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Railway& Industrial Compendium
Public Utility Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 122.
SATURDAY, JANUARY 23 1926
Xhe Thronicie.
Bank and Quotation Section
Bankers' Convention Section
NO. 3161.
calculated to yield much revenue. They provide for
a reduction in the maximum of the tax as imposed
PUBLISHED WEEKLY
under existing law from 40% to 20% and at the same
Terms of Subscription—Payable in Advance
Including Postage—
12 Mos. 6 Mos. time increase
the credit to be given for inheritance
Within Continental United States except Alaska
$10.00
$6.00
In Dominion of Canada
6.75
11.50
Other foreign countries, U. S. Possessions and territories
7.75 taxes levied by the States from 25%, as now, to 80%.
13.50
NOTICE.—On account of the fluctuations in the rates of exchange.
remittances for European subscriptions and advertisements must be made If the States availed
of this provision, as New York
In New York funds.
Subscription includes following Supplements—
State did in 1925, after the 25% credit allowance
COMPENDIUMS—
SECTIONS.—
PUBLIC UTILITY (semi-annually)
was inserted in the Revenue Act of 1924, the most
BANK AND QUOTATION (monthly)
RAILWAY & INDUSTRIAL (semi-ann.)
RAILWAY EARNINGS (monthly)
STATE AND MUNICIPAL(semi-annually)
BANKERS' CONVENTION (yearly)
that could accrue to the Federal Government would
Terms of Advertising
be the remaining 20% (after the States had taken
Transient display matter per agate line
45 cents
Contract and Card rates
On request
their 80%), which would give it a maximum of no
Cumin° Orrice—In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street. Telephone Harrison 5616.
LONDON Orricz—Edwards & Smith. 1 Drapers' Gardens. London,
E. C. more than 4%.
WILLIAM B. DANA COMPANY, Publishers,
The proposition as it stands in the House bill is not
Front, Pine and Depeyster Streets, New York
intended as a means of supplying revenue for the
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert: Business Manager, William D. Riggs
Government. Its sole purpose is to equalize.the disTreas. William Dana Seibert: See. Herbert D Seibert. Addresses of all, Office of Co
tribution of wealth and to level the possessions of the
The Tax Reduction Bill—The Senate Finance rich by slicing off a large portion of their accumulaCommittee's Action Thereon.
tions at death. Chairman Green, of the House
The Senate Finance Committee in its action on the Ways and Means Committee, has on more than one
Tax Reduction bill as received from the House of occasion frankly avowed that that is the purpose. It
Representatives has amended the bill in several is a cleverly contrived attempt to force all the States
essential particulars and thereby greatly improved in the Union as a permanent thing to levy estate
it, for one thing eliminating some highly objection- taxes to a maximum of 16% (that is, 80% of the 20%
able features and correcting certain serious defects. maximum to be imposed under Federal law), and to
On the other hand it has incorporated certain other coerce• the States into enactment of State taxes up
changes, which are far from desirable, and detract to that figure by penalizing them with the loss of the
from the merit of the measure.
amounts involved, since if the States do not avail of
The provision for the complete repeal of the Fed- the 80% allowance the Federal Government itself
eral Estate and Inheritance tax is one of the best will take the State's large share as well as its own
of the changes made by the Committee. We see small share.
that President Coolidge is quoted as expressing
We discussed the matter at length in an article in
doubt as to whether at this time the revenue derived our issue of January 9 dealing with the subject
and
from that tax can be abandoned by the Federal such of our readers as have failed to notice
that
Government. He is represented as favoring the
article or have passed it over are advised to ponder
mate retirement of the Federal Government from the very carefully what we said on that occasion.
We
inheritance tax field, leaving it as a source of taxation wish to repeat here only our statement that
it is the
for the States alone, but feeling not altogether clear most dangerous and the most insidious attempt
that
as to whether the Federal Government can surrender has ever been made to invade the rights of the
that source of revenue just yet. Both the President States. The privilege of the States to decide, each
and Secretary Mellon are to be commended for their for itself, what policy they shall pursue in the matter
warning against making cuts in revenue so large and of inheritance or transfer taxes, is one of the
highest
so deep as to involve the possibility of a Treasury prerogatives of Statehood. And it is beyond the
deficit, which above everything else should be authority of Congress to take it away. There
is,
avoided. But the President in giving quasi approval moreover, every reason for thinking that the
proto the provisions of the House bill regarding Estate vision in the House Bill, being so plainly, not an
and Inheritance taxes does not seem to be altogether attempt to raise revenue, but a scheme for paring
familiar with the details of those provisions. These down a person's accumulations at death,
would be
provisions as contained in the House measure are not declared unconstitutional anyway by
the U. S. Su-
382
THE CHRONICLE
[Vol,. 122.
preme Court, yyhen the small amount of revenue that conducted in corporate form, and it is so conducted in
might accrue to the United States would disappear every line of industry to a vast preponderating
in any event. The revenue question connected extent. What the man of small business therefore
with the Estate tax may well therefore be entirely has to contend against is a 14% surtax on amounts of
ignored.
• income as low as $44,000 besides the corporation tax
Of a different character is the Finance Committee's of 123/2%, which it is now proposed to increase to
amendment making the 1921 rates rather than the 133/2%. The total therefore which the Federal
1924 rates applicable in the case of estates that have Government alone takes is 263/2% on incomes beginbecome liable to tax since the enactment of the 1924 ning with $44,000 and which will be increased to
law. This is obviously an attempt to correct or 273/2% if the Senate Committee's amendment stands.
prevent injustice being done. And in that sense .Besides this there is (in this State), a State tax on
is commendable, but if as seems likely, a large loss of corporate incomes of 43/2%, making 31% altogether
revenue is to ensue as a result of the application of the and 32% if the Senate Committee's action prevails.
lower rates in the 1921 law, a loss imperilling other
These proprietors of small corporations derive no
and more essential features of tax reduction, then the advantage whatever from the reduction in the
attempt should be abandoned. .Many gross injus- normal tax on individuals. Originally the
normal tax
tices have been done under the various tax measures and the corporate income tax did not differ greatly.
which have been put on the statute books since the the maximum normal tax on the individual having
War, but it is simply beyond Congressional or human been 9% and the corporation tax 10%. But the
ability to single them out and endeavor to redress normal tax on individuals has been successively rethem. This one of the Senate Finance Committee's duced, until the maximum is now to be only 5%,
proposals might well be abandoned and then the while on the other hand the tax on corporations is
President's objections might lose much, if not all already up to 123/
2% and is now to go up to 133/2%.
Thus the owners of the small corporations are being
of their force.
The Committee's action in reducing somewhat the more and more discriminated against with each
surtax rates in the lower brackets is also a step in the succeeding tax change. To be placed on a basis of
right direction. It will be remembered that the equality with the individual who receives his income,
House Bill while reducing the maximum of the surtax for instance, from bonds he ought to be allowed a
rates from 40% to 20% makes absolutely no reduc- credit on his surtaxes equal in amount to the differtion in the surtax rates on amounts of incomes ence between the maximum normal tax of 5% and the
running from $10,000 to $44,000. This is such a rank corporation tax of 123/
2%. But nothing of the kind
injustice that absolutely nothing can be said in de- is suggested anywhere. Instead the Senate Comfense of it. The Senate Finance Committee has mittee wants to clap on another 1% to the Corporaattempted to remove this defect, at least in some tion tax.
degree. It has, however, lowered these rates only
We know that this suggested increase in the Corvery slightly and it is to be hoped that in its passage poration tax is to make good the repeal of the capital
through the Senate further reductions in these stock tax on corporations. But that is plain debrackets may be brought about. If the men of very ception. Instead of relief it is simply a change in
large incomes are to have their surtax rates cut com- the form of the tax. In the case of some corporapletely in two, at least the recipients of moderately tions, the extra 1% in the corporate income tax will
large incomes ought to get, as a plain matter of jus- amount to less than the capital stock tax, in others it
tice, some substantial lowering of their tax burdens. will amount to a great deal more. Thus the change.
As stated in our article of two weeks ago, the per- will work unevenly, involving additional hardship,
sons with moderate sized incomes make up the back- at least in a great many instances, especially no
bone of the business world. The Senate Committee doubt in the case of the very small private corporaunfortunately couples its action in lowering • the tions. If the capital stock tax cannot be uncondisurtax rates in the lower brackets by raising the tionally repealed then it should be left just as it is,
Corporation tax rate from 123/
2 to 133/
2%. It thus and the corporate income tax should also be continued
makes a double mistake, first in cutting the surtax unchanged. There is the strongest reason for rerates in the lower brackets only slightly, and secondly, ducing the corporation tax, rather than for increasing
in raising the tax on corporate incomes by a full 1%. it, for obviously our small corporations cannot long
The bulk of the tax payers with incomes running continue to pay over to the Federal Government a
of their net income, and 43/2% more to the
from $10,000 to $44,000 are the small private corpora- full
State
Govrnment,
without putting in jeopardy the
taxed,
are
They
not
as individuals, but in
tions.
business
prosperity
which the country has been entheir corporate capacity. Whatever advantage,
therefore, they will get from the slight lowering of joying since the election of Mr. Coolidge in November,
their surtax rates will be taken away from them by 1924, largely on the understanding that taxes were to
be sharply reduced, which it is now found is not.
the advance in the rate on corporate incomes: It to be
the case—at least for persons of moderate sized
seems not to be appreciated by our legislators in fixing income who are in most
need of urgent reduction.
the surtax rates that these surtax rates are in addition It is stated that the 1% increase in the
corporation
to the corporation taxes in all cases where business is tax will mean additional revenue to,the G'overnment.
JAN. 23 1926.]
THE CHRONICLE
383
of $88,000,000. Yet this tax bill now under con- Federal income tax, nor ever has been. When the
sideration provides for a total cut in taxation of from Federal income tax payments by individuals and
$325,000,000 to $350,000,000. What is to be said of corporations were published in the daily papers last
a tax reduction measure which reduces taxes September some comment appeared on the fact that
$325,000,000, or $350,000,000 in one direction, and Mayor Hylan's name did not appear in the list.
raises them $88,000,000 in another direction? The Then it was explained that as a municipal Governsmall business man asking for bread at the hand of ment official he did not have to pay any income tax
his Government, is not likely to be satisfied with a on the compensation received by him from the city.
stone. If the dominant party goes down to defeat The Mayor of this city now gets $25,000 a year and
at the Congressional elections next November in the Presidents of the different boroughs get $15,000
face,of such tax revision, it will not be necessary to a year. There are many State judges that also receive substantial salaries, without having to pay a
look far for the reason.
If an additional source of revenue is needed, there tax, and there are hosts of minor officials who get
is one readily available, and which has never been $5,000 a year and above. In like manner there is a
touched by the Federal tax gatherer. We refer to vast body of school teachers in receipt of income in
the incomes of State and Municipal officials and excess of the exemption limits.
Why should not one and all of these pay Federal
employees from one end of the country to the other.
These are not now taxed by the Federal Government income taxes the same as the rest of the population.
and never have been. They have been left untaxed for Why should not the same rule apply in all other parts
no other reason than that they are employees of the of the country? No constitutional amendment to
States and of the different civil divisions within the that end would be necessary. All that would be
States. There is no reason for this, no sense in it required is for the statute to say that the taxes are to
and no justice. Not only that, but it is unjustifiable apply to them as to others. Why longer continue
and indefensible discrimination in favor of one class this favored class? They were never included in the
of the population, with the result of imposing addi- draft and have all the time enjoyed privileges, imtional tax burdens upon the rest of the population, munities and exemptions setting them apart from the
already burdened beyond endurance. We hear rest of the people. Today, when seven years after
much of the tax exemption enjoyed by municipal the signing of the Armistice, the small business man
securities, and a Constitutional amendment has been is still groaning under intolerable tax burdens, and is
repeatedly suggested to remove the tax immunity unable to obtain tax relief, why should not this large
now attaching to such securities. For ourselves we body of the people be asked to assume their proper
have never been in favor of having the Federal Gov- share of the yearly expenditures of the Federal
ernment tax these securities. We think that such Government?
Governmental agencies should possess full freedom
to borrow at the lowest interest rates, but so long as
The Financial Situation.
surtax rates remain at extremely high figures the effect
As our civilization becomes more enlightened, we
of subjecting them to Federal taxes would inevitably are constantly discovering that public opinion is
be to increase the rate of interest they would have to the safest and most effective regulator. When anypay in borrowing. It is rather strange that while thing is giving trouble, and there is agitation for
tax exemption on municipal securities has everywhere its regulation, it is quite probable that the matter
been receiving the widest.attention no one has thought can be straightened out if all of the facts are brought
it worth while, as far as our knowledge goes, to make out into the light and the situation is subjected to
a point of the fact that the huge amounts involved public opinion. It is, therefore, most gratifying
in the incomes of State and Municipal officials and that the Federal Reserve Board has determined to
employees were absolutely and completely escaping publish authentic figures in respect to brokers'
all Federal taxation. Yet the sum of income involved loans. Authentic statistics of these loans have
in municipal bond exemption is a mere bagatelle as never been available. The various estimates that
compared with the income of the vast hordes of have been compiled privately and published from
employees. There are between 14,000,000,000 and time to time have been mysterious,and though doubt15,000,000,000 of State and municipal bonds enjoying less close approximations have been gathered from
exemption. But of course it is only the income of unknown sources and compiled in unknown ways.
such bonds that is not subject to taxation. Allowing
Notwithstanding this, these announcements have
4% as the average interest rate on these bonds, the been powerful market factors, because it is genertotal income involved would not be much over ally realized that a top-heavy condition in connec$600,000,000, and a large part of this would not in any tion with brokers' loans is a dangerous condition,
event be liable to taxation since the bonds are held indicating technical market weakness that demands
by Savings banks and other financial institutions correction. The loans of individual banks will, of
which are not amenable to surtax rates.
course, be treated confidentially, but the totals will
In contrast with this the income of all the different be published in the Federal Reserve bulletins beginclasses of State and municipal employees (which ning February. It is the intention at first to deal
includes school teachers and everyone else holding a only with the brokers' loans of New York City
position under State and municipal Governments banks, but later on with the banks in all Reserve
down to the smallest civil civisions), cannot fail to cities. Coming voluntarily from the Federal Rerun into the billions. That this is not an exaggera- serve System, this will have far better effects than
tion will appear when we say that in the 1926 budget if required by law. The effect on the market should
for the Greater New York the payroll alone amounts be most wholesome, as publication of these figures
to $202,553,984, and the county budget adds $10,980,- will eliminate uncertainty in connection with a
202 more, making altogether $213,534,186.44 for this vital matter about which estimates and rumors
one city alone—of course by far the largest in the have been troublesome.
country. Not a penny of this is subject to the
384
THE CHRONICLE
Premier Briand has been keeping up his fight for
his policies and the financial plans of Finance Minister Doumer. His efforts have been crowned with
measurable success. At least he has staved off de=
feat if he has not scored positive successes. On Jan.
15 the Paris representative of the New York "Times"
cabled that "Premier Briand has avoided a battle.
Out-maneuvered for once and fully aware that he
had the barest chance of success on the ground on
which the Finance Commission had chosen to fight,
he grasped this afternoon a chance for a compromise, and, from now until Tuesday, when the Chamber is to meet again, will be spent in trying to patch
up an agreement." The dispatch further stated
that "this turn of events came utterly unexpectedly
and was due entirely to the Premier's quick generalship. Yesterday, when Finance Minister Doumer
went before the Finance Commission, it was to report that it must either accept his bill and its famous Article 13, establishing a tax of 1.2% on all
payments, or to present to the Chamber to-morrow
or Tuesday its own bill so that the Chamber could
decide. M. Doumer was imperative and dictatorial.
But the Commission dodged the issue. It refused
the present bloc plan as a bill and decided that the
fight, if there should be a fight, would be purely and
simply on Article 13. If that had been done the
Government was doomed,for the best M.Briand and
his lieutenant, M. Laval, could accomplish was to
win about thirty Radical votes away from the Left
bloc. M. Briand was quick to see that he must shift
his ground, but getting M. Doumer to see it was a
difficult matter. Deputy Falcoz of the Radical Socialist Party happily presented a possible way out.
M. Briand seized on his proposal and with the help
of some of the Radical Left Deputies got M. Doumer
half persuaded. 'Without giving him much time for
reflection he rushed him before the Commission and
began the hard job of smoothing matters out and fixing up a compromise which everybody could accept,
at least temporarily. What is in discussion in all
this business is simply who is to be made to pay.
Everyone is agreed that for the budget and Treasury
purposes an extra 8,000,000,000 or 9,000,000,000
francs has got to be raised. Furthermore, it has
got to be raised quickly and regularly, month by
month, if the Treasury is to be able to meet its
needs without having recourse to more inflation.
That was why M. Doumer was so obstinate about
the payments of the tax. It would bring in, he calculates, about 330,000,000 francs a month and save
the situation. The Left bloc's argument against this
is that it will tend to increase the cost of living and,
with an eye on the electors, they are anxious to avoid
that and make some one else pay. Their proposal
is that the present income and other taxes should
be more strictly applied, especially as to their effect on the rich."
In discussing the situation, the Paris representative of the New York "Times" said in a dispatch
on Jan. 16: "Among the new fiscal measures will
probably be one designed to make the French pay
personal income tax on a scale comparable with
that of England and the United States. Such a
project figured in the Left bloc program and to-day
the Chamber Finance Committee adopted the proposal as part of the projected compromise scheme.
This article provided that every Frenchman must
make a declaration of revenue whether or not it was
[VoL. 122.
subjected to the income tax. It is possible that
there will be added a clause saying that for the enjoyment of civil rights, including voting, a Frenchman must produce this report. There is small room
for doubt that if the French paid income tax as conscientiously as Englishmen there would be no need
for further measures to balance the budget. But
England has had an income tax for more than 100
years, while the French have had it slightly over
ten years. Heretofore efforts to collect the tax have
consistently met with the condition that this tax is
particularly distasteful to Frenchmen, who in the
matter of taxation have always preferred painless
extraction. As M. Caillaux once put it, the Englishman pays his income tax as he pays his butcher's
bill and just as conscientiously, while the Frenchman has not yet got over the idea that it is all right
to get out of it if one can." As to the collections last
year, the "Times" correspondent said: "Last year
1,233,772 Frenchmen paid personal income taxes,
whereas, considering the low exemption of 7,000
francs, at least four times that number should have
paid. The total received by the State from personal
income tax was 2,225,000,000, whereas, considering
the fact that the income tax plus the cedula tax
starts at 16%, the yield should have been at least
three times that amount if paid as in England. There
are in France 364 persons who pay income tax on
more than 1,000,000 francs and they pay 435,000,000, or 25% of the national debt. About 1,290
Frenchmen pay on incomes between 500,000 and
1,000,000 francs, while the largest number in any
one category, 295,000, pay on incomes between 7,000
and 10,000 francs. About 58,000 pay on 100,000
francs, which might be compared to a $5,000 income."
The correspondent observed, however, "that the
French do not pay the income tax well does not, of
course, mean that they do not pay taxes. The Treasury received in national taxes last year around 30,000,000,000 francs, which even at the present dollar
exchange—and that is an unfair way to figure it—
amounts to well over $1,000,000,000. This represents a per capita tax payment comparing favorably
with that paid in the United States but considerably
under that paid in England. What has been wrong
with the French income tax system has been the
lack of machinery for verification of incomes and
their declarations. The sponsors of the new proposal think that if every Frenchman was obliged
to make a declaration the way would be opened for
much larger collections."
Although, as shown, the French Government has
not succeeded in the collection of taxes from its own
people, it is considering the levy of an income tax on
Americans resident in France. In a special cable
dispatch on Jan. 18 the Paris representative of the
New York "Times" said: "Among the tax provisions which have been approved by the Chamber
Finance Commission is a clause which if enacted
into law and enforced might ruin the American colonies in France, the population of which now runs
into the tens of thousands, and cause a general
movement westward of resident American millionaires. This provision says that foreigners living
in France or possessing property here must in future declare their full revenues from all sources and
pay taxes on them according to the French schedule.
Enforcement of such a law might have one of two
JAN. 23 1926.]
THE CHRONICLE
effects—either drive rich Americans out of France
or else bring them to make income tax declarations
along the lines which show that 40,000,000 Frenchmen earned last year 28,000,000,000 francs, or an
average of $25 each above the exemption of 7,000
francs. Since the war the American colonies in
France have grown by leaps and bounds and a conspicuous class of these emigres from the United
States have been people of leisure having moderate
incomes who get more for them in France than they
would in America; that is, they are able to live on a
larger scale. In addition, there are a great many
rich Englishmen and Americans who own houses in
France, especially villas at resorts, where they spend
a few months each year. •There are at present 67,000
Americans living in France. The amount of gold
style money these Americans have spent within the
confines of their sister republic has never compensated the Frenchman's feeling that he is getting the
worst of it because the American with dollars could
buy many things he could not afford. The difficulty
of getting these Americans to make income tax returns and the further difficulty of French verification of those returns caused the Poincare Government to pass a law by the terms of which a foreigner
could square himself with the tax authorities by
paying income tax on seven times the amount of his
rent, it being calculated that on an average the seventh of a family's income goes to his landlord.
This was generally accepted by foreign residents in France and the law has been generally observed."
As the week progressed the Paris cable advices
indicated that Premier Briand was as determined
as ever to succeed with his policies, and particularly
that Finance Minister Doumer's financial proposals should be adopted by Parliament. On Jan. 19
it was stated in a special Paris cablegram to the New
York "Times" that "Premier Briand's determination to get adopted by both the Chamber and Senate
a finance law which will cover all budgetary and
Treasury necessities is the central pivot of the whole
French political situation." The correspondent
suggested that "with any one else as Premier there
would be an open crisis, for the Commission having
rejected the Finance Minister's proposals and substituted a bill of its own, there would normally be no
alternative but for the Finance Minister, and possibly the Government to resign. But M. Briand,
after the Cabinet meeting this morning, sent M. Doumer back before the Commission with instructions
to seek a new ground of conciliation and compromise." He also stated that "all his endeavor is to
secure a bill which will pass the Chamber and Senate and provide enough money for all needs, and he
is almost indifferent as to whether it is his Finance
Minister's bill or any other. His intention is to let
the Chamber decide and take the responsibility of
its action." Continuing his comment, the "Times"
correspondent admitted that "all his plans, however,
have been somewhat compromised by the attitude
of his Finance Minister. M.Doumer does not believe
the Commission's proposals will meet the necessities of the situation, especially the immediate necessities, and he frankly told the Commission so today. He has none of M. Briand's conciliafory spirit
and the impression he made to-day was distinctly
unfavorable. Between him and the Commission
there is little possibility of an understanding, and
385
it is scarcely likely that M. Doumer will survive the
Chamber debate if even he gets so far."
Word came from Paris Wednesday afternoon
through an Associated Press dispatch that "the Finance Committee of the Chamber of Deputies this
morning decided it was unable to continue discussion of the financial bills with Finance Minister
Doumer, and adopted a resolution to the effect that
it would hear Premier Briand at the earliest moment." It was expected then that the Premier would
appear before the committee later in the day. Apparently he did not do so.
After an interval of six weeks Germany has a
Cabinet again. Chancellor Luther on Jan. 16 submitted to the party leaders a tentative list of names.
It was laid before President von Hindenburg the
next day. He made formal announcement of the
Cabinet on Wednesday. Dr. Gustav Stresemann
continues as Minister of Foreign Affairs, Dr. Erich
Koch was first named as Minister of War, but he
was rejected and Dr. Wilhelm Kurtz was named
in his place. Dr. Peter Reinhold is Minister of Finance. The last two named, it was stated, are the
representatives of the Democratic Party. The People's Party is represented by Dr. Stresemann, and
Dr. Hepp, Minister of Food. It was further explained that the delegates of the Catholic Centre
"hold the Justice, Commerce and Labor portfolios."
Commenting on the make-up of the Cabinet, the
Berlin correspondent of the New York "Evening
Post" characterized it as "a minority Government."
He also said that,"although from the international
standpoint the chief interest lies in the retention of
Gustav Stresemann as Foreign Minister, there is
importance in the fact that the changes which have
been made point the Government in the direction
of the Left rather than the Right. The make-up
seems to indicate that the new Government, which
is entirely dependent on Parliament, since it does
not control a majority, will look to the Social Democrats and the Left for support rather than to the
German Nationalists and the Right. This fact will
also recommend it to Foreign Governments, especially to France, where apprehensions regarding
the Nationalists have been revived, since they broke
up the last Government over their refusal to ratify
the Locarno treaties."
Subsequent Berlin dispatches indicated that President Hindenburg had to take the situation in hand
before an agreement was finally reached between
the different political factions. Contrary to earlier
dispatches, the Cabinet was not finally completed
until Tuesday night, Jan. 19. In a special wireless
message that evening from the German capital to
the New York "Times" it was stated that "Chancellor Luther succeeded in completing his second Cabinet to-night after a six weeks' crisis, but only after
President von Hindenburg had called in Dr. Luther
and the leaders of the four middle parties and given
them four hours to come to an agreement on the
composition of a Little Coalition or give up the attempt? It was added that "the President addressed
them as though they had been army Generals. He
showed patience while Dr. Luther was trying to get
the parties to reach an accord. Then in words few
and plain he told them that his patience was exhausted and that unless an agreement were reached
without further delay it would be necessary for him
386
Trim CHRONICLE
[VOL. 122.
from a special Paris dispatch on Jan. 21: "A special committee of the Council of National Defense
met to-day to prepare the French position to be
taken at the preparatory disarmament meeting in
Geneva on Feb. 15. The committee's recommenddations will be submitted next week at a full meeting of the Council, headed by President Doumergue.
Paul Boncour, Chaiiman of the special committee,
will be head of the French delegation and it will be
recalled that he brought forward at Geneva in December a long list of complicated issues, which have
been placed on the program of the February meeting. It is M. Boncour's theme that the real problem
of arms limitation cannot be solved by a simple limApparently in Berlin it is not expected that the itation of military forces, but that the issues of senew Cabinet will accomplish much of importance. curity and of the limitation of war-time forces, as
Cabling on Jan. 20, the representative in the Ger- well as peace-time forces, must be considered."
man capital of the New York "Herald Tribune" deThe following interesting announcement was caclared that "the new German Cabinet, formed last
night under pressure from President von Hinden- bled from Geneva to the New York "Times" under
burg after six weeks of tedious maneuvering, can- date of Jan. 15: "Following negotiations covering
not look forward to very smooth sailing. It is a several months, the United States Government has
minority Cabinet thrown together after innumer- notified the Secretary-General of the League of Naable attempts to form a more workmanlike Ministry. tions that it is willing to transmit to the Secretariat
It is dependent for support, before any action can all treaties entered into by it, and has no objection
be taken on domestic or foreign affairs, on groups of to their inclusion in the League treaty series. It is
the Right or Left, and the present attitude of these expressly understood, however, that this does not
groups varies from suspicion to open hostility."
imply registration of these treaties or agreements
In a special wireless message from Berlin to the with the Secretary, as the United States is not a
New York "Times" on Jan. 21 it was stated that "as member of the League. In acknowledging receipt of
soon as the new Luther Cabinet is brought into con- the communication, which was sent by the American
stitutional being next week by the approval of the Consul here, Pickney Tuck, Sir Erick Drummond,
Reichstag, tacit or otherwise, Germany's diplomatic Secretary-General of the League, expressed the apthoughts will turn to Geneva. Foreign Minister preciation which he 'felt sure all the States members
Stresemann; it was admitted in official quarters to- of the League feel,' and added that while almost all
day, would greatly like to pay Premier Briand a the American treaties had now been registered with
visit in Paris in the near future to discuss with him the League by the other contracting parties, the
various ramifications of the Reich's entry into the action of the American Government tended to make
League of Nations. It was emphatically added, the treaty series of the League a more complete dehowever, that the meeting would be contingent upon pository of all treaties."
French manifestations of willingness to reduce her
The Associated Press representative at the same
occupation forces in the Rhineland to an extent centre cabled that "It has been a long time since
commensurate with the implicit pledges made at news concerning the relations of the United States
Locarno."
with the League of Nations has caused more pleasure in League circles than to-day's announcement
Judging from dispatches from various European that henceforth the American Government will
centres, there seenic to be a very fair possibility that transmit all treaties signed by the United States
"the initial meeting of the Preparatory Disarma- for insertion as part of the League treaty series. It
ment Commission will be postponed from Feb. 15, means that new t: eaties entered into by the United
the date originally set, until the latter part of States with Ecuador, Russia, Egypt, Afghanistan,
April." In a special Geneva cable message to the Turkey and Mexico, which likewise are non-memNew York "Times" on Jan. 20 it was asserted that bers, can form a part of the series. League officials
"postponement of the first meeting of the Prepara- said they deemed the Washington action as a
tory Commission for Disarmament, which was fixed friendly gesture of co-operation with the League,
by the League Council for Feb. 15, is now certain. carried out to further the policy of publicity and
The new date will be decided on by Austen Chamber- open diplomacy. They declared there was a time
lain and Premier Eriand upon the former's visit to when League communications remained unanswered
Paris in two weeks' time, but there is reason to be- for as much as eight months, while now all queries
lieve that the delay will not exceed five weeks." It sent to Washington are answered promptly and
was stated also that, "while the inspiration for the fully; that the American Government sends in regudelay originated in London and Paris, other nations larly information on technical and statistical matparticipating agree that a postponement of several ters, and has given complete information on such
weeks would be advisable. Not only will this per- subjects as opium and the white slave traffic."
From Washington came an Associated Press dismit Germany to sit in the Commission as a full member of the League, but it will give Russia time to patch explaining that "the permission given to the
regulate her differences with Switzerland and to League of Nations to publish American treaties apmake up her mind to participate in the disarma- plies to treaties with nations which are not members
of the League, as well as those with nations having
ment work."
That the initial meeting may be held on Feb. 15 League membership. All treaties of the Unit- -1
after all, was indicated in the following excerpt States are made lo.blic here on ratification, and the
to try to find some other solution." The "Times"
correspondent claimed that "though the President's
signature was the prime factor in reaching a quick
decision, they were also influenced by rumors that
a dictatorship, composed of Chancellor Luther, Foreign Minister Stresemann and Dr. Schacht, President of the Reichsbank, which had grown more and
more ominous since Saturday, when the Bavarian
People's Party broke up the practically completed
Cabinet because it feared that the influence of the
Radical Democrats, who are friendly to the Socialists, would be too strong if Dr. Koch held the Interior Ministry portfolio."
JAN. 231926.1
THE CHRONICLE
Government publishes for reference purposes in a
regular series not only its treaties, but its conventions, international acts, protocols and agreements
or understandings of any formal character with foreign States."
According to an Associated Press dispatch from
Washington last evening, "subject to final action
by President Coolidge, plans for American participation in the Geneva arms limitation preparatory
discussion are taking shape on the basis of assigning
Hugh Gibson, Minister to Switzerland, as commissioner, with four technical experts—two from the
army and two from the navy—to assist him." It
was added that "the President is waiting for Congress to complete action on the $50,000 appropriation he has requested, now caught in the Senate
legislative blockade, before finally making his selections known. There is some concern at the delay,
as the delegation should sail not later than Feb. 6,
if the original February date for the opening of the
preparatory commission session is not postponed,
due to the differences between Russia and Switzerland. No official word on this point has been received."
Even early in the week the opinion was expressed
in London cable advices that "good progress" was
being made in the negotiations in London with respect to the war debt of Italy to Great Britain. The
British Government was reported to have placed its
full demand at £590,000,000, while the Italians were
said to have named a considerably smaller amount.
In a special wireless message on Jan. 18 the London
correspondent of the New York "Times" said that
"there is, however, to be a pause in the negotiations.
Churchill must leave London for a couple of days on
account of old standing political engagements in the
country. On Wednesday Volpi and the other members of his mission will take a trip to Portsmouth as
guests of Admiral Sir S. R. Freemantle, Commanderin-Chief in that part, and will inspect H. M. S.'Victory' and H. M. S.'Repulse.'"
While on Tuesday an official communique was
issued stating that "considerable progress".had been
made in the Italian war debt negotiations, the opinion was expressed in a special wireless message from
London to the New York "Times" that "it was evident there is still a great distance between what the
Italians are ready to offer and what the British are
ready to accept. The Italian figure is believed to
be about an average of £4,000,000 annually, while
the British would like to get £9,000,000, but would
probably be willing to accept seven if they can do
no better." The correspondent added that "Winston
Churchill reported to the Cabinet this morning how
his negotiations are getting on, and his statement
was considered disappointing. In seeking the relief the British taxpayer needs so greatly, Churchill
was hampered by two things. First, in his abortive
negotiation with the French last summer, Caillaux
maneuvered him into making what he considered an
irresictible piece or. generosity in reducing the British demands froin £180,000,000 to £12,500,000; and,
secondly, he is hhmpered by Secretary Mellon's declaration during Volpi's visit to Washington, that
Italian resources available for the debt were only
one-sixth of thcse of France." According to a special wireless message to the New York "Evening
Post," on Jan. 20, "the Italian debt negotiations between Winston Churchill, British Chancellor of the
387
Exchequer, and Count Volpi, the Italian Finance
Minister, have taken a decidedly hopeful turn and
they may result in an agreement before the end of
the week." It was added that, "unless a hitch occurs in the present line of discussions, Mr. Churchill will succeed in his main object of getting fairly
large immediate annuities from Italy, although malting terms which, on the average, are slightly more
generous than the terms of the American settlement with Italy."
The latest developments in the negotiations were
outlined as follows in a special London cable message to the N'3w; York "Times" under date of Jan.
21%: "That Italy's indebtedness to Britain should
be discharged within 62 years and that, subject to
an Italian reservation on a partial moratorium for
the initial years, it should be diseharged in the shape
of standard or uniform annuities, were the principles agreed upon at Tuesday's Italian debt conference, according to the diplomatic correspondent of
the 'Daily Telegraph.' No agreement as to the figures was reached. Chancellor of the Exchequer
Churchill is stated to have intimated his willingness
to concede the Italian claim for a reduction of the
accrued interest on British advances to Italy. This
would scale Italy's net indebtedness to this country
down to the neighborhood of £500,000,000, as against
the original estimate of £560,000,000. Count Volpi,
without making an absolutely firm offer, is said to
have suggested that Italy might be willing
to pay a flat annuity of £4,500,000, but would
probably require a five-year partial moratorium,
during which much smaller annuities would be paid.
It is pointed out that an annuity of £4,500,000 represents a reduction of only just over a penny in the
pound in the British income tax, and if paid for 62
years would give a total of £279,000,000, or almost
exactly half of the debt as Britain figures it at present?
The American Congress has made progress in
ratifying war debt plans already agreed upon by
commissions of several European countries and the
American War Debt Commission. On Jan. 15, "by
a vote of 257 to 133 the House of Representatives
gave its approval to the debt settlement under which
the Italian Government pledged itself to discharge
its World War debt of $2,042,000,000 to the United
States by annual payments running over a period
of 62 years." It was added that "the compact now
goes to the Senate, where it is expected to meet
more determined opposition than was presented in
the House. But while there may be delay in the
Senate, Administration leaders express confidence
that the upper branch eventually will vote for ratification."
The very next day the House approved five more
European war debt agreements. According to a special Washington dispatch to the New York "Times"
these agreements "provide for payments to the
United States aggregating $596,975,000." It was
added that "the agreements approved by the House
and forwarded to the Senate for its concurrence
were those negotiated with Belgium, Czechoslovakia,
Rumania, Esthonia and Latvia. Each provides for
annual payments to be made in 62 years, the individual amounts being as follows: Belgium, $417,780,000; Czechoslovakia, $115,000,000; Rumania,
$44,590,000; Esthonia, $13,830,000; Latvia, $5,775,000; total, $596,975,000." The correspondent fur-
388 -
THE CHRONICLE
ther stated that "there was no party division in the
votes taken on these agreements. The Belgian agreement was ratified by a vote of 314 to 24; Rumania,
285 to 38; Esthonia, 255 to 15; Latvia, 240 to 6, and
Czechoslovakia, 287 to 32. The Esthonian and Latvian settlements went through without record votes.
Roll-calls were demanded on the others. Of those
who voted against the Belgian agreement, fourteen
were Democrats and eight were Republicans. One
Socialist and one Farmer-Labor member voted in
the negative."
[Von. 122.
rupted until next Wednesday as a sign of mourning
for the dead Queen, Premier Mussolini suddenly
jumped up and said that as the Aventine opposition
had returned to the Chamber he intended that the
'moral question' should be discussed and solved immediately. Therefore, he proposed that a special
sitting of the Chamber be held to-morrow for this
purpose. While Premier Mussolini spoke, the majority of the Aventines either took refuge in the
library or fled from the Parliament building, knowing what was likely to follow. As soon as the Premier had left the Government bench a group of
Fascist Deputies dashed at the remaining Aventines who had stood their ground, dragged them out
of their seats by their hair, rushed them to the main
entrance of the Parliament building, meanwhile
kicking and striking them with much violence, and
threw them outside. Three of the Aventines sustained bruises and cuts."
The Aventine delegates did not appear in the
Chamber the next day to participate in the solution
of the "moral question" proposed by Mussolini. The
New. York "Times" representative in the Italian
capital said that, "as the Aventine opposition did
not appear at the special sitting of the Chamber of
Deputies to-day to formulate their accusations
against Premier Mussolini, the Premier was the only
speaker. He aroused enthusiasm among his listeners by the statement that never, as long as he remained at his post—and he expected and intended
to remain there a very long time—would he allow
the Aventine opposition to return to the Chamber
unless they publicly admitted their defeat and confessed that their accusations against Fascismo were
'a scandalous tissue of falsehoods.'"
On Jan. 18, "by a vote of 359 to 1, the House approved a resolution to authorize the appropriation
of $50,000 to defray expenses of American delegates
to the preliminary disarmament conference arranged
by the League of Nations for February." It was
added that "Representative Connery, Democrat,
Massachusetts, cast the single vote against the resolution, which now goes to the Senate for final action. Mr. Connery did not explain his stand." The
Associated Press correspondent explained that "the
resolution complied with a request by President
Coolidge, who, in a special message, explained that
the appropriation would permit acceptance of an
invitation by the Council of the League to attend the
conference, which is to be held at Geneva."
Two days later Henry Berenger, the new French
Ambassador, presented his credentials to President
Coolidge. Washington dispatches stated that "he
gave assurances that France was resolved to settle
her war debts to the United States 'as promptly and
as fully as her present and future possibilities will
allow.'" It was reported that "in replying, President Coolidge expressed hope that 'a fair and honorable adjustment' of the problem would be reached
'in the near future.' The President said 'there
Official bank rates at leading European centres
should be no insuperable difficulty' in arriving at have not been changed from 8% in Berlin; 7% in
such an agreement."
Italy and Belgium;6% in Paris and Norway; 511/27
0
in Denmark; 5% in London and Madrid; 41/
2% in
Premier Mussolini of Italy has been having fresh Sweden and 3/
1
2% in Holland and Switzerland. Open
trouble with "a small group of secessionists in the market discounts in London continue firm; both
Chamber of Deputies, or so-called Aventine Depu- short bills and three months' bills were quoted durties." It developed at the first sitting of the Cham- ing the week at 47
/
8%,but the former closed at4%@
ber after the Christmas recess (Jan. 16) which, ac- 43
4% and the latter at 434%, as compared with a
cording to a special wireless message from Rome to range of 434@47
/
8% for the former and 47
/
8@
the New York "Times" that evening, "should have 4 15-16% for the latter a week ago. Money on call
been dedicated to a solemn commemoration of Queen at the British centre was strong, touching 4%%,
Margherita, was marred by stormy scenes between but finished at 41/
8%, against 3/
1
2% last week. In
the Fascisti and a small group of secessionists, or Paris the open market discount rate remains at
so-called Aventine Deputies, who thought to take 4/
1
2% and at Switzerland 2%7
0.
advantage of the special character of to-day's sitting to re-enter the Chamber unmolested by the
Further contraction in gold amounting to £539,Fascisti." It was added that, "hardly had the last 752 was indicated by the weekly statement of the
speaker finished extolling the virtues in peace and Bank of England, although, as was the case last
war of the dead Queen when Fascist Deputiesi week, this was accompanied by shrinkage in note
rushed at the Aventine Deputies and violently circulation (£847,000), bringing an increase in reejected them from the Parliament building, after serve in the banking department of £308,000. Moresome blows had been exchanged. Three of the Aven- over, the proportion of reserve to liabilities adtines were slightly injured in the scuffle." The cor- vanced slightly—to 17.42%, in comparison with
respondent likewise explained that "the Aventine 17.17% a week ago and 15.36% for the week of
opposition left the Chamber immediately after the Jan. 6. At this time last year the ratio stood at
Matteotti murder, declaring that they would not re- 18% and in 1924 also at 18%.1 Public deposits
enter it as long as Fascismo remained in power, as again increased, viz., £5,626,000, but there was a
there was a 'moral question' against Premier Mus- contraction in "other" deposits of £5,703,000. The
solini, whom they openly accused of being impli- Bank's temporary loans to the Government were
cated in the killing of the Socialist Deputy." Con- reduced £1,285,000, while loans on other securities
tinuing his account, he said: "At the end of to-day's declined £1,641,000. Gold holdings have been resitting, when the President of the Chamber had al- duced to £143,711,895, which compares with £128,ready proposed that the sitting should be inter- 571,640 a year ago (before the transfer to the Bank
JAN. 231926.]
THE CHRONICLE
of England of the £27,000,000 formerly held by the
Redemption Account of the Currency Note issue),
and £128,076,077 in 1924. Reserve totals £22,421,000, as against £23,478,320 in 1925 and £22,682,897 a
year earlier. Note circulation is now £141,060,000,
in comparison with £124,843,320 last year and £125,143,180 the year before that. The loan total aggregates £78,365,000. A year ago it was £75,279,527
and in 1924 £71,471,023. The Bank's official discount rate remains at 5%, unchanged. Clearings
through the London banks for the week were £756,913,000, which compares with £812,053,000 last week
and £766,102,000 a year ago. We append comparisons of the different items of the Bank of England
return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1926.
1925.
1924.
1923.
Jan. 20.
Jan. 25.
Jan. 21.
Jan. 23.
Jan. 24.
Circulation
8141,060,000
Public deposits
22.066,000
Other deposits
109,147,000
Govt. securities_
45,868,000
Other securities
78,365,000
Reserve notes & coin 22,421,000
Coin and builion_a143,711,895
Proportion of reserve
to liabilities
17.42%
Bank rate
5%
124,843,320
22,922,608
107,006,810
49,213,492
75,279,527
23,478,320
128,571,640
125,143,180
13,611,617
112,429,695
49,942,032
71,471,923
22,682,897
128,076.077
120,798,570
11,372.032
114.431.342
53,444,811
65,238.047
25,140,584
127,489,154
122.205,840
14,524,254
120.928,852
45,078,686
83,667,488
24.691,277
128.447,117
18.2%
20%
18%
5%
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.
b Beginning with the statement for April 29 1925, includes £27,000.000 of Bank
of England notes Issued In return for the same amount of gold coin and bullion held
up to that time In redemption account of currency note issue.
18%
4%
000 marks, although other maturing liabilities expanded 176,728,000 marks and other liabilities 36,849,000 marks. On the assets' side holdings of bills
of exchange and checks and advances declined approximately 177,106,000 marks. Gold gained 31,000
marks. A later statement, issued as of Jan. 15, received by cable on Thursday, indicated a further
reduction in note circulation amounting to 224,079,000 marks. Other maturing obligations declined 13,602,000 marks, while other liabilities increased 32,256,000 marks. Material changes likewise occurred
in assets. Bills of exchange and checks fell 200,901,000 marks, and reserve in foreign currencies 34,566,000 marks. Silver and other coins expanded 7,195,000 marks, and notes on other banks 14,768,000
marks. Increases were also recorded of 513,000
marks in investments and 2,574,000 marks in other
assets. There was a nominal decline in deposits
held abroad-2,000 marks. Gold and bullion holdings expanded 328,000 marks, so that the Bank's
stock on hand aggregates 1,208,433,000 marks, as
compared with 791.652,000 marks last year and 467,030,000 marks in 1924. Outstanding note circulation totals 2,508,030,000 marks.
The Bank of France continues to show small
gains in the gold item, the increase the present
week being 22,100 francs. Total gold holdings are
thus brought up to 5,548,146,100 francs. Last
year at this time gold holdings stood at 5,545,485,840
francs and the year previous at 5,540,836,840 francs.
Of these amounts 1,864,320,907 francs were held
abroad in each of the years 1926, 1925 and 1924.
A reduction of 510,095,000 francs occurred in note
circulation the present week, bringing the total
amount of notes in circulation down to 50,717,769,165 francs, which compares with 40,601,870,615
francs for the corresponding date last year and
38,329,145,200 francs the year before. The French
Government repaid 50,000,000 francs more of its
borrowings from the Bank, reducing the total of
advances to the State to 34,800,000,000 francs.
miring the week silver increased 946,000 francs,
advances increased 7,852,000 francs and general
deposits rose 199,766,000 francs, while, on the
other hand, bills discounted decreased 331,209,000
francs and Treasury deposits fell off 34,868,000
francs. Comparison of the different items in this
week's return with the figures of last week and
with corresponding dates in both 1925 and 1924
are as follows:
BANK OF FRANCE'S COMFARATIVL STATEMENT.
Changes
&taus as of
for Week.
Jan. 211926, Jan. 22 1925. Jan. 24 1924,
Francs.
Gold Holdings—
Francs.
Francs.
Francs,
Inc.
22,100 3,683,825,193 3,681,164,932 3,676,515.933
In France
Unchanged
Abroad
1,864,320,907 1,864,320,907.1.864,320,907
Inc.
22,100 .5,548.146.100_5,545,485,840 5,540,836,840
_Total
Inc.-946,000
Silver
323,306,261
304,284,856--296,973717-3
Dec
.331,209,000
discounted—
2.954,328,117 5,523,989,031 3,668,741,317
Bills
Inc. 7,852,000 2.535.290.813 3,011,960,442 2,434,610,364
Advances
Note circulation_ _Dec. 510,095.000 50,717,769,165 40,601.870,615 38.329,145,200
5,481,617
Treasury deposits_Dec. .34,868,000
15.770.972
21,287,093
General deposits,..Inc. 199,766.000 3,352,317.751 1,966,686,036 2,372,219,150
The Imperial Blink of Germany's statement for
the week ending Jan. 7, which was received too late
for inclusion in last week's issue of the "Chronicle,"
recorded a reduction in note circulation of 228,334,-
389
The weekly statements of the Federal Reserve
banks issued on Thursday show the same general
trend as those made public a week earlier, namely,
larger gold reserves and further shrinkage in both
rediscounting and open market dealings. The report of the System revealed an increase in gold holdings of $15,000,700. Rediscounts of paper secured
by Government obligations fell $53,300,000. In
"other" bills there was an increase of $700,000,
hence total bills discounted for the week were reduced $52,600,000. Holdings of bills bought in the
open market decreased $21,600,000. Reductions of
considerable volume were likewise shown in the
following items: Total bills and securities (earning assets), $73,500,000, Federal Reserve notes in
actual circulation $41,200,000 and deposits $26,000,000. At New York an addition to gold reserve of
$28,000,000 occurred. Rediscounts of all classes of
paper were reducerl $52,600,000, with the result that
total bills held fell to $1184918,000, as against $171,559,000 last week. At this time a year ago, however, the amount outstanding was only $39,679,000.
Open market purchases were smaller—$4,000,000.
Total bills and securities declined $56,900,000 and
deposits $24,600,000. The amount of Federal Reserve notes in circulation dropped $4,000,000. In
both local and national statements member bank reserve accounts were reduced, $26,000,000 for the
former and $37,000,000 for the latter. Larger gold
holdings, coupled with contraction in deposits had
the effect of raising reserve ratios. For the banks
as a group the ratio advanced 1.7%, to 74.4%, while
at New York there was an increase of 4.2%, to
86.0%.
Restoration of a substantial surplus reserve was
the principal feature of last Saturday's statement
of New York Clearing House banks and trust companies. This was brought about mainly- by expansion of more than $54,000,000 in the reserves of
member banks at the Federal Reserve institution.
Heavy liquidation of securities on the Stock Exchange was mainly responsible for a decline in loans
of $56,353,000. Deposits, on the other hand, showed
only minor changes. Net demand deposits increased
390
THE CHRONICLE
$853,000, to $4,487,670,000, which is exclusive of
$43,786,000 in Government deposits. Time deposits
declined to $577,830;000, a falling off for the week
of $754,000. Cash in own vaults of members of the
Federal Reserve Bank was reduced $4,405,000, to
$47,465,000, although this sum is not counted as reserve. State bank and trust company reserves in
own vaults dropped $322,000, but reserves of these
institutions kept in other depositories rose $96,000.
As shown above, member banks added to their reserves at the Reserve bank $54,763,000. Surplus reserves increased $54,423,900; hence, after deducting
last week's deficit in reserve of $29,213,340, this left
excess reserves of $25,210,560. These figures for
surplus are on-the basis of 13% legal reserves against
demand deposits for member banks of the Federal
Reserve, but do not include $47,465,000 held in own
vault by these member banks on Saturday last.
[VOL. 122.
local and country banks and the market was fairly
active.
Banks' and bankers' acceptances remain at the
levels previously current. Here also a more active
inquiry developed, although trading was restricted
by lack of offerings of prime names. Interior institutions furnished most of the business transacted.
For call loans against bankers' acceptances the
posted rate of the American Aceeptance Council is
still 332%,the same as a week ago. The Acceptance
Council makes the discount rate on prime bankers'
acceptances eligible for purchase by the Federal
Reserve banks 35A% bid and 33/2% asked for bills
running'30 days, 3%% bid and 3/% asked for 60
days, 3Y% bid and 33
4% asked for 90 days, 4%
bid and 3%% asked for 120 days, 438% bid and
4% asked for 150 days and OA% bid and 4%
asked for 180 days. Open market quotations are as
follows:
The chief characteristics of the local money marSPOT DELIVERY.
90 Days.
ket were its continued ease and freedom from un60 Days.
30 Days.
Prime eligible bills
3%@33(
3M039
MOM
usual features. Call loans were quoted as low as
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
4% in the regular market and 3/
3M bid
1
2% in the outside Eligible non-member banks
3s4 bid
market, while time accommodations were easily obtainable at 43
/
4@47
/
8%. The liquidation of stocks
There have been no changes this week in Federal
that was attributed chiefly to the announcement
Reserve Bank rates. The following is the schedule
that brokers' loans are to be made public officially
of rates now in effect for the various classes of paper
each month, beginning Feb. 1, should have helped
the different Reserve banks:
at
considerably to readjust the collateral loan position.
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
It would seem safe t oassume that before the first
JAN. 22 1926,
official publication of the figures is made loans will
Payer Maturing—
have been reduced considerably from the high levels
After 90 After 6
Within
Days, but
prevailing until very recently. In important cirbut
90 Daye.
Within 8 Withia 9
RESERVE
Months. Months
cles the further suggestion is offered that the put- raDERAL
BANK.
Com'rcial Secured
ting of this plan into effect should tend to check
& by U. S. Bankers Trade Agrical.• Aeries!
Livestock Governm't AccepAccepand
and
over-speculation and also over-extension of loans
Paper. Oblioa- lances. lances Livestock Livestod
n.e.s.
Paper.
Nona.
Paper
with which to finance that degree of speculation.
4
4
doston
4
4
4
4
Otherwise there were no striking developments hav- Slew
York
4
4
4
4
4
4
Philadelphia
4
a
4
4
4
4
ing a direct bearing on the money market. The Cleveland
a
a
4
4
4
a
Richmond
a
4
a
4
4
a
Government was hot an important factor. General ltlanta
a
4
a
4
.4
a
Chicago
4
a
4
a
a
a
business appears to be going along about as usual. St.
Louis
a
a
a
4
a
a
Minneapolis
a
4
a
a
i
a
Offerings of new domestic securities on a good-sized Kansas City
a
a
a
a
a
a
Dallas
a
a
a
a
a
a
scale continue, but there appears to have been some 11111 Francisco
4
4
4
4
4
a
Including bankers acceptances drawn for an agricultural purpose and secured
slackening with respect to foreign offerings. Still, di•warehouse
receipts,. &o.
they are coming along at rather frequent intervals
and for fairly large amounts.
The sterling exchange market gave a good account
of itself and, contrary to the expectations of those
Dealing with specific rates for money, call loans who had been predicting a lowering in values from
this week covered a range of 4@432%,the same as the high point of last week, further good gains were
last week. On Monday a flat rate of 43'% was made,thatsent demand bills up to 4 86 1-16,the highquoted, this being the high, the low and the ruling est point in nearly a year. In fact this level has only
figure for the day. Tuesday renewals were again been reached on two occasions (in May and June of
made at 43/2%, the high, but before the close there 1925)in a long term of years. A quotation of 4 86 1-16
was a decline to 4%,the low. During the remainder brings demand very close to par, which is $4.8665,
of the week, that is on Wednesday, Thursday and and the question naturally uppermost in the minds
Friday, all loans on call were placed at 4%, this of dealers just now, is will this pace be mained and
being the only rate named, and the renewal basis if so, how soon will it be before gold is being shipped
on each of these three days. For fixed date ma- back to London. Opinion on this subject is divided;
turities the situation remained without perceptible some bankers confidently predict that an export
change. Offerings were freer, but quotations were movement will be inaugurated by March next, wherenot changed from 4%@4%% for all periods from as others express doubt as to whether sterling will
sixty days to six months, the same as the week pre- actually go above parity. It was regarded as indicaceding. Trading was dull nad narrow, with no tive of the strong undercurrent of optimism that
large individual loans reported.
continues to prevail with respect to sterling, that
Commercial paper rates continue to be quoted nearly all of the institutions who are at present adding
at 43@432%. for four to six months' names of to their balances in London for short term investment
choice character, without alteration. Names not so are omitting the usual precautions of covering against
well known still require 43/2%. New England mill possible losses through exchange depreciation by sales
paper and the shorter choice names are being dealt of futures. Trading throughout was very active,
in at 431%. A better demand was noted from both both locally and in London and buying of sterling
JAN. 23 1926.]
TILE CHRONICLE
bills attained large proportions. Offerings were
scarce and the feature of the week was undoubtedly
the steady transfer of funds to the British centre for
the purpose of taking advantage of the higher money
rates there. One explanation of the pronounced firmness in sterling that aroused considerable interest was
that it was due in considerable measure to the short
term borrowing on the part of many of the Central
European countries which is being done in this
market, either directly or through British and German
banks. For a long period business in Germany, and
in fact most of the newly created Balkan States and
Austria, has been carried on almost wholly by means
of English or American funds, but just now continental balances are being maintained in London instead of New York because of the higher interest
rates obtainable there. However, toward the end
of the week, profit taking set in and a tendency toward
reaction developed. The result was that some of
the earlier gains were lost and demand fell back to
4 85%. Nevertheless, the fact that the decline was
limited to a small fraction was evidence of the strength
of the buying demand which was sufficient to more
than absorb all bills offered.
As to the day-to-day rates sterling exchange on
Saturday last was a shade easier, although actual
prices were virtually unchanged with, demand at
4 85 21-32@4 85, cable transfers at 4 86 1-32@
4 863/i and sixty days at 4 82 13-32@4 823/
2; trading
was dull and uninteresting. Monday's market was
quiet but steady; the range was 4 85%@4 85 13-16
for demand, 4 86@4 86 3-16 for cable transfers and
4 82%@4 82 9-16 for sixty days. Firmness featured
dealings on Tuesday and quotations advanced under
the stimulus of good buying and light offerings; demand moved up to 4 85 13-16@4 86 1-16, cable
transfers to 4 86 3-16@4 86 7-16 and sixty days to
4 82 9-16@4 82 13-16. On Wednesday profit taking
caused an easier tendency and rates receded to 4 85%
@,4 86 for demand, 4 8631@4 86% for cable transfers and 4 82%@4 829i for sixty days. Dulness
accompanied by slight irregularity featured Thursday's trading; demand covered a range of 4 85%@
4 85 29-32, cable transfers 4 86%@4 86 9-32 and
sixty days 4 823/
2@4 82 21-32. Friday the undertone steadied and moved up to 4 85 13-16@4 85%
for demand,4 85 3-16@4 863 for cable transfers and
4 82 9-16@4 825
% for sixty days; the volume of business passing was small. Closing quotations were
4 82 19-32 for sixty days, 4 85 27-32 for demand and
4 86 7-32 for cable transfers. Commercial sight bills
finished at 4 85 23-32, sixty days at 4 82 3-32, ninety
days at 4 81 11-32, documents for payment (sixty
days) at 4 82 11-16 and seven day grain bills at
4 84 19-32. Cotton and grain for payment closed at
4 85 23-32.
Indications of a movement of gold this way in the
near future were seen in the announcements that gold
to the amount of $1,000,000 is being shipped from
Montreal to New York and that the Japanese Government is sending another 2,000,000 yen from Yokohama via the SS. Tenyo Maru. The Central Bank
of Chile is shipping to its own order part of the conversion fund, of £10,000,000, which will be placed on
deposit jointly in New York and London, the gold
to arrive about February 22. The Bank of England
this week bought and sold gold in small quantities,
the latter for shipment to the Straits Settlements,
Singapore and Holland. It is understod that the
Russian Government will ship ten tons of gold and
391
platinum to London for the purpose of raising
credits.
Trading in the Continental exchanges was dull and
price movements unimportant, with one or two exceptions in the so-called minor currencies. Activity
in Japanese yen probably constituted the most interesting development in a narrow, lifeless market.
Dealings in French exchange were quiet, relatively
speaking, but a trifle irregular and francs opened at
3.77, then sold off to 3.7214. Local traders continue
to fight shy of the franc and their attitude is still
that of awaiting the result of pending developments,
politically and financially. Abroad considerable
speculation has been going on of an institutional character. A noticeable absence of outside participation,
however, is noted. Rate changes are,'therefore, said
to be due to selling by banks incidental to the exodus
of capital from France, on the one hand, and official
buying support for the purpose of stabilizing values.
That private interests are not interested is shown by
the prevailing rates on future francs, which are now
at a discount below spot, and usually determined by
the differentials in money rates between Paris and
New York. Speculation of this description, it is
claimed, has little or no influence on open market
quotations. Various methods are being resorted to
in maintaining the short position essential to such day
to day transactions. These include selling at the
high spots in antiaipation of being able to cover at
a profit before the close of the session. Paris balances
are kept down to a minimum and banks when compelled to sell checks or futures to their customers,
delay covering by cable as long as possible. As
against this, spot and future purchases receive immediate coverage. Similar tactics are being pursued
with regard to Italian and Belgian exchange, which
are being artificially sustained, with this difference—
banks instead of creating a short interest are simply
keeping their Italian and Belgian balances down to
the minimum. This is said to be due to a belief
that both of these currencies are likely to work down.4
ward before permanent stabilization is accomplished]
Belgian francs remain firm, at around 4.53, while
Italian lire hovered alternately above and below 4.03,
on small transactions. No change has as yet occurred
in either German or Austrian exchanges, which are
still nominal. Greek exchange ruled at a point or
so of 1.36, notwithstanding the setback to the Greek
debt negotiations—
. Polish zloty, on the other hand,
profitted by plans for the rehabilitation of Polish
financial affairs and the quotation touched 15.00—up
50 points from the high of last week—although losing
most of this gain before the close. Other minor
European exchanges ruled dull and unchanged. It
was stated on good authority that the foreign property taxation clause in the new French tax bill has
resulted in an increase in the outflow of funds from
France.
The London check rate on Paris finished at 129.86,
against 129.10 last week. In New York sight bills
on the French centre closed at 3.74, against 3.77;
cable transfers at 3.75, against 3.78; commercial
sight bills at 3.73, against 3.76, and commercial
sixty days at 3.683/2, against 3.713/b a week ago.
Closing rates on Antwerp francs were 4.53U for
checks and 4.549 for cable transfers, which compares
with 4.533
4 and 4.543 the previous week.liReichsmarks remain at 23.81 (one rate) for both checks and
cable transfers, the.same as heretofore. There has
392
THE CHRONICLE
been no change in the quotation for Austrian kronen
from 0.00143'. Lire closed at 4.03 for bankers'
sight bills and 4.04 for cable remittances. This
compares with 4.03 and 4.04 a week earlier. Exchange on Czechoslovakia finished at 2.96% against
2.963 on Bucharest at 0.44 against 0.45;and on Finland at 2.523 (unchanged), while Polish zloties closed
at 14.00, against 14.50 last week. Greek drachmae
finished the week at 1.353 for checks and at 1.35%
for cable transfers, in comparison with 1.36 and
1.363/i the week preceding.
There is very little to report in the way of news
developments in the neutral exchanges, formerly
so-called. Trading was listless and of small proportions. In keeping with this rate variations were
confined to a few points in either direction. Guilders
opened at 40.20, then eased off and finished at
about 40.17%. Swiss francs were firmly held, at
last week's levels or thereabouts. Denmark exchange
also opened strong, at 24.87, then reacted and
moved down to 24.76. Swedish krone remained
steady, without appreciable change. Norwegian
exchange lost 10 points to 20.26, while pesetas
finished at a small net decline.
Bankers' sight on Amsterdam finished at 40.163/2,
against 40.193/2; cable transfer at 40.183/2, against
40.213/
2; commercial sight bills at 40.083/2, against
40.113/
2, and commercial sixty days at 39.723/
2,
against 39.753/i last week. Final quotations for Swiss
francs were 19.30% for bankers' sight bills and
3 for cable transfers, as compared with 19.313/
19.31%
and 19.323/ a week ago. Copenhagen checks finished at 24.76 and cable transfers at 24.80, against
24.863/k and 24.903/2. Checks on Sweden closed at
26.72% and 26.76%, against 26.743/ and 26.783/2,
while checks on Norway closed at 20.30 and cable
transfers at 20.34, against 20.34 and 20.38 the previous week. Spanish pesetas finished the week at
14.15 for checks and at 14.17 for cable transfers. A
week earlier the close was 14.153/2 and 14.173/2.
With regard to South American exchange, declines
occurred, although trading was light and the market
quiet. Argentine checks finished lower at 41.45
for checks and at4.50for cable transfers (unchanged).
Brazilian milreis lost ground but rallied and closed
at 14.93 for checks and at 14.98 for cable transfers,
also unchanged from a week earlier,despite announce
ment of favorable financial policies by President-elect
Luis. Chilean exchange turned strong and finished at
12.04, against 11.99, but Peru was easy, closing at
3.88, the same as last week.
[VOL. 122.
against 36.85 and 37.10, and Calcutta 37@373,
against 36%@37.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL
RESERVE
BANKS TO TREASURY UNDER TARIFF ACT
OF 1922,
.JAN. 16 1928 TO JAN. 22 1926, INCLUSIVE.
Country and Moneta
Unit.
Noon Buying Rate for Cab e Transfers in New York.
Value in United Stales Money.
Jan. H. Jan. 18. Jan. 19. Jan. 20. Jan. 21. Jan. 22.
EUROPE$
g
3
$
S
$
Atutria,sehilling ---- .14051
.14057
.140E0
.14058
.14064
.14057
Belgium, franc
.0454
.0454
.0454
.0454
.0454
.0454
Bulgaria, ley
.007272 .007293 .006550 .006560 .006517 .006650
Czechoslovakia, krone .029614 .029816 .029614
.029818 .029614 .029619
&,,enmark. krone_.- .2488
.2486
.2485
.2479
.2481
.2479
England, pound sterling.8805
4.8600
.8626
4.8629
4.8617
4.8620
Finland. markka
.025214 .025208 .025208 .025203 .025210 .025210
France. franc
0377
.0377
.0374
.0374
.0374
.0374
Germany. relebsmark. .2380
.2380
.2380
.2380
.2380
.2380
Greece. drachma
.013841 .013657 .013723 .013667 .013559 .013478
Holland. guilder
.4020
.4020
.4019
.4020
.4019
.4017
IlungarY. Pengo*
.1755
.1758
.1755
.1758
.1753
.1753
Italy. Bra
.0404
.0404
.0404
.0404
.0404
.0404
Norway, krone'
.2038
.2036
.2035
.2032
.2033
.2032
Poland. zloty
1404
.1373
.1347
.1375
.1349
.1329
Portugal, eseudo___-. .0512
.0511
.0512
.0513
.0511
.0511
Rumania.leu
.004464 .004484 .004491 .004494 .004440 .004398
S(Min. peseta
.1416
.1416
.1415
.1416
.1418
.1418
Sweden, krona....... .2677
.2678
.2877
.2678
.2677
.2676
iwitserland, franc.- .1932
.1931
.1932
.1932
.1931
Yugoslavia, dinar..._ .017701 .017721 .017712 .017712 .1932
.017700 .017899
ASIAChinaChafe°, tadl
.7742
.7713
.7754
.7733
.7700
.7721
Hankow.tael
.7666
.7647
.7672
.7659
.7644
.7647
Shanghai. tael
.7446
.7425
.7445
.7429
.7404
.7408
Tientsin, tee!
7850
.7817
.7871
.7842
.7800
.7817
Hong Kong, dollar_ .5829
.5821
.5831
.5819
.5804
.5806
Mexican dollar_
.5403
.5390
.5408
.5400
.5396
.5413
Tientsin or Peiyanti,
dollar
.5421
.5408
.5429
.5413
.5408
.5417
Yuan, dollar
.5533
.5533
.5554
.5546
.5538
.5546
India.rupee
.3668
.3669
.3672
.3673
.3672
.3670
Japan, yen
.4448
.4443
.4433
.4468
.4491
.4477
Singapore(S.S.), dollar .5663
.5663
.5663
.5663
.5663
.5658
NORTH AMER.Canada, dollar
.997768 .997719 .997456 .997924 .997913 .998025
Cuba, peso
998875 .998625 .998750 .998750 .998750 .999414
Mexico. polo
484000 .486000 .484333 .484167 .483967 .484300
Newfoundland. dolls .995375 .995125 .994938 .995438 .995781 .995563
SOUTH AMER-Argentina. peso (gold) .9416
.9415
.9417
.9413
.9412
.9418
Brasil, mllreis
.1489
.1489
.1498
.1500
.1501
.1497
Chile. peso (paper)._ .1202
.1207
.1210
.1213
.1207
.1206
...No
,ccnx
,0512
1 /121 A
I nznii
1 /1.11.3
No16.-12.500 Hungarian Krones equal 1 Pengo.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,441,359 net in cash as a result of the currency movements for the week ended Jan. 22.
Their receipts from the interior have aggregated
$5,107,359, while the shipments have reached $666,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended January 22.
Banks'interior movement
Into
Banks.
85.107,3591
OW of
Banks.
Gain or LOss
to Banks.
1866,000 Gain 84.441.359
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operaFar Eastern exchange again came to the front by tions on the Clearing House institutions.
The Fedreason of the excitement and strength in Japanese eral Reserve Bank of New York was
creditor at the
yen which under the stimulus of brisk buying soared Clearing House each day as follows:
to 45.08, or the highest point since 1923. The ad-: DAILY CREDIT BALANCES OF NEW
YORK FEDERAL RESERVE BANE
vance is regarded as almost wholly of speculative
AT CLEARING HOUSE.
origin and based partly on expectations of a rapid Saturday, Monday, Tuesday, Wednead'y, Thursday, Friday,
Aggregate
return to a gold basis and belief that higher values Jan. 16. Jan. 18. Jan. 19. Jan. 20. Jan. 21. Jan. 22. for 1Veek.
$
8
$
$
3
I
$
3
are warranted by Japan's trade position. Bankers 97,000,000 110.000000
84.000.060 99,000,000 99,000.000 90.000,000 Cr 579,000,000
in close touch with the situation, however, deny Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
that any attempt will be made to restore gold parity 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
at the present time, since undue haste might bring House institutions, as only the items payable in New York City are represented in
daily balances. The large volume of checks on institutions located outside of
depression in trade. Hong Kong closed the week the
New York are not accounted for in arriving at these balances, as such cheeks do
not pass through the Clearing House but are deposited with the Federal
at 58A@59, against 58/@593,Shanghai at 75%@ Bank for collection for the account of the local Clearing House banks. Reserve
7534, against 76@773/2, Yokohama 45@453,against
443"i@444; Manila 47@47%, against 49%@509g;
The following table indicates the amount of bulSingapore 57@57% (unchanged); Bombay 36%@37, lion in the principal European banks:
JAN. 23 1926.]
THE CHRONICLE
January 21 1926.
January 23 1925.
Banks of
Gold.
I
Silver.
Total.
Gold.
Sliver.
Total.
£
£
£
England __ 143,711,895
143,711,895 128,571,640
128,571.640
France a 147,353,008 12,920,000160,273,008 147,246,598 12,160,000 159,406.588
Germany c 50,186,440 d994,600 51,181,
29.650.550
994,600 30,845,150
Aus.-Hun. b2,000,000
b
62,000,000 1,2,000,000
b2,000,000
Spain
101,478,000 26,049,000127,527,000 101,424,000 26,035,000 127,459,000
Italy
35,665,000 3,394,000, 39,059,000 35,583,000 3,374,000 38,957,000
NetherYds 36,647,000 2,060,000: 38,707,
42,043,000 1,092,000 43,135,000
Nat. Belg_ 10,954,000 3,644,000: 14,598,000 10,890,000 2,961,000 13,851,000
Switzerrd_ 18,286,000 3,655,000' 21,941,000 20,240,000 3,552,000 23,792.000
Sweden__ _ 12,778,000
12,778,000 13,096,000
13,096,000
Denmark _ 11,626,00
752,0001 12,378,000 11,640,000 1,154,000 12,794,000
Norway
8,180,000
I 8,180,000 8,180,000
8,180,000
I
Total week 578,865,343 53,468,600'632,333,9431550,564,788 51,322,600601,887,388
Prey. week 579,456,021 53,313,600 632,769,621 550,058,409 51,052,600601,111,009
a Gold holdings of the Bank of France thls year are exclusive
£74,572,838
held abroad. b No recent figures. c Gold ho dings of the Bank ofofGermany this
Year are exclusive of £10,218,800 held abroad. d As of Oct. 7 1924.
What the Senate Thinks of the World Court.
One of the best known and most experienced correspondents of the New York "Herald Tribune,"
writing from Washington on Tuesday, made some
remarks about the state of mind of the Senate regarding the World Court issue that should cause
serious reflection. Of the forty or so Republican
Senators, he declared, who have been listed as intending to vote for the World Court, not more than
five have any interest in the subject comparable to
the zeal and enthusiasm with which Senator Borah
opposes the project. They intend, apparently, to
vote in the affirmative when the day for voting
comes, but they will do so half-heartedly, and with
much anxious misgiving regarding the effect of their
action upon the immediate future of their party and
their own political prospects. They have been going
ahead, or preparing to go ahead, because the Republican platform of 1924 indorsed the Court and because President Coolidge has declared himself in
favor of joining it, but in their hearts they are becoming more and more convinced that the entry of
the United States into the World Court would be an
error of political judgment, an action inconsistent
with the record of the Republican Party, and a step
for which the country is not ready. The newer Senators in particular, the "Herald Tribune" correspondent points out, have discovered that the older
Senate leaders are less convinced and much less
zealous in the matter than they had supposed, with
the result that the newer members are inclining to
reliance upon their own individual judgments and
their own understanding of public opinion in their
several States. It is from these newer Senators, the
correspondent declares, that revolt against the Court
proposal, if it comes, will draw substantial support.
Generalized statements of this kind, naturally, are
not susceptible of categorical proof, and thick-andthin advocates of the World Court may be tempted
to regard them as springing from a wish that is
father to the thought. Coming as they do, however,
from a correspondent long intimately acquainted
with men of all parties at Washington, they are entitled to be weighed and pondered, and the more because they appear to be fully borne out by other
reports of what is being thought and said in the
Senate. It has been increasingly apparent that the
majority in the Senate in favor of the Court, while
nominally in excess of the required two-thirds, was
becoming precarious. Individual defections, actual
or threatened, from the ranks have been thought important enough '3 justify newspaper comment and
prediction. It is probably quite as much with a view
to preventing a definite break, and obtaining an
affirmative vote before the supporting majority
shall have disappeared, as it is because of restlessness under protracted debate in the Senate, that the
393
application of the cloture has been threatened. Resort to the cloture, however, would cut in more than
one direction. It would not only revive the controversy over the Senate rules which Vice-President
Dawes precipitated, and regarding which he was
obliged to proffer some embarrassing explanations
on Wednesday, but it would tend to bear out the
criticism that the World Court project was being
pushed through regardless of whether the country
wanted it or not. What this might mean to the political fortunes of individual Senators will be perceived when it is recalled that one-third of the members of the Senate are shortly to face new elections.
The explanation of the uncertain and hesitant
state of mind which the correspondent whom we have
quoted finds in the Senate is not far to seek. Notwithstanding all that has been said, written or done
in behalf of the World Court, no convincing proof
has yet been produced that American public opinion
clearly favors American membership in that tribunal. Such sentiment in favor as exists appears to.
be so largely the result of organized propaganda as
to cast doubt upon its value as a genuine expression
of public opinion. Doubtless the Senate was well
advised in rejecting, on Jan. 6, a resolution offered
by Senator Reed of Missouri to investigate this alleged propaganda activity, for there are enough Federal investigations on hand already, and it is not
likely that the propagandists would be found to have
violated any law, even if their activities were fully
exposed. Senator Reed was not greatly beside the
mark, however, when he declared in the Senate on
Tuesday that "nine-tenths of the American people
know nothing about the World Court"; and his further statement, which appears to have been unchallenged, that "there are Senators on this floor who
have never read the protocol and the statutes governing it," was certainly significant of the smallness of the popular demand. If the United States is
ever to adhere to the Court, it should be only in response to an overwhelming public demand unmistakably voiced, and Senators may well hesitate to
vote so momentous a step until they know beyond
peradventure that the country is behind them.
None of the arguments which have been urged
against American membership in the Court has been
impeached thus fai in the course of the Senate debate. It has not been shown that membership is
necessary for our safety, or that our national prosperity or prestige would be advanced thereby. We
have no internatior.al complications from which the
Court is needed to extricate us; we have no national
ambitions which the Court alone can help us realize;
no international danger threatens us which demands
the Court for our defense. Our historical policy of
independence has not yet failed to serve us well, and
our friendly negotiations with nations with which
we,happen to have unsettled business do not need
the Court to direct or complete them. No thinking
American, it Is to be hoped, is so presumptuous as
to assume that the future will be forever free from
trouble or perplexity, and an historical policy may
well be discarded when the circumstances which dictated it have ceased to exist, but if a national policy
which has brought honor and success for more than
a century and a third is ever to be laid aside, and one
of directly opposite tenor adopted, it should be only
when the country is so thoroughly convinced of the
need of change as to make the expression of public
opinion clear and the popular demand irresistible.
394
T H D CHRONICLE
[VoL. 122.
We have already commented upon the suspicion by the general reader. Depositors are coming to
which attaches to the World Court project because watch them carefully. No less interested are borof the reservations with which American entry into rowers, dependent upon seasonal credit in business.
the Court is to be surrounded. Even Mr. Coolidge, High schools, giving some attention to commerce
who favors American membership in the Court, felt and finance, use these statements as object lessons,
it necessary in his recent annual message to add a analyzing them to instruct pupils in the uses of
fifth reservation lo the four already before the Sen- credit. A large number of these local banks, State
ate. We are opposed to American entry into the and nation, are advertising, setting forth the beneWorld Court whether with the reservations or with- fits of "saving" and the help these banks are to the
out them, but there is, nevertheless, force in the community at large in the services they perform incriticism, voiced recently in the Senate, that the cidental to their regular business of dealing in credadoption of the reservations would not only bring its. The local bank is no longer a mystery. The
the United States into the Court by a back door, but local banker is no longer regarded as a skinflint
would also permit the United States to evade re- money-lender, but is recognized as a citizen of high
sponsibility or participation whenever a matter re- standing and ability, who, by virtue of his position
garded as prejudicial to American interests came in the bank, is a trustee for the funds of the combefore the Court. If an examination of the protocol munity. Men and women are free to go to the
and statutes of the Court shows at least five impor- banker for advice; and make use of the many free
tant respects in which American independence services the bank performs, by its own invitation.
might be jeopardized, that of itself would seem to Around this local bank, the business, social and
constitute a sufficient reason for rejecting the pro- economic life of the community grows and changes,
posal as a whole as essentially ill-contrived, and while it remains one of the fixed institutions, unlikely in the future to show defects quite as great as changed in its essentials, a monument of financial
the five already pointed out.
strength, ability and service. When one of these
A third explanation, amounting to complete jus- banks fails, as is sometimes the case, though the pertification, of the hesitant state of mind of the Sen- centage of failures is very small, the hiatus in comate is to be found in the fact that adherence to the munity affairs is so great, if we would only think of
World Court would be admittedly only a step in the it rightly, as to demonstrate beyond doubt the indisdirection of adherence to the League of Nations. Of pensability of the institution. Nothing has been
this there is no doubt, and the hope is not concealed. devised to take its place. It is a local growth, evolvSenator Bruce of Maryland, speaking in the Senate ing out of the wants and needs of the vicinage, oron Jan. 5 in favor of American participation, gave ganizing the credit power of the community, and
the whole thing away when he declared that "the remaining, in its personnel, close to the people it
entry of the United States into the World Court serves. We cannot imagine the country deprived of
would doubtless be eventually followed by its entry these individual, independent, free local banks.
into the League of Nations." Yet it was against They are an earnest of our commercial democracy,
membership in the League that the Republicans in an example of our unrestrained enterprise and in1920 registered .t plurality of more than 7,000,000 itiative.
votes for President Harding, and it is against such
We have only to contrast these local banks with
membership that President Coolidge has several the perfunctory "offices" of great, probably consolitimes declared himself. The same propaganda that dated, banking institutions of remote metropolitan
has worked for the Court has worked also for the centres, to know that we do not want branch bankLeague, and the inseparable connection between the ing in the United States. Take the publication of
two issues is clear. There is no wonder that the Re- the "bank statement." Naturally, there would be
publican Senators, confronted with a party platform but one "office" of the great bank of the distant city
that seems to mean one thing and an organized in the small town. The statement published would
clamor that really means another, should hesitate be that of the parent bank, not so easily read and
regarding what course to pursue.
understood by the local patron, and having little in
The best thing that could happen to the country it especially relating to the wants and needs of the
would be the rejection of the World Court proposal local community. The officers of the branch might
in the Senate by a decisive vote. If such a vote can- or might not be chosen from the community. In any
not be had in the near future, the next best thing event, they would have no original jurisdiction over
would be to drop the World Court proposal alto- its methods of doing business, would thereby be ungether, or at least to postpone further consideration approachable by depositors and borrowers with
of it until the verdict of public opinion shall have their private problems, and in rates of interest to be
been rendered in the forthcoming Senatorial elec- charged or paid would be wholly under the dominations. The question will not be settled until it is tion of a banking power so large and widespread
settled right, and no agreement to limit or close that it could not discriminate as to persons or propdebate will satisfy the country that the issue has erly differentiate to meet local needs and enterinter- prises. Deposits, though ostensibly remaining in
been fairly discussed or public opinion fairly
a the branch, would only swell the total of the distant
only
is
never"
or
"now
of
argument
The
preted.
confession of weakness, and the members of the Sen- parent bank, and might, in the event of nation-wide
looking forward with consolidations, be withdrawn from one section and
ate are abundantly justified in
apprehension to the possibility that such an argu- loaned in another. The resultant power of credit
would not be built up, independently, from commument may be allowed to have weight.
nity resources and trade, but would come down from
Banks. the will and permission of financial centres bound
The Preservation of Thirty Thousand
pub- to defend their own interests before all others. A
country
the
throughout
County newspapers
statements of local banks. These vast agricultural country might thus become the
lish the "called"
becoming understood vassal of a manufacturing territory intent upon its
statements are, increasingly,
JAN. 23 1926.]
THE CHRONICLE
own development and compelled to sustain itself
first in periods of depression or crisis. And if a
local free bank does fail, the effect, bad as it is, is
limited and controllable; whereas if a parent bank
with branches fails, there is nothing to take its place,
and complete paralysis follows.
Senator King, in asking for a complete "investigation" or study of our "highly individualized" bank
ing system, preparatory to considering amendments
now proposed, stresses the large number of bank
failures in 1924 and 1925. And it will doubtless appear, in legislative arguments to follow, that there
will be calls for some reforms or changes that will
seek to prevent these failures, ascribing them to "too
many small banks," or to some inherent weakness
in the Federal Reserve System, or to a grave fault
in a Governmentally unsupported, and insufficiently
united, uncontrolled, and large number, of free and
independent banks, State and national. It is pertinent to point out just here that the bank failures in
the two years mentioned are unparalleled since the
formation of the notional banking system, and that
prior to the World War the percentage of failures
among these independent individual national banks
was very small, and to point out further that in the
original intent of the Federal Reserve Act, though it
takes away some of the independence of member
banks, it in no way, as a system, weakens, but on
the contrary, strengthens these banks. Later changes
in the Act which constructively affect their autonomy and independent operation we do not here discuss. It is worth while to say, however, in view of
what may be said of the individual independent
banks, that the prime cause of these recent failures
is conditions superinduced by World War, conditions which the Federal Reserve banks sought to
alleviate but could only partially accomplish, which
other Governmentally authorized commissions
through credits sought vainly also to alleviate, and
conditions which involved, disastrously and unavoidably, certain sections of the country, and which
overpowered many of these banks against their wills
and their power to escape. Look at the bald facts:
These failures for the most part have occurred in
one-crop sections of the country. Prices of commodities boomed by the war, as wheat and cotton,
also boomed land prices and the general business
momentum. When the unavoidable reaction came
these banks in the very toils of this situation felt
most keenly the slump; and held, as of necessity, too
small an amount of liquid assets, and could not
withstand the pressure. Such a situation may
never, and it is hoped never will, recur; it is dependent largely upon another war of like magnitude. Consequently it is fair to say that these
banks, drawn inevitably into the swirl of inflation
followed by deflation, were markedly the victims of
forces they could not.control, and that no power,
banking or Governmental, could control. Because
of this no valid argument exists against our "system" of independent, free local banks, which is the
result of a natural evolution in banking in a representative democracy like ours.
To recur now to our purpose in this brief analysis
—it is because certain amendments to the general
banking law are already proposed, and to certain
elements of practice, tending to differentiate, if not
to ultimately destroy, one or the other, our State
and national banks as they stand to-day as common
exponents of freedom in "dealing in credits" and
395
in the free issuance of credit, that the people who
use and own these thirty thousand banks should
watch carefully the movements in Congress affecting' banks and banking. Therere are elements of
danger not to be overlooked. The vital banking
question before the American people is the preservation of these free and independent banks, with
which the vast majority of patrons are satisfied, and
contemporary therewith the preservation of the freedom of credit issuance based on community reand needs by and through these local, individual, independent banks. In this the so-called
"money question" is not involved—that is a contingent of the Federal Reserve System and its return
to its original and pre-war status. The old saying,
credit is the lifeblood of trade, carries with it the
corollary that credit issuing out of trade transactions must be not only free but commensurate with
the needs of a free domestic trade of tremendous
magnitude and self-impelled, wide distribution. In
a word, credit must arise out of resources, trade and
needs, first, at the place where it is used. Local
banks are but servants of their respective communities, and institutions for the organization of this
credit. That this credit swells the volume, by the
well-established process of multiplication, as it follows trade routes to centres of business, is well understood. That it thus establishes reciprocal relations with large bodies of credit is also true. But
in all and through all it is free.
Stripped, then, of attending complications, and
there are many, the supreme banking question is, do
we want the free credit, intimate service, and independent functioning of these thirty thousand banks,
or do we want some other system, centralizing
*power, delegating perfunctory service through controlled agents, and dribbling out credit in an autocratic way to sections, communities and industries
that themselves originate the credit,' to a large extent, thus permitted to be returned to them? Of
course we want to preserve our national banks and
we do not want burdens imposed on them that do
not lie lightly; nor do we want pseudo-Governmental competition that destroys their legitimate
open-market-profits. And of course we want to preserve our State banks, for they represent the soy- ereignty of States, the benefits and powers of local
self-government and the spontaneity and freedom
of credit, independent units in the independent commerce by which we live and thrive—but we do not
want them held down adversely by national Governmental powers and favors bestowed on a "system."
The people now own and operate thirty thousand
independent banks, which is a different matter from,
potentially, in a credit sense, being owned ultimately by ten or a dozen colossal centralized institutions with thousands of branch offices scattered
over forty-eight States. Let every one of these proposed amendments in the present Congress be scrutinized carefully and sedulously by the officers and
directors of these thirty thousand free banks to the
end of preserving their freedom and, more than all,
the effectiveness of the self-issuing credit of the people themselves. And now that we have a form of
instant communication throughout the country, let
the citizens themselves "listen in" on impartial
speeches that clearly elucidate the core of the problem.
We are not aware that there is a definite movement anywhere in the country or by any interest,
&of;
THE CHRONICLE
class of banks, or sectional demand, to impose
branch banking upon the people. In some States,
perhaps due more to the zeal of local big banks for
increase of business than anything else, branch
banking for State banks inside State lines has become a fact and has been authorized by State law.
The peril is that in attempting to straighten out
this tangle the banking question in general will drift
into politics and before the people know it the liberty of "dealing in credits" as a private right will be
destroyed or become so hampered as to gradually
perish. Unless credit can be free, business, industry, trade, cannot be kept free. We have enough
Governmental regulation and control of business
now seriously impairing its independence and service. Initiative, enterprise and energy are directly
dependent upon the easy accessibility and adequate,
independent, volume of credit. Our present banks
are co-operative credit organizations inaugurated,
owned and operated by the people in their community capacities and relations. The checks and drafts
• written by the people on their banks, large and
small, constitute perhaps 90% of the currency in
use. Deposits prGvide loans—and loans, deposits.
Small bank credits feed the central banks, and these
in turn, according to demand and supply, sustain
and protect the small banks. All this is essentially
free from government. And should it not be kept so?
[VOL. 122.
report which with his added stipulation was accepted by all parties and again has worked. To both
pieces of work we have called attention in the past.
Meanwhile progress was making on the Danube,
on which he made extended trips in 1920 and '21;
and in March of 1925 Major Somervell of the United
States Engineer Corps, who acted throughout as his
assistant, began a careful investigation of the conditions on the Danube. Toward the end of June
and through July Mr. Hines joined him in the work
and with the benefit of his investigations has been
able to complete the report which is just now printed
in extenso in Paris with many tables and details.
The half dozen or more countries strung along
the river, claiming individual rights and speaking
various languages, have been truculent in their relations with one another, and often hostile. They have
large undeveloped resources of men, of agriculture,
of minerals, and all want capital and opportunity to
use them. While all feel the influence of the new
life of the world they are kept from sharing it by
their having only thin threads of railway connection and by the loss of the open and free use of the
Danube, the great river which should be the main
artery of their common life. Their first need is to
have this cleared and then to have foreign capital
put at their service on terms of cost and management that would avail.
The Danube freight traffic in 1923 and 1924 is
Restoring the Trade of the Danube A Contribu- only about 56% of the pre-war normal, though
the
tion to Peace.
first six months of 1925 show an increase of about
The disappointing Genoa Conference of May one-half. The importance of the foreign trade ap1920 did one piece of work which has led to impor- pears in that, though in the aggregate small in a
tant results. It took up the state of communica- total of only a million tons exported, this reaches
tions and transport in Europe and passed a resolu- countries as far apart as Argentina and Norway,
tion requesting the Advisory and Technical Commit- besides including all the ports of the Mediterranean
tee for Communications and Transit of the League and western Europe. It is thus far mainly in ceof Nations to inquire into the condition of inland reals, flour and lumber, with a long list of lesser arnavigation in Europe, with particular reference to ticles which suggest its possibilities. The domestic
commerce and administration. The inquiry as with traffic in freight and passengers, though it is diregard to great navigable rivers anywhere has more vided among German, Austrian, Czechoslovak, Hunor less immediate relation to the trade of the world, garian, Jugoslovene, Rumanian, French and Dutch
companies, is greatly choked by the obstacles caused
as is apparent.
This inquiry the committee proceeded at once
- to by the rivalry and animosity of different States
undertake by appointing Mr. Walter D. Hines of prohibiting all local business within the State by
New York as its representative, and requesting him other than local vessels. This has been intensified
to begin with the Rhine. Mr. Hines at once entered in some instances since the war; but there are signs
upon the work and completed it with such success that the evil has become sufficiently manifest to
that he adjusted the rival national as well as private lead to some slight modification. It is still one of
interests, opening uninterrupted navigation, re-es- the major difficulties. Its importance is indicated
tablishing trade and creating working conditions in the case of two contiguous countries, Bulgaria
which continue to-day. This was accomplished in and Rumania; the former having no important
the face of such hostile and complex conditions, Ger- transport lines, because of open ports has eight
man, French and Dutch, as to appear impossible. times as much passenger service as the latter, with
The result on the Rhine was so successful that as her exclusive policy and independent lines.
The other obstacles to the proper development of
time went on the situation elsewhere became appealing. Mr. Hines was invited to return and to do as the traffic are the condition .of the channel of the
much for the interior States that are connected with river, burdensome frontier formalities and the lack
of port facilities. These had all to be examined and
the Oder and the Elbe.
His experience on the Rhine made it possible for pointed out. Large economic waste is involved.
him to do this in a far shorter time and even more Boats of a profitable size are shut out of certain
successfully, and without the necessity of prolonged sections of the river by rocks and shallows; voyages
technical investigation. He called together the rep- have to be broken both for freight and passengers;
resentatives of the rival interests, German and delay is frequent and prolonged often by troubleCzechoslovak, and so impressed them with his some and self-important minor officials; and in the
knowledge of the situation and his good-will that matter of port facilities, the difficulty of getting
when he set them to seeking a settlement among proper terminals, the effort to protect domestic
themselves, they cheerfully accepted the task and labor and a system of double taxation on foreign
in a few days returned with a satisfactory working vessels, complete a seriously obstructive list.
(Continued on page 405.)
arrangement which could make the substance of his
JAN. 23 1926.]
THE CHRONICLE
39?
The 1925. Record of New Building Construction.
Again new building activity in the United States
is seen to have surpassed anything of the kind
known in the past. This building activity during
the calendar year 1925, as represented by the plans
filed and permits issued for the erection of new
structures and for building work generally, reached
a grand aggregate that leaves the highest previous
total far behind. There is, howevqr, nothing new in
this. Ever since the close of the World War, during
the last two years of which (being the period of
American participation in the war) building activity
was necessarily halted (except such as was essential
for the prosecution of the war), the totals have been
uninterruptedly rising through good times and bad
times alike, and the results'for 1925 constitute sim.
ply a further step in the long-continued forward
movement. As it happens, though, the 1925 addi.
tion by reason of its magnitude forms one of the
most noteworthy of the whole series of cumulative
increases, this addition amounting to considerably
over half a billion dollars, or in exact figures $690,641,595.
In brief, the projects filed covered construction
work of an estimated cost value of $4,392,776,930 in
1925, against $3,702,135,335 in 1924. The increase,
it will be observed, is only a little less than 19%,
being 18.6%. This is obviously a large ratio of
growth haVing reference to the prodigious antece
dent expansion. These figures, however, it is important to note, cover a larger number of cities than
were comprised in our tabulation for earlier years.
Altogether the number of cities included for these
two years is 354. For previous years we have the
figures for only 310 cities. For these 310 cities the
aggregate of the building plans filed in 1925 stands
at $4,302,696,713, against $3,614,662,440, the total
for 1924; $3,449,465,740 for 1923; $2,807,884,753
for 1922; $1,869,694,975 for 1921; $1,634,378,397 for
1920; $1,513,978,552 for 1919; and but $506,383,750
for 1918, when the country was still engaged
in war with Germany and when, as a con.
sequence, all construction work had to be
held
in abeyance except so far as it was essential for the
conduct of the war. What a wonderful transformtion this marks in a period of seven years, the fur.
ther addition in 1925 being alone larger than
the total of all building work projected in 1918!
Of course, this last was an exceptionally small fig.
ure due to the circumstance already mentioned, but
even in 1916, when normal conditions still prevailed
in the United States, the total was no more than
$1,128,030,321. And not only that, but prior to 1916
it happened only twice that the total reached or
went slightly above the billion mark. Now, for
1925, we have to deal with an aggregate running in
excess of $4,300,000,000, and this even when we confine the comparison to only the 310 cities. In
other words, building projects are now four-fold
what they were a decade ago.
There is at present, as there has been for the
whole of the last four or five years, much discussion as to whether new construction work is not
being overdone--whether new dwellings and new
business and manufacturing structures are not being provided in excess of the needs of the immediate
present and the early future. Greater or smaller
number of vacancies with 'To Let' signs on the outside are already in evidence in New York City and
in some other cities throughout the country. But,
after all, building projects of that kind embrace
only half the story. The question must now be discussed from the standpoint of broader considerations.
It was taken for granted in the early part of the
last seven years of phenomenal expansion in construction activity that it represented work undertaken to make good the shortage in the erection of
new buildings which occurred in 1917 and 1918,
when construction work was so rigidly held down to
the necessities of the war. But that period lies now
far behind. The shortage nearly everywhere may be
supposed to have been fully made good. Not only
that, but the needs of the immediate future, there
is every reason for believing, have been provided for.
Accordingly, further expansion in the same direction would afford ground for no little apprehension, but, as already indicated, there is another
angle to the problem. No one should overlook the
fact that we are living in a different age and under
different conditions from those prevailing even a
decade ago. The change is not an outgrowth of the
war or in any way connected with it. Science
has
been working wonders. Consider for one thing the
wonderful power development of the last decade
in
all parts of the country. What an enormous volume
of construction work this involves in the erection
of
power houses and numerous other buildings of one
kind or another! From many different cities in
all
Parts of the country come reports that among the
building activities during 1925 were the erection of
electric generating plants. Time will come, no
doubt, when a halt in this cdass of construction
will come, but at the present, at least, there is no
indication of anything of the kind. And activity is
steadily increasing instead of being lessened. Credit
facilities are superabundant and new capital issues
are finding a ready market. 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.
Cessation of progress here could only lead to decay
and what man in his senses thinks decay possible?
Unquestionably, another great war with the destruction and desolation involved would set the
world back many years and perhaps a generation or
more, but all the nations of the world are trying
their utmost to prevent another such catastrophe
and barring a calamity of that kind, progress under
the benign leadership of science seems certain to
continue its beneficent sway and growing ascendancy.
Then consider the sudden rise to huge proportions
of the automobile industry. This is wholly the
growth of the last ten or fifteen years. Think of the
structures and plants that have had to be provided
during this period so that the millions of machines
could be turned out, at steadily cheapening cost, to
satisfy an almost insatiable demand for this new
means of transportation and travel and to cater not
only to the pleasures of multitudes, but also to their
actual everyday needs! The gasoline engine has
worked wonders no less marvelous than electricity
and power development, and has in many respects
completely transformed modern life. Structures of
various kinds to take care of the manufacturing
398
THE CHRONICLE
facilities connected therewith have followed as a
matter of course and will be a similar attendant in
the future. Along this line it certainly does seem
as if the limit of the public capacity to absorb the
enormous yearly output of automobile passenger
cars must ere long be reached and yet we make bold
to say that few people sense the many different ways
in which the rise of the automobile industry to overshadowing prominence in the nation's industrial
activities serves to promote activity in other directions and especially to bring a call for new structures and edifices, often indirectly. On this last
mentioned point no thoughtful person can fail to be
struck by comment in the Philadelphia papers on
the December report of the Bureau of Building Inspection of that city to the effect that "garage construction during the month was nearly one-half of
the total for dwellings." From this statement it is
evident that supplying housing accommodations
constitutes simply one element in the projects of
building work.
The radio is also one of the wonders of the last
decade. This is not an industry comparable in size
with that of the automobile industry and yet it is
an entirely new development, and the erection of
many buildings has been required, and no doubt
more will be required in the future for the purpose
of turning out radio sets and all the different radio
accessories, along with the various broadcasting stations in different parts of the country. The work of
erecting new broadcasting stations, as everyone
knows, is constantly going on. Then, in our larger
cities new theatres, new church edifices, new school
houses, as population grows, and other large structures of one kind or another, are a constant requirement as also a constant provision of modern life.
Nothing akin to it has been known in the past. On
that point it is significant that plans for new building work in the Greater New York alone for the calendar year 1925 aggregated in excess of a billion dollars and that the Borough of Manhattan, which in
the years 1921, 1922 and 1923 had to yield leadership to the Borough of Brooklyn for the money value
represented by the building permits issued in 1924
and 1925 regained its ascendancy and for 1925 has
to its credit projects calling for the expenditure of
$398,931,402, as against Brooklyn's total of $258,914,583. In Brooklyn new building work represents
largely the providing of new.homes. In New York,
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
other
and probably on a greater scale than in any
correpart of the world. The new structures are
spondingly more costly and they Serve greatly to
value of the new
swell the grand total of the money
[Vox. III
building projects. It will be admitted that new
building work of this kind belongs in a different
class 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 pcpulation, 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 these are considerations that may well be
borne in mind. It is beyond the ken of anyone to
say whether the expansion in construction activity
is at or near its end, but what has been said above
makes it obvious that different standards will control in the future from those that have been prevalent in the past.
It is to be remembered, too, that 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 structu:es were to be erected, loans for the
work were obtained mainly from the large life insurance companies or other financial institutions
of great size. And these loans were often held for
years as permanent investments. Now, no inconsiderable amounts are obtained by the offering of 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 alter the erection of the buildings,
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 in New York. And no feature of recent
financing has been more noteworthy than the way
in which offerinks of bonds secured by mortgages
on buildings have been coming on the market. As
in 1924, financing of all kinds was, of course, easy
during 1925. Credit was abundant—in fact, superabundant—and money rates low. The state of the
money and the investment market is obviously always a factor of the highest importance even in the
matter of obtaining small building loans, and this
was in the highest degree favorable.
It is rather noteworthy that every leading geographical section of the country shared in the further increase in projected building work in 1925 over
1924. That, perhaps, is not strange, considering
that real estate speculation has been rampant all
over the land and a building boom is usually the
accompaniment of such a situation, though, as we
have indicated at length above, many new factors
have during the last ten years come in to affect the
volume of new construction work entirely apart
from the process of providing housing accommodations for a growing population and to meet the requirements of a steadily expanding business. Without, however, entering upon a further discussion of
the causes responsible for it, the widespread and
general nature of the further growth in 1925 affords
testimony to the broad character of the underlying
influences that have brought it about. And yet the
mistake must not be made of supposing that local
causes and conditions have not been operative, or
have failed to leave their impress upon the records
JAN. 23 1926.]
THE CHRONICLE
399
where they have been restrictive in their tendency older sections of these three boroughs apartment
and effect. If, as already stated, no leading geo- houses in great numbers and of large size are regraphical section has failed to participate in the placing private dwellings and the small store, and
further gains, it is no less true that many separate in the newer sections, the remoter suburbs, vacant
places in all the different sections have not been lots are rapidly being utilized for the erection of
able to maintain their high records of 1924 or earlier private dwellings—the one-family and the two-famyears and show declines for 1925. There is, of ily house. Until recently it seemed almost imposcourse, in that circumstance occasion for special sible to provide enough of these latter, but now the
gratification, at least to the extent that it may be indications are that the demand has been pretty
taken to indicate that the movement has proceeded well satisfied. And with reference to the whole of
in accord with natural conditions and been free the Greater New York there are, as already said,
from artificiality. Out of the whole 354 cities that the new school houses, the theatres, the factory and
have contributed returns to our compilations,
no other commercial buildings, etc., etc., the annual
less than 135 report declines in 1925, but the losses outlays for which are in proportion to the
size cf the
at these points have been more than made
good by city. This will explain why the amounts involved
expansion and growth at other places. And that in the building projects in Greater New York
have
statement applies to all parts of the country.
De- kept so steadily rising, though obviously they cannot
clines are nowhere absent, unless, indeed, we
except keep on rising forever. Richmond Borough still lags
the Greater New York, which belongs in
a class all far behind the other boroughs because of its lack of
by itself and which in 1925 broke all past records
in subway connections with Manhattan Island and the
each of the four large boroughs, save
only that the other boroughs. Its 1925 building permits involved
Borough of Brooklyn had a greater aggregate to its an outlay
of only $13,714,755, against 418,017,650
credit in 1923 than in 1925. As a matter of fact,
the in 1920.
building permits issued in the different boroughs of
As already stated, outside of New York, while the
the Greater New York during 1925
provide, as stated general tendency has been strongly upward, numerabove, for an estimated outlay of over a full billion
ous places form exceptions to the rule. Examining
dollars, the total being $1,008,571,342. The
magni- the grand totals for the different sections of the
tude of this total will appear when it is recalled
that country, the Southern and Southwestern group of
before the war building activity in the United States cities
are seen to have the largest ratio of gain for
was regarded as being in a flourishing state when
1925 over 1924, which, however, is not surprising,
the outlays involved in the building projects for the
considering the deN elopment going on in that part
whole country aggregated 1,000 million dollars a
of the country and the widespread prosperity preyear. Back in 1916, the year immediately preced- vailing
there, with the Florida cities occupying such
ing the entry of the United States in the World
a special position of prominence in that respect and
War,the total of the building projects in the greater the further
fact that the totals for the South are not
New York was only $221,293,074 and even in 1920,
yet very large. The ratio of increase in this Southwhich was considered a:very good year in the buildern group is 32.7%. But even here numerous ining line in this city, the total did not quite reach
stances of decreases in 1925 are found; in fact, out
the $300,000,000 mark, being $290,828,942. Since
of 60 places altogether in the Southern and Souththen, however, progress has been by leaps and western
group, 21 places show diminished totals for
bounds, as it were, there being an increase to $476,- 1925. Another
group with a large ratio of increase
287,194 in 1921; to $638,569,809 in 1922; to $785,- in 1925 is
the Far Western, the increase here being
557,945 in 1923; to $846,505,817 in 1924, and to 22.2%.
Here, however, we are dealing with even
$1,008,571,342 in 1925, as just noted. The 1925 smaller
totals than in the South, and accordingly,
amount for the Borough of Manhattan alone is
the large percentage of gain does not, after all, sig$398,931,402, or $108,104,460 in excess of that for
nify so very much as far as an absolute amount is
the whole of the Greater New York as recently as
concerned; out of 45 cities in that group 18 cities
1920. The Borough of Brooklyn comes next, with
report smaller totals for 1925 than for 1924. The
a total of $258,914,583, but here the amount, while
group with the smallest percentage of increase in
somewhat larger than that for 1924, does not come
1925 over 1924 is the Pacific group, where the addiup to that for 1923, when Brooklyn led all the
other tion is only 6.7%, and where 23 out of the 50
boroughs with a total of $284,215,480. Even Queenscities included, show reduced totals in 1925. Yet
boro has a total running close to 200 million
dollars, there are some notable gains here, as elsewhere.
the cost involved in the building permits issued
in Seattle, Wash., reports for 1925 the largest total on
that borough in 1925 having been $179,409,
536, be- record and Portland, Ore., is distinguished in the
sides which, the Bronx has planned building work
same way. Many of the smaller places, like Spoaggregating $157,601,066, the amounts in both
these kane and Tacoma, enjoy the same distinction. San
boroughs far exceeding all previous records.
As Francisco, however, was not quite able to repeat its
pointed out by us in previous annual reviews,
the record figures of 1924, though on the other hand,
Greater New York has a problem all its own. Population is not only large, but growing very fast, and Oakland did beat its 1924 figures, and likewist Sacramento, as well as Berkeley, Beverly Hills and
its manufacturing industries are also growing.
some
other places that are rising into prominence.
Manhattan Island is only a narrow strip of land and
Los Angeles, which for new building work has for
very congested. Therefore provision for the flow
many years held a position of great prominence, is
of population has to be made in the outlying secstill undertaking construction work on a huge scale
tions. In Brooklyn, in the Bronx and in Queens,
and its total for 1925 at $152,636,436 compares with
new building construction is proceeding on an enor$150,147,516 in 1924, but falls considerably short of
mous scale, though in Brooklyn, as we have already
the phenomenal amount of $200,133,181 reached in
seen, the yearly additions now are not quite up to 1923.
By reason of the latter fact it has had to yield
the phenomenal figures reached in 1923. 'In the up third place to Detroit and fourth place to
Phila-
400
THE CHRONICLE
delphia, the Greater New York, of course, holding
first place and Chicago coming second. Both Chicago and Detroit fall in the Middle Western group,
where the increase for the group reaches 25.0%.
For amounts involved in the totals, this Middle
Western group surpasses any other in the country
(if we exclude from the Middle States group the
Greater New York, which obviously belongs in a
class all by itself) and the 25.0% addition in that
group means an advance in the general total from
$848,616,574 in 1924 to $1,101,244,239 in 1925. Of
the increase of $2.20,000,000 here, Chicago and Detroit supply the bulk of the whole. Detroit building work back in 1921, when the whole country had
to contend with a prodigious collapse in business, at
the termination of the war period of inflation, suffered a relapse in its building work, and its building
projects for that year fell to $55,634,988 from $82,995,071 in 1919 and $77,737,165 in 1920. But since
then the yearly additions have been increasing in
size with each succeeding year, the total amounting
to $94,615,093 in 1922; to $129,719,731 in 1923; to
$160,164,794 in 1924 and now in 1925 to $180,132,528. Chicago's record is much the same, except that
its new additions in 1924 dropped somewhat from
those of 1923, but has now made up for this by a
jump in 1925 to $360,804,250 from $296,893,985 in
1924, thereby establishing a new high record. Many
other Michigan points also have notable records of
growth and so have numerous places in other States
in this group, which includes besides Michigan and
Illinois, the States of Ohio, Indiana and Wisconsin.
It is not possible to enumerate all these here, but
we may say in passing that Cincinnati, Cleveland,
Columbus, Dayton, Akron, Toledo, Youngstown, in
Ohio, and several others in the remaining States all
make a good record.
For the group of cities in the Middle States, excluding the Greater New York, the increase in 1925
over 1924 is 12.7%, the total having risen from
$681,768,671 in 1924 to $768,179,693 in 1925. The
distinctive feature in this group is the further notable increase in the four cities in Westchester County.
Every one of these has broken all previous records.
These cities, as is well known, get the overflow of
population from the Greater New York and their
growth, therefore, is running parallel to that of
this city. Yonkers, of course, stands foremost
among the four cities and its total for 1925 is $20,909,473, against $13,820,075 for 1924 and only
$4,601,500 for 1921. New Rochelle projected $9,498,267 of new work in 1925 against $8,307,523 in 1924
and $3,209,743 in 1921. Mount Vernon has risen to
$11,371,198 in 1925 from $10,164,657 in 1924 and
$2,526,002 in 1920. White Plains in 1925 got up to
$8,337,775 from $7,994,275 in 1924 and $5,273,109
in 1923. For the four cities combined the amount
for 1925 is $50,116,713, as against $40,286,530 in
1924 and $23,941,407 in 1922. Many of the Jersey
cities, which really constitute outlying sections of
the metropolitan district, also show notable growth
in their yearly new construction work, though on
the other hand there are two or three of the nearby
Jersey cities which in 1925 did not come up to their
previous maximum figures and yet are, nevertheless,
doing a very large amount of new building work.
Newark is an example of this. Among the up-State
cities in New York, Albany gives an especially good
account of itself. Philadelphia, however, overshadows all other cities in the Middle States group,
[Vsx...122.
the Greater New York not being included, and in
1925 made an enviable record for itself, far in excess of anything accomplished in the past, the cost
involved in the 1925 building work being $170,913,530, against $141,737,460 in 1924 and only $42,790,780 in 1921. The buildings projected for the SesquiCentennial Exposition no doubt figure in the increase. But in tht• western part of Pennsylvania,
Pittsburgh likewise has established a new high record for itself. The Middle States group includes
two other big cities, namely Baltimore, Md., and
Washington, D.a The Baltimore total is large, but
falls a trifle below that of 1924, the record 'for that
city. In the case of Washington, the 1925 figures
pale all those of preceding years, the amount for
1925 being $64,711,013, against $46,173,128 for 1924
and $18,999,926 for 1921..
In the last analysis, therefore, it is the big cities
that are responsible in the main for the continued
expansion and forward movement--New York, Chicago, Philadelphia, Detroit, Los Angeles, Washington, etc., along with a number of others holding a
less conspicuous place and for smaller amounts.
The movement, however, has not been all one way,
as we have shown by repeated illustrations further
above. We might add that out of 72 cities included in the Middle States group 24 cities show
amounts for 1925 smaller than those for 1924. A
word more with reference to the Southern group
may not be out of place. The ratio of increase in
1925 over 1924, it has already been noted, is among
the largest of all the groups, reaching 18.6%. The
Florida cities stand conspicuous, the Miami total for
1925 having run up to $60,026,260 from $17,038,144
in 1924 and $4,476,760 in 1920. Even St. Peters.s issued permits providing for construction
burg ha
work aggregating $24,081,700, against $9,557,500 in
1924, and only $1,200,000 in 1919. Jacksonville,
Fla., has $14,760,711 to its credit in 1925, against
$7,311,497 in 1924 and but $1,156,260 in 1919. There
are other notable records of growth among Southern cities, though, of course, not anywhere near the
magnitude of those for the Florida cities. Houston,
Texas, is a case in point, with new building projects
aggregating $35,040,010 in 1925, against $17,222,059
in 1924 and smaller totals in the years preceding.
Louisville, By., is also spreading out, and in 1925
laid out work to cost $29,910,246, against $22,682,959 in 1924 and no more than $7,428,300 in 1921.
Birmingham, Ala., has uninterrupted growth extending back many years, though the further increase in 1925 was relatively slight. And these illustrations might be extended almost indefinitely,
though with constant exceptions to the rule embracing a few cities which have stood still or are retrograding. The very extended tabulations, covering
several pages, given at the end of this article, will
enable the reader to pick these out for himself.
As to the New England group, the changes here
would naturally be expected to be more moderate,
but, as a matter of fact, the increase for that group
in 1925 over 1924 is over 13%, though the amounts
involved are not very large. And yet this comes on
top of very substantial increases in the years preceding. The bulk of the whole of the 1925 increase
is found at Boston, where building was planned in
1925 calling for expenditures of $70,718,365, against
$53,031,931 in 1924 and only $24,048,803 in 1921.
Boston is evidently not a laggard in the forward
movement, nor are other New England cities, like
JAN. 23 1926.]
THE CHRONICLE
Hartford, which planned $22,130,193 of work in
1925, against $18,824,463 in 1924 and $7,827,216 in
1921. Nor Worcester, Mass., nor Springfield, nor
Stamford, Conn., nor several other cities. Here,
as elsewhere, however, there are a number of places
that in 1925 were not able to maintain their best previous records. A summary of the group totals for
the last four years is furnished in the following:
1925.
Cities.
$
New England-59
324,613,298
Middle
65
744,953,702
Middle West_53 1,070,479.767
Other West__ _43
261.123,821
Pacific
35
455,799,907
Southern
54
437,154,876
1924.
inc.or
Dee.
$
%
286,770,998 +13.2
658,618.361 +13.1
848,616,574 +26.1
213,060,415 +22.5
427,005,231 +6.7
334,085,044 +30.8
1923.
1922.
$
231,963.109
586,343,103
847.158,645
247.518,548
448,366,999
302.557,391
$
219,395,890
504,285,302
641,045,736
202.866,560
330.768.325
270,953.131
Total
309 3,294,125,371 2,768,156,623 +19.0 2,683,907.795 2,169,314,914
New York City
1,008,571,342 846,505,817 +19.2 785,557,945 638,569.809
Total all_ -310 4,302,696,713 3.614,662,440 +19.0 3,449.465,740 2,807,884,753
By reason of its prodigious growth, New York
City (the Greater New York) is again gaining on
the rest of the country. Back in 1906 the building
operations in this city constituted nearly 30% of
those for the whole number of cities included. But
gradually the proportion declined until the city's
ratio in 1918 got down to 11.15%. Then the city
once more began to forge ahead and in 1921 the percentage was somewhat above 25%. In 1922 the ratio
fell back to 23.74%, but since then has been creeping up again and for 1925 stands at 23.44%. In the
following we furnish a record of the comparisons
for the last 20 years. In this table we do not use
the totals for the enlarged number of cities now included, but only those which we have been able to
get continuously for the last dozen years.
Year.
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
No. of
CUies.
New York.
310
310
310
308
307
306
296
285
274
270
284
284
273
235
235
223
209
206
200
163
1,008,571,342
846,505,817
785,557,945
638.569.809
476.827,194
290,828.942
261,500,189
56,500,495
103,068,798
221.293,974
172,945,720
138,115,266
162,942,285
228,601,308
200,325,288
213,848,617
273,108,030
174.757,619
197,618,715
241.064 45R
Per Cent of
Whole. Outside Cities.
Total AU.
23.44
23.41
22.77
22.74
25.50
17.79
17.27
11.15
12.57
19.61
18.56
15.49
16.61
22.25
20.81
21.88
26.94
23.94
24.63
3,294,125,371
2,768,156,623
2,663,907.795
2,169.314.914
1.393,407.781
1,343,549,455
1,252,478,363
449.883,255
716,786.103
906,736.347
758,991,580
753,730,258
818,029,278
798,913,875
762,174,380
763,368,183
740,677,942
555,324,252
604.671,736
4,302,696.713
3.614,662,440
3,449,465,740
2,807.884,753
1,869,694,975
1,634,378,397
1,513,978,552
506,383,750
819,854,901
1,128,030,321
931,937,306
891,845,524
980,971,583
1,027,515,181
962,499,861
977,216,801
1,013,785,972
730,081,871
802.290,451
20.03
564486 823
MIA AM 231
In dealing with the large totals of building expenditures for repent years, as compared with the
401
relatively light 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.
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 1925 construction
costs were 80% abcve the 1913 level, then the quantitative basis represented by the $4,302,696,713 of
work planned in 1925 would be reduced to $2,390,000,000. Even with costs thus equalized, however,
there is a very large increase during the twelve
years, for 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 1925 aggregate.
We have also again compiled the building statistics for the Dominion of Canada. In the Dominion
taken as a whole projected building operations have
been gradually declining since the record figures
reached in 1922, but the totals may still be regarded
as quite large. The total for 1922 was $142,805,903.
From this there was a decline to $129,417,698 in 1923
and to $117,922,268 in 1924, and now there has been
a further slight falling off to $114,172,342 in 1925.
Out of the 57 cities included in our tabulations,
30 cities show declines in 1925 as compared with
1924. Only three of these 7 cities, however, are
found in the Western provinces. On the other hand,
there are 16 Eastern cities that show larger totals
for 1925 than for 1924. Montreal is not included
among these, but Toronto is. ,
We now add our very elaborate and very comprehensive detailed compilations, covering the whole of
the past ten years, and embracing all of the leading
cities in the United States and also those in the
Dominion.
UNITED STATES BUILDING OPERATIONS.
1925.
New York CityManhattan-Bronx
Brooklyn
Queens
Richmond
1924.
Inc. Of
Dec.
1923.
1922.
1921.
1920.
1919.
1918.
1917.
1916.
$
398,931,402
157.601,066
258,914,583
179,409,536
13,714,755
$
%
286,653,202 +39.2
133,515,973 +18.0
242,918.892 +6.6
165,400,100 +8.5
18,017,650 -23.9
$
204,032,279
128.427,577
284,215,480
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
$
139,199.563
22,324,741
80,931,166
42,650.472
5,723,000
$
106,773,373
23,383,799
77,485.679
49,122,617
4,734,721
3
17,697.650
5,207,320
23,234,539
6,822,205
3.538,781
$
42,738.169
10,126,360
33,590,071
12,596,418
4,017,780
$
134,078,044
18.425.060
42.163.505
21,746,234
4,881.131
Total N.Y. C. 1.008,571,342
846,505,817 +19.2
785,557,945
638,569,809
476,287,194
290.828,942
261,500,189
56,500,495
103,068,798
221,293,974
3.112,183 -35.3
2,649,093 -10.9
409,200 +167.4
493,082 +138.6
1,239,375 -34.5
53,031,931 +33.3
2,441,250 -25.8
9,339,973 +5.0
8,369.912 +44.2
2,161,204 -54.6
3,540,445 +3.5
3,760,150 -41.9
4,449,894 -15.2
1,641,862 +29.6
713,605 -6.5
3.575,918 -6.4
3,762,864 -18.4
525.650 +16.9
2,820,687 -7.9
3,852.550 +21.3
3,372,580 -10.9
4,326.420 +29.7
6.837.400 +22.0
8,646,331 +42.2
340,290 +23.2
725,800 +107.1
2,722,545 +2.0
5,693.819 +46.6
2,083,571 -22.5
3,098,445 -29.4
.3.604.730 +56.8
4,528,938
2,083,308
462,400
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
3,421,678
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
12 100 210
3,079,749
2,085,000
394,450
400,000
499,240
57.496,972
1,906,252
8,465,850
4,695,879
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
10007 RAI
1,538,243
1,164,866
206,900
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
1,579,784
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
0077 ft/A
601,562
317,462
187,050
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
351,670
400.820
211,505
976,664
462,423
200,000
208,315
185,397
'3.915,769
261,565
188,793
428,940
773,543
1,273,945
341,275
300.000
400.000
23,294,161
758,567
2,563.185
3,165,592
552,583
1,583,761
591,600
1,500,000
398,136
468,777
670,570
579,480
400,000
1,524,259
1,150,043
600.000
801,828
3,053,211
1,756,886
250.000
200,613
404,193
1.348.297
311,635
735,132
883.412
A 660 624
1,392,121
2,059,300
2,612.795
1,784,815
237,450
392,300
500,000 •
400.000
424,340
655,205
28,167,253
23,520,855
1,564,289
1,146,088
2,572,963
3,086,400
5,277,611
4,299,818
572,258
560,172
843,000
1,628,150
740,985
928,700
3,076,255
1,800,000
1,722,395
1,065,885
1,121,050
1,324,975
3,352,595
1,875,990
2,544,191
1,738.061
600.000
450.000
4,981,378
3,352,710
1,033.175
1,949.066
1,149.475
713.049
1,333,189
1,174,156
5,943,414
7,005,420
2,926.721
3,569,399
335,760
230.850
750.920
540,000
428,875
746,550
2,022.748
2,169,69
521,645
552.285
539,701
859,440
1,384,456
773,099
6675 054
A 570 545
I AOR 122
21.779.042
1,663.742
1,448.129
344,200
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
618.500
1,702,973
1,520.420
852.440
2,380,530
4,726.081
3.166.948
300.000
233,439
798.847
2,171.82E
968,021
1.554.124
1.854.232
7.101.03:
Me.-Portland _
N.H.-ManchesVt.-Burlington_
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 AdamsNorthampton Pittsfield
Quincy
Revere
Salem
Somerville....
N.A.
.
,
2,012,949
2,361,120
1,094,600
1,176,424
812,432
70.718,365
1.811,112
9.805,641
12,070,704
981,979
3,675,785
2,183.747
3.772,090
2,127,714
667,050
3,348,150
3.072,230
614.500
2.597,419
4,674,993
3,005,811
5,612.172
8,339,300
12,297.313
419,372
1,503,47
2,777.859
8,288.031
1.614,045
2,186,900
5,653,030
15 002 140
.4.1441
[VoL. 122.
TIFF CHRONICLE
402
1925.
$
2,678,226
1.013,089
18.089,1339
*2,000,000
4.308,312
1,045,835
1,707.461
2,348.263
22.130,193
2,3130.820
1,261.320
941,140
7,903,466
8,345.366
1.556.630
3,513,204
1,372,875
211,888
5,143,229
543,330
IT00.000
5,993,095
4,423,014
2,658,101
633,998
1,074.681
5.199,895
22,748,500
Mass.(Concl3Waltham
Westfield
Worcester
Conn.-Ansonia _
Bridgeport_.._
BrLstol
Danbury
Hamden
Hartford
Manchester --Meriden
Middletown
New Britain
New HavenNew Lond0n-Norwalk
Norwich
Shelton
Stamford
Stratford
Torrington
Waterbury..West Hartford_
West Haven_
Willimantic
R.I.-Cent. Falls
Pawtucket_ _
Providence__.
Tot. New Eng
-.
324,613,298
(59 cities)
328,126,502
(60 cities)
1924.
Joe.or
Dee.
1923.
%
$
1,501.550 +78.4
600,000 +77.2
14,789.133 +22.4
1,600,000 +25.0
3,202,407 +34.5
1.663,854 -37.2
1,157.752 +47.5
3,082,257 -23.8
18,824.483 +17.6
2,754.031 -14.3
2,368.348 -46.8
680,605 +38.3
5,961,775 +32.6
8,372,250 -0.3
1,608,387 -3.2
2.777,251 +26.5
602,063 +128.0
450,000 -52.9
3,846,970 +33.7
558,681 -2.8
500,000 +20.0
4,029,190 +48.7
4,624,354 -5.4
2,365.247 +12.4
355.875 +78.1
606,680 +77.1
3.440,448 +51.1
25,381,700 -10.4
$
1,667.321
599,552
11,138,653
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
716,925
4,836,114
22,472,400
286,770,998 +13.2
289,548,249 +13.3
231,963,109
234,641,172
1922.
1921.
1919.
1918.
1917.
1916.
$
1.561.883
103,525
8,227,786
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
5
754.402
500,000
6.706,371
1,400.000
3,095,170
1,500,000
468,803
790,947
7,827.216
899,780
981,050
348.896
1,602,169
8,487,808
329,175
1920.
5
539.050
500.000
6,748,088
1,304,570
5,295.255
1,522.775
625,715
635,285
20,958,766
1,058,410
1,326,075
371.188
2.578.339
5,134,343
528,840
$
460,000
300,000
5.925,164
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
$
200,000
150,000
2,080.869
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
726,195
S
400,000
200,000
4,332,855
596.035
4,667,113
398,065
308.706
452,780
7,683.616
194,537
188.490
107,623
1,254,479
5,645,069
947,120
400.000
6,164,871
396,865
7,064,564
747,525
576,840
337,134
7,383,163
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
655,622
2.520,835
17,462,100
800,000
154,250
1,800,000
700,000
500,000
3,179,325
2,292,935
1,339,460
300,000
324,398
2,115,287
13,947,100
762,925
148,250
1,793,414
695,730
428.280
3,969,090
3.034,729
1,215,853
325,000
359,770
1,736,600
10.084,200
277,200
200,575
1,299.406
888,895
419.463
4,967,867
2,334,850
867,688
350.000
275,000
1,621,385
8,309,100
88.250
117.950
529,668
434.413
197,429
3,854.470
586,325
349,435
100,000
84,781
552,492
4,986,000
104,425
206.750 ''
832,998
751,606
467,292
6,562.930
915.720
680.255
194,537
184,410
905.382
3,817,800
462,600
127,725
1,288,685
869.646
100.000
4,270,000
1.141,930
549,160
338,350
248,930
1,213,093
9,248,900
219,395,890
132,059,384
161,024,600
138,404,039
53,407,323
99,168,203
$
130,938.134
8,805.895
4,211,497
3,576,299
10,594,138
3.030,388
12,849,700 +21.8
1,299,547
4,245,547
15,654,917
2,350,594
N. Y.-Albany 426,896
483,049
357,944
807,822
725,259
Auburn
777.240 -19.5
233,109
352,345
625,776
234,115
5,536,372
4,969.601
1.515,211
1.672,031
2,278,529
Blnghamton
4,616,431
4,855,215 -4.9
555,166
1.431,914
1,927.948
18.642,000
13,121,000
13,033,000
27,907,000
25.891.000
Buffalo
26,773,944
28,499,393 -6.1
7,014,030
13,137,000
10,581,000
1,400,000
1,300,000
1,500,000
1,400,000
1,200,000
1,300,000
Elmira
2,262.967
1,960,440 +15.4
1.000.000
1,704.900
3,500,897
Jamestown
3,198,242
3,031.755 +5.5
Kingston
1.288,162 +24.1
1,599,009
532,409
309,925
1,082,071
858,594
Middletown_ _.
815,068
640,527 +27.2
6,259,511
7,990.483
3.596,284
2,526,002
2,848,587
413.415
Mt. Vernon_ _.
11.371,198
10,164,651 +11.9
1,003,723
969,668
379,601
800,001
750,000
505,000
Newburgh_ _ _.
400,0(5 +332.0
809,000
1,728,205
1,254,000
3,209.742
2,981,119
3,526,981
8.307,52: +14.3
6,377,251
3,500,000
New Rochelle.
9,498.267
480,320
950.289
1,203,863
5,762,771
3,179,551
4.251,607
3,670.050
3,169,241
Niagara Falls_
5,299.52: +20.9
2,081,544
6.727.778
1,819,258
2,009,707
2,330,961
2,343.985
1,144.05C
782,050
2.009,515
Poughkeepsie
2,147,646
1.781,331 +20.6
Rochester_ ___.
22,938,764
15,940.813
9,951,813
9,641,579
1,949,551
28,102,462
17.347,873
29,588,761 -5.0
6.754,820
9,379,447
2,513,231
2,601,108
1,978.385
Schenectady-.
7,933,088
8,229,83: -3.6
4,951,604
3,554,119
1.230,220
1,869,168
1,760,825
6,893,180
10,228.351
5,838,591
6,122.638
11,919,570
9.479.161 +25.7
9,909,524
1,037,895
Syracuse
4,251.701
4,871,414
2,325,941
673.189
4,303.661 '-25.3
1,376,313
192,075
Troy
3.219,025
514,446
1.758.777
676,561
1,132.827
5,182,340
8,565,521 -39.5
6.204,591
6.922,783
3,102,860
2,220.079
3,287,750
873,530
1,444,085
Utica
1,887,825
1.076,921
1,265.461 -18.8
2.007,195
1,684,750
Watertown_ __.
1,028,069
7,994,275 +4.3
5,273,109
3,900,174
8,337,775
White Plains
10.543,701
4,601,500
4,720,700
2,713,600
1,162,800
20,909,473
13.820,075 +51.3
8,550,750
1,405,400
Yonkers
2.213,100
12.477,769
13,541,939 -7.9
10,147,518
8,942,789
2,279,198
8,508,253
6.464,519
530.061
2,437,875
1,891,333
N.J.-Atian. Cy
3,686,091
3.592,267 +2.6
5,535.685
3,537.500
3,039.183
2.317,199
2,625,505
588,023
865,589
1,380,426
Bayonne
Bloomfield _ _ _ _
3,964.441 +45.2
3,551,098
1,852.639
1,000,000
900,000
300,000
5.766.251
3,521,691
600,000
895,404
000,000 +124.0
528,903
239,182
1,343,852
652,551
Caldwell
8,121,243
1.908,327
2,781.430
3,421,949
7.912,711
6,337,940 +24.8
4,343,192
7,727,187
2,040,000
Camden
2,000,000
5,221,477
3.423,644 +52.5
4.764,748
2.957,970
2,389,925
2,181,325
1,714.866
413.170
Clifton
6,819,810 +9.7
4,743.609
3,052,926
4,650,790
947.987
1.555,115
7,484,219
4,701,984
3,955,879
1,694,276
East Orange__.
6,545.960
5,449,372
6,279.352 +25.2
6.315.839
2,835,058
1,497.629
1,453,601
2,304,632
Elizabeth
7,862,506
3,547,449
1,797,644
774,943
712,089
1,996,118 +33.1
2,038,936
Hackensack_
2,656,394
1,082.868
567.821
773.701 +127.1
488,162
658,421
1,974,919
913,688
662,635
337,219
1,789,750
Hoboken
1.757.097
7,902,614
10.073.652 -3.5
4,250,012
2,418,389
1,277,265
1,189,542
530.985
448,097
890,198
Irvington
9.724391
19.612,367 +8.5
21,653,720
4,232,693
5,005,243
4,557,951
3,596,718
21,284,814
14,205,710
12,702.972
7,393,049
Jersey City
6,504,132 -0.3
3,046,920
Kearney
6,485,351
6,870,748
7,551,820 -10.7
4,897,333
3,493,545
900,000
700,000
1,300,000
6,741,508
1,100,000
250,000
Montclair
42,483,870 -3.5
35.507,210
5,320,833
9,437,104
9,486,775
28,585.166
20,771,205
20.576,695
20,890,187
Newark
40,996.478
1,834,687
1.425,262
778.694
1,249,419
2,640,205 +36.6
478.750
706.521
1.072.262
1.103.320
New Brunswick
3,608,630
424,403
633,847
2,142,050 +79.8
1.821.916
863,479
1,395,665
1.156,208
371,365
164,403
3,851,753
Orange
1,420,758
3,966.745 +67.9
3.712,750
4.586,115
3,493,545
1,649,405
1,694,658
390.520
1,733,060
6,659,357
Passaic
4,405,809
1,600,000
2,338,796
7,511,728 +12.6
7,746,157
5,690,013
3,686,185
4,599,541
1.081.730
Paterson
8,402,553
3,817.444 -3.4
2,502,023
967,876
3.021.772
1,552,398
1,370.838
922,247
592.612
740.589
3,689,357
Plainfield
2.176.507
593.327
2,398,628 +7.4
2,189,393
800,000
444,555
2.576,775
800,000
700.000
200,000
South Orange_
6,642,985
4,301,143
3,323,053
1,804,770
2,256,156
5.496.765 +29.0
3,306,131
6,419,957
• 546,585
Trenton
7.092.009
2,283,509
2,084.883 +84.0
1,812,526
920.178
479,656
638,855
2.982,179
West Orange
5,113,670
2,178,585
5.344,362 +62.0
3,344,458
1,814,268
2,630,730
2,221,000
1,367,907
731,715
Pa.-Allentown_
8,659,765
1,046,184
3,355.194 -10.1
3,052,373
1,771.818
1,634,598
739,258
3.313,242
205,853
319,444
Altoona
3,015,438
1,944,962
1.624,518
740,922
2,482,615
2.447,482 +151.1
1.564,622
715,190
Bethlehem_ _
6.156.600
237,315
611,608 +30.5
507,575
275,890
Bradford
798,290
733,555
2,304,380
1,634,096
2,000,000
1,701,679
1.105.449
2,082,760 +60.7
5,083.431
Chester
3,363,592
1,105,864
2,032,318 +23.7
1,3137,756
1,453.346
664,518
1.780,820
Easton
2.514,611
207,371
492,586
700,000
3,348,360
4,262,524
3,737.279
3,304,573
Erie
7,036.299 +23.4
4,860,924
1,979,004
2,800,000
8,685,682
3,888,772
5,315,340 -18.4
7,389,345
2,712,598
1,190,690
2,739.885
Harrisburg_.._
3,873,840
1,865,373
4,336,581
886.751
1,925,105
475,616
2,561,930 +15.2
4,025.300
1,605,150
258,150
654,873
Hannon
2,952,307
490,000
138,100
332,051
1,323,458
4.756.705 -16.7
2,640,665
967,223
Lancaster
3.730.730
1,286.638
989.397
3,965,021
290,641
365,711
42,790,780
55,305,390
65,088,750
Phlladelphla__.. 170,913,531 141,737,460 +19.2 122,650,935 114,881.040
49,896.570
15,452,671
34,016,481
34,156,550 +21.;
23,429.744
32,928,962
35 255,375
16,048,052
14,731,616
Pittsburgh
41,512,22:
13,764,810
7,781,721
11,464,204
-I'
1,193,910 +69.2
Pottsville
2,021,581
4,382,480
1.070,385
8,125,827 +18.7
1,049.366
Readlng
7,273,561
2,450,575
3,262,325
1,719,675
793,571
412,87/
6,001,496 +15.1
2.219,665
3.780.831
Scranton
13,921,32
4,982,351
3.021,855
2,112,372
426,350
1,536.440
1,421,481
4,554.338 -5.1
3,302,343
1,837,888
3,485,854
Wilkes-Barre
4,286,7F
1,360,216
834,286
640,512
1,213,605
704.772
543,450
2,166,885 +9.1
1.701,665
1,440,400
2,379,111
411.150
714,300
WilkInsburg
869,475
138,001
756,501
2.124.883 -9.'
1,279,744
1,430,240
900.000
833,405
Williamsport....
1;915,06:
682,382
836,482
388,031
527,341
2,153,414
1,887,205
1,003,191
York
2,897.005 +23.1
695,596
3,566,77:
663,972
184,121
435,241
665,639
3,776,942
2,827,044
2,230,710
3,868.934
+4.4
3,840,531
Del.-Wilming'n
4,040,841
5,911,859
3,018,141
2,389,817
2,788,028
33,247,726
45.771,050 -0.9
43,283,210
24,535,692
45,364,270
39,156,623
Md.-Baltimore26,708,884
4,694,373
10,145,626
12,634,728
1,027,999
1,102,674
1,428.711 +69.2
1,471,024
2,500,000
Cumberland
2,417,147
4,045,362
42,225
438.301
168,375
750,545
Frederick
315,971
117,410
425.893 +31.9
403,439
561,662
170,538
25.025
162.253
70,085
18,999,9213
+40.1
49,744,923
36,197,059
19,706,296
46,173,128
D.C.-Washing'n
64,711.013
20,420,292
7,136,818
12,916.886
15,049,804
5,326,809 -52.2
3,824,989
3,157,996
2,000,000
1,920,414
2,544,625
W.Va.-Charrn.
1,840,982
850,000
745,747
900,000
1,168,542
1,872,611 -70.3
Clarksburg.._ _
555,960
3,588,322
2,436,102
Huntington_....
8,525.780 -35.7
5,379,257
2.401,760
5,479,744
2,428,623
1,116,844
1,501,920
1,332,600
1,251.377
1,160,089
Wheeling
3,986.341
3,432,020
3,294,232
5,157,876 -36.2
485,971
334,564
974,537
426,851
Total Middle
(65 cities)
744,953,702 858.818.361 +13.1 586.343,103 504,785,342 307,818,203 281,425,985 284,651,374 102,025,242 157,794.273 199,054,148
768,179,693 681,768,671 +12.7
(72 cities)Ohlo-Akron
Alliance
Ashtabula
Barberton
Canton
Cincinnati_ .... _
Cleveland
Columbus
Dayton
Best Cleveland
Hamilton
Lakewood
Mansfield
Newark
Norwood
Sandusky
Springfield- _ Toledo
Youngstown_ _.
Zanesville
Ind.-Elkhart
Fart Wayne_ _ _
Gary
Hammond
Inclianapolli___
Kokomo
Michigan City_
Richmond
South Bend.. _
Terre Haute
111.-Aurora
Bloomington -
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
3,962,913
2,207,518
6,211,541
3,120 025
641,570
2,902,295
712,354
969,507
17.734,587
12,324,895
689,058
1.171,355
10,876.513
13,057,987
5,931,150
20,225,155
671,510
935,512
1,102,855
8,770.255
1,480,683
4,445,435
1.245,400
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
3.595.675
2,198,966
8,612.980
2,394,463
938.410
1,704,525
750,867
1,923,876
10,924,690
11,831,990
1,047,596
1,360,000
11.488,092
9,059,128
6,110,858
25,452,812
1,051,599
1.324.635
882,986
5468,101
2.726,691
2,849,831
674,725
+64.1
-7.8
-21.1
-38.3
-6.2
+26.7
+9.9
+35.7
+28.0
+10.2
+4,0
-27.9
+30.3
-31.6
+70.3
-5.1
-49.6
+4.8
+4.2
-34.2
-13.9
-5.3
+44.1
-2.9
+3.0
-36.2
-29.4
+27.8
+60.4
-45.7
+56.0
+84.2
7,495,066
1.079,755
990,694
4,550,538
3,782,548
473,203
895,298
7,398,567
26.656,515
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
1,532,805
15,536,846
5,078,070
2,027,098
920,950
11.853,643
4,370,822
4.007,780
27,144.484
1,437,483
659,156
798,912
13,462.707
2,645,230
3,205,479
093,889
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
5,330,545
837,286
593,621
9.642,589
3,001,433
2,710,525
26.110.457
1,540,494
995,436
10,098,035
2,221,679
2,584,960
405.000
19,707,605
27,219,481
4,519,763
14,168,818
12,824,536
3,935,144
12,542,000
46,531,323
9,265.110
6,127,461
2,614,515
1,089,180
5,188,093
494,409
351,310
5,600,000
297.426
1,352,329
7,805,673
5.853,685
537,735
1,210,450
4.803,156
3,181,852
1,857,285
16,872.240
782,043
4,520,095
11,684,837
65,625,830
10.257,170
5,881,367
2,494,885
1,431,292
3,880,076
1,706,635
539,650
1,961,000
521.600
790,375
6,795,440
3,424,950
526,080
177,700
2,929,942
3,279,524
2,287.424
15,284,119
2.241,202
6,039,960
10,923,750
46,214,175
6,345.760
8,054,543
4,000,000
1,342,385
5.303,582
1,637,644
260,835
1,122,283
941,964
2.107,065
7.889,132
6.990,089
374,208
250,000
2.205.145
5,369.742
2,225,818
12,794,558
1.224.090
1,822,777
4;578,833
16,386.360
3,300,220
3.655,202
634,370
2,648.485
10,451.315
30,483,605
3,914,930
3,937,450
4,328.555
10,842,895
33,108,260
7,194.240
3,699,146
202,511
203,969
875,872
790.375
2.661,776
4,407,694
36,181
100,000
901,094
2,903,855
2,275,216
4,557,667
189.613
144,380
745,220
375,537
697.140
7,244,546
4,542,098
100,000
258,030
3,427,187
4,122,287
1,201.027
7,103.138
595,887
192,860
1,081,743
293,030
1,218,065
9,692,268
3,400,079
245,691
300,000
3,479,531
2,661.635
967,970
8,934,094
875,816
476,058
4,098,997
2,214,016
984,448
1.207.000
503,411
4,600,101
756,499
900,000
1.644.000
664,863
4,456,120
8138.705
819.612
1.106.000
161,875
935,327
523,130
.243,796
60,900
230,800
2,028.980
594.281
495.002
261 100
438,030
1,398,501
816.270
739,507
267.000
•
1,430,465
JAN. 23 1926.]
1925.
Illinois (Coca.)3
360,804,250
Chicago
6.930,029
Cicero
5,500,640
Decatur
5,234.863
East St. Louis.
2,729,080
Elgin
14,007,420
Evanston
•900,000
Freeport
970,476
Moline
8,070,447
Oak Park
5,565,553
Peoria
1,215,785
Quincy
6,475,700
Rockford
1,311.765
Rock Island_ _ _
5,626,011
Springfield........
Mich.-AnnArbor
3,130,881
964,475
Bay City
180.132,528
Detroit
7,277.891
Flint
Grand Rapids_
12,473.770
Highland Park
4,239,785
Jackson
2,598,709
Kalamazoo_ _ _ _
2,063,020
Lansing
5,295,942
Muskegon
2,090,140
2,143,025
Pontiac
Saginaw
2,937,032
Wis.-Keno8ha
4,950,584
Madison
6,346,171
Manitowoc_._ _
1,760,920
Milwaukee_ .. _ _
39,583,736
Oshkosh
2.053,624
Sheboygan_,...
2,498,869
Shorewood._._
'4,000,000
Superior
3,279,924
Tot.Mid.West.
(53 cities)_. 1,070,479.787
(66 cities)
1,101,244,239
Mo.-Joplin
Kansas City_.._
St. Joseph.,.,
St. Louis
Sedalia
Minn.-Duluth._
Mankato
Minneapolis_ _ _
St. Paul
Winona
Neb.-Lincoln
Omaha
Kan.-Atchison _
Kansas City_
Leavenworth..
Topeka
Wichita
la.-Cedar Rap_
Council Bluffs_
Davenport......
Des Moines..
Dubuque
Ottumwa
Sioux City
_
Waterloo
Co1o.-Boulder.._
Colo. Springs
Denver
Pueblo
S. D.-Aberdeen
Sioux Falls_ _._
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)
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
838,555
7.006,077
14,624,520
641,080
3,659,450
382,110
3.176,362
4,694,485
3,624.186
1,782,425
2.056,038
6.183,730
1,196,564
783,415
3.611,830
879,945
552,635
1.072,688
25,333,310
2,342,200
293,925
2,048,181
1,314,009
522,303
285,000
233,100
2,397,985
6,603,235
157,993
168,317
546,270
890,000
504,597
371.281
3,108,122
1.345,858
261,123,821
262,297,691
4,127,301
Calif.-Aiameda_
A.hambra
3,395,922
Sakersfimd
2,117.938
Berkeley
10,058,730
Beverly Stills
10,566,818
Burlingame
2,109.141
Colton
250,640
Compton
1,566,271
Emeryville__
589,018
Eureka
1.133,355
Fresno
3,093,062
Fullerton
592,986
Glendale
10,224,020
Huntington Pk.
1,263,410
Long Beach_ _. 19,046,766
Los Angeles... _ 152,636.436
National City379,805
Oakland
39.185,863
Ontario
877,718
Orange
507,525
Pasadena
9,633,746
Piedmont
1,918,009
Pomona
1,116,348
Redwood City.
921,467
Richmond
1,312,822
Sacramento_..
11,351,277
San Bernardino
3,255.214
San Diego._ _ _
18,198,200
Ran Francisco_
50,392,793
632.512
San Gabriel_...
San Jose
4,846,775
1,359,479
San Mateo_ ... _
727,095
San Rafael_ _ _ _
Santa Monica_
5,138,292
844,196
South Gate...
Stockton
3,728,712
357,643
Torrance
2,157,329
Venice
Oregon-Astoria_
903,000
Klamath
1,639.147
38,476,335
Portland
1.794,935
Salem
1,279,021
Wash.-Aberdeen
Hoquiam
957,255
30,626,995
Seattle
4,366,856
Spokane
9.926,134
Tacoma
401,708
Vancouver_
309,098
Walla Walla _
821,037
Yakima
Total Pacific_
(35 cities)._ _ 455,799,907
(50 cities)..... 472,616.11.4
THE
1924.
$
296,893,985
7,595,470
4,366,100
3,293,348
1.600,000
10,219,604
860,750
1,131,981
9,754,942
4,797,843
1,503,692
4,102,985
1,036,046
5,466,438
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
5,360,307
1,205,638
45,633,569
1,178,608
2,692,183
3,344,482
1,459,838
Inc. or
Dec.
%
+21.5
-8.8
+26.0
+58.9
+67.5
+37.1
+4.8
-14.3
-17.3
+16.0
-19.2
+57.8
+26.6
+2.9
+59.1
-41.9
+12.5
-20.7
+30.8
-25.3
+62.2
+28.0
+10.1
+82.8
+11.9
+6.9
+5.4
+18.4
+96.1
-13.3
+74.2
-7.2
+ 19 A
+124.7
848,616,574 +26.1
880,722,496 +25.0
1923.
1920.
247.518,548
249.804,466
2.562,008 +61.0
1,676.088
5,398,490 -37.1
7.231,330
1,096,452 +93.1
1.169.573
9.369,027 +7.3
7,959,140
5,053,644 +109.1
3,891,136
2,592,314 -18.6
1,969,682
326,875 -23.3
366,368
1.164,862 +34.4
1,081,492
1,146,095 -48.6
875,453
820,363 +38.1
866.030
1,645,488 +88.0
5,890,104
1.079,240 -45.1
2,087,186
10,175.311
+0.5
10,047,694
2,184,441 -42.2
2,701,727
20,601,267 -7.5
23,697,830
150,147,516
+1.6 200,133,181
420,420 -9.7
379.825
31,223,433 +25.5
27,628.175
797,604 +10.0
1,193,512
550.650 -7.8
868,350
12,040,719 -20.0
11.534,186
1,517,079 +26.4
1,877,321
1,586,098 -29.6
1,693,821
1,103,441 -16.5
1,196,086
970,211 +35.3
1,147,664
7.666,669 +48.0
9,699,638
3,762,123 -13.5
2,343,617
12,102,426
13,561,106 +34.2
57,852,973 -11.9
46.676,079
621,145 +1.8
654,300
2,731,630
3.959,075 +22.4
1,411,218
1,595,688 -14.8
490,300
555,835 +30.8
6,045,254
8,415,136 -38.5
1,135,122 -25.6
792,770
3,897.130
4,163,012 -10.4
1.873,295
1,092,260 -67.3
3,108,632 -30.7
1,357,440 -33.5
1,682,770 -2.8
379,333
29,219,42 +31.7
25,247,135
1,287.282
+3.7
1,731,210
1,144,348
869,334 +47.1
608,457
374,341 +22.1
22,974,720
27,279,50 +12.3
+32.5
2,486,563
3,296,38
5,500,926
8,539,03 +16.2
628,425
443,606 -9.5
419,834
160,55 +92.5
+12.4
729,733
730,40
448,366,999
1918.
1917.
1916.
3
104,198,850
$
64,188,750
$
112,835,150
1,800,000
1,893,673
2.975,840
1,434,658
726.975
886,086
1,340,983
1,197,116
1,277.456
795,496
4.014,613
1,310,814
1.383,106
207,627
918.413
3,030.416
2,047,005
6,538,860
2,497,817
289,150
1.998.645
1,564,271
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
810,553
62,100
928,600
1,318,816
2.081,629
588,000
859,043
2,928,928
2,282,081
286,600
2,338,805
2,194,685
2,924,809
641.225
942.930
2,125.537
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
39,692,305
2,539,035
1,925,157
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
1,093,980
728,915
1,933,000
574,995
2,033,790
1,445,825
847,158,645
1919.
$
35,136.150
$
76,173.150
213,060,415 +22.5
214,574,119 +22.2
+6.7
+5.3
1921.
$
125,004,510
462,259
24,843,700
1,821,130
41,443,755
1,032,685
6,710,865
722,536
32,315,545
38,028,196
534,945
3,195,611
13,008,899
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
931,585
1,912,323
20,642.250
898.188
182,435
1,768.328
1,647.693
384,679
250,000
229,700
1,551,920
6,886,494
237,850
670,887
381,486
734,131
1,032.228
584,871
1,841.244
1,432,096
427,005,231
448,745.841
1922.
$
$
329,604,312 227,742,010
7,946,621
2,818,660
2,014,070
2,647,665
2,811,799
1,512,000
7,546,133
11,610,066
1,011,420
1,102,265
2,500,000
8,378,238
10,091,738
3,824,739
3,512,874
731,530
1,222,909
3,750,695
3,528,095
998,516
3,921,012
4,179,575
1,763,500
811,479
94,615,093
129,719,731
6,714.910
8.172,548
11,165,077
10,204,795
3,298,015
4,109,025
2,268,951
1,285,089
1,176,260
1,953,303
6,304,489
625,895
1,431,478
1,280,189
2,679,977
1,802,673
1,295,206
4,823,951
4,619,285
5,637,163
1,310,24
25,250,312
41,440,720
1,164,199
912.275
1,810,500
2,489,066
2,791.172
2,449,934
3,034,033
872,173
-19.1
+75.6
+50.0
+37.8
-20.6
-1.7
-3.6
+26.7
+15.0
-33.3
+122.4
+19.2
+220.4
-12.8
+109.3
+23.5
+9.3
+21.3
+25.5
+7.6
-32.9
-25.7
-28.6
-21.4
-22.7
+1.4
-17.3
-3.7
+38.9
+65.7
+41.7
+147.8
+70.9
-5.0
+20.3
+31.5
+21.5
-36.8
-55.6
+92.6
+24.1
+51
-6.5
+63.2
-5.6
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
200,054
4.193.987
182,555
2,571.173
4,293,153
2,986,857
1.421,40
1,909,84
9,219,98
1,610,75
1.096,46
4,596,05
1,138,73
544,88
1,297,29
26,310,25
1,685,65
176.96
1,392,03
530,25
305,51
300.00
193,80
1,823.75
5,433,37
250,00
379,25
283,59
717,07
479,96
396,86
1,903,64
1,425,98
403
CHRONICLE
929,163
1,929,174
3,045,369
1,514,596
3,066,595
2,673.858
2,677.054
2,000,000
3.880,472
4,411,978
1,800,000
521,861
1.052,460
1,900,000
428,846
768,845
1.909,699
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
11,535.859
16,013,194
438,044
120,000
1,008,927
503.433
916,000
2,163,045
1,400.834
641,045,736
399,342.273
394,524,361
421,521,900
130.607,762
237,479,579
317,240,595
23,146,190
1,237,419
25,210,503
335,495
7,843,956
755,040
29,470,450
22,388,862
341,120
2,940,687
11.242,915
1,456.861
3,056,563
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
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
1,201,568
1.932,490
348,700
1,355,131
7,432,687
2,744,505
2,310,335
1,697,675
3,430.990
1,326,057
634.602
3.480,805
13,760.295
942,619
17,694,075
258.550
6.989,673
800,000
13,469,564
12,276,466
100,645
2,110,545
11,435,970
535,412
1,280,285
186,000
1,658,094
3,807,281
2,203,892
750,000
1,997.327
4,091,229
750.750
723,920
4,896,510
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
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
5,666.995
558,847
6,352,582
93.200
2,638,861
145,000
5.485,740
10.152.705
10,158,450
828.121
11,308,537
181,450
4,625,264
131,935
9.262,985
7,086,038
11,583,444
893,945
12,753,386
310.487
10.223.598
467,825
22,917,200
11,128,632
758,572
3,608,054
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
1,374,093
7,737.047
223.585
1,656.670
1,600
603,974
3.771,519
1,773,000
1,035,975
982,873
3,145.809
603.085
600.000
3,223,981
1,939,916
7.228,107
175,503
748.430
93,535
808,865
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
823,886
7.547,020
739.269
502,680
325,145
6.779,880
676,300
47.660
183,982
2.595.890
373,095
146,650
264,255
4,291,000
1,032.748
188.772
460,656
4,038,840
390,520
1,727,789
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
1.236,211
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
2.034,211
2,124.765
300,000
188.275
299,900
1,081.935
3.839,353
532.600
227,437
578.047
860,495
1,169,177
219.387
4,514,501
1,192,155
2,226,747
1,310,410
200,000
347.224
338,100
1,562,560
4,059.320
857,195
742.460
100.000
80,620
83,300
500,000
2,310,015
1,026.535
1,292,550
193,995
378,850
1,049,227
1,650,000
349,825
1.228,453
500.000
2,732,155
860,085
2.706,772
716,727
1,151.770
1,300,000
210,000
511,200
291,523
182,994
326,000
1,528,298
1,503,002
193,497
426,700
2,079.723
1,650,784
172,648
85,886
2,203,865
1,040,339
727,290
526,050
713.428
778,760
244,651
546,700
202,866,560
144,108,806
131,292,381
141,837,769
61.165,673
87,318,372
112,107,325
467,171
999,131
518,888
603.672
838,753
1,641,139
304,900
194,256
304.750
732,290
35,200
604.585
1.243,850
231.823
1,747,223
971,170
759,931
1,898,686
5,622.963
1,838,999
2,198,869
1,483,794
3.376,409
787,729
796.492
802,482 •
1,314,979
3,113,364
513,441
422,672
420,900
280,307
100,870
522,000
657,451
211,765
261,892
64.140
7,495,840
2.034,526
6.305,971
3,860,967
951,941
5.099,201
6,775,587
759,348
3,137,264
3,998,875
528,609
591,439
1,677,758
75,000
97,193
1,999,022
101,622
287,360
884,100
84,811
235,907
14,044,518
121,206,787
284,190
29,468.223
13,159,243
82,761.386
262,585
15,791,616
11.001.662
60,023.600
111,628
9,489,908
7,217,849
28,253,619
50,635
7,134,572
2,828,844
8,678,862
15,625
5,382,158
810,631
16,932,082
16,080
4,442.533
1,065.305
15,036,045
14,825
5.368.299
924,412
9,420,481
1.430,415
1,114,447
382,398
6,493,674
867,715
904,026
3,534,235
794,510
801,437
1,821,600
355,869
455,030
211,968
1,367.770
1,624,647
897,072
9,351,052
2,209,663
12,004,036
45,327,206
354,846
1,960,548
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
230,800
1,891.292
474,517
905,392
18,480,527
14,272
489,577
343,937
2,102,158
350.591
1,869,994
18,484,401
57,449
851,931
219.800
3,878,365
257,400
2.504,100
117,500
1,219.359
112,200
393,352
22,200
96,040
36.200
138,100
3,141,900
333,680
1,712,738
2,617.527
1.477,841
1,050.761
1.355,043
1,138,174
800,000
20.939,650
693,678
437,111
230,864
19,783,835
3,177,234
4,239,028
221,414
515,500
800,000
17,225,576
343,570
245,445
756,150
12,088.506
425,990
189,292
9,840,725
140,050
385.059
6,174,157
45,700
328,718
3.717.945
95,250
77.295
6,301,360
79.992
68,221
12,862,425
2,124.037
3,669,082
297,846
311,834
13,760,090
3,031,704
4.749,673
412.709
797,730
15,615,010
1,689,928
2,857,181
370,423
10,899,775
422,766
2,844,405
691,496
6,708,315
2,140.760
1,141,243
23,538
8,304,689
1,586,787
1,671,981
8,218
330.768,325
219,483,882
182,358,123
109,021.877
57,091,668
66,368,261
70.318,771
404
THE CHRONICLE
Inc. or
Dec.
1923.
1922.
1921.
$
948,065
642,467
5,169,533
$
499,000
559,038
5.030,168
9.632.053
7,852,944
2,723,592
1,488,616
2,712,988
15,116,012
3,259,524
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
9,292,879
2,285.899
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
4,778,756
1,221,285
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
13,372,666
1,873,582
1,430.798
4,025,000
3,966,405
4,476,780
8.770.452
1,106,035
850,755
1,196,004
615,345
973,935
402,824
1,003,550
1,200,000
1,838,614
191,029
248,099
841,173
240,000
732,440
121,305
297,300
600,000
4,118.688
615,170
636,155
702,171
370,620
1.168,110
300,000
156,550
1.181,756
4,927,396
845,942
408,678
837,039
1,684,889
347.131
900.000
918,200
326,131
1,442,775
597,300
10,442.739
1,307,779
1,192,163
1,770,645
1,156.260
3,264.215
432,024
345,755
3,572.086
422,601
650,000
768.675
1,088,792
1,238,720
464,666
400,000
4.977,815
1,120,335
1,656,087
646,605
1,805,386
1,859,504
283,584
481,000
3,680,178
1,686,531
1,724.733
1,673.880
1,558,924
1,921,286
364,379
4,167,665
3,091,780
7,491,020
1,169,679
513,644
1,182,550
479,852
886,892
326,333
10,495.40
6.070,084
1,116.100
4,608,820
4,057,028
6,556.101
600,000
513,644
329,556
78,377
860,575
284,277
8,043,159
3,871,485
437.313
2.801,120
2,664,392
4,384,229
603,473
600,000
455,395
183,608
905,922
452.730
12,598,468
5,717.419
1.096.607
1,200,000
1,202,534
3,929,822
660,454
590,617
316,963
136,329
1,120,230
569,300
5,249.092
3,557,346
315,656
175.714
200,000
383,397
1,572,714
78,684
258,233
101,765
67,527
738,427
205,069
1,763,569
552,267
773,674
1,818,736
140,830
336.496
772,940
76,045
440,977
235,511
2,862,958
865,112
1,290,828
2,386,599
100,490
442,729
300,000
413,991
311,185
3,117,604
1,124,378
1,530,748
18,646,988
3,070,266
12,128,722
2,121,188
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
6,861,619
3,987.305
500,000
1.667,730
844,846
2,267,887
175.904
2,275,258
3,755,954
1,075,832
3.573,259
3,769,527
1,705,611
233,271
3,123,877
2,134,477
1,009,692
4,265.354
3,551,909
3,127,884
774,142
3,068.871
2,283.638
1,349,758
3,908,781
3,000,000
2,830,148
1,215,775
7,698,106
13,636,489
2,552,693
5,042,172
20,883,008
5.59.008
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
7,330,310
2,476,129
2.665,411
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
504,608
1,030,264
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
1,090,308
148,590
211,860
2,684,176
8,380.492
734,865
1,271,759
2,825,865
1,124.350
265,820
343,420
1,742,245
2,073,634
4,161,293
1,438,944
468,771
3,091,970
3,621,134
844,309
586,230
5.053,140
270.953.131
190,797,233
192,924,005
157,041,404
48,585,687
68,839,415
77,077,374
+19.0 3.449,465,790 2,807,884.753 1,869,694,975 1.634,378,397 1,513,078,552
+18.8
506,383,760
819,854,901 1.128,030,321
+19.8 2,1363.907.705 2,169,314,914 1.393,907,781 1,343,549,455 1.252,478,363
+18.9
449,883,255
716,786,103
$
$
%
1,291.924
1,612.519 --19.9
261.396
174,847 +31.8
2,066.747
6,938,422 -57.2
594.256
258,816 +129.6
13,398,246
13.613,019 -1.6
3,425,275
4,167,068 -17.8
6,010,919
4.289,291 +90.1
7.244,193
6.827,433
+6.1
5.174.525
3,097,955 +67.0
6,192,150
4,342,242 +42.6
2.904,452
4,653.124 -37.6
572,475
1,605,600 +356.5
5,004,382
4,524,124 +10.6
633,155
235,432 +168.9
1,554.690
1,266,316 +22.8
1,495.320
2,560,803 -31.6
10,403.558
18,196,091 -42.8
1,535,949
1,175,353 +30.7
1,745,026
1,762,647 -1.0
1,595,830
2,264.399 -29.5
14,760,711
7,311.497 +101.9
60.026,280
17,038.144 +252.3
7,993,658
3,036,006 +163.3
754.415
1,300,446 -42.0
24,081,700
9,557,500 +152.0
23,418,836
6,577,055 +256.0
21,484,878
20,247,707
+6.0
1.964,264
1,299,780 +51.1
1,011,576
704,100 +43.6
2,171.271
1,850,573 +17.3
546,000
700,436 -22.1
1,926,155
1,159,653 +66.1
647,422
231,754 +179.3
16,345,140
16.991,150 -3.8
5,491,818
8,069,000 -31.9
3,436,953
1,550,582 +121.6
1,638,870
2,540,373 -35.5
28,379,558
26,402,814
+7.5
2,184,332
1,605,257 +36.1
8,872,323
11,408,208 -22.2
1,707,439
2,605.205 -34.5
35,040.010
17,222,059 +103.4
9,428,043
6,603,860 +42.8
5,908,866
2,343,713 +152.1
2,024,415
860.757 +137.9
1,075,595
1,067,246
+0.8
6,107.847
4,331,396 +17.9
981,005
3,000,090 +18,8
701,217
401,444 +74.7
321,470
326,355 -1.5
6,751.775
8.052,935 -16.2
10,075,971
8,048,283 +25.2
5,154,558
2,915,924 +76.8
6,329,396
6,512,411 -2.8
18,667,605
23.757.040 -21.4
7,012,768
5,148,098 +38.2
2,254,100
1,613.550 +39.7
1,892,630
1,744,326
+8.5
29,910,246 I.22,682,959 +31.9
275.745
314,090 -12.2
Va.-LynchburgNewport News
Norfolk
Petersburg _ _._
Richmond
Roanoke
N. C.-Asheville
Charlotte
Durham
Greensboro__ _ _
Raleigh
Wilmington_ _.
Winston-Salem
S.C.-Charleston
Columbia
Greenville
Ga.-Atlanta__ _ _
Augusta
Macon
Savannah
Fla.-Jaeks'nville
Miami
Orlando
Pensacola
St. Petersburg_
Tampa
ma.-Birmin'ham
Mobile
Montgomeri- Mins.-Jackeon._
Vicksburg
La.-Alexandria _
Lake Char1es_ _
New Orleans
Shreveport....
Texas-Amarillo_
Beaumont
Dallas
El Paso
Ft. Worth__
Galveston
Houston
San Antonio_ _ _
Wichita Falls
Ark.-El Dorado
Ft. Smith
Little Rock.. _ _
Okla.-Guthrie_
Muskogee
Okmulgee
Oklahoma City
Tulsa
Tenn......_chatt'ga.
Knoxville
Memphis
Nashville
Ky.-Covington.
Lexington
Louisville
Newport
Total Southern
(54 cities)
437,154,876 334,085,044
(60 cities). _ _ 451,741,309 340.270,142
Total
(310 cities)_ 4,302.696,713 3,614,662.440
(354 citles) _ _ 4.392,776,930 3,702,135,335
Outside New York
(309 Mies)_ - 3.294,125,371 2,768,156,623
(353 eldes) 3,384,205,578 2.855.629,518
+30.8
+32.7
,
. N
-4...000ba.q-a..ww.
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ligt 1925.
[VOL. 122.
302,557,391
1920.
$
822,810
1919.
$
701,245
1918.
1917.
1916.
$
$
$
906,736,347
CANADIAN BUILDING OPERATIONS.
1925.
$
25,520,523
2,772,200
3.274,371
1,038,060
2,064,814
2,931,524
194,725
159,537
140.00
193,858
1924.
Inc. or
Dec.
1923.
S
%'
$
31,013,419 -17.7
27,092.468
3,375,950 -17.9
2,203,250
7,332,846 -55.4
4.786,933
524,925 +97.7
722.100
1,046,200 +97.3
730,745
2,381,606 +23.1
1,933,232
195,000 -0.2
286,825
189.980 -16.0
615.686
350,000 -59.8
400,000
355,329 +45.5
265,867
1,272,570 -44 7
1,425,130
124,742 -12.9
135,631
404,304
571,484
+5.5.
3,309,800 -19.2
5,452.930
1,035,620 -52.3
699,233
1,221,122 +26.6
1,893,892
2,113.500 +13.1
3.261,065
125,000 -19.6
100,000
802,622 +38.8
758,513
400,000 +28.8
493,158
786,985 -26.8
1,923,110
3,621,817
2,540,670 +93.3
168.210 +217.2
310,565
295,448
437,510 -27.7
2.640,321
1.187,307 -66.1
806,310
713,638 -6.5
401,032
559,245 -37.1
334,239
184,026 +113.5
781,970
840,803 -13.7
306.700
362,585 -15.5
23,920,028
30,609,227
+7.8
178,880 -30.5
206,150
4,725,034
4.429,308 -2.2
8,921,650
+5.7
4,145,750
378,709
731,309 +41.6
319,162
151,907 -71.1
385,461
101,774 -5.8
1322,265 -39.1
358,500
Que.-Montreal.
Outrrrnnnt _ - Qucticto:......
Shert;1.-..- _ - Three Rivers__
Wtstmount ___
Ont.-13elleville.
Brantford
Brockville
Chatham
Fort William
Galt
Guelph
Hamilton
Kingston
Kitchener
London
Midland
Mtwara Falls
North Bay_ _ _.
Oshawa
Ottawa
Owen Sound....
Peterborough
Port Arthur......
St. Catherine
Sault Ste. Marie
St. Thomas......
Sarnia
Sudbury
Toronto
Welland
Windsor
York
N. S.-Halifax
Sydney
N.B.-Moncton..
St. John
2,673.830
493,758
1,546.182
2,389,800
100.551
1,114,290
5l5,00
678.205
4,911,685
533,560
272,637
402.488
666,962
352,090
350,181
725.698
306.285
25,797,196
124,320
4,333,945
4,380,500
1.035,645
43,907
95,920
883,530
Total East (38)
93.925.171
-6.2
111,003,547
Man.-Brandon..
East Hildonan.
St. Boniface__ _
Winnipeg
Alta.-Calgary....
Edmonton....
Lethbridge_ __.
Red Deer
Sask.-MooseJaw
Prince Albert.._
Regina
Saskatoon
Swift Current_
Weyburia
Yorkton
British Columbia New Westm'r.
Vancouver.....Victoria
76,573
168,395
969,259
4,156,690
1,197,475
1,481,890
161,190
28,685
243,535
62,740
1,208,403
1,079,442
95,020
45.140
38,387
270,285 +71.7
158,558 +0.2
418,545 +131.6
3.177.900 +30.8
1,030.790 +16.2
2,305,005
35.7175,086 -8.0
26,200 +9.5
501,126 -51.4
151,465 -65.2
839,325 +44.0
1.282,276 -15.8
95,020 +850.2
2,205 +1947.2
45,190 -36.4
183.634
222.300
510,353
4.484.100
821,840
1.488.875
259,695
23,000
289,398
254,255
1.281.030
852,548
14,500
19,055
47,995
704,263
7.963.575
546.517
321.432 +110.6
6,230,774 +27.8
838,201 -34.8
350,848
6.277.574
1.050,161
Total West(19)
-.......,. / MT
20,217,171
114 172 342
100.122.735
17.799,533 +13.6
117.922.268
-3.2
1922.
3
22,335.796
2,718,930
3,236,291
732,000
1,200,000
1.592,008
255.400
485,421
375,050
366,317
1,466,685
731.706
064,808
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
880.260
228.190
35,237,921
362,371
4.144,035
11,167,750
1,752,632
804,847
1,037.942
707,100
1921.
1920.
1919.
1918.
1917.
1910.
$
4,892,873
151,725
904,375
128,250
638,975
275.261
100,000
761,500
70.260
189,890
535,615
220,000
83,953
2,472.254
318,943
236,062
876.860
$
4,387,638
264,325
2,459,386
475,000
422,950
155,890
150,000
287,195
70,260
390,997
658,265
186,430
111,435
2,733.865
150,705
205,352
837.890
$
6,334,184
409,188
2.913,157
518,000
537,345
545,754
114,726
282,077
160,430
1,338,924
414,025
253,795
165,222
2,405.781
184,321
324,834
026,125
359,716
430,000
100,000
2.635,612
250.000
22,873
350.000
041.017
271,608
125,228
343,265
1,530,400
241,251
607.045
987,927
300,000
53,395
120,000
101,875
8.535,331
440,524
590,305
953,503
1,345.174
522,768
200,000
79,920
136,650
121,a75
1.585,095
616,515
103,555
141,165
286,098
7,163,556
241,334
1,150,584
9,882.467
202,587
1,508,330
2,818,852
412,073
158,315
351.323
1,628,556
416,900
340,798
531,250
1,323,377
128,105
198,105
227.800
78,316,017
31,567,640
30,328,465
35,393,062
96,981
84,495
360.450
2,942.000
2,211.100
923,346
162,110
13.800
500,895
275.176
1.699,020
1,904,500
28,721
130.155
397,800
95,022
85,170
268,965
2,050,650
1,197.100
351,510
135,553
3,300
567,615
87.645
1,006,000
604.675
102,500
19,740
25,150
180,338
94,560
165,525
2,212,450
548.300
306,300
99,688
600
295,460
37,300
416,460
682,739
130,000
20,667
63,445
244,873
51,475
135,392
2,607,300
663,500
228,640
84,122
29,180
318,945
06,810
219,875
146,150
61,000
37,172
35,675
166,282
2,271.361
466.141
108,300
1,440,384
289,760
81,515
708,255
147,875
85,307
2,412,893
115,334
8
21,310,472
1,297.115
3,693.397
335.000
1,292.800
1,609,413
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
113,500
776,360
924.388
115,755
1.331,337
437,450
23.878.240
435,735
5,123,150
8,101,100
2,179,809
556,813
649,520
574,100
$
14,067.609
838,225
2,301,480
3.265,538
857,700
1.179.800
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
840,496
3,367,557
120.325
839,700
216,350
830.652
400.000
258,921
742,265
725.575
25,748,732
299,420
4.848,338
4,313,260
3,411,341
911,882
1,201,873
574,500
S
12.743.480
400,000
2,134,219
872,150
1,300.000
883,121
175,800
1,173,580
57.160
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
2,801,370
4,241,425
5,194,805
703,741
2,133,676
1,035.300
113.972,009
93.480,558
84,752,073
225,029
382,828
552,663
8.875,750
4,000.000
2,338,109
213,695
18,540
279,180
119,598
1,784,124
1,818,909
12,430
98,985
136,575
741,190
577,884
380,143
5,580,400
3,500,000
1.563,966
217.760
11.965
480,000
676,598
1.699,020
774,660
16,000
102,530
191,075
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
332.680
8,661,695
1,033,004
264,890
3,000,000
977,167
319,109
3.709,873
1,207,673
18.414.161
28.833.794
20,655,248
30,628.099
16,222,333
8,438.939
6.141,477
7,443,643
129.417,698
142,809,903
114.135,806
116.380.172
93.538,350
40.006,579
36 469.942
42,836.705
JAN. 23 1926.1
THE CHRONICLE
Restoring the Trade of the Danube.
Continued from page 396
The report calls attention to the need of adequate
statistics, suggests that the Danube European Commission created in 1856 which did some valuable
work in constructing jetties and opening the channel at the mouth of the river might proceed further
in a similar direction and more particularly might
reduce dues which it has imposed; and also that the
other international commission instituted among
the States themselves might be stirred to a more
active and a prompter service. The navigation
companies are told of the work accomplished in the
United States by such modern facilities as the use
of efficient tugs and barges and telegraphic communication along the rivers, and are used to co-operate in using such facilities as they have in common so as to avoid waste of capital and labor in
needless duplication. The railways are called upon
to be more direct feeders of the rivers by joint shipments and through rates. And the sympathetic attention of the States is sought, and should be
pressed by the navigation companies.
All this is dealt with as bearing directly upon the
possibility of getting the foreign capital now greatly
needed for the development of the whole business.
The important factor is misgiving on the part of
capitalists as to whether a satisfactory state of international tranquility exists and will continue in
405
these Danube States. If the causes of friction can
be removed, and the growth and permanent strength
of the business can be shown it will go far to securing financial aid which will certainly be sought
in vain if present conditions are allowed to exist.
This is but a brief outline of a careful and elaborate investigation conducted with the intelligence
and sympathetic good-will which have marked the
work of the various commissions originated in the
Council of the League of Nations and in which so
many Americans have rendered successful and indeed distinguished service. The Dawes Commission
is the best known parallel. Colonel Haskell's work
in Armenia and the work Mr. Morgenthau is doing
among the refugees in Greece might also be mentioned in comparison, though in themselves very
different.
In the case before us as in the reconstruction of
the finances of Hungary we have the work of a
single American; Mr. Jeremiah Smith in Budapest
and Mr. Walter D. Hines on the Danube, having the
responsibility single-handed and with only such aid
as they could secure, successfully dealing with difficult political and economic conditions, winning the
hearty co-operation of the nations and people involved and starting new methods of operation which
if continhed in the spirit in which they are begun
will constitute them substantial instruments in promoting the welfare of all within their reach.
The New Capital Flotations in December and the
Twelve Months of the Calendar Year
New financing in December reached an even larger aggregate than in the months immediately preceding, the total
running well above 700 million dollars, making it the largest
month of the calendar year 1925. Our tabulations, as always, include the stock, bond and note issues by corporations and by States and municipalities, foreign and domestic, and also Farm Loan emissions. The grand total of the
offerings of new securities under these various heads during December reached in exact figures $728,179,163. This
compares with $589,119,381 in November, with $506,180,950 in October, with $492,022,119 in September and with
only $401.015,397 in August, when the total was the smallest of any month since March 1924, but with $695,094,335
in July, when the total was the largest of any month since
the previous October, and it compares with $673,930,001 in
June, with $552,708,781 in May, with $609,146,797 in April,
when the financing of the purchase of the Dodge Brothers
automobile properties added $160,000,000 to the total; with
$506,078,256 in March, with $666,634,414 in the short month
of February, and with $695,273,797 in January. It will be
observed that the amount for December is well in exceszi of
that of any of the other months.
As compared with $728,179,163 for December 1925, the
new financing for the corresponding month of the preceding
year aggregated only $561,209,412. This is the more noteworthy inasmuch as the December 1924 total included $91,000,000 of foreign Government issues (the $50,000,000 30year 6% loan of the Kingdom of Belgium having been
brought out in that month), while in December 1925 no
foreign Government loans of any kind found a market in
the United States, though the amount of foreign corporate
Issues placed here was large in that month of both years.
On the other hand the appeals to the market on behalf of
States and municipalities were of unusual size, reaching
(including $10,500,000 for Canadian municipalities) $165,219,782, against $93,682,986 in December 1924, the offerings by corporations, domestic and foreign, aggregated no
less than $518,359,381, against $373,170,426 in December
1924 and $43,600,000 of farm loan issues were brought out,
against only $2,250,000 in the month in 1924.
For the fourth successive month the volume of new
financing in December on behalf of industrial corporations
exceeded that recorded by public utilities and railroads.
The total of industrial issues during December was $301,195,081. or an increase of more than 50 millions over the
previous month's total of $248,474,090. Public utility offerings were also larger, the December total being $182.164,300, as against $121,445,795 during November. Railroad
issues at $35,000,000 for December showed a considerable
increase over the small total of $6,320,000 reported for
November.
Total corporate offerings, as already stated, were $518,359,381, and of this amount $315,518,000 constituted longterm issues, $40,922,500 were short-term and $161,918,881
represented stock issues. The portion used for refunding
purposes was $43,457,100, or slightly over 8%; in November
$10,675,000, or less than 3%, was for refunding; in October
the amount was $70,310,089, or almost 19%; in September
$16,378,900, or only 5%: in August $29,237,000, or 12%; in
July $74,681,500, or almost 19%; in June $67,737,495, or
over 17%; in May $34,947,015, or not quite 12%; in April
$71,134,000, or over 14%; in March $70,251,000, or almost
20%; in February $53,382,000, or only 10%, while in January $95,193,425, or over 18%, was for this purpose. In
December 1924 $59,176,700, or more than 15% of the total,
was for refunding purposes.
Of the $43,457,100 raised for refunding purposes in December 1925, $17,660,500 was new long-term to refund existing
long-term, $18,510,000 was new long-term to refund existing
short-term, $2.024,000 was new short-term to refund existing long-term, $1,250,000 was new short-term to refund existing short-term, $675,000 was new stock to refund existing
long-term, and $3,337,600 was new stock to replace existing
stock.
Foreign corporate issues sold in this country during December amounted to $73,066,500 and comprised the following: Canadian—$6,266,500 St. Maurice Valley Corp.. 1st
mtge. & coll. tr. 6s, "A," 1945, offered at 99, to yield about
6.10%; $4,300,000 of 7% cum. preference stock of the same
company offered at $100 per share, with a bonus of 1-5 share
of common stock; $1,000,000 Shawinigan Water & Power
Co. 1st & ref. mtge. 5s, "E," 1955, brought out at par, and
$350,000 Wood & English, Ltd., coll. trust 68, 1926-28, also
offered at par. Other foreign: $15,000,000 Swedish-Ameri-
406
THE CHRONICLE
can Investment Corp. 6%% cum. panic. pref. stock, offered
at 99, yielding 6.55%; $10,000,000 General Electric Co. (Germany) deb. 6%s, 1940, sold at 94, to yield about 7.16%; $10,2s, "C,"
000,000 International Power Securities Corp. 61/
1955, offered at 93%, yielding about 7.00%; 600,000 shares
of capital stock of Snia Viscosa (Turin, Italy), offered at
$16 per share, involving $9,600,000; $6,500,000 HamburgAmerican Line 1st marine equip. 6Y2s, 192840, offered at
prices ranging from 100 to 99, to yield from 6%% to 6%%;
$6,000,000 United Industrial Corp. (Germany) 1st (closed)
mtge. ds, 1945, sold at 84%, to yield about 7.50%; 100,000
shares of class "A" stock of Foundation Co. (foreign) sold
at $28% per share, involving $2,850,000; $1,000,000 National
Bank of Panama 6%s, 1946, offered at 100%, yielding about
6.47% and 5,000 shares of capital stock of Dutch-American
Rubber Plantation Co. offered at $40 per share, involving a
total of $200,000.
Among domestic corporate issues brought out in December the largest was the offering of $27,675,000 capital stock
of New England Tel. & Tel. Co. at par ($100). Other large
offerings by public utilities were: $18,000,000 Massachusetts Gas Co. 5%s, 1946, offered at 98%, yielding about
5%%; $11,800,000 Brooklyn Union Gas Co. cony. 5Y2s, 1936,
offered to stockholders of company at par; $10,000,000
Cities Service Power & Light Co. 7% cum. pref. stock sold
at 98%, yielding 7.10%; $8,500,000 Northern States Power
Co. (Minn.) 1st lien & gen. mtge. 5%s,"B," 1950, offered at
par, and $7,500,000 of the same company's 5%% notes, 1940,
at 96, yielding about 5.90%.
The principal industrial issues offered in December were
as follows: $15,000,000 Goodyear Tire & Rubber Co. 3-year
5% notes, 1928, offered at 9914, to yield about 514%; $15,000,000 New York Evening Journal, Inc., 1st mtge. & coll.
45, 1927-37, offered at prices to yield from 5.90% to
tr. 01/
6.30%; $15,000,000 Pan American Petroleum Co. (of Cal.)
1st mtge. cony. 6s, 1940, sold at 99, to yield about 6.10%;
$14,443,400 par value common stock (par $100) of Tobacco
Products Corp., offered at $80 per share, involving $11,554,720; $12,0000,000 McClintic-Marshall Construction Co. coll.
tr. 5%s, 1932-37, sold at par and $9,134,375 common stock
of United Cigar Stores Co. of America taken by stockholders
at par ($25).
Railroad financing in December was featured by the following new issues: $9,55,000 New York Chicago & St.
Louis RR. ref. mtge. 5%s, "B," 1975, sold at 99, yielding
about 5.55%, and $9,240,000 Illinois Central RR. equip.
trust 4%s,"L," 1926-40, sold on a 4%% to 4.70% basis.
Six issues of farm loan bonds, aggregating $43,600,000,
came on the market during December, the yields on them
ranging from 4.30% to 4.62%. Included in the month's
business was an offering of $35,000,000 Federal Land Bank
4%s, 1936-56, at 101%, yielding about 4.30%.
There were no foreign Government loans floated here
during December.
Offerings of various securities made during the month,
which did not represent new financing by the company
whose securities were offered and which therefore are not
Included in our totals, consisted of the following: 100,000
shares of no par value capital stock of Life Savers, Inc.,
offered at $21 per share; 5,000 shares of common stock of
the Curtis Publishing Co. at $310 per share; 30,000 shares
common stock of Peoples Drug Stores, Inc. (Washington,
D. C.) at $35 per share; $600,000 Federal Compress & Warehouse Co. 7% pref. stock at 102%, yielding 6.83%; $550,000
Duquesne Light Co. (Pittsburgh) 7% cum. pref. stock at a
price to yield 6.22%; 20,000 shares Warner-Quinlan Co.
common stock at $25 per share; $500,000 Union Passenger
Ry. Co. of Philadelphia 1st 4s, 1981, at 77%, yielding 5.40%;
$285,000 Peoples Passenger Ry. 2d 4s, 1981, at 76%, yielding
5.50, and $246,000 Peoples Passenger Ry. cons. 4s, 1962, at
74%, yielding over 5.65%.
The Results. For the Full Year.
For the full year 1925 the new financing reaches even
more imposing proportions than that of the preceding year,
when the total was of prodigious extent and far surpassed
the largest previous aggregate. For the twelve months the
amount of the new securities floated actually foots up in
excess of seven billion dollars. Since the signing of the
armistice in November 1918 these new capital flotations—
barring an occasional dip downward—have been steadily
growing in magnitude. In 1922 they went above five billion
dollars and in 1923 fell only a trifle short of that amount.
That was very properly considered an exceedingly big sum.
But for 1924 the grand total of the new issues of all kinds
(VoL. 122.
brought out reached the huge sum of $6,352,479,987 and now
for 1925 has moved up to $7,118,383,391, giving an increase
for the two years of over two billion dollars. As compared
with the years preceding 1922, when the totals hovered. in
the neighborhood of four billions, the aggregate of the new
Issues in 1921 having been $4,203,793,085, in 1920 $4,010,048,184, and in 1919, $4,286,188,860, the gain is roughly
$3,000,000,000.
It is hardly necessary to say that new financing on behalf of foreign countries played an important part in swelling the grand totals in both 1925 and 1924. It can, however,
be held responsible for only a very small part of the further
big increase in these grand totals in 1925 as compared with
1924. As a matter of fact, the total of foreign Government
issues.floated here fell $132,000,000 short of that for 1924,
Italy brought out a loan for $100,000,000 in November, Australia borrowed $75,000,000 here in July, Poland $35,000,000 in February, Belgium $50,000,000 in June and Argentina
$45,000,000 the same month (in part to take up a temporary
Argentine loan for $25,000,000 negotiated here in February),
and $29,700,000 more in September; Norway $30,000,000 in
June; Denmark $30,000,000 in July; Czechoslovakia $25,000,000 in October. In this we have enumerated only the
largest issues. Besides this, there is a long list of others,
In which the German States and municipalities are most
conspicuous, including $15,000,000 for the city of Berlin,
$10,000,000 for the city of Cologne, $15,000,000 for the Free
State of Bavaria, $20,000,000 for the State of Bremen, and
numerous smaller amounts. Altogether the German States
and municipalities placed $102,350,000 here during the
year. The total of all foreign Government issues for which
a market was found in the United States is $791,336,000,
which compares with $927,019,765 for 1924.
But if the aggregate of the foreign Government issues
placed in the United States in 1925 fell off somewhat as
compared with 1924, the foreign corporate issues negotiated
here heavily increased. These foreign corporations are
coming to the American market for their new capital supplies in a steadily growing measure. Canadian corporations
have always been obtaining new capital in larger or smaller
extent in the United States, but as far as Europe is concerned the development is largely new and grows out of
the confidence in the economic revival of the Old World
engendered by the Dawes plan; $112,261,500 of Canadian
corporate issues were disposed of in the United States in
1925, against $112,366,000 in 1924, but comparing with only
$29,831,600 in 1923. In addition, $403,710,000 of other foreign corporate issues were placed in this country, against
only $205,410,000 in 1924 and but $24,100,000 in 1923. The
grand aggregate, therefore, of all loans negotiated here on
behalf of foreign countries in 1925 was $1,307,307,500,
against $1,244,795,765 in 1924, an increase of only $62,511,735. The corresponding total for 1923, however, was only
$347,026,279.
In the following we furnish full details of the foreign
Government and foreign corporate issues brought out in this
country during 1925:
CANADIAN GOVERNMENT, PROVINCIAL AND DOMINION ISSUES
PLACED IN UNITED STATES IN 1925.
Price.
Yield.
January — 94,000,000 British Columbia (Prov.of)410, 1928— 99.28
4.74%
February — 10,000,000 Quebec(Prov.of) 416s, 15-25 year (opt.).96.149 4.77
April
—
3,740,000 Alberta (Prov. of) 58 1950
99.159 5.06
3,000,000 Manitoba (Prov. of) 416s, 1927
99.856 4.58
2,500,000 Manitoba (Prov. of) 416s, 1945
94.355 4.94
10,000,000 Ontario (Prov. of) 316s, 1926
98.653 4.90
10,000,000 Ontario (Prov. of) 3168, 1927
98.653 4.21
May
—
3,500,000 Nova Scotia (Prov. of) 416s, 1927
100.066 4.47
June
—
2,250,000 Alberta (Prov. of) 416s. 1945
,000,000 Winnipeg, Manitoba, 416s, 1950
*93.91
4.93
November—
2,275,000 New Brunswick (Prov. of) 4168, 1928...48,775 4.94
— 070,000,000 Canada (Dominion of) 48, 1926
August
December— 910,500,000 Ontario (Prov. of) 4168, 1926-1955
95.193 4.99
12,190,000 Various small issues placed during the year.
Grand tot.—$145,955,000
a The Dominion also issued in September, the following month, 975,000,000 416%
long term bonds, but these were placed in Canada
This is half of a total loan of 921,000,000, the other half having been placed
in Canada.
•Payable in New York funds.
OTHER FOREIGN SECURITIES SOLD IN UNITED STATES DURING 1925.
Government and Municipal.
Yield.
•
Price.
January — 95,000,000 State of Bremen(Germany) Disc. Notes,
Dec. 1 1925
6.10%
3,000,000 Saarbrucken (Saar Basin, Germany) 7s,
March 31 1935
7.55
96
February — 25,000,000 Argentine 6 months 434s, Aug. 25 and
Sept. 1 1925
4.25
100
2,500,000 City of Graz (Austria) 88, 1954
8.17
98
35,000,000 Poland 88, 1950
8.53
95
March
10,000,000 Finland 7s, 1950
7.50
94
15,000,000 State of San Paulo (Brazil) 88, 1950.-- 9911
8.10
3,000,000 Serbs, Croats dz Slovenes 68,Sept. 30'25.100
6.00
April
8,000,000 City of Oslo (Norway) 68, 1933
May
5,943,000 Province of Cordoba (Argentina) 7s,'42_
131.05g
June
45,000,000 Argentine 6s, 1959
6.25
96
50,000,000 Belgium 7s, 1955
7.15
98
30,000,000 Norway 5168, 1965
9436i
5.70
10,188,000 Province of Santa Fe(Argentina) 78,'42_ 96
7.40
5,000,000 Prov. of Upper Austria (Austria) 7s,'45- 9234
7.75
SP'
JAN. 28 1926.]
July
—
August
—
September—
October
—
Yield.
Price.
Australian 55, 1955
5.03
9954
Denmark 5545, 1955
5.53
9954
City of Berlin(Germany)6348, 1950_ _
7.50
89
City of Cologne(Germany)654s, 1950 8734
7.62
Hungarian Consolidated Municipal Loan
7s, 1945
8.67
89
4,000,000 Saar Basin Consol. Counties 75, 1935.-- 97
7.58
500,000 City of Barranquilla (Colombia, S. A.)
88, A. 1935
8.12
99
8,700,000 City of Munich (Germany) 78, 1926
1945
100-9334 7-7.65
29,700,000 Argentine 68, Oct. 1 1959
9034
6.25
15,000,000 Free State of Bavaria (Germany) 650,
1926-45
100-8854 6.50-7.63
10,000,000 State of Bremen (Germany) 78, 1935_ _ _ 9434
7.75
3,000,000 Kingdom of the Serbs, Croats and Slovenes 6s, March 31 1926
100
6.00
2,000,000 Province of Buenos Aires (Argentina)
534s, March 1 1926
5.25
100
2,100,000 City of Oslo 534s, 1945 (Kroner 10,000,000)
5.80
9554
25,000,000 Czechoslovak Republic 7345, A. 1945,..,_ 96
8.00
8,400.000 State of Wurttemberg, Germany) 78,1100.48
6.50
1926-45
k 93.90 7.60
3.000,000 Dept. of Antioquia (Colombia, S. A.)
7s, A, 1945
8.01
90
1,750.000 City of Duesseldorf (Germany) 78.3100
7.00
1926-45
7.60
9334
1,500,000 City.of Heidelberg (Germany)7345, 1950 9834
7.65
100,000,000 Kingdom of Italy 7s, 1951
7.48
9434
7,500,000 Peru 7345, 1940
7.75
9734
7,000,000 Danish Consolidated Municipal Loan
5348, 1955
5.60
9854
5,000,000 City of Dresden (Germany) 75. 1945—.. 94
7.60
5,000,000 State of Bremen 78, 1935
7.62
9534
4,000.000 City of Frankfort-on-Main (Germany)310034
6.50
78, 1926-45
7.60
l 94
3,600,000 Province of Buenos Aires (Argentina)
5545, May 1 1926
5.25
100
3,000,000 City of Duisburg (Germany) 78,1100
7.00
1926-45
1 9354
7.65
3,000,000 Free State of Oldenburg (Germany) 78,1100
6.50
1926-45
7.00
9354
None
75,000,000
30,000,000
15,000,000
10,000,000
10,000,000
1
November—
December —
1
Total year-3645,381,000 (of which $540,781,000 new capital
and $104.600.000
for refunding).
Canadian Corporate Issues.
Yield.
January — $15,000,000 Bell Telephone Co.of Canada 55, A.'55_Price.
5.13%
February — 18,000,000 Canadian National RY. Co.434s, 1930._ 98
4.52
9954
17,000,000 Canadian Northern Ky. Co.4548, 1935_ 9734
4.80
2,600,000 Canadian General Electric Co.Pref. stk_ 50(par) --2,600,000
Common stock
50 (Par) --250,000 St. James Court Apt. Bldg. (Toronto)
6348, 1926-35
6.50
100
March
—
7,000,000 Montreal Tramways Co. 5s, A, 1955._ 88
5.85
800,000 A.P. W.Pulp & Pr. Co., Ltd., 75, 1945_100
7.00
April
— 10,000,000 Andian National Corp., Ltd.,68, 1940_ A00
6.00
3.800,000 National Steel Car Lines Co. Equip. 68,
0,1926-35
5.30-6.05
2,500,000 Granby Consolidated Mining. Smelting
& Power Co., Ltd., 78, 1930
100
7.00
1,000,000 Christie, Brown & Co., Ltd., 7% Preferred stock
7.14
98
570,000 Wilder Realty Corp. (Montreal) 6548,
1940
6.50
100
May
5,000.000 Price Bros.& Co., Ltd., 68, A, 1943_ _ _ _101
—
5.90
1,500,000 National Steel Car Lines Co. Equip. 68,
H. 1925-32
4.75-6.00
Juno
— None
July
—
1,500,000 Victoria Lumber& Mfg.Co., Ltd.,5348,
1929-35
5.30-5.63
August
—
2,000,000 National Grocers Co.. Ltd.,6348, 1932_ _ 9954
6.60
125,000 Peck Logging Co. (and Geo. A. Peck)
78, 1933
7.00
100
September—
1,600,000 Abitibi Elec. Development Co., Ltd.,1100.65
5.00
68, 1926-28
5.75
1100.83
October —
5,000,000 Bell Telephone Co.of Canada 58, A,'55_ 99
5.05
2,500,000 Montreal Tramways Co. 58, B, 1955___ 9334
5.40
November— None
December — 6,266,500 St. Maurice Valley Corp.6s, A.1945._ 99
6.10
4,300,000 7% Preferred stock
100a
7.00
1,000,000 Shawinigan Water & Pr. Co. 55,E,'55...100
5.00
350,000 Wood & English, Ltd.,(35, 1926-28
6.00
100
Total year-3112,261,500 (of which $94,511,500 new capital and $17,750,000
for
refunding).
a With bonus of 1-5 share Common stock.
.
Other Foreign Corporate Issues.
•
Yield.
January— $12,000,000 (August) Thyssen Iron & Steel Works 75,Price.
1930
9854
7.35%
10,000,000 General Electric Co., Germany,78, 1945 9334
7.70
10,000,000 Siemens & Halske 75, 1928
7.37
99
75, 1935
9654
7.64
10,000,000 The Cuba Co. Secured 68, 1935
9834
620
3,000,000 Rima Steel Corp 78 1955
8.00
88
February — 20,000.000 Est RR.Co. of France 75, 1954
8.10
8734
15,000,000 Saxon Public Works, Inc., 7s, 1945.._ _ 92
7.80
5,000,000 Mortgage Bank of Denmark 65, 1970.—
6.05
750,000 Haiku Fri* & Packing Co.(Hawaii)7% 99
Preferred
25(par) 7.00
March
— 15.000,000 Toho Electric Pr. Co., Ltd.(Japan)
7s,
A. 1955
7.80
5,000,000 Elec. Power Corp.(Germany)654s,'50.. 9034
7.67
5,000,000 Alpine Montan Steel Corp. (Austria) 87
7s. 1955
7.80
5,000,000 Cuyamel Fruit Co.(Del.) 1st 65, 1940... 91
99
6.10
1,600,000 Internat. Rye. of Cent.
5s, 1972 7934
6.50
April
— 14,000,000 Ujigawa Elm.Co., Ltd.America
(Japan) 75,'45_ 91
7.90
3,000,000 Tyrol Hydro
-Electric Power Co. (Aug-. ,
tria) 7545, 1955
9634
7.80
2,425,000 Cuyamel Fruit Co. capital stock, 50.000
shares at
4834
2,000,000 Copenhagen Telephone Co.135, 1950_ _
6.03
9934
May
—
2,000,000 Caracas Sugar Co.7% Pref.stock
100
7.00
500,000
Common stock
10
2,000,000 Punta Alegre Sugar Co.68, 1927
9934
6-..ii
June
—
2,000,000 Burmeister & Wain, Ltd.,65, 1940
9534
6.50
20,000,000 Mortgage Bank of Chile 6348 1957
9734
6.70
1,800.000 Norwegian Nitrogen Co. 68, 1935
103
5.60
— 20,250,000 Internat. Match Corp.
July
Panic.Pref.stk_ 45
13,500,000 Great Consolidated Elec. Power Co..
Ltd. (Japan) 634s, 1950
7.75
8,000,000 Anglo-American 011 Co., Ltd., 1-year 86
434s, 1926
4.50
— 24,000,000 Tokyo Elec.Lt.Co.,Ltd.(Japan)68,'28100
August
9834
6.40
September— 25,000,000 Central Bank for Agriculture
(Germany)
7s, 1950
93
7.63
2,500,000 Elec. Power Corp.(Germany)6345, 1950 87
7.68
985,000 Crespl Cotton Works (Milan, Italy) 58
1930-55 (Lire 25,000,000)
96 5.93-5.27
1,250,000 Internat, Rys. of Cent. Amer. 5s, 1972_
6.50
October — 16,500,000 Anglo-Chilean Consolidated Nitrate 7855
Corp.75, 1945
100
7.00
6,000,000 Rhine-Main-Danube Corp.75, A, 1950- 96
7.35
4,000,000 German-Atlantic Cable Co. 7s, 1945... 94
7.59
4,000,000 Sauda Falls
Ltd., 5s. A, 1955
98
5.12
3,000,000 (Rudolph) Karstadt, Inc. (Germany)
78, 1930
97
7.73
2,400,0
European Mortgage & Investment Corp.
7548, A. 1950
92
8.25
407
THE CHRONICLE
November—
December —
Pieta.
Pries.
10,000,000 Rhine-Westphalian Elec. Power Corp.
7.53
94
(Germany) 75, 1950
5.00
7,500,000 Cunard SS. Co., Ltd., 2-year 58, 1927__ 100
7,500,000 Good Hope Steel & Iron Works (Ger7.90
91
many) 75, 1945
7,500,000 Westphalia United Elec. Power Corp.
7.62
8734
(Germany)6348. 1950
7.65
4.000,000 Hamburg Electric Co.(Germany) 78,'35 9554
4,000,000 Brunner Turbine & Equip. Co. (Czecho7.90
9534
slovakia) 7349. 1955
7.00
3,600,000 Municipal Bank of the State of Hesseni 100
7.65
(Germany) 78, 1926-45
1 9354
6.55
15,000,000 Swedish Amer. Inv. Corp. Pref. stock__ 99
7.16
10,000,000 General Electric Co.(Germany)6345,'40 94
7.00
10,000,000 Internat. Pow,Secur, Corp.6345, C,'55 9354
9,600,000 Snia Viscose (Turin, Italy) capital
600,000 shares at
16
6,500,000 Hamburg-American Line 6348, 1928-40_100-99— 634-634
6,000,000 United Industrial Corp. (Germany) 68.
1945
8431
7.50
2,850,000 Foundation Co.(Foreign) Class A stock,
100,000 shares at
2834
1,000.000 National Bank of Panama 6Sis, 1946_ ...100%
6:47
200,000 Dutch-American Rubber Plantation Co.
__capital stock, 5,000 shares at
40
Total year-3403,710,000 (of which $398,735,000 new capital and $4,975,000 for
refunding).
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED STATES.
INCLUDING CANADA, ITS PROVINCES AND MUNICIPALITIES.
New Capital. Refunding.
Total.
Calendar Year 1925—
$
Canada.Its provinces and municipalities_ 49,158,000
96,797.000 145,955.000
foreign
Other
government
540,781,000 104.600 000 645,381.000
Total
Precious calendar year
Canadian corporate issues
Other foreign corporate issues
Grand total
Previous calendar year
589,939,000
703,310,320
94,511.500
398,735,000
201,397,000
223,709,445
17.750,000
4,975,000
791,336,000
927,019.785
112,261.500
403,710,000
1.083 185.500
224.122.000 1.307.307.500
898,670.320
248,225,445 1.244.796.785
It follows from the foregoing that the bulk of the further increase in the grand aggregate of the new issues in
1925 over 1924 was in the domestic flotations, which increase in turn was entirely in the new issues brought out
by corporations. The full amount of these corporate issues
for 1925 was $4,737,609,691, against $3,838,571,064 in 1924,
giving an increase of $899,038,627. But this includes both
foreign and domestic corporations, and the former, we have
already seen, contributed $198,195,500 to the increase, leaving $700,843,127 for the domestic corporations. The total
of the municipal awards for the two years differ greatly,
being $1,392,497,700 for 1925 and $1,398,953,158 for 1924.
Farm loan issues sold during 1925 aggregated $188,225,000,
as against $179,106,000 for 1924. Three large issues were
brought out on behalf of Federal Land banks during 1925,
their aggregate amount being $91,500,000, or nearly half
the year's total. The issues were: $30,000,000 4%s, 193555, offered in January at 101%, yielding 4.30%; $26,500,000 4%s, 1935-55, offered in May at 102%, the yield figuring 4.15%, and $35,000,000 4%s, 1936-56, brought out in
December at 101%, to yield 4.30%.
Large Domestic Corporate Issues During Year.
Domestic corporate offerings of unusual size during the
year 1925 in addition to those for December, already mentioned, were as follows:
January.—$125,000,000 American Telephone & Telegraph
Co. 35-year deb. 5s, due 1960, sold at 95, yielding about
5.30%; $50,000,000 Sinclair Crude Oil Purchasing Co. 3-year
6% notes, series "A," due Feb. 1 1928, offered at 9914, yielding about 6.25%; $30,000,000 Edison Electric Illuminating
Co. of Boston 3-year 4%% notes, due Jan. 15 1928, which
were placed at 99.31, yielding about 4.75%; $16,092,000 Chicago & Western Indiana RR. 1st & ref. mtge. 5%s, 1962,
offered at 97, to yield about 5.70; $15,000,000 Public Service
Electric & Gas Co. 6% cum. pref. stock, 1925 series, offered
at 95, to yield about 6.32%; $10,000,000 The Cuba Co. (N. J.)
10-year secured cony. 6s, 1935, offered at 98%, yielding
about 6.20%, and $10,000,000 Union Oil Co. of Cal. 10-year
5s, 1935, offered at 96, to yield about 5%%.
February.—$50,000,000 Consolidated Gas Co. of N. T. 20year deb. 5%s, 1945, sold at par; $30,000,000 New York Edison Co. 1st lien & ref. mtge. 5s, "B," 1944, placed at par;
$30,000,000 United States Rubber Co., serial 6s, 1926-40, offered at prices ranging from 101.25 to 97, and yielding from
5.20% to 6.82%; $23,000,000 New York New Haven & Hartford RR. 15-year secured 6s, 1940, offered at par direct to
the local investing public and the patrons of the road; $15,000,000 Magnolia Petroleum Co. deb. 4%s, 1926-35, offered
at prices yielding from 4.25% to 4.90%; $12,500,000 Wabash
fly. Co. ref. & gen. mtge. 5%s, "A," 1975, offered at 96,
yielding about 5.75%; $11,737,800 Public Service Corp. of
N. J. 7% cum. pref. stock, offered to stockholders at par
($100), and $10,810,700 par value corn. "B" stock of Liggett
& Myers Tobacco Co., taken by stockholders at par ($25)•
March.-400,000 shares of no par value preferred stock
of Electric Power & Light Corp., offered at $100 per share,
with a bonus of % share of corn. stock and involving a total
408
of $40,000,000; $26,000,000 Pittsburgh Cincinnati Chicago &
St. Louis RR. gen. mtge. 5s, series "B," sold at 99, to yield
about 5.06%; $23,500,000 Oklahoma Gas & Electric Co. 1st
mtge. 5s, series "A," 1950, placed at 95, yielding about
5.36%; $15,587,000 International Paper Co. ref. mtge. Os,
series "A," 1955, brought out at 96, to yield about 6.30%;
$15,000,000 Niagara, Lockp. & Ont. Power Co. 1st mtge. &
ref. 5s, series "A," 1955, sold at 98%, yielding about 5.10%;
$12,000,000 Midland Utilities Co. 7% cum. prior lien pref.
stock, offered at 98%, to yield about 7.10%, and $11,500,000
28,
Jersey Central Power & Light Co. 1st mtge. & ref. 51/
series "A," 1945, placed at 97%, yielding about 5.70%.
Aprit.-850,000 shares of Dodge Bros., Inc., no par value
preference stock (entitled to cumulative dividends of $7
per share), offered at $100 per share and carrying a bonus
of one share of class "A" common stock; $75,000,000 of 6%
debs., due 1940, of the same company, brought out at 99, to
yield about 6.10%; $45,000,000 Baltimore & Ohio RR., Southwestern Division, 1st mtge. 58, 1950, offered at 98, to yield
about 5.14%; $25,000,000 Missouri Pacific RR. 1st mtge. 6s,
"E," 1955, sold at 99%, yielding about 6.02%; $10,837,200
par value capital stock of Commionwealth Edison Co. (Chicago), subscribed for by stockholders at par ($100); $10,000,000 Columbia Gas & Electric Co. 3-year 5s, 1928, sold at
par and $10,000,000 Union Gulf Holding Co. 5% notes, 192530, brought out at prices ranging from 100.72 to 100, and
yielding from 414 to 5%.
Mav.-$16,000,000 Minnesota & Ontario Paper Co. 1st
mtge. 6s, 1930-45, placed at prices yielding from 6.12% to
6.18%; $15,000,000 Florida East Coast Ry. Co. 1st & ref.
mtge. 5s, "A," 1974, offered at 94%, to yield about 5.30%;
$14,000,000 Associated Gas Sr Electric Co. secured 6s, 1955,
brought out at 95%, yielding about 6.34%; $10,530,000 New
York Central Linea equip. trust 4%s, 192640, offered on a
4.70% basis; $10,491,000 Southern Pacific Co. equip. trust
4%s, "H," 192840, offered on a 4.69% basis; $10,000,000
Pacific Gas & Elec. Co. 1st & ref. mtge. 5s, "D," 1955, placed
at 95%, to yield about 5.30%; $10,000,000 Philadelphia Suburban Water Co. 1st mtge. 5s, 1955, offered at 97%, yielding
about 5.15%; $10,000,000 Southern California Edison Co.
series "B" 6% pref. stock, sold at 92, to yield about 6.52%,
and $10,000,000 Cities Service Co. ref. deb. 6s, 1966, offered
at 91, yielding about 6.65%.
June.-200,000 shares of' no par value pref. stock (cum.
$7 per share) of Engineers Public Service Co., offered at
$100 per share, with a bonus of % share of common accompanying each share of preferred, and involving $20,000,000;
$10,908,000 Kansas City Terminal Ry. Co. 1st mtge. 4s, 1960,
offered at 86%, yielding about 4.80%; 20,205 shares of no
par value common stock of Middle West Utilities Co. offered
to stockholders at $72% per share and involving a total of
$14,648,625; $13,199,450 par value common stock of California Petroleum Corp. (par $25) offered at $27% per share
and accounting for $14,519,395; $13,000,000 Stevens Hotel
Co. (Chicago) 1st mtge. Os, "A," 1945, sold at par and $10,000,000 Stanley Real Estate Co. 1st mtge. 5%s, 1945, offered
at par.
July.-.$40,000,000 Central Pacific Railway Co. 5s, 1960.
brought out at 98, yielding 5%%; $25,221,500 Tide Water
Oil Co. 5% cum. pref. stock placed at par ($1OO); $25,000,000 Seaboard-All Florida Ry. 1st mtge. 6s, "A," 1935, offered at 98% yielding about 6.20%; $20,000,000 Hershey
Chocolate Co. 1st mtge. & coll. trust 5%s, 1940, sold at 98,
to yield about 5.70%; 135,000 shares of Series "C" $6 dividend pref. stock of Metropolitan Edison Co: offered at $95
per share and involving a total of $12,825,000 and 121,715
shares of no par value common stock of Famous PlayersLasky Corp. sold at $90 per share, accounting for $10,954,350.
Augu8t.-$25,000,000 International Tel. & Tel. Co. 5%s,
1945, offered at 99, yielding about 5.58%; $13,200,000 Monongahela West Penn Public Service Co. 1st lien & ref.
who, "B," 1953, brought out at 98, to yield about 5.65%, and
$10,000,000 Southeastern Power & Light Co. (Me.) deb. 6s,
"A," 2025, which were placed at 96%, yielding about 6.20%.
September.-$50,000,000 Bell Telephone Co. of Pa. 1st &
ref. mtge. 5s, "C," 1960, offered at par; $18,000,000 General
Petroleum Corp. 1st mtge. 5s, 1940, offered at 94%, to yield
5.50%; $17,500,000 (Marshall) Field & Co., Inc. (Chicago)
deb. 4%s, 192846, offered on a 4.25% to 4.90% basis; 320,000 option warrants (bearing 6%% interest) of Associated
Gas & Electric Co., offered at $35 per warrant and involving a total of $11,200,000; $10,000,000 Seaboard Air Line By.
1945, placed at 94%, yielding
1st & cons. mtge. Os, "A,"
about 6.47%.
[VOL. 122.
TICP CHRONICLE
October.-200,000 shares of North American Edison Co.
preferred stock (cum. $6 per share), offered at 97, accounting for $19,400,000; $15,000,000 Miller & Lux, Inc., 1st mtge.
6s, 1945, sold at par; $14,218,230 Illinois Central RR. 6%
pref. stock "A," taken by stockholders at par ($100); 260,000 shares of partic. stock of American Brown Boveri Electric Corp. sold at $50 per share, involving $13,000,000, and
$10,000,000 Central States Electric Corp. deb. Os, 1945,
2, to yield about 6%%.
which were offered at 081/
November.-481,416 shares of capital stock of Phillips
Petroleum Co. offered to stockholders at $40 per share and
accounting for $19,256,640; $15,000,000 Brooklyn Edison
Co., Inc., capital stock offered to stockholders at par
($100); $14,634,000 Philadelphia Electric Co. common stock
taken by stockholders at par ($25); $13,000,000 The Trumbull Steel Co. 1st mtge. Os, 1940, offered at 96, yielding
about 6.40%, and $5,000,000 of this same company's deb. 7s,
1935, offering of which was made at par; $15,000,000 National Dairy Products Corp. (Del.) 6s, 1940, offered at
98%, yielding about 6.15%; 500,000 shares class A common
stock of Fox Theatres Corp. (N. Y.) sold at $25, involving
$12,500,000; 250,000 shares of International Paper Co. corn.
stock, sold at $50 per share, involving $12,500,000; and
$1,2500,000 The United Light & Power Co. (Md.) deb. 6s,
1975, brought out at 92, yielding about 6.55%.
One point with reference to the loans brought out should
always be kept in mind-namely that no inconsiderable part
each year consists of issues that go to retire issues previously floated, that is are for refunding. In 1925 no less
than $902,164,956 was for refunding and in 1924 $759,305,015, and that shows the importance of separating this portion from the rest. Even in the case of the foreign Government loans, this item is often one of no little consequence, as appears from the fact that in 1925 out of an aggregate of $791,336,000 floated in this country no less than
$201,397,000 went to take up issues previously placed here.
Of the corporate issues no less than $637,384,524 went for
refunding. The most conspicuous issues brought out during the year solely for refunding were as follows: $50,000,000 Sinclair Crude Oil Purchasing Co. Os 1928, offered
in January; $45,000,000 Baltimore & Ohio RR.-South West
Division 1st Mtge. 5s 1955, brought out in April and $23,500,000 Oklahoma Gas & Electric Co. 1st Mtge. 5s 1950,
which were offered during March. The $25,000,000 Argentine Nation Six Months Treasury 4%s offered in February
provided for the refunding of a like amount of maturing
Treasury notes and this issue, in turn, was replaced by
the $29,700,000 long term bonds sold in September.
The following is a complete summary of the new financing-corporate, State and city, foreign Government, as well
as Farm Loan issues-for December and the twelve months
of the calendar year. It should be noted that in the case of
the corporate offerings we subdivide the figures so as to
show the long-term and the short-term issues 'separately,
and we also separate common stock from preferred stock.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1925.
New CapUal.
Refunding.
Total.
MONTH OF DECEMBERCorporate-Long term bonds and notes_
Short term
Preferred stocks
Common stocks
Canadian
Other foreign
$
240,581,000
37,298.500
48,197,230
77,759,051
11,918,500
59,150,000
$
34.170,500
3,274,000
3,793.000
219,600
2,000,001
S
274,751,500
40,572,500
51,990,230
77,978,651
11,916,500
81,150,000
Total
Foreign Government
Farm Loan issues
War Finance Corporation
'
Municipal
Canadian brought out in United States
U. S. Territories and Possessions
474,902,281
43,457,100
518,359,381
1,042,500
154,719.782
10,500,000
1.000,000
44,499,600
728.179,163
43,600,000
153,677,282
10,500,000
1,000,000
683,679
Grand total
12 MONTHS ENDED DEC. 31Corporate-Long term bonds and notes_ 2,234,279,875
220,857,250
Short term
594,285,552
•
Preferred stocks
557,755,990
Common stocks
94,511,500
Canadian
398,735,000
Other foreign
43,600,000
432.978,425 2,667,256.300
87,329,000 307,986,250
42,526.200 636,811,752
51,827,899 609,583.889
17,750,000 112,281.500
4.975,000 403,710,000
4.100,225,167
Total
540,781,000
Foreign Government
168,697,100
Farm Loan issues
War Finance Corporation
1.348,842,188
Municipal
49,158,000
Canadian brought out in United States
8,715,000
U. S. Territories and Possessions
637,384,524 4,737,609,691
104,600,000 645,381.000
19,527,900 188,225,000
6 216 216 425
0119 1RA ORA ,, 110 000 001
C:rmul tntAl
43,855,532 1,392.497,700
96,797.000 145.955,000
8,715,000
In the elaborate and comprehensive tables which cover
the whole of the two succeeding pages, we compare the foregoing figures for 1925 with the corresponding figures for
the four years preceding, thus affording a five-year comparison. We also furnish a detailed analysis for the five
years of the corporate offerings, showing separately the
amounts for all the different classes of corporations.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF DECEMBER FOR FIVE YEARS.
New Capital.
Corporate—
Long term bonds and notes__
Short term
Preferred stocks
Common stocks
Canadian
Other foreign
1923.
1924.
Refunding.
240,581,000
37.298,500
48,197,230
77,759.051
11.916,500
59.150.000
34.170,500
3,274.000
3.793,000
219.600
Total
474,902,281
Foreign Government
Farm Loan Issues
43.600,000
War Finance Corporation
Municipal
153.677,282
Canadian brought out in U.S.
10.500.000
U.S. Territories & P
ions
1.000,000
Total.
New Capital.
Refunding.
Total.
New Capital.
150.999,700
11,159,000
55.016.700
31,088,326
2,600.000
63,130,000
33,810,700
19.650,000
800.000
1,650,000
3.266,000
184.810,400
30,809.000
55,816.700
32,738.326
5,866.000
63,130,000
160.595.500
8,300,000
47.887,000
44.820.975
2,000.000
274,751,500
40,572.500
51,990,230
77.978,651
11.916.500
61,150,000
43.457.100
518.359.381
313,993,726
61,000,000
2.256,000
59.176,700
30.000.000
373,170.426
91,000.000
2,256.000
261,603,475
90.274.486
3,408,500
93,682,986
111.872.804
1,100,000
975.000
43,600.000
1,042.500
154.719,782
al0,500,000
1,000.000
1.100.000
Refunding.13,425.000
250,000
1.200.000
14.875,000
2.105.000
1,773,105
1922.
Total.
New Capital.
Refunding.
1925.
1924.
Long Term Bonds and Notes—
Railroads
Public Utilities
Iron. steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
CM
Land, buildings, &c
Rubber
Shipping
Miscellaneous
4
25,425,000
101,428,000
2,900,000
400,000
$
9,575,000
17,945.500
Total.
s
35,000,000
119.373,500
2,900,000
400,000
New Capital. Refunding.
1.880,000
234.117.500
14,684.700
24,000.000
3.183,350
25,750.000
27.375.400
207.341.650
254,442.450
31.000.000
3,750,000
47,293.100
301.735.550
31,000.000
3,750,000
219,053.076
2,700.000
2,123.000
1,413,585
220,466.661
2,700,000
2,123.000
513.068.526
.48.706.685
561.775.211
276,478.475
179,969,250
2.105,000
17,750,000
113,645.909
64,259,518
975.000
13.286.000
17.750,000
1,889,882
66,149,400
13,286,000
$
$
1923.
Total.
$
New Capital. Refunding.
$
14,890.000
64.427,700
54,500,000
13,476,700
14,890,000
77.904,400
54,500,000
12.007,000
76.166,000
14,000,000
s
9,500,000
1,175,000
2.750.000
1922.
Total.
s
21.507.000
77,341,000
16,750,000
New Capital. Refunding.
8
21.871.500
16,604.800
5.670,000
150.000
1,950,000
14,336,000
s
8,000,000
2.430,000
•
4,449.000
29,244,000
Total.
$
82.200.000
45.480,000
896.000
14,025,000
14,025,000
45,557.000
1,000.000
46.557,000
37,537,500
37.537.500
8,650,000
10,000,000
1.950,000
3,350.000
10.000,000
5,300,000
6.860.000
6.860,000
21.435,000
11,000,000
500.000
12.872.000
34,219.900
935.100
35.155,000
36,170,500
315,518,000
203,499,700
37.076,700
240,576,400
160,595,500
13.425,000
174,020,500
106,389,300
11,419,000
117,808,300
222,739,400
36,378.100
259,117,500
2,520,000
4,800.000
10.000,000
794,000
1.000,000
650,000
6,450,000
250,000
6,700,000
1.200,000
300,000
6,300,000
7,500.000
300,000
1,994,700
1,500,000
150.000
10,740,000
1,994.700
12,240.000
150,000
6.200,000
5.800,000
10.650,000
794,000
15,000.000
6,200.000
800,000
800,000
225,000
75,000
300.000
600.000
600,000
220,000
220,000
8,820,000
3,869.700
10,815,000
14,684,700
38,124,950
26,000,000
5,883.350
5,883,350
600,000
5.775.000
750,000
15,750,000
4,300,000
650,000
100,000
750.000
15,750,000
4,300,000
750.000
400.000
589,000
5,150,000
2,500,000
7,650.000
1.365,000
3.000.000
4,365,000
37,648,500
3.274,000
40,922,500
23,759,000
19,650,000
43,409,000
8.300.000
250,000
8,550,000
2,520.000
6,300,000
48.403,000
1,500,000
800,000
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
176.000
277,000
60.270,800
1.190,496
320,000
1,350,000
42,147,650
500,000
1,025,000
200,000
3.165.000
23,733.750
1.650,000
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
77.751,000
16.236,000
896.000
$
7.500,000
23.925,000
Total
Stocks—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total corporate securities
—
29,871,500
19.034,800
5,670.000
150,000
2.350,000
14,925.000
s
3,500,000
15,750,000
279,347,500
Total
Total—
Railroads
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
s
New Capital. Refunding.
4.000,000
8,175,000
Total
Short Term Bonds and Notes—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land. buildings, &c
Rubber
Shipping
Miscellaneous
2,520.000
'
60,270.800
1,190.496
320,000
1,174,000
41,870,650
500,000
1,025,000
200.000
1921.
Total.
38,326,500
15,000,000
58,008.000
65,000
6,500,000
39,945.000
38,326.500
15.000,000
58,008,000
65,000
6,500,000
31,295.000
1,000,000
5,926,000
5,000,000
3,052,500
15,000,000
Total.
36.378,100
10.815.000
100.000
468.624.212
92,585,200 561,209.412
29.265,282 304,530.050
376.556.279
16.618.105 393,204.384
275.264.768
,a
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF DECEMBER FOR FIVE YEARS.
New Capital. Refunding.
Refunding.
197.739.400
3.869,700
23.900.000
3.183,350
25,750.000
9,539.000
6,300,000
9,656,400
Grand total
683.679,563
44.499,600 728.179.163
aHalf a total loan of $11.00.1.03,), th 3' ath3' _rat of wa,ca vrai p
MONTH OF DECEMBER.
New Capital.
111,283,300
8,820.000
41,216,400
39,499.950
6,525,000
101,744.300
2,520.000
31,560.000
39.499.950
4.645.000
174,020.500
8.550.000
47.887.000
46,020.975
1921.
Total.
774.000
1,000,000
6.700,000
5,000,000
3.052,500
15,000.000
15,000,000
500,000
51,355,335
3.559,600
54,914,935
9,433,276
157,906,281
4.012,600
161,918,881
86,735,026
25,425,000
164,218.800
4.090.496
720,000
2,174,000
86.123,150
20,500.000
62,085,500
15,265.000
6.500.000
87.800,335
9,575,000
17.945,500
474.902.281
1.850,000
1.850.000
21,435.000
11.000,000
500.000
12,872.000
8,081,400
9,231.400
300,000
73,460.000
9,510.000
1,366.500
9,000,000
1,750,000
300;000
75,210.000
9,510.000
1,366,500
9.000,000
9,433,276
6,825,000
6,825,000
985,000
985,000
500,000
2,450,000
89,185.026
92,707,975
1.200,000
93,907,975
71,059,950
_
9,656,400
80,716,350
27.833,350
100,000
27,933,350
14,890,000______
15,276.700
117,630,700
650.000
66,000.000
794.000
18,500,000
7,165.000
38,108.750
17.400,000
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
4.449,000
39,984,000
84,194.700
63,603,350
1,046.000
4,283,475
19.187,500
29,871,500
64,659,750
31,970.000
150.000
2,950,000
21,500.000
79,745.700
23,619.350
1,046,000
4,283,475
19.187,500
21,871.500
55,929,750
30,395,000
150,000
2.550,000
20,911,000
-- ---1,8725,000
-
1,000.000
47,657,000
37,937.500
37,937,500
8,081,400
10,000,000
12,748.276
6,350,000
13,685,000
13,685,000
22.805,000
11,000,000
500.000
13,857,000
30,886,400
11,000.000
500.000
13,857,000
1,050.000
91.260,000
13,810,000
2,116,500
9.000,000
10,000,000
19.098,276
1,050,000
89,435,000
13,810,000
2,016,500
9,000.000
14,709.600
35,000,000
182,164,300
4,090,496
720,000
2,350,000
87.174,150
20,500,000
62.085,500
15,265,000
6,500,000
102,509.935
43.457.100
518.359,381
313.993.726
59.176.700
373,170,426
261.603.475
276.478,475
179.969,250
27.375.400
207.344.650
176.000
1,051,000
46,657,000
14,875,000
400,000
589.000
500,000
100i.6615
34.719,900
935,100
35.655.000
254.442.450
47.293.100
301.735,550
[96T
1925.
MONTH OF DECEMBER.
SUMMARY OF CORPORATE,FOREIGN GOVERNMENT,FARM LOAN AND MUNICIPAL FINANCING FOR THE TWELVE MONTHS ENDED DECEMBER 31 FOR
FIVE YEARS.
1925.
New Capital.
Refunding.
1924.
Total.
New Capital.
Corporate—
$
$
$
$
Long term bonds and notes-- 2,234.279.875 432,976.425 2,667.256.300 1,923,771,423
Short term
220.657.250
87,329,000 307,986.250 276,072,800
Preferred stocks
594,285,552
42,526,200 636,811,752 317,990,699
Common stocks
557,755.990
51,827.899 609.583,889 511.200,842
Canadian
17,750.000 112,261.500
94,511,500
97,850.000
Other foreign
398.735.000
4,975.000 403,710.000 195.410.000
Total
4.100,225,167 637,384,524 4.737,609,691 3,322,295.764
Foreign Government
540.781.000 104,600.000 645.381.000 570,945,555
Farm Loan issues
168,697,100
19.527,900 188.225,000 179,106,000
War Finance Corporation
Municipal
43.855,532 1,392,497,700 1,379,637,888
1,348,642.168
Canadian brought out in U.S. 49,158,000
96.797,000 145.955.000 132.364,765
U.S. Territories & Po
8,715,000
8,715.000
ions
8,830,000
Grand total
Refunding.
i
1923.
Total.
New Capital.
Refunding.
Total.
1922.
New Capital.
$
S
$
$
$
$
395,689,077 2,319,460,500 1,846,111,457 416,350,543 2,262.462,000
1,540,360,935
59,606,000 335.678,800 143,270,700
37,216,800 180,487,500 104,446,000
28,064,223 346,054.922 335,108,297
71.609,839 406,718,136 292,831,950
8,400,000 519,600,842 324,074,101
5,166,760 329.240,861 277.173,822
14,516,000 112,366,000
29,831,600
29,831,600
40,476,500
/0.000,000 205,410,000
24,100.000
24.100.000
80,445,000
516.275,300 3,838,571.064 2,702,496.155 530,343,942 3,232,840,097 2,335.734,207
207.059,445 778.005.000 186,845.000
56,000,000 242,845,000 416,305,000
179,106,000 337.473,000
55,032,000 392,505,000 • 344,415,000
19,315,270 1,398,953.158 1,043,117,738
20,002,085 1,063,119,823 1,070,901,057
16,650.000 149,014,765
26.308,000
23.941,679
50.249,679
93.984.534
8,830,000
8./86,000
8,186,000
43,023.000
759.300,015 6.352.479,987 4.304,425,893 685.319.7064.989,745.599 4.304.362.798
1921.
Total.
New Capital.
1925.
Long Term Bonds and Notes—
Railroads
Public Utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
New Capital. Refunding.
1924.
Total.
339,562,500 134128,000 473.590.500
857.787.400 169.292,600 1.027.080,000
95,350.000
18,346,000 113.696,000
11.256,000
11,256,000
78.400.000
78,050,000
350,000
233.723.300
42.963.700 276.687,000
21,475,900 108,400,000
86,924,100
658,702.300
37,053,000 695.755.300
34.565.000
34.565.000
4.315.225
14,475.000
10,159,775
186.121,000
20,177.000 206,298.000
New Capital. Refunding.
667,403,800
722.018,123
160.462.000
15.160.000
8,960.000
135.664,000
16.516.500
317,213,000
400,000
13,800,000
99,454,000
141,679,900
158,092,777
30,148.000
11.815,000
35,299,900
15.393,500
2.040,000
1/6456
1923.
Total.
809,083.700
880.110,900
190.610.000
15.160.000
20.775,000
170,963,900
31,910,000
319,253,000
400,000
13,800.000
117,190,000
New Capital. Refunding.
427,956.500
588,821,471
252,818,139
11,860,000
22,562.000
170,957.447
69,716,000
238.032.500
1,335.000
2.568,000
113.416,000
43,883,000
223.366,629
49.556.861
.1.:YsK000
26.521,053
30,084,000
1,250,000
665.000
107,000
36.629.000
471.839,500
812.188,100
302,375,000
11,860,000
26,850,000
197,478,500
99.800.000
239.282.500
2.000,000
2.675.000
150,045,000
737,548.240 3.073.282.447 1,823.004,851
15,000,000 431.305,000 329,270.000
42,000,000 386,415,000 121.940,000
567.902.960 2,390.907,811
50,000,000 379.270,000
121,940,000
29,816,256 1,100.717,313 1,199,396,561
107.135,000 201,119,534
75,982,000
43,023,000
27.145.000
9,151.713 1,208,548,274
75,982,000
27.145,000
New Capital. Refunding.
464,487,880
431,081,339
121.555,000
150,000
18.400,000
174.673,581
73.384,300
151.529,000
14,600,000
20.310,000
176.411,335
Total
2,592,201,375 448,001.425 3,040,202,800 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
Short Term Bonds and Notes—
Railroads
24,500.000
400.000
56,250,000
24.900.000
75,250,000
19,000.000
9,237,500
9.850.000
19,087,500
32.351,800
Public utilities
117.540,000
31,280,000 148.820.000 107.032,000
21.041.000 128.073.000
48.712,200
64.675.000
15.962,800
19,445.000
Iron, steel, coal, copper, &c
21,465,000
14.175.000
23.965,000
2,500.000
15,475,000
9.850,000
1,300,000
9.850,000
704.200
Equipment manufacturers
1,150,000
1,150,000
1,794,000
1,945.000
1.794,000
1.945,000
Motors and accessories
1.000,000
1.000,000
9,000,000
15,000,000
15,496,000
24,000.000
9.604,000
25.100,000
16.700,000
Other industrial and manufacturing
28,393,750
27,619.750
774,066
13,110,000
16,310,000
3,200,000
7.350,000
1.800,000
9.150,000
1.600,000
Oil
76,200,000
24,000,000
94.970.000
52.200,000
5.005,000
99,975,000
44.814,000
44.814,000
35,900,000
Land. buildings, &c
26,592,500
26,592,500
5,260,000
60,000
1.330,500
5.320.000
1,330,500
3,730,000
Rubber
15.000,000
15,000.000
Shipping
12,500.000
12,500,000
1,000.000
1,000,000
215.000
Miscellaneous
33,831.800
28,415.000
25,740,000
2,675,000
36,831,800
3,000,000
3.535.500
3.535.500
5.000.000
Total
89,829,000 386,936,250 335,422.800
297,107,250
67.606.000 403,028.800 143,270,700
37.216,800 180,487,500
115,646,000
Stocks—
Railroads
16.218.230
16,218,230
55,963.26955,963,269
27,322,450
27.322,450
26,968,100
Public utilities
520,771,004
28.362,500 549.133.504 496.550,704
24,-9-0-5-,22
521,455.927 250.457,058
11,076,000 261,533.058
275.715,170
Iron. steel, coal, copper. &a
16.267,996
16.267.996
23.234,160
23,234.160
29,231,646
6.096,760
35,328,406
62,611,250
Equipment manufacturers
1,360,000
1.360.000
2.062,100
2.062.100
10,006,000
Motors and accessories
107,095.721
3.567.389 110,663.110
11546,760
200,000
11.746,760
28,738.800
1,335,000
30.073,800
13.260,000
Other industrial and manufacturing 240,106.458
19,194.700 259.301,158 112,650,252
11,359,000 124.009.252 145.951.683
20,659,149 166,610.832
63,384.102
Oil
40.504,910
57.433,428
97,938.338
55,640,968
80.249,013
55,640.968
984.690
81.233.703
41.820.410
Land. buildings. &c
30,189.750
120,000
30,309,750
10,928,357
10.928.357
11,548,000
11.548,000
6.630.000
Rubber
15,185.000
15.985,000
800.000
1,600,000
1,600,000
350.000
350,000
5.162,740
Shipping
7.445,120
7.445,120
1.000,000
1,000,000
Miscellaneous
198.843.835
7,004,600 205,848,435
59.644.971
59.644,971
85.333.748
35,625.000 120,958.748
67.948.000
Total
1 210,916.542
99,554,099 1,310.470.641 829.821,541
36.464,223 866,285,764 659.182.398
76,776.599 735.958,997
573.505,772
Total—
Railroads
380.280.730 134.428,000 514.708.730 779.617,069 160.679,900 940,2/6,969 464.516.450
53,733.000
518.249.450
523,807.780
Public utilities
1.496.098.404 228,935.100 1.725.033.504 1325.600,827 204,039,000 1,529.639.827 887.990,721 250,405.429 1.138.396.158
726,241.509
Iron, steel, coal, copper, &c
133,082,996
20,846.000 153.928,996 197,871,160
31.448.000 229,319,160 291,899,785
55.653.621 347.553.406
184.870.450
Equipment manufacturers
13.766,000
13.766.000
19.016.100
19,016,100
13,805.000
13.805,000
10.156.000
Motors and accessories
186,145,721
3.917,389 190,063,110
29.506,760
27,011,666
56,521,760
15:2-277:1546
66.796.800
82,023,800
48,360.000
Other industrial and manufacturing 501.449,508
62,932.400 564.381,908 261.424.252
49.858,900 311.283,152 324.259,130
48.980.202 373,239,332
239,657.683
Oil
168.357.528 114.180.810 282,538,338 167.127.468
20,398.500 187,525,968 194,779.013
31.068,690 225.847.703
151,104.710
Land. buildings, &c
715.484,550
37.173.000 752,657,550 333.401,357
2.100,000 335.501,357 250,911.000
1.250,000 252.161.000
161.889.000
Rubber
64.750,000
65,550.000
800.000
2.000.000
2,000,000
1.685,000
665.000
2,350,000
19.762.740
Shipping
30,104,895
34,420.120
4.315.225
13.800.000
13.800,000
3.568.000
1.107.000
4.675.000
20,525.000
Miscellaneous
410.704.835
29,856.600 440,561.435 192.930.771
26,T716-3566 213.666,771 202,285,248 72,254.000 274.539.248 249.359.335
Total corporate securities
1.000.225.167 637.384.524 4.737.609.691 3,322.295.764 516.275,300 3.838.571.064 2.702.496.155 530.343.942 3.232.840.097 2.335.734.207
Total.
S
$
505,808,080 1,781,261,500
52,362.000 213,241,366
74.928,100
3,675.600
6,057,280 200,211,845
106,115,000
15,150.000
1922.
Total.
Refunding.
$
$
$
654.621,215 2,194,982,150 1,275.453,420
29,311,000 133,757,000 160,879,366
39,956,400 332,788,350
71,252,500
10,529,625 287,703.447 194.154,565
1,880,000
42,356.500 106,115.000
1,250,000
81.695,000
15.150,000
6.216,218.435 902.164.956 7.118.383.391 5.593,I 79.972
931.499.496 5.235.862,294 3.576.738.412
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE TWELVE MONTHS ENDED DECEMBER 31 FOR FIVE
YEARS.
12 MONTHS ENDED DEC. 31.
Refunding.
627.054,673 4.203.793.085
1921.
Total.
New Capital
Refunding.
Total.
336.670,720
349.975,000
32.021,000
8,075,000
15,700,000
234.262.300
157,432.000
44.191,500
86.500,000
2.335.000
123.240,900
.5
302,122,580 638,793,300
123,230.000 473,205.000
11.337,000
43,358,000
8.075.000
600,000
16,300,000
25,719,400 259,981,700
28,000,000 185.432,000
925,000
45.116,500
86,500,000
d:910:666
6,285,000
9.924,100 133,165,000
657.751,215 2,304,333,650 1.390,403,420
505,808.080 1896,211,500
124.723,570
201,324.661
1,750.000
2.900,000
71,941,419
143,220.700
8,530,000
26,200.000
1,500,000
75,660,865
3,000,000
26.311,000
29,311.000
26,556.625
1.575.000
1,393.000
4,900.000
7.980.000
8.081.400
589,211,450
632,406,000
123,305,000
150,000
21,300,000
246,615,000
216.605.000
160,059,000
40.800.000
21.810,000
252.072.200
35,351,800
45,756.000
704,200
16.700,000
1,600,000
35,900,000
3.730.000
15.995,200
24.872,000
44,150.000
225,000
4.700,000
7,740,000
46,875,000
5,595,000
215,000
5.000.000
275,000
12.642,166
400,000
275,000
13,042,166
144,957,000
163,069,366
52,362,000
215,431,366
117.087,940
8.678,225
8,557,280
125,645,220
8,678.225
5,332.000
39.411,400
87,240.000
3.395,000
525.600
26,968,100
302,271.795
64.186,250
11399.000
13,260.000
68,284.102
49.800,410
14.711,400
5,162,740
500,000
47,363.000
789,000
--810,000
2,500,000
400,000
16,495,200
72,235,000
44.939.000
225.000
4,700,000
8,550,000
49,375,000
5.595,000
5.332,000
39.937.000
87,240.000
3,795.000
67,948,000
8.387,500
250.000
8.637.500
623.991,797
269,532,065
9,732.880
279.264.945
127,723.570 651.531.350
254.192.286 980.433.795
3,325.000 188,195.450
1,393,000
11.549,000
2.900,000
51.260.000
76.841,419 316.499.102
151.200,700 302.305.410
16,611.400 178.500.400
26.200.000
45.962,740
1,500.000
22,025.000
75.660.865 325,020.200
352,665,920
491.934.940
84.849,225
8.300.000
25,732,000
281.413,700
291.547.000
53.181.500
86.500,000
2.610,000
144,270,566
302.622.580
179,150,280
12,126,000
50.486,025
737.548.240 3,073,282.447 1.823,004.851
655,288,500
671,085,220
96.975,225
8.300,000
600.000
26,332,000
27.055.000 308.468,700
30.500,000 322,047,000
1,325,000
54.506,500
86.500.000
3,950,000
6.560.000
10.574,100 154,844,666
567,902.960 2,390.907.811
arlDINOZIHD HIII
12 MONTHS ENDED
DECEMBER 31.
THE CHRONICLE
JAN. 23 1926.]
411
DETAILS OF NEW CAPITAL FLOTATIONS DURING DECEMBER 1925.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Ateetint.
9,240,000
1.920,000
4,830,000
1,200,000
100,000
3,200,000
750,000
9,575,000
Purpose of Issue.
RailroadsNew equipment
New equipment
New equipment
New equipment
New construction
Acquisitions
New equipment
Refunding
4,185.000 New equipment
Price.
To Yield
About.
Company and Issue: and by Whom Offered.
Illinois Central RR, Equip. Trust 434s, L, 1926-40. Offered by Kuhn, Loeb & Co.
International-Great Northern RR, Equip. Tr. 430, A, 1926-40.
Offered by Kuhn , Loeb & Co.
Missouri Pacific RR. Equip. Trust 434s, E. 1926-40. Offered by Kuhn, Loeb & Co.
Mobile & Ohio RR. Equip. Tr. 434s, 0, 1927-41. Offered by Clark, Dodge dr Co.
National Coal Ry. lot Mtge. 65, 1928-33. Offered by Banks, Huntley & Co.. Los Angeles.
New Orleans Texas & Mexico Ry. 1st Mtge. 50, B, 1954. Offered by Kuhn, Loeb & Co.
New Orleans Texas & Mexico Ry. Equip. Tr. 534s, B. 1926-40. Offered by Kuhn. Loeb dc Co.
New York Chicago & St. Louis RR. Co. Ref. M. 5345, B, 1975. Offered by Guaranty Co. of
New York; Lee, Higginson & Co.; Harris, Forbes dr Co., and Dillon, Read & Co.
434-4.85 Wabash By. Equip. Trust 430, F, 1926-40. Offered by Kuhn, Loeb & Co.
100-97.90 434-4.70
4;i-4.85
434-4.85
4.55-4.80
100
6.00
96
5.27
Placed privately.
99
5.55
100-9634
105-9634
35,000,000
Public Utilities-5,000,000 Additions to property
800,000 New construction
11,800,000
onkel expenditures
2,000,000 New equipment, impts., &c
9834
100;6
100
95
750,000 Capital expenditures
100
110.000 Refunding
100
10,000,000 Red.curr. nab.; wkg. capital, do_ _ 94
250,000 General corporate purposes
99
800,000 Capital expenditures
9854
2,500,000 Acquisitions, improvements
9234
6,000,000 Additions, extensions, &c
99
830,000 Additions to property
10.000,000 Refunding, extensions, do
2.000,000 Acquisitions; other corp. purposes737,500 Refuna log
18,000,000 Refunding; acquisitions
3,000.000 Additions; other corp. purposes
96%
0334
9834
98
9834
96%
584,000 Refunding
400,000 Refunding
95
8,500,000 Acquisitions
100
7,500,000 Acq. Com.stk. St. Paul Gas Lt. Co
150,000 General corporate purposes
5,662.000 Capital expenditures
96
100
9434
3,500,000 Refunding; additions & extensions. 100
9634
6,000,000 Refunding
750,000 Refunding; capital expenditures_ _
2,250,000 Extensions; addns. & betterments.
98%
96
2,800,000 Refunding; acquisitions, dm
9834
1,000,000 Capital expenditure
500,000 Refunding: addns., Impta., &c
100
99)i
3,000,000 Refunding; new construction
9834
1,000,000 Additions; improvements
9831
1,200.000 Acquisitions, addns., impta., &c....
0834
5.25 Adirondack Pr. & Lt. Corp. let & Ref. M.55, 1956. Offered by Harris, Forbes dr Co.; Coffin &
Burr, Inc., and E. H. Rollins & Sons.
4.45 Bridgeport (Conn.) Hydraulic Co. let M. 434s, B, 1945. Offered by Lee. Higginson & Co.:
Estabrook & Co.; Blocks Bros. & Co.; T. L. Watson & Co.; Putnam & Co.; Chas. W.Scranton
Co., and Bridgeport Trust Co.
5.50 Brooklyn Union Gas Co. Cony. Debentures 534, 1936. Offered by company to stockholders and
employees; underwritten by Jessup & Lamont and Chas. D. Barney & Co.
6.98 Chicago Rapid Transit Co. 1st dr Ref. M.63.55, 1944. Offered by National City Co. and Halsey.
Stuart & Co.. Inc.
6.50 Continental Gas Light & Power Co. let M.634s, A, 1934. Offered by Troy dr Co., Chicago.
6.00 Coos & Curry Telephone Co. 1st M.Coll. 68, 1949. Offered by Lumbermen's Tr. Co. Bank,Seattle.
7.16 General Electric Co.(Germany) Debenture 630, 1940. Offered by National City Co.
6.08 Hoosier Public Utility Co. 1st M.6s, A, 1945. Offered by Thompson, Ross & Co., Inc., Chicago.
5.27 Houston (Texas) Gas & Fuel Co. Ref. & 'not. M. 5s, 1932. Offered by Harris, Forbes & Co.
5.50 Illinois Northern Utilities Co. let & Ref. M.55, 1957. Offered by Halsey, Stuart & Co., Inc.
5.57 Illinois Pr. & Lt. Corp. lot & Ref. M. 5345, B, 1954. Offered by E. H. Rollins & Sons; Harris.
Forbes & Co.; Halsey, Stuart & Co.. Inc.; Spencer Trask & Co.; Marshall, Field, (Bore Ward
& Co., and Blyth. Witter dr Co.
5.20 Indianapolis Water Co. lot Lien & Ref. M. 55, 1960. Offered by Drexel & Co. and Brown Bros.
& Co.
7.00 International Power Securities Corp. Secured 6345, C. 1955. Offered by Aldred & Co.: Harris,
Forbes & Co.; Bankers Trust Co.; Minsch. Morten & Co.,Inc.. N. Y., and First Nat. Corp., Boston
5.60 Kentucky Utilities Co. lot M.534s, F, 1955. Offered by Halsey, Stuart & Co., Inc.
5.65 Malone (N. Y.) Lt. & Pr. Co. let M.5358, A, 1956. Offered by F. L. Carlisle & Co., Inc.; Northern
New YOrk Securities Corp., Watertown, N. Y. and Peoples Trust Co., Malone, N. Y.
5.62 Massachusetts Gas Co. 20-Yr. 5)45, 1946. Offered by Kidder, Peabody & Co.; Harris, Forbes
& Co., and Stone & Webster, Inc.
5.23 Minnesota Pr. & Lt. Co. 1st & Ref. 5s, 1955. Offered by Harris, Forbes & Co.; Tucker, Anthony
& Co.; Bonbright & Co.. Inc., and Coffin & Burr, Inc.
5.42 Montpelier & Barre Lt. & Pr. Co. lot M.5s, 1944 Offered by Chas. H.Tenney & Co., Boston.
4.60 New Britain (Conn.) Gas Light Co. 1st M. 55. 1951. Offered by Fuller, Richter, Aldrich & Co.,
Hartford.
5.50 Northern States Power Co.(Minn.) lot Lien & Gen. M.5340, B, 1950. Offered by Harris, Forbes
dr Co.; Guaranty Co. of New York, and H. M. Byllesby & Co., Inc.
5.90 Northern States Power Co. (Minn.) 15-Year 534s, 1940 Offered by Guaranty Co. of N. Y.;
It. M. Byllesby & Co., Inc., and Spencer Trask & Co.
6.00 Ohio Northern Public Service Co. 1st & Ref.(now 1st) M.60, 1942. Offered by Damon & Bolles
Co., Boston.
5.39 Ohio Power Co. let & Ref. M. 5s, B, 1952. Offered by Dillon. Read & Co.; Lee, Higginson & Co.
and Continental & Commercial Trust & Savings Bank, Chicago.
5.50 Peninsula Telephone Co. lot M. 530, 1951. Offered by Coggeshall dr Hicks and Bodell & Co.
6.25 Penn Ohio Edison Co. Deb. 6s A, 1950. Offered by Bonbrlght & Co., Inc.; Eastman, Dillon
& Co., and Harper & Turner.
5.11 Portland (Me.) Gas Light Co. lst Ref. M. 5s, A, 1950. Offered by Paine, Webber & Co., N. Y.
5.80 Potomac Edison Co. let M. & Ref. 5348, D, 1949. Offered by Halsey, Stuart & Co., Inc., and
W. C. Langley & Co.
5.62 St. Louis County (Mo.) Water Co. 1st M.530, A, 1945. Offered by P. W.Chapman & Co.. Inc.;
and Francis Bros. & Co.
5.00 Shawinigan Water & Power Co. 1st Ref. 58 E, 1955. Offered by Jackson & Curtis, Boston.
6.05 Sodus (N. Y.) Gas & Electric Light Co. 1st M.6s, B, 1941. Offered by J. A. W.Iglehart & Co.;
Baltimore.
6.70 Southern Gas Co. 1st (c.) M.6345, 1935. Offered by G.E.Barrett & Co., Inc.; R.E. Wilsey dr Co.;
Inc., and Frederick Peirce & Co.
5.62 Tide Water Power Co. 1st Lien & Ref. M.510 B, 1945. Offered by Hemphill, Noyes & Co.; Stroud
dc Co., Inc.; Coffin & Burr, Inc., and Otis & Co.
5.60 Wisconsin Pr. & Lt. Co. lot Lien & Ref. 5348, D, 1955. Offered by Hill, Joiner & Co.; Halsey;
Stuart & Co., Inc. and Paine, Webber & Co.
119,373.500
Iron, Steel, Coal. Copper, &c.
100-99
1,500,000 Development of property
100b
1,000,000 New plant; working capital
400.000 Acquisitions,improvements,&c___
6-6.10 (W. E.) Boeing Secured 68, 1927-39. Offered by Dean, Witter & Co., Seattle.
7.00 Ducktown Chemical & Iron Co. 1st (c.) M. 75, 1935. Offered by Pack dr Walbridge, N. Y.; First
Securities Co., and Chattanooga Savings Bank & Trust Co., Chattanooga.
5.50-6.10 Pittsburgh Malleable Iron Co. lot (C.) M.68, 1927-36. Offered by McLaughlin. MacAtee & Co.;
Pittsburgh.
2,900,000
Equipment Manufacturers400,000 Lease of equipment
Other Industrial & Mfg.5,410,000 Acquisition of constituent cos_ _
5.20-5.90
Shippers' Car line Equip. Tr. 5345, C. 1927-35. Offered by Freeman & Co., New York.
8.0 Belding Heminway Co. Convertible 68, 1936. Offered by Bankers Trust Co., Edward B. Smith
& Co., Spencer Trask & Co., Old Colony Trust Co., and Tucker, Anthony & Co.
8-8.50 Dexter Portland Cement Co. (Nazareth, Pa.) let M.6s, 1926-35. Offered by Blair & Co., Inc..
and Cassatt & Co.
500,000 Work, cap.; red, bank loans, &c
100
6.50 Indiana Flooring Co.(N. Y.) 18t M.634s. 1940. Offered by McKinley & Morris, Roger B.Williams
Jr. & Co., and Backus, Fordon & Co.
12.000,000 Pay bank loans; other corp. purp_ _ 100
5.50 McClintic-Marshall Construction Co. Coll. Trust 534s, 1932-37. Offered by Union Trust Co. of
Pittsburgh.
1,200,000 Finance constr. of sugar factory
10134-98 53.143.20 Minnesota Sugar Corp. lot M. 65, 1928-41. Offered by Lane. Piper & Jaffrey, Inc.: Minnetiota
Loan & Trust Co., Minneapolis Trust Co. and Wells-Dickey Co.. Minneapolis.
3,500.000 Acquisitions, add'os, impts., &c
99
6.65 National Distillers Products Corp. Ois, 1935. Offered by Equitable Trust Co. and Hambleton
& Co.
6,000,000 Reduce notes payable
9834
6.20 (Albert) Pick & Co. (Chicago) Debenture 6s, 1936. Offered by Manufacturers Trust Co.. N. Y.:
A. G. Becker dr Co., Chicago, and Jan. H.Causey dr Co., Denver.
6.266,500 Acquisitions
99
6.10 St. Maurice Valley Corp. 1st M.& Coll. Trust Os."A," 1945. Offered by Wood.Gundy & Co., N.Y.
1,000,000 General corporate purposes
99
6.60 Sawyer Biscuit Co.(Chicago) 1st M.6368, 1945. Offered by Frazer & Co., Inc., N. Y., and Mark
C. Steinberg & Co.. St. Louis.
250,000 Acquisitions; other corp. purposes_
6-6.50 Walworth Alabama Co. 1st M.6368. 1926-35. Offered by R. F. De Voe & Co., New York,
99)4
2,200,000 Acq. Penn-Allen Cement Co
38,326,500
Oil15,000.000 Acquisitions, extensions, bc
99
Land, Buildings,
310,000 Finance construction of apartment 100
300,000 Finance construction of building_ _
1.300,000 Finance construction of apartment
1.350,000 Real estate mortgage
ioo"
135,000 Retire bank and mortgage debt-
6.10 Pan-American Petroleum Co.(of Cal.).1st M.15-Year Cony.65, 1940. Offered by Blair &
6.50
5.25-6.00
6-6.40
6.00
100
6.50
75,000 Finance constr. of hopsital building 100
6.00
550,000 Finance construction of apartment 100
6.50
150,000 Finance construe, of school bldg
100
5.00
350,000 Finance construction of building
100
6.00
120,000 Real estate mortgage
340.000 Improvements to property
100
100
6.00
6.00
350,000 Finance construction of building
100
7.00
190,000 Finance construction of apartment
160,000 Real estate mortgage
100
6,500,000 Finance construction of building
100
6-6.50
7.00
6.50
2,500,000 Provide funds for loan purposes
1,400,000 Real estate mortgage
100
100
6.00
7.00
Adion Apartments (St. Louis) 1st M.6345. 1928-37. Offered by Fidelity Bond & Mtge. Co., Chic.
Amarillo (Tex.) Building Co. 1st M.68, 1927-35. Offered by First National Co., St. Louis.
Belvidere Apartments (Cincinnati) let M.634s, 1927-49. Offered by S. W.Straus de Co., Inc.
(The) Berkshire (Hotel Properties, Inc.), New York. lot (c) M.68, 1928-41. Offered by Greensbaum Sons Investment Co.
Billings Polytechnic Institute (Billings, Mont.) 1st M. 634a, 1927-35. Offered by Murphey.
Fevre & Co.
(The) Chamberlain-Rice Hospital (Natchez. Miss.) let M. 6s, 1927-36. Offered by CanalCommercial Trust & Savings Bank, New Orleans.
Chateau Frontenac Apartments (Detroit) 1st M.6348, 1927-37. Offered by The Straus Corr/..
Detroit.
Church of the Immaculate Conception (St. Louis) 1st M. 58. 1927-35. Offered by MississiPM
Valley Trust Co.
Colorado Building (Pueblo, Colo.) let M.65, 1928-40. Offered by Boettcher & Co., Bosworth.
Chanute & Co., and International Trust Co., Denver.
Columbia College (S. C.) 1st M.6s, 1926-38. Offered by Hibernia Securities Co., Inc., New Orleans.
Detroit North End Post Office Corp. 1st M.68. 1935. Offered by Love, Van Riper & Bryant.
Inc., and Lorenzo E. Anderson & Co., St. Louis.
Edgewater Club of Southern California 1st M. Leasehold 7e, 1940. Offered by Carstens &
Earles. Inc.
Edgewood Hotel (Chicago) let M.6348, 1927-37. Offered by The Straus Bros. Co., Chicago.
Elem Apartment Hotel let M. 7s, 1927-33. Offered by Equitable Bond & Mortgage Co., Chicago.
11 West 42d Street, Inc. (N. Y. City) 1st M. Leasehold 6368, 1945. Offered by Redmond & Co.,
Blair & Co., Inc., Manufacturers Trust Co., and Pearsons-Taft Co.. Chicago.
Federal Mortgage Co. Real Estate Mtge.65,"C"and "D." 1926-35. Offered by Poe & Davies, Balt.
Fifth Avenue Apartment Building (Pittsburgh) let M.78, 1927-35. Offered by F. H.Smith Co..
Washington, D. C.
THE CHRONICLE
412
Amount.
Price,
Purpose of Issue.
To Yield
About.
[Vol.. 122.
Company and Issue; and by Whom Offered.
Land, Buildings, &e. (Concl)
200,000 Finance constr. of church building 100
6.00 First Baptist Church (Birmingham, Ala.) let M. 6s, 1928-37. Offered by I. B. Tigrett & Co.,
Birmingham. Ala.
7.00 43rd & Locust Street Apartments (Philadelphia) let M. 75, 1927-35. Offered by F. H. Smith
Co., Washington, D. C.
6.50 Glasser Block (Chicago) 1st M. 634s, 1928-36. Offered by H. 0. Stone & Co., Chicago.
390.000 Finance construction of apartment 100
7.00 Goethe Shore Apartments (Chicago) 1st M.7s, 1927-32. Offered by Equitable Bond & Mortgage
485,000 Finance construction of apartment 100
Co., Chicago.
225.000 Finance construction of apartment 100
6.00 (The) Gotham Apartments (Sc. Louis) 1st M. Os, 1927-36. Offered by Waldhelm-Platt & Co.,
Inc., St. Louis.
100
6.50 Grand Avenue Building Co. (Kansas City, Mo.) 1st Leasehold Mtge. 634s, 1926-35. Offered by
62,500 Real estate mortgage
Mortgage & Securities Co., St. Louis.
100
5.00 Grand Rapids Trust Building 1st M. 55, 1955. Offered by Howe, Snow & Betties, Inc
950,000 Real estate mortgage
6.50 Grauman's Greater Hollywood Theater, Inc. (Los Angeles) 1st M. Leasehold 6345, 1928-40.
450,00 Finance constr. of theatre building 100
Offered by If. M. Lewis & Co., Los Angeles.
6.10-6.40 Haddon Hall (Apartments). Los Angeles, 1st M.634s, 1927-38. Offered by S.W.Straus az Co., Inc
250,000 Finance construction of apartment
100
5.00 Harvey Snider Building Co. 1st M. 5s, 1926-35. Offered by Mercantile Trust Co., St. Louis.
210,000 Real estate mortgage
5.00 Highland Park (Mich.) Trust Co. 1st M. 5s, "FL" "J" and "K," 1928-33. Offered by Highland
100
400,000 Real estate mortgage
Park (Mich.) Trust Co., and Watling. Lerchen & Co.. Detroit.
Hotel Ifurth (Portsmouth, Ohio) 1st M.7s. 1928-47. Offered by Westhelmer & Co., Cincinnati.
200.000 Finance construction of hotel
Price onap6 c
irj6tio
7n
5 Hyde Park Baptist Church (Cincinnati) 1st M.(is. 1927-41. Offered by L. R. Ballinger Co., Clnc.
110,000 Real estate mortgage
7.00 La Arcade Building (Santa Barbara, Calif.) 1st M. 70, 1928-35. Offered by Southwest Bond Co.
475,000 Finance construction of building_ _ 100
and Geo. G. MacLaughlin Co., Los Angeles.
100
425.000 Additions, improvements
6.50 La Habra Heights Co. 1st M. 6.34s, 1935. Offered by Wm. R. Staats Co.
5.50-6.50 Leonardo Apartments 1st M. 634s, 1927-35. Offered by Love, Van Riper & Bryan, inc., and
200,000 Real estate mortgage
Wm. It. Compton Co., St. Louis.
6.00-6.50 Leverich Towers (Brooklyn, N. Y.) 1st M.634s, 1927-35. Offered by American Bond & Mtge. Co.,
2,500,000 Finance construction of hotel
Inc.
750,000 Improvements to property
7.00 Madison Square Garden Corp. Cony. Deb. 7s, 1936. Offered by Hayden, Stone & Co.
100
6.10-6.35 Mark Hopkins Hotel (San Fran.) 1st M. Fee 634s, 1928-41. Offered by S. W. Straus & Co., Inc.
2,500,000 Finance construction of hotel
6.00-6.37 The Mayfair (Chicago) 1st NI. 6s, 1928-37. Offered by The Straus Bros. Co.. Chicago.
750.000 Finance construction of apartment
4,250,000 Acquisition of property
6.00 Mercantile Properties, Inc. (N. Y. City) Secured 530, 1946. Offered by Potter & Co., Spencer
9434
Trask & Co., and E. If. Rollins & Sons.
250,00 Finance construction of apartment Price on application Millsfield Apartments (Chicago) 1st M.6345, 192735. Offered by Leight, Holzer & Co., Chicago.
6.50 Morrison Hotel (Chicago) let Leasehold & Ref.6345,"C," 1939. Offered by A. C. Allyn & Co. and
100
500,000 General corporate purposes
Mosser, Willaman & Co. Inc.. Chicago.
5.50 Mortgage Bond Co. of Maryland, Inc., 1st M. Guar. 5345, 1930-35. Offered by Robert Garrett &
100
1,000,000 Provide funds for loan purposes
Sons, Tucker, Anthony & Co.. Gillett & Co., and Mercantile Trust & Deposit Co.of Baltimore.
5,000,000 Finance construction of building
6.03 National Press Building Corp.(Washington, D. C.) lot M.65, 1959. Offered by P. W.Chapman
9934
& Co., Inc.; Blyth, Witter & Co., and White. Weld & Co.
1.600,00 Finance construction of building.. 100
7.00 National Press Building Corp. (Washington, D. C.) Gen. M. 75, 1940. Offered by LovelMacomber & Co., New York; Stroud & Co.. Inc., Phila., and F. R.. Sawyer & Co., Inc., Boston.
125,000 Finance construction of building.. 100
8.00 Northwood Investment Co. (West Palm Beach), Fla.) 1st NI. 8s, 1926-35. Offered by Palm
Beach Guaranty Co., West Palm Beach, Fla.
125,000 Finance construction of building.. 100
8.00 Northwood Investment Co. (West Palm Beach, Flab let M. 8s, 1926-35. Offered by Palm
Beach Guaranty Co., West Palm Beach, Fla.
210.000 Finance construction of apartment Price on application Oak Park (Ill.) Manor Apts. let M.635s, 1927-35. Offered by Leight, Holzer An Co., Chicago.
6.00-6.50 Odell Court Apt. Bldg. (New Rochelle, N. Y.) 1st M. 634s, 1927-35. Offered by S. W. Straus
225,00 Finance construction of apartment
.1‘ Co., Inc.
6.00-6.25 180 East Delaware Place (Chicago) 1st M.63.4s, 1928-37. Offered by American Bond & Mortgage
1,200,000 Finance construction of apartment
Co., Inc.
500.00 Finance construction of building_ _ 100
6.50 Park Castles Bldg. (Chicago) 1st M.6340, 1928-37. Offered by Geo. M. Forman & Co., Chicago.
6.00-6.50 Park Central Apt. Hotel (N. Y. City) 1st M.630, 1927-35. Offered by American Bond & Mtge.
4,000,000 Finance construction of apartment
Co., Inc.
5.25-6.00 Park Lane Apts. (Kansas City, Mo.) 1st M. its. 1927-35. Offered by Taussig, Day, Fairbankl&
425,000 Finance construction of apartment
Co., Inc., and Real Estate Mortgage Trust
t. Louts.
5.50-7.00 Paulson Bldg. (Tacoma, Wash.) 1st LeaseholdCo.,Mtge. 7s, 1926-35. Offered by Wm. P. Harper
30,000 Real estate mortgage
& Son, Seattle, Wash.
100
140,000 Acquire new building
7.00 Pioneer Dept. Store, Inc. (Ft. Lauderdale, Fla.) let M. 78, 1927-35. Offered by Sutherlin,
Barry & Co. Inc.
100
1,100,000 Finance lease of property
6.00 Quincy Station'
Post Office (Bldg. Corp:), Chicago 1st M.65, 1941. Offered by P. W. Chapman
& Co., Inc.
101
6.90 Rector Bldg. Co. (Little Rock, Ark.) 1st M. 7s, 1910. Offered by Caldwell & Co.
275,000 Finance construction of building
100
7.00 Redwoods Hotel Co. (Grants Pass, Ore.) 1st M. 7s, 1926-35. Offered by Lumbermen's Trust
95,000 Finance construction of hotel
Co., Portland, Ore.
100
6.00 Richmond Mortgage & Loan Corp. 1st Coll. Tr. 6s, 1926-35. Offered by State & City Bank &
270,500 Provide funds for loan purposes
Trust Co., Richmond, Va.
100
6.00 St. Paul's English Lutheran Church (Denver, Colo.) 1st M. 65, 1939-30. Offered bY7
75,000 Real estate mortgage
,United
States National Co., Denver, Colo.
101-100 5.99-634 Sheridan Road (Kraemer Bldg. Corp.), Chicago, 1st M.6340, 1927-40. Offered by Greenbaum
1,300,000 Real estate mortgage
Sons Investment Co.
6.00-6.50 (Burnette F.) Stephenson lot M. Leasehold 634s, 1927-40. Offered by IIarris, Small & Co.
350,000 Finance construction of building_ _
and Union Trust Co., Detroit.
100
6.50 Sun Realty Co. (Los Angeles) 1st M. Leasehold 6345, 1945. Offered by Union Bank &;Crust
1,000,000 Finance construction of building
*Co.; E. H. Rollins & Sons: Hunter, Dunn & Co., and Alvin H. Frank & Co., Los Angeles.
6.25-6.50 Thirty-Four Cone, Inc. (Atlanta, Ga.) 1st M. 6345, 1927-37. Offered by Adair Realty.,,& Trust
250,000 Finance construction of building.....
Co., Atlanta. Ga.
100
6.50 Troyoak Land Co. (Detroit) 1st M. 630, 1934. Offered by Union Trust Co.; Nicol-Ford & Co.,
1,000,000 Finance sale of property
Inc.: Harris, Small & Co. and Benjamin Dansard & Co., Detroit.
5.00-6.00 Tuller Hotel Co. (Detroit) lot M 65, 1927-41. Offered by Peabody, Houghteling & Co.; Inc.
3,500.000 Improvements to property
E. If. Rollins & Sons and Detroit Co., Inc.
100
6 50 West Dearborn Land Co. 1st M.634s, 1935. Offered by Union Trust Co., Detroit.
50,000 Finance sale of property
6.50 (C. W.) Wilmeroth Co. (Wenatchee, Wash.) 1st M.630, 1927-31. Offered by Wm. Pillarper
100
50,000 Finance lease of property
.tr Son, Seattle, Wash.
58,008,000
Rubber100.49-100 6.00-7 Birmingham Tiro & Rubber Co. 1st NI. 7s, 1926-35. Offered by Ward, Sterne & Co., Birmingham;
65,000 'Working capital
100
1,300,000 Real estate mortgage
Shipping6,500,000 Acquisitions; Add'I equipment_
_
100-99
Miscellaneous650,000 Development of property
310,000 Finance construction of toll bridge 100
675,000 Development of property
6,000,000 Refunding
1,500,000 Refunding
98
9834
100
85,000 New plant
4,000,000 Working capital
9835
1,250,000 Consolidation of properties
9734
175,000 New construction
1,000,000 Provide funds for loan purposes_
100
10034
15,000.000 Finance construction of plants
2,500,000 Refunding: additions, extensions
6,000,000 Enlargements and extensions
800,000 Acq. Worcester Telegram Pub. Co
100
8434
9934
634-034 Hamburg-American Line lot M. Marine Equip. 0340, 1928-40. Offered by Speyer & Co.; J. Henry
Schroeder Banking Corp., and Freeman & Co.
5.50-6.50 Bear River Logging Co. (Portland, Oro.) 1st M.65, 1927-33. Offered by Baker, Fentress & Co..
Chicago.
6.00 Benton-Franklin Inter-County Bridge Co. lot Coll. Its. 1930-45. Offered by Ralph Schneeloch
Co., Portland. Ore., and Baker-Boyer National Bank, Walla Walla, Wash.
5.00-6.28 Bladon Springs (Ala.) Lumber Co. 1st M.65, 1926-33. Offered by Baker, Fentress dr CO., Chia.
6.15 Consumers Co. (Chicago) lot M. 6s, A, 1946. Offered by Halsey, Stuart & Co., Inc.
5.10 Denver Union Stock Yards Co. 1st M. 55 ,1946. Offered by Illinois Trust & Savings Bank and
Illinois Merchants Trust Co., Chicago.
7.00 Derst Baking Co. (Savannah, Ga.) 1st M. 7s, 1927-36. Offered by Citizens & Southern Co.,
Savannah, Ga.
6.20 Eitingon-Schibl Co., Inc., Deb. Os, 1935. Offered by Halsey, Stuart & Co., Inc., and E. Naumberg
Co.
6.27 Leslie-California Salt Co. (San Francisco) 1st M. 6s. 1940. Offered by Mitchum, Tully &
Co.; Blyth, Witter & Co., and Wm. R.. Statts Co.
7.00 Moreno Mutual Irrigation Co. (Calif.) let M. 7s, 1928-45. Offered by Cassamajor, Doty &
Buttolph, Pasadena. Calif.
6.47 National Bank of Panama (Banco Nacional de Panama) S. F. Gold 634s, 1946. Offered1bY
Morgan, Livermore & Co.
5.90-6.30 New York Evening Journal, Inc., 1st M. dr Coll. Tr. 631s, 1927-37. Offered by S. W. Stroud&
Co., Inc.
6.00 Northern Redwood Lumber Co. (Korbel, Calif.) lot M. gs, 1937. Offered by Detroit Co. line.
7.50 United Industrial Corp.(Germany) 1st (c.) M.65, 1945. Offered by Harris, Forbes & Co.; Lee,
Iligginson & Co. and Brown Bros. A: Co.
6.00 Worcester (Mass.) Telegram Publishing Co., Inc., let M. 6s, 1945. Offered by Jackson &
Curtis, Boston.
39 945 000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose
of Issue.
Public Utilities1,000,000 Consolidation of properties
520,000 Acquisitions; additions and impts_ _
1,000,000 Acquisitions; additions and impts
Price,
99
9935
99
2,520,000
Motors and Accessories100
1,000,000 Retire bills payable; working tap..
ToYield
About,
Company and Issue; and by Whom Offered,
6.00 Electric Public Service Co. 1-Yr. Coll. 50, Des. 1 1926. Offered by Stanley & Bissell, Inc.:, and
Preister, Quail & Cundy, Inc.
6.50 Midwestern Power Co. 1-Yr. Secured Os, A, Nov. 15 1926. Offered by R. E. Wilsey & Co., Inc..
and Palmer Bond & Mortgage Co., Salt Lake City.
6.30 Suburban Lt. & Pr. Co. (of Ohio) let NI. Bond-Secured (is, Dec. 1 1928. Offered by Love,
Macomber & Co. and Chas. D. Robbins & Co.
6.00 (G. A.) Schacht Motor Truck Co. 3-Yr. Cony. 6s, Dec. 11928. Offered by W. E. Hutton &iCo.;
Fourth & Central Trust Co.: Fifth-Third Nat. Bank; Citizens Nat. Bank & Trust Co.: Atlas
Nat, Bank; Brighton Bank & Trust Co.; J. R. Edwards & Co.; Edgar Friedlander; Westheimer
& Co., and Gran. Todd & Co.. Cincinnati.
JAN. 23 1926.]
THE CHRONTCLE
Price.
Purpose of Issue.
Amount.
Other Industrial & Mfg.3,000,000 Refunding; pay current debt. &c_ _
09)
500,000 Retire mortgage debt; work'g cap'
99..4
3,200.000 Acq. Library Bureau stk.; wkg.cap
995i
To Yield
About
413
Company and Issue; and It, Whom Offered.
6.56 Davison Chemical Co. 5-Year Debenture 61.65, 1931. Offered by Century Trust Co. of Baltimore;
Imbrie & Co., Ltd., and Frazier & Co., Inc
6.10 Hart-Parr Co. (Charles City, Iowa) 3-Year Secured 68, Nov. 1 1928. Offered by the Minnesota
Loan & Trust Co., Minneapolis
5.60 Rand Kardet.Bureau, Inc. (Del.) 5-Year 53,58, 1931. Offered by Eastman, Dillon & Co., and
Dominick & Dominick.
6,700,000
0112,000,000 Working capital; plant expansion_ _
3,000,000 Development of property
6.25 Champlin Refining Co. 1st M. 6s, Dec. 1 1930. Offered by Continental & Commercial Trust &
Savings Sank. Chicago.
6.50 Independent Oil & Gas Co. 5-Year 6565, Jan. 15 1931. Offered by company to stockholders.
99
100
5,000.000
Land, Buildings, &c.
200.000 Improvements to property
150,000 Real estate mortgage
8.00 Central Arcade Building (Fort Lauderdale, Fla.) let M. As, 1930. Offered by Parrish &
6.00 Hermitage Building Corp. (Richmond, Va.) 1st M.6.8 1926-30. Offered by Old Dominion Mortgate Corp.. Richmond. Va.
5.00-5 75 Hibernia Mortgage Co., Inc., 1st M. Coll, Trust 65, "L," 1926-30. Offered by Hibernia Securities
Co New Orleans.
5.00-7.00 Industrial Bank of Richmond Coll. Trust 78, 1926-30. Offered be Scott SC Stringfellow, Richmond. Va.
6.50 Nautilus Apartments (Northmoor Building Corp.) Chicago, 1st M.6 Ms, 1928-30. Offered by
Gerard & Co., Chicago.
5.00-6 00 (Calvin A.) Palmer and (George A.) Young (Detroit) 1st M. 6s, 19211-30. Offered by Win. L.
Davis & Co., Detroit.
7.00 Terry Building (Seattle, Wash.) 1st M. 7s, Dec. 1 1929. Offered by Seattle Title Trust Co.,
Seattle. Wash.
5.50 307-313 West 79th St.(New York City) 51.4% Guar. Prudence Certificates Feb. 1 1929. Offered by
The Prudence Co.. nc.
5.50 332 West End Ave. New York City) 556% Guar. Prudence Ceritficates Feb. I 1929. Offered by
The Prudence Co., Inc.
5.50 United Cigar Stores Co. of America Guar. 1st M.556s, 1930. Offered by New York Title Mortgage Co.
6.00 Winston-Salem (N. C.) Apartment Co. 1st M. 60, 1928-30. Offered by Old Dominion Mortgage
Corp., Richmond, Va.
100
100
100,000 Provide funds for loan purposes_
80,000 Provide funds for loan purposes__ _
350,000 Finance construction of apartment 100
100,000 Finance sale of property
57,500 Finance construction of building_ _
400,000 Real estate mortgage
100
100
515,000 Real estate mortgage
100
1,000,000 Finance Purchase of property
100
100,000 Real estate mortgage
100
3,052,500
Rubber15,000.000 Working capital
2,000.000
2,500.000
2,200.000
100,000
5.25 Goodyear Tire & Rubber Co. 3-Year 5s, Dec. 15 1928. Offered by Dillon. Read & Co., National
City Co.. Lee. Higginson & Co., White, Weld & Co., Bonbright & Co., Inc.. Kissel. KInnicutt &
Co.. Hallgarten & Co., New York; Continental & Commercial Trust & Savings Bank, Halsey.
Stuart & Co., Inc., and A. G. Becker & Co.. Chicago, and Union Trust Co„ Cleveland.
9951
MiscellaneousAdditions; other corporate purposes 981.6
Refunding
100
General corporate purposes
100
Pay bank loans; working capital_ _
350,000 Development of property
500,000 Retire bank loans
100
Childs Co. 5-Year 55, Dec. 15 1930. Offered by Laird, Bissell & Meeds and Tucker, Anthony & Co.
Offered by Halsey. Stuart di Co , Inc.
Con..umers Co. (Chicago) 5-Year Convertible 6s. 1931
(Albert) Dickinson Co. 1st M. 61.45, Dec. 1 1930. Offered by Greenehaum Sons Investment Co.
Lincoln (III.) Sand Sc Gravel Co. 18t M. 630, 1926-31. Offered by Mathney, Dixon & Co.:
Springfield, III.
6.00 Wood & English, Ltd.. Coll. Trust 69, 1926-28. Offered by Lumbermen's Trust Co.. Portland, Ors.
5.50-6.10 Woods Bros. Corp.(Lincoln, Neb.) Convertible 6s, 1926-30. Offered by Dawes, Maynard dc Co.,
Chicago.
5.32
6.0(
6.50
5.50-6 5
7,650.000
STOCKS.
Par or No.
of Shares.
To Yield
a Amount Price
Incolred. per Share. About.
Purpose of Issue.
$
Public Utilities*14,000 sits Acquisitions; working capital
1,400,000 100
10,000,000 Acquisitions
*90,000 shs Acquisitions; other corp. purposes.
500,000 Additions, extensions, dre
1,500,00(
2,825,00(
27,675,00(
1,000,000
985‘
5,625,000
6256
500,000
93
Retire floating debt;0th. corp. pur. 1.600,000 93
Additions
2.825,000 25 (par)
Liquidate current debt
27,675.000 100
General corporate purposes
1,000.000 961.4
*75,000 ohs Acquisitions; additions
1,687,500
2,558,300 General corporate purposes
500,000 Acquisitions; add'ns & improve'ts_
5,000,000 General corporate purposes
1,
7..St
1) eetietl, C
11.
*99,208 slit
10.000,000
2256
2,558.300 100
600.000 93
5.000,000
97
7.00 American Utilities Co.(Del.) $7 Div. Cum Pref. Offered by Parsley Bros. & Co. and
Paul dc Co., Philadelphia.
7.10 Cities Service Light & Power Co. 7% Cum. Pref. Offered by A. B. Leach & Co., Inc.,
Federal Securities Corp., H. M. 13yliesby & Co., Inc., and Pearson•Tart & Co.
6.40 Connecticut Electric Service Co. Cone. Pref. Cum. $4 per share. Offered by Estebrook & Co., Putnam & Co., Chas. W. Scranton Co„ Hincks Bros. & Co., and
R. F. Griggs Co.
7.49 Kentucky Hydro-Electric Co. 7% Cum. Pref. Offered by Hill. Joiner & Co., and
Central States Securities Corp.
7.00 Lexington (Ky.) Utilities Co. 656% Cum. Pref. Offered by BonbrIght & Co., Inc.
Lone Star Gas Co. Capital stock. Offered by company to stockholders.
New England Tel. & Tel. Co. Capital stock. Offered by company to stockholders.
Penn.Ohlo
Edison Co. 7% Cum. Prior Pref. Offered by Bonbright & Co„ Inc., East7.25
man. Dillon & Co., Harper & Turner. and W C. Langley & Co.
Pennsylvania Gas & Electric Co. Class "A" Panic stock. Offered by A. C. Allyn dr
Inc., Pogue, Willard & Co., and Cl E Barrett & Co.. Inc.
6.00 Public Service Corp. of New Jersey 6% Cum Pref. Offered by company to customers.
Suburban
Light & Power Co. (of Ohio) 1st Pref. 7% Cum. Offered by Love, MO7.4
comber 8c Co., Chas. D. Robbins & Co., and Leriogar & Co.. Inc., New York.
8.1 West Penn Power Co.6% Cum. Pref. Offered by West Penn Securities Dept., Ins.
60,270,800
&c.
of oparolPeCrUper,
Equipment Manufacturers200,000 Acquire predecessor company
Motors & Accessories*50,000 shs Refunding; additions, &(3
Other Industrial & mfg.600,000 Working capital; additions
*27.620 ohs Refunding; retire bank loans
1.000,000 Additional capital
*25.000 sin. Acquire constituent companies_ _
900.000 Consolidation of properties; add'ns.
4,500 sits Consolidation of properties; add'ns.
4,300.000 Acquisitions
*5.000 ohs. Working capital
600,000 shs Develop. International mkt. for stk
1,250,000 Acquire plant
*100,000shs Ae(I. Superior Portland Cement Co
150,000 Erect plant; working capital
1,190,496
12
Howe Sound Co. Capital stock. Offered by company to stockholders.
320,000
16
St. Louis Car Co. Common. Offered by Semple, Jacobs & Co., Inc., St. Louis.
1,350,000
27
600,000 112c
731,930
2634d
1,000.000 100
2,500,000 100
900,000 9854
180.000 40
4,300,000 100e
500,000 100f
9,600,000
log
1,250,000
9955
4,500,000
45
150.00
100
14,443,400 Pay for additional United Cigar} 11,554.72
80
Stores Co. stock
*45.0005h5. Additional capital
1,125.000 25
1,556.000 25
*62,400 sits Additional capital
500,000 Replace existing stock issues
500,000 100
*30,000 ohs Replace existing stock Issues
1,200.000
40
42,147,650
Oil*20.000she Enlargement of plant. &c
Land, Buildings, &c.125,000 Finance lease of property
o9,000 sits Working capital
500.000
25
125,000
900.000 100
1,025.000
Rubber5,000shs Cultivation of Property: wkg. caP'l
Miscellaneous4,250,000 Corporate purposes
200,000
40h
4,250,000 1011.4
*25,500shs Corporate purposes
Consolidation of Properties
*12,500 sits
1,147.500
2,750,000
45
22
*72,000 sin. Acq.Emp.(of Cal.): oth. corp.purp
2,448,000
34
Company and Issue, and by Whom Offered.
7.40 Western Auto Supply Co.(Kansas City, Mo.) Panic. Pref. Cum.$2 per share. Offered
by Merrill, Lynch es7 CO.
7.14 Belamose Corp. (k.ocky Hill, Conn.) 8% Cum. let Pref. Offered by G. E. Barrett
& Co., Inc.
Brill.) Mfg. Co. Class "A" Pref. & Partic. stock. Offered by .1. R. Bridgeford & Co.;
New York.
(Philip) Carey Mfg. Co.(Cincinnati) Common. Offered by company to stockholders.
-7780 International Pro:ector Corp. ,N. Y.) $7 Dividend Pref. Offered by Pynclion & CO..
West & Co. and W. S. Hammond & Co.
7.10 Luce Furniture Shops 7% Coma). Pref Offered by Howe. Snow & Bertles, Inc.
Luce Furniture Shops Common. Offered by Howe. Snow dr Bertles.
-7:60 St. Maurice Valley Corp. 7% Cum. Pref. Offered by Wood. Gundy & Co., Inc., N.Y.
7.00 Shanklin meg. Co. (Del.) $7 Cum. Cony. Pref. Offered by Theodore Hoffacker &
Co., New York.
•
Sn la Viscose (Turin, Italy) Capital stock. Offered by E. F. Hutton & Co. and Harvey
Fisk & Sons, New York.
7.03-10.05 Southern Can Co. (Balt.) 7%-10% Panic. Cum. Pref. Offered by Hambleton & Co.
and Baker. Watts & Co., Baltimore.
Superior Portland Cement, Inc. (Seattle, Wash.) Class "A" Partic. stock. Offered
by bond & Goodwin & Tucker, Inc.: Hunter. Dulln & Co.. Aronson & Co. Carstens
& Caries, Ir.; Drake, Riley & Thomas. and Geo. H Burr. Conrad &'
Broom.
8.00 Taylor-Colquitt Co. (Spartanburg S. C.) 8% Cum. Pref. Offered by A. M. Law
4, Co.. Spartanburg, S. C.
Tobacco Products Corp. Common. Offered by company to stockholders; underwritten
Universal Pipe & Radiator Co. Common. Placed privately.
Universal Pipe & Radiator Co. Common. Offered by company to stockholders.
(Wm.) Waitke & Co. (St. Louis) 7% Cum Pref. Offered by \V. A. Harriman & CO.:
Inc., and G. It Walker 4r Co., St. Louis.
(Wm.) Waltke & Co. (St. Louis) Common. Offered by W. A. Harriman & Co., Inc.:
and G. 11. Walker & Co., St. Louts.
Warner-Quinlan Co. Common. Offered by Hayden, Stone dr Co.
5.00-5.50 Mecca Realty Co. 5M% Pref, stock, due 1926-35. Offered by Bankers Trust Co.,
Indianapolis.
6.00 Missouri Kansas Farms Co. Class "A" Common Cum $6 per share. Offered by GU
Huston .0 Co., Inc., Geo. W. York & Co., Inc., and Pearson. Erhard dr Co.
Dutch American Rubber Plantation Co. Capital stock. Offered by Harvey Fisk
& Sons, New York.
6.90 Abraham 8c Straus, Inc. (Brooklyn, N. Y.) 7% Cum. Pref. Offered by Lehman
Bros., New York.
Abraham & Straus, Inc.(Brooklyn, N. Y.) Common. Offered by Lehman Bros N.Y.
Consolidated Laundries Corp. (of Md.) Common. Offered by Bonner. Brooke
Air Co.. New York.
Emporium Corp.(Del.) Capital stock. Offered by Lehman Bros., Mercantile Securities
Co. of Calif. and Strassburger dr Co., San Francisco
414
Par or
No ofShares
THE CHRONICLE
Purpose of Issue.
Miscellaneous (Concluded)
460,000 Additional capital
•100.000shs Working capital
*17,500 slis Expansion of business
*22,152 abs. Pay accum.divs.& skg.fd.on 2d pfd_
900,000 Acquire constituent companies_ _ _ _
*20.000,115. Working capital
a Amount Price
To Yield
Involved. per Share. About.
540,500
2334
2,850,000
437.500
2834
25
664,560
330,000
'501)00,118 Refunding: working capital
'500005115. Expansion of business
*30.000 ohs Working capital; refunding
*52,5005115 Working capital; refunding
*50,000she Acquisitions
15,000,000 Acquisition of securities
9,134,375 Expansion of business
4,000,000 Acquisitions
30
900,000 100 i
5,100,000
85
612,500
1234
1,500,000
1.575,000
1,675,000
50
30
3334
15,000,000
7.00
1634
99
9,134,375 25(par)
4,000.000 100h
7.00
6.55
-8:50
[Vol,. 122.
Company and Issue; and by Whom Offered.
Fitz Simons & Connell Dredge & Dock Co. Common. Offered by Ralph A. Bard
& Co., Chicago.
Foundation Co.(Foreign) Class"A"stock. Offered to stockholders of Foundation Co.
Hook Drug Co. Partic. Pref. stock, Class "A." Offered by Fletcher American Co.,
Indianapolis.
McCall Corp. (N. Y.) Common. Offered by company to stockholders; underwritten
by White, Weld & Co.
National Baking Co. 7% Cum. Pref. Offered by Baker, Simonds
& Co. and Livingstone, Highle & Co., Detroit.
New York Auction Co.. Inc.. Class "A" Stock. Offered by
Prltehltt & Co., Inc..
and Jesse Winburn. Inc., New York.
New York Canners, Inc. (Rochester, N. Y.), 6% Convertible Pref.
Offered by
White, Weld e. Co.
Ovington Bros'. Co. (N. Y. City) Partic. Pref. stock. Offered
Throckmorton &
by
Co., New York.
(David) Ponder Grocery Co. Class "A" stock. Offered
(David) Pander Grocery Co. Class "B" stock. Offered by Colvin & Co.
Colvin & Co.
Stlx, Baer & Fuller Co. Common. Offered by Lorenzoby
E.
& Co. Paul
Brown & Co., Francis Bros. & Co. and Waldheim, Platt & Anderson
Swedish American Investmeat Corp. Partic. Pref. Cum. Co., Inc. St. Louis.
Offered by Lee
Higginson & Co., Brown Bros. & Co. and Clark, Dodge634%.
•11
United Cigar Stores Co. of America Common. Offered by & Co.
company to stockholders.
Universal Chain Theatres Corp. 8% Pref. Offered by Shields
& Co., New York,
54,914.935
FARM LOAN ISSUES.
Amount.
Issue.
Price.
1,000.000 Atlantic Joint Stock Land Bank 5s, 1935-55_
3,000,000 Dallas (Texas) Joist Stock Land Bank 58,
1935-65
10334
35,000.000 Federal Land Bank 4345, 1936-56
10114
1,000,000 First Joint Stock Land Bank (Montgomery,
Ala.). 58, 1935-65
103
600,000 Greensboro Joint Stock Land Bank 55,
1935-55
10334
3,000.000 Lincoln (Neb.) Joint Stock Land Bank 434s,
1936-65
101%
To Yield
About.
Offered by.
4.56 C. F. Childs & Co., New York.
4.54 Lee, Higginson & Co. and Illinois Merchants Trust Co.,
Chicago.
4.30 Alex. Brown & Sons; Harris, Forbes & Co.; Brown Bros.
& Co.; Lee, Higginson & Co.:
National City Co., and Guaranty Co. of New York.
4.82 Barr Bros. & Co., Inc.: Central Trust Co. of Illinois, Chicago;
Shawmut Corp. on:Boston,
and First National Bank, Montgomery, Ala.
4.60 Harris Trust & Savings Bank; Harris, Forbes & Co.; Halsey,
Stuart & Co., Inc., and
Wm.R. Compton Co.
4.31 Brooke, Stokes & Co.; Equitable Trust Co. of N. Y.; First
National Corp. ofThoston;
Old Colony Trust Co. of Boston; First Trust & Savings Bank,
Chicago, ancnGentral
43,600.000
Trust Co. of Illinois. Chicago.
•Shares of no par value. a Preferred stocks of a stated par value are taken
at par, while preferred stocks of no
value and all classes of common stocks are computed at their offering price. b Bonus of 5 shares of common stock given with $1,000 bond. c Bonus of 1 share of par
Class "A" stock given with each share of preferred.
d Bonus of 1 share of common aocie, given with each share of preferred. e Bonus of 1-5
share of common stock given with each share of preferred. f
Bonus of I share
of Class "A" stock given with each share of preferred. g Price per share of 200 lire par value. h Price per share of
100 guiders par value. I Bonus of 34 share of common
stock given with each share of preferred.
r1
I
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
bales. There will be no further estimates of the crop by
Friday Night, Jan. 22 1926.
Washington, but a final statement of the ginning will apThere is ao great activity in business. Disillusionment pear on March 22. Cotton Speculation
has been light and
has overtaken those who had expected it. But spring trade latterly the spot markets at the South
have slackened, it
in wholesale lines is called reasonably good because it is being understood that the big January
commitments in the
clearly larger than at this time last year. The sales of actual cotton have been largely or wholly
filled. There is
dry goods, hardware, clothing and shoes make quite a good talk to the effect that an effort will be made to
reduce the
showing. Business in woolen goods lags plainly behind cotton acreage, but it is too soon to form any clear
idea on
that in cotton goods, silks, rayon and worsteds. Retail this subject. The hibernation of the weevil in
Louisiana is
business in clothing has been hurt by the recent remark- reported as very heavy. Naturally, ,however, the
weather
ably, mild weather, but it is turning colder again at the later on and the survival of the pest is the thing
that will
West. Mild weather has recently stimulated building in count most in its relation to the future crop. The big
wool
many parts of the country. Here in the East the flour sales in London have been resumed and prices in
some
trade has been quiet, but in parts of the West the flour cases show a decline of 5 to 10%, though in others
they
milling trade is said to be better. Pig iron has been dull were unchanged. On the whole the wool trade in
this
and some decline is reported. Steel has been in the main country could be far better than it is. The coal strike conquiet, though the automobile companies are buying to a tinues and from present appearances there is no
immediate
fair extent. Pittsburgh reports are cheerful. Coke prices prospect of a settlement. Live stock prices are
lower.
have advanced sharply. Rubber fell 8 cents in a single day, There is a good business in furniture at the big
manufacand in February the British exports will be on the basis of turing centres. Building materials have been in
good de100% of production, which will be double what they were mand. The production of petroleum has fallen
off. Leather
in the same month last year. Wheat has declined with prices have been firmer, although hides have to all
appearexport demand unsatisfactory and a tendency to increase ances weakened somewhat. In parts of the
West mild
estimates
the
of Argentina's crop and export surplus. weather and bad roads have militated against
retail busiPrices of American wheat are 16 cents lower than at the ness, except on the Pacific Coast and at the
Northwest.
top this season. And foreign markets have declined. Corn There is a good business being done in fertilizers
at the
has latterly shown some advance, with a good cash de- South. Agricultural implements are in excellent
demand.
mand at premiums at the West and cold weather stimulat- Manufacturers in this line have orders ahead
for months
ing the feeding of corn to live stock on the farms. But to come. Lumber is in good demand. The
building of
all the grain markets have declined during the week. Nor- dwellings is said to have fallen off. Apparently
it has
way has bought some rye, but not on an important scale. recently been overdone, and the demand shows
some indiLiquidation has been the order of the day, especially in cations of having been pretty well satisfied,
at least for the
wheat. Coffee has advanced sharply, with something of a time being. On the other hand, manufacturing
structures
squeeze of the March shorts, and Brazilian markets rising. and commercial buildings are still in brisk
demand. And
Mild coffee has been rather difficult to obtain. Raw sugar construction favored by mild weather is more
active than
has been very active at some advance in prices. Though is usually the case at this time of the year.
The weather
the Cuban grinding season is in full swing and supplies at the Southwest has been in the main favorable for the
are liberal, the buying is also on a large scale. It looks as winter wheat crop, although it is now much colder than
though the consumption would be large during the present recently. It is noticed that money rates, both on call and
on time, have declined. Sterling rates are the highest
year.
•
Cotton has declined in the expectation that the ginning known for some eight months past and the Japanese yen is
report on Saturday would show that the crop was consid- at the highest level seen for some three years. Bull specerably underestimated by the Government on Dec. 8, when ulation has subsided somewhat in this country and stocks
it was stated at 15,603,000. bales. Some of the crop esti- at times during the week have declined though they were
ranged from 15,900,000 to 16,200,000 higher to-day. Hopes that the anthracite coal strike might
mates
of late have
_
_ •
• -
JAN. 23 1926.1
THE CHRONICLE
be in the way of settlement were dashed in Philadelphia
dispatches to-day indicating that operators have refused to
consider the latest proposals.
London to-day was more or less depressed by the rejection by railroad employees of the recent wage award made
by the National Wages Board. The Paris Bourse was
closed as an expression of opposition to the proposed increase in the stamp tax, but it had no great effect on the
rate for francs. Naturally, the big drop in rubber has
adversely affected rubber shares during the week in
London. '
In North Carolina a few textile mills are still losing one
day a week on account of shortage of hydro-electric power.
Silk and hosiery mills are operating overtime. In New
Jersey in certain branches of the textile industry mills are
running full time. Employment is rather satisfactory. A
better demand for cbtton duck has appeared. Some mills
are sold ahead for six weeks. Newsprint production by
American and Canadian mills in 1925 reached a new high
record of 3,052,535 tons, an -increase of 8% over the previous high milord of 2,834,418 tons in 1924. American
manufacturers produced 1,580,318 tons, against 1,481,424 in
1924.
Here there was a heavy rain on the 18th inst. but the
temperature was mild, being up to 54 degrees at 9 p. m. In
Chicago on the 18th it was 36 to 40, in Cincinnati 38 to 50,
in Cleveland, 42 to 52, in Kansas City 32 to 56, in St. Paul
22 to 36, in Boston 38 to 54. Oa the 19th inst. New York
had 51 degrees, Chicago and Cleveland 46, Cincinnati 56
and Mliwaukee 36. At St. Paul it was 12 to 16 and at
Winnipeg 2 degrees. It rained here Thursday night turning
to snow during the night. Early to-day it was snowing
hare. Later it cleared.
415
while smaller decreases were recorded for clothing materials, metals, and
chemicals and drugs. No change was shown for fuel and house-furnishing
goods, while building rdaterials Increased slightly.
Of the 404 commodities or price series for which comparable information
for November and December was collected, increases were shown in 111
instances, and decreases in 123 instances. In 170 instances no change
in price was reported.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS
OF COMMODITIES.
(1913 = 100.0)
Groups and Subgroups.
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Meats
Butter, cheese and milk
Other foods
Cloths and clothing
Boots and shoes
Cotton goods
Woolen and worsted goods
Silk, tec
Fuel and lighting
Anthracite coal
Bituminous coal
Other fuel and lighting
Metals and metal products
Iron and steel
Non-ferrous metals
Building materials
Lumber
Brick
Structural steel
Other building materials
Chemicals and drugs
Chemicals
Fertilizer materials
Drugs and pharmaceuticals
Housefurnishing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Leather
Paper and pulp
Other miscellaneous
All commodities
1925.
1924
December November December
156.7
185.5
118.5
178.7
159.9
135.5
148.7
172.3
191.4
183.6
187.7
217.6
171.2
164.6
227.7
201.5
125.9
132.9
142.8
110.9
195.1
184.0
209.6
130.8
168.6
134.6
127.5
104.4
180.8
172.4
152.5
237.7
128,6
15r0
145.9
186.8
102.4
157.0
153.9
158.2
135.0
168.9
160.2
152.7
157.6
165.7
187.9
188.7
178.7
207.7
177.3
174.8
•
205.8
142.8
129,8
134:2
116.0
175.6
1823
204 3
129.1
167.9
135.4
126.6
110.0
181.6
165.9
145.3
232.9
142.0
130.2
140.9
175.3
134.6
157.7
152.2
165.3
130.5
165.6
157.1
151.0
155.7
161.5
187.1
186.6
175.7
207.3
180.2
174.8
•
2073
141.9
129.5
137.9
113.0
177.0
189.2
204.7
129.1
166.6
134.5
124.9
109.6
182.3
165.9
145.3
232.11
108.2
103.9
140.1
179.0
130.0
156.2
*Insufficient data.
Survey of Current Business-Gains in Industrial
Course of Retail Food Prices in December-Changes
Output.
by Cities.
The following survey of current business is furnished by
The retail food index issued by the Bureau of Labor
the Department of Commerce at Washington under date
Statistics of the United States Department of Labor shows
of Jan. 17:
Further reports on business conditions to the Department of Commerce. for Dec. 15 1925 a decrease of 1% since Nov. 15 1925; an
covering the month of December, indicate a continuation of the increases increase of over 9% since - Dec. 15
1924 and an increase of
over November in industrial output as previously reported, with gains in
the production of mine copper, zinc, northern pine lumber and oak flooring, 59 1-3% singe Nov. 15 1913. The index number (1913 =cotton consumption. sugar meltings and corn grindings while the production 100.0) was 167.1 in November and 165.5 in December 1925.
of Douglas fir lumber and shipments of linseed oil declined. Concrete In its statement
regarding the course of prices the Bureau,
Paving contracts increased over November while building contracts declined.
Unfilled steel orders on December 31 were higher than a year previous. under date.of Jan. 17, says:
Bank clearings, check payments, imports and exports of merchandise
money in circulation, and business failures increased over November in a
seasonal movement, while stock sales declined.
Compared with December, 1924, the production figures of zinc, copper.
northern pine. Douglas fir and oak flooring, cotton consumption, sugar
meltings and corn grindings all increased. Unfilled steel orders were higher
than at the end of December, 1924, and building contracts showed a large
Increase but less concrete was called for than in the paving contracts a year
ago. Bank clearings, check payments and the amount of money in circulation were greater than a year ago and business failures smaller. Both
imports and exports of merchandise increased over December, 1924
BUSINESS INDICATORS.
(Relative Numbers-1919 Mo. Ave. 100)
1924.
Noe.
Cotton consumption
Cotton stocks
Unfilled steel orders
Ten-cent-store sales(4 chains)
Farm prices
Check payments*
Stock prices:
25 industrials
25 railroads
Imports, merchandise
Imports, gold
Exports, merchandise
Exports, gold
Business failures:
Number of firms
T lahlliti.
1925
Dec.
Nov.
Per Cent Increase (+1
or Decrease (-)
Dec.
Dec. 1925 Dec. 1925
from
from
Nov. 1925 Dec. 1924
100
119
67
199
66
110
108
120
80
366
67
116
110
135
76
221
69
127
117
148
84
427
58
129
+6.4
+9.6
+10.5
+93.2
-1.4
+1.6
+8.3
+23.3
+5.0
+16.7
+1.5
+11.2
117
122
91
311
75
22
127
128
102
161
68
129
165
142
116
164
68
79
168
149
121
11
7
19
+1.8
+4.9
4-4.3
-31.1
+4.4
75.9
+32.3
+16.4
+18.6
-29.8
+4.4
-85.1
307
330
379
480
311
380
34
38
+12.2
-7.1
4-1 R
_..104
*With seasonal adjustment.
Decline in Wholesale Prices in December.
A slight decline in the general level of wholesale prices
from November to December is shown by information
collected in leading 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, fell to 156.2 for December compared with 157.7 for
the month before. Compared with December 1924, with
of 1% is shown.
an index number of 157.0, a decrease of
The Bureau's statement made public Jan: 18 continues:
Farm products declined 1% from the November level, due to falling
prices of corn, cattle, hogs, eggs, hides, and wool. Foods were down 2%
and miscellaneous commodities 2%% from the level of the previous month':
During the -month from Nov. 15 1925 to Dec. 15 1925, 17 articles on
which monthly prices are secured decreased as follows: Oranges, 25%;
pork chops and strictly fresh eggs. 5%; lard, 3%; butter, corn meal and
canned tomatoes, 2%; bacon, ham, rolled oats, navy beans, canned corn,
canned peas, and prunes, 1%, and chuck roast, vegetable lard substitute.
and macaroni,less than 5-10 of 1%. Fourteen articles increased': Cabbage,
10%; hens, flour, and granulated sugar, 2%; canned red salmon, raisins.
and bananas, 1%,and rib roast, leg of lamb, oleomargarine, cheese, wheat
cereal, tea and coffee, less than 5-10th of 1%. The following 12 articles
showed no change in the -month: Sirloin steak, round steak, plate beef,
fresh milk, evaporated milk, storage eggs, bread, corn flakes, rice, potatoes,
onions, and baked beans.
•
•
Changes in Retail Prices of Food, By Cities.
During the month from Nov. 15 1925 to Dec. 15 1925 the average cost
of food decreased in 33 cities as follows: Butte. Los Angeles, Louisville.
Portland, Me.. Portland, Ore., and San Francisco, 3%; Boston, Manchester, Providence, Salt Lake City, and Seattle, 2%; Bridgeport, Buffalo,
Chicago'. Cincinnati, Cleveland, Denver, Indianapolis, Jacksonville.
Kansas City, New Haven, New York, Philadelphia, St. Louis, and Washington. 1%; and Charleston, S. C., Little Rock, Milwaukee, Mobile, Newark, Peoria, Pittsburgh, and Springfield, Ill., less than five-tenths of 1%-.
There was an increase in the • following 15 cities: Birmingham, Dallas,
Houston. Norfolk, Savannah and Scranton, 1%; and Atlanta, Baltimore,
Columbus, Detroit, New Orleans, Omaha, Richmond. Rochester and
St. Paul,less than five-tenths of 1%. In Fall River, Memphis and Minneapolis there was no change in the month.
For the year period Dec. 1924 to Dec. 1925, all of the 51 cities showed
increases: Savannah,' 16%; Atlanta,. Cincinnati and Jacksonville. 13%;
, Detroit, Minneapolis and Omaha, 12%; Philadelphia, St. Louis, St. Paul
and Seranton,'11%; Buffalo, Indianapolis, Kansas City, New Haven,
Norfolk and Peoria, 10%; Baltimore,'Boston, Bridgeport. Columbus,
Louisville, Manchester, Newark, Pittsburgh and Rochester, 9%; Birmingham, Chicago, Cleveland, Fall River, Memphis, New York,Portland, me..
Providence, Richmond, San Francisco, Seattle. Springfield, Ill., and
Washington; 8%; Charleston, S. C.; Denver, Houston. Little Rock, Los
Angeles;'Milwaukee and New Orleans, 7%; Mobile, 6%; Butte and Portland. Ore., 5%; and Dallas and Salt Lake City, 4%.
As Compared with the average ccist in the year 1913, food in Dec. 1925
was 76% higher in Richnimid,'74% ,in Chicago, 73% id Detroit, 72% In
°Baltimore; Birmingham, Buffalo,:Scranton add Washinaton. 70% in
New
, York, 69%in Philadelphia, 68% in Atlanta, Boston, Pittsburgh and St.
Louis,67% in Fall River. New Haven and Providence. 65% in
S. 0., and Omaha:64% in Cincinnati. Jacksonville. Milwaukee Charleston.
and Minneapolis, 63% in Kansas. City, 02-%.in Cleireland. Manchester and New
Orleans. 61% in Dallas and Louisville, 60% in Ihdia:napolLs and San Francisco. 50%in Newark, 56% In Little' Rbck and Memphis, 53% in Seattle,
.52% in Los Angeles, 50% in tieriver. 45% in Portlan4. Ore., and 90% in
Salt Lake City. Prices were not obtained from Bridgeport, Butte, Columbus., Houston, Mobile, Norfolk'.
, Portan1.ate.. Rochester. St. Paul,
Savannah and Springfield, B1:,.in 1013 hence no coittparteeti for the 12 year
"pertigitign he'give6 634. those Nthles. "
"
416
THE CHRONICLE
Changes in Retail Food Prices.
The Bureau of Labor Statistics of the United States Department of Labor has completed the compilations showing
changes in the retail cost of food In 26 of the 51 cities included in the Bureau's report. Regarding the changes, It
made the following announcement on Jan. 11:
During the month from Nov. 15 to Dec. 15 1925, 18 of the 26 cities
showed decreases as follows: Louisville and Portland, Me., 3%; Boston,
Manchester, Providence and Salt Lake City, 2%; Bridgeport, Cincinnati,
Cleveland, Indianapolis, Kansas City, New Haven, New York, Philadelphia
and Washington, 1%, and Charleston, S. C., Little Rock and Peoria, less
than 5-10 of 1%. Six cities showed increases, as follows: Dallas, 1%,
and Atlanta, Columbus, Omaha, Rochester and St. Paul, less than 5-10 of
1%. In Fall River and Memphis there was no change in the month.
For the year period Dec. 15 1924 to Dec. 15 1925 all of the 26 cities
showed increases: Atlanta and Cincinnati, 13%; Omaha, 12%; Philadelphia and St. Paul, 11%; Indianapolis, Kansas City, New Haven and
Peoria, 10%; Boston, Bridgeport, Columbus, Louisville, Manchester and
Rochester, 9%; Cleveland, Fall River, Memphis, New York, Portland,
Me., Providence and Washington, 8%; Charleston, S. C., and Little Rock,
7%, and Dallas and Salt Lake City, 4%.
As compared with the average cost in the year 1913, the retail cast of
food on Dec. 15 1925 was 72% higher in Washington; 70% in New York;
69% in Philadelphia; 68% in Atlanta and Boston; 67% in Fall River,
New Haven and Providence; 65% in Charleston, S. C., and Omaha; 64%
in Cincinnati; 63% in Kansas City; 62% in Cleveland and Manchester;
61% in Dallas and Louisville; 60% in Indianapolis; 66% in Little Rock
and Memphis, and 40% in Salt Lake City. Prices were not obtained from
Bridgeport, Columbus, Peoria, Portland, Me., Rochester and St. Paul in
1913, hence no comparison for the 12-year period can be given for those
Industrial Conditions in Illinois in December—Industries Operating Near Peak of Year—Gain in
Employment.
The end of the year found the industries of Illinois operating near the peak of the year. Not only did the volume
of employment in the State fail to decline during December as is usually the case, but there was a general tendency
to stabilize industry with the gains that have been made
since expansion began about six months ago. This statement comes from Reuben D. Cahn, Chief of the Bureau of
Industrial Accident and Labor Research of the Illinois
Department of Labor, who, in his review of the industrial
situation in Illinois in December, made public Jan. 14, also
says:
Employment has been growing since July, and the surveys of the
Department of Labor of Illinois indicate that during the six months'
period 4.7% more persons have been put to work. This expansion has
provided jobs for about 35,000 additional persons. At the year's close
16,500 more persons were gaining their livelihood by factory employment than was the case just a year ago.
Taking 1925 as a whole, it was not quite as good a year as 1924. During the first half of the preceding year, employment was steadily above
the 1922 average, but there was an unusually large spring rise in the
volume of emuloyment, which receded rapidly following April. During
1925 there was a spring rise that was similar to that of 1924, although it
was not as large and started from a lower level. But whereas the second
half of• 1924 was characterized by declining employment, the second half
of 1925 was marked by a substantial and definite expansion. For two
principal reasons, therefore, New Year's, 1926, was the occasion for a
more hopeful feeling of expactancy than New Year's, 1925. In the first
place, the trend was upward, whereas it was downward a year ago, and
in the second place, the actual scale of operations was higher than on
Jan. 1 1925.
During December there was little let-up in the production of building
materials except those that are made out of doors. An addition of 1.7%
was made to the employees at the glass factories, and a smaller increase
to the workers at the brick kilns.
The steady gain in employment in the metal industries is encouraging,
but there continue to be a number of industries in which betterment has
been held back, and these were practically the same as those in which
employment has lagged steadily throughout the last half of 1925. Iron
and steel employers took on 1.7% more employees during December, and
tools and cutlery, 11% more. Machinery firms and electrical apparatus
concerns likewise made sizeable gains, and in the agricultural implement
industry, employment rose 4% to the highest point since the employment
statistics were started in Illinois in 1921.
Employment was still falling in the car building industry of this State
during December, notwithstanding the fact that newspaper accounts hays
told of the placing of orders by the railroads. These orders, if they have
been placed locally, were not sufficient to increase employment as yet.
The number of workers fell 8% during the month.
Employment fell moderately in most of the industries of the wood
products group, the planing mills and household furnishings manufacturers laying off the most help. In the furniture factories, however, 1.4%
more people were at work in December than in November.
Ten oil refineries, with total employment of about 5,500, reported the
fact that they have hired 3.7% more workers during December and the
gain among the refineries was general. In the paint factories employment was stabilized at the preceding month's level, but in the drugs and
chemicals, as Is usually the case at this time of the year, employment fell.
As the holiday and year-end peaks were approaching, job printers
added employees to their payrolls. 4.3% more persons were at work in
November. The month's gain was lass than
the reporting plants than In
Paper box manufacturers and edition
a year ago, when 8% were added.
in December than in the month before.
employees
fewer
book binders had
leading manufacturers of rnen's clothing
An analysis of the reports from
work in December than were employed in
shows 6.3% more persons at
November. This, of course, is due to the active arrival of the season for
small seasonal increase compares with one of
spring manufacture. This
leaves employment in this important industry
28.5% a year ago and still
Changes elsewhere in the textile
84.8% below the average for 1922.
Milliners and manufacturers of men's hats
group were less important.
employers reduced employment
other
increased their forces and most of the
[VOL. 122.
Seasonal changes characterized the employment returns in the food,
beverage and tobacco industries. Flour and feed firms laid off 4.3%,
and canners reduced their forces to a minimum when the names of 13%
more employees were stricken from the payrolls. Among beverage, ice
cream, tobacco and ice factories, cold weather brought reduced employment for the workers engaged. There was also falling employment at the
stockyards, although a year ago at this time there was an upward change,
with hog receipts reaching a record for all time in Chicago. As is usually
the case, the department stores took on a considerable number of additional
employees for the holiday rush. Based upon reports to the Department
of Labor, it is estimated that 11% more salespersons were employed by
the stores in December than in November.
Building and contracting, which has held up rather well thus far during
the winter, was further curtailed during December, partly from the suspension of jobs on account of cold weather and partly from the completion of jobs. Work was steadier in the mines than at any time during the
winter and the average weekly wage for the employees of the 64 reporting
mines amounted to $37 25, which is slightly larger than the average a
year ago.
Of the 14 cities for which separate industrial summaries are prepared,
conditions were better in December than in November in ten and worse
in four. In Joliet, the month's increase amounted to 3.6%, the largest
in the State. The growth in the number of workers was between 2 and
3% in Aurora, Peoria, Rockford and Rock Island. There were lesser
increases in Decatur, East St. Louis, Moline and Springfield. In Chicago
the month's change was an increase of 3-10 of 1%. Employment fell in
Bloomington, Danville and Quincy.
One thousand, one hundred eighty-three manufacturers in a wide range
of industry paid out on the payroll of the middle of December $7,571,000,
which was 1.8% larger than the wage disbursements of the identical
firms in the week of the middle of November. The average weekly earnings for all employees for the manufacturing concerns was $28 75. This
is the highest on record for firms of this State.
The labor market throughout the State was dull during the month, with
the termination of the corn harvest and the open season for out-of-door
trades.
Some of the free employment offices report that there has been very
little demand for labor, but they accounted for this in part in the fact
that manufacturers feeling that the coming year was to be a good one were
not disposed to allow their better help to get away from them, and employees received the highest pay they have ever gotten were not of the
mind to seek new jobs. The State free employment offices in 13 of the
principal cities of the State placed during December 11,688 persons. Although this was 5,100 less than were placed in November, it was 1,583
more than were placed a year ago. In December 1923 the placement record
was 13,673; in 1922, 13,668 and in December 1921, 7,053. The ratio of
applicants to jobs at the free employment office stood at 196 per 100 jobs
during the month. In December of other years the index has been as
follows: 1924, 149; 1923, 146; 1922, 117; 1921, 210.
Building authorizations in the principal cities of the State, although
continuing to be large in volume, are less than they were a year ago.
In Chicago permits totaled $19,000,000, the smallest December since 1921
and the smallest month since February 1924. Danville led the down-State
cities with 22 permits, estimated to cost $1,525,000, including a large
hotel. Permits exceeded a half million dollars in a number of Chicago
suburbs, including Berwyn, Cicero, Oak Park and Evanston. In the latter
city $2,000,000 worth of work was authorized by the 50 permits issued.
Authorizations ran between a quarter and a half million dollars In Aurora
and Rockford. In most of the cities the authorizations are substantially
behind a year ago. Aurora, Rockford and Danville were notable exceptions.
The following analysis of the industrial situation in Illinois, by cities, during December, is furnished by Mr. Cahn,
under date of Jan. 16:
General.—The end of the year found the industries of Illinois operating
near the peak of the year. Not only did the volume of employment in the
State fail to decline during December, as is usually the case, but there
was a general tendency to stabilize industry with the gains that have been
made since expansion began about six months ago.
Employment has been growing since July, and the surveys of the Department of Labor of Illinois indicate that during the six months' period
4.7% more persons have been put to work. This expansion has provided
jobs for about 35,000 additional persons. At the year's close, 18,500 more
persons were gaining their livelihood by factory employment than was
the ease just a year ago.
The labor market throughout the State was dull during the month, with
the termination of the corn harvest and the open season for out-of-door
trades.
The State free employment offices in 13 of the principal cities of the
State placed during December 11,688 persons. Although this was 6,100
less than were placed in November, it was 1,583 more than were placed
a year ago. In December 1923 the placement record was 13,673; in 1922,
13,668, and in December 1921, 7,053. The ratio of applicants to jobs at
the free employment office stood at 146 per 100 jobs during the month.
In December of other year. the index has been as follows: 1924, 149;
1923, 146; 1922, 117; 1921, 210.
Aurora.—The upward trend in employment that was begun in October
was continued in December. practically all of the plants in this city having added to their payrolla during the 30-day period. The leaders in
this movement were some of the most important of the local metal concerns, 19 employers reporting on their payrolls to the Illinois Department
of Labor had 2,233 persons at work when the payroll was made out for
the middle of the month, and this number was 2.7% larger than the
aggregate for November. Steadier work was likewise the rule, with a
consequence that the firms had payroll disbursements that were larger
by 6.8% than those in November. Aurora workmen at the holidays had
much more money to spend in December than they had a year ago. The
effects of the season come out In the reports of the free employment office.
The rise in the ratio of applicants to jobs from 210 per 100 to 152 per 100
was caused by the suspension of out-of-door and farm work. Continued
activity is looked for in the building line with new authorization rising
again to over a half million dollars in December.
Bloomington.—Employment has changed but little in this community
during the past 30 days. There were a few end-of-the-year lay-offs in
connection with the taking of inventories, but the larger employers, including the railroad shops, were reported to have fully as many workers as in
November. The free employment office ratio was affected by the termination of the corn shocking season, the coming of severely cold weather,
making it impossible to work on some of the building jobs. The ratio of
JAN. 23 1926.1
THE CHRONICLE
417'
November and
applicants to jobs was 168 per 100, comparing with 120 in
Preliminary Summary of Agricultural and Business
$38,000, or about
156 a year ago. Permits for building work aggregated
Conditions in Federal Reserve District of
1924.
the same amount in December
Minneapolis.
plane
high
the
at
continue
Chicago.-Industrial operations in this city
reporting employers
summary of agricultural and
preliminary
of recent months. The aggregate of hirings for all
The
following
month
were larger than the total of lay-offs so that the middle of the
Federal Reserve District of
the
in
conditions
Novemfinancial
found just a slightly larger number of persons at work than in
Decem- Minneapolis was made public by the Minneapolis Reserve
ber. Employment has risen steadily here since August, being in
at the
ber 6.5% above the July level. The ratio of applicants to jobs
129 Bank on Jan. 15: ,
free employment office was 139 per 100 in December, comparing with
The volume of business in this Federal Reserve District during DecemIn November and 144 a year ago. As December is always a month of
in money value and in physdiminishing employment, the newest decline is of real significance. Build- ber was slightly larger than a year ago, both
banks increased 134%,
ing permits dropped to $19,000,000-the smallest December authorizations ical volume. Check payments through representative
less-than-carload-lot shipments, increased
since 1921 and the smallest of any month since February 1924. Whether and ear loadings, other than
weeks' comparison.
three
a
on
based
about 3%, the latter figure being
this change is of any real significance, the future only can tell.
The downward trend as compared with a year ago, which began on Oct. 1,
Cicero -Conditions !n this community continue to improve. The
appears to have been arrested, at least temporarily.
largest plant in this locality during December was again In the labor
In more detail, there were gains in flour shipments, live stock receipts,
market hiring workmen. December is the fourth month to show a gain. other than hogs, feeder shipments and retail trade; while losses were
of
Several
changes.
offsetting
there
were
plants
Elsewhere among the
recorded in all grain receipts, except wheat and barley, and in linseed
the larger plants began the year-end lay-off rather early, while the smaller products shipments as compared with a year ago.
plants were increasing moderately. The free employment office ratio of
The prices of agricultural products exhibited mixed trends. Prices of
applicants to jobs while showing a slightly adverse change for the month all kinds of live stock quoted by this office advanced, while all the grains,
for
applicants
147
and
was not, however, disproportionate to the season
except wheat, declined in median price as compared with a year ago.
each 100 jobs in December compares with 239 a year ago for the same However, as compared with the preceding month, advances were recorded
month. The building department of this city reported the issuance of for the median prices of all grains, except corn, and for all live stock, ex$554,000 worth of permits-about $50,000 ahead of a year ago.
cept hogs and prime butcher steers.
Danville.-Employment fell 2.5% in this city during the past 30 days
The movement of animals for feeding purposes in December was about
reports from 17 manufacturers with aggregate employment of about 1,250 double that of last year. for calves, hogs, cattle and hheep shipped from
railthe
at
in
employment
gain
the
small
a
was
persons indicate. There
the South St. Paul market, It is interesting to note also in this connecroad shops here and the operating departments of the railway also were tion that the receipts at terminals of the feed grains, corn and oats, were
reported to be increasing their forces. The labor market was dull, how- 40 and 20% less, respectively, than a year ago. It is obvious that heavier
ever, and with a diminishing flow of orders coming to the office, only 120 feeding operations are being planned than a year ago and that there is a
applicants were placed during the month-a decline of 139. Building disposition to hold back feed grains for this purpose, rather than market
permits totaled $1,527,000, the large total being due principally to the them.
issuance of a permit for a large hotel. In November, the aggregate of
new projects was only $50,000 and a year ago $60,000.
Decatur.-A survey of employment for the month of December in this
in Pennsylcity shows a very slight increase in the number of persons at work. Upward Trend of Employment andiWages
While large important employers were increasing their working forces,
vania, New Jersey and Delawarefin1December.
the smaller employers generally were laying off help at the holiday season's
Employment and wages showed an upward trend in Pennapproach. Twenty-two Decatur manufacturers with a payroll of more
than 3,000 employees, had 4-10 of 1% more workers than in the month sylvania, New Jersey and Delaware during the month of
preceding. Building work was exceptionally good for the time of year
as compared with November. In Pennsylvania
and plane for new projects are running along at about the same level as in December,
recent months. The placement record of the free employment office was employment increased 1%, in New Jersey, 2% and in
381 for the month-less than 3i of the November total and likewise, about Delaware 5%, according to the monthly compilation of the
90 less than a year ago.
Federal Reserve Bank of Philadelphia. The bank's stateEast St. Louts.-The cold wave of December marked the end of the
season for out-of-door trades, and as a result there was a continuation of ment in the matter, made public Jan. 16, says:
the stream of applicants applying at the free employment office. Jobs
In Pennsylvania the metal, textile, and chemical and allied product
were scarce and the ratio of applicants to jobs at the Illinois free em- groups reported increases in both employment and *ages; and the building
ployment office rose to 161 per 100 from 142 per 100 in November. material group reported an advance in total wages paid. The largest
Placements fell from 897 to 773, but were still fully 100 ahead of the increases in individual industries occurred chiefly in the metal group at
record for last year. New building projects registered with the local car construction and repair shops, foundries and machine shops, iron and
building office totaled $122,000 for the month. In November permits steel blast furnaces, iron arid steel forging shops, and shipyards. Large
aggregated $173,000 and a year ago $70,000.
decreases in electrical machinery and furniture industries were due largely
Joliet.-Industry is expanding in this city. Twenty-nine plants with to the figures of one plant reporting in each industry.
New
aggregate payrolls over 6,000 reporting to the Department of Labor had
The most notable increases in employment and wages throughout
about 225 more persons on the payroll than they had in November. The Jersey occurred at engine, Machine and machine tool shops, shipyards.
Increase was calculated to be 3.6%-the metal industries showing the most cigar and tobacco factories, and musical instrument establishments. The
gain. Building material concerns were the only ones in which employ- very large increase in the heating appliance industry was caused by the
ment was rather light in December. There was the usual seasonal change re-opening of one plant. Automobile, and woolen and worsted industries
at the free employment office-the ratio of applicants to jobs being 161 were the only ones to report notable decreases.
wages took place
per 100, an increase from 139 the, index for the preceding month.
In Delaware the largest increases in employment and
metal industries also showed notable advances.
Peoria-While most of the local plants were laying off help in the at leather tanneries. The
employment and operations and printing and
final month of the year, expansion in the larger plants in the metal and Food industries decreased'in
employment.
in
decreased
publishing
off.
laid
labor
the
of
part
industries
absorbed
a
agricultural implement
out of the 15
All the cities reported advances in operations and nine
The actual number employed in the factories of this city rose about 2%
increases in both employment and wage payments.
and there was also an increase in the payroll disbursements. The em- reporting areas showed
gained the greatest amount. Decreases Were
ployment office records show the effect of the termination of out-of-door' Altoona and Wilmington
showing the greatest decreases.
Sunbury
and
Williamsport
light,
numbers
employment. Applicants were coming to the office in increasing
and jobs failed to expand in sufficient numbers to supply positions for
follow:
The compilations
all who sought them. The ratio of applicants to jobs Was 222 per 100
EMPLOYMENT AND WAGES IN NEW JERSEY.
jobs in December. In November the ratio was 164 and a year ago 169.
Two hundred fifteen thousand dollars worth of building work was involved
(Compiled by Federal Reserve Bank of Philadelphia.)
In permits registered with the city building office during the month.
-Increase Or DeCrane
No of
Dec. 1925 over Nov. 1925.
This is about the same level as a year ago.
Aurae'
Total
EmployPlants
Quiricy.-Business activity has slumped in this city during the past
Wares.
wares.
Reporting. mere.
Group and Industry30 days. With the stove factories entirely closed down for inventory
+1•8
322
+2.0
+3.8
(36)
industries
All
taking and other factories with subnormal forces, employment in the
+1.4
+4.7
+3.2
93
Metal manufactures
-0.8
-6.9
-6.1
6
factories of this city fell 4.2% in the 30-day period. Seasonal inactivity
Automobiles, bodies and parts
-2.7
-1.0
+1.7
21
is prevailing at the same time in building and agricultural industries,
Electrical machinery and apparatus
+0.8
+6.8
15
+6.0
Engines, machines and machine tools
and as a result, the amount of unemployment is larger than for some time.
+0.3
+1.4
14
+1.1
Foundries and machine shops
+24.3
The number of job seekers per 100 at the Illinois free employment office
2
+57
+26.6
3
apparatus
and
appliances
Heating
+0.7
5
was 184, which is higher than for some time.
Steel works and rolling mills
+4.9
+7.5
+2.5
3
Structural iron works
Rockford.-The plants in this city were generally busy during Decem+0.8
+3.0
16
+2.2
Miscellaneous iron add steel products
+2.7
ber. The agricultural implement industry showed the largest gain, with
+13.1
4
+10.1
Shipbuilding
+3.7
-1.4
-4.9
6
some of the plants having more employees than at any time since the
metals
Non-ferrous
+2.8
+1.6
-1.2
74
middle of 1923. There was a moderate upward trend in the furniture Textile products
+0.9
+3.2
+2.3
3
rugs
and
Carpets
factories. One thousand, one hundred nine persons were placed by the
+7.9
+6.5
-1.3
8
Clothing
-3.5
-2.4
+1.2
local free employment office during December, compared with 1,468 in
4
Hats, felt and other
+1•6
+1.8
+0.2
13
November and 919 a year ago. The aggregate of building authorizations
goods
Cotton
+6.1
+7.8
+1.5
19
Silk goods
was $359,000, the bulk being residences.
+6.2
-8.3
-13.7
10
Woolens and worsteds
+0.7
+2.7
+2.0
11
Moline-Rock Island.-The metal plants which dominate industry in this
Dyeing and finishing textiles
-0.9
+3.3
+4.2
6
Miscellaneous textile products
community expanded their operations during the past month. Led by the
-1.1
+1.4
+2.5
10
and
Foods
tobacco
generally increasing operations in the agricultural implement industry,
+2.0
+1.3
-0.7
6
Canneries
-9.8
+1.6
practically all plants in this community increased their operations during
+12.7
4
Cigars and tobacco
+2.8
+2.6
-0.2
23
were
still
there
some
days.
30
Although
plants which have not Building materials
the past
-1.2
-0.6
+0.5
9
Brick, tile and terra cotta products
shared in the prosperity, some of the largest local employers had more
+0.4
+1.5
+1.0
3
Glass
workmen in December than at any time since 1920. Operations of the
+4.5
+3.7
-0.7
11
Pottery
4, ,11
4:i
Ill
+0.9
40
free employment office during the month showed an increase over No- Chemicals and allied products
+0.9
24
Chemicals
and
building
drugs
authorizations were rather light
vember. As is usually the case,
+1.3
9
Explosives
work
of
worth
was
Fifty-six
theusand
dollars'
December.
authorized
+1.6
in
+0.6
-1.0
7
Paints and varnishes
+3.6
+7.5
+3.7
In 3ioline and $35,000 worth in Rock Island, which, in both instances, was Miscellaneous industries
82
-3.2
+1.1
+4.5
3
Lumber and planing mill products
ahead of a year ago, but well below the preceding month's projects.
+1.0
+3.4
+2.4
,
1
1
6
Furniture
Springfield.-The manufacturing plants at Springfield had a slightly
5
+9,8
+2.0
+11.9
MusicalInstruments
+4.5
larger number of persons at work in December than in November. There
.+ •
+1.8
12
Leather tanning
+5.2
+4.6
r
was
a
there
+0.7
As
1
in
sizeable
gain
however.
,
upward
trend,
general
5
no
Boots
and
shoes
was
+1.1
8By{ +0.91 i +2.0
Paper and pulp products
the preceding month, the retention in full of all the employees who were
+0.8
+4.1
+3.3
s
Printing
and
publishing
+7.2
on the November payroll is probably to be construed as a favorable sign.
+7.1
+0.1
13
Rubber tires and goods
+co
+5.5
+0.6
9
Ten local plants reported to the Department of Labor that they had 1.1%
Noveltlea and jewelry
+1.6
+4.7
+0.91'
'
13
November.
they
in
had
than
December
in
other
All
industries
employees
more
418
THE CHRONICLE
[VOL. 122.
EMPLOYMENT AND WAGES IN PENNSYLVANIA
.
Rent Decline Extends to Cities of AU
(Compiled by the Federal Reserve Bank of Philadelp
Sizes.
hia and the Department
of Labor and Industry. Commonwealth of Pennsylv
The growth in the percentage reportin
ania.)
g rents down extends to cities of
all
sizes. No city of over 200,000
-Increase or Decreasepopulation reports any increase In
residential rents in any type of property
No.of
Dec. 1925 over Nov. 1925.
. No city in the Central Eastern
, plants EmployTotal
Average section, North Central section or Pacific Coast section
Group and Industryreports rents rising.
Reporting. mod.
Wage*.
Wages, No city in the Southeastern
All industries(43)
section reports falling rents.
879
+1.0
+4.6
+3.6
The reports on rents of business and
Metal manufactures
300
+2.3
office property reflect
+7.2
+4.7 ferent condition
Automobiles, bodies and parts
from that of residential property, with the quite a dif21
-3.1
+0.3
+3.5
Car construction and repair
rent, particu18
+4.3
+11.4
+6.8 larly of property in central locations, being reported much more uniforml
Electrical machinery and apparatus
y
19
-14.1
-20.5
-7.5 up. Office space is reported cheaper in
Engines, machines and machine tools
a
38
larger
+3.0
proporti
of the cities
on
+8.8
Foundries and machine shops
+5.6 than business space.
58
+3.8
+10.3
+6.3
Heating appliances and apparatus
Rents of property in outlying districts
17
-0.4
+4.1
+4.5
Iron and steel blast furnaces
are decreasing, according to the
13
+8.0
+15.0
+6.5 reports in a larger number of cities.
Iron and steel forgings
•
13
+3.1
+6.4
+3.2
Ste.el works and rolling mills
.41
+2.8
+10.9
Overbuilding and Building Shortage Both
Structural iron works
+7.8
Exist.
17
+2.1 ' +1.8
Miscellaneous iron and steel products
-0.4
Looking into the building situation for
27
+2.6
+4.9
overbuilding or shortage as an
+2.3
Shipbuilding
explanat
ion
3
of
+12.3
rental
+13.1
tendencie
s,
it
Hardware
+0.7
is interesting to note that, notwith7
+0.7
-4.0
-4.7 standing the enormous construction activity of
Non-ferrous metals
the past year, totaling the
8
-0.8
-0.5
Textile products
+0.4 largest on record, shortage of buildings is
still being reported. The report comes
188
+0.1
+2.5
Carpets and rugs
+2.4 particularly from
the smaller cities and from sections
11
+2.6
+7.4
+4.7
'Clothing
of the country in
35
+2.3
+4.0
Hats, felt and other
+1.6 which real estate development is going on very actively. As a
result,
6
-0.2
despite the large amount of construction
+4.4
Cotton goods
+4.6
completed during the year, the
17
-2.3
+0.8
Silk goods
+3.1 percentage of cities reporting a
51
shortage
-0.3
is
greater
-0.1
Woolens and worsteds
than
+0.1 reporting to the
association in June. On the other hand, the number so
16
-2.6
-0.7
Knit goods and hosiery
+2.0
overbuilding is
41
+1.3
+5.6
Dyeing and finishing textiles
+4.2 reported by a larger number of cities than so reported six
months ago.
11
+1.3
+3.5
/Foods and tobacco
A total of 76 cities report some form of
+2.1
117
overbuilding, as against 67 so
-0.7
Bakeries
-0.6
+0.0 reporting in June, and against
only 27 so reporting the previous Decem38
-1.4
Confectionery and ice cream
+0.9
+2.4 ber.
Overbuilding of apartment buildings is reported
24
--2.4
Slaughtering and meat packing
+1.2
by 35 cities, of
15
-2.7
-0.4
Cigars and tobacco
+2.4 single family dwellings by 32 cities, of business
buildings by 27 cities.
40
+0.8
-1.4
Building materials
-2.2
Ten
cities
report
overbuil
ding
of
all
types
71
of structures.
-0.3
Brick, tile and terra cotta
+3.4
+3.7
products
28
+2.2
Cement
+5.0
+2.7
Smaller Cities Centre of Shortage.
14
-1.3
+0.3
Glass
+1.6
Shortage
of apartment buildings, on the other hand,
25
-0.1
+5.3
Pottery
+5.5
is reported in
4
-6.9
Chemicals and allied Products
+5.8
+13.7 33.8% of the cities, shortage of single family dwellings in
36.7%, and
39
+2.0
+1.2
Chemicals and drugs
-0.8 shortage of business buildings in 34.1%. Eliminat
22
ing
-0.7
cities
Explosives
of under
+1.3
+2.0 25,000 population, however, the percenta
3
ge
+3.6
reportin
g any shortage becomes:
Paints and varnishes
+4.4
+0.8
9
+0.2
Petroleum refining
+6.2
+0.6 shortage of apartments, 28.6%; of single family dwellings, 25%; of
5
+2.8
Miscellaneous industries
+0.4
-2.3 business buildings, 27.6%.
164
Lumber and planing mill products
-1.3
+0.9
The subdivision market remains active the survey
28
-3.5
finds. A considerable
Furniture
-2.4
+1.1 number of cities, especiall
y, as would be expected, in the Southeas
21
-17.8
Leather tanning
-230
-6.4
t group,
19
report more subdivision activity than last year. A
+3.9
Leather products
-1.1
considerable number
9
Boots and shoes
+1.3
+4.6 in the North Atlantic and Great Lakes section, in the
North
24
Central sec+0.2
Paper and pulp products
+5.3
+5.0 tion and on tile Pacific Slope report the
19
subdivision market lest; active
-0.3
Printing and Publishing
+3.0
+3.3 than a
39
year ago.
+1.4
Rubber tires and goods
+1.4
-0.0
3
-1.9
Noveltiesand jewelry
+12.0
Mortgage Money Plentiful.
+14.2
3
0.0
+0.0
0.
Interest rates are still favorable to home buying and to
EMPLOYMENT AND WAGES IN
real estate
DELAWARE.
development in all parts of the country, the association's
(Complied by the Federal Reserve
study
Bank of Philadelphia.)
Outside of restricted areas all except a few of the smaller cities shows.
report
Increase or Decrease
- money readily available on good first mortgages.
No. of
Dec. 1925 over Nov. 1925.
Investme
in
nt
real
estate
mortgage
Plants
by
s
large
Employinsuranc
e companies is
IndustryTotal
Average
Reporting. ment.
All industries
Wages.
Wages. shown to be largely increasing, as is also the issue of mortgage bonds,
33
+5.0
Foundries and machinery Products
+5.4
In view of the degree to which the nation's money supply for the devel+0.4
5
+1.6
Other metal manufactures
+6.0
+4.3 opments of real estate comes from the investment
funds of these two sources
5
+3.1
Food industries
+6.2
+3,0 the increase in the flow
4
of life insurance money into real estate is signi-0.6
Chemicals, drugs and paints
-2.8
-2.2
3
ficant.
+1.8
Leather tanned and products
-0.3
-2.0
5
+20.9
Printing and publishing
+13.4
Insurance Companies Double Real Estate Investments in Four Years.
-6.2
4
-1.4
Miscellaneous Industries
+3.4
+4.9
The amount invested in real estate mortgages at the end of the first
7
-0.0
nine
+0.6
+0.6 months of 1925
EMPLOYMENT AND WAGES IN
by 52 of the largest life insurance companies in the United
THE CITIES OF THE
PHILADELPHIA States, which control more than
90% of the admitted assets of all the
FEDERAL RESERVE DISTRICT.
(Compiled by Department of
legal reserve life insurance companies, was $4,217,730,000. This was
Statistics and Research. Federa Reserve
an
Philadelphia.)
Bank of increase of almost 100%• over the amount
invested at the end of 1921.
The
figures
quoted
are
from
those
Increase or Decrease
published by the Association of Life
No. of
Dec. 1925 over Nov. 1925.
Insurance Presidents following their annual meeting of Dec. 3 1925.
Plants EmployAreasTotal
Degree to which mortgage bonds have come to be a factor in facilitat
Average
Reporting
ing
. ment.
Wages.
Philadelphia
Wages. real estate development is also shown
in the report. Corporate mortgage
292
+0.7
Trenton
+2.2
+1.5 bond
issues,
accordin
30
g
-0.9
to
compilat
a
+4.6
Wilmington
ion made by the "Commercial and
+5.5
35
+4.8
Reading
+5.6
+0.7 Finacial Chronicle," amounted during the first nine months of the year
67
+1.3
Lancaster
+2.6
+1.3 to $823,275,050. In 1921 new corporate mortgage bond issues
32
amounted
-1.6
York
+1.0
+2.6 only to $37,805,000.
46
+0.9
Harrisburg
+5.1
+4.1
37
Present
real
estate
+1.8
market
Schuylki I
activity is apparently most uniform in the
+3.6
+1.7
22
+0.4
Allentown
+1.4
+1.0 smaller cities, the survey finds.
82
-0.0
Sunbury
+1.6
+1.6
Of the various types of real estate the strongest demand
22
-1.9
is reported for
Wilkes-Barre
+2.0
+4.0 single family dvAlling
s and for residential lots. Increase in the number
24
+1.5
Scranton
+0.4
-1.1
of
inquiries
35
-0.7
for
Altoona
investme
+3.5
nt and business properties is, however, very con+4.2
13
+4.3
Johnstown
6.4
+1.9 spicuous.
14
+2.0
Williamsport
3.8
+1.8
26
-1.8
1.9
+3.8
Rents for Residential Property
Becoming StabilizedBusiness and Office Rents
Increasing.
Rents for residential pr9perty are
becoming stabilized or
are gradually diminishing, but busines
s and office rents are
-increasing, with building activity
at great height, and a
plentiful supply of money available
for real estate development, according to a survey of the
general real estate market which has just been made by the
National Association
of Real Estate Boards. The following
statement was issued
by the latter under date of Jan. 9:
The survey, made annually through reports
of local conditions by the
association's constituent boards, covering
198 cities of the United States
and Canada, is of especial interest at this time
in
dented activity of the building industry during the view of the unpreceyear, the general interest in real estate as an investment, and the close
building and real estate activity and general business relationship between
conditions.
Southeast Section in, Lead.
While the returns made find the real estate market
characterized by sections of great activity intersperas a whole irregular,
sed with some dull
sections, they find general activity high.
No city in the Southeastern States, including Georgia,
Florida, Alabama
and Mississippi, reports less activity than last year. Of the
Central Eastern
section 58% of the cities, however, indicate a lower activity
level. All
Canadian cities reporting indicate a degree of activity on
a level with the
1924 market.
Crude Oil Prices Show Tendency to Rise-Gasoline Remains Quiet.
During the early part of the week the prices
of both
crude oil and ‘gasoline remained unchanged from those
in
effect the preceding week. However, on Jan. 21 it
was reported that the Champlain Refining Co. (an indepe
ndent)
had announced a ten cent increase for Mid-Conti
nent oil,
advancing its schedule to $2.20 a barrel
for 38 degrees
gravity and to $2.68 for 44 gravity. This
places its list
25 cents above the corresponding prices
posted by the
Prairie Oil and Gas Co. and other large
purchasers. It is
the second increase within a month, the first,
of 15 cents,
having been announced Dec. 18 and noted
in our Dec. 213
issue, page 3065.
It was also reported on Jan. 21 that
premiums of from
15c. to 25c. are being paid in Mid-Continent
markets.
The Texas Co. has inaugurated an innova
tion in the
Gulf Coast region by putting high gravity
oil on the same
basis as north Texas. The company is
paying $1.75 a
barrel for crude of 36 gravity. Reports
from Chicago on
Jan. 22 stated that the price of United
States motor gasoline in the Tulsa market has declined to
93 cents a gallon,
with some sales reported below that figure.
The movement of rents reflects the building situation, as is
indicated
in the reports. Residential rents are reported declining in 27%
of
cities. This is in contrast to the reports of the preceding June, when the
Crude Oil Output Shows Further Decrea
only
se.
19% reflected a declining tendency.
The American Petroleum Institute estimat
Stabilization of rents is reported for 64% of the cities, and an upward
es that the
tendency is reported for 9%. The June reports showed '11% indicating !daily average gross crude oil
production in the United States
'an up curve.
for the
week ended Jan. 16 was 1,947,606 barrels as compar
ed
1
JAN. 23 1926.]
THE CHRONICLE
419
-cylinder models.
and $2,045, respectively, on the six and eight
Motor Car Co.,
let
Chevro
the
that
It was also reported
9 issue, page
whose price revisions we noted in our Jan.
ing improveembody
models
of
line
new
a
143, brought out
e was the
featur
A
work.
ments in the chassis and paint
$865.
at
priced
model
u
Landa
new
a
of
n
additio
line of six.
The Chrysler Corp., in introducing its new
DAILY AVERAGE PRODUCTION.
'25. cylinder cars, now covers a wider range of models and a
17
Jan.
'26.
2
Jan.
'26.
9
Jan.
'26.
16
Jan.
In Barrels473,500
447,700
manufacturer,
449.750
447.750
Oklahoma
81,850 broader price field than any other single
101.100
99,950
100,400
Kansas
91,950
ss 29 body
82,950
compid
81,600
line
79.950
North Texas
254,150 excepting only General Motors. The
64.800
64,000
63,700
East Central Texas
trimmed
ntly
53,700
differe
ng
79,150
includi
,
75,800
models
_
_
76,500
3
chassis
Texas__
on
West Central
50,500 types
40,300
$50
40,300
38,500
from
of
Southwest Texas
ions
reduct
49,350
ced
44,050
. The company announ
44.200
43.500
North Louisiana
104.550 models
188,700
184,150
184.250
follows: touring car
as
Arkansas
models
ylinder
four-c
its
78,500
on
$110
to
86,650
88,100
88,750
Gulf Coast
101,000
102,000
$995 to $895; coach
101,000
100,500
Eastern
71,900 reduced from $895 to $845; club coupe
78,600
82,450
81,950
Wyoming
7,050
16.400
$1,095 to $995. In introducing its
13.300
12.050
Montana
2,000 $1,045 to $935, and sedan
6,050
5,900
6,000
Colorado
450
and 127 inch wheelbase and 92
120
of
80"
4.600
ler
"Chrys
4,300
4,300
New Mexico
603,200 new
629,500
prices (at
629,000
619,500
California
horsepower the company named the following
$3,195;
1,972,550 2,023,650
1,947,600 1,963,800
Total
factory): phaeton, $2,645; roadster, $2,885; coupe,
$3,595,
Midsedan,
the
of
ger
tion
produc
-passen
seven
;
gross
e
The estimated daily averag
five-passenger sedan, $3,395
East
Continent field, including Oklahoma, Kansas, North,
and sedan-limousine, $3,695.
prices
LouisiCentral, West Central and Southwest Texas, North
The Flint Motor Co. issued the following list of
$1,285;
550
1,034,
,
was
touring
16
,"
Jan.
"Sixty
ana and Arkansas, for the week ended
for its various models: Flint
*1,525:
preceding
barrels, as compared with 1,039,750 barrels for the
roadster, $1,395; roadster-coupe, $1,495; sedan,
r.
nent
roadste
-Conti
;
Mid
$1,595
The
,
.
touring
barrels
y,"
"Eight
;
week, a decrease of 5,200
brougham, $1,575 Flint
was
-passenger
production, excluding Smackover, Arkansas, heavy oil,
$1,945; sport-touring, $1,945; coupe, $2,045; live
e
r,"
880,250 barrels, as compared with 886,050 barrels, a decreas sedan, $2,195; seven-passenger sedan,$2,395; Flint "Junio
;
tire)
extra
or
e
bumper
of 5,800 barrels.
$1,085 (does not includ
at coach,
In Oklahoma production of South Braman is reported
deluxe, $1,185 (includes extra equipment).
coachbarrels
coupe
4,500 barrels against 4,300 barrels; Thomas 14,550
The appearance as well as the utility of the Ford rear
against
against 14,750 barrels; Tonkawa 45,550 barrels
greatly improved by the redesigning of the
been
has
barrels;
compart45,650 barrels; Garber 25,450 barrels against 28,950
deck, resulting in greater space for luggage. The
ort
Davenp
ard
downw
;
barrels
slopes
44,600
and
car
the
of
Burbank 44,500 barrels against
is now the full width
31,800 ment
post.
21,450 barrels against 20,350 barrels; Bristow-Slick
the level of the hood and cowl to the spare tire
from
barrels
y new
barrels against 31,750 barrels; Cromwell 20,550
The General Motors Corp. introduced an entirel
against
barrels
Sloan, Jr.,
12,850
e
against 20,250 barrels, and Papoos
line of cars at a new price level. Alfred P.
state13,250 barrels.
President, General Motors Corp., makes the following
13,950
at
d
reporte
is
Six":
ac
Texas,
"Ponti
l
new
the
The Mexia pool, East Centra
ment with regard to
l 33,200
Motors is exhibiting at
barrels against 14,050 barrels; Corsicana-Powel
The Oakland Motor Car Division of General
barrels
car-the Pontiac Six. It will
barrels against 33,6519 barrels; Wortham 12,900
the Automobile Show a new six-cylinder
l Texas, be both built and marketed by the Oakland Organization as a comagainst 12,700 barrels; Reagan County, West Centra
distinct field of
North panion car to the Oakland Six. The Pontiac Six has aoccupied
ville,
by the
33,250 barrels against 32,450 barrels; Haynes
from the place now so well
different
quite
own,
its
; Cotton
Louisiana, 10,400 barrels against 11,400 barrels
Oakland Six.
is an enormous potential
Smackover,
General Motors was convinced that there
Valley 8,300 barrels against 8,400 barrels, and
a quality product-at
, heavy market for a car of quality-the Pontiac Six is There
barrels
19,400
against
barrels
are many who
19,200
light
Arkansas,
a and Oldsmobile.
Chevrol
the
between
price
a
Gulf Coast
yet do not need
154,300 barrels against 153,700 barrels. In the
more than the four cylinder Chevrolet affords,
require
barrels; what the Oldsmobile Six cylinder offers; therefore, the Pontiac Six is a
field Hull is reported at 15,200 barrels against 14,200
car for every
South logical step toward General Motors' goal of building aMotors
;
barrels
9,000
against
line inbarrels
the General
West Columbia 8,800
purse and purpose. With this addition
3,950
Boling
;
barrels
Liberty 8,000 barrels against 9,200
over fifty different models.
cludes
has been built into this
est Texas
All General Motors accumulated experience
barrels against 2,400 barrels; and in the Southw
es all General Motors research and engineer
21,400
capitaliz
It
against
product.
new
barrels
20,500
uring ability with
field, Luling is reported at
ce as well as its purchasing and manufact
experien
ing
;
barrels
will
8,150
am sure the public
barrels; Lytton Springs 8,100 barrels against
always one principle foremost-quality. I
addition to the
immediately recognize that the Pontiac Six is a worthy
Piedras Pintas 900 barrels against 1,700 barrels.
against
family.
Motors
barrels
General
61,450
d
In Wyoming, sat Creek is reporte
•
l Motors
62,450 barrels.
At the same time, the Oakland unit of Genera
In California, Santa Fe Springs is reported at 51,000 placed on exhibition a new sport roadster priced at $1,175.
barrels against 51,500 barrels; Long Beach 112,000 barrels Other prices remained unchanged.
cylinder line
against 112,500 barrels; Huntington Beach 46,000 barrels
Hupp Motors advanced the prices on its sixuced a
no change; Torrance 31,000 barrels against 32,000 barrels;
introd
ny
compa
the
line
er
-cylind
$100. In the eight
Dominguez 23,500 barrels no change; Rosecrans 23,000
ase which is priced at
wheelb
-in,
126
a
having
model,
new
barrels no change; Inglewood 59,000 barrels against 62,500
Marmon line
$150 over the former eight-cylinder line. The
barrels, and Midway-Sunset 92,000 barrels against 93,000
company's
the
this,
for 1926 includes twelve models of
barrels.
d on the
mounte
are
They
s.
busines
in
year
seventy-fifth,
which
on
ase,
h
wheelb
136-inc
of
Numerous New Models Exhibited at National Automobile standard Marmon chassis
now including
but
years,
for
trated
concen
has
ced.
ny
s
Also
Announ
compa
the
Change
ce
Show-Pri
ring improvements.
The motor vehicle and accessories exhibits in Grand Cen- many important new enginee
on exhibit are the four
cars
the
among
nds
nding
thousa
drew
Outsta
a
ago,
week
City,
York
New
tral Palace,
line: A four-passenger
rd
standa
n
Marmo
the
of visitors. The features of this National Automobile Show models of
sedan, a live-passenger
rd
standa
seem to have been the predominance of the closed type of victoria, a five-passenger
In addition Marcoupe.
ssenger
two-pa
a
,
and
r
fittings
am
on
interio
the
brough
car, with a corresponding accent
sedan and a line
rd
er
standa
and, secondly, the growing popularity of the roadster which mon presented a seven-passeng
five and seven
for
ousines
sedan-lim
bring
and
to
s
sedans
car
tended
and
luxe
de
of
exhibit
touring
the
outnumbered
d-a low
include
are
cars
type
open
attention to one of the marked developments of the past passengers. Also three
seat in
rumble
a
slung speedster for two passengers, with
two or three years.
-passenger
live
a
gers;
passen
extra
retwo
and
price
for
new
of
deck
models
the rear
Among the great number
car.
visions which were introduced during the Show are those phaeton and a seven-passenger touring
on its Moon
prices
d
reduce
s:
Co.
follow
Car
as
Ce.,
bile
Motor
The
Moon
Automo
Auburn
the
announced by
$200 to
from
of
ions
Reduct
$100.
Touring car and roadster for the four, six and eight-cylin- models approximately
are
lists
price
The
.
der models are $1,145, $1,395 and $1,695 respectively. The $300 were made on the Diana models
; roadster,
$1,295
coach,
luxe
de
s:
Six,
$1,745
follow
$1,175,
and
Moon
as
for
$1,445
coupes on the three lines sell
cabriolet roadster,
respectively. The sedan prices for the four, six and eight- $1,395; four-door standard sedan, $1,445;
the Diana Eight, the
cylinder models are $1,195, $1,695 and $1,995 respectively. $1,545; de luxe sedan, $1,595. For
n, $1,695; cabriolet
phaeto
;
$1,695
r,
and
at
$1,495
prices are: roadste
The six and eight-cylinder broughams list
$1,795; four-door
am,
brough
$1,795 respectively, while the Wanderer, special touring roadster, $1,995; two-door
factories. The
f.o.b.
are
models
All
de
$1,995.
luxe,
at
$1,745
sedan
lists
ement,
sedan model with full sized bed arrang
a decrease
with 1,963,800 barrels for the preceding week,
tion east of
of 16,200 barrels. The daily average produc
1,334,800
California was 1,328,100 barrels, as compared with
are esting
followi
The
.
barrels
barrels, a decrease of 6,700
for the
mates of daily average gross production by districts
ed:
indicat
as
weeks ended
420
THE CHRONICLE
(VOL. 122.
new Nash body styles are a new four-door advanced six Coast mills the
unfilled orders were 419,290,786 feet, as
sedan, a new advanced six roadster, with rumble seat, and against
394,850,584 feet for 103 mills a week earlier.
a new special six coupe. The Ajax, a new Nash line, made
Altogether the 365 comparably reporting mills had shipits debut in its new body color of mallard green with up- ments 109% and
orders 122%, of actual production. For
holstery in duotone velour. Nash prices are: Special Six, the Southern
Pine mills these percentages were respectively
touring, $1,135; roadster, $1,115; coupe, $1,165; sedan, 90 and 103;
and for the West Coast mills 112 and 138.
$1,215; four-door sedan, $1,445. Advanced Six, touring,
Of the reporting mills, the 333 with an established
normal
$1,340; seven-passenger touring, $1,490; sedan, $1,425; four- production for
the week of 209,157,621 feet, gave actual
passenger roadster, $1,475; four-door sedan, $1,525; vic- production
89%,shipments 94% and orders 108% thereof.
toria, $1,700; four-door coupe, $1,990; seven-passenger
The following table compares the national lumber
movesedan, $2,090. Two new body types have been added to the ment as reflected
by the reporting mills of eight regional
Oldsmobile line. They are the de luxe four-passenger road- associatio
ns for the three weeks indicated:
ster and the coupe. They are finished in two color duco
Corresponding Preceding Week
mounted
on the standard Oldsmobile 40-horsepower,
and are
Past Week.
Week-1925. 1926 (Revised).
Mills
six-cylinder chassis, with an L head engine.
365
367
373
Production
203.084.637
209.983,602
174.524.771
The Star Six, which has been placed on the market by Shipments
220.980.621
203,843.962
202.122,273
Durant Motors, Inc., features a 40-horsepower Continental Orders(new business)
247,168,373
199,713,951
213,898,895
motor and a spring base of over 150 inches. The landau
The following revised figures compare the lumber
movesedan, a body type which is ordinarily mounted only on ment of the eight associations for the first
two weeks of 1926
chassis in a much higher price range, makes a distinctly with the same period of 1925:
appealing model in a low price car. It sells at $975 and
Production.
Shipments.
Orders.
379,609.408
Is reported to be the lowest priced four-door, six-cylinder 1926
423,102,894
461.067.263
1925
353,158,190
376.737,867
354,979.890
sedan in the market. Prices of the Star Four, improved
Note: On account of Inclusion of California White and
Pine Assomodels, are: chassis, $425; roadster, $525; touring, $52o; ciation mills in above figures. they now being comparable,Sugar
all 1925 figures
have
revised.
been
coupster, $610; coach, $695; sedan, $795; all f.o.b. Lansing.
The Southern Cypress Manufacturers Association of New
The new low Peerless Six prices announced range as follows: five-passenger phaeton, $1,895;.seven-passenger phae- Orleans, (omitted from above tables because only recently
ton, $1,995; sport roadster, $2,195; five-passenger coupe, reporting) for the week ended Jan. 13, reported from 15
$2,295; five-passenger sedan, $2,395; seven-passenger sedan, mills a production of 3,946,193 feet, shipments 5,420,000
$2,595; limousine, $2,695. The Studebaker Corp. made a and orders 4,880,000. In comparison with reports for the
reduction of $100 per car on its line of Standard Six and previous week, when two fewer mills reported, this AssociaBig Six enclosed cars. Prices on all other models remained tion showed considerable increases in production, shipments
unchanged. The new factory prices of the models which and new business.
were reduced are as follows: standard six sedan (wool
trimmed), $1,295; same model (mohair trimmed), $1,395;
West Coast Lumbermen's Weekly Review.
big six five-passenger sedan, $1,895; big six seven-passenger
One hundred and three mills reporting to West Coast
sedan, $2,145; big six brougham, $2,095; big six berline,
Lumbermen's Association for the week ending Jan. 9, man$2,225, and big six club coupe, $1,650. Willys-Overland,
ufactured 65,533,580 feet of lumber; sold 95,970,793 feet;
Inc., announced the prices on the new "70" Willys-Knight
and shipped 80,672,291 feet. New business was 47% above
six, that of the five-passenger sedan being set at $1,495,
production. Shipments were 23% above production.
while the touring will sell at $1,295, f.o.b. Toledo. In the
Fifty-four per cent of all new business taken during the week was
light four-cylinder field the Overland model 91 offers the for future water
delivery. This amounted to $1,326,507 feet, of which
lowest priced five-passenger sedan with sliding gear trans- 32,293,748 feet was for domestic cargo delivery, and 19,032,759
feet
mission ever built and in the light six field the Overland export. New business by rail amounted to 1,362 cars.
Forty-four per cent of the lumber shipments moved by water. This
six sedan is said to be the lowest priced full sedan.
amounted to 35,458,005 feet, of which 26,306,010 feet moved coastThis week was practically quiet as far as price revisions wise and intercoastal, and 9,151,995 feet export. Rail shipments
were concerned, though it is reported that further changes totaled 1,381 cars.
Local auto and team deliveries totaled 3,784,286 feet.
may possibly be made at the Chicago Motor Show to be
Unfilled domestic cargo orders totaled 122,633,500 feet. Unfilled
held in a few weeks. Among the changes announced at the export orders 125,817,084 feet. Unfilled rail trade orders 4,880 cars.
In the first two weeks of the year, production reported to West
National Show and not reported above is the introduction
Coast Lumbermen's Association has been 110,658,239 feet; new busiby the Paige-Detroit Motor Co. of a new line of low-priced ness 166,649,073 feet; and shipments 149,687,282
feet.
six-cylinder models to be produced late in February. The
new line will be priced as follows; five-passenger sedan,
$1,495; five-passenger sedan de luxe, $1,670; seven-passen- Iron Market Is. Dull-Finished Continues at About Same
Rate.
ger sedan, $1,995, and the limousine and touring models on
Interest in the steel trade is centering in the amount of
which prices have not been fixed. The company's former
automobile steel to be closed this month and at what prices
models were in the $2,000 to $3,000 price field.
The Buick Motor Co.'s price list for the Standard Six reports the "Iron Age" in its market review this week.
models stands as follows: two-door sedan, $1,195; two-pas- Efforts of large builders of cars to buy body sheets at $2
senger coupe, $1,195; roadster, $1,125; touring car, $1,150; to $3 below today's market are met by the claims of sheet
four-passenger coupe, $1,275, and sedan, $1,295. For the producers that the large automobile program for 1926 will
Master Six models, the prices are: two-door sedan, $1,395; take up all the output of full finished sheets. One Detroit
touring car, $1,295; four-passenger coupe, $1,795; brougham company has placed a large order for steel and for car
sedan, $1,925; sport roadster, *1,495; sport touring car, parts, including forgings, the latter going to Cleveland dis$1,525; country club, $1,765; seven-passenger sedan, $1,995; trict shops. Parts makers to whom some of the recent
reduction in car prices is being passed on,
sedan, $1,495, and roadster, $1,250.
point to the
higher steel prices today than those on the steel
they were
taking in a year ago continues the "Age"
in its market
Weekly Lumber Movement Increases.
summary from which we quote:
The National Lumber Manufacturers Association received
In all finished lines the call for steel booked
before Jan. 1 is on a
telegraphic reports of the status of the lumber industry,
that keeps mill operations slightly above the
for scale
December average.
The
the week ended Jan. 16, from 380 of the larger softwood, on continuance of this rate for several weeks is looked for, largely
specifications. Several leading companies are
above
an 85% basis.
the
about
of
130
chief
hardwood,
and
mills of the country.
Pittsburgh mills have had some surprises in the
size of the demand
The 365 comparably reporting softwood mills showed large for tin plate from can manufacturers and in the increase
in specificaincreases in production, shipments and new business, as tions for pipe. As oil production drops off further, the resumption of
drilling is brought nearer.
compared with reports from 373 mills the previous week.
In the Chicago district heavy specifying for
rails and track
In comparison with reports for the same period a year ago, sories continues. Another feature is that farm machinery plants acceshave
however, there was a small decrease in production and large a larger operation than in the fall. There is also a substantial increase
in the demand for wire products due to the
wide
prevalence of mild
gains in the other factors.
weather.
Sheet mills are taking new business at a less
The unfilled orders of 230 Southern Pine and West Coast
rate than in the
fourth quarter, and on black sheets nearly
all markets show a $2
mills at the end of last week amounted to 689,433,610 feet, concession.
as against 655,916,200 feet for 229 mills the previous week.
Plates next to sheets show market variations.
In Pittsburgh territory
The 126 identical Southern Pine mills in the group showed 1.85c. is more common, and at Cleveland some 1.80c. business has
been
done.
unfilled orders of 270,142,824 feet last week, as against
Production of
in December in independent plants again caught
261,065,616 feet for the week before. For the 104 West up with sales, butsheets
sales for the fourth quarter, 1,093,000 tons, were
JAN. 23 1926.]
THE CHRONICLE
over production. Unfilled orders increased from less than 500,000 tons
on Sept. 30 to 678,000 tons on Dec. 31.
The Burlington has ordered 1,000 box cars and the Pacific Fruit
Express may place orders this week for 5,000 refrigerator cars. The
Seaboard Air Line is expected to come into the market shortly for
3,000 or 4,000 freight cars.
In the large,cities new construction shows no abatement. New York
subway work accounts for 6,800 tons and a City Hall in Los Angeles
for 6,600 tons of 29,000 tons of pending structural steel. A New
York subway award calls for 4,400 tons of steel. The tower building
in Cleveland's terminal station calls for 20,000 tons and at Chicago
three projects now taking shape, will require 45,000 tons.
Bookings last year in fabricated steel made a new record by a large
margin. Department of Commerce figures are 2,708,000 tons against
2,391,000 tons in 1924, the previous high.
The coke flurry due to Eastern demand for bard coal substitutes has
kept up, and crushed coke has brought $11.50 to $12 a ton at ovens.
Metallurgical coke has sold up to $9.50. The high coke prices are
turning demand to soft coal rather than coke for heating.
The pig iron market shows but little life, though there are signs
of early activity in pipe iron. At Philadelphia no less than 12,000
tons of foreign iron came in last week. Furnace stocks show some
decrease. Production is somewhat reduced in the Central West due
to the action of several furnaces in banking for a time while they
resell their $4 coke at a good profit.
Iron and steel exports from the U. S. in December dropped to
142,177 tons, from 171,134 tons in November. 'For the year 1925 the
total was 1,762,952 tons, or fractionally below the 1924 total of 1,805,114 tons.
British exports of sheets last year set a high record of 713,084
tons. Of December exports of 40,581 tons of pig iron, the United
States took 11,309 tons. Recent orders distributed among British rail
mills include 44,000 tons for Argentina.
The "Iron Age" composite price for finished steel is lower, at 2.446c.
per lb., against 2.453c. for the past six weeks. The pig iron composite
stands, for the eighth week, at $21.54 per ton. It was $22.50 one year
ago, according to the composite price table, as follows:
Jan. 19 1926, Finished Steel, 2.4454. per Pound.
Based on prices of steel bars, beams, tankOne
I
week ago
2.453c.
plates, plain wire, open-hearth rails, One month ago
2.453c.
black pipe and black sheets, constitut- One year ago
2.560c.
ing 88% of the United States output..__ 10-year pre-war average_1.689c.
Jan. 19 1926, Pig Iron, $21 54 per Gross Ton.
Based on average of basic and foundry(One week ago
$21 54
Irons. the basic being Valley quotation,'l One month ago
21 54
the foundry an average of Chicago,(One year ago
22 50
Philadelphia and Birmingham
110-year pre-war average.. 15 72
-1923-- -1924---- -1925--Finished steel___High 2.824c. Apr. 24 2.789c. Jan. 15 2.560c. Jan. 6
Low 2.446c. Jan. 2 2.460c. Oct. 14 2.396c. Aug. 18
High $30 86 Mar.20
Pig iron
28$
Feb. 26 $2250 Jan. 13
Low $2077 Nov.20 $1921 Nov. 3 $1896 July 7
Quieter market conditions in steel at present reflect the
well-covered position of consumers generally which has resulted from the heavy tonnage ordered out in December
against expiring and lower priced last quarter contracts
observes the "Iron Trade Review" on Jan. 21. This accumulation of specifications is carrying the mills along at a good
rate but new,buying is moderate and first quarter commitments are not being drawn against liberally as yet. There
are some exceptions to this rule, particularly steel bars, for
which several districts report a surprisingly active demand. The immediate sluggishness of the market is regarded as a passing phase which is likely to be corrected
in natural course within a few weeks. Here and there recurrence of price weakness is apparent adds the "Review,"
from which we quote as follows:
These factors show the absence of tightness in present conditions and
are making producers more and more disposed to be conservative when
the question of price advances is raised. The strong element is the
lack of speculation. The reaction of the sheet bar market from the
higher prices recently paid suggests the difficulty of sustaining a too
rapid advance. Recent sales of 55,000 tons of semi-finished steel in
Northern Ohio have played an important part in this readjustment. A
Cleveland producer which was obliged to close its works for lack of
specifications for semi-finished material, has resumed partially.
Total exports of steel for 1925 as officially compiled were 1,762,952
tons against 1,805,114 tons in 1924, a reduction of 2.3%.
Maneuvering by the automobile industry in lining up supplies of
sheets on the basis of large production schedules is going forward.
Some of these companies profess themselves to be more interested in
the tonnage of full finished sheets they can be assured of than in the
price, but this latter is not a closed book by any means. Just now the'
lack of specifications from the automobile industry has imparted an
easier tone to sheets especially black. More remote probability of an
early coal strike settlement has given another impetus to the excitable
coke market. Spot 48-hour coke this week has commanded $8.50 to $9,
ovens and crushed coke from $11 to $12.50, ovens. The irony of the
market is such that some buyers now are finding coke too costly and
are turning back to coal.
Revision of the official productive capacity of the country now
announced indicates the industry in December ran at 90.5% of the
maximum practical output in steel ingots and at 85.5% in pig iron.
The new figures cut off about 2,500,000 tons from the former
theoretical rating per annum in ingots and almost 3,000,000 tons in
pig iron due to obsolescence.
The recent action of important mills in sharply reducing' the price
of seamless tubes is interesting in illustrating the expanded demand
for this product for oil and gas and similar purposes. Construction
of large .mill capacity of this sort now under way is directed at this
end. Heretofore seamless tubes have taken a large differential over
lapwelded pipe. Several mills which have been shading common pipe
234% have -withdrawn this extra discount.
Some interest in second quarter pig iron is stirring with fair sales
being made at prices which are 50 cents to $1 higher than three
months ago. Transactions in eastern Pennsylvania involving 20,000
tons of steelmaking grades stand out. Part of this was foreign iron,
of which several other sales are reported including 6,000 tons of
421
Indian basic to a Bridgeport user. Despite a few soft spots, the market
exhibits firmness.
The prospects for lively equipment buying are held to be favorable,
but actual orders since the first of the year are disappointing. The
Pennsylvania has been a buyer of 30,000 tons of shop material and
also has placed 100,000 car wheels at Pittsburgh.
Easier prices in semi-finished steel and in some other lines have
put down the mark to $39.15, "Iron Trade Review" composite of
fourteen leading iron and steel products. This puts the composite
back to the early December level.
Cold Weather and Failure to Settle Strike Give Strong
Impetus to Coke and Bituminous Markets.
With the breaking off of the negotiations of the Joint
committee of anthracite operators and miners, the market,
especially in prepared smokeless and coke of all kinds, took
on a sudden activity and prices, particularly in coke, soared
to new heights, observes the "Coal Trade Journal" this
week. At the end of the week, spot coke was practically
out of the market. The cold weather, of course, had a
great deal to do with this increased activity, adds the
"Journal's" usual weekly market review, from which we
quote further interesting details as follows:
Quotations on coke rose to such a point during last week that dealers
could not continue the feverish buying that started the first day after the
anthracite negotiations broke off. Spot coke was almost impossible to
get. Prepared smokeless was stronger in demand and this was also true
of the high volatile. Prices on both were up.
With anthracite stocks in Philadelphia practically wiped out, users have
been buying coke largely in spite of the high prices, and dealers are consequently buying more ahead than they were for a time. The consumers
are being taught to burn the smaller sizes of coke, which were formerly
hard to market. The breaking off of the anthracite negotiations stiffened
the prepared low volatile market, though neither industrial users nor the
railroads were active in the market.
The breaking up of the conference stimulated buying by all branches
of the trade in gew England. Mine prices on bituminous rose and several
operators withdrew temporarily from the market. Coke was up in price
and the foreign product went up a dollar. Locally made coke was unchanged in price, but the ovens were sold up for some time to come.
Prices on tidewater bituminous at Boston were, if anything, off a trifle,
but at Providence a decided firmness was manifest. Some retailers raised
their prices last week and others were expected to follow shortly.
Arrivals of fuel at Baltimore were again normal after the holiday letdown and prices were about the same as during the past few weeks. Domestic sizes of soft coal were leading in popularity. There has been so
far this year only one export shipment from Baltimore and the outlook
for a large amount of this business is far from bright. Many dealers expressed the opinion that many of the people who have been forced by the
strike to use bituminous coals will stick to these fuels after mining starts
again.
Movement over the Virginia Piers last week was back to normal after
shipping had been tied up by storms and cold weather. Dumpings at
the piers were far ahead of the previous two weeks.
The central Pennsylvania bituminous district experienced a gain in
demand and prices with the breaking up of the anthracite conference and
further gains were expected if the weather should be severe. Several
mines, long idle, opened as better conditions appeared.
The strike has not affected the Pittsburgh district and many mines
were still down last week. Domestic grades were in good demand while
the by-product coal was scarce, in good demand and higher in price. Gas
slack was stronger, but the steam slack situation was unchanged. Retailers were busy but, on account of strong competition, retail prices were
below normal.
The Connellsville coke market was pretty well cleaned out of stocks and
prices rose in leaps on both grades, more particularly in the furnace
coke. The demand from the East for the furnace coke was very strong
while the foundry grade was moderately active.
The strike has brought practically no new business to the northern West
Virginia fields to date. Egg was up slightly in the Fairmont district,
but mine-run was sluggish and unchanged in price. Lump showed little
price change. Both union and non-union mines showed a slight gain in
production. Railroad buying was small.
Cold weather and the continuance of the anthracite strike strengthened
the market in southern West Virginia. Prepared low volatile was stronger,
bringing the highest prices in the Eastern markets. Smokeless slack was
somewhat sluggish, with prices unchanged. There were still quite a few
"no bills" at high volatile mines, but the number at the scale points was
under that of the previous week. Prepared high volatile showed little or
no price change, but slack was firmer.
The Upper Potomac and western Maryland fields were getting more
orders for prepared, but, outside of that, the situation there was unchanged in both demand and price. Export orders were practically MI
and bunker shipments very small.
The price on prepared in the Virginia field was up slightly, but minerun was unchanged. Coke was more active at higher prices, but there
were very few new orders coming into the field.
Whatever conflicting emotions or conditions may pervade
the coal market—and in the complicated conditions of the
last year there have been many—an unfailing stimulus to
action is cold weather, such as has been fairly widespread
during the last week. No doubt a few snowstorms, with an
occasional blizzard, would not be amiss in the trade's
scheme of bigger and better business, but these are not
without their serious drawbacks in the shape of disarranged
transportation and inadequate equipment, declares the
weekly summary of conditions in the coal markets issued
by the "Coal Age," which then goes on to say:
Another development responsible in some degree for the renewal of activity in soft coal was the abandonment, at least temporarily, of the
policy of watchful waiting when the hard-coal peace negotiations were
broken off. While the influence of demand from this direction is growing
in Importance it has not thus far had a very great effect on the coal trade
fl• a whole elms the anthracite mines suspended operation, because an
422
THE CHRONICLE
unusually large number of consumers laid in a comparatively large proportion of their winter needs before the strike began.
The improvement in the market situation is reflected in much greater
firmness in prices rather than in any notable advances. That quotations
have remained comparatively stationary in the face of recent betterment
in conditions is due to a rebound in production, which is again close to
some of the high marks of past years, following the usual dip caused by
curtailment of operations during the holiday weeks. The quick response
of output to the temperature, with the inevitable result that prices just
as rapidly get no better, has in the last few months been a recurrent cause
of chagrin to those hit hardest by the depression that set in soon after
the signing of the Jacksonville scale. The splendid performance of the
railroads since output began to hit the high spots has played an important
part in stabilizing prices and enabling operators to move their product
without delay.
As general business conditions are sound and industrial operations are
beginning to hit their stride again after the holiday lull, prospects are
brighter than for some months.
With the abrupt termination of anthracite peace negotiations, indefinitely postponing settlement of the strike, renewed strength marks the
demand for hard-coal substitutes, particularly coke, the price of which
has been steadily on the up-grade since the parley broke up.
The "Coal Age" index of spot prices of bituminous coal on Jan. 18
stood at 181, the corresponding price being $2 20, compared with 180
and $2 18, respectively, on Jan. 11.
Dumpings of coal at Hampton Roads made a sharp rebound durirtg the
week ended Jan. 11, the total being 433,560 net tons, compared with 339,761 tons in the preceding week.
(VoL. 122.
against $4,590,983,845, giving a favorable trade balance of
$684,517,297 in 1925, against $981,021,266 in 1924. Gold
imports totaled $7,216,004 in December 1925, against
$10,274,049 in the corresponding month the previous year,
and for the 12 months they were $128,273,172, as against
$319,720,918. Gold exports in December 1925 were $5,967,727, against $39,674,653 in December 1924. For the 12
months of 1925 the exports of the metal foot up $262,639,790,
against but $61,648,313 in the 12 months of 1924. Silver
imports for the 12 months of 1925 have been $64,595,418,
as against $73,944,902 in 1924, and silver exports $99,127,585, as against $109,891,033. Some comments on the
figures were given in our issue of last week in our article
on "The Financial Situation." Following is the complete
official report:
TOTAL VALUES OF IMPORTS AND EXPORTS OF THE UNITED STATES
(Preliminary figures for 1925. corrected to Jan. 13 1926.)
MERCHANDISE.
December.
1925.
Bituminous Output Makes Substantial Gain—Anthracite Declines—Coke Remains Practically Unchanged.
An unusual gain was recorded in the production of bituminous coal for the week ended Jan. 9 by the U. S. Bureau of
Mines. The coke output in the same week increased only
slightly and anthracite product remained virtually nil,
according to these statistics, which we quote in part as follows.
Imports
Exports
1924.
12 Months End. December.
1925.
1924.
Increase (+).
Decrease (—).
394.000.000 333,192.059 4,224,225,962 3.609.962,579 +814,283.383
468,000,000 445,748,393 4.908.743.259 4.590,983.845 +317,759,414
Excess of imp.
E a reis.leap— 74.000.000 112,556.334 684,517,297 981,021.266
IMPORTS AND EXPORTS OF MERCHANDISE,BY MONTHS.
1925.
1924.
1923.
1922.
1913.
Imports.
8
$
Production of soft coal during the week ended Jan. 9, the first full week
3
3
$
346,165,289
January
295,508.212
329,253,664 217,185,396 163,063,438
In 1926, is estimated at 12.883,000 net tons, a figure exceeded but once February__ 333,457.369
332,323,121 303,406,933 215.743.282 149,913,918
since late in 1920. Total production during the month of December March ---_ 38.5,378,617 320,482,113 397.928.382
256,177,796
amounted to 52.816.000 tons, and the revised total for the calendar year April
346,090,956 324,290.966 364,252,544 217,023.142 146,194,461
327,518.721 302.987,791 372.544,578 252.817,254 155,445,498
May
1925 is 622.967,000 tons.
133.723,713
325,215,735 274,000,688 320.283.799 260,460,898 131,245,877
June
325.648,257 278,593.546 287,433.769 251.771,881 139,061,770
July
Estomated United States Production of Bituminous Coal Net Tons). (a)
August
340,085.626
254.542.143
275,437,993
281.376,403 137,651,553
(Including Coal Coked.)
September. 349,953,680 287.144.334 253,645,380 298.493,403 171,084.843
October_- 374,073,914 310,751,608 308,290,809 276,103979 132,949,302
1925-26—
1924-25—
376.637,798
November
296,147,998
291,333,346
291,804,826 148,236,538
Coal Year
Coal Year
December. 394,000,000 333,192,059 288,304,766 293,788.573 184.025,571
Week.
to Date.
Week.
to Date.(b)
Dec. 26 1925
8.431,000 386,256.600
end.
mos.
12
7,546.000 336,414,000
Decemb'r 4,224,225.962 3,609,962,579 3,792,065,963 3,112,746.833 1,792,596.480
Daily average
1.686,000
1.701.000
1.509,000
1.486.000
Exports.
Jan. 2 1926 c
10,667,000 396,922,000
10.810,000 347,224.000 January --- 446,443.088 395,172.187 335,416,506
278.884,469 227,032,930
Daily average
2,013.000
1,708,000
2.040.000
1,499.000 February.- 370.676.434 365,781.772 306,957,419 250,619.841 193.996,942
Jan. 9 1926 d
12,883,000 409,805,000
12.590.000 359,814.000 March --- 453.652.842 339,755,230 341,376,664 329.979.817 187.426,711
April
398,254,668 346,935.702 325.402,175 318,469.578 199,813,438
Daily average
2,147,000
1.719.000
2,098,000
1,514,000
372,945,110 335,088,701 316,359,470 307,568,828 194.607,422
a Original estimates corrected for usual error, which in past has averaged May
June
323,347,775 306,989,00
319,956,953 335.116.750 163,404.916
2%. b Minus 2 days' production first week in April to equalize number of July
339.660.368 276.649.055 302.186.027 301.157,335
days in the two years. c Revised. d Subject to revision.
August.... 379,822.746 330.659.566 310.965,891 301,774,517 160,990.778
187,909,020
Production of soft coal during the coal year 1925-26 to Jan. 9—covering September_ 420,360,300 427,459,531 381,433.570 313,196,557 218,240.001
490.566,983 527.171,781 399.199,014 370.718.595 271,861,464
approximately 238 working days—amounted to 409,805,000 net tons. October
November. 447,012,945 493,572,921 401,483.872 379.999.622 245.539,042
During the corresponding period in other recent years. production was as December _ 468,000,000 445,748,393 426.665,519 344,327,560
233,195,628
follows:
12mos.end.
1918-19
457.810.000 net tons
1921-22
rs............. Sons 'AI ,
324,349,000 net tons
,K0 A KOA062, SARA 1AT 102 non,9,1 ,,, Ann o .401 nlo nnn
1919-20
371,548.000 net tons
1922-23
309.904,000 net tons
1920-21
443,121,000 net tons
1923-24
436,870.000 net tons
GOLD AND SILVER.
1924-25
359,814,000 net tons
ANTHRACITE.
From the number of cars loaded for shipment, it is estimated that 47.000
December.
12 Mos. End. December.
net tons of anthracite were produced during the week ended Jan. 9, as
Increase (÷).
1925.
1924.
1925.
1924.
Decrease (—).
against 64.000 tons in the preceding week. The total production of anthra
cite during the calendar year 1925 amounted to 62,120.000 tons. The
Gold.
a
$
$
$
$
mports
7,216.004 10.274,049 128.273,172 310.720.918 —191.447,746
usual table has been omitted this week.
Ixports
5,967.727 39.674,653 262.639.790 61,648,313 +200,991,477
BEEHIVE COKE.
Excess of Impts. 1,248,277
Production of beehive coke during the week ended Jan. 9, as indicated
258,072,605
Excess of exports
29,400,604 134.366,618
by reports of loadings by the principal coke carriers, amounted to 299.000
net tons—an increase of 6.000 tons over than of the preceding week.
Silver.
moons
Total production of beehive coke during the month of December is esti5,746,956 5.863.892 64,595,418 73,944,902 —9,349,484
Ixports
7,589,470 11,279,630 99,127,585 109.891,033 —10,763,448
mated at 1,307,000 net tons, and for the calendar year 1925, 10.713.000
tons. This indicates a monthly average of 893,000 tons—a gain of about
Excess of lmpts.
4% over the 857.800-ton monthly average for the year 1924.
Excess of exports 1.842.514 5.415.738 34.532.167 35.946 131
Below is given total production of beehive coke during the past six years.
In making comparison, however, it should be remembered that the figures
IMPORTS AND EXPORTS OF GOLD AND SILVER, BY MONTHS.
for the years 1919-1924 are final while that for the year 1925 is estimated,
subject to revision.
Gold.
1919
19,042,000 net tons
Silver.
1922
8,573.000 net tons
1920
20,511,000 net tons
1923
1925.
19,380.000 net tons
1924.
1923.
1925.
1924.
1923.
1921
5,538,000 net tons
1924
10,286,000 net tons
Imports
$
$
3
$
$
$
Jan
5,037,800 45,135,760 32,820.163 7,338.559 5.979,758
_--- 3.602,527 35,111.269 8,382,736 4,928,916 7.900,409 5,824,637
The Country's Foreign Trade in December—Imports Feb
3.792,387
March__ 7,337,322 34,322,375 15,951,357 6.660.750 6.220,934
4.826,376
Aprll - - 8,869,883 45,418,115 9,188.470 4.944.807
and Exports.
4,281,889
May - 11.392.837 41.073.650 46,156.195 3.390.180 3,907,745
5.639.582 4,461,146
The Bureau of Statistics of the Department of Commerce June ___ 4.426,135 25,181.117 19,433,539 4.918,605
8,083,947
July.... 10,204.112 18,834,423 27.929.447 5.238.437 4,870,389
7,127,613 10,086.483
at Washington on Jan. 14 issued the statement of the foreign
4,861.736 18.149,981 32,856.097 7.273.298 7.041,630
6,465,949
Sept ___ 4,128.052 6.656.155 27,803.961 4.504.024 7,082.962
8,517,971
trade of the United States for December and the 12 months Oct -. 50,740 649 19,701.640 29,795,185 5.601.851
5.828,572 8.929,311
19,862,384 39.757,436 4,049.035 6,481,416
ending with December. The value of merchandise exported Nov.... 10.456,115
5.269,173
7.216,004 10,274,049 32,641.226 5,746.956 5.863.892 8,172,301
in December 1925 was $468,000,000, as compared with
$445,748,393 in December 1924. The imports of merchandise are provisionally computed at $394,000,000 in
December 1925, as against $333,192,059 in December the
previous year, leaving a trade balance in favor of the United
States on the merchandise movement for month of December
1925 of $74,000,000. Last year in December the favorable trade balance on the merchandise movement was
$112,556,334. Imports for the 12 months of 1925 have
been $4,224,225,962, as against $3,609,962,579 for the corresponding 12 months of 1924. The merchandise exports
for the 12 months of 1925 have been $4,908,743,259,
12 m'ths
end.Dec. 128.273,172 313.720,918 322.715.812 84,35,418
73.944,902 74,453,530
Exports.
73.525.943
280,723 8,472,198 11,384,799 8,208,644 6,921,002
Feb
50,599,708
505.135 1,399,089 6,832,647 8,876,713 2.191.059
March__ 25.104,416
817,374 10.392,100 7,916.717 8,355,278 4,731,705
April... 21,603,945 1,390.537
655,235 9.322,618 7,801,689 4.336.338
May
13,389,967
593,290
824.444 6.535.761 9,686,517 3,499,358
June
6.712,480
268.015
548,484 8.522,492 8.648,491) 3.581.081
July_.__ 4,416,452
327.178
522,826 8,349,304 9.190.362 6.233,163
Aug
2,135,690 2,397,457 2,200,961 8.284,991 8,632,067 7,032,221
Sept _ 6,784,201 4,579.501
862.697 7.487.317
8,123.460
Oct
28.039.190 4,125,268 1,307,060 8,783.376 10.345.205
9.465,023 7.522,845
Nov____ 2,436,071 6,689.182
746.794 8.118.093 9.401.406 8,775,474
5,967.727 39,674.653
711.529 7,589,470 11.279,630 9,321,083
12 m'ths
end.Deo. 282.839.790 81,848.313 28,843,417
109.891.033 72.488.789
JAN. 23 1926.]
423
THE CHRONTCLE
[ Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Jan. 20, made public by the Federal Reserve Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows a further decline
of $73,500,000 in bills and securities and of $41,300,000 in
Federal Reserve note circulation, together with an increase
of $17,000,000 in reserves. Holdings of discounted bills went
down $52,600,000 and of acceptances purchased in open
market $21,600,000, while holdings of Government securities
increased $1,200,000.
Discount holdings of the Federal Reserve Bank of New
York declined $52,600,000, those of Cleveland
$7,900,000,
and of Chicago $5,100,000. The San Francisco bank shows
an increase of $6,800,000 in discounts, Atlanta an increase
of $4,300,000, and Kansas City of $4,000,000, while the remaining banks report smaller changes for the week. After
noting these facts, the Federal Reserve Board proceeds as
follows:
Loans and discounts, total
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other
Investments, total
U. 8. bonds
U. S. Treasury notes
U. S. Treasury certificates
Other bonds, stocks and securities
Reserve balances with F. R. Banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Total accommodation at F. R. Banks
Increase (+) or Decrease (-)
During
Year.
Week.
-$127,000.000 +$931.000,000
-9.000,000
-9.000.000
+864.000,000
-122,000,000
+76,000,000
+4.000,000
-122,000,000
-9,000,00
-13,000.000
+1.000.000
-212,000,000
-F7,000.000
+28.000,000
-4,000,000
+75,000.000
-13,000.000
-26,000.000
+7.000.000
-3.000.000
-19,000,000
-108,000,000
-58,000.000
+510,000,000
+2.000.000
+60.000,000
-19,000,000
+196.000.000
"-92.000.000
Gold and Silver Imported Into and Exported From
the United States, by Countries, in December.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made publie
its monthly report, showing the imports and exports of gold
and silver into and from the United States during the month
of December 1925. It will be noted that the gold exports
were $5,967,727. The imports were $7,216,004, $4,000,000
Open-market acceptance holdings ofthe Atlanta bank declined $7,500,00
those of Dallas $4.400,000, New York $4,100,000, and Boston and San of which came from Japan and $1,275,100 from Canada.
Francisco $3,900,000 and $3,300,000. respectively. Acceptance holdings Of the exports of metal
$2,011,640 went to Argentina, while
of the Cleveland bank increased
$3.700.000.
All of the Federal Reserve banks report a smaller volume of Federal the Straits Settlements took $1,903,293.
Reserve notes in circulation, the principal decteases being: Boston $11,- GOLD AND SILVER IMPORTED INTO AND EXPORTED FROM THE
UNITED STATES, BY COUNTRIES.
200,000, Cleveland $11.000,000, and New York and Chicago $3,900,000
each.
•
Gold.
Buser.
The statement in full, in comparison with the preceding
Total,
Refined Bullion. Total (Incl. Coin).*
week and with the corresponding ,date last year, will be
Imports. Exports. Imports. Exports. Imports. Exports.
found on subsequent pages-namely, pages 456 and 457.
Countries-.
$
Ounces. Ounces.
$
g
$
A summary of changes in the principal assets and liabilities
France
16,460
4,744
of the Reserve banks during the week and the year ending Germany
222.189
362,758
528,315
Spain
9,465
16,525
Jan. 20 1926 follows:
United Kingdom____
420
99,775
48 69,219
Canada
1,275,100 100.926 920.977
71.183 933.892 138,986
Increase (-I-) or Decrease (-) Costa Rica
78.855
4,392
6.529
Guatemala
19.186
19
2.613
200
During
Honduras
9,695
131,246
98,573
Year.
Week.
Nicaragua
61,098
2,700
213
8,751
Total reserves
-1-$17.000,000 -$116,600,000 Panama
16,031
115
102
Gold reserves
583,127 598,577 2,515.691
+15.800.000 -129.900,000 Mexico
3,574,138 114.995
Total bills and securities
1,969
+193,200.000 NTIand &Labrador-73,500,000
Jamaica
132
Bills discounted, total
+250,400,000 Trinidad &Tobago__
-52,600,000
18,183 36,500
54
37
285
Secured by U. S. Govt. obligations
+149,900.000 Cuba
-53.200,000
10,768
13
32,752
Other bills discounted
2,011,640
2.200
+100,500.000 Argentina
+600.000
21,980
Bills bought in open market
-300,000 Brazil
-21,600.000
Chile
59,033
194
97,831
U. S. Government securities, total
-53,500,000 Colombia
+1,200,000
130,485
2,061
2,657
4,414
3,074
Bonds
112,293
6.5.54
-14.100,000 Ecuador
+1,400,000
Dutch Guiana
1,487
Treasury notes
b
3
-400.000 -108.700.000 Peru
219,544
388,863
885,933
Certificates of indebtedness
+69,300,000 Venezuela
+200,000
54,922 100,000
212
2.468
Federal Reserve notes in circulation
-6.600.000 British India
-41,300,000
3,831
4,818,750
6,974,603
Total deposits
1,903,293
+82,200,000 Straits Settlements_
26,700.000
China
401,361
Members' reserve deposits
2.800.495
1,940,644
+102.100,000 Dutch
-37,000,000
East Indies__ 152,990 147.510
83,764
Government deposits
-3.500,000 Hong Kong
+10.500.000
417,220
138,379
200,550
Japan
4,000,000
Philippine Islands_
196,920
2,728
Australia
1,793
75
New Zealand
11,973
15
The Week with the Member Banks of the Federal Portuguese Africa.,..
4,976
6,224
Reserve System.
Total
7.218.004 5.967.727 3,794,736 10.879,335 5,746.956 7.589.470
•These figures represent the value of liver coin as well as bullion. The vain*
The Federal Reserve Board's statement of
condition of of refined bullion is not shown on this statement, but only the ounces.
718 reporting member banks in leading cities
as of Jan. 13
shows declines of $127,000,000 in loans
and discounts.
Weekly Digest of Cables Received From the Foreign
$9,000,000 in investments, $58,000,000 in
net demand
Offices of the Bureau of Foreign and
deposits, and $92,000,000 in borrowings
••
from the Federal
Reserve banks. Member banks in New
Domestic Commerce.
York City reported
reductions of $114,000,000 in loans and
The summary of foreign cablegrams received by the Dediscounts, $4,000,000
in investments, and $111,000,000 in
net demand deposits. partment of Commerce at Washington, released for publicaIt should be noted that the figures for
these member banks tion today, follows:
are always a week behind those for
Japan.
the Reserve banks
Business conditions in Japan are improving rapidly. The leading
themselves. Further comment regarding the
changes shown industries of the country are
prosperous and raw silk exports are
by these member banks is as follows:
exceeding all previous records. The outlook for 1926 is optimistic.
Loans on United States Government securities
declined by $9,000,000 at Import business, however, is generally hesitant on account of buyer's
banks in the New York district and at all
reporting banks. Loans on uncertainty as to the trend of exchange and inability to secure parcorporate stocks and bonds went down $122,000,000,
the largest reductions ticulars of the general tariff revision to be introduced at the coming
being $109,000,000 in the Now York district and $19,000.000
in the Chicago session of the Diet. European and local competition is such that
district. All other loans and discounts changed
very little except in the American and other foreign firms do not anticipate any increase in
Chicago Federal Reserve district, where an increase of
$17.000.000 was the volume of trade during 1926. Substantial orders for electrical,
reported. Investments in United States securities and
in other bonus, steam and hydro-electric generator units are anticipated in the near
stocks and securities show no marked changes during the
future.
week.
demand
Net
deposits fell off $58,000,000, the larger decline
China.
of
000 shown for the New York district being offset in part by an $107,000,Conditions in China are still adversely affected by political disincrease of
$23,000.000 in the Chicago district and small increases in
turbances and uncertainty as to the outcome of the Tariff Conference.
other districts.
Of the reduction of $92,000,000 in borrowings from the
Federal Reserve However, there is a more optimistic undertone and a slight revival is
banks, $50,000,000 was reported by banks in the. Chicago
in certain lines of business in the Shanghai district. The indinoted
and
$12,000,000 and $11,000,000 by banks in the New York district,
and Atlanta cations are that foreign trade in 1925 was slightly larger than in the
districts, respectively.
preceding year. Declared exports to the United States during the year
showed an unusually large increase. The outlook for 1926 is obscure.
On a subsequent page-that is, on page 457-we give
the
India.
figures in full contained in this latest weekly return of
The Indian political situation is uneventful. Government finances
the
member banks of the Reserve System. In the following is are sound and public improvements are going ahead steadily. The
trend of foreign trade indicated another large favorable trade balance
furnished a summary of the changes in the principal
items for India during the fiscal year ending March 31, 1926,
which may
as compared with a week ago and with last year:
set a new record. The invert business is good particularly for manu•
[Vol.. 122.
THE CHRONICLE
Belgium.
The most important event in Belgium during the past month was
the passage of the tax bills in the closing days of the December
session of Parliament. These measures increase the tax burden by
about 15 per cent., but apparently assure a satisfactory budget situation during 1926. Considerable difficulty is anticipated in meeting
the demands of the new tax legislation, but public support is general
and both local and international confidence is increased. Little change
of general importance can be noted in the industrial situation, although
a trend toward somewhat greater activity seems to have set in. After
the refusal of workmen to accept the compromise offer of operators,
the Charleroi metallurgical mills have posted notices promising the
reopening of the mills providing sufficient workmen abandon the strike.
Coal and textile markets are both reflecting holiday dullness, but
they have somewhat improved prospects. Early January trading in
the Antwerp commodity markets was brisk after seasonal dullness in
December.
The Netherlands.
The favorable commercial and industrial situation in The Netherlands
remains unaffected by the prolonged cabinet crisis which prevents the
passage of legislation of economic importance. Favorable export prospects are largely responsible for the continuance of capacity production
in key industries. Property damage from the recent severe floods
affected about one-tenth of the population of the Netherlands, foreshadowing a curtailment in the consumption of non-essential commodities in forthcoming months. Foreign discounts of the Netherlands
bank have recently gained in importance and are now double those
of a year ago, while domestic discounts are somewhat lower. The
flotation of German loans has slackened but local municipal and railroad
loans are impending.
Sweden.
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No improvement in the German business was noticeable during
December and the turning point has apparently not yet been reached.
The unemployment situation is growing increasingly critical and no
relief is in sight at the present time. The chemical, lignite, brewing,
and some branches of the electrical industries were the only ones
satisfactorily empjoyed, while most of the others are in a very serious
situation. The automobile production in particular is practically at a
standstill with twenty plants, or half the total industry, bankrupt or
under receivership and the remainder working part time. The number
of recorded bankruptcies also rose from 1,343 in November to 1,638
in December. Annual reviews of various German Chambers of Commerce, as well as of industrial and trading associations, are uniformly
pessimistic although bank reviews attempt, as a matter of policy, it
would seem, to inject a note of forced optimism. Although the
Reichsbank rediscount rate has finally been reduced from 9 to 8%,
it is doubted whether' this will materially relieve the strained credit
situation. While the wholesale price index remained practically
stationary during December, there was a slight drop in the cost of
living as a whole and in certain retail prices in paqicular.
e.ch.
0
0
M
v
M
--.‘
rii
AU
Other
Money.
Dutch East Indies.
Netherlands East Indian business was slightly better in December.
Money was more plentiful and the share market boomed. Good rains,
which broke the long drought, improved the crop situation considerably. European buying was excellent and there has been some improvement in native business.- The automotive trade maintains the
unusual activity of recent months. The textile trade is more favorable
and demand for canned foods good. The tin market continues strong
but rubber is quiet.
Germany.
g
Held for
Federal
Reserve
Ranks
and
Agents.
Australia.
The new year opened in Australia with labor difficulties cleared
away and the outlook bright. Holiday shopping way up to expectations. An encouraging feature from the point of view of Australian.
American trade was the prominent position given to American goods
in practically all of the larger stores and many of the smaller shops.
This augurs well for American exports to Australia during 1926.
Wool sales held at Melbourne brought out good competition and prices
were five per cent, higher; the second sale held at Sydney, however,
brought prices five per cent, lower than December levels. Wheat
at Sydney dropped to 5 shillings 11 pence per bushel and farmers are
refusing to sell.
Philippine Islands.
In spite of seasonal influences December business in the Philippine
Islands was generally good. Trade in imported foodstuffs was better
and the automotive business continued excellent, but wholesale trade
in textile was dull. Many lines repqrt last year's business as record
breaking. The Island's leading export lines moved well in December.
Credits show improvement and collections are generally satisfactory.
Copra opened strong in December but closed with prices lower.
Abaca prices recovered by the end of the month but few transactions
were made. The rice shortage caused a sharp increase in price.
Planting of the new sugar crop has begun and most of the space
requirements for the present shipping season has been engaged. There
have been substantial orders placed recently for American leathers.
Stock of Money in the Country.
The Treasury Department at Washington issued its customary monthly statement showing the stock of money in
the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. The figures this time are
for Jan. 1. They show that the money in circulation at that
date (including, of course, what is held in bank vaults of
the member banks of the Federal Reserve System) was
$5,008,120,908, as against $4,971,764,948 Dec. 1 1925 and
$4,992,930,842 Jan. 1 1925 and comparing with $5,628,427,732 on Nov. 1 1920. Just before the outbreak of the European war, that is, on July 1 1914, the total was only $3,402,015,427. The following is the statement:
MONEY OUTSIDE OF THE TREASURY.
factured goods such as imported from the United States. The cotton
mill situation slows little improvement in spite of the remission of
the excise tax. Several mills have closed recently and others announce
that they will cease operations on February 1 for an indefinite period.
Both local and foreign yarn and piecegoods are in poor demand.
Dealers lack confidence in the stability of prices. The outlook for
sales of American machinery of all kinds, except machine tools is
excellent, and it is believed that American manufacturers generally
will enjoy a good demand in India during the present year.
MONEY HELD IN THE TREASURY.
424
WiEROCIJii
2. 2 2 `•'E •.
• 2 f • •.
i ".
pl - ?, c'i 0 6'P'"
ti••>
a Includes United States paper currency in circulation in foreign countries and the
amount held by the Cuban agencies of the Federal Reserve banks.
S Does not Include gold bullion or foreign coin outside of vaults of the Treasury.
Federal Reserve banks and Federal Reserve agents.
c These amounts are not Included In the total since the money held In trust against
gold and silver certificates and Treasury notes of 1890 Is Included under gold coin
and bullion and standard silver dollars, respectively.
The amount of money held In trust against gold and sliver certificates and Treasury notes of 1890 should be deducted from this total before combining it with total
money outside of the Treasury to arrive at the stock of money in the United States.
which
prosperity
prevailed
greater
during
the
1925,
Stimulated by
This total Includes $16,194,749 of notes In process of redemption, 8162,592,913
Swedish business has commenced the new year under auspicious ofegold
deposited for redemption of Federal Reserve notes. $13,026.127 deposited
condition, and the prospects for continued improvement are good. for redemption of national bank notes, $4,565 deposited
for retirement of addiStock prices have advanced, the business turn-over is increasing with tional circulation (Act of May 30 19081, and 86.576,290 deposited as a reserve
a greater demand for credit. The accounts of commercial banks are against Postal Savings deposits.
/Includes money held by the Cuban agencies of the Federal Reserve banks of
steadily contracting as a result of efforts to deflate the total volume of Boston
and Atlanta.
credit to conform to the present stabilized situation. The preliminary
-Gold certificates are secured dollar for dollar by gold held in the Treasury
budget for the fiscal year 1926-27 exceeds the final figures for the forNote.
their
redemption: silver certificates are secured dollar for dollar by standard sliver
current year by some 10,000,000 crowns. Provision is nevertheless dollars held in the Treasury for their redemption: United States notes are secured by a
being made for a slight reduction in the income and sugar taxes. gold reserve of $153.620.986 held in Treasury. This reserve fund may also be used for
undergone a further reduction, while the redemption of Treasury notes of 1890, which are also secured dollar for dollar by
The note circulation has
standard silver dollars held In Treasury. Federal Reserve notes are obligations of the
foreign exchange reserves of the Bank of Sweden and the commercial United States and a first lien on all the assets of the Issuing Federal Reserve bank.
banks have increased. The number of business failures is diminishing. Federal Reserve notes are secured by the deposit with Federal Reserve agents of
like amount of gold or of gold and such discounted or purchased paper as is eligible
Foreign trade during December was maintained at high figures.
•
425
THE CHRONICLE
JAN. 231926.]
of its shares is about $20,700,000. This situation is due to the un•
usual economic conditions prevailing in Germany.
DIVIDENDS: With the exception of the year 1923, which marked
the culmination of German post-war inflation, the Bank has paid dividends in every year since 1873.
Dividends are declared annually in the first half of the year, covering the preceding calendar year. For 1924, 8% was paid. These
dividends are now subject to German tax of 10%, withheld by the
Bank.
Norman, Governor of
United States dol-
banks must mainunder the terms of the Federal Reserve Act. Federal Reserve fund which must
tain a gold reserve of at least 40%, including the gold redemption Reserve notes in
Federal
against
Treasurer,
States
be deposited with the United
Treasurer of the
actual circulation. Lawful money has been deposited with the
notes. NaUnited States for retirement of all outstanding Federal Reserve banklawful money
where
except
bonds
tional bank notes are secured by United States
their retirement. A
has been deposited with the Treasurer of the United States for
States
5% fund is also maintained in lawful money with the Treasurer of the United
for the redemption of national bank notes secured by Government bonds.
Return to Europe of Montagu
Bank of England.
Montagu Norman, Governor of the Bank of England,
who arrived in this country on Dec. 21, with S. Parker
Gilbert, Jr., Agent General for Reparation Payments under
the Dawes Plan, sailed for Europe on the White Star
steamer Majestic on Jan. 16. References to Mr. Norman's
visit here appeared in our issues of Dec. 26, page 3075,
and Jan. 9, page 157.
Offering of American Shares of Dresdner Bank Stock
Stock Sold.
A limited amount of "American Shares" representing
deposited stock of the Dresdner Bank of Berlin (carrying
the 1925 dividend) was offered on Jan. 20 in this city by
Hallgarten & Co., and Lehman Brothers, at ($) 104 per
American Share. It is stated that:
Based upon a dividend rate of 8% the amount apportionable per
"American Share" would be 32 Reichsmarks, which after deduction of
German tax as above should, at the present rate of exchange, make a
distributable annual amount per "American Share" of approximately
$6.85.
The issue offered was announced as having been sold
before the close of business on the 20th. The sale of these
"American Shares" it is announced, does not represent
any increase in the capital of the bank. The capital stock,
78,000,000 Reichsmarks (approximately $18,570,000) is announced as fully paid and non-assessable. Details of the
offering stated:
The "American Shares" will be issued in the proportion of one suck
share per 400 Reichsmarks par value of the Bank's stock under and
subject to a Deposit Agreement with National Bank of Commerce
in New York. They are to be exchangeable after January 15, 1927,
at the option of the registered holder, for the deposited stock of the
Bank on payment of fifty cents per "American Share." No voting
right attaches to the "American Shares."
Dividends received upon the stock represented by the "American
Shares" will be converted into dollars at rates then current and paid
through Messrs. Hallgarten & Co. to the registered holders of "American Shares."
It is announced that figures stated in
lars have been converted from German Reichsmarks at
the rate of 4.2 Reichsmarks per dollar.
Announcement regarding the acquisition of the Dresdner
bank stock holdings by Hallgarten & Co., and Lehman
Brothers appeared in these columns last week, page 290.
of 600,000 Reichsmarks Capital Stock of
Vereinsbank in Hamburg.
Horwitz & Co., and Jerome B. Sullivan & Co., of this
city, offered on Jan. 21, 600,000 Reichsmarks of the capital
stock of the Vereinsbank in Hamburg (Hamburg, Germany). The offering was made at $13.00 per share of 60
Reichsmarks each, or $19.50 per share of 90 Reichsmarks
each. This price includes the full annual dividend for
$1925, which is still to be declared. These dividends are
now subject to German tax of 10%, withheld by the Bank.
Based on the anticipated distribution of 8%, the shares
yield, at the offering price, about 8%. The Vereinsbank
in Hamburg was organized in 1856. Consistent dividends,
it is stated, have been paid, with the exception of 1923,
during which year practically all German Banks made no
distribution, owing to the period of inflation. The dividend for the year 1924 was 10% Gold Marks, and a declaration of 8% Gold Marks is anticipated for the current
year 1925.
The bank's balance sheet December 31, 1925, is furnished
as follows:
Offering
ASSETS
Reichsmarks
Cash and Deposits at
12,250,000
Banks
9,500,000
Discounts
17,400,000
Loans
Loans on Securities.. 2,800,000
Loans on Merchandise 1,000,000
Syndicate Participa3,400,000
tions
Bank Building—Real
3,500,000
Estate
LIABILITIES
Reichsmarks
Creditors ............33,000,000
Acceptances
3,000,000
Mortgage ..
400,000
10,500,000
Capital •
*Open Reserves
2,500,000
Profits
1,333,000
About
50,000,000
The National Bank of Commerce in New York is Transfer Agent of the "American Shares"; the Chatham Phenix
50,000,000
About
National Bank & Trust Co. is Registrar of the "American
*There are furthermore hidden reserves estimated at about 2,500,00Q
Shares."
Reichsmarks.
Information has been furnished as follows by the Dresdner Bank to the bankers offering the shares:
Offering of Shares 100,000 Shares of Preferred Stock of
HISTORY AND BUSINESS: Dresdner Bank, established in 1872,
German Credit & Investment Corporation.
is one of the leading and largest banks in Germany, with important
Dillon, Read & Co. offered on Jan. 21, at the allotment
international and domestic banking and business affiliations. It enjoys close and active association with some of the foremost banks of price of $100,-25% payable on delivery,-100,000 shares
the United States and of other leading countries. The Bank has
taken an active part in fostering trade and industry, and its Directorate of first preferred stock of the German Credit & Investment
is made up of men prominent in the banking and industrial life of Corporation. The issue was offered in the form of allotGermany. Next to the Deutsche Bank, it is the largest bank in Ger- ment certificates. One share of common stock will be
many in respect of deposits and current accounts.
The Bank is represented on the directorates of a large number of delivered with each share of first preferred stock. The
banks, including the Central Committee of the Reichsbank (German offering circular says:
bank of issue) as well as on the directorates of a large number of
the leading German industrial and public utility companies.
In addition to over 80 branches located in all the important commercial centers of Germany, the Bank owns a controlling interest in
Banco Germanico de la America del Sud
Deutsche Orientbank
Proehl & Gutman, Amsterdam
and substantial interests in other banks and banking firms, including
the following:
Hardy & Co., Berlin
Mecklenburg Bank
Oldenburg Landesbank
Landgraflich Hessische Landesbank
Durener Bank
Eschweiler Bank
The Banco Germanico de la America del Suet is one of the important
banks of Latin-America, having offices in Buenos Aires, Santiago, ValRio de Janeiro, Sao Paulo and Mexico City, in addition to
Madrid, Berlin, Hamburg and other cities.
paraiso'
GROWTH: The Bank's deposits and current accounts grew from
about $67,000,000 in 1900 to over $228,000,000 at the end of 1913.
Upon the stabilization of the German currency, the opening balance
sheet of the Bank as of January 1, 1924, showed deposits and current
accounts equivalent to about $45,000,000. With the revival which followed the restoration of the gold standard and the successful operation
of the "Dawes Plan," the business of the Bank showed a great increase,
so that at December 31, 1924, deposits and current accounts were about
$163,000,000, and at October 31, 1925, were equivalent to over $228,500,000. This was accomplished without any increase in capitalization.
MARKET: The shares of the Bank are currently quoted on the
Berlin Stock Exchange at approximately 11114% of par, the range
during 1925 for quotations in Reichsmarks being: low 100; high 11814.
At the end of 1913 the book value of total capital and reserves was
about $62,380,000, and the total market value of its shares was over
$71,650,000. As of October 31, 1925, the book value of capital and
reserves was about $24,140,000, while the total present market value
The entire proceeds of the Allotment Certificates, less selling commissions only, will be paid to the corporation as received. Messrs.
Dillon, Read & Co., United States & Foreign Securities Corporation,
Mendelssohn & Co., Berlin and Amsterdam, Disconto-Gesselschaft,
Berlin, Deutsche Krediticherung A. G., Berlin, and associates will
purchase from the corporation all the Second Preferred Stock and
the balance of the Common Stock, over and above the amount to go
with the First ,Preferred Stock, for the aggregate amount of $2,000,000
in cash, which will be used to establish a general reserve and an
equity for the First Preferred Stock.
It is also stated:
The authorized and issued capitalization of German Credit & Investment Corporation, upon completion if this financing and upon payment
of the entire allotment price if called, will be as follows:
First Preferred Stock ($7 per annum Cumulative
Dividend)
Without par value
100,000 Shares
(Now offered under Allotment Certificates)
Second Preferred Stock ($6 per annum Cumulative Dividend)
Without par value
20,000 Shares
(To be purchased for cash)
Common Stock
Without par value
500,000 Shares
(100,000 Shares to go with First Preferred
Stock, the balance to go to the organizers
and the purchasers of Second Preferred
Stock.)
The first preferred shares are entitled to priority up to
$100 per share and accrued dividends on liquidation. They
are redeemable as a whole or in part on any dividend date
upon 30 dttys' notice at $100 per share and accrued dividends. Dividends are payable semi-annually, February 1
426
ITLE CHRONICLE
and August 1, accruing from February 1, 1926. The National Park Bank, of New York, is Transfer Agent; The
American Exchange-Pacific National Bank, New
York,
Registrar. Dividends' are free of the present
Normal
Federal Income Tax.
Dr. Alexander Kreuter, President of the corpora
tion,
in information furnished to the bankers, says:
[vol.. 122.
Saxony, the bonds are secured by the pledge
of an equivalent amount of mortgages (or cash in lieu thereof
) constituting first liens on industrial properties,
in amount not
exceeding 30% of the conservatively apprais
ed value of such
properties, only subject to any charges
created by the Law
of Industrial Charges or the Law for the Collecti
on of Industrial Charges, and fo possible minor charges
not of a
capital nature. The Saxon State Mortgage
Institution, it
Is stated, is not required to issue industrial debentu
res under the so-called "Dawes Plan," but it will be
required to
make certain payments under the Law for the
Collection
of Industrial Charges, estimated not to exceed
$2,500 per
annum. It is believed that the adoption of
the Dawes Plan
has rendered extremely remote any attempt to
enforce the
first charge (under Article 248 of the Versaill
es Treaty)
against the revenues and assets of the
German States for
reparations payments, and no jurisdiction
has been given
the Transfer Committee over transfers of the
character required for the service of this loan.
Delivery of the bonds in temporary form is
expected about
Feb. 1.
German Credit & Investment Corporation has been
the laws of Maryland to afford investors an opportuni organized under
ty
in investments and loans in Germany, Central Europe to participate
and elsewhere.
The present widespread demand for capital on
the part of foreign
industrial companies whose individual requirem
ents are limited to
comparatively moderate sums and which therefore
cannot go into the
public money market, offers attractive opportuni
ties for the employment of capital abroad. The corporation may also
do business in the
United States. The corporation proposes to
use the services of
German Securities Trustee Company (Deutsche Kreditsic
herung A.G.),
of Berlin, in connection with the investigation
and
loans and investments in Germany. As provided administration of
in the By-laws, a
majority of the Board of Directors of the corporati
on shall be citizens
of the United. States.
German Securities Trustee Conspany—(Deutsche Kreditsic
herung A.G.)
German Securities Trustee Company (Deutsch
e Kreditsicherung
A.G.) of Berlin specializes in all forms of trusteeship.
It exercises
trusteeship of the commodities and mortgage securing
s
various American loans to leading German industrials, including the
Siemens
group
of electrical concerns, the Rheinelbe-Union steel
group, the Thyssen
companies and others. It has since 1920 supervise
d securities for the
140,000,000 Guilders credit advanced by the Netherla
French Bonds Called for Redemption.
nds Government
to German industry. It has thus far carried through
all credits
J. P. Morgan & Co. as sinking fund trustees
supervised by it without loss of any kind to the
, issued a
lender.
statement on Jan. 13 to holders of Govern
Dr. Alexander Kreuter, President of German Credit
& Investment
ment of the
Corporation, is also the active managing member
French
Republi
c 25-year external gold loan 8% sinking
on the Board of
fund
Directors of German Securities Trustee Company,
of which
one of the organizers. Among the leading men in German he was bonds issued under loan contract of September 1920, anindustry
on th6 Board of Directors of German Securities Trustee
nouncin
g
that
$2,000,0
00
face amount of. the bonds of this
Company are:
Dr. Kurt Sorge, Berlin, Honorary Chairman of
the Association of issue have been drawn for redemption at 110 on
March 15
German Industries;
next out of moneys in the sinking fund. Bonds bearing
Dr. Maximilian Kempner, Berlin, Chairman of the
the
German Potash
Syndicate;
serial numbers drawn by lot will be redeemed and
paid on
Carl F. von Siemens, Berlin, Chairman of the
Board of Siemens and after March 15 at the office of J. P. Morgan &
Co. upon
& Halske A.G. and Siemens Schuckertwerke G.m.b.H.
;
presentation of such drawn bonds.
Felix Deutsch, Berlin, Chairman of the Executive
Committee of
General
Electric
Company, Germany (Allgemeine Elektricitats
Gesellschaft);
Reichsbank and Other German Banks Arrange fo
Dr. Albert Voegler, Dortmund, Chairman of the Board of
DeutschLuxemburgische Bergwerks-und Hutten A.G.; and
Financial Relief of Agricultural Interests.
Dr. Carl Duisberg, Leverkusen, Chairman of the Associati
on of
Associated Press cablegrams from Berlin, Jan. 14, state:
German Dyestuffs Industries.
The financial relief for which German agricultural interests
The Allotment Certificates were offered for delivery
have been
clamoring for several months will now be afforded through a
co-operative
when, as and if issued and accepted and subject to
the arrangement arrived at by the Reichsbank, the Gold Discount Bank and
approval of our counsel. It is expected that deliveries the Renten Breda Anstalt, the national agrarian financial situation.
Although the initiative for this arrangement was taken by the
Reichswill be made, in the form of temporary Allotment Certifi- bank,
that institution will be only indirectly concerned in its
execution,
cates of the corporation or Interim Receipts of Dillon, which is to be carried out entirely by the Renten Kredit Anstalt.
Funds for the proposed relief will come out of the capital
Read & Co., on or about February 1, 1926. Reference
reserves of
to the gold discount bank.
ral interests will receive loans running
the formation of the Corporation was made in these col- from three to five years atAgricultu
7%. These will be covered by farm mortgage
bonds assigned to the gold discount bank which, it is reported,
umns last week, page 290.
will place
Its paid-in capital of about £6,500,000 at the disposal
of the Agrarian
Bank. The latter bank, it is believed in Bourse circles,
will
of the necessity of further flotation of its bonds in New Yorkbe relieved
Saxon State Mortgage Institution.
since the
Reichsbank is expected to supplement funds for the relief
scheme
from its
While the offering in this
own reserve.
city for public subscription of
$5,000,000 mortgage collateral sinking fund 7%
guaranteed
gold bonds of the Saxon State Mortgage Institution of Germany (Saechsische Landespfandbriefanstalt) was referre
d
to in these columns last week (page 292), we are giving
herewith the following statement regarding the
organization and purpose of the institution, furnished in advices
to the National City Co. of New York, from Carl Dekenhardt and Dr. Ernest Vogel, Managing Directors of
the
Mortgage Institution:
The Saechsische Landespfandbriefanstalt (Saxon State Mortgage
tion), which for purposes of brevity we shall refer to as "Mortgag Institue Institution," is organized under the auspices of the Saxon State in
accordance
with the law of July 20 1925, of the Saxon Landtag or Diet. Its
principal office is located in the city of Dresden, the capital of Saxony.
It
began business Oct. 1 1925, with a capital of 1,000,000
($238,095), which was contributed by the State, and operatesreichsmarks
under the
detailed supervision of the State Government, It is under the
same management and auditing supervision as the Saxon State Bank, which
has had
a successful career since its establishment in 1862.
The Mortgage Institution is restricted in its business to the granting
of
loans secured by mortgages on real estate (situated in Saxony)
devoted
primarily to industry, commerce and trade and on such
other property
under the same ownership as bears a direct economic relation to the same.
Loans may be granted only against immediately enforcible mortgages
, in
amounts running, in general, from 5,000 reichsmarks ($1,190) to
reichsmarlcs ($47,619). By and with the consent of the proper 290,000
Governmental authorities, the Mortgage Institution is authorized to raise
the
necessary funds for loan purposes through the issue of bonds up to
50,000,000 reichsmarks ($11,904,761), aggregate principal amount, secured by
mortgages of an equivalent aggregate principal and bearing at least as
high
a rate of interest. Under its charter law, these bonds are eligible as
trustee investments in Saxony.
The proceeds of the present issue of bonds will be used by the Mortgage
Institution to supply working capital to Saxon industries by
means of
loans secured by mortgages, the lien of which will be subject only
to
charges of the character hereinafter described.
Dr. Reinhold, Minister of Finance of the Free State of
Saxony, who is reported to be slated to become Minister of
Finance of the German Reich under Dr. Luther, in a letter
to the bankers relative to the financing, states that in addition to the unconditional guaranty of the Free State of
New Japanese Internal Loan of 65,000,000
Yen.
It was announced yesterday (Jan. 22) that the Japanes
e
Government, had floated in its own country an
issue o
65,000,000 Yen, 5% Treasury Conversion bonds,
Series
No. 19. Heavy oversubscription to the issue is
reported.
The bonds will mature on or before Dec. 4 1936,
and will be
dated Jan. 20 1926. They are issued to retire part
of 100,000,000 yen, series E, exchequer bonds, falling
due this
month. They were offered to subscribers by
cash at 923/
2,
to yield 6.1% and to subscribers by convers
ion at 92, to
yield about 6.2%. The balance of 35,000,000
yen will be
taken care of later this month by the issuance
of government short term notes.
Chile Borrows L2,809,000—London Loan to Be
Followed
Soon by Flotation Here.
The following is from the New York "Times"
of Jan. 20
A Government of Chile lean of 32,809.000 was floated
in London yesterday and it is expected that Chile will soon sell a bond
issue in New York to
round out its financial program. It is understood that
four banking groups
here have submitted bids, but negotiations have
been held back by the
political developments in Chile's boundary dispute
with Peru. These are
not expected to delay the loan negotiations much longer.
The loan floated in London is part of an authorize
d Issue of £7,640,000
and, bearing at 6% interest coupon, was offered at
port developments and other public improvements.94. The money is for
Chile enjoys a high
credit ranking
Proposed Offering of $4,500,000 Gold Bonds
of Consolidated Municipalities of Baden, German
y,
Blyth, Witter & Company are heading a
banking group
which will offer shortly an issue of $4,500,000
external sinking fund 7% gold bonds of the Consolidated Municip
alities
Baden,
of
Germany. The bonds will be issued with the
approval of the Government of Baden and will be
the direct
and joint obligation of the following fourteen municipalities;
427
THE CHRONICLE
JAN. 23 1926.1
. -field of political controversy it has greatly helped
Mannheim, Freiburg, Pforzheim, Loerrach, Konstanz, of the
hi
creation
of a better atmosphere in Europe and has
the
Rastatt, Durlach, Gaggenau, Gegenbach, Eberbach, Meerscontributed its undoubted part of the recent pacts of
the
of
Proceeds
Altlussheim.
and
Rohrbach
Elzach,
burg,
security." Mr. Gilbert also said:
financing are to be used for the extension of and betterment arbitration and
So far as the operation of the plan up to this time is concerned,
plants,
gas
plants,
power
light
and
electric
municipal
the
of
those charged with its administration have attacked their task like the
water works, street railways and for other pruposes. The experts themselves, "as business men anxious to obtain results."
Germany
The plan itself is functioning smoothly. The two preliminary objects
State of Baden is located in the southwestern part of
experts were originally appointed have been attained.
and is one of the most intensively developed industrial and for which the has
a stable currency and the German budget is balGermany now
agricultural sections of the German Republic.
anced. These were the essential conditions of German economic reGerman Reichsbank Cuts Rate for Drafts, and Deposits—Announces Reductions From 9 to 8 and
From 11 to 10, Respectively.
Another milestone on Germany's road to economic rehabilitation was passed on Jan. 12 when the Reichsbank
reduced the discount rate for drafts from 9 to 8% and for
deposits from 11 to 10%, says a copyright message to the
New York "Times" on the 12th inst., which we quote further as follows:
In a statement explaining the reduction lijalmar Schacht, the Reichsbank's President stresses the fact that this was a boon to German credits
accorded at a time when American banks of issue, notably the New York
Federal Reserve Bank, have raised their discount rate from 3% to 4%.
Remarking that the Reichsbank rates have remained unchanged since last
February, Dr. Schacht observes:
"The Reichsbank's situation has been easy for several weeks past. Foreign currency stocks have been increased considerably. Augmentation of
the number of bills of exchange handled in the past weeks is due not to
domestic needs but to increased foreign bills. Demands of domestic exchange operations show a tendency to decrease. The diminution of currency circulation was more pronounced the first week of January than the
previous month. Credit' facilitation undertaken in December has not led
to increased credit demand.
"In the present condition of trade and the money market there is no
likelihood of any considerably stronger demand for extension of shortterm credits. Long-term credits, on the other hand, are available to a
growing extent through foreign loans, so that it seems desirable that funds
available for investment in Germany should be directed toward long-term
obligations. Happily, it has been possible to accomplish a steady lowering of interest on foreign loans."
The Reichsbank President warns business men against expecting an
immediate equivalent reduction in private discount rates, remarking that
concerns obliged to seek credits from private banks instead of from the
Reichsbank will doubtless still be obliged to pay substantially higher rates.
He also points out that while normally augmented credit facilities caused
by lowering the official discount rate tend to diminish prices in Germany,
the index of wholesale prices has begun to rise again, and consequently too
much must not be expected from to-day's development.
covery, as well as of reparation payments. The budget, in fact, has
thus far shown a considerable surplus, even in the face of mounting
expenditure.
In the field of reparation payments the plan has also had notable
results. The first annuity of 1,000 million gold marks was all paid
within the year, four-fifths out of the proceeds of the German External loan and the balance by the German Railway Company in the
form of interest on its reparation bonds. In the second annuity year,
over four months of which have now elapsed, the amount to be paid
rises to 1,220 millions of gold marks, and involves for the first time
a charge on the German budget. These payments Germany is making
each month with the utmost promptitude. At the same time she has
cooperated helpfully in making arrangements for future payments that
will facilitate the even flow of deliveries and payments to the creditor
countries. The various creditor powers, on their part, have been
receiving reparation deliveries and payments regularly and in accordance with expectations.
From the point of view of german reconstruction, the plan has
certainly marked the turning point in the recovery from the disorder
and disorganization of the inflation. The first year was regarded by
the experts themselves as giving an opportunity for economic rehabilitation. Much progress has been made, but the readjustment is still
in process. Many difficulties remain to be overcome.
German business and industry are still greatly in need of working
capital, and in many fields face serious problems of reorganization.
In some directions this has produced conditions approaching crisis,
but the present difficulties must be regarded as inevitable accompaniments of the return to stable conditions.
As to the ultimate possibilities of reparations under the plan, and
the future of the reparation problem, it is too early to draw conclusions. The fact remains, however, that the plan has already succeeded
in placing the whole problem on a new basis. The world has been
able, for the first time in years, to stop 'talking about reparations, and
to find out in a practical way what the payments mean and how far
it is feasible in actual practice for reparations to be paid by Germany
and transferred to the creditor powers. The best answer to speculations about the future is that the plan had within itself the seeds of
growth and the flexibility that should make it feasible to keep pace
with changing conditions.
Better Atmosphere Created.
The experts emphasized in concluding their report that the reconstruction of Germany was not an end in itself, but was only part of
the larger problem of the reconstruction of Europe. From this broader
point of view, the plan has set an example of taking problems in
their proper order and of moving step by step to the larger goal of
reconstruction.
German Bank to Cut Capital After Loss.
The following radio message from Frankfort on the Main,
Jan. 14, is announced by the New York "Journal of ComOn the factors which control the next problem, of
merce":
transforming the collected German marks into something
The Deutsche Raiffeisenbank, a central bank for all Raiffeisen (co-operative) rural institutions, is reported to have sustained heavy losses on of value to nations outside Germany, Mr. Gilbert, according to the New York "World" had the following to say:
credits extended to farmers and local industries.
A severe reduction of capital, amounting probably to as much as 25,500,000 reichsmarks, is foreshadowed.
London Subscriptions to Hungarian Land Mortgage
Institute Bonds.
Cable advices received from London state that Haes &
Sons, who received subscriptions for the £1,000,000 7/
1
2%
Hungarian Land Mortgage Institute bonds issued by the
Hambros Bank and the Anglo-Austrian Bank at 93, on
Jan. 5, announced that total subscriptions of nearly £43,000,000 pounds were received for the bonds. Major Norman Holden, who is senior partner of the firm of Haes &
Sons, has sailed for New York on important negotiations.
Negotiations in United States for New Loan to
Rumania.
The following letter from the Council of Foreign Bondholders bearing date of Dec. 23 is self-explanatory:
To the Editor of the Commercial and Financial Chronicle,
New York, U. S. A.
Sir: The undersigned are informed that negotiations are in progress in
States for a new loan to Rumania. American holders of AusUnited
the
trian and Hungarian bonds should take note that Rumania alone of all the
States which have acquired portions of the territory of the old AustroHungarian Empire has failed to come to any arrangement with regard
to the obligations assumed by her on that account.
Your obedient servants,
ASSOCIATION NATIONALE DES PORTEURS FRANCAISE DE
VALEURS MOBILIERES.
GUSTAVE RENDU.
COUNCIL OF FOREIGN BONDHOLDERS.
JAMES P. COOPER, Secretary.
S. Parker Gilbert, Jr., Says Two Preliminary Objects of
Dawes' Plan Have Been Attained.
In an address before the Council on Foreign Relations
on Jan. 12, S. Parker Gilbert, Jr., Agent General For Reparation Payments reviewed the workings of the Dawes
plan, and said that "by taking the reparation problem out
It would be idle to attempt to speculate on the possibilities of
future transfers. The experts themselves carefully refrained from
such speculations, and pointed out, as clearly as could be, that the
answer could only be determined by the test of actual experience.
It will necessarily depend on a multitude of factors, operating not
only in Germany but all over the world, and no one with any assurance what course the problem may take. It may be worth while,
however, for the sake of clarifying the issue, to mention some of
the influences that will .be controlling. Manifestly, much will depend
on the course of world trade, and on the extent to which it develops
and readjusts its directions.
Payments a New Problem.
Payments between the nations on anything like the scale of reparations or of the interallied debt still represent almost an untried factor,
and it remains to be seen how far their tendency may be to stimulate
the growth of trade and the movement of goods.
A gradual increase in the total volume of business between the
nations would throw the whole problem into different proportions and
greatly help in its ultimate solution. Much will depend also on the
gradual return of other countries to more stable conditions, on the
progress of civilization in the more remote sections of the world and
on the general advancement of science and the growth of human
demands.
On the other side, there will be the contending influence of new
national industries in the countries surrounding Germany or with
which before the war she did a large' volume of business, and the
general problem of tariffs and other barriers to trade. The growth of
Germany's foreign trade, and, correspondingly, her capacity to make
important payments abroad, will largely depend on how these various
factors develop in the years immediately ahead.
Must Be Goods Deliveries.
In the field Of reparations much depends also on the willingness of
the creditor countries to receive German goods, particularly in .the
form of deliveries in kind. In the past opposition to these deliveries
on the part of domestic industries has greatly restricted the possibilities of direct reparations in the regions devastated by the war, and
even now there are occasional outcries from interested manufacturers.
From the point of view of internal German economy, the capacity
to make payments abroad is going to be subject also to many unpredictable factors. Much will always depend on the year's harvest, not
only in Germany but elsewhere, in the world, since Germany is to a
certain extent dependent on imported foodstuffs. Another important
influence will be the extent to which German business and industry
prove capable of readjusting themselves to new conditions and on the
progress that can be made in reorganizing production and in liquidating
the remains of the inflation. More important still will be the effect
of domestic credit and currency policy, not on the course of domestic
428
THE CHRONICLE
prices and domestic consumption, but also in its bearing on the course
of imports and exports.
Notwithstanding this diversity of determining influence, the Transfer
Committee will be able, to some extent, to mold the situation, particularly through the pressure of its policy on credit and currency
ditions and by its powers to deal with financial manoeuvres calculaconted
to prevent transfers. There will always remain, however, a multitude
of other factors operating on the situation over which the Transfer
Committee has no control, and many of which will be beyond the
control of the German economy itself.
That may or may not mean the full transfer to the creditor powers
of the available annuity in any given year. But it will mean that
the plan has operated as it was intended to operate and that reparation
transfers will have been made to the maximum extent permitted by
conditions as they actually develop.
[Vol.. 122.
Senate. In these columns Feb. 14
(page 778), we indicated
that the Senate Committee on Banki
ng and Currency had
stricken out Sec. 9 of the bill,
designed to amend Sec. 9,
paragraph 1, of the Federal Reser
ve Act by prohibiting
State banks applying for membe
rship from bringing into
the System branches establishe
d outside of city limits and
also by prohibiting those State
banks already members from
establishing any additional
branches outside of the city
limits. The section proposed to
permit State banks already
members would, under the
section, retain the State-wide
branches which they had at
the time of the enactment of
the bill. In referring to the bill
in its editorial columns
Jan. 8 the New York "Journal of
Offering of $3,000,000 Bonds of Chicago Joint Stock
Commerce" stated that
the foregoing provision had been
amended in the Senate in
Land Bank.
such a way as to protect the
charter rights of State incorA syndicate headed by Kissel, Kinnicutt & Co. offered porated instit
utions and to insure their
yesterday (Jan. 22) a new issue of $3,000,000 4/
membership in the
1
2% farm Reserve System regardless of
their branch policy provi
loan bonds of the Chicago Joint Stock Land Bank, at 100% that they were
ded
in all ether respects satisf
actory. This, the
and interest, to yield about 4.40% to 1935 and 4.50% there- editorial
noted, became Sec. 10 of the
new bill. The House
after. The bonds are expected to be ready for delivery Banking and Curre
ncy Committee on Jan. 11
struck out
about Feb. 3. The issue will be dated Oct. 1, 1925, and Sec. 10. On Jan. 1
the Federal Reserve Board
, through
will become due Oct. 1, 1965. The bonds will be redeem- Governor D. R. Criss
inger, forwarded to the
members of
able at the option of the bank at par and accrued interest the committee a state
ment approving most of
the provion Oct. 1, 1935, or on any interest date thereafter. They sions in the bill, but
made certain suggestions
regarding
are coupon bonds of $1,000 and $10,000 denominations, fully the amendments propo
sed to Sec. 5200 of the
registerable and interchangeable. Principal and
Revised Statsemi- utes. According to the New York
"Journal of Comannual interest (April 1 and Oct. 1) are payab
le at the merce" of Jan. 16, little, if any, atten
tion has been given
bank of issue or at the Continental & Commercial Natio
nal to the proposals of the Federal Reserve Board
for amending
Bank in Chicago, or at the Chatham-Phenix National Bank the bill, it being
further understood that some
of the memand Trust Company, New York, at the holders' optio
n. bers have not even read the lengthy
document in which
The Chicago Joint Stock Land Bank operates in the State some of the
features of the bill are taken up
s
at length. Conof Illinois and Iowa. It has paid regular dividends
since tinuing, the paper quoted said:
1919, and is now paying 10%. The farm loan bonds
Nor
will any effort be made on the
issued
of the House to correct
defects to which the Board has called. thefloor
by the bank and outstanding on Dec. 31, 1925,
attention of the committee. the
totaled
It
is
the
comme
nt
in
the House corridors that it would not
$54,344,300.
be possibl
to stage a discussion, for instance of Sec. 5200,
for the reason that few havee
taken the trouble to acquaint themse
lves with what it is all about,
so
and
of
necessi
ty have to depend upon statements of the
Increase in Atlanta Joint Stock Land Bank
committee as given
during the debate.
.
The Atlanta Joint Stock Land Bank has
It is believe that the bill will go through the
House
started the rial change, itd being
t any mateadded that the real move to bring withou
new year, it is announced with an increase
the measure more
in its capital nearly in conformity with the views
of
the
Federa
stock from $250,000 to $350,000. The new
l Reserve Board will
issue of $100,000 come in the Senate.
Members of the Senate Banking and Curren
was voted by the Board of Directors at a
cy
recent meeting session of the
Commit
tee are in pos.
Board proposals and are giving
and all of the stock it is stated was subsc
little attention to them.
ribed by the It is expected that public hearings will be held no
at
least by a sub-committee
stockholders within one day. The Federal
when the bill reaches the Senate after passag
Farm Loan Act, someth
e by the House, at which time
ing more than a branch banking fight
under which the joint stock land banks
will be made against the
are chartered measure.
and operate, gives these banks a lending power
up to fifteen
The following report on the bill was
times the amount of their capital stock.
made by Chairman
Hence the in- McFadden on
Jan. 12, when the measure was
crease in capital stock of $100,000 gives the
reported to
Atlanta Joint the House:
Stock Land bank an increase in lending power
of $1,500,000
T.his bill is in effect identical with H.
R.
8887
and a total lending power of $5,250,000. The
as it passed the House
directors at in the last Congress, but which failed of passage in the Senate
closing days of the session.
during the
the same meeting declared a semi-annual divid
end of 3/
1
2
%,
There are two changes in form in H. R.
payable January 1. Organized three years
2
as
compar
ed
with
11.
R. 8887.
Section
ago, with
15 which related to the safe deposit
busines and Section 17 (b)
Georgia and Alabama as its territory,
the Atlanta Joint which related to the investment securities businesss have
been combined
and carried over
Stock Land bank, according to President A.
2 (b). The policy of the bill
B. Simms, has same, but instead asof Section
remains the
appearing in the bill as new
made farm loans aggregating $4,500,000.
grants of power (as
they appeared in H. R. 8887) they
now appear as a confirmation
regulation of an existing banking service
and
common knowledge that national banks or business. It is a matter of
ment securities business and the safe have been engaged in the investMcFadden Banking Bill Before Hous
e.
years. In this they have proceeded underdeposit business for a number of
their incidental corporate
The McFadden banking bill, making impor
powers
tant changes in to conduct the banking business. Section 2 (b)
recognizes this
but declares a
the Federal Reserve and National Bank
on,
Acts, was taken these activities. public policy with reference thereto and thereby situati
regulat
es
up for consideration by the House on Jan. 20, havin
Sections 7, 8 and 9 and the last
g been
proviso
to
ordered favorably reported by the Hous
Section
branch
1,
banking, have been clarified as to
which relate to
e Banking and Curphraseology by these same sections as drafted in H. R. 2. Some
rency Committee on Jan. 11. As stated in
amendments offered upon
these columns the House in the preced
the floor of
ing
Congress have
Dec. 12 (page 2821), the bill (originally IL R.
8887, but now and on the whole the language has been been co-ordinated with the text
known as H. R. ,?) as reintroduced by Repre
has been made in the policy of the bill simplified. No change, however,
sentative Mcin this
.
Every section of the
Fadden on Dec. 7 is in virtually the same
is an amendment respect
of the National Bank
form as it passed itself or of provisions of bill
the Federal Reserve Act
Act
the House last year. We indicated as follows in
which relate to nationa
our Dec. banks. The general purpose of the bill is to adjust
l
laws to modern banking conditions along
the national banking
12 issue the salient features of the bill:
the
lines
of
and
withou
conserv
t
any deviation
1. Provides for indeterminate charters for national banks in lieu
the high standard which ative banking,
of the the national banking systemfrom
has been set by
present 99-year charters.
. Some of the provisi
ons in the bill extend
and enlarge the powers of nationa
2. Permits organization of national banks in outlying sections of
l
banks,
but
only
cities which State banks and trust
in the manner in
of over 50,000 population with a smaller capital than
00, but not operating within recent years.companies generally have been successfully
less than $100,000, upon approval by the Comptroller of $200,0
Other sections of the
the
Curren
cy.
regulat
e
practic
bill affirm and
es
which have grown up within
3. Regulates branch banking by national and State member
the national banking sysof tem under the exercise of inciden
the Federal Reserve System, limits the operation of branches to banks
tal
corpora
te
powers
the nut- common to both the State and
. These practices are
nicipalitY In which the parent bank is located and confines branch
national banks.
sections of the bill
ing to those States which permit branch banking at the time ofbank- relate entirely to questions of procedure and notOther
to
the
attemp
banking powers. An
t
is
made to eliminate some of the rigid
passage of the Act.
tion.
formali
Several
paymen
Provid
sections of the
es for
t of stock dividends.
4.
declare a Federal ties in this direcwith reference to branch bankinbill
s. simplifies the procedure necessary for the consolidation
g.
A detailed analysis,Governmental policy
of
nationa
l follows:
section by section,
and State banks.
Section
1. This section relates to a questio
S. Removes existing restrictions on real estate loans by permitting new
n
of
procedu
power
re.
to
the national banks. It
adds no
50% of savings deposits to be loaned on such security for a period of five solidat
s that a State bankItmay
e directly with a national bankprovide
conyears.
under
the
same
nationa
result
l
charter
can
. The
Guaran
now
tees
be
State
bank
to
accomp
membe
lished
rs
of
the Federal Reserve System ing into
7.
throug
h
the
State
bank first converta national bank and
equality of operating conditions with national banks.
consolidating
bank. Consequently, the effect then
another national
of the section is towith
3. Clarifies in many ways the existing law regulating national banks.
elimina
expense in accomplishing a result
te delay and
which
is
befor
have
noted
e
alread
the
,
bill
y provided for by law.
was passed by the House At the end of this section is a
As we
proviso
in
confor
mity
with the branch
g policy of the bill, which
a year ago—Jan. 17 1925—but it failed of action by the bankin
ts any such consolidated
retain any branches which the Stateprohibi
bank to
bank may have had outside
of the city
JAN. 23 1926.]
THE CHRONICLE
429
limits of the city of the consolidated bank and also prohibits the retention bank may discount,
since the limitation of the law runs against the maker
of any branches whatever which may have been established in a State only and not
against the indorser. This subsection is designed to cure
which, at the time of the enactment of the bill, prohibited branches.
this defect in the law.
Section 2. Section 2 is divided into two subsections (a) and (b).
Under subsection 6 there is an enlargement of the power of national
Subsection (a) is not an enlargement of the powers of a national bank, banks
in the matter of loans upon the security of non-perishable staple
but extends the term of its charter to an indefinite number of years sub- commoditi
es stored in bonded warehouses. This section would permit a
ject to forfeiture of the charter by reason of violation of law, subject to gradual
increase of the loan up to an amount not exceeding 50% of the
termination by Act of Congress at any time and to termination through
capital and surplus of the bank, provided each increase in the amount
of
the appointment of a receiver on account of insolvency. This extension the loan
shall be accompanied by an increase in the value of the comof the life of the charter of national banks is along the line of State legis- modity
collateral
proportion
in
to the face amount of the additional loan.
lation for the State banks in Arkansas, Connecticut, Florida, Illinois,
Section 11. This section is designed to cure a typographical error in
Kentucky, Maine, Massachusetts, Minnesota, Nebraska, New Hampshire
, the Agricultural Credits Act of 1923, and relates to the total liabilities
New Jersey, New York, North Carolina, Ohio, Oregon, Rhode Island, South of
national banking associations.
Carolina, Tennessee, Vermont, Virginia and West Virginia. It
will be
Section 12. Section 12 is designed to clarify and correct a criminal
noted that these States include the important cities of New York, Buffalo,
Boston, Chicago, St. Paul, Minneapolis, Cleveland, Cincinnati, Louisville provision in Section 5208, Revised Statutes, relating to the over-certifica, tion of checks.
Omaha, Providence, Nashville, Richmond and a number of
other lesser
Section 13. Section 13 relates to a matter of procedure and gives
financial centres.
the
board of directors Of a national bank the right to permit a junior officer
One of the principal advantages of the indeterminate charter is to
enable to certify reports to the Comptroller in the absence of the president
and
the bank to administer long-term and perpetual trusts. Many
of these cashier.
trusts are in the nature of educational and charitable foundation
s.
Section 14. This section is in the nature of a liberalization for both
Subsection (b). This subsection is divided into two
provisos, each of State and national banks in that it empowers the Federal
Reserve banks
which recognizes and affirms the existence of a type of business
which to rediscount for any member bank an amount of eligible paper equal
national banks are now conducting under their incidental
to
charter powers. the amount which a national bank could lawfully
discount
for its customThey may be said to liberalize, in that they confirm the conduct
of this ers. Under the existing law a Federal Reserve bank can only
character of business; on the other hand, they are restrictive
discount
an
in that the amount of eligible paper of any one borrower not exceeding
business is confined to definite limits by law.
10% of the
capital and surplus of the member bank. This section does not change
The first proviso referred to recognizes the right of
national banks to the character of classes of eligible paper. If the
paper is already eligible
continue to engage in the business of buying and selling
investment secu- for discount and the National Bank Act considers
it safe for a national
rities, but at the same time it makes a general definition
of the term bank to take it in certain stated amounts, it is considered
"Investment securities" and gives the Comptroller the authority
by this section
to make to be safe for the Federal Reserve banks to rediscount it
in the same
a further definition by regulation. This would give the Comptroll
the
amounts.
er
The
paper
itself
is
considered
liquid,
and in addition has the
authority to exclude by definition the right of a national bank
to pur- indorsement of the member bank upon it when presented
chase undesirable or unsafe investment securities. This
for rediscount.
provision also
Section 15. This section simply adds an additional criminal
limits the total amount which a national bank may
provision
take of any one issue providing for the punishment of a national bank
of such securities to 25% of its capital and surplus.
examiner who commits
In this connection a theft from a bank examined by him.
it may be noted that this is a business regularly carried on by
State banks
Section 16. This section is a restatement of the existing law
and trust companies and has been engaged in by national
relative
banks for a to loans by national banks upon the security
number of years. The national banks hold to-day
of real estate. It broadens
in the neighborhood of the powers of national banks as to the time
limit of the loans upon city
$0,000,000,000 of investment securities. The effect
of this provision, there- property, but at the same time makes
restrictions by way of definitions.
fore, is primarily regulative.
At the present time a national bank may make a
The second proviso regulates the safe deposit
business of national banks upon city property for a period not exceeding loan upon first mortgage
and prohibits them from investing an amount
one year. This section
in excess of 15% of capital increases this period to five years as a
maximum. At the same time it
and surplus in a corporation organized to conduct
a
business
safe
deposit
defines
a
real
estate
loan
to
be
one with respect to which the bank takes
In connection with the bank. This is a business
which is regularly car- the entire obligation at the time of making the
ried on by national banks and the effect of
loan. The purpose of this
this provision is also primarily definition is to prevent the possibility
of a bank from purchasing real
regulative.
estate bonds under the.guise of making loans upon the
Section 3: Section 3 is in the nature of a liberalization
security of real
to the extent estate. Such real estate bonds as may be
that it would permit a national bank to purchase a
purchased by a bank (should
piece
of
real
the
Comptroll
estate
determine
er
that
any
such bonds are "investment securifor expansion of its banking matters without making
it mandatory upon ties") would be acquired under Section 2 (b)
the banks to make immediate use of the property
of the bill.
for banking purposes.
The State banks and trust companies are authorized
In other words, the section simply strikes out the
to make long-time
word "immediate" from loans upon the security of first mortgage upon
the law. The existing law has operated as a hardship
city real estate. National
upon
national
banks,
banks
by
being
limited
to
one-year
a
in this respect.
period, have found themselves
handicapped in meeting the demands of their
Section 4. Section 4 provides for.the organizati
customers in this respect.
on
lying districts of a city with a capital of $100,000 of banks in the out- The section limits all such loans to an amount not exceeding one-half of
where the population the savings deposits in the bank, and thereby
is in excess of 50,000.
relates the real estate loan
business to savings deposits. This is a logical connection.
Section 6. Section 5 is also in the nature
National banks
of a
lation of an existing practice. It permits nationalconfirmation and regu- have on deposit about $5,000,000,000 of savings deposits from about 11,banks to continue to 000,000 depositors. This constitutes a
large proportion of the entire
pay stock dividends, but provides a definite
procedure and regulations of savings business in the United States,
and it has become necessary to
amount of surplus which the bank must have at
the
recognize the right of a national bank with certain definite
Section 6. This section does not add any new time of the Increase.
restrictions to
charter powers, but is use these funds in the same general
manner in which the State banks and
simply a clarification of an ambiguous provision of
law relating to the trust companies are using them, which
Includes the right to make loans
status of the chairman of the board of directors.
It provides that the upon city property, as provided above.
president of the bank shall be a member of
the board of directors but not
The enactment of this bill into law will put new life
necessarily chairman thereof.
into the national
banking system. The cumulative effect of its provisions
Section 7. This section is a restriction upon
will produce a
branch banking. It is a situation in the Federal Reserve System
re-enactment of existing law which permits
where the rights of the national
a State bank to convert into banks will be more nearly
on a par with those of the State member banks.
a national bank and to retain all of the branches which
the State bank When the Federal Reserve Act was
might have had regardless of their location, but
amended to let State banks come into
restricts the branches the Federal Reserve System with their
which may be retained solely to those which the
full charter powers the national
State bank may have had banks, operating under the old
within the limits of the city in which the State
National Bank Act of 1884, found thembank is
which at the time of the enactment of the bill permittedlocated in a State selves, as compulsory members of the Federal Reserve System, placed at
Any branch which may have been established even within branch banking. a considerable disadvantage. Many of these State banks are operating
the city limits under modern banking codes. The
under State authority given after the passage of this
amendments which had heretofore
bill would have to been made to the National Bank
be relinquished, as well as any branches which may
Act were not sufficient to enable the
have been established national banks to compete on
terms of equality with such State member
on the outside of city limits under authority of State laws
previous to the banks, while at the same time they
passage of the bill. This section is in conforinity with
were compelled by law to bear the
the branch bank- chief burden in supporting the Federal
ing policy of the bill which would confine all branch
Reserve System.
banking
within
The
bill
the
recognizes
the absolute necessity of taking legislative
national banking system to city limits and to prohibit
action
national banks from with reference to the branch
establishing any branches in States which prohibit
banking
controversy. The present situation
State banks from exer- is intolerable to the national
cising this power.
banking system. The bill proposes the only
practicable solution by stopping the further
Section 8. This section recognizes the right of
extension of State-wide branch
national banks to es- banking in the Federal
tablish branches within those cities in which State banks
Reserve System by State member banks and
by
have
that
privipermittin
g
national
banks
to
time
the
have
of the passage of the bill. Should a
lege at
branches in those cities where State
non-b
State in the future change its policy and permit the State ranch-banking banks are allowed to have them under State laws.
banks
to
have
Your committee feels that the need for this
branches the national banks would be prohibited from
legislation is even more
exercising similar urgent than it was during the
powers. This section also as a practical matter limits the
last Congress and respectfully urges its
activities of national banks to cities having a populationbranch banking passage.
in excess of
An explanation regarding the provisio
100,000.
ns of the bill and
Section 9. This section makes the same requirements as
to State mem- Its purpose was made by Representative McFadd
en in an
ber banks in the Federal Reserve System which Section 8 makes
of the address delivered at the opening
national banks with reference to branch banking. Under it a
of the Fordham National
State mem- Bank
restricted,
of
would
be
ber bank
so far as future operations are
New York City on Jan. 2. At the
concerned, to
request of Senthe establishment of branches within the city limits in which
ator Copeland, President of the bank,
the
Representative Mcbank is located in those States which permitted branch banking parent
at the Fadden's remarks were
time of the passage of this bill. If the State changes its branch
inserted in the "Congressional
banking Record,
policy and permitted the State banks to have branches, State
" and we quote therefrom the
member
following:
banks of the Federal Reserve System could not exercise such powers
within
Main Purpose of the Jul.
the Federal Reserve System. This section further prohibits any non-memThe
main purpose of the bill is to
ber State bank from bringing into the Federal Reserve System branches
remove certain outstanding handicaps
from the national banks which
which have been stablished on the outside of city limits.
now stand in their way and prevent them
from
carrying
on
an
efficient modern banking business.
Section 10: This section is designed to re-state and clarify Section 6200
The National Bank Act was
of the Revised Statutes which governs the amount of money which a
passed in 1863, when the population of the
national bank may lend to any one person. The existing law is composed United States was less than one-third of what it is to-day and before our
wonderful industrial and commercia
of the original provisions of 1863 with a number of amendments and
l development whicli. has characterized
provisos added from time to time and stands in need of clarification to clear the last 50 years of the history of our country began. During 50 years
the National Bank Act has
up certain ambiguities. It is not the purpose of this section to make
not
been sufficiently amended to accord with
any
substantial liberalization or restriction upon the business of national modern demands for banking service. That is not true of many of the
State banking laws. Since trust
banks and the language of the bill is therefore substantially identical
companies began to carry on a commerin cial banking business they
effect with that of the existing law.
have
in that field of banking and, in come to be competitors of national banks
Subsection 4 is in the nature of a restriction upon the discount of nonaddition to that service, they render many
other services which their charter
commercial paper. Through a loophole in the existing law there
powers permit but which are denied
is at national banks. Therefore
national banks find themselves at a serious
present no limit upon the amount of this type of paper which a
national disadvantage, especially because
the more favorable banking laws of many
430
THE CIFIRONTCLE
States enable State banks and trust companies to develop forms of banking service which the public now expects and which, from an economic
standpoint, have been found to be sound and safe.
Congress has already recognized this situation by permitting national
banks to exercise trust powers, thus giving them an opportunity to get
their share of that very profitable business, so'that in this field they are
equipped to compete with State banks and trust companies and render a
service that is greatly in demand. This bill simply goes a little further
in the same direction, but proceeds with the same degree of conservatism
and caution in expanding the powers of national banks. After this bill
becomes a law, and I have no doubt that it will be enacted into law at the
present session of Congress, the national banks will be enabled to compete
on fair and reasonable terms with State banks and trust companies, but
they will not be permitted to do anything of which a conservative banker
can reasonably disapprove.
Indeterminate Charters.
National banks with the power to exercise trust powers are at a disadvantage by having their term of existence restricted to a definite period.
As time passes the term of the bank's existence grows less and less, until
a time is reached when the charter expires by limitation. In all of the
metropolitan financial centres State banks and trust companies are not
embarrassed by such charter limitations; therefore, when the question of
the exercise of trust power by a national bank arises it is seen at once
• that trust companies organized under State laws have a distinct advantage,
because those who desire to place the administration of a perpetual trust
in the hands of a financial institution will always select the institution
which is liable to have the longer term of years to run. This condition
lias proved to be of considerable embarrassment to many national banks
with a limited term of existence in their efforts to get a fair and reasonable share of the trust business in the territory in which they operate, and
it has been the cause of several national banks giving up their national
charters in favor of State charters. The perpetual trusts referred to are
in the nature of educational, scientific and charitable foundations. They
are becoming of increasing importance, and the national banks should not
be deprived of an opportunity to administer them. Therefore, the bill
gives to national banks the right to exist for an indeterminate length of
time, subject at all times to the will of Congress and to the operation of
the laws relating to liquidation and insolvency. To say that this provision
of the law grants a national bank the right to exist perpetually is not
true, and that statement has been a stumbling block to many who are
disposed to grant the notional banks increased powers, but look with
suspicion upon an effort to give them perpetual life. The effect of the
proposed law, stated plainly, will be that national 'banks may continue to
operate for an indefinite period, provided they behave themselves and
obey the law. When this provision becomes a law national banks will be
upon the same plane of competitive equality, so far as the continuance of
their corporate existence is concerned, as the State banks are in 22 States
In which the cities of New York, Buffalo, Boston, Chicago, St. Paul,
Minneapolis, Cleveland, Cincinnati, Louisville, Omaha, Providence, Nashville, Richmond, and a number of other large financial centres are located.
(Vol. 122.
same time protect the people who furnish the money. I think this is one
of the most commendable amendments in the bill.
Archaic Restrictions of Existing Law.
Other sections of the bill deal with technical questions of banking.
Some of them remove archaic restrictions and repeal obsolete provisions
of law, and others are designed to clarify the law. Among these is the
provision for the regulation of the investment security business of
national banks. This is a recognized modern banking service that is being
carried on now by national banks and to which the National Bank Act
needs to be adjusted.
Objections to Certain Provisions.
Ever since this bill was originally introduced there has appeared from
time to time objection to certain provisions, but invariably when these
provisions were explained and analyzed these objections were swept aside.
There is one group which has opposed the bill as a whole because it is
alleged that it has been formulated without a previous exhaustive scientific study by a commission of economists and bankers. This group would
like to see a bill introduced which would have for its purpose the solution
of all of the country's banking problems. In this connection I would like
to state that the national bank bill is not an attempt at a scientific codification of all of the banking laws over which the Federal Government has
jurisdiction. There may be a need for such a codification, and there are
no doubt many unanswered questions of banking over which the Federal
Government could take jurisdiction that are not covered in this bill.
The point I want to emphasize is that this bill is an emergency measure.
It does not need a great amount of deliberation by a scientific body to
understand what it proposes to do. Each section is an amendment to some
particular section of the national banking laws or the Federal Reserve
law relating to national banks. After a most exhaustive study by all of
those who realize the emergency that confronts the national banks, these
amendments were decided on to the end. that national banks shall have
relief now, not at some future time, from certain obsolete laws that impose burdensome restrictions upon the conduct of business by the national
banks.
The
Comptroller of the Currency is in contact constantly with all of
the national banks. He has in the field a large body of experienced examiners. His office has a corps of men of experience and a fund of information which cannot be found elsewhere, and no commission, however constituted, could lay before Congress an intelligible national banking measure
without calling on the Comptroller for the benefit of his experience. That
is why the National Bank Act imposes upon the Comptroller of the Currency the duty to make recommendations as to change in the national
banking laws. Therefore this bill is not open to criticisms because of any
lack of cempetent consideration of its subject matter. It is based upon
recommendations from the Comptroller upon hearings granted to bankers,
economists and business men, and upon intensive study by the members of
the Banking and Currency Committee, which reported it to the House of
Representatives.
The result of this study indicates clearly that the national banking
system to-day is facing a crisis due to the lack of enlarged charter powers.
that will enable national banks to meet the requirements of modern conReal Estate Loans.
ditions in industry and commerce.
When the National Bank Act was adopted in 1863 its framers contemIt cannot be expected that national banks will sit idly by and wait
plated that banks organized by virtue thereof should be what are technic- indefinitely for Congress to take action. Many of them have already
ally known as banks of issue, circulation and discount. In other words, taken out State charters and many others will doubtless follow in the near
that the national banks should be purely commercial banks with power to future if the relief they demand is not granted speedily. This bill is an
issue national bank notes, to receive deposits payable on demand, and to answer to their demand for relief. It simply touches upon the most vital
make loans to manufacturers and merchants for industrial and commercial and salient defects of the national banking laws as they relate to the
purposes. It is accepted as a rule of action that deposits payable on operating conditions of national banks. It is necessary now without delay
demand must be invested in assets that have a short maturity and that are to put the national banks on their feet. When this is done there will be
promptly paid, to the end that funds shall flow into the bank in order to time enough for a commission to deliberate and report on the many other
meet the demand in the shape of checks that are made by depositors from problems of banking which must be solved ultimately.
day to day. Therefore the National Bank Act provided that none of the
Branch Banking.
commercial deposits of a bank should be invested in long-time loans upon
Turning now to the controversial question of branch banking.
the security of real estate, and the Federal Government has strictly enIt is to be remembered that the main object of this bill is to enable
forced this principle upon national banks, on the theory that its demand
deposits should not be invested in any slow assets, even though the security national banks to compete upon terms of equality with State chartered
be recognized as ample and safe. During the last quarter of a century banks and thus restore the waning prestige of the national banking system.
It has been found that many national banks located in cities are being
there has grown up in national banks alongside of commercial business a
savings deposit business. Thus in any well-rounded banking service, put out of existence by State banks that have the power to establish
whether it be that of a national or State bank, you will find to-day both a branches. Therefore, one of the first means of establishing competitive
equality is to give national banks in cities the same right to have branches
commercial and savings department in operation.
There are on deposit to-day in national banks a total of six billions of that State banks enjoy. But as there are a number of States that do not
dollars of savings deposits, which is about one-fourth of the entire sum recognize the principle of branch banking under any condition, the attiheld in savings accounts by all of the banks of the United States. There tude of the citizens in those States had to be taken into consideration, and
are 11,000,000 individual savings depositors in national banks, constitut- it is necessary to limit the branch banking to cities in those States that
ing nearly one-third of all of the persons in the United States who carry recognize it by law or regdation.
It is readily understood by everybody that the Federal Government has
savings deposits in all the banks. These figures do not include what are
no control or authority over State chartered banks, but when such banks
known as commercial time deposits, but are strictly savings deposits.
If it is wrong to invest the demand deposits of a bank in long-time secu- seek membership in the Federal Reserve System the Federal Government
rities, it is just as long to risk savings deposits, which are trust funds, has undoubted power to determine the operating conditions under which
upon the hazards of commercial loans. Therefore it is only fair and rea- such banks shall be permitted to enjoy the benefits of the Federal Reserve
sonable to provide the means whereby a part of this fund of $6,000,000,000 System. Therefore it is deemed only fair and reasonable to ask those
of savings deposits held by national banks may be invested upon the se- State banks that desire membership in the Federal Reserve System to put
curity of real estate, to the end that savings depositors shall have the themselves on a plane of competitive equality with the national banks
assurance that part of their money shall not be thrown into the hazards of that are compulsory members of the System, and to achieve that, Section 9,
Industry and commerce, but will be invested in secured loans. Although which regulates branch banking by State members banks of the Federal
the State banks and trust companies are permitted to lend upon the security Reserve System, was put in the bill.
This section is being opposed by a group of large State banks that are
of real estate for considerable periods of time, under the present law national banks may not make such loans for a greater period than one year, members of the Federal Reserve System who desire to extend their branches
and they cannot lend in this manner more than one-third of their time or without limit in the State which gives them the right to have branches.
If that right is accorded to State member banks of the Federal Reserve
savings deposits. This restriction to one year is a serious handicap to
national banks, especially to those located in the smaller cities. A first System it will clearly give them an undue advantage over national banks,
mortgage upon properly appraised city real estate is a very high-class loan and it will undoubtedly cause many national banks to leave the national
and can be made with absolute safety out of savings deposits, so that there system and take out State charters, because they can have branches and
is every reason to encourage the development of this character of business at the same time get all of the advantages of the Federal Reserve System.
There is neither justice, reason, nor logic in the contention of these
by national banks. If national banks are not permitted to compete in this
field with trust companies, it will prove disastrous to the national banking State-wide branch bankers that a national policy should be subordinated
system, because the present policy of the law not only prevents national to a purely local or domestic policy; therefore it is deemed eminently
banks from engaging in these constructive activities but compels many wise and proper for the Congress of the United States to say that there
small banks to secure investments outside of the community, about which shall be only one standard or one kind of banking carried on within the
they know very little. Thus the funds that are provided by the savings Federal Reserve System, and that all members thereof shall be placed
depositors in a given community are not returned to that community for upon a plane of competitive equality.
Other opponents of Section 9 allege that it is morally wrong for FedIts development btilt are sent elsewhere. This not only penalizes the national banks by preventing them from taking advantage of the eral sovereignty to adopt any policy that will tend to discourage the full
very highest class of security, but it is unjust to the savings deposit- and free exercise of State sovereignty with respect to the domestic corors in that it uses their money for the development of enterprises out- porations of a State.
I assert that it is not only lawful and constitutional, but morally right
side of the community in which the deposits originate . The purpose of
the bill is to extend the time which a national bank may lend upon the for Federal sovereignty to establish the rules and regulations for the consecurity of first mortgage on city property from one year to five years, duct of business by the greatest fiscal agency It has ever created--that is,
provided such loan is limited to 50% of the appraised value of the prop- the Federal Reserve System—for if it should surrender its sovereign right
erty taken as security. It will provide a large amount of money for local to exercise complete control over its fiscal agency its power would be surbuilding enterprises, strengthen and build up the community, and at the rendered to the power of 48 sovereignties, and the Federal Reserve System,
JAN. 23 19261
THE CHRONICLE
created for the benefit of all of the people, would begin to disintegrate
and go to pieces and in its place there would be set up various groups of
banking control that would not and could not be united.
When this bill is enacted into law many large national banks which are
on the verge of going over into State banking .system will change their
minds and remain in the national banking system, and many other
banks
which have surrendered their national charters will come back
into the
national banking system, and the final result will be a building
up and
strengthening of both of the great fiscal agencies of the
Federal Government, namely, the national banking system and the Federal Reserve
System.
431
name or reputation of a bank is one of its most valuable
possessions and it would seem clear that the same is true
of any banking system. He points out that any device or
scheme the natural result of which would be to cause banks,
corporations or firms of questionable standing to be confused
with the Federal Reserve banks or which is likely to mislead
the public into believing that sueh banks, corporations or
firms are affiliated in some way with the Federal Reserv
e
System or the Federal Farm Loan System endangers their
good name and reputation. Mr. McFadden believes, therefore, that the enactment of legislation to prevent such abuses
is necessary to protect the Federal Reserve banks and the
Federal Farm Loan System. He points out in suppor
t of
the principle that the Supreme Court of the United States
has said that the power to create National banks carries with
it the power to preserve them, and the same, therefore, must
apply to the Federal Reserve and Federal Farm Loan
Systems.
Representative McFadden's Bill Increasing Maxim
um
Maturity of Advances By Reserve Banks to
•
Member Banks on Promissory Notes.
Representative L. T. McFadden, Chairman
of the House
Committee on Banking and Currency, introduced
on Jan. 18
a bill to provide that the maximum maturity of advances
made by Federal Reserve banks to member banks
on their
promissory notes be increased from 15 to
90 days. His
amendment will permit Federal Reserve banks
to extend
credit to their member banks for any period
of time not
exceeding 90 days on the security of eligible
paper, whereas Movement
by Federal Reserve Board and New York
under the present law the length of the period
of any such
Stock Exchange to Provide for Publicity of
credit in excess of 15 days is determined necessa
rily by
Call Loan Data.
the maturity dates of the notes which are offere
d for disThe intention of the Federal Reserve Board
count at the Federal Reserve banks.
to make
available in the weekly reports of condition
Representative McFadden announces that he has
of member
received
banks in New York City information as to the
the approval of the Federal Reserve Board to
amount of
this amendbrokers' loans was made known this week.
ment and states that the Board believe that
The Federal
s
it would be of
Reserve Bank of New York in announcing
distinct advantage to member banks
this on Jan. 19
to be able to obtain
made public`a letter received by it from D. R.
credit for any desired period up to 90
Crissinger,
days, regardless of
Governor of the Federal Reserve Board
the maturity dates of the notes in its portfolio.
under date of
Mr. McFadJan. 11, in which was contained the request
den contends that this amendment will be of advant
for the inage in
clusion of figures of loans to brokers in
those sections of the country where season
member banks'
al credit is
weekly reports. The Board States that "after
greatly demanded. He says further
the system
that he believes that
the enactment of the amendment propos
of reporting such loans has been inaugurated at
New York
ed will be a means
ef saving country banks much inconv
City, it is the intention of the Board to extend
enience. Member
it to other
cities." Co-incident with this announcement, the
banks' notes with 15-day maturities he notes
New York
are in many
cases frequently renewed and the
Stock Exchange also announced the adoption by
proposed amendment
its Governing Committee of a, resolution under which
would eliminate the necessity and inconvenienc
members
e of such
frequent renewals. This feature, he says,
will be called upon to report to the Exchange "the
would be of
amount
especial assistance to those member banks which
of their outstanding time and call loans as at the
close
are so
of business on the last day of each month"; it is
situated that more than one day is necessary
for the mail
added
to pass to or from the Federal Reserv
e banks by which they that "the total figures for such loans will be regularly
are served. Mr. McFadden feels, and
he states it is con- released for publication by the Exchange as soon as poscurred in by the Federal Reserve Board,
that the increase sible thereafter." Governor Ciissinger's letter to Pierre
In maturity for member banks' notes
should be limited to Jay of the Federal Reserve Bank of New York states that
those notes secured by paper eligible for
rediscount or pur- the Reserve Board plans to begin the publication of the
chase by Federal Reserve banks, because it is
figures, with an explanation of their nature and limitaunsound banking to permit the issue of Federal
Reserve notes against tions in the Federal Reserve Bulletin for February. "When
promissory notes secured by Government bonds
as collat- the reporting system is in operation," says the statement
eral. He further indicates as his belief
that the preSent by the Federal Reserve Bank of New York, "the total of
law is sufficiently liberal as respects
advances to member these figures will be made public each week." The followbanks on notes secured by Government
bonds, or bonds of ing is the statement of the Reserve Bank:
the War Finance Corporation.
At the request of the Federal Reserve Board
the Federal Reserve
McFadden Bill Designed to Protect Federa
l Farm Loan
System and Federal Reserve Banks Again
st False
Advertisements.
Representative L. T. McFadden on Jan.
19, at the request
of the Federal Reserve Board, introduced
in the House of
Representatives a bill to prohibit the
offering for sale as
Federal farm loan bonds and securities not
issued under the
terms of the Farm Loan'Act, to limit the
use of the words
"Federal," "United States," or "reser
ve," or a
-of such words, to prohibit false advertising, combination
and for other
purposes. Mr. McFadden states that the
Federal Reserve
Board has received many complaints about
the use of the
words "Federal" or "Reserve," or ti combin
ation of the two
as part of the title of banks, corporations and
firms other
than Federal Reserve banks. He says:
In most of these instances it is obvious that such words
In an attempt to take advantage of the prestige enjoyed have been used
by the Federal
Reserve banks and to arrogate to the firms or corporat
ions using
part of the benefits accruing from this prestige, and the Board such words
has felt that
not only is this purpose in itself objectionable but also that
such
words Is likely to mislead the public and to cause confusio use of these
n. In several
Instances it has been found that the use of such words by
firms or corporations other than Federal Reserve banks actually has led to
confusion, and
the Federal Reserve Board has always opposed such use of these
words and
feels that legislation to remedy the situation is very badly needed.
Mr. McFadden further states that the precedent for
the
enactment of a law of this kind is found in Section 5243
of
the Revised Statutes which prohibits the use of the
word
"national" as part of the title of any bank not
organized
under the National Bank Act. While the validity of
that
provision has never been passed upon by the courts, it
has
been on the statute books since 1873 and its validity
has
never been questioned. It is well recognized that the good
Bank of New York has asked member banks
in New York City to
include in their weekly reports of condition an
additional item which
will show separately the loans to brokers
made by New York City
banks, for their own account, and for account
of out-of-town banks
and others. When the reporting system is in
operation the totals of
these figures will be made public each week.
It is believed that the collection and publicat
ion of these figures on
the volume of these loans to brokers
will assist
understanding of movements in the money market in giving a better
and of developments
in the general credit situation. The
addition of
weekly statement is in accordance with the policy this item to the
which the Federal
Reserve System has pursued of extending
from time to time the scope
of the information currently made public on
credit and business conditions.
These reports by member banks will show the
amounts advanced to
brokers by the principal lenders. The New
York Stock Exchange is
also requesting its members, who are the
principal borrowers, to report
at the end of each month the amounts
they are borrowing and it is
expected that the totals of these reports
will be made public. The
two reports together should give
a comprehensive view of the changes
in the volume and sources of loans
to brokers.
Governor Crissinger's letter to Mr. Jay
follows:
FEDERAL RESERVE BOARD.
Washington, January 11, 1926.
Mr. Pierre Jay,
Federal Reserve Agent.
Federal Reserve Bank,
New York City, N. Y.
Dear Mr. Jay:
For several years the
Board has been receiving from about 700
member banks in leading cities
weekly reports of their deposits, investments, and loans, and the
current publication of the reported figures
has contributed in an
important way to the public understanding of
the banking system in the
United States, of changes in interest
and of developments in the
rates,
general credit situation. The purpose of
this letter is to initiate, at
an extension of this reportinthe beginning of the calendar year 1926,
g system.
The weekly reports from member
banks have given separately since
1917 loans secured by U. S. Governm
secured by other bonds and stocks, ent obligations, since 1919 loans
and
member banks in New York City and since 1920, for the reporting
in other Federal reserve bank
432
THE CHRONICLE
The amount of funds
cities, the amounts due to and due from banks.
to out-of-town banks
due from reporting banks in New York City
requirements
changing
changes from time to time in response to the
in response to inand
banks
out-of-town
of local customers of these
ways by these banks
creases or decreases in the employment in other
be used in the purchase
of their New York funds. These funds may
making of loans in the
of bills or of commercial paper or in the
of stocks and
money market, principally to brokers, on the security
City through
bonds. Such loans are made by banks outside New York
loans of this
their New York City correspondents, which also make
brokers, largely
character for their own account. These loans to
in the money
payable on demand, constitute an important element
the changing
market of the country, influencing and influenced by
of funds.
interest rates in different centers and for different uses
money
Believing that a better understanding of movements in the
will be
market and of developments in the general credit situation
concerning
information
promoted by the collection of more adequate
York City than has
the volume of bank loans to brokers at New
each of the
hitherto been available, the Board requests you to ask
to include in its
weekly reporting member banks in New York City
of informaitems
weekly report, as memorandum items, the following
tion:
Loans to brokers secured by stocks and bonds:
1. For account of this bank—on demand.
2. For account of this bank—on time.
3. For account of out-of-town banks—on demand.
4. For account of out-of-town banks—on time.
5. For account of others—on demand.
6. For account of others—on time.
inaugurated at
After the system of reporting such loans has been
extend it to other
New York City, it is the intention of the Board to
the Board will
cities. As soon as satisfactory figures are received
The Board
publish the information in the usual aggregate form.
report dates
would appreciate receiving the figures for the first two
forward them and
in January (January 6 and 13) as soon as you can
same time as the other
for the third report date (January 20) at the
that date. This
information covered by the weekly condition report for
figures, with an
will enable the Board to begin the publication of the
Federal Reserve
explanation of their nature and limitations, in the
Bulletin for February.
additional inBelieving that the reporting and publication of this
as well as
formation will be of value to the banks and to the public
Banks, the
to the Federal Reserve Board and the Federal Reserve
banks in your
Board trusts that it may receive from the reporting
the past.
district the same cooperation which it has enjoyed in
Very truly yours,
,
RISSINGER
\
t
R.
D.
(Signed)
Governor.
ExThe announcement regarding the action of the Stock
19:
Jan.
on
follows
as
made
was
change
under which
The Governing Committee today passed a resolution
Stock Exchange the amount
our members will report to the New York
the close of business
of their outstanding time and call loans as at
for such loans
on the last day of each month, and the total figures
by the Exchange as soon
will be regularly released for publication
as possible thereafter.
consideration in the ExThis step, which has been, under careful
policy of affording
change for several years,. is in line with its general
accurate information posthe American public the most complete and In
order to facilitate the
operations.
sible regarding its activities and
issues, this same inflotation and distribution of the Liberty Loan
several
formation was obtained from its members by the Exchangecomplete
war. With the
years ago, during and following the recent
there is not today
return of normal peace-time economic conditions,
attitude toward
the same valid reason for maintaining the confidential
war period.
the
during
necessary
such statistics which proved so
York will pubAt the same time the Federal Reserve Bank of New
banks to New
lish the aggregate figures of loans made by its member
New York Stock
York brokers, including chiefly members of the
public on
the
to
Exchange. Thus statistics will be made available
both,
brokerage loans from the standpoint of lenders and borrowers statisto their
although the two sets of figures will differ somewhat as
useful
prove
tical basis. It is believed that these new reports will
and statisticians, but
and interesting, not only to technical economists
finance.
and
banking
also to practically all students of American
of Term
Gates W. McGarrah Sees Need of Adoption
•
Market.
Money
York
New
in
Settlements
uncontrolled
and
unlimited
"an
that
n
declaratio
The
c
amount of outside call money in this market is uneconomi
and comtrade
to
and
markets
t
investmen
to
menace
a
and
, Chairmerce in general" was made by Gates W. McGarrah
National Bank
man of the Board of the Mechanics & Metals
luncheon of the
of New York, in an address at the monthly
Jan. 14.
Bond Club, held at the Bankers' Club, this city, on
luncheon,
the
at
honor
of
guest
the
was
who
,
Mr. McGarrah
of securidescribed our system for the receipt and delivery
and he viewed
e"
inadequat
and
unsafe
d,
"antiquate
ties as
of term settlements,
as seemingly imperative the adoption
connection with cash settlein
but
entirely
replace
to
not
say:
ments." Mr. MeGariah had the following to we are told by
American prosperity, when
In this period of unparalleled
the top of the world, or that we have the
lurid describers that we are on
are we doing all we should to make secure
world by the head or the tail,
we possess it? It seems to me that in this conassuming
supremacy,
our
to be considered: First, there is our
nection there are two points of view gold and our other material wealth,
world's
possession of the bulk of the
placed upon us toward other peoples needing assistand the responsibilities
the duty to ourselves as a country with a large
is
there
Second,
ance.
population.
and rapidly increasing
view, my recollection is that we went into the
With respect to the first
pocketbooks both open to make the world a safer
war with our eyes and
in
which to live. Now, having joined other nations
their
and better place in
be turn about and assume an indifference to
should
operation,
that
(VoL. 122.
requirements for the essentials which they need for reconstruction? At
this point let me emphasize that these questions are put from the standpoint of industrial and private undertakings, and have no concern with
questions that may be involved between nations as such.
Good-will between peoples is not improved by an attitude of indifference or selfishness based on isolation. It would be a greaty pity if it
comes to be said, with truth, that our vast natural resources and our distance from other countries had resulted in our shutting ourselves up in smug
financial and commercial complacency.
Taking the second view which has to do with the duty to ourselves, we
seem to be content to continue to be a nation of agriculturists and manufacturers for home consumption. While great effort toward export and
foreign trade is constantly made, it is not done on well defined and systematic lines. Notwithstanding our tariff policy we can secure a very substantial share of the world's trade if we go after it intelligently.
Granting that we are able to secure a position of primary importance in
international trade, having the necessary financial market equipment to
support it, it is difficult for all of us to adjust ourselves to the increase
of the wealth of this country and to the movement of securities and the
rapidity with which they have been placed.
It is not altogether safe to judge the present and the future by past
cycles. Rather, it would seem to be the part of wisdom to think in terms
of larger undertakings, provided we do not lose our sense of proportion.
We have made a start toward a bill market.
Our system for the receipt and delivery of securities is antiquated,
unsafe and inadequate, and under pressure of a large volume of business,
has been known to break down.
Due to the ability and genius of Mr. Streit of the Stock Clearing Corporation, and the splendid co-operation of the Stock Exchange, much has
been accomplished, but what seems to be imperative, and possibly the final
step, is the adoption of term settlements, not to replace entirely, but in
connection with cash settlements. After using term settlements for over
100 years, London was obliged to abandon them in 1914 on account of the
war, but they were resumed as soon as possible.
Berlin has recently returned to term settlements, making a start with
48 securities, and obviously the inauguration of term settlements here
should be approached with a few well-seasoned rails and industrials.
We need a money market here with more flexibility and steadiness.
Seven per cent for short money one day and 4% two days later is not
strange; it is amateurish, and I would like to go on record in this presence in declaring that I firmly believe an unlimited and uncontrolled
amount of outside call money in this market is uneconomic and a menace
to investment markets and to trade and commerce in general. Naturally,
changes cannot be brought about at once without opposition, some of it
honest and a little of it selfish. But a start can be made, and the time
to do it is when conditions are sound.
If you will permit me to speak quite frankly, and as we are all equally
guilty, no offense should be taken, we are too much inclined to wait until
a situation becomes troublesome and then get very much excited. We go
chasing about to attend what secretaries and magnates call conferences,
then the trouble blows over or blows up and nothing constructive is accomplished. Let us make the changes that will give us the best financial
machinery possible and do it while the skies are so clear.
It would seem, therefore, that if to our accumulation of wealth we are
willing to add the requisite facilities for the proper conduct of a national
and an international money market we will then be able to compete with
London for the premier position.
We seem to be content to continue to be a nation of agriculturists and
manufacturers for home consumption. While, of covrse, great effort
toward export and foreign trade is constantly made, it is not done on well
defined and systematic lives. Notwithstanding our tariff policy, we can
secure a very substantial share of the world's trade if we go after it intelligently.
We must not for a moment under-estimate the efforts which Britain is
making to hold her present position. Whether she succeeds will depend on
the ability, intelligence and energy of two countries, the United States and
Germany. To my mind, we have not at present the financial equipment
to prevent it, and Germany is short of colonies and capital.
Furthermore, our international trade will be injured if we assume an
attitude of doubtful economic soundness toward commodities we need to
Import, and it would be equally unfortunate from a domestic standpoint
If politics should lead us into adventure in price fixing with the result of
only disturbing for a time the fundamental principle of supply and demand.
From the present time until perhaps well into next spring conditions
will be difficult in Germany and it might be well to call attention to one
reason therefor. During the inflation period there sprang up throughout
the country many industrial and small banking concerns of the style that
used to be known here as War Brides, and over there as a Mushroom
Growth. A large number of these must pass into bankruptcy either for
the purpose of reorganization or to be closed up. This is fully recognized
and counted upon by the large banks.
Naturally all the immediate problems give a depressed air in financial
circles in Berlin and one hears a great deal about things being "very bad."
So they are in the direction just referred to. But well established industrials can secure temporary assistance if former business and tangible
assets justify it.
A reference to the question as to whether there is need of
a Dawes Commission in .France was made by Mr. McGarrah in the following remarks:
The German mark is now at its gold parity. Within a few weeks I have
seen it stated that one mark is the equivalent of seven francs. As a bald
statement that is true, but conclusions regarding the comparative economic
strength of France and Germany cannot be drawn from that comparison
alone. The mark would not be worth approximately 23.80 cents to-day
had it not been for the inauguration of the Dawes plan and the reserves
created from the proceeds of the external loan. Whether France at the
present time needs the services of a Dawes commission is another story.
New Members of Governing Committee of New York
Stock Exchange.
the
of
Governing Committee of the New
meeting
a
At
York Stock Exchange on Jan. 19, Herbert L. Mills was
elected a member of the Governing Committee to fill, until
the next annual election, the vacancy caused by the recent
resignation of S. S. Prince, and William V. C. Ruston was
elected a member to fill, until the next annual election, the
vacancy caused by the death of Henry K. Pomroy.
JAN. 23 1926.]
THE CHRONICLE
Resignation of W. D. Williams as Assistant Secretary
of New York Stock Exchange.
Announcement was made on Jan. 13 that the resignation
of W. D. Williams, Assistant Secretary of the New York
Stock Exchange, had been accepted by the Governing Committee of the Exchange.
Resolutions of Governing Committee of New York
Stock Exchange on Death of H. K. Pomroy.
Resolutions recording their appreciation of the services
rendered the New York Stock Exchange by Henry K. Poreroy covering a period of 37 years were adopted as follows
by the Governing Committee of the Exchange on Jan. 13:
The character of men in the business world is usually appraised from the
standpoint of their integrity and of their intellectual ability. When in
rare cases there is added to high standards of honor and outstanding
mental gifts that spiritual aspect of character in which human sympathy
and gentleness are conspicuous, the highest type of individual appears.
With the death of Henry K. Pomroy there has passed from among us one
In whom all these qualities are combined. With a standard of ethics of
the very highest he had an intellectual grasp and clearness of judgment
that made him a leader among his associates, and to all this was superadded the rare charm of a sweet and philanthropic personality that aroused
the warm affection of every one with whom he came in contact. Be it
therefore
Resolved,
' That the Governing Committee hereby record their lasting
gratitude for the 37 years of faithful and nnselfish service which Henry K.
Pomroy has given the New York Stock Exchange in every capacity from
Its highest office of President to continuous membership on all its most
important and most laborious committees, and that they profoundly appreciate the eager solicitude with which he watched over the Exchange and
concerned himself untiringly with its future welfare and advancement.
Belt
Resolved, That during these many long years that Henry K. Pomroy
has been a member of the Exchange his beauty of character and those
qualities of the heart which he consistently displayed have left so deep
an impression upon the memories of all his fellow members that every one
who had the privilege of knowing him feels with profound sorrow that we
have lost not only a trusty leader but above all a dear and cherished friend.
Be it further
Resolved, that these resolutions be spread upon the minutes of this
meeting and a copy thereof suitably engrossed be transmitted to his family.
Mr. Pomroy's death on Dec. 22, was referred to in these
columns Dec. 26, page 3073.
Fund of $100,000 Raised as Memorial to Late Seymour
L. Cromwell, Former President, New York
Stock Exchange.
The raising of a fund of $100,000 as a memorial to the
late Seymour L. Cromwell, formerly President of the New
York Stock Exchange, was announced by President Simmonths of the.Exchange on Jan. 14. The proceeds will be
used to provide a ward at the Presbyterian Medical Centre.
The announcement follows:
433
may now consider the continued peace of Central Europe as more
firmly established than at any time in the memory of the present generation. After the madness of the post-war period, the conception and
acceptance of the Dawes Plan marked the return of an era of reason,
the re-established ascendancy of the business man's sane point of view
over that of the politician. What the Dawes Plan accomplished in the
realm of economic thought, enlightened statesmen supplemented and
completed at Lacamo in the thorny field of international political relations. The return of reason forced people to recognize and abandon
false aspirations and dangerous delusions, and to accept and adjust
themselves to inevitable facts. It is this period of painful adjustment
to stern realities in which Europe finds herself at this time. But the
ultimate goal of political and economic stability is now firmly accepted
as the common aim, and, while the road towards it may at times still
seem long, the fact that there is no longer any doubt as to the course
to be pursued, warrants the confident expectation that with courage,
perseverance, and common sense, the inevitable hardships of the readjustment period will be finally overcome within a reasonably short
time.
On both sides of the Atlantic the question has often been raised
whether or not Uncle Sam might not have played a more helpful part
in the solution of Europe's post-war problems. It is not for us to enter
upon a discussion ofi that question here, but we believe that we are
justified in saying that the American banking fraternity is generally
admitted not to have been found wanting at this juncture. From a
purely and narrowly selfish point of view the restoration of free gold
markets and the re-establishment of exchange stability in foreign countries would have had to be considered as detrimental to American banking interests. Measured by dollars and cents, American international
banks would have profited more if the United States had remained in
the position of being the sole important free gold market of the world.
But taking a broader view of the question, our Federal Reserve Banks,
our issuing houses, and our credit banks, did everything within their
power to assist countries striving to regain for themselves the blessings
of exchange stability.
We may pause to observe in this connection that it is an impressive
demonstration of the strength of our Federal Reserve System and of
the efficiency of its structure, that in extending such assistance we
could envisage with complacency the potential strain that the stabilization of the Pound Sterling, the Reichsmark, and other continental
currencies might place on us. We saw the tide of gold in the course
of the year swing towards Australia, Asia and Europe, back again to
our shores, and once away from us towards Canada, without ever causing a ripple in our own financial situation.
Depreciating currencies are a curse not only to the countries in which
they govern, but they are also a menace to other countries, particularly
to those whose trade they unsettle in world markets. It is sincerely
to be hoped that the coming year may bring exchange • stability within
the compass of those countries in Europe which still face the solution
of that vexing problem at this time and that, conditions permitting,
America's willingness to place her reserve lending power at the disposal of such countries may prove once more a helpful factor.
It is obvious that, without unsettling the nicely balanced
structure on which her present prosperity is bottomed,
America could not have sold her excess production of over
a billion dollars, if she had not—by the absorption of foreign securities or by the granting of commercial credits—
at the same time furnished her foreign customers with the
means of paying for their purchases. Undoubtedly, our
country finds itself at present in a period of unprecedented
prosperity.
We perceive a bright and clear sky with only a few clouds on the
horizon, these being the dangers inherent in a tendency towards overspeculation, and overstimulation in certain branches of trade and of
industry by offering the temptation of excessively long purchasing terms.
But our high standard of living, including the high wage scale on
which our prosperity is predicated, is uncomfortably out of proportion
to that of the rest of the world, even though to a large extent this
disproportion may be justified by the greater efficiency of our labor and
machinery. The fact remains, however, that while a high tariff wall
and restriction of immigration protect industry and labor, the farmer's
fate—as long as he has to place his excess production in world markets
—cannot become equally emancipated from the purchasing power and
the price levels governing foreign lands.. To restore or to maintain a
balanced relation between our industrial and agricultural levels will
therefore constitute one of our most difficult and, at the same time,
most important problems of the future. While conditions may arise
where a maladjustment between these levels may become acute, in spite
of a policy of granting foreign loans on a large scale, it is certain that
Mention of Mr. Cromwell's death was made in these col- we would risk precipitating a disturbance of this sort, were
we to arrest
umns Sept. 19, page 1417.
the free and ample flow of international credits. In the general interest it is to be hoped, therefore, that nothing may happen in 1926—
either with us or abroad—that may unfavorably affect the continued and
Paul M. Warburg at Meeting of International Acceptance liberal granting of foreign loans and credits. Indeed, looking forward
as we do to greater political and economic stability, we believe that
Bank Says More Substantial Progress Was Witnessed
circumstances warrant the expectation that the coming year will offer
in 1925 Than in Any Other Year Since 1918.
a very favorable development in this regard.
On Nov. 13 1925 a committee consisting of Messrs. Mabon, Nash, Simmons, Buchanan, Carlisle, Lindley, Turnbull, Schley, Speyer and Whitney announced to members of the Exchange and their partners, that the
raising of a fund of $100,000 would be undertaken as a memorial to
Seymour L. Cromwell, in recognition of his great services to the Exchange during his three terms as its President, the proceeds of the fund
to be used to provide a ward at the Presbyterian Hospital Medical Centre,
now in course of construction.
The committee has requested me to announce that it has received cash
subscriptions and pledges sufficient to carry the total sum subscribed to
the $100,000 mark; and that, as the purpose of the fund has been attained, it will be closed on Saturday next, the 16th inst.
The spontaneous response to the call of the committee, including as it
does, subscriptions from members, firms, partners in firms, and in some
instances, from persons not members or in firms in the Exchange, shows
in a marked and gratifying manner, the high regard felt for our late
President
Referring to the international situation in addressing as
Chairman of the Board the annual meeting on Jan. 19 of
the International Acceptance Bank, Inc., Paul M. Warburg
stated that "from both the political and the economic aspect the year under review, in the process of building up
a new world on the ruins into which it had been thrown
by the Great War, has witnessed a more substantial progress than any other year since 1918." Mr. Warburg went
on to say in part:
While the acceptance of the Dawes Plan marked the turning point,
England's re-establishment of a free gold market in April, 1925, and
Treaties of Locarno on December 1st of that year
the signing of the
may be considered as solid milestones along the highway of Europe's
determined climb upwards toward political and economic stability. It
would be a presumption on our part here to elaborate on the deep
meaning of the Locarno Treaties and their transcending significance
world. It may not be amiss, however, to
for the future peace of the
observe that for an institution operating as largely as ours in the field
of foreign credit and finance, it is of the utmost importance that we
I. B. Newton Named to Succeed John Perrin, Resigned,
as Chairman of Board of Federal Reserve
Bank of San Francisco.
Announcement is made of the appointment by the Federal Reserve Board of Isaac B. Newton, of Los Angeles, as
Chairman of the Board of Directors of the Federal Reserve
Bank of San Francisco and Federal Reserve Agent succeeding John Perrin, resigned. Mr. Perrin, who resigned
effective in March, will, it is said, retire from public life
and expects to make his home in Pasadena. Mr. Perrin,
who is also succeeded by Mr. Newton as Class C Director
of the San Francisco Reserve Bank. had been a director of
the latter since 1914. Mr. Newton had been a director of
the Los Angeles branch of the San Francisco Reserve Bank
since its establishment in 1920. Last year he served as
434
THE CHRONICLE
Chairman of the Board. In noting Mr. Newton's appointment the San Francisco "Chronicle" of Jan. 9 said:
Perrin, the retiring director, expressed great satisfaction over the
choice of the Federal Reserve Board when notified of the appointment
yesterday.
Perrin Is Pleased
"I am extremely gratified at the appointment of I. B. Newton," he
said. "He is widely known for his ability as a financier and is everywhere regarded as a man of exceptional qualities, judgment and
character."
Newton, a native of Norwich, N. Y., studied law in the office of his
father, who was an eminent Eastern attorney, prior to his entrance to
Yale University, from which he graduated with honors in 1883. He
came to California in 1884 and took up his residence in Los Angeles.
He was an incorporator of the hardware firm of Harper and Reynolds
in that city.
Of Long Experience
Since 1890 Newton has been connected with Southern California
banking interests. He became a director in the Farmers and Merchants' National Bank of Los Angeles in 1906. He is vice-president
of the Union Oil Associates, holding concern of the Union Oil Company of California, in which corporation he is also a director. Other
financial and commercial organizations in which the new director is
interested are: Commercial Discount Company, Commercial Insurance
Company, East Whittier Oil Company, Home Building and Loan
Association and the Southern California Loan Association.
According to word received by Perrin yesterday, Newton expects to
arrive in San Francisco about the middle of February, and will
familiarize himself with the duties of his new position before he
assumes his office on March 1.
•
[VoL. 122.
Six Outstanding Features.
The outstanding features of the changes are:
1. Readjustment of the surtaxes in the interest of taxpayers whose
incomes fall within the brackets to $100,000.
2. The 1% increase in the present 123i% corporate income tax,
coupled with the repeal of the capital stock tax.
3. Repeal of the estate taxes, coupled with the proposal to make
retroactive to all estates since the enactment of the existing law the
lower 1921 for the higher 1924 rates, and the reduction of the gift
taxes in conformity therewith.
4. Modification of the corporate income tax provisions in favor
specifically of insurance companies.
5. Crcation of a joint committee of Congress with continuing j'urisdiction vested in its employes to keep close check on the activities of
the Treasury Department in its administration of the tax laws, with a
view to closing loopholes that lead to reduced incomes to the Government.
6. Tightening up of the opportunities for taxpayers to escape from
taxes under the present discovery depletion allowances accorded them
with respect to oil wells.
Some Special Provisions.
The Finance Committee has provided that in the case of the cancellation or redemption of stock not issued as a stock dividend the
amount so distributed, to the extent that it represents a distribution
of mines discovered by the taxpayer after February 28, 1913, the
treated as a taxable dividend only if the cancellation or redemption
is made after January 1, 1926. Without this provision this section
would be retroactive as against such distributions as took place in 1925.
'In dealing with the question of allowances for depletion in the case
of mines discovered by the taxpayers after February 28, 1913, the
committee has provided that the depletion allowance based on discovery
value shall not exceed 50% of the net income of the taxpayer (computed without allowance for depletion) from the property upon which
discovery was made, except that in no case will the depletion allowthe
Melvin A. Traylor of Chicago Says Modern Advertising
ance be less than it would be if computed without reference to discovery
Is "Greatest Single Force in Distribution."
value.
In the case of oil and gas wells, the allowance for depletion is fixed
Melvin A. Traylor, President of the First National Bank,
at 25% of the gross income from the property during the taxable year.
Chicago, speaking before last week's meeting of the Adver- The same 50% limitation
is applied to these wells as to mines above.
tising Council of the Chicago Association of Commerce,
Capital Gains and Losses.
described modern advertising as "a system of education as
With respect to capital gains and losses the committee has added a
well as the greatest single force in distribution." He enu- proviso that in determining the period for which the taxpayer has held
stock
or securities received upon a distribution where no gain is recogmerated the achievements throughout the world during the
nized to the distributee under the provisions of existing law, there
quarter century just closed, which eclipsed any other sim- shall be included .the periods for which he held the stock or
security
ilar period in the world's history. Modern advertising and in the distributing corporation prior to the receipt of the stock or
security upon such distribution.
scientific truthful publicity itself he named as one of these
The situation growing out of the so-called 650 West End avenue
achievements, but more important still, he emphasized its case, wherein the United States Board of Tax Appeals held that
paper
place in the development of all other achievements. "No profits were taxable in the year in which real estate transactions therein
under consideration were effected, is met in the bill by the addition of
profession," said Mr. Traylor, "requires more skill and the following section:
scientific study than advertising, and where it is rightly
"(D) Under regulations prescribed by the commissioner with approval of the secretary, a person who regularly sells or otherwise
done, he claimed that it was not an expense, but that it paid disposes
of personal property on the instalment plan may return as
income therefrom in any taxable year that proportion of the instalment
its own way.
pa.,ments actually received in that year which the total profit realized
Mr. Traylor further stated that banks to-day in dealing or to be realized when the payment is completed, bears to
the total
with clients and making loans take cognizance of the type contract price. In the case (1) of a casual sale or other disposition
of personal property for a price exceeding $1,000, or (2) of a sale
of advertising done by a company or firm in promoting or other disposition of real property, and if in either case the initial
do not exceed one-fourth of the purchase price, the income
sales. "Truth in news columns and in advertising," con- payments
may, under regulations prescribed by the commissioner with the approval
tinued Mr. Traylor, "is to-day one of the foundations of of the secretary, be returned on the basis and in the. manner above
Farlibpeadym
prescribed
ineotthim
t te
s subdivision.pay
rseeedeiyinu ed
cldONt:ispiroonpetrl:ye
American prosperity." In reviewing the changes which
means
payments
s
other
have practically rebuilt the map of the world in the last than evidences of indebtedness during the taxable period in which the
sale is made."
quarter century, Mr. Traylor mentioned particularly the
United States Citizens Abroad.
effect of the Boer War, Panama Canal, the submarine, airThe Finance Committee rejected the proposal to grant exemption in
ship, automobile, telegraph and telephone and the Federal the case of individual citizens of the United States for amounts reReserve Bank System. "Industries not dreamed of five ceived as salary or commission for the sale for export from the United
of tangible personal property produced in the United States.
years ago," said he, "such as the radio, are now creating
While individuals are to be permitted deductions for all interest paid
hundreds of millions of dollars in wealth." He also men- or accrued within the taxable year on indebtedness, there is a proviso
now in the bill excepting interest on indebtedness incurred or contioned prominently the great advance in medical science.
tinued to purchase or carry obligations or security (other than obligations of the United States issued after September 24, 1917, and originally
subscribed for by the taxpayer), the interest upon which is tax exempt.
Tax Revision Bill in Senate.
The committee has stricken out the limitation that the deduction
The tax revision bill, as amended by the Senate Comshall be only to the extent that such interest payments exceed the
mittee on Finance, was presented to the Senate by Senator amount of interest received by the taxpayer
from tax exempt securities.
To deal with a situation that has arisen with respect to
Smoot, Chairman of the Committee, on Jan. 20. The Comallowances for
exhaustion,
the
wear
and
tear of property used in trade or business, it
mittee's bill would effect a reduction of $352,601,000 in
is provided that in the case of improved real estate held by
one person
existing taxes, as compared with a reduction of $327,101,- for life with remainder to another person,
the deduction thus provided
000 proposed under the House bill. That Senate action on shall be equitably apportioned between the life tenant and the remainder.
man.
the bill is likely to be obstructed through manouevering on
Double Taxation Question.
the question of a vote on the World Court was evidenced
The House sought to remedy what it considered to
be an injustice
on Jan. 21 with the defeat of negotiations for an agreement upon those in the island possessions, particularly
individuals dealing
in
coffee,
tobacco
and
sugar,
who
are
to fix Feb. 10 as the date for a vote for the revenue bill,
subject to taxes
islands
and in the United States as well, by the inclusion of in the
an exemption in
and ten days later for final action on the court; opponents the bill. This was
rejected by the Finance Committee.
of the tax bill notified leaders they would not accept a
Application of that provision of the bill as it came
from the House
definite date, while opponents of the World Court indicated which provides a penalty tax of 50% on incomes derived from corporations, availed of for the purpose of preventing
the imposition of
that they would agree to no time for voting on the Court. the surtax on its
shareholders by permitting
Chairman Smoot, in charge of the tax bill, said the Senate stead of being distributed, is to be withheld profits to accumulate inin cases where the sharemust act if the proposed tax reduction is to affect the holders include in their gross income their entire distributive share,
whether distributed or not, of the net income of the corporation for
March 15 tax payments. After passage by the Senate it such year. Any amount so
included in the gross
of the sharemust go to conference and then be approved again by both holder would be treated as a dividend received, income
and any subsequent
the House and Senate. According to Washington advices to distribution made by the corporation out of the earnings or profits
for such taxable year would be exempt from
tax. This is to prevent
the New York "Journal of Commerce" on Jan. 20 the tax double taxation.
bill, as it comes from the Senate Committee, contains some
Taxation at Source.
To cover the payment of individual taxes at the source it is provided'
200 changes from the House draft of the measure. The
that the deduction shall be at the rate of 1% %, instead of 2% under
account in that paper also says:
the present law, in conformity with the lowered normal tax rate.
Perhaps as many as one-half of these are of a structural character,
In the matter- of interest thus accruing to a corporation the withthe remainder correcting the language of the House text or making holding rate following the passage of the bill is to
be 134%, in conlike adjustments that have no effect on tIv• taxing provisions.
formity with the corporate income tax rate.
JAN. 23 1926.]
THE CHRONICLE
The provisions under which co-operative marketing associations may
avail themselves of corporate exemptions are materially broadened in the
Senate draft of the measure, in conformity with the complaints registered by representatives of the associations to the language of the
House bill covering this matter.
Material changes have been made in the verbiage of such sections
of the House bill as "deficiency in tax," "period of limitation upon
assessment and collection of tax," "jeopardy assessments," "claims
against transferred assets," "fiduciaries," "bankruptcy and receiverships," "taxes under prior acts."
Cigar Tax Cut.
The Finance Committee provided that the tax on nickel cigars shall
be $2 (House rate $2.50) per thousand; selling at more than Sc and
not more than 8c, $3 (House rate $4.50), and selling at more than
8c and not more than 15c, $5 (House rate $7). A provision adopted
by the House applying a tax of Sc per pound on tobacco sold by the
grower direct to the consumer was rejected.
The House scheme to exempt the spoken drama from the admissions
tax was rejected, but the general theatre and amusement exemption
was increased from 50c, as in the present law, to 75c.
A 2% tax on trucks, the chassis of which may exceed $1,000 and
the body $200 in price at retail, has been written into the bill, this
being a reduction of 1% from the present law.
A penalty tax of $1,000 is provided for application against any person
subject to the liquor taxes who seeks to carry on business without
paying the levy.
The committee doubled the rate of tax on the use of foreign built
boats as proposed by the House, but there was written into the section
a proviso that snch taxes shall not apply to any such vessel when used
without profit by any benevolent, charitable or religious corporation, or
vessel owned by a citizen, individual or corporation of the United
States on January 1, 1926.
Some Minor Changes.
The word "corporation" is substituted for "person" in connection
with the application of the stamp tax on the various types
of certificates
of indebtedness, thus exempting issues by individuals.
There has been stricken from the bill by committee
action the stamp
taxes on entry and withdrawal of imported merchandise
and upon ocean
transportation tickets.
The existing tax on alcohol of $2.20 per gallon is substituted
for the
House proposal of a rate of $1.65 per gallon during
of $1.10 per gallon thereafter, thus saving revenue the year 1927 and
in the amount of
$4,500,000 in 1927.
The bill provides for the expiration of the
terms of office of all
members of the Board of Tax Appeals and that the terms
of office
of the first sixteen members who are to replace
them shall expire four
at the end of the fourth year thereafter, four at
the end of the sixth
year, four at the end of the sixth year, four
at the end of the eighth
year, four at the end of the eighth year and four
tenth year; full terms of sucessors of these members at the end of the
will be ten years.
Other provisions of the section dealing with the board
rially changed, as have those sections contemplating have been matethe
within the Internal Revenue Bureau and the formation reorganization
of the Joint
Congressional Committee on Internal Revenue Taxation.
The annual
salary of the Government actuary, Joseph S. McCoy,
is fixed at $10,000
under the
Last week (pages 297-298) we indicated changes
which
had been made by the Senate Committee
up to the 14th
last; from the New York "Times" we quote
the following
with regard to the Committee's action on
Jan. 15.
Several important actions were taken by the committee today,
among
them repeal of the House provision exempting from taxation
representing American business houses abroad, changing theAmericans
proposed
terms of members of the Board of Tax Appeals from
twelve and fourteen years, respectively, to four, six, eighteight, ten,
and ten
years, and striking out the ten-year term limit for the
six proposed
additional Deputy Commissioners of Internal Revenue.
The committee also decided that in place of five members
each
representing the Senate, the House and the public to compose
a joint
board to study tax simplification, five each from the Finance
and
Ways
and Means Committees would be sufficient. This
committee, under a
suggestion from Senator Couzens, would be empowered
to appoint a
sort of liaison officer between Congress and the
Internal Revenue
Bureau, and the committee would have mandatory access
to all matters
of the bureau.
Sections of the bill granting rebate of the difference
between present
and new taxes to automobile and cigar dealers holding
date of enactment, were also approved by the committee.stocks at the
It was further decided to exempt cooperative marketing
associations
when 85% of their business was done with their
members. The
committee declined to exempt money paid for purchasing
quarters in
cooperative apartment houses.
On Jan. 16, when the Finance Committee completed
consideration of the bill, the Republicans and
Democrats of
the Committee agreed to report it as a non-partisa
n
measure.
Through the adoption of this compromise, said
the New
York "Times," the Democratic program of opposition
to the
bill was dropped, and it was agreed that no Democratic
amendments would be submitted as a party principle.
The
"Times" added:
This means that, while individual Senators are free to offer
amendments they wish, there will be no organized opposition and what
that
the passage of the bill through the Senate will be even swifter than
had been hoped for.
The Democratic minority tax program which had been
proposed was referred to in these columns last week (page
297). On Jan. 16 the surtax schedule on incomes between
$24,000 and $100,000 underwent a revision by the Committee, which at the same time repealed the 1924 estate tax
provisions and substituted therefor the lower 1921 estate
taxes; the change in the estate tax provisions was made
by a vote of 15 to 1. The 1921 estate rates have a 25%
435
maximum, the present rates a 40% maximum, while 20%
is the maximum rate carried in the House bill. Before
adopting the 1921 schedule the Committee rejected by a
vote of 13 to 3 a proposal to provide an inheritance tax.
On Jan. 19 the Committee voted to increase the corporation tax from 12/
1
2% to 13/
1
2%. It is stated that the change
was made after the Treasury had estimated that the bill
as previously ordered reported would cut taxes this year
by almost $400,000,000, or about $100,000,000 more than
recommended by the Administration. The Committee had
voted on Jan. 11, as we reported last week (page 297), to
increase the corporation tax from 12/
1
2% to 13% on taxes
paid in 1926, and to 13/
1
2% thereafter. By making a flat
increase to 13/
1
2% immediately, Chairman Smoot estimated
$43,000,000 more revenue would be raised.
In its advices from its Washington bureau Jan. 19 the
New York "Journal of Commerce" said:
Senator Simmons announced today that when the bill comes
up for
consideration in the Senate he will offer the Democratic
proposal to
increase the amount to be set aside for the sinking fund with
which
to retire the public debt to 314% in lieu of the 254% now
prescribed
by law, against which would be credited the sums paid by foreign
debtors, the balance to be made up by taxation on the American
people, as would also the interest requirements. He figures that
with
a steady annual contribution of $350,000,000 the debt can be
retired
in twenty-six years. The payments this year will be $175,000,000,
under the Simmons plan a like amount, instead of $253,000,000and
as
contemplated by the Treasury Department, would be raised by direct
taxation.
Yesterday (Jan. 22) the report of the Committee was
submitted to the Senate. According to the "Associated
Press" advices of last night the report defended the repeal
of the inheritance tax on the ground that this field of
taxation should be left entirely to States, except in emergency. The dispatches also state:
Only the 10 Republican members of the committee signed
the
Senators King of Utah and Jones of New Mexico, Democrats,report.
have
indicated they would file separate reports, but the other Democrats on
the committee have indicated agreement with most of the features of
the bill.
Further discussing its proposed repeal of the inheritance tax, against
which a stubborn fight is in prospect, the committee majority declared
adoption by the House of a provision allowing 80% credit for payments
of State inheritance taxes constituted an admission that only 20% of
the Federal levy was needed.
The report said the committee was unanimous for reduction of the
maximum surtax rate from 40 to 20%, as approved by the House.
This figure was described as "the lowest practicable rate," and the
report added:
"The ocmmittee has not approached the matter from the standpoint
of benefiting the extremely wealthy."
Commenting on the committee's decision to increase the corporation
tax as an offset to repeal of the capital stock levy, the report promised
"a thorough study of the situation through the joint committee proposed in the bill in the hope that some method will be devised later
whereby inequalities between the different business methods may be
obviated."
Anthracite Coal Strike—Lynett Plan for Settlement—
President Lewis Declares Miners Will Not Take
Wage Cut or Accept Arbitration—Statement
by Major Inglis.
A new plan for the settlement of the anthracite coal strike,
proposed by E. J. Lynett, Editor of the Scranton "Times"
developed this week. According to Associated Press dispatches from Philadelphia yesterday (Jan. 22). John L.
Lewis, President of the United Mine Workers of America,
announced at Scranton that he was willing to again go into
conference on the basis of the latest proposal with certain
suggestions to make.
While the reply on Jan. 21 of W. W. Inglis, Chairman of
the Operators' Negotiating Committee was said to have given
the impression in the mining regions that he was favorable to
renewing negotiations on the basis of the plan, last nights
dispatches announced the operators as stating that "the
plan did not contain anything that had not been threshed out
thoroughly in previous conferences. For this reason it does
not afford a basis for renewal of negotiations." The same
advices (Associated Press) said:
The part of the plan on which the operators are said to look unfavorably Is
that which provides that the two sides may consider changing the wage rate
during the five years'contract, and if no change is agreed upon the men shall
remain at work at the old scale.
Arbitration is not provided, it was pointed out. Operators said they do
not think the miners would agree voluntarily to a wage reduction, if one
were proposed as justified by economic conditions, and that, therefore, the
proposed new agreement would virtually be a five-year contract at fixed
wages, something the operators are opposed to. They favor a five-year
agreement with an opportunity to readjust wages during the period.
Scranton Associated Press dispatches of yesterday state
that the Lynett plan in brief is as follows:
First—The miners to resume work immediately.
Second—A five year contract dating from the time of signing the agreement.
Third—Wages in effect ,under the last contract to continue during the
term of the new contract, unless changed as hereinafter provided.
436
TRE CHRONICLE
Fourth—At the instance of either party given in writing sixty days before
two years-elapsed from the signing of the contract, a conference may be
called for the consideration of changes in the agreement on the subject of
wages only; the miners to remain at work until the end of the five years
contract whether the conciliators agree upon a change or not.
Fifth—One year before the contract expires representatives of the coal
operators and representatives of the United Mine Workers to meet to devise
an arrangement whereby work may be continued at the mines at the expiration of the contract and during the negotiations for a new agreement.
An incident of the week's developments was the announcement in the Senate yesterday by Senator Pepper that
the strike had been settled, his statement, he indicated afterward (when it developed that the suggestions were not
acceptable to the operators) had been based on information
from what was believed to be a trustworthy source.
It was announced yesterday from Washington that an
investigation of charges of coal profiteering in Washington,
with the possibility that it may be broadened to include the
whole coal situation, has been undertaken by the Senate
committee having jurisdiction over the affairs of the District
of Columbia. The inquiry was ordered by Senator Capper,
Republican, of Kansas, Chairman of the committee, as a
result of assertions recently by Senator Reed, Republican, of
Pennsylvania, that coal which could be brought to Washington from the Maryland-Pennsylvania fields for $6 a ton was
selling at from $14 to $14.50.
An address by John L. Lewis, President of the United
Mine Workers of America, charging that the anthracite
operators "have brought upon the anthracite mine workers and their families and upon the entire population of
the anthracite-producing territory a disruption of operation for employment, elimination of business credit, paralysis of community life and individual and public building,
personal inconvenience. hunger, sickness and poverty," was
made at Wilkes-Barre, on Jan. iT. Two addresses at mass
meetings were made by Mr. Lewis on that day, and the
following day at Scranton he declared in an address to
the miners that the operators' conduct of the strike was
warfare waged upon the women of the anthracite fields
in an attempt to force upon the miners the principle of
arbitration, and a plan to crush the union in the anthracite field. He added:
We tell them now that the mine workers will not now, next month,
six months from now, nor one year from now, accept a settlement
which comprehends a continuous period of continual arbitration. The
mine workers are not going to take a reduction of wages.
His further remarks at Scranton are indicated as follows in Associated Press dispatches:
Acceptance of arbitration of wages, he said, was equivalent to the
acceptance of arbitration of the character of food of the miners consumed; the kind of domicile they live in; the kind of clothes and the
character of education they should give their children, and their status
as American citizens.
He was particularly severe in his criticism of the Scranton Chamber
of Commerce and other public bodies, business and professional men of
Scranton who, he said, had sided with the operators by urging upon
the miners acceptance of the principle of arbitrtation. By so doing,
he asserted, they had helped to continue the strike and thus had
struck at their own pocketbooks.
"But why did they appeal to me with their messages and telegrams?" he asked. "I do not represent them or the public. I represent the mine workers.
"If the automobile dealers, the lawyers, doctors and business men
were not satisfied with the conduct of negotiations, they have public
men to whom they could appeal. Why did they not appeal to President Coolidge or to their Senator?"
[VoL. 122.
"Under such circumstances the professional and business men and
disinterested citizens in the anthracite region should recognize the
inevitable and call upon the anthracite operators to accomplish the
desired peace, restore the industry to operation and eliminate from
the region the festering canker of bitterness, hatred and ruthless acts
of industrial warfare.
"By so doing they will render a great service to afflicted humanity
and make a substantial contribution to the popularity of the ideals of
civilization itself."
In opening his address Mr. Lewis said the strike was in its fifth
month and charged the operators with utilizing "every influence and
every implement that money can buy to obtain their objectives, the
surrender by the main workers of their collective strength and the
acceptance of lower wage schedules and a degraded standard of living."
Declares Operators Have Failed.
"They have from time to time launched their campaigns of publicity
involving large expenditures," he continued.
"They have disseminated misleading statements and information; they
have attempted coercion of their employes through the refusal of
mercantile credit; they have used their large financial powers to secure
favorable political influence; they have used this same power to influence civic and quasi-public organizations, and, in a feeble effort to
achieve moral justification for their act of bribing the population, they
have, by insidious intrigue, invaded even the sacred precincts of the
Christian Church.
"The net result of the operators' prodigious effort has been utter
failure, except as they glory and delight in human sacrifices and
human suffering.
"They have brought upon the anthracite mine workers and their
families and upon the entire population of the anthracite-producing
territory a disruption of operation for employment, elimination of business credit, paralysis of community life and individual and public
building, personal inconvenience, hunger, sickness and poverty.
"They have imposed upon 40,600,000 of the anthracite-consuming
public the necessity of paying extraordinary prices for an inferior
fuel.
Hails Unyielding Unity of Miners.
"The marvelous unanimity of thought, opinion and purpose which
prevails today in the ranks of the mine workers is born of a resolution conceived in suffering to continue the fight, whatever the cost,
until their powerful adversaries have lost their own strength in the
madness and fury of their efforts.
"The anthracite operators cannot now, nor one year from now,
crush the strength of the Mine Workers' Union to a point where its
numbers will be driven to the anthracite collieries upon the selfish
terms of their employers.
"If peace comes, it needs must be through negotiation—and with
honor. It will not be a peace predicated upon the ambiguous term
'arbitration' or any other philosophy which will take away from the
anthracite workers their right, as free men, to cease work collectively
in the absence of an agreement specifically defining their working
conditions of employment or hours of labor.
"Upon this our people are determined, and neither the cries of
the operator nor the lamentations of their friends throughout the
region will avail to change this decision. By their friends I refer to
those wailing sycophants 'who bend the pregnant hinges of the knee
that thrift may follow fawning.'
"He is a poor judge of passing events who believes for a moment
that the anthracite operators, with all their great power and strength,
have any chance either to deceive the anthracite mine workers or to
destroy their union.
Defies Attacks on Union Leaders.
"The continued attempt of the operators to create division within
the mine workers' ranks by attacking the honor, the integrity and the
personality of the leaders has reacted upon themselves.
"Their hired agents have been conspicuously active in this movement. Most absurd statements and falsehoods have been circulated.
There is not a single leader in the ranks of the operators who possesses the courage to stand upon the public platform to prove, defend or justify the veracity of the statements of the unprincipled falsifiers whom they employ.
"If there exists such an operator, I would be glad indeed to meet
him in public debate before the people of the anthracite community.
If there be any champion in the operators' counsels who feels himself
possessed of the ability and the courage to defend the immoral and
unjustified strike policies of the anthracite operators, let him emerge
from his seclusion and proclaim himself.
"As for myself, it matters not much whether I carry on or fall in
the combat. My own personality is but incidental to the major
problems of human life and human relationship which are involved
in this great struggle.
"If my own hand should falter and the mine workers' colors waver,
the staff will be seized by another with even stronger hand and
carried to victory in the vanguard of the anthracite mine workers'
serried ranks."
President Lewis and his staff are spending tonight in this city,
planning for the meeting at Scranton tomorrow.
The negotiations with the operators, as conducted by
Mr. Lewis and other officers of the United Mine Workers,
were unanimously endorsed by 4,000 miners who assembled to hear Mr. Lewis at the Scranton town hall. At the
Wilkes-Barre mass meeting on Jan. 17 held at the Capital
Theatre, and attended, it is said by 4,000 miners, a vote
on the question of arbitration was proposed by C. J.
Major W. W. Englis, Chairman of the Anthracite OpGolden, Chairman of the Anthracite Tr -District Scale
erators'
Negotiating Committee, in a statement made pubCommittee, and but one vote in support of it, it is reported, was given. In its account as to what Mr. Lewis lic Jan. 20, denying Mr. Lewis' charges that the operators
had to say at Wilkes-Barre, the New York "Times" quoted seek to crush the unions, said:
As part of his campaign to justify continuing the anthracite strike,
him as follows:
The strike will be carried on, he said, by the economic and financial
strength of the miners union "augmented by the moral and financial
assistance of millions of wage earners affiliated with the American
Federation of Labor."
"The anthracite operators have suffered an ignominious defeat from
their original purpose," he continued.
"Their ranks are wavering, 'horse foot and dragoon'; they are defeated just as surely as the civilized world recognized that German
armies were defeated on the day America entered the World War.
There exists no force in our nation upon which they can now call for
assistance to enable them to impose voluntarily servitude upon their
employes.
Sees Peace as Possible Now as Ever.
"They may as well conclude an honorable peace through negotiations today as six months or one year from now. The conclusion will
be just the same, no matter how long the making of peace may be
deferred.
Mr. Lewis, president of the miners' union, asserts that the operators
are attempting to destroy or disrupt the union.
Is there a single act or evidence of intention on the part of the
operators to support this statement?
Have they done anything indicating a desire to destroy the union?
Or
Are Mr. Lewis' statements made merely to avoid discussion of the
actual issues?
It is much easier for him to talk about the operators trying to dis•
rupt the union than to meet the responsibility for continuing the strike.
As far as the operators are concerned, there never would have been
a strike. They asked that the men continue at work while an agreement was being negotiated. They have repeatedly proposed that the
men go to work until an agreement is signed.
In view of the existing deadlock, they and others have suggested
many ways in which the matters in dispute could be compromised or
left to impartial persons to decide. In every one of these plans the
union was maintained as the representative of the mine workers and
JAN. 23 1926.]
THE CHRONICLE
their rights fully protected. But all of these suggestions Mr. Lewis
turned down, and now asserts that the operators are attempting to
disrupt the union, without giving the slightest evidence to support
the assertion.
It has been stated over and over again, and I now repeat, that the
anthracite operators have no thought of destroying the United Mine
Workers organization. They expect when the strike is settled to
make an agreement with the organization of their employes.
We hope that this agreement will be of such a character that the
industry can work under it in peace for many years in co-operation
with the mine workers' organization.
Since no justification whatever exists for Mr. Lewis' charge, it is
natural we should conclude that it is put forward to gain support in
a policy which cannot be justified on any rational ground.
It might be to the advantage of our employes to be represented by
an organization with no entangling alliance in another industry but
that is for them to decide.
437
ages to Congress that he be empowered to act in an emergency. The text of the letter follows:
We, the undersigned, representing districts in and in
the vicinity
of New York City, realize the continued hardship
to our constiuents
in being deprived at the present time of suitable kinds
of fuel at reasonable prices. In view of the exorbitant prices
of obtainable fuel
and utter lack of any anthracite, they are suffering
both inconvenience,
hardships and inevitable injury to health.
We ask the attention of your committee to
the two recommendations
of the President in messages to Congress requestin legislatio
g
n. We
urge that the Committee on Interstate and Foreign
Commerce give
prompt and, if possible, immediate consideration
to the subject.
We have seen a copy of the letter addressed to
you by Representative Treadway of Massachusetts and concur in
the observations therein
contained.
The letter of Representative Treadw
ay to Chairman
On Jan. 13 Major Englis, expressing in a statement
Parker suggesting that as the House
Committee which, inissued at Scranton, personal disappointment at the failure
vestigating the rubber situation, give
attention to the coal
of the conference to reach an agreement, and declared that
situation, also said:
the operators made every effort to meet the demands of
I venture to suggest that there can be nothing
more pressing than
the miners' representatives, but were met by the miners' some way
out of the discomfort to people in the Northern
States from
"stand against any form of settlement that promise
d per- the lack of proper fuel during the next few months.
I do not advocate Government interference in the
manent peace." Mr. Englis said:
existing
strike. I
entirely agree that the President, under existing
laws, is without auNobody could be sorrier than I am that our conferences
with the thority to intercede.
miners did not result in settling the strike. The operators did
There are two outstanding reasons why I
their
reassert the present is
very best to meet the miners half way—or even more than that.
But the opportune time for the Committee on Interstate and Foreign Comthe miners could see no merit in any ideas but their own.
merce to take up this subject.
Our proposals were varied and adapted to meet their
The first reason is that it has been clearly
objections on
demonstrated that the
various points. But after each discussion the miners
would reiterate two parties in dispute, namely the operators and the miners, are
intheir stand against any form of settlement that promised
capable of adjusting their differences without
permanen
t
intervention of the
peace. They had an ironclad formula—the check-off,
no arbitration public, in whose behalf Government institutions are conducted
. The
unless it was confined to raising wages—in short,
the discredited power that President Coolidge has twice asked for in
messages
Pinchot plan, and from this position they never budged.
to Congress should be placed in his hands promptly.
argument
Our
s, the flood of telgrams and letters from the
My second reason for stating that the present is
field, all
the most opportune
were rushed aside with the statement that nobody could
tell Mr. Lewis time for Congressional hearings is that the Legislature of the State
what his policy should be.
of Pennsylvania is now in session at Harrisbur
g,
having before it,
It is a tragedy that this region should continue
to suffer. Under among other matters, for consideration, coal legislation.
the proposals we made weeks ago the men could be
In a colloquy on the floor, on Dec. 19 last,
back at work,
you and I agreed that a
earning good wages, and our differences could
have been on the way great deal of the difficulty of the situation was within the
State of
to a just settlement. That Mr. Lewis would not
permit, although Pennsylvania. The very items wherein the State can make material
every right of the miners would have been protected
corrections in the situation will evidently not be
now
and
in
the
given
definite confuture.
sideration, so far as the message of Governor
Pinchot
ture discloses. I refer to the mining license and the to the Legislaexport tax.
Further Appeal to Organized Labor
for Financial Aid
In Behalf of Anthracite Miners.
Governor Moore of New Jersey Propose
s Tri-State Board
Supplementing the appeal in Decemb
er to labor bodies
to Operate Coal Mines.
affiliated with the American Federat
ion of Labor for
A. Harry Moore, who assumed office as
Governor of New
contributions in behalf of the striking
anthracite miners Jersey on Jan. 19, in his inaugur
al address at Trenton,
and their friends President Green
of the Federation ap- referred to the anthrac
ite coal strike and proposed that
pealed further to organized labor
on Jan. 17 for financial New Jersey, with
the co-operation of New York and Pennhelp for the miners. In his latest
appeal he said:
sylvania, create a Tri-State Commission which would
be
Because of the intense suffering which
prevails among the miners empowered to operate the mines
in the anthracite region we deem
and construct a coal railit necessary to supplement the appeal we issued on Dec. 21 by again
appealing to the officers and mem- road from the mines to tidewater in New Jersey. He debers of organized labor, their friends
and their sympathizers, to come clares that "this plan would absolutely destroy the
anthrato the assistance of our fellow-workers
in the anthracite region by cite monopoly and would bring
to our people and indusmaking such financial contributions as
the circumstances require and
their conditions permit.
tries a never-failing supply of coal, at a price
which it is
We can truthfully say that the need for
food and clothing among estimated would not be in excess of 810 a ton." We
the miners and their families in the
quote
anthracite region is most press- in part his remarks on the
ing and urgent.
subject:
Men, women and children are hungry.
Another important matter which I wish to bring
to your attention
The intense cold of mid-Winter has
added to their sad plight and is the question of the anthracite coal monopoly. The industries and
has intensified their suffering.
the people of New Jersey are vitally concerned with
an
Hungry children are calling upon us for
and cheap supply of anthracite coal. The coal fields uninterrupted
help.
being so near
Surely, organized labor must hear their
our State, and the natural supplies of coal in the
cry.
Who
among
ground
can
us
being so
be indifferent to the appeals of the
children for food, clothing and far in excess of the needs of the community for hundreds of years
to
shelter?
come, there is no reason why anthracite coal should
not be delivered
It is in behalf of these children and
their mothers that we, as to our people without interruption and at a much cheaper price than
officers of the American Federation of Labor,
make this heart appeal has prevailed in recent years.
to the membership of organized labor to
The anthracite coal business is controlled by perhaps
respond now and to respond
the most odious
generously in your financial contributions
to the hunger fund of the monopoly that ever arose among a free people. This trust maintains
anthracite mine workers.
its power by the possession of two privileges: It has
acquired control
The loyalty and devotion of the anthracit
e miners to the principles or ownership of ninety-eight per cent, of all the anthracite coal in
of organized labor stirs us deeply and
Pennsylvania, which means the country. It is impossibl
arouses our admiration.
e for successful
Only men who arc devoted to a great
cause and whose loyalty to competition to be set up against the trust, no matter how high the
their union overshadows every other considera
tion would sacrifice and price or how profitable the production of coal, because of the fact that
suffer as these men are doing.
competitors canot obtain any coal lands. The
lands thus owned by
It is the cause of organized labor which
moves them and which in- the trust are not needed for the production of coal, but have been
spires them to fight for the maintenance of
acquired
and are held out of use for the sole purpose
high living standards, for
of preventing
the preservation of their organization and for
the exercise of their competition and sustaining the monopoly. .
free rights as American citizens and American
The
other
privilege
enjoyed
by the trust is that through the related
working men.
Come to their rescue;
organizations they control all the railroads leading
out of the anthraIf they are willing to fight and suffer, let us
be willing to contrib- cite field. They have driven out practically all of the independent
ute so they may have food and clothing while
operators through the control of these railroads
fighting
the
by discriminating
battle
of against them
the United Mine Workers of America!
in transportation. They have delayed deliveries
and
charged
excessive
freight
rates
and thereby made it impossible for
The previous appeal was given in these
columns Dec. 26, existing coal companies to compete and
have compelled them to sell
page 308.
out to the trust, until now the trust controls,
directly or indirectly,
nearly all of the operating mines.
These practices have been brought before
the Federal Trade ComNew York Representatives in Congress Urge House
Com- mission and the United States Court and have been denounced by both
parties. The Sherman law has been invoked
mittee to Act in Coal Strike—Represe
in vain. To attempt to
ntative
break up the monopoly by regulation
has completely failed. In the
Treadway's Suggestions.
meantime the monopoly so grinds down
the miners that they, from
time to time, are forced into strikes
Four members of the House of Representative
against intolerable labor and living
s, namely
conditions. When this
Representatives Hamilton Fish, Jr.,
J. Mayhew Wain- operator on the other, happens the strikers upon one side and the
engage in a bitter struggle, productiton ceases
wright, Ben. L. Fairchild and Robert L. Bacon, all
of New and there is no machinery by which the public interest can be protected.
York, on Jan. 16 addressed a communication to
Chairman
With the co-operation of New York and Pennsylv
ania, a tri-State
Parker of the House Committee on Interstate and
For- commission could be set up with power to condemn—acting through
eign Commerce urging that immediate conside
the
State courts of Pennsylvania—a sufficient amount
ration be
of lands containing coal to set up competition against
given to recommendations by President Coolidge in
the trust. These lands
mess- could be leased on very moderate
royalties to operators willing to
438
THE CHRONICLE
[VOL. 122.
railroad of a substantial part of holdings in the Empire Trust Comdevelop the mines in competition with the trust. A coal
Jersey. pany of New York acquired in 1923 we quote the following
could be then constructed from the mines to tidewater in New
This plan would absolutely destroy the anthracite coal monopoly and from the "Wall Street Journal" of Jan. 21:
coal
would bring to our people and industries a never-failing supply of
It is understood the Brotherhood of Locomotive Engineers has sold
at a price which it is estimated to be not in excess of $10 a ton.
a substantial amount of its holdings of Empire Trust Co. stock,
which
Bridge,
Camden
the
We have precedent for such action in
Brotherhood never had anything like a control of the stock of this
is being constructed jointly with Pennsylvania, and the Hudson River bank, and present holdings are without significance.
upbe
will
which
of
cost
York—the
New
with
action
'Tunnel by joint
Brotherhood of Locomotive Engineers bought its original block of
ward of fifty millions of dollars. The plan I suggest could not reach
in the Empire Trust Co. about three years ago. The amount
this sum. The plan to classify the business as a public utility and stocknever stated. It was large enough, however, to cause the election
was
subject to regulation is impractical. The policy of regulation has of some of its officers to the directorate and to the official staff of
completely failed to secure reasonable rates to our people for public
bank. The late Warren S. Stone, William B. Prenter, now
utility service, such as transportation, telephone and electric light the
of the organization, and Vice-President George T. Webb
rates, and there is no ground for belief that it will succeed in this president
went on the bank's board. Leroy W. Baldwin, president of the
connection.
announcing the Brotherhood's stock purchase,
A Government which allows its people to freeze demonstrates its fail- Empire Trust, when
said the affiliation was effected "so that the Brotherhood could more
ure as a people's Government.
handle its large investments and its banking interests."
There are other subjects of importance, concerning which it is easy advantageously
The association between the bank and the labor body is understood
to generalize, but I do not intend to generalize and will deal with
to both. It gave the Brotherhood undoubted
these subjects later in special messages to the Legislature as occasion to have been advantageous handling its several financial undertakings,
demands. The subjects I have in mind are the protection of the prestige and facilities for a large increase in deposits of the Empire
for
water suplies, education, labor, highways, State expenditures, passen- while it was responsible
At the time of the stock purchase the trust company's
ger transportation, public utilities, giant power agriculture, Constitu- Trust Co.
a little over $4,000,000 and resources
were
surplus
and
capital
tional Convention, protection of competitive passenger transportation,
$47,000,000. Today they are $7,813,000 and $88,833,000, respectively.
crime and the administrative of criminal law, and bridge tolls.
After the death of Warren S. Stone, last June, the brotherhood
officials decided on a new policy of consolidating their financial and
Proposed Bills of Gov. Pinchot of Pennsylvania for banking activities, which had expanded considerably. It is believed
present sale of substantial holdings of Empire Trust Co. stock is in
Control of Coal Shelved—Governor Says Action Is
line with the new policy of concentrating operations directly in
Crime Against People.
institutions more within the Brotherhood's control.
The Administration measures for the State control of the
Other Brotherhood Banks.
anthracite mining industry, introduced in the Pennsylvania
Shortly after Stone's death, it was stated that "developments and
Legislature at the special session which opened on Jan. 13, perfection of the financial organization already instituted will now
of the new administration. At present the
were virtually killed by the House Committee on Mines and occupy the attention
does not contemplate further expansion along banking
Brotherhood
"postpone
to
voted
committee
Mining on Jan. 20. The
lines."
ndefinitely" action on the bill to make anthracite a public
Within the past five years the Brotherhood interests have become
a number of banks in cities extending from coast to
utility and to report with "a negative recommendation" identified with explained
that in almost every city where the BrotherIt was
that providing for State compacts. Two resolutions pro- coast.
hood operates a bank the institution was first started by local people
posing governmental intervention to end the strike were not who interested members of the Brotherhood, which then carried their
In a limited number of these cases the
acted on, according to Associated Press dispatches from endeavor to completion.
Brotherhood stepped in and took charge of the situation, to assure
Harrisburg, Jan. 20, the committee deciding to hold them the
successful operation of the banks.
for a joint public hearing to be held by the Senate and House
As a result, the Brotherhood's financial interests, together with
large bodies of local stockholders, now operate the following banks:
Mines Committees next Wednesday.
of Loco. Engrs. B. & Tr. Co., Birmingham.
On Jan. 21 commenting on the action of the House Com- Brotherhood
Brotherhood of Loco. Engrs. B. & T. Co., Philadelphia.
mittee on the 20th inst. with regard to the Administration Brotherhood of Loco. Engrs. Nat. Bank, Boston.
Co-Operative Tr. Co., N. Y.
measures, Mr. Pinchot characterized the action of the Com- Brotherhood of Loco. Engrg.
of Loco. Engrs. Co-Operative Nat. Bk., Cleveland.
mittee as "a crime against the people of the anthracite region Brotherhood
Nottingham Savgs. & Bankng. Co., Nottingham, 0.
and the 40,000,000 anthracite users of America."
Peoples Cooperative State Bank, Hammond, Ind.
Transportation Brotherhood Nat. Bk. of Minneapolis.
Brotherhood's Cooperative Nat. Bank, Spokane, Wash.
Philadelphia Sesqui-Centennial Exposition to Open
Brotherhood Cooperative Nat. Bank, Portland, Ore.
June 1, 1926.
Investment Companies.
The aggregate capital of these banks is in excess of $4,000,000 and
The Sesqui-Centennial, to be held in Philadelphia to
resources over $50,000,000.
commemorate the 150th anniversary of the signing of the
In addition to the foregoing the Brotherhood operates a number of
Declaration of Independence, will be opened on June 1 of security corporations designed (in cooperation with the Brotherhood
and distributing business, and
this city, a decision against postponement of the opening banks) to carry on a bond underwriting
supplemental to the banks in their
services
investment
furnish
to
Philadelin
meeting
having been reached on Jan. 20 at a
respective territories. They are as follows:
Capital
phia of the National Advisory Commission appointed by
$10,000,000
President Coolidge to confer with the association officials. Brotherhood Investment Co.
1,000,000
Brotherhood Holding Co.
A resolution to this end was adopted as follows by the
Brotherhood of Locomotive Engineers, Securities Corp. of
2,314,792
Commission:
New York
Resolved, That the chairman appoint a committee of five to draw up Brotherhood of Locomotive Engineers, Securities Corp. of
1,797,995
a resolution to the effect that the commission accepts and approves that
Pennsylvania
the Sesqui-Centennial International Exposition should open on June Southern Brotherhood of Locomotive Engineers, Securities
699,225
1, 1926.
Corp.
1,132,095
At a meeting of the directors of the Sesqui-Centennial Pacific Brotherhood Investment Co.
Association on Jan. 12 the question of postponing the Ex- New England Brotherhood of Locomotive Engineers, Se2,000,000
curity Corp.
position was discussed, definite action being postponed until
that
stating
In
this
week.
meeting
after the Commission's
$18,944,107
Total
the Exposition will not be permitted to run over two years,
the
to
referring
21,
Jan.
of
the Philadelphia "Inquirer"
decision to open the Exposition on June 1, said:
Proposed Conversion of Federation Bank of New York to
Mayor Kendrick, in a two-hour executive conference with the memFederation Bank & Trust Company.
bers of the National Advisory Commission of the Sesqui-Centennial,
succeeded in winning over to his views of no delay that group of
The stockholders of the Federation Bank of New York
influential advocates for postponement to 1927.
at the annual meeting voted to convert the bank to a trust
Thus was removed the last obstacle to the scheduled opening.
thirtyrepresenting
members,
and with the approval of the State Banking Deforty-six
company
aggregating
commission,
The
five of the forty-eight States of the Union, had been determined to partment before very long will offer trust company service
edvise delay before Mayor Kendrick convinced them last night that
as the Federation Bank and Trust Company of New York,
a "dignified" celebration can and will be held this year.
Peter J. Brady, President, announced on Jan. 16. The
To Ask Congress for $5,000,000.
in May,
Immediate steps will be taken to press Congress to appropriate bank was launched by labor unions of New York
$5,000,000 of government funds to aid in financing the celebration.
1923, with $500,900 capital and surplus. Its growth as reSecretary of Commerce Hoover, who with Secretary of State Kellogg
ported at the end of each fiscal year follows:
forms the National Sesqui-Centennial Commission Executive Commis.08
552
sion Executive Committee, at a dinner tendered to the Advisory Com- 1923..$3,580,697.06 1924..$6,449,657.89 1925..$15,461,
mission at the Benjamin Franklin Hotel last night pledged the support
"These figures speak for themselves," said Mr. Brady.
of the Federal government to the Exposition and expressed confidence "Our deposits increased so rapidly it was advisable to exthat a suitable appropriation soon would be forthcoming.
was subscribed
James M. Beck, distinguished lawyer, former Solicitor General of pand and so last summer a million dollars
the United States and now chairman of the Advisory Commission, who increasing our capital and surplus to $1,500,000." He added:
favored postponement until next year throughout the day, pledged the
We have paid regular dividends of 4% and an extra dividend of
utmost co-operation and aid, and likewise expressed the belief that 6% to our stockholders. Our growth has been steady and with the
Congress would not prove "niggardly" in its appropriation.
splendid co-operation we have received from international and local
unions and employers we have established a successful bank with reReported Sale by Brotherhood of Locomotive Engineers sources of over $15,000,000..
Ever since the bank opened we have been receiving requests from
York.
of Stock in Empire Trust Company of New
union members as to whether we are ready to take care of the investreports
regarding
information
ment of funds left by some deceased member of the family, act as
In the absence of official
Locomotive Engineers executor of wills and afro,- other trust company functions. The direcof
Brotherhood
the
by
sale
of the
JAN. 23 1926.]
THE CHRONICLE
tors were of the opinion that with the demonstrated stability of the
bank it was opportune for us to apply to the State Banking Department
for a change in our charter to that of a trust company. This resolution
was unanimously approved by the annual stockholders meeting in Washington Irving High School.
The stockholders adopted a resolution of appreciation for
the service given the bank by George V. McLaughlin while
Superintendent of Banks. They also authorized a letter of
appreciation to Mayor Walker and City Chamberlain
Edward Flynn for their action on taking office in restoring
the deposit of the City of New York in the Federation Bank.
"Not only has the city's account been restored, but the new
administration added $100,000 to the original deposit
arbitrarily removed by the outgoing Mayor," Mr. Brady
announced. The stockholders elected the following as
the
Board of Directors for the new term: James B. Allen,
George J. Atwell, Charles H. Bausher, Peter J. Brady, John
J. Comer, Sara A. Conboy, John H. Delaney, Frank
Fox,
Louis G. Gebhardt, Henry W. George, Earle
W. Hammons,
James P. Holland, William Kohn, Frederick
W. Ludwig,
Jere T. Mahoney, William J. McCormack,
Hugh F. McGann,
Thomas J. McLaughlin, John J. Munholla
nd, Marshall W.
Pask, Gene Pope, Joseph P. Ryan, Frank
X. Sullivan, John
Sullivan, Matthew Woll.
439
Downing was appointed Secretary. Lindsay Bradford,
Clarence E. Hunter and John Murray Mitchell were appointed Assistant Vice-Presidents; Sidney S. Silleck was
appointed Trust Officer, and Manice deF. Lockwood and
William J. Mackey were appointed Assistant Treasurers.
These promotions are all from the staff of the trust company.
All other officers were re-elected.
At the annual meetingof the Capitol National Bank of
New York, four new directors were elected at last week's
annual meeting, namely, Max W. Amberg, who succeeds
Ralph A. Day; Herman Herring, successor to M. J. Federman; Max Wiesen, successor to Charles D. Parks, and
Benjamin Winter, who succeeds Arthur Worth.
Vincent B. Miner has been appointed Trust Officer and
Assistant Treasurer of the County Trust Co. of New York
City. Mr. Miner has been in the Trust Department of the
Bankers Trust Co., serving first at 16 Wall Street and later
at the 57th Street office of the company from the time that
office was organized.
Julius R. von Sternberg
, formerly Vice-President, was
elected President of the Commonwealth Bank of New York
at last week's annual meeting of stockholders. He succeeds
Charles A. King, who has become Assistant Chairman of
the Board. George F. A. Olt, Cashier, has been made
Vice-President. Mr. von Sternberg has been identified with
the bank for 37 years, having started in as a messenger at
the age of seventeen.
ITEMS ABOUT BANKS, TRUST COMPAN
IES, &c.
Four New York Stock Exchange
memberships were
reported posted for transfer this week
as follows: That of
John L. Weeks to De Courcey L. Taylor,
consideration,
$143,000; that of Joseph H. Sears, deceased,
to David
Granger Jr., consideration, $143,000; that
of Thomas G.
Cook to Frank S. Shea, consideration,
Archibald F. Maxwell, President of the Central National
$142,000; that of
George F. Naphen to Jules S. Bache,considera
Bank
of New York, announces that Jas. R. Postal has been
tion,
$142,000.
Last previous sale, $145,000.
named Cashier of the bank. Reference was made to the
organization of this bank, which is
located at Broadway and
J. P. Morgan, accompanied by his sister,
Mrs. Morgan 40th Street, New York City, in the "Chronicle" of .May 30,
Hamilton, has sailed in his yacht, the Corsair,
to Florida page 2772, and June 27, page 3273.
and the West Indies.
Walter J. Gilpin, Joseph A. Seckinger and Robert J. KierRussell C. Leffingwell, a pa-rtner in the
firm of J. P. Mor- nan, formerly Assistant Cashiers, have been appointed
gan & Co., left for Europe a week
ago on the Majestic on a Assistant Vice-Presidents of the State Bank of New York.
brief business trip.
Directors were re-elected.
George F. Baker, Chairman of the
Board of the First
At the annual meeting of stockholders of the New NetherNational Bank of New York, has gone
to Florida on his an- land Bank of New York, the retiring directors were renual winter vacation trip.
elected and T. J. Benford, Vice-President of Penick & Ford,
Ltd., was chosen to fill a vacancy on the board.
General James G.
Harbord, Stephen Birch and Colonel
Arthur Woods were elected directors of the Bankers
Trust
Co. at a meeting of the board of directors
on Jan.
eral Harbord is President of the Radio Corporati 18. Genon of America; Mr. Birch is President of the
Kennecott Copper Corporation, and Colonel Woods, a former Police
Commissioner
of New York, is Acting President of the Rockefell
er Memorial.
Plans are under way for th-e formation in this city of the
Murray Hill Trust Company with a capital of $1,000,000.
The institution is to be located in the Murray Hill Building,
at the Northeast Corner of 40th Street and Madison Ave-nue. The incorporators are William R. Bull, Charles H.
Kavanaugh, J. Leslie Kincaid, Charles W. Waller, A. W.
Bowman, George W. Fleming, Charles A. H. De Saulles,
Mark Temple Dowling, Edward A. Keeler, Charles F. KinsThe board of directors of t- he Chatham
Phenix National
Bank & Trust Co. of New York, at a special
man, Vivian Green, William Dewey Loucks and Otto
meeting held Schaefer.
Jan. 18, elected the following as Assistant
Vice
the company: E. J. Donahue, Crawford Hill, -Presidents of
Kaufman, Abner Jackson, Robert Roy, LeslieGreveraet Y.
D. Wagner
and W. S. Wallace. The foregoing were
formerly Assistant
Cashiers. All other officials and directors
were e-relected.
The company has installed a new group life
insurance program, with a total coverage of about
$3,600,000 for more
than 1,000 employees. It was underwritten
by
politan Life Insurance Co. on a co-operative the Metrobasis. Each
employee is offered protection ranging from
$2,000 to $6,000,
according to the amount of salary received,
and
proportionately higher basis. The premiums officers on a
are
half by the officers and employees and the other paid onehalf by the
bank. All who remain with the bank for three
years will
have their premiums paid in by them during that
period
rebated by the bank.
James M. Potts, Assistant Treasurer of E. Gerli & Co.,
Inc., of 49 East 34th Street, has been appointed a member
of the Advisory Board of the Fifth Avenue Office, of Irving
Bank-Columbia Trust Company, at Fifth Avenue and 34th
Street.
At a recent meeting of the Directors of the Longacre
Bank, at Eighth Avenue at 43rd Street, this city, James A.
Kenny, of the William F. Kenny Company, was elected a
member of the Board; at the Annual Stockholders' Meeting,
on January 12, Mr. Kenny, as well as the rest of the
Directors, was re-elected.
The following is a list of the Officers re-elected at the
Annual Directors' Meeting, also held on January 12:
Frederick K. Teipel, President; Herman H. Kahrs, Sr.,
Archibald R. Graustein, President of the
-President; George A.
International Vice-President; Sol Berliner, Vice
Paper Co., was added to the board of directors of the
Kelly, Cashier. The resources of the Bank, as of December
Corn
Exchange Bank of New York at the meeting of
stockholders 31, 1925, total $6,004,688.
on Jan. 19. All other directors were re-elected.
•
The Fordham National Bank of New York opened for
r At the annual meeting of the directors of the
Central business on Saturday, January 2nd. According to Senator
Union Trust Co. of New York, Lindsay M. Goodeve was Royal S. Copeland, President of the Bank, approxima
tely a
elected a Vice-President.
half million dollars had been deposited on the first day by
about 1,500 depositors
. Within two weeks from day of
At a meeting of the board of trustees of the New York opening
the number of depositors increased to about 3,000,
Trust Co. on Jan. 20, Boyd G. Curts and Artemus L. Gates amountin
g to aproximately $800,000 in deposits. Joseph P.
were elected Vice-Presidents of the company, and A. C. Ryan and
E. Nelson Sims are,Vice-Presidents and Percy N.
440
THE CHRONICLE
[VOL. 122.
age Co.
at
The stockholders of the New York Title & Mortg
bank held public exercises
cted at the annual meetre-ele
Moore is Cashier. The
city,
this
at
way,
135
g,
Broad
of
evenin
the
am Road, in
Ryan's Hall, 203 E. Fordh
of directors, and additionally, elected
Chairman of the House Com- ing the present board
which Louis T. McFadden,
Brady of 80 Broadway. Mr. Brady is Vice-PresiCurrency; and Pierre Jay, Chair- James C.
mittee on Banking and
s
director of the Brooklyn Edison Co. and trustee
and
Detail
dent
rs.
ve Bank, were speake
also a
man of the Federal Reser
columns of the Central Union Trust Co. of New York. He is
the bank appeared in these
Co., Harway ImproveLight
Gas
port
of the organization of
Bridge
the
or
of
direct
1533.
September 26, page
aon July 4, page 38, and
ment Co., Helderberg Cement Co., Maxwell Motor Corpor
al
&
Nation
Land
Beach
th
North
Seven
y,
olders of the
tion, Municipal Gas Co. of Alban
At a meeting of stockh
dent, was Improvement Co., Prudential Oil Corporation, Tennessee
-Presi
Vice
er
Blaun
Julius
Bank of New York,
ors of the bank reelected the Electric Power Co. and Utica Gas & Electric Co.
elected to the Board. Direct
ution.
instit
the
of
officers
The past year has been the most successful one in the
Stock Exchange firm of Hart history of the New York Title & Mortgage Co., President
Ira Haupt of the New York
Lederer, Vice-President of the Trade Harry A. Kahler told the stockholders at the annual meet& Haupt and J. Brown
been elected directors of bank.
have
ing yesterday, held at the company's main office, 135 BroadBank of New York,
Interway. Operating results for 1925 record the greatest adthe
January 19th, of
At the Annual Meeting on
us years. This growth is shown in every
the Directors of the bank vance over previo
national Acceptance Bank, Inc.,
:
tment
ing
depar
follow
the
g year and
Kahler
were re-elected for the comin
"The success of the company's operations has been due," Mr.
approved: Hugh Knowles have
pointed out, "in a considerable measure to the fact that its faciliti
changes in the official staff were
Wall
the
59
despite
Rice,
that,
&
result
the
with
need,
Butler
on,
been developed to meet a foreseen
ton, formerly partner of Applet
L. Gill, Vice- unprecedented demands made upon it, the company has been able to give
er
Fletch
dent;
-Presi
Vice
Street, was elected
service.
far exP. Collins, Assistant Vice- good
"New title and mortgage business booked for December 1925
President and Treasurer; John
In
ary.
Secret
ant
preceding December, showing that current business
Assist
the
for
y,
that
hinsk
ceeded
Hwosc
B.
President; and
year ago. The demand for guaranteed mortment for December 31, continues to be greater than aThe
scope of our activities for several years
presenting the bank's financial state
gage investments is active.
the
to
ion
attent
le exdrew
ent,
has extended to title insurance outside of New York. Our favorab
1925, F. Abbot Goodhue, Presid
parand
year
national title department justified us in establishing a
our
past
in
e
the
g
perienc
durin
made
ss
satisfactory progre
with a resident agent at Miami, and correspondents in every
ion of the credits granted Florida office,
for title
ticularly to the wide diversificat
important county. This has enabled us to supply the demand
The
world.
over the
protection, required by New Yorkers and others who have purchased Florida
covering the shipment of goods all
ber 31, 1925, totalling real estate," he said.
acceptances outstanding on Decem
rs, in 25 countries,
drawe
409
by
drawn
were
7,784,
$46,52
At the annual meeting of the stockholders of the Frankthe important raw
all
ing
involv
ctions
National Bank of New York Arthur P. Williams was
and covered transa
lin
e of dollar acceptcommodities in world trade. The volum
d a director.
electe
was on an average
ances outstanding during the year
year, and both gross
Owen Sheppard, Treasurer and director of the Interna$10,000,000 in excess of the preceding
the
of
ing
beginn
the
since
tional Paper Co. and Continental Bag & Paper Mills Corand net profits were the highest
sub- poration, has been elected a director of the Manufacturers
very
d
ulate
accum
g
havin
bank
The
bank's operations.
plan outlined in the National Bank of Troy, N. Y.
stantial open and hidden reserves, the
a dividend paying
on
stock
the
g
placin
of
report
l
last annua
Robert A. Boardman, Cashier of the First National Bank
ions, was carried
operat
its
of
year
basis in this fourth full
rly Trust
the
at
Hartford, Conn., and James W. Knox, forme
paid
of
and
ed
declar
into effect, dividends having been
the
of
nts
ution
reside
instit
Vice-P
ted
appoin
second
were
Officer,
paid-in capital for the
rate of 8% per annum on the
g, Jan. 12. Mr. Boardman will conmeetin
,136
ors'
direct
$3,325
the
at
at
stand
s
profit
half of the year. The undivided
Cashier.
having been added during tinue to hold the position of
as of December 31, 1925, $750,000
of the Park
the past year.
Charles W. Cobb, who had been acting Teller
M. Warburg, Chairrd, was elected Secretary of the
The remarks at the meeting, of Paul
Hartfo
Co.,
Trust
Street
colelsewhere in these
man of the Board, are referred to
institution by the directors on Jan. 12.
umns today.
on Jan. 12
The Mutual Bank & Trust Co. of Hartford
Franklin Savings
At a meeting of the Trustees of The
rs to its board of directors. They
membe
new
three
18th,
added
ry
Janua
on
Bank, Eighth Avenue and 42nd Street,
Eyck, Assistant Secretary of the
r of the Board, are: Charles A. Ten
Hiram E. Manville was elected a membe
Harry B. Howard, Vice-President and
Co.;
ic
Electr
Arrow
Hiram
le.
Manvil
succeeding his brother, the late T. Frank
and Victor I. Neilson.
lle, Incorporated. Trust Officer of the bank,
E. Manville is President of Johns-Manvi
was appointed
At the same meeting Frederick G. Stuart
The directorate of the Phoenix National Bank of Hartassets of The
The
bank.
the
ef
oller
Comptr
ant
Assist
ford was increased by the stockholders at their annual
Franklin now exceed $84,000,000.
meeting on Jan. 12, the new members being Charles S.
tion
the Title Blake, President of the Hartford Steam Boiler Inspec
At the Annual Meeting of the Stockholders of
ary of the
ll,
Secret
y
Maxwe
T.
Sydne
Co.;
ance
ry
Insur
Janua
&
on
Guarantee and Trust Company of New York,
National Fire Insurance Co., and Jamles Lester Goodwin,
19th, the following were elected Trustees:
ent and Treasurer of the Whitlock Coil Pipe Co. At
Presid
1929.
Year
the
g
in
Claes Expirin
,
Kellogg
W.
ng of the directors which followed, Harold M.
Rawdon
meeti
Goelet,
the
Philip A. Benson, Walter E. Frew, Robert
Milbank, James Speyer, Reed, heretofore Credit Manager of the bank, was elected
Clarence H. Kelsey, Alfred E. Marling, Albert G.
Willis D. Wood.
r.
following an Assistant Cashie
At the organization meeting of the Trustees the
d a director of the First National
officers were elected:
W.R. Shaffer was electe
President, Clinton D.
Chairman of the Board, Clarence H. Kelsey.
Bank of New Haven on Jan. 12.
J. Wray Cleveland,
Burdick. Vice-Presidents, Frederick P. Condit,
er and Manager BankHarold W. Hoyt, Clarence F. Lamont; Treasur
Horace Anderson;
ry,
Secreta
ing Department, Clarence C. Harmstad.
Salisbury; Assistant
Manager Manhattan Mortgage Department, Randall
J. Culpeper,
Treasurers, John W. Shepard, Loren H. Rockwell, David
Fred H. Freeman,
Blank,
David
ries,
Secreta
nt
Assista
Kelsey;
John F.
Burdick, John T.
Stephen T. Kelsey, Doane S. Guardenier, Howard
n Banking Department,
Egan; Vice-President, in charge of the Brookly
of the Jamaica Branch,
Frank L. Sniffen; Vice-President, in charge
P. C. Robertson; Trust
Raye P. Woodin; Assistant Vice-President,
th; Trust Officer in Manhattan,
Officer in Brooklyn, Thomas E. Pilswor
in Manhattan, Allen
Francis F. Themassen; Assistant Trust Officer
H. Remsen.
J. E. Stannard, Cashier of the Merchants' National Bank
l
of New Haven, was elected a director at the recent annua
WarC.
H.
late
d
,
to
the
olders
succee
stockh
the
meeting of
ren.
s,
Roy A. Hovey, Commissione- r of Banks for Massachusett
Massawas on Jan. 8 authorized by Judge Crosby of the
to the
chusetts Supreme Court to pay a dividend of 6%
defunct
depositors in the commercial department of the
Boston
Cosmopolitan Trust Co. of Boston, according to the
of the
cript"
Samuel Sloan has been elected a Vice-President
"Transcript" of that date. Continuing, the "Trans
y been a
alread
had
Mr.
Sloan
s.
Saving
for
Bank
n's
Seame
said:
be distributed
ent and director
This dividend calls for the sum of $388,790 34 and will
trustee of the bank. He is also Vice-Presid
s.
creditor
the
8,500
of
mately
or
approxi
a
direct
among
ny,
the commercial
of the Farmers Loan & Trust Compa
The Commissioner has returned to date to depositors of
the Delaware, Lackawill have been
Bank of the Manhattan Company,
department 26%. With the present dividend a total of 32%
e of the Consoli- received.
a
wanna and Western R. R. Co. and truste
ioner at the
Payment of this dividend will be made by the Bank Commiss
l Insurance Co.
dated Gas Co. and the Atlantic Mutua
office of the liquidating agent of the bank on Jan. 30.
JAN. 23
19261
THE CHRONICLE
441
Association and was recently made a director of the Mechanics Bank (Main Office) and a member of the advisory
The Cosmopolitan Trust Co. was closed in the latter part committee of its Fifth Avenue Branch.
of 1920. Our last reference to its affairs appeared in these
Richard Litton Edwards, Vice-President of the Brooklyn
columns in the "Chronicle" of Dec. 26 last.
Savings Bank, Brooklyn, New York, and formerly President
A special meeting of the shareholders of the Old Colony of the Gold Exchange Bank and the Bank of the State of
Trust Co. of Boston will be held on Feb. 2 at which a propo- New York, died on January 13 at the age of 89. Mr.
sition to increase the capital of the institution from $10,000,- Edwards was a native of St. Louis. He was treasurer of
000 to $12,000,000 by the issuance of 20,000 shares of new the Gold Exchange after the Civil War and later resigned
stock, of the par value of $100 per share, will be considered from this position to become President of the Gold Exand voted upon. It is proposed to sell the new stock at $150 change Bank. He resigned this presidency to become Presia share to stockholders of record Feb. 9. If authorized, the dent of the Bank of the State of New York, serving until
sale of the new shares will bring in $3,000,000. As of Dec.31 the absorption of that institution by the Bank of North
1925, the company had a surplus of $9,000,000 and undivid- America. Mr. Edwards was a director of the Brooklyn
ed profits of $3,609,893; after the increase in the capital, City Railroad Company and the United States Casualty
therefore, the combined surplus and undivided profits of the Company, and a member of the Chamber of Commerce and
bank will be in the neighborhood of $13,500,000. In Feb- the New York Produce Exchange.
ruary last year the Old Colony Trust Co.increaesd its capital
The sale of the 4,000 shares of stock offered last Decemfrom $7,000,000 to $10,000,000. The last sale of the stock
ber
to stockholders of the Peoples Trust Company of
are
worth
figure
the
rights
it
is
said,
and
at
this
$325,
was at
Brooklyn, was completed on January 15. The new stock was
about,$29 a share.
offered on the basis of one share for each four shares of
One new member was added to the board of directors of stock held. By this sale of stock, the capital is increased
the United States Trust Co. of Boston on Jan. 12, namely from $1,600,000 to $2,000,000. The increase was proposed
Edward C. Stone, Associate United States Manager of the on November 18 and approved by the stockholders at a
Employers' Liability Assurance Corporation of London and special meeting on December 9. Other details of the inVice-President of the Employers' Fire Insurance Co. and of crease of stock appeared in the Chronicles of November 28,
the American Employers' Insurance Co. At the directors' page 2600, and December 19, page 2967. At the annual
meeting which followed, Alan R. Morse, formerly an Assist- meeting on January 13, the stockholders of the company
ant Treasurer, was elected a Vice-President of the bank and voted to reduce the number of directors of the institution
Norman A. Walker, heretofore an Assistant Secretary, was from 26 to 24. All retiring trustees were reelected.
made Assistant Treasurer and Trust Officer.
At the meeting of the board of directors of the Steneck
Six new directors were elected by the stockholders of the Trust Company of Hoboken, New Jersey, on January 12,
Malden Trust Co., Malden, Mass. (Boston), at their annual John Steneck retired as President and was elected chairmeeting on Jan. 12. They are: James F. Armstrong, Dr. man of the board of trustees. Henry C. Steneck, (son of
Elmer W. Barron, H. Augustine Buckley, George E. Felton, John Steneck), Vice-President of the company, succeeds his
Charles E. Keniston Jr., and Lloyd Makepeace.
father as President of the company. Nicholas H. Steneck,
who was Secretary and Treasurer, was re-elected.
Edric Eldridge, President of the Jamaica Plain Trust
Company, Jamaica Plain (Boston), Mass., died on Jan. 15.
The Hamilton National Bank, a newly organized bank in
At the Annual Meeting of the Stockholders of the Hamp- Weehawken, New Jersey, opened for business on January
shire County Trust Company, of Northampton, Mass., John 18. It has a capital of $100,000 and a surplus of $50,000.
C. Ryan of Hatfield, and John C. Field of Hadley, Mass., The stock is in shares of $100. Alfred J. Curtin is Presiwere elected as new directors of the bank. The officers and dent; Edward Fetterly, Vice-President, and Stephen K.
other directors were re-elected as of 1925. Mr. Ryan is one Sullivan, Cashier. The directors are: Arnold Rippe, Ed-•
of the best known tobacco growers in Hatfield, while Mr. ward Fetterly, Dr. William J. Sweeney, Stephen K. SulField is likewise a well known tobacco grower of Hadley, livan„ former Judge J. Raymond Tiffany, Dr. Fred J.
and also a director of the Connecticut Valley Tobacco Quigley, Alfred J. Curtin and Edgar A. Ward, of New York
and Spring Lake.
Growers Association.
Dividends in the savings department to the amount of 83% have been
received by the depositors of this branch of the bank.
According to the Brooklyn "Eagle," of last night (Jan. 22),
the stockholders of the Mechanics Bank yesterday ratified
the plan of the board of directors to purchase and merge the
Flatbush State Bank with the Mechanics Bank. The
"Eagle" says:
p Stockholders also voted to increase the capital stock of the Mechanics
Bank 1,000 shares from 40,000 to 41,000, the 1,000 shares of new stock
to be issued being part of the purchase price of the Flatbush State Bank.
According to officers of the Mechanics Bank, 31,000 shares of the 40,000
outstanding voted in favor of the plan, with no opposition.
It,The terms and conditions of the purchase were not disclosed. It was
rumored that Flatbush State Bank stockholders received close to $500 a
share, In cash and Mechanics Bank stock, for each share of Flatbush stock.
hitFurther plans for the expansion of the Mechanics Bank by the acquisition
of another prominent bank in the not distant future are reported in banking
circles, although official confirmation Is lacking.
h The acquisition of the Flatbush State Bank will give the Mechanics
Bank a profitable and much-needed branch in the rapidly growing Flatbush
section.
The stockholders of the Mechanics Bank of Brooklyn
elected William Boardman, President of the First National
Bank of Jamaica, a director, at the annual meeting on
January 12th, to fill the vacancy caused by the resignation
of Frederick D. Mackay, and William Obermayer was
elected a director to succeed his brother, the late Charles
J. Obermayer.
William Obermayer was elected President of the Greater
New York Savings Bank of Brooklyn on January 14, to
succeed his brother, the late Charles J. Obermayer, whose
death was noted in the Chronicle on January 2, page 52.
William Obermayer has been identified with the Greater
New York Savings Bank for 25 years. He began with the
institution as a clerk in 1901. In 1904 he was made secretary; in 1920 he was made comptroller and in 1923 he
became Vice-President. Mr. Obermayer has for some time
been chairman of Group 7 of the New York State Bankers
Stockholders of the Trust Company of New Jersey, Jersey
City, at their annual meeting on Jan. 12 elected four new
directors as follows: Max Z. Hurwitz, merchant; Dr.
Joseph Londrigan, head of the staff of St. Mary's Hospital,
and Chief Medical Officer of the Hoboken schools; John J.
Mantel', General Manager of the Erie Railroad, and Counselor Emil Walschied, Corporation Attorney of Union City,
N. J.
Silas W. Kagan, President of S. W. Kagan & Co., was
added to the board of directors of the Union Trust Co. and
Hudson County National Bank of Jersey City at the annual
meeting of the stockholders on Jan. 12.
The board of directors of the Commercial Trust Co. of
Jersey City was in.:Teased by the addition of four new members at the recent annual meeting of the stockholders. The
new directors are: J. Fisher Anderson, of the law firm of
Fisk & Fisk; George Krouse, retired steel man; Kenneth
C. MacLaren, President of the Corporation Trust Co., and
Dr. Wallace Pyle.
Daniel R. Greenwood, heretofore a Vice-President, was
chosen Chairman of the board of directors of the Second
National Bank of Philadelphia—a newly-created position—
at the stockholders' annual meeting on Jan. 12, while Frank
Adshead, Cashier of the institution, was given the added
position of Vice-President. John E. Gossling was re-elected
President of the bank.
Walter T. Grosscup, Vice-President and Treasurer of the
People's Bank & Trust Co., Philadelphia, was elected a
director at the recent stockholders' meeting.
THE CHRONICLE
Since an error crept in our item of last week (page 313)
in which we referred to the new directors of the Philadelphia Company for Guaranteeing Mortgages, we take occasion to again refer thereto at this time. One of the new
members is Samuel C. Edmonds, nit Edwards as inadvertently given in these columns last week. As indicated
therein Mr. Edmonds is a Vice-President of the Philadelphia
Company for Guaranteeing Mortgages, and was some years
ago on the staff of the Commercial & Financial Chronicle.
The annual report of William R. Nicholson, President of
the Philadelphia Company for Guaranteeing Mortgages was
referred to on page 361 of our issue of a week ago. The
following is also from President Nicholson's report:
The balance sheet for December 31, 1925, shows a capital of $3,000900, surplus $1,800,000, an increase of $300,000, and undivided profits
of $112,200.71. In addition to the cash earnings of the Company the
unearned premiums on mortgages guaranteed aggregate $1,510,155.84.
These premiums are future profits and are not carried as an asset.
The collection of interest on mortgages owned and guaranteed has
been steadtly growing with the increased business until in 1925 this
item amounted to $5,113,274.15, or an average of over $425,000
monthly.
-•__.
Charles E. Wolbert has resigned as a Vice-President,
Secretary and Treasurer of the West End Trust Co. of'
Philadelphia, according to the Philadelphia "Ledger" of
January 15. Mr. Wolbert has been seriously ill, but is
convalescing. His successor has not been appointed.
At the Broad Street Trust Co. of Philadelphia on Jan. 12,
Louis N. Spielberger, President of Hance Brothers & White,
Inc., was elected a member of'the board of directors.
Alvin C. Osburn, former Vice-President and Secretary
of the Woodlawn Trust Co., Woodlawn, Pa., whose arrest
for the embezzlement of $232,000 of the bank's funds was
reported in these columns in our issue of Nov. 28, entered
pleas of "guilty" in the Beaver County Court on Dec. 9 to
40 counts of the indictment returned against him involving
irregularities disclosed by State bank examiners on Nov. 18,
and was sentenced by Judge Frank E. Reader to serve from
15 to 30 years in the Western Penitentiary at hard labor.
As reported in our previous item, the directors of the institution at a meeting held Nov. 18 voted to make good the
bank's loss. The triginal shortage of $232,000 is now said
to have been reduced to approximately $74,000 through the
transfer of Osburn's personal property to the bank and by
Mrs. Osburn also contributing her personal property.
[VoL. 122.
Baltimore "Sun" of Jan. 12) showed that deposits had increased approximately $5,600,000 during the year, while
capital resources also were increased about $750,000. Net
earnings showed a gain of $100,000, as compared with 1924,
while $250,000 was aoded to undivided profits after reserves
and dividends.
At a meeting of the Board of Directors of the Pennsylvania Trust Company of Pittsburgh, held January 14, Louis
P. Lavie was elected Assistant Trust Officer, and Charles
W. Wilson, Manager of the Real Estate Department.
The Guardian Trust Company of Cleveland opened its
tenth office, the Arlington-Eddy branch, January 16. It
is a modern community bank providing every banking
service in the section contiguous to the junction of Eddy
Road and Arlington Avenue. L. 0. Bond, for the past nine
years a member of the Guardian staff, has been named
manager. He was formerly assistant treasurer of the
Middlefield Banking Company.
Francis W. Treadway, director and member of the finalise
and executive committees of the Guardian Trust Company,
Cleveland, died December 24. He was onee Lieutenant
Governor of the State of Ohio. He was a member of the
law firm of Treadway and Marlatt and was an officer or
director in a number of leading business firms, including
the Perfection Stove Company, the Cleveland Varnish Company and the Baker R. and L. Company.
C. E. Farnsworth, Vice-President of the Union Trust Co.
of Cleveland, accompanied by Mrs. Farnsworth, sailed
from New York Jan. 14 on the S. S. "Franconia," bound for
a cruise around the world. They will go by way of the
Mediterranean, visiting Egypt, the Holy Land and Greece,
passing through the Suez Canal, and will stop eff for an
extended tour through central and northern India. The
route also covers Hongkong, Shanghai, Yokohama and
Honolulu. Return will be made by way of Les Angeles, the
Panama Canal and Plavana back to New York. The trip
will last 130 days and will cover 30,000 miles.
Stephen M. Chase was elected a director of the Lincoln
National Bank of Washington, D. C., at the stockholders'
annual meeting on ;Jan. 12 to fill the vacancy created by
the death of S. Dana Lincoln, a Vice-President of the institution. The directors of the institution at their organization meeting on Jan. 14 made the following changes in the
bank's personnel: Albert S. Gatley, formerly Vice-President and Cashier, and who has served the institution for
upwards of 30 years, was elected Executive Vice-President;
W. McK. Stowell, formerly an Assistant Cashier, was promoted to a Vice-President, while Henry T. Ofterdinger was
also appointed a Vice-President; James A. Soper, heretofore an Assistant Cashier, was made Cashier to succeed
Mr. Gatley in that capacity, and J. Frank Rice was elected
an Assistant Cashier. The other officers were re-elected.
Floyd E. Davis is President.
At the annual meeting of the stockholders of the Farmers
& Merchants' National Bank of Baltimore on Jan. 12, John
E. Marshall, the Cashier of the institution (and subsequently made a Vice-President as well), was elected a
director. The directors at their meeting, which followed,
made a number of changes in the personnel of the bank:
William H. Gideon was elected President, succeeding Carter G. Osburn, who became Chairman of the board of directors; John E. Marshall was appointed a Vice-President to
fill the vacancy made by the promotion of Mr. Gideon to
the presidency, while continuing as Cashier, and Clifford
B. Winchester, formerly an Assistant Cashier, was also
The following new members were added to the board of
elected a Vice-President. All the officers promoted, it is
said, had been with the bank for a long time and had directors of the Departmental Bank of Washington on
worked their way up from minor positions.
Jan. 12: Herbert D. Brown, Chief of the Bureau of Efficiency; George J. Cross Jr., general contractor; C. E. McGeorge W. Schoedals was elected an additional director Coy, of the Inter-State Commerce Commission; G. L. Shorey
of the National Central Bank of Baltimore at the annual of the Bureau of Navigation; Sidney F. Smith, Chief of
meeting of the stockholders on Jan. 12.
the Patent Office, and Samuel J. Gompers of the Bureau
of Labor.
Louis Blaustein, President of the American 011 Co., was
added to the directorate of the Old Town National Bank of
Stockholders of the Riggs National Bank of Washington,
Baltimore at the recent annual meeting of the stockholders. D. C., at their annual meeting on Jan. 12
added five new
members to the board of directors, as follows: John L. EdStockholders of the Union Trust Co., Baltimore, on Jan.
wards, of John L. Edwards & Co.; Edmund D. Rheem, Vice12 added R. C. Hoffman Jr., President of the Standard Gas
President of the Swartzell, Rheem & Hensey Co.; Coleman
Equipment Corporation, and Rufus K. Goodenow Jr., PresiJennings, capitalist; John Oliver La Gorce, of the board of
dent of the Canton Box Co., to the directorate. At the
trustees of the National Geographic Society, and Isaac T.
meeting of the directors held subsequently Charles W. Hoff
Mann, President of the Pocahontas Coal Co.
and John M. Dennis, heretofore, it is understood, Assistant
According to the Washington "Post" of Jan. 12, the direcTreasurer of the bank, were promoted to Vice-Presidents.
tors of the Riggs National Bank on Jan. 11 voted to transAn extra dividend of 3% was declared in addition to the fer $250,000 from undivided
profits to the surplus account,
usual quarterly dividend of 3%, it is said, on the capital
bringing the latter up to $1,500,000. Continuing, the "Post"
stock of $50 par value, both of which are payable Jan. 20.
said, in part:
As a result of this action, total dividends of 19%, or $8 per
This is the second addition of $250,000 to the surplus fund of this inthe
paid
stock
on
during the year in stitution since its increase of capital stock, on Oct. 15 1923, to $2,500,000,
share, will have been
addition to stockholders' rights to subscribe to the increased which was.accomplished at that time by a stock dividend of $1,000,000 and
the
of 5,000 new shares at $100 par valUe. In January 1924, $250,capitalization. John M. Dennis, President of the institu- 000 sale
was transferred from undivided profits to surplus, making the surplus
tion, in his report to the stockholders (according to the account $1,250009,. and the action of yesterday in transferring another
JAN. 23 1926.]
TEE CHRONICLE
$250,000 makes the surplus account stand at $1,500,000. This added surplus increases the lending power of the institution by $25,000, permitting
it to make loans up to $400,000, 10% of its capital and surplus, the limit
imposed upon national banks.
Prior to recapitalization the annual aggregate dividend payments were
$260,000, or 26% on a capital of $1,000,000, but in 1924 a regular dividend of 13% was paid on a capital of $2,500,000, with an extra dividend of
1%, aggregating $350,000. In the year just ended the bank paid the regular 13% dividend and an extra of 2% aggregating $375,000, thereby increasing the dividend distributioo $115,000 over 1923.
The bank had total deposits of $36,129,692 19 on Dec. 31 1925, the date
of last call of the Comptroller of the Currency, a gain of $2,533,237 67
over the previous call on Sept. 28 1925 and an increase over Dec. 31 1924
of $3,149,692 19.
At the annmal meeting of the directorate of the Union
Trust Co. of Cleveland on Jan. 14, present officers of the
bank were re-elected and there were a number of additions
and promotions. J. C. Royon, partner in the law firm of
Stearns, Ghamherlain & Royon, has been elected Vice-President. Mr. Royon will assist W. M. Baldwin, Executive
Manager, in the management and operation of the Estates
Trust Department of the bank. Mr. Royen takes office
Feb. 1. Mr. Royon's resignation from the firm of Stearns,
Chamberlain & Royon will not affect the name of the firm,
as his place will be taken by his brother, Mr. C. H. Royon.
Promotions in the trust company were as follows: A. W.
Lewis was elected Auditor; R. L. Williams, W. A. Hartford
and W. H. Freytag, Assistant Treasurers; C. A. Morgan,
Assistant Secretary, and C. S. Bechberger, formerly Assistant Secretary, was promoted to the office of Assistant VicePresident. An increase to surplus of $625,000 from 1925
earnings was authorized, bringing the combined capital and
surplus of the Union Trust up to $34,000,000.
According to the "Ohio St- ate Journal" on January 13,
stockholders of the Ohio National Bank of Columbus, Ohio,
at their annual meeting the previous day, voted unanimously to increase the bank's capital from $1,000,000 to
$1,500,000. T his paves the way, it was stated, for the
declaration shortly of a stock dividend of 50%. The stockholders made no changes in the Directorate, neither did the
directors at their meeting whioh followed make any changes
in the personnel of the institution. Frank I. Stein is
President.
Charles M. Wing, formerly
- President of the First National Bank of Columbus, Ohio, was elected Chairman of
the Board of the institution (a newly created position) at
the directors' meeting on January 12 and Charles R.
Shields, heretofore Vice-President, was elected President in
his stead. Mr. Wing, who had directed the affairs of the
bank for many years, wished to be relieved of some of the
administrative responsibilities on account of il health.
Other changes in the personnel of the institution were the
election of Robert T. Crew, who until recently was Trust
Officer of the Citizens' Trust & Savings Bank of Columbus,
and Edgar L. Abbott, Cashier of the First National Bank,
as Vice-Presidents. Mr. Abbott, who has been with the
bank for many years, will continue to hold the position of
Cashier. Mr. Crew will share in the general administr
ation of the bank, it Is said, under President Shields
and
will supervise the work of the Trust Department..
The
stockholders elected Mr. Crew a director at their
meeting
held on the same day.
The following promotions took place at the
directors
meeting of the Citizens' Trust & Savings Bank of
Columbus,
Ohio, on January 12: Dan A. Schryver, formerly
an Assistant Vice-President, Charles G. Schenck, Jr.,
heretofore
Cashier, and Kline L. Roberts, formerly
Manager of the
Service Department, were elected Vice-Presidents
of the
Institution. Mr. Schryver will have charge of
the nine
branch offices of the institution, while Mr. Roberts
will be
in charge of public relations. In addition Edgar Ervin,
Trust Examiner of the State Department of Banks
and
Banking, was appointed a Vice-President and Trust
Officer
of the institution to succeed Robert T. Crew, who resigned.
443
the issuance of 10,000 shares of new stock to be offered to
present stockholders at $300 a share. Of the $3,000,000 .
derived from the sale of the new stock, $1,000,000 will be
added to capital, it is understood, and $2,000,000 to surplus,
increasing the former from $5,000,000 to $6,000,000 and the
latter from $10,000,000 to $12,000,000. Undivided profits of
the bank will stand at approximately $1,546,555, it is under- ,
stood.
The First National Bank of Detroit at the annual meeting of its stockholders elected three new directors, namely
Henry T. Cole, President of the United States Radiator
Corporation; Francis Palms, Vice-President and General
Manager of the Detroit-Michigan Stove Co., and President
of the Palms Realty Co., and Charles B. Van Dusen, President and General Manager of the S. S. Kresge Ce. The
directors in a meeting following advanced Raymond A.
Jacobs and James A. Wilson from Assistant Vice-Presidents
to Vice-Presidents. Each of these officers has had long
service with the bank. Stockholders of the bank's affiliated
institution—the Central Savings Bank—elected Charles C.
Bowen, Secretary and member of the Executive Board of
the Standard Accident Insurance Co., and Edward H.
Rogers, a Vice-President of the Central Savings Bank, directors.
Subsequently the directors made the following changes
in
the official staff of the institution: Paull Fitzpatri
ck, heretofore Chief Clerk and an Assistant Cashier of the
First
National Bank, was made a Vice-President; George
F.
Crook, formerly an Assistant Cashier, was promoted
to
Cashier, relieving Albert W. Kauffman, who had been
VicePresident and Cashier as a portion of his duties;
Charles
Mazzie, heretofore Superintendent of Branches, was
promoted to an Assistant Cashier, and Edred B. Bass,
formerly
a branch manager of the bank, was appointed an
Assistant
Cashier in charge of new business. In regard to
the proposed increase of the eapital resources of these institutio
ns,
recommended by the directors in November last,
and referred to in the "Chronicle" of November 28, page
2602, the
stockholders ratified the issuance of 25,000 shares of
new
unified stock to be offered to the stockholders of the institutions' unified stock at $200 a sharks. In this regard
the
Detroit "Free Press" of January 13 said:
Each present holder of unified stock will be eligible to
one-half share of the new unified stock for each share subscribe for
of the present
stock standing in his name.
Of the $5,000,000 of increased capital resources, $3,000,000
will be
provided for the First National bank through issuance of
25,000 shares
of its capital stock at $120 a share, of which $100 will represent
payment to capital stock and $213 addition to surplus.
For the Central Savings bank, $2,000,000 will be provided
through
issuance of 10,000 shares of its capital stock at $200 a share,
of which
$100 will represent payment to capital stock and $100
addition to
surplus.
Subscriptions to the Central Savings bank stock will be
made through
the trustees, who will continue, exactly as heretofore, to
hold title to
the old as well as the new shares for the ratable
beneficial interest
of all holders of unified shares of the First National
bank, to be
evidenced as now by indorsement on the back of the
certificates of its
unified shares.
Completion of the new financing will give the
First National
bank capital stock of 17,500,000, surplus of $5,500,000
and undivided
profits of approximately $1,250,000, while capital stock
of the Central
Savings bank will be increased to $2,000,000, with surplus
of $1,900,000
and undivided profits of about $100,000.
Three new directors were elected by the stockhold
ers on
January 12 of the Commonwealth Federal Savings
Bank
of Detroit. They are: Alexander Freeman, President
of
Rights Stores; William J. Kennedy, Vice-President
of the
Detroit Creamery Co., and H. William Klare,
Manager of
the Hotel Statler of Detroit. The directors later
designated
William R. Seawright and Arthur 0. Dahlstrom,
Assistant
Cashiers.
At the Griswold National Bank of
Detroit, the stock
holders on January 12 added C. A. Kinney,
a Vice-President
and Cashier of the bank since it opened
for business on
November 19, to the Board of Directors,
and at the subsequent directors' meeting Mr. Kinney
was relieved of the
duties of Cashier by advancing to
that position, L. F.
The Pittsburgh "Post" of January 15 stated that W. M. Acheson, who had
previously been an Assistant Cashier.
Myers, formerly secretary of the Highland Iron Co., had
been elected president of the First National Bank of Terre
Two new directors were added to the Board
of the Bank
of Detroit—one of the younger Detroit
Haute, Ind.
banks—at the
annual meeting of its stockholders on January
12. They
At the annnal meeting of the stockholders of the Peoples
are: Harry C. Bulkley of the law firm of Campbell
, Bulkley
State Bank of Detroit, Oscar Webber, Vice-President and
& Ledyard, and Lyman J. Craig, Vice-President of Parker,
General Manager of the J.• L. Hudson Co., was elected a
Webb & Co., meat packers. Ratification was given to the
director to succeed Robert S. Mason, who retired because of
directors recommendation (referred to in the "Chronicle"
failing health. The stockholders also approved a plan for
of December 5, page 2711), that 20,000 shares
of new stock
adding $3,000,000 to the bank's capital resources through he
issued and offered to present stockholders at $125 a share.
T
CITRONTCLE
be added to
Of the $2,500,000 thus obtained, $2,000,000 will
to
$4,000,000,
$2,000,000
from
same
the
capital, increasing
to
and $500,000 to surplus, raising that fund from $500,000
terminate
will
said,
is
it
right,
subscription
The
$1,000,000.
February 1 and the increased capital will become effective
April 15. Stock record books will be closed February 1 and
will re-open February 8, it is stated.
[VOL. 122.
Benjamin Kulp has been elected Chairman of the Board
of the Madison-Kedzie State Bank of Chicago. A. G. Gulbransen and J. T. Mammoser are newly-elected directors.
Mr. Mammoser has also been elected Vice-President. J. P.
Lenehan has been made Assistant Cashier and P. A. Schroeder has been elected Cashier.
Changes in the Chicago Trust Co. of Chicago include the
election of Col. George T. Buckingham as director; Dayton
Keith as Vice-President; Howard H. Hilton and William J.
Kelly as Second Vice-Presidents; John W. Martins, Assistant Cashier; A. It. Waller, Manager of Municipal Division
of the Bond Department, and Lucius Hilton, Assistant Manager of the Bond Department.
At the annual meeting of the stockholders of the Wayne
County & Home Savings Bank of Detroit ratified the proThe Continental & Commercial National Bank of Chicago
posed issuance of 10,000 shares of new stock to be offered announces the election of Edward E. Barker and Abner J.
to the shareholders at $200 a share in the ratio of one Stilwell as Second Vice-Presidents and Willard G. Butler
share of new for each four shares of old stock held. Of and Fred C. Venables as Assistant Cashiers.
the $2,000,000 thus obtained, $1,000,000 will be added to
capital and $1,000,000 to surplus, increasing the former to • In the Drovers' National Bank of Chicago Dale Chamber$5,000,000. When the new capital becomes effective on lain has been elected Vice-President; George A. Malcom,
May 15, next, it is said, the institution will have a capital Cashier, has been made Vice-President and Cashier.
of $5,000,000, surplus of $9,000,000 and undivided profits of
In the Drovers Trust & Savings Bank of Chicago, Charles
approximately $1,000,000.
George B. Luhman, trust officer, was elected vice-presi- S. Brinthall and Murray M. Otstott are new Vice-President of the First Wisconsin Trust Company, of Milwaukee, dents. The directors voted to transfer $100,000 from unto succeed Clyde H. Fuller, who is now associated with the divided profits to the surplus account, bringing that item
O'Neil Oil and Paint Company, at the annual meeting of to $350,000.
the board of directors January 14. J. W. Campbell and
In the Foreman Trust & Savings Bank of Chicago, Louis
Oliver 0. Barth were named assistant secretaries. It. E.
Wright was elected assistant vice-president at the First W. Fisher has been elected Assistant Trust Officer. Elmer
Wisconsin National Bank. All other officers and directors L. Carson and James B. Galligan have become Assistant
of the First Wisconsin National Bank, First Wisconsin Cashiers of the Foreman National Bank of Chicago.
Trust Company and the First Wisconsin Company were reWhile some of the Chicago changes made at the annual
elected. The capital stock of the Trust Company was
of he Chicago banking institutions are noted in
meetings
$200,by
transferring
$1,000,000
Increased from $800,000 to
issue of our paper, and others were indicated
current
the
000 from the surplus. Capital stock and surplus are now
in these columns a week ago (pages 314-315), we give hereBoard,
the
of
Fuller,
Chairman
C.
Oliver
$1,000,000 each.
with additional changes which occurred at the yearly meetIn his annual report to the stockholders, stated that the
ings:
combined net earnings of the three institutions during the
Albany Park National.—Lew H. Limbert, Assistant Cashier.
past year amounted to $1,076,294.83, or 17.94% on the
Amalgamated Trust & Savings Bank.—Charles Burr, director. The
basis by the directors.
capital stock of the bank, and dividends aggregating 12% bank's stock was placed on a a% dividend
Austin National Bank.—Elected M. J. Collins, Chairman of the Board
during
paid
were
$720,000.00,
to
amounting
on the capital,
In addition to being President. Dr. Charles E. Humiston and Albert H.
the year. Deposits of the bank at the end of the year were Clement were made directors.
Capital State Savings Bank.—Ralph W. Bunge and Andrew Kilander,
$96,255,120.21, as compared with $91,819,282.39 on January
Harry E. Koeber, Vice-President, and Walter T. Larsen, Assistdirectors;
comThe
1924.
1,
January
on
1, 1925, and $82,147,109.30
ant Cashier. The institution increased its surplus from $40,000 to
bined net profits of the three institutions during the period $100,000.
Chicago City Bank & Trust—Harry M. Engleston, director.
from July 1, 1919, to December 31, 1925, were $7,330,123.23,
Citizens State Bank.—E. Tessmer, director.
to
and total dividends paid during that time amounted
Cosmopolitan State.—Nicolas J. Nelson, director; Herman J. Bleidt
and Albert F. Madlener Jr., Assistant Vice-Presidents; A. W. Froehde,
$4,752,000.00
Assistant Cashier and Trust Officer, and Thomas N. Webster, Assistant
At the Grand and Sixth National Bank, of Milwaukee, Cashier.
Gustave Pabst was elected to the board of directors to
Crawford State Savings.—Bartley Burg, director.
Division State Bank.—Elected J. L. Friedman, John Schwartz and Marsucceed John I. Beggs.
Vice.
Directors of the American State Bank of Detroit at their
recent meeting added four new Assistant Cashiers to the
institution, advancing to that position, Walter L. Van
Goethern, Arthur L. Cole, H. Runnels and John C. Reinke,
each of whom has been in the bank's service a long time.
In the Harris Trust & Savings Bank of Chicago David
A. Crawford, John McKinlay and M. Haddon MacLean, the
last-named a Vice-President of the bank, were elected to
the board of directors. The stockholders authorized an
increase in the capitalization of from $3,000,000 to $4,000,000, the additional $1,000,000 coming out of undivided
profits. The directors authorized the following appointments: Harry A. Dow, formerly Secretary, now VicePresident; G. I. Bell, E. B. Hall, Donald C. Miller, Rolla S.
Pribble and Charles G. Fisher, Assistant Vice-Presidents;
Harold Eckert, Secretary; Everett A. Sherwood, Duncan
M. Rowels and Walter L. Hudson, Sales Managers; George
Packard, Manager Municipal Bond Department; Walter It.
Bimson, Assistant Treasurer; Guy E. Reed, Allan Miller
and Lawrence Williams, Assistant Cashiers; Charles J.
Roubilk Jr., and William H. Milsted, Assistant Secretaries;
Don D. Lovelace, Manager Savings Department, and Paul
AssistS. Russell, W. France Anderson and John F. Hickey,
.
Department
Sales
County
Cook
ant Managers
of
A new director in the Peop- les Trust & Savings Bank
Cashbecome
has
Hintz
A.
E.
Graf.
J.
Robert
Chicago is
Assistant
ier; James Thorpe, Assistant Secretary and
ManSales
Ochs,
F.
Assistant
Chester
and
Officer,
Trust
.
ager of the Real Estate Loan Department
ings Bank of Chicago Walter
In the Liberty Trust & Savelected Chairman of the Board,
been
has
Heymann
M.
as President.
Adolph S. Helquist taking his place
tin Weinberger as directors; Samuel Rosen and Isaac Grossman,
Presidents; Charles Ipsen, Cashier, and E. A. Jaskulski, Assistant Cashier.
East Side Trust & Savings Bank.—Elected Paul N. Dahlin, Cashier.
The Fidelity Trust & Savings Bank.—Officers and directors were reelected and increased its surplus from $40,000 to $70,000.
First National of Oak Park.—Elected T. J. Crowe, Chairman of the
Board in addition to being re-elected President. Matthew Miller became
a director.
First National Bank of Oicero.—Timothy J. Buckley and Anthony W.
Komarek, directors; Edward A. Wesse, Assistant Cashier; Edward J.
Tuerk, Auditor.
Immigrant State Bank.—Edward J. Sullivan, director; Joseph Dellis,
Manager of the Italian Department.
Independence State Bank.—Louis Bomach, Chairman of the Board;
Julian Bomash and Earle E. Staehling, Vice-Presidents, and Lee S. KanMow, Cashier.
• Liberty Trust & Savings Bank.—Elected Arthur G. Leonard a member of
the board of directors.
Lincoln State Bank.—Elected Addison E. Avery, director, and John .7.
Sullen, director and Vice-President.
Lincoln Trust & Savings.—Paul Mueller, director; B. J. Malburg, Second Assistant Cashier.
Madison Square State Bank.—Elected Peter L. Evans, Chairman, and
Fred W. George was made a director.
North Austin Trust & Savings.—Warren Larsen, director.
North Center Trust & Savings.—Elected H. L. Buehler and Albert Jampolls directors; Andrew Erbach, director and Second Vice-President.
Northwestern Trust & Savings.—Elected Col. C. E. Fauntleroy, director;
Edward J. Prebis, Vice-President and Trust Officer.
Oak Park Trust & Savings.—A. F. Amling, director.
Prudential State Savings.—Elected Valentine M. Hermann, director.
Reliance State Bank.—Murlin Hoover, Assistant Cashier; M. T. O'Brien,
Manager of the Real Estate Department, and F. E. Swingle, Auditor.
Rogers Park National.—William R. Cossey and Herbert 0. Beaker,
Assistant Cashiers.
Second Security.—Martin J. Gran, Vice-President and Cashier, and
Norman B. Collins, Vice-President.
Second Northwestern State.—Robert A. hg, director: S. Liczmanski,
Vice-President and Cashier, and Charles A. Elsner, Assistant Cashier.
Sheridan Trust & Savings.—William M. Dewey, director.
Southwest Trust & Savings.—Wells Martin and Augustus M. Maxwell,
directors.
JAN. 23 1926.]
THE CHRON I CLE
Stockman's Trust & Savings.—Robert 0. Mathias, director, and S. A.
Van Dyk, Assistant Cashier.
Stockyards Trust & Savings Bank.—Joseph G. Porter, Trust Officer.
The Twenty-sixth Street State Bank.—Elected John A. Sierocinski as
director and John G. Zelezny as Cashier.
Union Bank of Chicago.—Alexander H. Revell Jr. and D. A. Maggio,
directors.
Union State Bank of South Chicago.—Andrew H. Hansen, director.
West Englewood National.—Howard W. Elmore, President and director;
J. E. Averitt, director; Howard Cossey and Herbert 0. Beaker, Assistant
Cashiers.
Western State Bank of Cicero—Joseph R. Sinkule and John E. Jedian,
assistant Cashiers. Officers and directors re-elected.
West Side National.—Lewis Glick, director.
445
Merriam Berger, an Assistant Cashier of the Colorado
National Bank of Denver, was added to the Board of
Directors at the stockholders' meeting on January 12. All
the old officers were re-elected at the directors' meeting on
the same day and A. B. Berger and E. C. Hanley were made
Assistant Cashiers.
Stockholders of the International Trust Co. of Denver at
their recent annual meeting elected G. B. Helsen a member
of the Board of Directors and later on the same day the
directors at their meeting appointed Mr. Helsen to the
The Central Trust Co. of Illinois, Chicago, reports the position of Assistant Treasurer.
election of Edwin F. Mack as Vice-President and Chairman
of the Advisory Committee and the election of W. R. Dawes
A press dispatch from Phoenix, Ariz., to the Los Angeles
as Vice-President.
"Times" on Jan. 4 reported the following changes in the
official staff of the Valley Bank of that city, said to be
In the Northern Trust Co. of Chicago Harold H. Rockthe largest financial institution in Arizona: Charles E.
well, William H. Barker, Laurence B. Robbins and K. I.
Mills, heretofore Chairman of the Board of the Valley Bank,
Fosdick were elected Vice-Presidents; James A. Russell,
and who, it is understood, owns the majority of its stock,
Lamson H. Date and Benjamin F. Lewis, Second Vice-Presihas assumed the presidency of the institution, succeeding
dents; George MacHarg, Assistant Secretary; Herman D.
Rupert E. Moore, resigned; C. J. Lee of San Francisco, forSmith, Manager of the Buying Division of the Bond Departmerly officially connected with the Mercantile Trust Co. of
ment, and George F. Spaulding, Manager of the Sales DiviSan Francisco and prior to that with the Guaranty Trust
sion of the Bond Department.
Co. of New York, has become active Vice-President, sucIn the Lake Shore Trust & Savings Bank of Chicago ceeding in that capacity J. R. Todd, and H. A. Jacobs has
Craig B. Hazlewood, Vice-President of the Union Trust Co. been added to the list of Assistant Cashiers. Mr. Mills, the
has been elected Chairman of the Board. H. N. Matson dispatch went on to say, went to Arizona in the early days
of the Copper Queen Co. of Bisbee, going thence to
and D. J. Devereau have become Assistant Cashiers.
take
charge of the Phelps-Dodge commercial mines in Yavapai
Howard Hughes, l'resident of the Cicero State Bank of County. For years, it is said, he has
been heavily interCicero (Cook County), Ill., was elected Chairman of the ested in the Valley Bank at Phoenix and
has served before
Board at the annual meeting.
as its President. Mr. Moore, the retiring President
of the
Valley Bank, the dispatch further stated, went to the
Four new members were added to the Board of Directors
institution
at
the
time
of its reorganization in May 1915. Ten
of the First National Bank of Minneapolis on January 12.
They are: Stuart W. Wells, President of the Wells-Dickey years previously (1905) he had entered the service of the
Gila Valley Bank & Trust Co., later becoming
Co.; Lyman E. Wakefield, a Vice-President of the MinneGeneral Manapolis Trust Co.; Harry P. Harwick, General Manager of ager, with headquarters at Globe: Mr. Todd (the retiring
the Mayo Clinic at Rochester, Minn.; and Rufus R. Rand, active Vice-President) also came from the Gila Valley sys
Jr., Vice-President of the Minneapolis Gas Light Co. At tem, it is stated, succeeding Mr. Moore at Globe.
the directors' meeting on the same day, Arthur P. Ketap,
The First National Bank of Gilmore City, Iowa, has
who has been President of the Agricultural Credit Corporabeen
tion since it was established in February, 1924, to relieve taken over by national bank examiners, according to
the
the then existing financial emergency in the wheat growing "Wall Street Journal" of Jan. 12.
territory, was elected a Vice-President Mr. Kemp will
continue to head the Agricultural Credit Corporation.
Julius W. Reinholdt, heretofore Vice-President and
CashAlfred A. Wilson, who has been with the First National ier of the Boatmen's Bank
of St. Louis, was elected PresiBank for 20 years, was elected Assistant Comptroller of dent of the institution
on Jan. 12 to succeed Edward Whitthe institution.
aker, who resigned the presidency because of ill-healt
h. As
Eight promotions in the officials staff of the Midland a tribute to Mr. Whitaker, who had been head of the inNational Bank & Trust Co., of Minneapolis, took place on stitution since 1910, the office of Chairman of the Board
January 12. They are: Victor E. Hanson, advanced from was created and Mr. Whitaker elected to the same. L. C.
Assistant Cashier to Vice
-President; A. J. Herrington, ad- Bryan, formerly a Vice-President, was elected Vice-Presivanced from Credit Manager to Vice-President and Credit dent and Cashier to fill the vacancy caused by Mr. ReinManager; Trygve Cas, promoted from Cashier and Assist- holdt's promotion to the presidency, and B. F. Bush, Chairant Trust Officer to Vice-President and Assistant Trust man of the Board of the Missouri Pacific Railway, was also
Officer; Cecil L. Keith, from Assistant Cashier to Cashier; elected a Vice-President. At the meeting of the stockholders
F. W. Conrad to Assistant Cashier; Lawrence 0. Olson to of the bank held previously, Mr. Bush was made a director
Assistant Cashier; Arnulf Ueland from Assistant Credit to fill the vacancy created by the resignation of Murray
Manager to Assistant Cashier and Assistant Credit Man- Carleton. Mr. Reinholdt, the new President of the Boatmen's Bank, according to the St. Louis "Globe
ager, and Frank Peterson to Auditor.
-Democrat"
of Jan. 13, has been acting Chief Executive
of the instituThat the State Exchange Bank of Randall, Kan., closed tion since Mr. Whitaker's illness in October last,
presiding
its doors on January 11 was reported in a special press also at the meetings of the board. He has been connected
dispatch from that place to the Topeka "Capitol" on that with the institution, it is said, since 1914, prior
to that time
date. The dispatch stated that the bank was generally having been with the International Bank of
St. Louis,
known as W. E. Carnahan's Bank and that frozen assets where he was a Vice-President for two years. He
began his
were understood to be the cause of the failure of the insti- banking career as a junior clerk in
the National Bank of
tution. The Topeka "Capitol" of January 12 also printed Commerce in 1887 and
became Assistant Cashier of that
the following in regard to the failure:
bank before going to the International in
1912.
Ainsworth, deputy bank commissioner, is in charge
of the State
Dale
Exchange Bank of Randall, which closed its doors yesterday. It
totaling
$150,000,
loans
$211,000, rediscounts $50,000,
had deposits of
and bills payable of $7,500. It was capitalized at $35,000, with $7,900
surplus the last time the bank was examined. The loss, while not yet
determined, will more than eat up the combined capital and surplus.
The bank was under the Guaranty Act. J. H. Satuffer of Lawrence
Carnahan of Randall, Vice-President, and L. j.
is President, W. C.
Nichols of Randall, Cashier.
The stockholders of the First National Bank of St. Louis
on Jan. 12 elected two new directors, namely Thomas
R.
Akin, President of the Laclede Steel Co., and John M. Olin,
Vice-President of the Western Cartridge Co., of Altno, Ill.
At the directors' meeting Bruce Ramsey, solicitor of commercial accounts for the New Business Department of the
At the directors meeting on January 12 of the American Institution, was appointed an Assistant Vice-President.
National Bank of Denver, T. B. Burbridge and Ben Grimes
At the meeting of the stockholders of the South Texas
were named Vice-Presidents and Herbert Wortman was
elected an Assistant Cashier. The stockholders at their National Bank of Houston, Texas, on January 12, a resolumeeting, held previously, made no changes in the bank's tion was passed increasing the capital stock from $1,000,000
to $1,500,000. At the meeting of the directors on the same
directorate.
day, the following officers were elected and appointed:
446
THE CHRONICLE
[VoL. 122.
At the January meetings, two new directors Joined the
James A. Baker, President; S. M. McAshan, 1st Vice-President;
E. F. Gossett, 2nd' Vice-President; Wm. S. Patton, Vice-President and Board of the
Citizens Trust & Savings Bank, of Los
Trust Officer; Geo. Ellis, Jr., Vice-President; R. H. Hanna, VicePresident; John Dreaper, Vice-President and Assistant Trust Officer; Angeles. They are 0. Rey Rule, Vice-President of the
Jno. M. Dorrance, Vice-President; F. A. Heitmann, Vice-President; Pacific Finance ,Corporation, and John G. Mott, President
E. P. Stallings, Cashier; Ben W. Ralston, Assistant Cashier; E. W.
of the Los Angeles Bar Association. All directors of the
Vogelpohl, Assistant Cashier.
Citizens National Bank were re-elected. At the Citizens
National Bank, two new Vice-Presidents were elected.
They are C. Sumner James, who is also Vice-President of
the Citizens Trust & Savings Bank, and Chester A. Rude,
who moves up from Assistant Vice-President. He is
President of the Los Angeles Bank Credit Men's Association. At the Citizens Trust & Savings Bank, F. E. Forker
was elected Vice-President and Superintendent of Branches,
J.. A. Mitchell, President of the Mitchell Jewelry Co. of Frank C. Mortimer Vice-President, and F. B. Gonzales
Houston, was elected a director of the Public National Assistant Vice-President.
Bank of Houston at the stockholders' annual meeting, being'
John A. Hooper, President of the First National Bank of
the only new member of the board elected. At the direc- San Francisco (now
merged with the Crocker National
tors' meeting which followed, J. A. Tallichet, formerly a Bank to form the Crocker
First National Bank of San FranVice-President of the bank, was elected President of the cisco), prominent
lumberman and an outstanding figure in
institution to succeed J. Lewis Thompson, and 0. M. LongSan Francisco business circles, died at the Stanford Hosnecker was appointed a Vice-President in lieu of Mr. pital,
that city,- on Dec. 29, following an operation perresident
of
Mr.
Tallichet
has
been
a
Houston
Tallichet.
formed on Dec. 19. Although 87 years of age, Mr. Hooper's
for the past 16 years and is well known to the Houston
death was sudden. He had rallied from the operation and
public. He is a member of the new law firm of Baker,
was planning after the first of the new year to assume the
Parker & Garwood, and has served as general attorney to
Chairmanship of the Crocker First National Bank of San
the Southern Pacific Lines for the past several years.
Francisco, in the formation of which, through the consolidation of the Crocker National Bank and his institution,
Directors of the First National Bank of Houston at their
he had been instrumental. The following brief history of
organization meeting on January 12 elected H. R. Eldridge,
Mr. Hooper's career is taken from the San Francisco
heretofore Manager of the bank's Credit Department, an
"Chronicle" of Dec. 30:
Assistant Cashier. This was the only change made in the
Hooper began his local business career in 1854 after arriving here from
bank's personnel.
Bangor, Me., his birthplace, with his four younger brothers, all of whom
Owing to the unsatisfactory state of his health, P. J.
Evershade, Vice-President—and for over thirty-eight years
connected with the bank, and its predecessor, the Commercial National Bank—asked some time ago for relief from
the exacting duties of his official position. The bank announces, however, that he remains with it in a special
capacity and as a member of the Board of Directors.
Two additions were made to the directorate at the annual
meeting of the stockholders of the Guardian Trust Co. of
Houston, on January 12, namely S. P. Parish, President of
the Navarro Oil Co., and E. A. Peden, President of the
Peden Iron & Steel Co.
Stockholders of the Union National Bank of Houston at
their annual meeting elected three new directors, namely
James Anderson, E. H. Andrews and William Giles. At
the subsequent meeting of the directors, Mr. Andrews, who
has been connected with the institution for a period of over
a year as Manager of the Credit Department, was elected
an Assistant Vice-President.
G. H. Clifford and D. J. Harrison were elected directors
of the National Bank of Commerce, Houston, at the annual
meeting of the stockholders of the institution on Jan. 12.
At the directors' meeting, which followed, A. M. McDade
was appointed an Assistant Cashier.
Stockholders of the Republic National Bank of Dallas at
their annual meeting on Jan. 12 voted to increase the
capital stock of the institution from $2,000,000 to $2,500,000
the
and to add $500,000 to the bank's surplus fund, making
combined surplus and undivided profits account more than
$1,500,000. To this end, it is understood, 5,000 shares of
to
new stock of the par value of $100 per share were sold
capital
to
going
half
one
share,
per
$200
at
the stockholders
to inand the remainder to surplus. It also was decided
payable
annum,
per
10%
to
rate
dividend
bank's
the
crease
1
2%. The stockholders added
in quarterly installments of 2/
McKie,
three new directors to the Board, namely, W. J.
President
Moore,
R.
Charles
Tex.;
Corsicana,
capitalist of
Temple, capitalist, and
of the Austin Bridge Co., and S. A.
Trust & Savings Bank.
Dallas
the
President
of
former
a
the position of
At the directors' meeting on the same day,
M. Hadra,
Assistant Vice-President was created and J.
and H. M.
thereto,
elected
Cashier,
Assistant
formerly an
Assistant
made
were
Griffith
Russell, Jr., and J. B.
Cashiers.
President of the Central National
J. K. Hexter, heretofore
the Central Trust 5z
institution,
Bank and its affiliated
Chairman of the Board of
became
Dallas,
Bank,
Savings
the annual meetDirectors of the Central National Bank at
was succeeded in
and
12,
Jan.
on
stockholders
ing of the
institutions by F. H. Blankenship,
the Presidency of the
resigned as Vice-President and
who on the same day
Exchange National Bank of
American
Cashier of the
his new offices, it is
assumed
Dallas. Mr. Blankenship
13.
Jan.
understood, on
he outlived by many years.
His first venture was in the lumber trade. He established a company of
his own, acquired a fleet of old clipper ships and in addition to supplying
lumber for many of the early-day San Francisco buildings, conducted a
large trade in his commodity with foreign ports.
His interests expanded to banking and property. He was a keen and
shrewd dealer and his fortune mounted. For thirty years he was a director of the First National Bank and President of the Mutual Savings Bank
before it was absorbed by the First National in 1919.
Two years ago he became President of the First National, succeeding
Rudolph Spreckels. Despite his years, he was one of the most active banking executives in San Francisco up to the time of his illness. He belonged
to no social or fraternal orders and was all business, rarely taking a
holiday.
In the past two years he made an immense fortune in downtown property
turnovers. Three years ago he purchased the Parrott property, the famous
old landmarks built in the fifties from imported Chinese stone, at Montgomery and California streets, and sold it a month ago. He also bought
and sold some important Upper Market Street holdings recently, and
owned the City of Paris property.
Hooper was not averse to speculation at times, his associates point out,
in recalling his experience with the French steamer "Waulkyrie" during
the war.
The "Waulkyrie" was sunk in Tahiti Harbor in 1914 by the German
Pacific Fleet. A year later Hooper purchased the ship, succeeding in
raising it from 54 feet of water, towed it to San Francisco and repaired
it. On her first trip the "Waulkyrie" reimbursed Hooper for purchase
and salvage costs and subsequently sold the vessel at a reported profit of
$500,000.
In addition to his banking interests, other offices held
by Mr. Hooper at the time of his death were: Vice-President of the California Cotton Mills; Vice-President of the
L. W. Blinn Lumber Co.; Vice-President of the San Pedro
Lumber Co.; President of the Stockton Lumber Co.; President of the Valley Lumber Co., and a director of the Russ
Lumber & Mill Co. He had also been President of the San
Francisco Chamber of Commerce.
•
Emanuel S. Teller, a Vice-President and director of the
Well-Fargo Bank & Union Trust Co. of San Francisco, died
on Jan. 1 after a prolonged illness. He was 61 years of age.
Among his other interests, Mr. Heller was President of the
Bankers' Investment Co. and a director in the Market Street
Railway Co., Spring Valley Water Co. and the California
School of Fine Arts.
At the annual stockholders' meeting of the Wells-Fargo
Bank & Union Trust Co. of San Francisco on Jan. 7, Edward
H. Heller, a partner in the firm of Schwabacher & Co., was
elected a director of the institution to fill the vacancy
caused by the recent death of his father, the late Emanuel
S. Heller. The annual statement of the Wells-Fargo Bank
& Union Trust Co. as of Dec. 31 1925, according to the San
Francisco "Chronicle" of Jan. 8, shows total resources of
$149,312,552 and deposits of $123,253,331, a gain of $11,000,000, it is understood, during the year. The bank's capital
is $9,000,000 and its combined surplus and undivided profits
amount to $7,925,840. The dividend rate of the institution
has been increased, it is said, to about $11 a share.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Except for the brisk forward movement on Monday and
the sharp rebound on Friday, stocks have gradually drifted
to lower levels. Industrial shares, railroad securities, and
motor stocks have suffered sharp declines and losses of from
2 to 12 points have been recorded by many prominent issues.
The trend of the market was uneven in the two-hour session
on Saturday, though the general list was fairly active. The
outstanding feature of the day was the strength of United
States Rubber, which moved forward 3 points to 833/2. The
market was not as active on Monday, the total turnover for
the day dropping down to 1,379,700 as compared with
2,339,800 shares a week ago. Price changes were very irregular, though many stocks that sold off last week moved
upward in the late afternoon. United States Rubber continued its improvement with a net advance of 1 point.
Motor shares also advanced, General Motors, Chrysler and
Willys-Overland recording substantial gains over last week's
low. Under the leadership of Norfolk & Western, railroad
shares moved briskly upward, Chesapeake & Ohio making a
net gain of 4 points, closely followed by St. Louis-San
Francisco common and preferred, both of which recorded
substantial gains. Stocks again receded on Tuesday, many
issues selling down from 3 to 7 points. The late market was
unsettled, American Smelting and United States Steel common moving downward with a rush. Railroad stocks moved
against the trend, Wabash common crossing 49 for the
first time. Wabash A also made a new high, and United
States Cast Iron Pipe & Foundry advanced five points to
205 at its high for the day. Prices were weak in the opening
hour on Wednesday, but rallied as the day advanced, and
gains of 1 to 3 points or more were recorded by many of the
more active issues. Interest centred around United. States
Rubber and National Biscuit, the latter selling at the highest
price of its history. On Thursday the early trading was
notable for the heavy buying orders, and a number of important issues recorded moderate advances. As the day
advanced the market gradually developed an unsettled and
weak tone and most of the gains of the morning were lost.
Atlantic Coast Line declined 12 points from its high level of
Wednesday. United States Cast Iron Pipe & Foundry
and numerous railroad stocks also declined. Motor shares
were particularly weak, Mack Truck, General Motors and
Hudson Motors yielding from 2 to 3 points each. General
Electric declined 7 points to below 332. The market improved on Friday and sharp rallies under the leadership of the
railroad stocks carried many of the more prominent issues to
higher levels. The strong stocks included numerous industrial issues and specialties, Foundation Co. moving forward
3 points to 178, American Can improving 23
% points to 283,
and Woolworth advancing 27/2 points to 2027/2.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
Week Ended Jan. 22.
Railroad.
&e.
Bonds.
975,365
1,320,725
1,798,608
1,953,875
1,441,445
1,461,100
54,703,000
6.837,000
8.745,000
9,620,000
10,901,000
7,728,000
$1,535,500
2,593.000
3,314,500
2.331,000
2,549,500
2,387,000
51,146,600
658,750
1,518,250
1.215,500
1,175,250
914,000
8,951,118
$48,534,000
514.710.500
16 112R :Aso
Total
Total bonds
State.
Municipal &
Foreign Bonds
Stocks,
Number of
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Sales al
New York Stock
Erchange.
-Stocks-No. of shares.
Bonds.
Government bonds___
State & foreign bonds_
Railroad & misc. bonds
Week Ended Jan 22.
United
Hales
Bonds.
Jan. 1 to Jan. 22.
1926.
1925.
1926.
8,951,118
7.771.133
30,370,855
31,762,183
56,628,350 $10,239,350
14,710,500 14,935,000
48,534,000 56,128,500
$21,073,500
39,553,500
148,243,500
539.746,100
46,002.000
188,943,500
$69,872,850 $81,302,850
$208,870,500
$274,691.600
1925.
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES. .
Boston.
Week Ended
Jan. 22 1926.
447
TILE CHECONICLE
JAN. 23 1926.]
Shares
Philadelphia.
Baltimore.
Bond Bolos. Shares. Bond Sales. Elate,. Bond Sales,
Saturday
Monday
Tuesday
WednesdaY
Thursday
Friday
11,966
25,189
28.517
38,329
24,997
16,544
816,950
21,350
24,300
25,100
29,850
17,000
99,672
132,595
137,242
68,989
89,722
50,944
$7,000
10,500
20,000
33,900
21,700
37,000
*3,266
*2,454
*1,673
*2,437
*1,570
*2,049
$34,000
14,300
17.600
9,000
49,500
24,100
Total
145,542
$134,550
579,164
$130,100
13,449
8148,500
....... anadarrovIned
167.669 5181.600 297_961 2300.200
22.464 1245 nnn
•In addition sales of rights were: Saturday. 2,110 Monday, 1,624 Tuesday, 885
Thursday,
897
Friday, 2,473.
Wednesday. 731
THE CURB MARKET.
Trading on the Curb Market this week was a decidedly
mixed affair. Starting with pronounced improvement in
prices, this was followed by a heavy selling movement, in
which many issues sold at their lowest for this movement,
and a final upward trend in which substantial recoveries
were made. Public utilities continued in demand. Amer.
3 , broke to 913/2, reGas & Elec. corn. rose from 92 to 97%
covered to 973/2 and reacted finally to 9434. American
3 up to
Power & Light corn. sold down from 773/2 to 75%,
793/2 and at 76 finally. Northeastern Power Corp. was
traded in for the first time up for 36 to 363/2, then down to
3 finally. United Gas & Electric corn.
to 3534 and at 35%
improved from 58 to 66, reacting finally to 633/2. United
Light & Power class A dropped from 1373( to 130 and
ends the week at 131%. Coal stocks were affected by the
news of the coal strike. Glen Alden Coal broke at first from
1513j to 1383/2, then jumped to 1613/2, the close to-day
being at 156. Centrifugal Pipe gained 4 points to 27 and
closed to-day at 263
%. Continental Baking,class A,declined
from 11534 to 1133/8, sold up to 11634 and finished to-day
% to 248
at 115 X. The B stock fell from 275
% and recovered
finally to 263/2. Electric Refrigeration receded from 8934
to 84% and closed to-day at 853/2. Kelvinator Corp. was
off from 89 to 843/2, the final transaction to-day being at
Nizer Corp. declined from 883
% to 833
85
% and recovered
finally to 85. S. S. Kresge new stock broke from 84% to
753.4 and ended the week at 783/2. Southern Dairies, class
A, dropped from 5234 to 4934 and closed to-day at 503(.
In the oil group Humble Oil & Refining was a strong feature
advancing from 873
% to 953( and closing to-day at 9234.
Prairie Oil & Gas sold up from 55 to 5834 and at 58 finally.
A complete record of Curb Market transactions for the
week will be found on page 472.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ended Jan. 22.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
STOCKS(No. Shares).
BONDS (Par Value).
Oil.
Domestic. Porn Govt.
Ind.&Mi.t.
Mining.
228,415
285,885
423,050
404,105
241,010
241,020
110,640
135,700
162,870
156,685
155,640
139,900
1,823,485
861.435
31,310
39,250
78.510
77,300
71,000
68.100
$786,000
1,260,000
1,608,000
1,672,000
1,515.000
1,250,600
$184,000
134,000
374,000
194.000
175,000
139.000
365,470 $8,091,600 $1,200,000
COURSE OF BANK CLEARINGS.
Bank clearings for the present week will show a satisfactory
increase as 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. 23) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will aggregate 7.7% more than in the corresponding
week last year. The total stands at $10,862,020,137, against
$10,082,407,595 for the same week in 1924. At this centre
there is an increase for the five days of 11.2%. Our comparative summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended January 23.
1926.
1925.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5.122,000,000
606,525,606
524,000,000
423,000,000
120.162,202
141,900,000
166,441,000
145,999,000
151.416,168
167,432,064
104,390,464
92,558,032
66,018.422
$5,059,938,978
564,215,546
471.000,000
373,000,000
115,781,162
127.800,000
142,200,000
135.000,000
148,472.423
135,681,765
91,220,388
78,997,353
65,276,886
+11.2
+7.5
+11.0
+13.4
+3.8
+11.0
+17.0
+8.1
+2.0
+23.4
+14.4
+17.2
+1.1
Thirteen cities,5 days
Other cities, 5 days
$7,831,842,958
1.219,840,490
$7,508,584,501
1,002.048,895
+4.3
+21.7
Total all cities, 5 days
All cities, 1 day
$9,051,683,448
1,810,336,689
$8,510,633,396
1,571,774,199
+6.4
+15.2
$10,862,020,137 $10.082.407,595
+7.7
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all eases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the previous week-the week ended Jan. 16. For
that week there is an increase of 3.6%, the 1926 aggregate of
the clearings being $11,066,183,219 and the 1925 aggregate
$10,685,337,201. Outside of New York City the increase
is 5.8%, the bank exchanges at this centre recording a
gain of 2.0%. We group the cities now according to the
Federal Reserve districts in which they are located, and
from this it appears that in the New York Reserve District
(including this city) there is an improvement of 2.8% and
in the Philadelphia Reserve District of 5.8%, but in the
Boston Reserve District there is a loss of 4.7%. In the
THE CHRONICLE
448
Cleveland Reserve District the totals are larger by 3.5%, in
the Richmond Reserve District by 9.7% and in the Atlanta
Reserve District (chiefly by reason of the increase at Miami)
by 23.1%. The Chicago Reserve District has a gain of 2.3%,
the St. Louis Reserve District of 3.7% and the Minneapolis
Reserve District of 2.2%. In the Kansas City Reserve
District the increase is 3.5%, in the Dallas Reserve District
1.1% and in the San Francisco Reserve District 9.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Jan. 16 1926.
Federal Reserve Districts.
12 Cities
1st Boston
11 "
2nd New York
10 "
3rd Philadelphia
8 "
4th Cleveland
6 "
5th Richmond
13 "
6th Atlanta
20 "
7th Chicago
8 "
8th St. Louis
7 "
9th Minneapolis
12 "
10th Kansas City
5 "
llth Dallas
12th San Francisco
17 "
1926.
1925.
$
$
650,977,211 578,141,900
,630,999,405 6,352,503,859
648,533,983 612,762,607
423,722,604 409,294,840
218,604,869 199,248,121
296,221,131 240,688,983
,054,927,382 1,030,862,345
261,066,057 251,705,182
134,981,021 132,019,316
270,519,051 261,228,895
96,961,258 86,992,113
578,668,247 530,891,040
Inc,or
Dec.
1924.
1923.
$
$
%
-4.7 525,541,294 484,740,083
+2.8 4,917,605,849 4,739,629,562
+5.8 618,231,714 542,702,098
+3.5 363,297,916 375,017,022
+9.7 185,021,531 187,978,392
+23.1 193,843,168 194,762,585
+2.3 886,400,000 887,579,671
+3.7 223,508,953 82,806,556
+2.2 112,387,892 125,949,874
+3.5 227,993,293 257,689,846
+1.1 77,924,301 61,647,603
+9.0 497,035,644 448,307,070
129 cities 11066183,219 10685337,201 +3.6 8,728,791,555 8,388,810,360
Grand total
4,679,495,619 4,422,567,073 +5.8 3,934,256,724 3,670,894,661
Outside New York City
...---.,..
an Awe. ..,s R.II? 155.057.540 4-3.5 329.805.853 113 6211677
We now'add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended January 16.
Clearings at1928.
1925.
Inc. or
Dec.
First Federal Reserve Dist rict-Bostr n697,599 +11.8
780,231
Me.-Bangor- _ _
3,121,452 +24.9
3,897,542
Portland
Mass.-Boston_ _ 487,000,000 517,000,000 -5.8
2.739,992 -2.8
2,664,070
Fall River_ _ _ _
a
a
Holyoke
a
1,259,940 -7.7
1,162.617
Lowell
a
a
a
Lynn
2,161,023 -25.1
1,618,029
New Bedford_ _
6,365,597 -5.3
6,025,761
Springfield 4,002,000 +8.3
4,334,031
Worcester
15,159,207 +14.7
17,383,015
Conn.-Hartford
7,744,870 +3.2
7,994,752
New Haven_
17,155,300 +1.9
R.I.-Providence
17,477.700
734.920 -13.0
639,463
N.11.-Nrchester
Total(12 cities)
550,977.211
578,141,900
-4.7
1924.
1923.
989,039
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
842,218
3,334,921
433,000,000
2,518,917
a
1,344,732
a
1,747,986
5,389,380
3,710,000
11,310,542
8,723,664
14,000.000
817,743
525,541,294
484,740,083
Second Feder al Reserve D istrIct-New
7,187,771
6,889,367
N. Y.-Albany __
1,158,600
1,249.100
Bingbamton54,628.714
d61.002.289
Buffalo
935.881
1,480,054
Elmira
1,601,507
d1,827,541
Jamestown___ _
New York_ _ 6,388.687,800 6,262.770,128
14.314,352
13.892,171
Rochester
5,661.572
6,514,290
Syracuse
3,592.185
c3,335,293
Conn.-Stamford
653,369
778,880
N. J.-Montclair
39,208,872
47,342,820
Northern N.J.
York
-4.2
5.558,056
5,282,406
+7.8
931,700
1,184,100
+11.7
47,154,958
45,481,795
+58.2
770,908
661,024
+14.2
1,229.897
1,285,974
+2.0 4.794.535.831 4.617,915,709
-3.0
11.110,072
9,581.482
+15.0
4,658.015
4,052,785
-7.2
3,455,595
3,264,307
+19.2
486,743
449,779
+20.7
50,490,201
47,714,076
Total(11 cities) 6,530,999,405 6,352,503,859
+2.8 4,917,605,849 4,739,629,562
Third Federal Reserve Dist rict-Philad elphia
1,686.104 -6.4
1,578,044
Pa.-Altoona.__
4,205,741 +3.0
4,219,954
Bethlehem_ _
1,438,148 +8.1
1,554,589
Chester
2.595.774 +4.8
2,723,539
Lancaster
Philadelphia
616,000.000 580.000,000 +6.2
3,718,260 +11.2
4,135,479
Reading
7,212,972 -6.5
6,748,162
Scranton
Wilkes-Barre_ _
3,879,804 -0.6
d3,858,059
1,960.829 +0.9
1,977,988
York
8,064,975 -5.4
5,740,189
N.J.-Trenton._
a
a
a
Del.-Wllming'n.
1,329,895
• 4,383,379
1,397,075
2.752,417
488,000,000
3,920,286
5,701,325
3,998,176
1,499,023
5,252,138
a
1,381,741
3,529,590
1,234,510
3,432,977
515,000.000
3,152,539
5,615,728
3,490,802
1,289,350
4,574,859
a
+5.8
518,231,714
542,702,095
Fourth Feder al Reserve D istrict-Cle 'eland
Ohlo--Akron_
d6,217,000
8,747,000 -28.9
5,769,064 -17.2
4,779,179
Canton
80.722,954
75,992,861 +8.2
Cincinnati _
125,731,759 119,682,818 +5.0
Cleveland
19,162,700
17,312,100 +10.7
Columbus
a
a
a
Dayton
a
a
a
Lima
1,792,579 +20.3
d2,157,410
Mansfield
a
a
a
Springfield_ _
a
a
a
Toledo
6,434,286
6,328,982
Youngstown
a
a
Pa. Erie
178,823.640 173,564,152 +2.9
Pittsburgh--
7,388.000
5,143,665
70,800,117
105,714,914
13,280,100
a
a
1.816,058
a
a
5,167,742
a
154,003,320
5,674,000
5.388,400
73,000,282
112,070,759
10,378,000
a
a
2,041,498
a
a
4,953,277
a
155.512.806
+3.5
363,297,916
375,017,022
Fifth Federal Reserve Dist rict - Rich mond
2,111,519 -25.0
W.Va.-HuttVg'n
1,584,106
9,803.348 -9.0
Va.-Norfolk-. d8,921,282
58,867.185 +4.5
59,415,035
Richmond
2,939,417 -12.4
2,575.106
.C.-Charleston
118,243,938 101,401.556 +16.6
Md.-Baltimore
28,125,098 +6.7
27,865,422
D.C.-Wmannrn
2.134.118
10,222,947
47,989,000
3,391,347
97,684,119
23,600,000
2.228,569
7,712,785
53,963,743
2,863,356
99.011,708
22,198,231
Total(10 cities)
Total(8 cities)_
648,533,983
423,723,604
612,762,607
409,294.840
199,248,121
+9.7
185,021,531
187,978,392
Sixth Federal Reserve Dist net-Atian te7,013,387 +20.0
8,416,749
Tenn.-ChatVga
3,791.174 +30.7
4,956,084
Knoxville
22,245.105 +9.6
24,377.485
Nashville
86.908,404 +22.4
81,908.428
Oa.-Atlanta--2,129,200 +8.7
2,315,504
Augusta
1,588,954 -0.4
1,582,384
Macon
a
a
a
Savannah
21,216,745 +94.8
41,285,289
9,812,374 +189.0
25.889.930
Miami
29,850,035 -6.0
27,868.943
Als.-ktirming'm.
2,174,767 +4.6
2,275,629
Mobile
1,523,000 +38.0
2,072,000
-Jackson
Miss.
685.311 -27.9
494,108
72.148,527 +36.0
72,798,600
La.-NewOrleans
8.971,395
2,976,597
21,254,000
51,571,385
1,708,731
1,401.016
a
12,653.860
3,235,336
23,573,897
1,653,315
1,049,168
324,729
68,885,295
7,551,079
3,346,392
22,548,552
50,844,809
2,109,000
1,374,714
a
11,921,410
27,958.615
1,763.587
1,094,189
603,021
63,649,217
240,688,983 +23.1
193,843.188
194,762,585
Total(6 cltles)-
Total(13 cities)
218,804,869
296,221,131
[VoL. 122.
Week Ended January 16.
Clearings a:
1926.
1925.
Inc.or
Dec.
1924.
$
$
8
%
Seventh F lee al Reserve D istrict-Chi cagoMich.-Adrian __
291,942
319,188 -8.5
249,254
Ann Arbor_ _1112,630
731.628
936,671 +18.8
Detroit
164,717,755 152,840,629 +7.8 138,473,859
Grand Rapt Is.
8,795,681
8,386,113 +4.9
8,047,328
Lansing
-.3,300,000 3,032,000 +8.8
2.021,018
Int.-Ft. Way 2e.
3,334,892
2,572,701 +29.6
2,121.891
Indianapolis -25.558,000
23.144,000 +10.4
22,043.000
South Bend -3,032,700
2,504,800 +21.1
2.267.300
Terre Haute -6,334,854
4,555,888 +39.0
4,798,833
Wis.-Mllwau cee
45.623,239
42,495.513 +7.4
38,072,705
Iowa-Ced. RaIL
2,834,776
2,816,584 +0.6
2,311.478
Des Moines -10,188,708
10,809,272 -5.8
10.692,053
Sioux City_ -7,880,376
8,324,427 -5.3
6,127,221
Waterloo
1.208,010
1,648,055 -26.7
1,370,096
1fl.-Bloomington
1,644,590
1,777,689 -7.5
1,479,621
Chicago
-- 755.663,194 750,918,557 +0.6 638,700,032
Danville__ _ -a
a
a
a
Decatur.
_
1,480,058
1.805,493 -18.0
1,265,128
Peoria
5,497.040
5,733.881 -4.1
4,441,979
Rockford_ _ _ __
3,093.086
2,848,445 +8.6
2.368,501
3,335,871
Springfield-__
3,394,683 -1.7
2,817,077
Total(20 citt a) 1,054,927,382 1,030,862,345 +2.3 886,400,000
Eighth Federa I Reserve Ms trict-St. Lo LasInd.-Evansvil e_
5,822,799
6,890.910 -18.4
4,865.726
Mo.-St. Louis __ 182,900,000 160,400,000 +1.5 151,574,508
Ky.-Louisvill __
43,150.991
40,701,414 +6.0
32,146,482
Owensboro_
594,505
748,665 -20.6
665.586
Tenn.-Memp iii
29,869,493
27,047.701 +10.4
20,342,638
Ark.-Little R ck
16,830,918
13,909,180 +21.0
12,291,095
lll.-Jacksonville.
452,780
414,465 +9.2
357,436
Quincy
1.644,571
1,592.847 +3.2
1,485,484
Total(8 cIties•)- 261,066,057 251,705,182 +3.7 223,508,953
Ninth Fede al Reserve Dis trict-Minn eapolisMlnn.-Duluth __
7,348,682
7,932.434 -7.4
6,032,423
Minneapolis.__
84,821,782
84,329,350 +0.6
67,113.000
St. Paul_ _ _ __
35,653,467
32.603.286 +9.3
32,624.948
N. D.-Fargo.__
1,953,869
1,880,318 +3.9
1,733,606
S.D.-Aberdeen_
1,644,550
1,512,574 +8.7
1,285.969
Mont.-Billing i _
871,117
779,392 -13.9
482,610 •
Helena
2,887.554
2.981.982 -3.8
3,115,336
Total(7 citIes1). 134.981,021 132,019.318 +2.2 112,387,892
Tenth Federal Reserve Di,trict-Kane as City Neb.-Fremont__
d489,497
489,262 +0.04
399,901
Hastings_ _ _ __
639,479
704,890 -9.3
486,333
Lincoln
_
4,975,838
4.637.329 +7.3
3,882,514
Omaha
42,083,443
43,752,268 -3.8
36,548,136
Kan.-Topeka _ _
d3,959,830
3,469,477 +14.1
3,708,308
__
Wichita
d7,902,464
7.780.108 +1.6
8.084,492
Mo.-Kan. Cit y_ 144,586,146 136,465,566 +5.9 126,285,949
St. Joseph- _
d8,593,039
8,774,504 -2.1
9.728,077
u.sko ee
a
a
a
Oklahoma Clty d33,380,492
30,728,676 :
8.6
24,699,389
Tulsa
a
a
a
a
Colo.-Col. Ell) 5.
e1,302,727
1,351,535 -3.6
920,078
Denver
21,404,233
21,949,678 -2.5
19,208,523
__
1,202,083
Pueblo
1,125,602 +6.8
859,446
Total(12 cit.! s) 270,519.051 261,228.895 +3.5
Eleventh F64le rat Reserve District-Da HasTexas-Austin_ __
2,286,586
1,780,975 +28.4
Dallas
51,969,328 +12.1
58,288.075
Fort Worth_ ...
14,757,505
13,654,728 +8.1
Galveston... __
14,030,000
12,344,755 +13.0
Houston _
a
a
a
La.-Shrevepo i:
7,599,092
6,242,377 +21.7
1923.
8
257,926
771,330
122,240,037
6,491.656
2,311,838
1,853,169
22.928,000
2,247,300
36,087,183
2,235,404
10.272.606
6,332,000
1,275,028
1,400,444
680,904,514
a
1,170.495
4.379,756
1,999,907
2,423,102
887,579,671
4,742,380
39,094,998
607.518
25,476,351
11,061,008
306.744
1,517,559
82,806,556
5,584,480
78.891,878
34.410,938
1,872,155
1,291.389
579.221
3,519,815
125,949,874
428,834
518,974
3.933,222
46,258,821
3,775.830
11,117,856
145,918,545
a
24,011,584
a
1,155,408.
19,814.392
758.580
227,993,293
257,689,846
2,093,000
46.391.042
12,515,716
11,711,129
a
5,213.414
1,612,585
34,409,912
11,611,528
8,443,675
a
5,569,903
Total(5 cities)_
96,981.258
85.992.113 +1.1
77.924,301
61,847,603
Twelfth Fed er al Reserve D Istrict-San Francl sco-Wash.-Seattle.._
46,713,084
42,680,006 +9.4
40,308,479
36,255,988
Spokane _ _ .._
12,507,000
11.482.000 +9.1
11.059,000
11,221,000
a
Tacoma --a
a
a
a
Yakima
1,616,042 -3.9
1,552,863
1,212,055
1,159.958
Ore.-Portland _
38,364,508
38,055,940 +0.8
37.358,518
34,402,847
Utah-S. L. Clty
18,784,441
19,360,673 -3.0
18.066,804
15,494.082
Nev.-Renoa
a
a
a
a
Ariz.-Phoenix ._
a
a
a
a
a
Cal.-Fresno.. _
4,055,188
3.388,624 +20.4
4,091,346
4.349,215.
Long Beach_
8,209,034
7,830,154 +7.6
9,194,907
7,767,230
Los Angeles_ ._ 184,223,000 167,278,000 +10.2 159,369,000 133,744,000
Oakland .._ _ _ ._
24,424,773
20.553,377 +18.8
16,985,748
14,900,776
._
Pasadena
7,795,762
7,472,689 +4.3
7,398,443
5,901,263
Sacramento _
69,056,239
8,501,332 +6.5
8,208,950
6.491,169
San Diego_ _
6,890,042
5,789,241 -19.0
4,415,857
4,000,000
San Francisc 2_ 205.199.000 187,200,000 +9.6 170,500,000 166,300,000
San Jose_ _ _ _ ._
3,280,881
2,773.222 +18.3
2,205,904
2,669,338
Santa tlarbari2_
1,815,365
1,496,205 +21.3
1,402,871
909,804
Santa MoniesL.
2,301,489
2,218,229 +3.7
2.546,952
Stockton... ._
c3,495,600
3,435,300 +1.7
2,720,800
2,680,600
Total(17 cid 8) 578,668,247 530,891,040 +9.0 497,035,844 448.307,700
Grand total (1 19
cities) _ _
._ 11066183,219 10685337.201 +3.6 8,728,791,555 8,388,810,360
Outside N. Y__ ._ 4,679,495.619 4,422,567,073 +5.8 3,934.255.724 3.870.894.651
Week Ended January 14.
Clearings al1928.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Lalgary
Bt. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William__ -New Westminster
Medicine Hat
Peterborough-Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
$
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
4,716.709
4,654.945
483,275
645,009
1,970,938
1,178,091
895,500
864,471
603.322
257.203
721,824
777,087
982,252
3,198,534
358,155
904.123
612,844
1925.
$
97,686,887
94,664,896
45,438.082
13,721,846
5,498,466
0,737,962
2,884,348
4,048,120
7,512,084
2,481,952
1,945,270
2,939,229
4,348,682
3,833.838
528.847
498,787
1,397,945
1,109,798
917,636
588,428
495,053
268,991
768,873
669.822
957.390
2,605,684
322,002
709,292
586,949
Inc.or
Dec.
%
+6.4
-2.6
+2.5
+10.8
+2.9
-17.5
+37.9
+5.8
+12.2
+12.8
+0.2
-21.5
+8.5
+28.1
-8.6
+29.3
+41.0
+8.0
-2.4
+12.9
+21.9
-3.7
-6.1
+16.0
+2.6
+22.7
+11.2
+27.5
+4.4
1924.
$
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
2,867,161
1,849.525
3,222,942
4,064,087
3,297,440
422,571
491,135
1,603,959
1,119.202
994,946
825,523
522,583
380,890
778,516
750,892
789,723
2,825,164
337,257
910,740
576,010
1923.
$
98,011,142
115,110.337
38,109,410
12,813,390
6,476.990
5,111,601
2,433,038.
5,200,595
5,163,884
2,217,514
2,074,281
2.597,329
3,444,833
3,039,501
537,460
481,958
1,300,705
1,067,107
872,585
738,139
393,267'
288,730
813.981
661,311
951,515.
4,247,795
316,002
953,394
603,005
Total(29 cities) 318,589,317 305,962,540 +3.5 329,828,053 313.628,877
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Jan. 13. d Week ended Jan. 14. e Week ended Jan. 15. •Estimated.
JAN. 23 1926.]
THE CHRONICLE
Massachusetts Savings Banks Statistics as of
Oct. 31 1925.
The annual reports of savings bank made to the Massachusetts Commissioner of Banks, as of Oct. 31 1925, show
deposits in these institutions totaling $1,618,075,981, an
6,348,656 over
increase of $97,971,017 over 1924 and
1923. Roy A. Hovey, Commissioner of Banks for the
Commonwealth, furnishes us with the following preliminary
statistics from annual reports of savings banks as of Oct. 31
1925, as rendered to the Commissioner of Banks:
Increase
Increase
1925 Over
1924 Over
1924.
1924.
1925.
1923.
Total assets
81,667,602,234 21,776,524,436 $108,922,202 $97,613,421
Total deposits
1,520,104,964 1.618,075.981 97.971,017 86,348,656
Average of each account
546
23
572
26
Christmas and other club
deposits
7,214,982
8.249,449
1,034,467 1,666,945
Total dividends
64,923,993
69,377,490
4,453,497 4,963,266.
Surplus
123,135,218
9,639,257 7,504,282
132,774,475
Real estate loans
851,770,390
941,067,519 89,297,229 90,640.195
No. of real estate loans
159,174
167,925
9,318
8,751
No.of depositors'accounts
2,785,572
2.827.844
39.829
42,272
Deposits per capita: 1920, $313.20: 1925. 5389.78.
449
INDIAN CURRENCY RETURNS.
Dec. 7. Dec. 15. Dec. 22
, (/n lacs of rupees.)
19023
19109
19124
Notes in circulation
8380
8466
8581
Silver coin and bullion in India
Silver coin and bullion out of India
555
'255
2232
Gold coin and bullion in India
Gold coin and bullion out of India
eif
Will
5711
Securities (Indian Government)
2700
2700
2600
Securities (British Government)
No silver coinage was reported during the week ending 22nd inst.
50.700.000
about
The stock in Shanghai on the 28th inst. consisted of
ounces in sycee, 65,000,000 dollars, and 980 silver bars as compared with
with 51,200,000 ounces in sycee, 66,000.000 dollars, and 1,070 silver bars
on the 19th inst.
Bar Gold,
-Bar Siker, Per Or. Std.Per Oz. Fine.
2 Mos.
Cash.
Quotations84s 11 Ad.
31 11-16d.
Dec. 24
37 11-16d.
84s 1134(1.
31 11-16(1.
31 11-16d.
28
84s 11d.
31 9-16d.
29
31 9-16d.
84s 10Ad.
3134d.
3130.
30
845 11.1d.
31.609d.
Average of the above 4 days_31.609d.
The silver quotations to-day for cash and two months' delivery are respectively Xcl. and 5-16d. below those fixed a week ago.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Ant.
Rate.
MA.
Asked
Maturity.
int.
Rate.
Bid. .4sked
atar. 15 1926._ 444% 100'16 10015 June 15 I926-. 334% 99111, 9112121
85in.15 1926_ 434% 1001/ 100111 Dee. 15 1927_. 434% 101tis 101%
9911, Mar. 15 1927_.. 434% 100nt 101
Iclie 15 1926_..
3% 9934
BO. 15 1920___ 334% 991.n 1001,2 .
New York City Realty and Surety Companies.
All prices dollars per share
Bid. Ask.
Bid. Ask
Alliance Why 180
Mtge Bond.. 140 147 Realty Assoc.
Amer Surety_ 179 180 Nat Surety__ 220 230
(13klyn)com 535
Bond Be M G_ 315 318 N Y Title &
181 pref___. 92
96
Lawyers Mtge 237 242
Mortgagt _ 455 400
90
us
2d pref..
Lawyers Title
11 S Casualty. 400 420 Westchester
& Guarantee y305 319 U S Title Guar 320 330
Title & Tr 420
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Dec. 31 1925 are set out in the following. The figures are
THE ENGLISH GOLD AND SILVER MARKETS.
taken entirely from the daily statement of the United States
We reprint the following from the weekly circular of Treasury of Dec. 31 1925.
Samuel Montagu & Co. of London, written under date of
CURRENT ASSETS AND LIABILITIES.
Dec. 30 1925:
GOLD.
GOLD.
Liabilities$
AssetsThe Bank of England gold reserve against notes on the 23rd inst.amounted
595,193,053 23 Gold Ws. outstanding_ _1,711,911.879 00
Gold coin
to £142,803,130 as compared with E142,946,525 on the previous
Wednesday. Gold bullion
3 099,028,803 16 Gold fund, F. R. Board
About £800,000 gold came on offer this week in the open market. A
(Act of Dec. 23 1923,
as amended June 21
large proportion of tnts amount has been taken by Holland for account of
1 649,387,435 12
1917)
Java.
Gold reserve
153,620,985 51
The following movements of gold to and from the Bank of England have
Gold In general fund
179,301,556 76
been announced since our last issue:
3694,221,856 39
Total
3 694,221,256 39
Total
Dec. 24. Dec. 28. Dec. 29. Dec. 30.
Received
Note.-Reserve against $346,681,016 of U. S. notes and $1,372.804 of Treasury
Withdrawn
£31,000 £146,000
£49,000 notes of 1890 outstanding. Treasury notes 01 1890 are also secured by silver dollars
The destinations of the £67,000 sovereigns withdrawn were given as In the Treasury.
SILVER DOLLARS.
follows: £37,000 to Straits Settlements, £15,000 to India, £10,000 to
Liabilities$
Holland and £5,000 to Uruguay. During the week under
$
Assetsreview £226.000
454.594.013
00 Silver etre. outstanding_ 446.985,580 00
dollars
Silver
has been withdrawn from the Bank, increasing the net
efflux, since the
Treasury notes of 1890
resumption of an effective gold standard, to £11,595.000.
outstanding
1.372,80400
The United Kingdom imports and exports of gold during the week ending
Silver dols. in gen.fund_
6,325,629 00
the 23rd inst. were:
Total
454,594,013 00
454,594,013 00
Total
ImportsExports
Poland (including Dantzig)£268.800 GermanyGENERAL FUND.
£15,335
Belgian Congo
Liabilities13,748 Netherlands
885,560
AssetsBritish West Africa
38.363 Prance
179,301,556 76 Treasurer's cheeks out6.466 Gold (see above)
British South Africa
standing
32,822 Switzerland
1,710,473 83
6,235,629
00
(see
10,200
dollars
Silver
above)
Other countries
1,957 Other countries
4,385,075 00 Deposits of Government
3,696 United States notes_ _
officers:
1,543.973 50
Federal Reserve notesTotal
£355,690
Total
10,604,454 23
183,885 00 P. 0. Department
E921,257 F.R.bank notes
According to the official returns of the Ontario Department of Mines, the National bank notes__ _
14,953,850 50 Bd. of Trustees Postal
Savings Systemgold production of Ontario for the first nine months of 1925
5.531,639
18
coin_
_
_
silver
Subsidiary
amounted to Minor coin
5% reserve, lawful
971,939 21
1,085,749 ounces as compared with 894,812 ounces for the
6,576.290 49
corresponding
money
15,028,214 44
period in 1924. The bulletin issued by the Department contains the Silver bullion
494,063 85
Other deposits
U nclasal f e d-Colleefollowing remarks:
1,997,608 07 Postmasters, clerks of
dons. &c
courts, disbursing of"Prospecting In new fields was actively carried on. An interesting Deposits in F.R banks_ 38,073,652 18
45.255.73332
ficers, Ate
Deposits in special dedevelopment was the discovery during the summer of rich outcrops
of gold
Deposits for:
positaries account of
ore at Red Lake, about 100 miles north of Kenora and 50 miles
Redemption of F. R.
sales of ctfs. of Indebt. 200.398.000 00
east from
the Manitoba boundary. A feature ofthis new find was the
notes(5% fd., gold)- 163,890,699 94
using of aero_ Deposits In foreign deRedemp'n of nat. bk.
planes to expedite the movement of men, equipment and
positaries:
supplies to the
notes(5% fund, lawTreasurer
of
To
credit
new discovery before the closing of water navigation. From
the informa27,923,089 32
ful money)
119,58979
United States
tion available the Red Lake find appears to be of
Retirement of addl
considerable promise,
To credit of other
and will possibly cause an influx of prospectors to that part of
circulating notes, Act
329,689 35
Govt. officers
the Province
4.56500
May 30 1908
In 1926."
Deposits in nat. banks:
Uncollected items, exTo credit of Treasurer
The employment of aeroplanes for such purposes is obviously
4.110.66724
likely to
changes. Bee
7,497,562 29
United States
be adopted in other quarters, possibly even in inaccessible
regions like
To credit of other
the Arctic.
260.570,037 22
21,645,171 61
Govt. officers
CURRENCY.
328,707.932 68
Net balance
Deposits
In Philippine
The report of the Royal Mint just issued contains the following
treasury:
remarks
regarding silver currency:
credit
of
Treasurer
To
"No special efforts were made to accelerate the withdrawals, and it
1,080,934 00
United States
is
estimated that the amount of the old standard coin still in circulation
is
now approximately equal to the amount of the new. The position as
589,277,969 88
589,277,969 88
Total
Total
regards
the three-penny piece is a peculiar one. It is certainly in demand in certain
Note.-The amount to the credit of disbursing officers and agencies to-day WSB
parts of the country and especially north of the Tweed. With some notable
are
Governments
of
foreign
obligations
for
which
Book
credits
$370.754,880
18.
exceptions, as for instance in the dockyard towns,it is unpopular in Englana.
and particularly in London. But apparently the Scotsman when visiting held by the United States amount to $33.236,629 05.
money
for
London provides himself with a large supply of this nimble little piece,
lawful
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of
since stocks of It are constantly accumulating in the London banks. Arrange- the retirement of outstanding national bank and Federal Reserve bank notes are
ments have been made to counterbalance this process by passing the paid Into the Treasury as miscellaneous receipts, and these obligations are made
demands from Scotland on to the London banks.
under the Acts mentioned a part of the public debt. The amount of such obligations
to-day was $52,439,102.
SILVER.
.
51.297.787 in Federal Reserve notes and $14,896,962 In national bank notes are
The incidence of the holidays and approaching close of the year have
naturally deprived the market of lively interest. Therefore some Conti- n the Treasury in process of redemption and are charges against the deposits for
nental and other silver coming on offer upon the dull market had a somewhat the respective 5% redemption funds.
depressing effect upon the prices.
At the present level, however,there may be some resistance to the pressure
of sales, unless they become unduly heavy. America has been more a buyer
Government Revenue and Expenditures.
than a seller. China has worked both ways.
United Kingdom imports and exports of silver during the week ending
Through
the courtesy of the Secretary of the Treasury we
the 23rd inst. were as follows:
are enabled to place before our readers to-day the details of
ExportsImportsUnited States of America__ £181.844 France
£77,510 Government receipts and disbursements for December 1925
62,643 British India
87.891
'British West Africa
24.407 Other countries
1,115 and 1924 and the six months of the fiscal years 1925-1926
Other countries
Total
£268,894
Total
£186,516
and 1924-1925.
450
TEM CHBONIOLII
[Vas. 122.
ReceiptsDec. 1925. Dec. 1924. 6 Mos. 1925. •6 Mos.1924.
Public Debt of United States-Completed Returns
Ordinary$
4
1
1
Customs
46,223,418 40.128,716 292,621,816 269,353,982
Showing Net Debt as of Oct. 31 1925.
Internal revenue:
Income and profits tax_ _ _ _355,962.568 328.321.023 85,5,739,015 783,58,5,051
The
statement
of the public debt and Treasury cash hold/discern Internal revenue
70,899,085 77,939,827 487,889.572 455.849,787
ings of the United States as officially issued Oct. 31 1925,
Miscellaneous receipts:
Proceeds Government-owned
delayed in publication, has now been received, and as intersecuritiesest attaches to the details of available cash and the gross and
Foreign obligationsPrincipal
25,563,470 23,054,757
25,742,212
23,205,548 net debt on that date, we append a summary thereof, makInterest
69.696,391 68,894,536
80.121,366
79,777,738
Railroad securities
5,109,941
9,168,898
19,540,794 111,290,352 ing comparisons with the same date in 1924.
All others
64,821
111,003
13,437,622
3,562.873
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Trust fund receipts (re-appropriated for investml) 2.546,402 2,422.896
Oct. 311925. Oct. 31 1924.
17,952,518
16,001,090 Balance
end month by daily statement, dsc
Proceeds sale of surplus
$198,748,196 $335,129,674
Add
or
Deduct-Excess
or
deficiency
of
receipts
Property
over
435,857
1.107,316
7.185,015
11,321,331
or under disbursements on belated items
Panama Canal tolls, dm
-2,207.758
+962,128
2,050,057
2,377,463
12,045,477
12,245.879
Receipts from misc,sources
credited direct to appro$199,710,324 4332,921,918
Deduct
outstanding
obligations:
priations
3,484,372
3,395,840
13,194,527
14,635,639
Treasury warrants
Other miscellaneous
$2,857,324
$3,337,362
a20,538,422 813,870,007 a84,213,766 888,881,072
Matured interest obligations
65,891,051
64,107.958
Disbursing officers' checks
Total ordinary
58,778,322
60,573,850
602,574,804 570,792,282 1,909,683.700 1,869,710,342
Discount accrued on War Savings Certificates_ __
22,293,317
14,299,531
Excess of ordinary receipts
Total
over total expenditures
3142,318,701 1149,720,014
chargeable against ordinary
Balance,deficit(-)or surplus(4-)
receipts
+557,391,623 +8183,201,904
168,607,271 224,913,255 125,598,300 156,082,220
Excess of total expenditures
INTEREST-BEARING DEBT OUTSTANDING.
chargeable against ordinary
Interest Oct. 31 1925. Oct. 31 1924.
receipts over ordinary reTitle of Loan$
Payable.
$
ceipts
25, Consols of 1930
599,724,050
Q. J. 599,724,050
4s, Loan of 1925
ExpendituresQ.-F.
118,489.900
25 of 1916-1936
48,954.180
Ordinary48,954,180
Q.-F.
2s of 1918-1938
25,947.400
25,947,400
(Checks and warrants paid,&c.)
Q.-F.
01 1961
3s
Q.-M.
General expenditures
49.800,000
49,800,000
156,075,476 160.586,955 946,949,266 956.019,545 3s
Conversion
bonds of 1946-1947
28,894,500
28,894,500
Interest on public debt c
Q -.1.
90,637,071 84,907,250 417,917,086 447,731,514 Certificates
of indebtedness
J.-J. 596,045,000 1,196,366.000
Refunds of receipts:
3145 First Liberty Loan, 1932-1947
Customs
J.409
1, 9
5:9
157
3:630
50 1,409.998.950
3,413,291
3,417,726
17,107.348
12,924,275 49 First Liberty Loan, convertedJ.-D..D.
6.847,900
Internal revenue
7,832,694
5,703,826
79,104,216
58,691,782 41‘5 First Liberty Loan,
531,184,650
-D.
D. 532
Postal deficiency
39
:4
872
3:150
450
23,983
27,000,000
23,983 4,4s First Liberty Loan,second converted
J
3,492.150
Panama Canal
694,956
313,257
5,219,743
4,994,295 4s Second Liberty Loan, convertedj.
1927-1942
M.-N.
27,203,950
Operations in special accounts:
20.857,450
4345 Second Liberty Loan, converted
Railroads
3,083,691,000 3.077,370.850
8509,974
8414,756
1,252.036
3,350,570 4103
Third Liberty Loan of 1928
M.-S. 2,802,473,150 2,978,776.300
War Finance Corporation_ 82,929,624 83,971,701 814,018,889 830,573,633
4345 Fourth Liberty Loan of 1933-1938
A.-0. 6,324,478,300 6,324.489.850
Shipping Board
6,487,928
2,153,170
16,343,350
19,036,708 434s
Treasury bonds of 1947-1952
763,948,300
Allen property funds
6201,505
738,095
3,183,554
4,349,937 45 Treasury bonds of 1944-1954
Adjusted service ctf. fund e.. 8186,283
1,0
747
63:0
94
88
8.501
'3
834.383
45 War Savings and Thrift Stamps
Matured 381,019,405
Investment of trust funds:
417,350.046
214s
Postal
Savings bonds
J.-J.
12,234,220
Government life insurance. 2,490,063
11,903,080
2,336,313
17,592,637
15,409,195 5155 to 53(5 Treasury notes
J.-D. 2,404,241,400 3,357,628.300
Civil Service Retirement__
d256,876
8937,653
12,691,868
11,221,368
District of Columbia TeachAggregate of interest-bearing debt
20.140,913,405 20,978,370,355
ers' Retirement
48,970
22,016
73.496 Bearing no interest
133,025
252,836,318
Foreign Service Retirement
243,454.167
812,475
30,977
119,538
91,233 Matured, interest ceased
19,663,720
13,721,530
General Railroad contingent
7,370
64,568
226,855
518,399
Total ordinary
263.591.082 254,924,026 1,530,787.250 1,503,862.667
Public debt retirements chargeable against ordinary reeelpts:
Sinking fund
78,057,850
Purchases from foreign
repayments
Received from foreign
govern'ts under debt
settlements
92,310,000 90,950,000
Received for estate taxes
Purchases and retiremls
from franchise tax receipts (Federal Reserve and Federal intermediate credit banks)..
Forfeitures, gifts, do....
8,600
5,000
Total
170,376,450 90,955,000
Net debt
160,957,850
118,374,000
208.600
92,310,000
90,950,000
47,550
30,300
152,200
33.103
253,298,150
209,765,453
Total expenditures chargeable
against ordinary receipts _433,967,531 345,879,026 1.784.085,400 1.713.628,121
Receipts and expenditures for June reaching the Treasury in July are included.
a Includes 159,300 37 received from Federal Reserve banks as franchise tax
Dec. 31 1925
S Includes $113,646 58 received from Federal Reserve banks as franchise tax
Dec. 31 1924.
c The figures for the month include 5377,381 79 and for the fiscal year 1926 to
date 42,414.071 49 accrued discount on war savings certificates of the series of
1918, 1919 and 1920: and for the corresponding periods last year the figures include
5650,712 96 and 84,630,506 56, respectively, for the series of 1918 and 1919.
d Excess of credits (deduct).
e The figures shown represent variations In the working balance. The appropriation available Jan. 1 1925 was inveiged in $100,000,000 face amount of Government
obligations, of which $4,600.000 face amount were redeemed to June 30 1925 to
provide for payments from the fund by the Veterans' Bureau. For redemptions
since June 30 for that purpose. see items of adjusted service series on page 3 under
public debt expenditures.
Treasury Money Holdings.
The following compilation made up from the daily Government statements shows the money holdings of the Treasury at the beginning of business on the first of October, November, December, 1925, and January 1926:
Holdings in
U.8 Treasury.
Oct. 1 1925. Nov. 1 1925. Dec.11925. Jan. 1 1926.
$
$
$
4
Net gold coin and bullion_
Net silver coin and bullion
Net Unite States notes._
Net nation i bank notes.
Net Fed" ,teserve notes.Net Fed', Res, bank notes
Net subsidiary silver
Minor can.&a
344,470,093
21,945,285
4,359,401
17,444,490
849,806
216,343
6,882,872
3,766,898
335,273,877
25.646,266
3,662,285
14,842.459
947,021
142,564
7,203.228
4,345.547
331,642,558
24,816,759
2,854,129
14,451,292
1,000,754
195,979
6,376,833
5.278,474
Total cash in Treasury.
Less gold reservefund_.
399,935,188
153,620,986
392.063,247
153,620.986
386.616,778 *383,754,357
153,620.986 153,620,986
Cash balance in Treasury_
ep in epee!depositories:
Acct. ctfs. of Indebt
Dep. In Fed'I Res. banks.
Dep. In national banks:
To credit Treas. U. S._
To credit dhsb. officers_
cash in Philippine Islands
Deposits In foreign depts.
Dep,In Fed'I Land banks..
Total debt
a20.407,471,253 21,241,488.242
Deduct-Treasury surplus or add Treasury deficit__ _ _
57,391,623 +183,201.904
332.922,543
21,263,843
4.385,075
14,953,851
1,543,974
183,885
5,531,639
2.969,547
820,350,079,630 21,058,286.338
a The total gross debt Oct. 311921 on the basis of daily Treasury statements was
520,406,090,295 22,and the net amount of public debt redemption and reedit,
in transit, dce., was $1,380,958 19.
S No reduction is made on account of obligations of foreign Governments or
other investments.
Preliminary Debt Statement of United States
Dec. 311925.
The preliminary statement of the public debt of the
United States Dec. 31 1925, as made upon the basis of the
daily Treasury statements, Is as follows:
BondsConsols 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
25,947,400 00
49,800,000 00
28,894,500 00
12,234,220 00
First Liberty Loan of 19321947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
1.043,666,30000
3,104,541,900 00
2,724,413,550 00
6,324,478,250 00
Treasury bonds of 1947-1952
Treasury bonds of 1944-1954
$763.948,300 00
1,047,088,500 00
4765,554,350 00
14.097,100,00000
1.811,036,80000
Total bonds
Treasury NotesSeries A-1926, maturing Mar. 15 1926
Series B-1926, maturing Sept. 15 1926
Series A 1927, maturing Dee. 15 1927
Series B-1927, maturing Mar. 15 1927
Adjusted Service Series, maturing Jan. 1 1930-
615,677,900 00
414.922,30000
355,779,900 00
668,201.40000
50,000,000 00
Treasury CertificatesSeries TJ-1926, maturing dune 15 1926
Series TJ2-1926, maturing June 15 1926
Series TD-1926, maturing Dec. 15 1926
Adjusted Service Series, maturing Jan. 1 1926_
90,289,000 00
243,434.000 00
452,749.000 00
38,200,000 00
Treasury (War) SaotngS SecuritiesWar Savings Certificates:
Series 1921 a
Treasury Savings Certificates.
Series 1921, Issue of Dec. 15 1921 5
Series 1922. Issue of Dec. 15 1921 b
Series 1922, Issue of Sept.30 1922 b
Series 1923, Issue of Sept.30 19228
Series 1923, Issue of Dec. 11023 b
Series 1924, Issue of Dec. 1 1923 b
Thrift and Treasury Savings Stamps, unclassified sales, dm
16.673.691,15000
2,104,581,500 00
824,672,000 00
11,034,774 46
1.803,86405
98.061,68895
14.801,18755
131,744,771 85
23,991,573 45
96,410,244 65
3,796,78684
379,644,89270
Total interest-bearing debt
Matured Debt on IVMelt Interest Has CeasedOld debt matured-issued prior to April 1 1917..
Certificates of indebtedness
Treasury notes
334% Victory notes of 1922-23
411
, % Victory notes of 1922-23
419,982,589,542 70
246,314,200
238,442.261
232,995.792
230,133.371
267,475,000
42,329,902
7.252.322
116,982,000
51,667,803
7,684,985
61.525,000
60,428,242
7,547,809
290,398,000
38,073,652
7,497,562
18,915,034
1,190,824
337,157
20,820.625
1,031,195
351.497
20,607,196
788.261
229,331
21,645,172
1.080.934
449,279
Net cash in Treasury
and in banks
Deduct current liabilities_
583,814,439
252,225,531
438,980,366
238,232,170
384,121,631
241,219,122
589,277,970
260,570.037
Available cash balance_
331,588,908
198.748,196
142,902,509
328,707.933
247,546,865 47
•Includes Jan. 1,115,028,214 44 silver bullion and 4971,939 21 minor coin, &e.,
not included in statement "Stock of Money."
Total gross debt
$20,248.169,636 43
a Net cash receipts. b Net redemption value of certificates outstanding.
2,412,330 26
1,267,000 00
8,862,400 00
35,100 00
5,456,40000
18,033,230 26
Debt Bearing No InterestUnited States notes
Less gold reserve
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency
346,681.016 00
153,620,985 51
8193,060,030 49
52,439,102 00
2,047,732 98
JAN. 23 1926.]
451
THE CHRONICLE
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
8200.000
Jan. 12-The Port Newark National Bank of Newark, N.
Correspondent, Graham B. McGregor, Room 11, 38
Park Place, Newark, N. J.
Wklyn in,New York,N. Y. 200,000
FOREIGN TRADE OF NEW YORK-MONTHLY Jan. 15-The Flatbush Nat'l Bank of
Correspondent, Maurice Breen, No. 2, Rector St.,
STATEMENT.
New York, N.Y.
APPLICATIONS TO ORGANIZE APPROVED.
Customs Receipts
Merchandise Movement at New York.
$100.000
Jan. 12-The Compton National Bank, Compton, Calif
at New York.
Correspondent, Harry E. Reed, Compton. Calif.
Imports.
Exports.
Month.
200.000
Jan. 13-First National Bank in Mount Clemens, Mich
Correspondent, Harry Diehl, Mount Clemens, Mich.
1924.
1924.
1924.
1925.
1925.
1925.
25,000
Jan. 13-The Woodlynne National Bank. Woodlynne, N. J_
Correspondent, J. H. Higgins, 154 Linden Ave..
5
$
$
Woodlynne, N. J.
January _ _ 156,923,263 130,402,242 156.313,003 146,793,889 26.121,252 24,779.787
CHARTERS ISSUED.
February - 160,460,910155,554,130 123,210,344 139,028.108 26,072,503 28,444.581
March.- 183,494,498149,384,187 175,312.931 133,687.771 27,666.955 27,625,870 Jan. 11-12871-The First National Bank of Kissimmee. Fla-- 850,000
President,
L.
H.
Gedge; Cashier, R. G. Stanfield.
26,752,166
April
166,694,007163,514,222 171,392,165145,002,767 22.893,230
25,000
149,170,018135,620.732 147,545,548 143,742,98 21,933,377 23,179,124 Jan. 13-12872-New First Nat'l Bank in Dell Rapids, So. Dak.
May
President, E. J. Elliott; Cashier, C. A. Golden.
160,308.912 131,236,366 123,740,72 118.752,946 23.298.326 23.802,661
June
154.206,974 134.244.024 135,781.354 113,857.70 24,327.006 25,426.495 Jan. 14-12873-The Lawrence Ave. Nat'l Bank of Chicago.Ill. 8200,000
July
Pres., Herman Elenbogen; Cashier, Herman Elenbogen.
August _ _ 166,853,232111,756.587 168,713.03 139.802,24 26,235,01 24,565,320
September 166,212,020131,786,636 137,468,016 141,844.40 30,186,35 28.765,865 Jan. 15-12874-The Central National Bank of the City of New
2,000,000
York. N. Y
October_ 192.479.742 154.424,252 126.701,020168.984,88 29,389,79 28,358,873
President, A. F. Maxwell; Cashier, J. R. Postal.
November.196,527,068140.605,417136,152,139138,892,97 29,333,22 23,732,263
25,000
Jan. 15-12875-The National Bank in Wahpeton, No. DakPresident, Joseph Patterson; Cashier, R. Perschl.
Total
185333064415385288041602330286 530390676287,457,037285,433,005
Jan. 15-12876-The Peoples National Bank of Irvington. N.J. 100.000
President, Walter Momm; Cashier, H. F. Donnell.
Movement of gold and silver for the eleven months:
CHANGE OF TITLA.
Jan. 13-2669-The National Bank of West Grove. Penn., to
Gold Movement at New York.
Silver-New York.
"The Nat'l Bank & Trust Company of West Grove."
Jan. 15-5026--The Mount Kisco National Bank, Mount Kisco.
Month.
Imports.
Exports.
Imports.
Exports.
N. Y., to "The Mount Kisco National Bank & Trust
Company."
1925.
1924.
1925.
1925.
1924.
1925.
Jan. 15-4318--Central National Bank Savings and Trust Company of Cleveland, Ohio, to "Central National Bank
$
I
$
$
8
of Cleveland.'
January
1,029,134 35.558,071 66.002,262
750 4.070,277 7,604,975 Jan. 16-9028-The First National Bank of Hamburg,Penn.,to
February _
612,514 28,514,809 33,520.792
315.000 2,289,472 4,556.080
"The First National Bank and Trust Company of
March_.
3,662,342 27,968,134 21.435,084
201,600 3,705,805 5,254.216
Hamburg.
April
5,694.336 37.018,743 19,899,381
740,500 2,396,063 6,922,769 Jan. 16-10525-The First National Bank of Tuckahoe, N.Y.,
May
3,812.598
7,776,453 35.003,505 10,304.670
521.974
to "The First National Bank & Trust Company of
June
948,811 20.402,503 2,641,349
24.880 1.659.578 5.873.792
Tuckahoe.'
July
6,489,017 15,222,422 2,468,247
230.512 1.663,473 3,684,687
VOLUNTARY LIQUIDATIONS.
August - -.
759,804 14.279,486 1.024.953 1,730.671 3,416,707 4,645,001
850.000
September
672,610 1,028,986 5,060,700 2.167,626
761,9139 3,439,551 Jan. 11-11395-The First National Bank of Chandler, Ariz_ _
Effective Dec. 31 1925. Liquidating Agent. John H.
October
42,379,042 16.070,991 1,395,082 1,710,347 1,609.338 5,307.958
Dobson, Chandler, Ariz. Absorbed by the Bank of
November. 3,867,632 15.798,143 2,969,990 4,452,453
638.906 5,511,426
Chandler, Chandler, Ariz.
25.000
Total - 73,891,697246,865,793 166,722.510 11,574,339 22,733,493 56.613,053 Jan. 12-9292-The First Nat'l Bank of Cimarron, New Mex_ _
Effective Jan. 2 1926. Liquidating Agent, J. F. Elibridge, Cimarron, New Mex.
50.000
-The Commercial National Bank of Wausa,Neb
BANK NOTES-CHANGES IN TOTALS OF, AND IN Jan. 12-10017
Effective 'Nov. 30 1925. Liquidating Agent, G. A.
Renard, Wausa, Nebr. Succeeded by Commercial
DEPOSITED BONDS, &c.-We give below tables which
State Bank of Wausa, Nebr.
show all the monthly changes in national bank notes and Jan 13-11516-The First National Bank of Waltonville,
30.000
Effective
Jan. 2 1926. Liquidating Agent, W. R.
In bonds and legal tenders on deposit therefor:
Newell, Waltonville, Ill. Absorbed by The Waltonville State Bank, Waltonville,
National Bank Circulation
Amt. Bd.. on Deposit to
Auction Sales.-Among other securities, the following,
Afloat onSecure Circulation for-
Sommercial andWiscellanecittsBCWS
National
Fed. Res.
Bank Notes. Bank Notes.
8
Dec. 31 1925._ 666,273,130
Nov.31 1925._ 660,087,630
Oct. 31 1925_ 666,185,1311
Sept.30 1925._ 665,542,630
Aug. 31 1925._ 665,810,130
July 31 1925_ 665,227,130
June 30 1925._ 665,061,330
May 31 1925._ 665.502,880
Apr. 30 1925._ 666,010,330
Mar.31 1925._ 665.608,330
Feb. 28 1925._ 666.943,330
Jan. 31 1925_ 725,171,780
Dec. 30 1924._ 731,613,630
Nev.80 1924._ 737,635,790
Oct. 81 1924._ 739,842.890
Sept.30 1924_ 741,239,890
Aug.30 1924._ 742,462,390
July 31 1924._ 746,611.640
June 30 1924._ 750.858,930
May 31 1924_ 750.113,430
Apri130 1924._ 750,676,680
Mar.31 1924._ - 749,974,180
Feb. 29 1924._ 748.875,180
lam 21 109A
7.17 950 920
S
545,900
545,900
545,900
545,900
AAA onn
Bonds.
Legal
Tenders.
S
$
658,362,223 46,194.204
662,622,888 48,127,556
662,538,483 51.264,261
661,380,320 56,543,589
662.186,083 61,476,914
660,341,413 66,214,271
660,501,393 72,864.681
661,293,895 78,275,574
661,397,558 86.028.261
661.613.281 93.597.406
663,324.911 100,532.366
722,092.263 47,748,139
727,175,641 44,871,176
733,995,581 40,152,976
735,602,435 38,679,189
736,537.660 39,269.184
737.141,058 40.052,136
740,549,740 36.537,849
744,95.3,710 33.058.069
745,029,518 32,460.609
745.795,653 31.611.339
745,171,676 31,162.366
743,454,758 30,964,444
759070227 x0190929
Total
$
704,556,427
710,750,444
713.802,744
717,923,889
723.66'2,997
726,555,684
733,366,074
739.569,461
747.425.818
755.210.681
763.857,271
769,840,401
772.046,811
774,148,551
774,281,624
775,828.844
777,193,191
777,087,581
778.011,771
777.490,121
777,406.991
776,334,041
774.419.201
779 702 1A4
$6,353,418 Federal Reserve bank notes outstanding Dec. 31 1925, secured by
lawful money, against 28,559,193 Dec. 31 1924.
The following shows the amount of each class of United
State bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Dec. 31:
U. S. Bonds Held Dec. 31 to SecureBonds on Deposit
Dec. 31 1925.
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
$
2e U.S. Consols of 1930
4s, U. S. Loan of 1925
2s. U. S. Panama of 1936
28, U. S. Panama of 1938
Totals
Total
Held
$
591,834,150
$
591,834,150
48,643.660
25,795,320
48,643.660
25.795,320
666.273.130
Rag 273 120
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Dec. 1
1925 and Jan. 1 1926 and their increase or decrease during
the month of December:
National Bank Notes-Total AfloatAmount afloat Dec. 1 1925
Net decrease during December
Amount of bank notes afloat Jan. 1 1926
Legal-Tender NotesAmount on deposit to redeem national bank notes Dec. 1 1925
Net amount of bank notes redeemed in December
Amount on deposit to redeem national bank notes Jan. 1 1926
$710,750,444
6,194,017
2704,556,427
248,127.556
1,933,352
846,194,204
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
34734
50 First National Bank
10531
15 Federal National Bank
26134
25 Atlantic National Bank
18234
20 Naumkeag Steam Cotton
5 U.S. Worsted Corp., lot pref.__ 25
138-141
116 Pepperell Mfg.Co
70
6 Contoocook Mills, pref
17534
2 Ludlow Mfg. Associates
10534
50 American Felt Co., pref
50 West Boylston M fg. Co., pref.__ 93
50 Naumkeag Steam Cotton_18134-182
84
5 Merrimac Chemical Co
76 Ed.El.Illum. Co.of Brockton__ 6131
87
4 State Theatre, preferred
26 units First Peoples Trust_ _ -75-7531
552
13 sp. units First Peoples Trust__
7534
10 Mass. Lighting Cos
14634
1 Plymouth Cordage Co
12 Salamanca Sugar Co. common)
38234
v. t. c
J lot
20 Mass. Chocolate Co.7% pref
Shares. Stocks,
$ Per sh.
2 Atlantic National Bank
26014
242
25 National Shawmut Bank
11534
3 Fitchburg Gas & Elec. Co
86
1 State Theatre Co., preferred
10 North Boston Ltg.Props.. pref 10434
1 Hood Rubber Co., preferred
10234
116
15 Boston Wharf Co
10 Sullivan Machinery Co__ _4934-50
19
100 Swift International
103
100 Hood Rubber Co., pref
268 Boston Woven Hose & Rub.Co. 95
11534
142 N.E.Tel. dr Tel. Co
50 Denholm & McK.Realty Co.., pf. 9034
32 Firestone Ansley Rub. Co., pref _100
15034
52 Plymouth Cordage Co
16 Boston Wharf Co
11634
8834
25 Beverly Gas& Electric Co
10214
9 Hood Rubber Co., met
Bonds.
Per Cent.
22,000 Milford & Uxbridge Street
Ry. Co. 7s, Jan. 1928
17
By Barnes & Lofland, Philadelphia:
5 per oh.
Shares. Stocks.
3 Elmira & Williamsport RR.,pref. 5734
3 Mine Hill & Schuylkill Hay RR_ 5134
1 Green & Coates Ste. Pass. Ay_
6632
4 Philadelphia Rifle Club
$85 lot
20 Kensington Nat. Bank, par 250_19131
10 Philadelphia National Bank_ _ _517
9 Northwestern National Bank._ _ _703
12 National Bank of Commerce_ _21834
4 Quaker City National Bank
26034
1 Quaker City National Bank
260
13 West End Trust Co
313
20 Bank of Nor. Amer.& Trust Co_361
4 Bank of Nor. Amer.& Trust Co_ -361
2 Northeastern Title & Trust Co.,
par $50
74
9 Fairhill Trust Co., par 550
79
23 Fairhill Trust Co
75
12 Ninth Bank & Trust Co
45032
2 Jenkintown Bank & Trust Co.,
par 550
321
2 Jenkintown Bank & Trust Co.,
par 250
311
2 Catawissa RR., 2d Prof
42
5 Reliance Insurance Co., par 550_ _124
12 John B.Stetson Co.,com.,no par10234
33 John B.Stetson Co.,com.,no par10234
40 John B.Stetson Co.,pref.,par$25 40
4 Phila. Bourse, corn., par $50_
1834
53 Germantown Passenger Ry
7334
5 Phila.& Grays Ferry Pass. Ry5634
11 Phila.& Grays Ferry Pass. Ry 56
7 Ridge Avenue Passenger Ry
166
10 Union Passenger Ry
110
10 13th & 15th Sm. Passenger Ry_170
100 Reading Traction Co
2134
18 North Pennsylvania RR
8232
22 Union Traction Co
3834
12 First National Bank dv Trust Co.
of Woodbury, N. J
188
Tioga Trust Co., par $50
150
105 Mutual Trust Co., Dar $59_ _122
Shares. Stocks.
per M.
2 Penn. Co. for Ins. on Lives, &o..89534
12 Manufacturers Casualty Ins.Co. 3134
345 Central Pier Co.(Atlantic City.
11534
N.J.)
20
400 Almar Stores Co.. no par
20 Curtis Publishing Co., com___ _223
25 Curtis Pub.Co.,new pf., no par_11234
59 Curtis Pub.Co., new pf., no par.11232
54 Curtis Pub. Co., new pf., no par.112
so
60 Autocar Co., corn
1 Penna. Academy of the Fine Arta- 21
Zoological Society of Philadelphia.
11
Perpetual membership
100 Academy of Music Corp. ($40
Paid in)
9234
20 Hare St Chase, Inc., prof
16 Hare dr Chase, Inc., pref
9231
50 Hare & Chase, Inc., corn., no par 2734
25 Hare & Chase, Inc.,com., no par 2634
25 Hare & Chase,Inc.,com..no par 26
6334
275 Philadelphia Electric
61 Phila. Elec., full paid receipts 6234
$ per right.
No. Rights.
25 Columbia Avenue Trust Co_ _ _17132
Rights to subscribe to Central Nat.
Bank as follows:
1-5th at 584; 1-5th at 584;1-5th at
550; 1-5th at 550; 3-5ths at 550;
4-5ths at 540:13 at 520.
Rights to subscribe to the Liberty
Title & Trust Co. as follows:
64 at 102; 4-10ths at 114; 4-10ths
at 114
Rights to subscribe to Market Street
Title & Trust Co. as follows:
12 at 361; 20 at 359; 60 at 357;
3at 355; 40 at 347; 20 at 340; 5 at
336; 1 at 331:50 at 326:40 at 331.
Per Cent,
Bonds.
2100 Brookline Square Club 30-year
ss
6s, 1932
By A. J. Wright & Co., Buffalo:
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
Shares. Sfrvks.
S per sh.
431
10 Beaver Board Coe
5 Buff. Niagara dr Eastern Power__ 3831
2134
10 Niagara Share Corp
1,000 Cense!. West Dome Lake__ _22340
Shares. Stocks.
$ per sh.
6 Buff., Nlag. dc East. Pow., pref._ 2434
3 Pratt & Lambert
5534
1,000 Silver Bar Mining
Slot
452
THE CHRONTME
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per sh.
40 Fifth Avenue Bank
2400
10 Fifth Avenue Bank
2425
133 First National Bank of Boston_34654
60 Elongate Corp.. corn., par 210_115 lot
5 Century Building Co., com_ _
240 Great Western Ins.Co $32.503210 lot
per share paid in lig'n, par $40_ L
1,000 Tar Isl. Prod. & Ref. Corp.,(
par $1
($1 .ot
100 Reliance Prod. Corp., par $1_ l
3,355 Selkirk Gold Min. Co..com.f
par $10
($40 lot
715 Selkirk G. M.Co., pf., par $101
Shares. Hocks.
$ per sh.
33 Eastern Steel Co., prof
1535 lot
98 Eastern Steel Co.. corn
8 units Columbia Mtge. Co., consisting of 8 shares corn. and 8 shs.
participating preferred
$96 lot
665 3189-10,000 Compania Azucarera Salamanca, pref., v. t. e_ _25e.
Sundry accounts receivable as follows: $21,622 01, $12,933 98.
$747 50 and 38,098 32
3178 lot
500 Checker Cab Mfg. Corp..C1. A
Participating stock shares Issued
subsequent to Aug. 1 1924
1
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh.
35 First National Bank
347
2 Atlantic National Bank
26031
25 First National Bank
347
5 Arlington Mills
95
5 Nashua Mfg. Co.. pref
97
182 Hamilton Mfg. Co
131-3
10 Union Mills, Inc., corn
43
50 Ludlow Mtg. Associates__.17534-176
1 Naumkeag Steam Cotton Co__ A82
23 Nashua Mfg. Co.. corn
6054
6 Essex Co., par $50
191
6 Nashua & Lowell RR
12714
2 American Mfg. Co., prof
8354
Shares. Stocks.
$ per sh.
1 Fall River Elec. Lt. Co.. par $25_ 49
2 State Theatre Co., pre(
86
50 Fall River Elec. Lt. Co., par $25 4954
3 special units First Peoples Trust
531
5 Sullivan Machinery Co
4931
27 Hartford Steam Boiler Inspection & Insurance Co
690
3 special units First Peoples Trust_ _ 511
1 unit First Peoples Trust
7611
25 Fall River Elec Lt. Co.. par $25 4934
85 Sullivan Machinery Co
49-4934
15 units First Peoples Trust
7551
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.
Railroads (Steam).
Oswego & Syracuse
$2.25 Feb. 20 Holders of rec. Feb. 8a
Passaic & Delaware
254 Feb. 1 Holders of rec. Jan. 25a
Syracuse Binghamton & N. Y.(quar.)_
3
Feb. 1 Holders of rec. Jan. 25a
Reading Company. 1st pref. (quar.)_ _
*50c. Mar. 11 *Holders of rec. Feb. 19a
Public Utilities
Cambridge Elec. L. (guar.)
•21
Feb.
*Holders of rec. Jan. 20
central& Southwest. Utilities, pt.(au.). '$1.75 Feb. 151 *Holders
of rec. Jan. 30
Prior lien stock (guar.)
"$1.75 Feb. 15 *Holders of rec. Jan. 30
Connecticut fly.& Ltg., corn. de pf.(qu.) .151 Feb. 15 *Feb. 1 to Feb. 15
Consumers Power (Mich.),6% pf. NUJ - 134 Apr. 1 Holders of rec. Mar.15
6.6% preferred (guar.)
1.65 Apr. 1 Holders of rec. Mar. 15
7% preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 15
6% preferred (monthly)
50o. Feb. 1 Holders of rec. Jan. 18
8% Preferred (monthly)
50c. Mar. 1 Holders of rec. Feb. 15
6% Preferred (monthly)
50c. Am. 1 Holders of rec. Mar. 15
6.60% preferred (monthly)
55c. Feb. 1 Holders of rec. Jan. 18
6.6% preferred (monthly)
55c, Mar. 1 Holders of rec. Feb. 15
6.6% preferred (monthly)
55e. Apr. 1 Holders of rec. Mar. 15
Dallas Power & Light, pref. (guar.). - 154 Feb. 1 Holders of rec. Jan. 21
Edison Elec. III. of Brockton (quar.)
6254c. Feb. 1 Holders of rec. Jan. 20a
Illuminating & Power Secur., coin.(qu.) 450. Feb. 10 Holders of rec. Jan. 30
Preferred (guar.)
131 Feb. 15 Holders of rec. Jan. 30
Lowell Electric Light Corp. (qttar.)__ _ _ 6234e. Feb. 1 Holders of rec. Jan. 20
Montreal Light, Heat & Power (guar.).- '2
Feb. 15 'Holders of rec. Jan. 31
Montreal Tramways(guar.)
*234 Feb. 1 *Holders of rec. Jan. 20
National Power & Light, common
10c. Mar. 1 Holders of rec. Feb. 18
Northwest Utilities, 7% pref. (quar.)-- "131 Feb. 15 'Holders of rec. Jan. 30
Pacific Power & Light. pref. (guar.)... _
154 Feb. 1 Holders of rec. Jan. 18
Penna.-Ohlo Pow.& Lt., 8% pf.(QM)- 2
May 1 Holders of rec. Apr. 20
Seven per cent preferred (guar.)
154 May 1 Holders of rec. Apr. 20
7.2% preferred (guar.)
60e. Mar. 1 Holders of rec. Feb. 23
7.2% preferred (quar.)
60c. Apr. 1 Holders of rec. Mar.25
7.2% preferred (guar.)
600. May 1 Holders of roe. Apr. 20
Portland Gas & Coke, pref.(guar.)
154 Feb. 1 Holders of rec. Jan. 18
Standard Power & Light, pref. (quar.).. 21.75 Feb. 1 Holders of rm. Jan. 16
Tampa Electric Co. (guar.)
234 Feb. 15 Holders of roe. Feb. la
United Rys.& Elec., Balt., corn.(go.).. 500. Feb. 15 Holders of rec. Jan. 23
U.S.Foreign Securities. 1st pref.(qu.)
$1.50 Feb. 1 Holders of rec. Jan. 15
Trust Companies.
Farmers Loan & Trust (guar.)
Kings County (Bklyn.) (guar.)
*4
Feb. 1 *Holders of rec. Jan. 21
•1254 Feb. 1 'Holders of rec. Jan. 23
Miscellaneous.
Alaska Packers Association (guar.)
2
Feb. 10 Holders of rec. Jan. 30
All-American Radio Corp., corn. (qu.).. •503. Feb. 1 *Holders of rec. Jan. 25
American Art Works, corn. (extra)
4 ' Feb. 1 Holders of rec. Jan. 15
American Brick, corn.(guar.)
•25c. Feb. 1 *Holders of rec. Jan. 20
Preferred (guar.)
•50c. Feb. 1 "Holders of rec. Jan. 20
American Radiator. corn.(guar.)
$1
Mar.31 Holders of rec. Mar. 150
Preferred (guar.)
134 Feb. 15 Holders of rec. Jan. 300
Amer. Vitrified Prod., pref. (quar.).... •154 May 1 *Holders of rec. Apr. 20
Amoskeag Mfg., preferred
412.25 Feb. 2 *Holders of rec. Jan. 21
Canada Cement. pref. (guar.)
131 Feb. 16 Holders of rec. Jan. 31
Canadian Converters (guar.)
134 Feb. 15 Holders of rec. Jan. 30
Celite Flo., corn.(guar.)
25c. Feb. 1 Holders of rec. Jan. 23
Common (extra)
25c. Feb. 1 Holders of rec. Jan. 23
Class A & B preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 23
'Centrifugal Pipe Corp.(guar.)
250. Feb. 15 Holders of rec. Feb. 6
C. G. Spring & Bumper, tom.(guar.)._ 100. Feb. 15 Feb. 9 to Feb. 15
Common (extra)
M. Feb. 15 Feb. 9 to Feb. 15
Cities ServiceCommon (monthly)
*54 Mar. 1 *Holders of rec. Feb. 15
Common (payable In common stock)_
*/54 Mar. 1 *Holders of rec. Feb. 15
Preferred and preferred B (monthly)._
•54 Mar. 1 'Holders of rec. Feb. 15
Clinchifield Coal, pref. (guar.)
•154 Feb. 1 *Holders of rec. Jan. 25
Connecticut Mills, pref.(guar.)
"154 Feb. 1 *Holders of rec. Jan. 20
Consolidation Coal
*131 Feb. 20 *Holders of rec. Feb. 10
Decker (Alfred)& Cohn,Inc., pref.(qu.) 131 Mar. 1 Holders of rec. Feb. 200
Dominion Bridge. Ltd.(guar.)
1
Feb. 15 Holders of rec. Jan. 30
Eastern Dairies, Inc., corn.(guar.)
50c. Feb. 1 Holders of rec. Jan. 16
Preferred (guar.)
$1.75 Feb. 1 Holders of rec. Jan. 16
Fairbanks. Morse & Co., pref. (guar.)_ _
154 Mar. 1 Holders of rec. Feb. 157
50e. Feb. 1 Holders of rec. Jan. 25
Falls Rubber, pref. (guar.)
Mar. 1 Holders of rec. Jan. 30
Famous Players Can. Corp., 1st Pi.(flu.) $2
Franklin (H. H.) Mfg., pref.(quar.)- -131 Feb. I Holders of rec. Jan. 20
•154 Feb. 1 'Holders of rec. Jan. 20
Fisk Rubber, 1st pref. (guar.)
First preferred (acct. accum. dive.)..'M% May 1 "Holders of rec. Apr. 15
*134 May 1 'Holders of rec. Apr. 15
Convertible preferred (No. 1)
Feb. 1 Holders of rem Jan. 20
General Tire & Rubber, corn. (quar.)_ _ _ $1
234 Feb. 16 Holders of rec. Jan. 16
Guenther Publishing. pref. (guar.)
5254 Feb. 16 Holders of rec. Jan. 16
Preferred (acct. accumulated div.)..._
Preferred (guar.)
234 May 16 Holders of rec. Apr. 16
5254 May 16 Holders of rec. Apr. 16
Preferred (acct. accumulated diva.)
254 Aug. 16 Holders of rec. July 16
Preferred (guar.)
Preferred (acct. accumulated dim).-- 5254 Aug. 16 Holders of rec. July 16
254 Nov. 16 Holders of rec. Oct. 16
Preferred (guar.)
5254 Nov. 16 Holders of rec. Oct. 16
Preferred (acct. accumulated diva.)_
$3
Feb. 1 Holders of rec. Jan. 23
Great Lakes Transit. corn
154 Jan 30 Jan. 24 to Jan. 31
Halle Bros., 1st pref. (guar.)
25c
Feb. 1 Holders of rem Jan. 23
HaMilton-Brown Shoe(monthly)
•62540 Feb. 15 'Holders of reo. Feb. 1
Hollander (A.) & Son, common
Name of Campos'',
[Vor.. 122.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded)
Imperial Tob.of Gt. Brit.& I.(final dlv) *1654
Ingersol-Rand Co., new corn. (No. 1)__ "780. Mar. 1 'Holders of rec. Jan. 30
Internat. Harvester, pref. (gear.)
"131 Mar. 1 *Holders of rec Feb. 10
Kellogg Switchboard & Supply (guar.).- 6234e. Jan. 30 Holders of rem Jan. 23
Kinney(G. R.) Co., common
$1
Apr. 1 Holders of rec. Mar. 22
Preferred (guar.)
2
Mar. 1 Holders of rm. Feb. 22
Lancaster Mills, preferred (guar.)
131 Feb. 1 Holders of rec. Jan. 27
Lanston Monotypc Machine (quar.)
154 Feb. 27 Holders of rec. Feb. 170
Liggett & Myers Tob.,cometecom.B(qu.) 75c. Mar. 1 Holders of rec. Feb. 10
Corn. & corn. B (extra)
$1
Mar. 1 Holders of rec. Feb. 10
Corn. & corn, B (in cont. B stock).... 10
Mar. 1 Holders of rec. Feb. 10
Lord & Taylor, 1st pref.(guar.)
154 Mar. 1 Holders of rec. Feb. 170
McIntyre Porcupine Mines, Ltd
5
Mar. 1 Holders of rec. Feb. 1
Missouri Portland Cement(gear.)
500. Feb. 1 Holders of rec. Jan. 21
Missouri-Illinois Stores, pref. (guar.)... 2
Feb. 1 Holders of rec. Jan. 20
Mohawk Mining
Si
Mar. 1 Holders of rec. Jan. 30
Morris Plan Bank (Cleveland) (guar.)._ 2
Feb. 1 Holders of rec. Jan. 25
National Brick, pref. (guar.)
133 Feb. 15 Holders of rec. Jan. 30
National Cloak & Suit, pref.(guar.)._
134 Mar. 1 Holders of rec. Feb. 240
National Lead, preferred (guar.)
154 Mar. 15 Holders of rec. Feb. 19
National Supply, corn.(guar.)
780. Feb. 15 Holders of rec. Feb. 5
National Surety (extra)
2
Mar. 1 Holders of rec. Feb. 150
New Cornelia Copper Co. (guar.)
•30c. Feb. 23 'Holders of rec. Feb. 5
O'Cedar Corporation, class A (guar)._ *15c. Feb. 1 'Holders of rec. Jan.
7
Preferred
"334 Feb. 1 'Holders of rec. Jan. 7
Ontario Steel Products, corn.(quar.)
1
Feb. 15 Holders of rec. Jan. 30
Preferred (guar.)
154 Feb. 15 Holders of rec. Jan. 30
Oppenheimer (S.) & Co., pref. (guar.)._
2
Feb. 1 Holders of rm. Jan. 25
Peabody Coal, pref.(monthly)
"59c. Feb. 1 *Holders of rec. Jan. 20
Preferred (monthly)
'580. Mar. 1 'Holders of rec. Feb. 18
Preferred (monthly)
"580. Apr. 1 'Holders of rm. Mar.20
Pennok Oil (guar.)
'50c. Mar. 25 'Holders of rec. Mar. 15
Pierce, Butler & Pierce Mfg.,8% pf.(qu) 2
Feb. 1 Holders of rec. Jan. 20
Seven per cent preferred (guar.)
193 Feb. 1 Holders
of rec. Jan. 20
Pittsburgh Malleable Iron (guar.)
*234 Jan. 23 *Holders of rec. Jan. 21
Pittsburgh Plate Glass (guar.)
"2
Apr. 1 •
Extra
"5
Feb. 16 •
Procter & Gamble, corn.(quar.)
*21.25 Feb. 15 "Holders of rec. Jan. 25
Pyrene Mfg., corn. (guar.)
254 Feb. 1 Jan. 20 to Jan. 31
Republic Iron & Steel, pref. (quar.)_ _
154 Apr. 1 Holders of rec. Mar. 15
Rockland de Rockport Lime, 1st pref.)._ "314 Feb. 1 'Holders of rec.
Jan. 23
Second preferred
•3
Feb. 1 'Holders of rec. Jan. 23
St. Lawrence Flour Mills, pref. (guar.).- 153 Feb. 1 Holders of
rec. Jan. 20
St. Louis Car Co., prof. (guar.)
154 Feb. 1 Holders of rec. Jan. 25
St. Louis Screw, pref.(guar.)
154 Feb. 1 Jan. 25 to Feb. 1
Scott Paper, pref. (gear.)
*134 Feb. 1 *Holders of rec.
Fikouras Bros.(St. Louis), Class A (qu.). 75e. Feb. 1 Holders of rec. Jan. 23
Standard Publishing class A lquar.)._ - •134 Jan. 20'Holders of rec. Jan. 25
Jan. 12
Stewart-Warner Speedometer (gar.)... $1.50 Feb. 15 Holders of rec. Jan.
30a
Troxel Mfg., pref.(guar.)
154 Feb. 1 Holders of rec. Jan. 20
Truscon Steel corn, (In corn, stock)
Feb. 1 'Holders of rec. Jan. 30
•/8
U.S. Cast Iron Pipe& Fdy., corn.(qu.). 214 Mar. 15 Holders of rec.
Mar. 1
Common (guar.)
254 June 15 Holders of rec. June 1
Common (guar.)
254 Sept. 15 Holders of rec. Sept. 1
Common (guar.)
234 Dec. 15 Holders of rec. Doe. 1
Preferred (guar.)
154 Mar. 15 Holders of rem Mar. 1
Preferred (quar.)
15.4 June 15 Holders of rec. June 1
Preferred (quar.)
154 Sept. 15 Holders of roc. Sept. 1
Preferred (guar.)
154 Dee. 15 Holders of rec. Dec. 1
Vanadium Corp. (gear.)
50c. Feb. 15 Holders of rec. Feb. 1
Ventura Consul. Oil Fields (guar.)
50c. Feb. 1 Holders of rec. Jan. 15
Waltke(Wm.)& Co.(St. Louis), corn.. 60c. Feb. 1 Holders of rec. Jan. 20
Preferred (guar.)
131 Feb. 1 Holders of rec. Jan. 20
Western Groceries, common (quar.)
.3
Feb. 23 *Holders of rec. Feb. 1
Will & Hamner Candle, corn.(quar.)
25c. Feb. 15 Holders of rec. Feb. 1
Williams 011-0-Meter Heat. common _ 3754c. Feb. 15 Holders of me. Feb. 1
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.
Railroads (Steam).
Alabama Great Southern, preferred.. __
Atch. Topeka & Santa Fe. corn.(guar.)_
'referred
Atlanta & West Point (extra)
Baltimore & Ohio, common (quer.)
l'referred (guar.)
Canada Southern
Cuba Railroad, preferred
Great Northern, preferred
Houston & Texas Central
Hudson & Manhattan, pre!
Internat. Rys. of Cent Amer., pl.(qu.).
Louisville & Nashville
Mahoning Coal RR., common
Michigan Central
Extra
Mine Hill & Schuylkill Haven
Nitssouri-Kansas-Texas, pref. A (guar.).
Nashville Chattanooga & St. Louis
New York Central RR.(guar.)
Norfolk & Western, adj. pref. (quar.)___
Northern Pacific (guar.)
Pere Marquette, prior pref. (gear.)....
Preferred (guar.)
Pittsburgh & Lake Erie
Reading Company. common (guar.)_
St. Louis-San Francisco, pref. (quar.)..
Preferred (guar.)
Preferred (attar.)
Preferred (guar.)
Southern Railway, common (quar.)....
Virginian Railway. Prof
Wabash, pref. A (guar.)
Per
When
Cent. Payable
Books Closed
Days Inaustoe.
3
Feb. 15 Holders of rec. Jan. 15
193 Mar. 1 Holders of ref. Jan. 29a
2)4 Feb. 1 Holders of roe. Pee. 31a
Feb. 1 Holders of rem Jan. 20
20
154 Mar. 1 Holders of rec. Jan. ltia
Mar. 1 Holders of rec. Jan. 166
1
154 Feb. I Holders of rec. Dec. 310
Feb. 1 Holders of ref. Jan. 15a
3
214 Feb. 1 Holders of rec. Dec. 24a
254 Apr. 10 Holders of rec. nor. 1
234 Feb. 15 Holders of ref. Feb. la
1% Feb. 15 Holders of rec. Jan. 30a
3
Feb. 10 Holders of rec. Jan. 156
$12.50 Feb. 1 Holders of rec. Jan. 25a
10
Jan. 29 Holders of rec. Dec. 31a
74 Jan. 29 Holders of rec. Dec. 31a
$1.25 Feb. 1 Jan. 15 to Jan. 31
1% Feb. 1 Holders of rec. Jan. 15a
354 Feb. 1 Holders of rem Jan. 23a
134 Feb. 1 Jan. 1
to Jan. 27
1
Feb. 19 Holders of rm. Jan. 30a
154 Feb. 1 Holders of rec. Dec. 31a
1% Feb. 1 Holders of rec. Jan. 15a
1% Feb. 1 Holders of rec. Jan. 15a
$2.60 Feb. 1 Holders of rec. Jan. ha
$1
Feb. 11 Holders of rec. Jan. 14a
154 Feb. 1 Holders of rec. Jan. 15a
134 May 1 Holders of rec. Apr. 10a
154 Aug. 2 Holders of rec. July 15a
154 Nov. 1 Holders of rec. Oct. 156
1% Feb. 1 Holders of rec. Jan. 9
.2
Feb. 1 *Holders of rec. Jan. 23
$1.25 Feb. 25 Holders of rec. Jan 23
Public Utilities.
Amer. Dist. Tcleg. of N.J., corn.(guar.) "75c. Jan. 29 *Holders of rec. Jan. 15
Amer. Electric Power. pref. (quar.). _ _ _
134 Feb. 15 Holders of rec. Feb. 5a
American Gas & Electric, pref. (guar.). $1.50 Feb. 1 Holders of rec. Jan. 11
American Light & Traction, corn.(guar.) 1% Feb. 1 Jan. 16 to Jan. 28
Preferred (quar.)
154 Feb. 1 Jan. 16 to Jan. 28
American Superpower, pectic. pref.(qu )"50c. Feb. 15 'Holders of rec. Jan. 23
American Telegraph & Cable (gear.)...
Mar. 1 *Holders of rec. Feb. 27
Amer. Water Works dr Elec., corn.(gm) 134 Feb. 15 Holders of rec. Feb. la
Common (payable in common stock). /2% Feb. lr Holders of rec. Feb. la
First preferred (guar.)
133 Pet". 1
Holders of rec. Feb. la
Associated Gas & Elec., Class A (guar.). .62He Feb.
*Holders of rem Jan. 11
Class A stock (payable In Class A stk.) (k) Feb.
Holders of rec. Jan. 11
Bangor Hydro-Electric Co.. corn.(guar.) 134 Feb.
Holders of rem Jan. 11
Boston Consolidated Gas, 534% prof... 2% Feb.
Holder, of rec. Jan. 15
Boston Consolidated Gas,634% pref._ _ 354 Feb.
Holders of rec. Jan. 15
Brazilian Trao, L de P., ord (quar.).. 154 Mar.
Holders of reo. Jan. 30
Bread River Power, preferred (guar.).
154 Feb.
Holders of rec. Jan. 15
Bklyn-Manhat. Transit pref.(quar.)_.. $1.50 Apr. 1
Holders of rec. Apr. la
Central Power & Light. pref. (gear.)... 51.75 Feb.
Holders of rec. Jan. 15
Chicago Rap Tran, prior pref. (mthly.) 65c. Feb.
Holders of rec. Jan. 19a
Prior preferred (monthly)
65c. Mar.
Holders of rec. Feb. 16a
Columbus fly.,Power & LightSeries B prefrred (gear.)
$1.62 Feb.
Holders of rec. Jan. 15
Commonwealth-Edison Co. (guar.)._ _. .2
Feb.
'Holders of rec. Jan. 15
Common'th Pow. Corp., new, com.(qu.) 40c. Feb.
Holders of rec. Jan. 14
Preferred (quar.)
154 Feb.
Holders of rec. Jan. 14
Consol. Gas, New York. pref. (gear.).. 154 Feb.
Holders of roe. Dec. 15a
Consolidated Power & Light. prof.(111.). *153 Feb.
*Holders of rec Jan. 20
JAN. 23 1926.]
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Diclusice.
-3
Feb.
Holders of rec. Jan. 21
Eastern Mass. Street Hy.. pref. B
3
Feb. 1 Holders of rec. Jan. 30
First pref. and sinking fund stock__ _
*Holders of rec. Jan. 15
Eastern States Power. pref. A (quar.)__ *$1.75 Feb.
3
Feb.
Holders of rec. Jan. 15
Edison Electric Ilium., Boston (quar.)
114 Feb.
Holders of rec. Jan. 15
Electric Bond & Share, pref.(guar.)_ _
Holders of rec. Jan. 15
Electric Investors, Inc., $7 pref. Mara - $1.75 Feb.
$1.60 Feb.
Holders of rec. Jan. 15
$6 Per annum preferred (quar.)
*1
Feb.
*Holders of rec. Jan. 15
Empire Gas & Fuel,8% pref.
75c. Feb.
Holders of rec. Jan .15a
River Gas Works(quar.) (mthly.)Fa
25c. Feb.
Holders of rec. Jan. 15a
Extra
*Holders of rec. Jan. 15
Fort Worth Power & Light, pref.(quar.) *134 Feb.
1% Feb.
Holders of rec. Jan. 15
Idaho Power, pref (quar.)
'Holders of rec. Jan. 15
Illinois Northern Utilities, pref. (quar.)_ •114 Feb.
$1 .75 Feb.
Holders of rec. Jan. 20
International Utilities, pref. (quar.)__
250. Feb.
Jan. 19 to Feb. 1
Interstate Railways. corn. (quar.)
Holders of rec. Jan. 20
Knoxville Power .4 Light, pref. (quer.). 1)4 Feb.
50c. Feb.
Holders of rec. Jan. 21
Long Island Lighting, corn
1% Feb.
Holders of rec. Jan. 15
Massachusetts use Cos., corn. (quar.)_ _
Middle West Utilities, corn. (quar.) _ _ $5.25 Feb. 1 Holders of rec. Jan. 30
Holders of rec. Jan. 200
Milwaukee Elec. Ky.& Lt., pref.(quar.) 1% Feb.
Montpelier dc Barre L.& P., corn.(qua - *50c. Feb.
*Holders of rec. Jan. 20
2% Feb.
Montreal Tramways (quar.)
Holders of rec. Jan. 20
$1
Feb.
Holders of rec. Dec. 31
Mountain States & Power, corn
Holders of rec. Jan. 15
Nat. Elec. Power, Class Acorn.(quar)_ 145c. Feb.
Holders of rec. Dec. 30
Nevada-Calif. Elec. Corp., pref. (quar.) 1% Feb
Northern Indiana Gas & EL, pf. A (qua - 1% Jan. 1 Holders of rec. Dec. 31
Feb.
Northern Mexico Power Dev.(annual)... *7
*Holders of roe. Jan. 23
Northern New York Utilities. Pref. altra $1.75 Feb.
Holders of rec. Jan. 15
Feb.
Northern States Power,corn., Cl. A (qu.) 2
Holders of rec. Dec. 31
20c. Feb.
Common. Class B (Omar.)
Holders of rec. Dec. 31
1% Mar
Holders of rec. Feb. 15
Ohio Edison Co.,6% pref. (quar.)
1.65 Mar.
Holders of rec. Feb. 15
6.6% preferred (quar.)
1% Mar.
Holders of rec. Feb. 15
7% preferred (quar.)
(monthly)
a5c. Feb.
Holders of rec. Jan. 15
6.6% preferred
55c. Mar.
Holders of rec. Jan. 15
6.6% preferred (monthly)
M.% Feb. 1 'Holders of rec. Jan. 30
Pacific Gas & Elec.. pref.(quar.)
Pennaylvania-Ohio P.& L.,8% Pf. (qtr.) 2
Feb.
Holders of rec. Jan. 25
114 Feb.
Holders of rec. Jan. 25
7% preferred (quar.)
Jan. 30 Holders of rec. Jan. 150
Philadelphia Company, corn. (quar.).. Si
$1
Feb.
Holders of rec. Jan. 150
Philadelphia Rapid Transit (quar.)
Holders of rec. Jan. 15a
Public Service Electric Pow., pref. (qu.) 1)4 Feb.
Holders of rec. Jan. 18a
Public Service Investment, corn. (quar.) $1.75 Feb.
1% Feb.
Preferred (quar.)
Holders of rec. Jan. 18a
Feb.
Public Serv. Co. of N. Ill., corn. (guar.) .$2
'Holders of rec. Jan. 15
▪ fi Feb.
*Holders of rec. Jan 15
Six per cent preferred (quar.)
'1)4 Feb.
Seven per cent preferred (quar.)
*Holders of rec. Jan. 15
3
Feb.
Railway Light Securities, common
Holders of rec. Jan 15
6
Feb.
Common (extra)
Holders of rec. Jan. 15
3
Preferred
Feb.
Holders of rec. Jan. 15
1% Feb.
Sierra Pacific Elee Co., pref. (quar.)_
Holders of rec. Jan. 20a
Southern Colorado Pow. corn. A (quar.)_ 50c. Feb. 2 Holders of rec. Jan. 31
southern
"5
Feb. 1 *Holders of rec. Feb. 5
South Pittsburgh Water, preferred
Standard Gas & Electric, cont. (quar.).._ 75c. Jan. 2 Holders of rec. Dec .31a
1)4 Jan. 2 Holders of rec. Dec. 31
Seven per cent prior pref. (quar.)_ _
Tennessee Elec. Pow.,6% 1st pref (qu.) $1.50 Apr.
Holders of rec. Mar. 15
$1.75 Apr.
7% first preferred (quar.)
Holders of rec. Mar.15
$1.80 Apr.
7.2% first preferred (quar.)
Holders of rec. Mar.15
50c. Feb.
6% first preferred (monthly)
Holders of rec. Jan. 15
50c. Mar.
6% first preferred (monthly)
Holders of rec. Feb. 15
50e. Apr.
6% first preferred (monthly)
Holders of rec. Mar. 15
7.2% first preferred (monthly)
60c. Feb.
Holders of rec. Jan. 15
60c. Mar.
7.2% first preferred (monthly)
Holders of rec. Feb. 15
60c. Apr.
7.2% first preferred (monthly)
Holders of tee. Mar. 15
1% Feb.
Texas Electric KY., 2d pref. (guar.)._ _ _
Holders of rec. Jan. 15
1% Feb.
Texas Power & Light. pref.(guar.)
Holders of rec. Jan. 16
United Light & Power Corporation60c. Feb.
Class A and B, corn.(quar.)
Holders of rec. Jan. 15a
$3.50 Mar.
United Utilities. pref
Holders of rec. Feb. 20
1)4 Feb. 1
West Penn Company,7% pref.(quar.)_
Holders of rec. Feb. la
West Penn Electric Co.,7% pref.(quar.) 1)4 Feb. 1 Holders of rec. Feb. is
1% Feb.
West Penn Power Co., 7% pref.(quar.)_
Holders of rec. Jan. 15a
13.4 Feb.
Six per cent pref.(quar.)(No. 1)
Holders of rec. Jan. 15
Winnipeg Electric Co., corn.(quar.)__
1
Feb. 1 Holders of rec. Jan. 31
623.lc Jan. 3 Jan. 22 to Jan. 31
York Railways. pref. (guar.)
Banks.
Continental
4
Feb.
Holders of rec. Jan. 28a
5
Corn Exchange (quar.)
Feb.
Holders of rec. Jan. 30
4
Mar.3 Holders of rec. Mar.20
Title Guarantee & Trust, extra
Miscellaneous.
Abraham dc Straus. Inc., pref.(No. 1)-Feb. 1 Holders of rec. Jan. 15
Alliance Realty (quar.)
Jan. 27 Holders of rec. Jan. 15
Feb. 1 Holders of rec. Jan. 15,
Allied Chemical & Dye. corn. Mara _
cam.
(quar.)
Allia-Chalmers Mfg.,
Feb. 15 Holders of rec. Jan.d25a
Amalgamated Sugar, lat pref. (quar.)
Feb. 1 Holders of rec. Jan. 17"
Jan. 30 Holders of rec. Jan. 90
American Beet Sugar, corn.(quer.)
American Can,common (quar.)
Feb. 15 Holders of rec. Jan. 30a
Common (extra)
Feb. 15 Holders of rec. Jan. 30e
common (payablein common stock)_
To be r Milled at meeting Feb.9
Apr, 1 Mar. 21 to Mar.31
American Chain, Class A (quar.)
Feb. 1 'Holders of rec. Jan. 15
American Cigar. COB, (quar)
American Coal (quar.)
Feb. 1 Jan. 12 to Feb. I
Feb. I Holders of rec. Jan. 11
American Glue, pref. (quar.)
Jan. 25 Holders of rec. Jan. 84
American Ice, conamon (quar,)
Common (extra)
Jan. 25 Holders of rec. Jan
80
Jan. 25 Holders of rec. Jan. 8a
Preferred (quer.)
Feb. 15 Holders of rec Feb. la
Amer.-La France Fire Eng., conk.(qua _
Apr. 1 Holders of rec. Mar. 19a
American Linseed, pref. (quar.)
.1.1% Feb.
American Sales Book, pref. (quar.)
1 *Holders of rec. Jan. 15
Feb. 1 Jan. Id to Feb. 1
Amer. Shipbuilding, common (guar.)._ _
Feb. 1 Jan. 16 to Feb. 1
Preferred (quar.)
Amer.smelting & Refining, corn.(quar.)
Feb. 1 Holders of rec. Jan. 15a
Mar 1 Holders of rec. Feb. 5a
Preferred (quar.)
Feb. its Holders of rec. Feb 1
American Soda Fountain (quar.)
Apr. 1 Mar. 17 to Apr. 1
American Stores Corporation (guar) _
July 1 June 16 to July 1
Quarterly
Quarterly
Oct. 1 Sept. 16 to Oct. I
Apr. 15 'Holders of rec. Apr. 5
Amer. Vitrified Products, coin.(quara_ _
Feb. 1 Holders of rec. Jan. 1
Preferred (quar.)
Feb, 23 Holders of rec. Jan. lfia
Anaconda Copper Mining (quar.)
Feb. 1 Jan. 21 to Jan. 31
Archer-Daniels Midland Co., pref. (qu )
Jan. 29 Holders of rec. Jan. 18
Arizona Commercial Mining
Jan. 30 Holders of rec. Jan. 19a
Art Metal Construction (quar.)
Feb. 1 Holders of rec. Jan. lie
Associated Dry Goods, corn.(quarj_ _
Mar. 1 Holders of rec. Feb. 13a
First preferred (quar.)
Mar, 1 Holders of rec. Feb. 134
Second preferred (guar.)
Jan. 25 Holders of rec. Dec. 3Ia
Associated Gil (quar.)
(quar.)
Feb. 1 Holders of rec. Jan 15a
Atlantic Refining, pref.
(qar.)
Feb. 1 Holders of rec. Jan. 20a
Atlas Powder, pref.
Feb. 1 Holders of rec. Jan. 15a
Austin, Nichols & Co., pref. (quar.)_..
Apr. 1 Holders of rec. Mar.20
Babcock & Wilcox Co.(quar.)
(monthly)
Feb. 1 Holders of reo. Jan 200
Balaban & Katz, corn.
----- -------Mar. 1 Holders of rec. Feb. 20a
Monthly--- -Apr. 1 Holders of rec. Mar.20a
Monthly
)
Inc., pref.(guar.
Feb. 1 Holders of rec. Jan. 15
Bang Service Stations,SpindlerBarnhart Brothers &
preferred (quar.)_
1% Feb. 1 Holders of rec. Jan. 25a
First and second
pf.(qu) $1.50 Feb. 1 Holders of rec. Jan. 14
Bigelow-Hartford Carpet,com.&
2
Feb. 1 Holders of rec. Jan. 21
corn
Co..
Blaw-Knox
15i Feb. 1 Holders of rec. Jan. 21
Preferred (qtar.)
(quar.)
Mar. 1 Holders of rec. Feb. 160
$1
Borden Company, corn.
25c. Mar. I Holders of rec. Feb. 16a
common (extra)
(quar.)
75e. Jan. 25 Holders of rec. Jan. 9a
Briggs Manufacturing
preferred (quar.)
13.( Feb. 1 Jan. 24 to Jan. 31
Brill (J. G.) Co..
(quar)
134 Feb. 1 Holders of rec. Jan. 20a
Brown Shoe, pref.
(quar.)
•I
Feb. 1 'Holders of rec. Jan. 25
Bunte Brothers, pref.
(quar.)
$2.50
Feb. 15 Holders of rec. Feb. la
A
Class
Burns Brothers,
50c. Feb. 15 Holders of rec. Feb. la
Class B (quar.)
$1.75 Feb. 1 Holders of rec. Jan. 23a
Prior preferred (quar.) (quar.)
134 Feb. 1 Holders of Tee. Jan. 150
Byers(A M )& Co., pref.
Name of ComPond.
Name of Company.
453
Per
When
Cent. Payable.
Books Closed.
Daps Inductee.
Miscellaneous (Continued).
California Packing(quer.)
'$1.50 Mar.15 *Ho.ders of rec. Feb. 27
Case(J.I.) Threshing Mach., pref.(qu.) 134 Apr. 1 Holders of rec. Mar.15
Century Ribbon Mills, corn. (quar.)__
50c. Jan. 30 Holders of rec. Jan. 200
Preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 200
Cerro de Pasco Copper (quar.)
$1
Feb. 1 Holders of roe. Jan. 14s
Chic Milw. St Franklin Coal, pref.(qu.) $1.50 Feb. 1 Holders of rec. Jan. 15
Chicago Pneumatic Tool (quite.)
134 Jan. 26 Holders of rec. Jan. 154
Chicago Yellow Cab (monthly)
33 1-3c Feb. 1 Holders of rec. Jan. 200
Monthly
33 I-3c Mar. 1 Holders of req. Feb. 200
Christie, Brown & Co., pref.(quar.).._
151 Feb. 1 Holders of rec. Jan. 20
Cities Service, corn.(monthly)
% Feb. 1 Holders of rec. Jan. 15
Common (payable in common stock)
/34 Feb. 1 Holders of rec. Jan. 15
Preferred and preferred B (monthly)-34 Feb. I Holders of rec. Jan. 15
Bankers shares (monthly)
*1434c Feb. 1 Holders of rec. Jan. 15
City Investing Co., corn. On cont. stock) /50
Feb. 1 Holders of rec. Jan. 11
Cleveland-Cliffs Iron (aar.)
Jan. 25 Holders of rec. Jan. 15
II
Cluett, Peabody & Co., Inc., corn.(qua $1.25 Feb. 1 Holders of rec. Jan. 210
Cohn-Hall-Marx Co., corn.(quar.)
70e. Apr. 5 Holders of rec. Apr. 5
Common (quar.)
70c. July 5 Holders of rec. July 5
Columbian Carbon (quar.)
$1
Feb. 1 Holders of rec. Jan. 18a
Commercial Credit, Baltimore, corn__
af20
Feb. 27 "Holders of rec. Jan. 18
Congoleum-Nairn, Inc., pref.(guar.)- 134 Mar. 1 Holders of rec. Feb. 15
Consolidated Royalty Oil (quar.)
25c. Jan. 25 Holders of rec. Jan. 15
Consumers Company, pref
.334 Feb. 20 'Holders ef rec. Feb. 10
Prof. (in full of all aceum. diva.)
417
Feb. 20 'Holders of rec. Feb. 10
Continental Can,corn.(quar.)
$1.25 Feb. 15 Holders of rec. Feb. 5a
Common (extra)
$1
Feb. 15 Holders of rec. Feb. 56
Continental Motors Corporation (aar.) 20c Jan. 30 Holders of rec. Jan. 166
Crucible Steel, corn.(quar.)
1)4 Jan. 31 Holders of rec. Jan. 150
Cuba Company, prof
$3.50 Feb 1 Holders of rec. Jan. 15a
Cuyamel Fruit(quar.)
Si
Feb. 1 Holders of rec. Jan. 15a
De Beers Consol. Mines(Amer. shares)_ $1.23 Feb. 2 Holders of rec. Jan. 250
du Pont(E.I.) de Nemours& Co.
Debenture stock (quar.)
114 Jan. 25 Holders of rec. Jan. 9a
du Pont de Nemours Powder, corn.(qu.) "134 Feb. 1 "Holders of rec. Jan. 20
Preferred (quar.)
'134 Feb. 1 *Holders of rec. Jan. 20
Eaton Axle & Spring fatter.)
50e. Feb. 1 Holders of rec. Jan. 150
Elgin National Watch (quer.)
6234c Feb. 1 Holders of rec. Jan. 15a
Errtey-Welte CorporationClass A (payable In Class A stock)_ _
2
Mar. 1 Holders of rec. Feb. 15
Class B (payable In Class A stock)_ _ _
Mar, 1 Holders of rec. Feb. 15
2
Euclid Oil (monthly)
1% Jan. 25 Holders of rec. Jan. 10
Monthly
1)4 Feb. 25 Holders of rec. Feb. 10
Monthly
134 Mar.25 Holders of rec. Mar.10
Eureka Pipe Line (guar.)
1
Feb. 1 Holders of rec. Jan. 15
Eureka Vacuum Cleaner (quar.)
$1
Feb. 1 Holders of roe. Jan.4210
Exebange Buffet Corporation (guar.)._ 373.Ic Jan. 30 Holders of rec. Jan. 200
Fair (The), corn.(monthly)
20c. Feb. I Holders of rec. Jan. 200
Common (monthly)
20c. Mar, 1 Holders of rec. Feb. lata
Common (monthly)
20e
Apr, 1 Holders of rec. dMar.20a
Common (monthly)
20c. May 1 Holders of rec. dApr 20a
Preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 20a
Fajardo Sugar (quar.)
234 Feb. I Holders of rec. Jan. 11
Famous Players-Lasky Corp., corn.(qu.) $2
Feb. 1 Holders of rec. Jan. 15a
Federal Finance Corp., Class A (No. 1)_ 75e. Feb. 1 Holders of rec. Jan. 15
Class B (No. 1)
250. Feb. 1 Holders of rec. Jan. 15
Federal Mining & Smelting, corn
Mar,16 Holders of rec. Feb. 250
10
Preferred (account accum. dividends)_ 66
Jan. 26 Holders of rec. Jan. 160
Preferred (account accum. dividends)_ ha
Feb 16 Holders of rec. Feb. 130
Preferred (account accum. dividends)_ h734 Mar. 9 Holders of rec. Feb. 250
Preferred (quar.)
134 Mar. 15 Holders of rec. Feb. 250
Firestone Tire & RubberSeven per cent preferred (quite.)
134 Feb. 15 Holders of rec. Feb. 1
First National Pictures, 1st pref. (quer.) $2
Apr. 1 Holders of rec. Mar.15a
Fisher Body Corporation (guar.)
$1.25 Feb. 1 Holders of rec. Jan. 210
Fisk Rubber. first pref. (quar.)
134 Feb. I Holders of rec. Jan. 200
Foundation Co.(stock dividend)
010
Jan. 25 Holders of rec. Jan. lie
General Cigar, Inc., corn. (guar.)
2
Feb. 1 Holders of rec. Jan. 18
General Development Co.(quar.)
250. Feb. 20 Holders of rec. Feb. 100
General Motors,6% pref.(quar.)
134 Feb 1 Holders of rec. Jan. 441
Seven per cent preferred (quar.)
134 Feb 1 Holders of rec. Jan. 40
Debenture stock (quar.)
134 Feb. 1 Holders of rec. Jan. 44
Giant Tire Co.(No. 1)
*50e. Feb. 1 *Holders of rec. Jan. 20
75e. Jan. 31 Holders of rec. Jan. 15
GlIchrlst Company (qmar.)
Gillette Safety Razor (quar.)
75c. Mar, 1 Holders of rec. Feb. 1
Extra
25c. Mar, 1 Holders of rec. Feb. 1
Gimbel Brothers, pref.(quar.)
1)4 Feb. 1 Holders of rec. Jan. 15a
Coward (H. W.) Co., corn.(monthly) 331-3c Feb. 1 Holders of rec. Jan. 21a
Common (monthly)
331 3c Mar. I Holders of rec. Feb. 18a
Preferred (quar.)
*134 Feb. 1 "Holders of rec. Jan. 21
Gotham Silk Hosiery, 1st & 2d pref.(qu.) 1% Feb. 1 Holders of rec. Jan. 15a
Grand (F. dr W.) 5-10-25c. StoresPreferred (quar.)
.0134 Feb. 1 *Holders of rec. Jan. 16
Great Lakes Dredge & Dock (quar.)___ _
2
Feb. 15 Holders ot rec. Feb. 6
Extra
2
Feb. 15 Holders of rec. Feb. 6
Harbison-Walker Refrac., corn. ((uar.)- 1% Mar. 1 Holders of rec. Feb. 190
Common (extra)
2
Jan. 30 Holders of rec. Jan. 20a
Preferred WW1
134 Apr. 20 Holders of rec. Apr. 100
Hatfield-Reliance Coal, corn
40e. Feb. 1 Holders of rec. Jan. 200
Hellman (Richard) Inc., partic. p1. (11.) 6234c Feb. 1 Holders of rec. Jan. 21
Hercules Powder, pref. (quar.)
1% Feb. 15 Holder, of rec. Feb. 5
Hibbard, Spencer. Bartlett Co
35e. Jan. 29 Holders of rec. Jan. 22
Hollinger Consolidated Gold Mining- _
80. Jan. 28 Holders of rec. Jan. 12
Holly Sugar, pref. (quite.)
13.4 Feb. 1 Holders of rec. Jan. 15
Preferred (account accum. dividends) 6134 Feb. 1 Holders of rec. Jan. 15
Homestake Mining (monthly)
50c. Jan. 25 Holders of rec. Jan. 200
Extra
$I
Jan. 25 Holders of rec. Jan. 200
Hood Rubber, pref. (guar.)
134 Feb. 1 Jan. 10 to Feb. 1
Horn & Hardart Co., Phila. (guar.)---- *25c. Feb. 1 'Holders of rec. Jan. 8
Extra
•1214c Feb. 1 *Holders of rec. Jan. 8
Hudson Motor Car (quar.)
*75c. April I *Holders of rec. Mar.15
Hupp Motor Car corporation (guar.).- - 25c. Feb. 1 Holders of rec. July 15]
Illinois Brick (quar.)
*2.4 Apr. 15 *Holders of rec. Apr.
Quarterly
'2.4 July 15 'Holders of rec. JulY 5
Quarterly
'2.4 Oct. 15 *Holders of rec. Oct. 5
Independent Packing,corn.(quar.)
32 %a. Feb. 2 Holders of rec. Jan. 22
Preferred (quer.)
1% Feb. 2 Holders of rec. Jan. 22
Indiana Pipe Line (quar.)
Si
Feb. 15 Holders of rec. Jan. 22
Indian Motocycle, corn.(quar.)
50c. Mar, 1 Holders of rec. Feb. 15a
Industrial Finance Cont.. prof. (finar.)134 Feb. 1 Holders of rec. Jan. 25
Debenture stock (quite.)
1% Feb. 1 Holders of rec. Jan. "!,
Ingersoll (Chas. H.) Dollar Pen, pref
4
Jan. 29 Holders of rec. Dec. 31
International Nickel, Prof. (quar.)
13.4 Feb. 1 Holders of rec J.
.1
International Shoe, corn.(quer.)
$1.50 Apr. I Holders of rec. Mar.150
Common (Qmar.)
$1.50 July 1 Holders of rec. June 1541
Common (quar)
$1.50 Oct. 1 Holders of rec. June 15a
Preferred (monthly)
34 Feb. 1 Holders of roe Jan. 15
Intertype Corporation, corn.(quite.)-25c. Feb. 15 Holders of rec. Feb. 1
Common (extra)
25c, Feb. 15 Holders of rec. Feb. 1
Ipswich Mills, 7% pre(
134 Feb. I Holders of rec. Jan. 21
Kaufmann Dept. Stores, corn. (quar.)-- 52
Jan. 28 Holders
rec. Jan. 20
Kayser (Julius) & Co., corn.(quar.).. 75c. Feb. 1 Holders of
of rec. Jan. 200
Keeley Silver Mines
*8
Mar.15 'Holders of rec. Mar. 1
Extra
al
Mar. 15 'Holders of rec. Mar. 1
Heiner Williams Stamping (guar.)
40e. Jan. 30 Holders of rec. Jan. 20
Kelsey Wheel Co . prof. (quite.)
Feb. 1 Holders of rec. Jan. 210
154
Kress (S. H.)& Co., corn.(guar.)
1
Feb. 1 Holders of rec. Jan. 20a
Landay Bros., inc., Class A (No. 1)
_ 60e. Feb. 1 Holders of rec. Jan. 15a
Lion 011 Refining (oust.)
50c. Jan. 27 Holders of rec. Dec. 31
Lit Brothers Corp
50e. dFeb.20 dJan. 26 to Feb. 9
Loose-Wiles Biscuit, 2d pref. (guar.) _
134 Feb. 1 Holders of rec. Jan. 18a
Lord & Taylor, 26 pref.(quar.)
2
Feb. 1 Holders of rec. Jan. 18a
Macfadden Publications, Inc
3
Feb. 1 Holders of rec. Dee. 31
Macy (R. H.) & Co., pref. (quar.)
1)4 Feb. 1 Holders of rec. Jan. 160
McCrory Stores, pref. (guar.)
1)4 Feb. 1 Holders of rec. Jan. 2041
Preferred (quite.)
134 May 1 Holders of rec. Apr. 200
Preferred (quar.)
134 Aug. 1 Holders of rec. July 200
Preferred (Otter.)
134 Nov. 1 Holders of rec. Oct. 206
Melville Shoe, common (quar.)
50e. Feb. 1 Holders of rec. Jan. 23
Preferred (guar.)
2
Feb. I Holders of rec. Jar. 23
454
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Mercantile Storm Co..Inc.,corn.(guar.) 1
Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
Feb. 15 Holders of rec. Jan. 31
Metrop. Chain stores, 15t & 2d pr.(qu.) 134 Feb. 1 Holders of rec. Jan. 21
Miami Copper (guar.)
25c. Feb. 15 Holders of rec. Feb. la
Miller RubberNew no par common (guar.)(No. 1)_ _ 500, Jan. 25 Holden of rec. Jan. 5
Mining Corporation of Canada (Interim) 1234c Jan. 30 Jan. 16 to Jan 29
Mirror (The), preferred (guar.)
1$1 Feb. 1 Holders of rec. Jan. 20.1
Montgomery Ward & Co., Clam A (au.) .31.75 Apr. 1 'Holders of rec. Mar.20
Preferred (guar.)
15 Apr. 1 Holders of rec. Mar. 200
Moon Motor Car (quar.)
Feb. 1 Holders of rec. Jan. 150
The
Moore Drop Forging, Clam A (guar.) _ $1.50 Feb. 1 Holders of rec. Jan. 15
Class B (No. 1)
Feb. 1 Holders of rec. Jan. 15
84
Mullins Body Corp., pref.(guar.)
2
Feb. 1 Holders of rec. Jan. 160
Nash Motors, common (extra)
$10 Feb. 1 Holders of rec. Jan. 220
National Biscuit, coin.(guar.)
75e. Apr. 15 Holders of rec. Mar. Ma
Preferred (quar.)
131 Feb. 27 Holders of rec. Feb dlla
National Carbon, pre!. (guar.)
2
Feb. 1 Holders of rec. Jan. 21
Nat.Department Stores, lot pref.(quar.) 131 Feb. 1 Holders of rec. Jan. I50
National Tea, pref.(guar.)(No. 1)..._'S 1.6234 Feb. 1 *Holders of rec. Jan. 22
New Amsterdam Casualty (Bait.) (qtr.) •6234c Feb. 1 °Holders of rec. Jan. 20
New York Air Brake, Class A (guar.)._ _ $1
Apr. 1 Holders of rec. Mar.100
Common (guar.)
50e Feb. 1 Holders of rec. Jan. 66
New York Canners. 1st pref
3% Feb. 1 Holders of rec. Jan. 22
Second preferred
4
Feb. 1 Holders of rec. Jan. 22
New York Merchandise, pref. Mara_ _ _ •131 Feb. 1 'Holders of rec. Jan. 20
New York & Honduras Rosario Mining_
Jan. 26 Holders of rec. Jan. 16
Extra
2% Jan. 26 Holders of rec. Jan. 16
North American Cement, pref.(quar.)_ _ •$1.75 Feb. 1 'Holders of rec. Jan. 20
011 Well Supply. Pref. (guar.)
Feb. 1 Holders of rec. Jan. 20a
131
Ontario Biscuit Co., corn, dr pref. 'guar.) 2
Feb. 1 Holders of rec. Jan. 15
Oppenhelm, Collins & Co., corn. (quar.) •750. Feb. 15 *Holders of rec. Jan. 300
Orpheum Circuit, corn.(monthly)
16 2-3e Feb. 1 Holders of rec. Jan. 20a
Common (monthly)
16 2-3c Mar, 1 Holders of rec. Feb. 20a
Common (monthly)
16 2-3 Apr. 1 Holders of rec. Mar. 200
Preferred (quar.)
2
Apr. 1 Holders of rec. Mar. 154
Outlet Co., first pref.(guar.)
$1.75 Feb. 1 Holders of rec. Jan. 20a
Second preferred (guar.)
'81.50 Feb. 1 'Holders of rec. Jan. 20
Owens Bottle, corn.(extra)
75e. Apr. 1 Holders of rec. Mar. 160
Preferred (auar.)
131 Apr, 1 Holders of rec. Mar. 166
Pacific Coast Co.. first pref. (quar.)---Feb. 1 Holders of rec. Jan. 230
Second preferred (guar.)
Feb. 1 Holders of rec. Jan. 236
Pacific Oil
83
Mar. 6 Holders of rec. Jan. 28a
Special(two-fifths share Aas'd Oil stk.)
Mar. 6 Holders of rec. Jan. 286
Packard Motor Car, corn. (guar.)
50c. Jan. 30 Holders of rec. Jan. 15a
Pan American Petroleum of California_ _
2% Apr. 1 Holders of rec. Dec. 20a
Pan-Amer. West. Petrol., Cl. A & B (qu.) 50c. Jan, 30 Holders of rec. Jan. 116
Pelz-Greenstein Co., Inc.
Common (in common stock)
1100
Feb. 1 Holders of rec. Dec. 29
Penman.% Limited, corn. (guar.)
2
Feb. 15 Holders of rec. Feb. 5
Preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 21
Penn Traffic Co
•735c Feb. 1 'Holders of rec. Jan. 15
Philadelphia Insulated Wire
$2
Feb. 1 Holders of rec. Jan. I5a
Phillips-Jones Corporation, pref. (guar.) 131 Feb. 1 Holders of rec. Jan. 206
Pick (Albert) & Co., corn.(quar.)
•40c. Feb. 1 'Jan. 21 to Jan. 31
Pittsburgh Coal, pref. (guar.)
135 Jan. 25 Holders of rec. Jan. 8a
Pittsburgh Steel. pref. (guar.)
1% Mar. 1 Holders of rec. Feb. 15a
Plant(Thomas G.) Co., first pref.(qu.)- 1
Jan, 30 Holders of res. Jan. 20
Poetunr Cereal (quar)
31.10 Feb. 1 holders of rec. Jan. 210
Prairie Pipe Line (guar.)
2
Jan. 30 Holders of rec. Dec. 3Ia
Pullman Company (quar.)
2
Feb. 15 Holders of rm. Jan. 30a
Quaker Oats, preferred (guar.)
134 Feb. 27 Holders of rec. Feb. la
Reynolds Spring, pref. A & 13 (quar.) _ •131 April 1 'Holders of rec. Mar. 15
Rice-Stix Dry Goods, corn. (guar.)
3735e. Feb. 1 Holders of rec. Jan. 15
Richman Bros.(payable in stock)
825
Feb. ... Holders of rec. Feb. 2
Royal Dutch Co., New York shares
31.339 Jan. 29 *Holders of rec. Jan. 15a
Bt. Joseph Lead Co.(guar.)
50c. Mar.20 Mar. 10 to Mar.21
Extra
250. Mar. 20 Mar. 10 to Mar.21
500, June 21 June 10 to June 21
Quarterly
Extra
25e, June 21 June 10 to June 21
Quarterly
50c. Sept.20 Sept. 10 to Sept.20
Extra
250. Sept.20 Sept. 10 to Sept.20
Quarterly
50c, Dec. 20 Dec. 10 to Dec. 20
Extra
25c. Dec. 20 Dec. 10 to Dec. 20
Salt Creek Producers Assn.(guar.)
20c. Feb. 1 Holders of rec. Jan 15
Extra
$1.4212 Feb. 1 Holders:of rec. Jan. 15
Savage Arms Corp.,2d pref.(guar.)_ _
134 Feb. 15 Holders of rec. Feb. la
Savannah Sugar, corn,(quar.)
31.50 Feb. 1 Holders of rec. Jan. 15
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan 15
Sears. Roebuck & Co., corn.
134 Feb. 1 Holders of rec. Jan. 150
Shea Union Oil, pref. (guar.)
134 Feb. 15 Holders of ice. Jan. 260
Simmons Co., pref.(guar.)
134 Feb. 1 Holders of rec. Jan. 150
Sinclair Consolidated 011, pref.(quar.)
2
Feb. 15 Holders of rec. Feb. la
Skelly 011 (quar.)
50c. Mar.15 Holders of rec. Feb. 15
Smith (A. 0.) Corp., corn, (guar.)
25c. Feb. 15 Holders of rec. Feb. 1
Common (extra)
1
25c. Feb. 15 Holders of rec. Feb
Preferred (guar.)
151 Feb. 15 Holders of rec. Feb. 1
Smith (L. C.)& Corona Typewriter, Inc.
Preferred (guar.) (No. 1)
'81.75 Feb. 1 *Holders of rec. Jan. 25
Southern Acid & Sulphur, COM
750. Mar. I5 Holders of rec. Mar. 10
Southern Dairies, Inc.,C1. A(qu.)(No. 1) *El
Jan. 3 'Holders of rec. Jan. 15
Spalding (A. G.) dr Bros., 1st prof. (qu.) 131 Mar.
Holders of rec. Feb. I30
Second preferred (guar.)
Holders of rec. Feb. 13
Mar.
2
Standard 011 (Ohio), pref (quar.)
Holders of rec. Jan. 29
131 Mar.
St e 1Co. of Canada, corn.(quar.)
Holders of rec. Jan. 8
lit Feb
Preferred (guar.)
Holders of rec. Jan. 8
lit Feb.
Sterling Products, Inc.(quar.)
$1
Holders of rec. Jan. 15a
Feb.
Swift internacional
Holders of rec. Jan. 15
60c. Feb. 1
Teck-Hughes Gold Mines, Ltd
5c. Feb.
Jan. 16 to Jan. 31
.5
Teton Oil & Land Co
*Holders of rec. Jan. 20
Feb.
Thompson (J. R.) Co., corn.(monthly). 30e. Feb.
Holders of rec. Jan. 230
Common (monthly)
300. Mar.
Holders of rec. Feb. 230
Tobacco Products Corp.. Cl. A (flu.)...
131 Feb. 1
Holders of rec. Feb. 1
Tung-Sol Lamp Works, Class A (guar.). •45c. Feb.
*Holders of rec. Jan. 20
Common (No. 1)
•20c. Feb.
'Holders of rm. Jan. 20
Union Oil of California (quar)
•50c
Feb. 10'holders of rec. Jan 160
United Drug, corn. (quar.)
134 Mar. 1 Holders of rec. Feb. 15a
First preferred (quar.)
lit Feb. 1 Holders of rec. Jan. 150
United Verde Extension Mining (quar.). 75c. Feb. 1 Holders of rec. Jan. 50
U.S. Rubber, first pref.(guar.)
2
Feb. 15 Holders of rec. Jan. 20a
Universal Pipe Jr Radiator, pref.(quar.) 131 Feb. 1 Holders of rec. Jan. 15a
Vick Chemical Co. A dr B (quar.)--- - - 8735c Feb. 1 Holders of rec. Jan. 15
Warner (Charles) Co.,
First and second preferred (guar.).15( Jan. 28 Holders of rec. Dec. 31
Washburn-Crosby Co., pref. (guar.)_ _ _ _
1% Feb. 1 Holders of rec. Jan. 230
Weber & Helibroner, corn.(in corn. stk.) 115 Jan. 26 Holders of rec. Jan. 156
Westinghouse Air Brake (guar.)
51.50 Jan. 30 Holders of rec. Dec. 310
Extra
Jan. 30 Holders of rec. Dec. 31a
El
Westinghouse Elec.& Mfg.,corn.(guar.) 31
Jan. 30 Holders of rec. Dec. 310
Wilcox (H. F.) Oil & Gas(quar.)
•500. Feb. 5 'holders of rec. Jan. 15
Woolworth (F. W.) Co.. corn.(quar.)_ _ $1
Mar. 1 Holders of rec. Feb. 10
Common (extra)
Mar. 1 Holders of rec. Feb. 10
81
Wrigley (Wm.) Jr. dr Co.(monthlY)- - - 250. Feb. 1 Holders of rec. Jan. 200
25e, Mar. 1 Holders of rec. Feb. 200
Monthly
250. Apr. 1 Holders of rec. Mar.200
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. I The
New York Curb Market Association has ruled that stock will not be quoted ex
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stock
/Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock. n Payable in Canadian funds.
k On Class A stock dividend is 234% of one share of Class A stock. In lieu of
cash dividends holders May take on the preferred stock 3.75% of a share of Class A
stock for each share of original series preferred and .06 of a share of Class A stock
for each share of $7 dividend series stock.
o Payable In common A stock of the Foundation Co. (Foreign)
[Vara. 122.
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. 16. 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 (000) ciphers milled)
New
Capital Profits. Loans,
Reserve
Week Ending
Discount Cash
with
Net
Time
Jan. 16 1926. Nat'l, Dec. 31 Incestfn
Legal Demand
DeState, Nov.14 meat. Vault Do post- Deposits. posits
(000 omitted.) Tr.Cos Nov.14
dbc.
[oda.
Members of Fed. Res.
3
Bank of N. Y.&
Trust Co_... 4,000
Bk of Manhat'n 10,000
Mech& Met Nat 10,000
Bank of America 6,500
National City. 50,000
Chem 'cal Nat. 4,500
Am Ex-Pac Nat 7,500
Nat Bk of Com_ 25,000
Clfat Ph NB&T 13,500
Hanover Nat_
5,000
Corn Exchange. 10,000
National Park 10,000
Bow'y& East Riv 3,000
First National.. 10,000
Irving Bk-ColTr 17,500
Continental...... 1,011
Chase National_ 20,000
Fifth Avenue...
500
Commonwealth
600
Garfield Nat'l__ 1,000
Seaboard Nat'l. 6,001
Coal & iron Nal 1,500
Bankers Trust 20,000
U S Mtge & Tr_ 3,000
Guaranty Trust 25,000
Fidelity-InterTr 2,000
New York Trust 10.000
Farmers L & Tr 10,000
Equitable Trust 23,000
Bank.
8
12,807
14.732
16,134
5,223
65,032
18,050
12.547
40,935
12,571
25,505
14,658
.3,843
3,071
73,804
13,73,
1,161
27.184
2,905
1,089
1.731
9.764
1,543
30,391
4,750
21,538
2,209
20,018
18,520
12,852
Average.
8
76,101
160,112
183,541
80,153
587,569
134,258
152,286
353,935
223,995
128,582
202,527
180,499
48.620
333.127
302,320
8,073
394.188
28,133
14.720
18.371
117,019
20,276
333.393
64,228
409,245
22,668
175,814
150,095
260,689
4.
,-.
...
.-,
Ixoaas'omcomkoas
b7-,moBDWo.".5
..wo-i-loommcowocw-iwwwwasasm...
4.
4
0
.
,
o
0
...w....4woon..ocoommoov.vooa.
,
Name of Company.
TEER CHRONICLE
Average
8
8,294
18,235
22.825
12.075
66,811
16,321
18,891
40,638
25,864
15,191
24,720
18.510
5,003
25.666
38,374
1,003
49,388
3,602
1,371
3,172
14,996
2,252
36,993
8,247
46,214
2.654
20,096
15.137
27.939
Average. Average
8
8
60,609 8,661
133.558 24,910
171,921 11,192
91,062 4,444
*643,651 63.388
123,740 4,609
140,089 11.297
307,417 17,167
179,992 40,997
115,581
177,440 31,780
140,725 9,631
34.770 14,230
191,929 23,770
288,696 25,979
6,910
426
*386,729 16.032
27,470
---9,334 4.700
19,014
393
113,651 3,444
16.480 1,898
*302,303 48,979
59,281 5,726
*397,228 52,696
19,731 1,804
149,633 20,454
*115,650 24,396
*280.247 34.464
Bank
arm£a
lion.
Alegi
$
545
850
346
4.911
5,916
-3,459
992
4,887
992
----- -44
315
--- -------
_._.
Total of averages 310,100508,2155.170,537 51,007590,482 c4,364,084 507,46723.257
Totals, actual condition Jan. 165.161.802 47.465607,208 c4,363,185 508,59923.154
Totals. =Mal condition Jan. 95.219.021 51,870552.445 c4,362.837509,08323.195
Totals, actual co nclition Jan. 25.393.586 49,609593.023c4 538,833516,034 23,458
State Banks Not Members of Fed'I Res're Bank.
Greenwich Bank 1,000 2,594
23,590 2,066 2,194
23,046 1.823
State Bank---. 3,501 5,867 108,964 4.932 2.733
41,853 64,325
Total of averages 4.500 8,462 132,554 6,998 4,927
Totals, actual condition jam 16 132.946 7,047 5,030
Totals, actual co ndition Jan. 9 132,755 6,969 5,221
Totals, actual condition Jan. 2 132.631 6,747 5,158
Trust Compan ies Not Members of Fed'I Res're Ban It.
Title Guar & Tr. 10.000 17.233 63.987 1,523 4,659
Lawyers Trust- 3,000 3,204
22.029
935 1,778
-Total of averages 13,000 20,437
86,016 2.45: 6,437
64,899 66.148
Totals, actual co ndition Jan. 16
Totals, actual co ndition Jan. 9
Totals, actuates ndition Jan. 2
86.513
85,838
88,246
2,264
2,664
2,206
6,768
6,481
6,948
65,389 66.028
65,168 66,393
64,250 67.199
_ _ ....
41,062
17.564
2,270
879
58,626
3.149
59,096
48,812
59,682
3,203 ..._.
3.108
3,832 .
._.
Gr'd agar.. doer- 327.600537.1155.389.107 66.463601,846 4.487,600576.764 23,257
Comparison with prey. week _ _r124184-11597 -90,342-3.278 -98
Gr'd agar., acelcond'n Jan. l&8,381,261156,776610,006 4,487.670 577,83023.154
Comparison wit 13 prey. week_ _ -56.353--4.727 +54859
+853 -754 -41
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., awl cond'n
aggr., acrl cond'n
agar., act'l cond'n
agrr., acelcond'n
aggr., ace,cond'n
sear.. nal rnneVn
Jan. 95.437.614
Jan. 25.614.463
Dec. 265,401.259
Dec. 195.410.956
Dec. 12 5,355,829
Ilne
55.356.110
61,503 64,147
58.582605.129
65,849616,466
70.014633,271
62,370606,028
.58.547 593.391
4,486,817578,584 23,195
4,662,665587,065 23.458
4,469,497 574,961 23,380
4.499,252567,02723,434
4.474,426 563,342 23,514
4.469.156 563.595 23.60
Note.-U. S deposits deducted from net demand deposits in the general totals
above were as follows: Average total Jan. 16, 343,786,000. Actual totals Jan. 16,
543,786,000; Jan. 9, $43.797,000: Jan. 2, 850,160,000; Dec. 26, 356,193.000; Dee. 19,
855,592,000. Bills payable, rediscounts, acceptances and other liabilities, average
for week Jan. 16. 8666,940,000; Jan. 9, $t23.432,000; Jan. 2, $737,243,000: Dec. 26,
8723,057.000; Dec. 19, $693.748,000. Actual totals Jan. 16, 8650,978.000: Jan. 9,
8689,427.000: Jan. 2, $738,014,000: Dec. 26, 3734,018,000; Dec. 19, 3741,048,000.
•Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $153,042,000; Chase National Bank, 811,439,000: Bankers
Trust Co., $32,847,000: Guaranty Trust Co.. $64,105,000; Farmers' Loan & Trust
Co., $8,356,000; Equitable Trust Co.. $72,968,000. Balances carried in banks In
foreign countries as reserve for such deposits were: National City Bank, $23,360,000:
Chase National Bank, $1,466,000; Bankers Trust Co., $4,621,000; Guaranty Trust
Co., $2,307,000; Farmers' Loan & Trust Co., $6,356,000: Equitable Trust Co..
$7,383,000.
c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING ROUSE BANKS
A:ND TRUST COMPANIES
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve Rank _ _ _
State banks•
Trust companies •_.
Total
Total
Total
Total
Jan. 16.......
Jan. 9._ _ _
Jan. 2.....
Dec. 26 _ _ _
6,998,000
2,458,000
Reserve
In
Depositaries
Total
Reserve.
Reserve
Required.
$
590,482.000 590,482,000 582,554,930
4,927,000 11,925,000 11,681,820
6.437,000 8,895,000 8,793,900
Surplus
Reserve.
7,927,070
243,180
101.100
9.456,000 601,846,000 611,302,000 603,030,650 8,271,350
9,850,000 613,443,000 623,293,000 614,851,980 8,441,020
9,599,000 620,319.000 629,918,000 611,860,980 18,057,020
9,672,000 600,344,000 810,016,000 599,395,110 10,620,890
• Not members of Federal Reserve Bank.
b This is the reserve required on the 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 in reserve required on net time deposits, which was as follows:
Jan. 16, $15,224,010: Jan. 9, $15,292,260; Jan. 2, 815,265,230: Dec. 26, 315.196,800;
Dec. 19 814,810,670.
Jam 23 1926.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Oil Vault.
Members Federal
Reserve Bank_
State banks *
Trust companies s,,
Total Jan. 16__.._
Total Jan. 9_.._.
TotalJan. 2....
TotalDec. 26
$
7,047.000
2,264,000
Reserve
ttr
Depositaries
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
$
$
$
$
607.208,000 607,208,000 582,472,020 24,735,980
5,030.000 12,077,000 11,770,020
306,980
6,768,000 9,032,000 8,864,400
167,600
9,311,000 619,006,000 628,317,000 603.106,440 25,210,560
9,633,000 564,147,000 573,780,000 602,993,340 -29213340
8,953,000 605.129,000 614,082,000 626,031,610 -11949610
9,421,000 616,466,000 625,887,000 600,535,850 25,351,150
•Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Jan. 16, $15,257,970: Jan. 9, $15,272,490; Jan. 2.815.481,020; Dec.26,$15,139,680:
Dec. 19, $14,904,480.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differences from
Jan. 16.
Previous Week.
Loans and investments
$1,225,092,500 Inc. $25,336,200
Gold
4,142,800 Dec.
7,500
Currency notes
26,288,000 Dec. 1,722,500
Deposits with Federal Reserve Bank of New York_ 114,833,200 Inc. 14,919,600
Total deposits
1 302,926,400 Inc. 20,992,600
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City, exchange & U.S. deposits_1,223,483.600 Inc. 30,525.300
Reserve on deposits
191,189,300 Inc. 7,571,700
Percentage of reserve, 21:3%.
RESERVE.
State Bank
-Trust CompanfedCash in vault •
$37,553,000 15.97%
$107,711,000 16.28%
Deposits in banks and trust cos.. _ _ 12,907.600
33,017,700 4.98%
5.49%
Total
$50,460,600 21.46%
8140,728,700 21.26%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Jan. 16 was $114,833,200.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedSept.19
Sept.26
001. 3
Oct. 10
0e8. 17
Oct. 24
Oct. 31
Nov. 7
Nov.14
Nov.21
Nov.28
Dec. 5
Dee. 12
Dee. 19
Dee. 28
Jan. 2
Jan. 9
Jan. 16
Loans and
Investment..
Demand
Deposits.
$
6.361.302,700
8,403,318,900
6,480,941,200
6,465,023,700
6,463,163,200
6,481,864,200
6,502.188,400
6,556,239,300
6,531,007,500
6,520,077,500
6,522.283,800
8.504.882,200
6,498.683,600
6,539,445,800
8.583,447,000
8,688,745,000
6.713,047.300
6,614,199,500
$
5,465,413,400
5,404.398,300
5.496,730,100
5,491,705,400
5,550,463,800
5.576,689,600
5,629,110.200
5,696,831,900
5.682,852,100
5,665,239,800
5,825,087,400
5,615.024,900
5,602.113.700
5,638,893,200
5.619,923,800
5.740,772,300
5,770,909,300
5,711.092.600
*Total Cash
in Vaults.
Reserve On
DeposUaries.
8
83,247,000
82,965,500
82,079,500
84,916,400
84,365,300
83.765,400
83,583.400
86,517.800
88,814,300
84,741.300
88.401.000
88,462,600
91.125,200
98,884.300
105.892.300
99.811.300
95,988.600
90.893.800
$
731,651,200
703,335,900
717,035.400
716,263,500
727.858,400
733,612,200
735,006.800
745,155,206
743,772,00C
746,115,601)
734,901.501)
738.833.30(
732.709.201
746,673,40)
734,118.201
764,938,501
764,899,00
762 me 64-6
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
21FTURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CI EARriqo
HOUSE.
(Stated le thousands of dollars-that U. three ciphers room &mow.)
CLEARING
HON-MEMBERS.
Week Ending
Jan. 16 1926.
Members of
Fecirl Res've Bank.
Grace Nat Bank._
Loans.
Discounts,
Net
InvestCapital. Profits. ments.
ttc.
Cash
in
Vault.
Average. Average Average. Average Average
$
$
8
$
12,612
38
1.07
6,608
3,887
1.000
$
1,856
Total
State Banks.
Not Members of the
Federal Reserve Bank
Bank of Wash. H ts_
Colonla I Bank
1.000
1,856
12,812
38
200
1,200
604
2,787
8,724
31,600
Total
Trust Company
Not Member of the
Federal Reserve Bank
Mech Tr, Bayonne-
1,400
3,392
40,32
500
589
500
589
2,900
Grand aggregate
Comparison with prey, week
2,900
2,900
2,900
2,900
Total
Gr'd aggr., Jan. 9
Cir'd aggr., Jan. 2
Gr'd agar., Dec. 26
Gr'd aggr..Dec. 19
Swerve
totth
Net
Net
Legal Doman
Time
Deport- •
Deirostts,
tortes.
1,07
6,606
3,887
80
3,298
386
1,66:
6,435
27,400
2,565
4,579
4,102
2.054
33,835
7,144
9,212
426
144
3,598
5,972
9,212
426
144
3,598
5,972
5,838
62,148
+1,131
4,566
-104
3,2711 a44,039
-13
+761
17,003
-17
5.736
5,736
5,736
5,736
61,017
60.876
61,188
61.923
4,670
4,506
4,402
4,480
3,412
3,124
3,037
3,139
*43,278
a42.348
a41,749
a43,109
•United States deposits deducted, $47,000
Bills payable. rediscounts, acceptances and other liabilities. $2,840,000,
glees, reserve. $360,690 decrease,
17,020
16,989
18,860
16,854
455
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.
Jan. 20
1926.
Jan. 13
1928.
Champs from
vreetous week.
Jan. 6
1928.
9
$
9
9
Capital
66,800.000 Unchanged
66,800,000 66,800,000
Surplus and profits
90,272,000 Dec.
499,000 90.771.000 91,271,000
Loans, disc'te & investments. 1024443000 Inc. 8,861,000 1015582000 1032579000
Individual deposits,incl. U.S 711,266,000 Inc. 13,142,000 698,124.000 719.669.000
Due to banks
145,844,000 Dec. 1,538,000 147.382.000 151.362,000
Time deposits
217,755,000 Dec. 2,727,000 220,482,000 219.281,000
United States deposits
19,151,000 Dec.
350,000 19,501,000 21,553.000
Exchanges for Clearing House 37,845,000 Inc. 3,397,000 34,448.000 52,781.000
Due from other banks
87,390,000 Inc.
534,000 86,856,000 99,409,000
Reserve in Fed. Res. Bank_
83,157,000 Inc.
934,000 82,223,000 83.583,000
Cash in bank and F. R. Bank 11,234,000 Dec.
763,000 11.997,000 13,068.000
Reserve excess in bank and
Federal Reserve Bank
666,000 Dec.
102,000
768,000 1,540,001)
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Jan. 16, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve with legal
depositaries" and "Cash in vaults."
Week Ended January 163926.
Two CIPhers (00)
omitted.
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits(not incl.)_
Res've with legal deposles
Reserve with F.R.Bank_ _
Cash in vault •
Total reserve & cash held_ _
Reserve required
Excess res. dr cash In vault
Membersof
Trust
F.R.System Companies
842,025,0
129,436.0
849,520.0
38.859,0
125.559.0
150.697,0
616,918.0
117,838,0
885,453,0
$5,000.0
17,137.0
48,352,0
817.0
17,0
907.0
29,617.0
2,102.0
32,626,0
3,994,0
86,358,0
10,737.0
77,095.0
66,300,0
10,795,0
1,502,0
5,496.0
4,558.0
938.0
1925
Total.
847.025,0
146,573,0
897.872,0
39.676,0
125,576,0
151,604.0
646,535,0
119,940,0
918,089.0
14,518.0
3,994.0
66,358,0
12.239,0
82,591,0
70,858,0
11,733,0
Jan. 9
1926
Jan. 2
1938.
$47,025.0
146,573,0
897,014,0
43370,0
125.350.0
157,223,0
646,161.0
120,244,0
923,628,0
14.836.0
4,145,0
66,001,0
12,955.0
83.101,0
71.348,0
11,753,0
$47,025.0
146.611,0
888,557,0
54,399.0
130,382.0
148,798.0
658,734,0
119.251,0
924.781,0
16.167,0
3,859,0
66.202.0
14,112,0
84,173,0
71.488,0
12,685,0
•Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York'
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Jan. 20 1926 in
comparison with the previous week and the corresponding
date last year:
Jan. 20 1926. Jan. 13 1928. Jan. 21 1925.
$
Resources439.749,000 389,857,000 444,115,000
Agent
Reserve
Gold with Federal
6,725,000
11.478,000
9,522,000
Gold redemp. fund with U.S. Treasury.
Gold held exclusively Met.P.IL note._ 449,271.000' 401,335.010
Goldsettlement fund with F. R. Board_ 193.918,000 222,621.000
Gold and gold certificates held by bank,, 387,911,000 379,293.000
450,840,000
207,937,000
287,981.000
1.031,100.000 1,003,249.000
37,467,000
36,463,000
946,758,000
30,926,000
1,068.567.000 1.039,712,000
Total reserves
24,263,000
21.558,000
Non-reserve cash
Bills discounted89,326,000 137.961.000
Secured by U. S. Govt. obligations__
29,592,000
33,598,000
Other bills discounted
977,684,000
27,881,000
Total gold reserves
Reserves other than gold
30,039,000
9,640,009
118,918,000
21,760.000
171.559.000
25,847.000
39,679,000
62,279,000
1,934.000
39,633,000
11,182,000
1.934.000
39,633.000
11.182.000
12.440,000
98,709,000
14,940,000
52,749,000
1,755.000
52,749,000
1.890,000
126,089,000
3,055,000
Total bills and securities (See Note)_.- 195,182,000
252.045,000
231,102,009
Due from foreign banks (See Note)._
Uncollected items
Bank premises
All other resources
642.000
176,240,000
16,652,000
4,109,000
641,000
140,900,000
16,250,000
7,491,000
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total U.S. Government securities_
Foreign loans on gold
Total resources
642,000
161,688.000
16,652,000
4,085,000
1,471,079,000 1,510.958,000 1,401,949,000
Fed'I Reserve notes in actual circulation- 363,657,000
Deposits-Member bank, reserve aco't__ 861.131.000
Government
6,350,000
Foreign bank (See Note)
2,248,000
Other deposits
9,541,000
367,600,000
887.109,000
4,541.000
1,817,000
10.377,000
342,054,000
807,726.000
12,538,000
21,286,000
11,058,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
903,844,000
145,111,000
32.395.000
59,964,000
2,044,000
852,608,000
116,364.000
30,167,000
58,749,000
2,007,000
TotalIlabWtiee
879,270,000
131.993,000
33,215,000
59,964,000
2.980,000
1,471,079,000 1,510,958,000 1,401,949,000
Ratio of total reserves to deposit and
81.8%
Fed'I Res've note liabilities combined_
81.8%
86.0%
Contingent liability on bills purchased
13,304,000
22,086.000
for foreign correspondents
23,575,000
NOTE.-Beginning with the statement of Oct. 7 two new items were added In
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earning assets." now
made up of Federal Intermediate credit bank debentures, has been changed to
"Other securities," and the caption. "Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provisions of
Sections 13 and 14 of the Federal Reserve Act, which are the only items Included
herein
456
[VOL. 122.
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,Jan. 21,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 ths
latest week appears on page 423 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 JAN. 20 1926.
Jan. 20 1926. Jan. 13 1926. Jan. 6 1928. Dec. 30 1925. Dec. 23 1925. Dec. 16 1925. Dec. 9 1925. Dec. 2 1925. Jan. 21 1925.
RESOURCES.
$
$
$
$
$
$
$
$
$
1,517,010.000 1,472.351.000 1,424,473.000 1,356.607.000 1.327.438.000 1,394,759,000 1,307,572,000 1.343,424.000 1,744.722.000
Gold with Federal Reserve agents
49.159,000
Gold redemption fund with U. S. Treas.
49,711.000
58,526,000
52,699,000
49.343,000
54.570,000
57,705,000
54,162.000
50,590,000
Gold held exclusively agst.F.R.notes. 1,566,169,000 1,522,062,000 1,482,999,000 1,409.306,000 1,376.781,000 1.449,329.000 1,365,277,000 1,397,588,000 1,795,312,000
Gold settlement fund with F. It. Board_ 573,852,000 608,492,000 638,643,000 701.455,000 729.256,000 • 664,899,000 753,172,000 729,002,000 592,394,000
Gold and gold certificates held by banker_ 674,762,000 668,479.000 622,378.000 593.520,000 559.259,000 587.358.000 603.838,000 816.023.000 557,014,000
Total gold reserves
2,814,783,000 2.799.033,000 2,744,020.000 2,704,281,000 2,665,296,000 2,701.586,000 2,722,285,000 2,742.611,000 2,944,720,000
Reserves other than gold
152,069,000 150.848,000 138,046.000 117,852,000
91.983,000 108,358.000 107,616,000 114.938,000 138,715,000
Total reserves
2,966,852,000 2,949,879,000 2,882,068,000 2,822.133,000 2,757,279,000 2,809,944.000 2,829,901,000 2,857,549,000 3,083,435,000
Non-reserve cash
83,920,000
86,990,000
74,481,000
62,053,000
42,783,000
45.663,000
44,389,000
77,322,000
45,268,000
Bills discounted:
Secured by U.S. Govt. obligations... 251,872,000 305,962.000 363,832.000 466.014.000 441.479.000 343,121.000 378,272.000 314,582,000 101,946,000
Other bills discounted
201,310,000 199,801,000 229,635.000 283,658.000 322.644,000 275,946.000 301.102,000 329.293,000 100,811,000
Total bills discounted
453,182,000 505.763.000 593,467.000 749,672.000 764,123,000 619,067,000 679,374,000 643,875.000 202,757,000
13111e bought in open market
305,850.000 327,402.000 344,783,000 362,818,000 369,951,000 352,692.000 369,550,000 357,723,000 306,176,000
U. S. Government securities:
Bonds
60,801,000
59,410.000
58.391,000
58,854.000
65,839,000
73.451,000
56,276,000
74,947,000
56,269.000
Treasury notes
183,595,000 184,022.000 185,906,000 192,077.000 190,037,000 153,740,000 266,080.000 254.858,000 292,307,000
Certificates of indebtedness
125,570,000 125,363,000 125,124,000 126,101.000 103,631,000 171,280,000
29,517,000
28,302,000
56,210,000
Total U. B. Government securities__ 369,966,000 388,795.000 369,421,000 377,032.000 359,507,000 398,471,000 351.873.000 339.429,000 423,464,000
Other securities (See note)
3,158,000
3.150.000
3,205.000
3,205,000
3,205,000
3,195,000
3,195,000
3,150,000
2,559,000
Foreign loans on gold
6,500,000
7,000.000
7,502,000
8,100,000
8,300,000
8.798.000
8,300,000
8,300,000
10,500,000
Total bills and securities (See Noe)_. 1,138,648,000 1,212318,000 1,318,378,000 1,500,827,000 1,505,086.000 1.382,223.000 1.412,292,000 1,352,477,000 945,456,000
Due from foreign banks (See Note)
642,000
642.000
642,000
642.000
642,000
710,000
861,000
771,000
641,001
Uncollected items
719.719,000 750.502,000 787,184,000 717,599,000 766.088,000 952,147.000 692,811,000 742,551,000 626,914,000
Bank premises
59,308,000
59.308,000
59,239,000
61,632,000
61,629,000
61,607,000
61.552,000
62,021,000
57,902,000
All other resources
•
16,507,000
16,456,000
16,860,000
18,272,000
18,006,000
17,632,000
19,362,000
18,166,000
23,963,000
Total resources
4,985,596,000 5,075.895.000 5.138,850,000 5,183358.000 5,151.513,000 5,269,926,000 5,061,168,000 5.078.803,000 4,815,633,000
LIABILITIES.
F. B.. notes in actual circulation
1,692,021.000 1,733,284,000 1,777,628,000 1.835,01,
:,000 1,895,663,000 1,788,230,000 1,765,627,000 1.742.706.000 1,698,628,000
DepositaMember banks-reserve account
2,242,730,000 2,279.741,000 2,278,123,000 2,308,614.000 2,219,373.000 2.264.797.000 2,246.386.000 2.235,787,000 2,140,611,000
Government
27,628,000
17.117.000
17,516,000
15,067.000
29,120,000
5,954,000
44,136,000
35,840,000
31,146,000
Foreign bank (See Note)
8,397,000
7,763,000
8,097.000
12,014.000
7,956,000
8,398.000
11,884,000
13,002,000
24.362,000
Other deposits
19,560,000
20,369,000
25,482,000
21,446,000
19,166,000
21.356,000
20.420,000
20,074.000
19,977,000
Total deposits
2,298,315.000 2,324,990.000 2,329,218,000 2.357,141.000 2,275.615.000 2.300,505.000 2.314.530.000 2.312.999,000 2,216,096,001
Deterred availability items
644,929,000 669,225,000 683,994,000 635.681,000 625,263,000 827.072.000 626,937.000 670,132.000 561,045,000
Capital paid in
118,211,000 117,277.000 117,287.000 117,042.000 116,978,000 116,964.000 116,863,000 116.871.000 112.187,000
Surplus
220,310,000 220,310,000 220,310,000 217.837.000 217,837,000 217,837,000 217,837,000 217,837.000 217,837,000
All other liabilities
11,810,000
10,413,000
10,809,000
20,447,000
20,157,00 . 19,318,000
18,258,000
9,840,000
19,374.000
Total liabilities
4,985,596.000 5,075,895.000 5338,850,000 5,183,158,000 5,151.513.000 5.269,928,000 5.061,168.000 5.078.803,000 4,815.633,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
70.5%
68 9%
84.4%
66.8%
63.9%
66.3%
75.2%
67.6%
68.7%
Ratio of total reserves to deposit and
F. R. note liabilities combined
74.4%
70.2%
72 7%
67.3%
66.1%
78.8%
68.7%
70.5%
69.4%
Contingent liability on bills purchased
for foreign correspondents
83,756,000
79,063,000
81,042,000
65,049.000
58,739.000
47,332,000
50.967,000
40.101.000
45.402,000
Distribution by Maturities1-15 day bills bought In open market..
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness.
1-15 days municipal warrants
16-30 days bills bought in open market.
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness.
16-30 days municipal warrants
81-60 days bills bought in open market31-60 days bills discounted
31-60 days U. S. certif. of Indebtedness
81-60 days municipal warrants
61-90 days bills bought In open market.
61-90 days bills discounted
61-90 days U. S. 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 indebtednese
.
Over 90 days municipal warrants
$
$
105,423,000
393,006,000
s
$
$
63,107,000
29,941,000
8,000
59,292,000
26.942,000
$
118,339.000
463.256,000
397,000
55,000
64,797,000
34.030,000
89,620,000
49,668,000
94,319,000
50,266,000
87,951,000
52,215.000
45,000
85,094.000
53,162.000
55.000
93.019,000
61.162,000
99.096.000
49,247.000
108,277,000
49,636,000
111315.000
52,726.000
9,000
108,240,000
26,849,000
62,000
56,862.000
25,779,000
476,000
57.779,003
25,194,000
62,753.000
33,536,000
64,571,000
33,428,000
67,643,000
37,753,000
45,000
67,039,000
35.871.000
45,000
68,480,000
31,818,000
60.854,000
31,162,000
31,355,000
14,931,000
240,000
9,060.000
9,579,000
125,058,000
10,589,000
10,355,000
125,363,000
10,943.000
10,430,000
124,727.000
11.688.000
10,951,000
124.096.000
11.735.000
10,772.000
102,727,000
15.996,000
10.422,000
78,550.000
14,560,000
10.209.000
22,991,000
16.698,000
9.619.000
23,611,00(1
7,581,000
10.281,000
55.908,000
ir 87,201,000
338,215,000
36,000
123,664,000
618,325,000
1,105.000
10,000
77,801,000
35,816.000
111.320.000
613.605.000
904.000
100.223,000
483.252,000
92,730.000
1
113,683,000
549,433.000
6,526.000
8
107,875,000
510,719,000
4,691,000
S
92,896,000
133,962,000
86,234,000
40,829,000
70.338.000
40,275,000
64,550,000
38,278,000
61.183,000
30,643.000
66,104,000
16,734,000
F. R. notes received from Comptroller_. 2,922,541,000 2,944,910,003 2.969,043,000 2,980.473.000 2,972,910,000 2,945,883.000 2,930.395,000 2,922.368,000 3,113,354,000
F. R. notes held by F. R. Agent
846,131,000 821.435,000 797,325,000 777,093.000 773.143.000 831.719,000 843,748,000 869,531,000 1,013,392,000
Issued to Federal Reserve Banks
2,076,410.000 2,123,475,000 2.171.718,000 2,203,380.000 2,199,767,000 2,114,164,000 2.086.647.000 2,052,837.000 2,099,962,000
est
How Secured-By gold and gold certificates
308,260.000 302.636,000 302.431.000 302,231,000 302,046,000 303.851,000 304.501,000 304,901.000 281,449,000
Gold redemption fund..102,619,000
98,181.000 104,883.000 112,443,000 101,359.000 108.101.000 108.645,000 102,328.000 107,196,000
Gold fund-Federal Reserve Board
1,106,131,000 1,071.534,000 1.017.159.000 941.933,000 924.033.000 982.807,000 894.426.000 935.695.000 1,356,077,000
By eligible paper
711,401,000 789,051,000 892,390.000 1.060.708,000 1,072.785,000 919.180,000 999.029,000 949,410.000 485,488,000
Total
090G1 as, nnno 0611 an', nnn 9 liA 505 000 2 417.315 000 2.400 223 0n0 2 212 030 nnn 2 MR Ant twin )909 WU non ? 1111 lin nen
NOTE.-lieginnlng with the statement of Oct. 7 two new Items were added In order to mow separately the amount of balances held abroad and amounts due
to foreign correspondents, In addition, the caption. "All other earning assets," now made up of Federal Intermediate Credit Bank debentures, has been changed to
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which are the only items included
therein.
WEERLYSTATEMENT OP RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 201926.
Two ciphers (00) omitted.
Federal Reserve Bank of-
Boston.
New York.
Philo
Cleveland Richmond Atlama. Chicago. St. Louis. Minneap. Kan. City
Dallas. Ban Fran.
Total
RESOURCES.
y
°old with Federal Reserve Agents 84,502,0
Gold red'n fund with U.S. Treas. 7,735.0
y
$
$
$
$
S
$
$
$
$
$
$
439,749,0 140,765,0 190,969,0 68,398,0 107,430,0 129,618,0 14,746,0 65,708,0 48,704.0 23,362,0 203,059.0 1,517,010,0
9,522.0 5.477,0 3,006,0 2.418,0 3,757,0 6,596,0
984.0
968,0 3,649,0 1,840.0 3,207,0
49,159,0
Gold held excl. agst. R.F. notes 92,237.0
GOldsettle'tfund with F.R.Board 33,967.0
42,257,0
Gold and gold certificates
449,271.0 146,242,0 193,975.0 70,816.0 111,187.0 136.214,0 15.730.0 66,676.0 52.353.0 25.2020206,260.0 1,566,169.0
193.918.0 37,228.0 37,770,0 21,810,0 28,798,0 126,104,0 8,349,0 19.787,0 27,945,0 10.802,0 27,374,0 573,852.0
387,911.0 29,437,0 51,522,0 3,213,0 4,351,0 83,413.0 16,158,0 6,925,0 4.962,0 9,471,0 35,142,0 674,762,0
Total gold reserves
Reserves other than gold
168,461.0 1,031,100,0 212,907,0 283,267,0 95,839,0 144.336,0 345,731,0 40,237,0 93.388,0 85,260,0 45.475M 268,782,0 2,814,783.0
20,019.0
37,467,0 2,784,0 10,450,0 9,336,0 9,501,0 23,555,0 17,387,0 2,944,0 4,953,0 6,207.0 7,466,0 152,069,0
'
Total reserves
Non-reserve cash
Bills discounted:
Sec. by U. S. Govt. obligations
Other bills discounted
188,480,0 1,068,567,0 215,891,0 293,717,0 105,175,0 153,837,0 369.286,0 57,624,0 96,332.0 90,213,0 51M820 276,248,0 2,966,852,0
12,562.0
24,263,0 1,879,0 5.272,0 7,030,0 4,312,0 12,838,0 4,662,0
947,0 2,807,0 3,199,0 4,149,0
83,920.0
14.284,0
13,772,0
89.326,0 28,418,0 33,662,0 10,519,0 5,724,0 33.604,0 9,116,0
29.592,0 16,623.6 24.405.0 24347,0 19,115.0 27,477,0 11,067,0
28,056,0
Total bills discounted
84,105,0
Bills bought in open market
U. S. Government securities:
553,0
Bonds
1,885,0
Treasury notes
Certificates of indebtedness. 9,872,0
118,918.0 45.041,0 58,067,0 34,666,0 24,839.0 61,081,0 20,191,0
21,760,0 15.258,0 11,347,0 5,796,0 49,044,0 29,755,0 22,901,0
Total U. B. Goys. securities.. 12,310,0
1,515,0
2,896,0
972,0 14,749,0
8,714,0 17,319,0
251,872,0
201.310,0
4,411,0 19,158,0 6,686,0 32,068.0
6,528,0 13,479,0 19,922,0 25,955,0
453,182,0
305.850,0
9,983,0
9,175,0
1.934.0
604,0 8,103,0
39,633,0 4,016,0 19,691.0
11,182,0 19,443,0 8,691,0
1,240,0
3,511,0
4,193,0
7,666,0 8,388,0 8.610,0
471.0
7,093,0 18,415,0 17,236,0 28.761.0
4,319,0 10,657,0 7,644.0 20,709,0
60,801.0
183,595,0
125,570,0
52,749.0 24,063,0 36.485,0
8,944,0 17,956.0 52,467,0 25,023,0 19,078,0 37,460,0 33,490,0 49.941,0
369.96%0
1.017,0 20,190,0 2,025.0
9,788,0 18,850.0 14,716,0
7,151,0 13,427,0 8,282,0
RRSOURCES (Concluded)Two Ciphers (00) milled.
Boston.
New York
I
I
Other securities
Foreign loans on gold
481,0
Total bills and securities
Due from foreign banks
Uncollected Items
Bank promisee
AU other resources
457
THE CHRONICLE
JAN. 23 1926.]
124,952,0
64,575,0
4.068,0
90,0
Phila.
1,755,0
Dallas.
ian Fran.
$
$
I
$
$
s
$
$
$
695,0
344,0
286,0
897,0
299,0
215,0
100.0
260,0
228.0
455.0
Clmelancl, Richmond Atlanta. Chicago. St. Louis Minneap Kan. CEP
$
3,050,0
605,0
Total
s
3.150,0
6,500.0
195,182,0 88.017,0 106,594,0 49,750.0 92,105,0 144,200,0 68.414,0 30,232.0 70,457.0 60,326,0 108,419,0 1,138,648.0
642.0
642,0
161.688.0 64,375.0 66,473.0 62.571,0 42,196,0 90,526,0 41,494,0 13.146,0 42,863,0 28,399.0 41,613,0 719.719,0
59.308.0
16.852,0 1,454,0 7,409.0 2,364,0 2,728,0 7,933,0 4,112,0 2,943.0 4,635,0 1,793.0 3,217,0
16.507,0
491,0 3.407,0
459.0
352,0 2,427,0
417,0 1.294,0 2.189,0
4,085,0
193,0 1,103.0
394.727,0 1,471.079,0 371,609,0 480,568,0 227.307,0 296,472,0 628,972,0 176,658,0 146,027,0 211,234,0 145,890,0 437,053.0 4.985,596,0
Total resource
LIABILITIES
43.104,0 194,200,0 1.692,021,0
It. notes In actual circulation_ _ 156,692,0 363,657.0 142,975,0 207,951,0 81,831.0 159,876,0 169,390,0 37,783.0 66,283,0 68,279,0
Deposits:
167.605,0 2,242.730,0
59,378,0
91.184,0
54,050,0
78,418,0
82,094,0
329,036,0
134,858,0
&cot
87,355.0
861,131,0
170.771,0
146.850.0
-reserve
bank
Member
27.628,0
946.0 1,257.0
6,350,0 2,112,0 1,911,0 1,831,0 3,505,0 2,461,0 2,060,0 1,883,0 1,079.0
2,233,0
Government
8,397,0
584,0
296.0
330.0
271.0
339.0 1,161.0
364,0
449.0
2,248.0
906,0
644,0
805.0
Foreign bank
19.560,0
5,953,0
60,0
386.0
184.0
960.0
952,0
48.0
159,0
879.0
217,0
221,0
9,541.0
Other deposits
149,944,0 879,270.0 137,996.0 174,467,0 69,794,0 82,310,0 333.610,0 85,478,0 56,388.0 92.979.0 60.680,0 175,399.0 2.298,315,0
Total deposits
61.917,0 131,993,0 58,265,0 61,106.0 57,044,0 40,481.0 75,643,0 38,080.0 11,765,0 36,224,0 29.825.0 42.586.0 644,929,0
Deferred availability Items
33,215.0 11,623,0 13,174.0 5,994,0 4,695,0 15,846.0 5,127,0 3,184.0 4,235,0 4,261,0 8,230.0 118.211,0
8,627,0
Capital paid In
17,020.0
59.964,0 20,464.0 22,894.0 11,919,0 8,700.0 30,613,0 9,570,0 7,501,0 8,979.0 7.615.0 15,071.0 220,310.0
Surplus
11,810,0
405.0 1,587,0
538,0
906.0
620.0
410,0 1,870,0
725,0
2,980,0
976,0
527,0
286,0
All other liabilities
394,727,0 1,471,079,0 371,609.0 480,568.0 227,307,0 296,472,0 626,972.0 176,658,0 146,027.0 211,234,0 145,890,0 437,053,0 4,985,596,0
Total liabilities
Memoranda
74.4
74.7
49.8
55.9
78.5
48.7
73.4
63.5
69.4
76.8
61.5
76.8
86.0
Reserve ratio (per cent)
Contingent liability on bills pur83.756,0
23,575,0 7,875,0 8,870,0 4,393,0 3,316,0 11,356,0 3,584.0 2,653,0 3,233,0 2,901,0 5,720.0
chased for foreign correspondlo 6,300,0
V. R. notes on hand (notes reo'd
from F. R. Agent less notes In
17,197.0 153,194.0 46.978.0 18.600.0 20.560.0 20,339,0 26,177,0 7,323,0 3,402,0 8,911,0 5,345,0 56,363.0 384,389.0
olroulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JAN. 20 1926
Federal Reserve Agent at-
Boston
(Two armors (00) Omitted.)
$
V.R. notes ree'd from Comptrol'r 243.189,0
V.R. notes held by P.R. Agent- 69,300,0
F.R. notes Issued to F.R. bank 173,889,0
Collateral held as security for
P.R. notes Issued to F.R. Bk.:
Gold and gold certificates__ 35,300.0
15,202,0
Gold redemption fund
34.000,0
Gold fund-F.R.Board__ _
112,161,0
Eligible Donor
Totaloollateral
196.663,0
Total
Phila. Cleveland Richmond Atlanta Chicago Si Louts Minn. Kan. City Dana. San Pr.
-s
s
$
$
$
$
$
I
$
$
$
$
743,211.0 218,193,0 290.221,0 127,786,0 226,779.0 428,804,0 69,186,0 88,128,0 119.420.0 63,561.0 304.063,0 2,922.541.0
226.360,0 28,240,0 63.670,0 25,395,0 46,564.0 233,237,0 24,080,0 18,443.0 42,230.0 15,112.0 53,500,0 846,131,0
New York
516,851,0 189,953,0 226,551,0 102,391,0 180,215,0 195,587,0 45,106,0 69,685,0 77.190,0 48,449.0 250.563,0 2,076,410,0
17.226,0
308,280.1
10,345,0 13,052,0
186,697,0 1,600,0 8,780.0 24.510,0 10.750.0
27.052,0 12,776.0 12.189,0 3,388.0 4.180,0 3,973,0 1.201.0 2.656,0 3,344,0 3,136,0 13,522.0 102.619.0
226.000,0 126,389.0 170,000,0 40.500,0 92,500,0 125,645,0 3,200,0 50.000,0 45.360.0 3.000.0 189,537.0 1,106,131.0
107,177,0 50.995,0 67.047.0 38,883.0 73,754,0 90.688,0 43,062,0 10,568,0 32.582,0 26.558,0 57,926,0 711,40131
546.926,0 191.760,0 258,016,0 107.281,0 181,184,0 220,306,0 57,808.0 76.278.0 81,286,0 49,920.0 260,985,0 2,228,411,0
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;
the liabilities of the 718 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve hanks themselves. Definitions of the different items in the statement were given in the statement
The comment of the Reserve Board upon the figures
or Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523
for the latest week appears in our Department of "Current Events and Discussions." on pane 423.
1. Data for all reporting Member banks in each Yedaral Reining. District at close of business Jan. 13, 1926.
Federal Reserve District.
Tom
Clneland. Richmond Atlanta. Chicago. St. Louis. Aftnneav. Kan. City Dallas. San Pram.
------49
69
24
718
66
33
100
36
71
54
75
$
$
$
$
$
$
$
$
S
$
$
166,302
4,090
8.316
2,381
3,208
10,912
24,712
5,439
5.621
22,380
10,909
82,800 258,254 5,566.704
71,445 116,434
98,066 825.513 210,782
414.068 491.801 147,759
360.310 744,225 374,432 420,448 1,235,071 306,018 175,765 312,838 235,139 914.163 8,321,081
Boston. vew York
-41
Number of reporting banks
100
3
$
Loans and discounts, groan:
10,744
Secured by U.S. Gov't obligations
57,590
342.342 2,507.440
Secured by stocks and bonds
654,472 2,588,200
Ail other loans and diseounts
Philo
1,007,558 5,153.230
Total loans and discounts
taverrtments:
9,659
40,020
U.S. pre-war bonds
84.404 601.749
U. S Liberty bonds
18,547 197.442
U. S. Treasury bonds
4,228 152,755
U. S.Treasury notes
20,128
45,489
U.S. Treasury certificates
Other bonds,stocks and securities 213,152 1,103.096
785,287 1.258,406
527,812
523,953 2,085,296
527.712
249,591
433,362
25,564
29,204
7,610
1,698
3.841
63,530
14.847
14,581
5,774
2.044
5.872
54,094
19.008
176,204
53,512
61.438
11.132
432.871
12,957
25,504
10,798
6.945
5.780
109.309
7,375
27.138
12,102
18.559
6.947
41.922
8.982
53,217
18.297
13,944
3,943
77,337
97,212
9,486
49,751
18,044
7.538
7,178
249,757
32,911
157,277
34,917
24,843
25,727
348,013
341.754
623,688
131,447
'rota loans and investments__ - 1,357,676 7,293,781 1,127,041 1,882.094
99,506 789,123
Reserve balances with F.R.Bank_
83.503 120,675
.
21,759
87,517
17.369
33,183
Oasis In vault
deposits
914,790
5,769,743 793,796 985,853
demand
ffet
. 397.699 1,199,578 207.279 748,054
Time deposits
.
19,599
Government deposits
56.627
18,898
13.585
Bills Foyle & recilm. with F R. Bk.:
2,215 115.730
9,430
Secured by U.S.Gov't obligations
27.989
5,310
24,145
5,911
15,464
All other
Bankers' balances of reporting member banks in F. R. Bank cities:
136,354 1,109,166 181.625
45.750
Due to banks
39,355 103,364
.
24.594
67.287
Due from banks
659,259
40,014
14,941
387,163
201,710
6,078
Total Investments
350,118 2,140,551
Three cipher. MOM omitted
754,165
171.293
114.041
175,720
621.165 2,839,461
43,652 240,745
52,312
12,556
374,896 1.770.707
217.534 1,017,901
25,659
10,006
699,005
51,168
8,494
434,813
211,057
5,864
363,632
25,368
6.527
230,779
112,776
3.065
609,082
56,142
13,952
489,631
150,362
1,851
321,147 1,180,733 14,054,087
17,955
17,191
5,085
4,316
4,081
23,262
223,223
24,459
138.091 1,374.309
432.426
50.298
18,942
317.250
25,882
166.000
205,814 2,922,157
71,890
463.486 5.435,365
393,037 1,644.219 19.489.452
29,983 114,409 1,694.288
10,734
302.830
23,506
284,584 810.246 13.247.101
96,685 802,583 5,363,218
7,568
195,065
26,265
6,813
11,251
3.222
10.713
28,286
11.023
2,384
6,024
650
900
4,481
2.757
9.44
5,504
37,102
16.736
22,988
15.641
377,925
156.545
92,462
38.286
59,324
23.584
105,229
43.517
35,482
29.606
8,541
9.328
210,685
108,33C
110,677 2,314,449
609.30f
52.785
3. ,)ate of reporting member banks In New York City. Chicago. and for whole country.
All Reporting Member Banks
Remit's, Member Banks in N. F. City. Reporting Member Basks In Chicago
- --------- ---•------ ------ ---Jan. 13 1926. Jan.6 1926. Jan. 14 1925. Jan. 13 1926. Jan. 6 1926 Jan. 14 1925. Jan. 13 1926 Jan. 6 1926. Jan. 14 1925.
718
67
Bomber of reporting batiks
61
61
716
736
3
$
$
$
$
Leans and discounts, gross:
58,814,000
166,302,000
57,959,000
52.944,000
175,731,000
175,619,000
Secured by U. S. Govt. obilgatione
5.566.704,000 5.688,376.000 4,702.310,000 2,244,653,000 2,354.308,000 1,951,704,000
Secured by stocks and bonds
8.321,081J000 8,316,552,000 8,244,685,000 2,268.999,000 2,268,684.000 2.345.772.000
AS Other loans and discounts
8
48
$
17,142,000
624,311,000
691,451.000
46
$
16,582,000
640.338,000
680,553,000
46
$
23,153.000
530.850,000
712,037,000
Total loans and discounts
14,054,087.000 14,180,659,000 13,122,614,000 4.566,596.000 4,680,951,000 4.354,290,000 1.332,904.000 1,337,473,000 1.266.040,000
Investments
.
4,094.000
3.364,000
3.557,000
42.348,000
223,223,000
29.788,000
222,280,000
29.839.000
260,311.000
U.S. pre-war bonds
82,133.000
. 1,374,309.000 1,376.924.000 1,403,891,000 512,933,000 516,323,000 547.355.000 103.217,000 104,869.000
U. S. Liberty bonds
16.323.000
.
28.169,000
16.351.000
432,426.000
429.818,000
0. B. Treasury bonds
378,424,000 181,488,000 180.744,000 156,606,000
46,478,000
73.231,000
48.364.000
310,589.000
528,900.000 144,954,000 141.399.000 230.342.000
U.S. Treasury notes. 317,250.000
1,827.000
2.668,000
11.912,000
67.071.000
41.427,000
169,554,000
166.000,000
44.642.000
o.s. Tregeury certificates
138.006,000
other bonds, Mocks and leourElee. 2.922.157,000 2,934,536,000 2,847.550,000 798,820,000 806.972.000 843.946.000 195.441,000 196,127.000 202,739.000
Total Investments
5,435,365,000 5,444,001,000 5,557,082,000 1,712,676,000 1.716,653,000 1.887.668.000
368.564,000
370.022,000
402,278.000
19,489.452.000 19.624.660.000 18.679,696,000 6,279,272.000 6.397,604,000 6,241,958,000 1.701,468.000 1,707.495.000 1,688.318.000
Total loans and investments1.694.288.000 1.687,293,000 1,720.270,000 731,278.000 709.533.000 767.078.000 165,355.000 168.219,000 178.647,000
IL banks_
eserve balances with F.
26.225.000
23,406,000
30,412.000
70.011.000
74,506.000
302.830,000
70,930,000
321,881.000
305.585,000
Dash in vault
. 13,247,031.000 13.305.385.000 13.355,190,000 5.197,761,000 ,308.309,000 5,396.881.000 1,177.116,000 1,162,361,000 1,208,192,000
deposits
demand
Net
800,146,000 499.190.000 499.078,000 450.164.000
807.698,000
5,360,979,000
5.363,218,000
809,180,000
4,852.867,000
Time delimitsdepoeits
12.947.000
13.923,000
20399.000
16,096,000
53,758,000
214.287,000
49,995,000
135,586,000
195,065,000
Government
and rediscount' with
BBB payableReserve
Banks:
Federal
36.303.000
10.353,000
33,830,000
635.000
98,612.000
210,685,000
274.730,000
secured by U.S. Govt. obligations
72,618,000 J84,262.000
4,812,000
10.133.000
21.193,000
320,000
10.450,000
135,785,000
108,330.000
20,225,000
50,545.000
Allother
1155 000
46.436.000
15.165.000
55.023.000
123 len non Ina A127 nnn 100 1182 0(10
410 515 fw)0
310_015 ana
458
THE CHRONICLE
Cankers' %azettt
Wall Street, Friday Night, Jan. 22 1926.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 447.
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.22.
[VOL. 122.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan.1.
Lowest.
lithest.
Par.Share $ per share. $ per share. 5 per share $ Per share
Panhandle P & R pref100
300 51
Jan 19
Jan 5534 Jan
Park Utah Cons Mines.1 2,300 734 Jan 21 5154 Jan 19 51
8 Jan 18 7% Jan 8
Jan
Patton Exchange A
* 6,300 7436 Jan 20 79% Jan 18 7436 Jan 83
Jan
Penick dr Ford pref_ _100
100 102
Jan 16 102
Jan
Jan
16
102
100
Jan
Philadelphia Co pref50 200 48
Jan 19 48
Jan 19 4734 Jan 48
Jan
Phillips Jones, pref-100
100 8234 Jan 19 8234 Jan 19 823.4 Jan 8234
Phoenix Hosiery
5 701 3934 Jan 22 42H Jan 1 3634 Jan 44% Jan
Jan
Preferred
100
200 99 Jan 21 9936 Jan 21 98
Jan 9934 Jan
Pitta URI Pow ctts, new
400 15
Jan 22 15
Jan
22
15
Jan
Jan
1534
Porto Rican-Am Tob.100
STOCKS.
Sales
Range for Week.
200 7651 Jan 16 7634 Jan 16 60
Range Since Jan. 1.
Jan 8134 Jan
PS Elea & Gas, pret_100
Week Ended Jan.22.
500 97
for
Jan 22 9936 Jan 16 97
Jan 9936 Jan
Pub Serv El Pow, pf_100
Week.
Lowest.
Highest.
100 106
Lowest.
Jan
18
106
Highest.
Jan
Jan
18
108
106
Jan
PS of NJ 6% pref.-100
100 98 Jan 19 98 Jan 19 98
Jan
Jan 98
Par. Shares
per share.
per share. 5 per share.I per share. Railway Steel Spr, pf.100
Jan 18 122
40012034
Jan
Jan
122
Jan
22119%
Reld Ice Cream, pref_100
Railroads.
200 9834 Jan 22 9834 Jan 22 97
Jan 100
Jan
Rele(Robt)&Co,lst pf100
Brunswick T & Ry Sec 10
100 10
Jan 22 10
200 80
Jan 22 10
Jan 19 80
Jan 1154 Jan Rem
Jan 19 80
Jan
Jan
80
Typew,
1st pf 81_100
Canada Southern_ _ _100
35 Bs% Jan 21 58% Jan 21 58
100 106
Jan 18 106
Jan 5834 Jan
Jan 18 106
Jan
Jan 106
Safety Cable
Chicago & Alton ctfs_100 200 6
Jan 20 6
• 7,511 5054 Jan 22 5294 Jan 1 483.6 Jan 54
Jan 2U 6
Jan 6
Jan Seneca
Jan
Copper
Chic Milw & St P ctfs 100 3,700 11
• 1,100 8% Jan 21 834 Jan 19 sit Jan 1034
Jan 22 12% Jan 19 10
Jan 14
Jan Shubert
Jan
Theatre Corp_.• 5.400 56
Preferred Ws
100 4,300 18
Jan 20 18% Jan 19 1834 Jan 21% Jan
Jan 18 5836 Jan 20 5336 Jan 5934 Jan
gless-Sheff S& I, pf__100
Cleve 53 Pittsburgh- _ _50
20 70
Jan 19 70
Jan 19 70
Jan 70
20010034 Jan 1810034 Jan 1: 10036 Jan 1003.4 Jan
Jan Stand
Gas& Elec. arezzo 1,700 56
Duluth S 53S Atl_ __ _100
100 5 Jan 20 5
Jan 20 5
Jan 16 5836 Jan 20 5434 Jan 5636 Jan
Jan 5
Jan
Duluth S& S Atl pref 100
• 3,200 3634 Jan 21 39
100 sit Jan 18 8% Jan 18 8
Jan 8% Jan Sun 011
Jan 16 3636 Jan 4154 Jan
Tex Pac Land Trust_100
111 Cent Leased Line140660
Jan 19683
Jan 20 40
Jan
Jan 785
the Fair
RR Sec series A__1000
• 3,800 3134 Jan 20 3334 Jan 18
60 72% Jan 19 72% Jan 16 71% Jan 7234 Jan
Jan
3154 Jan 34
tidewater 011, pref 100 4,500 9936 Jan
Iowa Central
100 3 Jan 16 3 Jan 16 3
100
Jan 3% Jan
16100% Jan 20 99
Jan 10034 Jan
tobacco
Products
Nash Chatt & St L100 100 185
rights
Jan 19 185
32,300 234 Jan 20 336 Jan 16 254 Jan 334 Jan
Jan 19 185
Jan 188
Jan
United Cis Stores, pf.100
Nat Rys Mex let pref 100
100 7% Jan 21 7% Jan 21 63.4 Jan 8% Jan
100 121
Jan 21 121
Jan 21 117
Jan 121
Jan
Rights
New on Tex 53 Mex_100
5,708 14% Jan 22 1636 Jan 19 1434 Jan 1834 Jan
Jan 19 129% Jan 132% Jan
300120% Jan 18 132
United
NY Ry part ette
Paperb'd
•
C9.100 600 3236 Jan 20 33 Jan 16 3134 Jan 35
303
Jan 183053C Jan 20 296
Jan 305it Jan
Jan
U S Tobacco
Pref ctfs
• 100 6% Jan 21 6% Jan 21 636 Jan 754 Jan
• 900 56% Jan 1:
Jan 22 5614 Jan 583.4 Jan
Virginia-Carolina new• 7,000 2054 Jan 22 5834
N Y State Rye
100
700 24% Jan 17 26
Jan 19 24% Jan 28% Jan
2
Pref new 7% w I___100 1,000 9534 Jan 22 154 Jan 16 19% Jan 2254 Jan
Northern Central_._ _50
100 79% Jan 21 79% Jan 21 7934 Jan 7934 Jan
9656 Jan 18 9536 Jan 9834 Jan
Certificates
Pacific Coast
*
100
100 39
200 156 Jan 18 1% Jan 18 1% Jan 136 Jan
Jan 20 39
Jan 20 31% Jan 48
Jan
Preferred ctfs
2d preferred
100 1,700 10
100
Jan 22 52% Jan 20 50% Jan 5434 Jan
200 51
Jan 18
Jan 20 914 Jan 1134 Jan
Preferred 6% w 1_100 4,300 6334 Jan 22 1034
Pitts Ft W & Chic pf-100
10 143
Jan 19 143
Jan 19 142% Jan 43% Jan
6594 Jan 19 6336 Jan 69
Jan
iirginia Coal & Coke 100
Reading rights
18,600 19
400 41
Jan 16 21
Jan 22 19
Jan 22 43 Jan 21 41
Jan 21% Jan
Jan 43
Jan
/ivaudou
rights
Twin City It T pref.AO
14.800
100 101
36 Jan 16
Jan 21 101
Jan 2 101
Jan 101
% Jan 18 7-16 Jan
Jan
56 Jan
Aralworth Co
• 900 2154 Jan 19 21% Jan 19
Jan 23
Jan
Fells Fargo Express
Industrial & 11115c.1
100 3% Jan 22 334 Jan 22 2134
336 Jan 334 Jan
Nest Penn & El Co A..• 500 88% Jan 16
..tin Bank Note new___10 2,400 41
Jan 16 41% Jan 18 39% Jan 43% Jan
8934 Jan 18 8834 Jan 90
Jan
Preferred
Am brown Boyer!El w 1.34,300 4336 Jan 21 46% Jan 21 43% Jan 48% Jan
100 200 97 Jan 21 9736 Jan 19 9634 Jan 973.6 Jan
Vest Penn Power pt_100
Preferred
300 9651 Jan 20 9736 Jan 16 9646 Jan 97% Jan
100
700111
Jan 16 112
Jan 18 109
Jan 112
Jan
Vilson & Co pref ctfs 100
Amer Can w 1
25 131500 45% Jan 20 4751 Jan 18 45% Jan 49% Jan
200 16% Jan 19 17
Jan 20
Jan
(ellow
Truck & Coach 10 9,30(0 2834 Jan 22 29% Jan 18 16)( Jan 17
Am Chile prior pf ctfs_•
300 90
Jan 18 90
Jan 18 90
Jan 90
Jan
Jan
Jan
3234
2831
Preferred
Am Car & Fdy rights__ 6,400
101) 1,500 9436 Jan 22 95
% Jan 21 134 Jan 22 18
Jan in ants inn 01114 inn
Jan 136 Jan
Amer-La France Fire En
•No par value.
7% preferred
100
300 98
Jan 18 osit Jan 21 97% Jan 00
Jan
Rights
34 Jan 16
7,400
% Jan 16
)6 Jan
Jan
Foreign Exchange.-Sterling exchange made further
Amer Metal pref____100 1,400116% Jan 20116% Jan 10 11636 Jan 11734 Jan
American Snuff
100
20014034 Jan 22 140% Jan 22 14036 Jan 145
Jan good gains that brought demand within a fraction of parity,
Preferred
100
100100% Jan 16 10036 Jan 16 100% Jan 00% Jan on active trading. The Continental
exchanges were dull
Am Wlesale Corp pf_100
100 100
Jan 20 100
Jan 20 100
Jan 100
Jan
Am Writ Pap pr ctfs_100
100 2 Jan 20 2 Jan 20 1
Jan 4)6 Jan and neglected with interest centred on the advance in
Armour of IllinoLsCi B25 34,200 1536 Jan 21 1634 Jan 18 15% Jan 17
Japanese
Jan
yen. In the European currencies changes were
Preferred
100
200 90% Jan 20 91
Jan 21 9034 Jan 91% Jan
small.
Arnold Constable etfs__*
600 1434 Jan 20 1434 Jan 21 14
Jan 15% Jan
New
• 500 28% Jan 20 30
To-day's
Jan 18 25
(Friday's)
actual rates for sterling exchange
Jan 31% Jan
4 82 9-160
Art Metal Construc'n_10 6,100 1936 Jan 19 2134 Jan 22 1934 Jan 2134 Jan 48254 for sixty days. 485 13-1604 85% for cheques were
and 4 883-18
• 300 5736 Jan 20 58
Atlas Powder
Jan 19 5736 Jan 59
Jan 4 8634 for cables. Commercial on banks, sight 4 85 11-1604 8534. sixty
Barnsdall Corp rights__ 10,600
% Jan 22
% Jan 16
36 Jan 7-16 Jan days 482 1-1604 8234, ninety days 481 5-1604 8154, and documents for
Blumenthal & Co pret100
200 60 Jan 21 60
Jan 21 60
Jan 60
Jan payment (sixty days), 4 82 5-1604 8234. Cotton for payment 4 85 11-16
Booth Fisheries let pf100
500 47
Jan 19 50
Jan 18 4536 Jan 5136 Jan @485% and grain for payment 485 11-1604 854.
British Empire Steel_100
To-day's (Friday's) actual rates for Paris bankers francs
300 2% Jan 19 3
Jan 18 2% Jan 3
Jan
were 3.67340
2d preferred
100 9% Jan 18 9% Jan 18 8% Jan 1034 Jan 3.6834 for long and 3.713403.7334 for short. German bankers'
100
marks
Brown Shoe w I
• 2,000 45
Jan 20 4636 Jan 18 45
Jan 48% Jun are not yet quoted for long and short bills. Amsterdam bankers' guilders
Bush Term Bldg pf_ _100
100 9934 Jan 20 9936 Jan 20 9934 Jan 10031 Jan were 39.71%039.7234 for long and 40.07%040.0834 for short.
Cert-Teed Prod let Pf100
700 10434 Jan 19 10534 Jan 21 10234 Jan 105% Jan
Exchahge at Paris on London, 129.86 francs; week's range, 128.85 francs
Jan 22 4734 Jan 16 47
Chandler Motor ctfs • 200 47
Jan 48% Jan high and 130.10 francs low.
The range for foreign exchange for the week follows:
Jan 20 59% Jan 21 58
* 1,700 58
Christie-Brown ctfs
Jan 63% Jan
Sterling ActualCommercial Credlt10.200 3434 Jan 22 46% Jan 16 3436 Jan 4734 Jan
Sixty Days. Cheques.
Cables.
Jan 20 2534 Jan 16 25
Preferred
400 25
25
Jan 26% Jan High for the week
4 82 13-16 4 86 1-16
4 86 7-16
Preferred B
200 2634 Jan 20 2634 Jan 20 26% Jan 2754 Jan Low for the week
25
4 8254
4 8554
486
Paris
Bankers' Francs% Jan 22
26,700
% Jan 16
Rights
34 Jan
)4 Jan
Jan 21 6831 Jan 21 67
• 200 67
Corn Invest Trust
Jan 72
3.71%
Jan High for the week
3.77
3.78
Low
for
the
week
Preferred
300 9934 Jan 18 100% Jan 22 993.4 Jan 102
100
3.67
Jan
3.7234
3.7394
Germany Bankers' MarksCons Cigar rights
8,100 1
Jan 22 I% Jan 16 1
Jan 2)6 Jan
Crex Carpet
Jan 20 62
900 61
Jan 18 60
Jan 83
100
Jan High for the week
23.81
---23.81
• 6.600 4534 Jan 20 48% Jan 21 4534 Jan 4936 Jan Low for the week
Cuba Co
23.8034
23.8034
Amsterdam Bankers' GuildersCushman's Bons
• 2,000 9034 Jan 19 95% Jan IR 90% Jan 98
Jan
High
for
the
week
Rights
% Jan
36 Jan 18
8.252
39.7634
% Jan 16
40.20%
% Jan
40.22%
Devoe & Raynolds A_ _* 8,300 9436 Jan 16 98% Jan 22 90
39.73%
Jan 98% Jan Low for the week
40.17%
40.19%
Domestic Exchange.-ChIcaco. par. St. Louis, 15@25c. Per $1,000
Easunan Kodak pref_100
100115% Jan 16 115% Jan 16511% Jan 115
Jan
discount.
Emerson-Brant pref_100
Boston
San
par.
Francisco,
Jan
22
16
19
18%
par.
Jan
300 1834
Jan 23
Jan
Montreal, $1 8750 per
Eureka Vacuum Cleaner* 3,400 4734 Jan 20 5134 Jan 18 4734 Jan 53% Jan $1.000 discount. Cincinnati, par.
First Nat Piet let pf_100
Jan 105% Jan
40010434 Jan 18105% Jan 19 102
First Nat Stores
• 6,500 3936 Jan 20 4134 Jan 18 39
Jan 44% Jan
United States Liberty Loan Bonds and Treasury
Fox Film class A
• 8,700 7734 Jan 20 8136 Jan 19 7734 Jan 85
Jan
Franklin-Simon pref_100
100106
Jan 19106
Jan 19 106
Jan 106
Jan Certificates on the New York Stock Exchange.
Gen Cigar pref(7)-100
200114% Jan 22114% Jan 22 109
Jan 114% Jan
Gen Gas 53 Elec A
• 2,900 5431 Jan 22 5734 Jan 16 5434 Jal 59
Jan Daily Record of U. S. Bond Prices. Jan. 16 Jan. 18 Jan. 19
Jan. 20 Jan. 21 Jan. 22
Pref A (7)
• 300 98% Jan 19 98% Jan 19 98% Jan 99% Jan
Gotham Silk Has
• 2.100 3936 Jan 20 40% Jan 18 39
Ja 41% Jan First Liberty Loan
(High 100,33 100loo 100,13 100*33 100% 100,st
Preferred
100 00010051 Jan 22 101% Jan 16100% Jan 10334 Jan
336% bonds of 1932-47„.(Low. 100.00 100.00 100.00 1001so 1001n 100.00
Gould Coupler A
• 2,800 20% Jan 21 21
Jan 16 19% Jan! 21
Jan
(First 3)6s)
(Close 100.00 100.00 10042 100,31 1001,3 1004,
Gt West Sugar pref__100
100115
Jan 22 115
Jan 22 114
Jan
Jan 116
Total sales in $1,000 units. __
119
11
564
24
99
67
Guantanamo Sugar__ _ _•
100 594 Jan 22 534 Jan 22 5%
l 6% Jan
Converted
(High
bonds
of
4%
____ 100,31
---------- 100.00
Helme(G W)
25 1,000 69% Jan 16 70
Jan 22 69% Ja 70
Jan
1032-47 (First 4s)-.
--i Low---- 100*n
---------- 100.00
Ingersoll Rand new__ • 1,600 9334 Jan 20 100 Jan 18 9334 Jan,105
Jan
(Close
__-_ 100,32
------------100.00
Intern Agile. pr pref_ _100
400 88
Jan 22 914( Jan 22 83% Jan( 9134 Jan
Total sales in $1.000 units-.
---Internat Cement prat 100
1
200104% Jan 1910454 Jan 18103% Jan 10434 Jan
Converted 434% bonds (High 10091n 101i% 10-1-an 10-1.431 10-131 102.00
lot Match prat
35 1,700 5636 Jan 20, 57% Jan 18 5536 Jan! 58%
58M
Jan
of 1932-47 (First 4)(8)( Low. 1011,83 101"so 101isoo 1011,n 1012513
Int Paper let pald
101"so
100 58% Jan 211 58% Jan 21 5836
% Jan
!Close
101"12
101"oo 101"31 1011,00 1012,31 102.00
100114% Jan 18114% Jan 16 114
Jones & Laugh SU pf_100
Jan 114% Jan
Total sales in $1,000 omits
5
24
12
48
8
84
Kansas & Gulf
10 1,300
% Jan 18!
36 Jan 18
3.6 Janl
54 Jan
Second Converted 4%%1High
____
-----__ 101,n
If C Pr & Lt 1st pref_• 600107% Jan 22108% Jan 16107% Jan,108% Jan
bonds of 1932-47(Flout( Low_
__ _ ---_
101
,
3,
Kress & Co
100
Jan 22545
100 545
Jan 22 545
Jan'545
Jan
Second 4)(e
Kuppenheimer & Co___5
200 29% Jan 21 29% Jan 21 29% Jan 29% Jan
Total sales in $1,000 units__. ----..__
____
Preferred
300 100 Jan 20 100% Jan 19 100
100
Jan 100% Jan
Converted 416% bonds (High
-_----- 100,33 100.00
___ ictiiio
Lee Rubb & Tire r1ghta__ 8,000
is Jan 21
% Jan 16
ho Jan
A Jan
1927-42_
bonds
__
of
4%
_{
Low.
------100.00 100.00
___. 100.00
Lehn & Fink
• 5,600 3751 Jan 19 38% Jan 18 3754 Jan 41)6 Jan
(Second 4e)
--------1001,, 100.00
(Close
____ 100.00
Loose-Wiles Ms lst pf100
100112
Jan 19 112
Jan 19 112
Jan
Jan 112
Total sales in $1,000 Units...
____
____
2
3
1
____
2d preferred
100 138% Jan 18 138% Jan 18 136
100
Ja 143% Jan /Wood Liberty Loan
(High 100,13, 11111141 100,in 100,,00 100,181 100"n
Mack Trucks rights
0,200 8 Jan 22 736 Jan 18 6
Janj 7% Jan
of 1927-42 (Second (Low. 100933 1001•32 100"n 100"31 100"n 100"n
Mackay Cos pref. _ _100
400 72% Jan 22 73 Jan 19 72% JanI 73
Jan
(Close
00)
100"32
2
100"so
100
32 100"s3 1001,n 100"n
Manati Sugar
100 1,800 43% Jan 19 45
Jan 21 41
Jo 45
Jan
Total sales in 51.000 units_ _.
258
63
107
301
129
69
May Dent Stores pref100
100124% Jan 18124% Jan 18 123
Ja0112434 Jan
Liberty Loan
(High 100,932 100"33 100,13, 100"33 100"so 100"os
• 4,600 21% Jan 20 22 Jan 16 2134 Jant 22% Jan Third
Maytag Co
soi% bonds of 1928
i
Low.
100"33
100"32 100,8o2 100,132 100,031 100"n
Middle-States Oil ctfe_10
500 1
Jan 19 134 Jan 20
36 Jan 134 Jan
(Third 4315)
Mime 100,in 100,88 100,9n 100,,M 100°22 100"n
* 5,400 20
Motion Picture
Jan 16 20% Jan 16 20
Jan 21
Jan
Total Mies in 51.000 units._
209
177
201
183
108
180
• 0,600 12
Jan 20 15% Jan 20 10% Jan 15% Jan
Murray Body
Fourth Liberty Loan
(High 102131 102,
11 102,31 102,
31 102811 102"os
Nat Cash Register A wt.67,100 4934 Jan 21 51% Jan 19 4934 Jan 54
Jan
43(
LOW_
1933-38%
-{
bends
102.00
ot
101"oo
102.00
102,
32 102411 102%
Nat Power & Light ctfs... 86,200 32 Jan 22 38% Jan 211 32
Jan 38% Jan
(Close
(Fourth
102.00
4300
102.00 102,32 102132 102,
32 102181
National Surety
Jan l827 Jan 20 215
400222
100
Jan
Jan 227
units__
Tatal
517
122
394
141
561
329
• 300211% Jan 20 15
National Tea Co
Jan 20 1136 Jan 238
Jan Treasury sates in SI.000 (111110
106012 1060,2 1060,2 1060s, 106"so 107.00
Jan 20 109
100 109
Jan 20 109
Mai;Lockp &0 Fr pfl00
Jan
Jan 109
434g.
(Low_ 106012 1060:2 1060s, 1062,45 106"oo 108"*3
1947-52
200110
Jan 22 110
Jan 22 109
Npt N & H Ry G & E 10f
Jan
Jan 111
(Close 106:131 1069n 106931 106,In 106"so 106113o
Preferred
100 110 .,an 22 110 . Jan 22 108
100
Jan 115 s Jan
Total miss in 51.000 units__
6
21
3
16
20
39
900 9236 Jtin 22 9334 Jan 18 92% Jan 95% Jan
North Amer Edison pref*
(High 103% 103'n 103,n 1030,2 103,
21 1031%
Norwalk T & Rubb_ _ _le 2,100 13% Jan 18 14% Jan 18 1294 Jan 15% Jan
4e.
(Low_
1944-1954
103
,
ss
103,
31 103.00 103,32 103,3, 1031n
Jan 22 89
300 85
Jan 18 85
Preferred
100
Jan
Jan 89
(Close 103,n 103,n 103,so 103"so 103,32 103"n
Jan 16 3336 Jan 18 31
25 8,000 31
Jan 33% Jan
Oil Well Supply
TOW VIM,in $1,000 woo.
1
2S
10
I
14
16
300 98
Jan 16 98
Jan 16 97
Jan
Jan 99
Onyx Hoelery pref_ _ _100
Jan 20101% Jan 19 101
400 101
Jan 10134 Jan
Orpheum Circ Inc PI 100
Note.
table
-The
above
coupon
Jan
200105
includes
19
105
of
sales
Jan
only
19
100
106
102%
pref___
Elevator
Jan
Jan
Otis
• 6001 4746 Jan 22 4934 Jan 18 47% Jan 51
Outlet Co
Jan bonds. Transactions in registered bonds were:
600 99% Jan 22 10134 Jan 16 9931 Jan 101% Jan 14 lst 3%s
I
Preferred
99,
*32 to 99"111 2d 4)(s
103"so to 100"o•
Jan 1 117
Jan 16 117 ..Jan 117
100 117
Jan
Pacific Tel & Tel_ _ _ _1(10
101,1”to 101lho 11 3d 4%5
8 let 4%5
10021,1 to 100"o•
Jan
Pan-Am Weed 'POT B....• 9.500 40% Jan 16 42% Jan le 40% Jan 46
992,12 to 99"oo 39 4th 434e
5 2d 45
1010n tO 10142
Jazil
459
New York Stock Exchange Stock Record, Daily, Weekly and Yearly
OCCUPYING FIVE PAGES.
For rale* during ebe week of stocks usually inactive. see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Jan. 16.
Monday,
Jan. 18.
$ Per share I per share
Tuesday.
Jan. 19.
Wednesday, Thursday,
Jan. 20.
Jan. 21.
Friday,
Jan. 22.
Per share $ per share I Per share $ per share
Sales
for
the
Week.
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Previous
Year 1925.
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share lots
Lowest
per share
Lowest
Highest
$ per
share
$ per share
Railroads.
Par
44
47
44
*43
100 44 Jan 19 45 Jan 6
45
*44
47
*4112 4312 *42
100 Ann Arbor
*44
6412 6412 65 -6-i
Do pref
100 6412 Jan 21, 67 Jan 22
.6514 6812 *6514 67
*6514 6712 *6412 68
7
300
13112 13312 13258 13334 131 13338 130 13214 12958 1318 12912 131
25,600 Atoll Topeka & Banta Fe 100 12912 Jan 221 139 Jan 5
95
95
Do pref
100 9488 Jan 2, 9588 Jan 21
95
•9478 9534 9434 9512 95
9518 9538 9518 9558 2,000
74 Jan 20 10 Jan 2
718 712
71
718 814
75*
738 738
712 778
723 11,500 Atlanta Birm & Atlantic...100
236 250
100 236 Jan 20 26212 Jan
248 250
247 2507 23778 248
238 24478 23812 242
13,000 Atlantic Coast Line RR
9078 9112 91
9138 8934 92
100 8812 Jan 22 9534 Jan II
8918 9054 884 9078 8812 908 49,200 Baltimore & Ohio
69
69
6814 69
100 6712 Jan 6 69 Jan 11
674 68
*6734 78
Do pref
674 68
6812 6834 2,000
45
4314 44
*4284 45
*43
50 4214 Jan 22 4578 Jan 13
4234 42
4318 4214 43
800 Bangor & Aroostook
,
4 43
*9838 9912 .99 100
9938 9938 1004 10018 10018 10018 997g 9978
100 9914 Jan 13 10018 Jan 20
Do pref
400
5788 568s 5714 5614 5714 5512 5738 558 5614 14,200 Sklyn Manh Tr•t a__ _No par 5512 Jan 21 6114 Jan 2
5718 5712 57
Nova? 81 Jan 5 8384 Jan 9
8212 8284 824 8258 *8212 8284 *8212 83
Do pref•t e
800
8258 8258 82
824
*8012 83
*80
84
*8012 83 '
Buffalo Rochester & Pi1te_1001 80 Jan 41 84 Jan 4
*8012 83
*804 83
9762 83
100 14612 Jan 9 14878 Jan 19,
14738 14834 14812 14834 14712 1487g 14712 14814 147 14714 14634 1473* 4,600 Canadian Pacific
*290 298
295 295 *285 300 *285 290
400 Central RR of New Jersey-100 285 Jan 21 305 Jan 11
285 285
287 290
100 11412 Jan 22 12812 Jan 2
118 11918 11814 12112 11614 1203 115 11738 115 11712 11412 11638 43,200 Chesapeake & Ohio
100 119 Jan 20 127 Jan 4
11978 12012 11934 12078 11912 121
Do prof
119 119
119 120
119 11912 3,000
814 Jan 4
783 Jan 19
100
75
Alton
• 778 778
778 8
Chicago
&
2,400
758 73
734 734
78
78 734
100 114 Jan 19 1438 Jan 4
1214 1212 1214 1212 1138 12
Do prof
1134 1134
1214 1212 3,500
12
12
100 200 Jan 12 200 Jan 12
•180 201 *180 201 *180 201 *180 201 *180 201 *180 201
CC C & St Louis
100 3412 Jan 9, 3612 Jan 15
*35
37
.343* 37
3434 343
3412 3412 *3414 36
300 Chic & East.Ill RR
*3414 35
*47
100 47 Jan 131 4934 Jan 4
4812 *47
4812 *47
491 *46
Do prof
48
*45
48
48
*46
111
1034 11
1118 1134 11
1058 1034 1038 1078 1012 1053 5.400 Chicago Great Western___100 1012 Jan 221 114 Jan 2
100 26 Jan 20 28 Jan 2
2558 26
26
2778 2514 273
Do prat
25
25
2612 25
26
2558 8,100
100 1088 Jan 2 1412 Jan 6
1212 1212 1212 13
1214 123
18,600 Chicago Mllw & St Paul
1218 1234 123* 13
1114 12
100 1814 Jan 22 2214 Jan 9
1914 1934 19
1912 19
1938 1878 19
Do pref
18% 1934 1814 1834 15,900
9412 75
75
7534 7312 751
7312 17,100 Chicago & North Western_100 7212 Jan 20 8178 Jan 2
7212 74
73
7314 75
•11912 120 *11912 11934.'11912 120
100 11812 Jan 4 120 Jan 20
Do pref
400
11912 120 *11918 12014 *11918 12012
5914 6014 59
6018 5814 60
5614 59
568 585* 56
5734 79,400 Chicago Rock Isl & Pacific_100 5512 Jan 11' 6034 Jan 15
99+2 9912 9938 9938 9934 993
100 99 Jan 5 100 Jan 2
*9932 100
Do 7% preferred
1,200
9938 100
997 100
100 86 Jan 111 8784 Jan 14
8712 8712 8712 8712 8712 873
Do 6% preferred
8714 874 87% 8734 8734 8754 1,800
.53
56
•52
54
Chic St Paul Minn & Om 100
*52
56
56
*52
56
*52
56
*52
0109 115 *109 115 .109 115 *107 112
100 110 Jan 21 114 Jan 9.
Do pref
100
110 110 *107 115
64
100 6112 Jan 20 65 Jan 13
63
63
6414 63
1,800 Colorado & Southern
63
6112 6112 627g 62% 6212 63
100 6518 Jan 5. 67 Jan 11:
*66
68
*66
6634 *66
Do let pref
100
67 •65
66
66
67
*65
67
100 59 Jan 11 59 Jan 111
.58
62
Do 20 prat
*58
62
*57
62
62
*57
62
*57
*57
62
100 15313 Jan 20 1654 Jan 11'
•157 158
15718 15812 156 15712 15312 18628 155 156
10.000 Delaware & Hudson
15378 159
14612 14712 147 14814 14434 148
11,700 Delaware Lack & Western_ 50 143 Jan 20i 15312 Jan 12
143 14412 14312 14612 143 148
*44
45
4314 4314 4312 4312 42
800 Denver Rio Or & West pref 100 42 Jan 20, 47 Jan 2
4212 421
*4212 43
42
100 3418 Jan 20 40 Jan 2
35
3558 35
3534 3412 357g 3418 3478 3414 348 3418 353 34,700 Erie
100 4113 Jan 20 454 Jan 4
424 4233 4234 434 4238 4318 4112 4238 4112 4238 4214 4338 11,200
Do lot pref
100 39 Jan 16 43 Jan 2
39
391
40
Do 28 pref
2,600
3912 40
40
3958 3934 *3912 40
40
40
100 73 Jan 22 7888 Jan 4
7458 7514 7434 7538 7312 7514 7314 7414 738 7412 73
7358 17,800 Great Northern pref
2558 2584 2512 2558 2512 2512 2512 2558 2512 2512 258 253
Iron Ore Propertiee-NO par 2512 Jan 18 2678 Jan 4
2.200
100 3212 Jan 211 3514 Jan 71
331
Mob
&
Nor
3212
3312 3312 33
Gulf
2,200
3312 33
33
*3212 33
3212 3212
100 10078 Jan 22 10214 Jan 15
10214 10214 10134 1013 .101 10112 •10034 102
Do pref
800
101 10114 10078 10078
.230 260 *230 260 *230 260 .230 260 *230 260 *230 260
Havana Elm Ry, Lt & P_ _100
100 3158 Jan 22 3738 Jan 16
3634 3738 37
3738 3612 3714 3612 3678 36
3678 3413 361 12,800 Hudson & Manhattan
7014 Jan 4, 75 Jan 19
10
•72
73
Do prat
7212 7384 7412 75
500
*7312 7512 •7312 751 *7312 751
11818 Jan 16 124 Jan 2
100
11818 11834 11834 11974 11812 120
Central
Illinois
5,100
1181
11818
11814
11812
11838 119
10 119 Jan 14 12313 Jan 2
•11712 121 .118 121 *118 121
Do pref
600
19 *119 120
119 11912 119
*29
30
*29
200 Int Rye of Cent America_ _100 2814 Jan 22, 3018 Jan 6
2834 283
30
*29
29
29
30
*28
30
_1
10
•63
68
Do pref
*6312 68
*64
68
*6312 68
68
*6312 68
*64
241 26
26
2778 26
2818 2758 281 10,900 Interboro Rap Trim v t a_ _100 2412 Jan 15: 3284 Jan 4'
2712 2614 28
27
100 434 Jan 20 4983 Jan 13'
4612 47
4612 4734 4453 47
4338 4512 4418 4538 441s 451 15,200 Kansas City Southern
6188 Jan 22 6278 Jan 14'
10
62
Do prat
62
700
61% 617* .62
62
*6178 6212 6138 6138
6212 62
50 80 Jan 20 8578 Jan 2
*8214 83
12,900 Lehigh Valley
83
82
83
8434 80
8118 80
8114 8223 80
1273
4 Jan 22 143 Jan 4
100
Nashville
131 13312 132 13312 13018 136
&
Louisville
8,400
1273
4
1301
12818 13312
1304 133
Manhattan Elevated guar.100 85 Jan 151 88 Jan 4
*80
88
*80
88
•80
88
188013 88
*80
88 .8012 88
100 3878 Jan 20 4313 Jan 2
Do modified guar
39
40
4014 4,800
3978 4018 39
394 3878 401
4034 4034 40
768 Jon 22
714 Jan 19
100
*734 818
*612 8
200 Market Street 117
753 75
*712 812
714 714 •712 8
100 2514 Jan 5 2514 Jan 5
Do pref
*26
31
*26
30
*2512 31
31
*26
30
31
*26
*26
100 42 Jan 21 4418 Jan 4
Do prior prof
*4214 44
44
42
4214 *42
800
4214 4212 4238 4238 •4212 44
100 1312 Jan 18 1612 Jan 18
Do 28 prat
•1512 18
800
18
18 *14
1312 161, 15
16
*14
161 *14
378 Jan 11
314 Jan 4
100
314 314
*338 358
314 31.-i
314 333 1,100 Minneap & St L
*314
312
314 31
*4812 4912 *4814 4914 4814 4812 474 473
4738 4758 *4634 4712 1.000 Minn St Paul & 55 Marle_100 4714 Jan 20 50 Jan 4
Jan
7
734
Jan 7
100
7313
Do pref
.70
*68
73
73 .69
73
*68
73
73
*68
7312 *68
4138 4238 4114 4214 4018 4134 3974 40% 4014 4138 4038 4138 27,800 Mo-Kan-Texas RR____No par 3978 Jan 20 4314 Jan 13
22
95
Jan 4
Jan
9012
100
pref
9212 9112 92
91
Do
9012
91
92
3,200
9212 92
913
904
91
22 4014 Jan 14
10
0:1Jan
3612
3734 3838 3814 3878 3712 3878 3658 371
3634 3838 3612 378 21,100 Missouri Pacific
100 844 Jan 21 8914 Jan 4
Do pref
8658 8714 87
86
8778 85% 8714 85
844 8634 8434 8574 17,300
412 Jan 7
234 Jan 5
314 3,4
312 358 *314
312 1,500 Nat 1175 01 Mex 28 pref....1
312 312
338
*312 3
,
4
100 12634 Jan 20 13558 Jan 2
12858 12978 12912 13033 12712 13014 12634 128% 12734 12914 12714 12812 71,700 New York Central
100 171 Jan 22 18184 Jan 11
171 17138 2,100 NYC&StLCo
173 173
175 177
175 177
174 175 *172 175
100 9678 Jan 9 0812 Jan 13
Do prat
9714 9712 9714 9714
*97
9912 97
97
*9612 9734 9738 973
1,500
100 4014 Jan 22 4534 Jan 2
424 4234 424 43
42
4058 4238 4014 4112 40,500 NY NH& Hartford
4158 4278 41
_100
23 Jan 20 2812 Jan 2
&
Western_
Ontario
2512
2512
NY
26
26
2518
25
253
277
8
2612 2614 2638
2614
4,900
100 36 Jan 2 37 Jan 13
3614 364
38
*3612 38
*36
3612 3612 3618 361 *3614 38
600 Norfolk Southern
100 14738 Jan 4 15714 Jan 10
15114 15212 15134 15014 15334 15714 153% 1551 1515 155% 15118 15338 63,200 Norfolk & Western
100 84 Jan 7 85 Jan 7
Do met
85
85
85
85
85
85
*85
8512 85
85
*84
85
600
100 714 Jan 22 7612 Jan 2
7114 72
73% 7138 7212 724 73
21,000 Northern Paciflo
7318 7312 7312 737s 72
5358 5414 5358 5414 5312 54
5312 5378 5314 5334 5358 55
2412 2412 *23
25
24
*23
24
*23
25
24
*2412 25
83
83
83
8312 8212 8212
•8212 8512 8512 8512 8312 84
8812 *8538 8812 .8534 8812 *8512 8734 *8512 8812
•8534 8812 *85
7912 *7812 7912 78
7812
7812 7812 .78
•7812 80
80
•78
1121. 113
112 113
112 113
11318 11318 *114 11512 113 113
8414 8614 84
8434 8484 85% 845* 88
85
85% 8512 86
*4018 41
40
*4018 41
404 4034 4014 4014 40
404 4018
403 4078
*4034 41
*4034 41
40% 4034 *40% 41
*4012 41
*55
57
*54
57 .50
55
60
*50
55
*50
•55
57
9958 98 10114 9858 101
9614 9678 9634 9734 9612 9818 96
86
86
85
87
87
86
86
87
•84
87
87
881
644 6534 6513 651
65
6514 6638 6558 6638 65
6678 64
75
•75
76
*75
7514 75
75
75
74% 748
7514 76
44% 4638 43
45
4334 4612 4334 441
4478 4512 4512 46
45
4534 4534 45
4534 43
4414 4414 45
45
*44
45
10014 10112 9978 101
100 10114 100 10012
10018 10012 10058 101
113 11412 11312 11438 11214 11434 1114 11512 113% 11614 11388 11434
90
91
9014 9014 904 91
9012 9138 9012 91
9038 91
5714 59
5612 5818 5612 5834 5612 5714
5776 5858 5831 60
17
17
17
164 16%
17
1612 1612 *16
17
1612
17
78
*7612 7818 *764 7712 •75
*7712 7812 .77
77 '
'1 . _ _ _ 77
14514 146
14478 14638 144 14514
14614 14658 14614 14678 14534 147
7514 75% 7558 7538 7512 75,2 7512 7512 7534 7534 75714
75
*19
25
*19
25
*19
•19
25
*19
25
25
25
•19
7634 •73
7634 *7212 7634 •7412 761
•7214 7612 7612 7612 *72
*125 200 *125 200 *125 200 *125 200 *125 200 •125 200
49% 4534 47511 46
4783 4578 47
4778 48% 4814 4914 47
75% 75% 7514 7618 754 7612 7412 7512 744 7512 X735 741
66
65
66
6434 64
,
4 *6114 63 .6114 63
6414 .64
64
1512 15% 15% 15% 1558 1534 1538 1578
1558 1534 15% 16
211
2214 2212 224 2214 2214 2212 *2134 2214 2184 2134 21
36
37
37
3718 35% 36
36
3614 3014 3612 3612 36
78
781s 7812 78
78
784 *78
7814
78
7712 78
78
2812 29,
274
2714 28,
294 30
4 27
8 2738 29
2812 29
•48
49
4914 49
49
4984 48
4884 *48
4812 4884 49
72
•130
•105
*1812
•56
838
10778
10
72
133
107
1712
68
838
10884
1014
723
133
107
*17
57
814
1094
1014
7234 7158
133 .133
105
107
17
18
5814 *55
838
84
11284 10984
10
1014
7214
134
10712
17
57
838
11214
1012
7158 7253 7212 7312
*133 134 92312 134
104% 107
104 104
1688 1612
.1613 17
5612 5612 5512 5512
8
8
814 814
1084 1104 11012 11233
10
1018
984 10
•Sid and asked prices. z Ex-dividend. jEx-Ilid•
60 5314 Jan 181 5518 Jan 2
97,100 ssnasylvania
100 2012 Jan 7 2684 Jan 14
200 Peoria & Eastern
100 8238 Jan 15 86 Jan 4
1,700 Pere Marquette
100
Do prior pref
Do pref
100 78 Jan 22 8012 Jan 13
300
1,400 Pittsburgh & West Va--.100 112 Jan 21 11938 Jan 111
50 84 Jan 20 9014 Jan 11
17,600 Reading
60 40 Jan 5 404 Jan 18
Do 1st Prat
700
Do 2d pref
50 4018 Jan 8 4113 Jan 11
500
Rutland RR pref
100 55 Jan 14 57 Jan 7
100 96 Jan 20 10114 Jan 21
80,700 St Loule-San Francisoo
100 86 Jan 19 8812 Jan 22
Do prof A
800
100 64 Jan 20 7183 Jan 4
10,200 St Louis Southwestern
Do prof
100 7478 Jan 22 7612 Jan 5
500
100 43 Jan 20 61 Jan 2
19,600 Seaboard Air Line
Do prat
1,600
100 43 Jan 20 474 Jan 4
92,500 Southern Pacific Co
100 9978 Jan 20 10414 Jan 2
36,200 Southern RallwaY
100 11178 Jan 20 1194 Jan 4
Do prof
4,700
100 904 Jan 18 9212 Jan 2
28,100 Texas & Pacific
100 554 Jan 4 6188 Jan 13
2,400 Fisird Avenue
100 1312 Jan 8 1814 Jan 14
Twin City Rapid Transit_ _100 78 Jan 7 784 Jan 4
17,600 Union Pacific
100 144 Jan 22 150 Jan 2
Do pref
2,000
100 744 Jan 6 7578 Jan 22
United Railways Invest...l00 2458 Jan 4 2488 Jan 4
Do Prof
300
100 75 Jan 11 8112 Jan 4
Virginia Railway & Power.100
73,500 Wabash
100 4278 Jan 5 52 Jan 12
Do pre!).
20,400
100 73 Jan 4 784 Jan 13
Do prof 13
500
100 60 Jan 4 6634 Jan 13
9,700 Western Maryland
100 1588 Jan 20 1688 Jan 4
Do 2d pref
1,800
100 21 Jan 22 24 Jan 4
8,100 Western Pacific new
100 3584 Jan 20 3914 Jan 2
Do prof new
1,700
100 7713 Jan 15 8012 Jan 6
15,700 Wheeling & Lake Erie Ry....100 27 Jan 22 32 Jan 2
Do pref
3,300
100 4712 Jan 8 5012 Jan 4
Industrial & Miscellaneous
7212 7212 4,200 Abitibi Power & Paper_Ne per 7114 Jan 12 7414
133 133
200 All American Cables
100 131 Jan 6 133
103 104% 1,600 Adams Express
100 103 Jan 22 109
1614 1688
600 Advance Risme',
300 1614 Jan 22 18
*55
57
Do pref
600
100 5512 Jan 21 58
6,700 Ahumada Lead
74 8
918
1
778 Jan 22
10984 11178 12,800 Alt Reduction, Ine......No par 10778 Jan 16 11234
978 10
5,500 Ajax Rubber. Inc_ _ No var
934 Jan 20 1114
Jan 4
Jan 18
Jan 6
Jan 5
Jan 4
Jan 4
Jan 18
Jan 5
Highest
Per shay,
22 Feb 48 Dec
40 Mar 67 Dec
1164 Jan 14013 Dec
924 Feb 98 Dec
Jan 114 Dec
3
14714 Jan 268 Dec
71 Mar 9413 Dec
624 Apr 674 Nov
3514 Mar 5612 Nov
Oct
89 June 100
3518 Jan 64 Nov
727s Jan 8384 Dec
48 Apr 9218May
13612 Mar 16215 Jan
Jan
265 Mar 821
8914 Mar 13012 Dec
10514 Apr 130 Dec
34 ADr 1038 Fas
54 Apr 1912 Feb
140 May 200 Deo
2984 Mar 3814 Aug
40 Mar 574 Jan
9 Jan 15 Feb
1914 Mar 3288 Feb
We Jan
34 Apr
7 Apr 284 J_In
47 Apr 807g Dec
10184 Apr 120 Dec
4018 Mar 5878 Dec
92 Jan 100 Dec
82 Mar 894 Mar
334 AM 5912 Jan
7314 Apr 12018 Dec
441g Jan 7011 Sept
664 Dec
60 Ma
54
Jan 8212 Aug
13312 Ma 155 Apr
125 Ma 1474 June
Jan
3483 Oct 60
2684May 3938 Dec
35 Jun
46% Jan
34 Jun
4384 Jan
60 Apr 8238 Dec
25 De
404 Jan
23 Ma
3688 Sept
8912 Ma 10914 Sept
112 May 246 Sept
214 Ma
3838 Aug
6412 Fe
72 July
111 Ma 12512 Dec
11213 Apr 12514 Dec
18
Jan 331s Sept
594 Jan 6612 July
1312 Mar 344 Feb
284 Mar 51 Dec
57
Jan 634 Dec
69 Mar 884 Dec
106
Jan 148 Dec
64 May 11912 Sept
3213 Mar 514 Feb
6 Nov 12 Sept
20
Jan 4614 Sept
424 Nov 6514 Sept
15 Dec 3514 Sept
24 Oct
4 Mar
3088 Apr 57 Nov
40 Mar 8614 Nov
284 Jan 454 Sept
744 Jan 9212 Dec
3088 Jan 4114 Dec
71 Mar 9113 Dec
314 Dec
14 June
11314 June 13712 Dec
118 June 183 Dec
8812 Jan 9878 Nov
47 Dec
28 Ma
204 Apr 8434 Aug
45 Sept
214 AD
1234 Ma 151 Dec
7512 Jan 86 Dec
5814 Apr 784 Dec
424 Apr 5588 Dee
1384 Apr 2188 Dec
6134 Jun
8512 Dec
78 Jul
8984 Dec
684 Apr 7988 Dec
63 Mar 123 Dec
6984 Ma
9114 June
3578 Ma
41 June
364 Mar 4484 June
42 AM 6278 Jan
5211 Jan 10214 Aug
76
Jan 9214 July
4384 June 694 Dec
704 June 7884 Dec
208s Jan 544 Nov
35 Mar 614 Aug
Oct 10883 Jan
96
7716 Jan 12013 Dec
Jan 954 Sept
83
6314 Jan 59 Dec
712 Apr 1583 Sept
58
Jan 7814 Dec
13314 Apr 1434 Jan
72
Jan TN July
18 Aug 334 May
484 Mar 834 Dec
6418 Jan 150 Nov
194 Mar 474 Aug
73% Dee
5834 Jan
8812 Jan 6012 Aug
11 Mar 1888 Aug
18 Mar 264 Jan
1984 July 3932 Dee
72 July 81 Dec
1084 Mar 32 Dec
22 Apr 534 Dee
82
119
90
13
47
74
864
94
Jan 7614 Dec
JAI) 13384 Oct
Apr 1174 Oct
Oct
Apr 20
Feb 8214 Oct
Ills, Mar
Oct
Jan 11783 Dec
ups June
Doe
New York Stock Record-Continued-Page z
460
Fog sales during [ha week of stocks usually Inactive. see second vitae preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Jan. 16.
Monday,
Jars. 18.
Tuesday,
Jan. 19.
Wednesday, Thursday,
Jan. 21.
Jan. 20.
Friday.
Jan. 22.
Per share $ per share $ per share $ per share $ per share
$ per share
158
178 *134 178
134
11
/
4
178
172 178 •134
134
178
11412 11612 114 11718 11212 11512 113 11518 11318 11478
11442 116
120 120
120 120
120 12018
120 12015 *11934 12014 *11934 120
9123 9234 9014 93
92
9012 9114 9012 92
91
9078 9114
•106 110 •106 110 *106 110 *105 110 *105 110 *105 110
3038 3238 3072 32% 3032 3112
3138 3218 3218 3272 3014 327
8912 94
8912 9212 8834 9112 881 9072
9214 9312 9314 94
3212 3212 3218 327g 3218 3278 3234 3234 3214 3212
33
•32
*77
•77
80
80
*77
•79
80
80
*77
80
80
80
35
3014 2934 3014 29
30
2814 29
2812 20% 2812 2812
16612 16834 166 16838 16312 166
164 16512 16534 16.534
163 166
•113 115 •113 115 *113 115 *113 115 *113 115 *113 115
27912 283
27972 28212 281% 28478 276 28312 27512 281
28013 28414
123 123
12214 12214 12134 12134 12134 12134 •122 124
12214 123
110 11112 110 112
110 11112 11012 11112 11012 112
110 11112
125 126 *126 12614
125 125 *122 125
125 125
•125 127
25
2434 25
25
2412 2412 2438 2412 2432 2458
2472 25
*46
48
46
4712 471
46
4534 46
4614 47
46
47
4412 4422
4,512 4512 4412 45
*4412 45
45
44
45
44
Sales
for
the
Week.
Shares.
2,700
32,400
900
7,100
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
On bests of 100 share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
Indus.& Miscall.(Con.) Par $ per share
per share $ per share $ per share
Alaska Juneau Gold Min__ 10
158 Jan 11
1
2 Jan 4
Jan
212 Oct
Allied Chemical ee Dye_No par 112 Jan 6 12012 Jan 12
80 Mar 11658 Dec
Do pref
100 120 Jan 2 12012 Jan 4 117
Jar 12114 Nov
Allia-Chalmers Mfg
100 9014 Jan 19 9458 Jan 14
7113 Jan
9714 Dec
Do prof
100 109 Jan 2 110 Jan 4 1034 Jan 109 Dec
17,500 Amer Agricultural Chem._100 2634 Jan 2 3438 Jan 14
1312 Mar 29/
1
4 Oct
9,000
Do prat
100 80 Jan 2 9612 Jan 14
3813 Mar 8212 Dec
1,200 American Beet Sugar
100 3134 Jan 15 3512 Jan 7
2958 Oct 43
Jan
100
Do pref
100 78 Jan 12 80 Jan 8
78 Dec 87/
1
4 June
13,000 Amer Bosch Magneto..No par 2814 Jan 20 3438 Jan 4
2612 Mar 5412 Jan
6,400 Am Brake Shoe & F._ _.No par 150 Jan 5 18834 Jan 18
9014 Mar 156 Dec
Do prof
1041 11234 Jan 12 115 Jan 5 10712 Jan 1141
/
4 Dec
63,300 American Can
100 27512 Jan 20 29634 Jan 2 15818 Jan 297/
1
4 Dec
1,700
Do pre(
100 121 Jan 4 123 Jan 21 115
Jan
1217
8 Sept
9,200 American Car& FoundryNopar 109 Jan 2 114/
1
4 Jan 12
9712 Apr 11534 Sept
400
Do pref
100 124 Jan 7 126 Jan 21 12014 Apr 128 July
2,900 American Chain.class A.__ 25 24/
1
4 Jan 21 25 Jan 2
2212 Oct 27 Feb
1,600 American Chicle
No par 4534 Jan 21 51 Jan 4
37
Jan 62 Apr
Do certificates
900
No par 44 Jan 21 4714 Jan 7
Jan 5812 Apr
87
514 538
5
5
5
514
5
5
5
514 *5
534 2,800 _ner Druggists Syndicate_ 10
414 Jan 5
512
Jan
15
614 Jan
414
Dec
132 13312 •133 135
132 133
1331? 13538 •133 13434 13214 134
3,300 American Express
100 132 Jan 20 140 Jan 6
Jan
4018 4033 40% 4138 40
4018 3812 3958 3734 39
4112 37
16,900 Amer & For'n Pow new_,Vo Par 37 Jan 20 42% Jan 2 125 Apr 166
274
Apr
513
8 Sept
9112 9112 91'2 9112 9134 9134 9112 9172 9138 92
9134 9178 1,600
Do pref
No par 9114 Jan 2 92 Jan 5
87
Jan 94
Feb
128
*126 133 *126 133
__ 12712 12712
Do 25% paid _. _ _ ...._ . 12712 Jan 22 131 Jan 2
200
11438 Apr 142 Sept
14
14
14
14381281438 13
14
1314 13- 1338 1252 1258 2,500 American Hide & Leather_100 1258 Jan 22 1638 Jan
5
84 Mar
1433 Dec
6058 6034 6014 6012 *60
6012 6014 *6012 63
6012 60
6028
900
Do prof
100 60 Jan 22 64 Jan 5
5812 Sept 7512 Jan
127 12934 126 127
12534 126
12614 127
126 12714 *125 12578 3,200 American Ice.
1110 12534 Jan 20 13534 Jan 7
Mar
139
83
Dec
83
83
' .8212 83
82
7
83
2
83
83
8272 8278
*8212 8272
600
Do pref
100 8212 Jan 13 8314 Jan 4
74% Mar 88 July
4214 4278 4258 4334 4238 4334 14,400 Amer International Corp_ _100 4212 Jan 19 4512
4334 4412 4338 4412 4218 44
Jan 15
3218 Mar 48/
1
4 Nov
1358 14
1312 1334 1334 1334 1334 1334 1312 1334 1318 1312 - 6,400 American La France F E
10 13/
1
4 Jan 22 15/
1
4 Jan 4
114 Jan 20 Nov
4712 4812 4 32 4878 4734 4832 4614 4614 45
4618 *4412 45
3,000 American Linseed
100 45 Jan 21 5278 Jan 4
20 Mar 5914 Nov
84
*84
85
84
•82
84
833 8334 8334 8334
84
84
Do pref.
400
100 82 Jan 15 87 Jan 4
114 11612 11112 11412 11118 114
11512 11614 11513 117
11118 11212 21,400 American L000m new_No par 11118 Jan 21 11978 Jan 4
1044 Jan 14478 Mar
120 120
120 120 *11914 12014 •119 12014
120 120 *11914 120
300
Do pref
100 11812 Jan 7 120 Jan 16 153
15 Alit
jan 18
24
9 Feb
52% 5258 5258 5312 5214 5234 511s 52
5178 52
*5178 52
2.800 American Metals
No par 5118 Jan 20 56 Jan 7
45/
1
4 Mar 57/
1
4 Oct
11212
113
113
10912
11212
111
1121s
11212 10912 112
10912 110
4,600 American Radiator
25 10912 Jan 20 11512 Jan 4
89/
1
4 Jan 12212 Nov
7712 7712 7712 7712
*7712 78
•7712 78
*76% 78
*7712 78
200 Amer Railway Express...100 7712 Jan 21 77/
1
4 Jan 12 x76 Sept 84
Jan
57
5714 5614 57
5618 56% 5634 58
58
5614 59
57
8,100 American Safety Razor_ __.100 5514 Jan 4 63 Jan 8
3678 Jan 76/
1
4 Nov
6
6
6
632
572 612
64 618
572 58 1,400 Amer Ship & Comm___No par
572 578
512 Jan 2
6/
1
4 Jan 5
51g Dec 1412 Feb
13058 134
136 13738 135 13734 13238 13812 13014 134
1305, 13278 57,600 Amer Smelting & RefinIng.100 13014 Jaa 20 14434 Jan 7
90/
1
4 Mar 14412 Dec
21 4/
1
4 1145a 1141/ 115
11518 11518 11518 11518 *11514 11513 2,400
115 115
Do pref
100 113 Jan 4 1154 Jan 20
4512 4514 4534 4413 4534 44
45
4412 4418 4414 4424 4411 12.500 Amer Steel Foundries__No var 44 Jan 20 44 Jan 20 10513 Jan 11514 Oct
37/
1
4 June 4712 Dec
•113
113
____ 113
____
0113
Do pref
100 113 Jan 7 11318 Jan 11 108 Jan 11318 Oct
7614 7418 7514 75
76
75
75
76
7334 -7-5-34 74% -71- 19,200 American Sugar Refining_ _100 7334 Jan xl 79 Jan 7
4758 Jan 77/
1
4 Dec
10272 19278 1027 1028 *10212 103 *102 103
•102 103
10278 10278
600
Do prof
100 102 Jan 6 103 Jan 2
9114 Jan 1041
/
4 Nov
1214 1134 1158 1158 1158 *1112 12
12
12
1134 1218 *12
1,000 Amer Sumatra Tobacoo
100 11 Jan 2 1438 Jan 11
6 May 244 Feb
*88 10514 •88 10514 *88 10514 *88 10.524 *88 10514
*88 110
Do prof
1
28 Apr 1204 Oct
41
*40
40
41
40
.40
4014 4014 .40
41
41
*40
400 Amer Telegraph & Cable..10040 Jan 16 4014 Jan 18
3734 June 47 Feb
14278 143
14278 14318 143 14338 10,700 Amer Taloa & Teleg
14234 14318 14234 143
143 143
100 14212 Jan 2 14338 Jan 9 130/
1
4 Jan 145 Dee
11518 11534 11514 11578 1151* 11534 4,000 American Tobacco
115% 11512 11578 116% 11578 116
60 11414 Jan 4 116/
1
4 Jan 9
85 Feb 12112 Oct
10612 107 .10612 107 *10634 107
10678 106% *106 107
1067 107
Do prof
400
100 1061
/
4 Jan 4 107 Jan 6 10412 Jan 110 Nov
11412 11434 11412 1158 114 11514 114% 11478 11418 11412 11418 11412 7.200
Do common Class B._ _ _50 11312 Jan 4 11558 Jan 9 10
83
412 Feb
A
11912 Oct
11412 115 *114 11612 114 114
*118 11814 *11612 11814 116 116
500 American Typo Founders-100 114 Jan 22 119 Jan 8
13538 Nov
7212 22,600 Am Wat Wks & El
698 6914 7214 6812 7038 70
6812 68
68
7234 71
20 68 Jan 16 74 Jan 4
3412 Jan
7614 Dec
1053
4
105
1053
4
*10334
105
4
1053
1043
4
4 *1043
•10412
110 *10534 10712
Do 1st pref (7%)
200
100 10212 Jan 6 105/
1
4 Jan 19
9714 Aug 103 Feb
4032 4032 4012 4034 3814 4032 3812 3914
4 3858 39
13.400 American Woolen
_100 3812 Jan 20 4278 Jan 13
3434 May 6484 Jan
88
8812 8712 *8614 8772 *8614 8734 8612 8612 1,100
88
88
88
Do met
100 8612 Jan 19 8934 Jan 4
May
Jan
312 358
3
338
334 334
334 4
212 214 *214 234 2,100 Amer Writing Paper pro!. 100
1/
1
4 Jan 4
558 Jan 13
6911
9671%
9
9
9
9
91
834 878 *858 9
838 858
1,100 Amer Zinc, Lead & Smelt__ 25
8/
1
4 Jan 4 1034 Jan 8
44
127
1: n
jan
o4
3818 40
39
407
39
39
3912 392 40
39
3818 39
Do prat ._
1,700
25 37/
1
4 Jan 6 43 Jan 8
24
778 May
4678 4712 4612 4738 47
4712 4634 4714 24,100 Anaconda Copper Mining_ _50 4618 Jan 16 5032 Jan 5
46% 4634 4838 47
3514 Apr 5314 Nov
*4112 4214 417g 42% 4112 4158 4018 41
*4112 42
3912 40% 2,700 Archer, Dana, Midi'cl_No par 3912 Jan 22 44/
1
4 Jan 2
26
Jan 4613 Dec
•103 105 *103 105 •10314 105 *10314 105 *10134 105 *10134 105
Do pref
100 104 Jan 9 105 Jan 4
9012 Jan 105
Oct
9734 97/4 971s 9712 9734 9734 *9712 9734 9712 9713 1.000 Armour & Co (Del) prat_ _.100 97 Jan 6 971
•97% 98
/
4 Jan 13
904 Mar 100
Oct
2432 2378 2414 24
2414 24
24% 2412 2414 2412 24
2414 16,800 Armour of Illinois Class A. _25 23/
1
4 Jan 2 2514 Jan 7
20 Mar 2712 Oct
1434 14341 1412 1412 1.700 Arnold Conatle&Covto No pat 141
15
15
15
15
1412 1412 1478 15
/
4 Jan 12 1512 Jan 6
8
Jan
175
8
Oct
5811 5878 .5712 59
58
5712 58
5873 6312 6112 633* 4,700 Ar
*56
No par 5614 Jan 12 6312 Jan 21
39 June 6034 Dec
11012 11012 *110 11212
ti°°m
•110 11118 *110 112 *110 112 •110 112
Preferred
100
100 110 Jan 14 11012 Jan 21 10112 Aug 110 Dec
51% 5012 5114 5018 51
11,700 Associated Dry Gooda____100 5018 Jan 21 5478 Jan 9
5134 5218 5132 5214 5112 5214 51
4612 Aug 611
/
4 Nov
10112 1011 •101 102 .101 102
Do 1st pre/
500
*100 10112 10138 10112 *101 102
100 10114 Jan 14 10212 Jan 6
94
Jan 102
Oct
Do 2d pref
100
1075 10734 *107 108 *107 108 *107 108 •107 108 *107 108
100 10712 Jan 4 10734 Jan 16 101
Jan
10814
Feb
5378 5258 54
53
5012 5234 51
5334 111,800 Associated 011
5178 53
53
51
1
4 Jan 6 54 Jan 21
25 44/
32 Mar 4714 Dec
6334 6112 6314 60
6218 6014 61121 11,700 Atl Gulf & W I EIS Line__ _100 60 Jan 211 68/
6234 63% 6212 6434 81
1
4 Jan 6
20
Jan 77 Sept
5418 541
5414 5414 54% 54141 2,300
5514 5514 5414 55
Do pref
55
55
100 53 Jan 5 5614 Jan 13
31
Jar, 60 Sept
105 105 *105 10612 105 10512 105 1051 •105 106 *10434 10612 1,000 Atlantic Refining
100 105 Jan 12 109 Jan 4
9513 Jan 11712 Feb
11612
•11612
118
117
11612
117
11612
117
11612
117
Do
pref
400
118
*11612
100 11612 Jan 18 117 Jan 21 113 Sept 11734 June
15% 1518
800 Atlas Tack
1514 1512 1512 1512 1512 1512 1518 1514 •1514 16
No par 154 Jan 20 1714 Jan 2
918. Feb 21 Dec
.2512 2578 25
25
2518 26
25
26
25% 2,700 Austin,N khola & Coat o No par 25 Jan 20 27 Jan 4
2614 2614 26
22 July' 3212 Jan
3
90
90
*8912
90
90
9014
8978 8978
Do pref
1,100
9018 9018 90
100 89% Jan 22 93 Jan 6
873
2 Jan 95 Aug
1
.474
1
47,
78
78
*14 1
300 Auto Knitter Hosiery_.No par
78
78
*34
34 Jan 2
1
414 May
118 Jan 2
12 Dec
12614 128
12718 12812 128 12914 12434 12812 123 12634 12514 128
54,300 Baldwin Locomotive Wks_100 123 Jan 20 13612 Jan 4 107 Mar 148 Feb
11112
111
112
11118
113 113
11114 11114 *11118 112
*11118 113
Do pref
700
100 111 Jan 6 113 Jan 4 107 Aug 1165s Jan
, 3014 2938 3034 23,200 Bartuidall Corp. Class A
3012 3078 3052 3078 3014 3012 2934 3012 298
/
4 Jan 21 3312 Jan 2
25 291
1814 Aug 3312 Dec
2614 2614 2534 2612 4,200
27
2632 2632 2614 27
Do Claw B
2614 2612 26
1
4 Jan 22 2912 Jan 2
25 25/
16 Aug 30 Dec
.4712 53
*4714 53
*4712 55 .4712 55
*4712 53
Barnet Leather
*4712 55
No par 5014 Jan 8 5014 Jan 8
86
Jan 7312 Oct
44
43
4434 43
44
43
44
44
4314
800 Bayuk Cigars. Ino
4314 4314 *43
No Par 43 Jan 19 491
/
4 Jan 4
3814 Sept 5314 Feb
6114 63
64% 62% 64
10,400 Beech Nut Packing
644 654 6518 65% 6434 6578 63
20 6114 Jan 22 6878 Jan 2
60 Mar 7734 Aug
No par 3718 Jan 15 3934 Jan 4
3718 3712 3712 3734 3712 3818 3738 3734 3712 3712 3712 3714 8,100 Bolding Bros
37 Rein
4134 Dec
471 48
4812 4812 4714 4718 4634 4712 4612 4734 4618 47
19,200 Bethlehem Steel Corp
100 4618 Jan 22 5014 Jan 7
37 June 5312 Jan
*11512
11612
117
117
116
11618
•11512
116
11678
Co
115
cum
3
600
8
oonv 8% Pref.-100 115 Jan 2 11678 Jan 22 109 Mar 11613 Feb
•1155,
11558
Do prof 7%
1,800
10114 10114 10138 10138 10112 1015. 10112 10112 10158 10178 10112 102
100 10038 Jan 5 102 Jan 22
Jua
ne 1067
14 is4y
2
93
44
Jan
512
8
8
814
612 718 2,500 Booth Fisheries
8
818 512 '8
818 812
612 Jan 6
No par
934 Jan 11
Oct
*4012 41
4012 4012
*4012 41
*40/
*4012 41
1
4 41
100 Botany Cons Milk Class A.50 4012 Jan 6 41% Jan 4
*4012 41
4058 Aug 46 July
3338 3312 3338 3414 3312 3414 3314 3312 3338 3334 3312 3334 5,400 Briggs Manufacturing_.No Par 3314 Jan 8 3712 Jan 4
27
Oct 4412 May
136 136
135 136
13414 135
135 136
3,300 Brooklyn Edleon, Inc
135 136
13412 136
100 13312 Jan 8 138 Jan 13 120/
1
4 Jan 1564 Nov
76
7534 77
7412 7558 76
3,600 Bklyn ULion Gaii
7612 7714 7712 7534 77
No par 7412 Jan 20 7834 Jan 11
*76
7318 Deo 10014 Nov
100 137 Jan 2 14312 Jan 8
Brown Sboe Inc
_L
•135 140 .135 141 •135 140 *134 141 *130 140
644 Mar 157 Nov
Do prat
100
109 109 •108 110 *108 110 .106 110 *106 110
*106 110
100 109 Jan 18 10912 Jan 7
96 Mar 109
Oct
2718 27% 2.500 Brunswick-Balke-Coll'r No par 2718 Jan 22; 3078 Jan 4
28
28
28
2812 2812 2818 2818 28
*28/
1
4 29
24 JF
9214
ue
nb
e 143961/4
132 133
13138 134 *13152 132
800 Burna Brothers
No par 12934 Jan 8' 13534 Jan 14
0132 134 *13212 134 •133 134
Dee
Do new Class B coin No par 36 Jan 191 40. Jan 4
3618 3734 3734 *3712 38
1,700
3734 36
38
3812 3714 3734 36
17 Mar 39 Dee
9113 9112 *90
92
200 Burroughs Add'g Macb-No Par 9112 Jan 21 93 Jan 4
*91% 93
*9112 93
92
92
93
*92
85
Jan 103 Sept
21
21
21
*2012 22
..No par 20 Jan 15 22/
500 Bush Terminal new ___
21
21
1
4 Jan 4
2014 2014 *2078 2212 21
1452 June 26 Dec
Debenture
8814 *8834 8912 8734
89
88
100 87/
8912 8912 8912 89
1
4 Jan 22 8912 Jan 18
*88
3
80 MAY 8972 June
4,5,2
57
8
•54
57
8
512
512
51
Butte
&
Zino
Copper
5
5%
*512
513
5
3
4
Jan
Jan
552
9
4
54
414 Mar
8/
1
4 Jan
2212 2234 2212 23
223 2272 *2232 23
1,300 Butterfat Co
*2234 23
100 22 .1-n 6 2334 Jan 4
23
23
17 May 2814 Jan
1312 14
5,100 Butte & Superior Mining-. -10 1312 Jan 22 1614 Jan 11
1412 1434 1414 1412 1418 1414
1518 1434 15
15
613 May 2414 Jan
Caddo
4,000
Cent
__No
Oil&
par
Ref
'.Jan 2
34
34
58
52
*12
12
58
32
12
52
73 Jan 8
38
12
232 Jan
14 Dec
No par 12912 Jan 5 14434 Jan 21 10018 Jan 1364
13112 13112 133 13834 13714 14112 13734 14134 14012 14434 14178 14334 36,600 California Packing
Nov
3178 305 3112 3118 3178 31
3134 36,000 California Petroleum
25 301
/
4 Jan 20 3418 Jan 2
3114 3134 3112 3178 31
2372 Jan 3438 Dec
2 Jan 4
238 238
22 252
258 258
10
212 212
232 238 3,900 Callahan Zino-Lead
234 24
238 Jan 15
24
114 1,
0
2a
o
64
8:4 F
Deb
9
5
4552
4
5812
5818 5812 5812
900 Calumet Arizona Minium__ 10 5812 Jan 20 6414 Jan 8
59
59
59
59
45 Apr 6118 Dec
59
59
800 Calumet,& Heck
25 1414 Jan 21
14% 1412 •1412 1458 •1412 1434 1412 1412 1414 1438 1412 1412
1512 Jan 6
1214 May 1852 Jan
68
6972 6912 70
7112 6812 7014 6772 6)
10,600 Case Thresh Machine__ _100 6212 Jan 4 7112 Jan 18
68 17012 70
99/
1
4 99% 9918 9912 9912 100 100
99
Do prof
1,400
_100 96 Jan 5 100 Jan 18
9834 9834 99 100
60 Mar 10712 Deo
1E02 1812 1918 1918 1812 1878 1838 1812 1812 1834 1838 1838 2,800 Central Leather
1
4 Jan 20 2011 Jan 5
100 18/
1414 Mar 33/
1
4 Oct
63
6212 64
6338 5,800
Do pref
6414 6318 64
6418 63
100 6212 Jan 21 6834 Jan 5
6414 64
84
494 Mar 71
Oct
2758 2612 2712 2612 27
4,500 Century Ribbon Millis-No Par 20 Jan 20 32/
2934 3012 2818 2878 220
31/ 31
1
4 Jan 8
3014 Sept 4712 Mar
*90
90
9218
95
89
90
.89
89
Do
9112
9312 *90
prof
200
*90
100 89 Jan 22 90 Jan 21
94
Dec
983
4
Jan
59
5912 5811 5934 5778 5878 58
59
5712 5834 15,100 Cerro de Pasco Copper_No par 5712 Jan 22 6318 Jan 5
5912 60
43/
1
4 Mar 6438 Nov
4638 4678 4614 4678 6,900 Certain-Teed Producta_No per 45/
4614 4578 48
1
4 Jan 20 4912 Jan 5
4614 4634 4618 4614 46
441
Mar
48
4612 48
7,300 Chandler Motor Car_..No par 4512 Jan 5 49 Jan 6
457g 4614 4614 4658 4534 4612 4512 4614 46
5528% SeptOt
2712
14
11112 113
11012 11414 113 113
11114 113
2,200 Chicago Pneumatic Tool-100 11012 Jan 20 120 Jan 2
113 115
*114 118
8014 Mar 128 Dec
48
*46
48
48
48
48
*46
*46
48
100 Chic Yellow Cab tern cif No par 48 Jan 19 48 Jan 19
*47
48
*47
44/
1
4 July 55
Jan
63/
1
4 63
1
63
4 6218 6214 6334 62
62
No pa? 60/
6212 4,000 Childs Co
1
4 Jan 16 6638 Jan 4
6058 6118 62/
4978 Mar 7472 Oct
3318 9,200 Chile Copper
1
4 3318 3334 33
3314 33/
3338 34
3314 3334 33/
1
4 34
33 Jan 22 3638 Jan 6
30/
1
4 Mar 3752 Jan
19
1818 1818 *17
1912 *17
100 Chino Copper
1912 *17
19
1818 Jan 21 19/
1912 •18
*18
1
4 Jan 4
19 Apr 38/
1
4 Feb
48% 5012 4712 4914 474 4938 4612 4734 161,600 Chrysler Corp new..- N0 par 464 Jan 22 54/
3
1
4 50.
47121 4914 48/
1
4 Jan 9
1
4 106 106 •10512 105/
1
4 1,100
10534 10612 105 105/
par 105/
Do preferred
1
4 Jan 19 108 Jan 2 fail; July
7 4 106 106
063
•16
0634 16
67/
1
4 *6413 66
6612 66
*6458 66
800 Cluett.Peabody & Co No 100 66 Jan 19 684 Jan 7
66
67
67
81
14634 149% *148 149
147 15038 14612 150
7,100 Coca Cola Co
par 14612 Jan 20 15534 Jan 4
14812 14934 1494 150
159P MJa°nr 177:
1
74 N
jo
av
n
3514 35
35
35
36
3434 35
1,800 Colorado Fuel & Iron Noa
35% 3514 35
3434 Jan 15 38 Jan 4
35
35
Apr 484 Jan
3214
57
5612 5712 5634 5634 4,200 Columbian Carbon•to No Par 56 Jan 19 6034 Jan 4
5634 56
57141 5712 25618 5634 56
65 Mar 6234 Dec
357
8
85
8614
843
844
8
Pnl
8514
8814
40.000
Nn
8518
per
_
873
2
MIN h
83/
1
4 Jan 2 90 Jan 9
84% 3534 8512
45'4 Jan 86
Oct
•Bid and asked prim, no sales on this day. a Ex-rights a Ex-dividend.
8g, .r)
.
New York Stock Record-Continued---Page 3
461
sales during the neck of stock. usually Inactive, see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 16.
Monday,
Jan. 18.
Tuesday,
Jan. 19.
Wednesday, Thursday,
Jan. 20.
Jan. 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share lots
PER SHARE
Range for Previous
Year 1925.
Friday,
Jan. 22.
1
Highest
,
Lowest
Lowest
Highest
I
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscall.(Con.) Par $ per share 1 $ per share S per
share
3
ePr share
•11434 11478 11412 1147 *114 11412 11412 11412 11412 11412 114 114
1,000 Col Gas ar Klee prof _ _ _100 114 Jan 4 115 Jan 12 10414 Jan 11412 Dee
128 126
12758 12758 12212 12212 12412 12512 127 128
12714 12712 1,500 Commercial Solvents A No par 12038 Jan 4 13412 Jan 7
80 May 190 Jan
120 12038 12212 12212 11912 12212 12038 121
125 125 .123 12512 1,300
Do "B"
No par 11814 Jan 4 13112 Jan 7
76 May 189 Jan
1634 1672 1658 187
1634 17
1634 17
167k 17
167 1718 8,000 Congoleum Co new.
No par
1618 Jan 6 1814 Jan 4
157s Nov 431s Jan
*34 1
*34 1
*34
*34
72
1
*34 1
*34 1
Conley Tin FollstampedNo par
Jan 13
34 Jan 13
3
4
% May 17 Feb
59% 6034 60
61
60
6038 5914 6038 5938 6012 a5814 5912 13,800 Consolidated Cigar _ ___Ng par .5814 Jan 221 6434 Jan 7
2612 Jan 6334 Dec
100 100
.9.5 100
98
98
98
9818
98
*95 100
900
Do pro(
100
9412
Jan
111
1023
8
Jan
14
79
34 Jan 96 Dee_
434 434
434 434
412 434
412 434
458 434
434 47
3,400 Consolidated Distillers No par
414 Jan 4'
612 Jan 7
818 Jan
9/
1
2 Feb
9712 9838 9712 9838 9612 9814 9612 9714 9634 9834 97
9834 41,600 Consolidated Gas(NY)No par 9412 Jan 5 100 Jan 9
741s Mar 97 Dec
355 334
33
314 34
338 334
35
312 334
338 334 13,900 Consolidated Testile___No par
27
8
Jan
2
33
4
Jan
18
234
June
5
14 Jam
85
8512 8514 8614 8418 8618 8338 8414 84
8534 8414 8412 17,800 Continental Can, Inc_No par 831, Jan 20 9212 Jan 2
6012 Mar 93h Dec
139 140
14214 14212 141 142
140 1413 141 14434 143 144
5,900 Continental Insurance
26 13034 Jan 5 1443 Jan 9 103
Jan
140
Dec
1178 1238 1178 1218 1178 1218
1134 12
i17 1218
117 12
20,600 Conn Motors tern etts_No par
1134 Jan 20t 13 Jan 5
814 Jan 1511 Oct
4058 413s 4034 4114 4058 4114 4(138 4114 4012 41
3934 4012 32,900 Corn Product/ Agin w I
25 3934 Jan 221 4338 Jan 13
32% May 423, Dec
12334 12334 *122 124 *122 124 4,122 124 *122 124 *122 124
200
Do pre!
100 1224 Jan 6 12334 Jan 16 1181s Jan 127 July
5934 6014 5938 597g 57
5834 57
574 56
6,300 Coty, Inc
5735 5538 56
No par 5558 Jan 22 6034 Jan 4
48 Aug 8012 Dec
78
78
*7812 7912 7814 7814 7712 7814 *77
7812 7712 7834 3,305 Crucible Steel of America__100 77h Jan 15 8112 Jan 4
6412 Mar 8438 Nov
100 100
100 100
9978 99/
7
1
4 9934 993
99/
1
4 99
*9978 1004
Do
prat
800
Jan
2
100
100
Jan
99
7
92
May 102 Dec
97
97
Eas 934
958 1018 *978 10
9% 1038 1018 1014 10,100 Cuba Cane Sugar
75 Oct IPS Feb
918 Jan 4 1034 Jan 7
No par
43
43% 4312 4412 4514 4534 45
4558 4334 47
4414 4628 24,700
DO pre
100 4318 Jan 15 47 Jan 21
3718 Oct 625
,Feb
2618 2612 2614 267
267 273
2634 2714 2638 28
263, 274 26,700 Cuban-American Sugar----10 2414 Jan 2 28 Jan 21
Oct 3312 Mal
20
*9814 100
9934 9934 100 100
10012 10012 *99 101
*9914 10078
500
Do prof
100 9734 Jan 5 10012 Jan 20
9378 Nov 101 Mai
3
314
314 314
318 314
3
314
3
314 .3% 314 4,500 Cuban Dominican Sug_No par
3 Jan 18
212 Oct
33, Jan 5
Ps Fa
*1714 18
18
*17
18
18
*17
19% 177 194 *1814 1934
Do prat
700
100 17 Jan 5 207 Jan 6
16 Dec 4418 Jar
91
91
92
92
921 9234 92
92
93
93
92
900 Cudahy Packing
9214
100 91 Jan 16 97 Jan 4
9312 Dec 107 Oct
*48
5034 *4812 5014 48
4818 *4712 48
48
48
*4212 48
260 Chtyamel Fruit
No par 46 Jan 5 51 Jan 14
44 Nov 59 Ma)
78
I
1
1
78
78
78
*78
1
1
*78
1
1,300 Daniel Boone Woolen MIlls_25
78 Jan 4
1 Jan 4
14 Dec
Trs Jar
40
4014 40
4034 39
4014 38h 3912 39
7,300 Davison Chemical,to-No par 3818 Jan 20 4312 Jan 4
4014 39% 391
277g Apr 498 Jac
*27
29
*2838 29
2838 2838 *2812 29
*285o 29
De Beers Cons Mines_No par 28 Jan 9 29 Jan 8
29
29
200
Mar 29 Dec
204
13412 135.2 1364 13612 1304 13514 1331 13412 13334 135
134 135
4,200 Detroit Edison0
210
133
Jan
7
1374
Jan 14 110
Jan 15912 8
01
4134 4318 424 4312 4234 4414 42
44
4218 43 118,600 Dodge Bros Class A___No par 4134 Jan 16 4714 Jan 2
423 437
2138 June 481* NO,
8558 8538 8534 86
8534 86
8558 8578 8512 857s 8538 8538 8,800
Preferred certifs____No par 8538 Jan 22 8818 Jan 8
734 May 9118 021
*16
1638 168 1878 168 1738 1634 1634 16
7
Dome
Mines,
5,600
Ltd
167
8
1658 16
38
No par 16 Jan 6 1738 Jan 19
1234 Apr 1818 Nov
20
20
20
20
2038 2112 2112 2134 *21
2112 *2012 2112 1,800 Douglas Pectin
No par 1912 Jan 5 2134 Jan 20
14 Feb 2313 Aul
*11212 113 *11212 113
11212 113
11212 11212 1123 113 *11212 11314 1,000 Duquesne Light let Pref___100 11212 Jan 4 113 Jan 15 105 Jan 11314 Dec
10812 1087
, 1085s 109
10812 109
10814 109
1083
109
10812 10834 3,500 Eastman Kodak 0o
No par 10814 Jan 20 1123 Jan 5 104$4 July 118 Jac
2733 2712 2778 28
2712 28% 2654 277k 27
2758 *27
2712 7,000 Eaton Axle & Spritz
No par 2612 Jan 11 30% Jan 4
3012 Dec
1012 Feb
21714 219% 22014 22414 218 2237s 21818 221
21758 224
21814 2204
E I du Panda No-- Do_100 21818 Jan 20 23878 Jan 4 13414 Jan 27114 No.
10312 104
104 10412 *104 10412 10378 10378 102 10314 103 10314 19,600
1,600
Do Prof 8%
100 10134 Jan 2 1044 Jan 18
No.
94
Jan
10412
3012 31
30% 3138 303 315
30% 31
3034 36,700 Eke Pow & Lt ens ....--No par 30 Jan 22 3212 Jan 14
304 31% 30
178e Apr 40h July
*10638 10678 10614 10614 105% 10612 *105%
107% 10618 10618 106 106
40% Pr Pd1,000
10512 Jan 12 10712 Jan 6 100 Mar 110 Jun,
•10534 108 *10612 108 *10612 108
*10612 108 *10612 108
Prof full paid_
100
10712 10712
107 Jan 14 10712 Jan 22 10012 Mar 11038 JUDI
9112 9112 9112 9112 9132 9122 9112
Do prof ens_
9178 918 92
92
9238 2,600
9114 Jan 8 923 Jan 7
897 Aug 9434 Dee
7314 7338 73
731
73
7312 73% 7334 7338 74$8 7358 74
Klee Storage Battery-No par 73 Jan 4 75 Jan 7
5,100
6054 Mar 80 Dec
*3
334 *3
338
3
3
*278 3
38 Jan 5
278 278
700 Emerson-Brantingin ai Co_100
278 Jan 21
3
3
Ds May
516 July
6818 6818 6814 6834 68
6814 6711 68
3,400 Endicott-Johnson Corp___ 50 6712 Jan 20 6912 Jan 5
68
68
684 68
834 Apr 7478 Sept
•1123 117 *11212 117 *11212 117 4112 11712
Do prat
•11314 11714 *11314 117
100 114 Jan 7 116 Jan 13 111 May 11814 Oct
*163, 17
*1658 17
*1658 17
*1614
Exchange Buffet Corp-No par 1612 Jan 2 164 Jan 2
*1614 1612 .1614 1738
1312 July
1978 Jar
4,21
312 *212 3% *212 312 *212 1612
312 •212 3% •212 312
Fairbanks Co
3 Jan 8
25
3 Jan 8
214 Mar
414 Aul
5214 54
54
555
543
53
5212 5434 54
No par 51 Jan 4 57 Jan 9
9,000 Fairbanks Morse
55
5418 55
3214 Jan 5438 Oct
106% 1078 10714 1071 10318 1067
8 104h 1063, 104 10634 10418 1051 23,900 Famous Players-Lasky-No par 10318 Jan 19 1097k Jan 7
9014 Feb 1141* Jub
117 1173 11712 1171 *1154 117 *115
117 *115 117 *115 117
Do prof (8%)
100 11612 Jan 7 11814 Jan 14 10378 Feb 120 JO
400
____ ____ ____
_No par
Full paid receipts
_
102 Aug 1114 Sept
-----51-3i2 -37
37
38
36% 3714 36 -3-6315 3512 Jan 22 39 Jan 4
4 -3614 162-4 -3512 -3614 9,700 Federal Light 51 Ttko
26
Oct 3714 Dec
102 102
103 103
10014 103
9878 99
1,300 Federal Mining & Smelrg_100 90 Jan 22 11134 Jan 5
93
94
94
90
1514 Mar 9512 De(
9614 9718 9614 964 95
961
100 921 Jan 22' 105 Jan 6
93
491 Mar 947 De(
94
923
8
94
921
Do
93
prof
4,300
1943 196 *1934 196 *19312 196 *19312
196
1.300 Fidel Phan Fire Ins of N Y__25 176 Jan 2 200 Jan 9 14712 Jan 179 Dec
193 19612 1974 1991
*15
1712 1712 18
*17
178
17h 1718 *1718 1712 *1718 1712 1,000 Fifth Ave Bus tern otts_No par 147s Jan 2 18 Jan 18
12 Jan 1738 Jut]
95
97
9712 98
97
98% 953 9634 x933 97
25 93% Jan 21. 10534 Jan 4
6014 Feb 125 No,
9334 94% 10,400 Flatter Body Corp
2412 251
245s 2538 2373 2434 2358 2414 2312 2412 2358 237k 39,300 Fisk Rubber
No par 23 Jan 2 2614 Jan 13
1012 Mar 281* Oa
•11314 114
11314 1137 11314 11312 211114 113 *11212 11312 *11212 11312 3,000
Do rot pref
100 11114 Jan 20 115 Jan 2
7512 Jan 11612 Nov
534 5338 5112 5312 5034 5212 5078 5334 5253 5312 5212 53
67,000 Fleischman Co new.__No par 503 Jan 19, 5638 Jan 4
16918 17112 17114 17514 173 17712 17114 176
17412 17838 70,000 Foundation Co
No par 15514 Jan 5 17853 Jan 22 -90 Jan 181173 178
4170i
22
2312 23
2478 2235 2438 22
24
23% 24% 2314 2334 131,300 Freeport Texas Co
8 Mar 24 s Oct
No oat 19% Jan 13 2478 Jan 18
38
3814 377 38
375 38
287g Aug 397g No1
3838 6.200 Gabriel Snubber A----No par 3712 Jan 20 4112 Jan 5
3712 38
38
3812 38
834 83
834 9
8
9
*8
934 Jan 4
9
*8
8 Jan 19
824
44 Jan 1614 Mai
812 81
No Par
1,600 Gardner Motor
*5214 5234 5214 5314 5118 5278 52% 53
4412 Aug 80
100 5118 Jan 19 5538 Jan 2
1
4 5234 531s 10,200 Gen Amer Tank Car
Oct
52% 53/
•103 104 .103 104 *103 104 *102 104 *102 194 *102 104
9334 Feb 104 Noi
100 102 Jan 9 104 Jan 15
Do prof
6612 6818 68
6938 66
69
424 Mar 70 Dm
100 64 Jan 22 73 Jan 11
6684 28,300 General Asphalt
6412 6712 65
6714 64
*10614 10912 *106 10918 105 10514 10514 105% 10412 10518 10312
884 Mar 109 Dec
Do prof
100 10312 Jan 22 1133 Jan 11
10512 1,500
121 Mar 264 De(
General Baking
No per
Hi- ill" 'Hill,fa- i1i58 11134 11014 fif- iio- 116
8412 May 11514 Da
100 110 Jan 21 11678 Jan 4
iio"
1-10
1,600 General Cigar.Ina
333/
1
4 33734 335 338
3348 342
100 323 Jan 5 34712 Jan 13 22714 Feb 33714 Atli
333 33834 331 339
33238 3358 37,100 General Electric
Ills 1114 Ills 1114 11
Ills 1118 1118 11
, Oct 1178 Jul)
10 11 Jan 5 1114 Jan 2
1118 1118 111 12,800
107
Do special
11534 11714 117 11978 11611 12014 11578 11878 116 119
6438 Jan 14938 Not
116 118 248,200 General Motors Corp--No Par 11534 Jan 16 12734 Jan 4
*1144 11514 114h 1147 11412 11453 1147s 11478 •11478 115
100 114 Jan 4 11512 Jan 11 102 Jan 115 Deo
1147 1147
Do 7% Drat
,
600
524 523s 524 52% 52% 5213
4518 Aug 6434 Sep,
,
3 5238 5414 5255 5212 4,000 Gen Outdoor Adv A___No par 5218 Jan 16 5414 Jan 21
5238 52
304 31
30
31% 301 3034 2918 3012 2953 3073 2933 30% 16,400
'Trust certificates__ _No par 2918 Jan 20 33 Jan 6
2618 Aug 345s De.
543 557
558 5612 5518 5718 5514 5614 5618 5714 5618 5778 93,100 General Petroleum
25 5434 Jan 16 5912 Jan 2
42 Jan 5918 De
7818 784 7812 7912 7612 79
754 7814 7514 79
7412 76
25,700 Gen Railway Signal new No 7412 Jan 22 8438 Jan 7
68 Nov 8034 Oc
*103 105
104 104 *104 105 *104 105 *104 105 *104 105
Do preferred
100 104 Jah 18 101 Jan 18
200
902 July 10578 Not
*46
47
46
48
46
46
46
46 .46
4812 46
48
900 General Retraotories__No par 46 Jan 18 49 Jan 4
42 Oct5812 Jai
7218 7218 72
7228 7214 7234 711 721
72
7212 711 7115 4,600 Gimbel Bros
No par 71% Jan 20 78% Jan 4
47 Mar 83 De,
*109 11218 .10834 112% 11155 11133 •109 11112 *109 112
109 109
Do prof
100 109 Jan 22 11138 Jan 19 10214 Mar 11412 Noi
200
---- -,-- ---- --- - ---- ---- ---- ---- ---- ____ ____ _ _ _. ...... Ginter Co temp one__ _No par 40 Jan 2 4434 Jan 4
2234 Feb 53 De
24
2414 24
2412 24
2412 2334 2412 24
2434 24
No pat 2355 Jan 2 2534 Jan 7
2412 11.600 Glidden Co
124 Mar 2613 Do
4614 4612 4614 4714 4512 47
45% 4612 45
4578 4434 45
10,600 Gold Dust Corp v t o No par 4434 Jan 22 4834 Jan 8
37 Mar 51
Oc
6038 62
62
635* 6012 627s 6012 617
, 60% 6238 605* 613s 10,960 Goodrich Co (B F)
No yin 6038 Jan 22 6534 Jan 4
8634 Jan 7434 Not
.97
9712 597
98
97
97
98
98
*9678 98
9612 9612
100 9612Jan 22 98 Jan 20
400
Do
Pre
92
Not
Jan
102
10312 10312 104 10434 10418 10418 10314 104
1033,
1035, 1034 2,300 Goodyear T & Rub In•t o-100 10314 Jan 8 105 Jan 14
8618 Jan 11418 0(3
*10512 10534 105% 10512 *10518 10534 *105 10534 *10514 104
1055 1053s 10538
Do prior prat
100 105% Jan 22 106 Jan 5 103 Apr 109 De
200
1934 2018 2018 2014 1934 2012 1955 1978 1812 1978
, 19
185
7,300 Granby Cons Min Sm & Pr-100 1812 Jan 21 2258 Jan 7
13 Mar 2178 Do
*9834 97
964 9634 9678 98
9612 9658 97
97
9658 9653 2,200 Great Western Sugar tem ctf 25 95 Jan 2 9838 Jan 4
91
Jan 11318 Jun
•12
1212 *12
121
12
124 *114 12
*1134 12
700 Greene Cananea Copper---100 1155 Jan 22 1312 Jan 4
113 1134
1134 Mar 1914 .18/
8812 8934 86
88
88
8812 86 '87
8612 88
861 8714 7,000 Gulf States Steel
100 86 Jan 19 93% Jan 4
6713 Mar 9534 No,
3333 3312 3334 34
34
3412 3312 3418 34
3414 34
34
3,900 Hartman Corporation_No par 333s Jan 161 35 Jan 6
2534 Apr 3712 Jai
4414 4412 44
4412 44
44
4258 4334 4314 4314 43
43
4,500 Hayes Wheel
No par 4258 Jan 20 46 Jan 14
30 Mar 4912 No,
35
35
*3412 35
33
3412 33
3318 344 3414 34
34
1,100 Hoe(R)& Co torn otts_No par 3012 Jan 2 35 Jan 6
27 Dec 4878 Jai
50
50
51
51
50
5018 z49
49
•4914 51
Homestake
50
Mining
50
1,100
Jan
4
51
100
Jan
4712
18
43
Jan 50 Jai
45/
1
4 46
45% 451
45
4514 44% 45
4434 45
4458 4478 7,200 HousehProd,Ino,temettNopar 4438 Jan 20 4838 Jan 8
3412 Jan 474 No,
69
6934 684 6814 6714 6812 64
671s
657
4,900 Houston 011 of Tex tem etts_100 64 Jan 20 71 Jan 5
6478 653
59 Apr 85
Jai
2734 2914 2913 30% 30% 3112 2913 301* 65
2912 3084
No par 27 Jan 8 3112 Jan 19
1612 Jun
3118 No,
10712 11112 10834 111% 107 11134 10612 11014 10718 11118 2912 2934 23,700 Howe Sound
10634 10914 311,900 Hudson Motor Car
No par 10612 Jan 20 12314 Jan 4
33% Jan 13912 No,
26
264 264 2612 25% 2612 25
2555 25
25's 2.5
21,400 HUPP Motor Car Corp.__ 10
25 Jan 20 2833 Jan 4
1414 Mar 81 No'
2413 2714 26
2734 274 2812 2634 2838 2813 288 27% 2514
2914 48,200 Independent Oil & Gag_No par 2412 Jan 16 34 Jan 2
13h Jan 4134 Jun,
1914 1912 1914 1914 19
19
1812 19% 1934 1934
1912 213, 2,400 Indian Motooyole
par
No
18
Jan
6
2138
Jan
22
13 Mar 24 Atli
Ills 1114 1114 1114
11
1112
912 1012
953 1012 10
1014 7,200 Indian Refining
912 „Ian 20 1234 Jan 4
10
513 Jan 1414 De
1112 1112 1112 11
•11
11
9% 1012 *94 98 *1014 11
Certiticatee
912 Jan 20 1238 Jan 4
900
10
6 Sept1238 De
4238 421 4212 4218 4218 41
42
42
4112 411
4114
42
2,900
Inland
431
Steel
-No
par
41
Jan
20
Jan
7
384
May 50 Fel
*112
115
•112 11212
*112 11211 112 112
112 112
112 112
500
Do Prof
100 112 Jan 20 113 Jan 7 10412 Apr 112 Sett
23% 245* 24
24
2378 24
234 235s 238 24
24
2434 3,700 Inspiration Cons Omer
20 2314 Jan 20 253 Jan 7
Apr 8234 119
2214
2212 22
2C7s 2168 22
2238 2168 2378 23/
1
4 24/
1
4 24
264 44,000 Internat AgrIoul
Nom
19 Jan 6 2614 Jan 22
718 Jan 2418 No,
141 14118 140 1403 14014 14712 14214 1445 14334 14534 14334 145
lot
Business
9,200
par
Mackines_No
Mar
17614 No,
140 Jan 15 14712 Jan 2 110
•68
67
*684 67
67
6714 6618 6678 6718 6712 67% 6718 2,100 International
Cement-No par 65 Jan 13 6778 Jan 2
52 Jan 8112 SeD
53% 55% 55% 5653 5312 5655 5353 55% 538 5512 5334 551
79,300
Inter
Combus
par
Engine_No
Jan
6412
Jan
8912 De
5312
5
Jan
15
3138
125
12812
12712 124 12812 12614 12714 12458
127
1264 127
12534 22,700 International Harveater---100 124 Jan 20 13234 Jan 5
96% Mar 13814 Sep
*11818 11912 11012 11913 *1184 11912 *118 11912 *11814 119h *119 11912
300
Do
prof
11912
Mat
100
Jan
121
118
9
No,
Jan
114
5
95
*97 10
*94 10
97s
93 * 93
955 1035
912 94
1,800 Int Mercantile Marine
71s June 1478 Fel
100
912 Jan 21 1114 Jan 5
4055 383 404 373 39
3978 40
39
3734 39
38
4038 24,200
Do prof
27 Aug 52% Fel
100 3734 Jan 20 42% Jan 5
43
4338 4212 4318 42
43
4155 421,3 4114 4284 41
417 53,200 International Nickel (The)_25 41 Jan 22 4614 Jan 5
244 Mar 484 No,
__ *102
*102-_ *102
-_ *102
*102
_ *102
Do prof
94 Jan 02 No,
100
574 5734 573 -5113s 57% 13014
5812 -58
56 -5114 5638 5712 25,800 International Pinny
484 Mar 76
Oc
8 Jan 9
633
100
56
Jan
21
•84
8612 *8912 8612 *84
87
*84
88
*84
86
.84
86
Do stamped prof
71 Mar 88 De,
100 83 Jan 14 86 Jan 6
.9912 97h *95
9612 96
9612 *95
9614 96
96
*954 9612
600
86 July 9938 Oc
Do pre? (7)
100 96 Jan 20 9812 Jan 2
*16712 180 *170 180 *170 176 *170 180 *170 175 *170 175
InternationalShoe
No yar 170 Jan 2 175 Jan 11 108 Feb 19934 Jut
_ 11412 Sept 121 Jum
. Do Prof
100
- 11512 1/1-31 iii.- 1-213-4 Hi- 123-- Hi- 1/4-315
7
8 1-2-0-14
4 1Liii2 1-2-4-38 2-2-,1560 Internal Telep & Teleg---100 11712 Jan 6 12434 Jan 21
8712 Apr 144 Au(
26
25
*2612 2738 •2612 2735 26
26
*25
26
25
25
2,200 Intertype Corp
18 July 29% Dc
Jan
7
No
29
Dar
25
Jan
20
27
2634 27
27
2644 27
2612 27
2612 27
26
2678 2,300 Jewel Tea. Inc
1612 July 264 Da
100 25 Jan 4 29% Jan 6
*116 120 *116 120 *116 119 *117 120
*115 118
Do prof
10218 Jan 115' De(
100
15
15
15
*1412
1434 15 •____---1478 1478
1434 1472 1458 148
900 Jones Bros Tea,Inc,stpd_100 1458 Jan 22 1538 Jan 4
114 Dec 2178 Pet
4938 5112 4935 50% 49
484 51
4634 48
508
4814 4978 28.800 Jordan Motor Car
3538 Aug 65 Not
No par 4634 Jan 16 53 Jan 4
45% 4718 244
1
4 47
4534 45% 46/
4512 4312 4434 6,100 Kayser GB Co•t a
4512 45
No par 401
Jan
/
4
14
Jan
185
8
4 Mar 4218 Da
4738
104 104 *104 1051, 104 104
105 105
103 103 .103 1041,
400
TIn let mot
Th. nor in., Ilan 91 105 Jan 15
83 Mar 1031, De.
•Bid and asked prioes, no sales on this day. s En-dividend. S Par value Changes num $1131) 30 460 and prices on that
Jane 8.
basis
beginning
Hz-rights
b Hz-Forelgn rights.
462
New York Stock Record-Continued-Page 4
For isle. during the week of stock. usually Inactive, one fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 16.
Monday,
Jan. 18.
Tuesday,
Jan. 19.
Wednesday, Thursday,
Jan. 20.
Jan. 21.
Friday,
Jan. 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share lots
Lowest
1
Highest
1
SHARE
RaPngEeRforPrevious
Year 1025.
Lowest
I
Highest
$ per share $ per share S per share $ per share S per share 3 per share Week. Indus. & Miscall.(Con.) Par $ per share I $ per share ,5 per share 5 per share
1738 175
1752 1818 173 1758 1714, 1738
1713 177
1714 1738 4,100 Kelly-Springfield Tire
25 1714 Jan 20 1914 Jan 4
1214 Mar 2158 July
*6812 71
*6813 71
69
*68
6814 6814
*6812 7012 .6812 71
Do 8% prof
100
100 6814 Jan 22 72 Jan 5
41 Mar 74 July
.6834 7012 *6834 71
*6834 71
*6834 71
*6834 71
*6834 71
Do 6% prof
100 7032 Jan 13 70% Jan 13
43 Mar 72 JulY
*111
114
108
112
111
11214
111 111 *109 110
11114 11214
1.500 Kelsey Wheel, Ina
100 108 Jan 20, 119 Jan 4
87 Aug 124 Dec
54
5414 5412 5478 5418 54% 54
5458 5414 5434 5418 548 29,500 Kennecott Conner
No par 54 Jan 16, 5772 Jan 0
464 Mar 5914 Nov
17
17
2
2
2
2
24
2
*178 2
2
2
2,100 Keystone Tire & Rubb_No par
July
178 Jan 13
Jan 2
•
3
8112 *7913 80
80
80
*8118 8312 *8112 8312 *8114 83
80
900 Kinney Co
No par 80 Jan 20 8218 Jan i
74
134 Mar 1030I2 Oct
825 835 *775 825
775 775 *710 810 *775 800
*801 845
300 Kresge (88) Co
100 775 Jan 20 881 Jan 13 355
Apr 885 Dec
2912
2912
30
30
30
30
700
30
2914 2914 30
30
30
Kresge Dept Storee___No par 2812 Jan 2 333 Jan 14
2812 Dec 4534 Jan
16012 16312 '156 160 *158 162 *158 161
*162 167 *16312 166
300 Laclede Gas L (St Louls)._100 16012 Jan 19 168 Jan 14 1104 Jan 178 Mar
a1272 1272 121 127
1234 1234 1234 1234 2,200 Lee Rubber & Tire__ _ _No par 1214 Jan 21 14 Jan 4
13
127 1278
13
Oct
1138 Feb 19
5
7
9218 9234 91
92
02
*9113 92
9278 938 3,200 Liggett & Myers Tob new_ 25 88% Jan 5 938 Jan 7
9218 91 13 91
57 Mar 92 Dec
11034 11934 *120 12112 121 12112 12234 12234 12213 12334 1,400
•120 ,122
DO prof
100 11034 Jan 18 12334 Jan 22 1 1612 Jan 124 Dec
9218 9213 92
92
9213 9014 9178 9113 917
92
9134 923 , 10,100
Do -Et" new
28 8712 Jan 4 934 Jan 7
5512 Mar 89% Dee
6614 6414 65
64
6612 6612 6614 6634 65
65
64
6434 4,000 Lima Loa Wks
No par 64 Jan 211 6934 Jan 4
60 June 748 Jan
394 3914 3812 3914 374 3912 374 38.32 38
384 374 38131 11,300 Loew's Incorporated
No per 3712 Jan 19 4034 Jan 0
"2 Feb 4434 NOV
712
718
718
714
714
714
74 74
7,8 713
74 7'gI 1,600 Loft Incorporated
No par
713 Jan 16
a
Jan
94 Apr
738 Jan 2
4718 4714 4714 4712 4712 4712 47
5014 '4714 48
4738 478
1,100 Lone Bell Lumber A_ No par 47 Jan 20 501 4 Jan 20 1.1.1., Mar 53 Sept
130 132
13013 133 .128 132 *125 132 I 1,800 Loose-Wiles Biscuit
*120 4129 •122 129
100 130 Jan 14 14012 Jan 4 .111'
Feb 14334 Deo
3714 37
3614 3678 37
3634 3634 3613 368 3613 37
3712 13,200 Lorillard
25 3514 Jan 21 3814 Jan 6
3014 Jan 3934 Sept
11234 11234 *112 114 *112 114 .112 114 *112 114 *112 114
Do met
100
100 11212 Jan 14, 113 Jan 4 10818 Feb 116 Aug
1738 17% 1738 1772 1634 1712 1612 17
1634 17
10,200 Louisiana 011 temp ctfa_No par
1612 17
1612 Jan 20 1938 Jan 4
2334 Feb
1358 Aug
2412
2413
8
2458
2434 2514 245 253
2418 247
2414 2412 5,400 Louisville 0 & El A__No par 2272 Jan 2 2538 Jan 15
2438
23 Dec 2638 July
5214 53
4838 5113 5012 513
5238 53
5213 53
5013 52
10,600 Ludlum Steel
No par 4838 Jan 20; 56 Jan 7
3134 Feb 60 Dec
*134 138 .13513 138. *134 138 '130 138 *134 138 *134 138
Mackay Companies
100
4
1174 Ma1. 21421
14514 1481 14413 14812 144 14634 143 14634 a135 138
14538 148
32,100 Mack Trucks. Inc
No par 13514 Jan 221 159 Jan 4
SeptNov
Jan
•11034 11214 *11034 11212 *11034 11212 11113 111 1 2 11012 11012 11013 11012
Do let pref
500
100 10934 Jan 4 11112 Jan 20 104
Jan 113 Aug
10512 10534 *10412 10512 *104 10512 '10412 10512 *10514 10512 105 10512
Do 2d prat
500
100 10412 Jan 2 10572 Jan 4
99
Jan 106% Aug
10118 101 18 *10012 102
985* 101
9712 9834 97
98
9513 9618 4,000 Macy(R H)& Co. Inc_No Par 0512 Jan 22 104 Jan 6
6912 Jan 112
Oct
4112 42
*4112 42
417 42
4118 414 417
41
4034 4114 2,800 Magma Copper
No par 4034 Jan 22 4312 Jan 3
34 Mar 46 Nov
24% 25
•2472 26
2434 25
2414 2434 2412 2413 2414 2414 4,100 Mallinson (H P.) & Co_No Par 2414 Jan 20 2818 Jan 5
2114 Dec 3713 Jan
6614 64
634 6438 64
66
63
6412 6332' 64% 6212 641
8,700 Manh ElecSupp tem etfsNo par 56 Jan 41 6714 Jan 14
32 Mar 59 Mar
3114 3114 3012 31 12 29
31
31
3012 30
3033 2912 30
5,400 Manhattan Shirt
25 29 Jan 20 327 Jan 4
2014 Mar 347 Nov
*3212 3312 •3212 3312 *3212 3312 32
3213 *3113 3312 *3134 3312
200 Manila Electric Corp_No par 32 Jan 6 3212 Jan 20
284 Mar 4912 Apr
25
2538 25
25
25
4,900 Maracaibo Oil Expl___No par 2418 Jan 22 287 Jan 7
2512 2414 2538 2414 2458 2418 25
203 Sept 3513 Jan
554 5612 55
56
55
574 55
5614 5514 5634 554 5614 105,000 Marland 011
No par 35 Jan 18 5978 Jan 2
3238 Mar 6012 Dec
*294 2058 2912 2912 '2918 2978 *2912 2934 '2914 2913 294 2912
No par 28 Jan 4 31 Jan 11
200 Marlin-Rockwell
1038 Mar 3278 Oot
2032 208 *2014 2034 2018 2014 2018 2014 20
21
21
1914 Jan 4 21 Jan 12
20
900, Martin-Parry Corp __.No par
19 Dee 3718 Jan
9032 92
92
9334 94
0638 95
9572 93
9572 7,5001 Mathieson Alkali Wkstem et!50 9038 Jan 16 10618 Jan 2
9434 95
51
Jan 10714 Dec
3,5001 May Department Store_ __50 12638 Jan 10 13712 Jan 2 101 Mar 13912 Dec
12658 12913 130 13034 12632 1307 12634 12838 128 130 *127 128
115 11613 115 116
•116 117
11413 115 ,114 11512 114 115
2,5001 McCrory Stores Class B No pad 114 Jan 21 121 Jan 11
79 Mar 13934 Oct
234 2314 2312 2338 *2314 24
*2373 24
*23
24
1,300 McIntyre Porcupine Mines_ _ 51 2258 Jan 2 2433 Jan 8
24
24
16
Jan 2284 Oct
2212 2212 *2212 23
2258 225* 2258 2258 2258 2234 2258 2338 4,100 Metro-Goldwyn Pictures p127 2214 Jan 8 23% Jan 22
18
Jan
2412 Nov
1013 1012 10
1018 10%
1012
912
par
Mexican
Seaboard
958
Jan
% 1014
21 1218 Jan 4
934 7,400
011__No
912 1014
9 Dee 224 Jan
1218
12
1218 1214 12
12
1134 1134 8,900 Miami Copper
117g 12
1134 1178
1232 Jan 2
5 1134 Jan 21
May
2438 Jan
3414 3434 3418 3458 3312 3412 3318 34
3334 24,500 Mid-Contlnent PetroNo Dar 33 Jan 22 37 Jan 2
3314 33% 33
2534 Aug
38 Nov
134
134
134
134
158
134
114 Jan 2
134 178
212 Jan 8
134
Ds
1%
134 8,800 Middle States Oil Corp__ _ . 10
June
•12114 126 •121 126
12138 12138 12234 12334 •120 127
125 125
1,500 Midland Stec Prod prof _ _ _100 12138 Jan 19 128 Jan 2
96% 1Zr3 14114
8014 8178 8112 8212 8014 8312 79
100 7814 Jan 8 8312 Jan 14
8034 7918 80% 7814 794 22,400 Montana Power
64
Apr 994 Aug
7512 7512 7714 72
75
76
7114 7358 7258 7412 7218 7312 05,700 Monte Ward & Co III corp...10 7114 Jan 20 82 Jan 2
41 Mar 8414 Dec
3338 3334 3112 3312 3112 3234 3158 32
3234 33
3134 3214 12,100 Moon Motors
No par 3112 Jan 19 3714 Jan 5
22% Mar 42 Nov
7
7
718
7
718
7
7
7 Jan 5
7
7
7
7
718 4,700 Mother Lode Coalition_No par
714 Jan 2
6 May
918 Jan
4138 4034 4034 4012 41
41
4038 4012 4012 4012 4012 4034 4,100 Motor Meter A
No par 4038 Jan 20 44% Jan 4
40 Nov
447 Oct
3118 317
31% 31% 3134 317
3038 3112 3034 3078 3034 31
4,300 Motor Wheel.
No par 3014 Jan 2 331 4 Jan 11
18
Apr
35 June
17
17
17
1714 17
400 Mullins Body Corp
17
1672 Jan 5 1838 Jan 6
•1634 1712 *1634 1712 •1634 1712
No par
13 Aug 214 Feb
35
35
35
35
35
35
3514 35
35
35
35
1,000 Munsingwear Co
35
No pat 35 Jan 16 38 Jan 2
30% Apr
39 Dec
51012 514
515 520
509 515
524 530
535 547 2525 52612 4,700 Nash Motors Co
No par 460 Jan 6 517 Jan 21 19312 Jan 488
Oct
0106% ____ *10618
•10618 - •10618 -- •10618 -Do prat
*10612
100 10618 Jan 4 106% Jan 4 10334 Jan 107 July
"12
1212 1218 1214 1214 1214 11% 12
414 Mar
1134 1134 1152 11% 2,400 National Acme stamped _ _ __10 1158 Jan 22 12% Jan 9
125* Dec
75
7512 7534 7634 7512 7834 774 8312 81
8434 82
85
73,500 National Biscuit
28 74 Jan 8 85 Jan 22
65 Apr
70 Deo
*126 130 *126 130 •126 128 *126 12734 '126 128
•126
Do prof
100 127 Jan 12 12713 Jan 5 1234 Mar 12813 May
5212 52
5412 53
52
54
544 54
100 51 Jan 8 57 Jan 2
5334 5112 53
4912 Dec 8478 Oct
5214 2,900 National Cloak & Suit
•9112 9312 *9112 9212
91
90
90
0013 9012
300
112
100 00 Jan 21 9212 Jan 8
Do prof
8734 Dec 104
112 *90
Jan
7534 7634 768 7714 7534 7012 7434 7514 74 .75% 7473 7578 14,900 Nat Dairy Prod tern et1sNo par 74 Jan 21 80 Jan 2
42
Jan 8178 Nov
4113 4112 414 4114 40% 4072 4034 41
41
41
40% 41
1.800 Nat Department Storee No Dar 24058 Jan 22 4238 Jan 7
384 Jan 46 May
100 Do prof
*96
97
97
*96
96
100 07 Jan 19 97 Ian 19
7 *96 97 096 9612 *96 9612
Apr 102
7
Jan
2912 2814 20
2912 2038 29
2734 2814 3,700 Nat Distill Products___No par 2734 Jan 22 34 Jan 4
2934 3012 2912 30
293* Dec 4314 Oct
624 Jan 81
6612 6612 6534 6534 6514 6714
67
68
6714 6714 67
900 Nat Distil Prod pf tem otf Nopar 6514 Jan 22 7318 Jan 4
*67
Oct
36
3518 3512 357 36
36
1,200 Nat Emma & Stamping
25 Apr 415* Deo
100 3518 Jan 20, 4012 Jan 2
3612 3618 3612 3612 3578 36
*8712 00
Do prof
*8712 80
*8712 89
*8712 89
*8713 89
*8713 80
100 8738 Jan 13 8934 Jan 4
75 June 8934 Jan
106 166
16314 165
164 166
3,300 National Lead
164 168
16678 167 *167 168
100 16314 Jan 22' 17434 Jan 5 13812 Apr 17404 Nov
400
Do prof
116 11614 *11614 117 •116 11613 116 116 *116 117 .116 11612
100 116 Jan 16' 11612 Jan 2 11412 Sept 119 Sept
5612 5012 5634 5634 5634 2,300 National Supply
57
56
57
57
56
57
543 Dec 71
57
50 5512 Jan 4, 57 Jan 9
Jan
1252 1234 1238 1253 1258 1258 1.900 Nevada Consol Copper- _ ... 6 1252 Jan 161 137 Jan 5
1252 1258 0125* 1278 125* 1238
1638 Jan
1138 Apr
3914 39 8 3834 3878 3833 388 3813 3812 *38
382 39
314 Oct 564 Jan
3814
1,700 NY Air Brake tern ctfs_No par 3612 Jan 2' 4214 Jan 11
50 Sept 67
55% 56
5613 1,200
56
56
Do Class A
56
56
5618 5618 5614 57 '56
No Par 5514 Jan 6' 57 Jan 13
Jan
7614 77
7512 77
77
7734 7712 7814 7612 77
7513 76% 11,700 NY Canners temp otfe_No par 73 Jan 1 11 8034 Jan 13
3134 Mar 8112 Dec
3412 34
3432 .34
35
3512 3512 3512 34
34
*35
35
1,600 New York Dock
100 34 Jan 19, 37 Jan 5
18 Mar 4514 Nov
0
72l
7112 7252 72
*7113 75
72 .7113 73
.7112 73
Do pref
300
100 7112 Jan 9; 7218 Jan 22
6212 Jan 76 Dec
a 7210
2818 2818 2814 2814 2778 2838 2,100 Niagara Falls Power pf new.25 28 Jan 11! 285 Jan 22
*2778 2814 2818 2818 28
28
2758 Oct 29
Jan
6514 6638 6412 6634 6353 65% 644 6534 64
6414 657
6452 64,000 North American Co
10 6314 Jan 6' 67 Jan 14
4118 Jan 75
Oct
5018 5038 5014 5014 5014 50'4 50
*9313 94
5013 504 5014
Do prof ______ .......
1,200
50 49 Jan 2; 5012 Jan 11
465 Jan 5012 Sept
17
1634 163.1 *1652 1634
17
17
1718 17
*1658 17
17
1,600 Nunnally Co (The)_ __No par 1618 Jan 2 1712 Jan 7
Jan 184 Nov
8
1038 010
1038 10
1012 *10
10 '10
•10
103* '10
100 Ontario Silver Min new No par
10 Jan 8. 1012 Jan 14
1012
64 Jan
11
Oct
39
03412 40
034
3413 3434 035
*3412 40
40 .34 • 40
200 Onyx Hosiery
par 3413 Jan 211 36 Jan 12
1838 Jan 39 Dec
56
57
5634 50
5312 5338 57
53
575* 5513 5634 19,400 Oppenhelln.CollIng&CoNo
N parr 47 Jan 12 59 Jan 19
41 18 Sept 53 Deo
304 2972 30
1,5001 Orpheum Circuit. Inc
30
3038 3038 3038 3018 3012 2297o 30
'30
1 2918 Jan 4 3012 Jan 14
2534 Jan 32% July
12312 124
123 123
2,4001 Otis Elevator (6)
125 12518 12518 12512 125 12612 12413 125
80 123 Jan 22 12834 Jan 5
8758 Feb 1404 Aug
1338 34,800 Otis Steel
1318 1358 13
13
No par
1134 Jan 8 1412 Jan 19
1314 1314 1432 1312 1412 1314 1358
8 Mar 1514 Aug
97% 9512 9512 9412 9412 *90
94
98
05
Do prof
9413 95
4,100
100 90. Jan 7 98 Jan 18
93
5014 Mar 9712 Aug
6318 63
63
6418 6312 6413 6258 6318 63
5.000 Owens Bottle
63
25 6212 Jan 15 65% Jan 7
6314 63
4234 Mar 6938 Nov
1,000 Pacific Gas & Electric
100 12612 Jan 21 130 Jan 7 10212 Jan 13718 Nov
•127 12734 12738 12712 127 12814 127 12712 12612 127 *127 128
7714 7613 7712 7612 77% 116,100 Pacific 011
No par 7414 Jan 5 7834 Jan 8
76
7658 75
7634 7614 7634 75
7812 Dec
515* Aug
10 38 Jan 20 434 Jan 4
39
16
381g 3834 21,900 Packard Motor Car
3834 38
3912 3912 3918 39% 3853 3012 38
Jan 4812 Nov
173* May
2458 25
2458 2534 2438 25
24% 2514 12,900 Paige Dot Motor Car_ _No par 2438 Jan 20 2812 Jan 4
25
2533 254 26
32
Oct
50 6534 Jan 20 7612 Jan 2
6712 66
5913 Sept 8371 Moir
6714 6,800 Pan-Amer Petr & Trans
6934 68% 691.1 6534 6712 67
6814 694 69
6914 72,300
60 67 Jan 22 7838 Jan 4
Do Class B
6018 Aug 8412 Mar
6934 7014 697g 71% 6918 7134 6712 6978 6734 69% 67
412 5
600 Panhandle Prod & Ref _No par
412 Jan 21
*438 518 *458 5
5
5
24 Aug
434 434
•5
514
534 Jan 2
614 Dec
2012 2,500 Park & Tilford tern etfe_No par 2512 Jan 20 2818 Jan 4
25 Sept 354 Jan
26% 2678 *2612 2634 2612 2612 2512 2612 26
2618 26
No par
18 Jan 6 1014 Jan 15
2,500 Penick & Ford
1712 18
18
1834 1778 17%
•1734 18
17 Dec 28
1914 1914 18% 19
Apr
•1512 17
1612 1612 1612 1612 *1514 17
*1518 16
ao 15 Jan 7 1612 Jan 18 1234 Apr 2638 Jan
•1518 1634
300 Penn Coal & Coke
178 Jan 16
178 2
178 2
29,500 Penn-Seaboard St'l vto No par
1% 2
8 2
1% 2
178 2
214 Jan 4
1 Aug
3
Jan
11712
118 11814 118 11814 2,200 People's L & C (Chle)_ _100 117 Jan 4 119 Jan 2 112
118 118
118
Jan 123 OM
11814 11812 118 118
6312 64
634 6334 63% 6412 63% 6514 6314 64
6358 63% 10,500 Philadelphia Co(MGM _ 50 63 Jan 15 7014 Jan 2
6112 Mar 6714 Dec
4212 42
No par 4112 Jan 20 4614 Jan 11
4212 4112 41% 42% 4318 4314 4534 24,200 Phila & Read C & I
42
4214 42
3734 May 524 Jan
*4112 43
'4113 43
*41
*42
Certificates of Int___No par 4414 Jan 9 4612 Jan 11
43
42
*42
43 '42
43
5012 Jan
38 July
*5713 59
*5213 59
*5212 59
54
*54
100 Phillips-Jones Corp._ __No par 54 Jan 22 54 Jan 22
55
54
*5212 53
61 Nov
9018 Jan
19
18% 18% 18% 1834 *1858 1878 •1858 18%
194 19
1,800 Phillip Morris & Co. Ltd___10 18% Jan 0 2012 Jan 9
19
1244 Mar 254 Sept
No par 4234 Jan 22 47 Jan 2
43% 424 43% 42,400 Phillips Petroleum
4314 43% 43% 44% 4312 4412 4278 4334 43
3614 Mar 474 June
36% 384 3814 4014 3712 3934 363.. 3838 3612 388 36% 3814 70,600 Pierce-Arrow Mot Car_No par 35% Jan 5 4312 Jan 9
104 Mar 4734 Oct
101 104
103 10634 102 106
10118 103
102 10312 9,200
100 94 Jan 2 1087 Jan 11
Do prof
10212 103
43 Mar 100 Nov
Do prior prat
86 Mar 102 Sept
0138
a5
r1
138 Jan 2
112 -I-1; --113 --11-2 --ii2 --11-2 _ -9
....-„....._
1% Jan 7
WI Pierce 011 Corporation No p2
18 --iT2 --1-1; --i; --Ili
14 Nov
34 Feb
26
*2412 26
100 24 Jan 5 2612 Jan 4
*23
•23
25
•2212 25
Do prof
*2412 26
26
•23
2014 Dec 40 Feb
5 Jan 2
6 Jan 19
54 6
512 538
54 53*
534 57
514 514
413 Dec
534 57 15,800 Pie cePetrol'in tem etfs_No par'
814 Feb
3912 40
40
.
3934 41
4012 3934 40
3034 40
100' 3912 Jan 21 4212 Jan 5
374 May 544 Jan
40
41
4,500 Pittsburgh Coal of Pa
08312 85
*8312 85
83
8313 81
.8312 85
1001 79 Jan 22 85 Jan 5
82
Do prof
1,300
79
8034
ao May 00 Jan
06
96
*96
97
96
9612 9612 *90
100 90 Jan 8 974 Jan 2
97 • 96
97
500 Pittsburgh Steel prof
*95
94 Mar 1024 Jan
6113 60
61
60
100 554 Jan 4 637g Jan 9
60
*59
61
800 Pitt, Term Cos'
61% 6234 6112 6112 *60
30 Apr 6333 Jan
•1512 1573 1513 1534 1512 1552 *1538 1512 1513 1512 154 1512 1,300 Pittsburgh Utlilties pref____10 1512 Jan 18 1618 Jan 7
12% Mar 173k Juno
1512 *15
1513
1512 *15
1512 *15
1512 *14
Do prof rertlficates_ _10 1512 Jan 7 1512 Jan 7
*15
1513 '15
1234 Mar
16 June
10712 10912 210713 109
109 11013 10712 110
1074 108% 19,000 Post'm Car Co Inc new_Nopar 10618 Jan 8 11412 Jan 4
10732 100
6438 Nov 121 Dee
7514 70
7212 72
100 684 Jan 2 7934 Jan 7
74
7114 7234 7,800 Pressed Steel Car
7418 7412 7634 73
74
45 June 7014 Dec
9112
91
91
9112
*90
9112
91
9112
100
0112 .90
Jan 2 9534 Jan 7
600
Do prof
9112
*9112 9312
7612 July 9212 Jan
1414 1413 1413 15
1412 1412 *1412 15
1412 1412 1,100 Producers & Refiners Corp_ 50 1414 Jan 20 1713 Jan 2
14% 14%
1212 Aug 3258 Feb
864 8712 8702 8934 8938 9218 887 914 88% 9034 8913 9032 80,100 PubServCorp of NJ newNo par 794 Jan 7 9218 Jan 19
6238 Mar 877 Aug
105 105 01043g 10512 *10438 10514
500
100 10318 Jan 12 10578 Jan 18
Do 7% prof
99
*10438 1054 1055g 10572 105 105
Jan 106 Nov
117 117 *116 118 '116 118 '11634 11713
100
100 11534 Jan 12 117 Jan 19 10838 Apr 119
Do 8% Prof
*116 11814 *116 117
Oct
16434 169
1677 171% 16813 16934 29,200 Pullman Company
16434 Jan 20 174 Jan 14 129 Mar 17312 Sept
16814 169% 16912 17113 16532 170
43
4434 4134 4334 4213 4434 42
60 39 Jan 2 4614 Jan 7
4178 42
4312 7,800 Punta Alegre Sugar
43
42
33 July
474 Jan
29
297
285*
2914
29
294
2913
2953
20,100
Pure
25
011
28%
29
2914
Jan
(The)
20
3
29%
31 Jan 4
2913
254 Aug 33 Feb
300
Do 89, pre
• .100 107 Jan 5 108 Jan 20 10212 Jan 10812 Sept
*10612 107 *10672 10712 10712 10712 108 108 *108 110 *108 109
4234 4112 4234 417 4234 17,500 Radio Corp of Amer_No par 41 Jan 20 46% Jan 12
4312 4314 4412 424 4312 41
3914 Nov
43
7772 Jan
46
46
46
4512
_____
__
50
Do
46
451,
pr.t..
4553
453
4
46
1.200
*454
, Jan 20 46 Jan 4
45 Dec 54 Feb
457s 45% 46
Ea
pea
neat..
a
No
par.
a
Et-dividend
this
day.
on
no
k
sales
prices,
a
asked
El-right..
Trading
on New York Stook exchange suspended
•
•Bid and
Ilioauaa of Mall 1221201.1214 of stock outstanding.
463
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Sales
for.
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 11926.
On basis of 100-share lots
Wednesday, Thursday,
Friday,
Tuesday,
Monday,
Saturday,
Jan. 21.
Jan. 22.
Lowest
Highest
Jan. 20.
Jan. 19.
Jan. 18.
Jan. 16.
$ per share
$ per share $ per share $ per share $ Per share $ Per Share a Per share Shares Indus. & Miscall.(Con.) Par $ per share
100 163 Jan 20 17412 Jan .2
1,400 Railway Steel Spring
16378 16378 164 164
163 167
16912 16912 16912 16912 105 170
No par 3312 Jan 18 34 Jan 22
34
34
*3312 34
200 Rand Mines,Ltd
*3312 34
3312 3312 *3312 34
*3318; 34
1134 1178 1158 1178 111
/
4 1134 13,000 Ray Consolidated Copper_ 10 1158 Jan 13 1214 Jan .5
1158 1134 1134 1178 1178 12
No par 53 Jan 6 56 Jan 4
5212 53
53
53
1,700 Reid Ice Cream
5318 5312 5312 54
52
5278 5278 52
18 Jan .5
No par 16 Jan 21
1713 *16
800 Reis (Robt) dr Co
17
16
1678' 1678 *____ 17 *____ 17 * ____ 17
11734 12034 114 11734 11578.118
11478 116
8,600 ReMington Typewriter_ __ _100 114 Jan 20 125 Jan 7
11878 120
11734 119
100 107 Jan 20 10814 Jan 2
Do let prat
100
107 107 *104 107 *104 107
•106 ;108 *106 103 *107 108
100 10612 Jan 20 111 Jan .5
Do 2d pref
100
*10612 109 *10612 109 *10612 10712 10612 10612 *10612 10712 *10612 10712
No par 14 Jan 20 1578 Jan 4
4,500 Replogle Steel
14
1418 14
1418 14
/
4 , 1412 1412 1478 1418 1438 14
4, 141
100 5614 Jan 20 6358 Jan 7
57
58
13,000 Republic Iron & Steel
5914 5614 5778 5658 58
t 5758;5838 5812 5978 57
100 9234 Jan 2 9412 Jan 13
Do pref
800
93
931
/
4 9314 93
93
9314 93
*93
94
I 9441, 9414 94
/
4 Jan 5
9 Jan 14 101
918 918 2,300 Reynolds Spring
9
g
918
No par
9
918
9
9
9
9
Ei 9
1
4 9434 9514 12,600 Reynolds(R J)Tob Class B 25 9438 Jan 2 9812 Jan 5
9614 9412 9514 9514 96/
9012 95
: 96
t 961, 967
100
Do 7% pref
_ ___
-- ----.- ------25 90 Jan 4 100 Jan 20
9,700 Rossia Insurance Co
97 -9-9-3-4 97 -9-995 1-0-0
oir21-9-5-12 ii; -9-5-3-4 9478 -951
4 Jan 22 5738 Jan 9
5314 I 5358 5314 5334 5334 5414 5314 5378 5358 5378 5318 5312 11,600 Royal Dutch Co(NY shares). 53/
10 43 Jan 22 46 Jan 4
Lead
43
St
Joseph
437
8
/
1
4
44
4,700
43
43
/
1
4
44
44
433
4
433
4
44
44
4378 ;
1
4 Jan 18 9614 Jan 22
9178 941
/
4 9214 9614 17,800 Savage Arms Corporation_100 88/
1
4 8934 9218 8912 91
1
4 883s 89/
88/
1
4 88/
134 13512 135 13612 13312 13518 133 13474 13434 13614 13534 13612 13,700 Schulte Retail Stores. _No par 12934 Jan 8 137513 Jan 11
100 11212 Jan 6 118 Jan 12
Do pref
100
316''116 '711412 11712 *11514 117 *114 11634 *115 11634 *115 11634
No par 13 Jan 22 14 Jan 7
1312 2,200 Seagrave Corp
1
4 1314 1334 *1314 1334 *1314 1334 13
13/
1
4 13/
*1313 I 14
217 22134 14,100 Sears, Roebuck & Co
100 21312 Jan 20 24178 Jan 4
21312 22112 218 221
225,, 22612 226 22814 218 228
10
Shattuck Arizona Copper
____---- --__ -- -- ____ __-- ____
No par 61 Jan 22 6958 Jan 4
63
61
62/
1
4 4,000 Shattuck (F G)
---6412 6312 6434 63
---i. 64581 65
1
4 Jan 20 4858 Jan 4
300 Shell Transport & Trading_ £2 45/
1
4 *4538 4712 *4534 4678
4712 *4558 4712 4578 45/
. 4658 , 4658 *46
No par 2558 Jan 16 2818 Jan 4
2614 28,300 Shell Union Oil
2614 26
2614 26
26/
1
4 26
1
4 2614 26
25581 2638 25/
100 10378 Jan 8 105 Jan 11
Do pref
300
105 105 *104 105
104 t104 *103 105 *104 105 *104 105
1
4 Jan 2
10 2334 Jan 20 28/
2512 2334 24/
1
4 24,500 Simms Petroleum
1
4 2512 2334 2478 24
2434 2538 2458 2534 23/
No par 53 Jan 20 5412 Jan 4
5334 6,100 Simmons Co
5358 5338 5334 53
1
4 53/ 5314 5314 53
5312 5358 53/
1
4 Jan 20 24 Jan 2
2134 21
2012 2112 21
2158 49,400 Sinclair Cons Oil Corp_No par 20/
211
/
4 22
2134 22
2158 22
100 91 Jan 5 9318 Jan 19
Do pref
*9112 92
400
*9112 92
*9112 92
92
1
4 92
92/
1
4 93/
I 92 . 92
25 2912 Jan 19 3212 Jan 2
2913 3014 3014 3112 3034 3112 47,200 Skelly 011 Co
3014 3018 3012 2912 31
I. 30
6,100 Sloss-Sheffield Steel & Iron 100 120 Jan 16 13612 Jan 4
121 12412 121 123
124 12512 122 122
12014 125
; 120 I; 122
10812 Jan 2 123 Jan 21
*120
121
11912
123
South
Porto
Rico
Sugar-100
6,900
118
118
12112
11612 11812 116
I 115 1115
No par 15 Jan 5 1614 Jan 19
200 Spear & Co
*16
18
*16
18
18
1614 1612 16
*1534 18
*1534 EIS
81 Jan 6 8212 Jan 13
100
82
Do
pret
*80
400
*80
82
8118
81
81
82
82
.81
82
*81
No par 25 Jan 19 2912 Jan 4
2638 2634 11,500 Spicer Mfg Co
1
4 2612 2612 27
2712 25/
271
/
4 271/ 2814 25
27
100 101 Jan 12 10112 Jan 18
Do prat
300
1
4 *101 10312 *101 103
10114 10112 10114 10112 *101 102 *101 105/
5914 5818 5938 5812 5834 53,700 Standard Gas dr El Co_No par 5534 Jan 2 6038 Jan 19
1
4 5818 6038 58
5713 5838 5858 59/
100 81 Jan 16 87 Jan 5
1,200 Standard Milling
81
81
83
*81
81
81
81
83
83
8114 *81
81
100 85 Jan 15 87 Jan 9
Do pref
*85
87
86
*85
86
*85
87
*85
87
*85
87
*85
1
4 Jan 20 6214 Jan 2
California_
25 55/
Standard
011
of
53.500
5618
57
1
4 5518 5718 5614 5712
I. 57581158 lE5714 5712 5634 57/
1
4 Jan 22 4638 Jan 2
43/
1
4 4312 41,200 Standard 01101 New Jersey 25 43/
4314 44
4334 4418 4358 4414 4312 44
4334 44
100 11634 Jan 2 11738 Jan 14
Do pretnon-voting
117 11714 11714 11738 11714 11714 4,000
11718 11714 117 117
1174 117
718 Jan 7
63
4 Jan 2
par
Stand
Plate
Glass
Co__No
900
634 634
*634 6/
1
4
634 634 •658 7
634 634
634 634
No par 8014 Jan 22 8812 Jan 7
3,400 Sterling Products
1
4 8234 8012 814 8014 81
8318 80/
8318 83
8218 834 83
927g
Jan 2
22
8212
Jan
par
Sp
Corp_No
Stewart
-Warn
46,400
8512
8212
867
8
8314
86
/
1
4
83
89
87
8934 86
8534 87
600 Stromberg Carburetor_No par 73 Jan 15 7714 Jan 4
1
4
7378 73/
74
74
74
*7312 7534 *7312 7512 74
76
76
/
4 5678 62,100 Studeb.rCorp(The)newNo par 5514 Jan 16 50 Jan 4
561
5514 5658 5618 5678 5512 5714 5534 5678 5618 57
100 120 Jan 21 120 Jan 21
Do pref
100
120 120 *120 122
.120W 123 *120 123 *120 123 *120 123
313 Jan 2
3 Jan 13
No par
4,000 Submarine Boat
314 31
338 338
312 312
3/
1
4 812
314 314
318 3/
3% Jan 4 414 Jan 8
No
par
Superior
Oil
314
33
8
314
314
314
314
2,800
312
314
312
332
338 358
253
4 Jan 12
Jan
12
253
4
100
Steel
Superior
26
*24
26
*24
26
*24
*24
26
324
28
'244 28
50 1112 Jan 20 13 Jan 7
100 Sweets Cool America
12
*10
12
1112 1112 *10
*1112 12
*1112 12
*1112 12
Jan 4
1412
Jan
20
1218
-No
Par
temp
ctfsSymington
4,000
1212
13
1212
13
1212
1218
1232
1318
1314 1332 1332 1332
1
4 Jan 21
Cla88 A temp etts_-_No par 1934 Jan 22 20/
2,100
1934 20
20
2034
20
2012 20
2012 *20
2018 2018 *20
1
4 Jan 19
14
713/
1
4 1458 1,300 Telautograph Corp____No par 1334 Jan 6 14/
*1334 15 '
14
14/
1
4 14
*1334 1412 *1334 14
No par 1338 Jan 10 1434 Jan 6
10,600 Tenn Copp dr C
137g 14
13/
1
4 14
1
4 1414 1378 1414 1378 14
13/ 1334 13/
1
4 51
5138 5178 5114 51/
5152 36,700 Texas Company (The)__ 25 5034 Jan 20 5472 Jan 2
511
/
4 50/
5112 51
1
4 511
/
4 51
10 11912 Jan 12 124/ Jan 18
Sulphur
Gull
Texas
38,600
12112
123
12058
12314
121
1233
4
12414
12112
1245
8
1
4 122
12112 122/
10 1618 Jan 15 1913 Jan 7
1614 1738 1612 1738 1638 17 4 25,500 Texas Pacific COal & 011
1714 1734 1612 18
1658 17
100 344 Jan 12 3718 Jan 21
3612 3558 3612 '363 3718 3638 363 52,600 Tidewater 011
3634 35
36
36
35
1
4 53
/
4 5213 53/
53/
1
4 5212 5312 8,300 Timken Roller Be,aring_No par 5212 Jan 20 5638 Jan 6
5312 .5278 531
5334 53
53
9918 10114 97 9912 9712 9958 9634 9912 41,900 Tobacco Products Corp 100 9612 Jan 2 10414 Jan 13
10014 10034 998 101
100 107 Jan 4 112 Jan 18
Do Class A
11012 11012 4,200
110
111
111
10934
112
*10912
1115
8
1093
4
110
109/
434 Jan 4
4 Jan 15
4
4
418
418 12,300 TranscTI011tem ctfnewNo par
4
4/
1
4
414
4
41
/
4
4
414
4
par 2612 Jan 19 2612 Jan 19
SVI
No
200 Transue dr Williams
*2612 27
*2612 27
2612. 2612 *26/
1
4 27
27
*26
*25/
1
4 27
5,400 Underwood Typewriter- 25 56 Jan 2 63/ Jan 7
5712 57
58
5718 58
5914 5934 5918 6012 5734 604 56
58
5912 21,100 'Union Bag & Paper Corp 100 58 Jan 22 7114 Jan 5
59
60/
1
4 594 60
5912 6418 5912 62
61
60
/
4 Jan 2
25 3714 Jan 20 411
18,300 Union 011, California
1
4 38
3714 37/
1
4 37/
3788 3734 3758 3818 3734 3834 3714 38
100 91 Jan 20 94 Jan 15
5,200 Union Tank Car
91
91
91
92
01
92
92
92
96
94 .92
*90
8 Jan 5
1153
18
8
Jan
1145
100
Do prat
115 115 811313 116
300
11432 11432 *11312 116 *11312 115
•11312 115
No par 2512 Jan 21 2914 Jan 12
2712 2618 27
2512 2612 2512 2512 9,700 United Alloy Steel
*2738 2712 2712 2712 27
Jan 5
97
/
1
4
Jan
22
8312
25
Stores
Cigar
United
8412
8712
37,800
8312
86
8718 8978 8418 8672
89
87
88
87
100 15034 Jan 20 16434 Jan 4
15312 15614 1523/3 154
1
4 15034 156
13,500 United Drug
152 154/
154 154/ 154 155
56 Jan 6 5714 Jan 13
50
*561
let
pref
Do
*5614
57
*5618
5612
400
56
/
1
4
563
2
5612
563
8
8
564
*5614 57
100 236 Jan 7 244 Jan 21
2,000 United Fruit
240 241
242 244
241 24312 241 241
241 242
240 240
12,300 Universal Pipe & Rad__No par 2438 Jan 20 2834 Jan 5
1
4 2714 243/4 2612 2412 2614 2478 25
I 26/
1
4 261/4 2612 2734 24/
100 7014 Jan 22 7812 Jan .5
prat
Do
7014
2,300
703
7212
8
/
4
7113 7212 701
7278 74
75
, 71014 7512 73
191 197
192 19812 188 196
19113 19414 15,700 II S Cast Iron Pipe & Fdy_100 188 Jan 20 21014 Jan 4
1
4 201
19258 19253 193/
10038 Jan 5 10238 Jan 22
100
pret
10112
DO
10112
102
10214
102
*101
10134
101
1,900
1023
8
101
*10034 10112
1
4 Jan 2
12,400 T.7 S DIstrib Corp tem(+UN° par 5012 Jan 20 56/
14 . 5438 5214 5313 5012 5238 5012 524 5112 54
P 525885353
100
_ *12014
Do pre!
- *12014 - - *12014
__ *12014
*120147 .. *12014
4 Jan 8
2
533
Jan
45
/
1
4
par
No
5012
3
50
4
51
Corp
v
t
e
4,900
5032
51
11
SHottMach
5014
5112
517
8
5114
5
114
,• 51 -5178
6312 667g 6258 6718 6338 6512 48,400 US Industrial Alcohol-100 6258 Jan 21 7512 Jan 13
69
65
74
67
7318 74
10434 Jan 13
Jan
18
1013
8
100
10218
*102
10212
10218
10212
pret
*102
10212
10212
Do
1,400
103
1013
8
*103 4,104
/
4 Jan 4
66
65
66
67
6678 65
66
6712 68
8,000 USRealty&Improvl newts° par 65 Jan 20 711
65
661
/
4 68
100 7812 Jan 12 8712 Jan 21
8314 8672 8514 8712 8532 8672 225,400 United States Rubber
8212 85
80181 831/4 8314 8512
100 107 Jan 11 109 Jan 19
10834 109 x10714 10734 10712 10754 *107 10712 1,800
Do lat pref
1084 10814 1081g '10834
1
4 Jan 2
50 4514 Jan 22 49/
4612 4534 46
45/
46
1
4 461
/
4 4514 46
3,700 US Smelting, Ref & Min
4714 4612 47
46
/
4 4813
4912 481
60 4818 Jan 12 50 Jan 4
4914 49
Do prat
800
4878 4878 *49
4912
*4812
4912
/74812
Jan 4
13812
13134
13238
135
1313
4
Jan
22
Steel
Corp-100
13412
131
/
1
4
13478
1323
8
13518
United
States
443,000
1354
/
1
4
13258 13312 133
100 12512 Jan 2 12678 Jan 20
Do pret
12612 12672 12614 12678 12634 12672 2,700
*12672 127
12614 12614 12612 12612 *91 102
10 98 Jan 14 98 Jan 14
*91
99
*91
97
*91
99
Utah
Copper
102
*92
,790 „LI 98
1
4 33/
1
4 3334 34
3412 341
3412 33/
/
4 1,200 Utilities Pow & Lt A__No par 3312 Jan 20 3513 Jan 4
1
4 34
34/
*34
35
*34
1
4 Jan 6
No par 3014 Jan 22 32/
2,700 Vanadium Corp
3034 3138 3034 3034 3072 3078 3014 31
/
4 3072 31
3118 1 311
No par 20 Jan 4 21 Jan 5
25
*21
25
*21
25
21
200 Van Raalte
*21
21
25
*21
25
*21
100 70 Jan 13 70 Jan 13
7518 *70
Do 1st pret
7518 *70
7518 *70
7518
7518 870
*70 r, 751 *70
112 112
11
/
4 Jan 15
112 Jan 2
*112 2
200 Virginia-Caro Chem___No par
*112 2
/
4 *112 2
112 11
402 $
*812 12
100
*812 12
Do pref
*812 12
*812 11
*812 11
484 11
158 Jan 8
11
/
4 Jan 15
No par
'71.14 2
Do "B"
*14 2
*114 2
•1247 I% *114 112 '114 112
No par 2558 Jan 8 28 Jan 18
2712 13,600 Vivadou (V) new
2634 2734 27
2778 2634 27
27
261 2714 2758 28
1
4 Jan 19
184 1818 1814 171
No par 17 Jan 12 18/
/
4 1818 8,800 Waldorf System
1
4 18
1
4 1814 18/
1
4 1712 18/
1712 17/
190 190
600 Ward Baking Class A_ _No par 190 Jan 14 195 Jan 2
192 192 *190 192
192
192
195
*190
195
190
2
4,
7614
Jan
8014
845
8 Jan 2
19
par
8134
8112
Class
B
No
80
197,600
771
/
4
8214
8012
764
8112
8022-; 8112 8018
1
4 Jan 4 11012 Jan 15
No par 108/
800
Preferred (100)
10912 11012 110 11012 110 110 *110 11012
11038 110 ' 110
*110
1
4 Jan 21 181
1318 1418 12,400 Warner Bros Pictures A___ 10 12/
/
4 Jan 6
15/
1
4 1238 15
1714 15
1
4 16
17/
.
17
1732 17
No par 4514 Jan 20 474 Jan 8
640 Warren Bros
*45
46
*45
46
1
4 4514 46
4618 46/
47
4612 46's *46
8412 4,700 Weber & Hellbr. new_a No par 7834 Jan 6 8512 Jan 13
8438 83
8312 8312 83
85
84
84
; 82/
1
4I: 8312 8212
Western Elea 7% Pref _ _100
8,700 Western Union Telegraph_100 13434 Jan 11 142 Jan 18
1-4-2-- .;iio- f4iii iiii- 1-40 - 25512 14138 i39121407
---- -3-9.
-813934 1
'118 12112 11612 11812 116 11912 117 11758 9,300 Westinghouse Alr Brake_ 50 116 Jan 21 12634 Jan 7
12012
12012
1
4
7232 14,400 Westinghouse Eleo &
120 122/
50 72 Jan 22 7514 Jan 7
7218 7318 72
7214 73
3 r 7258 74
1
4 Jan 2
1512 Jan 21 17/
4,900 West Elea InstrumentMfg1
4 1512 171
164 1512 15/
72'8 71- ' itp2 1658 16
72/
1
4 73
2714 Jan 4 2834 Jan 13
17 8 2814 2812 27/
Class A
28
28
28
/6/
1
4 161
/
4 *1858 : 283
1,100
28
1
4 23
2838*28
12414
Jan 5
123
No
par
Jan
11
Co
*12212
130
*12312
130
28/
West
Penn
1
41
*12212
130
130
*120
130
1
4 Jan 19
97
100
*95
*121 .0 130 812212
Do 7% pf tern at new_100 9612 Jan 8 93/
97
9712 *95
1
4 *95
98 .9738 97/
o7
No par 2614 Jan 22 2838 Jan 2
*97 1 98 .iSta 2612 f 267s 27
2638 2614 2612 2612 2614 2658 1,400 White Eagle Oil
1
4
50 7834 Jan 20 8634 Jan 4
2612 26/
2 7914 8034 7958 8012 29,800 White Motor
80
8314 7834 811R0 8' 82
Jan 18 3758 Jan 4
par
1,800 Whita RR, M & S ctts-No35
*3512 36
36
35
- '-d
80 /4 8034 '.6
v i4 . 36
3658 *3514 36
35
*3534 30
3/
1
4 Jan 6
2/
1
4 Jan 21
1.800 Wickwire Spencer Steel ott___
/
4 3
234 2/
1
4 *21
3
3
3
:
'
3 3
5 2818 Jan 20 34 Jan 4
2838 2878 105,700 Willys-Overland (The)
vo57 2978 2834 2978 2818 2912 2814 2918
2824 2958 -..
100 9118 Jan 19 94/
1
4 Jan 2
prat
Do
2,100
9112
9112
2
917
2
917
9112
923
2
923
4
9118
92
452 Jan 4
No par
9112E 9238 ,92
538 Jan 18
600 Wilson & Co.Inc
v , 538 *4/
/
4 *434 534 *4/ 512 *434 512
1
4 51
100 17 Jan 7 17 Jan 7
*1612 19
Do pref
*161
/
4 20
4.161
,7434 '03 514 " /7
/
4 19
*1612 19
•1612 20
Co(F W)
25 197 Jan 20 222 Jan 4
Woolworth
38,400
1993
4
20312
20414
20
4,17
200
197
2001
/
4
205
19914
;205
100 37/
371g 39
1
4 Jan 22 44/ Jan 6
7,800 Worthington P & M
203 204/ 202 , 80
39/
1
4 4012 3814 42
3914 41
1
4 41
40/
100 77 Jan 7 7813 Jan 15
4012 41
Do prat A
*7614 80
*7614 80
*7614 80
*7614 80
100
60
Jan 5 63 Jan 22
Do
200
63
pretB
63
'
4,
so *70
64
*77
*61
63
*61
63
*6112
635 *61 ., 63
1.800 Wright Aeronautical-No par 2612 Jan 20 2814 Jan 4
*2512 27
*61
1
4 27
1
4 26/
2612 26/
27
27
1,' 2714 5412
No par 54 Jan 11 5634 Jan 14
200 Wrigley(Wm Jr)
54
54
55
2714 27
*54
'
274
55
5412 854
v,,. 55
25 6212 Jan 11 644 Jan 5
400 Yale & Towne
*54/
1
4 E 56
".
,--a
6212 63 63 63 *63 64 *63 64
*62% 63
Yellow Cab Mfg tern ctts__ 10
*6278 03
83 Jan 22 8978 Jan 4
T
No
par
Sheet
&
Yoniurstown
5.100
83
8312
8318
85
8412
8318
-.2-4-3, 7 331s 8514
8334
2
snares.
sales on this day. a Ex-dIvidead. 0 Ex-rights I Mew *took on the basis of 1 new snare tor 3 old
20
panel.
•Bid and sake
PER an AM;
Range for Previous
Year 1925.
Lowest
Highest
$ per share $ per share
12212 Feb 182 Nov
3334 Nov 3912 Aug
1138 Apr 1738 Feb
43
Oct 6014 Dec
10 May 2814 July
46/ Jan 11734 Dec
100 Jan 10913 Oct
103 Sept 11312 Apr
1258 June 2314 Jan
1
4 Jan
4218 Apr 64/
Jan
8414 July 95
Jan
18
8 July
7214 Mar 9534 Nov
11978 Jan 122 Apr
85 June 9712 Feb
4814 Mar 5738 Jan
3534 July 5212 May
4812 July 108/
1
4 Mar
10134 Sept 134/ Dec
110
Jan 118 Aug
1314 Nov
1634 June
14712 Mar 23613 Deo
778 Jan
514 Apr
4018 Mar 92 Aug
3912 Sept 49 Dec
2158 Aug 2812 Dec
9912 Jan 10614 Nov
1734 Sept 2634 Jan
3114 Mar 5453 Nov
17
Jan 2478 Feb
7834 Jan 9418 Feb
2134 Mar 3212 Nov
8014 Mar 14312 Dec
62 Jan 10918 Dec
1318 Dec 24 May
7814 Dec 92 May
1513 Feb sn Sept
92 Apr 108 July
4014 Jan 61
Oct
62 May 88 Dec
81
Jan 8634 Dec
5112 Aug 6714 Feb
3838 Mar 4713 Feb
11614 July 119 Feb
553 Aug 16 Jan
624 Mar 82 Dec
55 Mar 96/
1
4 Dec
61 Mar 8958 Oct
4114 Jan 6358 Nov
112 Mar 125 Sept
3 Oct 12 Mar
2 Dec
618 Feb
/
4 Jan
20 May 411
1
4 Mar 1512 Oct
5/
1012 Jan 2078 Sept
1934 Dec 26/
1
4 Sept
11 Aug 1614 Nov
758 Apr 16 Dec
42/ Jan 55 Dec
9712 Feb 12178 Dec
1
4 Feb
1078 Aug 23/
3014 Sept 36/
1
4 Dec
37/ Mar 59/
1
4 Oct
70
Jan 10134 Nov
93/
1
4 Jan 11038 Nov
5/
1
4 May
313 Sept
2413 Sept 35
Jan
3818 Mar 6514 Nov
Oct
36 Apr 86
33 Oct43/
1
4 Feb
94 Dec 134 June
11314 June 11718 May
24 May sn Mar
604 Jan 11512 Nov
11078 Feb 162/
1
4 Oct
52 Jan 58/
1
4 Nov
20473 Mar 246 Sept
1
4 Feb
26 Dec 50/
65 July 94 Feb
13114 Apr 250 Feb
91 July 113 Aug
3014 Feb 634 Dee
130 Mar 250 Des
23 Jan 49/
1
4 Oct
Oct
704 Dec 98
102 Dec 115 June
-33-13 -Mar
92114 Mar
30 Feb
44 Apr
112/
1
4 Mar
12218 May
82 Mar
30 Aug
2558 May
1514 Aug
60 Apr
112 Sent
812 Jan
lg Aug
74 Jan
1412 Aug
116 Apr
374 Mar
9413 Feb
174 Dec
43 June
51
Apr
110 Aug
11614 Jan
97 Apr
664 Mar
94 Apr
1958 Mar
974 Septt
94 Apr
2512 Aug
571
/
4 Mar
33/
1
4 Dec
2 Dec
We Jan
7214 Jan
4/
1
4 Dec
17 Sept
11214 Jan
3514 Aug
76 Nov
58 Aug
16 Mar
45/
1
4 Mar
62 Sept
33/
1
4 Feb
63 Mar
-9714Nov
10872 Nov
51 Dee
494 Dee
139/
1
4 Nov
138 Nov
111 Nov
38 Aug
3434 July
2673 Nov
80 Nov
8/
1
4 July
2312 July
472 .1111Y
2834 Dee
19/ Jan
198 Dec
9512 Oct
112 Dee
sn Oct
5012 July
10012 Dec
11712 June
14478 Sept
144 Aug
84
Jan
2012 Aug
2874 Dec
145 May
100 July
31/
1
4 Feb
104/
1
4 Aug
4932 Aug
5/
1
4 May
8473 Nov
123/
1
4 Dec
1334 Mar
60 Mar
Oct
220
793a Jan
88 Jan
76/
1
4 Feb
3238 July
574 Oct
704 July
4834 Oc.
9212 Nov
464
New York Stock Exchange-Bond Record, Friday Weekly and Yearly
a.2 1909 Om gsclanos aughod of'wow Donde wag Mationt and prime are now "and Interest"-alesat for income and defaulted( goo&
BONDS
Y STOCK EXCHANGE
Week Ended Jan. 22.
a.
Pews
Friday
Jan. 22.
Went's
Mace or
Last Sail
ft
Range
Since
Jan. 1.
BONDS.
N. Y.STOCK EXCHANGE
Week Ended Jan. 22.
da.a.
Price
Friday
Jan. 22.
Week's
&sags or
Last fiats
ft
AA Low
High NO. Low
RU
High
U. 5. Government.
Bid
Ask Low
High No.
Virst Liberty Loan7
Netherlands 85 (flat yricai)--1972 MS 10812
/
4 108%
-- 1081
j n 100124 Sale 100 1001
/
41 804 991534 00/
1
42
334% of 1932-1947
30-year external 8.(flat) 1954 *0 10414 Sale 1041a
104/
1
4 288
Sale 100
1001,2
2 100 00422 Panama (Rep) 5348 tr rects_1963 A D 1011
Cony 4% of 1032-47
/
4 102 10114 10134 26
J D 100
191 101033 102
Sale 10111
Cony 434% of 1932-47
/
41102
Peru (Rep of) ext1 812
• D02
1944 AO 103 Sale 10258 10314 13
26 cony 434% of 1932-47
9 10143 0143 Poland (Rep of) g 138
J D 101554, Sale 101,, 101.2,
6812 30
1940 *0 684 Sale 68
Second Liberty LoanExt'l 81 g 85Interim recta-1950 J J 88/
1
4 Sale 8812
89,2 228
Sale 100
As of 1927-1942
100133
6 993133 00431 Porto Alegre (City of) 85_1961 JD 100 Sale 99
9
100
M N 100
Cony 434% of 1927-1942
18
M N 100i24 1 Sale 10003310033n 927 100033 001333 Queensland (State) ext if 71 1941 A0 114 Sale 11214 114
Third Marta Loan7
25-year 13s
1
4 Sale 10412 10512
1947 FA 104/
434% of 1928
/
42 Sale 1000311008n 1058 1002544 101
Rio Grande do Sul 88
M 10011
1948 *0 994 Sale 9878
9912 15
fourth Liberty LoanRio de Janeiro 25-yr C f 88-1948 AO 98 Sale 98
9812 17
4 % of 1933-1938
25-yr ext1 8s
22
A 0 102333 Sale 1011421020n 2204 102444 02",,
99
1947 *0 9812 Sale 98
107 10851, 107
Treasury 4)(s
Rotterdam (City) external 80964 MN 10458 Sale 104
1947-1952 A 0 10710n Sale 1081542107
10458 40
/
42 El Salvador (Rep) 88
Treasury 441
1944-1954 .1 D 1031gts Sale 103 103013 67 102244,0311
1948 J J 10534 Sale 10534 10614 11
State and City Securities.
Sao Paulo (City) a f 88
4
1952 MN 10212 Sale 10112 102
N Y City-43(s Corp 8tock-1960 M
9 100 10014 San Paulo (State) exta f 84-1938 J J 103/
---- 10018 10014
14
1
4 Sale 10314 104
---2 10012 101
10058 10058
4 he Corporate stock
External,f 88 int recta
1964M
1950 53 1024 Sale 10134 10212 55
10012 Jan'26
41
/
48 Corporate stock
10012 10012 Seine (France) ext 75
1988 A 0
1942 J J 8812 Sale 88
8812 19
10034 10034
/
1
48 Corporate stock
10034 10034 Serbs, Croats & Slovenes 8s-1
1972 A 0
1936
982 MN 93 Sale 92
9314 238
5 10512 10512 Salmons(City)85
1054 10512
415s Corporate stock ' 1971 J D
4
84
MN 83 84 84
9 105 1054 Sweden 20-year 88
105
10518
43.4s Corporate stock_July 1967J J
12
1939 SD 105 Sale 10438 105
10458 10518
4548 Corporate stock
External loan 534a
/
4 10214 80
1985 J D
1954 MN 1024 Sale 1011
- 10518 Jan'26
10412 Jan'28
10412 10412 Swim Confeder'n 20-yr I f 88 1940 35 117 Sale 118/
434s Corporate stock
1
4 117
19635 S
21
2
98 Switzerland Goat ext 510-1948 *0 10353 Sale 102
98
98
4% Corporate stock
1959 M N 98 Sale 98
10434 84
971
/
4 Dec'25
- Tokyo City ad loan of 1912_1952 MS 6612 674 87
4% Corporate stook
1958 M N
8
8714
98 Dec'25
Trondttlem (City) exti 6148-1944 JJ 10034 101 100
4% Corporate stock
1957 MN
10012
4
9612 Dec'25
Uruguay (Republic) ext 842-1948 TA 109 110 110
4% Corporate stock
1956 MN
110/
1
4 28
Oct'25
96
Zurich (City of) a f 88
4% Corporate stock
1945 AO 10712 Sale 10712 10812 14
1955 M N
5 10434 10414
10434 104/
1
4
Railroad.
434% Corporate stock
1957 MN
4 10434 10533 AlaOtSoulstconsASe.,_.,1943J D 10138 102 102
e- 10434 10538
412% Corporate stock_......1957 M N 1004 81;1Oct'25 _8834 15
8814
8734 883 Ala Mid lst guar gold 58_1
314% Corporate stk_May1954 M N
194
926
8M
A o
N 10038 101 10112 Jan'28
7 8834 8834 Alb & Susq cony 31511
8834
8412 8534 8418 Jan'213
8834
312% Corporate stk _Nov 1954 MN
10125 10158
1 1011
/
4 10111
/
4 Alleg & Weat let g 48 gu
84 84
New York State CanalIm-40981 J J
1998 A 0 82
Oct'25 -10118 Mar'25
- - Alleg Val gen guar it 411
45 Canal
1942 J J
194251 5 9233 Sale 923g
924
1
3 11014 110-14 Ann Arbor let g 4s__ _July 1995 Q J 77
11014 11014
414s Canal impt
78 7712
1964 jI
774
1
102% July'25
Atch Top & S Fe-Gen g 45_1996 A 0 9038 Sale 90
48 Highway impt register'd 1958
90/
1
4 119
10812 Oct'25
Registered
Highway Improv/
8914 Jan'26
1
4 4141_19133 MS
A0
7612 Feb'25
Virginia 2-38
Adjustment geld 4s__July 1996 Nov 8518 Sale 8518
1991 Ii
857g
Stamped
Foreign Government.
July 1995 M N 8518 Sale 85
85/
1
4 31
/
4 10218
_ 8314
argentine (Nat Govt oft 78_1927 FA 10134 Sale 10134 10218 59 1011
Registered
MN 8238
3
834
1
4 86 84/
8 168 of June1925 temp_ _1950• D 9612 Sale 91314
Cony gold 48 1909
96
9834
1
4
1955 J D 84/
994 235
84/
8
1
4
Ex tls 168 of Oct'25 temp_1959 AO 964 Sale 9914
Cony 4.1905
9578 9634
1955 J D 85 s Sale 8512
9534 401
85/
1
4 25
Sale
97
98
132
Sinking fund 6s Sae A_
Cony g 45 Issue of 1910_1960 J D 85% Sale 851
9614 98
1957 MS 9718
/
4
85/
1
4
ii
9914 Sale 98/
External 68 series B_ _Dec 1958 J O 9634 Sale 9614
97
87
East Okla Div let g 4a
9534 97
1
4
9914
1928 M
8712 16
Argentine Tremor/ 6a-Z_ _ _1945•S 871: Sale 8713
Rocky Mtn Div lit 4a
86313 8712
1
4
19135 J J 8634 90 88/
86/
1
4 111
Australia 30-yr 58_ _July 15 1855 J J 973g Sale 9653
9712 385
Trans-Con Short L 1st 48_1958 J J 8914 Sale 88%
9615 9712
8914 14
102
Austrian (Goat).178
65 10012 102
94/
1
4 Jan'28
Cal-Ariz let & ref 4Ms"A"1982 M 13 954
1943 in 10134 Sale 101
Belgium 25-yr 1535111 2343 2-1246 J D 10938 Sale 10938 110
AtI Knoxv & Cm n Div 4s
45 1093g 110
9038
9114 54
1955 51 N
1942 FA 10714 Sate 107
103 Dec'25
10734 19 107 10814 All Knox,& Nor lit g 58_1946 J D
20-year s f 88
25-year ext 6348
94
69
/
4 Dec'25
1940 MS 94 Sale 9318
& Char! A L let A 410_1944 J J 9834 9834 9131
9234 04
Exti 4 1 ag inter rota
87
102
let 30-Year 58 Series 13
88 87
1955 J J 87 Sale 861s
8
1944 J J 10318 104 10314 10314
Eat!8178 Int ctfa
85/
1
4 July'25 _9812 142
1955 in 9513 Sale 9512
9514 9612 Atlantic City 1st cons 04.-1951 J J 8413
Bergen (Norway)a I 88
115
93
At! Coast Line 1st con 4s_51952 M S 9214 9314 93
8 11314 115
1945 MN 115 Sale 114
6
9812 9912
25-year sinking fund 88_1949 AO 9912 Sale 99
094
7
10-year secured 78
33
1930 MI N 10634 Sale 10834 107
Berlin (Germany) 8348
General unified 414s
96
1950 * 0 87 Sale 88%
8712 54
16
1984 J D 9533 96 9558
8634 8712
10712
1075
9313
Sale
9318
Berne (City of) if 88
L & N coil gold 413_ __Oct 1952 MN
10734 22 10712 108
94
8 108
1946 MN
78
Bogota (City) ext'l if 8s_1945 A0 9712 9734 9712
97/
78
1
4 14
23
19485 J 7778 78 7712
1
4 Atl & Danv let g 48
9634 97/
Bolivia(Republic of)8.
9912 100
2d 48
1947 MN 99t., Sale 9712 100 221
1
4
654 21
1948 J J 694 Sale 851/
7678 Dec'25 _
77
Bordeaux (City of) 15-Yr 68_1934 MN 8314 Sale 8314
83/
1
4 15
g guar 4a
1949 A 0 78
8212 8334 Atl & Yad
99/
/
4 103
1
4 Dec'25
9934 101
Brazil C1 EL external 81
A & N W let gu g 58
135 10138 103
_
1941 J D 10212 Sale 1011
1941J
1
4 191
7s (Central Ry)
91/
1952 in 9014 Sale 8912
905s 86
8918 9058 Balt& Ohio 1st g 4.4_ _July 1948 A 0 9178 Sale 9014
8912
2
7)4.(coffee occur) (flat)_1952 AO 10538 Sale 10558 10612 12 10512 10714
Registered
July1948 Q J 8912 -- 8912
1
4 Sale 9812
9538 262
Buenos lire'(City) esti 83481955 ii 99/
9911 79
10-year cony 4348
1933 M 23 9514 Sale 9434
9714 9914
9534 132
Refund & gen 55 Series A_1995 J D 9558 Sale 95
Canada(Dominion of) g 54_1926 * 0 1004 10014 10018 1004 12 100 1004
lst g 58 int Ws
216
1931 *0 102 Sale 1013.3 10212 54 10134 10212
58
1948A 0 10373 Sale 10312 104
39
10-year 85
1929 P A 10217 Sale 10238 102% 105 10112 102/
1
4
10-year 5348
1929 J J 10314 Sale 10318 104
1
4 130
Ref & gen 68 ser C temp_1995 J D 10534 Sale 1044 105/
1952 MN 10312 Sale 10338 104
54 102% 104
5s
914 68
PLE&W Va Sys ref 4a-1941 MN 91 Sale 9038
9 10112 102
102
Carlsbad (City) I f 81
1954 J J 102 Sale 102
9933 Sale 9834
1
4 Sale 10858 10912 87 10734 10912
Southw Div 1st bs
9912 342
Chile (Republic) art! if 8s 1941 FA 108/
77
1
4 10234
Tol & Cfn Div tat ref 41 A1950S
40
2 10212 10234
External 5-year of Si
59 J ./
5 764 Sale 7618
1926 AO 10258 102% 102/
Battle Cr & Stur 1st go 35-1989 J D 6038 62 82$8 May'25
48 1004 101
1942 MN 101 Sale 10012 101
20-year exti 75
93
Beech Creek let go g 4a
9333 9434 93
10834 49 108 100
1948 MN 10814 Sale 108
1936 J
25-year a f 81
Registered
95/
J D 91,4 -- 9034 Nov'25
1
4 108
Chile Mtge Bk 8Ma June 30'1957 in 9578 Sale 9514
9434 95%
4712 32
Chinese(Kukuang RY)58-1951 S D 4614 Sale 46
4512 4712 Beech Cr Ext let g 31M-1951 A 0 7814 -- 7714 Dec'25
8934 Dec'25
8973 Christiania (Oslo) if 8s
1945 AO 11034 Sale 11014 11034 12 11014 11034 Big Sandy lit 4a
7412 Jan'28
74
10014 Sale 10014 10014
1
4 B & N Y Air Line lat 412
1
1955
9938 100/
1964 M
30-year Sf6.
S44S
FA
D 73
1
4 94 924 Dec'25
/
4 10014 74
1955 MN 100 Sale 991
30-year a f 68
9878 10014 Brune d3 W 1st go gold 4.__ 1938 S J 93/
10112 - -- 102 Dec'25
Colombia (Republic)6SO_ _1927 AO 100 10014 100
10014
100 10012 Buffalo R & P gen gold 58_1937 M
Contml 4)4s
1
4
Copenhagen 26-year of 510_1944 ii 9858 Sale 98/
8814 40
99
58
1957 rN
M N 88 8814 87%
9833 99
8233 May'25
Registered
9534 96%
1
4
Cordoba (Prov) Argen 78_1942 J J 9812 Sale 95/
9812 21
8 10078 Dec'25
1
4
2
Cuba 5.01 1904
1944 MS 9934 100 99/
9934
1934 A 0 10514 1-61-19934 10012 Burl C R & Nor 1st 58
9814 9934 Canada Sou cons gu A M_ _1962 A 0 103 104 10312 1034
External 55 of 1914 Set A 1949 ✓ A 99/
9934
3
1
4 100 9934
Fxternal loan 414s
94
10
1949 ✓ A 9014 Sale 89
9014 13
8834 904 Canadian Nat 4 Ms_Sept 15 1954 M S 94 Sale 9314
6-year gold 410__Feb 15 1930 F A 98/
Sale
102
163
102
1
4 98/
5148
J
98/
1
4 47
J
10234
1
4 9858
1923
4
10034
__1953
Csechoslovak (Re;ab 4P 85_1951 * 0 10114 Sale 101
10138 34 10034 10112 Canadian North deb a f 70_1940 J D 1151
/
4 11534 115
11538
4
20-year f deb 133.02
Sink fund 88 See 14 ,a,.1115.1952 AO 10012 Sale 10012 10114 50 10012 10112
1171
/
4 Sale 117
11714 23
10-yr gold 410_ _ __Feb 151935
Eva gl I 734, ser
9573 9714
9834 12
F A
S 981
.1945 AD 9714 Sale 964
1946S
/
4 9634 9612
9714 319
Canadian Pee Ry 4% deb stock. J J 81 Sale 80/
Danish Con Munk. p 88 A"_2946 F
111 112 111
112
16 11018 112
1
4
8114 193
Carb & Shaw 1st gold 4a_. 1932 M S
Berle@ B 8 1 Ss_
1
4 10 110 112
93/
1
4 Oct'25 -.1948 FA 11118 11134 11158 111/
Caro Cent let con g 4m
1097s Oct'25
Denmark externals. 811
811
/
4
8212 Jan'26 - 1945 A0
20-year fat
1942 J J 103 Sale 10234 10314 56 10234 1033s Caro Clinch &0 1st 3-yr lia_1
10218 16
5 D 1024 10212 102
19
938 .1
lat & con g(
/
1
4 tier A
Dominican Rep Con Admit65'68 FA 10112 -- 102 Jan'26
10112 102
1074 Sale 107/
1
4 10814
8
1
4
Otunom Administr 34a-1942 M
9814 Sale 95/
9838 127
851g 86 86
3
88
93/
1
4 9635 Cart & Ad ist gu g 48
1
4 10514 Cent Branch U P
1
4 10514 120 194/
Dutch East Indies ant Ca,,,,.1947 J
105 Sale 104/
g 48-1
21 5
7912 11
J:
D
D 79 8833 7912
119
994
858
40-year 85
1
4 10514 98 10414 105,4 Cent New Eng let go 4a
1982 MS 10434 Sale 104/
139
13
68
6833 88
1961
30-year ext 5348
1953 MS 10312 Sale 10214 10312 124 10218 10312 Central Ohio Reorg 410_1930 M 5 9778 ____ 977k 00.'25 -1953 MN 1024 Sale 10212 10314 17 102 10314 Central of Ga 1st gold 5s_p1945 F A 1031g 104 10254 Dec'25 -30-year ext 5348
Canso' gold Si
French Rapub 26-yr ext 88_1946 MS 10238 Sale 10112 10258 253 10038 1025.
1
4 102/
1945 M N 10234 Sale 102/
1
4 11
Registered
20-yr external loan 7348-1941 J D 97% Sale 9712
9814 277
971g
10014 Oct'25 -971 9814
10-year secures
:tern& 780 1924
1949 S D 89% Sale 89
90 468
8814 91
June 1929 J D 10312 Sale 102/
1
4 10312 17
Ref & gen 5 Ms ser B
Finnish Man L'n 814s A....1954 AO 9213 Sale 9012
9212 28
1959* 0 1034 1044
90 9212
4 1035. 18
Chatt Div our money g 45_1951 J D 8578 87 85/
Paternal 81
/
45 Series B...1954 AO 9212 Sale 90
9212 12
9014 9212
1
4 Dec'25 -Finland (Rep) ext 68
Mac&Norniybstgs..1946J
89 Sale 8812
1945 M
9933 ____ 100 Dec'25 -87/
1
4 891a
8918 41
External s 1 7s
Mobile Division 5s g 56.1
9512 98
98
197
1950 M S 977s Sale 9538
19
94
37 .ra 1 N
J 101
90 Dec'25
German externalloan 7..
/
4 Cent RR & B of Oa coll
1949 AO 101% Sale 1014 10233 831 10138 1021
984 9973 9838
9838
1
German Cent Agric Bk 7s.„1950 MS 95% Sale 9412
94 96 Central of NJ gen gold 58_6
_119
987 Q
96 457
J
1093g Sale 108/
1
4 10958
5
Regisred
te
Ot Brit & Del(UK of) 5342-1937 FA 1051g Sale 10484 10514 374 10412 1053*
10835 Bale 10838 108/
1
4
1
10-year cony 510
1929 TA 11858 Sale 11818 118313 97 117/
1
4 Sale 89/
1
4 1185s Cent Pac let ref go g 48___1949 F A 90/
1
4
9014 15
Mtge guar gold 3148
Oreater Prague 7348
1952 MN 96123 Sale 9514
51929 J D 96/
9614 104
93% 9914
1
4 Salo 9634
967g
2
8512 8834
Through St L 1st RU 45-1954 A 0 8734 88 87%
Greek Goat 78
1084 MN 8613 Sale 85/
1
4
8634 46
8755
2
Guaranteed g 5s
Haiti (Republic) 88
1952 AO 9612 Sale 9618
141
1960 F A 98/
97
1
4 Sale 9838
9534 97
09
348
Hungary (Kingd of) a f 7)48_1944 TA 9614 Sale 9434
94/
1
4 9638 Charleston & Savannah 71_1938 J J 117
98,4 183
112/
1
4 Feb'25
_
9934 10014 Ohm & Ohio fund & impt 58_1929 J J 101 Sale 101
1
4 1004 224
Ind Bank of Japan 6% notes 1927 FA 10014 Sale 99/
101
28
1951 S D 941: Sale 9412
let consol gold 5s
9412 732
Italy (Kingd of) ext'l 78
1
4
9412 94/
1939 M N 103'4 10333 1034 1031
/
4
9
1931 J J 8512 Sale 854
Registered
Japanese Goat E loan 4s
8512 58
1939 M N
835s 88
10118 Nov'25 -General gold 4148
1954 FA 9313 Sale 93
30-year f1310
9312 457
1992 M S 9334 Sale 931s
923s 93,2
9334 68
5 86
Oriental Development 88_1953
Registered
1
4
85 8612
8612 85/
8812 59
8714
-- 904 July'25 ___
20
-year
8334
Lyons (City of) 15-year 88 1934 MN 8312 84 83
S 9834 Sale 9818
convertible 43412-1
8
8312
F A
8234
199
30
2M
98/
1
4 84
30-year cony secured 58_1948 A 0 12812 Sale 127/
Marseilles (City of) 15-yr 88_1934 MN 8312 Sale 83
8234 8334
8312 31
1
4 1341
/
4 381
Registered
A0
Mexican Irrigation 4343--1943 MN 324 3234 29 Nov'25
129 Dec'25 -34
.1943
3218
Amenting if 4)(s
1940 J 5 9858 ____ 9812 Dec'25
323g 37 164
3; Craig Valley 1st g 53
Potts Creek Branch let 45.19465 J
434 4538
Mexico (II 23) ext1 5s of'99 Z 1945 Zi-j 4014 70 4312 Jan'28 _
83 00'25 -- 1945
404 Sale 40
R & A Div 1st con g 4s 1989 J J 8573 Sale 85%
Assenting 53 of 1899
39/
1
4 43
4118 11
85%
1
------24 consol gold 48
4014
Assenting 58large4014
1989 1 J 8314
5
4014 404
8318 Jan'28
Warm Springs V let g 55.1941 NI S 9612
3712 May'25 - -Ansenting 58 small
98/
1
4 Oct'25 - 1964 3D 241g 2514 28 Oct'25
Chic & Alton RR ref g 33_ _ _1949 A 0 8818 88 88
Cold deb 48 of 1904
40
87
25 Sale 25
&wanting 48 of 1904
26
17
-4 lilt Certif dep stmpd Apr 1925 lot ---14
8258 Nov'25 -2314 Aug'25
Ctf der. stpd Oct 1925 int_ ___
assenting 48 of 1904 small__
1351s
6514
55
/
1
4
5
38' 397 2533 Oct'25
Railway first lien 3348-.1950
iasenting 48 of 1910
51
5158 41
/
4
5212 511
29
Ctfs dep Jan '23&sub coup-----Assenting 4a of 1910 large
30/
10
51
1
4 32 W.. Wig
51
Sale
257
25%
2512 2912 Chic Burl & Q-nt Div 310_1949 11 83% 85 84/
Amenting 4s of 1910 small.._ _
27/
1
4 82
1
4 Jan'28
441 4512 45
Illinois Division 4.
45 47
1949 J J 92 Sale 911
1
14
45
/
4
92
Treaa 813 of'31 aseent(large)'33
46 Jan'26
Nebraska Extension 48-1927 111 N 0934 101
44 47
Small
9934
9934
M N
1952
Registered
913% Sale 964
_
97
19
96 97
9834 Sept'25
Montevideo 78
1011
/
4 Sale 100/
1
4 10112 80 10014 10112
195851
General 48
92 Sale 914
021
/
4 02
Norway 20-year extl 88._ 1943
10112 Sale 10034 10112 72 1003* 10112
1971F A 10314 1033 10314 10312
1st & ref 5s
7
1944
20-3,alulexturoal 66
10134 Sale 10118
88
1952
1011
/
4 24 101 10178 Ohio City & Conn Rys 58-1927 A 0 51 Sale 4912
54
80-year mil Cla
9618
95
981s 229
40-year f 5Ms temP._ -1985 J D 96 Sale 953s
Option sale.
$5=151. a Due Jan. 5 Due July. k DUe Aug. g Due Nov.
Range
Since
Jan. 1.
Low High
108 1087s
10418 10474
10012 10134
10212 10314
8758 8812
88 8934
9858 100
11112 114
10412 108
9858 9912
9714 9812
97 99
104 104/
1
4
10534 10634
101 1021s
10214 104
10112 103/
1
4
8512 8818
91
9314
83 84
1043s 10514
10112 10214
116/
1
4 11714
103 104/
1
4
87 6712
994 10012
110 111
10712 1104
kir" uni;
844 8418
1113g
75/
1
4
8912
8834
8518
85
8312
8434
8512
8312
9854
8518
88
94%
9014
103
774
90%
8914
85/
1
4
88
8312
84/
1
4
857s
8558
9912
8914
95
9114
113-1;
-62-174 15
.
10812 107
944 96
934 9434
7712 7812
8814 1395s
8984 9l7
8838 8912
94 9538
9312 954
103 104
10234 104
10412 10612
8938 9118
98 9912
74/
1
4 7714
3
9334
_-_-
____
74
7412
WI;
11131;
93/
1
4 94
983s 98%
114% 1153a
117 117/
1
4
9612 9834
8018 8114
11-1; 9212
102 10212
107/
1
4 10814
8512 88
7912 80
68 89
_
11218 1-153-;
1
1-0-214 110.
3-1;
101/
1
4 103/
1
4
_
Wit Ws
108511 10934
10108 10812
89/
1
4 9014
9634 967s
87/
1
4 8711
/
4
974 99
Rig; 101
1023s 104
--OA 9334
-1)778 98/
1
4
12712 14214
_
511% 53
52
51
8334 8454
915s 921s
9912 100
-1658 1214
1
4
1034 103/
494 58
New York Bond Record-Continued-Page 2
BONDS.
11, Y. STOCK EXCHANGE
Week Ended Jan. 22.
E
Pries
Friday
Jan. 22.
1
I
Vireers
Range or
Lan Rate
roll
Range
Since
Jan. 1.
t p
BONDS.
N Y STOCK EXCHANGE
Week Ended Jan. 22.
t
'"'
... a
465
Ptiell
Friday
Jan, 22.
WesPi
Ramo or
Last Bale
g4
co
Range
Since
Jan, 1,
_-
Ask Low
Bulb No. ILow
High
Mob No. Low
MO
Ask Low
High
Chicago & East III let 68-1934 A 0 10414 ____ 10612 10612
1 10612 1064 Erie & Pitta gu g 834s B_-__1940 J j 8818 8812 8458 Dec'25 -0& R III RR (sew co) gen 68.1951 MN 7514 Sale 7514
76
170
7514 76
Serial 0
8558
8458 Aug'25
.1 J
011ie & Erie let gold le
1982 MN 10214 sate 10214
10214
8 10158 10212 Fla Cent & Pen let ext g 58_1930
J 19
06
04 -9-8-12
- 10034 Nov'25
Chicago Great West let 4s 1959 M S 6534 Sale 6438
6578 488
644 6574
9814 lOOls
Consol gold 50
10014 Sale 100
10014
3
Ohio Ind & Loulsv-Ref 68_1947 J J 11158 ____ 100
Jan'26 __-- 100 100
Florida East Coast let 4%6_1
10
96
9538 98
195
49
3 j ij
96
3
1947 3 J 10018 Refunding gold 58
9978 Oct'25 ------------let & ref 58 Series A
984
9912 220
97% 9912
8312
____ 80
Refunding 48 Series C____1947 3 J
Jan'26 ___7958 80
Fla West &Nor 7s Serie/ A 197
34 M
5 -7.,,,i
Sett
Sale
MN
8&
ire- 178 Nov'25 -1966 M N 9134 ____ 92
General 58 A
593 647k
92
1
92
92
Fonda Johns & Glov 4140--1952 4,/ N to
6478 18
6358
May 1966 J J 10478 ____ 10418
General 68 B
1047
22 10314 10478 Fort St 17 D CO let ff 410-1941 j j 9032 ---- 9014 Dec'25 -Ind & Louisville let gu 0-1958
7912 Dec'25 ____
____ . _ Ft W & Den 0 let g 5145-1961 3 D 1054
10518 Jan'28 -- 103 1051*
Ohio Ind
2nd & Sou 50-year &LAM J J 8754 ____ 8974
gels 9738
9014 22
8978 -964 Ft Worth & Rio Or let g 48-1928 .1 .1 97 Sale 9738
9733
2
able LB & East let 4)48-1969 J D 95
____ 9414 Nov'25 ____
___ _
Frem Elk & Mo Val IN 68_1933 A 0 10814 109 107
Jan'26 -- 107 107
1.3 M & Puget Bd let gu 413_1949 3 3 5134 Sale 5134
521
38
5134 -62-3-4 OH & SAM & P let 5/____1931 m N 10038 1024 10014 Jan'26
10012 10012
Certificates of deposit
5118 5212 5212 Jan'26 _
4 10018 10072
5112 5212
1931 J J 10038 101 10038 10074
24 eaten. 58 guar
00 M & St P gen g 48 Bar A_e1989 J J 8212 Sale 8131
821
9314
9314
40
5
8134 83
9314 95
Galv How & Hend let 5a
1933
General gold 314. Sec 13_11989 J .1 7038 Sale 7038
704
1
18
4 Bale 1044 10438
7014 7114 Genesee River let s f 58
1957 1 1017
3 10414 10458
Gen 4348 Sense C__ May 1989 J .1 9053 Sale 9038
9054 17
9038 9074 Ga & Ala Ry let cone 5a_o1945 J J 96
9612
1
96
97
9612 9614
Gen & ref Series A 4148._a2014 A 0 5234 Sale 5234
531
67
5234 534 Ga Caro & Nor let gu g 58 1929 J J 10018
3 10018 1004
1004 10014
Certificates of deposit __ ___ _
52 Sale 5134
523
36
5134 5314 Georgia Midland let 35
1946 A c) 6638 ____ 67
Jan'26 -67 67
Gen ref cony Sec B 6a___02014 F-A 5238 Sale 5238
531 109
22
5314 04 R & Text 1st gu g 410_1941 J .4 95
9534 9534
9534 Jan'26
Certificates of deposit----------5138
__ iii3.i
5154 Sale 5112
521
72
5112 53
Grand Trunk of Can deb 78_1
194
30
6 A 0 11538 Sale 115
11534 38 11434 11532
lit see 65
i"
.
i 10452 Sale 1044 105
34 10412 105
15-year s I6s
A./ s 1074 Sale 10678 10714 11 10676 10714
Debenture 414.
1932 J D 5218 53
5234
53
76
52
5358 Great Nor gen 78 Seine A-1936 3 .4 11134 Sale 11034
11134 160 1993811138
Certificates of deposit
52 Sale 5134
52
40
5134 5314
Registered
110 Dec'25 ---J J
Debenture 41
1925 J D 5218 Sale 5218
4 -644
5314 74
5218 5312
let & ref 4345 Sense A_-_1961 ,,, J -iiri 610-e- 934
944 13 -9711Certificates of deposit
5114 52
51
52
47
51
53
General 530 Berke B1952 J 3 10378 Bale 10238
10378 32 10258 10374
16-year debenture 48
1984 J J 524 Sale 5212
524 25
524 5338
General 58 Series C
1973 3 3 99 Sale 9812
99
87
9714 99
Certificates of deposit __ __ _ _
___
__
52
52
3
52
53
Green Bay & West deb Mrs"A"-- Feb 7812 85
81 Dec'25 -Chic & Mo Rh. Div 56-1926 1--.I -9914 -993-4 984 Jan'26 ____
9812 9912
Debentures ctfs "B"
181
6144 .
13.
a!
b
... 1612
17
30 -1614 Ifs;
N
b 8
aa__1940
Oble & N'west En 45_1886-1926 F A
9958 Sale 9938
9958 11
9938 99% Greenbrier Ry let an
8834 Jan'26
8835 8834
MN
Registered
1886-1926 F A 9834 9934 9938
9938
5
9938 9912 Gulf Mob A Nor let 5%8 __1950 A 0 10378 10412 104
104
1 10314 104
General gold 3348
1987 MN 7612 Sale 7812
7438 77
Gulf & S I let ref & t g 58_51952 j 3 104 Sale 10414 1041
77
4
1 104 105
Registered
Q F
7212 July'25 --_7
- Harlem R & Pt Ches let 48._1954
85
8434 85513
8434
General 48
1987 M N 8634 Sale 86
32 -65-5i -6/ Hocking Val let cons g 4%5_1999 J
87
MN
j -0i1j4 6;1;- 9212
9138 927s
924
3
Stamped 45
1987 MN 8612 8718 86%
87
6
8.558 87
1999 3 j
Registered
9012 May'25
General 55 stamped
1987 M N 10514
10434 10514
8 104 10514 H& TO let OM guar
- 10114 Dec'25
1937 J J 117/i3.4 1-61-78
linking fund fla
1879-1929 A 0 104 10414 10412 Jan'26 ____ 10412 1044 Houston Belt & Term let 55_1937 3 j 9612 101
97
Jan'26
IF2 If
Registered
A 0 10331 ____ 10334 Dec'25 ____
_
Houston E& W Tex 1st g 65-114E Ig 11 -554
- 10018 Oct'25
Sinking fund 68
1879-1929 A 0 10078
10112
10114
7 1-01-1100 100 Sept'25
4 1-01-1.
let guar 59 red
2
Registered
1879-1929 A 0 10014
9513 951
10014 Dec'25 _-__
Housatonic Ry cone g 5a__1937 MN 9512 -- 9514 Jan'26 -Oinking fund deb 511
1933 M N 10014 10034 10014 Jan'26 ____ 1-0-014 1-54114 Hud & Manbat 5s Berle. A__1957
329
.
S.
a.
l.
e 9374
95
I.
.
9
.
4
34 .
924 95
Registered
M N 10014 ____ 10014 Dec'25 ------------Registered
9114 June'25
10-year secured 70 1
1930 J D 10734 10778 10714
44 107 108
Adjustment income 55_1957 A 0 7834 Bale 7738
198
7914 423 /5-14 /614
15-year secured 634s g----1936 16 8 11214 Sale 112
9238 Jan'26
9234 9234
11214 42 11114 11214 Illinois Central let gold 48-1951 J 3 9238
111 & ref g ID
May 2037 J D 10014 Sale 9978 10014 18
9958 10014
934
1951 J J 8714 92
Registered
t010 RI& P-8/81/4 gen 431988 1 J 87 Sale 8538
1951 J j 8312 85
87,
85 87
8314 Jan'26
29
let gold 3348
-6614 834
Registered
3 3 8314 85
Registered
83 Nov'25 8234 Jan'28
Refunding gold 0
1934 A 0 8834 Sale 8814
88 888
Extended let gold 3345-1951 j
3'3
12 -8-5-- 8318
8874 256
8318
A0
3 8
79
1
-161.4 -66;
1
Registered
A 0
71
8814 8814
1951 IA 13 66
let gold 35 sterling
6
8814
62 Feb'25
8814
01116 St L & N 0 gold Sa_-_1951 / D ___- ____ 1054 10512
1 10512 10512
Collateral trust gold 65-1952 A 0 884 __
8854
-661-2 -664
8834
1
Registered
334
1 D
102% June'25 ------------Registered
.A 0 83
871 8634 Nov'25 _
Gold
1961 J D
e ri
edlig
redies
nnis
78 Sept'25 ------------lit r
1:26
23
MN
J 9212
9214
93
7 -60-7
; 93 Memphis Div let g is_-1961 .1 D 8558 ____ 87
2
87 87
87
82
833
50
815s 8334
8334
O St L & P 161 cons g M
1932 A 0 101
____ 10114 Nov'25 ____
821 844 July'2 ____
J J 79
Milo St P M & 0 cons 68-..1980 J D 1044 1044 10418 Jan'26 ____ 1-6i- 1-61.18
Collateral trust gold 42-1958 MN 86 Bale 854
86
23
85
86
Cons 61 reduced to 8148-1980 3 D 9373 9412 9334 Oct'25 ____
Registered
8334 Dec'25
Debenture 58
1930 81 El 9832 9812 9814
Refunding 544
4 -9-614 -9-69814
1955 M N 18
00
384 -_-_-_- 106
Jan'26
1053* 101Stamped
9838 99
9812 99
9812 Jan'26 _
1934 J 3 103 Bale 10214
16-year secured 5145
1031
33 10214 10318
Oble T H & So East Ist 56_1960 J D 8712 Sale 8712
7
87
90
16-year secured 6145 g.....1936 J J 113 Sale 11214
8858
113
10 11114 113
Inc au 58
Dee 1 1960 M 8 80 Sale 79
79
8134
80
23
Cairo Bridge gold 4s
19503 D 9014 911 9034 Jan'26
003890's
091% Un Sta'n let an 4%8 A.1963 J J 9412 95
9414 95
Lltchrield Div lit gold 35.1951 J 3 7334 751 74
9434
94% 14
Jan'26
74
74
1st 58 Berlin B
ILI.
J.1 ,II 1_()
.78_ 110
8 10258 10314
12
03
548 10
Louisy Div & Term g 33481953 J .1 8034 81
12
758 10258
8114 Dec'25
Guaranteed g 5s
10914 25 100 1004
al 10012 Salo 100
Omaha Div lot gold Ils---1951 F A 7334 737 7354 Jan'26
-715;731
let 6lis Series()
1968 J J
3 117 11712
St Louis Div & Term g 38_1951
117
7438 Jan'26
74341 7435
011ie & West Ind gen g 65_5/1932 Q M 10514 ____ 10514 Jan'26 __ 10514 10514
Gold 334s
1324 824
1951 i i
.
8218
2
118 -6
.
6 824
j a
Congo! 56-year 411
1952 1 3 834 Sale 83
81
8312
Springfield Div let,3%8_1951 J
8314 155
8
..
80 Nov'25
let ref She ear A
1962 M 8 102 Sale 10112 102
88 10012 102
Western Lines let a 48_1951 F
p A _8_8_1_4 _9_0_ 8934 Jan'26
Ws;
Ws:
Oboe Okla & Gulf cons 68_1962 Al N 10212 _... 10314 Jan'26 ____ 10312 10312
Registered
84 Aug'25
Ole It & D 2d gold 4%4.-1937 1 1 96
96
Jan'26 ___
96
97
96
III Central & Chic St L & N 0C I St L & C let g 48___Aug1936 Q F 9318 94% 9338 Jan'26 ___
Joint let ref 58 Series A
9338 9338
1963 .1 D 10078 Sale 10014
101
64
9975 101
Registered
Aug1936 Q F 9214 ____ 9214 Dec'25 ____
__
__
Ind Bloom & West 1st ext 481940 A 0 90
95
8814 Aug'25
tnn Lob & Nor gu 4s g
1942 M N 90 Salo 8914
90
8 -891-2 -90 - Ind III & Iowa let g 4s
1950 .1 J
9038
0012 Jan'26
-6W4
Cin S & Cl cone let g 55___A928 .1 J 10014 _
10014
10014 14 10018 10014 Ind Union Ry gen 5a Ser A1965 J J 1004
10118
10114
5 10058 10114
Cleve Cln Cb & St L gen 48_1993 J 0 85
1
85 85
86
Gen & ref be Serie» B
19853 J 10074
10078 Jan'26
10078 10071)
1931 1 3 9734 981 9814
10-year deb 4345
18
9714
99
Int
&
Oct
Nor 1st 6s Ber A__1952 J J 104 10414 104
9814
10458 19 10314 10433
General 55 Series B
1993 3 D 10232 ___ 10114 Nov'25 ____
-.
Ad1ustment 6a, Series A-1952 Apr
7234 Sale 7234
7358
7312 97
72
I929 J 1 10314 Sale 10318
Ref & !rapt tla Series A
10338 12 1-0318 1-03-1-2
Stamped
Awl
7434 Dec'25
1941 .1 J 10612 107 10634 10834
61 Series0
1 106 10634 Int Rye Cent Amer let 615_1972 M N 7712 Bale 7712
78
20
WI;
Vil;
1961 J 3 10014 Sale 10014
118 Series D
80
9934 10112 Iowa Central lit gold 41.._l938.9 D 6414 Sale 6312
1011
63
8412
3
6412
Cairo Div let gold 46
9118
1939 3 J 9034
91
9114 Jan'26 _
Certificates of deposit
8218 __-- 8058
6058
4
605s 6058
Cin W & M Div let g 48_1991 J J 8134 8314 8174
Refunding gold 48
El 831
8314 ...
.
EI
1951 NI 8 1914 21
14
201g
21
20%
20
3
It L Div let con tr g g 45-1990 MN 8314 85
83
Jams. Frank & Clear let 43_1959 J D 8914 91
8312 Jan'26
8911
8912
5
88% 8912
MN
Registered
____ -_-- Ka A & G It let gu g 6e____1938 3 J lOOSs ---- 100 Nov'24
8018 July'2 ____
.;.; 89 Nov'25 ____
gpr & Col Div let g 4s____1940 M 5 ".oi.s ;eel
--__ ____ Kan & M let gu g 45
1999 A 0 82 -_ -- 83
Jan'26
-8383W W Val Div let g 48____1940 J J 8714 -- 8734 Jan'26 ___
8734 8734
2d 29-year 5s
10078 __-- 10114
2 Nos 10114
10114
000& 1 gen cons g 66-__1934 J J 10734 -__ 10734 1073
1 10734 107% K C Ft S & M cons g 88
M;II
10212 10278 10258
20
1025
8 10258
1027
s
Olev Lot & Wren 1st g 5;3_1933 A 0 10112 1021 10112 Jan'28101% 10112 K C Ft 13 & M Ry rota 45_1936 A 0 9078 Sale 9038
9114 135
8918 911s
I
En a mar let gu g 434s
1935 MN 9618 99
____ -__ K C & M R. & B let gu 195._1929 A 0 9953 10014 8558 Jan'26
9534 Dec'25
85
5
s 8554
Cleve & Mahon Vali g 68....1938 1 1 9933 -__ 9854 Dec'25
---- ---- Kansas City Sou let gold 38_1950 A 0 7434 75
7434
743
74
3
7434
04 a P gen VI 430 Ser A19421 1 994 ___
99 May'2
--- .---Ref & impt 50
Apr 19503 J 9438 Sale 9334
943
9338 9434
80
MN
1948
Series C 3348
8178 84
8514 Sept.2
--------Kansas City Term 1s1
88
48
85
86
1060 F ....A 8138 853 8334 Nov'25--------Kentucky Central gold4,4_1960 J J 86 Sale 8512
Series D 334s
46_1987 J J 8534
8814
Dec'25
--(Rave Shoe Line 1s1 ga 4114-1961 A 12, 9732 ____ 9734 Jan'28 ____
744
Kentucky & Ind Tel m 4%8_1961 J J 79 -834
-- 8712 Nov'25
---o 10558 108
One Union Term 5Hs......1972 A to 106 10734 0714
10712
Knoxville & Ohio 1st g 6s___1925 J J
190 June'2
1973 A 2 101% 10138 10114
let if 58 Ser B
2 10034 10112 Lake Erie & West 1st g 156-1937 J J ioois loft, ion
10112
101
6 10011 101
1945 1 I/ 8714 Sale 8714
00a1 River Ry let gu 45
3
8714 8734
2d
8712
1941 J J 9812 99
Id be
9834
1
on on
9838
Colorado & South let g 4a-1929 F A 9834 Sale 9814
9878 16
9814 99
Lake Shore gold 11148
1997 J D 78
80
ma
701
7
784 80
Refunding & exten 4348-1935 01 N 9514 964 9514
9514 9612
14
96
Registered
77
3
77 77
871s
0
1948
A
g
45
ext
1st
001 & H V
8714 8718
8718 Jan'26
Debenture gold 45
ti IS 0271 Sale ;
99
32
9834 99
7
834
zgzo F A 857,
OM & Tel let ext 48
8414 Apr'25
45
25
-year
gold
1931 M N 97 Sale 9655
9738 38
9614 97%
Conn & Pamum Riv 1st 45..1943 A 0
81
81
Jan'26 ____
. 81) 8212 81
Dec'25
4 9158 Sale 9114
Chiba RR let 60-year 61 g1952 J ...
92
48
8834 92
Leh Val Hte
arbor Term 68-11
96
34
3
I
l jai* 1-6178 18g
103
3 103 11:13!
-1
1936 J 1-.I. 10612 Sale 10512 10612 28 105 10612 Leh Val N l' let all g 4348_1940 117
let
J J
Jan'26
97
97
97
Cuba Northern RI let 68_19861 4 95 Sale 9338
95
9214 92
61
Registered
9314
Dec'25
-Day & Mich let cone 434s _ _ _1931 J .
.
s
9778 ____ 9818
9818
5
984 6815 Lehigh Val (Pa) 0Ons a 44-2008
194°
3
i
m
'8
N
J
-fir 1511
0e14 8234
83
11
8218 8334
90% 93
92
93
Del& Hudson bit & ref 45_1943 a 93 sale 9114
Registered
7814 Dec'25
1935 A ...0 11014 Sale 10938 11114 359 10938 11378
10-year conv 65
General &MS 430
93
93
15
92
93
16-year 534S
10438 14 103 10438 Lehigh Val RR gen tis Series_3:
1937 M'
4. 10318 10414 104
N 10211 i
s
S
:9;aail.eeet___ 102 10238 4 10034
32
Sale
10238
1930 3" 1085$ Sale 108
10-year secured 78
10834 12 108 110
Leh V Term Ry lit gu g 58_1941
10214
10212
10212
1
10212
_
- Leh &N Y 1st guar gold 48_1945
0 AR & Bdge lst gu 4s 1-.1936 F A 9314 __ 9378 Dec'25 ____
884
8834
3
88% 8834
8712 Sale 8638
Den & 11 0-1st cons g 41-1936 J
8 Vill Lei & East let 50-Yr MiR1-1965 A 0 10634 Bale 10614
8712 193 -653.
10634
3 10512 106%
1936 1
osssol gold 41411
90% Sale 9038
90% 11
89 91
Little MAW 4s
874
874
3
8458 8712
Improvement gold 5s____1928 .1 D 9814 FIlle 9838
98
9812 Long Dock consol g 65
984 72
A
0
10914 Nov'25
Den& R0 West gen 65-Aug 1952 MN 6614 Salo 66
6712 277
8578 6834 Long Isld let cos gold 6s_b1931
1
Dec'25
0038
4714 46 Dec'25 ------------let consol gold is
Dee M & Ft D let gu 4s_ _1936 1 J 44
_ 95
b1931 Q J 9414
95
-66- 95
Temporary etre of deposit
Jan'26
4214 46
47
General gold is
JINI
D
N 1
1938 C
:
8955
1113242 :
15--011-_1--_ 9058
9058
9058 9051
5
Gold 4e
Des Plaines Val let 434s____1947 1W-14 93% -- 9312 Feb'25 ____
BD
9314 Aug'25
670
-70
76
- -7Jan'26 ____
II
De
nibfied
eaugre
-:;8
Del & Mack-let lien g 45-1995 J D 70
oldo
4s
id 58
1949 M
Jan'26
143
; 11343
4
4
8
1992
1
..
1
/
65
Dec'25
7112
65
Gold 41
99
994 11
9734 994
1961 14" 9514 9513 954
9614 21
9434 9614
Det Ely Tun 41411
20-year p m deb M
95
95
9614
9514
4
____ 103
J 103
------------Guar refunding gold 45_1
194
939
7 INSI
Sale0
Dul Missabe & Nor gen 55-1941 1 0
85
8512 42
85 8512
1--3
10174 10254 1024 ?ittent:88 _ .. _ 1..214
Nor Sit B let con g gu 6e.o1932 Q
l
Dul & Iron Range let Se.....A037 A
ci 4
9918
9978 Dec'25
J S512 864 8518 Dec'25 ____
---- --- Louisiana & Ark let g 54_1927 M
Dui Sou Shore A All g 5e_.1037 3 0
10012 10034 10034 101
12 10014 IOC
A
4e_'48
let
Div
Nor
____
____
__
Lou
Dec'25
&
Minn
9018
____
9018
Jeff
Bdge Co an g 4a__1945 NI S 89 Sale 87
East By
89
4
an 89
____ ____ Louisville & Nashville 55_1937 M N
9934 Dec'25 ____
East Tenn neon; lien 8 58-1938 MI 8
10258 105 104
104
6 104 104
1 51 nis
_ _
- 10038 Dec'25 ____
Unined gold 4s
Eaat T Va & Oa Div g 5a-1930 1 .,
944
Salo
94
9433
9314
9434
18
1956
M
^
1
0
2 10-214
- 1-02-%
10238
21 t 10234 10238
Collateral trust gold 54_ 193
Ceps let gold 58
930
13
m
MN
N
j 10118 __ __ 101
101 101
Jan'26
10-year secured 7s
.... 10134 19214 10174 Jan'26 ____ 10178 10178
Elgin Joliet & East 1st g 56_1941 01 N
10
07.Sale 108
107
18 10514 107
1966
A
8
1025
8
k1
1025
1024
Jan'26
let
____
10258
let
10314
511
refund
5148
Series A__2003 A 0
El Paso & SW
107 10734
10734
10734
1 108 10814
1st J. ref 55 Berlin B
108
Ede lot consol gold 711 e/I 1930 M S
, 108 10814 108
2003 A 0 105% 106 10514 10534
4 10414 106
1906J , 7534 Sale 7414
rodfareisIt4l
7558 117
7414 755s
)
ei
tsgtlie
te
,40_11
90
3:
4
1).
CT/ -961ti N:4-1-4, 9614
lilt cons g 4s prior
17
98
9612
9612
1996
1
/
7112 Dec'25
7178 74
Registered
10534
5 10534 10534
10534
1996 1 .1 68 Sale 67
-tii- 18:3g
2d gold 68
68
1930 3 J 10314
lit conaol gen lien g 4a
1°473 1‘;"
,e, 10314 Oct'25
1
1
1996
--__
____
Paducah
&
Mum
Nov'25
_
13
.
____
3
_
6412
Div
Registered
44_1946 F A 9114 _
-_-9114 Dec'25
1951 F A 974 Sale 97
97
9714
St Louis Div 2d gold 38_1980 81
9714 12
Penn coil trust gold 4e
6512 -68
6534 Dec'25
1968 A 0 6932 Sale Ms
69
6934
6934 103
L&N&M&Mling4148.1946 M S. 994
987 -960-year eon' 45 Set A
69878
99
10
693
69
4
L
&
N
44
South Joint M 4s....1962 1 1 854 -87
6934
6958 Bale 69
do Seem B
87
Jan'26
854 87
1:1
13
8214 85
Lenin Cln & Lox gold 4)48_1932 M ii 9938
8334 143
8314 Sale 8214
Gen. cony. 4s Series D
9934 Dec'25
Erie & Jersey zsz•f Se
1955J J 104% Sale 104% 105% 25 104 10514 Mahon Coal RR let M
1934 J
10178 103 10134 Jan'26
Due June,
Due May. h Due July. n Due Sept. o Due Oct. p Due Dee. 8 Option ea1e.
a Due Jan. 5 Due Feb.
Bid
----
----
--
4
1SF8
M
F,mjj i
181
i4
--
28
1-65-4 1-6-4
•
New York Bond Record-Continued--•Page 3
466
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 22.
MCI
Friclag
Jan. 22.
Week's
Range or
Lass Sale
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ended Jan. 22.
t
b
Prier
Friday
Jan. 22.
Week's
Range or
Last Sale
zioa
Range
Slnce
Jan. 1.
Higk No. Low
High
Ark Low
Bid
High No. Low
High
Bid
Ark Low
Nor!& West gen gold 6s____1931 M N 10658 ____ 10612 Dec'25
Manila RR (South Lines) 45 1939 111 N 6018 63 63 Dec'25
Improvement & ext 68_19
64 Nov'25
934
2A
F D
let 4e
A 10812 ____ 10838 Apr'25
1959 M N 6058 65
____ 10634 Sept'25
New River 1st gold
107
Manitoba Colonization 55
1934 J D 993 _ _ _ _ 9938 Dec'25
9011 91I
9034 14
N & W RV Ist cons g 4e1996 A 0 904 Sale 9038
81 Nov'25
Man G B & N W let 3348_1941 J J 81%
o g
87
112 Oct'25
Registered
86
1;2 _9_1_1_2 9
10038 Dec'25
1996 A 0 93
Michigan Central 58
1931 Id El 10058
2
D18
,
1
1st
lien
&gen
g
Dec'25
10014
48_1944
J
9914
5
-Registered
M S
8
9319 95
15914
10-year cony 6e
95
1929 M S 15112 152 15412 15614
41
1940 5 .3 95 Sale 95
9112 92
21
92
Pocah C C Joint 4a
Jan'26
79
_
79
79
1941 J D 9134 9212 917e
J L & El let gold 3348
1951 MS
Nor
10212
Cent
Nov'25
___
gen
&
ref
be
1031
83
_
83
A
Jait'26
1974 M S
let gold 334e
1952 MN 844 8512 83
88 1• 8.Jan'26
88
2
9734 97% North Ohlo let guar g 5s
97%
1045 A 0 88 4-89
20-year debenture 40
1929 A 0 97% Sale 9734
864 875a
9012 9012 Nor Pacific prior lien 48
8758 Sale 87
87% 73
2
1997 Q
9012
Mid of N 5 let ext 5e
1940 A 0 9012 9112 9012
Registered
864 8614
8614 Jan'26
10018 10018
1997 Q J 86-Milw L P3 & Weet imp g 5e 1929 F A 10018 101 10018 Jan'26
61h 629
General lien gold 3s
; 62
62% 34
a2047
MR& Nor 1st ext 434e(blue)1934 J D
9412 Dec'25
F 624 62-7
60
Registered
60
Jan'26
9412 16 -63-53
02047 Q F 60% ____ 60
- 9412
Cons ext 4345 (brown)1934 J D 9412 Sale 9414
87
Ref & impt 434a ser A____2047 J J 8914 Sale 577s
894
8912 90
Mil Spar & N W 1st gu 4a...._1947 al Ei 8912 90
3
90
8914 19
8912
Registered
8534 Feb'25
11111w dr State L let gu 330_1941 J .1 8218
.1 J
- 8158 Dec'25
Ref & impt ile tier B
- 119-1;
10912 -116 1-04
20475 J 10914 Sale 108%
Mtim & St Louie let 7e
- 103 Nov'25
19275 D 9934
Registered
10678 May'25
J J
63 64
14
lit coneol gold be
63
63
64
1934 M N 63
Ref
&
Impt
58
41
98
,
4
65ii
9914
9912
Sale
eer
C
62
20475
60
8
Temp ctfe of deposit
J
62
62
M N 62
Ref &Inlet 59 ser D
9814 100
121
100
20475 J 9914 Sale 9834
21% 2214
2214 Jan'26
let & refunding gold 48___1949 M Pi 2173 22
St Paul & Duluth 1st 65_1931 Q F 10034 ____ 9914 Mar'24
15
1614
4
Ref & ext 50-yr be Ser A_1952 0 F
15
15
15
16
1st consul gold 49
84513 Dec'25
1968 J D
let guar g 7s
1927 3 D 100 102 102 Sept'25
___ 110 Dec'25
89% 59 ii5; 164 Nor Pac Term Co 1st g 65..1933 J J 1091
MERP& 138111cong4eintgu'385 J 8938 Sale 8812
1-0-112 1-01-1;
2104 10112 Jan'26
1938 A 0 10214
9738 98% No of Cal guar g 59
let cons be
98% 12
1938 J J 9858 Sale 9734
North Wisconsin let (le
2 102% 10258
1930 .1 .1 10212 ----102's 102%
10-year cell trust 634s_.1931 M S 103% 10334 1033s
10334 21 10314 104
Og
&
L
Cham
73
733
4
Sale
let
11
73
733
4
J
gu
J
48
4
103%
7334
1013
2
4
101%
let & re_f 63 Series A
993
1013
8
1013
4
1946 J J
102 102
891, 9014 Ohio River RR 1st g 58
1936 J D 10112 10213 102
Jan'26
25-year 534e
9018 31
1949 M 8 90 Sale 8912
General gold bo
1937 A 0 10012 10134 100 Dec'25
1st Chicago Term s f 43
1941 MN 9212 __-- 9212 Dec'24
Ore & Cal 1st guar g 5s
10034 Sale 1004 10114
9 1-665; f0114
9978 Dec'25
M SPINS& A 1E5 4statgu_1926 J 5
90% 9112
19
94
27
65
.1 D
1
5 91 Sale 91
91
6-1; /AI Ore RR & Nay con g 45
4 9314 Jan'26
Mississippi Central let to._ _1049 .1 J -65- -633Ore Short Line-let cons g 5s_•46 J J 1059 Sale 105
84% 85
10534
2 10434 10554
27
85
Me Kan &Tex-let gold 48_1990 J D 85 Sale 8434
Guar cons Es
19461 J 10518 106 10512 10534
4 10512 106
96% 99
9834 38
Mo-K-T ER-Pr I to Ser *19625 J
9834 Sale 9814
Guar refund 48
1929.3 D 974 Sale 974
96% 9714
8012 8114
8114 13
97
30
411-year 4e Series B
1962 J J 81 Sale 81
let
Oregon-Wash
&
ref
48
8334 85
85
1961
139
J
.1
Sale
8414
.854
102%
18
1023
4
10312
Sale
10-year 6,9 Series C
10312
10312
19323 5
1946 J D 95 Sale I 95
924 96
95
2
92% 954 Paciftc Coast Co 1st g 5e
94% 547
Cum adluat 5a Ser A Jan 1967 A 0 94 Sale 94
Pao RR of Mo let ext g 4s
1938 F A 9214 9314 92 Dec'25 _MIscouri Pacific (reorg Co)
2d extended gold 5e
J 10014
1938
10018 10018
1001s Jan'26 _
8914 92
92
42
1st & refunding Es Ser A 1965 F A 92 Sale 91
J 9618 97
9538 Nov'25
10312 63 10134 10312 Paducah & Ills let f 4 MB- _1955
let & refundIng es Ser D 1949 F A 10318 Sale 10238
76 -7-7-1;
159
77
let & refund tie Ber E int_1955 M N 10314 Sale 10212 10312 229 10114 19312 Paris-Lyons-Med RR 6s__1958 F A 77 Sale 76
external 78
844 Sale 84
8234 85
85
54
6534 67
67
361
General 48
1975 M 8 6634 Sale 6614
Paris-Orleans RR s f 7e
85
Ai
M
18
S 84% Sale 84
1954
84 8454
8438 12
Mo Pee 3d 79 ext at 4%
8718 Dec'25
1938 MN 8734 88
Patinae Ry 7s
1942
10118 Sale 101
10112
8 10034 10112
Mob & 131r prior lien g 5e__ _1945 J J 9812 9912 99 Sept'25
9412 9412
8018
6
-8018 Pennsylvania RR-cons g 48 1943 M N 9234 ____ 9412 Jan'26 -Mortgage gold 48
1945 5 5 8018 8134 801s
Consol gold 4s
9258 Sale 9134
9238 12
Mobile & Ohio new gold 60....1927 5 0 102% 10318 103%
9112 923a
10318
2 10318 10312
4e etaraded
MN
N 913 9214 9113
May 1 1948 M
9113
let extended gold 6e____/1927 Q -1 10112 10213 10212 10212
2
9114 904
2 10212 10212
Consol 434e
A 9973 Sale 994
11)60 5
F D
100
40
90
9378 100
90
90
General gold 48
90
2
1938 M S 8934 General 434e
983 Sale 9514
9614 122
9414 9614
9914
9914 9914
Montgomery Div 1st 858.1947 F A 9918
9914 10
General
be
105 Sale 10434 10512 78 10253 10512
St Louie Div ba
Dec'25
10012
19275 D 100 10012
10-year secured 78
O
A 10814 Sale lO77s
1119
9696
30
83 5
F
A S
1084 58 10778 10838
Mob & Mar let ifn g lie
87
87
87
2
1991M 5 86% 8812 87
15-year secured (1)4e
1936 F A 11212 Sale 1117g
112% 58 111% 11258
Mont C lit gu g as
1937J J 109 11212 10912 Oct'25
Registered
109% ____ 10912 June'25
let guar gold be
5 10112 10112
1937 J J 10114 10314 10112 10112
40-year gold 6s
100 Sale 9934
10014 338
M & E let gu 33411
79
7958
Jan'26
2000J D 7834 79% 79
4MN
S 8618 ____ 8612 Oct'25
37
1011,
Washy Chatt & St L 1st 58._1928 A 0 101 10112 101
10034 10112 Pa Co-Ou 334s coll0 A reg 196
Guar 3;is coil trust Ser 13_1941 F A 823 8312 8412 Dec'25
N Fla & S 1st gu g be
1937 F A 10112
- 10158 Dec'25
Guar 334s trust ctfs C___1942
D 8118 __ 82 Dec'25
Nat Sty of Max pr lien 4345_1957 .1 .1
30 Sept•24
Guar 334s trust etre D____1944 J D 814 ____ 82 Dec'25
July 1914 coupon on
19 Apr'25
Guar 15-25-year gold 48_1931 A 0 9612 Sale 9612
96781 55
Assent e f red June coup on
19 Sale 1858
4 10
19
32 -111Guar 48 Ser E
8618
86's ____ 88
Jan'26'_- Guar 70-yew's f 48
• 88
8712 July'24
.
.
77
_ -A--O
_.
1.
9
19
95
40
2M
A N
O 8
8%
34
34 8
30
1112 8
30
30
3%
Gen a f 48 aesenting red __
20
79% 82
21,
2112 20
4 Peoria & East let con e4e___1
Jan'26
20
____ .
Income 4s
1990 Apr.
3618 4118
313
11 28
5
Nat RE Mex prior lien 4319_1926 J J
3812 July'24
Peo& Peklu Un 1st 5;ie _ _1974 A 0 101 Sale ,101
6 10012 10112
10112
July 1914 coupon on
24 Sept'25
J J
101781 44 10118 101%
Anent with July '24 coup on
I3-1-2 3312 Pere Marquette let Ser A be _1956 J J 1014 Sale 110112
3312 Jan'26
3234 33
let 48 Ser B
1956 J J 8534 86
1
85% 8634
85341
8534
let eons° 4e
28 Apr'24
.
_
-6
1951 -A
845
9214 ____, 92% Dec'25
Aesent with Apr 1924 coupon
15
1612 Sale 1638
1612 Phlla Bait & W
1612 40
-I
F A
Gen 5s Series 13
s 1073s Sale '10738
107%1
1 1-00's 1-074
New England cons 58
94 Dec'25
1945 J .1 9414 96
993
473
7
4 M N 4012 Sale I 4012
4012 4212
4212 15
C.ioneol Is
81
8153 Philippine Ity let 30-yr f 45 1119
857s 81
81%
2
1945 J J 81
Pine Creek regetd 65
1932
r'._
,
0
,
51%
2
96
678 _1;8_1_2 1
N J Juno RR guar let 4s
10
1986 F A 8419 8572 8414 Dec'25
997• 97
967
N0/tNEIstref&Imp434134•52 J J 93% 935s 9314
93%
2 12-8; Wig PCC&StLgu434sA
Series B 4345 guar
1942 A 0 97
_ _1 9658 Jan'26 _
New Orleantl Term let 48
8112
84
9658 6658
8412 22
1953 .1 5 8414 8434 8418
Series C 434s guar
____ 9212 Dec'25 _
96
N 0 Telma & Meit let(is Oct 1925J D 98% 98% 100 Sept'25
Series 13 441 guar
92% __ 9218 Dec'25
Non-cum Income bs Oct._1935 A 0 98% Sale 98
4 9834
9834 90 1)(11Series
E
52
M
F
N
A
gold_1
3348
119
9
94
4
49
guar
Nov'25
9118
9218 04
96
99
1st 5.9 Seem B
99
1954 A 0 98% Sale 9734
243
19535 D 92% ____ 03
Series F 48 guar gold
-9-3- V• sJan'26 ____
104
lit 5 He Series A
1954 A 0 10312 Sale 10314
82 10218 101
Saks 45 guar
92% -- -_ 93 Aug'25
9412 9412
N &ID Bdge gen fru 430_ _ _ _1945 J 1 9378 9514 9412 Jan'26
Series
H
98
4,i
,
,
t'215
96
33
144 Sep
0
96
253
s
N Y Ft & M B let eon g 36_1935 A 0 10014 102
9958 Oct'25
9514 1• 614Series 1 cons guar 434s-1
A
rM AN
1196
996
1F
N Y Cent RR cony deb 63_1935 NI N 10714 Sale 107
- 1-g73
10814
5
Series J 430
96
06
Jan'26
96
95% 99
Registered
al N 105 116 107 Sept'25
General M Is Serlee A
N 10014 Sale 1004
1964 S D
19705
8534 8712
10034
Consol 48 Series A
7 100 10034
8714 86%
8712 118
1998 F A 87
mtge
55
A
0
Gen
1975
Series
B
156
1003
8
9912
1003
Sale
4
4
1003
94
101
Ref & Impt 434e "A"
935
8
9214
933
8
94
Sale
35
2013 A 0
a1928 A 0 ____ 101 ,101
Dec'25
Ref & Inapt 55 Series C_2013 A 0 103 Sale 103
10312 94 101% 10312 Pitts & L Erie 2d g 5a
Pitts McK & Y 1st gu 6s__1932 J J 1054 ____ 106 Aug'25
Registered
1004 Aug'25
A 0
Pitts 81)&L E lst g 55
1940 A 0 101
____ 10014 Oct'25 -- N Y Central A Hudson Riverlet
consol
gold be
10018 Oct'25
7612 7834
10014
Mortgage 334s
7834 31
---1997 5 J 7834 7873 7778
91 N
5 88%
10
943 5
9114 May'25 -- ---- ---Registered
76% 7712 P105 Va & Char 1st 48
78
76%
76%
1997 .1 .1 77
1
1927 MN 10034 ____ 10114 Dec'25
Debenture gold Ls
9114 95% Pitts Y dr Ash 1st cone 5s
9558 154
Ai N 9558 Sale 9412
1934 M
---let gen 4s series A
1948 J D 903 93 I 91% Dec'25 -Registered
9418 9418
9418 Sale 9418
9418
2
let gen 58 series 13
10212
10-year debenture 48
10234 ____ 1027s Jan'26
1942 J J 9112 92% 9212 Dec'25
Providence Secur deb 4e
A 6114
r N
19
95
62
7M
RegI5tered
93 Feb'25
60's Dec'25 - Providence Term 1st 4e
1956 PA 8 Kt%
Lake Shore coil gold 334s-19981i A 7573 77
76
8318 Dec'25 - 77
70' 757g 77
Reading Co gen gold 4a
1997 J J 954 ____ 9518 9518
95's 951,
75 Dec'25
RegIstered
7434 78
1
Registered
J
M
0ich
Cent coll gold 33.i:
94% May'25
79
9
98
8 F A 7834 Sale 79
1, 7858 79%
Jersey Central coil g 443_1951 A 0 90h Sale 90
Registered
1998 F A
79 Dec'25
7614 80
Gen
az
ref
4
he
Ser
A
9319
19975 3 95% Sale 9478
N Y Chic & St LIE g 48
94
9414 95%
16
5
9312
1937 A 0 9313 Sale 9313
95
1%, 22
71
RIchm & Daily deb beetpd 1927 A 0 100 ____ 100
Registered
1937 A 0 91%
9218 Dec'25 _
Jan'26.... 100 100
1948 M N 7313 79
25-year debenture 43
9614 26 Igl; -9-6-1; Rich & Meek 1st g 4a
1931 111 N 9534 Sale 9514
75 Dec'25 ---Richut
Term
Icy 1st gu 5s__ _1952 5
2E1 63 Series A B C
1931 RI N 103% Sale 1037s 105
1,
05
1% 102
_ .
12 19
311 10234 105
.
051
012
2 Dec'251 _..ii
Ref 534s Series A
16- W.
10034 Sale 9938 10114 327, 9812 10114 Rio Grande June let gu 58_1939 J D
'
NY Connect it gu 414e 4_19
9212 9312 Rio Grande Sou 1st gold 4s 1940 J J
A°
A 92% Sale 9213
5
9314 27
95
73
4F
7
512 Dec'251 ---Guaranteed
1940 5 5
Na & Erie 1st art g 4a___ 1947 M N 88% 91
8912
•
____
Rio
Grande
West
let
gold
4s
1939
5
110 ext gold 430
94
Nov'25
867
k 89i
88
5314
8 -a-l-e- 86
1933 1111 8 9538 ____
_
84 MaY
8
'
9235
4 it;
Mtge & coil trust 4e A____1949 * 0 7734 S
4th ext gold 55
11:1618
9
1930 A 0 10018 -- 10701!
Sept'25an6
744 773
Sale 7614
77h 73
RI Ark A Louis let 414e___1934 141 8 9018
6th ext gold 48
1928 .1 D 9778
91
Sale 8958
68
89
91
Rut
-Canada
let
'
gu
g
S
4e
1949
N Y & Green L gu g be
1946 M N 9312 -96
94
Oct'25
75% 75%
7534 77
7534 Jan'26 - - Rutland let con g 434e
1941 J J
N Y & Harlem g 3343
79 Nov'25
2000 M N 79
87
87
8714 87
Jan'26 -St Jos Grand Isl 1st g 4s1947 55 86
N Y Lack & W let & ref be....1973 MN 99% 101
80 July'24
7814 7814
7713 8012 7814 Jan'26 - Lawr Adir let g 5e
1996 J J 97
let & ref 414e
-6-63-3 St2d
99% Jan'26
1973 M N
9712 95 Sept'25
gold 6s
1996 * 0 101 10313 101
N Y L E & W let 75 ext_1930 M S 106's 108 107 Dec'25
Oct'25
-St
L
&
Cairo
guar
J
g
4s
J
1931
Dock & impt be
1011s
1014
1943J J
10118 Jan'26
96 Sale 9578
96
4 -9-:;3; 96
L Ir M & S gen con g 5.1_1931 * 0 10012 Sale
N Y & Jersey let 5e
1932 F A 10012 101-12 10112
10112
2 10033 10112 St Unified
10012 10012
5 10014 10012
& ref gold 4s
1929 J J
N Y & Long Branch gen 5 de 1941 M 5 90,
9112 June'25
9534 9634
4 92
131
Registered
J
S
9634 Sale 9
N Y N II & Elart n-o deb 18_1947 NI 8 7012 ___ 7012 Jan'26
70'4 70'2
9
3
6
'4
Sep9t,'62354
Ely & 0 Div let g 48
1933 MN 90% Salo 90
Registered
PA 8 61
60 June'25
16If
ii5
91
1930 * 0 997g 10014 9934 Dec'25
Non-cony deben 53421.___1947 M 8 63 Sale 621
6212 6212 St L M Bridge Ter gu g 5e
: Jan'26
St L & San Fran (reorg co) 48 1950 .1 .1 793
Non-cony deben 3348____1954 A 0 6212 63
6134 63
62%
63
15
Vi58
4
Sale
571
80
10-7814
Prior lien Ser B 5e
1950 J J 9412 Sale 944
Non-cony deben 4a
6834 701 1
1955 .1 J 6934 Sale 6914
93
7
7014
9512
9513 62
Prior lien Ser 05e
1928 J J 10238 Sale 10238
Non-cony deben 4a
6812 70%
1956 141 N 69 Sale 681r
4
102%
70
103
10253
25
Prior lien 5HS Ser D
1942 is 101 Sale
6134 63
Ccnv debenture 334e
1956 .1 J 6112 6214 6214
9914 101
6214
2
81
101
998
Cum adjust Ser A 6s_51955 * 0 9534
Cony debenture 613
1948 J J 99 Sale 984
9234 9534
9734 9913
99
136
Sale 94
Income Series A 6s
51960 Oct. 89
R^V Intered
J J
87
92 Nov'25
555a
269
3 1042
89
954
&Louis &
Fran Sty gen (is '31 J S 10514 Salo 867s
1940 A 0 99 Sale 9814
Collater 1 trust 60
9611 99
99
16
10512 1047 Jan'26 -- 104% 104%
J
General
gold
J
be
1031
6112 62%
Debenture 4s
10058 10114
1957 M N 6112 62 6112
62
12
1005
8
1007
100%
1005
8
3
St
L
Peo
& N W let gu 68_1948 J J :
6512 70
1954 J J 67
71
Cons Sty non-cony 4e
70
1_8
Jan'26
0:
212 s_a_
__
:
88
:
1
12 Jai:772716
2s 6
-6
- 10212 1024
1931 MS 93% ____ 10
6512 7014 St Louis Sou 1st gu g 4s
1955 J J 67% Sale 7014 Jan'26
Non-cony oeben 48
_
9414 Dec•25 - - 6512 67% St L S W 1st g 4s bond etfe_1989 MN 8
Non-cony deben 4s___ _1956 J J
_
67
.: S7
14 -g4-1-ti 857
4
674
3
1
85
8
a
6
le
844
g 4e income bond cUs_p1989 J J
1927 A 0
75
75
_ _ _ 10014 10014 1 10014 10014 2d
1
N Y & Northern let g Es
75
75
Congo! gold 45
1932 S D 9,023584 SaleSa e 9
67% 6914
69
49
17
, 91% 9234
92
1%
34 2
N TO & Wref lift g 45..June 1992 M S 68% gale 6831
0
1%
12
1st terminal & unifying 58_1952 .1 .1
63% 63%
8912 9138
1955 J D 6318 65
63% Jan'26
General 48
St Paul & K C Bh L let 4348_1941 FA
J D ---- -- 65 Apr'25 _ _
86
Registered
8712
0le
St Paul E Or Trunk 4348
1947 S i
9018 9013
1942 A 0 8518
8612 Feb'25 -Pr Y Prey & Boston 4s
901s Jan'62 - St Paul Minn & Man con 48_1933 J D 97
96
07
97
-16
8334 Nov'25 _ _
N Y & Putnam let con gu 4e_'93 A 0 84% -88
Salo
96
J
Registered
S
106- 166
1927 M
100
99%
Jan'26
N Y & R B let gold be
9214 July'25 ---s5
19333
s5 L
lit coneol g 48
78
80
1 bus l077
80
Jan'26
6fdeN Y Suaq & W let ref be__ A937 J J 80 12
Registered
1937 F A 611
24 gold 43.6e
-- 63 Dec'25
_
Oct'25
106
Ila reduced to gold 4345___1933
63 -.111;
1940 F A 67%
99's 998
General gold 5e
8
8-717
68
13
6612
9934 Sale 99h
99h
193355
Registered
1943 M N 9634 98
93 Sept'25 _ - Terminal 1st gold 5e
1
japnr:22(
959
95
7%
12 A
S
D
Mont
ext
1937
let
gold
4s
J
9338 15's
9313
72
7173 Sale 71
70 194
72
N Y W'chee& B let Ser 1 4148_'48 J
S
D
Registered
1950A 0 80 Sale 80
7812 8134
8012 38
9014 Sept'25
Nord Sty esti 8 1 6 tie
I J
__1940
guar
4s___
Pacific
eat
A
59_1961
81
F
773
4
78
81
Sale
,
42
ref
A
-837
81
s
-8 ,
Norfolk Hou lot &
3 8878 Dec'25
08
98 St paid Union Depot 5e.___ 1972
98
1-62:571
3
10214 10258 10214
98 I
99
Norfolk & soil let gold 58._ A941 Al N 98
10258 11
-9-64 0,
148
J:::!
a Due Jan. h Due July.
p Due Nov. 1 ODDOn wile.
New York Bond Record-Continued---Page 4
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan. 22.
.re
Price
Fridae
Jan. 22.
Week's
Range or
LOJI Sale
4 1
:9
c3
co
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 22.
t3
467
Price
FriclaY
Jan, 22.
Week's
Rouge or
Last Sale
Range
Since
Jan. 1,
Bid
Ask Low
HOD No Low
High
No, Low
Ask
11)05
S A & A Pass 1st gu a 48_-.1943 .1 1
8414
84%
2
84
84% Armour &Co lat realest 4%61939 j D 884
ps
92 Sale prim
11
981071 107
9012 9178
Santa Fe Pres & Then 5e___1942 M s 10
80
43144 s_3
2!_ 10012 Jan'26
10012 10012 Armour & Co of Del 5548-1943
9
55
4348 may
9418 9512
9.
5215
2 84
Say Fla A West 1st g Os__ __1934 A 0 10634 __ __ 111
J
Dec'25
Associated 0116% gold notes LT ..2,eg 10
10318 47 10212 10318
5:8
e 103
2 Sale
93
let g be
1934 A 0 1017s
- 10134 Dec'25
Atlanta Gas L 1st 5s
9912
Scioto V & N E let gu g 46_ _1989 M N 877 Sale 8778
88
8
8778 8-8-18 Atlantic Fruit 78 ctfs dep
2
24
24
1934 J D
19
24
Seaboard Air Line 2 48
1950 A 0 81% Sale 8012 Jan'26
79
8012
Stamped etre of deposit
2312 3978 20% Jan'26
2018 2018
Gold 4e stamped
1950 A 0 81
82
8012
8114 153
8114 Atlantic Berg deb 56
79
6
993
993
99%
100
4
4
9934 10014
1937
Adluatment ba
J 3
Oet 1949 F A 8713 Sale 8634
87 274
86% 87% Baldw LOco Works let 58
8 10512 10534
1940 SI N 10312 105% 10512
10512
Refunding 4e
1959 A 0 7312 Sale 73
116
74
Baragua(Coup Az)730
7134 74
3 105 10618
1937 j j 105 106 10534 106
let & cone 68 Series A1945 M S 953k Salo 9434
9514 216
9412 9512 Barnsdall Corp e f cony 8% A1931 j j 105 Sale 105
9 105 107
105%
AU& Birm 30-yr let g 4s_41933 M 8 8934 9038 00
90
21
8812 90
Bell Telephone of Pa 5e
32 10038 102
Sale
101
ssaalleo
101
10112
Seaboard & Roan let 5e
10014
1926 .1 j
Sale 10014
10014
2 100 10038
1st & ref 55Ser C
297 10038 10114
10118 Salo 190,906731.4t2
Mg I
8 & N Ala cone gu g be
1936 F A 10318 10418 10418 July'25
Beth Steel 1st eat f be
Dec'25
1926
y
Gen cone guar 50-yr 5e
1963 A 0 106 10814 10618 Jan'26
10534 10612
9734
lat & ref 5a guar A
9,655812
990778 11
7E4
Ig5; 971;
-6So Pao Col 4s(Cent Pao col)k1949 .1 D 8718 Sale 8612
1O42
MN
863
21
8614 4714
30-yr p m & imp a f 5s_
47
93
1936 j
96
Registered_
J D ---- -- -- 85 Sept'25
320
Cone 30-year Os Series A1948 F A 9714 Sale
9518 9778
20-year cony 4e
June 1929 M 8 9714 Sale 9714
9712 76
-9.
678 -if]
Cons 30-year 534s Series B 1953 F A
;
125
8712 91
8958
9111
91
10-year CODY 58
1934 J D 10012 Sale 10014
1
10014
100
10012
Bing
&
Bing
deb
9412 95
Jan'26 ---93
630
93 95
1950 se
20-year g bs
1944 M N 100
__ __ 100
106
1 100 101
Booth Fisheries deb 5 f 136
8
90
95
97
1926 A 0 94 Sale 9312
Ban Fran Terml let 4s
1950 A 0 8734 Salo 8734
5
8734
87
8734 Botany Cone Mills 630
9514 14
9412 9514
1934 A 0 9514 sale 9412
Registered
A
0
85
Jan'26
85
Brier
85
11111
,
5 101 102,4
Steel let 530
003212
:
101
10234 2
So Pee of Cal-Gu 256
1942
A
0
1927 M N la
_
_ 104 Aug'25
D'way & 7th Av 1st c g 5s
73
73
1943 j D 7212 7334 73
So Fan Coast let go g 4s
7638
1937 J J 9414 Salo 9414
9414 9414
9414
2
Ctfs of dep strand June '25 int
12
7334 7012
71
71
So Pim RR let ref 4e
7012 71
19553
911 Sale 9014
9114 174
9114 Brooklyn City RR Be
90
933 9334 9312 Jan'26
9314 9312
1941
Southern-let cone g 5a
J3
10412 10434 10412 105
1994 J
24 104 105
Bklyn Edison Inc gen be A 1949 J j
Sale 105
105
3:
103 10312
11
33
14
2
Registered
D
10212 Dec'25
General 68 Berke B
4 10434 10534
105 10534
1930
Develop & gen 4s Ser A__1958 J
A 0 8211 Sale 8112
81-14 -12-1; Bklyn-Man R Tr Sec 6s
8212 90
95 Salo 9312
9212 9412
1968
9412
353
Develop dr gen 6s
1956 A 0 1075 Sale 107%
10814 25 10718 108% Bklyn Qu Co & Sub con gtd bs'41 MN 62 Sale 62
62
62
Develop & gen 630
1956 A 0 114 Sale 113
114
86 112 114
let ba
6
'
2
26 2
1941.9 .1 7412 787 7712 Jan
Mem Div let g 430-58
7712 7712
9
10212
1996 J
10212 10212
2 10134 10212 Brooklyn R Tr let cony g 48-2002 J J
June'25
92
St Louis Div let g 4e
19513
88 -8812 883 Jan'26
88% Ws
3-yr 7% secured notes__1921 j
13612 Nov'25 -Mob & Ohio coil tr g 4s
1938 M
90 Sale 8912
Ctfe of deposit stamped _____ _ _
9014 25
8712 9014
12314 .May'25
to Car & Ga let ext 53418
1929 M N 10114 10134 10114
10114
1 10114 10114 Bklyn Un El ley g 4-58
1950 f"-A 90 Sale 90
Spokane Internat let g 151_1955 J
9012 39 -gf; v0-1;
8012
8112
88
Nov'25
Stamped
guar 4-5s
14
9012 Sale
Term Awn of St L let g 430_1939
8812 9012
A
F
A
0 9718 .98
96% Jan'26
-1;87.8
.
Bklyn Un Gas let cons g bs 19
1 10212 103
103
909°
94
10312
55
0
let eons gold 5s
1944 F A 102 10214 10138 Jan'26
10118 101%
10-yr cony deb 78
18512 Nov'25 - -1932
Gen refund e f g 4s
19533 J 86 Sale 8514
87
84% 87
20
let lien & ref 6s Series A 1947
110
Jan'26
Tex & N 0 con gold be
110" ff619433
98 Dec'25
Buff & Susq Iron !be
1932 J D 53
Texas & Pao let gold 5s2000 J 1 97% 99
- 92 Dec'25 -D 103% Sale 103%
10312 20 10318 10312 Bush Terminal let 48
88l 88'l
1952 A 0 39 -u18812 Jan'26
La Div B L let g be
1931
J
101
J
Salo 101
101
24 100 101
Consol bs
1955 j J 92 Salo 92
Tex Par-Mo Pac Per 550_1984
9234
9158 93
e
10112 11
9914 10112
Building Si guar tax ex„..1960 A 0 98 Sale 9712
13
Tot & Ohio Cent let gu 5e 1935 M S 10038 101 10014
98
9634 100
J
J
10012
10012
10112
Der25
Cal G E Corp unit& ref 55_1937 MN 10012 1004 10034 Jan'26
Western Div let g be
- 10034 10034
1935 A 0 10018 10012 9978 Nov'25
Cal Petroleum s f g 630 _1933 A 0 104 10412 104
9 10334 10412
2
General gold be
:2 21
04
28
10
19353 D 9414 98% 97% Jan'26
975 971 Camaguey Sug let f g 75
1942 A 0 9134 Salo 9114
Toledo Peoria & West 4s1917
9012 9134
9134 28
J
J
30
35
33 Nov'25
Canada SS Lime let coll a f 7e '42 M N 102 Sale
Tol St LAW pr lien g 330
10118 103
1925 J J -------- 99% may'2,
Cent Diet Tel let 30-yr be
1943 J D 10212 Sale 102
60-year gold 0
10212
7 10134 10212
1950
A
0
88
Sale
88
ss
Cent
88
1
Foundry
8738
155
Vol WV &Oen 430 A
f 68
1931 F A 99,
4 Sale 99
99
9934
99,
4
6
1931 J J 9712 _- 97%
1
973e
Cent Leather 1st lien s f 6s 1945
97% 98
,1 101 Sale 10038 10138 50 10018 101%
Series 11 4186
19333 J 96%
9638 Dec'25
Central Steel 1st get 8e
1941 MN 11518 11512 11514
Blades C 48
11512
5 11514 11534
1942
M
S
90
9014
Nov'25
_
--Ch L & Coke let gu g 5e-1937 J J 10138 10134 10138
Tor Ham & Buff let g 4e
10138 78 101% 10172
1946 J D 8714 571 8714
87-14
4 17-12 Chicago Rys let 58
8714
1927 F A
Ulster & Del let cons 5 56_.l928
79 Sale
7634 81
J D 7634 Sale 7634
76
2
7634
7712 Chile Copper Os Ser A
1932 A Co 107 Salo 10
let refunding g 46
76
7'4
10
7°
778
34 237
141 107 10878
1952
A
0
4318
47
4414 Jan'26
4414 4414 Cinch) Gas A Elea 1st & ref 5e'56 A 0 103 Salo 10234
Unton Pacific let g 46
6
103
1023
4 103
1947 J J 93 Sale 9214
5%8 Ser B due Jan 1
9218 9314
9314 41
1967 A 0 10418 Sale 10418
10412 11 10212 10412
Registered
J J 9012 _ _ _
Clearfield Bit Coal let 45._ 1940 J J
90 Dec'25
SO-year cony 4s
82
7714
Nov'25
--1927
J 1 9912 Sale 9914
4 -663; Colo PA 100 gen f 56
9912 99 1th1943 F A 9214 Sale 9138
let & refunding le
9214
8 If" Ill;
e2008 M S 8734 Sale 86%
86
87% Col Indus let & con bs 20.,..1934 F A
8734 27
let Oen & ref 58
834 84
84
8414
85
84
9
e2008 M B 10784 Salo 10734
10778 11 10612 10778 Columbia G & E let be
10-year perm secured
1927
J
4
Sale
1003
10034
30
10114
10014 101%
84__1928 J J
Stamped
10338 12 10234 10335
1927
J 1003, 10034 10038 101
lj NJ RR & Can gen 42__1944 M 8 103 sale 103
8 10014 101
9212
Dec'25
0212
9th
&
Av
Col
let
--Utah & Nor gold 58
gu g 513-A993 M S _ _ 10
Oct'25 -19263 i 100 101 100
Columbus Gas let gold 54_1932 J J
Jan'26
lit extended he
o6 1765 5
95
9134
9
59
5134
1
51
1933 J J
935 Sept'25
Commercial Cable lat g 45 9397 Q J
fandalia CODS g 48 Ser A
75
76
75
75
75
7638
1955 F A 88
Commercial
8814
Nov'25
Credit pi f 6s
1934 M N
Consol 4e Scrim 13
99 100
9934 10018
1957
M
N 86"
Commonwealth Power 68_1947 171 N 10314 Sale 103
8738 Dec'25
fifteen's & P let gu 434e
10314
13 10234 10314
1934 J .1
Computing-T
20
Sept'25
ab-Roc
10312
s
_1941
f
66_
.1
.1 10438
Assenting let 43-1a
10438
4 10438 106
10438
1934
22 /el 2578 Jan'26
Conn By AL 155k ref g 430 1951 J
26
23
Verdi V I & W lst g 58
9112
92
Jan'25 -9112 92
1926 M
9934
100 Dec'25
Stamped guar 430
vIralnla Mid &Hee E 6a____1926
1951 .1 .1
9112 -9214 9214
92
9212
9214
7
M
100
10014
16014
of
Coal
icicle
CODS
Md
Jan'26
lat & ref 88_1950 J
5e Series F
fool,
84 Sale 82%
84
53
811g 84
1931 .1
10013
100 Dec'25
Consol Gas(NY)deb 530_ _1945 F A 10512 Sale
General be
10414 10508
1936 M N un
101
Jan'26
Vi & Southw'n let gu 56_2003
1-61- 1-61 Cons'd Pr & Ltg let 6%8_1943 M
10412 Salo 104
0514
104
053%
4 13
551. 104 10434
J
9834
_ 9834 Dec'25
Cont Pap & Bag Mills 634e 1944 F A
let cone 50-year be
75 Sale 7378
75
7378 75
15
1958 A 0 9114 9112 9112
9112
-6634 III; Consumers Gas of Chlc gu 5s 1936 J J 10011
Virginian let be Series A__1961 MN
9814 10034
- 10012 Jan'26
10118
Sale
1007
8
Consumers
Power
10034
10112
let
5e__ _A952
10112 128
Wabash 1st gold for
N 99 Salo 9814
9712 9918
9918 68
1939 M N 10212 10234 10214
10212 42 10114 10212 Corn Prod Refg s f g 58
sa gold ba
1931 M N 10014
9038 July'24
1939 F A 99%
9912
let 25-year a f be
100
9812 100
26
Ref e I 5%5 Ber A
1934 M N 10012 1-01-31 10012 10012
4 1661-2 100-1;
1975M
100 g;1-e- 9914
Crown Cork Seal 1st s f 613_1943 F A 8412 Sale 8412
9812 100
100
136
Debenture B Be regiatered_1939 M
8412
8234 8412
1
9334 Fob'25
Cuba Co cony s f 6s
let Hen 50-yr g term 4e
1935 J
95
96
9512 95
18
9478 9614
1954 J
84
Salo
84
Cane
Cuba
Sugar
cony
84
7s
84
if
Det & Ch ext let g 56
3
1930 J
94% Sale 9412
45
943
4
9314
1941 J
9484
102
____ 10118 Jan'26
Cony deben stamped 8%._1930 J
101 10118
Dee Moines Div let g 48_1939 J
SaleSaSale 98
97% 99
8412 ____ 8414 Jan'26
8414 84% Cuban Am Sugar let coil 88_1931 M
Om Div lets 330
10
98
10838 10
8%
92 7
34
13
8 108 10918
1941 A 0 77% ____
Cuban
Dom
Bug let 73,
7738
7718 7738
77%
Tol & Ch Div g 48
8
0 1944 M N 9112 Sale 9114
92
25
9114 9278
1941 MS 85%
87
Cumb T & T let & gen 6a
Jan'26
87
87
Warren let ref gu g 330
1937 J J 101 Sale 100% 101
40 10014 101
2000 F A 7512
Cuyamel Fruit let fis lot ctfe '40 A 0 9412 95
77
Oct'25
Wash Cent 1st gold 46
95
95
9374
1
95
1948 Q Ifl
133
12
Deny City Trarnw let con 5s 1933 A 0
8312 Dec'25
Wash Term let gu 3128
82% Aug'25
1945 F A
84
83% Jan'26
83.38 83s Den Gas & E L letdrref 6 f be '51 MN
let 40-year guar 4e
9412 Sale 9412
1945 F A
95
94 Vire
17
9118
Stamped
84
Jan'26
84
83
W Mln W & N W let gu 58_1930 F A
M N 9412 Sale
9312 9518
17
97 -66- 97% Jan'26
9638 9738 Dery Corp(D G) let f 78_1942
Went Maryland 1st g 48
S 8634 Sale 94
86132
8512 87
3
4
1952 A 0 W% Ssle
86
9531
'
4
68,
6912 32
4
6712 6912 Detroit Edison let coil tr 58_1933 J J 1011 4 101% 10138
West NY & Pa let 556
101%
1937 J J 10078
2
101
10134
10118
10118
let dr ref bs Series A_July 1940 M
6 101 10118
Gen gold 40
10178 10218 10178 102
1943 A 0 84% 85
11 10178 10214
8414 Jan'26
Gen & ref 58 Series A
83% 8414
Income g be
1949 A 0 10014 Sale 100
Apr 1 1043 NOv 40
10014 16 100 10172
45
let
&
ref
Feb'25
66
Series
Western Par let Ser A 58_1946 M 8
13__July 1940 184 S 10734 Sale 10712 1073
21 10714 10734
96% Sale
-- 9014
Gen A ref 5s ser 13
9714 32 -65.72 98 let gold On Scrim B
1955 .1 D 10014 10038 100%
1946 M S 104 Sale 10312
11 10018 10034
100%
10314 10312 Dot United let cons g 430 1932
Weet Shore let 48 guar
J 9058 91
2361 J J 8438 Sale 833 Jan'26
9014
9114
21
90
9114
Dodge
4
Bros dcb 65
8333 84112
8412 24
Regiamred
1911 M N 96 sale 9578
957g 9714
9612 290
8338 84
83
Jan'26
83
Wheeling & L E 1st g 5aIn 3
8314 Dold (Jacob) Pack let 8e_.,1942 M N
75 Sale 69
A al 100% 101
6
70
514
2 15
70
2
4,
142
72
7512
10018 Dec'25
Dominion Iron & Steel 5e ,..,1939 J
Wheeling Div let gold 58_1928 J I
6012 62
5
60
6178
100%
10014 Jan'26
1-6(11Ext'n & Inlet gold 5s
4 11L14 Donner Steel let ref 78
1942 J J 9612 Sale
1930 F A
9712 24
92% 9712
9812 Dec'25
du Pont(El) Powder 430 1936 I D 103
Refunding 430 Series A1966 M S 98
9914 Jan'25
9914 9914
813e -1;3. 8178
Duquesne Lt let & coil 6s
8212
883
RR let consol 45
2 8071949 J J 106 Sale 106
1949 M 11 8312 Sale 8212
107
31 10514 107
81
let coil trust 530 Series 13.1949 J J 10538 10614 106
Wilk & Earl let gu g la
8234 10
82%
10638 14 105 106%
66
Cuba
East
Sug
WIII & S F let gold Si
6414
15-yr
8
f
6612
6612
g 730'3758 S 10434 Salo 10434 106
9
1192 1 D 16
98 10412 10612
0825814 Sal!- 10238
10212
Win/don-Salem 8 13 let 4a_..1960.
2 102% 10212 Ed El III Ilkn let con g 46_ 1939 J J 93
___ 93
Jan'26
93
93
J I 8814 Sale
8634
Ed Elec III let cons g 58
Wile Cent 50-yr let gen 4a_.,1949J
87
86% 87
28
1995 J J 103 ----103
J 83
Jan'26
103 103
8112
833
Pow
Elee
4
Corp
Sup & Dul dly & term let 48'36 M N
(Germany)8tis'50 M
8212 27
8018 8212
863
4
Sale
8612
87
85%
87
27
88% 8978 8818
Work Con East lot 48a s_ _
8931
87% 89% Elkhorn Coal 6% notes
m
27
5J
m N
19
93
D
8
100 Nov'25
_1943 J J
7414 ____ 8218 Dec'25
Empire Gas & Fuel 7
INDUSTRIALS
-15212 Sale 102
1025
8
fOi
46
162
-34
Equit Gas Light let con 5a 1932 M 8 997 10012
Adams Express coil tr g 46 1948 M
100 Dec'25
85 8518 Federal Light dr Tr let bs
Ajax Rubber lett 15-yr a f 8e_ 1936 J 8 8518 Sale 8518
8518
1
1942 M 8 9414 Sale 94
9314 941
9412
0 102 10238 10214
stamped
(le
10214
lien
1st
102% 12
103
Alaska Gold M deb (36'A
1942 M
103__ 10314
10358
1925 M IS
10178 10334
418 41
30-year deb 68 Ser B
4% Jan'26
418 418
_
Cony deb 6a Series B
1954 ./ D 9334 -9378
- 9312
9418
1926 M S
94
4
93
418 6
Federated bletals e Te
4
Alpine-Montan steel 7s
1939 J D 95% 96% 95
1953 M 8 9112 Salo 9118 Dec'25
97
97
95
15
8 9112 Fisk Rubber let
-911Atri Agile Chem let 1513
9112 12
0
11518 Sale 114
11514 16 11312 11514
103 10338 103
Smith
Lt
10314
1023
Ft
dr
Tr
4
1st
g
10314
58_
14
let ref s f 7%8 it
_
1
9
9
3
4
6
1
M
M
S
E3
5
75% 77
/4
INT ` 0
78
Jan'26
78
78
Framerie Ind & Dev 20-yr 730'42 J J 9034 Sale
105
Amer Beet Sug cony deb 68.1935 F A 105 Sale 10412
120 10334 105
8814 9114
91
24
9812 10034 Francisco Sugar 1st at 714e _1942 MN 10514 1053 90%
American Chain deb e f 69_1933 A 0 10012 Sale 99,
4 10034 62
4 10514
1047g 10514
10514
99 100
9914
9814
99
Co
Berg
El
of
&
AM Cot 011 debenture 88
Gaa
22
cone
g
9914
01949
D 10038 ____ 10038 Jan'26
1931 M N
10038 10038
9834 9714 9634
9634 9714 Gen Asphalt cony 66
Am Dock & Impt gu 0
9714
2
1
A D
O 106% ____ 106
1936
3 10412 106%
10612
10534 10534 General Baking 1st 25-yr 64_ 19
Amer Ice deb 75. _July 15 1939 J J 10512
936
9
-- 10534 Jan'26
10478 Nov'25
120
1
if0
124
124
126
Electric
134
Gen
330
deb
AM Mach & Fdy a 16e
g
23
F A
1939 -A- -0
8712 88
Jan'26
88
88.- 18-14
10134
Am Republic Corp deb Be_ _1937 A 0 10212 104 101
13 10014 10134 Gen Refr 1st s I g ee3 Ser A
19
95
42
101 10112 10012 10138 33 10012 102%
9834
German Gen Elm 7s_Jan 15 1194
98
99
99
9
Alla Elm & R let 30-yr be serA 1947 A 0 98% 99
51
.1
947
96 Sale 9512
96
95
96
54
100
Sale
99%
99
10014 163
10014 Goodrich Co 630
let 21 65 series 13
1947 A 0
10538
10538 56 104 105%
10834 43 106 10834 Goodyear Tire & Rub let at 1941 M N 121 10584 10478
Amer Sugar Ref 15-yr 6s_ _ _1937 1 J 10712 Sale 10712
Sale 121
12158 71 121 12184
104
Am Telep & Teleg eon Sr 46.1929.9 1 10338 Sale 10312
35 103 10414
10-year s f deb g 813
1107
8
Sale
11014
11078 54 10934 11078
973
4
Sale
967g 97,
9734 56
8 Gould Coupler 1st 5 f
Convertible 45
;
I. A
1936 IN 13 9212 Salo 97%
921 927g 9218
9112 9212
12
9214
9212
9212
9212
Granby
9212
3
Cons
MBA
P
con6e
20-year cony 4 Rs
A19'2289
NN
1933 M 83 9714 97%
18
06
03
14 .
101 18
06
1% Jan
'
862%
101 101
6
9714
9714
1
Stamped
9714 97
80year colt tr be
,
4
SI
1946j 0 102
10018
101
102
10012
10012
Jan'26
192
Gray & Davie 1st cony f 7e_1932 F A
82 10078 102
85-yr 6 f deb 55
Deo i .../ 98% Sale 10114
9612 987s
98
98
98
97% 98% Gt Cons El Power(Japan)7a_1944 F A 97
98,
4 519
WI-year ii f b 30
1943 M .. 10438 Sale 98%
9112
9114
91
Sale
9214
91
63
Sale
10412
104
162 10312 10412 Great Falls Power 1st a f 58-1940 M N
Am Wet Wke & Elea 5e__1934 A 0
103% Sale 103% 103%
10134 103%
96% Sale 9614
9612
9
9534 9612 Hackensack Water let 4e_ 1952
Am Writ Paper e f 7-Be
1939 J J
8638 86%
1
5014
5112
52
51
4812
5
Hartford
56
St
1st
45
By
Temp interchangeable etre dep.
____ 852 Aug'25
86
50%
4818 5412 Havana El Ry L & P gen be A19
5214 13
Anaconda Cop Mtn let 6s 1953 IA .5014 53
':30
54 M S 9234 Salo 9212
293
-9-21
9234
10238 Sale
10212 227 10114 10238 Javana, Elec cowed g 5a
15-year cony deb 78
_1952 F A
1938 F A 104% Salo 102
0431
96
9434 9434
9431
9434
2
1043
1043
8
204
5
105%
10512 dershey Cboe 1st f g 6e_
Andes Cop Min deb 75 50% p0 43 1 J
1942 M N
10034
104%
983
Oct'25
4
9678 9812
9812 163
Anglo-Chilean Nitrate 7e_ _1945 M N 100 Salo 9818
co11530 int ctf 1940 J I 10034 Sale 10018
MAlet
9918 101
101
68
Sale 99% 100
9818 10018 Hoe(R)& 001st 630 temp_1934
133
AntIlla (Comp Aim)734e 1939
A 0
9914
99
19
99
87
8714
8712 Holland-Amer Line 6a (Hai) 1947 MN 99 Sale 98
9
Ark A Mem Bridge A Ter 5s_1964 M S 87 Sale 87
8518 8512
5
9131 Sale 941e
4
9418 9514 Hudson Co Gas let g be_1940 M N
951 1
9518 8534 10
110000:
9 10038 10012
803
54
8
108083e
1s
a Duo May 6 Due June 4 Due May.
k Due August. s ootIon sale.
468
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Jan. 22.
New York Bond Record-Continued-Page 5
Price
Friday
Jan. 22.
Week's
Range or
Last Sale
High No
AM LAW
RIO
10214 Sale 10154 10258 74
Humble Oil& Refining 54.0_1932
10114 Sale 10078
10114 50
Illinois Bell Telcphone 55--1958
9614 15
96 Sale 9558
Illinois Steel deb 4445
1940
911
/
4 ____ 9012 Dec'25
Ind Nat Gas & 011 Es
19313
10312
3
103/
1
4
_ 103
Indiana Steel 1st 55
1952
9954 Dec'25
Ingersoll-Rand let 55
1935
_
11 Apr'25
20
Interboro MetroP Coll 4448.--1956
_
412 Aug'25
Guaranty Tr Co otts dep_____
1012 Mar'25
Ctf dep stpd asstd 18% sub_ __
234
68
-Os EQ-e- 63
Snterboro Rap Tran let 55_1988
603
65
6454 Sale 62
Stamped
6714 115
6714 Sale 64
10-year 6s
1932
19-year -onv 7% notes_ _ _1932
8812 Sale 81338
8812 89
40
93
9212 Sale 90
lot Agile Corp let 20-yr 5s 1932
57
85
85 Sale 8212
Stamped extended to 1942_._ _
8618 Sale 8618
86,
4 79
Inter Mercan Marine e f 58.._1941
9518 172
International Paper 55
9412 Sale 9418
1947
Ref f 65 Bee A
9812 Sale 9712
9854 205
1955
lot Telep & Teleg cony 534e 1945
1111
/
4 Sale 10958
11218 1186
103 Sale 103
10414 20
Jurgens Works(is (flat prfee).1947
96
101 Sale 100/
1
4 101
Kansas City Pow & Lt 158__ _1952
Kansas Gas & Electric 85_ _1952
10318 Sale 10212 10314 18
10612 Sale 10612 10718 19
K&yeer & Co 75
1942
Kelly-Springfield Tire 85_1932
104 Sale 10358 10414 81
2
Keystone Telco Co ist 5e _A936
8512 9114 9012
9012
2
KIDD County El & P g 55_ 1937
10212 ____ 10212 10212
Purchase money 85
____ 12114 Jan'26
121
1997
6
Kings County El let g 45_ _1949
7812
78 Sale 78
16
Stamped guar 45
79
78 Sale 78
1949
6
Kings County Lighting 55.. _1954
99/
1
4
1
4 99
9878
98/
1
108
108 10812 108
03411
1954
1
Kinney Co 7445
10654 107 10654 10634
1938
Lackawanna Steel 58 A
9712 19
97 Sale 97
1950
Lao Gas L of St L ret&ext 58_1934
10114 11
10118
10012 _
Coll & ref 5ha Series C__ _1953
10334 Sale ,10314
10334 93
Lehigh C & Nave f 4343 A_ _1954
99 ; 98 Dec'25
98
Lehigh Valley Coal let e 55-1933
10018 10034 10014 Jan'26
Lex Ave & P F 1st gu g 513_ _1993
/
4 Dec'25
4534 411
12314 25
Liggett & Myers Tobacco 75.1944
123 Sale ,121
1
122
__1122
Registered
120
58
102 Sale 110178 10212 35
1951
Oct'25
Registered
98
9818 _
10
Lorillard Co (P) Ts
116/
1
4 11712 11612 117
1944
___1l514 Oct'25
Registered
114
Se
100 Sale 9912 10018 48
1951
1
4 Oct'25
96/
Registered
9414
9812 66
Louisville Gas & Electric 55_1952
1
4 9818
98/
1
4 98/
Louis,By let con 55
9014 9454 8912 Dec'25
1930
Glower Austrian Hydro-Elec Co8712 Sale 8712
8754 15
ls& 5163.4s
1944
10118 44
ifanatt Sugar 7345
101 Sale 100
1942
61
61
6073 Sale 5912
Illabbaf Ry(NY)cons g45_1990
3648
53
5314 5318 Jan'26 - _
2013
3
10218
102
Manila Electric 75
10212
1942
89/
1
4 Jan'26
8978 92
Manila Elec Ry & Lt f 56._1953
9854 27
9854 Sale 98
Market St Ry 7e Series A
1940
21
Metr Eci lat & ref g 8s f3er B_1952
106 Sale 10412 106
1st & ref 55 Series C
9714 Sale 97 • 9714 13
1953
6
10314
10314 108 103
Metropolitan Power 65
1953
721I Jan'26
73
Met West Side El (Chic)48_1938
72
81
102 Sale 10112 102
Mid-Cont Petr 1st 844s _ _ _ _1940
1
4
94/
1
4 147
94 Sale 93/
Midvale Steel &0cony a I 56 1936
9978 Jan'26
Milw Elec By & Lt cons g 58.1926
9973 100
Jan'26
99
9812 99
Refunding & erten 440_1931
9
99
9834 Sale 9834
General 55 A
1951
9112 Sale 9012
9112 99
let 55 B
1961
14
103
10214 Sale 102
let & ref g 65 Series C_ __ _1953
9918
6
Milwaukee Gas Lt let 45..l927
9918 Sale 99
34
101. Sale 10058 101
Montana Power let 53 A. 1943
20
1
4
97
97 Sale 96/
Montreal Tram lot & ref 55_1941
27
1
4
86
8534 Sale 85/
Morris & Co let at 434s.._ _ _1939
/
4 Nov'25
80
- - 771
Mortgage-Bond Co 45 Ser 2_1966
1
9614
9654 ET7-14 9614
10-25-year 55 Series 3
1932
8818 16
88 Sale 8654
Murray Body let 640
1934
Mu Fuel Gas let gu g 5e_ _1947
9834- 9854 Jan'26
Mut Un gtd bonds ext 4% 1941
1011
/
4 1-0i14 10154 Jan'26
5854 10
Nassau Elec guar gold 48_1951
58/
1
4 5834 5812
Jan'26
Nat Enam & Stampg let 58_1929
105
- 103
0912 1-66 9912 10014 23
National Acme 734s
1931
Nat Starch 20-year deb 55_ _1930
--- 100 10012 4
National Tube let 58
1952
10258 Sale 10258 10234 7
loot1
4 Jan'26 _
Newark Consol Gas 55
10053 101 100/
1948
1011
/
4 47
New England Tel & Tel 5e...1952
10114 Sale 10078
NY Air Brake 1st cony 138_1928
1
4 Jan'26
10214 10314 102/
New On Pub Serv 1st 58 A 1952
9214 74
92 Sale 9112
1st & ref 58 set B
17
92
9212 9112
92
1955
N Y Dock 50-year 1st g 45_1951
22
82
83
8214 83
NY Edison 1st & ref 8445 A..1941
22
11534 Sale 11512 118
let Pen & ref 55 B
53
10278 Sale 10212 103
1944
N Y Gee El Lt es Pow g 5/3_1948
10458 26
10412 Sale 104
Purchase money g 4s
8912
8912 13
1949
8912 90
N Y L E&West C &RR 5Hs 1942
---- 10212 10012 Apr'25
N Y Li El L & P let g 58_ _ _1930
10354 35
103 Sale 103
N Y Rye led R E & ref 4s
Oct'25
4212 5212 47
1942
Jan'26
Certificates of deposit
5178 46
47
30-year aril Inc 58___ _Jan 1942
254 314 355 Nov'25
Certificates of deposit
2
,
4 5,
4 312 Jan'26
N Y Rye Corp Inc 85_ _ _ _Jan 1965
2318 77
2212 Sale 22
Y & Rich Gas lst 65
1
1951
10212 Sale 10212 10212
NY State Rye 1st cons 4 H5_1062
5918 30
58/
1
4 Sale 58
let con 634e series B
8
79
1962
791.8
80
79
N Y Steam let 25-Yr 88 Ber A 1947
102/
1
4 10234 10212 Jan'26
NY Telep lot & gen 5 f 430.1939
39
98
9734 Sale 97
11
30-year deben 5165._ _Feb 1949
1
4 110
110 Sale 109/
20-year refunding gold 85_1941
10854 85
10818 Sale 108
3
Niagara Falls Power let 55_ _1932
1011
/
4
10154 10178 10134
Ref & gen 68
Jan 1932
1
4 10614 20
106 -- 105/
Mao Lock & 0 pr 1st 58 A.1955
99/
1
4 47
99 Sale 99
No Amer Cement deb 6348 A 1940
1
4
99/
1
4 36
99
991s 98/
27
Nor Amer Edison 65
1952
•10258 Sale 10212 104
Becureds f g 8345 Ser B_ _1948
10554 18
10512 Sale 10514
Nor Ohio Trio" & Light 65 1947
41
95
9412 Sale 9418
Nor States Pow 25-yr 55 A 1941
9812 Sale 9814
98
,
4 33
Registered
1
4 Jan'26
94_ 93/
4
1st & ref 25-yr 65 Ser B _ _1941
106 Sale 10558 106
?forth W T 1st fd g 4448 gtd_1934
9634 9712 9612 Jan'26
5
1
4 1121
/
4
Ohio Public Service 74411 A 1946
112
,
8 1121
/
4 112/
6
1
4 11054
1st & ref 75 series B......1947
110/
1
4 11034 10/
3
10314
Ohio River Edison let 65_1948
103 10314 03
1944
9
9654
Old Ben Coal let 85
9714
9654 97
0014
Ontario Power N F let 551943
10012 30
10012 101
8 Jan'26
1
4 9912 99,
Ontario Transmission 55_ _1945
99/
1941
7
0612 106,
4
10658
Otis Steel 88
10212 Sale 10212 10212 12
1st 25-yr s f g 7445 Ser 8_1947
9814 Sale 97
Ptielf10 G & El gen & ref Sø..1942
,
4
9814 57
50
1
4 100
100 Sale 99/
Pao Pow & Lt let&ref 20-yr 56'30
1937
18
10154 Sale 10112 102
Pacific Tel & Tel let 55
1952
9958 Salo 9914
Ref M 53series A
99,
4 97
10654 20
10654 10678 0618
Pan-Amer P & T let 19-yr 7.1930
1934
10634 Sale 10634 10812 102
Cony e f Os
12
87
86/
1
4 Sale 8512
Park-Lox et leasehold 640...1953
00
Jan'26
100
Pat& PaSSAIO0& El cons 55 1949
11012 -- 1012 Dec'25 _
peop Gas & C 1st cons 6s 1943
3
1947
9873
9873 Sale 9813
Refunding old 53
10432 13
1041
/
4 Sale 04
Philadelphia Co coil tr 65 A_1944
13
, 9934 Sale 9912 100
15-year cony deb 534s- -1938
18
101
101 Sale 00
p,fl&ReadingC&Iref5s_1S73
10772 13
10734 Sale 0753
Pierce-Arrow Mot Car deb 831943 155
10773 11
Plerce Oils f 85.- __Deo 15.l931 J D 100 Sale 06
a Due Jan. 4 Due April. p Due Dee. •Option sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 22,
F
=
p
Jan. 22.
RabOWiersat
Last Bale
Range
Since
Jan. 1.
High No. Low
High
816
Ask Low
High
Low
5 10134 10212
10153 10253 Pillsbury Fl Mills 20-yr 65_1943 AO 102 10314 10134 10134
9813
10034 10114 Pleasant Val Coal 1st g e f 55_1928 J J 9734 9812 9812 Jan'26
5E 9
90811 9013
2
9018
9434 9853 Pocah Con Collieries let a I 551957 J J 9018 9114 9018
2
102
10253
10218 10212 10218
Port Arthur Can & Dk (is A_1953 F
10218
101 58Dec'25
let M Os Series B
1953 FA 102(8
16"0'Portland Elec Pow lot 85 B_1947 MN 100 Sale
5
9912 100
Portland Gen Elec 1st 55_1935 J
9938 100
991 100
9314
7
9254 9314
95
9314
Portland By let & ref 55
1930 MN 93
Portland By Lt & P let ref 551942 P A 8912 Sale 8834
90
8
8834 90
32
99 100
100
-6i1-2 -69-14 1st & ref 6s set B
1947 MN 99 Sale 99
1st & refund 734s Ser A_1946 MN 107 109 1071
/
4 108
7 10634 108
82 6853
64
7053 Porto Rican Am Tob 85
1931 MN 10514 10618 10554 Jan'26 __-- 10534 10534
9714
8534 8978 Pressed Steel Car 55
6
9455 9734
1933 J J 974 Sale 9512
11012 11012
1 11012 11012
Prod & Ref 5 f 85(with war'nts)'31 3D 11012
8814 93
18 10954 110
Without warrants attached_.. 3D 10934 17114 10934
110
8215 85
8714 Pub Sent Corp of NJ gen 55_1959 AO 10434 105 10434 Jan'26 ___ 10434 105
86
94l8 9814
Secured g 135
1944 L A 10178 Sale 10034 10178 138 100 101/
1
4
97
9834 Pub Sets,Elec & Gas let 5301959 AO 10434 10512 10452 105
9 10375 105
10812 1121s
15t & ref 5448
10434 45 10373 105
1964 *0 10454 Sale 10414
/
4 Sale 107
100 105
Pub Sett,El Pow & Ltg 85_1948 AO 1071
b07's 15 106 10734
10014 101
Punta Alegre Sugar 7s
1937 33 10712 10812 10734 10812 13 108 109
1
4
8233 8534
1011
/
4 10314 Remington Arms 65
N 8534 Sale 82/
8534 31
1937
9712 20
10612 10712 Repub I & 10-30-yr 5551-1940 *0 9712 9775 974
9714 994
9258 94
'
3 94 Sale 927
16
10318 10412
94
Ref & gen 5448 ger A__1953
Kul 9012 Rime Steel 1st 75
1
4 19
9015 9075
90/
1955 P A 9015 Sale 9018
62
61
2
61
62
102 10212 Robbins & Myers sf75
61
1952• D 60
12078 12114 Rochester Gas & El 78 set 13_1948 MS 11334 Bale 113
11334
6 11212 11334
6 106 106
7714 7812
106
Gen Mtge 5445 series C__ _1948 MS 10535 -___ 106
70 Sale 6912
79
6912 72
7112 11
78
Rogers-Brown Iron Co 75_1942 M
92
92
1
9114 92
92
98s 10058 St Jos By Lt Ht & Pr 55_ _1937 MN 91
9534 96
10712 108
St Joseph Stk Yds let 43.45_1930 J J 96 -- -- 96
Jan'26 ---18
78
10634 107
St L Rock Mt & P 55 stmpd_1955 33 8034 Bale 79
SOs
9614 98
- 7112 0e2
897
St Louis Transit 55
25
4
1924 * 0 73
954 --9712 95
Oct'25
10054 10114 St Paul City Cable 55
1937 .11
94 -60 -10258 10354 Saxon Pub Wks(Germany) 75'45 FA 9334 Sale 93
9234
108 10914 109
109
11 10715 109
Saks Co 75
1942 M
1-61- Ban Antonio Pub Ser 85 1952 J J 10155 10214 10155 102
4 10135 102
107 10734 10733 10738
Sharon Steel Hoop 1st 85 set A '41 M
1 10733 10712
1
4 10713
Sheffield Farms 6448
10712
7 10878 10712
1942 AO 107 107/
9334 18
9112 9434
Sierra & Ban Fran Power 58_1949 L A 9353 Sale 9312
9558 158
93/
1
4 95/
1
4
Sinclair Cons Oil 15-year 75_1937 MB 95 Sale 9434
10912 370 10718 11334
let In coil tr(Is C with wart 1927 3D 10712 Sale 10715
1st lien 63.0 Set B
8954 130
87
89/
1
4
1938 3D 8954 Sale 8814
Sinclair Crude 011 3-yr (35 A 1928 FA 10058 Sale 10058 10034 100 10014 10014
3-yr 6% notes B Feb 15_1926 P A 8912 8934 10055 10034 26 10012 10034
8878 30
87
8875
Sinclair Pipe Line 5e
1942 AO 8812 Bale 881
12414 221 120 129
Skelly Oil 834% notes
1927 * 0 12414 Sale 120
10212
2 10114 10212
N 10155 10212 10135
Smith (A 0) Corp let 630_1933
1073
4
Bale
10734 10878
6 107 10878
South Porto Rico Sugar 75_1941 Jo
/
4 102
28 10118 102
'
3 10158 102 1011
8712 9734 South Bell Tel & Tel let 5 f 551941
183 10035 101
100 10118 S'weet Bell Tel let & ref 55 1954 L A 10034 Sale 10012 101
594 6175 Southern Colo Power Os__ A947 .1 .1 9852 Sale 98
99
42
9712 9933
4 Spring Vol Water g 55
53,
1
4 Dec'25
53
1948 MN 9812 9914 99/
1 1661; 101
101
---102 10212 Standard Milling let 58
1930 MN 99 Sale 101
8912 8934 Steel & Tube gen e t 75 Set0 1951
109
10 10734 109
'
3 10814 Sale 108
1
4 Sugar Estates (Oriente) 7s 1942 MS 9114 95
91
94
16
8912 94
98 98/
95
95
104 106
Superior 011 lets I 731
1929 FA-I 94 Sale 95
'
956
2. _ 1_0
_ 10012 10012
D 10034 ____ 10012 Jan
96,
4 97's Syracuse Lighting let g 58_1951
____ 10314
10314
1 10314 10312
10212 10314 Tenn Coal Iron & RR gen 55_1951
.1 103
7112 7214 Tennessee Elm Power 1st 85.1947• D 10354 Sale 103
1
4 103,
103/
1
4 86 102/
4
5512 601
10114 102
6018 231
/
4
Third Ave 1st ref 45
1980 J J 5914 Sale 5818
/
4 Sale 4612
4112 4812
4812 255
9234 9473
Aril Inc 5e tax-es N Y-a1960 * 0 481
9978 9975 Third Ave RY 1St g 5s
9434
8
9373 9434
1937 3' 9412 Sale 9412
10934 52 10834 10934
98
99
Toledo Edison 1st 75
1941 MS 10912 Sale 10914
98
1
4 Sale 9812
9854 16
9835 994 Toledo Tr L & P512% notes 193(3 J J 98/
9854
9012 9132 Trenton O& El let g Si..l949 MS 10015 ____ 991
_ __
/
4 Dec'25
10034 103
97 Sept'25
Trumbull Steel deb lis
1940 FA
99/
1
4 Twenty-third St Ry ref 55_1982• J 61
99
62
60 Dec'25 -9878 101
'
I 9518 ____ 9258 Oct'25
Underged of London 4445-1933
'
3 9218
92
Oct'25 ............
9634 9715
Income Os
1948
0;
5
78 11051
/
4 98 10i8478 86
Union Bag & Paper 1st M 65_1942 MN 105 Sale 105
4 10054 10114
Union Elec Lt & Pr let g 55_1932 MS 10054 10118 10034 101
4
-9614 -667
N 10014 100/
Ref & it 55
1
4 10012 101
1933
84 .8858
1
2 102
101
014
1st g 5.446 series A
10178 18 110
1954 J J
9834 98/
1
4 Union Eley By (Chic) 58---1945 * 0 10188 111111-4 78
78
4
78
78
10112 12 10012 10112
10154 10114 Union 011 let lien 5 f 55____1931 J J
__ 101
5818 5912
104 10412
- 10455 10475 18 10415 10475
30-yr Os Set A
May 1942 P A 101103 103
9512 9614
'
A 98/
1st lien s f 5s Ser C
1
4 Sale 96
9814 54
1935
0812 10014 Union Tank Car equip 7s
101 Aug'25
_
1930 L A
ool4 10012 United Drug 20-yr 6s_Oct 15 1944 A0 105 Babe
---312 4
10534 21 10
10-5
1
-" 105
32 10112 103
10134 10234 United Fuel Gas let 1 I 65_ 1936 ii 10212 Sale 10158 103
1
4
1
4 99/
99/
N 99/
1
4 100
991
/
4
1
10053 10°58 United Rye Inv M Pitts Issue 1926
9978
100f2 10158
99/
1
4 100
9958 Dee'25--Stamped
1
4 United Rye St L let g 4s___1934 JJ 7712 78
7412
- -102/
1
4 102/
7512
7734 18
77
1
4
9415 9412
9414 19
9034 9214 United SS Co 15-yr 6s
1937 MN 9414 9435 9415
9014 92
5 103 104
10374
United Stores Realty 20-Yr 68
'
42 A0 10315 104 103
8115 83
9134 9414
9414 892
US Rubber 1st & ref baser A 1947 J J 9375 Bale 9234
59 10834 108
11514 116
10-yr 7H% sec notes
1930 P A 10712 Sale 10712 108
1
4 100 10018 Jan'26
102 103
US Smelt Ref & Moon,65_1928 P A 99/
95
9178
2 19°,18
06 4
10612 130 10
104 10458 U S Steel Corp(coupon_ _4I963 MN 10618 Sale 106
8sus 89/
1
4
105/
1
4 --- 10558 10558
at 10-80-yr 5Cregistered _d1963 MN
10558
881
/
4 32
881s 88/
1
4
Utah Lt& Tres let & ref 55_1944 AO 8814 Bale 8618
29
95
9654
96
1-(i(114 1-0-314 Utah Power & Lt let 55__1944 P A 98 Sale 9514
Utica Elec L & P let 5s_ _ _1950 33 10058 Sale 10058 10058 10 10058 103
46
/
4 10034
10058 101 10012 10034 16 1001
46
Utica Gas et Elea ref & est 55 1957 J
1
4 58
Oct'25 -----------Victor Fuel 1st f 55
1953 ▪ J 5314 62/
107
6 1061-2 107
--1
2
1947 3D 99(3 _ _ 10654
312 31, Va-Caro Chem let 7e
2358
_
107
- - 1041
/
4 Dec'25
22
Certificates of deposit
10418 110 10234 Oct'25
101 10212
Certificates of deposit stmpd
Stpd as to payt 40% of prin
6654 5914
32 10558 108
102 108 10634 107
lot 7e
1947
7814 791
/
4
107
103 105 10934
10734 1081
/
4 10814
1
4 10212
Ctf of deposit
102/
10712 Jan'28 --__ 10872 10812
Ctf of deposit stied
97 98
107" 6911 107
109
25 107 110
10972 11014
746e with & without war__1937
10815 Sale 10734 10914 112 10335 111
Coati% of dep without wart
10712 10834
- 93/
1
4 Oet'25
Certifs of dep with warrants - - -101 10178
1
4
911
/
4
1
-9114
-- -9112
105 10814 Va Iron Coal & Coke let g 65 1949 M S -5114 -93- 91/
.00
9912 Va Ry Pow 1st & ref 55
1
4
9775 99
9858 Sale 98/
98/
1
4 17
1943 J
9152 22
9012 9153
Vertientes Sugar 1st ref 75._1912 3D 9112 Sale 91
9854 100
10114 104
9714
9714 55
95
Warner Sugar Refln let 78_1941 Jo 9612 Sale 98
8312 31
8112 8312
Warner Sugar Corp let 75_1939 J J 8312 Sale 82
1
4 106
103/
/
4
/
4
1 10112 1011
1939 J , 10158 Sale 10158 1011
9254 9512 Wash Wat Power 5 1 56
/
4 10212 10212 10312 11 102/
1
4 10312
Westches Ltg g fia strand gtd 1950 J o 1021
9734 99
N 10014 101 100
10034 14 100 101
West Ky Coal 1st 75
1944
1-665-8 1-6n 1,4 West Penn Power Ser A 50_1946 MS 100 10012 9975 10018 16 9875 10012
981, vv.2 let 75 Series D
108
1948 MS 106 Sale 10514
9 10513 10614
11214 11318
31
9934 10013
1983 MB 100 Sale 9934
100
let 58 Series E
11058 111
Temporary 5s Series E_ _1983 MS 100 Sale 9834 Sept'25 _10575 19 1147
1953 AO 10514 Sale 105!g
lst 5443 Berle@ F
102 10314
8 1 -0ir
J 8112 Sale 81
81
8312
195()
9834 9714 West Va. C & C lat 6s
8112 23
NH 100H Western Electric deb 5s
1944 *0 10012 Sale 1001
/
4 100/
1
4 38 10018 10055
'
3
10255 10278 10234
10234
1 102 10234
9933 991
/
4 Western Union coil tr cur 56_1938
N 96
Fund & real estate g 4445_1950
10514 10634
Koh 10212
Bile
114 19
12
71
:
1
97 19
61
16
1936 FA 11212 84l
111
19
4 19
15-year 6425 g
12
6114
2 73
N 10614 Sale 105/
0712 9833 Westinghouse E & M 7s
1931
1
4 10618 43 10554 10614
7012 7012
7012
1
9913 10015 Wickwire Spen Steel let 7s1935'3 6812 7078 7012
70
90
7518. Oct'25_
10114 102
Certificates of deposit
-7(F2 1/-.
2
01
Certificates of deposit damped MN ---- 7278 7012 Jan'26
98% 9934
1
4 6712
63/
1
4 68/
1
4
O8iz 24
10818 10634 Wickwire Sp Steel Co 75 Jan 1935 MN 6658 67/
10634 11238 WIllys-Overland s f 844s____1933 MS 10212 10258 10214
10255 18 1024 10234
8512 8813 Wilson & Co lit 25-yr ef 66_1941 * 0 9934 Sale 9912 100
74
9875 100
93 Feb'25 100 100
Registered
1928 J D 56
6912 71
Jan'26
cony 5 1 85
9912 10-year
68
6812 6812
6858
2
6812 72
Certificates of deposit
10312 10412
Jan'26 _ _ _
69 71
91931 LA 7212 75
89
10-yr cony sf7348
/
4 89
Jan'26
8812 72
88
1381
Certificates of deposit......
9853 100
go% 101
1941 115 10134 102 10134 102
13 10153 102
Winchester Arms 7445
1
4 Sale 10154 102/
1
4 92 10112 10232
107/
1
4 10814 Young'n Sheet & T 20-Yr 66-1943 J J 102/
10312 10775
BOSTON STOCK EXCHANGE-Stock RecordseeBri
(:°,,,,,
HIGH AND LOW SALE PRICES-PER 'WARE, NOT PER CENT.
Saturday,
Jan. 16.
Monday,
Jan. 18.
Tuesday,
Jan. 19.
Wednesday, Thursday,
Jan. 20.
Jan. 21.
Friday,
Jan. 22.
Sales
for
the
TVeek.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1 1926. I
Lowest
Highest
469
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
Railroads
162 16214 164 16514 16412 165
163 163
163 163
163 163
412 Boston & Albany
100 159 Jan 9, 16514 Jan 18 156 Feb 16414 Jan
.
79
7934 80
80
7912 80
79
7938 7914 7914 79
763 Boeton Elevated
7912
100 79 Jan 20 8214 Jan 11i 7514 Mar 88
Jan
9812
9812
__
96
*---- 99
96
47 Do pref
96 Jan 21 100 Jan 5' 92 Jan 10414 Dec
100
*9711518 115
- 18 11514 116
11514 11514 *11814
*11814
31 Do let pref
1
4 Jan 16 122 Jan 71 109 Mar 130 Dec
100 115/
105 10512 105 105
10312 104
10312 10312 103 104
10414 1-0-4-1-2
577 Do 2d prat
100 9812 Jan 9, 112 Jan 2, 94 Mar 116 Dec
45
4518 4538 4518 4514 4412 4512 44
45
45
46
2,119 Boston & Maine
45
100 44 Jan 22, 4814 Jan 71
10 Apr 494 Dec
*44
•____ 45
*43
45
46
*43
47 Jan 13 4712 Jan 6
Do pref
100
1112 Apr 46 Dec
62
62
63
63
62
62
62
62
61
62
-62- ---455 Do Series A let pref
100 5912 Jan 2 63 Jan 5
17 Apr 65 Dec
*87
8712 88
- 8712 88
88
88
87
88
410 Do Series B 1st pref-100 8512 Jan 2, 90 Jan 7
88
88
29 Apr 8712 Dec
78
77
78
78
77
78
•78
79
7712 7712 78
563 Do Series C 1st prat_ -100 75 Jan 4 79 Jan 7, 25 Apr 7912 Dec
78
111 111
112 112
111 111
110 110
110 112
400 Do Series D 1st Drat
100 110 Jan 6 11712 Jan 7
354 Apr 116 Dec
96
97
96
96
95
95
95
95
125 Prior preferred
95
95 Jan 20 9812 Jan 4
95
96 Dec 99 Nov
*5713
*180
_ *179 ____ *179
*179
_
Boston
&
Providence
179
Jan
8
100
180
Jan
6
167
Feb 180 May
5754 -5212 *5712 58
5718 571s 57
5814 55
56
1 -1;261 East Mass Street Ry Co_ -100 55 Jan 21 61 Jan 6
-55i2 -55;
26 Sept 6212 Nov
69
68
66
67
67
67 •67
68
70
990 Do 18t pref
66 Jan 18 71 Jan 2
100
73 Dec
60
July
*68
70
*67
70
67
67
68
68
264
64
370 Do pref B
64
64
100 z61 Jan 21; 69 Jan 13
51 Aug 70 Dec
4612 46
•
_ 4718 *46
4612 44
46
45
45
44
44
3,287 Do adlustment
100 44 Jan 20; 49 Jan 4
35
Dec
50
Sept
54
*51
;Li
54
*51
54
51
51
55 Maine Central
52
53
100 51 Jan 13 55 Jan 2
23 May 56 Dec
*4914 4234 *4212 43
41
4278 4078 42
*414 4218 414 4118 1,565 NYNH& Hartford
100 4078 Jan 20 4514 Jan 4
28 Mar 4634 Dec
88
88
*8512 88
5 Northern New Hampshire-100 8512 Jan 12 88 Jan 6
70 Feb 90 Dec
121 121 *121
*121
*122
12214 12214
24 Norwich & Worcester pref_100 121 Jan 7' 12214 Jan 21 100
Jan 125 Oct
•115
116 116 •116
116 116
116 116
163 Old Colony
---100 111 Jan 61 116 Jan 14
96
Jan 113 Oct
---100
------ Rutland pref
454 May 634 Jan
*loofa IOC »ioo- 1-61- 101 101 *ioo- 101 idoo- 1-615 Vermont & Massachusetts_100 100 Jan 6 101 Jan 19
87 Feb 101 Dec
Miscellaneous
•412 434
434 47s
414 434
412 412
414 414
970 Amer Pneumatic Service_25
414
Jan
15
5
Jan
7
24 Mar
5 Dec
*2314 2334 2314 24
2312 9312 2314 2314 2278 2314
895 Do prat
50 2278 Jan 21 23/
1612 Ma
1
4 Jan 4
2412 Dec
14278 14278 14234 143
14238 143
14238 1427
1427 113., 14234 143
1,330 Amer Telephone & Teleg-100 14238 Jan 4 14334 Jan 8 MA Jan 145 Dec
59
59
6612 69
6778 69
65
67
65
66
886 Amoskeag Mfg
65
6514
No Par 65 Jan 20 71 Jan 2
614 May 87 Aug
75
*75
75
7612 75
7512 7614 7614 75
75
193 Do pref
par 75 Jan 5 7614 Jan 20
7014 May 864 Aug
20
20
•1934 20 *z19
20 +z18
20
20
20
20
207
, 1,500 Art Metal Construe. Inc__
20
N
Jall
16
2078
Jan
Jan 16 Aug
22
14
6112
6312
8
613 62
6312 6334 6112 62
50
6114 62
950 Atlas Plywood t
62
60 Jan 21 6334 Jan 19
4012 Aug 674 Dec
•15
1534 *15
1534 *15
1534 *15
1534 15
1534
------ Atlas Tack Corp
1612 Jan 8 1714 Jan 2
No par
912 Au
21 Deo
1)612 9612 *x96
98
9614 97
97
97 *29634 98
215 Bigelow-Hart(Carpet_ .No par 96 Jan 22 9812 Jan 2
96
9634
9712 Nov 1094 Oct
41103 ---- •2103
*2105 ---- +x105 ---- ..2105
------ Boston ConeGae pref 16).s 100 107 Jan 5 108 Jan 12 103
Jan 10812 Aug
Connor (John T)
1
4 Jan 2 50 Jan 5
10 44/
20
Jan 45 Deo
6512 6512 ;oo
6612 6612 66
66 •66
67
135 Dominion Stores. Lta__No par 65 Jan 8 67 Jan 2
66
66
Oct
284 Jan 74
•106 110 *106 110 •10712 110 *106 110 •106 110
Do pref A
100 104 Jan 5 104 Jan 5
100 Dec
99
Jun
*3
4
*3
4
3
3
338 338
320
East
Boston
Land
312
31
/
4
312
Jan
15
3
10
Jan
21
112
Apr
Os
Sept
*4
412
4
4
412 412
4
4
*4
412 *4
425 Eastern Manufacturing
6
4 Jan 12
414
412 Jan 19
634 Jan
3 Jul
8312 831z 83
83
83
8312 8212 8412 85
8812 3,090 Eastern EIS Lines, Inc
86
86
25 82 Jan 8 8812 Jan 22
42 Ma
89/
1
4 Dec
4314 4314 *4312 4412 4312 44
*4312 44
43
44
44
44
Prat
200
Do
4314
No
par
Jan 12 45 Jan 6i
Jan 4614 Oct
85
9912 *97
•97
9912 99
99
+97
9912 99
99
30 1s1 Preferred
100 9812 Jan 12 9912 Jan 9, 89
Jan 100 July
2112 2112 *2114 22
*2112 22
*21
22
2134 +21
125 Economy Grocery Stores
2018 Jan 2 22 Jan 5
2312 Sept
18 Aug
208 20812 20712 208
207 20812 209 20912 208 20912 208 210
338 Edison Electric ilium
100 x207 Jan 15' 211 Jan 4 200 Jan 213 May
*212 412 *212 412 *212 412 *212 412 *212 412
Elder Mfg Co(v to)
10
238 Jan 11'
212 Jan 8
54 Oct
2 Dee
*2212 2312 *2212 2312 *2212 2312 *2212 2312 •2212 2312
Galveston-Houston Elea _.100 22 Jan 7 2212 Jan 9
Jan
Oct 38
17
Georgia Ry & Elea 5% Pref100
7812 Apr 8414 Sept
39
39
-56i8391 -56- 3-i- -Lira 16- -58- -311-4 -3
.814 Ugly ---,-16S Gilchrist Co
No par 38 Jan 21 4038 Jan 12
July
43
32
/
1
4
Aug
10714 10854 108 109
10734 10912 107 108
107 10834 107 107/
1
4 4,735 Gillette Safety Rasor_No par 10718 Jan 13, 113 Jan 4
474 Jan 1154 Dec
1012--- _ *1012
12
12
12
12
•1134 1214
30 Greenfield Tap & Die
25 1012 Jan 12, 1214 Jan 14
11 May
1512 June
66
66
67
67
6634 67
66
66
65
415 Hood Rubber
6514 65
65
No par 65 Jan 20 6834 Jan 4
Oct
May 72
52
•6612 6712 .
6612 6712 •67
68
+66
67 .6612 6712
Internal Cement Corp_No par 6612 Jan 71 67 Jan 4
524 Jan 80
Oct
•.20 .30 •.10 .30 •.10 .30 •.10 .30 •.10 .30
International Products_No par .10 Jan , 2 .10 Jan 2 .05 Dec
---Jan
2
*.20 .60 •.20 .60 •.20 .60 •.20 .60 •.20 .60 ---De pref
100 .55 Jan 5' .55 Jan 5 .10 Dec 104 Jan
Kidd r, Peabody Acceptance
*9514
+9514 _
*9514
_
9514 95,4 •951#
6 Corp Class A pref
100 9414 Jan 5 9514 Jan 9
821# Jo
954 Nov
812 812
812 -812
812 812
812 812
812 812
146 Libby. McNeill & Libby
812 812
814 Jan 41
10
834 Jan 15
Ws Jan
94 Apr
12
12
12
1218 *1138 1138 •z1112 1214 +31112 1214
105 Loaves Theatres
25 114 Jan 12 1218 Jan 18
134 Jan
114 Au
8412 8412 84
85
8412 85
84
8412 84
84/
1
4 8334 8412 1,138 Massachusetts Gas Cos100 Z831 Jan
8512
Jan
7
68
Dec
85
Feb
*6714 68
6714 6714 67,4 6714 6712 68
6812 6812 68
122 Do prof
68
100 65 Jan 61 6812 Jan 21
634 Jan 70
Oct
210 210
207 209 *207 210 *207 210 *--- - 207
210 210
228 Mergenthaler Linotype__ 100 19312 Jan 6' 215 Jan 15 167
Jan 197 Oct
912 912 +9
10
912 912 •____ 10 •____ 10
938 938
10
60 Mexican Investment. Inc
914 Jan 7i 1034 Jan 7
714 Sep
1684 Jan
Mississippi River Power__ 100 85 Jan 61 85 Jan 6
Jan 124
36
Oct
96
*95
;OL;LI 96
95
95
*95
96
100 95 Jan 2; 98 Jan 4
10 Do stamped pref
874 Jan 9614 Nov
418 418
4
4 '
4
412
4
4
414 414
129 National Leather
44 414
10
412 Jan 5
378 Jam 4!
3/
1
4 Dec
634 Jan
1634
1638 1634 1634 16.78 1634 167s
1634
17
17
17
5 1512 Jan 9, 17 Jan 21
17
1,846 Nelson (Herman) Corp
111
/
4 Dec 17 Dec
.35 .35
.35 .35 •.25 .35 •.23 .40 •.24 .40
500 New Eng. 011 Ref. Co. tr etre_ .20 Jan 2 .40 Jan 14 .10 Dec
2 June
*8
12
•8
12
*8
12
•8
12
*8
12
pref (Sr etre)
100
1012
Do
Jan
-----6.
1012
Jan
53
4 Apr 12 Sept
•4
*4
5
5
•4
814 *4
814 *4
814
------ New Eng South Mills_ _No Par
Feb
-1
278 Dec 11
25
25
+25
33 .25
33
*25
30
*25
30
100 25 Jan 16: 27 Jan 8
10 Preferred
20 Dec 55
Jan
11512 1163 11512 1161 11512 116
11512 116
11512 116
11512 116
England Tato & Teleg 100 115 Jan 111 118 Jan 4
New
1,656
Nov
Apr
12212
99
*2812 301 .2812 30
*2812 3012 z30
30
30
30
1 2934 Jan 9; 30 Jan 14
2,550 Orpheum Circuit, Ino
2118 Oct 32/
July
1
4
51
50
5014 50
50
51
4812 50
48
49
45
100 45 Jan 221 55 Jan 2
WI; 1,655 Pacific Mills
50 Dec 8112 Jan
64
64 .55
*53
*53
64
254
54 •z55
64
100 254 Jan 20; 6814 Jan 12
5 Plant(Thos G), let pref
32 Aug 75
Oct
1614 1614 *1512 17
•1614 17
*16
1614
1614 1614
10 1512 Jan X 17 Jan 12
60 Reece Button Hole
1514
Aug 18
Apr
•138
+138
13
13
112
134 •112 134
112 *138
15 Reece Folding Machine
10
112 Jan 19
112 Jan 19
114 Nov
24 Jan
11434 1143 11412 1143 11412 11434 114 1144 114 1141 114 11454
303 Swift & Co.
11212
Jan 2 116 Jan 11 10914 Apr 120 Feb
100
69 •68
69
69
*68
*68
68
68 '____ 68
100 Torrington Co
25 6714 Jan 2 70 Jan 4
4513 Apr 7312 Dec
9
9
91
9
91
938 012
212 012 *9
9
9
7 Jan 5 1012 Jan 9
5
675 Union Twist Drill
3 Oct
74 Jan
4812 49
4812 483
4812 49
4814 4838 48
481_ 4812 4878 3,115 United Shoe Mach Corp
25 48 Jan 5 4912 Jan 14
4034 July 50 Nov
28
23
•28
281
28
2812 28
28
*28
2818 28
28
383 Do pref
- 25 28 Jan 2 2838 Jan 5
2612 Jan 29
Oct
1778 1878 18
1734 173
18
18?8
1812 18
1812 1734 1814 6,374 WaldorfSys,Ine,new eh No Dar 17 Jan 6 1873 Jan 18
194 Jan
144 Aug
29
32
29
30
•30
*29
*29
30
*28
30
10 Walt)) Watch Cl B com_No Par 29 Jan 18 32 Jan 5
Des
34
5
Jan
55
53
*53
53
53
53
53
53
•50
53
105 Do pref trust Ws
100 53 Jan 14 5678 Jan 5
174 Jan 57 Dec
104 105 *103 105
104 104
•100 105
103 103
ioL- 10.5
82 Do Prior prof
loo 104 Jan 15 108 Jan 4
65
Jan 105 Dec
2112 2112 2112 2114 21
2134 213
*2112 213
2114 21
21
Company
380
Walworth
20 21 Jan 21 2212 Jan 6
163# June 2714 July
4634 47
46
46
46
4612 46
4512 45
4534 45
4514
Warren
Bros
680
45
Jan
21
ao
4714 Jan 5
87
Jan UN Jul"'
41
•41
41
42
43
*41
41
41
41
41
41
41
65 Do let pret
ao 41 Jan 11 4112 Jan 9. 874 Jan 43I July
+4512 48
*4512 48
+4512 48
*4512 48
*4512 48
Do 241 prof
ao 46 Jan 2 46 Jan 2
404 Jan 48 Dec
1614 161 •1614 17
*1634 171
1634 1634 *1614 1634
125 Will dr Baumer Candle corn_ _. 1614 Jan 18 1712 Jan 2
11 Ma
211
/
4 Dec
Mining
+.05 .2
+.08 .25 •.08 .25 +.08 .25 •.10 .25
•.05 .2
Adventure Coneolidate0_ .25
.05 Dec .25
Jan
•.10 .2.3 •.10 .25 +.10 .25 •.10 .25 •.10 .25
•.10 .2
Mining
Algomah
25
Jan
.10 Mar .25
•.70 .9
.70 .7
•.75 .80
.75 .75
.70 .75 *.137 .75
Arcadian Consolidated
200
25
Jan
2
.65
.90
Jan
4
Jan
Dec
3
.50
21112
12
12
.1112
12
1131 11
11
1114 1114
1114 1114
1,082 Arizona Commercial
11 Jan 20 1234 Jan 2
a
94 Ma
154 Feb
511
5112 52
51
5118 5111 51
5212 52
52
'51
5252
401 Bingham Mines
10 51 Jan 18 55/
1
4 Jan 4
2814 July
mkt Oct
1438 143
1414 141
1414 14N1 144 1412
1438 1434 1414 144 1,096 Calumet & Hecla
137
8 Jan 4 1512 Jan 7
25
123s June 1878 Jan
+.40 .4
.35 .4
•.40 .45 •.40 .50 •.40 .50
Gold
Carson
Hill
200
1 .35 Jan 18 .50 Jan 2 .20 May .90 Aug
18
1814 181
181
18
18
18
1818
1818 1812 1818 181-2 1,046 Copper Range Co
25 18 Jan 18 20 Jan 4
18 Dec 83 Jan
•__
.0
.06
.06 •
.06
.06
Davis-Daly Copper
1
.02 July .78 Feb
312 4
.
334 33 .
312 312
312 312 *312 4
•313 4
160 East Butte Conner Mining- 10
312 Jan 8
33
4
Jan
614 Jan
3 June
6
11 .
0.80
11 *a.80
4%1.80
114
114
114
118
118
1
1
175 Franklin
25 .50 Jan 4
114 Jan 20 .40
•.80
Ise Jan
Jan
11
•.80
11
•.80
112 •.80
112 •.80
112 •.80
11,
Hancock Consolidated25
144 Feb
June
.50
1938 1938 1938 1938 19
*194 197
1938
19
19
+19
1912
195 Hardy Coal Co
1gts
19
Jan
20
Jan
2114
Jan
4
July
114
23
•112 2
112
•112 2
*112 2
119
112 •1
112
235 Helvetia
118 Jan 21
34 Feb
25
1 Dec
2 Jan 11
152 152
*150 153
152 152
15018 15112 152 152
152 152
125 Island Creek Coal
1 150 Jan 15 158 Jan 2 121 Ma 165 Dee
*10114
101 10114 *101
*10114 103 *101
•10112 104
21
Do pref
1 9912 Jan 4 10114 Jan 15
9414 May 10012 Dec
+11
12
1118 1118
1114 1114 '11
11
1114
11
11
230 Lcie Royal Copper
25 11 Jan 21
9/
1234 Jan 6
1
4 Apr 2011 Jan
1
•.60
1
•.60
1
•.60 .75 +.60
.60 .60 •.60
1
15 Kewcenaw Copper
25
.50
Jan
Jan
11
2
.60
June
.50
112 *1
112
*1
112 *I
14 June
1
1
1
1
1
145 Lake Copper Co
1 Jan 14
25
114 Jan 4
Apr
Jan
1
112 •1 1A1
112
•114
112 •118 114
•112 112 +1
112 •118
Lc: Salle Copper
112 Jan 2
26
112 Jan 2
1 Dec
38 Jan
•11
/
4 218 •172 21s •134 213 *134 218 •134 2
*134 212
Macon Valley Mine
6
2
Jan
4
Jan
2
Jan
4
24
.95
Sep
.50
.50
+.50
.75
•
.50
.75
.75
•
+.50
.50
.75
•
.50 .50
230 Mass Consolidated
25 .50 Jan 2 .60 Jan 5 .40 May
14 Jan
138
11
/
4 *0138
112
138
112
138
*alas
112 *a138
114
114
85 M.•,yflower-Old Colony.... 25
114 Jan 4
3 Jan
112 Jan 5 .50 Nov
*3212 3312 32
3212 3214 3214
3212 31,2 32,2 3212 33
32
407 Mohawk
18
35
3112
June
Jan
Jan
6
41
25
2512
Jan
2012
20
,2
2014 2038 2018 2038 2018 2038 20
2014 2038
2018 2,016 New Cornelia Copper._ 15
Jan
1978 Jan 2 2034 Jan 11
18 Mar 25
•.10 .30 •.10 .30 •.10 .30 •.10 .30 *.10 .30
New Dominion Copper
.10 Jan 7 .10 Jan 7 .10 July .85 Feb
25
•_ _ 25 •____ 25
25 • __ 25
New Riv 3r Company
100
25 Apr 31 Aug
53
58
53 •251
51
51
51
51
*5118 53
53
+4.61.
110 Do pref
100 50 Jan 4 62 Jan 4
40 June 65 Aug
634 678 •s613 834
64 634
6/
1
4 Vs •632 678
63s 638
577 Nipiasing Mines
64 Jan
4/
1
4 July
63
8
Jan
4
5
7
3
s
Jan
8
318
.1,3t2 314
31g 312
314
3
3
3
3
318
3
1,520 North Butte Mining
June
Jan
9
.99
34 Nov
3
3
4
3
Jan
20
15
1
•.60
1
.60 .60 •.50 .70 •.50 .75
.60 .60 •.60
150 Oillyway Mining
114 Jan
25 .50 Jan 4 .60 Jan 6 .15 Nov
1714
173
4
1714
173
4
1612
•1714
18
17
1712
18
17,2
18
755 Old Dominion Co
Dec
27
Jan
6
Jan
1612
20
1814
Jan
25
4
183
137
2
14
1378 14
1812 1312
1312 1312 1312 13,2 1312 14
1,145 Pd Crk Pocahontas Co_No par 1312 Jan 12 15 Jan 2
1012 June 184 Sept
21
1912 *19
20
2014 *20
19
20
1834 1914
21
*20
350 Quincy
19 Apr 394 Jan
2234 Jan 4
183
4
Jan
22
25
34
3312
3412 3512
3312 34
35
3312 3312
*34
3478 3478 .
280 St Mary's Mineral Land _
2811 Apr 48
Jan
25 3318 Jan 22 3612 Jan 5
.
818 878
812
83g 8311 *814 834 .8
818 812 *814 9
125 Seneca Mining
74 Nov 11 Nov
932 Jan 4
818 Jan 16
.55 .60
.60 .60
.55 .55 1,615 Shannon
.55 .55
.50 .50 ..1 .55 .70
.50 May
111 Jan
Jan 5
.80
Jan
13
10
.50
•.70 .90
•.75
1
.75 .75
.85 .85 •.50 .75
1
1
350 Superior & iluston Copper- 10 .75 Jan 20
1 Jan 16 .70 May
2 Jan
712 734
738 . 712
738 7,2
738 712
7,4 838 5,555 Utah-Apex Mining
72 734
371 Jan in. Jan
838 Jan 22
6 Jan 6
a
.82 .85
.80 .85
.80 .85
.75 .80 4,670 Utah Metal & Tunnel
.80 .81
.80 .80
.50 Jan 8 .93 Jan 12 .40 July .98
1
Jan
•.40 .50 •.40 .50 •.40 .50 •.40 .50 •.40 .50 •.40 .50
Victoria
25 .45 Jan 12 .50 Jan 11 .22 Nov
114 Jan
Winona
•.20 .25 •.20 .25 •.20 .25 •.20 .25 •.20 .30 •.20 .30
25 .17 Jan 2 .17 Jan 2 .10 Dco .48
Jan
.50
•a____ .50
•.50 .75
.50
WYandot
25
05 Apr .21 Feb
•Bid and asked prices, no sales on 4124 day # Ea-y1024. 8 Es-div. and rights I E,d1v 0 Ex-stock div. a oesesainent paid
Price on new bast.
-6114
ie-
[VOL. 122.
THE CHRONICLE
Quotations of Sundry Securities
Outside Stock Exchanges
All bond prices are"and interest" except where marked f."
24
90
60
146
100
46
70
70
99
124
105
Rubber Stocks (Cleveland)
Firestone Tire & Rub corn 10 *115 125
0% preferred
100 101
7% Preferred
100 99 100
General Tire& Rub corn- 60 *1- - 390
Preferred
100 6i
Goodyear Tire & R com_100 3512 36
Goody'r T & B of Can pf 100 r913
India, Tiro & Rub
155
100
95 100
Preferred
Mason Tire & Rub com_(:) •15a 2
13
Preferred
100 11
Miller Rubber cam. new 100
40
Preferred
100 10254 10278
Mohawk Rubber
80
100 70
Preferred
85
Selberling Tire & Rubber (3) 2612 27
Preferred
96
100 95
Swinehart Tire & R oom_100
Preferred
100
Sugar
Caracas Sugar
212
60 *1
Cent Aguirre Sugar corn. 20 83
85
Fajardo Sugar
100 139 142
54
Federal Sugar Ref oom_100 50
85
Preferred
100
Godchaux Sugar, Ine (t) •5
9
Preferred
3$
100 28
41
Holly Sugar Corp 00m (3) •38
Preferred
100 80 83
Juncos Central Sugar
100
National Sugar Reflning-100 118 fir
New Niquero Sugar.....l00
80
12
is
Santa Cecilia Sug Corp pf100
Savtunuth Sugar com
(1) *135 138
Preferred
100 112 115
46
Sugar Estates Oriente p1-100 40
IndustrIal&Mises11
American Hardware
95
25 *93
Babcock & Wilcox
100 146 148
Bliss(E W)Co new
28
(1) *26
Preferred
50 *55
Borden Company com (f) •104 106
Celluloid Company
23
100 20
Preferred
72
100 67
Childs Company pref......100 117 119
Hercules Powder
100 138 142
Preferred
100 112 115
International Silver pref_100 104 105
Lehigh Valley Coal Sales 50 82
85
Phelps Dodge Corp
100 121 120
Royal Baking Pow eom.100 190 200
Preferred
100 101 103
Singer Manufacturing_ 100 380 385
----___
• per share. f No par value. b Basis. a rurchaser also pays accrued dividend
Ex-dividend g
-rig mai
New stook. I Flat price. k Last sale. n Nominal.
Ex-stock dividend • Bale pries ?Canadian quotation. s Re-Interest.
American Tel & Tel 48.1929
Chic Jet fly & US Y 581940
East Mass Street RR4348 Series A
1948
58, Series B
1948
Os, Series C
1948
Hood Rubber 75
1937
Int Paper 68
1955
K C M & B inc 5s___ _1934
Mass Gas 4358
1929
4358
1931
5355
1946
Miss River Power 5s_ _1951
New Eng Tel & Tel 5s_1932
Swift & 005s
1944
Westing Tel & Tel 5s 1932
Wickwire Spencer 78...1934
97%
97% 92%
99% 99%
63
6834
63
64%
6832 70
80
80
10432 10432 10414
97% 97,4
1
98
98
98% 0934
9634 9831
10035 100% 101%
100 100,1
101
10031 10035
10035 100 10035
100 101%
62
6235
so
$7,000
3,000
Range Since Jan. 1.
Low.
97%
9931
Jan
Jan
19,000 63
Jan 6431
6,400 67
Jan 70
1,000 80
Jan 80
4,000 10434 Jan 104%
3,000 9731 Jan 97%
1,000 98
Jan 98
9.000 98% Jan 9931
3,000 96
Jan 0634
19,000 9935 Jan 10134
10,000 9934 Jan looN,
10,000 10034 Jan 101
17,000 9934 Jan 10034
8.000 100
Jan 101%
3.000 62
Jan 63
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9735
99
Jan
Jan
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Jan. 16 to Jan. 22, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Abbotts Al Dairy, pref-100
Alliance Insurance
10
Amer Elec Pow Co, pf__100
American Milling
10
American Stores
*
Bell Tel of Penne, pref.__ _
Brill (J 0) Co
100
Cambria Iron
50
East Shore G & E 8% pf.25
100
Eisenlohr (Otto)
Fire Association
50
New
Giant Portland Cement_50
Hunt'g'n dr Broad Top_ _50
Insurance Co of N A_ _ _10
Keystone Telephone_ -50
Preferred
50
Lake Superior Corp._ _ _100
Lehigh Navigation
50
Lit Brothers
10
50
Little Schuylkill
Manufactured Rubber__10
Mlnehill & Schuyl Hay_ _50
Norristown
50
Penn Cent L & P.cum pt.*
Pennsylvania RR
'I
Pennsylvania Salt Mfg...50
Phil& Electric of Penna__25
Full paid receipts
First paid receipts
Phila Insulated Wire
Phila Rapid Transit____50
Philadelphia Traction_ _ _50
Phila & Western
50
Preferred
50
Reading Co, 1st pref ___ _50
Tono-Belmont Devel__ 1
Tonopah Mining
1
so
Union Traction
United Gas Improv't
50
West Jersey & Sea Shore.50
York Railways, pref___50
BondsAmer Gas dr Elec 53....2007
Elee & Poop tr ctfa 4s_1945
Inter-State Res coil 48.1943
Keystone Telep lst 5.5_1935
Leh C & N cons 430..1954
Phila Co stpd a f & red.1951
Phila Elea 1st 8 14s_ _1066
1960
55
1966
1st 58
1947
53211
1953
5355
681941
Try•I•earl 13.,.. ,...1.4 ......•• A.'AO
10032 10032 10032
20
58
6734 59
590
10134 103
103
329
1134 1134
160
92
8532 93
28,486
______ 11132 111 Si
95
133
133 139
345
3834 3934
32
2534 2534
100
1932 19
1934
885
325
305 325
35
65
65
66
80
37
38
38
220
1
1
200
6132 2,678
5934 59
631 631
100
2931 2934
5
345
334 4
331
11834 112 11935 25,266
3332 3032 3332 6,239
40
40
5
532 8
534
2,435
5134 5134
7
123 123
10
7254 7332 1,776
5331 55
32,169
71
187
72
71
63
5834 6735 358,053
6331 5834 6631 22.095
49
100
49
120
50
50
50
5334
2,342
52
52
5731 58
1,399
13
235
1354
35
153
35
4032 4034
90
3
334 34,155
514 6
6,125
40
3832 40
2,090
1314 14434 46,176
137
46
180
46
3735 3735
100
90
5834
56
91
9834
97%
85
85
10232 10232
10334 10332
107
107
10735
10732
An
93
5932
56
91
93
5934
6034
9134
9834
9754
85
10234
10354
10734
10754
108
A9
$20,900
16,500
10,000
12,000
1,000
5,000
1,000
21,000
10,600
11,000
6,000
10,000
A Inn
Range Since Jan. 1.
Low.
High,
10032 Jan
56
Jan
10132 Jan
113( Jan
8334 Jan
111
Jan
133
Jan
3834 Jan
2534 Jan
19
Jan
300
Jan
65
Jan
37
Jan
1
Jan
59
Jan
631 Jan
29% Jan
334 Jan
11031 Jan
3034 Jan
40
Jan
234 Jan
5135 Jan
123
Jan
7254 Jan
5334 Jan
71
Jan
5434 Jan
54,5 Jan
4534 Jan
50
Jan
51
Jan
5635 Jan
Jan
13
3434 Jan
4031 Jan
29-16 Jan
4 15-16 Jan
38
Jan
119
Jan
45
Jan
3734 Jan
101
59
103
1131
93
11134
140
3934
2532
20
325
68
38
1
6434
734
2931
454
11935
3334
40
8
5135
123
7332
5535
72
6735
6634
49
51
5334
58
1455
35
4034
334
6 1-16
40
14432
47
3731
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jam
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
90
5834
56
91
9834
9635
85
102
10234
10635
106
10732
no Le
94
6034
5634
9131
9834
9731
85
10234
10354
10731
10732
108
Jan
Jan
Jan
Jan
Jam
Jan
Jan
Jam
Jar
Jan
Jar
Jar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Ton
AS
1n n
• No par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Jan. 16 to Jan. 22, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Lou. High. Shares.
Armstrong-Cator8% 01100
Amer Wholesale pref...100
Arundel Corp new stock-•
Atlan Coast L.(Conn)__50
Baltimore Brick
100
50
Bait Electric pref
Benesch (I) common
•
Preferred
25
Central Fire Insurance..
Century Trust
Ches & Po Tel of Balt pf100
Commerce Trust
100
*
Commercial Credit
Rights
25
Preferred
Preferred B
25
Consol Gas, EL & Pow...*
100
034% preferred
7% preferred
100
100
8% Preferred
Consolidation Coal__._100
Continental Trust
100
East'n Roll's Mill new stk•
Equitable Trust Co
25
Fidelity & Deposit
50
Finance & Guar Co pref _25
Finance Co of America A_•
Finance Service Class A.10
10
Preferred
Ga So & Fla 2d pref._ _100
Houston 011 pref Cr etfs..100
Manufacturers Finance.25
25
1st preferred
25
2d preferred
Trust preferred
25
Blocks
44
3434
11034
35
" .25
2534
26
50
10931
127
4732
42
119
1134
2034
10
65
2234
2232
21
105
44
44
10034 10034
3434
34
247 247
11
11
45
45
3934 3934
2634 2634
27
27
166 166
11054 11132
58
58
35
3554
.25 .65
2532 2634
26
27
49
5032
10834 110
11054 11034
12631 127
46
4734
24334 244
42
4434
63
63
119 119
1914 1934
1154 1132
2032 204
10
10
170 170
8834 89
6434 05
224 23
2234 23
21
2232
105 106
5
15
1,378
50
25
63
1
2
30
5
66
10
162
7,294
1,091
197
332
81
2
63
222
72
1,752
48
20
18
60
19
50
10
20
359
621
262
30
59
.
Range Since Jan. 1.
Low.
High.
;;;;11;r4gggEgggErlEgSSSg5gOgg7g0g7g
10012 10112
10014 10214
101 103
102 10412
10012 10112
9912 10014
100 101
10018 102
100 102
.20
no
116
98
200
28
28
26
100
75
49
104
49
80
72
101
127
110
Bonds-
01▪
letnt Stk Land Ilk Bond
Ohio it Stk Ld Bk 55_195
123 1952 opt 1932
fis 1963 opt 1933
5325 1951 opt 1931
&Ns 1952 opt 1932
4345 1952 opt 1932
434e 1964 opt 1984
dfis 1963 opt 1933
4128 1965 opt 1935
Pee Coast of Portland. Ore55 1955 opt 1936-- MAN
5s 1954 op 1934-- MAN
1031 10312
9913 9934
96
94
100 10018
10132 101%
10018 10012
102 10234
10012 10078
113
95
190
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
.
..
.
...
,
.W
.
,...am.4........a.. li,a.a..14,A.0.0a
,414..00000......400.VM .4°0.0V-40D...00W
X
XXX
X X XXX^1X
a
Short Term Securities
Anaconda Cop Min tle'29J&J
Cblo.lt I & Pao 5a 1929 J&J
Federal Sue Ref 68'33_MAN
Hocking Valley 5e 1926 M&S
Lehigh Pow Sec 65 '27_F&A
331asouri Pacific 51 '27 J&J
Illoes-Sheff Sal Os '29.F&A
Wis Cent 5128 Apr 15 '27 _
Tobacco Stocks
American Cigar common 100
Preferred.
100
Amer Machine & Fdry 100
British-Amer Tobae ord. £1
Bearer
El
Imperial Tob of0B & Irel'd
Int Cigar Machinery_
100
Johnson Tin Foll & Met_100
MacAndrewe & Forbee 100
Preferred
100
Mengel Co
100
Porto Rican-Amer Tob_ _100
Universal Leaf Tob oora_100
Preferred
100
Young (.1 8) Co
100
Preferred
100
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Jan. 16 to Jan. 22, both inclusive:
a
Public Utilities
-Imer Gas & Elea new ___(I) *9412 9512
95
0% pref new
(() *93
Deb Os 2014
MAN *9812 9912
Amer Light & Tree con2.100 242 245
Preferred
100 *114 116
77
76
Amer Power & Lt common__
96
Preferred
100 94
98
Deb Os 2016
ISMS 97
82'
tiner Public Util com___100 80
91
7% prior preferred.- _100 88
4% panic pre!
100 82 85
51
associated Gas & El pf (:) *50
Secured g 6355 1953 J&J 101 103
Blackstone ValG&E corn 50 102 106
Utiles Service common _20 •3712 3838
8438
Preferred
100 83%
*73, 8
Preferred B
10
79
Preferred B-B
100 *77
Cities Service Bankers Shares 19
tiom'w'Ith Pow Corp 'Iow(I) •39323 16"
Preferred
100 8512 87
Mee Bond & Share pref _100 106 108
Klee Bond & Oh Occur
*80 81
57
Klee R.7 Securities
712
(2)
Lehigh Power Securitles-a) *232 236
Mississippi RI,Pow corn 100
97
Prefer:lid
100
First mtge 55 1951_ J&J 998 10012
13 F g deb 78 1935__M&N 102
,
Eat Power & Lt pref_...() *10112 10212
104
Income 75 1972
.J&J
12112 129
North States Pow oom
100 100
Preferred
50
Nor Texas Mee Co com_100 45
65
Preferred
100 60
99
Pacific Gas & El 1st pref_100 98
Power Securities com
13
(I)
Second preferred
(I) *2, 27
91
Coll trust 65 1949_J&D
81
Incomes June 1949__F&A "77
62
-Puget Sound Pow & Lt 100 60
60'. preferred
86
100 94
109
7% preferred
let & ref 5345 1949_ _J&
9'3,
8 1003s
100
D al0
Republic fly & Light.....100 92
Preferred
100 106 108
South Calif Edison com_100 130 131
8% preferred
100 133
Standard G&EI 7% pr p1100 100 101
Tenn Elec Power let pf 7% 100 102
Western Pow Corp 131_100 07
98
97
04
West Missouri Pr 7% pfr
Railroad Equipments Per Cl. Basis
5.20 5.00
Atlantic Coast Line 6s
5.00 4.85
Equipment 6328
5.30 5.10
Baltimore & Ohio 6s
Equipment 4 As & 5s_ 5.00 4.80
Buff Root' & Pitts equip Os. 5.25 5.00
Canadian Pacific 434s & Os_ 5.00 4.75
5.20 5.00
Central RR of N J (Se
5.30 5.10
Chesapeake & Ohio 68
5.10 4.86
Equipment 6145
5.00 4.80
Equipment 55
5.20 5.00
Chicago Burl de Quincy
Chicago & Eastern III 534s. 5.50 5.15
5.25 5.10
Chicago & North West 6e
5.05 4.85
Equipment 6345
4.90 4.76
ChM R I & Pao 4325 &
5.45 5.15
Equipment 6a
Colorado dr Southern Os_ 5.40 5.10
5.15 5.00
Delaware & Hudson fle
5.25 5.00
Elie 434e & 5e
5.50 5.25
Equipment 6s
5.25 5.10
Great Northern fle
4.90 4.75
Equipment 58
4.90 4.75
Hocking Valley 6s
5.25 5.10
Equipment Os
Illinois Central 434s & 65.. 4.85 4.70
5.15 5.00
EquipmentOs
6.0; 4.80
Equipment 7s & 6145
Kanawha & Michigan
_ 5.35 5.10
5.20 5.00
Equipment 434ii
Kansas City Southern 534e. 5.35 5.00
Louisville & Nashville Os..„ 5.15 5.00
5.00 4.80
Equipment 634s
5.15 4.75
Michigan Central (56 & 6s
Minn SIP & El 8 M 434s & 58 5.30 5.00
Equipment 6345 & 75._.. 5.35 5.05
Missouri Kansas & Texas Os 5.65 5.25
Missouri Pacific 68 & 6 As_. 5.60 5.25
Mobile & Ohio 434s & 58.... 5.05 4.80
New York Central 430 & be 4.85 4.70
5.15 5.00
Equipment Os
4.95 4.80
Equipment 75
Norfolk & Western 434s.... 4.80 4.60
5.10 4.90
Northern Pacific 75
5.00 4.85
Pacific Fruit Express 're
Pennsylvania RR (xi be & Oa 5.20 4.75
5.10 4.90
litta & Lake Erie 635s
5.45 5.20
Equipment 6e
4.85 4.60
Reading Co 434s & 15e
St Louis & Ban Francisco 5s. 5.00 4.85
Seaboard Air Line 5 hs & Os. 5.50 5.25
SouthernPacific Co 412s... 4.85 4.70
4.95 4.80
Equipment is
5.05 4.80
Southern By 41322 &
5.30 5.05
Equipment de
5.50 5.10
Toledo & Ohio Central
4.95 4.80
Union Pacific is
t▪ gtgW;gggitgggggggSgitlIgggtgggtttS 61
Standard Oil Stocks Par BSC Ask.
anglo-Amer Oil vet 81k..1 •1818 1830
*1738 18
Bonus stock
Atlantic Refining
108 10434 1061
Preferred
100 117 11714
Borne Sorymser Co
100 225 230
5612
Buckeye Pipe Line Co
50 •56
69
•68
Ohmebrough Mfg new. 25.
Preferred
100
24
Continental 011 new.
10
*85c. 85c.
Mehra
Crescent Pipe Line Co-_ 50 *1514 1534
Cumberland Pipe LIne--100 132 13212
62
Eureka Pipe Line Co----100 *61
Galena Signal 011 oom--100 *2812 29
Preferred old
100 97 100
93
Preferred new ______ -100 90
Humble 011 & Eel new... 26 *9212 93
138 141
Illinois Pipe Line
100 *13412
135
Imperial 011
25
3644 37
New when Issued
Indiana Pipe Line Co___ 50 *5812 5912
International Petroleum (I) *3314 3338
Magnolia Petroleum _ _ _ _100
4 16"
National Transit Co__12 50 ;11(
46
New York Transit Co_ _-100 44
72
Northern Pipe Line Co_-100 71
6212
Siblo Oil new
25 62
19
Penn Mex Fuel Co
25 *17
Prairie 011& Gas new--- 25 5744 58
Prairie Pipe Line new---100 124 125
Solar Refining
100 206 210
62
Southern Pipe Line Co_.100 60
South Penn 011
100 178 180
54
Southwest Pa Pipe Linea 100 *53
Standard Oil (California) 25 55634 57
Standard 011 (Indiana)._ 25 *6578 6618
Standard 011 (Kansas).- 25 *3234 3314
Standard 011 (Kentusky) 25 *12612 128
Standard 011(Nebraska) 100 237 240
Standard Oil of New Jar- 25 *4338 4312
Preferred
100 117 11712
Standard Oil of New York 25 *3514 3512
Standard 011 (Oblo)
100 342 344
Preferred
100 117 119
21
Swan & Finch
100 20
Union Tank Car 00-100 8934 91
Preferred
100 11312 116
Vacuum Oil new
. 25 *10412 10478
80
Washington 011
10 *56
Other 011 Stacks
238
atlantic Loboa OU
(t) *2
412
Preferred
50 *314
*9012
9112
'Gulf 011 new
25
2414
*2418
Mountain Producers.- 10
•
Mexican Eagle 011
5
140
National Fuel Gas
100 139
eq)
014
Salt Creek Cone 011
10
Colt Creek Producers__ 10 3214 3212
.
..
.
...
.
.W
...0000......0.4.4...04... aa.a...4.....0g,
...WW000.0000.0.01POWaaa aVOCaaaaa..-4.0*.
470
JAN. 23 1926.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares
10134 102
Maryland Casualty Co_ _25
4534
March & Miners, new_ -__• 4534 45
Mortgage & Accept com_ * 2039 2034 2134
50 43
4234 43
. Preferred
16
16
Mt V-Woodb Miley t r 100
100
81
8139
Preferred v t r
55
56
New Amsterd'm Cas Co_10
27
27
Norfolk Ry & Light. .25 27
50
80
8034
Northern Central
1739 1834
United Ry & Electr1c......50 18
215 218
US Fidelity & Guar.__ _50 218
20
Rights
1834 20
1534 1534
Wash Balt & Annan- -50
50 2534 2534 2519
Preferred
105 110
West Md Dairy, Inc com-* 110
60
5334 5334
Preferred
258 10034 Jan 102
1,190 4419 Jan 4534
290 2034 Jan 2334
53 4234 Jan 44
40 16
Jan 1634
50 80
Jan 83
125 55
Jan 5634
2 27
Jan 27
16 7834 Jan 8134
482 17
Jan 1834
180 215
Jan 21834
1,328 18
Jan 21
265 1594 Jan 1539
251 2534 Jan 2534
335 94
Jan 110
8 53
Jan 5439
3934 SePI
40
85
Jan
Selr
It ini u "Jr...
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Jan. 16 to Jan. 22, both inclusive, compiled from official sales lists:
Stocks-
Friday
Saks
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
50 31% 31
32
Am Vitrified Prod corn.
--100
78
79
Am Wind Glass Mach 100 79
91
91%
Preferred
6%
0% 614
Arkansas Nat Gas corn.-10
25 5419 54
56
Blaw-Knox Co corn
-100
9959
pref.
9939
Co
(AM)
Byers
10 16% 16% 163,9
Carnegie Metals
10 1619 1639 17
Devonian 011
11299 112% 112%
Duquesne Light Pref.-100
50
2% 219
Bide!) Brewing tom
56%
25
5614 53
Gas
Star
Lone
1639 17
17
Nat Fireproofing corn.-50
3799 38%
50 38
Preferred
3519
25
357'
36%
Ohio Fuel Corn
32% 33
Oklahoma Natural Gas_25 33
Range Since Jan. 1.
Low.
High.
630 31
Jan 33%
230 78
Jan 80
70 91
Jan 91%
6% Jan
2,550
7
404 54
Jan 56
10 9919 Jan 100
560 16
Jan 18
430 16% Jan 17
10 112% Jan 112%
219 Jan
150
239
9,348 51% Jan 56%
Jan 18
230 17
1,625 37% Jan 39
3,696 3539 Jan 3619
2,842 31)9 Jan 34
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
8434 Jan
90
Jan
7714 Jan
Jan
75
10054 1003110054 Jan
=
3134 Aug
54
M
205
140
1.085
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
0 .00
Jun(
Jun(
Jun(
Jun(
May
Miscellaneous BondsWagner Elec Mfg,7s_Serial
•No par value.
55
61
44
111
105
5314
10034
10419
3319
8714
34
33
11334
57
41
42
103
9719
27
175
11154
42
150
1754
67
92
39
3734
2514
10219
12054
2914
22
59
6114
11354
55
1634
97
359i
343,4
85
4434
AgggggggggggggggglIgggggggggIggIggggggggggg
Sept 94
Sept 94
Jan 84
Apr 6334
Mar 110
8334 833.4
0.
139 7634
355 7454
375 75
115 60
139 106
89
90
76
7714
7454 75
54
dd
DC(
53
Street Railway BondsE St Louts & Sub Co 531932
St Louis & SuburbanGen mtge 5s ctf of d_1923
United Railways 4s___1934
45, certif of deposit_1934
gg
Jan 325
Mining StocksConsol Lead & Zinc Co_ _20
X
24 275
0000
Jan 10034 Dec
32
43
919 Jan
Jan
10
ddd
mmm
Jar
Nov
Oct
Nov
Nov
Feb
11334
55
Jan
Jan
d
m
43
Feb 158
Nov 23
Jan 7319
Mar 155
Feb 8234
Apr 1034
2734
21
X
90
'2234
51
10739
59
534
38
37%
2434
270
50
M
10534 Sent 11234 Nov
17
6434
Jan
Jan
Jan
Jan
Mm
MmmmMmMMMM,MMMM.,MmMmhmmhm,MMMMmmMm.,MMM.
,,,,
Nov
Feb
Oct
July
Mar
Nov
July
Dec
38
103
14134
11334
2034
2034
7834
140
11034
155
229
15834
128
MM
Feb
Dec
Mar
Jan
Nov
Jan
Apr
Jan
Sept
5354
39
41
F'igh.
4d44
mMnM
100 10111 101 If 101 Li
30
97
73%
11034
20
519
56
112
Jan
Jan
Nov
Oct
32
8734
0
3219
9
7914 8434
Dec
Jan
Feb
Dec
May
Nov
Nov
Apr
Sept
June
Nov
Sept
Jan
Oct
55
55
60
60
4134 42
110 110
103 103
5354 5334
10094 10034
10154 10419
32
33
87
8734
33
33
32
30
11354 11334
8154 56
39
39
3714 42
10279 1023.4
97
97
26
2639
173 17535
11034 11139
4034 41
150 150
16
1734
6439 66
90
89
39
38
3734 37Si
2419 2534
101 101
120 12034
27
2814
21
22
54
57
50
50
11234 11334
55
55
1611 1634
96
97
35
25
32
3254
8334 8419
43
4354
8
84
33
May 280
Mar 4034
Jan 4834
Feb 115
Mar 32
Mar 16
Jan 39
Apr 40
Sept 90
Nov 10219
Nov
Jan
may
Miscellaneous StocksAmer Credit Indemnity_25
•
Best Clymer Co
•
Boyd-Welsh Shoe
100
Brown Shoe, pref
Cert-teed Prod, 1st pf__1(10
EL Bruce, corn
•
Preferred
100
Emerson Elec, pref___100
Ely & Walker D G,com_25
100
2d preferred
Fred Medart Mfg,cora_ _-•
Fulton Iron Works,com__•
Globe-Democrat, pref _100
Hamilton-Brown Shoe_25
•
Hussman Refr., corn
•
Huttig S & B. corn
100
Preferred
Hydr Press Brick, pref _100
•
Indep Packing, corn
•
Internist Shoe, corn
100
Preferred
•
Johansen Shoe
100
Laclede Steel Co
*
Mo-111 Stores, corn
Missouri Portl Cement_ _25
National Candy,com_ _100
•
Pedigo-Weber Shoe
Polar Wave I & F "A"- •
•
Rice-Stix D G.corn
100
2d preferred
Scruggs-V-B D o,com_loo
•
Sheffield Steel, corn
*
Staloff Packing, corn
*
Skouras Bros, "A"
Southern Acid & Sul, nom.*
Southw Bell Tel, pref _ _100
St Louis Amusement"A" •
i0
St Louis Car, corn
100
Preferred
*
Stlx-Baer & Fuller,com
Wagner Electric, corn..--•
Wagner Elec COrD, pref.11111
•
Waltke & Co, corn
WN!.
Railroads"...• rt is.,
r P. nref
•No par value.
33
149
31
3434
112
1834
10
2314
35
8234
96
161
57
11134
3519
185
105
79
9314
10334
107
10534
8034
919 934
914 10
W
Tractions
_50
cinnatiStreet Ry
Ohio Traction,com_ -..100
100
Preferred
8334
8934
8234
65
10934
Feb
Jan
Feb
Dec
Jan
Jan
Jan
Jan
Dec
Apr
Apr
Jan
Street Railway StockUnited Railways, pref_ _100
Preferred, etf of dep_100
...
Public UtilitiesCincinnati & Sub Tel.-50 8334 8334
Chic Gas& Electric__._100 8934 8919
0N & C Lt & Tr, com_100 8234 82
100 65
Preferred
6434
100 109
109
Ohio Bell Tel, pre(
325
71
47
10634
2934
135
9934
4834
90
25
9534
101
56
270
50
0
325
2,511
2,72
121
425
24
29
260
7
542
12
1
85
28
62
4,654
10
10
65
110
345
317
110
124
50
39
12
1,361
10
267
325
5
1,361
26
51
355
29
72
714
25
251
50
6
472
47
270
50
a „4:6
a"
BanksFifth-Third-Union unIts100 325
12434 12834
5134 52
10834 109
3234 3334
175 175
103 103
6634 67
94
94
25
2534
10634 107
10219 10234
70
70
10234 10234
275 280
3335 35
38
38
116 116
25
2534
16
16
35
39
3639 37
9719 10019
93
95
3734 3799
104 106
99 ' 99
127 13034
1113.4 11134
20
20
8
819
66
66
152 156
162 162
iiim 11119
9119 94
10734 10934
156 156
2234 2234
62
62
14034 141
8134 8134
7
7
55
56
103 10334
High.
Trust Co. StocksMississippi Vall Trust _ _100
Title Guaranty Trust_ _100
-
127
5134
109
3334
175
103
7
94
2519
107
10239
70
10234
280
3474
38
116
25
16
35
3634
98
9319
3714
105
99
12934
11134
20
8
66
152
162
nog
9234
10719
156
2214
62
141
8134
7
55
103
Low.
155
229
15834
128
,-;
Ant Laundry Mach,com.25
Amer Rolling Mill, corn-25
100
Preferred
Buckeye, Inc
100
Carey (Philip), corn....-100
Champ Fibre, pref
100
Churngold Corporation_'
Cilia Postal Term, pref_100
•
City Ice di Fuel
Cooper Corp, new pref_100
Crown Overall, pref___100
Dalton Add Mach,com.100
100
Preferred
100
Dow Drug, corn
Eagle-Picher Lead, com_20
•
Early & Daniel, corn
Fleischmann, pref
100
•
Formica Insulation
French Bros-Bauer, Corn.'
*
Giant Tire
•
Gibson Art, corn
Globe Wernicke, corn..100
100
Preferred
•
Gruen Watch, corn
100
Preferred
100
Johnston Paint, pref
10
Kroger, corn
100
New preferred
•
McLaren "A"
Paragon Refining, com_25
100
Preferred
Procter & Gamble, com_20
100
8% preferred
100
6% preferred
Pure 011,6% preferred_100
100
8'7 preferred
100
Richardson. corn
100
Standard Drug
•
U Scan,corn
20
U S Playing Card
LT S Print & Litho,com_100
•
U S Shoe, corn
Whitaker Paper, corn..._'
100
Preferred
Range Since Jan. 1.
153
229
158
128
Low.
s
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Bank StocksBoatmen's Bank
100
First National Bank _ _ _100
Nat'l Bank of Comm'ce.100 158
United States Bank _ __ _100 128
Range Since Jan. 1.
OW
Cincinnati Stock Exchange Jan. 16 to Jan. 22, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. high. Shares.
r-s
Cincinnati Stock Exchange.-Record of transactions at
High.
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange ;Tan. 16 to Jan. 22, both inclusive, compiled from official sales lists:
XXX
X XX
X X X X
XX
XX
X
MO.ONNOONC-MOM.OWNC•0000ONOWt•-er.00.NNWW0.tNMW
C-S.WWWWNONNN0S
.0.NWWWV.
00V00WOOMWWW.WWO
W
ON
..0
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
N
102
8034
10134
100
9734
10034
9134
101
9931
10015
9934
95
9034
8934
9654
9934
6931
4839
6939
9834
93
73
•mooOm
WNON
.N..
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
0
0
10134
80
10034
9934
9719
10034
91
101
99
100
9934
9434
8734
8939
9634
9954
6634
48
6739
9719
9134
7134
Low.
Pittsburgh Brew corn__ _50
Jan
3% Jan
50
334
334 334
Pittsburgh Coal pref. _ _100 80
Jan 8319 Jan
3
80
85 80M
83%
Pittsb & Mt Shasta Cop...1
2c Jan
2c
2c
5.000 112c Jan
Pittsburgh Oil& Gas
5
519 Jan
Jan
50
6
519 539
Pittsburgh Plate Glass-100 300
341 300
Jan 310
Jan
300 310
Pittsb Steel Fdy com___ • 3014 3019 3134
Jan
100 3034 Jan 36
Salt Creek Con Oil
9% Jan
i0
9
Jan
9
9%
670
9
Stand Sanit Mfg corn. 25 110% 11034 115
693
0% Jan 118% Jan
U El Glass
25 18% 18% 19%
556 18% Jan 19% Jan
West'house Air Brake.._50
120 124
Jan 125
70 120
Jan
West Penn Rys prat_ _100
Jan
9039 91
36 9034 Jan 91
• No par value.
Note.-Sold last week and not reported: 10 Allegheny Trust Co. at 20739; 50
Carnegie Metals at 1614; 29 Citizens Traction at 3734; 10 Jones & Laughlin Steel.
Prof., at 11434; 1,000 San Toy Mining at 4c.; 25 West Penn Rys., pref., at 91.
000SWW00g0100000N0020.0000NOW.P0M00
$0,
.0N
...M .. N2 0 00..WW000 .0NWN.W.b..C-NNW
$1,000
1,000
2,000
6.000
3,000
11,000
1,000
5,000
6,000
1,000
2,000
4,000
2,000
1,000
3,000
2,000
22,000
11,000
11,400
2,000
14.000
5.000
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Range Since Jan. 1.
O.
WO
. ..0
102 102
80
80
10139 10139
9934 9934
9734 9734
10034 10034
9134 9134
101 101
99
9934
100 100
9934 9919
95
95
9039 9034
8919 8934
9634 9634
9934 9954
6834 6934
48
4834
6839 6934
98
9834
93
93
7234 73
High.
0C-MO
NWTP.
Bonds1942
Ball Elec stpd 56
Balt Sparr P & C 4%s_1953
Bernheimer-Leader 7s _1943
Commercial Credit 6s_1934 9934
Consol G,E L & P 41913'35
First refunding 58_1965
Consol Coal ref 434s.1934
Davison Sul & Phos66.1927
Elkhorn Coal Corp 619s'32
1945 100
Ga Sou & Fla 55
Lake Roland El gu 53_1942
Maryland Elec Ry 58_1931 95
Monon Val Trite 5s_....1942 9019
NN&HC&Elst 58.1944
Nor:& Ports Trac 55_ _1936
North Bait Trac 58_ _ _1942
Ulaited Ry & Elea 4s_ _1949 6834
1949
Income 48
1936 6834
Funding 55
1927
6% notes
68, when Issued__ _ _1949
Wash Balt & Annan 581943 73
•No par value.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
471
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Jan. 16 to Jan. 22, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
Adams Royalty Co, corn.*
All America Radio Cl A..5
Amer Pub Serv, pref._ _100
Amer Pub Util, pref....100
American Shipbuilding _100
Preferred
100
Amer States Sec Corp"A"*
Class "B"
*
Warrants
Armour & Co(Del), pf_100
Armour & Co, pref....100
Common CIA v t a_ _ _25
Common CI B v t a-- _25
Armour Leather
15
Auburn Auto Co, com 25
Balaban & Katz v t c
25
Beaver Board b t CD....'
Preferred certificates_100
Bendix Corp, Class A_ _ _10
Borg & Beck
•
Bunte Brothers
10
Central 111 Pub Serv, pref.*
Cent Ind Power, pref_100
Cent SW,7% prof
•
Warrants
Chicago City Ry
100
Chic City & Con Ry pt ish•
Preferred
•
Chicago Fuse Mfg Co....*
Chic NS & Milw com_100
Prior lien met_ inn
2719
1454
8
234
97
9054
24
1574
434
4934
6734
4
2834
2934
93
12
33
51
2719 2734
14
18
9654 9734
85
863.4
72
75
10114 10134
799 83.4
439 519
239 354
97
9734
90
91
24
2439
1534 1634
434 5
4834 5074
8634 68
4
4
3654 3719
2619 2934
28
2934
1534 16
89
90
. 893.4 8914
9134 93
12
1214
5234 5254
19
19
534 7
3234 33
5034 53
on U inn
Range Since Jan. 1.
Low.
High.
5,995 2719 Jan 283.4
2,925 14
Jan 1939
191 9619 Jan 9734
335 82
Jan 87
210 72
Jan 7534
10 100
Jan 10114
8,640
719 Jan
834
1.645 .474 Jan
53.4
3,750
239 Jan
334
177 9614 Jan 9734
1,172 90
Jan 91
1,170 24
Jan 25
7,225 1574 Jan 1699
5
320
4
Jan
5,650 4819 Jan 5414
730 6634 Jan 7039
160
4
Jan
419
213 36
Jan 38
7,575 2619 Jan 3176
3,235 28
Jan 2914
40 1539 Jan 1634
110 8714 Jan 91
61 89
Jan 9034
2,090 8954 Jan 93
1,485 1054 Jan 1834
250 5239 Jan 5236
951)
19 Jan
14
7
Jan
530
5
Jan 33
285 32
Jan 5614
755 49
ax eau r.. 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
Jan
Jan
Inn
[VoL. 122.
TRIO CIHRONTOTill
Sales
Fr Ida
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
194 1%
Chicago Rys part ctf ser 2.
580 580
Chicago Title & Trust_ 100
139% 141%
Commonwealth Edison.100 140
5% 654
25
Consumers Co new
89
87
100 89
Preferred
11% 12%
Continental Motors
25 56% 5634 58%
Crane Co
117 117%
100
Preferred
92
93
Cudahy Packing Co100
50 48% 4734 48%
Cuneo Press A
Crown(Wm)Pap 1st pf ctf• 100% 100 10034
96
1
Daniel Boone Wool Mills 25
29
Decker (Alt dr Cohn Inc_• 29
2934
102 103
Preferred
100 103
10754 108
100
Deere & Co pref
100 12534 125 127
Diamond Match
• 23
23
28
Elec Research Lab
5 2755 27
2754
Evans & Co Inc cl A
• 32% 3134 33%
Fair Co(The)
105 106
Preferred
100 106
26
FitSim Cornell D & D20
2654
14% 15
Foote Bros(G & M)Co..* 15
• 36
36
Gossard Co (H W)
39
Preferred
100
101 101
152 160%
Great Lakes D & D_ _ _100 152
121 124
Hart,Schaffner&Marx_100 124
Hibbard, Spencer, Bartlett
25
76
& Co
7634
26%
10 25% 25
Hupp Motor
• 46%
Hurley Machine Co
Illinois Brick
38
100 37% 37
9054 90%
Illinois Nor Util, pref_ _ 100
Jaeger Mach Co, cam_ _• 27
26% 27%
Kellogg Switchboard_ _ _ _25 38% 363( 38
93
Kentucky Hydro-Elec_100
95
Kraft Cheese Co
87
25 8335 81
2934 2934
Kuppenheimer & Co. In0_5
13
14
La Salle Exten Univ (III).10 13
sg 8%
Libby,McN & Libby,newl0
831
Lindsay Light
10
2
2%
234
41% 42
McCord Radiator Mfg A_•
Maytag Company
2134 21% 22%
123 128
Middle West Utilities__ _• 125
Preferred
100 10234 10034 102%
Prior lien preferred _ _100 11254 11134 11534
45
Midland Steel Products_ *
47
99
Midland UM prior lien _100 99
9934
Preferred A
96
96
100 96
Morgan Lithograph Co-.• 5734 5634 57%
National Elee Pr A w I__ _• 2534 25% 26
Preferred
100
9334 94
4% 4%
National Leather
10
434
North American Car el A.
3154 30% 3134
Nor West Util pr in pref 100 9536 95
99
Omnibus v t c vita
• 1636 1634 17%
Penn Gas & Elec w I-- • 2234 234 2%
10 2234 22% 2256
Pick (Albert) & Co
45
Pines Winterfront A
5 4031 40
134 137
Pub Sen. of Nor Ill
• 136
132% 135
Pub Ben,of Nor III_ _100
10154 102
Preferred
100 102
114 114
7% preferred
100 114
130 131
Quaker Oats Co
100 130
10534 106
Preferred
100
5454 5631
Real Silk Hosiery Mills_10
25% 24
10
Reo Motor
15% 1534
25
Ryan Car Co(The)
So Colo Pow CI"A"com 25 25% 2534 25%
Stand Gas& El, pref. _ 50 5634 56% 56%
Stew-Warn Speedometer.• 8434 82% 89%
100 11434 113% 114%
Swift & Co
Swift International
15 1934 19% 2034
46
25 4536 45
Thompson (J R)
Union Carbide & Carbon _• 7934 78% 80%
United Biscuit Cl "A"---• 5234 50
5351
United Lt & Power132 138
Common CIA w I a_
•
150 157%
Common Cl B w I a_
8954 90
Preferred CI A w a_ __ _• 90
49
50
Preferred CI B w a_ _ • 49
United Paper Board_ _ _100 33
3234 33
S Gypsum
20 15934 146 15934
Univ Theatres Cone cl A_5
6
6
Utilities Pow dr Lt el B. •
16
16
Vesta Battery Corp
• 2034 1834 22%
Wahl Co
9
954
•
954
Ward(Montgomery)&Co 10 7234 72% 76
Preferred
116 117
100 117
Class A
109 10934
• 109
Williams 011-0-M com_.• 1734 17% 17%
•
Wolff Mfg Corp
9
9
854 854
Wolverine Portland Cem 10
• 6444 x5454 55
Wrigley Jr
Yates Mach, partic pref • 3034 29% 30%
Yellow Cab Mfg el B. _10 2834 2854 3054
Preferred
94
94
100
Yellow Cab Co Inc(Chic)• 4734 47
48
BondsChicago City Ry 58_ _ _1927
Chic City&Con Rys 55 1927
Chicago Railways 5a._1927
4s, Series B
1927
Adjust income 4s_ _ _1927
Purchase money 5s
Matron West Side ElecExtension gold 45_.1938
Pub Serv 1st ref g 5s._ 1958
Swift & Co let 5 f g 55_1944
• No par value.
7834
51
7531
4954
7754
3754
16
.35
Range Since Jan. 1.
Low.
High.
170
20
665
3,600
415
795
165
250
125
435
1,710
. 293
700
70
150
205
1,630
800
2,605
200
300
2,900
1,393
25
755
900
1
575
139%
5%
83%
11%
56%
11651
92
47
100
94
28
102
107
125
23
26%
31%
105
26
1456
36
101
152
11434
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
154
585
144
634
90
13%
60
11734
9554
4854
100%
1
20%;
103
108
129
32%
27%
3354
106%
27
1534
39
101
171
123
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
175
2,450
2,075
1,110
20
850
600
6,330
120
1,345
4,700
700
200
535
10.785
1.446
2,375
275
555
165
2,080
580
20
2,803
680
330
4.200
575
900
5,655
581
35
115
50
55
45
4,965
435
150
100
100
62,225
3,310
3,685
2.575
26.650
17,000
76
25
44%
37
9034
25%
35
92
81
2954
1354
854
2
41
2154
115%
97%
108%
45
99
96
5631
2454
93
454
29
93
15
22%
21%
40
130
130
100%
112
130
105%
5454
2334
15%
25
54
82%
113
19%
45
7734
50
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
77
28%
51
39%
91
28
38
95
90%
2955
14%
2
42
22%
13434
10234
115%
4856
9956
96
58%
26
94
4%
3156
99
1834
22%
23
5934
137
135
10234
115
132
106
5856
2554
16
25%
5634
93
115%
22%
47
80%
59%
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
485
237
455
500
660
5,000
100
64
610
885
670
40
440
6,410
675
100
1,585
4,150
310
33
1,410
125
150
89
47%
31%
138
6
16
18
9
72%
115
109
1634
8%
854
54%
2934
2854
9347
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
144
155
91%
5032
34%
15954
7
17
25
9%
81%
117
110%
18%
1054.
954
55%
31%
3254
95%
4954
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
78% $60,000
53% 139,000
78
6.000
40
57,000
16
3.000
35 • 3,000
75%
4934
7754
37
16
35
Jan
Jan
Jan
Jan
Jan
Jan
7955
56%
80
40
16
38
Jan
Jan
Jan
Jan
Jan
Jan
Jan 73
72
9834 Jan 98%
99% Jan 100%
Jan
Jan
Jan
so
4,000
72
73
98% 98% 10,000
100% 10054 8,000
x Ex-dividend.
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Jan. 16 to
Jan. 22, 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 bulding on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sales
Last Week's Range
or
Wee);.
ofPrices.
Sale.
Par. Price. Low. High. Shares.
Week Ended Jan. 22.
Range Since Jan. 1.
Stocks-
Low.
Indus. & Miscellaneous.
•
Abraham dr Straus
104,
Preferred
Adir P & L. 7% pref---100
•
Aero Sunni Mfg el A
•
Class B
Ala Gt Southern,corn_ _ _50
50
Preferred
Alliance Ins Co(Phila)_10
Alpha Portland Cement 100
52
5254
10634 106 10634
103 10334
1934 1934
1334 1334
100 101
101
10034 99 10034
5834 59
120 127
125
400 52
600 106
50 103
200 1964
100 1334
1,500 9834
840 98%
150 58%
270 115
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High.
5454
108%
10334
20%
14
103
104%
59
127
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Aluminum Co corn new -•
60% 63
Preferred new
oo
9855 993.4
Amalgam Leather, com_ •
14% 15%
Preferred
100 76
76
76
American Cigar, corn..100
11254 113
American Gas Or Elec corn • 9434 9154 99%
Preferred
94
95%
American Hawaiian SS_ _10
10
10
Amer Lt dr Trac com___100
241 256
Preferred
100 114% 114 114%
Amer Multigraph, corn_ _•
22
22
Amer Pow & Lt corn __ • 76
75% 7954
Preferred
iCoo 94
04
95
Amer Rayon Products_ _ • 32% 3234 33
Am Superpow Corp Cl A.
35
34
3734
Class B
• 36% 36
3834
Prior preferred
25
25% 25%
American Thread, pref._ .5
4
4
Amer Writ Paper com__100
75c 75c
Assoc Gas & Elea Class A.
• 3294 32% 3354
Atlantic Fruit & linear.. _•
1%
1% 1%
Babcock & Wilcox Co__100 149
147 149
Bigelow-Hartf Carpet com•
96% 96%
Blackstone V G&E,cona.50
104 10654
Blaw-Knox Co, coin_ _ _ _25 55
5434 55
Bliss (E W)& Co com_....* 2756 2756 29
Blyn Shoes, Inc, corn.__10
5% 5%
Borden Co new
54, 104
10154 10454
B & M RR 1st pf C stpd100 68
68
88
Bradley Fireproof Prod_ 1
154 72e
1%
Bridgeport Mach corn .._• 1454 14
15
Brill Corp new Class
2854 26% 28%
Brit-Amer Tob ord bear_El 2636 2634 26%
Brockway Mot Trk new._• 27
25
27
10
Brooklyn City RR
7% 8
Bucyrus Co, corn
100 180
179 184
Buff Niag & E Pow corn_ _• 3734 3734 38%
Burdines Inc common
2034 21
Burr Add mach. pref 100
105% 105%
Can Dry Ginger Ale
_ • 41% 4154 42
Canadian Car dr Fdy,_pf100
83% 83%
Car Ltg & Power corn__ .21,
154 1%
Celluloid Co corn
100
1954 20
Preferred
100 62
82
65%
Central Aguirre Sugar...50
82
86
Central Steel corn
•
6554 67
Centrifugal Pipe Corp...* 26% 23
27
Chand Cleve M corn w I-• 26% 26% 2734
Preferred wI• 47% 4634 48
Chic Nipple Mfg Cl A _ __&) 42% 4234 42%
Class B
50 2631 26% 2534
Childs Co pref
100
119 119%
CI& WRR comvtc-100
12
13
.20 37% 37% 3854
Cities Service corn
Preferred
100 83% 8334 84
Preferred B
10
7%
7% 734
Preferred BB
100
76 ' 76
Bankers shares
19
19
Cleveland Automobile corn*
26% 2754
Cohn-Hall Marx Co
•
3154 31%
Colombian Syndicate
25111 21111 3116
Commonw-Edison Co_ _100
139 139
Com'yealth Power CorpCommon
4154
40
39
Preferred
100 85% 85
86
Warrants
68
6754 68
Connor (John T) Co....10
43
43
Consol Dairy Products._.•
534 5%
5%
Con Gas, E L&P Bait nom* 5056 49
50%
Consol Laundries, w ....• 25% 25
27%
Consumers Co, corn._..20
5% 6%
Continental Baking,comA• 11554 113% 11654
Common B
• 26% 2434 28
8% preferred
100 97% 9754 9854
Continental Tobacco__ •
15% 1534
Courtauids, Ltd
£1 32% 32% 3334
Curtiss Aeropl & M,eon).• 2254 2254 2354
Preferred
100
87
84
De Forest Radio Corn- •
9% 10
Denver Tram, new prf w I*
3434 37
Detroit Creamery
10
45% 4534
Devoe & Rayn CI I) new.•
9654 9654
Dixon (Jos) Crucible_ _100
154% 15534
Doehler Die Casting._-- • 14% 14
14%
Dominion Stores. Ltd---•
67
67
Dow Chemical, corn
•
7454
74
Dubllier Condenser & Rad•
8
8%
8
Dunhill International_ _ __• 25
2554
25
Durant Motors, Inc
• 1254 11% 1254
Dus Co, Class A
•
14
1534
Class A v tc
15
15
Eastern Roiling Mill, corn.
43
44%
Eastern Steamship Lines.* 88
8354 88
Eastern Texas Elec Co. •
104 105
Eisenlohr(Otto) dr Bros 100 18
18% 19%
Eltingon-SchOd Co
• 3634 36% 36%
Electric Auto Lite Co__ _• 7354 7254 73%
Elec Bond & Share, pf 100* 10654 106% 10854
Elec Bond & Share Sec...• 81% 8054 8434
Elea Invest ore without war. 70
68% 72%
Electric Ry Recurs
•
7%
732 734
Electric Refrigeration ' 8534 8434 8954
Emporium Corp WI
• 38
38
39
Engineers Public San,corn' 27% 2754 28%
Preferred (full paid) •
101% 102
Preferred (60% paid)..• 10134 10134 101%
Fageol Motors Co. com.10
9%
851 10
Preferred
10
40% 41
Federal Finance Corp el A• 34% 34
35%
• 1634 16% 1754
Class B
Federal Motor Truck...10 4034 40% 42%
Federated Metals
•
21
21
Film Inspection Mach...•
5
5
6
Firestone T & R 7% Pt-1640 9954 99
9914
Fisk Rubber 1st pref__ .100 112
112 115
Foot Bros Gear dr Mach..' 14% 14% 1554
Ford Motor Co of Can.100
622 627
• 18
Forhan Co. class A
17% 18%
Foundation Co4554
Foreign shares Class A.• 4131 41
Fox Theatres. CIA. com.• 3034 2951 32%
Franklin(H H)Mfg.cow.•
32% 32%
Freed-Eisemann Radio...•
731
7
7)4
Freshman (Chas) Co
• 19
19
20%
•
59
Gamewell Co.corn
59%
454
43( 5
Garod Corporation
•
General Baking class A '74% 71% 76
• 14% 14
Claris B
1654
General Fireproofing cora _• 54
49
57
Gen'l Ice Cream CorP - •
5054 54%
146 15054
Georgia Ry & Pow. com100 146
23
German General Electric.. 23
23
Gillette Safety Razor__ _ _• 106% 10634 109%
Glen Alden Coal
• 156
13856 16156
Goodyear Tire & R.com100 3534 33
36
Grand (F NV).5-10 25e St_•
7434 77
Grimes Ra & Cam Rec....*
7
534
4
Habishaw Cable & Wire.'
14
15
Happiness Candy St el A_•
734 8
754
Founders shares
_•
6.54
6% 7
Hart,Schaff dr Marx__ -100 117 117 117
1,100
500
900
100
100
29,400
400
500
1,025
250
100
35,700
900
1,100
2,000
15,600
100
300
2,500
1,700
7,400
40
25
1,300
550
1,600
200
3,000
10
19,400
7,500
600
2,400
200
3,000
150
800
500
20
3.800
100
3,900
430
180
270
200
18,200
800
15,900
1,200
600
60
200
11,900
1,500
400
100
100
900
200
48,800
20
37.900
1,200
70
100
3.300
10,800
19,100
600
3,000
71.400
2,300
300
1.300
3.000
1,100
2,400
700
100
100
30
900
25
200
700
1,400
6,600
300
300
1,200
170
275
9.500
400
1.600
1.250
39,990
50.500
1,600
19,100
2,600
6.500
600
800
.7,100
200
1,000
2.000
3,500
300
1,000
340
400
300
30
3,400
4,700
35.200
300
1,500
2,900
100
400
19,650
94,700
2,000
500
1,000
100
8,000
15,300
9,500
400
10,300
200
2,100
5,600
10
Range Singe Jan. 1.
Low.
60
9854
1456
74
11256
80
92%
10
232
114
22
68%
92%
32%
33%
3434
25%
4
50c
3134
89e
145
96%
97)4
5454
25
9931
68
63e
1234
26%
2654
25
754
179
3554
2054
10594
40%
8334
134
1954
62
82
6254
23
26%
4634
4234
2694
119
12
37%
83%
734
76
19
263(
31%
139
39
85
6754
42
434
44%
24%
554
11354
2434
9754
15%
3354
20%
8054
934
34
4534
91
154
13%
67
74
8
2454
11%
14
15
40
82
86
1854
3634
72%
104%
78
66
4%
84%
385(
24
99
9954
834
40%
33
1534
36%
21
High.
65%
9934
15%
76
113
99%
95%
11%
263
11534
2332
7954
96
35%
37%
39
25%
4
750
35%
134
149
9854
11834
55
31%
5%
10434
85
154
15%
2836
27%
27
834
184
3854
21%
106
43%
83%
2
23
68
86
68%
27
2934
48%
43%
27
11934
14
38%
84
7%
76
1954
30
33%
354
140
4234
8732
74%
49
5%
53
2764
636
120%
3054
9954
16%
34%
2354
87
10%
37
45%
9654
159
14%
67
74%
11
2654
13%
15%
16
44%
88
107
2034
3754
7454
10851
86
74%
1734
90%
39%
29%
102%
101%
10%
41
35%
1754
42%
2155
732
9932
115
1554
627
20
40
29%
31
7
17%
59
4
71%
14
47
50%
146
23
10634
138%
33
743'
3%
14
734
6%
117
Jan 55
Jan 3434
Jan 33
Jan
834
Jan 2236
Jan 59%
Jan
7
Jan 7934
Jan 17%
Jan 57
Jan 56%
Jan 160
Jan 23
Jan 1133(
Jan 166
Jan 3834
Jan 85
Jan
Jan 15
Jan
sg
Jan
754
Jan 117
5
99
110
15
620
THE CHRONICLE
JAN. 23 1926.]
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Havana Elec 17111 v t o__ •
43% 43%
Hazeltine Corporation _• 1554
16%
15
15
Hellman (Rich), Inc, com.•
15
Pre: with warrants
34%
•
34
11254 113
Hercules Powder, pref_100
Hayden Chemical
•
23,6
2
Hires(Chas E)Co*
Class A Common
25%
25
25)4
Hollander(A)& Son,corn.*
34% 3534
Horn & Hardart Co
• 58% 57% 59%
Imperial Tob of G B &Rel. 24% 24% 25
Industrial Rayon Corp CIA
17%
17% 18%
Insur Co of Nor Amer _10
60
60
Intercont Rubber(N J) 100 21%
1954 22
Intercont Robot Del new.' 19%
18
1951
Int Concrete Ind Fro 811-10
7%
8;i
Internat Projector Corn_ •
14
14%
Internal Utilities, Class A•
3751 38
•
Class IS
8
8%
834
Inter-Ocean Radio Corp_ •
1
1
• 150
Johns-Manville, Inc
148 153
Jones(Jos W)Radio Mfg.
1
1
134
Jones & Laugh St'Lcom.100
70% 72%
Keiner Williams Stamp....• 16
16
16
Kelvinator Corporation • 85% 84% 89
N Y Trust interim recta_
84% 88%
Keystone Solether
10 25c
250 26c
25 83% 81% 87%
Kraft Cheese
Kresge(S £3) new w 1.-10 78% 75% 84%
Kroger Grocery & Bak_100
129 130
Lackawanna RR of NJ.100 8154 81% 8155
, Lake Torpedo Boat,comb0
Sc
Sc
Land Co of Florida
• 43% 42% 46%
Landay Bros, Inc. Cl A_ •
34% 3551
Landover liold'g CorpCI A 1
28% 30%
La Salle Exten Univ. ._10
13
13
Lehigh Coal & Nav
50 118% 112 120
Lehigh Power Securitlea__• 231% 227 238
Lehigh valley Coal Sales.50 83
81
83
Lehigh Vail Coal cgs new__
42% 37% 44%
Libby McNeill & Libby-10
8%
8% 8)4
Libby Owens SheetGlass.25 175
174 180
Preferred
100
115 115
Liberty Radio Ch Stores. • 95c
51c
134
Lit Brothers Corp
10 3254
32%
31
Marconi Wird Tel can._ _1
134
1%
Marconi Wire]Tel, Loint.il
6% 6%
McCord Bad & Mfg v 10.8 24% 24% 2534
McCrory Stores
•
110 11451
Mengel Co
100 46%
4651 4654
Mercantile Stores Co_ _100
145 145
Mercur Bk (Vienna)Amsh5
4
4%
4
Mesabi Iron Co._ ...
•
2
2
2
Metro 5 & 50c Stores B__*
231 2%
fgetropol, Chain Stores • 46
45
461.4
!diddle West UtIlities,com• 125
123 128%
Prior lien stock
100 112
110% 115
Preferred
101 102
100% 102
Midland Steel Products..* 4451
44
45%
Midvale Co
• 23% 23% 24%
Miller Rubber, corn
• 3734 3634 38
Preferred
101% 101%
Mirror (The). 7% pref O%
) 101
101 101%
;) Mohawk Valley Co
35
35%
Music Master Corp
*
254
234 2%
Nat Elea Power, Class A-• 2534 22% 26%
National Grocer
• 6
6%
National Leather
10
434 4%
•
Nat l'ow & Lt. corn
3554 3734
• 102% 102 102%
Preferred
Nat Pub Serv CIA com • 22%
22
23
Class B common
• 14
13% 14
Neptune Meter Class
_• 24% 24% 24%
Nev-Calif Elea, corn.. _.100 37
34
41
115 116
New Rug Telep & Teleg.100
New Mex & Aria Land _ I 14%
14
1555
N Y Merchandise Co.._...
24
24
NV
N
Telep63S% pref _ _100 11234 112% 11354
Nickel Plate corn new w I... 10834 10634 111
Preferred new w I
92
92
Nilee-Bement-Pondcom100
20
20
Nicer Corp, Class B
• 85
83% 88%
N Y Trust interim recta. 84% 84
osg
Detroit Trust Co int rcts
85% 86%
Northeast Power, w 1
35% 35% 36%
No Mex Pr & Dev com-100
5154 52%
Northern Ohio Power Co_• 22
2151 23%
Nor Out Lt & Pr corn_ _lie) 64% 61% 66
Preferred
100 80%
SO
82
Nor States P Corp com_100 128)4 128 133
Preferred
100 100% 100% 100%
Ohio Brass class B
• 7954
7934 79%
Ohio Traction corn._ _100
834 9%
Preferred
81
100
82%
Omnibus Corp v t C
16% 16% 17%
Pacific Lighting, pref _ _100
86% 86%
Pender (D) Groc Cl A w 1_• 50
50
50
Class B w I
• 30
30
30
Parma Pr & Lt pref
104% 105
•
Penna Water & Power_100
167 169%
Phelps-Dodge Corp_ _100
120 122
Philadelphia Elec corn..25 64
61)4 67
Pillsbury Flour Mills__ _50
37
38%
Pitts Bess & L E RR,com50 3034 30% 3051
PItIg & I. E RR.COM
nO 157
156% 159
Pittsburgh Plate Glass_100
300 302
Portland Electric Pow_100
47
48%
Power Corp of N V com • 88% 86
90%
Power Securities, 2d pref •
20
20
Pratt & Lambert, Inc
•
55
55
Procter & Gamble coin. _20 x151
x151 159
Puget Sound P&L.com_100 61
60
64%
Purity Bakeries Class A_25 42
41% 42
Class B
•
38
39)5
Pyrene ManufacturIng...10 10%
10% 10%
Ry-Steel Spring new
_50
57% 5754
Rand-Kardex Bu new WI
43
43
45
Rem Noiseless Typew, A _• , 45
44
48
Preferred Class A_ _100
109% 113%
10 2351 23% 24%
Reo Motor Car
Republic Mot Truck v to •
851
8% 10
Richmond Radiator
•
15
16
Rickenbacker Motor
•
7%
7% 8%
Royal Bak Powd cora..1011 ------ 190 194
100 --102 102
Preferred
123 123
Safety Car Htg & Mg_ _100
* 8754 86% 90
St Regis Paper corn
Sears, Roebuck, new com_• 56%
55
56)1
28% 29%
Serve! Corporation A-___* 29
28
50
Sharon Steel Hoop
28
26% 26%
Sierra Pac Elec Co com_100
18
19
Silica GPI Corp. corn v IC.•
380 380%
Singer Manufacturing_ _100 380
•
2
2
2%
Sleeper Radio v t o
15
15%
Enda Viscosa, ord.(200 lire) 15%
Sou Calif Edison com_ _100 13155 129 134
11154 112
7% Pref, Series A-100 111
6% pref, Series B..... _100 98% 98% oog
Sou Colo Power, corn A25 25% 25g 27
4934 52%
• 5034
South Dairies Class A
• 33% 31% 34%
Class B
Range Since Jan. 1.
Low.
High.
200 43% Jan 44% Jan
Jan 17
1.400 15
Jan
Jan
200 14% Jan 15
500 33% Jan 34% Jan
20 112% Jan 113
Jan
Jan
2
900
234 Jan
4.300 25
200 34%
700 5754
400 24%
5,600 17%
100 60
38,000 15%
23,300 16%
400
7
600 13%
200 37
731
3.160
1
300
950 148
1
400
50 70%
100 16
7.100 84g,
1.400 84%
4,000 24c
1,150 81%
28,300 7554
25 128
100 81%
Sc
1,1300
2,800 40
1,700 3351
900 28%
100 13
6,600 110
12,600 190
350 81
28,300 3734
854
40
3,630 e174
10 115
8,200 51c
200 31
1%
2,000
534
400
900 23%
300 110
50 46%
100 141
4
1,500
1%
600
2%
300
1.400 4511
14.300 114%
1,030 98
610 97
1.030 44
800 23%
1,200 36
50 100
200 101%
1,400 35
4.000
254
4,300 22%
6
400
4
100
64.900 3454
160 101%
2,400 22
1,700 13%
1,100 24%
500 3034
60 115
14
10,10
100 24
350 111%
4,70 106%
92
10
19
20
10.000 53g
2.900 84
700 85%
3554
5,90
5154
20
60,200 15%
7,100 49
170 80
9,700 128
75 100
300 79
834
400
300 81
3,600 15
100 86%
800 50
1,100 30
100 104)4
30 160
200 120
4,700 54%
200 37
200 3031
260 156%
20 300
1,100 45
57,200 79
100 20
100 53
2.102 142%
10,100 51%
1.100 41%
1,100 37%
800 10)4
200 57
2.000 42
1.800 44
125 109%
3.900 23%
3.500
854
700 15
751
15,400
30 190
10 102
30 123
4.600 83
2,900 55
12,000 2834
100 25
200 25%
500 18
20 380
2
1,700
1,000 15
3,960 128
700 111%
150 98%
300 25%
5,200 48
46,800 26%
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
Jon
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
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jo
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
26
3654
62%
25
19%
64
22
1954
834
1554
39
9%
1
159
1%
72%
1831
89%
89
45c
88%
90%
130
81%
Sc
47%
36
31%
13
120
238
86g
4534
8)4
219
115
351
32%
151
634
25%
116
52
145
4%
2)4
3
49%
135
116
102
48
2454
40
101%
101%
37%
354
26%
6%
4%
38%
102%
24
14
2534
44%
117%
17
25
11334
113%
9454
20
89%
89%
86%
3634
55%
2651
67%
8434
13654
101)4
79%
10%
82%
18%
86%
50%
31
105
174
122
67
40%
3051
162%
302
48%
90%
25
58
163
6634
42
39%
10%
58
48
52%
11351
25%
16)4
16%
954
213
102
12531
90
56
30%
28
28%
2251
385
254
16
140
112
9854
27
55
3451
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
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
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
473
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High Shares.
S'eastern Pr & Lt. Corn.'
Southern 0& P Class A....
Southwest Bell Tel, pf _100
Sparks-Withington Co_ _ _•
Splitdorf Beth Elea Co....
Stand Motor Construc_100
Stand Pow .4z Lt, Class A.25
Stand Publishing Cl A_ .25
Standard Tank Car, corn..'
Stand Text Prod pf B__100
Strook (S.) dr Co, Inc._ _ _•
Stutz Motor Car
•
Swift de Co
100
Swift International
15
Tampa Electric Co_ _100
Terre Haute I & E,corn 100
Ehermiodyne Radio..
•
Thompson (John R) Co.25
Thompson(RE) Radio vtc•
TImken-Detroit Axle___10
•
Fob Prod Export Corp
Todd Shipyards Corn. •
Torrington Company._ _25
Tower Manufacturing _5
Trans-Lux Day Pict Screen
•
Class A com
Trumbull Steel, com_ _25
Truscon Steel
10
Tubize Artif Silk Cl B __•
•
Tung Sol Lamp
Class A
•
Union Carbide dr Carbon..•
Union Traction
United Elec Coal Cos v t c*
•
United G & E com
•
Trust certificates
United Gas Improvetn't_50
United Lt & Pow corn A •
United Profit Sharing._ _.1
Preferred
10
Un Rys & El Bait coin_ _50
United Shoe Mach, com_25
LT S Dairy Products el A.
•
Class B
20
U 9 Gypsum, corn
U Light & Heat coca_ AO
Preferred
10
U S Rubber Reclaiming_ _•
U 9 Stores Corp CI B.
Utilities Power & Lt B._ _•
Utility Share Corp w 1....•
Option warrants
Preferred (non-voting).'
•
Valley Mould & Iron_
Vick Chemical Co
•
Victor Talking Machine!0))
Vivaudou (V) Inc pref-100
Ware Radio Corp
•
Warner Bros Pictures_ _ _ _•
Warner Quinlan Co w I_ •
Wayne Coal
5
Western Auto Supply Pf -•
Western Power pref _ _ 100
Whlte Sewing Mach, Pre-*
Wilson & Co (new) w I__ _ _
Class A
Preferred
Woodward Iron corn_ _100
Yellow Taxi Corp, N Y.
Rights
Horn de Hardart
43%
2554
25
3834
18%
13%
4351
31
19%
307%
155
10)4
1234
225
19%
7951
40
63%
63
136%
13134
1231
4855
38%
634
17%
12
16%
12
434
48
88
92
1
9%
2554
2634
osg
50
13
28%
70%
1254
80e
Former Standard 011
Subsidiaries.
Anglo-Amer 011 (vol sh).£1
liOn-VOUng shares
_LI
Cgs dep for non vot sh£1
Buckeye Pipe Line
50
Chesebrough Mfg
25
Continental Oil v t e____1()
Crescent Pipe Line
25
Cumberland Pipe Line_100
Eureka Pipe Line
100
Galena-Signal Oil, com.100
Old preferred
100
Humble Oil & Refining....25
Illinois Pipe Line
100
Imperial 011 (Can)
•
Indiana Pipe Line
50
National Transit_ _ _ _12.50
New York Transit
100
Northern Pipe Line_ _100
Ohio 011
25
Penn Mex Fuel
25
Prairie 011 & Gas
25
Prairie Pipe Line
100
Solar Refining
10
101)
South Penn 011
Newwi
25
Standard Oil Calif new co_ _
Standard 011(Indiana)-25
Standard Oil (Kansas)__25
Standard 011(Ky)
25
Standard Oil(Neb) __100
Standard 011 of N Y._ _ _25
Standard Oil(0) Corn..100
Preferred
100
Swan & Finch
100
Vacuum Oil
25
IO
Low.
High.
42% 45% 47.100 40% Jan 485(
2534
25% 2551
4,300 25% Jan
10 11154 Jan 113%
112% 112%
Jan
2854
26
900 25
25
4,200 38% Jan 4354
38% 43
251
244 Jan
251
234
500
Jan 87
87
100 87
87
18
18% 8,000 16)4 Jan 18%
1454
1334 14%
1,000 12% Jan
28
25 2634 Jan 28
28
4054 43%
1,800 40% Jan 43%
Jan 3734
29
34% 19,400 29
Jan 115%
200 113
11354 114%
2234
1954 20% 7,700 19% Jan
Jan 312
290 292
300 312
Jan
3
3
500
3
3
2)4
1% Jan
134 151 3,400
200 45% Jan 46%
4554 4554
Jan
4
534
4
451
500
1154
934 Jan
10% 10% 3,300
454
4)4 Jan
4% 4%
700
Jan 3054
30% 30%
200 29
Jan 67
100 67
87
67
954
Jan
7
200
834 9%
Jan
Jan
Jan
Jan
12%
12
10
10%
28
28%
215 220%
9% 1034
19% 2054
78% 81
3854 40
36% 37
57
66
62% 63
131
14434
130 13751
11
1334
11
11%
1755 17%
48% 4851
3354 41
2034 21%
148 150
2154 2134
634 6%
15% 19%
12
12%
1534 18%
1154 12%
4
4%
16
16
14
14
4734 49
88
92
90% 94%
1
1%
9% 13%
24% 2534
Ilc
lie
2634 2754
9734 99
50
50%
12% 13
28% 29
7034 7054
77
80
12
13
50c
80c
18% 18%
17% 18
17% 17%
55% 56%
69
70
23% 2354 24%
1554 1551
132 134
132
6134 62
29
3054
97
97
92% 8654 95g
136% 142
133
3631 35
36%
58% 60
18% 21)
18%
46
4634
70% 71%
61% 6131 64%
17%
175( 19
55
58
5354
12351 123% 126
206 208
178 186
180
4534 47
5454 55%
55
65% 67
66
32% 34
33
125% 128%
127
239% 24434
35% 35
36%
341 349
341
117% 117 11755
21
21
104% 104 107
17%
56%
Other Oil Stocks
Amer Coutr Oil Fields_ _ _5
Amer Maracaibo Co
• 1134
Arkansas Natural Gas__10
654
Atlantic Lobos Oil corn... •
Preferred
• 1934
Beacon 011 Co
Cardinal Petroleum Corp10
1%
Carib Syndicate
1451
Consol Royalties
1
9
Creole Syndicate
5 14%
Crown Cent Petrol Corp..)
6%
Derby Oil & Refill, corn...'
Preferred
• 14%
1
Euclid 011
2
Gibson Oil Corp
1
534
Gilliland On, COM, V t c_•
Granada 011 Corp
750
25 91
Gulf oil Corp of Pa
1
Honolulu Cons 011
International Petroleum..
3334
Kirby Petroleum
•
Lago Oil& Tr Corp cl A.._• 23%
Lago Petroleum Corp. _ _• 11%
Leonard Oil Developmi_25
93-6
Lion Olt& Refining
• 24%
25 56
Lone Star Gas
Margay Oil Corporation_ _•
!garland 011 of Mexico _1
Mexican Panuco 011. _ - _10
451
Range since Jan. 1..
14,700
3,500
200
320
3,000
8,500
20,300
400
300
18,900
200
113.500
29,200
900
200
100
300
2,100
70
110
100
600
4.200
500
1.500
1,800
9,700
30
10
5.100
2.700
700
2,100
1,000
2.300
100
1,200
620
5.800
1,300
400
200
50
3,100
2,500
2,100
700
100
450
600
21,200
200
110
100
775
40
45,700
280
11,300
550
1,900
100
100
4,100
300
26,900
1,600
60
580
1,600
5,800
33.300
2,400
4,200
90
16,800
210
80
50
8,500
500
534 634
11% 14% 37,800
634 6%
600
254 2)4
900
4
100
18% 1934
1,900
1
2,600
135
12% 15% 56,300
500
9%
14
1434 11.400
10,600
3
3
300
14% 14%
100
114/ 2
8.600
5
634 36.600
134
5.000
56c
2,800
1
86% 91
12,000
500
354
32
33% 28,400
234
2)4
600
22
23% 214,160
10% 11% 78,725
9% 10% 29.100
24
24% 2,400
5354 56
600
1%
154
1.000
3%
354
100
454 454 17,700
6
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
12
8%
28
215
834
19%
77%
3854
35
5654
56%
11834
12534
11
11
17%
4834
3534
2054
148
2134
554
145(
1254
15%
10%
2%
16
14
41%
88
89)4
1
954
24%
11c
26%
96
50
12%
2834
7054
77
11%
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
14
10%
30%
240
10%
2034
81
40
40%
66
63
144%
14335
14%
1154
18%
4854
41
22%
150
22%
63(
19%
14
1734
1231
5%
165(
1534
49
96%
9454
154
1431
2734
11c
28
99
5014
13%
3054
73%
8054
13
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
500
Jan
660
Jan
1854
17%
17%
5531
69
23%
15%
132
61%
28
9254
86%
135
35
58
18
46
7054
61%
1751
55
123%
202
178
45%
5434
65%
32%
12554
239%
35
341
117
21
10334
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
19%
18%
17%
56%
71
25%
1554
137
63%
31%
9734
99%
142
3854
60
20%
50
72
66%
23
5854
127
212
197
50
5554
7034
36%
13454
250
4754
362
11734
23
10934
5% Jan
Jan
8
og Jan
Jan
2
Jan
18% Jan
1
Jan
10
Jan
854 Jan
14
Jan
53-' Jan
Jan
14% Jan
1Ilia Jan
5
Jan
1% Jan
48c
Jan
8934 Jan
3% Jan
32
Jan
2% Jan
21
Jan
10% Jan
931 Jan
24
Jan
52
Jan
134 Jan
334 Jan
354 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
6% Jan
14% Jan
6% Jan
234 Jan
Jan
19% Jan
154 Jan
15% Jan
9% Jan
1534 Jan
7% Jan
3
Jan
14% Jan
2
Jan
634 Jan
2
Jan
1
Jan
9351 Jan
351 Jan
3754 Jan
3% Jan
Jan
25
1251 Jan
11% Jan
2534 Jan
Jan
56
1% Jan
334 Jan
434 Jan
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Other Oil Stocks
Par. Price. Low. High. Shares.
(Concluded)
10
Mexico Oil Corp
1
Mountain & Gulf 011
Mountain Producers_
100
National Fuel Gas
5
New Bradford Oil
25
New York Oil
Noble 011 & Gas com_
North Central Tex OIL _ _*
Oklahoma Natural Gas_ _25
•
Peer Oil Corp
•
Pennock 011 Corp
25
Red Bank 011
Reiter-Foster 011 Corp_ _ _•
Royal-Can 011 Syndicate.•
Ryan Consol Petroleum_ •
Salt Creek Consol Oil_ _.i0
Salt Creek Producers_.10
Tidal Osage 011 non-vot_ •
Venezuelan Petroleum _._5
•
Wilcox Oil & Gas new_
woodley Petroleum Co_ *
1
"Y" 011 & Gas
24%
631
90
11%
231
2134
1535
320
9
32%
6%
100
134
23%
138
6%
13
90
11
32
234
20%
17%
15
320
6%
9
3135
9
4%
25
5%
50
100
1%
24%
140
6%
14
90
12%
32
211
22%
18
17
350
631
934
3331
9
631
26
5%
50
Mining Stocks
1
1
Alvarado Min & Milling_20
120
110 130
Arizona Globe Copper._ _1
100 100
Butte & Western Mining_l
1
3% 4
335
Calaveras Copper
100 100
Calumet &Jerome Cop_ _ _1
1
50
Sc
Chino Extension
1% 2
135
Consol Copper Mines_ _ _1
186% 186%
Cons M & Smelt of Can_25
60
60
Cortez Silver Mines Co __I
231 2%
2%
Cresson Cons Gold M&M.1
50c 75c
Crown King Cons Mines_l
87c 800
Dolores Esperanza Corp _2 670
6c
60
El Paso Consol Gold M1115
12
Engineer Gold Mines,Ltd.5
13%
1
70
60
70
Eureka Croesus
90
90
Sc
First Thought Gold Min_ _1
1
5c
Sc
6e
Forty-Nine Mining
1% 23.4
Golden Centre Mines.._ _5
2c
20
Golden State Mining...10c
Sc
Sc
Goldfield Consol Mines_ _1
18c 200
Hawthorne Mines, Inc_ _1 20e
25c 17% 17% 18
Hecht Mining
19
19
Hollinger Consol G M.._ _5 19
131 1%
1%
Jerome Verde Develop.50c
135 1%
1
111
Kay Copper Co
134
135
5
134
Kerr Lake
950 95c
Kirkland Lake G
@FedFRASER