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The
ontinttri31
financial
niutde
INCLUDING
Public Utility Compendium
Railway&Industrial Compendium
Railway Earnings Section
State & Municipal Compendium
VOL. 124.
SATURDAY, JANUARY 22 1927
Bank and Quotation Section
Bankers' Convention Section
NO. 3213.
have been an equally marked feature of this period.
Trade recession in their case may mean not only a
PUBLISHED WEEKLY
smaller volume of business, but much lower prices
Terms of Subscription—Payable in Advance
reduced profits. Thus they
12 Mos, 6 Mos. and correspondingly
Including Postage—
96.00
$10.00
Within Continental United States except Alaska
way. Some of the modouble
a
in
lose
6.75 may stand to
-.... 11.50
In Dominion of Canada
7.75
Other foreign countries. U. S. Possessions and territorieS— 13.50
have been making not
illustration,
for
concerns,
tor
NOTICE.—On account of the fluctuations in the rates of exchange,
remittances for European subscriptions and advertisements must be made only enormous profits, but what must be deemed to
in New York funds.
Subscription includes following Supplements—
be inordinate profits. The prices of their shares
SECTIONS—
BANE AND QUOTATION (monthly) have risen in proportion to the enormous gains and
PUBLIC/ UTILITY (semi-annually)
RAILWAY & INDUSTRIAL (semi-annually) RAILWAY EARNINGS (monthly)
13•NLERS' CONVENTION (yearly)
STATII Alin MUNICIPAL (semi-annually)
the high totals of their earnings. At the same time
Terms of Advertising
indications are multiplying that in many lines of
5cents
Transient display matter per agate line
4requstn
Contract and Card rates
and business,activity is now on a reduced scale,
trade
Oniemio Orrica—In charge of Fred. H. Gray, Western Representative,
209 South La Salle Street, Telephone State 0113.
whether this is merely temporary, or possesses
though
LONDON Omen—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
of permanency, no one at this stage of the
elements
WILLIAM B. DANA COMPANY, Publishers,
York
New
Front, Pine and Depeyster Streets,
change can affirm with any degree of positiveness.
Of the fact that trade recession is under way, no
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jaeob Seibert; Business Manager, William D. Riggs;
one can any longer be in serious doubt. The eviTreas., William Dana Seibert; See., Herbert D.Setbert. Addresses of all, Offlee of Co
dence on that point is too strong and the signs too
to admit of any skepticism on that point.
•
nUmerous
Situation.
The Financial
motor industry is experiencing, or has
the
that
And
The railroads are again coming into their own.
positive slump, is equally beyond disa
experienced,
This week the railroad shares on the Stock Exchange
furnished by the Department of
statistics
The
pute.
They
have had the market pretty well to themselves.
week for the month of Decempresent
the
Commerce
have
them
of
many
and
have shown great strength
eye-opener of what has been
an
as
come
have
ber
happened
has
This
records.
high
new
established
while most of the industrial shares and some of the taking place in that industry. Every one was prespecialties have inclined towards weakness. The pared for small figures, in view of what has been
trading element on the Exchange is disposed to shun happening, but no one for a product as diminutive
the industrial list, while looking with favor on the as what is now actually revealed.
When the figures for November were made public,
"rails." There is good reason for the distinction at
the present time. There has been wonderful trans- and showed an output of only 219,504 passenger
formation in the outlook and conditions of the rail- cars in the United States in that month as against
roads during the last few years. Trade expansion 328,694 in the corresponding month of the previous
has been an aid in the transformation by affording a year and comparing with 380,274 cars turned out
larger volume of traffic, but has been by no means three months before in August (1926), it was supthe principal factor in the great change wrought. posed that the full measure of the decl ne which was
Betterment of the condition of the roads has been in progress had been disclosed, for the November
due chiefly to the increased economy and efficiency total proved the smallest of any month since the midwith which these rail carriers are being operated and summer of 1925. Now come the figures for Decemadministered. Trade may be scheduled for some de- ber, showing for that month an output of only 137,361
cline, and the country's industries may be facing a passenger cars, as against 278,643 cars in December
setback, which necessarily would leave some impress 1925, and a figure so small that it is necessary to go
upon railroad traffic;butthe advantage gained through back to the beginning of 1922 to find an equally
greater efficiency of operations is not likely to be diminutive product. It will take more than a 40%
lost. That is a permanent improvement which is stock dividend on the common stock of United States
sure to stand by the roads. Therefore the proprie- Steel Corp. to eliminate the impression which such
tors of the railroads can look upon the future with a radical curtailment of production leaves upon the
much complacency, whatever it may have in store mind.
Even in the case of the railroad stocks, great
in the way of reduced activity.
The position of the industrial properties is the caution should be Used in buying where prices have
exact reverse of this. They are, or at least many of been immoderately advanced, though as a matter
them are, utterly and entirely dependent upon, of fact the railroad shares, considered as a whole,
not only the continuance of the trade activity which have not been boosted up in any such spectacular
has been such a striking feature of industrial affairs way as so many of the industrial shares. Yet where
during the last two or three years, but also upon a earnings have tremendously expanded as the result
continuance of the high prices and great profits which of a special cause, the fact should be recognized and
Pt (gimmick.
410
THE CHRONICLE
[VoL. 124.
it should be realized that these exceptional earn- during December, it will be seen, were only about
ings cannot be maintained. Such a special cause $1,306,000 less in value than in the preceding year,
has existed since last.May in the case of the large but imports fell off $35,640,000 from the correspondcarriers of bituminous coal. Their coal traffic has ing month of 1925. Exports of cotton in December
been enormously expanded as a result of the big contributed something to. the loss shown. Cotton
export demand for coal created by the miners strike experts in December 1926 were 1,531,297 bales, and
in Great Britain, which began on the first of last were the largest on record. The value of cotton exMay and did not terminate until the close of Novem- ports last month, however, was $1,560,000 less than
ber. As we pointed out a week ago, the quantity of the exports of the 984,061 bales of cotton sent abroad
bituminous coal mined in the United States during in December 1925. This was due to the great dethe calendar year 1926 reached 578,000,000 tons, cline in the market price of raw cotton. There was a
against 520,000,000 tons in 1920, an increase of balance of trade for the closing month of 1926 of
58,000,000 tons. No one should be duped into $106,000,000 on the export side of the account, as
believing that this greatly enlarged volume of coal against $71,666,140 in December 1925.
traffic can be maintained, especially with lessened
For the calendar year 1926 merchandise exports
trade activity. Aside, however, from special causes were somewhat lower in value than for the preceding
like this, the influence of which will disappear with year, while merchandise imports not only exceeded in
their removal, the outlook for the railroads must be value those of 1925, but were second only in value
regarded as bright, and on this is predicated the rise to the imports of the year 1920, which stands as the
in the prices of their shares which has recently been record year in imports. The value of merchandise
exports from the United States during 1926 was
taking place.
$4,810,412,000, as against $4,909,847,000 for the
Bankers and investment houses have taken advan- previous year, a decline in 1926 of $99,435,000.
tage of the seemingly unlimited supply of investment With the exception of the year 1925, the value of
funds which has been in evidence since the first of merchandise exports last year was higher than in any
the year, to do a large amount of new financing year back to 1920. The loss last year in the value of
during the current week. The largest of this week's merchandise exports as compared with 1925 was
offerings was that of the Indianapolis Power Sr Light largely in the first half of the year. Declines in the
Co. for $30,000,000. A syndicate headed by the value of exports, in comparison with the preceding
Chase Securities Corp. offered these first mortgage year, appeared in each of the first five months of
5% gold bonds, series A, dated Jan. 1 1927 and due 1926, and for some of these months the loss was
in 1957, at 98 and accrued interest; to yield over quite large. In the last half of 1926 there were four
5.13%. The second issue of major financing was months in which merchandise exports exceeded in
by Dillon, Read Sr Co., who sold $25,000,000 432% value the figures for the corresponding months of the
15-year guaranteed debentures for the Batavian preceding year, and two months, October and
Petroleum Co. Another utility offering was by the December 1926, in which there were losses. The
Southwestern Gas Sr Electric Co., which consisted net result of the last half of the year, however, was
of $12,500,000 first mortgage 5% gold bonds, series a gain, but the decline in the first five months of
A. These bonds, dated Jan. 1 1926 and due in 1957, the year more than offset the later recovery. Cotton
were sold at 96 and interest, yielding over 5.25%, exports, which in some years have constituted as
by a syndicate headed by Hill, Joiner Sr Co., Inc. much as,35% or more of the value of all exports, and
The syndicate announced that the issue had been in 1925 were nearly one-fourth of the value of all exoversubscribed, and that the books were opened ports, were larger in quantity in 1926 than in the
as a mere formality.
preceding year. The loss in the value of cotton
The largest foreign issue for the week was a $10,- exports, however, in 1926 contributed to the decline
000,000 loan to the State of Rio Grande do Sul, in merchandise exports that is shown in the above
Brazil. These 40-year 7% sinking fund gold bonds, figures.
The value of merchandise imports in the calendar
dated Nov. 1 1926 and expiring Nov. 1 1966, were
sold at 98 and accrued interest, to yield 7.15%, by year 1926 was $4,432,542,000, as against $4,226,Lee, Higginson Sr Co. and Ladenburg, Thalmann Sr 589,000 for the preceding year, an increase of $205,Co. The most important domestic municipal offer- 953,000. The greater part of the increase was in the
ing was that of the city of Minneapolis, which sold first six months of 1926. This was just the reverse
to Eldredge Sr Co. $3,300,000 4 and 5% bonds, which of the export showing—in fact, during the first four
fall due $132,000 annually from Feb. 1 1928 to 1952 months of 1926 the value of merchandise imports
inclusive. The 5% bonds Eldredge Sr Co. sold to exceeded that of exports, an exceptional condition in
yield from 3.85 to 4%, depending on the maturities. the history of our foreign trade. There was only
one month during the first half of 1926, the month
The 4% bonds were sold at par and interest.
of May, in which imports were smaller than in the
the
United
corresponding
period of the preceding year. The
trade
of
States
for
Decemforeign
The
ber, the closing month of last year, suffered a slight last half of the year, however, showed a •decline in
setback. Both exports and imports of merchandise imports. For November the value fell off as comfor that month were lower in value than in the pared with the preceding month, as well as with the
preceding month or in the corresponding month of corresponding month of the preceding year, and for
the preceding year. Total merchandise exports for December there was also a shrinkage. The balance
December 1926 .were valued at $467,000,000, which of trade last year was again on the export side, but
compares with $480,323,206 for November and with for a reduced amount, not only as compared with
$468,305,949 for December of the preceding year, 1925, but with the exception of one year, it is very
while imports last month were $361,000,000, against much less than for any year back to 1910. Last
$373,905,807 for the preceding month and $396,639,- year the export balance was $377,869,970, as against
809 for the corresponding month in 1925. Exports an export balance of $683,258,248 for the preceding
JAN. 22 1927.]
THE CHRONICLE
year. Theiexceptionlreferreditojabove is the year
1923, when the export balance was only slightly
lower than last year. In many of the other years it
was enormously higher than even 1925.
Gold exports and imports in December were practically the same as in November, gold exports
amounting to $7,196,278, and gold imports to
$16,971,857. For the year 1926 gold exports were
$115,707,815, as against $262,639,790 for the preceding year, and imports $213,472,223 last year
against $128,273,172 in 1925. There was an excess
of gold imports last year of $97,764,408, while in
1925 gold exports were in excess of imports to the
amount of $134,366,618. Silver exports in December were $5,610,205, and imports $4,058,183. The
movement abroad of silver varies only a little from
month to month .or year to year. In 1926 silver
exports of $92,257,564 were $6,870,021 less than in
the preceding year, while imports of silver in 1926
were $69,224,489, or $4,629,071 more than in 1925.
There was an excess of exports of silver in 1926 of
$23,033,075, against $34,532,167 in 1925.
Nicaragua, which last week aroused such a whirlwind of criticism, receded notably into the background this week and discussion regarding Mexico
may also be said to have quieted down. A new
phase of the controversy with Mexico developed,
however, out of a proposal in the United States
Senate on Tuesday to arbitrate the land and oil
controversy with that country. Secretary of State
Kellogg at once in a formal statement indicated his
approval, saying, after half an hour's conversation
with President Coolidge: "I see nothing inappropriate or untimely in an expression of opinic;% on this
subject by the United States Senate, and I welcome it.
The general principle of arbitration has constituted
one of the leading policies of this Government from
the beginning. Our record on that subject speaks
for itself and the principle has been recognized in
treaties with Mexico. For some time I have been
giving very careful consideration to the question of
the definite application of the principle of arbitration
to the existing controversy with Mexico."
The proposal was made by Senator Robinson, the
Democratic leader, after the Nicaragua-Mexican
question had flared up again in the House and in the
Senate and also after it was re-stated at the White
House that President Coolidge's concern with regard
to Mexico was whether American holdings there
were to be confiscated. The Washington correspondent of the New York "Herald-Tribune" telegraphed on Jan. 19 that there "was no indication in
State Department circles on that day that any
proposal to arbitrate the oil and land laws would be
sent soon to Mexico," adding: "On the contrary,
it was said that the Robinson resolution did not
change this Government's attitude that interference
with American rights in Mexico was unjustified.
Reference was made to the last note sent by Secretary
Kellogg to Mexico City, in which he flatly said the
United States expected Mexico to recognize the
property rights of American citizens there and to
make no move toward confiscation of these rights."
Previously, on Jan. 17, the same correspondent
after stating that "from every available angle the
impression was given to-day that the delicate situations involving the relations of the United States
with Mexico and Nicaragua were more satisfactory
than at any time since they assumed an acute stage,"
411
declared that "as for Mexico, it was indicated at
the State Department to-day that there was no
desire on the part of this Government to make any
positive move while the Mexican Government was
showing no disposition to carry into effect its new
laws for taking over American properties. No
authority exists for an opinion here that the Administration is not averse to making another effort to
adjust its differences with Mexico through amicable
means, but the impression prevails that the foundation is being laid for a move in that direction."
In Mexico Cityltheltension existing there was confidently expected to be relieved by Mr. Kellogg's
words. Through his chief of staff, General Jose
Alvarez, so said the correspondent of the "Herald
Tribune" on Jan. 19, "President Calles authorized a
statement that he would not consider arbitration of
the differences between Mexico and the United States
in so far as questioning the constitutionality of the
alien land and oil laws was concerned, but the President was not averse to arbitration of 'the effect of
the application of these laws.'" This was promptly
followed on Jan. 20 by a formal statement by the
Mexican Foreign Office as follows: "Answering numerous questions with regard to the present publications in the press, the Mexican Government declares
that it is ready to accept in principle that its difficulties with the United States should be decided by
way of arbitration." Washington comment on this
development was contained in an Associated. Press
dispatch from that city on Jan. 20 saying: "The
whole difficult business of formulating an arbitration
proposal satisfactory to both Governments as a basis
for submitting the oil and land laws dispute to adjudication still intervenes between the present status of
the controversy and any arbitration in fact. Whether
the arbitration statements made by Secretary Kellogg and the Mexican Foreign Office are significant
of anything more than the pacific intentions and desires of the two Governments does not appear as yet,
as neither Government can be regarded as definitely
committed to an arbitration program. As reflecting
the desire to find a friendly method of adjustment of
the disputed points, however, Washington officials
feel that the public declaration through the press as
well as the proposed expression of opinion by the
Senate contemplated by the Robinson resolution,
cannot but have beneficial results on the relationship
between Mexico and the United States." The Senate
Foreign Relations Committee yesterday voted 12 to 3
in favor of the resolution and it is to be reported to the
Senate to-day and probably passed on Monday.
Nicaragua re-established diplomatic connection at
Washington this week when her new Minister, Dr.
Don Alejandro Cesar, was received at the White
House by President Coolidge. The President in his
formal speech said that neither selfish aims nor imperialistic designs were actuating the United States,
and Dr. Cesar declared that American representatives in his country were untiring in efforts to serve
the ends of peace. Both speeches are given elsewhere in this issue. Earlier in the week Secretary
of State Kellogg announced there had been no
change in the policy of the United States toward
Nicaragua as outlined in the President's message to
Congress last week, and added that the United States
was continuing to offer its good offices and exert its
influence to compose the differences between the
412
THE CHRONICLE
warring factions there. A willingness to endeavor
to promote amity by arbitration or mediation was
seen by the Washington correspondent of the New
York "Times" on Jan. 17 as a "development of the
strong public opinion which had arisen in favor of
ending Nicaragua's perturbed condition by amicable
means." Secretary Kellogg expressed pleasure at
the action of Costa Rica in offering to mediate between President Diaz of Nicaragua and Dr. Sacasa,
and said this country would be glad to have all the
other Central American States similarly extend
good offices. Two days later Associated Press advices from the Nicaraguan capital disclosed the fact
that President Diaz had declined Costa Rica's proffer, which had already been accepted by Dr. Sacasa,
on the ground that "President Jimenez of Costa Rica
last December expressed prejudice against the Diaz
regime as 'lacking constitutionality,' and added the
charge that the Liberal adherents of Dr. Juan Sacasa
had been using Puerto Limon in Costa Rica as a base
of operations, and also saying that no Central American Government could mediate in the Nicaraguan
controversy in an independent manner because of
fear of Mexico."
Another development was an offer, published on
Sunday, made by President Diaz to meet his opponents, the Liberals, in a, peaceful attempt to settle
the civil war. He proffered them a share of the
offices, legislative, executive and judicial, on the
condition of his remaining in the Presidency until
the end of his term in December 1928, when he
proposed that an election be held under supervision
of the United States. To judge from all accounts,
it was not favorably received. A prominent feature
of it was contained in the following paragraph:
"As soon as these measures are initiated the future
peace and tranquillity of the country will be so assured that I hope it will be possible for my country
to secure in the United States a large loan for the
construction of a railway to the Atlantic Coast and
highways needed for the development of the country,
the money to be expended under American supervision. These improvements would obviously benefit
both Conservatives and Liberals alike. The cooperation of the American Government in the solution of our political and police problems would enable
us to obtain such loans on reasonable terms."
The Lausanne Treaty to re-establish diplomatic
and commercial relations with Turkey, severed when
that country entered the World War on the side of
Germany, was rejected by the United States Senate
late on Tuesday. The vote was 50 for ratification
to 34 against, or six less than the necessary twothirds. It showed all the Republicans solid for the
treaty and all the Democrats united in opposition to
it. The United States thus is left without any provision for formal relations with Turkey after Feb. 20
next, but Constantinople leaders were quoted in a
dispatch from that centre on Jan. 19 to the Associated
Press as expressing the belief that the present modus
vivendi, despite the fact that it would be contrary to
Turkish law, might be renewed. "The effect of the
Senate's decision," said the Washington advices of
Jan. 18 to the Associated Press, "however, may be
felt immediately, since the modus vivendi was designed to put in force in advance of ratification the
most favored nation status for which the Lausanne
Treaty provided. Just how the situation will be met
State Department officials do not know, as they have
(VOL. 124.
no precedent to guide them. Native and naturalized
Americans entitled to diplomatic protection by their
Government are scattered far and wide in Turkey,
and there is a considerable American investment in
that country. Yet there remains no official channel
of communication between the two Governments.
State Department officials feel the Turkish Government has been patient over delay in final action here
on the treaty. They do not expect any resentful
reaction at Angora because of its failure, since it
actually would have been of value to Turkey only
because it accepted the principle of diplomatic equality for Turkey already accepted by 27 other nations."
The Constantinople dispatch above quoted represented the Turkish press as philosophic over the rejection of the treaty by the United States Senate,
attributing the result to the American public's indifference toward foreign affairs, especially concerning
the Orient. The attitude of the Angora Government
was not known, it was added, but leaders in Constantinople said there was no danger of American institutions in Turkey being closed.
Representing the determined opposition, which at
length prevailed against the Lausanne Treaty, Senator King of Utah, after the Senate adjourned following rejection of the treaty, gave out the following
statement: "The treaty was opposed upon three
major grounds, namely that it failed to provide for
the fulfillment of the Wilson award to Armenia,
guarantees for the protection of Christians and nonMoslems in Turkey, and recognition by Turkey of
American nationality of former subjects of Turkey.
"Any new treaty with Turkey which fails to meet
these objections will be naturally opposed and rejected. Obviously, it would be unfair and unreasonable for the United States to recognize and respect the
claims and professions of Kemal so long as he persists
in holding control and sovereignty over Wilson
Armenia—now a 'No Man's Land,' while nearly a
million Armenian refugees are people without a
country. A debt of gratitude is due to those who
made the rejection of the treaty possible, and particularly to the American Committee Opposed to the
Lausanne Treaty, the American Committee for
Independence of Armenia, the Bishops of the Episcopal Church, the Northern Baptist Church, the
Methodist Episcopal Church (South), the Reformed
Church and many Catholic organizations, and to
Bishop Manning, Dr. Cadman, Bishop Rhinelander,
Bishop Cannon, Rabbi Wise, James W. Gerard,
David Hunter Miller, former Ambassadors Morgenthau, Straus and Elkus, Professor Hart and many
other friends of Armenia and of Greece."
Seeking information on the Parliamentary situation and the Government's position with regard to
the long delayed ratification of the Berenger debt
accord, United States Ambassador Myron T. Herrick
paid a visit last Monday to Premier Poincare, which
the Paris correspondent of the New York "Times"
the same day reported remained a "diplomatic secret." The Ambassador had been assured the accord would be submitted to the Chamber at its present
session but it is said that "between M. Poincare's
desire to do so and its advisability, there exists a
considerable gulf." The time for ratification apparently is not held to be ripe yet. Premier Poincare is said to think it should take its place in a series
of financial measures at a period when practical stabilization of the franc has been well secured, follow-
JAN. 22 1927.]
THE CHRONICLE
ing official stabilization. "That point," the dispatch continues, "has not yet been reached; for despite the evenness of the franc exchange rate and the
gradual improvement of the situation, there are
several important difficulties to be overcome and not
a few dangerous corners to be turned. Nor is. it
yet very certain that the Premier has altered entirely
his first conception of the Berenger agreement as
faulty and insufficient, in so far as it does not give
sufficient security to France. His position there is
still extremely delicate. At present and as long as
the franc manages to maintain its level of 25 to the
dollar there need be no hurry, according to the Premier, in seeking to open the debt discussion with a
request to the Chamber for ratification of the Washington agreement. And in view of his past attitude,
there is good reason to believe that the Premier is still
a believer in the influence of time in securing a change
for the better on the part of France's creditors."
The same correspondent two days later cabled that,
"following yesterday's meeting of the Finance Commission of the Chamber of Deputies and the communication to it by Deputy Malvy of the Premier's letter
announcing that the United States Government was
in no way seeking to hasten the ratification of the
debt accord, that vexed question is regarded here as
having been definitely laid on the shelf for a considerable time to come."
Winston Churchill, British Chancellor of the
Exchequer, went to Rome last week and it was
officially given out that his object was sightseeing.
A London dispatch to the New York "HeraldTribune" on Jan. 17 said it has since been learned
from an authoritative source that his purpose was
more than a holiday and included important financial conferences with Premier Mussolini and Count
Volpi, Italian Minister of Finance. The Chancellor,
it is said, hoped by his visit to Italy to launch "a
definite move in Europe for a general reduction of
armaments with a view to keeping governmental
expenditures within the limits of incomes." The
dispatch added that Mr. Churchill's activities were
understood to have the full approval of Prime
Minister Baldwin and the Cabinet and continued:
"Mr. Churchill had an interview to-day (Jan. 17)
with Count Volpi, following a long interview with
Signor Mussolini yesterday. The matter of the
Italian war debts to Great Britain was brought up
by the Chancellor of the Exchequer, who hopes
to have a substantial increase in payments from
that source to help him through the difficult task
of framing this year's budget." A dispatch from
Rome to the Associated Press on Jan. 17 said that
Mr. Churchill called at the Quirinal that day and
paid his respects to King Victor Emmanuel and
then at the Ministry of Finance, where he had an
interview with Count Volpi. The Chancellor congratulated the Italian Finance Minister on his
splendid achievement in floating an internal loan
which surpassed the Government's expectations.
The "Tribuna" said the loan would largely exceed
2,500,000,000 lire, the subscribers comprising all
classes of citizens.
Germany has been another week without a Cabinet
to succeed the Marx Ministry which held over the
holidays following its defeat and resignation last
month. Only minor matters consequently were
placed on the program of the Reichstag when it
413
opened on Wednesday after the Christmas recess.
"Benevolent neutrality" by the majority in the
Reichstag is reported as the object all the groups
were seeking to insure in their Cabinet bargaining
with each other. An Associated Press dispatch on
Jan. 17 said that President von Hindenburg commissioned former Chancellor Marx to negotiate for
the formation of "at least a Government coalition
of the middle parties with the possible support of
either of the two flanking parties, the Socialists and
teh Nationalists," after Dr. Curtius gave up the task.
The Berlin correspondent of the New York "Times"
on Jan. 19 reported that the Socialists showed slight
signs of willingness to compromise by stating that
they were not opposed to a coalition Government
similar to the one they ov.erthrew; but, before announcing whether they would support or oppose such
a Cabinet, they must know the names of the Ministers
and their policies concerning civic legislation which
they hope to pass during the present Reichstag
session." The Nationalists were still firm and it
was said they would support no Government unless
it controlled the Reichstag and they had representation in it. Consequently failing to form a coalition
Cabinet of the Middle parties, Chancellor Marx was
requested on the following day (Jan. 20) by President
von Hindenburg to attempt the organization of a
Cabinet including the Middle and Right, according
to Associated Press advices of that day. He conferred anew to-day (Jan. 20) with the Chairman of
the People's Party, it was added, but the conference
was reported to have developed insurmountable
difficulties for the formation of a coalition of the
Middle parties, whereupon Dr. Marx visited Von
Hindenburg and reported his efforts had been
fruitless. The President is represented as thereupon
insisting upon the constitution of the Cabinet at the
earliest possible moment commanding a majority
in the Reichstag.
M. Briand, the French Foreign Minister, on
Thursday made public a treaty of "friendship and
alliance" between France and Rumania which a
copyright dispatch from Paris to the New York
"Times" on Jan. 12 said is of exactly the same
character as the treaties which France has made,
within the framework of the League of Nations, with
Poland, Czechoslovakia and Belgium and is preparing
with Yugoslavia. The dispatch said its terms are
"skilfully drawn" and adds: "France and Rumania
mutually reaffirm their League of Nations vow to
abstain from any attack or invasion and to avoid any
recourse to war except in the case of legitimate
defense or in circumstances foreseen in Articles XV
and XVI of the covenant of the League. They bind
themselves to examine in common all questions which
might endanger their external security or injure the
order of things established by the Treaty of Versailles. Finally, in the case of non-provoked aggression against either, they agree to give mutual counsel,
help to safeguard their national interests and maintain
the status quo." Discussing the treaty further the
"Times" correspondent declared it constitutes formal
recognition by France of the Rumanian title to
Bessarabia and therefore is a better treaty than the
Rumanian agreement with Italy. "The publication
of the treaty terms," he continued, "is expected to
have no little effect in the Balkans, where the two
Latin countries have become rivals for influence
since the Italian treaty with Albania alarmed Yugo-
414
THE CHRONICLE
slavia and made a new beginning of the old policy of
the balance of power. Hungary is a country which is
_still outside the various combines, and it is toward
Hungary that Fascist Italy appears to be leaning in
,search of new friendship. On that side of M.Briand's
work not even his most ardent opponents can find any
,reproach to make. 116 may be idealistic and mystical
at times, but he has lost none of his shrewdness.
Spanish financial circles are described in a special
Madrid dispatch to the New York "Times" on Jan. 18
_ as concerned over the Government's plans to meet
'Treasury obligations of more than 1,000,000,000
,pesetas which will mature on Feb. 4.
"Although the royal decree giving the terms of the
plan have not yet been .published," it is said, "it is
.evident that the holders of obligations will have the
,option to convert to a new fifty-year issue at the
same rate of interest or to receive reimbursement.
The obligations maturing next month are only a fifth
part of the total for which plans must soon be made,
for within the next four years 5,225,000,000 pesetas
worth of bonds must be taken up by the Government." Declaring that this is the greatest indebtedness Spain has ever faced, the dispatch continues:
"The number of creditors is very large and includes banks, savings societies, insurance companies,
loan societies, colleges, asylums and other benefit
organizations. What the Government does in the
matter, therefore, is of extreme importance to the
whole country, which not only does • not possess
a great surplus of wealth, but is in dire need of more
funds for productive purposes. All the obligations
pay 5% interest with 1% premium on amortization."
The New York "Times" Madrid correspondent on
Jan. 20 announced that a National Assembly of a
consultative character was soon to be convened by
the Government for the spring. He said: "It will
be formed of representatives of all the provinces,
patriotic unions, municipalities and provincial councils. Agricultural, industrial, commercial, financial
and mining interests will also be represented, as well
as the working classes. Although its election is
simply by designation of the Government and not
by election, the Assembly is to be as far as possible
representative of the country."
Secretary of State Kellogg's efforts to solve the
Tacna-Arica problem for Peru and Chile by cession
of the disputed provinces to Bolivia met with a
definite reverse on Monday, when a note transmitted by Pedro Jose Rada, Foreign Minister of
Peru, was delivered to the State Department at
Washington unequivocally rejecting the proposal.
While the memorandum declared that "even at the
risk of running counter to its traditional policy of
deference to the United States of America" Peru
could not accept a "solution which carries with it the
forsaking of its citizens," yet it added that "this
rejection does not carry with it the intention of obstructing other solutions" and a door for further
action is therefore believed to have been left open.
Indeed the note itself says that Peru "is disposed to
listen to all suggestions for a settlement, but under
the condition that the towns of Tacna and Arica be
returned to it, the latter with its port and Morro."
The Foreign Minister pointed out concessions Peru
has made in the past when "Peru accepted the partial
or complete internationalization of the provinces and
their division, giving Bolivia gratuitously an outlet
[Vol- 124.
to the shore, and there an inlet whose condition would
allow it to be converted into a large, suitable safe
port," and added that Peru had been a supporter of
an arrangement on the basis of neutralization,
because, "as she sees it, such formula upholds the
principles involved and establishes a regime of liberty
and protection for the natives of those territories."
"My Government," Senor Rada added in his note
to Washington, "would gladly favor neutralization,
more than anything else because it would put an
end to the martyrdom of the natives of Tacna and
Arica, and because the international policy of Peru
has never been inspired in material interest but in
high ideals of justice and protection to human
rights. Neutralization has been opposed by Chile
on the ground that the countries of America look
upon it with suspicion, or as a mark of American
predominance in those territories. That is merely
a piece of sophistry. Indeed, neutralization involves a juridical conception entirely opposed to
that of imperialism and to that of the predominance
of a nation to the detriment of another."
From Santiago, Chile, the Associated Press learned
on Jan. 19 that the newspaper "El Mercurio," discussing the Peruvian note to Secretary Kellogg, said
that President Leguia of Peru was to blame for
rejection of the Kellogg plan because he promised
his people that the provinces would be returned to
Peru,and did not desire a solution of the controversy.
Five ships comprising the first cruiser squadron of
Great Britain were dispatched from Malta to
Shanghai on Wednesday and 1,000 marines were
scheduled to leave England on a liner to-day (Saturday) for China. Three other liners are reported to
have been chartered to convey troops and stores to
the scene of trouble. The London correspondent of
the New York "Herald-Tribune," cabling on Jan.
18, said "the decision to take these steps is believed
to have been a sequel to a special meeting of the
Cabinet yesterday afternoon, after which it was
announced that, while the government still was
ready to negotiate with the Chinese leaders, it cannot
be expected to surrender to violence or threats of
violence. The dispatching of additional troops and
ships to the Orient is taken to mean that any further
encroachment on British rights at Canton or Shanghai
similar to those at Hankow will be met with armed
resistance." The Washington correspondent of the
same paper on the same day wired that the possibility that additional American warships would be
ordered shortly to Chinese waters arose to-day with
the receipt of alarming dispatches from Admiral C. S.
Williams, commander in chief of the Asiatic Fleet,
who is now at Shanghai. In addition to the subject
being discussed at to-day's Cabinet meeting, Secretary of the Navy Wilbur had a long conference with
Secretary of State Kellogg, mapping out plans to
provide additional protection for Americans in the
danger zone of China."
From Peking the Associated Press received a dispatch dated Jan. 17 which said that "hostility toward
foreigners seemed to be gathering momentum as
dispatches pour in from widely separated sections
relating to anti-foreign agitation and violence. The
northern and southern sections which have been
engaged in civil war for months announced similar
programs for eradication of foreign influence and
sights in China as a means of rallying adherents to
JAN. 22 1927.]
THE CHRONICLE
the rival Governments—the Peking and the Cantonese, or Nationalist."
American lives and property were threatened in
extensive riots at Foochow and while the mobs there
were said to be influenced by anti-Christian feelings
yet, according to the Shanghai correspondent of the
New York "Herald-Tribune," cabling on Jan. 17,
"there was a definite trend in its mood toward antiforeignism." The situation at Foochow was said by
the Washington correspondent of the New York
"World" on Jan. 19 to be regarded "as very serious
by State Department officials, who are following the
developments with concern," and last night it was
announced in Associated Press advices from the
Capital that American Minister MacMurray who was
on his way home for conferences with Secretary
Kellogg, has been intercepted by cablegram and
ordered back to Peking as a result of the increasing
seriousness of anti-foreign demonstrations and rioting
China. "The State Department," it was added,
"said the spread of the anti-foreign movement to
Foochow and Amoy had prompted Mr. Kellogg to
order Mr. MacMurray back to his post. No immediate condition at Peking had called for the change,
the Department not having been advised of fears
felt by diplomats there that the trouble might spread
to the capital." Mr. MacMurray was intercepted at
Seoul, Korea, the Associated Press learned, and said
he would start back to Pekin to-day (Saturday).
The Bank of Austria this week announced by cable
that it had reduced its discount rate 4
1 of 1%, to
614%; the previous rate of 7% was in effect since
Aug. 6 of last year. Except for this change, however, official discount rates on leading European
centres remained at 7% in Italy; 63/2% in Paris and
Belgium; 5% in Denmark; 5% in London, Berlin
and Madrid; 41A% in Sweden and Norway, and
314% in Holland and Switzerland. In London
open market discount rates were again lowered, this
time to 414@4 3-16% for short bills, as against
4 3-16@43i.%, and 4@4 1-16% for three months'
bills, in comparison with 41
/g4 3-16 a week ago.
Money on call at the British centre declined to 34
1 %,
as against 33
4% last week. In Paris open market
discounts are down to 5%, while in Switzerland the
rate is 3%•
Another though smaller gain in gold was reported
by the Bank of England in its latest weekly statement, amounting to £2,437. Total holdings of gold
coin and bullion now amount to £151,491,156 as
against £143,711,895 last year and £128,571,640 in
1925 (before the transfer to the Bank of England of
the £27,000,000 gold formerly held by the redemption
account of the currency note issue). The reserve of
gold and notes in banking department increased
£985,000, due to the reduotion in note circulation
of £983,000 combined with the gain in gold, while
the proportion of reserve to liabilities advanced to
27.58%, from 26.12% last week. Public deposits
fell off £3,320,000 but "other" deposits gained
£209,000. Loans on Government securities declined
£2,885,000 and loans on "other" securities £1,179,000. Total note circulation stands at £137,012,000,
in comparison with £141,060,535 last year and
£124,843,320 in 1925. The Bank's official discount
rate of 5% was not changed during the week. We
furnish below comparisons of the different items of
the Bank of England report for a series of years:
415
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1927.
1928.
1925.
1924.
1923.
Jan. 19.
Jan. 20.
Jan. 21.
Jan. 23.
Jan. 24.
£
Circulation
8137,012.000 141,080,535 124,843,320 125,143380 120.798,570
Public deposits
12,052,000 19,429,955 22.922,808 13,811,617 11,372,032
Other deposits
111.748.000 109,147,578 107,006,810 112,429,895 114,431,342
Govt,. securities__ _ _ 31,883,000 45,867.526 49,213,492 49,942,032 53,444,811
Other securities_ _ _ _ 75,876,000 78,365,678 75,279,527 71,471,923 65,238,047
Reserve notes & coin 34,140,000 22,401,360 23,478.320 22,682,897 25,140,584
Coin and bullion_ _a151,491.156 143,711,895 128,571,640 128,078,077 127.489.154
Proportion of reserve
to liabilities
27.58%
18%
18%
177-16%
20%
Bank rate
5%
5%
4%
4%
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.
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.
In its weekly statement issued Wednesday (Jan. 19)
the Bank of France again showed a large reduction in
note circulation item, the decline this week being
704,456,000 frangs. Thus, total notes in circulation
now amount to 52,811,831,980 francs, as against
50,817,768,680 francs for the same time in 1926 and
40,601,870,615 francs in the year previous. Another
favorable feature was the reduction of 900,000,000
francs in. the State's indebtedness to the Bank, thereby bringing total advances to the State down to
33,650,000,000 francs as compared with 34,800,000,000 francs -for the corresponding date last year and
with only 21,500,000,000 francs in 1925. In contrast, a loss of 997,725 francs occurred in gold holdings. Total gold holdings, therefore, now aggregate
5,547,823,350 francs. In 1926 gold holdings amounted to 5,548,146,110 francs, and in 1925 stood at
5,545,485,840 francs. Changes in the other items of
the Bank's report were: Silver increased 252,000
francs; bills discounted, 10,256,000 francs, and
general deposits, 268,117,000 francs. On the other
hand, advances to trade fell off 34,142,000 francs,
while Treasury deposits declined 14,532,000 francs.
Comparisons of the various items in this week's
return with the statement of last week and with
corresponding dates in the two previous years, are
as follows:
BANK OF FRANCE'S
Changes
for Week.
Gold Holdings—Francs.
In France
997,725
Dec.
Unchanged
Abroad
COMPARATIVE STATEMENT.
Status as of
Jan. 19 1927. Jan. 24 1926. Jan. 22 1925.
Francs.
Francs.
Francs.
3,883,502,443 3,683,825,203 3.681,164,932
1,864,320,907 1,864,320,907 1,864,320,907
Total
Dec. 997,725 5,547,823.350
Silver
Inc.
341,107,564
252,000
Inc. 10,256.000 3,596,952.055
Bills discounted
Trade advances__ _ _Dec. 34,142,000 2,101,540,148
Note circulation _ _ _Dec704,456,000 52,811,831,980
13,746,872
Treasury deposits Dec. 14,532.000
General deposits Inc.268,117,000 5,848,833,975
Advances to StateDec900,000.000 33,650,000,000
5,548,148,110
323,306,477
2,954,327,970
2,535,291.371
50,817,768,680
5,482,348
3,352,318,939
34,800,000,000
5,545.485.840
304,284,886
5,523,989,031
3,011,960,442
40,601,870,615.
15.770,972
1,966,686,036
21,500,000,000
Important changes are shown in the statement of
the German Reichsbank, issued under date of
Jan. 15. Chief among these was a contraction of
30$,686,000 marks in note circulation, at the same
time that daily maturing obligations expanded
169,948,000 marks and other liabilities increased
2,792,000 marks. Notes in circulation now stand
at 3,133,117,000 marks as compared with 2,508,030,000 marks and 1,646,198,000 marks in 1926 and
1925, respectively. As to asset side of the account
the majority of the items recorded decreases. Bills
of exchange and cheques declined 189,244,000 marks,
advances 9,801,000 marks and investments 1,092,000
marks. Reserve in foreign currencies decreased
12,233,000 Marks, while deposits abroad showed a
loss of 10,472,000 marks. "Other" assets, however,
increased 54,290,000 marks and notes on other
German banks 4,466,000 marks, while118,292,000
•
416 '
TH PI CHRONICLE
marks were added to silver holdings. Gold and
bullion holdings which gained 3,376,000 marks now
aggregate 1,834,537,000 marks, as against 1,208,433,000 marks for the corresponding date in 1926
and only 791,652,000 marks in 1925.
Below we give a detailed comparative statement
back to 1925:
REICHi3BANICS COMPARATIVE STATEMENT.
Changes for Week. Jan. 15 1927. Jan. 15 1926. Jan. 15 1925.
Retchsmarks. Rekh.nnarks. Retchsmarks.
Relehsmarks.
Inc. 3,376,000 1,834,537,000 1,208,433,000 791,652,000
Gold and bullion
96,599,000 198,653,000
Of which depos.abed.Dee. 10.472.000 149,386,000
Ree've for for'n eurr_Dec. 12,233,000 501.035,300 368,135.000 263,883,000
Bills of each. de checks Dec. 189,244,000 1,505,152,000 1,536,773,000 1,743,587.000
56,752,000
74,559,000
Silver and other coin_ _Inc. 18,292,000 121,787,000
29,136,000
34,624,000
17,100,000
Notes on oth. Ger.bks.Ino. 4,466,000
17,418,000
3,187,000
4,975,000
Dec.9,801,000
Advances
89,800,000 214,432,000 109,796,000
Dec
1,092,000
Investments
1,774.029,000
Inc. 55,290,000 629.949,000 747.083,000
Other assets
Notee in circulation_ _Dec. 303.686,000 3,133,117,000 2,608,030,000 1.646,198,000
Oth.dailymatur.obligine. 169,948,000 1.012,720,000 800,115,000 983.651,000
Other liabifitlea
Inc. 2,792,000 207,626,000 533,150,000 1,629.765,000
Further reductions in bill holdings and further additions to gold reserves featured this week's returns of
the Federal Reserve banks. The gold holdings of
the banks as a group increased $19,900,000. Rediscounts of bills secured by Government obligations
fell $52,500,000, while in "other" bills there was a
decrease of $21,900,000, so that total bills discounted
for the week were reduced $74,400,000. Total bills
and securities declined $74,500,000 and deposits fell
off $6,000,000. Member bank reserve accounts
shrank $30,200,000. A decrease of $40,500,000 was
shown in Federal Reserve notes in actual circulation.
The report of the New York Reserve Bank indicated
an addition of $17,500,000 to gold reserves. Rediscounts of Government secured paper decreased
$30,400,000, and in "other" bills there was a decrease of $7,800,000. The net result of the week's
operations, therefore, was a reduction of $38,200,000
in bills rediscounted. Open market purchases increased $12,618,000. Total bills and securities decreased $21,646,000, deposits decreased $4,400,000
and member bank reserve accounts $14,900,000.
Federal Reserve notes in actual circulation increased
$2,307,000. The addition to gold reserve along with
the contraction in deposits brought gains in the reserve ratio for the System to 76.9%, up 1.5%, and
at New York to 83.4%, up 1.5%.
The New York Clearing House banks and trust
companies in their statement last Saturday showed
an excess reserve of $12,210,020, as against the previous week's huge deficit of $69,015,900. There was
an expansion of $20,979,000 in loans, bringing the
aggregate to $5,592,022,000,which was acconipa:lied
by an increase of $56,943,000 in net demand deposits
to $4,559,094,000, exclusive of Government deposits
of $29,168,000. Time deposits decreased $9,624,000
to $667,264,000. Cash in own vaults of members of
the Federal Reserve Bank decreased $4,432,000 to
$45,020,000. Reserves in own vaults of State banks
and trust companies not members of the Federal
Reserve Bank also fell off, declining $439,000 to
$9,591,000, as did the reserves kept by these institutions in other depositories, this latter decline being
$241,000. The change of greatest consequence was
an increase of $89,050,000 in the reserves of member
banks with the Federal Reserve Bank, thereby converting the previous weeks deficiency in reserves into
ar,surplus of $12,210,000 also already noted. The surplus is calculated on the basis of a required legal reserve of 13% against demand deposits .of member
banks of.the Federal Reserve, but not including the
[VOL. 124.
$45,020,000 cash in vault held by these members on
Saturday last.
Money was in abundant supply this week and continued easy with only slight changes in call and practically none in time loan rates. Call money opened
unchanged at 43/2% and declined to 4% on Wednesday, this figure remaining the renewal rate for the
rest of the period. Time money showed fair activity
for distant periods and ruled at 432% for all maturities. No change was made by the Federal Reserve
Bank in its discount rate of 4%, contrary to expectation based on the downward trend of money here
and abroad. A decrease of $27,426,000 in brokers'
loans, the first reduction to be announced since early
in December, was reported for the week ending Jan.
12 but activity in several departments of the stock
market showed some advantage being taken of the
increasing amount of credit. Gold continued to
come from Canada, $4,000,000 arriving this week,
bringing the total received from that source this
month to $21,000,000.
Referring to money rates in detail, loans on call
have ranged between 4 and 432%, the same as last
week. On Monday and Tuesday all loans were
negotiated at 432%. Wednesday, although call
funds were again renewed at 43/2%, and this was the
high, before the close easier conditions set in and
there was a decline to 4%. Increased ease developed
on Thursday, so that the renewal basis was lowered to 43i%; the low was 4%, and 4% the
high. Friday there was no range, all funds on call
loaning at 4%.
In time money the market was quiet and easy in
tone. Sixty day money continues to rule between
49/i and 43/2%, with 432% practically the ruling rate
for all maturities from ninety days to six months,
unchanged from the previous week. So far as could
be learned, no large individual trades were put
through.
Mercantile paper rates were steady, at previous
levels, viz.,4@43% for four to six months' names of
choice character and 432% for names not so well
known. Slightly more activity was reported, with
country banks in the market, but trading was somewhat restricted by lack of offerings of prime names.
New England mill paper and the shorter choice
names are still passing at 4%.
Banks' and bankers' acceptances figured for only a
light turnover in a comparatively steady market,
with quotations still at the levels previously current;
though towards the close of the week a slight softening in tone was noted. A broadening in demand was
evident, but offerings were scanty; hence the small
volume of business passing. For call loans against
bankers' acceptances, the posted rate of the American
Acceptance Council remains at 3%%. The Acceptance Council makes the discount rate on prime
bankers' acceptances eligible for purchase by the
.4% asked for
Federal Reserve banks 3% bid and 35
bills running 30 days and 60 days;3 8% bid and 39%
asked for 90 and 120 days, and 4% bid and 3 8%
asked for 150 days and 180 days. Open market
quotations follow:
SPOT DELIVERY.
90 Days.
60 Days.
3,‘@3%
3M63%
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
30 Days.
3Sill@i3%
ii% bid
351 bid
JAN. 22 1927.]
THE CHRONICLE
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
JAN. 21 1927.
Paper Maturing—
After 00 After 6
Days, but but
TVithin 6 Within 9
Months. Months.
Within 90 Days..
FEDERAL RESERVE
BANK.
Com'rctal Secured
Apricl by U. S. Bankers' Trade Agrietal.* Agricull
Licestock Gorern't Accep- Accepand
and
Paper. ObiIga- tances. tames. Livestock Livestock
Paper. Paper.1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
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
a
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
•Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts, Fie.
In the sterling exchange market quiet strength has
predominated and price levels have been well maintained, at a fraction above or below 4 847
%for demand
bills, throughout the entire week. Trading continues
of a routine character, with very little in the way of
important,news developments to record. So far as
can be ascertained, dealers are still transacting the
bulk of whatever business is passing through the
medium of either cable transfers or sight bills, with
the radio telephone resorted to—if at all—only in
special transactions. In a general way it may be
said that a quiet but fairly substantial movement to
accumulate sterling is under way among the larger
banking institutions who appear to be shifting some
of their balances back to London with a view to availing themselves of the higher money rates prevailing
there. Opinion in financial circles appears to be
favorable to sterling and the outlook is regarded as
distinctly bright. Easy local monetary conditions,
which will tend to drive funds to centres where better
returns are obtainable, are regarded as practically
certain to make for higher foreign exchange quotations. Talk has been revived of the likelihood that
rediscount rates both in London and at New York
are soon to be lowered. At the close of the week
news that Premier Poincare was soon to make known
his finance plans to the Chamber Finance Commission, improvement in Germany's cabinet situation,
and encouraging statements by Chancellor Churchill
on Italy and Fascism, all helped strengthen the confidence shown earlier in the week.
As to the day-to-day rates, sterling exchange on
Saturday last was slightly lower, and demand declined to 4 84 13-16@4 84% and cable transfers
to 4 85 5-16@4 85 8; trading was quiet and featureless. Monday's market was steady, at previous
levels; there was no range, however, and demand
ruled all day at 4 84% and cable transfers at 4 853A.
There was no perceptible change on Tuesday and
quotations remained at 4 84% for demand and at
4 853A for cable transfers. On Wednesday, although
trading was still inactive, firmness developed and
demand was fractionally higher, ranging between
4 84 27-32 and 4 84 29-32, with cable tranfers at
4 85 11-32@4 85 13-32. Quoted rates were maintained on Thursday under the impetus of steady
buying of sterling bills by some of the large banks,
and there was a further small gain to 4 84%@
4 84 15-16 for demand and to 4 85%@4 85 7-16
417
for cable transfers. Friday the undertone was
steady and demand bills were firmly held, ruling
unchanged at 4 84%@4 84 15-16, with cable transfers at 4 85%@4 85 7-16; moderate activity was
reported. Closing quotations were 4 84% for demand and 4 853
% for cable transfers. Commercial
sight bills finished at 4 843
%, sixty days at 4 80%,
ninety days at 4 78%, documents for payment
(sixty days) at 4 81, and seven-day grain bills
at 4 843'. Cotton and grain for payment closed
at 4 849. Gold continues to flow from Canada
this way. The week's movement comprised $4,000,000 shipped by the Canadian Bank of Commerce. The National Bank of Commerce announces
the receipt of 82,500,000 shipped by the Banco
Centrale of Chile on the "Ebro," which brings the
total sent in the last 12 months by the Chilean
bank to 821,000,000. The Bank of England has
exported £87,000 in gold sovereigns to Spain,
sold £470,000 in bars, and reports purchases of
£240,000 in bar gold.
Trading in Continental exchange was very similar
to what transpired last week, namely an exceptionally light volume of business and small, irregular
price changes in all of the larger European currencies,
but active speculative purchasing, accompanied by
sharp up and down fluctuations, in Norwegian krone
and Spanish pesetas. French francs were dealt in to
a comparatively limited extent at close to the levels
previously prevailing; the week's range was again
3.96@3.97 for sight bills. Traders claim that speculative dealings have come to an absolute standstill
for the time being. Antwerp belgas were slightly
easier, being now quoted at 13.90 as against a previous range of from 13.91 to 13.92. This fact has
aroused some comment in market circles. It is
pointed out that the belga has been held at a par of
13.90 since official announcement from Brussels that
all restrictions on exchange trading had been removed.
As other foreign exchange units that are on either a
complete or partial gold standard usually fluctuate
at least a few points as money rates change, it is beginning to be felt that the "removal of restrictions"
in reality applied to only certain types of exchange
transactions, and could not be interpreted as meaning
a free market.
Italian lire also tended downward, declining from
4.34 at the opening to 4.27, with fluctuations during
the greater part of the week between 4.28 and 4.30,
but a rally to 4.33 at the close on improved loan
prospects for Italian public utilities. In the minor
Central European group, inactivity continues to
prevail, with Rumanian lei the weakest feature of
the list. Following an opening quotation of 0.54
there was a subsequent drop of over a point to 0.52%,
mainly on political uncertainties. Polish zloties
appear to be fairly stable, at 11.50. Greek currency
was firm and finished about 2 points up. It is
interesting to note that while the so-called gold
exchanges are almost uniformly steady, they are
usually well below par. This applies more particularly to reichsmarks, Swiss francs, Swedish and Danish
kroners and Dutch guilders. In none of these,
however, has the quotation dropped to anywhere
near the point at which gold could flow to New York.
As a matter of fact,the only country which at present is
in a position to ship gold to the United States is England
and there seems very little likelihood of such a movement being inaugurated for the time beingat least.
418
[vol.. 124.
THE CHRONICLE
The London check rate on Paris finished at 122.43,
which compares with 122.13 last week. In New
York sight bills on the French centre closed at 3.963/b
against 3.963/2; cable transfers, 3.97M,against 3.97M,
and commercial sight bills 3.953/
2, against 3.953/ a
week ago. Antwerp beglas finished at 13.90 for
checks and 13.91 for cable transfers. This compares
with 13.903/ and 13.913/ the previous week. Closing rates on Berlin marks, which again have shown a
disposition to sag, were 23.703/ for checks and
23.713/ for cable transfers, against 23.73 and 23.74
last week. Austrian schillings continue to be quoted
at the fixed rate of 143. Italian lire finished at 4.33
for bankers' sight bills and at 4.34 for cable transfers.
Last week the close was 4.343/ and 4.3532. Exchange on Czechoslovakia closed at 2.963A (un2; on
changed); on Bucharest at 0.52/, against 0.523/
Poland at 11.50 (unchanged), and on Finland at
2.523/i (unchanged). Greek exchange finished at
1.304 for checks and 1.313 for cable remittances, in
comparison with 1.28 and 1.29 a week earlier.
25.44,fmainly onrsellindwithout adequate takers,.
then finished at 25.48.
Bankers' sight on Amsterdam finished at 39.96,.
against 39.963/2; cable transfers 39.973/2, against
39.99, and commercial sight bills 39.9532, against
39.923/
2, last week. Swiss francs closed at 19.253/2
for bankers' sight bills and 19.263/ for cable transfers. This compares with 19.263
% and 19.27% a
week ago. Copenhagen checks finished at 26.63 and
cable transfers 26.64, against 26.64 and 26.65.
Checks on Sweden closed at 26.69 and cable transfers 26.70, against 26.71 and 26.72, while checks on
Norway finished at 25.48 and cable transfers 25.49,
against 25.64 and 25.65 the preceding week. Spanish
pesetas closed at 16.20 for checks and 16.21 for cable
transfers, which compares with 16.07 and 16.08 a
week ago.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
sAismit TO TREASURY UNDER TARIFF ACT OF 1922,
JAN. 15 1927 TO JAN. 21 1927, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Jan. 15.1 Jan. 17.1 Jan. 18. Jan. 19. Jan. 20. Jan. 21.
Trading in the neutral exchanges, formerly socalled (the smaller Continentals) continued dull and
neglected, except for speculative activity in Spanish
pesetas, which again constituted the feature of an
otherwise dull and uneventful week. In the early
part of the week peseta rates were sharply down as
a result of realizing sales and the quotation ruled for
a while at 16.07@l6.10. It was not long, however, before a fresh avalanche of buying orders appeared and the price began to mount sensationally,
until a top figure of 16.31 had been reached. Nervous
excitement of course attended these erratic fluctuations and before the close of the week profit-taking
once more brought about a slump that carried the
peseta down to 16.043/
2, with the close at 16.20.
It is worth noting that while considerable business
was transacted on the local market, the real centre
of activity was London, with some buying and selling
reported from the Continent. Short selling was
strongly in evidence and it was stated that for a time
spot pesetas were bought, while futures, particularly
for three months' delivery, were freely sold at a discount of 5 points under the immediate delivery
price; and this by Spanish interests. The Bank of
England is reported as having sent several small
shipments of gold to Spain, and while the movement
has probably nothing at all to do with the gyrations
of the exchange market, it is thought to have influenced speculative interests. Some take the view
that the metal is being imported by the Spanish
authorities to obviate the necessity of buying pesetas
and thus further increasing the rate; but it is considered more likely that the imports are for the
account of Spanish importers who find it cheaper to
pay in actual metal than to meet the duties exacted
on the paper equivalent of the gold pesetas. In the
opinion of traders usually well informed the speculation in pesetas has been overdone and a reaction
is now due. Reports persist that Spanish authorities have actually been selling pesetas; but these
were not confirmed.
The remainder of the market was in comparative
neglect. Dutch guilders remain dull and weak, at
near to 39.96. Swiss francs again lost ground and
dropped to 19.253/2. In the Scandinavian group
trading was quiet and prices practically stable, with
the exception of Norwegian krone which moved
fitfully and declined from 25.64 at the opening to
EUROPE8
Austria, schilling -----14087
Belgium, belga
1391
Bulgaria, lev
007220
Czechoslovakia, kron .029620
Denmark, krone
2665
England, pound sterling
8530
Finland, markka
025213
France, franc
0398
Germany, reichsmark. .2373
Greece, drachma
012925
11,11and, guilder
.3998
Hungary, pango -----1751
Italy, lira
0433
Norway, krone
2564
Poland, zloty
1128
Portugal, escudo
.0511
Rumania,len
.005381
Spain, peseta
1608
Sweden,krona
.2671
Switzerland, franc
.1927
Yugoslavia, dinar- .017643
ASIAChinaChefoo, tael
6458
Hankow,tael
6341
Shanghai, tael
6146
Tientsin, tael
6492
Hong Kong, dollar_ .4861
Mexican dollar_ _
.4528
Tientsin or Pelyang,
dollar
4421
Yuan, dollar
4404
India, rupee
3644
Japan, yen
4880
Singapore(S.S.),doll .5594
NORTH AMER.
Canada, dollar
.998506
Cuba, peso
999500
Mexico, peso
466667
Newfoundland, doll .996313
SOUTH AMER.Argentina, peso (gold) .9393
Brazil, milreis
1163
Chile, peso
1203
Uruguay, peso
1.0143
$
.14089
.1391
.007213
.029619
.2665
4.8534
.025204
.0398
.2372
.012916
.3999
.1750
.0430
.2563
.1130
.0511
.005351
.1628
.2671
.1926
.017629
S
.14085
.1391
.007225
.029620
.2664
$
.14075
.1391
.007236
.029621
.2664
4.8535
4.8534
.025206 .025212
.0398
.0397
.2372
.2372
.012925 .013043
.3999
.3999
.1751
.1753
.0433
.0432
.2555
.2546
.1138
.1144
.0513
.0512
.005331 .005307
.1613
.1606
.2671
.2670
.1927
.1926
.017633 .017626
$
.14077
.1391
.007218
.029619
.2664
$
.14077
.1391
.007232
.029618
.2664
4.8538
4.8536
.025204 .025212'
.0396
.0397
.2371
.2372
.013072 .013077
.3999
.3998
.1751
.1753
.0432
.0433
.2548
.2547
..1125
.1131
.0512
.0511
.005271 .005269'
.1619
.1619
.2670
.2670
.1926
.1927
.017628 .017629'
.6479
.6347
.6182
.6513
.4892
.4525
.6479
.6341
.6188
.6504
.4910
.4534
.6483
.6359
.6194
.6517
.4902
.4569
.6546
.6441
.6277
.6571
.4949
.4558
.6600
.6488
.6298
.6633
.4993
.4631
.4458
.4442
.3644
.4878
.5594
.4450
.4433
.3646
.4876
.5594
.4417
.4400
.3648
.4877
.5594
.4429
.4413
.3648
.4870
.5594
.4500
.4483
.3647
.4873
.5594
.998410
.999438
.467167
.996250
.998382
.999438
.467000
.996188
.998304
.999438
.467500
.996125
.998404
.999625
.467833
.996188
.998318
.999656
.468000
.996125
.9358
.1163
.1203
1.0149
.9392
.1165
.1203
1.0148
.9383
.1168
.1204
1.0136
.9383
.1166
.1203
1.0135
.9381
.1170
.1203
.0136
As to South American exchange comparatively few
changes were reported. The market was stagnant,
and the trend was toward lower levels, at least for
Argentine pesos, which declined to 41.28 for checks
and 41.33 for cable transfers then rallied to 41.31 and
41.36, as against 41.39 and 41.44 last week. Brazilian milreis ruled nearly all week at 11.65 for checks
and 11.70 for cable transfers, but finished at 11.75
and 11.80 against 11.65 and 11.70 at the close of a
week ago. Chilean exchange was firmer, closing at
12.00, against 11.98, while Peru was strong, and
finished at 3.63, against 3.58 the week before.
Far Eastern exchange was not especially active,
although the so-called silver currencies were strong
and recorded further advances. Japanese yen remain •firm at close to the high levels that have
prevailed in recent weeks, notwithstanding publication of a less favorable foreign trade report. Announcement from Tokio that Japan had modified
her embargo on the flotations of loans abroad was.
interpreted as still another step toward return to the
gold standard. However, in the opinion of the
banking fraternity, restoration of the gold standard
is not likely to be undertaken before August, at
the earliest, while it is possible that any unfavorable
JAN. 22 1927.]
THE CHRONICLE
development of a political or financial nature would
cause still further postponement. Demand for
silver, the metal, continues unabated and prices
this week have been on an advancing scale. Hong
Kong closed at 50 13-16@513, against 49 11-16@
503's; Shanghai, 633/
2063%, against 615A@62;
Yokohama, 48.75@49.00, against 48.80@49.00;
Manila, 49.50@49.60 (unchanged); Singapore, 56%
@563/ (unchanged); Bombay, 363/2@36% (unchanged), and Calcutta, 36(4)36% (unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $5,140,675 net in cash as a result of the
currency movements for the week ended Jan. 20.
Their receipts from the interior have aggregated
$6,024,275, while the shipments have reached
$883,600, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Into
Banks.
Week Ended January 20.
Banks' interior movement
OW of
Banks.
86,024.275
Gain or Loss
to Banks.
S883.600 Gain
5,140,675
1
As the Sub-Treasury was taken over by the Federa
Reserve Bank on Dec. 6 1920, it is no longer possible
to show the effect of Government operations on the
Clearing House institutions. The Federal Reserve
Bank of New York was creditor at the Clearing
House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Jan. 15. Jan. 17.
Tuesday, Wednestry. Thursday, Friday,
Jan. 18. Jan. 19. Jan. 20. Jan. 21.
A0Oreyate
for Week.
$
95,000,000 113,000000 106.000000 94,000.000 81,000,000 95,000,000 Cr. 584,000,000
Note.—The foregoing heavy credits reflec the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation
of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented In
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
January 20 1927.
Banks of
January 21 1926,
Silver. I Total.
£
£
g
2
I
2
England 151,491,156
151,491,156143,711,89
143,711.895
France - _a 147,340,098 13,640,000 160,980,098147,353.008 12.920.000160,273,008
Germany 684,257,550 c994,60085,252,150 50,186,440 d694.600
51,181,040
Spain
_ 102,280,00028,964,000 129,244,000 101,478,000 26,049,000127,527,000
Italy
45,656,000 4,161,000 49,817,000 35,665,000 3,394,000 39.059,000
Netherrds 34,540,000 2.334.000 36.874,00036,647,000 2,060,000
Nat. Belg- 17,722,000 1,073,000 18,795,000 10,954,000 3,644,000 38,707,000
14,598,000
Switzerrd_ 17,687.000 2,899,000 20,586,000 18,286,000 3,665,000 21,951,000
Sweden_ _ 12,470,000
12,470,000 12,778,000
I 12,778,000
Denmark _ 11,610,000
838,000 12,448,000 11,621.000
752,000 12,378,000
Norway
8,180,000
8,180,0001 8,180,000
I 8,180,000
Total week 633,233,804 52,903,600686,137,404576,865,343 53.478.600630,343,943
Prey. week 633,154,726 52,937,600 686,092,326577,456,021 53,313,600630.769,621
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b Gold holdings of the Bank of Germany this year are
exclusive
of £7,469,300 held abroad. c As of Oct. 7 1924.
Gold.
Silver.
I
Gold.
Z
I
The Rejection of the Lausanne Treaty with
Turkey.
The refusal of the Senate on Tuesday, by a vote of
.50 to 34, to ratify the long-pending Lausanne Treaty
with Turkey, apparently puts an end, for the time
being, at least, to a controversy which has been
carried on actively by friends and opponents of the
treaty for more than three years. While the organized propaganda of the opposition has thus attained
its end, there are probably a very large number of
persons, as sincerely regardful of the claims of humanity or religion as the opponents of the treaty, who will
regret that the friendly diplomatic relations between
Turkey and the United States which were ruptured
by the World War could not now have been restored,
419
even though the provisions ofItheitreaty were not in
every respect all that might:be desired.
• It will be recalled that the Treaty of Sevres of
Aug. 10 1920, which Great Britain, France, Italy,
Japan and nine other Powers, including the then
State of Armenia, sought to impose upon Turkey,
was never ratified by Turkey, and became a dead
letter once the constitutional Government under
Mustapha Kemal Pasha came into power at the beginning of 1921. It was for the purpose of re-establishing diplomatic relations with the new Turkish
Republic that a conference, participated in by Great
Britain, France, Italy, Japan, Greece, Rumania and
Turkey, met at Lausanne on Nov. 20 1922. The refusal of the Turkish representatives, with the backing
of their Government, to approve certain provisions of
the treaty which was drafted led to a break-up of the
conference on Feb.2 1923, but the conference reassembled on April 23 and on July 24 of that year a treaty
was signed which was ratified by the Turkish National
Assembly on Aug. 23, and to which the other Powers
have since given their adherence.
Although the United States was not a party to the
Treaty of Sevres, it.was represented at the Lausanne
Conference, the American representatives taking
part in the discussions to the extent of expressing the
views of the American Government regarding general
humanitarian matters and subjects in which the
United States was directly interested. The American
representatives did not sign the treaty for the reason
that the United States, not having been at war with
Turkey, did not deem it proper to join in a treaty
which dealt in general with peace in the Near East.
On Aug.6, however,the representatives of the United
States concluded with Turkey two separate treaties,
one of a general nature, embodying the substance.of
many of the provisions of the previous Treaty of
Lausanne, and the other relating to extradition. It
is the first of these two Lausanne treaties that the
Senate rejected on Tuesday.
The Lausanne Treaty, an official summary of which
has been issued by the Department of State, provides
among other things for the abrogation of the capitulations which formerly regulated the status of foreigners
in Turkey, and extends to the nationals of the two
contracting Powers full liberty of entry, residence
and travel upon conforming to the laws of the country, and protection for themselves and their property
in accordance with international law. The right to
engage in commercial or professional occupations,
provided such occupations are not forbidden to all
foreigners, is also accorded, subject to local laws and
regulations, together with a guarantee of full liberty
of conscience and worship in conformity with the laws.
Commercial relations are regulated on the principle
of the most favored nation, while in matters of personal status and family law it is specified that American citizens in Turkey shall be subject exclusively
to the jurisdiction of American tribunals or other national authorities outside of Turkey, unless the parties
agree to accept Turkish jurisdiction.
The persistent opposition to the treaty which has
been manifested in this country appears to be based
mainly upon two grounds. The first is the alleged
barbarous treatment of Christians, principally Armenians, by the Turkish Government. A protest
signed by 110 bishops of the Protestant Episcopal
Church, made public on April 15 1926, and sent to
every member of the Senate, declared that "we are
asked to resume friendly relations with an avowedly
420
THE CHRONICLE
unrepentant and anti-Christian Government which
destroyed a million inoffensive Christian men,
women and children, expelled from their homes over
a million and a half, and is now holding in slavery
in Turkish harems tens of thousands of Christian
women and children. We cannot forget that over
a million Armenian refugees and exiles are now a
people without a country, while their own homeland
lies deserted under Turkish domination; that thousands of Armenians fell in the field of battle, and that
President Wilson and President Harding made solemn pledges to Armenia. We feel that the failure
on our part to fulfil our moral obligation to Armenia
to the extent of our opportunity would be equivalent
to a condonation of acts which are abhorrent to all
who love righteousness and justice."
Passing over the partisan controversy which has
been waged regarding the responsibility of the Armenians for the harsh and cruel treatment they have
received, there is much to substantiate the allegations
of the bishops' statement. Precisely how the moral
obligation which President Harding and President
Wilson assumed in regard to Armenia is to be discharged, however, now that Armenia has practically
diasppeared from the political map and the Armenian
people have been reduced to numerical unimportance,
is not clear, nor is it clear how a rejection of the
Lausanne Treaty will better the situation. As Senator Borah pointed out in a published reply to the
bishops, it is hardly to be assumed that the United
States, in the name of righteousness and justice,
ought to undertake to restore the Armenians to their
original country, and maintain them there in peace
and security, in open opposition to the Turkish
Government.
The other principal ground of objection to the
treaty appears to be a fear lest the continuance of
Christian missions and schools in Turkey will be
jeopardized, and the missions and schools perhaps be
driven out, by the anti-Christian attitude of the
present Turkish Government. The summary of the
Lausanne Treaty issued by the Department of
State contains no direct reference to missions or
schools. In a letter of July 24 1923 to the Powers,
however, Ismet Pasha stated that while the Turkish
Government would recognize the existence of British,
French and Italian institutions, whether religious,
educational, medical or philanthropic, already
established in Turkey, such institutions would be
placed upon a footing of equality with similar Turkish
institutions in regard to fiscal charges of every kind,
and subjected to administrative measures of a public
character; and, further, that the Turkish Government would "take into account the conditions under
which these establishments carry on their work, and,
in so far, as schools are concerned, the practical
organization of their teaching arrangements." A
number of steps reported to have been taken during
the past year by the Turkish Government looking to
the elimination of religious instruction in elementary
schools, and the inauguration of a national program
of secular education, appear to have conformed to this
general declaration of national policy, and to have
been applied to American as well as other institutions.
As the Lausanne Treaty guarantees full liberty of
conscience and worship so long as the requirements
of law are observed, there would seem to be no threat
to personal religious liberty as the term is commonly
understood in this country. It is obviously the right
of the Turkish Republic, on the other hand, to pre-
[VOL. 124.
scribe the conditions of public education, and to set
such limits to private schools or teaching as it may
deem wise. The United States would be going far
if it denied to Turkey in this respect a right which it
preserves for the several States in the American
Union. It is possible, too, that the time has come
to reconsider the desirability of Christian missions,
at least in the form in which such enterprises have
hitherto been conducted, in countries the overwhelming majority of whose people profess a religion which
is not Christian, and in which Christianity has thus
far made no important conquests. The day has
passed when the "infidel Turk" should be allowed to
obsess the imagination or dictate the policy of Christian nations. The temper of the present age favors
co-operation between the great historic faiths, rather
than hostility one to another, while in politics a new
Turkey has replaced the old.
On the whole, it seems unfortunate that the treaty
should have failed. Even a poor treaty is often
better than no treaty at all, since it at least affords a
tangible basis for further negotiation, and the Lausanne Treaty can hardly be called a poor treaty in
view of the substantial rights and privileges which it
embodies. The rejection of the treaty will not only
leave the United States without even informal diplomatic relations with Turkey after Feb. 20,next,when
the ad interim agreement that was concluded at
Lausanne in anticipation of the treaty expires, but
also raises a troublesome question as to whether or
not the capitulations which regulated the status of
foreigners in Turkey are still to be regarded as
legally in force. It is possible, of course, as a matter
of procedure, for the Senate to reconsider its action,
but in v ew of the success of the opposition in defeating ratification on Tuesday, some other way
out of the difficulty may have to be found.
Putting the Government into Politics.
A new use has been discovered for government—
namely, the payment of campaign expenses of candidates for office. Unconsciously, we think, this statesman has fallen into a trap of his own setting, for we
admire Senator Borah's courage, independence and
ability. We quote what he said recently concerning
campaign contributions and expenditures, as reported
in the Los Angeles "Times" of Jan. 7: "It must be a
sound maxim of government that institutions which
control legislation, direct administration and sustain
or defeat national policies, should not be financed by
private capital. It would be infinitely better for the
people of this country, and it would come back to
them a thousand times in the benefits of a clean public
service, to have these political parties treated as
quasi-governmental institutions to the extent at least
of the Government taking care of the actual legitimate
cost of a campaign rather than to encounter the evils
of this private financing" . . . "When we conte/n.plate the future, with its stupendous business organizations and the natural dominancy of wealth, it
seems utterly ruinous to consider that our political
parties are to continue to be the recipients of the gifts
and donations of great business interests. And lest
I be misunderstood, I do not regard the business interests more to blame than political parties." The
eminent Senator from Idaho has repeatedly voiced his
opposition to the creation of more boards and commissions to be administered by the Federal Government, but here is one that would embrace such rami-
JAN. 22 1927.]
THE CHRONICLE
421
fications as to tax the ingenuity and erudition of our would find a party campaign run by the national
most capable bureau-builders.
government an elephant. A people striving to use
However, to do Mr. Borah justice, he does not ad- its government through class, clan and section, would,
vocate this method of improving our elections, he naturally, fine use "legitimately" for huge sums of
only says that it would be "infinitely better" than money in order to effectively promulgate various
present conditions and customs. But the suggestion policies for making the Government do what the
is so impossible of fulfillment as to be almost prepos- people should do for themselves. Or—elections
terous. What parties could be designated as the would become arid wastes of perfunctory advertising.
recipients of this favor? What chance would a new And the primaries are to be considered—pre-election
party, such as the Progressive Party, for example, campaigns, in which, according to recent investigahave to be considered as eligible to become a "quasi- tions, the use of vast amounts of "tainted" money
governmental institution"? A new party to properly endangers the "foundation of the Republic." It
present itself before the people would require larger might prove easy to run our campaigns on Governexpenditures proportionately than an old one. Its ment appropriations, but would expenses lessen, and
quota of candidates for public office, under a full would the people rejoice in paying the taxes therefor?
roster, would naturally cost as ratIch for campaigning
To incorporate political parties into the structure
as an old one. And if limitation be put upon the of the government, if the Constitution will permit
parties eligible, how would a new party ever acquire such a thing, might prove the end of popular rule,
sufficient prominence, measured by votes, to come for more reasons than that parties would no longer
under the rule? A budding party paying its own be free to form and function. It is politics, partisan
expenses would have hard traveling in a race with politics, that holds "dominancy" now, rather than
parties whose "actual legitimate cost" in a campaign wealth, over government, and it is reasonable to exis paid by the Government. No such legislation as pect the States to follow the nation in this extreme
this is likely to pass, but it may be considered for what form of espionage, if it shall ever be instituted. If
it is worth. We often talk of a two-party govern- wealth, in its many forms and in its activities, should
ment, but we do not mean that parties are a part of ever become a unit, its influence on government
the actual machinery of government rule. They are might prove disastrous. But where it does approach
necessary factors in the creation and maintenance of government seeking favors or control it is protean in
government, but their function ceases when public form and diverse in desire. There would be a merry
offices are filled, though they continue to prefer war among the "business interests'! if their lives and
national policies.
actions depended upon either the permission or the
Who can define the legitimate cost of a party cam- preference of the government. They can not have
paign? We already have a law compelling candi- existence or independence, in a sense, without the
dates to file a bill of their expenses, and party cam- protection of government. But if we look upon conpaign committees must do likewise. But enormous solidations as a form of concentration, the future is
sums are expended by party workers for which no no more dark than the past, for the organization and
accounting is required, and some of which are neces- growth which we sometimes call "centralization"
sary and legitimate. Take the matter of public is into so many kinds and classes that they (these
halls, usually furnished and paid for by local political business interests) are compelled to let government
committees, in which candidates for the House and alone or be engaged in eternal warfare over its conSenate are expected to address the people. How trol.
many of these would be allowed in State and district
All this talk of the danger of the use of money in
by this new supervising board, and where and when? elections presupposes that men will in spirit if not in
And would candidates be expected always to speak direct action allow themselves to be bribed in order to
in the same hall? At the end of a campaign, so much obtain office. If incorruptible, fearless, capable and
weight is given to the use of public halls, that it is honest men be selected by tile people for office, it
considered a great advantage to "secure the best would not make any difference how much or how little
hall in town",and often this is engaged long weeks in the elections cost. And no government rises higher
advance. Or would the new• election supervising than its source in the people. Mr. Borah is right in
board expect candidates to confine themselves to dividing the responsibility. But in our opinion he is
open-air meetings for the masses? Having declared wrong in his assumption of influence, sought or' dethe number of the halls to be used in a legitimate livered. Is there not a greater furor over farm legiscampaign tour would not all other "meetings" be lation than over anything else at the present time?
illegitimate unless they were in the open air? And Did the investigations into corruption funds trace a
since local candidates usually (or at least State single dollar to farmers or to farmers' organizations?
candidates) accompany Senatorial candidates on No; the danger of political influence wrecking legisspeaking tours, what proportion of the cost would be lation lies at the door of classes enamored of wild
borne by the nation and State?
theories of "government help," rather than from
This is only a single illustration of the difficulties corporations or business interests trying to buy their
to be encountered. Would national party commit- way into immunity and privilege. And the truth is
tees be expected to draw upon the Government to apparent in every campaign. In one State it was
pay a part of the expenses incident to printing the "discovered" that the head of a chain of public utility
ballots? Would the agent of the Government select corporations contributed in the Senatorial election
the place for holding national conventions and hire primaries to both the major parties. He evidently
the hall and pay for it? Legitimate must include helped pay the expenses all around. But United
the indispensable; and Presidential conventions can- States Senators do not control public utilities that
not be expected to hold their meetings in the woods. operate under State Commissions.
What is not legitimate comes immediately under the
What immediate advantage, therefore, could
ban, and, naturally, would be prohibited in the pro- accrue? And this discloses the futility of nationally
posed law: A people as devoted to politics as ours endowed elections. States mus follow suit—a
422
THE CHRONICLE
then counties. And then, the invitation to "run
for office," all expenses paid, would be complete, and
at the same time the expression of free popular will
would be a farce. No; we want no such law. It
would be a travesty on our ability as a people to
maintain a free government. Let all honest men vote
and elect only honest men to office and the infractions
of honorable legislating will be so few as to form the
exceptions that prove the rule. As it is, bribery is
not rampant in office, and this very investigation into
unlawful or unrighteous campaign expenditures shows
that when they do occur it is in response to the
fanaticisms of class and faction more than to the
hobgoblin of business interests. Did the railroads,
the iron and steel companies, the lumber, textile,
cereal producers and manufacturers spend a dollar in
their own direct interest, and was it developed that they
did? But great sums were traced to "wet" and "dry"
interests seeking political control in the preservation
or repeal of a law that in enforcement attempted,
though not accomplished, is costing the Government
tens of millions annually.
Once in the history of American political campaigns there was a hue and cry. "Turn the rascals
out! Let us see the books!" And with trembling
heart the people swept a political party out of office.
The "books" were opened, the Treasury funds were
counted and not a single penny was missing. We
are not a dishonest people in the care of our public
funds and never have been. Defalcations in States
and counties and cities sometimes do occur, because
of personal derelictions and they are usually punished.
[VOL. 124.
But we cannot make men honest by law any more
than we can make them temperate and sober. An
oil lease, a hundred thousand dollar "loan" delivered
in a black satchel, a trial by jury, is most recent in
the public mind. The jury said "not guilty." If it
were true that "big business" is seeking to buy favors
through campaign contributions, it would be a long
shot without some promise in writing or without
open acceptance. The wholesale charge is in itself
for political effect, and is dishonest, and a form of
bribery through fear. What is needed is a "shaking
up" of the voters that they go to the polls, and that
they distinguish between the hysterics of class political pressure and the indiscriminate and much too
large use of money, legitimate and illegitimate, in
party and partisan politics. The cure lies in the
people, not in new laws.
Receipts from Motor Taxation in Great Britain.
The total gross receipts from motor taxation in Great
Britain in the twelve months ended Nov. 30 1926 amounted
to £19,032,682. Rebates allowed on pre-1913 engines
amounted to approximately £87,000, while about £192,000
were refunded in respect of the surrender of 35,058 licenses,
according to date transmitted to Bankers Trust Co. of New
York by its British Information Service. Further adjustments for other refunds were also made, says the trust
company under date of Jan. 15; it adds:
Excluding tramcars and trade licenses, the total number of motor vehicles
for which licenses were current at the end of November was 1,519,000.
This total includes 643,000 cars taxes on horse-power, 498,000 bicycles.
257,000 delivery vehicles and 83,000 motor buses.
Cars taxed on horse-pow,er paid an average of £14 17s. for the year,
bicycles paid an average of £2 14s., commercial vehicles £21 6d., and motor
buses £33 18s. 6d.
The 1926 Record of New Building Construction
With complete statistics now available, according
to the extensive tabulations presented at the end of
this article, it is possible to say that the year 1926
marked a distinct turn in the record of projected
new building work in the United States. After uninterrupted increases in the yearly additions, extending back to 1918, when ordinary new building work
was virtually suspended owing to American participation in the European war, a change occurred in
1926, and the volume of new work projected, while
still of huge proportions, as measured by former
standards, showed somewhat of a decline, to modeately smaller totals. This is in accord with expectations when the year opened, and it seems reasonable
to conclude that the aggregates reached in 1925 will
stand as the maximum for at least the immediate
future. Very strong further warrant for such a
conclusion is found in the circumstance that the 1926
falling off is not limited to any one section of the
country, or to any particular geographical group,
but extends to virtually the whole United States,
no leading geographical division having escaped some
decrease from the high totals reached in 1925.
Perhaps this means simply that new building
projects are being entered upon with greater prudence
and caution, owing to the general admonition against
excessive building, and that speculative building is
now being indulged in to a much smaller extent than
before. If so, and there are many reasons for so
thinking, new building projects to-day are on a correspondingly sounder and safer basis, offering less
occasion for apprehension and uneasiness lest the
pace be too fast. At all events, and whatever the
explanation, projected new work is definitely of some-
what smaller volume, relieving to that extent the
fears so widely prevailing that new building may be
overdone.
In the general downward trend, however, an exception must be made in favor of the Greater New York,
where in 1926 a new high record was achieved and
even the splendid total of 1925 excelled. But New
York City in many respects stands in a class all by
itself by reason of the huge edifices that are being
erected not alone for business purposes, but also as
hotels, theatres, churches, apartments and in various
other special ways incident to a population of such
great size and the position which the city holds as
the metropolis of the country. But even here the
further expansion in 1926 does not extend to all the
different boroughs, the Borough of Manhattan being
an exception, though its projected building work
still outranks that of any of the other boroughs.
New York City not having shared in the 1926 falling
off, it follows that with New York City eliminated
from the general totals the 1926 decrease would be
even larger than it now appears—which serves to
emphasize what has already been said as to there
having been a turn in the tide in 1926.
After all, the falling off in the yearly additions to
projected new building work in 1926 has been moderate, especially bearing in mind the previous expansion, and must be considered gratifying rather than
the reverse, seeing how desirable it is to eliminate
speculative and excessive building. This view finds
confirmation, too, in the warning issued the present
week against overbuilding by S. W. Straus of S. W.
Straus & Co. In brief, the building permits obtained
in 1926 called for construction workfof an estimated
JAN. 221927.]
THE CHRONICLE
423
cost of $4,098,498,560, as against $4,393,364,166 in growth. Its maximum building figure prior to the
1925, being a decrease of, roughly, $295,000,000, or war was $273,108,030 in 1909; in 1916 the estimated
6.7%; but this followed an increase of over $690,- cost of the building projected was $221,293,974; in
000,000 in 1925, as compared with 1924, or 18.6%. 1919 the amount was $261,500,189, and in 1920 $290,Even after the 1926 falling off, the total for that year 828,942. After this last-mentioned year, however,
at $4,098,498,560 compares with $3,702,135,335 in the city's yearly totals rose with great and uninter1924. In other words, the projected new work in rupted rapidity, being $476,827,194 for 1921, $638,1926 was over 10% larger than that of 1924, which 569,809 for 1922; $785,557,945 for 1923; $846,505,817
previous to 1925 was the highest figure ever attained for 1924; $1,008,571,342 for 1925, and $1,060,051,394
up to that time. If we carry the comparisons back for 1926.
further the magnitude of the 1926 total (notwithBy reason of its prodigious growth New York City
standing the decline in it which occurred) stands out (the Greater New York) is again gaining on the
rest
with still greater prominence. However, the num- of the country. Back in 1906 the projected building
ber of cities included in our tabulations in these earlier operations in this city constituted nearly
30% of
years was somewhat smaller than it now is. Alto- those for the whole number of cities included.
But
gether the number of cities included for the last three gradually the proportion declined untilthe city's
years is 354. For previous years the number in- ratio in 1918 got down to 11.14%. Of
course, in
cluded was only 310 cities. For these 310 cities the 1918 everything was deeply
disturbed by reason of
aggregate of the building plans filed in 1926 was the war; and the burden
of the war bore perhaps
$3,986,923,327, against $4,302,696,723 in 1925, but more heavily upon
this city than it did upon other
comparing with only $3,614,662,440 in 1924, $3,449,- parts of the country. Being
the country's financial
465,740 in 1923, $2,807,884,753 in 1922, $1,869,- centre, financing the war made
a greater drain here
694,975 in 1921, $1,634,378,397 in 1920, $1,515,- than elsewhere
. And the requirements of the war
054,225 in 1919, and but $507,359,503 in 1918, when being so huge and urgent little
so
was left for financing
the country was still engaged in war with Germany, local building work, even if all
building work throughand when as a consequence all construction work had out
the country had not been rigidly limited to what
to be held in abeyance except such as was essential was absolutely essential
for the conduct of the wax.
for the conduct of the war. Obviously this last was After 1918
the city was slow in regaining its former
an exceptionally small figure due to the circum- prominence. In 1919
and 1920 its percentages of
stance mentioned, but even in 1916, when normal the whole
were respectively 17.26% and 17.79%.
conditions still prevailed in the United States, the
In 1921 the city got as high once more as 25.50% of
total was no more than $1,131,572,355. Not only the whole. But in the
very next year (1922) it
that, but prior to 1916 it happened only twice that dropped back to 22.74%;
this was because, though
the total reached or went slightly above the billion its own total greatly
increased, it did not increase
mark. The two previous years thus distinguished proportionately as fast
as the rest of the country.
were 1912, when the total was $1,027,515,183, and Since then, however, the
city has again been forging
1909, when it was $1,013,785,972. The reader ahead, its total keeping
steadily rising, as we have
should not miss the point of the comparison. In seen, and in 1926, with
its own building record still
other words, notwithstanding the 1926 falling off, expanding while that
of the rest of the country was
the total for that year was still nearly four times that now beginning
to fall off, the city's proportion of
of the earlier years referred to, when $1,000,000
the whole advanced over 3% and reached 26.6%.
counted as a total of exceptional size; for 1926 the
The changes in the yearly percentages are very interfigure for the 310 cities is not far from $4,000,000,000,
esting, and in the following we furnish a record of
and in the case of the whole 354 cities from which
the comparisons for the last twenty-one years. In
we now obtain returns it is well above the four billion
this table we do not use the totals for the enlarged
mark—being, in exact figures, $3,986,923,327 for
number of cities now included, but only those which
the 310 cities and $4,098,498,560 for the 354 cities.
we have been able to get continuously for the last
With such a record of growth as this there is no occadozen years.
sion for complaint in the small falling off that has
No.of
Per Cent of
now occurred.
Ones.
Year.
New York.
Whole. Outside Cities.
Total AU.
We have stated that at New York, standing by 1926
310
1,060,051,394
26.60
2.926.871.933 3,986.923,327
1925
1.008,571,342
310
23.44
3,294.125,381 4,302,696.723
itself, there was no falling off in 1926 in the aggre- 1924
310
848.505,817
23.41
2.768,156,623 3,614.662,440
1923
310
785,557,945
22.77
2,663,907.795 3,449,465,740
gate cost represented by the building projects filed, 1922
308
638,569,809
22.74
2.169.314,914 2.807,884.753
1921
307
476,827.194
25.50
1,393,407.781 1,869.694,975
but rather a further increase. And here a notable 1920
306
290.828,942
17.79
1,343,549,455 1,634,378,397
297
261,500.189
17.26
1,253,554,036 1,515,054,225
fact which should not be overlooked is that in the 1919
1918
287
56,500,495
11.14
450,859,008
507,359.503
1917
277
103,068,798
12.54
718,970,094
822,038,892
Greater New York the cost represented by the pro- 1916
273
221.293,974
19.56
910,278,381 1,131,572,355
1915
284
172,945,720
18.56
758,991,580
931.937,300
jected new work is now greater each year than it was 1914
284
138,115,266
15.49
753,730,258
891,845,524
1913
273
162,942,285
16.61
818,029,278
980,971.563
1912
prior to the war for all the cities combined, including 1911
235
228,601,308
22.25
798,913,875 1,027,515,183
235
200,325,288
20.81
762,174,380
962,499,668
1910
223
New York. For two successive years the estimated 1909
213,848,617
21.88
763.368,183
977,216,800
209
273.108,030
28.94
740,677.942 1,013.785,972
1908
206
cost of the work involved in the New York City 1907
174,757,619
23.94
555,324,252
730,081,871
200
197.618,715
24.63
802.290,451
604,671,736
163
241.064.458
29.93
building plans has been in excess of a billion dollars, 1906
584.430.323
805.551.281
the amount for 1925 having been $1.,008,571,342 and
Before proceeding further with our analysis it
for 1926 $1,060,051,394. The further increase in may be well
to recall what we have said in previous
1926 over the large total of 1925 was, it will be seen, annual reviews
with reference to the change in the
$51,480,052, or 5.1%. In the rapid expansion in method of
financing new building projects, particunew building work which came with the close of the larly those of
the larger kind, and the ease with which
war, New York City for a time lagged behind, then new financing
generally is now carried on since that
it rapidly forged ahead and is now proceeding at a has played
an important part in swelling the total,
pace that outranks the rest of the country. Up to especially in
New York and other leading cities where
and including 1920 the city enjoyed only moderate large building
projects are so numerous. In brief,
424
THE CHRONICLE
the money needed for new building ventures is being
obtained in steadily increasing degree from public
offerings of securities instead of from private loans.
Formerly when big structures were to be erected
loans for the work were obtained mainly from the
large life insurance companies or other financial
institutions. These loans were often held for years
as permanent investments. Now no inconsiderable
amounts are obtained by the offering 9f bonds to
general investors in the usual denominations, secured
by mortgage on the property. Where this is not
possible in the earlier stages of the work, it is entirely
feasible after the erection of the buildings, thereby
releasing the moneys embraced in the original loans
from the moneyed institutions and enabling these
institutions, to repeat the operation by using the
funds in similar loans on other buildings. This
applies, of course, to large buildings in other cities
as well as New York. And no feature of recent financing has been more noteworthy than the way in which
offerings of bonds secured by mortgages on buildings
have been coming on the market. As in virtually all
the years since the collapse of the post-war boom in
1921 financing of all kinds was easy in 1926. Money
rates ruled somewhat higher but credit was at all
times abundant. Not only that, but there was
throughout an insatiable investment demand for
securities of the right kind and type, as a result of
which further appreciation occurred in the market
value of all sound bond issues with a corresponding
decline in income yield. The state of the money
and the investment market is obviously at all times
a factor of the highest importance, even in the matter
of obtaining small building loans, and this continued
favorable throughout 1926.
While the Greater New York as a whole further
enlarged its projected new work during 1926 this
was not true, as has already been stated, for the
Borough of Manhattan, taken by itself. In that
borough estimated cost of the work was about
$50,000,000 smaller than in the previous year, the
amount for 1926 being $348,255,890, as against
$398,931,402 for 1925, but the gains in the other
boroughs were so pronounced as to absorb this large
loss in Manhattan and leave a considerable increase
iii the general total. In the Borough of the Bronx
alone the gain was more than sufficient to wipe out
the loss in Manhattan, and these two boroughs may
properly be considered as a single unit, Manhattan
Island being more and more devoted to business and
office structures, as well as theatres and amusements,
and the flow of population northward, as it is crowded
off Manhattan Island, finding an outlet in the Borough of the Bronx. The latter borough surpassed
all its previous records of growth during 1926, the
total jumping from $157,601,066 in 1925 to $214,.682,356 in 1926. Back in 1919 and 1920 the Bronx
had a building record of only $23,383,799 and $22,324,741, respectively. For Manhattan and the
Bronx combined the amount for 1926 stands at
$562,938,246, as against $556,532,468 in 1925 and
$420,169,175 in 1924. Brooklyn also has a big increase to its credit for 1926, its total having risen
from $258,914,583 to $288,868,987. The Brooklyn
total dropped sharply from $284,215,480 in 1923 to
$242,918,892 in 1924, but has been rising since then,
and in 1926 left 1923 behind. Perhaps most noteworthy of all is the steady advance of Queens, whose
total keeps rising year by year, and in 1926 reached
$192,803,601, against $179,409,536 in 1925, $165,-
[VOL. 124.
400,100 in 1924, $156,317,300 in 1923, $136,721,778
in 1922, $83,133,933 in 1921 and very much smaller
totals in the years preceding. The expansion in
Queens Borough and Brooklyn reflects the flow of
population across the East River. Altogether the
growth and expansion of the different boroughs of
New York City constitute one of the most notable
developments of recent times.
It may be pointed out that during 1926 Manhattan
suffered a sharp decline in the building of multifamily houses or apartments and tenements, but the
decrease in that category was more than made up'
by the other boroughs, with the Bronx, Brooklyn
and Queens running far above their 1925 figures in
that respect. The estimated cost of the projects
involved in this class of buildings is $426,633,700,
or over 40% of the city's entire plan for the year,
as against $331,988,750 for this class of structures
in the different boroughs during 1925.
As pointed out by us in previous annual reviews,
the Greater New York has a problem all its own.
Population is not only large, but growing very fast,
and its manufacturing industries are also growing.
Manhattan Island is only a narrow strip of land and
very congested. Therefore provision for the flow
of population has to be made in the outlying sections.
In Brooklyn, in the Bronx and in Queens, new building construction is proceeding on an enormous scale.
In the older sections of these three boroughs apartment houses in great numbers and of large size are
replacing private dwellings and the small store, and
in the newer sections, the remoter suburbs, vacant
lots are rapidly being utilized for the erection of
private dwellings—the one-family and the twofamily house. In Manhattan, on the other hand,
while many costly apartment houses, as well as tenements, are constantly being built, very little housing
accommodation of any other kind is being undertaken, but huge sums are being spent in erecting large
hotels, theatres, churches and numerous other similar
structures that stand in a class by themselves. It
must also be remembered that in a place like the
Borough of Manhattan, where little vacant land
remains to be built upon, the erection of new structures means the demolition of old structures that
have outlived their usefulness or must be supplanted
because they are no longer profitable propositions
and hence must be replaced by larger, better equipped
and more modern edifices in order to get a return on
the investment. In Manhattan that process is under
way on a greater scale than anywhere else in the
country and probably on a greater scale than in any•
other part of the world. The new structures are correspondingly more costly and they serve greatly to
swell the grand total of the money value of the new
building projects. Obviously, building work of this
kind belongs in a different category from the putting
up of new dwellings and apartments in outlying districts on previously vacant land, mainly for housing
accommodation, for there is a distinct limit to the
latter, measured by the additions to population,
whereas replacing old structures of an obsolete type
with new ones more in accord with modern requirements is a process that must all the time go on. It
may on occasions be accelerated or be retarded, but
it cannot be avoided.
All this will explain why the amounts.involved in
the building projects in Greater New York have kept
so steadily rising, though obviously they cannot
keep on rising forever. Richmond Borough still lags
JAN. 22 19271
TEEM CHRONICLE
far behind the other boroughs because of its lack of
subway connections with Manhattan Island and the
other boroughs. Its 1926 building permits involved
an outlay of only $15,440,560, against $13,714,755
in 1925 and $18,017,650 back in 1920.
While the greater city has thus been further enlarging its building construction work, the building
bill for the rest of the country suffered very considerable reduction during 1926, as already remarked.
Taking New York City out of the general totals,
the building work projected at the 353 remaining
cities is seen to have a value of $3,038,447,166, as
against $3,384,792,814 in 1025, showing therefore
a decrease of 10.2%. If we confine ourselves to the
310 cities for which the comparison extends further
back, the total for the 309 cities outside of New York
stands at $2,926,871,983, as against $3,294,125,381
in 1925, the decrease here being 11.1%. This brings
out the fact that at the cities which have been added
to our compilations in more recent years representing
mostly smaller places rising in prominence, new
building work has not decreased at all, but actually
increased, the 1926 amount for the 44 cities that
have been added to the list having been $111,575,233
and the 1925 amount only $90,667,433. The cities
added are all small places, and in these the need of
new building work is evidently still increasing. The
distinctive feature, however, is that whether we take
the 309 original cities or the 353 cities in the enlarged
list, the falling off from 1925 noted extends to all
the different geographical divisions of the country,
indicating that a common cause or influence has been
at work, diminishing the totals. In the New England group the falling off reaches 19%. In the Middle States group it is 8.2%, and in the Middle Western 9.6%. In the other Western, or what might be
termed the distinctively Western outside the Pacific
group, the falling off is heaviest of all, reaching
24.4%, and this we may suppose reflects the difficulties and hardships encountered in the agricultural section's of the West because of the low level
of prices ruling for many agricultural products. For
the Pacific group of cities the falling off is only 11%,
but most surprising of all, the Southern group of
cities records the smallest decrease of any, namely
6.5%. This last runs counter to the general impression that the Southern cities have suffered most in
their plans for new building work owing to the
collapse of the real estate boom at the winter resorts.
Real estate values certainly have suffered deflation
a many of these places, but evidently the check
thereby imposed on new building work has not been
so striking as is generally supposed. We shall go
more into detail regarding the decrease in the South
and in other parts of the country further along in
our review.
Before taking up the record of the separate cities
and dealing at length with the falling off in the different geographical groups, one other feature deserves
to be noted. New York City does not stand alone
in showing a greater volume of projected building
than in 1925. Some other prominent cities share
with it that distinction. As a matter of fact, among
the three cities especially distinguished for the magnitude of their yearly building work, next to New
York, namely Chicago, Detroit and Los Angeles,
the last-mentioned is the only one which has suffered a diminution in its total. The other two have,
like New York, actually further increased their annual volume of building construction, :which means
425
that in 1926 they laid out a greater volume of new
building work than in any previous year in their
history. Chicago made provision for new work to
cost $364,584,400, as against $360,804,250 in 1925;
and Detroit has projected new buildings to cost
$183,721,438, as against $180,132,528. The thriving
Michigan city has evidently not yet reached the
limit of its growth and development. On the other
hand, Los Angeles, out on the Pacific Coast, which
has had a record of development no less noted than
that of the automobile city, has evidently advanced
much nearer to the completion of its building program. At all events the plans filed for new construction work in Los Angeles during 1926 represented an
aggregate outlay of only $123,006,215, as against
$152,636,436 in 1925 and $150,147,516 in 1924 and
no less than $200,133,181 in 1923. Here there has
been, it will be seen, a progressive decline from the
maximum reached in 1923. Yet Los Angeles' general growth and development has not been arrested,
even though the volume of its construction work
may no longer be of the exceptional dimensions of a
few years ago. In our review, a week ago, of bank
clearings in the United States for the late calendar
year we found that Los Angeles had in 1926 further
enlarged the total of its bank exchanges, making still
more noteworthy a phenomenal record in that respect. While nearly all other leading cities of the
country suffered a sharp reduction of their clearings
in the business depression of 1921, Los Angeles experienced no slump whatever in that year, and the
totals of its clearings have kept rising year by year
until in 1926 they reached $8,917,000,000, against
$3,994,000,000 in 1920, $2,339,000,000 in 1919 and
only $1,547,000,000 in 1918. The falling off, therefore, in new building work at Los Angeles the last
three years cannot be deemed as having any general
significance, but be held as due entirely to local
causes.
With reference to the continued growth at New
York and cities like Chicago and Detroit, the last
mentioned belongs in a class all by itself by reason
of the wonderful expansion of the automobile industry which is so largely centered at that point. New
York and Chicago, on the other hand, because of
their large population, their financial prominence
and the magnitude of their trade and commerce,
have benefited beyond all others from the wonders
wrought by science in recent years, leading to the
creation of new industries and working radical transformations in many different directions, as a result
of which new building work on an enormous scale
has been found necessary.
We alluded to this in our article of a year ago, but
the point cannot be too often recalled or emphasized,
and it has reference not alone to our chief cities, but
to building work all over the country. Consider
for one thing the great power development of the
last decade everywhere throughout the United Sttaes.
What an enormous volume of construction work this
involves in the erection of big power houses and
numerous other buildings of one kind or another.
The erection of electric generating plants is a coramonplace of the activities of the day. Electric and
power development are such palpable elements in
promoting economy and cheapening costs, as well as
in adding to the comfort and welfare of the human
race, that steady expansion has almost become the
law of life. Then consider the sudden rise to huge
proportions of the automobile industry. Think of
426
THE CHRONICLE
[VOL. 124.
the structures and plants that have had to be pro- hand, to offset in part at least the losses at the points
vided so that the millions of machines could be named, gains appear at other Florida points which
turned out (and housed as well) to satisfy an almost had lagged somewhat behind while expansion was
insatiable demand for this new means of transporta- progressing so rapidly elsewhere. Thus the expendition and travel, and to cater not only to the pleasures tures involved in the plans filed at Jacksonville have
of multitudes but also to their actual everyday risen from $14,760,711 in 1925 and $7,311,497 in
needs. The gasoline engine has worked wonders 1924 (up to which time the yearly additions at Jackno less than marvelous than electricity and power sonville had been nearly stationary) to $21,393,945
development, and has in many respects completely in 1926. At Orlando, which only a few years ago
transformed modern life. Structures of various was not important enough to be represented in our
kinds to take care of the manufacturing facilities tables, the amount,after having risen from $3,036,006
connected therewith have' followed as a matter of in 1924 to $7,993,658 in 1925, advanced further to
course and will be a similar attendant in the future. $8,288,359 in 1926. Pensacola, where things have
Few people sense the many different ways in which been at a virtual standstill for a long-time, also has a
the rise of the automobile industry to overshadowing small gain to its credit, estimated expenditures for
prominence in the nation's industrial activities 1926 at $1,691,352 comparing with only $754,415
serves to promote activity in other directions and for 1925. The amount of increase in this case is
especially to bring a call for new structures and edi- not very large, though the total has more than
fices, often indirectly. Then in such large cities as doubled, and yet the rise appears to indicate a change
New York and Chicago, as has already been pointed in the prevailing trend With the promise of new
out, new theatres, new church edifices, new school railroad connections (through the extension of one
houses and other large structures of one kind or of the lines of the St. Louis-San Francisco Ry.),
another are a constant requirement, as also a con- Pensacola seems destined to have a much larger growth
stant provision of modern life. Nothing akin to in the near future.
And what is true of the Florida points is true of
it has been known in the past. And unless complete
industrial collapse should come the process of pro- the cities in other Southern States, and, as a matter
viding for all these needs and requirements is certain of fact, is true of most other States in all parts of
to go on and to attain (with variations from year to the country—that is, while there are many decreases
year) larger rather than smaller dimensions as popu- from the figures of 1925, some of them very heavy,
there are also many increases, not a few of them for
lation grows and time goes by.
Taking up now detailed consideration of the build- no inconsiderable amounts. North Carolina seems
ing figures for the separate cities in the different to be experiencing considerable building activity,
groups, we find that while the trend of new building and at Asheville the amount has risen from $6,010,work has been downward, the falling off has been by 919 in 1925 to $9,299,545 in 1926. Charlotte, Greensno means uniform and that there were many ex- boro, Raleigh, Wilmington and Winston-Salem also
ceptions to the rule, due to local or special causes. all show larger totals for 1926 than for 1925. The
Taking up first the Southern group of cities because South Carolina points have not fared so well, all
interest converges so strongly upon them, it is a sur- showing decreases, though building activity at all
prise to find, as above indicated, that the falling off of them is so insignificant as to be almost inconsehas been actually and relatively so small. This is quential. At the Virginia points Roanoke has added
the more noteworthy as the South during 1926 en- to its total, and in a minor way so has Newport News,
countered some severe setbacks, the influence of but all the other Virginia points show decreases,
which was seen in sharp decreases in both railroad including Richmond, where the amount has fallen
earnings and bank exchanges the latter part of the from $13,398,246 in 1925 to $10,024,874 in 1926.
year. Deflation from the speculative real estate The Georgia cities give a very good account of themboom previously prevailing was in progress all selves, all registering increases except Augusta. At
through the year. Then in September came the Atlanta, where there had been a big decline in 1924
great slump in the price of cotton, the chief money and 1925, the total is up again from $10,403,558 to
crop of the South, sharply curtailing the purchasing $17,789,363. In Alabama, Birmingham is continupower of that important section of the country ing its steady record of progress and the cost of the
and making it necessary to provide extra credit facili- new work planned in 1926 stands at $22,263,116;
ties to enable the Southern planter to withhold from as against $21,464,878 in 1925, $20,247,707 in 1924,
market part of his crop so as to prevent utter col- $12,166,996 in 1923, $7,491,020 in 1920 and still
lapse in the value of the staple. In September, too, smaller amounts in previous years. Montgomery,
the Florida hurricane came in as an additional dis- also, has added to its total of the previous year, but
tubing influence. And yet projected building work Mobile has fallen slightly behind, though we are
for the 60 Southern cities in our list declined no more not dealing with very impressive totals in either
than 3.3%, falling from $451,741,309 in 1925 to case.
In Tennessee, Memphis, after having suffered a
$436,696,462 in 1926. Several of the Florida points
do show a large reduction in contemplated building drop from $23,757,040 in 1924 to $18,667,605 in 1925,
expenditures for 1926 as compared with 1925. At pretty well held its own in 1926 with a total of $18,Miami the amount has fallen from $60,026,260 to 579,260. At Nashville there has been a drop from
$33,430,461, though even after the reduction the $7,012,768 in 1925 to $3,823,829 in 1926, but at
1926 figure is double that of 1924 and several times Knoxville there has been an increase from $6,329,396
the aggregate for any prior year. At St. Peters- to $10,730,451, and at Chattanooga from $5,154,558
burg the amount has dropped from $24,081,700 to to $6,016,569. In Kentucky, Louisville had a large
$15,580,206 and at Tampa from $23,418,836 to building program in 1925 at $29,910,246, but a
$15,872,772; and in these instances the same corn- smaller one in 1926 at $20,919,545. Lexington and
ment as in the case of Miami applies with reference Newport have improved on their totals of the
to comparisons with earlier years. On the other previous year.
JAN. 22 1927.]
T1TE CHRONICLE
427
In Mississippi, Jackson is again coming to the front 624,520 to $10,052,338; at Denver from $25,333,310
with a total for 1926 of $3,045,285, against $2,171,271 to $14,591,000, and at Salt Lake City from $6,603,235
for 1925, but at Vicksburg, with building work of to $5,397,728. Among the exceptions to the rule,
no great consequence at any time, the amount has some of the Iowa cities are prominent, Cedar Rapids
still further dwindled away. In Louisiana, New having increased its total from $3,624,186 to $6,Orleans has come prominently to the front with 219,713.
$18,789,444 for 1926, against $16,345,140 for 1925,
The Middle Western group gives a much better
and Lake Charles, also, shows an increase, but there account of itself. The 66 cities in that group show
is a loss at Shreveport and at Alexandria.
a decrease of only 9.1%. Here the good showing
West of the Mississippi River comparisons are very made by Chicago and Detroit, to which 'reference
uneven, there - being some conspicuous decreases, has already been made, largely controls the general
with equally prominent increases. Oil development results. Many other well known cities share with
has played a part in swelling the totals at some points. Chicago and Detroit the distinction of having betAt Dallas the amount has fallen from $29,379,558 tered their totals of 1925. Cincinnati has increased
in 1925 to $16,133,426 in 1926, but at Fort Worth from $30,939,285 to $32,915,939; Gary, Ind., from
•there has been an increase from $8,872,323 to $17,- $13,057,987 to $20,690,162, and Milwaukee from
014,768. At Houston, where there had been a jump $39,583,736 to $4010,250. On the other hand, at
from $17,222,059 in 1924 to $35,040,010 in 1925, Cleveland the total has declined from $69,254,400 to
the total in 1926 dropped back to $28,512,805—still $61,776,575; at Columbus from $29,353,300 to $25,a large figure. At El Paso there has been a decrease 250,700; at Toledo from $17,734,587 to $13,046,365;
from $2,184,332 to $1,163,657, but at all the other at Indianapolis from $26,225,155 to $21,505,000.
Texas points growth has been the feature, in several On the whole, there is considerable irregularity in the
instances to a very conspicuous degree. At San results as between the different cities, and the same
Antonio the total has risen from $9,428,043 to $14,- is true as regards the cities in the Middle States.
462,952; at Amarillo from $3,436,953 to $16,475,029; The 72 cities in this latter group show a decrease of
at Wichita Falls from $5,098,866 to $10,022,263; only 7.4%, and many prominent places have enlarged
at Beaumont from $1,638,870 to $2,451,961, and at their totals, among which may be mentioned Albany,
Galveston from $1,707,439 to $3,213,095. In Okla- Buffalo, Syracuse, Utica and Pittsburgh. Contrarihoma the total at Oklahoma City has moved up from wise at Philadelphia the total has dropped from $170,$6,751,775 in 1925 to $10,028,228 in 1926, while 913,530 in 1925 (which, however, was exceptionally
that of Tulsa has dropped. from $10,075,971 to large) to $140,267,200 in 1926, and larger or smaller
$7,615,428. The smaller Oklahoma places showed decreases also appear at Baltimore and Washington,
decreases. In Arkansas the amount at Little Rock D. C., and at Rochester, N. Y.
has increased from $5,107,847 to $5,954,740, and at
At the nearby Jersey cities, which really constiFort Smith from $1,075,595 to $1,310,921, but at tute outlying sections of the metropolitan district,
El Dorado there has been a trifling decrease.
• the comparisons are decidedly irregular. Newark
The 50 cities on the Pacific Coast have suffered a shows a substantial increase, as also does Elizabeth
reduction of their building outlay from $472,616,154 and East Orange, but Jersey City, Hoboken, Bayin 1925 to $422,083,682 in 1926, a decrease of 10.7%. onne and some others report decreases. Similar
The bulk of the loss is found at Los Angeles and irregularity appears in the case of the four cities in
Long Beach. At the first-mentioned place there has Westchester County in this State. In 1925 every one of
been a decrease, as already stated, from $152,- thesefour cities broke allits previousrecordsfor building
636,436 in 1926 to $123,006,215 in 1925, and at growth. These cities, as is well known, get the overLong Beach from $19,046,766 to 8,615,720. At flow of part of the population from the Greater New
Oakland, too, there is a big decrease—that is, from York. But, while Yonkers has further enlarged its
$39,085,863 to $28,075,295, though, on the other total from $20,909,473 to $25,829,843 and White
hand, San Francisco has increased its total from Plains from $8,337,775 to $14,152,143, New Rochelle
$50,392,793 to $57,953,948. San Diego, too, keeps shows a decrease from $9,498,267 to $8,218,160 and
forging ahead, having planned expenditures of $20,- Mt. Vernon a drop from $11,371,198 to only $4,195,001,729 in 1926, against $18,198,200 in 1925, and 190.
$13,561,106 in 1924. In Oregon, Portland has sufIn the case of the New England group, where 60
fered a decrease from $38,476,335 in 1925 to $32,- cities show a decrease of no less than 18.8%, de588,975 in 1926, but in Washington, Seattle's total creases are the rule, though with the usual excephas risen from $30,626,995 in 1925 to $34,207,700 in tions. The only very large city in this group is Bos1926, though Tacoma's total has fallen from $9,926,- ton, and it has suffered a reduction in its building
134 to $7,121,632.
work from $70,718,365 (which was an exceptionally
In the Far West, as distinct from the Pacific Coast, large total) to $51,484,404 in 1926. Most of the
the decline, as already pointed out, is more pro- other Massachusetts cities have likewise suffered renounced than anywhere else, the 45 cities in that duction. In Connecticut Hartford shows a decline
group having suffered a decrease of 23.7%. All the from $22,130,193 to $16,829,158,but in Rhode Island
larger cities share in the decrease, and also most of Providence has a larger total to its credit for 1926
the smaller ones, though in this last instance there than for 1925 at $23,780,900 against $22,748,500.
are a few notable exceptions where increases appear,
Inc. or
1924.
Dec.
1925.
1926.
some for substantial amounts. At Kansas City,
$
CUtes
$
%
$
from
drop
has
been
a
Mo., there
$38,382,965 to New England
60 266,478,269 328.126,502 —18.8 289,548,249
Middle
72 711,026,867 768,179,693 —7.4 681,768,671
$23,116,740; at St. Louis from $54,877,013 to $39,- Middle
West
66 1,001,969,688 1,101,831,475 —9.1 880,722,496
Western
45 200,192,198 262,297,691 —23.7 214,574,119
841,564; at Duluth from $7,093,075 to $6,060,437; Other
Pacific
50 422,083,682 472,616,154 —10.7 448,745.841
Southern
60 436,696,462 451,741,309 —3.3 340,270,142
at Minneapolis from $29,446,310 to $20,609,340; at
Total
353 3,038,447,166 3,384,792,814 —10.2 2,855,629,518
St. Paul from $24,045,858 to $15,710,425; at Lincoln New
York City
1,060,051,394 1,008,571,342 +5.1 846,505,817
from $7,006,077 to $5,951,465; at Omaha from $14,- Total all
3544.098.498.540 4.393,364.166 —6.7 3.702.135.335
EvoL. 124.
VFW CHRONICLE
428
In dealing with the large totals of building expenditures for recent years, as compared with the
relatively likht totals recorded before the war, one
circumstance always to be borne in mind is the fact
that building costs now are so very much higher and
that consequently the growth in the money value of
the work represented can by no means be accepted
as indicating corresponding expansion in the quantity or unit of work. Wages are enormously higher.
On that point the "Builder Economist," a new
monthly issued by the American Bond & Mortgage
Co., notes that wage scales of union construction
workers in 1926 reached the highest point in history.
According to the United States Department of Labor,
the level of union scales, per hour, taking all trades
into consideration, in 1926 stood 148% above the
1913 level.
In 1925 the wage level showed an increase
of 133% in comparison with the pre-war level.
Building materials and the various other things
needed in the erection of new structures are also
costing far in excess of what they did before the
war-from all of which it follows that a given amount
of money represents a very much smaller quantitative
amount of new construction work. The exact
amount of increase in costs at any given date is, of
course, difficult to determine with any degree of
exactness. If we assume that 1926 construction
costs were 80% above the 1913 level, then the quantitative basis represented by the 83,988,490,560 of
work planned in 1926 at the 310 cities for which
there is a long comparison would be reduced to $2,215,000,000. Even with costs thus equalized, however, there is a very large increase during the thirteen
years, fo\r the total involved in. the contemplated
expenditures for 1913 was no more than $980,971,563, this latter including only a few less
cities (and very minor ones at that) than the 1926
aggregate.
We have also again compiled the building statistics
for the Dominion of Canada. Here, as it happens,
the showing is better for 1926 than it was for 1925.
And the remark applies to the cities in the Western
Provinces, as well as to those in eastern Canada.
As a matter of fact, there is only one city in Western
Canada, a very minor one, that shows a lower total
for 1926 than for 1925, and for the whole 19 Western
cities the cost of the new building planned has increased from $20,217,171 in 1925 to $38,993,972 in
1926. For the 38 cities in Eastern Canada there is
an increase from $93,407,603 to $104,705,572, or
12.1%. For the whole of Canada, comprising 57
cities, the increase has been over 25%, or from
$113,624,774 to $142,999,544. At this latter figure
the total is back to about what it was in 1922 when
the aggregate stood at $142,999,544, or the largest
in the history of the Dominion.
We now add our very elaborate and very comprehensive detailed compilations, covering the whole of
the past nine years, as also the year 1916, and embracing all of the leading cities in the United States,
as also those in the Dominion.
UNITED STATES BUILDING OPERATIONS.
1926.
1925.
Inc. or
Dec.
1924.
1923.
1922.
1921.
1920.
1919.
1918.
1916.
8
398,931,402
157,601,066
258,914,583
179,409,536
13,714,755
%
-12.7
+36.2
+11.6
+7.5
+12.6
S
286,653,202
133,515,973
242,918,892
165.400,100
18,017,650
8
204,032,279
128,427,677
234,215,480
156,317,300
12,565,309
$
165,195,601
113,181,890
211,627,417
136,721,778
11,843,123
$
144,605,451
75,667,896
162,132.747
83,133,933
10,747,167
g
139,199,563
22.324,741
80,931,166
42.650.472
5,723.000
g
106,773,373
23,383,799
77,485.679
49,122,617
4,734.721
$
17,697.650
5.207,320
23,234.539
6,822.205
3,538,781
$
134,078,044
18,425.060
42.163.505
21,746,234
4,881,131
Total N. Y. C. 1,060,051,394 1,008,571,342
+5.1
846,505.817
785,557,945
638,569,809
476,287,194
290.828,942
261,500,189
56,500.495
221.293,974
2,012,949 +110.9
2,361,120 -42.3
1,094,600 +4.9
3,112,183
2,649,093
409,200
4,628,938
2,083,308
462,400
3,079.749
2,085,000
394,450
1,538,243
1,164,866
206,900
1,392,121
2,612.795
237,450
2,059,300
1,784.815
392,300
601.562
317.462
187,050
1,663,742
1,448.129
344.200
1,176,429 -6.6
1,100,000
812,432 +11.7
907,684
70,718,365 -27.2
51,484.404
1,811.112 +3.8
1,879,405
9,805.641 -49.5
4,951.499
12,070.704 -31.4
8,280,842
981,979 +11.0
1,090,249
3,675,785 -58.0
1,544,560
2,183,747 +59.6
3,485.255
3,772,090 -42.9
2,156,141
2,127,714 -26.5
1,563,888
667,050 +26.6
844.715
3,348,150 -22.1
2,607,175
3,072.230 -43.2
1,745,552
614,500 +1.3
622,400
2.597,419 -39.4
1.574,635
4,674.993 -1.4
4,612,145
3,005,811 +20.1
3,611.356
5,612.172 +8.9
6,111.225
2,308,405
8,339,300 +72.3
12,297,313 -31.7
8,393,954
419,372 -7.7
387,189
1.503.475 -25.1
1,125,735
2,777,859 -46.1
1,497,600
8.288,031 -13.1
7.204,782
1,614,045 +4.9
1,693,387
2,186,900 -3.7
2,106,125
5,653,030 -10.4
5,065,991
15,002.140 -41.8
8.733.706
2,797.920 ' 2.678,226 +4.5
1,083,089 -14.0
914,713
18,089.639 -28.3
12,980.557
493,082
1,239,375
53,031,931
2,441,250
9,339.973
8,369.912
2,161,204
3,540.445
3,760,150
4,449,899
1,64-1,862
713,605
3,575,918
3,762,864
525,650
2,820,687
3,852,550
3,372,580
4,326.420
6.837,400
8,646,331
340,290
725,800
2,722,545
5,693,819
2,083.571
3.098,445
3,604,730
13,100.219
1,501,550
600.000
14,789,133
526,459
1,471,675
40,675,558
2.205,068
6.638,275
5,341,128
1,120,125
2.578,690
1,468,770
5,467.027
1.113,088
1,025,910
3,322,175
7,798,621
708,905
4,026,391
3,019,272
2.357,618
3,481,678
9,062,700
6,821,418
314,965
1.667,850
1,402,105
4,866,812
1,318,785
1,229.975
3.185,356
10,997,661
1,667,321
599,552
11.136.653
400,000
499,240
57,496,972
1,906,252
8,465,850
4,693,879
742,284
1,813,941
2,011,737
5.027,737
1,057,140
1,286,050
2.588,465
5,626,179
600,000
2,901,174
1.560,673
1,901,439
3.210,330
7.057.240
6,747.432
337,280
112,050
1.628,115
3,970,651
1.166,635
988,333
3,136,602
9,077,645
1.661,863
163.525
8.227,786
300,000
434.223
24,048,803
1,633,699
3,455,249
1,866,180
620,520
995,255
694,905
1,704,213
1.138,874
773,180
1,034,697
3,037,495
600,000
1,379,784
1,356,101
1,248,250
1,348,191
3,847,006
3,496,516
238.985
809,000
794,758
1,902,593
847.753
684,514
1,838,455
5,669,634
754.402
500,000
6,706,371
500.000
424,340
28,167,253
1.564.289
2,572,963
5,277,611
572,258
843.000
740.985
3,076,255
1.722.395
1,121,050
3,352.595
2,544,191
600.000
4,981.378
1,033.176
1,149.475
1,333,189
5,943,414
2,926.721
335.760
750.920
428,875
2,022,748
521.645
539.701
1,384,456
6,675.054
639,050
500.000
6,748,086
400.000
655,205
23,520,855
1,146,088
3,086,400
4,290,818
560.172
1.628.150
928,700
1,800,000
1,065,885
1,324,975
1,875.990
1,738.061
450.000
3,352,710
1,949.066
713,049
1,174,156
7,005.420
3,569.399
230.850
540,000
746,550
2,159,697
552.285
859,440
773,099
5,879,845
509,615
300,000
5.925,164
150.000
102,440
7,706.190
280,120
635,400
2,178,718
225,400
248.085
242,836
225,000
364,546
575,525
220.795
1,835,764
300,000
1,342,122
361.670
400,820
211,505
976,664
462,423
200,000
208,315
185,397
3,915,760
261.565
188,793
428,940
1,598.423
141,808
150,000
2.080.869
465.329
588.195
27.268.521
1,252.440
2.408.550
4.033.115
1,432.000
1,051.125
701,167
2,000.000
494.309
1,172.350
1,337,570
1,516.723
616,500
1,702.973
1,520,426
852,440
2,360.530
4,726,081
3,166 948
300,000
233,439
798,847
2,171,828
968.028
1,554,124
1,854,236
7,101.032
577,251
400,000
6,164.871
1,600,000
3.202.407
1,663,854
1.157,752
3.082,257
18.824,463
2,754.031
2,368,348
680,605
5.961,775
8,372,250
1,608,387
2,777,251
602,063
450,000
3.846,970
558,681 •
600,000
4,029,190
4.624.354
2,365,247
355,875
1,500,000
4.207.527
1,600,000
575,703
1,500,000
9.281,352
2.082.003
909,442
500,000
3,297.397
8,934,663
479,625
2,678,063
669,197
324.955
3,724,251
225,495
400.000
2,776,757
3.279,989
1.477,082
500,000
1,400.000
2,259.998
1,500,000
535,870
1,379.005
8,693,130
1,164,866
1.171,299
400.000
3,763,112
9.625,918
827,175
1,400.000
3,095.170
1,500,000
468,803
796.947
7.827,216
899,780
981.050
348,896
1,602.169
8.487,808
329,175
1,304,570
5,295,255
1.522.775
625.715
635.285
20,956.766
1,058,410
1,326,075
371,188
- 2,578,339
6,134,343
528.840
533,627
3,835,339
1,862.075
555.794
844,043
8,351,521
300,000
1,232,800
170,410
3.832.320
8.910,917
1,456.320
234.615
3,211,839
225.935
251,571
536,285
2,254,983
250,000
62,565
40,261
942,135
3.219,558
723,195
396,865
7,064,564
747,525
576.840
337,134
7.883,163
351,880
208,440
286.255
1,673,860
5,022,566
1,360,255
800,000
183,355
2.665,019
700,000
345,000
2.457.075
4,025.465
1,110,348
225,000
800.000
154.250
1,800.000
700,000
500,000
3.179,325
2,292,935
1.339.460
300.000
762,925
148,250
1,793.419
695,730
428,280
3,969.090
3.034,729
1,215,853
325.000
277,200
200,575
1,299,406
888.895
419.463
4.967,867
2,334,850
887.688
380.000
88,250
117,950
529,668
434,413
197,429
3,854,470
586,325
349,435
100.000
462,600
127,725
1,288.685
869.648
100.000
4,270,000
1.141,930
549,160
338,350
New York CityManhattan__ _ _
Bronx
Brooklyn
Queens
Richmond
$
348,255,890
214,682,356
288,868,987
192.803,601
15,440,560
New England States4,245,238
Me.-Portland
1,361,930
N.H.-Manches_
1.148,400
Vt.-Bur1ington.
Mass.-Attleboro
Beverly
Boston
Brockton
Brookline
Cambridge_._.
Chelsea
Chicopee
Everett
Fall River..
Fitchburg
Haverhill
Holyoke
Lawrence
Long Meadow_
Lowell
Lynn
Malden
Medford
New Bedford
Newton
North Adams_
Northampton _
Pittsfield
QuIncY
Revere
Salem
Somerville
Springfield_
Waltham
Westfield
Worcester
Conn.-Ansonia _
Bridgeport....
Bristol
Danbury
Hamden
Hartford
Manchester
Meriden
Middletown.New Britain...
New Haven_ - _
New London
Norwalk
Norwich
Shelton
Stamford
Stratford
Torrington.Waterbury
West Hartford_
West Haven....
Willimantic
2,000,000
3,862.718
1,487,971
1,376,710
1,880,630
16,829.168
1,369.930
1,231,687
434.362
6,982.728
13,182,783
1,278,815
3,341,556
417.936
128,525
4,456,333
751,718
1.090,658
5,261,715
5.478,209
2.500.000
212,455
2,000,000
4.308.312
1,045.835
1,707.461
2.348,263
22,130,193
2,360,820
1.261.320
941,140
7,903,486
8,343.366
1,536,630
3,513,204
1,372.875
211.868
5,143,229
543.330
600.000
5,993,095
4,423,014
2,658,601
633,998
- _
-10.3
-+42.3
-19.4
-19.9
-24.0
-42.0
-2.4
-53.9
-11.7
+53.0
-18.0
-4.9
-69.6
-30.3
-13.4
+38.3
+81.8
-12.2
+23.8
-6.0
-66.5
Inc. or
Dec.
1919.
1918.
1916.
$
1,165,780
3,838,228
23,780,900
$
%
+8.4
1,074,681
5,199,895 -24.2
22,748,500 +4.5
$
606,680
3,440,448
25,381,700
.8
716.925
4,836,114
22.472,400
$
655,622
2,520,835
17.462.100
8
324.398
2.115,287
13,947,100
$
359,770
1.736,600
10,084,200
$
275.000
1,621,385
8.309.100
$
84,781
552,492
4,988,000
$
248,930
1,213,093
9.248,900
263.136.713
266,478,269
324,613,298 -19.0
328,126,502 -18.8
286,770,998
289,548,249
231,963,109
234,641,172
219,395,890
132.059.384
161,024,600
138,503.269
53.290,939
132.092,636
1925.
1926.
16.0.-Cent. Falls
Pawtucket_ _ _
Providence_ _ _ _
Tot. New Eng.
(59 cities)___
(60 cities).-
429
THE CHRONICLE
JAN. 22 1927.]
1924.
1922.
1923.
1920.
1921.
Middle Atlent c States26,746,016
N. Y.-Albany501,522
Auburn
3,959,372
Binghamton.._
27,406.896
Buffalo
2,750,842
Elmira
2,164,941
Jamestown....
1,696,503
Kingston
433,062
Middletown4,195,190
Mt. Vernon....
3,495,915
Newburgh__ _
8.218,160
New Rochelle_
4,268,846
Niagara Falls
2,196,032
Poughkeepsie
21,637,641
Rochester
3.777,620
Schenectady
14.356,426
Syracuse
2,621,337
Troy
5,515,655
Utica
615,934
Watertown
14,152,143
White Plains
25,829,843
Yonkers
15,654.917
625,776
4,616,431
28,773,944
2,262,967
3,198.242
1,599,009
815,068
11,371,198
1,728,205
9.498,267
6,727,778
2,147,646
28,102,462
7,933,088
11.919,570
3.219,025
5.182,390
1,028.069
8,337,775
20,909,473
+70.8
-19.9
-14.2
+2.4
+21.5
-32.3
+6.1
-46.9
-63.5
+102.3
-13.5
-.86.6
+2.2
-23.0
-52.4
+20.4
-18.6
+6.4
-40.1
+69.7
+23.5
12,849,700
777,240
4,855,215
28,499,393
1,960,440
3,031.755
1,288,162
640,527
10,164,657
400,000
8.307,523
5,299,523
1.781,335
29,588,762
8,229,833
9,479,161
4,303,666
8.565,526
1,265,465
7.994,275
13,820,075
10,594,138
807,822
5,536.372
27,907,000
1,500,000
3,500,397
8,805,895
725,259
4,969,601
25,891,000
1,400,000
4,211,497
426,896
2,278,529
18,642.000
1,400,000
3,576,209
483,649
1,515,211
13,121,000
1,300,000
3,030,388
357,944
1,672,031
13,033,000
1,200,000
1,299,547
233,109
555,166
7,014,030
1,300,000
4.245,547
352,345
1.927.948
13,137,000
1.704,900
1,082,075
6,259,515
379,601
6,377,255
5,762,778
2,330,965
22,938,764
4,951,604
10,228,350
2,325,949
6,204,592
2,007,195
5,273,109
10.543,700
858,594
7.990.483
809,000
3,500,000
4,251.607
2.343,985
17,347,873
3,554,119
9,909,524
1,376.313
6,922.783
1,684,750
3,900,174
8,550,750
532,409
3,596,284
800,000
3,209,743
3,179,550
1.144,050
15,940,815
2,513,231
5,838,598
1,756,777
3.102,860
1,076,920
309.925
2,526,002
750,000
2,981,119
3,670,050
782,050
9.951,813
2,601,108
6,893,180
676,561
2.220,079
2,848,587
505,000
3,526,981
3.169,241
2,009,515
9,641,579
1,978,385
6,122,638
673,189
3,287,750
413,415
1,254,000
486,320
23181,544
1,003,723
1,203,863
2,009.707
1,949,551
1.230,220
1,637,895
192,075
873,530
9,379,447
1,760.825
4,871,414
1,132,827
1,887,825
4,601,500
4,720,700
2.713,600
1,162,800
2,213,100
N.J.-Atlan. C'y
Bayonne
Bloomfield _
Caldwell
Camden
Clifton
East Orange__ _
Elizabeth
Hackensack- -Hoboken
Irvington
Jersey City.._
Kearney
Montclair
Newark
New Brunswick
Orange
Passaic
Paterson
Plainfield
South °rano.
Trenton
West Orange..,
9,942,168
3,128,877
4,002,918
711,815
6,457,628
3,809,315
9,213,025
9,955,866
4,125,481
1,230,921
9,090,751
19,209,956
4,250,213
7,329,752
43,669,545
2,482,566
3,235,881
3,374,448
7,623,640
4,889,781
2,400,000
5,019,118
3,602,124
12,477,769
3,686,091
5,766,251
1.343,852
7,912,711
5,221,477
7,484,219
7,862.506
2,656,394
1,757,097
9.724,191
21,284,814
6,485,351
6,741,508
40,996,478
3,608,630
3,851,753
6,659,357
8,462,553
3.689,357
2.576,775
7.092,000
2,982,174
-20.3
-18.1
-15.0
-47.0
-18.4
-46.2
+23.1
+26.6
+55.3
-30.0
-6.5
-9.8
-34.5
+8.7
+6.5
-31.2
-16.0
-49.3
-9.9
+32.5
-6.9
-29.2
+20.8
13,541,939
3,592,267
3,964,448
600,000
6,337,940
3,423,644
6,819,810
6,279,352
1,996,118
773,701
10,073,652
19,612,367
6,504,132
7,551,820
42,483,876
2,640.205
2,142,050
3,966,745
7,511,728
3,817,444
2,398,628
5.496,765
2.084,883
10,147,518
5,535.685
3,551,098
528,903
8,121,243
4,764,748
4,473,609
6,545,960
2,038,936
567.821
7,902,614
21,653,720
3,046,92
6,870,748
35,507.219
1,834,687
1,821,916
3.712,750
7,746,157
2,562,023
2.176.507
6,642,985
2,283,509
8,508,253
3,537,500
3,521.691
652,551
4.343,192
2,957,970
4,701,984
6,315,839
1.682,860
488,162
4,250,012
14,265,711
6,464,519
3,039,183
1,852,634
239,182
1,908,327
2.389,925
3.955,879
3,547,449
1.797,644
656,421
2,418.389
12,702,972
8,942,789
2,317,199
13000,000
2,279,198
2,625,505
900.000
530,661
588,023
300,000
1,891,333
1,380,425
895.404
2,781,430
2,181,325
3,052,926
2,835.058
774.943
1,974,919
1,277,265
7,393,049
3,421,949
1,714,666
4,650,790
5,449,372
712,089
913,688
1,189,542
4.557,951
7,727,187
413,170
947,987
1,497,629
2,000,000
662,635
530,985
4,232,693
1,789,750
896,199
5,005,243
4,897,333
28,585,161
1.425,26:
863,470
4,588,110
5,696,017
3,021,772
2,189.39:
4,301,142
1,812,520
3,493,545
20,771,205
478.750
1,395,665
3,493,515
4,405,809
1,552,398
800.000
3,306,131
920.178
1,100,000
20,576,695
706,521
1,156,208
1,649,405
3,686,185
1,370,838
800.000
6,419,957
479,656
900,000
20.890,187
1.072,262
371.365
1,694,658
4,599,541
922,247
700,000
3,323,053
638,855
250,000
5,320,833
1303,320
164,403
390,520
1,081,730
592,612
200,000
546,585
1,300,000
9,488,775
1,249,41e
633,847
1.420,759
2,338.799
967.976
593,327
2.256.150
Pa.-AllentownAltoona
Bethlehem....Bradford
Chester
Easton
Erie
Harrisburg_ Hazelton
Lancaster
Philadelphia
Pittsburgh
Pottsville
Reading
Scranton
Wilkes-Barre
Wilkinsburg
Williamsport _ _
York
9,167,690
3,059,818
2.127,821
700,000
3,626.195
2,724,893
6,132,251
4,333,265
2.341.284
2.328,107
140.267.200
43,790,073
3,405,473
5,317.725
5.566,677
4,102,924
3,099,326
2,229,805
1,359.487
8,659,765
3,015,438
6.106,600
798,290
3,363,592
2,514,615
8,685,633
4,338,581
2,952,307
3,965.021
170,913,530
41,512,222
2,021,585
7,273,569
6,921,323
4,286,752
2,379,110
1,915,063
3.566.777
+5.9
+1.5
-65.4
-12.3
+7.8
-11.5
-29.4
-0.1
-20.7
-41.3
-17.9
+5.5
+68.5
-26.9
-19.6
-4.3
+30.3
+ 16.4
-61.9
5,344,362
3,355,194
2,447,482
611,608
2,082,760
2,032,318
7,038,299
5,315,340
2,561.930
4,756,705
1,41.737,460
34,156.550
1,193,910
6,125,827
6,001,496
4,554,338
2,166,885
2,124,663
2,897,005
5,113,670
3,052,373
1,944,962
237,315
2,304,380
1,367,756
4,262,524
7,389,345
4,025,300
3,730.730
122.650,935
32,928,962
3,344,458
3,313,242
1,564,622
733,555
1,634,096
1.780,820
4,850,924
3,873,640
1.605.150
2,640,665
114.881,040
35.255,375
1,814,268
1,771,818
1,624,516
507.575
2,000,000
1,453,346
3,348,360
2,712,598
475,616
1,323,456
42,790.780
23.429,744
2.630,730
1,634,598
740,922
275,890
1,701,679
1,105,864
3,737,279
1,190,690
258,150
1,286.638
55,305,390
16,048,052
2,221,000
1,046,184
2,482,615
731,710
205,857
715,190
2,178,585
739,258
1,105,449
664,518
3,304,573
2,739,685
654,873
967,223
65.088,750
14.731,616
5,033,431
207,378
1,979,004
866,755
138,100
290,640
15,452,670
7,781,720
700,000
2,800,000
1,865,373
490,000
989,397
49,896.570
13,764.810
4,382,480
3,780,831
3,302,343
1,701,665
1,279,744
2,153,414
1.049,366
4,982,351
3.485,854
1,440,400
1,430,240
1,887,205
1.070.385
2,219,665
1.837,886
543,450
900,000
1,003,191
2.450,575
3.021.855
1,360.216
411,150
833.405
695,596
3.262,325
2.112,372
834,286
714,300
682,382
663.972
793,575
426,356
640,513
138,000
388,035
184,125
1.719,675
1,536,440
1,213,605
889,475836,462'
665.630
1,694,275
2,304,632
4,967,770
4,040,640 +22.9
3,868,934
3,776,942
2,827,044
2,236,710
3,840,53.1
5,911,859
3,018,149
2.788,028
Md.-Baltimore_
Cumberland _
Frederick
42,438,705
772,510
651.298
45,364,270 -6.5
2.417,147 -68.1
561,662 +15.9
45,771,050
1.428.711
425,893
39,158,623
1,471,024
403,439
43.263.210
1,027,999
315.971
33,247,726
1,102,674
750,545
24,535,692
2,500.000
117.410
26,768,884
4,045,362
176.538
4,691,373
42,225
25,025
12,634,728
166,375
162,253
D.C.-Waslaing'n
63,499,330
64,711,013
-1.9
48,173,128
49,744,923
36,197,059
18,999,926
19,706,296
20,420,292
7.136,818
15,049,809
W.Va.-Charl'n.
Clarksburg_ _ _ _
Huntington ___
Wheeling
Total Middle..
(85 cities)-(72 cities)
3,090,885
559,412
1,899,721
1.811,537
2.544,625 +21.5
555,860 +0.6
5,479,744 -66.1
3.294,23 -45.0
5,326.809
1,872.611
8,525,780
5,157,876
3,824,989
1,168,542
5,379,257
3,986,341
3.157,998
2.000,000
1,920,414
1,840,982
850,000
745,747
3.588,322
3,432,020
2.438,102
1,251,377
2,401,760
1,180.089
2,428.623
485,971
1,116,844
334,564
1,332,600
971,537
684,182,248
711,026,867
744,953,702
788,179,693
-8.2
-7.4
858,618,361
681,768,671
586.343,103
504.785,342
307,616,203
281.425,985
284,651,374
102,025.242
199,054.148
Middle Wester a
Ohio-Akron.....
Alliance
Ashtabula
Barberton
Canton
Cincinnati_ - _ Cleveland
Columbus
Dayton
Bast Cleveland
Hamilton
Lakewood
Mansfield
Newark
Norwood
Sandusky
Springfield...,.
Toledo
Youngstown.._
Zanesville
States16,068,106
1,400,000
941,626
986,299
5,343.765
32,915,939
61,776,575
25,250,700
11,076,109
1,607,486
2,548,458
4,399,371
2,929,674
377,125
1,973,208
506,030
1.448,818
13,046,365
9,468,282
1,019,945
14,504,742
1,366,510
912,599
873,029
8,033,923
30,939,285
69.254,400
29,353,300
12,483.526
3.982,913
2,207,516
6.211,541
3,120,025
641,570
2,902.295
712.354
069,507
17,734,587
12,324,895
689,058
+10.8
+2.4
+3.2
+13.0
-33.5
+6.4
-10.8
-14.0
-11.3
-59.4
+15.4
-29.2
-8.1
-41.2
-32.0
-28.8
+49.2
-26,4
-23.2
+48.0
8,837,420
1,481,195
1,156,364
1,414,576
8,561,803
24,423.470
63,015,300
21,625,900
9,748,369
3,595.875
2,198,966
8,612.960
2,394,463
938,410
1,704,525
750,867
1,923,876
16.924,690
11,831,990
1,047,596
7,495,068
1,079,755
990,694
4,550.538
3,782,548
19,707.605
27,219,481
4,519,763
12,824,538
_
473,203
895,298
7,398,567
28,656,515
69,390,540
22,296,800
10.275,069
4,093,574
1,478,311
12.108,682
1,634,367
848,768
2,221,056
633.831
1.632.805
15,538,846
5.676,970
2,027.098
6,015,248
28,729,795
55,147,565
18,190,500
11.540,709
2,750,000
1.024,924
9.503,285
966,476
470.232
2,892,395
747,870
1,292,595
9,038,891
5,339,545
837,286
3.935,144
12.542,000
46,531,323
9,265,110
6,127,461
2.614,515
1,069,180
5,188.093
494,409
351,310
5,600,000
297,426
1.352,329
7,805,673
5,653,685
537,735
4,520,095
11,684,837
65,625,830
10,257.170
5,881,367
2,494,885
1,431,292
3,880,676
1.706,635
539,650
1,961,000
521,600
790,375
6,795,440
3,424,950
525,080
6,039,980
10,923,750
46,214,175
8,345.760
8,054,543
4,087,610
1,342,385
5,303,582
1,637,644
260,635
1,122,283
941,964
2.107,065
7.889,132
6,990,089
374,208
1.828,777
4,578.833
16,386,360
3.300,220
3,655,202
634,370
724.358
1,430,465
4.328,555
10,842.896
33.108,260
7.194,240
3,699,146
2.242,371
311,857
202,511
203,969
875,872
790,375
2.661,776
4.407,694
36,161
192.860
1,061,743
293,030
1,218,065
9,892,289
3,400.070
245,891
Ind.-Elkhart _
Fort Wayne
Gary
Hammond _ _ -Indianapolis....
Kokomo
Michigan City.
Richmond
South Bend_ _ _
Terre Haute
1,435,245
7,733.558
20,690,162
6,778,977
21,505,000
477,429
735,616
1,352.793
9,752,029
2,061,370
1,171,355
10,876,513
13,057,98
5,931,15
26,225,15
671,510
935,51'
1,102,65
8,770,255
1,480,683
+22.5
-28.9
+58.4
+14.3
-18.0
-28.9
-21.4
+22.7
+11.2
+39.2
1,380.000
11.488,092
9,059,128
6,110,858
25,452,812
1,051,59'
1,324.635
862,966
5,468.101
2.726,691
920,950
11,853,643
4,370,822
4,007;780
27,144.484
1,437,463
659,156
798,912
13,462,707
2,645,230
593,621
9,642,589
3.001,433
2,710,52'
26.110,457
1,540,494
1,210,450
4,803,156
3,181,852
1,857,285
16,872.240
782,043
177,700
2.929,942
3,279,524
2,287.424
15,284,119
2,241,202
250,000
2.205,145
6,369,742
2,225.818
12,791,556
1,224,090
100,000
901.094
2,903,855
2,275,216
4,557,687
189.613
300,600
3,479,531
2,661,635
987,970'
8,934,699
875,816
476,058
4.098,997
2.214,016
503,411
4,600.101
756,499
664,863
4.453.120
868,705
161,875
935,327
523,130
438,030
1,398,501
816,270
111.-Aurora
Bloomington._
Chicago
Cicero
Decatur
East St. Louis_
Elgin
Evanston
Freeport
Moline
Oak Park
Peoria
Quincy
Rockford
Rock Island _ _ _
Springfield.,..
5,011,001
1,193,050
364.584,400
5,323,456
5,266,352
4,449,576
2,700,000
15,825,670
1.510.152
1,358,966
6,469,614
5,685,410
1,327,518
5,537,603
1,221,082
4.271,526
4,445.435
1,245.400
360,804.250
6.930,029
5.500,640
5,234,863
2,729.0110
14,007,120
1,487,236
970,476
8.070.447
5,565.553
1,215,785
6,475,700
1,311.765
5,626,011
+12.7
-4.2
+1:0
-23.2
-4.3
-15.0
-1.1
+13.0
+1 6
+40.0
-19.8
+2.1
+0.2
-30.2
-6.9
-24.1
2,849,631
674.725
206,893,985
7.595.470
4,366,100
3.203,348
1.600,000
10.219.604
860,750
1,131,981
9.754,942
4,797.843
1.503,692
4,102.985
1.038,046
5,466.438
3,205,479
693,889
329,604,312
7.946,621
2,014,070
2.811,799
1,512,000
11.610,066
1.011,420
1.102.265
10.091,738
3.512,874
1.222,909
3,750.695
998,51
3.921.012
2,564,960
405,000
227.742,010
984,448
1,207,000
125.004,510
900,000
1,644,000
76.173,150
819,612
1,106,000
104,198,850
243.796
60,900
35,136.150
739,507
267,000
112.835,150
2,818.660
2,647,665
2.033,790
1.445,825
1.800,000
1,893.673
2,975.840
1,434,658
726.975
886,086
1,277,455
795.490
7.548,133
4.014,613
1.310,814
1,383,106
207.627
3.030,416
2.500.000
8,378,238
3,824.739
731.5'30
3.528.095
2.047.005
6,538.860
2.497,817
289.150
1,998,645
1,584,271
2.063.260
3,677.542
284,200
2,431,555
53,000
2.675,022
7,050,048
536,600
2.434,583
585,460
390,582
810.557
62.10
859,049
2,928,928
2,282,081
286.600
_
4,179,575
2.338.805
2,194,685
2.924.809
641.220
2,125,537
Del.-WlIming'n.
995,436 •
10.098,035
2.221,679
430
THE CHRONICLE
1926.
Inc. or
Dec.
1925.
$
3,442,187
921,059
183,721,438
13,028,751
11,336,035
4,819,035
4,180,018
1,983,590
4,336,861
1,310,187
5,518,682
3,074,213
5,127,352
5.102,737
1,626.690
41,210,250
2,747,920
2,970,592
4,000,000
2,173,75.5
1922.
1921.
1920.
1919.
1918.
1916.
$
$
$
3
8
$
$
1.968,142
1,660.948
160,064.794
9,171,457
9,536.200
5,676,490
1,602,009
1,611,955
4,810,325
1,143,514
1.915,343
2,747,471
4,698,386
5,380,307
1,205,638
45.633,569
1.178,608
2,692.183
3,344.482
1,459,838
$
1,763,500
811,479
129,719,731
8,172,548
10,204,795
4,109.025
2.268,951
1,953,303
6,304,489
1331,478
1.280,189
1,802,673
4.823,951
5,637,163
1,310,247
41.440.720
912.275
2.469,066
2,449,934
872.173
625,895
929.163
1,929,174
2,679,977
1,295,206
4,619,285
3,045.369
1.514,596
3.066.595
25.250,312
1.164,199
1,810,500
2,791372
3,034,033
-9.6
-9.1
848,816.574
880,722.496
847,158,645
+73.9
-39.8
-31.3
-27.3
+94.0
-14.6
+1.6
-30.0
-34.7
-5.1
-15.1
-31.3
1,325.108
21.859,892
1,262,940
39,831.639
335,700
7,218,731
663,708
23.246,910
20.905,997
1.253,661
3,149,802
12,268,858
462,259
24,843,700
1,821,130
41,443,755
1.032,685
6,710,665
722,536
32,315,545
36,028,196
534,945
3.195.611
13.008,899
291,832
2,638,674
247,950
3,603,705
5,184,105
6,219.713
2,022,250
1,463,764
5,918,385
914,980
665,690
4,264,858
1,556.400
348,710
777,361
14,591,000
1,246,041
1.225,063
1,931,614
641,080 -54.5
3,659,450 -27.9
382,110 -35.1
3,176,362 +13.4
4.694,485 +10.4
3,624,186 +71.6
1,782,425 +13.4
2.056,038 -28.8
6.183,730 -4.3
1,196,564 -23.5
.783,415 -15.0
3.611,830 +17.8
879,945 +76.9
552,635 -37.3
1.072.688 -27.5
25,333,310 -42.4
2,342,200 -46.8
293,925 +318.7
2,048,181 -5.7
200.054
4.193,987
182,555
2.571.173
4.293,153
2.986.857
1,421,400
1.909,847
9.219,980
1.610.758
1.096.461
4.596.058
1,138,739
544,885
1,297,290
26,310.250
1,685.654
176.965
1.392,038
348,063
5,235,140
250,000
4.810,407
6,511,949
3.846,808
2.711,189
3.571,476
8,330,496
1,807,908
629,208
3,328,045
2.103,483
931,565
1,912,323
20.642,250
898,188
182.435
1.768,328
1,727,789
1,236,211
2,034,211
2.226.747
857.195
1,049.227
2.161,113
1,106.365
810,285
350,600
1,438,050
5,397,728
255,000
349,631
615,811
650,627
644,190
400,000
2.637,125
1,794,603
1,314,009 +64.5
522,303 +11.8
285,000 +184.3
233.100 +50.4
2,397,985 -40.0
6,603.235 -18.3
157,993 +61.4
168,317 +107.7
546,270 +12.7
890,000 -26.9
504,597 +27.7
371,281 +7.7
3,106,122 -15.1
1,345,858 +33.3
530,257
305,516
300.000
193,800
1,823,750
5,433,375
250.000
379,250
283.592
717,070
479,964
396,862
1,903.649
1,425,984
1.647,693
384,679
250,000
229,700
1,551,920
6.886,494
237,850
870,887
381,436
734,131
1.032.228
584,871
1.841.244
1,432,096
1,574,954
503,585
250,000
338.400
1,019,223
4,351,133
459,000
314,091
251.500
615,799
1,287,256
227.867
1,815.341
1,073,276
1.830,330
133.189
400,000
473,600
1,177,102
3,436.985
794,000
102.342
200.975
550,000
684,581
416,727
1,803.171
1.097.704
2.124,765
300,000
188.275
299,900
1.081,935
3,839,353
532.600
227,437
578.047
880,495
1,169,177
219,387
4,514.501
1.192,155
1,310,410
200,000
347.224
838,100
1,562,580
4,059.320
742.460
100.000
80.620
83,300
500.000
2,310,015
1,650.000
349,825
1.228,453
880,085
2.706,772
716.727
1,151,770
1,300,000
210,000
511.200
291,523
182,994
326,000
2,079,723
1.650,784
172.848
85.886
2,203,865
1,040.339
727,290
526,050
244,651
546,700
213,060,415
214.574,119
247,518,548
249,804,466
202.866,560
144,108,806
141,837,769
61,165.673
112.107,325
Other Wester a StatesMo.-Joplin
1,864,988
Kansas City...
23,116,740
St. Joseph_ _ _ _
1,302,270
St. Louis
39,841,564
Sedalia
517,530
Minn.-Duluth.,
6,060,437
Mankato
650,186
Minneapolis.-20,609,340
St. Paul
15,710,425
w
Winona
793,734
Neb.-Lincoln
5,951,465
Omaha
10.052,338
N.D.-Fargo
Grand Forks
Minot
Utah-Logan
Ogden
, Salt Lake City_
Mont.-Billings _
Butte
Great Falls
Idaho-Boise_ _ _ _
Wyo-Cheyenne_
Sheridan
Ariz.-Phoenix
Tucson
Total 0th. West_
(43 cities)
(45 cities)
1923.
S
%
3,130,881 +9.9
964,475 -4.5
180,132,528 +2.0
7.277,891 +79.0
12.473.770 -9.1
4,239,785 +13.7
2,598,709 +60.8
2,063,620 -3.9
5,295,942 -18.1
2,090,140 -37.3
2.143,025 +157.5
2,937.032 +4.7
4,950,584 +3.6
6,346,171 -19.6
1,706.920 -4.7
39.583.736 +4.1
2,053,624 +33.8
2,498,869 +18.9
____
4,000.000
3.279,924 -33.7
Mlch.-AnnArbor
Bay City
Detroit
Flint
Grand Rapids_
Highland Park
Jackson
Kalamazoo____
Lansing
' Muskegon
Pontiac
Saginaw
Wis.-Kenoeha
Madison
Manitowoc._
Milwaukee
Oshkosh
Sheboygan._
Shorewood
Superior
Tot.Mid.West.
(53 cities)
967,428,573 1.070,479,767
(66 citles)
1,001,969,688 1,101.831,475
Kan.-Atchison _
Kansas City_ .._
Leavenworth..
Topeka
Wichita
la.-Cedar Rap_
Council Bluffs_
Davenport.__
Des Moines__.
Dubuque
Ottumwa
Sioux City_ __ _
Waterloo
Colo.-Boulder__
Colo. Springs__
Denver
Pueblo
8. D.-Aberdeen
Sioux Falls_ __ _
1924.
[Vol,. 124.
197,410,735
200,192,198
1,072,127
38,382,965
1,894,842
54,877,013
266,720
7.093,075
640,000
29.446.310
24.045,858
836,555
7,006,077
14,624,520
281,123,821 -24.4
262.297,891 -23.7
94,615.093
6,714,910
11.165,077
3.298,015
1,285,089
1,176,260
55,634,988
3,205,110
5,634,182
77,737.165
9,633.932
4.441,711
82,995,071
3.235,868
3,758.595
18.201,707
945,453
1,222,013
51,068,310
4,733,447
3,519,245
1,456,393
1,327,712
1,968,201
1,383,620
1,500,000
1,234,506
652,468
1,944,500
1.933,000
574,995
2,673,858
2,677,054
2.000.000
3,880372
4.411,978
1.800.000
521,861
1.052,480
1,900,000
2,176,641
19,416,692
771,343
1,614,675
1,805,942
885,007
14,912,950
584,400
1,590,057
1,890,000
1.345,680
20,062,193
502,103
816,492
1,000,000
1.906,799
4,790.750
16,013,194
436,044
120,000
1,008,927
1,400,834
641.045,730
399,342,273
394,524,361
421,697,220
132,056,474
322,349,051
23,146,190
1,237,419
25,210,503
335,495
7,843,958
755.040
29,470,450
22,388,862
341,120
2.940.687
11,242,915
16,025.225
1,095,044
16.631,305
382,212
3.518,464
819.693
23,391.630
14,362.181
109.677
1.715,932
11,385,200
13,760.295
942,619
17,694.078
258,550
6,989,673
800,000
13,469.564
12,276.466
100.645
2,110,545
11,435.970
13.164.060
1.068,990
20,538,460
390,250
5,453,472
469,475
17.309,160
19,258,734
15,450
2,052,452
9,022,647
5,666,995
558,847
6,352.582
93,200
2,638.861
145,000
5,465,740
10,152.705
11,563,444
893.945
12,753,386
310,487
10.223,598
467,825
22,917.290
11.128,632
758.572
3,608.054
1,939,916
7,226,107
1,456.861
3,058,563
250.000
2,441,128
5,937,514
3.358,727
1.637.714
3,287.219
12,467,820
2,926,057
720,818
3,303.883
1,201.568
1.932,490
348,700
1,355.131
7332.687
2.744,505
2,310.335
1,697,675
3330.990
1,326,057
634,602
3,480.805
535,412
1,280,285
186,000
1,858,094
3,807,281
2,203,892
750,000
1,997.327
4,091,229
750.750
723,920
4,896,510
101,083
1,665,232
71,450
1,432,295
4.849.831
2.142,000
600,000
2,648,589
5,221,885
1,132,859
1,250,000
7.028.328
211,440
1,058.966
23,000
184,290
3.065.521
767.000
500,000
1,677,136
4,100.563
246,618
400.000
3,071,309
175,503
748,430
93,535
808,885
1.992,935
1,779.000
717,780
1,017,395
3,387,897
667,508
500.000
3,090,305
868,972
1,199,677
18.016,095
1,215,661
542,090
594.810
10.137,225
1,165,656
300.883
823.866
7.547,020
739.269
502.680
325.145
8,779,880
676,300
47,660
183,982
2,595,890
373,095
186.772
460,656
4,038.840
390,520
Pacific States2,562,008
1,876,088
971.170
Cal1L-Autmeds._
4,127,301 -45.8
2.238,799
7.231,330
5,398,490
Abambra
3,395,922 -8.1
3,119,574
Bakersfle,d
1,898,686
1.169.573
1,096,452
2,095,278
2,117,938 -1.1
7.959,140
5.622,963
9,369,027
10,058,730 -27.1
Berkeley
7,337,076
1,838.994
5,053.644
Beverly Hills
3,891,136
10,566,818 +4.1
11,001,877
1,969,682
2,592,314
2.198,869
Burlingame
2,109,141 -9.3
1,912,647
366,368
326,875
Colton
250,640 +21.1
303,685
1,081392
1,164,862
Compton
1.566.271 -3.5
1.511,188
280.307
1,146.095
• 875.453
Emeryville_ __ _
589,018 -2.0
577,163
866,030
820,363
Eureka
444.663
1,133.355 -61.8
7395,840
5,890,104
1,645,488
3,093,062 -41.2
Fresno
1,819,985
2,087,188
2.034.526
1.079,240
Fullerton
592,986 -16.2
498,961
10,047.694
6.305,971
10375,311
Glendale
10.224,020 -1.9
10,027,798
2.701,727
2384,441
Huntington Pk
1,263,410 +13.2
1,429,713
14,044,518
23,697,830
Long Beach...
20,601,267
8,615,720
19,046,766 -54.8
Los Angeles_ _ _ 123.006,215 152,636,436 -19.4 150,147,516 200,133,181 121,206,787
284,190
379,825
420,420
National City_
379,805 +1.9
386,965
24.468,223
27,628375
31,223,433
Oakland
39,185,863 -28.4
28,075,295
1,193,512
797,604
Ontario
877.718 +20.5
1,057,890
924,412
868,350
550.650
Orange
507,525 -41.7
296,000
11,534,186
9.420.481
12.040,719
9,633,746 +0.3
9,667,900
Pasadena
1.430,415
1.877.321
1,517,079
Piedmont
1,918,009 -25.4
1,430,638
1,693.821
1.114.447
1,586,098
Pomona
1,116,348 -12.2
980,380
1,196.086
1,103,441
Redwood City_
921,467 +15.2
1.061,907
1,147,864
897,072
970,211
Richmond
1,312,822 -26.6
2,276,552
Sacramento _ _
9.351.052
9.699,638
7,732,573
11,351,277 -31.9
7.666.689
2,209,663
San Bernardino
2,343,617
3,762,123
3,255,214 +83
3,530,193
12.004,036
12,102,426
San Diego....
13,561.108
20,001,729
18,198,200 +9.9
45,327,206
San FrancjaD_
46,676.079
57,852,973
57,953,948
50,392,793 +15.0
354,846
San Gabriel...
654,300
621.145
632,512 +72.0
1,096,420
1,960,548
San Jose
2.731,630
3,959,075
4.848,775 -9.7
4,378,940
San Mateo_ _
1.411,218
1.595,688
1,359.479 +49.2
2,028.019
San Rafael_ _
219,800
490,300
555,835
727,095 -29.6
512,124
3.878,365
6,045,254
Santa Monica_
8,415.136
5,138,292 +46.3
7,517,422
1,135,122
, South Gate
792,770
844,196 +87.4
1,583,650
3,141,900
3.897,130
4.163,012
Stockton
3.728,712 -26.3
2,749,584
333,680
1.873,295
1,092,260
357.643 +28.0
Torrance
457,788
3,108,632
2,157,329 -57.8
Venice
923,571
131,292,381
759,931
802,482
467.171
999,131
803,672
1,483,794
3,376,409
787.729
796,492
1,314,979
3,113.364
513,441
422.672
838,758
1.641339
304,900
194,256
304,750
732,290
35,200
231.823
1.747,223
100.870
522.000
657.451
211,765
64,140
3.880,967
951.941
5,099.201
6.775,587
759.348
3,137,264
3,996.875
528,609
591,439
1,677,756
75,000
97,193
884,100
84.811
235.907
13.159.243
82,761,386
262,585
15.791.616
11,001,662
60,023,600
111,828
9.489.906
7.217,849
28,253,619
50,635
7,134.572
2,828,844
8,678,882
15.625
5,382.158
1.085,305
15.038,045
14,825
5.388,290
382,398
6393,674
867,715
904,026
3,534,235
794.510
801,437
1,821,800
355.869
455,030
211,968
1,624,647
414.237
3.853,084
1.019,560
10.547,853
22.244,672
357,495
1,235,349
763.390
3.449,388
596,650
5,671,798
26,729,992
112,514
1,750,046
593,594
2,054.843
296,534
2,856,015
15,163,242
53,297
1,067,841
200.000
1,211,273
93,032
1,602,260
9,135,477
9,376
558,660
343.937
2.102,158
350,591
1,869,994
18,484.401
57,449
851,931
257,400
2,504,100
117.500
1,219,359
112.200
393.352
22,200
96,040
138,100
1,712,738
2,617,527
1,477,841
1.050,761
1,138,174
903,000 -69.3
1.357,440
Oregon-Astoria.
277,725
758.150
800,000
800,000
1,639,147 +42.6
1,682,779
379,333
Klamath
2,437,583
9,840,725
6.174,157
12,088,506
20,939,650 , 17,225,576
29,219,425
25,247,135
38,476,335 -15.3
32,588,975
Portland
140,050
425,990
693,878
45,700
343,570
1,287,282
1,731,210
1,794,935 +61.8
2,904,104
Salem
385,059
189,292
328,718
215,445
1,144,348
437,111
1.279.021 +13.5
869,334
1,451,233
Wash.-Aberdeen
230,864
457,255 +16.0
808,457
374,341
Hoquiam
530,358
15.615.010 ' 10,899,775
13,760.090
12,862,425
19.783,835
22,974,720
27,279,500
30.626,995 +11.7
34,207,700
Seattle
3,031.704
1,689.928
3.177,234
422,786
2,124,037
3.296,388
4.366,856 -4.0
2,486,563
4,191,223
Spokane
2.844,405
2.857.181
4.749.673
3,669,082
4,239.028
5,500,926
8,539,035
9.926,134 -28.3
7,121,632
Tacoma
370,423
401.708 +115.3
691,496
412,709
221,414
297,846
443,606
865,012
628,425
Vancouver_ _ .. 797,730
309,098 +55.2
160,558
479.631
311,834
515,500
419,834
Walla Walla
821,037 +45.0
1.190,696
730,401
729,733
Yakima
Total Pacific..
405,867,255 455,799.907 -11-0 427,005.231 448.386,999 330,768.325 219,483.882 182,358,123 109,028,877
57,091.668
(35 cities)
(50 cities). _ _ 422,083.682 472,616,154 -10.7 448,745,841
Southern Stat es1,046,557
Va.-Lynchburg.
380,925
Newport News
2,811,070
Norfolk
315,877
Petersburg
10.024,874
Richmond
4,568.594
Roanoke
1,291.924
261,396
2.966.747
594,256
13,398,246
3325,275
-19.0
+45.7
-5.3
-46.9
-25.2
+33.4
1,612,519
174,847
6.938.422
258,816
13,613.019
4,167,068
859,885
244,095
5,365,021
413,233
15,642,229
4,073,597
420,900
6,301,3130
79,992
68.221
8,304,689
1,588,787
1,671.981
8,218
70.318,771
948,065
642,467
5.169,533
499,000
559.038
5,030,168
822,610
701,245
9,632.053
7,852,944
2,723,592
2.712.988
15,116,912
3,259,524
9,292.879
2,285.899
4,778,756
1.221.285
8.770,452
1306.035
1,838,014
191,029
4,927.396
845,942
431
THE CHRONICLE
JAN. 22 19271
.
1926.
1925.
S
s
Int.or
Dec.
1924.
1923.
1922.
1921.
1920.
1919.
1918.
%
a
a
a
s
a
a
$
s
408,678
837,039
1,684.889
347.131
900.000
918,200
326.131
410,555
283,584
481,000
3.680,178
1,686,531
1,724,733
1,673.880
1,558,924
1,921.286
4,565.489
4,289,291
5,265,340
6,827,433
3,097,055 • 1,395,600
3,522,715
4.342,242
3,776,421
4,653.124
1,967,700
1,605,600
4,260,285
4,524,124
1,517,238
235,432
1,330,561
1,266,316
1,277,541
2,560,803
27,094,912
18,196.091
1,234,780
1,175,353
1,502,882
1,762,647
1,509,534
2,264,349
7.536.557
7,311,497
7.228,569
17,038,144
3,271.749
3.036,006
643,468
1,300,446
7,124,560
9,557,500
3,516,773
6,577,055
3,190,777
5,032,455
1,207,387
4.223.179
3,038,572
918,000
3,286,864
2,507,847
1,583,993
1,242.277
20,584,754
2.398,126
1,579,313
1,306,740
5.831.078
4,647,744
1,980,120
2,353,808
1,413,706
1,944,083
2,284,835
892,700
2,426,467
1,368,294
1,570,870
1.326,610
11,236,776
76,993
930,136
2,055.059
5,087.337
5,415,800
1,411,156
2.589.110
1,438,422
1.090.397
822.012
1,388,900
3,259.495
3,290,023
1,151,937
2,105,410
13,372,866
1,873,582
1,430,798
4,025,000
3,466,405
4,476,760
850,755
1,196,004
615,345
973,935
402,824
1,003,550
1,200,000
038.3°8
1.442,775
597,300
10,442,739
1,307,779
1,192,163
1,770.645
1,156,260
3,264.215
248,099
841,173
240,000
732.440
121,305
297,300
600.000
309,589
432,024
345,755
3,572,086
422,601
650,000
768,675
1,068,792
1.238,720
364,379
4.167,665
3.091,780
1.116,100
4,608,820
4,057,028
437,313
2,801,120
2,664,392
1,096,607
1,200,000
1,202,534
315,656
200,000
383,397
1,290.828
20,247,707
1,299,780
704,100
1,850,573
700,436
1,159,653
231,754
16,991,150
8,069,000
1.550,582
2,540,373
26,402,814
1.605,257
11,408,208
2,605,205
17,222.059
6,603,86
2.343,713
12,166,996
1,149,430
883,457
2,700,000
526,518
1,028.133
187,783
13,089,015
9,467,382
1.309,815
2,689,371
20,988,469
2,101,980
8,395,264
1,889.851
19,117.106
8,053,266
1,747.767
7,491.020
1,169,679
513,644
1,182,550
479,852
866,892
326,333
10.495.480
6,070,084
6,556,101
600,000
513,644
329,556
78.377
860,575
284,277
8,043,159
3,871,485
4,384,229
603,473
600,000
455,395
183,608
905,922
452.730
12,598,468
5,717,419
3,929.822
660,454
590,617
316,963
136.329
1,120,230
569,300
5,249,092
3,557,346
1,572,714
78,684
253,233
101.765
67.527
738,427
205.069
1,763,569
552.267
2,388.599
100,490
442,729
300,000
1.530,748
18,646,988
3,070,266
12,128,722
2,121,168
12,489,469
7,234,303
1,296,788
2,374,260
15,000,205
4,279,932
4,602,962
1,963,919
10,398,795
7,515,045
330.000
1,634,885
13,595,157
3,296,579
10,373,229
672,783
8,529,247
4.711,212
2,332,000
900,000
13,164,600
2,255,585
18,657,654
632.178
8,861,619
3,987.305
500.000
1.867,730
644,846
2,267,887
175.904
2,275,258
3,755,954
1,009.692
4,265.354
3,551,909
3,127,884
774,142
3.068.871
2.283.638
-4.9
+21.9
+18.6
-8.3
-42.1
+74.5
+485
-24.4
+16.7
+69.5
-0.5
-45.5
-4.8
+11.5
-30.1
+68.3
850.757
1,067,246
4,331,396
3,000,000
401,444
326,355
8,052,935
8,048.263
2,915,924
8.512,411
23,757,040
5,148,098
1,613,550
1.744,326
22,682,959
314.090
2,387.519
1,506,884
3.843,204
3,000,000
1.303,316
1,027,050
7,948.577
7,780,252
2,943,697
6,587,810
20,998.380
9,670.453
1.700,375
1.955.432
17,024.651
1,349.758
3.908,781
3,000,000
2,830,148
1,215,775
7,698.106
13,636.489
2,552.698
5,042,172
20,883.008
5,259,908
2,135,000
2,231,141
16.736,750
993.396
3,620.638
3.000,000
1,119.475
1,662,825
7,794,797
7,330,340
2.476,129
2.665A11
9,377,025
3.342,359
1,297,000
1,274,723
7,428,300
1,071,178
3,727,732
2,678,729
1,193,714
2.452,900
6,007,798
9,648,547
2.983,320
2,429,041
6,715,183
2,182,383
533,000
2.082,390
8,622,152
784,223
2,601.768
274;245
708,208
86.619
753,666
764,847
3.331,975
9.030,640
9,474.443
1.600,128
2.654,213
7,518,950
2,632,338
500,815
1,071,150
4,140,714
230,625
868,929
2,503,449
4,847,370
401.959
315,261
1,591,078
646.606
141,125
408,332
1,990,308
2,073,634
4,161.293
1,436,944
468,771
3,091,970
3,621,134
844,309
586,230
5,053,140
-6.5
-3.3
334,085,044
340,270,142
302,557.391
270,953,131
190,797,233
192,924.005
158,918,200
49,204,765
77,898,484
+54.7
+1.3
-34.9
+2.7
+12.3
+90.2
+11.5
-19.7
-4.1
-38.0
+71.0
-31.7
+0.7
+96.9
+44.9
-44.3
+3.7
+124.2
-35.3
-32.2
N. C.-Asheville
Charlotte
Durham
Greensboro
Raleigh
Wilmington .. _ _
Winston-Salem
S.C.-Charleston
Columbia
Greenville
Ga.-Atlanta_ _ _ _
Augusta
Macon
Savannah
Fla.-Jacks'nville
Miami
Orlando
Pensacola
St. Petersburg..
Tampa
9,299,545
7,336,980
3,371,004
6,362.118
3,262,564
1,088,550
5,581,331
508,205
1,490,484
912,735
17,789,363
1,049,686
1,757,649
3,142,662
21,393.945
33,430,461
8,288,359
1,691,352
15.580,200
15,872,772
6,010,919
7,244,193
5,174,525
6,192,150
2,904,452
572,475
5,004,382
633,155
1,554,690
1,495.320
10,403,558
1,535,949
1,745,026
1,595,830
14,760,711
60,026,260
7,993,658
754,415
24,081,700
23,418,836
Ala.-Birmin'ham
Mobile
Montgomery. _
Miss -Jackson....
Vicksburg
La -Alexandria..
Lake Charles
New Orleans_ Shreveport _ _
Texas-Amarillo..
Beaumont
Dallas
El Paso
Ft. Worth.
Galveston
Houston
San Antonio.... _
Wichita Falls
22,263,116
1,814,809
1,575,529
3,045,285
382,361
999,570
1,170,424
18,789,444
5,356.803
16,475,029
2,451,961
16,133,426
1,163,657
17,014,768
3,213,095
28,512,805
14,462,952
10,022,263
21,464,878 +3.7
1,964.264 -3.6
1,011,576 +55.7
2.171,271 +40.3
546,000 -30.0
1,926,155 -48.2
647,422 +80.9
16,345,140 +14.9
5,491,818 -2.5
3,436,953 +379.3
1,638,870 +49.6
28,379,558 -43.2
2,184.332 -46.8
8,872,323 +91.7
1,707,439 +88.2
35,040.010 -18.6
9,428,043 +53.4
5,098,866 +96.5
2,024.415
1,925,763
Ark.-El Dorado
1,075,595
1,310,921
8't. Smith
5,107,847
5,954,740
Little Rock_
981,005
900,000
Okla.-Guthrie..701,217
406,157
Muskogee
321,470
.560,881
Okmulgee
6,751.775
10,028,228
Oklahoma City
10,075,971
7,615,428
Tulsa
5.154.558
6,016.569
Tenu.
-Chatt.36•
6,329,396
10,730,451
Knoxville
18,667,60
18,579,260
Memphis
7,012,785
3,823,829
Nashville
Ky.-Covington_
2,254,100
2,145,300
1,892,63
2.110,131
Lexington
29.910,24
20,919,545
Louisville
275.745
Newport
464,100
Total Southern
(54 cities)._ 408,846,409 437,154,886
(60 cities)..... 436,696,462 451,741,309
Total
(310 Wies) 3,986,923,327 4002,696.723
(354 cities) _ _ 4,098,448,560 1,393,364,166
Outside New York
(309 cities).... 2,926,871,933 3,294,125,381
a ORR 417 IAA 3 354 742 5I4
faRR rItIpAl
1916.
-7.3 3,614.662,440 3.449.465,740 2,807.884,753 1,869,694,975 1,634,378.397 1,515,054,225
-6.7 3,702,135,335
-11.1 2,768,156,623 2,663,907.795 2,169.314.914 1,393,407,781 1,343,549,455 1,253,554,03C
--in 2 2 RS5 620515
413,991
311.185
3,117,604
1,124,378
211,860
507.359,503 1,131,572.355
450,859,008
910,278,381
1918.
1916.
$
4,882,873
151,725
904,375
128.250
638,975
275.261
$
5,334.184
409,188
2,913.157
518.000
537,345
545,754
CANADIAN BUILDING OPERATIONS.
1926.
1925.
1924.
100,122,735
Total West(19)
Total all(57)_ _
38,993,972
142,999,544
WOMO,J04OCT.0,-..1.0MN,i0M0001,0M..ONC,00,1,0,Q
m
COMMWMM=.0.0.-...mm,o Nu,,
C1X
COOM O V M
00,-,CONW00.0....000VMMONON*0,1
Wtl
93,407,603 +12.1
$
12,743,480
400,000
2,134,219
872,150
1,300,000
883.121
359,716
430,000
100,000
2.635,612
271,508
125,228
343,265
1,530,400
241,251
607,045
467,427
300,000
53.395
120,000
101.875
8,535,331
440,524
590,305
121,975
1,565.095
616,515
103,555
141,165
285.098
1,752,632
604,847
1,037,942
707,100
2,179,809
586,813
649,520
574,100
3,411,341
911,882
1,201,673
574.500
5,194,805
703,741
2,133,676
1,035,300
2,816.852
412,073
158,315
351.323
1,323,377
128,105
198.105
227,800
111,003,547
113,972,009
93,480,558
84,752,073
78,316.017
31.567.640
35,393.062
,
104,705,572
Western Cana da100,000
9lan.-13randon.
200,500
East Hildonan.
501,256
St. Boniface_
10,362,600
Winnipeg
1,994,048
4Ita.-Calgary _
1,853,735
Edmonton
236,360
Lethbridge
26,740
Red Deer
268,326
6ask.-MooseJaw
75,000
Prince Albert
4,242,502
Regina
2,018,204
Saskatoon
100,000
Swift Current.
Weyburn
45,800
13,212
Yorkton
British Columbia 751,189
New Westm'r_
15,501,262
Vancouver......
698,239
Victoria
1919.
114.725
282.677
160.430
1,338.924
414,025
253,795
155,222
2,405.781
184.321
324,834
926,125
ON
0.0
t.....,M
0000;
1...00
aaaa
Total East(38)
$
14,067,609
838,225
2,301,480
3,265,538
857,700
1,179,800
100,000
761,500
70,260
189,890
535,615
220,000
83.953
2.472.254
318.943
236,062
876.660
.ia
731,309
151,907
101,774
1,122.205
Nvicocicioi 00i0.i.i.i.N00oc7c4c4...0ui....
1,035,645 -26.2
43.907 +211.0
204,620 +33.3
683,530
+2.5
1920.
176,800
1,173,580
57.150
326,547
627,930
330,101
603,259
5,029,135
657,680
1,176,662
2,455,170
273,000
876,889
20.959
2,332,540
3,179,437
50,000
196.368
1,708,645
861,636
600,000
222,525
641,956
328,500
19,797,026
369,235
2,601,370
4,241,42
a
a
764,498
136,577
272,701
700,000
$
21,310,472
1,297,115
3,693.397
335,000
1,292,800
1,609,413
177,250
798,223
2,100
709,437
1,045,160
291.760
486,958
4,321.420
494,736
1,277,595
2.146,305
209,000
493,965
129,925
849,496
3,367,557
120.325
839,700
216.350
830,652
400,000
258,821
742,265
725,575
25,748,732
299,420
4,846,338
4.313.260
a
4. 8.-Halifax_
Sydney
4,B,-Moncton.
St. John
1921.
115,524
388,450
28,500
800,000
913,050
450,000
433,257
4,639,450
668,334
932:050
2,527,510
38,457
1,145,589
426.088
1,329,405
3,232,322
135.355
541,754
113,509
776,360
924,388
115,755
1,331,337
437,450
23,878,240
435,735
5,123,150
8.101.100
"a
+17.1
+23.2
--28.9
+51.5
+4.4
+35.0
+1.9
+82.6
-36.9
-73.0
+25.7
+138.9
+41.0
-33.1
-60.4
-17.1
+78.7
+3.1
+225.0
+68.9
-6.6
$
22.335.796
2,718,930
3,236,291
732,000
1,200.000
1,592,00Q
255,400
485.421
375,050
366,317
1,466,685
731.706
964,808
4,928,465
46.070
2,461,721
2,605,630
75,000
800,743
271.325
1,155,130
5,159.687
205,000
439,154
1.167,529
1,293,576
588,813
210,714
850,260
228,190
35,237,921
362,371
4,144,035
11,167,750
-7a
2,673,830
493,758
1.546,182
2,389,800
100.551
1.114,290
515,090
576,205
4,911,685
533,560
272,637
402.488
666,962
352,090
350,181
725,69
306,285
25,249.62
124,32
4,333,94
4,380,50
195.000
189,980
350,000
355,329
1,272,570
124.742
404.304
3,309,800
1,035.620
1,221,122
2,113.500
125,000
802,622
400,000
786.985
2,540.670
168,210
437,510
1,187.307
713,638
559,245
164,026
840,803
362,585
23,926,028
178,880
4,429,308
4,145.750
a
+57.4
+45.9
+2.7
+205.2
+23.3
+66.6
306,610
232,754
150,000
591.750
1,291,250
181.185
326,19'
3,130.950
608,532
1,100,111
3,621.200
105,000
1.504,000
525,000
1,052,100
3,101,748
141,900
342,757
961,580
940,642
235,691
138,597
601,646
547,360
26,029,584
404.049
7,319,454
4,093,200
-
194,725
159,537
l40.€00
193.858
730.340
108.723
;nt.-Belleville _
Brantford
Brockville
Chatham
Fort William
Galt
Guelph
Hamilton
Kingston
Kitchener
London
Midland
Niagara Falls_
North Bay......
Oshawa
Ottawa
Owen Sound...
Peterborough
Port Arthur_ _ _
St. Catherine...
SaultSte. Marie
Bt. Thomas _
Sarnia
Sudbury
Toronto
Welland
Windsor
York
0.00C1Mb.O.VO,OvbCANN.M...00MODOOONN
N0V01411.0200C1.-.C..VO0MNO0VMMCCINt•0
%
+24.2
-8.3
+20.3
-31.2
-30.0
-0.9
1922.
1923.
...:a.4
Cl
$
25,520,523
2,772,200
3,274,371
1,038,060
2,064,814
2,931,524
$
31,013,419
3,375,950
7,332,846
524,925
1,046.200
2,381.606
0000NMC,
../ONt.
Eastern Cana da- $
us -Montreal _
31,700,549
2,543,575
Outremont ____
• 3,939,281
Quebe^
714,250
Sherbrooke_
1,445,575
Three Rivers_
2,904,524
Westmount
Inc. or
Dec.
9,882,467
202,587
1,508.330
76,573 +30.0
168,385 +19.1
969,259 -48.3
4,156,690 +149.3
1,197,475 +66.9
1,481,890 +25.1
161,190 +46.6
28,885 -6.8
243,53' +10.2
52,740 +42.3 •
1,208,403 +251.0
1,079,442 +87.0
95,020 +5.2
45.140 +1.5
38,38 -85.8
270,285
158,558
418,545
3.177,900'
1,030,790
2,305,005
175,086
26,200
501.126
151,465
839,325
1,282.276
95,020
2,205
45.140
183,634
222,300
510,353
4,484,100
821,840
1,488,875
259.685
23,000
289,398
254,255
1,264,030
852,548
14,500
19,055
47,995
225,029
382,828
552,663
6.875,750
4.000,000
2.338,109
213.695
18,540
279,180
119.598
1,784,121
1,818.909
12,430
48,985
136,576
741,190
577.884
380,143
5,580,400
3,500,000
1,563,966
217,760
11,965
480,000
576,598
1.699,020
774,660
16,000
102.550
101,075
411,127
380.823
465,992
8.367.250
2,906,100
3,231,955
230,000
66,050
1,533,095
469,975
2,603.320
1,900,000
26,721
2,376,341
423.195
96,981
84,495
360.450
2,942,000
2,211,100
923,346
162,110
13,800
590,895
275,176
1,699,020
1,404,500
26,721
130,155
397,800
95,022
85,170
268,965
2,050.850
1,197,100
351,510
135,553
3.300
567,615
87.545
1,006.000
604,675
102,500
19,740
25.150
244,873
51.475
135,392
2,507.300
663,500
228,640
84,122
29,180
318,945
66,810
219,875
146.150
61.000
37,172
35,675
+8.7
704.263
7,963,575 +94.6
+27.8
546.51
321,432
6,230,774
838,201
350,848
6,277,574
1,050,161
332,680
8,661,695
1,033,004
264,890
3,000,000
977,167
319,109
3.709,873
1,207,673
166,282
2.271.561
466,141
106.300
1,440,384
289,760
85,307
2.412,893
115,334
+92.8
17,799,533
18,414,101
28,833.794
20,655,248
30,628,099
15,222,333
8.438.939
7,443,643
113,624,774 +25.8
117.922,288
129,417.698
142,805,903
114,135,806
115,380.172
93,538.350
40.006.579
42,838.705
20.217.171
432
l'FrE CHRONICLE
[VOL. 124.
The New Capital Flotations in December and for the
Twelve Months of the Calendar Year
Capital flotations in December, the closing month of the at 95%, yielding 7.40%; $6,000,000 United Industrial Coryear, did not reach as large proportions as in November poration (Viag), Germany, debenture 63s, 1941, brought
when Standard Oil financing, which involved the putting out at 973,, yielding 6.75%; $1,500,000 Housing Realty &
out of debentures and new stock in amount of over $200,- Improvement Co. (Germany) 1st mortgage 7s, 1946, issued
000,000, served to raise the total to unusual size, nor did at 98, yielding 7.19%, and 200,000 shares of capital stock
they come up to the figures for December of the previous of Patino Mines & Enterprises Consolidated (Inc.), sold at
year, and yet they were by no means small, running in excess $25 per share, involving $5,000,000. There were no Canaof $600,000,000. Our tabulations, as always, include the dian corporate flotations here during December.
stock, bond and note issues by corporations and by States
The largest offering on behalf of domestic corporations
and municipalities, foreign and domestic, and also Farm during December was that of $50,000,000 Standard Oil Co.
Loan emissions. The grand total of the offerings of new (N. Y.) 25-year debenture 43's, 1951, at 97,,
3 yielding
securities under these various heads during December 4.65%. Other important industrial issues were: 100,000
amounted to $621,764,765. This compares with $697,- shares of American, British & Continental Corp. 1st $6
961,617 in November, with $579,018,819 in October, with cumulative dividend preferred stock, offered at $100 per
$541,128,633 in September and with only $351,822,154 in share, with a bonus of 1 share of common stock; $6,500,000
August, a dull summer month; but with $581,471,484 in Dierks Lumber Sr Coal Co. (Kansas City, Mo.) 1st mtge.
July, with $727,146,502 in June, with $664,938,357 in May, 6s, 1932-41, issued at par; $6,500,000 New York Trap Rock
with $638,372,147 in April, with $652,778,436 in March, Corp. 1st (closed) mtge. 6s, 1946, brought out at 983/2,
with $609,153,480 in February and with $731,011,432 in yielding 6.12%; $6,000,000 McCrory Stores Corp. debenture
January.
532s, 1941, offered at 98, to yield 5.70%, and $6,000,000
At $621,764,765 for December 1926 comparison is with Mortgage Security Corp. of America (Norfolk, Va.) insured
$731,447,028 for December 1925. The falling off is mainly mtge. 6s, 1931-46, offered at par.
in the corporate issues, which foot up $429,303,605 for DePublic utility financing was featured by the following:
cember 1926, against $518,359,381 for December 1925,though $10,000,000 Interstate Public Service Co. 1st mtge. & ref.
the municipal total also fell below that of the previous year 5s, "D," 1956, offered at 96, to yield 5.25%; $10,000,000
at $143,569,160, against $157,987,647, and no Farm Loan Standard Gas & Electric Co. 40-year debenture 6s, 1966,
issues came upon the market in the closing month of 1926, issued at 99, yielding 6.06%; 100,000 shares of Associated
while $43,600,000 were placed in the final month of 1925. Gas & Electric Co. (N. Y.)
$63/i cumulative dividend preIndustrial offerings during December totaled $249,477,903, ferred stock, offered at 9532, to yield 6.80%; $7,500,000
and for the seventh consecutive month led in volume among Illinois Power & Light Corp. 1st & ref. mtge. 5s, "C," 1956,
the corporate issues. This amount, however, shows a de- sold at 97, yielding 5.20%, and $7,000,000 New York Water
cided decrease from the $405,087,375 of industrial offerings Service Corp. 1st mtge. 5s, "A," 1951, brought out at 9432,
during November. Public utility issues at $136,655,702 yielding 5.40%.
for December also showed a decrease from the previous
Railroad issues of importance comprised: $13,756,500
month's total of $162,328,347. Railroad issues were some- capital stock of Atlantic Coast Line RR., offered at par
what heavier in December, amounting to $43,170,000 as ($100); $7,500,000 Wisconsin Central Ry..Co. 3-year secompared with $27,821,000 in November.
cured 5s, Jan. 1 1930, issued at 99, to yield about 5.35%;
Total corporate offerings in December were, as already $6,848,500 The New York Chicago & St. Louis RR. Co.
stated, $429,303,605, and of this amount long-term issues cumulative preferred stock 6% series "A," brought out at
comprised $305,020,000, short-term accounted for $29,315,- 1033/2, yielding 5.80%, and $5,000,000 Indiana Harbor Belt
000, while the remainder, $94,968,605, consisted of stock RR. general mtge. 43's, 1957, sold at 96, yielding 4.75%.
issues. The portion used for refunding purposes was $76,There were no farm loan issues offered during December.
076,000, or nearly 18% of the total. In November no less Foreign Government financing in this country during
the
than $264,542,925, or over 44% of the total, was for refund- month consisted of seven separate loans aggregating
$47,ing; in October the amount was $73,776,300, or about 21%; 492,000. The issues were as follows: $24,121,000 Province
in September, 845,474,200, or about 14%; in August, $67,- of Buenos Aires (Argentina) external 7% consolidation loan
294,500, or 38%; in July, $59,748,000, or about 12%; in of 1926, due 1957, offered at 94%, yielding 7.40%;$8,000,000
June, $93,362,700, or almost 20%;in May only $12,237,000, Republic of Costa Rica external secured 7s, 1951, offered at
or less than 3%; in April, $111,069,770, or over 25%; in 95/
3
2, yielding 7.40%; $5,171,000 City of Montevideo (UruMarch, $37,168,000, or only about 7%7
0; in February, guay) Southern Boulevard loan external 6s, "A," 1959,
$33,095,000, or slightly over 8%; while in January $68,- brought out at 9334, yielding 6.50%; $4,500,000 Kingdom of
706,575, or 11% of the total, was for refunding purposes. Bulgaria 7% settlement loan of 1926, due 1967, sold at 92,
In December of the previous year (1925) $43,457,100, or to yield 7.65%; $3,000,000 Department of Cundinamarca
slightly over 8% of the total, was for refunding purposes.
2
(Colombia) external secured 7s, "A," 1946, offered at 94%,
The $76,076,000 raised for refunding in December com- yielding 7.50%; $2,200,000 Republic of Panama external
prised $56,191,009 new long-term to refund existing long- secured 63/2s, 1956, issued at 103, yielding 6.30%, and
term; $3,045,000 new long-term to refund existing short- $500,000 City of Barranquilla (Colombia) external secured
term; $6,300,000 new short-term to refund existing short- 8s, 1946, sold at 101, yielding 7.90%.
term; $9,550,000 new stock to replace existing long-term,
Offerings of various securities made during the month,
and $990,000 new stock to replace existing stock.
which did not represent new financing by the company
Foreign corporate issues sold in this country during De- whose securities were offered and which, therefore, are not
cemberlamounted to $83,500,000 and comprised the follow- included in our totals, embraced the following: 55,890 shares
ing: $35,000,000 Chile Copper Co. 20-year debenture 5s, of no par value common stock of the Hobart Mfg. Co.(Troy,
1947, brought out at 964, yielding 5.25%; $20,000,000 0.), offered at $28 per share; 40,000 shares of no par value
BerliniCitylElectric Co., Inc. (Germany) 25-year debenture common stock of Waukesha (Wis.) Motor Co., offered at
63's, 1951, issued at 98, yielding 6.65%; $10,000,000 Mort- $32 per share; 50,000 shares of no par value class "A" stock
gage]Bank of Chile 5-year 6% agricultural notes of 1926, of Fedders Mfg. Co., Inc., offered at $25 per share; 30,224
duelDec. 31 1931, offered at 98%, yielding 6.30%;$6,000,000 shares of preference stock of Schulze Baking Co., offered at
MortgagelBank of Colombia 20-year external 7s, 1946, sold 373/i per share; 10,000 share6 of Curtis Publishing Co. $7
JAN. 22 1927.]
THE CHRONICLE
433
765 in 1924. It
fferediatI116% per against $791,336,000 in 1925 and $927,019,
cumulative dividend preferredistock,To
industrial
foreign
of
behalf
on
offerings
the
that
follows
ref. mtge. 58,
share; $1,000,000 Wheeling & Lake Erie Ry.
$515,against
1926,
in
040
shares of undertakings reached $725,877,
"B," 1966, offered at 99%, yielding 5.03%; 13,700
in
1924
000
$317,776,
than
more
no
Sugar 971,500 in 1925 and
no par value common stock of United Porto Rican
1923.
in
00
shares of no par and but $53,931,6
Co., offered at $37 per share, and 21,000
The foregoing makes it very plain that foreign corpora,.
Inc., offered
Co.,
ng
Engineeri
value common stock of Hutto
tions are coming to the American market for their new capital
at $7Wi per share.
supplies in a steadily growing measure. Canadian corporaThe Results for the Full Year.
new capital in larger or
the full tions have always been obtaining
In any contemplation of the new capital issues for
but as far as Europe is
States,
United
the
in
extent
e. smaller
twelve months the overshadowing feature is their magnitud
largely new and grows out of
is
ent
developm
the
concerned
floated have
For two successive years now the new securities
revival of the Old World
with the the confidence in the economic
keeping
in
and
dollars,
billion
seven
been in excess of
000 of Canadian
$203,448,
plan;
Dawes
engendered by the
constant upward tendency the total for 1926 runs larger
States in
United
the
in
of
disposed
were
against corporate issues
even than that for 1925, it being $7,396,567,826,
in 1924,
000
and
$112,366,
1925
in
500
$112,261,
against
1926,
$7,126,023,683 in 1925. Since the signing of the armistice
00 in 1923. In addition,
$29,831,6
only
with
g
comparin
but
an
in November 1918 these new capital flotations—barring
corporate issues were placed
in $522,429,040 of other foreign
growing
steadily
been
d—have
downwar
dip
l
occasiona
000 in 1925, only $205,$403,710,
against
in in this country,
size. In 1922 they went above five billion dollars and
00 in 1923. Ahother
$24,100,0
but
and
1924
410,000 in
1923 fell only a trifle short of that amount. That was very
that the foreign offerings now to a
is
noting
worth
point
properly considered an exceedingly big sum. But for 1924
preponderating extent represent borrowings on behalf of Gerthe grand total of the new issues of all kinds brought out
man States and corporate enterprises and on behalf of South
reached the huge sum of $6,352,479,987, while now for 1925
and Central American countries. During 1926 the contriand 1926, as we have seen, the aggregates are up to $7,126,bution by the latter was $466,850,040(including $42,500,000
023,683 and $7,396,567,826, respectively. As compared
the Republic of Chile and many loans for Argentina and
for
with the years preceding 1922, when the totals hovered in
Brazil), while the German contribution was $351,555,000.
the neighborhood of four billions, the aggregate of the new
Among other European borrowings the Kingdom of Belgium
issues in 1921 having been $4,203,793,085, in 1920 $4,010,brought out a stabilization loan for $50,000,000 in October.
048,184, and in 1919 $4,286,188,860, the gain is over
$3,000,000,000 per annum.
It is proper to point out, however, that with each succeeding year the amount of the new issues used to take up
or replace existing securities keeps increasing. For 1926 the
amount applied to refund outstanding issues went well above
a billion dollars, reaching in exact figures $1,085,388,852,
and this indicates the importance of separating the portions of the different issues representing refunding from the
amounts representing strictly new capital. And as showing
the steady growth in the refunding portion, it is only necessary to say that the 1926 amount at $1,085,388,852 compares with $902,158,264 in 1925, with $759,300,015 in 1924,
with only $685,319,706 in 1923, with $931,499,496 in 1922,
with $627,054,673 in 1921, with $375,213,992 in 1920, and
with $697,785,662 in 1919. Allowing for the amounts used
for refunding purposes, the grand totals of the new issues
for each period of twelve months are substantially reduced,
but even then remain of huge proportions. In other words,
the aggregate of the new issues put out in 1926 which represented strictly new capital was $6,311,178,974, which compares with $6,223,865,419 in 1925, $5,593,179,972 in 1924,
$4,304,425,893 in 1923, $4,304,362,798 in 1922, $3,576,738,412 in 1921, $3,634,834,192 in 1920 and $3,588,403,198 in
1919.
Of course new financing on behalf of foreign countries
plays an important part in swelling the yearly totals of new
capital flotations. The character, however, of the foreign
issues brought to this market.is changing. Where at first
the foreign loans offered on the American market consisted
almost entirely of Government issues, latterly they have
been made up in increasing degree of capital applications by
foreign industrial enterprises. The total of both kinds of
foreign financing remains very large, having been 1B.4 billion
dollars or over for the three succeeding years, and yet not
having varied greatly as far as the grand aggregates are
concerned during this three-year period. More specifically,
out of the grand total of $7,396,567,826 of new capital issues
of all kinds during 1926, the foreign offerings were no less
than $1,351,193,040. This is not greatly different from the
4a little larger)
amount of the foreign offerings (though just/
in 1925 and 1924, when the aggregates were respectively
$1,307,307,500 and $1,244,795,765, the totals including in all
cases Canadian offerings. But the important point to note
Is that the financing on behalf of foreign Governments, which
forms part of these totals was only1$625,316,00011in 1926,
AL AND MUNICIPAL ISSUES
CANADIAN GOVERNMENT. PROVINCI
ENDED DEC.31 1926.
PLACED IN UNITED STATES IN THE YEAR
Price. Veld %.
January—
4.89
99.27
4345.
1928
$4,000,000 British Columbia (Prov. of)
4.97
94.141
1946
4348.
Que.,
Montreal,
7,000,000
February540,000,000 Canada (Dominion of) 4348, 1936
March4.81
99.423
35,000,000 Nova Scotia (Prov. of) 4318. 1928
May4.53
99.1863
1927-1928
48,
of)
525,000,000 Ontario (Prov.
94.3571
2,500,000 Winnipeg, Manitoba, 4345, 20-years
•
June—
4.92
95.85
$6,000,000 British Columbia (Prov. of) 4348. 1927-1956
4.91
98.80
2,792.000 Ottawa, Ont., 4348, 1936
4.68
97.167
1936-1951
d
Que..
434s,
7,500,000 Quebec,
October—
4.96
92.75
1956
434s,
of)
(Provi
Alberta
$6,000,000
November—
4.93
96.197
$4,000,000 Toronto, Ont.,4345, 10-30 years
December4.90
93.75
51.400,000 Manitoba (Prov. of) 434s, 1956
capital and $50,400,000 ref.)
$111,192,000 grand total (comprising 560,792,000 new
to
mature In the later year.
and
years
earlier
the
during
and
in
d Subject to call
IN THE UNITED
OTHER FOREIGN GOVERNMENT SECURITIES SOLD
STATES DURING 1926.
To Yield
About,
Price.
Government and Municipal.
Per Cent.
January—
7.60
99
734s,
1947
(Argentina)
$14,472,000 Province of Buenos Aires
4,500,000 Consolidated Municipalities of Baden (Germany) Is, 93
7.63
1951
7.60
98)4
2,000,000 Province of Lower Austria 734s, 1950
5.75
97
1946
5348,
(Norway)
Oslo
of
City
4.000,000
February—
6.50
$3,800.000 Bavarian Palatinate Consolidated Cities (Germany)1100)4
7.65
9334
External 78. 1927-1945
March7.95
9534
75,
_
1946_
_
A.)
S.
(Colombia,
Caldes
of
Department
56,000,000
7.50
9434
5,000,000 City of Leipzig (Germany) 78, 1947
7.30
7,500,000 State of San Paulo (Brazil) Water works 7s, 1958..9614
6.00
100
1926
1
Oct.
68,
Slovenes
&
Croats
3,000,000 Serbs,
Ayrll6.12
.98
520,000,000 Argentine 65, 1960
7.30
9634
10,600,000 Province of Buenos Aires 75, 1952
7.15
99
4,200,000 Province of Buenos Aires 7s, 1936
7.87
91)4
_
1945_
"B,"
75
S.
A.)
(Colombia,
Antiogula
of
6,000.000 Dept.
5.70
3,300,000 Dominican Rep. Customs Administration 5348, 1942 98
5.75
5,000,000 State of Hamburg (Germany) 53.48, May 1 1927
7.80
96
4,000.000 City of Porto Alegre (Brazil) 7348, 1966
6.25
9634
3,000,000 Republic of Uruguay 68, 1960
ay—
7.30
90
S35,000.000 United States of Brazil 6345, 1957
7.75
9234
5.000,000 Province of Styria (Austria) 7s 1946
6.00-7.60
75,
1927-1946
2.000,000 Free State of Anhalt (Germany)
:M7.25
903.4
325,000,000 United States of Brazil 634s, 1957
6.30
103
2.600,000 Republic of Panama 6348, 1961
Ju/y—
7.20
9234
$10.000,000 Free State of Bavaria 6)4a. 1945
Placed privately
2,000,000 Republic of Peru 8% Sanitation Loan, 1944
6.60
'29
Aug.1
6345,
9934
Lien
Customs
of
Salvador
El
Republic
520.000
August—
7.50
100
S16,000,000 Republic of Peru 73.48, 1956
5.25
10.000,000 Republic of Chile Smog . Treasury 5s, Feb. 2 1927 9974
8,000,000 German Consolidated Municipal Loan of German
7.20
98
Savings Banks and Clearing Ass'n 78, 1947
September—
5.25
S20,000,000 Argentine 6 months' Treasury bills
6.10
16,900,000 Argentine6% Public Works issue of 1926, due 1960- - 98H
6.92
95
20,000,000 Free State of Prussia 634s, 1951
6.98
94
15,000,000 Republic of Finland 6348, 1956
months'
6
Slovenes
3.000,000 Kingdom of the Serbs, Croats and
6.00
100
Treasury 68, March 31 1927
7.50
94
550,000,000 Kingdom of Belgium Stabilization 75, 1956
6.50
93)i
42,500,000 Republic of Chile 65, 1960
6.75
91%
1946
68,
10,000.000 State of Hamburg (Germany)
7.65
9334
6.000,000 Hungarian Consolidated Municipal Loan 75, 1946-- 93
18.42-7.71
3.000,000 Dept. of Antioottia (Colombia S. A.) 75,"A," 1945._
7.90
9635
7348.
1948A.)
2,500.000 Dept. of Cauca Valley (Colombia, S.
2,000,000 City of Chemnitz (Germany) 1-year Treasury 5345, 9934
6.00
Nov. 1 1927
2,000.000 City of Hanover (Germany) 1-year Treasury 5348,
6.00
9934
Oct. 1 1927
434
THE CHRONICLE
[VOL. 124.
To Yield
December—
Government and Municipal.
Pi!le. Tied %.
Price.
About
November$35,000,000 Chile Copper Co. 5s, 1947
96X
Per Cent.
5.25
20.000,000 Berlin City Electric Co., Inc.(Germany)
319,740,000 City of Yokohama (Japan) 6s, 1961
6568, 1951_ 98
93
6.65
6.50
10,000,000 Mortgage Bank of Chile 65, Dec. 31
4,000,000 Dept. of Calths (Colombia, S. A.)
1931
7568,
1946
98
98X
6.30
7.70
6,000,000 Mortgage Bank of Colombia 75, 1946
500,000 Republic of Honduras-National Highway
78,
95)1
7.40
6.000,000 United Industrial Corp.(Germany)
Jan. 1 1929
1941
9855
9746
6.75
7.75
December1,500,000 Housing Realty dr Improvement 6568,
Co. (Germany)
324,121,000 Prov. of Buenos Aires (Argentina) consol.
78.
1946
78. 1957._ 9451
98
7.19
7.40
5,000,000 Patino Mines & Enterprises
8,000,000 Republic of Costa Rica 75, 1951
Consolidated (Inc.)
9556
7.40
5,171,000 City of Montevideo (Uruguay)
capital stock (200,000 shares)
25
93X
6.50
4,500,000 Kingdom of Bulgaria 78, 1967 tis. "A," 1959
92
7.65 $522,429,040 Grand total during 1926 (of
3,000,000 Dept. of Cundinamarca (Colombia, S. A.)
which $462,194,740 new capital and
78,
"A," 1946
360,234,300 for refunding).
94X
7.50
z Bonus of 1 share of common stock given
2,200,000 Republic of Panama 6565, 1956
with each share of preferred.
103
6.30
Bonus
500,000 City of Barranquilla (Colombia, S.A.) 88,
of 6-10ths of a share of common stock given with
each share of preferred.
1946___ _101
7.90
GRAND SUMMARY OF FOREIGN ISSUES
3514,124,000 Grand total for 1926 (of which $481,251,0
PLACED IN UNITED STATES,
00 new capital and $32,INCLUDI
NG CANADA,ITS PROVINCES AND MUNICIPALITIES.
873.000 for refunding).
Calendar Year 1926—
New Capital. Refunding.
Total.
CANADIAN CORPORATE ISSUE.
January.
$
Price, Yield go. Canada, its Provinces and municipalities 60,792,000
50,400,000
111,192,000
$5,250,000 Northern Ontario Light & Power Co., Ltd.,65,
Other foreign Governments
1946-100
481.251,000
6.00
32,873,000 514.124,000
4,000,000 Powell River Co., Ltd., 55, 1928-1933
436-554
February—
Total foreign Governments
542,043,000
83,273,000 625,316,000
$10,000.000 Manitoba Power Co., Ltd., 556s, 1951
Canadian corporate issues
96
140,862,000
5.80 Other foreign
62.586,000 203,448,000
990.000 Dominion Stores, Ltd., common (15,000 shares)
corporate issues
66
462,194,740
60,234,300 522,429,040
MarchGrand total
84,000.000 International Power Co., Ltd.. $7 preferred
1 145,099,740 206,093,300 1,351,193,040
9856
7.11 Calendar year-1925
3,500,000 Canadian Rail & Harbor Term., Ltd., 6565.
1086.160,500 221,147,000 1.307,707,500
195E-100
6.50
April996,570,320 248,225,445 1,244,795,765
1199234
2
337,000,000 Duke-Price Power Co., Ltd.. 68,"A,"
267,084,600
79,941,679 347,026,279
1966
100
6.00
1922
4,000,000 Manitoba Paper Co., Ltd., 6568, 1931-46
631,211034
125,285,000 756,476,034
6.50-8.80
1921
2,000,000 Canadian Rail & Harbor Term., Ltd., 78,
526.517,000
50,000.000 576.517,006
1945
100
7.00
1920
1,250,000 Hamilton By-Products Coke Ovens, Ltd.. 68, 1927-31
383,150,887 138,998,00-) 521,448,887
5.50-6.00
1919
250,000 United Towns Elec, Co., Ltd., 65,"A." 1945
342.130,300 263,429,000 605,559.300
99)1
6.04
May—None.
It will be seen from the foregoing that even in
June—
•
the case
$12.000.000 Canadian Pacific Ry. Eq. Tr. 456s,"B." 1926-1938---- 4.00-4.55 of the foreign issues
3,500,000 Fort William Paper Co.. Ltd., 65,"A," 1946
it is important to show separately the
9834
6.13
Julyamounts that were used for refunding. In 1926 $206,093
325,000.000 Gatineau Power Co. 58, 1956
,300
94
5.40
12,500,000 Gatineau Power Co.68, 1941
9956
6.05 was for refunding out of $1,351,193,040 and in
1,350,000 Vancouver Georgia Hotel 6545, 1929-42
1925 $221,100
6.50
August—
147,000 out of $1,307,307,500, and larger or smaller
$3,000,000 Montreal Rail & Water Terminals, Ltd., 8568,
amounts
1951-100
6.50
September—
in all the preceding years.
$20,000,000 Canadian Pacific Ry. 450, 1946
9846
4.77
18,000,000 Canada SS, Lines, Ltd., 68. "A," 1941
As to the domestic flotations, the offerings by corporat
97
6.30
3,000,000 Shawinigan Water at Power Co. 58,"E." 1955
ions
10246
4.80
2,500.000 Ste. Anne Paper Co., Ltd., 656s,"A," 1946
100
6.50 of course far exceed those of any other class
October—
or group. The
S30,000,000 Montreal Light, Heat & Power cons. 58. "A,"
195E- 9934
5.03 full amount of these corporate issues for 1926
Novemberwas $5,299,3175,000 Westminster Paper Co., Ltd., 8568, 1928-37
100
553,720, against $4,738,109,691 in 1925, giving an increase
6.50
105,000 Sun Publishing Co., Ltd., 6568, 1929-33
100
6.50
78,000 Wood & English, Ltd., 6s, Nov. 1 1928
100
6.00 of $561,444,029. But this includes both
December—None.
foreign and do-
mestic corporations, and the former, we have already
seen,
contributed $209,905,540 to the increase, leaving
$351,538,489 for the domestic corporations. The total
of the
Yield %.
7.55 municipal awards has not varied greatly during the last
7.00 three years, having been $1,329,950,606 in 1926, $1,399,7.63
637,992 in 1925 and $1,398,953,158 in 1924. Farm
7.80
loan issues sold during 1926 aggregated $131,325,000
as
7.60 against $188,225,000 in 1925, $179,106,000 in 1924, no
7.50
7.00 less than $392,505,000 in 1923, $386,415,000 in 1922 and
7.60 $121,940,000 in 1921. There were no farm loan offerings
7.75
7.00 made during 1920, but in 1919 they totaled $110,000,000.
7.80
The $60,000,000 issue of Federal Land Bank 4)is, 1936-56,
6.254.25 offered in June
at 101, yielding 4%%, and the $14,000,000
7.67 Federal Intermediate Credit Banks 430, 1926-27, offered
7.10
7-7.45 in March at prices yielding from 3.50% to 3.90%, comprised
more than half the total farm loan issues brought out in 1926.
Farm
loan offerings were on a greatly reduced scale during
7.65
7.80
the latter half of 1926, having aggregated in that period only
$16,825,000 as against $114,500,000 for the first six months
6:i8 of the year.
8203.448.000 Grand total of Canadian corporate issues during
1926 (of
8140.862.000 new capital and $62.586.000 for refunding). which
OTHER FOREIGN CORPORATE ISSUES.
January—
Price.
$25,000,000 Rheinelbe Union (Germany) 78, 1946
10,000,000 German Credit & Inv. clorp. 1St $7 pref. (100,000 94
5,000,000 Saxon Mortgage Institution 78, 1945
9354
5,000,000 European Shares, Inc., stock (100,000
50
shares)
3,000,000 Leonhard Tietz, Inc.(Germany)
756s, 1946
97
720,000 Fajardo Sugar Co.(Porto Rico) common
stock
100
Pebruar
320,000.000 Italian Public Utility Credit Institution 78. 1952....
93
15,000,000 German Consolidated Municipal Loan 78,
94)1
5.000.000 International Power Securities Corp. 78, 1947
"D,"
1936..100
4.000,000 Consolidated Hydro-Elec. Works
of Upper Wuerttemberg (Germany) 78, 1956
93
4,000,000 Silesia Elec. Corp.(Germany)
6568,
87%
3,000,000 Berlin City Electric Co.(Germany) 1946
856s. 1928-29
2,500,000 Good Hope Steel & Iron Works(Germany)
78, 1945_ 92
--1,000,000 Sachsen-Anhalt Elec. Co. of Halle (Germany)
6468,
1926-1928
March—
S10,000,000 United Steel Works of Burbach-Elch-Dudelan
ge 78,
1951
9256
5,000,000 Roman Catholic Church in Bavaria
"A," 1946- 9356
2,400,000 Lloyd Sabaudo Steamship Line 78, 8565,
1930-41
100-96
2,200,000 First Federal Foreign Invest. Trust
capital stock
(20,000 shares)
110
April—
$7,500,000 Ilseder Steel Corp.(Germany) 78, 1946
94
5.000,000 European Mtge. & Inv. Corp. 756s, "13,"
1966
96
1,950,000 Andes Petroleum Corp. common stock (300,000
sh8.)
656
May-$16.000,040 Cuban Dominican Sugar Corp. common stock
(800,002 shares)
20
3,500,000 International Rys. of Central Amer. 155,
1941
96
3,000.000 Mansfield Mining & Smelting Co.
(Germany)
1941
78,
9356
7.75
3,000,000 Agricultural Mtge. Bank (Colombia, S. A.) 78,
1946_ 94
7.55
848,000 Crespi Cotton Wks.(Italy) 78, 1956 (lire 21,000,000)
100
7.00
June330,000,000 United Steel Works Corp.(Germany)6568,"A,"
1951 96
6.80
15,000,000 Saxon Public Works, Inc.(Germany) 656s.
1951---- 9134
7.24
3,000,000 Hungarian Land Mtge. Inst.
"A," 1961
95
7.90
3,000,000 ("Miag") Mill Machinery Co.7568,
(Germany) 78. 1956 9256
7.65
3,000.000 Roman Catholic Church Welfare Inst.(Germany)
75,
1946
9856
7.12
3,000,000 Stettin Public Utilities Co.(Germany) 7s,
1946
9454
7.55
1,376,000 Cuba RR. Co.68,"B," 1938
9934
6.06
3,960,000 hirualla Elec. Corp. corn. stock (120,000
shares)._ 33
July—
$20,000,000 Mortgage Bank of Chile 631s.
1961
9934
6.80
15,000,000 Silesian-American Corp. 78, 1941
9446
7.60
10,000.000 Fiat (Turin, Italy) 7s, 1946
93
7.69
10,000,000 Toho Electric Power, Ltd.(Japan) 68,
July 15 1925. 9856
6.55
6,000,000 Anglo-American 011 Co., Ltd., 456s. 1927-29
.._..
____ 4.50-5.00
3,000,000 Mannheim & Palatinate Elec. Cos.(Germany)
7s,'41 9656
7.40
1,250,000 Oberpfalz Electric Power Corp.(Germany)
78, 1945. 27)4
7.25
August—
$10,815,000 United Steel Works Corp.(Germany) 6568,
"C."'51 Placed privately
10.240,000 Consolidated RRs. of Cuba 6% pref. (256,000
she.). 40
5,500,000 Havana Electric Ry. Co. 5348. 1951
92
8.12
- .
5,000,000 Havana Electric Ry. Co. 6% preferred
y100
6.00
5,000,000 Compania Cubans 6s, Sept. 1 1929
100
6.00
3,690,000 Disconto-Gesellschaft (Germany), American trust
certificates (25.000)
147.60
2,600,000 Caribbean Sugar Co. 7s, 1941
9556
7.50
September—
$24.000.000 Siemens & IIalske 6545, 1951
99
6.55
3,000,000 Leipzig Overland Power Cos.(Germany) 6558, 1945.
9256
7.20
October32,500,000 Unterelbe Power & Light Co.(Germany) 7s, 1941-- _ 9934
7.08
3,780.000 Pantenec Oil Co.of Venezuela cap.stk.(315,000 abs.) 12
November—
$22,500,000 International Match Corp. participating preferred
stock (45,000shares)
50
6.40
15,000,000 Berlin Elec. El. dc Underground Rye. (Germany)
8568, 1958
6.95
9456
12,500,000 Hugo Stinnes Industries, Inc., 75, 1946
9956
7.05
12,500,000 Hugo Stinnes Corp. 78, 1938
9956
7.07
4,000,000 Saxon State Mtge. Inst. 6548. 1946
97
2,500.000 Protestant Church in Germany Welfare Inst. 78. '48 98
1,500,000 Trinidad 011Fields, Inc., class"A"stk.(50.000 shs.) 30
1,100,000 Mexico-Ohio 011 Co. capital stock (100,000 shares)... 11
Large Domestic Corporate Issues During Year.
Domestic corporate offerings of considerable size during
the year 1926, in addition to those for December, already
mentioned, were as follows:
January.—$20,000,000 Crown Willamette Paper Co. 1st
mtge. 6s, 1951, offered at 99, yielding 6.05%; 200,000 shares
of no par value 1st $7 cum. pref. stock of the same company
at $100 per share,involving $20,000,000; $30,000,000 Florida
Power & Light Co. 1st mtge. 5s, 1954, placed at 933', to
yield about 5.45%; $30,000,000 Baltimore & Ohio RR. Co.
ref. & gen. mtge. 5s,"D," 2000, brought out at 95%,yielding
about 5.24%; $25,000,000 Lehigh Power Securities Corp.
(Del.) deb. 6s,"A," 2026, offered at 95, yielding about 6.30%
$25,000,000 Barnsdall Corp. 15-year deb. 6s, 1940, sold at
par;$22,500,000 Western United Gas & Electric Co. 1st mtge.
53's, "A," 1955, offered at 99, yielding about 5.55%; $15,000,000 Commonwealth Edison Co. 1st mtge. & coll. 432s,
"C," 1956, offered at 93, to yield about 4.95%; $15,000,000
The B. F. Goodrich Co.5s, 1927-29, offered at prices yielding
from 5% to 532%, and $15,000,000 Financial & Industrial
Securities Corp. 7% cum. pref. sold at par ($100).
February.—$50,000,000 General Motors Acceptance Corp.
serial 5s, 1927-36,offered at prices yielding from 5% to 53'%;
JAN. 22 1927.]
THE CHRONICLE
435
6.10%,and $10,000,000 The Cleve$35,000,000 Bethlehem Steel Corp. 7% cum. pref., offered sold at 99, to yield about
Illuminating Co. gen. mtge. 5s, "B," 1961,
land
Electric
1931,
53's,
5-year
Mills
Pacific
at par ($100); $17,500,000
offered at 10234, to yield about 4.85%.
placed at 96%, yielding 63%;153,815 shares of no par value
November.-$120,000,000 Standard Oil Co. (N. J.) deb.
common stock of Public Service Corp. of N. J., offered at $80 5s, 1946, offered at 10034, yielding 4.96%; $86,232,925 par
per share, involving $12,305,200, and $12,000,000 The Otis value common stock of the same company, sold at par ($25);
Steel Co. 1st mtge. 6s, "A," 1941, brought out at 9832, 392,697 shares of capital stock of Marland Oil Co., offered
at $50 per share, involving $18,634,850; $18,000,000 Arkanyielding 6.15%.
& Light Co. 1st & ref. mtge. 5s, 1956, offered at
March.-$46,000,000 Tide Water Associated Oil Co. cony. sas Power
about 5.27%; $16,000,000 Texas Power &
yielding
959,
6% cum. pref., priced at 9734, yielding 6.15%; $36,000,000 Light Co. 1st & ref. mtge. 5s, 1956, sold at 97, yielding
Philadelphia Electric Power Co. 1st mtge. 53's, 1972, placed 5.20%; $15,000,000 Public Service Electric & Gas Co. 6%
at par; $29,250,000 capital stock of Humble Oil & Refining cum. pref., 1925 series, issued at 10234, yielding 5.87%;
Co., offered at par ($25); $20,000,000 Brown Co. 1st mtge. $13,156,000 Missouri Pacific RR. secured 534s, 1931-56.,
$11,500,000 North534s, "A," 1946, sold at 97, yielding about 5.75%; $20,000,- sold on a 5.30% average yield basis, and
mtge. 5s, "C."
ref.
&
1st
Co.
Service
Public
ern
Indiana
1941,
000 Empire Gas & Fuel Co. (Del.) 1st & ref. 63's,
at 983/2, yielding 5.09%.
out
1966,
brought
Carolina
$18,000,000
offered at 9734, to yield about 6.75%;
We have already referred to the importance of segrePower & Light Co. 1st & ref. mtge. 51, 1956, offered at gating the refunding portions of the issues from the rest.
973, yielding 5.15%; $15,000,000 Standard Fruit & Steam- Of the corporate issues sold in 1926 no less than $942,ship Corp. 7% pref., placed privately, and $15,000,000 550,970 went for refunding. The most conspicuous refundFlorida East Coast Ry. Co. 1st & ref. mtge. 5s, "A," 1974, ing offerings brought out during the year were as follows:
offered at 98, yielding 5.10%.
$35,846,970 out of the $65,000,000 Associated Electric Co.
April.-$65,000,000 Associated Electric Co. cony. 53/3s, 53/2s, 1946, offered in April; $21,414,800 out of the $35,000,1946, offered at 953, to yield about 5.90%;$35,000,000 Ap- 000 Appalachian Electric Power Co. 5s, 1956, also offered in
palachian Electric Power Co. 1st & ref. mtge. 5s, 1956, sold April; $21,209,000 out of the $23,000,000 Nevada-California
at 97, yielding 5.20%;$18,632,000 Chicago & North Western Electric Corp. 1st mtge. 55, 1956, offered in June; $36,236,3 1987, brought out at 1023/
2,yielding 400 out of the $40,000,000 Southern California Edison Co.
Ry. Co.gen. mtge.4%s,
about 49/3%; $17,030,000 Pennsylvania RR. gen. equip. tr. 5s, 1951, also offered in June; entire issue of $30,000,000
434s, "D," 1929-41, offered on a 4.67% basis; $15,000,000 Westinghouse Electric & Mfg. Co. 5s, 1946, brought out in
Loew's, Inc., deb. 6s 1941, sold at 99%,yielding 6.05%,and August; $30,000,000 Montreal Light, Heat & Power Consoli$11,172,000 New York Central Lines equip. tr. 43/3s of dated 5s, "A," 1951, issued in October; entire issue of $120,1925, due 1927-40, offered on a 4.65% basis.
000,000 Standard Oil Co. (N. J.) deb. 5s, 1946, and $86,May.-$154,000,000 American Tel. & Tel. Co. capital 232,925 raised by the same company through the sale of
stock, offered at par ($100); $40,000,000 New England Tel. common stock, both issues originating in November; entire
& Tel. Co. 1st mtge. 43/25,"B," 1961, placed at 943/2, yielding issue of $13,156,000 Missouri Pacific RR. 534s, 1931-56,
about 4.80%; $15,000,000 Indiana Limestone Co. 1st mtge. also issued in November, and entire issue of $35,000,000
6s, 1941, offered at 99, to yield about 6.10%,and $10,000,000 Chile Copper Co. deb. 5s, 1947, brought out in December.
Indianapolis Power & Light Corp. 1st coll. tr. 6s,"A," 1936,
The following is a complete summary of the new financing
placed at 98, to yield about 6.25%.
-corporate, State and city, foreign Government, as well as
June.-$40,000,000 Southern California Edison Co. ref. Farm Loan issues-for December and the twelve months of
mtge. 5s, 1951, sold at 9832, yielding 5.10%; $23,000,000 the calendar year. It should be noted that in the case of the
The Nevada-California Electric Corp. 1st tr. mtge. 5s, 1956, corporate offerings we subdivide the figures so as to show
offered at 9534, yielding 5.30%; 191,482 shares of no par the long-term and the short-term issues separately, and we
value common stock of Famous Players-Lasky Corp., of- also separate common stock from preferred stock.
fered at $107 49 per share,involving $20,582,400;$15,000,000 SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
Detroit Edison Co. gen. & ref. mtge. 5s, "B," 1955, offered
at 10134, yielding about 4.90%; $15,000,000 Public Service
Total.
New Capital Refunding.
1926.
Corp. of N. J. secured 534s, 1956, sold at 99, yielding about
$
$
$
MONTH OF DECEMBER5.57%; $15,000,000 The Prudence Co., Inc., coll. tr. 53/3s, Corporate-236,520.000
24.236.000
212,284,000
notes
and
bonds
term
1961, issued at par; $15,000,000 Great Northern Ry. Co. Domestic-Long
19,315,000
6,300,000
13,015,000
Short term
57,403,300
10,540,000
46,863,300
gen. mtge. 43/3s, "D," 1976, offered at 94, yielding about
Preferred stocks
32,565,305
32,565,305
Common stocks
4.80%, and $12,500,000 Southeastern Power & Light Co. CanadianLong term bonds and notes
Short term
deb. 6s, "A," 2025, brought out at 95, to yield about 6.30%.
Preferred stocks
July.-319,996,500 capital stock of the International Tel.
Common stocks
68.500,000
35,000,000
33.500.000
Other For'n-Long term bonds& notes
10,000,000
& Tel Corp., offered at par ($100); $18,500,000 West Penn
10,000,000
Short term
stocks
Preferred
Power Co. 1st mtge. 5s, "G," 1956, offered at 1003/3, yield5,000,000
5,000,000
Common stocks
ing 4.97%; $15,500,000 Wabash Ry. Co. ref. & gen. mtge.
429.303.605
76,076,000
353,227.605
Total corporate
47,492,000
47,492,000
5s, "B," 1976, offered at 953/3, to yield about 5.25%; $14,- Foreign Government
Loan issues
500,000 Central Power & Light Co. (Mass.) 1st mtge. 5s, Farm
War Finance Corporation
2,422.500 143,569,160
141,146,660
1956, placed at 96, yielding 5.25%;$12,257,600 capital stock Municipal
1,400,000
1,400,000
Canadian
of Commonwealth Edison Co. (Chicago), offered at par United States Possessions
79,898.500 621,784,785
($100), and $12,000,000 Florida Power & Light Co. 1st mtge.
541,886,285
Grand total
5s, 1954, sold at 95, yielding 5.35%.
31DEC.
END.
TWELVE MOS.
August.-330,000,000 Westinghouse Electric & Mfg. Co. Corporate
Domestic-Long term bonds and notes 2,417,694,530 641,357,970 3,059.052,500
45,313,900 294,482,695
249,168.795
Short term
5s, 1946, sold at 99, yielding 5.08%; $15,000,000 North
34,256,000 543,579,500
509,323,500
Preferred stocks
American Light & Power Co. (Del.) deb. 53/3s, "A," 1956,
98,802,800 676,561.985
577,759,185
Common stocks
62,508,000 197,130,000
134,622,000
notes
and
bonds
term
Canadian-Long
and
$10,500,000
5.90%,
Interstate
offered at 943/3, to yield
1.328,000
78,000
1,250,000
Short term
4,000.000
4.000.000
Preferred stocks
Natural Gas Co., Inc. (Del.) 1st mtge. 6s, 1936, placed at
990.000
990,000
Common stocks
50,815.000 394,789,000
105, yielding 5.35%.
Other For'n-Long term bonds ,fs notes 343,974,000
35,000,000
6,000,000
29,000,000
term
Short
September.-$35,000,000 Illinois Central RR. Co. 40-year
47,740,000
47,740,000
Preferred stocks
44.900,040
3,419,300
41,480,740
Common stocks
494s, issued at 963/2, yielding 4.95%; $13,000,000 Penn5,299.553.720
mtge.
6s
942,550,970
1st
(Del.)
"A,"
1941,
4,357,002,750
Corp.
Total corporate
sylvania-Dixie Cement
32,873,000 514,124,000
481.251,000
Foreign Government
40,200,000 131,325,000
placed at 99%, yielding 6.05%, and 300,000 ;hares of no Farm Loan issues
91,125,000
Finance Corporation
par value common stock of the same company, offered at War
19,364.882 1.329,950,606
1 310,585,724
Municipal
50,400,000 111,192,000
60,792,000
Canadian
$43 per share, involving $12,900,000; $13,000,000 Union
10,422.500
10,422,500
United States Possessions
Tank Car Co. equip. tr. 434s, 1927-36, sold on a 4.70% basis,
7.396,567,826
1.085.388.852
6.311.178.974
Grand total
and $10,000,000 Consolidated Cigar Corp. cony. 6s, 1936,
In the elaborate and comprehensive tables which cover
offered at 9932, yielding 6.07%.
October.-325,000,000 International Paper Co. cony. deb. the whole of the two succeeding pages, we compare the fore6s, 1941, placed at 98, yielding 6.20%; $25,000,000 The going figures for 1926 with the corresponding figures for the
Western Union Telegraph Co. 5s, 1951, sold at par; $12,- four years preceding, thus affording a five-year comparison.
000,000 California Petroleum Corp. cony. deb. 534s 1938, We also furnish a detailed analysis for the five years of the
offered at 98, to yield about 5.75%; $12,000,000 Richfield corporate offerings, showing separately the amounts for all
Oil Co. of Calif. 1st mtge. & coll. tr. cony. 6s, "A," 1941, the different classes of corporations.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT,
FARM
MONTH OF DECEMBER.
1926.
1925.
Corporate—
New Capital. Refunding.
Total.
New Capital. Refunding.
Domestic—
Long term bonds and notes_ 212,284,000
24136.000
236,520,000
240,581.000
Short term
34,170,500
13,015,000
6,300,000
19,315,000
37,298.500
Preferred stocks
3,274,000
46.863,300
10,540,000
57,403,300
48,197,230
Common stocks
3,793,000
32,565,305
32,565,305
77.759.051
Canadian—
219,600
Long term bonds and notes
7,266.500
Short term
350,000
Preferred stocks
4,300.000
Common stocks
Other Foreign—
Long term bonds and notes_
33,500.000
35,000.000
68,500.000
31,500,000
2,000.000
Short term
10.000,000
10.000,000
Preferred stocks
15.000.000
Common stocks
5.000.000
5.000,000
12.650.000
Total corporate
353,227.605
76.076.000 429,303.605
474.902,281
43.457,100
Foreign Government
47.492.000
47.492,000
Farm Loan Issues
43,600,000
War Finance Corporation
Municipal
141.146,660
2.422.500 143.569.160
156.945,147
1,042,500
Canadian
1.400.000
1,400.000
10,500.000
United States Po
tans_
1,000.000
Grand Total
541.866,265
79,898.500 621.764.765
686,947.428
44.499.600
274,751.500
40,572.500
51,990,230
77,978,651
7,266,500
350,000
4,300.000
33,500,000
15,000,000
12.650,000
518,359,381
43,600.000
157,987.647
10,500.000
1,000.000
731.447.028
150.999.700
11,159.000
55,016.700
31,088,326
33,810,700
19.650.000
800.000
1.650,000
184.810.400
30.809,000
55,816,700
32,738,326
3,266.000
2,600.000
3.266.000
2.600,000
52,500,000
10.000,000
600,000
30,000
313,993,726
61.000,000
2,256,000
52,500.000
10,000,000
600,000
30,000
373.170.426
91,000,000
2,256,000
59,176.700
30,000.000
160295.500
8.300,000
47,887,000
44,820,975
261,603,475
13,425.000
250.000
1,200,000
14,875.000
2,105,000
174.020,500
8,550,000
47,887,000
46.020.975
1922.
Refunding.
Total.
101.744.30(
2.520,00(
31,560,00(
39,499,950
9.539,000
6,300.000
9,656.400
111,283,300
8.820,000
41,216,400
39.499,950
4.645,000
1.880,000
6,525.000
276,478,475
179,969.250
27.375.400
207,344.650
2,105,000
17,750,000
17,750.000
-90,274,486
3,408,500
93,682,986
111.872.804
1,773.105
113,645,909
64,259,518
1.889,882
66,149,400
1.100.000
468.624.212
92.585,200
1.100,000
561.209.412
975.000
376.556.279
16.648.105
975.000
393.204,384
13.286.000
275.264,768
29.265.282
13.286,000
304.530.050
CHARACTER AND GROUPING OF NEW CORPORAT
E ISSUES IN THE UNITED STATES FOR
1926.
1925.
1924.
Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
$
$
$
$
s
$
s
2,500,000
15.065.000
25,425,000
9,575.000
35.000.000
14,890.000
_ __ _ ___ _
18.177,000
96,885.000
101,428.000
17,945,500 119,373,500
64,427,700
13,476.751
35.000.000
36,350,000
2.900,000
2,900,000
54.500,000
3,580.000
400,000
400,000
1,750.000
4,000.000
3,500,000
12.750.000
38.326.500
38,326,500
8.175.000
15.750.000
50,000,000
15.000.000
15,000,000
57.215,000
58,008,000
58,008.000
45.557.000
1.000.000
65,000
65.000
6,500,000
6.500.000
10,000.000
3.559.000
31.425.000
31.295.000
8.650.000
39.945.000
1,950.000
3,350,000
59,236,000 305.020,000
279.347.500
36,170.500 315,518.000
203.499,700
37,076,70
6,000.000
7,500.000
300,000
6.630.000
2,520.000
2.520.000
4.800.000
1,000.000
10,000,000
650,000
794.000
1.000,000
1.000.000
15.000.000
3.750.000
5,926,000
774.000
6,700.000
6.200,000
5.000.000
5,000.000
1,435.000
3.052.500
3,052.500
600,000
15,000.000
15,000.000
10.000.000
5.150.000
2.500,000
7.650.000
1,365.000
3,000.000
6.300.000
29,315,000
37.648,500
3,274,000
40.922.500
23.759.000
19.650.000
20.605,000
10.540.000
33.140.702
60,270.800
60,270.800
48,403.000
800,000
1.190,496
5,000.000
1,190.496
1,500.000
320.000
320.000
527,974
1.174,000
176,000
1,350.000
3.165,000
14,916.500
41.870,650
277.000
42.147.650
23,733.750
1,650,000
500.000
500.000
7.342,500
1,025,000
1,025,000
500.000
200,000
200.000
13,435.929
51.355.335
3.559.600
54.914,935
9,433.276
10.540.000
94,968.605
157.906.281
4.012,600 161.918,881
86.735.026
2.450,000
8,500.000
43.170.000
25.425.000
9.575,000
35,000.000
14.890.000
29,017.000 136.655.702
164,218.800
17,945,500 182,164.300
117.630.700
15,276.700
35.000,000
41.350.000
4,090.496
4,090.496
66,000,000
650,000
3,580.000
720.000
720.000
794,000
2,277.974
2,174,000
176,1 / 1
2,350.000
7.165,000
18.500,000
31.416,500
86,123,150 • 1.051.000
87,174.150
38.108,750
17.400,000
50,000.000
20,500.000
20,500.000
65.992,500
62,085.500
62.085.500
46,657,000
1,000.000
15.265,000
15.265.000
6,500.000
6,500.000
10.000,000
3.559.000
54,860.929
87.800.335
14.709.600 102,509.935
12.748.276
6,350.000
76.076.000 429.303.605
474,902.281 43.457.100 518.359.381
313.993.726
59.176.700
MONTH OF DECEMBER.
Ni w Capital.
_
Long Term Bonds and Notes—
$
tailroads
12.565.000
'ub1ic utilities
78,708,000
ron. steel, coal, copper, &c
1.350,000
iquipment manufacturers
3,58.0,000
3otors and accessories
1.750.000
)ther industrial and manufacturing
12.750,000
m
50.000.000
And, buildings. &c
57.215.000
tubber
hipping
3iscellaneotts
27.866.000
Total
245,784,000
Short Term Bonds and Notes—
iailroads
1.500,000
`ublic utilities
6.330,000
roll. steel, coal, copper, &c
tquipment manufacturers
(rotors and accessories
/ther industrial and manufacturing
3.750,000
lil
And, buildings, &c
1.435,000
tubber
hipping
liscellaneous
10.000.000
Total
23,015,000
Stocks-tailroads
20,605.000
'ublic utilities
22.600.702
ron. steel, coal, copper, &c
5,000,000
iqu1pment manufacturers
3otors and accessories
527.974
/ther industrial and manufacturing
14.916.500
Ill
And, buildings, &c
7,342.500
tubber
hipping
,liscellaneous
13.435.929
Total
84.428.605
Total—
tailroads
34.670,000
'ublic utilities
107.638.7(2
ron, steel, coal, copper. &c
6.350.000
tquipment manufacturers
3.580,000
dotors and accessories
2.277.974
/ther industrial and manufacturing
31.416.500
MI
50.000,000
And. buildings, &c
65.992.500
tubber
;MVO/1g
discellaneous
51,301.929
Total Corporate Securitie2353.227.605
LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF DECEMBER FOR
FIVE YEARS.
1924.
1923.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital
THE MONTH OF DECEMBER FOR FIVE YEARS.
1923.
Total.
New Capital. Refunding.
Total.
New Capital.
$
14.890.000
77,904,400
54,500,000
$
12,007.000
76.166,000
14.000,000
$
9,500.000
1,175,000
2,750,000
$
21,507,000
'17,341,000
16,750,000
$
21,871,500
18,604,800
5,670.000
150,000
1.950,000
14,336,000
1922.
Refunding.
$
8,000,000
2,430,000
Total.
$
400,000
589,000
29.871.500
19,034.800
5,670.000
150.000
2.350,000
14.925,000
11,419,000
21,435,000
11.000.000
500.000
12,872.000
117,808.300
7,500,000
23.925,000
14,025,000
14,025.000
46,557,000
37,537,500
37,537.500
10.000,000
5,300,000
240.576.400
6.860.000
160.595.500
13.425,000
6.860.000
174,020.500
6,450.000
250,000
6,700.000
1.200,000
300.000
1,850.000
800.000
800,000
220.000
220,000
5.800.000
10,650.000
794.000
15.000.000
6.200.000
1,850.000
600.000
21.435.000
11.000,000
500,000
12.872.000
106.389,300
6.300,000
7,500,000
300,000
4.365.000
43.409,900
8.300.000
250,000
•
8,550,000
2.520,000
6.300.000
8,820,000
49,203.000
1.500.000
76.787.000
1.100.000
1.200.000
76,787,000
2.300.000
38.124,950
24.425,000
1.575,000
38.124,950
26,000,000
3,165.000
25.383,750
4.283,475
3,312.500
4,283,475
3,312.500
600,000
5,775,000
500,000
400.000
400,000
1.150,000
8.081.400
9.231,400
9.433.276
89.185.026
6.825.000
92,707,975
1,200,000
6.825,000
93.907.975
985.000
71;059.950
9,656,400
80.716,350
14.890.000
132.907,400
66.650,000
794.000
25,665.000
55.508,750
12,007.000
159.403,000
15.100.000
9.500,000
1,425 000
3.950.000
21,507.000
160 828.000
19.050.000
8.000.000
8.730,000
1,575,000
4,283,475
19.18T.500
4,283.475
19.187,500
21,871.500
55,929.750
30.395,000
150,000
2,550,000
20,911,000
29.871,503
64.659.750
31,970,000
150.000
2,950.000
21,500,000
47,657,000
37 937,500
37,937,500
13,685,000
261.603.475
22,805.000
11,000,000
500,000
13.857,000
179.969.250
8,081.400
10,000,000
19.098,276
373.170.426
14.875.000
13.685.000
276.478.475
600,000
5.775.000
-1157,666
400.000
589,000
27,375.400
30.886,400
11,000,000
500.000
13.857.000
207.344.650
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED
1925.
1926.
Total.
New Capital. Refunding. I
Total.
12 MONTHS ENDED DEC.31— New Capital. Refunding.
$
Long Term Bonds and Notes—
339,562,500 134.028,000 473,590.500
54.592,000 351,738,000
297.146,000
Railroads
1.026,080.000
856.787.400
169.292.600
1.380.317.500
333,101,170
1.047,216,330
Public utilities
18.346.000 113.696.000
95,350.000
78,518.000 219.665,000
141,147,000
Iran, steel, coal, copper, &c
11.256.000
11,256.000
25,159,000
13,000,000
12.159,000
Equipment manufacturers
78.400.000
350.000
78.050,000
67,750,000
67.750,000
Motors and accessories
42.963,700 276,687,000
233,723,300
77,806,000 352,833.000
Other industrial and manufacturing 275.027.000
21.475.900 108,400.000
86,924.100
119.362.200 140.587,800 259,950.000
011
658,702.300
37,053,000 695,755,300
25,823.000 647.359.000
621,536.000
Land. buildings. &c
34,565,000
34.565.000
6,750,000
6,750.000
Rubber
14,475,000
4.315.225
10.159.775
26,000,000
5.050.000
20,950.000
Shipping
20.177.000 206.298.000
186.121.000
25.595,000 310.450.000
284.855.000
SIiscollaneous _
3.039.202.800
448.001,425
2.893.898,530 754.072.970 3,647.971,500 2,591,201,375
Total
Short Term Bonds and Notes—
24,900,000
400,000
24.500.000
30,000,000
22,000.000
8,000.000
Railroads
31,280.000 148,820,000
117,540.000
13.696.900 105.980.000
• 92,283,100
Public utilities
23,965.000
2.500.000
21,465,000
6,175,000
6,175.000
.k.c
copper.
Iron, steel, coal.
1,150,000
1.150.000
Equipment manufacturers
1.000.000
1,000.000
16,310,000
200,000
16,110.000
Motors and accessories
28.393.750
774.000
27,619.750
55,751.000
6.650.000
49.101.000
Other industrial and manufacturing
76.200.000
52.200.000
24,000.000
23.431.500
7.408,000
16,023.500
011
26.592,500
26,592.500
27,707.000
875.000
26.832.000
Land, buildings, Szc
15.000.000
15.000.000
32,250,000
32,250,000
Rubber
12.500.000
12.500.000
500.000
500,000
Shipping
28,415,000
2.675.000
25.740.000
35.706,195
562,000
35.144.195
Miscellaneous
89.829.000 386.936,250
297,107.250
51.391.900 333,810,695
282.418,795
Total
Stocks—
16,218,230
16,218.230
40.845,000
40.845,000
Railroads
28,362.500 549,133,504
520.771,004
23.267.900 488.153,846
464.885.946
Public utilities
16.267,996
16.267,996
54.542,200
8.617,200
45.925,000
Iron. steel, coal. copper. &c
1.360,000
1.360,000
5.628.500
5.628.500
Equipment manufacturers
110.663.110
3,567.389
107.095,721
47,513.624
47.513.624
Motors and accessories
19.194.700 259.301.158
240.106.458
13,122.575 215.921.299
Other industrial and manufacturing 202,798.724
97.938.338
40.504.910
57.433,428
89,032,925 216,334.915
127,301.990
Oil
30,309.750
120.000
30,189.750
61.098,980
61.098.980
Land, buildings, &c
15.985.000
800.000
15.185.000
4.214,537
.537
.214
4
Rubber
7.445.120
7.445.120
Shipping
7.004.600 206.348.435
199.343.835
3.045.500 183.518.624
180.473.124
Miscellaneous
1,310,970,641
99.554.099
1.211,416,542
1 180.685,425 137.086,100 1.317.771.525
Total
Total—
380.280,730 134,428.000 514,708.730
76.592.000 422,583.000
345,991.000
Railroads
1,604.385,376 370,065.970 1.974.451.346 1,495.098.404 228,935.100 .724,033.504
Public utilities
20,846,000 153.928,996
133.082,996
280,382.200
87.135.200
193.247.000
&e
coal,
copper.
Iron, steel,
13,766,000
13,766,000
30,787,500
13,000.000
17,787,500
Equipment manufacturers
3,-9-171,11/19 190,063,110
186,145,721
200,000 131,573,624
131.373,624
Motors and accessories
564,381.908
62.932,400
501.449.508
624,505.299
97.578,575
Other industrial and manufacturing 526.926,724
168.357.528 114,180.810 282,538,338
262.687.690 237,028.725 499.716,415
Oil
37,173.000 752.657,550
715,484,550
26,698,000 736,164.980
709.466.980
Land, buildings, &c
65,550.000
800,000
64.750.000
43,214,537
43,214.537
r
Rubb .
34,420.120
4,315,225
30,104.895
26,500,000
5.050.000
21,450,000
Shipping
441.061.435
29.856.600
411.204.835
529.674.819
29.202.500
500.472.319
Al lacellaneous
;109.691
4.357.002.750 942.550.970 5.299,553,720 4.099.725.167 637.384.524i4.737
Total
1922.
Total.
New Capital. Refunding.
S
$
$
2,194,982,150
1,540,360,935 654,621,215
29.311.000 133,757.000
104.446,000
39,956,400 332,788.350
292,831,950
10,529,625 287,703,447
277,173,822
27,656.500
1,880,000
25,776,500
11.200,000
11,200,000'
3.500.000
3.500.000
80.445,000
1,250,000
['MIZZ 14/T
FIVE YEARS.
81,695,000
2.335.734,207 737.548.2403,073.282,447
15.000,000 431,305,000
416,305,000
42,000,000 386,415.000
344,415,000
29,816,256 1,100.717.313
1,070.901.057
93.984.534 107,135.000 201,119,534
43,023,000
43.023.000
4.304,362.798 931.499.496 5.235.862.294
STATES FOR THE TWELVE MONTHS ENDING DECEMBER 31 FOR FIVE YEARS.
1922.
1923.
124.
Total.
New Capital. Refunding.
7,40.
New Capital. Refunding.
Total.
New Capital. Refunding.
$
$
589,211,450
124.723.570
43,883.000 471.839.500 464,487.880
667.403.800 141.679.900 809,083,700 427.956.500
201.324,661 632,406,000
722.018.123 158,092,777 880,110.900 588,821.471 223,366,629 812,188.100 431,081,339
1,750.000 123.305,000
49.556.861 302,375.000 121.555,000
30,148,000 190.610.000 252,818,139
160.462.000
150.000
150,000
11.860.000
11.860,000
15,160.000
15,160.000
21..300.000
2,900.000
18,400,000
26,850,000
4,288,000
22,562,000
20.775.000
11.815,000
8.960,000
248,615,000
71,941.419
26.521,053 197,478,500 174,673,581
35.299,900 170,963,900 170.957,447
135,664,000
73.384.300 143,220,700 216.605.000
99,800,000
30.084.000
69,716,000
31.910.000
15.393.500
16.516.500
8.530.000 160.059.000
1.250.000 239.282,500 151.529,000
2.040.000 319,253,000 238.032,500
317.213.000
40,800.000
26.200,000
14.600,000
2,000,000
665.000
1.335,000
400,000
400.000
21.810,000
1.500,000
20.310.000
2.675.000
107.000
2.568.000
.13,800,000
13,800,000
252,072.200
75.660.865
17.736.000 117.190,000 113.416,000 36.629.000 150.045.000 176.411.335 657.751,215 2.304,333.650
99.454.000
2.157.051.423 412.205,077 2,569.256,500 1,900,043,057 416.350.543 2.316.393.600 1.646.582.435
35,351,800
3.000.000
32,351,800
19,087.500
9,850.000
9,237,500
75,250,000
19.000.000
56,250,000
45,756,000
26,311,000
19,445.000
64,675,000
15,962,800
48,712,200
21,041.000 128,073.000
107.032.000
704.200
704,200
9,850,000
9.850,000
15.475.000
1,300.000
14.175.000
1,945.000
1,945.000
1,794,000
1.794.000
16.700.000
16.700.000
25.100,000
9.604,000
15,496.000
24.000,000
15.000,000
9.000.000
1.600,000
1.600.000
9.150,000
1.800,000
7,350.000
16.310,000
3.200.000
13.110,000
35,900,000
35.900,000
44,814.000
44,814,000
99,975,000
5,005,000
94.970,000
3,730,000
3.730.000
1.330.500
1,330,500
5,320,000
60,000
• 5,260,000
” 215.000
215.000
1,000.000
1,000.000
5.000.000
5.000.000
3,535.500
3.535.500
36.831.800
3.000.000
33.831.800
29.311,000 144,957,000
37.216,800 180,487,500 115,646,000
67.606,000 403.028.800 143.270,700
335,422.800
26.968,100
26.968.100
27,322.450
27.322,450
55.963.269
55.963.269
28..-5-511-.625 302.271,795
11.076.000 261,533,058 275.715,170
24.905,223 521.455.927 250.457.058
496.550.704
84,186,250
1.575,000
62,611,250
35.328.406
6,096.760
29,231.646
23,234.160
23,234,160
11,399.000
1.393,000
10,006,000
2.062.100
2,062.100
13,260,000
13,260,000
30,073,800
1.335.000
28.738.800
11.746.760
200,000
11,546.760
68.284,102
4,900,000
63,384,102
20.659.149 166,610,832
11.359.000 124.009.252 145.951.683
112.650.252
49.800,410
7.980,000
41.820,410
81.233,703
984.690
80.249,013
55,640,968
55.640,968
14,711,400
8,081.400
6.630,000
11,548.000
11,548.000
10.928,357
10.928,357
5.162,740
5.162.740
350.000
350,000
1.600.000
1.600.000
1.000.000
1.000.000
67.948,000
67.948,000
35.625.000 120.958.748
85.333.748
59.644.971
59.644.971
50,486.025 623.991.797
76.776.599 735.958,997 573.505.772
36,464,223 866.285.764 659,182,398
829.821,541
651.531.350
127,723.570
523.807,780
518.249.450
53.733.000
464.516.450
779.617,069 160.679.900 940,296.969
726,241,509 254,192,286 980,433,795
1.325.600.827 204,039.000 1.529,639,827 887.990,729 250,405,429 1,138,396.158
3,325.000 188,195,450
184.870.450
347,553,406
55.653.621
291.899,785
229.319,160
31.448,000
197,871,160
11,549.000
1,393,000
10.156,000
13,805.000
13,805,000
19,016,100
19,016,100
2,900,000 . 51,260.000
48.360,000
82,023,800
1g:217;666
66.796,800
56.521,760
2/.011;6645
29.506.760
316,499,102
76.841,419
239,657,683
373.239.332
48,980.202
324,259.130
311,283.152
49.858,900
261,424,252
31.068,690 225.84 C.703 151.104,710 151.200,700 302,305,410
20.398.500 187.525.9§8 194.779,013
167.127.468
16,611,400 178,500,400
1.250.000 252.161,000 161.889,000
2,100,000 335.501.3a7 250.911,000
333.401.357
45.962.740
26,200.000
19.762,740
2,350.000
665.000
1.685.000
2.000,000
2,000.000
22.025,000
1,500,000
20,525.000
4,675,000
1.107,000
3,568,000
13,800.000
13.800,000
325.020,200
75.660.865
249,359.335
274.539,248
72.254.000
202.285.248
26./a1.666 213,666.771
192.930.771
2.335.734.207 737,548.240 3,073.282.447
3,322.295.764 516.275.300 3.838.571.064 2,702.496.155 530.343.942 3.232.840.097
aupiisiounD
TWELVE MONTHS ENDING DECEMBER 31 FOR
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE
1923.
1924.
1925.
1926.
12 MONTHS ENDED DEC. 31
Total.
New Capital Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Lorporate-S
$
$
$
$
$
$
$
$
$
$
$
Domestic—
2,262,462,000
416,350,543
1,846,111,457
2.319.460,500
395,689,077
„
1.923.771.423
Long term bonds and notes- 2,417,694,530 641.357,9703.059.052,500 2,231.304.875 435.951,4252'667256300
180,487,500
37,216,800
143,270,700
59.606,000 335,678,800
276,072.800
87,329,000 307,986,250
220.657,250
45,313.900 294.482.695
249.168.795
Short term
71.609,839 406,718,136
335.108.297
28.064.223 346,054,922
317,990,699
42.526.200 636.811.752
594,285,552
34,256,000 543,579,500
509.323.500
Preferred stocks
5,166.760 329.240,861
324,074.101
8,400,000 519,600,842
511,200,842
558,255,990
51,827.899 610.083.889
98,802,800 676,561,983
577,759,185
Common stocks
Canadian—
29.831.600
29,831.600
80,616,000
6,516.000
74,100,000
79,311.500
10,050,000
69,261,500
62.508.000 197,130,000
Long term bonds and notes_ 134,622,000
31,750.000
8,000,000
23,750,000
22,450,000
2.500.000
19,950.000
1,328,000
78,000
1.250,000
Short term
7,900,000
2.600.000
5,300.000
4,000,000
4,000,000
Preferred stocks
2.600,000
2.600,000
990.000
990,000
Common stocks
Other Forcign—
24,100,000
24.100,000
10,000.000 169,180,000
159,180,000
2,000.000 293,635,000
291,635,000
50,815.000 394.789,000
Long term bonds and notes_ 343,974,000
35,600,000
35,600.000
56,500,000
56,500,000
35.000,000
6,000,000
29,000,000
Short term
600.000
600,000
38,000,000
38,000,000
47,740,000
47,740,000
Preferred stocks
30.000
30,000
15.575.000
15,575,000
44.900,040
3.419.300
41,480,740
Common stocks
3,322,285,764 516.275.300 3,838,571.064 2,702.496.155 530.343.942 3.232,840.097
4.357,002.750 942,550.970 5.299.553,720 4,100,725,167 637,384,524 4,738.109,691
Total corporate
56,000.000 242.845,000
186,845,000
778,005,000
570.945.555 207.059,445
540,781,000 104,600,000 645,381,000
32,873,000 514,124,000
481,251,000
Foreign Government
55,032,000 382,505,000
337,473,000
179,106,000
179,106,000
19,527,900 188,225.000
168.697,100
40,200,000 131.325,000
91,125,000
Farm-Loan Issues
War Finance Corporation
20.002.085 1,063.119,823
1,043,117.738
19,315.270 1,398,953.158
19.364.882 1.329,950,606 1,355,789,152 43,848,840 1.399.637.992 1.379,637,888
1,310.585,724
Municipal
50.249,679
23,941,679
26,308.000
16,650,000 149,014,765
132,364,765
96.797,000 145,955.000
49.153,000
50,400,000 111,192,000
60,792,000
8.186,000
Canadian
8.186.000
8.830.000
8.830.000
8.715.000
8.715.000
10.422.500
10,422.500
United States Possessions
4.989.745.599
685.319.706
4.304,425,893
.479.987
759.300,0156.332
5.593,179.972
6.311.178.974 1.085.388,852 7,396,567,826 6,223,865,419 902.158,264 7.126.023.683
Grand Total
438
THE CHRONICLE
LVor,. 124.
DETAILS OF NEW CAPITAL FLOTATIONS DURING DECEMBER 1926.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Railroads4,500,000 Finance lease of equipment
5,000,000 Refunding;retire curr. debt, &c_
96
4.995,000 New equipment
570,000 New equipment
15,065,000
Public Utilities1.000,000 Acquisitions, additions, &c
20,000,000 Plant consten;other corp. purp6ses
1,450,000 Additions and betterments
773.000 New construction: expansion
To Yield
About.
Price.
(aver)4.975 American Refrigerator Transit Co. Equip. Trust 5s "F," 1927-41. Offered by Kuhn, Loeb & Co.
4.75
Indiana Harbor Belt RR. Gen. M.430, 1957. Offered by J. P. Morgan & Co., First Nat. Bank,
N. Y., Nat. City Co. and First Trust & Savings Bank, Chicago.
4.50-4.75 New York New Haven & Hartford RR. Eq. Tr. 4345, 1927-41. Offered by First Nat. Corp. of
Boston, Blodget dr Co., Rutter & Co. and Albert Hale dr Co., Boston.
4.75-4.9.5 Weatherford Mineral Wells & Northwestern Ry. Eq.'Fr. 55 "A," 1927-36. Offered by Freeman
& Co., New York.
6.88 American Utilities Co. 15-yr. Deb.6345, 1941. Offered by Parsley Bros.& Co.and Paul dr Co.
6.65 Berlin City Electric Co.,Inc.(Germany).25-Yr.Deb.6345,1951. Offered by Dillon, Read & Co.;
Hallgarten & Co., Halsey, Stuart & Co., Inc., International Acceptance Bank, Inc., and Mendelssohn & Co., Amsterdam.
5.00 Binghamton Light, Heat & Pr. Co. 1st Ref. M.55, 1946. Offered by Halsey, Stuart & Co., Inc.
5.42 Broad River Power Co. 1st & Ref. M.55 "A," 1954. Offered by Halsey, Stuart dr Co., Inc., and
Pynchon & Co.
5.95 Central Gas & Elec. Co. 1st Lien Coll. Tr. 534s, 1946. Offered by Federal Securities Corp., H. M.
Byllesby dr Co., Inc., Thompson, Ross & Co., Chicago, and West & Co., Philadelphia.
6.30 Central Public Service Co. Coll. Tr.65 "A," 1940. Offered by Thompson. Ross dc Co., Inc., and
E. R. Diggs dc Co., Inc., New York.
6.00 Central States Electric Co.(Cedar Rapids, Ia.) 1st M.& Ref. Os "A," 1950. Offered by Arthur
Perry & Co., Boston.
6.35 Central West Public Service Co. 10-Yr. Convertible Deb. 6s, 1936. Offered by A. B. Leach &
Co., Inc., and Porter, Fox & Co., Inc.
5.57 Central West Public Service Co. 1st Lien Coll. 5345, "A," 1956. Offered by A. B. Leach & Co..
Inc., Halsey, Stuart & Co., Inc., and Porter, Fox & Co.. Inc.
6.00 Citizens Land & Water Co. of Bloomington,Cal., 1st M.68, 1928-48. Offered by California Co.,
Drake, Riley & Thomas and Stevens, Page dr Sterling.
5.54 Citizens Water Co. of Washington, Pa., 1st M.5348 "A," 1951. Offered by P. W. Chapman &
Co., Inc.
6.68 Electric Public Service Co. 10-Yr. Deb. 68, 1936. Offered by Stanley & Bissell, Inc.. Cleveland,
and E. R. Diggs & Co., Inc., New York.
5.75 Federated Utilities, Inc., 1st M. Coll. 5345 "B," 1946. Offered by Wm. L. Ross & Co., Inc.,
and Fenton. Davis dr Boyle.
5.60 Houston Gas & Fuel Co. Ref. & Impt.(now 1st) M.55, 1932. Offered by Harris,
dr
5.20 Illinois Pr. & Lt. Corp. 1st & Ref. M. 5s "C," 1956. Offered by Harris, Forbes Forbes
& Co., Halsey.
Stuart & Co., Inc., Marshall Field, Clore, Ward & Co. and Spencer Trask & Co.
5.25 Interstate Public Service Co. 1st M.& Ref. 55"D," 1956. Offered by Halsey, Stuart & Co., Inc.,
A. B. Leach & Co., Inc., and Hill, Joiner & Co., Inc.
5.20 Iowa Ry. & Lt. Corp. of Cedar Rapids, Is,, 1st & Ref. M. 55 "B," 1946. Offered by Harris,
Forbes & Co.
6.00 Jackson County (Mo.) Lt., Ht.& Pr. Co. 1st 56.65"A," 1956. By Averill, Tilden & Co.,Chicago.
6.05 Key System Transit Co. let M.Os "D," 1938. Offered by Bond dc Goodwin & Tucker,
Inc., Blyth,
Witter & Co., Peirce, Fair & Co.and J. Barth de Co., San Francisco.
5.00 Louisville (Ky.) Gas & Elec. Co. 1st & Ref. M.55"A." 1952. Offered by Harris, Forbes gz CO.
5.20 Michigan Gas & Elec. Co. 1st M. 55 "B," 1956. Offered by Hill, Joiner & Co., Inc.
5.05 Minnesota Pr. & Lt. Co. 1st & Ref. M.58, 1955. Offered by Harris, Forbes & Co..Tucker, Anthony
& Co., Bonbright dr Co., Inc., and Coffin & Burr, Inc.
6.40 Nevada California & Oregon Tel. & Tel. Co. 1st M.6345 "A," 1946. Offered by Dean, Witter
& Co., San Francisco.
5.03 New Jersey Power & Light Co. 1st M.55, 1958. Offered by Halsey, Stuart & Co.,Inc.
5.40 New York Water Service Corp. 1st M.55"A," 1951. Offered by G. L. Ohrstrom & Co., Inc.
5.00 Niagara Lockport & Ontario Power Co. 1st M.dr Ref. 55 -A," 1955. Offered by Lee, Higgins.=
& Co., Blair & Co., Inc., and Schoellkopf, Hutton & Pomeroy. Inc.
7.00 Northwest Louisiana Gas Co., Inc., 1st M.634s, 1933. Offered by Glidden, Morris & Co., Edmund Seymour dr Co., Inc., and Throckmorton & Co.
5.12 Otter Tail Power Co.(Minnesota) Gen.(now 1st) M.55"E," 1946. Offered by Wells-Dickey Co.,
Minneapolis Tr. Co. and Justus F. Lowe dr Co.. Inc., Minneapolis.
5.50 Public Electric Light co.(St. Albans, Vt.) 1st M.dr Ref. 5345"A," 1956. Offered by E. H.Rollins & Sons.
6.15 Southwestern Home Telephone Co. let & Unified M.135 "A," 1954. Offered by Toole-Tletzen &
Co., Los Angeles.
6.06 Standard Gas & Electric Co. 40-yr. Deb.68, 1966. Offered by H.M.Byllesby & Co., Inc., Janney
& Co., Hambleton dc Co., Inc., and Federal Securities Corp., Chicago.
5.23 Virginia Electric & Power Co. 1st dr Ref. M.55 "A," 1955. Offered by Stone & Webster, Inc.,
Blair & Co., Inc., Brown Bros. & Co. and Biodget & Co.
96%
98
100
94
1,300,000 Acquisitions; improvements
95
750,000 General corporate purposes
97
250.000 Refunding;add'ns & extensions_ _ 100
1.800,000 Refunding; acquisitions, &c
97%
4,000,000 Refunding: acquisitions, &c
99
350,000 Improv'ts; other corp. purposes__ - 100
1,350,000 Refunding: extensions, &c
99M
850.000 Acquisitions; other corp. purposes_
95
400,000 Additionsand extensions
97
617,000 General corporate purposes
7,500,000 General corporate purposes
97
97
10,000,000 Refunding; add'ns, exten's, &c__.
550,000 Acquisitions, additions, &c
450,000 Refunding; add'ns & improv'ts
1,500,000 Capital expenditures
CO.
96
973,5
100
99.34
2,000,000 General corporate purposes
100
661.000 Refunding; add'ns, impts., &c. -- 97
2,700,000 General corporate purposes
99
109,000 Extensions; other corp. purposes_ _ 101
6,000.000 Refunding:capital expenditures
7,000,0(10 Acquisitions, extensions, &c
3,750,000 Additions and improvements
99
9434
100
1,200,000 Refunding; acquisitions, &c
9734
1,300,000 Acquisitions
9834
1,000,000 Acquisitions: other corp. purposes_ 100
275,000 Refunding; other corp. purposes
10,000,000 Acquisitions; other corp. purposes_
6,000,000 Additions, extensions, &c
98
99
9634
96,885,000
Iron, Steel, Coal, Copper, &c.
35,000.000 Refunding
1,350,000 Acq. predecessor cos.; wkg. cap__ _
5.25 Chile Copper Co. 20-Yr. Deb. 5s, 1947. Offered by Nat. City Co. and Guaranty Co. of New York,
7.10 West Virginia Southern Coal Co. 1st M.& Leasehold 75, 1947. Offered by John Nickerson dr Co.,
N. Y.; A. L. Chambers & Co., Inc., Schoelikopf, Hutton gc Pomeroy, Inc. Manufacturers &
Traders Trust Co., Buffalo, and Equitable Trust Co. and J. A. W.Iglehart di Co., Baltimore.
96U
99
36,350,000
Equipment Menufacturers1,680,000 Acq. of equip.; other corp. purp
1,000,000 Acq.add
. equip.: other corp. purp
'
9934
900,000 Finance lease of equipment
Company and Issue and Si' Whom Offered.
4.75-5.50 Conley Tank Car Co. Eq. Tr. 534a "0," 1928-39. Offered by McLaughlin, MacAfee & Co., Bank
of Pittsburgh, N. A., First Nat. Bank, and Peoples Savings & Tr. Co. Pittsburgh.
6.05 North American Car Corp. 10-yr. Cony. 6s, 1936. Offered by Coffin,'
Forman & Co., Inc., and
Geo. M.Forman & Co., Chicago and New York.
4.80-5.15 North American Car Corp. Eq. Tr. 53 "0," 1929-38. Offered by Freeman & Co., New York.
3,580.000
Motors and Accessories1,750,000 Acquire add'i property; working) 100.48
capital
98.12
Other Industrial & mtg.1,000,000 Additional capital
1,250,000 Retire indebtedness; wkg.capital_ _
10134-100
99
150,000 Additions: retire bank loans
2,000,000 Acq. constit. cos.; retire curr. debt
97
6,000,000 Acquisitions: extensions & impta
97%
2.350,000 Acquisitions; working capital
9935
12,750.000
Oil50,000,000 Expansion; capital expenditures_
9734
Land, Buildings,
4,000,000 Finance construction of building
5.00 }Walker Vehicle Co.(Chicago) 534s, 1927-36. Offered by Halsey, Stuart & Co., Inc.
5.75
5-6 Baker-Vawter Co.(Benton Harbor, Mich.) 1st (closed) Mtge. 6s, 1927-41. Offered by Eastman,
Dillon & Co.
6.60 (The) Black & Decker mfg. Co. (Baltimore) 10-Year Cony. Deb. 634s, 1937. Offered by Hornblower & Weeks and Baker, Watts & Co., Baltimore.
634-7 Fraunfelter China Co.(Zanesville, Ohio) 1st M.6348, 1928-38. Offered by Frank D.Bush & Co.
6.40 Harris-Seybold-Potter Co. 10-Year Deb. Os, 1936. Offered by the Union Trust Co., Cleveland;
Hornblower & Weeks, and R. V. Mitchell & Co.
6.75 United Industrial Corp. (Viag), Germany, Deb. fiyis, 1941. Offered by Harris, Forbes & Co.;
Lee, Higginson dr Co., and Brown Bros. & Co.
6.55 Western Dairy Products Co. 15-Year Deb. 630, 1941. Offered by Spencer Trask & Co.; Bend
& Goodwin & Tucker, Inc., and Smith & Strout, Inc.
4.6
Standard Oil Co. (N. Y.) 25-Year Deb. 4345, 1951. Offered by Dillon, Read & Co.; Guaranty
Co. of New York, and Union Trust Co. of Pittsburgh.
6.10-6.25 Adams-Franklin Bldg. Corp. (Chicago) 1st Mtge. Fee Vie, 1930-41. Offered by S. W. Straus
dt Co.. Inc.
6.00 Alameda Apts. (Chicago) let M.6jis, 1928-36. Offered by Cochran & McCluer dr Co., Chicago.
6.00-6.25 Alameda (Calif.) Investment Co. 1st M. Coll. Tr. (18, "D," 1927-48. Offered by Wm. Cavalier
& Co., San Francisco, and Central National Bank, Oakland.
450,000 Finance construction of apartment 100
6.00 Alden House Apts.(Larchmont, N. Y.) 1st M.8s, 1928-38. Offered by Empire Bond & Mortgage
Corp., New York.
260.000 Real estate mortgage
100
6.50 Alta Bates Hospital (Berkeley, Calif.) 1st M. OMs, 1929-41. Offered by Bradford, Kimball
& Co., San Francisco, and Grant, Knowlton dr Co., Oakland.
325,000 Real estate mortgage
6.50-8.00 Amarillo Bldg. Co.(Amarillo,Texas) 1st M.68, 1928-36. Offered by First National Co., St. Louls.
250,000 Provide funds for loan purposes_ _ _ 100
6.50 American Home Security Corp. Coll. Tr. 6345. 3d series, 1936. Offered by Nehemiah Friedman
& Co., New York.
gm Arundel Mortgage Co.(Baltimore) 10-Yr. 1st M.65, 1936. Offered by Townsend, Scott & Sons:
500,000 Provide funds for loans purposes_ _ 100
J. Harriman Fishers & Sons, and Nelson Cook & Co. Baltimore.
100
250,000 Real estate mortgage
640 Bannockburn Apts. (Chicago) 1st M. 6348, 1928-33. '
Offered by Lackner, Butz & Co.
2,700,000 Finance construction of building_ _ 100
6.50 Barium Tower (Detroit) 1st M.634s, 1931-42. Offered by Federal Bond & Mortgage Co., Detroit.
101.40-100 531-6 Michigan Sanitarium & Benevolent Association, Battle Creek, Mich., Sanitarium 1st M. 68
2,500,000 New bldg.; add'ns &!mins
1929-42. Offered by Central Trust Co. of Illinois, Chicago, and Old National Bank, Batt
Creek, Mich.
100
5.50 Brooklyn Postal Station (Washington-Concord Corp.) 1st M. 5345, 1936. Offered by P.
660,000 Finance construction of building
Chapman & Co., Inc.
100
6.00 Buena Vista College (Storm Lake, Va.) 1st M. 6s, 1931-41. Offered by Harry H. Polk &
170,000 Retire existing Indebtedness
Inc., Des Moines. and First Trust Co., Lincoln, Neb.
6.00 Camden (N. J.) Bridge Garage Co., nc. 1st (closed) M.68, 1946. Offered by Arthur Perry &
450,000 Finance constr. of garage building_ 100
6.00 Center Court Apts. (Pittsburgh) fst M.fee 65, 1936. Offered by S. W. Straus dr Co.,
240,000 Finance construction of apartment 100
Inc.
100
6.50 Citrus Products Bldg.(Chicago) 1st(closed) M.634s, 1936. Offered by Lake State Bank, Chien
120,000 Real estate mortgage
100
6.50 City National Bank Bldg.(Omaha, Neb.) 1st M.Leasehold 6348, 1940. Offered by Rufus E. L
600,000 Real estate mortgage ,
& Co., Omaha, Neb.
100
6.50 Columbus (Ohio) Parcel Post Office 151 M. Leasehold 6;0, 1928-1947. Offered by Jac
300,000 Finance lease of property
& Co., Inc., Chicago.
175,000 Finance construction of building_ _ Price on application Congregation Keneseth Israel Beth, Sholom Synagogue (Kansas City) 1st M. 6
Offered by Commerce Trust Co.. t. Louis.
6.50 Cromwell Apts.(Chicago) 1st M.&yin, 1928-34. Offered by Gerard Trust Co., Chicago.
260,000 Finance construction of apartment 100
100
6.50 (Edith Mae) Cummings (Detroit) 1st (closed) M. 034s, 1933. Offered by Benjamin Denser&
150,000 Retire existing indebtedness
& Co., Detroit.
105,000 Real estate mortgage
200,000 Provide funds for loan purposes
100
THE CHRONICLE
JAN. 22 1927.1
Amount.
Purpose of Issue.
Pike.
To Yield
About.
439
Company and Issue and by Whom Offered.
Land, Buildings, &c. (Con.)575,000 Finance construction of apartment 100
100
800,000 Finance construction of hotel
100
2,000,000 Finance construction of building
6.50 Dearborn-Schiller Apts. let M.6;45, 1929-36. Offered by Greenebaum Sons. Inv. Co. Chicago.
1929-42. By S.W.Strausi Co.,Inc.
6.50 El Cortez Apt. Hotel (San Diego, Calif.) 1st M. Fee 6
6.00 Electric Refrigeration Bldg. Corp. 1st M. Os. 1936. Offered by Prince & Whitely; Continental
Co., and Watling, Lerchen & Co.
Trask
&
Spencer
Co.;
B.
Smith
&
& Commercial Co.' Edward
6.00 Elks Club Bldg.(B. P.0. Elks Lodge No. 27 of Memphis) let M.6s, 1928-36. Offered by Union
100
750,000 Finance construction of building
& Planters Bank & Trust Co., Memphis, Tenn., and I. B. Tigrett & Co., Birmingham, Ala.
5.60-6.25 (The) Four Cohens, Inc., let M. Leasehold 68, 1928-36. Offered by Continental & Commercial
400,000 Finance lease of property
Co., Chicago.
6.50 (The) Grosvenor (Chicago) let M.6345, 1928-34. Offered by Garard Trust Co. Chicago.
100
285,000 Finance construction of building
6.50 Hibbard Lodge (Detroit) 1st M.634s. 1929-33. Offered by U. S. Mtge. Bond CO., Ltd., Detroit.
135,000 Finance construction of apartment 100
6.00-6.25 High Street Apts. (Buffalo) let M. 68, 1928-41. Offered by Schoellkopf, Hutton & Pomeroy,
275,000 Finance construction of apartment
Inc., Buffalo.
7.19 Housing Realty & Improvement Co. (Berlin, Germany) let M. 7s, 1946. Offered by J. & W.
1,500,000 Finance construction of apartments 98
Seligman & Co.; E. H. Rollins & Sons and Foreign Trade Securities Co., Ltd. New York.
6.00 Hubbell Auto Sales Co. (Saginaw, Mich). 1st (closed) M.6s, 1927-36. Offered by Benjamin
115,000 Retire mortgage debt; working cap. 100
Dansard & Co.. Detroit.
5.50-6.25 Hyde Park Methodist Episcopal Church of Cincinnati, Ohio 1st M.6345, 1928-38. Offered by
250,000 Finance constr. of church building_
Mark C. Steinberg & Co., St. Louis.
6.30-6.60 Illinois Hotel Bldg. (Aurora, Ill.) 1st M.Bldg. & Leasehold 6345, 1929-46. Offered by E. H.
700,000 Finance construction of hotel
Ottman & Co. and First Illinois Co.
5.25 Illinois Merchants Trust Co. (Chicago Title & Trust Co. as trustee) 1st M. Coll, 5345,"0,"
100
3.000,000 Real estate mortgage
1937. Offered by Illinois Merchants Trust Co.
6.00 Industrial and St. Clair Post Offices (St. Paul, Minn.) 1st M. 65, 1935. Offered by Love,
- 100
150,000 Finance lease of property
Van Riper & Bryan, St. Louis.
6.50 International Mart (Industrial Exchange Bldg. Co.),Los Angeles) 1st(closed) M.6 M.1929-41.
100
525,000 Finance construction of building
Offered by California Co.; Alvin H. Frank & Co., and Drake, Riley & Thomas, Los Angeles.
6.25-6.50 Renard Bldg. (Chicago) let M.6;0, 1928-36. Offered by Geo. M. Forman & Co., Chicago.
265,000 Finance construction of building_ _
6.50 (The) Keystone Apts.(Chicago) 1st M.634s, 1928-33. Offered by Leight, Holzer & Co., Chicago.
185.000 Finance construction of apartment ioo
5.25-6.00 Marine Mortgage Co., Inc., 1st M.Coll, Tr. Os, "A," 1927-37. Offered by Marine Bank & Trust
100,000 Provide funds for loan purposes _
Co., New Orleans.
6.00 Mayfair Manor Apts.(New York) 1st M.fis, due serially to 1939. Offered by Empire Bond &
525,000 Finance construction of apartment 100
Mortgage Corp.. New York.
100
6.50 Medford Center Bldg. (Medford, Ore.) 1st M.6345, 1941. Offered by Freeman, Smith & Camp
135,000 Real estate mortgage
Co., Portland, Ore.
190,000 Finance construction of apartment Price on applicatio (The) Merrill Apts. (Chicago) let M.6345, 1928-36. Offered by Holzer, Inc., Chicago.
5.50 Mortgage-Bond Co. of N. Y. 10-Yr. M.5345, series 11, due 1936. Offered by company.
2,000,000 Provide funds for loan purposes... 100
6.00 Mortgage Security Corp.of America (Norfolk, Va.)Insured M.65, 1931-46. Offered by Murphey,
6,000,000 Provide funds for loan purposes _ 100
Fevre & Co., Seattle, Wash.
100
1,350,000 Finance construction of hotel
6.00 New Western Hotel Annex (New Western Hotel Corp.) lit M. Fee 6s, 1940. Offered by S. W.
Straus & Co., Inc.
100
6.00 (Chas. G.) Niemetta (Detroit) 1st M.13% 1927-41. Offered by J. G. Holland & Co. and Security
280,000 Finance construction of building
Trust Co., Detroit.
100
1,700,000 Finance construction of building
6.00 Ninth & Broadway 13tclgs. Co.(United Artists Theatre Bldg.), Los Angeles, let (closed) M.Os.
Angeles.,
1947. Offered by Bank of Italy, San Francisco and Bayly Bros., Inc., Los Angeles.
275,000 Real estate mortgage
Price on application Northgate Apts.(Chicago) 1st M.6)45, 1928-36. Offered by Cochran & McCluer Co.,
185,000 Finance construction of apartment 100
6.00 Norwest Apt.(Detroit) 1st M.Senior Series 65, 1928-36. Offered by Guaranty Trust Co.of Detroit.
1,250,000 Finance construction of building
5.50-6.00 Omaha Orpheum Co. let (closed) M. Fee & Leasehold (18, 1928-41. Offered by the Minnesota
--Loan & Trust Co., Minneapolis; Stern Bros. & Co., Kansas City, Mo., and Waldhelm, Platt
& Co., St. Louis.
.10-6
.25
450,000 Real estate mortgage
Oxford Street & Park Ave. Apts.(Rochester, N. Y.) 1st M.Fee Ols, 1929-38. Offered by S. W.
100.41-1006
Straus & Co., Inc.
450,00 Finance construction of building.. 100
6.00 paige.Detzoiz Biog. of New England (Boston) 1st M. 65, 1928-36. Offered by American Bond
& Mortgage Co., Inc.
1,700,00 Financeconstruction of hotel
100
6.00 Park Lane Hotel (Chicago) let M. Fee 6s, 1929-41. Offered by National Republic Mortgage Co
and Woodruff Securities Co., Chicago.
300,00 Real estate mortgage
100
6.25 Pick-Weston Properties (Chicago) 1st M. Leasehold 6345, 1927-33. Offered by S. Ulmer & SonInc., Cleveland.
875,00 Finance construction of building.. 100
6.50 Plaza Office Bldg. (Pittsburgh) 1st M.”is, 1946. Offered by Hayden, Stone & Co., Harrison,
Smith & Co. and Brooke, Stokes & Co., Philadelphia.
485,00 Real estate mortgage
6.00-6.50 Pontchartrain Apt. Hotel (New Orleans) 1st (closed) M. 6345. 1929-41. Offered by Standard
Bond & Mortgage Co. Inc., New Orleans.
Wash.) 1st M. Leasehold 634s, 1942. Offered by John E. Price & Co.,
385,00 Finance construction of building
100
6.50 Republic Bldg. (Seattle,'
Ferris & Hardgrove, Marine National Co., Murphey, Fevre & Co., Wm.H. Fix & Co., Wm.P.
Harper & Son, Smith & Strout, Inc., Continental Mtge. & Loan Co., Peoples Savings Bank,
Geo. H. Burr, Conrad & Broom, Inc., Seattle; and A. B. Leach & Co., Inc., Chicago.
100,000 Real estate mortgage
100
6.00 Riverside Baptist Church (Jacksonville, Fla.) 1st M.6s, 1927-36. Offered by Rogers, Cardwell
& Co., Inc., New York.
200,000 Finance construction of building
100
6.50 Roth & Green (Detroit) let M.650, 1929-36. Offered by Mortgage & Securities Co., New Orleans.
3,500,000 Finance construction of building._ 98
6.12 Buis Bldg. Co. (San Francisco) let M. 65, "A," 1951. Offered by E. H. Rollins & Sons and
Blyth, Witter & Co.
300,000 Finance construction of building- - 100
6.50 San Jose (Calif.) Medico-Dental Bldg. Co. 1st (closed) M. 6345, 1946. Offeredby J. W.Drake
Co., Los Angeles.
1,000,000 Finance construction of building_ _ 100
6.00 Seattle (Wash.) Orpheum Co..lst M.65, 1933-41. Offered by 13lyth, Witter & Co.
2,150,000 Finance construction of apartment
6.13-6.50 Sheridan-Grace Apts. (Chicago) 1st M.6;i5, 1930-39. Offered by Greenebaum Sons Investment
Co. Chicago, and Greenebaum Sons Securities Corp., New York.
100
75,000 Real estate mortgage
6.50 (Herbert
' W.) Smith (Port Huron, Mich.) let M. 694s, 1928-36. By Livingstone & Co.,Detroit.
100
410,000 Finance sale of property
6.50 Stoneman Land Co.(Detroit) 1st M.634s, 1936. Offered by Fenton, Davis & Boyle.
Co. let NI. 5s, 1927-36. Offered by Detroit Trust Co. and First National Co.,
Stormfeltz-Lovely
'1,000,000 Impts.; other corporate purposes_ _ 100
5.00
Detroit.
100-99
150,000 Finance construction of building
5-5.45 Tacoma (Wash.) Masonic Temple let M. 5s, 1928-42. Offered by Ferris & Hardgrove and Ballargeon, Winslow & Co., Seattle.
100
350,000 Finance sale of property
6.50 (Henry S.) Thompson (Detroit) 1st M.654s,"A," 1934. Offered by Wm.L. Davis & Co., Detroit.
700,000 Finance construction of apartment 100
6.50 Thornycroft Apr. Bldg.,Eastchester (Scarsdale, N. Y.) let NI. Fee 634s. 1936. Offered by S. W.
Straus & Co., Inc.
100
165,000 Real estate mortgage
6.50 Traders Fireproof Bldg. Co. (Los Angeles) 1st M. Leasehold ”is, 1928-46. Offered by Frick,
Martin & Co., Los Angeles.
100
200,000 Real estate mortgage
6.00 Twelfth Street Terminal Bldgs. (Detroit) 1st M. Fee 6s, 1927-36. Offered by Backus, Fordon
& Co., Detroit.
160,000 Real estate mortgage
6-6.50 University Temple (Seattle) 1st M. OMs. 1928-36. Offered by Continental Mortgage & Loan
Co., Seattle.
100
550,000 Real estate mortgage
6.50 Viceroy Bldg. (Chicago) 1st M.630, 1928-34. Offered by Huszagh, Musson & Co., Chicago.
100
650,000 Acq. stock of subsidiary cos
6.00 Washington (D. C.) Title Co. 25-year Coll. Tr. 6s, 1951. Offered by Gillett & Co., Wash., D. C.
100
110,000 Real estate mortgage
6.50 Witbarger Hotel Co.. Inc.(Vernon,Tex.) 1st M.630, 1927-36. Offered by Mortgage & Securities
Co., New Orleans.
235,000 Finance construction of apartment 100
6.50 Winshire Arms Apts. (Chicago) 1st M. 63.4s, 1928-34. Offered by Garard Trust Co., Chicago.
57,215,000
Miscellaneous450,000 Acquisition of constituent cos
98
6.80 Associated Gravel Co. 1st M.6;0, 1936. Offered by Hunter, Dunn & Co.and Schwabacber & Co.;
San Francisco.
6.00 Dierks Lumber & Coal Co.(Kansas City, Mo.) 1st M.(is, 1932-41. By Baker, Fentress & Co.,
Harris,Forbes & Co.,Continental & Commercial Co. and Illinois Merchants Trust Co„Chicago.
101
6.90 (The) Cotton Concentration Co. of Galveston. Tex., 1st M. 75, 1946. Offered by Hutchings,
Sealy & Co. and South Texas National Bank, Galveston.
4.50-6.75 General Necessities Corp. 65, 1927-36. Offered by Hoagland, Allum & Co., Inc., New York.
ioo
6.50 Magnolia Compress & Warehouse Co.(Houston, Tex.) 1st M.6345, 1936. Offered by Geo. H.
Burr & Co., Taussig, Day, Fairbank & Co. and Lorenzo E. Anderson & Co.
98
5.70 McCrory Stores Corp. 15-year Deb. 534s, 1941. Offered by National City Co., Merrill, Lynch
& Co. and Hemphill, Noyes & Co.
95%
7.40 Mortgage Bank of Colombia (Colombia, S. A.) 20-year Ext. 7s, 1946. Offered by Baker, Kellogg
& Co., Inc., and Ames, Emerich & Co.
100
6.00 National Baking Co. 1st M.6s, "A," 1941. Offered by Folds, Buck & Co., Chicago.
100 ,
5.50 New England Dressed Meat & Wool CO. let M. Ois, 1946. Offered by Bond & Goodwin, Inc.;
and Rickhardt & Ellis, Boston.
9834
6.12 New York Trap Rock Corp. let (closed) M.68, 1946. Offered by Wm. R. Compton Co., E. H.
Rollins & Sons and McBee, Jones & Co.
97.37
7.00 Oregon-Washington Bridge Co. Deb. 634s, 1933. Offered by Wm. P. Harper & Son, Seattle.
100
7.00 Platt Music Co.(Los Angeles) Deb. 75, 1936. Offered by Alvin H. Frank & Co., Hunter. Dulin
& Co., and Geo. H. Burr, Conrad & Broom, Inc.
6.10 Schulze Baking Co. 1st M.6s, 1945. Offered by Spencer Trask & Co.and H.M.Byllesby & Co.,Inc.
99
6,500,000 Acquisitions; working capital, &c... 100
350,000 Additions to property
1,000,000 Refunding; retire current debt, &c.
500,000 Acquisitions; improvements, &c.__
6,000,000 Refunding; working capital
6,000,000 Provide funds for loan purposes_ _ _
500,000 Additions; other corporate purposes
500,000 Additional capital
6,500,000 Refunding; other corp. purposes
75,000 Improvements; working capital_
750,000 Fund current debt; working capital
2,300,000 Refunding; working capital
31,426,000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Railroads7,500,000 Refunding; add'ns, betterm'ts, &c_
Public Utilitiea130,0001 General corporate purposes
2,500,0001 Additions& extensions
3,500
AC411191t10118; construction
500,000 Refunding; betterments
0,030,000
Price.
To Yield
About.
Company and Issue, and by Whom Offered.
99
5.35 Wiscc
ointy
sin
co
C
.entral Ry. Co.3-year Sec. 58, Jan,1 1930. Offered by Dillon, Read .4 Co.and National
100
100
6.00 Minnesota Southern Telephone Co. 3-year 1st M.6s,"A," Dec. 11929.
7.00 Northern Texas Utilities Co. 1st Lien 3-year 7s, Dec. 15 1929. Offered by A. M.Lamport & Co.,
Inc., New York, and Freeman, Smith & Camp Co., San Francisco.
6.00 Oswego River Power Corp. 5-year Deb. 6s, Dec. 1 1931. Offered by F. L. Carlisle & Co., Inc.,
E. H. Rollins & Sons, Hornblower & Weeks, and Schoeilkopf, Hutton & Pomeroy, Inc.
6.00 Roanoke Water Works Co. 5-year 65, Feb. 1 1932. Offered by Taylor, Ewart & Co, Inc.; and
P. W. Chapman & Co., Inc.
100
100
4
440
THE CHRONICLE
Amount.
Purpose of Issue.
To Yield
About.
Price.
Other Industrial & mfg.3,250,000 Capital expenditures
98
500,000 Liquidate cur. debt; corp. purp__
100
[VOL. 124.
Company and Issue, and by Whom Offered.
0.50 The Long-Bell Lumber Co. Convertible 5-Yr. Coll. 6s, Dec. 1 1931. Offered by Halsey, Stuart &
Co.. Inc., E. H. Rollins & Sons, Hallgarten & Co. and W. A. Harriman & Co.. Inc.
5.50 Scranton Lace Co. 5-Yr. 53.5s, Dec. 1 1931. Offered by J. II. Brooks & Co., Scranton, Pa.
3,750,000
Land, Buildings, &c.
40,000 Real estate mortgage
100
45,000 Real estate mortgage
500,000 Provide funds for loan purposes__ _
109
100
750,000 Provide funds for loan.purposes__ _
100
100,000 Provide funds for loan purposes_
1,435,000
Miscellaneous10.000,000 Provide funds for loan purposes...
6.00 Barton Terrace Apt. (Richmond, Va.) 1st M. Gs, 1929-31. Offered by Old Dominion Mortgage
Corp., Richmond, Va.
7.00 Collegiate Bldg. (Seattle) 1st M.7s, 1931. Offered by Continental Mortgage & Loan Co., Seattle.
6.00 Prudential Bldg.-Loan Association (Los Angeles) 5-Yr. Os, Jan. 1 1932. Offered by Prudential
Bldg.-Loan Ass'n, LOS Angeles.
6.00 Security Bond & Mtge. Co. (Fla.) 1st M. Coll. Tr. Os "F," 1928-32. Offered by J. A. W. Iglehart
& Co., Baltimore.
5.50-7.00 Virginia Bond & Mortgage Corp.(Richmond, Va.) Coll. Tr 750," 1927-30. Offered by Wheat,
Galleher & Co., Inc., Richmond, Va.
6.30 Mortgage Bank of Chile 5-Yr.6% Agricultural Notes of 1926, due Dec. 31 1931. Offered by Kuhn,
Loeb & Co. and Guaranty Co. of New York,
98U
STOCKS.
Par or
No. of Shs
Purpose of Issue.
$
Railroads13,756,500 Additions, extensions. &c
6,848,500 Additions and betterments
(a) Amount Price
To Yield
Involved. Per Share. About.
$
13,756,500 100
Company and Issue and by Whom Offered.
%
___ Atlantic Coast Line RR. capital stock. Offered by company to preferred and common
stockholders.
5.80 The New York Chicago & St. Louis RR. Co. ("Nickel Plate" System) 6% Cum
Pref. Series "A". Offered by Guaranty Co. of N. Y.and Lee, Higginson dc Co.
6,848,500 103%
20,605,000
Public Utilities•100,000shs Refunding
1,100,000 Capital expend's; corp. purposes
•7,500shs Acquisitions; improvements
•6,000shs Capital expenditures
1,750,000 Additions and improvements
•11,5005hs
•17,000shs
*25,000slis
200,000
Acquisitions, extensions, &c
Acquisitions, extensions, &c
Capital expenditures
Additions and extensions
2,000,000 Acquisitions; other corp. purposes_
•25,000shs Refunding; other corp. purposes
•15,000shs Retire floating debt; corp. purps
•10,000shs Acquire additional property
.5.5000h3 General corporate purposes
2,166,800
•56,646shs
1,500,000
100,000
1,000,000
General corporate purposes
Plant construction
Additions, extensions, dce
Improvements
Additions, improvements, &c
9,550,000
'
1,100,000
697,500
534,000
953.'
9734
93
89
1,750,000 10154
1,138,500 99
1.700,000 100
2,400,000 96
200,000 98
2,000,000
____
2,350,000
1,380,000
950,000
94
92
95
528,000
96
2,166,800 100
2,095,902 37
1,500,000 9235
100,000 25 (par)
1,000,000 100
6.80 Associated Gas & Electric Co.(N. Y.)$635 Cum. Dividend Prof. Offered by Marshall
Field, Glore, Ward & Co., Brown Bros. & Co. and Edward B. Smith & Co.
7.18 Broad River Power Co.7% Cum.Pref. Offered by Pynchon & Co.
7.49 Central Gas & Elec. Co. $7 Pref. Offered by Federal Securities Corp., Chicago; H. M.
Byllesby & Co., Inc. Thompson, Ross & Co., Inc., Chicago, and West & Co., Phila.
6.70 Central Illinois Public'
Service Co. Pref. Cum., $6 per share. Offered by Old Colony
Corp. and W. C. Langley & Co.
6.89 Central Pr. & Lt. Co. 7% Cum. Prof. Offered by Howe, Snow & Bertles, Inc., A. B.
Leach & Co., Inc., Tucker, Anthony & Co., and Hill. Joiner & Co.
7.07 Community Water Service Co.$7 Cum. 1st Prof. Offered by Hale, Waters & Co..N.Y.
7.00 Federal Water Service Corp. $7 Cum. Pref. Offered by IIale, Waters & Co., N. Y.
6.24 Metropolitan Edison Co. $6 Cum. Pref. Offered by Pynchon & Co.
6.70 Michigan Federated Utilities 6.6% Cum. 1st Pref. Offered by Wm. L. Ross & Co.,
Inc., Chicago.
0.50 Middle West Utilities Co. 7% Cum. Prof. Offered by Utility Securities Co., Hill,
. Joiner & Co., Inc., Central States Securities Corp., Tucker, Anthony & Co., Paine,
Webber & Co. and Emery, Peck & Rockwood.
6.38 New Jersey Power & Light Co. $6 Cum. Pref. Offered by Pynchon & Co.
6.48 Niagara Share Corp. $6 Cum. Pref. Offered by company to stockholders.
7.37 Pennsylvania Gas & Elec. Corp.(Del.) $7 Cum.Pref. Offered by A. C. Allyn & Co.,
Inc.
6.87 Public Service Co. of New Hampshire $6.6 Pref. Offered by company to employees
and customers.
6.00 Public Service Corp. of N. J. 6% Cum. Prof. Offered by company to customers.
___ United Illuminating Co. of New Haven capital stock. Offered by co. to stockholders.
6.48 Virginia Elec. & Power Co. 1st 6% Prof. Offered by company to customers.
___ Westerly (R. I.) Automatic Telep. Co. capital stock. Offered by co. to stockholders.
6.00 West Penn Power Co. 6% Cum. Pref. Offered by the West Penn Securities Dept.,
Inc., Pittsburgh.
33,140,702
Iron, Steel, Coal. Copper, &c.
4,000,000 General corporate purposes
Motors and Accessories•72,824shs Additional capital
Other Industrial & mtg.1.000,000 New factory; working capital
2,500,000 Acquisitions; working capital
40,000shs Acquisitions: working capital
100,000ahs Acquire predecessor company
2.000,000 Acquisitions; retire curt, debt
•11,250shs Acq. additional property
•100,000shs New capital
350,000 Additional capital
•16,000shs Expansion of business
225,000 Consolidation of properties
1,250,000 Acq.certain assets ofMelbaMfg.Co.
a12,500 shs Acq.certain assets ofMelbaMfg.Co.
5,000,000
527,974
25
___ Patino Mines & Enterprises Consolidated (Inc.) capital stock. Offered by Lehman
Bros.
___ Hutto Engineering Co., Inc., common. Offered by T. Hall Keyes dc Co., New York.
714
7.00 Bayuk Cigars, Inc. 7% Cum. Partic. lot Pref. Offered by Blake Bros. & Co., Howe.
Quisenberry & Co., Inc., Chicago and Samuel B. Lewis, Philadelphia.
7.00 Flintkote Co. (Boston) 7% Cum. Convertible Prof. Offered by Jackson & Curtis and
Kidder, Peabody & Co.
1.600,000 40
____ Flintkote Co. (Boston). Common Stock. Offered by Company to stockholders.
3,900,000 39
____ The Fulton Sylphon Co. Common. Offered by Chas. D. Barney & Co., Hallgarten &
Co. and Reynolds Co., Inc.
2,000,000 100
7.00 Harris-Seyboid-Potter Co.7% Cum. Pref. Offered by Howblower & Weeks and R. V.
Mitchell & Co.
315,000 28____ Hobart mfg. co.(Troy. O.) Common. Offered by Redmond & Co. and W. E. Hutton
& CO.
800,000
8
____ Mayes Corp. Common. Offered by McClure, Jones & Co., N. Y.
350,000 97b
7.21 Perkins Machine & Gear Co.(Springfield, Mass.) 7% Cum. Prof. Offered by Moody
Bros. & Co., Springfield, Mass.
664,000 4134
____ Powdrell & Alexander, Inc. (Mass.) Capital Stock. Offered by Blake Bros. & Co.
and Ilowe, Quisenberry & Co., Inc.
225,000 100
7.00 C. H. Turner mfg. Co. (Statesville, N. C.) 7% Cum. Prof. Offered by R. H. Dickson
& Co.
1,562,500 1 sh. Pref.' for
Vivaudon, Inc. 7% Pref. Offered by Company to stockholders.
J1 sit, corn.) $125
Common. Offered by Company to stockholders.
1,000,000 100
2,500,000 100
1(V.)
5
14,916,500
Land, Buildings, &c.5,750 ctts. Finance lease of property
5,807,500 $1,010
835,000 Acquisition of properties
835,000 100
700 ctfs. Finance lease of properties
5.45 Cleveland Terminal Tower Bldg. Site Land Trust Certificates. Offered by the Union
Trust Co., Cleveland and the Tillotson & Wolcott Co.
6.50 Moynahan Properties Co. (Indianapolis) 634% Cum. Prof. Offered by Fletcher
American Co.
5.75 Woodmen of the World Bldg. (Omaha, Neb.) Land'Trust Certificates. Offered by
George W. York & Co., Inc., Cleveland.
700,000 1,000
7,342,500
•100,0005h5
MiscellaneousProvide funds for investment purp. 10,000,000 100b
750,000 Expansion of business
700,000 New construction
•32,307shs Development of foreign business_
12,500shs Acquire additional stores
.8,000 shs Acquire constituent cos
750,000
700,000
1,518,429
287,500
180.000
98c
25 (par)
47
23
2235
6.00 American, British & Continental Corp. 1st 56 Cum. Pref. Offered by Blyth, Witter
and J. Henry Schroder Banking Corp.
7.14 American Dept. Stores Corp.7% Cum. let Prof. Offered by Schluter & Co., Inc., N.Y.
8.00 Golden Gate Ferries, Inc.8% Cum.Partic. Pref. Offered by E. H. Rollins & Sons.
____ International Combustion Engineering Corp. Capital Stock. Offered by Company
to stockholders.
____ Kinnear Stores Co. Common. Offered by Geo. H. Burr & Co., N. Y.
____ Yellow Cab Corp.of Minnesota Class"A"Common. Offered by Lane, Piper &Jaffray,
Inc.. Minneapolis.
13,435,929
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
Price.
500,000 City of Barranquilla (Colombia, S. A.)
Secured 85, 1946
101
24,121,000 Providence of Buenos Aires (Argentina)
Ext. 7% consolidation loan of 1926. due 1957 9454
4.500,000 Kingdom of Bulgaria Sec. 7% Settlement
Loan of 1926, due 1967
8,000,000 Republic of Costa Rica Secured 7s, 1951....
92
9534
3.000,000 Dept. of Cundinimarca (Colombia, S. A.)
94.14
Sec. 70, "A" 1946
5.171,000 City of Montevideo (Uruguay. S. A.) "Ensprestito Rambla Sur" (Southern Boulevard
9334
Loan) Ext. Os,"A" 1959
3.200,000 Republic of Panama 30-yr. Ext. Secured
103
6%s, 1956
To Yield
About.
Offered by-
7.90 Central Trust Co. of Illinois. Chicago.
7.40 The First National Corp. of Boston, White, Weld dr Co., Hallgarten & Co., Kissel,
Kinnicutt & Co., Ernesto Tornquist & Co., Ltd.i., Buenos Aires, Halsey, Stuart &
Co., Inc., Lehman Bros., Cassatt & Co., Graham, Parsons & Co., Win. R. Compton
Co. and Hornblower & Weeks.
7.65 Speyer & Co., Blair & Co., Inc. and J. Henry Schroder Banking Corp.
7.40 J. & W. Seligman & Co., Blyth, Witter & Co., Marshall, Field, Glore, Ward & Co..
F. J. Llsman & Co. and Hemphill Noyes & Co.
7.50 Hallgarten & Co., Kissel, Kinnicutt dr Co.. alsey, Stuart & Co., Inc., Lehman Bros..
Wm.R. Compton Co. and Cassatt & do.
6.50 Guaranty Co. of N. Y.
6.30 Kissel, K1nnicutt dr Co. and Bauer. Pond & Vivian.
47 492,000
• Shares of no par value.
a Preferred stocks of a stated par value are taken at par while preferred stocks of no par value and all classes of common stocks are computed at their offering prices.
b Bonus of 1 share of common given with each share of preferred,
c Bonus of 2 shares of common given with each share of preferred.
JAN. 22 1927.]
THE CHRON:CLE
Inaland British Foreign
Ceylon. Possessirts. Countries.
£
£
£
14,266,000 500.000 963,000 4,365,000 20.094.000
11,202,000 75,000 1,817,000 2,474,000 15,568,000
16,031,000 1,233,000 3,103,000
21.737.000
6,004,000 836,000 1,121,000 1,595,000 9,556,000
15,870.000 297,000 16,701,000 880,000 33.748,000
21,775,000
5,000 1,342,000 529,000 23,651.000
8,775,000 123,000 6,900,000 738,000 16,536,000
828,000
657,000 80,000 1,565,000
1,739,000
379,000 416.000 2,534,000
11,043,000 125,000 3,676,000 6,237,000 21,081,000
12,296,000 175,000 13,222,000 3,732,000 29.425,000
12,270,000 57.000 4,097,000 7,978,000 24,402,000
132,099,000 3,426,000 53,978,000 30,394,000 219,897,000
9.474,000 44,000 8,888,000 9,961,000 28,367,000
22,307,000 53,000 1,258,000 2,141,000 25,759.000
12,336,000
5,037,000 6,529,000 23,902.000
6,495,000 1,188,000 201,000 5,613.000 13,497,000
4,281,000
6,160,000 447,000 10,888,000
13,530,000 274,000 9,684,000 5,735.000 29,223,000
15,943,000 91,000 7,860,000 2,835.000 26,729,000
840,000 41.000 143,000 455.000 1,479,000
8,665,000
4.093.000 3,168.000 15.926,000
13,882,000 115,000 2,014,000 13,211000 29,222,000
October
18,719,000 191,000 3,209,000 5,992,000 28,111.000
November
14,390,000 64,000 1,402.000 4.307.000 20,163,000
December
Year
140,862,000 2,061,000 49,949,000 60.394,000 253,266,000
Excluding British Government loans raised directly for national purposes.
NEW CAPITAL ISSUES* IN GREAT BRITAIN BY GROUPS.
Year 1924. Year 1925. Year 1926.
Governments:
United Kingdom
£930,000
India and Ceylon
£50,907,727 29,505,189 £32,418,806
British Possessions
40,619,626
975,000 14,287,935
Foreign countries
£91,527,353 £31,410,189 £46,706,741
Total
Municipalities and Public Boards:
£13,388,865 £22,646,500 £41,065,690
United Kingdom
1,221,345
India and Ceylon
•
5,062,897 2,021,920 1,223,000
British Possessions
2,412,500 1,350,000 8,105,000
Foreign countries
£22,085,607 £26,018,420 £50,393,690
Total
Railways:
£3,993,163 £21,235,000 £3,337,111
United Kingdom
1,681250
India and Ceylon
619,202
British Possessions
3,284,000 4.189.265 7,613,981
Foreign countries
£7,896,365 £27,105,515 £10,951,092
Total
Banks and discount and insurance com£5,106,285 £4,347,719 £2,666,564
panies
2,141,000 1,431.710
Breweries and distilleries
494,120
35,831,173
Commercial and industrial
59.362,633 55,264,553
4,680,289 7.242.534 11.523.092
Electric light and power
17.229,440 21,595,458 33,068.082
Financial, land,investment and trust
1,989,299 3,049,453 4,388,007
Gas and water
18,687,456 4,533,871 9.207,812
Iron, coal, steel and engineering_x
Mines
3.350,840 6,509,443 4.863,635
1,169.500 1,132,966
Nitrate
2,380.018 1,322,500
011
390,810
3,236,500 7,336,605 5,572,140
Shipping and canals and docks
1,766.597 14,951,698 14,200,034
Tea, coffee and rubber
Telegraphs and telephones
540,000 2,136,000 1,220,890
3,928.210
409,916 2,355,152
Tramways and omnibuses
£223,545,932 £219,896,630 £253,266,414
Total
•Excluding British Government loans raised directly for national purposes.
z Including motors and aviation.
New Capital Issues in Great Britain.
The following statistics have been compiled by the Mid- 1925-January
February
land Bank Limited of London. These compilations of issues
March
April
of new capital, which are subject to revision, exclude all
May
June
direct borrowings by the British Government for national
July
purposes, shares issued to vendors, allotments arising from
August
September
the capitalization of reserve funds and undivided profits,
October
November
issues for conversion or redemption of securities previously
December
held in the United Kingdom, short-dated bills sold in
Year
anticipation of long-term borrowings, and loans by municipal
and county authorities except in cases where there is a 1926-January
February
March
specified limit to the total subscription. They do not
April
Include issues of capital by private companies except where
May
June
particulars are publicly announced. In all cases the figures
July
August
are based upon the prices of issue.
September
SUMMARY TABLE OF NEW CAPITAL ISSUES" IN THE UNITED
KINGDOM.
Month of
Year to
Month of
Year to
December.
Dec. 31.
December.
Dec. 31.
£46,779,000 £237,541,000 1923
1919
£1,695,000 £203,760,000
384,211,000 1924
8,463,000
1920
26,067,000
223,546,000
19,353,000
215,795,000 1925
1921
24,402,000
219.897,000
7,537,000
235,669,000 1926
1922
20,163,000
253,266,000
"Excluding British Government loans raised directly for national purposes.
NEW CAPITAL ISSUES* IN THE UNITED KINGDOM BY MONTHS.
1923.
1924.
1925.
1926.
£21,051,940
January
£11,540,267
£20,093,859
£28,367,583
February
9,956,913
22,388,347
15,567,790
25,758,587
14,880,184
13,324,119
March
21,737,104
23,901,911
16,028,040
April
4,804,810
9,555,423
13,497.682
May
26,844,923
34,836,124
33,748,426
10,887,531
June
34,762,654
19,321,742
23,651,580
29,222,434
July
20,859,046
21,352,241
16,536,272
26,728,861
August
1.307,677
3,648,962
1,564,436
1,479,507
September
4,329,308
7,902,393
2,533,777
15,925,930
October
38,575,854
21,081,195
36,958,810
29,221,949
November
13,468,450
21,401,369
29,424,783
28,111,190
December
1.694,765
26,066,748
24,401,985
20,163,249
Year
£203,759,754 £223,545,932 £219,896,630 £253,266,414
•Excluding British Government loans raised directly for national purposes.
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES* IN THE
UNITED KINGDOM. BY MONTHS.
1924-January
February
March
April
May
June
July
August
September
October
November
December
Year
United
Kingdom.
£
India and
British
Foreign
Ceylon. Possessions. Countries.
Total.
£
5,556,000
3,326,000 2,658,000 11,540,000
5,455.000 172,000 5,036,000 11,725.000 22,388,000
6.589,000 321,000 897,000 5,517,000 13,324,000
2.937,000 159,000 1,639,000 70,000 4,805,000
5,521,000 554,000 23,743,000 5,018,000 34,836,000
13,692,000 927,000 2,202,000 2,501,000 19,322,000
12,284,000 25,000 1,100,000 7,943,000 21,352,000
1.230,000
833,000 1.586,000 3,649,000
5,334,000
25,000 1,051000 1,493.000 7,903,000
0,448,000 80,000 13,850,000 13,581,000 36,959,000
11,022,000 347,000 9,131,000 901,000 21,401,000
10,255,000
8,084.000 7,728,000 26,067,000
89,323,000 2,610,000 70,892,000 60,721,000 223,546,000
441
United
Kingdom.
£
Should Socialists Be Rich?-Practising What You Preach
BY HARTLEY WITHERS, formerly Editor of "The Economist" of London.
(Copyrighted by the William B. Dana Company for the "Commercial and Financial Chronicle." Exclusive copyright in the United States.]
Owing to the prominence given to the proceedings at a
recent by-election and subsequent correspondence in the
"Times," the question of the sincerity of rich Socialists has
lately been the subject of a good deal of discussion. And the
discussion has been very adroitly twisted in the wrong
direction by the Socialist champion who started it. He, in
effect, asked not the difficult question with which I have
headed this article, but one which is much easier to answer,
namely whether rich men should be Socialists.
Mr. A. Ponsonby, M.P., opened the ball in a letter to
the "Times" raising the question of the "presence in the
Labor Party of men of means, aristocrats and those who
have no claim to be regarded as working men and women;"
and was very easily able to show reasons why no useful
purpose would be served by the exclusion from this party of
everybody except members of the artizan class, and he
went on to assert that the result of including others is that
"the Labor Party is the most comprehensively representative
party that has ever appeared in British politics." This is
a claim that will hardly be conceded by members of other
parties. In the days before the formation of the Labor
Party the Liberals certainly included quite as many varieties
of men and women as the Labor Party of to-day-a fold that
contained Mr. Gladstone, the Marquis of Harlington and
Mr. Bradlaugh must have been of pretty elastic construction. And the fact that at the last General Election the
Conservatives gained an enormous majority is fairly convincing proof that millions of working class men and women
must have voted for it. The mere fact that so much dis-
cussion is raised because a comparatively small number of
rich and titled folk and of social "brainworkers," have
joined the Labor Party, is surely sufficient proof that it is
not yet nearly as comprehensive as the others; and one of
the most obvious criticisms of it and its objects is its definite
claim, by the name that it has chosen, to represent one class
only rather than the interests of the nation as a whole.
Obvious as this criticism is, it is one that is very'easily
answered by members of the Labor Party, who can reply
that the working classes are so great a majority in every nation that as long as their claim to a better share in the good
things of life are genuinely furthered, there will not be much
amiss with the state of the nation as a whole. The idea
that a country can pursue a wholesome political existence
if its activities are devoted to the support of the interest of
one comparatively small class is as dead as Queen Anne.
The "greatest happiness of the greatest number" was a sound
political slogan long before the Labor Party was ever heard
of, and a population enjoying plenty of commodities and
services well distributed throughout all classes, so that mental and bodily health and strength may be within the reach
of all, is now generally admitted to be the ideal to be aimed
at.
Socialists have thus no monopoly in their desire to improve
the lot of the working classes. If they had, thousands of
people would join them who at present are quite sincerely
convinced that they can serve this end much better by supporting other parties. The monopoly that Socialists suffer
from is the curious delusion which makes them believe that
442
THE CHRONICLE
they can improve the lot of the working classes by handing
production and industry over to State control and by abolishing or undermining the rights of private property. On this
last point their views are indefinite and various, and in fact
it may be said that their whole creed is so fluid that criticizing it is as difficult as handling an underdone poached egg.
But most Socialists will admit that subordination of the individual to the State in production, distribution and possession is the chief means by which they hope to achieve
their object.
After all that we have seen of the results of State action
during and after the war it seems curious that any large body
of intelligent people can really believe that the great growth
of wealth which is necessary for widely diffused comfort
can be secured by tying industry up in red tape; and the answer that one gets when one raises this doubt—that the State
under Socialism would be something quite different—is a
weak assumption on which to base a political creed, involving the overturning of the present fabric of society.
But because a man is rich and what is called "well-born,"
there is no reason why he should not cherish any political
opinion that may suit his fancy, and the fact that if his creed
is put into practice he will lose his privileged position makes it
all the more honorable for him to support it. The implica-
[VoL. 124.
tion often put forward in criticism of the wealthy Socialist,
that he is simply a political self-seeker eager for notoriety
and office, is generally a very unfair gibe at sincere and earnest men who are giving devoted work to a cause in which
they believe.
But when we put the question the other way round, and
ask not whether rich men should be Socialists, but whether
Socialists should be rich, we put those who are both these
things into an awkward corner. If the poverty of the masses
is, as they imply, due to the fact that some people are better
off, and if the existence of private property is an evil that
ought to be rooted out, then it is very easy for the rich men
who think so to begin by abolishing wealth as far as they are
concerned, by devoting their wealth to public purposes, of
which there are always plenty which need funds, instead of
enjoying it by spending it on comforts and luxuries for themselves. And such action would have a tremendous moral
effect. Those of us who believe that the interests of all
classes can best be served by leaving private enterprise to
work for the general good by providing an ever growing mass
of wealth for the general consumption, at least are not guilty
of the glaring inconsistency of those who think that private
property is a social evil and yet continue to enjoy its advantages.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. can corn. Coffee has declined with no clear indications tha
Brazil has not yet been able to effect a stabilization of its
Friday Night, Jan. 21 1926.
At best trade in this country is only fair where it is not currency. Yet the effort to do so has not been without some
actually quiet. Cotton textiles are in the van. They are salutary effects. The Defense Committee, too, has thus
distinctly the most active of any of the industries. Mills in far succeeded in maintaining coffee prices unexpectedly well.
Massachusetts and Maine long closed are reopening, and Brazilian statistics of coffee supply, moreover, have had a
tendency to curb any downward movement of prices. Mild
will run at capacity or close to it. The tendency is for
coffee prices, however, seem to be bound for a lower level.
business to increase in cloths and yarns in New York, Fall Sugar has
been steadier of late here and in England, with a
River, Philadelphia and Charlotte, N. C. Yarns are not larger demand.
so active as cloths. Manchester, England's business in
Bad weather has tended to restrict building. One idea,
both, shows a distinct increase, as the demand expands from too, is
that the construction at New York is nearing the point
India and even to some extent from China. Lancashire's of
saturation. In the shoe and leather industry trade is not
cotton industry from present indications has turned the brisk, but
prospects are said to be promising. The jewelry
corner. So has British business in coal, iron and steel. trade is
noticeably dull. The flour mills are not doing well.
Cotton has advanced here slightly owing to an excellent They
are running at only about 50% of capacity in the Cendemand from mills and merchants and growing indications tral
West. In general, commodity prices have been steadier,
of a rising consumption at home and abroad even if the in- notably on
cotton, cotton goods, grain and hog products.
crease in the world's spinners takings this week was not so The
winter
large as expected. The immediate future of the price hinges covering. wheat belt in the main has now got a good snow
It has needed that for some weeks past. There is
on the report of the quantity ginned from Dec. 13 to some
gain in the operations of automobile factories, though
Jan. 16. It will be made by the Census Bureau on Monday. there is
still a good deal more unemployment than a year
Private estimates of late have been 995,000 to 1,250,000 ago. In
1926
bales as contrasted with recent guesses of 600,000 to 800,000 try increased imports of general merchandise into this counclose to 5% and were the second largest on recbales. The total may show the effects of the quicker harvest- ord. They
were
largely made up of rubber, coffee and the
ing in Texas by "sledding" and snapping and a consequent minor
metals. On the other hand, the exports in 1926 were
increase in ginning beyond what was expected. The 2% smaller than
in 1925. Chicago has been doing a larger
"sledding" cotton process of gathering costs only a tithe of business with the
Southwest. The President of Cuba has
that for hand picking.
reiterated his intention to adhere strictly to the plan to limit
Retail trade has suffered from snow-storms and cold the marketed crop
to 4,500,000 tons. Rubber has been
weather in many parts of the countyr, and not improbably declining with
increasing supplies and decreased consumphere from the wet and unseasonably warm weather. The tion. The
hardware trade is dull. Steel as a rule has been•
grain markets have advanced, though speculation in wheat dull, the demand
for pipe and cars being the only exception,
has dwindled to the smallest total in three years. But at and prices
of sheets and bars have been reported lower.
Liverpool and Buenos Aires prices ha,ve at times advanced. Youngstown, 0.,
advices suggest that the fear of a soft coal
The Argentine Government, it is said, will buy 37,000,000 strike in April,
if the present wage scale is not renewed, may
bushels to hold off the market in an effort to help the farmer. yet cause a revival of steel business
there. Pig iron has been
There, as well as in the United States, there is to be an quiet and prices show a downward trend.
Copper has deeffort to help the grower of wheat, regardless of economic clined. Lumber sells more readily.
The London wool
law which is bound to assert itself in the long run. The sales are going off at
firm or slightly higher prices. Broad
world's stocks on Jan. 1 are stated at 378,641,000 bushels, silks have been in a little better
demand. The American
or 78,000,000 bushels more than a month previous, and Woolen Co. has made prices for all wool
blankets about the
55,000,000 more than at the same date last year. The same as a year ago and reduced wool
and cotton blankets
visible supply in this country is the smallest for some months 10 to 15%. The weather in the
Southwest has been so
past. Recently the stock at Chicago has fallen off nearly severe, what with freezing temperatures
and
3,000,000 bushels. There is a steady if not active export that special measures have had to be taken heavy snows
to protect the
demand here. An export demand for rye and barley is cattle on the ranches. The fundamental
condition
of businoticed. Corn has been steady and at times higher, with ness in this country is good, although trading
is proceeding
prospects of a good feeding demand. Argentina corn prices on a very conservative basis. In general
the outlook in
are being watched with unwonted interest, even if nobody foreign countries promising
is
also. For some time past, as
at present looks for any important foreign demand for Ameri- is well
known, the tendency has been for civilized nations to
JAN. 22 1927.]
THE CHRONICLE
443
get back to the gold basis and another notable feature is $2,000,000,000 of building construction had been carried
over from 1926, that there would be an unusual amount of
the gradual return of balanced budgets.
Stocks have been i regular but the railroad traffic is so public building and public utility construction in 1927 and
large that even the cheaper railroad shares are getting more than many lines of private building would be maintained at
attention. Moreover, bonds are again rising, a significant high levels.
"Current conditions lead me to the conclusion that there should be a
index of the times. At times recently bonds, it is well known, temporary
breathing spell in the construction of office buildings, hotels,
have actually acted as a pathfinder in the upward movement apartment hotels and apartment houses throughout the United States."
Straus
Mr.
decl bred in his statement addressed to the building industry of
of securities. That bears eloquent testimony of itself to
the entire country. "I am convinced of the advisability of this course In
the underlying optimism of the times, despite a reduction order that the supply of accommodations of these types may not become
in Western railroad traffic of late compared with the high abnormally in excess of demand. A six months to a year's period ofextreme
and conservatism would be sufficient to maintain a normal conditotal of December. Moreover, car loadings for the first caution
tion of supply and demand. This does not mean, of course, that there may
complete week of January show an increase over those for not be Isolated cases in one city or another where a legitimate demand for
the corresponding week of 1926. To-day the disturbed hotels, office buildings, apartment houses or apartment hotels exist.
There will, In fact, be new projects started here and there in keeping with
conditions in China had some effect in London, but as re- good
business judgment. What I refer to is the situation only in its broad
cheerful,
was
feeling
the
British
trade
of
condition
gards the
and general aspects.
"I wish to make it plain that I do not look for any radical drop in the
and stocks, moreover, ended very steady, with the possivolume of building in the country during 1927, and the general business
bility, perhaps, of a reduction in the Bank of England rate Interests
of the nation need feel no apprehension on this point. There has
in the near future.
been at least $2.000.000,000 worth of private building carried over from
of public building scheduled for
At Fall River, Mass., preparatory machUery was started 1926. There also is an unusual amountvolume
of expenditure on power
year in addition to a considerable
on Jan. 17 in the No. 1 Fl.nt mill, which has been closed for this
plants and other types of construction by public utility corporations.
nearly four years. The mill, when at capacity, employs Approximately $2.000.000.000 worth of building permits have been issued
principal cities and towns of the country.
350 hands. Dover, Mass., wired: "Durfee Mills No. 1 and In the last six months in the 500there
will be no let-up of consequence In
There is every indication that
3 were reopened after a shutdown of a month. The com- private
home building of the investment type, which is a form of thrift and
pany will run almost at capacity with opening of these two progress that should under no circumstances be curtailed.
regard to office buildings, hotels,apartment houses
plants. Plans are being made for the opening of No. 4 mill "My conclusions withhave
been reached from studies showing that after
and apartment hotels
of the Pocasset Mfg. Co., better known as the White Mill, five years of very heavy building, we have reached the saturation point in
as a plant independent from remainder of the mills. The these four types ofstructures. Of course, all new buildings must be allowed
time in which to become established and in any case an
project means the purchase of the mill outright. It is a a reasonable 90%
is cor sliered normal. The market will be able to absorb
occupancy of
plain goods mill, equipped with 35,000 spindles and 950 the rentable space in the buildings now completed or in process of conlooms." New Bedford, Mass., reports that there is a possi- struction.
"It would, however, not be advisable to continue bringing out new
bility of the General Motors Corp. may establish a Vent projects
of the types I have designated until the supply now on the market
there for the manufacture of tires and tire fabrics, owing to and In process of construction has been more thoroughly absorbed."
the purchase of the Monomet Mills, as engineers who have
With regard to the general building situation, Mr. Straus,
been investigating the plant are said to represent prospective said:
purchasers. At Waterville, Me., the Lockwood Mills, "In the building operations of the last five years the speculative factor
part. The average amount of building in the
manufacturers of cotton cloths, which had been running on has played an important
during that time has been more than $6,000,000,000 a year. A
a four-day schedule for a number cf months, resumed full country
considerable proportion of this has been speculative in character. I am not
time operations on the 17th inst. Improvement in business saying this in condemnation of this kind of building for it has played an
part in the building up of our cities and in relieving the housing
is the reason. There are about 1,200 workers. Charlotte, importantfollowing
the war. From now on, however, I feel that there
shortage
N. C., wired that the "Bulletin" of the Southern Yarn Spin- should be no further projects contemplated except in response to a definite
ners Association said that the total volume of business for ascertained demand.
most part, the volume of building of the last half-decade was in
the past week is reported to be greater than for some pre- "For the
response to a sound and rightful demand and has consequently been well
small.
are
vious weeks, although the individual purchases
absorbed. The housing shortage after the war had to be made up. MorePrices show an advance. The anticipated forward buying over, the development of good roads, the growing popularity of the automobile and the rapid advancement in American standards of living have all
movement has not materialized yet, possibly being influenced been
reflected in heavier building demands, both urban and rural. Obsolesby the recent advance in yarn rates which buyers are oppos- cent structures have had to give way to the march of progress and every
in the country has experienced a much needed
ing vigorously. At Burlington, N. C., hosiery mills'have city and town of consequence
wave of rebuilding. Never before has there been such development in
cut knitters wages 2%% because of the lowered prices re- suburban
communities. All of these activities have proved a substantial
ceived for their product. Most mills thcre are operating factor in maintaining the general prosperity of the country.
"I do not anticipate any change of consequence in rental conditions during
full time, many of them with double shifts.
year. If the volume of construction of apartments and office buildings
S. W. Straus warns New York and other large cities of the
were to continue, particularly as they have in the last twe or three years,
the United States that the saturation point in building con- we would in time have an over-supply which would bring about lower rents,
but in my opinion supply and demand conditions will be so adjusted that
struction has been reached.
the rental situation will remain in its present stabilized condition.
On the 15th inst. there was a driving snow storm here
"It should be borne in mind that while the amount of building in the
with low temperatures, but it cleared on the 16th inst., and United States since the war has been very large in terms of dollars, it has
out of line as the public at times has been led to believe.
was pleasant on the 17th and 18th. It was mild in the Far not been as far
The pre-war volume of construction was $3,000,000.000 a year. Taking
Southwest, but very cold over Sunday in the South Atlantic into consideration the greatly reduced value of the building dollar, the
and Eastern Gulf States. On the 18th Chicago reported increase in population and the higher standards of living, it is not unlikely
two cold waves coming from the Northwest, and there was that a new normal of building volume at this time would approximate
$6,000,000.000."
a forecast of a cold wave for the Southwest and temperature
With particular reference to New York City, Mr. Straus,
26
was
it
to
40 degrees
of 5 to 10 degrees. On the 20th inst.
said:
below zero in Canada and zero to 14 below in the American
"The note of caution which I have uttered, while intended for the whole
Northwest. Chicago yesterday was 32, New York 43, Cin- country should apply with a special emphasis in New York City where
building has been carried on along high levels for a number of years. Both
cinnati 38, Cleveland 46. Yesterday and to-day were rainy in
1925 and in 1926 more than $1.000,000,000 worth of building was done
and
44
was
at
it
m.
p.
3
m.
p.
2
at
To-day
and warm here.
in the five boroughs, or about one-sixth the total amount of the country's
to
43. The forecast is for rain here to-night and -morrow construction. There has been, during each of these years. about $250.000,000 of work done in the metropolitan section outside the city limits. Against
and continued warm temperatures.
this unprecedented amount of building there has been a very heavy demand
S. W. Straus 8c Co. Advocate Restriction of Building
Operations in Principal Cities.
The shelving for a period of six months to a year of all new
office building, hotel, partment house and apartment hotel
projects not now in course of construction, in New York
and all the other principal cities of the United States, was
strongly urged in a note of warning issued on Wednesday by
S. W.Straus, President of S. W.Straus & CO. He declared
that he was moved to issue this warning to the building
industry of the country in the hope of creating a more
conservative attitude upon the part of builders and lending
institutions with regard to these four types of construction.
Mr.Straus sought to make it clear that as matters now stood
he did not apprehend any great falling off in the aggregate
volume of building in general throughout the country this
year. In confirmation of this fact he pointed out that over
due to a number of causes.
"Rental surveys that recently have been made by the Survey Department
of S. W. Straus & Co. along Park, Madison, Fifth and West End Avenues
and intersecting streets and in the principal office building districts of the
city, indicate that the present percentage of vacancies is not abnormal.
However, owing to the amount of new space which will be coming on the
market in these sections during the year 1927,it would be the part of wisdom
not to increase the supply already projected. If this policy be pursued
there should be no apprehension as to the ability of the market to absorb
a reasonable period of time the space already arranged for."
Building Situation Stable, According to Secretary
Mellon—Saturation Not General Throughout
Country, He Believes—Costs Make
Present Good Time for
Construction.
Secretary Mellon does not agree entirely with the contention of S. W.Straus, President of the S. W. Straus Co., to
the effect that the country is overbuilt as to apartment
houses and office buildings, according to Washington
444
[VoL. 124.
THE CHRONICLE
advices to the "Wall Street Journal" Jan. 20. Continuing,
December Automobile Production at a Low Levelthe account says:
The Smallest Since Early in 1922.
It was said at the Treasury that Mr. Mellon feels there may be some
December production (factory sales) of motor vehicles in
cities which have reached the saturation point in this class of construction,
but there are others that have not. He thinks that taking the situation the United States, as reported to the Department of Comas a whole the present may be considered a very fair time for building
merce, was 165,663, of which 137,361 were passenger ears
from the standpoint of cost.
Local conditions, according to Mr. Mellon. determine the building and 28,302 were trucks, as compared with 255,813 pasproblems of the different sections of the country. He doubts if any one senger cars and trucks in November and 311,400 in Decan tell what the situation is over the entire country. He does not think
Pittsburgh, his home city, has overbuilt. Mr. Mellon recalls that the cember 1925. The December product seems to have been
war brought on a general shortage of buildings. This continued even after the smallest of any month since the beginning of 1922.
the war, one reason, in the Secretary's opinion, being the high surtax rates
The total production for the United States in 1926,,was
on income which discouraged investment in building mortgages paying
only 5% or 6%. The question now, as he sees it. is whether or not this 3,765,048 passenger cars and 494,377 trucks, as compared
shortage has been overcome.
with 3,696,490 passenger cars and 478,396 trucks in 1925.
Although the Government has now entered the building field with a 5The table below is based on figures received from 163
year program the Secretary does not think that Federal construction
activities will have any measurable bearing on the general situation. He manufacturers in the United States for recent months, 54
points out that the most the Government can actually expend on construc- making passenger cars and 127 making trucks (18 making
tion in any one year is only $35,000.000, which he considers unappreciable both
passenger cars and trucks). Data for earlier months
in the light of the total annual building expenditures of the country. At
the present Mr. Mellon considers building conditions pretty stable as to include 90 additional manufacturers now out of business,
costs. Labor costs are remaining at about the same level and costs of while December data for 23 small firms, mostly truck manumaterials are changing but slowly.
facturers, were not received in time for inclusion in this
According to the latest reports compiled by the Federal Reserve Board
awards of building contracts in 37 States for the 11 months ended with report. Figures for passenger cars include taxicabs and
November showed an increase of nearly 6% over the same period in 1925. those for trucks include ambulances, funeral ears, fire
In round numbers awards for the period were placed at $5,800,000,000
apparatus, street sweepers and buses.
exceeding the same period of 1925 by $337,000.000.
In each of 11 Federal Reserve districts for which reports have been
compiled awards during the 11 months ran above 1925 except in Boston.
Cleveland and Atlanta. In New York the excess on account of the year
to the end of November amounted to $170,000.000 and $102,000.000 for
the Chicago district.
AUTOMOBILE PRODUCTION (NUMBER OF MACHINES).
Passenger Cars.
7'rucks.
Total.
U. B. &Canada.
213.851
253,955
334.214
393,262
384,548
366.510
360,124
223.517
274.227
408.017
337.435
286,141
205.550
243,176
321,200
377,747
366,197
352.261
348.984
216,097
203.855
394,096
328,694
278,643
8,301
10.779
13.014
15,515
18,351
'14.249
11,140
7.430
10.372
13,921
8.741
7,498
28.203
34.482
45,180
47,984
45,719
38.151
41,870
37,850
60.482
46,013
40,048
34,488
26,638
32,789
43,091
46.408
43,831
86.357
40,025
38,364
58,002
44.323
37.811
32.757
1,566
1,693
2,089
1,576
1.8813
1.7911
1.845
1.488
2.480
1,690
2,237
1,731
3.835,801 3,696,490
139.311
500,470
478,396
22,074
11,781
14,761
17,989
17,929
21,429
18,818
12,953
12.782
12.624
10,595
6,774
6,052
*33.517
*41,784
*49,386
*54,135
*51,568
047,265
*41,873
*47,836
*51,257
*46,973
39,410
30,002
*29,819
*37,707
*45.001
*50,562
*48,063
*44,332
*39,619
*45,333
*46,386
*42,898
*36.356
28,302
3,698
4.077
4,385
3,573
3,505
2.933
2,255
2,503
4,871
4,075
3,054
1,700
Total.
U. 8. seaman.
1925.
Colonel Leonard P. Ayres of Cleveland Trust Company
on Business Conditions-No Prospect of Business
Depression or Bear Market in 1927.
While stating that "something more than a mere seasonal
slowing down of industry appears to be going on at present,
and it would not be surprising if it should continue for some
weeks or months," Col. Leonard P. Ayres, Vice-President
of the Cleveland Trust Co. of Cleveland, Ohio, in the
Jan. 15 Business Bulletin of the company, says:
Nevertheless,it will probably continue to be the rule in American business,
as it has been in the past, that drastic declines of trade and industrial
activity, and major bear markets will not come except as sequels of credit
stringencies.
The present prospects are that no important stiffening of money rates
will develop in 1927. There is every reason to believe that it is within
the power of the Federal Reserve Board and banks to prevent any such
development, and for this reason it seems highly improbable that there
will be this year anything like a shortage of credit or even a period of
expensive credit.
On the basis of these considerations, it seems quite unlikely that any
real business depression, or any important decline, or any sustained bear
market is in prospect in 1927, or indeed until there is a recurrence of higher
short-term interest rates than we have had at any time in the last three
years.
January
February
March
April
May •
June
July
August
September_
October
November
December
Total(year)
1926.
January
February
March
April
May
June
July
August
September
October
November
December
284,703
834,524
399.105
401.836
394,569
*358,388
*329,956
*393,056
*363,547
*300,160
226.278
143.413
272,922
319.763
381,116
383,907
373,140
*339,570
*317,003
*380,274
*350,923
*289.565
*219,504
137,361
3,929,535 3,765,048 164,487 535,006 494.377
Total(year)
40.629
* Revised. a Reported by Dominion Bureau of Statistics since Jan. 1 1926.
Automobile Models and Prices.
The Auburn Automobile'Co. of Auburn, Ind., exhibited at
Loading of Railroad Revenue Freight Again Increasing. the New York Automobile Show last week several of .ts
models, which are prices from $1,095 to $2,595, and comprise
Loading of revenue freight for the week ended Jan. 8 the
following types:
totaled 940,800 cars, the Car Service Division of the Ameri- 6-66 Roadster
$1,095 8-77 Sedan
1.695
6-66
Sport Sedan
1,195 8-88 Roadster
1,995
can Railway Association announces. This is an increase of 6-66 Sedan
1,295 8-88 Sport Sedan
2.095
33,178 ears over the corresponding week last year and of 8-77 Roadster
1.395 8-88 Sedan
2,195
8-77 Sport Sedan
1,495 8-88 7-Passenger Sedan
2,595
6,630 cars over the same week in 1925. Coal loading for the
Freight, tax and equipment extra.
week of Jan. 8 totaled 214,176 cars, an increase of 20,863
cars above the same week last year, but 3,455 cars below
Course of Retail Food Prices in December.
the corresponding week in 1925. Grain and grain products
The retail food index issued on Jan. 20 by the Bureau of
loading totaled 45,554 cars, a decrease of 2,535 cars under
the corresponding week last year and 5,396 cars below the Labor Statistics of the United States Department of Labor
same week two years ago. In the Western districts alone, shows for Dee. 15 1926 practically no change since Nov. 15
27,824 cars were loaded with grain and grain products, 1926; a decraese of about 23.4% since Dec. 15 1925; and an
2,570 cars below the same week in 1926. The following increase of a little more than 553'% since Dec. 15 1913.
The index number (1913 equals 100.0) was 165.5 in Decemfurther particulars are given:
Miscellaneous freight loading totaled 318,945 cars, an increase of 17,187 ber 1925, 161.6 in November 1926, and 161.8 in December
cars over the same week last year and an increase of 19,631 cars above the 1926. The Bureau in its further advices says:
same week in 1925.
Live stock loading amounted to 34,391 ears, a decrease of 2,888 cars
under the same week last year and 5,518 cars below the same week two
years ago. In the Western districts alone, live stock loading totaled
25,969 cars, a decrease of 2,227 cars under the same week last year.
Loading of merchandise and less than carload lot freight for the week
totaled 244,481 cars, an increase of 4,860 cars over the corresponding
week last year and 11.630 cars above the same week in 1925.
Forest products loading totaled 61,994cars,2,662carsover the corresponding week last year, but 7,291 cars below the same week two years ago.
Ore loading totaled 9.688 cars, 931 cars under the same week in 1926
and 298 cars below the corresponding week two years ago.
Coke loading totaled 11,571 cars, 6,040 cars below the same week last
year and 2,043 cars below the corresponding week in 1925.
All districts except the Northwestern showed increases in the total loading
of all commodities compared with the corresponding week in 1926, while all
except the Northwestern and Central Western showed increases over the
same week in 1925.
Loading of revenue freight this year compared with the two previous
years follows:
1927.
1926.
1925.
740,34g
741,560
767,098
Week ended Jan. 1
940.800
907,622
934,170
Week ended Jan. 8
Total
1:681,148
1,649.182
During the month from Nov. 15 1926 to Dec. 15 1926, 20 articles on
which monthly prices were secured decreases as follows: Oranges, 11%;
pork chops, 5%; bacon and lard, 3%; ham, canned red salmon, oleomargarine, flour and prunes, 2%r round steak, leg of lamb, vegetable lard
substitute, strictly fresh eggs, rice, canned corn, and raisins, 1%; and
sirloin steak, storage eggs, tea and coffee, less than 5-10 of 1%. Nine
articles increased: Butter. 6%; cabbage, 5% granulated sugar, 3%; plate
beef, fresh milk, cheese and canned tomatoes, 1%;and hens and macaroni,
less than 5-10 of 1%. The following fourteen articles showed no change:
Rib roast, chuck roast, evaporated milk, bread, cornmeal, rolled oats, corn
flakes, wheat cereals, navy beans, potatoes, onions, baked beans, canned
peas, and bananas.
Changes in Retail Prices of Food by Cities.
During the month from Nov. 15 1926 to Dec. 15 1926, the average cost
of food increased in 22 of the 51 cities as follows: Peoria and Springfield,
Ill., 2%;Chicago, Denver, Minneapolis, Mobile, New Haven, New Orleans,
Philadelphia, Portland (Ore.), St. Paul, Seattle and Washington, 1%;and
Birmingham, Buffalo, Charleston (S. C.), Columbus, Fall River, Houston,
'Louisville, Omaha and Pittsburgh, less than 5-10 of 1%. There was a
decrease in the following 26 cities: Jacksonville, 2%; Atlanta, Boston,
Bridgeport, Cincinnati, Los Angeles. Manchester, Memphis, New York,
Norfolk, Providence, Richmond, Rochester, San Francisco and Scranton,
1%; and Baltimore, Butte, Cleveland, Dallas, Indianapolis, Kansas City.
Milwaukee,
Newark, Portland (Me.), Salt Lake City and Savannah. less
1,701,268
JAN. 22 1927.]
THE CHRONICLE
than 5-10 of 1 . In Detroit, Little Rock and St.Louis there was no change
in the month.
For the year period Dec. 15 1925 to Dec. 15 1926. 47 cities showed decreases: Houston, Kansas City, Memphis, Minneapolis, Omaha, Richmond.
Savannah and Seattle, 4%;Birmingham, Detroit, Fall River. Jacksonville,
Los Angeles, Providence, Rochester, St. Paul, San Francisco and Scranton,
3%; Atlanta, Baltimore, Boston, Bridgeport, Buffalo, Dallas, Denver,
Manchester, Newark, New Haven, Now Orleans, New York, Portland
(Ore.), and Salt Lake City. 2%; Butte, Charleston (S. C.), Cincinnati,
Columbus, Indianapolis, Little Rock, Louisville, Mobile, Norfolk, Peoria,
Pittsburgh, Portland (Me.). and St. Louis, 1%; and Philadelphia and
Springfield (Ill.), less than 5-10 of 1%. The following 4 elites showed increases of less than 5-10 of 1%;Chicago, Cleveland, Milwaukee and Washington.
As compared with the average coat in the year 1913,food on Dec. 15 1926
was 74% higher in Chicago;72% in,Washington;69% in Baltimore, Buffalo.
Detroit, Philadelphia and Richmond; 68% in Birmingham and Scranton;
67% In Pittsburgh;66% in New York;65% in Atlanta and St. Louis; 64%
In Boston, Charleston (S. C.). Milwaukee and New Haven;63% in Cincinnati and Cleveland;62% in Fall River and Providence:59% in Jacksonville
and Louisville; 58% in Indianapolis, Manchester. New Orleans and Omaha;
57% in Dallas, Kansas City, and Minneapolis; 56% in Newark; 55% in
San Francisco; 54% in Little Rock; 50% in Memphis; 48% in Denver and
Los Angeles; 47% in Seattle; 42% in Portland. Ore., and 37% in Salt Lake
City. Prices were not obtained in Bridgeport, Butte, Columbus, Houston,
Mobile, Norfolk, Peoria, Portland (Me.), Rochester, St. Paul, Savannah
and Springfield (III.), in 1913, hence no comparison for the 13-year period
can be given for these cities.
Continued Decline in Wholesale Prices.
The recent general downward trend of wholesale prices
continued through December, according to information
collected in representative markets by the Bureau of Labor
Statistics of the U. S. Department of Labor. The Bureau's
weighted index number, which includes 404 commodities
or price series, registered 147.2 for December, compared
with 148.1 for November, a decline of more than one-half
of 1%. Compared with December 1925 with an index num4%. The Bureau
ber of 156.2, there was a decrease of 53
advices of Jan. 17 further state:
Fuels showed the largest decline from prices of the preceding month,
due to pronounced decreases for bituminous coal and coke. In all others
groups except farm products and miscellaneous commodities December
prices averaged slightly below those of the month before. Farm products
were slightly higher than in November, while there was practically no
change in the general level reported for the group designated as miscellaneous
Of the 404 commodities or price series for which comparable information
for November and December was collected, increases were shown in 93
instances and decreases in 137 instances. In 174 instances no change
in price was reported.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES. (1913-100.).
Nov.
Dec.
Dec.
1928.
1925.
1928.
Groups and Sub-Groups134.6
Farm products
152.2
134.9
138.1
185.3
142.2
Grains
129.2
130.5
128.8
Livestock and poultry
138.7
185.8
136.0
Other farm products
151.1
Foods
157.1
151.0
148.1
161.0
148.9
Mesta
154.5
158.7
155.7
Butter, cheese, and milk
152.3
181.5
151.5
Other foods
187.1
1139.9
1138.13
Clothing materials
184.3
188.13
184.3
Boots and shoes
150.3
175.7
148.8
Cotton goods
207.3
189.3
Woolen and worsted goods
148.1
180.3
:11
Silk, &c
190.2
174.8
182.9
Fuels
•
2213.5
Anthracite coal
228.8
207.3
239.7
Bituminous coal
222.1
141.9
151.8
Other fuels
148.7
129.5
128.5
Metals and metal produces
125.7
137.0
135.5
Iron and steel
135.3
113.0
1013.13
Non-ferrous metals
104.5
177.0
174.0
Building materials
172.7
189.5
186.0
Lumber
184.8
204.7
204.1
Brick
203.9
129.1
132.4
Structural steel
132.4
168.8
182.9
Other building materials
181.3
134.5
128.5
Chemicals and drugs
128.2
124.9
118.2
Chemicals
115.4
109.8
104.4
Fertilizer materials
105.4
182.3
182.4
182.4
Drugs and pharmaceuticals
1135.9
159.9
159.4
House-furnishing goods
145.3
139.9
139.9
Furniture
232.8
225.4
223.1
Furnishings
138.2
117.7
117.8
Miscellaneous
128.0
113.0
123.3
Cattle feed
140.1
138.3
138.3
Leather
158.9
170.0
157.8
Paper and pulp
130.0
101.2
99.5
Other miscellaneous
158.2
148.1
All commodities
147.2
•Insufficient data.
Industrial Conditions in Illinois During December-Further Decline in Employment.
At the turn of the year, employment in Illinois was showing a tendency to recede. Reports to the Illinois Department of Labor from employers of nearly 290,000 employees
show a drop of 1.4% in the stage of industrial operations in
the State, according to Reuben D.Cahn, Chief of the Bureau
of Industrial Accident and Labor Research pf the Illinois
Department of Labor, who in further reviewing industrial
conditions, in a statement issued Jan. 17, said:
445
lightly. For although this combination of adverse forces would make one
look for a falling off in employment in any December, the decline Which
has just manifested itself is larger than in any December since 1921 with
the exception of 1923. A year ago, two years ago and in 1922, the concluding month of the year witnessed expansion in Illinois industries. The
difference between these other years and the present one is probably that in
December of 1922, 1924 and 1925, upward swings in industry were in
progress so as more than to counterbalance the forces making for decline.
while last month, there was no such counter-force.
The latest decline brought the stage of industry to a point three-tenths of
1% below the level of 1922.the base figure in the Ilunos Labor Department
statistics. There are about the same number of persons on the payrolls
of the factories as there were in Dec. 1925. This level was 2.1% above
Dec. 1924, but below the industrial gauge readings for Dec. of 1922 and 1923.
Since Sept. 1926, employment in Illinois factories has gone doVrn 3.1%,
which means that about 22,000 persons have lost their jobs. The number
of the unemployed in Illinois is thus considerable if there be added to the
Industrially unemployed, those who have suffered unemployment by reason
of the shut-down in the out-of-door trades. Those out of work have come
to the cities in quest of jobs, the State free employment offices in the cities
reporting a substantial increase in the ratio of applicants to jobs at the
offices of the State. In practically 'every office there was an increase of
registrations over the preceding month. In all, 20.509 persons sought the
assistance of the Illinois free employment offices in securing employment
In December. There being only 13,214 jobs registered with the offices, a
considerable number were without work at least part of the month. The
ratio of applicants to jobs available was 155 per 100 in December contrasting with 146 a year ago, 149 two years ago, 146 three years ago and 210 in
December 1921. The unemployment ratio was highest in Peoria, Cicero.
Joliet and Chicago.
Coal mine operations continue at a high level. rive new mines were
brought into operation according to reports that came to the attention of
the Department during the month. During the week ending Christmas
Day, 1,631,000 tons were reported to have been produced by Illinois mines.
This was substantially in excess of the production reported for corresponding
weeks of 1925, 1924 or 1923.
A report released to the press in New York on Jan. 10 by the Industrial
Commission of that State was to the effect that there had been a falling off
in employment in that State of 1%. Whereas operations in Illinois are on
a par with December of a year ago, the reports for the Empire State show a
falling off of 50,000 in the number employed at factories.
The decline in the metal, machinery and conveyances group was general in
character and amounted to 1.8%. Only two industries escaped the slump.
Iron and steel mills made a gain of 2-10 of 1%, and instruments of 2.7%.
The conspicuous loss was in automobiles and their accessories, where the
decline amounted to 12.2%. Cars and locomotives lost 4.4% to bring their
index number to 48.2. Sheet metal, tools and cutlery, brass and copper.
electrical apparatus, agricultural implements, machinery and cooking and
heating equipment all reported fewer employees this month than last. The
index number for the group ass whole is 108.7. which is 3-10 of a point below
the index for December 1925.
The building materials group showed the biggest loss of any of the nine
major classifications. Every industry in the group lost ground and the loss
for the entire group was 6%. Miscellaneous minerals showed the heaviest
curtailments with a loss of 9% of its employees. All the other industries in
the group lost over 5% of their workers.
Wood products was another group that showed consistent losses. The
aggregate employment for the group fell off 4.2%. Household furnishings
showed the biggest loss with 12.4% fewer workers. The saw mills had the
smallest loss in this group, having laid off 1.6% of the November forces.
The index number for this major group is 5 plants below that of December
.
1925.
was one of the three which showed ex. The fur and leather goods group
pansion of operations during December. Boot and shoe factories added
of the ground lost in the last few
some
recovering
workers,
more
1.6%
months. Miscellaneous leather goods gained 2.2%. Tanneries had 3.4%
fewer workers than in November.
Chemicals, oils and paints shared the general curtailment of operations
These firms laid off 2.5% of the workers employed in November. Paint
manufacturers added a few employees to their forces but the gain amounted
to only eight-tenths of 1%. All the other industries in the group lost 3%
of their numbers.
Printing and paper goods firms continued their advance of last month and
added eight-tenths of 1% more employees. Seasonal expansion in job
printing brought a gain of 3.3%. The newspapers also made further gains
amounting to 1.5% of their November forces. Edition book binding and
manufacturers of paper boxes were the only ones in the group that failed
to gain. The ground gained in the textile industries during the past few
months was lost in December, when the mills laid off 3.7% of their workers. Thread mills suffered most heavily with a reduction of 5.9% in their
forces. Knitting mills lost 4.7% of their employees.
The beet gain for any of the nine major groups was that made by the
clothing firms. Only 2 of the 8 industries represented in this group showed
curtailment of employment. These were 7.4% in men's furnishings and
2.0% in overalls and work clothing. Alea's apparel houses made the usualseasonal additions and gained 7.5%. Millinery firms made the most out
standing gain in any industry, amounting to 16.7%. Firm's making
women's clothing showed gains of 7.0% in their employment. Expansion
was also evident in men's hats and women's underwear. The index number
of 67.9 for the group as a whole is not as high as it was in December 1925.
Employment in the food, beverages and tobacco group declined eighttenths of 1% this month. Meat packing, the most important industry in
the group, gained 1.7% more workers, however. Canning factories showed
the biggest drop of any industry when they laid off 23.4% of their employees. Flour mills, ice plants and candy factories also showed substantial losses. Ice cream plants gained. The index number for this whole
group is 99.0, which is higher than the index of 97.4 for December 1925.
The following is the analysis by cities:
Aurora.-Industrial employment remained at approximately the same
level as last month, with only 3-10ths of 1% fewer workers employed in
December by the 18 firms reporting. The metal and machinery firms
showed a net decline, but the trend was mixed with as many firms showing
gains as showed losses. Clothing manufacturers and cotton mills showed
slight net gains. The value of building permits issued took a big jump
A part of the drop was undoubtedly due to the holidays, the festal spirit with a total of $1,077,190 as against $268.039 last month and $522,857 in
pervading all walks of life, and resulting m a letdown in activity, some December 1925. A permit for a new hotel to cost $950.000 brought the
Workers taking short vacations, and plant owners being content to have total for the month to the highest point reached in the last five years. The
their factories producing less. The year end is also a tame when plants are free employment office reports an unfavorable change in the labor market.
shut down to take the annual aiventory to enable firms to prepare their There were 169 persons registered for each 100 jobs available as against
annual financial statements and income tax returns. There are also some 140 in November and 152 in December of last year. The supply of labor
reductions in factory forces at the year's end on account of illnesses which for outdoor work is very plentiful.
increase during inclement weather.
Bloomington.-The biggest drop in employment for any of the major
All of these factors are regular contributors to sagging employment in cities Was recorded for Bloomington this month when 12% of the employees
to
one
be
not
is
regarded at work in November were laid off. There was an increase in wage payDecember, and yet the recent drop of 1.4%
E 446
THE CHRONICLE
ments of 5%,however. Only 3 out of 13 firms showed any gains and these
were small. The declines were fairly consistent, especially among firms
in the food group. Metal and machinery firms held their own and showed
a very slight increase. One clothing firm was completely shut down.
The free employment office reports 116 job seekers to every 100 jobs.
This ratio Is less favorable than the one of 108 to 100 for November. It
is, however, much better than the 168 to 100 ratio of December 1925
Building continues to boom. There were permits issued in December
valued at 2140,900, which Is 4 times the figure for December 1925 and about
7 times that for last month.
Chicaao.-Curtatiment ot Industrial employment amounting to 1.3% was
reported by 594 firms. The most conspicuous losses were those at plants
manufacturing electrical goods. Several firms laid off over 50 employees,
and the majority of firms in this group showed a ddefinite slackening up of
operations. Iron and steel mills just about held their own, as did also
manufacturers of agricultural and other machinery. The usual seasonal
pick-up in the packing plants has started and with one or two exceptions
practically every firm reporting In this group showed a gain. Men's
clothing houses have also added workers. Many of these plants made substantial gains. The trend In women's clothing was also upward, but the
increase was not as marked as in the men's. The free employment office
made 1,300 fewer placements this mpnth than in November. and the
number of applicants to jobs has been rising steadily sinde September.
There were 172 job seekers to each 100 jobs open compared with 167 last
month and 140 for December 1925. Building permits valued at 125,940.705
were issued during the month. This is 12.596,855 less than the figure for
November. but $6,646.905 more than for this month a year ago.
Cicero.-A decline of 3.8% In manufacturing employment was registered
by 8 firms. The decrease was due to layoffs at iron and steel and machinery
plants. As was the case in other cities throughout the State, the free employment office reports an increase in the number of applicants for the
jobs available at the free employment office. The ratio of 184 applicants
to every 100 jobs compared with 167 to 100 in November and 140 to 100
In October and of 147 in December of last year. The value of building permits issued showed a drop of $50,000 in December from the November
total of $214,838.
Danrille.-A further curtailment in employment amounting to 7.4% was
reported by 16 firms. Firms in the food products group showed consistent
decreases, as did also the brick yards. Metal and machinery firms made a
slight gain. Paper box factories laid off some workers and clothing nanufacturers added a few. An advance in the value of building permits issued
was mide of 313.000, making the total for the month $27,600. This fl rum
is tut a small fraction, however, of the total for the same month In 1925
of $1 526.800. There were 138 persons available for each 100 jobs open
at the tree employment office with a surplus of common labor.
Decatur.-A net decrease of 1.8% in aggregate employment among 22
firms was reported this month with 12 of the 22 plants reporting fewer
employees. The metal and machinery plants again lead in curtailment
of operations. The clothing manufacturers made a net gain, though some
are laying off help. Wood products firms also decreased their [trees.
Paper mills made a slight gain. There were 140 applicants for every 100
jobs available at the free employment office. This ratio is much less
favorable than the 105 to 100 ratio of last month, but not nearly as unfavorable as the 195 to 100 ratio of one year ago. The value of building permits
issued. $144,975. was about $86.000 less than last month, but a little better
than the total for December 1925.
East St. Louts.-Twenty-five firms reported a net decrease of 3.2% in
the numbers at work during December. Firms In the food group lost
ground,especially the packing plants. Metal and machinery plants showed
a mixed trend which resulted In a loss. Chemicals, building materials and
wood products also showed losses. The labor situation remains about the
same with 148 applicants for every 100 jabs at the free employment office
compared with 144 in November. Building permits took a jump of1100.000
this month, bringing the total up to $215,253. This Is also nearly $100,000
ahead of December of last year.
JoHet.-Manufaeturing employment as reported by 29 firms remained
substantially unchanged during the past thirty days. A slight reduction
of 4-10ths of 1% was evidenced. Metal and machinery firms showed the
biggest losses. The brick yards laid off a few men. Paper and printing
firms showed a small gain, as did also clothing manufacturers. There was
a big drop in the value of the building permits issued with the total this
month of only $38,300, about $68,000 less than last month. As was the
case in nearly all the other cities, the ratio of applicants to jobs was much
less favorable this month than last. There were 185 job seekers to every
100 jobs compared with only 136 in November. This is partly due to layoffs at the car shops and to reductions of forces at some of the factories
during inventory.
Moline-Rock Island.-Twenty-two firms In Moline showed a loss of 7.5%
in employment during December. Thirteen of the twenty-two firms
showed gains in employment, but these were not large enough to offset
the losses. The metal and machinery group lost ground, but this was due
to the drastic curtailment of operations at a few plants since only one-third
of them reduced their forces. Wood products manufacturers gained a
little and there were a few other scattered gains. In Rock Island the loss
in employment amounted to only 4.9%, but followed about the same lines
as in Moline. being mainly centered in the metal and machinery plants.
Moline building permits were valued at $97,007, a gain of about 130.000
over November. Rook Island building permits showed a drop of about
$40.000 with a total this month of only $55,777. Although there Is a surplus of common labor for outdoor work, the ratio of applicants to jobs
open at the free employment office remains favorable. There were 128
job seekers for every 100 jobs compared with 123 in November.
Peoria.-This was the only one of the 14 major cities to gain in employment during the month. Reports from 3a employers show that there were
8-10ths of 1% more workers on their payrolls in December than in November. The trend in the metals and machinery group was mixed, but the net
result was a fairly good gain. Firms in the food group showed a loss.
Printing and paper goods firms held their own. Leather goods firms made
good gains. Permits for new buildings valued at W3,800 were issued
during the month. This represents a gain of about 360.000 over November. In spite of these generally good conditions, the free employment
office reports jobs at a premium with nearly two job seekers to every job
The ratio of 190 applicants to each 100 jobs is much less favorable than the
November figure of 133 to 100, but not quite as bad as the 222 to 100 ratio
of December 1925.
Quinem-Sixteen firms reported a net decrease of 3.2% in their aggregate
employment for December. Metal and machinery firms held their ground.
Plants In the food group had fewer employees. Shoe factories also laid off
some of their workers. Paper goods and printing firms gained a little.
General conditions are not very favorable, and there is a large surplus of
common labor. The free employment office reports 158 persons available
for every 100 calls for employees as against 141 in November. Tbere was
a,$10,000 drop in the value of building permits issued, bringing the Decem-
[VoL. 124.
ber figure down to $42,275. This is a little ahead of the total for December 1925.
Rockford.-A slight decline, amounting to 8-1f1ths of 1%. was reported
by 56 factories. This was due to a definite downward trend among the
metal and machinery firms. All except two of the metal plants are working
full time and many are on overtime schedules. There were a few other
scattered gains. The free employment office reports a surplus of common
labor and a rise In the ratio of applicants to jobs. There were 94 job seekers
to every 100 jobs available this month compared with 89 in November.
The value of building permits issued dropped from $515.625 in November
to 1217.360 In December.
Sprinatield.-There was no change in the aggregate number at work In
10 plants in December. These 10 firms reported exactly the same number
as last month. There were changes made at individual plants, however.
Gains at the metal and machinery plants offset the losses In some of the
other groups. Building permits were issued to total $216,046, which is
twice the value of those Issued in November and snout $4.000 more than
the figure for this month last year. There is a surplus of common labor.
but the ratio of applicants to jobs at the free employment office is the same
as it was a month ago. This is the only one or the 14 major cities where
the ratio did not show a change for the worse.
Decrease in Employment in Pennsylvania-Increase
in Delaware-Gain in Wages in Both States.
Replrts for December received by the Federal Reserve
Bank of Philadelphia from 888 plants representing 45 manufacturing and construction industries in Pennsylvania show
a decrease in employment of 2% and a gain in total wage
payments of nearly 1%. The bank, in its survey, made
public Jan. 17, adds:
The textile products group continues to advance, almost 1% in the
number of men employed and 1.5% in total wage payments. Employment
remains about the same in the food and tobacco group, but wage payments
Increased 1.4%. All the other groups show declines In employment, and
the building materials and construction and contracting groups also report
considerable decreases in wage payments. This is to be expected in the
case of the latter two, however, since these are seasonal industries. One
plant is chiefly- responsible for the very large decrease In the electrical
machinery industry, although there was a falling off In the number of
men employed throughout the entire Industry.
An increase in wage payments, however, Is reported by practically all
the firms. While some few plants in the miscellaneous iron and steel
Industry show slight declines, most of them report increased operations in
December, which is evident by the advance over the previous month of
11% In wage payments. The comparatively large decrease In the furniture
Industry also is caused chiefly by one of the larger plants which reports
decreased operations, since most of the other plants show very little change
from November. The leather tanning industry reports a fairly large
increase in which practically all of the reporting firms share.
Reports from Delaware firms show an increase of 3.1% In employment
and 4.2% In wage payments. The only group which shows a curtailment
in operations is the food industries group.
Most of the city areas report decreases in the number of men employed,
although this evidence of reduced operations Is rather offset in most cases
by advances in wage payments. The only areas showing decreases in both
employment and wage payments are Allentown-Bethlehem-Easton, Altoona,
Erie. Hazleton-Pottsville and Philadelphia. The decrease for Philadelphia
is 3.9% in employment and 1.4% in wage payments.
The tabulations follow:
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry. Commonwealth of Pennsylvania.
--Increase or Decrease
No. of
Dec. 1926 over Nov. 1928.
Plants Em plugTotal
Aver.
Group and IndustryReporting. went.
Wages.
Wages.
All industries (45)
888
-2.0%
+0.9%
+3.0%
Metal manufactures:
291
-2.7
.
+5.0
Automobiles, bodies and parts
19
+0.1
+1.2
+1.1
Car construction and repair
19
+3.3
+8.5
+4.9
Electrical machinery and apparatus
19
-24.4
-17.9
+8.5
Engines, machines and machine tools
37
-0.6
+5.0
+5.7
Foundries and machine shops
59
+1.5
+7.8
+8.0
Heating appliances and apparatus
15
-1.9
-1.7
+0.1
Iron and steel blast furnaces
12
-0.3
+4.2
+4.5
Iron and steel forgings
12
-0.9
+1.8
+2.6
Steel works and roiling mills
38
-2.2
-0.1
+2.2
Structural iron works
17
-8.7
Miscellaneous Iron and steel products
26
-3.4
Shipbuilding
3
+2.9
+1.2
-1.7
Hardware
8
0.0
-0.4
-0.4
Non-ferrous metals
9
-1.1
-3.9
-2.9
Textile products:
173
+0.8
+1.5
+0.8
Carpets and rugs
10
+1.4
+2.7
+1.3
Clothing
32
+0.8
+8.5
+7.8
Hats, felt and other
5
-1.4
-2.8
-1.4
Cotton goods
16
+2.1
+5.3
+3.1
Silk goods
43
+1.5
-0.9
-2.4
Woolens and worsteds
15
-1.8
-2.0
-0.3
Knit goods and hosiery
42
+0.6
+4.3
+3.8
Dyeing and finishing textiles
10
+1.7
--1.8
-3.4
Foods and tobacco:
116
+0.1
+1.4
+1.3
Bakeries
88
+1.7
+1.5
-0.2
Confectionery and Ice cream
25
-2.8
-0.4
+2.5
Slaughtering and meat Packing
14
-1.0
+2.2
+3.3
Cigars and tobacco
39
+1.2
+2.4
+1.1
Building materials:
70
--2.8
-4.5
-1.8
Brick, tile and terra cotta products
28
-3.3
-4.9
-1.7
Cement
14
-1.8
-4.8
-3.2
Glass
24
-3.4
-4.6
-1.3
Pottery
4
-8.4
-0.4
+6.5
Construction and contracting:
39
-21.3
-21.7
-0.4
Buildings
24
-30.2
-31.9
-2.4
General •
15
-12.5
-9.9
+2.9
Chemicals and allied products:
38
-4.9
+0.2
+5.3
Chemicals and drugs
21
-1.7
Explosives
3
+2.3
Paints and varnishes
9
-3.6
Petroleum refining
5
-8.2
1111;
t-0
Miscellaneous industries:
161
-0.3
41
+1
+2.2
Lumber and planing min products
28
-2.3
Furniture
21
-5.6
-10.6
-5.3
Leather tanning
17
ill
+10.1
Leather products
9
VI
Boots and shoes
22
-0.6
+4.5
+5.1
Paper and pulp products
19
-1.3
Printing and publishing
39
+1.0
til
Rubber tires and goods
3
-8.2
--2
-0.081
Novelties and jewelry
3
-0.3
+-11..8 ++1::I .
IN
ill
1
.V.
•Includes two Street and highway construction firms.
JAN. 22 1927.]
447
THE CHRONICLE
EMPLOYMENT AND WAGES IN THE CITY AREAS
(Compiled by Department-of Statistics and Research Federal Reserve Bank of
Philadelphia.)
Number -Increase or Decrease
Dec. 1926 Over Nov. 1926
of
Average
Plants EmployTold
Wages.
Wages.
Reporting. punt.
Areas-2.6%
-0.6%
-1.9%
82
Allentown-Bethlehem-Easton
-2.7
-1.4
-1.3
15
Altoona
-3.6
-0.7
-3.0
15
Erie
+0.6
+2.1
39
-1.5
Harrisburg
-2.6
-0.8
23
-1.8
Hazleton-Pottsville
+3.9
+1.4
+5.3
13
Johnstown
+2.0
+3.1
-1.1
34
Lancaster
+7.8
+1.1
+6.5
10
New Castle, Pa
-1.4
-3.9
+2.6
265
Philadelphia
+6.4
-2.4
+3.8
105
Pittsburgh.
-0.4
+0.4
72
+0.8
Reading-Lebanon
+4.0
+3.7
+7.8
37
Scranton
+6.8
+1.7
+5.0
28
Sunbury
+1.8
+1.7
-0.0
24
Wilkes-Barre
+1.0
24
+0.3
+0.7
Williamsport
+4.0
+4.1
-0.1
32
Wilmington
+2.7
+4.2
46
-1.5
York
*Trenton figures not available this month.
falling off, with new business only slightly less, according to
statistics prepared by the association.
The hardwood operations show a marked increase in
production and new business, with shipments about the
same as for the previous week, continued these reports,
from which we add:
Unfilled Orders.
The unfilled orders of 220 Southern Pine and West Ooast mills at the
end of last week amounted to 542.033.458 ft., as against 502,595,310 ft.
for 219 mills the previous week. The 117 identical Southern pine mills
in the group showed unfilled orders of 196,908.984 ft. last week, as against
186,656.544 feet for the week before. For the 103 West Coast mills the
unfilled orders were 345,124,474 ft., as against 315,938.766 ft. for 102
mills a week earlier.
Altogether the 335 comparably reporting softwood mills had shipments
97% and orders 120% of actual production. For the Southern pine mills
these percentages were respectively 82 and 98; and for the West Coast
mills 96 and 125.
Of the reporting mills, the 313 with an established normal production
EMPLOYMENT AND WAGES IN DELAWARE COMPILED BY FEDERAL for the week of 211,274,215 ft. gave actual production 85%, shipments
RESERVE BANK OF PHILADELPHIA.
82%, and orders 103% thereof.
Number -Increase Or Decrease
The following table compares the softwood lumber movement, as reof
Dec. 1926 Over Nov. 1926
Total
Plants EmployAverage flected by the reporting mills of seven regional associations, for the three
weeks indicated:
Reporting. men*.
Wages.
Wages.
Industry+3.1%
+4.2%
+1.1%
31
Corresponding Preceding Week
All industries
Past
+1.9
5
-3.8 +5.9
Foundries and machinery products
Week, 1926.
1927 (Revised).
Week.
5
+3.7
+5.8
+ 1.9
Other metal manufactures
343
335
Mills
335
-109
-8.6
3
-2.5
Food Industries
190.834,637
164.665.918
-4.9
186.860,700
3
+8.6
+3.3
Production
Chemicals, drugs and paints
+8.3
Leather tanned and products
5
+8.3
-0.0
201.166.621
152.396.848
181.498,834
Shipments
3-0.4
-0.4
Printing and publishing
230.543.373
162,242.401
Orders(new business)___ _223.960.304
Miscellaneous industries
7
+0.3
+0.2
-1--b-.i
The following revised figures compare the softwood lumber movement
first
two
weeks
associations
for
the
of 1927
regional
of the same seven
with the same period of 1926:
Agricultural and Financial Conditions in Minneapolis
Shipments.
Orders.
Production.
Federal Reserve District-December Business
386.202.705
333.895,682
351.526.618
1927
380.863,894
424,196.268
354.683.408
1926
Less than Same Month in Previous
The mills of the California White and Sugar Pine Association made
Year.
weekly reports, but not being comparable, are not included in the foreThe Federal Reserve Bank of Minneapolis reports in its going tables. Sixteen of these mills representing 50% of the cut of the
California
pine region, gave their production fcr the week as 11,523,000 feet.
preliminary summary of agricultural and financial con18.911.000. and new business, 18.126,000. Last week's report
ditions, made public Jan. 17, that December business in shipments,
from 19 mills, representing 59% of the cut was: Production, 10.510,000
the district was in smaller volume than during the same feet; shipments, 15,349,000, and new business. 15,987,000.
month of the previous year. The bank says:
The total money value, as reflected by individual debits at representative
banks, totaled 11% less, and the total physical volume, as reflected in
the carloadings during the four weeks ending Dec. 25, totaled 4% less
than during the same period in the preceding year. The decline in the
debits represents a continuation of the downward trend which began
after October 1924. The outstanding cause for this decline in total business
is revealed in the carloading figures, there being a decline of 24% the in
movement of grain and grain products and 13% each for coke and forest
products. Flour shipments and linseed products shipments registered
substantial declines in December as compared with last year. According
to preliminary reports, retail trade was 4% less.
Grain receipts at terminals in this district during December were less
than half of the receipts of a year ago and about three-fifths of the total
realized in November. The only grain showing increased terminal receipts,
both as compared with last month and a year ago, was corn. The median
prices for the grains during December as compared with a year ago exhibited
mixed trends, the aggregate percentage gains shown for durum, oats
and barley equalling the aggregate percentage declines shown for wheat,
corn, rye, and flax.. As compared with the preceding month, the median
prices of all varieties computed in this office advanced during December,
the percentage of gain, by using an unweighted average, amounting to 4%.
Total terminal stocks of the grains were less in December, both as compared with last month and a year ago.
The situation with reference to livestock, both as to receipts at terminals
in this district and as to prices obtained, continued favorable in December.
As compared with a year ago, higher median prices were obtained for
hogs and receipts of the same were undiminished. As compared with a
month ago, median prices were higher for most of the varieties for which
quotatiohs are computed in this office.
With the closing of navigation on the Great Lakes during December.
It is possible to complete the total of iron ore shipments and coal receipts
for the season. Iron ore shipments in 1926 were 8% larger than ,during
the preceding year, were larger than in any year since 1923, and were the
fourth largest total shown for any year during the last ten years. Coal
receipts at Duluth-Superior, which are influenced to some extent by the
up-Lake ship capacity made available by the down-Lake ore movement,
also exhibited an increase of 8% in 1926 as compared with the preceding
year. The first loan of coal was received May 5 and the last load Dec. 12.
The money value of the business transacted in this district in December
when compared with November, as reflected by the total debits at banks
in 17 representative cities. gained 4%, which Is 3% more than is customarily expeeted at this time of year. December flour shipments Increased,
but linseed products shipments declined as compared with November.
Wide differences were shown in various sections of this district for the
month of December when comparisons are made with debits in the preceding month. Gains greater than seasonal were disclosed for Minneapolis.
St. Paul, and Sioux Falls; and losses, as compared with the seasonal, were
disclosed for our group of eight wheat belt cities, our group of three Mississippi Valley cities and for South St. Paul. In view of the much smaller
grain production realized during the current crop year, the comparison of
December with November is rather favorable.
Lumber Situation Improving.
Telegraphic reports received by the National Lumber
Manufacturers Association from 351 of the larger commercial softwood, and 106 of the chief hardwood, lumber
mills of the country, show substantial increases for the
former over the preceding week in production and shipments, and an extraordinary increase in new business. In
comparison with reports for the correspondig week a year
ago, the lumber movement shows some recession. Production was practically the same, shipments show a marked
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that new
business for the 103 mills reporting for the week ended Jan. 15 Was 25%
above production, and shipments were 4% below production. Of all new
business taken during the week 42% was for future water delivery, amounting to 45,910.872 feet, of which 32.558.882 feet was for domestic cargo
delivery, and 13,351.990 feet export. New business by rail amounted to
59.685,301 feet. or 54% of the week's new business. Forty-four per cent.
of the week's shipments moved by water, amounting to 37,110.709 feet,
of which 23,442.795 feet moved coastwise and intercoastal, and 13.667,914
feet export. Rail shipments totaled 42.833.350 feet, or 51% of the week's
shipments, and local deliveries 4,323.888 feet. Unshipped domestic cargo
orders totaled 113,637,490 feet, foreign, 101,228.580 feet, and rail trade.
130,258,404 feet.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 117
mills reporting, shipments were 18.01% below production and orders
1.93% below production and 19.61% above shipments. New business
taken during the week amounted to 62,529.528 feet shipments, 52,277,088
feet, and production, 63,758.305 feet. The normal production of these
mills is 73,304,762 feet. Of the 115 mills reporting running time, 85 operated full time, 18 of the latter overtime. Six mills were shut down,and the
rest operated from two to five and one-half days.
The Western Pine Manufacturers Association of Portland, Ore,reported
some increase in production, a substantial increase in shipments and new
business far in advance of that reported the previous week.
The California Redwood Assolation of San Francisco, Calif. with one
more mill reporting,showed production about the same, a nominal decrease
in shipments, and 50% increase in new business.
The North Carolina Pine Association of Norfolk, Va., with six more mills
reporting, showed substantial increases in production and shipments, and a
good gain in new business.
The Northern Pine Manufacturers Association of Minneapolis, Minn..
with one less mill reporting, showed considerable increase in production,
a small increase in shipments, and new business about the same as that
reported for the preceding week.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production), reported some decrease in
production, and notable increases in shipments and new business.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers' Association reported from 15 mills production as 4,410,000 feet, shipments, $2,664,000.
and orders, 2,069,000.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
from 91 units, production as 11.952,000 feet; shipments, 11,821.000. and
orders, 12,131,000. The normal production of these units is 15,288.000
feet.
The two hardwood groups totals for the week as compared with the preceding week were:
Orders.
Mills. Production. Shipments.
Week ended Jan. 15
106 16,362,000 14,485,000 14,200.000
12,727,021
Week ended Jan. 8
15,600,560
115 14,813.395
For the past two weeks all hardwood mills reporting to the "National
Lumber Manufacturers Association" gave production, 32,501,000 feet:
shipments, 34,088.000; and orders, 32,817,000.
West Coast Lumbermen's Association Weekly Report.•
One hundred and two mills reporting to the West Coast
Lumbermen's Association for the week ended Jan. 8 1927
manufactured 70,986,881 ft., sold 72,762,589 ft. and shipped
64,041,372 ft. New business was 1,775,708 ft. more than
production and shipments 6,945,509 ft. less than production.
448
[VOL. 124.
THE CHRONICLE
COMPARATIVE
TABLE SHOWING PRODUCTION, NEW BUSINESS,
First, that an unusually large volume of cotton goods were consumed
SHIPMENTS AND UNFILLED ORDERS.
last year.
Week EndedJan. 8.
Dec. 18.
Dec. 25.
Jan. 1.
Second,
that sales for the year exceeded production. and
Number of mills reporting
102
102
99
102
Third, a large reduction in the amount of goods on hand.
Production (feet)
74,464,047
36,304.010
89.805,329
70,986,881
New business (feet)
58,874,200
87,373.066
66,421.374
72,762,589
The association also says:
Shipments (feet)
73,100,876
58,886,055
64.041.372
84,082,066
During the year sales of standard cotton textiles included in the assoUnshipped balances:
Rail (feet)
99,770,587 108,239,891 ciation's statistics exceeded production for the year by 2.9%. Stocks on
109,880,654 108,662,473
Domestic cargo (feet)._ 103,424,962
94,727,162
98,854,568 104,288,860 hand at the mills on Jan. 1 1927 were 9.06% less than stocks on hand on
Export (feet)
102,633.150
96,496.878 103,797,195
82,707,609
Jan. 1 a year ago. Unfilled orders on Jan. 1 this year were 20% greater
Total (feet)
315,938.766 286,097,244 295,122,033 314,325.746 than unfilled orders on the same date a year ago.
These figures are based on yardage reports of the manufacture and
First Week1924.
1925.
1926.
1927.
Average number of mills
103 .
102
131 sale of many of the standard cotton cloths produced in the United States and
118
Production (feet)
90,889,452 include more than 200 different kinds of standard cotton goods. The
96,939.008
65,533,580
70.986,881
New business (feet)
79,252.902 107,753,174 figures compiled by the association may be summarized as follows:
95,970,803
72,762,589
Shipments (feet)
80.903,540
80,672,291
64,041,372
87,400,898
Production in 1926 amounted to 2,624,392,000 yards; sales for the year
amounted to 2,701,210,000 yards; shipments during the year amounted to
yards; stocks on hand Jan. 1 1926 amounted to 263.716,000
No Change to be Made by Department of Agriculture 2,648,756.000
yards, as against stocks on hand Dec. 31 1926 amounting to 244,352,000
in Methods of Classifying Cotton Tendered on
yards; unfilled orders on Jan. 1 1927 total 313,771,000 yards, as against
unbiled orders on Jan. 1 1926 amount.ng to 261.3.7,000 yards.
Future Contracts.
These figures reflect the results of new forces which have been at work
No change is to be made in present methods of classifying within
the industry during the last year. Operations have been conducted
cotton tendered on future contracts, the Department of with a more careful and intelligen, regard for the relation between conAgriculture announced on Jan. 15 following a conference sumption and production. As a result, goods have moved mon speedily
from
to consumer, the entire volume of production has been exJan. 10 with representatives of the cotton industry, at ceededproducer
by both sales and shipments, and demand has shown an encouraging
which it was the consensus of opinion that the method now tendency to continue at a level above current production.
of operations during the last six months shows the influence
used by the Department is the most practical one under of Aa study
strong demand for cotton
From July to December unfilled
existing conditions. The present method and purpose of orders increased more than 67%.goods.
while stocks were reduced approximately
the Department, which have the approval of the Depart- 20%. At the beginning of November stocks on hand were at the lowest
point in many years.
ment's
according to the
Solicitor,
stated as follows:
announcement, are re-
Cotton of all grades and qualities will be dealt with by the boards of
cotton examiners of the Department of Agriculture according to the merits
of each Individual bale, which will be classified in accordance with the
official standards for grade and color and length of staple; and under the
Department's regulations if cotton be reduced in value by reason of the
presence of extraneous matter of any character or irregularities or defects,
below its apparent grade or length of staple, according to the official
standards, the grade or length of staple to the value of which it is so reduced
and the quality or condition which so reduces its value will be determined
and stated. Following the terms of the law, any such cotton will be
classified for the purposes of the Cotton Futures Act as tenderable on future
contracts if it is at least seven-eighths of an inch in staple length and if it
is not below the grade of low middling or below any of the other specified
minimum grades, if it is not reduced in value below low middling because
of the presence of extraneous matter of any character or irregularities or
defects, and if it is not of perished staple, or of immature staple, or gin-cut,
reginned, repacked, false packed, mixed packed or water packed. Any
cotton which does not meet these minimum requirements must necessarily
be treated as untenderable.
The Jan. 10 meeting was attended by representatives of
the cotton co-operatives, cotton futures exchanges, cotton
shippers' and cotton spinners' associations, and certain
Southern agricultural colleges, together with officials of the
Bureau of Agricultural Economics. The conferees, after a
full discussion, gave it as the consensus of opinion that the
method which has'been and is now pursued by the department is the most practical one at present, and no suggestion
was made to the Department for proceeding otherwise. The
Department was requested also to issue a re-statement of
its manner and method of classifying so-called "snap cotton"
under the United States Cotton Futures Act. In its announcement regarding the meeting the Department also said:
Cottonseed Oil Production During December.
On Jan. 17 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured,shipped out,on hand
and exports during the month of December 1926 and 1925:
COTTONSEED RECEIVED, CRUSHED, AND ON HAND (TONS).
State.
Received at Mills•
Crushed
On Hand at Mills
Aug. 1 to Dec. 31. Aug. 110 Dec. 31.
Dec. 31.
1926.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Okl Moms
South Carolina
Tennessee
Texas
All other
1925.
1926.
260,806 275,396 212,558
37,036
41,125 32,205
356,884 358,922 269,134
54,210 54,568
40,011
450,589 392,047 358,295
191,540 200.203 138.841
518,262 861.1151 363.398
322,249 289,599 205,865
422,967 454,012 276,541
205,856 201,973 165,038
267,191 285.204 209,479
1,476,413 1,183.016 1,049,272
69,253
94,548 114,829
1925.
1928.
1925.
208.161
48,453 87,822
33,951
4,876
8,344
253,649
88,320 105,544
35,0514,199
19,881
276,14
93,716 115,882
149,441
52,828
80,815
362,943 161,041 199,322
186,8 i O 116,005 103,064
260,998 146,806 196,358
158,866
41,430
44,471
210,923
59,533
74,728
815,320 438,494 388,789
73,362
25,311
41,753
United Stets.
4 AAA 551 4 412 057.3 239 ARA 3.025 621 1.291.912 1.416.473
*Includes seed destroyed at mills but not 23,249 tons and 32,278 tons on hand
Aug. 1 nor 48.031 tons and 84,274 tons reshipped for 1926 and 1925. respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT, AND ON
HAND.
Item.
Crude oil
(Pounds)
Refined oil
(Pounds)
Cake and meal__
(Tons)
Hulls
(Tons)
Linters(Running
bales)
Hull fiber
(500-1b. bales)._ _
Grabbots,rootes.dm
(500-lb halp4)
Season.
On Hand
Aug. 1.
Produced
Aug. 110
Dec. 31.
Shipped OW
Aug. Ito
• Dec. 31.
On Hand
Dec. 31.
1926-27 *8.280,561 1,011,663,039 907,225,406 *155,455,120
1925-26
4,847,333 870,543,254 809,783,220 118,719,041
1926-27 x145,670,884 z773,185,205
x332,343,692
1925-28 173,549,345 659,816,748
168,898,455
1926-27
142,844
1,518,539
1,494,848
166,535
1925-26
18,976
1,405,552
1,165,467
259,061
92,333
1926-27
972.173
802.017
262,489
1925-26
39,503
832,448
670,953
200,998
1926-27
65,753
555,371
401,240
219,884
1925-26
18,547
428,641
566,671
156,577
1926-27
40,182
17,335
38,463 •
19,054
1925-26
4,008
30,532
43,583
17,059
1926-27
6,763
17,569
11,857
12,675
The Department's representatives at the conference stated that its boards
of cotton examiners have always dealt with snap cotton on its merits and
have passed such cotton as tenderable on future contracts or rejected it as
untenderable in strict conformity with the limits of tenderability prescribed
in the cotton futures act and the regulations of the Secretary of Agriculture.
In so doing the Department has not lost sight of the importance of the
futures markets as instruments of price registration or the influence which
future prices exert upon the prices paid for spot cotton. It has been felt
1095-96
1 7511
IA 791
11 ORR
R AM
necessary, however, for these reasons to subject all snap cotton to more
•Includes 3,532,157 and 8,538,742 pounds held by refining and manufacturing
than ordinary scrutiny, since cotton of this kind may be found in some establishments
and 2,972,229 and 30,701,670 pounds in transit to refiners and coninstances to vary in quality from that which is fully mature and equal in sumers Aug. 1 1926 and Dec. 31 1926, respectively.
x Includes 2,376,183 and 3,569,087 pounds held by refiners, brokers, agents, and
all respects to mature picked cotton to the point where the presence of
extraneous matter, irregularies or defects make it ovbiously inferior in warehousemen at places other than refineries and manufacturing establishments, and
and 7,002,971 pounds in transit to manufacturers of lard substitute,
quality and value to mature picked cotton. Accordingly, reviews of the 2,702,114
oleomargarine, soap, dm., Aug. 1 1926 and Dec. 31 1926, respectively.
classification of cotton which appears to have been snapped are made only
z Produced from 843,338,350 pounds crude oil.
in Washington. In the final determination, however, the method of EXPORTS OF COTTONSEED PRODUCTS FOR FIVE MONTHS ENDED
DEC. 31.
harvesting is given no weight as a factor in grade or staple and the classification is made only upon the characteristics and properties of the cotton
•
Itself.
Item.
1928.
1925.
Comparative spinning tests of picked and snapped cotton have been
Oil,
crude
pounds
8,353.945
17,667,152
made by the department which indicate no material difference between the
pounds
Refined
7,148,177
14,692,900
spinning utility ofsnapped cotton, where only the mature bolls were snapped Cake and meal
tons
282,902
197,692
running bales
61,267
and picked cotton, when taken in equal quantities at the same time from Linters
33,342
the same field. Further spinning and laboratory tests are now in progress.
The Department feels that any consideration of the subject should be free
December Pig Survey for the United States.
of prejudice or doubt. It will, therefore, continue its scientific studies to
determine with as much exactness as possible the limits within which snap
A
tendency
to increase hog production next year in regions
cotton may be accepted and used as the full equivalent of picked cotton,
to the end that as rapidly as possible additional light may be thrown upon outside the Corn Belt States, especially in the South, is
the subject. Meantime its practice in classification will remain unchanged. shown by the Dec. 1 pig survey made by the United States
Department of Agriculture in co-operation with the Post
Data Covering Year's Operations of Cotton Textile Office Department, through the rural carriers, and made
public on Jan. 14. The Department goes on to say:
Industry-Sales Exceeded Production.
While the Corn Belt States showed only an increase of 9% in sows bred
Reports just completed by the Association of Cotton or to be bred for farrow In the spring of 1927, over the number farrowed
in the spring of 1926, for the United States the increase was 13%, due to
Textile Merchants of New York show for the first time the indicated
increases of 14% in the North Atlantic,21% in the South
results of a full year's operations in the cotton textile in- 34% in the South Central and 25% in the Far Western States. Atlantic,
While the reported Intentions to increase breeding are the largest shown
dustry. This data covers production, sales, shipments and
in the regions outside of the Corn Belt by any of the four December surveys
stocks of a large number of standard cotton cloths for the made to
date, the actual farrowings reported the following spring have been
much smaller than reported intentions to breed in December in years of
year 1926. The reports made public Jan. 17 indicate:
THE CHRONICLE
JAN. 22 1927.]
reported increased intentions, this spread being much wider than in the
Corn Belt.
The number of sows farrowed in the fall of 1926 was only 2% larger for
the United States and 5% larger for the Corn Belt than in the fall of 1925,
and of pigs saved 3% larger for the United States and 4% larger for the Corn
Belt. While the June 1926 survey both for the Corn Belt and outside
regions showed a large intended increase in breeding for the fall of 1926,
this increase did not materialize due to drought in some sections and a widespready hog cholera epidemic.
Hog production in the Southern States has declined steadily from 1920
to 1926 and has reached the lowest point in many years. It now seems
probable that the low point has been reached and that for the next few
years there will be a strong tendency to increase production. For the Corn
Belt States the figures of sows bred to farrow next spring do not indicate
any material increase in hog production in the spring of 1927 over that
of 1926.
The detailed report of the pig survey by States follows:
RESULTS OF DEC. 1 1926 PIG SURVEY.
(Periods covered: Dec. 1 to June 1 (Spring): June 1 to Dee. 1 (Fall).)
Sows bred (or Swine
Average number
over
to be bred)
of pigs saved
six
Pigs for spring farper litter.
rowing 1927. months
saved
camFall
pared
1926 CornFall
Fall
with
corn- pared Corn1928
1926
total
pared
with
coin- pared
contswine Fall Fall We
with
sows
with
pared pared
farswine (Ind. 1926 1925. 1926.
Fall
with
with
pigs)
over
Fall Spring 1925. rowed
a
b
Dec. 1
sir
Spring
1925. 1926.
1926. months 1926.
Sows
Farrowed.
State
and
Division.
Ohio
Indiana
Illinois
Michigan
Wisconsin
Per Cl. Per Cl. Per Ct. Per Cl. Per Cl. Per Cl.No.
44.8 5.8
29.6
85.4 103.5 114.1
106.2
46.8 5.6
29.0
81.1 101.1 113.6
106.0
57.8 5.5
26.6
53.7 104.2 106.5
110.5
43.1 6.3
31.8
110.9
80.8 113.3 114.2
53.6 6.1
33.2
51.5 111.5 109.7
107.4
E. N. Central. 107.9
67.2
104.7
1,10.5
100.5
112.2
100.4
79.8
80.3
97.3
100.1
27.2
29.2
78.4
17.4
15.8
28.8
71.3
107.0
112.7
100.6
86.6
82.2
99.1
102.1
105.9
109.4
112.8
106.6
104.1
106.5
111.3
NOinMerNN
W.N.Central. 101.8
34.3
103.4
108.1
29.7
29.1
/01
Cl ell"
Minnesota....
Iowa
Missouri
North Dakota_
South Dakota_
Nebraska
Kansas
No.
6.0
5.9
5.8
6.2,
5.9
No.
5.8
5.9
5.6
6.1
5.9
50.9
5.74 5.90 5.75
71.4
68.5
47.0
79.1
72.9
73.2
49.0
5.8
5.5
5.9
5.9
5.2
5.4
5.9
85.6
5.65 5.57 5.47
5.4
5.5
5.9
5.4
5.1
5.3
5.8
5.6
5.4
5.8
5.8
5.4
5.2
5.6
Corn Belt
104.8
44.6
104.3
108.9
29.4
60.4
5.68 5.72 5.54
Maine
N. Hampshire_
Vermont
Massachusetts.
Rhode Island
Connecticut...
New York..._
New Jersey
Pennsylvania._
112.0
103.7
113.8
100.7
100.0
104.5
114.1
115.8
114.6
88.8
90.3
76.9
79.9
78.6
112.2
100.1
96.0
116.8
111.1
98.6
125.7
98.1
90.2
126.2
117.0
111.6
113.3
100.4
105.4
108.0
102.1
121.4
119.5
117.2
119.0
115.0
46.2
45.2
51.2
34.4
39.5
47.1
37.5
28.2
23.9
43.8
44.7
40.8
43.6
41.0
35.4
42.7
46.4
44.5
6.8
6.7
7.6
5.7
6.7
6.4
7.0
6.2
6.2
Nor.Atlantic
114.3
105.4
114.5
113.7
30.8
44.2
6.50 6.50 6.50
Delaware
Maryland
Virginia
West Virginia_
Nor, Carolina,
Sou. Carolina.
Georgia
Florida
123.7
109.3
107.0
104.0
90.0
83.9
88.1
95.3
112.8
108.1
109.9
101.0
99.3
106.9
92.4
101.1
120.9
104.8
103.5
106.9
93.8
86.0
90.6
106.9
124.3
114.0
118.2
112.5
117.9
132.8
120.7
123.5
29.5
26.6
23.8
25.0
18.3
17.8
19.4
15.2
42.9
47.1
48.2
50.5
56.5
58.3
56.5
58.8
6.0
5.9
6.4
6.8
6.1
5.4
5.6
5.5
6.9
7.0
6.9
5.9
7.5
5.3
6.8
6.4
6.3
6.1
6.2
6.6
6.6
5.9
5.3
5.4
4.9
449
which reduced the price of export gasolinenc. a gallon to
27.40c. in cases. Effective the same day at Chicago, the
Standard Oil Co. of Indiana reduced the price of all grades
of gasoline lc. a gallon when delivered in lots of .50 gallons
or more at one time. This procedure was immediately
followed by the Sinclair Refining and Roxana, Petroleum
companies. The new prices of the Roxana company (a
subsidiary of the Shell Union Oil Corp.) are now 16o. per
gallon for bulk and 17c. for less than 100-gallon lots. The
Texas Co. announced tank wagon prices of 16o. per gallon,
regardless of bulk. Service station price for the three
companies is 190.
On Jan. 20, at Cleveland, Ohio, a price reduction ranging
from 5% for 5 cases up to 10% for 10 cases and over, in
dealers' schedule on practically all case goods, including
grease and oils, was announced by the Standard Oil Co. of
Ohio..
During the week the wholesale markets at Chicago
remained practically unchanged, with motor gasoline holding
at 9c. Kerosene and fuel oils were also unchanged.
Crude Oil Output Almost Unchanged.
The output of crude oil remained virtually unchanged
throughout the week ended Jan. 15, according to estimates
furnished by the Ameriean Petroleum Institute, which declared that the estimated daily average gross crude oil
production in the United States for the week ended Jan. 15
was 2,391,000 barrels as compared with 2,389,850 barrels
for the preceding week, an increase of but 1,150 barrels.
The daily average production east of California was 1,739,000
barrels, as compared with 1,731,050 barrels, an increase of
8,450 barrels. The following are estimates of daily average
gross production by districts for the weeks indicated:
6.2
6.9
6.7
5.2
6.4
6.4
6.7
5.6
6.1
5.6
6.3
6.2
6.6
5.9
5.3
5.6
5.4
(/n Barrett-)
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION.
Jan. 15 '27. Jan. 8'27. Jan. 1 '27. Jan. 16 '26.
447,750
571,100
587,200
594.650
100,400
118,400
116,600
118,900
1,500
145.200
137,550
140,450
78,450
102,450
101,450
101,350
76,500
130,750
133.800
136,200
63,700
52,750
62,950
52,400
38,500
40,450
40.250
39,800
43,500
53,800
51,150
53,300
184,250
136,650
133,250
133,550
78,050
172,250
170,650
166,800
10,700
11,000
13,000
12,150
100,500
109,000
108,500
108,000
81,950
55,750
59,900
57,000
12,050
11,600
11,550
12,600
6,000
8,250
7,750
7,900
4,300
5,000
5,500
4,450
619,500
664.000
858,800
651,500
VOCIONWMW[..004.
1q
GrqCPqn.
1,947,600
2,388,400
2,389,850
2 391,000
Total
nent
The estimated daily average gross production of the Mid-Conti
Central, East
field including Oklahoma, Kansas, Panhandle, North, West
for the
Central and Southwest Texas, North Louisiana and Arkansas.
55.0 5.90 5.76 5.50 week ended Jan. 15 was 1.370.600 barrels, as compared with 1.354,200
20.9
96.0 120.9
South Atlantic. 94.0 100.2
MidThe
barrels.
barrels for the preceding week, an increase of 16.400
43.6 6.3 6.0 5.9
27.6
95.6 112.0 122.5
107.0
Kentucky
was
49.0 6.1 6.0 6.0
Continent production excluding Smackover. Arkansas heavy oil,
22.7
102.0 106.2 103.2 129.3
Tennessee
60.5 5.2 5.0 5.3
17.8
90.7 129.0
87.7 105.2
Alabama
1,264.900 barrels as compared with 1,248.900 barrels, an increase of 16,000
19.8
51.1 5.6 5.2 5.1
99.9 134.0
Mississippi_.... 92.2 119.6
barrels.
16.3
61.5 5.5 5.6 5.2
78.4 135.4
79.2 107.3
Louisiana
barrels,
In Oklahoma, production of North Braman is reported at 12,450
52.5 5.7 5.0 5.7
24.6
107.1 116.4 121.5 144.7
Texas
barrels;
49.0 5.5 5.8 5.8
26.5
93.8 136.8
98.3 100.1
against 13.650 barrels; South Braman, 4,750 barrels, against 4,850
Oklahoma
52.9 5.4 5.8 5.4
23.0
83.7 139.5
90.3 105.8
Arkansas
Tonkawa, 27,250 barrels, against 26.100 barrels; Garber. 19,350 barrels,
Burbank, 48.100 barrels, against 47,750 barrels;
22.7
51.8 5.79 5.61 5.58 against 19.050 barrels;
South Central. 98.0 106.9 100.6 134.1
Bristow-Slick, 27,400 barrels, against 27.350 barrels, Cromwell, 13,9:)0
66.7 6.1 6.1 8.5
21.4
91.9 109.4
91.9
Montana
barrels, against 13,850 barrels; Papoose. 8,200 barrels, against 8,100 barrels;
barrels,
62.7 5.5 6.2 5.7
36.3
88.0 132.2
99.1
Wyoming
Wewoka, 23,750 barrels, against 23,900 barrels; Seminole, 172,700
50.4 6.0 5.0 5.8
102.2 114.7
29.2
85.8
Colorado
against 167,100 barrels.
39.4
43.1 5.8 5.5 4.7
123.7 148.8
116.7
New Mexico
barrels
22.7
46.8 5.0 5.0 5.7
In Panhandle Texas, Hutchinson County is'reported at 124,200
100.0 125.0
100.0
AHsons
barrels, against
35.7. 43.7 6.7 6.2 6.3
128.8 126.3
120.0
Utah
against 122.500 barrels, and Balance Panhandle. 16,250
53.6 5.8 6.8 6.3
barrels,
24.4
104.9 137.5
23,800
Powell.
122.2*
Corsicana
Texas,
Nevada
15,050 barrels. In East Central
44.3 6.0 8.1 6.0
37.7
98.5 139.2
• 97.9
Idaho
against 24,200 barrels; Nigger Creek, 9,000 barrels, against 9,150 barrels;
54.9 8.6 6.7 6.6
30.2
112.7 125.8
Washington... 115.0
48.6
36.1
6.8
6.6
139.4
6.8
108.3
Reagan County, West Central Texas, 28,450 barrels, against 28.800 barrels;
107.8
Oregon
28.8
48.4 6.1 6.2 6.0
115.4 130.4
117.2
California
Crane and Upton Counties, 29,800 barrels, against 27,650 barrels; and in
barrels, against 18,200 barrels;
31.3
50.5 6.18 5.91 6.00 the Southwest Texas field, Luling, 18.150
71.3 102.9 124.9
Far Western._ 100.1
District. 15,800 barrels, against 16,200 barrels; Lytton Springs.
Laredo
e. wn
ff• mn
t ..P.
CO 9
00 9
119 0
109 A
ra 0
Inn •
2,900 barrels, no change. In North Louisiana, Haynesville is reported at
8.400 barrels, against 8.350 barrels; Urania, 12,700 barrels, against 10.000
a As shown by survey of December 1925. b As shown by survey of June 1928.
barrels; and in Arkansas. Smackover light, 12,500 barrels, against 12.550
barrels; heavy, 10.5,700 barrels, against 105,300 barrels; and Lisbon, 5.600
Oil
Prices
Crude
-Gasoline
barrels, against 5,550 barrels. In the Gulf Coast field, Hull is reported
No Changes in
at 19,300 barrels, against 19,350 barrels; West Columbia, li.,700 barrels,
and Kerosene Reduced.
against 12,800 barrels; Spindletop, 88.550 barrels, against 88,750 barrels;
Virtually no changes occurred in the prices of crude oil Orange County. 6,300 barrels, against 6.650 barrels, and South Liberty.
21,
while
kerosene and 4.400 barrels, no change.
throughout the week ended Jan.
In Wyoming, Salt Creek is reported at 39,250 barrels, against 42.250
gasoline, on the other hand, showed numerous reductions. barrels;
and Sunburst, Montana, 10,000 barrels, against 9,000 barrels.
the
was
on
17
these
announcement
of
Jan.
Among the first
In California. Santa Fe Springs is reported at 43,000 barrels, against
93.500 barrels; Huntby the Standard Oil Co. of New Jersey of a reduction in 44,000 barrels; Long Beach, 93,000 barrels, against
ington Beach, 92.000 barrels, against 97,500 barrels; Torrance, 26.000
of
a
lc.
kerosene
of
price
making
gallon,
wagon
the tank
barrels, no change; Dominguez,19,000 barrels, no change; Rosecrans, 12,500
the price 150. per gallon throughout its territory. On the barrels, against 13,500 barrels; Inglewood. 39,000 barrels, no change;
barrels; Ventura Avenue,
same date the Continental Oil Co. at Denver, Colo., reduced Midway Sunset, 90,500 barrels, against 91.000
barrels, against 54,300 barrels, and Seal Beach,9.500 barrels, against
55,000
Montana,
New
Colorado,
in
Mexico
%c.
the price of kerosene
9.000 barrels.
and Wyoming and lc. in Idaho and Utah. This reduction
was followed later in the week (on Jan. 20) by the Standard
Oil Co. of New York, which reduced the tank wagon price
of kerosene lc. a gallon in New York and New England
to 17o. per gallon.
In the gasoline markets the earliest reduction announced
was that made Jan. 19 by the Standard Oil Co.of New Jersey,
•
World Copper Output Lower in December.
The following is from the "Wall Street News" of Jan. 15:
The world production of copper in December amounted to 86.876 tons
compared with 92,768 tons in November,a decrease of 5.892 tons, according
to figures compiled by American Bureau of Metal Statistics.
The total crude production of copper last month amounted to 72,205 tons,
an average of 2,329 tons per day, compared with 74,947 tons, or t daily
450
•
THE CHRONICLE
[vol.. 124.
average of 2,498 tons in November. In October the output was 75,099
Competition for cast iron pipe contracts is unusually sharp. A recent
tons with the daily average of 2,423 tons. For the 12 months ended Dec.31 award at Milwaukee brought out a price
under $35 base, Birmingham,
last the total production of crude was 872.318 tons with the daily average which is $2 below the re cent market.
2.390 and the monthly average 72,693. In the corresponding period 1925,
England reports poor demand for tin plate, and second quarter orders
842.117 tens of crude copper were produced, or a daily average rate of 2,307 have been placed at less than 20s. per base box, compared with 21s.
for spot
and a monthly average of 70,176 tons.
delivery. Japanese sheet demand is reported in London to be light; in
The following table gives the production of copper with comparisons New York,on the contrary, Japan's inquiries amount
105,000 to 6,000 tons.
(figures in tons of 2,000 lbs.):
Both the "Iron Age" composite prices are unchanged this week, pig iron
Dec.
Nov.
Oct.
standing at $19 39 per ton and finished steel at 2.439c. per lb. Both are
Porphry mines
30,675
39,727
31,811 lower than
a year ago-pig iron by 11% and finished steel by 0.3%.as shown
Lake mines
7,068
7,628
6,923
Vein mines
30,862
32,877
32,840 by the following composite price tables:
Custom ores
*3,600
3,715
3,525
Finished Steel.
. Pto Iron.
Total crude
Jan. 18 1927, $19 39 Per Gross Ton.
72,205
74,947
75,099 One Jan. 18 1927, 2.439c, Per Pound.
Blister from scrap
2.439c. One week ago
$19 39
2,070
2,093
2,226 One week ago
Strelte ;production
2 4530. One month ago
19 88
86.876
92.768
87.012 One month ago
year ago
*Partly estimated. Revision will be made next month.
2.4460. One year ago
21 79
0-year pre-war average
1 6890. 10-year pre-war average
15 72
The same paper on Dec. 18 stated that the production of
Based on steel bars, beams,tank plates,
Based on average of basic iron at Valplain wire, open-hearth rails, black pipe ley furnace and foundry irons at Chicago.
copper by the principal countries of the world which furnished and
black sheets, constituting 87% of Philadelphia, Buffalo. Valley and Birabout 97% of the world's total in 1924 and 1925,in December the United States output.
mingham.
High.
Low.
amounted to 142,191 tons, compared with 148,321 tons, [926_2.453c., Jan. 5: 2.403c.,
May 18 1926_521 54. Jan. 5; $19 46, July 13
925_ _2.560c., Jan. 6: 2.396c., Aug. 18 1925._ 22 50; Jan. 13; 18 96. July 7
a decrease of 6,130 tons in the monthly output and 357 tons 1924-2.789c.,
Jan, 15; 2.460c., Oct. 14 1924-_ 2288, Feb. 26; 1921, Nov. 3
in the daily rate, according to American Bureau of Metal 1923__2.824c., Apr. 24;2.446c., Jan. 2 1923-- 3086, Mar, 20: 20 77, Nov.20
Statistics. Continuing, the "News" said:
For the year ended Dec. 311926. the output amounted to 1,600.382 tons.
a monthly average of 133,365 tons, and a daily rate of 4,385. In 1925 the
production aggregated 1,540,875, with the monthly average 128,406 and
the daily rate 4,222 tons.
Allowing for estimates for non-reporting companies the output in the
12 months ended Dec. 311926. amounted to 1,651,500 tons.
The following table gives the production for December with comparisons:
12 Mos. Ended
Dec. 31
Dec.
Nov.
Oct.
1926.
United States
86.876
984,135
92.768
87,012
Mexico
3,753
3,648
3.761
42,669
Canada
2,438
2.783
2,538
33.346
Chile and Peru
24,959
21,273
24.236
254.972
Japan
5,864
*6.000
72,041
5,863
Australia
1,014
1,027
1,316
10,267
Europet
9.600
10.700
8,700
114.700
Belgian Congo
7,278
6.539
7,166
88.252
Total
142,191
148,321
136,600 1,600,382
Non-reporting countries,est-5,000
4.700
5,000
51,100
World's total
147.200
153.300
141.300 1.651,530
•Estimated. tIncomplete; partly estimated.
In point of inquiry, new business and shipments finished
steel still shows modest improvement over December but
the rebound since the holiday and inventory season has not
come up to expectations, declares the "Iron Trade Review"
in its weekly summary of conditions in the iron and steel
markets on Jan. 20. Producers have become noticeably
keener for tonnage and the resulting sharper competitive
situation has unsteadied prices. Concessions of several
dollars a ton, commanded by attractive business, have
become more general, observes the "Review" from which
we quote as follows:
Prices, In fact, dominate the week's market developments. Steel bars
and structural shapes, heretofore held a. 2.00c., Pittsburgh, a:e more
easily had at 1.90c. Plates at 1.90c. are none too firm. Galvanized and
blue annealed sheets have surrendered an additional $2, now having a
general minimum of 3.7.5c. and 2.20c., respectively, but with still less
having been done; prices in other districts have been proportionately sensitive. Automobile sheets have weakened $2 to 4.15c. Hot strip steel
makers in the Pittsburgh district have dropped several dollars to meet
and have adjusted contracts.
Steel Business Remains Moderate-Pig Iron Market competition
Finished steel production this week is averaging not much over 70% for
Shows Sharp Competition.
the entire industry, or fully 10% below last January, but no particularly
bad spots have developed. A year ago, as now, the automotive industry
New business in finished steel is still of moderate volume,. was
maneuvering for lower prices
getting under way more slowly
reports the Jan. 20 "Iron Age" in its market review. Cur- than had been anticipated. Awardsand
of freight cars thus far in January
are
over
50%
greater
than in last January, and inquiry is larger. Tin
rent orders and specifications are so closely gauged to actual
plate, steel pipe, rail and track fastening business is at least on a parity
requirements and are for such prompt shipment that in most with
this time last year. Consumers on the whole appear more inclined
products there is almost no building up of backlogs. Thus to wait out the market than was the case last January.
By Way of contrast pig iron is a shade stronger in the Malwning Valley
mill schedules show little change, with steel ingot output, as
This reflects the decision of Connellsville coke operators not to reduce
in the previous week, slightly above the December rate, wages
at this time, and the consequent abandonment of hope for a downcontinues the "Age," adding further details as follows:
ward adjustment in coke prices. Some furnaces are asking $19 for foundry
In the Pittsburgh and Youngstown districts about 70% of ingot capacity and malleable iron, or 50 cents higher. In other districts pig iron shows
is active and on that basis a few companies are stocking some steel against no quickening. Freight car awards,featured by 1,020 by the Northwestern
an expected improvement in demand, as well as the possibility of a soft coal Refrigerator Line and 1,000 by the Wabash, crosse0 the 2.00( mark for the
strike on April 1.
week and assured iron and steel producers of nearly 20,000 tons additional.
Automotive demand, particularly for sheets and strip steel, has im- Pending inquiry has been increased to nearly 22,000 by the reinstatement
proved slightly, but not to the extent expected, an imills are now looking of 3,000 by the Baltimore & Ohio, which it is understood will be placed in
for an increased production of cam in February t release steel in larger a few days, and new inquiry or 1.108 by the Canadian National
and 300
quantities.
by the Northern Pacific. The Illinois Central inquiry for 9,000 cars is
Interest in the price situation still centres in the sheet and wide hot strip nearer placement.
markets, and the latest business in wide strips has shown the same conAlthough shipments of fabricated steel in December totaled only 214,200
cessions from 2.15c. noted in the precedirg week. In northern Ohio a large tons, or 36,000 less than in December. 1925, the year's shipments are shown
contract for blue annealed sheets develoi el a new low price, in view of the by the department of commerce to have been 2,858.550 tons, against
competition from wide strip mills.
2,754,150 tons in 1925. Bookings in December wore 220,500 tons; they
In the Cleveland district there has been more meeting by outside mills were 225.700 tons in December, 1925. December sheet sales are shown
to
of the 1.90c. bar price named by a local producer on certain sizes a few weeks have been considerably higher than those in November, the comparison
ago. The 2c. Pittsburgh basis still appears in other districts on ordinary being 240.862 tons against 185,235, but December shipments of 219,498
business, but to some larger buyers the 1.900. price has carried over from tons fell below the total of 262,797 for November. Both sales and shipments were considerably below the level of Dec. 1925. Despite lack of
1926.
There is weakness in reinforcing Irws, also some evidence of concessions supportfrom the automotive industry and the continued weakness in prices,
on structural steel, and in northerr 0 rio one or two cmtracts for fabricated the morale of the sheet industry has become slightly better in the past week.
work developed particularly low b'd ring.
Shipments and new business both gained a little ground. Tin plate proOn about 30,000 tons of plates, shapes, bars and other products, repro- duction continues at 95% or better for the entire industry.
The first show of real interest in 1927 Lake Superior iron ore requirements
Denting the first quarter requirements of the Per nsilvania RR., a leading
producer quoted 1.90c. Pittsburgh on the three first named items, 2.25c. as come from three steelworks and two blast furnace interests who have
on blue annealed sheets. 2.90c. on black sheets and 3.75c. on galvanized. begun negotiating long-term contracts at Cleveland. The combined annual
One mill bid 2.20c. on blue annealed sheets. Bids of some producers wore ore consumption of these five inquirers is about 1.000,000 tons.
higher by $2 or more a on on all the products tamed.
For the seventh consecutive week the "Iron Trade Review" composite
The Wabash RR. has ordered 1,000 cars. These, with 400 in small orders offourteen loading iron and steel products has registered a loss, due to further
and 800 to be built by the Southern Pacific in I'S own skops, bring the total weakness in sheets and finished steel. This index stands at $37 47 this
for the year to more than 12.000. A Canad'an road is inquiring for 66 week, compared with $37 78 last week and 538 46 in the first week of
locomotives'. The Santa Fe has bought 10, bringing its recent orders up to December, when the present recession began.
60.
A Los Angeles hospital now up for bids will take 10,000 tons of steel and
a railroad office building in St. Louis close to 5.030 tons. New structural Cold Weather Aids Coal Markets-Prices Fairly Stable.
steel awards include 3,200 tons for an office building In Louisville, Ky., and
The cold has arrived, the industries are accumulating
3,100 tons for Baltimore & Ohio bridges.
he total was not large compared
reserve stores of coal. If thcse two outstanding facts could
with the heavy lettings of the preceding two weeks.
In volume of fabricated steel 1926 fell at out 9% below 1925. Capacity be noted without qualification, the work
of reviewing the
is now rated by the Department of Commerce at 315.000 tons per month,
against an average of 308,000 tons per month for 1925, but bookings aver- market for the past week would be ended. For they have
overshadowed other events that are upon us, or are in
aged 64% last year and 72% in the year preceding.
In pig iron competition between producing districts is more sharply prospect, declares the "Coal and Coal
Trade Journal" in its
marked. Northern Ohio iron is at the moment dominating the southern
What may happen
Ohio market on the score of price, one transaction figuring back to less than Jan. 20 review of market conditions.
$17 50 Lake Erie furnace. Chicago furnaces find their market more cir- on the first of April is just now in the back of the coal
cumscribed by Iron from the East and Southwest, and resale Chicago iron man's mind.
He has not forgotten it, but he is not giving
has displaced Ohio iron in Michigan. Concessions were made also on business just closed in New York. In eastern Pennsylvania a steel company it immediate attention. Almost all of the country that ever
knows snow knows it now, or has known it within the past
• bought 13,000 tons of basic at $21 50 delivered.
Pig iron production has decreased in the week,one merchant and two steel few days. The
cold is as general as could be desired. The
company furnaces having gone one.
At Pittsburgh, due to the action of steel companies In limiting shipments old eternal problem of the coal man-that of getting fuel
of heavy melting steel scrap, that market is somewhat weaker.
immediately to the place where it can be burned-
•
is a
22 1927.]
THE CHRONICLE
sufficient one to engage all his energies, observes the "Journal," adding:
Of course he is cheerful. The general trend of quoted prices reflects
conditions, and explains his good humor.
Back of the events of the moment are some significant facts. Cincinnati
for one place, reports that production is high in spite of the shutdown of
some mines. It is to be noticed also that while there has been an adjustment in wages in many places, this has not been carried to a point to cause
any disturbance of workers. Those who believe they see the situation most
clearly are anxious to have the diggers of coal at hand and to have them
digging.
The cause of this is the tendency, that is now clearly observable, to have
accumulations of coal at the points where it will be used. The industries
are buying;indeed, the truth is that they have been buying and contracting
for continuous buying, so that their reserves will amount to thirty days at
this time, and sixty days in the near future and ninety days by the middle
of spring. This is by no means invariably being done, but it has so far
become the prevailing practice that it may be said to be reasonably general.
It would appear as if the situation is well in hand. The approaching days
of possible trouble are being taken care of. Without excitement or undue
haste, coal is being produced in sufficient quantities to meet the needs of
winter and to provide for a dangerous period thereafter.
This coal is being as carefully purchased as possible, so that prices are
not seriously affected or transportation unduly burdened. But,nevertheless, it is being secured and stored by those who must have
It seems to be noticeable that there is greater activity among those who
tap the regions whore the union mines are situated. The reason for this is
obvious. Some of the railroads are buying ahead. Those that go to nonunion districts are tranquil about the future.
The storms that have prevailed are considerate ones. No impediment to
transportation has been reported. In most of the cities the trucks have
moved without delay. It might be pointed out here that one cause for this
latter condition is that better trucks do the moving. The general improvernent in the equipment of the wholesale and retail trade in this line is something we are apt to overlook. In a very large way the difficulties of coal
distribution in all Its branches have been lessened in the last few years
because the means of transportation have greatly improved.
Indeed it may be recorded in ,he consideration of the present moment
that the situation in the whole coal industry is better than it has ever been
before by reason of improvement in forestalling a contemplated striko and
In being able to meet immediate demands, whatever those demands may be.
In contrast with the remarks quoted above, the "Coal
Age" of New York in its summary of the state of the coal
markets during the week declared that storage buying as a
factor was of greater importance than weather conditions.
The "Age's" resume, dated Jan. 19, follows in full:
Weather and storage buying vere the determining factors in shaping
the course of the bituminous trade throughout the country in the past week.
Storage buying, however, was the more important factor. Accumulation
of reserve svickS as insurance against any suspension in production on
April 1 was in evidence in varying degree in every market east of the Mississippi River. It is this buying which undoubtedly is responsible for lifting
the production figures over the 13,000,000-ton mark in the first week of
the now year. This same class of buying promises to grow in intensity
as the time for the expiration of the Jacksonville agreement draws nearer.
Decreases in spot realizations on central Pennsylvania coals and on the
high volatiles of southern West Virginia and eastern Kentucky were responsible for a slightly easier price trend. "Coal Ago's" index of spot
bituminous prices on Jan. 17 was 192 and the corresponding weighted average price was 32 33. Compared with the figures on Jan. 10 this was a decline of2 points and 1 cent. In the Middle Western fields price maintenance
has been fairly successful. The smokeless shippers also have been able
to maintain prices.
Developments in the labor situation are complicated. It is strongly
hinted that Ohio and western Pennsylvania operators will meet the union
with a demand for a reduction in the 1917 scale. From other quarters
comes advocacy for a sliding scale wage.
Domestic anthracite showed some signs of reviving interest last week.
The feature in the market was No. 1 buckwheat, independent tonnage
selling up to 34 25 In the New York market and $1 less in Philadelphia.
Production of Bituminous Coal Increases to High
Level-Anthracite Gains a Trifle-Coke Declines.
With the holidays past, the output of bituminous coal
has smartly increased and the production for the week
ended Jan. 8 shows a grain of 2,504,000 net tons over
that for the week ended Jan. 1, according to the Untied
States Bureau of Mines report issued Jan. 15. Anthracite,
while recove ing from the holiday slackening, did not attain
its former level, while coke, on the other hand, continued
to decline, adds the Bureau's statistics, from which we
quote the following:
The decline in production of bituminous coal from the new record established in early December Was arrested in the first week of the new year
The total output in the Week ended Jan. 8 is estimated at 13.215,000
net tons. Although this is much less than the level of November and
early December, it is close to the maximum over reached in any year
prior to 1926.
The average production per working day was 2,203,000 net tons, about
the same as in the week of Dec. 18.
Estimated United States Production of Bituminous Coal (Net Tons) Including Coal
Coked.
1926-1927
1925-1926
Coat Year
Coal Year
Week.
to Date.
Week.
to Date.a
421,840,000
10.486,000
Dec. 25 1926
8,384,000
382,732,000
1,863,000
2197,000
Daily average
1,677,000
1,693.000
432,551,000
10,711,000
Jan. 1 1927..b
10,704,000
393,436100
2,021,000
Daily average
1.867,000
2,020,000
1,700,000
13.215.000
445.766,000
Jan. 8 1927_c
13,031,000
406,467,000
Daily average-. 2,203,000
1,876100
2,172.000
1,712.000
a Minus one day's production first week in April to equalize number of days
In two years. b Revised. c Subject to revision.
ANTHRACITE.
The total production of anthracite during the first full week in January
is estimated at 1.368,000 net tons. Although this is a gain over the
output in the preceding week, which was curtailed by the New Year holiday, it continues the downward trend in anthracite output which has
been apparent for some time.
451
Estimated United States Production of Anthracite (Net Tons).
-1926-1927
-1925-1926Coal Year
Coal Year
Week Endedto Date.
Week.
Week.
to Dale.*
Dec. 25
1,503,000
72,848.000
33.000
40,380,000
Jan. 1
73,976.000
1,128,000
28.000
40,408.000
Jan. 8
75,344.000
1,368,000
47,000
40,455.000.
a Minus one day's production first week in April to equalize number of days in
the two coal years.
BEEHIVE COKE.
The total production of beehive coke in the week ended Jan. 8 is estimated from reports of railroad shipments at 168.000 net tons.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1926
1927
Jan. 8
Jan. 1
to
Jan. 9
to
1926.
Date.
1927.
Date.
1927.
Pennsylvania and Ohio
133,000 138,000 235.000 156.000 276,000
West Virginia
14,000
14,000
16.000
13,000
16.000
Ala., Ky., Tenn. and Georgia
6,000
7.000 22,000
7.000 24.000
Virginia
6,000
7.000
6.000
9,000
11.000
Colorado and New Mexico
5.000
5.000
5,000
6,000
6.000
Washington and Utah
4,000
4,000
5.000
3.000
5,000
United States total
168,000 172,000 289,000 197,000 338,000
Output of Coke During Month of December.
Although there were 31 days in December, the output of
by-product coke in that month fell from a total of 3,743,000
tons in November to 3,706,000 tons, a decrease of 37,000
tons, or 1%, reports the U. S. Bureau of Mines on Jan. 15.
The daily rate declined from 124,783 tons to 119,555 tons,
a loss of 4.2% per day. There were 76 active plants, the
same number as in November and October, and these plants
produced about 88% of their capacity, continues the Bureau,
adding:
According to the "Iron Age," the production of coke pig iron for the
31 days in Decemoer was 3.091,060 gross tons, or 99.712 tons per day,
as compared with 3.236,707 tons or 107,890 tons per day for the 30 days
in November.
The output of coke pig iron for 1926 was 39.070,470 tons, which compares
with 36.403,470 tons in 1925 and with 40,059,308 tons in 1923, the record
year.
Production of beehive coke in December continued to decline, the total
being estimated at 780,000 tons, a decrease of 0% when compared with
November.
Production of all coke amounted to 4,486,000 tons, of which by-product
plants contributed 83% and the beehive plants 17%.
Indications are that the total production of by-product coke during the
calendar year 1926 amounted to 44,500,000 net tons, and that of beehive
coke to 11.500.000 tons.
MONTHLY OUTPUT OF BY-PRODUCT AND BEEHIVE COKE IN THE
UNITED STATER (NET TONS).a
Hp-Prodtea
Coke.
Beehive
Coke.
1924 monthly average
1020 monthly aversive
19266 monthly average
2 833.000
3.326.000
3,712,000
806.000
04. non
957,000
3.639.000
4.272 ono
4.669,000
September 1926
October 1926
November 1926
Deesmber 1926
3.654.000c
3.814.000c
3,743.000
3.706.000
820.000c
867.000
860.000c
780.000
4.474.000e
4,681,000c
4.603,000c
4.456,000
Total.
a Excludes screenings and breeze. b Preliminary lgures. c Revised since last
report.
The total amount of coal consumed at coke plants in December was
6,555,000 tons, of which 5,325.000 tons were consumed In by-product
ovens and 1,230.000 tons in beehive ovens.
ESTIMATED MONTHLY CONSUMPTION OF COAL IN THE MANUFACTURE OF COKE (NET TONS).
Consumed in
Bp Product
Ovens
Consumed in
Beehive
Ovens,
Total
Coal
Consumed
1924 monthly average
1925 monthly average
1926a monthly average
4 050 000
4.759.000
5.334,000
1 272.000
1.452100
1,509,000
5.332.000
6,211,000
6.843,000
September 1926
October 1926
November 1926
5,250.000b
5,480,000b
5,379.000
n 50.5 nnn
1.293.0006
1,367.000
1,356.0006
1 9e4104141
6.543.000b
6.847,000b
6,735.0001b
TIoronlhar 1096
A 555 41041
Preliminary figures. b Revised since last report
Of the total production of by-product coke during December, 3,032,000
tuns, or 81.8%, was made in plants associated with Iron furnaces, and
674,000 tons, or 18.2%, was made at merchant or other plants.
PER CENT OF TOTAL MONTHLY OUTPUT OF BY-PRODUCT COKE
THAT WAS PRODUCED BY PLANTS ASSOCIATED WITH IRON
FURNACES AND BY OTHER PLANTS. 921-1926
1921.
Month
January.
February.
March__
April
May
tune
July
August_ _.
September
October...
\Tovember
December_
1922.
1923.
1924.
1925.
1928.
FurFurFurFurFurFurmace. Other mace. Other mace Other mace. Other mace. Othev nace. Oats
00 00000 Y)00 00 CO 00 CO 00DO
t4 3t4totoCCOtOtotOtOti
r.0t,
:4to
;•.2
JAN.
17.2
17.7
17.4
17.4
17.5
16.9
16.7
17.3
179
17.9
I'S
17.4
82.8
83.6
84.0
83.6
80.0
80.8
80.8
79.5
820
82.9
17.2
16.4
16.0
16.4
20.0
19.2
19.2
20.5
180
17.1
15.:
lei:
16.:
16.1
16.9
161
17.4
17.1
179
17 7
514 IRA :50 1 '0
84.6 15.4 82.9 17.1
82.9
81.7
82.5
82.6
82.5
82.5
838
83.0
82.7
82.6
82.5
81.8
17.1
18.3
171
17.4
17.5
17.5
16.8
170
17.3
17.4
17.6
18.2
in • ono
In •
on 9
19 9 09 1
040
171
83.1
82.3
81.3
80.3
81.1
82.6
81.2
8.3.0
83.8
84.0
545
84.9
16.9
17.7
18.7
19.7
18.9
17.9
18.9
17.0
16.2
16.0
159
15.1
82.4
83.3
83.3
83.7
85.5
85.7
56.0
80.3
82.7
83.3
53.1
82.9
17.6
16.7
16.7
16.3
14.5
14.3
14.0
19.7
17.3
16.7
la 0
17.1
297
II/
09A
84.8
83.7
83.7
83.7
83 2
831
82.6
82.1
82 2
823
Inn
Estimated Total Production of Bituminous Coal in
1926.
The United States Bureau of Mines' final estimate of
bituminous production in the last week of December, taking
l_ctual Production as Later
Reported by Operators
Net Tons.
Date
Published.
Net Tons.
Date
Published.
544,142,000
585,883,000
458,063.000
556,516.000
406.990,000
407,712,000
545,300,000
483,280,0000
522.967.000
578,290,000
Jan. 1918
Jan. 1919
Jan. 1920
Jan. 1921
Jan. 1922
Jan. 1923
Jan. 1924
Feb. 1925
Jan. 1926
Jan. 1927
551,790,563
579,385.820
465,860,058
568,666,683
415,921,950
422.268,099
564,564,6626
483,686,538
520,052,741
Late 1918
Aug. 30 1919
Sept. 17 1921
June 3 1922
Sept. 23 1922
Oct. 27 1923
Oct. 18 1924
Nov. 14 1925
Nov. 20 1926
Per Cent
of Error
in the
Estimate.
-1.4
+1.1
-1.7
-2.1
-3.4
-3.4
-0.1
+0.6
(a) S ightly revised in following year. (b) This is a revision of an earlier estimate,
in which the error was 3.4%.
At this time it may be of interest to offer an explanation of the basis of
these estimates.
The estimate represents the production of coal, including mine fuel,
local sales, coal loaded direct into locomotive tenders at mines, coal charged
into beehive coke ovens, shipments by waterways, and shipments by
rail. The estimate is based upon the following information, collected
currently.
(1) Cars of coal loaded by the principal carriers, including non-revenue
railroad fuel, courteously furnished by the American Railway Association.
(2) Cars loaded by certain private roads not reporting to the American
Railway Association, collected direct by the Bureau.
(3) Coal loaded for shipment on the Monongahela, Allegheny, Ohio and
Kanawha rivers, reported by the U. S. Army engineers.
(4) Cars of beehive coke loaded by the principal coke carriers, collected
direct by the Bureau, from which the coal charged into beehive ovens is
determined.
The reports of cars of coal loaded are converted into equivalent tons,
making very careful allowance for the varying size of the carload on different
roads. The average load (as distinct from the theoretical capacity of the
car) is now about 4934 tons per car. In the final estimate allowance is
made for the unknown items, namely coal loaded by some scores of small
railroads of class II and III not reporting, coal loaded on minor waterways,
local sales, coal loaded direct into locomotive tenders, and mine fuel.
These several sources of information furnish an adequate basis for estimate,and as shown by the check against the complete returns later furnished
by the operators, the margin of error is probably within 2%.
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1926, corrected to Jan. 15 1927.)
MERCHANDISE.
December.
Exports
Imports
12 Months End. December.
1925.
1926.
1926.
467,000,000 468,305,949 4,810,411,597 4,909,847,511 -99,435,914
361,000,000 396,639,809 4,432,541,627 4,226,589,263 +205,952,384
Excess of expts 106,000,000 71,666,140
Excess of'mots
1926.
ExportsJanuary__
February_
March ____
April
May
June
July
August...
September_
October
November..
December.
Increase(+)
Decrease(-)
1925.
1925.
5
396,836,319
352,905,092
374,406,259
387,973,690
356,699,124
338,033,174
368,316,535
384,448,727
448,071,200
455,398,271
480,323,206
467,000,000
$
446.443,088
370,676,434
453,652,842
398,254,668
370,045,110
323,347,775
339,660,368
379,822,746
420,368,140
490,566,814
447,803,577
468,305,949
377,869,970
683,258,248
1924.
1923.
$
395,172,187
365,781,772
339,755,230
346,935,702
335,088,701
306,989,006
276,649,055
330,659,566
427,459,531
527.171,781
493,572,921
445.748,393
1922.
$
335,416,506
306,957,419
341,376,664
325,492,175
316,359,470
319,956,953
302,186,027
310,065,891
381,433,570
399,199,014
401,483,872
426,665,519
$
278,848,469
250,619,841
329,979,817
318,469,578
307,568,828
335,116,750
301,157.335
301,774,517
313,196,557
370,718,595
379,999,622
344,327,560
12 mos.end
December 4,810,411,597 4,909,847,511 4,590,983,845 4,167,493,080 3,831,777,469
ImportsJanuary .__ 416,752,290
February
387,306,072
March
442,898,669
April
397,911,768
May
320,919,458
June
336,250,756
July
338,959,663
August_ _ _ .336,577,200
September_ 343,211,698
October
376,848,246
November.. 373,905,807
December.. 361,000,000
295,506,212
332,323,121
320.482,113
324,290,966
302,987,791
274,000,688
278,593,546
254,542,143
287,144,334
310,751,608
296,14,998
333,192,059
346,165,289
333,387,369
385,378,617
346,090,956
327,518,721
325,215,735
325,648,257
340,085,626
349,953,680
374,073,914
376,431,290
396,639,809
329,253,664
303,406,933
397,928,382
364,252,544
372,544,578
320,233.799
287,433,769
275,437,993
253,645,380
308,290,809
291.333,346
288.304,766
217,185,396
215,743,282
256,177,796
217,023,142
252,817,254
260,460,898
251,771,881
281,376,403
298,493,403
276,103,979
291,804,826
293,788,573
12 mos.end
December 4,432,541,627 4,226,589,263 3,609,962,579 3,792,065,963 3,112,746,833
GOLD AND SILVER.
12 Mos. Ending Dec.
December.
1926.
1925.
1926.
Increase (+)
Decrease(-)
1925.
$
S
$
s
$
7,196,278 5,967.727 115,707,815 262,639,790 -146,931,975
16,971,857 7,216,004 213,472,223 128,273,172 +85,199,051
GoldExports
Imports
Excess of exports_
134,366,618
Excess of imports_ 9,775,579 1,248.277 97,764.408
SilverExports
Imports
5,610,205 7,589,470 92,257,564 99.127,585
4,058,183 5,746,956 69,224,489 64,595,418
Excess of exports_
-5,870,021
+4,629.071
1,552,022 1,842,514 23,033,075 34,532,167
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
Gold.
1926.
Exports.
January ___
February __
March
April
May
Jam
July
August_ _ _
September.
October
November,
December._
5
3,086,870
3,851.374
4,224,564
17.883.865
9.342,927
3,345.528
5,069,472
29.743,113
23,081,054
1.155,584
7,727,186
7,196,278
1925.
Silver.
1924.
i
8
73,525,943
280,723
50,599,708
505,135
25,104,416
817,374
21,603,945 1,390,537
13,389,967
593,290
6,712.480
208,015
4,416,452
327,178
2,135,090 2,397,457
6.784,201 4,579,501
28,039,190 4,125,268
24.360,071 8,689,182
5,967.727 39,674,653
1926.
1925.
1924.
$
9,762,969
7.752,350
8,333,081
7,612,045
7,930,810
7,977,926
7,921,418
8,040,512
7,243.325
7,279,235
6,793,688
5,610,205
cooca-4&ozwcptuaatvo,"
Preliminary Estimate.
Year.
for they twelve:" months of
have been $69,224,489, as
against $64,595,418 in 1925, and silver exports $92,257,564,
as against $99,127,585. Some comments on the figures will
be found in an earlier part of this issue in the article on "The
Financial Situation." Following is the complete official
report:
$
8,208.644
8,876,718
8,355.278
7.801,689
9.686,517
8,648399
9.190,362
8,832.067
10.345,205
9.465,023
9,401,406
11,279,630
I 04.:11-41-,4.1..-01,4-4GD
into account late returns of shipments over certain railroads,
is 10,711,000 tons.
Added to the current estimates for the preceding 51
,weeks of the year, this gives a total for the calendar year
1926 of 578,290,000 tons. This figure will stand until
detailed statistical reports can be collected from all the
mines. The blank forms for this report covering the year
1926 are now being mailed to every operator in the country,
but as there are thousands of commercial producers to say
nothing of wagon mines, it will be several months before the
statistical canvass can be completed. In the meantime the
estimate of 578,290,000 is the best figure available, declares
the Bureau.
Judging from past experience, the final returns are not
likely to raise or lower the estimate more than 2%. This
office began its weekly production estimates in 1917. A
test of the accuracy of the work in a given year is afforded
by comparing the total of the 52 weekly estimates for that
year with what the complete reports of the operators later
show to be the actual production. In nine years the maximum error has been 3.4%, the minimum error one tenth of
1%, and the average error about 1.9%. The following
statement shows the result of these nine tests, continues
the Bureau, adding:
1917_
1918_
1919
1920__
1921._
1922
1923
1924 .._
1925 -1926 __
[vol.. 124.
THE CHRONICLE
-450C0 ,
1COCOCCCI.D.40“-•
452
Country's Foreign Trade in December-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
mos.end.
at Washington on Jan. 17 issued its statement on the foreign 12December
115,707,815 262,639,790 61,648,313 92,257,564 99,127,585 109891033
trade of the United States for December and the twelve
Imports.
months ending with December. The value of merchandise January
19,351,202 5,037,800 45.135,760 5,762,760 7.338,559 5.979.758
_ 25,415,655 3,602,527 35.111,269 8.863,131 4.928,916 7,900,409
exported in December 1926 was $467,000,000, as compared February
March
43,412.576 7,337,322 34.322,375 5,539,071 6.660,750 6,220.934
13,115,633 8,869,883 45,418,115 6,322,429 4,944,807 3,907,745
with $468,305,949 in December 1925. The imports of April
May
2.934.665 11,392.837 41,073.650 4,871,534 3.390,180 5.639.582
merchandise are provisionally computed at $361,000,000 in June
18,890,086 4,426,135 25.181,117 5,628.160 4,918,605 4,870,389
19,819,990 10.204,112 18,834,423 5,948,630 5.238,437 7,127.613
December 1926, as against $396,639,809 in December the July
August - - - - 11,978,690 4,861,736 18,149,981 5,988,420 7,273.298 7,041,630
15.986,998 4,128,052 6,656,155 7,203,033 4,504,024 7,082,962
previous year, leaving a trade balance in favor of the United September.
October
8,857,003 50,740,649 19,701.640 5,097,933 5,601,851 5,828,572
States on the merchandise movement for the month of November.. 16,737.868 10,456.115 19.862,384 3,941,205 4,049,035 8,481,416
December 1926 of $106,000,000. Last year in December December 10,971,857 7.218,004 10,274,049 4,058,183 5,746,956 5,863,892
mos.end
there was a favorable trade balance on the merchandise 12December
213.472.223 128.273.172 319,720,918 69,224,489 64,595,418 73,944,902
movement of $71,666,140. Imports for the twelve months of
1926 have been $4,432,541,627, as against $4,226,589,263 Chinese Silver Currencies Soar-Risks in Shipping
for the corresponding twelve months of 1925. The merWhite Metal Cause Record Rate.
chandise exports for the twelve months of 1926 have been
The following is from "The Sun" of last night (Jan. 21):
$4,810,411,597, against $4,909,847,511, giving a favorable
Another sensational advance in Chinese silver currencies to a new high for
of the largtrade balance of $377,869,970 in 1926, against a favorable several months and what was more interesting the establishment
est differential between the silver currencies and silver metal which has extrade balance of $683,258,248 in 1925. Gold imports totaled isted for about a year or more was the chief development of interest in the
$16,971,857 in December 1926, against $7,216,004 in the foreign exchange market. The price of silver in New York remained unand in London it declined.
corresponding month the previous year, and for the twelve changed
The advance in the price of Shanghai and Hong Kong rates, despite the
months they were $213,472,223, as against $128,273,172. position of silver metal, was explained on the ground that the outside world
Gold exports in December 1926 were $7,196,278, against was purchasing exchange to meet obligations in Shanghai rather than buy
ship silver, in view of the fact that the metal might never reach its des$5,967,727 in December 1925. For the twelve months of and
tination because of the revolution. This situation operates to put a preup
foot
metal
$115,707,815,
the
against
of
1926 the exports
mium on exchange. Approaching Chinese new year settlements are a com$262,639,790 in the twelve months of 1925. Silver imports plicating factor also.
JAN. 22 1927.]
TAF CHRONICLE
453
Current Events and Diseussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Jan. 19, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Reserve banks combined, shows a further decline of
$74,500,000 in bill and security holdings, practically all
in discounted bills, of $30,200,000 in member bank reserve
deposits and of $40,500,000 in Federal Reserve note circulation, and an increase of $24,400,000 in cash reserves.
After noting these facts, the Federal Reserve Board proceeds
as follows:
Discount holdings of the New York Reserve Bank declined $38,200,000
during the week, of Boston $16,700,000, Cleveland $12,000,000, San Francisco $8,300,000, and St. Louis $4,300,000, while the Federal Reserve Bank
of Chicago reports an increase of $8,000,000 in discounts. Open market
acceptance holdings increased $12,600,000 at the New York bank and
declined 55,400,000 at Chicago, the system as a whole showing a small
reduction for the week. Increases of $4,200,000 in holdings of Treasury
notes and $2,500,000 in United States bonds were largely offset by a decrease of $5,000,000 in holdings of Treasury certificates.
All of the Federal Reserve banks report a smaller volume of Federal
Reserve notes in circulation than a week ago, except Now York, which
shows an increase of $2,300,000. The principal declines were: Cleveland,
$12,100,000, Chicago $8,500,000, Boston $6,100,000, Philadelphia $4,500.000, and San Francisco $3,800,000.
York district, $13,000,000 in the Chicago district and
$10,000,000 in the San Francisco district being offset in
part by increases of $15,000,000 and $8,000,000 in the
Philadelphia and Richmond districts, respectively. Total
loans to brokers and dealers were $27,000,000 below the
previous week's figure, loans for their own account having
declined 9,000,000, while loans for out-of-town banks and
for others increased $51,000,000 and $11,000,000, respectively. As already noted, the figures for these member
banks are always a week behind those for the Reserve
banks themselves. The statement goes on to say:
Holdings of U. S. Government securities increased 524,000.000 during the
week, of which $22,000,00 was at reporting banks in the Chicago district.
Holdings of other bonds, stocks and securities were 531,000,000 above the
previous week's figure at all reporting members and $36,000,000 above
at reporting members in the New York district.
Net demand deposits were $29,000,000 below last week's total, the larger
decline of $91,000,000 in the New York district being partly offset by
increases of $28,000,000 in the Philadelphia district, $14,000,000 in the
Chicago district and $12,000,000 in the San Francisco district. Time
deposits increased 520.000,000. mostly in the New York district.
Borrowings from the Federal Reserve banks were $141,000,000 below
the January 5 total, reductions being reported by all districts except
Dallas. The principal reductions were $44,000,000 in the New York
district. 542,000,000 in the Chicago district, $15,000,000 in the Philanelphia
cdstrict and $12.000,000 in the San Francisco district.
The statement in full, in comparison with the preceding
week and with the corresponding date lait year, will be
On a subsequent page—that is, on page 480—we give the
found on subsequent pages—namely, pages 479 and 980. figures in full contained in this latest weekly return of the
A summary of changes in the principal assets and liabilities member banks of the Reserve System. In the following is
of the Reserve banks during the week and the year ending furnished a summary of the changes in the principal items
Jan. 19 1927, is as follows:
with last year:
Increases (-I-) or Decreases(—) as compared with a week ago and
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by IT. S. Govt. obligations
Other bills discounted
Bills bought in open market
U. S. Government securities. total
Bonds
Treasury notes
Certificates of indebtedness
Federal reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
During
Week.
Year.
+524,400.000 +11128,600.000
+19,900.000 +121.200.000
—74,500.000
—70,000,000
—74,400,000
—37,100,000
—52,500.000
—50,200,000
—21,900.000
+13,100,000
—800,C00
+31.500.000
+1.700.000
—57.200.000
+2,500.000
—5,300,000
+4,200.000
—85.800,000
—5,000,000
+33,900,000
—40.500,000
+17.900,000
—6,000.000
+19,500,000
—30.200.000'
+700,000
+13,200,000
+8,600,000
Leans and discounts, total
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other
Investments, total
U. S. securities
Other bonds, stocks and securities
Reserve balances with F. R. banks
Cash in vault
•
Net demand deposits
Time deposits
Government deposits
Total borrowings from F. R. banks
Increase (+) or Decrease (—)
During
Week.
Year.
---$167,000.000 +53 5.00e.000
+6.000,000 —12,000,000
—146, 00,000 +24,000,000
—27,000,000 +353.000,000
+55.000.000 +108,000,000
+24,000,000 —203,000,000
+31,000,000 +311,000,000
—67,000,000 —12,000,000
—11,000,000
—6,000,000
—29,000.000 —56,000,000
+20,000,000 +515,000.000
—36.000,000 —75,000.000
—141,000,000 —14.000.000
Summary of Conditions in World's Markets According
The Member Banks of the Federal Reserve System—
to Cablegrams and Other Reports of the
Reports for Preceding Week—Brokers' Loans
Department of Commerce.
In New York City
Department of Commerce at Washington releases
The
It is not possible for the Federal Reserve Board to issue
publication to-day (Jan. 22) the following summary of
the weekly returns of the member banks as promptly as the for
conditions abroad, based on advices by cable and other
returns of the Federal Reserve banks themselves. Both
communication:
cover the week ending with Wednesday's business, and the means of
CANADA.
returns of the Federal Reserve banks are always given out
Wholesale trade is normal or better in most Canadian distributing ceo..
after the close of business the next day (Thursday). The tres, with retail business encountering its customary dullness at this season.
statement of the member banks, however, including as it
GREAT BRITAIN.
does nearly 700 separate institutions, cannot be tabulated
The United Kingdom imported merchandise in December to the value
until several days later. Prior to the statement for the week of £113,310,000, as compared with £113,293,000 in November and £134.in December 1925, according to Board of Trade figures. Exports
ending May 19 1926 it was the practice to have them ready on 269,000
of domestic goods during December were valued at £49,700,000. as against
Thursday of the following week, and to give them out con- £53,C64,000 in November and £65,789.000 in December 1925. The values
currently with the report of the Reserve banks for the next of re-exports during the same months were £11,500,030, E11,001,000 and
£14,644,000, respectively. The foreign commerce of the United Kingdom
week. The Reserve authorities have now succeeded in ex- during
the calendar year 1926, accordingly, was valued as follows: Imports,
pediting the time of the appearance of the figures, and they £1,24:1,364,000; exports of domestic goods, £655,885,000; and re-exports.
are made public the following week on Monday instead of on £125,565,000. The valuations for 1925 were: Imports. £1,320,715,000:
exports of domestic goods, £773.381,000; and re-exports. £154,037,000.
Thursday. Under this arrangement the report for the week
The dollar valuation of the declared exports of the United Kingdom and
ending Jan. 10 was given out after the close of business on the Irish Free State to the United States during the calendar year 1926
$375,872,000, which was nearly $46,000,000 less than the 1925
aggregated
Monday of the present week.
valuation. By American consular districts, the largest decreases were in
The Federal Reserve Board's condition statement of 683 London ($12.500,000), Manchester (59.000,000), Bradford (nearly $7,500,reporting member banks in leading cities as of Jan. 12 shows 000). Liverpool ($4,500,000). and Belfast, Dundee and Glasgow (about
each). The Swansea consular district reported the greatest
an increase of $55,000,000 in investments and declines of $3,000,000
increase (nearly 52.500.000)•
$167,000,000 in loans and discounts, $29,000,000 in net
BELGIUM.
demand deposits and $141,000,000 in borrowings from the
Notable financial accomplishments and high activity in the principal inFederal Reserve banks. Member banks in New York City dustries have marked the past year in Belgium. Financial achievements
Include the stabilization of the currency, balancing of the budget. consolireported an increase of $27,000,000 in investments and dation of the
internal debt, removal of control over exchange activity, a
reductions of $132,000,000 in loans and discounts, $83,000,- reorganization of the National Bank and the establishment of an autonomous
for operating the railroads. The heavy industries had their
000 in net demand deposits and $42,000,000 in borrowings organization
most successful year since the war. The beginning of the year finds Belfrom the Federal Reserve Bank.
on
a
gium
relatively sound economic and financial basis and with a hopeful
Loans on stocks and bonds, including U. S. Government outlook, although the usual seasonal calmness is now evidentin business.
is cheap and large sums are available for investment. The Treasobligations, were $140,000,000 below the Jan. 5 total. Of Money
ury position continues on a sound basis. Bourse activity is high in all dethis decline $107,000,000 was at banks in the New York partments. Living costs are still rising but more slowly than during the
district, $16,000,000 in the Boston district and $10,000,000 preceding months. The demand for iron and steel is slack, the coal market
is calmer and glass and cement sales are slower. The textile and leather
in the Cleveland district. All other loans and discounts industries
are strong, lumber and gasoline sales are better and cereals are
declined $27,000,000, reductions of $24,000,000 in the New active. Motor sales are slow, but an improvement is expected locally.
454
THE CHRONICLE
NETHERLANDS.
Business in the Netherlands towards the close of the year was seasonally
quiet though retail centres have felt the effect of a healthy holiday buying
movement. The year which has just closed has in most respects been a
satisfactory one of the Netherlands, being somewhat better than 1925 but
showing not the same relative improvement as 1925 over 1924. Unemployment is comparatively low and wages are fair. Government revenues for
the first eleven montha of 1926 exceed estimates by more than thirty million
florins. The(RCORS of imports to October was sixty-two million lower than
last year.
,
FRANCE.
Parliament
of
reconvening
The senatorial election, which preceded the
on Jan. 11, resulted in no material changes in the political complexion of
the upper house. As yet no announcement has been made of the dates on
which the financial policy of the Government and the debt agreement will
be discussed.
The decline in wholesale prices noted in November continued in December, while retail prices dropped for the first time since last August. December wholesale prices decreased by 57 points to 641 and the Paris retail
price index went to 599, or 29 points below. November.
.
GERMANY.
The year 1926 was marked by a pronounced improvement in German
business activity; domestic production and consumption, as well as international trade increased steadily. The financial situation shared in this
recovery and the Reichsbank recently reduced its rediscount race, bringing
it to 5% as compared with 8% a year ago. Bankers loan and deposit rates
have also been reduced. Unemployment declined throughout the year
with the exception of the last few months when, owing to seasonal factors,
it again showed a slight upward tendency.
The year was generally a favorable one for the industries; machinery
production and exports continued to rise wi(h the prospect of further large
orders for heavy installations from Russia. The steel production quota of
80% of normal has been steadily maintained since the conclusion of the
continental steel agreement, imports advanced and domestic prices remalned firm. Sales of rails and other railway material featured the exports
of steel products. Cotten spinners were well occupied and much attention
was devoted to the development of synthetic textiles. The situation in the
chemical industry was marked by an increase in potash prices and the
further expansion of the dye trust.
Last year about 5.000 American passenger cars were sold in Germany.
The market for American motorcyles remains steady but that for trucks
is not so promising Sales of American office equipment are improving.
There is also said to be an outlook for better sales of American rubber
products.
SPAIN.
With the close of the year public utilities, railroads and Government
issues were in a strong position, but the general commercial situation of the
country was unfavorable, a condition reflected in the weakness of industrial
securities. Except for the strongly intrenched and specially protected and
subsidized industries the past year was bad for Spanish business with
probably a record number of failures and protests, The credit situation
required greatest caution with evidence of increasing competition for
Spanish export products. The textile and mining industries were depressed and markets greatly reduced. December figures show a slight
improvement, however, in Bilbao iron exports. The year ends with prospects for depression in the coal mining industry for the coming year. Exchange and Government paper are firm on account of the announced reductions in the defloit and the prospects of improvement in Government
finances with the reduction of expenditures in Mcrocco and the general
betterment of the Government financial situation. United States trading
position as regards Spain was bettered during 1926 duo to stability of dollar
exchange and prospects for the coming year are for continued good markets
in many lines represented in Spanish commerce. The new budget makes
estimate for a lower budget than that of previous years. The crop situation
is slightly unfavorable as a result of adverse weather conditions and a large
percentage of the orange crop has been declared unfit for exportation.
ITALY.
It has been officially announced that subscriptions to the new loan are
to close on Jan. 18, which is the date originally fixed. The total amount
of subscriptions are expected 1E1 Italy to reach the 3,000.000,000 lire mark.
The recent weakness of the lira is attributed exclusively to local transactions. The Government has reaffirmed its financial program, including
an avoidance of all currency inflation.
[VOL. 124.
in the value of the crown. Production costs and prices have not been ad-'
Justed to a level corresponding to the crown's par status. The Ministry
hopes to bring about an adjustment through a reduction in taxes and public
expenditures. Danish imports during the first ten months of 1926 totaled,
by value, 1,304,000,000 crowns, while exports, .including re-exports,
amounted to 1,271,000,000 crowns. There was, therefore, an unfavorable
balance of 33,000,000 crowns during this period, but it is quite likely that
with the inclusion of "Invisible" items, Denmark's 1926 trade was favorable.
JAPAN.
Japan's domestic trade is being adversely affected by national mourning
for the late emperor. The import excess for the first ton days of January
LR unexpectedly large. Weakness in the silk market is more pronounced
and prospects of an improvement are small; a new low quotation of yen
1.410 per bale has been made for Grand Double Extra. (1 yen equaled
$0.4878 on Jan. 14.)
CHINA.
Business conditions in China are confused and uncertain in most lines.
However, this is the dull season and very little buying is expected until
after the Chinese New Year, which comes the first week in February.
Reports of the Chinese banks in Shanghai show that 1926 was a very satisfactery year, but the outlook this year is not good, owing to disrupted
conditions in trade circles in the Yangtze region. It is not anticipated in
China that the proposed embargo against silver shipments to Hankow will
be effective, although efforts to hold up silver shipments are being made.
With the exception of some foreign banks, all banks in Hankow continue to
operate. Conditions in Shanghai are quiet at present, but it is feared
locally there may be disturbances if and when the local government changes
hands. The insurance rate against non-military disturbances in Shanghai
Is reported at 1% quarterly.
INDIA.
The Indian Tariff Board report favcrs changes in the existing steel bounty
system under which the steel industry of India has been operating for some
time, but recommends continued protection of the industry by the substitution of a scale of duties invelving smaller amounts than are provided for in
the old schedule. These recommendations include two sets of duties,
namely, basic duties applicable to all steel iinperted during the next seven
years, and an additional duty on non-British steel varying according to the
difference between British and Continental prices. When the rolling and
finishing processes are completed from the bloom, billet or sheet bar stage
in Britain the product may be designated as British. Anti-dumping duties
are considered in the recommendations as impractical.
The Tariff Board recommends that railways revise their present bridge
designs to permit a greater use of Indian steel products in these projects.
With reference to lower duties on steel rails, the Board states it is only
possible provided the Government arranges to satisfy its total rail requiremonth from Indian mills so far as local production permit.
The Board's recommendations also take up the matter of protection for
the tin plate industry. • It points out that a large increase has occurred
in its production of these goods and that the cost has been reduced so that
the protective duty may be lowered.
The Government announces introduction at the next session of the Legislature of a bill embodying these recommendations.
PHILIPPINE ISLANDS.
Business is generally quiet but the outlook is optimistic. The copra market La firmer and arrivals at Manila are heavier, largely as a result of in
creased shipments from the Island of Samar, southeast of Luzon. All oil
mills are operating, the provincial equivalent of resecado (dried copra)
delivered at Manila is now quoted at from 12 to 123. pesos per picul of 139
pounds. (1 peso equals $.50.)
Trade on the abaca market is light with United States grades somewhat
weaker and United Kingdom grades steady. Arrivals of the raw fiber
are heavier but production continues low on account of rains in growing
areas. Present price quotations are 41 pesos per picul for grade F; I,
35.50; JUS, 25.50; JUN. 23.50, and L, 22.50.
The estimated property loss from the recent fire in the Tondo district of
Manila is placed at $200,000. The fire was confined chiefly to the native
residential section of the Tondo district, which is in the heart of Manila
and includes also Chinese business sections.
NETHERLANDS EAST INDIES.
With the opening of the new year there is little indication of revival is
trade. Retail business continues slow, probably owing to the recent
disturbances among the natives. There is moderate business activity in
wholesale trade, however. although the situation is generally quiet.
HUNGARY.
AUSTRALIA.
The Hungarian National Bank has maintained a policy throughout 1926
Wool sales at Sydney and Hobart were brisk during the week ended
of gradually calling in Its gold reserves held in the form of high grade
prices at Sydney approximately 5% higher than the year
foreign exchange and has purchased a corresponding amount of gold to January 15 and
levels. Prices at Hobart reached the high of 41 pence 3 farthings
be held by the Bank. This action has been taken in preparation for the end
er pound. Wheat prices have been further reduced to 5 shillings 23•6 pence
resumption of specie payments in Hungary whereby Hungary will change
per pound ex trucks at Sydney, and farmers are reluctant to sell at such low
from a gold exchange standard in relation to the pound sterling as mainlevels.
tained since 1924 to a gold standard. Up to the end of 1925 gold held in
Tasmania's apple crop is estimated at 2.450.000 bushels as compared
the vaults of the Bank amounted to 25% of the total "legal gold reserve",
with 1,890,000 bushels for the 1923-24 season.
including foreign exchange; during 1926 this proportion increased until it
The now freight rate increases which went into E ffe'zt on Nov. 24 are causstood at 60% as of Nov. 30.
ing considerable discussion in the country districts, it being contended that
ESTONIA.
the burden is falling wholly upon the shoulders of the farmers.
The budget for 1927-1928. passed by Parliament on Jan. 8, was balanced
It Is rumored that the Government is considering the matter of changing
at 7.923.300,000 estnaarks (one mark =$0.00267), and is higher by nearly the Federal fiscal year to end Sept. 30 instead of Juno 30 as now.
75,000,000 estmarkS as compared with the previous budget.
ARGENTINA.
LATVIA.
Trade was slow in Argentina during the week ended Jan. 15, as a result
The butter export of Latvia continues to be very important in Latvian of auditing and taking of annual inventories. The automobile trade is
foreign trade, and this export during November totaled 9,806 casks, weigh- relatively inactive. Greater activity is in evidence in export markets, with
ing 500 metric tons. These shipments, which were an increase of 517 casks increased sales of wool and hides. The Argentine Government and the
over November 1925 went almost entirely to Germany (99%)• During Province of Mendoza have been successful in negotiating loans through New
the month the Landbank assisted several of the dairy societies to the extent York bankers. A protective tariff measure was introduced into Congress
of 207.000 late (one 1st 4.193
s), for the purchase of new as a rider to the 1927 budget bill, which proposes to increase the import
machinery and, in general to modernize their equipment. On Jan. 8 the duty on items of foodstuffs, textiles, steel and vegetable olls.tkalti,d,
budget for 1928-1928 was passed by Parliament. It is balanced at 157.BRAZIL.
000,000 late over the previous budget.
in Brazil continue satisfactory, with exchange steady
Business
conditions
NORWAY.
but slightly below the stabilization level which is approximately $0.11063.
An improved trade balance, and consequently, a reduced balance of pay- The stabilization law passed in December, 1926, provides for various steps
trade
activities
during
from
1925 as against 1924. The defi- in the reform and stabilization of the national currency, one of which is the
ment resulted
cits totaled 80,000,000 crowns and 200.000,000 crowns, respectively. It is establishment of a Stabilization Bureau. This bureau is to have charge of
believed locally that this reduction continued during 1926 as the import the mechanical functions entailed by the entire reform plan, including the
excess for the first 11 months toteled only 266.000.000 crowns, as against issuing of bills, the caring for which will serve gold deposits as security for
331,500,000 crowns during the corresponding period of last year. The im- the notes, &c. Milreis notes are to be issued against gold deposits at the
portance of the reduction is. however, limited by the appreciation of the rate of 200 milligrams per mitre's, but the date and manner of conversion
crown.
of the present circulation has not yet been established. Regulations just
DENMARK.
issued for the Stabilization Bureau provide for branches in New York and
Depression continues in Denmark and one of the primary problems con- London, the main function of which will be that of gold depsoitories, but
fronting the Government is the lightening of the burden caused by the rise details concerning their establishment are still lacking. The Bank of Brazil
JAN. 22 1927.]
THE CHRONICLE
455
has been authorized to handle exchange on account of the Government. Gold and Silver Imported into and Exported from the
Coffee prices are slightly lower.
United States by Countries in December.
PERU.
The Bureau of Foreign and Domestic Commerce of the
General conditions in Peru have not changed materially in the week ended
Jan. 15 1927. The exchange value of the Peruvian pound rose from $3 55 Department of Commerce at Washington has made public
on Jan. 8 to $3 57 on Jan. 15. The proposed loan of £5,060,000 or its its monthly report, showing the imports and exports of gold
equivalent in dollars to be secured by revenues from the tobacco monopoly.
month
and for use in railroad and highway construction, was approved by Congress and silver into and from the United States during the
during the week. It is rumored that Now York bankers have signed a pre- of December 1926. It will be noted that the gold exports
liminary contract for the first series of the loan, calling for 512.000.000.
were $7,196,278. The imports were $16,971,451, the greater
The basic causes of agricultural depression in Peru are believed there to
be attributable to the system of land rentals to small farmers who lack funds part of which, namely $4,955,378, came from Chile, with
to continue production when prices paid them for their products are as low $4,932,556 from China and $4,000,000 from Japan. Of
as they are at present. There has been agitation in favor of remedying this
metal, $5,048,114 went to Germany and
situation. As the banks are refusing to extend aid to them,the cotton acre- the exports of the
age is reported to be much reduced this year, and trade and collections con- $1,000,000 to Dutch East Indies.
tinue to be subnormal. The Government's progressive program of debt GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO ME
refunding and public works construction has helped to prevent a more seriUNITED STATES, BY COUNTRIES.
ous depression of business.
URUGUAY.
Meer.
Gold.
-........Conditions in Uruguay are reported to favor an improvement in business
Refined
Bullion.
Total (Incl. Coin).
Total.
during the first quarter of 1927. It is believed in that country to be
Exports.1 Imports. Exports. Imports. Exports. Imports.
probable that the demand for automotive euqipment wilt be especially
good, particularly for buses. A good demand is also anticipated for
Dollars. Dollars. Ounces. Ounces. Dollars. I Dollars.
tractors, agricultural implements, office specialties and machines. filing France
12,894
2,65
cabinets, cottcn yarn, petroleum products, and rubber goods. The G,errnany
3,048,114
4
788,83
426,5
1.274
export outlook is encouraging, but it depends in a measure on the extent Portugal
3.981
2,430
Spain
of American wool buying operations in the Montevideo market.
188,792
1,137,301 351,01
1,940
United Kingdom
60,60
2,181 126,571 514,864
Canada
56,637 515,309
COLOMBIA.
1,221
'8,674
27,447
Costa Rica
The Magdalena River is again short of water and several boats have Guatemala
5,000
23.01
124,644
12,163
227,60
been stranded. This report is causing considerable fear on the part of Honduras
4,129
32,716
Nicaragua
further
un-navigable
and
merchants that the river will again become
252,900
add to the long delay which they have been experiencing in the receipt Panama
1,728,51 103,360 1,736,056
572,315 608,941
Mexico
of merchandise. Merchants in Manizale s are slow in meeting their oblige- NTdland & Labrador
139
I
1,045
25.795j
lions because of this delay in delivery of merchandise. although Medellin Trinidad & Tobago_
375
5001
business men, because of the better delivery of goods by Antioquian shipping Other Brit. West Ind.
19.344
18,998
companies, are meeting obligations promptly. Condi:Ions in Bogota are Cuba
46,300
Dutch West Indies_
fairly good and commodity prices are advancing. The local security Haytian Republic__
8.163
1.026
8
51,000
market is strong. There is a shortage of gasoline and prices are exornitant Argentina
1,36
88,929
Bolivia
duo to the strike of oil field workers in the producing fields at Barranca
20,0
Brazil
various
river
ports.
The
Bermeja and the congestion of freight at the
4,955.37
221,167
Chile
3,091
102,88
12,29
735
6.741
fiscal condition of the country is good and public works are progressing Colombia
115,02
4,571
satisfactorily, although hampered by the lack of receipt of construction Ecuador
64.
Dutch
Guiana
5001
materials, caused by conditions on the Magdalena which continue actute
122,55
976,451
16,978
Peru
at all points, with no relief in sight. Petroleum production during No- Venezuela
1.622
53,330
4,245,86
2,270.322
vember amounted to 907.000 barrels and 914,000 barrels in December, British India
165.303
making a total of more than 4.500,000 barrels for 1926, as compared with British Malaya
202,852 4.932.5
2.487.347
1.948
China
4,623,3001
1,000,000 barrels produced in 1925.
66,668
Dutch East Indies__ 1,000.000 150,474
79,557
Hong Kong
VENEZUELA.
4,000.
Japan
152,53
1.806
The foreign trade figures of Venezuela recently published show that Philippine Islands_
147
22
Australia
1925 was an exceptionally good year, the foreign trade exceeding by 33%
30,07
27
New Zealand
was
the figures for the prosperous year of 1924. The total trade for 1925
1,07.
922
Portuguese Africa..
$121,918,460, a gain of 539.301,323 over 1924. (Conversion made at
Total
7.196.27 16.971.857 10.081.914 1.977.4665.610.2054.063.283
the rate of $0 192 to the bolivar.) Imports for 1925 totaled $58.423,648.
a gain of $16.882,743 over the previous year. Nearly 10% of this business
was done by parcel post. The United States continues to lead in the
sale of goods to Venezuela, the total value of its sales in 1925, amounting
to $31,419,610. represented a gain of $8,326,123 over the previous year. Final Figures of Japan's 1926 Commodity Trade and
Finance Minister's Speech in Tokio House of
The United Kingdom was next,furnishing goods to the value of $11,046,665,
as compared with $7,788,194 in 1924. Germany increased the value of
Commons on Economic and Financial
Prance
from
he:sales from $2,897.568 in 1924 to 34.831,884 in 1925, as did
Recovery.
$2.179,858 in 1924 to $2,943,641 in 1925.
The total exports of the country for the year 1925, amounted to 563.491,commodity trade of Japan during 1926
of
the
The
figures
809 a gain over 1924 of $22,417,020. The United States took exports to the
value of $10,414,197, as compared with $6,332.564 for 1924, a gain of were given out on Thursday by the Japanese Financial Comnearly 65%. Although no preliminary trade figures are yet available for mission at its headquarters in this city. They showed an
1926, it is believed in that country that the foreign trade of'Venezuela for
excess of imports of 329,594,000 yen over exports. In 1925
that year will materially exceed that of 1925.
MEXICO.
The commercial situation continues very unsatisfactory and has become
worse instead of better since Jan. 1. However, the mining industry is
prosperous and the textile industry is doing fairly well as a result of cold
weather which has stimulated the sales of both woolen and cotton goods.
Some of the Government Departments have also increased their purchases
using the funds now available under the new budget. The coffee crop in
the Vera Cruz district, which is the largest producing region, is estimated
locally to be 20% above that of last season.
the excess of the value of imports over the value of exports
was 267,066,000 yen. The total value of exports in 1926
was 2,043,075,000 yen, against 2,305,578,000 yen in the previous year. In 1926 the imports aggregated 2,371,629,000
yen in value, against the larger volume of 2,572,653,000 yen
in 1925.
"It is our belief," says the Japanese Financial Commission
in its statement accompanying these figures, "that the import balance in the commodity trade will be substantially
offset by the invisible trade balance favorable to us."
The Japanese Financial Commission also made public
the following text of the outline of an address of the Japanese
Finance Minister in the House of Commons at Tokio on
Jan. 18:
DOMINICAN REPUBLIC.
Business remained quiet in December with little change apparent in
general conditions. Imports through the southern ports wore subnormal
and the export movement was confined principally to cacao and coffee, the
secondary crops. In the northern provinces both imports and exports moved
in fair volume. The holiday trade was below expectations, in fact the
retail turnover in general has been only fair in recent weeks and while
collections have improved slightly there are still a considerable number of
overdue bills. The credit situation remains unchanged, with the banks
Important Financial Afeasures.
continuing their conservative policy as to new commitments. The public
The present Cabinet has done its best in these fiscal years for adminisworks program is being pushed actively and private construction in Santo
Domingo is satisfactory. The latest local estimates of the coffee crop trative reorganization and Government economy. 1n the last fiscal year
indicate that production in the Province of Barahona will be about 40% we succeeded in enacting our first tax reform plan. Consequently, our naless, and around Ban!, in the Province of Santo Domingo, about 15% less tional finance has turned a new leaf.
In view of the present general economic and financial conditions, howthan normal. The favorable outlook for the tobacco and cacao crops,
together with the present higher level of sugar prices are having a favorable ever, we have found it necessary for the sake of our further economic rehabilitation to pursue the same retrenchment principles in our coming financial
influence on business in general.
program as were adopted for the present year. We have also many pendPORTO RICO.
ing problems, such as national defense, &c., which await prompt solution.
As light recession from the retail activity of the holiday season was The following are the principles followed by us in framing the coming
apparent in Porto Rico during the week ended Jan. 15 but wholesale trade fiscal year's budget, herewith submitted to your consideration:
seems better. Bank clearings during the first fifteen days of January were
1. Application of part of our national budget surplus to the redemption
$9.716,000 as compared with $9,884,000 during the corresponding period of of national loans, in order to strengthen the price of outstanding bonds
1926. Tho clearings are running at approximately the same level as in and to facilitate private financing.
December. Reports received in San Juan indicate that about 23 sugar
2. To shorten the service term of the infantry without endangering our
mills are grinding and that weather conditions are more favorable to growing national defense.
crops. There has been a decline recently in the local sugar market, but it
3. Additional expenditures for building our auxiliary naval vessels ton
Is beleived locally to be only temporary and has not yet altered to any maintain our existing naval strength.
appreciable extent the optimistic outlook. The tobacco crop appears to be
4. To establish a second colonization program in Hokkaido (a northern
In good condition and a large harvest is expected in Porto Rico but opinions island of Japan) for its fu:ther development.
differ as to the monetary returns that the crop will bring.
5. To promote foreign trade, and to encourage various industries, such as
The revenues of the Insular Government for the six months of July to sericulture, agriculture, stock farming, &c.
December inclusive were $4,744,000 as compared with the budget estimate
6. To Promote social welfare by encouraging external and internal immiof 25.625,000.
gration,improving tenement houses, establishing public pawn shops, and to
456
THE CHRONICLE
establish a Government board for the consideration of population and food
problems.
7. To raise the pay for the employees in the mail service and other Government enterprises.
8. To increase the amount of pensions attached to decorations.
9. To create an air service and to establish our policy toward international
air service.
10. To extend telephone service in rural towns and villages.
11. To increase national subsidies toward local communities for their
educational expenses.
12. To carry out the second tax reform plan, endeavoring,to distribute
tax burdens more fairly.
13. To limit the total amount of national loans to be floated during the
coming fiscal year to 150,000,000 yen, without borrowing in the open market.
14. To extend and improve the railway system in Hokkaido, Chosen
(Korea) Taiwan (Formosa) for their further cultivation.
Total Revenue and Expenditures in General Account.
The total revenue and expenditures in the general account for the coming
fiscal year is estimated as follows:
Revenu Yen.
ExpendituresYen
Ordinary
1.174,94 .307
1,458,118,557 Ordinary
Extraordinary
555,118,461
271.940.211 Extraord ary
Total
1,731,058.764
Total
1,730 058,768
Redemption of National Loans.
' National loans to be issued during the coming fiscal year following the
aforesaid general policy are:
•
Yen.
General AccountReconstruction loans
64.000.000
Special Account59,000.000
Extension and improvement of railways
19,000,000
For public works in Korea
5,000.000
For public works in Formosa
1.000,000
For public works in Kwantung
2,000.000
For public works in Saghalien
150,000,000
Retrenchment and Postponement of Works.
The amount to be saved in the coming fiscal year by government economy
and postponement of works are as follows:
Yen.
Retrenchment4,102.347
Ordinary
343,527
Extraordinary
(VOL. 124.
New mortgage loans
315.376.060 80
United States Government bonds and securities
33.838 87
Cash on hand and in banks
274,184 88
Accounts receivable
2,619 42
Notes receivable
9,542 00
Installments matured (in process of collection)
22,191 29
Furniture, fixtures and autos (less depreciation)
11,793 22
Accrued interest on mortgage loans (not matured)
354.072 52
Accrued interest on bonds and securities (not matured).501 44
Real estate acquired
16,997 57
Deferred expense of new loans
37,541 25
Other assets
19,346 96
316,158,690 22
LiabilitiesFarm Loan bonds outstanding
314,296,000 00
Due borrowers on uncompleted loans
35,389 95
Amortization installments paid in advance
199.481 73
Matured interest on Farm Loan bonds (coupons not pre173,432 23
sented)
Accounts payable
3,651 84
Reserve for dividends unpaid
64,724 69
Reserve for coupons unpaid
21.407 50
Deposits for loan expense, &c
12,304 27
Capital stock paid in
1.200,00000
Paid in surplus
55,775 00
Legal reserve
62,40000
Other net worth accounts
23,679 62
10,353 49
Undivided profits
316,158,690 22
The President of the bank is Wm. B. Lupe, President, for
many years engaged in the farm mortgage business in Texas.
Total
Total
PostponementExtraordinary '
Grand total
' 4.445.874
Yen.
34,573,834
39,019.708
General Economic Conditions.
The steady recovery of our economic and financial conditions has been
evidenced by such facts as decrease in Bank of Japan note circulation,
reduction of its discount rates, advance in the prices of stocks and bonds,
lower trend of commodity prices and recovery of our foreign exchange.
The decrease in last year's export value was unavoidable as it was chiefly
due to the advance In the price of yen. As for our return to gold standard.
every necessary step is being taken in preparation for it.
To sum up; our economic and financial conditions are, on the whole, on
their way to steady recovery. The Government will do its best to overcome any obstacle in its way with the utmost caution to avoid any temporary
boom which will hamper our ultimate business prosperity. At the same
time, it is our earnest desire that the business leaders of the nation will
co-operate with us for the purpose by means of improved business method,
increased business efficiency and consequently, lowering cost of production,
Offering of $3,000,000 5% Bonds of San Antonio
Joint Stock Land Bank.
Hayden, Stone & Co., Halsey, Stuart & Co., Inc., Stevenson, Perry, Stacey & Co., and William R. Compton Co.,
offered on Jan. 17 a new issue of $3,000,1500 The San Antonio
Joint Stock Land Bank 5% Farm Loan bonds, dated Jan. 1
1927, at 103 and interest, to yield 4.62% to the optional
date, Jan. 1 1937, and 5% thereafter. These bonds are as
completely tax exempt as United States First Liberty Loan
33,i% bonds and are acceptable as security for Postal Savings
and other deposits of Government funds. The bonds will
be dated Jan. 1 1927. They are coupon bonds and fully
registered bonds, interchangeable, in denominations of
$10,000 $5,000 and $1,000. Principal and semi-annual
interest (Jan. 1 and July 1) will be payable at the National
Park Bank, New York City, or at the San Antonio Joint
Stock Land Bank, San Antonio, Texas. They will be
redeemable at 100 and accrued interest on Jan. 1 1937, or
any interest date thereafter. The San Antonio Joint Stock
Land Bank was chartered by the Federal Farm Loan Board
on Sept. 15 1919. The bank confines its operations almost
exclusively to the Black Waxy and Grand Prairie sections of
Texas. The San Antonio Joint Stock Land Bank has paid
regular dividends at the rate of 8% on its capital stock (now
outstanding at $1,200,000) since 1923. $200,000 of stock
was recently sold in order to meet the present demand for
loans. The following are the bank's loan statistics as of
Dec. 311926:
Offering of $6,500,000 Bonds of Province of Mendoza
(Argentine Republic)-Books Closed.
Offering of the $6,500,000 external 7.50% secured sinking
fund gold bonds of the Province of Mendoza (Argentine
Republic), which was referred to in these columns last week
(page 315), was made by P. W. Chapman & Co., Inc., and
A. M.Lamport & Co., Inc., on Jan. 17 at 98.75 and interest,
to yield over 7.60%. The subscription books were closed the
same day. The proceeds of the issue will be applied to the
retirement of existing indebtedness, the bonds therefore
representing no increase in the present indebtedness of the
Province. The new issue will be dated Dec. 1 1926 and wil
become due June 1 1951. A semi-annual cumulative sinking
fund will be provided sufficient to redeem the entire issue by
maturity. As to the sinking fund, it is stated:
Bonds will be redeemable through operation of the sinking fund at 100 and
accrued interest on any interest payment date upon 30 days' published
notice. Bonds will be non-callable, except for sinking fund purposes, prior
to Doc. 1 1930, and thereafter will be callable as a whole or in part by lot
on any interest date upon 60 days' published notice at 100 and accrued interest.
The bonds will be in coupon form in denominations of
$1,000 and $500, registerable as to principal. Principal and
semi-annual interest will be payable in United States gold
coin of the present standard of weight and fineness at the
office of the fiscal agent in New York. Interest payable
June 1 and Dec. 1 without deduction for any Argentine national, provincial or municipal taxes, past, present or future.
The Chatham Phenix National Bank & Trust Co., New York,
is the fiscal agent; Banco de la Nacion Argentina, Buenos
Aires, sub-fiscal agent. The following is from official advices:
Security.
These bonds, authorized by law of May 17 1926, and as subsequently
amended, will be the direct and unconditional obligation of tho Province of
Mendoza. The Province pledges its full faith and credit for the punctual
performance of its obligations under this loan and, in addition, these bonds
will be specifically secured by the following tax revenues:
(a) A first and exclusive charge upon 1.50 pesos per hectoliter of the wine
export tax.
(b) A first and exclusive charge upon 40% of the land tax, as created by
Law 886.
(c) A first and exclusive charge upon 40% of the wine and grape production taxes, as created by Law 886.
Giving effect to the above taxes and official data furnished by the Minister
of Finance for the four years 1922, 1923, 1924 and 1925, the revenues upon
which these bonds will be a first and exclusive charge are calculated as follows:
1924.
1923.
1925.
1922.
32,591,803 32,634,719 32,906,724 $2,582,223
Pledged wine export tax
124,364
132,414
111,474
131,557
Pledged land tax
Pledged grape and wine pro501,152
849,688
485,032
562.059
duction taxes
Total pledged revenues_ $3,188,309 33,248,771 33,540,290 $3,275,839
The average annual income from these pledged taxes, available exclusively
principal and interest on these bonds, is over $3,300,000,
1.875,099 for the payment of
Acres of real estate security
or more than 6.8 times the annual interest charges and
315,376.060 as shown above,
annual interest and sinking fund requirements,
Net mortgage loans (gross loans, $15,712,535)
combined
over 5.6 times the
$34,398,008
Appraised value of land
totaling $585,000. The grape and wine production of the Province has been
2,650,931
improvements
of
Appraised value
steady. The pledged revenues from these sources alone (not
337,048,939 remarkably
be received from the land tax) are calculated at an aver$19 78 including those to
Average appraised value per acre
$2,600,000 annually for the last 15 years.
$8 38 age in excess of
Average amount loaned per acre
that it will at all times maintain and enforce
covenants
The
Province
42.41%
Percentage of loans to appraised value of security
the collection of the pledged taxes at such rates as to produce an amount in
3%,
Oklahoma,
in
97%;
Texas,
in
loans
Percentage of
U. S. gold equivalent in each six months' period to at least three times the
fund requirements of this issue, and,
The balance sheet of the an Antonio Joint Stock Land semi-annual interest and sinking
should the collections from such taxes ever be less than three times such
1926 follows:
Bank as of Dec. 31
JAN. 22 1927.]
THE CHRONICLE
457.
and interest by endorsement by the Kngdom of Denmark.
The notes are due in the amount of $200,000 each Jan. 1
1929-1933, and $100,000 Jan. 1 1934, and were offered at
prices to yield 432% to 53%, according to maturity. The
notes will bear date Jan. 1 1927. Official advices regarding
issue state:
Application will be made to list the bonds on the New York the
Total dollar amount authorized limited to a total principal amount
Stock Exchange. All conversions of Argentine pesos to equivalent to 20,000.000 kroner at the rate or rates of exchange existing at
United States dollars have been made at par of exchange the time of issuance thereof (equivalent at par of exchange to $5.360,000).
To be issued from time to time in installments of not less than $500.000.
(one peso equals $0.4245). Original delivery to be made in each installment maturing annually in from one to not exceeding
seven
interim
receipts
or
temporary
bonds.
of
form
the
years. Outstanding (this issue). $1,100,000. Interest payable semiamount, that it will similarly pledge additional taxes in order that said ratio
may be maintained.
The total debt of the Province, including this issue, and after retiring the
corresponding amount of existing indebtedness, will amount to approximately $16,379.000. The per capita wealth in 1925 was estimated at over
$1,550, or more than 35 times the present per capita outstanding indebtedness.
annually on Jan. 1 and July 1. Principal and interest payable in New York
at the office of Guaranty Trust Co. of New York in gold coin of the United
States of America of or equal to the standard of weight and fineness existing
on Jan. 1 1927. without deduction for or on account of any taxes, assessments or duties of any character, now or hereafter levied or imposed by
the Danish National Government or by or within any political subdivision
or taxing authority thereof or within the territories of the Kingdom of
Denmark. Coupon notes of $5,000 denomination.
Offering of $10,000,000 7% Bonds of State of Rio Grande
do Sul (United States of Brazil)—Issue Sold.
Offering was made on Jan. 18 of a new issue of $10,000,000
State of Rio Grande do Sul (United States of Brazil) 40-year
7% sinking fund gold bonds, external loan of 1926, by Lee,
The Guaranty Trust Co. of New York is paying agent.
Higginson & Co. and Ladenburg, Thalmann & Co. The Information received from M. N. Slebsager, Minister of
bonds were priced at 98 and accrued interest, to yield over Commerce, by the banking houses offering the bonds, says
7.15%;they will be dated Nov.1 1926 and become due Nov. 1 in part:
1966. The bonds are non-callable except for the sinking
These notes are to be the direct obligation of the Danish Export Credit
fund prior to Nov. 1 1931. The bonds were disposed of on Committee and each note is to be unconditionally guaranteed as to principal
interest by endorsement by the Kingdom of Denmark. The Mortgage
the day of the offering. As to the purpose of the issue, it is and
Bank of the Kingdom of Denmark will control and supervise the issuance
stated:
of the notes.
In accordance with Law No. 411 of Nov. 24 1926, under which these
bonds are issued, the proceeds of this issue are to be used for the retirement
of floating indebtedness, capital expenditures for railroads, widening and
deepening inland canals and the prosecution of other public works.
A sinking fund will be set up to provide for the retirement
of the entire bond issue at or before maturity. It is officially
stated that:
Prior to Nov. 1 1931, callable in part for sinking fund only on any interest
date at 100 and accrued interest; on and after Nov. 1 1931 callable on 60
days' notice as a whole at any time, or in part on any interest date for sinkng fund only at 100 and accrued interest.
The Danish Export Credit Committee was established by the Danish
Government by decree of the Minister of Commerce dated July 10 1922, to
foster the export trade of Denmark. Pursuant to paragraph 17 of the
Finance Act passed by the Danish Parliament on March 31 1926, and
decrees of the Minister of Commerce of Aug. 26 1926, and of Sept. 7 1926,
this committee is authorized to grant credits to responsible Danish exporters
and to issue interest-bearing notes to bearer, payable in United States gold
dollars and carrying the unconditional guaranty of the Danish Government.
The Danish Export Credit Committee has authorized the Mortgage Bank
of the Kingdom of Denmark to issue these notes on its behalf, the proceeds
to be used to extend credit to Danish exporters or to reimburse the committee for credits so extended.
Under this arrangement the advances thus made to Danish exporters are
to be liquidated by payments by the buyers of the exported goods, which
payments will be collected on behalf of the Danish Government by the
Privatbanken in Copenhagen.
The debt of Denmark on March 31 1926 amounted to $304.500.000, of
which $125,600,000 was foreign indebtedness. State assets, consisting of
railways, port works, &c., are valued at $412,500,000, which is in excess
of the total debt. The wealth of Denmark at the beginning of 1926 was
estimated at $5,305,000,000, or about seventeen times the present national
debt.
For the fiscal year ended March 31 1926, ordinary revenues showed a ,
surplus of $290,000 over ordinary expenditures. After using this surplus,
net expenditures for capital account for the year, including amortization
of debt, construction works and revenue producing investments, will
amount to approximately $1,234,000. The preliminary budget for 1926-27
shows a surplus of ordinary revenues over ordinary expenditures of about
$234,000.
The Danish krone, with a gold parity of 26.8 cents, has appreciated during
the last four years and was quoted on Jan. 5 1927 at 26.68 or substantially
at par of exchange. The Danish Parliament recentlj
,passed laws by which
the gold standard was re-established on Jan. 1 1927.
All conversions of Danish kroner into dollars have been made at par of •
exchange.
The bonds, coupon, in denominations of $1,000 and $500,
will be registerable as to principal. Principal, sinking fund
and interest (May 1 and Nov. 1) will be payable in Urited
States gold coin of the present standard of weight and fineness, free of any present or future Brazilian Government
taxes or any State or municipal taxes, present or future, of
the State of Rio Grande do Sul. Principal and interest
payable at the office of Ladenburg, Thalmann & Co., fiscal
agents, in New York, interest also payable at the offices of
Lee, Higginson & Co., in New York, Boston and Chicago.
The State of Rio Grande do Sul covenants* to deposit a fixed
annuity of $747,697 a year, payable in semi-annual install_
meats, to be used for the payment of interest and as a sinking fund for the purchase or call and retirement of bonds of
this issue. The sinking fund is calculated to retire the entire
issue at or before maturity. • *
Regarding the State's,finances, debt, &c., the President
It was expected that due bills of Guaranty Co. of New
of the State of Rio Grande do Sul in his advices to the bankers
York, issued against the deposit of temporary notes of this
offering the bonds says:
issue, would be ready for delivery on Jan. 20.
Finances.
Ordinary revenues of the State of Rio Grande do Sul for the last 20 years
have in every year shown a surplus over ordinary expenditures, and combined total of ordinary revenues and extraordinary revenues for entire
period is In excess of combined total of ordinary expenditures and extraordinary € xpenditures.
Credit.
There is no record of default on any funded debt obligation, either internal
or external, of the State of Rio Grande do Sul.
Security.
These bonds are issued as the direct and general obligation of the State
of Rio Grande do Sul. They are specifically secured by a first hypothecation mortgage or charge on the consumption tax and the transportation
tax, together estimated by the State to amount to more than 81,115,000*
per annum, or more than one and one-half times the requirement for payment of interest and sinking fund on these bonds. They are further specifically secured, subject to the external loan of 1921 or any extension or
refunding thereof, on all taxes imposed by the State on the transmission
of property, on inheritances and legacies and on the net annual revenues
of the port of Porto Alegre, together estimated by the State to show, over
Interest and sinking fund on the prior issue, a surplus to amount to an additional $676,000*.
Debt.
Total direct debt of State, including this issue, is $36,268,926*, or less
than $20 per capita. Contingent obligations, consisting of guaranteed city
bonds, $14,631.529.*
Offering of $25,000,000 Debentures of the Batavian
Petroleum Company.
Dillon, Read & Co. on Jan. 20 offered an issue of $25,000,000 Batavian Petroleum Co. 15-year 43'% guaranteed debentures at 963j and interest, to yield 4.85%. The issue was
oversubscribed the day of offering. The debentures are
guaranteed jointly and severally by endorsement by the
Royal Dutch and "Shell" companies. The Batavian Petroleum Co. handles the Royal Dutch and Shell operations in
connection with the production of petroleum in the Dutch
East Indies. The company also has extensive interests in
Venezuela and the Argentine. Royal Dutch owns 60% and
Shell 40% of its capital stock. Net profits of the Batavian
company for the year 1925 are given as $24,637,000. This
figure is ten times the annual interest charge on the company's
total funded debt. Further data regarding the offering and
the company are given in our "Investment News" Department, on page 511.
It is expected that interim receipts will be ready for de- $500,000 Issue of Bonds
of City of Barranquilla(Republic
livery about Jan. 25.
of Colombia).
*All statistics herein relating to foreign money and values, unless otherAccording to information received by Moody's Foreign
wise stated, are expressed in terms of United States dollars at par of sterling
exchange. £l=$4.8665; and at 1 milreis=12 cents for Brazilian exchange.
Department (and made public Jan. 14), the City of Barranquilla, Republic of Colombia, has sold an issue of $500,000,
which is being offered for public subscription in this market.
$1,100,000 Gold Notes of Danish Export Credit
Moody's says:
Committee.
Bonds represent Series "C" of an 8% external loan, authorized to the
The Guaranty Co. of New York, Dillon, Read & Co., and amount of $4,000,000, of which Series "A" and Series "B," representing
Inc.,
offered on Jan. 17 each $500,000, were sold in this market in the course of 1925 and are outthe/International Acceptance Bank,
at present at $428,200 and $466.300, respectively. The present
$1,100,000 Danish Export Credit Committee guaranteed standing
offering is dated Dec. 1 1926 and is due Dec. 1 1946, bonds being redeemable
guaranteed
unconditionally
as
to principal as a Whole on any interest date at 105 for the first four years. the premium
43% gold notes,
458
THE CHRONICLE
being subject to reduction by 1% for each subsequent four-year period.
Bonds are secured by a first mortgage upon municipally owned public market, waterworks system, &c.. as well as upon the gross revenues of such
public utilities and the proceeds of the real estate tax, the vehicle tax and
the tax upon outside meat markets. Proceeds from the sale of bonds are
to be used for the construction of a new pumping plant and a filtration plant
for the municipal waterwcrks.
[VOL. 124.
It was contended that to make the seed proposal effective it would be
necessary to provide for the purchase of fertilizer. The amendment Was
put through by Representative Fulmer. of South Carolina.
1926 Record Year for New York State Banking Institutions—Annual Report of State Superintendent
of Banks.
City of Brussels Internal Loan to Be Offered in Home
Institutions
under
the
supervision of the New York State
Market.
Banking Department had a record-breaking year in 1926,
The following information was released by Moody's Forhaving increased their resources and deposits more than any
eign Department on Jan. 14:
other
year in the history of the department, according to the
Negotiations are understood to have started some time ago between an
American group and the City of Brussels with a view to extending a loan to annual report of Frank H. Warder, State Superintendent of
the city of about $15,000,000. Belgian authorities, however, viewed with Banks, which was
submitted to the State Legislature on
disfavor such transaction, fearing lest Belgian foreign loans might.complicate the country's balance of payments and consequently impair the sta- Jan. 17. The report says:
bility of the currency. The city, therefore, resorted to the home market
and there will be offered within the next few days a City of Brussels internal
loan to the amount of Fcs. 150,000.000. Bonds will bear interest at the
rate of 7% per annum and will be redeemed within sixty years. Offering
price is to be 94%,to held currently 7.44% and about 7.45% to matmity.
It is expected that bonds ill be tree from all Belgian taxes.
While the exact figures from the date of the last reports to the close of the
year are not yet available, an estimate made In the manner which has
proved reliable in previous years indicates resources of $12.815,000.000
and deposits of $10,170.000.000 as of Dec. 31 1926. This gives us an increase in resources during the year of approximately $1,425,000,000 and an
increase in deposits during the same period of more than $1,290,000,000.
It is interesting in this connection to note that the total deposits or our
State institutions as of Sept. 30 1926. 39.780,000.000, was
47.3% of the
$20,642.164,000 reported as the total deposits of all the national banks in
the United States on June 301926.
We are glad to be able to report that there has been no failure of any
bank, trust company or other corporation under supervision during the
year 1926. In fact there has been no such failure for the past five years.
The following table,gives the resources, deposits and capital and surplus
of State banks, trust companies and private bankers as of Nov. 14
1925
and Nov. 15 1926:
1. Resources November 14 192b
86,357.264.163
Resources November 15 1926
7,247,019,207
Secretary Jardine to Address Farmers on Co-Operative
Marketing at Athens, Ga., On Jan. 29.
Secretary of Agriculture Jardine has accepted an invitation
to speak at Athens, Ga., Jan. 29, immediately following a
four-day school of co-o erative marketing at the Gerogia
State College of Agriculture,Jan.24 to 28. The co-operative
marketing school will be conducted by the College of Agriculture, assisted by the co-operative associations of Georgia,
Increase
and the newly created Division of Co-Operative Marketing
3889.755.044
Deposits November 14 1925
85.272.408.622
in the Department of Agriculture. Arrangements are being 2. Deposits
November 15 1926
6.003.261.727
made for a large attendance of officers, directors, and emIncrease
ployees of a number of co-operatives in Georgia and other
$730,853,105
Capital.surplus and undivided profits, Nov. 14 1925
i6g2.892.586
States. The American Cotton Growesr' Exchange has 3. Capital,
Surplus and undivided profits Nov. 15 1926
809,908,578
announced that its executive committee, composed of the
Increase
general managers of 12 State-wide coton marketing associa5127.015.992
Notwithstanding the large increase in deposits, the ratio or capital
and
tions, will attend the school. The school will be a short surplus
to deposits Is still better than I to 7M,showing that the officers and
course in co-operative marketing with emphasis placed on (Riveters of our institutions are mindful of their duty to afford
depositors
problems in business management and membership rela- adequate protection in that respect. Seventy-five new authorizations,
not including branch authorizations or special authorizations to exercise
tions. The program is designed especially for directors fiduciary powers, were granted during the year. Forty-nine
of these were
and employees of co-operative associations, county agents to new institutions and the others were in connection with various
cenand agricultural workers, bankers, farmers, and others sers:0ns.
The number of private bankers continues to decreaae, due largely to the
Interested directly in the operations of co-operative marketing fact that the Department encourages the transfer of their business to cororganizations. The list of lecturers and speakers include porate banks whem ver possible. While our roster shows 72 private bankers. 15 of these are liquidating, havinweither organized new banks to take
representatives of the Georgia State College of Agriculture, over
thi ir business or sold out to already existing institutions: consequently,
specialiats from the Federal Bureau of Agricultural Eco- there are at this time but 57 private bankers
actively in business, as comnomics, and the general managers of co-operative associa- pared with 64 a ye r ago.
There are 17 personal loan companies and one firm of personal loan broktions handling cotton, peaches, watermelons, apples, pecans, ers actively in business. Two applications
for new companies up-State
sirup, peanuts, and other commodities.
were filed this year. Neither was approved. During the year 1926 four
new credit unions were authorized and three of those previously authorized
closed.
Reported Land Bank Indictments in Minnesota.
There are 122 credit unions on the roster. 17 of which are in process of
According to Associated Press advices Jan. 18 from St. voluntary liquidation,leaving but 10E actively engaged in business. There
are 16 applications for new charters pending.
Paul, Mimi., six men were indicted on that day by the
The department
Federal grand jury at St. Paul on charges growing out of the further safeguard again recommends legislation designed to
the business of certain so-called investment
operation of the Southern Minnesota Joint Stock Land Bank companies and
renews its recommendation to make bonds of
while it was located at Redwood Falls, Minn. The Asso- certain utility
companies legal investments for savings banks.
ciated Press accounts said:
Superintendent Warder reports that his department has
Several former officers of the bank were named in the indictments, together with Guy Huston of New York City, President of the Joint Stock taken the position that it will not authorize any mortgage
Land Bank Association ofthe United States,and John E.Huston of Chicago. company doing a second mortgage business
and the departReorganized in September 1925, the Southern Minnesota Bank now is
ment's attitude on all authorizations is "that the standing
located in Minneapolis and none of its present officers oraffairs wasinvolved
and prestige of the Banking Department which has under
in the grand jury investigation.
One indictment, containing 14 counts, charged violation of the Federal its supervision banking institutions
with resources running
Farm Loan Act by William H. Gold. former President: Glenn W. Gold,
former Vice-President: Donald W. Gold, former Vice-President, and Guy into billions of dollars cannot directly or indirectly be used
as a means of selling certificates for any mortgage company.
Huston,"agent" of the bank.
Another indictment of 12 counts, charging use of the mails to defraud For that reason few
authorizations for mortgage companies
conspiracy,
named
William
and
G. M.Smith, Redwood Falls, and John E.
have been issued in recent years."
Huston, Chicago.
The six men are charged with conspiring and organizing the Farmers'
Fund, IBC., of Minnesota. operating at Redwood Falls, for the announced
intention of buying and selling real estate and mortgages, but that they
misapplied $500,000 to the Guy Huston Company of Illinois.
It also is charged there was not ample warrant in increased business for
increasing the shares of the Farmers' Fund from 18,000 to 30.000, with a
resultant increase in capitalization from $1,800,000 to $3,000,000, which
made the bank the fifth largest of its kind in the country.
The Joint Stock Land banks, operating in many cities, have special
Federal authorization under the Federal Farm Loan Act to make loans on
farms and issue bonds to the amount of these loans.
Bill. Providing $8,000,000 Fund to Aid Farmers Favored
by House Committee.
An appropriation of ,000,000 for farm aid was favored
on Jan. 19 by the House Committee on Agriculture, which
ordered a report on the Norbeck-Johnson bill. The "Journal of Commerce"from which this is learned said:
This measure proposed originally $6,000,000 for the purchase of seed for
the farmers in the drought-stricken area in the South. To-day the balance
was added so as to provide $500,000 for loans to citrus growers in the storm
stricken areas of the South and $1,500.000 for the purchase of fertilizer for
the cotton producers who suffered similar losses.
Annual Report of Discount Corporation of New York.
An important feature of the acceptance market is the
considerable volume of purchases by banks abroad for the
profitable employment of gold exchange reserves, John
McHugh, Chairman of the Discount Corporation of New
York, declared on Jan. 20 in presenting the eighth annual
report to shareholders. A further increased demand for
American acceptances, he said may materialize as more
European Governments stabilize the currency of their countries. Net profits of the corporation during 1926, after making provision for taxes, Mr. McHugh said, were $492,470.
Dividends amounting to $350,000 were declared during the
year, being at the rate of 7% per annum on the capital stock.
The sum of $142,470 was added to the undivided profits account which now stands at $1,838,704. "During the year
just closed the volume of acceptances dealt in by your
corporation," said Mr. McHugh, "approximated the average of the past three years." Total assets of the Discount
JAN. 22 1927.]
THE CHRONICLE
459
Corporation of New York as of Dec. 31 1926, amounted to economic conditions would have furnished convincing evidence for the
$117,302,193, an increase of $22,439,893 as compared with justification of a defraud upon us to do so. For, whether or not we commit
to such a course now, it is inconceivable that we could avoid it
a tptal of $94,862,300 at the end of 1925. Capital, surplus ourselves
if circumstances then really warranted it.
and undivided profits stood at $7,838,704, compared with
Mr. Warburg added we should remember that payments
$7,696,234 on December 31 1925.
from foreign governments are less valuab!e than our debtors'
good will and their ability to trade with us in peace and
Paul M. Warburg Pictures 1927 as Closing Year for prosperity.
Europe's After-War Readjustment—Says United
True enough, that in many cases.foreign loans are imperStates Will Continue as World Banker—
atively required in order to instill new life into the
Growth of International Acceptance Banks
constructive powers of a country or in order to give it the
The year 1927 should prove to be the closing year in the exchange stability necessary to enable it to get under way.
period of after-war readjustments for European nations. In this regard the $280,000,000 which the United States
This was the prediction made by Paul M. Warburg, inter- granted in foreign loans during 1926 have no doubt played a
national banker and Chairman of.the International Accep- most helpful part. As to the end of after-war readjustment
tance Bank, Inc., in his annual report submitted to stock- Mr. Warburg, said:
If we arc right in nelieving that 1927 may prove to be the closing year
holders at their annual meeting on Jan. 18. "From a viothe period of after-war readjustment completing the return of the major
lently disturbed sea of unfettered inflation," Mr. Warburg of
port of the world to stanilized budgets and currencies (leaving Russia out
said,"we see the world now emerging into the smooth waters of our considerations as a derelict with an uncertain course), several addlof balanced budgets and stabilized currencies." After citing ti)nal years will be required to permit the physician to observe how the
patients
act without the excessive use of the drugs (i.e. foreign loans)
the various countries which have returned to the gold stand- to whichwill
they had become accustomed. In other words, when the real
ard during 1926, he said: "It would seem as if we might strength Cr weakness of countries will have become apparent, after a few
expect that the year just begun would see the few remaining years of fairly normal.operation,the time will have arrived to determine how
heavy a man-made burden may safely be imposed upon God-made counprodigal sons returning to the f Id of the gold standard tries without
crippling their growth. That Is the thought which one may
family. 1927 would thus mark the end of the period of read between the lines of S. Parker Gilbert's admirable reports, a thought
which will ultimately, we oelieve, fashion the policy to be adopted in
fiscal and currency anarchy into which Europe was thrown dealing
with all inter-governmental debts springing from the liquidation
as a consequence of the Great War."
of the Great War.
The loans granted by the United States to foreign counEngland Renders World Service in Breaking General Strike.
tries in recent years "have, no doubt, played a most helpful
England in 1926 has rendered the world a service of immeasurable value
part, and it would seem that in 1927 Uncle Sam will have by proving that a General Strike can be broken by the calm and well
organized co-operation of the non-labor population. On the other hand,
to continue to play the role of a world banker," Mr. War- she
has suffered grievously through
prolonged coal strike. Her It ss
burg said. But, he adde:1,"the degree to which countries has been the gain of other countries,the
including ourselves, and particularly
will be able to take care of their own wants without an ex- Germany, whose marked recuperation during the year has been due, to
no small degree, to the great stimulus given to her coal trade by the British
cessive'appeal to foreign markets will be one of the soundest stoppage.
That England could survive as
as she did these inroads
tests by which to measure the growing economic strength upon her outstanding national industry and well
branches affiliated therewith.
Is due to a very large extent to the litre reserve power she had accumuof these nations." Mr. Warburg continued:
lated through
generations in the shape of her foreign investments. The
If we are right in believing that 1927 may prove to be the closing year secret
of American prosperity lies in high efficiency of labor, which enables
of the period of the after-war readjustment, completing the return of the
us to pay the high real wages that give an unparralleled purchasing powermajor part of the world to stabilized budgets and currencies (leaving Russia
to our vast domestic market and furnishes the basis for large scale proout of our consideration as a derelict with an uncertain course) several
duction by modern machinery. England will have to bndge a wide gap in
additional years will be required to permit the physicians to observe how
order to adjust her present conditions to those prevailing over here, but
the patients will act without the excessive use of drugs
e., foreign loans) the reserves upon which she can draw will
permit her "to take her own
to which they had become accustomed.
time" in readjusting herself to the standard of her competitors.
In other words, when the real strength or weakness of countries will have
become apparent, after a few years of fairly normal operation, the time will
Business Outlook in United States.
•
have arrived to determine how heavy a man-made burden may safely be
American activity and prosperity reached record heights in 1926, and
imposed upon God-made countries without crippling their growth. That is it is generally anticipated
that 1927 may show more modestfigures both as to
the thought which one may road between the lines of Mr. S. Parker Gilbert's scope and profits. A general
contraction of business, which in itself would
admirable reports, a thought which will ultimately, we believe, fashion the not be a serious matter
and might simply mean that production cannot
policy to be adopted in dealing with all inter-governmental debts springing always proceed at top speed and
in record volume would logically entail a
from the liquidation of the Great War.
tendency toward easier money in the new year. The agricultural problem,
In reviewing conditions of the past few years, and recalling however, remains puzzling for reasons which We have already slightly
touched upon and with which we have dealt more fully in our last
year's
predictions made earlier, Mr. Warburg, said:
report.
We chartered 1924, the year of the Dawes plan, and 1925. the year of
Commenting upon the operations of the Internationa
locum),as the economic and political turning points, as milestones marking
the end of war and decline, and the beginning of Europe's rise and return Acceptance Bank,Inc., Mr. Warburg said,"our
shareholders
towards normal conditions. The year 1926 may be written down as having
will be pleased to learn that the year 1926 was one of enaccomplished the greatest progress yet achieved in this direction, so much
so that one would feel inclined to chance the prediction that 1927 should couraging development, and of highly satisfactory return.
prove to be the closing year in this period of after-war readjustment.
We are glad to report that in spite of competition we have
The most significant event in Europe's upward march in
1926, Mr. Warburg said, is the rapprochement between
France and Germany and the spirit of mutual good will as
manifested first on the occasion of Germany's entering the
League of Nations and subsequently by the conferences
between Briand and Stresemann. The agreements since
perfected between the steel manufacturers of the various
European countries and the manifesto urging lower tariff
bars also are encouraging signs of a growing realization that
Europe's salvation lies in co-operation rather than in
destructive struggles for economic or political superiority.
It is not an uninteresting thought, he adds, to ponder how
far, unwittingly, Uncle Sam has been instrumental in
bring about the growth of this conciliatory spirit amongst
European nations.
"It is greatly to be deplored that it proved impossible for
France to reach the port of safety (i. e., currency stability)
in the course of 1926 as had been hoped by her friends,"
Mr. Warburg said. He added it is difficult to understand
why a country like France should be alarmed at the thought
of undertaking a burden involving a reasonable annual
foreign debt service. He believes that "the Franco of the
future will be even stronger than the France of 1914." After
commenting upon the position of France at the present time,
l,fr. Warburg said:
There is no reason to believe that in these circumstances a reasonable
foreign debt would prove beyond her strength and involve dangers as grave
as envisaged by a people unstrung by the long tortures of war and inflation.
On the other hand, if the United States are certain that the burden that
Franco is to undertake is not heavier than she may safely and fairly assume,
it is just as difficult to understand why we are so unwilling to declare our
readiness to reconsider the whole subject in ease a series of years of normal
managed to hold our own. The volume of our acceptance
business topped 1925, the average total of acceptances during
the year being $40,253,000,against an average of $39,100,000
for 1925."
During the year the International Acceptance Securities
& Trust Company was established and opened for business.
Its entire capital is owned by International Acceptance
Bank, Inc., excepting directors' qualifying shares. In its
first year it paid its organization and operating expenses and
earned a satisfactory surplus. It reported deposits of
$9,536,775 on Dec. 31 1926. The balance sheet of the
International Acceptance Bank, Inc., as of Dec. 31 1926'
was the most favorable issued since its organization. Total
resources amounted to $105,622,080, a new high record.
Acceptances outstanding aggregated $47,117,538, also a
new year-end record for the bank. Cash on hand and
due
from banks aggregated $11,076,476; call loans secured by
acceptances, $5,751,414; United States Government securities, $11,495,726, and collateral loans, $5,798,549. Undivided profits totaled $3,902,703. The following changes
in the bank's official staff were announced; H. J. Rogers,
formerly Assistant Vice-Persident, W. H. Schubart, Manager of the Foreign Exchange Department, and L. S. Chanler Jr. were appointed Vice-Presidents, and J. A. Milholland
became Assistant Treasurer.
Tribute by Order and Liberty Alliance to Memory of
Charles F. Brooker.
A resolution paying tribute to the late Charles F. Brooker was passed as follows on Jan. 10 by the joint boards of man-.
460
[Vor.. 124.
THE CHRONICLE
agora of the North American Civic League for Immigrants
and its subsidiary, the Order and Liberty Alliance: of their
Resolved, That these boards engross on their records appreciation
of the League's
high esteem for the late Charles F. Brooker, long a member
Industrial Committee, a wise counsellor and a consistent friend.
He was a great industrialist, but a greater citizen.
immigration
Clear of vision, and wise, he saw the threat in unregulated
and did what he could to correct mischievous tendencies.
form abiding and
He knew the upstanding need there was for industry to
What is more
mutually beneficial contacts with foreign-speaking labor.
cannot be won
amity
significant, he realized that copfidence which begets
Once convinced
by patronage, but is the fruit of service and co-operation.
conducting its
that the North American Civic League for Immigrants was
judgment, he gave it
patriotic campaigns along lines which appealed to his
his life.
during
Ida generous and never-failing support. This continued
Brooker,
Voted, That a copy of this tribute to our late associate, Mr.
be printed and sent to his friends and business colleagues.
Call Money Market.
The following are the daily statements issued this week
by the New York Stock Exchange regarding the call money
market:
loans and discounts for national banks and (b) more significant,the percentage of eligible paper plus United States securities to total loans, discounts, and investments for national banks.
NATIONAL BANKS.
Percentage of Eligible Paper to Loans and Discounts and .Percentage of
Eligible Paper Plus United States Securities to Total Loans,
Discounts and Investments.
(Figures as,!June 30).
P. C. of Eligible
Paper to Total
Loans and
Discounts.
P. C. of Eligible
Paper Plus U. S.
Securities to Total
Loans, Discounts
and Investments.
1923
• 1925
1926
1923
1925
New York City
1926
1923
1925
Chicago
1926
1923
1925
Boston
1926
1923
Reserve cities (excluding
New York and Chicago)_- 1925
1926
1923
1925
All reserve cities
1926
1923
• 1925
All country banks
1926
1923
Country banks in New York
,1925
State
1926
30.16
26.93
26.06
25.49
21.03
19.71
36.47
30.11
27.33
32.53
12.50
21.00
31.43
26.55
26.16
30.11
25.16
24.20
30.21
28.91
28.16
31.07
30.39
27.70
37.05
32.33
30.98
38.62
31.97
30.32
40.50
33.50
31.38
35.61
17.26
27.05
39.18
33.53
32.49
39.11
33.01
31.69
35.07
31.63
30.27
31.59
26.95
24.22
United States
EXCHANGE.
CALL LOANS ON THE NEW YORK STOCK
last, 434%. Fairly
Jan. 17-Renewal, 435%; high, 4X %: low. 4%%:
large turnover, but with money on hand all day.
434%. Moderate
Jan. 18-Renewal,445%; high,4% :low. 434% last.
turnover. Money in supply at close.
Volume light.
4%.
last,
4%;
low,
Jan. 19-Renewal.4%%;hIgh, 434%;
4%.
Abundant offerings brought about reduction in rate to
The foregoing figures show a steady decline for the country as a whole,
last. 4%. A very small
Jan. 20-Renewal. 4 yi%: high, 4 X %;low, 4%:
the country banks, for the Reserve cities, and for New York and
for
money
the
of
turnover and a plethora of funds were the features
Chicago. the only exception shown in our table being for the City of Boston,
market to-day.
striking improvement has taken place since 1925.
4%. Very light turnover: where a
Jan. 2I-Renewal.4% high.4%;low,4%;last,
I repeat that these figures are not alarming, though they do show a
close.
at
supply
in
money
tendency which ought to be watched and checked. There has been a
expansion of bank loans, discounts, and investments in recent years.
Statements of previous weeks have appeared weekly in great
Un-needed by commerce, this expansion has gone preponderately into
be
will
statement
week's
last
1926;
10
July
•our issues since
real estate loans. Investments in securities, stock and bond collateral
loans, and finance paper representing installment buying. When a bank
found on page 317 of our issue of Jan. 15.
goes too far in these directions,the ability of its Federal Reserve bank to
help it is restricted, and the Federal Reserve System may be unable to
of
n
Proportio
help it adequately in time of emergency. The averages still present figures
National Banks Show Decline in
which we may view without undue concern, but it must be remembered
Rediscount with
Paper Available for
that the averages are averages, and that they are made up of some figures
Federal Reserve Banks, According
which are much higher, and of some figures which are undoubtedly lower,
to Economist Anderson.
than the average. The individual banker, therefore, does particularly
well to examine at frequent intervals his portfolio and investment list
Speaking before the State Bankers' Association of New with reference to the question of how much he has that the Federal Reserve
last
York,
New
e,
Commodor
Hotel
the
at
6)
banks can take.
York (Group
Saturday afternoon, Benj. M. Anderson Jr., Ph.D., Economist of the Chase National Bank of the City of New York,
pointed out that the percentage of loans and investments
a national banks which can be taken to the Federal Reserve
banks for rediscount or as collateral for loans has heavily
declined since 1923. For the United States as a whole
the figures stood at 37.05% on June 30 1923 and at 30.98%
on June 30 1926; for New York City the drop has been from
38.62% to 30.32%; for Chicago from 40.5% to 31.38%;
for country banks generally from 35.07% to 30.27%, and
for country banks in New York State from 31.59% to
24.22%. These figures are not alarming, Dr. Anderson
thinks, but they do call for study, he opines, and they
particularly suggest that individual banks should examine
their own figures with reference to the tendency in question.
The following is a digest of his views:
reserve position.
The prudent banker gives daily consideration to his
also necessary that
It is not enough that his assets should be sound; it is
He has constantly to
a high percentage of his assets should be liquid.
all demand or short
consider two questions. (1) whether he is able to meet
he is prepared
whether
(2)
notice calls from his depositors for cash. and
his borrowing customers.
to expand loans to meet the legitimate needs of
they are good loans,
If he has made too many slow loans, even though
funds in investments
or if he has tied up too large a proportion of his
may find difficulty
which, while good, are not readily marketable, he
in doing one or both of these things.
the legal requireThe provisions of the Federal Reserve Act reduced
s now stand
ments for cash reserves very greatly, and these requirement
(New York and
for demand deposits at 13% for central reserves cities
banks,
country
for
7%
at
and
Chicago), at 10% for other reserve cities,
to keep only
while against time deposits, the national bank is required
provides, however,
3% cash reserves. The Federal Reserve System also
loans and infacilities for the quick conversion of part of the banker's
which
vestments into cash, and that part of his loans and investments
secondary reserve.
can be used at the Federal Reserve Bank becomes a
are available showing
It is, therefore, interesting to examine such figures as
have, and
how much of such secondary reserve the banks of the country
with these figures. Forto see what the tendencies are in connection
June 30
to
back
going
tunately, for the national banks we have figures
For State banks
1923, which enable us to exhibit the tendencies clearly.
available, but it is
and trust companies, published figures are not yet
to be hoped that they soon will be.
Federal
Commercial paper which meets the technical requirements of the
and approved agriReserve banks, and which matures in 90 days or less,
be rediscounted with the
cultural paper maturing in nine months, may
Government securities may
Federal Reserve banks, and United States
for borrowing at the Federal Reserve banks.
also be used as collateral
rediscounted, stock and bond collateral loans
Real estate loans cannot be
on United States securities) cannot be redis(other than those based
installment buying cannot be rediscounted, finance paper representing
than United States securities cannot be used
counted, investments other
at the Federal Reserve banks, and there are a good
as collateral for loans
which, for one or another reason, are not eligible for
many other loans
banks are supposed to take only the
rediscount. The Federal Reserve
member banks, and not all of them. The folreally liquid resources of
the annual reports of the Comptroller of the
lowing tables based on
percentage of loans eligible for rediscount to total
Currency, show (a) the
McFadden Branch Banking Bill to be Reported Back
to House with Recommendation to Recede
From Hull Amendment-Representative
Strong Named as Conferee.
McFadden (Rep.), of Canton, Pa.,
tive
Representa
Chairman of the House Committee on Banking and Currency, addressed a letter, Jan. 20, to every member of the
House of Representatives explaining the attitude of the
House conferees in declining to agree to Senate amendment
on the House Bill No. 2, known as the McFadden branch
Banking bill. The measure has been in conference since the
last session of Congress. Mr. McFadden said in his letter:
In order that you may know the status of the procedure with referethie
te the bank bill (House bill No. 2). I wish to say that I filed yesterday a
report to the House to the effect that the conferees have been unable to
agree.
On Monday,Jan. 24,I propose to make a motion that the House disagree
to certain amendments of the Senate, agree to others, and agree to others
with amendments. A vote for the motion will mean passage of the bill
without further reference to conferees, and it will go directly to the Senate
for action there.
The copy of this proposed motion is enclosed herein with explanatory
remarks. A copy of the bill marked to conform to the motion is also
enclosed.
Were it not for the blanket instructions by the House "to adhere to the
provision of the said bHlrelating to branch banking" as it passed the House,
the conferees could probably have reached an agreement through which the
math anti-branch banking policy of the House would have been retained In
the bill, but with the Hull amendment rejected. Under the instructions,
however, it is necessary to bring the bill back to the floor of the House for
further action.
The motion which I shall introduce will give the House an opportunity
to vote directly upon the whole matter in disagreement between the House
and the Senate. I am firmly of the opinion that this motion embodies the
only opportunity to secure banking legislation at the present session.
The report of the House conferees, announcing a disagreement in conference, was made to the House, Jan. 19. The
bill as it left the House contained an amendment proposed
by Representative Hull (Rep.), of Chicago, Ill., providing
that national banks should not be permitted to establish
branches in those States which do not now but in the future
may enact laws permitting branches of State banks to be
established. This provision was struck out by the Senate.
The bill now would permit branches to be established in any
State permitting the establishment of branches of State
banks, either at the time of the enactment of the proposed
legislation or when State laws should be enacted in the
future. It has been announced from the floor of the House
by Representative Tilson (Rep.), of New Haven, Conn.,
Majority Leader in the House, that the conference report on
the bill would he called up on Jan. 24. It is understood, be
JAN. 22 1927.]
THE CHRONICLE
said, that the opponents of the bill as it passed the Senate
would be given opportunity to present their objections.
According to the Washington correspondent (Jan. 20) of
the New York "Journal of Commerce" under the action of
Representative McFadden it is proposed to accept Senate
amendments as follows:
(1) Eliminating the Hull amendment which would prevent national
banks from having branches in States which hereafter permit branch banking.
(2) Permitting State banks upon entering the Federal Reserve system,
or upon nationalization, to retain all extra-city branches in lawful existence
at the time of the enactment of this bill. The House permitted all such
branches to be retained only by those State banks which were members of
the Federal Reserve system at the time of the enactment of the bill.
(3) Striking out House provisions giving power to Federal Reserve banks
to rediscount a greater quantity of eligible paper.
(4) Permitting national banks' stock to be divided into shares at less
than $100 per value.
(5) Extending the Federal Reserve Charter.
(6) Authorizing the Federal Reserve Board to discontinue branches of the
Federal Reserve banks.
461
unjust legislation to recognize State laws in more than twenty States and
refuse to recognize them in others and I am, therefore, to-day reporting
such disagreement to the House for its further instruction and the question
as to whether the benefits of the bill with its restrictive branch banking
features will be accepted or whether the House will further insist upon the
Hull amendments, will come up before the House for full discussion and
decision on Monday next."
House Passes Jones Bill Reducing Number of Cotton
Estimate Reports.
The House of Representatives passed on Jan. 17 the bill
introduced on Dec. 21 by Representative Jones of Texas,
reducing from 11 to 4 the number of cotton ostimate reports
issued by the Department of Agriculture. The bill was
referred to in these columns Dec. 25, page 3257. It amen&
the Act of May 3 1924, which provided for semi-monthly
cotton crop reports. From the "Journal of Commerce" of
Jan. 18 we take the following:
The new order would be for the department to issue produCtion estimates
The same advices state:
only on the first day of September, October, November and December.
The amendments put into the bill by the Senate which are to be rejected The bill does not disturb the ginning reports now being made by the Census
are as follows:
Bureau every two weeks during the growing season.
(1) Two provisions which taken together would permit State-wide
Semi-monthly reports were adopted as a requirement of the law two years
consolidations of State and national banks under certain conditions.
ago to supplement the monthly reports on the ground that the cotton crop
(2) Amendment to the Clayton Anti-trust Act, modifying the provisions frequently sustained a radical change in less than thirty days and that
as to interlocking directorates of banks. the Senate also withdrawing certain reports every fifteen days would give the producer that much advantage in
amendments so as to restore House provisions dealing with the regulation
the market quotations. Semi-monthly reports during the last growing
of the purchase and sale of investment securities by national banks,and two
to increase the estimated size of the crop and occasioned
amendments covering the question of branch banking with respect to permit- season continued market price. The Jones bill is the result of agitation
severe drops in the
ting branch banking in contiguous territory to cities.
now for fewer cotton reports and marks reversal of the policy adopted two
On Jan. 14 Representative James G. Strong of Kansas years ago. The bill goes to the Senate for consideration.
King
of
Illinois
Representative
as
one
Another important feature of the Jones bill requires the department to
replace
named
to
was
make a carryoVer cotton and also of the cotton production. Under the
.of the House Conferees on the McFadden bill. Following present
order the amount of cotton on hand includes a vast amount that is
this action, which was necessitated by the continued illness not tenderable under the ten grades named in the Cotton Futures Act, and
purpose
of this provision is to determine how much of the cotton is
undertook
this
week
the
.of Representative King, the conferees
tenderable.
to resume their deliberation on the bill.
Formal report of disagreement of the conferees was made
Joseph E. Otis Elected President of Chicago Clearing
to the House on Jan. 19. by Representative Strong in the
House.
.absence of Chairman McFadden of the House Committee on
was
elected
President of the Chicago
Otis
E.
Joseph
CornBanking and Ctirrency. The New York "Journal of
Clearing House Association at the annual meeting on Jan. 18.
merce" in reporting this added in part:
Ralph Van Vechten was made Vice-President; Thomas C.
Issue Up on Monday.
Democratic members of the New York delegation have been notified to Stibbs, Manager; T. T. Thedieck, Assistant Manager, and
be present in the House on Monday, the indication being that they are Charles H. Meyer, Official Bank Examiner. The following
expected to vote affirmatively for the legislation. It is pointed out that the
named members of the Clearing House Committee:
matter is of vital interest to the'State since the State banks and trust were
.companies are permitted to operate branches and it is desired to give like George M. Reynolds, John A. Lynch, John J. Mitchell,
privileges to national banks to prevent their withdrawing from the Federal Frederick H. Rawson and Frank C. WiAmore.
Reserve system by conversion to State banks.
Since Representative Strong was appointed a member of the conference
'Committee he has been deluged with letters and telegrams giving him
advice as to how he should vote and act in the handling of this matter.
Inasmuch as he is getting advice both to vote for and to vote against the
Hull amendment, he must use his own judgment, he pointed out, based on
the facts at issue and upon developments.
, "Since my appointment by the Speaker as one of the House conferees to
endeavor to work out an agreement with the conferees of the Senate on the
McFadden bill I have been receiving a great many wires for and against one
provision of the McFadden bill. These center attention on amendments,
and realizing that 95% of such appeals are prompted by prejudiced propaganda from those interested in branch banking, anti-branch banking and
chain banking, I have thought best to prepare this general statement giving
the facts regarding the provisions of the bill," declared Mr. Strong in a
letter to his advisers.
"I believe that in the interest of the whole country this question (should
the national banking system be maintained_) should be answered in the
affirmative; first, because only through a system of national banks can a
Federal national banking policy be enforced, so necessary in times of great
national stress and a comparison need only be made of the financing of the
War of 1812 and the Civil War with that of the World War to demonstrate
the need of nationally controlled financial institutions. Second, as only
the national banks can be compelled to maintain membership in the Federal
Reserve system, it seems to me necessary to the perpetuation of that
system that the inducements for national banks to give up their charter in
order to secure more liberal operation under State laws should be lessened.
Third, commercial credit like commerce itself is predominately inter-State,
•and therefore vested with an essential, national interest, which situation
makes a national banking system mandatory."
Continuing Mr. Strong explains the other features of the bill and going
Into the matter of branch banking he said:
"Our present law does not permit national banks to have branches, yet
in more than twenty States branch banking is permitted by State law and
many of our large commercial centers like New York, Brooklyn, Buffalo,
Cincinnati, Cleveland, Detroit, San Francisco, Los Angeles and New
Orleans are located in such States and the fact that in such cities State
banks are permitted to have branches while the national banks may not do
so, is causing many large national banks to give up their charters.
"Though I do not approve of branch banking (nor chain banking, which,
I believe to be worse) I nevertheless realize the necessity of permitting
national banks to have branches in large cities where State banks were
permitted to have them, and I assisted in having amendments adopted,
when the McFadden bill was being considered by our banking and currency Committee of the House which would:
"First.—Limit national banks to have branches where the same were
permitted by State law only in the city where the parent bank was located.
This would prohibit State wide branch banking.
"Second.—To permit no national banks to have branches in cities under
25,000; only one branch in cities from 25,000 to 50.000; two branches in
cities from 50,000 to 100,000, and only such branches in cities over 100,000
as the Comptroller of the Currency should authorize. This provision I feel
Would prevent the large majority of national banks in any State favoring
legislative action in their State for branch banking.
"I voted for the Hull amendments and for the motion to instruct the
House conferees to insist upon it and as a recently appointed member of
the House conferees have carried out such instructions, but the conferees
of the Senate absolutely refuse to accept the plan, holding that it Would be
Bill Introduced in New York Assembly Would Supervise
Exchanges.
The "Wall Street Journal" announced in Albany advices
Jan. 19 that Assemblyman Cuvillier had introduced a bill
in the Legislature providing for incorporation of all stock
• exchanges,for their supervision by the State Banking Department and for the licensing of brokers. It also stated:
He has also introduced a bill appropriating $25,000 for investigation by
legislative committee, whose members shall include two appointed by the
Governor, into the business of marketing bonds secured by real estate
mortgage, other than bonds of public service companies.
President Coolidge Receives New Nicaraguan Minister
—Tells Dr. Don Alejandro Cesar United States
Has No Selfish Nor Imperialistic Designs.
President Coolidge on Thursday received the new
Nicaraguan Minister, Dr. Don Alejandro Cesar, at the
White House. He said the United States desired the
independence and prosperity of all the Central American
republics and, referring to the landing of American forces in
Nicaragua, "with the consent and at the request of your
Government," declared: "I know that your Government and
the people of Nicaragua fillly appreciate that the United
States has no selfish ends or imperialistic designs to serve."
The new member of the diplomatic corps was presented
to the President by J. Butler Wright, Assistant Secretary
of State. In explaining his position Dr. Cesar, whose
reception by the President has been held up for almost a
week, said:
Excellency: Once again I am honored with the representation of the
Nicaraguan government before the government of the United States, and
I am peculiarly gratified to be able to begin my mission as the first dipolmatic representative of the new constitutional government of Nicaragua,
presided over by President Adolfo Diaz.
In the unhappy course of events which have disturbed the peace of
Nicaragua during the last year there has never been a moment when the
consistently friendly interest of the United States government in the peace,
welfare and progress of Nicaragua was not manifest both in the United
States and in Nicaragua—especially in Nicaragua, where the American
representatives have been untiring in their efforts to serve the ends of peace.
For this reason, as well as for the well known and historic relations of amity
and cordiality which have always existed between our two countries, it is
natural that, in presenting the letter which accredits me as Envoy Extraordinary and Minister Plenipotentiary of Nicaragua to your excellency's
government, I should be especially charged by my government to interpret
to your excellency the genuine sentiments of grateful appreciation and
462
THE CHRONICLE
sincere devotion which my government and people feel toward the great
American nation.
To this manifestatiod of Nicaraguan friendship and gratitude toward the
government and people of the United States I desire to add the expression
of my best wishes fcr the personal fertunes of your excellency and fcr the
welfare and happiness of the great nation over which your excellency so
worthily and happily presides.
At the same time, I must not be unmindful of the grave political, social
and economic problems that now confront my country. IN ith a view to the
solution of these problems, Nicaragua looks confidently to the United Statt s
for guidance, co-operation and aid, having learned that it may always
count on finding here loyal and disinterested friends. And, inasmuch as
the promotion of the welfare and pre sperity of Nicaragua cannot fail to
prove agreeable to the United States, I enter upon the duties of my new
mission with no small amount of optimism.
President Coolidge responded as follows:
It is a genuine pleasure to receive you and to recognize you as Envoy
Extraordinary and Minister Plenipotentiary of the Constitutional Government of Nicaragua.
While official relations between the United States and your country were
unfortunately interrupted for nearly a year by the prevalence of political
conditions in ,Nicaragua which did not permit the United States and the
other governments of the world to maintain regular official contact, it is
gratifying to note that the ties of friendship which have always bound together the peoples of the United States and of Nicaragua have at no time
been impaired, and that throughout the trying period of non-recognition
most amica.ble, though informal, relations were always maintained. That
we are now once more in a position, due to the establishment in Nicaragua
of a Constitutional Government to which the United States and other
Powers are able to extend recognition,to resume official relations is a matter
of great satisfaction. I am glad to receive you as the duly accredited
representative of the new Nicaraguan Government.
For many years the United States has been a good friend to the Nicaraguan people. Through our assistance, asked and apparently welcomed.
Nicaragua has enjoyed years of peace and tranquillity, restored her almcst
hopelessly shattered national finances, increased her economic resources
and vastly improved her position before the world. We take no undue
• credit fcr what was accomplished during that time. The chief credit
belongs to the Nicaraguan people themselves. It was the sincere hope
of this country that these conditons would continue and that it would be
unnecessary for the United States to take any action for the protection
of its citizens and their interests; but unfortunately such has not been
the case.
I take this opportunity of expressing the earnest hope that such internal dissension as still exists in your country may soon be dissipated so
that no obstacle may bar the way to progress toward a new era of permanent peace and prosperity for Nicaragua. Although American forces
have with the ecinsent and at the request of your Government been landed
in order to safeguard the legitimate interests of the United States and
the lives and property of its citizens, this state of affairs should not continue longer than is necessary. The United States, as I know your Government and the people of Nicaragua fully appreciate, has no selfish ends
or imperialistic designs to serve. Least of all have we any desire to influence or dictate in any way the internal affairs of your country. The
United States desires the independence and the prosperity of every Central
American republic. The foundations for permanent stability within
Nicaragua must, of course, be laid by its own Government and I have
been pleased to see that the initial steps for the elimination of disaffection
and the composing of factienal differences are already being taken.
Death of David R. Francis, Former Ambassador to
Russia.
David Rowland Francis, former Ambassador to Russia,
former Secretary of the Interior and former Governor of
Missouri, died at his home in St. Louis on Jan. 15 after a
long illness. Mr. Francis had ipso served as Mayor of
St. Louis and President of the Louisiana Purchase Exposition Co., which conducted the world's fair in St. Louis in
1904. Mr. Francis was born in Richmond, Ky., in 1850 and
went to St. Louis in 1866. In its detailed account of his
career the St. Louis "Globe-Democrat" said in part:
A Banter Also.
In private life he was first a grain merchant and then a banker. In 1898
he founded the financial house of Francis Bros & Co. He served as VicePresident of the Merchants-Laclede Bank, as director of the Mississippi
Valley Trust Co. and as Chairman of the Board of Directors, Missouri and
North Arkansas Railroad.
He also held many other public and semi-public connections. At various
tithes he was President of the National Drainage Congress, Secretary of
the Interior under President Cleveland for one year (1896-97) and President of the Merchants' Exchange of St. Louis.
He also was head of the company which built the Merchants' Bridge and
Railroad, which were later sold to the Terminal Railroad Association.
Owned Old Republic.
Francis was also owner of the old St. Louis Republic, the leading Democratic newspaper of the State. This paper was bought and absorbed by
the "Globe-Democrat" and on Dec. 4 1919. the "Republic" printed its
last issue, after having been published continuously since 1808.
He was also a director of the United Railways Co. and was long identified
with traction interests here.
He was identified with two of Missouri's leading universities, the University of Missouri and Washington University. He was Chairman of the
Board of Curators of the State University until he became Ambassador to
Russia. A fountain on the campus of Washington University was dedicated
in his honor two years ago in his presence.
[Vol.. 124.
Nickerson & Co. Based on the performance of ten United
States Government securities plotted on an income basis
for the period from 1919 to 1926 and for the period from
1921 to 1926 and striking an average between these trends
it is estimated that by 1930 United States Government
obligations should be selling on a basis to yield an average
of 3.12% as contrasted with the present average of about
33%. Five United States Government bond issues during
the current week reached the highest levels of the post war
period. Based 'on current prices the Treasury 33
4%—
30 year bonds—brought out last March are now selling to
yield 3.49% with shorter term obligations also selling under
33%. The review issued by John Nickerson & Co., says:
The trend line from 1919 to 1926 is obviously affected to an unwarranted
extent by the stringent money conditions of 1919 and 1920 which caused
all bonds including Government bonds to drop sharply to panic levels.
On the other hand, the trend line frcm 1921 to 1926 is deflected too much
in the opposite direction because of the extraordinary recovery in bond
prices during 1921 and 1922. Of the two trend lines the 1921-1926 line
more cle sly fellows the course of interest rates in recent years. However,
a trend line midway between these probably reflects to a truer extent the
trend of interest rates during this period. The projection of this trend line
shows the expected nerrcal for Government interest rates fcr the years
inunediadely following 1926. According to the chart, United States Government obligations in 1930 should be selling on a basis to yield an average of
3.12%.
• Figured on a 3.12% basis for 1930, the Treasury 4s, and the 330
will have appreciated mere than 43 points, the Treasury 4s about 3,1
points, while the Liberty 4th 43s will be about the same price. If the trend
line of 1921 to 1926 period is continued to 1930 it would give an average
yield basis for ten Government securities of 2.62%.
It is a paradox, that notwithstanding the business expansion which this
country has experienced since 1922, with its concomitant expansion of bank
credits, interest rates have steadily declined. Evidences are accumulating
which indicate that if this period of business expansion has not already
culminated, at least some slackening is to be expected. The shortages
created in certain lines by the war conditions have largely been rectified.
With an easing in the business movement,the den-ands on the credit supply
will lessen, so that it is entirely reasonable to assume that not only will the
trend of interest rates continue downward but that this trend will be
intensified.
With prices at their present levels and with indications of
a continuance of low money rates many believe that the
next Government bond issue will bear a 33.% coupon.
This would place Government financing on a basis comparable with that before the war.
Report by Gilbert H. Montague, of New York Bar,
Proposing Reclassification of Work of National
Conference on Uniform State Laws.
Reclassification of the work of the National Conference
en Uniform State Laws, and substantial changes in the procedure of the National Conference and the American Bar
Association as regards many of the recent Uniform State
Laws now pending in this and other States, are suggested in
the report submitted to the New York State Bar Association
at its annual meeting in New York City yesterday (Jan. 21)
by Gilbert H. Montague, Chairman of the Committee on
Uniform State Laws. After noting the great number of
recent Uniform State Laws that have failed of adoption in
New York and other States, Mr. Montague says in his
report:
In some States some of these unenacted Uniform State Laws may be
wholly or partly inconsistent with principles now held by the Legislature,
the Courts and by public opinion—principles that perhaps have won
approval and been adopted after consideration of all arguments to the
contrary, or principles on which public policy and property rights have
become established.
This, probably, is the reason why the Uniform Arbitration Act has not
been adopted, and the present Arbitration Law has not been repealed, in
New York. One way of dealing with this situation, as it exists in all the
States of the Union, might be for the National Conference, or the American
Bar Association, or both, to appoint a committee, who might review the
action, and inaction, of the several States as regards all Uniform State Laws
adopted by the National Conference and approved by the American Bar
Association, and such of these questions as may relate to them.
If it were concluded that the unenacted Uniform State Laws, and the
current and future work of the Commission, should in some fashion be
reclassified, in the light of conclusions arrived at regarding the various
questions above outlined, so that some laws should, as at present, still be
designated and pushed as Uniform State Laws, while others, in some
States at least, might be designated and submitted for consideration simply
as "Model Laws," this conclusion might be taken under advisement by the
National Conference and by the American Bar Association and if these
organizations should arrive at the same conclusion, they might then consider the advisability of making such changes as might seem to them desirable or appropriate in their respective by-laws.
Movement by Municipal Officials to Combat Legislation
Which Would Remove From Legal Investments
for Savings Banks Certain State and Municipal
Bonds.
It was announced on Jan. 18 that a movement has been
launched in New York to combat prospective legislation in
Bonds.
Trend
of
Liberty
New York State, which, it is contended, would, if enacted,
Co.
on
John Nickerson &
depress by many millions of dollars the market price of cerbonds
Government
States
United
of
trend
The probable
tain
types of municipal bonds now rated as legal investments
past
over
the
movement
for the next few years based on the
this State. Following a conference with
several years is analyzed in a special review issued by John for savings banks in
Honored by University.
of Washington University at the
F He was a member of the corporation
time of his death. Francis Field, the athletic field, and Francis Gymnasium, both built in time for the World's Fair, are memorials to him there.
Francis Field was the site of the Olympic games held here in connection with
the exposition.
JAN. 22 19271
THE CHRONICLE
Frank Morse in the office of Lehman Brothers, Mayor
Holcombe and City Treasurer Myer of Houston, Tex., have
sent out a call to officials of other Texas cities warning them
of the prospective, move and asking their eh-operation.
Later, this call will be extended to cities in other States,
principally Ohio, Alabama and North Carolina, which principally would be affected. An announcement in the matter
says:
The action by Mayor Holcombe and .associates follows a movement
sponsored by the Savings Bank Association of New York which calls for the
enactment by the New York State Legislature of a law which would remove
from the legal investment CIASS all State and municipal bonds which are
secured by limited taxes. Passing of such a law, it is claimed, would force
out of the preferred position as "legal investments" the bonds of a number
of American cities: and would prevent other cities now seeking to make their
bonds "legal" from achieving that objective: would force savings banks,
trustees for estates, and like institutions, to liquidate their present hcldings
of limited tax bonds.nowrated as legal investments; and would cause a
decline in present values of such bonds, thus injuring the credit of the cities
concerned: and would result in the loss of thousands of dollars to many
holders of such bonds which at present enjoy a high price level in view of
their legal status.
In Texas, alone, the bonds of Dallas, San Antonio and El Paso would be
removed from their present status as "legal investment" and the bonds of
Houston and Fort Worth—two cities which hope to raise their bonds to the
preferred status—would be furtht r removed from that objective.
In this connection, it was stated by Mayer Holcombe that the purpose
of his present visit to New York v as to promote ways and means of making
Houston bonds legal investments. Fir over fifty years the city hes been
promoting its credit to a point where prevailing legislation would in all
probab.lity make the city's bonds legal 'cm hives tment here. But the prospective legislation, if successful, would checkmate this development as
Houston's bonds like those of many other cities with diversified sources of
Income. are paid from limited taxes.
Death of Lee Kohns, Former President New York Board
of Trade and Transportation.
Lee Kohns, former President of the New York Board of
Trade and Transportation, who retired from active business
several years ago to devote himself to educational and charitable work, died at his home in this city on Jan. 18. Mr.
Kohns, who was born in Columbus, Ga., in Sept. 1864, was
a grandson of the late Lazarus Straus. Mr. Kohns was a
graduate of the College of the City of New York and from
1906 until his death was an active member of the Board of
Trustees; since 1913 he was Chairman of the Alumni Library
Committee, and from 1919 to 1921 he was President of the
Associate Alumni. Mr. Kohns had served as President of
the New York Board of Trade and Transportation for seven
years. He was also a former President of the Crockery
Board of Trade and a director of the American Exchange
Irving Trust Co. Lewis E. Pierson, Chairman of the Board
of the American Exchange Irving Trust Co., on Jan. 19,
paid tribute to the memory of Mr. Kohns, for twenty-five
years a director of the company, Mr. Pierson said:
Mr. Kohns was one of the best and most lovable men it has over been my
good fortune to know. His instinct always was to think of others first.
His sense of justice to his fellow men Was devcloped to a most unusual
degree. I recall that, only a few days ago, I heard him say in a very
intimate conversation, "It is consoling to feel that if I were to die to-night,
it would be with a consciousness that I have never intentionally injured a
fellow human being."
Mr. Kohns was a most charitable man, with an extremely wide range of
human sympathies. Although intensely active in business until very recent
years, his contributions to civic improvement, education, letters and the
arts, and to the betterment of relations between the United States and
other countries, were most substantial.
His service as a member of the board of directors of our institution was
most highly regarded. His business Judgment, always keen and well
balanced, was rendered still more valuable because of his effort constantly
to seek out the human background against which business transactions
might show. The memory of our pleasant association with him will long
remain.
L. S. Bache Elected President of New York Coffee &
Sugar Exchange, Inc.
Leopold S. Bache, of J. S. Bache & Co., was elected
President of the New York Coffee & Sugar Exchange at the
annual election of officers on Jan. 20. Mr. Bache succeeds
Carl H. Stoffregan, whose term expired. E. L. Leuder, of
Minford, Leuder & Co., was elected Vice-President to
succeed Mr. Bache. Willard T. Thompson, of Hopkins
Bros., was made Treasurer, succeeding C. H. Middendorf.
It was voted, 144 to 5, to automatically close the Exchange
on Saturdays during the months of June, July, August and
September. It had previously been the custom to circulate
a petition on the question of Saturday closing during the
summer months.
James Brown of Brown Bros. & Co. Retires from Presidency of British Empire Chamber of Commerce—
Luncheon in His Honor—Review of World
Reconstruction.
The monthly luncheon meeting of the British Empire
Chamber of Commerce took place on Jan. 18 at the Lawyers'
463
Club, 115 Broadway, this city, the luncheon having been held
in honor of James Brown of Brown Bros. & Co., bankers,
who retired from the Presidency of the Chamber after holding that office for three years. Following the luncheon,
Mr. Brown reviewed the activities of the Chamber during
his administration. Addresses were also made by Sir Harry
Armstrong, K.B.E., British Consul-General; Robert R. Appleby, President, Kems'ey, Millbourn & Co., Chairman of
the Executive Board, and Edward F. Darrell, ex-President
of the Chamber.
The following officers were elected for the ensuing year:
President—C. S. LePoer Trench, of Charles S. Trench & Co.
First Vice-President,—Robert R. Appleby. President Kensiey, Millbourn
St Co.
Second Vice-President—Kennard L. Wedgwood of Josiah Wedgwood &
Sons. Inc.
Honorary Treasurer—Norman C. Stenning, President Angio-South
American Trust Co.
Secretary—R. F. Munro.
Mr. Appleby also continues as Chairman of the Executive
Board. Mr. Brown's address dealt with events which have
transpired during the past three years, which, he noted,"have
perhaps been the most constructive since the war." In his
concluding remarks he said:
While the world is a long way from entire rehabilitation, and while many
of you are still despondent and perhaps rightly so from your individual
point of view, can any of us deny that great prosrass has been made and
should we not be encouraged and look forward with assurance to improving
business conditions in all war-scarred countries..
In his review of the years 1924, 1925 and 1926 Mr. Brown
said:
In the fall of 1923 German inflation was at its height. The Ruhr was
occupied by Allied armies and in Germany poverty and starvation were
forced by every one and hope seemed extinguished.
France's currency was falling rapidly. Her rolitical situation and Government finances were going from bad to worse.
Little Belgium was suffering from her own troubles and also from her
geographical position between France and Germany.
Austria and Hungary, yet, in fact all Central European States, were
politically and economically in the dark and in dire suffering.
Italy was not much better off and the Scandinavian countries were having
very hard, uphill fights.
England was the only country that had had the courage to agree upon a
debt set.lement with the United States, ratified by the Bsitish Parliament
on June 18 192'3, but in the fall her pound sterling was still at considerable
discount.
Unemployment figures were appalling. Taxes were oppressive.
Labor was recalcitrant, and the change of industrial conditions from war
time to peace-time occupations had not been accomplished.
All Europe was thinking lugubriously about its debt to the United States
and the hard feelings engendered by the war between nations appeared to
be as prevalent as ever.
Since then what has happened? Except France, agreements have been
entered into by almost all other countries for the settlement of their debts
to the United States.
In Germany in 1924 the so-called "Dawes Committee" went to work.
In the fall of that year the "London Agreement" was made.
The "Dawes Plan" was inaugurated. Germany was put on a gold
basis. Allied troops have been substantially withdrawn. Germany has
become a member of the League and is economically and industrially working on sound lines towards normality.
Belgium is on a gold basis.
With the aid of the League of Nations both Austria and Hungary have
been put on their feet and are in a position to maintain themselves.
Other Central European countries are emerging from chaos.
Italy's currency is being rapidly deflated and the country's internal
affairs are being reformed, both politically and industrially.
Many of the Scandinavian countries have definitely returned to the
gold standard and others are getting ready to do so.
As I said before, good, old England was the first to agree on a debt
settlement with the Unteid States.
She has re-established the pound sterling as the premier gold currency
of the world and Englishmen are fightig her economic battles like men.
You will recall that when I returned from Europe in the fall of 1925
that I stated that "in my humble opinion before industrial conditions
and international trade can approach normality there will have to be
an out-and-out contest with labor, which can only be won if the country
is organized in such a way as to continue the operation of its utilities and
maintain its food supply during the contest."
The strike has come and gone. Let me differentiate, however, between
the coal strike and what I will call the general strike.
This chamber has had the advantage of listening to Sir Josiah Stamp
on the subject of the coal strike and I can add nothing to his able exposition
of that situation except to observe that while the strike is over, the great
economic questions involved were not solved and I fear must be fought
out again some day.
With regard to the general strike, however, the results were, to my
mind, decisive, and have settled for all time the real question at issue.
namely, whether orderly Government was to survive or whether it was
to be replaced by Socialists labor organizations and Communistic leaders.
The way that Englishmen, yes and English women too, rose in a body to
do their part in keeping the necessary wheels turning demonstrated beyond
question to the unions and their leaders that Government could not be
trifled with and gave a lesson to the world.
While this is all also true, the economic loss to England has been very
great, and it will take some years for her to regain her position in world
trade.
It is a matter of history, however, that after all wars and times of great
adversity men's minds are forced to what has boon aptly called by Moody's
Service "creative thinking," and the inventors and efficiency experts and
industrial managers are stimulated to extra eflort to decrease costs.
I am told these forces are active now in England, and if this is so, her
recovery will be much more rapid, and representatives of British firms in
foreign countries, of which so many are members of this Chamber, will
again find themselves able to compete successfully with the world.
There is one subject that I have not mentioned, which is conceded on all
sides to have been one of the most important steps forward durinethe last
464
TH li CHRONICLE
three years, and that is Locarno. This treaty demonstrated that the
extreme antagonisms of the world were diminishing and that the attitude
of mind of one nation towards another was changing, for the better.
Utopia is too much to expect, but Locarno is certainly an outstanding
step forward on new'and constructive lines.
This review, gentlemen, while longer than I wished to make it, is yet a
very brief account of the great events that have taken place during the last
three years.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Referring to the statement last week of arrangements
for the sale of New York Stock Exchange memberships at
$180,000 and $185,000, respectively, the highest prices at
which they have ever sold,announcement was made this week
that the following memberships were posted for transfer:
That of Cornelius S. Lee to Philip W. Smith and that of
Marshall J. McAnerney to Alden H. Pose, both for a consideration of $185,000; that of John King Hodges to Frank
G. Fiorentino for $180,000; that of Kenneth L. Fleming
Jr. to Harry E. Collins for $175,000; that of Henry W.
Miller to Robert T. Dodge, consideration nominal.
[VOL. 124.
piro, Louis Schapiro, William C. Sproul, J. H. Ulrich and
Frederick W. Wakefield.
The French American Banking Corporation announces
that the directors and officers of the corporation have been
re-elected for the ensuing year.
At a meeting of the board of directors of the Seaboard
National Bank of the City of New York held on Jan. 13,
William A. B. Ditto was.appointed Assistant Vice-President.
This was noted in our issue of Jan. 15 (page 332) along with
other appointments. Mr. Ditto entered the Seaboard as a
junior clerk and after working his way through the various
departments was appointed Assistant Cashier in 1920,
associated with the loan department. He was born in
Hancock, Md., and was connected with the Hancock bank
prior to his affiliation with the Seaboard. He has taken an
active interest in banking and institute affairs, having been
a member of the American Institute of Banking for a number
of years.
James G. Blaine was this week formally elected President
of the Fidelity Trust Co. of this city by the directors. Preceding his election to the presidency at the annual meeting
of the trust company on Jan. 19, Mr. Blaine was elected a
director, succeeding the late Courtlandt Linkroum. William
J. Kohl, Assistant Secretary, was appointed Manager of the
William Street office. The announcement that Mr. Blaine
The second New York Cotton Exchange membership of would head the institution was noted in our issue of Dec. 11
William Mitchell was reported sold this week to Richard 1926.
T. Harriss, for another, the consideration being stated as
The annual stockholders meeting of the American Ex$27,750. The last preceding transaction was at $28,000.
change Irving Trust Co. of New York, was held in the
At the annual meeting on Jan. 19 of the stockholders of Woolworth Building on Jan. 19. The officers and members
the Guaranty Trust Co. of New York, the following directors of the board of directors were reelected without change.
were elected to serve for three years: Edward F. Carry,
John I. Downey, President of the John I. Downey
Henry G. Dalton, Howard Elliott, Cornelius F. Kelley, Building Construction Co., and a director of the Bankers
Clarence H. Mackay, William C. Potter, Cornelius Vander- Trust Co. of New York, since 1917, was on Jan. 17 elected
bilt Whitney, George Whitney, and Harry Payne Whitney. Vice-president of the Bankers Trust Co. at a meeting of its
All officers of the trust company were re-elected for the board of directors, and after March first he will take up his
ensuing year. A letter from Edgar L. Marston, resigning as official duties at the Fifth Avenue office of the company at
director, was read and accepted with regret. Mr. Dalton Fifth Avenue and Forty-second Street. Mr. Downey has
was elected to succeed Mr. Marston. Mr. Dalton is the served this office of the Bankers Trust Co.' and its preFirst Vice-President of the Youngstown Sheet & Tube Co. decessors, the Astor National Bank and the Astor Trust Co.,
of Youngstown, Ohio, and is a director of Union Trust Co. since 1901, at which date he succeeded his grandfather as a
of Cleveland, Bethlehem Steel Corporatoin, and partner of director of the Astor National Bank, and when that became
• Pickands, Mather & Co., of Cleveland.
the Astor Trust Co. in 1907 he continued on its board.
When the Astor Trust Co. was merged with the Bankers
The following appointments are announced by the Bank of Trust Co. in 1917, he became a director of the latter organiAmerica: Frederick G. Curry, Assistant Vice-President and zation. He has also, since the merger, served on the Advisory
Trust Officer; John W. McKeon, P. J. Hebard and A. E. Committee of the Fifth Avenue Office of Bankers Trust Co.,
Vellers, Assistant Cashiers. The directors of the Bank of and he expects eventually to retire from his building conAmerica Safe Deposit Co. have been re-elected, and F. struction company and devote his entire time to banking.
Wilder Bellamy has been added to the board to fill the Mr. Downey was graduated from Yale Sheffield Scientific
vacancy caused by the death of Frederick T. Parsons. The School in 1897, and he has, since that time, been active in
special stockholders' meeting of the Bank of America, sched- his service to Yale. He is a director and Vice-Chairman of
uled for Jan. 17 to act on the question of increasing the the Yale Alumni University Fund, a member of the Yale
capital stock of the bank from $6,500,000 to ,000,000, was Alumni Advisory. Board and President of his class. Mr.
indefinitely postponed, subject to the call of the Chairman. Downey is a director of the Fifth Avenue Bank and a
On Jan. 18,Edward P. Morse, President of the Morse Dry- Trustee and Vice-President of the Franklin Savings Bank,
dock & Repair Co. of Bay Ridge, obtained an order from he will continue his services as such to both of these
Supreme Court Justice James A. Dunne requiring the bank organizations.
to show cause why its election of a board of directors on
It was announced on Jan. 18 that Charles J. Mason had
Jan. 11 should not be vacated. Reporting that the action
centres around the voting trust by which control of the bank been appointed Manager of the Credit Department of the
is held by the present management, the "Times" of Jan. 19 New York Trust Co. James McC. Law and Willis
McDonald, 3rd, were on Jan. 9 appointed Assistant Treasaid in part:
meeting of the
Like all the moves that have preceded it. the latest turn in the contest surers of the company. Following the regular
for the direction of a concern with millions of dollars of resources was sur- Board of Trustees at the New York Trust Co. on Jan. 19
rounded by mystery. Neither Mr. Morse nor his attorneys, Miller & Otis, it was announced that George F. Rand of Buffalo hadlbeen
of 61 Broadway, woUld discuss the reasons for the action. Henry R. Stern,
attorney for the bank, also was unwilling to discuss the case. The order added to the board. Mr. Rand is President of the Marine
requires the bank to show cause on or before Jan. 24 why the election Trust Co. of Buffalo, which is the fifth largest bank in the
should not be declared void.
United States outside of New York City and Chicago.
All interests concerned in the controversy take the stand that no pubIn
desired.
some
circles
in
Wall
is
Street
licity
it is believed a settlement During 1920 and part of 1921 Mr. Rand was Vice-President
will be reaChed out of court and that the situation is settling down to a in charge of branches of the Marine Trust Co. He became
stage where one of the contending interests will buy out the stock holdings President of the Buffalo Trust Co. in July 1921, and
of the other at a price to be agreed on.
remained at the head of that Bank until Dee. 1926. During
of the Buffalo Trust Co. increasedIfrom
Colonel Thomas H. Birch has been re-elected as President that period deposits
Mr. Rand became President
$60,000,000.
$15,000,000
to
of the Trust Co. of North America. The other elections of the
Co. in Jan. 1926. He is also a director
Trust
Marine
Renz
and
J.
L.
W.
Cunha
Gomes, Vice-Presiwere: Adrian
of the Niagara Falls Power Corp., Buffalo, Niagaralan
dents; Ronald B. Smith, Secretary and Treasurer; Charles Western
Power Corp., General Baking Corp., Pierce-Arrow
Assistant
Secretary.
The
directors
for
the
Runyan,
D.
Motor
Co., Rand-Kardex Bureau, Cleveland an
Car
coming year are: Colonel Birch, Senator Edward I. Ed- Buffalo Steamship Co. and First Trust Co. of Tonawanda.
wards of New Jersey, J. L. Cunha Gomes, Samuel L. Hoff- He is also Chairman of the board offthelState Trust Co.,..of
man, George DeB. Keim,John J. Long, Frederick G. Mor- North Tonawanda.
ley, Adrian W. Renz, Eugene Lamb Richards, Jacob SchaThe transfer of the membership of Kenneth L. Fleming Jr.
to Harry E. Collins brings to notice the increasing number
of out-of-town holders of New York Stock Exchange memberships, Harry E. Collin being a resident of Toledo. The
number of such memberships is reported to be 133.
JAN. 22 1927.]
THE CHRONICLE
At a meeting of the board of directors of the Trade Bank
of New York, Robert P. Sobel was made Vice-President;
J. B. Schubert, Assistant Vice-President; and Lawrence A.
Meyers, Assistant Cashier. The entire board was re-elected.
•
At the annual meeting of the stockholders of the Seventh
National Bank of New York on Jan. 11, Arnold Gottlieb
was elected a director. The following directors were reelected: Jacob L. Alberts, Julius Blauner, Charles G. Bond,
Joseph Dallet, Jacob De Jon,g, Alfred.Fantl, Joseph Frackman, Louis M. Rabinowitz, Harry H. Revman, D. J.
Rubinstein and Samuel Sherlip.
At the annual meeting of stockholders of Grace National
Bank of New York all directors were re-elected. At a meeting of the directors on Jan. 19 the following officers were reelected: J. Louis Schaefer, President; J.A.Allis, First VicePresident, and Robert F. C. Benkiser, Cashier. All other
officers were reappointed.
465
became trust officer of the Citizens Trust Co. and when that bank wag
merged with the Marine Trust Co.. he became trust officer in that organc
zation.
George F. Rand,President of the Marine Trust Co., issued the following
statement: "We are pleased to make this recognition of Mr. Well's ability
In handling trust business. Services of an expert are needed in the administration of estates and Mr. Wells is unusually well qualified."
At the annual stockholders' meeting on the same date John
D. Larkin Jr., President and Treasurer of the Larkin Co.,
Inc., and Edward B. Germain, President of the Dunlop Tire
& Rubber Co. were elected directors of the company.
The stockholders of the Liberty Bank of Buffalo, Buffalo,
on Jan. 11 elected two new directors, according to the Buffalo "Courier-Express" of Jan. 12, namely Thomas H. Hanrahan, President of the Buffalo Freight Terminal & Warehouse Co. and well known in transportation circles throughout the country, and Isaac S. Given, President of Given's,
Inc., and one of Buffalo's leadinemerchants. At the directors' annual neeting of this bank the present officers were
re-elected. Oliver Cabana Jr. is Chairman of the Board
and John A. Kloepfer, President.
At the annual meeting of the Corn Exchange Bank of this
A press dispatch from Portland, Me. on Jan. 13, printed
city, A. A. Fowler, President of Rogers, Brown-Crocker
date, stated that
Bros., Inc., and Robert Lehman, of Lehman Bros., were in the Boston "Transcript" of the same
Maine Power
Central
the
of
President
Wyman,
S.
Walter
elected directors, which increased the board from 15 to 17.
Co., now controlled by Insull interests, had been elected
All retiring directors were re-elected.
President of the Fidelity Trust Co. of Portland at the
The National Bank of Commerce in New York announces recent annual meeting of the directors. Mr. Wyman, who
the appointment of James M. Nicely as Second Vice- for the past year has been a Vice-President of the bank,
President effective Feb. 1. Mr. Nicely is now associated succeeds Charles Sumner Cook, who remains with the institution as Chairman of the Board, the dispatch stated.
with Davis, Polk, Wardwell, Gardiner & Reed.
At the annual stockholders' meeting of the Corn Exchange
Bank of New York on Jan. 18, Arthur A. Fowler, President
of Rogers, Brown & Crocker Bros., Inc., and,Robert Lehman
of Lehman Bros. were elected additional directors of the
bank. All retiring directors were re-elected. This increases
the board of directors from fifteen to seventeen.
The Hamilton National Bank of New York announces
the appointment of nine Assistant Cashiers, they are: W.D.
Pike, Oscar J. Goerke, Henreitta J. Fuchs, H. Laurence
Harter, E. V. Smith, Thomas J. King, Frank A. Wanner,
Robert O'Leary and John V. H. Leary.
C. B. Hall, Assistant Vice-President of the International
Acceptance Bank, Inc., has been elected Secretary of the
institution.
William G. Scott was on Jan. 19 appointed as Assistant
Treasurer of Lawyers Trust Co. of New York.
The Third National Bank & Trust Co. of Springfield,
Mass.—the new institution resulting from the consolidation
of the Third National Bank and the Chicopee National
Bank, to which reference was made in the "Chro• ice" of
Nov. 20, page 2614—opened for business on Jan. 13. The
new bank, with resources in excess of S35,000,000, is said
to be the largest commercial bank in Massachusetts outside
of Boston. The former quarters of the Chicopee Nationa
Bank is being maintained as the Court Street office of the
Third National Bank & Trust Co. The personnel of the
new institution is as follows: Frederic M. Jones, President
and Trust Officer; George J. Clark, Harlan S. Kaplinger
(and Cashier), George C. Stebbins and Leander W. White,
Vice-Presidents; Leland F. Bardwell, Charles G. Butterworth, Henry F. Colton, Preston D. Gilmore, Charles A.
Pierce, Harlan A. Sears and Harry A. Spaight, Assistant
Cashiers, and Winslow Wetherbee, Assistant Trust Office.
Walter M. Libbey, a leather dealer of Lynn, Mass., was
elected President of the Manufacturers' National Bank of
At the annual meeting of the stockholders of the Title that city on Jan. 11, succeeding the late Clifton Colburn,
Guarantee & Trust Co. of New York held Jan. 18 the according to the Boston "Transcript" of Jan. 12.
following were elected trustees:
Class expiring in the year 1930—Robert S. Brewster, Robert W. de
Following the annual meeting of the directors of the NaForest, Darwin R. James, V. Event Macy, William H. Nichols, Robert
tional Bank of Commerce of Providence, R. I., on Jan. 11,
Olyphant, James H. Post, Walter N. Rothchild.
At the organization meeting of the trustees the following the institution announced its new roster as follows: C. Prescott Knight, Chairman of the Board; Henry L. Wilcox,
officers were elected:
Chairman of the Board, Clarence H. Kelsey; President, Clinton D. President; Frank W. Gale, William P. Chapin Jr., Vice-PresBurdick; Vice-Presidents, Frederick P. Condit, J. Wray Cleveland, Harold idents; W. Howard Perry, Cashier, and Edward B. FessenW. Hoyt, Clarence F. Lamont; Treasurer and Manager Banking Department, Clarence C. Harmstad; Secretary, Horace Anderson; Manager Man- den, Assistant Cashier. Prior to the election, according to
hattan Mortgage Department, Randall Salisbury; Assistant Treasurers, the Providence "Journal" of Jan. 12, Mr. Knight and Mr.
John W. Shepard, Loren H. Rockwell, John F. Kelsey; Assistant SecreWilcox were respectively President and Vice-President.
Blank, Fred H. Freeman. Stephen T. Kelsey, Doane S.
taries,
David
Guardenier, Howard Burdick, John T. Egan; Vice-President, in charge of
the Brooklyn Banking Department; Frank L. Sniffen; Vice-President in
charge of the Jamaica Branch; Raye P. Woodin; Assistant Vice-President,
1'. C. Robertson; Trust Officer in Brooklyn, Thomas E.Pilsworth;Assistant
Trust Officer in Brooklyn, Alexander S. Ross; Trust Officer in Manhattan
Francis F. Thomassen; Assistant Trust Officers in Manhattan, Allen H.
Heathen, Thomas A. Foster.
At the annual meeting of the stockholders of the County
Trust Co.of New York held on Jan. 18 the following directors
were re-elected: Vincent Astor, Peter J. Carney, Howard
S. Cullman, Edward H. Kelley and S. Le Boutillier.
Directors of the Marine Trust Co. of Buffalo at their
annual meeting on Jan. 11 elected James E. Wells, who has
been Trust Officer of the institution, to the position of
Vice-President, and promoted George F. Bates, formerly
Assistant Secretary and Manager of the credit department,
to Assistant Vice-President. In reporting the election of
Mr. Wells, the Buffalo "Courier-Express" of Jan. 12 said:
Mr. Wells was admitted to the bar in 1898 and for many years was actively engaged in the practice of law. He served for several years as clerk
of the surrogate court of Erie County and his services there gave him a
wide acquaintance ship with the lawyers in Western New York. His
duties there also gave him a very wide experience in supervising administration of estates and he is noted as an authority In this work. He later
The following changes took place in the personnel of the
Federal Trust Co. of Newark at the directors' annual organzation meeting on Jan. 11, as reported in the Newark "News"
of Jan. 12: Winton C. Garrison was elected Chairman of the
board of directors to take the place of Christian W. Feiganspan, who resigned to become President of the institution.
Mr. Feigenspan succeeds in the Presidency Edward P.
Maguire, who was retired on a pension. He will continue
as a director of the bank. Mr. Maguire has been ill for more
than a year. Albert T. Martin was elected Assistant Secretary and Assistant Treasurer, to succeed Edward J. Moffatt,
who resigned to become Vice-President and Cashier of the
newly organized Hayes Circle National Bank of Newark,
and Harrison P. Lindabury was chosen General Counsel
and will retain a Vice-Presidency.
Dr. I. J. Rachlin was elected a Director of tlie Guardian
Trust Co. of New Jersey (Newark) at the annual stockholders' meeting on January 11. All other directors were
re-elected. The organization meeting of the Directors was
held on Jan. 13. At this meeting Albert L.Earle was elected
Secretary and Treasurer and James G. Newbury and Peter
466
THE CHRONICLE
[Vor.. 124.
•
J. Grace were elected, respectively, Assistant Secretary and
Assistant Treasurer. The following officers were re-elected:
Michael Hollander, Chairman of the Board; Clarence G.
Appleton, President; Grover C. Trumbull, James Rattray
and William W. Kamm, Vice-Presidents; William E. Ford,
Assistant Vice-President, and Ralph S. McDonald, Trust
Officer.
The board of directors of the new Hillside Trust Co. of
New Jersey were formally installed at a banquet tendered
to them at the Elizabeth Elks Club on Dec. 27. The Hillside Trust Co. has been formed with a capital of $100,000
and a surplus of $50,000. It began business on Jan. 3.
The issuance of a charter to it was noted in these columns
Nov. 6 1926. The opening day's receipts were $100,000
plus; the number of accounts opened was close to 500. The
officers of the institution are: Harry Schnabel, President;
Charles E. McCraith, Jr., Frank J. Travers and Charles T.
Woodruff, Vice-Presidents; George C. Hulick, SecretaryTreasurer.
Banking. According to the Pittsburgh "Gazette" of Jan.8
the bank was closed, after an examination of its books by
State banking officials, because "frozen assets" valued at
more than $1,200,000 and consisting almost wholly of mortgages, had made it impossible for the institution to maintain
the required legal reserve. A statement of the bank, according to the "Gazette," as of April 12 1926, showed that
the authorized capital stock was $125,000 and surplus
and undivided profits, $16,672; the total deposits were
$1,067,769 27 and the total assets, $1 231,898.47, Its
statement of Jan. 3, to the Banking Department showed,
it is said, assets of $1,236,843. The bank was incorporated
in 1911 as a State banking institution.
Dwight A. Murphy and C. Milton Kelly, Secretary and
Treasurer,respectively, of the City Trust Co.of Indianapolis,
were each given,the additional title of Vice-President at the
recent annual meeting of the directors of the bank, according to the Indianapolis "News" of Jan. 12. Other officers
of this bank (re-elected) are: Dick Miller, President; H. J.
Barnard, Vice-President, and Justin Forsythe, Auditor.
Special meetings of the respective stockholders of the C. Dwight
Peterson was elected a director of the bank at the
Colonial Trust Co. and the Peoples Bank & Trust Co. of stockholders'
meeting to succeed Charles Barnaby.
Philadelphia will be held on rob. 7 to vote on the proposed
union of the institutions under the title of the former, to
At the annual stockholders' meeting of the Union Trust
which reference was made in these columns in our issue of Co., Cleveland, held on Jan. 12, $400,000 was added to the
Jan. 15. The Philadelphia "Ledger" of Jan. 13 stated surplus account, making the capital and surplus $35,000,000.
that the directors of the Colonial Trust Co. on the previous All of the present directors were re-elected, and R. V.
day had declared the usual quarterly dividend of 230
, 3, Mitchell of Harris, Seyboldt & Potter was added to the
together with an extra dividend of one-half of 1%, both board. At the directors' meeting which followed, all of the
payable Feb. 1.
present officers of the bank were re-elected.
• After nearly half a century in the banking business, William
Four officers. v ere advanced and fne now officer elected
B. Kessler, Secretary and Treasurer of the Mutual Trust Co. at the annual directors' meeting
of the Union Trust Co.,
of Philadelphia, has retired because of failing health, accord- Cleveland, on Jan. 12. T. V. Bastel,
of the 105th-Pasadena
ing to the Philadelphia "Ledger" of Jan. 15. Mr. Kessler Office, was made Assistant Treasurer.
At the main office
had been with the Mutual Trust Co., it was stated, since the J. H. Clark, Employment Manager, formerly Assistant
bank opened in 1908. He started as receiving teller and was Secretary, was made Assistant Vice-President. C. D.
made Secretary and Treasurer in 1912. He entered the Hajek, Manager of the Kinsman-East 140th Office and
banking business in 1879 with the old Spring Garden Bank.
Assistant Secretary, was made Assistant Vice-President.
J. H. Lackamp, Manager of the East 105th-Pasadena Office,
E. W. Pargny, President
-of the American Sheet & Tin
Plate Co.; E. M. Byers, Chairman of the Board of A. M. formerly Assistant Treasurer, was made Assistant ViceByers Co., Inc., and Vernon F. Taylor, banker and oil President. C. H. Handerson, Publicity Manager, was also
operator of Indiana, Pa., were elected director of the First made Assistant Vice-President. Mr. Handerson is PresiNational Bank at Pittsburgh at the annual meeting of the dent of the National Financial Advertisers' Association.
shareholders on Jan. 11, according to the Pittsburgh "GazDirectors of the Cosmopolitan Bank & Trust Co. of
ette" of Jan. 12.
Cincinnati at their annual meeting on Jan. 11 made Russel J.
What, it is said, will be, w- hen consummated, the most Holmes, Cashier, to succeed E. J. Johannigman, who
important consolidation of financial institutions in North- resigned a short time ago both as Cashier and a member of
western Pennsylvania, is now under way in Scranton, Pa. the board, according to the Cincinnati "Enquirer" of Jan. 12.
The banks involved in the proposed merger are the First Mr. Johannigman's place on the directorate was not filled
National Bank and the County Savings Bank and their at the stockholders' meeting on the same day.
respective affiliated institutions, the Lackawanna Trust Co.
As noted in our issue of a week ago (page 335), James P.
and the Scranton Trust Co. The consolidation of these
McManus
and Alfred B. Johnston were elected Vice-Presifour banks, according to the Scranton "Republican" of
dents of the First National Bank of Chicago at the meeting
Jan. 8 will result in two new institutions, namely the First
National Bank, formed by the union of the present First of the directors following the annual meeting of stockholders, on Jan. 11. Both are promotions from Assistant
National Bank and the County Savings Bank, and a trust
Vice-President and both are members of the bank's Quartercompany, formed by the merging of the Lackawanna Trust
Century Club. Mr. McManus is in the Banks and Bankers
Co. and the Scranton Trust Co., which will probably be
Division and is well known throughout the Middle West.
known as the Scranton-Lackawanna Trust Co. The enMr. Johnston is at the head of the personnel division of the
larged First National Bank will be capitalized at $2,250,000, 1
bank. Carl E. Schiffner, who served a long apprenticeship
with surplus and undivided profits of $3,880,000; deposits
in the bank's advertising and new business department, was
of over $45,000,000 and total resources of upwards of
made Assistant Cashier in one of the loaning divisions.
$50,000,000. On the other hand, the new trust company
according to the "Republican" will be capitalized at $1,- He has a large acquaintance among men who write financial
350,000 with a combined surplus and undivided profits of copy.
In the First Trust & Savings Bank, Austin Jenner was
$1,070,000. On Jan. 7, as stated in the paper mentioned,
the directors of all four institutions, at meetings held on appointed Assistant Cashier and John D. Pollock was made
that day,"unanimously approved and recommended to their Assistant Manager of the real estate loan department.
stockholders the proposed consolidation, and "in each in- Roy R. Marquardt was promoted from Assistant Cashier to
instance the majority, of shareholders are favorable to the Assistant Vice-President. All officers of both banks were remerger plan and will ratify the action of the boards when elected and there were no changes in the boards of directors.
called together to vote on the proposition." Charles S.
In addition to the changes at the annual meetings of ChiWeston, President of the First National Bank since Jan.
cago banking institutions which were noted in these columns
1913 and a director since Sept. 1905 and also President of last week (pages 334-335) the following
changes also occurred
the Lackawanna Trust Co., will be President of the enlarged in the Chicago district at the recent bank
elections:
First National Bank and Colonel Louis A. Watres, President
Amalgamated Trust & Savings.—Everett L. Milliard and Harry A.
Savings
Bank
Charles
directors;
E.
Merriam,
and the Scranton Trust Co., Mills,
added to the board of advisors.
of the County
Auburn Park Trust Zit Savings.—Charles W. Vail Jr., director; Walter
which latter`institution he helped to organize in 1905, will Locher,
Fourth Vice-President; T. Earl Barry, A.ssistant Cashier.
head the enlarged trust company.
Alliance National.—Clayton F. Smith, Deputy Commissioner of Public
The Pittsburgh Deposit & Title Co. of Pittsburgh was
dosed on Jan. 7 by the Pennsylvania State Department of
Works, Chairman of the Board; Leo. S. Mallek, President; Frank J. Burns.
Vice-President,
Bowmanville National.—W. V. Feldman, Vice-President; Elmer A.
Suckow, Cashier.
JAN. 22 1927.1
THE CHRONICLE
Bryn Mawr State.—Louis Kahn, Chairman of tho board; Ambrose V.
Conners, director.
Calumet National.—Fletcher A. Tinkham, Vice-President; Thomas J.
Daley, Cashier; Thomas J. Peden, Trust Officer; S. J. Auerlius, Assistant
Cashier.
Central Manufacturing District.—Thomas Kekich, Auditor.
City Trust & Savings.—Paul H. Schroeder, director and Second VicePresident.
Commonwealth & Savings.—Lloyd N. Wheeler, Assistant Cashier.
Community State Bank.—B. L. Zinder, Vice-President; Harry Morris,
elected a director and B. Antonow, elected a director and Assistant Cashier.
Cragin State.—Dr. Fred Drennan and John Wojciechowski, direc:ors.
Elston State.—M. E. McGivern, Herman It. Wenger and E. T. Carlson,
directors.
Evanston Trust & Savings.—W. L. Taylor and I. A. Archamboult,
directors.
First National of Cicero.—Frank Mudra, director.
First National of Enelewood.—H. G. Johnson, director.
First National of Palatine.—Dr. Ray M. Gibbs, director.
Garfield Park State Savings.—Louis J. Marschak, director; name of the
bank changed to Garfield State Bank.
Harbor State.—Roy E. Evans, Assistant Cashier.
Home Bank & Trust.—Judge Peter M. Schwaba, director.
Inland Trust & Savings.—William L. Runzel, Vice-President; Griffin M.
Zimmerman was added to the board of directors.
Interstate National.—Marcus A. Aurelius. director.
Lawndale State.—Lee Hurby. Assistant Cashier.
Madison & Kedzie State.—S.Springer, Vice-President and Sales Manager.
Marshall Square State.—Adam J. Trembacz, director..
Mercantile Trust & Savings441
1:
,
11 C. Hurley, director; J. G. Roseland
and B. H. Rubenzik, Assistant
rs.
Milwaukee Western State.—Leo Michael, Vice-President and Cashier.
Montrose Trust & Savings.—John P. King and L. Adebnar, VicePresident.
Mutual National.—Ernest H. Holtorff, director.
Noel Ssate.—William J. Reese and A. R. Le-Moon,directors.
Oak Park Trust & Savings.—E. H. Wegener, Assistant Cashier and
Auditor.
Papanek-Kovac State.—John Papanek, Assistant Cashier.
Parkway State.—Ray E. Moriwether, Assistant Cashier.
Rogers Park National.—Mrs. Anna E. Kelsey, Manager of New Business.
Schiff Trust lts Savings.—Ben Cohen, Samuer,illosenfold and Prod W.
Roth, Assistant Cashiers.
Second Security.—Martin d. Grau, director; L. D. Smitfi, Vice-President and Manager of real estate loans.
Security Bank.—A. 0. Lauterbaugh, Vice-President.
Service State.—Albert C. Svoboda, Assistant Cashier.
Sherman State.—W. G. Doker and F. A. Frankowski, directors; W. G.
Pokorny, Cashier; M. A. Lew, Assistant Cashier.
Sheridan Trust & Savings.—Victor J. Curto. director: W. R. Prince,
Vice-President.
South Shore State.—Floyd M. Philips, President; Robert C. Christy,
director and Vice-President; Clemen A. Nance, Vice-President: William A.
Carlson, Cashier; J. L. Lynch, Assistant Cashier. Directors voted to
transfer $25,000 from undivided profits to the surplus .account,
making
that item $75.000.
Standard Trust & Savings.—Walter S. Brewster,former President of the
Chicago Stock Exchange and John H. Winterbotham, elected directors.
State Bank of \Vest Pullman.—G. E. Roberts, Chairma of the board;
Henry J. Reichwein,President;B.G.Graff, Vice-President;Frank Boersma.
Assistant Cashier.
West Englewood National.—Dr. W. H. Huhlig and Dr. J. W. Seaborg,
directors.
West Madison State.—James J. Walsh. Vice-President.
Woodlawn Trust & Savings.—Edward G.Carter and James A. Malooley,
directors.
467
who began an audit of the bank's books on Jan. 5, the day
the Cashier took his life, and further went on to say:
This loss is protected by the fact that the bank is capitalized for $50,000.
Under the laws of Illinois, stockholders will be responsible for a similar sum.
It is believed depositors will not suffer any loss on account of the shortage.
The bank's reserve fund totals $12,000. Examiners found nothing of value
when Heller's personal safe deposit box was opened last Saturday. The
examiners will continue their work throughout the week.
A request for a receiver is reported to have been made yesterday by
Dan L. Taylor, examiner in charge, who has reported his findings to Washington. Taylor said he thought the appointment might be made inside of
a few days. As yet no plans for the reorganization of the bank have been
announced. The appointment of a receiver is said to meet with the approval of a number of the bank's depositors.
The following directors were added to the board of the
Merchants' National Bank of Detroit at the bank's annual
shareholders' meeting on Jan. 11: G. N. Yerkes, attorney
and Vice-President of Fidelity Trust Co. and the Michigan
Industrial Bank; Geo. Harrison Phelps, President of Geo.
Harrison Phelps, Inc., and Frank J. Navin, capitalist and
President of the Detroit Baseball Co.
According to the Detroit "Free Press" of Jan. 12, D.
Dwight Douglas, heretofore a Vice-President of the First
National Bank of Detroit, was elected President of the institution on Jan. 10, succeeding William J. Gray, for whom a
new position, that of Vice-Chairman of the Board, was created. Mr. Douglas, the new President, is also head of the
First National Co., an affiliated investment company of the
bank, and has been actively identified with the financial
development of Detroit, it is said, since 1914. In regard
to Mr. Gray's career, the paper mentioned said:
Gray was born in Detroit July 9 1857; he attended Detroit public schools
and graduated from the University of Michigan in the class of 1877 with a
B. A. degree. After graduation Gray studied law in the office of R. P.
Toms, Detroit, and was admitted to the bar in 1879. For 32 years thereafter he was in active practice. During this period, particularly in the
latter years. Gray served as counsel for various banks and other bushsess
enterprises of importance. The experience thus gained paved the way for
his entrance upon a banking career when in 1912 he entered the First National Bank as Vice-President. Since then he has gained national recognition In the banking profession.
Directors of the People's State Bank of Detroit at their
recent annual organization meeting advanced Donald N.
Sweeny from Cashier to Vice-President, promoted D. E.
Leuty from Assistant Cashier to Cashier, and advanced
Earl J. Failor from chief clerk to an Assistant Cashier.
according to the Detroit "Free Press" of Jan. 12. Robert
W.Smylie, Vice-President and for the past 38 years connected
with the institution, it is said, retired as an officer and as a
director.
Two new Assistant Cashiers were elected by the directors
of the National Bank of Commerce of Detroit, according to
the Detroit "Free Press" of Jan. 12. They are W. D.
Ernest A. Hamill, Chairman of the Board of Directors of Brown and Arnold D. Freydl.
the Illionis Merchants Trust Co. of Chicago, whose death
on Jan. 14 after a brief illness was noted in these columns in
H. 0. Seymour was selected to succeed Oliver C. Fuller
last week's issue of the "Chronicle," was a pioneer Chicagoan as President of the First Wisconsin Trust Co. of Milwaukee
widely known in civic and philantropic as well as financial at the annual election of officers of the First Wisconsin
circles. Born in Bloomington, Ind. in 1851, he received his restitutions, Thursday, Jan. 13. Mr. Seymour has been
education in the grammar and high schools of Chicago and Vice-President of the Bank and Trust Company since 1919.
went to work in a. hardware store. After a period on the Prior to that date he was General Manager of the Wisconsin
Board of Trade, Mr. Hamill, in 1889, entered the bank* Telephone Co., of which he is still a director. Walter
field, going into the employ of the Corn Exchange Bank, at Kasten, President of the Bank, was elected Chairman of the
that time located in the Rookery Building. As Vice-President Trust Company, to fill a newly created office. He was also
for nine years and as President for twenty years until the made Chairman of the First Wisconsin Co. The position
merger of the institution with the Illinois Merchants Trust of Chairman of the Bank, held by Mr. Fuller until his recent
Co., he achieved an international reputation as a finanCier. resignation, was abolished, making Mr. Kasten chief execuJohn J. Mitchell, President of the Illinois Merchants Trust tive of the three institutions.
Among other promotions made by the directors at their
Co. paid the following tribute to his late confrere on the day
meeting was the elevation of George B. Luhman, Vicehe died (as printed in the Chicago "Tribune"of Jan. 15):
Mr. Hamill's death comes to all of us in our bank as a great shock. He President of the Trust Company, to Executive
Vice-Presihas been a close and intimate friend for mrsay years, a man of fine character
and respected by all who knew him. He has been known for many years dent, and George T. Campbell to Assistant Cashier of the
as one of our most conservative bankers and his coun.sel in our hoLstcrour Bank. Herman Graf, formerly Assistant Manager, was
financial times of the past has been of great assistance. He will be missed appointed Manager of the
Savings Department. Both Mr.
in our banking circles by a host of friends.
His death, as that of J. B. Forgan's, reminds me of the.passing of the old Kasten and Mr. Seymour started from the bottom ranks.
Mr. Kasten entered the employ of the Wisconsin National
guard of bankers that served as a bulwark in the past.
Bank at the age of 18, as a messenger. Three years ago, at
A special dispatch from Jerseyville, Ill., to the St. Louis the age of 44, he was
elected President. Mr. Seymour
"Globe-Democrat" on Jan.5 reported the closing by its direc- began working for the Telephone
Company as a solicitor
tors of the First National Bank of Jerseyville on that date, twenty-three years ago.
Following a series of promotions,
following the suicide of Frank D. Heller, Cashier of the he became General Manager in
1907, leaving that position
institution for the past twenty years and a highly respected to join the Bank as Vice-President
in 1919. All the directors
citizen of the town. The bank, which was capitalized at were re-elected.
$50,000, was taken in charge by a bank examiner. Mr.
The combined net profits of the three affiliated First WisHeller, the dispatch stated, had been ill and despondent for consin Institutions, after payment of dividends on
the
some time. Subsequently,in its issue of Jan. 11, the "Globe- preferred stock of the company, amount, it is stated, to
Democrat" stated that a loss estimated at $50,000 had been $1,139,788 80, or 18.99% on the capital stock of the Bank,
suffered by the bank, according to national bank examiners or 8.47% on the combined capital, surplus and
undivided
468
THE CHRONICLE
profits. This is an increase of a little better than 1% over
the previous year. Dividends aggregating 12% on the
capital of the Bank were paid during the year. The average
deposits of the Bank for the year were $92,592,749 as compared with $92,328,840 for the year previous. Savings deposits increased from $15,488,912 95 on Jan. 1 to $15,675,817 34 on Dec. 31.
All of the officers and directors of the Grand and Sixth
National Bank of Milwaukee were re-elected. The complete
list is as follows: President, John LeFeber; Vice-President,
Jesse A. Smith; Cashier, N. Rendenbach. Directors:
Charles E. Albright, Robert W. Baird, Louis Heilbronner,
Walter Kasten, Christian Kurth, John LeFeber, Jesse A.
Smith, Henry M. Thompson, Gustave Pabst.
All of the officers and directors of the Mechanics National
Bank of Milwaukee were re-elected. The complete list is as
follows: President, W. R. Franzen; Vice-President, Fred
Hoffmann. Cashier, A. H. Lembeck; Directors: W. R.
Franzen,'
Carl GeiHuss, Fred T. Goll, Fred Hoffmann,
C. R. Messinger, Gustav C. Mueller, H. 0. Seymour, Fred
Vogel, Jr., J. T. Wilson.
[VoL. 124.
At thelannualimeeting of the directors of the National
Bank of Commerce, St. Louis, on Jan. 12, E. J. Mudd, a
Vice-President of the bank, was also made Cashier, succeeding Raymond F. McNally, who had resigned several days
previously to become a Vice-President and a director of the
National Bank of the Republic in Chicago. At the annual
stockholders' meeting held on the same day Mr. Mudd was
also elected a director. Mr. Mudd is considered an outstanding authority on credits and discounts. He is a
graduate of the St. Louis University and began his banking
career as a collector twenty-five years ago. Before going to
St. Louis he was with the Union Savings Bank and the First
National Bank of St. Charles, Mo., his home town.
At the annual meeting of the directors of the Louisville
National Bank on Jan. 11 these changes were made in the
official staff, according to the Louixille "Courier-Journal"
of Jan. 12: B. J. Metcalfe, former Vice-President and
Cashier, was promoted to First Vice-President, and J. W.
Watkins, heretofore an Assistant Cashier, was made Cashier,
to succeed Mr. Metcalfe in that capacity. Richard Bean
heads this bank.
Four employees of the Des Moines National Bank, Des
Moines, Iowa, were promoted at the annual meeting of the
directors on Jan. 12,as reported in the Des Moines "Register"
of the following day. They were: T. S. Holland, manager
of the bond department of the bank, who was made a VicePresident as well; R. H. Collins, who was promoted from
an Assistant Cashier to Assistant Vice-President, and
Owen P. McDermott and Leland J. Andereck, who were
made Assistant Cashiers.
The following changes were made in the personnel of the
American National Bank of Nashville at the annual meeting
of the directors of the institution on Jan. 13, according to the
Nashville "Banner" of that date: P. D. Houston,President
of the bank for the past seven years, was promoted to the
position of Chairman of the Board, while Paul M. Davis,
formerly a Vice-President, was elected President to sueceed Mr. Houston. Buford Wilson and Herbert Fox were
appointed Assistant Cashiers, and Meredith Flautt Auditor.
Directors of the International Trust Co. of Denver at Mr. Houston as Chairman of the Board will still remain in
their recent annual meeting chose two new junior officers, active charge of the bank's affairs, it was stated.
according to the "Rocky Mountain News" of Jan. 12.
They were Charles B. Engle, formerly office manager, who
The proposed amalgamation of the National Bank of
was made Assistant Treasurer, and C. W. Copeland, Vice- Commerce of Norfolk, Va., the Norfolk National Bank, and
President of Irving Woods, Inc., who was appointed As- the Trust Co. of Norfolk, to form one large organization
sistant Secretary.
(noted in our issue of Dec. 18, page 3141), became effective
new bank, under the title of the Norfolk
At the annual meeting of the United States National Bank Jan. 7, and the
Commerce & Trusts, opened for business
of
Bank
National
"Rocky
of Denver on Jan. 11, according to the Denver
headquarters in the National Bank of
its
with
10
Jan.
on
Mountain News" of Jan. 12, E. C. Ellett, the Cashier, was
Building. The Trust Company of Norfolk congiven the added title of Vice-President, and Ben B. Aley, Commerce
formerly in its offices at Granby St.
formerly an Assistant Cashier, was promoted to a Vice- tinues in operation as
and City Hall Ave., it is understood, and eventually will
Presidency.
become the Granby Street branch of the bank. The Norfolk
The Denver "Rocky Mountain News" of Jan. 12 reported National Bank of Commerce & Trusts starts with a capital
that at the annual meeting of the stockholders of the Denver of $2,500,000; surplus and undivided profits of like amount,
National Bank held the previous day the capital of the and total resources of more than $40,000,000. According
institution was increased from $1,000,000 to $1,250,000 and to the Norfolk "Virginian" of Jan. 8, it is the third largest
the following promotions made in the personnel of the bank in the State of Virginia. The personnel of the new
institution: William Faircloth, formerly Cashier, was bank is as follows: R. S. Cohoon, President; A. E. Wharton,
made a Vice-President; C. L. Green, Trust Officer, was Vice-President and Cashier; Tazewell Taylor, C. W.Granby,
elected Vice-President and Trust Officer; A. M. Haggerty, A. B. Schwarzkopf, H. M. Kerr, J. B. Dey, Jr., A. W.
formerly an Assistant Cashier, was promoted to Cashier, Brock, C. S..Witehurst, A. L. Eggleston and Z. A. Gay,
and P. J. Laughlin was named First Assistant Cashier. Vice-Presidents; R. C. Taylor, Jr., and R. C. Cornelius
H. J. Jennings was made Comptroller.
Taylor, Assistant Vice-Presidents; C. S. Phillips, I. T. Van
Jr., F. C. Sclunoele, E. D. Denby, R. H. Moore
Patten,
The "Oklahoman" in its issue of Jan. 5 stated that John and S. E. Tudor, Assistant Cashiers; J. H. Fanshaw and
E. Dickson, General Manager of the Homaokla Oil Co., was H. B. Reardon, Auditors, and Charles Webster, Trust
added to the board of directors of the Fidelity National Officer.
Co., of Oklahoma City, at the bank's annual meeting of
shareholders in Jan. 4, according to an announcement by
Failure of the Bank of South Jacksonville, South JacksonJohn A. Campbell, the President of the institution. Present ville, Fla., on Jan. 13 was reported in the following press
officers of the bank are as follows: R. E. Finerty,Chairman diApatch from Jacksonville on that date, printed in the
of the Board;John A. Campbell, President; C. M.Bosworth, New York "Times" of Jan. 14:
The Bank of South Jacksonville was closed to-day by order of E. M.
Vice-President, and Royal C. Stuart, Vice-President and
Porter, State Bank Examiner, who Was called in by L. A. Ushaa, President
Cashier.
of the bank, when unexpected withdrawals put the reserve below the point
The directors of the New England National Bank & Trust
Co. of Kansas City, Mo., on Jan. 11 elected Judge T. B.
Landon Trust Officer of the institution, with the title of
Vice-President, according to the Kansas City "Star" of
that date. Judge Landon and H.P. Wright of the PrescottWright-Snider Co., were elected directors of the institution
at the stockholders annual meeting.
The Kanas City "Star" of Jan. 11 reports that at the
annual meeting of the directors of the People's Trust Co.
of Kansas City (Mo.) the old officers were re-elected with
the addition of Aldridge Corder as a new Vice-President; the
advancement of Joseph C. Davis, formerly Assistant Secretary, to the post of Treasurer, heretofore held by Bert B.
Bell; the election of Wilton L. Nash as Assistant Treasurer,
and of George L. Nash as Assistant Vice-President in the
mortgage loan department.
of safety.
Mr. Usina issued a statement which said in part: "Our deposits during
the so-called boom period went up to the $1,200.000 mark. For about a
year there has been a gradual decrease in deposits; they now total $535,000."
He expressed the opinion that most of the bank's loans could be collected
and that it could be reopened In a reasonable period of time. The bank was
established in May 1912, with capital stock of $30,000. The capital was
increased to $35.000 a year ago. The stockholders are all South Jacksonville residents. Mrs. Usina owns about 50% of the total.
H. H. White, who has been Purchasing Manager, and
I. D. Scharff Sr., who has been Sales Manager of the Bond
Department of the Whitney-Central Trust & Savings Bank
of New Orleans, were elected Vice-Presidents of the institution at the annual directors' meeting on Jan. 11, according
to the New Orleans "Times-Picayune" of Jan. 12. Stockholders of the same institution added B. C. McClellan to
the board of Directors, while stockholders of the WhitneyCentral National Bank (with which the Whitney-Central
Trust & Savings Bank is affiliated) added Sidney J. White
JAN. 22 1927.]
THE CHRONICLE
to the directorate of that institution. John E. Bouden Jr.
is President of both banks.
•
At the annual meeting of the directors of the South Texas
Commercial National Bank, Houston, on Jan. 11, Captain
James A. Baker, for the past thirteen years President of the
institution, was advanced to the position of Chairman of the
Board, where he will continue as head of the institution,
according to the Houston "Post" of Jan. 12. Mr. Baker
was succeeded as President by S. M. McAshen,for the past
six years a Vice-President. Captain Baker, the new Chairman of the Board, is also President of the Guardian Trust
Co. of Houston, President of the Houston Gas & Fuel Co.,
and Chairman of the Board of Trustees of the Rice Institute.
Only one change was made in the personnel of the Houston
National Bank, Houston, Tex., at the annual meeting of the
directors of the institution on Jan. 11 (according to the
Houston "Post" of Jan. 12); this was the election of C. S. E.
Holland as President to succeed Joseph F. Meyer, who
seared. Mr. Holland, it is understood, resigned recently as
Active Vice-President of the Second National Bank oj
Houston (formerly the Lumbermans National Bank) to
accept the presidency of the Houston National Bank. At the
stockholders' meeting on the same day (Jan. 11) Mr.
Holland was elected a director in lieu of Harry T. Kendall,
who has left Houston.
At the annual meeting of the Citizens National Bank of
Los Angeles held on Jan. 11, all the retiring Board of
Directors were re-elected and the number of directors
increased by two. The new directors elected were C.
Sumner James, Executive Vice-President of the Citizens
'Trust & Savings Bank, and John Burbaw, Executive VicePresident of the Citizens National Co. The two institutions
thus represented on the board of the Citizens National
Bank are affiliated with it.
At the annual meeting of stockholders of the Crocker
First National Bank and the Crocker First Federal Trust
Co. of San Francisco the Board of Directors was re elected
without any change. It was also announced that R. A.
Newell and W.D.Lux,former Assistant Cashiers of the bank,
were promoted to the offices of Assistant Vice-Presidents and
that J. A. White, formerly Assistant Cashier of the trust
company, was made an Assistant Cashier of the National
Bank.
Several changes occurred in the executive staff of the
Portland Trust & Savings Bank, Portland, Ore., at the directors' annual meeting which took place on Jan. 13, according
to the "Oregonian" of Jan. 14. Charles F. Milliman, heretofore in charge of the bank's insurance department,was made
a Vice-President; C. L.Philliber, who had been Assistant
Secretary, was elected Cashier, a newly created position;
Charles Carver, Jr., and C. A. Wood were appointed Assistant Secretaries, and George W. Stewart was elected Assistant Trust Officer. At the annual stockholders' meeting of
this bank, Virgil A. Crum was elected a director, succeeding
George H. Kelly.
The Seattle "Post-Intelligencer" of Jan. 12 reported the
election of Albert Brygger, formerly First Vice-President of
the People's Savings Bank of Seattle, to the presidency of
the institution at the directors' annual meeting on Jan. 11.
Charles E. ()aches was elected First Vice-President to succeed Mr. Brygger.
Directors of the Dexter Horton National Bank of Seattle,
Wash., at their recent annual meeting gave Wilbur W.
Seruby, the Cashier of the institution, the added title of
Vice-President, according to the Seattle "Post" of Jan. 12.
Lawrence M. Arnold, forme• rly in charge of the bond
department of the First National Bank of Seattle, was made
a Vice-President while continuing in charge of the bond
department at the annual meeting of the directors of that
institution on Jan. 11, according to the Seattle "PostIntelligencer" of Jan. 12. A. R. Truax, Cashier of the
bank, was elected a director at the stockholders' meeting.
• directors of the Seattle NaAt the annual meeting of the
tional Bank on Jan. 11, three former Assistant Cashiers were
made Assistant Vice-Presidents, according to the Seattle
"Post" of Jan. 12. They are: E. W. Andrews, F. H.
Brownell, Jr., and C. W.More. R. B. Jenkins, H. Bingham
and T. H. Twing were chosen Assistant Cashiers.
469
The Bank of Montreal announces the declaration of a
quarterly dividend of 3% on its capital stock, payable
March 1 1927 to stockholders of record Jan. 31.
The directors of Lloyds Bank, Ltd. (head office London)
announce that, after payment of salaries, pensions, staff
bonuses and allowances, other charges and expenses, the
annual contributions to the provident and insurance fund
and to the staff widows and orphans fund and making full
provision for rebate, income tax, bad debts and contingencies, the available profit for the past year is £2,523,582.
To this has to be added £534,295 brought forward from the
previous year making a total of £3,057,877. Out of this total
interim dividends were paid for the half-year ended June 30,
last, at the rate of 16 2-3% per annum on the "A" shares,
equal to Md. per share, amounting, less income tax, to
£958,197, and at the maximum rate of 5% per annum on
the fully paid "B"shares, equal to 6d. per share, amounting,
less income tax, to £28,746, £300,000 has been placed to the
staff Superannuation fund and £250,000 to bank premises
account. After making these appropriations there is a
balance of £1,520,934 remaining, and the directors have
decided to recommend to the shareholders at the ensuing
general meeting that dividends on the "A" and "B" shares
at the same rates, amounting together, less income tax, to
£986,943 be paid for the past half-year leaving £533,991 to
be carried forward to the profit and loss account for the
current year.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Speculative activity in the stock market this week has
centered largely in the railroad stocks and oil shares, though
the market was frequently irregular and at times uncertain.
The movement in the railroad list was at improving prices
in continuation of last week's advance, while oil stocks were
fairly firm and held a prominent place in the trading throughout the week. Industrial stocks made little progress and
the general trend of motor stocks was toward lower levels.
During the two-hour session on Saturday many of the more
active railroad stocks advanced from 1 to over 5 points.
Interest centered especially in Wabash, Wheeling & Lake
Erie and Western Maryland, all of which scored sizable
gains. On Monday railroad issues were again prominent,
and under the leadership of Lehigh Valley, which moved forward to a new high, many issues in this group touched new
high levels. in the final hour Reading took the lead away
from Lehigh Valley and sold nearly 6 points in advance of
the previous close. Oil stocks continued to attract attention, the strong stocks including Mid Continent, Marland
and Pan-American B. The Motor stocks were somewhat
unsettled and such stocks as General Motors, Hudson,
Studebaker, Mack Trucks and Chrysler moving slowly
downward. The market was unsettled on Tuesday, though
railroad stocks continued strong and oil shares displayed
substantial improvement. Baltimore & Ohio was especially
prominent and closed with a• net gain of nearly 3 points.
Reading continued in the foreground and New York Central,
Rock Island, Erie and Missouri Paciic and Pere Marquette
moved to higher levels. Industrial stocks were under pressure and sustained losses ranging from 1 to 4 points. This
was especially true of Baldwin Locomotive, which showed a
decline of over 5 points. American Woolen was another
weak spot and sold off nearly 3 points. Lehigh Valley was
again the outstanding feature of the trading on Wednesday,
particularly in the final hour, when an outburst of new buying carried the stock forward more than 6 points to a new
high record. Atchison, Chesapeake & Ohio were also in
strong demand at improving prices. Timken Roller Bearing
was in strong demand and rose over 4 points to 147, the buying being based on reports of large orders from the new railroad department. Other strong stocks notable for their
gains included United States Rubber, American Smelting,
Colcrado Fuel & Iron, Pressed Steel Car, International Harvester, Du Pont and International Combustion. The trend
of the market continued confused and uncertain on Thursday, though the railroad stocks displayed considerable
strength. Bangor & Aroostook crossed 51 for the first time
during the present movement. Lehigh Valley and Missouri
Pacific also were strong. Timken Roller Bearing was exceptionally strong and reached a new peak above 90, following a brisk advance of 3 points. Motor stocks improved in
the early trading, but reacted downward later in the day.
The weak issues included such stocks as Du Pont, Consolidated Gas, Pan-American B and Montgomery Ward. The
dominating feature of the market on Friday was the unusual
activity in low priced railroad stocks, Wheeling & Lake
Erie, both common and preferred, soaring upward to new
levels, followed by Western Maryland with an advance of
4 points.' The brisk movement in these stocks stimulated
interest in such low-priced issues as New Haven, New York
Ontario & Western, Kansas City Southern and Missouri
Kansas & Texas, which were in active demand at improving
prices. Oil shares again moved to the front, Producers &
Refiners leading the upswing with a gain of 2 points. Noteworthy gains were also made by Woolworth, American
Locomotive, Remington Typewriter, Baldwin Locomotive
and Pullman Co. The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended Jan. 21.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
State.
Municipal &
Foreign Bonds
Stocks-No. of shares_
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds
United
Stales
Bonds.
Stocks,
Number of
Shares.
Railroad,
&c.,
Bonds.
851.430
1,809,465
1,616,320
1,583,650
1.312.175
1,590.000
$6,591,000
11,402,500
10,614.500
11,064.000
11,926.000
9,433.000
$2,956,000
4,420.000
5,207,000
4.375,000
4,445,000
2,825,000
$1,236.600
1,044.600
595.850
993.750
846.400
430.000
8,763.040
861,031,000
$24,228,000
$5,147,200
1927.
1926.
1927.
1926.
8,763,040
8,951,118
23,320,552
30,370.855
85.147,200
24.228.000
61.031,000
$6.628,350
14,710.500
48.534.000
$21,328.900
75,280.200
166,050,300
821.073.500
39,553.500
148.243.500
$90 406 200 $69,872,850
$262,659,400
8208,870.500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Jan. 21 1927.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
Holdings in
U. S. Treasury.
Oct. 1 1926. Nov. 1 1926. Dec. I 1926. Jan. 1 1927.
$
$ .
$
$
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net national bank notes-Net Federal Reserve notes
Net Fed'I Res. bank notes
Net subsidiary silver
Minor coin, Ate
346,207.780
13,166.186
3,116,849
17,719.898
1,547.240
198,102
5,438,647
4,657,476
337,089,571
11,285,241
2,952,152
16,359,010
1,397,218
84.322
6,034,751
5,272,609
340,253,867
14,751,142
2,379,171
16,515,159
1,344,274
61.784
3,922,810
4,178,409
Tots leash in Treasury_
Less gold reserve fund,_,
392,052,169
154,188,886
380,474,874
154.188,886
383,406,616 *385,458,626
154,188,886 154.188,886
Cash balance in Treas'y 237,863,283
Dep:in spec'l depositories:
.84ct. Treasury bonds
333,762,000
Dep. In Fed'i Res. banks_
53,848,811
Dep. in national banks:
To credit Treas. U. S_..
8.086.136
To credit dish. officers_
19,301,252
Cash in Philippine Islands
1,053,614
Deposits in foreign dept_
614,013
Dep.In Fed'lLand banks_
348.035,742
10.827,779
2,879.898
15,360.559
1,595,625
133.070
3,107.687
3,518,266
226,285,988 229,217,730
231,269,740
174.376.000
43,153,727
93.162.000
38,916.978
216.210.000
28,663.904
8,148,462
20,462.788
919,565
642.193
7,828.522
20,206.240
1,086.776
584,885
8.282,320
24,044.091
773.929
613,820
Net cash
Treasury
and in bank
Deduct current liabilities_
654.529.109
242,883.787
473.988.723
243,428.129
391.003,131
250.850,641
509,857,864
282.847,618
Available rash balance_
411.845.322
230.560.594
140.152 400
227,010.246
• Includes Jan. 1, 57,839.382 02 silver bullion and $720,190.21 minor coin. du).:
not Included in statement "Stock of Money."
Jan. 110 Jan. 21.
Week Ended Jan. 21.
Sates at
New York Stock
Exchange.
Total bonds
[Vol,. 124.
THE CHRONICLE
470
Philadelphia.
Baltimore.
Shares. BontiSales. Shares. BondSales. Shares. Bond Sales.
a1,420
527,600
a3,107
37.700
22,200
a2.018
a2.298
31.500
a1,910
50.500
20,000 . al.809
$49.000
59.000
15.300
84.090
107.500
63.200
11,329
26.389
31.210
22.702
26.650
21,058
53,000
11,300
11.000
10.000
22.000
14,000
18.533
29.769
32.068
36.586
43,492
25,148
139.338
571,300
185.596
5189.500
12.562
135.464
51029.50
200065
5524_900
10.405. 5118.600
8378,090
a In addition, sales of rights were: Saturday, 412; Monday, 1,406; Tuesday.
319; Wednesday, 921; Thursday. 81: Friday. 8.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Jan.15. Jan. 17. Jan. 18. Jan. 19. Jan. 20. Jan.21.
Week Ended Jan. 21.
Sat.
Mon.
Tues.
1Ved. Thurs. Fri.
Silver, Perot
26H
2515
2514
25 15-162534
2614
Gold. per fine ounce
84.1115 84.1155 84.10
84.105‘ 84.1115 84.1114
Consols, 215 per cents______
55H
5555
5554
5534
5.534
British, 5 per cents
10115
10134
10134
10134
10134
British, 415 per cents
95%
96
9634
9615
9634
French Rentes (in Paris). fr_ ---53.60
53.50
53.50
52.30
53
French War Loan(InParis),fr. ____
63.85
63.75
63.75
64.20
63.70
The price of silver in New York on the same dayd has been:
Silver in N. Y., per on. (eta.):
Foreign
5534
5534
5534
5534
5615
5614
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. 22), bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will be
1.0% below those for the corresponding week last year. The
total stands at $10,619,392,252, against $10,720,243,634 for
the same week in 1926. At this centre, however, there is a
trifling gain for the five days, namely,0.2%. Our comparative summary for the week is as follows:
THE CURB MARKET.
Irregular price movements with small changes continued
to mark curb market trading during this week's sessions.
There were a few active spots with a display of strength,
chief of which was Standard Oil (Indiana), which sold up
from 70 to 743j, reacted to 71% and closed to-day at 723.
4, but
Humble Oil & Refining moved up from 613,4 to 623
dropped back finally to 61%. Ohio Oil advanced from 60
Clearings-Returns by Telegraph.
Per
to 623 and ends the week at 62. Prairie Oil & Gas gained
Week End,ed January 22.
1927.
1926.
Cent.
23.' points to 553. and sold finally at 55. Standard Oil New York
55,132,000,000 55,123,313,254
+0.2
(Kentucky) rose from 120 to 1224, with the final transaction Chicago
.566,412,210
606,525,606
-6.6
Philadelphia
487.000,000
524,000,000
-7.1
to-day at 1215
/
8. Vacuum Oil sold up from 97% to 103 and Boston
461,000,000
423.000,000
-8.6
Kansas City
127,544.729
120,162,202
+6.1
at 1023j finally. Industrials with few exceptions show only St.
Louis
139,100,000
141,900,000
-2.0
Francisco
164,567,000
166.441,000
-1.1
slight changes. Marmon Motor Car after early improve- San
Los Angeles
168,763,000
145,999.000 +15.6
ment from 58 to 623 dropped to 57 and sold finally at 58%. Pittsburgh
149,750,496
151,416.168
-1.1
Detroit
148,565,926
167.432,064 -11.3
Auburn Automobile was conspicuous for an advance from Cleveland
101,937,938
104.390,464
-2.4
88,968,194
92,558,032
-3.9
75 to 87, with the close to-day at 863'. Johns-Manville Baltimore
New Orleans
66,515,949
66,018,422
+0.7
issues were active, the new common going down from 58%
Thirteen cities, 5 days
$7,802,125,442 $7.833,156.212
-0.4
to 55% and to-day jumping to 65. American Cigar common Other cities, 5 days
1,130,701,435
1,167.026.000
-3.1
advanced from 118 to 1203. Victor Talking Machine
-0.8
58,932,826.877 59.000.182,212
Total all cities. 5 days
1,686,565,375
1.720.061,422
-2.0
issues were active and strong, the old common selling up All cities, 1 day
from 1513
% to 154% and at 154 finally. The new common
$10.619.392,252 $10.720.243.634
Total all cities for week
-1.0
after early loss from 388
% to 38 sold up to 38% and sold
Complete and exact details for the week covered by the
finally at 38%. Warner Bros.Picturesimproved about four
foregoing
will appear in our issue of next week. We cannot
points to 333, but reacted to-day to 315
4.
to-day, inasmuch as the week ends to-day
furnish
them
A complete record of Curb Market transactions for the
(Saturday), and the Saturday figures will not be available
week will be found on page 457.
until noon to-day. Accordingly, in the above the last day
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
of the week has in all cases had to be estimated.
STOCKS (No. Shares).
BONDS(Par Value).
In the elaborate detailed statement, however, which we
Week Ended Jan. 21.
ind&Mlsc
Oil.
Alining. Domestic. For'n Govt. present further below, we are able to give final and complete
59.225
Saturday
67,660
26,510 81,310,000 $317,000 results for the week previous-the week ended Jan. 15. For
117.470
108,520
301,000 that week there is a decrease of 7.3%, the 1927 aggregate
104.400 2,178,000
' Monday
of
119.781
156,970
259.000
87,922 3,083,000
Tuesday
123,447
211,250
Wednesday
139,520 2,536,000
409.000 clearings being $10,248,123,562, and the 1926 aggregate
138,715
129,920
Thursday
51,100 2,677,000
310,000
111.827
153,160
90,060 2,230,000
393.000 $11,066,183,219. Outside of New York City the decrease is
Friday
670,465
820,480
499,512 14,014,000 81,989,000 5.5%, the bank exchanges at this centre having shown a
Total
loss of 8.8%. We group the cities now according to the
Federal Reserve districts in which they are located, and from
Treasury Money Holdings.
this it appears that in the New York Reserve District
The following compilation, made up from the daily Gov- (including this city) the totals show a loss of 8.7% and in the
ernment statements, shows the money holdings of the Philadelphia Reserve District of 10.2%, but in the Boston
Treasury at the beginning of business on the first of October, Reserve District there is a small gain, viz.: 0.6%. The
Cleveland Reserve District records a falling off of 1.2%, the
November and December 1926 and Jan. 1 1927.
JAN. 22 1927.]
THE CHRONICLE
Richmond Reserve District of 7.6%, and the Atlanta
Reserve District of 22.7%, the latter due largely to the decrease at the Florida points, Miami having fallen 66.7%
behind, and Jacksonville 41.0%. The Chicago Reserve
District suffers a decrease of 7.0%, the St. Louis Reserve
District of 11.5%, and the Minneapolis Reserve District of
10.3%. The Kansas City Reserve District shows a gain of
1.6%, and the San Francisco Reserve District of 2.9%, but
the Dallas Reserve District records a decrease of 5.4%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Federal Reserve Diets.
_ _12 cities
let
New York _11 "
2nd Boston.3rd Philadel phial° "
dth Cleveland._ 8 "
503 Richmond _ 6 "
13 "
6t0 Atlanta.
7th Chicago -.20 "
8111 St. Louis.8 "
9th Minneapolle 7 "
10th Kansas City 12 "
11th Dallas
5 "
12111 San Fran_ _17 "
Inc.07
Dec.
1926.
3
3
554,346.738
550,977.211
5,966,629,005 6,530,999.405
582,325,496
648,533,983
418,795,570
423.723.604
202.013,634
218,601,869
229,106.760
293,221.131
983,691,869 1,051,927,382
230.963,296
261.056,057
121.060.119
134,981.021
275.110,558
270.519,051
91.755,732
96.961,258
595.325.'796
578,668.247
+1,±J.JAI 1.1+,1
1927.
Week End. Jan. 15 1927.
1925.
1924.
S
$
578,141,9r0
525,541,244
6,391.712.731 4,917,605.849
612,762.607
518,231.714
409,294,840
363,297,918
199,213,121
185,021,531
250,686,983
197,258.501
1,010,862.345
886.395,000
251,705,182
223.503,953
132.019,316
112.487.892
261,228.895
227991,293
85,992.163
77.925,301
530.891,040
497.035,644
129 cities 10,248,123.562 11,066,183,219 -7.3 10,714.546.121 8,732,201,891
Total
4,421,385,038 4,679,495,619 -55 4.451.775.995 3,937.665,036
Outside N.Y. City
-_ _
._
nn ...•.....
,,e max C.
011 eflifill9
-La,
gr. nen em
•ann ena nen
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended January 15.
Clearings cg-1927.
1926.
Inc. or
Dec.
First Federal Reserve Die trict-Bosto n1.055,839
Maine--Bangor_
780.231 +35.3
Portland
3.902.603
3,897.542 +0.1
Mass.-Boston _ _ 494,000.000 487,1100.000 +1 4
Fall River_ _ _ _
2.094.968
2,664,070 -21.4
Holyoke
a
a
Lowell
1.382,890
1,162.617 +18.9
Lynn
a
a
a
New Bedford_
1,324,710
1,618,029 -18.2
Springfield
5.788.456
6,025,761 -3.9
Worcester
3.775,600
4,334,031 -12.9
Conn.-Hartford.
16,343,085
17,383.015 -6.0
New Haven
7.825.703
7.994.752 -2.1
It,1.-Providence
16,141,700
17,477.700 --7.6
N.H.-Manches'r
711.184
639,463 +11.3
Total(12 cities)
854.346,738
550,977,211
+0.6
1925.
1924.
697,599
3.121,452
517.000.000
2,739,992
a
1,259.940
a
2,161.023
6.365,507
4,002.000
15,159,207
7.744.870
17.155.300
734.920
989,309
3.015.930
471.000.000
2.369.055
a
1,227,917
a
1,700.690
5.493.740
3.452.000
14.017.031
7.406.982
14,120.600
748,040
578,141,900
525,541,294
Second Feder al Reserve Istrict-New YorkN. Y.-Albony _ _
6,031,665
6.889.367 -12.4
7.187.771
5,558,056
Binghamton_
1,331,800
1,249,100 +6.6
931,70(1
1,158,600
Buffalo
55.765.483
61,002.289 -8.6
54.628.714
47,154.956
Elmira
1.035,823
1,480,054 -30.1
935,661
770,908
Jamestown_ _
c1.612,656
1,827.54 -11.8
1.229,897
1,601,507
New York_ _ _ 5,826.738,524 6,386.687.600 -8.8 6,262,770.128 4,794.535.831
Rochester
13,906,283
13,892.17
14,314.352
+0.1
11,110.072
Syracuse
6.798,231
6,514,290 +4.4
5,661,572
4.658,015
Conn.-Stamford
c3,752,543,
3,335.29 +12.5
3,592,185
3,455.595
N. J.-Montclair
866.603
778.880 +11.3
653.369
486.743
Northern N.J.
48,789,394
47,342,820 +3.1
39,208.872
47.714.076
Total(11 cities) 5,966.629.004 1,530,999,405 -8.7 6,391,712,731 4,917,605,849
Third Federal Reserve 019 let-Philad elphia
Pa.-Altoona..-.
1,712.883.
1,578,044 +8.5
Bethlehem
4,017,441
4.219,954 -4.8
Cheater
1,567,85
1,554,589 +0.8
Lancaster
2.047.561
2,723,539 -24.8
Philadelphia
548,000.00' 616,000.000 -9.9
Reading
4,534,44
4,135,479 +9.6
Scranton
6.919,63:
6,746,162 +2.6
Wilkes-Barre..
d4,059,03.
3,858.059 +5.3
York
1,872,23,
1,077,988 -5.3
N.3.-Trenton..
7,594,413
5,740,169 +32.3
Del.-Wilming'n.
a
a
a
Total(10 cities)
582,325,491
648,533,983 -10.2
1,686.104
4.205,741
1.438,148
2,595,774
580,000,000
3,718,260
7,212.972
3.879.804
1,960,829
6,064,975
a
1,329,895
4.383.379
1,397.075
2.752.417
488.000,000
3,920,286
5.701,325
3,996.176
1,499.023
5,252,138
a
612.762.607
518.231,714
Fourth Fade al Reserve D 'strict-0mi landOhio-Akron- _5,744.000
6.217.000 --7.6
8,747,000
Canton
4,779,179 +6.0
5,064,045
5.769.064 •
Cincinnati,
81,102,533
80,722,954 +0.5
75,992,861
Cleveland
123,779,359 125,731.759 -1.6 119,682.818
Columbus
19,265,700
19,162,700 +0.5
17,312,100
Dayton
a
a
a
•
Lima
a
a
a
•
Mansfield
2,157,410 --2.5
2,102,499
1,792,579
Springfield..
a
a
a
a
a
Toledo
a
a
a
Youngstown
5,916,331
6.434,266
6,328,962 --6.5
Pa.-Erie
a
a
a
a
Pittsburgh
175,820,103 178,623.640 -1.6 173,564,152
Total(8 cities)
7.386,000
5.143.665
70.1300.117
105,714,914
13,266,100
a
a
1,816,058
a
a
5.167,742
a
154,003,320
--1.2
409,294,840
363,297,916
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'n.
1,634,635
1,584.106 4-3.2
Va.-Norfolk.___
d8,020,649
8.921,262 --10.1
Richmond.
49,446,222
59.415,035 --16.8
B. C.-Charlest'n
c1,886.526
2,575,106 --26.8
Md.-Baltimore. 113,474,199 118,243,938 --4.1
D. C.-Wash'ton
27,551,403
27,865,422 --1.1
2,111,519
9,803,346
56.867.185
2,939,417
101,401,556
26,125,098
2,134,118
10,222,947
47.989,000
3.391,347
97,684.119
23,600.000
',Total(6 cities)
218,604,869 -7.6
199,248,121
185,021,531
Sixth Federal Reserve Dist rict-Atlant aTenn.-Chatt'ga, d8,016,330
8,416.749 -4.8
Knoxville
.4,700,000
4,956,084 --5.2
Nashville
23,391,216
24.377.485
Oa.-Atlanta.53,135,936
81.908,428 -35.1
Augusta
2.265,157
2,315.504 -2.2
Macon
2,091,565
1,582,384 +32.2
Savannah
a
a
a
24.374,068
41,285,289 -41.0
Miami
8.613.051
25,869,930 -66.7
Ala.-Birmlham
25.129.281
27.868,943 -9.8
P Mobile
2.536,940
2,275.629 +11.5
Miss.-Jackson
1,679,000
2,072,000 -19.0
Vicksburg
556,537
494,106 +12.6
La-New Orleans
72,617,679
72,798,600 -0.3
7,013,387
3.791,174
22,245,105
66,908.404
2,129,200
1,588.954
a
21.216,745
9.612.374
29.650,035
2,174,767
1,523.000
685.311
72.148,527
6.971,395
2.976,597
21,254,000
51,571.365
1.708.731
1,401,016
a
12,653.860
3.235.336
23.573,697
1.653.315
1,049,168
324,729
68.885,295
240.656.093
107.953.1594
Total(13 cities)
418,704,570
202,013,634
423,723.604
229.106. 760 206.221.111 -'29 7
471
Week Ended January 15.
Clearings at1927.
1926.
Inc. or
Dec.
1925.
1924.
Seventh Feder al Reserve D istrict-Chi cagoMich.-Adrian_ _
275,049
291.942
319.186
249,254
Ann Amur....
1,112,630 +-4.6
1.163,464
936.671
731.628
Detroit
158,388.040 164,717.755 +2.2 152,840.629 138.473.859
Grand Rapids_
8,795.681 + 14.6
10,081,292
8,386,113
8.047.328
Lansing
2.374.000
3,300,000 -29.1
3,032.000
2.021,018
fird.-Ft. Wayne
3.334.892 -17.1
2,764,199
2,572.701
2.121.891
Indianapolis_..
26.671,000
25.558,000 +4.4
23.144.000
22,043.000
Bend...
South
3,067,900
3,032.700 + 1.2
2.504,800
2.262.300
Terre Haute...
7,333,068
6,334,854 +15.7
4.555,666
4,798,833
Wis.-Milwaukee
46.680.096
45,623,239 +2.3 42.495,513
38,072,705
la.-Cedar Rap_
2,664,076
2.834.776 -6.0
2,816.584
2,311,476
Des Moines_ _ _
8,984,156
10,188.708 -11.8
10,809.272
10,692.053
Sioux City_ _ _ _
7.321.56
7.880.376 -7.1
8.324.427
6.127.221
Waterloo
1,347.53
1,208.010 +11.5
1.648.055
1,370.096
111.-13loomington
1,555.44
1,644.590 -5.4
1,777,689
1,479.621
Chicago
677,175,14
755,663,194 -10.3 750.916,55
636,700.032
Danville
a
a
a
a
a
Decatur
1,480,058 +0.7
1,490,85
1,805.49
1,265.128
Peoria
5.497,040 -10.7
4,906,61
5.733.86
4.441,979
Rockford
3,391,09'
3.093,066 +9.6
2.848,44
2.368,501
Springfield_ _ _
3.057.27
3.335,871 -8.4
3.394.68
2,817.077
Total (20011169) 980.691.869 1,054.927.382
Eighth Feder. 1 Reserve Dia trict-St. Lo
Ind.-Evansville.
5,504,445
5,622,799
MJ.-St. Louis.. 145.112,137 162.900.000
Ey
43,150,991
40,064.762
Owensooro_ _
549,171
594.505
Tenn.- Memphis
22.446.226
29,869,493
Ark.-Little Rua
15,508,307
16.830,918
111.-Jacksonville
319,200
452,780
Quincy
1,459,048
1.644.571
-7.0 1,030.862.345 886.395,000
Is--2.1
6.890.910
4,665.726
-10.1 160.400.000 151,574.508
-7.2
40,701,414
32,146,482
-7.6
748,665
665,586
-24.9
27,047,701
20,342,636
-7.9
13,909.180
12,291.095
-29.4
414.465
357.436
-11.3
1,592.847
1,465.484
Total (8 cities). 230.963,296 261,0-6,057 -11.5
Ninth Federa Reserve Dis tact-Minn eapolis
Minn.-Duluth_.
6.730,045
7,348,682 -8.4
Minneapolis_ _
76.131,567
84.t 21,782 -10.3
St. Paul
31,054,914
35,6o3.467 -12.9
No. Dak.-Fargk
2,075.030
1,953,869 +6.2
S. D.-Aberdeei
1,338,517
1.644.550 -18.6
Mont -Billings.
836.52
671.117 +25.6
2,893,524
Helena
2.887.554 +0.2
251.705.182
223,508,953
7.932.434
84.329.350
32,603.286
1,880.318
1,512,574
779.392
2,981,962
6,032,423
67.113,000
32,624,948
1.733,606
1,285,969
482.610
3.115.336
Total (7 cities)
121.060,119 134,981.021 -10.3 132,019,316
Teach Federa Reserve DPI trict-Kens as CityNem-Fremont...
2391,688
489.497 -20.0
489,262
484,138
Hastings
629.479 -24.31
704.890
Lincoln
5,027.886
4,975.638 +1.0
4.637,329
Omaha
40,947.073
42.083,443
43.752.268
3.939,581
Kan.-Topeka _
3,959,830 --0.5
3.469.477
Wichita
d8.696.180
7.902,464 +10.0
7.780.108
Mo.-Kan. City. 150.911.654 144.586,146 +4.2 136,465,566
St. Joseph.... d7,744,132
8.593,039
8.774,504
a
a
Okla.-Muskogee
a
a
Oklahoma City d34.745,200
33,380,492 +4.1
30.728,676
a
a
Tulsa
a
a
1.277,318
Colo.-Col.Spga..
1,302,727 -1.9
1,351,535
19.438.165
21.404,233 -9.2
Denver
21.949.678
1.507.533
Pueblo
1,202.063 +25.4
1.125,602
112,387,892
Total(12 cities) 275,110.548 270.519,051 +1.6
Eleventh Fade ral Reserve District- D alias1.670,525
Texas-Austin..
2.286,586 -28.9
55,316,991
Dallas
58,288,075 -5.1
Fort Worth... d13,773,652
14,757,505 -8.7
12,439,000
Galveston _
14,030,000 -11.4
a
Houston
a
a
8.555,564
La -Shreveport.
7.599.092 +12.6
91.755,732
Total(5 cities) _
96,961,258
Twelfth Feder al Reserve D istrict-San
Wash.-Seattle- 46.738.747
46.713.084
12,507.000
Spokane
12.7,13.000
a
a
Tacoma
1,377,709
Yakima
1,552,863
Ore.-Portland..
37,573.965
38,364.508
Utah.-8.L. City
20,085,835
18,784,441
a
Nev.-Reno
a
a
Ariz.-Phoenix
a
4.365,640
Calif.-Fresno.
4,055,186
8.280.09
Long Beach
8.209.034
Los Angeles... 198,346.000 184.223.000
19.577,27
Oakland
24.424,773
Pasadena
8.077,67
7.795.762
Sacramento _
10,599.76
9,056.239
8,356.000
San Diego._ _
6.890 042
San Francisco_ 206,919.00
205.199.000
3.607,61
San Jose
3,280.861
Santa Barbara.
2.000,03'
1.815,365
2,527.14
Banta Monica.
2.301.489
Stockton
4,160.30
3,495,600
Total (17 cities) 595,325,796 578.668,247
Grand total (129
10248 123,562 11066 183,219
cities)
399,901
468.333
3.882.514
36.548,136
3.708,306
8.084,492
126,285,949
9,728,077
a
24,699,389
a
926.078
19,208,523
859,446
261.228,895
227,993,293
1,780.975
51,969,328
13,654,728
12,344,755
a
6.242,377
2,093.000
46,391,042
12.515,716
11,711,129
a
5.213,414
-5.4
85,992,163
Franc 'two+0.1
42.680.006
+1.6
11,462.000
a
a
-11.3
1,616.042
-2.1
38.055.946
+6.2
19.360.673
a
a
a
a
+7.6
3,368,624
+0.9
7.630.154
+7.6 167,278.000
-19.9
20.553,377
+3.6
7,472.689
+17.0
8,601,332
+21.3
5.789.241
+0.5 187.200.000
+10.0
2.773,222
+10.2
1,496,205
+9.8
2,218.229
+19.0
3,435,300
40.306,479
11,059,000
a
1,212,055
37,350,518
18,066,804
a
a
4,091.346
9.194.907
159.369.000
16,985.748
7.398.443
8,208,960
4,415.857
170,500,000
2,205,904
1,402,871
2.546,952
2,720,800
+2.9
530,891,040
77,924,301
497,035,644
-7.3 10714 548,123 8,732,201,891
Outside N.Y___ 4,421,385,038 4,679,495,619 -5.5 4,451,775,995 3,937,666,060
Week Ended January 13.
ClearIngs at
1927.
CanadaMontreal
Toronto •
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _ _
New Westminster
Medicine Bat.._
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert____
Moncton
Kingston
$
109,753.830
103.583,509
46,072,397
14,984.593
5.732,226
7,045,479
3,258.934
4,811,181
7,745,916
2,608,085
2,003,465
2,777,490
5348,858
4,937.921
522,817
585,722
1,754,533
1,300,184
931.345
766,205
713.424
251.891
1,136.983
849.510
1,169.986
4,062.772
397,783
918.924
681.787
1926.
$
103.963.581
92.254,489
46.577,738
15.211.952
5.655.983
5,558.580
3,978.564
4,281.307
8,429.402
2,799.431
1,949,439
2,306,589
4,718,709
4,654,945
483,275
645.00
1,970,93
1,176.09
895.500
6 4,47
603,32
257,20.
721.82
777,08
982,25
3,198,534
358.155
904,123
612,844
Inc. or
Dec.
%
+5.8
+11.2
-1.1
-1.5
+1.4
+26.8
-8.1
+12.4
-8.8
-6.8
+2.8
+20.4
+9.1
+6.1
+8.1
-9.3
-11.0
+10.5
+4.0
+15.4
+18.2
-2.3
+57.4
+9.3
+18.9
+27.0
+10.9
+1.5
+7.8
1925.
8
97,686.687
94.664,896
45.438.082
13.721.846
5,498.486
6.737.962
2,884.348
4,048,120
7,512.084
2,481.952
1,945,270
2,939,229
4,346.682
3,633.638
528.647
498.787
1,397,945
1,109.798
917,636
588,428
495,053
266,991
768,873
669,822
957.390
2,605,6 4
322,002
709.292
586.949
1924.
5
99.499,169
118.746,065
41,839.394
13,765,282
8,251.726
5,048,044
2.751,141
4,850,910
6,746.476
2,667,161
1,849,525
3,222,942
4,064,087
3,297,440
422,571
491,132
1,603,959
1,019.202
994,944
825.523
522,562
380.690
778.514
750.692
789.722
2.825.164
337,251
910,74(
576,01(
Total(29 cities) 336.485.548 316.589.317 -4.6.3 305.962 540 329 5255.0.V
a No longer report clearings. b Do not respond to requests for figures. c
Week
ended Jan. 12. d Week ended Jan. 13. a Week ended Jan. 14. •Estimated.
sid
472
oroG. 124.
THE CHRONICLE
INTEREST-BEARING DEBT OUTSTANDING.
Interest Nov. 30 1926. Nov. 30 1925.
Title of LoanPayable.
$
8
reprint the following from the weekly circular of 2s, Consols of 1930
Q.-J. 599,724,050
599,724,050.
28
of
1916-1936
48,954,180
Q.
-F.
48,954.180
written
under
date
of
& Co. of_ London,
Aam-irel Montagu
2s of 1918-1938
_
25,947,400
Q.-F.
25,947,400Is of 1981
Q.-M.
49,800,000
49,800,000
Jan. 5 1927:
as
Conversion
bonds
of
1946-1947
28,894,500
Q.
-J.
28,894,500
GOLD.
_
Certificates of indebtedness
„
J.-J. 862,648.500
594,945,000
J.-J. 1,397,687,100 1,409,993,350
The Bank of England gold reserve against notes amounted to £149,856,430 33.0 First Liberty Loan, 1932-1947
Liberty Loan, converted
5,155,700
5,157,650
on the 29th-ilk., as compared with £150,658,465 on the previous Wednesday: 4s First
J.-D. 532,874,350
4545 First Liberty Loan, converted
532,873,500
Gold valued at E417,000 became available yesterday in the open market. 434s First Liberty Loan, second converted
J.-D.
3,492.150
3,492.150
M.-N.
20,848,350
The Bank or England, as will be seen below, secured £244,000, and the 45 Second Liberty Loan, 1927-1942
20,856,600'
3,083,672.550 3,083.691,850
,00eIridia, .(20,000i Egypt, 434s Second Liberty Loan converted
balance was taken as follows: Holland. £44M.S. 2,279,157,650 2,802,473,150
43.45 Third Liberty Loan of 1928
77030:and the home and Contin •ntal trade, £95,000.
4348 Fourth Liberty Loan of 1933-1938
A.-0. 6,324,465,150 6,324,478,300
movements of gold were reported by the Bank of England since last 434e Treasury bonds of 1947-1952
763,948,300
763,948,300
48 Treasury bonds of 1944-1954
1,047.087,500 1,047,088,600
Indnesday until yesterday. Details are given below:
334e Treasury bonds of 1946-1956
494,898,100
1927
1926
45 War Savings and Thrift Stamps
Matured 357,747,938
380,311,318
Dec. 30. Dec. 31. Jan. 1. Jan. 3. Jan. 4. Jan. 5.
234a Postal Savings bonds
5.-5.
12,881,080
12,234,220
.C249,000
5345 to Ms Treasury notes
.1 -D. 1,197,481.300 2,404,241,400'
Received
£21,000
Withdrawn
Aggregate of interest-bearing debt
19,137,365,848 20,139,105,318
Yesterday's receipts consisted of £244,000 in bar gold from South Africa Bearing no interest
249,605,113
241,211,270
and £5,000 sovereigns from Sierra Leone. To-day's withdrawal was in Matured, interest ceased
10,438,320
12,621,960
bar gold. During the week under review E228,000 on balan e was received
Total debt
019,389,015,438 20,401,332,391 •
.
-annouriceby the Bank. Duringthe year 1926, according to the daily
Deduct Treasury surplus or add Treasury deficit
+1,641,831
+4,336,272
ments 13;the Bank"there was a netinflia- of £6,271,000.4The net efflux
since the resumption of an effective golditandard-now stands at £5.096,0'O.
819,384,679,166 20,399,690,560
Net debt
United Kingd m imports and exports of gold during the week ended
a The total gross debt Nov.30 1926 on the basis of daily Treasury statements was
$19,387,019,300 37: and the net amount of public debt redemption and receipts
the 29th ult. were:
In transit, &c., was $3,862 25.
ExportsImportsb No deduction Is made on account of obligations of foreign Governments or
£639.313
£178,856 Germany
British South Africa
33,700 other Investments.
8,641 Austria
France
6,940
Egypt
1,913
Other countries
10,000
Straits Settlements
Preliminary Debt Statement of the United States
12,500
Ceylon
316
gther countries
December 31 1926.
r THE ENGLISH GOLD/AND'SILVER'MARKETS.
.6702,769
•
£189,410
•
The Southern Rhodesian gold output for November 1926 amounted to
51,090 ounces, comparen with 50,132 ounces for October 1926 and 50,364
for November 1925.
SILVER.
Delivery in time for the January Bombay settlement has been ext mded
to coffeignmeEts-tFthis-week's steamer, and prices have therefore been
sustained by purchases for shipment, though, in ,most cases, limits were
given and were from day to day reduced. Quotations consequently( were
disposed to ease, the movement being tassted by weakening Chlnalexchanges, accompanied by off rings of silver from that crnarter. Uneasiness
eli-icconnt of affairs at Hankow appears to act asa bear factor. America
has been disposed to sell, but the Continent has beenjaa usual of late,
inact1W- Though the appearance of the market is.dull, the movement
downward appears to be sluggish.
United Kingdom imports and exports of silver during the week ended
the 29th ult. were:
ExportsImports£10,450
£176,500 Germany
Prance
8,700
United States of America._ 22,082 China
142,850
228,525 British India
Mexico
2,731 Other countries
6,105
Other countries
£168,105
8429.838
INDIAN CURRENCY RETURNS.
Dec. 15. Dec. 22. Dec. 31.
(In lacs of rupees.)
18626
18169
18118
Notes in circulation
India
10460
in
10403
10352
Silver coin and bullion
Silver coin and bullion out of India
2232
2232
2232
Gold coin and bullion in India
Gold coin and bullion out of India
5077
4977
4977
Securities (Indian Government)
857
5.57
557
Securities (British Government)
No silver coinage was reported during the weektendedIthe 31st ult.41
The stocle„,in Shanghai on the 4th inst. consisted of about 65,800,000
ounces in sycee. 70,200,000 dollars, and 3,020 silver bars, as compared
with about 68.600,000 ounces In sycee. 70,700,000 dollars, and 1,900 silver
bars on the 18th ult.
Statistics for,the month of December 1926 and for the week ended Jan. 5
1927 are appended:
-Bar Silver, Per Oz. Std.Bar Gold,
2 Mos.
Cash.
Per Oz. Fine.
Month251-16(1.25d.
84s. 11%d.
Highest price
24%d.
24%d.
84s. 10%d.
Lowest price
24.732d.
24.730d.
84s. 11.4d.
Average price
Weekiicl
.
24
84s.
113d.
25116d.
Dec. 30 1926
244d.
25d.
84s. 1014d.
Dec. 31 1926
24
10%d.
251-16(1.
15-16d.
84s.
1927
Jan. 1
24%el.
845. 11%d.
25d.
Jan. 3
24 13-16d.
84s. 1034d.
24 15-16d.
Jan. 4
243jd.
2434d.
84s.
11%d.
Jan. 5
24.833d.
24.968d.
845. 11d.
Average
The silver quotations to-day for cash and two months' delivery are,
respectively. 3-16d. and %d. below those fixed a week ago.
The preliminary statement of the public debt of the
United States Dec. 31 1926, as made upon the basis of the
daily Treasury statements, is as follows:
BondyConsols of 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion Bonds
Postal Savings bonds
$599,724,050 00
48,954,180 00
26,947,40000
49,800,000 00
28,894,500 00
12,881,080 00
8766,201,210 00.
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
$1,939,209,300 00
3,104,520,050 00
2,189,956,950 00
6,324,463,950 00
13,558,150,250 09
Treasury bonds of 1947-1952
Treasury bonds of 1944-1954
Treasury bonds of 1946-1956
$763,948,300 00
1.047,087,60000
494.898,10000
2,305,933,900 00-
Total bonds
Treasury NotesSeries A-1927, maturing Dee. 15 1927
Series B-1927, maturing March 15 1927
Adjusted Service, Series A-1930
Adjusted Service, Series A-1931
Adjusted Service, Series B-1931
8355,779,900 00
668,201,400 00
50,000,000 00
63,500,000 00
70,000,000 00
Treasury Certificate:Series TJ-1927, maturing June 15 1927
Series TS-1927. maturing Sept. 15 1927
Adjusted Service. Series A-1927
Civil Service Retirement Fund Series
8378,669.50000
229.269.50000
23,800,000 00
7,300,000 00
116,630,285,360 00'
1,197,481,300 00
639,039,000 00.
Treasury Savings Certificates Series 1922, issue of Dec. 15 1021.......
Series1922, issue of Sept. 30 1922
Series 1923, issue of Sept.30 1922
Series 1923, issue of Dec. 1 1923
Series 1924, Issue of Dec. 1 1923
895,905,953 05
14,442.252 75
128,106,621 05
23,291,172 45
93.996,298 50
355,742,297 80.
Total interest-bearing debt
Matured Debt on Which Interest Has CeasedOld debt matured-issued prior to April 1 1917 _
Certificates of indebtedness
Treasury notes
Victory notes 01 1922-23
334%
434 05 Victory notes of 1922-23
Treasury Savings Certificates
818,822,547,957 80
$2,174,020 26
1,800,500 00
2,769,6110 00
28,650 00
3.881,70000
1,496,025 00
12,150,495 20
Debt Bearing No InterestUnited States notes
Less gold reserve
$346,681,016 00
154,188,886 20
8192,492,129 80
Deposits for retirement of national bank and
Federal Reserve Bank notes
Old demand notes and fractional currency
Thrift and Treasury Savings stamps, unclassified sales. Ste
$41,763,577 00
2,046.797 $4
3,664,379 65
239,966.884 29
Total gross debt
•Net redemption value of certificates outstanding
$19,074,665,337 33
Public Debt of United States-Completed Returns
Treasury Cash and Current Liabilities.
Showing Net Debt as of Nov. 30 1926.
The cash holdings of the Government as the items stood
The statement of the public debt and Treasury cash hold- Dec. 31 1926 are set out in the following. The figures are
ings of the United States as officially issued Nov. 30 1926, taken entirely from the daily statement of the United States
31 1926.
delayed in publication, has now been received, and as interest Treasury of Dec.
CURRENT ASSETS AND LIABILITIES.
of
details
available
cash
and
the
the
gross
and
to
attaches
GOLD.
LiabilitiesAssetsnet debt on that date, we append a summary thereof, makiag Gold
595,319,573 91 Gold ctfs. outstanding...1,680,416,339 00
coin
comparisons with the same date in 1925.
3,061,828,038 33 Gold fund, F. R. Board
Gold bullion
(Act of Dec. 23 1913,
as amended June 21
CASH AVAILABLE TO PAY MATURING OBLIGATIONS,
Nov. 30 1926. Nov. 30 1925.
statement.,te
$140,152,490 $142,902,509
Balance end month by dailydeficiency
of receipts over
-760,174
-Excess or
-3,323,170
Add qr Deduct
belated
items
on
disbursements
or under
$139,392,316
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
War Savings Certificates
Discount accrued on
Settlement warrant checks
Total
Balance, deficit(-)or surplus(+)
56,973,656
67,162,091
9,055,495
1,864.802
$139,519,339
2,386,808
60,085.086
61,518,556
13,947,058
$135,056,044
$137,937,508
+84,336,272
+11,641,831
1917)
Gold reserve
Gold In general fund
1,628.695,530 80
154,188,886 2(1
193,846,856 18
Total
3 657,147,612 24
3,657,147,612 24
Total
Note.-Reserved against 8346,681,016 of U. S. notes and $1,340,304 of Treasury
notes of 1890 outstanding. Treasury notes 01 1890 are also secured by silver dollars
in the Treasury.
SILVER DOLLARS.
LiabilitiesAUKSSilver dollars
469,116,882 00 Silver Ws. outstanding- 464,788,181 00
Treasury notes of 1890
outstanding
1,340,304 00
Silver dollars In gen.fund
2,988.397 00
Total
469,116,882 00
Total
489,110.882 00
JAN. 22 1927.]
THE CHRONICLE
GENERAL FUND.
AssetsLiabilities$
Gold (see above)
193,846,858 18 Treasurer's checks outSilver dollars(see above)
2.988,397 00
standing
1,151,346 80
United States notes....
2,879.898 00 Deposits of Government
Federal Reserve notes__
1,595,625 50
officers:
Fed'i Reserve bank notes
133,070 00
Post Office Departm't
8,079,181 22
National bank notes_ _ 15,360,559 00
Board of trustees, PosSubsidiary silver coin._ 3,107,68693
tal Savings System
Minor coin,
720,19021
5% reserve, lawful
Silver bullion
money
7,839,382 02
6,614,600 49
Unclassified-CoBeeOther deposits
422,984 68
Bons, &c
Postmasters, clerks of
2,798,075 70
Deposits in F.R banks_ 28.663,964 01
courts, disbursing
Deposits in special deofficers. &c
46,637,932 80
positaries account of
Deposits for.
sales of certificates of
Redemption of F. R.
Indebtedness
216,210,000 00
notes(5% fd., gold) 179,070,610 13
Deposits in foreign deRedemption of nationpositaries.
al bank notes (5%
To credit of Treasurer
fund, lawful money) 26,518,689 41
United States
101,624 46
Retirement of addiTo credit of other
tional circulating
Governmnt officers.
512,196 49
notes, Act May 30
Deposits in nat'l banks:
1908
3,59000
To credit of Treasurer
Uncollected items, exUnited States
8.282,319 51
changes, &c
14,348,682 38
To credit of other
Govermn't of(leers_ 24,044.090 54
282,847,617 91
Eeposits in Philippine
Net balance227,010,246 40
Treasury:
To credit of Treasure
United States__ -_
773,928 76
Total
509,857,864 31
Total
509.857.864 31
Note.-The amount to the credit of disbursing officers and agencies to-day was
$352,694,798 66. Book credits for which obligations of foreign governments are
held by the United States amount to $33,236,629 05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
Paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations
toklay was $41.763.577.
$1,118,577 in Federal Reserve notes and $15,253,007 in national bank notes are
in the Treasury in process of redemption and are charges against the deposits for the
respective 6% redemption funds.
Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for December 1926
and 1925 and the six months of the fiscal years 1925-26
and 1926-27.
-MonShorDecember
Ms Months
Receipts.
1926.
1925.
1926-27.
1925-26.
Ordinary8
$
$
$
Customs
48,431,263 46,223,418 318,817,857 292,621,816
revenue:
Internal
Income tax
429,228,920 355,962,568 1,046,840,959 855,739,015
M/80. Internal revenue
55,671,448 70,899,085 334,456,347 487,889,572
Miscellaneous receipts:
Proceeds Govt.-owned secs.:
Foreign obligationsPrincipal
28,559,730 25,563,470
26,585,730
25,742,212
Interest
89,986,016 69,696,391
80,334,094
80,121,366
Railroad securities
1,615,671
5,109,941
31,676,142
19,540,794
All others
173,466
64,821
58,173,388
13,437,622
Trust fund recel,,ta (re-appropriated for investment)
1,980,002 2,546,402
22.214,207
17,952,518
Proceeds sale of surplus
property
426,812
435,857
8,506.824
7,185,015
Panama Canal tolls, &c_ _ 1,926,325 2,050,057
12,169,008
12,045,477
Receipts from miscellaneous
sources credited direct to
appropriations
1,351,202 3,484,372
5,122,173
13,194,527
Other miscellaneous
al9,745,481 520,538,422 a86,642,730 584,213,766
Total ordinary
657,096,336 602,574,804 2,031,519,457 1,909,683,700
Excess of ordinary receipts
over total expenditures
chargeable against ordinary
•
receipts
243,063,969 168,607,272
Excess of total expenditures
chargeable against ordinary
receipts over ordinary receipts
Expenditures.
Ordinary (Checks & warrants paid, &c.)General expenditures
160,449,080 156,075,476
Interest on public debt_c____ 87,766,278 90,637,071
Refund of receipts:
Customs
1,732.710 3,413,291
Internal revenue
1,894,969 7,832.694
Postal deficiency
Panama Canal
348,291
694,956
Operations in special accounts:
440,213
Railroads
4509,974
War Finance Corporation- 41,048,404 42,929.624
Shipping Board
2,638,833 6,487.928
Alien property funds
345.434
4201,505
Adjusted service certif. fund_
62.111
4186,283
Civil service retirement fund- 4237,975
4256,876
Investment of trust funds:
Government Life Insurance 2,945,025 2,490,063
District of Columbia Teach34,976
ers' Retirement
48,970
Foreign Service Retirement
46,500
412,475
General Railroad Continet 41,000,000
7,370
Total ordinary
125,598,300
947,965,357
396,025,434
946,949,266
417,917,086
9,575,238
53,331,084
7,015,648
3,129,475
17,107,348
79,104,216
27,000,000
5,219,743
315,504
44,852,360
12,010,233
4457,256
4130,771
4304,390
1,252,036
414,018,889
16,343,350
3,183,554
434.383
12,691,868
22,928.742
17,592,637
98,869
122,855
4807,204
133,025
119,538
226,855
255,884,619 263,591,082 1,445,980,260 1,530,787,250
Public debt retirements chargeable against ordinary receipts:
64,200,000 78,057,850
Sinking fund
Purchases and retirements
995,000
from foreign repayments.
Received from foreign governments under debt set92,950,000 92,310,000
tlements
Received for estate taxes.
Purchases and retirements
from franchise tax receipts
(Federal Reserve and Federal Intermediate Credit
banks)
Forfeitures, gifts, &c
2,750
8,600
Total
218,279,938
158,147,750 170,376.450
273,310,500
160,957,850
995,000
2,950,000
1.
sa•
92,310,000
certificates of matured series, and for the corresponding periods last year the figures
include $377,381 79 and $2,414,071 49, respectively. d Excess of credits (deduct).
Zoinmercial andTOtscella=angItturs
Breadstuffs figures brought from page 533.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &e., 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-
Flour.
SVheat.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs bush.80 lbs.bush.56 lbs bush.3215s.bush.481bs.bush.561bs.
Chicago
205,'''
249,000 2,099,001 1,248,000
151,000
32,000
Minneapolis
138.111
1,478,001
273,000
222,000
72,000
Duluth
454,000
6,000
4,000
64,000
Milwaukee__ _
18,000
20,000
263,000
309,
305,000
21,000
Toledo
193,000
67,01#
158,111
2,000
Detroit
45,000
41,001
46,000
23,000
Indianapolis_
57,000
436,000
180,001
St. Louis_ __ _
112,010
416,000
475,000
474,010
38,000
6,000
63,1'1
Peoria
32,000
451,000
24,11 •
168,000
Kansas City_
1,253,000
449.000
82,000
Omaha
212,000
342,000
152,000
St. Joseph_
68,000
178,000
26,000
Wichita
34,001
287,000
4.0001
Total wk. '27 388,000 4,764,000 4,973,000 3,106,000 744.000 220,000
Same wk. '26 430,001 5,229,000 6,432,000 3,530,000 806,000 353,000
Same wk. '2
454,000 5,288,101 8,721,000 5,012,000 1,302,000 493,000
Since Aug.1
1926
1925
11,445,000219.302,000 111,062,101 80,300,000 8,942,000 19,813,000
11,239,000230,373,000114,470,010 142,527,00053,992,000 16,682,000
194 flf11
1.7.1 790 /111ALA A.17 anna, f141 news
Inn..
11101 ni114449 071 An
------ • •
• •
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Jan. 15 1927, follow:
Receipts atNew York_ _ _
Philadelphia__
Baltimore_ _ _ _
Norfolk
New Orleans•
Galveston._
Montreal
St. John, N.B.
Boston
Total wk. '2
Since Jan.1'2
Flour.
Wheat.
Corn.
Oats.
Barley.
live.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
27.000 1,133,000
30,
302,000 550,01, 141,000
42,000
576,000
5,000
20,000
44,000
6,000
28,000
429,000
17,000
19,000
33,000
54,000
3 1•1
72,'''
157,000
113,000
18,000
455,000
32,000
180,000
17,000
67,00
68,000
97 5 0 1 1,655,000
339,000
51,000
34,111
21,000
10.0001 114,000 '
333,111 4,608,000
182,000
436,0001 1,148,000 252,000
11,594,000
807,
464,000
737,000 2,365,000 672,000
Week 1926-.- 450,''' 4,228,000
449,000
338,000 588,000
69.000
Sinew Jsm.1'25 1.35R111 11.377.000 2.878.000 1.397.001 I.R611
221 ono
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange Jan. 15 to Jan. 21, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Range for Year 1926.
Sale
OfPrices.
Week.
Par. Price. Low. High. Shares.
Low,
Nigh.
Allegheny Trust Co_ _ __100 220
220 220
10
Amer Vitrified Prod corn 50 25
25
25
50 23
Aug 3314 Jan
Am Wind GI Mach corn 100 .50
45
52
1,991 56
Nov 80
Jan
Preferred
100
78
7934
50 80
Oct 9134 Jan
Arkansas Nat Gas com_100
734 714 4,835
734
534 Feb
834 Oct
Auto Finance corn
•
71
71
100 15
July 25
Apr
Bank of Plash N A
50
175 175
5 141
Feb 180 May
Blaw-Knox Co
25 7034 7034 7034
24 45
Mar 80 Sept
Byers (A M) Co cora__ • 4334 4334 4334
125 4234 Nov 4234 Nov
Preferred
150
loot 10634
25 98
Apr 10714 Dee
Carnegie Metals Co
10 1334 12
1334 1,450 1134 Nov 21
Feb
Columbia Gas& Elec corn •
9134 9134
13 7934 Aug 9034 Dec
Preferred
100
101 101
32 95
Aug 10191 Dec
Commonwealth Tr Co_100
285 285
20 275
Mar 275
Mar
Consolidated Ice com
TO
234 234
100
154 Aug
214 Feb
Devonian 011
10
14
1434
85 1234 Apr 17
Jan
Dollar Sava & Trust_ __100 329
329 329
30 326
Apr 32634 Jan
First National Bank-Seen ote bel ow.
Harbison-Walker Ref pf100
108 108
13 132
Oct 150
Feb
Houston Gulf Gas
*
636 614
222
514 Nov 10
Feb
Indep Brewing coin
50
3
3
20
234 Jan
654 Max
Jones-Laughlin Steel pf 100 119
11834 119
88 114
Jan 11934 Aug
Lone Star Gas
25 42
4134 4234 9.411 39
Apr 46
Oct
Nat Fireproofing com_ _100
8
256
834
734 Oct1834 Feb
Preferred
100
28
2834
305 26
Sept89
Jan
Ohio Fuel Corp ctf of
48% 4634
2
4134 Sept4714 Dec
Okla Natural Gas ctf of
deP--dep iO-si 2034 2014 1,681 1934 Oct 21
Dec
Pittsburgh Brewing com _50
434
125
434 434
3
Jan
7
Mar
Preferred
so
11
11
40 1034 Dec 15
Feb
Pittsb Plate Glass com_100 263
263 263
105 268
Nov310
Jan
Pittsb Steel Fdy Corp com•
2834 2834
20 2834 Sept36
Jan
Preferred
100
80
80
20 74
Apr 78
Sept
Salt Creek Consol OIL _ _10
734 734
490
734 Oct10
Feb
Stand Sanitary Mfg corn 25 91
90
9234 1,351 8954 Oct 11834 Jan
Tidal Osage Oil
100
2334 2334
60
8
July 27
Nov
Union Steel Casting come
3334 3334
10 31
Oct 29
Nov
Preferred
100
10234 10234
20 103
Feb 108
Oct
LI El Glass Co
25
15
15
82 15
Nov 1934 Jan
Waverly 011 Wks el A____* 42
42
4254
70 4014 Nov 4434 Dec
West Pa Rys pref
100
9934 9934
10 9034 Jan 100
Dec
RightsColumbia Gas & Electric_
334 314
$100
274
Dec
354
Dee
BondsIndep Brewing 6s_ _ _ _1955
7534 323,000 75
75
Jan 7634 Nov
•No par value.
Note.-Sales of First National Bank stock, 20 at 13614 in our Issue
of Jam 8 was
an error. It should have been 72 at 307.
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
23,760
30,300
367,279.260
253.298,150
Total expenditures chargeable
against ordinary receipts_ A14,032,366 433,067,532 1,813,239,520 1,784,085,400
Receipts and expenditures for June reaching the Treasury in July are included.
a Includes $818,150 51 received from Federal Reserve banks as franchise tax
Dec. 31 1926. b Includes $59,300 37 received from Federal Reserve banks as
franchise tax Dec. 31 1925. c The figures for the month include $186,868 63 and
for the fiscal year 1927 to date $1,345,341 02 accrued discount on war savings
473
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
12-The Citizens National Bank of St. Helens, Ore
$25,000
Correspondent, E. I. Ballagh, St. Helens, Ore.
Jan. 12-The First National Bank of New Baltimore, Mlch..
25,000
Correspondent, A. A. LeFes re. Now Baltimore, Mich.
Jan. 15-The Farmers National Bank a Conyngham, Pa
50.000
Jan.
Jan.
Correspondent, Guy Hutton, Conyngham. Pa.
APPROVED.
APPLICATION TO CONVERT
12-State
National Bank of Marfa,Texas
Conversion of the Marfa State Bank, Marfa, Texas.
$100.000
474
CHARTERS ISSUED.
Jan..11-1330-The Elkins Park National Bank.ElkinsPark,Pa
I r..(dent, Philip A. Hall; Cashier. Stanley E. Craig.
Jan. 13-13031-The Springfield National Bank, Springfield Pa
Proaident, Edward T. Bartlett; Cashier, J. W.Walch.
$50,000
50.000
CHANGES OF TITLES.
Jan. 13-The First National Bank of Summit, N. J. to "The
First National Bank & Trust Co. of Summit."
Jan, 15-The Security National Bank of Tulsa, Okla., to "Tulsa
National Bank."
The Capitol National Bank of New York, N. Y., to
"The Capitol National Bank & Trust Co. of New
York."
APPLICATION TO ORGANIZE APPROVED.
$50.000
Jan. 14-The First National Bank of Wharton, N. J
Ccrrespondent, Peter E. Strykcr. Wharton, N. J.
VOLUNTARY LIQUIDATION.
$25,000
Jan. 11-The First National Bank of Wynona, Okla
Effective the. 16 1926. Liquidating agent, It. F.
Mullendore, Hominy, Okla. Absorbed by the
Wynona Nat. Bank. Wynona, Okla.
CONSOLIDATION.
31.000.000
Jan. 12-The Third National Bank of Springfield, Mass
500.000
The Chicopee National Bank of Springfield. Mass
Consolidated under the A ct of Nov. 7 1918, under the
Charter of the Third National Bank of Sprin field and
under title of"The Third National Bank & Tru0 Co.
of Sorineefield." with capital stock of II .420.000.
g) 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 sh.
Shares. Stocks.
2 Bortonsite Homes Corp.(N.Y.).
par $10
5,625 Columbia Consol. Mines
Co. (Wash.), par Sc
2 Glenwood Holding Co.(N. Y.).
40 Meade Transfer Co. (N. Y.).
common. par $50
100 Metals Production Co.(Colo.).
5 Par Si
1,900 Multnomah Mining. Milling $48
lot
& Devel. Co.(Wash.), par $I__
143 Old Colony Inc. (Del.). pref..
5 par $10
14 Old Colony Inc.(Del.). corn._ _
10 Stout Motor Co. Inc. (N. Y.)
I par $10
4 Mason's Detachable Tooth Co.
I (N. J.), par $50
250 Bucknam dr Vanderpoel Co.
(N. Y.). Dar $5
[Vol. 124.
THE CHRONICLE
$ Per oh.
Shares. Stocks.
335 Underwood Computing Ma25
chine Co.. common
600.
30 Green Vale School, common_ _
42 Continental Gas & Elec. Corp.,
251
common, no par
744 The Financier Publishing Co.,
$30 lot
common. $10 each
218 39-100 Empire Silk Co.. corn.
327 59-100 Empire Silk Co., class $200
lot
A preferred
3 Acadia Landing of Bar Harbor.
$21 lot
Maine, par $50
By Wise, Hobbs & Arnold Boston:
$ Per oh.
$ per sh. Shares. Stocks.
Shares. Stocks.
70
10 Atlantic Nat. Bank
260% 6 units First Peoples Trust
10 Old Colony Trust Co
337 6 Hood Rubber Co.,73a% prior pf.102
99%
20 West Boylston Mtg. Co., pref._ 48% 10 Amer. Mfg. Co.. common
7% units Commercial Finance Corp. 50
11 Wm.Whitman Co., Inc.. pf 83%-84
8 Merrimack Mfg. Co., pref.7114 ex-div. 18 Worcester Elec. Lt. Co., par $25.152
5 Jones, McDuffee dr Stratton
11 Ludlow Mfg. Associates
177
34%
Corp., corn., Cle.98 A
50 Naumkeag Steam Cot. Co.160%-160%
112%
37 Boston Wharf Co
49
34 Nashua Mfg. Co., common
71
2-8 Pepperell Mfg. Co_ _ _114% ex-div. 3 units Mutual Finance Corp
10 Naumkeag Steam Cotton Co_160% 50 Fall Riv. Gas Wks. Co., par $25_ 58
10 Hamilton Manufacturing Co.._ 2% 25 Boston Woven Hose & Rubber
81
Co., common
70 Flintkote Co., pref
10454-1043
12 Amer. Glue Co., pref___110 ex-dIv.
63 No.Bost. Ltg. Properties, corn _102
220 Lynn Gas & Elec. Co., par 325.137% 10 Converse Rubber Shoe Co., pref_ 70%
30 Walter Baker & Co., Ltd
121% 4 special units First Peoples Trust._ 5
112% 20 Heywood-Wakefield Co., coat- 66%
22 Boston Wharf Co
55 Groton dr Knight Co., common- 13%
20 special units First Peoples Trust_ 5
5 Heywood Wakefield Co., corn- 57
8 New Bedford Gas& Edison Light,
par $25
so
Shares. Stocks.
$ per share.
10 Horn & Hardart Baking Co. of
Phila.
260%
10 Reliance Insurance Co., par $10_ 22%
50 Reliance Insurance Co.. par $10. 22%
100 Bergner & Engel Brewing Co.,
Preferred
4
Shares. stocks.
$ per share.
27 H. K. Mulford Co., par $50._ 45
1 United N. J. RR.& Canal
208
3 Little Schuylkill Nay., RR. &
Coal Co
42%
10 Hare & Chase. Inc., pref
94
10 Hare & Chase, Inc.. common,
no par
23
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per sh. Shares. Stocks.
'S per di.
4 Buff. Niag. & East. Pow., no par. 28
4 Buff. Mag. & East. Pow.. pref.,
11 Hill Pierce 011 & Ref., par $10._ 2 lot
par $25
26
1.000 Baldwin Gold Mines, par $1_ 30. 1,000 Apex Mines, par $1
2e.
200 March Gold, Inc., par 100___. 18c.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Public Utilities.
'Si
Feb. 1 'Holders of rec. Jan. 20
Cambridge Electric Light (quar.)
Columbia Gas& Elec. Co., corn.(guar.). $1.25 Feb. 11 11,Iders of rec. Jan. 20a
134 Feb. 15 fielders of rec. Jan. 20a
Preferred A (quar.)
Community Pow.dr Lt.7% 1st pt.(qu.). 1% Feb. 1 Holders of rec. Jan. 21
Connecticut Ky.& Ltg.,common & pref. *134 Feb. 15 *11 iders of rec. Jan. 31
Dallas Power & Light, pref. (guar.).
134 Feb. 1 H ilders of rec. Jan. 21
6254c. Feb. 1 Holders of rec. Jan. 20
Edison Elec. III. of Brockton (guar.).
Electric Power & Light,2d pref A (qu.). $1.75 Feb. 14 Holders of rec. Jan. 15
75c. Feb. 1 Holders of rec. Jan. 21a
Fall River Gas Works(quar.)
1% Feb. I Holders of rec. Jan. 15 •
Idaho Power, preferred (guar.)
Illuminating dr Power Secur., common
45c Feb. 10 Holders of rec. Jan. 31
134 Feb. 15 H I lent of rec. Jan. 31
Preferred (guar.)
Indianapolis Power & Light, 1st pr.(qu.) '1% Fen. I *Holders of rec. Jan. 25
Mar. I *Holders of rec. Feb. 17
Keystone Telep. of Phila., pref.(guar.). *31
*31.75 Feb. 15 *Holders of roe. Jan. 31
Key System Transit, pref. (guar.)
6230. Feb. 1 Holders of rec. Jan. 21a
Lowell Electric Light (quar.)
Michigan Gas& Elec.. prior lien (attar.). *154 Feb 1 *Holders of rec. Jan. 15
•135 Feb. 1 *Holders of rec. Jan. 15
Preferred (guar.)
*31.75 Feb. 15 *Holders of rec. Jan. 31
Northwest Utilities, pref. (guar.)
Holders of rec. Feb. 15
National Power & Light. corn. (quar.).. 20c. Mar.
Holders of rec. Jan. 18
Pacific Power & Light, preferred (quar.). 154 Feb.
Holders of rec. Feb. 110
Philadelphia Suburban Water. pref.(au.) 154 Mar.
134 Feb.
Holders of rec. Jan. 18
Portland Gas & Coke. preferred (quar.)_
Holders of rec. Jan. 20
Power Sr Light Securities Trust (guar.)._ 50c. Feb.
50c. Feb.
Holders of rec. Jan. 20
Extra
$1
Feb.
Holders of rec. Jan. 2Ia
Railway & Light Securities, COM
$2
Feb.
Holders of rec. Jan. 210
Common (extra)
$3
Feb.
Holders of rec. Jan. 210
Preferred
Feb.
H,iders of rec. Jan. 20
Securities Corp. General, corn.(quar.) _ _ $I
$1.75 Feb.
Holders of rec. Jan. 20
First preferred (quar.)
Feb. 15 Holders of rec. Jan. 20
Southern California Edison, corn. (qu.). 2
*50c. Feb. 15 *Holders of rec. Jan. 31
Tampa Electric Co.. corn. (guar.)
*Holders of rec. Feb. 9
Common (payable in common stock)._ (r)
Texas Power & Light, preferred (own.). 1% Feb. 1 H, Mere of rec. Jan. 19
Union St. Ky.(New Bedford) (guar.)._ •I54 Feb. 1 *Holders of rec. Jan. 21
3
Mar. 1 Holders of rec. Feb. 120
WibnIngton Gas Co.. preferred
Banks.
Continental
Trust Companies.
Farmers' L an & Trust (quar.)
Kings County (Brooklyn) (guar.)
4
*4
*15
Feb. 1 Holders of rec. Jan. 27a
Feb. 1 *Holders of rec. Jan. 20
Feb. 1 *Holders of rec. Jan. 25
Miscellaneous.
Abbotts Alderney Dairies, 1st pref.(q11.) •154 Mar. 1 *Holders of rec. Feb. 15
Abitibi Power & Paper.common (quar.)_ $1.25 Jan. 20 Holders of rec. Jan. 10
Feb. 10 Holders of rec. Jan. 25
Aeolian, Weber Piano & Planola, pref.._ 55
*2
Feb. 10 *Holders of rec. Jan. 31
Alaska Packers Assn. (quar.)
Feb. 10 *Holders of rec. Jan. 31
*2
Extra
Feb. 1 Holders of rec. Jan. 15
American Art Works, common (extra)_. 4
*25c. Feb. 1 *Holders of rec. Jan. 21
American Brick, common (quar.)
*50c.
Feb. 1 *Holders of rec. Jan. 21
(quar.)
Pre! rred
By R. L. Day & Co., Boston:
$1
Feb. 1 Jan. 12 to Fob. 1
Amencan Coal (guar.)
$ Per oh. Amer. Electrice Corp., class A (q ar.)
43% Feb. 15 Holders of rec. Feb. 5
Shares. Stocks.
$ per sh. Shares. Stocks.
39 National Shawmut Bank
253% 50 Commonwealth G.& El. Co., pt. 87% Amer. European Securities, prof (var.) $1.50 Feb. 15 Holders of rec. Jan. 31
71
3 units Mutual Finance Corp
*31.75 Mar.31
10 National Shawmut Bank
253
Amer.Pneumatic Service, 1st pref
25 American Trust Co
440
67 Fitchburg Gas & Electric Co.,
*50c. Apr. 1 *Holders of rec. Mar. 21
American Stores Co., com. (quar.)
122, ex-div Amer. Sumatra Tobacco, pref. (guar.)... 154 Mar. 1 Holders of rec. Feb. 14a
par $50
40 Merchants Nat. Bk.. Worcester_192%
154 Feb. 1 Holders of rec. Jan. 15
5 Naumkeag Steam Cotton Co___18034 15 Quincy Market Cold Storage &
Arnold Bros. Ltd. 1st pref. (guar.)._ _ _
75 ex-div
Warehouse Co., pref
176%
2
Feb. 1 Holders of rec. Jan. 15
2 Ludlow Mfg. Associates
Second preferred.(guar.)
250. Feb. 1 Holders of rec. Jan. 24
6 Nat. Fabric & Finishing Co.,corn. 35% 202 Security Insurance Co. of New
Art Metal Construction (quar)
92% Belding Corticelli, Ltd., common
Haven, Conn.. par $25
2 Lancaster Mills, com
20
3
Feb. 1 Holders of rec. Jan. 15
pref.,
Belting
Corp.,
14% 5 Boston
3 Everett Mills
Benesch (Isaac) & Sons. Inc., common
15
par $50
24%
*75c. Jan. 31 *Holders of rec. Jan. 20
5 Tremont & Suffolk Mills
and common A (guar.)
30
40 Old Colony Gas Co., par $25- 42
*50c. Jan. 31 *Holders of rec. Jan. 20
10 Hamilton Woolen Co
Preferred (quar.)
14% 55 Andrews Real Estate Trust_-. 83
54 Pepperell Manufacturing Co
Bloch Bros.Tobacco, common (quar.) *3754c Feb. 15 Holders of rec. Feb. 10
102
104 6 Dennison Mfg. Co., 2d pref
*3750 May 15 *Holders of rec. May 10
6 J.P. King Manufacturing Co
Common (quar.)
10
6 units First Peoples Trust__ _.._ __ - 60%
*3734c Aug. 15 *Holders of rec. Aug. 10
3 Lowell Hosiery Co
Common (quar.)
*3734c Nov. 15 *Holders of rec. Nov. 10
12% 10 special units First Peoples Trust- 5
8 Shaw Stocking Co
Common (quar.)
50 North Boston Ltg. Properties,
'154 Mar. 31 *Holders of rec. Mar.26
200
10 Fitchburg Duck Mills
Preferred (quan)
109%-109%
Pre(
•1% June 30 *Holders of rec. June 25
31 25-100 U.S.Worsted Corp..com.65c.
Preferred (quar.)
1 $1
3.154 Sept. 30 *Holders of rec. Sept. 25
31 25-100 U.S.Worsted Corp.,2d pf. 14 103 United Oil Co., coin
Preferred (quar.)
50 United Oil Co., pref. scrip....) lot
*154 Dec. 31 *Holders of rec. Dec. 28
100 Hamilton Manufacturing Co__ 3
Preferred (quar.)
6 Wendell Phillips Co., let pref._ _. 10
36
•1
Feb. 1 *Holders of rec. Jan. 19
10 Nonquitt Spinning Co
Bourne Mills (quar.)
60
90% 6 units First Peoples Trust
$1.25 Feb. 1 Holders of rec. Jan. 29a
30 Brookside Mills
Brill (J. G.), common
127%
134 Feb. 1 Holders of rec. Jan. 29a
66
2 Merrimac Hat Corp., com
10 Potomska Mills
Preferred (quar.)
3534 Brockway Motor Truck (guar.)
6734-67% 140 American Glue Co., com
*50o. Feb. 1 *Holders of r c. Jan. 21
50 Arlington Mills
*25o. Feb. 1 *Holders of rec. Jan. 21
19 Nyanza Mills
35-35% 75 Flintkote Co., com., par $25- 55%
Extra
69%
49
10 Draper Corp
(to) Feb. 1 *Holders of rec. Jan. 21
10 Nashua Mfg. Co.. com
Stock dividend
1 Franklin Co
230% 30 Fty. & Lt. Securities Co., corn_ 5334 Buckeye Pipe Line (attar.)
$1
Mar. 15 Holders of rec. Feb. 18
35 Cambridge Gas Lt. Co.. par $25- 82% 60 Fulton Lt., Ht. di Pr. Co., pref.,
Burns Bros., common, class A (quar.)„ •32.50 Feb. 15 *Holders of rec. Feb. 1
934
33
par $10
10 Kinney Mfg. Co., pref
*500. Feb. 15 *Holders of rec. Feb. 1
Common, class B (guar.)
38 Business Real Estate Trust-- 29
Percent. Calumet & Hecla Cons)1. Copper Co.... 50o. Mar. 15 Holders of rec. Feb. 28
Bonds.
134 Feb. 16 Holders of rec. Jan. 31
70
6 units First Peoples Trust
Canada Cement, preferred (quar.)
$1,000 Quincy Market Realty 58,
I% Feb. 15 Holders of rec. Jan. 31
7 special units First Peoples Trust_ 5
9234 Canadian Converters (quar.)
May 1964
*34 Mar. 1 *Holders of rec. Feb. 15
71
3 units Mutual Finance Corp
Cities Service,common (monthly)
Androscoggin
Electric'
Co.
$2,000
V% Mar. 1 *Holders of rec. Feb. 15
15 New Bedford Gas & Edison Light
Common (payable In corn. stock)
58, Oct. 1934
9751
•34 Mar. 1 *Holders of rec. Feb. 15
80
Co., par $25
Preferred and pref.B (monthly)
$ Per Right.
•54 Mar. 1 *Holders of rec. Feb. 15
Rights.
80 Fall River Gas Works, par $25._ 58
Preferred BB (monthly)
225 Blackstone Valley Gas & Elec.
.
3154
Feb. 1 *Holders of rec. Jan. 25
13 Quincy Market Cold Storage &
(quar.)
pref.
Clinchfleld Coal,
9% Cockshutt
5454
Co.(when as and if issued)
*4
Feb. 8 *Holders of rec. Jan. 31
Warehouse Co., corn
Plow, preferred
Mar. 1 Holders of rec. Feb. 15
Inc., corn. (quar.).... $1
Cushman's
Sons,
By Barnes & Lofland, Philadelphia:
Common (payable in $8 pref. stock).. u$1.50 Mar. 1 Holders of rec. Feb. 15
$ per share.
$ Per share. Shares. Stocks.
Common (payable In $8 pref. stock)_ _ u$1.50 Sept. 1 Holders of rec. Aug. 15
Shares. Stocks.
Mar. 1 Holders of rec. Feb. 15
$2
10 Citizens Nat. Bk. of Jenkin75
$8 preferred (quar.)
65 Keystone Watch Case Co
134 Mar. 1 Holders of rec. Feb. 15
town, Pa
99
Seven per cent preferred (guar.)
2 Pennsylvania Academy of the
*1
Mar.26 *Holders of rec. Mar. 12
25% 40 Allegheny Title & Tr. Co.,
Davis Mills (quar.)
Fine Arts
eo
par $50
Decker (Alfred) & Cohn,Inc., com.(qu.) 50c. Mar, 15 Holders of rec. Mar. 5a
5 Philadelphia Bourse, common,
154 Mar. 1 Holders of rec. Feb. 18a
60
26% 16 Manheim Trust Co., par $50_
Preferred (quar.)
Par $50
4
80
Manheim
$50_
169
Trust
Co.,
par
Bank
De
Nat.
Beers Con nil. Mines. Amer. shares.. 41.45 Jan. 29 *Holders of rec. Jan. 26
2 Overbrook
1
Feb. 15 Holders of rec. Jan. 31
25 Finance Co. of Pa., 1st pref-__ -307
DominionBridge(guar.)
10 Commonwealth Title Ins. & Tr.555
*6255c Apr. 1 *Holders of rec. Mar. 20
1351
Early & Daniels, common (quar.)
10 Kensington Nat. Bank, par 550_20054 1 Girard Trust Co
3.25c. Apr. 1 *Holders of rec. Mar. 20
11 Commonwealth Title Ins. & Tr-555
Common (extra)
1 Kensington Nat. Bank, par $50_200% 17
*62540 July 1 *Holders of rec. June 20
United Security Life Ins. & Tr_ _215
250
Common (guar.)
5 Nat. Bank of Commerce
*6250 Oct. 1 *Holders of rec. Sept.20
7534
31034 1 Broad St. Trust Co., par $50.Common (quar.)
10 Delaware Co. Nat. Bank
*62350 Jan 1'28 *Holders of rec. Dec. 20
5 Parkway Trust Co
198
310
Common (guar.)
24 Delaware Co. Nat. Bank
•31.75 Apr. 1 *Holders of rec. Mar.20
I Metropolitan Trust Co., par 510.116
Miliville,
Preferred (guar.)
6 Mechanics Nat. Bk. of
*31.75 July 1 *Holders of rec. June 20
I
Metropolitan
$50_115
Trust
216
Co.,
par
Preferred (guar.)
N. J
•$1.75 Oct. 1 *Holders of rec. Sept.2o
Colonial Trust Co., par $50
7
22631
Br.dgeof
Bk.
Preferred
(quar.)
Nat.
Cumberland
2
Jan 1 2g 047-,Iders of rec. Doe. 20
*31.75
Haverford
Township
Title
&
10
500
Preferred (quar.)
ton, N.J
Trust Co., par $50
82%
JAN. 22 1927.1
Name of Company.
T
Per
When
Cent. Payable.
CHRONICLE
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Eastern Canada Stores, Ltd.(quar.)_
Jan. 15 Holders of rec. Jan. 8
Eastern Dairies, corn.(guar.)
*500. Feb. 1 *Holders of rec. Jan. 20
Preferred (quar.)
*$1.75 Feb. 1 *Holders of rec. Jan. 20
Elsemann Magneto Corp., pref.(qu.)_
Feb. 1 Holders of rec. Jan. 20
Electric Refrigeration (guar.)
*50c. Feb. 21 *Holders of rec. Jan. 31
Elyria Iron & Steel, corn.(quar.)
750. Jan. 31 Holders of rec. Jan. 24
Esmond Mills, common (guar.)
134 Feb. 1 Holders of rec. Jan. 25
Preferred (guar.)
1K Feb. 1 Holders of rec. Jan. 25
Fairbanks, Morse & Co., corn.(qua:.) *75e. Mar.31 *Holders of rec. Mar. 15
Common (guar.)
*75e. June 30 *Holders of rec. June 15
Preferred (guar.)
Mar. *Holders of rec. Feb. 15
•1.13( June
Preferred (quar.)
*Holders of rec. May 14
General Box Corp., pref. A & B (qu.)
*1 M Mar.
*Holders of rec. Feb. 18
General Tire & Rubber, corn.(guar.)._ *50e. Feb.
*Holders of rec. Jan. 20
Globe-Democrat Publishing, pref. (qu.)_
1( Feb.
Holders of rec. Jan. 20
Great Lakes Dredge & Dock )quar.)_ _ _ _ 2
Feb. 1 Holders of rec. Feb. 8
Extra
2
Feb. 1 Holders of rec. Feb. 8
Hamilton Bank Note
Sc. Feb. 15 Holders of rec. Feb. 1
Hamilton Bank Note
Sc. Aug. 15 Holders of rec. Aug. 1
Hamilton-Brown Shoe(monthly)
•25o. Feb. 1 *Holders of rec. Jan. 22
Houston Oil, preferred
Feb. 2 *Holders of rec. Jan. 21
Hudson Motor car (guar.)
*8734 April 1 *Holders of rec. Mar. 15
Imperial Royalties Co.(monthly)
13( Jan. 31 Holders of rec. Jan. 25
Imperial Tobac. of Or. Brit.& Ire.(final2 4.9
Bonus
Is. 6d
Independent Packing, corn. (quar.)
32 Me Feb. 1 Holders of rec. Jan. 20
Preferred (guar.)
154 Feb. 1 Holders of rec. Jan. 20
International Harvester, pref. (quar.).._ el% Mar. 1 *Holders of rec. Feb. 10
Island Creek Coal (stock dividend)
*400 Subj. to stockh'rs meeting Jan.31
Isle Royale Copper Co
50c. Feb. 19 Holders of rec. Feb. 4
Kinney (G. R.) Co., pref.(guar.)
2
Mar. 1 Holders of rec. Feb. 18
Liggett & Myers Tob., com.&com.B(qu) 750. Mar. 1 Holders of rec. Feb. 10
Common & common B (extra)
$1 Mar. 1 Holders of rec. Feb. 10
Corn. & com.B (pay. In corn. B stk.) 10
Mar. 1 Holders of rec. Feb. 10
Lit Brothers Corporation
50e. Feb. 21 Jan. 26 to Feb. 9
Loew's Boston Theatres (guar.)
*15c. Feb. 1 *Holders of rec. Jan. 22
Loew's Ohio Theatres, first pref. (guar.) $2
Feb. 1 Holders of rec. Jan. 24
Luther Manufacturing (quar.)
*2
Feb 1 *Holders of rec.
Melville Shoe Corporation, corn. (guar.) 750. Feb. 1 Holders of rec. Jan. 18
Jan. 27
Preferred (guar.)
2
Feb. 1 Holders of rec. Jan. 27
Merchants Mfg. (guar.)
'1
Feb. 1 *Holders of
Jan. 22
Mid-Continent Petrol. Corp., pf.
*15i Mar. 1 *Holders of rec.
rec. Feb. 15
Mirror (The), pref. (guar.)
•1M Feb. 1 *Holders of rec. Jan. 27
Morris Plan Co. (quar.)
214 Feb. 1 Holders of rec. Jan. 25
National Food Products, class A (quar.)_ 62340. Feb. 15 Holders of
rec. Feb. 5
National Lead, pref.(guar.)
1' Mar. 15 Holders of rec. Feb. 18
National Refining, corn. (guar.)
37 Mc Feb. 15 Holders of rec. Feb. 1
Common (extra)
50e. Feb. 15 Holders of rec. Feb. 1
National Supply, corn.(quar.)
$1
Feb. 15 Holders of rec. Feb. 5
New Cornelia Copper Co
*50c. Feb. 21 *Holders of rec. Feb. 4
Newberry (J. J.) Co., pref. (guar.)
*$1.75 Mar. 1 *Holders of rec. Feb. 16
New England Invest. Trust, IncCollateral Trustee shares
53Mc Jan. 31 Holders
North American Cement, pref.(guar.) _ *1 M Feb. I *Holders of rec. Jan. 1
of rec. Jan. 20
North Central Texas 011 (guar.)
150. Mar. 1 Holders of rec. Feb. 10
Oppenheimer (S.) & Co., pref. (guar.)
2
Feb. 1 Holders of rec. Jan. 25
Overseas Securities, class A
50e Feb. 15 Holders of rec. Feb. 1
Packard Motor Car (monthly)
•20e. Mar. 31 *Holders of rec. Mar. 15
Monthly
•20c. Apr. 30 *Holders of rec. Apr. 15
Monthly
*20c. May 3 *Holders of rec. May 14
Peabody Coal, pref. (monthly)
•59e. Feb. 1 *Holders of rec. Jan. 21
Peoples Drug Stores, Inc., pref. (guar.). *2
Feb. 15 *Holders of rec. Feb. 1
Pepperell Manufacturing
4
Feb. 1 Holders of rec. Jan. 18
Petroleum Royalties Co. (monthly)_ _
1
Feb. 1 Holders of rec. Jan. 25
Procter & Gamble, corn. (guar.)
'$1.7 Feb. 15 *Holders of rec. Jan. 25
Quincy Mkt. Cold Star. & Whse.,pf.(qu) •15,
4 Feb. 1 *Holders of rec. Jan. 20
Republic Iron & Steel, corn. (qUar.)1
Mar. 1 Holders of rec. Feb. 15
Preferred (quar.)
•14i Apr. 1 *Holders of rec.
Mar. 15
St. Louis Car Co., pref. (guar.)
1.4 Feb. 2 Holders of rec. Jan. 22
Schulte Retail Storer., corn. (guar.)
*87.4c M. 1 *Holders of rec. Feb. 15
Common (guar.)
*8734c June 1 *Holders of rec. May 15
Common (guar.)
'8734c Sept. 1 *Holders of rec. Aug. 15
Common (guar.)
"8730 Dec. 1 Holders of rec. Nov. 15
Scott Paper, pref. (guar.)
•13‘ Feb. 1 *Holders of
rec. Jan. 24
Sherwin-Williams Co., coin. (quar.)
*50e. Feb. 15 *Holders of rec. Jan. 31
Common (extra)
*25c. Feb. 15 *Holders of rec. Jan. 31
Preferred (guar.)
.1% Mar. 1 *Holders of
Stevens Manufacturing (guar.)
•13,i On dem *Holders of rec. Feb. 15
rec. Jan. 17
Texas Company (guar.)
*75e. Mar.31 *Holders of rec. Mar. 4
Texas Corporation (guar.)
"75c. Apr. 1 *Holders of rec. Mar. 4
Stock dividend
*10
Apr. 2 *Holders of rec. Mar. 4
Troxel Manufacturing, pref. (guar.)_
114 Feb. 1 Holders of rec. Jan. 20
Tung-Sol Lamp Works, corn. (guar.). _ _ 20c.
Feb. 1 Holders of rec. Jan. 20
Class A (guar.)
45c. Feb. 1 Holders of rec. Jan. 20
Union 011 Associates (guar.)
*50c. Feb. 10 *Holders of rec. Jan. 15
Extra
"47c. Feb. 10 *Holders of rec. Jan. 15
Union Storage (guar.)
"6233c Feb. 10 *Holders of rec. Feb. 1
Quarterly
*62)4c May 10 *Holders of rec. May 1
Quarterly
"6234c Aug. 10 *Holders of rec. Aug. 1
Quarterly
Nov. 10 *Holders of rec. Nov. 1
U.S. Cast Iron Pipe& Fdy., corn.(qu.)_ *6234c
•234 Mar. 15 Holders of rec. Mar. 1
Common (quar.)
234 June 15 Holders of rec. June 1
Common (quar.)
2)4 Sept. 15 Holders of rec. Sept. 1
Common (guar.)
234 Dec. 15 Holders of rec. Dee. 1
Preferred (guar.)
134 Mar. 15 Holders of rec. Mar. 1
Preferred (guar.)
134 June 15 Holders of rec. June 1
Preferred (guar.)
134 Sept. 15 Holders of'Sec. Sept. 1
Preferred (guar.)
154 Dec. 15 Holders of rec. Dec. 1
Vanadium Corporation (quar.)
*75e. Feb. 15 *Holders of rec. Feb. 1
WaYagamack Pig.)& Paper (qua:.)
75c. Mar. 1 Holders of rec. Feb. 15
Waltke (William) & Co.. pref. (guar.)._
154 Feb. 1 Holders of roe. Jan. 19
Wesson Oil & Snowdrift, corn. (guar.)... *$1
Mar. 30 *Holders of rec. Mar. 15
Whitaker Paper, pref. (qua:.)
•154 Apr. 1 *Holders of rec. Mar.20
Preferred (account accum. dividends)_ *57
Feb. 1 *Holders of rec. Jan. 20
White (J. G.) & Co., Inc., corn
6
Feb. 1 Holders of rec. Jan. 26
Preferred (quar.)
1.4 Mar. 1 Holders of rec. Feb. 15
1.3•4
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
Alabama Great Southern, preferred
$1.75 Feb. 14
Preferred
$1.75 Feb. 14
Preferred (extra)
50o. Feb. 14
Atchison Topeka & Santa Fe, corn.(qu ) 134 Mar. I
Common (extra)
75e. Mar. I
Preferred
234 Feb. 1
Baltimore dr Ohio, corn.(qua:.)
134 Mar. 1
Common (extra)
M Mar. 1
Preferred (quar.)
1
Mar. 1
Canada Southern
134 Feb. 1
Cuba RR., pref. (qua:.)
3
Feb. 1
Great Northern, preferred
2M Feb. 1
Hudson & Manhattan. preferred
2M Feb. 15
Internat. Rya. of Cent. Am., p1. (qu.)
134 Feb. 14
Louisville & Nashville
334 Feb. 10
Mahoning Coal RR., corn. (guar.)
$12.50 Feb. 1
Michigan Central
1734 Jan. 29
Mine Hill & Schuylkill Haven
$1.25 Feb.
lkilssouri-Kansss-Toxao, pref. A (qua:.). 1M Feb. 1
1
Nashville Chattanooga & St. Louis
3)4 Feb. 1
N. Y. Central RR.(quar.)
134 Feb. 1
New York Ontario & Western
1
Jan. 31
Books Closed.
Days Inclustre.
Holders of rec. Jan. 14
Holders of roe. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jun. 2b0
Holders of rec. Jan. 250
Holders of rec. Dec. 31a
Holders of roe. Jan. 15a
Holders of rec. Jan. 150
Holders of rec. Jan. 15a
Holders of rec. Dec. 30a
Holders of rec. Jan. 15a
Holders of rec. Dec. 304
Holders of rec. Feb. la
Holders of rec. Jan. 310
Holders of rec. Jan. 140
Holders of rec. Jan. 14a
Holders of rec. Dec. 30a
Jan. 14 to Jan. 31
Holders of rec. Jan. 15a
Holders of rec. Jan. 22.2
Dec. 31 to Jan. 26
Holders of rec. Jan. 14a
475
Per
When
Books Closed.
Name of Company.
Cod. Payable.
Days !violative.
Railroads (Steam) wont:wan.
Norfolk & Western, adj. pref. (qua:.)
1
Feb. 19 Holders of roe. Jan. 310
Northern Pacific (guar.)
134 Feb. 1 Holders of rec. Dec. 314
Pere Marquette, prior pref. (qua:.)
134 Feb. 1 Holders of rec. Jan. 15a
Preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 15a
Pittsburgh & Lake Erie
$2.50 Feb. 1 Holders of rec. Jan. 17a
Extra
$5
Feb. 1 Holders of rec. Jr n. 17a
Pitts. dz West Virginia, corn.(quar.)... 134 Jan. 31 Holders of
rec. Jan. 156
Reading Company, corn. (quar.)
$1 Feb. 10 Holders of rec. Jan. 13a
Common (extra)
$1 Feb. 10 Holders of rec. Jan. 13a
St. Louis-San Francisco, pref. (quar.)
134 Feb. 1 Holders of rec. Jan. 15a
Preferred (quar.)
1)4 May 2 Holders of rec. Apr. 9a
Preferred (quar.)
134 Aug. 1 Holders of roe. July 15a
Preferred (qua:.)
134 Nov. 1 Holders of rec. Oct. 15a
Southern Railway, corn. (guar.)
134 Feb. 1 Holders of rec. Jan. 100
Virginian Ry., preferred
3
Feb. 1 Holders of rec. Jan. 216
Wabash Railway, pref. A (qua:.)
134 Feb. 25 Holders of roe. Jan. 250
Public Utilities.
Amer. Dist. Teleg. of N. J., corn.(qu.). *75e. Jan. 29
*Holders of rec. Jan. 15
American Gas & Electric Co.
No par value pref., =stamped (guar.) 1M Feb. 1 Holders
No par value pref., stamped (mthly.) 50e Feb. 1 Holders of rec. Jan. 10
of rec. Jan. 10
Amer. Light At Traction, common (qu.)- 2
Feb. 1 Jan. 15 to Jan. 27
Preferred (quar.)
M Feb. 1 Jan. 15 to Jan. 27
American Telep. & Teleg. (guar.)
234 Apr. 15 Holders of rec. Mar.150
Amer. Water Wks.& Elec., corn.(qu.)-. 400. Feb. 15 Holders
rec. Feb. la
Common (payable in corn.stock)
.fsx Feb. 15 Holders of
of rec. Feb. la
7% first preferred (guar.)
134 Feb. 15 Holders of rec. Feb. la
Associated Gas& Electric,class A (guar.) (0) Feb. 1 Holders
of rec. Dee. 31
$6 preferred (guar.)
s$1.50 Mar. 1 Holders of rec. Jan. 31
$634 preferred (qua:.)
8$ 1.6234 Mar. 1 Holders of rec. Jan. 31
Brazilian Tr. Lt. di Pow.. ord. (quar.)-- 1)4 Mar. 1
Holders of rec. Jan. 31
Broad River Power, pref. (qua:.)
134 Feb. 1 Holders of rec. Jan. 15
Bklyn.-Manhat.Transit, pref. ser. A(qu) 134 Apr. 15
Central Power & Light, preferred (qua:) 134 Feb. 1 Holders of rec. Apr. 1
Holders of rec. Jan. 15
Central & Southwest Utilities, corn
$1.50 Feb. 1 Holders of rec. Dec. 314
Prior lien (quar.)
$1.7 Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
$1.7 Feb. 15 Holders of rec. Jan. 31
Chicago Rapid Transit, prior pt.(mthly) 650. Feb. 1
Holders of rec. Jan. 180
Prior preferred (monthly)
65c. Mar. 1
Columbia Gas& El., corn.(qu.)(No.1) $1.2 Feb. 15 Holders of rec. Feb. 15a
Holders of rec. Jan. 206
6% preferred sec. A (guar.)(No. 1)-- 134 Feb. 15 Holders
of rec. Jan. 200
Commonwealth Edison (quay.)
2
Feb. 1
Commonwealth Power,common (guar.)_ 50e. Feb. 1 Holders of rec. Jan. 15
Holders of rec. Jan. 7
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 7
Community Power & Light, 1st pt.(cm.) 1.4 Feb. 1
Holders of rec. Jan. 21
Second preferred (quar.)
2
Mar. 1
Consolidated Gas of N. Y.. pref.(quar.) $1.10 Feb. 1 Holders of rec. Feb. 18
Holders of rec. Dec. 15a
Derby Gas & El. Corp.. Pref.(quar.)... $1.75 Feb. I Holders
of rec. Jan. 20
Duquesne Light Co., 1st pref.(guar.) 134 Mar. 15 Holders of rec. Feb. 154
Eastern Massachusetts St. Ry., pref. B_ 3
Feb. 1 Holders of rec. Jan. 15
First pref. and sinking fund stock
3
Feb 15 Holders of rec. Jan. 31
Eastern States Power Corp., pref. (qu.)_
13( Feb.
Holders of rec. Jan. 15
Edison Elec. III. of Boston (guar.)
3
Feb.
Holders of rec. Jan. 15
Electric Bond & Share, pref.(guar.) _ _
134 Feb.
Holders of rec. Jan. 15
Electric Investors, Inc., $7 pref. (quar.)_ $1.75 Feb.
Holders of rec. Jan. 120
$6 preferred (guar.)
$1.50 Feb.
Holders of rec. Jan. 12
Empire Gas& Fuel,8% pt.(mthly.)...' 66 2-3c Feb.
*Holders of rec. Jan. 15
Eight per cent preferred (monthly)__• 58 1-30 Feb.
*Holders
of rec. Jan. 15
Fort Worth Power & Light, pref.(quar.) 1K Feb.
Holders of rec. Jan. 15
Foshay(W.B.) Co.,common (extra)__
1
Feb. 2 Holders of rec. Jan. 5
Seven per cent preferred (bonus)
2
Feb. 2 Holders of rec. Jan. 5
Eight per cent preferred (bonus)
1
Feb. 2 Holders of rec. Jan. 5
Gas do Elec. Securities, corn. (monthly).
fi Feb.
Holders of rec. Jan. 154
Common (payable in common stock)_ _
/34 Feb.
Holders of rec. Jan. 15a
Common (monthly)
M Mar.
Holders
of rec. Feb. 15a
Common (payable in common stock)_
.1.55 Mar.
Holders of rec. Feb. 15a
Common (monthly)
M Apr.
Holders of rec. Mar. 15a
Common (payable in common stock).. 134 Apr.
Holders of rec. Mar. 15a
Preferred (monthly)
7-12 Feb.
Holders of rec. Jan. 150
Preferred (monthly)
7-1' Mar.
Holders of rec. Feb. 15a
Preferred (monthly)
7-12 Apr.
Holders of rec. Mar. 150"
General Public Service Corp..$6 pt.(qu.) $1.50 Feb.
Holders of rec. Jan. 100
Convertible preferred (quar.)
$1.75 Feb.
Holders
of rec. Jan. 108
Havana Electric & Utilities. 1st pf.(qu.) $1.50 Feb.
15 Holders of rec. Jan. 21
Cumulative preferred (guar.)
81.25 Feb.
Illinois Northern Utilities. pref. (guar.). '1)4 Feb. 15 Holders of rec. Jan. 21
1 'Holders of rec. Jan. 15
Indiana Consum. Gas & By-Prod.
1st pref. (No. 1)
$2.33 Feb. 1 Holders of rec.
International Utilities, $7 pref.(quar.)
21.75 Feb. 1 Holders of rec. Jan. 15
210
Interstate Railways, common
30e, Feb. 1 Jan. 21 to Jan.
Jan. 31
Knoxville Power & Lt., pref. (quar.)
154 Feb. 1 Holders of rec.
Lawrence Gas & Electric (guar.)
234 Feb. 1 Holders of rec. Jan. 20
Jan. 150
Long Island Lighting, common
50c.
1 Holders of rec. Jan. 21
Massachusetts Gas Cos., corn.(quar.). $1.25 Feb.
Feb.
Middle West Utilities, common (guar.)._ $1.50 Feb. 1 Holders of roe. Jan. 15
15 Holders of rec. Jan. 31
Milwaukee El ay. de Lt.. 6% Pl.(qu.)
1 5 Jan.
Mohawk & Hudson Power. pref.(guar.). $1.75 Feb. 3. Holders of rec. Jan. 200
1 Holders of rec. Jan. 20
Second preferred (qua:.)
$1.75 Feb. 1 Holders of rec. Jan.
Montreal Lt. Heat & Pow. Consolidated
20
No par value stock (2 months div.). _ 33 1-3 Jan,
Montreal Water & Power, corn.(guar.). 6234c.Feb 31 Holders of roe. Dec. 31
. 15 Holders of rec. Jan. 31
Preferred (guar.)
134 Feb. 15 Holders of rec. Jan.
31
Mountain States Power. pref.(quar.)-.
134 Jan. 20 Holders of rec. Dec. 31
National Electric Power,com..el, A (qu) 45e.
Feb. 1 Holders of rec. Jan. 20
Nevada-Callf. Elec. Corp.. pref. (qu.)...
154 Feb. 1 Holders of rec. Dec. 30
Northern N. Y. Utilities. pref.(quar.)
154 Feb. 1 Holders of rec. Jan.
15
Northern Ontario Lt. it Pr., pref.(qu.). 3
Jan. 25 Holders of rec. Dee. 31
Nor. States Pow.(Del.). cl. A com.(qU.) 2
Feb. 1 Holders of rec. Doe. 31
Ohio Edison, 6% pref.(qua:.)
134 Mar. 3 Holders of rec. Feb. 15
0.6% preferred (guar.)
1.65 Mar. 3 Holders of rec. Feb.
15
7% preferred (guar.)
134 Mar. 3 Holders of rec. Feb.
15
6% preferred (monthly)
50c. Feb. 1 Holders of rec. Jan. 15
6% preferred (monthly)
50e. Mar. 1 Holders of rec. Feb.
6,6% preferred (monthly)
15
550. Feb. 1 Holders of roe. JIM. 15
6.6% preferred (monthly)
55e, Mar. 1 Holders of rec.
Ontario Power & Light, pref.
Feb. 15
(guar.)
'134
Feb.
1
*Holders
of rec. Jan. 15
Penn-Ohlo Edison 7% prior prof.
134 Mar. 1 Holders of rec. Feb. 21
Philadelphia Co., cam.(guar.) (qu.)
$1
Jan. 31 Holders of rec. Jan. 241
Five per cent preferred
$1.25
Mar.
1
Holders of rec.
Philadelphia Rapid Transit
$1 Jan. 31 Holders of rec. Feb. 100
(guar.)
Public Service Co. of No. lilinoisJan. 154
Common, $100 par value
2
(quar.)
Feb. 1 Holders of rec. Jan. 15
Common (no par) (qua:.)
$2
Feb. 1 Holders of rec. Jan.
Six per cent preferred (guar.)
15
134 Feb. 1 Holders of rec.
Seven per cent preferred (guar.)
Jan.
134 Feb. 1 Holders of rec. Jan. 16
Public Service Elec. Power. pref. (qu.)_
15
134
Feb.
1
Holders
of reo. Jan. 141
Sierra Pacific Elec. CO.. corn.(quar,).
50c. Feb. 1 Holders of ree. Jan.
Preferred (guar.)
198
134 Feb. 1 Holders of roe. Jan.
South Pittsburgh Water, pref
194
$1.25 Feb. 19 Holders of rec. Feb. 54
Southern Colorado Power, corn. A
Southern N. E. Teleph.,$7 pref. (au.)- 50e. Feb. 21 Holders of rec. Jan. 31
(guar.) $1.75 Mar. 1 Holders of rec.
Feb. la
6% Preferred (qua:.)
134 Mar. 1 Holders of rec. Feb. la
Standard Gas & El.. common (quar.)
750. Jan. 25 Holders of rec. Dec. 31
Common (payable In common
stock).
11-200
Jan.
25 Holders of rec. Dec. 314
Prior preferred (guar.)
134 Jan. 26 Holders of rec. Dec. 31
Standard Power dr Light. pref.
(quar.)-, $1.75 Feb. 1 Holders of rec. Jan. 17
Tennessee Electric Pow.,6% 1st
Seven per cent first preferred pf.(qU.) 134 Apr. 1 Holders of ree. Mar.15
7.2% first preferred (guar.) (guar.). 134 A. 1 Holders of rec. Mar. 15
1.80 Apr. 1 Holders of rec. Mar.15
Six per cent first preferred
SU per cent first preferred (monthly)- 50e. Feb. 1 Holders of rec. Jan. 15
(monthly)_
500.
Mar, 1 Holders of rec. Feb. 16
Six per cent first preferred
(monthly)- 500. Apr. 1 Holders of rec. Mar.15
7.2% first preferred
60e. Feb. 1 Holders of rec. Jan. 15
7,2% first preferred (monthly)
(monthly)
60c. Mar, 1 Holders of rec. Feb. 15
7.2% first preferred
(monthly)
600. Apr. 1 Holders of roe. Mar.15
United Light & Pow.,new
corn.
A
12e. Feb. 1 Holders of rec. Jan. 15
(Qum)
Old common A (guar.)
60e. Feb. 1 Holders of rec. Jan. 15
New common B (quar.)
I2c. Feb. 1 Holders of rec. Jan. 15
Old common B (quar,)
60e. Feb. 1 Holders of rec. Jan. 15 •
Name of Company.
When
Per
Cent. Payable
Public Utilities (Continued).
West Penn Electric Co.. 7% pref.(qu.)- 131 Feb. 15
West Penn Power,7% preferred (guar.). 14 Feb. 1
1 31 Feb. 1
Six per cent preferred (guar.)
624c. Jan. 31
York Rye., pref. (guar.)
Boas Closets.
Days Inclusive.
Holders of rec. Feb. TO
Holders of reo. Jan. lba
Holders of rec. Jan. 15e
Jan. 22 to Jan. 30
Banks
Chemical National (stock dividend)_
Corn Exchange (guar.)
(I)
5
Jan.d20 Holders of rec. Jan. 15
Feb. 1 Holders of reo. Jan. :till
Trust Companies.
Title Guarantee & Trust. extra
5
Mar.31 Holders of reo. Mar.22
Fire Insurance.
Home (quarterly)
5
Air. 11 Holders of rec. Mar.31
Miscellaneous.
Abraham dr Straus. Inc., pref. (quar.)._ 14 Feb. 1 Holders of rec. Jan. 150
$1.50 Feb. 1 Holders of rec. Jan. 14a
Allied Chemical & Dye, corn. (guar.)
$1.50 Feb. 15 Holders of rec. Jan. 24a
Allis-Chalmers Mfg., common (qua:.)
Amerada Corporation. Co[11. ((Mani-- 50c. Jan. 31 Holders of rec. Jan. 154
50e. Feb. 15 Holders of rec. Jan. 3Ia
American Can. corn.(guar.)
American Chain,8% pref. class A W.). 50c. Mar.31 Mar.22 to Mar. 31
Feb. 1 Holders of rec. Jan. 15
2
American Cigar, common (guar.)
Feb. I
Feb. 1 Jan. 12 to
Si
American Coal (guar.)
Feb. 1 Holders of rec. Jan. 13
2
American Glue. preferred (guar.)
200. Feb. 1 Holders of rec. Jan. 15a
American Home Products (monthly)
Jan. 25 Holders of rec. Jan. 76
2
American Ice. tom.(guar.)
Jan. 25 Holders of rec. Jan. 76
2
Common (extra)
14 Jan. 25 Holders of rec. Jan. 70
Preferred (guar.)
15 Holders of rec. Feb. la
Feb.
Amer -La France Fire Engine. comequ.) 250.
Mar. 1 Holders of rec. Feb. 21
Amer. Laundry Machinery, con). (qu.). SI
American Linseed, preferred (guar.).._. 131 Apr. 1 Holders of ree. Mar. 18
Amer. Machine & Foundry, pref. (qu.). 14 Feb. 1 Holders of rec. Jan. 220
254. Apr. I Holders of rec. Mar. 20
American Seating, corn. (extra)
25e. July 1 Holders of rec. June 20
Common (extra) •
254. Oct. 1 Holders of rec. Sept. 20
Common (extra)
Feb. 1 Holders of rec. Jan. 150
2
Amer. Shipbuilding, corn.(guar.)
14 Feb. 1 Holders of reo. Jan. 15a
Preferred (qua:.)
Feb. 1 Holders of rec. Jan. 144
Amer. Smelt. dr Reef.. common (quar.)_ 2
1 31 Mar. I Holders of rec. Feb. 46
Preferred (guar.)
14 Feb. 1 Holders of rec. Jan. 20
American Vitrified Prod., pref.(Vara
75e. Feb. 21 Holders of tee. Jan. 150
Anaconda Copper Mlulng (guar.)
Archer-Daniels-Midland Co.
75e. Feb. 1 Holders of reo. Jan. 21a
Common (guar.)(No. 1)
14 Feb. 1 Holders of rec. Jan. 21a
Preferred (guar.)
50c. Jan. 28 Holders of rec. Jan. 17
Arizona Commercial Mining
14 Mar. 1 Holders of rec. Feb. 170
Artloom Corporation, pref.(guar.)
63e. Feb. 1 Holders of me Jan. 15a
Associated Dry Goods Corp.. corn.(qua
131 Mar. 1 Holders of roc. Feb. lb
First preferred (quar.)
Mar. 1 Holders of rec. Feb. lb
131
Second preferred (quar.)
40e. Jan. 25 Holders of rec. Doe. 8a
Associated 011 (extra)
Atlantic Refining, preferred (quar.)---- 151 Feb. I Holders of rec. Jan. Ira
134 Feb. 1 Holders of rec. Jan. 20a
Atlas Powder. preferred (guar.)
14 Feb. 1 Holders of rec. Jan. 15er
Austin Nichols & Co.. pref.(guar.)
(guar.)
Wilcox
&
131 Apr. 1 Holders of reo. Mar.20
Babcock
25e. Feb. 1 Holders of rec. Jan. 20
Balaban & Katz, corn.(monthly)
254. Mar. 1 Holders of reo. Feb. 17
Common (monthly)
250. Apr. 1 Holders of roe. Mar.21
Common (monthly)
14 Apr. 1 Holders of reo. Mar.21
Preferred (guar.)
Barnhardt Bros. & Spindler14 Feb. 1 Holders of reo. Jan. 24a
/First and second preferred (guar.)
Bigelow-Hartford Carpet Corp..common
31.50 Feb. 1 Holders of rec. Jan. 14
and preferred (quar,)
75e. Feb. 1 Holders of rec. Jan. 21
Blaw-Knox Co., corn. (guar.)
144 Feb. I Holders of rec. Jan. 21
First preferred (guar.)
Bloomingdale Bros.. preferred (guar.).- 131 Feb. 1 Holders of rec. Jan. 206
Jan. 31 Holders of rec. Jan. 15a
$1
Bon-Anal Co.. class A (guar.)
$1.25 Mar. 1 Holders of rec. Feb. 15a
Borden Company,common (guar.)
Feb. 1 Holders of rec. Dec. 22a
Bowman-Biltmore Hotels, pref.(annual) 5
700. Mar, 1 Holders of reo. Feb. 20a
Brach (E. J.) & Sons(guar.)
750. Jan. 25 Holders of rec. Jan. 10a
Briggs Manufacturing (quar.)
British Columbia Pulp dr Pap.,7% pref- r/84 Feb. 1 Holders of rec. Jan. 15
Brown Shoe, preferred (guar.)
131 Feb. 1 Holders of rec. Jan. 206
50e. Feb. 1 Holders of roe. Jan. 25
common
Bunte
(quar.)
Bros..
Preferred
'131 Feb. 1 'Holders of rec. Jan. 25
131 Feb. 1 Holders of rec. Jan. 146
Burns Bros., prior pref.(guar.)
Burroughs Adding Machine133 1-3 Mar. 1 Holders of rec. Feb. 15a
Common (payable in corn,stock)
If( Feb. 1 Holders of roe. Jan. lba
Byers (A. M.) Co., Prof. (guar.)
Mar.15 *Holders of rec. Feb. 28
*31
California Packing (guar.)
Century Ribbon Mills, pref.(guar.)- - 131 Mar. I Holders of rec. Feb. 186
Feb. 1 Holders of rec. Jan. 130
$1
Cerro de Pasco Copper Corp.(quar.)_
Feb. 10 Holders of reo. Jan. 81
Chase (A.M.) Co.. Ltd.. 8% pref. (qu.) 2
14 Jan. 25 Holders of rec. Jan. 156
Chicago Pneumatic Tool (guar.)
Chic. Wilm.& Franklin Coal, Pref.(q11.) 14 Feb. 1 Holders of rec. Jan. 176
331-30 Feb. 1 Holders of rec. Jan. 20a
Chicago Yellow Cab Co.(monthly)
331-30 Mar. 1 Holders of rec. Feb. 180
Monthly
Christie. Brown & Co., Ltd., corn.(qu.) 300. Feb. 1 Holders of rec. Jan. 15a
• 14 Feb. 1 Holders of roe. Jan. 20a
Preferred (guar.)
31 Feb. 1 Holders of roe. Jan. 15a
Mice Service, common (monthly)
Common (payable in common stock)
/34 Feb. 1 Holders of rec. Jan. 15a
34 Feb. 1 Holders of rec. Jan. 15a
Preferred and preferred B (monthly)
50e. Feb. 1 Holders of roe. Jan. 15a
Preferred BB (monthly)
50e. Mar. 1 Holders of rec. Feb. 10a
City Ice dr Fuel (quar.)
50e. June 1 Holders of reo. May 100
Quarterly
50e. Sept. 1 Holders of reo. Aug. 102
Quarterly
Jan. 25 Holders of reo. Jan. 15
51
Cleveland-Cliffs Iron (guar.)
50c. Mar. 15 Holders of rec. Mar. 5a
Cleveland Stone (guar.)
50o. June 16 Holders of rec. June 54
Quarterly
500. Sept.15 Holders of reo. Sept. 5a
Quarterly
Cluett,Peabody & Co..common (quar.) 51.25 Feb. I Holders of res. Jan. 210
Feb. I Holders of rec. Jan. 110
$1
Collins & Airkman Co., corn.(quar.)
14 Feb. 1 Holders of reo. Jan. ha
Preferred (guar.)
Feb. 1 Holders of rec. Jan. 150
$1
(guar.)
Colombian Carbon
*151 Feb. 5 *Holders of reo. Jan.. 21
Conlon Corporation. pref. (guar.)
Consolidated Laundries, corn.(quar.)..._ 50e. Jan. 31 Holders of reo. Jan. 20
Jan. 31 Holders of reo. Jan. 20
Common (payable in common stock)._ fl
234 Jan. 25 Jan. 18 to Jan. 25
Consolidated Royalty 011 (guar.)
Feb. 15 Holders•of rec. Feb. 5a
(quar.)
$1.25
com.
Can,
Continental
20e. Jan. 81 Holders of rec. Jan. 150
Continental Motors Corp.(guar.)
$1.25 Mar.31 Holders of roe. Mar.21
Coty,Inc.(guar.)
131 Jan. 31 Holders of rec. Jan. 15a
Crucible Steel, corn.(guar.)
331 Feb. 1 Holders of reo. Jan. 15
'Cuba Company. preferred
25e, Feb. 1 Holders of rein Jan. 15
Davega, Inc. (guar.)
25e. Feb. 1 Holders of reo. Jan. 15
Extra
Du Pont (E. I.) de Nemours & Co.
154 Jan, 25 Holders of tee. Jan. 10a
Debenture stock (guar.)
Eastern Theatres. Ltd.(Toronto), pref.._ 34 Jan. 81 Holders of reo. Dee. 81
50c. Feb. I Holders of reo. Jan. 150
Eaton Axle & Spring, Corn.(qua:.)
6234c Feb. 1 Holders of reo. Jan. 14
Elgin National Watch (guar.)
Feb. 1 Holders of rec. Jan. 15
1
Eureka Pipe Line(guar.)
Eureka Vacuum CleanerFeb. 1 Holders of rec. Jan. 200
31
Common (quar.)
250. Feb. 1 Holders of rec. Jan. 200
Common (extra)
Mar, 1 Holders of rec. Feb. 1)a
Common (payable in common stock)-- 15
Aug. 1 Holders of rec. July 20a
15
Common (payable in common stock)
3734c.
30 Hunters of rec. Jan. 16a
Jan.
(quar.)
Exchange Buffet
Holders of rec. Jan. 20a
200. Feb.
Fair (The). common (monthly)
Feb.
151
Holders of rec. Jan. 20a
(guar.)
Preferred
Holders of rec. Jan. 17
23* Feb.
Fajardo Sugar (quar.)
Feb.
2
Holders of rec. Jan. 15a
Prof.
Corp..
(qu.)
-Lasky
Players
Famous
1
(guar.).
Feb.
14
Holders of rec. Feb. la
pref.
Firestone Tire es Rub..7%
131 Feb.
Holders of rec. Jan. 15a
Fisk Rubber, 1st pref. (guar.)
Feb.
131
Holden of rec. Jan. 150
(guar.)
preferred
convertible
First
*Holders of roe. Jan. 20
*14 Feb.
Franklin (11. H.) Mfg.. pref. (guar.)._ 50c.
Jan. 16 to Feb. 1
Feb.
Freeport Texas Co.(quar.)
Holders of reo. Jan. 15
Feb.
3
French (Fred F.) Companies, pref
Holders of reo. Jan.'226
Feb.
Si
General Cigar, common (guar.)
Mar.
14
Holders of rec. Feb. 210
. Preferred (guar.)
131 April
Holders of reo. Mar.240
Debenture preferred (guar.)
[VOL. 124.
THE CHRONICLE
476
Name of Company.
When
Per
Cent. Payable.
Books Closet.
Days Inclusive.
Miscellaneous (Continued).
25e. Feb. 21 Holders of rec. Feb. 10
General Development (guar.)
75e. Jan, 28 Holders of rec. Dec. 15a
General Electric, corn.(guar.)
15o. Jan, 28 Holders of rec. Dec. 15s
Special stock (guar.)
General Motors Corp., pref.(guar.)._ 14 Feb. I Holders of rec. Jan. 100
14 Feb. 1 Holders of tee. Jan. 100
(guar.)
stock
debenture
Six per cent
Seven per cent debenture stock (guar.) 14 Feb. 1 Holders of roe. Jan. 10a
750. Jan, 31 Holders of rec. Jan. 15
Gilchrist Company (quar.)
Mar. 1 Holders of rec. Jan. 31
Si
Gillette Safety Razor (guar.)
1231c Mar. I Holders of rec. Jan. 31
Extra
14 Feb. 1 Holders of rec. Jan. 15a
Gimbel Bros., Inc.. pref. (guar.)
C. G. Spring & Bumper, tom.(qua:,).. 10o. Feb. 15 Holders of rec. Feb. 8a
Sc. Feb. 15 Holders of reo. Feb. 8a
Common (extra)
Common (In corn.stk. on each 10 she.) 13-10 Feb. 15 Holders of roe. Feb. 84
Gebel (Adolf), Inc., cony. pref.(quar.)- 1% Feb. 1 Holders of rec. Jan. 20
331-3c Feb. 1 Holders of rec. Jan. 20
Gossard(H.W.) Co.,corn.(monthly)
33 1-3e Mar. 1 Holders of rec. Feb. 20
Common (monthly)
33 1-3o Apr. 1 Holders of rec. Mar.20
Common (monthly)
14 Apr. 1 Holders of rec. Mar.20
Preferred (guar.)
1% Feb. 1 Holders of rec. Jan. 10
Geese Packing, Ltd., pref.(guar.)
Grand(F.& W.)5-10-25c.Stores,pl.(qu.) '13.4 Feb. 1 *Holders of rec. Jan. 15
$7.50 Jan. 25 Holders of rec. Dec. 27
Group No. 1 Oil Corp
Hammermill Paper, common (No. 1)__ *25e. Feb. 15 *Holders of rec. Jan. 31
14 Mar. 1 Holders of roe. Feb. I90
Harbison-Walker Refrac., corn. (quar.)
Jan. 29 Holders of rec. Jan. 196
2
Common (extra)
14 Apr. 20 Holders of reo. Apr. ga
Preferred (quar.)
60o. Mar. 1 Holders of rec. Feb. 15a
Hartman Corporation. class A (quar.).
Class A (guar.)
50o. June I Holders of tee. May 170
(o) Mar. 1 Holders of rec. Feb. 150
Class B (guar.) In clan A stook
Class B (guar.) in class A stook
(0) June 1 Heide's of rem May 176
*20e. Feb. 28 *Holders of rec. Feb. 18
Hawaiian Pineapple (extra)
Subj. to stkhldrs meeting In Feb.
•10
Stock dividend
100. Feb. 1 Holders of reo. Jan. 25a
Hayes Ionia Co.(monthly)
100. Mar. 1 Holders of reo. Feb. 250
Monthly
Hellman (Richard),Inc.. partic. pf.(qu.) 82)(e Feb. 1 Holders of rec. Jan. 21
1% Feb.d12 Holders of rec. Feb. 5
Hercules Powder, pref. (guar.)
10e. Jan. 28 Holders of rec. Jan. 12
Hollinger Consol. Gold Mines. Ltd
14 Feb. 1 Holders of rec. Jan. 15
Holly Sugar, pref.(guar.)
50o. Jan. 25 Holders of rec. Jan. 200
Homestake Mining (monthly)
Jan. 25 Holders of rec. Jan. 200
$1
Extra
Hood Rubber. 74% Preferred (qua:.)... $1.87 Feb. 1 Jan. 21 to Feb. 1
1% Feb. 1 Jan. 21 to Feb. 1
Seven per cent preferred (quar.)
37)(c Feb. 1 Holders of rec. Jan. 11
Horn & Hardart (guar.)
Extra
1240 Feb. 1 Holders of rec. Jan. 11
4
Feb. 1 Holders of rec. Dec. 31
Hunt's Theatres, Inc., pref
35e. Feb. 1 Holders of roe. Jan. 156
Hupp Motor Car (guar.)
800. Apr. 15 Apr. 5 to Apr. 15
Illinois Brick (quar.)
to July 15
600. July 15 July
Quarterly
60o. 0 t. 15 Oct. 5 to Oct. 16
Quarterly
$1
Feb. 15 Holders of rec. Jan. 21
Indiana Pipe Line
Industrial Finance Corp.. deb.stk.(qu.) 14 Feb. 1 Holders of rec. Jan. 22
14 Feb. 1 Holders of reo. Jan. 22
7% preferred (guar.)
14 Feb. 1 Holders of roe. Jan. 22
8% preferred (guar.)
Ingersoll-Rand Co.. common (guar.)._ 75e. Mar, 1 Holders of rec. Feb. 2a
31.50 Apr. 1 Holders of rec. Mar. 16
Interlake Steamship (quar.)
Internat. Agricul. Corp., prior pref.(qu.) 14 Mar. 1 Holders of rec. Feb. 15o
Feb. 1 Holders of rec. Jan. 22
31
Internat. Cigar Machinery (quar.)
International HarvesterJan. 25 Holders of reo. Dec. 246
Common (payable in common stock),. f4
134 Feb. 1 Holders of roe. Jan. 130
International Nickel, pref.(guar.)
500, Feb. 15 Holders of reo. Feb. la
International Paper, corn.(quar.)
34 Feb. I Holders of rec. Jan 16
Internat. Shoe, preferred (monthly)...
25e. Feb. 15 Holders of rec. Jan. 3I6
Intertype Corporation (guar.)
25e. Feb. 15 Holders of roe. Jan. 3I0
Extra
154 Feb. 1 Holders of rec. Jan. 20
Ipswich Mills. pref. (guar.)
32.75 Jan. 31 Holders of rec. Jan. 15a
Iron Products Corporation. corn
824c Mar. 1 Holders of rec. Feb. 180
Jaeger Machine Co. (guar.)
Jan. 28 Holders of rec. Jan. 200
Kaufman Dept.Stores,common (guar.)- $2
Feb. I Holders of rec. Jan. 17a
Kayser (Julius) & Co., corn.(guar.)._ _ $1
Kellogg Switchboard & Supply,corn,(qu) 324e Jan. 31 Holders of rec. Jan. 10a
134 Jan. 31 Holders of rec. Jan. 100
Preferred (guar.)
14 Feb. I Holders of rec. Jan. 21a
Kelsey Wheel, pref. (guar.)
Feb. I Holders of rec. Jan. 15
Knox Hat, Inc. class A panic. stock_ _ 35
$3.50 Feb. I Holders of rec. Jan. 15
'
Second preferred
Kress (S. H.) & Co., new corn. (q11.)
25c. Feb. 1 Holders of reo. Jan. 240
(No. 1)
Kruskal & Kruakal, Ino.(No. I)(guar.) 60e. Feb. 15 Holders of reo. Jan. 81a
50e. May 16 Holders of reo. Apr. 29a
Quarterly
75e, Feb. 1 Holders of rec. Jae.
Landay Bros., Inc., class A (guar.)
134 Feb. 28 Holders of rec. Feb. 18e
Lanston Monotype Mach.(qua?.)
Feb. 1 Jan. 9 to Jan. 81
$1.25
Lehigh Valley Coal
25e. Feb. 1 Jan. 9 to Jan. 81
Extra
50o. Jan. 27 Holders of roe. Dec. 300
Lion 01IRefining (guar.)
250. Jan. 27 Holders of reo. Dec. 304
Extra
900. Feb. 1 Holders of roe Jan 20a
Liquid Carbonic Corp.(guar.)
Mar. 1 *Holders of rec. Feb. 15
*25e.
common
(quar.)...
Loblaw Groceteriss,
*25c. Mar. I *Holders of rec. Feb. 15
Common (bonus)
134 Feb. 1 Holders of rec. Jan. 18a
Loose-Wiles Biscuit. 2d pref.(quar.)
134 Mar. 1 Holders of reo. Feb. 170
Lord & Taylor, 1st preferred (quar.)___
Feb. 1 Holders of rec. Jan. 17
Second preferred (guar.)
1.824 Feb. 15 Holders of reo. Feb. la
Louisiana Oil Refining (mar.)
Feb. 2 Holders of rec. Doe. 31
4
Macloadden Publications Inc
Madison Square Garden Co.(qua:J.-- 25o. Apr. 15 Holders of rec. Apr. 5
250. July 15 Holders of reo. July 6
Quarterly
25e. Oct. 15 Holders of tee. Oct. 5
Quarterly
Feb. 1 Holders of reo. Jan. 20a
50e.
Corporation,
corn.(quar.)
McCall
McCord Radiator & Mfg., class B (qu.). 800. Feb. 1 Holders of rec. Jan. 21
McCrory Stores Corp., pref. (guar.)._ _ 1% Feb. 1 Holders of reo. Jan. 20a
154 May 2 Holders of rec. Apr. 20a
Preferred (guar.)
1% Aug. 1 Holders of roe. July 20a
Preferred (quar.)
Nov. 1 Holders of rec. Oct. 20a
1%
(guar.)
Preferred
McIntyre Porcupine Mines .Ltd. (qu.). 25o. Mar. 1 Holders of roe. Feb. la
Feb. 15 Holders of rec. Jan. 31
$1
Mercantile Stores, common (quar.)
Si 75 Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
$1.75 Mar. 1 Holders of rec. Jan. 14
Merrimac Mfg.,common (guar.)
$2.50 Mar. 1 Holders of rec. Jan. 14
Preferred
Metrop. Chain Stores lster2d pt. (qu.). $1.75 Feb. 1 Holders of rec. Jan. 20
374c. Feb. 15 Holders of reo. Feb. la
Miami Copper Co. (guar.)
500. Jan, 25 Holders of reo. Jan. So
Miller Rubber, common (guar.)
Jan. 25 Jan. 18 to Jan. 25
2
Minos Chemical Corp., pref. (quar.)
$1 Mar. 1 Holders of reo. Jan. 29
(guar.)
Mining
Mohawk
154 Feb. 2 Holders of rec. Jan. 11
Moloney Electric, pref. (guar.)
Feb. 15 'Holders of reo. Feb. 4
Montgomery Ward & Co., corn. (qu.) "$1
•31.75 Apr. 1 *Holders of rec. Mar.21
Class A (gum.)
Moore Drop Forging, claw A (guar.)... $1.50 Feb. 1 Holders of rec. Jan.d17
$1.50 Feb. 15 Holders of reo. Jan. 15
Mulford (H. K.) Co
Feb. 16 Holders of reo. Jan. 16
10
Stock dividend
Feb. 1 Holders of rec. Jan. 18
2
Mullins Body, pref. (guar.)
Feb. 1 Holders of roe. Jan. 20a
$1
Nash Motors,common (guar.)
National American Co.. Inc.(qu.)(No.1) *75c. May 2 *Holders of rec. Apr. 16
$1.25 Apr. 15 Holders of rec. Mar.31a
National Biscuit. common (guar.)
25e. Jan. 31 Holders of reo. Jan. 14a
Common (extra)
154 Feb. 28 Holders of rec. Feb. 140
Preferred (quar.)
Feb. 1 Holders of rec. Jan. 20
National Carbon, pref.(quar.)
134 Feb. 1 Holders of reo. Jan. 15a
Nat. Dept. Stores. 1st pref. (quar.)
Feb. I Holders of rec. Jan. 18
(guar.)
prof.
63.4%
National Tea.
$1.75 Feb. 1 Holders of rec. Jan. 15
Neisner Bros.(qua:.)
30e. Apr. 1 Holders of rec. Mar. 17
Nelson (Herman) Corp.(quar.)
Apr. I Holders of reo. Mar. 17
el
Stock dividend
300. July 1 Holders of reo. June 20
Quarterly
July 1 Holders of reo. Juno 20
el
Stock dividend
30o. Oct. 1 Holders of reo. Sept, 19
Quarterly
Oct. 1 Holders of reo. Sept. 19
el
Stock dividend
81.50 Feb. 1 Holders of rec. Jan. 15
(guar.)
pref.
New River Company,
New York Alr Brake, C01320200 (guar.)._ 750. Feb. 1 Holders of rec. Jan. 60
N. Y.& Honduras Rosario Mining (qtr.) 25c. Jan. 29 Holders of reo. Jan. 19
25e. Jan. 29 Holders of reo. Jan. 19
Extra
New York Merchandise Co.,com.(No. 1) 50c, Feb. 1 Holders of rec. Jan. 204
13.4 Feb. 1 Holders of ree. Jan. 204
Preferred (guar.)
North American Cement, pref.(guar.).- 14 Feb. 1 Holders of rec. Jan. 20
011 Well Supply (Corn.). prof. (guar.).- 1% Feb. 1 Holders of reo. Jan. 150
J.22
THE CHRONICLE
1927.]
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
50c. Feb. 1 Holders of rec. Jan 15a
Ontario Biscuit, common (guar.)
25c. Feb. 1 Holders of rec. Jan. 15a
Common (extra)
Feb. 1 Holders of rec. Jan. 15a
02
Preferred (guar.)
Si Feb. 15 Holders of rec. Jan. 280
Oppenhelm Collins & Co., corn. (quar.)_
16 2-3c Feb. 1 Holders of rec. Jan. 2110
Orpheum Circuit, coin.(monthly)
2
Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.)
Otis ElevatorFeb. 1 Holders of rec. Jan. 50
Common (payable In common stock) 125
750. Feb. 1 Holders of rec. Jan. 290
Outlet Company, corn
1% Feb. 1 Holders of rec. Jan. 20a
First preferred (guar.)
•1 A Feb. 1 *Holders of rec. Jan. 20
Second preferred (guar.)
75c. Apr. 1 Holders of rec. Mar. 16a
Owens Bottle, com.(guar.)
1% Apr. 1 Holders of reo. Mar. 16a
Preferred (guar.)
1% Feb. 1 Holders of rec. Jan. 240
Pacific Coast Co.. 1st pref. (guar.)
Feb. 1 Holders of rec. Jan. 24'z
1
Second preferred (guar.)
Packard Motor Car20e. Jan. 31 Holders of rec. Jan. 15a
Common (monthly)
20c
Feb. 28 Holders of rec. Feb. 150
Common (monthly)
50c Jan. 30 Holders of rec. Jan. 10a
Pan-Amer. Western Petrol. A & B (qu.)
75c Feb. 1 Holders of rec. Jan. 10a
Path° Exchange, class A & B (guar.)._
2
Feb. 15 Holders of rec. Feb. 5
Penmans, Ltd., COM. (guar.)
IA Feb. 1 Holders of rec. Jan. 21
Preferred (guar.)
73'4c. Feb. 1 Holders of rec. Jan. 15
Penn Traffic
52
Feb. 1 Holders of rec. Jan. 150
Philadelphia Insulated Wire
50c. Feb. 1 Holders of rec. Jan. 15a
Extra
1% Feb. 1 Holders of rec Jan. 20a
Phillips-Jones Corp., pref.(guar.)
Pick (Albert), Barth & Co., part.pf.(qu.) 43%c. Feb. 15 Jan. 27 to Feb. 14
$5 Feb. 15 Holders of rec. Jan. 31
Pittsburgh Plate Glass (extra)
51.25 Feb. I Holders of rec. Jan. 210
Postum Cereal (guar.)
.50o. Feb. 28 *Holders of rec. Jan. 31
Prairie 011 & Gas
2
Jan. 31 Holders of reo. Dee. 3la
prairie Pipe Line (guar.)
2
Feb. 15 Holders of rec. Jan. 31
Pullman Co.(guar.)
75c. Mar.
Holders of rec. Feb. 15
Purity Bakeries, Class A (guar.)
50c. Mar.
Holders of rec. Feb. 15
Class II (guar.) (No. I)
1% Mar.
Preferred (guar.)
Holders of rec. Feb. 15
2
Feb.
Pyrene Mfg.(guar.)
Jan. 21 to Jan. 31
1)( Feb. 2 Holders of rec. Feb. la
Quaker Oats, preferred (guar.)
Holders of roe. Jan 21
Reed (C. A.) Company. Class A IOU.). _ 50c. Feb.
•Holders of rec. Feb. 18
Reliance Manufacturing. pref. (guar.)._ •1M Mar.
Reynolds(R.J.) Tobacco, cora.& com.B p25 Feb. 1
Holders of rec. Feb. 1
25c Feb.
Richfield Oil of California
Holders of roe. Jan. 5
15c Feb.
Extra
Holders of rec. Jan. 5
Richman Bros.(extra)
35 Feb. I Holders of rec. Feb. 15
Stock dividend
el0 Feb. 10 Holders of rec. Dec. 22
Rockland & Rockport Lime. 1st pref.__
33 Feb. 1 Holders of rec. Jan. 15
Second preferred
3
Feb. 1 Holders of rec. Jan. 15
Royal Dutch Co., American shares_ __*$ 1.33% Jan. 28 •Holders of rec. Jan. 14
50c. Mar. 21 Mar. 10 to Mar. 21
St. Joseph Lead (guar.)
Extra
25c. Mar. 21 Mar. 10 to Mar. 21
Quarterly
50c. June 20 June 10 to June 20
Extra
25e. June 20 June 10 to June 20
Quarterly
50e. Sept.20 Sept. 10 to Sept. 20
Extra
25e. Sept. 20 Sept. 10 to Sept. 20
Quarterly
50e. Doe. 20 Dec. 10 to 1)ec. 20
Extra
25e. Dec. 20 Dec. 10 to Dec. 20
St.Lawrence Flour Mills, prof.(rm.) ._
14., Feb. 1 Holders of rec. Jan. 20
Salt Creek Producers Association (guar.) 62).c. Feb. 1 Holders of rec. Jan. 150
Savage Arms, first preferred (guar.) _ _ _ •1 % Feb. 15 *Holders of rec. Feb. 1
Second preferred (guar.)
•I )4 Feb. 15 °Holders of rec. Feb. 1
Savannah Sugar, corn. (guar.)
$1.50 Feb. 1 Holders of rec. Jan. 15
Common (extra)
50e. Feb. 1 Holders of rec. Jan. 15
Preferred (guar.)
I N Feb. 1 Holders of rec. Jan. 15
Sears, Roebuck & Co.(guar.)
.62 A c Feb. 1 °Holders of rec. Jan. 15
Seeman Bros., Inc.. common (guar.)._ 50c. Feb. 1 Holders of rec. Jan 140
Shaffer Oil& Refg., coin.(No. 1)
$7
Jan. 25 Holders of rec. Dec. 31
IA Jan. 25 Holders of r0c. Dec. 31
Preferred (cluar.)
Preferred (acct. accum. dividends)._ 19 q Jan. 25 Holders of rec. Dec. 31
Shell Transport & Trad Amer shares_ _
96.7e. Jan. 21 Holders of rec. Jan. 140
Shell Union 011, pref. ser. A (guar.)
14 Feb. 15 Holders of rec. Jan. 261
Simmons Co., pref.(guar.)
14 Feb. 1 Holders of rec. Jan. 150
Sinclair Consul. 011. pref. (guar.)
2
Feb. 15 Holders of rec. Feb. la
Skelly 011 (quer.)
50c. Mar. 15 Holders of rec. Feb. 15
Southern Dairies, class A (guar.)
$1
Jan. 31 Holders of rec. Jan. 15a
Southern Pipe Line, new $50 par stock
10
Mar. 1 Holders of rec. Feb. 10
Spalding (A. G.) & Bros., 1st pf. (guar.) 13 Mar. 1 Holders of rec. Feb. 150
Second nreferred (guar.)
2
Mar. 1 Holders of rec. Feb. 15
Standard Oil (Ohio) pref. (guar.)
1% Mar. I Holders of rec. Jan. 28
Steel Co. of Canada, coin. & pr.(quar.)
103 Feb. 1 Holders of rec. Jan. 7
Sterling Products, Inc.(quer.)
$1.25 Feb. 1 Jan. 15 to Feb. 1
Stover Mfg. & Engine, pref.(quar.)
•103 Feb. 1 •Holders of rec. Jan. 21
Swift International
60c. Feb. 15 Holders of rec. Jan. 15
Took-Hughes Gold Mines
Sc. Feb. 1 Jan. 20 to Jan. 31
Texon Oil & Land (guar.)
200. Jan, 25 Holders of rec. Dec. 270
Thompson (J. 11.) Co.(monthly)
300. Feb. 1 Holders of rec. Jan. 24a
Monthly
30c. Mar. 1 Holders of rec. Feb. 23a
Thompson Products, pref.(guar.)
1K Mar, 1 Holders of rec. Feb. 19a
Tide Water Associated 011 common
30e. Feb. 1 Holders of rec. Jan. 15
Tide Water Oil, pref. (guar.)
13.3 Feb. 15 Holders of rec. Feb, la
Tobacco Products, class A ((uar.)
103 Feb. 15 Holders of rec. Jan. 28
Union Oil of Calif. (guar.)
*500. Feb. 10 *Holders of rec. Jan. 15
Extra
•50c. Feb. 10 •Holders of rec. Jan. 15
United Bond & Share Corp., partic. pref. 25c. Feb. 1 Holden; of rec. Jan. 15
United Drug, let pref. (quar.)
873c.Feb. 1 Holders of rec. Jan. 15a
United Verde Extension Mining (quer.). 75c. Feb. 1 Holders of roc. Jan. 6
17.5. Industrial Alcohol. coin
$1.25 Feb. 1 Holders of rec. Jan. 15a
United States Rubber, let pref. (guar.). 2
Feb. 15 Holders of rec. Jan. 200
U.S. Steel Corporation-Common (payable in coin. stock) _ _ _ _ •40
Universal Pipe & Radiator. Pref.(qu.)-. 133 Feb. 1 Holders of rec. Jan. 150
Preferred (guar.)
134 May 2 Holders of rec. Apr. 15a
Preferred (guar.)
103 Aug. 1 Holders of rec. July 15a
Preferred (guar.)
103 Nov. 1 Holders of rec. Oct. 1.50
Vick Chemical (guar.)
873.3c Feb. 1 Holders of rec. Jan. I5a
10.3 Feb. 1 Holders of rec. Jan. 150
Vivaudou (V.), Inc., pref. (guar.)
Waltke (William) & Co.. common
d$1.20 Feb. 1 Holders of rec. Jan. 19
Warner (Chas.) Co.Finn and second preferred (guar.)... 103 Jan. 27 Holders of rec. Dec. 31
103 Feb. 1 Holders of rec. Jan. 22
Washburn-Crosby Co., pref.(quar.)
1% Mar. 1 Holders of rec. Feb. 15a
Weber & Helibroner, pref.(otter.)
Westinghouse Air Brake (guar.)
51.75 Jan. 31 Holders of rec. Dec. 31a
Jan. 31 Holders of roe. Dec. 310
Extra
31
Jan. 31 Holders of roe. Dec. 31s
Westinghouse Elea.& Mfg.,corn.(quer.) 51
Feb. 1 Holders of rec. Jan. 19a
White Sewing Machine, pref. (quar.)_. 51
500. Feb. 10 Holders of rec. Jan. 15
Wilcox (II. F.) Oil & Gee (quer.)
Williams 011-0-Matic Heat. Corp.(qu.)_ *37 Ac Feb. 15 *Holders of rec. Feb. 1
Feb. 1 Holders of rec. Jan. 10a
Woolworth (8'.W.) Co.,com.(In comatk 150
Quarterly
$1 .25 Mar. 1 Holders of rec. Feb. 10a
Wright-Hargreaves Mines (quer.)
23.3g. Feb. 1 Holders of rec. Jan. 15
12}.3e.Feb. 1 Holders of rec. Jan. 15
Extra
25c. Feb. 1 Holders of rec. Jan. 20a
Wrigley (Wm.)Jr. & Co.(monthly)
2.5c, Mar. 1 Holders of rec Feb 20a
Monthly
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice.
The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this data and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
f Payable in common stock. it Payable in scrip. h On account of accumulated
dividends. in Payable in preferred stock.
o Loss $2 per share to cover legal expenses of extending second mortgage and
third and fourth installments of 1925 income tax.
p Payable In class B stock.
r Tampa Electric stock dividend Is one one-hundredth of a share of corn, stock.
a Payable either in cash or In stock at the rate of 4 6-100ths of a share of class A
for each share of $6 Prof. and 5-100ths of a share of class A for each share of
I Chemical Nat.Bk.stock div, 351)0,000 (one-ninth of a share for each shar6eiltler(7)..
$
u Cushman dc Sons Common stock dividend is payable in 18 preferred on the
valuation of $100 for preferred stock.
months
ending Jan. 31 1927.
o For fifteen
to Brockway Motor Truck dividend is one-fiftieth of a share.
o At rate of 234% of one share of Class A stock for each share held.
477
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Jan. 15. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
I New
Reser°
Caphal. Proflts. Loans,
Week Ending 1
with
,Discount. Cash
Jan. 15 1921. 1Nat'l, June 30 investLegal
In
[State, Nov.1511 meals. Vault. Dcpod
(000 omitted.) ITr.Cos. Nov.15
tortes.
&c.
1
Members of Feld. Res,Bank. Average. Average Average
Bank otNYdr
$
$
$
$
$
Trust Co_ _ __ 4.000 13,354
612 7,567
77,617
Bk of Manhat'n 10,700 15,854 174,673 3,702 18,924
Bank of Ameriel 6,500
77,947 1,261 11,302
,
National City__ 50,00 66,287 701,333 5,414 78,273
Chemical Nat__ 4,50 19,031 141,092 1,568 17,339
Nat 13k of Corn.. 25,000 42,479 378,288
859 42,302
Chat Ph N BA;T 13,500 13,329 225,629 2,769 24,328
Hanover Nat. _ 5,000 26,605 123,741
598 14,185
Corn Exchange_ 10.000 15.269 210,009 5.20 23,583
National Park _ _ 10,000 24,319 166,863
83 17,275
Bowery & E It. 3,000 3,524
58,852 7,171 5.952
First National_ _ 10,000 77,418 303,279
534 26,332
Am Ex Irving Tr 32,000 28,80
434,257 4.83 51,946
907
119
Continental__
1,000 1.269
7,786
Chase National_ 40,000 38,221 569,404 7,09 68,266
3,571
77
500 2,985
Fifth Avenue..
27.550
525 1,428
800
Commonwealth
740
13,381
3,503
Garfield Nat'l_. 1,000 1,830
17,156
56
922 15,712
Seaboard Nat'l_ 6,000 11,007 125,310
989 37,403
Bankers Trust. 20.000 35,540 347.450
US Mtge & Tr_ 3,000 4,9651 60,188
810 7.85'
Guaranty Trust 25,00 25,202' 463,591 1,631 48.972
5,543
Fidelity Trust__ 4,000 3,235
45,233
85
59h 17,934
New York Trust 10,000 21,813 169.759
469 14,17
Farmers L & Tr 10,000 19,908 139,990
Equitable Trust 30,000 22.907 278,758 1,80 28,585
Net
Time Bank
Demand
De- CircaDeposits. PosUs. laden.
Average. Average AV06.
56,766 9,885
137,475 24,892
86,902 3,656
.790,900 135,700
129,727 3,080
317,333 34.798
172,682 43,060
108,950
176,834 31,474
131.552 6,686
40,614 18,798
200,110 11.047
390,221 38,601
6,120
438
*533,443 38,452
28,249
9,827 4,299,
17.759
388
119,579 4,407
*306,523 36.122
57,617 3,989
.432,006 72,626
40,696 4.078
133,581 23,305
•107,376 19,261,
301,812 30,820'
345
6;iii
3.484
1,465
6,439
2:iia
_
___
____
-__--
Total of averages 335,500 541,254 5,339,136 47,124 593,164 c4,407,424 599,862,20,442
Totals, actual condition Jan 15 5,369,821 45,020 606,706c4 434 273598.9422O.386
Totals, actual condition Jan. 85.349.451 49,452 517,656 c4,378,293608,222 19,815
Totals, actual condition Dec.31 5,548,164 55,831 632,083c4,571,516 581,888 20,545
1
State Banks Not Members of Fed'i Res've Bank.
Greenwich Bank. 1.000 2,645
25,452 2,043 2,312
23,935 2,755
State Bank.... 5,000 5,761 108.9711 4,826 2,605
41,182i 63,765
Total of averages
6,000
8,406
134,423
6.869
4,917
Totals, actual condition Jan 15
Totals, actual condition Jan.
Totals, actual co ndition Dec.31
65,1171 66.517
134,646 6,954 4,782
134,319 7,024 5,311
135,005 7,565 4,749
1
Trust Compa ale. N1ot Hem rs of Fed 'I Rea' ye Ban k.
Title Guar & Tr 10,000 19.506
63,7051 1,865 4,053
Lawyers Trust_ 3,000 3,429
23,7511
975 1,904
65,336! 66,394
65,3151 66,775
64,675 67.376
39,334
19,190
931
963
Total of averages 13,000 22,936
87,456
2,840
5,957
58,524
1,894
Totals, actual condition Jan 15
Totals, actual condition Jan. 8
Totals, actual co nd tion Dee.31
87,555
87,273
87,853
2,637
3,006
2,834
6,238
5,950
5,878
59.485
58,543
57,511
1,928
1,891
1.781
Gr'd aggr.. aut.354,500572,597 5,561,015! 56,833604,038 4,531,065 668,273 20,442
Comparison with prey. week
130065-1,705-21,922 -111,470 3,217 -46
Gr'd aggr., aceleowyn Jan 15 5,592,022 54.611617.728 4.559,094067,264 20,386
Comparison with prey. week
+20,979-4,871 +88309 +56,943-9,624 +571
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr.,
cond'n
agar., acrIcond'n
aggr., earl coud'n
aggr., act'l cond'n
agar., acrIcond'n
aggr., acticoncl'n
Jan. 8 5,571,043
Dec. 31 5,771,022
Dec. 23 5,531,521
Dec. 18 5,428,150
Dee. 11 5,414,521
Dee. 4 5,453,247
59,482 528,917
66,230 642,710
76,170 632,916
65.516 578,982
59.695 596.408
54,716 541,103
4.502,151878,888 19,815
4,693.702 651,045 20,545
4.462.8281661,816 20,518
4.420,609 651,232 20.468
4,388.535 653,939 25,430
4.415,277646,361 25,416
Note.-U. S. deposits deducted from net demand deposits in the genera totals
above were as follows: Average total Jan. 15, 530,553,000. Actual totals Jan. 15,
$29,168,000; Jan. 8. $33,313,000; Dec. 31, 539,680,000; Dec. 25, 539.681,000;
Dec. 18, 539,680,000; Dec. 11. 517,515,000. Bills payable, rediscounts, acceptances
and other liabilities, average for week, Jan. 15, $639,126,000; Jan. 8. 5673,392,000;
Dec.31, $688,516,000; Dec. 25, $651,340,000; Dec. 18, $615,714,000; Dec. 11,54133,223,000. Actual totals Jan. 15, $655,189,000; Jan. 8, $596,858,000; Dec. 31,
$721,662,000; Dec. 25, 5712,139,000; Dec. 18, 5610,740,000; Dec. 11, $618,572,000.
• Includes deposits in foreign branches not Included in total footings as follows:
National City Bank, $220,778,000; Chase National Bank, $12,469,000; Bankers
Trust Co.. $27,901,000; Guaranty Trust Co., 572,473,000; Farmers' Loan & Trust
Co., $3,241,000; Equitable Trust Co., $90,368,000. Balances carried in banks In
foreign countries as reserve for such deposits were: National City Bank, $35,077,000;
Chase National Bank, $1,790.000; Bankers Trust Co., $900,000; Guaranty Trust
Co., $2,848,000; Farmers' Loan & Trust Co., $3,241,000; Equitable Trust Co.,
$5,403,000.
c Deposits in foreign branches not included.
• Not members of Federal Reserve Bank.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OP CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve Bank_
State banks*
Trust companies_ _ _
Total Jan. 15_
Total Jan. 8_. _
Total Jan. 1
Total Dec. 25._
6.869,000
2,840,000
Reserve
in
DeposUartes
Total
Reserve.
Reserve
Required.
$
593.164,000 593,164,000 590,960,980
4,917,000 11,786.000 11,721,060
5,957,000 8,797,000 8,778,600
Surplus
Reserve.
2,203,020
64.940
18,400
9,709,000 604,038,000 613,747,000 611,460,640 2,286,360
10,019,000 625,960,000 635,979,000 626.013.950 9.965.050
10,438,000 614,981,000 626,419,000 609.658.050 16,760,950
10.573,000 591,847.000 602.420,000 597,111.480 5.308.520
• 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:
Jan. 15, $17,995,860; Jan. 8. $18,074,250; Dec. 31, 517,527,590; Dec. 25, 517,546,970; Dec. 18, 517.517.870; Dee. 11, 517,445,450
Actual Figures.
Cash
Reserve
Reserve
in
Of Vault. Depositaries
Members Federal
_
Reserve Bank
State banks.
Trust companies_ _ _ _
[Vor.. 124.
THE CHRONICLE
478
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
606,706,000 606,706,000 594,423,750 12,282,250
24,480
6,954,000 4,782,000 11,736,000 11,760.480
47,750
2,637,000 6,238,000 8,875,000 8,922,750
Total Jan. 15_
9,591,000 617,726,000 627,317,000 615,106,980
Total Jan. 8__.. 10,030,000 528,917,000 538,947,000 607.962,000
Total Jan. 1_ _ _ _ 10,399,000 642.710,000 653,109,000 632,021,870
Total Dec. 25._
10,645,000 632,916,000 643,561,000 602,367.570
12,210,020
69,015,900
21,087,130
41,193,430
•Not members of Federal Reserve Bank.
a This iv the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Jan. 15. $17,968,260; Jan. 8, $18,246,660: Dec. 31, $17,456,640; Dec. 25. $17,784,960; Dec. 18, $17,461,380; Dec. 11, $17,545,260.
Jan. 19
1927.
Changes from
Previous Week.
Jan. 12
1927.
Jan. 5
1927.
$
$
$
S
Capital
69,650.000 Unchanged
69,650,000
69,650,000
Surplus and profits_ _ _ _
92,602,000
92,428,000 Dec.
174,000
93,963,000
Loans, disc'ts & invest_ 1,011,485.000 Dec. 1,687,000 1,013,172,000 1,040,295.000
Individual deposits.... 698,003,000 Inc. 17,395.000 680,608,000 702,534,000
Due to banks
148,530,000 Inc. 1,212,000 147,318,000 148,642,000
Time deposits
232,258.000 Dec.
930,000 233,188,000 232,428,000
United States deposits_
13,006,000 Dec. 1,339,000
14,345,000
18,389,000
Exchanges for Cl'g H'se
41.471,000 Inc. 6,452,000
35,019,000
47,087.000
Due from othetbanks
86,175,000
89,572,000 Inc. 3,387,000
99,503,000
Res've in legal deposles
81,661,000 Inc.
81,275,000
386,000
82,500,000
Cash in bank
11,020,000 Dec.
11,789,000
12,202,000
769,000
Res've excess in F It Ilk
970 000
1.459.000
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust comreturn
for the week ending Jan. 15, with comparative figures
panies in New York City not in the Clearing House as follows:
for the two weeks preceding, is given below. Reserve
COMPANIES
IN
GREATER
TRUST
STATE
BANKS
AND
SUMMARY OF
requirements for members of the Federal Reserve System
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
Differences from
Previous Week. to be kept with the Federal Reserve Bank. "Cash in vaults'
Jan. 15.
$1,258,642,900 Dec.$4,452,100
Loans and investments
5,213,700 Inc.
321,600 is not a part of legal reserve. For trust companies not
Gold
29,220,600 Inc. 1,097,800 members of the Federal Reserve System the reserve required
Currency notes
108,264,600 Inc.
545,800
Deposits with Federal Reserve Bank of New York
1 339,237.300 Dec. 9,674,700 is 10% on demand deposits and includes "Reserve with
Total deposits
Deposits, eliminating amounts due from reserve delegal depositaries" and "Cash in vaults."
positaries and from other banks and trust com-
panies in N.Y.City, exchange, and U.S.deposits.1,258,243,200 Inc. 2,361,500
187,452,400 Dec. 5,842,200
Reserve on deposits
Percentage of reserves, 21.4%.
RESERVE.
-Trust CompaniesState Banks
$101,574,100 16.19%
.$41,124,800 16.55%
Cash in vault
31,724,300
5.05%
5.24%
Deposits in banks and trust cos_ _ _ _ 13,029,200
$54,154,000 21.79%
Total
$133,298,400 21.24%
Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Jan. 15 was $108,264,600.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
Week Ended Jan. 15 1927
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans, dIsc'ts & investrals
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal deposits_
Reserve with F. R.Bank
Cash in vault •
Total reserve & cash held..
Reserve required
Excess res. & cash in vault
Membersof
Trust
F.R.System Companies
$50,225,0
152,972,0
960,422,0
37,838,0
104,048,0
141,038,0
647,835,0
157,425,0
946,298,0
1927
Total.
Jan. 1
1927.
Jan. 8
1927.
$5,000,0
17,812,0
46,884,0
393,0
16,0
934,0
26,556,0
2,266,0
29,756,0
3,470,0
855,225,0 855,225,0 $54,975,
170,781,0 170,220,0 168,481,0
1007,306,0 1010,816,0 1005,260,0
38,231,0 43,991,0 51,712,0
104,064,0 117,775,0 116,194,0
141,972,0 144,164,0 133,835,0
674,391,0 678,716,0 678,332,0
159,691,0 162,056,0 158,208,0
976,054,0 984,936,0 970.375,0
3,470,0
3,652,0
3,117,0
71,885,0 70,865,0 69,713.0
1,426.0 11,583,0 11,858,0 12,995.0
4,896,0 86,938,0 86,375,0 85,825,0
4,175,0 75,296,0 74.928,0 74,540,0
721,0 11,642,0 11,447,0 11,285,9
71,885,0
•10,157,0
82,042,0
71,121,0
10,921,0
•Cash in vault not counted as reserve for Federal Reserve members.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedSept. 18
Sept.25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
Nov. 8
Nov. 13
Nov. 20
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 25
Dee. 31
Jan. 8
Loans and
Investments.
Demand
Deposits.
Total Cash
in Vaults.
Reserve in
Depositaries.
$
6,625,391,700
6,616,162,700
6,683,007,800
6,668,046,700
6.617,799,100
6,559,420,600
6,553,253,200
6,615,800,200
6,553,162,600
6,570,297,600
6,599.992,200
6,689,295,600
6,667,713,300
6.664,332,100
6,713,433,300
6,837,671,900
6,954,175,000
A RIO ccy non
$
5,007,019,600
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
5,741,187,400
5,898,416,700
5 750 lng onn
$
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
95,908,300
91,552,900
01 2A7 :Inn
$
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
761.848,700
786,239,700
7c7(MA Inn
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 arenot
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF' NEW YORK
CLEARING HOUSE.
(Slated in thousands of dollars, that is, three ciphers (0001 omitted.)
Loans,
DisCLEARING
counts.
Net
NONMEMBERS Capital.
Profits. Investments,
Week Ending
etc.
Jan. 15 1917.
Members of
Fed'I Res've Bank
Grace Nat Bank__
Reserve !
Cash
with i Net
Net
in
Legal Demand Time
Vault. Dcpost- Deposits.Deposits.
tortes.
Average. Average. Average. Average
J
$
$
I
$
41
1,218
7,911
3,688
1.000
1,950
14,445
Total
State Banks.
Not Members of the
Federal Reserve Bank
Bank of Wash. His.
Colonial Bank
1.000
1,950
14,445
41
1,218
7,911
3,688
400
1,200
1,028
3,305
10,022
34.500
827
3,600
400
1,650
6,660
29,300
3,018
5,600
Total
Trust Company.
Not Member of the
Federal Reserve Bank
Mech.Tr.,Bayonne
1,600
4.334
44,522
4,427
2,050
35,960
8,618
500
660
9,380
454
207
4,138
5,867
500
660
9,380
454
207
4,138
5,867
3,100
Ord tsar- Jan. 16
Comparison with prey, week
6,945
68,347
+1,514
4,922
+78
3,475 848,009
+660
-131
18,173
-15
Total
4,844
6,878: 66,833
3,606 a47,349 18,188
3,100
Gr'd aggr., Jan. 8
6.828 66,692
4,823
3,414 a45,767 18,000
3,100
Gr'd aggr., Dec. 31
5.042
6,828 66,163
3,403 a45,471 17,773
3,100
Gr'd aggr., Dec. 24
4.971
6,828 67,317
3,435 a46,681 17.735
3,100
Gr'd aggr., Dec. 18
a united states deposits deducted, $22,000.
acceptances, and other liabilities, 83,329,000.
Bills payable, rediscounts,
Excess reserve. 8197.000 decrease.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Jan. 19 1927 in
comparison with the previous week and the corresponding
date last year:
Jan. 19 1927. Jan. 12 1927. Jan. 20 1926
Resources$
Gold with Federal Reserve Agent
377,791,000 347,897,000 439,749,000
Gold redemp. fund with U. S. Treasury.
11,077,000
12,716.000
9,522,000
Gild held exclusively agst• F. R • notes. 388,868,000
Gold settlement fund with F. R. Board_ _ 148,947,000
Gold and gold certificates held by bank._ 519,390,000
Total gold reserves
Reserves other than gold
360,613,000
175,459,000
503,566,000
449,271,001
193,918,000
387,911,000
-1,057,205,000 1,039,638,000 1,031,100,000
31,531,000
30,991.000
37,467,000
Total reserves
Non-reserve cash
Bills discountedSecured by U.S. Govt. obligations_ _
Other bills discounted
1,088,736,000 1,070,629,000 1,068,567,000
24,800,000
24,675,000
24,263,000
47,288,000
41,732,000
77,651.000
49,568,000
89,326,000
29,592,000
Total bids discounted
Bills bought in open market
U. S. Government securities-Bonds
•
Treasury notes
Certificates of indebtedness
89,020,000
90,595,000
127,219.000
77,977,000
118,918,000
21,760,000
6,330,000
16,110,000
41,233,000
1,891,000
12,958,000
44,889,000
1,934,000
39,633,000
11,182,000
Total U.S. Government securitiesForeign loans on gold
63,673,000
59,738,000
52,749,000
1,75 s,000
Total bills and securities (See Note)
243,288,000
264,934,000
195,182,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
657,000
176,594,000
16,276,000
1,683,000
657,000
172,417,000
16,276,000
1,776,000
642,000
161,688,000
16,652,000
4,085,000
Total resources
1,552,034,000 1,551,364,000 1,471,079,000
LiabilitiesFedi Reserve notes in actual circulation_ 394,145,000
Deposits-Member bank, reserve acc't.- 882,386,000
10,764,000
Government
2,057,000
Foreign hank (See Note)
15,538,000
Other deposits
391,838,000
897,221,000
3,499,000
1,990,000
12,482,000
363,657,000•
861,131,000
6,350,000
2,248,000
9,541,000
910,745,000
146,393,000
36,966,000
61,614,000
2,171,000
915,192,000
144,009,000
36,589,000
61,614,000
2.122,000
879,270,000
131,993,000
33,215,000
59,964,000
2,980,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
1 652,034,000 1.551,364.000 1,471,079,000
83.4%
24,954,000
81.9%
24,274.000
86.0%
23,575,0011
NOTE.-Beginning with the statement of Oct. 7 1925, two new items were added
In order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earning assets," previously made 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 discounts,acceptances and seem-Mrs acquired under the provisions of Sections 13 and 11
Of the Federal Reserse Ass.which,It wasstated,are the only hemsIncluded thsrein
JAN. 22 1927.]
479
T H I41 CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Jan. 20, 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 453, 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 JANUARY 19 1927.
Jan. 19 1927. Jan. 12 1927. Jan. 5 1927. Dec. 29 1926. Dec. 22 1926. Dec. 15 1926. Dec. 8 1926. Dec. 1 1926. Jan. 201926.
s
s
$
5
5
s
5
5
5
RESOURCES.
1,575,495,000 1,523,670,000 1,419,755,000 1,369,124.000 1,376.776,000 1,435,352,000 1,348,339,000 1,342,346,000 1,517,010,000
Gold with Federal Reserve agents
49,159,000
56.229,000
58,314,000
59,599,000
52,633,000
65.407,000
50.318,000
67,927,000
Gold redemption fund with U. S. Tress_
65,712.000
Gold held exclusively agst. F.R. notes 1,628,128,000 1,573,988,000 1.487.682.000 1,434.836,000 1,442,183,000 1,491,581,000 1,406,653,000 1,401,945,000 1,566,169,000
503,513,000 555.673,000 637,805,000 658,330,000 657,023,000 622,656,000 731,402,000 739,979,000 573,852,000
Gold settlement fund with F.R.Board
Gold and gold certificates held by banks_ 804,294,000 786,382,000 729,956.000 721.645,000 704,074,000 716,480,000 690,338,000 687,701,000 674,762,000
Total gold reserves
Reserves other than gold
2,935,935,000 2,916,043,000 2,855,443,000 2.814,811,000 2,803,280,000 2,830,717.000 2,828,393,000 2,829,625,000 2,814,783,000
159,566,000 155.054,000 142,816,000 129,404,000 106.985,000 121.331.000 121,060,000 126,526,000 152,869,080
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
3,095,501,000 3,071,097,000 2,998,259,000 2,944.215.000 2,910,265,000 2,952,048,000 2,949,453.000 2,956,151,000 2,966,852,000
48,920,000
83,920,000
51,007,000
49,116,000
47.073,000
81,174,000
81,808,000
68,348,000
76.180,000
201,611,000
214,448,000
254,077,000
236,401,000
360,532,000
272,950,000
383,388,000
327,543,000
422,397,000
293,027,000
321.981,000
240.326,000
348.334,000
256,392,000
351.060,000
294,416,000
251,872,000
201,310,000
Total bills discounted
Bills bought In open market
U. S. Government securities: .
Bonds
Treasury notes
Certificates of indebtedness
416,059,000
337,360,000
490,478,000
338,142,000
633,482,0013
388.837,000
710,931,000
378,798,000
715,424,000
387,593.000
562,307,000
384.125,000
604,726,000
390.989,000
645.476,000
368.163,000
453,182,000
305,850,000
55,463,000
97,774,000
159,505,000
52,992,000
93,606,000
164,453,000
54,108,000
93.659,000
166,106.000
47.525,000
86,279,000
183,400.000
46,858,000
89,844.000
177,704.000
46,428,009
82,216,000
349,595,000
56,436,000
118,214,000
148,933,000
48,021,000
112,912,000
144,975,000
60,801,000
183,595,008
125,570,000
Total U. S. Government securities....
Other securities (see note)
Foreign loans on gold
312,742,000
2,500,000
311.051,000
3,500.000
313,873,000
3,621,000
317,204,000
2,596.000
314,406,000
2,596.000
478,239,000
2,564,000
323,583,000
2.563,000
305.908.000
2,564,000
369,966,000
3,150,000
6,500,000
Total bills and securities (see note)
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
1,068,661,000 1,143,171,000 1.339,813,000 1,409,529,000 1,420,019,000 1.427.235,000 1,321.861,000 1,322,111.000 1,138,648,000
650,000
652,000
651.000
642,000
650,000
657,000
657,000
651,000
657,000
722,746,000 706,362,000 814,912,000 728,043,000 785.171,000 894,699,000 669,517,000 729.046,000 719,719,000
60,1..5,000
60,148,000
60,106,000
60,271,000
59,308,000
58,168,000
60,273,000
58,231,000
58.131,000
13,919,000
15,710,000
13,154,000
15,339,000
16,507,000
12,108,000
13,074,000
12,053,000
12,302,000
Total resources
LIABILITIES.
F.R. notes in actual circulation
DepositsMember banks-reserve account
Government
Foreign banks (see note)
Other deposits
5,039,023,000 5.073,371,000 5.300,254,000 5.224,133,000 5,236,603,000 5,399.706,000 5,066,237,000 5,132,521,000 4.985,596,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
2,317,795,000 2,323,839,000 2,409,369,000 2,345,738,000 2.307,962,0002.302.480,000 2,288,569,000 2,324,360,000 2,298,315,000
646,976,000 635,148,000 714,682,000 650,096,000 644,012.000 797,018,000 604,185,000 667,987,000 644,929,000
125,480,000 125,066,000 125.011.000 124,824,000 124.763,000 124,752,000 124,734,000 124,462.000 118,211.000
228,775,000 228,775,000 228,775.000 220,310,000 220,310,000 220,310.000 220,310,000 220,310,000 220,310,000
25.014,000
24,632.000
25,596,000
11,810,000
23,776.000
26,150,000
10,078,000
9,719,000
10,079,000
1,709,919,000 1,750,464,000 1,812,698,000 1,857,015,000 1,913,960,000 1,840,132,000 1,803,787,000 1,771,626.000 1,692,021,000
2,243,429,000 2,273,647,000 2,351,953,000 2,264,144,000 2,218,095,000 2,353,883,000 2,230.971,000 2,257,165,000 2,242,730,000
6,170,000
25.798,000
35,689,600
67,848,000
27,628,000
38,579,000
36,238,000 ' 22,989,000
6,451,000
6,204,000
13,459,000
5,506,000
14,065.000
8,397,008
25,882,000
5,632,000
25,308,000
5,699,000
26,223.000
18.361,000
16,513.000
17,441,000
19,560,000
21,571,000
17,133.000
32.429,000
25,657,000
Total liabilities
5,039,023,000 5,073,371.000 5.300.254,000 5,224333,000 5.236.603,000 5,399,706,000 5,066,237,000 5,132,521,000 4,985,596,000
Ratio of gold reserves to deposit and
66.9%
69.1%
F. R. note liabilities combined
69.1%
67.2%
70.5%
66.9%
67.6%
71.6%
72.9%
Ratio of total reserves to deposit and
69.7%
72.1%
F. R. note liabilities combined
72.2%
68.9%
74.4%
71.0%
75.4%
70.1%
76.9%
Contingent liability on bills purchased
50.491,000
48.837,000
52,437,000
for foreign correspondents
48.889,000
83,756,000
55.857,000
90,382,000
60.7181000
86,273,000
Distribution by Maturities-.
1-15 days 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
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness
31-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days 15. B. certif. of indebtedness.
61-90 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 warrants
$
155,744.000
575,544,000
4,500.000
$
157.087.000
583,639,000
100,000
$
142,583.000
446,952,000
183,000,000
8
150,949,000
483,009,000
32,041,000
$
141.706.000
515,094.000
45,494.000
S
87,201,000
338,215,000
36,000
76,818,000
38.865,000
80,459,000
37.193,000
77.340,000
39,153.000
72,986,000
37,705.000
65.051,000
40.005,000
63,107,000
29,941,000
98,299,000
47,635,600
96,000
90,963,000
49,876,000
96,000
86,642,000
52,688,000
97,685,000
42,924,000
105,149,000
48,069.000
103,995,000
63,000,000
89,620,000
49,668,000
27,344,000
24,270,000
10,000
36,144,000
27.090,000
49,382,000
37,232.000
56,469,000
33,150,000
20,000
64.000
69,468,000
26,096,000
1.000
63,000
54,301,000
26,172.000
64,000
47,883,000
28,088,000
6,785,000
9,835,000
158,777,000
6,032,000
10,520,000
158,246,000
5,891,000
9,414,000
178.900,000
6,936,000
8,754.000
177,584,000
7,049,000
7.182,000
161,594,000
7,604,000
9.771,000
116.892.000
9,528.000
9.289,000
99.481.000
$
147,001,000
310,773,000
1,564,000
$
130.158,000
382,115,000
5,676,000
71,170,000
21,613,000
78,201,000
28,768,000
8
170.212,000
517,727,000
7,860,000
111,060
78,130,000
30.510,000
90,754,000
43,411,000
95,654,000
45,490,000
21,060,000
24,448,000
7,375,000
9,814,000
157,941,000
56,862,000
25,779,000
476,000
9,060,000
9,579,000
125,058,000
F. R. notes received from Comptroller
F. It. notes held by F. It. Agent
2,983,478,000 3,002,781,000 3,023,052,000 3,039,590,000 3.022,190,000 2,994,086,000 2,953,343,000 2,939.409,000 2,922,541,008
820,473,000 792,378,000 770,918,000 774,815,000 755,030.000 805,711,000 795,801,000 824,007,000 846,131,000
Issued to Federal Reserve Banks
2,163,005,000 2,210,403,000 2,252,134,000 2,264,775,000 2,267,160,000 2,188,375,000 2,157,542,000 2,115,402,000 2,076,410,000
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board..
BY eligible paper
Tn1,2I
306,280,000 306,281,000 306,096,000 306.095,000 306,151,000 306,274,000
105,659,000 106,287,000 111,071,000 109,052,000 111,978,000 104.828,000
1,163,556,000 1,111,102,000 1,002,588.000 953,977,000 .958,647,000 1,024,250,000
733,266,000 812.610,000 996.817,000 1.058,364,000 1.066.858,000 919,193,000
0 9ils 1A1 illln 9 220 95/1
non 9 41R
A.79 nnn
306,453,000
109,610,000
932.276,000
975.741,000
306.453,000 308,260,000
101,627,000 102,619,000
934,266,000 1,106,131,000
988,404.000 711,401,000
so, eait MA 9 del.
2 Rqd ililA 9 254 FA,
: AM 9 291 nsul Mil 9 9111 "KA Mil 9 qr. A 1 I Ann
NOTE.-Beginning with the statement of Oct. 7 1925, two new items were added in order to show separately the amount of balances held abroad and amounts due
to foreign correspondents. In addition, the caption. "All other earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption,- "Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate description of the total oi
the discounts, acceptances and securities acquired under the Provisions Of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 19 1927.
Two ciphers (00) omitted.
Federal Reserve Bank of-
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
s
s
$
5
$
$
Total.
a
RESOURCES.
S
Gold:with Federal Reserve Agents 132,396,0
Gold red'n fund with U.S. Tre-as_
4.202,0
$
8
S
$
$
377,791,0 117,430,0 166,670,0 68,258.0 140,039,0 198,359,0 28,656,0 60,338,0 60,155.0 34,623,0 190,780,0 1,575,495.0
11,077,0 9,465,0 5,668,0 1,628,0 2,737,0 5,980.0 1,457,0 2,661,0 2,912,0 1,743,0 3,103.0
52,633.0
Gold held excl. agst. F.R. notes 136,598,0
Gold settle't fund with F.R.Board 25,599,0
Gold and gold certificates
39,283,0
388,868,0 126,895,0 172,338,0 69,886,0 142,776.0 204,339,0 30,113,0 62,999,0 63,067,0 36,366,0 193,883,0 1,628,128,0
148,947,0 38.908,0 42.921,0 14,634,0 28,099,0 98,772,0 25,346,0 16,417,0 27,182,0 19,809,0 16,879,0 503,513,0
519,390,0 28,693.0 50,362.0 13,344,0 4,607,0 66.893,0 15,967.0 7,072,0 7,035,0 8,455.0 43,193,0 804,294.0
Total gold reserves
Reserves other than gold
201,480,0 1,057,205,0 194.496,0 265,621,0 97,864,0 175,482,0 370,004,0 71,426,0 86,488,0 97,284,0 64,630,0 253,955,0 2,935,935,0
31,531,0 6,950,0 11,817,0 10,913.0 11,857,0 26,656,0 16,348,0 3,701,0 5,649,0 8,398,0 7,955,0 159,566.0
17,791.0
Total reserves
219,271,0 1,088,736,0 201,446,0 277,438,0 108,777,0 187,339,0 396,660,0 87.774,0 90,189,0 102,933,0 73,028,0 261,910,03,095,501,0
Non-reserve cash
24,800,0 1.655,0 6.844,0 7,471,0 4,450,0 11,283,0 5,098,0 1,219,0 2,481,0 2,675,0 4,289,0
8,909,0
81,174,0
Bills discounted:
Sec. by U.S. Govt. obligations 9,105,0
47.288,0 23,903,0 35,207.0 7.026,0
399,0 52,073,0 8,604,0
384,0 4,255,0 1,731,0 11,636,0 201,611,0
Other bills discounted
41,732,0 13,854,0 23,424,0 14,070,0 30,486,0 38,096,0 7,887,0 3,705,0 6,599,0 3,609,0 20,846,0 214,448,0
10,140,0
Total bills discounted
Bills bought in open market_
U. S. Government securities:
Bonds
Treasury notes
, Certificates of indebtedness
19,245,0
36.723,0
Total U. S. Govt. securities
89,020,0 37,757,0 58,631,0 21,096,0 30,885,0 90,169,0
4,089,0 10,854,0 5,340,0 32,482.0
90,595.0 24,843,0 28,572,0 12,676,0 18,565,0 41.154,0 16,491,0
9,968,0 10.671,0 17,537,0 13,644,0 29,412,0
416,059.0
337,360,0
618,0
2,959,0
6,590,0
634.0 1,301,0
6,329,0
16,111,0 15,543,0 18,683,0
41,233,0 3,751,0 15,359.0
1,251,0
1,436,0
4,373,0
270,0 20,344,0 2,386,0
1,555,0 7.018,0 7,455,0
19,844.0 10,674,0
384,0
7,659,0 8,372,0 5.915,0
2,122,0 4,707,0 4,394,0 15.791,0
6,710,0 14,389,0 13,885,0 22,697,0
55,463,0
97,774,0
159,505,0
10.167.0
63.673,0 19,928,0 35,343.0
7,060,0
1,825,0 47,206,0 20.515,0 16,491.0 27.468,0 24,194,0 38,872,0
312,742,0
[VOL. 124.
THE CHRONICLE
480
RESOURCES (Concluded)Two ciphers (00) omitted.
Boston.
New York.
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
69,135,0
66,363.0
3,946,0
84,0
Total.
Cleveland, Richmond Atlanta. Chicago. St. Louts. Minneap. Kan. City Dallas. San Fran.
$
2.000,0
$
$
Phila.
S
500.0
$
5
$
5
5
$
2,500,0
$
IS
$
243.288,0 84,528,0 122,546,0 40.832,0 51,275,0 178,529,0 46,974,0 31,751,0 .55,859,0 43,178,0 100,766,0 1,068,661,0
657,0
657,0
176,594,0 65,048,0 71,600,0 55,920,0 33,081,0 91,790,0 38,111,0 12,387,0 42,998,0 27,214,0 41,640,0 722,746.0
58,231,0
16,276,0 1,705,0 7,119,0 2,113,0 2,865,0 7.842,0 3,957,0 2,774,0 4,459,0 1,752,0 3,423,0
12,053,0
422,0 1,130,0
619,0
824,0 2,121,0
357.0
762.0 2,693,0
970,0
388,0
1,683,0
367,708,0 1,552,034,0 354,770,0 486,517,0 215,470,0 279,772,0 688,797,0 182,738,0 140,441,0 209,349,0 148,260,0 413,158,0 5,039,023.0
Total resources
LIABILITIES.
F. It. notes in actual circulation_ 135,172,0 394,145,0 117,600,0 200,401,0 76,951,0 158,650,0 225,295,0 46,412,0 65,527,0 69,491,0 45,193,0 175,082,0 1,709.919.0
Deposits:
Member bank-reserve acc't 138,668,0 882,386,0 142,425,0 177,983,0 67,354,0 71,775,0 323,973,0 80,933,0.49,737,0 87,350,0 59,049,0 161,796,0 2,243,429,0
36,238,0
953,0 1,396,0 2,852.0 1,747,0 7,497.0 1,955.0 1,344,0 1,077.0 1,592,0 2,853,0
10,764,0
2,208,0
Government
353.0
5,699,0
176.0
186.0
151,0
695.0
217.0
262.0
206,0
534,0
484,0
2,057.0
378,0
Foreign bank
32,429,0
5,695,0
333,0
394,0
733,0
896,0
2,873,0
249,0
432,0
3,052,0
15,533.0 1,559,0
675,0
Other deposits
2,317,795.0
141.929,0 910,745.0 145.421,0 182,965,0 70,717,0 74,160,0 335,038,0 83,838,0 52,128,0 89,007.0 61,150.0 170,697,0
Total deposits
646,976,0
63,894,0 146,393,0 57,622,0 64,616,0 48,784,0 31,900,0 77,546,0 36,467,0 11,283,0 37,137,0 29,025,0 42,309.0
Deferred availability items
36,966,0 12,575,0 13,743,0 6,106,0 5,023,0 16,781.0 5,294,0 3,048,0 4,194,0 4,299,0 8,651,0 125,480,0
8,800,0
Capital paid in
228,775,0
16,121,0
8,215.0
9,029.0
9,939.0
12,198,0
7,527.0
9,632,0
31.881.0
23,746,0
21,267,0
61.614,0
17,606,0
Surplus
10,078.0
298,0
387,0
491.0
788.0
714.0
928,0
407,0 2,256,0
285,0 1,046,0
2,171,0
307.0
All other Ilabllides
367,708,0 1,552,034,0 354.770,0 486,517,0 215,470.0 279,772,0 688,797,0 182,738,0 140,441,0 209,349,0 148,269,0 413,158,0 5,039,023.0
Total liabilities
Memoranda.
78.9
75.7
68.7
76.7
64.9
67.4
80.5
70.8
73.7
72.4
76.6
83.4
79.1
Reserve ratio (per cent)
Contingent liability on bills pur90.382,0
24.954.0 8,682,0 9,587,0 4,743,0 3,708,0 12,481.0 3,889,0 2,713,0 3,346,0 3,165,0 6,331,0
chased for foreign correspond'ts 6,783,0
F. R. notes on hand (notes reed
from F. R. Agent less notes in
453,086,0
42.311,0 126,304,0 53,830,0 45,821.0 20.476,0 29.251,0 52,501.0 5,239.0 4.195,0 14,991.0 7,465,0 50,702,0
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JAN. 19 1927.
Federal Reserre Agent at-
Boston.
New York.
Phila.
.
•
Clereland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
Total.
$
(Two ciphers (00) omitted.)
F.R.notes reed from Comptroller 259,283,0
F.R.notes held by F. R. Agent-. 81.800,0
S
$
S
$
5
$
S
$
S
$
$
S
802,529,0 100,130,0 287,662,0 122,881,0 250,921.0 441,396,0 71,871,0 89,524,0 112,992,0 70,005,0 275,284,0 2,983,478,0
282,080,0 27,700,0 41,440,0 25,454,0 63,020.0 163,600,0 20.220,0 19,802,0 28,510,0 17,347,0 49,500,0 820,473,0
F.R.notes issued to P. R. Bank 177,483,0
Collateral held as security for
F. It. notes issued to F. R. Bk.:
Gold and gold certificates_ __ 35,300,0
13,096,0
Gold redemption fund
Gold fund-F.It. Board..... 84,000,0
58,968,0
Eligible paper
520.449,0 171,430,0 246,222.0 97,427,0 187,901,0 277,796.0 51,651,0 69,722,0 84,482,0 52,658,0 225,784,0 2.163 005.0
191.364.0
546.390.0 174,731.0 252.161.0 101,485,0 189,237.0 329,460.0 55.006.0 74.861,0 88.469.0 53.518.0 252.079.0 2.308.761,0
Total collateral
18,343,0
7,450,0 13,507.0
8,780,0 28,805,0 15,397,0
168,698.0
831,0 3,795,0 4.280,0
1,906,0
23,093,0 10,553,0 12,890,0 6,453,0 8,642,0 2.715,0
186.000,0 106,877,0 145,000,0 33,000,0 116,000,0 195,644,0 19.300,0 46,000,0 56,360,0 12,000,0
168.599,0 P7,301,0 85,491,0 33,227,0 49,198,0 131.101,0 26,350,0 14,523,0 28,314,0 18,895.0
10,000,0 306,230,0
17,405,0 105,659.0
163,375,0 1,163,556,0
51,299,0 733,266,0
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
and liabilities of the 683 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 453.
(000) omitted.)
I. Data for all reporting member banks in each Federal Reserve District at close of business JANUARY 17 1977. (Three ciphers
Boston. New York
Federal Reserve District.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan. City Dallas. San Fran.
50
74
67
35
97
31
24
66
46
Total.
683
$
$
154,193
5,969
323,589 5,591.023
960,002 8,673,529
63
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't oblIgatIons
Secured by stocks and bonds...
All other loans and discounts_
92
38
3
3
62.753
8.521
336,159 2,356,375
637,067 2,864,248
$
10,689
441,032
380,272
3
21,767
551,456
789,084
3
4,805
153,719
360.767
$
., 3
18,087
5,489
110,637 865,316
398,491 1,272,641
S
6,274
193,230
308,169
5
3,355
75,937
165,553
3
4,197
111,847
297,387
$
2,287
71,726
238,948
Total loans and discounts
Investments:
U. S. Government securities_ _
Other bonds, stocks and securities
981,747 5,283,376
831,903 1,362,307
519,291
514,617 2,156,044
507,673
244,845
413.431
312,961 1,290,460 14,418.745
133,723 932,774
254,278 1,237,699
85.516
273,330
259,915
360.720
63,037
69,797
65,961
121,531
63,713
47,841
97,625
95,293
388,006 2,170,473
358.846
620,635
132,834
Total loans and Investments_ _ _ 1,369,753 7,453,849 1,190,839 1.982.942
86,014 125,754
94,460 785,918
Reserve balances with F.It. Bank__
32.622
17,028
80,039
22,078
Cash in vault
905,235 5,764,133 806,701 1,005,773
Net demand deposits
422,421 1,373,108 252,616 822.441
Time deposits
9,681
17,033
36,206
12,271
Government deposits
Bills pay. & redis. with F. R. Bk.:
34,432
6,140
62,801
6,176
obligations
Secured by U.S.Gov't
16,679
3,334
41,616
11,472
All other
652,125
41,373
14,844
392,966
211,895
3.443
1,960
4,350
Total investments
Total borrowings from F.R.Bank
Bankers' balances of reporting member banks in F. It. Bank cities:
Due to banks
Due from banks
37,081
60,478
276.188
4.50,441
97,559
49,513
24,329
244,609 2,309.860
237,571 3,233,308
73,842
482.180 5,542,988
726,629
187,492
111.554
192,918
612,176 2,882,673
39,210 239,955
55,633
12,079
348,654 1,770.027
223,234 1,053,363
11,645
7.614
695.165
47,602
8,348
409,056
225,362
3,082
356.399
23,852
6,278
215,281
124.594
628
606.349
54,772
13,720
493,708
145,424
1,697
1,705
14,274
31,439
14,845
5.744
5,102
500
2,088
2,624
1,054
3,546
17,056
15,412
171,495
133,754
33,368
305.249
386,803 1,772,640 19,961,713
29,482 114,342 1,682.734
297,231
23,612
10,950
270,845 807,202 13,190,581
102,601 921,224 5,878,283
119,594
12,297
3,997
104,417
9,474
51,111
6,310
15,979
46,284
10,846
.500
4,712
4,600
137,480 1,133,644
0027.5
45.105
173.879
.51917
49,483
211116
33,069
10.011
19,767
14 159
378.260
14112(11
89,322
21 119
52.252
23 9111
100,770
4/411111
32,757
20 14(1
17,648
111,148 2,311,831
588.444
52.642
2. Data of reporting member banks In New York City, Chicago, and for the whole country.
Reporting Member Banks in N. Y, City.
All Reporting Member Banks.
Jan. 12 1927.
1
Jan. 5 1927.
61
54
718
54
684
683
Number of reporting banks
$
$
$
$
Loans and discounts, gross:
52,044.000
50,556,000
166,302,000
59,796,000
148,353,000
5
154,193,000
obligation
Gov't
S.
Secured by U.
. 5.591,023,000 5,736.745,000 5,566,704,000 2,060.493,000 2,174,321,000 2,244,653,000
Secured by stocks and bonds
. 8,673,529,000 8,700,249,000 8.321,081,000 2,509,400,000 2,536,592,000 2,268.999,000
All other loans and discounts
8
Reporting Member Banks in Chicago.
Jan. 13 1926. Jan. 12 1927. Jan. .5 1927. Jan. 13 1926. Jan. 12 1927. Jan. 5 1927. Jan. 13 1928.
S
45
$
12,703,000
647,211,000
708,129,000
45
$
14,648,000
649,812,000
723,630,000
46
$
17,142,000
624,311.000
691,451,000
14,418,745,000 14,585,347,000 14,054,087,000 4,629,689,000 4,761,469,000 4,566,596,000 1,368,043,000 1,388,090,000 1,332,904,000
Total loans and discounts
Investments
. 2,309,660,000 2,285,162,000 2,513,208,000 842,693.000 854,055,000 913,856,000 146,310,000 134,050,000 173.123,000
U. S. Government securities
210,232,000 215,004,000 195,441,000
Other bonds, stocks and securities. 3,233,308,000 3,202,676,000 2,922,157,000 921,818,000 884,046,000 798,820.000
349.054,000 368,564,000
356.542.000
1,712,676,000
5,542,968,000 5,487,838,000 5.435,365,000 1,764,511.000 1,738,101,000
Total investments
1,701,468,000
1,737,144.000
1,724,535,000
6,279,272,000
6.499,570,000
10,480,452,000
6,394,200,000
19,961,713,000 20,073,185,000
Total loans and investments
731,278,000 167,451,000 179,719,000 165,355,000
Reserve balances with F. It. Banks_ . 1,682,734,000 1,749,783,000 1.694,288,000 722.509,000 775,837,000
23,406,000
24,410,000
23.101,000
70,930.000
67.130.000
302,830,000
64.460,000
308,207,000
297,231,000
Cash in vault
13.190,581,000 13,219,527,000 13,247,001,000 5,191.145.000 5,274,855,000 5,197.761.000 1.193,074,000 1,185,586,000 1,177.116,000
Net demand deposits
021,757.000 809.180,000 520,874,000 523,495,000 499,190,000
5,363,218,000
922.559,000
5,858,749,000
5,878,283,000
deposits
Time
8,073,000
12.947.000
5,644,000
49,995,000
4:1,356.000
105,065,000
33,518,000
155,853,000
119,594,000
Government deposits
Bills payable and rediscounts wit 1
Banks:
Federal Reserve
29,730,000
10,353,000
5,440,000
84,262,000
97,200,000
210,685,000
49,100,000
271.999,000
171,495,000
Secured by U. S. Gov't obligations_ •
4,812,000
7.971,000
2,646,000
20,225,000
33,250,000
108,330,000
39,738,000
174,511,000
•
133,754,000
All other
37.701,000
15,165,000
8,086,000
319.015,000
88,838,000 130,450,000 104,487.000
bks..
446.510,000
R.
305,249,000
F.
from
borrowings
Total
-- - -(sem •ed by stocks and bonds) made by reporting
Loans to brokers and dealers City:
York
New
member banks in
947,891,000 1,037,311,000 1,267,015,000
For own account
1100,475,1)00 1,049,246,000 1,292,408,000
ban ks
For account of out-of-town
742,769,000 732,004,000 573,119,000
•
For account of others
2 791.135,000 2.818,561,000 3,132.542.000
•
Total
2 105,791,000 2,137,288,000 2,197,200,000
On demand
685,344.000 681.273.000 935.342,000
•
On time
Revised figures
JAN. 22 19271
THE CHRONICLE
filaultere
New York City Banks and Trust Companies.
azette.
All prices dollars per share.
Wall Street, Friday Night, Jan. 21 1927.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 469.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Jan. 21.
Sates1
for
Week]
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par.Shares' $ per share
Railroads.
$ per share. $ per share.$ per share.
Atlantic Coast Line RIO.13,600 1734 Jan 15 1854 Jan 20 15% Dec 1834 Nov
40' 5 Jan 15 5
Chicago & Alton ctfs_100
Jan 15 434 Dec 10
Feb
C C C & St Louis pref 100
Jan 21 118
3010334 Jan 19 104
Apr 125
Mar
70 58
Jan 15 58
Chic St Paul M dr 0.100
Jan 15 48
Apr 5734 Sept
20 74
Jan 15 74
Cleve & Pittsburgh_ _50
Jan 15 70
Jan 73
July
Consol RR of Cuba p1100 7,300 8934 Jan 15 72
Jan 20 6854 Nov 72% Dec
100 1,800 434 Jan 15 534 Jan 21 3
Duluth S S & A
May 53.4 Aug
100 1,500 534 Jan 20 7
Preferred
Jan 21 4
Dec 834 Jan
Hava Elec Ry Rcts_ __.•
300 2734 Jan 21 2834 Jan 19 30
Dec 3134 Dec
• 700 9334 Jan 20 9534 Jan 17 9634 Dec 97% Dec
Preferred ctfs
N Y Lack & Western_100
10 10334 Jan 17 10334 Jan 17 10234 Feb 10534 June
30 46
Putt Coast 1st prof_.100
Jan 20 46
Jan 20 72% Feb 73
Feb
100
200 35
2d preferred
Jan 18 35
Jan 18 40
Nov 57% Feb
10 101
Twin City Rap Tr pf_100
Jan 20 101
Jan 20 101
Jan 10254 Feb
300 9834 Jan 19 9834 Jan 18 90
Vicksb Shrev & Pac_100
Jan 98
July
Industrial & Misc.
62,0001-32 Jan 18
Ajax Rubber Rts
% Jan 19
Alb Pert Wrap Pap p1100
200 9834 Jan 20 100 34 Jan 20 96% Oct 102
Dec
Amalgamated Leather _• 800 1634 Jan 21 1634 Jan 17 14% Oct 21
Sept
100
700 106
Preferred
Jan 20 106
Jan 20 102
July 113
Sept
Am-La Fr F E 7% pf.100
200 89 Jan 15 89
Jan 15 94% Dec 103
May
Am Shipbuilding
10 80
Jan 21 80
Jan 21
American Snuff pref.100
70 98
Jan 18 98
Jan 18 9534 Dec 100 June
Am Typo Founders p1100
160 108
Jan 21 109 Jan 18 102 34 Aug 10834 Dec
Am Wholesale Cp p1..100
50 103
Jan 20 103
Jan 20 9754 Aug 100
Jan
50
Autosales prof
100 35 Jan 18 35
Jan 18 18
Jan 4434 Dec
Bayuk 1st pref
100
100 102
Jan 21 102
Jan 21 98
May 10234 Dec
BeechNutPack pf cIB100
20 114 34 Jan 1711434 Jan 18 11434 Apr 114% Apr
Blumenthal & Co p1.100
160 44
Jan 17 45
Jan 17 40
Dec 80
Jan
Bon Ami Co cl A
• 3.600 5334 Jan 18 55
Jan 15 5334 Dec 5634 Dec
Canada Dry Ginger Ale • 3,400 3734 Jan 19 39. Jan 17 3234 Oct 49
Sept
Central Alloy Steel.--• 1,500 2734 Jan 20 28 Jan 15 2834 Oct 3334 Aug
Preferred
100
100 107
Jan 19 lor Jan 19 10634 Oct107
Nov
Central Leather ctfs.1
500 834 Jan 19 834 Jan 19 7
Dec 834 Nov
Prof certlfs
100 1,400 5434 Jan 18 55
Jan 19 50
Nov 54% Dec
Chicago Yellow Cab.....•
200 44
Jan 17 44
Jan 17 43
Dec 49
Feb
Columbia Gas& El new * 14.700 87 Jan 20 9131 Jan 18 8534 Nov91
Dec
Preferred new
100 4,900100
Jan 20 10134 Jan 19 9834 Nov 10134 Nov
Rights
35,700 334 Jan lt 334 Jan 21 234 Dec 334 Dec
Continental Bak el
57,100 6834 Jan 21 7334 Jan 19 5034 Oc 93% Aug
Class B
*28.300 834 Jan 21 93-4 Jan 15 754 Oc 1534 Sept
Preferred
100 9.000 92 Jan 21 9671 Jan 15 87
Oc 9634 Aug
Continental Can pt. _100
30 120
Jan 17 122 34 Jan 18 117
Ma 128
Apr
Crown Wmette 1st pf__•
100 9034 Jan 21 9034 Jan 21
Cushman'sSons7% 0(100
40 110
Jan 17 110
Jan 17 9934 Feb 10734 Aug
Deere & Co pref
100
100 107
Jan 21 107
Jan 21 10434 Ma 110
Nov
Devoe & Rayn 1st pf.
_100
50 101
Jan 17 10134 Jan 17, 99
Ma 109
Jan
Eastman Kodak pref..100
Jan 17 115
3011934 Jan 18 123
Apr 11734 Oct
Eisenlohr & Bros pf _ _100
100 90
Jan 20 90
Jan 20 89
No 93
Apr
Emerson-Brant cl A_ _ _'
1
100 754 Jan 18 734 Jan 18, 834 Dee 8% Dec
Emporium Corp
•
100 36
Jan 19 36
Jan 19 36
Dec 36
Dec
Eat Public Service_
• 2,300 2234 Jan 17 23 Jan 15 1931 Oc 2434 July
Preferred
* 1,900 96
Jan 15 9734 Jan 211 9234 Nov 9634 Aug
Erie Steam Shovel
642,400 27
Jan 15 2934 Jan 17 2134 Oc 2554 Nov
Preferred
100 1,000 103
Jan 15 10734 Jan 17 100
Oc 102
Nov
Federal Motor Rruck• 7,900 28
Jan 20 3034 Jan 20 23
Oc 3434 Aug
Franklin Simon pref.100
Jan 18 108
l3Ol0934 Jan 1 111
Jan 10954 Nov
General Baking pref.„5
120 122
Jan 1 125
Jan 21 107 Jun 120
Mar
Gotham Silk Hosery eta. 8,200
% Jan 15
34 Jan 17
Gen Gas & Elec el B___•
100 3934 Jan 2 3934 Jan 20 36
Oc 48;4 Aug
Hartman Corp el B._ _• 1,5001 2454 Jan 21 26
Jan 19 2454 Dee 30
Sept
Hayes Wheel prof. _ _100
109101
Jan 17 101
Jan 17 100
No 107
May
Indian Motorcycle p1.100
79 92 Jan 17 93 Jan 21 95
Dec 100
Feb
International Salt_ _.100
140, 88 Jan 19 72
Jan 21 75
Aug 75
Aug
Gotham S Hos pf new 100
100'10534 Jan 20 10534 Jan 20
Jones & L Steel pref _ 100
100 11934 Jan 21 11934 Jan 21 114
Jan 120
Aug
Kayser & Co 1st pref _ _ ..• 2,600 113% Jan 15 117
Jan 21 108
May 113
Dee
Kinney Co pref
100
400 83
Jan 17 863.4 .lan 171 85
Sept 9934 Jan
Kraft Cheese
25 1,400 57
Jan it 58 34 Jan 19 5634 Dec 68
Nov
Kuppenheimer
5
40 36
Jan 20 3634 Jan 18 2934 Jun 35
Feb
Kress Co new
• 300 60
Jan 15 61
Jan 15,
Laclede Gas pref _ ..100
270 95 Jan 18 96
Jan 20, 86
Sep 10034 Dec
Rights
2,400 534 Jan 21 6
Jan 15
Liquid Carbonic etfs.....• 15,500 .5234 Jan 17 5734 Jan 19 4334 Oc 58%
Nov
Louisiana Oil prat _100
100 96
Jan 21 96
Jan 211 93
Dec 98
Dec
McCrory Stores pref.100
16011034 Jan 1 11034 Jan 17:105
Ap 110
Feb
Manatl Sugar
100 1,200 42 Jan 2 45
Jan 211 27
Ap 5034 Jan
Manhattan Shirt pref 100
10 119
Jan 15 119
Jan 15111334 Jun 120
Dec
Mathieson Alkali pref100
30 104 34 Jan 1 105
Jan 191
May Dept Stores new.25 6.300 88
Jan 17 6934 Jan 181 6934 Dec 70
Dec
Rights
134 Jan 21: 13.4 Dec 134 Dee
8,700 134 Jan 1
Montana Power pref _100
100 118 34 Jan 17 11834 Jan 17,11234 Ja 11054 Jan
Nat Supply pref
100
100 11434 Jan 2 11434 Jan 15 10434 Ma 116
Dec
Nat Surety Co
100
230 243
Jan 17247
Jan 19 208
Ma 237
Dec
Mai{ Lockp & Out pf.100
10 11334 Jan 17 11334 Jan 17: 109
Jan 11134 Oct
North Western Teleg.50
13o
Jan
1
493.4
Jan
19
4734
011 Well Supply pref..100
Jan 1 10434 Jan 1910434 Ap 109
220 103
Oct
Omnibus Corp prat_ _100
Jan 1 81
Jan Ill 88
25 81
July 98 34 Feb
Owens Bottle pref. __100
Jan 18 115 Jan 18 112
20 115
M 117 June
Pacific Gas & El new_25 5,400 3234 Jail 15 33 Jan 19
Itights
1,600
54 Jan I.
54 Jan 19
Pacific Mill
100
Jan 17 3534 Jun 3534 June
80 40
Jan 17 41
Pacific Telep & Toler( 100
1211139
Jan 1 140 Jan 19 117
Jan 135
Sept
Preferred
100
6010734 Jan 2010734 Jail 20 101 34 Jun 107
Dec
Peerless Motor Car_ _50 1,600 2734 Jan 18 2834 Jan 15 23 34 Not 3134 Nov
Penn-Dixie Cement_ _ _* 11,000 3474 Jan 21 3934 Jan 15 38
Dec 41
Dec
Preferred
Jan 18 9934 Jan 31 99
100 1,000 99
Nov 10034 Nov
Phila Co 5% prat_ _50,
20 4034 Jan 21 4034 Jun 21 36
Jan 3934 Dec
Porto-Rican Am Tob 100' 700 8034 Jan 18 8734 Jan 181 60
Jan 9334 Dec
Purity Bakeries cl A.25 1,300 47% Jan 21 4734 Jan 15 47
Oc 4951 Nov
Class 11
11011 42 34 Jan 21 4354 Jan 15 ' 4134 No 44
Dee
Real Silk Hosiery
10 5,100 403 Jan 17 4234 Jan 15 3734 Nov 50% Oct
Sherwin Wms prof A.100
29 108
Jan 17 110 Jan 1510554 Sept108
Apr
810-is-Shelf
& Ir i't 100, 310 10734 Jun 21 108
Jan 2110034 Jan:110
June
Spalding Bros lot pf.100;
30 103% Jan 17104 34 Jan 19 101
Ja1
,
1110534 June
Stand 011 of NY
25 79,400 3234 Jan 15 3434 Jan 18 3234 Dee 33% Dec
Stand 011 of NJ rts
_122,500 214 Jan If 21‘e Jan 15 134 Nov4 Nov
1st preferred
Jail 18
1,200 3854 Jan 17 39
Texas Corp
2552,300 57
Jan 19 58
Jan 17 5334 No 57% Dec
Tex Pac Land Tr new_ _ I 2,40)) 1714 Jan 21 19
Jan 15
Union Tank Car new.100 1,200 05
Jan 15 9834 Jan 20 93
Dee 9534 Dec
United Dyewood... _ 100
Jan 17
80f 6
Sept12
Jail
100
10 49
Preferred
Jan 19 49
Jan 19 4954 D
58
Jan
S Steel new w I
71.600113 Jan 1811454 Jan 15 11334 Dee 117
Dec
Victor Talk Mach
6,800 3834 Jan 21j 38% Jan 21
Prior pref
8,200 98
Jan 19 99
Jan 20
Cu pref
10m
5,300 9134 Jan 2 9234 Jan 20
Vivadou rights
10,609
is Jan 15
34 Jan 15,
fi Dec
54 Dec
Vulcan Detinning. _ 100 1.310 2034 Jan 20 2334 Jan 15 , 10
Sept 15
Dec
Preferred
100
401013.4 Jan 21 105
Jan 15 1 88
Apr 105
Dec
White Sew Mach pf
• 2.9001 4734 Jan 21 59
Jan 17 , 463.4 Oct 6454 Oct
West Penn Pr pf 6,7
0.100
430110034 Jan 20 102
Jan 171. 95
Mar 103
Dec
Woolworth new w I
18.800119
Jan 1S123'4 Jan 21 12034 Dec 128
Dee
• No par value.
481
Banks-N.Y. Bid.
America._ _. 300
Amer Union*. 200
Bowery EastR 398
Broadway Cen 135
Bronx Bore& 1375
Bronx Nat_ _ _ 490
Bryant Park• 210
Capitol Nat__ 223
Cent Mercan. 295
Central
142
Chase
422
Chath Phenix
Nat Bk &Tr 394
Chelsea Exch. 276
Chemical_ _ _ _ v825
Colonial*. _ _. 800
Commerce... 430
Com'nwealth• 300
Continental_. 265
Corn Exch.. 545
Cosmoplan*.. 290
Fifth Avenue52250
First
2720
Franklin
160
Garfield
375
Globe Exch.. 225
Grace
350
Greenwich* __ 525
Hamilton-Hanover
1200
Ask.
310
205
405
160
1475
510
225
227
300
147
426
399
282
840
1000
435
330
280
550
___
2500
2750
175
385
250
550
212
1225
Bid.
Banks.
Harriman_ _ _ _ 630
Manhattan •.. 249
650
Mutual*
National City 510
New Neth'ds. 320
512
Park
Penn Exch.__ 130
400
Port Morris
551
Public
Seaboard ____ 695
165
Seventh
665
Standard
590
State*
190
Trade*
1310
United
United States* 223
Wash's Hts._ 700
135
Yorktown •
Brooklyn.
Coney Island* 325
200
Dewey *
390
First
Mechanics"_ 345
Montauk *___ 360
Municipal 5.. 318
y325
Nassau
700
Peoples
Queensboro :.
11 _-
Ask.
650
245
___
518
330
520
140
___
658
705
173
800
605
200
205
330
900
142
375
___
405
350
375
325
335
--___
I Trust Co.. BUZ.
New York.
Am Ex Iry Tr. 329
Bank of N Y
1 & Trust Co. 770
Bankers Trust 67.5
Bronx Co Tr_ 323
Central Union 963
County
320
Empire
379
Equitable Tr_ 306
Farm L & Tr_ z588
Fidelity Trust 310
Fulton
450
Guaranty Tr_ 453
Interstate.... 210
Lawyers Trust __
Manufacturer 549
Murray Hill__ 217
IsAutual(WestI cheater) ___ 225
N Y Trust... 550
Terminal Tr_ 190
Times Square. 138
Title Gu & Tr 690
U S Mtg & Tr. 400
United States.2000
INVestchest'rT 550
Brooklyn.
Brooklyn..,... 825
Kings County 2100
Ask.
333
800
680
333
070
330
384
:310
564
320
475
457
220
__
553
224
250
554
200
142
695
415
2035
-_835
2250
I
•Banks marked(5)are State banks. I New stock.
to Ex-rights.
z Ex-dlv.
o Ex-stock div.
New York City Realty and Surety Companies.
Bid.
49
218
334
278
Alliance R'Ity
Amer Surety_,
Bond & M 0.1
Lawyers Mtge
Lawyers Title
& Guarantee 290
All prices dollars per share.
Bid. Ask.
Ask.
Bid.
150 Realty Assoc's
53 Mtge Bond__ 145
223 Nat Surety __ 245 248
(Bklyn)com 237
1st pref____ 92
337 N Y Title &
2d prat_ ___ 88
Mortgage__ 446 450
281
US Casualty_ 325 335 Westchester
295
Title & Tr_ 550
Ask.
244
95
91
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Asked.
Mar. 15 1927._ _ 434% 1003
-4
June 15 1927_ _ _ 334% 99.132
Maturity.
Int.
Rate.
Bid.
Asked.
99'., 100
100% 1001111
100,12 Sept. 15 1927.
331%
100'n Dec. 15 1927._ 434%
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.Daily Record of U. S. Bond Prices. Jan. 15.Jan. 17 Jan. 181 Jan. 19 Jan. 20 Jan. 21
First Liberty LoanHigh
354% bonds of 1923-47_ _ Low_
Close
(First 334/0
Total sales in $1,000 units__.
Converted 4% bonds ofrigh
1932-47 (First 4s)_ _ _ _ Low_
Close
Total sales in $1,000 units
Converted 43-4% bondsr igh
of 1932-47 (First 4345) Low_
Close
Total sales in $1,000 units....
Second Converted 4 ti%{H lab
bonds of 1932-47 (First( Low_
Second 43411
Close
Total sales in $1,000 units_ _ _
rich
Second Liberty Loan
Low.
4% bonds of 1927-42
(Second 4s)
Close
Total sales in $1,000 units. _ _
ig
Converted 434% bondsrh
Low_
of 1927-42 (second
Close
434s)
Total sales in $1,000 units_ _ _
Third Liberty LoanHien
4 14% bonds of 1928_._ _.{ Low.
Close
(Third 4348)
Total sales in $1,000 units...
Fourth Liberty Loan
{High
434% bonds of 1933-38.. Low_
Close
(Fourth 434s)
Total sales in $1,000 units...
Treasury
{High
4 14s, 194752
Low.
Close
Total sales in 51,000 units_ _ _
(High
4s, 1944-1954
Low.
Close
Total sales in $1,000 units _ _
{High
334s, 1946-1956
Low_
Close
Total sales in $1,000 units....
1011%, 101"32 10113321 101",, 1011111 1011422
101,221 1011012 101.32 101.12 10P32 101112
1011211 1011011 101"32 101.32 101"32 101"32
289
31
2
193
111
49
100"ss
_
100"32
100"s2
1031032 1031122 103.ss 103"32 103"32 1031131
103.,, 103.s, 103.s, 1031,,
10311s, 10311,, 10332,, 103un 103.s, 10311,,
220
40
3
27
57
33
-
----
-_-_
100.32
1002.32
109,
10111,,'
101"s2
102032
202
103"32
10311n
10321.,
275
110"32
110"s3
110"s2
14
106.32
106"32
100"32
107,
103.42
103',s2
103"32
2
_
1002032
10024s2
100"32
233
101"12
101"32
101 3132
65
103":2
103.1,21
2701
100"32
100"32
51021,,
109
106"32
108"32
10010s2
1271
1030432
103.32
103"s2
26
100-243;
1002,32
1002332
1611
101 14s2
101"32
101"32
1811
103"32
10321,,
10314,ri
1131
110"ss
110"32
11024,,
88,
106"32
1061432
1062632'
Il
103"31'
103"32
103":2
21
100243-2
1000242
100"32
45
101 1132
101"32
101.22
175
103"31
1013iisi
1002222
1002232
179
101"32
101 1132
1011422
84
103"s2
103211,2 103"32
397
147
11020s2 110"32
110.32 110.22
110"11 1101 12
39,
12
1082.22 106"32
106"32 10621,2
100"32' 100"s2
551
22
103"s2.
103"321
103"32
57.
____
10010ss
100"21
66
1011i22
1011142
101"ss
89
10324”
103"so
103"32
155
11010ss
110"ss
1102432
28
1062iss
1062lu
10611ss
8
103"ss
103"32
103"s2
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 434s
103.3, to 1031,, '57 3d 4345
1011,, to 1011.0
1 2d 45118
1002431 to 100"32152 9th 434s
103.on to 103u,,
Foreign Exchange.
To-day's (Fridays) actual rates for sterling exchange were 4 8174(41
484 15-16 for checks and 4 85%04 857-16 for cables. Commercial
on
banks sight 4 8434@4 84 13-16. sixty days 4 @Pi 014 SO 13-16, 221220t_y
days 4 7854@1 78 11-16 and documents for payment
(60
days)
4
810
4 811-16. Cotton for payment 4 84%04 84 13-16 and grain for payment
4 84U(gt4 84 13-16.
To-day a (Friday's) actual rates for Paris bankers' francs WC no 3.94 3i0
3.943.4 for short. German bankers' marks are not yet quoted for long and
short bills. Amsterdam bank,rs' build( rs were 39.95 '4. @39.96H for short.
Exchange at Paris on London. 122.43 francs; weeks range, 122.01 francs
high and 122.43 francs lou .
The range for foreign exchancce fcr the week follows:
Sterling. ActualCables.
Checks.
High for the week
Low for the week
111 gi 5
718
1 ti 1316
Paris Bankers' Francs--high for the sack
3.98
3.97
Low for the week
3.9634
3 9534
Gcrmany Bankers' MarksHigh for the week
23.74
23.73
Low for the week
23.7114
23.7014.
Amsterdam Bankers'(.'uilders-High for the week
40.00
39.98
Low for the week
39.98
39.96
Domestic Exchange,-Chicago, par. St. Louis, 15(4)25c 1%! 11,
discount. Boston. par. San Francisco. par. Montreal. 51 a
or
$I ,000 discount. Cincinnati. par.
482
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIT PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 15.
$ Per than
Monday,
Jan. 17.
Tuesday,
Jan. 18.
Wednesday, Thursday,
Jan. 20.
Jan. 19.
Friday,
Jan. 21.
Sales
for
she
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
DK share $ per share $ per share $ per share $ per share Shares.
1
4 10034 10014 1684 16912
16612 16738 16612 168/
16512 16712 166 167
*9912 99%
99% 100
100 10014 99/
9934 100
9978 100
1
4 100
34
34
53
38
84.
/
1
4
/
1
4
34
% 19034
*32
38
192 192 19334 192 19334
18712 18814 188 19134 190 19112
11112 11318 '11134 11234
1
4 11178 113
109% 112/
10814 10914 109 110
74
*73% 7414
1
4 73% 74
•7318 73/
7312 7312 7312 7358 74
46 46
4914
45% 4814 4838 4938 4934 50% 4912 5114 48
10512 10512 *10438 106
*103 10534 104 10534 106 106
104% 105
70% 6812 7014
67% 69% 69
6712 6712 68 6852 6734 68
87 8712 *8714 8812 *87 8812 *8714 ggis *87% 8812 *3712 8812
14
1434 1412 1434 1458 1438 13% 1414 13% 1414 13% 1334
1
4 82 *80 82 *80 82 .380 82 *80 82
8014 801
/
4 *80/
*59
60
*59 60 *59 60
*59
60 *59 60
59
59
16814 16812
16778 168% 168 16818 16812 16872 16812 16918 16812 169
297 297 295 29934 295 295 *290 300 *290 300 *290 300
15814 160
15918 160% 15914 16012 15938 16114 160 16034 160 16114
*158
*158
*158
61
/
4 612
612 7
514 612
718
6% 718
6% 714 6%
95s 10
9/
1
4 11%
1118 10
1014
1114 10
10
8/
1
4 10
*250 305 *250 305 *250 290 *250 290 *250 295 *250 290
33
*30
33
3212 3212 *32
*3014 32
3212 33
32 32
4612 4612 4634 48
474
47% 4772 47 4734 45% 4653 46
93 1012
98 912
94 9%
978 1014
912 1018
9
912
2412 26
2618 27% 2534 27% 264 2678 2534 2834 263 2734
1078 12
11
11
10% 11
11
*10% 1118 11
1038 11
1012 1112 1034 1034
10% 1118 1078 1113 11
1118 *1014 11
2014 2034 2158 2034 21
2012 2038 2014 2078 *2014 2034 20
2034 2114 214 2114
20
2018 2038 20% 2034 *2014 20% 20
8434 82
8212
8214 8312 8234 8338 824 83% 82
8134 83
128 123 *127 129
12712 12712 *127 129 *126 129 *127 129
73% 74%
7414 74/
1
4 7334 7434 7314 7412 7318 7432 737 743
1
4
10434 10434 *10434 105
1
4 10434 *10438 101% 10412 104/
10412 10472 104/
9612 96/
961 961
1
4 9634 9334 967 9678
961
9812 96/
1
4 *96
9212
92% 93
92
9214 92 9258 9212 9212 9212 9112 *90
73
73
*73
75
*72 75 *7112 75 *71% 75 .371% 75
Railroads.
Par
51,900 Atoll Topeka & Santa Fe-100
100
2,300 Preferred
2,300 Atlanta Birm & Atlantic. 100
100
7.800 Atlantis Coast Line RR
100
66,000 Baltimore & Ohio
100
1,300 Preferred
16,200 Bangor & Aroostook
50
150 Preferred
100
14,800 Bkln-Manh Trao v t o-No Par
500 Preferred v t o
No par
4,000 Brunswick Term & Ry Seo-100
Buffalo Rochester & Pitts-100
10 Canada Southern
100
6,500 Canadian Pacific
100
1,100 Central RR of New Jersey.100
31,400 Chesapeake & Ohio
100
Preferred
100
21,200 Chicago dr Alton
100
25,700 Prefcrred
100
C C C & St Louis
100
700 Chic & East Illinois RE
100
3,101. Preferred
100
14,500 Chicago Great We:stern...100
36,600 Preferred
10,900 Chicago MIlw & St Paul__ _IN
8,400 Certificates
100
12,300 Preferred
100
11,300 Preferred certificates__ -100
38,900 Chicago & North Western-100
300 Preferred
100
41,400 Chicago Rook lel & Pacific-100
800 7% preferred
100
800 6% Preferred
100
1,700 Colorado & Southern
100
100 First preferred
100
70 7112 *69 75 *68 75 *68 .73 *68 73 *68 73
17612 17634
176 177
17612 17734 177 17814 17614 17814 17614 177
1
4 144 14514
145 14512 14434 144/
144 14634 144 145
144 144
4514 4534 4534 4934
4538 46
44 4414 44
47
47% 46
4014 4012 4012 4114 4118 4112 4138 41% 4038 41% 4034 42
5312 5334 5314 55
54% 5512 5412 55% 5418 5434 5438 54%
49% 5012 4934 4934 4912 4934 4934 4934
50
*49/
1
4 5012 50
87% 8512 8612
8718 88% 87 8814 8638 87% 86
8534 88
2018 2012 2012 2078
20
2034 19% 20
1938 20% 2012 21
404
40% 39
4034 39
3834 40% 40
3712 39
37 38
10512 10578 106 107 107 10734 108 10814 *107 10712 *10612 10712
4414 4338 4334
42% 4314 43 4314 43
42% 4278 4238 43
*80
8012
80
80 80 *7912 8012 *my 80
804 8018 80
121% 12212 12214 12278 123 12312 12314 123% *122% 124% 12212 123
12318 12318 *12212 125 *12212 124
12118 12118 *12112 125 *12218 126
76%
7514 7514 754 7512 75% 75% 7512 7512 75% 75% 76
26% *2384 2612
*1818 2612 24
24
25
25
*1818 2612 *23
*6278 65 *63 65
*62 65 *62 65 *6278 65 *62% 65
45 45 *45 4512 4612 4612 4512 47% 4634 4734 *4612 47
*42 1
114 112
*38 1%
1
*32 112
1
*58 1%
4318 45%
43% 4412 43% 4412 4334 44% 4334 44
4314 44
*6612 67
67
66% 6612 *66
6578 65% 66
6612 *66 67
121% 12314 121% 123
11734 12114 11834 12212 119 120% 11812 125
130% 131% 13134 132
*129 13012 130% 13114 13034 13134 131 131
89
88
*85
8734 87% 88
*851
/
4 90 *8514 88 *8518 88
511
5112 51
512 51
4918 4912 4912 50% 49% 49% 50
52
*412 512 *412 51
1
4 513 *412 512 *413
*412 512 *4/
26
*20
26
*20
*20
*20
26
*20
*20
26
26
26
43
43
*43
45
43
*43 46 *43 45
43
43
43
16
*13
*13
16
*13
*13
16
16 .513
*13
16
16
214 212
2
238
214 31
2/
1
4 214
2% 2%
214 212
32
3112 3112 *30
3134 3134 3111 3112 *30
32
*30
32
55
*53
55 *53
55
*53
55 *53
55 *53
55 *53
6112 613
*6112 6212 *61% 6212 *6112 6312 6112 6112 *6134 62
35
36%
33
3478 34
3512 34% 3534 3434 3512 34% 36
984 9832
9712 97% 9712 99
9712 9734 97% 9734 97% 98
3914 4014 3912 4178 4134 4314 4214 43% 4134 42/
1
4 40% 42%
9178 9234 9134 9414 9412 9734 9534 9714 9534 9634 9414 953
*4
5
*4
5
5
*4
5
*4
*4
*4
5
1% 178 *1% 1%
*1% 2
*134 2
134 1% *134 2
12512 12512 *122 12612 *123 126% *123 12638 *123 12632 *123 12638
14114 14238 14114 142% 14214 14334 142/
1
4 14412 14234 144% 1434 144
18834 18834 189 190
188 188
187 187% 187 18712 188 188
10334 10334 10312 10312 10312 10312 *10314 10312 10312 10334 10314 10314
43 44% 4314 4414 4312 4438 4312 4414 4312 4512
42% 44
2614
2314 2414 24 25
244 2514 2414 2414 2418 2478 24
1312 1312 1334 1212 131
14 *13
14
1478 *13
*14
15
23
*1514
20
*1514
*1514
23
23
*1514 23 •1514
*1514 19
39% 39
39
39 *38
3912 *38
39
39
38
3818 39
159 16014
159 16012 16018 16114 15912 160% 160 16078 160 160
84% 84% *8412 8612 841z 8412 *8412 8612 *8412 8612 8412 841
8414 8338 8438
8418 84% 8338 84% 83
8314 84% 8414 85
20
•15
*15
20
*15 20
20
*15
20
20
*15
*15
5772 5814 5778 5814 5818 58% 58% 581
5772 57% 5734 58
243
*20% 2212 22
2212 *21% 22
2112 2218 22
22
*20
118% 1193
11912 121
116 119
11912 120 *11818 119
*116 117
941
9414 *93
*93
94
*93 9412 *93
9414 94
9414 *93
90
90
90
90
90
90 90
90 90
90 90
90
•14918 151 *14918 151
_ *14918
*149/
1
4 ___ *149%
- *14918
12212 123
12412 125 12412 12438 12212 12412 123 123
123 124
9914 1001
10014 10214 10058 101% 9934 101
96 9718 96% 102
•40/
1
4 4118 4034 403
4118 41 • 41
*41
41
41
*4012 41
451
45
45
45
45 45
45% 4512 45% 4512 45
45
51
50
4832 48/
1
4 4914 5014 49% 50% 504 5012 50 50
10334 105 10412 10512 10414 105% 10418 10578 10434 105% 10478 10514
9712 9812 *9712 col 9812 9812 97% 97%
9812 9812 98 9812 .
64% 6478 64% 66%
6212 6438 64 6434 64 6538 65 65
80
80
80
80 80
79
7912 791
7912 80
*78
79
3738 37
374 3612 3734
3512 3632 3514 37% 36% 3712 37
/
4 *4114 411 4134 421
41
4114 4012 42% 4112 4214 4112 411
109% 110% 10918 10938 10814 109%
108/
1
4 10932 108% 10912 109 110
12438 12478 12418 12458
124 12434 124 12518 12414 12538 12438 125
9434 947
9478 94% *9412 9434 9434 943
95 95
94% 95
56% 5612 57% 56% 567
5614 573
5518 5534 55% 5678 56
3812 38% 3812 381
3712 381
3812 39
39
39
39
39
*60 64
*60
68
*60 68
6314 63%
64 64
64
*60
16214 16312 16234 163% 16234 16438 16314 1633 163 163%
16234 163
8034 80%
1
4 8014 80% 80% 8038 8078 8012 803
8038 8034 80/
458
4458
43% 454 "ii
7934
78% 17932 79% 80
*65
*63 68
65
65
16% 1712 174 1918 1714
28% 2714
2612 26% 27
2814 28% 2838 3018 29%
73
7312 73% 7434 7412
3534 3518
3138 32% 32
5618 *5912 5812 6112 5734
•85
90
*85
90
*86
161.
8
80
68
19
2834
30%
7412
3634
6032
90
45'8
79%
68
1714
2718
3018
7414
3412
5612
*85
46'8 45
7934
80
*61
68
1814 1714
2712 27%
3012 30
7438 7412
35
36
5914 58
87
455$
80
68
18%
2814
3014
7412
36
59
44'2
7938
68
1714
27
30
74%
36
59
100
200 Second preferred
100
6,300 Delaware & Hudson
6,100 Delaware Lack & Western- 50
12,200 Deny & Rio Or West Prof-.100
100
12,700 Erie
100
25,000 First preferred
100
2,800 Second preferred
43,500 Great Northern preferred-100
18,600 Iron Ore Properties_No par
21,400 Gulf Mobile & Northern-100
100
1,800 Preferred
100
4,600 Hudson & Manhattan
100
400 Preferred
100
3,700 Illinois Central
100
200 Preferred
500 Railroad Sec Series A-1000
300 Int Rye of Cent America.,.100
100
Preferred
3,600 Interboro Rapid'Fran VI0-100
150 Iowa Central
00
100
32,300 Kansas City Southern
100
600 Preferred
so
92,400 Lehigh Valley
100
1,300 Louisville & Nashville
200 Manhattan Elevated guar_100
100
3,900 Modified guaranty
Market Street Railway_ _ _100
100
Preferred
300 Prior preferred
100
Second preferred
100
14,600 Minneapolis & St Louis-100
300 Minn St Paul & 55 Marie-100
100
Preferred
100
500 Leased lines
25,300 Mo-Kan-Texas RR-No par
9,600 Preferred
100
89,900 Missouri Pacdflo
100
84,400 Preferred
100
Nat Rys of Max 1st pref-100
400 Second preferred
100
100 New Orl Texas & Mexico-100
71,100 New York Central
100
2,200 N Y Chic & St Louhi Co---100
800 Preferred
100
99,500 N Y N H & Hartford
100
25,600 N Y Ontario & Western-100
900 N Y Railways pref othi-No par
New York State Railways-100
100
900 Norfolk Southern
100
8,600 Norfolk & Western
100
400 Preferred
100
49,200 Northern Pacific
100
Pacific Coast
50
25,000 Pennsylvania
100
6,100 Peoria & Eastern
100
4,400 Pere Marquette
100
100 Prior preferred
1,400 Preferred
100
Pitts Ft Wayne & Chlo pref 100
2,200 Pittsburgh & West Va-.100
99,903 Reading
50
300 First preferred
ao
1,600 Second preferred
40
100
1,600 Rutland RR pre!
42,300 St Louis-San Francisco...-100
100
800 Preferred A
100
7,200 St Louis Southwestern
100
900 Preferred
100
17.700 Seaboard Air Line
100
8,500 Preferred
100
21,000 Southern Pacific Co
100
14,600 Southern Railway
100
1,100 Preferred
100
15,30 Texas & Pacific
10
1,40 Third Avenue
200 Twin City Rapid Transit_10
10
19,700 Union Pacific
10
2,100 Preferred
United Railways Investm1.100
100
Preferred
4534 a:666 Wabash
100
100
79% 17,800 Preferred A
100
1,000 Preferred B
72
100
22 276,500 Western Maryland
100
3078 44,700 Second preferred
100
3058 8,000 Western Pacific new
100
3,100 Preferred new
75
41% 308,300 Wheeling & Lake Erie Ry 100
100
77.500 Preferred
63
87
85
85
*85
•Bid and asked prices. z Ex-dividend. a Ex-righta.
Industrial & Miscellaneous.
500 Abitibi Power & Paper_No par
PER SHARE
Rangefor year 1926.
On Oasts Of 100-share lot.
PER SHARE
Range for Profess
Year 1925.
Lowest
HION181
Lowest
Highest
$ per share
$ per share
per share
per Wire
122 Mar 30
94% Mar 5
12May 28
18113 Mar 30
8312Mar 3
6712 Jan 6
33 Mar 2
9778Feb 8
54/
1
4 Mar 81
78 Mar 31
812Mar 4
6934 Mar 26
58, Jan 15
14612 Jan 9
240 Mar 30
112 Mar 2
119 Jan 20
414 Sept 18
618May 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
11818 Jan 4
4012 Mar 8
98 Mar 4
8314 Mar 31
52 Mar 3
62 Mar 2
172 Dec 24
102 Dec 30
10 Jan 2
2824 Jan 2
10934Sept 7
7378 Aug 20
46 Feb 1
103 Dec 11
777s Dec 20
8934 Dec 24
18/
1
4 Nov 5
8734July 20
61 June 14
17014 Dec 20
305 Jan 11
17888 Sept 24
171 Sept 28
1158 Feb 20
1814 Feb 13
275 Aug 24
37 Feb 10
51/
1
4 Feb 10
1218 Sept 9
31/
1
4Sept 9
144 Jan 6
14 Jan 8
24 Aug 24
2338 Aug 24
8334Sept 10
12618 Apr 30
7114 Dec 18
108 Dec 9
98 Nov 30
9614 Oct 13
74 Oct 13
11614 Jan
9218 Feb
3 Jan
147/
1
4 Jan
71 Mar
6278 Apr
354 Mar
89 June
354 Jan
7278 Jan
8 Feb
48 Apr
56 Jan
13612 Mar
265 Mar
8914 Mar
10514 Apr
338 Apr
513 Apr
140 May
2934 Mar
40 Mar
9 Jan
1914 Mar
314 Apr
7 Sept
7 Apr
12/
1
4 Oct
47 Apr
101/
1
4 Apr
404 Mar
92 Jan
82 Mar
441, Jon
60 Mar
1404 Dee
98 Dec
111
/
4 Dee
268 Dec
9412 Dee
6734 Nov
5812 Nov
100 Oct
64 Nev
8334 Dec
174 Nov
9258 MAY
59 May
15238 Jan
321
Jan
1301: Dec
130 Dee
10/
1
4 Feb
1912 Feb
200 Dec
3814 Aug
574 Jan
15 Feb
3238 Feb
1638 Jan
11 Nov
2812 Jan
22 Nov
8078 Dee
120 Dee
5878 Doe
100 Mx
8912 Mai
704 Sent
6634 Dee
6212 Aug
155 AD/
14734 June
60 Jan
39/
1
4 Dec
4678 Jan
4334 Jan
82/
1
4 Dec
4038 Jan
3638 Sent
10914 Sept
38% Aug
72 July
1251: Dee
12514 Doe
7414 Dee
331s Sept
6618 July
3412 Feb
312 Mar
51 Deo
634 Dec
8813 Dee
148 Dee
11912 Sept
5114 Feb
12 Sept
4614 sent
6514 Sept
3514 Sept
4 Ma
57 Nov
861
/
4 Nov
63 Feb
454 Sept
9212 Dec
41/
1
4 Dec
911: Dec
314 Dec
314 Dec
1374 Dee
1371: Dec
183 Dee
987s Nov
47 Dee
3444 Aug
12 June
36 July
45 Sept
151 Dee
86 Dee
7814 flee
4013 Dee
5538 Dee
211
/
4 Dec
8512 Dee
8934 Dec
79/
1
4 Dag
144 Nov
123 Dee
9114 June
41 June
4438 June
6278 Jan
102/
1
4 Aug
9214 July
694 Dec
78/
1
4 Dee
5414 No,
59 Jan 11 72 Sept 27
15014 Mar 30 18318Sept 2
129 Mar 30 1534 Jan 12
3712May 19 47 Jan 2
2212 Mar29 42 Dec 21
3334 Mar 30 5514 Dec 24
30 Mar 30 5014 Dec 24
6912 Mar 30 841s Dec 9
18 Dec 10 2714 Feb 15
2518 Apr 20 4114Sept 29
95 Mar 29 10912Sept 30
34/
1
4 Jan 22 4112 Dec 14
6734 Mar 31 80 Dec 14
11312 Mar 3 131 Sept 7
11512 Mar 30 12912Sept 7
7114 Jan 6 77 June 23
24 Dec 13 31 Feb 13
62 Mar 30 66 June 24
2412 Jan 15 5334 Dec20
34 Jan 15
1 Aug 14
1
4Sept 9
3414 Mar 3 51/
60% Mar 31 6838 Sept 10
7512Mar 3 106 Dec 10
118 Mar 30 144 Sept 3
84 Mar 3 9234 Apr 20
3818 Jan 26 61%May 28
418July 31 10 Feb 9
1912 Oct 22 40 Feb 9
3918June 21 51% Feb 10
1134 Oct29 2213 Feb 10
378 Jan 11
118 Dee 29
2578 Dec 31 5212 Feb 3
50 Dec 21 79 Feb 3
1
4 Feb 24
60 Oct 28 60/
294 Oct20 4718 Feb 9
82 Mar 2 9638 Dec 7
27 Mar 3 45 Sept 1
7112Mar 3 95 Sept 3
834 Jan 7
434 Apr 10
412 Jan 7
134 Oct 27
120 Mar 30 13212 Jan 9
117 Mar 30 14718Sept 7
180 Mar 3 2041 Sept23
93 Mar 11 106 July 8
30% Mar 30 4838 July 17
1934 Mar 30 2878 Feb 13
6 Jan 25 2014 Feb 5
13 Dec 8 2812 Jan 14
2778 Apr 15 4438 Sept 2
1394 Mar 30 17078 Oot 2
53/
1
4Nov 4 8538 Aug 11
6534 Mar 30 8218 Aug 26
15 Oct 19 48 Jan 6
48/
1
4 Mar 30 5712 Oct 27
1578 Oct 19 2634 Jan 14
67 Mar 3 122 Dec 13
96 July 7
79 Mar
7034 Mar 29 9178July 17
14212 Jan 2 15118 Dec 2
85 Mar 30 13514 Dec 30
79 Mar 30 10114 Dec 20
3934 Dec 4 42 Apr 26
40 Mar 30 45$4 Dec 21
42 Apr 8 6114 Aug 2
85 Mar 30 1031: Dec 22
8312 Apr 1 9712 Dec 23
57/
1
4 Mar 19 74 Feb 9
72 Mar 19 8014 July 27
2712 Mar 31 51 Des 2
1
4 Feb 18
3112 Mar 31 48/
9618 Mar 30 11214 Dec 20
10338 Mar 30 13114Sept 3
87% Apr 6 9512 Aug 5
4218 Mar 30 6138 Jan 13
1312 Jan 8 43 Apr 23
5914 Oct 25 7844 Jan 4
1
4 Oct 1
14112Mar 30 168/
7434 Jan 6 8114 AIM 28
1934 Mar 3 2712 Apr 7
65 Mar 2 125 Nov 11
3378 Mar 30 52 Jan 12
88 Mar 30 7834 Jan 13
57 Mar 29 72 Jan 29
1
4 Jan 4
11 Mar 3 16/
1638 Mar 30 2438Sept 25
2712 Dec 23 3914 Jan 2
72 Dec 28 8634 Sept 11
18 Mar 30 32 Jan 2
37 Mar 30 504 Jan 4
7034May 21
98 Sept 14
54 Jan
1334 Mar
125 Mar
34/
1
4 Oct
2634 May
35 June
34 June
60 Apr
25 Dec
23 Mar
gala Mar
2114 Mar
644 Feb
111 Mar
11212 Apr
6814 Aug
18 Jan
5913 Jan
1312 Mar
14 Jan
28/
1
4 Mar
67 Jan
69 Mar
106 Jan
64 May
324 Mar
6 Nov
20 Jan
424 Nov
16 Dec
214 Oct
3038 Apr
40 Mar
5712 June
2814 Jan
7434 Jan
30/
1
4 Jan
71 Mar
14 June
112 June
11314 June
11314 June
118 June
881: Jan
28 Mar
20/
1
4 Apr
5 Dec
21 Dec
2178 Apr
1234 Mar
754 Jan
5814 Apr
20 Aug
424 Apr
1334 Apr
6134 Arne
78 July
684 Apr
139 Jan
63 Mar
69/
1
4 Mar
35/
1
4 Mar
364 Mar
42 Apr
574 Jan
76 Jan
4334 June
704 June
2038 Jan
35 Mar 514 Aug
913 Oct 10838 Jan
77/
1
4 Jan 12018 Dec
83 Jan 954 Sept
4314 Jan 59 De,
74 Apr 15/
1
4 Sept
58 Jan 784 Dee
13314 Apr 1534 Jan
72 Jan 7714 July
18 Aug 334 May
4812 Mar 8378 Deo
194 Mar 4714 Aug
5534 Jan 7378 Del
3812 Jan 004 Aug
11 Mar 1838 A119
10 Mar 2614 Jan
1934 July 304 Del
72 July 81 Dec
1034 Mar 32 Dee
22 Apr 0378 Doe
113
Jan
7614 Dee
New York Stock Record--Continued-Page 2
483
Fos sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 15.
Monday,
Jan. 17.
Tuesday,
Jan. 18.
Wednesday, Thursday,
Jan. 19.
Jan. 20.
Friday,
Jan. 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for year 1926
On basis of 100-share lots
Lowest
Biotic-at
$ per share $ per share S per share
per share $ per share S per share Shares. Indus. & MIscel. (Con.) Par $ Per share $ per share
.63
67
*62
63
64
63
66
688 6834 70
1,900 Abraham & Straus__ __No par 43 May 20 72 Dec 28
6634 67
•10912.
*10934
*10912 ____ *110 112 *10912 112 *10912 112
Preferred
100 10418 Mar 19 112 Dec 13
*---- 2612 *____ 2612 •____ 2612 *23
2512 *23
2512 *23
2512
Albany Pert Wrap Pap_No par 2612 Oct 6 2734June 23
*143 149 *143 149 *14212 146 *143 147 *142 150 *140 150
All America Cables
131 Jan 6 155 July 24
100
*125 127
126 126
126 126
126 126
127 130
13012 131
1,100 Adams Express
100 99% Mar 18 136 Sept 22
*1012 104 1012 1012 1012 1012 1012 1038 10
1018 *10
1012 1,000 Advance Rumely
100
8 Dec 16 22 Sept 24
33% 33% 3312 3312 *3212 3312 3212 3212 3212 3212 33
33
600 Preferred
100 28% Dec 16 6534Sept 24
43
47
*478 5
47
478 472
478
478 44
434 4 8 2,000 Ahumada Lead
918 Jan 4
4% Nov 22
*139 140 *137 13814 13712 139
13934 13934 13754 139 *13712 138
1,000 Air Reduction, Inc___ _No par 10714May 19 14634 Dec 14
972 1012 1038 1078 1014 1058 1014 1012 38,109 Alex Rubber, Inc
934 9%
934 10
718 Oct 20 16 Feb 10
No por
*138 112 *114
11
112
*114
112 *114
112 *114
112
200 Alaska Juneau Gold Mln__ 10
112
79 Oct 22
2 Jan 4
13514 13578 13312 136
13312 13538 13458 13638 135 1353 13518 13614 45,100 Allied Chemical de Dye_No
par 106 Mar 30 1488 Dec 20
121 121
121 12113 *121 12112 *12054 12112 12038 12038 *121 121 14
1,000 Preferred
100 11834 Mar 20 12234 Dec 2
00
8912 90
90
8912 91
9034 9238 91
91121 9112 92
6,000 Allis-Chalmers Mfg
100 7814 Mar 26 94% Jan 14
*110 112
111 111 .110 111 1 111 111 *110 111 *110 111
600 Preferred
100 105 Apr 7 11112 Dec 14
3514 36
3653 3514 364 35
36
3434 3514 3414 3434 24,400 Amerada Corp
36
No
par 2414May 20 32% Aug 9
1318 1318 1314 1312 *13
1314 13,8 134 1318 1318 1318 1318
700 Amer - Agricultural Chem._109
9 Oct 14 3438 Jan 14
49% 4934 48
47
4972 47
4712 4758 4712 48
*47
49
2,400 Preferred
_100 35% Oct 30 9612 Jan 14
45
4512 45
4512 4518 4814 46
46% 4638 4828 4712 4814 12,500 Amer Bank Note, new
10 3458 Mar 31
46 Oct2S
5912 5934 5912 5912 5912 591 _ 5912 5912
59,2 5912 *59% 60
2101 Preferred
50 55 Jan 15 5812July 10
*22
22% 22% *2234 25
25
2234 2234 2234 2234 *23
24
500'AmerIcan Beet Sugar
100 2012Sept 13 3834 Feb 5
*5812 59
5814 5814 5814 5814 *58
61
*58
61
61
*58
200 Preferred
100 55 Nov 5 83 Feb 24
1618 1614
16
1512 1578 1518 1512 13
161
13% 13% 9,400 Amer Bosch Magneto No par 16 May 19 34% Jan 4
15,8
13512 136 *13518 137
135 135
13612 13912 *135 139 *136 139
503 Am Brake Shoo & F___No Par 110 May 19 180 Feb 2
*11714 120 *11714 1193 *11714 11814 *11714 11814 *11714 11814 811714 11814
Preferred
100 11014 Mar 24 12814 Feb 18
38% 3834 38
38
38
38
3712 378 3714 38
38
38
2,000 Amer Brown Boyer' El _No par 304 Mar 29 50 Aug 9
*97
98
971
*97
9714 9714 97
97
*97
98
*9714 98
200 Preferred
100 8612 Ntar 31 9718 Jan 16
4718 47% 4634 471
4618 4634 4618 463
4638 47,8 4612 47
51,600 American Can w I
25 3878 Mar 30 6318 Aug 4
127 127 *127 1271 12714 12714 *127 130
12734 12734 *12734 130
703 Preferred
100 121 Jan 4 13018 Dec 15
101 101
100 101
100 100% 10014 101
10078 10134 101 10112 3,800 American Car & Fdy....No par 9112 Mar 31 11478 Jun 12
•129 130
130 130 *129 13014 *129 13014 12934 129% 130 130
300 Preferred
13014 Dec 22
100 12012 Oct I
2512 2512 *2512 26
2534 2534 26
26
2534 26
26
26
1,300 American Chain, class A._...25 2314 Mar 30 2614July 20
3712 38
37% 37% *3718 38
*374 38% 3814 3814 3712 3712 1,200 American Chicle
par 31 Oct 11 61 Jan 4
No
37
*38
3612 3612 *35% 37
*3614 37
*364 37
*3612 37
100 Do certificates
No par 28 Oct 13 474 Jan 7
1052 II
1012 1034 1058 10% 1034 1078
1018 1058 1014 1058 24,800 Amer Druggists Syndicate_ _10
414 Jan 6 1038 Aug 19
13012 13012 127 128 *12732 130
130 130
131 131
130 130
700 American Express
100 105% Mar 3 140 Jan 6
204 20% 2014 2012 2014 20% 2038 2012 2012 21,4 2012 21
6,100 Amer & For'n Pow new_No par 1414 Nor 3 42% Jan 2
*89
8918
89%
89
89,8 89
*88
89
*88
89
88
88
600 Preferred
No par 79 Oct 1 98 Feb 13
*812 9'3 *812 912 *812 9,4 *81" 912
84 812 *818 812
500 American Hide & Leather_100
7 May 10 1712 Feb 9
52
52
51
51
51
51
*51
52
51
51
51
51
800 Preferred
100 3312May 7 674 Feb 9
31% 31% 31
3134 3012 3114 3058 31
31
3138 30% 31
3,800 Amer Home Products_ _No par 2358 Oct 8 3058 Dec 30
119 119 •119 119,
4 11912 11912 120 120
1193 11934 119 119
1.000 American Ice
100 109 Mar 31 136 June 8
*85
851:: 8518 854 *85
8512 8514 8514 *854 8512 *85
8512
300 Preferred
100 8112 Oct 18 8634June 1
3734 3938 3812 40
38% 3938 39
3978 39
3914 39
39
22,100 Amer International Corp 100 3134July 19 4654 Feb 16
9
9
9
9
8% 914
8% 878
8,
8 8%
8% 8% 9,100 American La France F E___10
978 Dec 29 15% Jan 4
2858 2878 *28% 29
2812 2914 29
29
*281. 2914
28% 29
1,800 American Linseed
100 2558 Oct 20 52% Jan 4
68% 68% *68
6812 68% 68% *6814 69,2 *68,2 69,2 *6814 69,2
300 Preferred
100 67% Oct 19 87 Jan 4
10612 107
10718 10734 106 10718 10534 10634 10612 108
107% 10914 8,300 American Locom new.._No par 9014 Mar 31 1194 Jan 4
*12014 12012 •12058 12012 12012 12012 12038 12012 *12018 121
12012 121
1,000 Preferred
100 116 Aug 9 12414 Dec 7
76
76
76
76
7534 7534 75% 764 7614 76,4 76
7714 2,100 Amer Machine & Fdy_ _No par 6514 Oct 11 8012 Aug 16
*125 135 •127 135 *127 135 *127 135 *128 135
*128 135
Preferred
114 July 15 125 Dec 23
100
4278 4278 42% 43
4214 42'38 4212 4312 44
44
43% 43% 1,500 Amer Metal Co Ltd___No par 4214 Dec 23 5738 Feb 16
•109 112 *11032 112 *110 112 •11038 112 *11038 112 *110,
8 112
Preferred
100 11312 Apr 15 120 Feb 6
6012 60% 5934 6038 59
5912 59
59% 59% 5978 5814 594 --5,i00
Am Power & LIght____No par 50%May 19 7212Sept 8
11314 11314 11214 113
112 11214 11112 11218 11034 111
11012 111
3,000 Ameritith-Radiator
25 101 1 1May 19 122% Aug 9
8812 8812 8812 88,2 *88
89
*8814 8912 89
89
*9014
300
92%
Amer
Rallway Express____100 77% Mar 31 90 Dec 10
*36
40
37
37,4 4034 4034 *42
43
*40
42 • *4012 50
300 American Republics__ _No par 39% Nov 9 74 Jan 5
5434 5434 53
54,2 •5212 54
5012 54,4 50% 5112 5018 51,4 10,000 American Safety Razor__ __100 42 Apr 14 70% Aug 17
6
6
5% 6
6
6
6
6
6
6
900 Amer Ship & Comm__.No par
5% 5%
5% Dec 29 1178 Mar 12
138 13918 138 138% 13638 137% 13712 14114 139% 14012 13912
14038 28,900 Amer Smelting & Refining_100 10958 Apr 21 152 Aug 17
*12112 122
121 12112 12034 12034 12012 12012 12114 12114 12114 12114
1,000 Preferred
11278 Mar 31 1223* Dec 20
100
*126 127
11938 125% *122 125
124% 12434 122 123 *122 125
1,900 American Snuff
100 12134 Oct 6 1(45 Feb 9
447/1 4514 44,
4 4514 45
45
45
4512 45
45
45,
4514 4.400 Amer Steel Foundries_ _No par 40 May 11 47 Aug 3
*113 114 •113 115 •113 115 *113 115 •113 115 4 •113 118
Preferred
1104 Sept 21 115 Feb 23
100
2
82
82% 814 82% 8114 82
82
8214 811. 82
100 654 Apr 14 8714 Nov 26
4.300 Amer Sugar Refining
*10812 110
10934 10934 109 109
109 109 *108 110 *108 110
300 Preferred
100 100 June 19 11012 Nov 30
45
4632 4534 4634 46
46% 4512 464 45
4578 4512 4614 17,800 Am Sum Tob new ctis_No par 2914 Aug 13 44 Dec 18
_
Option A elfs
100 1412 Apr 28 26 Aug 19
-2-81
;28- 261;
16- '28 29 1312-8i4 29 *284 29
100 Amer Telegraph & Cable 100 2512July 6 41 18 Feb 10
15334 15379 15312 15378 15314 153,2 15212 153% 15214 153% 152% 15234 8,100 Amer Telep & Teleg
100 13958June 18 151 Dec 18
12178 12178 12132 12138 12118 12114 122 122
121% 12138 12238 122%
900 American Tobacco
50 11138 Mar 31 12434Sept 8
112 11214 112 11214 112 112 *11114 112
112 11238 112 112
1,100
Preferred
10618 Jan 4 113 May 26
100
121 12138 121 12114 12058 12158 12118 12118 120% 120% 12018 121
4,200 Common Class B
50 11018 Mar 31 124 Sept 8
126 126 *1254 12612 •12512 12612 12612 128
12912 134
13318 137
4,300 American Type Founders..100 114 Jan 22 135 Feb 13
65
6514 6434 6512 64% 6538 6412 6434 65
6634 66% 6714 10,400 Am Water Works & Elec
20 43% Apr 13 74 Jan 4
10712 10712 *105 111 •105 111,
4 *1084 11134 110 110
110 11078
603
let preferred (7%)
100 10112 Mar 3 10814 Jan 27
2812 2914 29
294 2618 2858 2618 27% 2614 27% 2614 27
20,800 American Woolen
19 June 9 42% Jan 13
100
8178 8212 817* 82
76
8112 7812 8114 8012 8078 8012 8012 5,100 Preferred
100 66 Apr 30 9014 Dec 7
1
*1
1
114
II, 118
*1
118 *1
114 *1
114
200 Amer Writing Paper pref 100
12 Aug 13
558 Jan 13
12 Aug 4
Preferred certificates
412 Jan 13
100
813 812
812 812 -*812 834
834 834
9
9
9
912 - -5:666 Amer Zinc. Lead & Smelt___25
518May 19 1218 Feb 4
4312 4312 4312 4312 4314 4314 44
4414 *44% 4412 45
4678 4,000 Preferred
20
May
19
Dec 10
2
544
48
485* 4754 4838 4738 473
4734 48% 4758 4754 47% 48
7,600 Anaconda Copper Mining 50 4112Mar 30 5178 Aug 6
4112 4112 4118 4112 4112 42
4178 42
*41,
4 42
z41% 41%
900 Archer, Dan'Is, Micll'd_No par 3478June 11 44% Jan 2
*106 10734 *106 10734 *106 10734 *106 10734 *106 10734 10734 107%
100 Preferred
100 100 Mar 4 108 Oct 16
*9434 95
*9412 95
95
948 95
95
95
9518 *94% 9514
700 Armour & Co (Del) pref.._100 9014Nlay 21 97% Jan 13
153
1518 1538
1438 1438 15
1518 1514
1518 1514
1518 1538 5.200 Armour of Illinois Class-A....25 1318May 22 2512 Feb 13
778 778
8
8
78 8
8
8
8
8
8
814 2,300 Class B
534Ntay 20 17 Jan 4
25
8312 8312 8312 8312 *82,2 8412 *8214 8414 *801^ 8412 •82
8414
200 Preferred
100 80 Apr 30 93 Feb 11
*2218 2212 2218 23
23
23
2314 234 23
*2312 24
25
4,700 Arn Cons Corp tern ctf No pa
18 Apr 12 31% Jan 6
*2214 2238 *21
23
2214 2214 *22
2214 *22
224 2214 2212
Art Metal Construction_ ___10 194 Jan 2 2334 Oct 5
*4912 52
*4912 5012 *50
5012 4978 5018 *50
5012 •50
5012
300 Artloorn
No pa
4634Sept 23 6312 Jan 21
•112 11418 *112 11418 *112 11418 •112 11418 *112 11418 *112 11418
Preferred
100 108 Mar 18 113 Dec 6
4058 4058 4012 4012 4018 4038 4012 4112 4112 425* 41,
8 4214 8,000 Associated Dry Goods
10
374 Mar 30 54% Jan 9
•10012 102
10114 10114 *10012 102 *10012 102 *10012 102 *10012 102
200
1st preferred
100 98 Mar 25 10212 Jan 6
*107 109 *107 110 *107 110 •107 110 *107 109 *107 109
26 preferred
100 102 May 19 110 Dec 20
*39
50
*49
50
4912 4912 *4912 51
*4912 51
*4912 51
100 Associated 011
25 44es Jan 6 60 Mar 4
40
4012 40,4 4012 40
40
40
4078 3812 391_ 3712 3814 4,500 Atl Gulf & W 158 Line___100 29 Oct 11 683
8 Jan 6
4'37
3812 *37
38
*37
3812 3638 3712 36% 36%
38'4 *37
600 Preferred
100 334 Oct 27 5614 Jan 30
11314 114
114 115
11314 114
113 1145, 11218 11314 6,800 Atlantic Refining
1138 114
100 97 Mar 3 128%May 24
11612 11612 *116 11612 *116 11612 11638 1165* •116 1161 *116 11612
300 Preferred
100 11518 Oct 1 120 June 22
*6034 61
*6012 61
61
61
*6114 62
6212 *61
62
6212
600 Atlas Powder
No pa
64 Mar 4 84 Nov 22
9914 9914 100 100
9914 9914 9912 100
29812 9812 *99% 10114
200 Preferred
100
94 Jan 8 9738 Dec 16
*812 938 *912 98 *812 94
812 812 *814 712
814 814
200 Atlas Tack
No pa
8 Oct 21
1712 Jan 30
*884 9
8% 8%
9
9
*834 9
834 8% *84 812 1,000 Austin, Nichols&Co vto No pa
718 Oct23 28 Jan 29
5518 5513 55
56
56
56
56
56
5618 5618 58% 58%
160 Preferred
100 54 Nov 3 93 Jan 6
14
*14
33
38
28
,4
38
38
14
38
% 5,100 Auto Knitter Hosiery..No pa
14 Oct 9
218 Feb 11
14914 15112 148 15012 1434 148% 14434 14778 14458 14612 144% 148
97,900 Baldwin Locomotive Wits_100 92% Mar 31 16734 Dec 24
•116 11634 *11512 11654 *11512 116% *11512 11634 11634 11634 117 117
400 Preferred
100 105 Mar 31 11914 Nov 24
32
3212 32
3212 32
32% 32
32,4 3214 323
31
32% 92.400 Barnalall Corp class A
2
2312May 11
3312 Jan2
2914 2938 295* 2978 2914 291 2 29
29% 29% 2958 2814 2934 8.200 Class B
25 2212 Oct 27 2911 Jan 2
515* 513
52
52
52
5258 3,900 Ba-uk Cigars, Inc
5238 523 5314 5214 538 52
No
pa
39 Mar 31 5538 Nov 301
*57
58
57
57
*56
58
*5612 58
*5612 571 *5612 5712
100 Beech Nut Packing
2
521, Oct e 71% Feb 4
*2612 2738 2658 27
27
27
26
2658 27
2612 2412 26
4,200 Beld'g 11'way Co tern etf.Vo pa
26 Dec 31 39% Jan 4
4718 4712 47
4714 46% 4718 47
4714 4638 4714 4638 47
14,400 Bethlehem Steel Corp
100 3714May 20 51 12Sept 20
10758 1094 10814 108% 10814 10378 10818 10814 10734 10814 10738 10818 3,800
Preferred (7%)
100
99
June 1 10578 Dec 22
3
*393 41
*39
41
4034 41
4118 *4012 41
*4014 41
41
700 Bloomingdale Bros,. .No pa
28 June 11 42 Dee 30
*11058 ____ *11058
•11058
*11058 ____ 210912 10912'109
100 Preferred
100
10414June
21 110 Dec 11
'
114 74 *64 7
62'8 67
678 738
7
•614 714
1,200 Booth Fisheries
No pa
418 Mar 24
934 Jan 11
*41
48
*41
46
.41
46
.41
48
*41
*41
47
48
1st preferred
100 34% Oct 1
51 12 Jan 7
26
26
2514 254 *2514 2714 *2514 26
1
2512 26
•26
400 Botany Cons Mills class A._5
27 4
20
May
25
4118
2914 2934 298 29% 284 2914 2938 31
3118 314 31
31 12 40,600 Briggs Manufacturing..No par 24 Oct 20 3712 Jan 4
Jan 4
"4
7s
"s
7s
*34
78
78
534
78
*34
78
*34
British Empire Steel
12.May 5
100
3 Jan 18
•1312 1912 *1312 1912 *131* 1912 •1312 19,2 •16
191" *1313 191"
1st preferred
934June 29 27 Jan 28
100
*212 23
*218
234 *218 234 •218 28
23
*218 234 *J18
2d
preferred
112June 24
100
1018 Jan 11
15012 15012 15012 15214 15012 15112 15014 15012 15038 15038 150,4 15034 3,100
Brooklyn Edison, Inc
100 133 Mar 31 163 Sept 8
*92
93
9134 9213 92
92
9214 9212 2,100 Bklyn Union Gas
9214 923
93
93
No par 68 Mar 30 98 Dec I
3318 3318 *33
3312 *334 3312 3312 3312 3212 334 *321" 33
900 Brown Shoe Inc
No pa
2912June 1 48% Jan 7
*11112 120 *11112 120 *11212 120 .11212 120 *110 120 *110 120
Preferred
107 June 5 111 Mar 10
*37
3712 37
3714 3718 37,2 3718 377
3718 374 37
3712 3,100 Brunsw-Balke-Collan'r_No 100
par 2438 Mar 30 3934 Sept 15
*12338 12512 *12234 12512 *12434 12512 12414 12512 125 12534 12434 1243
700 Burns Bros new clAcom No par 121 Mar 31 144 July 23
*2712 2834 273* 2738 *27
275 *2718 29 I
2712 2712 2712 *27
200 New class B cons____No par 2612 Nov 4 44 Feb 13
49818 101 ,•100 101
499i, 100
*9978 101
*997 100
100 100
100 Preferred
100 97 Mar
10312June 22
11914 120 ' 12012 12038 121 122% 122
*119 120
12212 12214 123
2,100 Burroughs Add Mach..110 par' 774 Aor 30
13 124 Dc,'29
- •Bid and rased prices, no sales on this day. s £1-111vidan4
PER SHARE
Rance for Previous
Year 1925
Lowest
$ per share
119"
90
13
47
718
86%
938
1
80
117
7112
10314
Apr
Apr
Feb
Oct
Jan
Dec
Jan
Mar
Jan
Jan
Jan
1312 Mar
3612 Mar
3912 Dec
5312 Jan
29% Oct
78 Dec
2618 Ma
90,4 Ma
10712 Jan
47% Dec
9018 Nov
474 Dec
115 Jan
9712 Apr
4 Apr
120,
2212 Oct
Jan
37
Jan
37
414 Dec
125 Apr
2714 Apr
87
Jan
812 Ma
5812 Sept
83
7412
3218
1114
20
63
10412
115
Highest
per abaft
f3i8-4 Oct
1171
/
4 Oct
20
Oct
6214 Oct
12% May
117% Dec
15% Jan
212 Oct
116% Dee
12114 Nov
9714 Dec
109 Dec
-2i7-8
Oct
8212 Dec
4458 Dee
6812 Sept
43
Jan
8778 June
54% Jan
156 Dee
114% Dec
5378 Oct
98 Dec
4934 Dee
121% Sent
115% Sept
128 July
27 Feb
62 Apr
5812 Apt
6% Jan
166
Jan
51% Sept
94 Feb
1438 Dec
7572 Jan
Mar 139 Dec
Mar 8886 JUID
Mar 4678 Nov
Jan 20 Nov
Mar 594 Nov
Jan 89
Oct
Jan 1447* May
Aug 124 Feb
_
575 Oct
119 Nov
4554 Mar
111 Mar
- _8978 Jan
z76 Sept
48
Jan
3678 Jan
518 Dec
90% Mar
10512 Jan
13814 Apr
3758 June
108
Jan
47% Jan
9114 Jan
122'z
84
79%
7634
1412
14412
11514
154
4712
11318
77%
1044
3734 June
130% Jan
85 Feb
10412 Jan
8412 Feb
103 Apr
34% Jan
9714 Aug
3434 May
6912 May
112 Dec
12 Dec
7 May
2478 May
3514 Apr
28
Jan
9012 Jan
9012 Mar
20 Mar
16 Dec
90 Dec
Jan
8
15
Jan
39 June
10112 Aug
4612 Aug
Jan
94
101
Jan
32 Ma
20 Jan
31
Jan
9512 Jan
113 Sep
45 Jun
9012 Oct
918 Feb
22 Jul
87% Jan
12 De
107 Ma
107 Au
1834 Aug
16 Aug
3814 Sept
60 Mar
37 Sent
37 June
934 June
47 Feb
145 Dee
12112 Oct
110 Nov
11912 Oct
135% Nov
764 Dec
103 Feb
64% Jan
9618 Jan
712 Jan
4
Jan
1212 Jan
44% Dee
5314 Nov
4811 Dec
105
Oct
100
Oct
2712 Oct
2034 Oct
9314 Nov
17% Oct
2038 Nov
6034 Dec
110 Dee
6116 Nov
102
Oct
10814 Feb
471A Dee
77 Sept
60 Sent
11712 Feb
11734 June
65 Dec
94
Jan
21 Dec
3212 Jan
95 Aug
41* May
146
Feb
11658 Jan
3312 Dec
30 Dee
5314 Feb
77% Aug
41% Dee
5312 Jan
Jan
102
438 May
25 June
40,8 Aug
Oct
27
158 May
22 July
6% July
120% Jan
7318 Dec
46 Dec
96 Mar
24 June
9212 Feb
17 Mar
9112 July
65
Jan
87
. Oct
52 Oct
48 July
44's Stay
5 Oct
Oct
36
14
Oct
15612 Nov
10014 Nov
4614 Dec
109
Oct
49% Jan
136 Det
39 Dee
99
Ore
103 Sent
Nov
Jan
Dee
Nov
Feb
Dec
Oct
Nov
Dec
Oct
Dee
Nov
New York Stock Record-Continued- Page 3
484
For sales during the week of stocks usually ibactive, see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday, I Monday,
Jan. 15.
Jan. 17.
Tuesday,
Jan. 18.
Wednesday, Thursday,
Jan. 20.
Jan. 19.
Friday,
Jan. 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for year 1926.
On basis of 100-shore lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1926.
Lowest
Highest
Per share $ per share $ per share $ Per 'kart
$ per share $ per share
per share IS per share 5 per share 5 per share Shares. Indus. & Miscell.(Con.) Par
1458 June 26 Dee
31
32
32
3314 5,400'Bush Terminal new..._No par 1634 Mar 18 3414 July 14
30
3038 3058 31
3138 3138 3112 32
80 May 8978 June
86
Apr 6 93 Aug 2
100
100 Debenture
*9112 94
*9112 94
*9112 95
*9112 94
94
94
*9112 94
9612 Jan 103 Dec
230 Bush Term Bldg,, pref..-100 9912 Jan 20 104 Nov 19
10612 10612 10814 10814 10814 109
10812 10812 10814 10814 *106 10812
8114 Jan
414 Mar
614 Feb 10
4 Dec 23
5
2,100 Butte Copper & Zino
4
4
414 414
418
4
414 414
*414 428
438 438
17 May 2824 Jan
1
4 Mar 3 71 Sept 15
100 17/
700 Butterick Co
53
*5234 5358
5312 53
5312 53
534 *53
5378 *53
'
53
1
4 Jan
84 May 24/
718May 18 1614 Jan II
300 Butte & Superior Mining._ 10
*1034 1134 1034 1034 1138 1138 *1034 1138 *1034 1138 1078 104
700 By-Products Coke_ -No Par 53 June 30 90 Sept 27
6712 6738 6738 *6712 6734
*67
6758 6738 6678 6734 *6634 67
23 Oct 447k "o"oi
44
4312 4434 1,500 Byers & Co (A M)__...No Par 28 Mar 29 444 Nov 16
*43
44
43
44
*43
44
*43
4312 43
6712 6712 6712 6728 2,000 California Packing_ _No par 6614 Oct 18 17912 Feb 4 10012 Jan 364 Nov
68
68
6738 681
6812 6812 6734 68
2378 Jan 3438 Dee
25 2934 Oct 11 3818 Feb 10
3178 3218 3214 3234 3238 3278 3218 3234 3112 3214 3118 3138 34,900 California Petroleum
484 Feb
114 Oct
258 Jan 15
112 Mar 26
10
21* 214 16,100 Callahan Zinc-Lead
218 212
214 212
2
214
214 238
238 258
Apr 6118 Dec
45
Aug
9
735
8
5512
Mar
29
Mining
10
300
Calumet
Arizona
*663
4
68
6712 6738
*6612 68
*6612 68
6634 6634 *6634 63
1
4 Jan
1214 May 18/
25 1338 Mar 31 1812 Aug 9
1,700 Calumet dr Hecla
16
1612 16
16
15
15
1518 1512 1512 1512 *1534 16
24 Mar 6812 Dec
100 6212 Jan 4 176 Aug 6
138 13912 135 13634 13412 137
13712 14212 13712 13712 139 13912 5,500 Case Thresh Machlne
10712
Deo
Mar
60
Aug
10
11812
96
Jan
5
100
100 Preferred
11412 11412 *11414 115 *11414 115
*11414 115 *11414 115 *11414 115
1434 Mar 2338 Oct
7 Nov 11 2012 Jan 5
700 Central Leather
100
9
914 *834 9
914 914
938 938 *914 934
*914 934
Oct
71
Mar
4914
Jan
5
683
4
4314
Apr
28
100
1,200
Preferred
557
8
553
8
56
55
5518
54
•54
55
55
54
5512 *54
3034 Sept 474 Mar
1014 Oct 25 3278 Jan 8
300 Century Ribbon Mills__No par
1112 1112 12
1212
*1112 12
•1112 1214 *1112 12
*1112 12
94 Dec 9834 Jan
320 Preferred
100 7814 Dec 29 90 Jan 21
78
78
78
73 "73
*73
71
72
71
71
72
73
434 Mar 6438 Noy
*61
6112 6114 6134 3,100 Cerro de Pasco Copper_No par 5712 Jan 22 7312 Aug 9
6112 6112 611* 6134 6034 6139 6034 61
4084 Mar 5834 Sept
4338 8,500 Certain-Teed Products_No par 3618May 20 4912 Jan 5
4334 4378 43
43
43
4234 4314 4212 4234 4234 44
8912 Jan 110 Sept
100 100 May 22 10614 Nov 9
let preferred
*107 109 *107 109 *107 109 "107 109 *107 109 *107 109
812
11
Feb
Nov
26
6
Cleveland
Mot
No
par
1,100
Chandler
912
912
1012
*912
958 93*
10
1012 10
10
94 10
No par 2034 Dec 9 4514 Feb 15
2214 2214 2,400 Preferred
22
22
22
2314 2312 2212 2312 22
2278 22
1 Mar 128 Dee
12918 13112 13112 13214 131 13138 8,000 Chicago Pneumatic Tool_ _100 9412 Apr 8 12814 Dec 27 16;
12912 13038 12938 13012 130 130
4978 Mar 7478 Oct
No par 4518May 19 6638 J80 4
52
2,000 Childs Co
5138 5112 5112 52
51
51
*51
5078 52
52
52
3012 Mar 374 Jan
25 30 Mar 3 3638 Jar 6
34,500 Chile Copper
36
3618 36
3618 3578 3638 3618 3612 3534 3614 3534 36
19 Apr 2838 Feb
Chino Copper
5 18 Mar 3 26 Nov 4
*2238 25
*2258 25
*2238 25
*20
25
*2258 25
*20
25
6234 Dec 6412 Dec
4,500 Christie-Brown certits_No par 2912 Oct 15 6334 Jan 4
40
42*3934 4078 4038 4034 40
4034 41
41
4112 38
Jan
9
547
8
Mar
30
2812
Chrysler
Corp
new.
109,200
-No
par
4114
417
42
8
4112
414
4014
403
4
41
41
4014
4034 4114
8 Nov
ill; iff78No.par 93 Mar 30 108 Jan 2 1(16110458 10438 *10338 10412 1,000 Preferred
10412 105 *10414 105
*104 10518 104 104
5812 Mar 7184 Jan
1,700 Cluett, PeabodidiCo.._ _100 60 Dec 18 6812 Jan 7
62
6312 6278 6278 *6212 6234 6214 .6212 *6214 6314 262
63
Sept
109
Jan
10312
116
Sept
17
40314
Jan
13
30
Preferred
100
*118
*113
1147
8
114
114
*113 1131_ 3.113 11478 114 114
Jan 17734 Nov
80
No par 128 Mar 24 17434 Dec 27
16912 17134 17012 1707s 9,500 Coca Cola Co
17014 173
17014 1704 170 17034 16934 171
Dec
21
6912
343
4May
27
par
21,600
Collins
&
No
Alkman
7018
6912
68
707
8
6814
653
4
6512
657
8
65
3
4
6512 66
6558
700 Preferred
100 9834May 27 13812 Dec 24
140 140
135 135 135 135
*128 140
*128 135 *129 135
3214 Apr 481g Jan
100 2738 Mar 3 494 Oct 2
4914 4834 503s 104,100 Colorado Fuel & Iron
4438 4614 4618 4778 47
4438 4434 4414 45
45 Mar 8284 Dee
par 5558 Jan 26 7034 Dee 14
Columbian
No
6,600
Carbon
v
tO
69
704
703
4
6912
7
0
673
8
*67
6712 6718 6712 6714 6712
Oct
458
4 Jan 86
Mar
29
9034 Dec 6
No par 6312
300 Col Gas dr Elea
9112 *90
9112
9112 *90
*91
*91)12 9212 9038 9058 91
100 11134Sept 13 11718 Nov 26 10414 Jan 11412 Dec
Preferred
•11618 11818 *11612 11834 *11638 1183$ •11638 11838 *11412 11838 *11638 11838
Dec
5512
Sept
3812
14
1612
Nov
4712
Jan
13
par
__No
400
Commercial
Credit._
17341
1714
1714
1714 1714 1714 1714 *1718 1718 1714 1714 *1714
2514 Sept 2712 Oct
25 2114 Nov 13 2614 Jan 13
150 Preferred
2112 22
*2112 22
217a 2178 *2112 22
*2112 22
22
22
2614 Sept 2734 Dec
2734 Jan 11
25 20 Nov 1
Preferred B
2112 2112
*2112 22
*2112 22
*2112 22
*2112 2214 *2112 22
9912 Feb 26
100 8512 Dec 3
84
300 let preferred (63.5)
84
84
84
87
*84
87
*8412 87
8412 8412 *84
50 Jan 84'i No,
100 Comm Invest Trust._.No par 5412 Dec 31 72 Jan 11
57
57
*53
*53
57
*53
*53
57
54
*54
57
54
104 Jan 28 100 Nov 10712 Nov
100 97 June
7% preferred
*9812 99
*9812 99
*9812 99
*9812 99
*9812 99
*9812 99
100
Jan
13
May
7
89
100
Preferred
200
(63h)
*9012 9178 *9012 9178 *9012 9178
91
91
9158 91
91
*91
24134 24414 24212 24458 16,600 Commercial Solvents B No par 11814 Jan 4 237 Nov 23 "76"May jai" "ig-tO
240 24339 240 246
24314 248
24112 246
2938Sept 1
1878 Nov 4312 Jan
1212May 1
1838 1878 16,500 Congoleurn-Nairn Ins_ No pa
1858 1834 1812 1834 183* 1912 1834 1939 1838 19
57 Dec 31
No par 4012May 1
900 Congress Cigar
535,3 5358
5312 532 5312 531 *5312 54
54
54
*5314 54
I Mar 12
38 Dec 9
Foil
stpd.
No
par
Ii May "if Feb
Conley
Tin
100
84
as
"8
*as39
as
14
*58
a
58
*513
58
2612 Jan 6334 Dee
8078 8158 11,700 Consolidated Cigar... No par 4514 Apr 15 8714 Dec 14
8078 8114 8034 81
8012 8114 8012 81
7934 81
79/
1
4 Jan 96 Dec
100 91 Mar 31 10728July 28
Preferred
•100 1021 *100 10212 *100 1021 *100 10212 *100 10712'100 10278
938 Feb
34 Jan
612 Jan 7
112 Aug 13
134
152
134
112
134 7,300 Consolidated Diatribl$ No pa
112
112
134
158 158
*112 134
744 Mar 97 Dee
87 Mar 30 11538 Aug 6
10438 10538 10434 10614 10458 10614 104 1054 69,003 Consolidated Gas(NY) No pa
1002 10678 105 106
514 Jan
234 June
414 Nov 22
114May 10
334 378
334 378 15,100 Consolidated Textile_ _.No pa
334 4
378 4
4
4
378 418
804 Mar 9312 Dec
70 Mar 30 9212 Jan 2
*7138 7134 7112 7134 7114 7134 2,400 Continental Can. Inc_ _No pa
7112 7112 7114 7238, 7118 72
Jan 140 Dee
13914 13938 1,700 Continental Insurance.. _ _ 26 122 Mar 31 14434 Jan 9 103
14014 14014 *139 140 *140 14014 14012 14112 1404 141
814 Jan 1512 001
97sMay 17 1378 Dee 27
1238 20,000 Cont'l Motors tern ctfs_No pa
1212 1278 1212 1238 1214 1238 1214 1212 12
1234 13
1
4 Dee
328a May 42/
3538 Mar 30 5158 Dec20
2
4712 4714 4712 4714 4734 4718 4712 14,70 Corn Products Refin w I
4718 4734 4712 4758 47
100 12212 Jan 6 13014 Dec 23 11818 Jan 127 July
700 Preferred
12914 12914 12914 12914 12938 12938 *12812 12912 *12812 12912 *12812 12912
Dec
48
Aug
604
62
Dec
9
4412
Mar
29
No
pa
Coty,
Inc
2,300
61
613
8
61
61
6012
613
8
603
8
6114 6058
6112 61
61
8412 Mar 84/
1
4 Nov
7912 7912 7938 7912 7934 7912 7934 5,200 Crucible Steel of America-100 64 Apr 15 8234 Dec 11
78
7912 79
79
79
92 May 102 Dec
100 96 Mar 30 104 Dec 14
10314 10312 *10212 10312 1033* 10338 1,100 Preferred
103 104
•103 10414 104 104
1
4 Oct
4414 Dec 54/
No par 2814 Oct 30 5332June 20
3278 321s 3234 3218 3212 13,100 Cuba Co
3238 3334 32
33
3312 33
33
1
4 Feb
838May 22 1112 Jan 29
784 Oct14/
No Pa
2,300 Cuba Cane Sugar
10
10
1014
10
10
1014 ' 1014 101e 1018 10
1014 1014
Oct82
/
1
4
Feb
374
100 3512June 8 5038 Dec 11
8,100 Preferred
4712 48
4738 4834 4812 49
*4814 4914 4918 4934 4734 49
20 Oct3312 Mar
2734 6,500 Cuban-American Sugar- 10 2014 Aug 10 3038 Jan 28
2678 2758 27
*2612 27
27
2714 26
28 • 27
*27
Mar
7
8
Nov
101
93
Nov
19
105
Jan
5
97
/
1
4
100
Preferred
•101 105 *101 105 *101 105 *101 105 *101 105 *101 105
1512Sept 24 2014June 7
100 Cuban Dom'can Sug new No pa
18
.01712 1818 *1712 1818 *1734 1812 *1734 1818 *1734 1818 18
50 514 Nov 19 55 Dec13
5218 5258 5212 5212 5238 5212 4,200 Cudahy Packing new
514 52
5134 5178 5134 52
62 Mar idi" "o-oi
7712 Mar I 108 Dec 28
No pa
108 10978 1,600 Cushman's Sons
*99 110 *10478 108
110 112
110 110
10712 109
44 Nov 59 May
32 Nov 26 51 Jan 14
No pa
900 Cuyamel Fruit
3534 3318 3313 *3314 3412
3512 *33
3258 3234 *33
3312 34
1
4 Jan
2778 Apr 49/
404
Feb
17
Oct
20
_No
pa
234
Chemical
v
t
o
2912 2912 2934 2934 2914 2914 1,900 Davison
2958 2958 2958 3034 2912 30
Jan 15912 Sept
10 12312 Mar 30 14112 Dec 13 110
13312 13312 1,300 Detroit Edison
13512 13534 136 13612 136 136
•13412 13512 *13412 135
Dec
9014
Oct
53
10418
Feb
10
31
Oct
7
.No
pa
Devoe
&
Raynolds
A.
2,300
3934 3934 3912 3938
3975 40
40
3.39
4()
*3838 3934 39
2134 June 4834 Nov
2114May 17 4714 Jan 2
2518 2512 2378 2518 2312 247e 2414 2534 2458 2538 2438 254 53,900 Dodge Bros Class A___No pa
9112 Oct
7311
May
July
20
90
7912May
17
pa
certlfs
No
Preferred
4,600
8218
8212
8
82
8212
823
8212 82
8212 8212 8218 8278 82
12/
1
4 Apr 1812 Nov
8 Oct 18 20 Mar 13
No pa
94 978 3,500 Dome Mines, Ltd
934 94
94 10
914 972
Rh 972
94 978
14 Feb 2311 Aug
19 Mar 20 46 Nov 27
No pa
1,000 Douglas Pectin
5114 5114 *5114 52
53
53
5212 5212 5278 5278 524 53
105
Jan 11314 Dec
Aug10
116
,
4
11112Mar
3
Light
let
pre__
_100
400
Duquesne
11524 11534 11534 11534 11534 11534 11534 11534 *115 116 *11512 11578
Jan
1
4 July 118
2,400 Eastman Kodak Co_ No pa 10658 M ar 30 13634 Dec 27 104/
13234 13234 13234 133
132 13212 131 13212 13112 13212 13214 133
304 Dee
1012
Feb
Feb
14
323
4
Oct
21
23
..No
pa
Eaton
Axle
&
Spring.
11,900
25
247
8
25
263
4
247
8
243
4
2458 2514 2478 2512 2478 2478
1814
Dec27
1543
4
Nov
4
21,500 El du Pont de Nern new_No pa
172 17412 17218 17438 173 174
16918 172
17312 17478 17114 174
No,
200 6% non-vot deb
100 10084 Apr 20 11018 Dec 10 "ii"
310738 10734 *10738 10778 *10712 10778 10712 10734
•101312 108 *10612 103 '
10114 Oct 11 2012 Feb 1
2
1,900 Eisenlohr & Bros
1239 1218 *1218 1214
1214 1238 *1214 1212 1218 1218 1218 1218
6134 Mar 31 82 Feb 1 ---.....
No pa
200 Electric Autolite
6478
*6312 6478 *63
64
64
*63
64
64
6312 6312 *63
4 Mar 23 16 Dec 27
No par
1438 19,600 Electric Boat
1514 1534 1514 1578 1434 154 1438 1434 1334 1412 14
1738 Apr 404 July
par 1514 Oct 7 3412 Feb 10
1812 13,500 Elea Pow & Lt
18
1712 1734 1712 1734 1714 1734 174 1738 1714 18
ma
Mar 30 115 Feb 11 100 Mar 110 June
300 40% pr pd
*104 10518 *10418 10438 *10334 104 *10378 10418 10418 10414 10414 10414
1004 Mar 11034 June
Feb
26
11012
Oct
5
10212
Prof
full
pald
----*10313
*10312
----*10312
____
____ •104
*104 --__ *104
1
4 Dee
894 Aug 94/
894 Mar 24 9834Sept 10
SOO Preferred certlfs
96
9638 96
9612 96
9618 *96
.39614 9612 964 9614 96
Dec 9 7812June 23
3414 3514 3258 3412 327$ 3358 3312 3434 3212 3378 3358 353* 71,700 Electric Refrigeration...No par 3338 Mar
80
/
1
4
Mar
80
Dee
Aug
19
3
944
7118
Storage
Battery.
No
par
Eleo
6,000
7814
787
8
787
8
77
7812 7838
77
7712 7734 76
7738 78
Ms Jut,
4 Feb 1
11
:May
1 May 20
Emerson-Brant1ngham Co 100
2
2
*1
*I
*1
2
2
*1
*1
2
*1
2
8 May 2684 Aug
2484 Jan 29
May
20
5
100
Preferred
15
15
*7
*77
8
*77
8
15
*7
15
15
15
*7
*7
6354 Alm 747k &VS
700 Endicott-Johnson Corp-- 60 ow:Mar 31 7238 Feb 8
6678 664
*664 67
67
*6678 6734 6678 67
*67
6734 67
100 114 Jan 7 120 Sept 15 111 May 11884 Oct
Preferred
*11612 117 *11612 11714 *11612 117 *117 11712 *117 11734 *117 1171
1324July 28
17
9972June
pfd_100
Office
Bldg
Equitable
121
*11912
121
*11912
121
*11812 121 *11812 12112 *11814 121 *119
4812 Nov 574 Dec
Eureka Vacuum Clean_No par 43 May 19 684 Dec 18
64
64
6578 6334 6412 64
6412 6312 64
6338 6412 63
1312 July 19/
1
4 Jan
1512
100 Exchange Buffet Corp_No par 1484July 20 17 Apr 22
1538 3.15
1512 *15
1512 *15
•1514 16
154 1514 *15
214 Mar
4/
1
4 Aug
334Sept
11
Apr
16
2
25
Fairbanks
Co
*214 314 *212 314 *212 314 *212 314 *312 312 *212 314
321: Jan 54/
1
4 Oat
No par 3758 Deo 31 5934 Feb 10
900 Fairbanks Morse
42
4238 424
*41
42
4118 4134 42
4058 42
*42
43
Nov
llnis
Feb 9 10812 June
115
Nov
23
10612
100
Preferred
109
*108
*108
109
*108
109
•10712 109 *10712 109 *108 109
1104
July
11
Feb
12712June
Jan
19
9
0
/
1
4
10312
Players-Lasky_No
par
30,700 Famous
109 111
11124 11212 111 112
11058 1114 111 11212 11114 112
1037:
Feb
120
July
100 115 Mar 31 12412 Dec 6
200 Preferred (8%)
122 122 *122 124
122 122
*120 122 *120 122 *120 122
26
Oct 8714 Dee
15 28 Mar 31 4712 Dec 13
40
41
42
4012 17,800 Federal Light & Trao
39
3934 3978 42
4014 4058 3712 40
824 Sept 89 Dee
No Par 86 June 18 94 Dec 20
Preferred
94
*91
94
*91
*91
94
94
*91
94
94
*91
*91
1514 Mar 954 Dec
500 Federal Mining & SmeltV-100 41 May 22 11184 Jan 5
88
8912 *80
89
8812 8812 .80
88
90
90
*85
90
4912 Mar 9471 Dee
100 61 Mar 3 105 Jan 6
801.
Preferred
*7618 77
*76
77
"7614 7714 764 77
7672 77
77
77
14712 Jan 179 Dec
9934 100
9934 10012 9934 9934 3.000 Fidel Phen Fire Ins of NY. 26 160 Apr 16 20014 Jan 23
9914 9914 9914 9934 9934 100
12
Jan
175 July
Fifth Ave Bus tern ctfa_No par 14 Oct 14 214 Feb 9
15 .13
1512 *13
1512
1512 •13
1512 *14
*13
*1314 15
300 First Nat'l Pio, 1st pref _ -100 96 May 18 107 Feb 13
99
9912 .98
9912 *98
99
*98
9818 *98
*0818 9912 98
384 Dec 40 Dee
1
4 Feb 6
No par 28 Nov 27 49/
700
First
Nat'l
Stores
29
283
4
2814
2812
2839
*233
4
283
4
2814
29
29
29
*2834
104 Mar 2834 Oet
No par 1414May 20 2614 Jan 13
1614 1638 1638 1612 6,400 Fisk Rubber
1638 1638 1638 17
1634 1678 1612 1658
/
4 Mar 16
1,300 1st preferred stamped-100 7672 Ain 19 841
84
84
8312 84
84
8438 84
844 84
84
84
84
100 94 June 3 107 Mar 1
cony
preferred
list
102
*97
102
*97
102
*97
*97
102
102
*98
*97 102
5612 Feb 1
4634 4778 4714 4738 23,300 Fleischman Co new_-Ne par 3214 Mar 29
4738 4734 4612 474 464 47
48
47
Ja
17934 Jan 29 -90
18339 No,
7718 7938 79
7914 3,000 Foundation Co
8034 8018 81
8058 814 *80
*8012 81
684 Sept 86 Dee
3ar
oe ll 86 Jan 2
7
5
g314
2
f11
rir
*
Zo
o
Fox
Film
Class
A
687
s
7,500
691s
69
6912
697
8
69
6912
6812
694 7014 6912 70
Mar
2472 008
8
3
Dec
33
1958
Jan
1
Co....No
par
3738 3812 3858 3938 3834 3938 46.900 Freeport Texas
38
3812 37
3814 3873 38
2878 Aug 3974 Nov
2978 3014 2934 2978 30
3114 3,000 Gabriel Snubber A_-.NO par 2568 Nov 11 42 Feb 11
30
3058 304 304 304 30
44
Jan
1814 Mar
Jan
4
Nov
5
93
4
53
8
par
No
900
638 7
Gardner Motor
718 718
7
7
7
7
7
7
4,74, 712
444 Aug 80
55/
1
4 Jan 2
Oct
edTank Car
4712 4718 4814 4714 4734 4734 48
5,7
12 Ge;rr
en
er
*474 4714 *4718 4712 47
9334 Feb 164 Nov
109
Dec
14
NI2J
M
un
a
el4
10
0
108
109
*10712
108
8
109
*10712
108
*1073
421
:Mar 70 Des
*108 10912 *10734 109
944 Aug 28
8438 59.7
12General Asphalt
8112 8314 8212 8434 8314 8414 83
8518
823
4
8812
854
Mar
947
k
109 Dee
14018 Aug 28
8414
Mar
21
11
23
612 130
125 125 *123 130 *123 130 *123 128 :
Ma
arr 2
5912 Feb 11
•125 132
58
0 M
new _No par 4
)General Cigar,
554 5434 554 5438 5458 25338 5412 2,M1
85t2 5578 5534 5578 55
100 109 Jan 11 118 Dec 8 kW - Jan 11139 Mat
*11612
121
*11612
121
121
*11612
120
*11612
11712 11712
4,118 1174 *116 11712 *116 11712 *116 11712
Debenture preferred (7)-100 10914 Apr 12 1184 Feb 10 104 July 116 Dee
454 Aug 504 Sept
*116 11712 *116 11712
61 Mar 30 6638 Aug 4
1,700 Gen Outdoor Adv A__ _No pa
57
5678 57
8628 5678 *5614 5673 5634 5712 5734 5778 57
281a Aug 3482 080
397gDea 27
certificates__No par 264 Mar 3
3,200
5373
4
377
8
Trust
38
38
3738
3712
3712
37
3778 3778
22714
Feb 337/
1
4 Age
38612
Feb
19
Apr
18
•3778 38
285
100
Electrie
General
______
.
.
954 Aug 14
79 June
No pa
4 9,300 New
-811"iiEs -81" -iii4
ti
"
8
"
4
14
18
-81z Ex-dividend. a Ex-rights.
day.
L1218
on
sales
no
prices;
asked
• Bld and
New York Stock Record-Continued-Page 4
485
For sales during the week of ',tack, usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Jan. 15.
Monday.
Jan. 17.
Tuesday,
Jan. 18.
1Wednesday.i Thursday,
Jan. 19.
Jan. 20.
Friday,
Jan. 21.
Sales
for
the
Week..
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for yea, 1926
On basis of 100-share lots
Lowest
per share I $ per share $ per share $ per share $ per share I 5 per share Shares. Indus. & MIscell. (Con.) Par
per share
1138 1112 118 1138 1138 1112 1114 113* 1138 1112 1138 1112 7,100 General Electric special____10 $11 Jan 5
*41
*4112 42
42
*41
42
41
42
42
44381 44
4458 3,400 General Gas & Eieo A__No par 34 Mar 30
*10012 105 *10118 105 *10112 105 •103 106
105 105 *105 10734
200 Preferred A (7)
par 95 51y11
115 115 *11312
*114 118 *11418 118 *11412 117
11512 11513
100 Preferred A (8)
NO
No. par 10512 Apr 8
06
96
*96
96
06
97
*96
97
97
97
9714 9714
500 Preferred B (7)
No
9214 Apr 27
15014 15214 1478 1508 14612 14814 1477 15034 14834 151
14834 15034 441,700 General Motors Corp '
No :
p rT 11314 Mar 29
12134 12134 12113 12178 12134 12134 12112 12112 12112 1213* 121 12134 4,200 7% preferred
100 11312 Jan 29
____ *104 ____ *104
*104
____ *104
*104
*104
6% preferred
100 9814 Apr 13
General Petroleum
25 4912Mar 2
-8312 -85;18 84
84* -334 if - 87
88'2 87
8734 -8718
3
,6015
Gen Ry Signal new____No par 6012 Mar 31
.10412 106 *10412 106 *10412 106 *10412 106 *10412 106 *10413 106
Preferred
100 103 Apr 14
42
42
*40
4213 *40
38
*40
*40
42
42
41
41
300 General Refractories___No par 36 May 27
4118 4118 4118 4134 4134 42,4 4112 42
417 418 *4158 4218 3,000 Gimbel Bros
No Par 4114 Nov 10
*102 104
103 103 *10212 104
10312 10312 *103 10312 *103 10312
200 Preferred
100 100 Nov 10
1938 18,
19
19
19
8 19
19
1913/ 1934 1934 19
195* 6,700 Glidden Co
par 1533June 3
44
44
44
*4334 45
4412 44
444 44
4412 *44
1,100 Gold Dust Corp v t e No°
4434
N par 4112Mar 31
4614 47
4634 4634 4638 47
47
4778 47
474 4612 47
5,600 Goodrich Co (B 17)
3912 Nov 30
No
par
*9513 9634 964 9634 *9612 97
*9612 97
964 964 *96
200 Preferred
9612,
100 9412 Dec 22
90014 10012 *10018 10012 10014 10014 9934 9934 *9912 100
9912 99,2
500 Goodyear T dr Rub pf v t 2.100 9612 Dec 16
106 10612 *10618 108 *10613 108 •10618 10712 *107 10712 *107 10712
200 Prior preferred
100 10414 Dec 18
59% 59% 59% 6034 5978 603* 5912 593
5834 59
59.1 5978 3,000 Gotham Silk HosieryNa par 3314 Mar 30
*59
5914 5912 60% 598 60
5912 *59
608 6038 *5914 60
000 New
No par 4712July 12
*11012 112 *11012 112 *11034 112 91034 112 *11034 112 91034 112
Preferred
10
°0
1. 98 Apr 6
912 912
912 91
912 932
*913 10
912 912
912 912 1,300 Gould Coupler A
No par
8 Oct 30
34
3358 3438 34
3312 34
3358 34
33
34
323* 33
8,500 Granby Cons M Sm & Pr_100 1618 Mar 31
112 114% 11212 114
11034 112
11214 113
11258 114
11312 113% 22,200 Great Western Sugar tern etf25 89 Apr 14
121 121
12178 12178 12012 1215 121 121 *121 12112 121 12112
390 Preferred
100 10812 Mar 30
29% 2934 2938 2953 2938 291 *2914 2934 2912 294 30
3212 4,100 Greene Canape& Copper_ 100
9% Apr 3
918 918
9
9
9
9
*9
912
9
9
*9
912 1,000 Guantanamo Sugar____No par
518 Jan 5
*5512 5614 *55
56
55
551 *5512 5612 *55
5614 *55
500 Gulf States Steel
5614
100 5138 Oct 25
65
65
65
6534 *6412 653
67
67
66
66
6614 67
535 Hanna 1st Orel class A
100 45 June 18
*26
*26
27
2614 26
26
•26
27
*25
25% *2512 27
100 Hartman Corp class A_No par 26 Oct 20
*1812 19
1834 1834 1812 193
19
19
1912 1912 1812 19
1,000 Hayes Wheel
No par 17% Dec 23
*77
*7612 80
8014 *7814 8014 80
80
79
79
79
79
300 Helms(0 W)
25 63 Mar 29
*2712 2814 2618 27% 25
26
25
25
26
26
26
26
700 Hoe (R) & Co tern ctle_No par 1712May 27
63 "61
63
63
6214 6214 63
63
*58
6134 *59
6134
300 Homestake Mining
4712 Jan 4
100
44
44
*43%
4412 4414 4414 4434 4514 447 45
45
1,900 Househ Prod,Inc.tem ctfNopar 40 Mar 3
4534
6334 6438 64
6412 6414 68
6713 7012 69
7134 69:4 71
22,200 Houston 011 of Tex tern ctfs100 5014 Mar 31
38% 38% 3812 387s 3812 3812 38% 395* 39
7
39
39
3934 5,400 Howe Sound
No par 27 Jan 8
52
5238 49
52,8 4834 50
4858 51% 50% 5134 50% 5158 179,300 Hudson Motor Car__ No par 40% Oct 20
2158 22
21
22
2118 2114 2112 2112 2138 2158 2114 2158 12,000 Hupp Motor Car Corp._ 10 17 Mar 2
31
3214 31% 32,3 30% 3112 30% 3114 303* 3134 304 3112 27,200 Independent Oil & Gas_No par
19% ar 30
1514 1514 *15
17
*15
17
*15
17
*15
17
15
15
1,100 Indian Motocycle
No par
1413 Dec 31
8
*8
8
812
77s 77
*734 8
8
8
73 Oct 20
812 81
400 Indian Refining
10
*712 814 *712 8
8
812 *758 74 *734 8
77
81
4,400 Certificates
10
713 Oct 20
900 107 *100 107 *100 107 *100 107
107 107 *102 1051
100 Preferred
100
May 14
90
•92
95
93
93
*93
95
*93
95
*93
95
*93
95
100 Ingersoll Rand new____No par 8014 Mar 31
*4214 43
4212 43
424 42% 4212 43
4134 413
4134 413
1,700 Inland Steel
3412May
par
No
11
•111 113 *Ill 113
111 111 •106 113 *106 113 *106 113
100 Preferred
100 1084Mar 16
*2434 25,4 2458 25
2412 24% 2412 2434 2412 2412 *2414 241
Inspiration Cons Copper_ _.20 2034 Mar 30
2,100
.1214 1212 1212 1212 *1218 1213 1212 124 1212 1212 1234 127
2,500 lntercont'l Rubber__ _No par
12 Dec 31
*10
1014 *934 1012 *934 1012 *934 1014
*934 1014 *934 101
Internet Agricul
No par
918 Dec 8
*6212 64
*6212 64
6212 6212 *63
66
*63
preferred
64
563
Prior
100
64
100
Dec 6
563*
5418 5438 04
06
5512 57
56% 574 5612 5612 57
571 11,400 Int Business Maclaines_No par d3818 Mar 30
4912 4912 4818 4938 47
4812 46% 48
463* 4712 4514 47
International
12,900
Cement_
Oct 20
_No
44%
par
*104 105 *10334 105 *10334 105
10334 10413 *103 10434 10214 1021
100 1017 Oct 26
400 Preferred
4514 4638 4514 4612 4538 4613 46
4834 48
493
48
493 62,300 Inter Comb Eng Corp_ _No par 3312 Met'30
13758 13812 13614 13734 13538 13812 13812 141
13912 14034 139 140
14,200 International Harvester
100 11214 Mar 29
127 127
12714 12714 *12634 127 *12634 127
127 12718 12712 1271
100 118 Jan 5
900 Preferred
7
7
6% 7
6% 7
14
74 712
73*
Marine__
734
4,600
Mercantile
6 Sept 21
100
*7
lot
73*
3718 3812 3734 384 3818 39% 39
4014 39
4018 3878 391 25,500 Preferred
100 27 Mar 30
62% 6312 6212 633* 6212 6314 6314 64
637 64
6353 635* 4,400 International Match pref...35 5312Mar 3
4058 4118 403* 4118 404 41
4014 40% 397 403* 397 401 24,000 International Nickel (The) 25 32% Mar 30
*10314 105
105 106 *106
_ 106 106 *106
____ *106
500 Preferred
100 10118 Jan 29
57
57% 57
57
56
5614 5612 5758 57
57
5618 57,8 4,90'.. International Paper
100 441 Apr 15
9834 9834 9834 99
•9834 99
9853 9834 9834 9834 *983* 99
900/ Preferred (7)
100 89 May 7
*15812 160 *15834 160 *15812 160 *15812 160 *159 160
160 160
100 International Shoe___ _No pa 135 May 6
12612 12758 1261 2 12612 12578 1261 12614 12758 12614 127
12612 127
Internet Telep & Teleg
4,700
100 111 Mar 3
*2012 211 *1913 2112 2114 2114 *2018 21
*2018 21
*2018 2014
No pa
100 Intertype Corp
1812July 24
5512 5513 5412 5512 5312 54
5512 5612 555 5658 555* 5573 6,200 Jewel Tea, Inc
100 25 Jan 4
*120 123 *120 124 *120 124 *120 124 *120 124 *120 124
Preferred
100
Jan 29
11512
133 1312 135* 163* 1518 15% 1512 1612 15,
8 16% 153 163* 11,1001Jones Bros Tea, Ine,stpd 100
9 Dec 4
2012 20% 19% 2014
1812 1912 1858 1912 185 19
No pa
19
1912 6,500 Jordan Motor Car
12 Nov 12
*4
38
38
*18
"4
•%
1.1
3e
200 Kansas Gulf
*15
33
34
38
14 Mar 4
10
*113
114 .3113 114
113 113
113 113 *11214 114 *11218 114
200 Kan City PAL 1st pf A _No pa 10714 Mar 29
55% 5612 35312 57
554 *5414 5434 5414 5412 11,100 Kayser (J) Coy to.. _ .No pa
54,8 5412 54
33141May
20
1012 1912 1038 1038 10
1014 10
1078 10
101g *10
1014 4,200 Kelly-Springfield Tire
9 Oct 9
2
*44
47
*44
47
.44
47
41
42
4012 4012 *40
44
400 8% preferred
4312
Oct
20
10
.48
51
*48
61
47
47
44
44
*41
45
*43
48
300 6% preferred
100 45 Dec 1
*80
85
*80
85
7912 80
*78
83
*80
83
*80
87
200 Kelsey Wheel, Inc
100 7034 Nov 26
6134 6134 6158 62
6134 62
617k 62
61,
3 62
6134 62
22,700 Kennecott Copper
No pa
49% Mar 30
334
3
38
58
*33
%
*33
34
58
58 .
33
34
300 Keystone Tire & Rubb_No pa
12May 11
36
38
28
3018 30
31
3118 3212 31
32
3012 3012 1,900 Kinney Co
39 Nov 5
No
pa
523 5312 5258 53
5313
5214
5214 5234
5112 5234 5034 5112 22,300 Kresge (S 8) Co new
4234
10
Mar 30
•105 11212 *105 11212 *105 11212 *105 11212 *105 11212 *105 0
212
Preferred
100 11212 Nov 22
*16
20 .17
19
*16
19
*16
19
*16
19
*16
19
Kresge
Stores___
Dept
pa
_No
15%
Mar 25
•75
80
*75
78
*70
80 .75
80
"75
80
"75
80
Preferred
10
704 Mar 28
176 176 *170 175 *17013 180 97612 180 *17012 180 *17012 180
100 Laclede Gaa L (St Louls)._100 146 Mar 29
*205 21
207 21
*2013 2112 21
21
21
2178 .21
22
700 Lego 011 & Transport_No par 1918May 14
6634 6634 6678 6712 6712 6834 6812 68% 68
68
6834 68
3,500 Lambert Co
No par 3912hlay 7
*714 8
*74 73
712 712
74 74
7
7
*7,4 712
400 Lee Rubber & Tire___ _No par
614 Dec 3
31318 36% 3618 365
3638 3712 3712 3734 3738 3712 367 37
4,000
Fink
Lehn
Ar
Vo par 3084 Mar 30
2314 2314 23
23
23
23
23
23
23
2318 23
2338
900 Life Savers
No par 1714hlay 4
10078 1007 101 10114 10012 10258 9912 10012 9912 10012 99
9918 3,000 Liggett er Myers Tob new__25 7218 Mar 31
•126 128 *126 128 *126 128 *126 128 *126 128
126 12614
200 Preferred
100 1195 Jan 18
1003* 10118 10078 1017 101 18 10234 101 10234 9838 101 12 981s 99
18,400
13 new
25 71 Mar 24
64
6418 6312 6358 63
3
6312 64
64
6312 6414 64
6422 4,300Lima Loo Wkspar
r 5312 Mar 31
4734 48
477 481
4778 4814 48
4812 4814 4834 4734 481 10,600ILoew's Incorporated___ N
A par 344 Mar 2
61* 6% .638 612 *63* 612
63s 67s
634 7%
718 738 12,200 Loft Incorporated
No par
6 Oct 8
4012 41
7
40% 40% 40
41
41
4114 4112 413
407o 41
1,900 Long Bell Lumber A _ No par 4134 Dec 31
*158 162 *165 169
150 154 "154 156 •154 15512 155 156
600 Loose-Wiles Biscuit
100 88 Mar 30
•160 165 *160 165 315814 15814 *150 165 *150 165 *150 165
200 2d preferred
100 12014 Mar 3
3112 3112 3114 3114 3138 315* 313 32
3118 32
3118 3114 3,200 Lorillard
25 2734 Oct 25
*117 118 *117 11734 117% 11734 *114 1173 *116 11734 1173* 11
75*
209 Preferred
100 11118 Apr 5
1678 17
1634 1714
174 1618 1718
18% 1714 17
16
17% 44,300 Loulsiana 011 temp ctfe_No par 12 Mar 3
2413 2458 2412 24% •2458 24% 2412 25
2412 25
2478 25
2,900 Louisville 0& El A__ __No pa
2234 Mar 31
*26
28
2612 27% *2534 2714 2634 2718 27
27
27
29
4,400 Ludlum Steel
No par 2238 Oct 2.5
120 120 .120 12112 *120 125
12012 12012 123 123 *122 125
300 Mackay Companies100 122 Oct 26
*71
72
7113 71 18 *7114 72
*7138 72
713 7134
*7.138 72
300 Preferred
100 68 Mar 19
9312 944 9258 9317 9218 9312 92
937
9118 9212 9112 921 58,000,Mack Trucks, Inc
No pa
8958 Nov 4
910 111 *110 111 *109 110 *108 110 *108 110 *108 110
1 1st preferred
100 10712 Nov 23
*102 105 .102 105
102 102 *101 105 .101 105 *101 105
1001 2d preferred
100 102 Oct 5
*12312 129 *12418 127
12512 130
12934 13512 13412 13734 13512 13713 6,100 Macy (Ft II) & Co, Inc.No pa
8812 Mar 29
- -- ---- -Preferred
100 114% Oct 20
347 35
3458 3513 3458 3458 3434 35
3413 35
34
3412 4,200 Mag ,a Copper
No
pa
34 Apr 19
•lh
17 .15
16
15
1512 1512
*15
16
*15
15
16
200 MallInson (II R)& Co_No pa
1258 Nov 1
735* 735* *7312 75
7212 *71
72
75
7312 7312 758 753
600 Menet( Sugar pref
100 55 June 4
*54
55
*54
55
5414 5414 *544 55
*5412 55
54% 5512 1,500 Mach Elea Su11912,----No Pa
44
Oct 16
02512 26
*2512 26
2414 2414 2534 257
2512 2512 2512 2512
05 2178 Oct 20
600 Manhattan Shirt
*3812 40
*3812 40
*3812 40
.3812 40
*3812 40
*3812 40
Manila Electric Corp__No pa
2712
Mar
20
2034 2118 2012 22
21% 2234 21
21% 2034 22
2158 21
12,500 Maracaibo Oil Expl___No pa
1612 Oct 6
573 5812 5712 588 571 5814 5712 583* 5712 58
5758 58
72,300 Marland 011
4914
Mar
30
28
2814 28
2418 28
2934
2812
2978 3034 9,900 Marlin-Rockwell
28
2818
28
No par 2412 Oct 21
2134 22
*2112 22
•2112 22
2214 *2112 2212 *2112 2212
22
300 Martin-Parry Corp.__ _No pa
17 May 20
'85
85% 8534 8634 85
85
86
86
*85
86
*84
86
900 Mathieson Alkali Wks tern et!5
62121s,lay 12
May Department 13tores50 10673May 17
.42.1 I-211-2 *-1.2'-13.4 1211-2 *12434 iiili *12484 iiiI; *12434 1151 *HA figi,
Preferred
100 122% Feb 2
2334 233
2334 243
24% 26
2818 2678 2518 2712 52,700 Maytag Co
27
26
No pa
19 Mar 3
.6878 75
311
75
71 1 7112 70
71
6312 6434 3,100 McCrory Stores Clam B No pa
69
58
72 Mar 30
02534 2612 *2534 2612 25% 253 *2512 2612 /125% 26
255* 2558
300 McIntyre Porcupine Mines__
2214 Oct 14
26
25% 2514 25141 *2514 258 *254 2534 2534 2534 2512 2512 2,900
Metro-Goldwyn Pictures pf_2
2214 Jan 8
*7% 712
714 738!
714 75
718 758
714 712
732 712 2,700 Mexican Seaboard Oil_ ..No pa
6 Feb 25
16
16
155* 1534; 155 157 1 155* 1534 1534 157
157 1578
1,300 Miami Copper
11 Mar 3
385* 38
38
3834 375* 3814 373 3434 381 3918 3812 393* 116,700 Mid-Continent
Petro...No pa
2712July 22
•Bid and asked prices: no gales on this day
613:x-dividend. II Ex-rights,
Highest
per Mare
1134 Dec 14
59 Jan 2
100 Dec 9
113 Sept 9
98 Jan 4
22534 Aug 9
12214 Dec 13
105 June 29
7018June 23
93% Aug 18
105 Nov 16
49 Jan 4
78% Jan 19
11138 Jan 7
2584 Jan 4
56% Feb 3
7034 Feb 9
100 Feb 16
109% Aug 1
109 Sept 14
0912 Nov 15
6378 Nov 15
125 Aug 17
2112 Jan 23
36% Des 9
11312 Dec 14
11814July 22
3434 Dec 14
10,
8 Feb 1
93% Jan 4
60'2 Dec 27
2812 Nov 15
46 Jan 14
88 Dec 7
3512 Aug 11
63 Oct 0
4838 Jan 8
71 Jan 5
45 Sept 15
12314 Jan 4
28% Jan 4
34 Jan 2
2414 Feb 4
1334 Feb 13
1212 Feb 13
104 Jan 7
104 Jan 5
4334 Dec 20
115 Feb 9
2858 Nov 10
2134 Feb 11
2614 Jan 22
95 Jan 27
597g Dec 15
7178 Jan 21
106 Jan 26
6112 Jan 6
15818 Dec 15
129 Dec27
12% Feb 17
463* Feb 16
6634 Feb 23
4614 Jan 5
104,2 Dec 29
6334 Aug 28
100 Dec 13
175 Jan 11
133 Jan 25
29 Jan 7
56/3 De323
12712 Nov 12
1912 Feb 5
66 Feb 19
% Jan 8
115 Nov 27
51% Dec 27
2112 Feb 6
74% Feb 6
7314 Feb 5
128 Feb 4
6414 Nov 16
218 Jan 2
8218 Jan 7
82 Jan 29
11434 Feb 28
3338 Jan 14
9314 Feb 1
19614 Dec 8
2412June 14
72 Nov 5
14 Jan 4
4118 Jan 2
25 Dec 15
103 Dec 31
.2934May 5
234 Doc 28
Jan 4
4
Dec 6
114 Feb 10
5012 Feb 3
17712 Dec 15
175 Dec 14
4214 Feb 3
120 Aug 31
1978June 21
2618 Feb 10
5814 Feb 4
138 Feb 9
7318 Feb 9
159 Jan 4
113 June 10
10834Sept 3
131 Dec 22
11854 Jan 14
44% Feb 10
2818 Jan 5
82 Feb 1
8734July 19
3278 Jan 4
4538 Sept 14
28 Feb 2
6388June 17
33 Mar 11
23 June 25
10618 Jan 2
14514 Oct 26
126 Dec 8
2412f3ept 8
121 Jan 11
30 Feb 15
2512 Nov 24
1314July 23
1758 Oct 1
37 Jan 2
PER SHARE
Range for Precious
Year 1025
Lowest
Highest
$ Per share $ per share
1078 Oct 1178 July
68% Dec 6118 Dec
99 Dec 100 Dec
110 .Dec 110 Dec
6458
102
8812
42
68
9012
42
47
10214
1212
37
3634
92
8618
103
39
Jan
Jan
Apr
Jan
Nov
July
Oct
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Apr
Dec
WI;
115
9912
59%
8034
10578
5812
83
11412
2812
51
74%
102
114%
109
42
Dec
Nov
Dee
Oct
Nov
Jan
Dec
Nor
Dec
Oat
Nov
Nov
Oat
Dec
Dec
1025* Dec
992 Flee- .
1878 Dec
23 Sept
13 Mar 2178 Dee
91
Jan 11318 June
107
Apr 115% Dec
1134 Mar 194 Jan
3% Sept
612 Jan
6718 Mar 954 Nov
4212 July 89 Feb
16- idiCr
66 May
27 Dec
43 Jan
3412 Jan
59 Apr
1612 June
33% Jan
1414 Mar
1312 Jan
13 Mar
512 Jan
6 Sept
77 Mar
77 Nov
3834 May
10412 Apr
2214 Apr
__-- -718 Jan
40
Apr
110 Mar
52
Jan
10212 Nov
3134 Jan
9818 Mar
114 Mar
7,8 June
.27 Aug
56% Dec
244 Ma
94
Jan
484 Ma
86 July
108 Feb
87% Apr
18 July
1613 tluly
102% Jan
1134 Dec
35% Aug
14 may
99
Jan
1834 Mar
1214 Mar
41 Mar
43 Mar
87
Aug
4812 Mar
134 Sept
75 Mar
49l No,
77% Jan
4878 Jan
Jan
50
47% Nov
85
Jan
314 Nov
13912 Nov
31 Nov
4114 June
24 Aug
14% Dec
12% Dec
110 Dec
10712 Dec
50 Feb
112 Sept
32% Jan
-24T8 No,
85 Nov
17614 Nov
8112 Sept
107 Aug
6912 Dec
13814 Sept
121 Nov
14% Feb
5234 Feb
6078 Dec
4812 Nov
102 Nov
Oct
76
99% Oct
199% July
144 Aug
2938 Oct
26% Dec
11512 Dec
2178 Feb
65
112 June
N
109% Sent
4218 Dec
21% July
74 July
July
12
74 Dec2
59% Nov
July
Oct'2
100
3
11014 Mar
118
Oct
2812 Dec 4532 Jan
Jan 974:nue
88
11014 Jan 178 Mar
1153 Feb
3714 Dec
19 -673-1
4412 Oat
57 Mar 02 Dec
1812 Jan 124 Dec
6612 Mar 8972 Dec
60 June 7438 Jan
22 Feb 448 Nov
6
Jan
913 Apr
4 Mar 43 Sept
77 Feb 1433 Dec
104 Feb 148 Dec
3014 Jan 393 Sept
108% Feb 118 Aug
135* Aug 2314 Feb
23 Dec 2638 July
315 Feb 60 Dee
114 Mar 141 Sept
86 Mar 78% Feb
117
Jan 242 Nov
104
Jan 113 Aug
99
Jan 10658 Aug
6912 Jan 112
Oct
11414 Jan 118 Aug
34 Mar 48 Nov
2114 Dee 37% Jan
79 July 8214 June
32 Mar 59 Mar
2014 Mar 3478 Nov
2812 Mar 4912 Apr
203* Sept 3512 Jan
3258 Mar 6012 Dec
103* Mar 3278 Oat
19 Dec 3718 Jan
Jan 10714 Dec
51
101 Mar 13912 Dec
11612 Mar 124 June
2178 Nov 2838 Oat
79 Mar 139% Oat
Jan 2234 Oat
16
Jan 2412 Nov
18
9 Dec 2212 Jan
8 May 2334 Jan
2534 Aug _ 38 _ Nov
486
New
York Stock Record-Continued-Page 5
For sales during the week of stocks usuatty inactive. see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 15.
Monday,
Jan. 17.
Tuesday,
Jan. 18.
Wednesday, Thursday,
Jan. 20.
Jan. 19.
Friday,
Jan. 21.
Sales
for
the
Week.
PER SHARE
Range for year 1926.
On basis of 100-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
-
Lowest
Highest
PER SHARE
Range for Preston*
Year 1925.
Lowest
Highest
Week. Indus.& Miscell.(Con.) Par $ per share $ per share $ per share $ per shard
8314 Apr 9414 Ooi
100 90 Mar 30 10414 Dec 23
303 Mid-Cont Petrol pref
34 June
58 Apr
212 Jan 8
34 Nov 19
24,300 Middle States 011 Corp___-10
14 Feb
14'Feb
138 Deo 20
h Oct 8
10
Certificates
1,400
_100 107 Mar 30 13312 Feb 23 96 Jan 147 Anil
500 Midland Steel Prod
pref-- par 30 May 17 4434 Feb 25
1,500 Miller Rubber otts____No
100 6938 Mar 26 8612 Nov 11 -84 -Air -9-914 -Alla
700 Montana Power
69,300 Montg Ward & Co III corp...10 56 May 19 82 Jan 2 41 Mar 844 No
228 Mar 42 Dee
2,900 Moon Motors
934 Nov 23 3738 Feb 10
Vo par
94 Jar
6 May
4 Nov 19
712 Feb 8
4,000 Mother Lode Coantion_No par
1958 Dec 204 Dee
2,400 Motion Picture
No par 1034 Dec 28 2312June 3
40 Nov 4478 Oct
2,200 Motor Meter A
No par 33114May 19 5353 Feb 10
18 Apr 85 hint
3,100 Motor Wheel
No par 194 Nov 27 3378 Feb 15
13 Aug 2112 FM
8 Nov 13 1934 Feb 1
No par
300 Mullins Body Corp
3018 Apr 39 Del
Munsingwear Co
No par 3434 Apr 6 3884 July 6
514 Dec 4212 Mal
3 May 8 1578 Feb 20
Murray Body
No par
No par 52 Mar 24 7078 Dec 23 19312 Jan 488 Oct
34,500 Nash Motors Co
414 Mar 1253 Del
1,700 National Acme stamped--100
5 Nov 30 1278 Jan 9
65 Apr 79 Dei
25 74 Jan 8 102 Dec 20
4,300 National Biscuit
105 Preferred
100 126 Jan 27 1314 Apr 28 1234 Mar 12812 Ma,
- -9,500 Nat Cash Register A w1 No par 3712 Oct26 54 Jan 5
700 National Cloak & Suit
100 18 Nov 3 57 Jan 2 iih Dec -Ws iicii
8734 Dee 104 Jas
500 Preferred
100 5818 Nov 19 9212 Jan 8
42 Jan 814 No
25,500 Nat Dairy Prod tem ctrallo par 53 Apr 14 80 Jan 2
3812 Jan 45 Ma]
2,100 Nat Department Stores No par 24 Oct 25 4232 Jan 7
98 Apr 102 Jaz
ist preferred
100 8934 Oct 15 97 Jan 19
2958 Dec 434 Orr
3,400 Nat Distill Prod otfs__No par 1212May 18 34 Jan 4
5212 Jan 81 Oa
1,200 Preferred temp otf_No par 3712 Aug 2 7318 Jan 4
25 Apr 4158 Dee
2,200 Nat Enam & Stamping-..100 2118July 14 4012 Jan 2
75 June 8934 Jai
300 Preferred
100 76 July 13 8914 Jan 4
400 National Lead
100 138 Apr 15 181 • Dec 17 13812 Apr 17434 Nol
200 Preferred
100 116 Jan 16 120 May 20 11412 Sept 119 Sep'
____ _--- ---- ---.
9,200 National Pr & Lt otts_No par 1634 Mar 2 3838 Jan 21
Jai
544 Dec 71
4,000 National Supply
50 5512 Jan 4 88 Dec 10
National Tea Co
No par 11612 Nov 4 238 Jan 4 201 Dec 250 De,
1134 Apr 16s Jai
8,100 Nevada Consol Copper
5 1158June 1 1614 Nov 6
3112 Oct 564 131
2,400 NY Aix Brase
No par 3612 Jan 2 4612Sopt 7
8134 Mar 8112 De,
noon, emp ctfs_No par 2018 Nov 24 844 Jan 29
5,200 NY
Preferrei
No par 7014 Dee 30 85 Apr 29
100 32 Oct 2 454 Feb 5 -1-8 Mar -4514 iI01
900 New York Dock
521 Jan 76 Do
100 69 May 13 77 Dec 30
300
Preferred
700 Niagara Falls Power pf new_25 275a Mar 31 2912 Dec 29
2753 Oct 29 Jai
79,600 North American Co
414 Jan 75 Oo
10 42 Mar 30 67 Jan 14
4658 Jan 504 Sep
900 Preferred
50 49 Jan 2 5214 Aug 31
944 Dec 964 Do
2,900 No Amer Edison pref__No par 9118 Mar 31 97 Dec 22
44 Oct 20 1518 Jan 14
1212 Sept 1814 AU1
10
1,200 Norwalk Tire & Rubber
8 Jan 184 No'
100 Nunnally Co (The)____No par 1234 Dec 20 174 Jan 7
3335 Dec 88 No'
25 30 July 2 3653 Oct 19
500 011 Well Supply
No par 12 Oct le 2214 Feb 23
2,500 Omnibus Corp
e
Onyx Hosiery
No par 314 Feb 2 4512June 29 -1158 Jan Ili -D7814 Mar 97 No'
Preferred
100 95 Apr 17 11P Nov 4
414 Sept 53 Da
300 Oppenheim Collins & CoNo par 47 Jan 12 63538ept 29
2534 Jan 3278 Jul:
1 2712 Mar 25 3318 Nov 29
14,000 Orpheum Circuit, Inc
98 Jan 107 Sep
100 101 Jan 13 105 Apr 21
100 Preferred
3,700 Otis Elevator_
50 106 May 20 136 Dec 13 8758 Feb 1404 Atn
100 10234 Jan 13 10912 Aug 30 101 Feb 112 Juli
190
Preferred
8 Oct 18 1412 Jan 19
8 Mar 1514 Alll
No par
2,600 Otis Steel
100 63 Nov 3 74 Sept 22
300 Prior prof
4 lifer -6-938 1401
25 5334 Mar 29 9034 Dec 14 -4233,400 Owens Bottle
4914 Nov 57 Noi
No par 44 May19 5514 Dec 31
800 Outlet Co
100 9712 Apr 1 10712 Dec 30 98 Nov 10078 De
Preferred
Pacific Gas & Electric-100 113 Mar 31 133785ept 21 10213 Jan 13718 Nal
5158 Aug 7812 De,
No par n1 May 13 8318 Feb 13
58 134*
18 13 5600 Pacific 011
158 134
PS 138 *1,2 158
18 184
15 Jan 4812 Noi
10 304 Mar 31 4514July 7
Packard
Motor Car
11,600
354
3514
3478
3514 3512 3434 3514 3434 3478 3434 3532 35
1738May 32 Oa
9 Nov 19 2812 Jan 4
1034 1034 1078 1078 1058 1034 2,300 Paige Det Motor Car__No par
1034 11
11
11
1118 11
591s Sept 837s Ma:
50 501a Mar 31 7612 Jan 2
6514 4,100 Pan-Amer Petr & Trans
63 6578 644 6512 65
6234 63
63 63
6212 63
6018 Aug 8412 Ma
50 5678 Mar 31 783 Jan 4
6278 6312 6278 6353 6318 6358 6358 6614 644 6638 6518 66 48,900 Class B
374 Oct 4934 Dee
3512 36
3658 37
364 361s 3618 361z 3678 3678 3558 3614 2,700 Pan-Am West Petrol B_No par 30 Oct 13 46 Jan 2
24 Aug
614 Dee
412 Jan 21 32 June 17
1738 12,000 Panhandle Prod & Ref-No par
1712 17
164 1778 - 1758 1878 1712 1838 18
1818 17
87
Oct 604 Dee
9938June
16
19
51
Jan
100
Preferred
600
*76
80
*7512 81
7014 7218 8018 8134 8014 8014 *75 80
25 Sept 3513 Jaz
500 Park & Tilford tem otle-No par 1858 Oct 23 2818 Jan 4
21 i 2114
23
*21
*2018 24 *2018 23 *2018 24 *21
23
812 Feb 5
518Serit 30
1
81, 64 2,000 Park Utah CM
614 614
*638 612
614 614
638 638
64 638
4214 8,400 Pathe Exchange A____No par 3214 Nov30 83 Jan 7 -70 Nov -MI% 061
424 4
3912 3934 394 4112 4018 41
41
4234 42
17 Dec 28 Api
No par 1678 Jan 28 24 Dec 1
2,200 Penick & Ford
21
21
21
2118 21
21
21
2112 21
2112 2112 21
1284 Apr 2653 lax
7 Aug 6 19 Oct 26
50
300 Penn Coal & Coke
13
*1.
12
*12
13 *1218 13
1014 111 *1018 13
12
3 Jai
1 Aug
214 Jan 4
38 Oct 26
78 6,100 Penn-Seaboard BO vto No par
34
34
34
34
34
34
78
34
34
713
34
600 People's G L & C (Chic)-100 117 Jan 4 131 Dee 8 112 Jan 123 001
12712 12712 126 126
128 128
"126 129
12812 12812 128 128
514 Mar 6714 Dee
700 Philadelphia Co (Pittab) 50 5918 Mar 2 91 Dec 13
88
88
88
*85
*86 87 *85 88
8514 854 86 87
4512 Jan 49 Jul]
50 45 Oct 11 5114 July 7
600 6% preferred
*5012 52
501 *54) 51
'50 5012 *5014 5012 5012 504 50
378 May 524 Jaz
4218 4234 19,309 Phila ds Read C & I___No par 3614 Apr 14 4838 Feb 13
424 43
43 4372 4338 4434 4278 4378 4234 431
38 July 504 Jas
100 Certificates of Int___No par 3634June 14 4611 Jan 11
42
42
*43
4412 *4318 45
*4232 43 *4238 44
*4238 44
61 Nov 904 Jai
100 Phillips-Jones Corp___No par 45 Dec 11 5834 RID 29
*4612 56
*4612 56
*4612 56
4834 4834 *4612 56
*4612 56
1234 Mar 254 Sep:
10 16 Apr 3 41 Dec 6
3814 3814 3714 3712 37 3714 3715 40
384 3812 3814 3814 2,700 Phillip Morris & Co. Ltd
6712 6814 6734 6854 6738 5818 5738 5778 571 577s 5678 5714 98,500 Phillips Petroleum_-__No par 40 Mar 30 5738 Dec 13
3614 Mar 4718 June
4614
Nov
18
Apr 4214 Jell
29
2,500
Phoenix
44
31
Mar
30
Hosiery
5
43
4418
444
44
45
42
42
43 43
44 44
100 94 Mar 25 103 Oct 23 84 Apr 99 Da
100
Preferred
*10312 10412 *10312 10412 *10312 10412 10412 10412 10412 1041 *10412 10434
1078 Mar 474 Oa
2018 2034 28,200 Pierce-Arrow Mot Car No par 19 May 15 4318 Jan 9
21
20
1912 2138 1918 1978 1918 19% 2014 21
43 Mar 100 Noi
9,300
100 7612 Apr 15 12714 Aug 19
92
Preferred
*91
9312 914 92
92
11014 9412 85 9034 8653 87
34 Fel
114 Nov
178 Jan 30
la Oct 1
25
34 2,500 Pierce Oil Corporation
53
34
34
*53
34
34
34
34
34
34
34
2014 Deo 40 Fel
Preferred
100 1118 Nov15 2718 Jan 30
*15
18
18
*15
*1612 18
*161s 18
*1612 18
"17
18
814 Fel
44
Dec
30
24
Aug
7
Jan
26
Pierce
par
4,700
358
PetroPm
tern
otfallo
353 33
312
338 33*
353 353
312 312
*34 334
2.36
3614 3624 3614 2,3612 364 *344 3612 *34
600 Pittsburgh Coal of Pa__ 100 29 June 9 424 Jan 5 8714 May 5413 Jai
*34
36
36
Jai
99
80
May
85
Jan
6
70
June
21
Preferred
100
'
572
75
74
*73
7412
*73
*73
7412
*73
75
74
*73
600 Pittsburgh Steel pref
100 94 Mar 29 10138 Dec 29 94 Mar 1024 Jai
101 101
101 1011 101 101 *101 103
'100 102 *10012 101
30 Apr 6334 J61
400 Pitts Term Coal
100 39 Oct 5 6378 Jan 9
540
43
40 '
40
*41
43 *40 41
41
4112 4112 41
79 July 8814 Nen
100 8012 Oct 7 9214 Feb 5
100
Preferred
86
*82
8514 8514 '58212 86
*8214 86 *8014 86
*84 88
14,100 Post*m Cer Co Inc new_No par 751t Mar 30 12478 Feb 3 6438 Nov 121 Do
10118 10258 10014 10178 993 10034 101 10158 10058 101'4 29938 100
100 3418May 19 44 Nov 27
4412 458 4412 4553 27,500 Pressed Steel Car new
4212 4114 4212 4218 45
41
414 41
100 7712 Dec 30 9534 Jan 7 -764 July 921s Jai
500
Preferred
8214 8214
82
82
814, 8138 811
8138 8138 *814 814 *81
1212 Aug 8258 Fel
2014 25,400 Producers & Refiners Corp_50 11 Mar 29 2634 Oct 29
18
18
1814 1712 17121 *17
18
1812 18
18
18
27 Sept 4758 Fel
50 303454ay 11 4134 Oct 29
1,075
38
4012
381
Preferred
*3678
38
38
38 *364 38121 "3678
*3712 38
3338 3458 3438 35 39,800 PubServCorp of N J new No par 3114 Oct29 833a Nov 20
3238 3212 3238 3258 3214 32341 3234 331
100 964 Apr 7 101 Oct 1
6% preferred
5981s 10014
59812 1001 *9812 1001 '
*981s 10014 *9812 1004 *9812 100141 '
100 10318 Jan 12 110 Nov 13 9-9 Jan 1-06 -Nei
200 7% preferred
110 11018 *109 11012 *109 1101 *10978 1101 *109 11012
'109 111
200 8% preferred
100 115 Mar 2 12434 Nov 17 10858 Apr 119 Oa
*125 12512 *125 12518 *125 125181 12515 1251 126 125 "12514 128
9212 May 1004 De
1
1023* 10214 1021 10214 10214 1,000 Pub &Iry Eleo & Gas pfd_100 97 Jan 22 10418Sept 27
10214 10212 10214 10214 10238 1023810214
99 Jan 108 Oo
300 Pub Service Eleo Pr pref_100 106 Jan 18 114 Aug 5
11412 11412
*11314 11414 *11314 11414 11358 11358 011338 1141 *11312 115
100 14514 Mar 31 19911136ot 16 129 Mar 1734 Sep
18458 18512 183 18614 18134 183121 184 18514 184 1854 185 1864 25,100 Pullman Company
33 July 4714 Jai
r4.312 44
50 33 Apr 14 4914 Dec 13
44 4441 43 4311 4312 4434 4318 443* 3,200 Punta Alegre Sugar
44 447
254 Aug 3334 Fel
25 2514 Oct 20 31 Jan 4
2834 2914 61,300 Pure 011 (The)
291s 2912 2912 294 2938 2934 2938 2958 2878 291
100 108 Apr 14 11234June 25 1024 Jan 1084 Sep
300 8% preferred
11218 11218
*112 113 *112 113 11218 11212 *112 113 *112 113
3914 Nov 7772 Jai
4818 4918 43,700 Radio Corp of Amer___No par 32 Mar 30 Si', Nov 19
5138 4834 5114 4834 4934 4912 5014 4918 50
51
46 Dec 54 Fel
50 4458 Mar 81 53% Dee 20
1,300 Preferred
*5134 52121 5134 513 • 5134 513 *5153 52
*5112 5218 5112 52
3354 Nov 3912 Aui
No par 3234 Apr 30 4134 Oct 1
10 Rand Mines. Ltd
*3912 411 *3912 403 *3912 403
41
41
*3918 41
*3912 41
113s Apr 1753 Fel
*1514 1512 1514 1514 1514 1514 1514 1514 1514 151 *1514 1538 1,000 Ray Consolidated Copper_10 1012Mar 3 1634 Nov 8
43 Oct 60% De
No par 3934 Dec 28 56 Jan 4
200 Raid Ice Cream
3853 3858 *3834 393 *3834 391 *3834 3934
*3858 3934 *3812 39
10 May 2814 Atli
712July 24 1834 Feb 23
*812 812
812 81
500 Reis (Rota) az Co
No par
4.84 6
8% 853
814 814
858 8581
4634 Jan 11734 Dal
125 128 45,700 Remington Typewriter____100 8315 Aim 20 127 Feb 3
123 12412 1214 126
120 12214 118 123
11858 121
100 106 Apr 21 118 Oct 1 100 Jan 10911 Oe
10 7% lot preferred
11434 11434'5112 115 *11312 115 *11312 114
*112 115 *112 115
100 105 Apr 1 11514 Aug 27 103 Sept 11312 AD
150 8% 2d preferred
116 116 1 116 116
11578 116 *114 116
'112 11212 114 115
1253 June 2314 Jai
8 Oct 21 1578 Jan 4
No par
12
1258 1178 1214 10,500 Replogle Steel
1218 1212 1218 1212 1134 • 12341 1258 13
424 Apr 6438 Jai
61
6114 62
6114 9,300 Republic Iron & Steel
100 44 May 10 635* Jan 7
6134 6014 62
. 6214 62% 6112 6234 61
844 July 95 Jai
100 914 Mar 30 99 Sept 15
9934' 9934 997k 992 9934 994 9912 1,300
Preferred
9914 9914 9914 9912 9912
414 Oct 29 101% Jan 5
8 July 18 Jai
No par
500 Reynolds Swing
44 453
412 • 412 *438 412
412 412 *438 412
438 44
724 Mar 9534 Noi
12214 12253 1223* 12212 12212 12234 12,100 Reynolds (RI) Tob Cle1813 B 25 90 Mar 30 12178 Nov 19
123 12312 12253 12314 122 12234' *75
86 June 9712 Fel
7618 Dec 28 100 Jan 20
25
1,600
76
Rossi&
Co
8358
'
76
77
7812
insurance
78
*74
7514
75
744
7414
484 Mar 5738 Jai
3,000 Royal Dutch Co(NY shares). 47% Oct 21 573 Jan 0
5114 5112 5112 62
5218 5218 5138 5178 5114 5114. 5112 5153
3534 July Ms Mc
10 3658May 11 484 Feb 10
417s 4134 4178 4158 5178 4,300 St Joseph Lead
4178 42% 4178 4218 4218 4218i 4153
48 Dec 5012 Do
5612
Nov
10
Mar
31
424
par
561
No
6,900
5512
Safety
8
56
55%56'.,
Cable
557
5512
55
554
5434 5434 5434
66 4 6778
68
*66
481a July 1084 Ma:
800 Savage Arms Corporation- 100 8714 Nov 30 1024 Feb 10
70
6714 68 1 '566
70
*69
70
*69
312 312 4,600 Seneca Copper
312 312
812 31
9 Nov 11 Nol
212 Dec 31 104 Jan 4
No par
34 3l
312 334
358 34
514 Dec 5512 Da
58h 2,700 Shubert Theatre Corp_Ne par 52 Mar 4 7058July 28
5634 5634 5712 5753 5734 58's 583a 5834 *58
.1.5534 57
48
4778 48'4 4734 48
48
13,500 Schulte Retail Stores _No par 4212 Mar 30 13812 Jan 23 10134 Sept 13478 Do
49
47
49
48
4814 49
100 11212 Jan 6 120 Sept 9 110 Jan 118 Aul
Preferred
11614 120 *11614 120 *11614 120 *11614 120
11814 11614 120
*117
No par 1212 M..ir 3 1453 Mar 12
1314 Nov 1634 Jul
900 Seagrave Corn
13
1234 1278 13
*123e 131, 1234 123
is
... ..._ 'I'2
• Ex-dividend one share of Standard Oil of Call:arida new
Ex-dividend
Ex-rights
this
day
s
a
sales
on
no
prices:
asked
and
•Bid
$ Per share $ per share $ per share $ per share I per share $ per share
10338 10338 104 104 *10312 10418 10414 10414 *10312 10412 *10312 10412
214 238 '214 212
214 212
214 212
238 212
214 212
112 112
158 458
158 158
158 158
134 134
*158 178
113 11314 11212 11212
112 112 *111 112 *111 115 *112 115
3212 3212
33
*33 35 *33 34 8 33
3378 3312 3378 33
*8212 8234 8212 8212 8212 8212 8212 8234 *8212 8234 *8214 8234
6512 6614 6478 6514 6412 6512 6234 6458 6212 6358
6578 66
1034 1078
1058 11
11
11
1118 1112 1118 1138 1034 11
438 438
414 418
414 438
414 438
438 438
414 414
*1212 13
*1218 13
13
13
*1218 1258 1134 13
1238 13
*3412 36
34
3412 334 3378 3414 344 3414 3414
3432 35
22
22
22
22
2178 2178 2138 2278 22 22
22 22
10
1012 *958 1012 *958 10%
*958 11
*958 1038 *958 11
*38
3812 *3712 3814 *3712 3814 *3712 3814 *3612 3814 *3712 3814
712
5612 712 *612 712 *612 712 *612 712 5,_ _
*6
612 '
6778
674 6i
665a 6734 67 6778 6612 6753 67 6814 x67
534 534
54 614
6
6
6
534 534
6
573 612
9853 9914 984 9914
99 99
9812 99
9812 99
9858 99
131 131 *1304 13112
*130 13012 *13012 132 *13018 132 *13014 132
41
4114 41
4112 4118 4112 4114 4158 4114 4112 4138 4112
1834 1914
20
*19
20
1918 1918 *19
*19 20 *19
20
65
65
*65
67
*6518 6612 6612 6612 6512 6612 *65 67
7512 7678
74
75
73 7353 73 7353 73 7358 7312 74
*2512 26
2538 2512 25 2512 2518 25'8 2518 2553 2512 2512
*92
94
94
*92 9412 *92
944 *92 9414 *92 941 *92
*1878 1978 1978 2034 19
1934 1953 2018
2053 20
20' *19
46
4634 *45
*45
4512 4512 474 4878 4878 *4511 463 *45
27
27
2534 2534 27
2934 2778 2853 2712 2773 2634 27
*83 85
*83
85
83 83
*80 83
8212 8212 *83 84
167 167 *165 166
167 167
*165 167
167 167 167 167
5117 118 *117 118
11712 11712 *117 118
118 113 *117 118 '
2114
21
2078 21
2034 2114 2034 2118 2058 2118 2058 21
8614 87
8534 86
84 84
844 844 84 844 84 86
'115 124 *115 124 *115 124 *115 124 *116 123 *116 123
1478 15
144 1478 1434 1478 1434 1478 1434 143
1478 15
4178 4218
414 42
4114 42
41
41
*4114 4134 404 41
2018 *2018 2012 1912 2014
2034 2034 2012 2058 2018 2012 20
*68
72
72
*68
*68
72
*68
72
72
*68
*68
72
3412 3412 344 3414
*3312 35 *34
3434 34 3418 *3414 35
7434
7434 *73
7434 *73
'73 7412 734 7314 *73 75 *73
'2814 2834 2834 2834 *2814 2834 *2818 2834 2812 284 2853 2858
483
49 4934 4853 4912 48
4558 4618 46
4714 4714 49
51
51
'
55014 5078 *5018 5012 5038 5012 5012 507 *5018 51
9818 9918 9914 100
9712 9712 9738 9753 9712 9773 9734 981
Cs 418
.418 412
418 41
418 44
414 414
*414 44
*13
14
14
*13
13
13
'13
15 *13
*13
15
15
3212 324 *3112 32
321
3212 *31
3212 4131
33 3314 *32
*13
1384 134 1312 1318 134 134 138 134 1318 *1314 1312
S,_ 3734 *
3734'5_ _ _ _ 373 *---- 373 *---- 3734 *---- 3734
---- ---- ---*58
60
60
*58
*58
6134 *58 6134 60 6012 *584 60
3212 3312 3338 34 x3314 3334 3334 3414
3114 32
31
31
105 105 *105 107
*103 106 *10334 106 *10418 107 *1041s 105
131 131
13034 131
13012 181
12814 1284 128 129
12934 131
10912 10912
110 110
11058 11034 *110 112
*11058 111 *11058 111
814 814
814 838
84 838
814 812
814 838
814 314
6414 644 *6412 67
69
65 65 *65
5'64 65 *64 65
77
*76
*7512 77
7714 7712 764 77
7578 76
7518 76
5418 2534 5334 *5212 5412
54
54
54
54
54 *53 55
'106 ____ *106 ____ *106 ____ *106 ____ *104 _-- *104 __--
New York Stock Record-Continued-Page 6
481
For sales during the week of stocks usually inactive, see sixth page preceding
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 15.
Monday,
Jan. 17.
Tuesday,
Jan. 18.
Wednesday, Thursday,
Jan. 19.
Jan. 20.
Friday,
Jan. 21.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for year 1926
On basis of 100-share lets
PER SHARE
Range for Precious
Year 1925
Lowest
Highest
Lowest
Highesi
$ per share 5 per share $ per share $ per share $ per share 3 per share Shares. Indus. & Miscell. (Con.)
Par $ Per share 5 per share $ per share $ per sbars
5138 5138 51
511
/
4 5118 5134 5112 5218 51
52
511
/
4 5234 13,500 Sears,Roebuck & Co newNopar 4414 Mar 29 58/
1
4Sept 7
*5612 57
56/
1
4 5658 5658 591
/
4 59/
1
4 6112 6012 6112 59,2 5912 5,900 Shatuck (F 13)
No par
47 Mar 30 6958 Jan 4
40's Mar -9-2- .46
4678 *4514 4612 *4518 4612 *4534 46,4 4512 4512 *4512 4612
100 Shell Transport dr Trading.12 4012July 26 4838 Jan 4
3912 Sept 49 Dec
2934 2978 2912 291
/
4 2938 30
291
/
4 3034 3014 30/
1
4 301
/
4 3012 23,500 Shell Union Oil
par
Mar
31
No
24
3
Nov
211
/
4 Aug 2812 Dec
23
•108 10812 *108 108/
1
4 10818 10814 *108 108/
1
4 10812 10812 10812 10812
500 Preferred
100 103 Mar 3 114 July 2
9912 Jan 10614 Nov
21
2138 2138 2178 2114 2134 2114 2112 2114 2134 21 18 2173 31,000 Simms Petroleum
10 1518 Aug 18 2858 Jan 2
173
4 Sept 2604 Jan
3512 36
3534 36
3558 36
3512 35/
1
4 3512 3513 351
/
4 3514 2,400 Simmons Co
ar 28/
No 1p0o
1
4 Oct 15 5412 Jan 4
3114 Mar 54/
1
4 No•
•107 108
10712 1071
/
4 *10714 109
10712 10712 *10714 10814 10712 10712
150 Preferred
10512 Nov 10 10912July 2 10018 Jan 10618 Dec
2014 2052 2038 20/
1
4 2018 2034 2014 2112 2178 2238 2114 2218 114,400 Sinclair Cons OR Corp_No par 1634 Oct 19 2478 Feb 23
17
Jan
24
/
1
4
Feb
9834 9834 99
9934 100
9912 9912 100
100 10114 10112 10172 3,900 Preferred
100 90 Mar 30 9912June 24
78/
1
4 Jan 9418 Feb
3578 361
/
4 3578 3614 3514 3578 35
3534 3512 36
3558 36
24,600 Skelly 011 Co
25 2658 Mar 30 3718June 28
211
/
4
Mar
3212
Nov
•127 129
127 127
12512 126 *126 127
12314 125
125 126
1,300 Sloss-Sheffield Steel dr Iron 100 103 Apr 12 14212 Aug 10
8014 Mar 14312 Dec
•165 16812 165 16734 161 164
15514 163
15812 163
16012 161
6,700 South Porto Rico Sugar___100 92 Apr 15 169/
1
4 Dec 14
62 Jan 10918 Dec
•120 12312 12212 12212 *120 12212 *120 12212 •120 12212 *120 12212
20 Preferred
Oct
110
8
121
100
Dec
993
24
4 Jan 11314 Dee
34
4
34
3334 33/
333 34
1
4 3334 34
53314 3312 33
3318 6,000 Southern Calif Edison
25 30 Dec23 33 July 19
4312 44
43
4314 4234 431
/
4 4278 43
42/
1
4 43
4234 42/
1
4 4,100 Southern Dairies cl A_No Par 41 Oct 27 5512July 17
1834 19
1758 1878 1778 181
/
4 1758 1831 1778 17/
1
4 1734 1734 6,600 Clam B
No par 1712 Oct 20 3534 Mar 11
•1212 14
*13
14
*13
*13
14
14
13
13
14
*13
100 Spear & Co
ar 10 Dec 2 1734 Feb 19 -1-3-1No 1p00
8 Dec 24 May
•77
77,
80
8 77,
•7714 80
8 *7714 79
7714 7714 78
78
300 Preferred
72 Apr 20 8212 Jan 13
7814 Dec 92 May
2238 2238 2212 2212 2212 2212 2212 23/
1
4 23
2318 *23
2312 3,400 Spicer Mfg Co
No par 1834 Apr 19 311
1512 Feb 36/
/
4 Feb 5
1
4 Sept
.10414 106 *10414 106 *10312 106 •10312 106 *103 106 *10018 106
Preferred
Jan
101
12
100
10714
Dec
24
92
Apr 108 July
54/
1
4 5538 5412 5434 541
/
4 5478 5434 5512 55
5512 55
553* 12,303 Standard Gas & El Co_No par 51 Mar 2 69 Feb 8
4014 Jan 61
Oct
5734 5734 5758 58
5734 5734 5734 58
58
58
571
/
4 58
1,400 Preferred
1
4 Feb 9
50 5334 Mar 30 57/
5012 Mar 5612 Nov
71
*70
71
*70
71
*70
71
71
*71
7134 *71
72
500 Standard Milling
100 6718 Oct 20 9212 Feb 4
62 May 88 Dee
*86
8612 8578 86
*85
86
8612 8612 8612 87
87
87/
1
4
180 Preferred
106 80 Mar 2 90 Feb 5
81
Jan 86/
1
4 Dee
58/
1
4 5938 5938 59/
1
4 5938 6012 6014 60/
1
4 60
6038 5912 59/
1
4 29,109 Standard Oil of Cal new.No par 5258May 14 6333Sent 8
3914 3958 3914 3938 3913 3938 3914 3938 3914 391
/
4 391
/
4 3958 61,300 Standard OH of New Jersey_25 37/
1
4 Dec 10 46/
1
4 Jan 2
387s Mar 47's Feb
11578 115/
1
4 11578 11578 11578 11578 11578 115/
1
4 115/
1
4 115/
1
4 116 116
6,500 Pref non-voting
100 115 Nov 29 11918May 18 11614 July 119 Feb
312 312
3/
1
4 312
3,2 3,2 *338 334 *314 334
3/
1
4 334
500 Stand Plate Glass Co_No par
312 Nov 15 10/
1
4 Feb 10
5/
1
4 Aug
16
Jan
9414 9434 95
9512 951_ 9512 06
95
9512 9512 9514 9512 2,200 Sterling Products
Vo par 75 Mar 27 P614 Nov 29
8214 Mar 82 Dec
65
6538 6478 65,4 6458 65
65
66
651
/
4 6614 65/
1
4 6614 6,400 Stewart-Warn Sp Corp_No par 61 Nov 4 92/
Jan 2
1
4
55 Mar 9612 Dee
*50
*50
51
6012 50
50
5012 60,2 *50
5012 501
/
4 51
700 Stromberg Carburetor_No par 4734 Dec 31 7714 Jan 4
61 Mar 8958 Oot
5312 54
53,4 5414 5314 5378 5338 54/
1
4 53/
1
4 541* 53/
1
4 561
/
4 62,600 Studeb'rCorp(The) new No par 47 May 18 62 Sept 15
/
4 Jan 6833 Nov
411
•11912 12214 *11912 12214 *119 12212 *11912 12212 *11912 12212 *11912 122,2
Preferred
100 11412 Feb 23 12212June 23 112 Mar 125 Sept
/
4
3/
1
4 31
1
4
3,2 3/
3,4 3,2
314 314
3
314
9,000 Submarine Boat
1'5 July 27
No par
3/
1
4 Feb 21
3
Oct 12 Mar
3312 3312 3478 34
*33
3412 3458 34/
1
4 341
1
4 34/
/
4 34/
1
4 3438 2,800 Sun 011
No par 3918 Mar 30 4158 Jan 4
3812 Nov 4373 Noy
434 5
41
/
4 5
434 5
478 5
4/
1
4 5
41
/
4 5,4 37,100 Superior 011
par
acr
No 10
514 Dec 11
1 July 29
2 Dec
61
/
4 Feb
1
4 2412 2412 *24
2478 24/
25
2458 25
*2412 25
2514 2514
500 Superior Steel
1912 Apr 12 3478Sept 7
20 May 411
/
4 Jan
*111
/
4 12
*1158 12
*1158 12
12
12
*Ilk 12
111
/
4 111
/
4
200 Sweets Co of America
81
/
4 Apr 13 1738Sept 13
50
578 Mar 1512 Oct
*534 6
6
6
*6
638 *6
6
6,4
6
*512 6
1,100 Symington temp ctfs__No par
4 Nov 8 1412 Jan 4
101
/
4 Jan 901
/
4 Sept
•1234 13
*1234 13
1214 1214 *1234 13
1278 121
/
4 1234 12/
500 Class A temp ctfs
1
4
Vs par 1033 Oct20 20/
1
4 Feb 4
1934 Dec 281
/
4 Sept
•1112 1212 *1112 1212 *1112 1212 •1112 1212 *11
1212 1212 1231 2,100 Telautograph Corp.__ _No par 11 Apr 5 14/
1
4 Jan 19
11 Aug
161,No.
1234 1234 1234 1314 1258 121
/
4 1212 1234
1252 1234 121
/
4 12,2 20,400 Tenn Copp & C
1058 Dec 10 16 Feb 5
No pa
7/
1
4 Apr 16 Dec
*5733 5734 5758 58
5712 58
57
5734 67
571
57
/
4 57/
1
4 4,300 Texas Company (The)
25 48 Mar 30 58 Aug 31
42/
1
4 Jan 55 Dee
51
5112 5118 5178 5014 51,8 501
/
4 511
/
4 5132 5212 5238 5314 65,900 Texas Gulf Sulphur new No pa
39 Oct 25 52/
1
4 Nov 29
1578 1614
16
1614 1534 1614 1534 16
1534 1618 15/
1
4 1572 15,100 Texas Pacific Coal & OIL__ _1
12 Oct 20 1912 Jan 7 -1-078 Aug 233s Feb
3.1850 1950 *1800 1900 *1750 1825 1750 1750 *1750 1850 1700 1700
10 Texas Pacific Land Trust_100 510 Mar 19 2040 Dec 23 255
Apr 657 Dec
• 1
27
2718 2712 *2714 27/
1
4 *2712 2734 2712 2712 *2712 2734
700 The Fair
261
/
4 Dec31 34 Jan 14
No Pa
3214 Sept 3914 /
1
4ct
4914 4812 *4712 4812 4712 471 *4712 481 *4818 4812 *4818 4812
400 Thompson
R)
4214May
Co
7
25
5012
Sept
16
*2878 29
*2834 29
2814 28,4 28
28
281
2812 *2812 29
600 Tide Water 011
100 27 Nov 29 39/
1
4 Jan 25
301, Sept 36/
1
4 Dee
*884 8914 8878 89
*88/
1
4 883
8912
8812 891
8912 8912 *89
4714
600 Preferred
Nov 4 103 Jan 25
100
99 Nov 101
Oct
80
8012 8014 8414 8154 841
8238 8814 8712 9014 87/
1
4 201,900 Timken Roller Bear1ng_No Pa
1
4 89/
44/
1
4 Mar 3 8538 Nov 16
37314 Mar 59/
1
4 Oct
10938 110
10912 110
10834 1091 108/
1
4 1091 10834 10834 10834 109
12,100 Tobacco Products Corp
100 9514 Apr 12 11658Sept 22
70
Jan 1011
/
4 Noy
115 116
116 11638 11638 1161 *114 11612 *115 11614 *115 11614 1,300 Class A
100 103 Mar 3 11838Sept 21
93/
1
4 Jan 11011
/
4 Nov
438 412
41
/
4 412
414 41
4/
1
4 412
4/
1
4 434
412 41
3 Mar 4
/
4 27,700 TranacTI Oil tenact1 newNopa
512July 9
57 May
312 Sept
•15
1512 *1518 1512 15
151 *15
1512 *15
1512
1512 *15
200 Transue & Williams St'l No pa
15 Aug 28 27 Jae 28
2412 Sept 35
JIM
*46
4678 46/
1
4 4678 4612 471
46/
1
4 4712 4714 4752 4638 47/
1
4 4,300 Underwriter Typewriter_ .15 43/
1
4 Nov 12 6334 Jan 7
3818 Mar 851,Nov
4212 4212 4218 4214 42
421 *4212 43
4238 4238 42
42
1,000 Union
& Paper Corp 100 35 May 21 7114 Jan 5
36
Apr 86
001
10114 102
102 10212 10114 1021 10158 10234 10118 10214 10118 10178 13,100 Union Bag
Carbide & Carb_No par 7712Mar 29 10034 Dec 31
55
5514 5434 5578 54/
1
4 551
5438 55
5412 5514 543* 553* 10,600 Union Oil California
2' 3714 Jan 20 5838Sept 23
33
Oct 13-4 Feb
_
Union Tank Car
100 8414 Mar 31 12033 Oct 1
94 Dec 134 June
_ _
_
Preferred
100 11314May 22 118 July 12 113/
1
4 June 1171
/
4 May
United Alloy Steel_ _ _ _No pa
2512 Jan 21 3578July 15
24 May 36/
1
4 Mar
-61 97
;66" -0-6.1; 96
9714 -66.1 07
971g 97
96'4 96l _ 2.555 United Cigar Stores
8318 Feb 4 10934 Aug 17
2
601
/
4 Jan 11512 No,
•127 135 *127 135 *127 135 *127 135 °127
*127 132 *127 132
Preferred
100 1147s Mar 4 125 June 30 115 Dec 13314 The
16612 16612 167 16812 16714 16712 168 16812 168 168
16712 16712 1,400 United Drug
1001 134 Mar 30 174 Dei 24 110/
1
4 Feb 16212 Oct
60
60
*5872 5912 5934 5934 5914 60
60
60
5914 5914
800 1st Preferred
501 5512Mar 5 59 July 8
52
Jan 5812 No,
116 11612 11612 11634 11514 117
115 11512 11512 116
11512 116
2,600 United Fruit new
No par 98 Apr 15 126 Nov 26
*17
1812 *17
1812 17
1812 17
1812 *17
1812 .17
Paperboard
United
1812
100 17 Dec 30 3812 Mar 2 -1-8.14 Apr 3312 Dee
*98 101
*9818 101
*98 101
*99 101
*99 101
*99 101
Universal Pictures 1st pfd 100 90 Mar 8 9812 Dec 17
94/
1
4 Dec 10313 oci
301
/
4 31
291
/
4 301
/
4 29
30
29/
1
4 3012 30
3078 30
3012 22,600 Universal Pipe & Rad__ No par 13/
1
4 Mar 31
34,2 Dec 30
26 Dec 501
/
4 Feb
*85
87
85
8514 84
85
8412 5514 *85
*8412 8512
86
900 Preferred
100 52 Mar 30 9012 Dec 30
65 July 94
Feb
*21912 221
21838 22112 217 222
21918 223
21712 22034 21258 218
20,800 US Cast Iron Pipe & Fdy _104) 160 May 19 24812 Aug 3 13114 Apr 250
Feb
*11212 115 *114 115
114 114
114 114
114 114
114 114
Preferred
400
100
10014 Mar 8 118 Dec 22
91 July 113 Aug
55
56
5534 59
5712 5812 5714 57/
1
4 5712 571
/
4 5712 58
15,300 US Dialrib Corp tern ctt No par 39 Mar 30 611
/
4 Feb 13
3018 Feb 8314 Dee
*5512 56
*5512 56
551.
, 56
5614 56/
1
4 5532 5634 56
56/
1
4 2,100 U El Hoff Mach Corp vtcNo par 45/
1
4 Jan 2 5938 Feb 4
23
Jan 494 Oct
7818 7812 79
82/
1
4 8118 8212 81
8134 81
8212 8112 8214 45,700 U S Industrial Alcohol
100 4538Mar 30 8412 Dec 8
7014 Dec 98
Oct
•10812 10978 10934 10934 *109 110 *10812 110 *10812 1101
/
4 10812 11034
100 Preferred
100 9914 Apr 22 1141
/
4 Nov 8 102
Dec 115 June
64
6418 6312 6418
/
1
4 633* 6318 6412 6314 6414 63/
1
4
63
/
1
4
8,100
Realty
Impt
US
new.No
&
par
4818Mar 29 7172 Jan 4
59/
1
4 60
59
5934 5812 5912 5918 6078 591
/
4 60/
1
4 5914 5978 20,900 United States Rubber
100 6014May 19 8814 Jan 23 -3-3-1
/
4 VIar 9712 No•
109 10912 10912 10934 109/
1
4 10934 109 10912 510753 1071
/
4 10734 10734 2,600
1st Preferred
100 10112Mar 30 109 Jan 19
9234 Mar 10873 No•
34
34
3418 3438 3414 3412 3414 3412 3414 343* 35
3534 3,600 US Smelting, Ref & MI11_50 30 Oct 23 49/
1
4 Jan 2
30
Feb 51
*45/
1
4 46
Dee
46
46
4558 4558 •4558 46
457g 45/
*458 46
1
4
300 Preferred
50 42 Oct 26 50 Jan 4
44
15634 157/
Apr 491
1
4 156/
/
4 Dee
1
4 15714 155/
1
4 1561
/
4 15614 158
156/
1
4 15712 15612 157/
1
4 157,700 United States Steel Corp_ _100 117 Aar 15 16012 Dec 17 112/
1
•1301g 13038 13014 1301
4 Mar 13914 No•
/
4 1301
/
4 130/
1
4 1301
/
4 130,4 13014 13012 13012 1305*1 2,300 Preferred
100 12412kIar 3 13034 Dec 29 12218 May 12638
*68
70
*68
69
*68
69
*68
69
JAD
*68
69
*68
69
U S Tobacco
No par 5612 Jan 4 67 Dec 30
5113 Mar 59/
•123 125 *123 125 *123 125 *123 125 *123 125 *123
1
4 No•
125
Preferred
100 112 Mar 19 123 Dec 2 10558 Apr 114 Sept
*11312 11434 *11312 11434 *11312 11434 *11312 11434 91312 11434 *11312 1143
4
Utah Copper
93 Apr 1 116 Nov 13
1(
82 Mar 111 No.
2812 2852 2834 2834 *2834 2918 28/
1
1
4 2918 2914 2914 291
/
4 29,8
900 138411t1e8 Pow & Lt A __ _No par 2738 Dec 28 37 Feb 15
30 Aug 38 Aug
38/
1
4 38/
1
4 3812 38/
1
4 38/
1
4 38/
1
4 3878 38/
1
4 37
3838 3734 3812 2,900'Vanadium Corp
No par 29 Mar 3 43 Aug 16
25/
1
4 May 34as July
515* 5178 5134 54
5378 56/
1
4 5518 57/
1
4 55
56
55
56/
1
4 40,200 Vick Chemical
No Par 4314July 21 52 Aug 6
Virginia-Caro
gg
Chem
Feb 28
___No Par
178 Jan 15 -11-2 Sept
16
85* july
10
9/
1
4 1038
9/
1
4 9/
1
4 10
1014 *10
934 934 1,200 New
1014
No par
9 Oct 20 2512 Feb 3
17/
1
4 Dec 211
/
4 Dee
No par
34July 2
158 Jan 8
/
1
4 Aug
*34
4/
1
4 July
3514 *34
35
*34
36
3418 341s 3418 341g *34
35
200 6% pref w 1
100 3138 Oct 14 69 Jan 4
5614
Nov
63
86
/
1
4
Dec
86
8412 85
*8434 86
8518 8518 *8512 87
*8514 87
700 7% Prof w 1
100 83 Oct 15 9818 Jan 6
9214 Nov 9512 Dee
.47
50
*47
50
*47
50
47
47
*47
50
*45
50
200 Virginia Iron Coal & Coke 100 40 May 15 6012 Nov 11
30 June 46 Dec
3412 3434 3434 Ws 3412 3434 342 3458 304 3412 33/
1
4 343* 4,500 Vivaudou (V) new ___ _No par 26 Mar 30 3612 Dec 22
714 Jan 28/
•105 10934 *105 110
1
4 Dec
10634 10634 *10634 108 510512 10512 *104 108
200 Preferred
100 94/
1
4 Jan 29 11012 Dec 8
23
23
23
23
22/
1
4 22/
1
4 22/
1
4 23
*2212 221
/
4 22/
1
4 22/
1
4 1,300 Waldorf System
No par 17 Jan 12 23 Deo 28 -11/
1
4
*18
117
Aug
-if;.;
1814
18
18
*18
1814
181
/
4 20
1934 2034
19, 2014 5,600 Walworth Co ctfs
No par 1214June 2 2314 Jan 27
*107 120 *107 120 *107 120 *107 120 *107 120 *107 2 120
2114 Dec 241
/
4 Dee
Ward Baking Class A_ _No par 09 June 30 195 Jan 2 116
3034 30/
Apr
198
1
4 3012 3114 3012 31
Der
311
/
4 32/
1
4 32
3214 31
31
5,900 Class B
No par 2114 Oct 20 8538 Feb 1
*9114 9134 9134 9134 0134 9134 91 12 9212 9214 921
3714 Mar 9512 Oct
/
4 92
93
1,30(. Preferred (100)
No par 8812 Oct 7 11012 Jan
40/
1
4 42
941
/
4 Feb 112 Dec
391
/
4 4114 3934 413* 3934 4012 4018 4214 401
/
4 411
/
4 38,300 Warner Bros Pictures A _ __ _10 12 June 11 6914Sept 16
15
17/
'
1
4 Dec
2/
1
4 Oct
5'3 87
8514 6514 *6512 6612 *6534 6612 *6534 6612 *65/
1
4 6612
100 Warren Bros
Vs par 4372 Apr 15 89
*57
43 June 501
5812 57
/
4 July
57
57
57
53
*57
*57
*57
58
58
400 Weber de Hellbr, new e.No par 53 Apr 20 8512 Dec 20
14434 14434 14434 14434 14434 14434 14514 14834 14512 14512 *14512 147
Jan 13
Apr
51
10011
Dee
700 Western Union Telegraph..100 13412Mar 30 15773Sept
13534 13718 136 13714 13614 13714 137/
8 116/
1
4 Jan 1447s Sept
1
4 139 *13712 138 *137 1373* 4,300 Westinghouse Air Brake___50
10514
Mar 31 146 Dec 18
6912 6912 691
97
Apr 144 Aug
/
4 691
1
4 6918 69
/
4 68/
6914 6914 6912 69
6938 5,100 Westinghouse Elm dr Mfg_ _50 65 May
6644 Mar 84
19 7912 Feb 10
•15
1512 1513 1514 *1514 1512 15
Jan
1538 *15
1512 1512 1534
900 Weston Elea Instrument
1334May 10 1912July 28
9/
1
4 Apr 2013 Aug
*31
3134 *31
32
*3118 3134 *3118 3134 *3118 3134 3134 32
Clam
300
A
2714
Jan
4
3212 Oct 71
100 100
1938 Mar 287e Dec
10152 10152 10012 10052 10012 10112 10112 102
10134 102
560 West Penn Elea cl A vtt No par
2JanOct 28!
14
103/
1
4 103/
1
4 105 107
105 108
10618 107
106 10618 1061g 107
865 Preferred
100 9
85
S
'
1211,y 16
7 1011 Dec2
111 111 *11114 11112 11114 11112 11112 112
112 113
11312 114
100 West Penn Power pref
100 108 Mar 25 115 Sept 211 104
2612 26/
Jan lii
uly
1
4 2612 2634 2612 2612! 2612 2612 2612 2634 26
2612 2,800 White Eagle Oil
No par 2513 Apr 20 2934 Feb 101 2512 AUR
5512 55/
Feb
1
4 5514 5512 .5514 5534 56
56/
1
4 55/
1
4 56/
1
4 5538 56
7,000 White Motor
50 51 13 Apr 15 90 Feb 111 5718 Man 1041
*271
/
4 2812 28
/
4 Aug
28
2712 2715 *2714 2712 2712 2712 *271
/
4 28
600 White Rock Min Sp ctf_No par 22 Oct 22 3838
3312 Dec 4933 Aus
Feb 3
*/
1
4
34
*/
1
4
34
54
34t
54
54
58
58
58
58 13,800 Wickwire Spencer Steel ctf ___
2108 22
Dee 2
538 May
338 Jan 6
2118 211
/
4 201
2 Dec
/
4 2118 21
22
2114 2134 2118 2112 54,000 Willys-Overland
(The)
5 18 May 17 34 Jan 4
*92
9312 9212 9212 9212 9212 92
1
4 No•
91
/
4 Jan 34/
9214 92
92
*9134 9212
600 Preferred
100 8812 Oct 2" 99 Feb 4
1212 121
/
4 1114 12/
72/
1
4 Jan 1237s Dec
1
4 1214 1234 1218 1314 1278 1338 1214 123* 8,900 Wilson & Co. Inc,
new_No par
283* 28/
6 May 20 1433 Dec 13
1
4 29
3018 29
291
/
4 2834 301
/
4 2914 30
29
29
9,200
Class
A
No par 14 May 21
'
3033 Dec 13
7918 80
7714 79
78/
1
4 78/
1
4 79
80
7812 7934 78
7814 4,500 Preferred
100 42 May 19 8133 Dec 13
17738 180
17734 17512 178 18014 18014 18212 18012 182/
1
4 18112 184,4 19,800 Woolworth Co (F IV)
2218 2218 2212 2213 2212 2212 2214 221
25 13514May 19 222 Jan 4 11214 Jan 2-2-6 Oct
/
4 22
22
2134 22
1,400 Worthington P ek M
*47
19 Nov 22 441
100
3514 Aug 7tas Jan
49
/
4 Jan 6
*47
*47
49
49
*47
49
47
47
*46
49
100 Preferred A
41
100 44 Nov 26 80 Feb 2
41
Jan
*4012 42
*41
78 Nov 89
43
4032 4012 *40
42
*40
42
300 Preferred B
3214 3212 3134 3214 3134 32
1
4 Feb
58 Aug 76/
32
3312 *3212 33/
1
4 3278 3318 2,500 Wright Aeronautical___N 100 3714 Nov 23 65 Feb 24
o par 2412 Mar 30 391
*51
16 Mar 3232 July
/
4 July 16
52
5118 5118 *5078 52
*5078 5134 *5112 5134 52
523
800
4
(Wm
Wrigley
Jr)
No
par
2512
47
Apr 3 5934 Feb 11
.70
Mar 5714 Oct
72
*7012 72
71
71
72
72
*71 12 72
72
72
800 Yale & Towne
25/
1
4 2618 2514 2578 2512 2713 2714 28
25 6012 Mar 4 7212 Aug 26
62 Sept 7014 July
2718 271
/
4 2834 27/
1
4 117,500 Yellow Truck & Coach__100 20 May 24
9518 053* 95
39588ept
/
4 Oct 4034 Oct
221
9518 95
95
952 95
95
95
0512 9512
900
Preferred
100 9112 Apr 3 10712Sept 2
881 1 8814 8758 8814 8712 8734 8734 88
Oct 100
90
Oct
8712 8712 873* 87/
1
4 4,300 Youngstown Sheet & T_No par 89 May 14
63 Mar 9912 No•
9514 Aug 9
• ma and asked prices no sales on this day. .3 Ex-dividend
Es-dividend luscl
a
31%
New York Stock Exchange--Bond Record, Friday, Weekly and Yearly
488
./86. 1 1909 the Exchange method of quoting bonds teas changed and prim are now "and interosr-excipl for income and defatdtsd bonds.
BONDS
N.Y.STOCK EXCHANGE
Week ended Jan. 21.
U. S. Government.
First LlbertY Loan-
-t3
ik
.,s,
Price
Fridog.
Jan. 21.
Bid
Week'sRange
Year
.1_,.
Range or
1926.
ale
Last Sale
Ask Low
P,ot
Price
Friday,
Jan, 21,
Week's
Range Of
Last Sale
Range
Year
1926.
High
High No Low
Bid
Ask Low
High
95 101
50
Leipzig (Germany)s f 76_1947 F A 10112 Sale 10114 102
90133301183e Lyons (City of) 15-year 613_1934 M N 96 Sale 9514
8118 934
961 108
961 188 814 9384
993133011133 Marseilles(City of) 15-yr 6s-1934 M N 96 Sale 9512
30
31
1001033034o Mexican Irrigation 445----1943 M N 3312 3412 30 Mar'26
5
2/434 40
321
3212
101413 021.11
Assenting s f 44s. _ _ ___1943
4212 55
Mexico(U S) exti 58011899£'45 Q J 48 _
5112 Oct'26
3413 504
55
9911$2003733
1945 --- 4212 Sale 41 • 50
Assenting 58011899
38
10013n 01131
_ 4014 Jan'27 -4814
Assenting 513 large
3712 May'25 - -Assenting 58 small
271 11"
19645 D 2958 30 34 July'26.
100"n 011433
Gold deb 4801 1904
204 374
30 20
30 Bale 2812
Assenting 48 of 1904
27
27
10144,103"n
Assenting 4s 01 1004 large_________
27 Dec'26 -2538 254
10611n Wen
Assenting 48 of 1904 small
2538 Sept'26 _ _
291 297 2738 Jan'27 - _
102143306143
Assenting 4s of 1910
23', 347j
100183303'u
Assenting 48 of 1910 large_________ 2658 Sale 2814
297s 120
3118
22
2534 250
Assenting 45 of 1910 small......... 2544 Sale 2378
524
38
100 101
22
43
Tress 68 of'31 assent(large)'33J J 4412 4512 42
3712 5311
454 102
10012 10214
4412 Sale 42
Small
10012 10248 Montevideo 78
44
96 10212
19625 D 10144 Sale 101
102
10034 102
10712 Sale 10712 10734
Netherlands 68(flat prices)..1972 M
3 10612 110
1051/ 10634
30-year external fis (flat)....1954 A 0 10358 Sale 10312 10334 70 10314 1044
9914 1021,
26
10478 10638 Norway 20-year extl 68
1943 F A 102 Sale 10138 102
75 100 10212
10438 10634
1944 F A 10144 Sale 10112 102
20-year external fis
10412 1064
29 100 10212
1952 A 0 102 Sale 10138 102
30-year external 633
96
981.
9734 99
120
1985 J D 100 Sale 9912 100
40-year afs94a temp
9744 99 Oslo(City)30-year sf6s
1955 M N 10114 Sale 10034 10114 36 9813 10214
. 9778 99
1946 F A 9878 Bale 98
9878 25
Sinking fund 548
1614
974 9884 Panama (Rep) esti 54s
1953 J D
10212 Jan'27
30 10113 105
9714 974 Peru (Rep on external 88_1944 A 0 1E44 fitZle 104
105
99
98
97 10114
Esti sink Id 748 temp_1940 MN 10114 Sale 10034 10112 80
10412 100
7712
Poland (Rep of) gold 68
8434 90 .61
1940 A 0 84 Sale 835
1044 106
9614 626
8214 9412
Esti sink Id g 85
19505 J 96 Sale 9514
14
9810 105
8744 8912 Porto Alegre (City of)8s
1961 .1 D 105 Sale 10412 105
8911
8814
Queensland (State)extl sf711941 A 0 11112 Sale 11138 11178 10 110 11414
8834 89
10478 17 10412 103
1947 F A 10434 Sale 104
25-year external 68
9858 105
1015* 10212 Rio Grande do Sul extls f 811_1948 A 0 105 Sale 10412 105
27
10212 1024 Rio de Janeiro 25-yr,
9714 105
s f Ss__ _1946 A 0 10412 Sale 10312 10412 60
97 1054
10134 102
1947 A 0 10412 Sale 10234 10438 159
25-yr extl 86
Rotterdam (city) extl 68_1964 M N 10334 Sale 10334 10438 12 103 107
ioi 11124 Sao Paulo(City)81811
1952 MIt 108 Sale 10712 108
8 10012 10912
10178 10178 San Paulo (Slats) ext.f S..19365
103 Sale 10434 10514 47 10214 10812
11014 111
10514 38 10112 106
External 188 int recta_ _ _1950 J .1 1054 Sale 105
994 109
9412 100
__- -__
1956 M
994 Sale 09
External water loan 7s
9578 110
93 96
9578 Sale 95
Santa Fe (Prov Arg Rep) 78_1942 M
9788 9888 Seine (France) extl 78
981s
19425 J 9938 Sale 9812
9912 185
84
100 1024 Serbs, Croats & Slovenes 88_1962 M N 1110 Sale 9984 10014 197
8712 9814
9118
9978 Bollaions (City) extl 68
96
1936 M N 9412 Sale 9344
81
9412 89
954 100 Sweden 20-year (is
19395 D 10412 Sale 10438 1041
12 10214 10614
9614 101
1954 MN 10334 Sale 10278 10312 78 10112 1051s
External 10841 5348
9584 9914 Swiss Confed'n'20-yr s I 88.-1940 5 J 11312 Sale 1312 11312 12 113 11714
974 994 Switzerland Govt est 548-1948 A 0 104 Sale 10318 104
31 10212 106
7912 Sale 79
77
7012 76 67
-- Tokyo City 56 loan of 1912...1952 M
--,85 1314 Trondhjem (City) extl 641_1944
J 10034 Sale 9912 10034 19
9914 10116
: Upper Austria (Prov) 78.-1945 J D 9614 Sale 9614
064 ggi
go 95
44
97
100 103
5 1,0712111
Uruguay(Republic)eat(8._1946 F A 10918 Sale 084 10914
9614 142
944 99
1960 M N 06 Sale 9514
9410 97
External s f 66
9613 877
105 11134 Yokohama (City) extl 68._ _1961 J D 9614 Sale 9514
93 94
10584 10838
• Railroad
10178 1031s
88 974 Ala Gt Sou 1st cons A 58-1943 J D 10318 10312 03 Dec'26
1928 M N 10012 102 0012 Sept'26
10038 102
8112 924 Ala Mid 1s1 guar gold 58
6 8418 8714
1946 A 0 8712 Sale 8738
8712
9188 10278 Alb & Sumo cony 31/8
824 864
9414 102
844 Nov'26
Alleg & West let a gu 48___ _1998 A 0 85
9238 96
1942M S 954 -96 96
96
1111/ 115
Alleg Val gen guar g 46
4 7578 8212
81
8018 Sale 804
98 1024 Anh Arbor 1st g 48
J11117 1995 Q
9434 164
854 9884 Ateh Top .413 Fe--Gen g 4s-1995 A 0 9448 Sale 93
8912 94
914 Dec'26
8814 917s
A 0
9634 104
Registered
8484 8884
904 14
9612 105
Adjustment gold 4s_July 1995 Nov 907g Sale 8714
8412 Sept'26
844 844
Nov 8412
Registered
8114 9334,
26
91
8412 89
July 1995 M N 91 Sale 8934
10012 105
Stamped
MN 8412 8812 85 Sept'26
834 88
Registered
874 90
6 8484 8978
8812
1955.3 D 8812 89 8812
894 964, Cony gold 48 1909
52 844 894
89
1956.3 D 89 Sale 8812
1855* 108 .1
Cony 48 1905
7 8312 8784
874
924 10234
Cony g 48 lame of 1910_ _1960 J D 86 _ 86
9844 100
9914 29
9912 Sale 9914
9714 10184
East Okla Div Ist g 4s_ .._ _1928 M
_
J 8912 9012 90 Jan'27
196.348„
---- . -8812 9011
Rocky Mtn Div 1st
6 88 92
913s
9512 99
Trans-Con Short L 1st 48_1958 J J 9012 92 91
9478 994
984
9812 15
10084 1034
Cal-Artz ist & ref 448 A 1962 M S 983s
10312 1034
10312 Apr'26
10118 10338 All Knoxv & Nor ist g 5s._.1946 J D
9644 9813
102 10538 AU AL Charl A L 1st A 448_1944 J
9914 -9912 100 Jan'27
18 10218 1044,
_ 104
105
9718 99
1s1 30-year 58 series B__,,1944 J J 105
8812 8684
1014 105
1951 J .1 861s 16 8634 Dec'26
Atlantic City 1st cons 48
28 92 947
,
96
954 Sale 9434
10714 10984 All Coast Line 1st cons 48 July '52 M
5 104 107
10514
1930 M N 10444 10514 105
100 1024
10-year secured 78
9814 11
9314 9871
107 1094
_ _ 9814
19845 G 98
General unified 4145
9212 11
90 9484
9214 9312
L & N coil gold 48Oct 1952 M N 9212 Sale 9212
76 824
1942(J J 8034 Sale 80
8034 89
9494 Mt Atl & Danv 1st g 48
9131a 994
1948J J 754 76 7412
7534 28 65 761a
2d 48
10
84
764 83
2312 4878 AU & Yad 1st g guar 46
1949 A 0 84 Sale 8378
7 1004 1034
103
103
99 10212 Austin & N W 1st gu g 58-1941
.1
8914 943s
9518 89
9878 Balt dr Ohio 1st g 48_ ...July 1948 A 0 045 Sale 9414
91
8838 9211
July 1948 Q
9984 101
- 924 Dec'26
Registered
131
9884
94
9738
98
Bale
98
93 95
13
M
1933
43485
cony
-year
29
884 9642
9638 Nov'26
9234 9514
Registered
9312 10078
9814 101
Refund & gen 58 series A__1995 J D 1.02i8 Mae- 10134 10212 262
1948 A 0 10534 Sale 10512 10614 184 10218 10512
9534 9914
1st g 5s
1929.3 J 10238 Sale 10218 1024 109 10214 104
98 102
10-year (is
10834 116 104 109
19555 D 10812 Sale 108
98 10214
Ref & genes series C
72
8974 931a
95
8834 1014
PLEA, W Va Sys ref 48-1941 MN 9478 Sale 9378
98 10262
19505 J 10213 Sale 1024 10234 89
10012 103
Soutbw Div 1st 58
31
8318
834
7414 824
Sale
8334
J
48A-1959
9914 1054
ref
Tol & Cin Div 1st
ors 10012
9984 1054
Ref & gen 55 series D__ 2000 M B 102 Sale 10188 10214 302
1
65
61
654
6634 05
954 105 Battle Crk & Slur Ist 10138-1989 J D 64
93 9572
10812 11214 Beech Creek let gu g 4a_.--1938 J 5 9538 9614 9512 Jan'27
3 94 94
9512
951/
J
10814 112
Registered
83 Nov'26
80 83
102 10484 Beech Crk Ext 1st g 34s-1951 A 0 82
897$ 9194
1944 1 13 9114 -92 9114 Dec'26 _
1014 1051/ Blg Sandy 1.1 4.
1
80
729x 83
9378 100
Bost & N Y Air Line 1st 48_1955 F A 7912 8078 80
9314955*
924 1014 Bruns & W 1st gu gold 4s__ _1938 J J 9558 97 955* Dec'26
1034 Jan'27
1019g 10311
102 1064 Buffalo Ft.& P gen gold 58-1937 hi 5 10258
38
90
871x 944
1957 M N 9512 Sale 95
103 1061/
Comm'43.4a
90 Dec'26
8714 90
N 88
1014 10418
Registered
101 Dec'26
10014 10111
1934 A 0 101
1014 1054 Burl C It & Nor 1st lis
7 10274 10514
106
103 10914 Canada Sou cons gu A 58.- 1962 A 0 1053 -- 106
40
97
9314 9584
844 93 Canadian Nat 446-Sept 15 1954 M S 96 4-94112 9584
9938 17
9912
98
9412 101
5-year gold 448...Feb 15 1930 F A 9914 Sale 994
94 974 Canadian North deb if 7s 1940 5 D 11548 11512 11514 11533 19 114151175*
1948J J 11814 Sale 11818 11812 33 11572 11842
8914 9614
29-year f deb 648
9818 98
984 43 9612 9814
10-yr gold 446.-Feb 16 1935 IF A 98
894 9818
8514 125
801s 87
984 10834 CanadianPaoRy4%debstOckJ .1 85 Sale 8478
9588 Jan'27
9542
94
1932 M B 9558
924 10514 Carb & Shaw lit gold 46
8714
Dec'26
8112 8714
D
14
.
86
86
1949.3
8618 100 Caro Cent 1st eons g 4e
3 10114 10372
10314
1014 1074 Caro Clinch &0 Ist 3-yr 58-1938 J D 103 10312 103
10812 40 10664 10912
-1952 J D 1084 Sale 108
94 10112
let & con g 68 series A
9012 Dec'26
8144 Ng,
1981J 0 9014
964 10214 Cart & Ad Istgu g 40
7912 8812
86 8488 Dec'26
10314 1064 Cent Branch U P let g 46.-1948 J D 85
1174 119 Central of Ga let 5 56-Nov 1945 F A 10412 105 10412 Jan'27 -- 1031a 108
6 10204 1043*
1946 M N 10378 10412 10334 10334
924 10412
Consol gold 58
10112 1011,
MN 10012 102 10158 Feb'26
95
84
Regletered
10212 29 10212 lops
954 9914
10-year secured Bs-June 19295 D 10212 Sale 102
10518 14 1017a 10814
964 10414
Ref & gen 533e series B-1959 A 0 10518 Sale 10412
2
89
Ws EMI
8434 100
Chau Div pur money g 48_1951 J D 89 Sale 89
10214 Dec'26.• _
103 10314
Mac & Nor Div 1st g Ss_19465 J
_
Dec'26
8
1017
102_
10194
5
19465
1024
1£T2
9312
Mobile Divieion 5e
5 68 794
8012
993s 1004 Cent New Ens 1st go 48..._1961 .1 ..1 804 tite 8014
9054 Dec'26 _
9811 9991
8818 9434 Central Ohio reorg 434s._l930 NI S 9878
_
10012 Dec'26
981e 1014
183581 9012 Central RR of Gs coil g 5s 19371M N 10012 1664
J 11314 11378 11418 11418 21 1086a tr:
924 10114 Central of NJ gen gold 54_ _1987
,
1051, lt ,
1124 116 11248 Jan'27
.1987 Q
95
gil
Rcaniecrcd
High No, Low
1 D 1011333 Sale 101331 1011133 675
34% of 1932-1947
1
J D 1002333 Sale 100",,100",,
Cony 4% of 1932-47
J D 103331 Sale 103333 1031333 380
1932-47
of
Cony 44%
J D 1021333 ---- 1021030Dec'26 ---2d cony 44% of 1932-47
64wond Liberty LoanMN 1003331001033 100f33Dee'27
66 of 1927-1942
M N 1003732 Sale 100713410071n 780
Cony 44% of 1927-1942
Third Liberty LoanM 5 10111 31 Sale 1011.331011413 816
434% of 1928
Fourth Liberty LoanA 0 1031331 Sale 1031333103"H 1357
64% of 1933-1938
1947-1952 A 0 1102333 Sale 110"n 1104433 290
Treasury 448
1944-1954 5 D 106443 Sale 10612331062733 321
Treasury 4a
1946-1956 M 8 1033.31 Sale 10314321031131 88
Treaffury 348
State and City Securities.
11( Y City-4d8 Corp stock_1960 M 13 10012 ___ 10038 Dec'26 .___
1964 M S 10212 10312 10212 10212 14
448 Corporate stock
1966 A 0 10212 10318 10178 Oct 26 -___
&Ma Corporate stock
1972 A 0 10278 Sale 10278 10278 10
4348 Corporate stock
1971 J D 107 ___- 10634 Oct'26 -_4348 Corporate stock
4148 Corporate stock-July1967 .1 .1 10634 ___- 10634 Jan 27 _--1965 J D 10658 10712 10612 Dec'26 ---4348 Corporate stock
9
1963 M 8 10612 10714 10612 10612
648 Corporate stock
1
99
99
05 N 97
1959
li% Corporate stock
1958 M N 99 -.-- 99 Jan'27 --__
4% Corporate stock
1
100
1957 MN 99 --__ 100
4% Corporate stock
1958 M N 9814 ---- 9812 Nov'26 -___
4% Corporate stock
1955 M N 9814 --- 9778 Oct'26 -___
4% Corporate stock
1936 MN --------99 Mar'26 -_
5% Corporate stock
1
44% Corporate stock...1957 MN 10618 107 10678 10678
441' Corporate stock-1957 M N 10618 107 10534 Jan'27 _ _ _
1
8978
844, Corporate stk _May 1954 M N 90 ____ 8978
1
8978
394% Corporate stk-Nov 1954 M N 90 ____ 894
1955 MN 8934 -- 89 Apr'243 ---848 Corporate stock
New York State Canal Im 48.1981 1 J --------1021, Oct'26 ____
1960 ---- ____ ____ 10212 Aug'26 ---48 Canal
1962 ------------102 May'26 -As
1942 J J --------1021, Mar'25
•
de Canal
19645 5--------102 Apr'28 _
ilds Canal impt
___ ____ 10178 Mar'26 ___.
46 Highway 'mot regist'd _19581,,,
Highway imprert 448-1963 M S --------111 Dec'26 -__
--------761,
Feb'25 .-__
1
1991,5
Virginia 2-36
Foreign Gov't and Municipal's!
9814 132
Argentine Govt Pub Wks 68_1960IA 0 975s Sale 9753
4
9978 10112
Argentine (Nat Govt of) 78-1927 F A 9978 100
66
98
Sink fund 6,01 June 1925_1959 J D 9734 Sale 9734
984 69
Esti 8 16s of Oct 1925.-1959 A 0 9734 Sale 9734
9812 107
Sink fund as Series A_ --1957 M 15 9812 Sale 9734
98
46
External 6s series IL _Dec 19585 D 98 Sale 9748
9814 43
Esti s f6s of May'26 temp 1960 M N 98 Sale 9734
984 58
Extl 6s Sanitary Works_ _1961 V A 9814 Sale 9814
914 102
1945 M 8 9134 Sale 9012
Argentine Treasury 513 E_
9818 212
Australia 30-yr 58_ _July15 1955.3 J 9818 Sale 9788
10488 117
1943 J D 10378 Sale 103
Awitrian (Govt) s f- 7s
9912 106
Bavaria (Free State) 690-1945 F A 9912 Sale 994
Belgium 25-yr ext s f 7)leg_1945 1 D 11312 Sale 11212 114 214
43
1941 F A 10834 Sale 1084 109
20-year,f 88
1949 M & 10038 Sale 10014 1004 216
25-year external 648
9534 378
External s f 68
1955 J J 9512 Sale 9514
External 30-year a t 7s 1955 S D 10414 Sale 10312 10414 416
1956 M N 10238 Sale 10212 10234 363
Stabilization loan 76
1945 MN 113 11314 11212 11334 23
Bergen (Norway) 8 f 88
4
25-year sinking fund 68.- _1949 A 0 100 10014 9934 10018
100 239
1950 A 0 9938 Sale 99
Berlin (Germany)648
31
1945 A 0 10312 Sale 10312 104
Bogota (City) ext'l a f 86
118
Bolivia (Republic of)
1947 m N 10412 S le 10412 105
MN 96 S le 9513
9614 80
Bordeaux (City of) 15-yr68_1934
88_Brasil(U 8 of) external 86._1941 1 D 10638 Sale 10434 10612 312
934 987
External,f634. of 1926 1957 A 0 9338 Sale 9178
9812 390
1952 1 D 9838 Sale 97
Is (Central Railway)
8
746(coffee secur) £(flat)_1952 A 0 105 Sale 1044 105
Bremen (State of) ext'l 78_1935 M N 10334 Sale 10312 10418 85
78
guenos Aires (City) extl 6101955 J 1 100 Sale 9934 100
9418 213
Bulgaria (Kingdom) s f 7s 1967 1 1 9312 Sale 924
9838 65
Midas Dept of(Colombia)746'46 1 1 9834 Sale 98
10112 34
janada(Dominion of) 5e...,,1931 A 0 1014 Sale 101
37
1929 F A 10134 Sale 10134 102
10-year 51411
1952 M N 1044 Sale 1044 1044 38
56
9812 59
1936 F A 9814 9812 9838
4948
1
105
1954 1 5 104 105 105
:1arlebad (City) a f 83
Dhile (Republic) ext'l 618s-1941 F A 10834 Sale 10838 1084 30
89
1942 M N 10038 Sale 10014 101
20-year external 78
25-year sinking fund 8s__ _1946 M N 10812 Sale 10812 10884 14
9312 630
External sinking fund 65_1960 A 0 9338 Sale 934
964 58
Mile Mtge Bk 64s June 30 1957j D 9612 Sale 96
974 68
S f Oids of 1926_ _June 30 1961 .1 D 974 Sale 974
8
2644
Minege(Hukuang Ry)58_1951 J D 2618 2612 261s
4
Thristiania (Oslo) 30-yr 31661954 M 5 10012 10134 10038 101
9912 212
jologne(City) Germany6481950 M 8 994 Sale 99
Dolombla (Republic)6948_..1927 A 0 10014 Sale 10018 10014 14
954 71
Dept of Antlogula 7s A_ _ _1945 J J 9514 Sale 9478
954 63
External s f 78 ser B_ _ _ _1945 J 5 9514 Sale 9478
41
3openhagen 25-year s f 548_1944 J J 100 Sale 9912 100
9914 13
Dordoba (Prov) Argentina 7,19425 1 9834 Sale 99
5
10012
1944 M B 10012 10034 100
Juba 533 of 1904
External 5s of 1914 sec A.1949 F A 10112 Sale 014 1014 20
9438 25
1949 F A 9458 Sale 9438
External loan 44s
56
1953 J J 10214 Sale lO2ls 103
Sinking fund 54s
Jseclaosloyakia(Rep of) 88_ _1951 A 0 10934 Sale 10614 10734 43
70
Sinking gond 88 Fier B. _1952 A 0 107 Sale 10558 107
145
106
Extcrnal 6 f 7lis series i 1945 A 0 10534 Sale 105
14
Denten Cons MunIcip se A--1946 F A 10978 110 10934 110
29
1946 F A 10978 Sale 0938 110
Series B s f 8.
1942 1 5 10412 Sale 10414 16434 41
Denmark 20-year 66
Dominican Rep Con Adm If 56'58 r A 9912 9978 004 Jan'27 ____
9934 37
Custom Administen 5140.1942 74 51 9944 Sale 994
24
Dresden (City) external 78_1945 MN 1024 Sale l02l2 103
10318 31
Dutch East Indies ext168-1947 .1 5 103 Sale 103
10314 44
1962 M S 103 Sale 103
40-year tis
1953 M B 10114 10112 0114 1011e 17
30-year external 5341
4
1953 MN 10118 Sale 0118 10114
30-year external 546
1074
5
El Salvador (Repub) 88 _1948 1 1 107 Sale 107
9514 61
fInblod (Republic) extl 68....1945 M 5 9434 Sale 944
62
1950 M 8 1004 Sale 100s 102
External sink fund 7s
1956 M 8 9838 Sale 984
994 183
Externals I 634*
9884 45
Finnish Mutt Loan 134s A..1954 A 0 9838 Sale 984
.1954 A 0 9834 Sale 984
99
29
External 645 series B.
french Repub 25-yr ext'l 88.1945 M 5 10914 Sale 1088. 10914 376
J D 10712 Sale 10684 10712 224
20-year external loan 7346_1941
1949 .1 D 10112 Sale 10034 10214 849
External Ws of 1924
10712 372
ierman.Republic ext'l 7s. _ _1949 A 0 10714 Sale 107
1erman Cent Agri° Bank 78_1950 M 5 10234 Sale 10284 10338 75
MN
1011,
Sale
10l12
1954
10238 10
86
(Municipality)
Iran
F A 10518 Sale 0412 10514 160
it Brit & Irel(UH of) 548.1937
1929 F A 11678 1174 1678 11678
8
10-year cony 5348
r6 N 1034 104 1035s 10438 47
/rester Prague(City)730.-1952
1964 M N 9434 Sale 9312
9434 120
Reek Government 71
1952 A 0 9912 Bale 9914 10014 50
Lim (Republic) 8 1 68
10414 8,1e 104
105
37
Ieldelberg (Germany)est 714050 J J
994 10012 115
lung/Irian Mimic Loan 7945.19465 J 100 Salo
Sale
9712
8
J
953
J
1946
263
9712
1
Sept
External 8 178
10412 58
748_1944 F A 10234 Sale 103
Lungarl (Kingd of) 8 fnotes.1927
F A 10038 Sale 0014 10038 267
nd Bank of JaPan 6% 743_1951 J D 96 Sale 9558
9614 1974
taly (Kingdom of) ext'l _1931 J J 92 Sale 9112
9218 43
• ese Gov% i loan 441. _ 1954 F A 10134 Sale 014 10131 299
-year s f 6346
80
9713 1:45
-.3...e as 108.3 IN 8 97 Sale 961.
-__._.
8Amse.
BONDS
N. Y.STOCK EXCHANGE
Week ended Jan. 21.
-1043
New York Bond Record—Continued—Page
BONDS
N.Y.STOCK EXCHANGE
Week ended Jan. 21.
:731
Price
Friday,
Jan. 21.
Week's
Range or
Last Sale
Range
Year
1926.
BONDS
N.Y.STOCK EXCHANGE
Week ended Jan. 21.
489
Z
Price
Friday.
Jan. 21.
Week's
Range or
Last Sale
Range
Year
1926,
co
Bid
Ask Low
High
High No. Low
Bid
Ask Low
Hfgh No.
9238 Sale 9214
8878 9214 Day & Mich let cons 43i8_1931 J J 9858 9878 9858
9212 31
4
9858
90 Sept'26
90
90
Del & Hudson let & ref 413_1943 M N
9378 Sale 9334
9414 73
3
9734 ____ 9734
9634 11734
97 4 17
30-year cony 55
1935 A 0 117 Sale 11634 11818 170
90
9034 903s
7
87
9034
9234
15-year 5 k'sEl
1937 M N 10414 10412 10414
10438
5
10278 Sale 10212 103
95
9718 102
10-year secured 78
1930 .1 D 10678 Sale 10678
10678 11
118
____ 11812 Oct'26
11812 11812 D RR & Bdge let gu 48 g_ _1938 F A 9412 _ _ _ _ 95 Apr'26
10012 101 10018
10038
8 10014 10184 Den & R 0-1st cone g 45_1936 J J 92 Sale 9134
9214 216
10358 10378 10338
10312 11 10238 10558
Consol gold 41-5s
J 9434 9534 9434
1936
5
9534
1 10114 10314
10212 10212
Improvement gold 53
1928
D 9912 99,
17
4 9958 100
9838 Sale 9738
92
9734 Den & P.O West gen 55_ Aug 1955 SIN
9858 53
7838 Sale 7612
7812 913
_
9338 9458 Des
9458 Oct'26
& Ft D Istgu4s._.1935J J 32
41
39 Sept'26
9912 Sale 993s
9778 9978
995 140
Temporary etre of deposit_ _ _ _
3318 34
3418 Jan'27
10034 ____ 10012 Dec'26
10018 10214 Des Plaines Val 1st 4;_50 _ 1947 - c3
_ 9634 Aug'26
_
8418 8812 8712 Dec'26
83
88
Det & Mack—let lien g 45_1995 1 D 7012 71
7012 Jan'27
88
90
2
8778
88
8534 8858
Gold 48
1995 J D 65
6612 65 Nov'26
855/3 86
8534 Jan'27
8278 8712 Detroit River Tunnel 4lis_1961 M N 9712 98
9712
5
9758
9978 ____ 9912 Nov'26
9834 102
Dui Missabe & Nor gen 6s...1941 J J 10412
- 10334 Dec'26
7234 Sale 72
22
73
85
7178 Dul & Iron Range let 5s
10258 10258 11
1937 A 0 102
7134 ---- 7178 Jan'27
64
70
Dul Sou Shore & Atl g Ss..1937 J J 7558 -78 • 76
7612
6
6412 Sale 62
6412 125
51,
8 62
6212 63 6034
51
5934 East Ry Minn Nor Div let 48.'48 A 0 9318
6214 128
9212 Dec'26
_
88 Sale 8712
8818 27
8334 873s East T Va & Ga 131v g bs
1930 3 J 10034
102
2
- 102
85
8614 Dec'26
8412 8614
Cone 1st gold be
1956 51 N 106 1-0-634 106
10612 11
9534 ____ 9518
9578 47
9138 9478 Elgin Joliet & East let g 68..1941 M N 10318 10412 10312 10312 10
9934 9978 9934 Jan'27
9634 10014 El Paso & S W Ist bs
1965 A 0 1051
_ 10434 Jan'27
9912 Nov'26
9912 9912 Erie lot consol gold 78 ext 1930 53 S 10714
210738 10714
10712
94 Sale 94
9058 94
94,2 25
1st cons g 40 prior
1996 .1 J 83 Sale 8118
8338 136
9158
9218 Mar'26
9118 9238
Registered
1997 .1 J 8078 _ _
79
3
79
10634 Sale 10638
10678 50 10258 10712
let consol gen lien g 45_
1996 J J 7834 Sale 7514
77
517
106 107 10612 Dec'26
10358 10712
Registered
1996 J J
7312
74
6
8334 110
8318 Sale 8218
7318 8134
Penn roll trust gold 4s_ _ 1951 F A 99 1-01 99
5
99
10718
_ 10714
9 10158 10714
10734
50-year cony 45 series A..1953 A 0 8114 Sale SO
8114 145
7112 Sale 7012
6418 7078
7134 937
Series B
1953 A 0 81 Sale 80
81
148
Gen cony 48 series D
1953 A 0 8678 Sale 85
8714 194)
Chic Ind & Loulsv—Ref 693_1947 3 .1 11358 115 11312 Nov'26 _
11078 11312
Erie &Jersey let sf 88- -1955 J
11258 Sale 11258 11258
2
1947 .1 J 1,(
Refunding gold 58
)38
0312
1048 Dec'2638 Jan'27
101 10414
Genesee River let s f Is._1957 J .1 11238 Sale 112
29
11312
1947
Refunding 4s Series C
_
7958 9038 Erie & Pitts gu g 3 Si s B__._1940 J J 88,
8812 Nov'26
4
1966 M N 10178 Sale 10058
General Is A
4
10178
92 10014
10402 J 88,4
Series C 3 Sis
8838 Sept'26
May 1966 1J 107 Sale 10678
General 65 13
11 10314 10834 Est RIt eat! 5 1 78
107
1954 NI N
9834 Sale 9814
9878 316
9314
_ 0218 Jan'27
Chic Ind & Sou 50-year 48_ _1956 J J
8312 92
Chic 1.9 & East 1st 4 MB__ _ _1969 1 13 9714
9718 Nov'26
95
9718, Fla Cent & Penn let ext g 58_1930 J
10018 10058 10012 Dec'26
1st
gu
Sd
48_1949 3 J 5812 Sale 5712
C M & Puget
47
56
5834 54
1943 J J 10158 10218 10158 10134
Consol gold 5e
9
U S Tr centre of deposit__________
5812 Sale 57
4578 5614 Florida East Coast let 4)-)e.1959 J 13 9734 _ _
5834 216
9812 Jan'27
Ch M & St P gea g 4sSer A.41989
.1
88 Sale 87
88
24
8138 87
1974 51 S 10014 Sale 100
1st & ref 55 series A
10012 132
Registered
Q J
84 Dec'26
81
84
Fonda Johns & Glov 4 Sie_ _ _1952 NI N 8138 6218 6114
62
15
General gold 3Sis ser B__e11189 J J 7612 Sale 76
7612
7 '7014 7618 Fort St U D Co 1st g 43(8_1941 .1 .1 9114 -- 9414
1
9414
Gen 43'8 Series C___May 19893 J 97 100
9612
98
14
9038 9638 Ft W&DenC letg
J D 10638
10634 Jan'27
Registered
9234 Dec'26
91
9234 Ft Worth & Rio Or 1st g 48 1928 J .1 98 -W21 9734
9734
Gen & ref ser A 11,78..Jan 2014 A 0 6012 Sale 59
6034 150
4814 5S34 Frem Elk & Mo Val 1st
_1933 A 0 108 Sale 10712 108
4
Guar Tr certifs of deposit_ _ _
5934 Sale 59
6012 385
4714 58,4
Gen ref cony ser B 55.Jan 2014 FA
_—
5834 Sale 5712
59
104
4712 5714 GH&SANI&P let bs___1931 MN 10034
101
Jan'27
Guar Tr certlfs of deposit....... 59)4 Sale 5734
5914 599
47
1931 33 10018 1-0-0-12 100 Dec'26
5714
2d extens Is guar
19342 J 10378 104 104
1st sec 68
10612
4 102 106
Galv Hone & fiend let 50......1933 AG 9814 Sale 9734
4
9814
Debenture 43.e
1932 .1 D 5912 Sale 58,4
6012 136
47
5758 Ga & Ala Ry lst cons 58_0ct 1945 J J 9834 99
9812 Jan'27
Bankers Tr centre of deposit]
_
5934 Sale 5818
5912 501
4634 5758 Ga Caro & Nor 1st gu g bs 1929 J J
9978 10014 10014
10
10014
Debenture 45
1925 J D 5958 Sale 5814
5958 133
_ 7212 Jan'27
455s 5734 Georgia Midland let 38
1946 AO 7212
S Mtge & Tr Ws of dep...... 5912 Sale 5818
3912 506
4678 58
1 85_1941 J J
97
Or R& I ext 1st gu g 4 .
9634 Dec'26
35-year debenture 45
19343 .1 59 Sale 58
5914 52
4712 57
Grand Trunk of Can deb 78.1940 A0 11514 d;le 11514
11512 62
Farm I. & Tr ells of dep___ _ _ _
59 Sale 58
5914 654
47
5738
1938 MS 10712 Sale 10718
15-year s f 8s
10778 56
Chic & Nio Illy Div 5s
1926 J J
9912 June26
1947 J D 9.518 _
9812 90713 Grays Point Term 1st 5s
9514 Oct'26
Chic & N'weet gen g 3 S.5 e
1987 MN 79
81
7814
80
24
745s 79
Great Nor gen 7s series A...1930 2 .3 11378 Sale 11318
114
158
Registered_
Q F 7658
7612 Jan'27
7412 7412
Registered
J J
11338 Nov'26
General 4s
1987 NI N 9078 92
91
91
7
8553 9012
let & ref 43(s series A _ _ __1961
97,
4 9814 97,
4
9814
Registered
89
87 Aug'26
Q
.3
1952
10914 Sale 109
8814 87
General 518e series 13
75
10914
Stpd 4e non-p Fed in tax '87 M N
9078 9212 9012 Jan'27
83
,
8 8914
1973 J J 10358 Sale 10314
General 55 series C
10358 41
Gen 49js stud Fed Inc tax_1987 SI N 106 10712 107
107
2 10114 10114
1976 32 9558 Sale 9514
General 41.-is series D
9578 157
General Is stamped _ _ _ .1987 M N 10912 Sale 10912 110
2 103 109
_ 84
Green Bay & West deb ctfs A____ Feb 83
Oct'26
Sinking fund 69
1879-1929 A 0 10258 10312 103
103
19 101/2 10574(
22 Sale 22
Debentures ctfs 13
Feb
2214 34
Registered
_ 101
A 0
Jan'27
10234 10334 Greenbrier Ry let gu 48.....1940 MN
92
92 Dec'26
Sinking fund Is
1879-1929 A 0 191174 10112 10114 Dec'26
10012 10318 Gulf Mob & Nor let 5;is___1950 A0 10534 - _
106
Jan'27
Registered
1879-1929 A 0
101
Oct'26
10012 101
Gulf & El I let ref & ter g 58 .91952 J J 10638
107
Jan'27
sinking fund deb Is
1933 M N 101 fol 102
Jan'27
_ 100 10218
Registered
M N 10114 10214 101
Jan'27
10114 10114 Hocking Val let cons g 4558_1999• 3 98 ____ 9812
9812 19
10-year secured 78g
1930 .11 D 10618 10612 106
10612 12 10618 10818
1999
J J
Registered
90 May'26
_
15-ye.ar secured 6 Sis g_ _ _ _1936 M
11178 Sale 11178
11178
2 11114 11414 Housatonic Ry cons g 58
I937 53 N
9338 ____ 99,2
991
: 19
let .4 ref g Is
May 2(137 J D 10514 Sale 10412 10538 24
1937 32 10158
9958 10414 H&Tc lstg int guar
100-18 Jan'27
Chia RI &P—Rallway gen 4819882 J 8834 8978 88
8834
7
85
1930 MN 101,4
88
Waco & N W 1st 6s
-- 10134 Mar'21 _
Registered
.1 J 87 Sale 8612
87
16
8334 8612 Houston Belt & Term 1st 58_1937 J J
9012 fdb 100
100
1
Refunding gold 41(
9312 261
1934 A 0 9318 Sale 9278
8718 9238 Houston E & W Tel let g 58_1933 MN 10018
10014 Oct'21
Registered
A 0
9112 Dec'26
1933 MN 10038 1-003-4 10034 Dec'21
8814 9112
let guar 58 red
Ch St L N 0 Mem Div 48_1951 J I)
_ _ 90
Jan'27
8634 9012 find & Manhat 55 series A _.1957 FA
99 Sale 9834
993, 131
Bt L P lot cons g 5o._ _ _1932
102
891410212
- 10114 Jan'27
101 102
Registered
FA
Apr'2(
- - 97
Chic St P
dr 0 cone 88_ _1930 J D 10312 104 10312 103,2 15 19278 10412
Adjustment income Is Feb1957 50 8612 Sale 8614
306
87
Cons 68 reduced to 3;03_1930 J D 9458 9512 95 Nov'26
9418 95
Debenture be
1930 M S 9934 100
9912
9934 27
9814 101
Illinois Central 1st gold 48_..1051 .1
9312 95
95
Jan'27
Stamped
991" 9934 99
Oct'26
9812 10014
1951 ▪ J
Registered
93 Ma.r.26
Chic T H & So East let 58...1960 J D 9614 Sale 9512
9634 150
77
9178
1951 J J
8712 _
7434 Jan'27
1st gold 3188
Inc gu bs
Dec 1 1960M S 9114 Sale 90
9158 242
7858 8814
Registered
J
J
8234 Jan'25
Chic Un Eita'n 1st gu 4SO A_1963 2 D
9734 Sale 9734
98
25
9418 9878
Extended let gold 318s___1951 AO
87
Jan'27 _
1st 55 series 18
196313 J 10518 10538 10512 Jan'27
101 10578
1951 MS
let gold 35 sterling
73
73
2
Guaranteed g be
194413 D 10278 10334 10234
10334
5 100 10.118
Collateral trust gold 4e
1952 AO 9112 9212 91
91
5
196313
11818 Sale 118111
let 6-)e; series ('
11812 22 11578 11914
Registered
AO
8034 Nov'23
Chic & West Ind gen g 65_ _91932 Q M 10512 106 10512 Jan'27
9912 10812
1955 MN
1st refunding 45
9412 Sale 94,2
10
95
Conaol 50-year 4s
1952 J J 88 Sale 8114
88
42
81
8714
Purchased lines 3185
1952 J
8512 89
8414 Dec'26
1982 M S 10.818 10412 10418
1st ref 5
aer A
10412 20 10012 105
J J
Registered
8412 July'25
Choc Okla & Gulf cons 18...1952 M N 10414 10514 10418 Jan'27
10238 10414
Collateral trust gold 4s..._1953 MN
8812 Sale 8812
8834 12
Cm H & 13 2d gold 41.5s
_ 973 Jan'27
1937 J J
96
9834
Registered
MN
8512 Oct'26
0 I St & C lot g 414_ __Aug 1936 Q F 97349514 953
-- 4 9534 Nov'26 ____
93
9534
Refunding be
1955 7,1 N 1O77 Sale 10734
7
108
Aug 1938 Q F 95
Registered
9512 9314 July'26
9314 9314
1934
15-year secured 518e
10278 Sale 10212 10314 33
Cin Leb & Nor gu 45 g
1942 M N
91
92
9014
5
9034
8912 91
15-year secured 6;is g
1936 J J 1125s Sale 11258 11258
1
___ 1003s Nov'26 -- 100 10111
Chi S dr Cl cons let g 58_ __ _1929
J
Aug 1 1966 FA 9734 Sale 97,
40-year 4%4
8
9778 291
Cleve CM Ch & St L gen 45.19933 D 1008934 9012 8912
8934 19
8912
Cairo Bridge gold 413
85
1950 J O 9212
9212
1
9212
20-year deb 4 1 e
9834 9912 9878
10312 J
9914
15
9714 loint
Litchfield Div 1st gold 30_1951 J J
7614
7612 Jan'27 _-_1993
General be Series II
13 10738 111 108 Dec'26
102 108
Louis,/ Div & Term g 31-03_1953 J J 8258 _
8312 Dec'26 _-_Ref & Impt (is series A...1929 J J 10258 Sale 10238
10234 32 10154 lure
Registered
J 3
_ 8118 Aug'26
19412 J 10714 10712 107 Dec'26
Os series C
105 108
Omaha Div let gold 38_ _ _ _1951 FA
77
Jan'27 _-_105
Is series D
1963 J J 13438 Sale 10334
25
9954 104
St Louis 131v & Term g 30.1951 J J
7612 _
7612 Jan'27 ___
9358 Dec'26
Cairo Div let gold 413._ _1939 J J
91
9334
Gold 3155
1651 • 3 86
87
86
86
Cin W & NI Div Ist g 48_1991 J J
___ 8612
8612
8134 88
Springfield Div let g 3345_1951 .1 2 8614
84 Sept'26
_
St L Div 1st coil tr g g 48-1990 Si N 878759 8812 8758
88
8
8212 8814
Western Lines let g 4s...11)51 P A
9038
____
9012
9012
2
8314 Feb'26
Registered
M N
8314 8314
Registered
1951 FA
84 Aug'25
Spr & Col Div let g 4s_1040 M S 9178 ____ 9178 Jan'27
89
9118 HI Central & Chic St L & N()—
9078
9314
W W Val Div Ist g 48.-1940 J
9314
2
8115 94
Joint let ref be series A _1963 J O 10312 104 10312 10378 22
_10714 Jan'27
J 10718 108
CCC&I gen eons g 68_ ....1934
1041s 10734
Gold be
1951 3D 10512 10712 10512 Dec'26
_
Clay Lor & W con hit g 58_1933 A 0 10314 ___ 10238 Jan'27
10114 10234
Registered
3D 10314
10214 Apr'26
___ 9958 Sept'25
J
Cleve & Mahon Val g 55_...1938
9958 9958
Gold 334s
1951
3D 7958 --__ 7812 Feb'26
9812 99
1931M N 101589818
CI & Mar let gu g 048
9858
3
9638 98,4 Ind Bloom dr West let ext 433_1940 AO
9213 -___ 9334 Dec'26
9918 Aug'26
Cleve & P gen gu 491s ser 18.1942 A 0 10018
9914 9918 Ind Ill & Iowa 1st g 45
1950 J J 8338 ____ 9338 Jan'27 ____
100
1942 J J 10018
Jan'27
Series 438e
10111 1911, Ind & Louisville 1st gu 48
1956 • J 8614 8634 8614
5
8614
1948 51 N
8714 ___ 8514 Oct'26
Series C 330
8312 86
Ind union Ry gen be ser A..1965
'
3 10212 ____ 10258
10258
1
1950 F A 8512
8418 Sept'26
re
Series D 34,
845s 8518
Gen & ref 58 serlea 11
1965
10238 10312 10212 Sept'26
10112
Cleve Shor Line let gu 4 Y46.1961 A 0 10112 Sale 10112
9
9754 10112 Int dr (art Nor let 68 sec A _ _1952 J J 10658 Sale 1065
8 107-8
14
Cleve Union Term 5 kis__ _1972 A 0 10912 Sale 10918
10912 12 10512 16534
Adjustment 68 ser A July 1952 Aprl 86,2 Sale 8618
87
406
1973 A 0 10912 10914 10338
let e f 5s ser 13
105
58 10034 105
Stamped
Aprl 8212 8234 8212 Jan'27
Coal River Ry let gu 4s... _1945 J D 8858
8858 Jan'27
8834 8858 Int Rys Cent Amer 1st 55___1972 MN
7634
Sale
76
33
77
983
4
Sale
South
9834
Colorado &
let e 48-1929 F A
9834 10
9814 9912
let coil tr 674 notes
1941 MN 95
9514 95
21
99 Sale 9714
Refunding & exten 4 188 1935 M 34
99
la
9533 9712 Iowa Central 1st gold 5s
1938 3D 5312 Sale 5312
95
53:g2 16
1948 A 0 9138 92
8912 Nov'26
Col dr li V let ext g4s
8718 9218
Certificates of deposit......
53 Sale 53
4
54
1955 F A
Col & Toi I st eat 45
9012
8934 Nov'26
871a 90
Refunding gold 4s
1951
MS 37
18
1712
17
412
88 Nov'26
Conn A Passum Itiv let 48..1943 A 0
81
88
James Frank & Clear let 45_1959 3D 9258
913
4
Jan'27
1930 F A
9234 ___ 9258 Dec'26
Consol Ry deb 48
7512 9318
1954 J .1 75 Sale 75
Non-cony 48
75
3
6512 73
iCaA&G It Ist gu g 58
1938 J 3 10212 10414 101
Apr'26
J
70 Sept'26
Registered
70
70
Kan & M 1st gu g 48
1990 A0 8614 87
8618
86,8
75 Sale 7478
Non-cone debenture 4s__ _195.5 J J
6918 75
75
2d 20-year 55
1927 J J 100
9
__ 100
100
,
011V (1-hvnture 4s_._1958 .3 .1 NO11
7238
7238
1
8512 74
K C Ft & NI cons g 6s.__.1928 MN 10112 Sale 10112 10158
7
95 Sale 95
Cuba RR let 50-year 58g...1952
9558 15
88
,
4 9611 K C Ft S & 53 Ry ref g 48_ _1936 A0 9278 Sale 9258
60
93
1936J D 111812 10834 108
lot ref 7 Sid
3 105 110
10812
K C & 51 B. & B let Rll be_ _1929 AO 10018 ____ 9978 Jan'27
Istllen&refgeeerli
19362
10012 Sale 100
10012 12
9715 100
Kansas City Sou let gold 39.1950 * 0 7378 Sale 7378
3
7378
101 Sale 101
102
34
0214 100
Cuba Northern Ry let 68.-1066
Ref & Rant Sc
Apr 1950 .1 3 100 Sale 100
10014 41
e Du May. p Due Deo.
I, Duo Fob
Cent Pac let ref gu g 45.......1949 FA
F A
Registered
Mtge guar gold 33-85_ _Aug 1929 J D
Through St L let gu 4s__1951 AO
1960 FA
Guaranteed g be
Charleston & Savannah 55_1936 1 J
Ches & Ohio fund & impt ts_1929 J J
193 MN
let consol gold be
1939 MN
Registered
1992 MS
General gold .0(i3
1992
S
Registered
1930 FA
20-year cony 4358
1946 J J
Craig Valley let g 58
Potts Creek Branch let 48.1946 J
R & A Div 1st con g 48_ —1989 J J
1989• J
2d consol gold 48
Warm Springs V lst g 513_ _1941 MS
Chic & Alton RR ref g 3s_ _ _1949 AD
Ctf dep and Apr 1926 int. _ _ _
Railway first lien 33.is_._ _1950 i2
Cuts dep Jan '23 & sub coup
Chic Burl & Q—III Div 3Si8_1949 ii
J J
Registered
1949 33
Illinois Division 45
N
Nebraska Extension 45_ 1927
MN
Registered
1958 MS
General 4e
MS
Registered
1971 FA
let & ref 5s series A
Chicago & East Iii let Sc. 1934 AO
C & III Hy (new co) gen be 1951 MN
1982 SIN
Chic & Erie 1st gold 55
Chicago Great West let 48..1959 SI S
5
Low
MO
9778 9815
9058 95
10614 12212
10278 10512
10652 11014
94
95
858$ 014
89
95
9512 100
62
7878
39
4712
3338 47
964 9674
79
75
85
65
9434 981,
10312 10434
10118 10312
791 2 9012
91
9212
10038 10134
100% 106,
4
10112 10475
102% 10515
105% 10815
7412 82
,
4
7778 7778
84
7412
65
7218
9658 9858
6714 7914
6714 79,5
73,4 85,2
104 112
10414 112
88
92
88
8914
8112 9534
98
9814
9538
97
5818
10011
102
9912
10018
56
la"
96
107
107
9838
10858
9714
100
9312
96
9914
63
9558
113
10858
9512
10934
11214
91112
102%
9714
9034
78
1312
88118
101
10312
1014
191
99
100
10011
74
9778
1164
108
9518
11834
1133*
9838
10912
1031s
957s
85
2434
92
106
107,
4
9138 981e
90
90
9518 gspg
100 102%
10144 10134
Ms 10015
10014 10115
1110 10115
9212 9878
97
97
7514 8178
9114 977s
93
93
8314 91
82
71
73
8812 93
6558 9414
815g 8513
85
8512
105
10154
11112
9578
90%
74
8034
7838
73'3
7334
8118
8212
8934
891.
8511
1081,
10414
11344
9634
9278
7612
8312
824
7611
76
8714
85
904
9912 104
10314 10512
10214 10244
7812 7811
91
9338
851 2 92
79,
8 8614
10058 104
10078 10312
103 10712
66
88
6914 8115
7412 81
94,2 9.
53,s 65%
53,5 65
15
2314
88% 923s
101
83
004
10015
8914
9844
72
93%
101
87
1014
103%
03
10212
76
9975
New York Bond Record-Continued-Page 3
490
BONDS
N.Y.STOCK EXCHANGE
Week ended Jan. 21.
Price
Friday,
Jan. 21.
Range
Year
1926.
Week's
Range or
Last Sale
Ask Low
MA
High No.
Kansas City Term 1st 4a1960
89 Sale 8834
8914 108
2
J
89
96 8834
Kentucky Central gold 4s__1987 '
89
Kentucky & Ind Term 445_1961'.7 854 8534 8514 Dec'26
8812
Stamped
1961'.7 8834 89 8812
Lake Erie & West 1st g 58_1937'.7 1024 -- 10214 Jan'27
2d gold 58
1941.7' 10334
- 10012 Jan'27
3
8138
Lake Shr & Mich S g 348._1997 J D 8114 -82 8138
8012 Jan'27 - Registered
1997 J D
9912 86
Debenture gold 45
1928 MS 9912 Sale 99
984 36
25-year gold 48
1931 MN 9812 Sale 97%
96 Dec'25
Registered
1931 M N,
4
Leh Val Harbor Term 5c...1954 FA 10458
_ 10478 105
4
98%
Leh Val N Y lst gu g 448_1940.7' 98% Sale 98%
N 8818 Sale 8734
88% 14
Lehigh Val (Pa) cone g 48_2003
MN
8012 May'28
Registered
8
984
General cons 44e
2003 MN 9734 Sale 9734
4
Lehigh Val RR gen 58 series_2003 MN 105% -- 10512 10534
10212 Jan'27
Leh V Term Ry 1st gu g 5e..l941 AO 10212 _
18
Leh & N Y lst guar gold 4a_ _1945 MS 90
_- 90
9014
1
Lax & East 1st 50-yr ba gu_ _1965 AO 10934 1-1-0 10934 10934
90 Jan'27
Little Miami 48
1952 MN
7
109
109
Long Dock consol g 68
1935 AO 109
10034 Nov'26
Long fold 1st con gold 5aJuly1931 Q
10034
let consol gold 48____Ju1y1931 Q J 96 -98 9712 Aug'26
93 Dec'26
General gold 4s
1988 ID
97 July'26
Gold 48
1932 3D 94%
8
8912
S 8912 Sale 8918
Unified gold 48
1949
9934 48
Debenture gold 55
1934 J D 9834 Sale 99
12
99
MN
4
983
9812
98%
20-year p m deb Bo
1937
90 89 Jan'27
Guar refunding gold 48_ _1949 MS 89
6
100%
Nor Sh B lst con gu 59_04,'32 Q J 100 100% 100
1
Louisiana & Ark 1st g 5s....1927 MS 100 10034 10034 10034
1
9114 9012
904
Lou & Jeff Bdge Co gu g 4s_ J945 MS 90
Louisville & Nashville 58_1937 MN 1044 -- 0518 Dec'26
9678 26
9678 Sale 9614
Unifled gold 45
1940 J
Collateral trust gold 5e_....1931 MN 101 10134 0118 Nov'26
21
10-year secured 78
1930 ▪ N 10512 Sale 0512 106
10
108
let refund 540 series A 2003 AO 108 Sale 08
12
106
1st & ref 58 series B
2003 A 0 106 10634 06
21
101
00%
let & ref 445 series C_-2003 AO 10058 101
N 0& M 1st gold Oa
1930'.7 103% 107 0334 Jan'27
2d gold 6a
1930'.7 10312 1044 0358 Jan'27
Paducah & Mem Div 0_1946 FA 93% 9414 9314 Dec'26
St Louis Div 2d gold 313._1980 MS 6714 78 674 Dec'26
_ _- 0012 Jan'27
Mob Si Montg 1st g 440_1945 MS
8712 8814 8714 Dec'26
10018South RY Joint Monon 48_1952
94% 11
Atl Knoxv & Cin Div 48...1955 MN 944 Sale 944
3
10014
Lousy an.4 Lex Div g 448'31 MN 100 10012 00
03 Dec'26 Mahon Coal RR 1st 58
1934 ii 103
9
66
6714
N
Sale
674
Manila RR (South Lines)48-1939
7
75
let 4a
1959 MN 75 Sale 74
Manitoba SW Coloniza'n 581934• D 100 10012 004 Dec'26 8312 Oct'26
Man GB&NW 1st 34s._ _1941'.7 84% Minh Cent Dot& Bay City 55-'81 S M 10158 __-- 10114 Jan'72
101 Dec'26 - QM
Registered
9612 Dec'26
Mich Air Line 4s
1940'.7 954
92 • Nov'26
J J
_
Registered
IL& S lst gold 348
1951 MS 8378 -- 79 Nov'26
4
884
1st gold 345
1952 ▪ N 8614 Sale 85%
9
9834
9812
Sale
0
*
9834
20-year debenture 45
1929
1
95
lidid of N J 1st ext 58
1940 * 0 95 9512 95
MUw LB & West imp g 5s1929 FA 101 10114 10034 Jan'27
Dec'25
9412
D
J
9512 98
tdil & Nor lat ext 44s(blue)1934
3
96
Cons ext 43411 (brown)._ _1934 J D 95% 95% 95%
5
9212
Mil Spar & N W lst gu 41s_ 1947 MS 9114 94 9212
81% Dec'25
Mille & State List gu 348_1941 J J
Minn & St Louis let 78
1927 J D
1st guar g 75
1927 J D
1st comet gold 58
1934 MN
MN
Temp ctfs of deposit
let & refunding gold 45_ _ _1949 MS
Ref & ext 50-yr be ser A,,1962 Q F
M St P & S S M eon g 4e DM gu'38.7,
let cons be
1938.7'
let cons 55 gu as to int_
1938.7,
10-year coil trust 64e_ _ _1931 MS
tat & ref 68 series A
1948 J
25-year 545
1949 18 8
1st Chicago Term f 45941 M N
1949
Mlasifirdind Central let 5a
?do Kan & Tex-let gold 4s_1990 J D
140-K-T RR-Pr 158 ser A _1962• J
year 4s series B
1962 J
10-year 68 series C
1932 J J
Cum adjust 55 ser A Jan.1967 AO
Missouri Pacific
1st & refunding 58 ser A 1965 F A
tin & refunding 65 eer D 1949 F A
lat & refund 65 ser E,,,,1955MN
General 48
1976 m_ _
15
Mo Pac 3d 78 ext at4% July 1938 51
9834 9934 9812 Dec'26
100 101 100 Nov'26
5412 554 5312 Dec'26
5114
52
531 5114
1912 18
194 Sale 1834
3
13
13
1318 14
8814 124
8778 Sale 877s
9814 28
97% Sale 971.
2
9814
98 Sale 9712
10178 Sale 10138 101% 29
10134 23
10134 Sale 101
883 88 Jan'27 88
96% ___. 9731 Jan'27 9618 Jan'27 96,8
8712 42
8712 Sale 8'738
101% Sale 10178 10218 87
18
87
86 136. 8612
10314 38
103 Sale 103
756
99%
9812
Sale
9914
111
10034 Sale 10018 101
100
10612 Sale 10612 107
50
106% Sale 106% 107
79 770
79 Sale 78
9278 -- 93 Jan 27
99 Sept'25
1004
Mob&BlrprlorUeng58.1945J
soh 8784 864Jan'27
Mortgage gold 4s
1945 J
82
Jan'27
85%
82
Small
1945
Mobile & Ohio new gold 68._1927 J D 10112 10134 101% 10112
lit extended gold 68._ July1927 Q J 10018 1007g 1004 Jan'27
9318
General gold 45
1938 MS 9318 Sale 934
Montgomery Div 1st g 56.1947 FA 10014 101 100 Dec'26
D
J
100
100
_
100
Bt Louis Division 5e
1927
92 90 Dec'26
Mob St Mar let gu gold 48_ _1991 MS 91
Mort C 1st gu g 65
1937 3' 11178 Sale 11134 11178
10914 Oct'26
3'
Registered
1st guar gold
1937• J jai,1414 10312 Jan'27
Jan'27
81
Morris & Essex let gu 3356_2000 J D 81
8 10012 1005s
Nashy Chatt & St L Ist 55_1928 * 0 10012 1-665N Fla & 1st gu g be
1937 FA 10212 10314 102% 1 2
30 Sept'24
Nat Ry of Mex pr lien 431s...1957.7,
19 Apr'25
July 1914 coupon oft
15
15
14% 16
Assent cash war ret No 3 on
874 Aug'25
Guar 70-year e f 4a
1977 1-6
1712 1812 1612 Dec'26
Assent cash war ret No 3 on
384 July'25
Nat RR Mex prior lien 4%8_1926 3-3
24 Sept'25
July 1914 coupon on
23 26 23 Jan'27
Assent cash war rct No 3 on.
28 Apr'25
1951 I--0
let consol 45
A0
181eJune'26
April 1914 coupon on
1112
124 Dec'26
13'i
300.
Assent cash war ret No
12
11
1
11
5e
1945.7'
New England cons 58
1945 J J
Consol guar 48
FA
NJ Juno RR guar let 413.- _1986 ,1
A'52
44a
NO de NE 1st refdamp
New Orleana Term 1st 45-.1953 J
AO
NO Texas AL Mex n-c Inc 58_1935 *
1954 0
let 58 series 13
AO
1954
A
series
tis
5
let
N & C Bdge gen guar 448_1945 J J
NYB&MB Bacons 55-1935 AO
MN
N Y Cent RR cony deb 6s-1935 MN
Registered
FA
1998
A
series
4s
Consol
AO
Ref & impt 445 A"-- 2018 AO
Ref &'mut Sc series 0.....-2013 AO
Registered
15
1
984 9912 9718 Dec'26
874 89 87 Dec'26
854 Jan'27
20
9634 98 9634
97
8758 8812 87%
87% 18
6
10012 10034 10014 10012
1004 Sale 10014 10012 65
105 Sale 10434 10518 31
96
99 9634 Dec'26 -10034 102 10014 Jan'27
10714 10712 10658 10712 12
10612 May'26
_
9112 Sale 9118
9134 29
9934 Sale 9834
9934 100
107 Sale 10612 10738 132
10512 Jan'27
-aa •
BONDS
N.Y.STOCK EXCHANGE
Week ended Jan. 21.
Price
Friday,
Jan, 21.
Week's
Range or
Last Sate
.3
' Range
Year
1926.
High No.
High
Ask Low
Low
Bid
88% NY Central & Hudson River85
1997.7' 81% Sale 8034
92
Mortgage 3tis
86
8134 29
1997 .1 .1
Registered
81
914
- 7912 Jan'27
-96% 16
1934 MN 9634 Sale 9612
Debenture gold 48
8014 904
MN
9458 Dec'26
Registered
100 103
9634 34
1942
95
30-year debenture 48
9838 101
93 Feh'25 78% 8214
Registered
2
8012
Lake Shore coll gold 3315_1998 FA 8012 Sale 804
77 80
78% Jan'27
Registered
1998 FA 7812 80
98% 9934
1
Mich Cent coil gold 330-1998 FA 80
82 79%
Ms
9614 9734
Registered
1998 FA 7858 8112 7834 Sept'26
9518
1937 AO 9518 Sale 95
102 105 NY Chic dc St L 1st g 45
9314 Mar'26 Registered
1937 AO
99
90
2
1931 MN 982's 9834 9834
25-year debenture 43
82% 8714
9854
2d 68 series A B C
1931 MN 10212 Sale 10212 10234 34
80 83
105% 83
Refunding 54s series A 1974 *0 105% Sale 105
99
92
70
106 Sale 1054 106
10018 10534
Refunding 555s series B.1975
30
97
NY Connect 1st gu 448 A 1953 FA 96% Sale 96%
102 105
1st guar 55 series B
1953 FA 9634 98 10334 Jan'27
85 90%
9134 Oct'26
10512 110
N Y & Erie let ext gold 45_1947 N
4
9812
984
3d ext gold 44s
1933 MS 9812
8453 8712
4th ext gold 55
109 10954
1930 AO 1004 -- 1005* Mar'26
5th ext gold 4s
1004 101
1928 iD 9814 _ _ 99 Mar'26
101 Dec'26
9413 9712 N Y & Greenw L gu g 5a__1946
994 8118 Dec'26
90% 9314 NY & Harlem gold 348-2000 MN 8158
80 Dec'26
97
MN
97
Registered
8432 9153
80 July'25
9732 100 NY Lack & W 1st & ref 58..1973 M N
1013 Dec 26
10112 _
94 100
First & ref 445
MS 106_ 106 Nov'26
30 61N
976
39
90% NYLE&W.st7sext
85
5
1932 F A 10034 fol 10034 10034
991s 10034 N Y & Jersey 1st 5s
90 Dec'26
99% 10118 NY dr Long Branch gen g 481941 M S
91% Oct.26
_
865s 9012 NY&NE Bost Term 48_1939 A 0 90
10212 10534 NYNH&H n-c deb 4a__ _1947 M S 7918 -817 74 Jan'27
M S
60 July'25
9314 9612
Registered
7212 Jan'27
100% 104
debenture 348_1947 M S 7212 _
7118 53
105 10912
Non-cony debenture 348_1954 A 0 7078 Sale 7034
4
105% 1104
Non-cony debenture 48_1955 J J 794 8014 794
7934
101 10814
Non-cony debenture 441_1956 M N 79% Sale 7934
7954 29
79% 80% 704
96 10014
Cony debenture 3548
1956
7034 45
90
J 108 Sale 108
109
103% 107
Cony debenture 68
1948 J .7
4
105
105
10312 104
Registered
91% 9314
10514 27
1940 A 0 io&" 4;11 104
Collateral trust 138
72% Sale 72%
7318 96
8512 68
Debenture 48
6
M N 88% 89% 8914
8934
954 141
9834 10014
Harlem p.dc Pt Ches let 48 19M
99% Nov'26
851s 89
N Y & Northern let g 5s__ _ _1927 A 0 99%
7914 ioa
90 9414 NY 0& W ref lst g 4s_June 1992 M B 78 Sale 7612
7212 Dec'26
M S
9914 100
Registered $5,000 only
7418 Bale 734
7434 48
101% 103
General 48
O 8834 --- 8612 Dec'26 A D
42 j
N Y Providence & Boston 48.11966
6012 67
6212 7618 N Y de Putnam let con gu 4s 1993 A 0 8912 --.- 8932 Dec'26
1927 M S 9978 _ _ 100 Jan'27
N Y & R B 1st gold 55
100 101
26
90
N Y Suet' & West 1st ref 55.1937J J 8978 Sale 884
8312 85
8858 89% 7314 Jan'27
2d gold 445
10078 102
7112 71% 7114
71%
General gold 55
9958 101
10014 101
9838 Jan'27
Terminal let gold 58
92% 9612
J 8112 Sale 81
MFF NAA
37 J
44°36
199:4
1
8
92 92 N Y W'cluss & B hit set I441
8314 78
79 80%
9512 305
1950 AO 954 Sale 95,
83 863s Nord Ry ext'l f 645
9178 20
93% 987s Norfolk South let de ref A 58_1961 FA 9112 Sale 90%
1014
1014
10112
Sale
3
MN
58_1941
gold
1st
South
&
Norfolk
9012 96
1004 101% Norfolk & Wet gen gold 68_1931 MN 10512 108 _ 106 Jan'27
1088 Dec'26
Improvement & ext 65_1934 FA 10812.
New River let gold 68_ _ 1932 A0 107 _ _ 1074 Dec'26
-I-15/8 9913
9338
7
N & W Ry lst cons g 49_1996 AO 934 Sale 931g
93
89
1996 AC 9314 93% 90'2 Oct'26 _
Registered
0318
934
5
9312
9318
Div'l let lien & gen g 48.1944 .1
16114 Dec'26
_
S
1929
10-yr cony. fls
981,
98
9112 94
94
94
Pocah C C joint 48....1941
100 100
1054 10712 1053* Jan'27
5312 64
North Cent gen & ref 58 A-1974
9512 45
53 6334 North Ohio 1st guar g 55-__1945 A 0 95' 96 95
9234 50
.1 9218 Sale 92
1734 23
North Pacific prior lien 48-_1997
8978 _ _ 90% Jan'27
1997
12
Registered
164
53
66%
6718
Sale
6718
2047
3s____Jan
gold
Gen'l lien
857s 9112
6418 67 6514 Jan'27
Jan2047
Registered
971z 9934
4
97
97
Ref & impt 4 titularies A._2047
974 9984
8534 Feh'25
9234
101% 106
Registered
118
11378 Sale 11312 114
10014 105
Ref & inapt 65 series B--2047
113% 114 11014 Mar'26
Registered
8858 974
10512 10634 22
106%
2047 .1
Ref & impt 58 series C
93 93
10614 gale 105
10612 25
93 10112
Ref & impt 58 series D-2047
1093 Dec'26
10914
11.0
Nor Pac Term Co ist g 66_1933
84% 88
10518 Sale 10518 10518
1938 A
9614 103
Nor of Calif guar g 58
102% 105 1023* Oct'26
1930
8018 8612 North Wisconsin let Os
101% 10414
834 11
904 97 Og dr L Cham lst gu 4s g_ _1948 J J 8258 Sale 82%
Ohio Connecting Ry 1st 48_1943 M S 9214 _ _ 9034 Dec'26
1938J D 102 _ _ 1013* Oct'26
8914 100 Ohio River RR lst g bs
1937 A 0 10212_ 10114 Jan'27
101% 10714
General gold 58
100 111344 10014 Jan'27
10154 10714 Oregon & Cal 1st giuw g 5a-1927 J
19
93
__ 9212
Oregon RR & Nay con g 48_1946 J D 9214
77
65
10714 110
- 1077 Jan'27
93 Ore Shore Line let cons g 58_1948 J
88
3
1946 J J 107% Sale 107% 107%
Guar cons be
9834 28
9812 Sale 984
Guar refunding 48
8914 53
88% Sale 884
7984 -Ws Oregon-Wash 1st & ref 48_ _ _11961
1
29
3
93
7814 87
Pacific Coast Co 1st g 55.-1946 J D __ 93 93
9434 Jan'27
10614 103% Pao Kit of Mo 1st mai g 4e 1938 F A 9:1
102-. 10218 Jan'27
1004 10614
2d extended gold 58
984 100 98 Jan'27
J
5j
38
95
19
90 9318 Paducah A, Ills let f 4 48_1
9234 556
9834 101
Parts-Lyons-Med RR 6s_..1958 FA 924 Sale 9134
99% 322
9918 Sale 9812
9912 10012
Sinking fund external 78_1958 M
81
9734
Sale
9858
98%
MS
1954
98% Paris-Orleans Rite f 78
87
1942 MS 102 102% 10214 Jan'27-109% 11212 Paulista Railway 75
9534 Nov'26
10914 10914 Pennsylvania RR cone g48_1943 MN 9618
7
96
1948 MN 9512 Sale 9512
1014 10334
Consol gold 4s
3
9514
7734 81%
48 sterl etpd dollar-May 1 1948 MN 9478 9514 94%
1960 FA 10218 102% 10218 10218 65
1003s 101%
Consolidated 445
1985 in 10012 Sale 10018 100% 90
10034 1034
General 445 aeries A_
109% 42
30 JO 1094 Sale 109
1968
General be series B
A0 10612 Sale 10612 107% 61
10-year secured 75
11214 38
1036 FA 112 Sale 112
1418 2212
15-year secured 645
11114 Oct'26
FA
Registered
tiZe 10234 10318 126
MN
27
15
40-year gold SS
4 MS 87_ 87 Oct'26
37
Pa Co gu 3345 coil tr A reg__1196
8638 Dec'26
Guar 334s coil trust ser 13_1941 FA 86 -if 85
8612 106
8612 Sale
2224 35l
1942 J
Guar 345 trust Ws C
8412 Dec'26
_
84%
D
J
44
1
9931
:
.
4s
D
d
i
ls
o
t
g
c
t
oz
s
e
u
y
tr
5.
8
2
34
5_
1
Guar0uar 3
25
97%
97%
98
97%
AO
1813 If
8834 Jan'27
1952 MN 8834 1212 20%
Guar 48 serie8 E
NO11-COUV
dr
.
9514 10018
87
81
8434 8514
9234 97%
8814
84
pai4 10084
96 10078
1021s 10512
944 97
9934 102
1043s 109
10611 10612
8534 90%
9214 9812
1011s 108
1031s 10334
Peoria & Eastern lat cons 45_1940 A0
April 1990 Apr.
Income 48
Peoria & Pekin 'On 1st 545_1974 FA
Pere Marquette 1st ser A 5a-1956 J J
1956 J J
let 48 series B
Pizila Bait & Wash let g 4.._1943 MN
1974 FA
General be series B
Phillppine Ry let 30-yr e 1 48 1937 J J
Pine Creek registered 68-1932 J
1940 AC
PCC&St'Lgu445A
1942 J 0
Series B 448 guar
1942 MN
Series C 448 guar
1945 MN
Series D 45 guar
Series E 3345 guar gold 1949 FA
1953 ▪ D
gobL
Series F 48 guar
1957 MN
Series G 48 guar
86 Sale 8578
86
4318
4318 Sale 4112
1044
.- 10414 10434
10434 10
- -538 10412 105
90
89% Sale 8402
9514 9612 95% Jan'27
11012 111 11012 11012
42 42% 424
4218
10612 Dec'26
10638
10118 1-01-12 101% 1014
99% Nov'26
10018
100 Dec'26
9512 _ _ _ 9412 Nov'26
_ - 9512 Nov'26
95%
9734„113ec'26
9512 _
9512 ___ 97 sps197
5611011;m1
Low
7612
76%
9414
9418
9214
Effob
82
80%
9634
9434
97
'
Ws 10-14
76
7814
78 84
77
80
92% 964
92 984
934 97%
10218 105
9811 105
984 105%
92 97
100% 105
894 91%
9812
98
10018 100%
98% 99
94 101
7914 81%
80 80
995 102
106 106%
100% 10112
9034
90
88 9112
7012 78
C21 16
8134 7014
8814 7772
67% 78
74
61
9734 106
96 1034
9611 1034
704
58
424
7713
6,
7% 1,3::
12,
62,2
73%
62,2
8612 884
8618 895s
9934 10034
7732. 8974
7314
64
744
63
9755 99
0932 7972
7714 93
7734 9214
98 101
1054 108
10812 110
106% 107%
904 9334
9211
89
907e 941,
188 167
944
91
10088 1054
971,
88
86% 91%
90,r
86
61% Ms
60 (151s
9634
87
10814 114',
1104 1104
9814 104
9814 10312
10934 1104
10112 10514
10212 1034
73
82
1001.2 1-872-31
1005e 1021r
100 101%
8914 9211
104% 108
10515 108
9671 9873
8314 8712
9132 96
9112 9454
100 103
9814 981,
7312 874
82 96%
82 95,2
100% 1034
9314 95%
9111 9984
9154 981,
987e 10234
9414 100
102% 108
10614 10812
11112 11313
11114 11214
9812 102%
87
87
87
83
844
84
82 85
9614 9714
4 8914
1
86/
28
77
19
48
37
7912 871r
85
42%
10014 104
1011e 19411
85% 8912
4
1
1061g 1111,
401k 45
1064 1064
9678 1004
96% 991s
9714 100
934 98
9214 04
927, 0734
93
971s
4
93sa 951.
491
New York Bond Record—Continued-- Page 4
BONDS
N. Y.STOCK EXCHANGE
Week ended Jan. 21.
i3
Price
Friday.
Jan. 21
Bid
Pitts Chi Chic & St L (Concluded)
1960 F A
Series H 45
Series Icons guar 534s_ —1963 F
1964 M N
Series J 4358
1970 .1 D
General M 55 series A
J D
Registered
1975
Gen mtge 5s series B
Pitts & L Erie 2d g 5s_ _ _Jan 1928 A 0
1932 J J
Pitts McK & Y 1st gu 6s
1934.3 J
2nd guar 65
1940 A 0
Pitts Sh & L E lst g 5s
1943
J
1st consol gold Es
1943 MN
PItteVa* Char 1st 45
1927 MN
Pitts Y & Ash 1st cons 55
1948 J D
1st gen 45 series A
1962 F A
let gen 58 series B
1957 M N
Providence Scour deb 48
1956 M S
Providence Term 1st 45
A
A0
Week's
Range or
Last Sale
Ask Low
Range
Year
'
g
1926.
ev%
HOB No, Low
9558
974 Nov'26
9958 Jan'27
100 102
10
100
100
100
106
110
109 Sale 10778
102
Oct'26
77
110
10978 Sale 10818
100 10014 9978 Jan'27
3
10578
10578 _- 10578
10334 -- -- 10134 Nov'26
7
102
102 Sale 10178
10014
10134 June'26
9114 May'25
9238
10018
10014 Dec'26
93 Dec'26
9934
_
105
Jan'27
10518
4
69 -5.- 72
72
8458 Aug'26
8358
High
9714 9712
9514 9812
9814
96
100 108
102 102
9912 108
100 101
106 It6
10184 10184
10078 10314
10134 10124
9934 10014
93
91
10212 105
624 69
8453 8458
BONDS
N.Y.STOCK EXCHANGE
Week ended Jan. 21.
Price
Friday,
Jan. 21.
Week's
Range or
Last Sale
is
eZ.1
Mob
Ask Low
High No, Low
BM
94
9414
9414 Dec'26
N J RR & Can gen 45_ _1944 MS
9512 96
Oct'26
Utah & Nor 1st ext 48
1933 3, 9714 9834 96
88
lay
Vandalla cons g 45 series A1955 FA 9214 - - 9212 Jan'27
8816 9024
Consol 45 series B
1957 MN 9214 __-- 9012 Oct'26
_
20 Sept'25
Vera Cruz & P lstgu4 54e.1934.3'
24
%I
3, -23i2 24 - 24 Apr'26
July 1914 coupon on
22
BS
30
24
24 Sale 23
Assenting lot 454e
1934
101 101
10058 -- 101 Sept'26
Virginia Mid 58 aeries F__1931
3 101 10212
General Es
1936 MN 10212 10278 10212 10258
9912 103
Jan'27
____ 102
Va & Southw'n lot gu 55_ _2003• J 102
9014 97
1
96
96
954
96
AO
let cons 50-year 58
1958
9914 10312
10358 53
Virginian let 55 series A
1962 MN 10358 Sale 10314
10412 17 101 104
Wabash let gold 55
1939 MN 10412 Sale 104
9812 102
39
102
2d gold 55
1939 FA 10158 S le 10114
8812 105
10438 Sale 10414 10434 121
Ref f 534s series A
1975 M
83 Feb'25
Debenture B 6sregistered_1939 MS
84
8412 Aug'26
'
3 8618
let lien 50-yr g term 4e
1954
101 10312
Jan'27
Det & Chi ext lot g 58_ _ _1941 J J 104 105 104
841A 90
8878 Dec'26
Des Moines Div lat g 40 1939 J J 8912
2
1
4
7718 83/
84
84
Om Div 1st g 33415
1941 AO 8418
9012
87
91
Jan'27
Tol & Ch Div g 4s
1941 M
81
80
81
_
7
80
Warren let ref gu g 3345___ _2000 FA 81
8714
86
84
5
Wash Cent lot gold 48
1948 QM 8512 8612 8714
83
8874
8538 Dec'26
Wash Term lst gu 3355
1945 FA 9213 _
83
914
8712 Jan'27
lst 40-year guar 45
1945 FA
9518 10012
1004 Dec'26 4478 May'25
95
90
9212 31
92
9234 9212
9414 9858
24
99
9812 Sale 9838
9934 10012
2
100
100 Sale 100
78
80
1
80
7934 82
80
10218 _ _ _ _ 10212 Dec'26
_ 10012 10234
9834 Dec'26
9512 10114 W MM W & NW let gu 58-1930 FA
1
10058
10058 10114 10058
514 712 West Maryland 1st g 4e
7912 694
1952 AO 7912 Sale 784
718 Dec'26
712 9
712 12
102
West N VA Pa let g 553
6 May'25
1937 JJ 10134 102 102
__
1
88
867 927
Gen gold 45
92
27
91% 92
1943 A0 88 Sale 88
93
45 Feb'25
Apr 1 1943 Nov
7418 85
85
55
Income g 58
85 Sale 8412
9514 Western Pao let ser A Es_ 1946 MS 9934 Sale 9938 10018 48
89
96
33
9512 9558 9558
3
10312
75
,
18 83,
8212 8334 8212
let gold 65 series B
4
83
7
1946 MS 10314 Sale 10314
87
8758 10
87
1
'
3 8734 88
2361
92
9178
9178 Sale 9178
West Shore lErt 45 guar
8612 10
'
3 8638 ---- 8612
7814 8912
88
3
Registered
2361
8718 8814 88
9712 9912 Wheeling dz Lake Erie
88 Nov'26 _ _
Jan'27
105 10518
Wheeling Div let gold 553_1928 33 9978 10014 100
10514 _ _ _ _ 10518 Dec'26 _ _ 9714 Dec'26
95
1930 FA 100
9612
Ext'n & inapt gold 5e
97
Jan'27 _
9658 97
3
92
93
93
10058 Sale 10012 10034 38 100 101
Refunding 4348 series A 1966 MS 92
88
88
Jan'27
10014 10038
10038 Sept'26 _
1949 MS 87
RR let consol 48
3
95,
734
7314
1942 3D 7312 75
4 9714 Wilk & East let go g 5s
9838 59
9818 Sale 9734
Will & S F let gold 58
1938 3D 10358 10412 103 Nov'26
93 Sept'25
8678 Dec'26
8658 88
89
94
1960 .1
9372 68
9358 Sale 9312
Winston-Salem S B let 48
8414 42
99,
4 10078 Wig Cent 50-yr let gen 48._ _1949 ▪ .1 84 Sale 8314
101
3
10014 101 101
9034 52
8978 8958
Sup & Dul dlv & term 1st 45'36 MN 89
7738 85
8612 477
8638 Sale 86
89
Jan'27
'
3
80
84
8214 Oct'26
Wor & Con East let 454s_,.1943
,
8
93 100
10138 Sale 10034 10158 47
INDUSTRIALS
10158 Sale 10112 10134 32 10112 103
894
8914
9914 10318 Adams Express colt tr g 49._1948 MS 8914 91
10212 Sale 10238 10234 61
1064 19
924 9978 Ajax Rubber let 15-yr 5!85_1936 3D 10614 Sale 106
187
100 Sale 9934 100
314
31.2 312 Jan'27
8412 96,
1925
867
4 Alaska Gold M deb 65 A
99
9834 Sale 9818
312 Dec'26
314 4
1926
5 101 10618
Cony deb 6s series B
10578
10534 S le 10514
92
9512 Sale 9514
961
10018 10112 Alpine-Montan "Steel 751955
10012 10034 10012 Jan'27
103
Oct'26
1928 A
Am Agric Chem let tre
10338 10614 10512 Jan'27 -- 10212 104
10414 42
9418 971s
lO4ts Sale 104
1941
1st ref s 73451g
9718
9
97
9734 974
5412 88
8
9734 Sale 9734
98
Amer Beet Bug cony deb 65_1935
8612 .8812 21
8212 84
10158 Sale 101
28
102
75
82
American Chain deb 5 f 65_ _1933 A
8212 10
8212 Sale 8212
9512
18
951
N 9512 96
Am Cot Oil debenture 56_ _J931
9138 95
9638 69
9514 Sale 95
_ _ 1054 Nov'26
1936 ▪ .1
8912 9712 Am Dock & ImPt gu 65
9814 88
9814 Sale 974
10412 130 Dec'26
105129358 Am Mach & Fdy e (Is
1939 A0 104
88
9358 56
9312 Sale 9314
991
10114 10114 Am Republic Corp deb 6s1937 AO 994 9912 9918
10158 10212 10114 Sept'26
57
1011
87
91
Am Sm & R lit 30-yr Es ear A '47 AO 101 Sale 101
92
15
92
8
10818
1947 AO 108 10812 108
9018 92%
lst M 68 aeries B
9278 Oct'26 _ - 954 98
10412 Sale 10414
28
105
9554 98
Amer Sugar Ref 15-yr 65_1937 j
9812
6
9734 984 984
98
,
4 82
10778 Sale 10778 108
3 10758 10934 Am Telep & Teleg coil tr 40.1929• J 9834 Sale 9814
94
9458 9334
5
943
107 108
Convertible 45
1938 M
108 Aug'26
106
9938 99
3
99
99 1004
1933 MS
20-year cony oils
10018 ---- 1004 10058 15
0712 _
12
1033
1946 J O 10238 Sale 10314
9712 99
9812 Aug'26
30-year coil tr 55
103 June'26
3D
9558
Registered
93
9512
96
9
96
10238 238
9214 9412
9418 _
1960 33 lO2Ig Sale 102
96
Jan'27
35-yr I deb 55
10638 129
1943 MN 10638 Sale 106
8918 90%
92
3
007, _ _ _ _ 92
20-year 15305
10334
1034
104
104
6
A0
1017
2
10638
10512
Am
Type
Found
deb
Si
1940
106
8
10534 106%
37
99
Am Wat Wke & Elec 5s_1934 AO 9834 Sale 9834
6
60
84
91
90
8925 Am Writ Paper s f 7419
20
91
El A & Ar Pam let gu g4e__1943 J J 90
1939 JJ 60 Sale 60
60 Sale 5912
36
60
10012 10284
___ 10212 Dec'26
Banta Fe Free & Phen 5e_1942 M S 102
Temp interchangeable MI5 dep.
3 108 119
Bay Fla& West let g 65
1984A 0 10838 ____ 10234 10234
10234 10234 Anaconda Cop Min let Se. 1953 FA 10458 Sale 10412 1047 205
10234 Oct'26
let gold Ewa
1934 A 0 10258
10434 Dec'26
8778 90/4
9212 9338 9212
9212 10
Belot* V er N E let gu g 48_1989
N
Registered
1087 109
7814 82
8134 Jan'27
Seaboard Air Line g els
1960A0 81
1938 FA 10884 Sale 108
15-year cony deb 75
1081 123
7814 82
Gold 411 stamped
'
3 10814 Sale 108
8312 117
Andes Cop Min cony deb 78_1943
1950 A 0 8212 Sale 8212
76
8778 Anglo-Chilean Nitrate 7sww1945
8712 610
4
Adjustment 51
N 8958 Sale 97 Nov'26
Oct 1949 F A 8714 Sale 84,
894
893 228
893
8
Sale
6914
76
732
8
Refunding 48
1969 A 0 7614 Sale 74,
Without
warrants
7634
91
1st & cons 6s series A
951
9914 512
33
9754 Anttila(Comp (Ante) 7548_1939
1945 M S 99 Sale 9812
'
3 954 Sale 95
AU & Birm 30-yr let g 4141933 M S 9214 9278 9234
3
8812 94
9234 12
Ark & Mem Bridge & Ter 55_1964 MS 10014 10034 10014 1001
77
931
9214 9824 Armour & Co let real eel 43.45'39 ID 9212 Sale 9214
Seaboard All Fla let gu 63 A _1935 F A 9814 Sale 9712
9838 203
9978 10012 Armour & Coo! Del 5348__ _1943 .1
Seaboard dr Roan 50 ext4
9558 214
9538 Bale 9514
1931 J J 100 10058 10018 Oct'26
101 102
So Car & Ga let eat 5346
8 10112 Jan'27
4
1929 M N 101 101,
Associated 011634 gold notes 1935 MS 10214 10234 10234 1023
10378
S&N Ala conegug 5s
5 10214 10414 Atlanta Gas L let 55
10378
9958 Mar'2
1936 F A 104
1947 3D 1024
1558 Dec'26
10534 111
Gen cons guar 50-yr 5e1963 A 0 11014 11012 111 Dec'26
Atlantic Fruit 75 ctis dep.- _1934 J D 174 14
8914 59
204 Jan'2
8512 9055
SO Pao coil 4s(Cent Pao eoll) k'49 J D 8878 Sale 884
1534
Stamped Ws of deposit_
8412 8512 Atl Gulf & W I BS L col tr 55_1959
_
Jan'27
86
Registered
J D 8418 87
124
7514 sale
9678 99% Atlantic Refg deb 55
20-year cony 45
92
June 1929 M 8 9918 Sale 9858
4 1017
9915 160
1937 33 10178 Sale 101,
102
10112 102 102
1 100 102,
20-year cony 55
4
1934
9984 10178 Baldw Loco Works let 59.....1940 MN 10612 10634 10612 10612
10112 Jan'27
20-year gold 55
1944 M N 10012
1
9012
9012
87
.▪ 1 10712 -- 10712 10712
91
San Fran Terml let 48.....1950 A 0 9012 91
8
Baragus(Comp Az) 748_ _ _1937
85
86 Dec'26
86
93
,
4 157
Registered
Barnsdall Corp 65 with warr _1940 J D 9358 Sale 9218
10015 10414
10312 Oct'26
Bo Pee.!Cal—Gu g Si
1937i M N 10438
Deb 68(without warrant)_1940 J D 10514 Sale 10334 10512 901
9414 9514 Belding-Hemingway 65
Bo Pao Coast let gu g 415_ __ _19371J J 9514 96
9512 Jan'27
9812 412
1936 J J 9758 Sale 9758
So Pao RR let ref 415
90
94
944 68
104
18
1955i.1 J 9418 Sale 94
Bell Telephone of Pa Si
1948 J J 10312 104 10314
10412 19
let & ref Es series C
1960 A0 10438 Sale 104
10734 118 104 108
_1994 J .1 10738 Sale 107
Southern—let cons g
Beth Steel let & ref Es guar A '42 MN 101 Sale 10012 10114 62
10134 10612
104
J J ---- -- 104
Registered
.• 1 09 Sale 985
13
30-yr p m & imp St 5e_ __ -1936
, 99
8114 8778
8712 167
8718 Sale 8634
Devel & gen 414 series A_1956
43
Cons 30-year Os series A_ _1948 FA 10278 Sale 10212 103
1154 Sale 11412 11514 69 10718 114
Develop & gen 6e
165
1956
100
Cons 30 year 535s series B_1953 FA 9912 Sale 99
12134 113 112 11978 Bing & Bing deb 634s
1211413,1e 12118
Devel & gen Ohs
1956
9314 124
S 924 Sale 9212
1950
1 10114 10814 Booth Fisheries deb e f Ss.....1926 AO 100
Mom Div 1st g 55
_
.19961 J 10634 10812 10634 10634
100 Nov'26
86
91
4
92
St Louis Div Mt g 45
_ 9018
J 8934
1951
9118 19
Botany Cons Mills 634e
1934 AO 91 Sale 9012
997s 101
Eaat Tenn reorg lien g 58-1938 M S 10212 103 10018 Nov'26
Brier Hill Steel let 534e_ _ _1942 AO 7634 7714 104
10458 66
8712 93
3
92
Mob & Ohio coil tr 49._ _1938 M S 92
9212 92
B'way & 7th Av let 05 5a...._1943 3D 7634 Sale 76,
8
77,
8 250
81
8714
7
Spokane Internet let g 55
8434
1955 J J 854 8512 8412
7518 Sale 75
Ctrs of dep stmpd June '26 Int
7512 59
Sunbury & Lewiston lot 4s 1936 J .1 9234 - _ 9212 Jan'27
Brooklyn City RR 58
94
,
4
95
13
1941 33 944 95
10012 Sept'26
1-661; Bklyn Edison Inc gen 55 A 1949 .1
Superior Short Line let 58..e1930 M 8 9938 10412 Sale 104
105
27
9514 9912
9834 Jan'27
Term Assn of St L 1st g 4349_1930 A 0 9834 99
General Se series B
10414
1930'.3 10312 10414 10414
6
_ 101 106
let C01311 gold 56
1944 F A 10214 10358 10238 Dec'26
Bklyn-Man It T sec 6s
4
9912 436
1968 3' 9912 Sale 98,
8414 8814 Bklyn Qu Co & Sub con gtd 55;'41 MN 64
8778 15
Gen refund a f g 4s
1953.3 J 8778 8814 8773
651 657s Jan'27
Texarkana & Ft S let 5%5 A 1950 F A 10412 Sale 10412 10478 32 10112 105
let 58
79 Nov'26
1941 3, 804
9818 1044 Brooklyn R Tr let cony g 48_2002 3,
10418 Dec'26
Tex & N 0 con gold 58
19433 J 9934 _ _
8812 Aug'26
10732 22 103 10712
Texas & Pao 1st gold 58_ _ _2000 J D 10614 Sale 10614
3-yr 7% secured notes_
13612 Nov'25
1921 3,
99
4
,
4 101
10038
LaDlvllLlstgSe
19313 J 10014 10038 10018
Ctfs of deposit stamped
12812 Mar'26
9914 105
Tex Pac-Mo Pc Ter 530_1964 M S 10412 105 10434 10514 10
Bklyn lJn El 1st g 4-58
9518 10
1950 FA 9518 Sale 95
10018 10214
Tol & Ohio Cent let gu5s_1935 J
10114 10212 10214 Dec'26
Stamped guar 4-58
1950 FA 9518 951 95
9518 13
1004 10118 Bklyn Un Gas 1st cons g 58_1945 M
Western Div 1st g 55
1935 A 0 10012 _ _ 101 Nov'26
1034 10358 10312 10312 12
2
9758
10012
10218
10012
10012
Sale
General gold 55
1935 J D
let lien & ref Os series A-1947 MN 11358 Sale 11358 11434 12
20
1
15
3758
15 Sale 15
Toledo Peoria & West M.__ _1917 J J
Cony deb 5345
'
3 158 160 159
1936
1594 10
5
874 90% Buff & Sum Irons!5s
9034
Tol St L & W 50-yr g 481950 A 0 9012 9034 904
9214 Jan'27
1932 J D 9214 93
99
To1 WV&Ogu434eA
9718 9914 Bush Terminal let 45
1931.3 .1 99 Sale 99
3
9078
1912 AO 9078 911 9078
lot guar 450 series B
964 Dec'25
1933 J .1
Consol 58
9634 Sale 96
1955
9634 19
"93 93 Bush
Jan'27
94
1942 M S 9334
Term Endo 55 gu tax-ex '60 AO 10018 Sale 100
1st guar 45, series C
10
101
2
9014
8714 9014
Tor Elam dr Bun let g 45_ _ 1948 J D 9014 Sale 9018
CMG & E Corp tullf & ref 58_1937 MN 10138 10214 10214 Jan'27
4
6012 80
64
Ulster & Del lot cons g 55_ _1928 3D 6312 6712 634
Cal Petroleum a f g 634,3__ -1933 A0 10312 Sale 10312 10414 15
2
3612 48
40
let refunding g 45
1952 AO 40 Sale 394
Cony deb 5 I 534s
1938 MN 10114 Sale 10118
10214 401
9218 9512 Camaguey Sug 1st of g 75__ -1942 A0 9978 Sale 9912 10014 14
58
96
Union Pacific 1st g 46
1947 3.3 9512 Sale 95
834 93
,
4 Cent Diet Tel let 30-yr 58_ _ _1943 J O 10358 _
3.3 9438 9514 9434 Nov'26
Registered
1034 Jan'27
9914 100
58
20-Year cony 48
1
1927 J J 9934 Sale 9934 100
Cent Foundry lets I 65_May1931 FA 98 -9611 9634
9634
9414 9912 Cent Leather let lien 51 Si._1945 ▪ J 101 Sale 101
9414 Dec'26
Registered
.3.3
10138 16
86
1st & refunding 48 Juno 2008 M
924
9234 56
92 Sale 9134
10914
3 10614 10912
let lien & ref 55
June 2008 M
1084 ---. 109
10-year perm secured 65_ _1928 .1
10134 Sale 10134 10218 64 10144 10334
d Due May. e Due June. k Due August.
1997 J J
Reading Co gen gold 4e
J J
Registered
Jersey Central coil g 4&__1951
Gen & ref 432e series A_ _ _1997 J J
Richm & Danv deb 58 strand 1927
1948 MN
Rich & Meek let g 45
Mehra Term Ry let gu 5s_ —1952 J
Rio Grande Juno 1st gu 5s 19393 D
Rio Grande Sou 1st gold 4s_ _1940 J J
Guaranteed (Jan 1922 coup on) J .1
Rio Grande West 1st gold 45_1939 J J
1949
Mtge & coil trust 45 A_
1934 M S
R I Ark dr Louis lst 43415
1949 J J
Rut-Canada 1st gu g 4s
1941 J .1
Rutland let con g 4355
St Jos & Grand Isl 1st g 4s_ _1947 J J
19963 J
St Lawr & Adir 1st g 55
1996 A 0
2d gold 65
1931 J J
St L & Cairo guar g 48
115L Ir Mt & gen con g 55_1931
1931
Stamped guar 5s
1929.3 .1
Unified & ref gold 48
Registered
J J
Riv G Div Ist g 4s_ _ _1933 M N
at L M Bridge Ter gu g 56_ 1930 A 0
gt L & San Fran (reorg co) 4e 1950 J J
Registered
J J
Prior lien series B 58
19503 J
Prior lien series C 68
19283 .1
Prior lien 5345 series D _ _1942
J
Cum adjust ser A 6s _ _July 1955 A 0
Income series A 65Ju1y 1960 Oct.
St Louie & Elan Fr Ry gen 68_1931 .1 j
General gold 55
1931 .1 J
St L Peor & NW 1st gu 58.._1948J J
IR Louie Bou 1st gu g 4s___ _1931 MS
EitL W 1st g 45 bond ctfs_ _1989 MN
241 g 48 Inc bond etfs.Nov 19893 J
Consol gold 45
1932.3 D
let terminal & unifying 56_1952 J J
St Paul dr K C Sh L lat 430_1941 F A
St Paul & Duluth 1st 5s
1931F
let consol gold 45
19683 D
St Paul E Gr Trunk 43415_ _ _1947 J
St Paul Minn & Man con 48_1933 3 J
let consol g 65
1983.3 J
Registered
J .1
es reduced to gold 4hs__ _1933 J J
Registered
19383 J
Mont ext 1st gold 40
1937 J D
.1 D
Registered
Pacific ext guar 45 (sterling)'40
1
SS Paul Union Depot 55-1972 J J
100
A0
A0
A0
AA 0
0
A
IA 0
A0
AA 0
0
b
Range
Year
1926.
9612 9884
6678 7678
10034 10212
8358 8812
957 10078
leo% 10618
8352 8718
8858
83
991i 10214
95 100
8072 9018
81
8914
6414 7414
102,
2 103
8514 8814
8015 87
8812 90/
1
4
76/
1
4 86/
1
4
85 100
10112 10712
3
5
3
412
894 9214
10214 10414
10311 106
0012 10111
9814 102
9312 9714
10512 10658
10014 10512
98 10014
99 10154
106 109
102 10512
gni 9838
92
9512
9714 10214
10012 10314
10214 103
9712 102
10212 10614
10014 105
9514 9915
42
6212
4112 6212
10114 10414
10215 10414
10214 10912
9672 109
9212 10015
84
90
Ws 97
9412 10014
9014 12274
92
961/
102 101111
15
28
2014 204
6512 73
0014 10214
10214 110
103 107
96 101
9438 1667i
loo5, 1044
100 10418
9552 10218
93
9932
954 10124
8712 9778
9014 95
70 100
8012 954
101 105
70,8 761t
684 73
9314 96
10212 10514
10315 10612
9214 9914
60
6514
79
72
8812 KM
WI;
8812
10058
110
126
91
8724
90 •
9534
Me
10424
11412
160
93
9214
9814
102
isol4 10212
10338 10524
9912 10072
9012'9971
10112 10312
9314 9964
100 100
492
BONDS
N.Y.STOCK EXCHANGE
Week ended Jan. 21.
New York Bond Record-continued-Page 5
11
Price
Friday.
Jan. 21.
Range
Year
1926.
Week's
Range or
Lass Sale
High
Did
Ask Low
120
Central Steel let g f 88--1941 MN 120 Sale 119
5312
Chic City & Conn Rys 58Jan1927 AO 5312 Sale 5312
Ch L & Coke 1st gu g 58..1937 J
102 10212 102 Jan'27
76
Chicago Rys 1st 58
1927 FA 76 Sale 7458
Chile Copper cony Os ser A_1932 AO 11012 Sale 11033 11034
CIncin Gals & Eiee let & ref Ea '58 AO 10453 Sale 10214 Jan'27
1548 ser B due
Jan 1 1961 AO 10453 Sale 10458 10434
9914
Cities Serv Pow & L s f 68___1944 MN 9914 Sale 9812
82 May'26
Clearfield Bit Coal let 41940 .1
9812
Colo F & I Co gen s 58_ -1943 FA 98'2 Sale 9812
95
Col Indus let & coil 55 gu___1934 P A 9372 Sale 9378
10 Oet'25
Col & 9th Av let gu g 5s____1993 MS
Columbus Gas 1st gold Es__ _1932 3, -9728 "tiffs 97 Jan'27
82
Commercial Cable 1st g 48_ _2397 Q
82 Sale 82
MN 9612 Sale 96
9612
Commercial Credit s
92
92 92
Col tr s f 54% notes
1935 3, 91
CommonwealtipPower 68_ _ A947 MN 10473 Sale 0434 10514
105
Computing-Till-Rao 5 1 68_1941 .1 .1 10412 105 05
Conn Ry & L 1st & ref g 4481951 .1 .7 9533 98 9314 Nov'26
Stamped guar 448
1951 J J 9553 9812 9558 Jan'27
9912
Consolidated Cigar 5 f 65
1936 A0 9914 Sale 99
Consolidated Hydro-Elee Works
10012 Sale 0014 10034
of Upper Wuerternberg 78.1956
8278
Cons Coal of Md 1st & ref 5e..1950
8112 Sale 8112
Consol Gas(NY)deb 5%s..1945 FA 10578 Sale 0534 10618
76
Coot Pap & Bag Mills648_ _1944 FA 76 Sale 75
9938 9912 02 Jan'27
Consumers Gas of Chic gu 58 1936
Consumers Power 1st 58_...1952 MN 10238 Sale 0218 10258
Copenhagen Telep ext 60_1950 * 0 100 Sale 9912 100
102
Corn Prod Refg let 25-yr at 58'34 MN 10212 103 02
9534
Crown Cork & Seal 1st at 68_1942 FA 9534 Sale 94
10014 10034 0012 101
Crown-Willamette Pap 8e
1951
9912
98 Sale 9678
Cuba Cane Sugar cony 78_ _ _1930
10034 Sale 10018 102
Cony deben stamped 8%A930
Ouban Am Sugar 1st colt 85_1931 MS 10778 Sale 10734 '108
Cuban Dom Bug 1st 748_1944 MN 100 Sale 9912 10034
10114 Sale 1001: 10114
Cumb T & T ist & gen 58_ 1937
94%
Cuyamel Fruit lst f 6s A _ 1940 AO 9438 9434 94%
High
No. Low
14 11514 12318
5
4414 56
10112 103
126
6534 81
358 10438 1104
10138 10311
10 10214 10512
944 9834
220
82 824
6
9014 9712
43
8334 94
22
7
1
25
10
100
82
19
89
4
116
17
1
64
2
177
124
39
44
20
3
-1-1814 1-6/34
75
83
93 10018
9013 9954
10234 10512
10412 106
90
9412
90 95
974 1013s
7812 86
10414 1061:
7378 82
9814 10238
99
712 183
1 1
10012 10354
8234 96
99 100
88
9638
92 100
1061: 1094
9114 100
10014 10238
934 9738
7 92
97
9414 9512 95
9512
Davison Chemical deb 6%9_1931
9212 Aug'25
Deny City Tramw 1st con Os 1933 AO
2
94 Iifs
0813
Den Gas& E L 1st & ref at g 58'51 MN 9812 Salo 9814
1
9838
9313 99
MN 9838 9834 9833
Stamped as to Pa tax
4 65
77
91
Dory Corp(D G) 1st at 78_1942 MS 77
77'z 768
10078 1037s
Detroit Edison 1st coll tr 58_1933 J J 102 10211 10134 10218
5 1005 10438
1st dr ref 58 series A_July 1940 M S 10253 Sale 102¼ 103
9 100 10378
Gen & ref 58 series A
1949 AO 10253 Sale 10258 103
23 106 10834
lit & ref 68 series BJuly 1940 MS 108 Sale 10712 108
10312 71 10012 104
Gen & ref Ea ser B
1955 in 103 Sale 103
5
95
9712
9514 95
90
Del United 1st cons g 446_1932
'
3 95
9512 367
9212 9734
Dodge Bros deb Os
1940 MN 9514 Sale 95
•4
69% 90,2
8912 89
Dold (Jamb) Pack 1st 68_1942 MN 89
89
1
49
49
51
34
6234
Dominion Iron & Steel 58_1939 MS 50
97 96 Jan'27
9272 98
Donner Steel 1st ref 78
1942 J J 96
10614 33 10434 107
Duquesne Lt 1st & coil(le
1949 3, 106 Sale 105
1st coll trust 545 series 13.1949 i2 10514 Sale 10472 10514 15 10438 1063
10712
East Cuba Bug 15-yr at g 7%8'37 MS 10712 Sale 106
95 Jan'27
Ed El III Bkn 1st eon g 4s_1939
'
3
Ed Elea Ill 1st cons g 5s
1995 3' 10678 -- 10712 10712
99
9814 Sale 98
Elee Pow Corp (Germany)6)4s'50 M
Elk Horn Coal lit & ref 6%5.1931 3D 9814 987s 9858 Jan'27
Deb 7% notes (with wareta'31 3D 9512 9634 9512 Jan'27
N 106 Sale 10518 107
Empire Gas & Fuel 748_ _ _ _1937
1st & ref 64s(with wareta)'41 * 0 10212 Sale 10018 10212
0013 10012
Equip Gas Light let con 5s....1932 MS 10012 101
9638
Federal Light & Tr let 58_1942 MS 9512 96 96
9618
1st lien s f 5s stem pod__ _ _1942 MS 9618 Sale 9534
0314
10312
10314
10332
M
let lien 6s stamped
1942
9712 Sale 9712
98
30-year deb 14 ser B
1954
9078
Federated Metals at 78
1939 in 9014 Sale 90
9814
Flat deb 78 (with warr)
1946 33 9712 Sale 964
11614
Fisk Rubber 151 5 f 85
1941 MS 11514 Sale 15
89
Ft Smith Lt & Tr 1st g 5c...1936 MS 8712 Sale 8712
Frameric Ind & Dev 20-yr 748'42 33 102 Sale 0114 102
Francisco Sugar 1st sf 748_1942 MN 107 10714 0712 10753
97 Sale 9558
9718
French Nat Mail SS Lines 7s 1949
Gas & El of Berg Co cons g 581949 J D 10214 103 0134 Dee'26
um A 0 107 Sale 10814 107
Gen Asphalt cony 651
91 Jan'27
Gen Electric deb g 34s_1942 F A
10434
Gen Elec(Germany)7s Jan 15245
3 10412 Sale 104
f deb 64s with war
19403 0 11714 Sale 11512 11712
Without warr'ts attach'd '40 3 D 10034 Sale 10012 10113
Gaol Petrol lets f 56
1940 F A 10138 Sale 10133 102
103
Gen Refr 1st s f g 88 ser A
1952 F A 102 10212 103
Good Hope Steel & I sec 78_ _1945 A 0 10218 Sale 10153 10214
10612 Sale 10613 10634
Goodrich (B F) Co 1st 648_1947 J
12134
Goodyear Tire & Rub let 88_1941 MN 12112 Sale 121
10-years f deb g 8e May 1931 F A 11038 Sale 11033 11012
10018
Gotham Silk Hosiery deb 68.1936 J D 100 Sale 100
8414
Gould Coupler 1st at 14..._1949 F A 84 8414 84
Granby Cons M S& P eon Os A'28 M N 100 102 100 Oct'26
Stamped
1928 M N 100 102 10034 Dee'213
Cony deb 78
1930 M N 13212 Sale 13212 136
9914
at Cons El Power(Japan)78_1944 F A 9912 Sale 9812
Great Falls Power lets f 5&..1940 MN 10334 ---- 10334 10354
8718
Hackensack Water lat 48_1952 3 J 87 8814 87
90 Oct'26
Hartford St Ry 1st 45
193050 S 9314 96
Havana Elec consol g 58_ _ _1952 F A 90 Sale 9553
Deb 534. series of 1951
1951 M S 90 Sale
Hershey Choc 1st & eon 5451940 J 1 10178 Sale 10178 10218
10012
Hoe(R)& Co 1st6 Hs ser A.1934 A 0 100 Sale 99
9578
Holland-Amer Line 65(fle4)-1947 M N 9578 Sale 93%
10234
1023
103
4
10312
_1940
M
N
Hudson Co Gm 1st g 58_ _
Humble Oil & Refining 590_1932 J J 10212 Sale 1024 10258
Illinois Bell Telephone 5s.__1958 J D
Illinois Steel deb 44a
1940 A0
'seder SteelCorp 5 1 7s
1946 A0
Ind Nat Gas & 011 5a
1936 MN
Indiana Steel lit Ss
1952 MN
Ingersoll-Rand 1st Si Dec 311935 33
Inland Steel deb 542
1945 MN
Inspiration Con Copper 6348..931 M
Interboro Metrop coil 4Hs_ _1856 *0
Guaranty Tr Co ctfs deP
CU dep etpd asstd 16 R2 gob__
Interboro Rap Tran 1st 58.-3088 ii
.1 3
Stamped
1932 AO
10-year 88
10-year cony 7% notes_ _ _1932 MS
lot Agric Corp 1st 20-yr 58...1932 MN
MN
Stamped extended to 1942_
Inter Mercan Marine if 6a1941 AO
1947 J J
International Paper 58
1955 MB
Ref 2 f (Ss ser A
lot Telep & Teleg cony 544s 945 MS
Italian Public Utility eat 78_1952 J
price)A947 J .1
lumens Works 65
Kansas City Pow Lt 58-1952 M
Kansas Gas & Electric 6.1952M S
Kayser (Julius) & Co 1st.f 78'42 F A
....1946 M
Keith (B F) Corp let
Kelly-Springf Tire8% noted-1931 M N
1st
Co
Keyston Teiep
Kings County El & P g 58-1937 A 0
1997 A 0
Purchase money Si
83
10
38
iia
142
1
6
7
5
3
8
394
22
8
99
2
210
_
7
22
37
68
146
2
52
54
22
37
81
9
33
175
1
5
11
61
42
42
81
11
69
103 10838
9978
93
103 1085g
8578 9814
9612 10018
95 10112
10113 10512
9612 1004
994 10034
9213 98
9513 96
100 10438
9812
89
84 98
_
11312 11634
7514 9114
88
9934
101 10718
9514
79
10038 10284
102 110
87
92
98 10414
9914 119
984 100
9834 1011:
10014 10314
92
9934
104 107
11912 122
10934 11238
_1741_2
vr
100 101
100 101
100 148
905 98
100 10478
844 8818
90 90
9412 1004
BONDS
N.Y.STOCK EXCHANGE
Week ended Jan. 21.
Price
Friday.
Jan. 21.
Kings County Elea 1st g 48_ _1949 F A
Stamped guar 45
1949 F A
Kings County Lighting 58___1954 J J
First & ref (3)40
1954J .1
Kinney(GR)& Co 74% notes'383 D
Kresge Found'n coil tr 8&._1936 D
Lackawanna Steel lst be A..1950 M
Lac Gas L of St L ref&ext 58.1934 A 0
Coll & ref 534s series C...1953 F A
Lehigh C & Nav f 4 As A 1954J J
Lehigh Valley Coal 1st g 5&.1933.2 J
lat 40-yr gu Int red to 4%-1933 J J
1st & ref s f 58
1934 F A
1st & ref s f 58
1944 F A
1st & ref 5s
1954 F A
1st & ref 58
1964 F A
1st & ref s f 55
1974 F A
Lex Ave 48 P F 1st gu g 58_1993 MS
Liggett & Myers Tobacco 78-1944 A 0
A 0
Registered
1961 F A
55
Registered
Liquid Carbonic Corp 6s1941 F A
Loew's Inc deb 6s with warr_1941 A 0
Lorillard (P) Co 78
1944 A 0
A0
EA Registered
1951 F A
Reglatered
Louisville Gas & Eleo (Ky)55 52 M N
Louisville Ry let cons 58_ __1930 J
Lower Austrian Hydro Klee Pow1st 5 1648
1944 F A
Manati Sugar 1st at 7%5_ _ _1942 A 0
Manhat Ry(NY)cons g 4(1_1990 A 0
2d 4s
2013.2 D
Manila Klee Ry & Lt St 59_ _1953 M
Market St Ry 7s ser A Apri11940 Q J
Metr Ed 1st & ref g (is ser B_1952 F A
1St & ref 5s aeries C
1953 J J
Metropolitan Power 1st 88 A1953 .1 D
Metr West Side El(Chic) 48_1938 F A
Mid-Cent Petrol 1st 6538--1940 M S
Midvale Steel &0eonv a f 581936 M S
Milw Elm Ry&Lt ref&ext 4%8'31 .1 J
1951 J D
General & ref 511 A
1st & ref 56 B
MN
D
1967
1j
Milwaukee Gas Light 1st 4392
Montana Power let 55 A....1943 J .1
Montreal Tram 1st & ref 58_ .1941 J
Gen & ref s f 53 series A 1955 A 0
Morris & Co ist e f 448
1939 J 1
Mortgage-Bond Co 40 tier 2_1966 A 0
1932.5 J
10-25-year 5s series 3
Murray Body 1st 634s
MD
N
Mutual Fuel Gm 1st gog 52.199 4
34
7j
Mut Un Tel gtd b ext 4% 1941 MN
NaasauEiecguargold4s... 1951J J
National Acme ist s f 748_1931 3 D
Nat Dairy Prod 6% notes__ _1940 M
Nat Enam & Starapg 1st 58_1929 D
Nat Starch 20-year deb 58_1930
National Tube 1st af 5s._ 1952 M N
Registered
MN
Newark Consol Gas cons 53_1948 J D
New England Tel & Tel iSs A 1952 .1 D
let g 445 series B
MN
New Onl Pub Serv let 59 A 1961
52 AO
First dr ref be series B...1955 J D
N Y Air Brake 1st cony 8s 1928 81 N
N Y Dock 50-year ist g 4s 1951 F A
NY Edison ist & ref 03.044_1941 A 0
First lien & ref 58 B
N Y Gm El Lt & Pow g 58_ A19
944
48 J2/
A 0
Purchase money gold 49_1949 F A
NYLE&WC&RR 5%5_1942 MN
NYLE&W Deck & Imp 581943 J
N Y & Q El L & P 1st g 56... _1930 F A
NY Rys 1st RE & ref 48_1942 J
Certificates of deposit
30-year adj hie 68... Jan 1942 A 0
Certificates of deposit ______
N Y Rys Corp Inc (is_ _ _Jan 1965 Apr
Prior lien 68 series A
19653 J
N Y & Richm Gas 1st 68
1951 M N
NY State Rya let eons 4;48.1962 MN
1st cons 6 As series B
1962 MN
N Y Steam let 25-yr 6sser A.1947 MN
N Y Telep lat & gen s f 4;is-1939 MN
30-year deben s f68___Feb 1949 F A
20-year refunding gold 618_1941 A 0
Niagara Falls Power 151 58_1932 J J
Ref & gen Os
Jan 1932 A 0
Niag Lock & 0 pr lat 5s A_ _1955 A 0
No Amer Cement deb 648 A.1940 M
North American Edison 6t...1952 M
Secured stg 6;41i ser 13-1948 M
Nor Ohio Trac & Light Os...1947W
Nor'n States Pow 25-yr 58 A-1941 A 0
A0
Registered
let & ref 25-yr 68 series 5.1941 A 0
North W T lst fd g 0180d-1934 J J
•
1-1/2-33
9118 9914
79
9378
10038 1034 Ohio Public Service 73.48 A.-1946 A 0
j
r A
j
10112 103
1st & ref 75 series
B4
Ohio River Edison 1st
65_1199487
Old Ben Coal let 65
94
943
4F A
10312 Sale 0314 10334 12 100% 104
9778 9814 9778
9818 18
9434 98
Ontario Power N F let 58_11
10212 Sale 0154 10212 46
9878 10012 Ontario Transmission 68..._1945 M N
98
9812 98 Jan'27914 9811 Otis Steel 1st M Os ser A __ 1041 M
10378 10412 04
10438 28 10114 10514 Pacific Gas& El gen & ref 58_1942 J J
10014 -- 9934 Dee'25
_ Pao Pow & Lt lst&ref 20-yr 58'30 F A
10212 Sale 0218 10258 28
1987 .1 J
9838 fli Pacific Tel & Tel 1st 55
7 10018 10212
10112 Sale 0112 10112
1952 M N
Ref mtge 58 series A
11 Apr'25
Pan-Amer P & T cony f 68_1934 M N
13 Mar'26
13
1st lien cony 10-yr 75
1930 F A
18
1012 May'25
1st 545-1951 .1 J
-79 Sale 7714 7914 389 6211 161; Paramount-Bway
Park-Lox et leasehold 6jig -1953 3 .1
7918 Sale 77
7913 1429
8014 Pat & Female & El cone 58.1949 al 8
52
8214 Sale 8014
8212 231
84 Penn-Dixie Cement 6s A-1941 M S
64
148
9818 Sale 9734
99
8534 100
Peop Gas & C lst cons g 68_1943 A 0
90 9112 7912 Dee'26 _
8814 9812
Refunding gold 58
2
8112 83 8234
83
MA
S
91% Philadelphia Co coil tr Bs A.1
4F
79
1947
98 Sale 9753
9818 414
8438 98
15-year cony deb 5348.......1938 M
29
9912 Sale 9714
98
913s 98 Pbila & Reading C I ref 59-1979 J 3
10118 Sale 10012 101i2 81
9612 10012 Pierce-Arrow Mot Car deb 8181943 M
110 Sale 10938 11038 314 107 11614 Pierce Oil deb a f 88_ _Dec 15 1931 J D
9334 Bale 9314
9413 652
- Pillsbury Fl Mills 20-yr 68..1943 A 0
Pleasant Val Coal lat g s f 58_1928 J .11
63 100 116 Pocah Con Collieries let s f 0819673 .1
10714 Sale 10714 108
10378 Sale 10358 10414 116 10014 104 Port Arthur Can & Dk fle A.1953 F A
10473 Sale 10412 10514 13 101113 10511
lit M Os series B
1 105 10712 Portland Elea Pow let 68 B.1
10714 Sale 10714 10714
F N
A
3M
90
47
11)
8
99 Sale 9834
9912
9612 9938 Portland gen Elm let 5e.--1935 3
10514 Sale 10412 10512 54 10214 108 Portland Ry let & ref 15/2._. _1930 M N
9314 Sale 9312
9311 14
9438 Portland Ry L & P ist ref 58.1942 F A
90
10312 105 10312 Jan'27
1947 MN
102 104
let lien & ref 6s series B
11 1194 129
12412 125 12434. 125
N
lst & refund 730 Deride A-1944
Fetes
Range or
Last Sale
Range
Year
1926.
Bid
Ask Low
High No.
8234 84 86 Jan'27
83 Sale 83
8311
10412
10134 1018a 10
11212 ____ 11314 Jan'27
10213 13
102 Sale 102
10258 103 10253 10312 30
10014 Sale 10018 10012 21
5
10114 Sale 10114 10138
27
10458 Rale 10418 105
9834 10014 9914 Nov'26
10133 102 10113 10112 12
963g ____ 97 Jan 27
__. 101
Jan'27
5
10014
100997 100 100
1
___ 9934
9934
9934
993410012 9938 Jan'27
9938 ---- 9914 Dee'26
4012 Feb'26
32
122 Sale 122
122
11718 __ 12012 May'26
10334 __ 103
10334 21
9914 ___. 9918 Sept'26
10812 Sale 10514 10812 "aio
10312 Sale 10212 10312 194
6
11012 12078 118% 11834
114_ 11812June'26
17
9938 kW 99 • 100
9712_ 9614 Oct'26
10018 S
;
- 1e
- loo
no% 33
6
9514 9614 95
9512
High
_a Low7712
7714 83
89
9434 Sale
9338
105 Sale 10458
7078 Sale 69
6212 Sale 61
9512 96
9412
97 Sale 9638
10818 Sale 10734
10012 Sale 10012
10538 106 10518
SO Sale 78
10478 Sale 1047
984 Sale 9818
9814 Sale 0814
9972 Sale 9934
9834 Sale 98
9934 9978 9934
10134 Sale 10138
9958 9878 9918
10214 Sale 9918
8912 Sale 88
81
81
97 Sale 9634
9754 Sale 9612
10112 103 10113
10134
0134
9478
43
-17/77s 1-0189% 96
824 90
9314 10512
10514 35
5914 6912
7184 86
53 63
6212 11
8912 98
Jan'27
97
38
9534 9912
10814 10 104 1084
9634 101%
10034 10
10538
6 10212 10614
80
2
714 76
38 10114 10512
105
9858 142
92% 98
96% 99
9814
1
5
100
9818 10118
9018 98,
9914 47
8
994 10
99
99%
99% 105
10212 79
9612 99
Jan'27
9212 9414
100
60
8912 217
84
88
Dec'26 -81
80
98
9
9614 98
98
27
8318 9714
Doe'26 -96% 108
10134
1 100 1024
6134 Sale 6134
6238 83
1004 10113 lO1l2 1011?
2
10138 sale 101
102
43
101 10212 102 Jan'27 - 9934 101
9914 Oct'26 -10334 10414 10414 10414
1024 Sept'26 -1524 1(14.14 10258 Jan'27
_
10338 Sale 10314 10338
9
9612 Sale 96
9658 180
9578 Sale 9578
9612 120
954 Sale 9534
9614 53
10112 10212 10234 Jan'27 -8512 14
8512 Sale 8458
11534 Sale 11558 116
78
10312 Sale 10314 10313 21
10658 Sale 10658 10858
5
9312 9234 9212
9212
3
101 July'26 ---__ 10112 Jan'27
_
10114 103 10112 Jan'27 6712 Dee'26
6034 Oct'26
Dec'26
Dec'28 -55T4 Bale 2912
3034 28
8478 Sale 8483
8518 579
102 10212 102
10212
6
5518 Sale 5438
55% 49
10
7134 Sale 7134
73
10618 Sale 106% lOO7s
3
9933 Sale 9833
9933 159
11012 Sale 11014 11038 30
1085 Sale 10811 10834 82
10114 Sale 10114 10114
5
105 Sale 105
12
105
10034 Sale 10058 10078 64
9338 Sale 9338
9514 48
1057g Sale 10412 1064 122
10534 10612 10578 10633 47
9612 Sale 9512
9612 60
05
034 105
2
10078 Sale
.10
1114 37
9914 Sept'26
ioi" 166
9712 9812 9818 Jan'27
11512 1151, 115
11412 Sale 114
19
0614 6
Sa
ale 19
06
9112 Sale 9112
101% 102 1014
10034 Sale 10034
98% 103
106 112
1014 107
100 102%
9614 10012
100 10314
10212 105
99 100
10012 101%
9413 9614
101 10112
99% 101
99 101
99% 10012
9914 9934
3972 404
118 1264
12012 122
99% 10354
9913 100
98 107
98% 102
11512 12118
11812 11812
98% 10212
11533
11412
19
06124
9134
1014
10034
12
7
6
3
1
22
17
0
39
4
20
9
332
12
68
27
10038 Sale 10018 10012
10018 10038 10033 16114
10212 Sale 10218 10258
10258 Sale 1023a 10234
1054 Sale 104/
1
4 10512
10514 Sale 105
10514
10012
10014 Sale 992
92 Sale 9112
921:
10238 10314 10214 Dec'28
342
10
10
3718
2 Sa
.
.
h.
8 1100
4
Dec
10
'
126 .11.
1
10214 gale 102
10238 20
10338 Bale 10352 104
21
101 Sale 10034 101
19
10118 Sale 10012 10118 20
106 Sale 1063
1064 33
10014 10211 10358 Jan'27
10238 ____ 1021: 10314
3
_. 9912 Sept'26
9938
9112 -9212
9212 Jan'27
_
105 1053s 1054 10512
6
1045s 10434 104% Jan'27
10111 Bale 10078 10112 12
10034 102 10073 10078
1
9514 9538 96
96
2
93 Sale 9278
93
5
101 Sale 10058 10114
7
10658 107 10612 10634
3
584 64%
98 102
954 1004
10012 108
9914 10312
101% 10413
10214 10214
1004 10354
10078 10334
92% 9534
90% 9612
9014 9612
10088 103
8113 8513
115 118
102 104%
104 1064
8912 92% •
101 101
10113 10284
10014 10333
52 674
46
62
4% 1014
34 1014
22 87
81% 884
1004 10338
49
50%
60
82
1014 1054
97 9984
109% 1114
10712 1094
100 108
104% 1064
99 101%
94 100
10114 10614
10372 106
92% 99
9753 101
99 994
10412 10612
964 984
112 11618
110% 119
1014 1064
88
974
99% 1024
99% 101
9312 95
974 10012
9918 10112
10034 102%
9878 10212
104 11238
103% 10772
9212 994
8512 96
100 102%
9812 99%
10118 11412
9812 1034
1023. 101154
9853 10111
9912 102%
103 109
99 10778
1014 10424
984 100
901, gg
102 105%
10112 1044
99 104
99% 1024
92% 96
88389438
99 1031.
10554 10853
New York Bond Record-Concluded-Page 6
BONDS
W. Y.STOCK EXCHANGE
Week ended Jan. 21.
Z6
Price
Friday,
Jan. 21.
Week's
Range 01
Ulf Sale
Bid
Ask Low
4 9534
/
961
Pressed Steel Car cony g bs_ -1933 is 96
Prod & Ref 5!85(with war'te)'31 J D 11034 Sale 11034
Without warrants attached__ J D 11034 111 11112
Pub Sem Corp of NJ sec 68_1944 P A 113478 Sale 10412
461959 AO 10538 Sale 10512
1
Pub Sem Elea & Gas let5/
1964 AO 10514 10534 10514
411
/
1st & ref 51
Pub Serv El Pow 5 fist 65...A948 AO 10715 10714 107
Punta Alegre Sugar deb 75_ _1937 J J 111 Sale 11012
160 Sale 157
Rand Harden 535s (with warr)'31 J
N 9512 Sale 9512
1937
Remington Arms 65
100
Repub I & S 10-30-yr 55511194() AO 10012
4s series A_ _ _1953 is 9972 Sale 9918
1
Ref & gen 5/
Ethelnelbe Union 78 with war 1948 is 124 Sale 12154
48_1946 is 103 Sale 10112
/
Without atk purch war1
10234 10314 102%
Rigne-Main-Danube 7s A. 1950 M
Rhine-Westphalia Elea Pow 75'50 MN 10414 Sale 10334
...1955 FA 97
4 97
/
9711
Rima Steel lst s f 7s
Bobbies & Myers 181 f 7s-1952 S D 63 Sale 63
Rochester Gas & El 75 ser 13.1946 MS 11114 11134 11112
Gen mtge 634B series C.-1948 M S 10534 10614 106
N 9012 9212 9012
Hoch dr Pine C&Ipm 58..1946
50
Rogers-Brown Iron genecref 7s'42 MN
N
50
Stamped
High Na.
9614 26
3
1104
Jan'27
10514 44
8
10535
12
1051
12
1071
4 18
1
111/
80
163
31
96
7
1003
9978 45
1251 207
1027 269
66
1031
120
105
26
977
1
63
4
1111
4
1061
Sept'26
Dec'26
Jan'27
96
9532 97
9734 -- 9734
77/
4 7834 76
1
9535 9534 9512
4 Sale 106/
1
107/
4
1
10212 Sale 10212
10112 Sale 10011
10014 Sale 10014
4 Sale 1084
1
108/
4
/
10734 108 1071
4 Sale 9534
/
961
10012 Sale 10012
104 Sale 10312
101 Bale 9978
101 Sale 101
9734 Sale 96314
10034 Sale 10034
943s Sale 9378
102 Sale 102
South Porto Rico Sugar 7s_ _1941 S D
South Bell Tel & Tel let s f 631941 53
Southern Colo Power 6s A_ _1945 35
Sweet Bell'relict & ref Se..1964 FA
Spring Val Water 181 g 511_1943 ▪ N
Standard Milling 181 68
1930 MN
let & ref 5(48
1945 ▪ S
Stand 011 of NJ deb 5e.Dec 1548 FA
Stevens Hotel 181 88 ser A. 1945 5
Sugar Estates (Oriente) 711_1942 MS
Superior 011 lets f Is
1929 FA
Syracuse Lighting 1st g be__ _1951 S D
Tenn Coal Iron & RR gen 511_1951 J J
Tenn Copp & Chem deb 6s 1941 AO
Tennessee Elea Powlet Bs 1947 S D
Third Ave let ref 45
1960 ii
Ad)ins Se tax-ex N Y Jan 1900 AO
Third Ave fly let g be
1937 S i
Toho Elea Pow let 75
1955 MS
6% gold notes -- _ _July 15 1929 J J
Tokyo Elea Light 6% notee_1928 FA
1941 MS
Toledo Edison let 7e
Toledo Tr L & P534% notes 1930 S i
Trenton O& El lst g 58_ __ _1949 MS
Trumbull Steel lets! Os_1940 MN
Twenty-third St fly ref E.8---1982 iJ
Tyrol Hydro-Elms Pow 735s-1955
108 Sale 10734 1081
4
1
10234 Sale 10234 103/
13115 Sale 101
102
4 Sale 10314 10335
1
103/
9912 10015 10038 Nov'26
100/
4
1
100/
4 Dec'26
1
_ _ 103/
4 104
1
10314
10212 Sale 10178 10212
100 10014 9934 100
9972 Sale 9914 100
_
100
101
101
10278 _ _ _ 10234 10234
10534 Sale 104
10534
10014 Bale 10014 1011
4
/
4 10534
1
10534 Sale 105/
4 Sale 6538
1
65/
6575
6212 Sale 6212
6315
4
1
97/
977 9712
97
9912 Sale MN
9958
9814 Sale 98
9875
9878 Sale 9812
984
108 Sale 108
10812
9912 Sale 9834
9912
10218 103 10218 Dec'26
99 Sale 9838
99
Jan'27
68 67
67
101
10018 Sale 10018
1945 MS
1711gawa El Pow s f 7s
45_1933 55
/
Undergr'd of London 41
Income (le
1948
Union Elea Lt & Pr(Mo)5e 1932 MS
Ref & ext be
1933 ▪ N
(7n E L&P(III)late Wieser A1954 ii
Union Elev fly (Chic) Be____1945 AO
1931 ii
Union Oil let lien sI 58
30-yr thi series A
May 1942 P A
let lien s f be series C Feb _1935 AO
United Drug 20-yr 65_0ct 16 1944 AO
United Fuel Gas let s f 6$._ _ _1936 is
United Rye St L 1st g 4s_ ___1934 is
1937 MN
United SS Co 15-yr 65
United Stores Realty 20-yr 68 '42 AO
B Rubber let & ref be ear A 1947 is
is
Registered
10-yr 734% secured notes_1930 P A
US Steel Corp Icoupon Apr 1963 MN
II 10-60-yr 5s resist_ _ Apr 1983 MN
Utah Lt& Tree let & ref 5e__1944
1944 F A
Utah Power & Lt 1st 55
19505 J
UticaElecL&PlstSs
Utica Gas& Elm ref & ext Si 1957 J J
Vertientes Sugar let ref 7s_ _1942 J D
1953 J J
Victor Fuel lets! 5e
1947 J D
Va-Caro Chem 1st 78
Eltpd as to payt 40% of trio
1947
let 75
Ctf of deposit mad ______
Ctf of deposit stpd
Vs Iron Coal & Coke let grss 1949 111 8
1934 J J
Va Ry Pow 1st & ref 5s
4s(with war)'35 A 0
1
Walworth deb 6/
let sink fund tis aeries A...1045 A 0
Warner Sugar ROM let 7e 1941 J D
Warner Sugar Corp let 7c._1939 J J
Wash Water Power. f 5e__ _1939 S J
Weetcbea Ltg g be stmpd gtd 1950 J D
1944 MN
West Ky Coal 15175
West Penn Power eer A Se-1946 M S
1968 al 8
let be series E
1953A 0
1st 51
48 series F
/
19565 D
let sec be series G
19509
West Va C &C Rites
o
--
1944 A 0
Western Electric deb be
Western Union coil tr cur 58_1938 J
41-1950 M N
/
Fund & real eat g 41
193a F A
15-year 6its g
Wes'house E & M 20-yr g bs_1946 34
Westphalia Un El Pow 6 s _ 1950 J D
Wheeling Steel Corp let 534s 1948 J 5
White Sew Mach 63(with war)'365 J
WIckwire Span Bt'l let 7819355 J
Wickwire Bp St'l Co 71 Jan 1935 MN
4e_ .1933 M S
1
Willy.-Overiand If 6/
Wilson & Co 1st 25-yr s f64_1941 A 0
*0
Registered
1941 A 0
Winabeater Arms 74s
Toung'n Sheet & T 20-yr 65_1943 J J
Range
Year
1926,
ft
St Jos fly Lt dr Pr 1st bs__1937 MN
46_1930 ii
/
St Joeeph Stk Yds let 41
St L Rock Mt & P 5astmpd_1955 J J
Bt Paul City Cable cons 5s__1937 is
Ban Antonio Pub Sem,let 69_1952 j
Saxon Pub Wks(Germany) 75'45 FA
1946 S i
Schuler> Co guar 6%5
1946 AO
Guarst634siseueil
Sharon Steel Hoop let 88 ser A '41 M
45'42 AO
/
Sheffield Farms let St ref 61
Sierra & San Fran Power 58_1949 FA
Silesian-Am Exp col tr 7s_ 1941 P A
1929 MN
Simms Petrol 6% not as_
Sinclair Cone 01115-year 7a_1937 ▪ B
let l'n col tr 68 C with war_1925 J D
1938 .1 D
let lien 6348 series 13
Sinclair Crude 011 3-yr (is A_1928 F A
Sinclair Pipe Lines f be
1942 A 0
Smith (A 0)Corp let 634$.1933 MN
493
THE CHRONICLE
JAN. 221927.]
9638
973
76
951
10738
104
1011
101
1081
1073
961
1011
1041
101
1017
981
101
943
10238
High
Low
9818
94
11014 11234
10934 11214
100 10434
103% 10614
103% 10512
106 109
104 11134
8014 9618
9714 10138
9212 9932
6512 11934
9934
93
4 10314
1
98/
95 10234
94
88
77
54
111 114
10438 106
9014 9012
7334
50
4912 6512
3
1
10
2
4
67
32
39
3
7
30
89
194
294
273
883
44
204
9114 97%
9538 9718
8172
75
4 98
1
95/
4 1064
/
1011
9234 110
4
1
9834 100/
9812 100
10738 109
1064 10812
4 9812
1
91/
99
95
101 10172
4
1
9334 99/
4 11334
1
99/
4
1
94/
87
4
1
4 101/
1
100/
9414
87
100 1024
10
10
21
42
10534 10934
4 10312
/
1011
9712 103
10038 1037s
9914 10038
9832 10112
9778 10218
10134 102
9914 10112
4 100
1
89/
95 10012
100 10234
4 10434
/
1021
100 1004
4 106
1
102/
5512 664
41/
4 657s
1
92/
4 9812
1
9012 9873
981s 99
97
9912
10714 10934
98 101
4 10234
1
100/
9412 99
76
61
9414 9915
6
302
19
26
14
1
33
39
19
71
92
63
44
24
29
26
_
67
28
9914 Sale
38
9914
96 100
100
96 Apr'26
96
94
9738
95 Aug'28
96
90
102 Sale 102
102
3 10012 10212
10114 10134 10114
4 10 10018 10238
/
1011
4 10214
1
7 10012 103
10214 Sale 102/
8214 84'± 8412 Jan'27
7712 8512
101 2__ 102
Jan'27
10018 102
10814 8
1087 10878 10878
10038 10834
9912 9934 9938
9978 49
951s 9934
107 Sale 107
10712 74 10312 10712
4 10314
1
10212 10312 102/
8 10112 10412
77 Sale 77
10
77
4 79
1
74/
9212 93
9938
3
9938
87% 95
10434 Sale 10434 105
18 103 106
9612 Sale 061g
96,3 269
9134 9512
9278 Sept'26
_
9275 924
1068 Sale 10618
10638 51 103/
4 1081
1
4
/
10712 Sale 10714
10712 184 103 108
10634 Dec'26 10434 10634
9434 Sale 9438
64
95
4
1
4 94/
1
86/
99 Sale 987g
9914 85
4
1
99/
95
10238 ____ 10238 Oet'26 4 10234
1
100/
10238 Sale 10238 10334
7 10018 10234
9912 Sale 99/
4
1
9934 21
901S 100
6714 5614 Jan'27
55
534 6412
10714
10714
1 105 110
- 108
108/
4 Dec'26
1
10812 Sept'26
4 Sept'26
1
108/
4 Jan'27 52
1
9411 --- 94/
991
4 Sale 99
1
99/
9
93 Sale 93
931
34
9312 Sale 95
9512 424
4 Sale 93
/
1021
10212 712
9212 Sale 77
9212 253
10234 10312 10234 10234
2
10312 ____ 103
Jan'27
102_
102
2
102
101 10112 10034 10112 10
10012 _
10012 101
2
7
10514 - --- 10514
10514
101 Sale 10034
10112 99
79 Sale 79
7918 10
10484 11112
10412 110
1067e lows
9114 98
97/
4 1011
1
4
/
95
89
4 97
/
911
79 100
8,372
56
10112 10332
10112 103/
4
1
100 10214
997e 103
4
1
9934 103/
04 106
1994 101
91
65
4 Bale 10218
1
102/
52
103
19
1034 -- 10212 103
9934 Bale 99
9934 19
11112 Bale 11112 112
25
10214 Sale 102
10212 109
9878 124
4 Sale 9814
1
98/
9811 168
98 Sale 9718
9832 Bale 98
9834 52
8
53
51
53
50
4312 68
41 Sale 40
24
1014 Sale 10134 102
10214 Sale 10134 10214 27
93 Feb'25
105
105
_
8
105
1044 Sale 10418 10412 169
4 10314
1
100/
10074 10312
9614 100
1103e 11712
99 10132
Ms 974
92
98
941: 101
46
7011
897s 6812
1014 10314
4 101/
1
95/
4
1
Ilium, 105
10134
-Quotations of Sundry Securities
All bond prices ore "mut Interest" except where marked
Pera. Bards
Public Utilities
Standard 011 Stocks P r /144. AM.
American Gas at Electric_ _t •7014, 71
Anglo-Amer Oil vot stook-£1 *2034 21
.9712 9812
20
new
preferred
6%
8
*197
£1
Non-voting stock
M&N 10138 10214
Deb 6/3 2014
100 112 113
Atlantic Refining
100 11534 11634 Amer Light & Tree com_100 230 23112
Preferred
100 111 11434
Preferred
Borne ScrYmser Co new.--- •62 64
4672 Amer Pow & Light pref 100 9734 9814
Buckeye Pipe Line Co_-50 *46
101 10114
82
M&15
2016
85
Deb
*8012
25
Chesebrough Mfg
72
10 *224 2214 Amer Public UU1 co3n___100 65
Continental Oil v to
90
7% Prior preferred----100 88
50 *1512 17
Crescent Pipe Line Co
75
79
110
Panic
preferred-100
109
4%
CumberiandPipe Line-100
Eureka Pipe Line Co_ _100 481 4912 Associated Gas & Elea pref_t *5012 5112
1214 Blackstone Val G&E com_50 104 10612
Galena Signal alcom___100 12
54 Com'w'Ith Pow Corp new.-t *4478 45
100 48
Preferred old
100 9214 9234
Preferred
100 48 4934
Preferred new
58
62
50 57
Consol Gas 6% prof
4
*613
Humble Oil & Refining-25
100 128 129 Elea Bond & Share pref _100 10714 10734
Illinois Pipe Line
*4034 4078 Elec Bond & Share Secur--t 7014 7012
Imperial 011
63 Lehigh Power SecurItiee___t O1738 1712
Indiana Pipe Line Co_ _50 *z61
96
International Petroleum__ _t *3314 3338 Misdealing RN Pow pref.100 94
1378
First mtge 55 1951_ _ _J&J 101 102
•133
.12.50
Co
National Transit
SF g deb 7s 1935__M&N 102
New York Transit Co__ _100 *311 32
74 National Pow & Light peel-t 102 1E1;
Northern Pipe Line Co--100 73
25 *611 62 North States Pow com__100 11014 11178
Ohio 011
100 102 103
Preferred
25 •1814 20
Penn Mel Fuel CO
5514 Nor Texas Elea Co com 100 30
25 *55
Prairie Oil & Gas new.
68
Preferred
• 100 64
Prairie Pipe Line new...100 1343 135
100 195 197 Ohio Pub Serv. 7% prof-ioo 105 10614
Solar Refining
26 Pacific Gas& El let pref_100 100
*24
Southern Pipe Line Co
25 *25
let pref new
25 *391 40
South Penn 011
t *4
Southwest Pa Pipe IAnee.100 551 5612 Power Securities COM
*30
35
Second preferred
Standard 011 (California)___ •5914 5938
9312
Coll trust (Is 1949___J&D 92
Standard 011 (Indlana) 25 O7214 7233
*8512
21
1949F&A
June
8712
Incomes
O201
Standard 011 (Kansas)_ 25
30
32
Standard 011 (Kentucky)-25 121 12112 PUVt Bound Pow & Lt__100 8312
49
100
6% Preferred
25 *48
Standard 011(Neb)
100 104 107
7% preferred
Standard 011 of New Jer 25 *391 3938
1st & ref 5348 1949-J&D 1001e 10112
100 *116 11614
Preferred
*381 391s Republic Ry & Light---100 120 124
Part paid receipts
100 119
Preferred
Standard 011 0!New York.25 *331 3338
100 341 345 South Cal Edison 8% pf--25 •34
Standard 011(0111o)
100 120 122 Stand G Jr E 7% pr pf--100 10434 1051;
Preferred
1512
Tenn Elec Power 1st pro!7% 10212 103
100 15
Swan &Finch
100 963 9734' Toledo Edison 7% Dref 100 10512 10611
Union Tank Car Co
100 11512 11612
8% Preferred
25 *1021 1023*
Vacuum al new
Western Pow Corp pret_100 99 100
10
Washington 011
Chic it 5th Ld Bk Rends
531s Nov 1 1951 opt 1931_ 100 102
Other 011 S
112 15s Nov 1 1951 opt 1931._
*11
9912 10034
Atlantic L.oboa 011
50 *352 434 Si May 1 1952 opt 1932_ 9934 101
Preferred
9538 45Es Nov 1 1952 opt 1932-- 98 101
25 *95
Gulf Oil
10 *263 26% 430 Nov 1 1952 opt 1932... 9612 100
Mountain Producers
7 4sMay 1 1963 opt 1933__ 99 101
*4
Mexican Eagle Oil
100 194 200 Se Nov 1 1963 opt 1933_ 98 10012
National Fuel Gas
8 4)0 Nov 1 1964 opt 1934.. 9612 100
77
Salt Creek Consol Oil_ _10
Salt Creek Producers_ _10 *311 3138 430 Oct 1 1965 opt 1935.. 97 100
Railroad Equipments Pee, dans Pao Coast of Portland.Ore5.0 4.90
55 1955 opt 1935___M&N 10012 10314
Atlantic Coast Line 65
4.90 4.70
Se 1954 opt 1934___M&N 10012 10314
Equipment614s
5.0 4.90
Sugar Stocks
Baltimore & Ohio 65
4.85 4.62 Caracas Sugar
50 sill 3
Equipment 434s & 5$.___
5.00
5.2
Cent
Sugar cam_ _20 *99 100
Aguirre
68_
equip
Pitts
&
Koch
Buff
100 159 161
Canadian Pacific 4348 & 6s- 4.9 4.65 Fajardo Sugar
5.05 4.90 Federal Sugar Ref com_ _100
40
Central RR of NJ 6s
5.0 4.95
60
Preferred
100
Chesapeake & Ohio 613
4.90 4.75 Godschaux Sugar.Inc
t *212 412
Equipment6Hs
4.8 4.65
23
Preferred
100 18
Equipmentde
42
Chicago Burl & Quincy 63-.. 5.0 4.90 Holly Sugar Corp com----t *37
86
Preferred
100 83
Chicago & North West 6a. 5.1 4.95
4.9 4.75 National Sugar Refining _100 136 139
Equipment6345
4.8 4.70 New Niquero Sugar
78
100 70
Chic RI & Pao 43E5 & 5e
5.10 4.95 Santa Cecilia Bug Corp pf100
4
Equipment61
5.20 5.00 Savannah Sugar corn
145
Colorado & Southern 6a__
5.05 4.90
Preferred
100 118 121
Delaware & Hudson 68
5.00 4.75 Sugar Estates Oriente pf.
79
-100 76
Erie 434s & 53
5.25 5.05
Tobacco Stocks
Equipment 6s
5.10 4.95 American Cigar com
100 117 121
4
1
/
Great Northern(
Preferred
4.85 4.70
100 100
Equipment 53
4.85 4.70 British-Amer Tobac ord__ £1 *2312 2414
Hocking Valley be
4.95
5.10
Bearer
El *2312 241,
68
Equipment
4.75 4.60 Imperial Tob of CI B & Irel'd 52612 2812
Iiilnola Central 4340 & 6s
5.05 4.90 Int agar Machinery---HO 110 118
Equipment6s
4.85 4.70 Johnson Tin Foil at Met 100 65
Equipment 75& 6345
Kanawha & Michigan 6s__ _ 5.20 5.00 MacAndrewe & Forbes__100 40
Preferred
100 101 104
Southern
City
Kansas
8345. 5.10 4.85
100 32
37
5.05 4.90 Mengel Co
Louisville& Nashville
4.90 4.75 Porto Rican-Amer Tob_100 80
90
Equipment6 34s
45
4.95 4.75 Universal Leaf'rob corn -t *43
Michigan Central Is & 6s_
Preferred_
100 101 104
48 & bs 5.10 4.85
/
Minn St P&11313M 41
100 115 119
5.25 4.90 Young (S S) bo
Equipment 634s & 79.
100 105 108
Preferred
Missouri Pacific 65 & 634s. 5.20 4.90
4.90 4.70
Mobile& Ohio tis
New York Central 43Es & be 4.80 4.60 Rubb Stks (Cleoe'd cuotarn)
4
•
5.05 4.90 Falls Rubber corn
Equipment65
17
Preferred
25•
4.80 4.70
Equipment 78
_ 4.70 4.55 Firestone Tire& Rub oom.10 •117 125
Norfolk & Western 4Hs
100 102
8% preferred
5.00 4.75
Northern Pacific 75
100 99
7% Preferred
Pacific Fruit Express 75,..... 4.95 4.75
152
Pennsylvania RR eq be & 65 5.10 4.65 General Tire & Rub com--25
Preferred
100 10212
Pittsb & Lake Erie 635e-- 5.05 4.80
.5.10 4.95 Goody'r R & R of Can pf 100 r9712
Equipment68
4.70 4.55 India Tire & Rubber new__ t *2934 I1-1;
Reading Co 434s & bs
St Louis & San Francisco 511_ 4.85 4.70 Mason Tire & Rubber corn_ t *114 138
1712
Preferred
100 16
Seaboard Air Line 534s & 65 5.25 4.95
4.70 4.60 Miller Rubber preferred_100 101 102
Southern Pacific Co 4345_ _
4.93 4.70 Mohawk Rubber
25
100
Equipment78
4.85 4.70
65
Preferred
4s & be
/
Southern fly 41
5.10 4.95 Selberling Tire & Rubber--t •2138 23
Equipment Os
5.12 4.95
Preferred
100 96
Toledo & Ohio Central 6s
4.90 4.70
Water Bonds.
Union Pacific 73
Arkan Wat 1st bs'56 a A&O 9434 9514
Short Term Securities
Anaconda Cop Min 6s'29J&J 10178 10214 Birm WW let5HeA'54.A&O 10412 105
151 M Is 1954 ser BJ&D 9814 9834
Chic R I & Fa° 5e 1929-1&J 10018 10012
M&J 10018 10014 Butler Wat Co 8158'27.J&J 100
5% notes 1929
be Sept 2 1931____M&S 1 9612 08
412% notes 1928_ _ _J&D 9912 9934
Federal Sue Ref 68'33.M&N 83 86 CityW(Chatt)53Es'54A J&D 10414 10434
9734
let M 55 1954
J&D 97
Missouri Pacific 55'27-5155 10018 10038
Slose-Sheff B & I 6s'29..F&A 10134 10212 City of New Castle Water
95
be Dec 2 1941____.14:D 1 93
Wise Cent 5 Hs Apr 151927. 9978 10014
Clinton WW let 5e'39.17&A 89-Indus. & Miscellaneous
85 Com'w*th Wat let 51
45A '47 103 104 /
82
American Hardware
25 .
9312
Babcock & Wilcox
100 116 118 Connellsv W risOct2'39A&151 92
4 9412
1
23 E St L& Int Wat be'42.J&J 93/
*21
Blies(E W)Co new
J&J 101 102
let M 6s 1942
Preferred
50 *57
Borden Company com____t *103 106 Huntington let 6s'54.-M&S 104
1954 9512 9612
21
5s
Celluloid Company
100 18
75 Mid States WW 68'36 MAN
Preferred
100 70
96
95
be'56AJ&D
let
MonmConW
119
117
Company
Childs
pref .100
4 10012
1
Hercules Powder
100 175 180 Mown Val WI 534s '50 J&J 99/
Preferred
100 11612 11812 Muncie WW So Oct 2'39 A01 92
International Silver pref _100 105
St Joeeph Water Si 1941A&0 9412
90 So Pitts Wat let 581960 J&J 9612 97
Lehigh Valley Coal Salee_50 *97
4 98
1
FAA 97/
let M be 1955
132
127
Phelps Dodge Corp
100
Royal Baking Pow oom_100 163 168 Ter H WW 65 '49 AJ&D
4 -9-4-1-2
1
let M be 1958 ser B F&A 93/
Preferred
100 100 102
Singer Manufacturing__ _100 370 375 Wiehlta Wat let 6s'49.M&S 103 _ _ _
4 9412
1
93/
let M 55 1956 ser B._F&A
512
Singer Mfg Ltd
El
*Per share. t No par value. 0 Basis.
a New stook. F Flat price. k Last sale.
r Canadian quotation. s Sale price.
4 Purchaser also pays accrued dividend.
Nominal. a Ex-dividend. y Ex-righ
BOSTON STOCK EXCHANGE-Stock Record s..Ba
nNDS....
494
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 15.
Monday,
Jan. 17.
Tuesday,
Jan. 18.
Wednesday, Thursday,
Jan. 19.
Jan. 20.
Friday,
Jan. 21.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range for year 1926
1-11. CII:I and
Range for Previous
Year 1925
Lowest
Highest
Lowest
Highest
Railroads.
*17414 175 17434 175
174 17414 17414 17434 174 175
175 175
374 Batton de Albany
100 169 Jan 9 17512 Dec 1 150 Feb 1841 Jan
94
94
84 85
844 8412 8412 8434 8414 8512 8534 86
1,081 Barton Elevated
100 77 May 3 8512July 15
7514 Mar 85 Jan
*8334 85 *99_ 100 100 *100
__ 100 100 --------55 Preferred
100 89 Feb 27 103 Dec 2 92 Jan 1044 Dee
41111
___ 112 ifi 4.112
113 11-3 113 113 --------317 1st preferred
_
100 11212 Dec 28 122 Jan 7 109 Mar 130 Deo
•____ 1-0412 104 10412 104 1-115
--------400 20 preferred
101 105
104 104
100 984 Jan 9 112 Jan 2
94 Mar 116 Deo
---- ---- ----- 5214 5314 53 538 533 532 *5234 5312 1.574 Boston & Malne
100 35 Mar 30 5812July 28
10 Apr 4912 Dec
• - 18
____
____ *
____ ____ _____ _ Preferred
59
100
32 Apr 14 6112 Dee 16
1112 Apr 48 Dec
713174 1874 'iiii
. -___ ;78i2 ____ 'Wily ___- ;78i2 ------------5 Series A let prof
100
59
Apr
15 88 Dec 11
17 Apr 85 Dec
*122
•122
•122
•122 ____ *122 ---- ____ ____
Series B 1st prof
100 84 Apr 1 136 Dec 7
29 Apr 8712 Dec
*105 1-10 *105 ____ *105 ____ 4.105 ____ *105 ---- ---- ---- ____ -Serlea C 1st prof
100 74 Apr 1 110 Sept 29
25 Apr 7912 Dee
155 155 *155
_ •155
-*155
__ *155 ------------20 Series D let prof
100 105 Jan 2u 165 DDec7
3512 Apr 116 Dec
10512 10512 10514 111512 10514 1-0512 106 1116
0612 106 10612
106
683 Prior preferred
94 Apr 16 10713 Dec 15 98 Dec 99 Nov
4.195 199 4.190
196 196 4'196 199
198 196 --------26 Beaten & Providence
100 z17512Mar 19
Dec 22 167 Feb 180 May
29
29
29 -29 *29
31
29
29
29 --------153 East Mass Street Ry Co_100 28 Oct 6 20712
29
61 Jan 6
26 Sept 5212 Nov
•69
71
70
71
•70
71
71
71
71
--------80 1st preferred
*70
100
5912 Apr 29 71 Jan 2 60 July 73 Dec
•z63 67 •z63
67 *z63
63
67 •z83
66
63
15 Preferred B
100 58 May 6 69 Jan 13
Aug 70 Dec
51
47 47
4714 4712 4712 4712 4712 4734 48
48
4734 -4/3270 Adjustment
4
100 40 Apr 29 4912 Jan 29
85 Sept 50 Dec
*52
53
53
53
5234 52% ____
_ 53
5312 534 534
412 Maine Central
100 49 Sept 1 60 Feb 3
23 May 56 Dec
433 44
434 4414 42
444 435 -44% 4312 4414 44
454 4,797 N Y N H & Hartford
100 3175 Mar 80 413153July 17
28 Mar 4674 Dec
*9812 ____ *9812 ____ 9812 9812 *9812 ____ 98% 98% --------18 Northern New
Hampshire_100 81 Apr 8 9812 Dec 30
70 Feb 90 Dee
*126
4.126
__ *127
__ *127
__ •127
-- ____
__ ___ 1_ _ Norwich & Worcester pref-100 120 Apr 22 132 Dec 8 100 Jan 125 Oet
124 1-24
124 124
124 lib
125 115
-12414 12414
125 125
-228 Old Colony
100 111 Jan 8 125 Sept 1
96 Jan 118 Oct
4.107 ____ *107 ____ *108 ____ *108 -__ 109 109
__-___
5 Vermont & Maesachusette_100 9934 Mar 12 107 Dec 29 87 Feb 101 Dee
Miscellaneous.
•214 3
214 . 214 4.238 27
•238 27
•238 27 --------85 Amer Pneumatic Bervlce-25
2 Nov 24
5 Jan 7
5 Dee
213 Mar
*16
17
1638 1638 1612 1612 1612 1612 1634 1634 17
340 Preferred
8
50 18 Dec 23 2414June 3
1612 Mar 2412 Dec
15312 15334 15314 154
1527s 15334 15214 1535
, 15214 15338 15218 15234 1,921 Amer Telephone de Teleg_100 13912June 24 15034 Feb 15
145 Dec
Jan
1305,
4812 49
48
4834 4812 4834 50
5314 5212 5314 5214 53
4,995 Amoskeag Mfg
No par 4812July 13 71 Jan 2
611:May 87 Aug
7334 74
*7334 75
7334 7334 *7334 75
*7334 75
_ _ -- -- _ _
101 Preferred
No par 7212 Nov 4 78 Feb 23
7014 May 8634 Aug
*5512 5612 4.55
5612 •55
55
57
55
54 .55
__
_ _
280 Atlas Plywood tr °Us
5212 Apr 14 635 Jan 19
464
Aug 6712 Dec
- - - 50 Atlas Tack Corp
812
iis -par
No
814 Oct 11
1714
Jan
913 Aug 21 Dee
2
;le Ifif2 iie Iiii• ie Ifi ..i;13-i• lila
• "II --------200 Beacon 00 Co coca tr
__ 1418May 11 204 Jan 14
8412 8412 8412 8412 8412 85
8412 8412 8312 8312 83
8312
225 Bigelow-Hart!Carpet_No
etfe_par 74 Nov 1 9812 Jar 2
9712 Nov 1094 031
*10712
*10714 108 *10714 108 *1074 108 *10714 108
---- ---- ___ - - _ Boston Cons Gas pref 631%100 1054 Jan 25 10912June 21 103 Jan 10814 0
Aug
-4
312
*3
312
3
212 312 ____ __
*3
378 37
705 Cold 41t Corp., cl i•s A T C
677 6778 ____ _ __ •66
69
---_ ____ ___
4438
69
*66
69
Dominion Stores. Ltd_No par 57 May 8 71 Dec 28
2812 Jan 74 Oct
*112 2
*112 -2
*112 2
*112 2
134 134 -------200
112 Dec 28
10
34 Jan 21
14 Apr
6% Bent
6
6
4.5
6
*5
*5
6
6
*5
6
5
85 Eastern Manufacturing
5
312 Mar 8
5
738
Oct
634 Jan
26
3 July
*45
47
*45
47
4514 4814 4.4512 47
47
45
4812 4812
705 Eastern SS Lime, Inc
25 44 Nov 5 884 Jan 22
42 Mar 89% Dee
*35
37
3612 37
364 364 *3512 37
155 Preferred
*3512 37
36
36
No par 34 Nov 3 45 Jan 6
4614
35
001
Jan
*90
9112 9112 9112 *90
9112 •90 9112 *90
50 1st preferred
9112 ---- ---100 90/
1
4 Oct 6 994 Jan 9
89 Jan 100 July
*15
18 *15
16
__-_ 15
1434 143 *15
16
5 Economy Grocery Stores
---_
14 Nov 10 26 Feb 5
18 Aug 234 Sept
224 225 223 225 220 22212 222 224 222 223 221 HI
601 Edison Electric Ilium
100 2207 Jan 15 250 Feb 11 200 Jan 213 May
2812 281
29
2914 29
2914 *2834 29
2834 29
2814 2812
456 Federal Water Sexy corn
*2512 27 I •2512 27
2614 2614 2614 2814 2612 2612 ____ ____
100 Galveston-Houston Eleo-100 14 June 22 27 Oct 4
17 Oct 88 Jan
4.:12
1214 *z11% 1214 12
1214 •z12
12 8z12
10 General Pub &try Corp
1214
-11 Dec 22 17 Jan 22
_
3612 3612 3634 3634 44.36
3634 3634 3634 -----3634 4..z36
37
60 Gilchrist Co
37
No
com.
pm 344 Apr 20 405, Jan 12 -3234
-Aug -43 ja-17
9212 923
9134 924 92 9234 92 9212 9212 935, 93/
1
4 9334 2,159 Gillette Safety Rasor
No par 8812Mar 30 11312 Feb 6
5712 Jan 1154 Dee
*1012 13 j 11
11
*1114 12
*11
12
12
12
12
130 Greenfield Tap & Die
12
25 10 May 6 14 Sept 17
11
May
1512 June
*12
13 I 12
12
4,12
13
*12
13 •12
110 Hathaway Baking corn
13
124 1218
4612 47 I 4614 46% 4612 483
4012 467 *4612 47
345 Hood Rubber
46
464
No par 4514 Dec 1 6834 Feb 4
52 May 72 Oct
____ ____ ____ ____ ____ ---- ---- ---- ---- ---- -___
Internet Cement Corp_No par 52 May 17 6814 Feb 9
524 Jan
0438
*.25 __
•.25 __
•.25 _
____ ____ ____ ____
*.25 ._
International Products_No par .10 Jan 2 .30 Nov 26 .05 Dec 80
• _
2 Jan
.28• _
• _ liL • _
.ii _ _
___ ____ ___
Preferred
100 .30 May 19 .55 Jan 5 .10 Dee 104 Jan
i- ii
_ if4E
_ iia
_ ;55
_ ij
-9-i --------105 Kidder. Peab Accep A prof..100 :93 Apr 15 96 July 30
8212 Jan 9514 Nov
1014 1014 1018 -1-64 10 -1-(112 10 -1-614 1014 1014 1014 04
243 Libby, McNeill & Libby--10
64 Aug 13 1034 Dec 2
95, Jan
614 Apr
•131
7 I
7
7
7
10
*612 7
*612 7 --------419 Loew's Theatres
25
July
6
1218
8
Jan
18
1114 Aug 1372 Jan
89
8912 89 8912 89 8912 89 8912 8712 88
431 Massachusetts Gas Cos_100 80 Apr 20 944 Nov 17
8812 89
68 Feb 85 Dee
74
74 I 7334 74
7334 74
734 7312 7312 74
7312 74
470 Preferred
100 65 Jan 6 704 Feb 20
6312 Jan 70 Oct
*10912 10978 109% 110
10912 110
10914 11012 11012 112
425 Mergenthaler Linotype_No par 1104 June 2 1110 May 1 187 Jan 197 OM
1104 112
*94
96 I *94
96 •94
96 •94 _
__ _
____
Miss Ely Pow etpd pref-100 89 Apr 9 96 Jan 4
*9512 97
8712 Jan 9614 Nov
4238 234
234 234
25
2%
21 171
438 1,064 National Leather
314 4%
312 _-2 Aug 4
10
44 Jan 5
Me Dec
614 Jan
*2512 26 I *2514 26
*2514 26 *25
26
112 Nelson (Herman) Corp_._
2534 2534 2512 2512
5 1513 Jan 9 2912Ju1y 19
115 Dec 17 Dec
4..20 .30 •.20 .30 •.20 .30 •.20 .30 • •.20 .30 _-__ ____
New Eng 011 Ref Co tr ode.20 Jan 2 .95 Apr 29 .10 Dec
2 June
--__
4 •__ __
4 • __
165
4 •__
4 4._ _ __
3 July 15 1012 Jan
4
____
__ ____ -. Preferred tr Mfg
6
514 Apr 12 Sall
l's____ 9312*x____ 9312 91
91 •z92
22 New England Pub Serv 87 pref
9312
93
93 93
9312 -100 100 'y___.. 10012 100 10014 99 100
137 Prior preferred
-___ ___
99
99
95 Sept 20 101 Sept 1
•.80 ---- 'Si ____ 1..80 __ •.80 ____ •.80 ____ ______ ____ _ _ New Eng South Mills_No par .50
Dec 8
8 Feb 18
-27
; Dec
11 -Feb
it
_- *6
__
6
-6-14 *6
__ •6 -----------15 Preferred
100
2 Dec 21 28 Jan 29
20 Deo 55 Jan
118 1-18
118 119
117 118
1174 1-1814 118 118
12 New Eng Telep & Teleg---100 1107k Apr 1 11834 Feb 17
117% 8
99 Apr 12211 Nov
*90_ *90
__ •90
got
: *60 904 4190
904 ____ ____
No Amer Mil 1st Df full paid_ 89 Feb 15 96 Feb 25
90 Sept 100 May
•40 -42 •404 -42
4.40
42
*4014 41
*40
41
_ -_
let prof 50% paid
1434 Dec 13 27 Feb 25
20 May 28 Mal
4112 42
41
4112 41
411/ 4012 41% 4112 42
_-4242
550 Pacific Mills
- -4
100' 3512July 6 55 Jan 2
50
Dec 8112 Jan
4.4012 42
3912 3912•
--------50 Plant(Thos 0),let pref
41•
41 •
41
100 40 Mar 25 6814 Jan 12
32 Aug 75 Oct
*1512 _ - *1512 _ _ '15's _ - ;181-2 1612 4.1538 15% ____ ____
Reece Button Hole
10 15 Feb 8 1714 Aug 26
1514 Aug 18 AM
*112 -1-25 *112 I% 4.112 I% •112 1% *112 185 ___
Reece Folding Machine_ 10
_ _ ___
14 Dec 4
2 Nov 22
114 Nov
284 Jan
109
1094 1094 110
10912 18912 10812 10912 108 109
108 10i14
657 Swed-Amer Inv Part Pref-100 98 May 28 110 Aug 6
99/
1
4 Dec 101 Dec
11714 118
118 118
118 1187s 11812 119
358 Swift & Co
11814 119
11812 119
100 111 Apr 21 11814 Dec 9 10914 Apr 120 Feb
*6712 68
68 68
68 60
69 69
*68
6812 __
190 Torrington Co
_ __
25 54 Mar 31 72 Sept 10
4512 Apr 7312 Dec
812 812
85, 81
84 8%
812 812
834 878
965 Tower Manufacturing.
-9
9
1112 12
*11
1112 4.11
1112 12
12
1212 1212 1212 13
575 Union Twist Drill
5
Jan
7
5
1512
11
Feb
3 Oct
74 Jan
5134 52
518 52
518, 52
5134 52
514 52
5112 52
2,168 United Shoe Mach Corp
25 47 Mar 31 534 Aug 25
4034 July 60 Nov
4.28
2812 28
28
28
28
*28
2812 2812 2812 1,228 Preferred
28
28
25
28
Jan
30
2
June
2812
25
Jan
29
OM
*18712 89
88 88 *r88
88
89
88
88
380 U 8 & Foreign Bee 1st prof I pd 82 Nov 15 135 Feb 16
88
88
88
98 Mar 12412 Dec
*27934 80
7912 7912 80 80
8012 8012 80
80
7912
650 let prat 75% paid
79
60 May 30 90 Apr 3
244 Jan 73 Nov
23 23
23
*225, 23
2314 2234 2318 *225, 23
840 Waldorffilys.Ino, new eh No par 17 Jan 6 225, 0(419
2234 2234
1412 Aug 198* Jan
*41
4112 *41_ '41
41
4112 41
260 Waith Watch ol B com_No par 29 Jan 18 41 Dec 23
*40
42
4012 4012
6 Jan 84 Dee
*6114 63
6114 -6114 '6114 63 *6114 63
6114 6114 6114 6114
66 Preferred trust otte
100 484 Nov 24 61 Dec 24
1714
Jan 67 Dee
*1121,4 116
11214 11214 "11214 116
11214 116 *11214 116
21 Prior preferred
11214 11214
100 101 Sept 30 112 Dec 29
65 Jan 105 Dec
•1734 1812 18
18
1734 1734 1812 1934 1934 2038 1934 20
655 Walworth Company
20 1234May 28 23 Jan 27
16%
June 2714 July
66
6834 66
6634 6512 86
555 Warren Bros
6612 66
86
6534 66
66
50 44 Mar 25 69 Dec 20
37 Jan 504 July
45 45
44
4412 44
45 *44
*44
45
45 --------75 let preferred
375, Jan 434 July
50 39 Apr 15 46 Dec 21
45
45
45
4.45 _ _ •46 ---15 2d preferred
-50 42 Apr 16 47 Feb 10
4012 Jan 48 Dec
*1312 15
1414 1414 *144 15
1,130 WW & Baumer Candle own- 1034 Aug 18 1712 Jan 2
15
*16 ____ -----1-5
1414 16
11 Mar 21% Dee
Mining.
.0.05 .25 •.05 .25 •.05 .25 4..04 .25 4..05 .25 •.05 .20
Adventure Consolidated---25 .05 Mar 15 .40 July 19 .05 Dec .25 Jan
*a.70 .80 4%4.70 .80
.80 .80
.78 .78
305 Arcadian Consolidated___ _ 25 .25 Mar 27
.70 .70 •a.60 .70
114 Aug 4 .50 Dec
3 Jan
*934 10
z9
9
9
914
775 Arizona Commercial
914 94
914 9/
1
4
9
914May 25 12% Jan 2
94
5
912 Mar 1538 Feb
4042 4112 4112 41$4 4112 424 4214
4234 424 4328 434 44
7,957 Bingham Mines
10 29 June 2 5534 Jan 4
2814
July
604
Oct
4.1438 15
1434 1534 1514 16
16
16
154 164 1614 1612 3,881 Calumet & Recta
25 1314June 7 185s Aug 9
125,June 18% Jan
•.10 .20 4..10 .20 •.10 .20
.12 .12 •.10 .20 •.10 .20
50 Carson H111 Gold
1 .10 Dec 30 50 Jan 2 .20 May .90 Aug
1412 1412 1414 1414 14/
/
4 1414 1434 1414 1414 4.148 1434
1
4 141
199 Conner Range Co
25 13 May 20 20 Jan 4
18 Dec 83 Jan
•214 212 *214 212
2/
1
4 214
214 25, *214 233
231 212 1,380 East Butte Copper Mining- 10
4 Feb 3
214 Oct 13
3 June
614 Jan
•a.25 .40 '41.25 .45 4.a.25 .40 *a.25 .40 ./
1
44.25 .40 *2.25 .40
Franklin
Nov 3
20
.25
Jan
114
.04
Jan
15 Jan
25
•.60 .75 •.60 .75 •.130 .75 '
0.60 .75 4..60 .75 •.60 .75
Hancock Consolidated
114July 17 .50 June
Doc
.27
20
25
1% Feb
17 •1612 17
17
*1612 17 •1612 17
17
120 Hardy Coal Co
17
1634 1634
1 14 Mar 29 2114 Jan 4
154 July 23 Jan
•.80 1
4..80 1
•80 1
•.80 1
•.80 1
•.80 1
Helvetia
2 Jan 11
1 Dec
25 .76 Oct 11
34 Feb
223 223 223 223 221 232 233 234 2324 23434 23414 2387
769 Island Creek Coal
1 141 Mar 29 19912 Dec22 121 Mar 185 Dee
•10478 106 *104% 106 •10478 108 •10475 106 4'10514 106
17 Preferred
9414 May 1004 Dee
106 106
1 9911 Jan 4 106 July 28
*10
1012
10
1012 1012 1034 118
10
114 111/ 1112 1112
530 Isle Royale Copper
912Juee 7 14 Aug 9
25
9% Apr 2011 Jan
4'112 134 *112 134 *112 134 4.112 134 *112 134 *112 2
Keweenaw Copper
25 .50 Jan 2
272Sept 30 .50 June
14 June
•.90 14
•.90 lle •.90 114 4..90 114 4..90
1
1
112
50 Lake Copper Co
l's July 14
1 Apr
25 .60 Oct28
3 Jan
•.85 1
•.60 .85 •.60 .85 4..50 .85 •.50 .85
•.85 1
La Salle Copper
24Mar 15
June 12
Dec
1
.80
25
84 Jan
*15, 2
214 •138 2
24 •17
4.17
•138 2
Mason Valley Mine
*Ds 2
244Bept 17 .95 Sept
134 Jan 26
5
21 Jan
•.40 .50 •.35 .50 •.35 .50 •.35 .50 •.35 .50 •.35
Mass Consolidated
50
25 .15 Dec 3 .75 July 19 .40 May
114
Jan
.80 .80
41(4.60 .75 *a.60 .75
.60 .60 *a.60 .75
.70 .75
560 Mayflower-Old Colony
25 -40 Dec 16
14 Jan 5 .50 Nov
8 Jan
4014 40
40
4012 40
3934 3934 40
405, 4012 4012 40'z
343 Mohawk
25 30 Mar 30 46 Oct 18
254 June 41 Jan
23
23
23
2212
224
235, 235, 2314 24
2212
234 2314
990 New Cornelia CePPer
5 1812May 19 24 Aug 9
18 Mar 25 Jan
•.05 .15 •.05 .15 4..05 .15 •.05 .15 •.05 .15
New Dominion Copper
.05 Jan 30 .20 June 10 .10 July .85 Feb
20
____
20 •18
_
*16
20 •18
*18
18 *16
New River Company
20
100 18 Dec 6 25 Feb 4
25 Apr 31 Aug
6334 -6334 sz6334 65 *6334 65
*26212 67 *16212 87 •z6334 66
25 Preferred
100 45 July 13 72 Feb 11
40 June 65 Aug
'x84 g
85, 834
812 812
84 84
84 85,
840 Nipissing Mines
84 9
5
5 Jiffy 8 1011 Dec 23
432 July
684 Jan
3
318 31s *3
3
3
27
314 •3
34 34
520 North Butte Mining
2 Apr 13
15
Iffsfilept 20 .89 June
38
8% Nov
sa.30 112 ./
.80 .80 •a.85
1
44.90 14
1 *a.90
11 •0.95 112
100 011bway Mining
25 .50 Jan 4
2 Nov 22 .15 Nov
14 Jan
134
1312
1312
1312
1328
134
1312
1114
14
*11
4114
15
290 Old Dominion Co
25 13 Dec 29 20 July 17
165, Dec 27 Jan
*1144 12
*1114 111: . 1114 13
1112 12
1112 111
*1114 12
550 P'd Cr% Pocahontas Co No par 10I2Mar 29 15 Jan 2
104 June 187s Sept
4.16
17
16
16
16
16
17
4.16
25 154May 24 25 July 16
161
1612 *16
16
205 Quincy
19 Apr 3912 Jan
2412 2412 241 245, •2414 25
24
24
140 Bt Mary's Mineral Land
24 *2312 24
24
25 25 Dec 27 3812 Feb 10
2812 Apr 48 Jan
_ _ _ _ ---- *34 4
*314 4
*314 4
Seneca Mining
*34 33
*314 31
234 Dec 3
714 Nov 11 Nov
95, Jan 4
•.30
.40
•.30
.40
•.30
.40
•.30
.45
.40
Shannon
•.30 .45 •.30
10 .15 Dec 24 .80 Jan 5 .60 May
114 Jan
Superior & Boston Copper- 10 .20 Nov 30 1% Mar 1 .70 May
•.30 .45 •.30 .50 •.30 .45 •.30 .40 *.30 .40 4..30 .45
2 Jan
63
63
64
64
8
5
1,335
*614
83
63
8
3
Utah-Apex
612
6'2
Mining
37
138,
612 612
432 Oct 26 115, Feb 5
5
Jan
Jan
8%
14 14
114 ltz
1% 15
8,450 Utah Metal & Tunnel
115 lls •14 114
•14 114
1 .25 Dec 8 2% Mar 13 .40 July .98 Jan
Victoria
•.70 .75 4..66 .75 •.70 .75 •.60 .75 •.70 .75 •.50 .75
25 .40 May 24 .75 Feb 23 .22 Nov
114 Jan
•.11
.20
•.11
•.1I
.15
.20
.20
*.11
285 Winona
.12 .21
•.12 .16
25 .10 Sept 13 .40 July 20 .10 Dee .48 Jan
•Bid and asked prices: no gelds On this day. a Assessment paid. SEX-stock dividend. 1 New stock. s Ex-dividend.
Ex-rights. a Hi-dividend and right..
Stocks-
Friday
Sales
Range for Year 1926.
Last Week's Range fry
Week.
Sale
ofPrices.
Low.
High,
Par. Price. Low. High. Shares.
15
16
Almar Stores
10
53
53
Alliance Insurance
• 73
7131 7334
American Stores
_ 11234 11234 113
Bell Tel Cool Pa, pref
50
Cambria Iron
4034 41
1834 1931
Congoleum Co, Inc
*
39
4134
Consol Traction of N J_100 40
52
52
52
Crystal Oil, pref
East Shore G & E 8% pf-25 263.4 2634 2634
7534 79
Elec Storage Battery _ _100
Fire Association, new._ _10 5334 5334 55
83
85
Giant Portland Cement_50 83
50 46
Preferred
46
47 34
54 34 55
Horn & Hardart(N Y) corn
Insurance Co of N A _ _ _ _10 5251
5234 5534
Keystone Telephone_ _ _ -50
4
4
5
50
18
Preferred
18
Keystone Watch Case_ _ _ ..*
76
78
2
Lake Superior Corp _ _ _ _100
134 2
50 11534 151 11934
Lehigh Navigation
Lehigh Power Secur, corn.8 1734 1634 1734
50
Lehigh Valley
11834 125
10 2634 2631 2734
Lit Brothers
50
Little Schuylkill
4131 4134
Minehill & Schuyl Hay_ _ 50
5334 5354
Penn Cent L & P cum pf..•
7134 7234
50
Pennsylvania RR
5734 5834
Pennsylvania Salt Mfg...50 76
7534 76
Philadelphia Co (Pitts)_ _ 50
88
88
Preferred (cumul6%)_ 50
50
5056
5334
Phila Electric of Pa
25 523.4 52
1131 12
Power Recta
25 1134
65
Phila. Insulated Wire__ *
63
Phila Rapid Transit_ _ _ _ 50 53
523.4 5331
4331 4334
Phila & Read C & I Co_ •
5731
57
Philadelphia Traction__ _50 573,4
1131 1431
50 1434
Phila & Western
50
3634 3734
Preferred
50
9634 10234
Reading Company
60
1st preferred
4034 4034
31
31
•
8 E Pow & Lt corn
Shreve El Dorado Pipe L 25 2334 2331 2334
Scott Paper Co pref _ _ _ _ 100 9934 99 34 9934
82
Stanley Co of America _ _ _* 90
9034
231
234
Tono-Belmont Devel_ _ A
1
Tonopah Mining
334 334
3734
50 373.4 36
Union Traction
50 9234 9134 93
United Gas Impt
14
United Lt & Pr "A" corn_.
1434
*
2836 2834
US Dairy Prod "A"
15134 15434
Victor Talking Mach_ __ _1 154
3931
New
3831 38
9234
6% preferred
9134 90
99
7% preferred
9834 98
134
134
Warwick Iron & Steel__ _10
41
41
West Jersey & Sea Shore_50
Bonds97
99
Amer Gas & Elec 5s.. _2007
10334 10334
Bell Tel 1st ref 5s ser 13 1948
7434 753.4
Congo!Trac N J 1st 55 1932
54
57
Elec & Peoples tr ctfs 45'45 56
Keystone Telco 1st 55_1935 9334 9331 9334
69
68
Peoples Pass tr etre 45_1943 69
Phila Co Cons & coil tr 58
100 100
Stmpd sk fd & red_ _1951
1966 10534 10434 10534
Phila Elec 1st 55
107 107
5345
1953
1941
10734 10734
65
1033.4 1033.4
534s
1972
4'.0 74
value.
par
•No
720 1034 Oct 2031 Sept
35 443.4 July 59
Jan
6,325 60
Mar 94 34 Jan
117 10934 Mar 11334 Dec
145 38
Jan 4034 Sept
260 13% May 29
Sept
828 29
Apr 38
Sept
6
25 25
Mar 2634 Feb
798 73
Jan 9334 Aug
133 50
July 68
Jan
156 31
Mar 83
Dec
35 43
Dec 56
July
305 46
Sept 5734 Dec
3,904 49
Mar 6431 Jan
200
4
Dec
734 Jan
30 17
July 2934 Jan
65 62
Jan 7836 Oct
360
131 July
431 Jan
7,588 9734 Mar 12034 Fet
11,985
21,399 8034 Apr 104 34 De(
Mar 3334 Jar
825 25
21 40
Jan 413.4 No
75 5034 Oct 54
Dei
83 7034 Sept 91
Sepi
27,431 4834 Mar 5734 Oc•
Fel
57 71
Jan 91
30 6434 Jan 90
Dei
Jan 5034 Jul:
110 48
13,759 4134 Mar 6734 Ja:
1,912
34 Dec
93.4 OC
45 50
Jan 70
No,
Jan 58
Jai
1,639 51
30 3734 May 5834 Fel
No
152 56
Nov 65
Mar 163.4 Ma;
2,100 11
144
Au
434 Jan 41
244 82
Apr 10034 De
40 40
Aug 4034 Ap
200
Oc
12' 1334 July 28
Fe
55 9934 Dec 101
27,331 55
May 9234 Sep
25
21:e Apr
43.4 Ja
435
334 Nov
73-4 Fe
2,146 38
Jan 433.4 Ja
9,483 8434 Mar 14436 Ja
423
25 31
July 3834 Ma
4,917 80
Mar 15431 De
12,216
3,135
3,528
5
1
Sept
334 Ja
50 40
Oct 48
Jul
$3,000
10,000
52,000
70,200
11,000
7,000
2,000
26,200
1,000
5,000
6,000
8934 Feb 10134 Ma
58
Jan
52
Nov
91
Jan
6131 Nov
9634
102
10334
105
10054
Jan
Mar
Mar
June
Nov
6934 Fe
6934 Fe
9434 Di
6834 Ja
100
105
108
10834
10334
Di
Di
Jur
At
Nc
Baltimore Stock Exchange.-Record of transactions at
Baltimore" Stock Exchange Jan. 15 to Jan. 21, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Range for Year 1926.
Last Week's Range for
Week.
ofPrices.
Sale
Low.
High.
Par. Price, Low. High. Shares.
Amer Wholesale pref. _100
Arundel Corp new stock _•
Autoline Oil pref
10
Baltimore Trust Co_ _50
Baltimore Tube
100
Preferred
100
Benesch (I) pref
25
Central Fire Ins
10
Century Trust
50
ChesckPo Tel of Bait pf_100
Colonial Trust
Commercial Credit
•
Preferred
25
Preferred B
25
100
634% preferred
Consol Gas E L& Pow_ •
100
634% preferred
8% preferred
100
Consolidation Coal__ _100
Eastern Roll Mill new stk *
Fidelity & Deposit
50
Finance Co of America_ _25
32%
2651
183%
11634
22
126%
150
95'
102
3134
10
130
1134
3634
26%
26
180
115
65
1734
22
2231
8434
5134
111%
12634
3534
26
144
934
102
32%
10
130
1134
36%
27
2634
18334
11631
65
17%
22
22%
8534
52
11135
127
3635
26
150%
951
8
1,260
20
93
25
7
130
170
119
17
3
225
198
8
30
845
26
7
105
143
256
40
98
28%
10
128%
11
35
26%
25
153
11034
57%
1634
21%
21
86
45
10831
124
3531
25%
117%
811
June
Apr
May
Dec
Dec
Nov
Jan
Sept
Aug
Jan
June
Nov
Nov
Nov
Nov
Jan
Mar
Jan
Dec
Nov
Mar
Oct
101
36
10
154
22
55
27
2851
182
116
5736
47
2634
27%
97
5735
11234
12831
5134
48
132
12
Feb
Jan
May
Feb
Jan
Feb
Jan
Feb
Mar
Jan
June
Jan
Jan
Jan
Feb
Feb
Dec
Feb
Feb
Feb
Dec
Jan
tior0.4..tio.-.4L'414 XUX
R241t4gRAIVFig4ggliRM1.8gq
.
7,000
1.000
2,000
1.000
1,000
10.000
2,000
1,000
6,000
1.000
13,000
53.000
32,090
1,300
1,000
7,000
218,000
.DWO..WWW00
Bonds99
99
Consol Gas gen 434s._1954
99
99
Consol G,EL&P 434s.1935
97
97
Davidson Chem 634s
98
98
Elkhorn Coal Corp 6345'32
100 100
Gibson Island 1st 6s_ _1936
101
101
Hender Creamery 6s..1946
gm 965,4
Md Elec By 6345
1952
94
94
Monon Valley Trac 5s.1942
Stand Gas Equip 1st 651929 10034 100 10034
993.4 9934
United EL & P 434s..1929
101 101
United Porto Rican 75_ _ _ _
7031 7034
United Ry & E 4s_ _ _ _1949 7034
Income 45
1949 5254 5135 5236
76 34 7634
Funding 55
1936
100 100
1927
6% notes
68, when tssued_ _ _ _1949 9734 9734 98
7534
Wash Bait & Annap 55 1941 7534 72
)
,,,,,,44u,..X..4.00t* mm
0'3ggri4481tellilAgg aa
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Jan. 15 to Jan. 21, both
inclusive, compiled .from official sales lists:
gg
Aug
ggggg
10134
10134
Jan 102
k'ggg
10031
10234
99
Mar 70% June
6731 10,000 62
Mar 7634 June
1,300 65
72
Apr 9934 Dec
1,000 77
85
Apr 88 June
3,000 74
85
104
14,000 103% Dec 106% June
99% 1,000 97% June 99% June
Dec
10031 7,000 983,4 June 101
Mar 102% July
10134 1,000 99
May
1003.4 8,000 10034 Feb 102
Feb
10334 3,000 99
Dec 111
5,000
98
10134 5,000 9931 June 102 34 Aug
10131
5,000 9934 Mar 101% Aug
•
.1—•
.
.0.W.0.4
103%
67
71
85
85
10331
99%
9931
101 34
10034
10234
98
10134
101%
High.
Low.
0.
9631 96% $5,000
10134 101%
1,000
00
Batavian Petroleum_ _ 1942
Chic Jct Ry & US Y 5s '40
East Mass Street RR1948
434s ser A
1948
54 series B
1948
65 series C
1948
65 series D
1937
Hood Rubber 7s
1934
K CM &B Inc 5s_
1929
Mass Gas 434s
Miss River Power 5s..1951
New Eng Tel & Tel 55_1932
PC Pocah Co 75 deb _ _1935
Peoples Pr & Lt434s _1962
1944
Swift & Co 58
Western Tel & Tel 55_ A932
Range for Year 1926.
20
30
200
25
364
225
16
397
52
442
289
130
65
23
756
131
6
25
1,045
25
1,252
214
3,169
965
83
47
OCA
gg
Friday
Last Week's Range Sales
for
Sale
ofPrices.
Price. Low. High. Week.
1731 18
Finance Service, class A.10 18
10
10
Preferred
10
20
20
*
Hare & Chase
9034
Preferred
89
100 89
90
92
Houston Oil pref v t c_ _100
25c 501
Lorraine Pet Co__ lc shares 501
Manufacturers Finance_25 4334 4351 4334
1st preferred
25 2234 2134 2234
2134 22
2d preferred
25 22
Maryland Casualty.Co_ _25 105
9934 105
4231
41
Merch & Miners new_ _ _ _* 41
2431
24
klonon Vail Trae ore( _ _25
17
17
Mt-V Woodb Mills v t r 100
8134 8234
Preferred v t r
100
New Amsterd'm Cas Co_10 5454 5434 5531
8134
81
Northern Central
50 813,4
176 178
Penne Water & Power_100
130 130
Real Estate Trust
100
1634 17
* 17
Silica Gel Corp
38
38
38
Unit Porto Rican Sug corn_
20
United Ry & Electric_ _50
2034
245 259
U S Fidelity & Guar__..50 256
3334 38
Rights
50 363.4
1534
11
Wash Bait & Annan_ _ _ _50 1554
20
20
Preferred
50
5134 5151
West Md Dairy, Inc pref 50
.s
.
.
1—•
D00004.M000M0000
4.000
.iW00000.
t4....4 .
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Jan. 15 to Jan. 21, both inclusive:
001WW-4.q.4WOOW=NOOJ4,
.04,..
.
,
OW
X
g gg g ggg '
g
g
Sales
Friday
Range for Year 1926.
Last Week's Range for
Week.
ofPrices.
Sale
Low.
High
Stocks (Continued) Par Price. Low. High. Shares.
Outside Stock Exchanges
Bonds-
495
THE CHRONICLE
JAN. 22 1927.]
2131
1034
2634
96
8934
1.10
6834
23
2434
102
47
25
20
83
563'4
83
180
105
223.4
38
21
245
34
1531
2535
5436
Feb
Feb
Mar
Sept
Jan
Oct
Feb
Jan
Feb
Jan
Jan
Nov
Oct
June
Jan
Dec
Dec
Apr
Jan
Dec
Nov
Dec
Dec
Jan
Jan
Jan
9831 Ara
Sept
99
100
9931
100
9734
9334
10034
9934
10134
7134
5251
77
100
98
7334
API
Oct
Oct
Mar
June
Mar
June
Dec
Mar
Dec
Dec
NON
De(
Fet
• No par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Jan. 15 to Jan. 21, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Range for Year 1926.
Last Week's Range for
Week.
ofPrizes.
Sale
Low.
High.
Par. Price. Low. High. Shares.
Adams Royalty Co com_ ..* 27
85,4
All America Radio el A_ _5
American Pub Serv pref 100 9634
Am Pub Util Co par pfd 100
American Shipbuilding.100
37-4
Amer States Secur Corp A *
*
431
Class B
Warrants
34
Armour & Co(Del) pref100 95
100 84
Armour & Co pref
Common el A v t c.25
Common cl B v t c..25
Associated Invest Co _ •
Auburn Auto Co corn.25 86
Balaban & Katz v t c_ _.25
3
Beaver Board v cc B____5
Preferred cernficates_100 38
10 3731
Bendix Corp el a
10 5534
Borg & Beck corn
Brach & Sons(E J) tom..• 2534
10
Bunte Bros
20 253.1
Butler Bros
•
Celotex Co Corn
Preferred
100 90
Central Ill Pub Serv pref.* 8851
Central Ind Power pref_100 87
Central Pub Serv (Del)... 1831
Central SW common _ _ _ ..* 63
* 9534
7% preferred
Prior lien preferred__ _ _* 10034
Chic City & Con Ry pt sh *
34
*
4
Preferred
Chic N S & 16111w com_ _100 36
100 100
Prior lien pref
Preferred
100
Chic R T pf pfd "A"_ _100
Com'wealth Edison__ _ _100 14034
5
Consumers Co new
Preferred
100 76
*
Continental Motors
25 51
Crane Co
Preferred
100 118
Cudahy Packing Co_ _ _100
Cuneo Press "A"
50 5034
Decker (Alf) & Cohn Inc.* 2734
Preferred
100
Deere & Co pref
100
Diamond Match
100 1173,4
El Household Util Corp_10
* _11
Eiec Research Lab
Empire Gas & F 7% p1.100 94
Evans & Co Inc cl A_._ _5 3034
Class B
5 27
Fair Co(The)
* 2734
Preferred
100
Foote Bros(G & M) Co_ _• 143,4
General Box Corp pref _100 50
Gill Mfg Co
10
Godchaux Sugar
*
Gossard Co (H W)
* 353.4
Great Lakes D & D...100
Greif Bros Coop'ge A com • 3834
Hart Schaffner & Marx_100
Hibbard, Spencer, Bartlett & Co
25 68
Hupp Motor
10
Illinois Brick
25 50
Illinois Nor Utilities pf _100
Illinois Wire & Cable com10 2434
Jaeger Machine Co
* 28
Kentucky Util Co pref _ _50
Kellogg Sw'board new _ _ 10 1334
Preferred
100 97
Keystone St & WI com..100
Ky Hydro-Elec pfd_ __100
Kraft Cheese Co
25 5734
Kup'heimer & Co(B) Inc_5
La Salle Ext Unit( (III) _10
Libby,MeN&Libby,new.10 1034
McCord Radiator Mfg A.*
McQuay-Norris Mfg
* 20
Maytag Co
• 27
455
27
26
1.780
856 934
360
94
9634
74
35
74
30
80
80
33,4 434 9,100
434 • 431 4,350
1
3,750
34
315
9434 9531
1,190
833,4 84
15
110
1534
82
754 834
102
3634 3634
7634 8734 29.020
6134 62
310
3
334
200
205
38
383'
1,380
3631 3731
56
11,150
53
195
2534 2534
1934 20
300
2434 2534 2,370
75
475
70
90
95
89
212
8834 89
149
8634 8731
515
1731 183(
5931 6434 6,540
695
9431 9534
1,212
983,4 10034
31 34 1,000
334 4
2,100
3556 36
205
122
99 100
69
25
69
45
103 103 34
720
140 14034
680
634 634
160
74 34 76
1234 1234
200
51
52
361
175
11734 118
20
523.4 5234
335
4934 5034
2734 2734
100
10
105 105
107 10734
55
120
11634 1173,4
1134 12
425
11
1234 2,000
94
94
40
3034 31
1,770
27
28
6.000
27 x28
1,300
107 107
55
1434 3,400
12
10
50
50
100
5
5
3
3
10
663
3331 3531
147 147
35
3834 39
180
11234 11234
150
68
21
4931
92
2434
28
51
1354
96
50
9434
57
37
8
1034
3931
17
2634
68
2134
51
92
2434
2854
5134
143.4
97
50
9431
58
37
87-4
103,4
40
2034
2734
25
120
2,600
10
385
230
55
1,170
30
31
10
449
10
545
2.140
125
1,075
2336 Oct 3736 Feb
Jan
534 Dec 19
92
May 99
July
76
Dec 91
Feb
70
May 9574 Jan
851 Feb
134 May
1
Mar
534 Feb
34 May
1
June
Mar
Aug 98
90
7954 May 9234 May
13
May 2534 Feb
Feb
534 May 17
30
Aug 3754 Dec
4034 Mar 7234 Mar
62
Sept7634 June
3
Dec
431 Aug
32
Mar 45
Aug
2534 Mar 3834 Oci
28
Jan 5634 De(
24
Dec 3771 Fet
14
Apr 22
Jul3
Jul3
223.4 Dec 30
8334 Dec 8734 Not
8834 Dec 9134 Del
87
Jar
May 91
8434 Nov 93
Jas
12
Apr 1731 Not
4734 Nov 5934 De
8934 Mar 9631 Jub
93 June 100
Fel
51 Jai
36 May
7
Jar
23.4 Aug
37
May 6134 Fel
99
Mar 10131 De
70
Dec 83
Jen
993.4 Nov10334 De
13531 Aug 145 Jun
534 Aug
1031 Fel
70
Sept93
Fel
954 May
133,4 De
4734 Oct60
Ja
No
1133,4 Mar 119
5234 Dec 10934 Sep
Fe
4534 July 50
28
Dec 32 Jun
102
Jan 105 Jun
Dec 110
105
Au
114
Nov 12554 Fe
1134 Oct 25
Ja
834 July
323,4 Ja
91
Apr 97
Ja
25
May 32
Set
Set
2454 Oct29
27
May 3334 Ja
Dec 109
Fe
102
1531 Ja
9
May
01
45
Oct45
571 Di
334 May
Fe
34 May
7
Ja
3131 Mar 39
Ja
Mar 171
122
Ma
May 43
36
Ja
10634 Nov125
7934 As
2831 Jet
Sei
57
DI
93
70
19
37
90
Apr
Mar
Jan
May
2434
49
12
95
48
9134
55
2934
7
731
36
1
-534
-
May 3211 Nc
Mar 5234 At
Dec 17 Jur
Nov 102
Jut
Di
Dec 50
June 9534 At
May 9034 Js
Jan 46
Se]
Sept 1471 Si
Mar 1134 D
May 4934 Sei
June
-1934
- - _FI
Mar
496
THE CHRONICLE
Friday
Sales
Last Week's Range for
Range for Year 1926.
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low
High. Shares.
Low.
High.
Middle West Utilities__ _• 111
110 112
Preferred
100 106% 106% 10731
Prior lien preferred_ _100 1184 118 11834
Midland Steel Products_ •
44% 44%
Midland UtIl prior lien_100 98
98
9834
Preferred A
100 97
97
97
Morgan Lithograph Co_ _ ..* 583-4 5834 59
Mosser Leather, com_
•
15
16
Nat Elec Power A w 1_ _• 2434 2434 2434
Preferred
954
100 95
95
National Leather
2% 494
4
10
National Standard
314 303-4 314
North American Car, corn * 2234 2234 2934
Nor West UM pr In pf.100 99
99
99
7% preferred
100
96
9634
•
Novadel, preferred
26
26
Omnibus v t c, w 1 a
*
13
13
Penn Gas & Elee w I
• 20
1931 20
Pick, Barth dr Co, pref A_• 20
1951 20
Common v t c
1
13
13
Pines Winterfront A
5 42
414 4534
Pub Serv of Nor Illinois_ _*
1304 132
Pub Serv of Nor IllInols.100
132 132
7% preferred
11354 1134
100
Quaker Oats Co
• 181
181 181
Preferred
100 10754 1074 10734
Q-R-S Mu-ie corn
3434
33
Real Silk Hosiery Mills_10
41
42
Reo Motor
2134 22
10
So Colo Pr Elee A com_25 2634 26
2634
Southwest Gas & El pf_100
9431 96
St Louis Nat Stk Yds._100 87
86
87
Stewart-Warner Speedom • 6634 64% 6634
Swift dr Co
100 11834 11751 11831
Swift International
15 2234 2134 23
Tenn Prod Corp com____* 1234 124 1234
Thompson (J R)
25 484 48
4834
Union Carbide & Carbon_*
102 102
United Biscuit class A. *
3934 393.4
United Iron Works v t c_50
334
33-4 4
United Lt & Pr A w 1 new.* .1434
1331 1434
B w new
18
18
•
Preferred CIA w I a__ *
8834
88
Preferred Cl B WI a__ *
50
51
United Paper Board_ _ _100
17
17
US Gypsum
96% 103%
20 s98
Preferred
115% 116
100
Univ Theatres Cone cl A.5
4
4
Vesta Battery Corp
10 31
30
314
Wahl Co
* 1034 1034 1031
Ward(Montgomery)&Co12 11 34
,1 624 6534
Class A
1154 117
Waukesha Motor nom_ _.• 38
3731 40
Williams 011 0 Mat corn.• 1534 1534 15%
Wolff Mfg Corp
6
631
•
Wolverine Portland Cem 10
531 5%
Wrigley Jr
• 5234 x51
53
Yates Machines part pfd.* 2634 25% 26%
Yellow Tr &Coach Mfg B 10 2734 2531 27%
Yellow Cab Co Inc (Chic) * 4554 4334 45%
BondsArmour & Co of Del 20year g 534s
1943
Cen West P S con deb 68'36 9744
Chicago City Ry .38.._ _1927 7634
Chic City dr Con Rys 58'27 54
Chicago Railways 58_ _1927 7531
1st M ctfs of dep 55.1927
5s, Series A
1927 53
4s, Series B
1927
Purchase money 5s
Commonw Edison 55_1943 1044
Ist M c 454s ser C._1956
nous C G Co s f g 648 1931 97
Metr W Side El 1st 48_1938
Extension gold 4s _ _ _ 1938 7534
Morris & Co 434s_ _ _ 1939
Northwestern Elev 58_1941
Pub Serv 1st ref g 58_1956
St Anne Pap lst 654s A _'46
Swift & Co 1st s f g 5s_1944
•No par value. z Ex-dividend.
95% 95%
9731 9734
7731
76
53% 54
7434 76
75
75
5231 5334
35
35
29
30
10431 104%
95% 95%
96% 97
78% 7931
75% 7634
88% 88%
8431 8431
100 100
100 100
102 102
2,575 99
Mar 13434 Jan
951 9734 Jan 11134 Feb
325 106% Jan 12334 Feb
210 40
Oct 4934 Feb
215 98
Mar 104
June
110 96
Jan 99;4 June
430 2431 Mar 6531 Oct
265 1131 Dec 1634 Aug
1,550 19% Mar 264 Jul.1
62 92
July 963.4 Feb
3,550
2% Nov
434 Jan
3,175 26
Sept 3334 Oct
Mar 32
528 26
Jan
40 93
Jan 100
Nov
Nov 9731 Aug
215 91
400 24
Oct 28
June
100 1241 Oct 21;4 Feb
910 19
Nov 24
Feb
570 19
May 23
Aug
10 124 July
1334 Nov
1,285 33;4 Mar 60% Aug
136 121
Oct 140 June
65 128
June
Oct 143
10 112
Jan 116% Mar
147 128
Dec
Jan 195
10 105
Feb 1083,4 July
1,040 25% Aug 37% Nov
125 3634 Apr 5834 Jan
575 17% June 254 Jan
470 22
Apr 264 Nov
520 93
Mar
Apr 98
130
980 71
Nov 93
Jan
2,230 110
Apr 11854 Nov
15,910 14% Apr 24% Nov
50 10
July 154 Mar
490 42
Apr 5034 Sept
150 72% Jan 10036 Dec
20 3431 Oct 5834 Jan
5,280
3( Mar
434 Dec
340 11
Oct 26
Feb
400 15
Mar
Apr 31
125 814 Mar 92
May
162 49% Dec 54
Sept
25 17
Dec 38
Mar
6,600 125
Mar 171
July
250 104
Dec 121
Aug
15
3
Apr
Sept
8
1,400
Dec
831, Aug 30
74 June 14% Feb
595
1,215 5834 Mar 81% Jan
755 10731 May 116
Dec
155
400 13
Oct 23% Feb
54 Nov 10% Feb
150
Aug
5
931 Jan
175
2,240 49
Apr 57% Oct
3,275 26
Mar 32
Feb
5,400 21
May 3934 Sept
4,245 42
Dec 504 Dec
151,000 93
May 9534
15,000 9734 Dec 9934
27,000 67
Mar 8174
85,000 4441 July 5631
30,000 67
Apr 82
1,000 73
Nov 7734
27,000 45
Mar 544
5.000 29
July 46
11.000 27
Dec 38
3,000 1004 Mar 105
1,000 9434 Sept 9534
20,000 95
Sept 99
20,000 73
Mar 77
7,000 704 May 73
5,000
2,000 say,. Dec 8534
1,000 97% Jan 9931
5,000
7,000 99% Jan 101%
Mar
Dec
Sept
Jan
Jan
Oct
Sept
Sept
Jan
July
Dec
Feb
Dec
Dec
Oct
Dec
Dec
San Francisco Stock and Bond Exchange.-Record of
transactions at San Francisco Stock and Bond Exchange
Jan. 15 to Jan. 21, both inclusive, compiled from official
sales lists:
American Trust Co
330
Anglo & Lon Paris Nat Bk..
Armour & Co A common_
Bancitaly Corp
9454
Bank of Italy
45754
Calamba Sugar pre:
Common
71
California Copper
434
Calif Oregon Power pref._ 10294
California Packing Corp.__
8774
California Petroleum com_
3134
Caterpillar Tractor
2951
Coast Co Gas & El 1st pref 9454
Crocker First Nat Bank_
East Bay Water A pref____
9731
B preferred
Emporium Corp (The)._
3634
Ewa Plantation Co
Federal Brandeis
Firemen's Fund Insurance_
92
Foster,
& Kleiser, corn
Great Western Power prof_ 104
Haiku Fruit & Pack (Free)
Hale Bros Stores
Hawaiian Com'l & Sugar__ 494
Hawaiian Pineapple
5444
3
Honokaa Sugar
3894
Honolulu Cons 011
-----Hunt Bros Pack A com
-----Illinois Pacific Glass A _
Key System Transit pr pref 63
1234
Langendorf Baking
9934
L A Gas& Electric prat_
Magnavox Co
2834
Magnin (I) common
4331
North American Oil
354
Oahu Sugar
834
Ohm Sugar
Dnomer, Sugar
Pacific Light Corp 6% pref 99
10834
Pacific Tel flt Tel pref
139
COMMOL1
Paraffine Cos Inc common_ 1174
57%
Petroleum com _
Phillips
_
.
g
230
320 348
202 20744
50
15
20
15
94
9454 6,806
545 56951
410
83
83
5
145
7034 71
434 44
215
10234 10334
30
8751 6834 2,413
3151 33
8,035
2754 294 23,615
944 944
130
307 307
10
9634 974
780
106 106
135
3634 3634
159
45
45
5
10
1,070
1034
9034 9234
305
100
1334 1334
10394 10434
128
9
9
200
36
36
25
494 4931
360
5444 544
172
3
3
100
3831 3954
1,855
25% 26
500
3254 33
415
6134 65
385
1234 1254
73
9934 100
353
40c 40c
300
2634 2834 5,335
4151 44
3,875
3534 3554
80
275
854 9
4131 4134
15
99
98
300
95
10834 10834
138 139
30
1,405
11534 118
5734 5834 2,350
Inlz lou
90.1
.
0. COOS wa.wa>c .owww o.A.c. o.
v.a..w5o8cwwmo
-awElco.V8
0-vmoc,..mo0o0owow0wcocwwo0w
.coomvA..404w.s.0wocoo.o
gXX XXX
XX' X XXX X
XXX
Agg= g
6...4...c.c...44.-.4.....,
..................,
.
,
...,
.............-o.
VACSESE000Eggg6ig000Cg00igE00ggSggggE0Etg0Ngitg
Stocks-
Friday
Sales
Range Since Jan. 1 1927
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
Low.
High.
Jan
350
21134 Jan
1541 Jan
Jan
96
Jan
551
Jan
84
7131 Jan
Jan
5
10444 Jan
6974 Jan
Jan
33
2931 Jan
9444 Jan
Jan
307
974 Jan
Jan
106
3854 Jan
Jan
45
1094 Jan
9254 Jan
134 Jan
1043-4 Jan
Jan
9
Jan
36
4934 Jan
5554 Jan
Jan
3
3934 Jan
2634 Jan
Jan
33
Jan
65
124 Jan
Jan
100
Jan
40e
283-4 Jan
Jan
44
3634 Jan
834 Jan
42
Van
99 tJan
10854 Jan
Jan
139
11854 Jan
5834 Jan
on
TtIll
[VOL. 124.
Friday
Sales
Last Week's Range for
Range Since Jan.1 1927
ofPrices.
Sale
Week.
Stocks (Continued) Par Price. Low. High. Shares.
High.
Low.
Pig'n Whistle pref
Pioneer Mill
284
Richfield 011
264
S J Lt & Pr prio pref
10834
Schlesinger(B F) pref
9024
A common
2134
Shell Union Oil common_ _
30
Sherman & Clay 7% pref.._
9551
Sierra Pacific Electric pref. 90
Southern Pacific
108%
Sperry Flour Co pref
9335
Common
Spring Valley Water
10234
Standard 011 of Calif
594
Texas Consolidated Oil__ -Union 011 Associates
--5434
Union 011 of California._
54%
Union Sugar common
United Bank & Trust Co_
Walalua Agile Co Ltd
37%
West Amen Finance prat
934
West Coast Life Insurance_
431
Yellow & Checker Cab_ _ _ _
9%
Zellerbach Paper 6% pref._ 97
Zellerbach Corporation
2931
*No par value.
1554 15%
35 1531
27
420 27
2835
26
2634 4,490 2441
10634 10854
361 106.4
9031 91
55 91
214 22
740 214
2934 30% 7,242 2874
94% 95%
265 9351
911
90
79 87
10854 1094
125 108%
9354 934
5 9254
47
48
200 44
102 10234
235 10154
5951 6031 20,412 58
65e 65c
200 50c
5411 55
2,785 544
5434 5531 4,885 5454
1734 1834
250 16
155 155
10 155
37% 37%
45 3754
252
934 ay,
9
3.85 434
3.75
877
951 94
8;4
405
96
460 96
9731
2941 29%
4,375 28
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1531
2731
26 34
10854
92
23
30%
95
90
11031
9344
484
10234
6031
66e
55
5634
19
15754
41
931
4.50
934
973-1
29%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange Jan. 15 to Jan. 21, both
inclusive, compiled from official lists:
Stocks-
Frfda y
Sales
Last Week's Range for
Range since Jan.1 1927.
Sale
of Prices.
Week.
High.
Par. Price. Low. High. Shares.
Low.
Amer Laund Mach,com _25 111
Preferred
100
American Products
Amer.Rolling Mill,corn.25 4534
Preferred
100 11134
American Thermos
Baldwin, corn
100
Buckeye Incubator
4431
Campbell's Crk Coal,pf.100
Carey (Philip), coin_..100
Preferred
100
Central Car
23
Champ Fibre, pref
100
Churngold Corporation_ *
Continental Warehouse_ _ -----Chic Union Stock Yards100
City Ice dr Fuel
Cooper Corp, new prof _100
Dalton Add Mach,com.100 50
Eagle-Picher Lead, com_20 2774
Excelsior Shoe, corn
•
Fay & Egan, corn
100
Preferred
100
Formica Insulation
244
Giant Tire
48
• 4334
Gibson Art, corn
Globe Wernicke, prof. _100 8834
Hatfield-Reliance, nom_ •
Preferred
100
Hobart Manufacturing_ _ _
2874
Johnston Paint, pref
IN
Jaeger Machine
28
Kodel Radio"A"
• 1151
Preferred
20
Kroger, corn
10 13274
New preferred
100
Paragon Refining, corn_ _25
Procter & Gamble. com _20 184
8% preferred
100
6% preferred
100 11231
Pure 011,6% preferred_100
8% preferred
100
1J S Can, nom
Preferred
100 100
US Print & Litho, com.100
U S Shoe, corn
•
Preferred
100
Whitaker Paper, corn....5 5734
Vulcan Last
Wurlitzer, 7% pref. _100
111
1134
Jan 115%
741 110
12534 12551
6 1254 Jan 125%
224 223.4
130 2234 Jan 23
44
Jan 47
522 44
46
1114 11234
64 11144 Jan 11234
10
10
934 Jan
10%
35
198 198
Jan 198
5 198
44%
44
705 44
Jan 4534
102 102
Jan 102
70 102
190 190
4 190
Jan 200
11334 11334
10 11334 Jan 113 34
23
234
450 22
Jan 234
18 105
Jan 10534
10534 10534
43
4331
72 42
Jan 45
24 24
20
24
234 Jan
140 141
9 140
Jan 141
2334 2334
64 22% Jan 2331
102 102 34
13 102
Jan 103
50
51
480 50
Jan 51
274 27%
550 2734 Jan
2851
5
50
Jan
5
40
40
6 40
Jan 40
65
65
5 61
Jan 65
2234 25
222 22
Jan 25
110 43;1 Jan 55
4351 61
4351
89 4234 Jan 43
43
17 88% Jan 90
8834 90
16
200 16
16
Jan
16
102 103
7 102
Jan 1034
527 2834 Jan 2934
2834 2934
3 102
Jan 102
102 102
279 28
Jan 2934
28
28%
934 Jan
11
341
10
1134
25 20% Jan 21
2031 21
1,003 1294 Jan 134%
1294 13431
22 112
Jan 113
112 112%
362
7
6% Jan
73.4
73.4
Jan 19154
183 19154 2,470 183
10 1634 Jan 164
164 164
83 1124 Jan 113
11244 11234
14 974 Jan 98
9734 9731
112 112
10 111
Jan 112
44 41
Jan 41
41
41
100 100
3 100
Jan 100
1 7531 Jan 7834
7834 7834
Jan
483
5
5
534
534
41% 42
78 4134 Jan 43
56
492 51
59
Jan 59
9934 9934
99.4 Jan 993-4
115 115
5 115 Jan 115
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
BanksCitizens National
First National
255
340
Jan
Jan
100
100
255
343
25 250
53 340
Jan 255
Jan 343
Public UtilitiesCincinnati & Sub Tel._ _50 9334 9341 9331
rine Gas & Electric_ _ _ _100
9434 954
eine Gas Transport'n_ _100
114 114
C N dr C Lt & Tr, corn _100 90
904
90
Preferred
100
72
73
Ohio Bell Tel, prat
100 112
1114 112
109 9034 Jan 9351
278 9334 Jan 9551
40 1121.4 Jan 114
190 8954 Jan 9241
27 70
Jan 73
44 11054 Jan 1124
TractionsCincinnati Street Ry _-50
Columbus Ry,P & L,pf 100
599
5
RailroadsC N 0& T P.corn
*No par value.
3834
los
3854 387-4
995( 9931
365
365
3834
9934
2 363
Jan
Jan
39
9934
Jan 365
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange Jan. 15 to Jan. 21, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Range since Jan.11927.
Last Week's Range for
Week.
ofPrices.
Sale
Low.
Par. Price, Low. High. Shares.
High.
Bank StocksMerchants-Laciede Nat 100
Nat Bank of Commerce 100
Trust Company Stocks
American Trust
100
Mississippi Valley Tr__100
Street Railway Stocks
St Louts Pub Sent corn - •
Miscellaneous Stocks
Amer Credit Indemnity_25
A S Aloe corn
20
Boyd-Welsh Shoe
•
Brown Shoe corn
100
Preferred
100
Certain-teed Prod 1st pf100
Ely & Walker D 0 com.25
Fred Medart Mfg com_ •
Preferred
100
Fulton Iron Works nom. •
Preferred
100
Globe-Democrat prof _.100
Hamilton-Brown Shoe_ _25
Hussman Refr corn
*
284
162
284
162
5 284
20 162
Jan 284
Jan 163
Jan
Jan
165
290
165
240
20 164
14 290
Jan 165
Jan 290
Jan
Jan
1834 19
33
60
54
32
40
33
11236
106
3331
284
99
1154
60
116
384
3334
5431
32
404
33
1124
106
3334
29
100
12
60
11635
3954
34
2534
1834 Jan
25 54
25 32
60 40
160 33
5 111
15 106
864 3231
100 2836
12 99
1,033 11
10 60
10 116
225 3734
232 3354
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
19
Jan
5431
3231
4031
344
11274
106
3351
29
100
12
60
11631
3954
36
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jas
497
TTIF CHRONICLE
JAN. 22 1927.]
Friday
Sales
Range since Jan.1 1927.
Last Week's Range for
Week.
ofPrices.
Sale
High.
Low.
Shares.
Low.
High.
Stocks (Continued) Par Price.
125
* 2935 2935 2935
Huttlg S & Doom
1,350
635 7
Hyd Press Brick com_100
205
8034 81
100
Preferred
60
1084 10834
100
Indep Packing Pref
75
International Shoe com_ * 159% 1594 160
90
1084 109
160
Preferred
20
16
16
Income leasehold oom_ •
50
96
96
Laclede Gas Light pre!_100
250
• 19% 18% 19%
McQuay-Norris
100
144 14%
*
Mo Ills Stores corn
202
5235
Me Portland Cement25 52% 51
65
89% 90
National Candy cora_ __100
75
• 32% Z235 33
Pedigo-Weber Shoe
203
32%
324
"A"
•
&
F
Polar Wave I
755
214 22
Rice-Stix Dry Goods corn_• 22
107 107%
125
100
1st preferred
5
9935 9934
100
25 preferred
16
22
22
Scruggs-V-B D G com_25
10
84
84
100
preferred
1st
20
3835 38%
*
Securities Inv corn
105
25% 254
* 26
Sheffield Steel corn
152
Soutliwest Bell Tel pref 100 11635 11631 117
170
17
1735
10 17
St Louis Car corn
25
98
98
100
Preferred
130
3135 31%
Stlx, Baer & Fuller corn_ _•
653
214 24
• 24
Wagner Electric com
50
100 73
7134 74
Preferred
25
101 101
100
Union Biscuit pref
Mining Stocks210
1634 17
Consol Lead & Zinc Co A*
Street Railway Bonds
United Railways 4s_ _ _1934 7735 7634 77% 855,000
1,000
76% 764
1934
4s ctf of deP
Miscellaneous Bonds2.560
30
30
Indep Breweries 6s. _ _1943
3,000
100 100
Mo-Edison Electric 5s 1927
500
99
99
Wagner Elec Mfg 7s_Serial
1,000
1034 1034
1935
Houston Oil 6355
* No par value.
Jan
30
Jan
7
8134 Jan
1084 Jan
16034 Jan
Jan
109
Jan
16
Jan
105
1935 .Jan
144 Jan
Jan
54
00
„ran
Jan
33
32% Jan
22% Jan
107% Jan
9934 Jan
Jan
22
Jan
84
3834 Jan
Jan
26
Jan
117
1734 Jan
9834 Jan
314 Jan
Jan
24
Jan
76
Jan
101
28
531
79
10831
159%
1084
16
96
18%
144
51
87%
31
32
21%
105%
994
21%
84
38%
254
115%
17
96
3135
1835
70
100%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1634
Jan
17
7634
764
Jan
Jan
774, Jan
Jan
77
30
100
9835
103
Jan
Jan
Jan 30
Jan
Jan 100
Jan
Jan 99
Jan 103% Jan
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High. Shares
Chic Nipple Mfg el A-50
Class B
50
Cities Service, cam
20
Preferred
100
Bankers shares
City Ice & Fuel (Cleve)- •
•
Cohn-Hall-Marx
Colombian Syndicate
Com'wealth Edison__ _100
Com'wealth Power Corn
•
Common
100
Preferred
Con Gas,E L&P Balt com•
Consol Laundries
•
Cont'l G & El partle pf _100
Copeland Products IncClass A with warrants_*
Cosgrove-Meehan Coal
Cl
Courtaulds Ltd
Crocker-W.13'1er Co corn 100
Curtiss Aeropl Ss M com_ _•
100
Preferred
•
Curtis Pub Co, corn
•
87 preferred
Deere & Co common_ _ _100
De Forest Radio Corp__ _•
Vot trust ctfs of depoit.
Dinkier Hotels Co class A
with purchase warrants_
Dixon (Jos) Cruclble_100
•
Doehler Die-Casting
*
Dominion Stores Ltd_
Dubiller Condenser Corp.•
•
Dunhill International_
Durant Motors. Inc
•
Eitingon SchIld Co corn_ •
Else Bond & Share pre1-100
Elec Bond & Share Secur-•
Elec Invest without warr.•
Elea Pow & Lt. 2d pf A_ _•
Empire Pow Corp part stk*
e coro claw A_:
Pittsburgh Stock Exchange.-For this week's record of Eacer-wr
transactions on the Pittsburgh Stock Exchange see page 473. Fageol Motors Co eam-10
Fajardo Sugar
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Jan. 15 to
Jan. 21, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sales
Week Ended Jan. 21.
Last Week's Range for
Week.
Sale.
ofPrices.
StocksPar. Price. Low. High. Shares.
Indus. & Miscellaneous.
AlabasnaPowerS7preL. 5
Allied Packers common *
Alpha Portland Cement_ _•
Aluminum Co common__ _•
American Arch Co
100
Am Brown Boverl El Corp
•
Founders shares
Founders' shares v t c.._*
Amer Cellulose & Chem_ •
Preferred
160
Amer Cigar common_. 100
Amer Cyanamid cl A com20
Class B common
20
Preferred
100
Amer Electrice Corp v t a.*
Amer Gas & ElecCorn (new ex-stock dlv) *
Preferred
•
American Hawaiian SS__10
Amer Lt az Tree, com_-100
•
American Meter Co
American Piano, com__100
Amer Pow & Lt, pref_ _100
Amer Pub Util prior pf _100
American Rayon Products.'
Amer Road Mach com _100
Amor Rolling Mill coin_ _25
Preferred
100
Amer Seating corn v t c _ _..•
Convertible preferred_ •
Amer Stove Co
150
Amer Superpower Corp A •
Class B
•
Participating preferred 25
•
First preferred
American Thread pref __ _5
AmWrit Pap new pf vtc 100
Anglo-Chillslitrate Corp_ _•
Arizona Power, com
100
Assoc Gas& Elec. elms A..•
Atlantic Fruit & Sugar- •
Atlas Portland Cement...".
Auburn Automobile corn 25
Bancitaly Corporation_ _25
Beaverboard Cos, prof _100
Blackstone V G & E,com50
•
Bliss(E W)& Co coin_
Blyn Shoes, Inc, com_ _10
50
Borden Company
Botany Cons Mills corn_ •
Brill Corp (new), clam A
•
Class B
•
Brill° Mfg, corn
•
Class A
Brit-Amer Tab. ord bear.E1
Ordinary registered_ _£1
Brockway Mot Trk com •
10
Brooklyn City RR
Bucyrus Co new com_ _ _25
Buff Niag & East Pow pf 25
20
Butler 13ros
Can Cement Ltd, com_100
•
Caterpillar Tractor
100
Celluloid Co corn
•
Celotez Co coin
100
7% preferred
Central Aguirre Sugar._ _50
Central Leather (new corn)
Voting trust certificates*
•
Class A vot tr ctfs
Prior prof vot tr ctfs_100
Central Public Say corn_ •
& SW Utll com_ _100
•
7% preferred
Central States El 8 o pf 100
.-•
Centrifugal Pipe
10735
135
42
7134 714
10334 102%
1935
88
108
135
4235
7134
105
1935 2()
1935 1935
83
90
loo loo
120% 118 1204
3734 37% 3735
3434 34%
8835 884 89
13
1334
7035 704 71%
9735 964 98
935
9% 104
23035 22235 231
8935 91
267 269
9835 97% 9834
88
88
7
7%
7
2
2
454 46
46
110 110
110
434 4434
44
43% 4434
138 138
29
284 28
2834 284 294
27%
27
94
95
334 35 16
29
30
1535 1634
1534
24
24%
364
3645 35
131 145
44
4335 42
87
75
8635
94% 9435 95
38
38
10334 103% 107
214 214
331
334
104% 104 10535
10
10
4634 4634
4634
2235
22
22
914 935
20
20
2334 234
234 23%
6%
58
254
24%
131
28% 2834
174
74
74
8835
99
6%
58
2834
2534
131
31
20
80
8935
9934
935
2034
7334
184
6035
994
93
1634
935
21
7334
1835
6434
9934
93
2835
2434
93
1734
1744
Low.
400 1614
300 18
40
10
300 110
100 35
200 3235
160 8634
335
300
100
2.200
100
200
200
25
10
1,100
19%
33£
4434
92%
52%
2135
7
1074
704
36
9034
484
18
High.
Oct
Dec
Nov
Feb
July
Feb
Feb
224 Aug
2135 Dec
Feb 15635 Dec
Nov 464 Feb
Oct 47
Feb
Feb
Sept 96
Dec 114 Feb
9034 Apr 97% Dec
1135 Jan
745 Nov
195
Mar 264
Jan
220
92
884
734
3
444
106
3234
36%
Nov 278
Apr 9934
Dec 974
Dec 3534
May
435
Oct 594
Jan 113
July 4535
Oct 4534
Dec
Oct
Aug
Jan
Dec
Feb
Dec
Nov
Nov
1935
2134
23
93
334
28%
1334
19
2534
890
40
41%
78%
2334
9014
164
8%
914
4
3134
13
634
19
12144
1214
2434
6
5835
24
2334
118
28
134
83
8535
7644
Mar
Mar
Mar
May
Aug
Dec
Dec
Oct
Mar
Jan
Dec
Mar
June
Nov
Apr
May
Aug
May
May
Sept
Bent
Apr
Sept
July
July
Apr
Nov
Dec
Feb
Dec
Dec
Dec
Nov
Dec
Nov
July
Jan
Jan
Dec
Sent
Jan
Sept
Dec
Jan
Aug
Feb
Mar
Mar
Nov
Aug
Jan
Oct
Feb
J1113
Mar
Jan
Jan
June
Apr
Dec
June
Oct
Feb
Dec
July
Apr
Dec
Dec
Apr
Dec
Aug
Deo
17
71
1634
48
Nov
Nov
Dec
Nov
90
Jan
15% May
3735
39
2734
9535
4
34
1734
3935
384
24
55%
73
8544
45
118%
2714
634
110
13
5734
33
935
21
2334
3034
4334
9%
59
3134
30
125
2834
26
89
9744
103
21
Oct
794
17
Dec
59
Dec
99
27
Feb
Jae
Aug
Oct
Dee
Nov
Deo
Dec
Jan
Jan
Dee
29
82
444
21
9535
Mar 434
Mar 9334
Jan 58
Aug 28%
Oct 104
Sept
Dec
Feb
Feb
Aug
4434
91%,
5135
214
100
10,600
45
700
924
524 3,300
22% 5,900
25
100
1035
12
28%
264
20%
84%
17535
117
70
1035
104
Franklin(HH) Mfg, corn_•.
100
Preferred
Freed-Eisemann Radio_ •
•
Freshman(Chas) Co
•
Fulton Sylphon Co
1934
64
2034
404
Galv-Houston Elec corn 100
100
Preferred
• 58%
Gamewell Co corn
24
•
Gs.rod Corn
(3eneral Baking, class A..• 57%
64
•
Class B
General Pub Sera cora_ _* 13
. log
General Silk WI
Gillette Safety Razor____• 9334
CO Spring & Bump corn •
Gleasonite Prod, cam_ __10 II%
• 174%
Glen Alden Coal
• 2734
Gobel (Adolf) Inc com
Goodyear T & R com_100 30
Grand(F&W)5-10-25c St• 6335
Greif (L) & Bros Inc 7% pf
100 104
With warrants
Grimes Sad as Cam Rec._• 50c
Habishaw Cable & Wire_ _ * 1935
6%
Happiness Candy St cl A_•
6%
•
Founders shares
•
Hazeltine Corp
Hellman (Richard) CoPanic pref with war'ts.•
Hercules Powder pref. A00 1174
Hires(Chas) Co, cl A.corn* 22
• 29
Hobart Mfg Co
• 53
Horn & Hardart, com
7
Imperial Tobacco of Can_5
Independ Pneum Tool_ *
64
Industrial Rayon,claaa A_•
Insur Co of No Amer_ __10
11235
Internet Silver corn
*
Internat Util class A
434
*
Class B
Interstate Nat GasStock parch warrants_
* 225
Johns-Manville, Inc
* 65
New common w 1
New preferred w 1 _100
Keiner-Williams Stpg __.•
Kroger Grocery & BaVg_10 1333.4
Kruskal & Kruskal Inc_ _•
•
Land Co of Florida
Landover Holding Corp1
Class A
1
Class A stampea
Lehigh Coal & Navig_ _50 11634
Lehigh Power Securities-New consolidated corp.,' 1734
Lehigh Val Coal Mrs new... 43
Lehigh Valley Coal Sales 50 9734
Libby McNeil & Libby _ _10
Libby Owens Sheet Glass2a 145
Long Island Ltg pref__100 109
MacAnd & Forbes corn_ __• 4034
Madison £343 Gard Co v t c•
Marconi Wire'of Canada_l
Marc Wirel Tel of Lond_£1
44
Marmon Motor Car corn_• 5835
McCall Corporation
• 5435
McCord Rad & Mfg v t c_.
Melville Shoe. warrants_
Mengel Company
100
•
Mesabi Iron
Metropol 5 & 50c St pf_100
Middle West Util. com_ • 111
Prior lien stock
ioo
7% preferred
100 107
341avale Co
•
failler Rubber pref ____100 101
Mohawk A Hud Pow corn.* 2234
First preferred
•
Mohawk Valley Co
• 3835
Moore Drop Fo
Fore class A _*
Murray Corp of Amer wl__ 3335
Nat Elea Power, elan A..* 2434
National Leather
341
10
Nat Power &Light, pref_• 102%
Nat Pub eery cam class A• 2134
1,100 11%
100
1,800 23
350
1,300 154
100 7535
445 n165
950 113
25
4,700 51e
6%
3,400
200 19%
214 224
10 130
163 1t3
1,500 114
19
19
25 57
66
66
34
900
3% 3%
100 1734
2235 2234
334
6% 745 7,100
300 25
34
344
620 104%
10735 109
6934 704 8,000 5634
35
3634 4,800 304
225 854
91
90
200 21
26
264
4835 48% 64,600 24
644
1.500
18
184
345 435
3%
100 16035 159 16135
2934 3134
1334 1434
5
534
9934 9934
411 424
174 1834
FannyCandy Sh • 2935
-.
Metals
•
534
rum Inspect Mach
ne T & It 7% pf _100
Ke lorut
_r'I °szotor Coot Can-100 422
• 1835
Forhan Co, class A
aree class A .
FolvatioziC
17%
Fox Thratres. ci A.com-• 21%
High.
Feb 4434
Apr 32
Feb 50
Apr 8234
Jan 254
May 234
Oct 3334
334
Oct
July 138%
8
12
26%
26
194
20%
84% 84%
175
114%
117
70
934
10
9%
10
163
19
Low.
300 42
434 4434
2.600 25114
314 3235
514 5234 27,500 37%
91% 91% 7,000 82%
200 19
25% 25%
25 234
23% 23%
100 18
194 19%
134
234 no 91,200
30 134
139 142
28%
Range for Year 1926
50 10634 Oct 10834
34
134 Apr
200
Sept 454
500 37
76
500 5435 Jan
Oct 1324
400 108
7,500
1,640
700
1,025
50
40
310
10
400
100
40
30
1,600
900
10
2,200
3,900
400
400
2,400
700
1,700
50
7,700
6,400
2,100
1,425
800
400
150
100
200
2,000
100
700
1,100
200
100
300
700
100
1,400
100
500
300
10
400
880
400
125
250
3235
5234
91%
Range for Year 1926.
174
214
18
79
6
204
404
18
2234
19%
79
734
2234
4135
Dec
27% Jan
Dec
354 June
2334 Jan
May
June 8935 Feb
Sept
Dec 203
Sept 117% Dee
June
Dec
13
12
May 25%
Mar 159
May 20
May 70
Oct 11
Oct 264
May 1434
Sept 3744
Jan 110
Mar 86
Nov 7434
Nov 913£
May 32
Jan 48%
Dec 1735
2% Dec 1034
1,000
190 12444 Apr 16935
2,400 19% Sept 28
June 22
1,100 11
300
335 May
1034
400 9634 Aug 994
Nov 655
420 326
6,500 1334 Mar 20
2,400
2,900
600
25
9,300
7,600
4,700
15
194
16
78
34
1734
40
May
Mar
Nov
Dec
Mar
Jan
Dec
Deo
Dee
Jan
Jan
Nov
Nov
Jan
Jan
sem
Jan
July
Jan
Jan
Dee
Feb
Dec
Dec
Jar
Dec
Sept
Jan
Sept
Juni
hill/
55
.lax
Jar
34% lax
33
90
934
3734
42
Jar
July
Aus
Bele
Dec
May 264
200 14
2634
10 4235 May 63
66
Dec 5934
75 53
59
24 Dec
1,200
8
3
59% 8.800 4434 Apr 7934
54 Mar
645 10,000
734
Nov 16%
1,000 11
13
100
10%. 10%
Mar 114
9134 93% 8,800 89
9% Dec 15%
200
104 1034
Apr 124
5
1,000
11% 12
600 1384 Jan 186
1744 176%
Nov 294
1,300 22
2634 27%
DN. 40
293£ 30% 2,400 26
200 50
Mar 85
634
63
Des
001
Jar
Atli
Jai
Jou
Fel
26
66
58
24
574
64
12
104
500
1935
63.4
634
13
Fel
JO
Sell
Nin
Do
Mai
Jai
300 105% Nov 1084 No,
10434
7
Jai
2,600 30c Dec
600
300 1034 Apr 17
De
1934
831 Jai
534 Nov
2,600
634
74 Jeu
54 Dec
63-4 12.100
844 Apr 21% Jul;
200
13
100 28
29
29
20 109
117 11734
100 214
22
22
400
29
29
100 41
53
53
900
6
7
7
50
53
534
34
74 9,500
5
100 50
544 5435
110 1153£ 3,050 90
400 24
28% 29%
334
344 534 15,100
Dec 3644 De
De
Apr 118
is
Dec 26
Mar
Feb
62% Jal
7
Ma
Dec 1934 311.:
Jai
Oct 64
Fel
July 108
Jai
Dec 39
93-4 is
Sept
225 225
210 225
5535 65
116 117
174 1731
132 1334
18
18%
2835 30
5
175 130
7,700 50%
1,175 115
100 14
30 108
506 16
500 17
35
35
14
14
115% 119%
100 27% Apr 3934 Jul
De
8
Apr 15
100
Ma 12034 Fe
1,200 130
8
1645 1734 12,000
4234 444 4,700 3634
650 80
96
99
10% 1035
735
300
140 1594 2,620 125
10735 109
70
900 3934
404 404
3,200 134
1734 18
830 83c
100 73c
334
2,500
435 434
57
624 7,800 4334
325 38
5335 5635
21
21
100 17
75
30
31
550 31
30
31
950 960
500 870
25 2235
35
35
1,000 1074
110 111
300 98
118 118%
650 97
107 107%
100 2135
24
24
101 101
50 97
21
23
7,100 2034
100 10134
1044 104%
500 25
384
38
Mar 220
Dec 624
Dec 117
Sept 184
Apr 137
May 20%
Oct 4754
Dea
Dea
De
Ja
De
Fe
is
Apr15
Mar 484
Mar 102
11
Ma
Aug 219
De
Di
At
Di
Jo
36%
184
134
634
50%
6534
2535
Fe
Di
Jo
is
Set
Set
Js
May
Sept
Sept
Sent
Dec
Mar
May
Jo
Nov 52
24 JO
Dec
JO
June 49
is
May 135
Jan 122% Fe
Jan 111% Fe
May 25% Ml
Fe
Sept 103
Mar 29% F,
Ml
May 105
July 41% Au
Jul
Dee
ec
e 638535
2,1
100 3507%
34
831
3528315Nc
15%
mar
2,200
28%
is
2434 25
434 is
24 May
234 431 1,900
Mar 102% Di
550 97
1024 10234
24
is
1.700 15% Mar
2034 2134
498
T-FrE CHRONICLE
h'itaag
Sales
Last Week's Range for
Range for Year 1926.
Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Low.
High.
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Stocks (Concluded) Par Price. Low. High Shares.
[VOL. 124.
Range for Year 1926.
Low.
High.
• 16% 144 16% 4,000 10
Common class B
Mar 1634 July Victor Talk'g Mach old 100 154
Apr 155
151% 154% 12,600 68
Dec
Pref, ser A, with warr 100
94
20
94
New common
38
38% 30,700
Warrants
34 334
800
335
7% prior preferred___100
98
9831 3,400
•
Nat Sugar Refining....100 139
138 139
Mar 132
Nov
50 102
91% 7,300
$6 cony preferred
90
Neisner Bros Inc corn
100 37% Aug 38% Dec Warner Bros Fletures-• 31% 29% 33% 16,800
•
37% 38
8 June 65
Sept
New Eng Pow Assn corn. •
51% 5131
300 5334 May 60
Feb Warner-Quinlan Co
300 2335 Mar 3031 June
•
25% 26
New Eng Tel & Tel _ __ _100 119
118 119
70 109
Mar 11831 Sept Wash'n Ry & Elec corn_100
Jan
May 225
180 185
250 185
New Mex dt Aria Laad___1 12
12%
954 Apr 17
12
1,400
Jan Wesson 0& T com vt
1,650 4931 June 5731 Sept
1156
5431 5931
•
New Or! Grt Nor RR...100
29%
27
600 14% Feb 22
Oct
Preferred
Nov
40 9235 June 99
9935
99
N Y Merchandise Co _ •
27
27
500 1631 Mar 26
Feb Western Auto Supply Part
•
Y Telep. 635% pret-100 11431 1143.1 114%
275 11034 Apr 116
Dec
Mar 28
pret with warrants
Jan
100 22
2554 25%
Niles-Bement-Pond corn.°
18% 1.8%
200 17% Dec 27% Feb West Dairy Prod cIB v t c• 16
300 1331 June 1731 Dec
16
16%
Northeast Power, com-• 18
1731 rsh 4,200 15% Oct 3634 Jan
West Aid Ry 1st pref__100 114
Dec
May 100
190 70
106 117%
Northern Ohio Power Co_• 12
7,800
931 Dec 264 Jan Western Power, pref___100
1035 12
Jan
120 9131 Mar 99
99
99%
Nor States P Corp.com-100 110% 110% 111%
1,000 98% May 13634 Jan White Sew Mach corn....• 1831 17
Oct 29% Sept
1835 6,200 14
orth Tex Elec Co corn 100
2831 2835
Jan 55
100 50
31
Aug Yates Amer Mach part pf_• 26
Sept
July
200 27
26
26
Ohio Brass class B
79
79
25 74
Aug 80
Dec Yellow Taxi of N Y
Dec
•
•
1,700 33% Dec 42
33%
32
Pac Gas & Elec, lot pf, new 26% 26% 26%
200
RightsPacific Steel Boiler
1255
500 11
12
17
Apr
Dec Bancitaly Corp
100
55c 55c
Parke Davis & Co
100 ill
140 145
Apr 132
Dec
2
.
5 140
render(D) Grocery cl B•
25
100 21
25
Dec 36% Feb
Former Standard Oil
Penney (J C)Co A pref _100
101 102
50 98
Aug 10131 Dec
Subsidiaries
Penn-Ohio Edison, new w
100
2755 2754 27%
21
Nov
Anglo-Amer 011(vot sh) £1 20% 20% 21% 2,700 16% May
7% prior preferred. _100
99
230 9531 Nov 9731 Nov
98
Non-voting stock _ _ _ £1
1,600 1631 Mar 20% Nov
1931 20%
20
$6 preferred
81
10
81
Oct 6954 Jan
Buckeye Pipe Line
48
200 42
47
50
Warrants
1131 11%
1,300
8% Nov
11%
11% Dec Chesebrough Mfg
Jan 7931 Dec
500 65
25 814 7734 82
Penn °Leo Secur CorP---•
634 May 1034 Dec Continental 011 v t o„..10 22% 2231 22% 35,500 1734 Oct 25% Jan
500
951 9%
9%
a
Pa Gas& El cl A partic stk" 20
20
800 19
19
Nov 21% Aug Crescent Pipe Line
1634 July
16
600 13% Apr
14
25
Penns Pow & Light, pref_•
107% 108
175 104% Jan 109
Jab
Oct 137
Aug Cumberland Pipe Line_100 10835 107% 108%
110 102
Penn Water & Power__100
190 13044 Mar 18435 Dee Galena-Signal Oil. com_100 12
17631 178
2,000
9% Oct 32% Jan
1051 12
Peoples Drug Stores
Apr
Mar 3435 Mar
Oct 85
31%
200 20
New preferred
80 35
46
• 31% 31
50
100
Phila Electric corn
Mar 67
400 40
52% 53
Jan
Dec 9735 Jan
.54
Old preferred
90 40
51
25
100
Philip-Morn Cons Inc corn• 1831 18% 2034 9.700 10
Sept 18
Oct 68% Apr
Dec Humble Oil& Refining__215 6131 6131 6231 13.500 52
Claw A
Dec 214 Sept 111111(04 Pipe Line
300 12551 Dec 14431 Apr
12731 128
25 20% 20% 20% 1,300 15
100 128
Piedmont & North Ry_ 100
50 47% Sept 47% Sept Imperial 011 (Can)
423.1
42
18,820 32% May 39% Nov
• 40% 3951 41
Mar
Inek(Albert).Barth & CoIndiana Pipe Line
250 5434 Nov 70
6134 62%
ao x62
Preferred Class A
Oct 23
2941 Jan
500 19
Feb National Transit____12.50 1334 1331 13%
12% 13
500 1234 Nov
• 13
Pierce Butler & Pierce Mfg
8034 Feb
Nov
Northern Pipe Line_...100 73% 73% 73%
50 64
25 100
Jan 101
100 100
Feb Ohio 011
7% Orel
7,400 554( July 67% Jan
6255
60
28 62
Pillsbury Flour Mills._ _50
450 36
Feb 54
Dec Penn-Mex Fuel
52% 5374
Mar 2451 July
400 15
25 17% 17% 17%
Pitney
Mar 604 It
Bowes Postage
Prairie 011 de Gas
53
55% 33,200 48
26 55
5
Meter Co
200
6
8% Feb Prairie Pipe Line
Apr
635
2,350 12244 Sept 137% Dee
13431 13555
•
100 135
Pittsb & Lake Erie eom _50 17031 168% 171
1,950 130
Aug
Mar 178
Sept Solar Refining
120 18435 June 220
194 196
100 195
Jan
Pittsburgh Plate Glass_100
20 270
Nov 310
Jan South Penn 011
265 269
1,700 34% June 50
3934 4151
25 3934
Porto Rican Am Tob A. w I 85
100
July
85
85
Southern Pipe Line
200 21
25
Dec 27
25
50 25
Pratt & Lambert
67
400
Nov
31
6051
Mar
So
5231
Feb
5131
West
May
Pa
49
100
Pipe
Lines.100
5555
55%
•
Procter & Gamble. oom_20 z184 z182 192%
720 142% June 185
Dec Standard Oil (Indiana)-25 72% 70
7431 158,700 6034 Oct 7031 Jan
100 42
Pro-phy-lac-tic Brush,com• 53
53
Feb 57
53
Oct Standard Oil (Kansas)..26 2034 20
20% 2,100 1634 Oct 3644 Jan
Prudence Co 7% pret
25 10234 Dec 102% Nov Standard 011(KY)
103 103
Mar 13434 Jan
1,800 108
25 121% 120 12231
Puget Ed P &
200 26
Oct 6635 Jan Standard Oil(Neb)
Apr 51% May
1,500 42
com _100 30% 3031 30%
21 48% 4731 48%
Pyrene Manufacturing_ _10
100 10% Mar 1431 Dec Stand 011 N J new part pd
931 9%
When Issued
Dec
500
sub receipts
9% 9%
38% 33% 39% 2,500 3731 Dec 39
Rand-Kardex Bureau....• 69% 67% 70% 29,100 3434 Apr 58
Dec
Dec Standard 011 (0) com-100 340
340 351
250 288
Oct 372
Warrants
40 410
Dec 420
Dec
119 121
July
580 610
606
Preferred
160 11635 Feb 122
100 120
Realty Associates corn...' 230
50 195
Oct 257% Nov Vacuum Oil
16,700 904( Oct 1093( Jae
225 236
25 102% 9731 103
Remington Arms Co
100 10
July 10% Dec
1135 1135
Other 011 Stocks.
Rem Noise!Typew corn A •
2
300 30% Mar 5234 Jan Amer Contr Oil Fields-5
344 3435
Vie 82,100 450 Oct
63.4 Feb
234
Preferred
50 100
Mar 113% Jan Amer Maracaibo Co
Oct 1444 Jan
100 100
4
6% 631 12,000
100
•
631
Reo Motor Car
864 Oct
5,500 1831 Dec 25% Jan Arkansas Natural Gas..10
1,200
5% June
7% 731
10 21% 2131 22
334 May
Republic Mot Truck vi c_•
334 Oct 16% Jan Atlantic Lobos corn
300 750 Dec
1% 1%
100
5
5
•
Richmond Radiator cora_• 22
100
4% 4%
Jan 24% Dec
5
1,000 15
22
Aug
2% Oct
Preferred
23
•
Rickenbacker Motor
1,900 90o Nov
934 Jan Barnsdall Corp stock purch
131
1%
131
•
Royal Bak Powd pref__100 101
117 123
May
70 82 June 125
185 9931 Apr 103
Feb
100 101%
warrants (per 100 warrs)
Safety Car Htg & Ltg
5% 631 5,500
10 123
127% 127% 12731
Warrants
Jan 13131 Dec
531
Safeway Stores corn
1835 1931 8,500 1434 Mar 20% Dec
Beacon Oil Co. corn
233 237
410
235
19
St Regis Paper Co
3% Feb
7,000 190 Dec
240 26c
300 39
4351 45
Sept 5031 June Cardinal Petroleum
•
10 250
Schulte Real Estate Co_ __•
2431 25% 11,900
16
75 15
July 2431 Jan Carib Syndicate..
17
25
94( Mar 2844 Dec
Seeman Brothers, corn.._• 2731 27
1,400
Oct
Certificates of deposit_ _ _
Aug 30
2731
600 27
24% 2451 25%
Serval Corn (Del). corn...,"
100
8% 8%
531 Dec 224( July Consolidated Royalties__ _1
8% Mar 10% Feb
9
935
9% 8,000
Sherwin Williams Co com25 45
Mar 16
Sem
Feb 4511 Dec Creole Syndicate_
200 35
45
45
....._• 1431 13% 14% 60,600 10
Sierra Pacific Elec com _100
2,400
14 Mar
74( Jan
Mar 2834 Jan Crown Cent Petrol Corp.•
200 23
234 3
2751 2755
2%
Silica Gel Corp,corny 60.0 1731
834 Nov
431 931 6,500 750 Apr
900 1134 Mar 22% Jan Darby Petroleum
1634 1731
934
Singer Mfg
831 931 2,500
Sept
May 401
90 295
Voting trust certificates_
368 375
931
100 375
Singer Mfg Ltd
June
700 1234 Mar 19
10% 11%
9 tJan Derby Oil & Ref pref__ •
5
May
5
500
Li
5
Smith (A 0) Corp corn. _ •
100
1431 14%
125 125
100 89% Aug 1951 II0ct Devonian Oil
10
Preferred
744 May
Gibson 011 Corp
331
24 Oct
331 39,500
106 106
200
100
331
Vlscosa ord (200 lire) -----Jan
100 630 Mar
1
2
Jan Gilliland Oil, corn, v t
1
1
200 n431 Dec 16
7
7%
Dep rcts Chase Nat Bk.
gg
Doe
95
435 Dec 1331 Apr Gulf Oil Corp of Pa....25 95
1,200
Aim
9634 3,200 82
651 7
Sou Calif Edison prat A.25
Sept
300 37
June 39
38
28
38%
600 27% June 33 June Honolulu Como!011_ _10
28%
Preferred B
400 24% Oct 33 June International Petroleum_• 33% 32% 33% 33,400 2851 Mar 3751 Jan
2431 25
25
Sou Cities UM cl A corn...* 2235 2235 25
344 Feb
•
4,800
1% 2
Oct
1
400 33% Aug 3751 Nov Kirby Petroleum
131
Cl A corn v t certfs__ _•
644 Apr
9
1234 Feb
200 22% Dec 30% Nov Leonard 011 Developl_25
2234 25
955 12,000
931
Southern & P.class A..* 21% 21% 2211
27
Dec
No, 27% Feb Lion 011 Refining
1,100 21
May
25% 3,200 20
• 2534 25
'eastern Pow & Lt. com_• 3131 3031 31% 8,500 21% Mar 4631 Jan Lone Star Gas Corp
2,100 38
Oct
Aug 46
4151 4234
Common vol tr certits..•
24( Oct
Nov
2% 231 6.400
800 26
30
2
Aug 3431 Nov Magdalena Syndicate___ _1
30
2%
Participating preferred • 67% 67% 68
Jan
100 1151 Nov
12% 1234
Mar on% sent NIargay 011
16
1,300 59
•
Warrants to pur corn stk
644 Feb
7
7,300
Mar 1531 Feb Mexican Panne° 011-10
831 8% '1,500
1% Nov
2% 3
8%
231
Southwest Bell Tel pf.
July Mexico Ohio Oil
_ _100 11631 116 117
150 9931 Feb 116
1,600
1131 11%
• 1131
Southw Pr & Lt,7% pf.
Dec
43,000
10 99% Feb 104% Aug Mexico 011 Corp
280
80
33c
56c
Apr
_100 104% 10431 104%
31c
10
Sparks-Withington Co_ •
14( Jan
100 10
1531 15%
131 Aug
May 2831 Jan Mountain & Gulf Oil
134
131 4,200
135
1
Splitdort Bethlehem Elec.' 18
Jan
Aug 43% Jan Mountain Producers-10 26% 2531 26% 12,000 23
Apr 26
19
200 20
18
Standard Comm'l Tobacco 21
Dec105x
Dec
50 131
1,300 15
National Fuel Gas
Dec 20
21
195 196
Apr 200
20
100 196
Standard G & El 7% pt_100
Dec New Bradford 011
64( Jan
Nov
25 102
Dec
5
105 105
531 531 5,400
531
Standard Motor Constr.I00
2% Mar New York Oil
1% Dec
Jan
Mar 17
100
100
8
1% 1%
9% 931
25
Standard Pr & Lt ci A _ .25
1235 Feb
North Central Texas 011_ •
400
500 1735 May 2534 Dec
834 July
24
11% 1131
2431
Stand Publishing, class A25
Oct 1044 Dee
4
Dec 1931 June Pandem 011 Corp
400
731 831 3,400
831
5%
•
5% 5%
Standard Tank Car core_ •
3,600 114( Dec 12% Oct
6% Apr 14% Jan Pantepec 011 of Venezuela. 12
1134 12
25
2% 2%
Preferred
2,000 200
231 Feb
Oct
35c 370
Sept 6134 /Jan Peer Oil Corp
15 48
100
32
32
•
Stanley Co of America_ •
600 12
Oct 22% Feb
Mar 9034 Nov Pennok 011 Corp
1354
13
100 49
8331 83%
Stern Bros v t c el B
300
6% Feb 38
24%
May
Red Bank 011
24
15
25
15%
500
15
Stromberg-CarLson Tel Mf•
2,900 12
Apr Reiter-Foster 011 Corp.._• 1331
Oct 3031 Aug
12% 14
Mar 38
600 28
40
42
Stroock (5) & Co
800 22
Oct 2734 Sept
Apr 4934 Sept Richfield 011of Calif_ _25
2511 27%
• 4331 4331 44
200 30
Stutz Motor Car
7,000 20e
Apr
280 300
131 Sept
• 16% 14
1731 4,700 16% Oct 3735 Jan Royal-Can 011 Syndicate... 30c
Swift & Co
Nov Ryan Consol Petrol
200
Apr 119
735 Jan
100 118% 117% 118%
6
43.4 Oct
•
6
800 110
Swift International
2,100
Nov Salt Creek Consol 011_10
15 22% 21% 23
751 Oct 10
Feb
731 8
6,300 1434 May 25
Tampa Elea Co
May Salt Creek Producers._.10 31% 30% 31% 6,400 2631 Oct 36
• 59
Jan
56% 6035 5,000 4534 Oct 67
Texas Pr & Lt 7% pret_100
800
131 Feb
3
4% Dec
Nov 10834 Dec Savoy 011
3%
5
40 106
loali 1083.1
Timken-Detroit Axle...l0
700
7% Apr 27
Noy
835 Mar 13% Nov Tidal Osage voting stock_• ------ 23% 2434
900
12
1231
Tobacco Prod Exports...*
1,800
84 May 2531 Nov
4% Jan
3
Non-voting stock
3%
900
Dec
• 2031. 2055 2131
334 3%
Todd Shipyards Corp__ •
Dix) Tide Water Assoc Oil....• 2331
Mar
2231 2354 13,800 2031 Oct 27
Jan 50
100 29
47% 4731
'Frans-Lux Day Pict Screen
Preferred
100 95% 9551 9531 3,400 9331 Dec 9934 Max
Class A common
Jan Venezuelan Petroleum. _6
4% Jan
•
74 Mar
831
631 634 3.300
655 June 14
631
735 831 4,600
Trumbull Steel corn
13%
16,000 22
25 1035
Mar 29% Dee
Feb Wilcox Oil & Gas new_ _• 31% 28% 32
8% Jan
9% 1034
1,100
Truscon Steel
200
431 May
10
935 Sept
24% 25%
Mar 3031 Jan Woodley Petroleum
731 7%
300 22
•
Tubtie Artif Silk class B...• 155
Jan "Y"011 de Gas new
200
Dec
6
4
631 Dec
151 155
220 153
5
Dec 240
Tung Sol Lamp Wks el A_'" 18% 18% 1835
1931 Sept
300 17% May
Common
•
735 Mar 1035 Jan
831 831
Mining Stocks.
300
Union de United Tob corn.•
1,000
Dec Amer Coal Min & Mill_ -1
3c July
Sc
50
130 Aug
85
5o
8731 3,300 87% Dec 90
United Artists Theatre Co
100 500
Jan 750 Dec
600 600
American Exploration_ .. _1 600
Allot ctfs for com & pf stk
June Amer Tin & Tungsten_ _ _ _1
2e Aug
40
100 Aug
95% 95%
700 9534 Dec 101
80 37.000
8c
United Biscuit class B....•
7,000
(to Nov
1731 June Arizona Globe Copper___1
310 Feb
634 Nov
7
8%
Sc
1,400
831
6c
United Elec Coal Cos v t c• 25
Jai
25
25
400 450
960 Feb
650 650
Denver Consolidated
200
1
United Gas imps
ao 91% 9135 93
1,000
60 Dec
80
Mar 14434 Jan Calumet &Jerome COP
80
2,700 84
160 Feb
1
United Light & Power A..* 14% 14
14% 14.000 10% Oct 28
Feb Carnegie Metals
1,000 11% Sep
21
12% 1354
10 1335
Jan
Preferred A
•
1% Apr
1,300
8731 87%
50 85 June 8634 Oct Consol Copper Mines__ 1
334 Deo
2% 3
•
Preferred B
Oct 14c Aug
1,000
25 49
3o
5031 5031
80
Oct 51% Oct Cortex Silver Mines
1
80
United Prof Sharing corn.'
100
1031 10%
134 June
700
9% Oct 1334 Nov Cresson Consol G 13,1 & M.1
2% 234
2%
24 Jan
52
52
100 47
30 Feb
Apr 53
United Shoe Mach corn_ _25
Aug Divide Extension
60
70 Mar
70 12,000
1
Nov 28% Feb
15% 15% 2,100
3
431 531 3,300
U S Distributing corn_ __• 1534
Engineer Gold Mines,Ltd 5
5
100 90
1,100
89% 9035
30 Apr 160 Aug
(10 30.000
7% cony pref
Eureka Croesus
1
50
5o
_10
50
5931 60
710 780 14,400 Ole Aug 900 Nov
US Foil Co corn cl B
Falcon Lead Mines
710
310 125
98 104%
20 98
3,000
2c Nov
Mar 165
30
July First Thought Gold Mines 1
40
30
10e
US Gypsum, com
Apr
700 16
Oct Forty-Nine Mining
Mar 33
5c1
60
Feb
9,000
60
190 Apr
US Light & Heat,com.-10 3235 3035 3235
1
2,100
7% 8
744 may Golden Centre Mines..._5
10 -5% Mar
Mar
1
1% 1%
3
300
Preferred
1.%
May
13
100
Reclaiming_
13
•
1131
June
14
Jan
Nov
Golden
8,000
20
40
30
70 Des
State Mining-10o
4c
U S Rubber
100 10
13
13
Dec Goldfield Consolidated- -1
Apr 27
40 Feb 220 June
110 110
•
2,000
S Stores Corp cl A
100
•
2
Jan Goldfield Florence
535 535
Apr 14
60 July
60
60
180 Feb
1
2,000
Class 13
16,300
38% 44
34% Dec 3734 Dec Havrtnorne Mines, Inc.- -1
60 Nov 320 Feb
7c
70 100 62,000
Univ Leal Tobacco com • 44
200 2935 July 43
40
40
Dec Heels Mining
3,200 1534 Mar 1931 Mar
25e 1431 14% 1535
Universal Pictures
900 1331 Aug
Feb Hollinger Consol Gold M 5
1331 1431
18
20% 2034
19% June
BOO 1731 Jan
Utilities Pow & Lt, cl B • 14
100
1031 1031
7% May 14% Feb Iron Cap Copper Co_ _ _10
Nov
3
4% De0
100
2% 234
Utility Share Corp. corn • 1034
JAN. 22 1927.]
499
THE CHRONICLE
Friday
Sales
Range for Year 1926.
Last Week's Range for
ofPrices.
Week.
Sale
High.
Low.
Mining (Concluded) Pa Price. Low. High. Shares.
Bonds (Concluded)-
Friday
Last Week's Range Sales
for
Sale . ofPrices.
Price. Low. High Week.
Range for Year 1926.
Low.
High.
7.000 100
99
Nov 10034 Nov
98
Midwest Gas 78
1936
1,000 100
Mar 100% June
Missouri Pacific RR 531927
10031 100%
9834 9o35 19.000 9634 Dec 9855 Aug
Montgomery Ward 5s_1946
Montreal L.H & P 58 A.'51 99% 9935 9931 51,000 9854 Nov 994 Oct
Sept 10534 Ariz
Morris & Co 731e
1930 103% 103 103% 17,000 102
Jan
Nat Dist Prod 6158_ _ _1945 99% 9854 99% 15,000 95 June 99
Au* 9954 Dec
Nat Pow & Light 6s A 2026 100
99% 10034 42,000 98
Oct 983.4 Nov
98% 98% 1,000 96
Nat Pub Service 6%8_1955
4,000 9831 June 102
Dec
103 103
Nebraska Power 6s...2022
7.000 9134 June 1084 Nov
Nevada Cons 5e
1941
10134 102
103% 103% 14,000 994 Oct 10254 Dec
New Orl Tex & M RR 513'56
Mar 131
Jan
113 113% 21,000 108
Nor States Pow 634e 1933
103 10331 34.000 1024 Aug 104% Jan
63413 gold notes_ _1933
1,000 105% May 107
105 105
June
Ohio Power 7s, sec A..1051 105
52.000 94
99
Jan 10131 June
5s, series B
1952 98% 98
434s, series D
1956 9035 9055 90% 66,000 8034 Aug 9334 June
9734 9814 18,000 9434 June 9734 Dec
Ohio River Edison 58_1951
99% 49,000 99
Okla Natural Gas 6s_ _1941 99% 99
Sept10034 Dee
Dec 10055 Dec
Oswego River Pow 68_1931 9934 9934 NU 11,000 100
Pan Amer Petrol 65_1940 100% 100 100% 91,000 9831 Dec 105
July
9634 96% 5.000 96
Mar 98
Park &Milord fis
Feb
1931
Apr 11834 Des
Penn-Ohio Edison 6e_ _1950
119% 120% 17.000 98
Without warrants
96% 974 146,000
97
Penn pow & Light 55_ _1952 9935 9935 100
3,000 9734 Mar 100% Nov
1953 99% 9934 99% 26,000 9734 June 10014 No9
53 series D
Jan 108% June
Phila Electric 6s
107% 107% 6.000 106
1941
PULA Elec Pow 5348_1972 10331 10335 10351 95,000 10031 Mar 103% Nov
8,000 9755 Jan 10134 Nov
Phi% Rapid 'Fran 68_1962 100
99% 100
Porto Rican Am er Tob6s'42 99
994 36,000
99
Dec 97
Dec
Potomac Edison 5s_ _ _1956
9634 9634 11,000 97
Aug 10034 Dee
Pub Serv Corp N J 534e '56 101
100% 101% 121,000 98
Pure Oil Co 6345
1933 103% 10335 10335 24,000 1024 Jan 1044 Aug
Rand Kardex 5358 without
warrants
1931 10035 9935 100% 26,000
20,000 99
Oct 99
99
Oot
Richfield Oil of Calif 6s_'41
99
Mar 98
98% 52,000 94
Dec
Sande Falls Co 5s_ __195b 98
98
BondsSaxon Public Wks 63481951
9851 984" 9934 230,000 913.1 Aug 974 Dee
32,000 92
Apr 9835 Jan
Jan Schulte RE Co 6s_ _ __1935 95
70% May 89
73
75% $46,00
93% 95
Allied Pack deb 88_1939 73
10,000 83
Apr 90
Jan
61% 19,000 61% Nov 80
1939 59% 58
.9111.1
138 without corn stk-1935 8634 85% 87
Debenture 6s
1933 105% 105% 105% 36,000 105% Dec 107% Feb Serval Corp 85
1931 85% 8034 8535 259,000 6035 Dec 109 June
Aluminum Co 7s
May 10254 Jan
100% 101% 24,000 96
2014 10335 10334 103% 175,000 984 AP 102% No, Sttawsheen Mills 7s
1931
Am 0 & El 6s. new
41,000 94
Jan 10254 Sept
Sieman & Halske 7s _ __1935 102% 10214 103
American Power cf. LightJan 101% Nov
6e.old without warr_2016 102% 10234 102% 154,000 96
Siemens de Halske SS
Dec 9954 Oct
Jan 103% July
Amer Roll Mill 6s_ _ _ _1938 103% 103% 103% 7,000 101
634o with warrants_1951 10214 101 10334 676,000 98
1936 10331 103% 104% 80,000 974 Oct 103% Dec Sloss-Sheffield S & I 651929 10235 10134 10235 15,000 101% Nov 10314 June
Amer Seating 65
13,000 101% Sep 103% Jan
101% 102
1928
10235 102% 8,000 10235 Jan 10334 May
Amer Thread 65
Purchase money 68_1929
104% 10434 3,000 10154 Aug 104% May
102 10334 130,000 9234 Ma 10014 Dec Solvay & Cie 6s
Amer W Wks & El 14_1975 102
1934
Amer Writing Paper 6s 1947 82% 82
85% Oct Southeast P ck L 65-2028
82% 51,000 7734 Au
99
98% 99
87,000 89
Mar 9734 Dec
101% 102% 73,000 10134 Dec 103% Aug
Anaconda Cop Min 6S-1929 102
Without warrants
99 June
Sou Calif Edison 58_1951 9834 9834 98% 130,000 9714 Nov
Andlan Nat Corp 68 1940
98% 98% 9834 8,000
10135 10135 8,000 97% Oct 10135 July
Without warrants
New
appalach El Pow 5s....1956 9635 9634 9655 82,000 9434 Jul
1944 101% 10151 10154 7,000 96% Jan 101% June
975( Nov
55
,102 102
1,000 95
Mar 10334 Nov
Arkansas Pow & Lt 58_1956 96
18,000 9554 Dec 96% Dec Southern Gas Co 6%5_1935
9531 96
Assoc Gas & Elec 14..1955 103% 10334 103% 123,000 9234 Ma 105
1003,4 10034 5,000 97% Oct 9934 Deg
Dec Southwest P & L 6s__ _2022
Assoe'd Sim Hardw 6345'33 97% 97% 9755 93,000 95
Sent Stand 011 of N Y 6%8_1933 1054 104% 105% 60,000 10434 Oct 10734 Jaz
98
Ja
Deo
Atlantic Fruit fis
9734 97% 97% 158,000 9751 Dec 98
1,000 17% No
1949 19% 19% 19%
434s when issued_ _ _1951
33% Jan
Itatavian Petr dell 43451942 9654 96% 96%
9935 9935 99% 55,000
25
Stinnes (Hugo) Corp 7%
Beacon 01165, with warr'36 102% 102 102% 40.000 101
Nov 103% Dec
notes Oct I '36, with warr
9934 99% 9935 30,000 9935 Nov 9934 Not
Beaver Board 88
7s1046 with warrants
10,000 9335 Feb 100% Sept
9834 99
1933 99
27,000 9934 Nov 9934 Noi
Bell Tel of Canada 55_1955 101% 101% 101% 39.000 9954 Jan 101% June Stutz Motor 7558
88
95
1937
Berlin City Elec 6545_1951 0835 98
Jai
1939 100% 100 100% 10,000 96% Nov 120
Dec 98% Dee Sun 011 5148
98% 261,000 98
Berlin Electric 635s...1928
Dec Swift & Co 5s_Oct 15 1932 99% 9934 9935 124,000 9654 Jan 9934 Del
Mar 101
1,000 98
100% 100%
6345
9734 9755 6,000
Nov Texas Power & Light .55 '56
Mar 100
1929
100% 100% 6,000 97
102% 10335 51,000 93
Berlin Eleo Elev 63.45_1956 98% 9755 98% 725,000 94% Dec 9634 Dec Thyssen (Aug) h&8 7s.1930 103
Jan 10234 De(
Boston & Maine RR 681933 10135 101 101%
9934 32,000 91
June 99
Juli
5,000 94% Jan 101% Sept Trans-Cont'l 011 75_1930 99% 98
90,000 99
9935 100
Dec 101
No,
Brunner Tur & Eq 734s '55 89
1936 100
Ulen & Co 650
16,000 85 June 101% Feb
86% 89
Buffalo Gen Elec 68_ _1956 103
7,000 99% Jan 103% May United El Serv (Unes)75'56 9434 9355 95% 638,000
103 10355
Do
Burmeister & Wain Co of
98% 97% 98% 39,000 9654 Dec 98
Un Industrial 6345_1941
64
77% 30,000 304 Aug 60
Do
11,000 94
Copenhagen 15-yr 651940 94% 94
July 95% Dec United 011 Prod 8s_ _ __1931 64
95
111 112
11,000 10914 Jar 111% Alt
Calif Petrol deb 4345_.1939 97% 97% 97% 159,000
United Rys of Hay 7345'36 111
9,000 110
Jan 11454 June TJ S Rubb 6%% notes_1927 10034 10034100% 4,000 10031 Dec 102% Ma
Canadian Nat Rye 78-1935 111% 11154 111%
Canadian Pac 4345.. _1946 96% 96% 964 184,000 9.534 Dec 97
July 102% Jun
Oct
Serial 635% notes_ _1928 ____-- 101% 101% 2,000 101
Aug 10335 Ap
Carolina Pow & Lt 5s.1956 100% 100% 100% 37,000 97% May 101% Nov
Serial 634% notes_ _1929 ____-- 102% 102% 2,000 101
4,000
Cent Iludson G & E .5s 1957
10135 101%
July 102% Al)
Serial 6%% notes_ _1930 ____ -- 10235 10235 4,000 101
Chile Copper 55
Aug 10234 Ja
1947 9651 96% 96% 279.000 96% Dec 96% Dec
Serial 634% notes_ _1932 ____-- 1024 102% 6,000 100
Cities Service (is
1,000 10055 Mar 103
Serial 634% notes_ _1933 ____-- 102% 102%
De
1966 99% 99% 100 303.000 91% Apr 9855 Dec'
4,000 1014 Jan 122% Dec
Cities fiery 7s. Sec D 19136
124% 124%
1.000 10035 Mar 103
Serial 6%% notes_ _1934 ____-- 102% 10234
Do
2,000 100
4,000 10234 Oct 103% Dec
Cleve Elm 11155 sr B _1961
Mar 10234 Ma
103% 103%
Serial 635% notes_ _1935 ------10234 103
Columbia Gas & El 55_1928
8,000 10035 Mar 10234 Fe
June 100% Nov
100% 100% 15,000 100
10235 103
Serial 654% notes_ _1936 103
37,000 95
Aug
Nov 99
97% 95% 98
Commander-Larabee 6s '41
18,000 10015 Mar 10234 Ma
Serial 634% notes_ _1938 ____-- 103 103
1,000 105% Feb 108
Cons G El & P 68 ser A '49
May
107% 107%
19,000 10014 Mar 10235 At
Serial 6,57 notes_ _1939 ____-- 10254 103
102 102% 36,000 101% Dec 10235 Dec
55, series F, new _ _ _ _1965
5,000 100
Jan 103
103 103
De
Serial 6344 notes__1940 103
1,000 105
Mar 107
10635 106%
555s, series E
1952
June US Smelt & Ref 5348_1935 102% 102 10231 8,000 100
Jan 103
Au
8,000 97
Consol Publishers 6%8-'36 9834 9835 99
Aug United Steel Wks Burlach,
Sept 100
June 92
Consolidated Textile 8e '41 96
Feb
9535 96% 46,000 80
87,000 9234 May 9934 No
Luxemburg 75
1951 102
10034 102
80
June
34,000
Container Corp (Is
.1946
9954 Aug
97% 98%
US Steel Works A 635s '51
Cosg-Meehan Coal 6358'54
Apr 96% Jan
95
95% 6,000 90
With stk pur war'', Ser A 109% 106% 109% 1587000 9534 Sept 10331 De
97% 97% 9,000 96% Dec 10035 Nov
Cuba Co 6% notes_ 1929
No, 9534 De
Without stock pur wart'. 100
99% 100% 298,000 91
22,000 10835 Jan 112
Cuban Telephone 735s 1941 110% 110% Ill
Mar
Aug 10234 De
Series C
10934 106 109% 160,000 96
Cudahy Pack deb 5%5.1937 97% 96% 97% 88,000 91
July 9635 Aug Wabash Ry 55
1976 99% 98% 9934 239,000 9454 Oct97% De
58
194e 99% 99
99% 48,000 94% Nov
99,000 10034 Dec 122
0714 Sent
Warner Bros Pic 6555_1928 107
10535 107
Set
107 10731 32,000 104% Jan 107% Sept Webster Mills 634s...1933 9814 98% 99
Detroit City Gas 65..1947
31.000 9035 May 101
Ja
Dec 10034 Dec Western Union Tel 55_1951 101% 10135 102 111,00 10014 Oct10134 De
5s Series 11
1950 10034 100 100% 69,000 100
Apt
Dirke-PrIce Pow lst 651966 105% 104% 105% 129,000 10035
10515 Dec Wisconsin Central Ry 55'30 ____- - 99
13,000
99
1,000 98
Nov 101% Aug
99
99
East Term Off Bldg 655543
2.000 96
9734 9755
1938 9755
Aug
Aug 98
Eitingon-Schild Os
95% 9611 61,000 95% Nov 107
Eleo Refrigeration 65_ _1938 96
Jan
Foreign Government
99% 9954 2,000 92% Jan 100% June
Europ Mtg & Inv 7355 1950
and Municipalities
Nov 98% Feb
1933 88% 85
88% 34,000 84
Federal Sugar 65
1931 98
9755 98 107,000 93% Apr 98% Jan
Fisk Rubber 5340
Austria (Prov of Lower)Florida Pow de Lt 58...1954 94% 94% 94% 208,000 9134 Mar 9634 June
1950 9935 99% 100 $27.000 0134 Nov
985.4 MI
734s
May 105% Mar Baden (Germany) 75..1951 102
104% 10434 8,000 103
Galr (Robert) Co 7s....1937
10134 102% 85,000 93
Feb 9934 Di
Mar BuenosAires(Prov)7348'47 98% 9834 98% 123,000 9614 Aug 10115 Fe
Galena-Signal Oil 7s 1930 90% 90% 9135 23,000 80% Oct 103
93
Oct
96
9514 97 213,000
Dec
Gatineau Power 58._1956 97
1936 96% 96
76
9635 21.000 9534 Dec 10034 Al
99% 100 198,000 97% Sept 9934 July
1941 100
65
1952 9634 9531 97 212.000 9334 Sept
7s •
9734 Ms
General Petroleum 6s_1928 101% 101% 101% 49,000 10055 Aug 102% Jan
1957 96
95% 96% 564,000 9534 Dec 95% DI
75
97% 97% 67,000 96% Aug 99% Jan Costa Rica (Rep) 75..195 ___ ___
Goodyear T & R 5s...1928
9535 95% 77,000 9535 Dec 9555 DI
Apr Cundinamarca (Dept of)
Goodyear T&It. Cal 5555'31
97% 95% 9735 23,000 94% Dec 99
9.000 107% May 109% June
Grand Trunk Ity 6%5.1936 108% 10815 109
Colombia ext 78....l046
9434 9534 14,000 05% Dec 9534 Di
Apr 9435 Dec Danish Cons Munk5%5'55 9855 98
Great Cons Elea 634s 1950 9534 95% 96% 115,000 85
9835 69,000 96
May 9934 Ju
100% 100% 6,000 98% Feb 10151 June Denmark (King) 5348_1955 99% 99% 100
Gulf 011 of Pa
@FedFRASER