
Preferred (monthly)
I
Apr.
7-12
Holders of rec. Mar. 13
Preferred
(monthly)
Public Utilities.
Adirondack Pow.& Lt., 7% Pref. (au). 1% Jan. 1 Holders of rec. Dec. 20a General G.& E. Corp., corn., cl. A(gu.) 87340 Jan. 1 Holders of tee. Doe, 15a
1
Jan.
Holders of rec. Dec. 15a
(guar.)
A
82
class
rec.
200
Preferred,
of
Dec.
Holders
1
Jan.
2
38
Eight per cent preferred (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 15a
$1.75 Jan. 1 Holders of roe. Dec. 15
$7 preferred, class A (guar.)
Alabama Power $7 pref.(guar.)
$1.75 Jan. 1 Holders of rec. Dec. 154
$1.50 Jan. 1 Holders of rec. Dec. 15
Preferred class B (guar.)
$6 preferred (quar.)
154 Jan. 14 Holders of rec. Doe. 31a General Public Service Corp.,$6 pf.(qu.) $1.50 Feb. 1 Holders of rec. Jan. 10a
All-America Cables (quay.)
Feb. 1 Holders of rec. Jan. 10a
Convertible preferred (guar.)
Amer. & Foreign Power. pref. (guar.).-$1.75 Jan. 8 Holders of roe. Dee. 16a
7 Jan. 2 Holders of rec. Dec. 204
5)4
Jan. 8 Holders of tee. Dee. 16a Georgia Light, Power &Rye., pref.(qu.) $11
4354c
paid
25%
pref.,
&
Allot. elf. for corn.
134 Jan. 3 Holders of rec. Dec. 31a
Gold & Stock Telegraph (guar.)
Amer. Gas& Elec., new no par corn.(gu.) 260. Jan. 3 Holders of tee. Dee. 14
(p) Jan. 3 Holders of rec. Dec. 14
Havana Electric & Utilities, let pf. (go.) 81.50 Feb. 15 Holders of rec. Jan. 21
Common (payable in corn. stock)_ _ _
$1.25 Feb. 15 Holders of rec. Jan. 21
(p) Jan. 3 Holders of roe. Dee. 14
Cumulative preferred (guar.)
Common (payable in corn. stock)_ _ _
570 Jan, 3 Holders of rec. Dec. 204
Haverhill Gas Light (guar.)
No par value pref., unstamped (guar.) 1% Feb. 1 Holders of rec. Jan. 10
1
(quay.)....
Jan.
Feb.
Holders
rec.
preferred
10
b0c
of
8%
Power.
Illinois
134 Jan. 2 Holders of rec. Dec. 15
(mthly.)
stamped
No par value Prof..
Jan. 13 Holders of rec. Dec. 3I6
2
154 Jan. 2 Holders of roe. Dec. 15
Seven per cent preferred (guar.)
American Gas Co.(N. J.) (guar.)
[Moots Power & Light.6% pref.(guar.). 1% Jan. 1 Holders of rec. Dec. 10
American Power & Light, pref.(guar.)- 134 Jan. 3 Holden' of rec. Dec. 15
154 Jan. 1 Holders of roe. Dec. 10
Seven per cent preferred (guar.)
1)4 Jan. 3 Holders of reo. Dee. 16a
American Public Service, pref. (guar.)._
154 Jan. 1 Holders of rec. Dec. 200
Amer.Pub. MIL parte. pref.(guar.)._ $1.75 Jan. 3 Holders of rec. Doe. 15a Illinois Traction. oref. (guar.)
of
Jan.
Holders
rec.
8
Water,
Jan. 1 Holders of rec. Dee. 154
pref.
$1.75
(guar.)
Dec.
15a
Indianapolis
Prior preferred (guar.)
Amer.Superpower Corp., lot pref.(qu.) 81.50 Jan. 3 Holden of rec. Dec. la Internat. Power, Ltd., 1st pref. (gust.). 154 Jan. 1 Holders of rec. Dec. 15
International Telep. & Teleg.(guar.)... 134 Jan. 15 Holders of rec. Dec. 274
334 Jan. 15 Holders of roe. Dee. 20e
American 'Pelee. & Teleg. (guar.)
International Utilities, class A (quay.).. 8734c. Jan. 15 Holders of rec. Jan. 84
234 Apr. 15 Holders of roe. Mar. 154
Quarterly
12e. Jan. 1 Holders of rec. Dec. 1(1
3511.755 Feb. 1 Holders of FOC. Jan, 21a
51.75
37 preferred (guar.)
Arkansas Natural Gas (quay.)
Jan, 8 Holders of tee. Dec. 6
(guar.)
pref.
Interstate Power. $7 ore:.(guar.)
$7
Light,
&
Power
Arkansas
$1.75 Jan. 3 Holders of rec. Dee. 17
Jamaica Public Service, pref. (guar.)._ $1.75 Jan. 3 Holders of rec. Dec. 20
(No. 1)
Jersey Central Power & Light, pref.(go.) 134 Jan. 1 Holders of rec. Dee. 17
Associated Gas & Electric, class A (guar.) (o) Feb. I Holders of rec. Dec. 31
$1.25 Jan. 3 Holders of rec: Dec. 15a
Kansas City Power & Lt., 1st pf.(qu.)__ $1.75 Jan. 1 Holders of roe. Dee. 134
Baltimore Electric, preferred
Kansas Electric Power,7% pref.(qu.).. 144 Jan. 1 Holders of res. Dee. 15
Bangor Hydro-Elec. Co.. 7% pref. (qu.) 154 Jan. 1 Holders of rec. Dee. 10
134 Jan. 1 Holders of rec. Dec. 10
Kansas Gas 'It Elec. Co., pref. (guar.)._
Six per cent preferred (guar.)
134 Jan. 3 Holders of roe. Dec. 15
Jan. 15 Holders of rec. Dec. 23
2
Kentucky Securities, coin.(guar.)
Bell Telephone of Canada (quer.)
134 Jan. 3 Holders of rec. Dec. 200
1% Jan. 15 Holders of rec. Dec. 204
Preferred (guar.)
Bell Telep. of Penna..6)4% prof.(guar.) 154 Jan. 15 Holders of rec. Dec. 20,
Holders
1
of
rec.
Jan.
Dec.
15
21.50
Jan, 15 Holders of rec. Dec. 31
Laurentide Power (guar.)
Binghamton Lt.,Ilt. & Pr., $13 pt.(qu.).
1h Jan. 1 Holders of rec. Dee. 21
Si
Long Island Lighting, COM. (quar.)
Birmingham Electric Co., pref. (quay.). $1.75 Jan. 3 Holders of rec. Dec. 15
134 Jan. 3 Holders of rye. Dec. 10a
Preferred (guar.)
154 Jan. 1 Holders of rec. Dec. 21
Boston Elevated Ry.. common (guar.)
Jan. 3 Holders of rec. Dec. 10a
4
Mackay Companies, common (guar.)._
154 Jan. 3 Holders of rec. Dec. 46
First preferred
334 Jan. 8 Holders of rec. Dec. 100
Jan, 3 Holders of rec. Dec. 44
1
Preferred (guar.)
Preferred
Holders
of
rec.
15
Jan.
310
Dec.
Hy.,
1)4 Jan. 3 Holders of rec. Dee. 204
Si
Manhattan
(gu.)_
unassented
stock
corn.
(qu.)
Transit,
Brooklyn-Manhattan
134 Jan. 15 Holders of tee. Dee. 31
Marconi Wireless Teleg., Ltd.. pref____
334 Jan. 1 Doe, 24 to Dec. 31
Preferred series A (gar.)
Massachusetts Gas Cos., corn. (guar.)._ *31.25 Feb. 1 *Holders of tee. Jan. 15
134 Apr. 15 Holders of rec. Apr. 1
Preferred seem A (guar.)
it
74
THE CHRONICLE
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Name of Company.
[Vol,. 124.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Continued).
Public Utilities (Concluded).
Maas. Ltg. Cos.,6% pref.(guar.)
1% Jan. 15 Holders of rec. Dec. 27
United Gas Improvement (guar.)
81 Jan. 15 Holders of reo. Dee. 31a
Eight per cent preferred (guar.)
2
Jan. 15 Holders of rec. Dec. 27
United Light & Pow.,new corn. A (guar.) 120. Feb. 1 Holders of roe. Jan. 15
Memphis Power & Light, pref.(guar.)._
154 Jan. 3 Holders of rec. Dec. 18
Old common A (guar.)
60o
Feb. I Holders of rec. Jan. 15
Metropolitan Edison, $7 pref. (quar.). $1.75 Jan. 1 Holders of rec. Dee. 15
New common B (quar.)
12c. Feb. I Holders of rec. Jan. 15
$6 preferred (guar.)
$1.50 Jan. 1 Holders of reo. Dec. 15
Old common B (oaar.)
60o. Feb. 1 Holders of roe. Jan. 15
Mexican Utilities. preferred
$3.50 Jan. 15 Holders of rec. Dec. 31
Preferred class A (guar.)
$1.62 Jan. 3 Holders of rec. Dec. 15
_Middle West Utilities, pref. (quar.)____
144 Jan. 15 Holders of rec. Dec. 31a
Preferred class B (guar.)
Jan. 3 Holders of rec. Dec. 15
Si
Midland Utilities, pref. A (Irian)
144 Jan. 6 Holders of rec. Dec. 22
Utah Gas Jr Coke, pf. partlo. M.(0) $1.75 Jan. 8 Holders of rec. Dec. 15a
Prior lien stook (guar.)
134 Jan. 6 Holders of rec. Dec. 22
Utah Power Jr Light. pref. (guar.)
194
Jan.
3 Holders of rec. Dec. 10
Minnesota Power dr Light. pref.(Quar.)154 Jan. 1 Holders of rec. Dec. 15
Utilities Power Jr Light. clam A (guar.).- w500. Jan. 3 Holders of rec. Des, 6a
Mississippi River Power, pref. (guar.)._
1)4 Jan. 1 Holders of rec. Dec. 15
Class B (guar.)
w25e. Jan. 3 Holders of rec. Dec. 60
Missouri Gas & El. Serv., prior lien (qu.) $1.75 Jan. 15 Holders of rec. Dec. 31
Class B (extra)
ta4le. Jan. 3 Holders of rec. Dec. fla
Missouri Power & Light, pref. (qu.)_ - 134 Jan. 1 Holders of rec. Dec. 20
Preferred (quar.)
w144 Jan. 3 Holders of roe. Des. fla
Mohawk Valley Co.(guar.)
50o Jan. 3 Holders of rec. Dec. 20a Virginia Public Service, pref.(quar.).- - 144 Jan. 1 Holders of rec. Dec. 15
MonongahelaW.PennPub.Serv..pf.(qu.) 4334o Jan. 1 Holders of rec. Dee. 15
Wash. Water Power, Spokane.com.(gu.) 2
Jan. 15 Holders of rec. Dec. 240
Montana Power, common (guar.)
154 Jan. 3 Holders of rec. Dec. 10a
West Kootenay Power Jr Lt., pf.(cm)._
144 Jan. 2 Holders of rec. Dec. 31
Preferred (guar.)
134 Jan. 3 Holders of rec. Dee. 10a
West Penn Power,7% preferred (guar.)_
144
Feb.
1 Holders of rec. Jan. 15a
Montreal Lt. Heat & Pow. Consolidated
Six per cent preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 15a
No par value stock (2 months dly.)_ _ _ 33 1-3 Jan. 31 Holders of rec. Dec. 31
West Philadelphia Passenger By
Jan.
15
Holders of rec. Dee. 150
Montreal Telegraph (guar.)
2
Jan. 15 Jan. 1 to Jan. 15
Western Power Corp., pref.(quar.)
1% Jan. 15 Holders of rec. Dec. 316
Montreal Tramways(guar.)
234 Jan. 15 Holders of reo. Jan. 7
Western States Gas Jr Elec.. pref.(guar.) 134 Jan. 15 Holders of rec. Dec. 31
Mountain States Power, pref. (guar.)._
144 Jan. 20 Holders of rec. Dec. 31
Western Union Telegraph (guar.)
2
Jan. 15 Holders of rec. Dec. 23a
Mountain States Telep. & Teleg. (guar.) 2
Jan. 15 Holders of rec. Dec. 31a Winnipeg Electric Co., pref.(guar.).- 134 Jan. 1 Holders of rec. Dee. 15
Municipal Gas Co. (of Texas), pf. (qu.) $1.75 Jan. 1 Holders of rec. Dec. 15
Municipal Service Corp.,cony. pref.(qu.) 50c. Jan. 8 Holders of rec. Dec. 16
Banks.
Narragansett Electric Lighting (guar.)._ $1
Jan. 3 Holders of rec. Dec. 18
National Electric Power, pref. (quar.)....
144 Jan. 1 Holders of rec. Dec. 20a America, Bank of (guar.)
3
Jan. 3 Holders of rec. Dec. 21a
.National Fuel Gas (guar.)
244 Jan. 15 Holders of rec. Dec. 310 Amer.Exchange Irving Trust Co.(qu.).. 344 Jan. 3 Holders of rec. Dec.
18
Extra
2
Jan. 15 Holders of rec. Dec. 31a American Union (guar.)
134 Jan. 3 Holders of rec. Dec. 20a
National Power & Light, pref.(guar.).-$1.75 Jan. 8 Holders of rec. Dec. 11
Bank of New York Jr Trust Co.(Qum.)- 6
Jan. 3 Holders of reo. Des. 246
National Public Service Corp.Extra
1
Jan. 3 Holders of rec. Dec. 240
Pref. series A di partic. pref. (quar.)_ _ $1.75 Jan. 1 Holders of rec. Dec. 17
Broadway Central (quar.)
244 Jan. 1 Des. 21 to Jan. 2
Nevada-Calif. Elec. Corp., pref. (qu.)
144 Feb. 1 Holders of rec. Dec. 30
Capitol National (guar.)
134 Jan. 3 Holders of rec. Dec. 21a
New England Invest. & Security, oref _ _ $2 Jan. 3 Holders of rec. Dec. 20
(Muse National (guar.)
344 Jan. 3 Holders of rec. Des. 13a
New England Power. pref.(guar.)
134 Jan. 1 Holders of rec. Dec. 18
Chase Securities Co.(guar.)
Jan. 3 Holders of rec. Dee. 13e
$1
New England Power Assn., corn.(guar.) 3734c Jan. 15 Holders of rec. Dec. 31
Chatham Jr Phenix Nat. Bk. Jr Tr.(qu.) 4
Jan. 3 Dec. 15 to Jan. 2
Preferred (guar.)
134 Jan. 1 Holders of reo. Dec. 23a Chelsea Exchange (guar.)
2
Jan. 3 Holders of rec. Dec. 170
New Jersey Power di Light,$6 pref.(qu.) $ 1.50 Jan. 1 Holders of rec. Dec. 15
Chemical National (bi-monthly)
4
Jan. 3 Holders of rec. Dec. 23a
New Orleans Public Serv., pref. (gnarl_
Stock dividend
134 Jan. 3 Holders of rec. Dec. 200
(f) Jan. 15
Newport News de Hampton Ry. Gas &
Colonial (guar.)
3
Jan, 3 Des, 21 to Jan. 12
Electric Co., corn. (guar.)
144 Jan. 1 Dee. 16 to Jan. 2
Special
3
Jan, 3 Des. 21 to Jan. 12
Preferred (guar.)
144 Jan. 1 Dec. 16 to Jan. 2
Commerce, National Bank of (guar.)._ 4
Jan. 2 Holders of rec. Dec. 17a
New York Central Elec. Corp., pt.(on.) 144 Jan. 1 Holders of rec. Dec. 21
Extra
2
Jan. 2 Holders of rec. Dec. 17e
New York Steam, $6 Preferred (guar.)- $1.50 Jan. 2 Holders of reo. Dec. 15a Commercial Exchange (guar.)
2
Jan. 3 Holders of rec. Dec. 15
.
Preferred series A (guar.)
$1.75 Jan. 2 Holders of rec. Dee. 15a Commonwealth
Jan. 3 Holders of rec. Des. 15e
New York Telephone. pref.(guar.)
144 Jan. 15 Holders of rec. Dec. 20
Coney Island. Bank of
5
Jan. 2 Holders of rec. Dec. 310
Niagara Falls Power, pref.(guar.)
43340. Jan. 15 Holders of rec. Dec. 31
Fifth Avenue (guar.)
6
Jan. 3 Holders of rec. Des. 31a
Niagara Lockp. & Out. Pow., pref.(on.) 144 Jan. 1 Holders of reo. Dec. 15a First National (guan)
20
Jan. 3 Holders of rec. Dec. 31a
North American Co., corn. (guar.)
1234 Jan. 3 Holders of rec. Deo. On First National, Brooklyn(gum)
234 Jan. 3 Holders of rec. Doc. 17
Preferred (guar.)
75e. Jan. 3 Holders of rec. Dec. 60 First Security Co.(guar.)
5
Jan. 3 Holders of rec. Doe. 31a
North Amer. Lt. & Pr., pref. (guar.)._ _ d144 Jan. 3 Holders of rec. Dec. 20
Franklin National (guar.)
1
Jan. 3 Holders of roe. Des. 200
North West Utilities, prior lien (guar.)._
134 Jan. 3 Holders of rec. Dec. 15
Greenwich (lum.)
3
Jan. 3 Holden of rec. Dec. 20a
Northeastern Power, class A (guar.).
81.50 Jan. 1 *Holders of rec. Dec. 20
Extra
2
Jan. 3 Holders of rec. Dec. 200
Northern Mexico Power & Devel., corn.... 1
Jan. 15 Holders of rec. Dec. 31
Hanover National (quar.)
6
Jan. 3 Dec. 22 to Jan. 2
Preferred (guar.)
144 Jan. 3 Holders of reo. Dec. 22
Extra
6
Jan. 3 Dee. 22 to Jan. 2
Northern Ohio Pr. & Lt.,6% pf.(qu.)... 144 Jan. 1 Holders of reo. Dec. 15
Lebanon National
3
Jan. 3 Holders of rec. Dec. 20a
7% preferred (guar.)
144 Jan. 1 Holders of rec. Dee. 15
Manhattan Co.. Bank Of the((Mara ---- $2
Jan. 1 Holders of rec. Dec. 17a
Northern Pennsylvania Pr., $7 pf.(gu.). •$1.75 Jan. 1 *Holders of rec. Dec. 15
Mechanios (Brooklyn) (guar.)
3
Jan. 3 Holders of rec. Dec. 18a
$6 preferred (guar.)
*31.50 Jan. 1 *Holders of rec. Dec. 15
Extra
2
Jam. 3 Holders of rec. Des. 18a
6% preferred (semi-annual)
.3
Jan. 1 *Holders of rec. Dee. 15
Municipal (Brooklyn) (guar.)
2
Jan. 1 Dec. 21 to Dec. 31
Nor.States Pow.(Del.), el. A com.(gu.) 2
Feb. 1 Holders of rec. Dec. 31
Extra
2
Jan. 1 Dec. 21 to Doc. 31
Seven per cent preferred (guar.)
144 Jan. 20 Holders of rec. Des. 31
Mutual (guar.)
3
Jan. 3 Holders of rec. Dec. 23a
Six per cent preferred (guar.)
144 Jan 20 Holders of rec. Dec. 31
Extra
Jan. 3 Holders of rec. Dec. 230
10
Northport Water Works, pref. (guar.).- II( Jan. 1 Holders of rec. Dec. 21
Nassau National, Brooklyn (gar.)
Jan. 3 Dec. 30 to Jan. 11
3
Northweatern Bell Telep., pref. (quar.)_ 14 Jan. 15 Holders of rec. Dec. 20a
Extra
Jan. 3 Dee. 30 to Jan. 11
3
Northwestern Telegraph
1.50 Jan. 3 Des. 16 to Jan. 2
National City (mar.)
4
Jan. 1 Holders of rec. Dec. 17a
Ohio Bell Telephone, Pref.(lum%)
144 Jan. 1 Holders of reo. Dec. 20
National City Company (guar.)
4
Jan. 1 Holders of rec. Des. 17
Ohio Oil & Gas (guar.)
*50. Jan. 15 Holders of rec. Jan. 1
New Netherlands (guar.)
2
Jan. 3 Holders of rec. Des. 18a
Ohio River Edison, 7% pref.(quar.)__
154 Jan. 1 Holders of rec. Dec. 22
Park, National(guar.)
Jan. 3 Holders of rec. Dee. 17a
6
Ontario Power & Light, pref.(guar.)_ _ _ _ '134 Feb. 1 Holders of rec. Jan. 15
Public National(guar.)
4
Jan. 2 Holders of roe. Dee, 20
Ottawa Light, Heat& Power, pref.(on.)
144 Jan. 1 Holders of rec. Dec. 15a Queens-Bellaire(No. 1)
*3
Jan.
3 *Holders of reo. Dee. 91
Ottawa Montreal Power. 7% Pref.(O.) 144 Jan. 15 Holders of rec. Dec. 30a Seaboard National (guar.)
4
Jan. 3 Holders of reo. Dee, 231
Ottawa Traction (guar.)
Jan. 3 Holders of rec. Dec. 15
1
Standard (guar.)
Jan, 3 Holders of reo. Dee. 271
8
Bonus
Jan. 3 Holders of rec. Dec. 15
1
Standard National Corp., common (qu.) $3
Jan. 3 Holders of tee. Doe. 270
Pacific Gas Jr Elec., corn. (guar.)
Jan, 15 Holders of rec. Dec. 31a
2
Preferred (oum.)
134 Jan. 3 Holders of ref). Dee. 271
Pacific Telep.& Teleg.. Pref.(guar.)_ _
134 Jan. 15 Holders of rec. Dec. 31a State (guar.)
4
Jan. 3 Holders of rec. Dee, 17a
Panama Power & Light Corp., pref.(qu.) 144 Jan. 3 Holders of rec. Dec. 18
United States(Bank of)(guar.)
244 Jan. 3 Holders of reel. Dee. 20a
Penn Central Light & Power,$5 pf.(qu.) $1.25 Jan, 1 Holders of rec. Des. 15a Washington Heights, Bank of (guar.)
134 Jan. 1 Dec. 27 to Jan. 1
Penn-Ohio Edison 7% prior pref.(qu.)- 144 Mar. 1 Holders of rec. Feb. 21
$6 preferred (guar.)
$1.50 Jan. 15 Holders of rec. Dec. 31
Trust Companies.
Pennsylvania Gas & Elec. pref. (qu.)_
Jan. 2
144 Jan. 1 Dec. 21 to
Pennsylvania Pow.& Light, $7 pf.(qu.) $1.75 Jan. 3 Holders of roe. Des. 15
Bankers (mar.)
6
Jan. 3 Holders of roe. Des, 15
$6 preferred (guar.)
$1.50 Jan. 3 Holders of rec. Des. 15
Bank of Europe Trust Co.(guar.)
234 Jan. 2 Holders of ree. Dec. 20
Pennsylvania Water & Power (quar.)___ 2
Jan. 3 Holders of rec. Dec. 17a
Extra
4
Jan. 2 Holders of rec. Dec. 20
Peoples Gas Co.. preferred
Jan. 1 Holders of rec. Des. 15a Brooklyn (guar.)
3
6
Jan. 3 Holders of rec. Dee. 24
Peoples Gas Light dr Coke(guar.)
2
Jan. 17 Holders of rec. Jan. 30
Extra
3
Jan. 3 Holders of rec. Dec. 24
Peoples Lt.&P.Corp.,corn.cl.A(mthly.) 200. Jan. 10 Holders of rec. Dec. 30
Central Union (guar.)
7
Jan. 3 Holders of rec. Des. 230
Common class B (monthly)
100. Jan. 10 Holders of rec. Dec. 30
Extra
4
Jan. 3 Holders of rec. Dec. 234
7% preferred (monthly)
58e. Jan. 10 Holders of rec. Dec. 30
Federation Bank Jr Trust (gnar.)
2
Jan. 1 Holders of rec. Des. 31a
Philadelphia Rapid Transit (guar.)
$1 Jan. 31 Holders of rec. Jan. 15a
Extra
2
Jan. 1 Holders of roe. Des. 31a
Philadelphia & Western fly., pref.(qu.). 6244c Jan. 15 Holders of rec. Dee. 31a Fulton (guar.)
234 Jan. 3 Holders of rec. Des. 20a
Portland Electric Power,first pref.(qu.) 134 Jan. 1 Holders of reo. Des. 15
Extra
2
Jan. 3 Holders of rec. Dee. 20a
Prior preference (guar.)
144 Jan. 1 Holders of reo. Des. 15
Manufacturers (guar.)
6
Jan. 3 Holders of rec. Des. 20a
Porto Rico Railways common (guar.)- 1
Jan. 16 Holders of rec. Des. 31a Mutual of Westchester County
3
Jan. 3 Holders of rec. Dec. 30
Preferred (guar.)
154 Jan. 3 Holders of rec. Dec. 15
Extra
2
Jan. 3 Holders of rec. Dec. 30
Power Corporation of Canada, pref.(qu.) 134 Jan. 15 Holders of reo. Dee. 30
New York (guar.)
5
Jan. 3 Holders of rec. Dee. 18a
Providence Gas (guar.)
Jan. 1 Holders of rec. Dec. 15a Title Guarantee Jr Trust(guar.)
$1
4
Jan. 3 Holders of rec. Dec. 22
Public Service Co.of Okla., corn.(qu.)_ _
1
Jan. 1 Dec. 25 to Jan. 2
Extra
Jan, 3 Holders of rec. Dec. 22
5
Prior lien stock (guar.)
134 Jan. 1 Dec. 25 to Jan. 2
Extra
5
Mar. 31 Holders of rec. Mar. 22
Preferred (guar.)
144 Jan. 1 Dec. 25 to Jan. 2
United States (guar.)
1234 Jan. 8 Holders of rec. Dec. 21a
Public Service Elec. Power, pref. (qu.)__
144 Feb. 1 Holders of rec. Jan. 14a U.S. Mortgage Jr Trust Co.(guar.)
4
Jan. 3 Holders of rec. Dec. 27
Puget Sound Pow.& Lt., prior pt.(qu.). 134 Jan. 15 Holders of reo. Des. 20
Extra
4
Jan. 3 Holders of rec. Dec. 27
Preferred (quar.)
134 Jan. 15 Holder' of reo. Des. 20
•
Quebec Power,common (quar.)
114 Jan. 15 Holders of rec. Des. 31
Fire Insurance.
Preferred (guar.)
144 Jan. 3 Holders of reo. Des, 15
Continental
Jan. 10 Holders of reo. Dec. 300
$3
Radio Corporation of Amer., pref.(on.). 873.4c Jan. 1 Holders of reo. Dee. la Fldenty-Phenlx
Jan. 10 Holders of rec. Des. 80a
$2
Reading Traction
75c. Jan. 1 Dec. 17 to Jan. 2
Stock dividend
100 Jan. 10 Holders of rec. Deo. 80a
Roanoke Gas Light. preferred
334 Jan. 1 Holders of tee. Dee. 15a Rossia (guar.)
$1.50 Jan. 3 Holders of roe. Dee. 15a
Savannah Elec.& Pow.,deb.sm. A (cm.) 2
Jan. 3 Holders of rec. Dee. 150
Debenture (1st pref.) series B (quar.)_
134 Jan. 3 Holders of roe. Des. illa
Miscellaneous.
Shawinigan Water di Power (guar.)
2
Jan. 10 Holders of roe. Des. 24
144 Jan. 15 Holders of rec. Jan. din AbitibiPower Jr Paper,common (guar.). $1.25 Jan. 20 Holders of rec. Jan.
South Pittsburgh Water, pref. (guar.)
10
Southeastern Power & Light,117 pf.(qu.) $1.75 Jan. 1 Holders Of rec. Des. 15
Preferred (guar.)
144 Jan. 3 Holders of reo. Des, 20
Participating preferred (guar.)
$1 Jan. 1 Holders of rec. Dee. 15
Abraham Jr Straus. Inc., pref. (guar.)__
154
, Feb. 1 Holders of rec. Jan. 16a
Southern California Edison, orig. pf.(qu) 2
Jan. 15 Holders of rec. Dec. 20
Acme Steel (guar.)
62He Jan, 3 Holders of rec. Jan. 30
Southern Canada Power, Ltd., pf.(qu.). 144 Jan. 15 Holders of roe. Des. 24
Adams Royalty (guar.)
50e. Jan. 1 Holders of reo. Dec. 17a
Southern Gas Jr Power. pref. (guar.)._ _
134 Jan, 1 Holders of rec. Dec. ha Aero Supply Mfg., class A Jr B (guar.)._ 3744c Jan, 2 Holders of reo. Deo. 24
Southern Indiana Gas& El.,7% pf.(oil.) 144 Jan. 3 Holders of too. Dec. 27
Ahumada Lead (guar.)
744o. Jan. 5 Holden, of roe. Dee, lita
144 Jan. 3 Holders of rec. Dec. 27
6% preferred (guar.)
Extra
7440. Jan. 5 Holders of tee. Dee. 18a
3
Jan. 3 Holders of rec. Dec. 27
6% pref. (semi-ann. diva.)
Mr Reduction (guar.)
$1.25 Jan. 15 Holders of tee. Des. 310
6.6% pref. (guar.)
1.65 Jan. 3 Holders of rec. Dec. 27
Alabama Fuel Jr Iron (guar.)
Jan. 2 Dec. 22 to Jan. 1
2
Southwestern Bell Telephone, pref.(qu.) 144 Jan. 1 Holders of res. Des. 20
Alliance Realty (qUM.)
6244c, Jan. 18 Holders of rec. Jan. 80
Southwestern Gas St Elec.,8%
Jan. 3 *Holders of roe. Des. 15
- "2
Extra
87350. Jan. 18 Holders of rec. Jan. 8a
*144
(guar.)
preferred
cent
Jan.
3
*Holders
of roe. Des. 15
Seven per
Allied Chemical Jr Dye, pref.(guar.)... 134 Jan. 3 Holders of roe. Dec. 15a
Springfield (Mass.) fly. Cos., cora.(rm.) $1.15 Jan. 3 Holders of rec. Dec. 20
Allis-Chalmers Mfg., pref. (guar.)
15( Jan. 15 Holders of rec. Dec. 240
2
Jan. 3 Holders of rec. Dec. 20
Preferred
Aloe (A. S.) Co
630. Jan, 3 Holders of rec. Dee. 15
154 Jan. 3 Holders of rec. Dec. 15
Springfield fly.& Light, pref.(quar.)__
Aluminum Co. of Amer., pref. (guar.)._
134 Jan. 1 Holders of roe. Des. 1Ba
Standard Gas & El., common (quar.)..... 75e. Jan. 25 Holders of roe. Dec. 31
Amerada Corporation, corn.
500. Jan. 31 Holders of rec. Jan. 15a
Common (payable in common stock). 11-200 Jan. 25 Holders of roe. Des. 810
Art Works, corn Jr(quar.) Ameican pf.(qu.)-- 1% Jan. 15 Holden; of rec. Dec. 31
134 Jan. 25 Holders of reo. Dec. 31
Prior preferred (guar.)
American Bank Note, common (guar.)-- 50o. Jan. 3 Holders of rec. Des, 15a
144 Jan. 2 Holders of reo. Dec. 15
Tennessee Elec. Pow.6% lstpf.(qu.)
Preferred (guar.)
750. Jan. 3 Holders of rec. Dec. 15a
134 Jan. 2 Holders of rec. Dec. 15
American Bond Jr Mortgage, pref. (qu.) 114 Jan. 1 Holders of rec. Dec. 20
7% first preferred (guar.)
1.80 Jan. 2 Holders of rec. Dec. 16
7.2% first preferred (guar.)
Amer. Brown Boyer'Elec.Corp., pf.(qu.) 154 Jan. 1 Holders of rec. Des, 220
50o.
Jan.
2
(monthly)
Holders
of
rec.
preferred
Dec.
15
6% filet
Participating stock
500. Jan. 20 Holders of rec. Jan. 10a
60o. Jan. 2 Holders of roe. Dec. 16
7.2% first preferred (monthly)
American Can, preferred (guar.)
134 Jan. 3 Holders of roe. Dec. 16a
2
Jan. 1 Holders of rec. Dec. 15
Toledo-Edison Co.. prior pref. (quar.)
American Car Jr Foundry, corn.(guar.). $1.50 Jan. 1 Holders of rec. Des. 15a
134 Jan. 10 Jan. 1 to Jan. 10
Trinidad Electric Co.(quar.)
144 Jan, 1 Holders of rec. Des, 16a
Preferred (guar.)
44.75 Jan. 1 Holders of rec. Dec. 150 American Chicle, corn.(guar.)
Union Passenger Sty. (PhiladelPhia)
75e. Jan. 1 Holders of rec. Dee. 160
$1.50 Jan
1 Holders of rec. Des. 9a
Union Traction. Philadelphia
6% Preferred (guar.)
114 Jan. 1 Holders of rec. Des. 150
234 Jan. 15 Holders of rec. Des. 31
Prior pref.(guar.)
United Gas ac Electric Company, pref._
154 Jan. 1 Holders of rec. Des. 15a
Name of Company.
75
THE CHRONICLE
JAN. 1 1927.]
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
4
Jan. 15 Holders of rec. Doe. 31
Canada Iron Foundries, pref
1% Jan. 3 Holders of rec. Dec. 15
American Cigar, pref.(guar.)
1
Jan. 2 Holders of zee. Dec. 18
Canners, Ltd., pref. (guar.)._
Canadian
Dec.
15
Holders
of
rec.
Jan.
3
(quar.)
1
common
Cyanamid,
Amer.
Canadian Car & Foundry, pref.(guar.). 154 Jan. 10 Holders of rec. Dec. 27
Common (extra)
34 Jan. 3 Holders of rec. Dec. 15
Canadian Connecticut Cot. Mill200. Jan. 3 Holders of rec. Dec. 15
Common A & B (guar.)
1
Jan. 3 Holders of rec. Doe, 15
Preferred (guar.)
100. Jan. 3 Holders of rec. Dec. 15
Common A & B (extra)
2
Jan. 4 Holders of rec. Dec. 24
Canadian Cottons, corn.(guar.)
134 Jan. 3 Holders of rec. Dec. 15
Preferred (guar.)
1%
Jan. 4 Holders of rec. Dee. 24
Preferred
(guar.)
Dec.
17a
Holders
of
rec.
3
51.50
Jan.
(guar.)
American Express
Canadian General Electric. pref. (guar.) 134 Jan. 1 Holders of rec. Dee. 153
Amer. Furniture Mart Bldg.32e. Jan. 15 Holders of rec. Dec. 31a
Canadian Industrial Alcohol (quar.)
1% Jan, 3 Holders of rec. Dec. 20
Preferred (quar.)
e20
Jan. 15 Holders of rec. Dee. 310
Stock dividend
51 Jan. 1 Holders of rec. Dec. 160
American Hardware Corp.(MAO
20e. Feb. 1 Holders of rec. Jan. 15a Canadian Locomotive, pref.(guar.).- 154 Jan. 1 Holders of roe. Doe. 20
American Home Products (monthly)2
Jan. 1 Holders of rec. Dec. 24
200. Jan. 3 Holders of roe. Dec. 150 Canadian Salt (guar.)
Monthly
134 Jan. 1 Holders of ree. Dec. 134
Amer.-La France Fire Engine,com.(qu.) 250. Feb. 15 Holders of rec. Feb. la Case (J. I.) Threshing Mach., pref.(q11.) 1%
Jan. I
15( Jan, 3 Holders of rec. Dec. lba Casey-Hedges Co pref. (guar.)
Preferred (guar.)
6234e Jan. 1 Holders of rec. Jan. 3
Cellulose Product)). pref. (guar.)
Mar. 1 Holders of rec. Feb. 21
Amer. Laundry Machinery. core. WO - $1
$1.50
Jan.
Holders of rec. Dec. 20
(guar.)
Sugar
American Linseed, preferred (guar.).- 134 Jan. 3 Holders of rec. Dec. I70 Central Aguirre
Central Alloy Steel, common (guar.)__ ... 50c. Jan. 1 Holders of rec. Dec. 24a
1% Apr. 1 Holders of rec. Mar. 18
Preferred (guar.)
Jan.
Holders of rec. Dec. 15a
154
Dec.
20
Preferred
(quar.)
of
rec.
*Holders
Jan 4
*53
American Meter (extra)
Holders of rec. Dec. 15a
Jan.
Certain-teed Products Corp., coin. (au.) 31
234 Jan. 2 Holders of rec. Dee. 15
American Plano, common (quar.)
Jan.
Holders
of rec. Doe. 15
preferred
134
(quay.)
second
First
and
roe.
Dec.
15
Holders
of
Jan.
2
stock)
-12%
common
(payable
in
Common
Holders of rec. Dec. 20a
134 Jan. 2 Holders of roe. Dec. 150 Chandler-Cleveland Motor. pref.(gu.)- - 623(e Jan.
Preferred (guar.)
Holders of rec. Dec. 200
154 Jan.
50e. Jan. 16 Holders of roe. Doe. 310 Channon (H.) Co., 1st pref. (quar.)..
Amer. Rolling MIII, com. (guar.)
4
Jan.
Holders of rec. Dec. 200
2d pref.(acct. aceum.dIvIdends)
134 Jan. I Holders of rec. Dec. I50
Preferred (quar.)
6234c Jan.
Holders of reo. Dec. 16a
75o. Jan. 3 Holders of rec. Dec. 10a Chicago Fum Manufacturing (guar.).
American Safety Razor (guar.)
Holders of rec. Dec. 16
(q) Jan. 3 Holders of rec. Dec. 104 Chi.Jct. Rys.& Un.Stk. Yds.,com.(qu.) 234 Jan.
Stook dividend
Jan.
Holders of rec. Dec. 15
134
roe.
Dec.
17a
Holders
of
Preferred (guar.)
$1
Jan. 3
American Sales Book. corn.(guar.)
Holders of reo. Dec. 22
116 Jan. 3 Holders of rec. Dec. 21a Chicago Mill & Lumber. pref.(guar.)._ 1)4 Jan.
American Screw (guar.)
Jan.
*Holders
•134
of rect. Dec. 18
Coach.
pref.
(quar.)......Chicago
Motor
Holders
of
rec.
Dec.
20
75e.
Jan.
1
(quar.)..
Seating,
American
common
33 1-3e Jan.
Holders of rec. Dec. 201
Chicago Yellow Cab Co.(monthly)
25e. Jan. 1 Holders of rec. Dec. 20
Common (extra)
33 1-30 Feb.
Holders of reo. Jan. 20a
Monthly
25e. Apr.i Holders of roe. Mar. 20
Common (extra)
33 1-3e Mar.
Holders of rec. Feb. 18s
Monthly
250. July 1 Holders of rec. June 20
Common (extra)
Holders of rec. Jan. 15c
25e. Oct. 1 Holders of rec. Sept. 20 Christie, Brown & Co., Ltd., corn.(cm.) 30e. Feb.
Common (extra)
Holders of rec. Jan. 200
154 Feb.
750. Jan. 1 Holders of rec. Dee. 20
Preferred (guar.)
Preferred (guar.)
75e.
Jan.
Holders of rec. Dec. 150
Company,
COM.
(guar.)
156
Chrysler
Feb. 1 Holders of rec. Jan.
2
Amer. Shipbuilding, corn. (guar.)
Jan.
Holders of ree. Dec. 15a
22
1% Feb. 1 Holders of rec. Jan. 15a
Preferred
Preferred (guar.)
Jan.
Holders of rec. Dec. 150
(monthly)
common
54
Dec.
Service,
rec.
10a
Cities
Jan.
3
Holders
of
corn.
(guar.)
3
American Snuff,
34 Feb.
Holders of res. Jan. 150
134 Jan. 3 Holders of rec. Dee. We
Common (monthly)
Preferred (guar-)
Holders of rec. Dec. 15e
Common (payable in common stock). 134 Jan.
Amer.Solvents Sc Chem., part. pref.(qu.) 1.750. Jan. 1 *Holders of rec. Dec. 23
stock)._
f
yi
Feb.
Holders
of rec. Jan. 15c
common
in
(payable
3a
Common
American Steel Foundries, coin.(quar.)_ 75e. Jan. 15 Holders of reo. Jan.
Holders of rec. Dec. 15c
34 Jan.
Preferred and preferred B (monthly)
50c. Jan. 1 Dec. 17 to Jan. 1
American Stores (guar.)
500.
Jan.
Holders
of
rec. Dec. 15c
Dec.
la
(monthly)
Holders
of
ree.
Preferred
BB
131
Jan.
3
(guar.)
Refining,
cora
Amer. Sugar
Holders of ree. Jan. 15c
34 Feb.
Preferred and preferred B (monthly)....
1% Jan. 3 Holders of rec. Dee. la
Preferred (quar.)
50c. Feb.
Holders of rec. Jan. 150
Preferred BB (monthly)
121.40.Jan. 1 Holders of rec. Nov.30a
American Thread, preferred
1714c. Jan.
Holders of rec. Dec. 15c
Bankers shares (monthly)
136 Jan. 3 Holders of roe. Dec. 100
American Tobacco. pref.(guar.)
3
Jan.
Holders of rec. Dec. 31t
Jan. 15 Holders of rec. Jan. 50 City Housing Corporation
Amer. Type Founders, coin. (quar.).....-- 2
500.
Mar.
Holders of ree. Feb. 10f
5a
rec.
Jan.
City
Ice
&
Fuel
(guar.)
Holders
of
Jan.
15
1%
Preferred (guar.)
Holders of rec. May 10c
50e. June
Quarterly
Jan. 15 Holders of rec. Jan. 5
American Vitrified Products, corn. (on.) 81
500. Sept.
Holders of reo. Aug. 10c
Quarterly
If( Jan. i Holders of rec. Dee. 200
Amer. Wholesale, pref.(guar.)
Holders of rec. Dec. 22t
234 Jan.
Amer. Wind. Glass Mach., coin.(qu.)__ 134 Jan. 3 Holders of rec. Dec. 20a City Investing, coin. (guar.)
Holders of rec. Dec. 22
134 Jan.
Preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 20a
Preferred (guar.)
50c. Mar. I Holders of rec. Mar. Si
1)4 Jan. 15 Dec. 16 to Dec. 22 , Cleveland Stone (guar.)
American Woolen. pref. (guar.)
500. June 1 Holders of ree June Si
Quarterly
$2.25 Jan. 3 Holders of rec. Dec. 20
Amoakeag Mfg., pref
500. Sept. 1 Holders of roe. Sept. Si
734 Jan. 4 Holders of coup. No. 33
Quarterly
Anglo-Amer. Oil(interim)
Jan.
Holders of roe. Dec. 20
Cleveland Union Stock Yards(guar.)... 2
Archer-DanieLs-Midland Co.
Holders of rec. Dee. 211
750. Feb. 1 Holders of rec. Jan. 21a Ciuett. Peabody & Co., pref.(guar.)...- 151 Jan.
Common (guar.)(No. 1)
Holders of rec. Dec. 15
21.75 Jan.
1% Feb. 1 Holders of ree. Jan. 21a Coca-Cola Co (guar.)
Preferred (guar.)
Holders of rec. Dec. 151
$1.75 Jan.
Coca-Cola International (guar.)
134 Jan. 3 Holders of rec. Dec. 22
Arlington Mills (guar.)
. 154 Jan.
Holders of rec. Dec. 20
Armour & Co. of lii.. pref. (guar.)
154 Jan. 1 Holders of rec. Dee. 100 Cohn-Hall-Marx Co., pref. (guar.)
Trust,com.(gu.)
90e.
Jan.
Holders
of res. Dec. 15
Investment
Holders
of
rec.
Dec.
10a
Commercial
Jan.
1
134
Armour & Co. of Del., pref. (guar.). - Holders of rec. Dec. 15
154 Jan.
7% first preferred (guar.)
$134 Jan. 2 Holders of rec. Dec. 17
Armstrong Cork, common (guar.)
Holders of rec. Doe, 15
134 Jan.
Jan. 16 Holders of me. Dec 17
614% first preferred (Guar.)
Common (payable in common stook)_. fb
Jan.
Holders of rec. Dec. 20i
Commercial Solvents Corp., class B(qu.) $2
134 Jan. 2 Holders of rec. Dec. 17
Preferred (guar.)
750. Jan.
Holders of rec. Dee. 15
750. Jan. 3 Holders of rec. Dec. 160 Congress Cigar (guar.)
Artloom Corp., common (guar.)
Jan.
Holders of rec. Doe. 15
corn.
$1.75
Corp.,
(quar.)Cigar
Jan.
3a
Consolidated
Jan.
10
Holders
of
rec.
50c.
Art Metal Construction (extra)
Doe. 15 to Jan. 1
1234e.Jan.
Consolidated Lead ag Zino (guar.)
450. Jan. 3 Holders of rec. Dec. 23
Arundel Corporation (guar.)
Consol. Min.& Smelt.Co.,Ltd.,of Can $1.25 Jan. 1 Holders of rec. Dec. 31
20e. Jan. 3 Holders of rec. Dec. 23
Extra
Jan. 1 Holders of reo. Dec. 31
85
Bonus
134 Jan. 15 Holders of roe. Dec. 31
Asbestos Corporation, pref.(guar.)
234 Jan. 2 Jan. 16 to Jan. 25
40e. Jan. 25 Holders of rec. Dec. 6a Consolidated Royalty Oil (guar.)
Associated 011 (extra)
hi%
Jan. I Holders of rec. Dec. 20
Coal,
pref
Consolidation
Jan.
1
3%
Coal
preferral
Atlantic Ice &
Jan.
Holders of rec. Dee. 24J
Continental Baking,corn., class A (qu.)- $2
81
Jan. 15 Holders of reo. Jan. 1
Atlas Plywood (quar.)
2
Jan.
Holders of rec. Dee. 20
31
Jan. 12 Holders of reo. Jan. 3
Preferred (guar.)
Atlas Portland Cement corn. (extra)
Holders of rec. Dec. 20
(quar.)
Jan.
pref.
154
Inc.,
Can,
30a
Continental
Jan. 10 Holders of rec. Nov.
81
Atlas Powder, common (extra)
20e. Jan. 3 Holders of rec. Jan. 16
Continental Meters Corp.(guar.)
$1
Jan. 3 Holders of rec. Dec. 21
Auburn Automobile, corn.(guar.)
Jan.
2
500.
Holders of rec. Jan. 3
corn.
(guar.).Refining,
Corn
roe.
Doe.
31
Products
15
*Holders
of
*336
Jan.
preferred
Auto Finance Co.,
750. Jan. 2 Holders of rec. Jan. 3
Common (extra)
134 Jan. 2 Holders of rec. Dec. 21:14
Babcock & Wilcox (guar.)
154 Jan. 1 Holders of rec. Jan. 3
Preferred (Oman)
134 Apr. 1 Holders of rec. Mar.20
Quarterly
Creamery Package Mfg.. corn. (quay.)-.. 50c• Jan. 1 Jan. 1 to Jan. 19
Baer-Sternberg & Cohen, let pref. (qu.) 154 Jan. 3 Holders of rec. Dec. 22
154 Jan. 1 Jan. 1 to Jan. 19
Preferred (guar-)
Jan, 3 Holders of rec. Dec. 22
2
Second preferred (guar.)
Credit Alliance Corp.,corn.& el. A.(an.) 750. Jan. 1 Holders of rec. Jan. 1
20
Holders
of
rec.
Dec.
250.
Jan.
1
Katz,
common
Balaban &
(monthly).....
Common dr class A stocks (extra).- 750. Jan. 1 Holders of rec. Jan. I
154 Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
154 Jan. 1 Holders of rec. Jan. 1
Preferred (guar.)
Baldwin Locomotive, common & pref
354 Jan. 1 Holders of roe. Dec. 4a
Jan. 2 Holders of rec. Jan. 3
Barnet Leather, Inc., pref. (guar.)
154 Jan. 1 Holders of rec. Dec. 300 Credit Discount Corp.of Am.,com.(q11.)• 21
Jan.
Holders of rec. Dec. 2111
62
Preferred (guar.)
Barnhardt Bros. & Spindler1St Feb. 1 Holders of rec. Jan. 246 Cresson Con. Gold Min. dr Mill.(rm.)._ 100. Jan. 1 Holders of rec. Dec. 81
First and second preferred (guar.)
54
Jan.
Holders of rec. Dec. 11
Hamadan Corp., class A & B (quar.)
500. Jan. 8 Holders of rec. Dec. 15a Crown Finance Corp., common
$1.75 Jan.
Holders of rec. Dec. 11
15( Jan. 16 Holders of rec. Dec. 31a
Bayuk Cigars, first pref. (quar.)
Preferred (guar.)
(guar.)._
Jan.
1)4
pref.
Holders of rec. Dec. 11
Paper,
Crown
Willamette
11.(
Jan.
16
Holders
of
rec.
310
Convertible second pref. (guar.)
Dec.
134 Jan. 3 Holders of rec. Jan. 11
2
Jan. 15 Holders of rec. Dec. 3Ia Crucible Steel, corn.(quar.)
Second preferred (guar.)
*334 Feb.
*Holders of rec. Jan. If
$1.25 Jan d3 Dec. 21 to Jan 2
Cuba Company. preferred
Beatrice Creamery. corn.(guar.)
Holders of reo. Dec. 7a
1% Jan. d3 Dee. 21 to Jan. 2
Cuban-American Sugar,(rem.(guar.)._ 250. Jan.
Preferred (guar.)
154 Jan.
Holders of rec. Dec. 7a
600. Jan. 10 Holders of rec. Dec. 240
Preferred (guar.)
Beech-Nut Peeking, corn.(guar.)
Jan.
1
$1
corn.
(No.
1)
Holders
of zee. Jan. 1
par
$50
Cudahy
Pack.
new
Jan.
15
Holders
of
rec.
Doe.
31a
15(
Preferred (guar.)
I% Jan.
Holders of rec. Dec. 24
750. Jan. 1 Holders of rec. Dec. 200 Curlee Clothing, preferred (guar.)
Belding Heminway Co.,com.(gu.)
$1.75 Jan.
Holders of rec. Dec. 11
Curtis Publishing, pref.(guar.)
Beige Canadian Paper,common (guar.)_ 1 14 Jan. 10 Holders of roe. Dec. 31
25e. Feb.
Holders of rec. Jan. 11
1% Jan. 2 Holders of rec. Dec. 4
Davega, Inc. (1111-ar-)
Preferred (guar.)
25e. Feb.
Holders of rec. Jan. 11
Extra
500. Jan. 3 Holders of rec. Dec. 15
Bendis Corporation, class A (quar.)
Jan.
I
Holders of rec. Dec. 31
$3
Coke
Davis
20
Coal*
300.
Jan.
2
Holders
of
rec.
Dec.
Berry Motor (guar.)
1% Jan. 3 Holders of rec. Dec. 30 Del. Lackawanna at West. Coal. (guar.) 42.50 Jan. 1 *Holders of rec. Dec. 1
Bethlehem Steel, pref. (quar.)
*21 Jan. 1 *Holders of rec. Dee. 1
Extra
$1
Jan. 5 Holders of rec. Dec. 20a
Bingham Mines
Jan.
Holders of rec. Dec. 1150
Detroit dt Cleveland Navigation (guar.). $1
750. Feb. 1 Holders of roe. Jan. 21
Blaw-Knox Co., corn. (guar.)
Holders of rec. Dec. 2' a
Devoe & Reynolds, class A & B (guar._ 600. Jan.
1% Feb. 1 Holders of rec. Jan. 21
First preferred (guar.)
Jan.
(quar.)'
$1.75
preferred
Holders of rec. Dec. 2 a
First
second
rec.
Dec.
21
&
25c. Jan. 3 Holders of
Bliss(E. W.) Co., corn.(guar.)
Jan. I Holders of rec. Dec. 3
Dietograph Products Corp., pref.(guar.) $2
31
Jan. 3 Holders of rec. Deo. 21
First preferred (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 2' a
Dodge Brothers, Inc., pref.(guar.)
Second preferred, class A (guar.)
87$.4c Jan. 3 Holders of rec. Dec. 21
134 Jan.
Holders of rec. Dec. 21
Doehler Die-Casting, pref. (guar.)
15e. Jan. 3 Holders of rec. Dec. 21
Second preferred, class B (guar.)
50e. Jan. 2 Holders of rec. Dec. 3 a
Dome Mines(guar.)
SI
Jan. 1 Holders of rec. Dec. 18
Borg & Beck (guar.)
2
Jan.
Holders of rec. Dec. 1' a
Bowman-Biltmore Hotels, 1st pref.(qu.) 15i Jan. 3 Holders of rec. Dec. 22a Dominion Bridge (bonus)
3
Jan. 1 Holders of reo. Dec. 2
Feb. 1 Holders of rec. Dec. 22a Dominion Engineering
5
Second preferred (annual)
1% Jan.
Holders of rec. Dec. 1
Dominion Glass,common & pref.(gu.)
75c. Jan. 2 Holders of rec. Dec. 24
Boyd-Welsh Shoe, common (quar.)
60e. Jan.
Holders of rec. Dec. 1 a
Dominion Stereo, common (guar.)
10700. Mar. 1 *Holders of rec. Feb. 18
Brach (E. J.) & Sons (guar.)
$1.25 Jan.
Holders of ree Dec. 1
Dominion Textile, corn.(guar.)
Brandram-Henderson, Ltd., pref. (qu.). 1% Jan. 3 Holders of rec. Dec. 1
134 Jan. 1 Holden; of reo. Dec. 3
(quar.)
Jan.
15
Jan.
15
Jan.
12
to
234
Preferred
Brewers & Distillers of Vancouver, Ltd
Douglas (VV. L.) Shoe, pref. (quar.)
Holders of rec. Dee. I,
1% Jan. 1 Holders of rec. Dec. 15
134 Jan.
Bridgeman Co. (quar.)
Jan.
Holders of rec. Nov.2
1% Jan. 1 Holders of rec. Dec. 20
Draper Corp., new no par stock(No. 1). $1
Bridgeport Machine, pref.(guar.)
123.4 Jan. 1 Holders of rec. Aug. 2
50e. Jan. 2 Holders of rec. Dec. lba
Extra
Brill° Mfg., pref., class A (guar.)
Holders of rec. Doe. 180
62)4c Jan. 2 Dec. 15 to Dec. 31
Dunham (James II.)& Co.,corn.(guar.). $1.50 Jan.
British-American 011 (guar.)
134 Jan.
Holders of rec. Dec. 180
500 Jan. 2 Dec. 15 to Dec. 31
First preferred (quar.)
Benue
134 Jan.
Bee note (en)
Holders of rec. Dee. 180
(ca) Jan. 17
Second preferred (guar.)
British-American Tobacco, ordinary
Du Pont(E.I.)de Nenc.& Co.,com.(extra) $5
See note (en)
Jan.
Holders of rec. Dec. la
(as) Jan. 17
Ordinary (Interim)
50c. Jan. 15 Holders of rec. Dec. 31
134 Jan. 25 Holders of rec. Jan. 100
Debenture stock (guar.)
Brompton Pulp & Paper. corn
Eagle warehouse & Storage (guar.)._ 134 Jan. 3 Dec. 28 to Jan.
Brown & Williamson Tobacco,com.(gu.) 134 Jan. 1 Holders of reo. Dec. 18
134 Jan. 1 Holders of rec. Dec. 18
Extra
Preferred (guar.)
23.4 Jan. 3 Dee. 28 to Jan.
1% Jan. 1 Holders of reo. Dec. 20
3750. Jan. I Dec. 16 to Jan.
Brunsw.-Ilaike-Coll. Co.. pref. (qu.)
Eastern Rolling Mill (guar.)
'123'4c. Jan. 1 Dec. 16 to Jan. 1
Extra
Buckeye Incubator, common (guar.)... 75c. Jan. 1 Holders of rec. Dec. 20
154 Jan. 3 Holders of rec. Dec. 20
Eastern SS. Lines. let pref.(guar.)
134 Jan. 3 Holders of rec. Dec. 240
Bucyrus Company,common (guar.)
lg Jan. 3 Holders of rec. Dec. 20
No par preferred (guar.)
87140 Jan. 15 Holders of rec. Jan. 00
Common (extra)
1% Jan. 3 Holders of rec. Dec. 20
Eastern Theatres, Ltd.(Toronto), pref- 334 Jan. 31 Holders of rec. Dec. 31
Preferred (guar.)
Eastman Kodak,common (guar.)
$1.25 Jan. 3 Holders of rec. Nov.3 a
Buffalo Lithia Springs Co., pr. pf. (qu.) 433(c Jan. 3 Holders of rec. Dec. 24
11.4 Jan. 8 Holders of rec. Dec. 150
75e. Jan. 3 Holders of rec. Nov.300
Burns Bros., pref.(guar.)
Common (extra)
15( Feb. 1 Holders of rec. Jan. 14a
134 Jan. 3 Holders of tee. Nov.3
Prior preferred (guar.)
Preferred (quay.)
3
Jan. 15 Holders of rec. Dec. 3Ia Eaton Axle & Spring, coin.(guar.)
50e. Feb. 1 Holders of rec. Jan. 150
Bush Terminal, preferred
250. Jan. 15 Jan. 1
to Jan. 15
134 Jan. 15 Holders of rec. Dec. 316 Economy Grocery Stores (guar.)
Debenture preferred (guar.)
134 Jan. 3 Holders of tee. Dec. 17a Edwards(Wm.) Co., pref. (guar.)
154 Jan. 1 Holders of rec. Dec. 20
Bush Terminal Bldge., pref. (guar.).
Jan. 3 Holders of rec. Nov. la Elsenlohr (Otto) & Bro., pref. (guar.)._ 134 Jan. 1 Holders of rec. Dec. 2la
Butler (James) Grocery Co.. pref.(ann.) 6
151 Feb. 1 Holders of rec. Jan. 15a Electric Auto-Lite(guar.)
$1.50 Jan. 1 Holders of rec. Dee. 150
Byers (A. M.) Co., pref. (guar.)
Electric Controller & Mfg.,corn.(qu.)
$1.25 Jan. 1 Holders of rec. Dee. 2
By-Products Coke. pref. (guar.)
23j Jan. 3 Holders of rec. Dec. 20
Electric Storage Battery, coin.& Di.(gu.) $1.25 Jan. 3 Holders of rec. Dec. 63
Canada Bread, pref. & pref. B (guar.)._ *15( Jan. 1 *Holders of reo. Dec. 15
116 Jan. 17 Holders of rec. Dec. 31
Canada Cement, ordinary (guar.)
Elliott-Fisher Co., corn.& corn. B (mi.). $1.50 Jan. 3 Holders of roe. Dec. 22a
500. Jan. 15 Holders of rec. Jan. 1
$3
Jan. 3 Holders of rec. Dec .22a
Canada Dry Ginger Ale (guar.)
Common and common B (extra)
el % Jan. 15 Holders of ran Jan. 10
134 Jan. 3 Holders of rec. Dec. 226
Stock div. (quar)
Preferred (Wm)
76
THE CHRONICLE
Per
When
Cent. Payable
Books Closed
Days Inclusive
[Vol.. 124.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Emerson Electric & Mfg., pref. (guar.)_
Hudson Motor Car (qua:.)
134 Jan. 1 Holders of rec. Dec. 20
8714c. Jan. 8 Holders of reo. Dec. 16s
Endicott-Johnson Corp., cote. (quar.)-- 51.25 Jan. 1 Holders of reo. Dec. 18
Humble 011 & Refining (guar.)
30e. Jan. I Dec. 12 to Jan. 2
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 18
Extra
20
Jan. I Dec. 12 to Jan. 2
Equitable Office Bldg. Corp., com.(qu.) $1.50 Jan. 3 Holders of roe. Dec. 15
11unt's Theatres, Inc., pre(
4
Feb.
Holders of rec. Dec. 31
Preferred (guar.)
134 Jan, 3 Holders of rec. Dec. 15a Hussmann (IIarry L.) Refr., com.(qu.). 6244c Jan. 2 Holders of rec. Dec.
20
Erupcion Mining (quay.)
7440. Jan. 3 Holders of rec. Dec. 180
Extra
6244c Jan. 2 Holders of reo. Dec. 20
Extra
244c. Jan. 3 Holders of rec. Dec. 18a Iluttig Sash & Door, common (guar.)._ 8734c Jan. 2 Holders of reo.
Dec.
20
Estey-Welte Corp., class A (guar.)
50. Jan. 2 Holders of rec. Dec. 23
Preferred (guar.)
134 J n. 2 Holders of reo. Dee. 20
Evans(E. S.) Corp.. class A & B (qu.)
75c. Jan. 1 Holders of rec. Dec. 20
Hydraulic Press Brick, pref.(guar.)---144 Jan. 3 Holders of rec. Doe, 20
Fair (The). common (monthly)
21/e. Jan
i Holders of rec Dec. 200 Ideal Cement, common (guar.)
Jan. 3 Holders of rec. Doe. 15a
II
Common (monthly)
Inc. Feb
I Holders of rec Jan 290
Common (extra)
31
Jan. 3 Holders of rec. Dec. 15a
Preferred (qua:.)
134 Feb
I Holders of rec. Jan. 20a
Preferred (guar.)
5134 Jan. 3 Holders of rec. Dec. 154
Famous Players-Lasky Corp.,com.(qu.) $2
Jan
3 Holders of rec. Dec 16o
Illinels Brick (guar.)
600 Jan. 16 Jan. 5 to Jan. 16
Preferred (guar.)
2
Feb. 1 Holders of rec. Jan. 15a
Extra
400. Jan1517 Jan. 5 to Jan. 16
Fanny Farmer Candy Shops, Pref.
600. Jan. 3 Holders of rec. Dee, 16
Quarterly
60e. Ap15'27 Apr. 5 to Apr. 15
Faultless Rubber, common (guar.)
50e. Jan. 2 Holders of rec. Dee. 15
Quarterly
60e Jiy15•27 July 3 to July 16
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
Quarterly
60c 0c15'27 Oct. 5 to Oct. 18
Federal Motor Truck (guar.)
20c. Jan. 2 Holders of rec. Dec. 18a Independent Oil& Gas(guar.)
25c Jan, 17 Holders of reo. Dec. 110a
Stock dividend
e234 Jan. 5 Holders of rec. Dec. 18a Independent Pneumatic Tool (guar.)._ $1
Jan. 3 Holders of ree. Dec. 20
Federal Terra Cotta (guar.)
'2
Jan. 15 'Holders of rec. Jan. 5
India Tire & Rubber, com.(guar.)
Jan, 1 Holders of rec. Dec. 208
6234e
Special
*7
Jan. 15'Holders of rec. Jan. 5
Preferred (quar.)
$1.75 Jan. 1 Holders of rec. Dec. 203
Feltman & Curme Shoe St., A corn.(qu.) 6234c Jan. 3 Holders of rec. Dec. 1
Indian Motocycle, pref.(guar.)
141
Jan. 3 Holders of rec. Doe. 20e
Fifth Avenue Bus Securities (guar )- - Inc Jan. 18 Holders of rec Jan. 4s Indiana Pipe Line
$1
Feb. 16 Holders of ree. Jan. 21
Filing Equipment Bureau, pref.(guar.)_
IN Jan. 1 Holders of rec. Dec. 21
Industrial Acceptance Corp., corn. (qu.) 50e. Jan, 2 Holders of rec. Dee. 17
Financial 4r Indus. Secur., cum.(No. I). 50c. Jan. 2 Holders of rec. Dec. 20
First preferred (qua:.)
134 Jan. 2 Holders of rec. Dec. 17
Common (extra)
250. Jan. 2 Holders of rec. Dec. 20
Second preferred (guar.)
2
Jan, 2 Holders of rec. Doe. 17
Financial Invest. Co. of N. Y., Ltd.(qu.) 25e. Jun. 1 Holders of reo. Nov. 30
Second preferred (extra)
50c Jan. 2 Holders of rec. Doe. 17
Firestone Footwear Co
344 Jan. 1 Holders of rec. Dee, 27
Industrial Finance Corp.. deb.stk.(qu.) 134 Feb. 1 Holders of reo. Jan. 22
Firestone'Tire & Rubber,com.(guar.)
81.50 Jan. 20 Holders of rec. Jan. 10a
7% Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 22
Common (extra)
$1
Jan. 3 Holders of rec. Dec. 20a
6% preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 22
Six per cent preferred (guar.)
Ingersoll-Rand Co.. preferred
134 Jan. 15 Holders of ree. Jan. 1
3
Jan. 3 Holders of rec. Dec. 136
Seven per cent preferred (guar.)
134 Feb. 15 Holders of rec. Feb. la Inland Steel, preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 15.
First Natlimal Picture, preferred (guar.) 2
Jan. i Holders of rec. Dec. 15a Inspiration Consolidated Copper (guar.) 50c. Jan.
Holders of rec. Doe, lea
First National Stores. cum.(guar.)
3734e Jan, 3 Holders of rec. Dec. 18a Insurance Securities Co., Inc.(guar.).- 334 Jan.
Holders of rec. Dec. 24
First preferred (guar.)
5 Holders of rec. Dec. 18
I% Jan. :
Interlake Steamship (guar.)
$1.50 Apr.
Holders of rec. Mar. 16
Fisher-Williams Corp
Holders of rec. Dec. 24
•10
International Busbies Machines (qua:.) 75e. Jan. 1 Holders of ree. Dec.
22.
Stock d.vidend
*Holders of rec. Jan. 5
•100
Extra
25c. Jan. 1 Holders of reo. Dec. 22a
Fisk Rubber, 1st pre: (guar.)
,Holders of rec. Jan. 15
*134 Feb. 1'
lot. Buttonhole Sewing Machine (guar.) 15e. Jan.
Holders
of
rec.
Dec.
15
•1%
First convertible Preferred (quar.)---Feb. 1 'Holders of rec. Jan. 15
international Harvester, corn. (guar.)._
134 Jan, 1 Holders of reo. Dec. 246
Fleischmann Co.(guar.)
We. Jan, 3 Holders of rec. Dec. 16a
Common (Payable In common stock).. /4
Jan. 2 Holders of reo. Dec. 246
Extra
250. Jan. 3 Holders of rec. Dec. 160 International Match, partic. pref.(qu.). 800. Jan. 1 Holders of rec. Dec.
27.
Flint Mills (guar.)
"134 Jan. 3 *Holders of rec. Dec. 14
International Paper, 6% pref. (guar.)._
134 Jan. 1 Holders of reo. Jan. Sa
Foote Bros. Gear & Mach., COM.(qu.).. 250. Jan. 1 Dec. 21 to Dec 31
Seven per cent pref. (guar.)
134 Jan. 1 Holders of reo. Jan. 33
Preferred (quar.)144 Jan. I Dec. 21 to Dec. 31
Internal, Projector Corp.. common.... 250. Jan.
Holders of rec. Dec. 21
Forhan Company.common (guar.)
57 dividend pref. (guar.)
250. Jan 2 Holders of rec. Dec. 16a
51.75 Jan.
Holders of rec. Dec. 21
Class A (guar.)
400 Jan. 2 Holders of reo. Dec. 163 International Salt (guar.)
I% an.
Holders of rec. Dec. 15a
Foster (W. C.) Co.. pref. (guar.)
International Shoe, common (quar.).... $1.76 Jan.
134 Jan. 1 Holders of reo. Dec. 21
Holders of reo. Dec. 15a
Fox Film Corp.,common A & B (quar.)_ $1
Jan. 15 Holders of rec. Dec. 303
Preferred (guar.)
% Jan.
Holders
of rec. Dee, 15
Fraser Companies, Ltd., coin. (guar.)..
% Jan. 1 Holders of reo. Dee, 24
International Silver, pref. (guar.)
134 Jan.
Holders of rec. Dec. 15.
Preferred (qua!'.)
134 Jan, 1 Holders of rec. Dec. 24
Intertype Corporation, first pref.(guar.) 2
Jan.
Holders of rec. Dec. 160
Freeport Texas Co.(qua:.)-.
50e. Feb. 1 Jan. 16 to Feb. 1
Second preferred
3
Jan.
Holders of reo. Doe, 15.
Gabriel Snubber. cum. A and B (guar.). 87.40 Jan. 1 Holders of reo. Dec. 15a Island Creek Coal, common
_ $6 Jan.
Holders of rec. Doe, 233
General Amer. Tank Car., common.... 81.50 Jan. 1 Holders of me. Dee. 15,,
Preferred (guar.)
$1.50 Jan.
Holders of rec. Dee. 23a
Preferred (guar.)
1 Holders of reo. Dee, 16a Jewell Tea, preferred (guar.)
134 Jan
134 Jan.
Holders of reo. Dec. 203
General Baking, class A (guar.)
Preferred (account accum. dividend). 89
51.25 Jan. 1 Holders of reo. Dee. 18
Jan.
Holders of rec. Dec. 20.
General Cigar, debenture pref.(guar.)
1 34 Jan. 3 Holders of rec. Dec. 230 Jones & Laughlin Steel, pref.(qua:.).___
134 Jan.
Holders of reo. Dec. 150
General Electric, com.(qua:.)
The, Jan. 28 Holders of rec. Dec. 160 Kaufman Dept.Stores, common (quar.) $2
Jan. 2 Holders of rec. Jan. 20a
Special stock (guar.)
Preferred (guar.)
150. Jan. 28 Holders of rec. Dec. 15a
Holders of reo. Dec. 20a
13.4 Jan.
General Fireproofing, oom.(guar.)
Kaynee Company,corn.(guar.)
$1 Jan. 1 Dec. 21 to Dec. 31
50e. Jan.
Holders cf rec. Doe, 15
Common (extra)
260. Jan
I Doe. 21 to Dec. 31
Preferred (gear.)
Holders of roe. Dec. 15
134 Jan.
Preferred (guar.)
Doe.
Jan.
to
Kayser
1
Dec. 31
21
(Julius) & Co.,00M.(qua:,).... $1
134
Feb.
Holders of reo. Jan. 170
General Motors Corp., corn.(extra)
Jan. 4 Holders of reo. Nov.20e
Preferred (guar.)
$4
Jan.
32
Holders of rec. Dec. 17a
Preferred (qua:)
11.0 Feb. 1 Holders of ree. Jan. 100 Kellogg Switchboard &Supply,com.(qu) 3230 Jan, 3 Holders of rea. Jan. 10.
Six per cent debenture stock (qua:.).. 134 Feb. 1 Holders of reo. Jan. 104
Preferred (guar.)
134 Jan, 3 Holders of rec. Jan. 104
Seven per cent debenture stock (oust.) 134 Feb. 3 Holders of reo. Jan. 10a Kelsey Wheel, common (guar.)
Holders of rec. Dec. 21.
134 Jan.
General Outdoor Advertising. coin.(qu.) 511c. Jan. 15 Holders of rec. Jan. 5a I'ennecott Copper Corp.(guar.)
Holders of rec. Dec. 3.
$1.25 Jan.
General Railway Signal, com.(guar.)-- 21
Jan. 1 Holders of reo. Dec. lUa Keystone Watch Case (guar.)
1
Jan.
Holden of rec. Dec 18a
Common (extra)
250. Jan. 1 Holders of rea. Dec. 10, Meg Pinny mills (guar.)
Holders of rec. Dec. 20e
134 Jan.
Preferred (guar.)
Kinney (G R co eommon (guar.).
144 Jan. 1 Holders of rec. Doe. 1(13
Holders of rec Dec. 23.
Jan.
- $1
General Refractories(guar.)
an. 15 Holders of rec. Jan. 7a Kirshbaum (A. B.) Co.. Prof.(guar.)... 134 Jan.
750
Holders of roe. Dec 20
General Tire & Rubber, pref.(guar.).. 134 Jan. 1 Holders of rec. Doe. 20
Knox Hat, prior preferred (guar.)
Holders of rec. Dec. 15
$1.75 Jan.
Gimbel Bros., Inc., pref. (guar.)
134 Feb. 1 Holders of rec. Jan. 151 Kraft Cheese (guar.)
Holders of rec. Dec. 10.
3734c Jan.
Ginter Company. preferred (guar.)
Stock dividend
200. Jan. 3 Holders of rec. Dec. 18
e134 Jan.
Holders of rec. Dec 100
C. G. Spring & Bumper, corn. (qua:.).. 10e. Feb. 15 Holders of rec. Feb. 8a
Kresge Department Store, pref.(guar.). 2
Jan.
Holders of reo. Dec. 180
Common (extra)
Sc.Feb. 16 Holders of rec. Feb. 8a Kruskal & Kruskal, Inc.(No. 1) (qua:.) 50o. Feb. 1 Holders of rec. Jan. 31a
Common (In corn. stk. on each 10 abs.) ./8-10 Feb. 15 Holders of rec. Feb. 8a
Quarterly
50e. May 1 Holders of rec. Apr. 29a
Preferred (guar.)
Kuopenheimer
)& Co., common.... $1
Jan. 1 Holders of reo. Dec. 24
2
Jan. 2 Holders of rec. Dec. 24.
Glidden Company, common (guar.)._ 50e. Jan. 3 Holders of rec. Dec. 16a Laclede Steel (guar.)
2
Jan. 2 Holders of rec. Dec. 27
Prior preferred (guar.)
31.25 Jan. 3 Holders of rec. Doe. 200
134 Jan. 3 Holders of rec. Dec. 16a Lambert Company, corn. (quar.)
Globe-Wernicke Co., common
La Salle Extension Univ., com.(qu.)_
$1.60 Jan. 1 Holders of tee. Dec.SO
150. Jan. 2 Holders of rec. Dec. 21
Goldsmith (Louis). Inc,(Phila.) let p1. 3M Jan. 3 Holders of rec. Dec. 20
Preferred (guar.)
134 Jan, 2 Holders of rec. Dec. 21
Second preferred
Jan. 3 Holders of rec. Dec. 20
Laurentide Company, Ltd.(War.)
3
134 Jan. 3 Holders of rec. Doe. 17
Goodrich (13. F.) Co., pref. (guar.).- 134 Jan. 3 Holders of rec. Dec. I5a
Lawyers Title & Guaranty Co.(quar.)__ 254 Jan. 3 Holders of rec. Dec. 18m
Goodyear Tire & Rub., Can., pref.(qu.) 141 Jan. 2 Holders of rec. Dec. 15
Lehigh Valley Coal
$1.25 Feb. 1 Jan. 9 to Jan. 31
Goodyear Tire ds Rubber,prior pref.(qu.) 2
Extra
Jan. 1 Holders of reo. Deo. 150
25e. Feb. 1 Jan. 9 to Jan. 31
Preferred (guar.)
Lehigh Valley Coal Sales (guar.)
141 Jan. 1 Holders of rec. Dee, 1
Jan. 8 Holders of rec. Dec. 9
$2
Gossard (H. W.)& Co.. corn.(m•thly)_. 331-50 Jan. 3 Holders of reo. Dec. 20
Libby, McNeill & Libby, pref
334 Jan. 1 Dec. 18 to Jan. 13
Gotfredson Corp., Ltd.(qua:.)
Libby-Owens Sheet Glass (extra)
3744c Jan. 15 Holders of reo. Dec. 31
Jan. 15 Holders of reo. Jan. 6
$1
Goulds Pumps,Inc.. com.(qua:.)
Life Savers, Inc. (guar.)
Jan, 2 Holders of rec. Dec. 20
2
400. Jan. 1 Holders of reo. Dee. lfirs
Common (special extra)
Uggett & Myers Tobacco, pref.(qua:.). 134 Jan. 1 Holders of reo. Doe. 15.
Jan. 2 Holders of rec. Dec. 20
2
Preferred (guar.)
Lindsay Light, pref
141 Jan, 2 Holders of rec. Dec. 20
344 Jan. 8 Holders of reo. Dec. 10
Great Lakes Towing, pref.(guar.)
131 Jan, 1 Holders of rec. Dec. 15a Llon 011 Refining (quar.)
500. Jan. 27 Holders of rec. Doe. 306
Great Lakes Transit, coin
Extra
Jan. 1 *Holders of rec. Dec. 24
.33
250. Jan, 27 Holders of rec. Dee. 30m
Preferred (guar.)
Liquid Carbonic Corp.(guar.)
Jan. 1 *Holders of rec. Dec. 24
90e. Feb. 1 Holders of reo Jan 203
Great North Bond & Mortgage, corn.... $1 Jan. 1 Holders of rec. Dec. 20
Loew'rBuffalo Theatres, Inc..Pf.
Holders of rec. Dec. 20.
Jan.
- 2
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 20
Loew's London Theatres(Can.),coin- _ 25e. Jan. 1
Holders of rec. Dec. 31
Great Western Sugar, corn.(guar.)
Preferred
Jan. 2 Holders of reo. Dec. 150
354 Jan. 1 Holders of rec. Dec. 31
$2
Preferred (guar.)
141 Jan. 2 Holders of rec. Dec. 16a Loew's (Marcus) Theatres, Ltd.. pref._
334 Jan. 1 Holders of rec. Dec. 31
Greenfield Tap & Die.6% pref.(guar.). 134 Jan. 3 Holders fo rec. Dec. 16
Long Island Safe Deposit
4
Jan.
Holders of rec. Dec. 24
8% preferred (guar.)
Loose-Wlles Biscuit, first pref.(guar.)._
Holders of rec. Dec. 18a
134 Jan.
2
Jab. 8 Holders of reo. Dec. 15
Greif Bros., class A com.(guar.)
Second preferred (guar.)
Holders of roo. Jan. 18.
800. Jan. 1 Holders of reo. Dec. 15
134 Feb.
Grennan Bakeries, common (qua:.).... 25e. Jan, 8 Holders of reo. Dec. 15a Lord & Taylor, common (guar.)
Holders of rec. Doe, 17a
23.4 Jan.
Preferred (guar.)
*2
Feb.
So •ond pref.(guar.)
*Holders of rec. Jan. 17
141 Jan. 3 Holders of rec. Dec. 15a
Group No. 1 Oil Corp
Lorillard (P.), com.(In com. stock)..... (a) Jan.
Holders of rec. Dec. 15
$7.50 Jan. 25 Holders of rec. Dec. 27
Guantanamo Sugar. preferred (guar.)... 2
Preferred (guar.)
Holders of reo. Dec. 15
134 Jan.
Jan. 3 Holders of rec. Dec 150
Gulf 011 Corp.(qimp.)
We. Jan.
Ludlum Steel (guar.)
Holders of reo. Dec. 20m
3734c Jan. 1 Holders of rec. Dec. 20
Gulf States Steel, common (guar.)
MacAndrews & Forbes, corn. (guar.)._ 650, Jan. 1 Holders of reo. Doe, 31.
134 Jan. 3 Holders of rec. Dec. 15a
90c. Jan, 1 Holders of rec. Dec. 81a
Preferred (guar.)
Common (extra)
134 Jan. 2 Holders of reo. Dec. 16a
Hamilton-Brown Shoe, corn. (monthly)_
144 Jan. 1 Holders of rec. Doe. 31.
Jan. 1
to
Preferred (guar.)
Jan. 2 Dec. 24
1
Hammermill Paper. preferred (guar.)Holders of rec. Dec. 31
4
Feb.
134 Jan. 1 Holders of rec. Dee. 203 Macleadden Publications Inc
Hanes (P. H.) Knitting, ord. (quar.)
Madison Square Garden Co.(guar.).- 25e. Jan, 1 Holders of reo. Jan. 5
134 Jan. 1 Holders of reo. Dec. 18
250. Apr. 1 Holders of rec. Apr. 5
Happiness Candy Stores, Inc
Quarterly
250. Jan, 15 Holders of rec. Dec. 30
25c. July 1
Harbauer Co.(guar.)
Quarterly
250. Jan. 1 Holders of rec. Dec. 24
Holders of roe. July 5
Harbison-Walker Refine., pref. (qua:.). 134 Jan. 20 Holders of rec. Jan. 10a
25e. Oct. 1
Quarterly
Holders of rec. Oct. 5
75o. Jan. 1 Holders of roc. Dec. 31.
Harris Automatic Press, corn.(guar.)... 750. Jan. 1 Holders of reo. Dec. 153 Masan Copper Co. (guar.)
Holders of rec. Doe, 29
Preferred (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 20a Matson Blanche(New Orleans). prof---- 334 Jan.
Hartman Corporation, class A (guar.)._
Holders of rec. Dec. 216
Mallinson(H R.) & Co., pref.(guar.)
600. Mar127 Holders of reo.Feb.16•27a
134 Jan.
• Class A (guar.)
Holders of reo. Dee. 21a
500. J•nel'27 Holders of reo. May 170 Manhattan Electrical Supply (guar.)... $1.25 Jan.
Class B (gum.) in class A stock
Holders of ree.Dec. 16a
134 Jan.
Manhattan Shirt, pref.(guar.)
(0) Mar 127 Holders of reo. Feb16'27a
3744c. Jan.
Manning, Bowman & Co., class A
Class B (guar.) In class A stock
Holders of roe. Doe. 20a
'nel'27 Hold, of reo. May 17'27a
(0)
Hathaway Baking, Inc., pf. class A (qu.) 2
Holders of rec. Dec. 31
Jan. 15 Holders of rec. Dee. 31
Manning, Maxwell & Moore (guar.).- 13.4 Jan.
25c. Jan. I Holders of rec. Doe. 20
Hawaiian Pineapple (extra)
•200. Feb. 28 *Holders of rec. Feb. 18
Mersey 011(qua:.)
Stock dividend
*10
Subj. to stkhldrs meeting in Feb.
Marlin-Rockwell Corp., common (extra) 50c. Jan. 1 Holders of rec. Jan. 3a
Holders of rec. Dec. 17a
Jan.
Hayes Ionia Co.(monthly)
51
100. Jan1•27 Holders of reo. Dec. 250 Matheson Alkali Works, com.
Holders of rec. Dec. 17a
100. FebE27 Holders of rec. Jan. 25a
134 Jan.
Monthly
Preferred Mari
Holden; of rec. Doe. 16a
100. Marl'27 Holders of rec. Feb. 250 May Department Stores, pref. (qua:.)..
13.4 Jan.
Monthly
50o. Feb.
Holders of rec. Jan. 20a.
Helme (George W.) Co., corn.(guar.)._ 750. Jan. 8 Holders of reo. Deo. 13a McCall Corporation, com.(guar.)
$4
Holders of rec. Dec. 21
Jan. 8 Holders of rec. Dec. I33 McCaskey Register, lot pref. (guar.).- 134 Jan,
Common (extra)
Preferred (guar.)
Dec. 19 to Jan. 2
134 Jan. 3 Holders of rec. Dec. 13a McCord Radiator & Mfg., class A (qu.). 750. Jan.
134 Feb.
Hexter-Diehl Bakeries Corp.. pref
$3.50 Jan. 1 Holders of rec. Dec. 20
Holders of rec. Jan. 20a
McCrory Stores Corp.. pref.(guar.). 141 May
Holders of reo. Apr. 20a
144 Jan. 2 Holders of rec. Dec. 27
Hibernia Securities. pref.(guar.)
Preferred (guar.)
134 Aug.
Holders of rec. July 20a
Hillcrest Coilieriea. com.(guar.)
Preferred (guar.)
134 Jan. 15 Holders of reo. Dec. 31
141 Jan. 15 Holders of rec. Dec. 31
Holders of reo. Oct. 20a
134 Nov.
Preferred (guar.)
Preferred (guar.)
Holders of rec. Dec. 31
2
Jan.
Holders of reo. Doe. 22
$2
Hill, Joiner & Co., Inc., cam
Medart(Fred) Mfg., pref.(guar.)
Holders of rec. Dee. 31
334
Merch.& Mfrs. Sec., partic. pref.(guar ) 6234c Jan, 1 Holders of reo. Doe. 15a
Preferred
Jan. 1 Holders of rec. Dee. 16a
344 Jan. 3 Holders of rec. Dec. 27
- CI
Participating preferred (stock
Holmes(D. H) Co., Ltd. (guar.)
$1
Jan. 3 Holders of rec. Dec. 17
134 Jan. 3 Holders of rec. Dec. 29
Merck & Co., preferred (guar.)
Holt, Renfrew dc Co.
Metropolitan Paving Brick, pref.(guar) 134 Jan. 1 Dec. 16 to Dec. 31
Preferred (account accum. dividends)_ 8544 Jan. 3 Holders of rec. Dec. 29
8
Jan, 20 Holders of rec. Dec. 31.
Mexican Petroleum, common (guar.)
50c. Jan. 3 Holders of rec. Dec. 15a
Household Products (extra)
2
Jan. 20 Holders of rec. Dec. 310
Jan. 15 Holders of roe. Dec. 31a
21
Preferred (guar.)
Howe Sound Co.(guar.)
Name of Company.
Name of Company.
77
THE CHRONICLE
JAN. 1 1927.]
When
Per
Cent. Payable.
Books Closed.
Days Indusire
_
Name of Company,
When
Per
Cent. Payable,
Books Closed.
Days Inclusive.
Miscellaneous (Coginued).
Miscellaneous (Continued)
Jan. 15 Holders of no. Dec. 310
51
Quaker Oats, common (guar.)
Jan. 1 Holders of rec. Dec. 17
Midland Steel Products. com. (guar.).- $1
1% Feb. 28 Holders of roe, Feb. Id
Preferred (guar.)
490. Jan. 1 Holders of ree. Dec. 17
Common (extra)
Jan. 10 Holders of rec. Dec. 29
75c.
(quar.)
A
com.
Inc.,
Rand-Kardex,
17a
Dec.
rec.
of
Holders
Jan. 1
2
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 20a
Jan. 1 Holders of rec. Dec. 170 Real Silk Hosiery Mills, common (go.)... $1
1
Preferred (extra)
14 Jan. 1 Holders of rec. Dec. 200
Preferred (guar.)
250. Jan. 1 Holders of rec. Dec. ha
Midvale Co
Jan. 15 Holders of rec. Jan. 50
3
preferred
1st
Associates,
Realty
50
500. Jan, 25 Holders of rec. Jan.
Miller Rubber, common (guar.)
35e. Jan. 3 Holders of rec. Doe. 15
Reece Buttonhole Machine (guar.)
134 Jan. 3 Holders of rec. Dec. 20
Mill Factors Corp. (guar.)
10e. Jan. 3 Holders of rec. Dec. 15
(guar.)
Machine
Folding
Reece
20
Dec.
rec.
of
Holders
34 Jan. 3
Extra
154 Jan. 3 Dec. 22 to Jan. 2
Regal Shoe, preferred (guar.)
14
Mining Corporation of Canada (interim) 1234e. Jan. 15 Dec. 30 to Jan. 20
The. Jan. 3 Holders of rec. Dee. 20a
Reld Ice Cream Co.. cum.(guar.)
Missouri-Illinois Stores, common (guar.) 20e. Jan. 2 Holders of rec. Dec. 20
131 Jan. 2 Holders of rec. Dec. 204
1st
Co.
pref.
(quar.)&
Reis
(Robert)
Dec.
Mitchell (J.S.)& Co.. Ltd., pref.(guar.) 13( Jan. 3 Holders of rec.
141 Jan. 3 Holders of rec. Dec. 204
210 Reliance Mfg., pref.(guar.)
Montgomery Ward & Co., Cl. A (guar.)_ $1.75 Jan. 1 Holders of rec. Dec.
141 Jan. 15 Holders of rec. Jan. 3
_
(nu.)
pf.
Typewr.,
Remington-Nolseless
18a
Dec.
rec.
of
Holders
3
$1.25 Jan.
Morgan Lithograph Co.(guar.)
144 Jan. 1 Dec. 16 to Jan. 2
pref.
first
(qu.)Typewriter,
Remington
Jan. 3 *Holders of rec. Dec. 27
*2
Morris Plan Co. (guar.)
Jan. 1 Deo. 16 to Jan. 2
2
•
Second preferred (gum.)
Jan. 3 *Holders of rec. Dec. 27
*2
Extra
Jan. 3 Holders of rec. Doe. 15a
20c.
Reo
Motor
Car
I
(guar.)
Jan.
rec.
Motion Picture Capital Corp.. pref.(go.) 50c. Jan. 15 Holders of
Jan. 3 Holders of rec. Dec. 15a
20o.
Extra
900. Jan. 1 Holders of rec. Dee 150
Motor Meter, Inc. class A (guar.)
isa Jan. 2 Holders of rec. Dee. 150
(guar.)
Jan. 5 Holders of rec. Dec. 27a Republic Iron & Steel, preferred
h$3
Mount Royal Hotel Co., Ltd.. pref
1 Holders of rec. Dec. Illa
Jan.
$1.25
(qU.)
corn..
A&B
Tobac.,
(R.J.)
Reynolds
2c. Jan. 16 Holders of roe. Jan. 'la
Mountain Gulf 011 (guar.)
141 Jan. 2 Holders of rec. Dec. 15
pf.(gu.)._
Ia. Jan. 15 Holders of rec. Jan. 2a Riee-Stix Dry Gds., 1st & 2dpart.
Extra
Jan. 3 Holders of rec. Dec. 15
75e,
pf.(gu)
CO.,
Boynton
&
Richardson
15a
Dec.
rec.
of
600. Jan. 3 Holders
Mountain Producers(guar.)
•25c. Feb. 1 'Holders of rec. Jan. 5
Jan. 2 Holders of rec. Dee. 20a Richfield 011
2
Murray Ohio Mtg., preferred (guar.)
•15c. Feb. 1 *Holders of rec. Jan. 5
Extra
Jan. 2 Holders of rec. Dec. 200
2
Partio.ratIn: pref.(guar.)
51.50 Jan. 1 Holders of rec. Dec. 22
Bros.
(guar.)
Richman
144 Jan. 3 Holders of rec. Dec. 27
Nashua Manufacturing. pref.(guar.) _ _
Feb. 10 Holders of rec. Feb. 5
110
Stock dividend
Jan. 15 Holders of rec. Dee .410
Si
National Biscuit. common (guar.)
Feb. 19 Holders of rec. Feb. 15
55
Extra
15
Dec.
roe.
of
Holders
1
Jan
$1
National Breweries, corn. (guar.)
15 Holders of rec. Dec. 3Ia
Jan.
750.
prof.
(guar.)
Richmond Radiator.
15( Jan. 1 Holders of rec. Dee. 15
Preferred (guar.)
250. Jan. 15 Holders of rec. Dec. 3I0
Preferred (extra)
Jan. 3 Holders of rec. Dec. 30a
$3
National Cash Register, com., B
3 Holders of rec. Dee. 150
Jan.
144
(guar.)....
(Wm.
A.)
Pref.
Rogers
Ltri•.
Dec.
390
75e. Jan. 15 Holders of rec.
Common A
rec. Dec. I5a
Preferred (acct. accum. dividends)... 144 Jan. 3 Holders of
75c. Jan. 3 Holders of rec. Dec. 2Ia
National Dairy Products,com.(guar.)
Jan. 17 Holders of rec. Jan. 10
51
corn
Typewriter,
Royal
210
rec.
of
Dec.
Holders
3
Jan.
1.41
Preferred A and 13 (guar.)
rec. Jan. 16
of
Holders
17
Jan.
34
Preferred
Nat. Dept. Stores. 1st pref. (guar.) _ _ *I M Feb. 1 'Holders of rec. Jan. 15
Jan. 15 Holders of rec. Dec. 310
$I
Safety Cable (guar.)
•141 Mar. 1 *Holders of roe. Feb. IS
Second preferred (guar.)
Holders of roe. Dec. 20
2
Jan.
I)
$2
(No.
com.
Inc.,
Stores,
Safeway
24
Dec.
National Equipment Co., pref.(guar.)_ $1.25 Jan. 3 Holders of rec.
141 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
Holders of rec. Dec. 207
Nat. Fabric & Finishing. pref. (guar.).- 131 Jan.
50e. Mar.21 Mar. 10 to Mar.21
National Fireproofing. pref. (guar.).- 141 Jan. 1 Holders of rec. Dec. 31a St. Joseph Lead (guar.)
Mar. 21 Mar. 10 to Mar. 21
25e
Extra
Dec. 21 to Dec 31
8 • Jan,
National Grocer. preferred
50c. June 20 June 10 to June 20
Quarterly
Holders of rec. Dec. 24
234 Jan.
National Licorice, common
June 20 June 10 to June 20
25e.
Extra
24
of
Dec.
rec.
Holders
234 Jan.
Common (extra)
500. Sept.20 Sept. 10 to Sept.20
Quarterly
Jan. 1 Holders of rec. Dec. 15
National Refining. preferred (guar.).-. 2
25c. Sept.20 Sept. 10 to Sept.20
Extra
Holders of rec. Dee. 201
624c Jan.
National Standard Co.(guar.)
50c. Dec. 20 Dec. 10 to Dec. 20
Quarterly
Holders of rec. Dec. 20.2
124c Jan.
Extra
250. Dee. 20 Dec. 10 to Dec. 20
Extra
1 it Jan. 3 Holders of rec Inc ii
National Suter Refining (guar.)
Jan. 3 Dec. 28 to Jan. 2
2
Yards (guar.)
23.4 Jan 3 Holders of roe. Dec. I7a St. Louis Nat. StockCorp.. pref.(guar.)
National Surety (guar.)
14 Jan. 3 Holders of rec. Doe. 16
Jan. 1 Holders of rec. Dec. I5a St. Maurice Valley
$1
National Tea, common (guar.)
50c. Jan. 1 Holders of rec. Doe.
Jan 3 Holders of rec. Dec. 23a St. Regis Paper, common (guar.)
3
Naumkea r Steam Cotton (guar.)
131 Jan. 1 Holders of rec. Doe. 15
Preferred (guar.)
300. Jan. 2 Holders of roe. Dec. 17
Nelson (Herman) Corp.(guar.)
20e. Jan. 3 Holders of rec. Dec. 15
Salt Creek Consol. Oil (guar.)
Jan. 2 Holders of rec. Dec. 17
52
Stock dividend
Jan. 1 Holders of rec. Doe. 24
$2
(guar.)
Cement
Sandusky
17
Mar.
30e. Apr. 1 Holders of reo
Quarterly
Jan. 1 Holders of roe. Dee. 24
$4
Extra
Apr. 1 Holders of rec Mar. 17
41
Stock dividend
lc. Jan. 3 Holders of rec. Dec. 150
San Toy Mining
30e. July 1 Holders of roc. June 20
Quarterly
Feb. 15 *Holders of rec. Feb. 1
•141
(guar.)._
preferred
first
Arms,
Savage
July 1 Holders of roe. June 20
el
Stock dividend
'I 44 Feb. 15 *Holders of rec. Feb. 1
Second preferred (guar.)
300. Oct. 1 Holders of roe. Sept. 19
Quarterly
Jan. 3 °Holders of rep. Dec. 15
(gu.).....
A
cl.
Sons,
'3734c
&
(B.F.)
Sahlesinger
19
Sept.
rec.
of
Holders
Oct. 1
el
Stock dividend
Jan. 3 Holders of rec. Doe, 150
2
Pref. (guar.)
123.40. Jan. 15 Holders of rec. Dec. 310 schulte Retail Stores.
New Bradford 011 (guar.)
25e. Jan. 2 Holders of roe. Dee. 23z Schwartz (Bernard) Cigar Corp.New England Fuel 011 (guar.)
Jan. 2 Holders of roe. Dec. 154
200.
(guar.)
B
&
A
Common
Jan. 2 Holders of rec. Dec. 15
New Orleans Cold Storage dt W'house_ _ 5
80e. Jan. 1 Dee. 25 to Jan. 1
(guar.)
New York Air Brake, common (guar.)._ 750. Feb. 1 Holders of rec. Jan. 6a Scovill ManufacturingarneY Dry Goods.
Scruggs-Vandevoort-B
5a
Jan.
rec.
of
Holders
234 Jan. 16
New York Dock, preferred
Jan. 3 Holders of rep. Dec. 21
3
First preferred
Jan. 8 Holders of rec. Dec. 27a
New York State Realty
34 Jan. 3 Holders of rec. Dec. 21
Second preferred
Jan. 3 Holders of rec. Dec. 237
N.Y. Title & Mortgage(guar.)
Jan. 20 Holders of rec. Dec. 31s
t30c.
corn.
corporation.
(guar.).Seagrave
Jan. 3 Holders of rec. Dec. 23a
Extra
624c. Jan. 2 Holders of rec. Dec. 21
500. Jan. 15 Holders of rec. Dee. 310 Securities Investors, corn. (guar.)
New York Transportation (guar.)
Jan. 2 Holders of rec. Dec. 21
2
(guar.)
Preferred
Dec.
20
rec.
of
•250. Jan. 3 *Holders
Newark Yellow Cab (guar.)
500. Feb. 1 Holders of rec. Jan. 144
(gust.)
600. Jan. 17 Holders of rec. Dec. 3Ia Seeman Bros., Inc.. common
Newmont Mining Corp. (guar.)
144 Jan. 15 Holders of rec. Dee. 31
Jan. 17 Holders of roc. Dec. 3Ia Segal Lock & Hardware. prof.(guar.).- 2
45
Stock dividend
Jan. 2 Holders of rec. Dec. 20a
Selberling Rubber. prof.(guar.)
15e. Jan. 20 Holders of rec. Dec. 31
Nipissing Mines(guar.)
Jan. 25 Holders of rec. Doe. 31
$7
Shaffer 011& Refg.. Corn.(No.1)
Holders of rec. Dec. 21
Noe-Equi Textile Mills, Inc., cl. A (go ) 56 He Jan.
131 Jan. 25 Holders of rdo. Dec. 31
(guar.)
Preferred
200
Dec.
roe.
of
Holders
North American Car Corp. (guar.).-- 6234 Jan.
Jan. 25 Holders of rec. Dec. 31
1911
dividends)...
secure.
(acct.
Preferred
Holders of rec. Dec. 23
North Amer. Discount Corp., pref.(gu.) 13.( Jan.
141 Jan. 1 Holders of rec. Dee. 26
Shanklin Mfg.. cony. pref. (guar.)
Holders of rec. Doe. 10
15( Jan.
North American Provision (guar.)
Jan. 15 Jan. 1 to Jan. 14
50e.
common
Hoop,
Sharon
Steel
Holders of rec. Dec. 10
23 Jan.
Northern Pipe Line
Jan. 3 Dee. 2$ to Jan. 2
2
Preferred (guar.)
Holders of rec. Dec. 10
$1 Jan.
Extra
50e. Jae. 10 Holders of rec. Dee. 20.
(gust.)
G.)
Co.
(Frank
Shattuck
204
Dec.
rec.
of
Holders
Jan.
15(
Norwalk Tire & Rubber,Prof.(guar.).
Jan. 2 Holders of rec. Doe. 21
50c.
corn.
(guar.)
Sheffield Steel.
Dec. 28 to Jan. 3
Novadel Process Corp., cam.(No. 1)-- _ 6234c Jan.
22 to Jan. I
Sqreveport-E1 Dorado Pipe Line(guar.)- 25e. Jan. 2 Dec.
Dec. 28 to Jan. 3
500. Jan.
Preferred (guar.)
Jan. 2 Dec. 22 to Jan. 1
$1
Extra
Holders of rec. Dee. 21
$1.25 Jan.
Ogilvie Flour Mills (guar.)
of rec. Dee. 20
Holders
2
Jan.
30e.
Holders of rec. Dec. lia Staloff Packing. common (guar.)
50c Jan.
011 Well Supply (Conz.) (guar.)
50o. Jan, 2 Holders of ree.flea. 150
Holders of roe. Jan. 154 Simmons Compane. corn. Mora
154 Feb.
Preferred (guar.)
roe. Deo. 16I
Holders
of
3
Jan.
50c
Petroleum
Holders of roe Dee. 170 131111111in
Jan.
2
Omnibus Corporation. pref. (guar.)
141 Jan, 3 Holders of rec. Dec. 200
Jan.
Holders of rec. Dec. 18a Sloss-Sheffield Steel & Iron, pref.(guar.)
2
Onondaga Silk, preferred (gum.)
roe. Dec. 31
of
10
Jan.
Holders
2
(qu.)
pref.
Milli.
Paper
(Howard)
Smith
Holders of rec. Dec 200
Orpheum Circuit, Inc., corn.(monthly)- 16 2-3 Jan.
Holders of rec. Dec. 150 Smith (L.G.)& Corona Typewriter,Inc. 50e. Jan. 1 Holders of roe. Doe. 180
2
Jan.
Preferred (guar.)
(guar.)
Common
31a
Doe.
rec.
of
$1.50 Jan. 1 Holders
Otis Elevator, common (guar.)
141 Jan. 1 Holders of roe. Dec. 184
Preferred (guar.)
Holders of rec. Jan. 53
Feb.
Common (payable in common stock) /25
of roe. Doe. 102
South Porto Rico Sugar,corn.(guar.)._ 134 Jan. 8 Holders
144 Jan. 1 Holders of rep Deo 3m
Preferred (guar
Jan. 3 Holders of rec. Dec. 104
2
Preferred
(guar.)
Holders of rec. Dee. 15a
144 Jan.
Otis Steel, prior preferred (guar.)
of rec. Doe. 14
Holders
3
Jan,
52
Southern Baking, pref.(guar.)
Holders of roe. Doe. 18
1)i Jan.
Overman Cushion Tire, cl. A dr B
Jan. 31 Holders of rec. Jan. 156
al
Southern Dairies, class A (guar.)
Holders of rec. Dec. 18
141 Jan.
First preferred (guar.)
of rec. Feb. 10
Holders
1
Mar.
10
stock
par
$50
new
Line,
Southern Pipe
Holders of rec. Dee. 15
400. Jan.
OvIngton Brotheni Co., partio. pref
Holders of rec. Dec. 16a Spanish itier Pulp & Paper Mills760. Jan.
Owens Bottle, common (guar.)
of rec. Doe. 316
Jan.
Holders
IS
131
preferred
(guar.)
and
Common
Holders of rec. Dec. ItSa
Jan.
$2
Common (extra)
Jan. I Holders of rec. Doe. 204
2
Jan.
Holders of ree. Dee. 164 Spicer Mfg., pref. (guar.)
Common (payable In common stock).. 6
62 Hc Jan. 1 Dec. 21 to Jan. 2
stk. 0:m.1
A
part.
Corp.,
Sprague-Sells
Mar.
roe.
lea
of
Holders
Apr.
750.
Common (guar.)
3 Holders of rec. Dec. 28
Holders of reo. Dec. 16a Standard Comm'l Tobacco, com.(guar.) 25e. Jan.
141 Jan.
Preferred (guar.)
354 Jan. 3 Holders of rec. Dec. 28
Preferred
Holders of rec. Mar. lea
141 Apr.
Preferred (guar.)
Jan. 3 Dec. 25 to Jan. 11
8
prof.
(annual)
Standard
Coupler.
Packard Motor CarJan. 2 Holders of rec. Doe. 15
$1
200 Jan 31 Holders of rec. Jan. 154 Standard 011(Kentucky)(guar.)
Common (monthly)
244 Jan, 1 Holders of rec. Nov. 26
20e Feb. 28 Holders of rec. Feb. I5a Standard Oil(01/10). com •(qua?.)
Common (monthly)
Jan. 1 Holders of roe. Doe. 200
141
)
(guar
pref.
prior
Glass,
Paige-Detroit Motor Car. pref.(guar.)- 131 Jan. 3 Holders of rec. Doe. 15a Standard Plate corn. (guar.)
234 Jan. 1 Holders of rec. Dec. 20
Pan Am.Petrol.&Tr..conz.&com.B(qu.) $1.50 Jan. 20 Holders of roc. Dec. 310 Standard Screw,
Jan. 1 Dee. 19 to Jan. 1
75c.
(guar.)
America
of
Co.
Stanley
151
Dec.
rec.
of
Park-Utah Consolidated Mines (q.).- 150. Jan. 2 Holders
of rec. Doe. 31
Stanley-Crandall Co.of Wash.,pref.(gu ) 13,4 Jan, 1 Holders
500. Jan. 3 Deo.d23 to Jan. 3
Parke Davis & Co.(guar.)
Jan. $ Holders of rec. Doe. 15
6234c
Works
Stanley
3
Jan.
to
423
Dec
3
Jan.
$1.50
Extra
of rec. Jan. 7
Holders
1
Feb.
141
(guar.)_
pt.
&
core.
Canada.
Steal Co.of
6334e Jan. 2 Holders of rec. Dec. 23
Pedigo-Weber Shoe(guar.)
$1.25 Feb. 1 Jan. 15 to Feb. 1
Sterling Products. Inc.(guar.)
$3.50 Jan. 1 Holders of rec. Dec. 29
Pels-Greenstein Co.. Inc., preferred
rec. Dec. 91
of
Holders
2
Jan.
$1
A
class
(guar.)
Brothers.
Stern
154
Dec.
rec.
Penick & Ford, Ltd., cum.(qtr.)(No.1). 25e. Jan. 1 Holders of
•53.75 Jan. 15 'Holders of rec. Jan. 1
131 Jan. 1 Holders of rec. Dec. 15a Stetson (John B.) Co., corn
Preferred (guar.)
Jan. 15 *Holders of rec. Jan. 1
.4
15a
Preferred
Dec.
roe.
of
Holders
1
Jan.
80e.
Pa.-Dixie Cement, corn.(No. 1)
$1.25 Jan, 2 Holders of rec. Dec. 15
$1.25 Jan. 15 Holders of rec. Doe. 3Ia Stone (11.0.) at Co., com.(guar.)
Pennsylvania Salt Mfg.(guar.)
110 Jan. 2 Holders of roe. Dec. 15
Common (payable in com.stock)
750. Jan. 1 Holders of roe. Doe. 11
Pet Milk Co., corn.(guar.)
134 Jan. 2 Holders of rec. Dec. 15
(guar.)
11
Preferred
Dec.
rec.
of
141 Jan. 1 Holders
Preferred (guar.)
Jan. 3 Holders of rec. Dec. 100
$1.50
Dee. 230 Strombeng Carburetor (guar.)
Pettibone.Mulliken Co..1st & 2d pf.(gu.) 144 Jan. 3 Holders of roe.
Jan. 15 Jan. 1 to Jan. 13
$1
Machinery
(guar.)
240
Sullivan
Dec.
rec.
of
Holders
3
Jan.
144
Phelps-Dodge Corp.(guar.)
Jan, 15 Holders of rec. Dec. 29
$1.50
(gum.)
company
Feb. 1 Holders of rec. Jan. I5a Superheater
$2
Philadelphia Insulated Wire
Jan. 15 Holders of rec. Doe. 29
55
Extra
50e. Feb. 1 Holders of rec. Jan. 150
Extra
Jan. 3 Holders of rec. Dec. 154
141
pf.(qu.)
part.
Corp..
Inv.
Swedish-Amer.
Dec.
rec.
15a
of
Holden;
750. Jan. 3
Phillips Petroleum (guar.)
Jan. 1 Dee. 11 to Jan. 6
2
Swift & Co. (guar.)
141 Jan. 1 De3. 21 to Dee 3
Pick (Albert) & Co., pref.(guar.)
Feb. 15 Holders of rec. Jan. 15
60c.
International
15n
Swift
Dee.
rec.
of
Holders
1
Jan.
2
Pierce-Arrow Motor Car, pref. (guar.)._
Jan. 2 Holders of rea. Doe. 154
500.
_
Co.
A
.class
(The)
(guar.)
50c. Jan. 3 Holders of rec. Dec. 240 Symington
Pines Winterfront Co., A & B (guar.)
Math., A & B (guar.) 750. Jan. 1 Dec. 16 to Doe. 31
Washing
24a
Dec.
rec.
of
Syracuse
d3
Holders
Jan.
$1
Class A & B (extra)
Jan. 1 Dec. 16 to Dec. 31
2
C1888 A and 11 (in stock)
Holders of rec. Dec. 20
Plymouth Plan Co.of N.Y..corn.(ann.) 4
Jan. I Doe. 16 to Dee. 31
2
Preferred (guar.)
Jan. 31 Holders of no Dee. 3Ia
2
Prairie Pipe Line (gust.)
Jan. 10 Holders of rec. Dee. 81
134
(guar.)
Co.
roe
15a
of
Telautognph
Dec
Holders
3
Jan.
750
Pratt & Lambert Co ,common (gust.)
Jan. 1 Holders of rec. Doe. 104
75u
1)
(No.
Ise
Dec
Texas Corporation
$1
Jan. 3 Holders of me
Common (extra)
200 Jan. 25 Holders of rec. Doe. 271
(guar.)
Land
rec.
17
of
Texon
Dec.
Oil&
Holders
4
Jan.
Sc.
(guar.)
Premier Gold Mining. Ltd.
Jan. 3 Holders of red. Doe 274
2
of
Textile
Dec.
rec.
15
Holders
Banking
(guar.)
3
500. Jan.
Price Bros., Ltd., corn. (guar.)
30o Jan. 3 Holders of rec. Doe. 234
Jan. 15 Holders of rec. Dee, 21a Thompson (J. R.) Co.(monthly)
Procter & Gamble, preferred (guar.).- 2
Feb. 1 Holders of roe. Jan. 244
300.
rec.
31a
of
Dee
Holders
Monthly
15
Jan.
500.
Pro-phy-lao-tic Brush, common (guar.).
30e. Mar. 1 Holders of rec. Feb. 230
Monthly
Jan. 8 Holders of roe. Dee. 20a
$1
Common (extra)
141 Mar. 1 Holders of rec. Feb. 154
Thompson Products, pref.(guar.)
134 Jan, 1 Holders of rec. Dec. 27
Providence Ice, first pref. (guar.)
$1.60 Jan. 1 Holders of roe. Dee. 6
Tide Water Associated Oil, pref
Jan. 3 Holders of rec. Dec. 15
Provincial Paper Mills, eon/.(guar.).154. Jan. 1 Dec. 21 to Jan. 2
Timken-Detroit Axle, com.(gum.)
Jan. 9 Holders of rec. Dec. 15
1
Common (bonne)
be Jan. 1 Dee. 21 to Jan. 2
Common (extra)
154 Jan. 3 Holders of rec. Dec. 15
Preferred (guar.)
Jan. 3 Dec. 12 to Jan. 3
300.
Dec.
Mining
roe.
10
Tintic Standard
154 Jan. 1 Holders of
Pure 011 Co., 554% pref.(guar.)
(guar.)
roe.
134 Jan. 15 Holders of rec. D.C. 27a
Dec.
Products,
common
10
Holders
of
1
Tobacco
Jan.
134
Pia per cent preferred (guar.)
Jan. 3 Holden of rec. Dec. 17
75e
roe.
Dec.
10a
Holders
of
Company
1
(gum.)
Torrington
Jan.
2
Eight per cent preferred (guar.)
$1.25 Jan. 3 Holders of roe. Dec. 17
Extra
Feb. 1 Jan. 21 to Jan. 31
2
Pyrene Mfg.(guar.)
Jan. 2 Holders of reo. Dee. 155
(guar.)
8734e
14
1
Jan.
Manufacturing
to
Jan.
Tower
Jan.114
d50
Stock dividend
3734e1Jan 3 Holders of roe. Dee. 164
Traveler Shoe(guar.)
•150. Jan. 15 *Holders of reo. Jan. 1
Q R S Music Co. (monthly)
2
•
18
THE CHRONICLE
Name of Company.
Per
When
Cent. Payable
Books Closed
Days Inclusive.
[VOL. 124.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded)
Trumbull Cliffs Furnace, pref. (quar.)-- 136 Jan. 1 Holders of rec. Dec.
20
Truscon Steel, common (quar.)
The
following
40e. Jan. 15 Holders of ree. Jan. fat
shows the condition of the New York City
Common (payable in common stook)_ _ SO
Jan. 15 Holders of tee. Jan. 15a
Tuckett Tobacco, corn. (guar.)
1
Jan. 15 Holders of rec. Dec. 31a Clearing House members for the week ending Dec. 25. The
Preferred (guar.)
194 Jan. 15 Holders of rec. Dec. 31a figures for the separate
banks are the averages of the daily
Ulen & Co., 796% preferred
35( Jan. 3 Holders of rec. Dec. 20
Eight per cent preferred
4
Jan. 3 Holders of rec. Dec. 20
results. In the case of the grand totals, we also show the
Underwood Computing Mach.. pref.(gu) 21.76 Jan. 1 Holders of rec. Dee.
15
Underwood Typewriter,common (guar.) rt
Jan. 1 Holders of rec. Dec. 4a actual figures of condition at the end of the week.
Preferred (guar.)
1,S Jan. 1 Holders of rec. Dec. 40
On account of the fact that to-day (Saturday, Jan. 1) is
Union Carbide & Carbon (guar.)
$1.50 Jan. 1 Holders of rec. Dec. 3a
Union Steel Casting, common
•50e. Jan. 10 Holders of rec. Dec. 31
a holiday,it being New Year's Day,the return for the present
Preferred (guar.)
.61% Jan. 10 Holders of rec. Dec. 31
United Drug, let pref.(quar.)
87)4e. Feb. 1 Holders of rec. Jan. 15a week, which would have been issued to-day, was made public
United Dyewood, pref. (quar.)
194 Jan. 8 Holders of rec. Dec. 160
United Equities Corporation (special).- Si
yesterday afternoon. We have room here only for the genJan. 1 Holders of rec. Dec. 15
United Fruit(guar.)
Jan. 3 Holders of rec. Dec. 40 eral totals. The
31
table with complete details for the indiUnited Ice Service, pref. A (quar.)
11.75 Jan. 3 Holders of rec. Doe. 20a
United Profit-Sharing Corp., com.(ext.). 600. Jan. 15 Holders of roe. Dec. 15a vidual banks
will appear next Saturday. Using the figures
Common (payable in common stock). (z) Jan. 15 Holders of rec. Dec. 15a
United Securities, Ltd.. pref. (guar.)-- 196 Jan. 3 Holders of rec. Dec. 22
showing the actual condition at the end of the week, the total
United Shoe Machinery. eons.(quar.)...._ 294c Jan. 5 Holders of ree. Dec. 14
of the loan item on Dec. 31 stands at $5,771,022,000, an inPreferred (quar.)
37960 Jan. 5 Holders of rec. Dec. 14
United Verde Extension Mining (guar.). 75c. Feb. 1 Holders of rec. Jan. 6
crease from the previous week of $239,501,000, net demand
U. S. Distributing. preferred
396 Jan. 1 Holders of rec. Dec. 115a
U.S. Industrial Alcohol, corn
$1.25 Feb. 1 Holders of rec. Jan. 15a deposits, $4,693,702,000, an increase of $230,874,000; time
Preferred (guar.)
1 96 Jan. 15 Holders
rec. Dec. 31a
U.EL Light & Heat, corn (No. 1)(qu.).- 50o. Jan. 3 Dec. 16 of to Jan.
deposits, $651,045,000, a decrease of $10,771,000; cash in
3
Preferred A (guar.)
2)4 Jan. 3 Holders of rec. Dee. 20a vault, $66,230,000,
U. S. Lumber (guar.)
a decrease of $9,940,000; reserve with
*196 Jan. 3 *Holders of rec. Dec. 20
Extra
•1
Jan. 3 *Holders of tee. Dec. 20
legal depositaries, $642,710,000, an increase of $9,794,000;
U.8-Playing Card (guar.)
Jan. 3 Holders of rec. Dee. 21
$2
U. EL Steel Corporationaggregate reserve, $653,109,000, an increase of $9,548,000
Common (payable in corn, stock)__ _ .40
U.S.Tobacco,corn.(guar.)
75e. Jan. 3 Holders of rec. Dec. 13a and excess reserve, $21,087,130, a decrease of $20,106,300.
Preferred (guar.)
$1.75 Jan. 3 Holders of tee. Dee. 13a
Universal Leaf Tobacco, pref.(guar.). - 2
Jan. 1 Holders of rec. Dee. 20
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Universal Picture Corp.. first pref.(qt1-.) 2
Jan. 1 Holders of rec. Dec. 20
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
Universal Pipe & Radiator, pref.(gu.).- 1( Febl'27 Holders of rec.Jan15'27a
Preferred (Oust.)
194 M'y2'27 Holders of rec.Apr15'27a
Preferred (quar.)
194 Augl'27 Holders of ree.July15'27a
New
Preferred (guar.)
194 Nov1'27 Holders of rec.Oct.15'27a
Capital. P70105.1 Loans,
Universal Utilities, common
Reserve
Jan. 15 Holders of rec. Deo. 31
6
Week Ending
Discount, Cash
Preferred
with
Net
Time Bank
12
Jan. 16 Holders of rye. Dec. 31
Dec. 2.i 1926. Nat'l, une 30j Investin
Utah-Idaho Sugar, pref. (guar.)
Legal Demand
De- Cites•179de
State, Nov.151 merits, Vault. Depos Deposits. Posits. tattoo.
Van Dorn Iron Works. pref.(guar.).- 196 Jan. 2 Holders of rec. Dee. 22
(000 omitted.) Tr.Cos. Nov.1
dtc.
Virginia Iron, Coal & Coke, pre:
tortes.
236 Jan. 3 Holders of rec. Dec. Ida
Vlvaudou (V.), Inc., corn.(guar.)
75e. Jan. 15 Holders of roe. Dee. 31a Members of Fed. Res.Bank.
Average. Average Averag Average. Average Aces.
Preferred (quar.)
194 Feb. 1 Holders of rec. Jan. 150 Bank of N Y
$
Vulcan Detinning, pref.(guar.)
194 Jan. 20 Holders of rec. Jan. 8a
Trust Co_ _ _ _ 4,0001 13.354 78,042
910 7,144
Preferred A (guar.)
56,529 9,855
194 Jan. 20 Holders of rec. Jan. 8a Bk of Manhaen 10,700
15,854 168,988 4,444 17,368
Preferred (account ac,cum. dividends). h2
127,286 25,236
_
Jan. 20 Holders of rec. Jan. 8a Bank of Americ
6,500 5,286 79,099 2,150 11,388
Wabasso Cotton (guar.)
87,551 3,567
31 Jan. 2 Holders of rec. Doe. I5a National City__ 50,000
63,133 659,526 5,865 74,681
Bonus,
694,138 113,169
93
50o. Jan. 2 Holders of rec. Dec. 15a Chemical Nat
4,500 18,53
135,214 1,706 15,963
Wagner Electric Corp., pref. (guar.) -- 194 Jan. 1 Holders of rec. Dee. 21
123,338 3,092 347
Nat Bk of Corn _
41,943 381,659 1,082 40,991
Waldorf System, corn. (guar.)
307,727 38,359
3194c Jan. 3 Holders of reo. Dec. 200 ChatPh NB es T 25,000
13,500
216,896
12,763
3,819
Preferred (guar.)
23,557
166,459
44,625 0.127
20e. Jan. 3 Holders of rec. Dec. 20
Hanover Nat__ 5,000 26,003 122,393
Waltham Watch, prior preferred
815 13,548
106,043
1( Jan,
Holders of rec. Dec. 20a Corn Exchange_ 10,000 15,26 204,864 7,597
Waltke (William)& Co.. corn (Quota- 60c. IFeb. 3
24,484
177,341 30,915
1
National
10.000 24,152 166.223
Ward Baking Corp., class A (quar.)..,. $2
977 16,825
129,086 6,512 3.491
Jan. I Holders of roe. Dec. 15a Bowery dtPark__
E R. 3,000 3,224 59.225 2,130 5,976
Preferred (guar.)
40,407 18,498 1,479
194 Jan. 1 Holders of rec. Dec. 15a First
National__
10,000
290,574
74,87
Warner-Quinlan Co., corn. (guar.)
639
26,979
201,818
12,843 6,487
50e. Jan. 3 Holders of rec. Dec. 150 Am Ex Irving
28,808 432,125 6,851 51,356 381,559 41,065
Warren Bros., common (guar.)
31
Jan. 3 Holders of rec. Dec. 200 Continental.... 32,000
7,685
1,000 1,269
148
Common (extra)
866
5,956
445
$1
Jan. 3 Holders of rec. Doe. 20a Chase National_ 40,000
36.78 592,594 8,550 69,747 .518,932 44,694 2,492
First preferred (guar.)
75c. Jan. 3 Holders of rec. Dec. 20a
Fifth Avenue__
Second preferred (guar.)
500 2.985 28,064 1,069 3,292
28,484
87)4c Jan. 3 Holders of roe. Dec. 20a Commonwealth.
800
13,936
Waverly Oil Works, class A (quar.)
74
639 1,407
9,991 4,251
750. Jan. 1 Holders of rec. Dec. 20a
wayagamack Pulp & Paper (No. 1)
18,006
573 3.275
18,242
380
75e, Jan. 3 Holders of ree. Dec. 21a Garfield Nat'l__ 1,000 1,782
Weber & Hellbroner, pref.(guar.)
127,193 1,352 15,464 117,893 4,386
43
196 Mar. 1 Holders of tee. Feb. 15a Seaboard Nat'l_ 6.000 10,41
Bankers
20,000
Trust_
350,077
35,54
West Coast 011, pref.(extra)
1,372
36.173
'
307,231
41,136
$3 Jan. 5 Holders of rec. Dec. 200
TJ B Mtge & Tr_ 3,000, 4,96
West Point Mtg.(guar.)
59,034 1,050 7,572
55,006 3,897
2
Jan. 8 Holders of rec. Deo. 15a Guaranty
True 25,000, 25,202 441.587 1,664 47,487 *424,589 60,739
Western Auto Supply panic. pref.(Qua- 50e. Jan. 1 Holders of roe. Doe.
20a Fidelity Trust__ 4,000 3,23
44,348 1,111 5.124
Western Grocers, preferred (quar.)
37,310 4,576
194 Jan. 15 Holders of rec. Dec. 31
Westinghouse Alr Brake (guar.)
836 18,37
134,895 23,663
11.75 Jan. 31 Holders of roe. Doe. 3I0 New York Trust 10,000 21,813 170,653
L
Farmers
dc
Tr
10,000
Extra
136,950
19,908
615
*102,642
13,383
18.755
$1
Jan. 31 Holders of rec. Dec. 310
Westinghouse Elec.& mfg.. corn.(guar.) 11
Jan. 31 Holders of roe. Doe. 31a Equitable Trust 30,000 22,907 281,293 2,294 29,573 *310,792 30,241
Preferred (guar.)
$1
Jan. 15 Holders of roe. Doe. 310 Total
of averages 335,500530,752 3,256,248 60,258 581,998 c4,304,403 584,899 20,559
Westland Oil Corporation
$1
Jan. 15 Holders of rec. Dec. 31
Westmoreland Coal(guar.)
$1
Jan. 3 Dec. 29 to Jan. 3
Totals,
actual co,ndItlon Dec. 255,308.952 65,525 22,778c4,341,-139 592,832 20,518
Extra
500. Jan,
Dec. 29 to Jan. 3
Totals, actual colnditlon IDec. 18 5,207,927 55,403568,291 c4,283,311 582,046 20,468
Weston Electrical Instrument, el. A(1111.) 50o. Jan. 3
1 Holders of roe. Doe. 16a Totals,
actual cojndition1Doe. 115.193.670 50,110 586,460 c4,269,485 584,842 25,430
Wheeling Steel Corp.. Prof. A (guar.).
2
Jan, 3 Holders of rec. Doe. 11
Preferred A (account accum. dividend) 560e. Jan. 3 Holders of rec.
Dee. 11
State Banks Not Me mbers of Fed'I Reeve Bank.
Preferred B (quay.)
2)4 Jan. 3 Holders of rec. Dec. 11
Greenwich Bankl 1,000 2,64
Preferred B (account accum.
25,066 2,457 1,847
23,400 2,711
_ h75o. Jan. 3 Holders of rec. Dec. 11
White Eagle Oil & Refining (qua:.)
41,444 64,421
50c. Jan. 20 Holders of rec. Dec. 310 State Baok.I 5.000 5,761 110,299 5,249 2,476
Whitman (William) Co., Inc.. pref.(Qua 194 Jan.
of
Holders
rec.
Dec. 21
Total of averages!8,000J 8,4
Will & Bauman Candle, Inc.. pref.(Qua 2
135.365 7,708 4.323
64,844 67,132
Jan. 3 Holders of res. Doe. 15
WIllys-Overland Co., pref.(quar.)
196 Jan, 3 Holders of rec. Dee. 2Ia Totals,
condition
actual
Winnsboro Mills, common (guar.)
Dec.
25
136.469
7,659
4,464
65,993
67,195
2
Jan. 3 Holders of rec. Doe. 24
Totals, actual cdndition Dee. 18 135,005 7,327 5,109
Preferred (quar.)
64,847 67,059
194 Jan. 3 Holders of rec. Dec. 24
Totals, actual co ndition Deo. 11 134.622 6,017 4,147
Woods Manufacturing, pref.(guar.).
63,257 66,954
(qua:.)_..
194 Jan. 3 Holders of rec. Dee. 28
Woolworth(F.W.)Co.,com.(in corn
160 Feb. 1 Holders of rec. Jan. 10a
Trust Compa,nies
Wright-Hargreaves Mines (guar.)
ot Mem bers of F ed'I Re serve B ank.
23o. Feb. 1 Holders of rec. Jan. 15
Title Guar & 're 10,
Extra
19,508 63,634 1,928 3,740
37,748 1,222
1296c. Feb. 1 Holders of rec. Jan. 15
Wrigley (Wm.) Jr. & Co.(monthly).... 250. Jan.
Lawyers Trust_
j 3,
3,429 22,493
939 1,786
17,720
853
3
of
Holders
rec.
Dec
200
Extra
50o Jan. 3 Holders of see Dee 200
Monthly
22,936 86,127 2,867 5.526
55,468 2,075
25e. Feb. 1 Holders of rec Jan 200 Total of average 13.
Monthly
250 Mar. 1 Holders of roe. Feb 200
Totals, actual colnditIon Dec. 25 86.100 2,986 5,674
Yale & Towne Manufacturing (guar.)- 31
55,766 1,789
Jan.
Holders of rec. Dec. 10a Totals. actual
condition Dee. 18 85,218 2,786 5,582
Yates American Machine, part. pt.(qu.) 65e. Jan. 2 Holders
54,451 2,127
of rec. Doe. 200
Yellow Truck & Coach,class B (guar.)
86,229 2,667 5.801
56,703 2,143
18940 Jan. 1 Holders of rec. Dec. 15a Totals, actual condition Dec. 11
Preferred (guar.)
19( Jan. 1 Holders of rec. Doe, 15a
Gr'd aggr., avge.364,500562.09 5.477,740 70.831 591,847 4,424,715 654,106 20,559
Zellerbaeb Corp., corn. (guar.)
37960 Jan. 15 Holders of rec. Dec. 31
Comparison with prey. week
+51,364 +6,809 1.081 +12,017 +1,012
+7
•Prom unofficial sources. t The New York Stook Exchange has ruled that stock Gr'd aggr., ad.
'
cond'n Dec. 25 5,531,521 76,170032,016 4.462.828661.816 0,518
011 not be quoted ex-dividend on this data and not until further notice.
Comparison with prey. week
+103371 +10654 +53934 +60,219 +10584 +50
1 The
New York Curb Market Assoolation has ruled that stock will not be quoted
ex
Get' aggr., acricond'n Dec. 18 5,428,150 65,5161578.982 4,420,609 651,23220,468
dividend on this date and not until further notice
MAI aggr., acelcond'n Dee. 11
415,414,521 59,6941596,408 4,388,53'653,93926,430
a Transfer books not closed for this dividend. 4 Correction. e Payable In stock. Gr'd aggr., ace!cond'n Dec. 5,453,247 54,716 41,103 4,415,277646,361 25,416
Gr'd aggr., aa'lcond'n Nov.27 5,416,481 59,276 594,979 4,350,204 649,408 25,432
/Payable In common stock g Payable in scrip. 8 On account
of accumulated Gr'd aggr., aceloond'n
dividends. et Payable in preferred stock.
Nov.205.351,173 54,796618,955 4,365.463628,34025,484
Gr'd aggr.. (sal cond'n Nov.135,345.400 55,609595,168 4,363,683627,619 25,68e
aa British-American Tobacco dividends are one shilling and eight pence regular
pence
Interim.
ten
and
Transfers received In London up to Dec.8 will be In time
Note.-U. S. deposits deducted from net demand deposits in the general totals
above were as follows; Average total Doe. 25, $39,680,000. Actual totals Dec. 26;
tor payment or dividend to transferrees.
$39,681,000; Dec. 18, $39,680,000; Doe. 11, $17,515.000; Dec. 4, $17,516,000; Nov.
b Payable 6255c. cash or 2% stock.
27, $17,516,000; Nov. 20, $17,861,000. Bills payable, rediscounts, acceptances
Less $2 per share to cover legal expenses for extending second mortgage bonds and and other liabilities,
average for week, Dec.25, $651,340,000; Dec. 18, 8815,714.000;
third and fourth Installments of 1925 Income tax.
Dec. 11, $633,223,000; Doe, 4, $617,240,000; Nov. 27, $620,179,0001
20.
o Less $2 per share to cover legal expenses of extending second mortgage and $587,891,000. Actual totals Dec. 25, $712,139,000; Dec. 18, $610,740.000;Nov.
Dee, 11,
third and fourth Installments of 1925 Income tax.
3618,572,000; Dec. 4, $582,048,000; Nov. 27, $657,913,000; Nov. 20, $616,980,000.
y American Gas & Electric regular stuck dividend Is 1-50th, and the special divi* Includes deposits In foreign branches not included in total footings as follows:
dend 4-1Uths, for each share of new no par common stock.
National City Bank, $153,077,000; Chase National Bank, $11,514,000; Bankers
o American Piano stock dividend Is at rate of one share for each one hundred shares. Trust Co., $29,290,000; Guaranty Trust Co., $75,052,000; Farmers' Loan & Trust
r Electric Investor stock dividend Is three-fiftieths of a share of common stock Co., $4,186,000; Equitable Trust Co.. $88,723,000. Balances carried in banks In
foreign countries as reserve for such deposits were: National City Bank, $24,152,000;
for each share held.
Chemical National Bank stock dividend of 5500.000 (one-ninth of a share for Chase National Bank, 32,124,000; Bankers Trust Co., $1,847,000; Guaranty Truitt
Co., $2,459,000; Farmers' Loan & Trust Co., $4,186,000; Equitable Trust Co.:
each share held), subject to ratification by stockholders at meeting In January.
$66,333,000.
14 Payable In stock dividend certificates exchangeable May 1 1927 for $25 par value
C Deposits In foreign branches not included.
common stock at the rate of two shares for each one hundred shares.
oLess 75 cents per share to cover third and fourth liNt ailments of 1925 Income tax.
The reserve position of tha different groups of institutions
to In lieu of cash, dividends may be taken n stock as follows: on class A corn.,
1-40 of a share of class A stock for each share; on class B at rate of $10 per share In on the basis of both the averages for the week
and
each
share
for
stock
of
class
B stock held.
class B
actual condition at the end of the week is shown in
s United Profit-Sharing stock dividend is one share corn, stock for each 20 shares.
s At rats of 2)4% of one share of Class A slot for e Leh sh.tre held.
following two tables:
the
the
•
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES..
Averages.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve banks_
State banks•
Trust companles*
7,706,000
2,867,000
Surplus
Reserve.
Reserve
Required.
Total
Reserve.
$
4.878,640
357,080
72,800
581,998,000 581,998,000 577,119,360
4,323.000 12,029,000 11,671,920
5,526,000 8,393,000 8,320,200
Total Dec. 25_ _ _ _ 10,573,000 591,847,000 602,420,000 597,111,480 5,308,520
Total Dec. 18_ _ _ 10,162,000 592,928,000 603,090,000 595,509,190 7,580,810
9,777,000 587,454,000 597,231,000 591,542,750 5,688,250
Total Dec.
Total Dec.
9,957,000 592,308,000 602,265,000 596,419,700 5,845,300
* Not members of Federal Reserve Bank.
b 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:
Dee. 25, $17,546,970; Dec. 18, 317,517,870; Dec. 11, $17,445,450; Dec. 4, 817,388,630; Nov. 27, $16,953,480.
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve banks_
State hanks•
Trust companies*
79
THE CHRONICLE
JAN. 1 1927.]
7,659,000
2,986,000
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
622,778,000 622,778.000 582,123,930 40,654,070
4,464,000 12,123,000 11,878,740
244,260
5.674,000 8,660.000 8,364,900
295,100
Total Dec. 25_ _ _ 10,645,000 632,916,000 643,561,000 002,367,570 41,193,430
10,113,000 578,982,000 589.095,000 594,131,920 -5,036,920
Total Dec. 18
Total Dec. 11_ _ _ 9,584,000 598,408,000 605,992,000 592,333.520 13,658,480
Total Dec. 4_ _ _ _ 9,529,000 541,103,000 550,632,000 595,633,170 -45,001,170
• 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:
Dec. 25, $17,784,960; Dec. 18, $17,461,380: Dec. 11, $17,545,260; Dec. 4, $17,322,690: Nov. 27, 817,396,280.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK: NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished bg Slate Banking Department.)
Differences from
Dec. 25.
Precious Week.
Loans and investments
$1,235,693,300 Dec. $2,262,800
Gold
4,936,400 Dec. 206,100
Currency notes
29,553,000 Inc. 2,160,100
Deposits with Federal Reserve Bank of New York- 101,358,000 Dec. 1,310,600
Total deposits
1,286,543,000 Dec. 7,742,500
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y. City, exchange, and U.S.depoelts1,211,802,700 Dec. 6,476,900
Reserve on deposits
177,321,100 Dec. 498,400
Percentage of reserves, 21.0%.
RESERVE.
-State Banks-Trust CompaniesCash in vault
$89,850,700 15.68%
$45.987,000 17.15%
Deposits In banks and trust cos..- 12,914,200 04.79%
28.569.200 04.98%
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, that is, three ciphers WOO) omitted.)
CLEARING
NON-MEMBERS Capital.
Loans,
DieCounts,
Net
Profits. Incest-
Week Ending
Dec. 24 1926.
Reserve
Net
Net
with
Cash
Legal Demo; Time
in
Vault. Deport- Deposits. eporits.
tortes.
etc.
Members of
Fed•I Res've Bank.
Grace Nat Bank___
Average. Average. Average. Average.
$
3,5651,186
7,782
54
1,000
$
1,883
14,251
Total
State Banks.
Not Members of th
Federal Reserve Bank.
Bank of Wash. HU_
Colonial Bank
1,000
1,883
14,251
54
1,186
7,782
3,565
400
1,200
1.028
3,305
10,075
32,763
895
3.657
380
1,648
6.425
27,478
2,958
5,452
Total
Trust Company.
Not Member of the
Federal Reserve Bank.
Mech.Tr.,Bayonn
1,600
4,334
42,838
4,552
2.028
31,003
8,410'
500
610
9,074
436
189
3.786
500
610
9,074
433
189
3,786
5.798
6,828 66,163
1-1.1541
5,042
+711
3,403 245,471
-32 -1 210
17,773
+38
Total
3,100
Grand aggregate--Comparison with p ev. week'
5,798
3,435 046,681 17,7354,971
3,1001 6,828 67,317
Gr'd aggr., Dec. 18
3,558 a47,746 17,742
5,056
6.828 68.098
3,100
Gr'd aggr., Dec. 11
3,414 a45,893 17,839'
4,902
3,1001 6,717 66.419
Gr'd aggr., Dec. 4
17,889.
3,396 a47,10
5,093
6.717 67,682
3,100
Gr'd agar.. Nov.27
a United States deposits deducted, $28,000.
Bills payable, rediscounts. acceptances, and other liabilities, $3,725,000.
Excess reserve, $250,870 increase.
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:
BOSTON CLEARING HOUSE MEMBERS.
Dec. 29
1926.
Changes from
Previous Week.
Dec. 22
1926.
Dec. 15
1926.
$
$
$
$
69,500,000
69.500,000
150,000
69,650,000 Inc.
Capital
94,021,000
94,014,000
94,014,000 Unchanged
Surplus and profits_ _
Loans,(Heels & Invest_ 1,037,720,000 Inc. 2,084,000 1,035,636,000 1,030,759,000
Individual deposits_ --- 681.206,000 Dec. 7,239,000 688,445,000 691,518,000
134,415,000 Dec. 580,000 134.995,000 133.952,000
Due to banks
234.612,000 Dec. 2,785,000 237,397,000 237.659,000
Time deposits
10,923,000
18,612,000
55,000
18,667.000 Inc.
United States deposits_
31,183,000
30,230,000
31,432,000 Inc. 1,202.000
Exchanges for Cl'g H'se
82,352,000
83,175,000
80,009,000 Dec. 3,166,000
Due from other banks._
80,898,000
78,917.000
822.000
79,739.000 Inc.
Res've In legal deposles
12,113,000
13,551.000
650,000
14,201,000 Inc.
Cash In bank
364.000
154.000
05.000
no nnt) ne...
Condition of the Federal Reserve Bank of New York:
The following shows the condition of the Federal Reserve
Total
$58,901,200 21.94%
3118,419,900 20.64%
• Includes deposits with the Federal Reserve Bank of New York. which for the Bank of New York at the close of business Dec. 29 1926 in
State banks and trust companies combined on Dec. 25 was $101,358,000.
comparison with the previous week and the corresponding
Banks and Trust Companies in New York City.-The date last year:
Dec. 29 1926. Dec. 22 1926. Dec. 30 1925.
averages of the New York City Clearing House banks and
$
$
Resources283,059,000 329,996,000
Agent
Reserve
Federal
trust companies combined with those for the State banks and Gold with fund with U. S. Treasury. 282,987.000
13,750,000
16,618,000
15,481,000
redemp.
Gold
trust companies in Greater New York City outside of the
343,746,000
279,677,000
298,468,000
notes_
agst.
F.
R.
Clearing House are as follows:
Gold held exclusively
249,799,000 254,594,000 260,549,000F. R. Board
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments
Demand
Deposits
Total Cash
in Vaults.
Reserve in
Depositaries.
4
5.522.021.300
5,512,541.300
5.669,556,300
5 17,019,600
5.576,966.700
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
$
82.328.600
83.086.700
87.287,200
85.257.300
83,168.800
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
708.699.500
105.865,300
713,794.700
725,144,400
718.452.500
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
726,827,700
738,221,800
734.688.400
Week Seeded-
Lug. 28
Sept. 4
Sept. 11
Sept. 18
Sept 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov.27
Dee. 4
Dec. 11
Dec. 18
Dec. 25
4
6.538.084,700
8.588.168.500
. 6,593,206,900
6,625,391,700
6.616 162 700
6,683,007,800
8,668.040.700
6.617.799.100
. 6.559 420 600
6.553,253.200
6,615,890.200
6,553,162,000
6.570 297,600
6,599,992,200
6,689,295,600
6.667,713,300
6,664,332,100
6.713.433.300
$
Philadelphia Banks.-
Gold settlement fund with
Gold and gold certificates held by batik__ 480,752,000
456,775.000
338,443,000
Total gold reserves
Reserves other than gold
1.009,019,000
23,262,000
991,046,000
19,220,000
942,738,000
26,075,000
Total reserves
Non-reserve cash
Bills discountedSecured by U.S. Govt. obligations
Other bills discounted
1,032,281,000 1,010,266,000
12,811,000
17,826,000
968,813,000
17,395,000
123.873,000
49,782,000
146,971,000
27,273,000
254,469,000
40,506,000
173,655,000
100,04.5,000
174,244,000
113,818,000
294,975,000
37.090.000
1,322,000
14,246,000
50,525,000
1,752.000
16,832,000
44,875,000
1,869,000
47,483,000
11,582,000
66,093,000
63,459,000
60,934,000
2,187,000
Total bills and securities (See Note)
339.793,000
351,321.000
395,186.000
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
651,000
177,653,000
16,740,000
1,075,000
650.000
185,558,000
16,740,000
919,000
642,000
163,427,000
17,294,000
3,573,000
Total bills discounted
Bills bought In open market
U. S. Government securitiesBonds
Treasury notes
Certificates of Indebtedness
Total U.S. Government securities__
Foreign loans on gold
Total resources
1 586,019,000 1.578,265,000 1,566,330,000'
;Vett!) Ended Dec. 25 1920
Two Ciphers (00)
onalted.
Membersof Trust
F.R.Sgstem Companies
1926
Total.
Dec. 18
1926.
Dec. 11
1926.
5,000,0 54,975,0 $54.975,0 $54.975,0
49,975,0
Capital
150,266,0 17,778,0 168,044,0 168,0'41,0 168.044,0
Surplus and profits
Loans, discis & Investmis 960,966,0 48,241,0 1009,207,0 1007.966,0 1000,119.0
265,0 42,572,0 39,742.0 34,500.0
Exchanges for Clear.House 42,307,0
15,0 105,186,0 112,786.0 96,144,0
105,171,0
Due from banks
873,0 129,170,0 132,367,0 129.343.0
128,297,0
Bank deposits
632,321,0 28,014,0 660,335,0 76,319,0 664,665.0
Individual deposits
2,282,0 162,159,0 160.761).0 159,637.0
Time deposits
159,877,0
Total deposits
920,495,0 31,169,0 951,664,0 969,456.0 953,645.0
3,805.0
3,415,0
3,431,0
Res've with legal deposits
3,415,0
67,288,0 69,420.0 70,232,0
Reserve with F. R. Bank
67,288,0
Cash In vault •
1,439,0 14,485,0 15.425,0 14.547,0
13,046,0
Total reserve & each held
4,854.0 85,188,0 88,650.0 88.210,0
80,334,0
Reserve required
4,405,0 73,103,0 74,455.0 74,097.0
68,698.0
Excess req. & cash In vault 11,636,0
449,0 12,085,0 14 195.0 14,113.0
•Cash In vault not counted as reserve for Federal Reserve members.
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
LiabilitiesFedi Reserve notes In actual circulation_ 408,621.000
Deposits-Member bank, reserve
886,285,000
Government
12,259.000
21.378,000
Foreign bank (See Note)
8.569.000
Other dePosits
421,648,000
867,061.000
28,762,000
1,002.000
7.888,000
384,682,000
932,274,000
2,226,000
4,807,000
9,135,000
928,491,000
147,482,000
36,449,000
59,964,000
5,012,000
904.713,000
150.662.000
36.434,000
59,964,000
4.944,000
948,442,000
137,509,000
32,207,000
58,749.000
4,741,000
Total deposits
Deferred availability Items
Capital paid In
Surplus •
All other liabilities
Total liabilities
1 588,019,000 1,578,265,000 1,566,330,000
Ratio of total reserves to deposit and
72.7%
76.2%
77.2%
Fedi Res've note liabilities combined.
Contingent liability on bills purchased
20,879,000
13,639.000
for foreign correspondence
17,059,000
NOTE.--Beginning with the statement of Oct. 7 1025, 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." Prevlously made of Federal Intermediate credit bank debentures, was changed to "Other
securities," and the caption "Total earning assets" to "Total bills and securities."
The latter term was adopted as a more accurate description of the total of the Ws.
counts,acceptances and securities acquired under the provisions of Sections 13 and 1*
of the Federal Reserve Act, which,It was stated, are the only items included therein.
80
THE CHRONICLE
[Vor.. 124.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Dec. 30,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 30, being the first item in our department of "Current Events and Discussions.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DECEMBER 29 1926.
Dec. 29 1926. Dec. 22 1926. Dec. 15 1926. Dec. 8 1926. Dec. 1 1926 Nov. 24 1926. Nov. 17 1926. Nos. 10 1926. Dec. 301925.
RESOURCES.
$
1
Gold with Federal Reserve agents
1,369.124.000 1,376.776,000 1,435,352,000 1,348,339,000 1,342,348,000 1.395,138.000 1,397,938.000 1.387.686.000 1.356,607,000
Gold redemption fund with U. S. Trees_
56,229,000
65,407,000
85,712.000
58.314.000
54.844.000
59,599,000
62,770,000, 52,699,000
58.396,000
Gold held exclusively agst. F. R. notes 1,434.838.000 1,442,183,000 1.491.581,000 1,406.853,000 1,401,945,000 1,449.982,000 1,456,334.000 1.450,436,000
Gold settlement fund with F.it. Board_ _ 658.330.000 657,023,000 622.656.000 731,402.000 739.979;000 696.966.000 709,237,000 744.647,000,1,409,306,000
701,455,000
Reid and gold certificates held by banks_ 721.645.000 704.074,000 716.480,000 690,338,000 687.701,000 682.782,000 885.518,000 646.672.000 593,520,000
Total gold reserves
2,830.717,0002,828.393,000
2.814.811.000 2.803.280.000
2,829,825.000 2,829.730.000 2,851,089,000 2,841.755.000 2,704,281,008
Reserves other than gold
129.404,000 106.985.000 121.331.600 121,060,000 126,526.000 128.201,000 133,623,000 128.129.000 117,852,000
Total reserves
2,944.215,000 2,910.265,000 2.952.048,000 2,949,453.000 2,956,151,000 2.957,931,000 2,984,712.000 2,989,884.000 2,822.133.000
Non-'reserve cash
51,007,000
47.073,000
48.920,000
68.348.000
49,116,000
47,238,000
58.379,000
53,740,000
62,053,000
Bills discounted:
Secured by U. S. Govt.obligations— 383.388.000 422,397,000 321.981.000 348,334.000 351,060,000 335.499.000 288.198.000 287,369,0001 466,014,000
Other bills discounted
327.543.000 293,027.000 240.326,000 256.392,000 294,418.000 292,105.000 278,789,000 294,044.000 283.658,000
Total bills discounted
710.931 000 715,424.000 562.307.000 604,726,000 645,476.000 627,604,000 586,987,000 581.413.000 749,672,000
Bills bought in open market
378.798,000 387.503,000 384.125.000 390.989.000 368,163.000 340.829.000 347,882.000 339,901,000 362,818,000
U. B. Government securities:
1
Bonds
46.428,000
56,436,000
46,858,000
47,525,000
45.668.000
48,021.000
47.630,000
46,482.000
58,854.000
Treasury notes
82.216,000 118.214.000 112,912.000 112,583.000 113.544.000 113.003.000 192,077,000
89,844,000
86.279.000
Certificates of indebtedness
183.400.000 177,704,000 349,595,000 148.933.000 144.975,000 141,653.000 146,956,000 140.882,000 126,101,000
Total U. S. Government sesurltiee— 317.204,000 314,408,000 478.239,000 323.583.000 305.908.000 299.904,000 308,130.000 300,367,000 377.031,008
Other securities (see note)
2.564.000
2,596.000
2.563,000
2,564,000
2.596.000
2,544,000
2.534,000
3,205,000
2,500,000
[foreign loans on gold
1
8,100,000
Total bills and securities (see nets)
1,409,529.080 1,420,019.000 1,427.235.000 1,321.861,000 1.322,111.000 1,270.681.000 1,225,533.000 1.224.181.000 1,500,827,000
Due from foreign banks (see sole)
650.000
851.000
650.000
652,000
651.000
642,000
650.000
Uncollected Items
728.043.000 785,171,000 894.699,000 669.517,000 729,048.000 694,469.000 854,986.000 704,567.000 717,599,000
Bank premises
60,148,000
60.1.,5,000
60.271.000
60.273.000
60,108,000
60.093.000
60.084,000
60.051,000' 61.632,000
Ell other resources
13.919.000
15,710.000
13.154.000
15.339,000
13,074.000
14.924.000
14,772,000
14,161.000
18,272,000
Total resources
LIABILITIES.
F. R. notes In actual circulation
Deposits—
Member banks—reserve account
Government
Foreign banks We 11061)
Other deposits
5,224.133.000 5,236,603,000 5,399.706,000 5.066.237.000 5,132.521.000 5,045,985,000 5,197.117,000 5.027.234.000 5,183,158.000
Total deposits
Deterred availability items
Capital paid in
Surplus
LB other liabilities
2.345.738.000 2,307,962.000 2.292.400,900 2.288.589,000 2,324,380.000 2.262.311.000 2,301320.000 2,264,869.900 2,357,141,000
650.096.000, 644.012,000 797,018.000 604,185.000 667,987,000 641,028,000 777.322.000 643.311,000 635.681,000
124.824.0001 124.763,000 124,752.000 124,734,000 124,462.000 124.441.000 124.906.000 124.885,000 117,042,000
220.310,0001 220,310,000 220.310,000 220.310.000 220,310.000 220.310.000 220.310.000 220,310.000 217,837,000
25.014.000
24,632,000
23.776.000
23,841,000
26,150.000, 25.596.000
23.178,000
20,447,000
23,071,000
1,857,015,000 1.913,960,000 1.840.132,000 1,803,787,000 1.771.626.000 1,774,054.000 1.750.281,000 1,750,788.000 1,835,010,000
2,264,144,000 2,218,095,000 2,353.883.000 2,230,971,000 2,257,165,000 2.202.408,000 2.238.208.000 2,218,651,000 2,308,614,000
6,170.000
25,798,000
67,848,000
35,689.000
29.228.000
28.118.000
38.579.000
17.867.000
15.067,000
6,204,000
13.459,000
14.065.000
5,506,000
13,883,000
12,973.000
25.882.000
12,014,000
9.938,000
26,223.000
18.361.000
17,441.000
16.513.000
17.904.000
20.713.000
17,133,000
21,446,000
18.413.000
Total liabilities
5,224,133,000 5,236,603.000 5,399.706,000 5.066.237.000 5,132,521,000 5,045.985,000 5,197.117.000 5,027.234,000 5,183,158,000
Betio of gold reserves to deposit and
F. R. note liabilities combined
66.9%
66.9%1
69.1%
67.2%
69.1%
70.1%
70.4%
64.5%
70.7%
Ratio of total reserve's to deposit and
69.7%
F. It. note liabilities eombined
72.1%
72.2%
68.9%
70.1%1
73.3%
73.7%
67.3%
74.0%
Contingent liability on bills purchased
50,491,000
for foreign correspondents
48.837,000
48,887.000
48.889.000
52,437.000
49,177,000
55,857.0001
65,049,000
46,093.000
Dfstribution by MaNaities1-15 day bills bought in open market__
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
81-60 days bills bought In open market_
81-60 days bills discounted
81-60 days U. S. certif. of Indebtedness_
31-60 days municipal warrants
01-90 days bills bought in open market_
61-00 days bills discounted
61-90 days U. S. certif. of indebtedness_
51-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness.-Over 90 days municipal *arrant.
155,744 000, 157,087.000
575.544.000' 583,639.000
100.000
4,500.000
142,583.000
446.952.000
183.000.000
150.949.000
483.009.000
32,041.000
$
141.706.000
515.094.000
45,494,000
76.818.000'
38,865,000
80.459,000
37,193.000
77.340.000
39,153,000
72,988.000
37.705,000
96,000
90.963.000
49,876.000
96.000
86,642,000
52,688,000
97.685,000
42,924,000
56.469,000
33,150.000
20,000
64.000
59,468,000
26.096.000
1,000
1
49.382,000
37,232,000
114,422.000
494,608.000
500.000
118,081.000
434,547.000
5.751,000
85.051.000
40.005.000
59,899.000
41.032.000
49.217.000
57,686.000
41,464,000
49,223.000
105.149.000
48.069.000
103.995.000
53.000.000
101.734,000
55,231,000
96.883.000
57,044.000
63,000
54.301,000
26.172.000
64.000
47.883.000
28.088,000
44.000
54,270.000
27.454,000
34,000
63,310,000
25.867,000
8
$
100.826.0001 123,664,000
445,279.0001 616.325,000
1,105,000
10.000
77.801.000
70.252.0001
45,403.000: 35,816,000
107.000
45,000
90.048.0001 85.094,000
55.466.000, 53,152,000
48,921,000
69.254.000
26,544.000
64,571,000
33,428,000
7,049,000
7,604.000
6.936,000
5,891.00011
9.528,000
10,304.000
11,942.000
11,688,000
9,521.000
7,182.000
9,771,000
8,754,000
9.289.000
9.414.000
8,065.000
9.279.000
8.721.000
10,951,000
178,900,000 177,584,000 161.594.000 116.892.000
99.481,000
91,936,000
91,982,000
91,854,000 124,996,000
1
V. R. notes received from Comptroller— 3.039.590.000 3,022.190,000 2,994,086,000 2,953,343.000 2,939,409,000 2,942.033.000 2.953.990,000 2,940.133.000 2,980,473,000
.R. notes held by F. R. Agent
774,815.000 755,030.000 805.711.000 795.801,000 824.007,000 851,260.000 866,761,000 856.221.000, 777,093,000
Issued to Federal Reserve Banks
Hew Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eligible paper
2,264,775,0002,267,160,000 2.188,375.000 2,157.542,000 2,115,402,000 2.090,773,000 2.087.229,000 2,083.912,000 2.203,380,000
306.095.000 306.151.000 306.274,000
109.052,0001 111.978.000 104.828.000
953.977.000 958,647,000 1,024.250.000
1,058.364,000 1,066,858.000 919.193,000
306.453.000
109.610.000
932.278.000
975,741.000
306.453.000
101.627.000
934.266.000
988,404.000
306.452.000
101.684.000
987.002.000
939,544.000
307.554.000
100.101.000
990.283.000
891.338.000
307.214.0001 302,331,000
101.017.000 112,443.000
979.435.000 941,933,00
884,836,000 1,060.708,000
Total
2,427,488.000 2.443.834.000 2.354.545.000 2.324.080.000 2.330.750 000 2,334.682.000 2,289.2713.000 2.272.502.000 2,417,315.000
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, "Ali other earning assets." previously made up of Foreign Intermediate Credit Bank debentures, wee changed to
"Other securities." and the caption. 'Total earning 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 acuuired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, It VMS 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 DEC 29 1926.
Two ciphers (00) matedBoston. New York. 1 Phila. 1Ckveland. Richmond Atlanta. Chicago. St. Louis. If{mewl. Ran. Cite Dallas San Feats
Total
Federal Reserve Bank of—
RESOURCES.
3
Gold with Federal Reserve Agents 121.924,0
Gold red'n fund with U.S. Treas. 6.248,0
$
282.987,0 103,800.0 154.318.0 70.729,0 136.408.0 148.424,0 18,548.0 58.539.0 63,205,0 39,058.0 171,184,0 1,369,124,0
15,481,0 13,033,0 8,837.0 1,538.0 3.490.0 8.888.0 1.049,0 2318.0 1.851.0 2,122.0 3.031,0
65.712,0
Gold held excl. NW.F.R. notes 128.172,0
Gold settle't fund with F.R.Board 8.233.0
Gold and gold certificates
36,135,0
298,468,0 116.833,0 161,155.0 72,267.0 139,904,0 157.312,0 19.817.0 60,657.0 85.058.0 41.180,0 174,215,0 1,434,836,0
249,799.0 44.234,0 42,222.0 24,249,0 22.047.0 124,498.0 29,868,0 20,362,0 29,067.0 20.938,0 43,013,0 858,330,0
460.752,0 27,905,0 44,955.0 12.081,0 3,972,0 63.228,0 12,257,0 6,427.0 5.507.0 8,441,0, 39,985.0 721,645,0
Total gold reserved
Reserves other than gold
172,540,0 1,009.019.0 188.972.0248,332.0 108,597.0 165.923,0 345.038.0 81.542.0 87.446.0 99,630.0 70.559,0 257,213.0 2,814,811,0
15.178,0
23.262,0 5.161,0 10,978,0 8.685,0 9.575,0 22,103.0 13.760,0 3,082,0 4.947,0 7.811,0 6.862.0 129,404,0
187,718.0 1,032,281,0 194,133,0 259.310.0 115.282.0 175.498,0 367.141,0 75,302.0 90,528.0 104,577.0 78,370,0 284.075.0 2,944,215,0
Total reserves
Non-reserve cash
6,292,0
17.826,0' 1,311.0 5,581,0 5.030,0 5,085,0 10,948,0 4,143,0
898,0 2,830,0 2,448.0, 3,886.0
68,348,0
Bills discounted:
1
Sec. by U.S. Govt. obligations 31.625.01 123,873,01 42.099,01 68.240.0 6,596,0 2,870.0 73,646,0 16.278,0
824,0 4,104.0 2.262,0 10.971.0 383,388,0
39.297,0
Other bills discounted
49.782.0 20,127,0 28,907.0 18.682,0 39,889,0 62,985,0 16,238.0 4,036,0 7,130.0 3,293,0 37,177.0 327,543.0
Total bills discounted
Bills bought In open market
U.S. Government securities:
Bonds
Treasury note.
Certificates of indebtedness
Total U. S. Gov t-securitles___
70,922.0 173,855.0 62,226.0 97,147.0 25.27.1.0 42.759,0 136,631,0 32,516,0 4.800.0 11,234.0 5.555,0 48.148.0
46,011,0 100,045.0 26,040.0 34,488.0, 13,147,0 23,205,0, 50,111,0 7.730,0 13,061,0 18,283.0 15,669.01 31.006,0
1
1
659,0,
1,322,01
585,0 1.167.01 1,191,0
87,0
235,0 20,577,0 2,010.0 7,568.0 8.839.0 3.285.01
1,923,01
14.246,0 15,266,0 17.939.0 1.108.0, 1,537,0 4,810.0 0,632.0 1.620,0 3.694.0 3.355,0 14,149.0
7,438,0
50,525,0 4.226,0 16,637.0 4.936,0
1 22,739,0 12.002.0 7.573.0 16.131,0 15,672,0 25,521.0
710,931.0
378,798,0
10,020,0
317,204,0
66,0930 20.077,0 35,743,0
7,235.0
1,772,0 48,126.0 20.644,0 16,761.0 28,064,0 22,312,0 39.757,0
47.525,0
86 .279,0
183,400,0
81
THE CHRONICLE
RESOURCES (Concluded)—
Two Ciphers (00) omitted.
New York.
Boston.
Pittb.
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minniap. Kan. Cits
Total.
Dallas. San Fran.
$
2,591,0
596,0
2.000,0
Other securities
118,013,0 1,409,529,0
126,953,0 339,793,0 110,343,0 167,378,0 45,660.0 67,736,0 234,868,0 60.890,0 35,278,0 58,181,0 43,536,0
Total bills and securities
651.0
651,0
Due from foreign banks
1
42,443,0 728.043,0
26,458,0
43.320,0
13,860.0
36,785,0
89,547,0
31,384,0
62.523,0
71,138,0
63.839,0
177,653.0
69,093.0
Uncollected Items
60.273,0
3,523.0
1,796,0
4,668.0
2,940.0
4,111.0
16,740,0, 1,704,0 7,409,0 2,364,0 3,015,0 7,935.0
4,068.0
Bank premises
13,074,0
312,0 2,750,0
532.0
636.0 2,353,0
301,0 1,002,0 2,647,0
901.0
275,01
1,075,0
90,0
All other resources
1
435,590,0 5,224,133,0
396,214,0 1,586,019,0 371,605,0 511,787,0 231,160,0 283,720,0 713,036,0 182,067,0 145,857,0 214,108,0 152,920,0
Total resources
1
1
LIABILITIES.
1
69,302,0 72,896,0 49,230,0 187,211,0 1,857,015,0
F. R. notes In actual circulation_ 155,397,0 408,621,0 136,640,0 225,601,0 86,273,0 167,237,0 250,556,0 48,046,0
1
Deposits:
69,036.01328,171,0 80,588,0 51,022.0 86,359.0 58,914.0 173,171,0 2,264,144,0
144.306,0 886,285.01 138.892.0 180,034.0 67,368,0
Member bank—reserve son
38,579,0
1,959.0
12,259,0 2,902,0 1,954.0 1,582.0 3,264,0 3,892,0 2,101,0 1,143,0 1.561.0 3.107,0
2,855.0
Government
25,882,0
428.0
217,0
242,0
199,0
267,0
850.0
248,0:
329,0
664.0
589,0
21,378,01
471,0
bank
Foreign
17 133 0
0
326
5
29,0
103.0
202,0
328.0
1,168.0
146,0:
98,0
872,0
115,0
8.569,0
177,0
Other deposits
62,267,0 180.884.0 2,345,738,0
88.265.0
52.566.0
83,284.0
334,081,0
69,75.0
183.524,0
72,694,0
0
142.498,
928,491,0
147.809.0
Total deposits
28,338,0 40,601.0 650,096,0
65,848,0 147.482,0 58.014,0 63,567.0 56.000.0 28,312.0 77,089,0 34.361.0 12.013.0 38.471,0 4,302.0 8.656,0, 124,824.0
Deferred availability items
36.449,0 12,605,0 13.618,0 6,094.0 5,020.0 16.720.0 5,293.0 3.070.0 4,197.0 7,615,0 15.071,0; 220.310,0
8,800,0
Capital paid In
8,979,0
7,501.0
9,570.0
30,613.0
11,919.0
8,700,0
59.964,0 20.464.0 22,894,0
17,020,0
Surplus
3,167.0, 26,150,0
5.012,0, 1,384.0 2,583,0 1,494,0 1,757,0 4,027,0 1,513,0 1.405,0, 1,300,0 1,168,0,
1,340.0
All other liabilities
5,224,133,0
435,590,0
214,103,0
152,920,0
145.857,0
82,067,0
396,214,0 1,586,019,0 371,605,0 511,787,0 231,160,0 283,720,0 713,086,0
Total liabilities
Memoranda.
70.1
70.3
71.7
64.9
74.3
57.3
62.8
74.1
63.4
73.1
69.5
77.2
61.9
Reserve ratio (per cent)
Contingent liability on bills pur55,857.0
17,059,0 5,077,0 5,718,0 2,832,0 2,138,0 7.322,0 2,298,0 1,710,0 2,084,0 1,870,0 3,687.0
chased for foreign correepond'ts 4,062,0
V. It. notes on hand (notes reed
from F. R. Agent less notes In
407.760,0
43.564,0 116,843,0 40,060,0 30,869.0 16.496.0 33,768.0 44,326.0 5,297,0 5,761,0 16.539,0 8,763.0 44,977.0
circulation)
DEC. 29 1926.
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS
Federal Reserve Agent al—
Boston. New York.
(Two Ciphers (00) omitted.)
F.R.notes reed from Comptroller 253.811,0
F.R.notes held by F. It. Agent__ 64,850,0
F.R.notes Issued to F. R. Bank 108,961,0
Collateral held as security for
F. R. notes Issued to F It. Bk.:
Gold and gold certificates.__ 35,300,0
Gold redemption fund
17,624.0
Gold fund—F. R. Board____ 69.000,0
Eligible paper
116,933,0
Total collateral
238,857.0
Phila.
Cleveland Richmond' Atlanta. Chicago. St. Louts.'Minneap Kan. City
Total.
Dallas. San Fran
S
1
$
1
S
72,940.0 285.489,0 3.039,590.0
807,544,0 204,400,0 200,310,0 126.353.0 257.055.0 453.999,0 72,323.0 89.325,0 116.042,0 14.947,0 53,300.0 774,815,0
282,080,0 27,700,0 33,840,0 23,579,0 56.030,0 158,617,0 18,980,0 14.262,0 26,610.0
232,188,0 2,264.775,0
525,464,0 176,700,0 256,470,0 102,774,0,201,005,0 295,382,0 53,343,0 75,063,0 89,432,0 57,993,0
111
18 343,0 10.000.0 306.095,0
7,450,0 13,507.0
8,780,01 28,305,01 15,212,0
168.698.0
109.052,0
18,489.0
4.715.0
4.845.0
1,032,0
23,289.0 9,823,0 15,533,0 3,924.0 5,196.0 2,779.0 1.798,0
142,695.0 953,977,0
91,000.0 93.977,0 130,000.0 38,000.0 116.000.0 145.645.0 0,300.0 44.000,0 58,360,0 16.000.0 78,879,0 1,058,384,0
258,821.0 75.829,0 128,930,0 38,204.0 65.868,0 185,537,0 40,214.0 17,622.0 29,365.0 21,162.0
60.220,0 250,063.0 2,427.488,
541.803.0 179,629,0 283,248.0 103,933.0 202.276,0 334.981,0 58,762.0' 70,161,0 92.570.0
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
siid liabilities of the 688 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 30
1. Data for all reporting member banks In each Federal Reserve District at close of business DECEMB2:11 22 1926.
Federal Reserve District.
Number of reporting banks
LOAlls and discounts, gross:
Secured by U.S Gov't obligations
Secured by stocks and bonds._
All other loans and discounts_..._
Boston. 1Nete•Yorkl Phila. pentane!. Richmond! Atlanta.
i
35
68
75
50
92
38
S
1
S
s
$
1
1
S
5.664
4.626
20.773
10.0961
48.023,
8.090
358,116 2,320,3471 434,222 551.536 148,713' 110.610
640.388 2,874.4371 377,523 788,415 356.633 400,329
Total loans and discounts
1,006,504 5.242,8571 821.841 1,360.7241 509,972 516,603 2,178,357
Investments:
38.0191 279,783
87.0211 263,1111 62.6801,
135,8261 951.6361
U. S. Government securities
59,403 452,893
69,380
Other bonds, stocks and securities 255.789 1,178,506 269,324 369,498
514,300
732.676
183,822
391,615 2.130,142
Total investments
356,345
632,609
132.060
(Three ciphers (000) omitted.)
I
Chicago. St. Louts. Afinneap. Kan. City! Dallas. 1SanFran.1 Total.
— i
651
688
471
24
66
31
97
$
1
$
it
1
$
1
$
$
$
142,198
5,9761
4,289
4,630
3,3271
6,599
20,106
73,758 325,320 5,577.000
108,457
69.826 302.6471
879.423 196,762
242,3311 974,307 8.720,963
1,278,828 310,939 174,136
97.422
61,862
121,960
Total loans and Investments
1,398.209 7,372,999 1,178,186 1,993.333 642.032 614,025 2,911.033 698.122
49,309
35.8711
39.305 246,686
94,717 762.075
79.304 126.476
Reserve balance w :111 R.Bank_ _
10,140
69.663
17,394
12.575
Cash in vault
40,563
26,902 105,456
22.689
Net demand deposits
901,333 5.626,4821 764.704 1,010,078 373,097t 330.826 1.755.002 407,294
426.326 1,340.672, 247.783 806.800 207.390 223,032 1,056,550 211.344
Time deposits
3,874
22,7241
Government deposits
4.5631
13,0891
17,702, 49.160
9,793, 16,997
Bills pay. et rolls with F. It. Bk.:
11,497
58,569
49.0051
18.6251 124.725
22,8851
3,270
Secured by U.S.Gov't obligations
2,3031
19,571
9,973
18.054
16,836
8.562' 26,925
23,333, 29,765
All other
—
31,068
31,4471
13,243
75,930
35,461 142.779
25,636' 88.334
Total borrowings from F.R.Bank
Bankers' balances of reporting member banks in F. It. Bank cities:
79,255
6
58
2:2 6
50
342.768
120,651 1,031,911 161,470, 43,785
32,309, 18,5331 147
Due to banks
29,544
93,412
25,062
54,530
16,055
34,160
11,736
Duo from banks
247,2891 415,7341 320,377 1.305,603 14,440,251
1
1
1
98.5241
64,4061
50,150 244.264 2,337,282
29.136 227,147 3,176,976
47,362; 96,5781
195,1021
111,768
79,236' 471.4111 5,514,258
359,0571 610,8361 399,663 1,777.014 19,054.509
30.104 111,465 1,656,621
25,0361 66.273
362,839
25.159
6,080, 14,340: 11.878
213,379, 490.0951 276,704' 796.082 12,945,976
99.695' 881,824 5,774,735
126,859 146.460
163,365
16,5391
5,652'
2,3221
9501
1,100,
9501
2,988
2.589
1,5151
2,946'
25,0551
23,3871
321,537
182,391
2,0501
5,577
4.461
48.442
504.428
1
51,909, 102,132
26,721' 46,014
31.983, 103,234 2,119,94
571,706
58.060
25.255
2. Data of reporting member hanks In New York City. Chicago. and for the whole country.
AU Reporting Member Bank...
Reporting Member Banks in N. F. City. j Reporting Member Banks In Chtcagc
Dec. 22 1926. , Dec. 15 1926. 1 Dec. 23 1925. Dec. 22 1926. Dec. 15 1926. Dec. 23 1925. Dec. 22 1926. Dec. 15 1926. Dec. 23 1925.
6891
7191
6881
61
54,
54
Number of reportIng banks
Loans and discounts. gross:
1
$
141,127,000
142.108,000
174,240.000
56,342,000
43,229.000
45,120.000
Secured by U. S. Gov't obligations
5,577,090,000 5.474,193.000 5,002.044.000 2.021.018,000 1,926.508.000 2,274,383.000
Secured by stocks and bonds
8,720,963.000 8,763.875,000 8,341,323,000 2,526,109.000 .546,356.000 2,263,912,000
All other loans and discounts
45
45
$
1
$
14,166,000
13.701.000
661,899.000 668.492.000
719,257,000 714,940.000
46
16.893,000
645,468,000
682,507,000
14,440,251,000 14,379,195,000 14,117,607,000 4,592,247,000 4,516,093.000 4,594,637,000 1,395,622,000 1,397,133,000 1,344,868.000
Total loans and discounts
'
Investments
2,337,282,0001 2,391,477,0001 2.559,842,0001 857,185.0001 858,908,000,1 913,386.000 142,653,000,1 163,498,000 176,967.000
U. B. Government securities
Other bonds, stocks and securities_ 3,176,976,000 3,161,863.000 2,911,r,69,000 864.770.000, 866,178,000 795,174,000 211,117,000 211,232,000 198,692,000
I
1
5,514,258,000, 5,553,340,000, 5,471,711,000 1,721,955,000 1,725,086,000 1,708,560,000 353.770,0001 374,730,000 375,659,000
Total investments
I
-1
—I---I
1
19,954,509.000 19.932,535.000 19,589,318,000 6,314,202,000 6.241.179.000 6,303,197.000 1,749.392.000 1,771,863,000 1,720.527.000
Total loans and Investments
1,656,621,000 1.758,951,000 1.662.903.000 702.992,000, 768,479,000 720.835.000 170,341,000 177,478.000 159.767.000
Reserve balances with Fit. Banks
324,045.000
362,839,000
29,197.000
360,898.000
25,370.000
30,188,000
72,305.000
93.465,000
85.113,000
Cash in vault
12,945,976,000 13.214.138,000 13.063.497,000 5.060,338,000 5,147,735,000 5,188,575.000 1,191.706,000 1,222.649.000 1,154,458,000
Net demand deposits
5,774,735,000 5,782,401.000 5,308,071.000 899,512.000 904,703,000 797,432,000 524,907,000 521,294.000 507,213,000
Time deposits
163,365,000
163,355,000
15,427,000
257,315,000
8,562,000
8,562,000
45,326,000
63,401,000
45,326,000
Government deposits
Bills payable and rediscounts with
Federal Reserve Banks:
234,728,000
321,537.000
324,375,000 101,450,000
24,154,000
20,235,000
17,575.000
46.750,000 121,765,000
Secured by U. B. Gov't obligations
129,925,000
192,891,000
19,812,000
222,280,000
4.528,000
7,412,000
3.100.0001
27,328,000
15,450,000
All other
Total borrowings from F. It. bks__
504,428,000
364,653,000
546,655,000
116,900,000
49,850,000
Loans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks In New York City:
906.973,000 825.465,000
For own account
1,037,103,000 1,074,765.000
For account of oub-of-town banks
779.389,000 792.220,000
For account of others
—
2,723,465.000 2,692,450.000
Total
2,037,857.000 1.990.696,000
On demand
685,608.000 695.754,000
On time
Revised figures
149,093,000
24,897,000
24,763,000
43,966.000
82
T1TE CHRONICLE
[VoL. 124.
New York City Banks and Trust Companies.
AU prices dollars per mare.
Ranittrs' 1J5 antic
Banks—N.Y Bid. Ask.
Banks.
Bid. Ask. Trust Cos
Bid. Ask.
tmerleas____ 300 315 Harriman.... 635 655
New York.
&mar Union*. 208
215 Manhattan'. 230 233 Am.Ex.Ir.Tr 315 319
Bowery EastR 390 400 Mutual*
__ Bank of N *Y
610
Broadway Cen 345 365 National City 634 639
& Trust Co 690 710
Bronx Bore*. 1325 1425 New Nerh'ds• 330 340 Bankers Trust 658 884
Bronx Nat_ 510 525 Park
495 505 Bronx Co Tr. 310 330
Bryant Park' 210 225 Penn Each... 130 140 Central Union 930 935
Capitol Nat— 222 229 Port Morris_ 400
__ County
310 325
Cent Merean. 275 285 Public
555 580 Empire
372 377
Central
145 152 Seaboard .....s710 720
•ultable Tr. 309 314
Chase
420 425 2eventh
182 172
arm L & Tr_ 555 580
Chat!! Phenix
Standard ____ 685 800 Fidelity Trust 305 310
NatBk&Tt 370 375 State*
590 600 Fulton
450 475
STOCKS.
Sales
Range for Week.
Range Since Jan. 1.
Chelsea Ezeh• 275 280
e•
170 180 tuaranty Tr_ 457 483
Week Ended Dec. 31.
for
Chemical__ 885 892 United
185 200 Interstate ___ 198 202
Week.
Lowest.
Highest.
Lowest.
Highest.
Colonial*„... 800 1000 UnitedStates• 310 320 LawyersTrust _
—
Commerce_ 428 431 Wash'n Htsiii. 840 750 Manufacturer 547 552
Par.Share $ per share. I per share. $ per share.S per share. Gom'nwealth• 290
___ Y orktown• _. 135 142 Murray Hill__ 220 225
Railroads.
Continental_ 285 280
Brooklyn.
Mutual(WestAlabama & Vicksburg100
100j117% Dec 38117% Dec 30 107% Ma 117% Dec Corn Exch... 545 541) Coney Island* 325
375
chester)._ _ 215
Buff & Busquehanna_100
10 42 Dec 28 42 Dec 28 35
Oc 65
_ Dewey•
Feb Cosmoplaniii_
200 ..
N Y Trust__ 550 iii
Consol RR of Cuba p1100 2,50 70 Dee 28 70% Dec 28 68H No 72H Dec Fifth Avenue' 290
2200 2400 First
1400 415 Terminiil Tr. 175 185
Duluth SS & A pref..100
100 4 Dec 281 4 Dec 28 4
D
83( Jan First
z2775 2825 Mechanice•.., 320 330 Times Squir 138
142
Havana El Ry rects..._*I 1,31, 30 Dec 31 30% Dec 27 30
Dec 31% Dec Franklin
180 175 Montauk'... 350 _ _ Title Gu & Tr 892 700
Preferred rcts
50 95% Dec 30 97% Dec 27 95H Dec 97H Dec Garfield
•I
385 395 Municipal 0... 312 318 U 8 Mig & Tr. 410 420
Morris & Essex
6 81% Dec 29 81% Dec 29 79% Jan 83
501
July Globe Endes 225 250 Nassau
5320 330 United States 1770 1320
N Y Railways ctfs stpd *
1 97 Dec 29 97 Dec 29 97
D
97
Dec Grace
350
People's
700 .... Westchafr Tr 550 -2nd paid Mrs stpd_....*
ii 145% Dec 27145% Dec 27 108
July 150
Dec Greenwich'.. 535 550 Queensboro iii. 186..
Northern Central_ .__50
6 81% Dec 29 81% Dec 29 79
Ma 81% Apr Hamilton__ 215 222
IBroo
liTy
kinvs
_..... 805 815
Reading Rights
19,153 19% Dec 281 21% Dec 27 16H Ma 22H Feb Hanover-- 1090 -Kings County 2100 200
Rensallear&Saratoga 100
7 126% Dec 30126% Dec 30 122
Feb 127
Oct
MIdwood__-. 270 280
Southern Ry Rte
12,
1 Dec 27
91 13( Dec 28
1% Dec
H Oc
Vicksb Shrev & Pao..100
•Banks marked a) are State banks
157
2 97% Dec 29 90
Dec97%
J
(1) New stook.
98
July
(x) Ex-dividend.
Preferred
10
98 98H Dec 29 98H Dec 29 91
M
98H Nov y Ex-rights
Wall Street, Fridaffight, Dec. 31 1926.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 67.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Industrial & Misc.
Amalgamated Leather..* 1,101 16H Dec 2 18% Dec 28 14H Oc 21
Sept
Preferred
200 105 Dec 27 105 Dec27.102
100
Jul 113
Sept
Am Chicle prior pref___*
211
101 88 Dec 30 88 Dec 30 88
D
97 May
Am-La Fr FE 7% p1100
94% Dec 2 9434 Dec 29 94% D 103 May
Amer Piano pref _100 201 104H Dee 29 104% Dec 29 93% M 104% Dec
Am Type Founders pf 1
101 108 Dec 2! 108 Dec 29102K A 108H Dec
Atlantt Coast Line Pts• 912 18H Dec 29 18 Dec 27 15H Dec 1815 Nov
Barnet Leather
• 60 41
Dec 30 44 Dec 28 40
Ma 5734 Feb
Bayuk Bros let pref _100
100 102H Dec 2 102H Dec 29 98
May 102% Dec
Blumenthal & Co pf _10
101 40 Dec 30 40 Dec 30 40
Dec 60
Jan
Bon Aml ci A
• 6,80 53H Dec 31 55% Dec 28 5334 D
56H Dec
Canada Dry Ging Ale_ _•
I 36H Dec 28 373( Dec 2 32H Oc 49
Sept
Central Alloy Steel_ _ _.* 1,400 28H Dee 29 29H Dec 31 28H Oc 33H Aug
Central Leather ctfs-100 1,100 7 Dec 27 7H Dec 31 7
Dec 8% Nov
Preferred Ws
ill 3,100 52% Dec 27 5434-Dec 31 60
No 54H Dec
Chicago Yellow Cab —• 100 43 Dec 30 43 Dec
43
Dee 49
Feb
Colum Gas & El new... 13,200 88% Dec 31 90 Dec 2 8534 No 91
Dec
Preferred new
III 4,200101 Dec 29101% Dec 2 98H No 101% Nov
Rights
19,700 3 Dec 28 3H Dec 27
D
33( Dec
Contin Baking al A._ _* 49,100 59% Dec 29 88H Dee 31 50H Oc 93% Aug
Class IS
•48,100 8 Dee 29 9H Dec 31 7% Oc 15H Sept
Preferred
100 4,700 89% Dee 27 93% Dec 31 87
Oc 96H Aug
Crex Carpet
Ill
200 22 Dec 27 22 Dec 27 20
Sep 63
Jan
Crown Williamette pf _ _• 200 97 Dec 28 97H Dec 28 97H Dec 9834 Oct
De Beers Cons Mines__
100 32H Dec 30 32% Dec 31 2734 Ap 3934 Oct
Deere & Co pref
100
200 107 Dec 30 107 Dec 30 104H Ma 110
Nov
Devoe & Reynolds p1100 20010134 Dee 31 102 Dec 31 99
Ma 109
Jan
Elk Horn Coal
• 300, 10 Dec 30 10H Dec 27 8H Jun 1634 Oct
Preferred
50 200 23H Dec 30 2334 Dec 30 21
M
30H Oct
Emers Brant Cl A
• 1,600, 63( Dec 3
7 Dec 27 6% Dec 834 Dec
Emporium Corp
300, 36 Dec 29 36 Dec 2 36
Dec 36
Dec
Preferred ctf8
100
500, 7 Dec 27 7 Dee 27 7
Dec 14% Sept
Engineers Pub Service.• 4,000, 22 Dec 30 22H Dec 2 19H Oc 24H July
Preferred
300, 94 Dec 29 94% Dec 2 92H No 96% Aug
Erie Steam Shovel
8,900 2414 Dec 27 25 Dec 28 21H 10c 25% Nov
Preferred
100
100 101H Dec 28 101H Dec 28 100 LOc 102
Nov
Federal Motor Truck._* 1,100 26H Dec 31 27% Dec 27 23
Oc 3434 Aug
Franklin-Simon pref.100
100109 Dec 30109 Dec
106
Ja 109% Nov
Gen Gas & Elec cl B.....•
500' 40 Dec 28 41H Dec 31 36 10e 48% Aug
Hartman Corp Cl
7,200; 24% Dec 28 2634 Dec 31 24% D
30
Sept
Kayser & Co lat pf __•
200 110 Dec 29112K Dec 28 100
May 113
Dec
Kress(SE)Co
100
10 495 Dec 31 495 Dec 31 485
Dec 545
Jan
Kraft Cheese
2 4,300, 57H Dec 30 59% Dec 27 5634 Dec 68
Nov
Laclede Gas pref____10
200,100 Dec 29 10034 Dec 28 86
Sep 10034 Dec
Liquid Carbonic rafs_ • 9,000' 4934 Dec 28 53 Dec 31 4334 Oc 58% Nov
Louisiana Oil pref.__14001 94 Dec 28 9814 Dec 28 93
Dec 98
Dec
McCrory Stores
• 900, 76 Dec 28 79H Dec 28 70H Oct 117
Feb
Preferred
100
100 110 Dec 2 110 Dec 29 105
Apr1110
Feb
Manhattan Shirt p1..100
811120 Dec 31 120 Dec 31113K June 120
Dec
Mann Sugar
100
100,
40H Dec 28 27
Ap 50% Jan
Marland Oil rots full pal
300, 57H Dec 31 5734 Dec 31 57% D
57% Dec
May Dept Stores new.2
400, 69H Dec 28 70 Dee 28 69% D
70
Dec
Rights
9,700, 1H Dec 2! 1% Dee 28
D
1% Dee
Montana Power pref_10
100'113 D 2 118 Dec 29 11234 J.11934 Dec
Murray Body etre stpd.• 2,014! 15% Dec 2 15H Dec 27 15H D
16H Dec
Nat Supply pref
100
200 113H Dec 30 115 Dec 29 10434 M 116
Dec
Nat Surety
1
100 237 Dec 28 237 Dec 28 208
M 237
Dec
Oil Well Supply pref_10
101)1083( Dec 28108K Dec 28 104% Ap 109
Oct
Peerless Motor Car___
1,900; 27H Dec 30 29% Dec 27 2334 No 31H Nov
Penney (J C) pref
100103 Dec 27 103 Dec 27 103
D 107H Sept
Penn-Dixie Cement. • .6
38% Dec 3 39H Dec 27 38
D
41
Dec
Preferred
1_- 1,000 99H Dec 28 99H Dec 27 99
No 100% Nov
Phila Co 5% pref_. _50
100 39% Dee 31 393( Dec 31 36
Ja 3944 Dec
Purity Bakeries el A
90047 Dec 27 47H Dec 29 47
Oc 49% Nov
Class B
• coo, 42 Dec 27 42 Dec 27 41H No 44
Dec
Preferred
100 500101% Dec 31102% Dec 28 99
Oc 103
Dec
Real Silk Hosiery_ _1 7,6001 43% Dec 28 45H Dec 27 37H No 50% Oct
Rels(RbOdsCo 1st p11
-100 74H Dec 2 7414 Dec 29 7434 D
85
July
Sherwin Wms pref _1
100 108H Dec 2 106H Dec 29 105% Sep 108
Apr
Stand 01101 New York2 25.700 32% Dec 2 33H Dee 27 32H D
333( Dec
Stand 011of N Jersey R 4911
2H Dec 312 5-16 Dec 27 1% No
2% Nov
Texas Corp
222,900 56% Dec 2 57% Dec 27 53H Nov 5734 Dec
Union Tank Car new.1001 300 93 Dec 31 9534Dec 28 93
Dec 9534 Dec
USSteeinewwl
114
113% Dec29 117 Dec 27 113H Dec 117
Dec
Van Raalte
400 14 Dec 31 15 Dec 27 12H Ap 22
Feb
Virg Coal & Coke pref100
10 80H Dec 29 8034 Dec 2 70
July 85
Dec
V1vaudou Eta
9,5
34 Dec 3
H Dec 27
34 D
H Dec
Vulcan Det pref
100
10105 Dec 31 105 Dee 31 88
Ap 105
Dec
Washburn-Crosby p1100
100107H Dec 30107K Dec 30 107H D 110
May
White Sewing Mach pr.*
900 5534 Dec 29 56 Dec 27 48% Of 84% Oct
West Penn Pow 8%0100
100 103 Dec 28 103 Dec 28 95
Ma 103
Dec
Woolworth Co new w I. _ 10.00012031 Dec 29126H Dec 27 1204 D.128
Dec
•No par value.
New York City Realty and Surety Companies.
AU prices dollars per share.
IBid.
Alliance R'Ity 50
Amer Surety- x194
Bond & M G. 330
Lawyers Mtge 270
Lawyers Title
& Guarantee 295
Ask.
53 Mtge Bond..
1E8 Nat Surety
331 N Y Title &
Mortgage_
274
U S Casualty.
300
Bid.
145
235
424
325
Ask.
Bid.
155 Realty Assoc.
238
(Bklyn)oom 229
let pref_
92
430
2d pref._ _ 88
340 Westchester
Title & Tr. 550
Ask
234
95
91
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity
Rate.
Bid.
Mar.15
.16 1927— 4%% 100'n
June 16 1927— Mi% 1001n
Asked.
Rate.
Bid.
Asked
ept. 15 1927__
100,,n Sept.
1001,, 100%1
101Pst Deo. 15 1927— 434% 101,n 1017e
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 Stook
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation
Daily Record of U. S. Bond Prices. Dee.25. Dec.27. Dec.28 Dec.29. Dec.30. Dec.31,
First Liberty Loan
1112gb
354% bonds of 1932-47__ Low_
(First 334O
Cloee
Total sales in $1,000 assns.__
Converted 4% bonds oftHIgh
1932-47 (First &IL
Low_
Close
Total sales in $1,000 units_ _.
Converted 434% bondsrigh
ef 1932-47 (First 4Hii) Low_
Close
Total sales in 11.000 units_
Second Converted 4X %11Igh
bonds of 1932-47 (First Low_
Second 43411
Close
Total sales in $1,000 units__
Second Liberty Loan
{High
4% bonds of 1927-42_ __. Low_ H0L I(Second 4s)
Clan DAY
Total sales in 81.000 units...
Converted 4%% bonda{High
of 1927-42 (second
Low_
43(s)
Close
Total sales In $1.000 units_ _
Third Liberty Loan
{Hitib
434% bonds of 1928
Low.
(Third 411(s)
Close
Total sales in $1,000 units__
Fourth Liberty L01111
{High
41$% bonds of 1933-38._ Low_
(Fourth 4)4e)
Clan
Total sale, in $1,000 traits_
Treasury
{High
{Hs. 1947-52
Low.
Close
rota tales in $LOW units ___
(High
1944-1954
Low_
Close
Total sales in 31.000 units___
(High
33$5, 1948-1956
Low_
Close
Toted sales in II Ann enmi
100nn 1018n
10080ss 1008181
100:031 101
119
39
100"ss
- -- _
100"aa
____
100"n
---2
_
102"ap 102-"sa
102"3II 102"aa
1022.41 102un
16
190
____
____
_ __ ___
____
____
------____
____
-_- 10011n
10029,1
100nn
293
101uss
101",,
10188n
72
1038n
1038u
103%
365
1092811
10988,1
109uss
3
105,
in
105,011
105"ss
7
102"si
102",,
102"n
Ai
-___
____
- _
101--%
100",
101
1.466
10184
:
10111,
1018n
53
103",
103,3,
10314a
548
1108ss
10988s
1108ss
299
105ns
105141
1053in
144
102"ss
102"ss
102"ss
OR
10Iun 101% 1(11',,
101
100,1 1018ss
101'ss 101811 1018ss
91
136
67
100"41
-----.
100"aa
100"aa
102nat
102Paa
102ns,
290
102181,
1028011
10218ss
43
103
10-3-n
8
102..o 102nsi
1028011 103
43
69
10288n
....._
1028%
...102oss
---
---- 1008n
____ 100%
---5
101% 101%
101
1018n
101su 1018ss
383
67
101nis 101nss
101",, 101",,
10118n 1011811
80
355
103"n 10314n
103",,1031%
103un 1031,,,
775
237
1108n 110"ss
110
1108n
110811 1101n
14
90
106",,
106",84e
106
1088ss
10810,1 108%
103
11
1038n 103!ss
102"ss 103Iss
103142 1031in
202
71
-----10-11,1
1018n
1018n
333
101"n
1018811
101nn
183
10388n
103usi
103118.
330
1108ss
1108n
1108n
15
10138n
108811
76
103,
ss
1038n
1031ra
71
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
2 lst 48
2 2d 48
10 2d 43,(8
100
to 100115 3d 4148
100
to 100 18 4th 434s
1003,142 to 101
1011133 to 1011in
103
to 103"ss
Foreign Exchange.---Sterling exchange was quiet but
strong with quotations for a time at a fraction over 4 85,
though before the close there was a recession to 4 84%;
trading was intermittently active. The Continentals were
neglected for the most part with attention centering on
francs, which, however, remained virtually pegged.
To-day's (Friday's) actual rates for sterling exchange were 4 84 13-18 ®
4 8474 for checks and 4 85 5-16@4 8534 for cabins. Commercial on banks,
sight, 484 1i-16@4 84%; sixty days. 480 1 1-16 ®4 8034; ninety days,
478 3-1604 7834. and documents for payment (sixty days). 480 15-18®
481; cotton for payment, 484 11-168848434. and grain for payment,
4 84 11-16(04 84%.
To-day's (Friday's) actual rates for Paris bankers' frames wore 3 9334 for
short. German bankers' marks are not yet quoted for long and short bills.
Amsterdam bankers' guilders wero 39.98% for short.
Exchange at Paris on London. 122.78: week's range. 122.45 high and
122.76 low.
The range for foreign exchange for the week follows:
s:
Sterling Actual—
Cables.
High for the week
4 85 5-32
4 85 21-32
Low for the week
4 84 13-18
4 85 5-16
Paris Bankers' Pretties—
3 95%
High for the week
39634
Low for the week
39434
3 95%
German Bankers' Marks—
High for the week
23.8334
23.8434
Low for the week
23.7754
23.7834
Amsterdam Bankers' Guilders—
High for the week
40.01%
40.03%
Low for the week
40.01
Domestic Exchange.—Chicag, par. St. Louis,
uis, 15 25c. per $1,000
discount. Boston, par: San
ancisco, par. Montreal. 11.40625 per
$umo premium. Cincinnati. par.
83
New York Stock Exchange -Stock Record, Daily, Weekly and Yearly
OCCUPYING SI If PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Monday,
Dec. 27.
$ per share
Tuesday,
Dec. 28.
Wednesday, Thursday,
Dee. 29.
Dec. 30.
Friday.
Dec. 31.
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Par
Railroads.
1684 17112 1654 16912 16434 167
167 17014 167 17158 169,400 Atch Topeka & Santa Fe-100
100
1,100 Preferred
1014 10114 10114 10114 10114 10138 10134 102 *100 102
58 11,800 Atlanta Birm & Atlantio100
58
58
34
ba
58
58
34
58
54
207 207 202 208 202 204
20312 20434 20314 20518 5,900 Atlantis Coast Line RR_100
100
1074 108
;10712 10614 1078 10714 108
10634 108
1067
20,600 Baltimore & Ohio
100
7312 734 7312 735
7312 735
7312 738 v7314 737
1,100 Preferred
45
45
50
4412 4412 45
4514 45
45
45
4534 3,000 B aigor & Aroostook
10112 10112 *10112 103
10278 10278 *10212 10312 *103 10312
100
200 Preferred
7134 721
684 7158 69
7112 6912 7158 67 6812 35,200 Bkln-Manh Trao v t o_No par
*8714 90
No par
*8912 8934 8914 894 *8834 8912 *8912 90
400 Preferred v t a
15
15
*1334 14
1412 1458
1414 1414 *1358 14
600 Brunswick Term & Ry Sec.100
82
*80
82
*8012 82
*80
Buffalo Rochester & Pitts_100
*8012 82 *80 82
100
*59
61
*6014 61
Canada Southern
*6014 61
*5912 61
*6014 61
100
16834 16934 166 16714 16558 16612 1664 16618 16618 16714 5,100 Canadian Pacific
*288 300 *285 293 285 285 *288 293 290 290
125 Central RR of New Jersey.100
100
163 16434 162 16312 16134 163
16112 16312 16112 16312 29,400 Chesapeake Jr Ohio
100
_ *16012 ____ *160 ____ *160
*161 ____
Preferred
100
*412 514 - -4i4
*434 514 *434 514 *434 514
400 Chicago & Alton
718 718
718 714
7
714
100
718 718
714 714 4,300 Preferred
*250 280 *250 280 265 265 *250 275 *250 275
100
45 C C C & St Louis
304 3018 *30
32 .30
3112 30
30
•30
32
300 Chic & East Illinois RR_ 100
100
45 454 44
44
*42 44
*42
44
*43
44
700 Preferred
814 812
84 812
812 812
812 812
852 858 3,500 Chicago Great Western__ _100
24
2514 2358 24
2352 24
24
2434 24
1__00
2458 8,124 Preferred
878 878
838 812
814 814
8% 94
9
914 5,400 Chicago Milw & St Paul_ _ _1N
8
9
100
858
814 84
814 858
918 6,700 Certificates
83; 9
19
19
1812 1812 *1812 19
1812 1914 19
100
19
6,500 Preferred
1814 18% 1814 184 18
1814 1814 19
1834 1912 19,200 Preferred certificates--100
12
80
434 81% 7812 80
7818 80
80
80% 79
8112 23,100 Chicago & North Western _100
12434 12434 12434 124 125 *123 12414 12414 12414 1,800 Preferred
100
69 69
677 664 6712 69
6812 6914 6812 6914 23,200 Chicago Rock Isi & Pacirio_100
104 104
100
102 104 *103 104 *10212 104
10334 1037s
700 7% preferred
100
*9434 9534 95
9514 9514 954 9558 96
*9434 9534 2,700 6% Preferred
100
844 8512 8518 8514 84 8514 *84
87
834 8334 1,300 Colorado & Southern
100
*70
72 •70
7112 *70
72
*70
72
*70
72
First preferred
Highest
Lowest
Per share
per share 8 per share $ per share S per share g per share Shares.
122 Mar 30
944 Mar 5
12May 28
18112 Mar 30
8312Mar 3
6712 Jan 6
33 Mar 2
9778Feb 8
5418 Mar 31
78 Mar 31
812 Mar 4
6934 Mar 26
58 Jan 15
14612 Jan 9
240 Mar 30
112 Mar 2
119 Jan 20
414Sept 18
818May 18
17314 Mar 29
30 Dec 30
3612 Mar 31
734 Mar 31
1614 Mar 30
814 Dec 23
734 Dec 23
1418 Mar 31
14 Apr 20
6514 Mar 30
11812 Jan 4
4012 Mar 3
98 Mar 4
8314 Mar 31
52 Mar 3
62 Mar 2
PER SHARE
Range for Proton.
Year 1925.
Lowest
Highsat
g Per share $ per share g per *Aare
172 Dec 24
102 Dec 30
10 Jan 2
26212 Jan 2
10934Sept 7
7378 Aug 20
46 Feb 1
103 Dec 11
77% Dec 20
8934 Dec 24
1858 Nov 5
874July 20
61 June 14
17014 Dec 20
305 Jan 11
178.38Sept 24
171 Sept 28
1138 Feb 20
1814 Feb 1
275 Aug 2
37 Feb 1
514 Feb 1
1218 Sept
818Sept
1412 Jan
14 Jan
24 Aug 2
2338 Aug 2
8334Sept 1
12612 Apr 3
7114 Dec 1
108 Dec
98 Nov 3
9614 Oct 1
74 0431
1164 Jan
9212 Feb
3 Jan
14714 Jan
71 Mar
8278 Apr
3514 Mar
89 June
3518 Jan
7273 Jan
3 Feb
48 Apr
56 Jan
1364 Mar
265 Mar
894 Mar
10514 Apr
338 Apr
sig Apr
140 May
2934 Mar
40 Mar
9 Jan
1914 Mar
314 Apr
7 Sept
7 Apr
1278 Oct
47 Apr
10134 Apr
.201;mar
92 Jan
82 Mar
4418 Jan
60 Mar
14012 Dee
98 Dec
1134 Dee
268 Dee
9413 Dee
6734 Nov
5612 Nov
100 Oat
64 Nov
8334 Dee
1718 Nov
923s May
59 May
15238 Jan
321
Jan
13012 Dee
130 Dec
1058 Feb
1913 Feb
200 Dee
3814 Aug
574 Jan
15 Feb
32% Feb
1638 Jan
11 Nov
2812 Jan
22 Nov
807s Dee
120 Des
5818 Dee
100 Dec
8912 Mat
7012 Sept
6634 Dec
54 Jan 624 Aug
100 59 Jan 11 72 Sept 2
*65 68
*65
70
*65 68
*65
68
*65
68
Second preferred
13312 Mar 155 Apr
100 15014 Mar 30 18312Bept
175 1751 174 17413 17214 173
17334 1733 *173 174
1,200 Delaware & Hudson
125 Mar 14734 June
14634 14714 146 147'1 146 147
14414 1461 14414 145
6,100 Delaware Lack & Western- 50 129 Mar 30 15312 Jan 1
3438 Oct 80 Jan
4134 4134 1,000 Deny & Rio Or Wort pref_ _100 3712May 19 47 Jan
*4214 4258 *4158 421k 42
42
42's 42
26$4 May 3958 Dec
100 2212 Mar 29 42 Dec 2
41
4138 4034 411s 40
4014 397 40
4058 40
4,800 Erie
4678 Jan
35 Jun
100 3334 Mar 30 5514 Dec 2
5334 55
53
53
5378 5214 5312 13,400 First preferred
54
5212 53
4384 Jan
34 Jun
4914 4812 4934 4914 4912 *4914 4912 1,700 Second preferred
100 30 Mar 30 5014 Dec 2
4934 50
49
60 Apr 8238 Dee
8218 827
8134 8234 8138 83 280
807s 80
8034 22,300 Great Northern preferred_ _100 6812 Mar 30 8418 Dec
197 201
4038 Jan
25 De
18 Dec 10 2714 Feb 1
1918 1934 1918 1912 19
1914 1912 1934 16,014 Iron Ore Properties_ _No pa
23 Mar 3638 Sept
3634 364 3613 361 *36
*36
3634 *36
3634
400 Gulf Mobile & Northern-100 2518 Apr 20 4114 Sept 2
37
8912 Mar 1094 Sept
100 95 Mar 29 10912Sept 30
105 105 *104 106 *104 10512 •104 10512 *104 106
100 Preferred
2134 Mar 3838 Aug
*4038 41
4038 4058 4053 4118 4058 4053 4012 4034 1,100 Hudson & Manhattan_-100 3438 Jan 22 4112 Dec 14
6412 Feb 72 July
100 8734 Mar 31 80 Dec 14
*78 80
*78 80
*78 80 •78
80
80
80
100 Preferred
*123 124
100 11312Mar 3 131 Sept 7 111 Mar 12512 Dec
12218 12212 *122 123
1,000 Illinois Central
12212 12212 12214 123
100 11512Max 30 12912Sept 7 11212 Apr 12514 Dee
Stock
*122 125 *122 125
122 122 *121 125 *121 125
200 Preferred
630 Railroad See Series A.....1000 7114 Jan 8 77 June 23 6814 Aug 744 Dee
*7512 76
7552 7558 *734 76
75,2 7553 *7512 76
18 Jan 3318 Sept
25
Exchange •17
Lot Rye of Cent America...100 24 Dee 13 31 Feb 13
25
*17
24
*2334 24
*1818 23 •24
5912 Jan 6612 July
100 62 Mar 30 86 June 24
*5912 6612 *5912 67
032 67
*61
68
*6312 67
Preferred
1312 Mar 3412 Feb
Closed46
48
15,100 Interboro Rapid'Fran v t 0-100 2412 Jan 15 5334 Dec 20
49
49
46
4812 4678 4812 47 49
34 Max
112 Jan
312 Jan 15
1 Aug 14
100
114
1
1
*1
114 *1
114 *1
114 *1
100 Iowa Central
2858 Mar 51 Dec
100 3414 Mar 3 5114Sept 9
4178 4334 11,300 Kansas City Southern
Christmas
4114 4212 414 42
414 411's 418 42
57 Jan 634 Dec
100 6058 Mar 31 683e Sept 10
200 Preferred
*6534 68
66 66
*6534 6612 6534 6534 *6434 6612
Day
50 7511 Mar 3 106 Dec 10 69 Mar 8812 Dee
9958 10014 9934 100
1,800 Lehigh Valley
10258 10258 1014 10112 100 100
100 118 Mar 30 144 Sept 3 106 Jan 148 Dec
129 129
2,200 Louisville & Nashville
13253 13258 12912 13014 127 12978 *129 131
84 May 11912 Sept
92
*82
92
85
92
*82
92
*82
400 Manhattan Elevated guar 100 84 Mar 3 9234 Apr 20
85
*82
3213 Mar 5114 Feb
100 384 Jan 28 6178May 28
50
5112 4912 5032 8,600 Modified guaranty
5114 52
50
514 50
51
6 Nov 12 Sept
4';July 81 10 Feb 9
5
5
*458 5'2
200 Market Street RallwaY---100
6
*5
6
54 518
*5
20 Jan 4614 Sept
100 1912 Oct22 40 Feb 9
*24
30
*22
28
*24
26
*24
26
25
25
200 Preferred
4214 Nov 6514 Sept
100 3918June 21 5138 Feb 10
45
45
45
34358 441
700 Prior preferred
46
46
45
4518 45
15 • Dec 3514 Sent
100 11114 Oct29 2212 Feb 10
14
*12
18
1214 1214 14
250 Second preferred
*14
18
*14
18
378 Jan 11
4 Mar
118 Dec 29
23* Oct
200 Minneapolis & St Louis_100
134
114 114
112 14 *1
158 *1
158
*1
3058 Apr 57 Nov
700 Minn St Paul & 55 Marie_100 2578 Dec 31 5212 Feb 3
*28
29
*27
29
274 2734 2634 2634 25% 261
40 Mar 8614 NOT
100 50 Dec 21 79 Feb 3
*50
52
5014 501t
400 Preferred
51
51
*51
52
5032 51
5712 June 63 Feb
100 80 Oct 28 6673 Feb 24
Leased lines
*5513 60
*5512 60
*5512 60
*5512 60
*5512 60
2814 Jan 4512 Sept
3213 3314 3258 3253 32 3234 32
328
3218 3278 12,600 Mo-Kan-Texas RR____No par 2912 Oct20 4718 Feb 9
7434 Jan 9212 Dec
7
963
8
Dec
82
Mar
2
100
9578 9578 9513 96
9534 96
96
961
9614 9614 2,200 Preferred
45 Sept 1
3058 Jan 4134 Dec
100 27 Mar
3812 394 3818 38% 38
381
38
384 37% 3812 10,700 Missouri Pacific
71 Mar 9112 Dee
95 Sept 3
100 7112Mar
914 921
9014 9114 9014 9113 908 911
9014 92
13,500 Preferred
112 June
8% Jan 7
314 Deo
434 Apr 10
412 51
*412 51
*412 514 *412 51
*412 54
Nat Rye of Mel 1st pref_ _100
314 Dee
412 Jan 7
112 June
134 Oct 27
2
100
2
*134 2
158 18
134 134
134 2
2,000 Second preferred
12214 12214 *121 12314 *121 .126 *121 128 *121 128
200 New On Texas & Mexico--100 120 Mar 30 13212 Jan 9 1134 June 13712 Dec
1423 14453 14012 14314 14012 1428 213978 141
100 117 Mar 30 14712Sept 7 11314 JUne 1374 Dec
13914 14314 91,900 New York Central
190 190
189 18914 187 18878 188% 190
187 190
3,600 N Y Chic & St Louis Co_...100 130 Mar 3 20412Sept 23 118 June 183 Dec
&Oa Jan 983* Nov
100 93 Mar 11 106 July 8
103 103
103 103'2 10312 10313 103 1031 103 103
1,100 Preferred
423g 4134 434 20,100 N Y N H & Hartford
28 Mar 47 Dee
100 3058Mar 30 4838 July 17
4318 437
424 4318 4134 42311 42
2058 Apr 8434 Aug
1934 Mar 30 2878 Feb 13
2478
2418
24
Western-100
2412 247
3,700 N Y Ontario &
2514 2578 2412 2512 2478
5 Dec 12 June
6 Jan 25 2014 Feb 5
15
15,2 1513 1512 1478 1512 4,200 NY Railways pref etfa-No Par
1584 1613 1213 147
21 Dec 36 July
•1314 14
1312 1311 1312 1312 1314 1338 *1312 14
1,200 New York State Railways_100 13 Dec 8 284 Jan 14
2
2178
Apr 45 Sent
Apr15
44%
Sept
2778
100
*3734
39
*3734
3912
100
Southern
*38
3912 38
38
*3734 3912
Norfolk
100 13914Mar 30 17078 Oct 2 12312 Mar 161 Dee
159 15914 158 l592 157 15814 158 15812 157 15834 6,800 Noprrfe
ofle
krr&Western
7512 Jan 88 Dec
100 8312 Nov 4 8532 Aug 11
86
*84
86
*84
Preferred
86
*84 86
.84
86
*84
5814 Apr 784 Dec
100 6534 Mar 30 8212 Aug 26
27778 79
19,32 NI:
,
8018 80% 80
803* 7934 8018 7934 80
20 Aug 4012 Dec
100 15 Oct 19 48 Jan 8
*15
20
1514 1512 *15
18
i -111ceroPasare
*15
20
*15
20
4212 Apr 5538 Dee
Oct
27
4858
Mar
30
5718
50
22,000
4
57
563
Pennsylvania
56% 57
5612 57
5612 56% 56% 57
13% Apr 2158 Dec
1578 Oct 19 2634 Jan 14
*19 21100
Peoria & Eastern
*19
22
*19
21
*20
22
*2012 22
100 67 Mar 3 122 Dec 13 6134 June 8512 Dec
SOO Pere Marquette
116 116
114 116
*113 11712 *112 11712 *112 117
78 July 89% Dec
100 79 Mar 1 96 July 7
1,300 Prior preferred
*92
931
93
93
9312 93 93
9234 9234 *92
6812 Apr 7958 Dec
891
8912 90
1,600 Preferred
100 7034 Mar 29 9178July 17
89
89
*89
9012 89
89
89
10 Pitts Ft Wayne& Chic prof 100 1424 Jan 2 15118 Dec 2 139 Jan 144 NOT
____ 15012 1501
*14812 ____ *14812 ____ *148 --__ •151
2,000 Pittsburgh & West Va---100 85 Mar 30 13514 Dec 30 63 Mar 123 Dec
13434 135
133 1347; 1334 13318 135 13514 *133 135
6934 Mar 9114 June
50 79 Mar 30 10114 Dec 20
95 97
9312 9512 937 9518 9412 9514 943* 9653 28,500 Reading
3578 Mar 41 June
50 3934 Dec 4 42 Apr 26
400 First preferred
41
4114 4114 4114 4058 4058 *4034 4114 *4012 4114
4434 443
3614 Mar 4438 June
*4434 45
44
1,300 Second preferred
40 40 Mar 30 4534 Dee 21
4412 44
4458 4478 44
42 Apr 6274 Jan
*43
49
100 42 Apr 8 13114 Aug 2
*4212 49
47
Rutland RR prof
47
*44
48
*44
*45
5712 Jan 10214 Atli
12,900 St Louis-Elan Franehico
100 85 Mar 30 1034 Dec 22
10178 1034 10118 10214 10058 10112 101 10158 10058 102
76 Jan 9214 July
977
300 Preferred A
100 834 Apr 1 9712 Dee 23
9734 *96
9612 9613 9633 9633 9634 9634 *96
6224 3,300 St Louis Southwestern--100 5712 Mar 19 74 Feb 9
4334 June 6914 Dee
6114 62
62
6338 6338 62 6218 032 64
7018 June 7834 Dec
*7512 77
*7512 77
200 Preferred
100 72 Mar 19 8014July 27
76
*7512 76
76
76
76
3638 3712 3658 88
3678 3738 3634 374 3612 37
20% Jan 5414 Nov
25,200 Seaboard Air Line
100 2712Mar 31 51 Dec 2
41
41
4114 4034 41
35 Mar 5112 Aug
100 3112Mar 31 48311 Feb 18
40
10,900 Preferred
4012 4114 4034 42
96 Oct 10838 Jan
100 9818 Mar 30 11214 Dec 20
10934 111
10014 11114 10014 11014 10034 11014 10973 11058 31,600 Southern Pacific Co
7738 Jan 12012 Dec
100 10358 Mar 30 13114Sept 3
12138 12414 12238 12418 122 12473 12414 12558 12433 12634 87,400 Southern Railway
9513 9514 9512 1,500 Preferred
100 8712 Apr 6 9512 Aug 5 83 Jan 9512 Sent
*9434 9553 9434 9514 95,4 9553 95
4314 Jan 59 Dec
5474 5418 5518 7.000 Texas & Pacific
100 4218 Mar 30 6158 Jan 13
534 5414 5313 5438 54
5434 55
712 Apr 1558 Sent
4018 404 5,400 Third Avenue
3912 40
100 1312 Jan 8 43 Apr 23
4153 3934 401
41
4238 40
62
*6112 64
1,000 Twin City Sapid Transit_ _100 5914 Oct 25 7834 Jan 4
58 Jan 7814 Dec
60 6018 62
60. 60
60 60
16012
16158
160
Apr 16314 Jan
16214
11,600
13314
14112Mar
Union
100
1603
30
18838
Oct
1
Pacific
160
162
16112 1631 1604
72 Jan 7714 July
100 7434 Jan 6 8114 Aug 28
8014 80'2 8013 8012 8078 8073 2,200 Preferred
803s 801
8014 801
18 Aug 331j May
United Railways Inveetm1 100 1934 Mar 3 2712 Apr 7
4812 Mar 8373 Dee
100 65 Mar 2 125 Nov 11
Preferred
194 Mar 471a Aug
100 3378 Mar 30 52 Jan 12
-4614 1114 4014 11- 41 111-2 407s 42 12:200 Wabash
4l's 42
7558
7514
751
753
4
5,000
5534 Jan 7378 Dec
754
Mar
30
7834
Jan
13
7512
68
7512
Preferred
A
100
76
7534 76
68
*60
68
384 Jan 8012 Aug
*60
Preferred B
100 67 Mar 29 72 Jan 29
*60 69
*60 68
*63 69
11 Mar 18% Aug
100 11 Mar 3 1638 Jan 4
1234 13
123* 1278 123* 1218 1238 1418 1312 1378 18,800 Western Maryland
16 Mar 2614 Jan
100 1888 Mar 30 2438Sept 25
23
2358 *2134 2234 2178 2214 2353 2453 234 2378 4,700 Second preferred
19% July 394 Dec
28 .2814 30
3.200 Western Pacific new
100 2712 Dec 23 3914 Jan 2
2734 2778 2712 2758 2752 27% 28
735
734 7412 7312 74
12,300 Preferred
72 July 81 Dec
7214 737
100 72 Dec 28 8634Sept 11
7452 76% 72
1034 Mar 32 Dec
2618 254 284 2712 2814 35,800 Wheeling & Lake Erie Ry 100 18 Mar 30 32 Jan 2
2634 27
2614 2612 28
22 Apr 5378 Dec
4412 4412
Preferred
100 87 Mar 30 504 Jan 4
45
46
4434 45
*8714 90
8714 8714 *87
90
44% 47% 47
87- 87 •86
•Bid and asked prices. z Ex-dividend. a Ex-rights.
43
8912
9,600 Industrial & Miscellaneous.
200'Abitib1 Power & Paper_No par
7034May 21
98 Sept 14
..„
764 Dec
New York Stock Record -continued--Page 2
84
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dee. 25.
Monday,
Dec. 27.
Tuesday,
Dec. 28.
Wednesday, Thursday,
Dec. 29.
Dec. 30.
Secs
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 11926
On Oasts of 100-share lots
Friday,
Dec. 31.
Lowest
Highest
$ Per share $ per share $ per share $ Per share $ per share 5 per share Shares Indus. & Miscel.
(Goa.) Par $ Per share $ Per share
63
664 68
72
6913 70
69
69
69
69
2,900 Abraham & Straus____No par 43 May 20 72 Dec 23
•113
•l1118
•11114
*11118
*111
Preferred
100 10418 Mar 19 112 Dec 13
*26
27
*26
27
•26 17
*26 -ii
*26
27
Albany Pert Wrap Pap_No par 2613 Oct 6 2734June 23
*145 143
146 146
143 143
143 143 2144 145
700 All America Cables
100 131 Jan 6 155 July 24
126 126 *124 126
125 126 *125 127 .125 127
500 Adams Express
100 9978 Mar 18 136 Sept 22
10
10
9% 91z
9
918
9
914
914 914 2,300 Advance Rumely
100
8 Dec 16 22 Sept 24
32% 33
3112 3214 3112 31.34 31
3134 3112 3214 4,400 Preferred
100 2878 Dec 16 65345e8t 24
47
5
518
4% 5
5
5
4,400 Ahumada Lead
513
48 5
1
444 Nov 22
913 Jan 4
142 144
13912 141
13912 140
140 140 213712 139
3,200 Air Reduction, Ine____No par 10714MaY 19 14634 Dec 14
933 934
912 9%
93* 934
9,2 93*
912 938 12,900 Alas Rubber, Inc
No par
Oct 20 16 Feb 10
718
•1 13 1%
118
118
113 114 *1,4
400 Alaska Juneau Gold Min__ 10
13* *114
138
% Oct 22
2 Jan 4
13912 143% 13414 14134 1333* 13634 136 1333* 13414 13714 222,309 Allied Chemical & Dye_No par 108 Mar 30 1487
3 Deo 20
•12034 12112 12078 12078 170% 12078 •12012 12134 *1201, 121 12
200 Preferred
100 11834 Mar 20 122 14 Dec 2
9034 9212 8) 9014 89
8914 89
8978 8812 9034 7,200 Allis-Chalmers Mfg
100 784 Mar 26 9438 Jan 14
111 12 11112 *110 112
110 110
11012 11012 *110 11012
500 Preferred
100 105 Apr 7 11112 Dec 14
3134 32
3134 31% 313* 3134 3112 32
31 12 324 7,009 Amerada Corp
'To par 2414May 20 3278 Aug 9
13
1318 1278 13
1313 1314 1318 1313 13
133* 4,009 Amer Agricultural Chem._ 100
9 Oct 14 34% Jan 14
4712 4714 47
45% 463* 4718 4,901 Preferred
4312 4534 4578 43
100 35% Oct 30 9612 Jan 14
42
42
*4113 4212 '
0414 4212 4134 4134 *4134 42
203 Amer Bank Note, new
10 3458 Mar 31
48 Oct 23
.55
561 *55
5612 5812 5612 5612 5612 5612 561
400 Preferred
60 55 Jan 16 5813July 10
24
24
33% 23% 23
*23
23
24
23
23
800 American Beet Sugar
100 2012Sept 13 3834 Feb 5
5814 5814 5812 5812 *5818 5812 5812 581 *5814 61
400 Preferred
100 55 Nov 5 83 Feb 24
1613 161
1618 1612 1614 17
1613 1634
163
, 1633 5,900 Amer Bosch Magneto_No par
16 May 19 34% Jan 4
139 139% 139 139
138 138
138 138 *137 138
700 Am Brake Shoe & F___No par 110 May 19 180 Feb 2
118 118 •11714 119 *11534 11734 *11714 11734 *11714 118
100 Preferred
100 11014 Mar 24 12814 Feb 18
3818 39
3712 3814 3712 37% 3734 38
5,300 Amer Brown Boverl El_No par 3014 Mar 29 50 Aug 9
38
381
*98
971 *9612 97,2 *9612 97,2 965 9638 *96
100 Preferred
97,2
100 88i3 Mar 31 9713 Jan 16
51 12 5314 4934 52% 48% 50
4833 4912 48
4914 162,500 American Can w 1
25 387 Mar 30 6318 Aug 4
129% 130 *128 12912 •128 12912 *128 12912 •128 12912
300 Preferred
100 121 Jan 4 13012 Dec 15
101 10178 101 10212 101 101
101 10114 101 10112 2,200 American Car & Ftly___No par 9113 Mar 31 1147 Jan 12
*12812 130 •12812 130 •12834 130 *12834 130
130
130
200 Preferred
100 12012 Oct 1!1 13014 Dec 22
*2514 2538 2533 25% *2514 3538 2518 2514 2512 251 2
800 American Chain, clam A__ __25 2314 Mar 30 2614July 20
37
37
3614 3613 36
3734 2,040 American Chicle
3614 3614 364 37
No par 31 Oct 11 51 Jan 4
7
3678 36% 36% 37,4 3513 3512 35
35
*3634 37
800 Do certificates
No par 28 Oct 13 4714 Jan 7
*933 9%
913 938
912 93*
938 938
93* 9% 1,500 Amer Druggists Syndicate..10
414 Jan 5 1038 Aug 19
13114 13214 130 13134 130 130
129 130
130 130
1,700 American Express
100 10578 Mar 3 140 Jan 8
1912 21312 19
1912 19
18,100 Amer & Porn Pow new_No par 1414 Nov 3 4233 Jan 2
20% 2018 21 1s 2014 21
89
89,4 8813 8812 8814 8812 8814 8814 *8814 89,4
1,600 Preferred
No par 79 Oct 1 98 Feb 13
9
9
9
9
600 American Hide & Leatber_100
834 834 *814 84
*814 84
7 May 10 1712 Feb 9
5212 52,2 60
5112
50
*51
51
51
800 Preferred
5134 51
100 3312May 7 6714 Feb 9
2913 29% 2318 2914 2918 29% 2934 303* 2933 3014 8,500 Amer Home Products_.No par 23% Oct 8 3033 Dec 30
130 131
12712 13012 124 12514 125 12612 12434 128
4,900 American Ice
100 109 Mar 31 136 Juno 8
*8312 841 *84
8412 *84
Preferred
8412 *8312 847 *8412 844
100 8113 Oct 18 8634June 1
3812 381
3812 3312 3818 3334 *381, 383* 38
2,100 Amer International Corp_ _100 3134July 19 4634 Feb 18
38
97 10
1038 11
10
978 10%
1034
8,300 American La France F E___10
978 1018
9 8 Dec 29 1573 Jan 4
*3012 31
29% 3118 29% 3033 30
30
30
301
2,300 American Linseed
100 25% Oct 20 52% Jan 4
72
72
72
72
7334
*71
71 14 71,4 *71
74
Preferred
400
100 6734 Oct 19 87 Jan 4
10853 1101 10773 1081 10712 10914 10834 10914 103 1094 12,200 American Locom new No par 9014 Mar 31 11978 Jan 4
*119 121 *119 1201 *11918 120
11978 11978 120 120
300 Preferred
100 116 Aug 9 12414 Dec 7
7312 731
7212 7314 7214 73
7314 7314 73,2 7333 1,700 Amer Machine & Fdy_ _No par 6514 Oct II 8012 Aug 16
*124 126 *123 126 31123 126 •124 126 •124 126
Preferred
100 114 July 15 125 Dec 23
*4234 453
4212 43
42% 43
4212 4212 1,700 Amer Metal Co Ltd_No par 4214 Dec 23 57% Feb 16
427 427
•105 112 *103 112 •100 112 •104 112 *104 112
Preferred
100 11312 Apr 15 120 Feb 6
62
621
81
62
6018 60% 6014 6112 6114 61 14 5,600 Am Power & LIght____No par 5034May 19 7212Sept 8
11218 1141 112 112% 112 11214 1128 11312 113% 114
3,700 American Radiator
25 101 1,May 19 12238 Aug 9
8812 881
8812 881
88% 88% *88
89,2 2,000 Amer Railway Express__ __100 77% Mar 31 90 Dec 10
89'2 88
Stock
*38
45
*35
43
*40
42
200 American Republics_..No par 3978 Nos 9 74 Jan 5
4014 401 *404 42
57
5838 55
58
56
56
56
56
15,500 American Safety Razor_ ___100 42 Apr 14 7034 Aug 17
56% 66
Exchange
512 53
512 5%
5% 5%
6,700 Amer Ship & Comm _ _ _No par
5% Dec 29 1178 Mar 12
512 534
6
6
147 14938 14334 14818 142% 145% 1414 14533 141 14314 138,500 Amer Smelting & RefinIng.100 10958 Apr 21 152 Aug 17
Closed- •121 122 *121 122
12014 12038 12034 12034 *12012 121
300 Preferred
100 11278 Mar 31 12238 Dec 20
•125 12534 12512 12512 12514 12734
127 127
400 American Snuff
100 12134 Oct 6 1(15 Feb 9
Christmas
4434 44% 4414 4478 4413 4412 443 4412 4434 45
2,400 Amer Steel Foundries. No par 40 May 11 47 Aug 3
•I13
*113 11318 *113 11318 *113 113 1$ 11318 11313
100
Preferred
11014 Sept 21 115 Feb 23
100
Day
82
82
80% 82
8013 8012 8012 81,2 80% 8134 4,500 Amer Sugar Refining
100 654 Apr 14 8714 Nov 26
*108 10834 *108 10812 108 108
107 107
107 107
400 Preferred
100 100 June 19 11012 Nov 30
4214 4318 41% 4234 4132 4234 42
4212 4212 4238 8,600 Am Sum Tob new ctfe_Ne Par 2914 Aug 13 44 Dec 18
Option A ctfs
100 1412 Apr 28 26 Aug 19
'27
-1/1-2
2832 27I4 21,-4
300 Amer Telegraph & Cable..100 2512July 6 41 18 Feb 10
13.1-2 -2-7T42733
14814 149
14834 1487 14834 149
1487g 14914 14912 14978 5,800 Amer Telep & Teleg
100 13958June 18 151 Doc 18
12112 12278 •12112 12212 121 18 12212 1227 123 •121 12 1221
1,400 American Tobacco
50 11138 Mar 31 12434Sept 8
*110 1104 110 1108 .110 11012 11012 11012 •110 11034
200 Preferred
100 10618 Jan 4 113 May 26
12034 12133 120% 12138 1203* 12118 12034 12134 121 12 12134 2,900 Coinmon Class B
50 11018 Mar 31 124 Sept 8
127 127
12214 1224 125 125
400 American Type Founders..100 114 Jan 22 135 Feb 13
125 125 *12312 127
6158 63
61
6234 6033 62
9,700 Am Water Works & Eleo
20 4334 Apr 13 74 Jan 4
6214 6334 624 6334
10534 10534 *10434 10512 10512 10534 106 106
1st preferred (7%)
108 108
500
100 10112 Mar 3 10814 Jan 27
3314 3412 323* 34
3258 3312 10,300 American Woolen
3214 3334 3212 33
100 19 June 9 42% Jan 13
87
86
8734 86
86
1,000 Preferred
86
86
86
862 86
I00 66 Apr 30 9014 Dec 7
1%
1 18
1
1
1,500 Amer Writing Paper pref 100
•1
1
1,8
I
1
1
538 Jan 13
12 Aug 13
12 Aug 4
Preferred certificates... _100
412 Jan 13
-83-4 *812 838
812 812
-/1:2 _ ii(io Amer Zinc, Lead & Smelt___25
518May 19 1213 Feb 4
4412 4612 44
45
3,600 Preferred
44
4438 *44
4534 4334 44
21 20 May 19 5414 Dec 10
4834 4912 48
49
4734 4439 47% 48
474 4833 10,500 Anaconda Copper Mining...50 4112 Mar 30 51% Aug 6
*41 14 4112 414 ,4114 4012 41
400 Archer, Danis, MIdI'd_No par 3478June 1
*40% 4214 *4038 421
444 Jan 2
•106 10734 108 106
200 Preferred
106 106 *106 10734 *106 10734
100 100 Mar 4 108 Oct In
9212 93
93
93
93
93
700 Armour & Co (Del) pref _100 9014Nlay 21 974 Jan 13
*9212 9312 *9212 93
1514 15% 15
154 15% 9,500 Armour of Illinois Class A._25 1318May 22 2512 Feb 13
1434 15
1514
144 15
814 812
814 812
84 8% 10,700 Class B
84 833
818 84
534May 20 17 Jan 4
25
*80
84
84
*80
Preferred
84
85
*80
*80
8338 *80
100 80 Apr 30 93 Feb 11
227 23
2338 233* 2278 2278 227 2334 *3278 241
1,400 Arcs Cons Corp tern et! No par
18 Apr 12 3114 Jan 6
*227 2318 *2278 23,2 2278 2278 *22
200 Art Metal Construction... _10 1918 Jan 2 2334 Oct r,
2214 2234 2234
*55
57
Artloom
*5512 563* *5434 56
*5434 56,2 *5434 551
No par 403413ept 23 6312 Jan 21
*112 114 *112 114 *112 114 *112 114 *112 114
Preferred
100 108 Mar 18 113 Dee 6
4234 43
41% 7,90C Associated Dry Good5
41
4158 4234 413* 42% 41 18 42
100 3714 Mar 30 54% Jan 9
•10112 102 *101 102 *101 101 12 101 101
1st preferred
*98 102
100
100 98 Mar 25 10212 Jan 6
•110 112
110 110 •110 11012 *110 11014 110 110
400 2d preferred
100 102 May 19 110 Dec 20
4.4912 52
*4913 52
*4918 51
100 Associated 011
4912 4918 *4914 52
25 4434 Jan 6 60 Mar 4
4034 4134 3914 403* 3934 413* 4012 41
39% 40
6,000 All Gulf & WI 88 Line___100 29 Oct 11 68% Jan 6
39
39
3812 39
1,900 Preferred
100 334 Oct 27 5814 Jan 30
3812 3978 3912 3912 3914 391
11578 11734 1144 1174 11378 11512 11318 116
112% 114
15,800 Atlantic Refining
100 97 Mar 3 1283shlay 24
11614 11614 *116 11614 *116 1164 *118 1164 •116 1161
200 Preferred
100 11518 Oct
120 June 22
*61 14 63
63
*61
63
.61
*61
*61
Atlas Powder
63
63
No Par 54 Mar 4 64 No, 22
*9712 98
*9712 98
*9712 98
*9712 93
100 94 Jan 8 97% Dec 16
Preferred
*9712 98
*812 9%
*812 93* *812 98,
812 812 *812 93*
200 Atlas Tack
No par
1712 Jan 30
8 Oct 21
9
914
9
II
*9% 1018 3,400 Austin, NicholefsCo vte No par
9
9
*979 1014
718 Oct 23 28 Jan 29
*55
60
63
60
6433 614 6114 *al% 64
*61
Preferred
1,100
100 54 Nov 3 93 Jan 0
*14
34
%
1
*14
213 Feb II
600 Auto Knitter Hosiery _No par
*14
33
34
4
14 Oct
16233 16714 16014 16512 16018 18314 160 163
1524 15734
, 138,000 Baldwin Locomotive Wks. 1(50 9278 Mar 31 16734 Dec 24
11534 11534 1154 11578 *11534 11614 11614 1164 4115 1184
Preferred
500
100 105 Mar 31 11914 No, 24
27% 23
2712 277
2712 277
27% 2738 2712 2734 10,700 Barnedall Corp class A
25 2312May II 3312 Jan 2
25
2512 25
26
25
25
25
25% 25% *25
800 Class B
25 2212 Oct 27 2912 Jan 2
5312 5118 53
53
52
51% 53
5314 6234 5334 8,600 Ba uk Cigars, Inc
No par 39 Misr 31 55% Nov 30
•5912 60
*5811 59
*5812 59
5812
5813 5812 *58
71% Feb 4
900 Beech Nut Packing
20 5214 Oct 1
274 2712 2634 274 2614 26% 2618 2718 26
2678 9,800 Beld'g II'way Co tern ctfNo Par
26 Dec 31 3934 Jan 4
47
48% 46% 4734 46% 47% 4613 4713 46% 4678 28,800 Bethlehem Steel Corp
100 3714May 20 51 1313ept 20
*10434 10512 10434 10434 105 10513 •10434 105 •10434 105
800 Preferred (7%)
100 99 June 1 10578 Dee 22
37
37
3778 38% 3714 39% 3912 42
4034 4138 10,900 Bloomingdale Bros___ _No par 28 June 11
42 Dee 30
*10913
•11012
•1104
100 10414June 21 110 Dec 11
Preferred
- *109,2 --- - *11014
*7
718 718
*718 7,2 *714 7%
712
7
714
418 Mar 24
400 Booth Fisheries
No par
934 Jan 11
45
45
*45
*35
50
50
40
*45
*45
50
100
100 3434 Oct I I
1st preferred
5112 Jan 7
*2812 29% 2812 2812 2812 2812 2812 28,2 *28
2812 1,100 Botany Cone Mills class A...50 20 May 25 4118 Jan 4
29% 30
2353 2934 28% 28% 2818 2834 2818 2812 10,100 Briggs Manufacturing_ _No par 24 Oct 20 3713 Jan 4
12
12
*i2
*% 1
1
512
1
12N1ay 5
3 Jan 18
600 British Empire Steel
100
•1312 1912 •1312 1912 •1312 1913 •1313 1912 •1312 1912
954J one29 27 Jan 28
1st preferred
100
•I12 234 •112 234 *112 234 *24 212 *214 21,
112.1une 24 1018 Jan 11
100
2d preferred
15512 15512 15512 15512 154 154
15534 156 *154 156
1,300 Brooklyn Edison, Inc
100 133 Mar 31 163 Sept 8
9312 9214 9234 9118 9134 9112 9112 .9114 92
93
1,800 Bklyn Union Gas
No par 68 Mar 30 98 Dec I
34
34
33
34
3412 3412 34
33
*3312 34
2913June 1 48% Jan 7
700 Brown Shoe Inc
No pa
*10934 __
*109 112 •109 112 *1094 112 *10934
100 107 June 5 111 Mar 10
Preferred
36
36
3634 36% 3612 3638 3734 3818 3612 8,500 Brunsw-Balke-Collan'r_No par 2438 Mar 30 3934 Sept 15
36
125 126,4 *125 126
127 127% 125 127
128 123
2,800 Burns Bros new clAcom No par 121 Mar 31 144 July 23
28
*2713 28
•2818 28,2 28
28,4 *2814 2812 28
600
New class B corn _ __ _No par 28,2 Nov 4 44 Feb 13
*984 100
*0814 100
*9813 100
*9814 100
*95 101
100 97 Mar 30 10312June 22
Preferred
122 1221* 12234 1224 4.200 Burroughs Add Mach __No Par 7712 Apr 13 124 Dec 29
119 12134 12134 12134 121 124
•Bid ilrlo asked am e15 .0 oleo 011 Vats day. s E3-diVkl4111d.
(
PER SHARI
Range for Previous
Year 1925
Lowest
$ per share
------119
90
13
47
718
8634
938
1
80
117
7112
10314
Highes1
per Owe
1335
Jan
Apr
Apr
Feb
Oct
Jan
Dec
Jan
Mar
Jan
Jan
Jan
Oct
11714 Oct
20
Oct
6214 Oct
12% May
1173s Des
1573 Jan
213 Oat
116% Dee
12114 Nov
9714 Dee
109 Dec
1313 Mar
3813 Mar
3912 Dec
5312 Jan
2958 Oct
78 Dec
2618 Mar
9014 Mar
10712 Jan
474 Dec
9018 Nov
4714 Dec
115 Jan
9713 Apr
12034 Apr
2213 Oct
Jan
37
Jan
37
414 Dec
125
Apr
274 Apr
Jan
87
812 Mar
5813 Sept
Oct
821, Daa
83 Mar
7412 Mar
3218 Mar
1114 Jan
20 Mar
53 Jan
10412 Jan
115 Aug
4433 Dee
6813 Bev,
43 Jan
87% June
54% Jan
158 Dee
11458 Dee
53% Oct
98 Dec
4934 Doe
12178 Sept
1154 Bent
128 July
27 Feb
62 Ape
5813 Apr
634 Jan
166
Jan
514 Sept
94 Feb
14% Dec
75% Jaz
_
139 Dee
86 July
4678 Nov
20 Nov
5914 Nov
89
Oct
14474 Mac
124 Feb
4534 Kfai•
111 Mar 119
8972 Jan
z76 Sept
48
Jan
36% Jan
5114 Dee
90% Mar
10513 Jan
13814 Apr
37% June
108
Jan
47% Jan
9114 Jan
3734 June
13058 Jan
85 Feb
104% Jan
8412 Feb
103
Apr
34% Jan
9714 Aug
3434 May
89,2 May
112 Dec
12 Dec
7 May
2478 May
3514 Apr
28
Jan
9011 Jan
904 Mar
20 Mar
16 Dec
90 Dec
Jan
8
15
Jan
39 June
101 13 Aug
4612 Aug
Jan
94
101
Jan
32 Mar
20 Jan
31
Jan
9512 Jan
113 Sept
45 June
9012 Oct
913 Feb
22 July
8733 Jan
Is Dec
107 Mar
107 Aug
1834 Aug
18 Aug
Nov
ii212 KO;
84
Jan
7934 Deo
7634 Nov
1412 Feb
14412 Dec
11514 Oct
154 Nov
4712 Doe
1134 Oct
774 Deo
10414 Nov
3814 Sept
80 Mar
37 Sept
37 June
9314 June
47 Feb
145 Deo
12112 Oct
110 Nov
11912 Oct
13533 Nov
7614 Dec
103 Feb
6434 Jan
9613 Jan
713 Jan
4
Jan
1212 Jan
4474 Dee
534 Nov
4612 Doe
105
Oct
100
Oct
2712 Oct
204 Oct
9314 Nov
1733 Oat
2083 Nov
604 Dec
110 Deo
614 Nov
102
Oct
10814 Feb
474 Dec
77 Sept
60 Sent
11712 Feb
117% June
65 Dec
94
Jan
21 Dee
3212 Jan
95 Aug
414 May
146 Feb
11658 Jan
3313 Den
30 Dee
5314 Feb
7734 Aug
4133 Deo
5312 Jan
102
Jan
-418 May
25 June
40% Aug
Oct
27
138 May
22 July
6% July
120% Jan
7318 Dec
48 Dee
96 Mar
24 June
9212 Feb
17 Mar
9112 July
05
hilt
873 Oct
52 Oct
46 July
4413 May
5
Oct
36
Oct
14
Oct
15613 Nov
10014 Nov
4614 Deo
109 Oct
493p Jan
138 Dec
39 Deo
99
Oct
103 Sept
New York Stock Record-Uontinued
85
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,
Dec. 25.
Monday,
Dec. 27.
Tuesday,
Dec. 28.
Wednesday, Thursday,
Dec. 30.
Dec. 29.
Friday,
Dec. 31.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 11926.
On basis of 100-share tots
Lowest
Highest
PER SHARE
Range for Prestos,
Year 1925.
Lowest
Highest
$ per share $ Per &hare $ per share $ per share S per share $ per share Shares. Indus. & &Miceli.(Coo.) Par g per share $ per share $ per share $ Per share
1458 June 26 Dec
3118 4,800 Bush Terminal new..._ No par 1834 Mar 18 3414July 14
31
2912 3138 31
30
3034 30
3034 32
1
4 June
100 86 Apr 6 93 Aug 2
80 May 89/
29112 9158
700
Debenture
93
93
9258 93
93
93 .9212 93
100 9912 Jan 20 104 Nov 19
9612 Jan 103 Dee
100 Bush Term Bldgs, pref
____
10314 10314 *103
*103
.103 ____ •103
Dec
23
614
Feb
83
4 Jan
6
4
10
414
Mar
Zinc
2,400
Butte
Copper
ex
*414
43
8
414
415
414
4
,
4
414
414 438
434
100 1734Star 3 71 Sept 15
17 May 2834 Jan
5012 5112 2,500 ButterIck Co
51
5114 51
51
51 12 5178 5112 52
612May 2414 Jan
10
718May 18 1614 Jan 11
1012 1034
1,900 Butte & Superior Mining
11
1112 1012 1034 1034 1034 *1034 11
700 By-Products Coke__ __No par 53 June 30 90 Sept 27
6834
69
69
67,4 6958 *67
69
.67
69 .67
23 Oct 44a Oct
1,900 Byers & Co (A St) _ _ _ _No par 28 Mar 29 4478 Nov 16
4112 42,8 4112 4134
42
414 4112 41
4118 42
5,200 California Packing_ _ _ _No par 6614 Oct 18 17912 Feb 4 10012 Jan 3612 NOV
70
6914 6912 6934 69
7112 684 6912 69
70
3818 Feb 10
2378 Jan 3432 Den
25 2934 Oct 11
16,300 California Petroleum
3114 31
3114 31
31 14 3078 31
3118 31 12 31
1121%lar 26
258 Jan 15
114 Oct
434 Feb
10
1,200 Callahan Zinc-Lead
134
1 12
1 12 *112
134
112 112
134 *112
134
Mar
29
45 Apr 6118 Dec
735
8
Aug
9
10
5512
Mining_
6614
1,700
Arizona
6614
Calumet
67
67
,4 6738
*6634 6812 6634 6734 *66
1214 May 1858 Jan
1812 Aug 9
25 1338 Star 31
1434 1434 2,200 Calumet & Hecla
1414 15
15
•15,8 1518 15
1518
15
24 Mar 6812 Dec
100 624 Jan 4 176 Aug 6
14934 155
151 15434 14934 15234 12,100 Case Thresh Machine
149 153
150 153
60 Mar 10712 Dee
100 96 Jan 5 11812 Aug 10
300 Preferred
115 115
1154 11518 *11514 117 *115 117 *115 117
1434 Mar 2358 Oct
7 Nov 11 2012 Jan 5
100
734 734 2,500 Central I,eather
75s 734
712 778
778 8
77,s 8
4914 Mar 71
Oct
100 434 Apr 28 6834 Jan 5
5338 544 2,100 Preferred
5258 5312 5334 54
*53
534 5212 53
3034 Sept 4712 Mar
1014 Oct 25 3278 Jan 8
1234 1234
306 Century Ribbon MIlls_No par
•13
14
*1314 1312 1314 1314 134 1378
94 Dec 9834 Jan
100 7814 Dec 29 90 Jan 21
*7814 84
100 Preferred
*7814 84
*7814 84
7814 784 *7814 84
4314 Mar 6432 Nov
5,800 Cerro de Pasco Copper_No par 5712 Jan 22 7312 Aug 9
6134 62
6214 6158 6212 6134 62
6218 6234 62
4034 Mar 58/
1
4 Sept
4134 41
42
5,800 Certain-Teed Products_No par 3612may 20 4912 Jan 5
4134 41.78 4112 4134 4114 4138 41
8912 Jan 110 Sent
100 100 May 22 10614 Nov 9
100
1st preferred
105 105 *104 1074 *104 105
•____ 105 *104 105
Nov
Feb
11
5
26
No
par
812
Cleveland
Mot
1,700
Chandler
83
4
83
4
83
4
83
4
8% 83
812 84
812 812
No par 2034 Dec 9 4514 Feb 15
2112 21
2134 2158 217
5,000 Preferred
2134 22
21 12 2134 21
8014 Mar 128 -13:4
123 12412 12312 12334 123 12312 7,300 Chicago Pneumatic Tool_ _100 9412 Apr 8 12+44 Dec27
126 12814 124 127
49/
1
4 Mar 7478 Oct
par 4518May 19 6638 Jen 4
No
3,100
Childs
Co
50
5014 494 494
4914 4914 494 4958 4912 50
3012 Mar 3752 Jan
25 30 Mar 3 3634 Jar 6
3334 3414 344 3412 15,900 Chile Copper
3434 35
3334 3478 3358 34
/
4 Feb
19 Apr 281
5 16 Mar 3 25 Nov 4
27
*22
27
*22
27
•22
27
*22
Chino Copper
.22
27
6234 Dec 6412 Dee
34
3312 35
800 Christie-Brown certifs_No par 2912 Oct 15 6334 Jan 4
35
35
3412 3434 34
*33
3434
28i2Mar30 5478 Jan 9
421
41
41
4214 4158 4238 411s 4214 110,609 Chrysler Corp new. _ _.No Pa
42
42
No pa
93 Mar 30 108 Jan 2 IOO's July iii7; KO;
10334 10334 *101 10114
200 Preferred
*102 104'2 103 103 *101 103
5812 Mar 71h Jan
61
61
601/1 6012 6014 6038 *6038 61
1,100 Cluett. Peabody dc Co _ _ _ _100 60 Dec 18 8812 Jan 7
601z 61
100 10314 Jan 13 116 Sept 17 10312 Jan 109 Sent
•113 117 *111 114 *113 116 *113 113 *113 116
Preferred
27
17
34
Dec
Jan 17734 Not
Mar
24
80
128
No pa
17212 17458 17012 1724 22,100 Coca Cola Co
1724 17454 171 14 17338 17112 173
3434May 27 8912 Dec 21
No pa
6818 63
654 6414 6512 6438 6514 15,300 Collins et Altman
87
68'n 66
-100 9834Nlay 27 13812 Dec 24
134 136 *131 133
127 130 *128 132 *128 132
800 Preferred
3214 Apr 4814 Jan
100 2738 Mar 3 4938 Oct 2
4418 4434 4312 44
43
4312 4312 4334 434 4334 6,200 Colorado Fuel & Iron
45 Mar 6234 Dee
5558 Jan 26 7034 Dec 14
68
68
6678 6714 6612 6718 .6712 69
67
67
1,400 Columbian Carbon v to No pa
Oct
4534 Jan 86
6312 Mar 29 9034 Dec 6
No pa
8912 *89
300 Col Gas & Elec
8978 89s 8912 8912 .89
8912 8934 8934
10 111345ept 13 1174 Nov 26 10414 Jan 11412 Dec
*11634 1187 *11634 11878 *11634 1183i *11634 118 14 *11634 11834
Preferred
3812 Sept 55/
1
4 Dec
1612 Nov 13 4712 Jan 14
1858 1834 1814 1834
1814 1814 18
1814
1738 1778 2,440 Commercial Credit. ___No pa
2514 Sept 2712 Oct
2
2114 Nov 13 2614 Jan 13
*22
2312 *22
2312 *221s 234 *2212 2312 2214 2214
100 Preferred
2614 Sept 2734 Dee
25 20 Nov 16 2734 Jan 11
2212 2212 *22
24 .23
24
*23
24
*23
24
200 Preferred B
100 852 Dec 31 9912 Feb 26
100 1st preferred (638)
.86
87
*8512 87
*86
8712 *86
8612 854 851
50
Jan 84/
1
4 Nov
2,700 Comm Invest Trust_ __No par 54 2 Dec 31 72 Jan 11
57
5558 57
5412 551
*5612 59
5714 •5812 57
100 97 June 7 104 Jan 28 100 Nov 10712 Nov
98
98
100 7% preferred
.98
-- *98 101
*98 ____ *98
100
Jan
13
89
May
7
100
200 Preferred (6(b)
9312 *92
9312 02
92
.025s 93
9258 9258 *92
78 Slay 189 Jan
22514 22734 22034 222
21,800 Commercial Solvents B No par 11814 Jan 4 237 No, 2.3
23112 237
225 23112 22212 231
15/
1
4 Nov 431/ Jan
1912 194 19
1912 1878 194
1834 19
1878 191 24,400 Congoleum-Nairn Inc_No par 1212May 13 '2938Sept 1
No par 4012May 17 57 Dec 31
11,200 Congress Cigar
5412 5612 54
5412 55
5638 5534 57
5412 53
32 Dec 9
1 Mar 12
-1-2 Slay 17 Feb
522
34
100 Conley Tin Foil etpd....No par
*4
24
*34
3
•34
34
34
38
2612 Jan 6334 Den
841 14,700 Consolidated Cigar..__No par 4514 Apr 15 8714 Dec 14
83
844 8518 8314 8534 83
8414 8312 85
798 Jan 96 Dee
100 91 Mar 31 10738July 28
Preferred
.9912 1021 *99 10214 *9812 1021 *981z 10212 *9815 1021
31
/
4 Jan
9/
1
4 Feb
112 Aug 13
612 Jan 7
134
13
IN
13
IN
134
134
IN
*IN
13
1,800 Consolidated Distrib'rs No par
741
/
4 Mar 97 Dec
Mar
30
Aug
6
11538
10912 1101 10838 1091 10814 1091 10938 10912 108 1087 19,700 Consolidated Gas(NY) No par 87
234 June
514 Jan
334 4
114May 10
914 Nov 22
378 41
334 37
334 4
334 37 13,500 Consolidated Textile__.No par
60N Star 9311 Dec
Stock
7212 747
72
7258 72
727
7212 7234 7214 7234 9.700 Continental Can. Inc_ _No par 70 Star 30 9212 Jan 2
Jan 140 Den
141 141 •13912 14012 139 140 x139 1394 *13712 1394
800 Continental Insurance_ __. 25 122 Mar 31 14434 Jan 9 103
Dec
'1
814 Jan
1512 Oct
par
97
8May
17
137s
ctfs_No
'change
tem
1314 137
1234 1358 1212 13
13
68,600
Motors
123
4
Cont'l
13's
1234
323s May 4234 Dec
25 3558 Mar 30 5153 Dee 20
5018 511
4938 5018 4914 494 28.800 Corn Products Refill w I
4934 5058 4912 50
100 12212 Jan 8 13314 Dec23 11818 Jan 127 July
Closed- •12934 131 *130 131 *13014 131 *130 131 *1304 13078
Preferred
48 Aug 6012 Dec
No par 4412 Mar 29 62 Dec 9
5758 583,8 57
5712 *5612 53
•57
58
*5712 5778
800 Coty, Inc
1
4 Nov
6412 Mar 84/
Christmas
811
8012 79
81
4,300 Crucible Steel of America__100 64 Apr 15 8234 Dec 11
81
80
8058 7934 80
80
92 May 102 Den
100 96 Mar 30 104 Dec 14
200 Preferred
104 104
104 104 *103 105 *103 105 *103 105
4414 Dec 5432 Oct
No par 2814 Oct 30 5338June 20
Day
3258 3258 32
3212 3178 3258 3178 3218 3134 3234 5,200 Cuba Co
1113 Jan 29
754 Oct 14/
1
4 Feb
858May 22
No par
10
10
10
10
10
10
10
1018
1018 1018 4,900 Cuba Cane Sugar
3718 Oct 62/
1
4 Feb
100 3512June 8 5038 Dec 11
47
47
4634 47
4612 47
4712 4812 4712 481
4,900 Preferred
2014
30$8
Jan 28
20
1
4 Mar
Sugar....
_
10
Aug
10
Oct 33/
2718 27'3 27
273s 2611 27
2634 27
2714 2778 9,600 Cuban-American
9378 Nov 101 Mar
100 9734 Jan 5 105 Nov 19
*105 110 *101 111
101 101 *101 110 *101 110
63 Preferred
•1734 18
1712 1734 *1614 1678
17
1712 1712 181
2,800 Cuban Dom'canSug new No par 151.2Sept 21 2014June 7
50 5118 Nov 19 55 Dec 13
524 5318 5212 5318 5212 5258 5234 5278 5212 523
2,900 Cudahy Packing new
No par 7712 Mar 1 108 Dec 28
62 Mar 104- Oct
104 1051s 10414 108
105 105 *104 106
106 106
2,600 Cushman's Sons
No par 32 Nov 26 51 Jan 14
44 Nov 59 May
3214 3278 3218 324 3218 324 3212 33
32
321
2.100 Cuyamel Fruit
2778 Apr 4934 Jan
2914 2934 2834 29
28
284 28
7,900 Davison Chemical v t o_No par 231s Oct 20 4634 Feb 17
2838 274 281
100 12312 Mar 30 141 1 2 Dec 13 110
Jan 15912 Sept
*138 137
13514 136
135 136 *13412 13514 *135 136
1,100 Detrolt Edison
53
Oct 90h Dee
4112 4212 3912 4034 39
40
3934 4038 4012 401
5,100 Devoe & Reynolds A-No Par 31 Oct 7 10418 Feb 10
2134 June 4834 Nov
28
2834 2634 2812 2634 2712 2634 27's 2614 267 55,900 Dodge Bros Class A_No par 2114Niay 17 4714 Jan 2
7313 May 9112 Oct
No par 7912May 17 90 July 20
28338 8418 8212 8234 8212 8234 8214 8212 82
821
2,100 Preferred contra
8 001 18 20 Mar 13
1234 Apr 1818 Nov
1134 1I3s
1114 1112 1118 1134
11
No Par
ll'o 2934 1038 8,700 Dome Mines, Ltd
No par 19 Mar 20 96 Nov 27
14 Feb 2312 Aug
*44
45
*4312 45
*4312 45
45
46
46
46
600 Douglas Pectin
*116
____ 11614 116,4 *11614 117 *11614 117 *11614 117
100 Duquesne Light 1st pref___100 1111:Mar 3 116h Aug 10 105 Jan 11314 Den
133 13634 132 13312 13138 13478 133 134
Jan
13234 133
8,100 Eastman Kodak Co_ _No pa 1065s Mar 30 13634 Dec27 10434 July 118
*2512 26
No pa
23 Oct 21) 3234 Feb 14
1012 Feb 3012 Dee
2512 2512 2412 2434 2515 2512 2478 247
1,000 Eaton Axle dr SprIng
17712 18112 1754 180
17312 179
177 179
17418 1777 44.100 E I du Pont de Nem new _No pa 15434 Nov 4 181 Dec27
•10718 110 *109 110
109 109 *107 10918 109 110
100 10034 Apr 20 1104 Dec 10
Jan
Nov
94
400 6% non-vat deb
1134 12
12
12
1178 12
1134 12
2
1034 Oct 11 2012 Feb 1
---12
12
3,200 Eisenlotir dr Bros
65
6538 64
6412 *6412 6434 6312 6312 64
No pa
6134 Star 31 82 Feb 1
---- ---64
800 Electric Autollte
15
16
1418 154 14
15
No pa
4 Mar 23 16 Dec27 _
1414 15
14
---1458 48,600 Electric Boat
1734 181
174 18
1514 Oct 7 3412 Feb 10
1714 1838 1778 1838 177s 1814 21,300 Elea Pow & Lt etre_ _ _ No pa
1732 Apr 401
/
4 July
9912 Mar 30 115 Feb 11 100 Star 110 June
10412 10434 10478 10478 *10478 10578 *10412 10514 1044 10412
300 40% pr pd
*104 105 *104
___
104 104 *10414 ____ •1134
10212 Oct 5 11012 Feb 26 10012 Mar 110h June
100 Pref full paid
9658 964 96
98
9612 0612 *96
9614 96
8911 Mar 24 9814Sept 10
897s Aug 9434 Dec
9614 4,800 Preferred certife
334 3515 3414 35
34
3518 3478 3618 3618 3834 53.850 Electric Refrigeration. No par 3338 Dec 9 7812June 23
8034 81's 7878 8034 79,4 80
7912 8038 787s 80
7,400 Elec Storage Battery__No Par 7118 Mar 3 9418 Aug 19
6024 Mar 80 Dec
th 2
Emerson-Brantingtiam Co 100
1 May 20
4 Feb 1
532 July
*34 2
.
34 2
*34 2
Ds May
534 2
*6
100
*512 8
534 53
15
*6
15
5 May 20 2434 Jan 29
*534 11
200 Preferred
8 May 2634 Aug
6738 6738 *6738 68
6712 6734 6738 6738 6712 67,2
500 Endicott-Johnson Corp_ _ _ 50 6512 Mar 31 7258 Feb 8
6334 Apr 74/
1
4 Sept
*115 116
1151z 11512 *11414 11512 11512 11512 11512 11512
100 114 Jan 7 120 Sept 15 111 May 11834 Oct
500 Preferred
12118 122 *12012 1234 *12012 12112
12318 12318 12112 122
500 Equitable Office Bldg pfd.100 9978June 17 13214July 28
66
6714 664 67
67
68
66
67
66
4812 Nov 5712 Dee
6638 13,000 Eureka Vacuum Clean_No par 43 May 19 6838 Dec 18
•15
1514 *15
154 *15
1514 *1518 1514
1518 15,8
100 Exchange Buffet Corp_No par 1424July 20 17 Apr 22
1
4 Jan
13/
1
4 July 19/
2 Apr 16
25
31145ept 11
*212 312 *212 312 *212 3i2 4,232 312 *212 31
214 Mar
4h Aug
Fairbanks Co
No par 3758 Dec 30 5934 Feb 10
4134 4134 40
4114 3914 4018 3758 4012 39
3214 Jan 54/
1
4 Oct
4234 7,000 Fairbanks Morse
*107 109 *107 109 *108 109
10812 109 .108 111
200 Preferred
100 10612 Nov 23 116 Feb 9 10612 June 11018 Nov
11334 115
11278 114
11234 11312 113 11414 113 114
18,400 Famous Players-Lasky_No Par 10318 Jan 19 12712June 11
9014 Feb 1i434 July
*12012 12112 12138 12138 12112 12112 *1201s 12212 *12018 1221
300 Preferred (8%)
100 115 Star 31 1244 Dec 6 103/
1
4 Feb 120 July
42/
1
4 4334 4112 4212 4114 4212 4112 42,8 4112 42
10,200 Federal Light & Tree
15 28 Mar 31 471 2 Dec 13
26
Oct 3714 Dee
*93 ____ *93
____
93
93
*91
93
93
93
200 Preferred
No par 86 June 18 94 Dec 20
824 Sept 89 Dee
*84
93
*87
02
*87
92
88
88
*87
93
200 Federal Mining & Soaelt.3-100 41 May 22 11134 Jan 5
1514 Mar 9511 Dec
77
78
77
78
7634 7634 77
78
*76
78
4,500 Preferred
100 61 Mar
1
4 Dee
105 Jan 6
4912 Mar 94/
193 19312 19234 193
19212 19212 *185 194 *187 195
600 Fidel Phen Fire Ins of NY.. 25 160 Apr 1 20014 Jan 23 147/
1
4 Jan 179 Dee
•14
1512 *14
1512 *1312 16
*1312 16
*1312 16
14 Oct 14 2132 Feb 9
1734 July
Fifth Ave Bus tern ctfs_NO Pa
12
Jan
*99
9934•
9912 •___ 9912
991 *____ 99
First Nat'l Pie, 1st pref _100 96 May 18 107 Feb 13
*29
30
2934 2934 •29
2912 2858 2878 284 287
2,400 First Nat'l Stores
No pa
28 Nov 27 49h Feb 5
381: Dec 40 Den
1634 174 1658 17
1612 1678 1638 1678
1812 163 16,500 Fisk Rubber
No pa
1414May 20 2614 Jan 13
1012 Mar 2824 Oct
7934 7934 80
80
80
80
.80
81
*80
801
900 1st preferred ,tamped
100 7674 Apr 19 8414 Mar 16 _
9812 98
98
*98
*98
9838 *98
9818 984 98,
300 let preferred cony
100 94 June 3 107 Mar 1
47
4758 4612 4758 464 4718 4658 47
4634 471 14,000 Fleischman Co now....No pa
32/
1
4 Mar 29 5612 Feb 1
7934 8214 7934 811 14.200 Foundation Co
7612 7634 -744 7512 7434 78
No pa
7314 Dee 17 17934 Jan 29
Jan igi4 Not
90
7214 7058 7134 x70
7112 7012 7134 7,500 Fox Film Class A
72
7312 71
No pa
5518 Mar 31 85 Jan 2
6812 Sept 85 Dee
3378 3558 3358 3438 3334 3438 3418 3458 3378 3414 25,400 Freeport Texas Co_ _ _ _No pa
1
4 Oct
19/
1
4 Jan 13 36 Dec 3
8 Mar 24/
2912 29
2914 2914 2958 2918 2918 2,400 Gabriel Snubber A
29
2914 29
No par 2558 Nov 11 42 Feb 11
/
4 Nov
2878 Aug 391
*714 8
712 *714
74 712 *7
71
712 734
500 Gardner Motor
538 Nov 5
1614 Mar
No pa
934 Jan 4
44 Jan
4512 4512 *4514 4512 4514 4512 4518 45'S 4534 46
1,500 Gen Amer Tank Car
Oct
100 39 Mar 29 5538 Jan 2
4412 Aug 60
10634 10714 *106 108 *106 108
*107 109 *107 109
200 Preferred
9334 Feb 104 Nov
100 9912June 24 109 Dec 14
8758 8958 8718 8958 8614 8814 138,200 General Asphalt
9012 8814 91
87
4212 Mar 70 Dec
100 50 Mar 3 9414 Aug 28
136 136 *132 136 *132 136 *125 133
131 136
1,100 Preferred
/
4 Mar 3 14018 Aug 28
100 941
8812 Mar 109 Dec
5414 544 5434 5412 5412 1,500 General Cigar, Inc new_No pa
5412 5434 5412 5412 54
46 Star 29 591/ Feb 11
____ *116
____ *116
*116
•116
____ *116
Jan iff14 Mae
100 109 Jan 11 118 Dec 8 105
Preferred (7)
*11334 11712 *11334 ____ *11334 11712 *11334 11712 *11334 11712
Debenture preferred (7)_100 10914 Apr 12 11812 Feb 10 104 July 116 Dee
*5534 56
5534 56
6634 58
56
5638 56
56
2,600 Gen Outdoor Adv A__ ..No pa
4514 Aug 548 Sept
61 Star 30 5638 Aug 4
3812 397s 394 3978 3818 3958 3812 384 3812 39
13.300 Trust certificates____No pa
2852 Mar 30 3978Deo 27
2612 Aug 3432 Dee
1
4 Feb 33714 Aug
Electric
100 285 Apr 15 3864 Feb 19 227/
"iiiR 8434 8334 84'4 18:1566 General
844 -813-5;
New
No pa
79 June 9 954 Aug 14
Bid and asked prices; no sales on this day. z Ex-dividend. a Ex-rIghta.
86
New York Stock Record -Continued-Page 4
For sales during the week of stocks usually Inactive, see
fourth page preceding
111011 AND LOW SALE PRICES-PER SHARE, NOT PER
CENT.
Saturday,
Dec. 25.
Monday,
Dec. 27.
Tuesday,
Dec. 28.
Wednesday, Thursday,
Dec. 29.
Dec. 30.
Friday,
Dec. 31.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926
On basis of 100-share lots
1
PER SHARE
Range for Fmk'''.
Year 1925
Lowest
Highest
Lowest
Highest
$ per share $ per share 5 per share 3 per share $ per share
$ per share Shares. Indus.
1114 1114
1114 1133 1114 1138 1114 1112 1159 1112 7,800 General& MaceII. (Con.) Par $ per share $ per share $ 17er share $ per gears
Electric
special__
_10
11
Jan
5 1134 Dec 14
4218 43
10% Oct 1173 July
42
4212 4118 42
41 13 4212 4212 43
3,800 General Gas & Elec A _ _No par 34 Mar 30 59 Jan 2
*9812 100
587 Dec 6138 Dee
*9812 100
*984 100
*9912 100
*9812 100
Preferred A (7)
No par 95 May 11 100 Dec 9
*112 114
99 Dec 100 Dee
11213 11212 *112 115 *112 115 *112 115
100
Preferred
A
(8)
No
par
10512 Apr 8 113 Sept 9 110 Dec 110 Dec
*94
96
*94
96
*94
96
94
94
9414 9414
200 Preferred B (7)
No par 924 Apr 27 96 Jan 4
1573 1605 15434 15878 15314 1577o 15512 15714 15112 15514 586,000
General Motors Corp No par 11314 Mar 29 22534 Aug 9
12012 1207 12012 1207 12059 121
6438 Jan 149% Nov
12038 1202 12012 121
1,200
preferred
7%
100 11312 Jan 29 12214 Dec 13 102
•104
____ *10414 ____ *10412
Jan 115 Dee
__ *10412 _
*10412 --__ ______
6% preferred
100 9814 Apr 13 105 June 29
884 Apr 994 Nov
_ General Petroleum
25
4912
Mar 2 7018June 23
-8
42
.1 -ii1-2 -ii
Jan 594 Dec
85
8312 8418 8353 845
8213 8353 5,900 Gen Ry Signal new__ __N
-Oliar 6012Mar 31 937 Aug 18
*10312 105 *104 105 *104 105
68 Nov 804 OM
104 104 *104 105
100 Preferred
100 103 Apr 14 105 Nov 16
*43
45
9012 July 1057 NO,
*4312 45
*4313 45
*4312 45
43
4312
200 General Refractoriee___No par 36 May 27 49 Jan 4
4234 4312 4214 43
42
Oct 5813 Jan
4158 4212 4214 4234 427 4314 10,000 Gimbel Bros
No par 4114 Nov 16 787 Jan 19
*104 10414 *104 10414 104 104
47 Mar 83 Dee
10414 10412,*104 10412
400
Preferred
100
100
Nov
10 11138 Jan 7 10214 Mar 11412 Nov
1812 185*
18
1812 1873 1914 1958 2033 2014 21
25.200 Glidden Co
No par 1533June 3
4 Jan 4
4414 45
1212 Mar 264 Dec
434 4334 43
4314 4234 4318 5,600 Gold Dust Corp v t o No par 4111 Mar 31 253
4314 43
567 Feb 3
434 437
37 Mar 51
4314 4334 433 44
Oct
4258 4314 43
433
8,600 Goodrich Co (B F)__ No par 3912Nov 30 7034 Feb 9
3634 Jan
*9412 95
*9412 95
7434 Nov
*9412 95
*9412 95
*9412 95
Preferred
100 9412 Dec 22 100 Feb 16
92
Jan 102 Nov
9912 995
99
99
994 9912 9912 997
9934 9934 1,800 Goodyear T & Rub pf v t c_100 9612 Dec 16 1097
8 Aug 1
8612 Jan 1145* Oct
*10414 10512 *10414 10512 *10414 10512 *10414 10512 *10414 10512
Prior prererrea
100 10414 Dec 18 109 Sept 14 103
Apr 109 Dee
6159 6112 6012 6012 608 6114 6118 61% *6014 61
1,800 Gotham Silk Hosiery _ _No par 33l4Mar301 6912 Nov 15
39
Des
42 Dee
605* 605* *6033 6112 60
6018 *6014 6112 *6014 61
1,100 New
No par 4712July 12 6873 Nov 14
*11118 11112 *11118 11112 *11118 112 *111 112 *111 11112
Preferred
100 98 Apr 6 125 Aug 17
9912
Dec
10212
Dee
95* 934
95* 10
959 95*
912 933
959 4,200 Gould Coupler A
914
No par
8 Oct 30 2112 Jan 23
3314 34
1873 Dec
23 Sept
33
3312 3314 3378 3378 34
3314 3412 8,100 Granby
13 Mar
217s Dee
10814 10812 10712 10834 10618 10712 10712 10934 10612 10914 10,500 Great Cons M Sm & Pr_100 1618 Mar 31 36% Deo 9
Western Sugar tern otf25 89 Apr 14 11312 Dec 14
91
*11712 1184 11818 1181g 118 118 *118 11814 11814 11814
Jan 11318 June
300 Preferred
100 10812 Mar 30 11814 July 22 107
Apr 11512 Deo
3212 3212 31
3134 3012 31
30
3012 31 12 3112 1,500 Greene Cananea Copper__ _100
954 Apr 3
3434 Dec 14
II% Mar 1914 Jan
912 934
9
9
9
*812 9
934 *914 934 3,700 Guantanamo Sugar.
No par
518 Jan 5 1073 Feb 1
612 Jan
56
5678 5512 5634 5412 5512 5412 5518 5312 55
38 Sept
5,100 Gulf States Steel
100 5138 Oct 25 9359 Jan 4
6718 Mar 9534 Nov
6012 6012 6014 6014 *58
64
6012 60,2 *80
62
300 Hanna 1st pref class A__ _100 45 June 18 60'2 Dee 27
4212
July
*26
27
80
Feb
*26
27
*26
27
26
26
2612 2712 2,500 Hartman Corp cla,s A _No par 26 Oct 20 2812
Nov15_1978 2038 1812 2018 1834 1912 1912 2034 1912 2059 21,200
Hayes Wheel
No par
1713 Dec 23 46 Jan 14 10 - Mar 191-2 -Nov
*7512 80
*75
80
80
*75
*75
80
*75
80
Heirne (G W)
25 68 Mar 29
Dec 7
66 May 7734 Jan
2012 21
1933 20
1959 20
21Is 2314 2,900 Hoe (R) & Co tern ctfs_No par 1712klay 27 88
21
21
3512 Aug 11
27 Dec 487 Jan
•60
62
*60
63
6112 6112 *60
63
100 Homestake kilning
100 4712 Jan 4 63 Oct 9
43
Jan
Sc) Jan
43
43
*4234 43
424 43
*4238 43
*43
434
500 Househ Prod,Ine.tem ettNopar
Mar 3 4838 Jan 8
3412 Jan 4719 Nov
614 6334 617 6312 6138 63
6112 6234 6033 61% 6,000 Houston Oil of Tex tern ct13100 40
5014
Mar
31 71 Jan 5
59
Apr 85
Jan
414 417
41 1g 4112 4034 41 18 41
4118 x3938 40
5,500 Howe Sound
No par 27 Jan 8 45 Sept 15
1612 June 3118 Nov
50% 5253 4912 51% 507 5438 5359 5514 5259 554 227,200 Hudson
Motor Car -..No Par 4034 Oct 26
3334 Jan 13912 Nov
217 2259 217 2214 2178 22
22
22
22
2238 12,500 Hupp Motor Car Corp____10 17 Mar 2 1234 Jan 4
2859 Jou 4
1414 Mar 31 Nov
307 3158 2912 31
2912 3012 x2938 30% 2913 291a 37,700 Independent 011 & Gas_No par
1953 Mar 30 34 Jan 2
1312 Jan 4114 June
*15
17
*15
1634 *15
1634 *15
1612 1412 16
300 Indian Motocycle
No POT
14
2
Dee
31
2414
Feb
4
13
Mar 24 Aug
*814 834
834 834 *814 834
814 814
85* 859
300 Indian Refining
78 Oet20 1334 Feb 13
10
512 Jan
1414 Dee
*8
812 *734 812 *8
812
8
*8
8
812
100 Certificates
10
74
Oct
1212
20
Feb
13
8
Sept
1253 Dee
*95 107
*95 107
*95 107 *100 107 *100 107
Preferred
100 90 May 14 104 Jan 7
77 Mar 110 Dee
*9212 95
*9212 9312 9212 9212 92
9312 95
92
400 Ingersoll Rand new_ __No par 8014 Mar 31 104 Jan 5
77 Nov 10712 Dee
4234 43
4212 43
42
42
42
4212 4112 424 4,900 Inland Steel
No par 3412May 11 4334 Dec 20
3834 May 50 Feb
*107 111 *____ Ill • *____ 111 *___ 111 *____ Ill
Preferred
100 10834 Mar 16 116 Feb 9 10412 Apr 112 Sept
2534 26
2514 2534 254 2514 25
2513 254 2514 5.100 Inspiration Cons Copper___20 2034 Mar 30 2638 Nov 10
2214 Apr 3234 Jan
1312 1338 1312 1373 1314 1312 1312 1312 12
1312 5,300 Intercont'l Rubber___No par
12 Dec 31 2134 Feb 11
912 958
918 918
94 912
912 11
*10
11
4,700 Internal Agricul
No par
94 Dec 8 2614 Jan 22
74 Jan 2.118 Nov
63
63
6212 63
62
6212 62
6359 6334 634 4,000 Prior preferred
100 5833 Dec 8 95 Jan 27
40
Apr 86 Nov
5412 5412 53
5459 535* 54
5312 537
5414 5414 3,700 Int Business Machinee_No par d3818 Mar 30 569 Dec 15 110 Mar
17614 Nov
5112 5178 5118 .52
51
51
5173 *51
5114 51
2,900 Internatlonal Cement_ _No par 4459 Oct 20 717 Jan 21
52
Jan 8112 Sept
104 104 *1034 10414 *10414 10412 *10414 10412 *10414 10412
100 Preferred
100 10178 Oct 26 106 Jan 26 10212 Nov 107 Aug
Stock
505* 5333 4934 5178 4912 5114 4912 5138 484 497 118,400 Inter Comb Eng Corp_ _No par 3312Mar
112 Jan 5
30
3134 Jan 6912 Dee
14612 149
14112 146
142 14434 14234 14412 14014 14212 15,700 International Harvester_ _100 11214 Mar 29 6
15813 Dec 15
9613 Mar 13814 Sept
Exchange 128 129 *12718 128
12718 128 *12718 1278 *12718 12778 1,300 Preferred
100 118 Jan 5 129 Dec27 114 Mar 121 Nov
612 612
612 658
659 633
*612 7
614 659
3,500 Int Mercantile Marine_ _ _ _100
6 Sept 21
74 June
1259 Feb 17
14% Feb
Closed394 3959 3714 39
37
3812 3738 3858 3712 38
14,900 Preferred
100 27 Mar 30 4638 Feb 16
27 Aug 5214 Feb
x6312 6478 6418 655* 6312 6412 6314 6418 6214 6372 8,60Q InternatIonal Match pref__35
5312Mar 3 6659 Feb 23
3714 3734 37
565* Dec 6078 Dee
Christmas
3812 375* 3914 3812 387
3818 3812 37,000 International Nickel (The)_25 3259 Mar 30 4614 Jan 5
2414 Mar 4812 Nov
*10412 ____ •10412 ____ 10412 10412 *10412 ---- *10412 ---100 Preferred
100 10118 Jan 29 1042 Dec 29
94
Jan 102 Nov
Day
5712 577
56
574 55
5613 554 5634 55
5512 5,700 International Paper
100 444 Apr 15 6334 Aug 28
4814 Mar 76
Oct
9812 9812 9858 98% *9859 9834 *9812 9834 9812 9812
300 Preferred (7)
100 89 May 7 100 Dec 13
811 July 9959 Oct
•157 161 *157 160 *157 164
164 164 *160 164
200 international Shoe____No par 135 May 6 175 Jan 11 108 Feb 199%
July
2124 12712 12234 125
12318 125
12434 12534 12434 126% 36,800 Internet Telep de Teleg
100 111 Mar 3 133 Jan 25
874 Apr 144 Aug
*2114 22
2118 2118 •1912 21
*1912 2114 *1912 2114
100 Intertype Corp
No par 18I2July 24 29 Jan 7
18 July 295e Oct
5212 5412 5158 53
5212 5412 5338 54
5434 55
3.900 Jewel Tea, Inc
100 25 Jan 4 562 De2 23
1612
July 2633 Dee
*120 125 *120 124 *120 125 *120 124 *120 125
Preferred
100 11512 Jan 29 12712Nov 12 1024 Jan 1161
: Dec
*1038 II
1018 1038 10
1012 1012 1012 1012 1133 2,100 Jones Bros Tea, Ino,stpd_100
9 Dec 4 1912 Feb 5
114 Dec 2178 Feb
2112 2238 2014 2134 20
21
2112 5,100 Jordan Motor Car
2012 21 18 *21
No Par
12 Nov 12 66 Feb 19
3538 Aug 65 Nov
*14
%
14
14
*14
3s
14
1,400 Kansas Gulf
14
14
14
10
14 Mar 4
34 Jan 8
14 May
112 June
•113 114 *113 114 *113 11314 1144 11418 *113 11414
300 Kan City PAL In pf A_No par 10714 Mar 29
99
Jan 10958 Sept
505 5134 4912 5014 4959 5112 5012 5114 5014 5033 10,200 Kayser (J) Co v t 0----No Par 3314May 20 115 Nov 27
5134 Dec 27
18114 Mar 424 Dee
1034 1159
97
97
1014 1034
10
101 i
958
10
7,200 Kelly-Springfield Tire
9 Oct 9 2112 Feb 6
25
1214 Mar 2158 July
*45
50
*45
50
*45
*4412 48
*45
50
50
8% preferred
100 4312 Oct20 7434 Feb 5
41 Mar 74 July
5034 5034 *48
52
52
*48
52
*48
*48
52
100 6% preferred
100 45 Dec 1
734 Feb 6
43
Mar 72 July
*8034 88
*804 87
85
85
*804 87
*8034 87
200 Kelsey Wheel. Inc
100 7634 Nov 26 126 Feb 4
s7
sug 124 Dec
6218 6212 6178 6214 6158 62
6112 617s 6133 62
30,515 Kennecott Copper
No par 4034 Mar 30 6414 Nov 16
4613 Mar 5914 Nov
ss.,
34
12
ry,
58
58
58
*i.
58 3,500 Keystone Tire & Rubb_No par
12
IsMay
11
218
Jan
2
14
Sept
31:July
*4212 47
4234 4234 424 4234 43
43
43
43
400 Kinney Co
No par 39 Nov 5 824 Jan 7
76 Mar 100
Oct
55
5534 535* 5514 5338 545* 5334 5434 5378 55
15,900 Kresge (S S) Co new
10 4234 Mar 30 82 Jan 29
*107 11338 *107 11333 *107 1133 *107 1133 *107 11359
Preferred
100 11212 Nov 22 1144 Feb 28 11014 Mar 116
Oct
•1812 20
18
2012 *18
20
1934. 2012 2012 2,700 Kresge Dept Stores....No par 1518 Mar 25 335* Jan 14
19
2813 Dec 4514 Jae
•80
90
*80
85
•80
85
85
.81
*81
85
Preferred
100 7014 Mar 26 9314 Feb 1
88
Jan 97%
*180 190 *180 190 *180 190
18478 185
180 180
1.200 Laclede Gas L (St Louls)_100 146 Mar 29 19614 Dec 8 1104 Jan 178 June
Mar
2218 2234 2212 23
2233 2258 2218 2238 *20
22
7,200 Lago Oil Ar Transport_No par 1918May 14 2412June 14
6418 65
6433 6514 65
6512 6514 6659 6512 6612 4,700 Lambert Co
No par 3912May 7 72 Nov 5
75
712 712
75* 759
7
6% 714 *738
759
7,000 Lee Rubber & Tire
No par
614 Dec 3 14 Jan 4
1153 Feb 19
Oct
3618 36% 36
3518 355* 4,600 Lehn & Fink
38's 3512 364 355* 36
No par 30114 Mar 30 4114 Jan 2
3714 Dec 441
: Ocrt
23
2318 2212 23
2212 2278 22
2,300 Life Savers
22
2234 22
No par
171411,lay 4 25 Dec 16
10014 10112 10278 1027 *101 103 *101 103
102% 103
1,700 Liggett & Myers Tob new__25 7218 Mar 31 103 Dec 31
57 Mar 92 Dee
•124 126 *124 126 *124 126 *12434 126 *124 126
Preferred
100 11934 Jan 18 1294May 5
1613 Jan 124 Dee
100 102
10118 102'4 1005, 1013
,•10034 10134 101 10134 8,400 "B" new
25 71 Mar 24 10234 Dec 28
554 Mar 89% Dec
6534 66
65
66
*6434 6514 6434 6514 6414 6414
1,40( Lima Loo Wks
No par 631:Mar 31 6934 Jan 4
60 June 708 Jan
4618 46% 4618 4653 4534 4634 4634 473
4614 48
28,000 Loew's Incorporated
No par 3414 Mar 2 488 Dec 6
22 Feb 4434 Nov
633 612
612 6%
614 612
64 612
638 612 3,300 Loft Incorporated _ No par
6 Oct 8 1114 Feb 10
6
Jan
94 Apr
4214 4214 4218 4214 4214 4214 417 423* 4134 4218 2,300 Long Bell Lumber A_No par 4134 Dec 31
14 Mar 43 Sept
6012 Feb 3
*164 169
164 164
15812 162
161 163
158 160
2,000 Loose-Wiles Biscuit
100 88 Mar 30 17712 Dec 15
77
Feb 14344 Dee
*160 170 *160 170 *160 170 *160 170 •160 170
2d preferred
12014Mar
100
30 176 Dec 14 104 Feb 148 Dee
314 32% 32
32% 3114 32
3112 32
3214 334 8,400 Lorillard
25 2734 Oct 25 4214 Feb 3
3014 Jan 3934 Sept
.11673 11712 *116 1171 *116 11714 •116 11712 *116 11712
Preferred
100 11118 Apr 5 120 Aug 31 10818 Feb 116 Aug
1612 1678
16
1612 157 1614
27,000 Louisiana Oil temp otfe_ No par 12 Mar 3 1972June 21
1633 17
1618 1634
1334 Aug 2334 Feb
23% 24
2334 237
2312 24
2334 23%
*2312 24
1,900 Louisville 0 dr El A _ ___No par 2259 Mar 31 2618 Feb 10
23 Dee 2633 July
2312 2434 23% 237
2314 2334 2312 2412 2434 274 8,000 Ludlum Steel
No par 225* Det25 6814 Feb 4
3134 Feb 60 Dee
12734 12734 12712 12734 12714 12714 12612 127
12612 127
1,400 Mackay Companlee
100 122 Oct 26 138 Feb 9 114 Mar 141 Sept
.7034 72
7118 7112 7118 7118 *71
72
72
*71
300 Preferred
100 68 Mar 19 734 Feb 9
66 Mar 7814 Feb
9612 9912 96
9814 9614 9734 9612 9833 964 984 62.800 Mack Trucks, Ino
No par 8958 Nov 4 159 Jan 4 117
Jan 242 Nov
.11012 11212 11012 11012 110 110 *110 112 *110 113
200 1st preferred
100 10712 Nov 23 113 June 10 104
Jan 113 Aug
*103 108 *103 106 *103 106 *103 106 *103 106
2d preferred
100 102 Oct 5 10834Sept 3
99
Jan
1065* Aug
*124 12912 •125 12838 127 127
126 126
126 126
300 Macy 11tH) & Co,Ino_No par 8612Mar 29 131 Dec 22
691: Jan 112
Oct
100 11484 Oct 20 11834 Jan 14 114s4 Jan 118 Aug
Preferred
3533 3534 3533 3559 3559 3512 3538 351 235
35
5.000 Mag , a Copper
NO pat 34 Apr 19 4478 Feb 10
34 Mar 46 Nov
17
.1534 16
17
*1612 17
1612 1674
16
16
500 Mallinson (H It) & Co_No par 1259 Nov 1 2813 Jae 5
2114 Dee 374 Jan
72
71
70
•70
73
70
70
75
73
72
1,200 Menet' Sugar pref
100 55 June 4 82 Feb 1
79 July 8214 June
544 56
54% 554 554 557
5512 7,000 Manh Else Supply_ __No par 44 Oct 16 874July 19
574 55
56
32 Mar 59 Mar
2618 2618 2613 2518 26
26
25
2512 1,600 Manhattan Shirt
2514 *25
25 217 Oct 20 3274 Jan 4
2014 Mar 347o Nov
*3812 4112 *3812 4112 *3812 4112 *3812 42
*38
41
Manila Electric Corp__No par 2712 Mar 20 4533Sept 14
2812 Mar 491a Apr
1912 185* 19
1814 I8'z
1812 19
19
1812 1812 3,900 Maracaibo 011 Expl____No par 1612 Oct 6 28 Feb 2
2033 Sept 3512 Jan
565* 5734 5659 5814 564 5814 5735 5814 564 578 118,900 Marland Oil
325* Mar 8012 Deo
No par 4914 Mar 30 6338.1une 17
26
*2512 26
26
26
26
26
2614 *2614 2712
600 Marlin-Rockwell
No par 2411 Oct 21 33 Mar 11
1059 Mar 327g Oct
21 12 •2112 2112 •2113 2112 2112 2112 •21 13 2134
*21
100 Martin-Parry Corp
No par 17 May 20 23 June 25
19 Dec 3714 Jan
8258 8233 83
8312 84
8313 *8212 8314
8412 85
1,400 Mathleson Alkali Wks tem et150 6212May 12 10614 Jan 2
61
Jan 10714
1363, 13718 13633 13721 13534 13633 13714 13714 *13634 13712 3,400 May Department Storee___50 10678May 17 14514 Oct 26 101 Mar 13911 Dee
Dec
*12412 ____ *12412 ____ *12412 ____ *12412 ____ 12412 12412
100 Preferred
100 12233 Feb 2 126 Dec 8 11612 Mar 124 June
2314 2312 2314 2314 2314 2314 2314 2312 2312 2334 3,800 Maytag Co
19 Mar 3 24I2Sept 8
No par
2174 Nov 261
, Oct
793 80
7
7
k
7918 75
77
761s 7559 76
75
75
1,500 McCrory Stores Class B No par 72 Mar 30 121 Jan 11
79 Mar 13914 Oct
*25 2512 25 25 *2478 2512 •2434 2512 1,300 McIntyre
26
25
Porcupine Mines_.5 2214 Oct 14 30 Feb 15
16
Jan 2284 Oot
•2434 25
244 24% 24% 24%
*244 25
*2434 25
300 Metro-Goldwyn Pictures pf_27 2214 Jan 8 2512 Nov 24
18
Jan 2413 Nov
714
734 77
778
74
712 71 25.900 Mexican Seaboard 011 No par
759
75* 738
8 Feb 25 1334July 23
9 Dec 2212 Jan
1614 1618 1614
1618 1614 *18
1618 163*
1618 1614 2,200 Miami Copper
8 May 2334 Jan
5 11 Mar 3 17% Oct 1
III, 247,
335, 3459 3334 3512 35
3578 3434 3512 64,200 Mid-Continent Petro__No par 2712July 22 37 Jan 2
2534 Aug 38 NO,
o
day
sales
Es-dividend
on thlo
•Et-rights
•Bid and asked price': no
87
New York Stock Record-Continued-Page 5
For sales during ths week of stocks usualoy Inactive, see fifth page preceding
FISK alI AKIO
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 25.
Monday,
Dec. 27.
Tuesday,
Dec. 28.
5 per share $ per share $ per share
*10214 10412 *103 104
112
134
158
134
14
118
118
114
•110 113 *110 112
*34
35
34
34
8112 8212
83
83
684 6934 6638 6834
13
13
1232 1252
414 45
414 414
1134 1134 1034 1112
3618 364 36
36
2012 2012 204 2012
.958 1114 *958 10
*3634 37
3612 3634
514 64
*632 738
6934
6914 7058 68
6
6
572 6
9914 10014 9712 99
•12912 12934 130 130
Wednesday, Thursday,
Dec. 30.
Dec. 29.
Friday,
Dec. 31.
$ per share $ per share S per share
103 103 *103 10412 *10314 10412
14
134
138
134
134
112
118
112
78
118
112
118
111 111 *110 112 *110 112
33
*33
36
33
82
8234 82
8112 8212 82
6718 6634 6758 664 6712
66
1212
1214 1234 1212 1214 12
418 44
418 414
419 414
1172 1212 1258 13
1134 13
35
3412 3412
3412 354 35
2014 2014 204 2012 2012 2012
*958 10
938 94 *958 10
3612 3612 *3634 37
*3612 37
*538 8
*538 8
*538 8
6978 6818 6912
67
6938 68
534 534
64 634
64 634
9634
9612 98
9772 9914 x96
12912 12912 12912 12934 *130 133
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Week. Indus. & Miscell.(Con.) Par
100 Mid-Cont Petrol pref
100
25,000 Middle States 011 Corp__ 10
3,200
10
Certificates
700 Midland Steel Prod pref_ _100
700 Miller Rubber ctls____Isio par
1,400 Montana Power
100
40,900 Montg Ward dr Co III corp__10
3.300 Moon Motors
No par
9,800 Mother Lode Coalition_No par
15,200 Motion Picture
No par
2,400 Motor Meter A
No par
2,300 Motor Wheel
No par
300 Mullins Body CorpNo par
400 NI unsingwear Co
No par
300 Murray Body
No par
68,800 Nash Motors Co
No par
1,500 National Acme stamped _ __100
11,000 National Biscuit
25
700 Preferred
100
15,900 Nat Cast, ReglatOr A WINO par
3,900 National Cloak & Sult__100
700
100
Preferred
7,400 Nat Dairy Prod tern ctrallo par
1,100 Nat Department Stores No par
100
100
1st preferred
4,300 Nat Distill prod etre_ __No par
600
Preferred temp ctf__No par
400 Nat Enam ..ir Stamphig
100
100
Preferred
100
4,700 National Lead
100
100
Preferred
28,300 National Pr & Lt ctfs_No par
2,200 National Supply
50
1,500 National Tea Co
No par
13,700 Nevada Comm! Copper
5
2,600 N Y Air Brake
No par
4,700 NY Canners temp ctfs_No par
500
No par
Preferred
2,300 New York Dock
100
600
100
Preferred
400 Niagara Falls Power pt new_25
10
27,700 North American Co
Range Since Jan. 11926.
On basis of 100-share lots
Lowest
Highest
Lowest
i
Highest
$ per share
90 Mar 30
34 Nov 19
14 Oct 8
107 Mar 30
30 May 17
693g Mar 26
56 May 19
934 Nov 23
4 No, 19
1034 Dec 28
3334May 19
1918 Nov 27
8 Nov 13
3434 Apr 6
3 May 8
52 Mar 24
5 Nov 30
74 Jan 8
126 Jan 27
$ per share 5 per share $ per shard
10414 Dec 23
8314 Apr 9414 Oct
212 Jan 8
4 Apr
314 June
IN Dec 2.1
Ili Feb
14 Feb
96
13312 Feb 23
Jan 147 Aug
4434 Feb 25
-8.4
8612 Nov 11
Apr 19-14 -Atli
82 Jan 2
41 Mar 8414 Nov
3732 Feb 10
2234 Mar 42 Dec
712 Feb 8
912 Jan
6 May
2312June 3
194 Dec 2012 Dee
40 Nov 4478 Oct
534 Feb 10
3378 Feb 15
18
Apr 35 JUD4
13 Aug 2112 Fet
1934 Feb 1
3012 Apr 39 Dee
3834July 6
514 Dec 4212 Mai
1578 Feb 20
7078 Dec 23 19312 Jan 488
Oct
41
/
4 Mar 1252 Dee
1278 Jan 9
65 Apr 79 Dee
102 Dec 20
13112 Apr 28 12312 Mar 1284 Mal
374 Oct 26 54 Jan 5
18 Nov 3 57 Jan 2
4912 Dec 844 Or)
584 Nov 19 9212 Jan 8
8734 Dec 104
Jet
Jan 8172 Not
53 Apr 14 80 Jan 2
42
3812 Jan 45 Ma]
24 Oct 25 4238 Jan 7
8934 Oct 15 97 Jan 19
Jaz
96 Apr 102
1212May 18 34 Jan 4
2958 Dec 4318 Or)
3712 Aug 2 7318 Jan 4
5212 Jan 81
Oci
26
2118July 14 4012 Jan 2
Apr 4138 Del
76 July 13 8934 Jan 4
75 June 8934 Jao
138 Apr 15 181 Dec 17 13812 Apr 17434 Nol
116 Jan 16 120 May 20 11412 Sept 119 Sep
1634 Mar 2 384 Jan 21
.
5432 Dec 71
5512 Jan 4 88 Dec 10
Jed
11612 Nov 4 238 Jan 4 201 Dee 250 De,
1134 Apr 164 Jai
114June 1
1638 Nov 6
3112 Oct 5612 Jet
3612 Jan 2 4612Sept 7
3134 Mar 8112 De
2012 Nov 24 8434 Jan 29
7014 Dec 30 85 Apr 29
1-8 Mar -4514 No,
32 Oct 2 4572 Feb 5
5218 Jan 76 Do
69 May 13 77 Dec 30
Jai
2758 Oct 29
274 Mar 31 29 2 Dec 29
42 Mar 30 67 Jan 14
4112 Jan 75
Oc
4658 Jan 604 Sep
49 Jan 2 5214 Aug 31
9412 Dec 964 De
914 Mar 31 97 Dec 22
1212 Sept 1814 Aul
418 Oct 20 1518 Jan 14
8
Jan
1214 Dec 20 1712 Jan 7
1812 No,
3332 Dec 38 No,
30 July 2 3612 Oct 19
12 Oct 16 2214 Feb 23
3114 Feb 2 4512June 29
1158 Jan 19 -De
7814 Mar 97 No
95 Apr 17 116 Nov 4
47 Jan 12 6352Sept 29
4118 Sept 53 De
2712Mar 25 3318 Nov 29
2534 Jan 324 Jul;
101 Jan 13 105 Apr 21
98
Jan 107 Sep
8752 Feb 1404 Au,
106 May 20 136 Dec 13
Feb 112 Jul
10234 Jan 13 10912 Aug 30 101
8 Mar 1514 Au
8 Oct 18 1412 Jan 19
63 Nov 3 74 Sept 22
4234 -Mar -6938 No
5334 Mar 29 9034 Dec 14
44 May 19 5514 Dec 31
4914 Nov 57 No
98 Nov 1004 Be
974 Apr 1 10712 Dee 30
118 Mar 31 13378Sept 21 10212 Jan 13712 No
nl May 13 8318 Feb 13
5152 Aug 7812 Da
318*Mar3l 4514 July7
16
Jan 4812 No
9 Nov 19 2812 Jan 4
1738 May 32 0(
564 Mar 31 7612 Jan 2
5912 Sept 834 Ms
6018 Aug 8412 Me
5678 Mar 31 784 Jan 4
30 Oct 13 46 Jan 2
3714 Oct4934 De
412 Jan 21 32 June 17
21
/
4 Aug
614 De
61 Jan 19 9938June 16
37
Oct 6012 De
25 Sept 3512 Is
1852 Oct 23 284 Jan 4
512Sept 30
84 Feb 5
3214 Nov 30 83 Jan 7
-70 Nov 1032 04
1678 Jan 28 24 Dec 1
17 Dec 28
Al
7 Aug 6 19 Oct 26
1234 Apr 2638 Ja
214 Jan 4
58 Oct 26
1
Aug
3
Ja
117 Jan 4 131 Dec 8 112
Jan 123 01
5912 Mar 2 91 Dec 13
5112 Mar 6714 De
45 Oct 11 6114July 7
4512 Jan 49 Jul
3614 Apr 14 484 Feb 13
374 May 5212 Ja
3634June 14 4612 Jan 11
38 July 5012 Ja
45 Dec II 5634 Jan 29
51 Nov 9018 Ja
16 Apr 3 41 Dec 6
1234 Mar 2514 Sei
40 Mar 30 574 Dec 13
3614 Mar 4714 Jul
31 Mar 30 4614 Nos 211
18
Apr 4214 Ju
94 Mar 25 103 Oct 28
84
Apr 99 Do
19 May 15 4318 Jan 9
104 Mar 47,
4 0
7612 Apr 15 12714 Aug 19
43 Mar 100 Nt
12 Oct 1
172 Jan 30
11
/
4 Nov
312 Fe
114 Nov 15 2718 JAI] 30
2014 Dec 40 Fo
7 Jan 30
214 Aug 28
814 Fo
412 Dec
29 June 9 4212 Jan 5
3714 May 6413 II
70 June 21 85 Jan 5
80 May 99 Ii
94 Mar 29 101 18 Dec20
94 Mar 10212 Jo
39 Oct ., 6378 Jan 9
30 Apr 6334 Jo
1
4 Feb 5
8012 Oct 7 92/
79 July 8814 Ni
751351ar 30 12478 Feb 3
6458 Nov 121 D
3418May 19 44 Nov 27
77i2 Dec 30 9534 Jan 7 -76-4 July 12-18 Jo
11 Mar 29 2034 Oct 29
124 Aug 3252 F,
3034May 11 4134 Oct 29
27 Sept4758 F,
314 Oct 29 334 Nov 29
____ ....__ ........9612 Apr 7 101 Oct 1
10318 Jan 12 110 Nov 13 19 Jan 1-08 Ni
115 Mar 2 12434 Nov 17 10852 Apr 119 0
97 Jan 22 10418Sept 27
9211 May 1004 D
106 Jan 18 114 Aug 5
99
Jan 108 0
14514Mar 31 19912Sept 16 129 Mar 1734 Se
33 Apr 14 4914 Dec 13
33 July 4714 J
2514 Oct 20 31 Jan 4
264 Aug 3334 F,
106 Apr 14 11234June 25 10212 Jan 1084 Se
32 'Afar 30 6158 Nov 19
3914 Nov 7772 J
4012 4112 4018 4078 4018 4058 53934 4014 3978 4014
2112 2232 21
2114 2032 2238 2018 2034 2034 2078
*66
68
6734 6734
69
*65
69
694 6834 *66
7112 7012 704
71
7112 7012 7112 7012 7112 71
27
27
27
27
2712 *2614 2712 2634 2634 27
9412 9212 9212 *92
*92
9412
9412 *92
*9212 94
20
2032 20
20
1912
1914 2078 19
2012 20
45
*43
*4214 4514 *4314 45
46
44
*4314 46
24
24
*2414 25
*25
26
*2414 26
2412 25
•80
84
*80
84
•80
84
*80
84
*81
84
167 168
172 17434 16712 17112 168 170
16512 16712
11712 11712 *11714 118 *11712 11812 *11712 11814
*11714 119
2014 2034 2014 2034
204 2072 1934 2034 194 21
*8214 8212 8058 8214 804 8034 *8112 8212 8212 8212
11712 11712 1174 124
124 125
120 120 *115 120
144 15
1412 1478 1434 1472
1434 15
1452 15
4238 4232 424 431
4312 4312 4212 43
4239 43
2078 2112 2072 2114 2118 2134 2138 22
214 22
75
75
*74
78
74
74
72
72
7014 7014
*36
3612 35
3534 3414 35
3434 3614 *3412 36
•76
7678 *76
77
76
*76
76
79
764 77
29
29
*29
29
2912 2912 2912 *2914 2938 *28
4512 4634 4578 464 454 4612 4618 4634 4618 4652
51
51
51
51
*51
5014 5114 5018 51
50
511
1,000
Preferred
9614 9614 *913
9612 96,
9612 *96
300 No Amer Edison pref_ _No par
9612 9612 961
414
414
432 452
458 434
412 478
1,800 Norwalk Tire & Rubber__ _10
414 44
*13
13
15
13
*1212 14
300 Nunnally Co (The)____No par
*1212 14
*1212 1311
25
33
900 Oil Well Supply
3358 3358
3334 337
3314 3352 3378 3312 331
No par
1312 1418
1314 1312 14,300 Omnibus Corp
1212 1312 1314 1378
1318 14
*._....
30 •__
No par
.__. 3558_ _ 3512
3514 351 *3514 364
200 Onyx Hosiery
_
_ 351
100
Preferred
io -6-1-34 io WO 5912 -5912 *5912 -6172 1,500 Oppenheim Collins & CoNo Par
*6e84 -5-1
1
304 31
3052 3Os 3058 3052 *3012 3112 1,700 Orpheum Circuit, Inc
•3072 31
100
•I021
_ •I0312
_ __ *102 107 *1024
*102
_ _ _ _ ___
Preferred
2129 12934 12914 12
-129 1-29
12912
2,400 Otis Elevator
- - 2128 128
1-30
- -93
50
10914 10914 *10812 11134 *10812 11134 *10812 11134 *10812 11134
100
100
Preferred
4,700 Otis Steel
818 812
8
No par
8
8
8
8
818
84
8
Stock
*66
400
70
PrIor iirof
*66
100
69
*66
68
*66
6712 6512 66
7912 3,000 Owens Bottle
7912 7912 7712 79
78
77
78
7778 77
25
Exchange
5112 5334 5278 5514 6,600 Outlet Co
5114 5132 *5012 5112 51
51
No par
_
*10612 108
200
10714 10714 *105 106
100
10712 10712 *108
Preferred
Closed- 13072 13078 13034 13072 130 13012 13012 13034 *128 131
100
1,500 Pacific Gas & Electric
184
184
178
172
No par
134
14
134
178
174 4,0(10 Pacific 011
134
Christmas
3618 3638 3534 3632 3558 36
3614 11,200 Packard Motor Car
10
3534 3614 36
1•134 1134
1158 1158 3,900i Paige Det Motor Car__No par
11 14
1114 1152 11
11
11
Day
67
68
6612 6812 6712 6712 6534 6652 x6358 64
3,500'Pan-Amer Petr & Trans__ _50
6732 x6352 6412 146,300
Class B
50
6634 6832 6672 69
6614 6814 66
35
3712 3658 37
3734 3812 37
361
3812 39
4,100 Pan-Am West Petrol B_No par
141
14
1414 1412 14
5,700 Panhandle Prod & Ref_No pa
1432 15
1458 1418 15
100
*6814 75
*6814 75
Preferred
*6814 75
*6814 75
*6814 75
1,100 Park & Tilford tern etls_No par
*22
2314 2212 23
24
2312 2334 2312 2312 *23
579
1
800 Park Utah CI M
54 572 *534 578 *534
54 6
5572 6
43
3978 41
4332 4034 411
4118 4212 41
42
7.600 Pathe Exchange A _. __No par
40(1 Penick & Ford
*19
No par
22
21
22
2134 2134 *2138 22
*2214 221
50
13
1114 III *11
300 Penn Coal Ac Coke
12
11
12
*II
12
11
3 11,700 Penn-Seaboard St'l vte No par
04
3
58
34
34
34
58
34
38
128 128
12734 128
12778 12914
*12814 1294 128 129
1,200 People's G L er C (Chic)._100
*85
88
*85
87
8512 86
88
87
400 Philadelphia Co (Pittsb)
*83
87
50
*4934 5014 *4934 5034 *4934 5014 *4934 501 *4634 47
50
6% preferred
4518 4838 4538 4714 64,700 Phila & Read 0 & I__ _No.par
4434 46's 4358 44's 433a 46
46
46
*45
44
*4418 4638 44
*44
*4634 48
400
Certificates of Int___No par
47
•45
•47
49
49
47
56
*47
2,100 Phillips-Jones Corp_ __No par
56
547
3814 3914 3758 3914 37
3914 38
3,700 Phillip Morris & Co. Ltd_ _10
39
3734 38
5612 5714 554 567a 5518 5634 5534 5634 5514 5618 72,200 Phillips Petroleum_ __NO par
44
*44
43
45
43
44
4212 4212 *42
44
5110 Phoenix Hosiery
6
103 103 *103 10413 103 103 *103 10412 *103 10412
200
100
Preferred
2212 2134 23
22
22
2212 15,300 Pierce-Arrow Mot Car No par
2:314 2312 2134 23
•105 106
10318 10312 2,500
10514 1051 10412 105
10412 105
100
Preferred
12
Ni
fli
34 5,800 Pierce 011 Corporation
58
4
34
'2
34
84
25
171
11
15
1412 1434 15
1634 1634 *15
15
1,900
100
Preferred
3
314
3
314
332
314 31
314 35,400 Pierce Petrol'm tern ctfallo par
3
338
3738 3712 374 *37
*36
3734 *36
37,2 3712 371 2 1,100 Pittsburgh Coal of Pa....100
75
7314 7412 73
*71
75
*71
75
73
.73
700
100
Preferred
10018 10018 *100 101
100 100
*100 102 *100 102
400 Pittsburgh Steel pref
100
41
41
43
41
41
43 .40
*40
44
*40
200 Pitts Term Coal
100
*80
86
*80
86
86
*80
*80
86
86
*80
100
Preferred
9838 10014 98 101
9814 9918 34.400 POBVID Cer Co Inc new_No par
9812 1011
1004 102
404 4078 404 4072 4058 4058 4014 4012 *4014 41
1,000 Pressed Steel Car new
100
7918 7712 7812 *7712 80
200
*7812 8012 *7714 7912 .79
Preferred
100
18
1752 1818 1758 1758
1752 174 1758 1758 2,800 Producers & Refiners Corp_50
IS
3734 3744 37
3734 *3612 39
800
*3712 39
*36,2 39
Preferred
50
3212
3212
3214
3212
323
2
3212
3214
321s
32
14,100 PubServCorp ofNJ new No pa
3212
8997, 10014 *9912 10014 .9912 10014 5994 1004 *9912 10014
200 6% preferred
100
109 109 .10812 110
•108 109 *10812 109 .10812 109
400
7% preferred
100
•12314 12518 *12314 1254 12418 12412 *12312 12512 •12334 126
100 8% preferred
100
900 Pub Serv Eleo dr Gas pfd_100
10212 10212 102 10234 *103 10334 10212 10312 10212 1021
2
116
*11378
11512
*1137
116
1137
*1137
8
g
11378
116
•11372
100 Pub Service Elea Pr pref_100
183 18812 18612 189
18514 188
24,100 Pullman Company
18712 18914 183 188
100
4412 4412 4412 4534 4512 46,
g 4,400 Punta Alegre Sugar
444 4434 4414 45
50
8
2734
275
8 2734 2732 271
2734 2778 2712 274 273
7,700 Pure Oil (The)
25
•110 112 *Il1 112 *111 113 '111 113 *111 113
100
8% Preferred
5812 5952 5514 6812 55
564 54
5634 523s 541 90,600 Radio Corp of Amer_ __No par
5218 5218 5218 52
5234 5234 *51
52
400
53
53
Preferred
60 4452 Mar 31 634 Dec 20
*38
*3838 40
40
*38
*3832 40
40
•3778 40
Rand Mines, Ltd
No par 3234 Apr 30 4134 Oct 1
1532 1533 •151 4 1534 1514 1538 *1514 16
•1514 16
500 Ray Consolidated Copper_10 1012Mar 3 1634 Nov 8
3978 40
3934 394 •3834 40
3934 40
1,400 Reid Ice Cream
40
40
No par 3934 Dec 28 56 Jan 4
858 9
9
814 918
914
912 91
812 838
2,300 Rela (Robt) & Co
No par
712July 24 184 Feb 23
114 115
11114 114
11478 1177
11218 114
7,800 Remlngton Typewriter____100 8312 Apr 20 127 Feb 3
114 115
5111 11714 *111 1171 *111 11712 *11112 114 *11112 114
7% 1st preferred
100 106 Apr 21 118 Oct I
114 114 '111 114 *111 114
10(
*111 114 *111 114
8% 2d preferred
100 105 Apr 1 11514 Aug 27
11
1118
11
1114
1114
11
11
115
1114
7,100 Replogle Steel
11
No par
8 Oct 27 1578 Jan 4
504 57
564 5732 5618 5634 5634 58
5678 571
3,600 Republic Iron dr Steel
100 44 May 10 6352 Jan 7
97
063
4
97
9614
963
4
964
967
500
0678
9614 964
Preferred
100 9114 Mar 30 99 Sept 15
4/
1
4 44
458 4/
1
4
434 47
5414 47
1,800 Reynolds Spring
5
5
No par
44 Oct 29 1052 Jan 5
1204 121 19 120,8 120, 12018 12012 12012 12034 9,10( Reynolds (RJ) Tub Class B 25 90 Mar 30 1214 Nov 11
12052 121
7618 77
78
78
*77
764 78
80
500 Rosana Insurance Co
79
*78
25 7618 Dee 28 100 Jan 20
5214 52
52
5214 5214 52
524 5'23
3,500 Royal Dutch Co(NY shares). 47N Oct 21 5732 Jan 9
53
52
41
41
41
41
4112 41 1
3,200 St Joseph Lead
4034 4134 4112 411
10 3658May 11 4812 Feb 10
x5278 5278 2,000 Safety Cable
54
524 5278 5152 5238 5172 5214 53
No par 424 Mar 31 5512 Nov 10
.7112 72
•7112 72
71
71
71
72
*71
72
1,200 Savage Arms CorporatIon_100 6714 Nov 30 10212 Feb 10
2's
278 278
258 234
212 234 3,700 Seneca Copper
278
3
3
No par
212 Dec 31 1014 Jan 4
5818 7,500 Shubert Theatre Corp_No par 52 Mar 4 7052 July 28
584 59' 5852 5834 5812 584 58
59
60
4952 5112 4938 50
4959 50
36,500 Schulte Retail Stores-No par 4212Ntar 30 13812 Jan 23
494 503
49
51
11614 116,4 *11614 120 *118 120 *118 120
100
•11614 120
Preferred
100 11211 Jan 8 120 Sept 9
•1:15. 133, 1352 1358 •1358 1331
1358 135* 51338 1334
200 fienerinin nrirn
7,71, TM,
1 91. 84..... 2
is& 2.2.• 19
this
day.
Ex-dividend.
on
a
sales
no
He-right.8.
prices;
z
8 Ex-dividend one snare of Stan, arci Oil of California new.
• 131d and asked
r6IS BPI A KIS
Range for Previous'
Year 1925.
45 Dec
3334 Nov
114 Apr
43
Oct
10 May
4634 Jan
Jan
100
103 Sept
1252 June
424 Apr
8414 July
8 July
7212 Mar
85 June
4814 Mar
1
4 July
35/
48 Dec
4811 July
9 Nov
5112 Dec
10134 Sept
Jan
110
131, Nov
64 F
3912 A
1732 F
8014 D
2814 Jt
1174 r
1094 C
1134 A
2314 .
1
644 J
95
J
18
J
9534 N
9712 F
5732 J
6212M
504 E
1
4 51
108/
11 N
554 L
1344 E
118 A
lake Ju
88
New York Stock Record-Continued -Page
For sales during the week of stocks usually inactive, see sixth psge preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 25.
Monday,
Dec. 27.
Tuesday,
Dec. 28.
1Vednesday, Thursday, i
Dec. 29.
Dec. 30. I
Friday,
Dec. 31.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
FISK SHARI;
Range Since Jan. 11926
On Oasts of 100-share Lois
Lowest
Highest
I per share $ per share $ per share I per share 3 per share I per share
5418 5514 5358 5418 53
54
5312 5418 5312 54
5958 61
*60
6012 5918 60
5838 59
59
59
4412 45
*4434 4518 *4438 4518 *4438 4518 *4438 454
2938 2958 2918 2938 2918 2918 29
2914 2878 29
10818 10818 108 108
108 108 *108 10812 108 108
1918 1958 1938 2018 1938 20
1934 20
1958 2038
3378 344 3314 3314 33; 34
3312 3378 3318 34
•10612 10838 *107 10838 10838 10812 *10714 10918 *10714 1094
1978 2014
1918 20
19
1912 19
1958
19,8 1912
*9712 9834 *9712 9834 9712 9712 *97
9813
9812 *97
3438 3478 34
3438 3334 3418 3414 3434 3458 3514
13034 133
12912 13214 *127 129
128 12818 127 12712
160 165
157 15812 15312 157
155 15718 15912 162
*119 125 *119 125 *118 125 *119 125 *119 125
304 3012 3018 3034 30; 314 3138 31.; 3112 3158
44
44
43
4513 44,8 45
44
4412 4412 44
20
1912 1978 1914 1978
2034 2013 20
2012 20
14
*11
1212 121 *1034 14
*11
14
•I078 14
7012 76
*78
*75
79
79
79 .76
76
*70
Shares. Indus. & allscell. (Coo.) Par $ per share $ per share
12,609 Sears.Roebuck & Co newNopar 4414 Mar 29 58;Sept 7
2,1001Shatuck (F 0)
No par
47 Mar 30 6958 Jan 4
600 Shell Transport & TradIng.E2 4012July 26 4858 Jan 4
13,000 Shell Union 011
No par 24 Mar 3 31 Nov 23
400 Preferred
100 103 Mar 3 114 July 2
30,500 Simms Petroleum
10 1518 Aug 18 2858 Jan 2
3,800 Simmons Co
No par 2838 Oct 15 5413 Jan 4
200 Preferred
100 10513 Nov 10 10912July 2
26,750 Sinclair Cons 011 Corn_No par 1634 Oct 19 2478 Feb 23
100 Preferred
100 90 Mar 30 9912J1,ne 24
28,400 Skelly 1911 Co
25 2658 Mar 30 3718June 28
3.600 Sloss-Sheffield Steel & Iron 100 103 Apr 12 14212 Aug 10
9,200 South Porto Rico Sugar...100 92 Apr 15 16913 Dec 14
Preferred
100 110 Oct 8 121 Dec 24
6,200 Southern Calif Edison
25 30 Dec23 33 July 19
2,500 Southern Dairies cl A_No par 41 Oct 27 5512Juiy 17
71,375 Class B
No par 1712 Oct 20 3534 Mar 11
100 Spear & Co
No par 10 Dec 2 1734 Feb 19
100 Preferred
100 72 Apr 201 8212 Jan 13
2238 11,200 Spicer Mfg Co
2158 2214 2112 2214 2158 22
22
2238 22
No par 1834 Apr 19 31; Feb 5
*105 108 *104 105 *103 108 *105 108 *105 108
Preferred
100 101 Jan 12 10714 Dec 24
5512 6,900 Standard Gas & El Co_No par 51 Mar 2 69 Feb 8
564 5612 5578 5638 554 56
554 5614 x55
1,200 Preferred
5614 5612 5638 513; 56; 5634 5634 57
5634 57
51/ 5334 Mar 30 5758 Feb 9
71
71
*70
7014 7012 7012 7012 7012 1,000 Standard Milling
100 6718 Oct 20 9212 Feb 4
72
70
Preferred
*8512 89
*8512 89
*8512 89
*8512 89
*8512 89
100 80 Mar 2 90 Feb 5
5918 5938 5878 5914 5812 5878 5814 5834 5818 5814 11,500 Standard 011 of Cal new.No par 5258May 14 6338Sept 8
39
3938 3834 3938 3858 39
3858 39
3812 3834 76,200 Standard 011 of New Jersey_25 37; Dec 10 46; Jai) 2
11512 11558 11512 11512 11512 11558 11558 115; 115; 11534 12,200 Pref non-voting
100 115 Nov 29 11918May 18
500 Stand Plate Glass Co. No par
4
4
4
4
*378 4
4
4
*378 438
313 Nov 15 1078 Feb 10
900 Sterling Products
*9112 9214 9112 91 12 9113 9112 91
9112 9114 914
No par 75 Mar 27 9614 Nov 29
6412 10,400 Stewart-Warn St)Corp_No par 61 Nov 4 9278 Jan 2
6514 6558 6312 654 64
64
65
6434 65
3,100 Stromberg Carburetor_No par 4734 Dec 31 7714 Jan 4
5018 6078 49
49
4734 49
5014 49
4912 49
5518 56
54
5512 5314 5478 54
5458 5312 5434 37,900 Studeb'rCorp(The) new No par 47 May 18 82 Sept 15
*11912 123 *11912 123 *11
@FedFRASER