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The
OMInrrcitl
Railway& Industrial Compendium
State & Municipal Compendium
VOL. 126.
financial
wrack
Public Utility Compendium
Railway Earnings Section
SATURDAY,JANUARY 28 1928.
finantial Thranicle
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The Financial Situation.
The event of the week has been the action of the
Federal Reserve Bank of Chicago in announcing
after the close of business on Tuesday that its rate
1
2% to 4%,
of rediscount was to be advanced from 3/
the change to be effective on the morning of the next
clay. Two days later, that is, on Thursday, the Federal Reserve Bank of Richmond took similar action,
the higher rate in its case becoming effective yesterday.
The Chicago announcement was not altogether un• expected in financial circles, though the stock market does not appear to have been prepared for it,
since it suffered a sharp downward reaction on Wednesday as a result of the news. Whether the other
Reserve Banks are going to follow in the wake of the
Chicago Reserve institution and move their rates
up in like manner, remains to be seen. The Federal
Reserve Bank of New York at the weekly meeting
of its board on Thursday made no change, retaining
1
2% rate, but that does not signify much as to
the 3/
its probable course in the near or remote future.
The Federal Reserve authorities like to have it appear that changes in the discount rates have their
origin in the agricultural sections of the West and
South and are made purely for the benefit of those
sections.
It may be recalled that last Summer when the
movement for the reduction in rates from 4% to
8/
1
2% was inaugurated it began, or was allowed to
begin, with the Federal Reserve Bank of Kansas
and then by degrees the other Reserve Banks, West
and East, fell in line, the Federal Reserve Bank of
Chicago alone resisting the effort to force the rate
downward and being finally peremptorially ordered
Bank and Quotation Section
Bankers' Convention Section
NO. 3266.
by the Fed. Reserve Board at Washington to put the
lower rate into effect. It may also be recalled how
it was urged that great benefits would result to the
agricultural communities of those parts of the country from the reduction, since being made on the eve
of the beginning of the movement of the crops to
market, these communities would be able to borrow
at correspondingly lower rates. On the other hand,
there were those who contended that the only effect
of such an extremely low rate would be to encourage
the flow of money into the speculative maelstrom
on the stock exchanges and particularly the New
York Stock Exchange. This last is precisely what
happened and the further great expansion in brokers' loans shown from week to week since then bears
witness to the truth of the statement.
In the Kansas City Reserve District the cut in the
rate to 3/
1
2% was made as early as July 29; the St.
Louis Reserve District followed on Aug. 4, the Boston and New York Reserve Banks on Aug. 5, the
Cleveland Reserve Bank on Aug. 6, the Dallas Reserve Bank on Aug. 12, the Atlanta Reserve Bank
on Aug. 13 and the Richmond Reserve Bank on Aug.
16. The Chicago Reserve Bank held out until Sept.
7 and then was ordered, as already stated, to put
the 3/
1
2% rate into effect, after which the three Reserve banks remaining quickly followed suit, the
Philadelphia Reserve Bank reducing on Sept. 8, the
San Francisco Reserve Bank on Sept. 10 and the
Minneapolis Reserve Bank on Sept. 13. Thus the
changes extended over a period of more than six
weeks.
As the lowering of the rate to 3/
1
2% was a step in
the wrong direction, the present return to the 4%
rate is pani passu a step in the right direction. The
effect of the reduction in rate was plainly to direct
the flow of money away from Chicago and into speculative channels. It may be that the present advance in the rate will, change the flow backward
again into local channels. At all events, it ought to
stop the further flow of money and of funds toward
the Atlantic seaboard, especially if the higher rate
is allowed to prevail at Chicago and at other interior
1
2% is maintained at
Reserve districts, while the 3/
New York, and this may be a consideration which
will influence the course of action of the New York
Reserve institution, especially as it will fit in well
with the desire to help the financial situation abroad
by keeping rates low at this center.
In banking circles a general belief prevails that
the Federal Reserve authorities are at present engaged in attempts to curb excessive speculation by
the two-fold process of advancing their rediscount
rates and of selling some of their holdings of United
States Government bonds, these holdings having
456
FINANCIAL CHRONICLE
been very greatly enlarged during 1927. Perhaps
the speculation has gone too far and gained too
great a momentum to be got under control by corrective measures of this kind. But if it be admitted
that these measures are open for employment in the
way indicated and might prove effective, then it follows inevitably that the Reserve banks must accept responsibility for having by their operations
stimulated and fostered and promoted speculation in
the first instance. Easy credit, whether supplied
by the member banks or by the Reserve banks, is
always an incentive to speculation and often speculation of a very unhealthy kind. Low interest rates
operate in the same direction. A year ago, that is,
on Jan. 26, 1927, the twelve Reserve banks held
United States Government securities to an aggregate of only $302,765,000. On Jan.4 1928 these holdings had increased to $627,403,000. They have since
been allowed to run down to $440,897,000. During
the same interval, that is, between Jan. 26, 1927,
and Jan. 4, 1928, the holdings of acceptances increased from $301,827,000 to $387,131,000, and the
holdings of discounts increased from $365,157,000 to
$520,879,000.
Altogether the total of bill and security holdings
at the beginning of the present year (Jan. 4 1928)
stood at $1,536,293,000, as against only $972,249,000
on Jan. 26 1927. It is these huge additions to the
amount of Reserve credit employed—much of it deliberately thrust into use by the Reserve authorities
themselves in the absence of any large mercantile
demand for their funds—that must be held accountable, along with rediscount rates no higher than
3/
1
2%, for the tremendous speculation that has developed and which apparently is now getting completely out of hand and hardly amenable to any kind
of control. Last July when the reduction in the
rediscount rates was inaugurated the total of the
brokers' loans certainly stood at no low figure, the
amount reported July 20 being $3,058,974,000; but
on Jan. 11 of the present year the total was up to
$3,819,573,000, being an increase in a period of less
than six months of over three-quarters of a billion
dollars. From this peak figure there was a decline
to $3,787,924,000 Jan. 18, but after this downward
reaction for a single week the total has the present
week again moved upward and for Jan. 25 is reported at $3,788,685,000, or over a billion dollars
more than twelve months ago (Jan. 26 1927) when
the grand total stood at $2,731,940,000.
The effect of all this is seen in another direction
when we turn to the weekly statements of the New
York Clearing House banks and trust companies,
and find that these statements last Saturday again
showed impaired reOerves, this having been the
fourth Saturday in succession when these Clearing
House institutions have been obliged to reporta heavy
deficiency in the required legal reserves—something
that has never happened before except in panic
times and all the more noteworthy because these deficits could have been avoided through the simple
process of additional borrowing at the Federal Reserve Bank, but which the banks do not like to appear to be indulging in to any larger extent than
imperatively required. Obviously it was high time
that the Reserve authorities took reckonings.
[Vol.. 126.
gal reserves, this having happened four successive
Saturdays. The deficiency last Saturday was only
half the amount of that of the previous Saturday and
less than one-fourth what it was the Saturday preceding, but nevertheless amounted to $15,455,500,
and reveals a very anomolous state of things with
reference to these Saturday returns (which show the
situation at the close of business the day before,
Friday, when loans always extend over to the following Monday). On Jan. 14 the deficiency was
$30,707,540; on Jan. 7 it was $62,374,630, and on
Dec. 31 $51,651,040. At this time of the year under
the influence of the return flow of money from the
interior the Clearing House banks always reduce
their borrowings at the Reserve Bank and these recurring deficits can only be explained on the theory
that the present year the banks have reduced their
borrowings faster than their condition warranted.
The loans and discounts of these Clearing House institutions last Saturday showed a further decrease
of $88,426,000 following $129,276,000 decrease
on January 14th, and $153,070,000 decrease
Jan. 4, showing that the patrons of the banks have
been able to liquidate their loans very heavily
through the distribution of the enormous 1st of January interest and dividend payments. The further
decrease in the loan item last Saturday was attended
by a reduction of $62,208,000 in the demand deposits
and a reduction of $3,443,000 in the time deposits,
diminishing reserve requirements accordingly, and
there was also an increase of $5,103,000 in the reserve kept with the Federal Reserve Bank (though
cash in own vault fell off $1,381,000), but all this
while it served to reduce the deficiency in reserves
was not sufficient to extinguish it altogether. A
further drawing down of United States Government
deposits, this time to $23,448,000, against $29,334,000 Jan. 14, $36,635,000 Jan. 7 and $48,052,000 Dec.
31, did not help the banks any in their dilemma.
Nor is any comfort to be derived from the figures
of brokers' loans the present week. Last week, it
may be recalled, the total of these loans, after having
established new high records week after week for a
long time, showed a downward turn, the amount declining from $3,819,573,000 on Jan. 11 to $3,787,924,000 Jan. 18, but the statement which came to
hand on Thursday of this week makes it evident that
the falling off had nothing of a permanent character to it, the figure now being again slightly higher
at $3,788,685,000. It deserves to be noted, however,
that the loans made by the fifty reporting member
banks for account of out-of-town banks did decrease
during the week, declining from $1,534,519,000 to
$1,472,135,00. Whether the advance in the rediscount rate of the Federal Reserve Bank of Chicago
had anything to do with this cannot be said, but at
any rate the decrease attracts attention by reason
of that fact. As against this decrease, the loans
made by the fifty reporting member banks for their
own account increased from $1,260,255,000 to $1,275,055,000 and the loans for account of others from
$993,150,000 to $1,041,495,000. The grand total of
all loans under the three categories at $3,788,685,000 Jan. 25, 1928, compares with only $2,731,940,000
on Jan. 26 1927.
The Federal Reserve banks themselves in their reAs just noted, the New York Clearing House ports indicate a continuance of the trend noted in
banks and trust companies in their return last Sat- the weeks immediately preceding, thatis diminished
urday again showed a deficiency in the required le- borrowing on the part of the member banks, accom-
JAN. 28 1928.]
FINANCIAL CHRONICLE
panied by further reductions in the holdings of U.
S. Government bonds. The discounts during the
week declined from $412,059,000 to $385,224,000; the
holdings of acceptances from $369,035,000 to *347,305,000, and the holding of U. S. Government securities from $499,368,000 to $440,897,000. Altogether,
the total of bills and securities, which measures the
extent of the Reserve credit employed, has fallen
from $1,280,962,000 to $1,173,926,000, but it is to be
observed that even after this reduction the total
is over $200,000,000 larger than a year ago when the
amount was no more than $972,249,000. The reserve
account of the member banks with the Reserve institutions declined during the week from $2,431,764,000 to $2,354,712,000 (probably due to diminished
borrowing by the members), and this involved a reduction of the deposits of the twelve Reserve banks
from $2,471,643,000 to $2,401,614,000. At the same
time, the amount of Federal Reserve notes in circulation was reduced from $1,623,785,000 to $1,584,922,000. Concurrently, gold reserves increased from
$2,807,628,000 to $2,819,078,000. As a consequence
the ratio of reserves to deposit and Federal Reserve
note liabilities combined stands the present week at
75.0%, against 72.7% last week.
The stock market this week followed a somewhat
different course from that pursued in the weeks immediately preceding. Instead of being weak and
lower the early part of the week, it was strong, active and higher on both Monday and Tuesday, with
the tone confident and the volume of transactions
large. Except in the case of cotton goods, accounts
regarding general trade have been getting steadily
I better since the opening of the year. In particular,
the steel industry has been showing a reviving tendency; at the same time, prices for certain classes
of steel products have been advanced. Current reports are to the effect that the United States Steel
Corporation is now operating at 83% of capacity,
as against 75% two weeks ago, while the independent steel companies are around 72%, as compared
with 67% two weeks ago. For the entire industry
the rate of production is said to be between 77%
and 78%, as against 71% two weeks ago. Not only
that, but operations of the entire industry are said
to be now closely approaching those of a year ago,
while some entertain the hope that the improvement
will continue and that there is a possibility that by
the end of March the same record figures will be
reached as in March last year.
All this naturally had a stimulating effect,
and with call money on Monday and Tues2 per cent., operations for
day down to 31/
a rise were resumed in all parts of the market.Pools
and cliques found new speculative favorites with
which to carry on their customary spectacular movements, and stocks so handled distinguished themselves by sensational advances—the same as on similar occasions in the past. In the closing hour of
trading on Tuesday it looked as if the market had
again entered on a new and sustained upward movement.
The action, however, of the Federal Reserve Bank
of Chicago in advancing its rediscount rate from
3/
1
2% to 4% after the close of business on Tuesday,
changed the whole complexion of things. The action
was construed unfavorably and the market on Wednesday acted as if it had been dealt a severe blow,
prices opening two or three points lower than at
457
the close the previous afternoon, which affords an
idea of the impression which the news created. A
few illustrations will suffice to show the extent of
the downward reaction which occurred. U. S. Steel
had closed Tuesday at 1487
/8, it opened Wednesday
all the way from 146% to 147. General Motors,
which had closed at 1361/
4, opened at 133 to 134.
Montgomery Ward, which had closed at 131%,
opened at 128/
1
4, and Radio Corporation, which had
closed at 101, opened at 99. On some stocks the declines were even larger than here indicated, and for
a time the market was weak and irregular, with additional declines besides those shown at the opening. The general list, nevertheless, displayed great
underlying strength and also wonderful rallying
powers.
On Thursday the market resumed its upward
course, gaining tone and strength as the day advanced, and a good portion of the previous day's
losses was recovered. There was no abatement of
the strength on Friday. The figures of brokers'
loans, while showing a slight increase as compared
with last week, exercised no unfavorable market influence as expectations had been of a much larger
increase than that actually recorded, owing to the
great revival of speculative activity at rising prices
on Monday and Tuesday. Still, there was more or
less irregularity. If on the one hand the New York
Federal Reserve Bank made no advance in its rediscount rate, on the other hand, the Richmond Reserve Bank did make an advance. The volume of
business has run large all through the week, sales on
Monday having aggregated 2,653,590 shares; on
Tuesday 2,692,060 shares; on Wednesday, 2,787,840
shares; on Thursday 2,505,445 shares, and on Friday 2,797,300 shares.
In the case of the usual market leaders, the net
changes for the week are not very large as a rule.
U. S. Steel closed yesterday at 147% against 148 at
the close on Friday of last week; General Motors
closed yesterday at 1347
/8 against 1337
/8 the previous
Friday. The rubber stocks were taken in hand early
in the week and moved sharply upward. B. F. Goodrich closed yesterday at 92% against 897
/8 the previous Friday and Goodyear Tire & Rubber closed at
68 against 673
/
4. Greene-Cananea moved up and
down at wide changes in prices, as in recent previous
weeks, and closed yesterday at 146 against 136% the
close the previous Friday. Calumet & Arizona closed
at 1071/
8 against 1063
4,and American Smelting & Re/
fining closed at 1787
/8 against 175%.
The railroad shares developed some strong features, such as Illinois Central and Texas & Pacific,
but yesterday were weak all around. Returns of
earnings have been coming in in large numbers for
the month of December and almost without exception they make unfavorable comparisons with the
corresponding month of the previous year, thereby
repeating the poor record of the months immediately
preceding. This attracted attention yesterday and
induced more or less selling. New York Central
closed yesterday at 160% against 1613
/
4 the previous Friday; Atchison closed at 1891/
4 against 192%,
and Union Pacific at 1901/
4 against 190. On the
/
4 and
other hand, Illinois Central sold up to 1443
closed yesterday at 140% against 134 on Friday of
last week, while Texas & Pacific closed at 110
against 1061/
4. Among the specialties, Montana
Power continued its upward course and closed yesterday at 148 against 116 the previous Friday and
458
FINANCIAL CHRONICLE
1057
/8 the Friday preceding; Adams Express at
280% against 240; Bon Ami "A" at 75% against
66%; Gold Dust at 97 against 73%; Montgomery
/8; Savage Arms at 741/s
Ward at 130 against 1207
/8 against
against 63%, and American Linseed at 647
60.
[VOL. 126.
versations. It is contended, a Paris dispatch of
Jan. 25 to the New York "Times" said,"that it is not
logical that the existence of the League of Nations,
which works for peace, should prove the final barrier to other efforts to achieve the same end."
President William T. Cosgrave, executive head of
The French position in regard to a multilateral the Irish Free State, sojourned in Chicago over the
treaty in which war would unqualifiedly be re- last week-end and proceeded to Washington Monday,
nounced as an instrument of national policy was where official receptions were arranged in his honor.
definitely stated in a note dispatched by Foreign Following a courtesy call on Secretary Kellogg at
Minister Briand on Jan. 20 to Secretary of State the State Department, President Cosgrave late in
Frank B. Kellogg in Washington. The negotiations the afternoon paid a formal visit to President Coolbetween the two Governments grew out of a sugges- idge, with whim he chatted for fifteen minutes. The
tion made by M. Briand last June for a Pact of Irish President, according to a special dispatch to
Perpetual Friendship between France and the the New York "Times," told Mr. Coolidge that IreUnited States. Using M. Briand's proposal as a land was making great progress in an industrial way
text, Mr. Kellogg, on Dec. 28 last, inaugurated a and that its financial system was stable and promseries of notes looking to the conclusion of a six- ised to become stronger. He said that the cost of
power pact, to include Great Britain, Germany, operation of the Government was about 23,000,000
Italy and Japan, by the terms of which all war pounds sterling, which compared favorably per capwould definitely be renounced between the signa- ita with the United States. To newspaper corretories. M.Briand's response was agreeable, with the spondents President Cosgrave later sketched recent
reservation, however, that only "wars of aggression" developments in his country. The Irish Free State
be renounced in the proposed treaty. The latest credit was good, he said, its budget being balanced.
French note, made public in Paris and Washington He explained that he regards the protective tariff,
Tuesday, makes clear France's unwillingness to re- applicable to about 50% of all imports, as necessary
nounce all war because of her obligations under the to maintain the general level of prosperity for IreLeague of Nations. "The American Government," land. Measures recently taken by the Dublin Govthe note said, "cannot be unaware of the fact that ernment to foster aviation were pointed to by Presithe great majority of the powers of the world, and dent Cosgrave as further evidence of Ireland's progamong them most of the principal powers, are mak- ress. He also referred to the Republican loans, reing the organization and strengthening of peace the gretting that New York authorities had not seen
object of common efforts carried on within the fit to accept the compromise offered by his Governframework of the League of Nations. They are al- ment whereby the Free State -would have accepted
ready bound to one another by a Covenant placing the obligations incurred by the Republicans on conthem under reciprocal obligations, as well as by dition that it receive their assets. No further action
agreements such as those signed at Locarno in Oc- seemed possible at present, he said. The Irish Extober, 1925, or by international conventions relative ecutive was the guest of honor at a White House
to guaranties of neutrality, all of which engage- luncheon Tuesday, while on the following day he was
ments impose upon them duties which they cannot escorted through both branches of Congress. He excontravene."
plained both in the Senate and the House of RepreM. Briand, in his latest note, pointed out further sentatives that he had come to thank the American
that "the French proposition of the month of June people for the part they have played in the achievelast tending to the conclusion of a bilateral compact ment of Irish Liberty. "I bear to them through their
took into account the time-honored relations of elected representatives a message of good-will and
France and the United States. The Government of brotherly affection from the Irish people," he said.
the Republic remains always ready to negotiate with
Lively opposition to the several interventions of
the United States under the same conditions and on
the same basis. It has never altered its attitude the United States Government in the affairs of small
in this respect. But in presence of the initiative of nations in the Caribbean region, was apparent late
the United States, which proposes to conclude a last week in the initial business sessions of the Sixth
multipartite compact, it must take into considera- Pan-American Conference at Havana. The Latin
tion the relations existing among the different pow- delegations, dispatches said, seemed to be almost
ers called upon to participate." In Washington, unanimous in their anxiety to "curb the Washingaccording to a dispatch of Monday to the New York ton Government's policy." Irritation over the course
"Herald-Tribune," the French unwillingness to join of the American intervention in Nicaragua was
in a treaty outlawing all war was looked upon as pointed to as the obvious reason for the rapid crysending the efforts to reach an agreement for a tallization of Latin-American resentment. The drive
peace treaty. It was asserted, moreover, in a Paris was referred to, however, as being made on general
dispatch to the same journal, that Paul Claudel, the terms and not on specific instances. The design,
French Ambassador to Washington, had been in- said a dispatch to the New York "Herald-Tribune,"
formed by Secretary Kellogg that it would be im- "is to draft a very general rule which would make
possible for the United States to consent to sign any it impossible for this country ever to do that sort
multilateral treaty containing a renunciation ex- of thing again, but without specific mention of any
pressly of "wars of aggression." This was said to country." A number of indications of Latin-Ameriplace the negotiations in a hopeless deadlock. Offi- can sentiment on this point were reported, chief
cial circles in Paris, however, were said to consider among them the open advocacy of Dr. Gustavo Guerthat the French note had placed the discussion on rero, of Salvador, of the principle of compulsory ara real basis and opened the way for practical con- bitration of disputes between American republics.
JAN. 28 1928.]
FINANCIAL CHRONICLE
Dr. Guerrero maintained further on Jan. 20 that
each republic should be left to settle its internal
troubles without outside intervention. These contentions were given additional weight by Dr. Guerrero's position as Chairman of the Conference Committee, formed to prepare treaties containing the
codification of public international law. Another
outcropping of Latin-American resentment over the
United States Government's policy in Central America occurred in a technical discussion among "reporters" of the Committee on Public International
Law as to whether the principle that "no State may
intervene in the internal affairs of another" should
be incorporated in the preambles of treaties. A
recommendation to this effect was adopted by the
Committee and will be submitted to the Conference,
even though it was contended by Dr. Ferrara of
Cuba that the statement in a treaty preamble
would be ineffective and would serve no useful
purpose.
A surprise move by the Mexican delegation last
Saturday was also interpreted as aimed in a critical
way at the United States and designed to curtail the
prominence which the American State Department
exercises in the administration of the Pan-American
Union. The move consisted of a series of proposals
of which the essence was, firstly, that the practice
of conferring the chairmanship of the governing
board of the Union on the United States Secretary
of State give way to a new arrangement by which
the chairmanship would go by alphabetical rotation
to all twenty-one nations in the Union, and secondly,
that the post of Director-General of the Union, now
bed by Dr. Leo S. Rowe of Washington, should be
renewed annually and also held in turn by representatives of all the nations comprising the Union. Several additional changes in the procedure of the Conference were suggested by the Mexican delegation,
some of them according with the known views of the
United States delegation. The proposals nevertheless caused a great deal of comment in Havana,
where it was generally understood, dispatches said,
that the diplomatic efforts of Ambassador Morrow
had resulted in assurances that no attempt to embarrass the United States would be made by Mexico
at the Conference. There was said to be little expectation that the Mexican proposals will be adopted when they are considered in plenary sessions of
the meeting.
These expressions of discontent with United
States policy and with United States predominance
in the Pan-American Union were countered late last
Saturday by former Secretary of State Charles E.
Hughes, leader of the United States delegation, in a
speech before the American Chamber of Commerce
in Havana. It is idealism, Mr. Hughes said, which
has always nurtured our policy in this hemisphere
and been the guardian of our liberty at home. More
specifically, he pointed out, it is the ideals of independence and democracy that dominate among the
people of the United States. Dilating on the expansion of commercial relations with the countries to
the south, Mr. Hughes asserted that such expansion
is unsatisfactory unless accompanied by an understanding and a sympathetic interest "which quickly
ripens into esteem and affection." "There is no
guaranty of friendship in disregard of differences,"
he added. Mr. Hughes then proceeded to consider
these differences, obviously in answer to the repeated criticisms of American policy among the na
45%
tions south of the Rio Grande. "It is the firm policy
of the United States," he declared, "to respect the
territorial integrity of the American republics. We
have no policy of aggression. We wish for all of
them, not simply those great in area and population
and wealth, but for every one, to the very smallest,
strength and not weakness. What a fatuous idea
it would be to think that the United States desired
that any of these States should be weak or the prey
of disorder! There is no promise for the United
States in that. We do not wish their territory. We
have troubles enough at home without seeking responsibilities abroad. The rights we assert for ourselves we accord to others. Nothing could be happier for the United States than that all the countries in the region of the Caribbean should be strong.
self-sufficient, fulfilling their destiny, settling their
problems, with peace at home and the fulfillment
of their obligations abroad. It is in the strength of
these powers, as equal and responsible states, and
not in the weakness of any, that lies our confidence
for future tranquillity and the mutual benefits of intercourse."
As an instance of the desire of the United StatesGovernment for independence and stability among
the Caribbean Governments, Mr. Hughes cited the
intervention and withdrawal several years ago from
Santo Domingo. "It would have been very easy to
remain," he added, "but the Government of the
United States was most solicitous to arrange for
the termination of its occupation and the withdrawal of its forces, and endeavored earnestly and
successfully to aid the Dominican people in establishing a sound basis for an independent Government." Mr. Hughes declared, moreover, that "we
would leave Hayti at any time that we had reasonable expectations of stability and could be assured
that the withdrawal would not be the occasion for
a recurrence of bloodshed." Referring finally to.
Nicaragua, Mr. Hughes stated that the United States
Government has no desire to stay in that unhappy
country, being there only "at the request of both
parties and in the interest of _peace and order and
a fair election." "We entered to meet an imperative
but temporary exigency, and we shall retire as soon
as it is possible," he said.
These declarations by the leader of the United
States delegation had a marked effect in creating a
better attitude in Conference circles with respect
to the Washington Government, according to subsequent advices from the Cuban capital. The statements, it was pointed out, were largely a repetition
of the explanations which had previously been offered by the Coolidge Administration regarding the
presence of United States Marines in Nicaraguan
territory. But delivered again in the atmosphere of
the Havana Conference, they were said, by the correspondent of the New York "Times," to have resulted in a better understanding among Central and
South Americans of the policy of the United States.
Wide-spread approval of Mr. Hughes's remarks was
expressed by the Latin-American delegates last Sunday. The Nicaraguan and Haytian delegates in particular endorsed them heartily. High praise also
was expressed by the leaders of the Mexican, Argentine, Brazilian, Uruguayan and Colombian delegations.
Official discussions among the delegates to the
Sixth Pan-American Conference at Havana in
460
FINANCIAL CHRONICLE
the past week centered largely around the
terms of a proposed treaty regulating aerial
intercourse between the member States and around
the changes in Conference procedure sought by Mexico. Consideration of the proposed air traffic
treaty was begun by the Committee on Commercial
Air Communication on Jan. 21, a suggested treaty
comprising thirty-six articles having been prepared
for submission to the Conference in Washington
last May. The more important articles recognize
that every power has exclusive jurisdiction of airways over its territory. The Governments in every
case guarantee freedom of passage over their territories to commercial aircraft of the other signatories, but each reserves the right to prohibit such
passage in certain circumstances. The proposed
treaty provides that aircraft follow routes prescribed by the country whose territory they enter.
Some controversy over the proposed treaty was expected and actually developed Tuesday when Ambassador Henry P. Fletcher, on behalf of the American delegation, submitted an amendment affirming
contractual rights between States, but providing
"that prohibited areas within their respective territories and regulations pertaining thereto may be
agreed upon by two or more States for military reasons or in the interest of public safety."
When this amendment was offered Enrique Olaya,
President of the Colombian delegation, made the
objection that it would permit two countries to make
an agreement which would exclude their entire territories from the operations of foreign aircraft. The
Colombian delegate, according to a special dispatch
to the New York "Times," apparently had in mind
that the purpose of the United States was to make
an arrangement with the Panama Government
which would exclude from the Canal Zone and from
the Panama Republic the planes of a Colombian concern said to be backed partly by German and Austrian capital. Ambassador Fletcher gave assurances
to the contrary saying that no exclusion from the
whole territory of Panama is intended by the amendment. The "Times" dispatch declared, however,
that it was clearly the purpose of the United States
to exclude foreign planes from the air over the Panama Canal fortifications and the vicinity of the
United States Naval Station at Guantanamo, Cuba.
It developed Wednesday that the Mexican delegation also took serious objection to the amendment
proposed by Mr. Fletcher, but on assurances that the
United States did not intend to exclude flying over
Panaman territory, the objections were withheld
and further discussion provided for.
The changes in the Pan-American Conference procedure sought by the Mexican delegation and outlined above were discussed Monday, the conversations being made the occasion for an incidental appeal by Dr. Honorio Pueyrredon of the Argentine
for a lowering of the United States tariff schedules.
Implied in the Mexican proposals was the reorganization of the Conference on a treaty basis,
the authority of the Union under the present arrangement being derived merely from the executive
orders issued by the various Governments included
in it. Dr. Pueyrredon, in opening the discussion,
pleaded that economic arrangements between the
member States be included in the proposed treaty
of reorganization. A modification of the tariff obstacles to free economic intercourse between the
republics of the Western Hemisphere was urged by
[Vol.. 126.
the Argentine delegate as of primary importance.
By inference, Dr. Pueyrredon was said to have accused the United States of inconsistency to the extent of not living up to the basic principles of the
Congressional joint resolution of 1888 which provided for the Pan-American Union. That resolution, among other things, provided for the establishment of an American customs union and uniform
customs systems.
In reply to Dr. Pueyrredon, Mr. Hughes remarked
briefly that "in our co-operation in relation to PanAmerican affairs we shall undoubtedly find that
there are matters of recognized common interest."
He emphasized, however, that the Committee was
formed in order to deal with particular matters for
which the program of the Conference had been arranged. In effect, Mr. Hughes intimated that Dr.
Pueyrredon's proposal for the removal of tariff barriers came within the province of the Governments
and was apart from the business of the Conference.
From his own experience while Secretary of State,
as the Chairman of the Governing Board of the PanAmerican Union, Mr. Hughes was able to assure the
delegates that the office was of less importance in
Union affairs than the Mexican proposals seemed to
imply. Great importance, on the other hand, was attached by Mr. Hughes to the office of Gov. General,
held by Dr. Leo S. Rowe. Mr. Hughes urged the
strict impartiality of Dr. Rowe, and the immense
fund of information at his command, as the best reason for continuing the present Union arrangement.
The conversations regarding reorganization of the
Pan-American Conference on a treaty basis were
continued Wednesday, Dr. Pueyrredon amplifying
his statements relating to tariffs. "It is not my
idea," he said, "that the proposed treaty should call
for removal of tariff barriers, but merely that there
should be a gradual reduction in the interest of all
the countries concerned. This proposal is not in
the interest of Argentina exclusively. . . . We
do not suffer from high tariffs, but we desire a more
intimate economic as well as better spiritual and
cultural relations with the rest of America, and
believe lowering of tariff barriers would do much
to bring this about." The views expressed by Dr.
Pueyrredon were supported by the Mexican and
Venezuelan delegations. In discussing the matter
after the meeting, the Argentine delegate informed
the New York "Times" correspondent that it would
be useless for him to agree to a treaty which did not
contain a statement approving the lowering of tariff barriers, as the Parliament of his country would
refuse to ratify it.
A proposal giving the Pan-American Union political powers was put forward Wednesday, but met
determined opposition from the United States delegation as well as from others. The proposal, sponsored by the Cuban delegation, provided that the
Union be given the power"to investigate determining
causes of the conflicts between the American republics . . . and to communicate in such cases
such votes of formulae of settlement as may be advisable." In addition to the United States, this proposal was opposed by Argentina, Brazil, Chile and
Mexico. As the reorganization treaty cannot be concluded unless all twenty-one nations agree to it,
there was said to be little likelihood, in view of these
differences, that any reorganization will take place.
A further proposal of general interest was one made
Tuesday by the Colombian delegation for the es-
JAN. 28 1928.]
FINANCIAL CHRONICLE
tablishment of a Pan-American Court of Justice.
The scheme provided that disputes arising between
American republics would be adjudicated by the six
judges and six assistant judges composing this court.
Much opposition to this proposal was reported, however, and it was suggested in dispatches that it is
hardly likely to get before the Conference in plenary session.
A definite project of the United States delegation,
to be put before the Conference before its close, was
disclosed in a special dispatch of Jan. 22 to the New
York "Times." At an appropriate time, it was said,
the United States delegation will present a plan for
a multilateral treaty for the arbitration of disputes
between the republics of the Western Hemisphere.
This treaty, according to the dispatch, "will follow
the lines of the treaty proposed between France and
the United States, except that probably the plan
here will provide for one general treaty open to all
members of the Pan-American Union instead of a
series of treaties between each two of these Governments."
Occupation by American Marines in Nicaragua
of the mountain stronghold of El Chipote, from
which the rebel General Augostino Sandino has been
defying the United States forces, was announced in
Managua and Washington Thursday, marking a
further step in the pacification, it is declared, of the
Central American republic. The retreat from which
Sandino had been conducting his operations was
weakly held, according to all accounts, after the severe bombardments by American airplanes several
weeks ago. The Marines, however, were under the
necessity of advancing with the utmost caution in
the broken jungle country where ambuscades are
so easily made. In occupying El Chipote, they encountered only "casual opposition" in which two
Marines were slightly wounded. No official statements of the general military situation in Nicaragua
have recently been issued by the United States authorities in Nicaragua. It was, however, reported in
a Managua dispatch of Jan. 23 to the New York
"Times" that there is a strong feeling among many
Marine officers that the backbone of the activities
has been broken. The Marines, according to the dispatch, "foresee long months or years of difficult
work ahead, but think it will be simply a slow,
steady pacification, building roads, posting garrisons, preparing facilities to rush troops from point
to point and gradually making a campaign such as
Sandino has waged impossible in the future." In
the meantime a bitter political struggle between the
Liberals and the Conservatives in Nicaragua is being carried on over the October elections, serious
opposition to the method of American supervision
having developed in the Chamber of Deputies. The
arrival of Brig. General Frank R. McCoy, President
Coolidge's appointee to direct the elections, was reported from Managua Monday and was interpreted
there as practical asurance that the elections will be
held in October under thorough-going American
supervision, as agreed to by all parties in the Stimson settlement last May.
unfortunate. From the text of the address, given
out by the Japanese Embassy in Washington, it appeared that the Japanese Premier expressed gratification over the improved relations of his country
with the various treaty powers. The Geneva tripartite conference, the Premier added, "unfortunately failed to achieve the end it had in view,
despite the zealous efforts of the powers concerned."
In touching on relations between Japan and the
United States, Baron Tanaka again regretted "that
the question of discriminatory legislation against
Japanese immigration pending for the past several
years still remains unsolved." He stated, nevertheless, that the mutual understanding and sympathy
of the Japanese and American peoples are gradually
growing. An improvement in the relations of his
country with the Union of Soviet Socialist Republics
was also recorded by the Premier. The session of the
Diet which followed the Premier's speech did not
last very long. The powerful Opposition party, immediately after the opening, presented a resolution
of non-confidence in the Government, in which they
were joined by the Business party members, who
held the balance of power. An imperial rescript
dissolving the Diet was promptly handed the Speaker, new elections to be held late in February thus
automatically coming into effect. The elections will
be the first held in Japan under the new regulations
for full manhood suffrage. It was said, however, in
a Tokio dispatch of Jan. 21 to the New York "Times"
that the contest will be another of the old-style party
fights between political cliques who are rivals for
office, but between whom no clear distinction of
principle exists. No great change in the immediate
political situation was forecast by students of Japanese politics.
The opening of the Japanese Diet in Tokio last
Saturday was made the occasion for an address by
Baron Tanaka, the Japanese Premier and Foreign
Minister, in which the failure of the Geneva naval
armament limitation conference was deplored as
461
The Bank of Austria yesterday reduced its rate
of discount from 61A% to 6%. This is the first
change by this Bank since Aug. 25 1927, when the
rate was lowered from 7% to 63'%. Otherwise
there has been no change this week in discount
rates by any of the banks in Europe. Rates remain at 7% in Germany and Italy; 5% in Belgium,
Denmark, Norway and Madrid; 43'% in London
and Holland, and 31A% in France, Switzerland and
Sweden. In London open market discounts yesterday were 4 1-16@43'% for both long and short
bills against 434.@4 5-16% for both on Friday of
last week. Money on call in London was quoted
at 43% on Wednesday, but was 4% yesterday,
which compares with 33'g% on Friday of last week.
At Paris open market discounts remain at 33%,
and in Switzerland also there has been no change
from 34%.
Another substantial gain in gold holdings was reported by the Bank of England, namely £662,861.
As notes in circulation decreased £108,000, the
gain in reserve was £770,000, while the proportion
of reserve to liabilities rose to 35.85% from 33.96%
last week. This ratio is higher than any reported
in 1927 the nearest being that of May 14 at which
time it stood at 34.25%. Both the deposit items
declined, public deposits falling off £2,676,000 and
"other" deposits £1,424,000. Loans on Government securities decreased £1,179,000 and on other
securities £3,649,000. Gold holdings now aggregate £156,202,953 against £151,344,543 in 1927 and
£144,204,841 two years ago. Notes in circulation
462
FINANCIAL CHRONICLE
total £134,640,000 comparing with £137,049,120
and £141,503,305 in 1927 and 1926 respectively.
Although there has been much talk of a lowering
of the discount rates, it remains unchanged at
432%. Below we furnish comparisons of the different items of the Bank of England return for five
years.
[VOL. 126.
Interest in the money market in the past week
overshadowed all other financial events at this
center, chiefly because of the apprehension felt in
speculative circles over the possible effect of rising
money rates on security values. It has been known
for some weeks that the Federal Reserve Board
desires to strengthen the money market, the first
BANK OF ENGLAND'S COMPARATIVE STATEMENT
definite indication of this decision consisting of
1926.
1925.
1927.
1924.
1928.
large sales of Govermnent securities. Continued
Jan. 27.
Jan. 28.
Jan. 25.
Jan. 26.
Jan. 30.
sales of such securities were shown in Thursday's
Circulation
b134,640,000 137,049,120 141,503,305 124,456,340 126,533,625
16,525,000 13,733,633 22,537,503 22.550,429 16,248,295 statement of the Federal Reserve Banks. The
Public deposits
98,707,000 102,777,303 101,332.739 107,271,488 105,289,635
Other deposits
Govermn't securities 35,304,000 28,117,634 45,577,526 50,037,899 48,422.032 outstanding event, however, as mentioned further
56.717,000 72,452,572 73,955,881 73,990,777 69,832,736 above, was a rise in the rediscount rate of the Federal
Other securities
Reserve notes & coin 41,311,000 34,045,423 22,451.576 23,863,255 21,295,372
Coin and bullion_ _2156,202,953 151,344,543 144,204,841 128.669,595 128,078,997 Reserve Bank of Chicago from 332% to 4%, anProportionofreserve
nounced Tuesday, and the similar rise in the Rich35.45%
29.22%
4%
to liabilities
4%
183.g%
%
5%
4%
5%
Bank rate
4% mond Bank rate for which permission was granted
a Includes, beginning with April 29 1925, £27,000.000 gold coin and bullion Thursday. These are the first changes
in the redispreviously held as security for currency notes issued and which was transferred to the
count rates of any Reserve Bank since September
Bank of England on the British Government's decision to return to the gold standard
b Beginning with the statement for April 29 1925 includes £27,000,000 of Bank
1927, and the action was interpreted very generally
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.
as part of an effort to curb speculative activity in
the stock market, which has absorbed an undue proThe Bank of France in its report as of Jan. 25 portion of the country's credit. The New York
showed a decrease in note circulation of 463,076,000. money market, which was very easy early in the
francs, reducing the total of notes outstanding to week, responded promptly to the action of the
57,127,690,450 francs as against 52,171,717,680 Chicago bank. Rates for demand funds were
francs last year and 50,617,937,845 francs in 1926. officially quoted at 33% Monday and
Tuesday,
All gold holdings remained unchanged. Silver fell with "street" trading reported at 3% and 33%.
3,000 francs, trade advances 13,886,000 francs and These rates, prevailing despite a fourth successive
Treasury deposits 106,367,000 francs, while bills dis- weekly deficit in Associated Bank reserves reported
counted rose 214,293,000 francs, general deposits in last Saturday's Clearing House statement, in920,842,000 francs and divers assets 166,966,000 dicated that a plethora of funds was
available for
francs. Advances to the State remained unchanged borrowing here. On Wednesday, however, withat 23,500,000,000 francs. Below we give a compari- drawals of approximately $25,000,000 were noted
son of the various items for three years past.
in the call loan market, occasioning a rise in the
BANK OF FRANCE'S COMPARATIVE STATEMENT.
demand rate to 4% and a discontinuance of the
Changes
for Week.
Sialus as of
outside market. Further withdrawals on Thursday
Francs.
Jan. 25 1928. Jan. 26 1927. Jan. 271926.
Gold Holdings—
for Week.
Francs.
Francs.
Francs.
and
Friday amounted respectively to $25,000,000
Unchanged
3 680,510,414 3,683,503,343 3,683,837,882
In France
Abroad—available
Unchanged
462,771,4781 1,864,320,907 1,864.320,907
$30,000,000,
the movement being considered
and
1,401,549.420f
Abroad—non-avail Unchanged
5,544,831,317 5,547.824,250 5,548.158 789 the natural result of the higher rediscount rate prevailTotal
Unchanged
342,925,691
Dec.
3,000
Silver
341,358.185 324.687.872
Bills discounted_ _Inc. 214,293.000 1,620,334,939 3,593,129.714 3,393.154,949 ing in Chicago than the one in New York, which
Trade advances_ _ _Dec. 13,886.000 1,696.135,288 2,059.080,797 2,496,230,940
Note circulation_ _Dec.463,076,000 57,127,690,450 52,171,717.680 50.617.937.845 remained unchanged at 33/2%. In changes the
32,478,666
41.518,599
Treasury deposits_Der. 106.367,000
40,158,352
General deposits_ _Inc. 920,842.000 10.900204.891 5.924,378.275 3.148.283,105 cumulative effect of the heavy withdrawls was such
23.500,000.000 32,550,000,000 34,200,000,000
Advances to State_ Unchanged
Inc. 166,966,000 27,302,913,000 7,225,176,321 3,561,425,644 as to cause a material tightening in both time and
Divers assets
call money rates, Friday, the latter figure mounting
The Bank of Germany in its statement as of Jan. to 432%. The weekly statement of brokers loans
23 reported a decrease in note circulation of 245,271,- against stock and bond collateral issued by the New
000 marks, reducing the total to 3,678,594,000 marks York Federal Reserve Bank on Thursday, showed
as against 2,976,732,000 marks last year and 2,341,- little change in the total figure for the present week.
039,000 marks in 1926. Other daily maturing obli- The advance of $761,000 was, however, sufficient
gations increased 52,867,000 marks, while other lia- to emphasize again the persistent upward trend of
bilities decreased 659,000 marks. On the asset side, such loans.
gold and bullion decreased 615,000 marks, deposits
Dealing in detail with the rates from day to day,
abroad remained unchanged, bills of exchange and the renewal rate for call loans on the Stock Exchange
checks fell off 252,822,000 marks, investments 3,000 on Monday and Tuesday was 332%, while all other
marks and advances 9,720,000 marks. Silver and loans were at the same figure on both days. On
other coin increased 14,838,000 marks, and notes on Wednesday the renewal rate was still 33/2%, but the
other German banks 6,619,000 marks, and other general rate rose to 4%. On Thursday all loans
assets 28,330,000 marks. Below we give a compari- were at 4%, including renewals. On Friday the reson of the various items of the return of the Bank of newal rate was still maintained at 4%, but the rate
Germany for the last 3 years:
for new loans advanced to 43/2%. Time loan rates
REICHSBANK'S COMPARATIVE STATEMENT.
have further advanced. The 30-day rate at one
Changes for
Week.
Jan. 23 1928. Jan. 22 1927. Jan. 23 1926. time was down to 4@43'%, but the quotation
Reichsmarks. Reichstnarks. Reichsmarks. Reichsmarks. yesterday was 43'@4%%, with
Assets—
the rate for sixty
615,000 1,863,428,000 1.834.717.000 1,249,806.000
Dec.
Gold and bullion
81,437.000 128.420,000 137.845.000 and flinty days 498@43/2%, and for four, five and
Of which depos.abr'd. Unchanged
306.501.000
501,450,000
20.310,000
378,993,000
Res've in for'n curr_ _ _Inc.
There has been no change in
Msof exch.& checksDec. 252,822,000 2,078,059,000 1,379.704.000 1,350,627,000 six months 43/2%.
80.074.000 133,753,000
81,974,000
Silver and other coin_ _Inc. 14.838,000
26.931,000
19,717.000
42,216,000 the rates for commercial paper, which remain at
Notes on oth. Ger. bksIne. 6,619,000
23,453,000
9,613.000
Dec. 9,720,000
Advances
4,663.000
1@4% for four to six months' names of choice
3,000
93,256.000
89,638,000 232,776,000 3V
Investments
Dec.
Inc. 28,330,000 564,964.000 656,575.000 788,317,000 character. For names less well known the
Other assets
quotation
Notes in circulation_ _Dec. 245,271,000 3,628 594.000 2.976.732.000 2,341,039,000 remains at 431%. For New England mill paper the
Oth.daily matur.obligInc. 52,867.000 707,997,000 1,084,972,000 922,200,000
659,000 279,794,000 203,590,000 657,538,000 quotation is 4%.
Dec.
Other liabilities
JAN. 28 1928.]
FINANCIAL CHRONICLE
463
portion of foreign balances. Although call money
in New York has been on average easier in the past
few days, the tone has been sufficiently strong to
prove comparatively attractive to certain foreign
funds on balance in New York. During a lull in
transfers of funds due to operations connected with
foreign lending on the part of New York bankers,
all offerings of commercial bills have a tendency to
depress the sterling quotations. The lull in foreign
loans negotiated at New York which has been a
conspicuous feature in the decline in sterling since
the close of the year has about come to an end.
Several important loans have recently been conSPOT DELIVERY.
cluded and bankers expect a marked increase in
—180 Days— —150 Days— —120 Days—
Asked.
Bid.
Asked. such loans in the period immediately ahead. These
Bid.
Asked.
Bid.
3%
3%
3%
3%
Prime eligible bills
3%
3%
operations will require considerable transfers of
—90 Days— —60 Days— —30Days—
Bid.
Asked. funds,
Asked.
Bid.
Asked.
Bid.
which for a time at least will be lodged in
Prime eligible bills
3%
3%
3%
3%
3%
3%
London and will almost certainly have a strengthenFOR DELIVERY WITHIN THIRTY DAYS.
3% bid ing
Eng
member banks
effect on the pound. They will in all probaEl
3% bid
non-member banks
bility offset any depression in the rate which may
The rediscount rates of the Federal Reserve Banks result from the offerings of commercial bills, even
of Chicago and Richmond were this week increased though they may not be sufficiently great to force
from 33/2% to 4%. The change in the rate of the the rate again to the exceedingly high points reChicago Reserve Bank was announced on Jan. 24 corded in December, when gold was attracted from
by the Federal Reserve Board, and was made effec- this side. The ease in sterling during recent weeks
tive Jan. 25. In the case of the Federal Reserve has come as a great surprise to London operators
Bank of Richmond, the increase, announced by the owing to the suddenness of the development. In
Reserve Board Jan. 26, became effective Jan. 27. London the circumstance is attributed to heavy
The 4% rate applies in both cases on all classes of French purchases of dollars and purchases of Ameripaper of all maturities. The 33/2% rate of the Fed- can exchange by London merchants who had delayed
eral Reserve Bank of Chicago had been in effect since making remittances to New York, have been largely
Sept. 7 1927; while the Richmond Reserve Bank had responsible for its accentuation. The sharp deestablished the 3
rate on Aug. 16 1927. The cline in the premium on forward dollars was taken
following is the schedule of rates now in effect for the in London to indicate that the bull position in
various classes of paper at the different Reserve banks: sterling was being liquidated. London foreign exDISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES change traders also see a natural downward tenAND MATURITIES OF ELIGIBLE PAPER.
dency resulting from the retarded influence of grain
While a considerably larger
Date.
Precious and cotton imports.
Rate in Effect
Federal Reserve Bank.
Established.
Rate.
on Jan. 27.
proportion of international business is now being
Boston
4
Aug. 5 1927
3%
done through dollar credits, the American bank
New York
3%
Aug. 5 1927
4
Philadelphia
4
Sept. 8 1927
3%
Cleveland
3%
4
acceptance
has by no means supplanted the sterAug. 6 1927
Richmond
3%
4
Jan. 27 1928
Atlanta
Aug. 13 1927
4
ling
3%
bill.
A majority of the bills discounted by
Chicago
4
3%
Jan. 25 1928
St. Louis
3%
4
Aug. 4 1927
American
instead of British banks are falling due
Minneapolis
3%
Sept. 13 1927
4
Kansas City
4
3%
July 29 1927
within
the
next two or three months and should
Dallas
4
Aug. 12 1927
3%
San Francisco
4
3%
Sept. 10 1927
occasion a sufficient demand for dollars to keep the
sterling rate from rising excessively. French balSterling exchange this week has been dull, irregular ances in London have recently been reduced in
and inclined to ease. The range for the week has important amounts and dollars purchased. This
been 4.86 13-16 to 4.87 5-16 for bankers sight and transfer of French funds to New York is doubtless
4.87 3-16 to 4.87 11-16 for cable transfers. The for the purpose of acquiring gold. There is no way
present ease is attributed to a number of factors, of ascertaining how much gold France may have
among them the uncertainty regarding the outlook earmarked at New York, but there can be no doubt
for money on this side. the increased offerings of that France has been building gold balances here
grain and cotton bills, a temporary lull in foreign as well as transferring gold secretly to other centers
issues at New York, and operations of the Bank with a view to furthering the franc stabilization
of France in exchanging sterling holdings for dollars. program.
The action of the Chicago Federal Reserve Bank in
London foreign exchange traders seem generally of
increasing its rediscount rate from 33/2% to 4%, the opinion that there is little hope at present of any
effective on Jan. 25, followed by similar action rapid recovery in the sterling rate to the high point
on the part of the Federal Reserve Bank of Rich- reached at the end of the year. Considering the
mond, lends support to a rather widespread belief fact that the Federal Reserve banks deem to have
that money rates may be allowed to firm up ma- adopted a policy of generally higher rediscount rates,
terially in New York. This prospect, whether bankers are inclined to the opinion that there will be
borne out by later events or not, of course, tends no lowering of the rate of the Bank of England.
to lower the rate on sterling exchange, as some larger Authorities on this side seem to take the stand that
operations may reasonably be expected to be sus- the financial and economic recovery of the leading
pended temporarily awaiting events. It is well countries of the world has been so great since last
known that firmer call money in New York has an August that there is no longer any necessity for mainadverse effect on sterling as it retards bankers' taining a spread between New York and London.
transfers and attracts to New York a certain pro- money rates. They point out that in the last quarter
In the market for banks' and bankers' acceptances
the posted rate of the American Acceptance Council
for call loans against acceptances has again remained
unchanged throughout the week at 314%. The
posted quotations on prime bankers' acceptances
eligible for purchase by the Federal Reserve banks
have been advanced for all except the very longest
bills and yesterday were reported at 33i% bid and
31A% asked for bills running 30 days; 33/2% bid and
3V% asked for bills running 60 days; 3%% bid and
4% bid and 3%%
332% asked for 90 days; and 33
asked for 120, 150 and 180 days. Open market
. rates have also been advanced and are now as follows:
464
FINANCIAL CHRONICLE
[VoL. 126.
of the year the Federal Reserve banks lost $220,000,- 4.87 3-16@4.87 7-16 for cable transfers. Closing
000 in gold through earmarking and exports. They quotations yesterday were 4.86 15-16 for demand and
even expect that owing to the large foreign central 4.87 5-16 for cable transfers. Commercial sight bills
bank claims on New York, possibly $100,000,000 or finished at 4.863
%, 60-day bills, at 4.833/
8, 90-day
more in gold may yet be withdrawn from New York, bills at 4.81 9-16, documents for payment (60 days)
% and seven-day grain bills at 4.86 3-16.
regardless of the relation of the several foreign cur- at 4.831
rencies to gold points. It is believed that with the Cotton and grain for payment closed at 4.863
%.
re-enforced position of the foreign currencies higher
The Continental exchanges have been less inclined
rediscount rates here, while they may not retard to
any great extent foreign central bank gold withdraw- to follow the sterling rate this week. The French
als, will not on the other hand prove so attractive to franc and the Italian lira on several occasions moved
the import of gold from abroad as to endanger the in a direction opposite to sterling. The debate on the
improved position of sterling or of any other foreign finances was opened in the French Chamber of
currency which has returned to the gold standard. Deputies on Tuesday, apparently contrary to the
A spread of a full 1% between the New York re- original plans of Premier Poincare, who wished to
discount rate and that of the Bank of England may defer any extended discussion of the Government's
have proved very advantageous to European finan- program until May. Nothing has developed in the
cial interests last August, but now it is asserted that debates thus far which should in any way alter the
a differential of % of 1% in favor of London would be program for stabilization when the Government sees
equally effective. The Bank of England rediscount fit to carry out its plans. For the most part the more
radical deputies seem to have been given the opporrate continues at 432%.
its
tunity to express their views, which in the main
enlarged
England
again
This week the Bank of
appeared
unrelated to the practical bearings of the
ended
week
for
the
statement
holdings.
The
gold
Jan. 25 shows an increase of £662,861 in bullion. problem in hand. Bankers are proceeding on the
On Monday the Bank of England exported £20,000 assumption that the stabilization program will not
in sovereigns to Spain. On Tuesday the Bank be put into effect until early in the summer. Although
bought £34,000 in gold bars. On Wednesday the the statement of the Bank of France has shown no
Bank exported £9,000 in sovereigns to India. On change in the total gold holdings for several weeks,
Thursday the Bank bought £6,000 in gold bars it is nevertheless generally believed that its gold
and sold £26,000. Yesterday £10,000 was with- holdings have increased greatly and are secretly
als, will not on the other hand, prove so attractive to stored in New York, London, and other central banks,
drawn from the Bank for shipment to Holland. Dis- and disguised in its item of Sundry Assets. This
patches from South Africa via London state Brazil week the Sundry Assets of the Bank of France
purchased £1,700,000 in sovereigns there from pro- showed an increase of 166,966,000 francs, making a
ceeds of the loan floated in London last year. Metal total of 27,302,913,000 francs.
Italian lire have been firm this week and in demand.
will be shipped to Brazil. Shipments totaling £1,700,000 were made to the same country in De- On Tuesday the lira sold at a new high since the return
cember. At the Port of New York the gold move- to gold, at 5.299 for cable transfers. Demand for
ment for the week Jan. 19-25, as reported by the lire has been steady since stabilization was anFederal Reserve Bank of New York, consisted of nounced, as this step has drawn capital to Italy from
imports of $193,000, chiefly from Latin America. several sources. Speculative and investment capital
Exports consisted of $792,000, of which $60.0,000 has been strongly attracted to Italian markets, while
went to Venezuela. To-day $4,750,000 gold leaves Italians abroad, assured of the future value of the
New York for Buenos Aires, of which $3,750,000 lira, have increased their remittances noticeably. It
is being shipped by the Seaboard National Bank is. asserted that foreign trade has exercised less
and $1,000,000 by the Anglo-South American Bank- pressure on Italian foreign exchange than in most
ing Corp., Besides the above imports, the Federal Re- recent years, while invisible exports have been well
serve Bank reported gold shipments from Canada maintained.
There have been no developments of importance
totaling $6,800,000. Of these shipments, $3,500,000
was accounted for here last week. Canadian exchange affecting German exchange. The money situation in
continues at a discount. It has been around Berlin and other German centers is comparatively
3-16 of 1% the greater part of the week, though a easier, but of course money rates are still very high
slight firmness was noted on Thursday and Friday, and strongly attractive to foreign funds, especially
when the discount was reported down to 9-64 of 1%. inducing credit extension through New York. The
Referring to day-to-day rates sterling opened off rate for Berlin marks has been on the whole steady
last Saturday, but stiffened at the close. Bankers this week, although showing some recession from
sight was 4.86 15-16@4.87%
1 ,cable transfers 4.87%@ the high points attained in December. A few long4.873/2. On Monday the market was irregular. term loans have been arranged by New York bankers
Bankers sight ranged from 4.87 to 4.87 3-16 and for German borrowers and short-term credits are
cable transfers from 4.873
% to 4.873/2. On Tuesday sufficiently in evidence to maintain a very satissterling displayed slight firmness. The range was factory rate for the mark.
Greek exchange is classed as inactive in New
4.87@4.87 5-16 for bankers sight and 4.87 7-16@
4.87 11-16 for cable transfers. On Wednesday the York. In our issue of Jan. 14, the Greek loan of
market was dull and inclined to ease. The range was $43,800,000 launched under the auspices of the
4.87@4.87 3-16 for bankers sight, and 4.87 7-16@ League of Nations was commented upon. An ex4.87 9-16 for cable transfers. On Thursday the tended program of banking reform has been inmarket was depressed. Bankers sight was 4.86 13-16 augurated. The statutes of the Bank of Greece, the
@4.87 5-32, cable transfers 4.87 5-16@4.87 9-16. new central bank of issue, which it is proposed to
On Friday the market continued weak. The range establish in conjunction with the plan for stabilizing
was 4.86 13-1.6@4.87% for bankers sight, and Greek currency, are said to hold the refinement of
JAN. 28 1928.1
FINANCIAL CHRONICLE
465
recent developments in the theory of central banking. been narrowing recently and the explanation given
These statutes have been elaborated under the for this is the feeling that the fluctuations during the
auspices of the Financial Committee of the League past few weeks have been connected with the pendof Nations. It is understood that they have been ing return to gold in Norway. Exchange on Amsterbased in general on the statute of the Esthonian dam has been under slight pressure, ascribed largely
bank of issue, which were in turn founded on the to offerings of guilder grain bills. Guilders closed
Austrian and Hungarian statutes. Certain ideas yesterday at 40.34 for cable transfers. This quotation
have been adopted from the legislation governing is still well above par (40.20). Spanish pesetas
the activities of the Reichsbank, the Reserve Bank fluctuated more widely than any of the other Euroof South Africa, the Bulgarian National Bank, and pean exchanges, as the unit is subject to wide specuthe proposed Indian Reserve Bank. The new bank lative trading originating chiefly in Europe. A
will commence business not later than six months London dispatch on Monday telling of a new Spanish
after the issue of the external loan, the proceeds of internal loan stated that the Spanish Finance Minister
which are to be devoted to the stabilization of Greek announced that he does not contemplate a return to
currency and the liquidation of budget arrears, and the gold standard, but might introduce a new curto the continuation of refugee settlement work. The rency to stabilize the peseta. Though the dispatch
Bank of Greece will take over from the National was lacking in details, speculative holders sold on
Bank of Greece the sole right of note issue in the the theory that a return to parity is improbable in
Republic. From the same institution it will take view of official financial policy. The Finance
over the cover of the note issue, including State Minister's statement, whether true or garbled, was
debts, all Government deposits, and the deposits taken to mean that the Government is satisfied with
of the Greek banks. The capital of the bank will the present exchange level for the peseta. Foreign
amount to 400,000,000 drachmas, divided into exchange circles in New York are inclined to doubt
80,000 shares of 5,000 drachmas each. The whole the sincerity of the dispatch and to look upon the
of the capital will be offered at par for public sub- stabilization of the peseta at around seventeen cents
scription. On the day when the new central bank as an impractical plan, with the original par of the
commences business, the State will pay to it in peseta at the Latin Monetary Union standard of
foreign gold exchange the equivalent of $14,000,000 19.30. Of course, the Latin Union is no longer in
from the proceeds of the external loan, and a cor- existence, but it would seem that national pride
responding amount of the debt from the State will would dictate a higher stabilization of the Spanish
be cancelled simultaneously. The bank will be unit in view of the fact that so many countries have
required to maintain a reserve of not less than 40% made such strenuous endeavors toward currency
of notes in circulation and other demand liabilities. reform whose moneys were laden with disadvantages
The reserve will include gold coin, and bullion in the not encountered by the peseta. The peseta declined
unrestricted ownership of the bank and net foreign to as low as 11.80 in 1920 and has since moved
gold exchange. The latter may be currency on gold, predominantly upward, in recent years aided by a
heavy bull speculation anticipating a return of the
gold bullion, or gold exchange standards.
The London check rate on Paris closed at 124.02 peseta to full gold parity.
Bankers' sight on Amsterdam finished on Friday at
on Friday of this week, against 124.03 on Friday
of last week. In New York sight bills on the French 40.32, against 40.33 on Friday of last week; cable
centre finished at 392, against 3.92% a week ago; transfers at 40.34, against 40.35, and commercial
cable transfers at 3.93, against 3.93, and com- sight bills at 40.28, against 40.29. Swiss francs
mercial sight bills at 3.923/
2. Ant- closed at 19.25 for bankers' sight bills and at 19.253/b
2, against 3.923/
werp belgas finished at 13.923/2 for checks and at for cable transfers, in comparison with 19.26 and
13.93% for cable transfers, as against 13.93 and 19.263/2 a week earlier. Copenhagen checks finished
13.94 on Friday of last week. Final quotations for at 26.77, and cable transfers at 26.78, against 26.78
Berlin marks were 23.823/ for checks and 23.833/2 and 26.79. Checks on Sweden closed at 26.813/ and
for cable transfers, in comparison with 23.82 and cable transfers at 26.823/
2, against 26.84 and 26.85,
23.83 a week earlier. Italian lire closed at 5.29 while checks on Norway finished at 26.59 and cable
for bankers' sight bills and at 5.293 for cable transfers at 26.60, against 26.61 and 26.62. Spanish
transfers, as against 5.28Yi and 5.29 last week. pesetas closed at 16.98 for checks and at 16.99 for
Austrian schillings have not been changed from 143/
8. cable transfers, which compares with 17.12 and
Exchange on Czechoslovakia finished at 2.963/
8, 17.13 a week earlier.
8; on Bucharest at 0.613/
against 2.963/
2, against
0.62; on Poland at 11.15, against 11.15, and on
The South American exchanges have most of them
Finland at 2.52, against 2.52.
Greek exhange continued firm, although extremely quiet. The mag% for cable nificent harvests of the South American countries
closed at 1.323/2 for checks and at 1.323
2 and 1.323
transfers, against 1.323/
4 a week ago.
have been largely responsible for the success of their
Governments in achieving stabilization. Currently
In the exchanges on the countries neutral during there is no news of importance affecting these exthe war a reactionary tendency has been noticeable changes. The Argentine Finance Minister has issued
this week. Swedish krona were under pressure a decree establishing a legal limit of tolerance for the.
several times during the week and closed slightly gold coins accepted by the Conversion Office. The
easier than a week ago. The Copenhagen unit was limit is much narrower than that adopted in Great
inclined to move with Stockholm exchange, but it Britain, the United States, or France. The minimum
showed a slightly firmer tone than its neighbor. In weight of a sovereign is 7.695 grammes, that of a
New York the Scandinavian exchanges have been $5 coin is 8.345 grammes, that of a Napoleon, 6.426
quiet and the quotations have been more or less grammes. To-day the Seaboard National Bank of
nominal reflections of the London cable advices. New York is sending $3,750,000 in gold, and the
The spreads among the three Scandinavians have Anglo-South American Banking Corp. $1,000,000 to
466
FINANCIAL CHRONICLE
Argentina. As noted above in the discussion on
sterling exchange, Brazil received £1,700,000 in sovereigns direct from South Africa during December
and has purchased another £1,700,000 this week.
Argentine paper pesos closed yesterday at 42.71 for
checks, as compared with 42.71 on Friday of last
week, and at 42.76 for cable transfers, against 42.76.
Brazilian milreis finished at 12.04 for checks and at
12.05 for cable transfers) against 11.99 and 12.00.
Chilean exchange closed at 12.19 for checks and at
12.20 for cable transfers, against 12.21 and 12.22,
and Peru at 3.88 for checks and at 3.89 for cable
transfers, against 3.90 and 3.91.
The Far Eastern exchanges are dull. The Chinese
units show weakness owing partly to the slightly
lower prices of silver. There is a better demand for
Japanese yen, though quotations have been slightly
easier. However the yen may fluctuate from week
to week, the main trend is upward toward gold
parity. The Finance Minister, at the opening of
the Fifty-fourth Diet in Tokio on Jan. 21, said that
in view of the financial troubles last year, and the
unwarranted rise in the yen which followed speculation as to the lifting of the gold embargo, it is natural
that yen should rule comparatively low for the time
being. The abnormal condition of the domestic
money market, the flow of capital out of Japan
and a seasonal increase in import settlements all
contribute to lower exchange rates. In the future,
he said, the Government will have little recourse to
regulation of exchange and will await the influence
of the actual improvement of the international trade
balance of the country. Should an unnatural decline
occur from whatsoever cause, the Government will
not hesitate to take the necessary steps to curb
such a decline.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JAN. 21 1928 TO JAN. 27 1928, INCLUSIVE.
Noon Buying Rate for Cable Transfers to New York,
Value in United Stales Money.
Country and Monetary
Unit.
Jan. 21. ; Jan. 23. Jan. 24. Jan. 25. Jan. 26. Jan. 27.
EUROPES
$
S
S
S
$
Austria,sehilling_____. .140926 .140935 .141075 .140814 .140897 .141011
Belgium, belga
139350 .139332 .139350 .139320 .139325 .139291
Bulgaria, ley
.007236 .007227 .007233 .007220 .007209 .007245
Czechoslovakia, krone .029626 .029628 .029630 .029626 .029627 .029629
Denmark, krone
267708 .267747 .267788 .267727 .267743 .267703
England, pound stersterling
4.874181 4.874088 .876065 4.874872 4.874545 .872574
Finland, markka
.025191 .025188 .025192 .025194 .025188 .025190
France, franc
039299 .039299 .039308 .039301 .039301 .039292
Germany. reichsmark. .238248 .238256 .238350 .238339 .238348 .238320
Greece, drachma
013255 .013259 .013261 .013247 .013233 .013240
Holland, guilder
.403491 .403470 .403539 .403390 .403423 .403354
Hungary, pengo
.174694 .174775 .174783 .174726 .174677 .174686
Italy, lira
.052884 .052893 .052934 .052908 .052923 .052909
Norway, krone
266102 .266126 .266044 .266078 .266062 .266027
Poland, zloty
112405 .112505 .112435 .112220 .112385 .112415
Portugal. escudo
.049250 .049266 .049177 .049041 .058958 .048991
Rumania,leu
.006165 .006170 .006169 .006169 .006165 .006172
Spain, peseta
.171354 .170688 .169021 .168619 .169202 .169802
Sweden,krona
.268325 .288347 .268438 .268379 .268354 .268330
Switzerland, franc_ _ _ .192590 .192576 .192591 .192593 .192594 .192554
Yugoslavia, dinar_ _ _ .017619 .017621 .017620 .017619 .017616 .017618
ASIAChinaChefoo tool
.659583 .659583 .660000 .659166 .659166 .657500
Hankow tool
647916 .647916 .647916 .646666 .646666 .645833
Shanghai tadl
633571 .633571 .632721 .632857 .631964 .631875
Tientsin tadl
669166 .669166 .670833 .669166 .669166 .668333
Hong Kong dollar__ .501785 .501785 .500625 .500267 .500357 .500535
Mexican dollar_ _ _ .454500 .454625 .458500 .454750 .454625 .456125
Tientsin or Peiyang
dollar
450833 .451041 .457916 .451250 .451041 .453541
Yuan dollar
447500 .447708 .454583 .447916 .447708 .450208
.367120 .367085 .367117 .367171 .367093 .367025
India, rupee
467325 .467962 .468843 .469568 .469253 .468643
Japan. yen
Singapore(S.S.)dollar- .567291 .567291 .567708 .567291 .567708 .567916
NORTH AMER..998003 .998003 .998081 .998342 .998524 .998454
Canada. dollar
.999125 .999156 .999437 .999781 .999593 .999531
Dubs, Peso
488333 .487500 .487166 .485666 .485166 .485666
Mexico. Peso
Newfound1and, dollar. .995593 .995937 .995234 .996000 .996250 .996125
SOUTH AMER.Argentina, peso (gold) .971265 .971339 .971147 .971272 .971297 .971267
.120018 .119982 .120045 .120000 .120045 .120045
Brasil, milreis
.122139 .122138 .122109 .122130 .122086 .122069
Chile, peso
1.024980 1.020710 1.021280 1.022250 1.023720
1.026200
Uruguay.PeS0
.981000 .981000 .981000 .981000 .981000
rillnrnhin mu.
__ .
The Indian rupee continues firm owing to heavy
demand for currency in the agricultural regions and
to finance export activities. In response to increasing demands for accommodation the Indian
[vol.. 126.
currency had been expanded, up to the middle of
January, 90,000,000 rupees, comprising 60,000,000
of emergency currency issued by the Imperial Bank.
Under the paper currency reserve regulations the
Imperial Bank has still power to issue a further
60,000,000 rupees. The revised Gold Standard
and Reserve Bank of India bill was officially printed
Jan. 13 with a view to affording opportunity for the
study of the proposals as it is planned to secure the
enactment of the measure at the coming session of
the Indian Legislature. Sir Basil Blackett, the
Indian Finance Member, asserts that the government has come to the conclusion that the share
capital plan affords the only satisfactory basis for a
Reserve Bank of India. It is planned that preference in allotments will be given to subscribers of one
share (100 rupees) and that no one will be permitted
to hold shares to an aggregate of over 20,000 rupees.
In view of the delay in the enactment of the measure,
power has been given to the government to postpone the operation of the Bank if necessary from
July 11929, by a year at a time, subject to a maximum postponement of three years. It is hoped,
however, that the Bank may begin operations within
the time prescribed by the Royal Currency Commission or not very much later. Closing quotations
for yen checks yesterday were 46 8®47, against
46.67@471A on Friday of last week; Hong Kong
closed at 50Y8@,50Y4, against 50.15@503/
2; Shanghai
at 639/
8@,63, against 63%; Manila at 49 9-16,
against 49 9-16; Singapore at 573s©5714, against
57@571A;Bombay at 36 15-16, against 36 15-16, and
Calcutta at 36 15-16, against 36 15-16.
Owing to a marked disinclination on the part of two
or three leading institutions among the New York
Clearing House banks to keep up compiling the figures
for us, we find ourselves obliged to discontinue the
publication of the table we have been giving for so
many years showing the shipments and receipts of
currency to and from the interior.
As the Sub-Treasury was taken over by the Federal
Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
on the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Jan. 21. Jan. 23.
Tuesday, Wednesd'y, Thursday. Friday.
Jan. 24. Jan. 25. Jan. 26, Jan. 27.
Aggregate
for Week.
$
93,000,000 106,000,000
8
97,000,000 Cr. 608,000,000
Note.-The foregoing heavy credits reflect the huge mass of chocks which come
to the New York Reserve Bank rom all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on Institutions located outside of
New York are not accounted for in arriving at these balances,
such checks do
not pass through the Clearing House but are deposited with asFederal
Reserve
Bank for collection for the account of the local Clearing House the
banks.
91,000,000 113,000,000 108,000,000
The following table indicates the amount of bullion in the principal European banks:
Jan. 20 1928.
Jan. 211927.
Banks ofGold.
Silver.
Total,
Gold.
p
£
£
England__ 156,202,953
156,202.953 51,344,543
France a__ 221,753,269 13,717.023 235,470,292 47,340,143
Germany b 89,122,650 c994,600 90,117,250 85,614,850
Spain -_.- 104,189,000 27.467,000 131,656,000 02,283,000
Italy
46,978,000 3,771,000 50.749,000 5,684,000
Netherlds- 35,102,000 2,330,000 37,432,000 34,540,000
Nat. Lielg. 20,971,000 1,243,000 22,214,000 17,722.000
Switzerld_ 18,052,000 2,487,000 20,539,000 17,687,000
Sweden_- 12,780,000
12,780,000 12,456,000
Denmark- 10,112,000
10,112,
611,000 10,723,000 11,610,000
8.180.000
8,180,000 8,180,000
Silver.
Total.
£
151,344,543
13,640,000160,980.134
994,600 86,609.450
27.141,000129,424,000
4,161,000 49,845,000
2,334,000 36,874,000
1,073,000 18,795,000
2,899,000 20,586,000
12,456.000
838,000 12,448,000
8,180,000
£
Total week 723,442,872 52,620,623 776.003,495634.461,527 53.080,600687,542.127
Prey. wee 721,808.761 52,373,743 774,182,504633,233,804 52,903,600 686,137,404
a Gold holdings of the Bank of France are exc usive of gold held abroad,amounting
the present year to £74,572,866. b Gold ho dings of the Bank of Germany are
exclusive of gold held abroad, the amount of which the present year is £4,071,850
c As of Oct.71924.
JAN. 28 1928.]
FINANCIAL CHRONICLE
467
furnish them safe deposit boxes for the care of
Enlarging the Scope of the Postal
Savings Banks.
their valuables; and no more the province to care
When the Postal Savings Bank was instituted for jewelry and plate than to care for automobiles.
the innovation was generally opposed by bankers The last are stolen with more frequency and impuon the broad ground that it would put the Govern- nity than diamonds and pearls. But the "Little
ment into the banking business. By some it was Father" idea is so imbedded in our consciousness
regarded as an entering wedge. Dire predictions that we are constantly asking for some form of interwere indulged in as to its possible growth and com- vention, protection, or aid. Once, as we have said
petitive effect. But it must be confessed these fore- before, the institution is in existence, there is no
bodings were not justified. The Postal Savings hesitancy in broadening its powers and enlarging its
Bank has been an insignificant part of the banking scope. If a limit of five thousand dollars in a Postal
growth of the country, has not apparently much in- Savings Bank, why not a limit of ten thousand? And
terfered with our independent savings banks, and if deposits, why not loans? And what a beneficent
has offered some slight accommodation to the few pawnbroker Uncle Sam would be! And why saddle
who are living remote from banking facilities. Nev- this banking business on the Post Office Departertheless, it is wrong in principle, and there seems ment? Why not the Treasury direct? Just because
to be no valid call for its enlargement.
we have post offices in every small community ready
But what changes have taken place in banking at hand is only a superficial reason. Why not send
since its advent!—changes in which the Government, these deposits direct to the regional banks, rather
directly or indirectly, has entered into the business than the nationals as intermediaries, to fuse with
of banking. The Federal Reserve system, with its other Government deposits? Government is fast beaberrant development; the Federal Land Banks, coming a conglomerate of bureaus in aid of the poor
and Joint Stock Land Banks; the Intermediate and suffering.
Credit Banks, and the support tendered to banks in
The Postal Savings Bank is merely a strong box
distressed sections by agencies of the Federal Gov- for the keeping of coin and currency. The Posternment. And now branch banking threatens— master is not interested in the varying fortunes of
which, while not a direct product of the Government, the depositors. A slot machine that would record
has been recognized by the national law, if only un- the name and amount would serve the same purpose
der the guise of an effort to limit its spread. The as far as feeling and interest in the individual is conold common law definition of a banker as a "dealer cerned. An independent savings bank actually
in credits" is being lost through an evasive super- serves the depositor with advice and instruction,
vision, regulation, and control. The inherent right using a humane intent where there is opportunity
of money to bring what it is worth in different lo- for help and safeguarding. A few months ago we
calities of a wide and digressive territory is disap- were seated in an Eastern city savings bank waiting
pearing under actions and rulings of a Federal Re- for a friend. A very old and decrepit colored woserve Board in control of discount rates at regional man, accompanied by a young flashily dressed colbanks. Great national banks in metropolitan cen- ored woman, came to one of the windows and preters are compelled to meet the competition of twelve sented a savings passbook. The old woman seemed
quasi-governmental regional banks in the buying dazed and scarcely responsible, the young woman
and selling of acceptances in the open markets; and doing the talking. There was some parley; and it
the voluntary assistance tendered to foreign banks became apparent that the intent was the withdrawal
by offers of so-called international co-operation. of perhaps the full amount of the deposit. In a
While one bank, at least, in a Western State, in a few minutes an officer of the bank was called and
few years, by the absorption of small independent there was serious questioning—with the evident
banks as "branches," has grown to gigantic pro- purpose of being sure the old woman knew what she
portions, the high officials of which openly announce was doing and was not being imposed upon. This
the opinion that nation-wide branch banking is service, this personal interest in the welfare of the
bound to come for the reason that it is best for the depositor, belongs to independent savings banks, not
country. There would seem to be changes enough to the post office.
going on without the Government bidding for the
Continued efforts to make the national Governdeposits of the people in Postal Savings Banks.
ment a burden bearer for the people is destroying
It is clear that once one of these business institu- its representative republican form. Each new entions becomes a part of the process of governing, it croachment should be resisted. The only business of
never abdicates. It may remain quiescent for a governing is to govern. And this in the broadest
time, but it is always ready for enlargement under possible way, leaving to the citizens their personal
the spur of some ambitious cabinet official or under rights and privileges. It may seem a small matter
the urge of some asserted national need. Raising to raise the limit of deposits in the Postal Savings
the limit of individual deposits in a Postal Savings Bank. But, like the small seepage which endangers
Bank from twenty-five hundred to five thousand dol- a levee in flood time, every increase, however small,
lars does not seem a very important innovation— in putting the Government into business, destroys
but beyond this there is always the possibility of its original and restricted purpose. It is to be noted
raising the rate of interest. We may ask whence that it is always increase and not decrease that is
comes the call for this enlargement. Are not our called for. The average savings in the Postal Savsavings banks, paying a higher rate, amply able to ings Bank is said to be about seven or eight hundred
take care of the small savings and of undoubted in- dollars. Why not reduce the limit from twenty-five
tegrity, time-tried, and capable of giving direct at- hundred to a thousand dollars? It is evidently hightention by intimate contact to the interests of the er than necessary for the average depositor now.
And if a man has five thousand dollars he ought to
depositor?
be
taught it will safely earn more than two per cent.
Government
It is really no more the province of
While
not a matter of much moment, amid larger
people
than
it
is
to
to care for the savings of the
468
FINANCIAL CHRONICLE
[VOL. 126.
banking affairs needing consideration, it would be livered the proceeds to Mrs. Knapp, even though in
well to refuse this request.
some cases Mrs. Knapp had endorsed the payee's
name in her presence."
The Case of Mrs. Knapp and the New York
Julia M. Ryan, chief clerk of the Civil Service
State Census.
Commission, "illegally signed the name" of the
The revelations which were made some months Commission "to the payroll certificates of 149 indiago of the misconduct of Mrs. Florence E. S. Knapp, viduals whose appointments either had been apformer Secretary of State of New York, in the ad- proved by the Commission at lower salaries or had
ministration of the State census, and which have not been approved at all. In this fashion the census
now been embodied in the report which Randall J. payrolls of at least one out of every four employees
Le Boeuf Jr., acting as Governor Smith's Commis- were certified to the Comptroller as approved by the
sioner under the Sherman-Moreland Act, has filed Commission, when, in fact, they had not been apwith the Governor, have come as a shock to a public proved at all. The daughter of Mark Stern, the sisonly too familiar with exposures of official wrong- ter of Anna A. Little, and the sister-in-law of Julia
doing, and have doubtless led more than one serious- M.Ryan, with whom she lived, all were on the census
minded citizen to ask anxiously "What next?" Even payrolls for substantial salaries. They either did
those who, during the progress of Mr. Le Boeuf's in- not work at all or their work was trifling in amount
quiry, were disposed to give Mrs. Knapp the benefit . . . Mark Stern and Anna A. Little both personof the doubt, hoping that she might in due time pro- ally received large overtime payments which were
duce evidence that would at least acquit her of either undeserved or contrary to provisions of the
knowing and intentional illegality or impropriety, Civil Service law and the Attorney-General's ruling."
can feel little confidence in her professions of inThe Civil Service Commissioners, although acquitnocence after reading Mr. Le Boeuf's report. What ted by Mr. Le Boeuf of intentionally aiding Mrs.
makes the matter worse, from the standpoint of the Knapp, nevertheless come in for sharp rebuke for
State, is the fact that the investigation involves not laxity and negligence in the discharge of their duonly Mrs. Knapp herself, but other State officials ties. The President of the Commission, Mrs. Charles
and subordinates, including Mark Stern, chief dep- Bennett Smith,"even testified that in approving the
uty of Mrs. Knapp in the Secretary's office and still appointment of a State employee, the Commission
holding the same position under the present incum- had no obligation to learn whether or not any statbent, the State Civil Service Commission, Dr. Wal- ute had created such a position—a belief that not
ter Laidlaw, paid Secretary of the Cities Census only strikes at one of the fundamentals of civil serCommittee, Inc., and even the State Comptroller.
vice procedure, but also is contrary to the provisions
It is an amazing story of the illegal disbursement of the Civil Service Law itself." "The failure of
of $118,707, and the wasteful disbursement of $79,- the Commissioners," Mr. Le Boeuf adds, "to give a
125, out of the census appropriation of $1,200,000, sufficient portion of their time or to exercise real
which Mr. Le Boeuf recounts, and upon which he judgment in the work of their department is bebases specific charges of false audits and certifica- lieved to be a contributing cause of the condition
tions, forgery and grand larceny. Many persons, of affairs. . . . Had the Commission made any
among them relatives and friends of Mrs. Knapp, substantial investigation of Mrs. Knapp's appoint
received census salaries for which they rendered no ments, thousands of dollars could have been saved
service, while .others were paid out of the census to the State."
fund for work important to Mrs. Knapp but not
Dr. Laidlaw, who in addition to working for an
related to the census. For the carrying out of these additional appropriation to complete a scientific
schemes and others Mrs. Knapp had the assistance tabulation of the census returns in which his society
of three officials. Mark Stern, her Deputy Secre- was interested, "went beyond mere persuasion and
tary of State, "prepared the payrolls containing the threatened the leaders of the majority party in the
names of persons whom he knew were not working Legislature with an exposure of Mrs. Knapp's conon the census, handled a portion of the correspond- duct of the census, believing, undoubtedly, that such
ence with the Civil Service Commission relating to revelations concerning a prominent party member
the approval of appointments; turned over to Mrs. and former State officer would embarrass them,"
Knapp checks in which she was especially inter- is recommended by Mr. Le Boeuf for prosecution
ested; cashed the checks knowing, in many cases, because of his violation of the anti-lobbying law by
that the endorsement was written by Mrs. Knapp failure to register as a lobbyist. Even the State
and not by the payee, and either delivered the pro- Comptroller, who Mr. Le Boeuf declares "cannot be
ceeds to her or bought New York bank drafts for criticized for relying on Mrs. Knapp's good faith"
her with the money."
when the position of Assistant Supervisor of the
Anna A. Little, for a number of years auditor in Census was created, appears to have made only a
the Department of State, "prepared expense ac- perfunctory investigation notwithstanding that the
counts and charged them to the enumeration fund salaries of assistant supervisors"frequently exceeded
when she knew they had no connection with it, some the maximum permitted by the Legislature for suof them being for pleasure trips of her own taken pervisors themselves," and failed to safeguard himwith Mrs. Knapp; illegally used her own or others' self by bringing the matter to the attention of the
expense accounts as a means of paying Mrs. Knapp's Attorney-General.
hotel bills from census moneys; aided and abetted
Such, in brief, is the mess created by a State offiMrs. Knapp in presenting false expense accounts in cial who, during the period of her pernicious acthe names of other persons, even to the extent of tivity, held one of the most important elective ofsigning them as notary public as though the per- fices in the State of New York, was accorded a
son named, instead of Mrs. Knapp, had executed place of influence in the councils of her party, and
them; and, subsequent to obtaining the checks for was frequently pointed to as a shining example of
these false expense accounts, cashed them and de- the ability of women to adorn public office. What-
JAN. 281928.]
FINANCIAL CHRONICLE
469
ever the outcome of the prosecutions which Mr. Le the ideals of the university and the function of the
Boeuf recommends, if they shall be instituted by different schools connected with it in their relation
Governor Smith, the affair itself will have wide to the State, to business and to scholarship. It is
repercussions. It has confronted the trustees of a wealth of experience and mature judgment comSyracuse University, where Mrs. Knapp had held pressed into 150 pages of a very readable volume.
for nearly ten years the post of Dean of the College It is not addressed to specialists nor by an expert
of
of Home Economics, with the trying alternative of to a group of the unlearned. It is the utterance
assobeen
has
century
a
half
dismissing Mrs. Knapp before the charges against one who for more than
her had been subjected to judicial inquiry, or of ciated with schools as a pupil and teacher, and who
retaining her notwithstanding the heavy blow given has had opportunity to observe what is happening
to her moral character; and her resignation on Wed- to education in other lands.
He shares with the rest of us the conviction that
nesday, accompanied as it was with protestations
world is becoming democratic. But he regards it
that
the
statement
the
curious
and
integrity
own
her
of
the resignation was tendered "until such time as as far more than a matter of form of Government.
my good name is cleared before the world," still It is a radical change in the thinking and mental atleaves a cloud to be dispelled. The episode will be titude of the people, and a rebirth of the nation. No
widely cited as convincing proof that women in po- nation is reborn without agony, and the disturbances
litical office are no better than men, and it will un- which arise bear witness to the progress and the
doubtedly confirm the popular belief that if other strength of the movement. As such it is to be acdepartments of State and municipal government cepted.
This democratic world must of necessity be eduwere searchingly investigated, conditions comparable to those which Mr. Le Boeuf has unearthed cated. Democracy and ignorance spell disaster. Not
to believe in "the education of the lower mind" is
would probably be found.
We have been told over and over again that eter- "no longer sane or safe." Education may be used to
nal vigilance is the price of liberty, and Governor sustain autocracy but none the less it is a necessary
Smith is certainly to be commended for pushing foundation for democracy, as self-government withthis investigation to the point which it has now out knowledge is an absurdity.
It is true that we do not really know how to edureached. No energy or courage of Governor Smith,
however, or of the Attorney-General, or even of the cate. Nowhere does the art appear to be fully uncourts, will avail to prevent a repetition of the same derstood. It is obviously foolish to start all chilunsavory performance, varied only in incidents or dren in a course which few can or will pursue. To
details, if public opinion does not care. If the pecu- read and to write is needful for all, and to train the
lation and favoritism and illegality which are charged mind to think is important. To think that all eduagainst Mrs. Knapp and her accomplices on a large cation is equally good for all people, or that a trascale are winked at and tolerated in other quarters ditional form of education is for everyone the best
on a smaller scale, if public officials whose business preparation for life is absurd. But while this is to
it is to pay attention to public business neglect their a reasonable degree understood, there is haziness
duties and let things slide, and if party leaders who as to the end to be sought, and still more as to the
know the facts conceal them for fear of hurting the best method of achieving it. The people themselves
party, we shall have more episodes like this of Mrs. must eventually decide the questions involved, as all
Knapp and Mark Stern and Dr. Laidlaw and the are concerned in them, even when they have local
rest, and the root of the trouble will remain undis- application, while there is still need Of far more
turbed. It is popular government that goes on trial thorough investigation of the whole subject than it
when a Mrs. Knapp is caught, and the punishment has hitherto had. It used to be held that the public
that may be meted out to her will be of small avail schools were the safeguard of the country and were
unless the people who elected her, and whose inter- adequate, while practically we exclude all systeests she seems so flagrantly to have abused, take the matic attempts to teach religion and morality or
to develop character in laying its foundations. We
lesson of her wrongdoing to heart.
have learned that to solve problems in simple arithmetic does not guarantee good citizenship. Japan
The Educational Question Once More.
has made the teaching of morality compulsory, but
That another distinguished scholar and teacher is seriously alarmed at the unsatisfactory results.
approaching the end of a long service should make Where are we? Dr. Burton asks, attempting with
our educational system the subject of his final word zeal and accuracy to discover how education can
character
is evidence of its importance. Dr. Ernest De Witt most effectively produce the individual
Burton, late President of Chicago University, does essential to good citizenship?
It is obviously time for dealing with the standthis in Education in a Democratic World, a collecing
by
the
now
published
question between "bread and butter education,"
addresses
tion of his later
and
that of the cultural type. Every man in a democPress.
University
Chicago
racy
Professor
colleagues,
his
ought to be a producer of real values, and
of
one
by
described
He is
in some measure be a thinker; but life is
should
his
own
in
life
illustrated
having
as
'Willoughby,
too
Russell
Dean
short
for him to be educated twice. It is diffiby
and
stood;
he
which
for
the ideals
greatest men of our day cult to educate him even once. Important as the
the
of
"one
as
Columbia
of
imposing equipment question is we have not solved it.
and generation." Much of the
Another conclusion is that education in a deis hailed as "a
Chicago
in
university
great
of the
mocracy
must be undertaken in part by the State
memorial of his ambition for achievement."
and
in
of
title
part
the
by volunteer agencies. We have passed
furnishes
The leading address which
a
had
through
he
position
of conflict over this question; but
period
fundamental
the book presents the
we
have
clear distinction. Current opinsubseno
reached
the
in
applied
and
reached, and is illustrated
restraint on the teaching
ion
at
would
impose
times
educated,
the
of
obligations
the
quent chapters on
470
FINANCIAL CHRONICLE
[VOL. 126.
of the university; and to a regrettable extent stand- suited by and supporting not only the Government,
ardization is maintained in the public schools of but also religious and philanthropic agencies in the
some States. We may hold in a college that "the foreign field. Constantly leaders, the most imporhighest education must always be carried on in the tant among them, may be seen laying aside their prilight and warmth of the great truths that make our vate interests and, often at no little self-sacrifice,
holy religion immortal," but democracy has not as devoting themselves to the public service. So freyet accepted this as its educational scheme. Japan quent and so valuable in their result are such inhas taken a long step in removing all restriction and stances that the sneer of "dollar diplomacy" has
disabilities from non-governmental schools and has given place to a general and appreciative recognibecome favorable to all. China may possibly follow tion of the services of men whose names are known
her lead; but there is still the danger of tyranny in of all.
a democratic form of government.
To-day the greatly increased value of men of both
Furthermore, our education must be in close touch classes, business men, and in fact, men of every
with a democratic world; it must have world-wide class, professional, scientific, official, scholars, what
interest and a world outlook. Equally is it bound you will—American all—when they are individually
to secure systematic effort for the education of discovered, as they may be, rendering exceptional
adults. It must recognize that life in all men needs public service, is so great that they should have a
to advance, and for this requires intelligent aid. recognition that would stifle all selfish or envious
For this, as for all its work, it must assume a large carping.
measure of responsibility.
The action of such men, whatever their class,
It will fail if it does not produce leaders, but it should have the grateful recognition and the hearty
can never limit itself to this single task. It also co-operation that will add to their efficiency, and
must breathe the breath of democracy and not fore- will enlarge the understanding and increase the
go a task too long neglected. Even its recondite re- good-will of all. It certainly helps in the making of
search must extend to the facts and problems of the a better world. The Havana Conference is the latest
life of the people no less than to those of the life instance of it.
of the Republic. It must define the relationship of
both and keep in close touch with the whole people
Mercantile Insolvencies in 1927.
and all the currents of their life.
In some respects the record of mercantile defaults
We must pass over what he has to say as to the in the United States for the year 1927 is scarcely as
ideals and the work of the different schools and of satisfactory as for the preceding year or for any year
the relation of education in a democracy to politics, since 1922. The number of insolvencies
last year
religion and scholarship; and turn to its relation to was nearly as great as in 1922, when
conditions were
business. Scholarship and business require differ- troublesome. With the exception of
1922, last year's
ent habits of mind. Individuals may possess both. defaults were considerably in excess of
every year beNevertheless, there is a type of mind that pertains fore or since that time. Furthermore,
the indebtedto each and works in it to the greatest advantage. ness involved in these defaults last
year was heavy—
At the same time no business man is simply that, much larger than in either of the
two preceding
and no scholar simply a scholar. Both are men, and years, 1926 and 1925, as well as in
every other year
life in its larger relations is common to both; and prior to 1921. Mercantile defaults
in the United
each is deeply concerned in the interests of the other. States during the past year numbered 23,146, with
The same mental elements are in both, and as the total liabilities of $520,104,268; in the preceding
studies of the one constantly give fresh guidance to year the number was 21,773 and the amount involved
the other the practical success of the other contrib- $409,232,278. Some increase in the
number of insolutes directly to the interest and welfare common to vencies has appeared each year since 1922, but the
both. Science, whose element is research, has of indebtedness shown for 1927, while considerably in
late so powerfully contributed in multitudinous excess of both 1925 and 1926, was less than in the
ways to business that business has established lab- four preceding years. In 1922 the number of com•
oratories of its own and employed its own experts. mercial failures was the highest on record, being
Man himself is the most important and the most 23,676, and the liabilities
$623,896,251, the latter
promising object of study, and his powers of success- amount only about $3,500,000 under
the record figful activity are extending with the increased knowl- ures of defaulted indebtedness
reported in 1921.
edge of the secrets of nature and of life.
Making some allowance for changed conditions in
The highest values of education and research are the commercial structure, which
occur from time to
not measurable in terms of business, nor even of time, the insolvency record for
1927 is perhaps not
deliverance from the ravages of disease; and human so bad as the bare figures suggest.
Defaults to each
values of every kind are only reducible in part to 10,000 business concerns in the
United States last
commercial terms. There are still great areas await- year were at the ratio of 106.6; in
1926 the ratio was
ing research which belong equally to the scholar and 100.9, but in 1922 it was 119.4, and in
1915 132.3. The
to the man of affairs.
most disastrous year in the past half century was
The broadening of interest in the American busi- 1878 when the ratio was 155.0. Likewise, as to lianess men of to-day is as marked as that in the men bilities to firms in business, in 1927 the average was
of science. Every form of business is seeking for- $239.54, in 1926 $189.59 and in 1922 $314.60, the lateign markets and all possible sources of supply. Or- ter being only a little lower than the high record
ganization, capitalization, and consolidation, are average of 1878 when the amount was $359.48.
pressing for adoption, and the business man with his What applied in 1922, however, was hardly applicanew needs, has acquired wider vision and greater ble fifty years earlier. Another point of view sugknowledge. As a class, business men to-day have gests the ratio of defaulted indebtedness to total
larger intelligence and broader sympathies than bank clearings. The latter measures in a way the
their predecessors. On all sides they are found con- volume of settlements through the banks. Last year
FINANCIAL CHRONICLE
the ratio of defaulted indebtedness was 93 cents to
each $1,000 of bank clearings; in 1926 it was 78
cents, and in 1922 $1.59. The high record since 1880
was $6.39 in 1893, the year of the latest serious banking panic.
Perhaps these various ratios measure better than
in any other way the relative position of the year
just closed in the matter of mercantile defaults. The
increase last year over 1926 in the ratio of defaults
to firms in business was 5.6% while the average indebtedness per firm in 1927 was 26.3% higher than
in the preceding year, and the ratio of liabilities to
bank clearings in 1927, 19.2% above the corresponding figure for 1926. Compared with 1922, however,
the ratio of defaults to the number of firms in business last year shows a decline of 10.7%, while average liabilities per firm in business were 23.9% less
last year than in 1922. The ratio of losses to bank
clearings last year was lower than in 1922 by 41.6%.
Insolvencies in 1927 were more numerous, and the
liabilities higher in each month of that year, than
in the corresponding month of the preceding year.
There were four months of 1927 in which some unusually large defaults added somewhat to the indebtedness shown, these four months being January,
March, April and December, and the total for these
four months was in excess of 40% of the entire total
for the year. The quarterly figures for 1927, however, are quite uniformly higher than those of 1926.
Below we append a statement of the number of failures quarterly for the past two years; also the
amount of liabilities reported, and the averages for
each quarter:
DISTRIBUTION OF MERCANTILE FAILURES IN UNITED STATES BY
QUARTERLY PERIODS.
1927.
1926.
No.
Liabilities.
Average
Liability.
Average
No.
First
Second
Third
Fourth
6,643
5,653
5,037
5,813
$156,121.853
125,405,665
115,132,052
123,444,698
$23,502
22,184
22,857
21,235
6,081
5,395
4,635
5,662
$108,450,339
101,438,182
87,799,486
111,544.291
$17,836
18,802
18.943
19,699
Year
23,148
$520,104,268
$22,471
21,773
$409,232,278
$18,800
Our comments on mercantile defaults in the
United States are based on tabulations prepared
from the records of R. G. Dun & Co. These cover a
period of over sixty years and present in considerable detail separate statements of failures by
branches of business, &c. There occurred last year
5,682 insolvencies in the manufacturing division involving $211,504,826; 16,082 trading defaults for
$228,194,421 and 1,382 failures of agents and brokers
owing a total of $80,405,021. In the following table
the figures are compared for three years:
FAILURES BY BRANCHES OF BUSINESS.
,._10 NIS
NELIIBER.
LIABILITLFS.
1927. 1926. 1925.
1927.
1926.
1925.
Manufacturing
5.682 5,395 5.090 $211,504,826 8158,042.016 $167,684,832
16,082 15,268 15.161 228,194,421 201,333,973 215.368,577
Trading
963 80,405.021 49,856.289 60.690,863
Agents and brokers_ 1,382 1,110
Total commercial_ 23,146 21.773 21,214 $520,104,268 $409,232,278 $443.744,272
The increase last year, as will be noted, is relatively larger, both as to number of defaults and as
to liabilities, in the manufacturing division than
among traders in comparison with both preceding
years. There is some increase in the trading class,
also over both preceding years, both as to number
and indebtedness; while for agents and brokers, the
amount of liabilities in 1927 was especially heavy
for that division. The increase as to the latter is attributable to a number of large defaults which occurred last year. The relatively larger indebtedness
shown for insolvencies in the manufacturing division
471
in 1927 was also due to an increase in the number of
failures among some large manufacturing concerns.
The number of defaults last year in the manufacturing division, where the indebtedness in each instance
was $100,000 or more, was somewhat greater than
for the two preceding years, while the total involved
in 1927 was considerably higher than in either 1926
or 1925. In the class embracing agents and brokers
the larger defaults, and the total indebtedness was
considerably above each year back to 1922. In the
trading division only two more of the larger defaults
occurred last year than in the preceding year, and
while the liabilities in 1927 were higher than in the
three preceding years, the increase was not very
great. In the following table comparison is made
covering a period of years:
NUMBER OF FAILURES FOR OVER $100,000 WITH THE AMOUNTS
INVOLVED.
Trading.
Manufacturing.
No.
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
Liabilities.
359 $138,612,044
84,195,987
321
97,786.959
282
353 205,766,703
383 214,929,790
369 132,790,993
410 162,495,458
230
89,933,982
100
29,644,087
132
44,171,393
147
43,435.232
No.
02C.3 b., b:tO tO b2
.
01 IP CO CO IA 4300 to CO N b.i
boa.co a.-4 or. 0O.i••• CO
JAN. 28 1928.]
Liabilities.
Agents and Brokers.
No.
505.085.375 126
52,441,209 68
61.178.322 75
55,152,254 72
70,989.189 76
73.234,665 162
88.337,955 120
34,609,853 84
8,156,247 53
13,780,850 52
13.678,534 50
Liabilities.
$61,710,322
34,980,508
49,323.772
39,425.426
35,218,676
117,817,168
124.292,740
67,264,207
18.186,209
23.610,722
24.747,252
It is perhaps worthy of note that the increase in
the indebtedness shown for the manufacturing division over 1926 was due wholly to the larger failures,
and the same thing applies to insolvencies among
agents and brokers. In the manufacturing classes
there was some increase also in the number of defaults where the liabilities in each instance was
less than $100,000, but the total amount involved in
these failures of the smaller manufacturing concerns, was less last year than in the preceding year
and the average indebtedness for each of the smaller
manufacturing defaults in 1927 of $13,694 compares
with $14,554, the average for 1926, the average for
1927 being less than in any year back to 1919. The
average indebtedness in the trading division in 1927
for the defaults involving lesi than $100,000 in each
instance was $10,286; for 1926 it was $9,895. With
this exception, the average last year was less than
in any year back to 1920.
The manufacturing division is separated into fourteen general classes, which embrace in all 54% of all
manufacturing failures in the United States during the year
just closed. Of these fourteen classes there are eight showing an increase in the number of defaults last year over the
previous year, and six decreases. The more noteworthy increases are in the classes embracing iron and foundry lines;
lumber manufacturing, where the increase was quite large;
hats and furs; printing; leather manufacturing, including
shoes; chemicals and drugs, and earthenware. Likewise,
the liabilities reported are particularly heavy in lumber
manufacturing and in iron and foundries. There was alsc
some increase in the indebtedness reported last year in the
classification covering the manufacture of clothing, although
there were fewer defaults in this division in 1927 than in
the preceding year. Other classes reporting heavier liabilities last year than in 1926 were furs and hats; chemicals
and drugs; printing; leather goods and earthenware. In
addition to the decrease in the number of failures last year
among manufacturers of clothing, fewer defaults occurred
among manufacturers of machinery and tools, with a
marked reduction in the indebtedness shown for 1927 as
compared with 1926; also, in woolen goods and in the cotton goods divisions. Insolvencies in the milling class,
which includes bakers, were fewer in number in 1927 than
in the preceding year.
As to the trading section, nearly 80% of trading failures
last year were confined to the fourteen leading classes. The
increases in the number of trading failures last year as
472
compared with 1926, was mainly distributed among nine of
these fourteen divisions, while for two classes there was a
reduction in the number. The advances in no instances
were large and were more noticeable among dealers in
clothing; in dry goods; in leather goods, including with the
latter shoes; and hotels and restaurants. There was also
some increase among dealers in furniture, in drugs, in
hardware, dealers in books and papers, and among jewelers.
A reduction was shown in the number of defaults last year
from the preceding year among grocers and allied lines,
and slightly fewer defaults appear for general stores, not
only in comparison with 1926, but with each year for several
years past. As to the liabilities, the increase in the amounts
reported last year over 1926 for most trading classes was
generally small. Exception perhaps should be made as to
hotels and restaurants where some large defaults added to
the amount of indebtedness reported for 1927; also, for
dealers in clothing, and in dry goods lines. There are four
trading divisions where only slight variations appear in the
comparison between the two latest years, and as to three
of these four classes, a decrease in 1927 is shown. The large
increase reported as to agents and brokers, both in the
number of defaults and the liabilities, is due to the heavy
defaults which occurred last year.
By geographical divisions only one section in the United
States shows fewer mercantile defaults and a reduction in
liabilities for 1927, as compared with the preceding year.
In the other seven divisions into which the country is separated, increases appear, both in number and in the amounts
Involved. Perhaps the least satisfactory return is made
for the South Atlantic States and the three Pacific Coast
States. With only a few exceptions all of the Southern
States report an increase in the number of mercantile failures in 1927 over 1926. In Florida last year there were 576
such defaults for more than $14,720,000, against 189 in 1926
Involving $6,880,000. Conditions in that State, however,
were exceptional, as they have been for several years. Increases also appear in the States of Maryland, Tennessee,
Alabama and Mississippi. On the other hand, reductions are
shown as to the number of defaults in Wet Virginia, Kentucky, South Carolina, Texas and Oklahoma. Liabilities in
the South were quite the heaviest in the trading division,
although some large failures in manufacturing lines were
reported in Maryland, West Virginia and Tennessee, which
added to the indebtedness reported for those States. Much
the same condition applied as to agents and brokers.
In the Eastern section of the United States commercial
insolvencies were only slightly more numerous last year
than in either of the two preceding years. As to the indebtedness, which was quite generally heavy during the year
just closed, the increase in New England was about 15%,
while for the three Middle Atlantic States it was 27%.
Maine was the only State in the New England group where
defaults were fewer in number in 1927 than in 1926, and
Pennsylvania in the Middle Atlantic section. The increase
In the number of defaults was mainly in Massachusetts, in
Connecticut and in Rhode Island. Maine, Vermont and
Rhode Island showed for the year just closed a reduction
in the amount of indebtedness. Liabilities were heavy in
Massachusetts, where some large manufacturing insolvencies occurred; also, in Connecticut, where there were also
a number of the larger manufacturing defaults. In the Middle Atlantic States, liabilities last year were only slightly
above the preceding year in Pennsylvania and New Jersey,
while for New York State there was a considerable increase,
chiefly in the divisions embracing manufacturing concerns,
and for agents and brokers.
In the West, increases generally are shown, excepting in
the Mountain States, where failures were less numerous
last year than in the year before. There were more insolvencies in each of the five Central States in 1927 than in
1926, the increase being relatively larger for Michigan than
for the other Central States. Liabilities also were larger
in this section last year than in the preceding year, excepting for Michigan alone, where some large manufacturing
defaults in 1926 added materially to the indebtedness reported in that State for that year. The increase in the liabilities shown for this section last year was mainly in
Ohio and Indiana, and was due, as to the former, in considerable part to a number of large manufacturing defaults.
Failures in manufacturing lines were also quite heavy last
year in Indiana, Illinois and Wisconsin, and in the class
[VoL. 126.
FINANCIAL CHRONICLE
embracing agents and brokers, in Ohio and Illinois. Nearly
all of the Increase in the liabilities for the seven Central
Western States, was attributable to a number of unusually
heavy failures in Missouri in 1927-718 defaults in that
State last year involving $22,993,000, compared with 616 in
1926 for only -6,831,000. Most of this increase was among
manufacturing concerns, although there was some increase
in the division embracing traders, as well as among agents
and brokers. Increases in the number of defaults were
also shown last year over the preceding year in the Dakotas, Nebraska and Kansas. On the other hand, there were
fewer insolvencies in 1927 than in 1926 in Minnesota and in
Iowa. The liabilities in this section outside of Missouri
and Minnesota were not for large amounts, although a
small increase appears last year over the preceding year
for most of the States, Iowa alone in this division showing a
reduction. For the Pacific Coast States there was quite an
increase last year in the number of defaults for each of the
three States in that group. Washington shows relatively
the largest losses, but Oregon and California both report
some increase in the indebtedness for 1927, due in part to
a number of large defaults. It is in the mountain section,
the eight far Western States adjoining the Pacific Coast
States, where some improvement appears as to insolvencies
for the year just closed. Colorado is the largest State of
this group and here the number of defaults for 1927, as
well as the indebtedness, was lower than in the preceding
year. Much the same situation prevails throughout the
entire section. A slight variation as to one or two States
was not especially important.
FAILURES IN THE UNITED STATES ACCORDING TO GEOGRAPHICAL
SECTIONS.
b..i
Commercial Failures.
kl.
ra,
Number.
•
New England
Middle Atlantic
South Atlantic
Southern Central
Central Eastern
Central Western
Western
Pacific
United States
1927. 1926.
2.465
6.187
2,545
2.487
4.550
2,379
817
2,936
Banking
Failures
1927.
LlabtMies.
1927.
1926.
No.
2,398 $55,074.657 $47,803.327
5.148 156,560,049 122,567,941
3
1,998 67.836.857 44,279,658 45
2.350 43.805.473 38,486.286 64
4.267 100,544,720 90,904,433 43
2.208 43.690.065 25.465.942 196
777
7,903,243
8,482.722 17
2,829 44,689,204 31,241,969 25
Liabilities.
11.887.759
42,375.470
19,402,737
19.884.880
47,161.910
3,950,100
8,988.390
23,146 21,773 1520,104,268 E409,232,278 393 $143,449,246
BANKING SUSPENSIONS.
Banking suspensions in 1927 were much less numerous in
the United States than in the preceding year and for a
smaller amount of liabilities. There were 394 banking defaults during the past year involving $143,449,246, in comparison with 608 similar suspensions in 1926 for $212,074,999. A marked decrease appears in the South Atlantic
States and in the seven Central Western States, the latter
including Minnesota, the Dakotas, Iowa, Nebraska, Missouri and Kansas The group of States last mentioned reported practically 50% of all the bank failures in 1927; in
1926 it was 56%, and in 1925 slightly in excess of 51%.
Most of these banks were small State institutions. Much
the same situation prevailed in the preceding years. There
were quite a number of banking defaults in the South last
year. Banking failures in Florida were again more serious, and a number of such defaults occurred in the Carolinas, as well as in Arkansas, Oklahoma and Texas. In
the Central States, Indiana leads both in number and indebtedness, but there were several banking suspensions reported
in Ohio and Illinois. A few occurred in some of the far
Western States as well as in each of the three Pacific Coast
States. Three small banking defaults occurred in Pennsylvania and two in Maryland last year, the only bank suspensions reported in the East.
CANADIAN FAILURES.
Canadian failures again showed a reduction in number
and in the amount of liabilities last year, this being the
third consecutive year in which there has been such a reduction—in fact, the number of defaults and the amount
of indebtedness last year was less than for any year since
1920. There were 2,182 mercantile insolvencies in Canada
last year involving in the aggregate $34,461,595, these figures comparing with 2,196 similar defaults in the preceding
year for $37,082,882. The improvement last year affects
about equally both the manufacturing and trading divisions.
There was a small increase last year in the number of do
faults among agents and brokers, but the liabilities in 1927
were less than in 1926. In the Province of Quebec, insolvencies slightly exceeded those of 1926 and the liabilities
JAN. 28 1928.]
FINANCIAL CHRONICLE
473
were somewhat larger, particularly in the manufacturing
division. They were less numerous and for a little smaller
amount in Ontario and Manitoba, but for British Columbia
and Saskatchewan a small gain appears. In most of the
other Provinces the figures for 1927 are slightly higher than
for the preceding year. Throughout the entire country
changes that do appear are of trifling importance.
W. Goodall, President of the Guarantee Trust & Safe
Deposit Company, was chairman. The following announcement according to the Philadelphia "Ledger" was issued:
CANADIAN FAILURES FOR LAST THREE CALENDAR YEARS.
It was stated that a number of the commercial banks and trust companies
in this city are in favor of reducing the rate, it being pointed out that they
are now receiving a comparatively low return on their investments. A 3 %
rate on savings accounts, it is said, will go in effect in Camden banks on
Feb. 1.
The mutual savings banks in Philadelphia were not represented at
yesterday's meeting. It had been previously stated that operating conditions of the mutual banks differ materially from those of the commercial
banks and that, therefore, the lowering of yields on investments as a result
of a comparatively easy money market are not reflected in their earnings
to the same extent as is the case with the commercial banks. Officials of
the mutual banks have expressed the opinion that there is little chance of
these institutions making a change in the rate this year.
Number.
1927. 1926. 1925.
1927.
1926.
1925.
Manufacturing
502
527
583 $15,347,401 816,465,754 $24,046.514
Trading
1,544 1,548 1,693 16,566.799 17,320.905 19.514.049
Agents and brokers_ _
136
121
3.296.223
2.207.262
115
2,547,395
Total commercial_ 2.182 2,196 2,371 634,481,595 837,082,882 645,787,825
Discussion by Banking Interests in Philadelphia on
Question of Reducing Interest on Deposits—Committee to Consider Subject Further.
The question of reducing from 4 to 33'2% the interest rate
paid by National banks and trust companies in Philo,
delphia on savings accounts was discussed on Jan. 24 at a
meeting of representatives of these institutions held at the
Central City Office of the First National Bank. Herbert
Representatives of Philadelphia banks met this afternoon to consider the
question of reducing the interest rate on savings deposits to 3%%. No
definite action toward this end was taken. The meeting, however, decided
upon the appointment of a committee further to consider the question.
The appointments to this committee will be made by Mr. Goodall.
The "Ledger" also said:
Delaware County Bankers Att.
E. E. Barry, President of the Delaware County Bankers Association,
announced yesterday that at a recent meeting of that body a resolution was
passed "expressing the opinion that 4% is an excessive rate of interest to
be paid on time deposits (savings accounts) by banks located in Delaware
County, and that it was felt prudent to pay a lesser rate."
This action, Mr. Barry stated, was unanimous on the part of the bankers
present. Representatives were present from 25 out of 30 banks belonging
to the association.
The 1927 Record of New Building Construction.
As statistics regarding the volume of trade in the
leading industries of the country for the late calendar year make their appearance, it is becoming more
and more evident that 1927 was a year of diminished
activity in more than one line of trade and business.
The average business man actively engaged in his
daily affairs has of course all along been aware of
this fact—in some instances painfully aware, as he
came face to face with slender buying by his customers and shrinking orders on his books; but in
view of the reassuring statements that have been
coming from the authorities at Washington, saying
that there was really no occasion for dissatisfaction
and that nothing had happened or was happening
except a slight slowing down, which in itself was
of little consequence after a period of intense activity extending over a long period of time, it is very
important that the true situation should be clearly
portrayed in the discussions and analyses of the
year's results.
Two weeks ago, in our study of the records of
bank clearings at the different clearing houses
throughout the country, it appeared quite unmistakably that trade had been declining in virtually
all parts of the United States and that where the
figures showed growth and expansion in the volume
of these bank exchanges the explanation was to be
found in financial transactions having their origin
outside the ordinary channels of trade or which grew
out of Stock Exchange speculation. To-day the very
extensive and comprehensive statistics regarding
new building permits which it is our custom to compile annually furnish very conclusive testimony to
the same effect. They show that in the building industry, or rather in the projected new building work,
activity was likewise on a diminished scale. Not
only that, but the falling off has been common to
virtually all parts of the country, the instances
which apparently constitute exceptions to the rule
being ascribable to special circumstances and conditions which have operated as offsets to the general
tendency towards contraction.
Our readers may recall that in reviewing the new
building record for 1926 we pointed out that the year
1926 had marked a distinct turn in the record of pro-
jected new building Work in the United States.
After uninterrupted increases in the yearly additions, extending back to 1918, when ordinary new
building work was virtually suspended owing to
American participation in the European War, a
change occurred in 1926, and the volume of new work
projected, while still of huge proportions as measured by former standards, showed a decline, to moderately smaller totals. With the statistics now before us for the calendar year 1927 it is possible to
go a step further and say that the decline continued
through the year 1927, marking thereby two years of
shrinking totals. Moreover, the characteristic which
we emphasized in discussing the 1926 falling off is
again in evidence in the 1927 figures—that is, the
falling off (or rather the progressive falling off
now that the decline has continued through two successive years) is not confined to any one section of
the country, or to any particular geographical group,
but extends to virtually the whole United States, no
leading geographical division having escaped some
decrease in 1927 and 1926 alike from the high totals
reached in 1925.
It should be distinctly understood that these figures of new building work relate entirely to the
plans filed with the local authorities on which permits are issued in accordance with the varying requirements of State and local laws for the prosecution of the work. They do not include engineering
projects, nor do they as a rule include public works
construction such as sewers, subways and highway
work in the nature of bridges, grade crossing elimination and the like, and often do not include educational buildings, social and recreational structures
and public hospitals. This will explain why records
of contracts awarded, such as compiled by wellknown authorities like the F. W. Dodge Corporation
and the Engineering News Record, invariably arrive at much larger totals than those represented
by the new building plans or permits. It will also
explain why the yearly comparisons, in the case of
these other records, do not reveal, at least during
the last two years, the same pronounced downward
trend. Engineering projects involving, say public
utilities in the nature of light, power and similar en-
474
terprises, are dependent upon financial conditions
and financial developments, and these, as every one
cognizant of the course of financial affairs in recent
years knows, have all been in the direction of continued expansion. The extended tabulations regarding the new capital flotations which we presented in
these columns in our issue of last Saturday furnish
incontrovertible proof on that point. The increase
here has served largely to offset the decline in distinctive new building work in the common acceptance of the term.
The F. W. Dodge Corporation in reporting the
construction contracts awarded, which it classifies
under ten distinct heads, namely, commercial buildings, educational buildings, hospitals and institutions, industrial buildings, military and naval buildings, public buildings, public works and public utilities, religious and memorial buildings, residential
buildings and social and recreational buildings covering thirty-seven Eastern States, or about (according to its estimate) 91% of total construction in the
United States, finds very little difference between
the results for the calendar year 1927 and those for
the calendar year 1926, which latter marked the peak
in construction work. It makes the aggregate represented by the contracts awarded in the calendar year
1927 $6,303,055,000, as against $6,380,915,000 in the
calendar year 1926 and $6,006,426,000 in 1925. The
falling off from 1926, it will be seen, is less than
114%,while as compared with 1925 there is actually
an increase of nearly 5%. The Engineering News
Record arrives at substantially the same conclusions. It declares that construction in the U. S.
in 1927 reached the huge total of $7,800,000,000, or
about the same amount as the record figure of the
preceding year. Moreover, it says that after adjusting the 1927 total for a 1% cost decline in 1927, the
volume of construction work was actually slightly
larger in 1927 than in 1926. It adds that analysis
reveals that 1927 witnessed a gain in engineering
and public works operations slightly overbalancing
a drop in small and moderate sized buildings and
asserts that the signs point toward a maintained
activity during 1928 at about the same rate as in
1927. Public works construction, it avers, is on the
upswing.
From the foregoing it will be seen that the records
of new building work based on plans actually filed
and the figures of contracts awarded cover entirely
separate and distinct things. And to avoid confusion it is well to bear the distinction always in mind.
As to which set of figures may be taken as reflecting the real trend in building work, there is room
for a difference of opinion. For ourselves, we are
inclined to think that the building figures which we
and a few others undertake to collect furnish a better indication of the course of new building work
than the records of contracts awarded, though it is
not to be denied that these latter have a peculiar
value of their own. In the first place, building
permits deal with distinctively puildei.ng wortcvand
in the second place, inasgrohtas they,representfrpr6jected work more largely than work actually begun, they are a much more valuable indication of
intentions with respect to the immediate future.
When award of a contract has been made, it almost
invariably means that work will commence close
upon the heels of the award. Not so when a plan is
filed for a new building or for building work. Numerous considerations may and often do intervene
[VOL. 126.
FINANCIAL CHRONICLE
to postpone the actual carrying out of the plans,
and in most cases the contract for the work still remains to be awarded at some near or remote date.
Thus it is unmistakably true that intentions with
respect to new building work are more clearly and
more definitely reflected by the building permit figures than by the other figures referred to. S. W.
Straus & Co. expressed the situation with great felicity in their permit survey of last May when they
said that the permit figures furnish a "barometer
rather than a thermometer."
At all events, our compilations, which are very
elaborate and comprehensive, covering 354 separate
cities, show a decrease of 11.1% in the projected new
building work in 1927 as compared with 1926, after
a decrease in 1926 as compared with 1925 of 5.5%.
The total for 1927 is $3,667,222,633, as against $4,121,964,853 in 1926 and $4,393,364,166 in 1925. This
last marked the peak in new building work, according to our compilations, and from that high figure
the decline to $3,667,222,633 represents a shrinkage
of no less than $726,141,533, which is 16.5%. The
total for 1927 at $3,667,222,633 is actually smaller
than that of 1924 when the amount was $3,702,135,335. Another noteworthy fact is that the falling
off in December, the closing month, was the heaviest
of all. We ourselves have not undertaken to compile the figures for December, independent of those
for the rest of the year, but the monthly records of
S. W. Straus & Co., which are compiled along the
same lines as our own,though embracing some minor
cities which we do not undertake to include in our
own statements and which do not swell the totals
greatly, show a falling off for December 1927 as
compared with December 1926 of 19%, the total
of projected work for the month having dropped
from $340,850,805 in 1926 to $277,130,230 in 1927,
moving the compiler to say that the loss was one
of the most severe of a year throughout which there
were persistent declines and that this heavy loss
gives "indication that the turning point in the downward curve of activities has not yet been reached."
It is further to be noted that the falling off for
the twelve months extends to every geographical
section of the country excepting only New England
and there only a small portion of the big loss sustained in 1926 has been recovered. Added significance is given to the showing by the fact that in 1926
too, every geographical division showed a falling off
as compared with the previous year, New York City,
which we always put in a category all by itself, forming then the only exception. In 1927 New York City
also joined the downward procession and in a more
marked degree than any other leading part of the
country, its loss from the 1926 total being 16.2%.
If all this does not portray an unqualified downward
trend in building projects whatever the engineering
projects may show, we do not know how the case
could be made any clearer. In order to furnish a
graphic survey of the situation in the different parts
of.the.cctiolpy, weintroduce here the following table
1927.
New England (80)
Mid. Atlantic (72)
Mid. Western (68)
Other Western (45)
Pacific
(50)
Southern
(80)
Total
1926.
Inc. or
Dec.
1925.
273,841,495 264,938,767 +3.3 328,126,502
668,132,068 736,063,732 —9.2 768,179,693
945,177,791 1,001,879,097 —5.7 1,101,831,475
174,116,417 199,922,918 —12.9 262,297,891
375,508,034 419,876,044 —10.6 472,818,154
342,338,503 439,232,903 —11.2 451,741,309
1924.
289,548,249
881,788,671
880,722.496
214,574.119
448,745,841
340,270,142
(353) 2,779,112,306 3,061,913,459 —9.2 3,384,792,814 2,855,629,518
New York City_ _ _
888,110,327 1,080,051,394 —18.2 1,008.571,342
846,505,817
Total all_ _(3541 3.667,222,633 4,121,964,853.-11.1 4,393,384,168 3,702.135,335
JAN. 28 1928.]
FINANCIAL CHRONICLE
475
showing the totals for the last four years in each I usefulness or must be supplanted because they are
leading geographical division, with New York City no longer profitable propositions and hence must be
shown separately from the rest of the country in a replaced by larger, better equipped and more modern edifices in order to get a return on the investline by itself.
highly
deemed
ment. In Manhattan, that process is under way on
The foregoing comparisons must be
significant in showing a uniform downward ten- a greater scale than anywhere else in the country
dency. In e New England the total dropped from and probably on a greater scale than in any other
$328,126,502 in 1925 to $264,938,767 in 1926, and has part of the world. The new structures are correnow recovered to $273,841,495 in 1927, but back in spondingly more costly and they serve greatly to
1924 the total was $289,548,249. There are of course swell the grand total of the money value of the new
numerous exceptions to the rule of decrease among building projects. Obviously, building work of this
the separate cities and in the case of the smaller kind belongs in a different category from the putting
places the changes, whether increases or decreases, up of new dwellings and apartments in outlying disare expressed in large percentages, this following in- tricts on previously vacant land, mainly for housing
evitably from the fact that with the totals on a accommodation, for there is a distinct limit to the
diminutive basis, the addition of two or three large latter, measured by the additions to population,
buildings in one or the other year necessarily makes whereas replacing old structures of an obsolete type
a big difference in the totals. At Boston there has with new ones more in accord with modern requirebeen an increase from $51,484,404 in 1926 to $56,- ments is a process that must all the time go on. It
809,204 in 1927, but in 1925 the building projects may on occasions be accelerated or be retarded, but
in Boston aggregated $70,718,365. Cambridge, Mass., it cannot be avoided.
In reviewing the figures for the Greater New York
more than doubled its building record of 1926, and
for
1926 we gave the foregoing as the reason why
Newton
at
and
appear
larger or smaller increases
several other places in that State. In Connecticut new building work had been so persistently and
most of the places show increases, though this does enormously expanded, but took pains to observe that
not apply to New Haven, where there has been a obviously the totals could not keep on rising forever.
small shrinkage from the high record of 1926. It In 1927 the falling off came, and, as compared with
does apply to Hartford, at which point the total has the record figures of 1926, the shrinkage has natrisen from $16,829,158 in 1926 to $17,878,928 in 1927. urally been very substantial. In the Greater City
But in 1925 the value of the projected building work the building work for which plans were filed in 1927
in Hartford was $22,130,193, and in 1924 it was $18,- had an aggregate value of $888,110,327, as against
$1,060,051,394 in 1926 and $1,008,571,342 in 1925.
824,463.
It is only proper that New York City should be Even as thus reduced, however, the total is still of
treated separately. In many respects it belongs in large proportions and in excess of that of all prea class all by itself by reason of the huge edifices vious years excepting 1926 and 1925. Here again the
that are being erected not alone for business pur- uniformity of the 1927 falling off is significant, the
poses, but also as hotels, theatres, churches, apart- decline extending to each of the five boroughs, thus
ments and in various other special ways incident to emphasizing the prevailing downward trend. In
a population of such great size and the position 1926 Manhattan had already inaugurated the downwhich the city holds as the metropolis of the coun- ward movement with a decrease in its total of new
try. And when we speak of New York City we have building work from $398,931,402 in 1925 to $341,reference of course to all the different boroughs, 255,890 in 1926, and now there has been a further
which together make up the Greater New York. As decline to $290,320,563 in 1927. But while in 1926
pointed out by us in previous annual reviews, the Manhattan stood alone in showing a downward turn,
Greater New York has a problem all its own. Pop- in 1927 all the other boroughs joined to keep it comulation is not only large, but growing very fast, pany, the total in the Borough of Brooklyn falling
and its manufacturing industries are also growing. from $288,868,987 in 1926 to $226,100,665 in 1927;
Manhattan Island is only a narrow strip of land in the Borough of the Bronx from $214,855,056 to
and very congested. Therefore provision for the $172,588,681; in Queens from $192,803,601 to $186,flow of population has to be made in the outlying 330,484, and in Richmond from $15,440,560 to $12,sections. In Brooklyn, in the Bronx and in Queens, 769,934. Manhattan and the Bronx may really be
new building construction has been proceeding on considered as a single unit, Manhattan Island being
an enormous scale. In the older sections of these more and more devoted to business and office structhree boroughs, apartment houses in great numbers tures, as well as theatres and amusements, and the
and of large size are replacing private dwellings and flow of population northward, as it is crowded off
the small store, and in the newer sections, the re- Manhattan Island, finding an outlet in the Borough
moter suburbs, vacant lots are rapidly being util- of the Bronx. Combining the two boroughs, the deized for the erection of private dwellings—the one- cline has been from $556,110,946 in 1926 to $462,909,family and the two-family house. In Manhattan, 244 in 1927.
The experience of New York City, however, has
on the other hand, while many costly apartment
being
constantly
been
are
no different from that of the other leading
tenements,
houses, as well as
any
of
citiet
accommodation
housing
'distingtiihhed'foi*.magnitude of their yearbuilt, very little
ly
are
sums
huge
but
building
undertaken,
woik. Th.us Philadelphia's building bill
being
other kind is
in
theatres,
1927
hotels,
large
footed
erecting
up only $117,221,245 as against $140,in
spent
being
churches and numerous other similar structures 267,200 in 1926 and $170,913,530 in 1925 and,in fact,
that stand in a class by themselves. It must also was the smallest of any recent year since 1922. Chibe remembered that in a place like the Borough of cago has much better maintained its best level and
Manhattan, where little vacant land remains to be had an aggregate of projected building work of
built upon, the erection of new structures means the $352,936,400 in 1927 against $364,584,400 in 1926 and
demolition of old structures that have outlived their $360,804,250 in 1925. In Detroit, on the other hand,
476
FINANCIAL CHRONICLE
[VOL. 126.
the decline has been large, both absolutely and pro- creases are the rule in that group as elsewhere. Still
portionately; for 1927 the value represented by the there are exceptions as in the case of Akron, Ohio,
building projects was $145,555,647 as against $183,- Toledo, Ohio; Indianapolis, Ind.; Flint, Mich.; Pon721,438 in 1926, and $180,132,528 in 1925. Out on tiac, Mich.; and, above all, Milwaukee, Wis., which
the Pacific Coast, Los Angeles after its big drop latter shows projected work of $46,361,461 for 1927
from $200,133,181 in 1923 to $150,147,516 in 1924 against $41,210,250 for 1926 and $39,583,736 for
and $152,636,436 in 1925, and a further drop to $123,- 1925. Cleveland has suffered a drop to $45,480,550
006,215 in 1926, recorded in 1927 no additional loss in 1927 from $61,776,575 in 1926 and $69,254,400 for
1925. Among other cities showing larger or smaller
at $123,027,239.
For the Middle Atlantic States as a whole, but losses are Cincinnati, Columbus and Dayton, Ohio.
The Pacific group of cities the previous year rewith New York City omitted, the total has fallen
during the last two years; first from $768,179,693 corded a reduction in their proposed building outlay
in 1925 to $736,063,732 in 1926 and now to $668,132,- from $472,616,154 in 1925 to $419,876,044 in 1926
066 in 1927. In the State of New York, Buffalo is and now shows a further drop to $375,508,034 in
one of the exceptions to the rule, with plans filed in 1927. Los Angeles was largely responsible for the
1927 calling for a building outlay of $33,076,303 big drop in 1926, and though that city, as already
against $27,406,896 in 1926, and Rochester reports a indicated, discloses no further decline in its buildtotal of $22,589,418 for 1927 against $21,637,641 for ing program for 1927, virtually all the other leading
1926, but against $28,102,462 in 1925 and $29,588,- places in that group, many of which had recorded
762 in 1924, and Syracuse reports $21,825,604 for further expansion in 1926, when Los Angeles suf1927 against $14,356,426 for 1926 and much smaller fered a noteworthy contraction, and others which
amounts in all preceding years. On the other hand, at that time kept Los Angeles company in registerAlbany shows a drop from $26,746,016 in 1926, when ing a falling off, now for 1927 register marked dethe amount was exceptionally high, to $16,978,618 clines. Out of the fifty cities included in the Pacific
in 1927.
group all but fifteen have suffered declines and these
It is always interesting to note the course of build- fifteen are practically all relatively small places.
ing at the nearby Jersey cities, which really consti- The biggest one of the lot is Long Beach, where the
tute outlying sections of the metropolitan district, aggregate of the projected building work has risen
and at cities like Yonkers, White Plains, New Ro- from $8,615,720 in 1926 to $13,706,145 in 1927, but
chelle and Mount Vernon, which get the overflow of Long Beach in the years preceding had suffered a
part of the population from the Greater New York. steady drop, year by year, since 1923, when the
The showing at these points is quite irregular, as amount involved in the building plans aggregated
was the case the preceding year in comparison with $23,697,830. San Francisco shows a decline from
1925. Yonkers is forging ahead with great rapidity $57,953,948 in 1926 to $47,032,848 in 1927 and Oakand for 1927 shows the largest projected new build- land, whose building work fell from $39,185,863 in
ing work in its history, with the amount for 1927 1925 to $28,075,295 in 1926, records a further drop
$34,770,482, against $25,829,843 for 1926, $20,909,- to $20,794,669 in 1927. San Diego, which in 1926
473 for 1925, $13,820,075 in 1924, and very much was still moving upward, records a reduction in
smaller amounts in previous years. New Rochelle 1927 from $20,001,729 to $14,251,966. Further north
has slightly improved its total at $9,828,581 for 1927, along the Pacific Coast, in Oregon and Washington,
against $8,218,168 for 1926 and $9,498,267 for 1925. the story is the same. Portland, Ore., dropped from
On the other hand, Mount Vernon has fallen from $38,476,335 in 1925 to $32,588,975 in 1926, and now
$24,766,256 in 1926 to $16,769,052 in 1927, and White in 1927 has dropped further to $28,973,455. Seattle
Plains from $14,152,143 to $10,147,692. At the Jer- escaped a decline in 1926, but in 1927 sustained a desey cities Newark continues to show very rapid crease from $34,207,700 to $29,070,080.
The Far Western cities, as distinct from those on
growth with projected building work for 1927 aggregating $52,632,698, against $45,059,718 for 1926, and the Pacific Coast, form no exception to the rule and
$40,996,478 in 1925; Elizabeth, $10,641,384 in 1927 the losses are large and general. The 45 cities comagainst $9,955,866 in 1925 and $7,862,506 in 1926; prised in that group registered a decline from $262,East Orange $12,299,392 against $9,144,024 and $7,- 297,691 in 1925 to $199,922,916 in 1926 and are now
484,219 respectively, but Jersey City shows a drop to down to $174,116,417 in 1927. Twenty-one of the
$13,924,080 from $21,006,103 in 1926 and $21,284,814 forty-five cities have not contributed to the further
in 1925, and Montclair's figure is $5,460,079, against shrinkage in 1927, but record, instead, larger totals
$7,329,752 in 1926 and $6,741,508 in 1925, while for 1927, but here again the places thus distinguished
South Orange and West Orange also show dimin- are mostly those of smaller size, about the only exished totals, though not Orange or Plainfield. The ceptions being Denver,St.Louis and Minneapolis,and
shrinkage at Philadelphia has already been referred at these points the increase represents simply parto and most other places in Pennsylvania also re- tial recovery after antecedent big losses. Denver's
cord decreases. At Baltimore, in the State of Mary- total fell from $26,310,250 in 1924 to $14,591,000 in
land, and at Washington, D. C., big declines appear. 1926 and is just a little higher for 1927 at $15,902,At Baltimore the total for 1927 is only $28,537,790, 650. The St. Louis total fell from $54,877,013 in
as against $42,438,705 in 1926 and $45,364,270 in 1925 to $39,841,564 in 1926 and is back to $42,074,1925, while at Washington the amount for 1927 at 682 in 1927. And Minneapolis's building bill, after
$36,328,830 compares with $63,499,330 for 1926 and having fallen from $29,446,310 in 1925 to $20,609,340 in 1926, is back to $22,429,620 in 1927. At Kan$64,711,013 for 1925.
In the Middle Western group of States, the pro- sis City, Mo., where there was a drop from $38,jected building work for 1927 foots up $945,177,791, 382,965 in 1925 to $23,116,740 in 1926, there has been
against $1,001,879,097 in 1926 and $1,101,831,475 in a further drop to $15,209,076 in 1927. St. Paul,
1925. This group includes Chicago and Detroit, to Minn., after first moving down from $24,045,858 in
which reference has already been made, and de- 1925 to $15,710,425 in 1926, is still lower in 1927 at
JAN. 28 1928.]
477
FINANCIAL CHRONICLE
$10,128,589. Omaha has a similar record, its total deeply disturbed by reason of the war; and the burhaving fallen from $14,624,528 in 1925 to $10,152,- den of the war bore perhaps more heavily upon this
city than it did upon other parts of the country.
338 in 1926 and tq only $4,522,218 in 1927.
The Southern and Southwestern group of cities re- Being the country's financial center, financing the
flects clearly the depression which held the whole war made a greater drain here than elsewhere. And
of the Southland in its embrace during 1927 as a re- the requirements of the war being so huge and so ursult of the unfavorable developments which came the gent little was left for financing local building work,
latter part of 1926, namely, the collapse of the real even if all building work throughout the country
estate speculation, particularly at the Winter re- had not been rigidly limited to what was absolutely
sorts, the Florida hurricane and the big decline in essential for the conduct of the war. After 1918
the price of cotton which marked the closing months the city was slow in regaining its former promiof the year referred to (1926). During 1927 cotton nence. In 1919 and 1920 its percentages of the whole
was fully restored to its former value, but this does were respectively 17.26% and 17.79%. In 1921 the
not seem to have relieved the depression in any very city got as high once more as 25.50% of the whole.
appreciable degree. It is to be said, however, that But in the very next year (1922) it dropped back to
the Southern group of cities in 1926 did not show 22.74%; this was because, though its own total greatany very marked contraction in its projected build- ly increased, it did not increase proportionately as
ing work, the total for the sixty Southern cities hav- fast as the rest of the country. After that,however,the
ing then declined only from $451,741,309 in 1925 to city again forged ahead, its total keeping steadily
$439,232,903 in 1926; for 1927 the total is down to rising, as we have seen, and in 1926, with its own
$'342,336,503. And the ratio of loss is the largest of building record still expanding while that of the rest
any group, being 11.2%. Out of the sixty cities, of the country was now beginning to fall off, the
twenty-one show increases, but the list includes only city's proportion of the whole advanced over 3%
a few prominent cities, Louisville, Ky., being among and reached 26.45%. In 1927 its ratio fell back to
them; in that city, after a fall from $29,910,246 in 24.95%. The changes in the yearly percentages are
1925 to $20,919,545 in 1926, there has been recovery very interesting, and in the following we furnish a
to $23,243,210 in 1927. Oklahoma cities make the record of the comparisons for the last twenty-two
best comparisons, as a rule, the amount at Tulsa, years. Our compilations now embrace returns from
after having fallen from $10,075,971 in 1925 to $7,- 354 cities, but in this table we do not use the totals
615,428 in 1926, having risen to $14,805,153 in 1927. for the enlarged number of cities now included, but
Oklahoma City has increased from $10,028,228 in only those which we have been able to get continu1926 (its best figure up to that time) to $16,238,714 ously in the more recent years.
in 1927. Florida points, like Miami, Tampa and
Alo.ef
PerCenlof
Total AU.
Whole. ChOrdereelltes.
Year.
ages.
New York.
Jacksonville, show almost complete collapse of their
24.95
310
888.110.327
2.671.454.899 3.559.565.226
building program, which, of course, was to be ex- 1927
26.45
310
1926
1.060.051.394
2.948.257.850 4.008.309.244
310
23.44
3.294.125,381 4.302.696.723
1,008.571.342
pected, considering the feverish and unhealthy real 1925
1924
23.41
2.768.156,623 3.614.662.440
310
846.505.817
310
785,557.945
22.77
2.663.907.795 3.449.465.740
estate activity which had previously prevailed. In 1923
1922
22.74
2.169.314.914 2.807.884.753
308
638.569.809
1.869.694.975
1921
307
476.827,194
25.50
1.393.407.781
1925 Miami laid out new building work which aggre- 1920
1,343.549.455 1.634.378.397
17.79
306
290.828.942
1,253.554.036 1.515.054.225
1919
17 26
297
261.500.189
gated $60,026,260; in 1926 there was a drop to $35,- 1918
507.359.603
450.849.008
287
11.14
56.500.495
822.038.892
718.970.094
1917
12.54
277
103.068.798
845,109, and for 1927 the total is down to $9,956,- 1916
1.131.572.355
910.278.381
273
19.56
221.243.974
931.937.300
758.991.580
284
1915
18.56
172.945,720
891.845.524
753,730,258
284
15.49
403. Jacksonville, Fla., had little share in the specu- 1914
138,115,268
980.971.563
818.029.278
1913
273'
162,942,285
16.61
798.913.875 1.027.515.183
22.25
235
lative furore and in 1926 its projected work was still 1912
228.601.308
962.499.668
762.174.380
1911
20.81
235
200,325.288
763.868.183
977.216.800
21.88
223
213.848.617
on the increase, its total rising from $14,760,711 in 1910
740.677.942 1.013.785.972
1909
26.94
209
273.108,030
730.081.671
555.324.252
23.94
1908
174.757.619
206
1925 to $21,393,945 in 1926. But now for 1927 the 1907
802.290.451
604.671.736
24.63
715
200
197.618.
ionA
has
fallen back to $13,051,074. St. Petersamount
We have also again compiled the building statisburg and Tampa have suffered no less severely than
Miami. At Tampa the projected building work ag- tics for the Dominion of Canada. And here the
gregates only $5,732,606 for 1927 against $15,872,- story is different from that regarding the United
772 for 1926 and $23,418,836 for 1925, and at St. Pe- States. The Dominion is evidently enjoying unaltersburg no more than $2,907,400, as against $15,- loyed prosperity-at least the eastern half of it580,200 and $24,081,700 respectively in the two years and that fact is reflected in an enlarged program of
preceding. Birmingham is one of the Southern new building work. The improvement has been in
points which shows no contraction at all in 1927, progress for two successive years. In eastern Canand neither does Fort Worth, but Dallas has suf- ada there was an increase from $93,407,603 in 1925
fered a big decline and larger or smaller declines ap- to $104,155,215 in 1926, and there has now been a
pear at numerous other points, including Atlanta, further increase to $138,210,069 in 1927. In westNew Orleans, Houston, San Antonio, Little Rock, ern Canada there was a jump from $20,217,171 in
Ark., and all the Tennessee points except Nashville, 1925 to $38,977,446 in 1926, with the amount for
but including particularly Memphis, Knoxville and 1927 just a little smaller at $37,428,498. For the
Chattanooga.
whole of Canada, comprising fifty-seven cities, the
Greater
New
(the
York)
having
City
York
total
after increasing from $113,624,774 in 1925 to
New
suffered a heavy reduction in its projected new work $143,132,661 in 1926, has risen further to $175,638,in 1927, did not contribute so large a portion of the 567 in 1927. At this latter figure the total is by far
general total as in 1926. Up to the latter year, it the largest in the history of the Dominion as far
had again been gaining on the rest of the country. back as our records go.
We now add our very elaborate and very compreBack in 1906 the projected building operations in
this city constituted nearly 30% of those for the hensive detailed compilations, covering the whole of
whole number of cities included. But gradually the the past twelve years, and embracing all of the leadproportion declined until the city's ratio in 1918 got ing cities in the United States, as also those in the
down to 11.14%. Of course, in 1918 everything was Dominion.
1110
Oil 1111.e.11.11 CO
2.VUO
.
•.4.3
nn WI
ie• ale
[AA
2
AO* 120,
enit ASI 921
UNITED STATES BUILDING OPERATIONS.
1927.
1926.
Inc. or
Dec.
$
$
%
1925.
1924.
1923.
1922.
1921.
1920.
1919.
1918.
1917.
$
$
$
$
$
$
$
8
$
1916.
New York CityManhattan
Bronx
Brooklyn
Queens
Richmond
290.320.563
172,588,681
226,100.665
186,330,484
12.769.934
341.255,890
214.855,056
288.868.987
192.803,601
15,440,560
-14.9
-19.7
-21.7
-3.4
-17.3
Total N. Y. C
398.931.402
157.601.066
258,914.583
179,409,536
13,714,755
286.653,202
133.515.973
242.918,892
165.400,100
18,017,650
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
888,110.327
139,199,563
22.324,741
80.931,166
42,650,472
5,723,000
1,060.051,394
106.773,373
23,383,799
77,485,679
49,122,617
4,734,721
17,697,650
5,207,320
23,234,539
6,822,205
3,538.781
-16.2
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
1.008.571,342
846,505,817
785,557.945
638,569,809
476,287.194
290.828,942
261,500,189
56,500,495
103.068,798
221.293,974
New England StatesMe.-Portland
N. H.-Manchester
Vt.-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 Adams
Northampton
Pittsfield
Quincy
Revere
Salem
Somerville
Springfield
Waltham
Westfield
Worcester
Conn.-Ansonia
Bridgeport
Bristol
Danbury
Hamden
Hartford
Manchester
Meriden
Middletown
New Britain
New Haven
New London
,
Norwalk
Norwich
Shelton
Stamford
Stratford
Torrington
Waterbury
West Hartford
West Haven
Willimantic
R. T.-central Falls
Pawtucket
Providence
Total New England:
59 cities
http://fraser.stlouisfed.org/
60 cities_
Federal Reserve Bank of St. Louis
$
2,340.340
4,245,238
-44.9
2,012.949
3,112,183
4,528,938
3,079.749
1,538,243
1,392,121
2,059.300
601,562
773,543
1,663,742
1,908,592
1.369.930
+39.4
2,361.120
2,649,093
2,083.308
2,085,000
1,164,866
2,612,795
1,784,815
317.462
1,273,945
1.448,129
*923,320
1,148.400
-21.6
1,094,600
409.200
462,400
394,450
206,900
237,450
392,300
187,050
341,275
344,200
493,082
1,239.375
53,031,931
2,441.250
9.339,973
8,369,912
2,161,204
3,540.445
3.760,150'
4,449,894
1,641.862
713,605
3,575,918
3,762,864
525,650
2,820,687
3,852,550
3.372,580
4,326.420
6.837,400
8,646,331
340,290
725,800
2,722.545
5.693,819
2.083,571
3,098,445
3.604.730
13,100,219
1,501,550
600,000
14.789.133
526.459
1.471.675
40.675,558
2,205,068
6.638.275
5.341.128
1,120.125
2,578,690
1,468.770
5,467,027
1,113,088
1,025,910
3,322.175
7,798,621
708.905
4,026,391
3.019,272
2,357.618
3,481.678
9,062,700
6,821.418
314,965
1,667,850
1,402.105
4,866.812
1,318,785
1,229.975
3,185,356
10,997,661
1,667,321
599.552
11,136.653
400,000
499,240
57.496,972
1.906,252
8.465,850
4,695,879
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
9,077,645
1.561.863
163,525
8,227,786
300.000
434,223
24,048,803
1,633,699
3.455,249
1,866,180
620,520
995,255
694.905
1.704,213
1.138,874
773.180
1.034,697
3.037,495
600,000
1,579.784
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
5,669,634
754,402
500,000
6,706,371
500,000
424,340
28.167,253
1.564.289
2,572,963
5,277,611
572,258
843,000
740.985
3.076,255
1,722,395
1.121.050
3,352,595
2,544,191
600,000
4,981.378
1.033.175
1,149.475
1.333.189
5,943,414
2,926,721
335,760
750,920
428,875
2,022.748
521.645
539,701
1,384,456
6.675,054
539,050
500,000
6.748.086
400,000
655,205
23,520,855
1.146,088
3,086,400
4.299,818
560,172
1.628.150
928,700
1,800,000
1,065,885
1,324.975
1.875,990
1,738,061
450,000
3,352.710
1,949.066
713,049
1.174.156
7,005.420
3,569.399
230.850
540,000
746,550
2,159,697
552.285
859.440
773.099
5,879,845
509,615
300,000
5,925,164
150.000
102.440
7,706.190
280.120
635.400
2,178.718
225.400
248.085
242,836
225.000
364,546
575.525
220,795
1,835,764
300,000
1,342,122
361,670
400,820
211,505
976.664
462,423
200,000
208.315
185.397
3.915,769
261,565
188.793
428.940
1,598,423
141.808
150.000
2,080,869
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
466,777
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
3.779.042
393,350
200.000
4,332.855
465,329
588,195
27.268.521
1.252.440
2,408,550
4,033,115
1,432,000
1,051,125
701,167
2,000,000
494,309
1,172,350
1,337,570
1,516,723
616.500
1,702.973
1,520,426
852,440
2.360,530
4,726.081
3,166,948
300.000
233.439
798.847
2,171,828
968,028
1,554,124
1,854.236
7,101,032
577,251
400,000
6,164,871
678.126
1.082.790
56.809,204
1.374.359
5.902,440
17,913.299
855,060
1,175,460
2.044,330
1,845,893
637.975
909,625
2.044.200
1,261.094
650.750
962.501
3.877,775
3,611.356
4,370.512
1,412,952
10,138.606
578,685
908,652
1,653,240
5,832,906
1.627,320
2,723,745
5.615,490
8,855.828
2,344,685
706,764
8,812,324
1,100,000
907.684
51.484,404
1,879.405
4.951.499
8.280,842
1,090,249
1,544,560
3,485.255
2,173.561
1,563.888
844,715
2,607,175
1,745,552
622,400
1,574,635
4.612,145
3,800,093
5,743,860
2,309.955
8,393,954
• 386.889
1,125,735
1,919,850
6.205,276
1.694,387
2,106,125
5,065,991
8,733.706
2,797,920
914,713
12.980,557
-38.3
+19.3
+10.3
-26.9
+19.2
+116.3
-21.6
-23.9
-41.3
-15.1
-59.2
+7.7
-21.6
-27.7
+4.5
-38.9
-15.9
-5.0
-23.9
-38.8
+20.8
+49.7
-19.9
-13.9
-6•0
-4.0
+29.3
+10.9
+1.4
-16.2
-22.8
-32.1
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
1,503.475
2.777.859
8,288,031
1,614.045
2,186,900
5,653,030
15,002,140
2,678,226
1,063,089
18,089.639
*2.400.000
5,429,445
2.099,591
2,730,870
2,254,514
17.878.928
978,030
1,569.416
1,744.453
4,454.458
12.487,432
1.801,240
3.592,009
606.243
255.800
6,341.717
968.886
1,041.443
4.916.611
6.218,605
2,013,069
300.655
2.000,000
3.861,218
1.487.971
1.136.710
1.880.630
16,829,158
975,120
1.231,687
1,373,367
6.982,728
13,182,785
1.276.815
3.054,352
417.936
128.525
4.436.758
751,718
1,090,658
5,261.715
5.478.209
1.692,795
212.455
+20.0
+40.6
+41.2
+140.3
+19.8
+6.2
+0.2
+27.5
+27.2
-36.2
-5.3
+41.1
+17.6
+45.3
+99.2
+42.9
+28.9
-4.5
-6.6
+13.6
+19.0
+41.5
2,000,000
4,308,312
1,045.835
1.707.461
2,348.263
22,130.193
2,360,820
1,261.320
941.140
7,903,466
8.345,366
1.556,630
3,513,204
1.372,875
211.868
5.143,229
543,330
600,000
5.993.095
4.423.014
2,658,601
633.998
1.600,000
3,202,407
1.663,854
1,157,752
3,082.257
18.824.463
2,754,031
2,368,348
680.605
5,961,775
8,372,250
1.608.387
2,777,251
602.063
450,000
3,846,970
558.681
500,000
4.029,190
4.624,354
2,365.247
355,875
1,500,000
4,207.527
1,600.000
575.703
1,500,000
9,281.352
2,082,003
909.442
500,000
3,297.397
8.934,663
479,625
2,678.063
669.197
324,955
3,724.251
225.495
400,000
2,776,757
3,279.989
1,477,082
500,000
1,400,000
2,259,998
1,500,000
535,870
1.379,005
8,693.130
1,164,866
1.171,299
400,000
3,763,112
9,625.918
827,175
1.400,000
3,095,170
1,500,000
468,803
796,947
7.827,216
899.780
981.050
348.896
1,602,169
6,487,808
329.175
1,304,570
5,295.255
1,522,775
625.715
635,285
20,956.766
1,056.410
1,326,075
371,188
2,578,339
5,134,343
528,840
533,627
3,835.339
1.862,075
555,784
844,043
8,351,521
300,000
1,232.800
170,410
3,832,320
8,910,917
1,456,320
234,615
3,211,839
225,935
251,571
536.285
2,254,983
250,000
62.565
40.261
942,135
3,219,558
726.195
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
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
800,000
154,250
1,800,000
700.000
500,000
- 3,179,325
2,292.935
1.339.460
300,000
762,925
148,250
1.793,414
695.730
428,280
3.969.090
3,034,729
1,215.853
325.000
277,200
200.575
1,299.406
888,895
419,463
4,967,867
2,234,850
867.688
350.000
88,250
117.950
529,668
434,413
197,429
3,854,470
586.325
349,435
100.000
104,425
206,750
832,998
751,606
467,292
6,562.930
915,720
680.255
194.537
462,600
127.725
1,288.685
869.646
100.000
4.270,000
1,141.930
549,160
338,350
752,130
3,502,683
23.113,069
1.165.780
3,838.228
23.780,900
-35.5
-8.8
-2.8
1,074,681
5,199.895
22,748,500
606,680
3,440.448
25,381,700
716,925
4,836.114
22,472,400
655,622
2,520,835
17.462,100
324,398
2,115,287
13.947,100
359.770
1,736.600
10,084,200
275,000
1,621.385
8,309,100
84,781
552,492
4,986,000
184,410
905,382
3.817.800
248,930
1,213.093
9.248.900
270.249,487
261,884 415
+3.2
324.613.298
286.770,993
231 963 109
_219 195 890
1w)059 1R4
4
1111.111
111111.1.1.
9
161 CV) t
rim
12O
f'i•-x-orn
rq onfl
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-..e
AA / CA MI,
11,, AA,
$
Middle Atlantic States:
New York-Albany
Auburn
Bing,hamton
Buffalo
Elmira
Jamestown
Kingston
Middletown
Mount Vernon
Newburgh
New Rochelle
Niagara Falls
Poughkeepsie
Rochester
Schenectady
Syracuse
Troy
titles
Watertown
White Plains
Yonkers
N.J.-Atlantic City
Bayonne
Bloomfield
Caldwell
Camden
Clifton
East Orange
Elizabeth
Hackensack
Hoboken
Irvington
Jersey City
Hearne),
Montclair
Newark
New Brunswick
Orange
?
Paterson
Plainfield
South Orange
Trenton
West Orange
Pa.-Allentown
Altoona
Bethlehem
Bradford
Chester
Easton
Erie
Harrisburg
Hazleton
Lancaster
Philadelphia
Pittsburgh
Pottsville
Reading
Scranton
Wilkes-Barre
Wilkensburg
Williamsport
York
1926.
$
Inc. or
Dec.
1925.
1924.
1923.
1922.
1921.
1920.
1919.
1918.
1917.
%
$
$
$
5
$
$
$
$
S
1916.
$
16.978,618
858,354
4.298.151
33.076,303
1,341,391
2,713.980
2.141.693
1.243,169
16,769,052
*3,500.000
9,828.581
4,810.203
1,137,667
22.589.418
4.311,475
21,825,604
3,218,557
3,372,200
1.059.788
10,147.692
34.770,482
26,746,016
501.522
3.959,372
27.406,896
2,750.842
2,164.941
1,696,503
433,062
24.766.256
3,495,915
8.218.168
4.268,846
2.196,032
21,637,641
3.777,620
14.356,426
3.279.714
5,479.855
622,014
14.152,143
25,829.843
-46.5
+71.1
+8.5
+20.7
-51.2
+25.4
+6.1
+187.1
-32.3
+0.1
+19.6
+12.7
-48.2
+4.4
+14.1
+52.1
-1.9
-38.5
+70.2
-28.3
+34.6
15.654,917
625,776
4.616,431
26.773,944
2,262,967
3,198,242
1,599,009
815.068
11,371,198
1.728,205
9,498.267
6,727,778
2,147,646
28.102.462
7,933,088
11,919.570
3,219.025
5,182.340
1.028,069
8,337,775
20.909,473
12,849,700
777,240
4,855,215
28.499,393
1,960,440
3,031.755
1.288,162
640,527
10,164,657
400,000
8,307,523
5,299,523
1.781,335
29,588,762
8,229,833
9.479,161
4,303.666
8,565,526
1,265,465
7,994.275
13,820,075
10,594.138
807,822
5,536.372
27,907,000
1.500.000
3,500,897
8.805,895
725.259
4,969,601
25,891,000
1,400,000
4,211,497
426,896
2.278,529
18.642,000
1.400,000
3,576.299
483,649
1.515,211
13,121.000
1,300,000
3,030,388
357,944
1,672,031
13,033,000
1.200,000
1,299,547
233,109
555,166
7,014,030
1,300,000
2,350,594
234.115
1,431.914
10,581,000
1,000.000
4,245,547
352,345
1,927,948
13,137,000
1,704,900
1.082,075
6,259,515
379,601
6,377,255
5,762.778
2,330,965
22,938,764
4.951.604
10,228.350
2,325,949
6.204,592
2,007,195
5.273,109
10.543.700
858,594
7,990.483
809,000
3.500,000
4,251,607
2,343,985
17,347.873
3,554.119
9.909,524
1,376.313
6,922,783
1,684,750
3,900,174
8,550,750
532,409
3.596,284
800.000
3.209,743
3,179,550
1,144,050
15,940,815
2.513,231
5,838.598
1,756,777
3,102.860
1,076.920
309,925
2.526.002
750.000
2,981,119
3.670.050
782.050
9,951.813
2.601,108
6,893,180
676,561
2,220,079
2,848.587
505,000
3,526,981
3,169,241
2.009,515
9.641,579
1,978,385
6,122,638
673,189
3.287,750
413,415
1.254,000
486,320
2.081.544
969,668
1,003,723
950,289
1,819,258
1,203,863
2,009,707
1,949,551
1,230,220
1,637,895
192,075
873,530
6,754,820
1,869,168
4,251,701
514,446
1,444,085
9,379,447
1.760.825
4,871,414
1,132,827
1,887,825
4,601,500
4.720,700
2,713,600
1,162,800
1,405,400
2,213,100
5.731,639
1,979,600
6,070,867
623,270
5.330,327
3,389.065
12.299,392
10,641,384
3.672,349
1,535.424
12.960,227
13,924.080
5,770,898
5,460,079
52,632.698
3,711.186
5.585,883
4,708,851
6,296,363
5,074,445
2,497.355
4,529,273
3,407,332
9,942.168
3.128.877
4,912,918
711.815
6.457.628
3,809,315
9.144.024
9,955,866
4.125.481
1.230,921
9,090,751
21,006.103
4,2.50.213
7.329,752
45,059.718
2.482.566
3,235.881
3,374,188
7,623,640
4,889,781
3.104,120
5,019,118
3.602.124
-42.4
-36.7
+23.6
-12.4
-17.5
-11.1
+34.5
+ 6.0
-11.0
+24.8
+42.6
-33.7
+35.8
-25.5
+16.8
+49.5
+72.6
+39.5
-17.4
+3.8
-19.6
-9.8
-5.4
12,477,769
3,686.091
5,766.251
1,343,852
7.912,711
5,221,477
7,484,219
7,862,506
2,656,394
1.757,097
9,724.191
21.284.814
6.485,351
6,741,508
40,996.478
3,606.630
3,851.753
6,659,357
8.462,553
3,689,357
2,576.775
7,092,009
2,982,174
13.541,939
3,592.267
3,964.448
600.000
6,337,940
3,423.644
6,819,810
6,279,352
1,996,118
773.701
10,073.652
19,612.367
6.504.132
7,551,820
42,483.876
2,640,205
2,142,050
3.966,745
7,511.728
3,817,444
2.398,628
5,496,765
2,084,883
10,147,518
5,535,685
3,551.098
528,903
8,121,243
4.764.748
4.473,609
6,545,960
2,038,936
567,821
7.902,614
21,653,720
3,046,920
6,870,748
35,507,219
1,834,687
1,821,916
3,712,750
7.746,157
2.562,023
2,176,507
6,642,985
2,283,509
8.508,253
3.537.500
3,521.691
652.551
4.343,192
2,957,970
4,701,984
6,315,839
1,682,866
488,162
4.250.012
14,265.710
6,464.519
3.039,183
1,852,634
239,182
1,908.327
2,389.925
3,955,879
3,547,449
1.797,644
656,421
2,418.389
12,702,972
8.942,789
2,317,199
1,000,000
2,279,198
2,625.505
900,000
530,661
588,023
300,000
2,437,875
865,589
600,000
1,891,333
1,380,426
895,404
2,781,430
2,181,325
3.052.926
2,835,058
774,943
1.974,919
1.277,265
7,393,049
3.421,949
1.714,666
4,650,790
5,449,372
712,089
913.688
1.189,542
4,557,951
7,727.187
413.170
947,987
1,497,629
2,040,000
2,000,000
1,555,115
1,453,661
1,694,276
2,304,632
662,635
530,985
4,232,693
337,219
448,697
3,596,718
1,789,750
896,198
5,005.243
28,585,166
1,425,262
863.479
4,586.115
5.696,013
3,021,772
2,189,393
4,301,143
1,812,526
4.897;535
3,493,545
20.771,205
478,750
1,395,665
3,493,545
4.405.809
1,552,398
800,000
3,306,131
920,178
1,100,000
20,576,695
706,521
1.156,208
1.649,405
3,686,185
1.370.838
800.000
6,419,957
479,656
900,000
20,890,187
1,072,262
371,365
1,694.658
4,599,541
922,247
700,000
3.323,053
638.855
250,000
5,320.833
1,103,320
164,403
390,520
1,081,730
592.612
200,000
546,585
700,000
9,437,104
778.694
424.403
1,733,060
1,600,000
740,589
444,555
1,804,770
1.300,000
9.486,775
1,249,419
633,847
1,420.758
2,338,796
967,976
593,327
2,256,156
9,167.690
3.059.818
2.127,821
700.000
3,671,500
2.224.893
6,092,221
4,333,265
2,341.284
2,328.107
140.267.200
43,790.103
3,405,473
5,317,675
5,566,677
4,102.924
3,100.326
2,229,805
1,359,487
-27.0
+0.1
+15.0
-21.8
-34.5
-41.6
-11.5
-17.6
-18.2
+24.9
-16.4
-15.2
-44.4
-13.5
+13.9
+27.2
-37.7
+24.7
+25.9
8,659,765
3.015,438
6,156,600
798,290
3.363,592
2,514,615
8.685.683
4,336.581
2,952.307
3,965,021
170,913.530
41.512,222
2,021,585
7,273,569
6,921,323
4,286,752
2,379,110
1,915.063
3,566,777
5.344,362
3,355,194
2.447.482
611.608
2,082,760
2,032,318
7,036,299
5,315.340
2,561,930
4,756,705
141.737,460
34,156,550
1,193,910
6,125,827
6,001.496
4,554,338
2,166,885
2,124,663
2,897,005
5,113.670
3,052,373
1,944.962
237,315
2,304,380
1,367,756
4.262,524
7,389,345
4,025.300
3,730,730
122,650,935
32.928,962
3,344,458
3,313,242
1,564,622
733,555
1.834.096
1,780,820
4.860.924
3.873,640
1,605,150
2.640,665
114,881,040
35,255.375
1,814,268
1.771,818
1,624,516
507,575
2,000,000
1,453.346
3,348,360
2,712,598
475,616
1,323,456
42,790,780
23,429,744
2,630,730
1,634,598
740,922
275.890
1.701,679
1,105,864
3,737.279
1,190.690
258,150
1,286,638
55.305,390
16,048,052
2,221,000
1.046,184
2,482,615
731.715
205,853
715,190
1,367,907
319,444
2,178,585
739,258
1.105,449
664,518
3,304,573
2,739,685
654,873
967,223
65,088,750
14,731.616
5,083,431
207,378
1,979,004
886,755
138.100
200,640
15,452,670
7,781,729
492,586
3.888,773
1,925,105
332,050
365.716
34,016,480
11,464,204
700,000
2,800,000
1,865,373
490,000
989,397
49,896,570
13,764.810
4,382.480
3,780.831
3,302.343
1,701,665
1,279.744
2,153,414
1,049.366
4,982,351
3,485,854
1,440,400
1.430,240
1,887,205
1,070,385
2,219,665
1,837,886
543,450
900.000
1,003,191
2,450,575
3,021,855
1,360.216
411,150
833.405
695.596
3,262,325
2,112.372
834,286
714,300
682,382
663.972
793,575
426,356
640,513
138,000
388,035
184,125
412,875
1,421,480
704,772
756,500
527,341
435.245
1,719,675
1,536.440
1,213,605
869,475
836,462
665,639
6,688,169
3,059.877
2,447,507
547,335
2,414,715
1,299.670
5,393.086
3.569.365
1,915,488
2,908,425
117.221,245
37.149.462
1.892,300
4.601.326
6,340.773
5,212.852
1,932.390
2,780.958
1,711.772
4,967.770
+39.5
4,040.640
3,868,934
3,776.942
2,827,044
2,236,710
3,840.531
5,911,859
3,018,149
2,389.813
2,788,028
Md.-Balttmore
Cumberland
Frederick
28,537,790
944,545
585,545
42,438.705
772,510
651,298
-32.8
+22.3
-10.1
45,364,270
2,417,147
561,662
45,771,050
1,428,711
425,893
39,156.623
1,471,024
403,439
43,263,210
1.027.999
315,971
33,247,726
1,102,674
750,545
24,535,692
2.500,000
117.410
26,768,884
4,045,362
176,538
4,694.373
42.225
25,025
10,145,626
438,301
70,085
12,634,728
166,375
162,253
36,328,830
63,499,330
-42.8
64,711,013
46,173,128
49,744,923
36,197,059
18.999,926
19,706,296
20,420,292
7,136,818
ID. C.-Washington
12,916.886
15,049,804
5,326.809
1,872,611
8.525,780
5,157.876
3.824,989
1,168,542
5,379,257
3,986,341
3.157,996
2,000,000
1,920,414
1,840,982
850,000
900,000
745,747
3,588,322
3,342,020
2,436,102
1,251,377
2.401.709
1.160.068
2.428,623
485,971
1.116,844
334.564
1,501,920
426,651
1.332,600
974,537
658.618,361
681,768,671
281,425,985
284.651.374
102,025,242
157,794,273
199,054,148
W. Va.-Charleston
Clarksburg
Huntington..
Wheeling
1,503,308
1,013,265
2,505,968
2.874,456
3,090,885
559.412
1,859,721
1.811.237
-51.4
+81.2
+34.8
+58.7
2,544,625
555,960
5,479,744
3.294,232
643,392,450
668,132,066
708,501,218
736,063.732
-9.2
-9.2
744,953.702
768,179,693
_
Total Middle Atlantic:
65 cities
72 cities
586,343,103 .
504,785,342
1
307,616,203 I
0
0
6.927,279
Del.-Wilmington
[Tg6T SZ 'NVP
1927.
Middle Western States Ohio-Akron
Alliance
Ashtabula
Barberton
Canton
Cincinnati
Cleveland
Columbus
Dayton
East Cleveland
Hamilton
Lakewood
Mansfield
Newark
Norwood
Sandusky
Springfield
Toledo
Youngstown
Zanesville
Ind.-Elkhart
Fort Wayne
Gary
Hammond
Indianapolis
Kokomo
Michigan City
Richmond
South Bend
Terre Haute
111.-Aurora
Bloomington
Chicago
Cicero
Decatur
East St. Louis
Elgin
Evanston
Freeport
Molina.
Oak Park
Peoria
Quincy
Rockford
Rock Island
Springfield
Mich.-Ann Arbor
Bay City
Detroit
Flint
Grand Rapids
Highland Park
Jackson
Kalamazoo
Lansing
Muskegon
Pontiac
Saginaw
Wis.-Kenosha
Madison
Manitowoc
Milwaukee
Oshkosh
Sheboygan
Shorewood
Superior
Total Middle West:
53 cities
66 cities
Other Western States: Mo.-Joplin
Kansas City
St. Joseph
St. Louis
Sedalia
Minn.-Duluth
Mankato
Minneapolis
Paul
St.
Winona
Neb.-Lincoln
http://fraser.stlouisfed.org/
• .,...
Federal Reserve Bank of St. Louis
1927.
1926.
Inc. or
Dec.
$I
8
%
•
"•I.
1925.
1924.
1923,
1922.
1921.
1920.
1919.
1918.
1917.
$
$
3
$
$
$
$
$
$
20,967.461
541,279
514,537
1,208.794
4,105,598
31,842,334
45,480.550
23.282,600
10,432,026
1,358.018
1,888.306
3,518,525
1,790,855
649.622
2,578.721
587,092
1,744,823
16,587,388
9,300,315
*1.000.000
16,068.106
1,470.045
941,626
986,299
5,343,765
32,928,809
61,776,575
25,250,700
11,076,109
1.607,486
2,550,712
4.473,645
2.929,674
377,125
1.973.208
503,530
1,446,818
13,046,365
9,468,282
1,019,945
+30.5
-63.2
-45.4
+22.5
-23.2
-3.3
-26.4
--7.8
-5.8
-15.5
-26.0
-21.4
-38.9
+72.1
+30.7
+16.7
+20.6
+27.1
-1.8
-1.9
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
2,207.516
6,211,541
3,120.025
641,570
2,902,295
712,354
969,507
17,734,587
12,324,895
689,058
2,784,631
5,965,735
15,016,529
6,141,100
22,775,414
477,533
800,278
1,828,839
5,325,166
1,998,601
2,838.801
924.200
352,936.400
4.605,481
5,786,465
5,600,364
1,870,920
16,017,225
1,486,550
1.082.101
9.080.676
3,409,575
1,240,316
6,550,873
2,269.402
3,841,173
4,208,403
611,624
145,555,647
22,087,451
8,222,090
2,6.54,960
2,575,645
2,223,046
7,222.070
1.229,128
17,463,676
3,600,920
4,468,809
4,461.813
1,020,259
46,361,461
2,486,862
2,357.495
3,020,448
1,312,792
1,435,245
7,733,558
20,690,162
6,776,977
21,505,000
477,429
735.616
1.352,793
9,752,029
2,061,370
5,011,001
1,193,050
364,584,400
5,319.927
5,266,352
4.449,576
2,700,000
15.825,670
1,012,200
1,358.966
6,469.614
5.685,410
1,327,518
5,537,603
1,221,082
4,271,526
3,442,187
921,059
183,721,438
13,028,751
11,336,035
4,819.035
4,180.018
1,983,590
4,336,861
1,310.187
5,518,682
3,074.213
5,127,352
5,357,584
1,626,690
41,210,250
2,747,920
2,970,592
4,000.000
2,173,755
+94.0
-22.9
-27.4
-9.4
+5.91
+0.02
+8.8
+35.2
-45.4
-3.1
-43.4
-22.5
-3.2
-13.4
+9.9
+25.9
-30.7
+1.2
+46.8
-20.3
+40.4
-40.0
-6.5
+18.3
+85.8
-10.1
+22.3
-33.7
-20.8
+69.5
-27.5
-44.9
-38.4
+12.1
+66.5
-6.2
+216.4
+17.1
-12.9
-16.7
-37.3
+12.5
-9.5
-20.6
-24.5
-39.6
1,171,355
10,876,513
13,057.987
5,931,150
26,225.155
671,510
935,512
1,102,655
8,770,255
1,480,683
4,445,435
1,245.400
360,804,250
6.930.029
5,500,640
5,234,863
2,729,080
14,007.420
900,000
970,476
8,070,447
5,565,553
1,215,785
6,475,700
1.311.765
5,626,011
3,130,881
964.475
180,132,528
7,277,891
12,473,770
4,239,785
2.598,709
2,063,620
5,295,942
2.090,140
2,143,025
2,937,032
4,950,584
6,346,171
1.706,920
39,583.736
2,053,624
2,498,869
4.000,000
3,279,924
899,940.399
945,177,791
966,827,788
1,001,879,097
-6.9
-5.7
1,070,479,767
1,101,831,475
848,616,574
880.722,496
1,154,683
15,209,076
772,644
42.074.682
257.660
4,494,388
822,108
22,429.620
10,128,589
684,245
4,398,540
1,864,968
23,116,740
1,302,270
39,841,564
517,530
6,060,437
650.186
20,609,340
15.710,425
386.867
5,951.465
••
-38.1
-34.4
-40.7
+5.6
-50.3
-25.9
+26.5
+8.9
-35.5
+77.2
-26.1
1,072,127
38,382,965
1,894,842
54,877,013
266,720
7,093,075
640,000
29,446,310
24,045,858
836,555
7.006,077
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
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
8,612,960
2,394,463
938.410
1,704,525
750,867
1,923,876
16,924.690
11,831,990
1,047,596
7,495,066
1.079,755
990,694
4,550,538
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
5,676,970
2.027,098
6,015.248
28.729,795
55,147,565
18,190,500
11,540.709
2,750,000
1,024,924
9,503,285
966,476
470,232
2,892,395
747,870
1,292,595
9,038,891
5,339,545
837,286
1,360.000.920,950
11,488,092
11,853,643
9,059,128
4,370,822
6,110,858
4.007,780
25,452,812
27.144,484
1,051.599
1,437.463
1,324,635
659,156
862,966
798.912
5,468,101
13,462,707
2,726,691
2,645,230
2,849,631
3,205,479
674,725
693,889
296,893.985
329,604,312
7,595,470
7,946,621
4,366,100
2,014,070
3,293.348
2,811,799
1.600,000
1,512,000
10,219,604
11,610.066
860,750
1,011,420
1,131,981
1,102,265
9,754.942
10,091,738
4,797.843
3,512,874
1,503,692
1.222,909
4,102,985
3,750,695
1,036.046
998,516
5,466.438
3,921,012
1.968,142
1.763,500
1,660,948
811,479
160.064,794
129.719,731
9,171,457
8,172,548
9,536.200
10.204,795
5,676,490
4,109,025
1,602,009
2,268.951
1,611,955
1,953,303
4.810,325
6,304,489
1,143,514
1,431,478
1.915,343
1,280.189
2.747,471
1,802.673
4,698,386
4,823,951
5,360,307
5,637,163
1,205,638
1,310,247
45,633,569
41,440,720
1,178.608
912,275
2,692,183
2,469,066
3.344,482
2,449,934
1,459,838
872,173
3,782,548
1916.
$
19,707,605
27,219,481
4,519,763
14,166,818
12,824.536
3,935,144
12,542.000
46,531,323
9,265,110
6,127,461
2,614,515
1,069,180
5,188,093
494,409
351,310
5,600,000
297,426
1,352,329
7,805,673
5,653,685
537.735
4,520,095
11,684,837
65,625,830
10,257,170
5,881,367
2,494,885
1,431.292
3,880,676
1,706,635
539.650
1,961.000
521,600
790,375
6,795.440
3,424,950
526,080
6,039,960
10,923,750
46,214,175
6,345,760
8,054,543
4,087,660
1,342,385
5,303,582
1,637,644
260,635
1,122,283
941,964
2,107,065
7.889.132
6,990.089
374.208
1,828,777
4,578.833
16,386.360
3,300,220
3,655,202
634,370
724,356
1,430,465
2,648.485
10.451,315
30,483,605
3.914,930
3,937,450
1.700,832
254,104
4,328,555
10,842,895
33,108,260
7,194,240
3,699,146
2,242.371
311,857
202.511
203,969
875,872
790,375
2,661,776
4,407.694
36,161
144,380
745,220
375,537
697,140
7.244,546
4,542,098
100,000
192,860
1,061.743
293,030
1,218.065
9,692,268
3,400,079
245,691
593,621
9,642,589
3,011,433
2,710,525
26,110,457
1,540,494
1,210,450
4,803,156
3,181,852
1,857.285
16,872,240
782,043
177,700
2,929,942
3,279,524
2,287,424
15,284,119
2,241,202
250,000
2,205.145
5.369,742
2,225,818
12,794,556
1,224.090
100.000
901.094
2,903,855
2,275.216
4,557.667
189.613
258,030
3.427,167
4,122,287
1.201,027
7,103.138
595.887
300,000
3,479,531
2,661,635
967,970
8,934,694
875.816
995,436
10,098,035
2.221,679
2.564,960
405.000
227,742.010
476,058
4,098,997
2.214,016
984,448
1,207,000
125,004,510
503,411
4,600,101
756,499
900,000
1.644,000
76 173,150
664,863
4,456,120
868,705
819.612
1,106.000
104.198,850
161,875
935,327
523,130
243.796
60.900
35,136,150
230,800
2,028,980
594,281
495,002
261,100
64,188,750
438,030
1,396,501
816,270
739,507
267.000
112,835,150
2,818,660
2.647,665
2,033.790
1,445.825
1,800,000
1,893,673
2,975,840
1,434.658
726,975
886.086
1,340,983
1.197.116
1,277.456
795.496
7,546,133
4,014,613
1,310,814
1.383.106
207,627
918.413
3,030,416
2,500.000
8,378.238
3,824,739
731.530
3,528,095
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
4,179,575
2,338,805
2,194,685
2,924,809
641,225
942,930
2.125,537
94,615,093
6,714,910
11,165,077
3,298,015
1,285,089
1.176,260
55,634,988
3,205.110
5,634.182
77,737,165
9,633,932
4,441,711
82,995,071
3,235.868
3.758,595
18,201.707
945,453
1.222,013
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
625.895
929,163
1,929,174
2.679,977
1,295,206
4,619,285
3,045,369
1,514,596
3,066,595
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
25,250,312
1,164,199
1,810,500
2,791,172
3,034.033
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
436,044
120,000
1,008,927
503,433
916,000
2,163,045
1.400,834
847,158,645
641,045,736
399,342.273
394,524,361
421.697,220
132,056,474
241,389,451
322,349.051
462,259
24,843,700
1,821,130
41,443,755
1,032,685
6.710,665
722,536
32,315,545
36.028,196
534.945
3.195,611
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
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
13,760,295
942,619
17,694,078
258,550
6.989,673
800,000
13,469,564
12.276,466
100,645
2,110,54
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 0 .4 2
5,666,995
558.847
6,352,582
93,200
2,638,861
145,000
5.465,740
10,152,705
10,158,450
828,121
11,308,537
181,450
4,625,264
131,935
9,262,965
7,086,638
11,563,444
893,945
12.753,386
310,487
10,223,598
467,825
22,917,290
11.128,632
a'IDIKOZIEED 'IVIDAVNId
UNITED ST
420.900
0
'
• I
Inc. or
Dec.
1925.
1924.
1923.
1920.
1919.
1918.
1917.
$
1,456,861
3,056.563
250,000
2,441,128
5,937,514
$
1,201,568
1,932.490
348,700
1.355,131
7,432,687
$
535,412
1,280,285
186,000
1,658,094
3,807,281
$
101,083
1,665,232
71,450
1,432,295
4,849,831
$
211,440
1,058,966
23,000
184,290
3,065,521
$
223,585
1,656,670
1,600
603,974
3,771,519
$
175,503
748,430
93,535
808,865
1,992,935
1922.
1921.
1916.
Otner Western States (Con) $
315.886
Kan.-Atchison
1,296,099
Kansas City
125,600
Leavenworth
2,033.405
Topeka
5.848,942
Wichita
$
276,848
2.638,674
247,950
3,603,705
5,184,105
%a
+14.1
-50.9
-19.0
-43.6
+12.8
$
641,080
3,659,450
382,110
3,176,362
4,694,485
$
200,054
4,193,987
182,555
2,571,173
4,293,153
$
348,063
5,235,140
250,000
4,810,407
6,511,949
2,602,622
930.250
2.294,450
2,835,238
1,288,207
579,900
1,867.575
1,088.981
6,219,713
2,002.250
1,463,764
5,918,385
914.980
665,690
4,265,356
1,536,400
-58.2
-53.5
+56.8
-52.1
+40.9
-12.9
-56.2
-30.1
3.624,186
1,782,425
2,056.038
6,183,730
1,196,564
783.415
3,611,830
879,945
2,986,857
1,421,400
1,909,847
9,219,980
1,610,758
1,096,461
4,596.058
1,138,739
3,846.808
2,711,189
3,571,476
8,330,496
1,807.908
629.208
3,328,045
2,103,483
3,358,727
1,637,714
3,287,219
12.467,820
2,926,057
720,818
3.303,883
2,744,505
2,310,335
1,697,675
3.430,990
1,326,057
634,602
3,480,805
2.203,892
750,000
1.997,327
4,091,229
750,750
723.920
4,896,510
2,142,000
600,000
2,648.589
5,221,885
1,132,859
1,250,000
7,028.328
767,000
500,000
1,677,136
4,100,563
246,618
400,000
3,071,309
1,773.000
1,035,975
982,873
3,145,809
603,085
600,000
3,223,961
1,779,000
717,780
1,017,395
3,387,897
667,508
500,000
3,090,305
Colo.-Boulder
Colorado Springs
Denver
Pueblo
416,930
577.398
15,902,650
1,625.382
346,710
777.361
14,591,000
1,246,041
+20.2
-25.7
+9.0
+30.4
552,635
1,072,688
25,333,310
2,342,200
544,885
1.297.290
26,310,250
1,685,654
931,565
1,912,323
20,642,250
898,188
868,972
1.199,677
18.016.095
1,215,661
542,090
594,810
10,137.225
1,165,656
300,883
823,866
7,547,020
739,269
502,680
325,145
6,779,880
676,300
47,660
163,982
2,595,890
373,095
146,650
264,255
4,291,000
1,032,748
186.772
460,656
4,038,840
390,520
So. Dak.-Aberdeen
Sioux Falls
1,186,944
2.042,505
1,241,163
1,931,614
-4.4
+5.7
293,925
2,048,181
176,965
1,392,038
182,435
1,768,328
1,727,789
1,236,211
2,034,211
2,226,747
857,195
1,026,535
1,049,227
1,830,330
133,189
400,000
2,124.765
300,000
188,275
1.310.410
200,000
347,224
742,460
100,000
80,620
1.292,550
193,995
378,850
1,650,000
349,825
1,228,453
Iowa-Cedar Rapids
Council Bluffs
Davenport
Des Moines
Dubuque
Ottumwa
Sioux City
Waterloo
No. Dak.-Fargo
Grand Forks
Minot
1,657,105
736.519
778,765
2,161,113
1,048,395
810,265
-23.3
-29.8
-4.0
1,314,009
522,303
285.000
530,257
305.516
300,000
1,647,693
384,679
250,000
1.574,954
503,585
250,000
Utah-Logan
Ogden
Salt Lake City
589,400
1.005,260
4,975,690
350,600
1,438.050
5,601,794
+68.2
-30.1
-11.2
233,100
2,397,985
6,603,235
193,800
1,823,750
5,433,375
229,700
1.551,920
6,886,494
338,400
1,019,223
4,351,133
473.600
1,177,102
3,436,985
299.900
1,081,935
3,939,353
338,100
1,562,560
4,059,320
83,300
500,000
2,310,015
500,000
2,732,155
860.085
2,706,772
Montana-Billings
Butte
Great Falls
•
304,400
492,000
1,188,310
284,500
349,631
615,811
+7.0
+41.0
+93.2
157.993
168,317
546,270
250,000
379,250
283,592
237,850
670,887
381,486
459,000
314,091
251,500
794,000
102,342
200,975
532,600
227,437
578,047
716,727
1,151,770
511,200
291,523
1,528,296
1,503,002
2,079,723
1,650,784
Idaho-Boise
1.301,470
648,424
+100.8
890,000
717,007
734,131
615,799
550,000
860,495
1,300,000
182,994
193,497
172,648
721,409
500,000
644.765
400,000
+12.0
+25.0
504.597
371.281
479,964
396,862
1,032,228
584,871
1,287,256
227,867
684,581
416,727
1,169,177
219,387
210,000
326,000
426,700
85,886
5,652,115
2,265.757
2,637,125
1,796,604
+114.3
+26.1
3.106.122
1.345,858
1,903,649
1,425,984
1,841,244
1,432,096
1,815.341
1,073.276
1.803,171
1.097,704
4,514,501
1,192,155
2.203,865
1,040,339
727,290
528,050
713,428
778.760
244,651
546,700
170.685,809
174.116,417
195,995,885
199,922,916
-12.9
-12 9
261,123.821
262.297,691
213,060.415
214,574,119
247,518,548
249,804.466
202,866,560
144,108,806
131,292,381
141,837,769
61,165,673
87,318,372
112,107,325
1,537,424
2,422.862
1,994,491
5,599,671
7,212.766
1.443.045
307,750
814,918
298,104
364,926
2,690,978
832,593
8,255,005
1.584,134
13,706,145
123,027,239
392.990
20,794.669
674.581
202.020
9,019,866
1,312.907
1,471,899
775.636
1,203,320
7,968.182
3,456,361
14,251,966
47,032.848
505,524
3,564,590
1,140.040
365,112
4,3912.459
1,904,154
2.a.24,193
2.112,923
1 'Inn AW2
2,238,799
3.119,574
2,095,215
7,337.076
11.001,877
1,912,647
303.685
1.503,188
577,163
444,663
1,819.985
496,961
10.027,798
1,429,713
8,615,720
123,006,215
386,965
28,0/5,295
1.057.890
296,000
9,667.900
1,430,638
980,380
1,061.907
2,276.552
7,732.573
3,530.193
20,001,729
57,953,948
1,096.420
4,378.940
2,028,019
512,124
7,517.422
1,583,650
2,749,564
457,788
-31.3
-22.3
-4.8
-23.7
-34.4
-24.5
+1.3
-45.8
-48.4
-18.0
+47.9
+67.7
-17.7
+10.8
+59.1
+0.1
+1.5
-25.9
-36.2
-31.8
4,127,301
3,395,922
2,117,938
10.058,730
10,566,818
2,109.141
250.640
1,566.271
589,018
1,133,355
3.093,062
592.986
10.224.020
1,263,410
19,046.766
152,636,436
379,805
39.185,863
877,718
507,525
9,633,746
1,918,009
1.116,348
921,467
1,312,822
11,351.277
3,255,214
18,198.200
50,392.793
632.512
4.846,775
1.359,479
727,095
5,138,292
844,196
3,728,712
357,643
2.157.329
2.562.008
5.398,490
1,096,452
9,369,027
5,053.644
2,592.314
326.875
1,164,862
1,146.095
820.363
1,645,488
1,079,240
10,175,311
2,184,441
20.601,267
150,147,516
420,420
31,223,433
797.604
550,650
12,040,719
1,517,079
1,586,098
1,103,441
970,211
7,666,669
3,762,123
13,561,106
57,852,973
621,145
3.959,075
1,595.688
555.835
8,415,136
1,135.122
4,163.012
1,092,260
3.108.632
1,676,088
7,231,330
1,169,573
7,959,140
3,891.136
1,969,682
366,368
1,081.492
875.453
866,030
5,890,104
2,087,186
10,047.694
2,701,727
23,697,830
200,133,181
379,825
27,628,175
1,193,512
868,350
11,534.186
1,877,321
1,693,821
1.196,086
1,147,664
9,699,638
2,343,617
12,102,426
46.676,079
654,300
2.731,630
1,411,218
490,300
6,045,254
792,770
3,897,130
1,873,295
Wyo.-Cheyenne
Sheridan
Ariz.-Phoenix
Tucson
Total other Western:
43 cities
45 cities
Pacific StatesCalif.-Alameda
Alhambra
Bakersfield
Berkeley
Beverly Hills
Burlingame
Colton
Compton
Emeryville
Eureka
Fresno
Fullerton
Glendale
Huntington Park
Long Beach
Los Angeles
National OILY
Oakland
Ontario
4A:ticna
Piedmont
Pomona
Redwood City
Richmond
Sacramento
San Bernardino
San Diego
San Francisco
San Gabriel
San Jose
San Mateo
San Rafael
Santa Monica
South Gate
Stockton
Torrance
09q A71
-8.3
+50.1
-27.0
-47.2
+3.0
-2.1
-28.8
-18.8
-53.9
-18.6
43.8
-28.7
-41.6
+20.2
+2.7
+363.6
-I-1R 8
971,170
759,931
802,482
467,171
999,131
518,868
603,672
1,898.686
5,622,963
1,838,994
2,198,869
1,483.794
3,376,409
787.729
796,492
1,314,979
3,113,364
513,441
422,672
838,758
1,641,139
304,900
194,256
304,750
732,290
35,200
604,585
1,243,850
231,823
1,747,223
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
3.996,875
528,609
591,439
1,677,756
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
24,468,223
13,159,243
82,761,386
262.585
15,791,616
11,001,662
60.023,600
111,628
9.489,906
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
5,368.290
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
NUT 8g 'INIV2
1926.
arlOIKOUHO
1927.
UNITED STATES BUILDING OPERATIONS-(Continued).
1927.
Pacific States (Con)Ore.-Astoria
Klamath
Portland
Salem
5
157,414
1,920,334
28,973,455
2,625,577
Wash.-Aberdeen
lloqulana_
Seattle
Spokane
Tacoma
Vancouver
Walla Walla
Yakima
1926.
$
Inc. OT
Dec.
1926
1924.
1923.
1022.
1921.
1920.
1919.
1918.
1017.
1916.
$
s
$
s
$
s
$
$
$
$
278,150
2,437,583
32,588,975
2,904,104
9:2
-43.4
-21.2
-11.1
-9.6
903,000
1,639.147
38,476,335
1,794,935
1,357,440
1,682.770
29,219,425
1,731,210
379,333
25.247,135
1,287,282
800,000
20,930,650
693,678
800,000
17,225.576
343,570
756,150
12,088.506
425,990
9,840,725
140,050
6,174,157
45,700
3,717,915
95,250
6,3-6A0
1,209,508
1.420.538
29,070,080
3,656.499
5,390,113
1.342,122
364,480
862.165
1,451.233
530.358
34,207.700
4.191,223
7.121.632
865,012
479,631
1,190.696
-16.7
+173.1
-15.0
-12.8
-24.3
+55.1
-24.1
-27.6
1,279,021
457,255
30,626,995
4.366.856
9,926,134
401,708
309,098
821,037
869,334
374,341
27.279,500
3,296,388
8.539,035
443,606
160,558
730,401
1,144,348
608.457
22.974.720
2,486,563
5,500.926
628,425
419.834
729,733
437,111
230,864
19,783,835
3,177,234
4,239,028
221,414
515,500
245,445
189,292
385.059
328,718
77,295
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
359,706,520
375.508,034
903,667.192
419,876.044
-10.9
-10.6
455.799,907
472,616,154
427.005,231
448,745,841
448,366.999
330,768,325
219,483,882
182,358,123
109,028,877
57,091.668
66,368,261
70,318.771
Southern StatesVa.-Lynchburg
Newport News
Norfolk
Petersburg
Richmond
Roanoke
1,561,143
791.279
3.410.915
242,009
9,780.943
2,598,545
1.046,557
380.925
2,811.070
315,877
10,024.874
4.568,504
+99.2
+108.2
+21.3
-23.2
-2.4
-43.1
1,291.924
261.396
2,966.747
594.256
13,398,246
3.425.275
1,612,510
174.847
0,938.422
258,816
13,613,019
4,167,068
859,885
244,095
5,365.021
413.233
15,642.229
4,073,697
948,065
042.467
5,169,533
499,000
559,038
5,03,0,168
822,610
701,245
9,632,053
7,852,914
2.723,592
1.488,616
2,712.988
15,116,912
3,259,524
9,292,879
2.285,899
4,778,756
1.221,285
8,770,452
1,106,035
1,838,614
191,029
4,118,688
615,170
4:9-2777306
N.0.-Asheville
Charlotte
Durham
Greensboro
Raleigh
Wilmington
Winston-Salem
6,2i2.647
4, 1,761
2,5 6,754
4,837.830
1.899,619
461.70.0
6,539,187
9,209,545
7,336,980
3.371,004
6,362.118
3,252.664
1.088.550
5,581,331
-35.5
-33.7
-23.3
-24.0
-41.6
-57.6
+17.2
6,010,919
7,244.193
5,174,526
6,192,150
2,904.452
572,475
5.004,382
4,289,291
0,827.433
3,097.955
4,342,242
4,653.124
1,805,600
4,524,124
4,565.489
5,'265.340
1,395,600
3.522.715
3,776,421
1,967,700
4.260,285
3,100,777
5,032,455
1,207,387
4.223,179
3,038.572
9I8.011D
3,286,864
1,980,120
2,353,8
1,413,706
1,944,083
2,281,835
892,700
2,426.467
1,411,156
2,589.110
1.438,422
1,090.397
81,012
1:38. 000
3,25 '485
850,755
1,109,004
615,345
973,935
402.824
1403.550
1,200.000
248.099
841,173
240.000
732,440
121.305
297.300
630,155
70171
370. 20
1.10, 10
408,678
897439
1,684,1389
317,131
S. C.-Char1eston
Columbia
Greenville
584.109
1,566,900
1.119.995
508.205
1,490,484
912,735
+15.0
+5.1
+23.0
633,155
1,554,690
1.495.320
235,432
1,266,316
2.560.803
1,547,238
1,330,561
1,277,541
2,507,847
1,583,993
1,242.277
1,368,294
1,570,870
1.326,610
3,290,023
1,151.937
2,105,410
Ga.-Atlanta
Augusta
Macon
Savannah
12.081.122
1,470.847
2,895,871
2,092.750
17,789.363
1.135.609
1,757,649
3,143,462
-32.1
+29.5
+64.8
-33.4
10,403.558
1,535.949
1.745,026
1,595,830
18,196,091
1,175.353
1,762.647
2,264,349
27,094,912
1,234,780
1,502,882
1,509.534
20,584,754
2,398.126
1.579,313
1,306,740
11,236,776
76,993
930.136
2,055,059
Fla.-Jacksonville
Miami
Orlando
Pensacola
St. l'etersburg
Tampa
13,051,074
9,956,403
1,973.587
1,486,692
2,907,900
5,732,606
21.393,945
35,845.109
8,288,359
1,691,352
15,580,200
15,872,772
-39.0
-72.3
76.2
-12.1
81.4
-63.9
14.760,711
60,026,260
7,993,658
754,415
24,081,700
23,418,836
7,311.497
17.038,144
3,036,006
1,300,446
9,557,500
6.577,055
7,536,557
7,228,569
3.271.749
643,468
7.124,560
3,516.773
5,831,078
4,647,744
Ala.-Birmingham
Mobile
Montgomery
22,864.303
2,146.241
2,525,947
22.263,116
1,777,899
1.575.529
+2.7
+20.8
+60.3
21,464,878
1,964,264
1,011,576
20.247,707
1,299,780
704,100
2.805,818
486,886
3,095,285
392.421
-7.9
+24.0
2,171,271
546,000
La.2-Alexandria
Lake Charles
New Orleans
Shreveport
1,140.782
719.657
16,117,955
3,977,409
999,570
1,170,424
18,769,444
5,421,768
+14.1
-38.5
-14,2
-26;6
Texas-Amarillo
Beaumont
Dallas
El Paso
Ft. Worth
Galveston
Houston
San Antonio
Wichita Falls
10:492,794
4,946.486
9,874,846
1,308.991
17,111,430
2,977,728
27,326.475
13.987,847
4,050.687
16,476,52S
2,451,961
16,133,426
1,163.657
-- 17,022,466
3,213,095
28,512.805
14.462.952
10,022,263
Ark.-E1 Dorado
Fort Smith
Little Rock
734,691
1,088.517
2,993.636
Misa.-Jackson
Vicksburg
Okla.-Guthrie
Muskogee
Okmulgee
Oklahoma City
Tulsa
Tenn.-Chattanooga
Knoxville
http://fraser.stlouisfed.org/
Memphis
N hvilla
Federal Reserve Bank of St. Louis
-
845,942
•
600m()
IMO
1,181,756
nt:911g
326,131
938,308
1.442.775
597.300
300,589
432,024
345,755
235.706
464,666
400,000
410,566
283,584
481,000
13,372.666
1,873,582
1,430.798
4,025.000
10.442,739
1,307.779
1,192.163
1,770.645
3,572,086
422,601
650,000
768.675
4,977.815
1,120.335
1,656.087
646,505
3.680,178
1,686,531
1,724,733
1,673,880
5,087.337
5,415,800
3,466,905
4,476,760
1,156,260
3.264,215
1,068,792
1,238,720
1,805,366
1,859,504
1.558,924
1,921,286
364,379
4,167,665
3,091,780
1.116.100
4,608.820
4,057,028
437,313
2,801,120
2,664,392
1,096,607
1,200,000
1.202,534
315,656
175,714
200,000
383,397
773,674
1,290,828
12,166.996
1,149.430
883,457
7.491.020
1.169,679
513.644
6,556,101
600,000
513,644
4,384.229
603,473
600,000
3,929.822
660,454
590,617
1.572,714
78,684
258,233
1.818.736
140,830
336,496
2,386,599
100,490
442,729
1,850,573
700,436
2.700.000
526,518
1.182,550
479,852
329,556
78,377
455,395
183.608
316,963
136,329
101,765
67,527
772,940
76,045
300,000
1,926,155
647.422
16,345,140
5,491,818
1,159,653
231.754
16,991,150
8,060,000
1.028,133
187783
13,089.015
9,467,382
8.86892
326,333
10.495,460
6.070,084
860,575
284,277
8,043,159
3.871,485
905,922
452,730
12.598,468
5,717,419
1,120,230
569,300
5,249,092
3.557.346
738,427
205.060
1,763,569
552.267
440,0177
235,511
2.862,958
865,112
413,991
311,185
3.117,604
1,124,378
39.3
+101.8
-38,8
+12.5
+0,5
-7.3
-4.2
-3.3
59.6
3,430.963
1,638,870
26,370,558
2,184,332
8.872,323
1,707,439
35,040,010
9,428.043
5,098,866
1,549,582
2,540,373
26,402,814
1,605,257
11,408,208
2,605.205
17,222.059
6,603,860
2,343,713
1,309.615
2.689,371
20,988,469
2.101,980
8,395,264
1.889,851
19.117,106
8,053,266
1.747.767
1,5.20,448
18.646,988
3,070,266
12,128,722
2.121.168
12,489,469
7,234,303
1.296,788
2,374.260
15,000,205
4,279.932
4.602,962
1,963,918
10,398,795
7,515,045
330,000
1,634,885
13,595,157
3,296,379
10,373.229
672.783
8,529.247
4,711,212
2,332,000
00,0,000
13,1 4.609
2,255,585
18,657,654
632,178
6,861.619
3,987,305
50033.00
1.667.730
644,846
2,267887
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
1,0.09.692
4, 5.354
3,5 1.909
3,127.884
'774,1.2
3.068,871
2,283,638
1,925,763
1,310,921
5.968.226
-61.9
-16.9
-49.8
2,024,415
1,075,595
5,107,847
850.757
1,067,246
4,331.396
2,387.519
1,506.884
3.843,204
1,349.758
3,908,781
993,396
3,620,638
1,071,178
3,727,732
784.223
2,601,768
274.245
708.208
504.608
1,030,264
86,619
753,666
436.047
835,817
262.350
16,238,714
14,805,153
900,000
390,427
560.881
10.028.228
7,615,428
-51.6
+114.1
53.2
+61.9
+94.4
981,005
701,217
321.470
6.751,775
10,075,971
3,000,000
401,444
326,355
8,052,935
8.048.283
3,000,000
1,303,316
1,027,050
7.948.577
7.780.252
3,000,000
2,830.148
1,215,775
7,698,106
13,636.489
3,000,000
1,119,475
1,662,825
7,794,797
7.330,340
2,678,729
1,193.714
2,452,900
6.007,798
9,648.547
764,847
3.331,975
9,030,640
9,474,443
230,625
868,929
2,503,449
4,847,370
148,590
211.860
2,684,176
8,380,492
2,073,634
4,161.293
4.975,169
5.628.572
15,094.642
6.016,569
10,730.451
18,579.260
-17.3
-47.6
-18
.
•8
5,154,558
6,329.396
18.6,67,605
2.915,924
6.512,411
2.943,697
6.587.810
20,998,380
2.476.129
2.665.411
9,377,025
..-
2,983.320
2,429,041
6.715,183
1.600.128
2,654,213
7,518,250
401,959
734,865
315.261
1.271,759
1.591,078
2.625,865
-
1.436.944
468.771
3.091.970
K A
24,757,0/9
2,552.698
5.042,172
20.883,008
- .-.....-
WIDIN011110 rIVIDINIVNEIA
Total Pacific:
35 cities
50 cities
79.992
.1.11L I -Le I,kJ I..C1
Eastern CanadaQuebec-Montreal
Oufrenaont
Quebec
Sherbrooke
Tbreo Rivers
West Mciunt
Ont.-Belleville
Brantford
Brockville
Chatham
Fort William
Galt
Guelph
Hamilton
Kingston
Kitchener
London
Midland
Niagara Falls
North Bay
Oshawa
Ottawa
Owen Sound
Peterborough
Port Arthur
St. Catharines
Sault Ste. Marie
St. Thomas
Sarnia
Sudbury
Toronto
Weiland
Windsor
York
,
g.S.-Halifax
Sidney
g. B.-Moncton
8t. John
Inc. or
Dec.
1918.
1917.
1916.
1925.
1924.
1923.
1922.
1920.
1919.
223.1
.
-1.9
+11.1
-18.3
S
2,254,100
1,892,630
29,910,246
275,745
S
1,613,550
1,744,326
22,682,959
314,090
S
1,709,375
1,955.432
17,024.651
S
2,135,000
2,231,141
16,736.750
S
1,297,000
1,274,723
7,428.300
S
533,000
2,082,390
8,622,152
5
500,815
1,071,150
4,140.714
$
141,125
408,332
1.990.308
5
265,820
343.420
1,742,245
$
844,309
586,230
5,053,140
411.381,352
439,232,903
-20.4
-11.2
437.154.886
451,741,309
334,085,044
340,270.142
302,557,391
270,953,131
190,797,233
192,924,005
158,918,200
49,204,765
69,110,825
77,898,484
3,559,733,395
3,667.272.633
4.008,309.244
4,121,964.853
-11.2
-11.1
4,302,696,723
4,393,364.168
3,614,662,440
3,702,135,335
3,449.465.740
2.807.384,753
1.869,694,975
1,634,378.397
1,515,054,225
507,359,503
822.036,892
1,131.572.355
2,651,623.068
2,779,112,306
2.948,257,850
3,061,913,459
-9.4
-9.2
3,294.125.381
3,384.792,814
2,768,156.623
2,855,629,518
2,663,007,795
2,169,314.914
1,393,407,781
1,343,549,455
1,253,554.036
450,859,008
718,970,094
910,278,381
45.183,317
3,408,500
6360,165
689,930
2,332,500
2,753,264
31.700,549
2,543,575
3.939,281
714,250
1,445,575
2,904.624
+42.5
+34.0
+61.5
-3.5
+61.4
-5.2
25.520.523
2.772,200
3,274,371
1 038 060
2.064,814
2,931.624
31.013,419
3.375,950
7,222,846
524,925
1,046.200
2,381,606
27.092.468
2,203.250
4.786,933
722,100
730,745
1 933 232
22,335,796
2.718.930
3.236,291
732,000
1,200,000
1 592 000
21,310,472
1,297,115
3,693,397
3354000
1,292,800
1 609 413
14,067,609
838,225
2,301;180
3,205,538
857,700
1,179,800
12,743.430
400,000
2,134,219
872,150
1,300,000
883,121
4,882,873
151,725
904,375
128,250
638,075
275,261
4,387,628
264,325
2,459,386
475,000
422,950
155,890
5,334.184
409,188
2,913,157
518,000
537,345
545,754
610,010
571,599
198,625
595,087
1.209,450
180,223
493.167
3,837,150
420,467
1,272.610
2.814.950
57.658
1.517.510
548.174
5.255,188
6,446.045
330.350
624,295
3,286,286
1,147,286
329,461
92,682
1,064,205
:395.360
31.274,876
400,364
4,930,832
4,526,600
306.610
232,754
150,000
591,750
1,291,250
108.723
326.192
3,130,950
608,532
1,100.111
3,621,200
105,000
1,504.000
341,957
1,052,100
3.101.748
141,900
342.757
961,580
940,642
235,831
138,597
601,646
547.360
26,029,584
404,049
7.319,464
4,093.200
+119.0
+146.1
+32.0
+0.7
-6.4
+66.7
+51.2
+22.6
-30.9
+15.6
-22.3
-45.1
+0.9
+60.7
+399.5
+107.9
+132.6
+82.5
+242.0
+22.0
+40.0
-33.2
+77.0
-27.8
+20.1
194 725
159.537
140,600
193,858
730,340
108 723
286 825
615,686
400.000
265,867
1,425,130
135,631
571.484
5,452,930
649,233
1,893.892
3,261,065
100,000
758,513
493,158
1,923,110
3,521.817
310.565
295.448
2.640,321
806,310
401,032
334,239
781.970
306,700
30,609,227
206,150
4,725,034
8,921.650
255 400
465,421
375,050
366.317
1,466,685
731,706
964,808
4,928,465
46,070
2,461,721
2,605.630
75,000
800.743
271,325
1,155,130
5,159,687
205.000
439,154
1,167,529
1,293,576
588,813
210.714
880,260
228,190
35,237,921
362,371
4,144,035
11,107,750
115 524
388.450
28,500
800.000
913.050
450.000
433,257
4,639,450
668,334
932,050
2,527,510
38.457
1,145.589
426,088
1,329,405
3.232,322
135,355
541,754
113,509
776,360
924,388
115,755
1,331,337
437,450
23,878,240
435,735
5,123,150
8,101,100
177,250
798,223
2,100
709,437
1,045,160
291,760
486,958
4,321,420
494,736
1,277,595
2,146.305
209,000
493.965
129.925
849.496
3,367,557
120,325
839,700
216,350
830,652
400,000
258,821
742,265
725,575
25,748,732
299,420
4,846,338
4,313.260
176,800
1,173,580
57,150
326,547
627,930
330,101
603,259
5,209.135
657,680
1,176,662
2,455,170
273.000
876.889
20,959
2,332,540
3.179.437
50,000
196,368
1.708,645
861,636
600,000
222,525
641,956
328,500
19,797,026
369.235
2,601,370
4,241,425
100,000
761.500
70,260
189,890
535,615
220,000
83,953
2,472.254
318,943
236,062
876,660
150.000
287,195
70,260
390,997
658.265
186.430
111,435
2,733.865
150,705
205.352
837,890
114,725
282.677
160,430
1,3:18,924
414,025
253,795
155.222
2.405,781
184,321
324,834
926.125
359,716
430,000
100.000
2,635.612
250,000
22,87:3
350,000
1,041,017
271.508
125,228
343,265
1,530.400
241.251
607,015
467,427
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
121,975
1.665,095
616,515
103,555
114,165
285.098
-12.6
+10.6
2.673,8.30
493,758
1,546,182
2,389,800
100,551
1.114,290
515.090
576,205
4.911.685
533,560
272.637
402,488
666,962
352,090
350,181
725,098
306,285
25,219.623
124,320
4,333,945
4,380,500
195 000
189,980
350,000
355,329
1,272,570
124,742
404,301
3.309,800
1,035,620
1,221,122
2,113,500
125.000
802.622
400.000
786,985
2,540.670
168.210
437.510
1.187,307
713,638
559,245
164,026
840,803
362,585
23,926,628
178,880
4,429,308
4,145,750
7,103,556
241,334
1,156,581
9.882,467
202,537
1,508,330
1,509.899
291.898
764,498
136.577
+97.5
+114.0
1,035,645
43,007
731,309
151,907
:378,709
319.162
1,752,632
601.847
2,179,809
556,813
3,411,341
911,882
5,194,805
703,741
2.816,852
412,073
1,628,556
416,900
1,323,377
128,105
736,110
613,916
272,701
404,208
+170.6
+51.7
204,620
683.530
101,774
1.122,265
385,461
358,500
1,037,942
707,100
649,520
574,100
93.480,558
1,201,673
574,500
2,133,676
1,035.300
340,798
531,250
198,105
227,800
84.752,073
78,316,017
158,315
351,323
_
31.567.640
30,328,465
35,393,062
1926.
S
1,650,400
2,069,101
23,243,210
379,250
5
2,145,300
2,110,131
20,919,545
464.100
327,722,803
342,336.503
--1.0
1921.
138,210,069
104.155,215
+32.7
93,407,603
100,122,735
111,003.547
113,972,009
Western Canadaqan.-Brandon
East Hildonan
St. Boniface
Winnipeg
125.000
250.000
761.470
7,569,300
100.000
200.500
501.256
10,362.600
+25.0
+25.0
+51.9
-27.0
76,573
168,385
969,259
4,156,690
270,285
168,558
418.545
3.177,900
183,634
222,300
510,353
4,484.100
225,029
382,828
552,663
6,875,750
741,190
577,884
380.143
5,580,400
411,127
380,823
465,992
8,367.250
96,981
84,495
360,450
2,942,000
95,022
85,170
268,965
2,050.650
180,338
94,560
155,525
2,212.450
244,873
51.475
134,392
2,507,300
kita.-Calgary
Edmonton
Lethbridge
Red Deer
2,330.131
3,546,150
438,684
21,955
1,989.048
1.853.735
236,360
26,740
+17.2
+91.4
+86.6
-18.0
1,197.475
1,481,890
161,190
28.685
1,030,790
2,305,005
175,086
26,200
821,840
1.488.875
259,685
23,000
4,000,000
2,338.109
213,605
18,540
3,500,000
1.563,966
217,760
11,965
2,906,100
3,231.955
230,000
66,050
2,211.100
923,346
162,110
13,800
1.197,100
351,510
135,553
3,300
548,300
306,300
99,688
600
663,500
228,640
84,122
29.180
5ask.-Mooso Jaw
Prince Albert
Regina
Saskatoon
Swift Current
n
'ai&ufi
ILr
1.230,489
218,985
3,838.750
3,215.995
150,000
240,610
100,175
208,326
75,000
4,242,502
2,018.204
100,000
38,176
14,311
+359.0
+190.7
-9.2
+59.3
+50.0
+530.2
+600.0
243,535
52,740
1,208,403
1,079,442
95.020
45,140
38,387
501,126
151.465
839.325
1.282.276
95.020
2,205
46,140
289.398
254.256
1,264,030
852,548
14,500
19.055
47,995
279,180
119.598
1.784,124
1,818,909
12.430
48,985
136,575
480,000
576.598
1,699,020
774,660
16.000
102,530
191,075
1,533,095
469,975
2,603,320
1,900.000
26,721
2.376.341
423,195
590,895
275.176
1.699,020
1.404,500
26,721
130,155
397,800
567,615
87,545
1.006.000
604,675
102,500
19,740
25,150
295,460
37,300
416,460
582,739
130.000
20,667
63,445
318.945
66,810
219,875
146,150
61,000
37.172
35,675
1,083,146
10,687,167
1,620,491
751,189
15.501.262
698.237
+44.2
-31.1
+132.2
704.263
7,963,575
546,517
321,432
6,230,774
838,201
350,848
6,277,574
1,050.161
332.680
8,661,695
1,033,004
264,890
3,000,000
977.107
319.109
3,709,873
1,207,573
166,282
2,271,361
360,141
108,300
1 440,384
289,760
81,515
768,255
147,875
85,307
2,412,893
115.334
37.428,498
38.977,446
-4.0
20,217.171
17,799,533
18,414.151
28,833,794
20.655,248
30,628,099
5,222,333
8.438,939
6,141,477
7,443.643
115.380.172
93,538,350
40.000.579
36,409.942
42,836.705
Total East (38 cities)-
British Columbiahew Westminster
Vancouver
Victoria
Total West (19 cities)Total all (57 cities)
175,638,567
143.132,661
+23.5
113.624.774
117,922,268
129,417.698
142,805.903
114,135.806
L'SZ6T Sg .1sIV.e
Southern Ststes(Con0
:y.-Covington
Lexington
Louisville
Newport
Total Southern:
54 cities
60 cities
Total:
310 cities
354 cities
Outside New York:
309 cities
353 cities
1927.
c)
484
FINANCIAL CHRONICLE
[VOL. 126.
CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR 1927.
Continuing the practice begun by us twenty-four years ago, we furnish below a record of
the highest and
lowest prices for each month of 1927 for all the leading stocks and bonds dealt in
on the Chicago Stock
Exchange. In the compilation of the figures, which are based entirely on sale transacti
ons, we have used
the reports of the dealings as given in the Chicago Stock Exchange official list each
day, and in our range
we make no distinction between sales in small lots and sales in large lots.
For record of previous years see "Chronicle" of Jan. 29 1927, page 565; Jan. 30 1926,
page 533; Jan. 31
1925,page 505; Jan.26 1924, page 3.66; Jan. 27 1923, page 349; Jan. 28 1922, page 353; Jan.
29 1921, page 415;
Jan. 311920, page 409; Feb. 1 1919, page 416; Jan. 26 1918, page 333; Feb. 3 1917, page
399; Jan. 29 1916,
page 380; Jan. 30 1915, page 349; Jan. 311914, page 347; Jan. 25 1913, page 244; Jan. 27 1912,
page 256; Jan.
28 1911, page 234; Jan. 29 1910, page 276; Feb. 6 1909, page 348; Jan. 25 1908, page 205;
Jan. 19 1907; page
138; Jan. 20 1906, page 135, and Jan. 21 1905, page 198.
1927
BONDS
January February
March
April
May
June
July
August September
October
November December
Low High Low High Low High Low High Low High Low Mph Low High Low
High Low High Low High Low High Low High
____ ____ ____ ---- ---- ---- ---- ---- ---- ---- -
Allied Owners 1st 65
Beaverboard Prod Ist20-yr
734s
1942
Bloomington Limestone6s 1942
Brown & Mawr Beach 1st
Cal & So Chi Ry 1st 5s192i
Cent West P S con deb 6s_ _1936
Cairo Bridge & Ter 1st 634s_'47
Chicago City Ry 5s
1927
Certificates of deposit 1927
Chic City & Sou Rys 5s
1927
Eve Post Bldg Os
1947
Chicago Railways 5s
1937
2.2 M ctf of dep 5s
1927
5s Series "A" •
1927
Ss Series"B"
1927
Adjust income 4s
1927
Purchase money 5s
1927
Colwood 1st 69 Series "B"_1942
Commonwealth Edison 5s-1943
1st MO,
1943
1st M 58 Series"A"
1953
1st M Ss Series "B"
1954
1st M 430
, Series "C"....1956
Commonwealth Elec 5s
1943
Crown Willamette Pap1st516ss1gb
1953
Cudahy Pack 1st M g 5s_ _1946
25-yr debenture Is
1952
Fed Pub DUI 1st 6s"A"1937
Fed Util (May) 534s
1957
3-yr 534
1930
ForemanT&Spar ctfs54s"A"37
1st 534s "B"
.1937
Great Lakes UtilCorplstiXs'42
Holland Fur Cost6%
1936
Houston G G Cost g 6348_1931
III Bell Tel 1st & ref 5s"A" 1956
Jewelers Bldg 1st 6s
1950
Lake St Elec 1st 5s
La Ice & UM Inc 1st com
gold bond "A" 6s
1946
Loew'sT&RIst6s
1947
Metr W Side El 1st 4s
1938
Extension gold 4s
Morris & Co 430
1. 98-1
-i:1 -71 ----------------82 -8-2- iiiti 13-12 ga -ii -----------------------85
--------87
9712 9712 974 974 97 9712 9712 9712 ----------------------------------------98 85
98 --------98 98
---------------------------------------9714 9813 98 9812 9812100 100
100
99
99
9872 100
99 99
7
8812 80
8318 8412 84% 86
8414 85 84 8512 8512 8912
----------------------------------------84 88 ____ 86
_-- 811
/
4 83,8 8412 8412 83 85
8212 84 8512 88
5212 5634 5434 58
58 62 6012 69 6412 7234 57 7334 5834 6312 6234 65
6412 67 63 6412 63 67 68 72
- - - 10Chic
72
4 8 14
79 8312 ii
8212 86
83
8212 83 8214 8412 8484 Iiii
7434 7512 75 77
76 78
77 82 8212 8334 7912 838 79 8412 8012 8214 8184 8238 8134 8336 82 8212
8312 88
524 55
52 54
66 5812 5814 70 6712 71
58 7014 58
63 6318 6412 6612 64 65
63 64
67 69
35 3634 3638 37 374 3812 3912 4712 46 5014 38 5112 42 6312
4412 4212 45
4334 4678 437 4434 424 44
45 484
--------1512 1512 --------1412 1412 20 2512 26 30
23 23
25 25 --------23 23 -___-__ 27 29
29 30
30 30
30 33
39 4712 454 51
38 511
/
4 43 43 4378 43/
1
4 _ _ _ _ _ _ _ 46 49
46 46
4612 47
----------------------------------------9712 -67-12 iii2
-0-i12 oii2 -9712
103 047 1023410434 10218105 103 10538 10314 10532 1041810514 10212 105% 10534 10534 1664
1-66.12 10418
1061210678 10714 Iiiis
10278 102/
1
4 --------11134 11134 --------11214 11214 1111
/
4 11178 -_-_ ------- ---.
_
_ ____ ____
------------------------10278 16 78 10314 10338 102/
1
4 10434 ---- ---- iais 1-6i34 --------104
. 18 16i
111
----------------10284 103 --------10234 102% ____
___ _ _ _
___ 103/
1
4 10338 --------10438 1047 10412 10412 -------958 9578 964 9618 0614 9614 96 96
96 96
9534 -9614 96 -9612 96/
1
4 9678 ---- ---- 98% 99 10034 10034 102 102
-088 0884 09 99'* 1011810138
--------------------------------------------------------1051
- 8 1-014 il).
5i2 1-0112 ____ --.. 10678 10678 -------99%100 --------100 100 100 10038 100 10034 ---------------------------------------08 98 ____ ---9938 9938 9912 9912 --------9938 9938 9938 99/
1
4 ---- ---- ---- ---- ---- ---- -_--___ ____ ____ ____ ___ --------------------------------------------------------100
------------------------------------------------99
o
99 99
-9212 9412 944 9434 9434 9434 -
86
ls124 so
812
12
107
ii)
55 lisi iii 16 105 166% ____ --
--------------------------------------------------------100
116 iboi4 16614 --------100 f66
0534 681,8
ioa 166 105 166 166 166 155 166
--------9614110
0 100 i1i
oo 66 5
--------7914
_100 100
7412 7912 7512 7512 --------78
80
166 ie -ii
784 7912 7912 --------7784 -79
National Radiator deb iiis '47 -------------------------------------------------------100
Northwestern Elev 58
1941
2
2
__._____87
Ogden Gas Co 5s
1945
2
c
1-01 loo
----------------------------------------9534
100 100
11.
6.3-4 iIii4 -115.3-4 iiiii4 Ii84 iii2 -914 iiii2 -6E1
4 9512
100 100 100 100 ____
-iii
___ ____
4
_ _ ____ ---_ __ -__ ____
___ ____
___ 1054 1054 100 100
96 98
97 9812 98 104
10234 106
10414 11012 104 1073-4 1004 104
10414 10512
10414 10512 10512 10712 10634 11712 11 634 11812
1031210312 ----------------10414 10414 ---- ---- ------- ---- ------____ __-_ _
_ ____ ____ ____ ____ ____ ____ ____ ____ ______ ---_
_
4 8128
166 _ii_
90
7812 -80
79
77 7812 77
7934 7914 8112
78
7718 7834
.ioii. 1-6618 ____ ____ _ ."_
-66 ____.___________66
DA
g
Peoples Gas, Lt & ref 5s'47 ------------------------1013
. 4 111-3-4 ---------------------.
----------1033810338
--- .16.
3E8 1-1117-3 ---- -- -- ---- ---Pub Serv 1st ref g 5s
1956 994 10512 953s 104118 997 99713 9978 99%
----------------------------------------10314 10314 --------10
Pub Serv Nor III 1st lien &
582 10511
---ref mtge 5 As1962 ---- ---- 1053
----8 1-6138 lO5'i ilii10514 ---- ---- Roil itiif -do
534s "B"
1964
do
5s “C"________
.
- ---- ---- ---- ---- ---- ---- .--- ---- ---- ---- ---- ---- ------- iiiii2 16112 lar4 1-62-14 ---- ---StAnnePap6)4ssfser"A"'46 100 100 100 100
-6i3-4 9712 I712 .___ __-- --- -Southern Gas tJtjI
.1939
Southern Lin Ice 1st 6s''A"'47 -----------------------------------------------9712 9712 9712 9712 iiii2 1i12 9714 9712 $57
7i2 -6il,
Southern Un Gas 1st 6s"A"'37 -----------------------------_
--98 98
98 98
9712 98
98 98
98 98 ----------------98 -98
Spruce Falls 1st 534s
1945
____ _.
65 East So Water 6Y4s_ _1947
Swift & Co 1st s t g se_ _1944
Un Pub Serv I5-yr 6s"A" 1942
2-yr 6% gold notes
1929
tin Pub IUD! 1st In Os "A"_1947
2-Yr 534% gold notes
1929
Union Elevated RR 5s
1945
Union Gas Util 634s
1937
Washington Gas & El 534s 1947
Westvaco Ch Pw 10-yr 53is_1937
Western P L & T 2-yr 6s_ _1929
io6 1-66 Rio 1-66 air 100
--------------------------------99
------------------------9718
12 9712 9712 ii1-2 W12 Oi
ii1.2 -6ii2„„ _____ _ „ „_ „ _
------------------------9904
___ .„
994 9934 9934 9934 9934 9934 9934 99 9934 9634 -9912 i9 -99
94 -9912 Sip% 1-61i
------------------------100 100 100 101
0812 101
98
/
1
4
993
4
98
9912 99 9912 9938 99% 99 100
9914 100
---- --------------------9914 994 994 9934 994 9914 963
4 9934 99 99 --------9714 99 9838 9914 99 99/
1
4
312 3,2
83 82 8212 --------8412 85 --------8412 85
85 85
86
__
___ __-_ —... ____ ____ ___ ___ ---- ____ ___ -___ ____ ..— ____ _ -- ____ 87 ----------------89 89
---- ---- ---- 9734 9734 9714 991
/
4
----------------98
------------------------9954
. C66 iiii4 166 ioii 11614 iot5i8
---- --------------------------------------------10
0 100 100 100 --------100 1-00 100 1-00 --- -------
joi41-66" IR-% Ili iolis 16654 ioii2 1-6614 iini4 16612 iiiii4 foil, ioil4 1-6Z3-2 iaii2 16i12 jai 16214 10214 10212 102%10234 102%1024
iii2
83
16114 iiiii4 1-61-14 ---- ---- __-- --- ---- --- ----
STOCKS
Adams Royalty Co com
• 2512 2734 26 3214 27 3114 21
2734 22 254 2112 2312 2012 2112 18
2118 1812 20
All America Radio Class A_ __ _5
19 1912 19 2312 20 2211
8 10
8
834 74 1078 5
9
54 812 604 814 634 814 512 7
512 7
7
Amer Fur Mart Bldg pfd __100 -------- 94
814 612 712 4
7
94 94
95
93 9634 961 9714 97 9812 97 98
98
9814
9912
AmerMultigraph com
100
99
9812 10012
100
9914 100
• 1912 20
1912 1934 1914 193
2312 2318 25
2434 2434 2514 2512 26 2814 2612 27
2434 2434
American Pub Serv pref_100 94 974 954 100. 9734 100 8 1912 1912 20 2218 21
9912
4
10112104
1023
98
10112 98 9812 98 10034 9812 10034 9812 9912 98 10012 99 9934
Amer Natural Gas com
•
___ ____ ____ ____ ___- ...-- ____ ____ —_ 1834 19
1834 19
Amer Pub Util Co part pfd_100 73 754 74 82
79 86 83 88
87 88 8712 -8814 8534 874 8612 8734 8714 8778 88 90
87/
1
4 89 87 8934
Prior preferred
100 ---- ---- -------------------- ----93 94
9314 96
92 9412 92 94
9314 9514 934 9412 0314 0512 9412 964
American Shipbuilding_ _ _100 7912 82 8212 86 84 85
82 85 82 8412 84 85 86 9712 93 9612 93 112 104 12014 105 124 113 120
Amer States Secur Corp "A"-*
314 412 314 4
3
3/
1
4 27
3% 3
314 314 3/
1
4 3
312 24 412 41,2 514 478 578 434 358 378 474
Class B
• 3/
1
4 434 34 4
338 3% 3
334 3
314 3
3/
1
4 318 334 314 438 378 478 444 512 412 534 412 5t4
Warrants
18 1
/
1
4
41
38
12
38
34
38
12
38
12
14
12
43
38
38
34
38
34
78
43
34
38
Amer Steel Foundries
5612 58 ----544 6834 13212 11614 86 9434 81318 91 864 6112 ii lila ii5T4 ii12 i5
Armour & Co (Del) pref____I00
82 1912
8714 79 8612 82 90
100 834 8612 85 86
Armour & Co pref
7714 86
5912 80 6312 76 65 7112 60 6814 6214 6612 6214 67 60 67
624 7512 6434 727$
25. 1434 16
Common Class A v t c
1434 114 14
14
938 11
814 1212 914 1012 912 934 9
914 9 1138 9 1012 918 1234 934 12
Common Class B v t c
25
734 9
714 712 6
74 8
612 6
7 --------6
634 712 ---. -6
554 6
-a 3614 3634 363 3812 3614 3712 35 3614 35
514 514 5
Associated Investment Co
36
34 3534 34 3512 34 3512 32 344 32 3418 33 3573 35 40
25 684 89 84 101
Auburn Auto Co com
96 1034 99 115 107 11612 9712 11114 9714 105 100 12024 11112 122 10112 118 10112 117 113 122
11 63 6114 6212 60 62 60 63 60 6212 60 6212 5912 61
25
Balaban & Katz v t c
5912 60/
111;
1
4 59 5978 5812 61
5711 601g 58
100 102 102 100 100 --------100 105 105 10612 105 105 --------105 105 ---------Preferred
------ 101 101 101 101
Bastian-Blessing Co.(c0 -- 7
23 2512 2334 26
::Z
:
1 234 244 23 2812
1
2312 2538 2312 24
10
Beaver Board v t c"A"
834 -4
3
4
3
334 4
3
24 214 2
5
3
3
238 238 2
Z ----- --- 112 112 - — ____
• 3
4
3
312 212 314 2
Voting trust ctfs"B"
2% 2
214 214 412 -----------------212 3 --------2
212 134 212
38 39
Pref vot tr ctfa_
100 38 3812 38 38
3514 384 38 46
38 38
3
34
i 38
38
12 38 38
38 41
3734 38
• No oar value.
iii4 -C$g5-8
4
JAN. 28 1928.]
FINANCIAL CHRONICLE
485
November December
October
August September
July
June
May
April
March
High Low Mob Low High
January February
Low High Low High Low High Low High Low
Low High Low High Low High Low High Low High
4812 5514
4614 5212 474 50
56
4814 5312 49 5314 50 5314 5134 5534 52 73 64 6912 66
7234 7134 82
10 3614 4014 4012 464 42 4512 4612 54
Bendix Corp Class A
60 6614 6114 69 674
s
643
5812
6212
58
6312
4
553
60
17
10 53 5912 58 8114 55
Borg & Beck corn
1618 20
i538 -2-(1
1912 21
1934 22
Rights
1818 24
2012 23
2112 25
-His Illy 24 27
1412 15
15 154
15
14
* 2412 2512 24 26
1412 15
15
14
Brach & Sons (EJ) corn
15
1412
-___
__-_
17
4
163
1812
17
1818 17 17
10 17 2012 18
Bunte Bros corn
- 1023
23
211
.
2214
4 i213
24
8
223
234
100
2014
Preferred
2 2312 1814 2314 2038 2134 1914 2138 1914 21
2238 2378 2.
20 23 26
Butler Brothers
_ _ 29 3412 29 41
__
__
Campbell Wyant & Cannon
58 68
52 63 -76-12 6412 66
*
4
77 8
Fdy
70 7712 6914 7814 6914 7914 74 8612 79 8412
88 8912 87 8956 8334 8812 844 87 85 8812
Celotex Cocorn• 70 8314 74 -75
87 90
87 9012 88 92
234 2412 24 25
874 9112 87 90
24
2312
8912 91
25
100 89 91
24
25
Preferred
25
25 25
2714 24 27
---------- ------------26
----------------------9413 954
a
Cent Dairy Pro"A" pfd
_ _ ____ _ _ 9712 9713 -94 9712 ____
92 100
93 96
92 9234 9212 96
* 94 94 --------95
92 114
- 9012 93
Central Gas & El Co pref
9012 -92-12 90 -9112
9514
9012 91
91
8
893
Z9512
89
90
93 92 9312 95 9512 93 0814
8812
89
881z
9114
Sore
*
pref
Central III Pub
904 9314 91 95
9212
9012
9134
93
88
90
9512
864
90
2
923
88
9134 93
92
91
Central Ind Power pref____100 8814 8712 8814 90
90 9214 90 9212 9114 94
17 1714
1712 17 17
_ 884 90 88 89 88 91
1714
4
173
100 8513 8512 ____
4
173
18
Certifs of deposit
16
1734
1514
1714 18
174 18
1814 18 18-14 1714 1812 1734 18
* 17
Central Pub Serv (Del)
_ 100 1004
_
•
_ _ _
Class "A"
_ — _ _
_ -- - 5512 -ii. so 79
&
pfd_•
Lt
Pow
States
Central
0r4 -6i 55;3 "gi eli -6612 65 "664 9612
5.
2
6
55
-12
2
6
3
i.f
3
6
9732 9912
Lii4
98
"ii
Lif2
99
9614
ar.4 18.14 iii -eh
*
964 97
Central S W Util corn
9614 9712 9614 9732 9534 97
4 97
1001210234 101 10212 1011210511
* 933g 9612 94 9512 9412 96 r95 974 943
Preferred
9912 101 100 101 100 10412 102 103 100 10278 __-103
9912
85 85
100
__-99
__-100
99
z
9841011
*
__-Prior lien pref
____ __-. __ __-Ps 24
112 13t3 2
__ ____ __-- ____ ____ ___--- -_-_ -_-_
100 Chicago City Ry
12 258 118 112 114 1,2 118 152 Pa 1434
84 154
14 112
1812 234
1912
1412
lis
s
3
13
8
3
1434
14
8
3
13
14
pt
Con
Ry
&
sh____*
1412
City
Chic
1914 9 1312 1112
8
18
814
1214
5
34 19
15
4
53
51g
15
6
134
412
312
47
2
1112
t,
Participation pref
1712 ------------------------1112
_ 10
.. ____
_ _
18
*____ ____ _ _
2212 20 2112 13 1712 15 32
20
Certificates of deposit
20 23
21
23
z -2-4-12 23 -2-412 2112 24
i31
—
6
--------31
2
-----24
----------3514
31
35
3312 3512 3432
Chicago Elec Mfg "A"
3412 35
3412 3134 34 30 3312 32 3312 3312 35 -----------31
: 30 30
---------------- 1011210132
-----------Chic Fuse Mfg Co corn
93
93
95
--------9312
-----------------------Chic Mill & Lumber pfd__ _100
42 47 --------4713 4
-- --- ---- ------------------Chicago Nipple Mfg Class-A_50 ---------------------------------------------3412
2612 2713
2612 -28
. -i612 '
ii -iii i3
Class "B" trust certifs.._50
29 29
30 30
31 33
30 33 30 31
36
98 1014
3212
100
35
9812
3312
100
99
3614
8
333
10112
9814
100
Chico N S & Maw corn
9834 10034 0034 101
9812 101
9984 100
9912 10134 99 100
6812 66 67 66 6712 65 70
66
100 99 100 9912100
65
65
Prior lien pref
4
663
63
68
67
68
67
6912
67
10112 103
6812 71
10214
103
103
102
100 69 7012 68 72
10314
103
102
102
Preferred
103
102
104 1024103 102 103 10136 103
1812 19
20
_
Chic Rap Tran pr pref"A" 100 102 104,4 1021210412 10212
194 22 - - - - - - - - - - - 20_
18
74 15
212 314 212 4
512 --------5
_
234 3
100 --------5
4 3
Chic Rys part ctf ser 1
24 312 24 24
234 6
12
12
312
12 212 14 3
4
3
8
*2
5
12
5
5
12
--------3
12
12
14
4
3
8
5
8
5
4
8
100
4
3
Part ctfs series 2
12 /12
12
14
--------608-Part ctfs series 3
-8
----------------- -------14tl
630
625
100 -----------------------6(4
605
58g
----585
Part ctfs series 4
1, ---- -----------------------4013
3334 33 334 33 3634 344 3634 344 4114 374 172
Chicago Title & Trust _ _100
-- 3
_
-----------------152 157 157 171 160 173 165
Club Aluminum Utensil -do__. -----------------1164 1434155 150 15478 50 153 151 15314
14412
1
14114
142
4
139
141
138
__
_100
Edison_
Commonwealth
Rights
-8-12 ii2 114 758 824
4 512 112 ii4 -138 ii4 8424
5
Ex-Rights
2 ii2 V14 ii4 80
-5
I ii4 I's 75i 7834
84 90
-i13 5
82 84
7
82
77 78
75 80
5' 64 712 7
77
Consumers Co corn
78 80
6934 774 70 73 6978 76
-___ ____ _____ 278 278
-___
--__
100 7412 78
---_
---Preferred
____
____
____
____
____
-__ .___
1112 1012 11
10
10
10
1012
--------10
12
11
Vot trust ctfs pur warr- ---- ----_ -___ ____ ---_
1218
1012
13
114 1314 12
4638 47
4618 5112 4638 47
4758 53
* 1134 13-12 1134 1234 1112 1212 47 50
4734 49
4738 49
Continental Motors corn
48 49 4758 48
48 51
50 51
11912 118 11912 117 119 119 12012 118 11913
25 50 52
Crane Co corn
11834 12012 118 121 117 120 118 11912 11734
1184
117
11812
117
117l118
100
Preferred
1927
STOCKS
-ia- -ii-
____ -,-- ,..____ ____ ____100 100 _,__ -55
____ ____ ____--------Cudahy Pack Co com
____ ____ ____----------------____ ____ ____ --------54 -54
____ ____ ____ --------____ --------5112 5312 52 544 5412
5212 54
100
52 54
Preferred
52
51
54
5114 5112 51
4034 52
31
29 3014
50 51
3012 3112 31
32
31
3114
50 4978 51
2714
2712
27
Cuneo Press"A" pref
28
27
2812
25
2774 2514 26
25
112
2778
11112
2712
11112
28
----111
-------274
-----------&
Decker (Alf)
Cohn, Inc__--*
--------10512108 109 109
1612 118 119 11512 11612 11614 123 114 125 ---- _ —
100 105 105 105 10612 10414 105
Preferred
116
1144
118
115
110
10
10612
133 148 140 140 136 136 136 1-40
100 106 108 107 109 10612 108
Deere & Co pref
11734 12214 122 133 124 129 122 136 130 138
3011 34
34 35
30 35
29 30
100 116 11914 11714 119 116 12138
26 2612 28 30
Diamond Match corn
27 28
2812 30
-- ____ ____ ____ 20 29
15
1212 1378 12 1312 1214 1378 1214 134
114
4
124
133
*
1412
1314
Eddy Paper Corp (The)
1534
12
114 13
14
9
1212
5
9
1412
12
--------7
012
8
1412
105
1112
11
912
1212
10
Util
Corp__
10
Household
El
1112 14
734 14
a
9 1014 74 9
a
52
51
514 52
• 9 1212 94 11
Elec Research Lab, Inc
51,2 5334 52 55
rs- ---- --- ---- - - ---- --- 9714
99 10012 9913 10014
10018
2
993
10014
99
100
4
973
9812
Elyria Iron & Steel com____25 ____ _ _ -___ - -„- -97
9812
97
96 -9732 96 -97-12
8 9212
11012 109 11134 10718 10934 10712 10812 1073s 1094
Empire G & F Co 7% pref .100934 -95-52 95 -96-7102 10312 10312 107 105 106 105 10614 10553
4518 59
4334 47
41 44
100 --------102 102 1001210312
8% preferred
3834 4134 3834 4434 42 46
3832 41
3712 41
324 39
434 4612 4538 59
31 3434 3134 34
40 44
4334 4112 46
2
5 2812 31
383
40
4
Evans & Co. Inc cl "A"
363
40
3934 3512
37
38
8
303
3218
4
33 3414
293
8
337
3212
8
323
4
28
324
333
3258 3512 3212 3412
5 2478 2878
Class B
3078 34
3234 3014 3434 314 33
* 2512 2814 2714 3114 2734 3038 2834 109 10634 110 10834 110 110 11014 10912 110 109 110 110 110 107 10912 106 108
Fair Co (The) corn
10712
10712
105
106
105
107
10512
100
Preferred
36 5112 45 46
33 35
3112 3258 32 33
28 34
Fitz Simons & Connell D'k
27 29
27 28
1512 1812 18 20
28 2834 2714 2714 2612 27
20 28 29
1314 1414 1312 1556 1434 16
& Dredge Co corn
13 1312 13 131 1234 14
8
137
13
14
1234
141/
13
Foote Bros (G & M) Co __5 12 15
-------_
a ....
1
3
114
Li4
112
GalesburgCoulter-Disc
Si2
____
____
_ ____ ____
____ _ _
* 1 —s-- 512 112 ____
General Box Corp corn
Preferred "A"
I11
214 314 i
24 312 212 3
100 45 45
Preferred "B"
------------------------36lI212254234 3
312
518 ii2 112 412 5 -----------------5
338 334 34 313 312 312 3
to
3
Gill mfg co
------- -3
4412 42 44
4058 4234 41
34 334 334 4 ---------------------47
3
384
3
40
3
3412
Godchaux Sug, Inc cl "B"__•
32
35
32
314 34
32 34
35
3312
35
34
36
4
333
•
corn
W)
(H
Gossard Co
iici lig lilt;
iii fig lei fig itio iiici 155
100
Preferred
55 fgi iii iii
4474 4634 4213 4512
i iii--10310316141188 172
3912 46
14578
144 152 141 ------------3578 39
100 ------------3612 38
Great Lakes D & D
37 38
39 374 41
387
37 37
36
3913
4
387
--------35
40
3912
39
39
3812
40
35
3212 3212 35
Greif Bros Coop'ge A com•
35 35
3014 3014 ----------------34 36
30 32
10 35 35
Hammermill Paper Co
Preferred
7s
•
____ ---. ---- — ____ -___ ____ _ _ 194 20
Hartman Corp "A"
____ ____ ____ ____ ____ ____ ---- ____ ---- __-_ 123 126 125 133 130 13218 130 c3f 130 135
•
Class "B"
11614 120 120 123
116
8
1147
115
4
1143
115
110
115
110
11212
Hart, Schaffner & Marx__100 110
60 6612 65 6612
63
Hibbard, Spencer, Bartlett
6012 6012 59 6012 5912 63 60
----------------60 60
1912 3414 30 3614
25 594 70 61 63 63 63
1914 1812 1932 -------- 1712 1812 3912 42
& Co corn
1834 1912 18
21
20
2134
44
41
19
2212
8
21
423
224
2318 2118
4 438 40
42 4312
Hupp Motor Car Corp com_10 21
52 544 3934 5212 40 44
5012 5534 514 54
9834 9834 10014 10014
4
963
96
4
963
25 49 5212 4934 52
96
97
954
Illinois Brick Co
97
9412
9514 94 96
944
b
95
95
b
96
94
97
b
9212
9312
92
b
Illinois Nor Utilities pref.. 100
2612 2758
2512 27
2414 25
24 2512 2412 25
27 2912 27 3712 26 274
Illinois Wire & Cable Co corn 10 2414 2514 2478 2534 24 2512
---_ -_-- ____ ..— 2714 2814 27 2812 47 49 4712 474 47 48
___ ---- -- -- ____ ___ __-_ ---- --50 50
Inland Wire & Cable Co corn 10 —
5312 50 52
Si
58
--------53
53
5114
54
1
--------51
100 100 100 -_.- -___
100
-----------------------Indep Pneu Tool cot tr ctf...* 5474 -55
--- ---- --- ---- --- 9834 99 -------- 94
Indianapolis P & L 1st pref* -------- 95 95 ---12 ____ r __ ____ ____ ____ __......„.
95 -9512 954 9512
94
94
_93
2912 30 30
-----93
----------294
Co
31
pref____•
31
Interstate Power
30 30
30 31
3014 3014 3214 3214 30 30
1278 14
15
1334 12
13
• 28 2918 2712 2712 28 30
14
Jaeger Machine Co corn
114
14
12
1412
8
135
1412
123
4
1312
123
4
9212 94
1578 1412 194 1311 1518
95 96
96 98
10 134 154 15
97 98
Kellogg Switchbd corn
95 95 934 9312 93 98
96 97
96 96
9934 105 102 104
97 9712 9712 98
100 96 98
98 100
Preferred
97 98
98 100
1
9634 98
954 97
5314 5112 53
95 9712 9434 9511 9514 9612 95 4 97
4 51
513
51
100 9434 96
51
Ky Hydro Elec pfd
51
51
51
52
5112 51
51
5034 51
5018 51
51
51
51
85 8814 8914 954
5112 51
83 85
82
Kentucky Util Jr Cum pfd...50 51
81
76 80
72 78
55 65 63 70
50 54
45 47
97 10012 10014 10011
96 97
Keystone St & Wire corn _100 50 5012 47 48
96 97
92
92 92 92 95
91
90 90
884 89
8812 90
89 91
54 57
100 91 92
1
5171t 55
53
Preferred
4912
5714
4
53
49 5014 55 5814 55 60
5312 57
5534 59
63 61
51 63
43 45
25 55 59
42 43
42 42
Kraft Cheese Co corn
42 45
50
50
47
42
40
40
39
40
40
39
38
38
37
36
110 110
110
--------100
Kuppenheimer & Co(B) Inc_ 5 36 38
110
109
---105 10514 --------106 106 106 106 1064 1061± -----------100
, - .._-.,
Class "11" preferred
_
_
_
981
-----9812
100 100 100 1014 ----------------9812 9812 ----------- 61
100
34 -44
112 314 -5
2
Laclede G & E pr lien
43s 5
718 612 834 436
8
9
634 838 572 732 612 714 638 732 6
10
1014
8
95
3s 973
9
11
6
3
9
La Salle Ext Univ corn
1112
10
1158
1012 912 1012 878 1014 812 934 812 878 812
1078 94 1014 9
134 2
10 10
112 11
Libby McNeill & Libby
14 2 ____ ____
2 ____ ____
2
2
10 ----------------112 134 134 234 212 234 2
Lindsay Light corn
8 ____ ____ 10 ----------------7
Preferred
3714 -3-81/ 38 -3-812 38 42
- 334 38 39
------- -2
3914 37 --------37
39 40
38 39
• 38 40
20 2412 22 2534
McCord Radiator mfg A
18
1712 1712 17 2012 1834 2012 20 20
1758 17
1812 184 16
1914 18 20
19
• 17 21
5134 5012 65
McQuay-Norris Mfg
46 5014 46
5114
4
473
8
493
4478 43
4212 41
4234 41
--------41
----------------------_10
(Ind)_
Carburetor
Marvel
*
Mandel Bros Inc
27 -------318 32
• 26 2712 2618 28
— --_Maytag Co com
— ___ -___ ____ ____ ____ ___ ...._ ____ __-- --__
184 1534 17
Moe & Mfra Sec Co pr pfd_.100
1812 2034 16
18 20
1814 20
21
16
17 24
25 26
6 i-8 "17
0- ii38 -3125
25 ii "31 iii -311914
12112
11312
Part preferred
8
1147
11112
11512
111
10932 113
• 110 11312 10832 11434 1084 111 108 11312 109 1174 11014 114 110 11354 11018 11234 11134 11334 11136 11512 11512 11812 11612 119
Middle West Utilities
111
100 10538 108 1074 11358 108 11034 1064 109 106 11314 10812 11034 10812
Preferred
4 9212 944 9034 93 92 95 9334 95
933
4
3
92
•
125 1254
6% preferred
121 12234 120 1224 12013 1254 125 127 90 123
100 11713 11858 11778 120 11734 11858 118 11812 118 1224 120 121 120 12112
Prior lien preferred
5334 7534 7112 102
5312 56
47 56
41 48
40 44
38 4312 384 41
43 4712 4112 46
• 4212 45
104 106
10512
4
3
103
4
3
105
104
Midland Steel Prod corn
10714
102
106
10212 10112 10212 102 10512 10412 108 104 104'2 104
101 10012 10316
Midland Util prior lien 7%.100 9734 9834 98 102 100
98 100 10112 103 10012 10112 101 10234 1011±1031± 10014 10218 100
97 08
97 9912 9684 99
90 9138 9014 9174
100 97 98
9112
Preferred "A" 7%
90
9112
91
9112
9I1z
. — . _-_
92 92 __.
4
100
Prior lien "A"6%
94 95 9112 9513 9334 962
95 96
9212 95
._ _ _ -- _. 9212 9212 921t 1434 92 2 -94
3312 32 3314
100
Prior lien 6%
- -___ ____ __— 3212 101
9934 10012
_ 0936
•
Flpis.Honeywell Regu
-964
100
Preferred
-. -oi" IC -55- -97-12 96 96 4 964
__ 37 387 374 39
•
_ _ _
Miss Vail UM pr lien pfd
_
_
6614 78
6812
6412
*
1712
Wks
5i
Chemical
Monsanto
63 -6814 i5 10EI-2 -55i2 1272 -55i2 1414 -6212 Iti 21
2034 25
2312 22 23
5814 -63 61 -63 61 -86
• 58 -68
Morgan Lithograph corn
16
1512 17 --------16 2412
14
14
1612 14
18
1634 16
1512 16
138 134 137 13614 137
16
Mosser Leather Corp corn_ - • 11
135 135 137 137 137 136 139 139 13914 13712 139 137
135
137ir
2612 2812
131
28
13012
2
2614
4
283
--------1301
100
25
National Carbon pref
2436 2478 22 25
2438 2434 2438 25
102 10112 104
24 2412 24 2514 2412 25
14 23,8 25
98 9814 9614 9934 9914
Nati Eiec Power "&" Par2----• 2334
974 98
9712 971 0012 97
14 312 314 334
971 97 97
9614
9614
3
96
96
8
7
3
96
100
4
3
9312
95
314
4
7% preferred
336 3
312 3
3
38 39
212 434 258 34 212 234 24 258 238 314 234 31 --------38
10
394 36 3814 36 394 97
National Leather corn
3812 37
97
9614 97
9612 98
10 -----------------------------------------------National Radiator corn
9712 9734 97 98
_______ ---- -___ ____ ____ __
__
3323 4013
33
•_
2
'
33
337
344
9 Preferred
4 354 38
363
4
3
33
3814
34
14
35
33
4
3
35
3414
36
34
3234 3514
35
* 3012 3136 31
National Standard CO211
rEx- dividend.
Illinois Wire dr Ca ble Co. in Aug.1927.
• No par value,
Chicago Insulated Wire Mfg Co.and th e
a Name changed to Steel & Tubes, In c. b Con solid. of the
486
FINANCIAL CHRONICLE
[VoL. 126.
1927
STOCAS
January
February
March
April
May
June
August September
October
November December
Low High Low High Low High Low High Low High Low High LowJuly
High Low High Low High Low High Low High Low
High
North American Car com____* 2212 30
283
2812
4
2912
30
2812
297
8
283
8
2912
2838 2912 2812 2912 294 34
North States Pow cons
32 34
3134 3312 3112 3334 3134 33
100
Nor West Util pr In pref.. _100 9812 101
129 13112
.T/ij4 0934 973 1812
7% preferred
100 9412 97
100 10312
2512 100
9414 96
9412 97
9514 97
96 9712 95 98
95 97
Novadel Process Co pref
9512 9712 97 101
98 9914 98 100
2534 27% 25 2812 24 25
• 2512 26
24 25
2312 2414 2112 25
24 26
2614 2678 2512 2614 2534 29
Common
2712 2912
9
9
814 9
8
834 8
Oklahoma Gas &Mee pfd _ _100
9
1312
Omnibus Pref"A"
104 105 10612 109
100
821y 821y
87
94
Voting trust ctfs
90
13
1312 1118 13
90
,
4
1358 12
13
1512
1334
1534
-ii- -1-7-- -1ii4 -1-4— -13Orpheum Circuit corn
1
3232 15
33 33
2934 2934
Penn Cent Lt & Pw Co pf •
26 26
Penn Gas & Eiec "A" com •
80
80
78
78
2012 -Nis
-hi -1912
.-1914
Preferred
100
20 2014
93 97
Peoples Gas Lt & Coke
I00 127 127
Pick, Barth & Co part pref.... 1914 2012 20 2l8i
20 2114
Common vot trust ctf
20 2112
1 1278 13
1334 1334 1312 14
1412 1412 14 1412 1378 14 -___ _
134 134 ---_ -___
Pines Winterfront A corn.. ..5 4112 5112 41 4812 41
4212
4618 40 4212 42 48
49 53 47 -51-- 48 54
Pub Serv of Nor III corn
13018133
13312
2 -iii2 -6Y1•
136 13318 134 133
4
13334 143 141 142 139 142 139 142 14012 14234 4912 5512 -ii- -511Pub Serv of Nor III com____100 132 133 132 136 13212 134 13312 142 134
145 16312 156 16114 158 160
139
142 141 141 13912 141 139 14012 14012 142 143 16112
6% Preferred
156 161 158 16014
100 102 104 10234 105 103 105 104111053* 102114 10512 10112 104 10212
10512
105
10614
10312
10612
7% Preferred
10612
108
109
100 11314114 114 116 114 115 11338 11612 14 11618 11514 11612 116
11112 111 11312
117 116 117 116 11714 11612 11712 118 11912 119
OR S Music Co cora
3234 36
1204
3412 3978 3614 3814 3612 3914 3612 38
3612 4012 3914 4234 39 43
39 40
Quaker Oats Co corn
3612
4012 41
• 180 186 183 18612 18234 190 186 190
3912 4034
84 186 175 178 178 185 185 205 210 250 238 41
Preferred
250 240 245 240 300
100 07 10814 107 108 10712 10912 10914 112
1012
113
110
11212
11012
111
109
111 110 111 11012 112 11012 113 11012 112
Real Silk Hos Mills com___ _100 3934 46% 4412 4834 4412 48
44 4812 34 45
28 3312 33 3512___ ____
Reliance Mfg Co pref
25 25
100
2238 2312
98 98 --------100"
Reo Motor Car Co
10 20 233s 2114 2218 1938 2114 1938 2218 21
10
24
207
8
23
21
2134 21
2234 2134 23
Ryan Car Co (The) corn
2212
2714
25 1238 1212 11
244
coy
2634 25 2684
93
4
12
012
16
934 11
1312 14
1312 1312 912 13 ---- --_ 9 11
St Louis Nat'l Stock Yds_100 86 87
8 1212 1212 16
79 82
Sangamo Electric Co corn____*
-_-_-_-_ ---_---_ -io- /9.1-2 -ill -ii- -56"
Preferred
-13-4
. -551
100
10214 10214 10512 1041210712 106 10712 10514 107 105 2107
Sears, Roebuck corn
10312 10614
52 52
64 56
55 55
5434 58
55 55 5612 5678 59 6712 6534 7334 7012 7838 71
Shaffer 011 & Ref pref
79
7312 87 8418 9118
100
_
4 _24
_ _4 89 89
8714 8712 8434 86
85 86
Shaler Co class"A"
85 85
85 86
•
85 86
25 25's
241
-___ ____
So Cities Util class"A" com • 2514 29
2512 26
2914 21114
33 33 -iiSo Colo Pr Elec "A" com_25 2534 2612 2534
32 3212 -5211
2634 2612 28
-ii2714 2612 2712 2612 27
25
2612 25 2634 2412 2512 2478 2512
Southw Gas & El Co 7% pf_100 9412 9612 9614 98
9512 9734
97 98
9514 9712 9512 97
96 9834 9712 100
Southwest Pr & Lt pref
97 100
9812 100 100 102%
*
---- ---- ---- ---- 8912 8912 8912 8912 87 90 87 90 .
Sprague-Sells Corp cl "A"__30 25 2614 241y 26
8_.
814.
922_2
24 248
---- ---15 1612 ____ ____
Standard Gas & Electric
8
14
9% 9
11
4
• 55 55
58
58
8% Preferred
--- -- ---- -- __ 5914 5914
-ia50
5712 571y 59 59
:
:
-.-H :
-iRights
-:
-- :::: :::: -- ---- ---- ---- 65 66
Steel & Tubes Inc
24
24
25
Stewart-Warner Speedom_—• 6.4 6712 8212 87 5414
52 52 50 5112 4912 51
6712
6712 65
5914 6514 60 6478 61 6734 65 7238 6714 7468 6934
Studebaker Mail Order com„5
87
79
8714
—
512 6
6 1012 812 914 834 934
Swift & Company
9
934 9
934 9
100
1161*120 117
972
11513 118 11534 11884 116 12014 11512 11912 118 120 i198130
Swift International
120 12734 122i128 124 128
15 2138 23
2018 2134 1814 21
2014 2214 2012 2434 22 2414 224 2312 2214 2378 2318 26
Tenn Prod Corp corn
24 274 254 2658 25 2638
• 1212 1212
1112 13
1112 1112 114 1112 114 1112 912 10 ____ -___ 812
9
Thompson (J R)corn
8
812 8
9
812 17
35 47 4812 48 50 4818 50
4812 49,4 4838 5478 62 56
5312 5434 5218 54
5312 59 57 6012 5812 6114 59 65
Union Carbide & Carbon
• 99 10514 102 11714 11212 119 11212 12134 113 122 11713 11712 136 136 13712 13712
13484 14178 131 131 136 152 14634 15212
.
United Biscuit class"A"
• 3912 4112 41 44
40 42 4078 42 4114 4534 4312 52 49 5132 47 5134 48
5018 4912 6014 52 66
United Iron Works corn
64 67
212 432 4
634 512 7
4
612 4% 5
--- ---- ---- ---_ ---- ---- --- ---- ---- ---- ---Common vot trust ctf
-___
378 4
4
4
- ---- ---- --- ---- ---_ --- --- ---- --_ -___ ---- ---- - — ---United Light & Power—
--_ -_-Class"A" preferred
87 8812 88 93 9012 9212 9212 9514 95 97
95% 97% 9534 96
9534 9634 95 97
9412 9534 93 9412 9312 95
Class"B" preferred
50 51
5018 5214 51 52
5114
52
52
5334 52 5312 51
55
5212 55 534 57 54
Common class"A" new -___* 1312 1512 1338 14
5512 5234 54
54
1214 14
1318 1514 1338 1438 13 17
13 1418 13 1378 134 1412 1438 1538 1334 1434 52
Common class"B" new
1312 1414
* 1878 18
16
1714 1514 17
154 18
15 1638 1612 18
1714 1818 1734 24
1834 1912 19 1912 19 19
United Pap Broad com__100 17 17
197
8
1972
1612 1612 16 18
16 20
19 19
16
16
16
17
19 19
19 2312 21 23
Preferred
2012 21
100 80 60 60 60
20
21
60 60
60 60 60 60 60 60
U S Gysum
20 9234 109 9312 10512 93 103
64
64
9712
954102
9211101%
10434
9613
9914
ilOIg
Preferred
1-61i1-2 82
100 1512116
84 93
1514 11614 115 118 118 122
21 122 121 12212 122 123
123 12114 123 122 123
Univ Theatres Conc el "A"...5
23 123
4
4
4
4
234 3
268 234
24 212 3
Utilities Pow & Lt el "A"____•
4
412 64
1414 1414
Class"B" vot tr ctf com__•
1412
1412
15 1714
18
18
167s 167*
Vesta Battery Corp corn. _10 2784 -11[34 3112 37
33
35
3012
3312
27
15
1.
2
3014 29 30
29 3212
2913 24 2814
Wahl Co corn
• 834 1314 1112 13
25 25
10
12
11
1312 1214 1514 12 1714 1212 1514 1312 1414 1234 1334 1112
Ward (Montgomery) & Co_10 6034
i01 1212 11
12
67 62 6734 6312 68 64 68
6712 6912 6834 7432 7338 854 773 13
6512 6812
Class "A"
8
8112
11012
8614
12312
• 114 117 113 115 11214 114
0614
115
14
117
11712 313 11714 13 11512 113 115 113 11634 116 118
Warner Gear cony pref
17 121
25
20 123
_Waukesha Motor Co corn
• 3712 40
28 2912 2712 31
294 33
38 3914
45 46
49
Williams 011-0-Mat corn
55 50 5412 50 52
15 1534 1438 1638 13 1538 11
55 56
12
1334 11
1034 144 7 11
Wolf Mfg Corp corn
912 812 978 8
812 7
612 412 512 5
512 7
914 612 914
5
514
5
6
414
518
4
412
112
418
112
Voting trust certificates___*
3
112 2
1
2
1
_ 5
2
612
5
5
412
412
414 414
Wolverine Portland Cem____10
1
---Ili
512 612 5
614 54 638 512 512 5% 51/
it
ye
714
/
Wrigley(Wm Jr) Co com
3-4
614 7
• 51
518 6
54 514
53
5212 54
5214
5114
5112
5212
513
8
53
53
52%
5712 54 5634
Yates Amer Machine part pf_.• 25 2712 2512 27
61
67 64
66 73
244 2734 1912 2534 1634 2212 1514 (34%
18% 1612 1812 15,4 1738 1412 1812 1434 1734 1414 6814
Yellow Tr & Coach Mfg "13'1 _10 2514 2934 25 2914 25% 27%
18
1512 17,2
2814 3018 2734 3018 27 3234 3012 3412 3038 40
3378 3512 2734 34
Preferred
2712 3114 33 354
100
95 95
—
- 94 94
Yellow Cab Co Inc (Chic)___* 4212 4578 4214 4334 58
7914 393* 4312 40 4212 38 41
3814
43
•No par value.
467s 423*
40
sEa-dlv Idend.
-651-4 fdil
-654 166- 29814 10014 -55"
99 9814 99 9012 I993; Willi" 51416314
9
-i5-
"5
"io-
"if" "5" "iii"
"ill;
4,2
913 9,2 918 934 934 914 814 10
Ii"
____ ____ "5F8 IA,- -255i. "21-54-- _1!.._ 2_52..4
26- 54 -fit; -5" 11/3-4 -1914 -1078 -i6ry 197-8 1978 2012 "iiiis 2-63-4
"1913 WI. -22i8 ii- ii- 2234 22ii- -ii" "ii--iiii4 "ii" H612 5461-2 "iii"
"2-Fg
"iii- -94"
10-6" 56"
W.. -ET* "341-4 -51.
102i,
13-- -5i" "3"i" 322 3232
ii" 264
166" oo
"ii" "55" -32-1;
II" "ii" "ii"
Ili— :::: :::: 6
611:
i -i
66
1142-
Ifni;Oils
1-21i3;
•
"eolis
-fi"
•
•
55
"3412 39l 37 "16"
-564
1211,
"iii; Tit;
ii" "a" "ii"
54:1
-2632
"ii" "4'6'8
—1158
if
: is;
HT. -a
76" 37z "lir 51 lila
The Banking Situation in the Middle West
fikii;
"4:17;
ii"
of 6% over 1926, though the gain was entirely at
New York, and at the 192 cities outside New York
the grand aggregate of the clearings in 1927, accordMost banks throughout the country have had an- ing
to the compilations of the Commercial & Finanother satisfactory year. This has been true espe- cial
Chronicle, was virtually unchanged from the
cially of banks in the larger centers and has been as figures
in 1926. Chicago itself, which showed a detrue of financial institutions of the Middle West as
crease in 1926 compared with 1925, shows an init has been of those in other parts of the country.
crease in 1927 over both 1925 and 1926.
Relatively speaking, the banks in the Middle West
The decrease in bank failures is the more striking
showed more improvement than others, because it
since commercial failures in 1927 showed an inwas in this part of the country that bank failures
crease for the country as a whole, and especially for
were especially numerous in recent years. It would
the central part of the country. The total number
seem as if liquidation of the weaker banks has been
of failures in the Central West according to Bradmore or less concluded. Preliminary figures
col- street's was 4,483 in 1927 as against 4,166
in 1926.
lected by the Federal Reserve banks show 642
bank- Liabilities of failed concerns in 1927 amount
ed to
failure
ing
s in 1927 of which 124 are in the Seventh
over $124,000,000 as against somewhat under $104,Federal Reserve District. Comparison with figures
000,000 in 1926. In spite of this showing, business
published last year is not possible, since those
pub- was generally satisfactory in 1927 throughout
the
lished by Dun's Review are generally more inclusive
Middle West. At one time it seemed as if disaster
than those given above. Bradstreet's, however, is
threatened from an almost complete failure of the
authority for the statement that "one feature of the
corn crop, but a late Fall saved a good part of the
year was the reduction in the number of bank sus- harvest.
On the other hand, the wheat crop was
pensions from the two previous years."
excellent and, take it all in all, the price situation
Just as 1926 so also 1927 was a satisfactory year for agricul
tural products was much more satisfacfor banks because of the large volume of business tory than it has
been for a long time. The packing
and not because of the large percentage of profit on industry, which
plays so important a role in the
the business transacted. Though 1926 reported a Middle West, had
a very unsatisfactory year, but
record in clearings for most of the country, this was information is that
there has been marked improveexceeded by 1927 which in 193 cities showed a gain ment in the last few
months.
By M. A. Traylor, President of the First National Bank of Chicago
and
the First Trust & Savings Bank.
JAN. 28 1928.]
FINANCIAL CHRONICLE
It is generally anticipated that the earlier part of
1928 at any rate will not show very much change
from the conditions prevailing in 1927. Money is
likely to continue easy, which means low rates, and
probably continued large volume of business of one
kind or another. As long as money continues easy,
brokers' loans are likely to absorb a large part of
the banks' funds, though there are also some indications that commercial loans will increase as inven-‘
tories are apt to become larger due to a gradually
rising price level.
The Municipal Bond Market in 1927.
By Stacy C. Mosser, President, Mosser, Willaman & Co., Inc., Chicago.
A new record volume of municipal bonds was issued in
1927, the total amount being $1,463,991,714, being an increase of about 8% over the volume for 1926. This is the
largest amount of municipals ever issued in this country in
one year. It, was the seventh consecutive year in whi.th ever
one billion municipals have been issued in the United States,
and during these seven years the total volume exceeds ten
billion dollars. After two years in which the volume had
declined slightly, it was thought a year ago that there would
be a steady decrease In the amount issued, but 1927 has
changed this opinion. In view of this, we are forced to conclude thai municipal improvements In this country are to
continue on a large scale, with the volume of bonds perhaps establishing a new high record in each three or four
years.
Purpose.
Ever increasing demand for roads to provide quick transportation and communication is back of the large increase
In bond issues. Road improvements, widening and paving
streets, building many new bridges, all have been carried
on in a very large way. With the increase of automobiles,
not only in the cities, but in the country, the demand is for
more and better highways and pareeinnts. Even in the
remote parts of the country the farmer wants hard roads
to his market. He is really handicapped if he is still forced
to haul his produce over poor roads, and, if roads are impassable part of the time, he may suffer a loss because he
cannot take advantage of the best time to market his products. The Middle Western States all have extensive roadbuilding programs, which are financed largely by bond
issues. These roads undoubtedly will prove an aid to agriculture, as well as to city business.
Extensive real estate sub-divisions in the larger cities
now call for development, and the cost of installing sewers
and water mains, sidewalks, paving, &c., must, to a large
extent, be financed by bond Issues. The volume of this financing has increased many fold in the last few years. Such
issues in States like Illinois, where they are payable from
special assessments, seems to be growing in favor with investors looking for a good return, exempt from Federal
Income Tax.
There is one trend which goes contrary to the rise, namely,
the financing of eloctric light and gas plants in smaller
cities. It is reported that in 1927 there were 127 electric
light plants sold by small cities to public service companies,
these sales being principally in the Middle Western and
Western States, where a few years ago there was a very
strong sentiment for municipal ownership.
'Prices.
Through the year 1927 there was a continued advance in
market value of municipal bonds. This is reflected in the
yield which, for a certain number of high grade bonds,
ranged from 4.13% in January 1927 to 3.93% in December
1927. In mid-Summer, there was a slight reaction from
3.95% basis in June to 4.06 basis in August, but this &cline
was more than wiped out in the advance of the latter half
of the year. The trend is still upward. With rates of Government bonds declining and with the redemption of approximately one billion dollars of Government obligations each
year, it is easy to see why municipal bonds should continue
in demand and at increased prices.
Floods and Reclamation Bonds.
A review of municipal bonds in the Middle West should
not ignore the very serious situation existing with reference
to levee and drainage district issues in the Mississippi Val-
487
ley. Before the big flood came, there were sections in which
some district obligations were not being met because of the
difficulties of agriculture. These, however, were small and
unimportant compared with the number of districts and
volume of securities outstanding which have been placed in
jeopardy by the floods. The National Drainage Association, which was organized at Memphis, Tenn, in 1927, has
undertaken to bring all the drainage districts of the country together so their problems may be studied and a united
effort made to work them out. If flood control is a National problem, this drainage situation should also be so
considered. Like the irrigation problem in the West, it
includes both Government and private enterprises. Privately owned properties are largely benefited by the improvements, but they are so involved with improvement and
protection of rivers that it would seem the Government cannot escape responsibility. Just as the Government in the
Irrigation sections of the West found it to the interest of all
the people to lend credit and assistance to private enterprises, just so in the drainage areas the Government is called
upon to aid and encourage. Here people have undertaken
to improve and develop some of the richest farm lands in
the country. They have now reached the end of their resources, temporarily, and, unless aided, must permit large
tracts of land to return to their former wild state. It would
seem to be sound policy on the part of the Government to
investigate these sections very carefully and, where good
security is found, provide funds with which these people
may be permitted to carry on. A bill will probably be presented to the present Congress asking an appropriation of
moneys to be loaned to sound and worthy districts for refunding their bonds over a period of years. This would enable the owners of land in these districts to lighten their
present tax burden, use their available funds in the improvement and development of their land, putting them in
a position to produce and take care of future taxes. The
people living in these reclamation sections, many of them,
are at the point where such aid seems absolutely necessary
to their continued existence there.
Bonds issued by these districts are held very widely
throughout the country. Mortgage loans on these lands
have been placed in many centers and the Federal Land
Banks hold many mortgages on these same lands. A very
large part of our population, therefore, is vitally interested
In this subject.
We can look forward to 1928 as a year in which municipal
bonds will be issued in large volume, and public improvements continued on a broad scale. Barring some development which may affect the supply of money, prices of
municipals may be expected to continue at their present
level, or advance.
The Improved Economic Status of the Farmer—
The Chicago Board of Trade as a Helpful
Agency.
By John A. Bunnell, Retiring President Chicago Board of Trade.
Agriculture enters the new year with a more encouraging
outlook than has obtained at any time in almost a decade.
With the exception of a brief period in 1925, the purchasing power of the farmer's dollar recently touched the
highest mark in seven years. During the last half of 1927
wholesale prices of non-agricultural commodities averaged
Lower than at any time since 1916. While his income from
products is higher than at the same time a year ago, the
farmer's dollar also commands more when he turns purchaser.
Thus the entire economic status of the farmer has been
Improved to a marked degree.
Wheat, corn, oats, rye, barley and cotton—articles dealt
in on the Chicago Board of Trade—for the most part have
been higher in price. Unusually large crops of wheat in
this country and in Canada have tended to depress the price,
but there has been no drastic decline.
By reason of immense improvement in prices, cattle men
find themselves in a strong position. Hog and sheep raisers
have had fairly good conditions for a long period.
In the agricultural history of 1927 the action of cotton
and corn stands out sharply. The price changes in these
two commodities show clearly the force of economic laws
as reflected on the exchanges. Cotton was around 12 cents
a pound late in 1926, and corn at Chicago was about 70
488
FINANCIAL CHRONICLE
cents a bushel. The huge cotton crop of 1926, the largest
ever grown, had made it seem that two short crops would be
necessary before a return to better prices, and the South
stood in dread of the future. But the world wanted cotton
at 12 cents, and continued taking it as the price climbed
steadily upward to 25 cents, with the reduction of acreage
and the probability of a short crop. The cotton farmer
was quickly lifted back into prosperity. Prices went up
while the cotton was in the hands of the producers. During
this period the cotton market of the Chicago Board of Trade
gave an excellent account of itself.
For two years corn prices suffered depression. Hog
production had declined, and there was less consumption of
corn. A poor crop start this last year forced prices upward
until corn touched $1.16 in Chicago in August, declining
when excellent weather conditions late in the season greatly
increased production. Nevertheless, prices remained substantially over those of a year ago, with a far greater return
to the corn grower. As it developed, there was considerably
more corn than was expected. Corn is not finally sold off
the farm as corn, but is a raw material, sold chiefly as animal products. Prices are now favorable to the livestock
industries.
While the price of wheat has been somewhat lower, the
price of oats has shown a tendency to improve.
Dairy farmers, who constitute an enormous part of American agriculture, are reported to be in excellent condition.
When agriculture is viewed as a whole, the present situation and the outlook are quite satisfactory. Of course,
there are branches of agriculture that are far less prosperous than other divisions. Genuine study of the problem
will bring about changes which will eliminate the distress.
It is extremely doubtful that such benefits can ever be
accomplished by price fixing legislation and other political
expediencies.
Growth of the Chicago cotton market during the year
has been steady. The volume of business, based on actual
figures for the year, shows slightly better than sixfold
growth compared with last year.
In the Southwest, cotton merchants exhibit a lively interest in the Chicago market and appreciate the economic
soundness and commercial attractiveness of its contract,
which with the adoption of the provisions regarding staple
premiums, may be regarded as definitely established in
the major points and as best suited to the needs of the cotton trade of any cotton futures contract at present in use.
Further steady growth of the Chicago cotton market is
confidently predicted, as the facilities offered are being
better understood and appreciated by the general cotton
trade. Importance of the market to the whole cotton industry, and to the city of Chicago, is little realized or appreciated at the present time. But as the market continues
to light the way with better and more modern facilities,
Its tremendous economic force will be clearly apparent.
In the past year grain markets have followed an even
course and have provided excellent hedging facilities for
millers, merchants, exporters, producers and manufacturers,
except for a brief period when prices were disturbed by
the clamor of a group of politicians. Generally the outlook
is bright. There is a better feeling between the farmer
and the exchanges, despite all the talk to the contrary by
self-appointed farm leaders. Thoughtful farmers, and
there are many of them, know that the open, competitive
market gives them a higher price the year 'round. They
know that the profits of the middleman are small, and
that any other system to replace the established markets
would take a larger toll than the present open, competitive
market. Moreover, they know that none of the major bills
before Congress would solve the farm problem, as all encourage greater surpluses by attempting to increase prices,
whereas the solution lies in diversified farming and in
lower production of these articles that create burdensome
surpluses.
Before the real work of solving the farm problems can
begin, politics must run its course.
Memberships of the Chicago Board of Trade have had a
substantial rise in value in recent months. This is due in
part to improved conditions and in part to the fact that our
new forty-story building to replace the present structure,
which was one of the splendid buildings of its period when
erected in 1884, will add appreciably to the value of memberships.
(VOL. 126.
All factors considered, the Chicago Board of Trade is in
a stronger position to-day with the farmer, with allied industries, and in the whole economic scheme, than at any
other time in a decade. Time will bring even greater improvements as it is clearly found that after all the exchange and its members serve the farmer, and that the marketing system is functioning to the advantage of producer
and consumer alike.
1927 Developments in the First Mortgage Real
Estate Bond Field.
By Alvin H. Baum,Sales Manager, Straus Brothers Investment Company:
1927 has been an epochal year in the Real Estate Bond
business. In 1926 the high all-time record for real estate
bond sales was established, being estimated at $900,000,000.
The demand for high-grade real estate securities has continued unabated during 1927, and it is estimated that sales
of this class of security have been $700,000,000 during the
year.
The real estate bond has a singular place in the American
Industrial and financial situation, supplying as it does the
principal source of capital for the building industry—one
of America's bulwarks of prosperity.
That the real estate bond must be maintained as it has
always been, as a fundamentally safe, non-speculative security, yielding a fair return, is the aim of all financial
experts and well-established real estate bond houses. Towards that end constructive action was taken in 1927 by
many leading institutions. During 1927 the conservative
real estate bond houses have proceeded with unusual caution in their financing of construction projects. Though
realizing that our country has entered into a new phase of
industrial and living conditions,—an expanding cycle of activity creating a tremendous annual demand for new construction to supply our new population, to replace depreciated and obsolete projects, and to provide the improvement demanded by our better standards of living,--projects
have been very carefully analyzed. And only those projects
have been financed by conservative institutions which, after
careful investigation, have been found to meet a definite
and real demand. And hence, though there has been a tremendous building activity throughout the country in recent
years, few feel that the country as a whole is overbuilt.
Projects cannot be blindly built to supply a hoped-for demand. The situation at present calls for thoughtful planning and careful surveys, but properly contrived building
projects, constructed to meet a specific demand, are a safe
security for properly issued real estate bonds.
National Association Is Formed.
During the year a number of the leading national first
mortgage real estate bond institutions formed the National
Association of Real Estate Bond Houses, of which association our firm is a charter member.
This group organized with a view to promote the welfare
of the real estate bond busines and the investing public. Its
activities have been directed to adopting, as far as practical,
uniform practices in the handling of real estate loans, establishing standards of operation for representative real
estate bond institutions, and in working with the National
Association of Securities Commissioners in determining a
uniform basis of appraisal of the security underlying real
estate bond issues.
Included in its articles of association are many duties
imposed upon the investment house, duties which our institution has recognized for many years: To quote:
Duties of Houses of Issue: All first mortgage real estate
bonds that shall be sold by the house shall be safe and conservative investments. It shall be the duty of each house:
(a) To provide and maintain funds necessary for, and
to make all payments in connection with the construction
project in accordance with the terms of the underwriting
agreement.
(b) To check and supervise construction in order to
procure substantial compliance with the plans and specifications.
(c) To guarantee to the bondholders completion of
the building, free and clear of prior liens, such guarantee
to be fulfilled at the option of the house of issue, either bY
completion of the building or by the repurchase of the bonds
at the original purchase price and accrued interest.
It shall be the continuing duty of each house:
(d) To check and enforce the proper physical maintenance of the security after completion.
(e) To check and enforce maintenance of insurance.
JAN. 28 1928.1
FINANCIAL CHRONICLE
(f) To check and enforce payment of all taxes and
assessments when due.
(g) To check and enforce compliance by the borrower
with requirements of all laws and ordinances and other
governmental regulations.
(h) To provide for the collection of principal, interest
and Income tax payments from the borrower, and to provide
adequate facilities for payment of same to the holders of
securities as when the same are due.
Future Bright for Real Estate Bond.
The association also provides for an accounting and financial system assuring solvency and liquidity of its members
at all times. Many of the states, through their securities
departments, have ruled that they will not grant dealers'
licenses to institutions failing to abide by the general plan
of operations and the minimum of financial control as
adopted by the National Association of Real Estate Band
Houses.
Thus, through the activity of many of the real estate
bond institutions in 1927, the high standards of conduct
of the real estate bond business, which have made the real
estate bond one of the most popular forms of investment—
yielding the maximum return consistent with safety—seem
certain to be maintained, and improved.
The Mortgage & Building Situation in Chicago.
An abundance of money for sound construction projects
available at rates which eased as the year progressed was
very largely responsible for the splendid Chicago building
record of 1927, the Cody Trust Company points out.
The same abundance of funds, the review of the mortgage
banking situation adds, is likely to prevail during the first
half of the year which is now well started.
"Chicago's 1927 building permit total, suburbs excluded,
amounted to a little less than $353,000,000 and was only
$11,648,000 below the peak year of 1926. The showing was
much better relatively than for many of the large population centers.
"The ability of the Chicago banking organizations to
finance any reasonable project was largely responsible.
The activity as a result was unusually high during much
of the first half and no signs of a recession developed until
well into the third quarter.
"The mortgage money market facilitated this record of
progress. The year began with first mortgage loans with
a loan ratio of 50% commanding an interest rate of 5%%
with many houses. For others, and in cases where the
loan ratio ran between 50 and 60%, the rate of interest was
6%. These figures applied particularly to construction financed by life insurance company funds.
"Mid-Summer found a much broader field for the 5Y2%
loan group. Practically every Chicago house was making
first mortgage loans at this figure and where the loans
were unusually choice, commission rates were also shaded
below those prevailing when the year began. Sound loans
of above the 50% ratio continued drawing a 6% rate.
"Rates charged for bond issue projects, of course, averaged slightly higher, but the same tendency toward lower
interest rates was apparent in this field as the year progressed. In addition, a great many of the older real estate
bond issues were called and replaced by new loans of varying types at lower rates of interest.
"The money outlook for 1928 may function in something
of a dual role. There will be an ample supply for the
financing of all sound projects as before. However, there
has been some talk in the financial world of a moderate
firming of commercial rates as the year progresses. Any
steady increase, of course, would be reflected in the mortgage field.
"This outlook may have the effect of forcing into the
open much earlier than was originally intended, many large
building projects whose backers seek to take advantage
of the lowest possible financing terms. This may make
for many new high monthly records in permits for the
first half of the year, but it should be followed later by a
tapering off process.
"The Chicago building year is, certain to be good because of a number of favorable factors. In addition to
the recent approval by the Illinois
the money outlook,
Commerce Commission of the use of railroad air rights for
building has made several valuable tracts available for
further development of this sort. It is not likely that these
489
will be overlooked when planning the new skyscrapers and
warehouses of 1928.
"A second factor making for a high building volume is
the small house situation. The improvement in the facilities
offered by the small house has placed the dwelling built
fifteen years ago and more in a class with the used car.
The demand is for the modern and it is being satisfied
by new construction. There are, also, many subdivision
lots with final payments maturing early this year. These
lots were purchased in most instances for home building
purposes
"The paradox is thus created of a high rate of dwelling
construction, while bungalows built by small speculators
and lacking a competent advertising campaign prove difficult to sell.
"On the opposite side of the building ledger are several
retarding influences. The most important of these is that
apartment vacancies are on the increase. They are not unduly high at present, but they will serve to put a damper on
the enthusiasm for this type of speculative construction.
The predictions of firmer money rates, if fulfilled, will also
check the purely speculative projects as 1928 nears its
end.
"It is because of this mixture of probabilities that the
Cody Trust Company believes a good but not record building year is in progress for Chicago. The permit total will not
decline sharply, but it probably will be around $325,000,000.
Under such conditions, profits alike for the efficient employer and employee should be good, even though the laggard complains of lower earnings."
The Chicago Stock Exchange Is Expanding
Rapidly.
By It. Arthur Wood.President The Chicago stock Exchange.
In reviewing the year's activities, the first thing one
naturally looks for are the achievements. "Have you made
progress?" "What are your outstanding accomplishments?"
"Have you broken any records?" These are a few of the
questions I have been asked as 1927 passes out of the picture
and 1928 begins.
Although at the first of August 1927 the trading on the
Chicago Stock Exchange was approximately 2,000,000 shares
behind the similar period of 1926, we made up this handicap
and finished the year with a total sales of 10,695,750 shares,
which was more than the sales of 1926.
If the first two weeks of 1928 are any criterion 'by which
to judge, the present year should be another record breaker
with sales twice the amount of 1927. Another barometer
that tells the progress of last year for our Exchange is the
fact that memberships sold early in the year for $2,500 and
the end of the year for $25,000—a gain of 900%. This comparison explains in a concrete manner the increased value
those in the brokerage business have placed on the future
of Chicago as a financial market.
A number of important things have happened to bring
this about. As part of our program to increase the efficiency of the Exchange, specialists have been appointed during the year to handle specialists books for Sears Roebuck,
Montgomery Ward, Stewart Warner, John R. Thompson,
Wm. Wrigley Jr., and Pennsylvania Railroad stocks.
The method of operating these books has proved of great
service to the brokerage houses in the execution of their
orders. As fast as it can be practically done, other specialists will be appointed to handle other stocks in.a similar
manner.'
During the year a very important list of securities was
added to our already strong list. An outstanding achievement was the listing of the Pennsylvania Railroad common
stock. Several stocks listed on The Chicago Stock Exchange
have later been listed in New York. However, the Pennsylvania Railroad officials listing their stock in Chicago
marked the first time a stock listed on the New York Stock
Exchange was brought to our market. The following brief
quotation by General W. W. Atterbury, President of the
Pennsylvania Railroad, was made public at the time of this
listing and is a tribute to Chicago and its financial future:
"The tremendous growth and the importance of Chicago,
not only as a city but as a financial and investment market,
has led the directors of our company to the conclusion
that the stock of this company should be listed on the
Chicago Stock Exchange. Listing on the Chicago Stock
Exchange will place at the disposal of the stockholders,
490
FINANCIAL CHRONICLE
[VOL. 126.
and the large number of potential investors whom we hope
to interest in our stock, the facilities of this increasingly Chicago District Utility Experience and Utility
important Exchange. Chicago is certain to continue to be
Financing.
one of the great financial markets of the world. Almost no
[By Bernard J. Mullaney, Vice-President The Peoples Gas Light &
limit can be placed on the possibility of its development
Coke Co., Chicago.]
and expansion. The 'Pennsylvania Railroad, so intimately
Is Chicago on its way to primacy in the field of "local"
Identified in every way with Chicago and the territory
which it serves, wishes by this to ally itself more closely public utilities? Many students of development trends alwith the continued progress which Chicago is certain to ready think so, basing their deductions upon known facts
enjoy."
observable in the Chicago District area around the head of
Because-Chicago is the third greatest financial market in Lake Michigan.
-are sure the far-seeing policy of the PennIn the physical and operating development of these "local"
the world, we
sylvania Railroad will be followed soon by other railroads utilities—electric light and power, gas, telephones and elecand other corporations.
tric transportation—and in practical every-day use of them,
Besides the 9,985,314 shares of Pennsylvania Railroad Co. the Chicago District has long ranked high or first. Now
common stock there were 8,033,929 shares of stock of the the enviously nicknamed "windy city" looms likewise in
following corporations listed on the Exchange during 1927: public utility financing.
This new feather in Chicago's cap doubtless springs, in
Illinois Wire & Cable Corn.
part at least, from the circumstances Just named—the high
The Shaler Co. Class A.
degree of physical development, operating efficiency and inKansas City Pow. & Lt. Co. 1st Pfd. "A."
Chicago Elec. Mnfg. Class A.
tensive use of public utility services that are so pronounced
Midland Utilities Co. 6% P. L.
In the Chicago District. The district has been a gigantic
Novadel Process Corp. Corn.
laboratory, as it were. It has been first in working out and
Midland Utilities Co. 6% Class A Pfd.
proving economic principles and operating policies, of far
Central Dairy Prod. Corp. Cl. A Cony. Par Pfd.
reaching
effect upon the public utility business. The stimuMarvel Carburetor Co. Capital.
lating effect of this upon public utility financing from Chi.Community Pr. & Lt. Co. 1st Pfd.
cago hardly needs to be diagrammed.
Mandel Bros. Inc. Capital.
A very large part of the financing of "local" public utiliBastian Blessing Co. Corn.
Shaffer Oil & Refining Co. Pfd.
ties throughout the country now originates in Chicago. In
Studebaker Mail Order Co. Con.
point of territorial area served by these enterprises, the fiThe Club Aluminum Utensil Co. Corn.
nancing directed and controlled from here already covers
Sangamo Elec. Co. Pfd.
more ground than that originating in any other city.
Southwestern Pr. & Lt. Co. Pfd.
The rise of this business in the Western metropolis is reElyria Iron & Steel Co. Corn.
. Middle West Utilities Co. 6% Pfd.
flected in the recorded facts of the investment market here.
National Radiator Co. Pfd.
Transactions on the Chicago Stock Exchange in 1927 show
National Radiator Co. Corn.
a decided increase over 1926. If the volume of transacInland Wire & Cable Co.
tions in the first fortnight of 1928 should continue throughMiss. Valley Util. Inv. Co. PM. P. L.
out the year, the 1927 volume will be practically doubled.
Central Pub. Svc. Corp. Class A.
Warner Gear Co. Cl. A Cony. PM.
Public utility financing has been a large factor, if not the
Minneapolis-Honeywell Regulator Co. 7% Cum. Cony. Pfd.
chief factor, in this. The circumstances are thus diagnosed
Minneapolis-Honeywell Regulator Co. Corn.
by Charles T. Atkinson, Secretary of the Chicago ExAmerican Natural Gas Corp. Corn.
change:
Monsanto Chemical Works Can.
Campbell Wyant & Cannon Fdy. Co. Cap.
Meadows Mr.fg. Co. Common.
Meadows Mnfg. Co. Pld.
Central States Pow. & Lt. Corp. Pfd.
Central Gas & Elec. Co. Pfd.
Galesburg-Ooulter Disc. Co. Common.
Woodworth, Inc., Common.
Woodworth, Inc., Preferred.
Bond sales on the Chicago Stock Exchange during 1927
were $14,731,950 as compared with $7,941,300 for 1926.
There were 37 new listings of bonds for the year, totaling
*196,250,000.
On the Chicago Stock Exchange there are 273 stocks listed
which includes a well diversified group representative of the
basic industries of the country. The total market value of
these stocks as of Jan. 1 was approximately $5,500,000,000.
The dividends declared to the stockholders during 1927
amounted to $315,086,619.
On Dec. 31 1926 the average price for 100 of the most active stocks was $57.64; on Dec. 31 1927 it was $61.34--an
increase of 14%.
Many more comparisons of this kind could be given, but
we believe this is enough to clearly illustrate that The
Chicago Stock Exchange not only made remarkable progress
during 1927, but expects an even greater future.
In April of this year we are moving into our new quarters which will be in the new State Bank of Chicago Building. Everything has been done to make these new quarters
most efficient for stock exchange work. In looking into
the future, we have planned our trading floor so that without any expansion or additions we can well take care of
one-half million shares trading daily.
It was not many years ago that Chicago and the Middle
West was a borrowing center requiring more money for the
development and expansion of its business than its excess
savings, but to-day it has become a rich loaning and investing section, with a higher percentage of its people making
more than just a living than can be found anywhere else
in the world. Centrally located as it is, with perhaps the
most perfect economic balance that can be found anywhere, the future of Chicago as a financial market is assured.
"The whole Central West has found that public utilities
can be financed in Chicago and the listing of public utility
securities on the Chicago Exchange has helped to make
Chicago the most important utility market in the country.
Publicity accruing from customer-ownership and employeeownership activities, which have been especially promoted
by Chicago-directed companies, has helped materially in
gaining distribution for securities. These circumstances,
taken in conjunction with the orderly, natural market for
securities here, explain Chicago's new importance as a financing center."
Mr. Atkinson's figures show that about 30% of the stocks
listed on the Chicago Exchange, as of Nov. 1 1927, were public utility stocks. Of all shares of all stocks authorized on
that date 81,057,747 shares—utilities represented 25,503,532 shares, or 31%.
The utility percentage of the current market value of all
listings on the same date was considerably greater. The
aggregate current value of all stocks listed was $5,285,299,374, and of this the total current value of utility securities
listed was $2,119,069,732, or 42%.
Stocks listed on that date showed an 11.7% increase over
1926 in the number of issues, while the market value was
18.9% greater than in 1926. According to Mr. Atkinson,
the market was practically uninfluenced by "pools," and
prices therefore were correspondingly stable. Statistics
show that 20% more earnings were going back into the
business or into surplus in the Chicago Federal Reserve
Bank district than in the New York territory.
Practically all the utilities operating in the Chicago
area, compriisng the City of Chicago and the great industrial and residential territory surrounding it in northern
Illinois and northern Indiana, healthily increased their
business in 1927. At least normal business activity is expected in 1928, and there are indications that it will be
better than 1927, in spite of the traditional expectation of
dullness in a Presidential campaign year. These indications have been clear enough to warrant the utilities of the
district in continuing their expansion programs practically
unabated.
The Commonwealth Edison Company, the electric light
and power company operating wholly within the City of Chicago, Invested a little more than $27,000,000 during the
JAN. 28 1928.)
FINANCIAL CHRONICLE
491
from normal operation to
year. More than $11,000,000 was for generating stations. withdrew its Blue Island plant
formerly supplied by that staNew substations and extensions of the transmission and dis- take gas for the territory,
tribution lines took about $12.000,000 more. A new 88,000- tion, from the People's Company.
The Public Service Company extended gas service in 1927
kilowatt turbo-generator in its Crawford Avenue station
raised the company's generating capacity to 1,042,000 kilo- to fifteen communities, which previously had no gas service. This reflects the continued successful development of
watts, or practically 1,400,000 horsepower.
The company's output of electricity during the year was long-distance transmission of gas, to the advantage of small
3,536,000,000 kilowatt-hours, an increase of around 8% over communities, which, as in the electric field, are too small
output for 1926. The per capita use of electricity in Chicago to support locally operated service. Increased use of its
to reduce both
Is well over 1,000 kilowatt hours per year, the highest of product enabled the Public Service Company
year.
the
during
rates
industrial
its
and
household
generated
is
electricity
any large city in the world where
Gas service was also widely extended by the Northern
by steam power.
Interchange of energy between the Commonwealth Edison Indiana Public Service Company with long distance transCompany and the two smaller but highly efficient com- mission. The city of Hobart was given gas service for
panies which serve the industrial area outside the city— the first time, a model intermediate pressure transmission
a development of marked economic advantage—was in- system being constructed there in the record time of 81 days,
creased during the year. To facilitate economical trans- at a cost of $75,060. The city is supplied from the commission, six miles of 132,000-volt underground cable were pany's large trunk line main extending from East Chicago
Installed—the first installation of the kind in this country. to Logansport and serving many smaller communities along
The systems with which the Commonwealth Edison facili- the way.
Electric transportation in the Chicago area continued to
ties are thus directly inter-connected are: Public Service
Company of northern Illinois, with a generating capacity make strides. The Chicago Surface Lines, the largest surof 235,000 kilowatts (about 314,000 horsepower) and a 1927 face street car operation in the world, has had to operate
output of 705,000,000 kilowatt-hours; northern Indiana Pub- on practically a day-to-day agreement since the expiration
lic Service Company, with generating capacity of 46,000 kilo- of its city franchises on Jan. 1, and its development prowatts (about 62,000 horsepower) and an output in 1927 of gram has been thereby hampered. Nevertheless, the com235,000,600 kilowatt-hours. Capital expenditures by the for- pany put about half a million dollars into extensions and
mer company in 1927 were about $10,000,000 and by the Improvements and began operation of its first feeder bus
line, five twin coaches being installed. There was a small
latter $3,200,000.
The Chicago company and its two neighbors continue to increase in business, and service was kept up to par in
give the district, as Steinmetz once said, "the greatest pool spite of the inconvenience of operation without a franchise.
The Chicago Rapid Transit Lines—the "L"—spent in adof power in the world": combined generating capacity,
1,323,000 kilowatts (nearly 1,800,000 horsepower), with a ditions and betterments about $1,500,000. It built a new
downtown terminal principally for the use of the Chicago,
combined output in 1927 of 4,476,000,000 kilowatt hours.
The companies also have. further inter-connections with Aurora & Elgin interurban line linking the city with the
all the important systems in adjoining territory. These Fox River Valley; built the first unit of its consolidated
made possible a hook-up of electric power companies in par. car shops at Niles Center; lengthened many of its platforms
allel operation from Kenosha, Wis., on the Great Lakes, to to accommodate 8-ear trains, and relocated many of its
Pensacola, Fla., on the Gulf of Mexico, on Dec. 3 last. No columns at street intersections to improve traffic conditions
particular emergency was involved in the parallel opera- in the business section.
Electric operation of the Illinois Central suburban sertion, but it was a graphic illustration of the possibilities
of the much discussed "superpower" made available by mod- vice continued to demonstrate its great hnproVement over
the old steam service. The new service showed an operern mass production and distribution of electrical energy.
The demand from large power users becomes each year ating profit as the result of the publics appreciation, and
a more important factor in the general business of all the millions of dollars were added to real estate value's by the
electric light and power utilities in the area. Private steam settlement of the area served on Chicago's south side and
plants and private electric plants are steadily being scrapped suburbs.
The Chicago North Shore & Milwaukee Railroad, better
and replaced by the purchase of central station energy,
which permits economies and reliability of service impos- known as the North Shore Line, put $950,000 into additions
and betterments within the Chicago area. • It added to its
sible to attain with small private plants.
Construction of two more large central stations which service a number of new steel passenger coaches, parlor,
will feed electricity into this district, have been started, observation and dining cars between Chicago and •Milwauone on the Lake Michigan shore at the Illinois-Indiana State kee, ten new steel cars on the Milwaukee city lines, and two
Line and another at Powerton on the Illinois River. The 65-ton combination storage battery and trolley electric locofirst installation in the State Line station will be a 200,- motives. The chief feature of the company's operations in
000 kilowatt generator, the largest yet designed, and that 1927 was the large increase in its carload freight business,
in the Powerton station will be 52,000 kilowatts. These are a service made possible by its Skokie Valley line, which has
convenient connections for the interchange of cars with
expected to be in operation some time in 1929.
In the People's Gas, Light and Coke Company, which is steam railroads. A large part of the capital expenditures
the source of gas supply within the Chicago city limits, the was for physical connections with steam railroads and
1927 investment budget was around $6,000,000, practically switch tracks.
More than a million dollars was expended by the Chicago.
all of it for additions to generating and distribution plant.
An important item was eleven and one-half miles more ot Aurora & Elgin Railroad in improvements and additions to
four-foot main. This gives the company a giant main, four its facilities for high-speed transportation service-to and
feet in diameter and 33 miles long, across the western flank from the Fox River Valley and other western suburbs of
of the city, which serves as the backbone of its distribution Chicago. The total aggregate population of the area served
system and facilitates large-volume handling of its prod- by this road, exclusive of the suburbs immediately adjacent
•
to Chicago, is about 130,000. The passenger service is. deuct.
This company is taking over, in 1928, the $21,000,000 veloping steadily, the company having carried 6,194,979 pascoal gas, coke and water gas plant of the Chicago By-Prod- sengers in 1927.
The company has also developed a large freight busiuct Coke Company, which was built for the People's Company in 1920-21. The transaction consists of a cash pay- ness, giving overnight service, both carload and less than
ment of $8,000,000 and the assumption of $13,000,000 of carload, to its shippers. It has nine direct physical con•
nections with abeam railroads entering Chicago, including
bonds.
Sale of gas by the People's Company increased 6.57% in two belt lines, and has seven conveniently, located L. C. L.
1927 over 1926. Two interesting features of its develop- freight stations in Chicago.
The Chicago, South Shore & South Bend Railroad—the
ment program are: (1) increasing utilization of gas produced incidental to the operation of the steel mills of the "South Shore Line"—serving Chicago, South Bend, Ind.,
Chicago district; (2) increased sales of gas to, or econom- and the thriving industrial centers between, put $2,358,000
neighboring companies, similar to into betterments during the year. Its rehabilitation proical interchange with,
superpower in the electric field. On gram calls for the expenditure of more than $7,000,000.
of
development
the
Service Company of Northern Illinois Improvements in tracks and electrical equipment, pasSenAug. 1, the Public
Range of Prices of Chicago Bank Stocks During 1927, with Amount Earned on Capital.
Complied for Commercial & Financial Chronicle by Rogers & Tracy, Inc., Chicago
190
175
State Banks.
Adams State Bank
Aetna State Bank
mAahland Sixty-third
Ashland State Bank
Auburn Park Trust & Say
Austin State Bank
wIlank of America
Beverly State Savings Bank
Boulevard Bridge Bank
Boulevard State Sayings
Broadway Trust & Say
Bryn Mawr State Bank
Builders & Merchants State
Calumet Trust & Savings
Capital State Sayings Bank
Central Manufacturing Dist
Central Trust Co. of Illinois
Chatham State Bank
Chicago City Bank & Trust Co
Chicago Lawn State Bank
Chicago Morris Plan Bank
pChicago Trust Co
Citizens State Bank of Chicago
Columbia State Savings
Commerce Trust & Say
Commonwealth Tr. & Say
hCongress Trust & Say
Cosmopolitan State Bank
Cottage Grove State Bank
Cragin State Bank
Crawford State Savings
Depositors State Bank
Devon Trust & Savings
Division State Bank
Drexel State Bank
Drovers Trust & Savings
East Side Trust & Savings
Equitable Trust Co. of Chicago
Evanston Trust & Savings
Fidelity Trust & Savings
First Englewood State
Franklin Trust & Savings
Fullerton State Bank
Garfield State Bank
Guarantee Trust & Savings
Halsted St State Rank
200,000
200,000
300,000
250,000
300.000
500,000
12,500.000
100,000
500,000
200,000
200,000
200,000
1300,000
200,000
300,000
500,000
6,000,000
200,000
1,000,000
300.000
1,000,000
12,400.000
500.000
300.000
200,000
200,000
400,000
750,000
200,000
1200,000
200,000
350.000
200.000
200.000
350,000
350.000
200,000
250,000
200,000
400,000
200,000
300,000
250,000
500,000
300,000
200.000
150
210
220
145
275
225
332
200
225
150
160
185
225
225
182
450
448
215
345
300
165
460
400
160
150
200
137
340
210
135
135
191
130
260
250
465
180
150
190
220
190
340
200
235
330
300
a Book value includes SecurityCompany.
b Earnings and book value do no include
Security Company.
140
920
553
290
840
450
660
315
170
260
120
305
471
165
145
360
275
235
155
300
335
210
190
230
187
460
452
225
355
325
465
166
157
6+4 xi &.7
8-J Q
8-J &J
6-J & J
10+2 xi &i
12-J Q
16-J Q
10+2 x J Q
18+4 xi Q
16+4 x M Q
16-J Q
12+4;i J & J
0
8+4 x J Q
16.7 Q
6+1 xi &J
12+ J Q
6+2 xJJ
6.7 @
8-F Q
10+2 xi Q
16-J Q
10+2 J Q
6+2 xi &J
8+2 x.1()
8-J Q
8-J Q
8-J & J
6+ xi &i
-J Q
8+2 xi Q
6-J Q
8-5 Q
4-J Q
5-.1 & J
6-J Q
6+2 x.IQ
8-..1 Q
6+2 xi Q
10+8 xi Q
12+2 xi Q
4-J & J
12+3 xi & J
8+5 x.16/
7-.1 Q
10+2 xi Q
8+4 xi Q
8-J Q
6-J Q
142
350
145
140
195
150
___
160
200
225
195
245
310
10+2 xi Q
6+2 xi Q
6-J Q
10+2 x J Q
5-J Q
8+3 xi Q
8+4 xi Q
12+4 xi Q
6+1 x J J
6-J Q
8-J Q
6+2 xJQ
6+2 xi Q
16+4 xi Q
6+2 xi Q
8-J Q
10+5 xi & J
8+6 xi &.5
c Earnings figured on old capital.
it Earnings figured on average capital.
e Earnings figured from Aug. 1 1927.
Deposits
Dec. 31
1927.
High.
Low.
147
172
156
145
175
298
a213
163
368
426
n323
203
118
172
218
115
b121
a262
a215
164
150
130
123
153
167
211
147
138
$2,304,000
3,125.000
5.211,000
2,007,000
5,952,000
8,218,000
541,322.000
20,139,000
390,607,000
6,715,000
110,889,000
4,356,000
1,843,000
4,377,000
4,855.000
1,028,000
767,000
5,212,000
95,060,000
3,967,000
2.276.000
1,424,000
1,761,000
2,405,000
2,132,000
28,589,000
11,953,000
2,869,000
160
195
245
133
320
400
j755
280
895
445
660
305
155
285
280
125
175
295
504
245
150
140
175
130
300
360
j455
222
607
430
510
290
140
250
250
105
175
285
297
210
25.39
d28.84
18.00
34.55
24.02
34.65
21.28
5.84
21.62
10.71
3.79
b1.39
19.44
c39.10
16.66
175
135
130
250
340
267
145
103
125
128
220
260
257
125
9.40
3.50
15.00
11.34
26.24
15.38
17.50
155
190
162
159
155
224
193
158
186
120
130
131
166
123
142
253
b186
137
217
193
150
195
216
137
125
155
110
181
184
124
127
182
147
226
225
285
182
137
176
136
181
327
167
160
251
246
2,520.000
4,374,000
1,464,000
1,799,000
1,616,000
6,230,000
33,108,000
1,120,000
12,732,009
1,693,000
2,510,000
1,580,000
3,309.000
1.488,000
4,638,000
9,893,000
108,269,000
1.002,000
8,488.000
2,532,000
6,949,000
36.193,000
8,648,000
2,904,000
2,158,000
2,453,000
1,440,000
12,408,000
3,468,000
1.337,000
2,037,000
5,196,000
1,482,000
2,846,000
8,183,000
7,515.000
1,205,000
3,246,000
3,138,000
5.936,000
3,332.000
5,031,000
3,772,000
7,056,000
2,726,000
3.850.000
150
200
225
145
300
145
180
200
125
230
352
202
235
150
160
183
230
230
187
435
469
215
345
275
160
440
400
165
250
200
210
150
160
140
215
200
180
410
297
205
325
230
133
295
345
160
14.88
10.35
3.61
23.56
31.16
21.49
d25.96
15.84
24.28
5.00
10.78
11.00
d14.50
9.00
23.10
37.30
b20.73
190
135
325
200
140
125
192
135
270
250
475
170
125
215
170
125
118
184
125
200
235
400
140
190
223
190
325
200
230
320
295
140
185
180
185
280
170
178
280
255
Market
1927.
14.13
11.90
22.05
14.36
21.72
21.17
13.30
c30.53
25.72
14.80
12.00
14.63
18.82
30.29
d11.00
2.15
19.50
18.96
41.50
17.65
40.67
12.97
7.43
17.46
25.50
20.83
39.55
18.80
15.31
29.76
30.17
I Capital Increased during 1927.
g Market prices include Security Co.
Ii Bank opened for business during 1927.
State Banks.
Capital
Stock
in Hands
of Public.
Jan. 24
1928.
Present
Dividend
Rate
P. C.
and
When
Paid.
Book
Value
Dec. 31
1927.
Deposits
Dec. 31
1927.
Market
1927,
Approx.
P. C.
Earned
in 1927
on
Capital
Stock.
Bid. I Asked.
High.
Low.
Hamilton State Bank
6200,000
125
6-J Q
124
61,239,000
110
6.03
Harris Trust & Sayings
4,000,000
___
16+3 xi Q
251
81,679,000
500
39.03
Home Bank ar Trust Co
1.000,000
353
16-J Q
2211
9,253,000
290
24.85
Howard Ave. Trust & Say
200,000
140
4-.1 Q
125
1.338,000
7.89
rHumboldt State Bank
1500,000
8+2 x.TQ
--143
4,006,000
lio
c33.00
Hyde Park State Bank
300.000
___
12+3 xi Q
228
6,009,000
280
26.00
Illinois Merchants Trust Co
15,000,000
925
20+4 x J Q
301 383,335,000
605
45.82
Immel State Bank
200,000
___
6+2 xi &i
137
2,193,000
140
10.30
Inland Trust & Savings
300,000
155
5-J Q
153
2,915,000
140
16.49
Kaspar-American State
1,600,000
220
8+2 xi Q
169
14,935,000
201
23.00
Kimbell Trust & Savings
200,000
___
10+2 xi Q
216
4,950,000
255
31.72
Lake Shore Trust & Say
1600,000
_
6+2 xi Q
172
10,024,000
255
c21.08
Lake View State Bank
500,000
Hs 10-J Q
164
9,165,000
230
14.00
Lake View Trust & Savings
___
500,000
6+4 xi@
300
12,739,000
375
38.34
Lawndale State Bank
500,000
425
16+4 xi Q
249
11,126,000
410
32.75
Liberty Trust & Savings
700.000
___
10-J Q
153
10,740,000
220
18.98
Lincoln State Bank
400.000
150
6+4 xi Q
128
3,029,000
135
10.05
Lincoln Trust & Savings
200,000
300
12-J Q
250
4,524,000
235
35.70
Logan Square State & Say
200,000
185
6-J Ann
148
3,277,000
170
12.09
Madison Square State
300.000
160
6-.1 Q
138
3,218,000
150
17.16
Madison & Kedzie State
11,350,000
305
12-F Q
147
12,414,000
240
d26.00
Market Traders State Bank
400,000
182
6+2 x .1 Q
154
2,665,000
135
20.64
Marquette Park State Bank
300,000
___
8+22cJQ
172
2,934,000
255
19.87
Marshall Square State Bank
200,000
145
6-4 Q
139
1,599,000
__
14.21
Mercantile Trust & Savings
600,000
___
8+3 x..1(1
169
11,209,000
225
20.57
Metropolitan State Bank
200,000
___
8-J Ann
210
3,029,000
165
27.94
Mid-City Trust & Savings
750,000
_
12-J Q
161
14,009,000
245
23.22
Midway State Bank
300,000
150
o
822,000
135
140
Millard State Bank
100,000
165
6-5 Q
154
934,000
155
10-.98
Noel State Bank
1,000,000
270
12+1 xi Q
b145
9,473,000
240
b16.77
North Avenue State
1600,000_
7-J Q
162
9,515,000
175
d28.20
Northern Trust Go
2,000,000
6i) 16-J Q
406
60,477,000
475
30.51
Northwestern Trust & Say
1,250,000
500
12+4 x J Q
a190
19.566,000
330
30.12
Oak Park Trust & Sayings
1500,000
300
10-J Q
196
7,550,000
240
c20.00
vOld Dearborn State
500.000
122
128
5,067,000
110
Peoples Stock Yards State
1,000,000
315
16-J Q
163
14,749,000
264
2-3-.671
Peoples Trust & Savings
1,000,000
630
12+2 xi Q
b180
25,249,000
345
b36.59
Philip State Bank
___
400,000
8+2 xi (3
142
4,145,000
188
4.05
Pinkert State Bank
200,000
240
12-J & J
166
2,442,000
230
24.02
Pioneer Trust & Savings
750,000
___
8+6 x./Q
150
10,531,000
260
21.71
Prudential State Savings
200,000
___
10-J Q
229
3,525,000
205
22.30
Pullman Trust & Savings
500,000
300
8+4 xi Q
189
5,724,000
255
13.43
Reliance State Bank
750,000
310
10+5 xi Q
183
10,060,000
250
32.06
Roseland State Savings Bank
200,000
320
8+4 xi Q . 228
4,127,000
300
17.90
Schiff Trust & Savings Bank
1600,000
___
12+3 xi Q
al76
6,331,000
275
d35.40
Second Citizens State Bank
200,000
4-J Q
___
162
2,554.000
165
23.00
tSecond Northwestern State
1350,000
___
6-J Q
138
4,002,000
150
Security Bank of Chicago
700,000
___
15-J Q
295
15,010,000
360
2
-9-.75
Sheridan Trust & Savings
1,000,000
12-J Q
325
150
12,774,000
300
20.30
63d & Halsted State Say
___
200,000
12-J & J
188
2,241,000
230
28.50
South Chicago Savings Bank
800,000
315
8-J Q
164
7,639,000
295
14.00
South Shore State Bank
200,000
___
8-J Q
157
1,989 000
175
19.00
South Side Trust & Savings
750 000
237
10-J Q
142
8 900 000
232
11.43
Southwest State Bank
200 000
___
6+4 xi Q
160
3,285,000
143
16.84
Southwest Trust & Savings
400,000
_
8-J Q
132
5,224,000
145
15.14
State Bank of Chicago
15,000,000
ao
16-J
Q
264
60,603,000
1748
d36.39
State Bank & Tr. Co. Evanston
1500,000
___
12+4 xi Q
215
10,744,000
345
d25.70
Stockmen's Trust & Savings
200,000
8+2 x..TQ
___
223
2.618.000
190
19.75
Stony Island State Savings
400,000
255
8+3 xi Q
172
3,821.000
205
18.73
Suburban Trust dr Savings
200.000
245
6+2 xi(3
214
2,977,000
220
27.49
Transportation Bank
250,000
115
110
2,203,000
80
4.00
26th Street Sttae Bank
200,000
185
6+5 xi & J
158
2,232,000
165
17.15
Union Bank of Chicago
1,000,000
385
10+4 x F Q
220
9,815,000
255
33.25
Union State Bank of South Chicago_ _.
200,000
220
8-J Q
183
3,372.000
190
20.00
Union Trust Co
3.000.000
700
12+4 xi Q
270
94,521.000
452
43.76
United State Bank
200,000
___
8+4 xi & J
239
3.385,000
240
35.99
Universal State Bank
200,000
_
6+2 xi &J
217
2,512,000
150
32.39
University State Bank
300,000
17
75
s-J & .1
159
3,039.000
150
16.29
West Englewood Tr. & Say
600.000
355
8+6 xi Q
184
5,259,000
300
28.33
West Highland State Bank
200,000
6-5 A
270
165
1,653,000
240
9.74
West Madison State Bank
300,000
___
6-J Q
136
2,681,000
140
13.70
West Side Trust & Savings
700,000
305
16-J Q
13,752,000
157
263
23.33
West Thirty-first State Bank
100,000
137
7-F Ann
136
923,000
128
7.54
West Town State Bank
500,000
___
12+3 x.TQ
184
6,292,000
272
25.00
Wiersema State Bank
200.000
285
8+2 xi@
256
4,057,000
260
21.82
Woodlawn Trust dr Savings
600.000
295
10+2 xi Q
173
9,120.000
247
15.41
k New stock.
I Old stock.
r Absorbed Key tone Trust.
w Changed name from Greenebaum Sons
m Absorbed West Englewood National.
t Absorbed Belmont Trust.
Bank & Trust.
p Absorbed National Bank of Commerce.
v Changed name from Lake State Bank..
miiminl
z Abs
iiiii
rbed
dar Trust & Sayings.
cr,
zN;
arlDINOU110 TVIONVNIA
180
165
250
136
320
400
550
280
830
435
655
305
150
285
250
115
g175
295
467
245
155
160
135
135
250
350
265
150
Approz.
P. C.
Earned
in 1927
on
Capital
Stock.
Book
Value
Dec. 31
1927.
00VC.C.40“.04-00,
...1...<0.0K)cococoenoo..-00.....wow.
10Cat.00000.4,
•-40c,.00oopots-44
,
00000G0000000u.00.v,00000,0000-40.©0,0000cnv,000c0000.-Appopoppoop. ocnoppowc,-tocno
ca000C.000. 000
Asked.
$200.000
200,000
200,000
200,000
300,000
200.000
35,000,000
1,000.000
15,000.000
200,000
15,000.000
200,000
200.000
250,000
300,000
200,000
200.000
300.000
6,000.000
300.000
500,000
200,000
200,000
200,000
100,000
1,350,000
800,000
200,000
Present
Dividend
Rate
P. C.
and
When
Paid.
00r,000000c..
,
0,000CnCnOtn.00000000.C.t.c.,000oczoc000000.0000.0,00Cnca 0,0000000Cn o,0000006110
Bid.
Atlas Exchange National
Austin National Bank
Bowrnanville National Bank
Broadway National Bank
Calumet National Bank
City National of Evanston
Continental National Bank & Trust___ _
Drovers National Bank
First National of Chicago
First National of Englewood
Foreman National Bank
Irving Park National Bank
Jackson Park National Bank
Jefferson Park National Bank
Kenwood National Bank
Lawrence Ave. National
Midland National Bank
Mutual National Bank
zNational Bank of Republic
National Bank of Woodlawn
hNational Builders Bank
Ogden National
Portage Park National
Ravenswood National Bank
Rogers Park National Bank
Stock Yards National Bank
Washington Park National
West Side National
Jan. 24
1928.
0Cn000
National Banks.
Capital
Stock
in Hands
of Public.
0
Cl
JAN. 28 1928.]
FINANCIAL CHRONICLE
ger and freight equipment, including two large electric locomotives for switching purposes, were effected during the
year. It built a new station at Michigan City for both its
trains and motor coach service.
Great improvements also were made in the properties
and equipment of the Gary Railways. More than 45,000
passengers are carried daily on the 110 cars of the company, and this figure is increasing steadily with the industrial growth of Gary and the surrounding territory.
Motor coach service, both as a feeder to electric railways
and to give transportation between cities not connected by
electric lines, is developing rapidly throughout the entire
territory.
Telephone service in the Chicago area of Illinois, and in
a small part of it in Indiana, is supplied by the Illinois
Bell Telephone Company. This company invested about
$25,000,000 in new plant during the year, but there was no
additional financing.
493
The gain in telephone statioas in the city of Chicago during the year was approximately 55,000, bringing the total
to about 902,000 within the city limits. In addition, the
company operates 234,000 stations in its suburban division
and 157,000 in its territory downstate in Illinois. The
largest private branch exchange installation during the
year was in the new Stevens Hotel, which has 3,800 terminals and 340 trunk lines.
The outstanding telephone event of the year was the opening of radio telephone service with England, Scotland and
Wales. The first commercial conversation between Chicago
and London took place on Feb. 12 1927. Since that time
the service has been in regular use. Service between the
United States and Mexico was opened later in the year.
Another important addition to facilities was a new transcontinental line from Chicago through the northern cities
to Seattle, Wash. The Bell system now has three lines
across the continent in daily use.
Indications of Business Activity
shipments within a week are as high as 20,000,000 bushels—
STATE OF TRADE—COMMERCIAL EPITOME.
not a new thing—which goes to show that Europe is silently
Friday Night, Jan. 27 1928.
of wheat. It also shows that
The best showing at the present time is made by some of absorbing enormous quantities
was suspected. A small
than
urgent
more
far
are
needs
if
her
is
it
recently;
case
the
the heavy industries. That was
of which the surplus
rye,
in
done
been
has
business
export
steel
anything more noticeable now. The outlook in the
Sugar has made a net decline
small.
is
remaining
ornow
But
graduaL
only
is
it
improving;
trade is gradually
on futures, and one-sixteenth
ders increased for the first quarter, and the tendency is for the week of a few points
It has been definitely settled that
sugar.
raw
prompt
on
autofrom
steel
for
demand
The
to enlarge operations.
be 4,000,000 tons, but it
mobile, railroad and implement companies is said to be the marketed Cuban crop will
been largely discounted.
had
action
this
that
out
impresturned
the
be
may
whatever
ago,
year
equal to that of a
raw sugar, said to have
of
tons
371,000
sold
just
has
Cuba
autoof
sion to the contrary. It is noticed that the sales
Coffee has declined in
Cuba.
f.o.b.
2.40c.
to
at
2.38
in
been
interest
the
and
shows
auto
by
mobiles are stimulated
and Europe. Europe
Brazil
in
prices
with
lower
sympathy
preceding
the new cars which are far ahead of anything
is laid in some quarters
them and yet are obtainable at a considerable reduction has been selling here, and stress
which may or
in prices. The cotton goods industry is not in very good on reports of impending March liquidation
to be seen. Lumber
shape, though it is taking corrective measures. The ten- may not affect prices. That remains
Rubber
dency is to curtail output and in New England the wages is in better demand on the North Pacific Coast.
of roughly
of some 30,000 workers will be reduced 10% beginning on has been in the main dull and shows a decline
buy at presJan. 30. In a meeting at Fall River, Mass., on the 25th 1 to 1Y4c., as consumers are in no hurry to
1 cent higher
Inst. the operatives wisely decided not to strike. It is ent prices, though they are now only about
artificially high,
certainly a poor time for anything of that kind. Finished than a year ago. They are considered
goods have been quiet. There are reports of rather liberal however.
Meanwhile industrial employment, though still somewhat
sales of print cloths at lower prices, and sheetings generally
over that in Dedeclined. Woolens and worsteds have remained quiet, pos- below the normal, showed some increase
is stated as 221,employed
number
the
At
Detroit
cember.
openthe
await
to
buyers
of
part
sibly from a desire on the
of 6,400 over
and
week,
last
over
ing of Fall lines on the 30th inst. Broad silks in Spring 180, a gain of some 4,600
exlines have met with a better sale. Raw silk was in larger this week last year, which is certainly a gratifying
the
though
quiet,
is
general
in
trade
the
hibit. The furniture
demand from mills and was rather firmer. In general
recent mild weather has checked retail business in Winter sales at Grand Rapids are larger, it appears, than those
goods. But of late it has been colder here with the tem- of a year ago. Car loadings, aside from those for coal,
perature this morning 19 degrees and within 24 hours it are larger than those of a year ago. The actual total on
has been down to sixteen degrees in Chicago and all kinds of merchandise, however, is smaller than at this
ten to twenty degrees in some other parts of the time for three years past. It is of interest to notice that
West, which, if it continues, ought to stimulate re- according to official reports the number of cattle and horses
tail trade. Cotton has declined about $4 a bale this week on farms on Jan. 1 was smaller than on the same date last
and $35 since Sept. 8th. The latest drop was owing to year, while the number of hogs and sheep on farms and
larger ginning up to Jan. 16 than had been expected by ranches was larger. Hogs are still at about $8.30, owing
some 100,000 to 200,000 bales, and the dullness of the raw to the large marketings at the West. There is a better
and manufactured article at home and abroad. Also the trade reported in machine tools at the West. Rayon mills
impression is strong that the cotton acreage will be in- are busy. Radio material prices are declining. On the
creased some 4,000,000 to 6,000,000 acres this year, as good whole, prices of commodities this week show more deprices were realized for cotton by the South last year, bet- clines than advances, the effect of a halting trade, due, as
ter, indeed, than for most other crops. Wool has been quiet already intimated, to unduly warm weather recently over
but firm. The London wool auctions are going off at firm the whole country.
The stock market has latterly been declining at times,
prices.
-day. Call money advanced to 4%% with
Corn has declined about 2 cents during the week, but that but rallied to
was due to better weather and larger receipts at Chicago. withdrawals by banks of about $30,000,000 and some inTo-day came reports of export sales of fully 1,000,000 crease again in brokers' loans. Thirty railroads showed
bushels, and premiums at the Gulf were one cent higher, a decrease in net earnings in December 1927 of 27.7%, as
while final prices to-day showed some net advance as com- compared with those in December 1926. In spite of all this,
pared with yesterday. Wheat has declined somewhat in however, the tone was stronger in the late trading to-day,
spite of reports of damage to the Winter crop in parts of not excepting steel shares. The feeling in the steel trade
the Southwest from a lack of sufficient snow covering. The is more hopeful. The trend towards higher rates for money,
export sales have been small or at any rate the business however, was not entirely ignored and the rise in the Fedreported for export has been small. There seems to be eral Reserve re-discount rate at Chicago and at Richmond,
some discrepancy between the exports and the business ac- Va., from 3% to 4%, attracted attention here and in Lontually reported with exporters. It Is suggestive that world's don. Some gilt-edge bonds declined with money higher, but
494
FINANCIAL CHRONICLE
[VOL. 126.
New York's rediscount was still 3/
1
2% and in generalthe tone declined further, while the general level of prices remained
In the bond market was better. Traction and power issues unchanged. Holiday trade at retail stores
was in somewhat
were in demand and higher.
larger volume in the previous year." In its further survey
At Fall River, Mass., it was stated that operatives had the Board says:
agreed to accept a wage cut. The sixteen unions failed by
Production.
Production of manufactures remained in practically the same volume
eleven votes to pass vote in favor of a strike. The feeling
December as in November, while output of minerals, when allowance
Is that all operatives will return to work Monday. Fall in
is made for usual seasonal changes, showed a slight increase. Activity
River wired that the weavers of the Stevens Manufacturing in the textile, shoe, and tobacco industries was reduced in December,
Co. voted to strike on the 25th inst against the establish- while the output of steel, non-ferrous metals, and petroleum increased.
Production of automobiles continued in small volume during December,
ment of the multiple weaving system which went into effect but increased considerably in January,
and within recent weeks there
the previous day. The weavers contend they do not ask has been also a further increase in the activity of steel mills.
Building
contract
awards
were
slightly
larger in December than in
more money for operating three looms, instead of two, but
November, but smaller than in December of
two preceding years.
want only two looms, asserting an additional loom is too Total awards for the year 1927 in 37 Eastern the
States, as reported by the
F.
W. Dodge Corporation, were valued at about $6,300,000,000, which
severe a task. At Fall River on Jan. 25 the Arkwright Mills
is slightly less than the 1926 total of $6,380,000,000. December awards
closed for the rest of the week when the 500 employees for
residential and commercial buildings were larger than
December,
walked out because of dissatisfaction with wage rates, said 1926, while those for industrial buildings and public works in
were smaller.
to be due to a misunderstanding. The mill opened under a During the first three weeks of January contract awards were in approxi10% reduction in wages and about 90% of the regular hands mately the same volume as during the corresponding weeks of last year.
Trade.
appeared in readiness to accept the cut, but dissatisfacRetail trade of department stores and mail order houses increased
tion among the loom fixers spread to the entire force. Fall slightly more than is
usual in December and were somewhat larger than
River print cloth mills curtailed last week nearly 75%. a year ago. Inventories of merchandise carried by department stores
Production may increase there when the 10% cut in wages were reduced in December and at the end of the year were slightly
smaller than at the end of 1926. Wholesale trade in nine leading lines
goes into effect on Jan. 30. Persistent rumors that mills A continued smaller than in the corresponding month
of last year. Stocks
and C of the Parkhill Manufacturing Co. at Fitchburg, of groceries, shoes, hardware and furniture carried by wholesale firms
Mass., were definitely closing down were denied by Russell were smaller at the end of December than a year earlier and stocks of
dry goods and drugs were slightly larger. Freight
loadings declined
B. Lowe, l'resident of the company. The Parkhill Manu- further in December and were in smaller volumecar
during that month
facturing Co. is owned by the Amoskeag Manufacturing and the early part of January than at any time in four years. The deCo. of Manchester, N. H. It seems that over 1,000 of the crease in loadings occurred in practically all groups of commodities.
Prices.
more modern looms in the Parkhill mills are being moved
The Bureau of Labor Statistics index of wholesale commodity prices
to Manchester, N. H. At Fitchburg, Mass., the Fitehburg remained practically
unchanged in December and was at the end
the
and Orswell yarn mills reduced wages 10% effective Jan. year about 1% lower than a year ago. Prices of grains, hideof and
leather
products,
non-ferrous
metals,
and
rubber
increased in December,
30. General trade depression was announced as the reawhile prices of livestock, cotton and lumber declined. In the first
three
said, on the 20th inst., for two weeks, due to dullness of weeks of January, there were increases in prices
of iron and steel, grains,
trade. It affects 1,500 workers. According to some cotton and wcol, while prices of cattle, hogs, and cotton declined.
manufacturers and mill agents, the volume of curtailment
Bank Credit.
At the Reserve Banks the seasonal demand for currency after
is larger than is generally supposed.
reaching its peak on Dec. 24 was followed by a return flow of
money from
At Greenville, S. C., most coarse goods mills closed down circulation,
which amounted to about $440,000,000 between Dec. 24
and
last Friday at noon until Monday morning. Approximately Jan. 18. This decline in the demand for currency, which
was approxi.50% of the textile plants of Greenville are on this schedule. mately the same as a year ago, was reflected in a decrease for the same
of about $360,000,000 in bills and securities of the reserve banks.
Fine goods mills and finishing plants are still on full period
Loans and investments of member banks in leading cities declined
durschedule. Memphis wired that the Merrimack mills at ing the first half of January, but were still at a higher level
than at any
Huntsville, Ala., with 1,500 hands, will close Saturday for time last year. The decline of about $200,000,000 between Jan. 4 and
Jan. 18 reflected a decrease of about $280,000,000 in the
volume of loans
one week. London thinks the problems confronting Lan- on securities offset
in part by a considerable increase in the banks'
incashire's cotton manufacturing industry can only be
vestment holdings.
met
Call loans rates showed the usual seasonal decline at
by action by the banks whereby production costs can
the turn of the
be re- year but other money rates were slightly firmer. The rate
on bankers'
duced, and by the elimination of the weak mills. Others acceptances increased during the second week
of January from 3% to
suggest that the banks deal with each case on its merits. 334% and there was also a slight advance in rates on time money in
Proposed united action to reduce loans totaling £15,000,000 the open market.
is impossible, it is pointed out, as banks are unable to dicDecrease in Retail Food Prices in December.
tate the manner, in which any industry should be conThe retail food index issued by the Bureau of Labor
ducted.
The weather became milder here early in the week. It Statistics of the United States Department of Labor shows
was 42 to 47 here on the 23d; at Boston 40 to 46; at Mont- for Dec. 15 1927 a decrease of about one-third of 1% since
decrease of a little more than 3%%
real 16 to 34; at Philadelphia 42 to 50; Pittsburgh 40 to 44; Nov. 15 1927; a
since
Dec. 15 1926, and an increase of about 50% since Dec.
15
Portland, Me., 36 to 42; Chicago 40; Cincinnati 40 to 46;
1913. The index number (1913=100.0) was 161.8 in
Cleveland 38 to 40; Detroit 34 to 38; Duluth 4 to 8; MilDecember 1926, 156.5 in November 1927, and 155.9
in
waukee 30; Kansas City 48, Minneapolis 14 to 16; WinniDecember 1927. This comparison is furnished
by the
peg 2 to 6. After rain here on the night of the 24th
inst. Bureau under date of Jan. 20, further details being
furnished
a heavy gale swept over this city, doing more or less
dam- asDf log s:
age. On the 25th inst. a gale of 100 miles velocity, the
During the month from Nov. 15 1927 to Dec. 15 1927 16 articles on
monthly prices were secured decreased as follows:
greatest in 12 years, struck this city, inflicting great
dam- which
fresh eggs, 3%; bacon, ham, lard, storage Pork chops,
age, including the destruction of $250,000 in plate glass win- 10%; strictlyoranges,
2%; bread, rice, baked beans, sguar,eggs, onions,
prunes, and
and raisins,
dows and injuring 42 persons. The whole Atlantic sea- 1%,and leg of lamb and tea less than five-tenths
of 1%. Fifteen articles
board suffered, the storm killing or injuring many, doing increased: Butter, 4%. plate beef and cabbage, 3%; rlb roast and chuck
2%; sirloin steak, round steak, canned salmon,
damage to property or ships. High winds blew up an roast,
canned peas, coffee, and bananas. 1%, and hens and fresh milk, cheese,
lard subeight-foot tide at Halifax, N. S. Ships and barges were stitute, less than five-tenths of 1%. The following vegetable
12 articles showed
change
no
month:
the
in
Evaporated
milk,
driven ashore along the New England coast. Considerable
oleomargarin
meal, rolled oats, cornflakes, wheat cereal, macaroni, navy e, flour, cornbeans, potatoes,
damage was reported in Delaware, Maryland and Pennsyl- canned corn, and canned tomatoes.
vania. Hereabouts small boats, dredges and ships were torn
Changes in Retail Food Prices by Cities.
from their moorings, rolled over on their sides or driven
During the month from Nov. 15 1927 to Dec. 15
1927, there was an
ashore. To-day the temperatures were 19 to 26 degrees increase in the average cost of food in 26 of the 51 cities as follows: St.
Paul,2%;Boston, Butte, Columbus, Dallas, Denver, Fall
River, Houston,
here, and the forecast was for somewhat colder weather to- Little Rock, Minneapolis, Omaha, Peoria,
Philadelphia, Pittsburgh. and
morrow. At Chicago it was 16 to 20, at Cincinnati 14 to 32, Scranton, 1%;and Birmingham, Chicago, Cleveland, Louisville,
Memphis.
Milwaukee, Mobile, New Orleans, Norfolk, Portland,
Me., and Springat Cleveland 14 to 24, at Kansas City 20 to 32, at Milwaukee field, 111., less than five-tenths
of 1%. In the following 22 cities the cost
10 to 14 and at St. Paul 6 degrees below to 12 above.
of food decreased: Portland, Ore., and Providence, 2%; Atlanta, BaltiFederal Reserve Board's Summary of Business Conditions
—Industrial Activity at Relatively Low Level.
In its summary of business conditions in the United
States, issued Jan. 26, the Federal Reserve Board says that
"the industrial activity continued in December at a relatively low level and railroad distribution of commodities
more, Cincinnati, Jacksonville, Los Angeles, Manchester, Newark, New
York, Richmond, Rochester. Salt Lake City, and San Francisco,
1%.
and Bridgeport, Buffalo. Charleston, S. C., Detroit, Indianapolis, Kansas
City, St. Louis. and Seattle, less than five-tenths of 1%. In three cities—
New Haven, Savannah, and Washington—there was no change in the
month.
For the year period Dec. 15 1926 to Dec. 15 1927, 50 cities showed
decreases: Jacksonville, 8%; Omaha and Springfield, III.. 6%; Buffalo,
Charleston, S. C., Cleveland, Columbus, Houston, Kansas City, Peoria,
and Washington, 5%; Baltimore, Chicago, Cincinnati. Denver. Detroit.
Indianapolis, Little Rock, Louisville, Milwaukee, Mobile, Pittsburgh.
JAN. 28 1928.]
FINANCIAL CHRONICLE
Richmond. St. Louis and St. Paul, 4%; Atlanta, Birmingham, Butte, Los •
Angeles, Manchester, New Haven, New Orleans, Philadelphia, Providence,
Salt Lake City, Savannah, and Seattle, 3%; Bridgeport, Memphis, Minneapolis, Newark, Norfolk. Portland. Me., Portland. Ore.. Rochester, and
Scranton, 2%. and Boston, Fall River, New York, and San Francisco.
1%. In Dallas there was an increase of less than five-tenths of 1%.
As compared with the average cost in the year 1913, food on Dec. 15
1927 was 67% higher in Chicago; 65% in Scranton, 64% in New York and
Washington; 63% in Birmingham, Philadelphia. and Richmond; 62%
in Baltimore, Boston. and Detroit; 61% in Buffalo; 60% in Atlanta. Fall
River, New Haven, and Pittsburgh; 59% in Milwaukee; 58% in Dallas
Cinand St. Louis; 57% in Providence; 56% in Charleston, S. C., and
Minnecinnati; 55% in Cleveland, 54% in Manchester; 53% in Louisville.
apolis, Newark, and New Orleans; 52% in San Francisco; 51% in Indianin
apolis; 49% in Kansas City; 48% in Little Rock and Omaha; 47%
Jacksonville and Memphis;43% in Los Angeles and Seattle;42% in Denver;
not
were
Prices
City.
Lake
Salt
39% in Portland, Ore., and 34% in
obtained in Bridgeport. Butte, Columbus. Houston. Mobile, Norfolk,
Peoria. Portland, Me.. Rochester, St. Paul, Savannah. and Springfield,
Ill., in 1913, hence no comparison for the 14- year period can be given
for these cities.
The index numbers for 1926 and 1927 follow:
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
ButYear and Sirl'n Road Rib Ch'ck Plate Pork Bater. Ch.se
Month. Steak Steak Roast Roast Beef. Ch'ps con. Ham. Hens Milk.
85.3
87.2
81.4
74.3 74.4 75.7
71.5 68.0 76.1
1907
76.1 76.9 77.6 83.0 89.6 85.5
73.3 71.2 78.1
1908
82.7 82.9 82.0 88.5 91.3 90.1
76.6 73.5 81.3
1908
91.6 94.5 91.4 93.6 94.6 93.8
80.3 77.9 84.6
1910
85.1 91.3 89.3 91.0 95.5 87.9
80.6 78.7 84.8
1911
91.2 90.5 90.6 93.5 97.4 97.7
91.0 89.3 93.6 _
1912
100.0 100.0 100.0 100.0 100.0 thicio
100.0
100.0
100.0
100.0
100.0
100.0
1913
101.8 101.7 102.3 100.5 94.4 103.6
104.6
104.1
102.0 105.8 103.0 104.4
1914
. 97.2 97.5 99.2 93.4 105.0
.
.
101.1 103.0 101.4 100.6
1915
109.3 110.7 102.2 103.0 116.7
106.4
10.38
106.0
106.9
107.4
109.7
107.5
1916
125.4 127.2 150.4
124.0 129.8 125.5 130.6 129.8 151.7 151.9 142.2 134.5
1917
177.0 156.2 150.7 162.4
153.2 165.5 155.1 166.3 170.2 185.7 195.9 178.1 193.0
1918
174.2 177.0 92.8
198.5
205.2
201.4
166.9
164.2 174.4 164.1168.8
1919
183.0 88.2
172.1 177.11167.7 163.8 151.2201.4 193.7206.3 209.9 187.6
1920
164.0 135.0 53.9
186.4
181.4
158.2
168.2
118.2
132.5
154.3,147.0
1921
152.8
48.9
125.1
147.2
189.0
181.4
147.4
147.2 144.8 139.4 123.1 105.8 157.1
1922
144.7 67.0
153.9 150.2 143.4 126.3 106.6 144.8 144.8 169.1 164.3;155.1 135.0 49.7
1923
168.4
5.1
139.6
165.7115
146.7
109.1
155.9 151.8 145.5 130.0
1924
171.8 157.3 143.1 66.1
1925
159.8 155.6 149.5 135.0 114.1 174.3 173.0 195.5 182.2
157.3 138.6 65.6
162.6 159.6 153.0 140.6 120.7 188.1 186.3 213.4 173.2 158.4
1926
145.2 70.1
204.5
174.8
167.7 166.4 158.1 148.1 127.3 175.2
1927
192670.1
160.8 157 0 151.5 138.1 119.8 173.8 178.5 198.1 181.2 159.6 144.6
Jan
159.6 142.3 69.7
Feb-- 159.8 156.1 .:8.0 138.1 120.7 172.9 181.1 199.3 182.6
68.3
139.9
157.3
185.0
200.7
179.3
177.1
March._ 160.2 156.5 151.0 138.1 120.7
132.9 65.2
161.8 157.8 152.5 139.4 121.5 182.4 179.6 202.6 190.1 156.2
AprII
156.2 130.5 82.9
May-163.4 160.5 153.5 140.6 120.7 191.9 182.6 207.3 192.5
131.3 61.5
155.1
188.7
221.9
June- 165.4 162.3 154.5 141.9 120.7 200.0 190.7
130.8 61.1
165.4 162.8 155.1 141.9 119.8 198.6 193.7 226.4 184.0 155.1
July
132.1 61.5
156.2
177.9
225.7
192.6
192.9
118.2
164.6 162.3 153.5 140.6
137.1 63.3
157.3
177.5
Sept-- 165.0 163.2 154.5 141.9 119.8 202.4 192.2 224.5
157.3 141.8 66.1
176.5
222.3
191.5
120.7302.9
154.5
142.5
163.4
161.4
Oct
145.4 67.0
158.4
174.2
217.1
188.9
161.0 159.2 152.5141.9 121.5 187.1
Nov
169.2
160.2 158.3 152.5 141.9 123.1 177.1 183.7 212.3 174.6 159.6 154.8
Dee1927170.1
152.5
158.4
180.8
160.6 158.3 153.0 141.9 124.0 174.3 181.1 211.2
Jan
170.1
161.0 158.7 153.5 141.9 123.1 171.0 179.6 210.8 180.8 158.4 153.5
Feb168.8
154.6
158.4
181.7
210.0
179.3
March 161.8 159.6 153.5 142.5 123.1 174.3
210.8 182.6 157.3 152.5 167.9
April--- 164.6 163.2 186.1145.6 125.6 175.7 178.2
167.4
139.4
156.2
180.3
176.31209.3
173.3
125.6
146.9
157.6
165.5
156.5
May
167.4
166.9 165.9 157.1 146.9 125.8 165.2 174.4 206.3 170.4 156.2 135.2
June
134.2 167.0
171.7 170.0 160.1 149.4 126.4 166.2 172.6 203.0 167.1 157.3
July.
167.4
134.2
158.4
166.2
201.9
172.2
179.5
Aug.-- 172.0 170.9 160.1 149.4 126.4
172.4 170.9 160.1 150.0 128.1 193.8 172.2 200.0 166.2 158.4 139.4 170.6
Sept
167.6 159.6 145.4 173.3
199.3
172.6
197.6
130.6
151.9
161.1
172.0,170.0
Oet
174.7
171 3'169 5 161.1 153 1,133 9 172.9 171.5 197.0 167.1 159.6 147.3 176.5
Nov
172.8 171.3 163.6 1513.91 138.0 156.2 167.8,192.9 167.6 160.7,152.5
Cof- TWeighted
Pota- SuCorn
Year and
Food Index.
Month. Lard. Eggs. Bread Flour Meal Rice. toes. gar. Tea. fee.
82.0
105.3 105.3
95.0 87.6
80.7 84.1
1907
84.3
111.2 107.7 ---101.5 92.2
80.5 86.1
1908
88.7
112.3 106.6
109.4 93.9
90.1 92.6
1909
93.0
109.3
101.0
94.9
108.2
97.7
103.8
1910
92.0
111.4
130.5
101.6 94.3
88.4 93.5
1911
97.6
132.1 115.1
93.5 98.9 ____ 105.2 101.6
1912
100.0
100.0
leifo
loos
100.0
1676
100.0
100.0
100.0 100.0 100.0
1913
102.4
98.6 102.3 112.5 103.9 105.1 101.2 108.3 108.2 100.4 99.7
1914
101.3
93.4 98.7 125.0 125.8 108.4 104.3 88.9 120.1100.2 100.6
1915
113.7
111.0 108.8 130.4 134.6 112.6 104.6 158.8 146.4 100.4 100.3
1916
146.4
174.9 139.4 164.3 211.2 192.2 119.0 252.7 169.3 106.9 101.4
1917
168.3
102.4
119.1
176.4
188.2
148.3
175.0203.0
226.7
164.9
210.8
1918
18.5.9
145.3
9
.
128.
7
.5
2.
05
25
233.5 182.0 178.6 218.2 213.3 173.6 223.5 3
1919
203.4
157.7
370.6
200.0
216.7
245.5
205.4
186.7
197.4
1920
153.3
121.8
128.1
145.5
182.4
113.9 147.5 176.8 175.8 150.0 109.2
1921
141.6
107.6 128.7 155.4 154.5 130.0 109.2 164.7 132.7 125.2 121.1
1922
146.2
126.5
127.8
183.6
170.6
109.2
136.7
142.4
155.4
134.8
112.0
1923
145.9
120.3 138.6 157.1 148.5 156.7 116.1 158.8 167.3 131.4 145.3
1924
157.4
138.8 172.8
130.9
211.8
127.6
180.0
184.8
167.9
147.5
151.0
1925
160.6
171.1
141.0
125.5
288.2
133.3
138.6 140.6 167.9 181.8 170.0
1926
155.4
132.7 142.5 162.1
223.5
123.0
166.7
173.3
166.1
131.0
122.2
1927
1926141.1 156.2 167.9 187.9 173.3 133.3 341.2 121.8 139.9 172.1
Jan
121.8 139.9 172.1
Feb. - - 140.6 127.0 167.9 190.9 173.3 133.3 335.3
172.1
March._ 138.6 111.6 167.9 187.9 173.3 134.5 329.4 121.8 139.9
120.0 140.3 171.5
394.1
134.5
170.0
184.8
167.9
111.9
136.1
April_
121.8 140.4 171.1
May- 136.1 112.8 167.9 184.8 170.0 134.5 352.9
143.0 118.0 167.9 184.8 170.0 134.5 294.1 125.5 141.4 171.1
June
125.5 141.5 171.5
July...- 144.9 122.0 167.9 181.8 170.0
211.8 127.3 141.7 171.1
Aug.- - - 143.7 130.1 167.9 181.8 170.0 133.3
127.3 141.5 171.1
229.4
134.5
170.0
167.0
175.8
141.1
149.3
Sept
138.6 168.7 167.9 172.7 170.0 133.3 223.5 129.1 142.1 170.8
Oct
133.5 191.3 167.9 172.7 170.0 129.9 235.3 129.1 141.7 170.5
235.3 132.7 141.4 170.1
Dec-- 129.1 189.0 167.9 169.7 170.0 128.7
1927235.3 136.4 142.5 168.5
126.4
170.0
169.7
167.9
162.0
Jan -- 126.6
170.0 124.1 223.5 136.4 142.3 167.4
Feb-- - 124.1 128.1 167.9 169.7
165.4
March._ 122.8 102.6 167.9 166.7 170.0 124.1 217.6 134.5 142.6
123.0 217.6 132.7 142.6 163.8
April... 120.9 98.3 167.9 166.7 170.0 121.8 264.7 132.7 142.3 161.7
170.0
166.7
167.9
97.4
120.3
May
119.0 97.1 166.1 166.7 173.3 123.0 352.9 132.7 142.1 160.7
June
119.0 107.0 166.1 166.7 173.3 123.0 247.1 134.5 142.5 159.7
July119.6 121.7 166.1 169.7 173.3 123.0200.0 132.7 142.6 159.1
158.7
121.5 141.2 168.1 166.7 176.7 121.8 188.2 130.9 141.9 159.1
Sept
124.0 164.1 166.1 166.7 173.3 120.7 176.5 130.9 142.5
142.5,160.4
130.9
176.5
119.5
163.6,173.3
166.1
123.4 178.8
Nov121.5 172.8,164.3 163.61173.3 118.4 176.5 129.1 142.11161.4
1928. The budget for the new year is one of the largest for
new facilities indicated in the history of the industry,
"Electric World" reports. It further says:
While all sections of the country show gains, contrasted with actual
expenditures in 1927. the Southern States and North Oentral States lead
in the rate of growth of proposed capital expenditures.
In the Middle Atlantic and East-North Central States about $400,000,000
will be spent, with distribution expenditures and largest item. In New
England recent flood damage will result in approximately $6.000.000
increase in 1928 expenditures. Large expenditures are indicated for the
Southern and Southwestern States and between the Mississippi River and
conthe Rocky Mountains. In these regions generating stations will be
structed in large numbers to supply the needs of these rapidly growing
sections of the country.
Actual expenditures on new construction and improvements by the electric utilities during 1927 reached a total of 11760,353.000. according to the
but
publication. A larger budget was indicated at the beginning of 1927.
s
many programs were cut later in the year. In 1926 actual expenditure
0.
totaled $841,000.000, and in 1925 the sum was placed at 8721.000,00
political
unsettled
to
attributed
The decline in expenditures in 1927 was
conditions, major effects to reduce fixed charges, a desire to catch up with
facilities already built and changes in property ownership.
For several years the larger proportion of expenditures by the utilities
has been for distribution facilities. During 1927 the sum of $362.316,501
year
was spent in distribution throughout the country, while in the current
the indicated expenditures for this class of operations will amount to
n;
8424,042,695. In 1927 a total of 8163,153,380 was spent for transmissio
in 1928 the budget is $203,396,121. In 1927 the sum of $234.883.000 was
expendifor
the
provides
1928
spent for generating stations; the budget for
tures of $272.924,000.
Expenditures in the utility industry shift in well recognized cycles. In
a
1926 expenditures for generating stations and transmission lines reached
peak, and it was logical to expect large expenditures for distribution in 1927
and 1928. When the stations and lines become loaded another station
building period is to be expected. These cycles of building are not extreme
and a certain amount of large station building is nocossary at virtually all
times. Demand for service grows continuously and must be met.
year
Past experience indicates that stopping expenditures during one
growth
merely postpones the day when expenditures commensurate with
must be made. An example of this is found with one group of properties
that spent $44,000.000 during 1927 but has a budget of $406,000,000 for
1928.
Union Trust Co. of Cleveland Says Doubts as to Underlying Prosperity of Country Are Dispelled by Country's Debt Reduction and Increased Savings Deposits.
If the recession in business during the latter part of 1927
has caused any doubt as to underlying prosperity of this
country, this should be permanently dispelled by the reports
of the nation's public debt reduction and of the great increase
in savings deposits, says the Union Trust Co., Cleveland, in
its magazine,'Trade Winds," for January. The public debt
was reduced $1,038,312,886 last year, while savings deposits
in banks in the year ended June 30 1927 gained $1,394,710,000, an amount even larger than the debt reduction. The
bank continues:
,451.
The total public debt outstandiag on Dec. 31 1927 was 818,036,352
Total savings deposits as of June 30 1927 amounted to $26,000,902,000.
an amount considerably in excess of the public debt.
which every citizen is
Considering the nation, therefore, as a business in
cash on hand in
by right a stockholder, we find that our statement shows
s. This
savings deposits to an amount greater than our entire indebtednes
is indeed prosperity.
trade
and
ng
manufacturi
While our surplus of capital and credit gives
militates against any
assurance of ample funds upon which to operate, and
elements of danger which
tightness of money, it has nevertheless certain
rising. Gold exports are
must not be overlooked. Brokers loans are still
beginning to expand.
increasing and credit requirements for business are
rates.
interest
These facts might have a stiffening effect upon
an expectation of steady
In business a feeling of general confidence and
partly in response to a picking
improvement appears to be general. This is
in the automobile
up of steel orders and better manufacturing schedules
field.
According to
field.
building
the
in
Considerable optimism is expressed
the value of principal crops
the United States Department of Agriculture,
in 1926. Demands are
in 1927 was $635.000.000 greater than was the case
automobile and other lines,
coming in for steel from the building, railroad,
a decided increase as
show
and it is expected that production of steel will
164.3
161.5
159.9
162.4
161.1
159.7
157.0
155.7
158.5
160.0
161.6
161.8
159.3
156.0
153.8
153.6
155.4
158.5
153.4
152.4
154.0
156.1
156.5
155.9
Expenditure of $900,363,000 During 1928 on New Construction Planned by Electric Light & Power Companies.
Electric light and power companies in the United States
plan to spend a total of $900,363,000 on new construction in
495
the season advances.
as keen in 1928 as it
It seems probable that competition will remain just
was in 1927.
accomplished
It may very likely happen this year that business, having
now tackle the great problem
the last word in manufacturing efficiency, will
course charted by the chain
of reducing the Cost of distribution,following the
during the next few years.
stores. Inthisfieldmayllethegreat opportunity
The next logical step
Manufacturing is being done at rock bottom prices.
to make every possible
in order to meet competition would appear to be
e and the price
of
manufactur
cost
the
endeavor to narrow the gap between
which is paid by the ultimate consumer.
1927
Life Insurance Sales in United States During
Reached New High Mark.
During 1927 sales of ordinary life insurance in the United
States reached the high mark of $8,531,545,000, a gain of
reporting
1% over the volume produced in 1926. 57% of
companies share this gain, according to the Life Insurance
Sales Research Bureau, which states that the new business in
December lost 5% as compared to the exceptionally high
record of December 1926. The yearly gain is reflected in
most States of the country with the high records of 12% and
9% in New Mexico and North Carolina.
496
FINANCIAL CHRONICLE
[VOL. 126.
Under the date of Jan. 23 the Bureau says: •
. urges that when a producer expands his output or branches
New business during the month of December totaled $833.944.000
according to figures just Issued by the Life Insurance Sales Research Bureau. into a new market he ought to be sure that a real potential
The report includes the figures of 81 companies having in force 90% of the demand exists and that the new product
does not merely
total life insurance outstanding in United States legal reserve companies add to
already serious competitive difficulties. Mr. Sherwin
and includes the production of new paid-for ordinary insurance exclusive
of revivals, increases, dividend additions, reinsurance from other com- says:
panies, and group insurance.
The exceptionally high records attained in 1926 were exceeded only
slightly in some sections while others fell somewhat under last year's level.
Bales in the West South Central States were 6% below 1926 production
while the greatest gain experienced In any group was the yearly increase
of 4% in the East North Central States. The New England and South
Atlantic sections just equaled their 1926 volume. Sales during the month
of Dec. show losses in most states compared to production In Dec. 1926.
Large increases are confined to the Western States with a 30% gain for the
month in New Mexico and 26% and 20% respectively in North Dakota
and Nevada. The Middle Atlantic States, which pay for approximately
one-third of the entire business of the country, gained 3% over last year's
volume. This increase is shared by New York. New Jersey and Pennsylvania which comprise the section. Total sales in this section during
Dec. amounted to only $253.827,000 which is 12% less than Dec. 1926
production. It should be noted, however, that business In this section
during Dec. 1926 amounted to a 20% increase over sales in the same month
of 1925.
Although 1927 showed only a very slight gain over 1926 production, it is
felt that business is more normal and that conservative Increases may be
expected in most parts of the country during 1928.
The various sections of the United States report the following sales• experience during Dec. The East South Central States gained 2% over
Dec. 1926 production while sales in the East North Central States were
practically identical with sales in the same month last year. As compared
with Dec. 1926 volumes, the West North Central, South Atlantic, and West
South Central States lost 1% each. The Pacific. Mountain, and New
England sections decreased 4%. 6%.and 7% respectively, while sales in
the Middle Atlantic States fell off 12%.
1927 Marks New High Point in Life Insurance Sales in
Canada Gain of 7% Over 1926 Record.
The record production of ordinary life insurance in 1927
reflects the general prosperity of the Dominion. New
business last year reached a total volume of 16502,438,0007% higher than 1926 production, according to figures issued
by the Life Insurance Sales Research Bureau under date
of Jan. 21 the Bureau says:
Back of the reports of dwindling industrial earnings and
rising business
failures in the last year is oftentimes the story of unwise
expansion in
merchandising and manufacturing.
Expansion is a good thing when It rounds out the operation of an industry
and permits of a logical enlargement and cultivation of a profitable
market
and kindred channels of trade. That is the principle underlying
the great
development of American business enterprise.
We have at this time excessive productive capacity in
many lines of
business. Everywhere, on the part of producers, there
is evident the
tendency to strive after volume, even if the resulting product
must be
disposed of at ruinous prices. We need look no further than at
some of
the great basic industries. Huge over-production in the petroleum
industry,
the depression level of prices in the iron and steel industry,
and the deplorable conditions in the bituminous coal industry are symptons
of this
difficulty.
With large productive capacity, competition naturally is
keen. In an
effort to cut costs to meet competitive prices, producers have
Introduced
all manner of improvements and economies. This has been good
in itself,
because it has tended to lower costs, but, due to the intense competition
created by the resulting additional supplies of commodities on the
market,
the savings In cost to the producers frequently have been more
than
swallowed up by price reductions.
Loading of Railroad Revenue Freight Increasing.
Loading of revenue freight for the week ended on Jan. 14
totaled 906,734 cars, according to reports filed on Jan. 24
by the Car Service Division of the American Railway Association. This was an increase of 152,672 cars above the preceding week, which included the New Year holiday, with
increases being reported in the total loading of all commodities. The total for the week of Jan. 14 was, however,
a decrease of 35,997 cars under the same week in 1927 while
it also was a decrease of 25,001 cars compared with the
corresponding week two years ago. Details are summarized as follows:
Miscellaneous freight loading for the week totaled
314.635 cars, an Increase of 659 cars over the corresponding week last year
but 5,444 cars
December business alone totaled 248.899,000-the highest month on below the same week In 1926.
record and better by 3% than December 1926. Previous high months
Coal loading amounted to 191.224 cars, a decrease of
37,216 cars under
were $17.366.000 in December 1926 and $48.104,000 in October 1927. the same week in 1927 and 1.301 cars below
the same period two years ago.
The yearly record is especially convincing since 87% of reporting companies
Grain and grain products loading totaled 48.633 cars, an
increase of 4.650
show increased volume for 1927 as compared to 1926. The report Includes cars above the same week last year but
611 cars under the same period in
the production of new paid-for business by companies having in force 84% 1926. In the western districts alone,
grain and grain products loading
of the total legal reserve life insurance outstanding in Canada and is there- totaled 34.512 cars. an Increase of 6.809
cars over the same week in 1927.
fore indicative of general expreience.
Live stock loading amounted to 32.386 cars, a decrease
of 622 cars under
All provinces with the exception of Saskatchewan share in the Dominion the same week last year and
2.183 cars under the same week in 1926. In
gain of 7% for the year. Increases range from 2% In Manitoba to
the
western
districts
alone,
live
stock
10%
loading totaled 24.830 cars, a decrease
in Quebec. Gains for the month vary throughout the Dominion. Ontario of 630 compared with the same week
In 1927.
and Quebec. which produce over half the entire business written In Canada.
Loading of merchandise and less than carload lot freight
totaled 239.940
record conservative increases of 4% and 2% respectively over December cars, an Increase of 2.122 cars
above the same week in 1927 but 1,983
1926. Other gains range from 3% in Nova Scotia to 17% in Manitoba.
cars under the corresponding week two years ago
Among other cities, gains for the year range from 4% in Winnipeg to
Forest products loading totaled 59.839 cars. 5.181
cars below the same
36% in Ottawa
All cities record increased sales during 1927 although week last year and 0.062 cars under the
same week In 1926
several decreased somewhat In December over last December's high records.
Ore loading totaled 9.008 cars, 454 cars above the
same week last Year
but 751 cars below the same week two years ago.
The following statistics for the year are presented:
Coke loading amounted to 11.069 cars. 863 cars under
the same week in
1927 and 6.666 cars below the corre-monding week in
1926.
Canada
British
New
All districts reported decreases in the total
Alberta.
Total.
Columbia. Manitoba. Brunswick.
1927.
loading of all commodities
compared with the corresponding week In 1927 except
the Northwestern,
$
while all except the Southern District reported
5
decreases compared with
January
36,986.000 2.658,000 2.492.000 2.210.000
750,000 the same period In 1926
February
35.525,000 2,441.000 2.355.000 2.354.000
713.000
Loading of revenue freight in 1928 compared
March
42.883.000 2.666.0410 2.872.000 3.140.000 1,092.000
with the two previous
April
41.631,000 2,648.000 3.050.000 2.912.0,10 1 067.000 years follows:
Ma.
44.553.000 2.935.000 3,1116.000 2.680.000 1.102.000
1928.
June
45,298.000 2,982.000 2.964.000 2.668.000 1.164.010 Week ended
1927.
1926.
Jan.
754.062
July
39.962.000 2.540.000 2.572.000 2.731.000
741.000 Week ended Jan. 7
9:13.890
907.622
14
906.734
August
38.360.000 2.553.000 2.573.000 2.540.000
952.000
942.731
931.735
September
35.302.000 2.453.000 2.563.000, 2.598,000
922.000
Total
October
1.660.796
48.104.000 3.030.000 3,205.000 3,179.000 1.137.000
1.876,621
1,839.357
November
44.935.000 3.735.000 3.033.0001 3.098.000 1.103.000
December
, 48,899.000 4.104.000, 3.103.000 3.835.000 1.081.000
Downward Trend of Money Temporarily at
Year's total
502.438.000 34,745.000 33.978.000 33.985,000 11.824.000
End Accord1927.
Jan ____
Feb._ __
March__
A9,11._ _
Ma) _ __
June _ __
July - __
Aug.--Sept ___
Oct .___
Nov ___
Dee_ _ _.
Nova
Scotia.
$
1.357.000
967.0110
1.136.000
1.350.000
1.321.000
1.603.003
1,295.048)
1.303.04)0
1,126.001
1.520.04)0
l.74.000
1.663.0041
Ontario.
3
15.640.000
13.861.000
16,419.000
15.691.000
18.466.000
17.584.000
15.482.000
13.562.000
12.699,000
18.647.000
IS. 151.488)
17.743.000
prince I
Edward laid
I
$
149,000
159.000
231.000
222.000
199.900
201.000
220.000
246.01)0
218.0110
245.000
217.000
2541510
Quebec.
$
9,331.000
10.401.000
11.7711.040
11.962.000
11,334,000
12.641.000
10.992.000
11.352.000
10.031.000
14.159.000
12.389.001)
13.207.000
Saskatche- Newfoundwan.
land.
$
2,233,000
2.037.000
2.738.000
2,454.000
3.037.000
3.187.000
3,172,000
3.069.000
2.487.000
2.696.000
3.639.000
3.592,000
$
166.000
237.000
310.000
245.000
313.000
304,000
217.000
170.000
205.000
286.000
296,000
319.000
ing to National Bank of Commerce in New YorkIn Business Outlook Bank Predicts Expansion
In
Buying.
Predicting an expansion in buying, the National Bank
of Commerce in New York, in its review of conditions
Jan.
20, says in part:
Amid the quiet now pervading industry, a
quickening rate of operations
in the steel plants ia the forerunner of the
expected revival of general
business activity. Steel making operations have
already advanced markedly
from the low level of recent months. Further
improvement is looked
for since the unfilled orders of the leading
producer rose sharply in December and again compare favorably with the
figures of a year ago.
Years
,
•..•...
... r., V. nnn 1,14 AA C. 1.1.1. 0 CC. Ann' Igli C01.i 000 IA IA I 111111 1, ARO nnn Scrap prices which are particularly sensitive to the fluctuating demand
for steel have also been rising moderately in the
last two mouths.
The better outlook in the steel industry results
chiefly from a good
increase in railroad orders for equipment and
rails, from the sustained
John Sherwin of Union Trust Co., Cleveland, Warns level of construction and from the stepping up of
automobile production.
Business Against "Red Ink" Expansion Excessive Railroad buying, sharply curtailed last year, may expand moderately in
the present year even though current revenues
are not such as to enProduction Capacity in Many Lines Likely to courage
a great increase in steel demand from
this source. Heavy conBring Ruinous Prices.
struction seems likely to continue without much
reduction for some time.
In
physical
terms,
at
least,
American
business
the
against "red ink" expanautomobile industry promises a high
A warning to
rate of activity in coming months, while
implements, wire and ether
sion is sounded by John Sherwin, Chairman of the Board of products for farm consumption should
reflect the betterment of the agrithe Union Trust Co., Cleveland, writing in the current issue cultural position. These various lines of enterprise
are so interrelated
of the Nation's Business. One of the great difficulties and their ramifications are so extended that they are likely to stimulate
and in turn to he stimulated by a general
quickening of industrial activity.
afflicting business in the past year, ht, says, has been the
Elsewhere affairs are still moving very quietly
as is usual at this seaoverstraining after volumes attained at a loss. The banker son. The cotton-textile industry last year
was enjoying an unusually
JAN. 28 1928.]
497
FINANCIAL CHRONICLE
level but as
heavy volume of demand. Present business is below that
good volume.
measured against a more normal condition is in reasonably
unsold
The woolen and worsted manufacture feels the effects of goods
prices
because of past unseasonable weather. Shoes face high raw-material
most
on one side, a sluggish demand on the other. So it goes through
of the staple lines of production-a period of quiet but or confidence,
schedproduction
because there is no inflation either of supplies or prices,
well
ules have been kept in line with demand, and the future is pretty
certain to bring about an expansion in buying.
New work contemplated in this district during the week
Jan. 14 to 20th reached a total of $39,998,300. This figure
was 1% over the weekly average of 1926 and was 11% ahead
of the weekly average for 1927.
In its discussion of money trends the Bank says:
After a number of years of a generally downward trend in money rates,
there are now stzne indications that this movement is at least temporarily
at an end.
A rough guide to the changing situation is afforded by the relation
between the aggregate deposits of all the banks and the total available
supplies of gold upon which they are based. It was in 1924-that money
rates became really easy. At the middle of that year aggregate deposits
were about 43 billion dollars, and the total gold stock of the United States
2%. Since then de/
was 4% billions-a ratio of gold to deposits of 101
posits have risen steadily. Figures for the end of 1927 are not available, but deposits were probably not much below 53 billions. Meanwhile gold has flowed in and out, but the total stock is not greatly
has
changed-it is now 4 1-3 billions. But the ratio of gold to deposits
fallen nearly to 8%. In 1920, the ratio was 7%. As gauged by this
in a
rough measure it is obvious that, credit-wise, the country is
position midway between the fundamental ease of 1924 and the extreme
stringency of 1920.
year,
During the latter months of 1927 and continuing into the present
stocks
there have been considerable experts of gold. The net reduction in
was $151,.
for 1927, through earmarking for foreign account or export,
in
000,000. The principal objectives in the international money market
basis,
1928 are likely to be: the definite return of France to a gold
and
the consolidation of British note issues under the Bank of England
stathe continued defense of the numerous currencies which have been
bilized during the past year or two. Whether or not the effort to attain
these objectives will result in further material losses of gold is at this
time impossible to foresee.
Report of Bureau of Business Research Regarding Employment in Ohio Construction Industry, Blast Furnace Industry, Steel Works and Rolling Mills, Etc.
The following information regarding employment and
wages during December in the Ohio construction industry,
the Ohio blast furnace industry, Ohio foundries and machine
shops, Ohio steel works and rolling mills, &c., is made available by the Bureau of Business Research of the Ohio State
University:
OHIO CONSTRUCTION INDUSTRY-MONTH OF DECEMBER 1927.
Index of Employment by Menthe.
1927.
1926.
Number of wage earners, actual
Correction for seasonal variation
Dec. Jan. I Feb. I Mar.i Apr. Mai,.1 June.
65
66
89
62
85
691 77
69
69
71
88
88 103
90
1927.
July.lAug.1 Sept.) Oct. Nov. 1 Dec.
88
74
Number of wage earners, actual
Correction for seasonal variation
96 I
79
95 I 84
71
78
73
66
61
65
INDEXES OF EMPLOYMENT IN THE OHIO CONSTRUCTION INDUSTRY
(Corrected for seasonal variation.) In each series average month 1923 equals 100
World Wheat Prices Lowest Since 1923, According to
Food Research Institute of Stanford University.
For three months English importers and American millers
have been paying lower average prices per bushel for wheat
than in any period of similar length since 1923, according to
a publication just issued by the Food Research Institute of
Stanford University, California. Advices from the Institute state:
City.
Akron
Canton
Cincinnati
Cleveland
Columbus
Dayton
Toledo
Youngstown
Number of Wage Earners.
No. of
Reporting
Firms November December Change from Change from
Nov. 1927.. Dec. 1926.*
1927.
Dec.i927 1927.
-39
--21
51
65
18
--II
+4
29
28
10
-23
-8
61
67
6
-37
-11
56
63
24
-52
+21
71
69
10
-73
-28
55
78
8
+65
+25
118
94
5
+5
--2
62
63
4
-28
-1
65
66
103
An State
*Minus(-) indicates per cent decrease.
Employment in the Ohio construction industry in December was 16%
less than in November. This decline is 1% greater than the normal
Canadian wheat of the higher grades, however, has been no cheaper than seasonal decline of 15%. Employment in December was 28% less than
in 1926 on account of the small proportion of high quality wheat In the In December 1926. Employment in December in five of the eight cities
crop, and in the United States soft red winter wheat has commanded a was less than in November. and in six of the eight cities was less than in
premium. World wheat prices declined from the level prevailing in early
December 1926.
August as a large crop in Canada became assured despite late seeding and
INDUSTRY-MONTH OF DECEMBER 1927.
danger of rust and frost, but during October-December price fluctuations OHIO BLAST FURNACE
Index of Employment by Months-Number of Wage Earners.
were small. Lower world prices than in the three preceding years reflect
19371927192673
an easier international statistical position. The world crop, exclusive of December
f44 1 September
92 April
years
except
76
post-war
1923:
In
largest
the
October
93
now
China,
appears
and
Russia
May
192779
96 November
94 June
but it is little above the time of normal growth. The international position January
72
December
89
July
98
February
Is slightly easier than in 1926-27. Partly because of large carryovers into March
72
95 August
the Crop year, exporting countries have larger supplies available: but even
furnaces
blast
The December employment reports from seven Ohio
with allowances for growth of consumption, Importers require a little less
show a decline from November which brings the index to the low point
wheat.
registered in August 1927. Employment in December was 10% less
Outlook for Trade and Prices.
than in November and 22% less than in December 1926.
International trade for the crop year 1927-28. as measured by net exports,
The "Iron Trade Review" reports 53.6% of the Ohio blast furnaces
promisee to reach 825 million bushels. The United States. Canada and In
operation in December. This Is I% less than November and 15%
an
bushels,
extraordinarArgentina will probably provide about 693 million
lees than December 1926.
India,
Russia
Australia,
from
exports
while
ily large proportion of the total,
DECEMBER 1927.
and the Danube countries will be small. Germany and Italy will probably OHIO FOUNDRIES & MACHINE SHOPS-MONTH OF Earners.
Index of Employment by Months-Number of Wage
import appreciably more wheat and flour this year than last; France,Poland.
1927
19271926Egypt and the Orient will take less. International trade bids fair to follow
88
101 September
95 April
December
85
96 October
a more normal course than in 1926-27, when high ocean freight rates in
May
192782
95 November
94 June
September-November disproportionately restricted trade in the first half January
82
December
96
98 July
February
of the year and swelled it in the second half.
90
August
100
March
No substantial reasons now appear for anticipating material departures
The December employment reports from 64 Ohio foundry and machine
from the November-December level of world prices, at least until new-crop
employment situation from November.
prospects begin to exert an influence in May. Carryovers out of 1927-28 shops show no change in the
than in December 1926.
are likely to be larger than those of 1926-27. more particularly in the United Employment in December was 14% lees
The increases from November in Cincinnati. Cleveland. and Columbus
States: but no such increase is probable as occurred last year.
were offset by the declines in Dayton and Toledo. Cincinnati was the
The publication referred to is "Survey of the Wheat only city to show an Increase from December 1926.
-Situation, August to November 1927," published as No. 3,
Vol.IV,of"Wheat Studies" of the Food Research Institute,
Stanford University, California, January 1928.
and Construction Contracts in New York
City Increasing.
Contracts awarded last week on new building and engineering work in the metropolitan district of New York amounted
to $33,099,100, according to F. W. Dodge Corp. This is
an increase of 12% over the weekly average of 1926 and is
24% ahead of the weekly average of 1927. Comparisons of
the figures from 1926 to date are as follows:
Engineering
City.
Number of Wage dames.
No. of
Reporting
Firms November December Change from Change from
Dec 1926.
Nov. 1927.
1927.
1927.
Dec. 11127
Cincinnati
Cleveland
Columbus
Dayton
Toledo
8
18
4
3
4
99
87
51
74
44
102
88
67
65
39
+2
+1
+12
-13
-13
+1
-20
-2
-21
State
64
82
82
-1
-14
-as
OHIO STEEL WORKS St ROLLING MILLS-MONTH OF DECEMBER 1927,
Index of Employment by Months-Number of Wage Earners.
19271927192694
104 September
101 April
December
89
105 October
1927May
88
November
102
June
101
January
84
100 December
100 July
February
Construction Contracts.
96
105 August
March
429.817,700
Weekly average 1926
rolling
and
works
steel
Ohio
12
from
reports
employment,
The
December
26.781.100
Weekly average 1927
47.333.300 mills show a continuat on of the decline which started in June. EmTotal Jan 1 to 13 1928
33.099,100 ployment in December was 4% lees than In November. 17% less than in
Last week's total
for 1927.
Analysis of last week's construction record shows that December 1926. and 20% less than in May, the peak
RSMANUFACTURE
PARTS
AUTOM0BLIE
or
47%
of
to
AND
$15,428,200,
OHIO
amounting
AUTOMOBILE
residential buildings
MONTH OF DECEMBER 1927.
in
this
of
construction
district.
class
leading
the
was
total,
Months.
the
Indexes of Employment by
192719271926Two large contracts for subway work helped to make the December
101 September
75
April
84
total
of
$9,272,000, or
105 October
70
1927public works and utilities reach a
MAY
97 November
68
June
January
76
and
commercial
buildings
construction;
total
89 December
76
28% of the
85 July
February
86
94 AugustMarch
$6,222,000, or 19% of the total.
amounted to
FINANCIAL CHRONICLE
Canada.°
PassengerPassenger
Total. I Cars.
Trucks.
Total. I Cars.
Trucks.
1923-January
February
March
April
May
June
July
August
September_ _ _ _
October
November.__
December
Total
1924-January
February
March
April
May
June
July
August
September_ _ _ _
October
November_ _ _
December
244,302
277,601
358,779
377,936
393.826
378.558
330.039
346,843
327.892
365,451
313,597
305,431
21,667
24,330
36,320
39,232
45,223
41.807
31,297
31.254
28.738
31,038
28,692
28,929
4,020,255 3,631.728
388,527
146.438
129,228
17,210
318,526 287,417
370,319 336.094
382,718 345,900
375.858 336,814
314,105 276,755
251,775 219.798
270.312 241,322
284,649 254,019
296,333 261,875
294,643 259.836
234.615 204,173
207,065 179,046
31,109
34,225
36.818
39,044
37,350
31,977
28.990
30,630
34,458
34.807
30,442
28.019
11,588
13.751
17.234
16,381
17,044
11,707
9.726
6.316
7,939
7,627
7,013
8.890
9.841
12.072
15,194
14.448
15,291
10,757
8.619
5,436
6.588
6,357
5.962
7,200
1,747
1.679
2.040
1,933
1,753
950
1,107
880
1,351
1,270
1,081
1,690
397,869
135,246
117,765
17,481
29.705
35.340
46,457
49 554
45,918
39,850
42,976
38,996
58,651
44,782
39,322
33,694
9,866
12,472
15,103
17,091
20.239
16.043
12,985
8,916
12,852
15.615
10,978
9.229
8,301
10,779
13,014
15,515
18,351
14,249
11,140
7,430
10.372
13,921
8,741
7,498
1,565
1.693
2,089
1,576
1,888
1,794
1,845
1,486
2,480
1,694
2.237
1,731
161,389
139,311
15,479
18,838
22.374
21,502
24,934
21,751
15,208
15,261
17,495
14,670
9,828
7,752
11,781
14,761
17.089
17,929
21,429
18,818
12,953
12,778
12,624
10.595
6,774
6.052
441.307
421.184
387.900
359,275
426.606
395,687
334.421
256.301
167,924
389.233
375.317
343.708
319,688
382,651
352,202
292,562
222,419
139,850
789
1,129
1.382
1,617
1,996
1,616
1,407
1,614
1,345
1,439
1,569
1.307
.8 :',38416-2`a',V4882,-
The December volume of business in this district receded farther below
the level established in the early fall months. The December volume of
debits to individual accounts is ordinarily 4% larger than the November
volume, but in 1927 the 17 reporting cities experienced a decline of 10%.
The return of money from circulation exceeded the issue of money by this
bank during December for the first time since 1921. It is probable that
unfavorable weather conditions contributed largely to the poor business
Total
3 600,918 3,203,049
showing.
1925-January
240.592 210,887
The volume of business continued to exceed the 1026 volume, although
February
283,577 248,237
by a smaller margin. Debits to individual accounts were 3% larger in
March
374,425 327,968
April
433.783 384,229
December than in the corresponding month last year and carloadings
May
419,267 373,349
of freight during the four weeks ending Dec. 24 were 2% larger. Flour and
June
398.490 358,640
linseed products shipments during December were larger than in Dec.
July
397.753 354,777
1926. Building reports showed conflicting trends with building permits
August
260,590 221,594
September.... 325,847 267,196
larger than in Dec. 1926 and building contracts smaller than in Dec. 1926.
October
442.114 397.332
The agricultural industry continued to show larger income from crops
November
372.498 333,176
than a year ago but smaller income from livestock marketings. The value
December
316,768 283,074
of wheat, rye and flax marketed during December was estimated to exceed
Total
4263.7043.760.459
the value of December marketings in 1926 by 63%. The value of hog
marketings, on the other hand, was 30% lower in December than in the 1926-January
309,544 277,831
corresponding month last year. Smaller beef cattle marketings continued
February
364.180 325,122
March
334,470 387,570
to offset higher prices for this class of livestock.
April
May
June
July
August
September_
October
November_ _ _ _
December
00000.,4.wc,cnbao
cAvo,—go,-0.6.www
Agricultural and Financial Conditions in Minneaplois
Federal Reserve District.-Poor Business Attributed to Unfavorable Weather Conditions.
In its preliminary summary of agriculture and financial
conditions, issued Jan. 23, the Federal Reserve Bank of
Minneapolis says:
United States.
0'
116
128
The December employment reports from 15 Ohio tire and tube manufacturers show an increase for the first time since May 1927. Employment in December was 4% greater than in November and 3% greater
than in December 1926.
According to the monthly report of the Rubber Association of America,
production of tires in October was 1% less than in September, and 7%
less than In October 1926. Production of tubes in October was 10%
ess than in September and 18% less than in October 1926.
OQCa-toto0aCr00
129 November
128 December
AUTOMOBILE PRODUCTION.
(Number of Machines.)
112
115
112
0'coCc:i.MO--.3 to
,wc.,wocoam.
48,-...
May
113 June
116 July
121 August
1927.
W
112 AprII
1927124 September
130 October
NOW
January
February
March
1927-
making passenger cars and 120 making trucks (18 making
both passenger oars and trucks), and is a revision of the totals
previously shown. Figures for passenger cars include taxicabs and those for trucks include ambulances, funeral cars,
fire apparatus, street sweepers and busses. Canadian figures
have been supplied by the Dominion Bureau of Statistics.
WNWNWMWWWWNI.2
Index of EmPlornent by Months-Number of Wage Earners.
1926December
1927-
[VOL. 126.
04.4.0WW0GOWN
The December employment reports from 25
automobile and automobile
parts manufacturers show an Increase in employment
for the first time
since May 1927. Employment in December
was 28% more than in
November and 11% lees than In December
1926.
Passenger car production in the United States in November
was 41%
less than in October and 50% loss than in
November 1926.
TIRE AND TUBE INDUSTRY-MONTH OF DECEMBER
-.1..4..ammow0.4.w0m
498
Automobile Models and Prices.
In addition to the new President Straight Eight announced
by the Studebaker Corporation of America at the National
Automobile Show, the corporation is also introducing new
Total
Commander and Dictator bodies and models. The most
4,298,799 3,808,753 490,046 205,092 164,483
40,609
outstanding feature of the announcement is the revelation 1927-January
238,926 199,650
39,276
15,376
11,745
3.631
February
304,758
264,171
40,587
18,655
14,826
3,829
of the increase in power resulting from changes in the design
March
394.430 315,911
48,519
23,250
19,723
3,527
April
404.743 ,357.009
47,734
of both the Commander and Dictator motors, which during
24.611
20,890
3,721
May
401,099 357,148
46.951
25.708
21,991
3,717
June
321.959 278,728
the past year have set numerous records for speed and per43,231
19,208
16,470
2,738
July
268.474 236,866
31,608
10,987
8,719
2,268
formance. As a result of the new performance built into
August
308.807 274.378
34,429
12,526
10,139
2,387
September..
260,420
226,440
33,080
11
262
8 681
these motors, Studebaker now holds, it is stated, every offi2,581
October
219.712 183,041
36,671
7,791
6,236
1,555
November_ _ _. 134,381 109,742
24,639
cial endurance and speed record for fully equipped stock cars
6,617
1,444
5,173
December
133,178 105.784
27,394
3,435
2,277
1,158
regardless of power or price. The new Commander motor
Total
3,393,887 2.938,868 453,019 179,4261
146,870
32,556
has been raised from 75 to 85 horsepower at 2800 r.p.m.
*Reported by Dominion Bureau of Statistics.
The Dictator's motor has been given an increase from approximately 45 horsepower to a new rating of 65 horsepower.
Chromium plating has been adopted for all exterior bright Automotive Parts and Accessory Business Again on
Upward Grade.
plated parts, including radiator, headlamps, cowl lamps, and
The automotive parts and accessory business is on the
bumpers.
The Commander is available in a wide range of body types, upgrade again after the seasonally low final quarter of 1927.
including 5-passenger sedan,$1,495; 5-passenger sedan Regal, December showed some improvement over November, ac$1,625; a coupe Regal for four with auxiliary seat, $1,625; a cording to the Motor and Accessory Manufacturers Assobusiness coupe for two, $1,495; a Victoria for four, $1,495; ciation, and January business appears to be running suba Victoria Regal, $1,625, and the sport roadster at $1,695. stantially ahead of the previous month.
Reports to the Association from numerous members inAll prices f.o.b. factory.
Dictator models include the following: 5-passenger sedan, dicate that January will be a big month, it is stated, par$1,195; 5-passenger Royal sedan, $1,295; Victoria, for four ticularly for makers of motors, bodies, parts and accessories
$1,295; coupe for two, $1,195; coupe for four, $1,295; sport supplying the car manufacturers with original equipment.
roadster for four, $1,245; and five and seven passenger tourers Some companies in the membership have been operating
in January on the largest schedules in their history. With
at $1,165 and $1,245 respectively.
expanding car and truck sales, business has also been gaining
during the month for makers of parts, accessories and shop
Automobile Production at a Low Ebb.
equipment who sell through the wholesale and retail trade.
December production (factory sales) of motor vehicles in Prospects for a busy first quarter are deemed
excellent.
the United States, as reported to the Department of ComThe upturn in production, which did not make its appearmerce, was 133,178, of which 105,784 were passenger cars ance a year ago until January, was apparent
the present
and 27,394 were trucks. This was the smallest of any winter in December. Shipments of a large group
of remonth of any year since February 1922. It compares with presentative members of the M. & A. M. A. for December
134,381 passenger cars and trucks in November and with aggregated 109% of Jan. 1925, the base index, as com167,924 in December 1926 and with 316,768 in December pared with 102% in November and 94% in Dec. 1926.
1925. Total production for 1927 was only 3,393,887 as
A sharp upturn occurred in original equipment business.
compared with 4,298,799 in 1926 and 4,265,704 in 1925.
Manufacturers in this group made shipments in January
The table below is based on figures received from 155 aggregating 111% of Jan. 1925, as compared with 99% in
manufacturers in the United States for recent months, 53 November and 95% in December last year.
JAN. 28 1928.]
499
FINANCIAL CHRONICLE
Replacement parts business dropped slightly from 132%
in November to 126% in December, as compared with 109%
in December of the previous year. Accessory sales to the
trade reached a new low level with virtual cessation of new
car deliveries pending appearance of the new models at the
January shows. The December index of accessory shipments
was 61%, as compared with 75% in November and 64%
in Dec. 1926.
Shop equipment manufacturers had aggregate December
business of 104% as compared with 143% in November and
112% in Dec. 1926. This division of the industry is expected
to improve rapidly as a result of increasing business in the
car dealer establishments and widespread promotion of
shop equipment through the medium of special sections in
the principal automobile shows.
Lumber Industry Order File Grows.
Telegraphic reports received by the National Lumber
Manufacturers' Association from 477 of the major commercial
lumber mills of the country for the week ended Jan. 21
apparently show increases in production, shipments and new
business over the week before. But, allowing for a variation in the number of mills, the status was about the same.
The total reported production was 235,551,490 feet; normal
240,974,077. Compared with the same period a year ago,
production, shipments and orders this week are larger, orders
being about 10% more.
The softwood mill reports reveal a slight increase this week
in all three factors, when considered in the light of the smaller
number of reporting mills. Compared with the same week
last year, these mills enjoyed more activity, particularly in
new business. Production was practically normal.
The hardwood operations, reporting from 143 units,
showed apparent increases in all three factors, when compared
with reports from 129 mills for the week earlier, and the increase in orders was actual. Compared with the corresponding week a year ago, when 116 mills reported, there were
notable increases in all items, but production was considerably below normal, observes the National Association, adding:
Unfilled Orders.
The unfilled orders of 220 Southern Pine and West Coast mills at the end
of last week amounted to 601,472,812 feet, as against 562,832,673 feet for
221 mills the previous week. The 106 identical Southern Pine mills in the
group showed unfilled orders of 221,773,706 feet last week, as against 211,632,960 feet for the week before. For the 114 West Coast mills the unfilled
orders were 379,699,106 feet, as against 351.199,713 feet for 115 mills a week
earlier.
Altogether the 334 reporting softwood mills had shipments 101% and
orders 119% of actual production. For the Southern Pine mills these percentages were respectively 97 and 112; and for the West Coast mills 90 and
115.
Of the reporting mills, the 334 with an established normal production for
the week of 215,305,077 feet gave actual production 99%,shipments 100%
and orders 118% thereof.
The following table compares the lumber movement as reflected by the
reporting mills of seven softwood and two hardwood regional associations
for the three weeks indicated:
The California White and Sugar Pine Manufacturers' Association of San
Francisco reports from 19 mills production as 8.061.000 feet, as compared
with a normal figure for the week of 7,791,000 feet. Twenty-two mills for
the preceding week reported production as 13,572,000 feet. Shipments
were somewhat less and orders much less than for the week earlier. (Twelve
mills were closed.)
The California Redwood Manufacturers' Association of San Francisco
reports from 15 mills production as 8.827,000 feet and normal production
for the week as 6,260,000. Last week 16 mills reported production as
8,588,000 feet. Shipments and orders showed noticeable decreases.
The North Carolina Pine Association of Norfolk. Va., reports from 24
mills productionas 6.471,876 feet, as compared with a normal production
for the week of 8,610,000 feet. Twenty-three mills for the week before
reported production as 5,455,244 feet. Shipments and new business were
somewhat larger this week.
The Northern Pine Manufacturers' Association of Minneapolis, Minn.,
reported production as 6,780.000 feet, as compared with a normal figure for
the week of 4,279,600 feet. Eight mills reported production as 6,742,900
feet for the week earlier. Shipments were somewhat larger and there was
a nominal increase in new business.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, Wis. (in its softwood production), reported production as 1,139:
000 feet, as compared with a normal production for the week of 1.981,000.
Last week 18 mills reported production as 1.288,000 feet. There was a
slight decrease in shipments this week and new business about the same as
that reported the week before.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, Wis., reported from 14 mills produciton as 4,224,000 feet. as compared with a normal figure of 3,997,000. Eighteen mills the previous week
reported production as 4,788,000 feet. Shipments showed a slight decrease,
with a good gain in new business this week.
The Hardwood Manufacturers' Institute of Memphis, Tenn., reported
from 129 mills production as 17,776.000 feet, as compared with a normal
production of 21.672,000. Ninety-eight mills for the preceding week reported production as 12.439,000 feet. There were marked increases in
shipments and new business this week as compared with reports for the week
earlier.
West Coast Lumbermen's Association Weekly Report.
One hundred fifteen mills reporting to the West Coast
Lumbermen's Association for the week ended Jan. 14 1928
manufactured 99,383,914 feet, sold 105,614,992 feet and
shipped 95,784,424 feet. New business was 6,231,078 feet
more than production and shipments 3,599,490 feet less
than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Week Ended—
Jan. 14 1928. Jan. 7 1928. Dec. 311927. Dec. 24 1927.
113
No. of mills reporting_ ___
115
113
109
93,181,982
Production (feet)
49,238,474
99,383,914
63,876,727
New business (feet)
80,243,638
105,614,992
64,681,074
67,317,914
93,841,241
Shipments (feet)
95,784,424
68,365,560
66,522,971
Unshipped Business—
Rail (feet)
140,434,374 127,739,196 120,154,784 111,715,158
Domestic cargo (feet)
112,357,129 111,533,253 105,772,575 110,394,437
98,498,080 109,555,606
Export (feet)
98,408,210 100,515,723
Total (feet)
First Two Weeks of—
Average no. of mills
Production (feet)
New business (feet)
Shipments (feet)
351,199,713
1928.
114
163,260,641
170,296,066
164.465,498
339,788,172
1927.
103
158,864,417
182,682,650
148,309,319
324,425,439
1926.
103
110,658,239
166,649,073
149,687,282
331,665,201
1925.
119
153,907,420
139,403.566
158,352,732
Dwight Manufacturing Co. of Chicopee, Mass., Shuts
Down for Two Weeks.
On Jan. 20 Associated Press advices from Chicopee, Mass.,
said:
The Dwight Manufacturing Co. to-day closed its textile mills, employing
about 1,500 persons, for two weeks, due, according to the management, to
Corresponding
Preceding 1Veek 1928
trade conditions. The wording of the notices, stating that employees would
Past 1Veek.
Week 1927.
(Revised).
be notified by foremen when they were needed, is taken to imply that the
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood. shut-down may exceed the period stated. The mills were closed for ten
days just prior to the new year and have since been operated five days a
Mills
334
143
359
129
345
116
Production_ 213,551,000 22,000,000 201,820,000 21,176.000 210,515,000 17,227,000 week.
Shipments _ 216,141,000 19,549,000 208,854,000 18,272,000 215,039,000 16,512,000
Orders
254,493,000 24,161,000 227,095,000 21,339,000 255,845.000 19,217,000 10% Wage Cut at Lancaster Mills, Clinton, Mass.
Note—Normal" production as now reported by all but two of the nine reporting
The "Wall Street News" of Jan. 24, stated:
associations to the National Lumber Trade Barometer is an average of past actual
production over a period of from two to five years, Immediately preceding 1928.
The employees of the Lancaster Mills in Clinton were notified yesterday
The two exceptions base reports on estimated capacity.
of a 10% reduction in wages effective Jan. 30, according to a Worcester
dispatch. The mills manufacture cotton and rayon dress goods and gingWest Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new hams, giving employment to about 1,600 hands. It was also announced
business for the 114 mills reporting for the week ended Jan. 21 was 15% that the nursery where the children of the workers have been cared for durabove production and shipments were 10% below production, which was ing working hours would be closed for reasons of economy. The last wage
106,842,054 feet as against 103,611,991 normal. Of all new business taken cut was about three years ago. In connection with the present announceduring the week, 46% was for future water delivery, amounting to 56,092,- ment, the company declares it has been unable to pay dividends to stockThere are rumors that wage cuts will
683 feet, of which 37,968.001 feet was for domestic cargo delivery and holders for the last three years.
18.124,682 feet export. New business by rail amounted to -62,394,801 become more general in New England cotton mills, and that adjustments
feet, or 51% of the week's new business. Forty-seven per cent of the will occur shortly in Fall River and New Bedford mills.
week's shipments moved by water, amounting to 44,874.952 feet. of which
28.799,981 feet moved coastwise and intercoastal, and 16.074,971 feet exWage Cuts By New England Textile Mills.
port. Rail shipments totaled 47,370,570 feet, or 49% of the week's shipThe Wall Street"News"last night (Jan.27) announced the
ments, and local deliveries 4,202.309 feet. Unshipped domestic cargo
orders totaled 122,265,301 feet, foreign 102,733,587 feet and rail trade 154,- following from the Boston News Bureau:
700,218 feet.
More than 50 cotton textile mills with 50.000 employees in New England
Southern Pine Reports.
have reduced wages in recent weeks on an average of 10%. Changing
The Southern Pine Association reports from Now Orleans that for 106 business conditions, making operations at higher wage scales impossible.
mills reporting, shipments were 3.01% below production and orders were have caused the reductions.
One company which cut wages was Pepperell Manufacturing Co., oper12.47% above production and 15.96% above shipments. New business
taken during the week amounted to 73,670,716 feet (previous week 77,489,- ating mills in Lowell and in Lewiston and Biddeford, Maine. Wages also
(previous
week
58,826.784):
and
shipments.
63,529.970
feet
produchave
been reduced at Androscoggin, Bates, Continental and Hill mills, all
216);
tion 65,503,460 feet (previous week 65,610,033). The normal (three-year located at Lewiston. Approximately 10,000 employees were affected by a
average) production of these mills is 67,671.486 feet. Of the 105 mills re- wage reduction of Amoskeag Manufacturing Co., at Manchester. N. H.
porting running time, 73 operated full time,6 of the latter overtime. Three Other wage reductions have come from Dover, N. H. plant of Pacific
Mills, Lockwood Co., Inc., at Waterville, Me., Edwards Manufacturing
mills were shut down, and the rest operated from four to six days.
The Western Pine Manufacturers' Association of Portland, Ore., reports Co. at Augusta. Me., the Ipswich Mills in Ipswich and Lowell and the
the production of 32 mills as 9,927,000 feet, as compared with a normal Lancaster Mills in Clinton.
After conference with Fall River Textile Council, the Fall River Cotton
production for this week of 15.100.000 feet. Last week 33 mills reported
production of 9,845,000 feet. Shipments were slightly larger and new busi- Manufacturers' Association made general 10% wage reduction, effective
Jan.
30. Wages will be cut in 32 Fall River mills.
week.
previous
the
ness somewhat above
500
FINANCIAL CHRONICLE
Shoe Workers at Haverhill, Mass. Vote to Suspend
Work in Protest Against Reduced Wages.
Regarding a protest by shoe workers against a cut in
wages, Associated Press dispatches from Haverhill (Mass.)
on Jan. 19 stated:
For the first time in several years the shoe industry in this city was virtually at a standstill to-day as a result of more than 5,000 shoe workers
remaining away from their benches. The Shoe Workers' Protective Union
has not sanctioned a strike, but members of several locals of the union
had voted to stay away from the factories in protest against a recent decision of the local arbitration board awarding a decrease in wages.
Thirty-seven factories were completely tied up, the turn workmen being
the only craft to report and stoppage of operations in other departments
is making it impossible to continue work in the turn rooms. A few factories not affiliated with the Haverhill Shoe Manufacturers' Association
had agreed to maintain the 1927 wage list and were not affected by the
walkout.
W,hen the recent wage award was made much dissatisfaction was voiced
by the workers. Last night members of the locals of cutters. McKay and
welt workers, packers and heelers voted to remain away from the factories
to-day. The stitchers and machine operators were taking strike votes
to-day,
About 10,000 workers are employed in the industry in Haverhill.
Further Associated Press accounts from Haverhill, Jan.
21 said:
The intention of "fighting to the finish" is expressed in the first public
statement by the emergency committee representing the 5,000 striking
shoe workers in this city, issued to-day through its Secretary, William J.
Ryan. No attempt has been made to replace the strikers, who rejected
wage cuts. Charles G. Wood,a Federal conciliator, arrived here to-day,
Canadian Newsprint Statistics for December-Con'
tinued Increase in Exports of Wood Pulp and Paper
as Compared with Year Ago.
According to the report issued by the Canadian Pulp and
Paper Association, the value of exports of pulp and paper
from Canada in December 1927 amounted to $15,325,936,
this being a decline from the figures for the previous month,
but an increase of $123,796 over December 1926. The foregoing is quoted from the Montreal "Gazette" of Jan. 21,
which also says:
Wood pulp exports in December were valued at $3,812,616 and exports of
Paper at $11,513,290, as compared with $4,354,177 and 810,817,963, respectively, in December 1926.
Details for the various grades of pulp and paper are as follows:
December 1927.
PulpMechanical
Sulphite, bleached
Sulphite. unbleached
Selphate
Screenings
Tons.
20,273
18,866
17.295
14,866
2.465
Value.
$567.128
1.430,912
868,369
892.972
53.265
PaperNewsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other
73,765
$3,812,646
169.202 $11,078,887
931
100.590
5,229
38.019
1,263
11,960
2,283,834
December 1026.
31,290
15,272
24,254
13,234
Value.
$929,576
1,243,523
1,361,646
819,432
84,050
$4,354,177
Tons.
156,408 $10,344,574
1,029
117,766
5,263
47,267
1,842
15,428
322,928
$11,513,290
$10,847,963
Per the year 1927 the total value of pulp and paper exports was $176,603,299, as compared with a total of $173,491,635 in 1926, an increase for
last year of $3,111,664.
Totals for various grades are given below:
1927.
PulpMeohanical
Sulphite, bleached
Sulphite, unbleached
Sulphate
Screenings
PayerNewsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other
Tons.
260.831
237,228
192,551
169.691
18,846
Value.
$7,761,464
18,407.169
10,269,560
10,193,307
364,541
1926.
Tons.
Value.
382,077 $11.505,818
200,995 15,734,220
254,576 14,393,546
168,133 10,443,538
879.155 $46.996,041 1,005,781 $52,077,122
1 881,867 $123,222,094 1,731,986 $114,089,595
18,522
1,583.928
14,092
2.259,663
60,545
690,680
99,870
520.337
19.044
124.787
15,357
143,806
3,985.769
4,401,112
$129,607,258
$121,414,513
Exports of pulpwood reached a record high figure in 1927 at 1,541,769
cords, valued at $15,702.705, as compared with 1,391,738 cords, valued at
814,066,030, is 1926.
[Vol,. 126.
percentage of capacity operated in respect to white goods as distinguished
front dyed goods. Many of the machines used in a finishing plant are
available for both conversions, therefore the percentage of capacity operated
and the work ahead is shown for white goods and dyed goods combined.
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.
White
Goods.
Dyed
Goods.
Printed
Goods.
Total.
November 1927.
Total finished yards billed during
month:
District I
8,780,442 16,347,081 10,604,563 39,557,049
2
4,322,375
867,087 2,723,431 14,686,768
3
7.109.227 5.192,042
12,301,269
5
6,721.802
949,234
7,671,036
8
3,022,989
3,022,989
Total
29,956,835 23,355,444 13,327,994 77,239,111
Total grey yardage of finished orders
recel
District 1
8,339.109 14.374,407 7,473,153 32,994,256
2
4,313,660 1,365,063 1.716,784 15,856,573
3
7,120,317 4,268,868
11,389385
5
5,377,741
889,490
6,267,231
8
2,565,580
2,565,580
Total
27,716,407 20,897,828 9,189,937 69,072,825
Number of cases of finished goods shiPped to customers:
District 1
3,529
5,031
21,491
2,685
2
3,398
905
11.012
3
4,061
2,766
6,827
5
2,163
4,107
8
1,234
1,234
Total
Number of cases of finished goods held
in storage at end of month:
District 1
2
3
5
8
Total
Total average % of capacity operated:
District 1
2
3
5
8
Average for all districts
Total average work ahead at end of
month expressed in days:
District 1
2
3
5
8
14,385
8,702
2,685
44,671
3,746
5,238
544
3,730
1,571
336
2,327
18,495
14,278
5,107
3,007
463
9,991
5,637
White and Dyed
Combined.
57
52
73
60
117
2,327
41,350
76
71
59
56
73
463
eo
117
60
74
61
3.6
2.7
4.1
3.2
8.6
12.4
7.3
5.1
3.2
4.1
3.2
8.6
Average for all districts
3.6
11.7
4.4
December 1927.
Total finished yards billed during
month:
District 1
7,542,567 17,423,444 8,769,558 39,465,511
2
5,195,542
732,102 2,643.272 15,892,015
3
7,409,311 6,210,744
13,620,055
5
5,592,486
781,184
6,373,670
8
2.533,637
2,533,637
Total
28,273,543 25,147,474 11,412,830 77,884.888
Total grey yardage of finished orders
received:
District I
7,081,822 14,728,820 8,867.216 33,495,168
2
5,068,342 1,461,714 1,538,281 14,833,548
3
7,044,169 5355,529
12,199,698
5
4,774,490 1,464,441
6,238,931
8
3.068,768
3,068,768
Total
27.037,591 22,810,504 10,405,497 69,836,113
Number of cases of finished goods
shipped to customers:
District 1
3,400
4,987
2,433
20,469
2
4,096
647
11,007
3
4,069
2,910
6,979
5
1,195
3,054
8
878
878
Total
13,638
8,544
2,433
43,287
Number of cases of finished goods held
in storage at end of month:
District 1
3,548
3,193
2,413
18,291
2
5,916
1,019
14,154
3
538
397
5,412
5
2.723
8
479
479
Total
10,481
4,609
2,413
41,059
White and Dyed
Total average % of capacity operated:
Combined,
District 1
53
67
54
2
57
73
61
3
74
74
5
52
52
8
117
117
Average for all districts
Total average work ahead at end of
month expressed in days:
District 1
2
2
5
8
57
69
59
3.2
2.9
2.3
3.2
11.6
10.8
12.1
4.4
3.5
2.3
3.2
11.6
Report of Finishers of Cotton Fabrics for December
Average for all districts
3.2
8.9
11.0
1927.
The National Association of Finishers of Cotton Fabrics
at the request of the Federal Reserve Board, has arranged for
Activity in the Cotton Spinning Industry for
a monthly Purvey within the industry. The results of the
December 1927.
enquiries are herewith presented in tabular form. Th,
The Department o Commerce announced on Jan. 20 that
Secretary of the Association makes the following statement
according to preliminary figuroi compiled by the Bureau of
concerning the tabulation:
the Census 36,494,496 cotton spinning spindles were in place
The figures on the attached memorandum are compiled from the reports
of 28 plants, most of' which are representative plants doing a variety of in the United States on Dec. 311927, of which 31,715,388
work, and we believe it is well within the facts to state that those figures were operated at some time
during the month, compared
represent a cross section of the industry.
Note.-(1) Many plants were unable to give details under the respective with 32,269,478 for November, 32,497,504 for October,
headings of white goods, dyed goods and printed goods, and reported their 32,343,454 for September, 32,239,246 for August, 32,324,426
totals only; therefore the column headed "Total does not always represent
for July and 32,489,570 for December 1926. The aggregate
the total of the subdivisions, but is a correct total for the district.
(2) Owing to the changing character of business and the necessary changes number of active spindle hours reported for the month was
equipment at various finishing plants, it Is impracticable to give average 7,859,363,372. During December the normal time of opera-
FINANCIAL CHRONICLE
JAN. 28 1928.]
501
tion was 26 days (allowance being made for the observance will sail for Japan on Feb. 11 to be gone about ten weeks.
Hubbard said:
of Christmas Day), compared with 25% for November, In making the announcement, Mr.
"For some little time a committee of the New York Cotton Exchange
and
August
for
27
September,
25% for October, 253 for
has been giving serious consideration to the possibility of recommending
25 1-6 for July. Based on an activity of 8.78 hours per day, to the membership of the Exchange that we allow trading in raw silk
the floor of the New York
the average number of spindles operated during December futures, as well as in raw cotton futures, upon
Exchange. A number of informal and very constructive meetings
was 34,428,611, or at 94.3% capacity on a single-shift basis. Cotton
trade for the purpose
silk
have been held with various members of the
This percentage compares with 107.2 for November, 105.3 of discussing both the advisability and possibility of trading in raw sins
for October, 107 for September, 103.5 for August, 99.1 for futures.
Committee of which Mr. Lowenstein is Chairman felt that while
July and 100.7 for December 1926. The average number the"The
New York Cotton Exchange had the machinery available to inaugurate
month
the
for
place
in
spindle
per
hours
spindle
of active
trading in raw silk futures, that they could not make any recommendawas 215. The total number of cotton spinning spindles in tions to the Board of Managers until they had glien the matter the most
thought and consideration.
place, the number active, the number of active spindle hours serious
"The Committee fully realizes that in order to have future trading
and the average spindle hours per spindle in place, by States, in raw silk successful, it is necessary that our basic contract be one
which will be eminently satisfactory to the silk trade, and that only
are shown in the following statement:
Spinning Spindles.
State.
In
Place
Dec. 31.
Cotton-growing States_ _ _ 18,399,832
16.447,944
New England States
1,646,720
All other States
1,590,748
Alabama
1,131,488
Connecticut
3,047,314
Georgia
1,117.980
Maine
10,229,846
Massachusetts
175,402
Mississippi
1,421,382
New Hampshire
378.660
New Jersey
863,232
New York
6,200.420
North Carolina
2.402,440
Rhode Island
5,453,814
South Carolina
603,002
Tennessee
274.128
Texas
714,378
Virginia
890,262
All other States
Active Spindle Hours for Dec.
Active
During
December.
Total.
17,891,270 5,193.457,235
12,380.236 2,389,932,270
275,972.867
1,443,882
395.526,056
1,513,884
234,430,658
1,062,960
847.055,437
2,975.488
173.210.643
922,440
7,311,180 1,337,904.684
49.469.914
159.102
229,677,589
1,019.116
65.256,676
375,060
132,936,476
.10602
6,017.058 1.706,313.170
385,120.466
1,947.636
5,396.180 1,756,372,936
162,040,311
581.524
70,970.644
246.248
128,187,810
688,604
184,869,902
788,306
Average per
Spindle
in Place.
282
145
168
249
207
278
155
131
282
162
172
154
275
160
322
269
259
179
208
through the closes co-operation and guidance by the leading members
of the silk trade could we hope to approach a contract which would be
satisfactory. Furthermore, not only must the contract be satisfactory, but
the terms of settlement of the contract must be satisfactory, which means,
fundamentally, a standardization of raw silk which will be acceptable to
the vast majority of the silk industry.
"We understand that much has already been done in the silk industry,
looking toward a standardization of grades of raw silk, and it is the
sincere hope of this Committee that in conjunction with the silk trade
they will be able to suggest to the Board of Managers a practicable method
of silk classification, based on the recommendations made by the leading
ailk merchants and manufacturers.
"Mr. Lowenstein will shortly leave for Japan, to make a thorough
investigation of the trading in raw silk futures on the Silk Bourse of
Yokohama, as well as the production and marketing of raw silk in Japan,
for the purpose of inculcating in his final report to the Board such information as he may obtain :II Japan, which will be of benefit toward a full
development of trading in raw silk, if it should be deemed, after his
return, that such a step was advisable."
W. D. Hines on Reduced Operating Schedules of Print
Cloth Mills.
Walker D. Hines, President of the Cotton-Textile In
Progress in Use of Cotton Linters Standards.
City on Jan. 13 authorized the
Progress in the establishment and use of Government stitute, Inc., New York
following:
cotton linters standards is reported by G. S. Meloy, cotton- "Print cloth mills In the South very generally began reducing their proseed products specialist, Bureau of Agriculture Economics, duction with the week ending Saturday. December 24. By the end of
and one-quarter million spindles in print
United States Department of Agriculture. The Bureau re- December approximately two
cloth mills were operating on a schedule involving closing down from
the
of
copies
1,500
than
more
ports on Jan. 18 that to date
Fridays at noon until the following Monday mornings. The latest advices
standards for grade and character have been distributed to are that this number of spindles has been increased to approximately
operating substantially on this schedule. Announcement was
the trade. Approximately one-third the total number of 3,000,000
made on Dec. 13, to the effect that a large number of narrow shootings
standthe
of
copies
cottonseed oil mills of the country have
mills having more than 1.600,000 spindles had reduced their weekly proards, and practically all large concerns that convert linters duction in like manner. These mills have continued on this reduced schedule
and additional mills have since reduced their weekly production in a similar
chemically; the Bureau in its advices also states:
weekly reductions are over and above numerous other reTinHai Qin...
an in.. Ana
al 515 sea
'7 ARO ass R79
nix
Extensive research has been made with regard to the color of linters.
much confusion existing throughout the trade on this factor. Mr. Meloy
declares there are, strictly speaking, but two basic normal colors of linters,
olive and buff. Each of these colors, however, varies in shade in the various
sections of production.
The objects of the linters standardization program are to improve production and facilitate marketing. Both objects are being achieved, as
indicated by the widespread demand for copies of the standards. Practical
application of the standard grades is being made by several branches of the
Federal Government which purchase mattresses the grades appearing in
Government specifications for mattress felts. Steps are being taken also
to prepare specifications for mattresses to meet the hospitalization requirements of several States.
Secretary Jardine last September amended the regulations under the
Cotton Standards Act to authorize the preparation of so-called Expositor
types of the linters standards for distribution to each holder of copies of the
standards,so that each might have samples that might be handled or pulled.
These typos illustrate and explain the staples and characters of linters as
embraced in the first five standard grades.
Secretary Jardine subsequently promulgated an order establishing descriptive standards for color of linters, and the two basic colors, olive and
buff, of different characteristic shades, and seven intensities of each color
have been made the standards for the color of linters. Each of the four
principal factors of value in linters Is now covered by standards, which include character of linters for each of the three sections of production; staple
or blends of fiber; tolerance of foreign matter; and the factor of color as
coveted in separate standards.
way. These
ductions made during the Christmas holidays. The Fall River print cloth
mills have been running on reduced schedules for some weeks and it is
estimated that at the present time they are operating on schedules that
average about 35% of their capacity."
Meeting of Cotton Men to Consider Selection!of Cotton
for Government Staple Standards.
At a meeting in Washington on Jan. 16 of representatives
of cotton growers', manufacturers' and shippers' associations
and of cotton exchanges, arranged by the Department of
Agriculture for the purpose of selecting cotton for use in
making practical forms of staple standards under authority
of the United States Cotton Futures and Cottons Standards
Acts, it is said that it was agreed that the selection of
bales of cotton instead of small samples would better meet
the practical needs of the cotton industry. Lloyd S.
Tenny, Chief Bureau of Agricultural Economics, told the
conferees that "it is the purpose of the Bureau to recommend
to Secretary Jardine that he promulgate as the original
representations of the staple standards entire_bales of cotton
which will be kept under proper safeguards in7a vault and
which will be of sufficient quantity to permit reference
in
Trading
New York Cotton Exchange Considering
from
time to time as need arises without danger of early
Raw Silk Futures—L. B. Lowenstein to Investigate
"At the same time," he declared, "we plan
depletion.
Bourse.
on
Yokohama
Trading
Silk
a suitable number of bales of cottoeof each
set
aside
to
Samuel T. Hubbard Jr., President of the New York Cot- length which will be used in the future in the preparation
ton Exchange, announced on Jan. 20 that the Exchange is of the so-called practical forms or types of the standards
sending one of its members, Leon B. Lowenstein, to Japan, which are distributed to cotton buyers and sellers in this
to investigate trading in raw silk futures on the Yokohama country and elsewhere in the world."
Bourse. Mr. Hubbard also disclosed that for some time the
Following a preliminary discussion of methods used in
Exchange has had a committee considering with leading selecting the staple standards, the conferees adjourned to
silk men the practicability and possibility of trading in the Bureau's cotton laboratory to examine samples of cotton
it from the bales to be used in making physical representations
silk futures on the Cotton Exchange. Mr. Hubbard made
the
Comand
Exchange
the
of
spirit
whole
the
that
of the standards. At the conclusion of this examination,
clear
mittee was the closest co-operation with the silk trade, one bale of each length will be recommended by the Bureau
Commitee would no recom- to Secretary Jardine for designation as the original repreand further stated that the
of sentation of the srandard for that particular length of staple.
mend any contract which was not based on a standard
the
to
nearly
satisfactory
as
was
which
silk
Mr. Tenny declared that "so long as this supply of cotton
raw
of
grades
make it. Mr. Lowenstein lasts it is not likely that we shall consider any further resilk trade as it was possible to
the other members being vision or modifications of the practical forms of the standards.
is Chairman of the Committee,
Lowenstein The representatives attending the meeting were:
George R. Seidenberg and Max Greeven. Mr.
•
502
FINANCIAL CHRONICLE
American Cotton Manufacturers Association, E. C. Dwelle,
Sydney
Bluhm, G. G. Cromer; American Cotton Shippers Association, R. C.
Dickerson; Arkansas Cotton Trade Association, J. B. Hilzheim; Atlantic
Cotton Association, D. II. Williams; Arkwright Club, R. L. Crittenden;
Oklahoma State Cotton Exchange, W. D. Maxwell; New England Cotton
Buyers Association, R. L. Crittenden: New Orleans Cotton Exchange,
H. Baumgarten; New York Cotton Exchange, Wm. S. Dowdell; National
Association Cotton Manufacturers, Russell Fisher; Thomas E. Fish;
Southern Cotton Shippers Association, W. J. Britton; Texas Cotton
Association, R. L. Dixon, H. G. Safford.
Spinners Need Higher Grade Cotton Than Is Produced
By American Growers.
Declaring that American spinners are consuming cotton
averaging higher in grade and staple length than those produced by American cotton growers, Dr. B. Youngblood, in
charge of cotton utilization research, Bureau of Agricultural
Economics, United States Department of Agriculture, urged
growers at the Annual Farmers' Week and Marketing Conference, Athens, Ga., Jan. 25, to "adjust the quality of the
crop upward to meet existing requirements of American mills."
Dr. Youngblood said that the American cotton crop during
the past 135 years has apparently declined in grade, if not in
staple length. There is at present a greater number of
cotton breeders, both scientific and commercial, and a greater
number of improved varieties of cotton, than ever before.
Yet it appears that only a small part of the total acreage is
planted from year to year to the better varieties. In his
address he said:
Prior to about 1900, it was a matter of pride among growers that their
cotton be picked clean and free from trash. Since then, cotton has come
to be harvested with less regard to its freedom from trash. Snapping and
sledding tend to lower the grade of the resulting lint, not only because of
the inclusion of a greater proportion of leaf.stems and dirt, but also because
of the fact that immature bolls, and in some cases even the bark of the
plant are gathered with the seed cotton.
The ill effects of snapping, sledding, and careless picking upon the grade
of lint, however, are overcome in a measure by the installation of special
cleaning equipment at the gins. Just what effect the cleaning processes
really have upon the quality of the fiber has not yet been definitely determined, but the statement is made by certain spinners that too much agitation in cleaning is not good for cotton lint.
Whether or not the quality of the cotton crop has improved or declined,
the results secured the past year from our grade and staple estimates, on
the one hand,and from our study of cotton utilization on the other,strongly
indicate that there is ample room for adjusting the grade and staple quality
of the supply upward to meet the requirements of our American mills.
Summarizing the results of the Bureau's work the past
year, Dr. Youngblood declared that spinners pay for the
cotton they consume on the basis of its spinning utility.
The higher the grade, the longer, stronger and more uniform
the staple, and the better the character of the staple, the
more they pay for it. He announced, however, that the
antiquated system of buying in the local markets on the
basis of average values, lends no incentive to the growers to
plant varieties producing lint of superior,spinning utility.
The grade of cotton, Dr. Youngblood said, is determined by
weather damage before harvesting, by harvesting methods,
and by ginning. If a good job of ginning is done on already
good cotton, the preparation is said to be "smooth," a quality
which influences grade. Staple length, fiber strength, uniformity and character, are fundamentally matters of breeding and selection, but they are influenced by soils and climatic
conditions and by skill or lack of skill on the part of the
ginner. The grades of cotton produced last season averaged
about the same for the Georgia and Texas-Oklahoma areas
for which the Bureau issued grade and staple figures. The
principal differences tended to offset each other.
The Texas-Oklahoma area, according to the Bureau's
records, produced more 13-16-inch cotton, less 7A-inch and
under and more 1-inch and longer, than Georgia. Apparently, both areas, Dr. Youngblood said, could materially
improve the quality of their cotton and thus improve their
gross income without increasing yields. Because of the large
amount of 13-16-inch cotton and under produced in the
Texas-Oklahoma area, only 81.97% of its cotton was tenderable on Section 5 Future Contracts, whereas in Georgia the
tenderable cotton amounted to 97.65%. Georgia, the only
State in which a comparison could be made of production
and consumption by grades and staples, produced more
'A-inch cotton and under and less 15-16-inch cotton and
above than her mills consumed, with the result that her
mills had to go out of the State for 57.26% of the cotton
consumed by them. It will be noted, Dr. Youngblood said,
that the grade and staple estimates enable one to check up
on the quality of both the supply and the consumption.
They also tend to correct the false reputation of a local
market or section with respect to the quality of the cottons
grown and marketed. In both the Georgia and the TexasOklahoma areas, the production of grades and staples is not
in proportion to their consumption by American mills.
"It is probable," Dr. Youngblood concluded, "that if there
[VOL. 126.
were available a supply of staple of suitable lengths, more
uniform in fiber lengths and of better character, both American and foreign mills would take them at suitable premiums."
Larger Income in 1927 for Tobacco Growers Despite
Decreased Acreage.
Tobacco growers the past year, with 46,200 acres less
tobacco than they had in 1926, will receive approximately
$34,000,000 more for their crop than was realized from the
crop of 1926, according to preliminary estimates of tobacco
by types, just prepared by the Bureau of Agricultural Economics, United States Department of Agriculture. These
figures indicate that the average return per acre to tobacco
growers increased from $143 in $916 to $168 in 1927, says
the Department, its advices Jan ary 3 continuing:
Estimated production of important types for the two years is as follows:
Bright flue-cured, 692,013.000 pounds in 1927, compared with 564,488,000
pounds in 1926: Burley. 209,738,000 pounds in 1927. compared with 301,015,000 in 1926; Maryland and Ohio export. 27,026.000 pounds in 1927
compared with 26,640.000 in 1926; One Sucker. 15,503.000 pounds, compared with 30,754,000 pounds: Green River, 26.640.000 pounds, compared
with 39,997.000 pounds; Virginia dark fired, 33.120.000 pounds, compared
with 43,829,000 pounds; Clarksville and Hopkinsville, 64,635,000 pounds,
compared with 95,500,000 pounds; Paducah and Mayfield, 19.558.000
pounds, compared with 33,725,000 pounds the previous year.
Cigar filler types grown in Pennsylvania. Indiana, Ohio, Georgia and
Florida, are estimated to have produced 61,992.000 pounds in 1927. compared with 67,210,000 the year before. cigar binder types in the Connecticut
Valley, Pennsylvania, New York and Wisconsin, are estimated to have
produced 63,946,000 pounds in 1927, compared with 68.949.000 pounds
in 1926. Wrapper types in the Connecticut Valley. Georgia and Florida
are estimated at 10,341.000 pounds compared with 8,326.000 pounds
In 1926.
In general, tobacco yields were lower the past season than they were the
year before, but the quality of most types was better. Increased prices
are being paid for many types which in 1926 netted the growers a loss, the
apparent reasons for the increased prices being Improved quality and the
greatly improved statistical position of many types. The increasing consumption of cigarettes and five-cent cigars and the increased exportation
of tobacco have had the effect of materially reducing the stocks of old leaf.
This fact, combined with decreased production of many types, has placed
the growers in a more favorable position than they have enjoyed for several
years in the marketing of their tobacco.
Among the districts that have been especially benefitted by this turn of
the tide are the cigar leaf growers of the Miami Valley in Ohio and Indiana,
who received an average of 8.5 cents a pound for their 1926 crop. Early
sales reports indicate that their average for the crop of 1927 will be approximately 14 cents a pound. Cigar leaf growers In Pennsylvania and Wisconsin also appesr to be benefitting by Improved prices.
Among the growers who have played a losing game in recent years are the
growers of dark fired tobacco in western Kentucky and Tennessee. Much
improved prices are being paid in the districts centering around Paducah.
Mayfield, and Hopkinsville. Kentucky. and Clarksville and Springfield.
Tennessee. Similarly, the great body of Burley producers in Kentucky.
Tennessee and States east, north and west of those two are sharing in the
increased prosperity of the tobacco growers,
Provisions of Decree Restricting Cuban Sugar Crop.
Reference to the signing by President Machado of the
decree restricting the Cuban Sugar Crop was made in our
issue of a week ago (Jan. 21), page 334. The decree, says
Associated Press advices from Havana Jan. 21, confirms
the report of the National Sugar Defense Committee, which
recommended fixing the 1927-1928 sugar crop at 4,000,000
long tons. The same advices in summarizing the provisions
of the decree stated:
Under the decree 3,300,000 tons are for the United States, 150,000
tons are for home consumption and the balance is for export to other
countries than the United States.
The decree contains the following provisions:
1. Sugar production for 1927-1928 is placed at 4,000,000 long tons.
2. The left-over sugar from the crop of last year, 250,000 tons, is
destined for the United States.
3. The need of the United States for 1928 is estimated at 3,300,000
tons, 150,000 more than last year.
4. Local consumption estimated for the year is 150,000 tons.
5. Six hundred thousand tons of this year's crop is for export
to countries other than the United States, to be sold through
the Cuban Sugar
Exporting Company.
6. The estimated surplus of this year's crop,
200,000 tons, will be
distributed by the Cuban Sugar Exporting Company
upon the order of
the President as necessity warrants.
7. The Sugar Commission is ordered to study pro rata distribution
for
the year's crop among sugar mills indicating the amount
that the mills
can dispose of independently, the over-production
to be turned over to
the Cuban Sugar Exporting Company.
The "Wall Street Journal" in its issue of Jan. 21 gives
as follows the text of the note of the Cuban Sugar Commission:
Under the Presidency of Col. Jose Miguel Tarafa, there
met this afternoon at the presidential palace the National
Commission for the Defense
of Cuban Sugar, which unanimously adopted the
following agreement
on the estimates of consumption for the year
1928 in tons of 2,240
pounds.
First—The quantity of sugar of Cuban production
necessary for the
consumption of this republic is estimated at
150,000 tons.
Second—The quantity of sugar of Cuban
production which will be required by the United States of America, is estimated
at 3,300,000 tons.
Third—The quantity of sugar of Cuban production estimated to be
necessary to satisfy the consumption of other countries
which derive
their supplies from our production is estimated at 600,000
tons, and
Fourth—it is considered prudent to maintain a reserve of 200,000 tons
which will serve to satisfy markets which require larger quantities than
JAN. 28 1928.]
FINANCIAL CHRONICLE
case, can be
those assigned in the previous agreement and which, in any
reserved for distribution in whole or in part in the next year of 1929.
In the same session it was unanimously decided to submit to the president of the republic the recommendation of measures which shall be
adopted for the distribution of the crop of 1927-1928 which are as follows:
First-That the Cuban crop of 1927-1928 be fixed at 4,000,000 tons of
2,240 pounds.
Second-That the remainder of the crop of 1926-1927, amounting to
250,000 tons on the first of January be destined entirely to satisfy the
United States in the year 1928.
Third-That, estimating the requirements of the United States at 3,300,000 tons of Cuban sugar in 1928, or 150,000 tons more than consumed in the year 1927, from now, there will be destined to that country
3,050,000 tons of the Cuban crop of 1927-28 which united with the 250,000 tons remaining from the previous crop, make a total of 3,300,000
tons.
Fourth-That considering the national needs, there will be destined
150,000 tons of sugar of the crop of 1927-28 to the consumption of the
republic (of Cuba) during the year 1928;
Fifth-That for the reasons exposed there is destined the quantity of
600,000 tons of sugar of the crop of 1927-28 for the sale and exportation
of countries outside of the United States of America, under conduct of
the Compania Exportadora de Azucar de Cuba, S. A.
Sixth-That the remainder of the amount of 200,000 tons, will be delivered also to the Compania de Azucar de Cuba, S. A. and will remain
subject to its distribution as the president of the republic later may direct; A distribution which will be made only in case of evident necessity,
since in contrary case the total or part of these 200,000 tons will be considered as a surplus of the crop of 1927-28 and consequently transferred
to the consumption of the next year of 1929.
Agreement to Limit Production of Oil in Seminole Field
(Okla.) Extended to June 1.
According to a Tulsa (Okla.) dispatch to the New York
"Times" Seminole Operators Committee voted on Jan. 21
to extend the restriction agreement from March 1, when it
terminates, to June 1, but to make it 100% they deferred
final action until out-of-town operators in the field could
attend a meeting on Jan. 23. The meeting scheduled for
the latter date was this week postponed until Jan. 30.
It is stated that on Jan. 21 it was decided that the Seminole field should always be restricted in some way so that
it would not again develop a flood of oil and weaken the
market. The last reference to the action taken toward restricting production appeared in our issue of Dec. 17, page
3277.
Proration of Yates Oil Pool in Pecos County (Texas).
Fort Worth advices Jan. 6 to the Dallas "News" said:
price of gasoline, while 4 companies maintained their prices in Dallas at
17c. a gallon, Jan. 18.
The Texas Co. and the Pierce Petroleum Corp. announced a cut to 15c.
a gallon, meeting the reduction of the 2 other companies made Jan. 17. The
Magnolia Petroleum Co., Oriental Oil Co.. the Simms Oil Co., and the
Service Oil Co. announced that no cut had been made and none was
Cities
being contemplated.
at 17c.
Independent dealers in some instances were retailing gasoline
a gallon, but many of the stations which purchase gasoline from wholesalers
a gallon.
who have posted cuts were selling at the reduced price of 15c.
the
While it was believed by some officials of companies maintaining
back to 17c.
price
their
17c. price that the other companies would boost
had
that
companies
reduce,
not
would
when they found that all companies
17c. price.
cut asserted they were not contemplating returning to the
companies.
However, with a policy of waiting and watching the other
to price
none of the officials are able to say for certain what may happen
schedules.
In Chicago on Jan. 26, wholesale prices were reported as
5 to 6c.; kerosene, 41-43
follows: Motor grade gasoline, 5%
%c.; fuel oil, 24-26 gravity, 80 to 85c.
water white, 43z to 43
Small Increase Reported in Crude Oil Output.
The daily average gross crude oil production in the United
States for the week of Jan. 21 amounted to 2,380,900 barrels,
according to the American Petroleum Institute's summary.
This compared with 2,373,100 barrels for the preceding week,
an increase of 7,800 barrels. In comparison with the output
of 2,388,650 barrels in the corresponding week of 1927, the
current output was 7,750 barrels less. The daily average
production east of California was 1,764,300 barrels, as compared with 1,757,500 barrels, an increase of 6,800 barrels.
The following are estimates of daily average gross production
by districts for the weeks given:
(In Barrels)Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
Proration of the oil piped out of the Yates pool in Pecos County will
continue to be based on the percentage of proven acreage held by the
various producers, according to a decision reached here Friday by representatives of those companies interested. This arrangement will be continued for the next six months at least. A recheck of the proven acreage
in the field will be made at stated periods and the proportions readjusted
accordingly among the producers.
The plan under which the pipe line capacity of the field is apportioned
was arrived at here on Dec. 12 and the Friday meeting was only held
because of dissatisfaction by an interested producer, the Simms Oil Company. Friday's action only reaffirms the stand already taken.
However, an amendment to the plan, or rather an addition to it, was
submitted by the Simms interests and adopted by the other producers.
It is to the effect that any producer could, by giving sixty days' written
notice, withdraw from the plan.
This pool now has the eyes of the entire oil industry on it and is believed to be capable of producing over 200,000 barrels of oil daily. The
maximum pipe line capacity is only 50,000 barrels daily. It is predicted
that the pipe line facilities will not be increased during the next six
months.
The meeting here was held in the office of W. A. Moncrief, executive
vice-president of the 'garland Oil Company of Texas, one of the interested producers.
Enactment Sought of Law Suspending Oil Concessions
in Chile.
Under date of Jan. 25 Associated Press advices from
Santiago (Chile) said:
The Minister of Finance has asked Congress to enact a law suspending
all petroleum concessions in Chile.
The Government, he said, was mindful of the wealth of oil in Chile
and it was in the interest of the nation to forbid or make impossible the
negotiating or granting of petroleum concessions. A bill drafted by
Deputy Tomas Ramirez Frias says the time has arrived for the Government to study the best means of making the oil deposits available to
genuinely national elements.
Few Adjustments Made in Crude Oil and Gasoline
Prices.
Prices of crude oil remained at about the current levels
during the week just closed, only one change of any note
taking place. This occurred on Jan. 25 when the Ohio Oil
Company advanced the price of Sunburst Montana crude
oil 15 cents a barrel to $1.50 a barrel.
Gasoline prices were reported to have been changed in
Dallas, Texas on Jan. 18. A press dispatch from the Dallas
"News" of Jan. 19 said:
the Gulf Refining Co. and the
Two other largo oil companies joined
in the 2c. a gallon reduction in the retail
Bumble Oil and Refining Co.
503
DAILY AVERAGE PRODUCTION.
22 '27.
Jan. 21 '28. Jan. 14 '28. Jan. 7'28. Jan.597.650
674,900
683,050
676,950
117,800
107,300
105,500
108,600
133.400
76,500
74,950
76,900
100,650
74,650
74,000
73.050
70.150
56,950
56,050
55,300
68,350
258.900
267,500
273,700
51.600
26,650
26,300
25,600
39,300
23.800
23.450
23,200
53,550
44,600
45,400
45,350
130,8.50
90,150
89,950
90,050
162,350
117,900
109,550
111,400
13,300
14,850
15,100
14,250
107.500
110,000
110,000
110,250
59.600
57.450
57,150
58,500
12.600
11,000
11,000
10.950
7,850
6,550
6,950
7,000
5,550
2,700
2,450
2,400
656,600
624.200
616,600
615,600
2,388,650
2.379,059
2 380,900
2,373,100
Total
The estimated daily average gross production of the Mid-Continent field;
including Oklahoma, Kansas, Panhandle, North. West Central, West
Arkansas
Texas, East Central and Southwest Texas, North Louisiana and
for the week ended Jan. 21 was 1,448,700 barrels, as compared with 1,446.
The Mid150 barrels for the preceding week, an increase of 2.550 barrels.
Continent production, excluding Smackover, Arkansas heavy oil, was
of 2.450
1,380,000 barrels as compared with 1,377,550 barrels, an increase
barrels.
for the
The production figures of Certain pools in the various districts
(figures in barrels
current week compared with the previous week follow
of 42 gallons):
Jan. 21. Jan. 14
Jan.21. Jan.14.
OklahomaNorth Louisiana3,200
3,100
North Braman
6,300 6,350
Haynesville
1,950
1,900
Braman
South
8,350 7,750
_ 14,950 15,000 Urania
Tonkawa
9,950 10.050
Garber
Arkansas
37,050
39,000
Burbank
8,850 8,750
24,600 24,500 Smackover. light
Bristow Slick
68,700 68,600
10,050 10,700 Smackover. heavy
Cromwell
8,300 8,750
Wewoka
Coastal Texas56,600 56,050
Seminole
8.600 8,300
99,650 101,800 West Columbia
Bowlegs
4,150 3,650
20,050 20,050 Blue Ridge
Searight
10,350 9,200
Jimetion
Pierce
36,500
36,650
Little River
11.600
12,250
Hull
124,400 130,100
Earlsboro
44,950 46,800
Spindletop
Panhandle Texas4,050
5,200
CountyOrange
50,300
IlutchInson County_ _ _ _ 52,200
7,800 7,500
Carson County
Wyoming16,100
15,600
____ 44,150 42,300
Gray
Salt Creek
1,250 1,000
Wheeler
MontanaWest Central Texas15,600
9,000 9,000
15,200
Sunburst
Brown County
Shackelford County__. 5,500 5,250
California
1Vest Texas38,500 38,500
22,500 22,550 Santa Fe Springs
Reagan County
114,500 115,000
49,650 49,500 Long Beach
Pecos County
60,000
60,500
Beach
Huntington
105,300
Crane & Upton Counties.104,900
20,000 20,000
80,350 74,700 Torrance
Winkler
13,500
13,000
Dominguez
East Central Texas
8,000 8,000
12,600 12,800 Roseerans
Corsicana-Powell
31.000 31,500
1,700 Inglewood
1,850
Nigger Creek
80,500 80,500
Midway-Sunset
Southwest Texas53,500 51,500
13,050 13,250 Ventura Ave
Luling
41,500 41,000
Beach
Seal
7,000
6,950
Laredo District
Steel Production Increases-Prices Advance-Demand
for Pig Iron Eases.
Price advances, heavier production and a further broadening of consumption are salient features of a stronger steel
market, the "Iron Age" declares in its Jan. 26 review of
conditions in the industry.
Following an advance of $1 a ton on plates, shapes and
bars, announced last Thursday by Steel Corporation mills,
similar action has been taken by most independents. Since
the new prices-1.85c. at Pittsburgh and proportionately
higher quotations at other basing points-are limited to
orders taken for delivery during the current quarter, the
inference is that another advance is contemplated, with
504
FINANCIAL CHRONICLE
2o., Pittsburgh, as a possible objective on second quarter
business, observes the "Age," adding:
[VOL. 126.
Railroad buying, especially of track material, Is past its crest and automotive needs, while expanding, are spotty, but building steel demand forges
ahead. Structural steel awards exceeded 67.000 tons in the past week.
including 15,000 tons for an office building at Boston,8,500 tons for a bank
at Chicago and 20,000 tons for the Cleveland Union Terminals project
which is now being closed. Reinforcing steel contracts,featured by a 5,000ton job at Boston and a 3.000-ton one at Chicago, also are seasonably high.
The strength in mill prices of steel, almost certain to be manifested in fabricated prices. Is speeding many projects to the closing stage.
Inquiry for and sales of pig iron in the Pittsburgh district are unusually
light, even considering the season. Sales at Chicago are moderate, with a
little secopd quarter interest appearing. A sale of 4.000 tons of copper
bearing low phosphorus iron leads market activity in eastern Pennsylvania.
A round tonnage of English low phosphorus Iron has been sold in that district. Pig iron prices generally are unchanged.
Several sales of standard beehive furnace coke at 12.60 are the sequel to
a lack of sustained consumer interest in the Connellsville market. Some
sellers still hold to $2.75 as their minimum, while some buyers claim to be
able to close to $2.50, but the latter price applies to a heating grade. Foundry coke Is unchanged in price but in slightly less demand.
Due chiefly to the slowness with which the Ford Motor Co. Is gathering
momentum, specifications for sheets have not reached proportions hoped
for late January, but demand from this source continues its moderate increase. Independent sheet mills in the Mahoning Valley have received a
good volume of autobody sheet specifications in the past fortnight. Slackening demand for sheets at Chicago, constituting with wire the soft spots of
that district, has resulted in production declining 10 to 15% the past week.
The extreme low prices of the last quarter are slowly disappearing and the
current market is more nearly at 2.80c. to 2.90c., Pittsburgh, for black,
3.65c. to 3.75c. for galvanized, 2 to 2.10c. for blue annealed and 4c for
autobody.
Reversing the situation of the past three weeks, the heavy finished steel
market at Pittsburgh is relatively more active than that at Chicago. Specifications for bars, especially for automotive use, are heavier in Pittsburgh
than in many weeks. The situation may be righted as car builders in the
Chicago district come in with their specifications; in the past week they have
sought 8,500 tons of heavy finished steel, chiefly plates.
Advanced mill prices on heavy steel cause another rise in the "Iron Trade
Review" composite of 14 leading iron and steel products. This index this
week is $35.45. compared with $35.33 a week ago and $35.07 a month ago.
The initial effect of the higher prices will probably be a release of specifications against first quarter contracts, as well as the clinching of orders that
were withheld pending additional signs of market strength. In fact, the
volume of new business closed since Jan. 1 has probably been underestimated by the trade. Though heavy specifications were entered against
expiring contracts in December and shipments against fourth quarter
commitments are still being made, the gain iu the Steel Corporation's
unfilled tonnage this month promises to be substantial, even though it fall
considerably short of the sharp increase reported Dec. 31.
Construction work and railroad buying are conspicuous as sources of
tonnage business. The week has been one of the largest on record in lettings
of fabricated steel work, and it has added 100,000 tons to rail mill backlogs.
The largest rail order. 40,000 tons, placed by the Rock Island, was divided.
35,000 tons going to the Gary mill and the remainder to the Indiana Harbor
producer. Rail commitments of American mills, it is estimated, are fully
150.000 tons larger than at this time a year ago. Railroad equipment
buying promises to continue to be an important market factor, with orders
for 3.000 cars from the St. Louis-San Francisco and 1,000 from the Central
of Georgia in early prospect. Steel specifications received from car builders
by Chicago mills during the week total 13,000 tons.
Better farmer buying is reflected in the steel consumption of implement
manufacturers, which is 10% heavier than a year ago. There is a good
flow of business from the automobile industry, although motor car output
has not increased so rapidly as was anticipated. At Cleveland demand
for sheets and strip from stamping plants and other parts makers is not so
heavy as earlier in the month, when liberal specifications for early needs
were released. At Chicago, however, the automotive trade has passed
the farm implement industry as the leading taker of bar shipments.
Demand for tubular goods lags, and pipe mill operations do not exceed
80% of capacity. Steel mill output generally, however, has shown a further
_gain. Steel Corporation plants are running at 82% of capacity, as cumpared with 78% last week and 75% two weeks ago.
Award of 57,800 tons of steel for the Cleveland Union Terminal to the
Steel Corporation's fabricating subsidiary brought the week's total of'structural contracts to more than 103.000 tons. Other outstanding lettings
were 15.000 tons for a building in Boston,8.000 tons for a bank in Chicago
and 7,000 tons for subway work in New York. Among new inquiries for
23,000 tons is 7.000 tons for a bascule bridge in Milwaukee.
According to Rogers Brown & Crocker Bros., Inc., a
, Efforts of manufacturers of hot-rolled and cold-rolled strip steel to obtain
higher prices are chiefly with an eye to second quarter business, since with gradual improvement is manifesting
itself in the pig iron
few exceptions they are committed against probable production in this
quarter. The objective of hot-rolled strip makers is 1.90c.. Pittsburgh, market. While prices record no advance, last week showed
for wide material and 2.10c. for narrow sizes but orders for delivery in this they say, more pig iron sold, heavier shipments from furquarter are being accepted at $2 a ton less. The advance of $3 a ton on naces and foundries generally
reporting a better run of
cold-rolled strip, effective Jan. 25. has not been generally followed and,
business. Belated inquiries for first quarter delivery are
like the move on hot strip, is regarded as an aim for second quarter.
Following the advance of $1 a ton on hot-rolled bars, makers of cold- still coming out and what is most significant,
often specifyfinished steel bars and shafting may soon announce an advance of $2 a ton
ing the requirement of immediate shipment. That present
In an attempt to obtain a wider spread between their raw material and
finished product. Meanwhile 2.20c., Pittsburgh is being firmly main- prices look favorable to buyers, the firm says, is evidenced
tained.
by numerous inquiries for second quarter, and in a few
Pig iron markets are less active, as consumers are nearly all covered for
their first quarter needs, but the week brought sales of 19,000 tons at Cleve- instances, by consumers even seeking to buy and pay for
land. Lake Erie iron is being offered in Chicago at slightly less than $18 iron to be stored on the furnace yards.
for shipment by water when navigation opens, and slight weakness has
The rate of incoming business, says the "Wall Street
.developed in New England. At Birmingham basic iron has declined $1
Journal" on Jan. 25, indicates possible January bookings'
to $15.
Old material prices have not developed the strength that the scrap trade gain of around 250,000 tons. The
statement follows:
expected would result from Increased operations at steel plants.
Although operations of the U. S. Steel Corp. are now close to
85%
The competitive position of American steel in export markets has been against a high of 73% in December and 60%
over the holiday season, and
favorably affected by growing firmness in European prices concurrent with shipments have increased several thousand tons a
day over the December
the introduction of a shorter working day in German mills.
rate, incoming business is running considerably ahead of deliveries, and
Exports of won and steel in 1927 were 2,180,969 gross tons, a slight gain present indications are that the corporation will
show for January a gain
over the 2.167,213 tons of 1926. Imports fell off from 1,110,049 tons in of around 250,000 tons in bookings on hand.
1926 to 750,467 tons in 1927, due largely to reduced incoming tonnages
Unfilled orders Dec. 31 1927 were 3,972,874 tons, and an increase of
of pig iron. Tin plate was the largest export item in 1927, with 254,131 much less than indicated would bring bookings well above
the 4,000,000
tons, and wrought pipe provided 248,415 tons.
ton mark for the first time in 22 months, or since March 1926. As a matter
No change occurred this week in either of the "Iron Age" composite of fact, buying has shown a tendency to increase in the closing week
of each
prices, the tables remaining as follows:
month for some time past and if this occurs tonnage gains may well be
in excess of 300.000 tons, bringing total bookings to around
Pig Iron.
Finished Steel.
4,300.000 tons.
Jan. 24 1928, 817.67 a Gross Ton.
With increasing steel-making operations, the corporation has Increased
Jan. 24 1928, 2.314c. a Lb.
2.314c. One week ago
One week ago
$17.67 its iron output, blowing in a furnace in Pittsburgh
and
two
at Chicago.
One month ago
2.3140. One month ago
17.54
Demand is fairly general. Sheets, which have been an unsatisfactory
2.396c. One year ago
One year ago
19.30
feature
of
the
trade,
show
signs
of
1.689c. 10-year pre-war average
10-year pre-war average
betterment,
15.72
due both to increased takings
Based on steel bars, beams, tank plates,
Based on average of basic iron at Valley of automobile makers and a revival of demand for
roofing material.
Plain wire, open-hearth rails, black pipe furnace and foundry Irons at Chicago,
and black sheets. constituting 86% of the Philadelphia, Buffalo, Valley and BirUnited States output.
m Ingham.
World Production of Pig Iron in 1927 Above That oi
High.
High.
Low.
Law.
1927_2.453c. Jan. 4 2.293e. Oct. 25 1927...$19.71 Jan. 4 817.54 Nov. 1
1926 and 1913.
1926..2.453e. Jan. 5 2.4030. May 18 1926._ 21.54 Jan. 5 19.46 July 13
1925_2.560e. Jan. 6 2.396e. Aug. 18 1925._ 22.50 Jan. 13 18.96 July 7
World production of pig iron is estimated to have been 8%
1924__2.789e. Jan. 15 2.4600, Oct. 14 1924._ 22.88 Feb. 26 19.21 Nov. 3
1923__2.824c. Apr. 24 2.4460. Jan. 2 1923._ 30.86 Mar.20 20.77 Nov.20 higher in 1927 than in 1926 and
about the
percentage
Steel enters a period when consumers are more occupied
with working off the heavy tonnages they have been taking
in or specifying the past thirty days than they are in making
fresh commitments, says the "Iron Trade Review" on
Jan. 26 in summarizing conditions in the market. Consumption unquestionably is maintaining the rate of increase
ushered in with the new year and, save for this easiness in
new orders for some products-a condition not uncommon
after such brisk contracting-the trend in all departments
la up. Steel Corporation subsidiaries are up to 83% now.
In pig iron the accent also is upon assimilation of recent
purchases. It is too early for supplementary buying and a
little merchant iron capacity has been dropped, but shipments from active stacks and stockpiles are running considerably ahead of December. At Chicago, for example,
the increase is 20%,the "Review" goes on to say, adding:
In steel prices the undercurrent is strongly upward. On bars, plates and
shapes all makers now quote $1 per ton higher, and, while the new levels
apply only to sales in the remainder of the quarter-a period for which most
users are covered-present contracts are made the more attractive. It is
reported that another advance of $1 is contemplated on second quarter
business. One effect will be to stimulate specifications as the quarter wears
on, provided present strength continues. In some lighter steel products
definite moves are under.way looking to advances.
same
higher than in 1913 the total for 1927 being approximately
84,070,000 tons, as compared with 77,740,000 in 1926 and
77,900,000 in 1913. The production of the United Kingdom
at 7,250,000 for the year was 30% less than the 1913 production, but European production as a whole was about 13%
greater than in 1913. With the exception of the United
States pig iron production in all other producing countries
increased in the year 1927 over 1926, according to advices
just received by Bankers Trust Company of New York from
its British Information Service. In making known the
figures of production for 1927, the company on Jan. 20
further said:
rig iron production in the United Kingdom during November,
the latest
actual figures avallable, totaled 575,900 gross tons, with only
155 furnaces
in blast, a reduction of 7 from the previous month, when production
amounted to 596,300 gross tons.
Germany's production of pig iron in November totaled 1.101.900 tons
from 116 furnaces, as compared with 1,121,600 tons produced
from 113 furnaces. French pig iron production amounted to
752,500 tons from 140
furnaces, as compared with 783,600 tons from
143 furnaces in October.
For the fifth month Belgium has had 55 furnaces in blast, but November
production fell to 308,200 tons from the 317,200 produced in October.
Luxemburg's production in November was 217,800 tons as against 226,600
in October.
The estimated production of steel throughout the world during 1927 was
98,720,000tons,an increase ofsome 7.000.000 tons over 1926 and more than
Mar. 281928.1
505
FINANCIAL CHRONICLE
BEEHIVE COKB.
23.500.000 tons greater than in 1913. Outside of the'United States producThe total production of beehive coke during the week ended Jan. 14 is
tion increased by 10,900,000 tons in 1927, to which Great Britain contribas against 84,000 tons In the preceding week.
estimated
tons,
at
net
90.000
uted 5,450.000 tons, owing to the accumulation of demand due to the coal
amounted to 181,000 tons.
strike of 1926. The estimated production of steel in the United Kingdom in The production in the corresponding week ef 1927
Estimated Production of Beehive Coke (Net Tons).
1927 was 9.050,000 tons, which was about 18% higher than that of 1913:
1927
1928
Week Ended-production of the chief European countries was about 25% above 1913,and
to
to
Jan. 14 Jan. 7 Jan. 15
Dette.a
Date.
1927.
the world's increase was 31%.
1928.12 1928.c
277.000
117.000
143,000
56,000
61.000
Ohio_
The actual production of the United Kingdom during November totaled Pennsylvania and
27.000
28.000
15.000 13,000 12.000
West Virginia
698.700 tons of steel, as compared with 699,000 tons in October. French Ala.,
14.000
9,000
8.000
5,000
4.000
Ky.,Tenn.& Ga
14,000
9,000
steel production in November totaled only 672,900 tons, as compared with Virginia
7,000
4,000
4.000
11,000
6,000
7,000
3,000
711,600 tons a month earlier, while Luxemburg's production fell from 211.800 Colorado & New Mexico 3,000
8,000
5,000
4,000
3,000
3,000
tons in October to 204,200 tons in November and Belgian production fell Washington & Utah
from 307,200 tons in October to 305,200 tons in November.
351.000
174.000
United States total_ _ _ 90,000 84.000 181,000
29,000
15,000
14,000 30,000
Daily average
15,000
Substantial Increases Shown in Bituminous Coal and
Anthracite Production.
During the week of Jan. 14 substantial increases in production were reported for the bituminous coal and anthracite
Industry by the United States Bureau of Mines. In comparison with the output of Jan. 7, bituminous coal increased
1,023,000 net tons, bringing production up to 10,871,000
net tons for the week of Jan. 14, the first full-time week since
Dec. 24. A year ago producton during the week corresponding to that of Jan. 14 amounted to 13,571,000 net
tons. Anthracite production during the week of Jan. 14
was reported as 1,590,000 net tons, a gain of 304,000 tons
over the 1,286,000 net tons reported for the week of Jan. 7,
but a loss of 244,000 net tons when compared with output
in the corresponding week one year ago. The U. S. Bureau
of Mines presents further details which we add herewith:
BITUMINOUS COAL.
The total production of soft coal during the week ended Jan. 14, including lignite and coal coked at the mines, is estimated at 10.871,000 net tons.
This is an increase of 1,023,000 tons, or 10%, over the revised estimate for
the preceding week, In which working time was curtailed by the New Year
holiday.
Estimated United States Production of Bituminous Coal (Net Tons).
Including Coal Coked.
1927 1928- -1926-1927
Coal Year
Coal Year
to Date.a
Week.
to Date.
ek
427,334,000
10,711,000
Dec. 31 1927
7,942,000 349,869,000
1.852,000
1,513.000 2.079.000
Daily average
1,588,000
Jan. 7 192812
9,848,000 359,718,000 13,253,000 440,587.000
1,861,000
Daily average
1,858,000d 1.520,000 2,021.000
Jan. 14 c
10,871,000 370,589,000 13.571.000 454,158,000
1.871,000
2,262,000
1.528,000
Daily average
1,812,000
a Minus one day's production in first week in April to equalize the number
of days in the two coal years. b Revised since last report. c Subject to
revision. d Jan. 1 counted as 3-tenths of a normal working day.
The total quantity of soft coal produced during the present coal year to
Jan. 14 (approximately 243 working days) amounts to 370.589,000 net
tons. Figures for corresponding periods in other recent years coal are
given below:
444,784,000 net tons
1926-27
454,158,000 net tons11923-24
320,910,000 net tons
1926-26
417,921,000 net tons11922-23
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended Jan. 7 lq estimated at 9,848,000 net tons, as against 7.942,000 tons in the preceding
holiday week.
The following table apportions the tonnage by States and gives comparable
figures for other recent years:
Estimated Weekly Production of Soft Coal by States (Net Tons).
-Total Production for Week Ended- January
Average
Jan. 8
Dec. 31
Jan. 7
1923.a
1927.
1927.
State1928.
434,000
493.000
251.000
Alabama
338,000
283,000
291,000
262,000
288,000
Ark., Kan., Mo. & Okla..
228.000
241.000
171.000
Colorado
210,000
Illinois
1,495,000 1,277.000 1.869,000 2,111,000
659.000
653.000
304,000
326,000
Indiana
140,000
145,000
55.000
65,000
Iowa
990,0001 847,000
708,000
Kentucky-Eastern
911,000
364,0001
Western
322,000
363.000
43,000
82,000
55.000
Maryland
49.000
32,000
15,000
14,000
Michigan
17,000
68,000
82.000
81.000
75,000
Montana
67,000
60,000
54.000
New Mexico
50,000
30.000
50,000
56,000
North Dakota
776,000
814,000
140,000
130,000
Ohio
Pennsylvania (bituminous)_ - 2,309,000 1,984,000 3.244.000 3,402.000
76,000
128,000
133.000
103,000
Tennessee
28,000
26,000
18,000
15.000
Texas
103.000
109.000
129,000
118,000
Utah
269,000
211.000
225.000
181.000
Virginia
64.000
46.000
37.000
74.000
Washington
West Virginia-Southern b.._ 1.742,000 1.135,000 2,227.000 1,168.000
916,000
510,000
728,000
710,000
Northern c
167,000
189.000
167,000
186,000
Wyoming
2,000
2,000
2.000
7.000
Other States
a Minus one day's production first week in January to equalize number of
daysin the two years. b Subject to revision. c Revised since last report.
The total production of bituminous coal in the United
States during the week ended Jan. 21, estimated by the
National Coal Association from preliminary shipping reports,
was approximately 10,100,000 net tons, a decrease of about
three-quarters of a million tons from the output of the preceding week. Car loading totals on every day of last week
were considerably lower than on the corresponding days of
the previous week.
Production of Bituminous Coal and Anthracite During
•
the Month of December.
The total production of soft coal for the country in the
month of December 1927 amounted to 41,277,000 net tons, as
against 40,628,000 tons in November and 57,180,000 tons in
December 1926,reports the United States Bureau of Mines.
The average daily rate of output in December was 1,588,000
tons, a decrease of 3.1% from the November rate.
Anthracite production in the month of December amounted
to 6,032,000 net tons, as compared with 6,902,000 tons in
November and with 7,478,000 net tons in December 1926.
The average daily rate of output in December was 232,000
tons, a decrease of 19.4% from the average rate of 288,000
tons for November.
MONTHLY AND AVERAGE DAILY PRODUCTION OF COAL(NET TOM,
October
November a
December
December 1926
a Revised.
11,134,000 9,185,000 14,621,000 13,818.000
a Average rate maintained during the entire month. b Includes operaK.& M.,and Charleston division
tions on the.& W.; C.& 0.: V
of the B. & 0. c Rest of State, including Panhandle.
ANTHRACITE.
The total production of anthracite during the week ended Jan. 14 is estian increase of 304%000 tons over the output in
tons,
net
mated at 1.590,000
in the week of Jan
tho preceding week. The average daily rate of output
in the preceding five-day week.
14 was 3.1% greater than
Estimated United States Production of Antharcite (Net Tons).
1927 1928-- -1926-1927
Coal Year
Coal Year
to Date.a
Week.
to Date.
Week.
Week Ended1,128,000 73,186.000
62.141.000
1,223.000
Dee. 31
1.368.000 74,554.000
63,427.000
1.286,000
Jan. 7
1,834,000 76.388,000
1.590.000 65,017,000
Jan. 14b
production first week in April to equalize number of
a Minus one day's
revision.
days in the two coal years. b Subject to
No. of Aver. per
No. of Ayer. per
Working Working
Total
Total
Working Working
Day. Produdion Days.
Production Days.
Day.
44,000.000
40,628,000
41.277,000
57,180,000
26
24.8
26
26
1,692.000
1,538,000
1,588,000
2.199,000
7,404,000
6,902,000
8.032.000
7,478,000
25
24
28
26
295.000
288,000
232.000
288.090
Anthracite Payrolls Smaller in December.
. Wage disbursements of anthracite operators reporting to
the Anthracite Bureau of Information were considerably
smaller in December than in the month preceding and also
continued much below the corresponding period of 1926.
The number of workers on payrolls increased slightly from
November to December and was somewhat larger than the
number on roll in December 1926. The smaller wage payments continued to reflect the curtailment of operations is
the anthracite mines which has prevailed during much of
the past year. The average level of wage payments of the
reporting mines in 1927 during the ten months from March
to December inclusive was 15.7% less than in the corresponding period of 1926, a reflection very largely of smaller
production.
The accompanying table shows index numbers of employment and wages at the reporting mines for the past two years,
constructed by the Federal Reserve Bank of Philadelphia
on the basis of reports collected by the Anthracite Bureau
of Information. The figure for each month is a percentage
of the monthly average for the period from 1923 to 1925
inclusive. Index numbers for October and November have
been revised since the figures were originally made public.
9,848,000 7,942,000 13,253.000 11,850.000
Total bituminous
Pennsylvania anthracite...-. 1,286,000 1,223,000 1.368,000 1,988,000
Total all coal
Anthracite.
Bituminous Coal;
Month.
January
February
March
April
May
June
July
August
September
October
November
December
EMPLOYMENT-WAGES.
(1923-25 average equals 1003
1927.
1926.
116.8
8.9
115.0
109.3
ille
111.3
112.4
116.2
113.3
115.1
113.9
113.2
113.7
115.5
115.0
115.5
115.0
117.9
116.1
113.3
116.7
117.5
116.7
1926.
9.2
12.3
113.3
114.0
123.6
125.1
112.6
125.1
122.8
130.9
111.4
119.3
1927,
109.8
104.2
88.0
83.6
114.8
120.5
84.8
90.6
107.4
107.4
113.2
99.3
Wages and Hours of Labor in Bituminous Coal Mining
in 1926.
Bulletin No. 454 of the Bureau of Labor Statistics, which
is now available for distribution, presents average earnings
and hours of labor in 1926 by occupations and States in
bituminous coal mining in the United States. The figures
506
FINANCIAL CHRONICLE
are for a total of 148,155 wage earners of 556 mines in 11 of
the most important coal producing States. Summaries
for 1922 and 1924 are also presented. The average hours
and earnings were computed from hours and earnings of
individual employees for a half-month pay period in each
of the specified years, says the Bureau under date of Jan. 17;
it adds:
Earnings of miners and loaders, the basic and most important occupations
in the industry, based on total hours in mines including time for lunch
and time of travel decreased from an average of 84.5 cents per hour in
1922 to 77.7 cents in 1924, and to 74.9 cents per hour in 1926. Earnings
per day based on hours in mine decreased from an average of $7.03 in 1922
to $6.60 in 1924, and to $6.46 in 1926. The 1926 figures for miners and
loaders represent 96.010 employees.
Hours of miners and loaders, based on total time in mines, increased
from an average of 8.3 per day in 1922 to 8.5 in 1924 and to 8.6 per day
In 1926.
The miners and loaders in the half-month in 1926 worked an average of
9.5 starts (days). Based on total time in mines they worked an average
of 82.2 hours in the half month and earned an average of $61.61 in the half
month. Annual earnings are not available, but had they worked the
number of days (214) in the year that the United States Bureau of Mines
reported the mines in operation, and at the same average per start or day
as in half-month in 1926, their possible average annual earnings would
have been $1,382.
The average time per start or day in the mines for miners and loaders, in
the pay period covered in 1926 was 9.5 hours per day in Alabama, 8.6 in
Colorado. 8.9 in Illinois, 7.8 in Indiana, 7.7 in Kansas, 8.4 In Kentucky,
8.5 in Ohio, 8.9 In Pennsylvania, 8.5 in Tennessee, 8.6 in Virginia, and 7.9
In West Virginia.
The average earnings of miners and loaders by States based on total
hours in mine were 48.1 cents per hour in Alabama,74.0 cents in Colorado,
99.9 cents in Illinois. 105.5 cents in Indiana, 76.1 cents in Kanas, 61.6
cents in Kentucky. 79.3 cents in Ohio, 69.3 cents in Pennsylvania, 40.9
cents in Tennessee, 58.7 cents in Virginia. and 74.3 cents per hour in West
Virginia.
The average number of days of operation of bituminous mines in 1926 by
States as reported by the United States Bureau of Mines are as follows:
Alabama 266, Colorado 202. Illinois 172, Indiana 173, Kansas 158, Kentucky 230, Ohio 159, Pennsylvania 224, Tennessee 234, Virginia 263, and
West Virginia 247 days.
Domestic Exports of Meats and Fats for December.
The Department of Commerce at Washington on Jan. 23
made public its report on the domestic exports of meats and
fats for December. This shows that in the month of December 1927 the total value of meats and meat products
exported was somewhat smaller than in December 1926,
29,815,958 pounds being shipped in December 1927 against
34,269,906 pounds in December 1926, and valued at only
$4,799,530 against $6,796,468. The quantity and value of
animal oils and fats exported in December was also smaller
than in the corresponding month a year ago.
For the twelve months ended with December the exports
of meats and meat products and of animal oils and fats were
less in both quantity and value than in the previous year.
The report is as follows:
DOMESTIC EXPORTS OF MEATS AND FATS.
Month of December.
1926.
M
Total meats & meat prod., lbs. 34,269,906
Value
$6.796,468
Total animal oils & fats, lbs
74,766,688
Value
$10,096,433
Beef and veal, fresh, lbs
Value
Beef, pickled, &c., lbs
Value
Pork, fresh, lbs
Value
Wiltshire, sides. lbs
Value
Cumberland sides, lbs
Value
Hams and shoulders, lbs
Value
Bacon, lbs
Value
Pickled pork, lbs
Value
Dleo oil, lbs
Value
Lard, lbs
Value
Neutral lard. lbs
Value
Lard compounds, animal fats.
pounds
Value
11argarine of animal or vegetable fats, pounds
Value
L'ottonseed oll, lbs
Value
Lard compounds. vegetable
fats, pounds
Value
192,775
$36,209
1,246.764
$131,717
1,330,758
$285,254
79,667
$18,082
1,147,201
$236,986
12,674,985
$3,001,041
9,600,653
81,791,334
1,837,618
$297,518
7.088,587
$740,803
62,680,164
$6,696,649
1,641,731
$289,207
1927.
12 Mos. End. December.
1926.
1927.
29,815,958 481.380,939 355,725,670
$4,799,536 898,732,928 $64,185.132
70.786,791 856,117,319 814,435,931
$9,702,218 $128,385,673 $108,388,088
164.811
2.479,349
$33,487
$431.963
695,080 19,652.652
886,253 $2,298,247
1,020,320 15,564,381
$181,189 $3,195,911
6.187,863
148.894
86,457 $1,316,448
546,491
14.180,156
590,666 $3.119,314
9,905,417 183,717.751
$1,853,721 $43,601,285
9,346.695 147.505,128
31,332,340 $28.050,126
1.939,786 29,047,435
$254,263 $4,784,704
4,432.650 96,901,849
3722.714 $11,784,959
62,855,241 698.060,920
$8,502,160 5108.600.027
1.769,477 18,116.371
$265,351 33.048,378
1,258,490
8155,636
507.231
368,873
128,207
$18,610
6,699,746
8593,381
52,627
$8,820
8,302,960
5744,589
755,626
892.639
295,000
847,072
10,580,822
31.484,843
1,737,742
$343.784
14,867.932
$1,626,151
8,235,058
$1.505,325
761.854
$124,167
8,804,533
$1,632,769
122.613.240
$25,319,569
105,649.020
$16,684,137
29,271,940
$4,174,901
78.781,070
$9,599,363
681.302,778
$92,034,613
20,396,671
$3,003,462
8,988,286
51.084,350
1,452.472
795,765
$128,791
r $203,691'
40,900,518 67,981,717
54,089,651 85,937,557
7,858,095
$1,096,700
5,431,387
8714,598
Domestic Exports of Canned and Dried Foods in
December and the Twelve Months.
The report of the exports of canned and dried foods, released by the Department of Commerce at Washington on
Jan. 23, covers the month of December and the twelve
months period ending with December for the years 1927 I
and 1926. The report in detail follows:
[VOL. 126.
DOMESTIC EXPORTS OF CANNED AND DRIED FOODS.
Month of December. 12 Mos. End. December.
1926.
1927.
1926.
1927.
Total canned meats, pounds
1,116,612 1,006.313 15,599.282 16,601,034
Value
$403,600 8363,671 35,256,835 55,913,468
Total dairy products, pounds
11,320,412 7,971,733 129,165,499 116,676,962
Value
81,694,483 51.226,190 319,021,037 317,421,570
Total canned vegetables, pounds
6,146,227 6,719,340 71,347,471 80,846,299
Value
$560,142 5589,190 56.748,791 37.487.433
Total dried & evaporated fruits. lbs. 44,820,849 66,464,139 363,557,471
481,737,455
Value
3,728,288 4,256,118 330,676,048 $33,836,989
Total canned fruits, pounds
34,829,324 35,189,833 223,749,417 247,836,205
Value
53.382,658 33,097,158 522,684,394 322,626,805
Beef canned, pounds
257,026
236,539 2,644,683 2,752,348
Value
$97,927
388,427
3985,599
3912,073
Sausage, canned, pounds
331,899
174,734 3,754,852 3,844.420
Value
897.125
$51,662 81,126,021 81,149,071
Milk, condensed, sweetened, pounds 3,453,970 2,345,003 38,710,655 34,981,081
Value
3542.824 $368,216 36,020,151 35,517,428
Milk,evaporated, unsweetened, lbs. 6,498.805 4,532,260 75,838,409 68,047,141
Value
8377.774 5453,156 57,832,491 $7,182,446
Salmon, canned, pounds
7,001,041 1,660,478 53,511,098 38,252.252
Value
81,123,121 $303,998 38,578,221 $6,028,960
Sardines, canned, pounds
5.580.610 8,185.470 71,285.456 79,439,503
Value
3482.335 5658,484 56,126,476 56,817,662
Raisins, pounds
13,781,420 21.369,417 141,037,750 177,434,912
Value
81,071,372 51,363.345 811,177,679 513,302,431
Apples, dried, pounds
8,080,579 5.327,375 28.327,281 27,594,827
Value
$847,107 3664,520 82.974,445 32,999,249
Apricots, dried, pounds
1,553,075 1,506,741 15,955,464 20,980.180
Value
5324,031 3268.198 33,334.080 33.549,375
Peaches, dried, pounds
475,229
642,581 5,334,909 6,516,966
Value
364,720
358,302
5775.081
$671,019
Prunes, dried, pounds
19.146,140 35.097,400 158,076,067 229,589,930
Value
81,238,089 31.710,828 $10.635,123 $12,613,770
Aprocots, canned. pounds
4,283,798 3.610,193 32,360,350 25,851,495
Value
$4431,968 3350,511 $3,262,783 82,470,963
Peaches, canned, pounds
10,534,345 12,472.155 66.599,128 78,200,150
Value
3997,473 3992,814 36,595.320 $6,519,473
Pears, canned, pounds
9,998,865 8,458,722 51.227.411 61,889,768
Value
51.005,445 5862,477 85,528,935 36,204,671
Pineapples, canned, pounds
3,152,575 6,051,465 31,120,905 45.993,434
Value
3332.093 8508.197 82.980.093 14 207 555
Domestic Exports of Grain and Grain Products,
The Department of Commerce at Washington gave out on
Jan. 23 its monthly report on the exports of the principal
grains and grain products for December and the twelve
months ending with December, as compared with the corresponding periods in 1926. Total values are $25,170,000
in December 1927 as compared with $28,739,000 in December 1926. Exports of barley in December 1927 were 3,425000 bushels as against only 1,363,000 bushels in December,
1926; exports of rye, 1,259,000 bushels against 609,000 bushels, and exports of malt 249,000 bushels against 169,000
bushels. Exports of corn were only 1,108,000 bushels in
December 1927 as against 1,693,000 bushels in December
1926; exports of oats, 376,000 bushels against 422,000 bushels; exports of rice but 19,740,000 pounds against 32,433,000
pounds; exports of wheat, 6,917,000 bushels against 9,622,000 bushels, and exports of wheat flour 1,126,000 barrels
against 1,208,000 barrels. The details are as follows:
DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN
PRODUCTS.
December,
1926.
Barley, bushels
Value
Malt, bushels
Corn. bushels
Value
Cornmeal, barrels
Hominy and grits, pounds
Oats, bushels
Valise
Oatmeal. pounds
Rice, pounds
Value
Rice. broken. pounds
Value
Rye, bushels
Value
Wheat, bushels
Value
Wheat flour, barrels
Value
Biscuits(sweetened)
Biscuits (unsweetened)
Macaroni. pounds
Total value
1,363,000
81,069,000
169,000
1,693,000
81,305,000
84,000
2,798.000
422,000
8205,000
10,040,000
32,433,000
31,450,000
7,079,000
$221,000
609,000
$605,000
9,622,000
313,975.000
1,208,000
$8,338,009
533,000
569,000
950,000
1927.
12 Mos. End. December.
1926.
1927.
3,425,000 13,569,000 37,973.090
33,507,000 310,357,000 535,433,000
249,000
3,332,000
2,869,000
1,108,000 23,064,000 13,428,000
$944,000 319,840,000 $11,432,000
24,000
517,000
388.000
549,000 30.141,000 23,145,000
376,000 11,574,000
10,053,000
8214,000 55.758,000 $5,268,000
6,682.000 140,900,000 66,201,000
19,740,000 77,081,000 239,596,000
$798,000 33,536,000 39.741,000
6,989,000 40,410,000 70.402,000
$170,000 $1,348,000 32,057,000
1,259,000 11,941,000 35,941,000
$1.405,000 $12,282,000 $39,677,000
6,917,000 138,165,000 108,307,000
39,031,000 $201,739,000 5239,503,000
1,126,000 11,850,000
12,826,000
57,450.000 $83,133,000 $85.332,000
348,000
5,858,000
4,874,000
484,000
8,275,000
6,619,000
705,000
8,273,000
8,468,000
328.739,000 325,170,000 $355,687,000 8443,767.000
American Exports of Meat and Meat Products in 1927
Declined More Than $50,000,000.
The export trade in American meat and meat products
declined more than fifty million dollars during 1927, according to a statement issued Jan. 16 by the Institute of American
Meat Packers. The statement says:
Although the quantity of meat products exported declined
only about
12% during the eleven months of 1927 for which complete
figures are
available, as compared with the same period in 1926,
the value declined
approximately 25%.
The greatest declines occurred in exports of hams and
shoulders. During
the first eleven months of 1026. 171,000,000 pounds of
these products.
valued at more than 810,000,000 were exported. During
the same period
in 1927, only 113,000,000 pounds, worth $23,465,000 wore exported.
There was only a relatively small decline in the exports
of animal fats
and oils, and export classification which consists largely of lard. These
exports declined 5% in quantity and 16% in value as compared with the
preceding year.
Figures for meat alone for the eleven-month period showed
a decline of
27% in the quantity exported, with a decrease of 35% In value, as compared with the similar period of 1926. Increased production of hogs in
Europe Was largely responsible for the decreased demand from abroad.
Exports during the year consisted almost exclusively of pork and pork
products. Exports of beef and beef products were relatively small.
JAN. 28 1928.]
507
FINANCIAL CHRONICLE
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of Federal
Reserve banks on Jan. 25, made public by the Federal
Reserve Board, and which deals with the results for the 12
Reserve banks combined,shows afurther decline for the week
of $107,000,000 in bill and security holdings, of $77,100,000
in member bank reserve deposits and of $38,900,000 in
Federal Reserve note circulation. All classes of bill and
security holdings declined during the week, discounted bills
by $26,800,000, bills bought in open market by $21,700,000,
and U. S. Government securities by $58,500,000. Cash
reserves were $12,500,000 larger than a week ago. After
noting these facts, the Federal Reserve Board proceeds as
follows:
All of the Federal Reserve banks except New York report smaller holdings
of discounted bills than a week ago; the larger declines were $19,000,000 and
$15,600,000 reported by the Federal Reserve banks at Chicago and Cleveland. respectively. Discount holdings of the Federal Reserve Bank of New
York were $30,200,000 larger than on January 18. The System's holdings
of Treasury certificates of indebtedness declined $50,000,000 during the
week, of U. S. bonds $8,800,000, and of bills bought in open market $21,700,000.
All of the Federal Reserve Banks again report a reduction in their Federal
Reserve note circulation, the reduction for the System being $38,900,000.
The principal reductions by Reserve banks were: Chicago $6.500,000, New
York $6,400,000, and Boston and San Francisco $6,200,000 each.
Jan. 25 1928. Jan. 18 1928.7Jan. 2611927.
S
6
$IM
99.016,000 110,624,000
93,851,000
1,316,944,000 1,316,469,000 1,041,363,000
am
84,000,000
51,200,000
Borrowings from F. R. Bank—total.
28,269.000
19,950,0017
39,150,000
Secured by U. S. Govt. obligations... 68,600,000
All other
8,319,000
15,400,000
12,050,000
Loans to brokers and dealers (secured by
stocks and bonds): For own account_ _1,275,055,000 1,260,255,000 865.183,060
For account of out-of-town banks_ _1,472,135,000 1,534,519,000 1,125,713,000
For account of others
1 041,495,000 993,150,000 741,044,000
Total
3 788,685,000 3,787,924,000 2,731,940,000
On demand
2 893,797,000 2,916,381,000 2,047,954,000
On time
894,888,000 871.543,000 683,986.000
Chicago-43 Banks.
Loans and investments—total
1,976,739,000 2,006,515,000 1,806,782,000
Loans and discounts—total
1 459,839,000 1,499,623,000 1,391,257,000
Secured by U. S. Govt. obligations
14,015,000
12,282,000
12,759,000
Secured by stocks and bonds
753,293,000 782,095,000 681,009,000
All other loans and discounts
692,531,000 705,246,000 697,489,000
Due from banks
Due to banks
Investments—total
U.S. Government securities
Other bonds, stocks and securities
516,900,000
50602,000
415,525,000
240,374,000
276,526,000
228,101.000
278,791,000
176,675,000
238,850.000
Reserve with Federal Reserve Bank.... 190,202,000
Cash in vault
17,715.000
193,741,000
18,873,000
167,683,000
21,314,000
Net demand deposits
Time deposits
Government deposits
1 304,017,000 1,333,262,000 1,188,448,000
641,239.000 635,569,000 576,592,000
3,805,000
4,393,000
5,644,000
Due from banks
Due to banks
137,788,000
368,287,000
142,567.000
376,914,000
143,890,000
363.719,000
7,063.000
The statement in full, in comparison with the preceding Borrowings from F. R. Bank—total..-. 14,525,000 26.202.000
Secured by U. S. Govt. obligations
9,000,000
20,860,000
5,003,000
week and with the corresponding date last year, will be found
All other
5,525,000
5.342,000
2,060,000
on subsequent pages—namely, pages 544 and 545. A sumand
mary of changes in the principal assets
liabilities of the Complete Returns of the Member Banks of the Federal
Reserve banks during the week and the year ending Jan. 25
Reserve System for the Preceding Week.
1928 is as follows:
As explained above, the statements for the New York and
Increase (+) or Decrease (—)
During
Chicago member banks are now given out on Thursdays,
Year.
Week.
Total reserves
+$12,500,000 —$144,800,000 simultaneously with the figures for the Reserve banks them+11,500,000 —147,700,000
Gold reserves
selves, and covering the same week, instead of being held
+201,700,000
Total bills and securities
—107,000,000
Bills discounted, total
+20,100,000 until the following Monday, before which time the statistics
—26,800,000
+72,800,000 covering the entire body of reporting member banks, now
Secured by U.S. Government obligations
—22,000,000
Other bills discounted
—4,800,000
—52,800,000
653, cannot be got ready.
Bills bought in open market
—21,700,000
+45,500,000
In the following will be found the comments of the Federal
U.S. Government securities, total
—58,500,000
+138,100,000 Reserve Board respecting
the returns of the entire body of
Bonds
—8,800.000
+4.900,000
Treasury notes
+400,000
+150,900,000 reporting member banks of the Federal Reserve System for
Certificates of indebtedness
—50,000,000
—17,600,000
the week ending with the close of business Jan. 18:
reserve notes
Federal
in circulation
Total deposits
Members'reserve deposits
Government deposits
—38,900.000
—103,600,000
—70,000,000
—77,100,000
+6,600,000
+156,300,000
+163,000,000
—7,200,000
Returns of Member Banks for New York and Chicago
• Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 last the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week,instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks—now 653—
cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of the reporting member banks, which this week show
an increase of $761,000, the grand aggregate of these loans
for Jan. 25 being $3,788,685,000, which is approximately
$30,000,000 under the record total of
,819,573,000, as
reported two weeks ago (Jan. 11).
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-50 Banks.
Jan. 25 1928. Jan. 18 1928. Jan. 26 1927.
$
7,201,773,000 7.183,424,000 6,220,066,000
Loans and investments—total
Loans and discounts—total
5,189,848,000 5,211,300,000 4,470,419,000
51,863.000
48,182,000
Secured by U. S. Govt. obligations... 46,907,000
2,566,875,000 2.539.053,000 2.024,849,000
Secured by stocks and bonds
2,620,384,000
discounts
2,576,066,000
and
2,397.388,000
loans
other
All
2,011,925,000 1,972,124,000 1,749,647,000
Investments—total
1,103,545,000 1,060,038,000 852,128,000
U. S. Government securities
Other bonds, stocks and securities_ _ _ 908,380,000 912,0136,000 897,519,000
722,753,000 783,179,000 658,613,000
Reserve with Federal Reserve Bank
51,824,000
52.549,000
59,142,000
Cash in vault
5 497,155,000 5,577,226,000 4,976,284,000
deposits
demand
Net
1 102,154,000 1,096,911,000 914,482,000
Time deposits
24,442,000
26.627.000
33,518,000
Government deposits
The Federal Reserve Board's condition statement of 653 reporting
member banks in leading cities as of Jan. 18 shows declines for the week
of $153,000,000 in net demand deposits, of $116.000,000 in loans and
discounts, and of $23,000,000 in borrowings from Federal Reserve banks,
and an increase of $15,900,000 in investments.
Loans on stocks and bonds, including United States Government obligations, were $66,000.090 below the Jan. 11 total at all reporting banks:
reductions of $66,000,000 being shown for the New York district, of
$9.000,000 for the Chicago district, and of $6,000,090 for the Philadelphia district, and increases of $8.000,000 and $7,000,000, respectively,
for the Cleveland and Kansas City districts. "All other" loans and discounts declined in nearly all districts, the decrease for all reporting banks
being $51,000,000 and for reporting member banks in the New York district
$31,000,000.
Holdings of United States Government securities increased $10,000,000
and $17,000,000, respectively, in the San Francisco and New York districts, and $42,000,000 at all reporting banks, while holdings of other
bonds, stocks and securities declined 823,000,000 in the New York district
and $27,000,000 at all reporting banks.
Net demand deposits, which were 8153,000,000 below the preceding
week's total, declined in all districts, the principal decreases by districts
being: New York, $71,000,000; Chicago, $23,000,000; Philadelphia,
$13,000,000, and St. Louis, $12,000,000. Time deposits declined $6,000,000 in the Boston district, and increased $8,000,000 in the St. Louis district
and $0,000,000 at all reporting banks.
The principal changes in borrowings from Federal Reserve banks comprise a decline of $63,000,000 at reporting member banks in the New York
district and an increase of 826,000,000 in the San Francisco district.
A summary of the principal assets and liabilities of 653 reporting member
banks, together with changes during the week and the year ending Jan. 18
1928 follows:
Increase or Decrease During
Jan. 18 1928.
Week.
Year.
21,870,134,000 —101.483,000 +1,980.795.000
Loans and investments—total
Loans and discounts—total
15,326,105,000 —116,498.000 +1,008,294,000
Secured by U.S. Govt. obligations 126,642,000 +11,566,000
Secured by stocks and bonds
6,529,752,000 —77,185.000
All other loans and discounts
8,669,711,000 —50,879,000
6,544,029,000
—10,623.000
+902,502,000
+116,415,000
+15,015,000
+972,501.000
U. S. Government securities
2,960,521,000 +41,706.000
Other bonds,stocks and securities. 3,583,508,000 —26.691.000
+607,446,000
+365,055,000
1,804,255,000 —27,752.000
256,467,000 —27,038.000
+132.686.000
—15,271.000
13,956,973,000 —153,192,000
+6,433,000
6,634,191,000
89,272,000 —34,764,000
+905.999,000
+710,605,000
—30,255,000
Investments—total
Reserve with F. R.banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,244,545.000 —10,409.000
3,638,907.000 —99,595,000
Borrowings from F.R.banks—total_
290,835,000 —23,167.090
+42,888,000
Secured by U.S. Govt. obligations
All other
215.913,000 —12,453,000
74,722,000 —10,714,000
+89,606,000
—46.918.000
508
FINANCIAL CHRONICLE
Summary ofiConditions in World's Market According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication to-day (Jan. 28) the following summary of
conditions abroad, based on advices by cable and other
means of communication:
AUSTRALIA.
The year just ended was marked in Australia by a combination of factors
which tended to produce uncertainty in business, and the new year opened
with some uneasiness apparent but with a sound undercurrent. Imports
will probably be less than in 1927 and restriction in financial circles is
expected.
AUSTRIA.
In spite of the condition of trade hestitation which has been prevailing
for the past two or three months, the feeling throughout the country was
generally one of optimism. The current opinion that the present uncertainty was only temporary is now being justified by an increasing volume
of inquiries from domestic and export markets for Spring deliveries in
the principal staple industries. After a slight tightening as a result of
the year-end settlements, the money market is again easier with declining
rates, and abundant accommodation offered from foreign centers. Unemployment is still increasing sharply, surpassing the record figure of
1927; labor, however, is comparatively quiet with no strikes of importance
under way or threatened. Foreign trade in November was unfavorable by
$16,800,000.
BRITISH MALAYA.
Despite effects of unprecedented floods in agricultural districts in the
first part of 1927 and lowering rubber and tin prices, the year proved
generally satisfactory for business, some traders reporting record sales.
With the beginning of 1928, prospects are considerably brighter, due especially to the approach of rubber prices to stability. Merchandise stocks
are normal and considerable building activity is evident. Total exports
In 1927, valued at $591,920,000 gold, were about $112,000,000 under the
previous year, but imports, valued at $561,680,000, showed a decrease
of only $5,600,000.
CANADA.
The general level of Dominion business continues fair to satisfactory
with leather and rubber footwear the most active lines. Turpentine quotations advanced four to eight cents per gallon in the larger retail centers. A good demand for tractors is said to exist in the Prairie Provinces.
The week of April 21-28 will be observed throughout Canada as "Empire
Shopping Week," in pursuance of the general campaign to increase interProvintlal and Empire trade.
The producti)o of airplane engines will be started in Ottawa within a
few weeks by the Armstrong Siddeley Motors, Ltd., of England, at the
plant of the Ottawa Car Manufacturing Company. This will be the first
company in Canada to build its own motors.
COLOMBIA.
Business in Bogota is a little slow and the stock market is not active.
The price of foodstuffs is increasing, greatly counteracting the benefit of
higher wages of the past. The Magdalena River is again low so that transportation has been suspended on the upper river (1. e., above the rapids,
between Beltran and Girardot). It is feared that unless rains arrive soon,
navigation on the lower river, from the coast to Beltran, will also be
suspended. This lack of constant river transportation is increasing the
congestion of incoming merchandise at Barranquilla.
FRANCE.
Beginning Jan. 19 the discount rate of the Bank of France was reduced
/
2% and the interest rate for advances on securities was
Irons 4 to 31
/
2%. Total tax returns for 1927 under the general
reduced from 6 to 51
budget amounted to 41,246,000,000 francs of which 40,192,000,000 francs
were from normal and permanent sources. Independent receipts of the
autonomous office for the amortization of the public debt, which are not
Included in the foregoing figures, totaled 6,142,000,000 francs for the
year 1927.
GREECE.
Mortgaged revenues during the first eleven months of 1927, according
to official statistics, amounted to 3,539,585,061 drachmas as against 2,731,
696,804 drachmas in the corresponding period of 1926, showing an increase of 807,888,257 drachmas. Official trade figures for the first six
months of 1927 indicate a larger adverse balance than in the same period
of 1926, namely, 3,466,262,000 drachmas against 2,689,815,000 drachmas.
Imports totaled 6,191,025,000 drachmas as against 4,622,156,000 drachmas
In the first six months of 1926, while the respective figures for exports
were 2,724,763,000 and 1,932,341,000 drachmas.
[VOL. 126.
when required for expansion of business and industries. The outlook for
1928 is, however, more hopeful. Due to the elimination of weak banks
and the consolidation of others, the passage of banking laws, the general
improvement of banking methods, particularly in reduction of dividends,
and the elimination of doubtful loans, the country has been placed on a
sounder business basis and continuance of these policies, with no serious
bank failures or other adverse developments, is expected in 1928. Furthermore, a larger yield of rice and other crops has tended to increase the purchasing power of farmers. Much capital is still tied up in closed banks,
and as few business or industrial loans are being made, normal expansion
may be delayed for some months. However, it seems probable that the
coming year will witness the consumation of considerable deferred business, and the slow recovery of most lines is anticipated with business on a sounder and less speculative basis than was disclosed in the
past year.
MEXICO.
Certain of the basic industries of the country, including textiles, shoes
and oil, are still in an unfavorable position, and several of the leading
textile factories, amongst others the large cotton mills near Orizaba,
have requested permission to cease operations temporarily on account of
the large stocks on hand, it being necessary to have the express consent
of the Department of Labor before closing down. According to unofficial
estimates, petroleum exports amounted to approximately 3,000,000 barrels
during December as compared with 3,212,592 barrels in November 1927.
On the other hand, business in some lines shows an improved tone.
NETHERLAND EAST INDIES.
Optimism over business prospects prevailed at the opening of the year
in Netherland India, despite certain losses experienced by rice dealers
and sugar shippers in 1927 and the uncertainty of conditions in the textile
market. Textile stocks were lowered in December, however, and buying
increased. The machinery market showed improvement and trade in building materials continued active. With enlarged sugar areas planned, increased demand for fertilizers is expected. A large sugar output from
current grinding is anticipated by the banks.
PANAMA.
Business in Panama shows a material improvement over that of the early
part of the dry season of 1927. However, wholesalers, importers, manufacturers' representatives and certain retailers claim that there is unusually
strong competition in most of the lines carried by them. Undoubtedly
this is the reason for so many individual complaints which tend to leave
the false impression that business on the whole is poor. Panama is looking forward to a good tourist season which, if it comes up to expectations
of the local business men, should greatly increase business activity.
More than 10,000 tourists are expected to visit the isthmus in the next
few months. Roads in the interior are being steadily improved so that
an appreciable increase in traffic is expected. For this reason, and in
view of the fact that the import duty on gasoline is ten instead of the
proposed twenty cents per gallon, automobile distributors and dealers in
parts and accessories are taking a snore optimistic viewpoint of business in
their lines for 1928.
PERU.
A bill now before Congress authorizes dock construction at Callao, to be
paid for by a tax of 2 soles (1 sole at par is equivalent to 48.6 cents
United States currency, although on Jan. 20 the actual exchange value
was 38.8 cents). An American company has obtained a tentative contract
for this construction which is expected to be ratified by Congress, The
new tax on canned milk is being vigorously protested by cities of the
interior. Merchandise transactions during the week ending Jan. 20 were
sub-normal. Exchange remained steady at $3.885 to the Peruvian pound.
PHILIPPINE ISLANDS.
The year opened with the business outlook generally encouraging. The
position of Chinese dealers had measurably improved in most instances
and export markets showed increased activity. Except for sales of automobiles, which were generally excellent, December's import trade was
seasonally quiet. New registrations of cars totaled 439 for the month.
Provincial buying of textiles was curtailed on account of yearly inventories
and stocks were heavy. ImPorts of leather moved well. Trade in canned
fish continued dull. Low production of copra caused somewhat higher
prices, despite small foreign demand. The abaca market was firm until
the latter part of December when lack of demand from New York caused
depression. Activity increased on the sugar market, with mills grinding
full capacity. About one-third of the current crop is now harvested.
POLAND.
Foreign trade for December, according to preliminary figures based on
customs data, closed with an adverse balance equivalent to 35,180,000
gold francs—imports, 160,658,000, and exports, 125,478,000 gold francs.
This compares with an adverse balance of 22,117,000 gold francs—imports,
155,581,000, and exports, 133,464,000 gold francs for November. The increase in the unfavorable balance for December is composed of an increase
HAWAII.
of 5,077,000 gold francs in imports, and a decrease of 7,986,000 gold
The outlook for the present year is excellent. Agricultural and finan- francs in exports, for the month. The increase in imports occurred
cial conditions are satisfactory. Unusually heavy rains fell in Hawaii chiefly in raw and semi-manufactured products, such as cotton, artificial
in December, exceeding the total rainfall of the preceding eleven months, fertilizers, machinery and metal goods. The balance sheet of the Bank
though crops were not damaged. In some sections of the Islands, how- of Poland as of Jan. 10 shows a steady increase in the gold reserve and
ever, bridges, roads, flumes and ditches were damaged slightly. The volume foreign currency and bills, from 1,181,832,000 zlotys (par value $0.122)
of trade for December and the first half of January was satisfactory on Dec. 20 1927, to 1,212,400,000 zlotys on Jan. 10.
Ind collections were good. Real Estate continues slow but firm, and
PORTO RICO.
building is moderate.
Business continues to feel the stimulation incident to the harvesting of
INDO-CHINA.
the new sugar crop and only minor economic changes were in evidence during
Indo-China's business continued dull in December, with the country's
the past week. Sugar crop prospects continue satisfactory with weather
rice trade very quiet, although harvesting of the early crop was practically conditions favorable to the
growing cane and the earlier Porto Rican esticcenpleted. Rice prices, which have been high on account of scarcity of
mate of approximately 668,000 short tons remains unchanged. About
paddy, declined, through lack of foreign orders. First quality white rice 34 mills are reported to be
grinding with a few of the mills awaiting an
WU offered on Dec. 31 at ship side in gunnies at 9.60 piasters per 100 increase in the sucrose content of the cane
before getting under way. Sugar
kilos, or about $4.90 per 220 pounds. December exports of rice from Saigon shipments to the United States in
December amounted to 11,611 short
amounted to 110,000 metric tons, of which about 51,000 tons were white tons. The outlook for disposal of
the
balance of the old tobacco crop
rice and 38,000 broken. Shipments for the calendar year totaled 1,458,840 is still regarded as good despite the fact that
only small sales of tobacco
tons, of which 956,778 tons were white 'Ice. The year's exports repre- have been made thus far in January.
Grapefruit
shipments to the United
compared
with
1926.
sented an increase of about 110,000 tons,
States during the last six months of 1927 were approximately 626,000
JAPAN.
boxes as compared with exports in the same period of 1926, amounting
An usnatisfactory year from every viewpoint marked Japan's foreign to 438,000 boxes. Pineapple shipments in the recent semester amounted
trade in both quantity and value during 1927, with declines shown par- to 102,000 crates or nearly twice those for the same period of 1926,
ticularly in import trade. Industrial conditions were depressed, with which totaled 57,000 crates. Six of the eight local canneries are now
many industries operating on a part-time basis. Retail trade generally operating with an improved market outlook as a result of the carry-over
showed little profit. An abnormal financial year was experienced, marked of old crop stocks of grapefruit and the ample supply of this fruit for
by a moratorium, bank failures, the concentration of capital in the larger canning. The canneries are now paying about $22 per ton for grapebanks, and the general uncertainty of trade, with insufficiency of capital fruit as compared with $30 and even more, paid last year. Shipments
JAN. 28 1928.]
FINANCIAL CHRONICLE
December 1927 amounted to $6,of merchandise to the United States in
1928. San Juan bank
515,000 as compared with $5,504,000 in December
812,355,000 as compared
clearings in he first 20 days of January totaled
1926.
with $12,112,000 in the corresponding period of
SIAM.
export trade for the
As the year closed in Siam it was evident that
last two rice years.
rice season would substantially exceed that of the
fiscal year, which
Shipments for the first three quarters of the current
year's exports in 1923,
neds March 31 1928, were larger than the entire
1924, and 1925.
SWEDEN.
marked the
High industrial activity and large favorable trade balances
industries and trade. The
close of a very prosperous year for Swedish
Foreign credits at
money market was unusually active during December.
a marked inprivate banks as well as at the Bank of Sweden showed
advanced about
crease. The net foreign credits at the Bank of Sweden
banking shares
60,000,000 crowns during 1927. Quotations of industrial and
in a few Instances
continued to rise. Declared dividends were increased
Company increased
but in most cases remain unchanged. The Ball Bearing
introduction of its
Its capital by 14,000,000 crowns and is arranging
was 142 for Destocks on the London Exchange. The wholesale irdex
remained well
cember as against 143 for November. Swedish industries
which,
occupied during December, except the iron and steel industry,
pulp industry
the
due to strong foreign competition, is still depressed and
effect a lowIn which a lookout was declared at the end of the year to
on a
ering of production costs. All other industries, however, continued
still awaiting
very satisfactory high level. British buyers of lumber are
tardiness in placing
the announcement of Russian offers with a consequent
mill industry
of new orders. The difficulty in the woodpulp and saw
soon. The iron
has taken a favorable turn and settlement is expected
indimine labor situation is less favorable. Trade returns for December
cate an export surplus of about 40,000,000 crowns for 1927.
509
have been enlarged during the past year. The following table illustrates
the redistribution of gold holdings that has occurred since the beginning
of 1927:
1927.
1928.
£151,488.719
£154.992,000
Bank of England
Frs. 548.821.000
Frs. 5.544.832,000
Bank of France
Rms. 1,831,383,000
Rms. 1,868,729.000
Relchsbank
32,916,043,000
52,807,899,000
Federal Reserve Banks
Aside from these increases in gold holdings, the balances of European
banks in the United States have expanded. Italy announced late in Deccmber that the lire had been stabilized on a gold basis at the rate of 19
to the dollar. Legal stabilization of the French franc is expeeted fro
follow shortly, although political considerations may defer this step until
after the May elections.
The outlook for moderate money rates in Europe is considerably more
encouraging than a year ago. Discount rates in most centers are lower
than at this time last year. The following table compares the rates of
four central banks at the beginning of this year with those prevailing in
January 1927:
1927.
1928.
5%
43%
Bank of England
8)4%
5%
Bank of France
6%
7%
Relchsbank
4%
3)4%
Federal Reserve Banks
Although the rate of the Reichsbank is now higher than a year ago,
it declined during 1927 to 5%, the recent advance having been made
necessary by the flotation of a large internal loan and a series of unfavorable trade balances.
The improvement of English finances has brought about a possibility
of unifying the British currency by lumping together the notes of the
Bank of England with the so-called "currency notes." This step is one
of the objectives toward which both the bank and the Government are
working, and is expected to be one of the principal developments in British
finance during the coming year. Reduction of the discouvt rate to 4%
the
has been frequently discussed during the last few weeks, although
UNITED KINGDOM.
action necessarily rests upon developments surroundun- advisability of such
mostly
prices
with
good
to
fair
sterling
of
been
movements
has
demand
uncertain
coal
the
post-holiday
The
ing the large external French balances,
changed. Forward business in coal has been hesitant pending progress and the gold demands of such nations as Argentina, Brazil, and even
of the stabilization schemes, details of which are now being considered. France.
The tentative minimum prices suggested in the Welsh plan range about
In Central Europe and the Near East, economic recovery is reflected
6d. per ton above current quotations. The unemployment registers on in an increased domestic production and in an enlarged volume of exports.
a
reducwork,
seeking
as
persons
1,232,000
of
names
the
January 9 contain
For approximately nine years these nations have been striving to overtion of 100,000 in the week. A report of the Ministry of Labor shows that come the unsettlement and racial antipathies left by the war, to decrease
of the total of workpeople insured against unemployment (now approxi- the volume of unemployment and to lower the cost of living. The sucmately 12,100,000) the percentage unemployed was 9.8 at the end of cess that has been achieved becomes apparent when it is realized that, on
1927 as compared 11.9 at the end of 1926, and 10.4 for 1925. The actual the average, unemployment in these countries has decreased 20% during
Improvement is somewhat better than the figures indicate as the insured the past year and that the cost of /Wing has been lowered in more than
total has also increased.
half of the nations. It is in this part of the world that excessive trade
restrictions represent the greatest obstacle to further recovery, and
progress in the future will depend in no small measure on the degree in
Comof
Chamber
Empire
British
Sisson
Before
F. H.
which the harmful effects of such barriers are recognized.
Finanand
merce Discusses International Business
Economic conditions in the Far East have not changed greatly during
the past year. The financial difficulties suffered by Japan early in
cial Outlook—Gold Movement.
the year occasioned considerable unsettlement at the time, both trade
The attempt of the central banks to act together in di- and finance have now substantially recovered their previous position.
recting the movement of gold and the exchange of infor- In fact, the crisis appears to have been followed by a definite trend
financial methods, which should exert a strong stabilizing
mation concerning the status of balances in other countries toward sounder
influence on general trade conditions in the future. Business in China
auspicious
most
"a
as
Sisson
was referred to by Francis H.
has been seriously retarded by the upheavals in the political and civil
development" of the past year, in an address which he de- life of the country; but, notwithstanding these unfavorable developments,
the past year have been larger than a year earlier. The
livered on Jan. 18 at the annual meeting in New York of exportsofduring
future events in China completely defies prediction, since it decourse
who
he
the British Empire Chamber of Commerce. Mr. Sisson,
pends mainly on political developments which cannot be foreseen.
be followed by
is Vice-President of the Guaranty Trust Company of New establishment of a stable government will undoubtedly
last
the
in
place
a continuation of the economic progress that has taken
York, spoke in part as follows:
decade. The outlook in India is highly encouraging, after a long series
One of the year's most significant developments has been the progress of successful crops and a gradual diminution of the civic unsettlement
stabilizaa
of the variceis European cartels in their endeavors to promote
that has existed for many years. Prospects in the Philippine Islands are
tion of prices, to lower manufacturing costs, to stimulate mass production less bright, although some improvement has occurred during the year as
activithe
While
markets.
and
to
distribution
expand their foreign
and
a result of a good sugar crop. The decline in the price of rubber has
ties of the European steel cartel have encountered certain obstacles, much diminished purchasing power in the rubber-growing section of Southeast
has been accomplished in the formation of agreements in such commodities Asia, while both Australia and New Zealand are still experiencing the
as dyes, wire, potash and linens. The significance of these organiza- effects of restricted overseas markets, ascribed mainly to the British coal
tions lies not so much in the possible results of their formative as in the strike.
in
recent marked industrial progress which they reflect.
The investment of foreign capital in Latin America, the increase
Of the various world movements that have made for a greater harmony foreign commerce and the remarkably uniform trend toward financial
among nations this year, the co-operative endeavor of the leaders in in- reform are among the principal phases of the economic progress that is
ternational finance has been one of outstanding importance. The purbeing made. An essential feature of the development of these counposes toward which the directors of banking interests have been striving tries in the future, as in the past, will be heavy borrowing from other
stimconsequent
are the stabilization of currencies and price levels and the
countries. It naturally follows that the most rapid progress will be
ulation of international business activity. Although there was a certain
made by those nations which encourage the investment of foreign capital
degree of co-operation among the European banks of issue prior to the by
maintaining both political and financial stability.
World War, the unusual conditions on the Continent since 1918 have
Conditions in the United States also indicate the likelihood of conbrought about a much closer co-ordination than ever existed before. In
tinued progress. Although no great trade expansion is in immediate prosparticular, the disproportionate division of gold between America and the
pect, the level of business activity is high and will probably remain so
the
on
supervision
remainder of the world had necessitated a most careful
for some time to come. Very little unsettlement need be anticipated a,
HemEastern
the
in
of
European
holdings
bankers of shifts in gold
part
a result of possible gold exports in the near future.
isphere. At the same time, because of the absence of an adequate gold supFor the world as a whole, the principal features of the business and
ply in Europe, the importance of the foreign gold holdings and foreign
financial outlook are, first, continued economic recovery from the effects
bank balances of the principal banks of issue has reached a degree hitherto
of the war, particularly in Europe, the rapidity of which will depend in
unknown.
large
measure upon the removal of unwarranted trade restrictions and
act
together
to
this
In
situation, the attempt of the central banks
the maintenance of peace; second, the necessity for further financial
in directing the movement of gold and the exchange of information conwhich may occasion a temporary but perhaps pronounced
cerning the status of balances in other countries has been a most auspicious readjustments,
certain lines of trade ; third, increased competition in
development. This co-operative movement was instigated by the Bank of unsettlement in
resulting from European industrial revival, accompanied
England and immediately met with universal favor. An instance of its world markets
in the purchasing power of European countries; and,
actual procedure is the arrangement established by the German Reichsbank by an increase
of swift economic development in the Far East, Africa,
period
a
fourth,
payments.
in
foreign
an
Although
for
international clearing system for
undeveloped areas of North and South America.
the early part of 1927 it appeared that the central banks of Great Britain, and the
France and Germany had been operating at cross-purposes in their good
transactions, with regard only to the monetary needs of their respective
of
countries, the conference of the heads of these banks in the United States Figures of Unemployment in Various Countries
during July presumably led to a fuller understanding.
Europe.
The reduction of rediscount rates in the United States following this
conference also contributed to financial recovery in Europe by stimulating
Statistics recently published by the "Bulletin de la Fedthe exportation of capital from this country. Gold shipments from America eration Syndicale Internationale" and transmitted to the
commenced in September, and during the closing months of the year, a
York by its French Information
time when trade demands usually force foreign exchange rates to a dis- Bankers Trust Co. of New
count, several foreign currencies rose above par in the New York Service, (made public Jan. 25) give the following figures
market.
for unemployment in the various countries of Europe during
In consequence of the policies followed by the central banks, working
country's population is estinatural
to
the
economic
forces
tending
bring about a redistribution the autumn of 1927. Each
with
of the world's gold, the metallic reserves of the leading European banks mated in round numbers.
510
•
FINANCIAL CHRONICLE
[Vol.. 126.
In Austria, 6,500,000 inhabitants, there were, on October 15th, 120,717 of Chester D.
Pugsley, Vice-President of the Westchester
unemployed receiving relief, as against 129,948 in Sept. 1927, and 151,183
in Oct. 1926. There were also 24,000 registered persons out of work who County National Bank at Peekskill, as a result of a trip
received no relief.
around the world. Mr. Pugsley says:
In Belgium, 7,700,000 inhabitants, on Sept. 1, there were 7,715 persons
There is no English newspaper in the Dutch East Indies. but in Japan,
entirely idle and 25,062 working part time.
and even in Korea, in China, the Straits Settlements, Burma,
In Czechos]okakia, 13,700,000 inhabitants, there were at the end of Ceylon, and Egypt there are daily English-language newspapers. India.
They
August about 30,000 unemployed on the lists, as against 60,260 at the end of carry, however, a paucity of American news, although a
large number of
Apr. 1927 and 71,548 at the end of August, 1926.
press dispatches of English origin and from continental Europe.
The number of unemployed in Denmark, 3,400,000 inhabitants, at the
American business men and tourists in these countries can obtain no
end of Sept. totalled 48,329.
Idea of important happenings in the United States from the local press
In Finland, 3,500,000 inhabitants, there were at the end of Sept. 1, as what American news does reach them is of a novelty rather than a
real
205 unemployed as against 1,221 for the preceding month and 1,425 for value. One or two American newspapers are available at our Consular
Sept. 1926.
offices, and a very few of the leading hotels have an American newspaper
In France, 40,700,000 inhabitants, 27,665 unemployed were on the lists on file, but these papers reaching such distant points several weeks,
and
on Oct. 1, as against 29,200 for the month before and 11,649 on Oct. 11926. two months after publication as in the Dutch East Indies, are
not available
In Germany, 62,000,000 inhabitants, on Oct. 28, 442,751 unemployed to American business men there for the purpose of promptly acting upon
were receiving relief as against 1.750,000 a year before.
events in the United States, nor can they be cognizant of what is transFor Hungary, 8,300,000 inhabitants, the data supplied at the end of piring contemporaneously at home.
Aug. by 152,000 syndicate members showed a total of 11,247 unemployed
The business man from the British Isles and the Continent is, however,
or 7.4% of the syndicate members as against 7.7% for the preceding month advised from day to day in the local press of tho major developments
in
and 15% at the end of Aug. 1926.
politics, diplomacy, finance, banking, markets and business, as well as
Italy, 40,600,000 inhabitants, had at the end of July 263.091 persons general news in Great Britain and Europe.
completely out of work and 125,376 working part time. The corresponding
In Tokio, though, an American-owned daily English-language newspaper
figures were 214.603 and 103,792 for the preceding month and 79,678 in gives general business and financial news from the United
States, and
July 1926.
there is a need for more American newspapers or better American news in
In Norway. 2,800,000 inhabitants, there were on October 16, 21,957 the English newspapers in other countries in the East if the representatives
registered unemployed-although syndicate figures give 30.000, as against of American business are to have adequate news from
this country to act
18,915 on Sept. 15 1927 and 23.676 in Oct. 1926.
upon in the development of American trade and commerce.
Poland, 28,900,000 inhabitants, had on Oct. 8, 117,422 unemployed as
against 129,031 the month before and 196,586 in Oct. 1926.
Portugal, 6,000,000 inhabitants, though not a highly industrial country,
has 50,000 unemployed-chiefly among metallurgical workers of whom A. 0. Corbin of F. J. Lisman & Co. Sees Era of French
50% are idle.
Financing in Wall Street with Raising of Ban on
In Russia, 144,000.000 inhabitants, the total number of registered unFrench
Industrial Loans.
employed on Sept. 1 was 1,127,000. of whom 560,000 were unskilled workers, as against 1,419,000 on June 1 1927 and 1,070,000 on Oct. 1 of last
Lifting of the United States Government's ban on French
year.
industrial loans will be followed by extensive French financIn Sweden, 6,000,000 inhabitants, there were 20,163 out of work on
ing in Wall Street market in the opinion of A. 0. Corbin,
Sept. 1.
In Switzerland, 3,900,000 inhabitants, at the end of Sept., 8,335 un- partner of F. J. Lisman & Co. and director
of the firm's
employed were on the lists as against 8,854 a month before and 12,803 at
foreign financing. Mr. Corbin says:
the end of Sept. 1926.
I not only expect issues by the leading French steamship
ltnes and railroads but by the important automobile companies. In fact,
I understand
that one of the larger automobile manufacturers has been
awaiting
the lifting
Europe's Economic Recovery 10.1 Points in 1927, of the embargo to seek a substantial loan in this market.
An interesting phase of the financing will be its reception
According to Ames, Emerich & Co.
by the.French
Government, which may or may not
as extensive financing by
Europe's economic recovery during 1927 was 10.1 points, French industries as has taken place inapprove
German industry during the
Past
as reflected in the average stability of all European curren- two years. The French will undoubtedly also require some financing
their Colonial activities and it will be interesting to see
cies. This stability, or lack of fluctuation in foreign ex- for
whether the
American market will break down its precedent in
accepting them. I
change for all countries, was 95.1 in 1927 as compared with am more inclined to think that the Colonial
operations will find a readier
85.0 in 1926 and 57.9 in 1922. This increase, according to market in Great Britain than here unless the Colonial issues are guaranteed
the French Government.
Ames, Emerich & Co., investment bankers, who have com- byContrary
to the opinion in some quarters, the French are a
very aggressive
piled the data, is one of the clearest indications of Europe's nation industrially, but insist upon doing things
in their own way. I do
progress toward economic stability and prosperity. As to not believe that they could ever be brought to carry on their business operations in the American way, as no matter In what
environment the French
the compilation the bankers state:
are placed they retain their national characteristics and
their love of French
An analysis of the data shows that only Italy, Greece, Poland, Rumania tradition.
and Spain were below the average. Italy went on a gold basis but a few
Mr. Corbin added that he felt the lifting of the ban had
weeks ago and her foreign exchange will probably be highly stable in the
future. Polish exchange has recently been put on a gold exchange basis. come at a propitious time as there is
ample room in the Amerthe
instability
exchange
of
of Greece and Rumania has been due
while the
ican money market for the flotation of French bonds
to a rise and not to a fall.
at this
Among the most economically progressive countries of Europe, as meas- time. Most of the French issues, he anticipates,
will be
ured by the stability of their foreign exchange. are Austria, Czechoslovakia, debenture issues as first mortgage
financing is not common in
Jugoslavia, Finland and Belgium, as well as Great Britain, Germany,
that country. This would indicate that the yields on
Sweden, France, the Netherlands and Switzerland. Certain countries also
the
show a marked improvement in 1927 over 1926, notably Belgium, whose majority of the issues will probably vary from 6.80
to 7.50%.
stability of foreign exchange rose from 46.5 in 1926 to 99.2 in 1927; France,
whose figures were 51.9 and 98.2, respectively; Greece. 72.2, and 92.0; Norway, 79.8 and 95.8; Poland, 64.4 and 93.8, and Rumania, 57.8 and 78.7.
Growth of Capital Resources in
From the foregoing facts it is evident that Europe as a whole is making
Canada.
marked progress toward economic stability and prosperity.
"The remarkable growth of the capital
resources of the
The following table gives the figures in detail:
Austria
Belgium
Czechoslovakia
Denmark
Finland
France
Germany
Great Britain
Greece
Hungary
Italy
Jugoslavia
Netherlands
Norway
Poland
Rumania
Spent
Sweden
Switzerland
* STABILITY OF FOREIGN EXCHANGE.
1922.
1923.
1924.
1925.
1926.
100.0
100.0
3.1
99.7
99.5
65.6
63.9
55.1
82.8
46.5
41.2
89.6
94.7
97.9
99.9
89.2
81.0
86.2
70.1
92.2
67.0
91.6
82.2
99.5
99.9
66.3
67.5
50.4
66.1
51.9
2.0
0.0
0.0
100.0
99.6
89.5
92.5
91.1
97.7
99.5
21.8
25.7
66.9
65.8
72.2
20.5
21.2
9.5
100.0
99.3
70.9
80.9
89.0
89.0
69.7
58.5
53.3
71.7
85.3
99.2
90.5
92.2
91.3
98.1
99.3
86.1
74.8
86.4
73.3
79.8
1.5
0.3
99.9
50.5
64.4
51.3
63.8
70.9
84.6
57.8
92.6
81.7
85.7
95.1
85.9
91.4
97.2
95.9
09.2
99.4
92.0
90.7
88.5
98.9
99.3
1027.
100.0
99.2
99.9
09.1
99.9
98.2
99.0
99.3
92.0
98.8
72.1
99.6
98.7
95.8
93.8
78.7
85.1
98.7
99.3
people of Canada is strikingly exemplified in
the periodic
returns of the banking institutions of this
country," says the
Bank of Montreal in its business review issued
Jan. 23.
Continuing, the bank states:
The subject is particularly appropriate this month,
as the annual statements of most of the banks are presented around the
these are now available as a financial index to progressclose of the year, and
in the twelve months
just concluded. The banks of the Dominion, being
for the most part of a
nation-wide character, reflect conditions of the
country as a whole rather
than those of any locality. It is no surprise,
therefore, to find that without
exception their annual statements show satisfactory
profits and substantial
increases in deposits and total assets. Not only
have new records been set
in the case of individual banks, but the total assets
of all the banks surpass
all previous records in the history of banking in
Canada. The progress that
has been made may be seen from the following
comparisons taken from the
November bank statement just issued by the
Department of Finance:
lig
Total assets of Canadian banks stood at
$3,242,400,873,
an increase of
$292,031,464 over those of November 1926.
Average
57.9
66.1
75.1
87.0
85.0
95.1
Total deposits stood at $2,521,465,382, an
increase of $200,036,857.
Total current loans in Canada stood at
* These figures show the stability. or lack of fluctuation, in foreign exchange, and
$1,079,401,147, an increase of
have no reference to par of exchange.
$93,000,451.
Total call loans in Canada stood at
$223,332,963, an increase of $81.953,421.
In
C. D. Pugsley Finds Lack of News in English-Language VIOUBone respect alone, that of current loans, the figures fall below the prehigh record, which was in September 1920,
being $338,119,609 less
Newspapers Abroad Regarding Happenings in than at
that time. This may be accounted for by
the fact that business
generally has liquidated the over-extended condition
United States.
in which it was left
by war conditions, by the fact that many
While there is an American-owned English-language daily proved their capital structures that they business concerns have so imare not now in need of banking
newspaper in Japan offering business representatives from accommodation on the former scale, and by the further fact that, due to
changing business conditions and constantly improving
the United States there business and financial news from ties,
transportation facilistocks of merchandise are not carried in such relatively
large volume
this country elsewhere in the East the English-language as heretofore. While the banks have
without exception shown that they
newspapers carry a negligible amount of American news are able to handle their increasing assets to profitable advantage, the high
at which deposits now stand indicates that they
are equipped as never
and there is a need for American newspapers or better figure
before to meet any expansion in general business activities which
may
American news in the English newspapers in the opinion develop.
1
JAN. 28
1928.]
FINANCIAL CHRONICLE
Bank of Montreal Sees Continued Canadian Improvement.
The spirit of optimism generally prevalent in Canada has
not materially moderated, according to the Bank of Montreal
in its latest bulletin, issued under date of Jan. 23. Reviews
for 1927, the bank points out, sound a note of confirmed confidence based on results achieved as well as on promising
prospects, and another year is entered upon with indications
of expansion in many lines of production. The bank says:
Gradual improvem
ent in European financial and commercial conditions
should be helpful to business in Canada, since these
foreign markets absorb
a great part of our surplus productions, particular
ly of the farm. The
greatly bettered state of our farmers has been at the root
of most of Canada's trade expansion during the last three years, and while
we have large
farm production, marketable at profitable prices, confidenc
e will continue
and reaction be deferred; always provided manufacturing
output does not
outrun current consumption.
Foreign commerce of Canada in December followed the
trend of many
preceding months, exports declining and imports Increasing
in value. The
variation has not, however, been wide, and in the case
of wheat shipments
may be attributed to the late harvest. On the other hand, a
market for
Canadian cattle has sprung up in the United States,
to which large shipments are being made.
Car loadings were adversely affected by the extra holiday
this year, notwithstanding which the total has held up well. Grain shipments
to Vancouver from Alberta and to the upper Lake ports from the other
Western
Provinces, and livestock loadings have been greater. Railway
gross receipts in the first half of January were larger than in the
corresponding period
last year. On Jan. 14 the visible supply of wheat in Canada.
113,411,000
bushels, was 21,800,000 bushels greater than a year ago.
Visit to United States of William T. Cosgrave, President
Irish Free State—Received by President Coolidge
and Members of Congress.
William T. Cosgrave, President of the Executive Council
of the Irish Free State, who arrived in New York on Jan. 20
on the steamer Homeric, and who, with his arrival, was
received at the City Hall by Mayor Walker, has since
visited Chicago and Washington. During his visit to
the
Capital he called upon President Coolidge on Jan. 23, and
on the following day,(Jan. 24) was entertained at a luncheon
at the White House given by President and Mrs. Coolidge.
Mr. Cosgrave's brief talk with President Coolidge on Jan. 23
was thus described by the Washington Correspondent of
the New York "Herald-Tribune":
President Coolidge inquired as to condition
s in Ireland and Mr. Cosgrave
replied that they were coming along very well.
The President next asked
about the Irish Free State budget system and was
informed that the expenses of the Free State for the last year were about
£24,000.000,an amount
which his Irish visitor assured him could not
be compared with the American budget, as Irish Government
expenses are borne wholly by the central
government. The visitor assured Mr.
Coolidge that he had found Washington a charming and beautiful city.
On Jan. 24 Mr. Cosgrave visited both the Senate
and
House of Representatives and in messages to both
extende
d
his thanks to the people of America for their support
and
sympathy during the 200 years which marked
the course of
Ireland's effort toward free government.
Regarding his
reception in Congress we quote the followin
g from the
Washington dispatch (Jan. 25) to the New
York "Times:"
Mr. Cosgrave
went first to the House of
Representatives, calling at
the office of Speaker Longworth, where he was met
by a special committee consisting of three Republicans and three
Democrats. They were
Floor Leader Tilson, Chairman Madden of the
Appropriations Committee,
Chairman Porter of the Foreign Affairs
Committee, Democratic Leader
Garrett, Representative Garner ranking minority
member of the Ways
and Means Committee, and Representative Linthicum, minority
member
of the Foreign Affairs Committee.
511
Reception in the Senate.
Applause rang through the Senate chamber when VicePresident Dawes
presented Mr. Cosgrave, who stood in the "well" and
shook hands with
each Senator. Senator Heflin, for a time, remained in
his seat, but, when
other Senators laughed at him, he smiled and then
went down and also
shook hands with the Senate's guest.
After Mr. Cosgrave was escorted to the dais of the Vice
-President, the
latter said:
"The Senate is in recess. I suggest to President Cosgrave
that he say
a few words."
A burst of applause greeted the suggestion and President
Cosgrave.
speaking in a low, modulated voice, said:
"Mr. Vice-President and members of the Senate:
"This is indeed a very great honor which I have received at
your hands,
which I attribute to the regard in which you
hold my country.
"I have come to extend to your President and
you people here in America
the thanks of my people for all that you have done
during the last
200 years, for the homes which you have extended tofor us
our people who have
come here, and for the sympathy and
which you have ever been 80
gracious and so generous as to extend support
to my people.
"In the eighteenth century
Franklin came to the Parliament
of my country, and he told theBenjamin
ofthat Parliament that the Americans and the Irish, working handmembers
in
hand,
would achieve the freedom which
they sought. Now,after 150 years, I come
to return that visit of that great
American.
"I thank you sirs, on my own behalf and on
of ray people, for the
courtesy and kindness and hospitality which behalf
have been extended to me
since I have come here, and for the great
have always extended to our people, help which America and her People
for their great contributions toward
the cause of liberty the world over, and
for their great work in the cause of
humanity."
Mayor Walker of New York in receiving President Cosgrave at the City Hall on Jan.20 said in part:
Mr. President, it is a delightful occasion that
brings you here. It stimulates our interest, and increases our affection for Ireland
and Irish people.
There is none of us but hope that one day more
than a President of the
Irish Free State will visit the City of New York.
However, that is a
subject matter that you must settle somewhat at home,
and in
fact that we have little things here—and they are somewhat view of the
of a similar
nature—running throughout America, we are kept rather
busy with them
ourselves.
We hope that you may be made to feel the welcome that
is in our hearts,
and the Mayor of the City of New York is trying to tell you
that this is a
place you can be at home, because there is so much affection,
so much interest, so much admiration of your people by all the peoples
of the City of
New York.that you will surely know it before you have
been here very long.
This is a great day for some of us, and surely it is a great
day for New York,
and again, on behalf of all the people. I welcome you most
heartily."
In responding President Cosgrave, said:
Mr. Mayor and people of New York. This is indeed a most
historic occasion, and it is one which fills me with feelings of deep emotion.
For the
first time in the history of my country the head of the Governme
nt of my
country comes here to this great City of New York, the gateway
of the
great American republic. And one could not but feel the majesty
of everything in connection with this great city, its beautiful harbor, its
magnificent
buildings, its great institutions, all the facilities and the courtesies
whish
those institutions have contributed toward making my stay
here a welcome stay.
But greater even than the majesty of your harbor or the
magnificence of
your buildings are the feelings in the hearts of the people
here, to Thich
testimony has been paid by your Mayor, in giving me,
as representing the
people of my country, a truly cordial and heartening
American welcome.
I thank you, Mr. Mayor, and I thank the people of
New York for their
courtesy, for their welcome, for their cordiality in receiving
me here.
I pay tribute to the great work which this great American people
have
done for my people. Looking back over the ages and remembering the
many homes which have been established here on American soil by my
people, realizing the kidness of your Mayor when he says that our people
have contributed toward the development of your great country, we realize
now, having found our freedom, that there comes with that freedom,
the
great responsibilities which fall upon modern administrations. And we are
emboldened by the work which has been done here, by the wonderful contributions which your citizens have made toward the finer feelings of mallkind, toward contributing day after day and year after year, toward relieving suffering, making life what it ought to be, carrying out some of those
splendid sentiments to which expression was given upon the Sermon on
the Mount.
I thank God that I have lived to see this day, that Providence has been
good enough, in our time, to give our people that recognition for which
they have sighed so long, and which New York in the majesty and the
magnificence of its great, big heart has extended to representatives of my
country today.
President Cosgrave was welcomed in Chicago on Jan. 21;
he left that city the following day for Washington.
House Greets Him Warmly.
president Cosgrave's entry was greeted with a
On his visit to the United States President Cosgrave iw
thunder of
which continued for a minute. from the crowded floor and handclappine, accompanied
by Desmond Fitzgerald, Minister of Defense;
galleries.
He
bowed to Speaker Longworth, who escorted him up the white
steps to the Diarrauid O'Hegerty, Secretary of
the Executive Council;
dais.
„Gentlemen and gentlewomen,"
Joseph P. Walshe, Secretary of the Department of External
said the Speaker, "I am pleased
to
present America's most welcome guest, the President of
the Executive Affairs, and Colonel James O'Reilly, his military
aide.
Council of the Irish Free State."
President Cosgrave will be the guest of honor at the luncheon
After more applause Mr. Longworth announced that every
member
opportuni
an
have
ty
of
to
the
would
meet the Irish leader, who stood
Bond Club of New York on Feb. 2.
in the
"well" of the House while members filed by and were introduce
d by Floor
Leader Tilson.
The address he left, which was road by the reading clerk while the Irish
Italy's Balance of International Payments.
visitor was en route to the Senate, was as follows:
Of
the
various items in any country's international acMr. Speaker—As the first head of an independent Irish Governme
counts there are, of course, a number for which no precise
to visit the United States of America, it is my great privilege to convey nt
to
America,
through their elective representatives
of
the people
a message of dataare available.
endante and good-will from the people of Ireland.
This is perhaps especially true in the
Benjamin Franklin
Irish people through the members of the
In 1771 told the
Parliamen
t of the case of Italy, and marked differences are found in the conKingdom of Ireland that America'e; weight weuld be thrown in their
scale clusions
and American liberty might be achieved.
of the compilers of Italy's balance of International
In order that Irish
Kie promise has been nobly fulfilled. American ideas
liberty and payments for
democracy have permeated the minds of men everywhere. of
past years, according to a report to the DeTyrannies
and
Governme
have
nts
disappeared under their influence. Ireland's
alien
freedom has been obtained n.t merely by American advocacy of noble partment of Commerce from Commercial Attache H. C.
os but by the intense, devoted and constant suipoport of the American McLean, Rome.
Weird,
The Department, in a statement Jan. 13,
for the application of those principles to the Irish nation.
-Di
to thank the American people for the part they have played in bearing on the report, says
Ieome
eople
in part:
liberty
our
of
achieveme
acehilieverv
and
a
es
nt
I boar to them through their elective
the
message of good-will and brotherly affection
from the
Italy's Trade Balance Normally Unfavorable.
0t e•
i
rglrheasPyeG
The outstanding characteristic of Italy's economic relations
d ma e this nation prosper and may He watch over and perpetuate
with the
rest of the world is the large excess of the country's
the bonds of blood and friendship which unite our two peoples.
merchandise imports
over its merchandise exports, a condition prevailing for
WILLIAM T. COSGRAVE.
many
years.
To,
Jan. 25 1928.
compensate the large adverse trade balance, invisible items
(notably re-
512
FINANCIAL CHRONICLE
tourmittances from Italians resident abroad and expenditures of foreign
maximum
ists in Italy) must be largely depended upon. Even where the
, of a
care is used, there is always the possibility, if not the probability
considerable margin of error in these items.
to 17,For the first ten months of 1927 merchandise imports amounted
000 lire, leaving
084,000,000 lire and merchandise exports to 12,778,000,
exboth
that
Assuming
lire.
an adverse trade balance of 4,286,000,000
November and
ports and imports will continue at the same rate during approximately
be
December, the total adverse trade balance for the year will
for the purpose
5,000,000,000 lire—a figure sufficiently close to the truth
of this report.
Italles Status as a Debtor Nation.
financial transactions are
Italy has been a debtor, nation, so far as its
importance as to
concerned, having foreign investments of such limited
countries In a very large
yield little income and being indebted to other
dividends due to foreign
figure for profits of foreign companies in Italy,
charges, &c. Prof.
holders of Italian securities, commissions, interest
the net liability for
Gino Borgatta, of the University of Milan, estimated
90 to 1,500,000,000
this group Of items in 1926 to be from 1,000,000,0
fall below that of 1926,
lire. The total for 1927 will not, it is believed,
the lira.
despite the benefit derived from the appreciation of
this year $5,000,000 to
Under its war-debt settlements, Italy has paid
Britain, or the equivalent of
the United States and £4,000,000 to Great
(approximately 150,000,about 450,000,000 lire. In addition, $8,500,000
n charges on the
000 lire) has been paid for interest and amortizatio during the last
$100,000,000 Morgan loan. Private loans floated abroad
service charges
the
and
00,
two or three years amount to about $200,000,0
250,000,000 lire. Duron such loans for 1927 may be estimated at about
on its war debts
ing the years when Italy was making no payments
referred to, its
and had not yet contracted the private indebtedness justtransactions was
financial
on
ocuntries
other
to
s
indebtednes
annual
net
lire. Assuming that the
calculated at fran 400,000,000 to 500,000,000
we may accept the figure
situation has not materially altered in 1927;
debit attributable to
of 1,500,000,000 lire as representing the total net
this group.
adverse trade balance and
Having accepted 5,000,000,000 lire as Italy's
transactions, we have a
1,500,000,000 lire as its net outgo on financial
on must be found on the
total of 6,500,000,000 lire for which compensati
accounts.
credit ride of the country's international
Emigrant Remittances Declining.
restrictions imposed by the
Owing both to the continued effect of the
s of emigrant deposits
withdrawal
the
to
and
n
immigratio
on
States
United
emigrants' remittances have sharply
lira,
the
of
rise
the
of
because
Italy
In
from postal savings banks
declined. Whereas In 1926 the withdrawals
during the first ten months
were practically compensated by new deposits,
no less than 570,000,000
of 1927 such withdrawals exceeded deposits by
remittances pass is the
lire. Another important channel through which
approximately 25% of the
handle
to
believed
is
which
Naples,
of
-Bank
that institution averaged
-total business. The remittances reported by
months of 1927, as comonly 35,000,000 lire per month for the first seven
lire for 1926. The
pared with a monthly average of about 50,000,000
handled by other
fragmentary data available on the volume of funds
all along the line.
Institutions indicate a general decrease in remittances
for 1927 will hardly
Such being the case, the total credit from this source
for 1920 were
be more than 2,000,000,000 lire, whereas the best estimates
Around 2,500,000,000 lire.
been supplied by
A large percentage of the total remittances has always
the number of new
-Italians in the United States. Under present conditions
residents in
already
Italian immigrants is greatly reduced, and Italians
they leave the country
the United States remain there, knowing that if
for a considerable period.
they will probably be unable to return, at least
becomes their detachment from
The longer they remain the more complete
their interests become American rather
•the mother country, and the more
send less money back to Italy.
than Italian, with the result that they
therefore, be considered as of a
• The decrease in remittances cannot,
.temporary character.
[Vot. 126.
cial aid from abroad in one form or another will be necessary. The Government is reported fully cognizant of this fact and is exerting every effort
on the one hand to stimulate local production and to discourage the importation of luxuries, and on the other hand to aid the development of the
country's export trade. Furthermore, in order to meet any demand for
foreign currencies which might react unfavorably on the stability of the
lire, a large reserve of foreign exchange has been accumulated out of the
proceeds of the recent foreign loans. This is especially Important; for the
economic life of the country cannot develop normally unless its currency
be kept stable, and it is of course difficult to ensure stability unless the
balance of current international indebtedness is approximately in equilibrium.
Mexican Government Asks International Committee to
Designate Experts to Visit Mexico with View to
Arranging New Debt Agreement.
In making known that a new debt agreement is sought by
the Mexican Govertunent, Arturo M.Elias, Financial Agent
of the Government of Mexico in New York City, had the
following to say in a statement made public Jan. 24:
The Finance Minister's representatives have finished their preliminary
discussions in New York, and, although completion of the Government's
1927 remittances under the International Committee Agreement has been
somewhat delayed on account income from oil industry has greatly decreased
during last two years, these payments will be completed in due course and
the International Committee will make another half-yearly payment to
bondholders on or about the end of February.
The Government has pointed out to the committee that it is not in a
position to resume as of Jan. 1 1928 the full service of interest and sinking
fund on its entire direct debt, as contemplated by the existing agreements,
and has invited the International Committee to appoint experts to visit
Mexico City in order to examine the situation more fully and to make to
the committee a report containing such information as would enable the
committee to consider a new agreement for the bondholders. Such agreement. It is hoped, would furnish within the Government's capacity a basis
for annual payments of interest and amortization upon its external debt.
The Government has received the report upon the National Railways of
Mexico made by Sir Henry W. Thornton, head of the Canadian National
Railways system. This report suggests several means by which the operations of the railways may be improved. The Mexican Government is prepared, as promptly as possible, to carry out most of the recommendations
of Sir Henry Thornton looking to this end, with the idea that the operations
of the National Railways shall as promptly as possible provide for all current expenses and in addition for the resumption of payments of the railwaYft
obligations.
Referring to the overtures in behalf of the Mexican Government, the New York "Times" of Jan. 24 said:
Preliminary negotiations between the International Committee of
Bankers on Mexico and two financial emissaries of President Elias Calks,
Fernando de la Puente and Fernando Barroso, have resulted in a decision
of the Mexican Government to make another half-yearly payment to bondholders at an early date on account of remittances made in 1927. With
respect to the old agreement, which calls for a payment of about $35,000,000 on the external debt of Mexico in 1928, the Mexican Government's
representatives have told the committee that Mexico is not in a position to
resume for 1928 the full service of Interest and sinking fund on its entire
debt, and asks that a committee of experts visit Mexico City to examine the
situation there fully.
The Mexican debt envoys were sent here toward the end of 1927 following the action of the Mexican Chamber of Deputies in conferring full powers
on President Calks to deal with the debt situation as he sees fit. The
Pani-Lamont debt agreement of October 1925 provided for semi-annual
disbursements to holders of Mexican bonds, which have been remitted since
early in 1926. Full payments were to have been resumed in 1928, and would
represent an increase of 810,000,000 over the $25,000.000 schedule for 1927.
The large increase which Mexico faces this year, which it deems beyond its
means, is the cause of the present conversations. . .
In connection with the Mexican railways, a feature of the debt agreement of 1925 was the segregation of Mexican Governmental and railroad
debts, which formerly had been treated as a whole. There have been reports recently that the Mexican railroads were to be taken over by new
interests. Reports that the Canadian National Railways were to operate
the Mexican roads were denied by Sir Henry Thornton.
The financial agent's statement is taken to indicate that there will be
no change in control of the Mexican railways, but that various reforms
will be made under the present management to permit a more efficient
and economical operation of the roads.
Bad TOUTitt Season in 1927.
before any statistics covering the tourist traffic
time
It will be some
be available. There is every reason to believe,
will
1927
during
Italy
In
taken place as compared with 1926.
:however, that a marked decrease has
reduced to a sufficient extent to
Prices are still far from having been
of the lira, and the result has
compensate for the rapid appreciation
cost of living and other expendibeen a very considerable increase in the
tourists.
tures by foreign
•
•
•
Marine Earnings.
Merchant
Reduces
Lira
of
Rise
since the war, the total
Italy's merchant marine has extended rapidly
vessels on June 30 1927
registered gross tonnage of steam and motor driven
210,000 tons as cornhaving been 8,219,000 tons, which is an increase of
in
net earnings of its Russian Soviet Government Selling Railway Bond Issue
-pared with the same date of the previous year. The
importance in the
U. S. Through Arrangements With Several Banks.
merchant marine have constituted an item of growing
Borgatta estimated
country's balance of payments. Whereas Professor
Arrangements whereby the Russian Soviet Government
0 lire, the same authe income from this source in 1922 at 440,000,00
00 lire. is placing in this country a part of the 9% Soviet Railway
1,300,000,0
to
00
1,200,000,0
at
1926
for
the
total
-thority placed
maintained during 1927; Loan of 1927 became known this week.. In referring to the
In general the volume of traffic has been well
of sterling or dollars,
the New York "Evening Post" of Jan. 21
but as foreign charges are calculated on the basis
when expressed in the arrangements
there has undoubtedly been a decline in earnings
from
income
total
the
said:
that
appear
not
appreciated Italian lire. It does
00 lire.
In spite of American opposition to new borrowing here by the
shipping earnings during 1927 will reach 1,000,000,0
Soviet Government and the prolonged default on Russian obligations,
Conclusions.
has been devised by which the Soviet Government hopes to
expenditures, and the a method
Estimates of emigrants' remittances, tourists'
sell to United States investors part of a $30,000,000 Russian railway
with
compared
as
lire,
00
6,400,000,0
earnings of the merchant marine total
bond issue. The same move started in London has been deprecated
of the adverse trade balance and there.
a debit of 6,500,000,000 lire on account
differapparent
an
is
there
Thus
payments for interest, dividends, &c.
In the "Journal of Commerce" of Jan. 21 it was stated
other credits must be found. To
-aces of 1,100,000,000 lire for which
for looking beyond the item of that "this is the first time that the Soviet Government has
cover this deficit there is no necessity
about
of
value
reached a nominal
tap the investment markets of the world
foreign loans, which during 1927
received from these loans was in formally sought to
$140,000,000; the amount actually
00
2,800,000,0
of
of
Its bonds." That paper also stated in
equivalent
sale
the
the
through
00, or
the neighborhood of $125,000,0
the year in question, Italy will have part:
lire. Thus it is evident that, for
international accounts. However, foreign
The change in the policy of the Soviets is ascribed here to a
.a considerable net credit in its
on the part of the Government, which dearth of manufactured goods in Russia, which in turn reflects the
loans are subject to rigid control
maintained an embargo on such transactions,
has
past
months
exports from the Soviet Union. The lack of manufactured
for several
received from this source during the last small
goods in turn makes money of relatively little value to the peasants,
and no such income as has been
future.
the
in
-two or three years can be expected the above figures for Italy's balance of who cannot buy their necessities, largely manufactured goods, because
outset,
small supply. Accordingly the peasants refuse to sell wheat to
As was indicated at the
approximations; no illusions are cherished of the
t, and a vicious circle results which limits the GovernGovernmen
International payments are mere
the
come
they
It is believed, however, that
power to further restore the productive capacity of the country.
with regard to their accuracy.
ment's
financontinued
that
conclusion
the
sufficiently near the truth to justify
JAN. 28 1928.]
FINANCIAL CHRONICLE
Regarding the arrangements we quote the following from
the New York "Times" of Jan. 21:
The Russian Soviet Government has devised a method for selling
Its securities here that will not conflict with American policies and
has begun to sell directly to American investors part of a $30,000,000
Russian railway bond issue recently authorized. Through accounts
with banks here and in Chicago and San Francisco the Soviet Government has arranged for the payment of interest and principal on these
bonds in dollars. At present the bonds will be delivered to American
purchasers by mall from Europe, but eventually there may be arrangements for their immediate delivery here.
The Chase National Bank, which for some years has been a correspondent of the State Bank of the Soviet Union, will pay interest and
principal as due on the Russian railroad bonds sold here. The Moscow institution has made similar arrangements with the Amalgamated
Bank of Chicago and the Bank of Italy in San Francisco. The relations of the Russian bank and the Chase Bank are of long standing,
the Chase having led in the financing of exports of American cotton
to Russia.
$100,000 Already Sold.
The arrangement with the Chase National Bank was concluded about
two weeks ago. Mile it is still too early to estimate the amount of the
Russian railroad bonds held here, it was learned that these purchases
have already run above $100,000. The purchases have been in part by
interests that hold concessions in Russia, especially in the fur trade.
For the purpose of American. sale, the Soviet authorities have printed
a portion of the $30,000,000 issue with certificates entitling the holder to
payment of interest and principal in dollars. This, in effect, converts
the security into a "dollar bond"; that is, one on which payments are
stable regardless of foreign exchange fluctuations. While the issue was
essentially internal, Wall Street was more interested in the fact that the
securities as offered to American investors were in dollar form and that
payment of service on them had been assumed by the second largest
bank in the United States.
The method followed by the Soviet State Bank in marketing the securities here resembles somewhat the means used to sell French securities
here despite the ban on sales of these securities, only recently lifted at
Washington. The former ruling of the State Department prevented
public underwriting or offering here of French securities. Nevertheless,
French securities, both new and old, continued to reach American investors by mail.
Arrangements for foreign service on the bonds like those completed
here were negotiated with two large London banks, with the Deutsche
Bank in Berlin and with a large Viennese bank. Furthermore, a market
for the securities has been organized in Europe. Certain banks in
England, Germany and Italy have arranged to buy and sell the securities
at market rates.
Soviet Advertised Here.
News of the Soviet Government's effort to reach American investors
became known through an advertisement inserted by the Soviet State
Bank in several New York newspapers. The advertisement said that
coupons for the bonds would be paid by the Chase National Bank provided the bonds bore the designated certificate. It also said that the
Soviet State Bank would buy the bonds at current prices on the Soviet
Stock Exchange and make payment therefor in dollars at New York.
Inquiries were referred to the foreign department of the State Bank at
Ifoscow, although it will be possible to obtain information here.
For the sale of the railway bonds in the United States, England and
Germany the bonds certified for foreign sales have been printed with
English and German texts. Specimen bonds of the issue have been
printed, and they show that they resemble physically the bonds issued by
American industries and State and municipal Governments.
The issue from which bonds will be sold in America was about $30,000,000. It was dated Sept. 1, 1927, and it will mature within five and
one-half years through semi-annual drawings, beginning in 1929. The
bonds bear the unusually high interest of 9% and are offered here at
95. They are unconditionally guaranteed by the Soviet Government and
are secured by a first lien on the profits of the railways within Soviet
Russia. Revenues of the railways in the year to Oct. 31 were 1,468,000,000 rubles and expenditures 1,264,000,000 rubles, making net revenue
204,000,000 rubles.
The Soviet State Bank is one of the largest banks in point of capital
and ranks in this respect with the Midland Bank of London. Its chief
correspondents here are the Chase National Bank and the Equitable
Trust Company. Other correspondents here are the American Exchange
Irving Trust Company, Bank of United States, Public National Bank
and Trust Company, Henry Schroder Banking Corporation and the State
Bank. Like other foreign banks, the Soviet Bank is not permitted under
the State Banking law to do business directly here.
State Bank a Clearing House.
Under the Soviet banking system the State Bank is the clearing house
for revenues from railways or other State enterprises. For this reason
it is empowered to issue the bonds against the railway revenues.
The bonds are issued in units of chervonetz, the gold currency of the
Soviet Government. One chervonetz contains 7.74234 grams of fine gold
and is worth $5.145. A ten-chervonetz bond of the railway issue is
therefore worth about $51 in United States money. It is at this rate
that payments in principal and interest will be made.
513
The arrangement by Soviet Russia for the sale of part of a $30,000,000
Russian railway bond issue to American buyers, with payments of principal and interest through banks in New York, Chicago and San Francisco, apparently does not conflict with the foreign loan supervision policy
of the State Department.
Officials said that the Department had not been approached by the
bankers and that their information on the matter had come exclusively
from the newspapers. The arrangement, they added, was apparently for
a private sale of the bonds, with the banks acting merely as vehicles for
the payment of interest and principal.
The Department, it was explained, never had attempted to supervise
private sales of foreign securities, but only public flotations, as the
former obviously would be impossible of Governmental control.
Loss From Russian Imperial Government Bonds Not Deductible in Computing Taxes.
The following information was contained in a Washington dispatch Jan. 20 to the New York "Journal of Commerce":
The decline in value of Imperial Russian Government bonds acquired
by the First National Bank of St. Paul as an investment and which were
not sold or otherwise disposed of during the taxable year were today
held by the Board of Tax Appeals not to be deductible as a bad debt uncollectible in part under the provisions of Section 234 (A) (5) of the
Revenue Act of 1921. Since the bonds have not been shown to have
been worthless at the end of the taxable year 1921, the board ruled, the
bank is not entitled to a deduction of their cost as a loss sustained.
Goods shipped to fill orders taken on sample and rejected by consignees
are held not to have been sales and the inclusion of the rejected goods
in the closing inventory of the Morrison Woolen Co., Dexter, Me., was
approved.
A person who acquired in 1921 by gift an interest in an eil lease on a
proven tract is not entitled to discovery value for depletion purposes, it
was held in the appeal of Melville G. Thompson, of Oklahoma.
Proposed Spanish Bond Issue of 600,000,000 Pesetas.
It was announced Jan. 23 that King Alfonso of Spain has
igned a decree authorizing a bond issue of 500,000,000 pesesas (roughly $85,000,000) to be floated by the Government
on Feb. 3. The bonds will be sold at 98, bearing 4
int.
The money will be devoted to public improvements.
Bank of Italy Planning Governorship Similar to Bank
of England.
The "Wall Street Journal" of Jan. 26 printed the following from Rome:
The Government is contemplating alteration of the constitution of Bank
of Italy, designing to inaugurate a governorship similar to that of the
Bank of England.
London Subscribes to Greek Loan of £3,250,000.
Copyright adviees from London yesterday (Jan. 27) to
the New York "Evening Post" said:
The usual Friday stagnation preceding the week-end holiday obtained In
the market this morning and prices were easier in places. The Greek loan
was quickly underwritten, ondon's portion being about £3,250,000 6%
at 91. America's portion was $15.000,000. Switzerland's $2,000.000.
Sweden's E300,000 and Italy's £400,000.
$20,000,000 Westphalia United Electric Power Corp*
6% Bonds Oversubscribed.
Speyer & Co. and Harris, Forbes & Co. offered on Monday
at 923
4 and int. to yield about 6.60%, $20,000,000 Westphalia United Electric Power Corp. first mtge. 6% sinking
fund gold bonds, series A, due Jan. 1 1953. The issue was
heavily oversubscribed the day of offering according to the
bankers who also state that large orders for bonds were
received from all parts of this country and from Europe.
Part of the proceeds of the loan, representing the first
large German issue to be marketed here since the early
part of November, will be used to redeem the outstanding
$7,500,000 first mtge.6% gold bonds of the corporation.
The offering is the first instance where a long-term German
dollar loan has been refunded at a lower rate of interest.
The loan will also provide funds to be applied to the payment
The "Times" of Jan. 22 referring further to the plans of floating debt incurred for capital expenditures, and to
said:
additions and improvements to the properties of the corpoIt was learned that there will be no drive to sell the railway bonds on ration and subsidiary companies.
the lines followed by American dealers in securities. Certain friendly
Upon redemption of the first mtge. 64% bonds of the
banks may be asked to do what they can to facilitate sales of the Russian
bonds here, but the State Bank of the Soviet Union is content to rely on corporation to be called June 1 1928, at par, the bonds of
normal demand for the bonds.
this issue will be secured by a direct 1st mtge. on substanThe stamp of Lloyds Bank of London on one of the "American" bonds
of the issue sold here disclosed that that bank is one of the two British tially all the fixed properties now owned by the corporation
institutions that will provide the same services in respect to payment of and subsidiaries subject only to charges under laws enacted
interest and principal on the bonds that will be provided by the Chase to give effect to the Dawes Plan and to a mortgage of $33,333
National Bank in New York. It was considered likely here that the
Midland Bank, which at one time was negotiating a $60,000,000 credit on a small portion of the corporation's property. The
to Russia, is the other London institution involved in the Russian Gov- electric and gas properties to be mortgaged have been apernment plan.
praised at about $36,000,000 and the coal properties at more
than $3,000,000, making a total value about twice the amount
Russian Soviet Bond Sale Apparently Not in Conflict With of the series A bonds.
Foreign Loan Policy.
For the 12 months ended Aug. 31 last net earnings before
Under date of Jan. 22 a dispatch from Washington to the reserves for renewals and replacements but after deducting
New York "Times" said:
Dawes Plan charges were equal to about 3 1-3 times annual
514
[VoL. 126.
PINANCIAL CHRONICLE
interest on the bonds. During the past two years additions
to properties amounted to more than $15,800,000, the effect
of which is only partially reflected in the above earnings, and
substantial sums from the proceeds of this issue will be applied to further development of the system.
One of the largest producers and distributers of electricity
in Germany, the corporation furnishes the greater part of
the electric light and power to an industrial section with
about 3,000,000 inhabitants and supplies directly or through
local distributing systems, electricity to some 440,000 consumers in 530 communities and gas to over 21,000 consumers
in 14 communities. Dortmund, Barmen, Bochum and
Munster are among the cities served. The entire capita
stock of the corporation, about $10,000,000 par value, is
owned, directly or indirectly, by municipalities served and
by the Free State of Prussia.
Further data in connection with the offering are given
in our "Investment News Department" p. 579.
$20,250,000 Italian Superpower Corp. 35-Year 6% Gold
Debentures Offered by Banking Syndicate—Is
First Financing for Italian Interests Since Italy
Placed Embargo on Foreign Loans.
Offering was made Jan. 25 of a new issue of $20,250,000
Italian Superpower Corp. 35-year 6% gold debentures (with
common stock and option warrants). This is the first public
financing to be undertaken in the American markets since the
Finance Minister of Italy placed an embargo on the raising
of capital ia foreign markets. The offering was made by
Bonbright & Co., Inc., Field, Glore & Co. and Banca Commerciale Italiana Trust Co. The debentures, which are
dated Jan. 1 1928 and due Jan. 1 1963, were placed at 100
and int. Each $1,000 debenture will be accompanied by five
shares of common stock class A, and by an option warrant
of Bankers Trust Co. as depository, which will entitle the
holder to purchase ten shares of the common stock class A of
the corporation at any time up to and including Jan. 1 1929
at $10 per share; thereafter up to and including Jan. 1 1930
at $12.50 per share; thereafter up to and including Jan. 1
1933 at $15 per share; thereafter up to and including Jan. 1
1938 at $20 per share.
The Italian Superpower Corp. was organized under Delaware laws for the purpose of acquiring substantial interests
but in no case a majority of the stock in practically all of the
important electric power and light companies in Italy. Total
assets of the company will aggregate approximately $33,800,000, of which the securities held in Italian companies are
valued at approximately $30,800,000. All of the stocks to
be acquired are on a cash dividend basis and in every yea
during the entire war and post war periods aggregate cash
dividends (at then prevailing rates of exchange) on the
amounts to be acquired were greater than the annual interest charges on this issue. Based on the current dividend
rates, the corporation's revenue from cash dividends alone
on the stocks to be acquired will be $2,231,850, or over 1.8
times the $1,215,000 annual interest charges on this issue.
It is expected that income from the investment of the corporation's cash holdings and profits from underwritings and
from the purchase and sale of securities will increase these
earnings. Further data in connection with the offering is
given in our "Investment News Department" on page 576
York, Boston and Chicago at the offices of Lee, Higginson
& Co., fiscal agents for the service of this loan, in United
States gold coin of the present standard of weight and fineness, exempt from all Dominican taxes, present or future.
The proceeds of the issue will be used to construct public
works. A. Morales, Envoy Extraordinary and Minister
Plenipotentiary of the Dominican Republic, says:
Security.
These bonds will be the direct and general obligation of the Dominican
Republic and, in accordance with the Convention of 1924 between the
Dominican Republic and the United States, will be specifically secured by
a charge upon customs revenues which the Republic agrees shall be collected
during the life of the bonds by an official appointed by the President of the
United States. These bonds will rank equally with the 115,000,000 5%
bonds of 1926, first series, as a charge upon the customs revenues, subject
only to the expenses of their collection and the prior chrage of $10,000,000
bonds of the 514% loan of 1922.
The issue of these bonds has received the approval of the United States
Government as required by the American-Dominican Convention of 1924.
The public debt of the Dominican Republic cannot, under the provisions
of said convention, be increase unless by previous agreement between the
Dominican Republic and the United States. The Dominican Republic
also has agreed, under the terms of the 1924 convention, that import duties
will at no time be modified to such an extent that, on the basis of exportations and importations during the two preceding years, total net customs
revenues in each of such years would have been less than 1% times the
amount necessary to provide interest and sinking fund charges upon the
public debt.
Debt: After the issue of these bonds, the total public debt of the Dominican Republic will be over $800,000 less than it was in 1916, although large
expenditures for public works have been made during this period. Total
public debt upon completion of this financing will be:
20-year customs admin'tion 51i% sinking fund gold bonds,loan of 1922 _$10,000,000
14-year customs admin'tion 554% sinking fund gold bonds of 1926 1st ser. 5,000,000
2nd series (this Issue)
5,000,000
Total public debt to be outstanding
s20.000,000
Application will be made to list the bonds on the New
York Stock Exchange.
J. P. Morgan & Co. Ask Tenders for Sale of Argentine
Government Bonds of 1909.
J. P. Morgan & Co. announce that they are prepared'to
receive tenders for the amortization on or before March71
1928, of 608,100 Argentine goldrpximately
620, of the-Argentine-GOVernmenc5%-inteinargold loan of
19097 Tenders for the sale of ands with-cafFni-due Sept,
1-1928 and subsequently,
p, rice to be stated in7the
tender, must be lodged not later than 3 p. m. on Feb. 14
1928, with J. P. Morgan & CO".723-Wall St7NoTw York.
Tende7s-will be received:IWO-in
BiOtheiri:
&
-CoTLI-d-Tandin Buenos Airess by the Credito
-Publiio
Nacional.
ancron
Bonds of San Paulo Drawn for Sinking Fund.
Speyer & Co. announce that a drawing for the sinking fund
of the State of San Paulo 7% secured external water works
loan of 1926 has taken place, and that $42,500 bonds drawn
will be payable on and after March 11928, at par, at their
office, 24-26 Pine St., New York.
Offering of $45,912,
Bonds of Republic of Chile—
Issue Oversubscrics Closed.
Following the offering made by it on Jan. 24, the National
City Co. of New York announced later in the day that subscriptions had been received in excess of the issue of $45,912,000 Republic of ChileIly. refunding sinking fund 6% gold
external bonds, due 1961, and the books had-been clos7:
The issue was offered by the National City Co. at 9334
and int. Lo yield, if not drawn prior to maturity, 6.48%; to
yield on average expectation of redemption, over 6.60%.
Approximately $6,000,000 of the issue was reserved for sale
abroad including $1,250,000 to be publicly offered in The
Netherlands by Pierson & Co., Nederlandsehe HandelMaatschappij, Mendelssohn & Co., Amsterdam, Porehl &
Gutmann and Vermeer & Co. The purpose of the loan is
indicated as follows:
Issue of $5,000,000 5 2% Gold Bonds of 1926 of
Dominican Republic Privately Sold.
Announcement was made yesterday (Jan. 27) that an
issue of $5,000,000 Dominican Republic 14-year customs
administration 554% sinking fund gold bonds of 1926,
second series, has been privately sold. The bonds, priced
at 993 and accrued interest, to yield over 5M%, were
offered on Jan. 27 by Lee, Higginson & Co., The National
The proceeds of the present loan will be applied to the extent of $8,662,500
City Co., Dillon, Read & Co., Brown Brothers & Co. and to the redemption on May 1 1928 of the
outstanding Republic of Chile
Alex. Brown & Sons. $1,000,000 of the offering was with- external loan 25-year 8% sinking fund gold bonds dated Nov. 1 1921, and
extent
of
to
the
$16,830,000.
to
the
redemption
on Aug. 1 1928, of the
drawn for issue in Holland by Mendelssohn & Co., Neder- outstanding Republic of Chile external
fund 8% gold
loan 20-year
landsche Handel-Maatsehappij and Pierson & Co., Amster- bonds, dated Feb. 1 1921. The saving in the annualsinking
interest and amortization
charges
to
be
effected
1926
and
will
become
by
the redemption of the 8% bond issues will
dam. The bonds will be dated Oct. 1
enable the Government to carry the
and amortization on the present
due Oct. 1 1940. The bonds are not callable before Oct. 31 Issue without appreciable increase ininterest
the total annual service on the Governat
maturity
101
and
interest.
1931, and are repayable at
ment debt. Of the balance of proceeds 114.376,737 will be applied to the
of borrowings made by the Treasury from funds originally
A sinking fund payable in. monthly installments beginning repayment
destined
for harbor improvements and other public works; and $11,130,763
funds
to
sufficient
retire
the
entire
provide
will
Oct. 20 1930
will be made available to the Chilean State Rya. for the payment of $5,800,issue by maturity at 101; bonds to be purchased in the open 000 short term indebtedness, maturing in 1928, and the purchase of addimarket or, beginning Oct. 1 1931, called by lot at 101 and tional equipment and supplies.
The new issue of bonds will be dated Jan. 1 1928, and will
interest. They will be coupon bonds in denominations of
$1,000 or $500, registerable as to principal only. Principal mature Jan. 1 1961. A cumulative sinking fund will operate
(April 1 and Ost. 1), premium and interest payable in New to redeem the entire issue by drawings at par. The Repubha
JAN. 28 1928.]
FINANCIAL CHRONICLE
reserves the right to increase the semi-annual sinking fund
payments. The bonds, in denoms. of $1,000 and $500,
will be registerable as to principal only. Principal and int.
(Jan. 1 and July 1) will be payable in New York City Bank
of New York, without deduction for any present weight and
fineness at the Head Office of the National City Bank of
New York, without deduction for any present or future
Chilean taxes, in time of war as well as in time of peace,
irrespective of the nationality of the holders or owners.
The National City Bank of New York is fiscal agent.
Principal and interest shall also be collectible, at the option
of the holders, either at the City Office of the National City
Bank of New York, in London, England, in pounds sterling,
or at Pierson & Co., in Amsterdam, the Netherlands, in
guilders, in each case at the then current buying rate of the
respective banks for sight exchange on New York City. It
is stated:
The bonds of this loan, authorized by Law 4160 of the Chilean
Congress.
dated Aug. 12 1927, will be direct obligations of the Republic of
Chile,
which agrees that if, in the future it shall sell, offer for public subscription
or in any manner dispose of any bonds or contract or create any
loan,
internal or external, secured by lien or charge on any revenue or asset of
the Republic, the bonds of this loan shall be secured equally and ratably
therewith.
Advices from Pablo Ramirez, Minister of Finance of the
Republic of Chile, and Pedro Balanquier, Director of the
Chilean State Railways state:
Chile with an estimated population of 4,000,000 has an area of 290,000
square miles. The leading industries are agriculture and mining. Agriculturally the country is self-supporting and its mineral output averages
approximately $200,000,000 per annum. American capital invested is
estimated at $425,000,000, and British at $485,000,000.
In its program of administrative reform the Chilean Government has
adopted, with modifications, the measures recommended by the Kemmerer Financial Commission in 1925, which include stabilization of the
currency on a gold basis, establishment of a central bank of issue, a general
budget law and the installation of an independent Comptroller-General.
The Government has obtained the services of technical experts to the end
that the economic development of the country may be stimulated, the
system of taxation organized and necessary economies effected by a reduction of personnel and expenditures.
The gold and gold exchange held by the Banco Central de Chile
on Jan.
18 1928, was 556,307,901 providing a ratio of
gold cover to notes outstanding and deposits of 108.7%.
The ordinary revenues for 1927 totalled $112,489,147 as compared with
ordinary expenditures of $111,686,175. Budgetary estimates for
1928
place ordinary revenues at $116,686,503 and ordinary expenditures at
$114,691,238. The total funded debt as of Jan. 1 1927, including
all
guaranteed obligations, amounted to $328.354,461.
The Chilean Government as owner of the Chilean State Railways Co.
responsible for its obliations. The company operates 3,390
miles or
63% of the total railroad mileage in Chile. Although not operated for
profit, average annual earnings during the period 1923-1927 inclusive,
after deducting interest charges and depreciation, were $1,638,300.
Bonds of Republic of Peru Drawn for Redemption.
J. & W.Seligman & Co., as fiscal agents, have issued a
notice to holders of Republic of Peru secured 7% sinking
fund gold bonds, due Sept. 11959,that $74,000 prin. amount
of the bonds of this issue have been drawn for redemption
March 1 1928, at 105% and int. The bonds so drawn will
be payable on and after March 1 1928, at the office of J. &
W.Seligman & Co.,54 Wall Street. Interest on such drawn
bonds will cease to accrue on the redemption date.
$31,000,000 Rio de Janeiro Loan Awarded to White-Weld
Group.
The "Sun" of last night Van. 27) said:
515
taxes. Principal and'semi-annual interest (Jan. 1 and July 1)
will be payable at The Union Trust Co., Cleveland, and the
First National Bank, New York City. The Ohio-Pennsylvania Joint Stock Land Bank,located in Cleveland, operates
exclusively in the two states from which it takes its name.
The bank was opened for business in Jan. 1923 and dividends
at the annual rate of 6% are being paid on the capital
stock. Including this offering, the bank has outstanding
$13,000,000 principal amount of bonds. Net earnings from
operations after bond interest, taxes and expenses as reported to the Federal Farm Loan Board for the year ended
Dec. 31 1927, are said to have been in excess of 14% on the
capital stock of the bank.
Nomination of Eugene Meyer as Member of Federal
Farm Loan Board Ordered Favorably Reported by
Senate Committee.
On Jan. 26 the Senate Committee on Banking and Currency by a vote of 10 to 4 to-day ordered a favorable report
on the nomination of Eugene Meyer Jr., as member of the
Federal Farm Loan Board. A Washington despatch Jan.
26 to the New York "World" said:
Several members of the committee made a vigorous protest against Mr.
Meyer, but were never able to muster enough votes to endanger seriously
his confirmation.
Mr. Meyer is Managing Director of the War Finance Corporation, now
liquidating.
George R. Cooksey and Floyd R. Harrison. also members of the War
Finance Corporation, were nominated for the Farm Loan Bureau at the
same time that Mr. Meyer's name was sent in. The Senate
Committee
recommended their confirmation.
Senator Fletcher (D., Fla.) and Senator I3rookhart (R.Iowa) are among
the Senators who oppose Mr. Meyer for the Farm Loan Bureau.
The nominations date back last May, reference thereto
having been made in these columns May 7 1927, page 2680.
Likelihood of Reorganization of Kansas City Joint Stock
Land Bank.
The possibility of a reorganization of the Kansas City
Joint Stock Land Bank is seen by W. S. McLucas, Chairman of the Bondholders' Protective Committee, in the January report of William R. Compton, the Land Bank receiver,
said Associated Press advices from Kansas City, Mo., on
Jan. 17. Regarding a report filed by Receiver Compton
with the Federal Farm Loan Board, we quote the following
Washington account, Jan. 20, from the New York "Journal
of Commerce":
A possibility that the bondholders of the Kansas City Joint Stock Land
Bank, which has been in receivership since last May. will escape without
assessment was held out in a report of Receiver William R. Compton. filed
with the Farm Loan Board to-day.
The report was in the form of a letter to Walter S. McLucas, Chairman
of the Bondholders' Protective Committee of the Kansas City bank.
Accompanying was a statement to bondholders from Chairman McLucas
saying that "it is evident from the report that there are grounds for the
belief that ultimate loss to bondholders will not be considerable and that a
reorganization of the bank can be effected, avoiding a long drawn out
liquidation."
McLucas quoted a letter of Eugene Meyers, Farm Loan Commissioner,
saying that it has been the hope of the Board that some practical plan would
be devised promptly by the stockholders for terminating the rceivership
by taking over the assets and reorganizing the bank as a going concern
with sound management and adequate finances. The McLucas committee is now working on plans for the reorganization.
Impossible to Forecast Losses.
Pointing out that the stockholders are liable to an assessment of 100%
The City of Rio de Janeiro, which invited bids a short time ago for unless the assets of the hank are found, in the process of adjustment, to
$31.000,000 05% bonds, awarded the issue to-day to White, Weld & Co., meet the obligations, Mr. Compton said:
"It is impossible to forecast in actual figures the losses on pledged assets.
the International Acceptance Bank and Brown Brothers & Co.
It is understood that part of the proceeds of this issue will be used to retire There no doubt will be losses from time to time on loans which now apthe 813,000,000 issue of 8% bonds which bankers offered here in 1922. parently are in good standing, but the menace in this direction would not
These bonds were to have matured in 1947, but they can be retired as a be great if the present land values maintain.
"The greatest menace so far as bondholders are concerned is the perwhole at 110. The first news that the new issue had been sold brought a
rush of buying into the market for this 1947 issue, carrying the price up centage of loss in the present delinquent loans and real estate owned. This
to the redemption figure. There is also outsatnding an issue of $10,080,000 amount totals $7,839,136, a considerable portion of which represents
8% due in 1946, but they cannot be retired until 1931. However, these current delinquencies and should be collectible in the near future."
Mr. Compton pointed out that reappraisals on the majority of the rebonds also were favored In to-day's market.
maining properties have been obtained, and while substantial losses may be
expected in the liquidation of these properties it is hoped that a material
Offering of $1,000,000 5% Bonds of Ohio-Pennsylvania part of the investment will be realized.
Mr. Compton reported that the unsatisfactory condition of the bank
Joint Stock Land Bank.
books prior to the receivership has been a serious handicap. The report
An issue of $1,000,000 5% farm loan bonds of the Ohio- disclosed that
there are loans of 82,641.660 in the process of foreclosure,
pennsylvania Joint Stock Land Bank (Cleveland) was offered 8575.958 carried in the suspended
account and 81,320,358 delinquent
Jan. 9 by The Union Trust Co., Cleveland, R. V. Mitchell Sept. 1 and prior thereto.
Approximately $100.000 of the loans in foreclosure proceedings will be
& Co., Otis & Co., The Herrick Co., The Guardian Trust paid in cash or in substantially large amounts, according to the report.
Co., and The United Banking & Trust Co. of Cleveland. The bank's investment in real estate owned or held as security amounts to
$1,640,388, while aggregate losses in pending sales are estimated at $87,649.
The issue was offered at 104X and accrued
interest
Plan Sale of Building.
to yield approximately 4.47% to Jan. 1 1938, and 5% thereOf the collateral pledged with the registrar of the bank 836,515,693 apafter. Dated Jan. 1 1928, and due Jan. 1 1958, the bonds parently
is in good standing, consisting of $34,337,079 of mortgage loans
will be redeemable on Jan. 1 1938 or any interest date there- and United States Government security of $1,978.614. On Dec. 31 accrued interest on outstanding bonds, including past due coupons. totaled
after at the option of the bank at 100% and interest. They 81,364,757.
are interchangeable coupon and fully registerable bonds in • Preparations are being made for the sale of the land bank building, but it
denominations of $500, $1,000, $5,000 and $10,000. They will not be disposed of at this time unless reasonable offers are obtained.
Compton said that it was hoped in the next few months a considerable
are issued under the Federal Farm Loan Act and are exempt amount
of additional real estate will be sold and many of the loans now in
from all Federal, State and local taxes excepting inheritance
satisfactory condition placed in good standing.
11
516
FINANCIAL CHRONICLE
In many cases farmers whochaverbeen'unable to meet their payments
have been induced to dispose of their properties to others who are better
able to carry on, thereby saving for themselves some measure of equity
which would be lost as a result of the foreclosure.
Mr. Compton's original report showed that affairs of the bank were in a
chaotic condition, bookkeeping methods incomplete and inadequate and in
many instances the books not disclosing the true condition of affairs. Large
amounts of the bank's assets apparently had been diverted from the use
contemplated by the Farm Loan Act.
The bank has outstanding in the hands of investors bonds of the aggregate par value of $44,376,500. bearing an average interest rate of 5.0188 Per
cent. Assets of the apparent book value of $44,400,921 were held as security for the payment of the bonds.
"It would seem from my investigation that the difficulties and losses of
this bank are largely due to its management," Mr. Compton said in his
report. "The bank has loans in five States—Missouri, Kansas, Oklahoma,
Arkansas and Illinois. Under the Farm Loan Act it is not contemplated
that loans will be made in more than two States."
The bank went into receivership on May 4 1927. Reference to the preliminary report of Mr. Compton was made
in our issue of Nov.5 1927, page 2468.
In furtherance of the reorganization plans, the bondholders' protective committee of the X nsas City Joint Stock
Land Bank on Jan. 7 issued the following notice to holders
of bonds issued by the Kansas City Joint Stock Land Bank of
Kansas City, Mo.; the Liberty Joint Stock Land Bank of
Salina, Kan.; the Liberty Joint Stock Land Bank of Kansas
City, Mo.; the Missouri Joint Stock Land Bank of Kansas
City, Mo.; the Wichita Joint Stook Land Bank of Wichita,
Kan.; the Bankers' Joint Stock Land Bank of Boonville,
Mo., and the Liberty Central Joint Stock Land Bank of
St. Louis, Mo.:
(VOL.12,
bank by electing him a Vice-President. The Dallas "News"
from which this is learned, said:
Other officers and director were reelected.
These are: Hugh W. Ferguson, President: T. A. Ferris. Vice-President
and Treasurer; J. B. Adoue, Jr., Vice-President; W. L. Roots, VicePresident; J. W. George, Assistant Vice-President; Harold 0. Pool, Secretary; J. A. Mounts, Assistant Secretary; G. D. Smith, Auditor, and 0.0.
Renfro, Attorney. The executive committee comprises H. W. Ferguson,
T. A. Ferris, J. B. Adoue. Jr.. F. P. Florence and Leslie Waggener.
Directors re-elected are: W. H. Adams, Royse City; J. B. Adoue, Jr.;
Frank E. Austin, W. 0. Connor, Wirt Davis, F. F. Florence, H. W.
Ferguson, Herbert Marcus, It. L. Thornton. A. V. Lane and W. L. Roots,
Dallas; I. N. Cerf, Corsicana; T. A. Ferris, Waxahachie; H. E. Fuqua.
Amarillo. and D. C. Reed. Austin.
Dade County Security Co., Miami, Fla.—State Comptroller Takes Charge—President Says Company
Will Reopen.
By order of Ernes Amos, State Comptroller for Florida,
the Dade County Security Co. of Miami, said to be the
largest financial institution of its kind in the South, with total
resources of 818,500,000, was closed on Wednesday of this
week (Jan. 25), according to advices from Miami on that
day, appearing in the New York daily papers of Thursday
(Jan.26). From a special dispatch to the New York "Times'
on the date mentioned we take the following:
E. M. Porter, bank examiner placed in charge of the institution by the
State Comptroller,made a brief statement in which he said that his examination had not disclosed any violation of banking laws.
"The situation has arisen." said Mr. Porter, "on account of outside conditions, principally a multiplicity of suit, which have left the status of the
bank in doubt from day to day and its affairs in turmoil. Under such conOn May 4 1927 the Kansas City Joint Stock Land Bank of Kansas City, ditions it would be impossible for anybody to operate the institution sucMo., was placed in the hands of William R. Compton. as receiver, by the cessfully."
Frank A. Chase, President of the security company. Issued a statement
Federal Farm Loan Board. The receiver's preliminary report, dated
Oct. 19 1927, shows $44,376,500 par value of bonds issued by the several in which he predicted that the institution would reopen for business.
"The State Comptroller has taken charge for tho protection of creditors
banks outstanding in the hands of investors. Default has been made in
the payment of interest coupons due Nov. 1 1927 and subsequently. The and shareholders," said Mr. Chase. that this action was not induced by
his
in
Mellon
reason of any inherent defects of an internal nature is evident from the
affairs of the bank are stated by Secretary of the Treasury
recent pronouncement by the Comptroller that in his opinion,following offirecent annual report to have been found "in a chaotic condition."
The receivership estate is incurring a constant and large loss in the dif- cial examination, the institution, while the assets are somewhat frozen, Is
ference between the rate of interest on the farm mortgages which are being solvent and well managed.
"It is understood that the recent action by a very small group of sharepaid off and the rate of interest obtainable on Government bonds in which
the receiver is investing the proceeds of the paid-off farm mortgages. This holders in applying for a receivership has induced a feeling of unrest and
condition will of necessity continue until the reorganization or rehabilita- that there have been frequent threats of similar harassment, with the retion of the bank, if such is to be. It is therefore obvious that bondholders suit that the Comptroller has deemed it advisable to intervene and take
should not delay in depositing their bonds. Deposits should be made as charge.
"This action is wholly friendly and apparently has the approval of the
quickly as possible, thereby enabling the committee to deal effectively with
the problem of reorganization without unnecessary delay. Prompt con- leading bankers in Miami as well as the officers, directors and many large
certed action is necessary for protection of the bondholders' interest and all shareholders of the company.
"E. M. Porter, the examiner in charge, has expressed his willingness to
holders of bonds issued by the above mentioned banks are invited and uged
to deposit their bonds at once with one of the depositaries approved by the extend and receive the co-operation of every shareholder and creditor and
committee and mentioned below. Transferrable certificates of deposit it is understood that a full and complete report regarding the status of the
will be issued for all bonds deposited. Deposited bonds should be accom- affairs of the company will be given out at a later date."
Intervention by the Comptroller in the affairs follows a petition for repanied by coupons maturing Nov. 1 1927 and subsequently. Copies of
deposit agreement dated Nov. 8 1927 and forms for sending bonds to de- ceivership filed in Federal Court here Jan. 12. The petitioners were five
positaries may be obtained from any depositary or from the Secretary of shareholders living in Atlanta. Earl R. Harwick, Miami real estate operator, was named receiver, under bond of 3100,000. On the following day
the committee.
attorneys for the company and a committee of Miami bankers obtained
W.S. MeLucas, Chairman of the board of the Cominerce an
order dissolving the receivership.
Trust Co., Kansas City, Mo.,.is Chairman of the bondholdThe receivership petitioners charged preference to certain creditors on
notices, violation of State banking laws in accepting as security
withdrawal
The
are
committee.
First
depositaries
the
ers' prote Aive
mortgages subject to prior liens not held by the company, and charged
Trust & Savings Bank, Chicago; the National Shawmut that
mortgages held by the institution were so far in default that officers
Bank of Boston; the Seaboard National Bank of New York; and directors on Oct. 1 1927, had advanced $730.410 in interest and $95,005
and insurance.
taxes
for
Commerce Trust Co., Kansas City, Mo.; the Cleveland
Dividends in the last year have been paid
of a $1,000,000 loan from
Trust Co., Cleveland, O.; the Guardian Trust Co., Cleve- the Equitable Trust Co. of New York Insteadout
of from surplus and profits.
Co.,
Trust
Louis,
St.
Mo.
Central
the petitioners charged.
land,0.,and the Liberty
The latest statement issued by the Dade County Security Co., as of
Oct. 31, shows assets of $18,500,000, comprising $16,697,227 in lean
balances, $1,750,614 in real estate, cash $83,683 and miscellaneous reFederal Land Bank of St. Paul Passes Dividend.
ceivables of $16,446.
The Federal Land Bank of St. Paul, with total resources
Its liabilities totaled $997,674, comprising $930,000 in notes payable.
of $138,387,723 as of Dec. 311927, has deferred its dividend and 867,874 in accounts payable but not due. Undivided profits and re.
were listed at 81,271,080 and paid-up stock at 818,279,237, giving
for 1927 until such time as lands acquired through fore- serves
a total value of members' holdings of $17,530,297.
closure have been sold says St. Paul advices Jan. 17 to the
The company was founded here a quarter of a century ago. The hurri"Wall Street News," from which we also take the following: cane in Sept. 1926, caused severe losses to the company, because in its role
Resources include an item of $1,056,609 of real estate acquired through of a building and loan institution its patrons were largely home owners
sheriff's certificates and judgments acquired through foreclosure; tax whose properties in hundreds of cases were wiped out by the storm.
The company also found difficulty, it is said, in meeting the heavy
certificates of $4423,413 in delinquent taxes paid for borrowers in order to
protect them and the bank's interest as mortgagee; $936.019 in notes taken withdrawals that came with the slump in real estate values.
tgc..
and $2.329.559 as a fund
on land deals, foreclosure settlements,
representing interest earned but not yet due on government bonds, notes
New York Stock Exchange Expells William Brandriss.
receivable and mortgage loans including $567,617 past due and unpaid
Interest on mortgage loans.
On Thursday of this week (Jan. 20) William Brandriss,
"It has been the rule of all Federal land banks to charge off every foreclosed loan as soon as title to the land is acquired and to carry no farm an individual floor trader, was expelled from membership
property in the bank's assets for any amount." H. K. Jennings, President, in the New York Stock Exchange after being found guilty
said. "During 1927 the farms thus charged off and taken out of our profits
by the Governing Committee of a practice "Inconsistent with
about equalled the year's earnings so that our directors deemed it advisable
to defer the 1927 dividend until such time as these lands acquired through Just and equitable principles of trade". The expulsion of
foreclosure have been sold. We ask the active co-operation of every Mr. Brandriss was announced from the rostrum of the Exborrower in our efforts to dispose of these properties."
10:35 o'clock Thursday morning by E. H. H.
Mortgage loans total $136,482,500 in 36.417 loans of which 9,667 are in change at
North Dakota. 8,581 in Minnesota, 7,411 in Wisconsin and 9,758 in Simmons, President of the Stock Exchange, in the followMichigan. State loan totals are North Dakota, $39.430,200; Minnesota, ing statement:
$40.105,900; Wisconsin, $30,466,800, and Michigan, $26,479,600.
Charges and Specifications having been preferred under Section 7,
Article XVII of the Constitution, against William Brandriss, a member
by the
Election of Officers of Dallas Joint Stock Land Bank. of this Exchange, said Charges and Specifications were considered
Governing Committee at a meeting held on Jan. 25, 1928, said William
Bank,
Land
Stock
Joint
Dallas
the
of
Brandriss being present.
The stockholders
Section 7, Article XVII of the Constitution, is in part as follows:
meeting on Jan. 11 added J. B. McKie, capitalist of Cor"A member whe shall have been adjudged by a majority vote of all the
turn
in
directors
the
and
directors,
of
board
the
sicana, to
existing members of the Governing Committee guilty • • • of a violaadded F. F. Florence, First Vice-President of the Republic tion of a rule adopted pursuant to the Constitution •• • or guilty of
to the official roster of the land conduct or proceeding inconsistent with just and equitable principles of
National Bank of Dallas,
JAN. 28 1928.)
FINANCIAL CHRONICLE
trade, may be suspended or expelled as the said Committee may determine. ••• .,
The substance of the first Charge and Specification against Mr.
Brandriss was that he had been guilty of conduct or proceeding inconsistent with just and equitable principles of trade, in that on Dec. 9,
1927, prior to the opening of the market, when he was long for his own
account, he acting as seller, stopped 1,500 shares of stock at the opening
with five different members of the Exchange, and that immediately upon
the sounding of the gong, said Brandriss bid and purchased for his own
account 500 shares of stock at a price higher than the closing of the
night before, thereby putting into execution the shares of stock which
he had stopped with the buyers as aforesaid.
The substance of the second Charge and Specification against Mr.
Brandriss was that he had violated Section 9 of Chapter XIV of the
Rules adopted by the Governing Committee pursuant to the Constitution,
in that on the same day and in the same transactions, instead of clearing
the stock which he had purchased for his own account, he reopened such
contracts by giving other names on said trades.
Said William Brandriss was found by the Governing Committee to be
guilty of both said Charges and Specifications and was expelled from the
Exchange.
Mr. Brandriss became a member of the Exchange in May
1921.
U.S. Supreme Court Dismisses Appeal of E. F. Dunham
from New York Court's Decision Upholding Right
to Compel Submission of Books under Martin Act.
The U.S. Supreme Court on Jan. 16, upheld, by inference
the right of the Attorney General of the State of New York
to investigate and compel by subpoena the attendance of
witnesses and the production of books in and about the
investigation of the business and affairs of a stock broker
suspected of fraudulent practices specified under article
23-A of the general business law of that State. The Washington correspondent of the New York "Journal of Commerce" in reporting this on Jan. 16, added:
The court to-day dismissed for want of a substantial Federal interest the
appeal of Ernest F. Dunham from a decision of the New York Supreme
Court. An injunction had been sought restraining the Attorney-General
from carrying out this section and also from enforcing those penalties and
forfeitures which, under the article in question, might be enforced by
reason of failure to attend for examination and to produce books and
records in response to the subpoena.
Dunham for more than ten years had been engaged in the business of buying and selling securities in New York. The court was informed that about
"Feb. 11, 1926, he was required to file a statement in writing,under oath,
in answer to an intricate questionnaire which would require an extensive
disclosure to the Attorney-General of the plaintiff's business affairs. Some
of the items of this questionnaire required a full and detailed statement on
a given date of all brokerage accounts, contracts with other brokers and the
securities involved, loans and the collaterals, contents of vault, deposit
books, stocks borrowed and stocks loaned. This would require a full
financial statement with detailed schedules of cash and every account.
Item and security involved. The plaintiff failed and refused to make such
statement."
As to the New York Court's conclusions, we quote the
following from the New York "Times" of a month ago—
Dec. 20:
The action brought in the Brooklyn Supreme Court by Ernest F. Dunham, a broker, to have that part of the Martin Act that provides for an
examination in court of a broker charged by the Attorney-General with
having indulged in fraudulent practices, declared unconstitutional, was
dismissed last Saturday by Justice MacCrate, it was announced
yesterday
at the Attorney-General's office. Justice MacCrate's decision restrains
the broker temporarily from continuing the alleged fraudulent practices. •
Mr. Dunham is doing business under the name of Dunham & Co., at
45 Water Street. In 1926, he brought an action in the Supreme Court to
have declared unconstitutional the part of the same Act that empowers
the Attorney-General to issue subpoenas, but after carrying that
ceeding to the Court of Appeals it was decided unanimously against ProDunham. Mr. Dunham then appealed to the United States Supreme Court,
where the matter is still pending.
The present proceeding grew out of an action brought by the
Attorney
General last month, calling for Dunham's appearance in court with his
books and papers, for an examination.
Nominees on Regular Ticket of New York Curb Market—
Election Slated for Feb. 14.
In preparation for the election of officers Feb. 14, the
Nominating Committee of the New York Curb Exchange
has designated as its nominees on the regular ticket for
members of the Board of Governors for a term of three
yearS, E. Burd Grubb, Frederick W. Ludwig, Wm. S.
Muller, Arthur Myles, Austin K. Neftel, Edwin Posner and
Harvey C. Young; Trustee of the Gratuity Fund for a term
of one year, E. It. McCormick; Trustees of the Gratuity
Fund for a term of three years, Washington Content and
David Pfeiffer. Selections for the nominating committee
for the ensukm year are Frank Bethel, John W. Curtis,
Clarence L. Eckstein, DeForest Lyon and It. E. Woodward.
517
bond crowd into four groups instead of three as heretofore:
The announcement says:
Three sections for domestic bonds have been arranged alphabetically
from A to H, I to Q. and R to Z, and foreign obligations have been
allotted a separate group. This arrangement is to be effective as of
Feb. I.
It is expected that the segregation of the bond crowd into four units
will materially speed up the recording of quotations, in that floor brokers
should experience less hindrance in the execution of their orders. During the current period trading has been so active on the Curb Exchange
the ticker has been running from seven to ten minutes behind the market, notwithstanding the fact that the operating machine has been printing on an average of 225 characters to the minute.
While no action has been taken as yet by the Committee of Arrangements towards the abbreviation of quotations such as are employed by
Stock Exchange tickers, it is understood that the Committee has been
watching the experiment with the deepest interest. Bond transactions
enter largely into the aggregate total of dealings on the Curb Exchange,
and it is expected that with a smoother manner of floor trading, the
ticker facilities will be greatly benefitted.
Opening of San Francisco Curb Exchange.
The San Francisco Curb Exchange opened for trading on
Jan. 3 at the curb exchange building on Bush Street. The
building has been remodeled and re-equipped to meet the
requirements of the new market. The following member
firms of the San Francisco Stock Exchange have purchased additional seats on the Curb Exchange:
W. W. Adams & Co., H. J. Barnoson & Co., J. Barth & Co., Max I.
Koshland, F. B. Keyston Co., Sutro & Co. The following individuals, formerly of the San Francisco Mining Exchange, have purchased seats: Fred
C. Blumberg, of Blumberg & Kehlenbeck ; D. M. Broy, of Lewis & Dm;
A. F. Coffin, of A. F. Coffin & Co., Edwin W. Coe; E. L. Strauss, of
E. L. Strauss & Co., L. H. Van Wyck ; T. J. Flynn.
The following, not formerly members of either exchange,
were elected to membership: C. S. Aschard, of the firm of
Aschard & McGahey; G. W. Greenwood, J. B. Alvarado, E.
A. Holt. The price paid for seats on the Curb Exchange
was 818,000. Trading on the Curb Exchange started with
an initial group of about 85 stocks that had been admitted
to trading by the Curb Stock Admission Committee. The
stocks admitted to trading, the majority of which were
previously traded in the unlisted department of the San
Francisco Stock Exchange, are:
Alaska Mexican, Alaska Treadwell, Alaska United, Alameda Sugar,
Alameda Sugar Trust Certificates, Albers Brothers Pfd., American Fattars, American Hawaiian Steamship, American Telephone and Telegraph Company, American Toll Bridge of Delaware, Bunker Hill and
Sullivan, Byron Jackson Pump, California Wine Association Cahn,
Central National Bank of Oakland, Cities Service Common, Coast Valleys Gas 7% Pfd., Columbia Steel Pfd., Columbia Steel Common, Crown
Willamette Pfd., Crown Willamette Common, Dodge Pfd., Dodge Common, Daminguez Oil, Dumbarton Bridge, East Bay Water Common, Electrical Products Corporation of Arizona, Foster & Kleiser Pfd., Golden Gate
Ferry 8% Pfd., Golden Gate Ferry Common, Golden State Milk Products,
Goodyear Tire & Rubber of California Pfd., Hawaiian Sugar, Holland
Land, Holly Development, Holly Oil, Honolulu Plantation, Investment
Trust Shares, Italo-American Petroleum, I. Magnin Pfd., M. J. & M. If.
Oil, tfarland Oil, Matson Navigation, Maui Agricultural, McBryde Sugar, Mercantile American Realty 6% Pfd., Natomas Calif. Pfd., North
Western Electrical 7% Pfd., Oakland Bank, Oahu Sugar, Olaa Sugar,
Owl Drug Pfd., Pacific Auxiliary Fire Alarm, Pacific Coast Biscuit Common, Pacific Coast Biscuit Pfd., Pacific Portland Clement Pfd., Pacific
Portland Cement Common, Pacific National Bank, Palmer Union Oil
Pfd., Palmer Union Oil Common, Pan American Western, Pioneer
Pon Honor Pfd., Richfield Oil Pfd., Riverside Portland Cement, San
Francisco Bank, Santa Cruz Portland Cement, Schumacher Wall Board
Pfd., Schumacher Wall Board Common, Southern California Edison 6%
Pfd., Southern California Edison 7% PM., Southern California Edison
Common, Sterling Oil & Development, Superior Portland Cement, Eidewater Associated Oil Pfd., Tidewater Associated Oil Common, Transcontinental Oil, Treadwell Yukon, United Bank & Trust, U. S. Petroleum,
Virden Packing, Western American Finance Common, West Coast Life
Insurance, West Coast Oil Pfd., Western Pacific R. R. Pfd., Western
Pacific It. R. Common, Western States Life Insurance, White House Common, Zellerbach 6% Pfd. 1927.
San Francisco Stock Exchange to Experiment in
Trading in "Odd Lots."
The San Francisco Stock Exchange is to conduct an experiment in Trading in "odd lots." The plan of "odd lot"
trading is patterned directly after the plan followed by
the New York Stock Exchange. In its announcement, the
San Francisco Stock Exchange says:
This is the first time that "odd lots" have been dealt with in this
fashion in San Francisco, but the practice has been in force for a great
many years in Eastern markets. The plan of trading will not affect
any but the above mentioned stocks. It is the belief of the Exchange floor
trading committee, under whose direction the experiment will be conducted, that trading will be expedited and the public will get much better
service under the new plan. How widely the plan will be adopted for
other securities will depend on the experience gained by the present
Plan of New York Chrb Market to Divide Bond Crowd experiment.
In dealing in lots of securities of less than 100 shares the dock
Into Four Groups.
selected for this experiment, which is to be in force Monday, Jan. 16,
What is believed to be the initial step toward the forma- are: Standard Oil of California, Pacific Gas and Electric common, Bantion of a new system for faster quotation service was taken citaly Corporation, Illinois Pacific Glass A, Caterpillar Tractor, Zellerbacb
on Jan. 26 by the Committee of Arrangements of the New Corporation.
The tremendous volume of business on the Exchange over the past
York Curb Exchange, which announced a plan to divide the months bat made this experiment
necessary in order to relieve the pres-
FINANCIAL CHRONICLE
518
sure on the Floor caused by the large number of orders for a small number
of shares.
The unit of trading during the experiment will be 100 shares of
stock. Any order for a smaller number than 100 shares is temied an
"odd lot" and under the new system will be bought from and sold to
the "odd lot" dealer, and will not be subject to open purchase and
Sale on the trading floor of the Exchange as heretofore. The "odd lot
dealer," who is under the strict supervision of the Exchange floor trading
committee at all times, is required under the rules to purchase from all
odd lots of stock offered for sale and at once supply all buyers such
quantities of stock as they may wish to buy.
The price of an "odd lot" is determined and fixed by the sale of
100 shares of stock next following the time that the "odd lot" dealer
received the order to buy or to sell. In the case of a sale the seller will
receive for each share of stock % of one dollar less, which is the smallest
trading differential, than the sale price of the sale next following the time
at which the order for the sale of the "odd lot" was placed with the
"odd lot" dealer. In the case of the purchaser he must pay the "odd
higher than the next sale of 100 shares of stock involved.
lot" dealer
Toronto to Have New Stock Market—National Exchange
Will Commence Operations about March 15 with
50 Members.
From the Montreal "Gazette" we take the following Toronto advices Jan. 15:
Announcement has been made that a new Stock Exchange will be
established in this city. It will be known as the National Stock Exchange
and will commence operations about March 15.
There will be 50 members of the Exchange, who will be selected on
Feb. 15. The new Exchange will supplement the services given to the
public by the Toronto Stock Exchange and the Standard Stock and Mining
Exchange, and all issues listed on these exchanges will also be listed on
the National Exchange, with the stipulation that they can be withdrawn
from trading at discretion.
Indictments Against Elmore D. Dier, Former Head of
Bankrupt Firm of E. D. Dier & Co., Dropped.
On Jan. 10 prosecution for bucketing and grand larceny
of Elmore D. Dier, former head of the bankrupt firm of
E. D. Dier & Co., of this city, which failed on Jan. 14 1922,
with liabilities of $2,800,000, was abandoned when District
Attorney Joab H. Banton recommended to Judge Levine
in the Court of General Sessions the dismissal of 16 indictments found against Dier as a result of disclosures during the
bankruptcy proceedings, according to the New York "Times"
of Jan. 11, which continuing said:
Judge Levine granted the District Attorney's request and also canceled
a bail bond of $35,000 which Dier had furnished when he was arraigned in
June 1922. Nine of the indictments dropped yesterday charged Dier with
bucketing and seven of them accused him of grand larceny.
Mr. Banton told Judge Levine in making his recommendation that he
did not believe a prima fade case could be made out against Dier at present.
It had been impossible to secure evidence to corroborate the testimony
given before the Grand Jury, he said, and there was no prospect that such
evidence would be obtained in the future. The only witness against Dier,
who was not a party to the firm's transactions, was Percy Thomas, who
disappeared not long after the indictments were returned, Mr. Banton said.
Dier was not in court when the charges against him were dropped. He
had retired from the brokerage business and was at present living In Philadelphia. It was said. With Charles A. Stoneham, part owner of the New
York Giants, and five others, he was tried on a charge of using the mails to
defraud and was acquitted in February 1925.
During the trial of that case Federal Judge Winslow, who presided, said
that there was no doubt in his mind that Dier should have been prosecuted
In the State courts for bucketing.
The failure of E. D. Dier & Co. was noted in the "Chronicle" of Jan. 21 1922, pages 246 and 247, and its affairs referred to in subsequent issues.
McPherson
Browning of Detroit Trust Co. Predicts
Exceptional Year for Bond Business.
McPherson Browning, President of the Detroit Trust Co.,
of Detroit, Mich., predicted an exceptional year for the
bond business in his talk at the annual dinner of the bond
department of the company, held Jan. 14, at the Detroit
Club. Mr. Browning said:
We are approaching the year filled with optimism. With low interest
rates and the probability of many tax revisions, many people who now
own high priced stocks will sell their holdings and buy fixed interest bearing
securities. Many investors who have made large profits in the stock
market did not care to take their profits in 1927 and are now beginning
to liquidate their holdings. This probably means a large flow of money
to the bond market.
1927 was an excellent year. Both the bond department and our affiliated
organization, the Detroit Co., have had a very substantial increase in the
volume of sales. While it is proposed to reduce the corporation income
tax from 13%% to 11 3, % and increase the exemption of small corporations
from $2,000 to $3,000, an unexpected burden will be imposed upon certain
transactions completed under the present law and prior laws by means
of retroactive provisions in the form of additional tax on reorganization.
It Is also proposed that dividends out of earnings prior to March 1 1913,
Will no longer be exempt.
Henry Hart and Emmett F. Connely, V.-Presidents, who
head the bond department, spoke briefly on the outlook for
next year. Both were firmly of the opinion that 1928 should
be an excellent year for the bond business. The Detroit Co.,
an affiliated company, operating in New York, Chicago,
Boston and San Francisco, was represented.
[VOL. 126.
Net Loss of $220,000,000 from September to December
in U. S. Gold Stock Not Cause for Apprehension
According to Grosvenor Jones of Department of
Commerce—Loss Through Earmarkings $80,000,000—Net Loss for Year $151,000,000.
In a statement issued Jan. 16, Grosvenor Jones, Chief of
the Finance and Investment Division of the U. S. Department of Commerce in indicating that the gold stock of the
country suffered a net loss of $151,000,000 during 1927, said
"our gold stock is still very large, about 45% of the world's
estimated stock of monetary gold." Mr. Jones further said
that "although the period from September to December,
inclusive, shows a net loss of $220,000,000 in our gold stock
—$140,000,000 through net exports and $80,000,000 through
earrnarkings—there is no cause for apprehending a drastic
loss of gold." His statement follows:
The outward movement of gold during recent months has attracted much
attention both here and abroad, not merely because of the large amount
exported but also because of the apparent suddenness and decisiveness with
which the long continued inward movement was reversed.
During the first eight months of 1927, gold imports exceeded gold exports
by nearly $147,000,000. If account be taken of the increase In earmarking,,
the net gain in our gold stock during this period was only about $69,000.000.
During the last four months of the year, exports were $140,000,000 greater
than imports and, in addition, $80.000.000 was earmarked, making a total
net loss for this period of $220,000,000. Accordingly, the final results for
the year show a net reduction of about $151,000,000 in our total gold stock.
In any discussion of the gold movement, special consideration should be
given to changes in the volume of gold held under earmark, since in recent
months earmarking has assumed large proportions. Earmarking is for all
practical purposes tantamount to export; the removal of the earmark Is
equivalent to import.
Because little mention had been made of gold held under earmark prior
to May, 1927—when a large quantity of gold taken over from the Bank of
France was so segregated—it Is believed that the foreign trade figures for
years prior to 1927 correctly reflect the actual additions to or subtractions
from our momentary stock of gold. For 1927, however, when there was a
net loss of $158,000,000 through earmarking, it is clear that the foreign
trade statistics by themselves do not give a correct impression of the actual
movement.
An interesting feature of the gold movement in 1927 Ls the fact that the
great bulk of the imports came from Canada, Great Britain, Australia and
Japan. The net imports from these four countries account for $108,000,000
of the total of $133,000,000 reported for the countries, showing a net loss of
gold to the United States.
Equally interesting is the fact that the bulk of the gold exported went to
Latin America, Argentina taking $62,000,000; Brazil. $34,000,000: Uruguay, $2,000,000; and Venezuela. $1,000.000. Fairly large amounts were
shipped to the Far East, a net export of $4,000,000 being shown for China
and Hong Kong , and net exports of $3,000,000 each for British Malaya
and India. The only other countries to which there was a net export of
$1,000,000 or more im 1927 were Germany, with $14,000,000; Poland,
$5,000,000; Belgium. $2,000,000, and Sweden, $1,000,000. Note should
be made of the net import of 17,000,000 from Chile and of $2,000,000 from
Ecuador, these sums representing transfers of portions of the reserves of
the central banks of these countries. The figures lust cited take no account
of earmarked gold, since details as to the amounts earmarked for individual
countries are not available.
To a very large extent the heavy importation of gold during the first
eight months of 1927 was due to the ordinary exchange factors, this being
especially true of the large imports from Great Britain, Canada, Australia
and the Netherlands. The $20,000,000 received from Japan might also
be ascribed to the same factors, although these receipts represent transfers
made by the Japanese Government. On the other hand, the heavy exports
In the last four months of 1927 may be said to be very largely a result of
large foreign loan flotations coupled with the lower interest rates on shortterm funds in the New York market.
The return of $8,500,000 to Great Britain, of $8,000,000 to the Netherlands and of $1.000.000 to Sweden during the closing months of the year
was due, no doubt, to the rise in exchange on these countries, but this rise
in turn was largely a result of the transfer of short-term funds In response
to the increased spread in interest rates in favor of those money markets
and not a result of a change in the merchandise trade balance. A large
part of the $62,000.000 sent to Argentina, and all of the $34,000,000 shipped
to Brazil and of the $5,000,000 to Poland may be accounted for by loans
recently issued in this market, the exchange factor appearing only in the
later Argentine shipments.
New Capital Raised in U. S. in 1927 Through Foreign Loan Flotations.
The amount of new capital raised in this country in 1927 by means of
foreign loan flotations reached a record total of $1,377,000,000. During
the last four months of the year, foreIgn loan flotations exerted a strong
influence towards gold exports for the first time since early 1925, chiefly
because of the increasing spread between the general level of money rates
In the United States and the level in most foreign countries. The efforts
of certain foreign countries either to get back to the gold standard or to
strengthen their gold reserves was also a factor but, when all Is said and
done, the increased spread between interest rates here and abroad must be
considered the immediate cause.
Loss in
Gold Stock from September to December.
Although the period from September to December,inclusive, shows a net
loss of $220,000,000 in our gold stock—$140,000,000 through net exports
and $80,000,000 through earmarkings—there is no cause for apprehending
a drastic loss of gold. Our gold stock is still very large—about 45% of the
world's estimated stock of monetary gold. Against a net loss of $151,000,000 for the year 1927 must be set the net gain of about 10 times that
amount, or $1,516,000.000. during the period 1920 to 1926, imclusive.
Moreover, interest rates in this market are still below those of other important money centers and the supply of credit continues abundant.
During the 13 years, 1915 to 1927, inclusive—account of changes in gold
held under earmark being taken for 1927 but not for previous years—the
net result of the international gold movement was a gain of $2,225,000,000
in the gold stock of the United States. In only three of the past 13 years1919, 1925 and 1927—has the international movement diminished our stock
of gold. In 1919 there was a net loss of $292,000,000. largely as a consequence of the lifting of our war-time restrictions on the export of gold. In
1925, due chiefly to the movement of gold to Germany following the establishment of the present Reicbsbank and large loans to the German Govern-
JAN. 28 1928.]
FINANCIAL CHRONICLE
ment and German corporations, there was a net outward movement of
$134,000,000.
The "Wall Street Journal" of Jan. 19 in noting that gold
exports so far in January total approximately $39,782,000
went on to say:
These are offset by imports of $35,822.000, of which 825,500.000 came
from Canada.
The present export movement is part of that which began in October
when $10,698.000 was shipped out, against an import of $2,056,000.
Total gold exports since the beginning of the movement in October are
approximately $178,554,000. Offsetting imports total $55,711,000,leaving
net exports $122,843,000.
Destination of the principal exports of gold so far in January have been
as follows:
Brazil
$11,800,000 Belgium
$3,200,000
France
7,000,000 Uruguay
3.000,000
Argentina
9,500.000 India
1,282,000
Holland
4.000,000 Venezuela
700,000
Principal institutions which have shipped gold in January follow:
Dillon. Read & Co.. Brazil
$11,800,000
Seaboard National Bank, Argentina
5,000,000
National Bank of Commerce. Uruguay
3,000,000
Chase National Bank, Argentina
3,000,000
Anglo South American Trust, Argentina
1,000,000
American Exchange Irving Trust, Argentina
250,000
French-American Banking Corp., Argentina
250,000
Unknown, Venezuela
700,000
Unknown, Belgium
8,200,000
Unknown India
1,282,000
Unknown, Holland
4,000.000
The following table gives the Department of Commerce figures of gold
exports and imparts for each month from 1924 to 1927, together with a
summary for the 12 months ended in December:
EXPORTS AND IMPORTS OF GOLD.
Exports—
January
February
March
April
May
June
July
August
September
October
November
December
1927.
1926.
1925.
1924.
$14,890,000
2,414,000
5.625,000
2,592,000
2,510,000
1,840,000
1,803.000
1,524,000
24,444,000
10,698,000
55,266,000
77,849.000
$3,087,000
3.851,000
4,225,000
17,884,000
9,343,000
3,346,000
5.069,000
29,743,000
23,081,000
1,156,000
7,727,000
7,196,000
$73,526,000
50,600,000
25,104,000
21,604,000
13,390,000
6,712,000
4,416,000
2,136,000
6,784,000
28,039,000
24,360,000
5,968,000
12 mos.ended Dec. $201,455,000
Imports—
January
$59,355,000
22,309.000
February
March
16,382,000
14,503,000
April
84,212,000
May
14.611,000
June
10,738,000
July
7,877.000
August
September
12.979,000
2,056,000
October
November
2,082,000
10,431,000
December
$115,707,000
$262,640,000
$61.648,000
$19,351,000
25,416,000
43,413,000
13,116,000
2,935,000
18,890,000
19,820,000
11,979.000
15,987,000
8,857,000
16,738,000
17,004,000
$5,038,000
3,603,000
7,337,000
8,870.000
11,393,000
4,426,000
10,204,000
4,862.000
4,128,000
50,741.000
10,456,000
7,216,000
$45,136,000
35,111,000
34,322,000
45,418,000
41,074,000
25,181,000
18,834,000
18.150,000
6,656.000
19,702,000
19,862,000
10,274,000
12 moe.ended Dec. $207,535,000
$213.504.000
$128,272,000
$319,721,000
$281,000
505.000
817,000
1,398,000
593,000
268,000
327,000
2,397,000
4,580.000
4,125.000
6,689.000
39,675,000
519
duce its rate from 4 to 3M %• The board of directors of the bank protested
to no avail and a furore was developed in banking and financial circles.
Situation Analyzed.
Experts see in the increase of the Chicago rate:
First, abandonment for the present at least of the policy of the Board that
there shall be uniform rates in all of the twelve Reserve districts.
Second,probable increases in the rediscount rates in some of the Western
districts, including possibly Minneapolis, St. Louis, Kansas City, Dallas
and others.
Three, maintenance for the present at least of the New York rate of3%
Fourth, recognition by the Reserve Board and the Treasury Department
of the advisability of permitting the bank directorates to have a comparatively free hand in rate-making and certain other district functions.
Fifth, possible attracting of capital from the New York call money market westward.
It appears that the Chicago bank directors maintain that 4% is a normal
rate for that district and that it is nerpsssry for many reasons, one of which
is the attraction of capital to that section of the Middle West. . . .
For the present, officials indicated, no change is contemplated in the New
York rediscount rate. Through the higher rates in the West and by action
of the Federal Reserve banks in heavy selling of Government securities in
the open market, the Government hopes to check the vast amount of capital that has been placed on the call money market for speculative purposes.
The so-called brokers' loan situation caused some comment in Congress.
where an investigation was threatened. The Government acted rather
subtly and last week brokers' loans declined for the first time in many
months. Further declines are anticipated, although the stock market gives
evidence of continued activity.
The New York bank has an influence in both the domestic and international money markets. Long ago Benjamin Strong, Governor of the
New York bank; Sir Montagu Norman, Governor of the Bank of England.
and other international financiers agreed on a policy of lower rates in New
York than in the European capitals in order that capital might be attracted
away from this market.
For some years officials have regarded it important that the rates in the
various districts be uniform. A change in one rate heretofore has prefaced
a general change in all districts. However, Reserve Board officials are
now inclined to the view that great financial advantage may accrue from
some difference in rates, chiefly aimed at keeping credit and capital flowing
in the right direction. It was pointed out that the reserve system is to
maintain uniform credit and financial conditions throughout the country,
so far as is possible. If by a manipulation of rates this can be accomplished
the system will have made a new contribution to business security.
Action in permitting the Chicago bank to increase its rediscount rate is
interpreted here as having been brought about both by the desire of the
bank for the higher rate and also as it fitted into the Government program
of acting indirectly to curb what it was feared would run into excessive
speculation.
It was pointed out that the large volume of speculation in the New York
stock market would in itself not influence business, but that its menace lies
in the danger of a crash in the market that might have a serious business
reaction. Continued pouring of capital into New York and the continued
increase in speculation was viewed as dangerous from this standpoint.
The announcement that the rediscount rate of the Richmond Federal Reserve Bank had been increased from 334%
to 4%,effective Jan. 27, on all classes of paper of all maturities, was made by the Federal Reserve Board on Jan. 26.
The New York "Times" in a Washington dispatch, Jan. 26,
reporting this, said;
The regular meeting of the Richmond directorate is on the second ThursAdvance from 3
to 4% in Discount Rates of Federal
day of each month, and therefore the action to-day was somewhat unexReserve Banks of Chicago and Richmond.
pected in financial circles. The reserve ratio of the Richmond bank had
An upward movement of discount rates of the Federal fallen to only 49.5%, a reduction of 23.2% for the year, and this fact was
Reserve Banks was initiated this week with the establish- pointed to in some quarters as important among reasons put forward for the
change.
ment on Jan. 25 of a 4% rate by the Federal Reserve Bank
The action of the Richmond bank did not change the opinion of experts
of Chicago on all classes of paper and for all maturities. here, who have indicated that an increase in the rate of New York was
unlikely in the immediate future unless there were developments unforeThe rate is increased from 3%%, and is the first advance seen
at this time.
since the uniform rate of 3%% was made effective last
Treasury officials refused to accept responsibility for deductions which
summer at all the Federal Reserve banks. Following this were obtained here to-day of probable action of other Reserve banks in
regard to rediscount changes, thus indicating a realization on their part
week's action of the Chicago Federal Reserve Bank, similar that
those engaged in stock market activities are anxiously scanning reports
action was taken by the Federal Reserve Bank of Rich- sent outfrom Washington.
The most general opinion here still seems to be, however, that if more
mond—its rediscount rate on all classes of paper and all
are to come at this time they will be made by banks in the Midmaturities having likewise been increased from 3%% to changes
west or Southwest sections of the country, in the hope that this will correct
change
going
into
the
effect
Jan.
27.
any
The
4%
rate
4%,
unsatisfactory credit condition which may exist. While the action of
the Chicago and Richmond banks may serve to attract some capital away
put into force this week by the Chicago and Richmond from
New York and have a tightening effect upon the money market, the
Federal Reserve banks had been the rate which prevailed opinion
of some of the experts is that there will be relatively easy money
Reserve
banks
befor the downward move to 334% rates, at least for some time to come.
at all the
Banks
under Federal supervision which are aiding agricultural districts
was begun late in July last year, the Federal Reserve Bank are not expected
material increase in rates and it is believed
to make
City
having
Kansas
been
the
first at that time to es- that commercial credit willany
of
remain at former levels.
tablish that rate, all the other Reserve banks falling in
From the New York "Sun" of last night (Jan. 27) we
line, the last to adopt the 334% rate having been the Minne- quote the following:
Apropos of the action of the Reserve Bank of Richmond in raising its
apolis Federal Reserve Bank, which lowered its rate to
it was recalled here to-day that George J. Seay, the Governor of that
3h% on Sept. 13 1927. It may be recalled that the rate,
Bank, in a financial survey published at the opening of the new year,
the
discount
of
rate
of the Chicago Federal Re- directed attention to the expansion and extension of bank credit that has
reduction
serve Bank to 3% was ordered by the Federal Reserve taken place in the last few years and asked the question whether "we are
in a fool's paradise."
Board against the wishes of the Bank, and the comment living
He commented that since 1921 the member banks of the Federal Reserve
occasioned thereby was referred to in these columns Sept. 10 system have increased their loans on securities and their investments by
1927, pages 1407-1410. In announcing the increase in about nine billion dollars, while private investment funds from income have
added a further huge amount.
the rate this week, the Federal Reserve Board on Jan. 24
-It is easy to trace the sources of the tremendous investment power of
the people of the country," he continued. "It was built up largely through
said:
The Federal Reserve Board announces that the Federal Reserve Bank
of chicago has established a rediscount rate of 4% on all classes of paper
of all maturities, effective Jan. 25 1928.
In referring to the Board's action this week, the Washington correspondent of the New York "Journal of Commerce"
on Jan. 24 said:
Many features of special economic interest are involved in the announcement of the Federal Reserve Board to-day that the Chicago Reserve Bank
has established a new rediscount rate of 4%,effective Jan. 25.
This action culminates a fight that has rocked the Federal Reserve System since last September, when the Board forced the Chicago bank to re-
the expansion of bank credit, and that in turn was made possible through
the additions to our stock of gold, coupled with the very low requirements
for bank reserves. Bank credit, being superabundant, has also been cheap.
probably too cheap for healthy economic development.
"It may be doubted if commercial banking generally over the country
in the purely banking field Is profitable at present interest rates. Business
cannot be carried on at a loss. The number of failures for the eleven months
of this year, which according to Bradstreet's is the largest in any year since
1922, has some significance.
Capital Goods Increase.
"There has been no inflation in the prices of commodities and raw materiab3, but no fair appraisement of the situation can fail to take into account
520
FINANCIAL CHRONICLE
the increase in the prices of capital goods, as corporate securities are sometimes called, and it seems fair to say that this increase has largely been
brought about by the use of cheap and abundant credit—excessive bank
credit. Certainly a huge amount of bank credit has been employed for this
purpose, and the prices now seem largely predicated upon the cheapness of
bank credit.
"It is perhaps a matter of opinion how far we can go with prudence in
permitting liquid bank credit at cheap rates to be absorbed for capital
purposes. We have certainly gone very far when we look at the low ratio
of bank reserves and the degree of expansion, with an eye upon our stock
of gold, the basis of bank credit expansion. It is well known that Federal
Reserve credit can act as a buffer against gold exports, large or small,
but there is even at the present time a large amount of reserve bank credit
employed."
Change in Rediscount Rate of Minneapolis Federal
Reserve Bank Regarded as Unlikely before Next
Monthly Meeting, Feb. 13.
In its issue of yesterday (Jan. 27) the "Wall Street
Journal" said (in a Minneapolis dispatch):
The directors of the Minneapolis Federal Reserve Bank met, as required
by their by-laws, only once a month, on the second Monday. A special
meeting can be called at any time. The executive committee of the
board of directors, which consists of Governor W. B. Geery, Reserve
Agent John It. Mitchell, and P. J. Leeman. Vice-President of the First
National Bank of Minneapolis, meets every day at noon. This executive
committee has power to change the discount rate subject to the approval
of the Federal Reserve Board at Washington. The executive committee
has never availed itself of this power, however, and at present, in view of
the general situation is quite certain to do nothing in the absence of Mr.
Leeman, who is in Texas. No rate change is likely, therefore, before
Monday. Feb. 13, unless a special meeting should be called. At this
time there seems no probability of such action.
Views of F. J. Lisman & Co. on Increased Discount
Rate of Federal Reserve Bank of Chicago.
F. J. Lisman & Co., in a statement commenting on the
increase in the rediscount rate by the Chicago Federal Reserve Board and the resultant trend of the stock market,
stated:
The opinion gathered by us is to the effect that there is no determined
effort to cause a serious downward tendency, and the feeling is very strong
that the bankers as well as the administration wish to continue in a constructive way to mallet the market in maintaining its active and relatively
strong position. This feeling is strengthened by the fact that it is not
unreasonable, at this time, to assume that in the early spring and summer
it will be the desire of certain powers to see as healthy an increase In business
and also in the stock market as possible, even if this attitude were assumed
only for political reasons.
Days on Which Federal Reserve Banks Meet to Act on
Rate Changes.
The following is from the Jan. 25 issue of the "Wall Street
Journal":
Due to the increase in rediscount rate by Chicago Federal Reserve Bank,
much interest is centered in the days upon which the Reserve banks meet
for action upon their rates. Boston Reserve Bank meets on Wednesdays,
New York on Thursdays. Philadelphia on the first and third Wednesdays,
Chicago on Fridays. Cleveland the first Friday after the third day of the
month. San Francisco on Thursdays, Richmond on the second Thursday
of the month, St. Louis on the first and third Wednesday. Dallas on the
first Tuesday of the month. Atlanta on the second Friday of the month,
and Kansas City on the second and fourth Thursdays of the month.
Secretary Mellon Says Federal Reserve System Has
Justified Existence—Is Not Panacea for All Financial and Economic Ills—Should Not be Loaded
Down with Impossible Tasks.
Declaring that the service which the Federal Reserve
System rendered to the country in the post-war period "cannot be overestimated," Secretary of the Treasury Andrew
W. Mellon on Jan. 19 went on to say that "and yet, the system, as you know, has been violently attacked because it
failed to do the Impossible, and to avert the losses suffered
in getting the over-expanded agencies of production, both
agricultural and industrial, back to a normal, peace-time
basis." Secretary Mellon's address on the subject was a
feature of the celebration by the Charlotte, N. C., Chamber
of Commerce of the establishment of the Charlotte branch
of the Federal Reserve Bank of Richmond, the speech having
been delivered at the dinner of the Chamber at the Hotel
Charlotte. The opening of the Charlotte branch of the
Reserve Bank was noted in our issue of Dec. 17, page 3280.
Secretary Mellon in his address said that "the work which
the Federal Reserve system is doing is along sound constructive lines." "But," he said, "the greatest mistake
would be to expect the impossible. It is not a panacea for
all the financial and economic ills which may befall the
country. Neither the Federal Reserve system nor any other
system can control prices. The most that system can do is
to influence to a limited extent, from time to time, the total
volume of credit and its cost." Secretary Mellon added
that "it is left for us to make certain that the system shall
not be endangered by loading it down with extraneous or
Finn. 126.
impossible tasks. It has already justified its existence
and it will be indispensable in any future financial crisis
which may arise." The statement was also made by Secretary Mellon that "what the Federal Reserve system has
been able to do for this country it is now doing in a lesser
degree for the world at large. It is to-day one of the
important factors in the effort which is being made to
achieve world stabilization." The address in full follows:
I have long wanted to visit this part of the South, where so many of
your traditions are the same as my own. Here in this Piedmont section
of the Carolinas, you have many close ties with my native State of Pennsylvania. Your part of the country was settled, as mine was, largely by
Scotch-Irish, and also by Germans and Quakers. They came in great
numbers during the 18th century, landing In Philadelphia and then spreading westward to settle the country around Pittsburgh. Many of these
same men pushed on through the valleo of the Appalachian Mountains to
Virginia, North and South Carolina, bringing with them such name'
as Graham, Alexander and Polk, which were later to become so famous
in your history.
They brought also their sturdy qualities of independence, love of civil
and religious liberty, and a sense of thrift and order that enabled them
to build up a civilization out of a wilderness. Wherever they went,
they set up their educational and religious institutions. Mecklenburg
County soon became a center of Scotch-Irish civilisation, so that it was
not strange that the liberty-loving men of this and the surrounding
counties should resist the oppressive and ill-advised measures of the
British Government and, in the Mecklenburg-Declaration of 1775, should
be the first to give formal utterance to American independence.
Nearly a century later, when the war between the States, which was
so gloriously fought by both sides, had come to an end, and the South was
faced not only by a loss of man power but by a disruption of her social
and economic life as complete as anything caused in Europe by the last
war, the descendants of these same pioneers set to work at once to rebuild
their shattered fortunes. They showed the same indomitable courage as
in the early days and, on the foundation of the old agricultural order,
they built up a new agricultural and industrial South, whose rapid increase
in wealth has been one of the outstanding achievements in this country
in recent years.
The South is fortunate in that the period of her industrial expansion
coincided with advances in the field of electricity, which made possible
the development of the vast sources of water power in this part of the
country. The production of cheap electric current has not only proved
a great stimulus to industrial expansion but has also brought about a
greater diversification of industry, so that to-day, in addition to being
the center of the textile industry, the South is forging rapidly ahead
in the production of knitted goods, silk, furniture, tobacco and many
other commodities.
In no other part of the country has this industrial advance been more
marked than in the two Carolinas. These States in the past have been
predominantly agricultural and have usually been associated in the public
mind with the production of cotton and tobacco. But in recent years
the value of the manufactures of these two States combined has exceeded
even the value of their agricultural output; and, as a result, there has
come about an increase in wealth, which has necessitated a rapid expansion
of their banking resources.
It is in recognition of this fact that a branch of the Federal Reserve
Bank of Richmond has been established in Charlotte. Under the wise
guidance of Governor Seay and his able Board of Directors, the Richmond
Bank has had a most gratifying growth and has shown at all times a sympathetic understanding of the needs of this section. The establishment
of a branch bank at Charlotte should still further increase the usefulness
of the Federal Reserve system by effecting a valuable saving of time in
bank clearings and currency shipments. At the same time it should make
for greater efficiency in operation, because the men in charge of the
bank will be nearer to the territory which it serves and can have, therefore, a more accurate knowledge of local conditions. Furthermore, where
a branch bank is actually needed, as in this case, its establishment Is in
line with the principle of local self-government in banking, while at
the same time bringing to you the vast resources of the Federal Reserve
system.
That system has made it possible, for the first time in our history,
to mobilize the banking resources of the country and to place them at the
service of any section that has need of them. For the first time business
can go forward, freed from the fear that at any moment, from causes
remote or unforeseen, a financial crisis might develop and threaten ever,'
one with ruin.
The old system, under which we operated prior to the passage of the
Federal Reserve Act, was notable for its scattered and immobile banking
reserves and a credit inelasticity which rendered it totally Inadequate
for the country's needs. It was unequal even to meeting the seasonal
demands during the crop-moving period; and, in times of financial stringency, it operated to aggravate, rather than to relieve, panic lumptoms.
National banks could issue currency only when secured by Government
bonds; consequently they were unable to increase the currency in times
when it was most needed. Banks outside of the great financial centers
could expand their credit facilities only by borrowing from the larger
metropolitan banks, with the result that all loans in the end converged
on New York. Instead of a co-ordinated system of banks, with a common
reservoir of credit, we had a large number of independent banking units,
which in times of stress struggled against each other, and never worked
together as part of one great financial structure.
These defects were cured by the establishment of the Federal Reserve
system. The twelve regional banks, under the responsible co-ordinating influnce of the Federal Reserve Board, can effect that prompt mobilization of reserves which is so essential in preventing panics. These banks
are also able to provide the country with an elastic currency, which
expands or contracts with seasonal and trade needs. It is possible to supply the farmers and the trade with adequate currency during the cropmoving period and to effect the necessary contraction when the seasonal
requirements have been met. The reserves of each regional bank are
available, through the discounting privilege, to all other Federal Reserve
banks. The funds of the central reservoir can be diverted to any bank
in the system which has need of them, so that the financing of an increasing or decreasing volume of business can be accomplished with
ease.
The Federal Reserve System was put into operation just prior to the
outbreak of the World War and was obliged to establish itself in public
JAN. 28 1928.]
FINANCIAL CHRONICLE
confidence during a period of unprecedented strain in the financial
world. The channels of world trade had been suddenly and violently
disorganized. The outbreak of war stopped the flow abroad of many
exports and this country was flooded with a surplus of cotton and other
commodities, which to a great extent proved unmarketable until the new
trade currents had established themselves. Then cotton and food and
manufactures which were needed for war purposes began to flow abroad
In even greater quantities than before. Agriculture and industry expanded
rapidly, necessitating an enormous increase in credits, which fortunately
the banks of the Federal Reserve system and the other banks of the country
were able to supply.
When this country entered the war in 1917, the strain upon the banking
structure became even greater. It was necessary to support our military
establishment and at the same time to make advances to the nations
associated with us in carrying on the war. Our national debt increased
from $1,281,000,000 on April 5 1917 to 825,484,000,000 on June 30 1919.
In the floating of the Liberty Loans the Federal Reserve Banks acted
as the fiscal agents of the Government and their assistance in this and
many other ways proved invaluable.
When the war was over and the nation was obliged to adjust itself to
new conditions, it was the steadying influence of the Federal Reserve
system that brought the country safely through the necessary period of postwar readjustment with a minhnurn derangement and prevented the financial crisis from degenerating into a panic. As a result there was no
serious impairment in our financial structure at a time when such a
calamity would have had most disastrous consequences throughout the
entire world.
The service which the Federal Reserve System rendered to the country
during this period cannot be overestimated. And yet, the system, as you
know, has been violently attacked because it failed to do the impossible
and to avert the losses suffered in getting the overexpanded agencies of
production, both agricultural and industrial, back on a normal, peacetime basis.
As bankers you know how groundless is the charge that the Federal
Reserve banks contracted agricultural credits. As a matter of fact,
far from contracting agricultural credits during the period of falling
prices, the Federal Reserve banks expanded bank credits and increased
the volume of circulating notes in the agricultural States.
The Federal Reserve Bank of Richmond, for instance, during the calendar year 1920 increased its rediscounts by more than $10,000,000
and expanded its note issue by nearly the same amount. A similar expansion of credits was made by the Federal Reserve Bank of Atlanta and
the other banks in the great agricultural areas.
These facts speak for themselves and justify the assertion that, without
the assistance rendered by the Federal Reserve Banks, it would have
been difficult, if not impossible, for the country to have come safely
through the period of deflation or for our financial structure to have
weathered the enormous strain to which it was subjected at that time.
What the Federal Reserve system has been able to do for this country,
it is now doing to a lesser degree for the world at large. It is to-day one
of the important factors in the effort which is being made to achieve world
stabilization,
When Great Britain made the momentous decision to re-establish the
pound upon a gold basis at its former value, it meant that the old standard
for financial transactions was to continue and that America was not to be
left holding the world's supply of a metal for which the other nations
might be seeking a substitute. Great credit is due to the Federal Reserve
Banks for the part which they played in bringing about this result. These
banks extended large credits to the Bank of England, and the British
Treasury arranged for additional credits with private American bankers.
Great Britain has been on a gold hash now for more than two years
and has not used a single dollar of these credits; nevertheless, without
the support furnished by the Federal Reserve banks, I do not believe that
atabilizatioa would have taken place at the time when it actually
occurred.
The movement back to gold has continued steadily and other nations,
including Belgium and more recently Italy, have been added to
the list
of countries maintaining the gold standard. In the plans for the stabilization of the rest of Europe, the participation of the Federal Reserve system is equally necessary; and in all this the interests of the American
farmer and manufacturer are vitally concerned.
The nations of the world must be re-established on a sound financial
basis, if our surplus products are to find an export market. Only in this
way can business canpute in advance the price which it must pay for
raw materials and figure more accurately on the price which can be
secured for the finished products. If this can be done, business can
operate on a larger scale and increase its foreign purchases, which means
a greater demand for our own surplus products and an expansion in
business here and in other countries as well.
It is indeed fortunate in this disturbed period in monetary affairs,
when so large responsibility for world stability has been placed upon this
country, that we have in the Federal Reserve system an agency capable,
not only of exercising an important influence towards stability in our
cete money markets, but also of aiding in financial reconstruction
abroad.
The work which the Federal Reserve system is doing is along sound,
constructive lines. But the greatest mistake would be to expect the impossible. It is not a panacea for all the financial and economic ills
which may befall the country. Neither the Federal Reserve system nor
any other system can control prices. The most that system can do is
to influence to a limited extent, from time to time, the total volume of
credit and its cost. While credit is one factor in influencing prices,
it is neither the only factor nor the controlling one; and it would be
asking the Federal Reserve system to perform the impossible if it is to
be charged with the responsibility for controlling prices merely because
It can exercise a limited control over the amount of credit available.
The Federal Reserve system has been in operation now for thirteen
years. During this time it has so established itself in the confidence of
the country that Congress last year extended the charters of the Federal
Reserve banks for an indeterminate period. This Act was one of the
most important pieces of legislation that has passed Congress since the
war, for it insured the continuance of the Federal Reserve system as an
integral part of our banking structure.
It is left for us to make certain that the system shall not be endangered
by loading it down with extraneous or impossible tasks. It has already
justifled its existence and it will be indispensable in any future financial
crisis which may arise. But if the system is to do this, it must never be
impaired by changes which interfere with the twelve regional banks in the
exercise of their primary function as reserve institutions in providing
credit and currency for the country.
521
I know that you can be counted on always to give the Federal Reserve
system your strong and unqualified support- It is a matter on which
we can all tgree, regardless of politics, for the Federal Reserve system
was established under a Democratic President and its continued existence
has been assured under a Republican President. In matters of such
general concern as banking—and may I add, taxation also—it seems to
me that partisan polities should not enter. These are fundamental questions which vitally affect the welfare of the whole country; and, when
that welfare is involved, we should think not of class or sectional or
partisan advantage, but of what is economically sound and for the best
interest of the country.
Directors of West Texas Chamber of Commerce Favor
Congressional Investigation of Affairs of Dallas
Federal Reserve Bank.
At a meeting at Fort Worth, Tex., on Jan. 19, a resolution was adopted by the directors of the West Texas Chamber of Commerce in which they placed themselves on record
as in full sympathy with the bankers protesting against the
policies of the Federal Reserve Bank of Dallas; the directors
furthermore expressed themselves as favoring "any resolution which might be introduced in Congress with its purpose
being a Congressional investigation of the affairs of the
Federal Reserve Bank." The text of the resolution is given
as follows in the Dallas "News," which states that it was
passed with practically no discussion:
"Whereas, at a meeting of the executive board of the West Texas Chamber of Commerce at Cisco. June 13 1927, a resolution was passed requesting the Federal Reserve Board to adopt permissible flexible rules in dealing
with member banks located in agricultural sections of the country. and,
"Whereas, the management of the Federal Reserve Bank of Dallas in
the administration of the affairs of said bank has shown itself to be completely out of harmony with and entirely unsympathetic toward smaller
banking institutions, which attitude is inimical to the agricultural and live
stock interests of the territory served by said Federal Reserve Bank. and,
"IVhereas, such policies and practices in the administration of the affairs
of said bank have worked many hardships on the farming and live stock
interests of the Southwest and have seriously hampered the development of
the most rapidly developing section of this country, and a continuation
thereof will work further hardships and will seriously retard the development of such sections of this country and may force a return by the farming
and live stock interests to the old system, with its burdensome rates of
interest to the almost irreparable injury of the agricultural and live stock
Interests of the territory included in the 11th Federal Reserve District, and.
"Whereas, Such policies and practices are wholly inimical to the letter
and spirit of the Federal Reserve Bank Act and the purpose to be attained
In the establishment of the Federal Reserve System, and,
"Wherta. the Board of Directors of said bank by its recent action has
publicly stated that in the administration of the affairs of said bank, they
will follow the same policies in the future that they have followed in the
past; now therefore be it
"Resolved, by the Board of Directors of the West Texas Chamber of
Commerce this day in proper meeting assembled, that we deplore such
action and declare ourselves to be in full and complete sympathy and accord
with the protesting bankers in their opposition to such policies, and, be it
further
"Resolved, That we feel that the only source of relief that can now be
looked to from the ills attendant upon the policies pursued in the past and
to be pursued in the future by the management of the Federal Reserve
Bank of Dallas must of necessity come from the Congress Or the United
States, and, be it further
"Resolved, That this board will look with favor Upon any resolution
which might be introduced in Congress with its purpose being a Congressional investigation of the affairs of the Federal Reserve Bank of the
11th District and the administrations of its officers in the control of such
institution, and, be it further
"Resolved. That we here and now declare ourselves to be in full favor and
accord with what is known as the Federal Reserve Bank Act in letter as
well as in spirit, but only complain of the method and manner in which the
Federal Reserve Bank of Dallas has been managed and its affairs administered, and, be it further
"Resolved, that the secretary of this body be instructed to furnish each
and every member of Congress whose district or a part thereof is located
in the 11th Federal Reserve District with a copy of this resolution, and that
a copy be furnished to the public press and that the same be spread on the
minutes of this organization."
F. G. Goodenough of Barclay's Bank, London, Commends Federal Reserve Authorities for Skill in
Handling Gold Influx Into U. S.
Frederick C. Goodenough, Chairman of Barclay's Bank,
Ltd., of London in addressing the shareholders of the bank
at the annual meeting on January 19 had the following to
say in tribute to the Federal Reserve system:
On more than one occasion the Governor of the Federal Reserve Bank of
New York has indicated the desire of American currency authorities to
maintain as great a measure of price stability as reasonably practicable
and this may be regarded as a counterpart of the action of certain European
governments in stabilizing their currencies in terms of gold. These important decisions together show how the world has been working through
combined international action towards the reinstatement of sound economic
conditions in Europe.
I think a tribute is due the Federal Reserve authorities for the skill
and foresight with which they have in recent years handled the great influx
of gold into America so as to prevent an excessive rise in prices through the
great accumulation of gold. The good understanding between the Federal
Reserve Bank of New York and the Bank of England has helped to lay
the foundations of economic recovery in Europe which may now be considered to be in sight. This recovery should be of great benefit to America
through the restoration of Europe's power to purchase American goods.
Although sterling must necessarily be subject to fluctuations from time
to time between upper and lower gold points, there seems to be little doubt
that the exchange will continue to respond to the raising or lowering of the
Bank of England's rate of discount.
522
FINANCIAL CHRONICLE
[VOL. 126.
As to the ultimate amount of our gold exports, it is the
In part Mr. Goodenough also said:—
I have frequently expressed my views upon the desirability of the return opinion of Mr. Stern that this is largely dependent on the
to the gold standard and to pre-war parity and think we may congratulate amount of deposits which, in the last analysis, will be
ourselves that the present Government decided in 1925 to take this step
corporations
by which this country's credit has been greatly strengthened. This has withdrawn by foreign banks of issue and private
been emphasized by the course of sterling during the difficult period of and individuals on account of balances maintained and
1926 and the past year has been marked by sterling being at a substantial securities owned and sold in the United States. It is clear
premium over the dollar and by gold shipments from America to London
that this country has been obliged to make larger foreign
after the rise to approximately 84.88 7-16.
It is difficult to determine precisely the relative importance of the causes remittances in 1927 than in the year before, and Mr. Stern
for the recent rise. This has occurred when in the ordinary course, owing estimates that such capital export may have reached $963,to the usual payments for exports of wheat,cotton, Szc.. from America,sterling would be expected to be at a low level, while in addition it may be as- 000,000. This figure has been computed in the following
sumed that there have been purchases of dollars for meeting the installment manner:
on the British debt to America.
Offsetting these two factors there has been a large investment of American capital in British and other foreign securities. It would seem that the
favorable position of certain European exchanges is the result of the depreciation of the dollar due to the abnormally heavy foreign investments by
America rather than to appreciation of those European currencies and that
the recent rise in sterling has been due mainly to exceptional causes of an
international character and only partly to the small, though important,
recent improvement in British exports.
Foreign Balances in London.
Various references have recently been made to the volume of foreign
balances in London. Since Great Britain returned to a gold basis, the
amount of these balances has considerably increased. Before the war,
however, London was the normal depository for the world's floating funds
and the influx of moneys of this kind in the past two or three years is in
part a return to pre-war conditions. It would seem that there is no need
to be unduly anxious in regard to London short-term balances under foreign
control or to anticipate abnormal withdrawals but it must be recognized
that the existence of these large balances involves a cautious policy in fixing
monetary rates.
Looking to the future there Is good ground for confidence. Industry and
trade in this country are showing indications of a substantial revival at the
present moment. The continuous process of stabilization of currencies
and of world prices affords reasonable expectation that the trade improvement we are now experiencing may be more permanent. There are signs of
a growing understanding on the part of capital and labor that their interests
are mutual and there is taking place a gradual recovery from the upheaval
and exhaustion from the war.
America's Influence.
In industry as well as in finance the influence of America continues to
make itself widely felt. That country holds a very strong position as
regards productions and the power to compete in foreign markets in which
she can also secure for herself great opportunities through making foreign
loans. American industry has the advantage of great freedom from taxation compared with Great Britain. There is greater freedom for labor in
America and for individual effort, both of which are of great benefit to
her people.
On the other hand trade returns of the United States show that although
total exports are increasing yet over a period there is a gradual decline In
the proportion of agricultural produce and raw materials exported except
certain commodities including oil. It seems therefore that American will
become increasingly dependent upon export of manufactured articles
rather than of raw products.
Germany and America Chief Rivals.
There seems no doubt that in the future Germany and America will be
the chief rivals with each other but Great Britain by better organization
of her basic industries and by combination of interests should certainly
be able to hold her own. She can also rely upon retaining a wide and
profitable market for those manufactures of highest quality for which she
has always had a world-wide reputation.
American tourists' expenditures are believed to have been considerably
higher in 1927 than in 1926. In the absence of any reliable data, we shall
assume that they have risen by as much as 25%, or $190,000,000. Our
foreign investments, both public and private, during 1927, have exceeded
those of 1926 by about 8545,000,000. Assuming that the larger part of
such loans (80%) has been withdrawn or is earmarked for transfer baroad*
the export of capital on this account would amount to about $436,000,000.
Estimating that 15% of all balances maintained by foreigners and securities
owned by them in the United States were withdrawn or sold during 1927,
we arrive at a figure of 8337,000,000. Total, $963,000,000.
It is pointed out that in the absence of reliable statistics,
liberal allowance must be made for the fact that the real
extent of the changes occurring from time to time in the
foreign deposits maintained in the United States in the
form of cash and securities cannot be ascertained accurately.
Therefore, the above estimate as to a possible additional
loss of gold which we may sustain of roughly $200,000,000,
is subject to revision according to whether or not the withdrawals of deposits have exceeded or were less than the sum
of $337,000,000, which has been taken as a basis in the
above calculations. It is evident, for example, that if the
reduction in foreign deposits only amounted to 10% of the
estimated total of all deposits, an equation would seem to
have been almost reached and the conclusion would be in
order that only about $100,000,000 would remain to be
shipped abroad to bring the present movement to a halt.
In regard to additional exports of gold caused by the
desire of foreign banks of issue to further increase their gold
reserves and their possible effect on our money market, Mr.
Stern says:
It seems clear from the financial history of the past few years that those
who guide the destinies of the leading international banks of issue and who
have given the world a shining example of practical cooperation will only
make and agree to such further shifts under observance of the safeguards
advisable for the protection of this important financial market. Also such
steps would be taken only after careful weighing of the consequences which
a too extensive or too prolonged gold transfusion might have both on local
economic conditions here and through repercussion, in their own countries.
Considerable speculation has been aroused as to the reaction which a
further substantial loss of gold might have on our money market. Will
it be necessary in the near future to relent in our policy of promoting the
recovery of Europe through the flotation of loans and the extension of cash
and acceptance credits and adopt the policy of husbanding our gold and our
resources? A few facts may throw some light on this side of the subject.
The gold reserves of the Federal Reserve system over and above the amount
required for the legal cover of the banks'currency and deposits still exceed
81.000,000,000. Moreover, the Federal Reserve Banks are in a position
to increase their gold holdings by issuing their own notes for any gold
certificates of the United States Treasury which they may be able to with
draw from circulation. In addition to the 8520,000,000 of gold certificates
now held by the Federal Reserve Banks and included in their "cash."
there are at preent in circulation United States Treasury Certificates
amounting to $1,095,000,000, so that apart from the above mentioned
actual excess reserve of 81,000,000,000, it may be said that the country
has available a latent reserve of about $650,000,000 which, In case of need.
might be counted upon to re-enforce the metallic cover behind the Federal
Reserve bank notes.
With regard to the technical condition of our money market, it is well
to bear in mind that with the commencement of January the pressure of
commercial demands for credits, both domestic and foreign, relaxes as a
rule. Our principal crops have been harvested and are well on the road
to the ultimate markets. Commodity loans are on the decline. Advances
to the Continent begin to be reduced or paid off. Long term bills on London
carried in the portfolios of American banks mature in January and February
and the capital thus invested returns to the fold. The important stocks of
cotton still stored on this side waiting for the call of the European buyers,
will be shipped and paid for some time during the first half of this year.
On the other hand it is generally admitted that industrial activity at home
will only gradually be reflected in heavier demands for credit. Finally in
the event of easier money conditions in London and on the Continent a
return movement of funds placed there for short periods on American
account will no doubt set in rather promptly.
U. S. May Be Called Upon to Release Additional Gold
of $200,000,000 Account of International Balance
of Payments in 1927, According to S. Stern of
Seaboard National Bank.
That this country may be called upon under adverse circumstances to release between $100,000,000 to $200,000,000
more gold from its reserves on account of its international
balance of payments for 1927 is the statement made by S.
Stern, V.-President of the Seaboard National Bank, in an
article published in the January issue of the Trust Companies
magazine. After having examined the underlying causes
responsible for the recent rise of the foreign exchanges and
the subsequent outflow of gold, the writer declares that it is
impossible to determine the exact amount of yellow metal
which may be needed for export before a state of equilibrium
of the exchanges is again reached, but that, nevertheless, a
tentative opinion may be expressed as to the probable developments if one compares the movements of capital to and
Mr. Stern's conclusion from this survey of the present
from the United States during 1927 with the corresponding
position is:
figures of 1926.
According to all appearances the regular demand for gold, viz., that
The article analyzes the principal items of our international
which results from the relative level of the exchanges, has been largely
accounts and the actual or estimated gains or losses of capital satisfied by this time, with the possible exception
of South America. But
recorded during the past year. According to the article, should there be a continued moderate depletion of our resources,our banks
in a strong enough position to weather, if necessary, further reasonable
the United States during 1927, appears to have gained on are
calls on a portion of our excess gold holdings. Even if the exodus of metal
as
explained
is
This
figure
$776,000,000.
side
credit
the
should cause a temporary strain in our finances, we should submit to It
cheerfully considering the fact that with Italy's recent stabilization and
follows:
On account of the increased excess of our exports over our imports,
foreign countries owed us in 1927 $328,000,000 more than in 1926. The
yield of American foreign financing and banking operations in the form
of interest, dividends and commissions must have exceeded that of 1926
by about $92,000,000. Immigrants, according to the estimate of the
Department of Commerce, have exported $107,000,000 less in 1927 than
in 1926. Our gold exports during 1927 exceeded our imports by $1.51.000.000; inasmuch as in 1926 imports exceeded exports by $98,000,000.
there is a difference in 1927 on the credit side of 8249,000,000.
Total---$776,000,000.
with France's final action anticipated for the late spring, the general readjustment of Europeau finances has at last entered upon the final and most
important stage. As creditors of Europe to the tune of about 814,000,000.030, as exporters to the extent of 82,375.000,000, and as citizens paying on
account of European governmental indebtedness to the United States.
annual taxes of about $300,000,000, any reasonable sacrifices which We
may thus have to make in the form of additional gold shipments, as a last
and crowning contribution toward European rehabilitation, would seem to
be worth while investment on the part of the banking and business Interests
of our country.
JAN. 28 1928.]
FINANCIAL CHRONICLE
Third Liberty Bonds to Amount of $603,626,650 Offered in
Exchange for Treasury Notes — Subscription Books
Closed Jan. 23.
Secretary of the Treasury Mellon announced on Jan. 25
that $603,626,650 of Third Liberty 414% bonds had been
offered in exchange for the new 3%gyo five-year Treasury
notes. The issuance of the Treasury notes in exchange for
the Third Liberty Loan bonds was reported in these columns Jan. 14, page 198, and we indicated in our issue of
Jan. 21, page 354, that the exchange privilege would expire
Jan. 23. With the closing of the subscription books on that
date, Secretary Mellon was quoted in a Washington dispatch
to the New York "Journal of Commerce" as saying:
"The offering was received in a satisfactory way to the Treasury.
Subscriptions over $700,000,000 would have been refused."
523
We are, at this moment, in Nicaragua. but what we are doing there and
the commitments we have made are at the request of both parties and in
the interest of peace and order and a fair election. We have no desire to
stay. We wish Nicaragua to be strong, prosperous and independent.
We
entered to meet an imperative but temporary exigeney, and we shall retire
as soon as it is possible.
The development of trade between the United States and
Latin America was reviewed by Mr. Hughes, who stated
that "we could not be satisfied with the expansion of commercial relations if these contacts failed to develop a better
understanding and a more comprehensive and sympathic
view of the lives and the problems of our peoples. We need
the clear analysis of facts, the intellectual grasp, the open
mind with its scientific method and its unbiased conclusions."
We give his address herewith:
We are charmed with Cuba. Our eyes rest with delight upon the beauty
of Havana. Our hearts respond with gratitude and affection to the eloIn announcing on Jan. 25 the subscriptions received by quent words of the President of Cuba and to the warm greetings of the
Cuban people. We feel that we are identified with you in spirit and bound
the various Federal Reserve Banks, Secretary Mellon said: to
you by the ties of sacred memories and invincible aspirations.
In accordance with previous announcement, subscription books on the
We cherish the thought that Cuba. in her liberty and independence, is
offering of 3%% Treasury notes, Series C-1930-32, in exchange for the vindication of the
idealism of the people of the United States. It is
Third Liberty Loan 45es% bonds closed at the close of business Monday, that idealism, which, at
the very beginning, during the struggle of over
Jan. 23. The total amount of subscriptions received by Federal Reserve over one hundred years ago, nurtured
our policy in this hemisphere. It is
Banks and the Treasury Department was over $603,000,000.
that idealism which has ever been the guardian of our liberty at home.
Subscriptions, by Federal Reserve districts, together with those reYou will find us keen in trade, zealous for the advantages of commercial
ceived direct by the Treasury Department, are set forth below. These intercourse, but no one knows us well who fails to
recognize, despite all our
figures are subject to slight increase due to the belated receipt of any shortcomings, the dominance among us of
the ideals of independence and
subscriptions which were in the mails or otherwise in transit before mid- democracy. These brought us to the aid of Cuba in
1898. and again sumnight on Jan. 23.
moned us with imperative command to take our part in the titanic contest
of
the
World
War.
You
cannot
adequately
explain
the United States in
Boston
$ 18,093,800
statistics of population, of commerce or of wealth. There is a power above
New York
411,261,550
all
these
which gives final direction to our public opinion and establishes the
Philadelphia
16,500.800
standards of our statesmanship, according to which we take measure of
Cleveland
38,559,400
executives
and legislators.
Richmond
6,995.300
Atlanta
2,908,900
Veneration for Exemplars of Liberty and Independence.
Chicago
59,042,550
If you would find what we worship in our inmost thoughts, do not rest
St. Louis
12,514.200
content with going to our marts, but visit our shrines. We like to be thought
Minneapolis
6,139,500
shrewd, but we erect no monuments to mere shrewdness. We reserve our
Kansas City
9,389.150
highest veneration for the greatest exemplars of liberty and independence—
Dallas
5,182,600
Washington, Jefferson and Lincoln. They are still, and I trust ever will be,
San Francisoo
7,941,350
the true spokesmen of the American spirit.
Treasury
9,097,550
But this idealism is that of practical and industrious people. We rejoice
with you in the material gains of progress. With vast and increasing popuTotal
$603,626,650
lations there must be opportunities well used, to give talent its proper
play
On Jan. 26 the Washington correspondent of the "Journal and workers their full reward, or we should have the discontent that leads
to anarchy rather than the co-operative efforts which give better
standards
of Commerce" said:
of living and a widely diffused prosperity. The advancement
of civilizaWith the completion of the first phase of the Treasury Department's tion is in the care of the factory, the plantation, the markets
of commerce
refunding of the Third Liberty bond issue, by exchanges of $603,000,000 as well as the halls of learning. Progress must have its
economic basis and
for the new five-year Treasury note series bearing 3%%, Secretary of the commercial movement between North America and Latin America is
the Treasury Mellon today announced that there would be no further one which in the main is equally satisfactory to the statesmen and the
economist. The steady development of our commercial exchanges
issues until March 15.
reflects
The new Treasury issue of March 15 will fall at the beginning of the contrasts of products and of industrial needs.
what Government experts regard as a certain revival of industrial and
Growth of Latin-American Trade.
agricultural activity, with the consequent absorption of surplus capital.
Latin-American products for the main part are typically those
In some quarters this is taken to mean a slightly higher rate than the
which
rfo used in Treasury issues for some time.
either are not produced in North America or are produced there only
to a
However, Government short4ime issues were pointed
to as readily degree insufficient to fill the national needs. Conversely, the typical
negotiable and greatly in demand by the banks.
products
of
the
United
States,
so
far
as
they
enter foreign commerce, are
It was felt by officials
that even with money conditions somewhat tightened no appreciable those which in large measure are not produced in Latin-America, or are
produced there in amounts insufficient to satisfy national demands. There
difference will be made in the Government's rate.
can be no better basis for the development of international exchanges
Secretary Mellon was greatly gratified by the quick response
to the
advantageous to all concerned. Along with this development has Come a
Treasury's offer of 334% notes for exchange.
rising purchasing power, notable both in the United States and in many
Latin-American States. This has been particularly
case in Cuba, which
Charles E. Hughes in Speech at Havana Declares We has developed per capita imports exceeded by few the
countries in the world,
Have no Desire to Stay in Nicaragua—There at and equaled by no other Latin-American country. The statistics showing
Request and in Interest of Peace—Principles of the growth of economic relations between American countries in the last
twenty-five years emphasizes the growing unity of economic interest.
Pan-Americanism.
In 1910-'14 exports from the United States to Latin America had
An address in which he stated that "Pan-American rests already reached a value of over $302,000,000 a year. But the steadily
increasing
demands of the Latin American countries have now pushed
upon four pillars"—the first independence, the second stathe total far above that level. The total exports from the United States
bility, the third mutual good-will and the fourth co-opera- to
Latin America in 1926 were over $872.000,000. or more than
and
tion, was delivered at Havana by former Secretary of State one-half times the value a quarter of a century earlier, showing an two
absolute
gain
over the pre-war years of $570,000.000.
Charles E. Hughes, at the dinner tendered on Jan. 21 by the
But the growth of purchases by the United States in Latin America
has
American Chamber of Commerce to the American delegates been
even more remarkable. In 1910-'14 these purchases had a
value of
to the Pan-American Conference. In asserting that "it is $435.000.000; but the purchases of the United States in Latin America rose
1926 to $1,094,000,000, an increase of over 250%, and a gain
in total
our dedire to encourage stability in the interest of independ- in
of $659,000,000.
ence," Mr. Hughes referred to the entry several years ago
It is especially gratifying for the people of Cuba and the
United States
of the United States into San Domingo and said "it would to consider the growth in the commercial exchange between the two countries.
Imports
into
the
United
States
from
Cuba
have
very
risen
been
easy to remain, but the Government of lion
from 122 milhave
in 1910-'14 to an average of almost 300 million dollars for the
period
the United States was most solicitous to arrange for the 1921-1925. Exports to Cuba from
the United States in the same periods,
have grown from 63 millions to 181 million dollars.
termination of its occupation and the withdrawal of
its
There are developments long planned and partially achieved in both
forces, and endeavored earnestly and successfully to aid in countries,
which have been of the greatest importance. I refer to our nathe Dominican people in establishing a sound basis for an tional highway building programs. Land and other forms
of wealth have
but
little
independent Government. . . . A plan of evacuation
value when they are inaccessible or difficult of access. Nothing
Is of greater importance to the development of an appropriately diffused
was agreed upon; arrangements were made for the pro- prosperity than the
of efficient highways. The plans for the
visional Government and for the establishment of a perma- promotion of publicestablishment
health through advanced measures of sanitation; for
nent Government. These arrangements were carried out increased facilities for public education; for the better utilization of natural
these are basic conditions of economic advance.
and the United States withdrew." Continuing, Mr. Hughes resources;
We could not be satisfied with the expansion of commercial relations if
alluded to the intervention of the United States in Nicaragua, these contacts failed to develop a better understanding and a more comprehensive and sympathetic view of the lives and the problems of our peoples
and said:
We need the clear analysis offacts,the intellectual grasp,the open mind with
ii was my happy privilege to be associated with these
endeavors
which
its
scientific method and its unbiased conclusions.
had this successful fruition. If we had cherished an
imperialistic purpose
But we wish more than intellectual appreciation. Understanding is of
we should have remained in Santo Domingo; but we withdrew.
We would the heart. There must be the sympathetic interest which ripens quickly into
leave Haiti at any time that we had reasonable expectations
of stability esteem and affection. There is no guaranty of friendship in disregard of
and could be assured that the withdrawal would not be the
occasion for a differences.
recurrence of bloodshed.
The differences in individuals, groups and nations save life from monoMeanwhile, we are endeavoring in every important
direction to assist tony and give to our contacts a never failing fascination. But, however
In the establishment of conditions for stability and prosperity,
not that we noteworthy the varieties of our particular environments, our resemblances
may stay in Haiti, but that we may got out at the earliest
opportunity.
are more fundamental than our differences. Even our problems,to the keen
524
FINANCIAL CHRONICLE
[VOL. 126.
to advance the cause of olvilizaobserver, have many elements in common. Underneath the superficial sincerity of purpose and an earnest desire
future generations will rejoice in the inherit—
contrasts there is the bond of fellowship between democratic peoples in don so far as it is in our keeping
their age long quest of solidarity, efficiency and equal justice. It may be a ance of our labors.
long Journey to our goal, but we are on the way. At the 6th Pan-American
Conference we are taking counsel together to help us onward.
sions Report on the Supply of
In the eloquent address of the President of Cuba at the opening of the Federal Trade Commis
Electrical Equipment and Competitive Conditions.
conference he said:
"Pan-Americanism is not merely the result of covenants, treaties or
—General Electric Co. Largest Manufacturer of
noble institutions, it is also and primarily public spirit, will of the people
Machinery and Equipment—Growth of Holding
and collective ideal.
Pan-America Rests on Four Pillars.
Companies.
nce. It is the
Pan-America rests upon four pillars. The first is independe
The Federal Trade Commission presented to the Senate.
of the
firm policy of the United States to respect the territorial Integrity
We wish for all of on Jan. 11 a report entitled "The Supply of Electrical' .
.
aggression
of
policy
no
have
We
republics.
American
but for
them, not simply those great in area and population and wealth,
ent and Competitive Conditions," this representing
fatuous Equipm
every one, to the very smallest, strength and not weakness. What a
and concluding volume of the report made in
second
the
of
these
any
that
desired
States
United
the
that
idea it would be to think
for the response to Senate Resolution 329, Sixty-Eighth Congress,
no
is
promise
There
of
disorder.
prey
the
or
weak
be
should
states
We have troubles
United States in that. We do not wish their territory.
The first volume, "Control of Power Comrights we Second session.
enough at home without seeking responsibilities abroad. The
to the Senate Feb.21,1927, dealt primared
submitt
the
for
be
happier
panies,"
could
Nothing
others.
to
accord
assert for ourselves we
Caribbean ily with the organization, control and ownership of commerUnited States than that all the countries in the region of the
their
should be strong, self-sufficient, fulfilling their destiny, settling
cial power companies, with special reference to the extent
problems, with peace at home and the fulfillment of their obligations abroad.
states,
and
e
and
the control exercised by the General Electric Co. In its.
of
equal
responsibl
as
powers,
It Is in the strength of these
ty
not in the weakness of any, that lies our confidence for future tranquilli
final report the Commission states that "the General Electric
and the mutual benefits of intercourse.
turer of
many years the largest
Stability.
ence is not
The second pillar of pan-Americanism is stability. Independ
essential to take
enough. Independence given opportunity, but stability is
in the Interest of
advantage of it. It is our desire to encourage stability
independence.
years ago. In circumstances
Let me recall to you an illustration. Several
United States entered Santo
which it is not necessary for me to reveal. the
to stay. On the conDomingo. But what did we do. Did we endeavor
been very easy to remain, but
trary, we labored to get out. It would have
to arrange for the
solicitous
most
was
the government of the United States
withdrawal of its forces, and en
termination of its occupation and the
to aid the Dominican people in estab
deavored earnestly and successfully
nt. The leaders of all
nt
lishing a sound basis for an independe governme
on. A plan of evacuation was
parties were brought together for consultatia
l government and
provisiona
for
made
agreed upon; arrangements were
t government. These arrangements
for the establishment of a permanen
withdrew. It was my happy
were carried out and the United States
which had this successful
privilege to be associated with these endeavors
tic purpose we would have reimperialis
fruition. If we had cherished an
We would leave Hayti
withdrew.
we.
but
Domingo,
mained In Santo
ons of stability and could
at any time that we had reasonable expectati
be the occasion for a recurrence
be assured that the withdrawal would not
of bloodshed.
assist in
Meanwhile, we are endeavoring in every important direction to
and prosperity, not that we may
the establishment of conditions for stability
the earliest opportunity. We are
stay in Hayti, but that we may get out at
doing there and the commitat this moment in Nicaragua, but what we are
both parties and in the interest
of
request
ments we have made are at the
no desire to stay. We
of peace and order and a fair election. We have
wish Nicaragua to be strong, prosperous and Independent. We entered
as soon
to meet an imperative but temporary exigency, and we shall retire
as it is possible.
Mutual Good Will.
will. Strong and
The third pillar of Pan-Americanism is mutual good
other afford no assurance of peace
stable governments that do not trust each
identity of views.
mean
not
will
does
and benevolent collaboration. Good
times, friendly expressions, albeit
It Is not Jeopardized by candid, but at all
The enemies ofgood will are on every hand.
there are differences ofopinion.
every act a wrongful motive, who poison
There are those who seek to find in
be content. For as the great English
the air with suspicion, who will never
can never make those content whose
wit, Sidney Smith, once said: "You
ly these enemies of happy relations
game Is not to be content." Fortunate
are noisy: they are constantly active.
between our countries are few. They
deep currents of our life. There was
but after all they cannot affect the
contained this question: "What is the
Once a catechism which I understand
devil." And the answer was* "The
difference between the Lord and the
power, but the devil makes up for it In
Lord excels the devil in original
Infernal activity."
upon a common appreciation that each
Good will rests on mutual respect,
international relations justice is the
harbors no mistrust of the other. In
but confidence in the sincerity of
impregnable foundation of good will,
dissemination of Information,
each other is essential. We desire the wide
efforts of those who have
but, unfortunately, good works,the calm and quiet
of sensation. The
the good will of nations at heart, rarely contain elements
of the stage and their
enemies of our peace and happiness often get the center
e us. In the ease of
declamations fill the air. But this need not discourag with his intimates
reputation
an honorable individual we know that it is his
es—that gradually
—with those who know his purposes and activivit
proof against any possible
extends in ever widening circles until it becomes
assault.
in the intimacies of interSo it is with nations. There are those who
which conduct themselves
national intercourse know the truth. Nations
e with other nations,
justly and aim to establish relations of mutual advantag
their own international
which respect the rights of others and discharge
cannot successfully be assailed.
obligations, will acquire a reputation which
like this Chamber of ComIn the promotion of good will organizations
transaction of business is as
honorable
merce have an important role. The
. We all have in our care.
important as the honorable conduct or diplomacy
and if each of us lives up to
to some extent, the reputation of our country,
attacks of either ignorance or
his opportunity we need have no fear of the
malice.
Co-operalion.
co-operation. Peace and good
The fourth pillar of Pan-Americanism is
give us the promise, but not the fruit.
will are not ends, but means. They
that we reap the benefits which friendly relaIt is in our working together
Co-operation among the Pan-American States does
tions should bestow.
a super-State. It does not mean that any of
not mean the organization of
republics or any group of these republics will
the twenty-one American
It is the co-operation of equals for common
attempt to dominate others.
where there Is prospect of success. Codirections
those
in
e
advantag
we should ignore differences in conditions
operation does not mean that
mutual
circumstances surrounding our lives. It means
and in the varied
of assistance by doing together what we
helpfulness, where we can be
cannot so well do alone
It Is
wearied with futile anxieties about the future.
It is not for us to be
with
generation to play our part. And if we do that
and
day
our
in
for us,
manufac
Co. has been for
power plant machinery and equipment in the United States."
The report also says that "prior to 1925 the three largest
companies were the General Electric Co., the Westinghouse
Electric and Manufacturing Co. and the Allis-Chalmers.,
Manufacturing Co., and that "in 1925 the American Brown
Boveri Electric Corp., a domestic company manufacturing
American and foreign patents, was organized, thereby adding
a fourth company to the group." The Commission states.
that the prices of the three large companies mentioned "are
regarded in the trade as maximum levels above which the
comparatively small manufacturers generally cannothope to sell. It is alsa the general belief among comparatively small manufacturers" says the rep )rt "that the large
companies compete actively in price, quality and service."
Regarding the repart and its finiings the commission in its.
letter of submittal made public Jan. 12 said:
At the time the above mentioned resolution was adopted, It was stated
control'
In the Senate that the General Electric Co. had acquired a monopoly
t and
over the manufacture, sale, and distribution of electrical equipmen
Commisthe
of
the
results
volume
shows
apparatus. Part I of the present
prevailing
sion's inquiries on this point including competitive conditions
competiin the manufacturing field. Part II of this volume, dealing with
such contive conditions in the electric power industry, considers also how
to
subject
utility
as
a public
ditions are affected by the industry's status
years the
government regulation. The General Electric Co. has been for many
United
largest manufacturer of power plant machinery and equipment in the (the
States. Its value of sales billed increased from 116.000,000 in 1893 It.
1926:
in
first complete year after its formation) to nearly $327.000.000
$382.total investment increased from about $51.000.000 in 1893 to nearly
$3,000,000 in
000.000 in 1926: and its net earnings were a little less than
in 1926.
1893 and (before deducting Federal income taxes) over $59.000,000
machinery,
As compared with the Census classification of "electrical
are not
apparatus and supplies," which includes important products that
Electric Co.'s
used by the electric power industry, the value of the General
of the total
output has represented from 16 to slightly more than 20%
important
value for the country In recent Census years. For the more
n
units of electric power equipment the General Electric Co 's proportio
from 46.9
is larger, representing for the Census years 1919. 1921 and 1923
transthe
to 51.6% of the value of all generators: from 52.2 to 58.3% of
of the
formers. from 342 to 42% of the motors, and from 32.0 to 45.1%
ce
importan
the
control apparatus. These percentages measure roughly
power
of
lines
heavier
a
of
the
as
Co.
producer
of the General Electric
the General
equipment. Prior to 1925 the three largest companies were
Co., and the
Electric Co.. the Westinghouse Electric & Manufacturing
Boverl
Brown
Allis-Chalmers Manufacturing Co. In 1925 the American
American and
Electric Corp.. a domestic company manufacturing under
adding a
foreign patents and technical Information, was organized, thereby several
acquired
fourth company to the group. The Brown Boveri company
railway
i'mportant manufacturers of transformers, switches and electric
equipment.
General
During the 5-year period. 1922-1926, the rate of profit of the
from 11.2%
Electric Co., before deducting Federal income taxes, ranged
in the electri
to 16.2%. Considering only the earnings on its investment
rates
manufacturing business (I. e.. excluding outside investments) theprofits
The
of return during the same period ranged from 14.3% to 22.8%.
period, but for
of other electrical companies were not obtained for this
to a greater
1924 financial reports were received from 79 companies engaged power Inor less extent in the manufacture of goods used by the electric
(which had a
dustry. The average rate of return for these companies
in 1924 as
aggregate total investment of about $490.000,000) was 9.6%
some of thee
compared with 15.1% for the General Electric Co., though
Genera
companies, individually, had higher rates of return than the
Electric Co.
manufacture an
The inquiry respecting competitive conditions in the
lines such a
distribution of electric power equipment was limited to these
station equip
generators, transformers, motors, switches and switch gear, distributio
and
ment and line materials, that are essential to the production equipment w
of electric energy. Prior to 1925 the manufacture of such
above, generall
carried on partly by the three large companies mentioned
y all kinds o
known as "full-line" companies, manufacturing practicall
"short-line'
power equipment, and partly by a large number of smaller
kind of equip
companies confining their production in some cases to a single
in the trade a.
ment. The prices of these large companies are regarded
manufacturer maximumlevels above which the other comparatively small
among these com
generally cannot hope to sell. It is also the general belief
active!
compete
s
paratively small manufacturers that the large companie
rers stated that al
in price, quality and service. Some small manufactu
to crush them b
though the large companies undoubtedly have the power
years. It w
price competition this power has not been used In recent
fractional horsepow
stated, however, by certain small manufacturers of
JAN. 28 1928.]
FINANCIAL CHRONICLE
motors that in recent years prices have been reduced to levels at which
they
have been unable to compete. Many small manufacturers, on the other
hand, stated that the small companies rather than the very large ones
are
their sharpest price competitors. The general opinion among the many
small manufacturers called upon was that the General Electric and Westinghouse companies dominate the trade chiefly because of their financial resources, country-wide distribution and service organizations, and control
of many of the largest wholesalers. The elements in the competition of
the
large companies that are most difficult for the small manufacturers to meet
are the lump-sum bid, the quantity discount, and the consignment of motors.
There was some complaint of oppressive patent litigation, but no substantial
evidence has been obtained on this point.
Preference for the equipment of one manufacturer over that of another,
because of previous installations, plays an important part in the purchasing of some power interests, but, in general, power companies secure competitive bids and appear to purchase their equipment from the lowest
bidder, other conditions as to guaranteed efficiences, times of delivery.
etc., being satisfactory. Some large power groups distribute their purchases
amo g different manufacturers for the specific purpose of maintaining
competition.
Several manufacturers stated that prior to 1925 they were unable to sell
to companies affiliated with the Electric Bond & Share Co.. which was then
controlled by the General Electric Co. Executives of the Electric Bond
&
Share Co.stated that thecompany's policy had always been to purchase from
the General Electric Co. only in case the latter's prices and terms were at
least as favorable as those of other companies. A study of the generators
in use during 1925 in the plants of companies affiliated with the Electric
Bond & Share Co.. however, showed that for specific 5-year periods within
which such generators were installed from 1905 to 1925. 91 to 97% were of
General Electric make as compared with from 60% to 75% for other privately owned companies not so affiliated, and from 36 to 44% for municipal
plants.
The General Electric and Westinghouse companies, through their research organizations, have been leaders in developing patents, technical
information and manufacturing experience In the nature of trade secrete
that are of value to companies in foreign countries. Foreign companies
likewise have patents and information valuable to companies in America.
The result Is that these two large American companies have severally
entered into contracts with numerous large electrical manufacturing interests in the principal foreign industrial countries. By these contracts each
party, among other things, makes the other its exclusive licensee under
its patents in a specified territory. Thus these two large American companies have obtained the American rights under the foreign patents of
many of the most important foreign companies. These rights may be used
or withheld from use as the big companies see fit, as no other American
manufacturer can obtain the rights without the consent of their American
holders. Thus potential competition, both of the foreign companies and
of other American manufacturers who might otherwise obtain rights under
the foreign patents, Is eliminated.
In the beginning of the electric power industry two or more independent
plants frequently competed in supplying electric energy in a given locality
This, however,resulted in comparatively small plants and in duplication of
distribution lines, with resulting high costs for the energy sold by each of
the competing companies. Consolidations of local companies followed, until
at the present time each city of district usually is supplied 13.s. a single
operating company. In most states these local monopolies are recognized
by laws declaring them to be public utilities subject to governmental regulation. State regulation of the gale of power Is confined to intrastate commerce. The growing movement of power across State lines, with the
development of large operating units and their connection to form larger
"superpower" systems, Is steadily increasing the Importance of Inter-State
commerce in power which is beyond the field of State regulation and for
which there is at present no adequate provision for Federal regulation.
Particularly during the last 20 years, numerous so-called holding
companies have grown up which control,finance, and manage local operating
companies, sometimes situated in as many as 20 or more states. These
holding companies normally own only voting stocks amounting in many
cases to not more than 25% of the total outstanding capitalization of
operating companies. In many states the issuance of securities by operating
companies and the expenditure of funds raised thereby is subjected to state
regulation. The financial transactions of a mere holding company, however.
controlling operating companies in a given state but chartered in another
state. escape direct regulation, because the holding company is not engaged
in intrastate commerce in that state, nor even doing business there. Consequently, the opportunity for unchecked speculative
pyramiding of
holding company structures exists, and it has been exploited by the sale to
the public of a large volume of holding company securities that are based
upon their equities, merely, in what has been aptly described as the "control
of Control" of operating properties. Not only do the financial operations of
bolding companies escape state regulation, but the fees charged for their
services to operating companies likewise occasion difficulty to state regulatare agencies. Fees for financing and construction services are allowed
to be capitalized as a basis for rates, while fees for operating management
are chargeable to operating expenses. State commissions must pass upon
the allowance of those items without adequate authority to obtain information regarding their reasonableness, if the holding companies are incorporated in other states. Some complaint on this score has been noted in
particular instances.
Rate regulation was one of the earliest, and still is the most important
function of state regulatory bodies. The determination of the amount of
investment to be used as a basis for measuring the fairness of rates is an
important feature of rate regulation. The view of the Massachusetts and
other state utility connnisslons as well as of the Interstate Commerce
Commission that capital honestly and prudently invested should be taken
as the controlling factor In the determination of fair and reasonable rates
appears to be gaining ground. It is the frequent practice of holding companies, however, to group a number of local operating companies and
merge them to form a single large operating company, with the possibility
of profit to the holding interests in the turnover of the properties. Applications to state commissions for increased valuations following such mergers
sometimes have been made and allowed.
The characteristic feature of the power industry under governmental
regulation is the absence of competition in the usual sense of the word.
Electric power, however, is in constant competition with other forms of
power. particularly in the manufacturing industries. Electric power companies, therefore, frequently offer exceptionally low rates to induce industrial concerns to buy power rather than to produce it, and they also
make sales to distributing companies at low rates. Such low rates, often
made by special contract and with little or no effective supervision by
regulatory agencies, may be for wales of power In Interstate commerce. In
which case state commissions do not have jurisdiction. Consumers of
electric energy for lighting. however. whose aggregate consumption represents not more than 25 to 30% of the total demand, but who pay 60
to 7007 of the gross amount derived from sales of energy. are dependent
upon effective public regulation to insure that their rates are fair.
525
A notable feature of the power industry is the competition
among holding company interests to acquire desirable operating
properties in various
States. The frequent result of this competitive bidding,
it is alleged, is
speculative fluctuations in the prices of voting stocks of operating
companies, for which prices paid often do not coincide with book
equities, nor
bear any reasonable relationship to past or probable future
earnings capacities.
The power industry has a large and very active trade organization,
the
National Electric Light Association, which in 1926 included in
its nine
classes of membership 15.820 of the leading power operating and
holding
companies, manufacturers of electric power equipment,engineers,
scientists,
and others interested in the development of the power
industry. The
object of the association, as set forth in its constitution, is
to advance
the art and science of the production, distribution and use of electric
energy,
largely through educational methods. The association's
activities may be
classed under three general heads; (1) compilation and
dissemination of
technical and other information: (2) co-operation with other
organized
groups of manufacturers, dealers, engineers, scientists, financial
interests.
underwriters and with State and Federal governmental agencies
in the
consideration of matters affecting the power industry, either
directly or
indirectly; and (3) educational activities intended to create public good
will
for the industry as at present conducted under private ownership
subject to
public regulation. Through its extensive divisional and committee
organization. co-operation with technical, trade, financial, governmental
and
other organizations, and through its contacts with the
press and othee
agencies for the moulding of public opinion the association undertakes
many
lines of activity that are unusual in trade association
programs, and until
quite recently, at least, it has sometimes been lacking
In frankness towards
the public.
There were formerly two manufacturers' trade associations
and one manufacturers' social organization federated under what was known as
the Electrical Manufacturers Council, which in 1927 were consolidated
under the
name of the Electrical Manufacturers' Association, The
Council exercised
an unusual amount of control over the activities of its
constituent associations in applying the rule that all acts or proposed
activities should be
subject to review by the Council's legal committee and
its employed counsel.
In this way the Council was apparently alert in keeping the
manufacturers'
association activities in line with the requirements of the
anti-trust laws.
By the Commission.
WILLIAM E. HUMPHREY. Chairman.
Address of Prof. Pupin Before Bond Club of New York
on Science and Its Relation to America.
Before the Bond Club of New York on Jan. 20 Prof.
Michael Pupin, in a talk about science and its relation to
America, said in part:
In the midst of the Civil War, in 1863, President Lincoln
and his bosom
friend, Joseph Henry, Secretary of the Smithsonian
Institution, the greatest
scientist of his time, organized the National Academy
of Science. The
members of this most distinguished organization started
very soon after
that a movement for higher endeavor in all our American
Intellectual
efforts. The American universities were the first
contribution, the earliest
contribution of this movement which I call the American
Renaissance,
John Hopkins University, organized in 1876, was the first
of these American
universities. Harvard, Columbia, Yale, Princeton, and
other
universities followed in quick succession. They were colleges American
only, and
became universities as soon as their scientific research
laboratories came
into existence and began to cultivate the modern spirit
of American research. That spirit is the spirit of a new American philosophy,
the philosophy of idealism in science. It Is this philosophy of idealism in
science
which soon united the American universities with American Industries.
This union of American universities with the American industries, through
the philosophy of idealism in science, Is the greatest achievement of our
American Renaissance. It accomplished more than all the other achievements of that period put together. It reinforced the American Union,
and we recognize to-day that this is the most powerful arm of our national
defense Recognizing the wonderful value of idealism in science, the
American industries, the greatest among them, and the American philanthropists and patriots are creating to-day a fund of twenty million dollar
to be expended in ten successive years in the cultivation of p ire science
for the benefit of that philosophy which I call the American philosophy
of idealism in science. Considering this and considering that within
the 54 years of my experience In this blessed country.innumerable museums,
picture galleries, conservatories of music, philharmonic societies, institutions of higher learning,cathedrals and many other noble things,following
in the path of the advancement of American science,have come into
existence,
and considering, moreover, that all these wonderful things
were made
possible by voluntary contributions from private individuals. I cannot
help
thinking that there is back of this land of machinery, the land
of industrialism. the same spirit of Idealism which Washington and
Lincoln and
other leaders of this nation had. This is the spirit of
idealism which
molds the souls of the men and women whom the Serbian
peasant saw
In Serbia and admired, and I know to-day that the
Serbian peasant hopes
and believes that these American souls, molded that
way, will be, if they
are not already, the spiritual leaders of the world.
In ntroducing Prof. Pupin, William J. Minsch, President
of the Bond Club, said:
In the ten years of its existence. the Bond Club
has been several times
honored by entertaining ambassadors from important
countries. To-day
we are honored in a similar manner. I do not refer to
the fact that Professor Pupin is the Honorary Consul-General of the
Serbian people, but
because it seems to me that he comes to us in the
downtown district as
an ambassador from the realms of intellect. In
presenting him. one Is
faced by a bewildering array of characters
and accomplishments. He
first introduced himself to the United States as a
Serbian
Since that time we have come to know him as philosopher,peasant boy.
teacher, inventor, author, and world-famed scientist.
Not long ago I heard propounded a theory that our great artists to-day,
our Da VIncis. our Raphaels. our Cellinis. are not to
be found In the studios,
but that you will find them in the scientific laboratories of our universities,
and our great industries. and when you consider only a few of the outstanding achievements of our guest, the Pupil] coil, which has made it
possible to cover the United States with a network of long-distance lines.
and the fact that that same principle of the loaded wire has been applied
to the Atlantic cables, multiplying their speed by five times, his contribution to X-ray photography, the fact that It is due to his work and
the work of one of his pupils. Mr. Armstrong. that we have radio broadcasting—when you consider these wonderful developments, It is almost
obvious that in addition to the precision of the scientific mind, he must
FINANCIAL CHRONICLE
526
(VOL. 126.
of the McNary-Haugen Bill included in the proposed legislation at present before Congress. There were some dissenting voices raised, but when the question was put to a
vote there was only one dissenting vote. The resolution endorsing the McNary-Haugen Bill asked for imimeeiate
consideration by Congress of this measure and favorable
1927 passage at an early date. The resolution follows:
Federal Income Tax Yield in Calendar Year Pay$2,195,506,999—Falling Off in Individual
Resolved, that the Illinois Bankers Association by its Executive Council
ments—Gain in Corporation Taxes.
now in session, representing over 95% of the banks in Illinois, approve the
McNary-Haugen Bill now before Congress and urge the members of the
For the calendar year 1927 the total income tax collections, Congress
to vote the early passage of that bill in the present session.
,998,
to
$2,195,506
amounted
individual,
and
corporation
/t is further Resolved, that a copy of this resolution be transmitted to each
year
calendar
the
in
,321
$2,172,127
member of Congress from Illinois and a copy of same furnished for the
comparing with a yield of
1926, a gain of $23,379,678. A falling off occurred in the press.
In offering the resolution, Omar H. Wright, of Belvidere,
taxes paid by individuals in 1927, the payments for that year
amounting to $859,238,632, comparing with $915,334,035 Illinois, Vice-Pres dent of the Association, stated that
in 1926, representing a loss of $56,095,403. In the case of while he did not believe that the proposed MoNary-Haugen
it
the corporation tax payments, the 1927 yield at $1,336,268,- legislation offered all the relief required by the farmer,
needed.
the
greatly
is
which
when
of
assistance
1926,
of
measure
a
that
than
provided
greater
1
$79,475,08
was
367
yield was $1,256,793,286. The summary for the two years, He said:
I realize that there has been an honest difference of opinion in the minds of
as made public on Jan. 20 by the Internal Revenue Bureau, bankers
over the State. but more largely in the cities, primarily Chicago,
follows:
as to the advisability of legislation in an attempt to correct problems which
TAX—CALENDAR YEARS.
order first to
have as well the creative imagination of the great artist in
by a bewildering
conceive these incredible wonders. As I say, one is faced
by his own
is
it
since
array of characters in introduicng our guest, but
citizen, I think I
choice and to our intense pride that he is a American
famous and
will introduce him simply as Michael Pupin, one of the most
best beloved of our countrymen.
SUMMARY INCOME
Quarter Ended—
'
$256,687.838
Corpor
$347,896,144 ation.
March 31 1927
248,735.740
326.650.844
1926
237,926,084
334.769.464
June 30 1927
249,272,306
304,795,518
1926
188,829,365
328.887.965
Sept. 30 1927
213,001,039
319,582,817
1926
175,795,345
324.714,794
Dec. 31 1927
204.324.950
305.764,107
1926
$359,238,632
$1,336,268,367
Total 1927
915.334,035
1,256.793.286
1926
—$56,095,403
+579.475,081
(—)1927-(+)or deer.
agriculture is being called upon to meet and in consequence, banks of the
state, especially in the agricultural districts have been suffering. I believe
that we are not going to correct this situation until we have some sort of
legislation. Among the men who have favored the McNary-Haugen Bill
are some of the most eminent in the country who have given their lives
in the study of these problems and I am inclined to think that we can safely
follow the position they have taken. We feel that it will be the opening
wedge for some legislation that may cure some of the troubles that have
$2,195,506,999 been voiced here by representatives from downstate groups.
2,172.127.321
With all the serious problems we have to meet I am almost aghast when
+123.379,678 I analyze and listen to some of the men who occupy high positions in
York con- financial institutions as to their failure to appreciate the seriousness of this
Total.
3604,583,982
575.386.584
572,695,548
554.067,824
517.717,330
532,583,856
500,510.139
510.089,057
According to the compilation by States, New
tributed the greatest amount of the total yield, the amount
credited to that State in 1927 being $652,301,086; Pennsylvania with $224,440,937 was second, while Illinois with
$193,450,035 was third. The figures for the various States
follow:
AS TO
COMPARATIVE STATEMENT OF INCOME TAX (SEPARATED
CORPORATION AND INDIVIDUAL) COLLECTED DURING THE
CALENDAR YEAR 1927.
Total.
Individual.
Corporation.
$
States—
10,058,321.71
2,871,530.10
7,186.791.61
Alabama
1,681,763.47
586,337.16
1,115,426.31
Arizona
4,453.030.35
1,927.952.58
2,525,077.77
Arkansas
114,811,450.59
54,698.418.22
60,113,032.37
California
12,743,556.23
3,384,310.62
9,359.245.61
Colorado
33.065.855.21
15,194.378.28
17,871,476.93
Connecticut
15,740,594.20
5,355.501.83
10,385.092.37
Delaware
24,301.806.70
13,931.491.47
10,370,315.23
Florida
12.923.298.76
3.919,455.29
9,003.843.47
Georgia
5,395,717.47
1,422,946.80
3,972,770.67
Hawaii
1,183.047.31
228,571.38
954.475.93
Idaho
193.450.035.08
72.639,231.23
120.810,803.85
Illinois
28,580,493.66
10.881.710.36
17,698.783.30
Indiana
11,051.217.81
3,736,811.55
7,314.406.26
Iowa
21,038,453.15
3,516,059.02
17,522,394.13
Kansas
15,349.107.38
4,386.153.10
10,962,954.28
Kentucky
14,125,075.98
5,188.167.58
8,936,908.40
Louisiana
8.234,149.83
258.45
3,694
4,539,893.38
Maine
Maryland including District
45,293,200.09
19,913.933.09
25 379,267.00
of Columbia
99.966.598.14
39,991.383.38
59.975.214.76
Massachusetts
130.426,190.41
35.339.815.48
95.086.374.93
Michigan
26.792,720.21
8,119.556.91
18.673.163.30
Minnesota
2.757,958.83
928,371.92
1.819,586.91
Mississippi
53,482.717.18
15,996.873.82
37,485.843.36
Missouri
2.400.308.96
737,624.62
1,662,684.34
Montana
5,402.214.70
1.817,384.62
3,584,830.08
Nebraska
553,910.65
220.893.45
333,017.20
Nevada
3,131,823.36
1,491,337.14
1.640,486.22
New Hampshire
81,126,527.78
36,235.714.37
44,890.813.41
Jersey
New
710,196.31
281.173.70
429.022.61
New Mexico
652.301,085.65
293,455.312.40
358,845.773.25
New York
19,531,967.00
4.602.457.09
14,929,509.91
North Carolina
730,925.84
231,586.47
499,339.37
North Dakota
111.586,574.25
38,511,726.31
73.074,847.94
Oblo
23,294.429.57
10.653,453.81
12.640.97576
Oklahoma
6,024,339.08
2.475,914.28
3,548.424.80
Oregon
224,440.936.80
91.140.761.34
133,300.175.46
.
Pennsylvania
12,645.206.51
6,422.642.49
6,222,564.02
Rhode Island
3.478.786.51
677,189.78
2,801.616.73
South Carolina
676,318.02
257,463.21
418.854.81
South Dakota
13,619,203.34
4,429,284.10
9.189.919.24
Tennessee
44,391,136.04
14,947,821.73
29,443.314.31
Texas
3.830,992.16
705.093.25
3.125.898.91
Utah
2.498,203.10
980,461.93
1.517.741.17
Vermont
22.741.246.29
4.233,391.09
18.507.855.20
Virginia
12.567.134.23
3,418.511.01
9,148,623.22
Washington,Incl. Alaska--- _
15.420,532.83
2,805,942.03
12.614.590.80
West Virginia
42.928.673.18
9,857,557.45
33,071.115.73
Wisconsin
2.567,967.05
804,736.34
1.763.230.71
Wyoming
Total
1.336.268.367.33
859.238.631.63 2,195,506,998.96
Executive Council of Illinois Bankers' Association
Urges Early Passage of McNary-Haugen Farm Bill.—
Proposal For Establishment of District Clearing
Houses.
Thursday, Jan. 19, marked the mid-association year of the
Illinois Bankers Association. At 9 a. m. the Administrative
Committee met in the West Ball Room of the Stevens Hotel,
its
Chicago, attended to routine business and prepared
which at
report for submission to the Executive Council,
President, J. M.Appel.
11 a. m. was called to order by the
Executive Council without
Two matters passed on to the
were the proposal
action by the Administrative Committee
throughout
Houses
Clearing
District
for the establishment of
subject
latter
The
.
agriculture
for
relief
and
the State
principles
the
endorsing
to
favorable
expressions
brought out
problem.
Recently it was stated by a leading banker of the country that the
position of the farmer was showing substantial improvement. There
seems to be a disposition to fill the press with a lot of loose statements
as to improvement of the condition of agriculture. We hear that the
farmers' dollar has finally come back to be worth 92 cents. Then I go
home and some poor devil will come into my bank and say: "There is
my farm out there; you have a mortgage on it; go help yourself, I am
through." We have those cases occurring all the time.
There Is not very much difference of opinion here. This organization
represents perhaps more farmers and the interests of the various Communities than any other organization in the State. We will probably go
on record as we have in the past saying it is time we did something at least
in legislative way to help cure some of these troubles.
This thing may work out and it may not, but it will perhaps work as
the Federal Reserve Bank Act did. Some bankers opposed the enactment of the Federal Reserve Act and yet it became a law and ever since
that time we bankers have had some place to hide our heads when the
storm arose on the horizon and got on our doorstep. When someone
suggested the creation of the Inter-State Commerce Commission some
years ago, the railroads fought it. Show me any railroad executive to-day
who is not happy to think that the Inter-State Commerce Commission
is in existence.
If the McNary-Haugen Act doesn't work out it can be amended, but
at least it is a step in the right direction. The farmer, representing perhaps
40% of our population, is the only fellow in big business that sits off
there on the shelf with no place to go and with no one to help him.
The bankers in the State of Illinois have been observing
over a period of many years the satisfactory operation of
the Chicago Clearing House Association. The special committee which had been appointed to study this plan made
the recommendations that clearing house associations organized and operated after the general plan of the Chicago
Clearing House Association be established throughout the
State within the various group boundaries, with the exception
of Group Four, which includes Chicago and Cook County,
the plan being to divide this into two groups, one consisting
of Cook County and the other—the remaining counties
which at present comprise the group. The recommendation also included that a definite start be made in Group
Ten, which is the southernmost group in the State. It
was brought out that the plan of operation would not
include the clearing of items but would be set up around
mutual examination and supervision, and the establishing
of rules and regulations in matters of common interest
arising from or affecting relations with the public and the
fostering of sound and conservative methods of banking.
The Executive Council gave this its unanimous approval
and instructed that the committee be continued and charged
it with the responsibility of getting these group clearing
associations established and in operation as soon as possible.
In discussing the activities of the county federations, the
report of the Secretary of the Association disclosed that 92
of the cm.nties of the State were organized under the
federation plan. Of the remaining counties, four were in
process of organization and only six inactive. The federations have been scheduled to hold monthly meetings at
which time discussions on subjects of intimate interest to
banks, prepared by the Secretary's office under the direction
of the Administrative Committee, have been and are to be
presented. These subjects include: Bank Management,
JAN. 28 1928.]
FINANCIAL CHRONICLE
Credit Bureaus for Elimination of Duplicate Borrowers,
Agricultural Relations, Public Relations, Taxation, Legislation and Protection. It was reported that credit bureaus
for the elimination of duplicate borrowers are now operating
in 15 counties and in four communities, while 13 other
counties have them in process of organization.
At the dinner of the Illinois Bankers Association, held
in the evening of Jan. 19, Edwin P. Morrow, Ex-Governor
of Kentucky, and member of the Railway Board, was the
principal speaker. Len Small, Governor of Illinois, and
Oscar Nelson, Auditor of Public Accounts, were the guests
of honor and both spoke briefly. J. M. Appel, President
of the association, was toastmaster.
527
on fair values. If in this suggested investigation the question
of fair valnation Is purused, it will be found a stupendous task, reauiring
large expenditures of public funds. The past and present difficulties in the
valuation
of steam railroads indicates this. Investment bankers recognize
and appreciate the sound, regulatory principles established by state commissions
and
that it requires much time, effort and money in a study of any
public
utility property, especially as to valuations by taking these authoritative
opinions and values of state commissions.
In reference to the public utility industry the most desirable governmental and legislative aid has long been, we believe, broader and more
uniform regulatory laws throughout the states, and covering rates, service
and valuation. That you may have a more comprehensive and
detailed
conception of this lack of and urgent necessity for uniformity I attach
herwith as Exhibit "C" a table showing the important powers exercised
by the different state public utility commissions. This study is from
a
recent bulletin of this Association, and is a revision of the table made about
4 years ago to aid in work for more uniform state laws.
11141 4
Based on a study made by the Business School of Administration of
Harvard University. it would seem that the interstate traffic in the
sale
of k. w. h. amounts to only 9.06% of the total output in this
country.
The Association entertains the opnion now that there is
no need of Federal regulation; that adequate regulation can be obtained in other
ways.
Until the scope of any investigation is outlined, it does not seem possible
for this Association to reach an opinion as to the extent to which
it can
offer its broad experience and service. Any investigation of value
would of
necessity involve that delicate question of credit. This
Association feels
very strongly that any study as to the need of an investigation
and any
investigation which might be instituted, should be solely on
the basis of a
fair, fact-finding character of the conditions as a whole
in the industry and
not confined to a limited section of the public utility industry,
or a few
specific cases. To facilitate the work of your committee,
the Association
assures you it will gladly assist, to the extent of its ability.
Views of H. R. Hayes, President of Investment Bankers
Association on Public Utility Industry—Tells
Senate Committee there is no Need of Federal
Regulation.
Henry R. Hayes, President of the Investment Bankers
Association of America, in presenting on Jan. 17 the views
of the investment bankers on the subject of public utility
regulation, stated that the Association entertains the opinion
"that there is no need of Federal regulation; that adequate
regulation can be obtained in other ways." Mr. H,ayes in
submitting his views to J. E. Watson, Chairman of the
Senate Committee on Inter-State Commerce, which is con- Annual Meeting of British Empire Chamber of Comducting the hearings on the Walsh resolution proposing an
merce—Officers Elected.
inquiry into the public utilities industry, said in part:
The annual meeting of the British Empire Chamber of
For the last twenty-five years this country has been gradually building
up a wise and constructive public policy of State regttlation of utilities. Commerce in the United States of America was held (diBy this regulation, designed to protect the public from exorbitant prices rectly after the monthly luncheon meeting) at the
Whitehall
and yearly becoming more efficient, the industry is given a fair chance to Club, 17 Battery
Place, New York City, on Jan. 18. The
succeed, unhampered by needless and destructive competition.
On this subject of State regulation I gave the views of this Associa- following officers were elected for the ensuing year: Presition in these words, at the annual convention of the American Gas Associa- dent, C.S. LePoer Trench,of Charles
S. Trench & Co.; First
tion in Chicago, Oct. 12 1927:
As such, unlike industrial companies, public service companies are V.-President, Robert R. Appleby, of Kemsley,••Millbourn
limited to reasonable returns on far valuations. That condition under & Co., Ltd.; Second V.
-President, Kennard L. Wedgwood,
Judicious State-wide regulation is one of the important causes for making
the business an attractive field for conservative investment.
of Josiah Wedgwood & Sons, Inc., of America; Treasurer,
It is obvious to investment bankers that these public utilities are of great- N. C. Stenning, of Anglo-Sout
h American Trust Co.; Secreest value to the public and to the investor where State regulation is most
ably and equitably applied. The underlying condition under which the tary, R. F. Munro; Chairman of Executive Board, George
money of some several millions of investors has flowed into the public M.Massey,of the Manchester Ship Canal Co.
The speakers
utilities Is because the industry has developed as a monopoly. State at the luncheon
meeting were: Francis H. Sisson, V.-Pres.
regulation has prevented abuses and has rigidly restricted rates and profits.
At the same time it has given stability to the utilities, through freedom of the Guaranty Trust Co.,New York, and Capt. A.J. Pack,
from competition, although the utilities are forbidden profits that would Commercial Secretary to the British Embassy,
enable them to "grow
on their own fat," as has the automobile business,
farming and other industries, their monopolistic character gives an incentive to and opportunity for a greater development scarcely possible
under any other arrangement. That is why the industry has been developed
under so-called regulatory principles, for the protection of the public, the
investor and the industry itself.
While this Association supports and urges the punishing and elimination
of fraud, It believes that one of the more potent forms of public protection
is in affirmative information and to that end it has for years broadcast
dependable information on financial matters. As a result we believe
the
marked financial Illiteracy of the country is gradually decreasing and to a
greater extent than ever before the country is becoming investment-minded.
There is an awakening realization of the difference between and the function of venture capital and investment capital, a wholesome situation, for
the fair, honest risk of a worthy enterprise should not want a dollar in a
country of progress, else there be no progress. But it should be the dollar
that can afford to be ventured; not the Investment dollar.
On this particular line of work the Association strongly believes (in the
sale of securities) in the principles under which investment bankers operate
in Now York and other States. In New York State the Martin Fraud Act
was passed several years ago and is being administered
wisely in so far as
limited appropriations permit. That Act was designed essentially to prevent at its inception any scheme to sell fraudulent and worthless securities.
In connection with the enunciation of principles to its members along
these lines, reference is made to the resolutions passed by the Board of
Governors to this Association, May 1926. and set forth in the exhibit A
attached hereto.
No Necessity for Federal Fraud Act.
In connection with the study now being made for the Federal Trade
Commission, this Association has had occasion to reconsider its views, heretofore held, as to the need of Federal regulation in the sale of securities.
The views of the Association are more fully set forth in a letter of Nov.
30 1927, from Mr. A. G. Davis, Field Secretary of the Association, to Mr.
Francis Walker, Chief Economist of the Federal Trade Commission, copy
attached marked "Exhibit 13," in which this Association still holds to the
opinion that "no additional Federal legislation is necessary or desirable and
that complete and adequate enforcement of existing Federal laws will provide effective cooperation with the work being performed by the states."
This Association believes in the right of duly constituted public officials
to protect the public against misrepresentation. It is pointed out, however. because of the importance and value of what I might term to be
"venture" capital, it is not wise to attempt to regulate directly or indirectly
what kind of honest security anyone should offer. i.e. whether it should be
high-grade or speculative. That, this Association does not desire to do
with respect to its members. Surely, therefore, I believe it would be in
the opinion of the Association unwise regulation from the outside. Most
eminently desirable for proper protection of investors is the release of
adequate and accurate information. Should this inquiry make this need
for more adequate information seem a still more important factor, this
Association is eager to receive all the facts therein and to offer its fulles
cooperation.
Fair Valuation.
It Ls obvious that due consideration must be given to fair valuation
of the properties against which and for the financing of which securities
are issued. This is essential in any industry to prevent inflation and possible loss. It is especially appropriate in the public utility industry. inasmuch as the return on investments therein is limited to reasonable returns
W. N. Hoffman Elected President of Corporate
Fiduciaries Association of New York.
At the annual meeting of the Corporate Fiduciaries
Association of New York City, William Nickham Hoffman,
Vice-President and Trust Officer of The National City Bank
of New York was elected President. B. A. Morton, VicePresident of the Central Union Trst Company, was elected
Vice-President; C. Alison Scully, Vice-President of the
National Bank of Commerce in New York, was elected
Secretary and Treasurer, and F. F. Thomassen, Trust
Officer of the Title Guarantee & Trust Company; Harry
D. Sammis, Vice-President of the Farmers' Loan & Trust
Company, and G. H. Thirkield, Vice-President of the
Brooklyn Trust Company, were elected members of the
executive committee to serve for a term of three years.
The association, organized eight years ago and corresponding in its purpose to the Trust Department
Division
of the American Bankers' Association, which
functions
throughout the United States, reported at the meeting
a
membership of 53, representing all the principal trust
companies and banks doing a trust business in Greater
New
York. Since most of the trust business of the
country
is centered in New York, the association and
its members
play an important part in determining the
policies of the
Trust Department Division of the American
Bankers
,
Association. Providing an open forum for the discussion
of all trust problems affecting banks and trust
companies in
New York, the association through its meeting
has established policies advantageous to its members
and designed to
better the service to trust clients.
Nationwide Branch Banking Inevitable According To
J. A. Bacigalupi of Bank of Italy.—Warning To
Investors Not To Go Into Debt In Order To Buy
Bank's Stock.
Branch banking has established itself as one of the great,
economic factors in American life and therefore "we believe
that nation-wide branch banking is inevitable," James A.
Bacigalupi, President of the Bank of Italy, said in his
annual report to the stockholders of that institution. In a
warning to the investing public not to go into debt to... buy
528
FINANCIAL CHRONICLE
the bank stock merely because of the success and the op-.
timistic reports of his institution, Mr. Bacigalupi went so
far as to say that those who are so embarrassed should dispose of enough of the security to clear themselves. Everyone should "strictly refrain" from buying the stock unlesss
he or she can pay for it, he said. After detailing the factors
that have contributed to the success of the bank's stock in
in the market, he continued:
shareThis optimistic comment, however,should not be accepted by any
her
holder who may be indebted to any source for any portion of his or
of imholding of bank stock as an inducement to carry on in expectation
as an
mediate increment or higher returns, nor should it be taken by others
holdings.
encouragement to go into debt for the purpose of increasing their
The report is built upon the theory that branch banking,
based upon the principle of greatest possible return to the
stockholder, the banking customer and the public at largehas achieved the right to widen its benefits to include the
whole country. It contains a strong defense of the McFadden
Branch Banking Act, which has liberalized and modernized
the national banking law. Detailing the effects and the
potentialities of branch banking as a community builder,
Mr. Bacigalupi included in the report a table showing how
the stock in 9 banks acquired by the Bank of Italy appreciated tremendously when fused with the stock of the larger
institution. The table follows:
Price
Name of BankCommercial dr Savings Bank, San Jose
Bank of Hollister
Farmers & Merchants, Modesto
San Joaquin Valley National, Stockton
Eureka
Bank of San Jose
Fort Bragg Commercial
Marine Trust, Long Beach
People's Bank, Sacramento
Ezchange
Profit per
of Stock
Date
per 100 Nu. 100 Nis.
Acquired.
5115,000
311.000
Deo. 31 1909
113,000
13,000
Dec. 19 1916
112,000
14,000
Feb. 1 1917
111,000
15,000
Nov.28 1917
102,000
24,000
July 2 1924
82,000
44,000
Jan. 6 1926
83,000
43,000
Mar.26 1926
78,500
47.500
Dec. 24 1926
58,000
68,000
1927
June
"We do not hold the opinion that our unusual success has
been due to any superior knowledge or ability on our part,
or to our unaided efforts," the report continued. "We are
convinced that the key to our success is to be found in the
democratic, unselfish and helpful policies pursued and in the
economic, social and political soundness of branch banking
itself." Mr. Bacigalupi called attention to the apparent
inequality, imposed by restrictive legislation, which prohibits State or national banks from effecting inter-State
expansion while permitting them to establish branches at
will in foreign countries. "The establishment of nationwide banks, owned and controlled by the people of the
country, dividing their responsibilities and operations into
twelve regional districts, each presided over by a regional
board and dependent only upon a grand central head office
for general major policies and sanction as to major investments, does not seem unworkable or improbable, and we
make bold to hope that the day may soon arrive when such
banks will be given legal approbation," the report concludes.
The expansion of all of the bank's functions, and an
analysis of its last financial statement are set forth in detail
in the body of the report. They show,it is declared, that the
bank, together with the National Bankitaly Co., formed for
the purpose of facilitating and expanding the procedure of
the organization, controls the largest aggregation of banking
capital in the world. They show further, it is averred, that
the bank has achieved the biggest customer list of any
institution of its kind in the country while it steadfastly
maintains its place as third of the country's financial institutions in the amount of capital resources. The "group
strength" of the bank and its affiliated interests, including
the Bankitaly Corp.,"greatest of the world's investment trust
companies," is set forth not only as a factor of expanding
growth but of increasing security. Supplementing this is
the "conceded and aspiring practical genius" of A. P.
Giannini, founder of the bank, Mr. Bacigalupi points out.
Incidentally it is announced that the Bank of Italy has
Increased its financial stature by the purchase of six additional banks since the opening of the new year. The banks
were consolidated with the big institution on Jan. 14, and
marked an addition of more than $12,000,000 in total
aggregate deposits. The most notable of these acquisitions
was that of the Federal Trust and Savings Bank of Hollywood, of which Joseph M.Schenck, motion picture producer,
Douglas
was President, Mary Pickford, Norma Talmadge,
members
were
Grauman
Sid
and
Niblo
Fred
Fairbanks,
like interest is the acquisition
of the Board of Directors. Of
and the Central National
Stockton
of
Bank
City
of the
institution had $2,000,Pasadena
The
Bank of Pasadena.
institutions taken over were
other
The
deposits.
in
000
Maria and the First National
the First National of Santa
Fresno County. The
and the Selma Savings of Selma,
to be in keeping
Bacigalupi
Mr.
by
said
was
expansion move
State at large.
the
throughout
with the trend of banking
(Vol.. 126.
"Par-sighted united bankers are more and more coming
to the conclusion that by joining with an established branch
system they can serve their customers to better advantage
offer greater facilities to their connunities and improve the
investment of their stockholders as well as increase their
profits," he said.
Principal Holdings of Bancitaly Corporation-Total
Investments $252,430,801.
A list of the principal holdings of the Bancitaly Corporation was issued Jan. 26, following the annual meeting of
stockholders held in New York Jan. 25. This reveals that,
included in its total investments of $252,430,801, the corporation has an investment, as of Jan. 20 1928, of approximately $1,000,000 or over each, in the stocks of more than
fifty railroad, industrial and public utility companies and
banks. The list follows:
Shares.
Shares.
18,200
24,400 Northern Pacific
Allied Chemical
16,700 Pan American Petroleum "B"--- 85,600
American Can
34,300
9,000 Pennsylvania Railroad
American Car dr Foundry
46,200
9,500 Pure Oil, common
American Locomotive
32,500
American Smelting & Refining__ 13,400 Royal Dutch
100.900
14,100 Shell Union
American Tel.& Tel. Co
16,300
Atchison Topeka & Santa Fe_ _ _ 13,400 Southern Pacific
10,700
7,100 Southern Railway
Atlantic Coast Line
197,468
16,400 Standard 011 of California
Atlantic Refining
33,300
30,800 Standard Oil of Indiana
Baltimore & Ohio
141,635
6,200 Standard 011 of New Jersey
Brooklyn Edison Co
74.000
37,275 Standard Oil of New York
Canadian Pacific
25,000
12,500 Texas Corporation
Chesapeake Corporation
6.300 Tidewater Association:
Chesapeake& Ohio
12,600
15,5001 Common
Chicago dr North Western
10,800
18,3001 Preferred
Consolidated Gas
51,980
24,000 Union 011 Associates
Corn Products
88,960
14,500 Union 011 of California
General Electric
6,400
18,000 Union Pacific
Great Northern, preferred
39,300
Gulf Oil..,.11,100 United States Steel
Oil
8,000
6.805
Vacuum
Harvester
International
31.400 Bowery dr East River National
International Tel. & Tel
Bank of New York
20.539
28.300
Kennecott Copper
11.200 Comm'l Exch. Bank, New York_ 7,540
Missouri Pacific, preferred
17,400 United Bank & Trust Co., Ban
Montgomery Ward
83,808
6,300
Francisco
National Biscuit
15,600
54,090 Fireman's Funds
New York Central
Chase National Bank, New York_ 5,960
New York New Haven & Hartf.:
36,400 First National Bank, New York550
Common
6,675 National City Bank, New York__ 5,010
Preferred
11,000 Bank of Italy
280,183
Norfolk & Western
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Frederic William Stevens, who on Jan. 13 completed his
56th year of consecutive service as a director of the Chemical
National Bank of New York, died at his home on Jan. 20
in his 89th year. It is believed that Mr. Stevens held the
longest record for continuous service on any bank board in
this or any other country. He was elected to the board 10
years before the President of the bank, Percy H. Johnston,
was born. His family have been stockholders in the bank
almost from its very beginning-103 years ago. Mr. Stevens
was known to his associates as an old Yale "bulldog," having
graduated at Yale in 1858 where he was a member of the
football squad and of the Yale crew. He was the second
oldest living alumni of Yale. He was a private in the Civil
War with the 61st Regiment. Mr. Johnston, President of
the Chemical Bank, stated that throughout Mr. Stevens'
term of service "he has been recognized by his associates for
his farseeing vision and conservative financial and economic
wisdom. He was the finest type of gentleman of the old
school, and he has brought to our bank the happy combination of culture and business judgment. We have lost a true
friend and wise councillor, one whose place it will be most
difficult to fill."
In connection with the Mid-town General Life Insurance
Agents Association the United States Mortgage & Trust
Co. of New York had as its guests at the Hotel Roosevelt
this week about 175 life underwriters for a discussion of the
Life Insurance Trust and a presentation of the Cumulative
Estate plan. Robert H. Hardy presided. The program
opened with a moving picture showing the advantages of
trust company administration of life insurance funds; R. R.
Bixby, an authority on trusts, made an address, and David
L. Stern explained the operation of the Cumulative Estate
plan. Andrew J. Coakley, Manager of the plan for the
United States Mortgage & Trust Co., answered questions
relating to the plan.
Charles D. Dickey, of Brown Brothers & Co.; Edward P.
Currier, member of Field, Glore & Co., Inc.; Gilbert G.
Browne, of White, Weld & Co., and Donald Durant of Lee,
Higginson & Co., were elected directors of the Farmers
Loan & Trust Co. of this city on Jan. 19.
The American Exchange Irving Trust Co. of New York
on Jan. 24 announced the appointment of Robert S. MacCormack, Vice-President of Brown & Seccomb, Inc., to
the advisory Board of the company's Aetna office, West
JAN. 28 1928.]
FINANCIAL CHRONICLE
Broadway at Chambers St., and J. Meekley Potts, of E.
Gerli & Co., Chambers St., to the Advisory Board of the
Twenty-eighth St. office, Madison Ave. at Twenty-eighth
St. Nathan Burkan, director of the United Artists' Corp.
and the F. & W. Grand Five and Ten Cent Stores, and
Edwin G. Lauder, Jr., First Vice-President of the KeithAlbee Circuit of Theatre sand Executive Manager of the B.
F. Keith-Albee Vaudeville Exchange, have been appointed
members of the Advisory Board of the Forty-ninth Street
Office of the American Exchange Irving Trust Co.
The National City Company of New York announces
the appointment of Hendrik R. Jones as Assistant VicePresident. Mr. Jolles, who for some years was a European
representative of the National City Co., is now at the head
office. He has had wide experience in foreign banking
and financial affairs. He is the son of a banker and has
followed that profession all his life.
Eugene Miller, formerly Assistant Vice-President, has
been promoted to be a Vice-President of the Empire Trust Co.
of New York. Henry F. Whitney has been promoted from
Trust Officer to Assistant Vice-President, and Frank K.
Bosworth, from Assistant Trust Officer to Trust Officer of
the company. All other officers were re-appointed, according to the announcement Jan. 25.
George C. Van Tuyl, Jr., formerly Superintendent of
New York State Banks was elected President of the Bankers
Loan & Investment Co. of this city on Jan. 19 to succeed the
late Clarence W. Clark. Winchester S. Clark, son of the
late President, was elected Vice-President and Albert B.
Voorhis was made Secretary and Treasurer.
With several construction records broken, steel work on
the 38-story structure of the new Chase National Bank
Building at Nassau Street from Pine to Cedar is now completed. As the last rivet was hammered into place a huge
American flag was unfurled on top of the building signifying,
in this case, the completion of the steel work without any
loss of life. The structure of the new building, towering
484 feet above ground and extending more than 76 feet
below the street surface, contains 12,455 tons of steel, 10%
of which is used in the bank vaults. The erection of the
steel work consumed only 110 actual working days.
The merger of two more New York City trust companies
was ratified on Jan. 25 at respective meetings of shareholders
of International Germanic Trust Co., 26 Broadway, and the
Terminal Trust Co., 30th St. and Seventh Ave. The Terminal Trust Co. with deposits of approximately $5,000,000
and total resources of about $7,000,000, will become a part
of International Germanic Trust Co. through an exchange
of stock on the basis of 1H shares of International Germanic
Trust Co. stock for one share of Terminal Trust Co. stock.
The capital stock of International Germanic Trust Co. was
on Jan. 25 authorized by the shareholders to be increased
from 30,000 to 40,000 shares to permit of the exchange, the
stock having originally been brought out last October at $170
per share and being quoted at present about $212. After
the merger the capital and surplus of International Germanic
Trust Co. will be $6,000,000. Julian M.Gerard is President
and Harold G.Aron is Chairman of the Executive Committee
of the International Germanic Trust Co. Harry Henemier,
President of the Terminal Trust Co., which will be operated
under its present officers as a branch of International Germanic Trust Co., will become a director and V.-President of
the Trust Co., which was this week admitted to membership
In the Federal Reserve System. Under the consolidation,
which will shortly become effective, the International Germanic Trust Co. will have total resources in excess of $15,000,000, virtually doubling deposits and assets since its opening for business on Oct. 17 last. Mr. Gerard said that the
consolidation will give the International Germanic Trust Co.
not only additional deposits and resources but a profitable
branch office in the central business district of the city. An
item regarding the merger plans appeared in these columns
Jan. 21, page 364.
The first meeting of the year of the board of directors of
the Morris Plan Co. of New York at the main office of the
company, 469 Fifth Avenue, resulted in the election of the
following executive officers: Arthur J. Morris, President;
W. D. McLean, Executive Vice-Prsident; G. F. Canfield,
Vice-President; G. J. Schutz, Vice-President_J. B. Morris,
529
Vice-President and Comptroller; H. B. Jackson, VicePresident and Secretary; R. H. Riddleberger, Vice-President
and Solicitor; F. C. Speer, Vice-President and Treasurer.
The executive committee elected by the board was composed of the following: Harry M.DeMott, Huger W.Jervey,
George T. Mortimer, Ernest K. Satterlee and Lionel Sutro.
President Morris appointed a finance committee composed
of Harry M. DeMott, Harry A. Keller, Henry H. Kohn,
Ernest K. Satterlee and Lionel Sutro. The President also
appointed Messrs. Satterlee and Canfield General Counsel.
The company maintains eleven offices in Great New York.
The Interstate Trust Co. of New York has acquired
(effective Jan. 21) the resources and banking offices of the
Hamilton National Bank which was recently merged with
the former institution. Incident to the acquisition of the
Hamilton, George S. Silzer, President of the enlarged Interstate Trust Co.., issued a statement showing the combined
resources of both banking institutions. The statement, as
of the close of business Jan. 2 shows total resources of
$50,218,076, a notewirthy figure inasmuch as the Interstate
only opened its doors for business about fifteen months ago.
Aggregate deposits of the combined institutions, according to
the official statement, total $38,370,912. Capital, as a
result of the consolidation was increased to $5,175,000 and
surplus to $1,500,000. In his statement outlining the policy
of the consolidated institutions, Mr. Silzer said in part:
One of the first steps to be taken by the officers and directors
of the
Interstate Trust Company will be the rendering of modern banking services
In all branches acquired, and now operated. To be brief, it is the intention
of our organization to extend Wall Street banking services to each of
our
7 branch banking offices. In districts There the various branches are
located particular attention will be given to the needs of corporation's
business men and individuals located tin the respective loclaities served by
these branches. With its increased resources and additional
capital and
surplus the trust company will be better able to supply any banking
requirements which may develop among its customers.
The consolidation of the two banks gives the Interstate
Trust Company
8 banking offices including the main office located
at 59 Liberty Street.
Items regarding the consolidation appeared in our issues
of Dec. 24, page 3431 and Jan. 21, page 363.
Leroy A. Mershon, for the last eleven and a half years
Secretary of the Trust Company Division and Departmental Manager of the American Bankers Association, was
elected a Vice-President of the United States Mortgage &
Co., New York, at a meeting of the board of directors of
that institution held yesterday (Jan. 27). In entering upon
his official duties with the company, Mr. Mershon renews
an association that was terminated when he joined the
American Bankers Association, since he was for the four
years preceding connected with the United States Mortgage
& Trust Co. Altogether he had about twenty years of practical banking and trust company experience in New York
and Philadelphia before becoming identified with the association. Mr. Mershon will assume his new duties with the
United States Mortgage & Trust Co. on Feb. 20. Mr.
Mershon's principal duties will be the development of the
company's out-of-town business.
The directors of the Seward National Bank of New York
have elected C. Wesley Vreeland, formerly Cashier of the
Seventh National Bank, a Vice-President of their institution.
Previous to his association with the Seventh National, Mr.
Vreeland was with the National City Bank and the Seaboard National Bank.
Announcement is made by Edward S. Rothchild, President of Chelsea Exchange Bank of New York,
of the approval by the Board of Directors for submission
to the stockholders of a capital increase for the bank of
$500,000, bringing the capital of the institution to
$2,000,000. The plans
will be submitted at a special meeting of
the stockholders
Feb. 10, the increase to become effective
as of March 16.
It will give the bank capital, surplus
and undivided profits
of approximately $3,500,000. A feature
of a recent day's
business was a deposit with Chelsea Exchange
Bank of a
check of $6,000,000 by Consolidated Film Industries, Inc.
As a result, resources of the institution, which now total
approximately $30,000,000, reached a new high leveL The
Chelsea Exchange Bank is becoming known as the Uptown
Bank of the theatrical and motion picture industry. During
the past year new directors added to the Board include
Jules Brulatour, one of the original organizers of Universal Pictures Corp. and now a director of Famous-PlayersLasky, of Motion Picture Capital Corporation and distributor of motion picture film for Eastman Kodak Co.; David
Loew, son of the late Marcus Loew and Vice-President of
530
FINANCIAL CHRONICLE
[VOL. 126.
only $1,250,000 capital in
Loew's, Inc.; Herbert J. Yates, President of Consolidated three months the institution had
until
August
last that the capital
not
was
It
business.
its
•
Film Industries, Inc.
increase (immediately after the bank began business action
The newly organized Spring- field Gardens National Bank was taken to increase the capital from $1,000,000 to $2,of Springfield Gardens, L. I., opened for business on Jan. 14 000,000) raised the total paid in to $2,500,000, and the $3,on Springfield Blvd. The bank starts with a capital of 500,000 was not reached until Dec. 4 when the business of
$200,000 and a surplus of $40,000. The stock (par $100) the National Bank of Commerce, Philadelphia, was acwas placed at $125 per share. The officers are: Nelson B. quired. The main office of the Bankers' Trust Co. was not
Ashmead, President; William B. Jones, John Dubon, and opened until March 7 1927. At that time deposits totaled
Robert A. Murray, Vice-Presidents; and Joseph W. Fox, $2,553,587. On Dec. 3, the day before the National Bank of
•
Cashier.
Commerce was taken over, deposits stood at $5,351,139,
an increase of 110% in eight months. Depositors now numof
Bank
Exchange
Globe
the
of
meeting
At the annual
ber 13,614. Acquisition of the National Bank of Commerce,
Brooklyn, Morris Walzer, Vice-President, was elected Presihad been in business twenty-three years, and which
which
dent succeeding Isaac Levin. A. M. Mangan, Cashier, was
a large clientele giving it some $9,000,000 of
developed
had
electwas
Davis
elected Vice-President and Cashier. Jacob
deposits and .substantial earnings, was accomplished on
ed a Vice-President.
terms advantageous to all concerned. Gross earnings for
Wallace V. Camp, former-ly Vice-President and Trust the eleven months up to the taking over of the Commerce
Officer of the Springfield National Bank, Springfield, Mass., business totaled $329,909, and in that period net profits were
was promoted to the Presidency of the institution at the $59,996, that after all expenses and costs, which included
annual meeting of the directors on Jan. 24, while Henry A. items in connection with organization of the company.
Field was elected Chairman of the board, a newly created Adding results of the business since and from consolidation
office, according to a dispatch by the Associated Press from of the Commerce, net profits for the year were $133,249.
that city on Jan. 24, printed in the Boston "Transcript" of Gross earnings since consolidation were at a rate of $1,166,the same day. Mr. Camp succeeds the late Henry H. 000 per annum. A securities department has been created
Bowman, who had been President of the institution since its and strongly established and the company also maintains
establishment in 1893. The new President, who is forty-two a title department. Samuel H. Barker is President and
years of age, has been with the Springfield National since Jacob Netter, Chairman of the Board.
1912, going to Springfield from Bellows Falls, Vt. He has
The Logan Bank & Trust Co., located at Broad and Loubeen Vice-President and Trust Officer since May of last year. den Streets, Philadelphia, is now to be absorbed by the
Bankers' Trust Co., according to the Philadelphia "Ledger"
The newly organized Livin- gston National Bank of LivTuesday, Jan. 24. For this purpose the latter will issue
of
ingston, N. J., will open for business about Feb. 1. The
4,000
shares of new stock, it is said, and exchange these,
$15,000.
of
surplus
a
and
$50.000
of
capital
a
has
institution
for share, for stock of the Logan Bank & Trust Co.
share
The officers are: President, Robert Winthrop Kean; First
is
It
intended to continue the acquired institution as .a
Vice-President,
Second
Harrison;
Freeman
-President,
Vice
of the enlarged Bankers' Trust Co. Directors of the
branch
(in
Ralph D. De Camp; Cashier, E. F. Conover. Directors
institution have approved the deal and like action
addition to the foregoing officers, except Mr. Conover) are: Logan
the executive committee of the Bankers'
William Rathbun, August Fund, George H. Becker, Ray- has been taken by
notice for stockholders' meeting is remond Connelly, Arthur Vanderbilt, Charles G. Zahn, Rich- Trust. A 60 days'
The Logan Bank & Trust Co. is
law.
the
under
quired
Russell
Baldwin,
Willis
Devita,
ard D. Connor, Michael
Newick. An item regarding the organization of the bank capitalized at $200,000.
appeared in these columns of Oct. 8 1927, page 1924.
Three additional officers were elected by the directors
the Corn Exchange National Bank of Philadelphia at
of
of
directors
the
At the first meeting of the new year of
the Plainfield Trust Co. of Plainfield, N. J., Charles W. their annual meeting on Jan. 17. These, according to the
McCutchen was re-elected Chairman of the board and the Philadelphia "Ledger" of Jan. 18 are Russel J. Bauer and
following officers were also re-elected: Harry H. Pond, George B. Widden, both of whom were chosen Assistant
President; Augustus V. Heely, DeWitt Hubbell and Arthur Cashiers, and W. F. Glasgow, who was made vault superE. Crone, Vice-Presidents. At the same meeting F. Irving intendent. All three of the new officials have been with the
Walsh, Secretary of the company, was made a Vice-Presi- bank a number of years, it was stated.
dent and will continue as Secretary. Other officres reAt a meeting of the Board of Directors of the Merchants'
elected were: H. Douglas Davis, Treasurer and Trust Officer;
Bank of New Haven, Conn., held Jan. 13, the folNational
TreasSecretary-Assistant
Assistant
Doeringer,
Russell C.
urer; Marjorie E. Schoeffel, Assistant Secretary-Assistant lowing officers were elected to take effect immediately:
Treasurer; David M. Runyon, Assistant Secretary-Assistant Samuel A. York, President; Lewis H. English, Jay F. StanTreasurer; Frederick H. Stryker, Assistant Treasurer; Harry nard, Dean C. Texido (and Trust Officer) and Ralph L.
H. Coward, Assistant Treasurer; Frederick I. Wilson, Holbrook, Vice-Presidents; Joseph H. Allen, Cashier and
Assistant Trust Officer. At the same meeting Frederick I. Assistant Trust Officer, and Rufus S. Shepard, Carl F.
Wilson was made an Assistant Secretary and will continue Hauser and Robert S. May, Assistant Cashiers.
as Assistant Trust Officer. Frederick H. Stryker, heretofore
Eugene Walter, heretofore a Vice-President of the SouthAssistant Treasurer, was made Asistant Secretary and Assistant Treasurer. F. Irving Walsh, who has been made a western National Bank of Philadelphia, was elected PresiVice-President, started with the Plainfield Trust Co. in dent of the institution at the recent annual meeting of the
1905 as a runner. In 1915 he was elected Assistant Secre- directors to take the place of John T. Scott Jr., who was
tary and Assistant Treasurer and in 1924 was made Secre- made Chairman of the Board of Directors, according to the
tary of the company. He is a director of the Plainfield Philadelphia "Ledger" of Jan. 14.
Chamber of Commerce. There was no change in the direcThe directors of the Bank of North America & Trust Co.
torate of the Plainfield Trust, which is composed of the following: Charles W. McCutchen, Arthur E. Crone, Leroy H. of Philadelphia at their annual meeting on Jan. 17 elected
Gates, Arthur M. Harris, Chelsea W. Haseltine, B. Van D. John H. Mason Jr. and Robert MacNeill Vice-Presidents
Hedges, Augustus V. Heeley, DeWitt Hubbel, Louis K. of the institution, according to the Philadelphia "Ledger"
Hyde, Edward H. Ladd Jr., J. Fred MacDonald, Harry H. of the following day. Mr. Mason was formerly an AssistPond, Asa F. Randolph, Charles A. Reed, Frank H. Smith, ant Secretary of the bank and Mr. MacNeill an Assistant
John P. Stevens, Samuel Townsend, Cornelius B. Tyler, Treasurer. Another election was that of Harold W. Scott
as an Assistant Treasurer. Other officers of the instituLewis E. Waring, Floyd T. Woodhull, Peter J. Zeglio.
tion were re-elected.
The Bankers' Trust Co. of Philadelphia began its second
—4--$18,deposits
of
and
$13,155,258
with
1928
year on Jan. 1
A press dispatch from 011 City, Pa., appearing in the
012,131 resources. At its start a year ago the institution "Wall Street Journal" of Jan. 18, stated that D. J. Cavahad $1,000,000 capital, $250,000 surplus and $6,996 undivided naugh and S. Y. Ramage had been added to the list of Viceprofits, a total of $1,256,996. With substantial reserves Presidents of the First National Bank of 011 City. All the
set apart, the company now has $140,245 undivided profits, other officers of the bank, the dispatch said, were re$500,000 surplus and $2,875,000 capital, making a total elected.
working capital in its business of $3,515,245. For the first
JAN. 28 1928.]
FINANCIAL CHRONICLE
An Associated Press dispatch from Johnstown, Pa., on
Jan. 23, printed in the Philadelphia "Ledger" of the following day, reported that the First National Bank of Johnstown, which has taken over the control of three banks during the past year, announced on that day (Jan. 23) that a
fourth institution, the Union National Bank, with resources
of approximately $2,000,000, had joined the consolidation.
The other Johnstown banks taken over by the First National
Bank during the year, the dispatch stated, were the Title
Trust & Guarantee Co., the Johnstown Deposit Bank, and
the Morrellville Deposit Bank. It was furthermore stated
that the First National Bank now has resources of approximately $23,000,000.
E.Pusey Passmore,President of the Bank of North America
& Trust Co. of Philadelphia, and formerly Governor of the
Federal Reserve Bank of Philadelphia, died on Jan. 22. Mr.
Passmore who was born in Rising Sun, Cecil County, Md.,
Feb. 1 1869 graduated from Swarthmore College in 1893.
His college in 1918 conferred upon him the honorary degree
of Master of Arts and he was a trustee and the Treasurer of
the college. Soon after leaving college he entered the employ of the National Bank of Rising Sun, later becoming
associated with the National Bank of Avondale; subsequently
he was made cashier of the Traders National Bank of Scranton, according to the Philadelphia "Ledger", which, in
outlining his career, also says:
In 1902. two years after the organization of the Franklin National Bank
In this city, he became its Assistant Cashier. In 1904 he became Cashier
when J. R. McAllister was promoted to the Presidency of the bank. He
was made a director in 1907; Vice-President and Cashier in 1910 and in
1918 resigned to become Governor of the Federal Reserve Bank of Philadelphia.
From this post he resigned in 1920 to head the Bank of North America,
founded by Robert Morris, which, because of its unique historical position.
Is permitted to retain Its ancient name—the only national bank not having
the word "national" in its title.
Upon the formation of the Bank of North America and Trust Co. by
combination with the Commercial Trust Co.In 1922, Mr.Passmore became
its President.
He served as President of the Union League in 1924, succeeding E. T
Stotesbury, and was re-elected for the year 1925.
531
at $30 per share of $10. The price for unsubscribed portion has not been fixed.
George S. Sloan was elected a Vice-President of the Citizens' National Bank of Baltimore and Walter Dushane was
promoted to an Assistant Cashier by the directors of the
institution on Jan. 13, according to the Baltimore "Sun" of
the following day. Mr. Sloan was formerly an Assistant
Cashier of the Federal Reserve Bank of Richmond, Va., in
charge of the credit department.
Voluntary closing this week of the West Lafayette Bank
Co. of West Lafayette, 0., for an examination of its affairs
by the State Banking Department was reported as follows
in the Columbus "Ohio State Journal" of Wednesday,
Jan. 25:
E. H. Blair, State Superintendent of Banks. returned to Columbus
Wednesday from West Lafayette, where he went following voluntary
closing of the West Lafayette Bank for an audit by the State Department.
He said he could not say what will be done until a complete audit of the
bank's books is made, but is "hopeful it will be possible to reopen the bank::
Bank officials withheld any statement on the reason for asking the
accounting. All directors of the bank were re-elected at a meeting last
week, with exception of H. A. Bricker, Cashier. No reason for his failure
to be re-elected was given.
The capital stock of the bank was $100,000, with total resources of
$837,051.10.
The directors of the Provident Savings Bank & Trust Co.
of Cincinnati at their annual meeting on Jan. 17 made several
changes in the official staff of the bank, as reported in the
Cincinnati "Enquirer" of Jan. 18. J. E. Hodge and Julius
A. Reif were advanced to Vice-Presidents; Harry Wehmer
was promoted to Secretary and Treasurer and also Trust
Officer, and William H. Hey, E. E. Kammeron and Albert
J. Cuni were made Assistant Secretaries and Treasurers.
All the other officers of the bank were re-elected.
Failure ,of the Warren County State Bank at Williamsport, Ind., on Jan. 18 was reported in the following special
dispatch from that place on the same day to the IndianEdmund W. Thomas, heretofore First Vice-President of apolis "News":
County State
stiThe
of ntheoarreO
, Bank,oftot-hday
isciaty
ni
,
, one
a
tic older
hebanking
k
the First National Bank of Gettysburg, Pa., was elected
was closed
door
on
President of the institution at the recent annual meeting said: "This bank closed and in the hands of the State bank examiners."
of the directors, according to the Philadelphia "Ledger" of
F. M. McClure, of Lafayette, is president of the bank, with Max Meter,
Jan. 12. Mr. Thomas, who is a native of Pottstown, Pa., also of Lafayette, cashier. John DeMotte, is Assistant Cashier, and Robert
went to Gettysburg from Reading, Pa., in 1919 as Second Butler, of Williamsport, is Vice-President. The bank has a capital of $50,000. Lieter recently replaced Warren Mankey as Cashier of the bank.
Vice-President.
It was reported that the bank was overloaded with frozen credits.
Special meetings of the respective stockholders of the
Manayunk National Bank of Philadelphia and the Quaker
City National Bank of that city will take place on Feb. 27
and Feb. 24, respectively, for the purpose of voting on the
proposed consolidation of the institutions under the title of
the Manayunk-Quaker City National Bank (referred to in
our issue of Jan. 14, page 204), according to the Philadelphia
"Ledger" of Jan. 24.
A more recent issue of the "Ledger" (Jan. 26) stated
that a letter setting forth the terms of agreement for the
proposed consolidation had just been sent forth to the
stockholders of both banks. These terms provide that the
new bank be under the present charter of the Manayunk
National Bank and that the present capital of the Manayunk National, consisting of 5,000 shares of the par value
of $100 a share ($500,000) be increased to 10,000 shares
($1,000,000). The present outstanding 5,000 shares will
be exchanged for 5,000 shares of the stock of the consolidated bank and the present outstanding 5,000 shares of
the Quaker City National Bank ($500,000) will be exchanged for 3,683 shares of the consolidated bank. The
1,317 shares of consolidated bank remaining will be offered
to the stockholders of the consolidated bank at the price
of $400 a share. The basis of the exchange of stock in the
merger, it is said, is approximately the book value of the
assets of the respective institutions. The new bank will
have capital of $1,000,000, surplus and undivided profits in
excess of $2,750,000 and total resources of approximately
$18,000,000. In conclusion, the "Ledger" said:
Under the terms as provided in the plan, Manayunk National stockholders will exchange their stock share for share for stock in the consolidated bank, while Quaker City stockholders will exchange their holdings
on the basis of 73.6 shares of the consolidated bank for each 100 shares
of Quaker City.
The paper mentioned added:
Failure of the Warren County State Bank at Williamsport, which was
closed by the State Banking Department Wednesday, was due to the fact
that the institution was overloaded with land and land mortgages, according to Thomas D. Barr, deputy State bank commissioner, on his return
from Williamsport. L. K. Billings and G. M. West, bank examiners, have
charge of the bank.
The bank is capitalized at $50,000 and had deposits on hand at the time
of $5,000, according to Barr.
A union of the Citizens' National Bank of Hammond, Ind.,
and the Hammond Savings & Trust Co. of that place, forming the Hammond National Bank & Trust Co., was reported
in a special dispatch from Hammond on Jan. 19 to the Indianapolis "News." J. C. Paxton is Chairman of the Board
of Directors of the new bank, and W. G. Paxton, President.
The dispatch furthermore stated that the new institution
has combined capital and surplus of $500,000 and deposits
of $4,000,000.
A consolidation of the LaGrange Trust & Savings Bank
and the LaGrange State Bank, of LaGrange, Ill., has been
agreed upon subject to the approval of stockholders. The
consolidated institution will have capital of $400,000, surplus and undivided profits of more than $350,000 and deposits in excess of $4,000,000.
Guy L. Tetherington, formerly Cashier of the First
National Bank of Granite City, Ill., and connected with
that institution for the past 27 years, was elected President
by the directors on Jan. 10 to succeed Mark Henson, who
recently sold his interest in the bank and retired from the
Presidency, according to the St. Louis "Globe-Democrat"
of Jan. 11. Mr. Tetherington began as a bookkeeper
and was promoted successively to Assistant Cashier and
Cashier. He served in the latter capacity 12 years. Mr.
Henson, the former President, it was stated, has purchased
the controlling interest in the Unoin Trust Co.of Madison,Ill.
The stockholders of the Liberty Trust Company of Allentown, Pa., on Jan. 5 approved plans to increase the capital
--4-,Stock of the institution from $500,000 to $1,000,000. StockA letter under date of Jan. 10 addressed to the stockholders have until Feb. 1 1928 to exercise their option on holders of the Guardian Group of financial institutions,
the additional stock, which is offered to the shareholders Detroit, by Robert 0. Lord, President of the Guardian De-
532
FINANCIAL CHRONICLE
troit Bank and the Guardian Trust Co. of Detroit, and
Vice-President of the Guardian Detroit Co., on behalf of
the officers and directors, relative to the financial status
of the institutions at the close of the year 1927, says in part
as follows:
The closing of the year 1927 marks the first milestone in the life of the
Guardian Group of financial institutions as now constituted. The Guardian
Detroit Bank, the newest member of the group, opened its doors for
business on June 15 1927. Two weeks later, in response to the banking
department's regular June 30 call, we showed deposits of $28,752,280.00.
Since that date, in addition to replacing a very substantial 'amount of complimentary business, which was more or less temporary, a satisfactory
volume of new business has been secured and on Dec. 31 1927 our deposits amounted to $30,383,823.39, an increase of 13.5% during the six
months' period. After setting aside reserves of $174,597.60 for taxes
and contingencies, the undivided profits amount to $52,963.50.
The Guardian Trust Company has continued to show a satisfactory growth
In all departments of its business. Deposits increased from $12,280,185.85
as of Dec. 31 1926 to $18,289,515.64 on Dec. 31 1927, a gain of 32.6%.
After setting aside reserves of $75,000 for taxes and contingencies, undivided profits increased $127,562.28 during the past year and now
amount to $252,410.18. This gain in undivided profits is at the rate
of 12.75% on the capital stock of $1,000,000.
The combined deposits of the Bank and the Trust Company on Dec.
31 1927 stood at $46,653,139.03 against $39,784,712.42 on June 30 1927,
a gain of 17%.
The business of the Guardian Detroit Company continues in good volume.
Sales of securities have shown a very substantial increase over the year
1926.
The preliminary expenses and all other expenses incident to the change
in the financial structure of the Group during the year 1927 have been
written off, and depreciation on furniture and fixtures and vaults allowed
by law have been charged off.
The building committee is actively engaged in planning the arrangement and equipment of our new quarters in the Greater Penobscot Building, which we expect to occupy before the first of January 1929.
[Vol,. 126.
given receipts and no entire. made on the ledgers so the transaction"would
remain between the official accepting the deposit and the depositor. Duncan
will continue to check the bank's affairs. It was not known what_had
become of the money involved in the shortgage.
111046,10orv
The President of the bank la Van H. Stokes, and Vice-Preaident:Arthur
S. Metzger. According to a recent statement the bank had $167,000 of
loans, $94.000 deposits and resources, $211,563. The capitallwas $20,000.
Several changes were made in the personnel of the American National Bank of Nashville, Tenn., by the directors at
their annual meeting on Jan. 11, according to the Nashville
"Banner" of Jan. 12. These were the election of Parkes
Armistead, J. W. Wakefield and George J. Hearn Jr., all
formerly Assistant Vice-Presidents, as Vice-Presidents, and
the election of Maclin Davis and Herbert Fox as Assistant
Vice-Presidents. Mr. Fox was formerly an Assistant Cashier. Paul M. Davis is President of the institution.
Frank Hayden, President of the Union & Planters' Bank
& Trust Co. of Memphis on Jan. 13 announced the promotion of N. B. Gentry from an Assistant Cashier to a VicePresident and of Robert H. Matson from an Assistant Cashier to Cashier, as reported in the Memphis "Appeal" of Jan.
14. Mr. Matson succeeds as Cashier E. C. Tefft, who formerly held the dual position of Vice-President and Cashier.
The "Appeal" continuing said:
Mr. Gentry is a native of Newbern, Tenn., and started his banking
career as Cashier of the Farmers' and Merchants' Bank in Newbern.
Later he was made a State bank examiner and served several years in that
capacity. He has been connected with the Union and Planters' Bank for
the past ten years, and is treasurer of the Memphis Credit Men's Association,
After several years' service with the Guaranty Bank and Trust Company,
John C. Grier Jr., is President of the Guardian Detroit Co.
and he is also President of the Guardian Detroit Co. of Cal- Mr. Matson accepted a position as national bank examiner, resigning that
position four years ago to establish connections with the Union and
ifornia.
Planters' Bank.
He is president of the Memphis Chapter of the American Institute of
The proposedre,onsolidationjof the American National Banking.
Bank of Milwaukee with the First Wisconsin National Bank
of that city (noted in our issue of Dec. 24, Pages 3433 and
3434) was ratified at a special meeting of the stockholders
of the First Wisconsin National Bank on Jan. 20, according
to the Milwaukee "Sentinel" of the following day, which
stated that the merger would go into effect on Jan. 22, stockholders of the Ameican National Bank having already approved the deal. At the special meeting of the Firs Wisconsin National stockholders on Jan. 20 John D. Bird and
R. L. Stone, former President and Vice-President, respectively, of the American National Bank, were elected directors
of the institution. Continuing, the paper mentioned said:
A consolidation of the Liberty National Bank of Covington, Ky., and the People's Savings Bank & Trust Co. of
that city was approved by the directors and stockholders of
each institution on Jan. 10, according to the Cincinnati "Enquirer" of the following day. Polk Lafoon, L. B. Wilson and
Frank R. Evans were made members of a committee to complete plans for the amalgamation. The new organization
will be known as hte People's-Liberty Bank & Trust Co. and
will have resources, it is understood, aggregating $9,000,000,
making it the largest bank and trust company in the State
outside of Louisville. It was stated on Jan. 10, according to
the paper mentioned, that the Presidency of the new institution is to be offered to former United States Senator Richard P. Ernst, who for the past two years has been head of
the People's Savings Bank & Trust Co. L. B. Wilson, a
Vice-President of the People's Bank, and George B. Engle,
a Vice-President of the Liberty National Bank, will be VicePresidents, as will Polk Laffoon. Other officers, it is understood, will be T. S. Hamilton, Frank R. Evans, F. H. Hugenberg and J. N. Cuni. Continuing, the Cincinnati paper said
in part:
Directors of the combined institution, which will carry the First Wisconsin's name, at a meeting on Monday.are expected to elect several American
National officers to like posts with the First Wisconsin.
The merger gives Milwaukee a banking institution with over $125,000.000
of assets, including the affiliated First Wisconsin Trust and First Wisconsin
companies. The National Avenue and Mitchell Street branches of the
American National will retain their present locations as branches of the
consolidated bank. The office at Second Street and Wisconsin Avenue
now serving as headquarters for the American National will remain open
for the present.
The Second Wisconsin Building Co., capitalized at $500.000,(has been
formed to take over the building housing the American National Bank at
Second Street and Wisconsin Avenue. Incorporators are Mr. Bird, O. D.
Raney and Edgar L. Wood.
The merger did not come as a surprise in Covington financial circles
All of the official staff, department heads and employees of the American
National will retain as nearly as possible the same relative positions now held as the plan has been anticipated since former Senator Ernst and L. B. Wilson,
officers of the Liberty National Bank, acquired the controlling interest
sa that customers of that bank will deal with the same people they have
in the People's Savings Bank two years ago.
been accustomed to under the new arrangement.
The plan under which the merger was accomplished was developed by
The Minneapolis "Journal" of Jan. 18 stated that William W. S. Rowe, President, and John J. Rowe, Vice-President of the First
National Bank of Cincinnati, who also are to work with the new bank's
G. Northup, formerly President of the Farmers' & Me- committee to complete the consolidation.
The two banks are to continue in their respective locations until such
chanics' Savings Bank of that city, was elected Chairman of
a time as the business of the two institutions can be consolidated in the
the Board of Directors at the annual meeting of the direc- banking
house of the Liberty National Bank, southeast corner of Madison
tors on that day, while Thomas F. Wallace, formerly Secre- Avenue and Sixth Street, which was erected in
1923.
Officers
of both banks said yesterday they were pleased with the merger.
tary and Treasurer, was elected President and Treasurer of
Polk Laffoon, who is to be one of the Vice-Presidents, said the consolithe institution. Other changes were the election of Henry dation is the logical outcome of
the growth of the two institutions.
E. Kingman, heretofore Assistant to the Treasurer, as SecreIt was not stated just when the consolidation will be complete and the
tary and Assistant Treasurer. All the other officers of the one banking house used, but it was said this will be accomplished as soon
as possible.
Institution were re-elected. Deposits of the Farmers' & MeOfficers of the bank could give no information as to what disposition
chanics' Savings Bank increased almost $4,000,000 during will be made of the present People's Bank Building when vacated.
the year, dividends totaling more than $2,000,000 were paid
The Louisville "Courier-Journal" of Jan. 11 reported that
to depositors in the period, according to Mr. Wallace, it was
at the annual meeting of the directors of the Citizens Union
said.
National Bank of that city, Joseph M. Zahner was advanced
The Dunklin County Bank at Malden, Mo., was closed from Cashier to a Vice-President of the institution and E.
on Jan. 10 by its directors, following an examination of the P. Meriwether from an Assistant Vice-President to Cashier
institution by C. M. Duncan, a bank examiner, according to o succeed Mr. Zahner. Mr. Zahner, the new Vice-President,
advices from Jefferson City, Mo.,on that date to the Kansas has been connected with the Citizens' Union National Bank
City "Star." In a report by telephone to S. L. Cantley, the since 1892, when he entered the old Citizens' National Bank
State Finance CommissionerAMr. Duncan said a shortage as a runner. He advanced in successive steps until in 1918
of $45,000 had been discovered and the Cashier, Henry he was elected Cashier of the institution. When the G'itiStocks, had been taken into custody by the Sheriff of evils' National Bank combined with the Union National
Dunklin County. Continuing, the dispatch said:
Bank to form the present institution, Mr. Zahner was made
According to Duncan's telephone report, the shortage resulted from a
Cashier of the new organization and held the position until
method of "pulling ledger sheets." In that way depositors would be
JAN. 28 1928.]
FINANCIAL CHRONICLE
his recent election as a Vice-President. Mr. Meriwether
began his banking career as a mail clerk in the transit department of the Citizens' National Bank in 1904 and gradually was promoted until at the time he resigned to join
the United States Army in May 1917, he was a teller in the
institution. Mr. Meriwether enlisted as a private in the
army and was discharged in January 1919 with the rank
of Captain, after having served overseas. Upon his return
to the bank he was made an Assistant Cashier and held
that position until his recent promotion to the Cashiership.
Temporary closing of the Fi- rst National Bank of Muliens,
West Va., on Jan. 14, was reported in a dispatch by the
Associated Press printed in the New York "Times" of Jan.
15, which read as follows:
The First National Bank of MuDens failed to open for business to-day.
A notice posted on the door said the "bank is temporarily closed by order
of the Board of Directors on account of depleted reserves. An earnest effort
is being made to refinance." Officials of the bank, which had deposits
of $210,584 and total resources of $281,337, said that, on recommendation
of a national bank examiner, they were trying to obtain funds immediately
and that the bank might reopen Monday.
Advices by the Associated Press from Harrisville, W.
Va., on Jan. 23 and published in the New York 'Times"
for Jan. 24, stated that the People's Bank of Harrisville,
W. Va., a State bank with resources of more than $1,000,000
and deposits in excess of $800,000, which was closed by
the State Commission of Banking on Jan. 21, will be reorganized and reopened under plans announced on that
day (Jan. 23) by Commissioner H. A. Abbott. The dispatch furthermore stated that the bank, which was the
only such institution in Ritchie County, was closed because
of "frozen assets."
On Jan. 3 a charter was iss- ued by the Comptroller of the
Currency for the Moultrie National Bank, Moultrie, Ga.,
with capital of $100,000. It. J. Corbett is President of the
new bank and Lewis Edwards Cashier.
On Jan. 9 the Merchants'
-National Bank of Vicksburg,
Miss. (capital $250,000), and the National People's Savings
Bank & Trust Co. of that city (capital $100,000), were consolidated. The new organization is known as the Merchants'
National Bank & Trust Co. and is capitalized at $300,000.
The stockholders of the H- ibernia Bank & Trust Co. at
their annual meeting on Jan. 10 re-elected the entire board
of directors. President R. S. Hecht announced on Jan. 13
that the board of directors had authorized the appointment
of Mrs. Anna G. Roussel Manager of the St. Charles Avenue branch. Mrs. Roussel, who is a native of Louisiana,
was educated In St. Martinsville and later Louisiana State
Normal School and Newcomb College. She was the wife
of the late Dr. Wm. D. Roussel of Patterson, La. Mrs. Roussel joined the Hibernia Securities Co. in 1924, and has been
in charge of the bond department of the St. Charles Avenue
branch of the bank for the past several years.
The Board of Directors of the Hibernia Bank & Trust Co.
at their annual organization meeting, Jan. 18, elected Ike
T. Rhea, President of Mente & Co., Inc., a member of their
board. The board received from President Hecht and his
associates on the executive staff of the bank reports of the
activities of the various departments during the past year.
These reports reflect the fact that the bank has enjoyed
a prosperous year, as indicated by the figures in the annual
statement of Dec. 31 1927, which show capital, surplus, and
undivided profits of S4,730,000, deposits of $56,005,000—a
gain of $3,973,000 during the past year—and total resources
of $64,189,000—a gain of $1,989,000 during the past year.
All of the thirty-eight officers of the bank were re-elected,
the active executive officers being R. S. Hecht, President;
Fred W. Ellsworth, Paul Villere, Jas. H. Kepper, It. N.
Sims and E. Molitor, Vice-Presidents; and W. B. Machado,
Vice-President and Cashier.
An increase in the capital o-f the Guaranty National Bank
of Houston, Texas, raising the same from $200,000 to $300,000, was announced by John D. Dyer, President of the institution on Jan. 20, as reported in the Houston "Post" of
Jan. 21. This is the fourth increase in the bank's capitalization since its organization on Jan. 1 1919, which at that
time was $20,000. On August 1918 it was increased to $50,000, in June 1919 to $100,000, in December 1921, when the
institution was nationalized. to $200,000, and now to
$300,000.
533
The organization meeting ot the directors of the LosAngeles-First National Trust & Savings Bank, Los Angeles,
was held on Jan. 20. J. M. Elliott, dean of California
bankers, was named Chairman of the Board,a position which
he has held for many years; Henry M. Robinson was elected
President for the coming year; and Ralph B. Harda,cre,
who is President of the California Bankers Association,
was named executive Vice-President.
All the officers of the Citizens' National Bank of Los
Angeles were re-elected at the recent annual meeting of
the directors and two new appointments made. J. Bert
Easely was elected Assistant to the President. He has been
for some years Secretary to J. Dabney Day, President, with
whom he went to Los Angeles from Dallas in 1922. E. R.
Amer was elected Assistant Auditor of the Citizens' National Bank and also of the Citizens' Trust & Savings Bank,
as there is a joint audit department for both institutions.
Halcott B. Thomas, Trust Officer, was elected Vice-President of the Citizens' Trust & Savings Bank, and two other
promotions were announced for the trust department. Victor T. Johnson was elected Assistant Trust Officer, and
Ralph E. Slater Assistant Secretary. Mr. Johnson has been
with the bank since 1923, before which he was a practicing
attorney in Wyoming. The other officers of the Citizens'
Trust and Savings Bank were re-elected.
Increase in the capital investment of the Bancitaly Corp.
(holding company of the Bank of Italy National Trust &
Savings Association) from $115,000,000 to $250,000,000
during the period from Feb. 8,1927, to Jan. 20 1928, was
the outstanding feature in the current statement made public
on Wednesday of this week, Jan.25, following the organization's annual meeting held in New York. Net earnings
for the same period, after deducting $5,997,349 reserved
for taxes, contingencies, and including $1,500,000 for the
Gianinni Foundation of Agricultural Economics at the
University of California, amounted to $32,917,823. The
growth of the investment in securities reflects the gain in the
capital account. The present security holdings total $252,000,000 as compared with $93,000,000 shown in the Feb.
statement of last year. In a telegram received at the
local office of the corporation from A. P. Gianinni, President
of the Bancitaly Corporation, prior to his departure from
California for the East, he suggested that all stockholders
liquidate existing brokers' loans or borrowings from commercial banks and financial organizations, thus becoming immune to market fluctuations. "All of our stockholders
have fared very well in the matter of profits and I would Ike
to see them 'clean up' their loans and place themselves
in the strongest possible market position," Mr. Gianinni
declared. "It might be necessary for some of them to sell
a portion of their holdings—at a profit—in order to do this
but I believe it would be a sound move on their part. We
want them to own their stock outright. We are now setting
out to make our stock one of the strongest in the country
and do not want it held as security for loans, by brokers, or
competing banks. We want our stockholders so firmly
entrenched that they cannot be forced to sell at some unfavorable time."
Mr. Gianinni said that while he did not anticipate the
development of a situation that would necessarily lead to a
sharp reaction from present prices, at the same time he believed that stockholders should use the present market to
take up the slack. Mr. Gianinni furthermore said:
"We have always found the old saying, 'in times of peace
prepare for war,' a pretty good one to follow." At the annual meeting, W. H. Snyder was elected a director to succeed James J. Fagan, resigned. All the other directors
were re-elected. The corporation's consolidated statement
at the close of business Jan.20, 1928 showed total assets of
$289,215,994.
According to a special report issued on Jan. 17 by the
Bank of Italy National Trust & Savings Association, San
Francisco, the employees' compensation plan of the bank,
whereby the workers are gradually gaining administrative
control of the institution, has developed to the point where
there is now $10,300,420 in this control fund. The semiannual allocation made by the bank itself to the fund is
$1,246,189, the plan calling for the distribution of 40% of
the bank's net income to the employees. This distribution
is made in the way of stock. The report continuing said:
The amount of stock is now 39,617 shares, this showing being as of
Dec. 31 1927. Another allocation will be made at the end of the first half
of the fiscal year.
534
FINANCIAL CHRONICLE
As the plan has been in operation only since June 29 1925 the accumulation of more than $10,000,000 by the employes since that time is noteworthy. It is credited with being the best answer yet devised to the contention that the worker should be compensated in proportion to his contribution to the success of his establishment. Each employe of the bank is
permitted to make a certain allocation of his salary to the fund, this contribution ranging from 10% to 30% of such salary. The scheme is proportioned, however, so that this contribution shall be at no time burdensome
or embarrassing. As a matter of fact, there is no compulsion attached to
the employe's contribution to the fund. He may not contribute anything
at all. However, he will receive a portion of the 40% added by the bank
to the fund.
The plan not only guarantees a sufficient competence to the employe
after he has left the institution but has a tremendously helpful effect on
bank morale, teamwork and enthusiasm.
A dispatch from San Francisco to the"Wall Street Journal"
on Wednesday of this week, Jan. 25, stated that the proposed
merger of the Humboldt Bank of San Francisco with the
Crocker First National Bank of that city has been declared
off following failure of directors to reach an agreement
on the appraisals of assets. Reference to the approaching
merger of the Humboldt Bank with the Crocker First National Bank and Crocker First Federal Trust Co. was made
in our issue of Dec. 17, last, p. 3302.
R. A. Christie, Vice-President in charge of the bond department of the United Bank & Trust Co. of San Francisco,
who has been in New York establishing connections for his
organization, left on Jan. 25 for Chicago, there to complete
similar arrangements in Middle Western territory prior to
his return to the Pacific Coast.
The San Francisco "Chronicle" of Jan. 12 stated that the
stockholders of the First National Bank of Oakland, Cal.
at their annual meeting the previous day elected three
new directors, namely R. S. Stanley Dollar, Frank H.
Proctor and ]. F. Schlessinger, all of San Francisco. At
the same time the stockholders ratified the proposed increase
to $1,000,000 (from $500,000) in the bank capital and to
$166,000 in surplus. Continuing the paper mentioned
said:
It has been rumored for some time that the First National Bank in
Oakland had been acquired by the Anglo and London Paris National Bank
interests, but if so this did not materialize with yesterday's meeting. It
was believed, however, that the three new directors may represent a minority interest said to be held by the Anglo London bank.
[VOL. 126.
Moore is President of the Bank of Nova Scotia, Hector
McInnes, Vice-President, and J. A. McLeod, Vice-President
and General Manager. The New York Agency is at 49 Wall
Street.
A press dispatch from Toronto on Jan. 13, appearing in
the "Wall Street News" of the same date, stated that E. R.
Wood, for many years a director of the Canadian Bank of
Commerce, had been elected a Vice-President of the institution.
The 53d annual financial statement of the Banque Canadienne Nationale (head office Montreal), covering the fiscal
year ending Nov. 30 1927, was presented to the shareholders
at their annual meeting on Jan. 16 and in common with the
annual reports of the other large Canadian banks makes an
excellent showing for the period. Net earnings, after deducting expenses of management, interest accrued on deposits, rebate of interest on discounts, and making full provision for all bad and doubtful debts, are given as $903,201,
and this amount, together with a balance to credit of profit
and loss of $320,678, brought forward from the preceding fiscal year, made $1,223,879 available for distribution. Out
of this sum the following allocations were made: $550,000 to
pay four quarterly dividends; $35,000 contributed to pension fund; $100,000 to take care of Dominion Government
taxes, and $125,000 to provide for payment to the Treasurer
of the Province of Quebec under Statute 14, Geo. V. Ch. 3,
leaving a balance of $413,879 to be carried forward to the
current fiscal year's profit and loss account. The bank's total resources are shown in the report at 1148,702,336 (an
increase of $9,178,527 during the twelve months), of which
$77,033,503 are liquid assets, or equal to 56.49% of the institution's liabilities to the public. A foot-note to the report
states that the assets and liabilities of the Banque Canadienne Nationale (France), the same being considered a
branch operating as a subsidiary of the Banque Canadlenne
Nationale, are included in the balance sheet. Total deposits are given in the statement as $123,718,237 (comparing
with $114,896,765 on Nov. 30 1926), of which $103,126,610
are interest bearing deposits. The paid-in capital of the
bank is $5,500,000 and its rest fund a like amount. J. A.
Vaillancourt is President and Beaudry Leman General Manager.
were made by the directors of the
The following changes Dexter Horton National Bank of Seattle at their annual
meeting on Jan. 10, according to a statement by W. H. Parsons, President of the institution, as reported in the Seattle
"Post-Intelligencer" of Jan. 11: J. G. Larson, formerly Superintendent of Banks for Montana, was made a Vice-President, and Chester M. Latimer, heretofore an Assistant Cashier, was promoted to an Assistant Vice-President. At the THE WEEK ON THE NEW YORK STOCK EXCHANGE.
stockholders' meeting held earlier on the same day, W. W.
Contrasting strongly with the irregularity of the preceding
Scruby, who is Vice-President and Cashier of the bank, was sessions, the stock market early in the
week was active and
elected a director.
fairly buoyant at times. The noteworthy feature of the
Following the annual meeti- ng of the directors of the Marine National Bank of Seattle on Jan. 10, announcement was
made by Andrew Price, President of the institution, that
the bank's personnel was unchanged, except that Charles
E. McDowell, Cashier of the institution, had been elected a
Vice-President, according to the Seattle "Post" of Jan. 11.
That the Bank of Nova Sco- tia (General Office Toronto)
had a highly satisfactory year is indicated in the ninetysixth annual report of the institution issued this week. The
statement, which covers the twelve months ending Dec. 31
1927, shows net earnings, after estimating and providing for
losses by bad debts, of $2,365,320, and this amount together
with $658,887, the balance to credit of profit and loss
brought forward from 1926, made the sum of 13,024,207
available for distribution. From this amount allocations
were made as follows: $1,600,000 to pay four quarterly dividends at the rate of 16% per annum; $100,000 to cover war
tax on circulation to Dec. 31 1927; $95,000 contributed to
officers' pension fund; $250,000 written off bank premises,
and 1500,000 transferred to reserve fund, leaving a balance
to be carried forward to the current year's profit and loss
account of $479,207. The bank's total assets are shown In
the statement as $261,736,980 (comparing with total assets
of $246,721,584 the previous year) of which $143,339,726
are quick assets, or equivalent to 62% of the institution's
liabilities to the public. Total deposits are given at $203,498,571, which is an increase during the year of $13,116,329.
The paid-up capital is $10,000,000 and the reserve fund (including the $500.000 transferred out of earnings noted
above) 120,000,000, or double the bank's capitalization.
Over 300 branches are maintained throughout Canada, Newfoundland, Cuba, Jamaica, Porto Rico, Santo Domingo, and
in Boston, Chicago, New York and London, Eng. S. J.
week, however, has been the announcement that the Chicago
Federal Reserve Bank had increased its iediscount :Ate
from 3%% to 4%, and this changed the character of the
market beginning with Wednesday.
The major speculative activity was again toward higher
levels on Saturday, though nuying operations centered to a
large extent in a few standard issues and most prices held
strong until the close. General Motors and United States
Steel common were somewhat inclined to sag, but some of
the so-called specialties .were bid up from 2 to 15 points.
Independent motor stocks were fairly strong, Hupp Motors
leading the upswing with a brisk advance to 373t, as compared with its previous close at 35%. Hudson Motors
also was strong and moved forward to a new high for the
present movement at 823.. Westinghouse Elec. & Mfg.
was in strong demand and sold at a new top above 97, out
reacted downward later in the day. There were also a
number of substantial gains recorded by the mercantile
stocks such as Montgomery Ward and Sears-Roebuck, the
latter shooting up to 86% as compared with its preceding
3
final at 83/g.
The forward movement was resumed as the
market opened on Monday and stocks moved briskly upward all along the line with gains ranging from 3 to 25
points at the close. Railroad shares moved up with the
leaders, Nickel Plate advancing to within a point of its
previous high, followed by New Haven with a gain of more
than 3 points to 649'. Radio Corporation was in strong
demand and shot forward about 4 points to 102. Hupp
Motors reaohed its highest price since listing. Hudson
Motors also was active and strong and General Motors
improved more than a point. United States Steel common
sold a point higher and a number of the independent steel
issues displayed fractional improvement. Mercantile stocks
continued to show progress upward, with Montgomery
Ward, Sears-Roebuck and Woolworth all closing higher.
JAN. 28 1928.]
FINANCIAL CHRONICLE
535
The so-called specialties groupiwasTparticularly strong,
Sales at
WeeklEnderl Jan. 27.
Jan41 So Jan. 27.
New York Stock
Westinghouse Elec. & Mfg. Co. being in special demand
yt Exchange.
1928.
1927.
1928.
1927.
during the greater part of the session and advancing over
of shares- 14,553,835
8,894,379
51,220,041
4 points to a new high record above 100. International Stocks-No.
32,214,931
Bonds.
Government bonds_ _ $5,247,000 23,500,950
Paper also came into prominence with a brisk gain of over State
$17.784,250
$24,829,850
and foreign bonds 22,898,000 27.489,000
76,506.500
102,769,200
& misc. bonds 38,871,500 53,310,900
434 points which carried it above 76. Other notably strong Railroad
160,789,300
219,361.200
10
.
stocks included such issues as Gold!Dust, which recorded a Total bonds
$67,016,500 284,300,850
$255,080,050
$346,960,250
net gain of 934 points, Air Reduction17 points, International
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
Harvester 5 points and Houston Oil 334 points. In the
BALTIMORE EXCHANGES.
final hour rubber and tire shares suddenly strengthened and
Boston.
Philadelphia.
Baltimore.
moved briskly forward under the leadership of Goodrich.
Week Ended
Jan. 27 1928.
Shares. Bond Sales. Shares, Bond Sales. Shares. Bond Sales.
The market continued its spirited recovery on Tuesday
24.051
and many standard stocks were carried)briskly forward Saturday
$17.000 . a38,210
9,000
92,968
812,600
Monday
46,369
24,450 a91,680
23.500
94,280
50,300
into new territory. Rubber stocks continued to move for- Tuesday........ 40,032
5,150 a45,942
72.000
97,753 . 27,500
Wednesday
43,055
51,000 0134,875
19.000
95.079
31.000
ward under the leadership of Goodrich andlAjax and General Thursday
*29,119
27,300 a 159.482
13.000
93,512
37,000
21,643
33,000 a33,580
Motors and Hupp Motors were the outstanding strong Friday
7,000
94,320
20,000
Total
features of the motor group. Specialtieslwere again in the
204,289 2157,900 503,769 $143,500
27,912 5178,400
foreground, Gold Dust recording a further sharp rise. Mer- Prey, week revised IRA I54 2454 snn 911 554 Sonn onn IR ARR 51453 45043
cantile shares were strong and active, Montgomery Ward
* In addition sales of rights were: Thursday, 802.
In addition sales in rights
were: Monday, 28; Thursday, 200; Friday, 2,400. baIn
addition sales in rights
again lifting its top for the present shares and City Stores were:
Monday, 58; Wednesday, 50; Thursday, 68; Friday, 44.
reaching a new high in all time. Greene-Cananea moved
up 5 points to 140, Timken Roller Bearing sold above 131
ENGLISH FINANCIAL MARKETS-PER CABLE.
and Adams Express made another spectacular advance of
The daily closing quotations for securities, &c., at London,
14 points to its highest top since 1907. The strong stocks as reported
by cable, have been as follows the past week:
of the railroad group were Canadian Pacific, Southern
London.
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Frt.,
Railway, Atchison and New York Central.
Wk.End.Jan. 27 Jan. 21. Jan. 23. Jan. 24. Jan. 25. Jan. 26.
Jan. 27
26 1-16
Sharp downward reactions characterizedrthe market on Silver, p. oz_d_ 2634 263-16
26 3-16
26 1-16
2614
Gold,p.fineos 8423.1134d. 84s.1134d. 849.1114d. 848.111fd. 848.1134d. 848.1134d.
Wednesday, on the news of the advance of the rediscount Consols,
2%%_
5534
5534
5534
5514
5514
rate by the Federal Reserve Bank of Chicago. Pool stocks British 6%--------10134
10134
10131
10131
1013f
9731
9731
of the industrial type suffered the bulk of the liquidation British 434%__
9731
9734
9714
Rentes
and such issues as Montgomery Ward, Westinghouse Elec- French
On Paris)-fr67.70
67.30
67
66.70
66.95
tric, Adams Express„ Radio Corporation, Gold Dust Cor- French War L'n
87.65 , 88.20
87.90
poration and Fleischman broke from 1 to 10 or more points. (in Pads) fr87.20
87.60
The price of silver in New York on the same days has been:
Motor stocks were lower, Hudson, Nash, Packard, StudeSilver in N.Y., per oz.(cts.):
baker and Chrysler yielding from 1 to 2 points. United
Foreign
5614
5634
5614
5634
5634
5634
States Steel common was down nearly 3 points to
14634
and United States Cast Iron Pipe & Foundry dropped back
COURSE OF BANK CLEARINGS.
6 points to 2113. Recovery was in evidence on Thursday
Bank clearings this week will again show a satisfactory inand numerous substantial gains were recorded among the crease
over a year ago. Preliminary figures compiled by us,
speculative favorites. One of the important movements of
based upon telegraphic advices from the chief cities of the
the day was Montana Power which rallied from its previous country,
indicate that for the week ending to-day (Saturday,
final at 12434 and crossed 131. Brooklyn Edison was
Jan. 28), bank exchanges for all the cities of the United
again strong and National Power & Light shot upward
States from which it is possible to obtain weekly returns will
to a new high for the year. In the high-grade stocks Peoples be
12.5% above those for the corresponding week last year.
Gas and Philadelphia Company were most in demand and
The
total stands at $10,556,955,227, against $9,383,126,094
gradually moved forward to higher levels. Montgomery
Ward was conspicuous among the specialties and moved for the same week in 1927. At this centre there is a gain
forward about 3 points, followed by Allied Chemical & Dye, for the five days of 21.4%. Our comparative summary for
the week is as follows:
A. M. Byers, Loew and National Biscuit, the latter breaking
into new high ground at 18134. Youngstown Sheet &
Clearings-Returns by Telegraph.
Per
Week Ended Jan, 28.
Tube reached its best and sold up to 1067
1928.
1927.
Cent.
4 following the
announcement of the proposed terms of consolidation
New York
25,419,000,000 $4,465,000,000 +21.4
with Chicago
554,349,698
526,740,181
+5.2
Inland Steel, though it slipped back to 100 at the close. Philadelphia
453,000,000
430,000.000
+5.3
Boston
400,000,000
Railroad stocks moved ahead with the rest of the market. Kansas
391,000,000
+2.3
City
106.321.457
117,296,504
-9.4
Illinois Central common standing out conspicuously as it St. Louis
115,500,000
118,700,000
-2.7
Francisco
172,450,000
136.519.000 +26.3
bounded upward 83.4 points to 1433.4. Both General San
Los Angeles
146,572,000
148,261,000
-1.1
Pittsburgh
148.621,661
148,784.593
-0.1
Motors and United States Steel common displayed strong Detroit
141,289,178
132,119.659
+6.9
Cleveland
recuperative powers and Hupp Motors moved vigorously Baltimore
95,036,405
93,297,195
+1.9
79,920.634
87,463,131
-8.6
forward nearly 2 points to 41. In the copper group Greene- New Orleans
57.361,228
55,646,884
+3.1
•
Cananea came back with a gain of 334 points to 13834, but Thirteen cities, 5 days
57,889,422,261 36,850,828,147 +15.2
1,077.707.095
1,081.605,450
little progress was made by other issues. The market con- Other cities, 5 days
-0.4
tinued strong on Friday, Montana Power leading the up- AllTotal all cities, 5 days
$8,967,129,356 27.932,433.597 +13.0
cities, 1 day
1,589.825,871
1,450,692.497
+9.5
swing with a gain of 13 WI points to 143, as compared with
Total all cities for week
210,556.955.227 29,383,126.094 +12.5
its previous close at 13434. Other public utilities which
continued in demand included National Power & Light,
Complete and exact details for the week covered by the
Consolidated Gas and Standard Gas. Local traction stocks foregoing will appear in our issue of next week. We cannot
also were strong particularly Brooklyn-Manhattan which furnish them to-day, inasmuch as the week ends to-day
improved about 3 points. American Brake Shoe & Foundry (Saturday) and the Saturday figures will not be available
common was unusually active and sold at the highest price until noon to-day. Accordingly in the above the last day
for the present shares. A. M. Byers maintained-its-remark- of the week has in all cases had to be estimated.
able advance and closed with a net gain of 12 points. HudIn the elaborate detailed statement, however, which we
son Motors led the motor group with a gain of over 5 points present further below, we are able to give final and complete
and Hupp Motors improved fractionally. The final tone results for the week previous-the week ended Jan. 21. For
was good.
that week the increase is 7.7%, the 1928 aggregate of clearings for the whole country being $11,295,047,304, against
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
$10,482,805,561 in the same week of 1927. Outside of New
DAILY, WEEKLY AND YEARLY.
York City the increase is only 3.8%, the bank exchanges
at this centre showing a gain of 10.6%. We group the cities
Stocks,
Railroad,
State,
United
Week Ended Jan. 27.
Number of
rte.,
Municipal rk
States
now according to the Federal Reserve districts in which they
Shares.
Bonds.
Foreign Bonds.
Bonds.
are located, and from this it appears that in the New York
Saturday
1,117,600
$4,259.000
$2,931,000
$289,000
Monday
2,65.3,590
6,409,000
4,262,500
1,022,500 Reserve District (including this city) there is an improveTuesday
2,892,060
7,562,000
4 460,000
505.500 ment of 10.4%, in the
Wedneeday
Boston Reserve District of 10.5%
2,787.840
8,016,000
4,275,500
2,034.500
Thursday
2,505,445
6,853,500
4,041,000
887,500 and in the Cleveland Reserve District of only 0.6%. In the
Friday
2.797,300
5.972,000
2.928,000
528,000
Philadelphia Reserve District there is a decrease of 1.8%,
Total
14,553,835 238.871.500 222.898.000
85.247.000
lithe Richmond Reserve District of 3.6% and in the Atlanta
Reserve District of 5.7%, the latter due in part to the falling
off at the Florida points, Miami showing a loss of 49.8% and
Jacksonville of 27.6%. In the Chicago Reserve District the
totals are larger by 9.0%, in the St. Louis Reserve District
by 5.3% and in the Minneapolis Reserve District by 10.5%.
The Kansas City Reserve District has a gain of 2.2%, and
the San Francisco Reserve District of 3.2%, but the Dallas
Reserve District falls 4.7% behind.
In the following we furnish a summary by Federal Reserve
districts:
CLEARINGS.
SUMMARY OF BANK
Week End. Jan. 21 1928.
1928.
1927.
Inc.or
Dec.
1926.
Federal Reserve Dists
1st Boston_ _ _ _12 cities
2nd New York _ 11 "
3rd Philadelphial0 "
4th Cleveland__ 8 "
5th Richmond _ 6 "
6th Atlanta _ _ _ _13 "
7th Chicago_ _ _20 "
8th St. Louts_ _ 8 "
9th Minneapolis 7 "
10th Kansas City12 "
5 "
11th Dallas
12th San Fran_ _17 "
$
$
%
$
129 cities
Total
Outside N. Y. City
,ancarlo
[VoL. 126.
FINANCIAL CHRONICLE
536
'21
665,889,927
6,850,963.849
699,338,017
419,061,785
180,909,794
197,898,106
1,057,582,950
250,510,5E6
121,531,008
284,414,866
80,872,113
586,074,323
602,730,370 +10.5
6,206,458,016 +10.4
610,356,245 -1.8
416,523,107 +0.6
187,707,081 -3.6
209,958,773 -5.7
970,181,188 +9.0
337,799,034 +5.3
109,964,570 +10.5
278,317,202 +2.2
84,901,784 -4.7
567,908,191 +3.2
11,295,047,304 10,482,805,561
4,574,157,547 4,408,158,447
^Mao
eon Arlo
AT,
100 0713
1925.
$
556,498,694
6,293,526,958
659,476,606
427,618,675
208,759,441
263,392,810
1,033,769,309
248,127,311
127,445,836
259,857,113
87,464,599
554,305,282
4E3,401,066
6,069,268,98.5
598.994.285
392,294,433
183,662,048
200.098,574
934,072,159
224,013,689
123,587,653
251,067,810
76,893,130
469,785,931
+7.7 10,720,242,634 10,007,139,763
+3.8 4,550,557,672 4,049.142,789
gea -LOA I
/In
010
210
oao 100 nno
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended January 21.
Clearings at1928.
1927.
First Federal Reserve Dist rict-Boston
802,354
760,292
Maine-Bangor__
3,849,685
3,895,471
Portland
600,000.000 545,000,000
Mass.-Boston
2,040,729
1,917,438
Fall River_ _ _ _
a
a
Holyoke
1,239,251
1,290,354
Lowell
a
a
Lynn
1,257,900
1,274,639
New Bedford
5,928,982
6,081,525
Springfield_
3,985,545
3,518,438
Worcester_ _
16,232,164
19,824,520
Conn.-Hartford.
7,437,709
9,469,159
New Haven _
14,346,400
17,162,300
R.I.-Providence
559,651
695,791
N.H.-Manches't
Total(12 cities)
665.889,927
Inc. or
Dec.
1926,
1925.
-5.3
+ 1.2
+ 10.1
-6.0
a
+4.1
a
+1.3
+2.6
-11.7
+22.1
+26.5
+ 19.6
+24.3
647,009
3,299,718
495,000,000
2,158,326
a
1,147,096
a
1,365,508
6,623,833
3.755,316
18,398.506
7,34 8,133
16,123,600
631,649
605,290
3,232,616
431,000,000
2,319,892
a
1,001,683
a
1,565,187
5,775,491
3,376,758
13,713,830
6.382,076
13,833,303
594,9(17
602,730,370 +10.5
556,498,694
483.401,066
Second Feder al Reserve D istrict-New
5,450,314
6,111,002
N.Y.-Albany _ _
1.281,300
1,405,900
Binghamton__ _
53,884,205
52,154,278
Buffalo
1,029,497
1,092,116
Elmira
1,678,024
1,532,456
Jamestown_ _ _
New York_ _ - _ 6,720,889,757 6,074,647,114
13,443,731
14,082,879
Rochester
5,943,683
6,010,220
Syracuse
4,029,833
c4,064,247
Conn.-Stamford
1,006.428
747,070
N. J.-Montclair
44,063,887
42,873,924
Northern N.J.
York5,404,516
5,395,403
+ 12.1
1,050,182
+9.7
1,175,645
52,158,639
56.519.176
-3.2
1,004,864
977,339
+6.1
1,388 834
1,387,698
-8.7
+10.6 6,169,684,962 5,957,996,971
10,813,654
12,133,950
+4.8
+1.1
2,795,827
4,164.126
+0.9
521,053
628,066
-25.8
31,850,931
35,958,036
Total(11 citlea) 6,850.963,849 6,206,458,016 +10.4 6,293,526,958 6.069,268,985
Third Federal Reserve Dist riot-Philad elphia
1,608,255 -12.2
1,412,465
Pa.-A toona._ _ _
3,942,459 +5.1
4,243,357
Bethlehem_ _ _ _
1,452,614 -0.8
1,441,282
Chester
1.881.547 +20.2
2,261.146
Lancaster
566.000,000 579,000,000 -2.2
Philadelphia_
3,670,013 +22.1
4,482,116
Reading
6,475,822 -4.6
6,181,046
Scranton
4,275,733 +5.0
d4,491.638
Wilkes-Barre_ _
1,639,727 +20.3
1,972,678
York
6,410,075 +6.9
6,852,289
N.J.-Trenton _ _
a
a
a
Del.-Wilming'n.
Total(10 cities)
599,338,017
610,356,245
-1.8
1,507,157
4,087,421
1,347,137
2,441,278
629,000,000
3,593,857
5,764,304
3,765,103
1,797,253
5.773,096
a
1,271.992
3,951,553
1,213,130
2,289,312
569.000,000
3,551,772
6,630,633
4,074,551
_A68,019
5,543,323
a
659,476,606
598,994,285
9,885,000
4.808,792
71,898,851
108,129,345
13,643,900
a
a
1,992,209
a
a
4,462,702
a
177,473,634
+0.6
427,618,675
392,294,433
Fifth Federal Reserve Dist rict-Richm ond1,508,858 -12.5
W.Va.-Hunt'g'n
1,320,902
4,754,446 +56.3
Va.-Norfolk _ _
7,432,787
-12.7
45,904,000
Richmond _
40,007,000
S.C.-Charleston
02,500,000 +4.0
02,600.000
Md.-Baltimore_ 101,833,483 104,359.100 -2.4
-3.4
28,680,67
D.C.-Washing'n
27,715,622
1,518,337
8,911.724
58,236,000
2,784,780
111,698,988
25.629,612
1,754,131
8,148,534
52,554,000
2,561,488
94,218,267
24,425,628
-3.6
208,759,441
183,662,048
Total(8 cities)-
Total(6 cities)_
419.061,785
180,909,794
416,523,107
187,707,081
8,068,949
3,125,520
20,345,304
71,701,023
2,339,800
1,441,175
a
37,762.582
23,500,174
26,258,852
2,104,204
1,700,000
571,135
64,474,092
7,519,234
3,095,669
19,660,872
58,648,121
1,627,034
1,150,259
a
9,214,705
8.888,723
24,644,755
1,900,424
1,375.000
379,826
61,995,902
-5.7
263,392,810
200,098,574
Total(13 cities)
197,898,106
209.958,773
inc. Or
Dec.
1925.
1926.
$
$
261,773
946,489
192,789,197
9,538.163
*2,300,000
2.707,416
20,590.000
2,821,300
4,918,130
41,498,217
2,563,043
10,410,952
7,120,316
1,136,792
1,804,376
720,248,070
a
1,269,974
5,061,267
3,003,426
2,780.408
322,646
943,914
156,949,373
8.563,797
2,094,561
2,440.598
17,878.000
2,337.000
5.507,018
36,735,923
2,381,317
10,189,582
7,690,315
1,293,908
1,391,728
665,601,633
a
1,313,472
5,477,479
2,512,782
2,447,113
Total(20 cale5) 1,057,582,950 970.181.188 +9.0 1,033,769,309
Eight Fede ral Reserve Dist rict-St. Lo uis4,998,240
5,224,704 -7.0
4.837.893
Ind.-Evansvi le
162,400,000 157,200.000 +3.2 162,743,354
Mo.-St. Lout
35,322,792
36,857,890 + 15.8
42,684,974
Ky.-Loulsvill 3-560,836
448,203 +10.6
495,739
Owensboro _
27.477.000
22.116.038 +4.6
23,137,935
Tern.-Memp'his
14,916,644
14,180,029 +7.3
15,221.771
Ark.-Little R rck
376,220
341,248 -13.4
295,668
Ill.-Jacksonv Ilie
1.732,225
1,430,922 +0.1
1,436,586
Quincy
934,072,159
Total(8 title 3) _ 250,510,566 237,799,034 +5.3 248,127,311
Ninth Fede ral Reserve Dls trict-Al i n n eapolis7,640,263
5,846,620 + 10.6
d6,463,599
Minn.-Dulut I__
80.871,057
88.631,942 +9.8
75,345,157
Minneapolis _ _
32,572,974
28,885,211 + 12.7
32,547,531
St. Paul_ _ _
1,675,556
1,881,482 +3.8
1,953,801
N. Dak.-Far 0_
1,353,297
1,261.233 -0.1
1,259.661
S. D.-Aberd !en
487,740
554,835 +5.1
583,259
Mont.-13illin 8..
2,844,949
2,903,247 +16.4
3,378,000
Helena
224,013,689
Total(7 title 3) _ 121.531,008 109,964,570 +10.5 127,445,836
Tenth Fede ral Reserve Dis trict-K a n s as City411,025 +1.5
328,355
d417,371
Neb.-Fremon 1 _
554,222
424,366 +17.7
503,611
Hastings_ _ _ _ _
4,742,270 -1.4
4,371,724
4,674,594
Lincoln
41,903,112
43,473,169
40,109,867 +8.4
Omaha
3,598,814
2,833,081 +39.9
d3,964,281
Kan.-Topeka __
+6.1
8,975,981
8,296,416
d9,520,744
Wichita _ _ _ __
Mo.-Kan. Ci y _ 143,711,889 147,488,494 -2.6 138,338,808
7,625,927 +6.0
9,292,039
d8,080,541
St. Joseph_ _ _
a
a
a
a
Okla.-Musko ;ee
31,663,645 -0.3
31,365,598
Okla. City.
- _ _ d31,569,223
a
a
a
a
Tulsa
1.153,262 +8.0
1,246,035
1,027,597
Col.-Col. Sp r5_
31,647,014 +13.7
c35,994,952
19,647,638
Denver
1,242,271
__
+1.3
el.258,456
1,132,990
Pueblo
123,587,653
Total(12 citi 15) 284,414,866 278,317,202 +2.2
Eleventh F de ral Reserve District-Da Iles1,593,858 +20.0
1,912,980
Texas-Austin __
54,149,085 -1.5
53,328,649
Dallas
12,220,681 +19.3
14,577,612
Fort Worth..__
11,314,000 -48.6
5,817,000
Galveston.... _ _ _
a
a
a
Houston.. _ _ 5,624,160 -6.9
5,235,872
La.-Shrevepo i_
259,857,113
251,067,810
1,642,891
55,084,278
14,182,620
11,347.000
a
5,207,810
1,708,698
47,591,484
13,347,315
9,750,455
a
4,497,178
80.872,113
84,901,784 -4.7
Total(5 citie )87.464,599
Twelfth Fed er al Reserve D istrict-San Franci sco50,575,975
43,704,047 + 15.7
Wash.-Seattle __
49,843,876
13,571,000
11,802,000 +15.0
Spokane. _ _ _ __
11,578,000
a
a
a
Tacoma_ _ _ _ __
a
1,315.973
1,292,046
_ __
Yakima _
+1.9
1,324,658
36.682,573
Ore -Portland __
37,620,089
35,303,838 +3.9
17,759,619 +21.9
21,643,792
Utah-Salt L. J.,
19,819,708
a
a
a
Nev.-Reno __ -a
a
a
Ariz.-Phoeni -a
a
3,687.481
3,697.28
Calif.-Fresno..__
-0.3
3,974,073
7,662,015
7,442,97
+2.9
Long Beach..__
7.647,303
Los Angeles_ __ 202,461,000 202.873,000 -0.1 174,098,000
2,014,996
+9.7
18,374.75
Oakland_ _ _ _ -21,525.196
8,308.57
7,683,241
-7.5
7.181,625
Pasadena_ _ _ __
d7,264,108
8,644,620 -16.0
8,933,452
Sacramento _ __
5,572,313
6,552,087 -15.0
5,669,113
San Diego_ _ _
San Francis o_ 216,056.500 192.790,000 + 12.0 194,900,000
2,573,765 + 19.3
3,071,144
2,825,310
San Jose_ --- __
1,708,715
1,614,670
1,408,758 +21.3
Santa Barbara_
2,164,125 -2.3
2.113,897
2.642,009
Santa Montea_
3,216,700 -7.1
c2,989,600
3,108,200
Stockton..._ _ __
76,893,130
$
$
%
Seventh Fedler al Reserve D istrict-Chi cago292,183 +4.7
306,133
Mich.-Adrian -1,042,559 -2.3
1,019.062
An Arbor_ -- - __ 196,843.994 177,055,926 + 11.2
Detroit
8,679,638 +2.7
8,911,900
Grand Rapt Is..
2,257,000 +85.6
4,189,142
Lansing _ _ _ _ _ _
2,903,917 + 13.2
3,286,521
Ind.-Ft. Way'lie
23,149,000 +1.8
23,562,000
Indianapolis
2,858,700 -3.3
2,763,235
South Bend
5,632,035 -4.1
5,400,109
Terre Haute
43,590,507 +0.5
43,820,867
Wis.-Milwau cee
2,587,214 +7.3
2,775,025
Iowa-Ced. R 4).
9,310.215 +0.1
9,321,628
Des Moines
6.628.214 +2.4
6,785,225
Sioux City _ .__
1,234,627 +2.5
1,265,277
Waterloo _ _ _ _ _
1,350,332 +32.7
1,791,624
,on
Chicago_ _ _ _ _ 732,881,184 669,094,282 +9.5
a
a
a
Danville _ _ _ .._
1,218,592 +5.7
1,288,039
Decatur_ _ _ _ _ _
4,891,756 +11.0
5,427.566
Peoria
3.272,328 +0.5
3,288,801
Rockford_ _ _ __
3,132,163 -15.2
2,655,618
Springfield.. ._
Total(17 citi 5) 586,074,323 567,908,191
Grand ottal (129
_ 11 295047 304 10482 805 561
cities)
Outside N. Y_ _ _ _ 4.574.157.547 4.408.158.447
+3.2
554,305,282
4,881,512
143,600,000
34,282,497
539,456
25,498,605
13.059,078
426,671
1,725,870
6,745,053
80,381,889
30,089,450
1,598,019
1,338,367
532,244
2,901,731
402,051
606,692
3,876,163
40,448,166
3,926,817
7,911,853
134,376,691
9,695,321
a
28,097,195
a
988,453
19,771,432
966,976
38,540,613
10,386,000
a
1,324,904
32,662,270
20,319,917
a
a
2,485,957
6,869,625
143,846,000
19,106,237
6,660,741
7,347,403
4,574,728
167,700,000
2,233,872
1,229,630
1,968,234
2,550,000
469.785,931
+7.7 10 720242634 10007 139 763
4-3.84 Ann 557 672 4 049.142.789
Week Ended Jan. 19.
Clearings al1928.
$
Canada149,511,934
Montreal
156,548,134
Toronto
51,660,558
Winnipeg
21,190,755
Vancounver
7,837,803
Ottawa
8,806,828
Quebec
2,844,611
Halifax
5,668,241
Hamilton
10,529.044
Calgary
2,672,753
St. John
2,312,834
Victoria
3,364,211
London
7,722,490
Edmonton
4,661,055
Regina
608.649
Brandon
621,832
Lethbridge
2,304,785
Saskatoon
1,351,100
Moose Jaw
1,155,110
Brantford
867.329
Fort William_
709.216
New Westminster
396,10
Medicine Hat _
919,35
Peterborough _ _ _
845,805
Sherbrooke
1,303,68
Kitchener
4,391,92
Windsor
396,355
Prince Albert--871.203
Moncton
792,755
Kingston
884.222
Chatham
857,810
Sarnia
Total(31 cities)
454,608,477
1927.
Inc. or
I Dec.
1926.
1925.
%
+36.9
+ 15.6
+32.9
+38.2
+4.7
+45.0
+4.7
+0.4
+43.7
-6.9
+23.9
-21.0
+59.7
+30.8
+ 14.5
+29.4
+41.7
+14.1
+23.3
+5.3
+20.5
+54.3
+26.2
+5.4
+16.8
+20.9
+1.2
+0.4
+12.1
+8.0
+39.1
$
90,896.995
97,115,628
45,811,308
16.819,244
7,410,493
4,989,610
2,921,251
4,909,193
8,630,395
2,841,616
2,025.073
2,750,774
4.733.804
4,413,878
513,775
601,080
1,682,111
1,072,677
914,132
777,767
740,391
267,967
664,622
712.506
904,479
3,309,987
317,610
786,977
700,973
$
90,381,641
92,406,844
39,414,228
15,639,051
7,283,096
5,287,775
2,735.945
4,267,644
7,257,593
2,260,549
1,736,403
2.973,357
4,849,298
3,550,073
570,759
435,776
1,322,375
1,117,153
732,317
695,898
474,061
246,999
709,206
680,236
849.412
2,631,865
340,201
703,516
601,818
360,476.364 +26.1
310,236,316
292,135,089
TPODOM
Sixth Federal Reserve Dist rict-Atlant a.-8,157,163 +14.4
d9,333,895
Tenn-Chatt'ga
*$3,000,000 *S3,200,000 -6.2
Knoxville
+6.9
20,649,553
22,071,583
Nashville
+2.4
50.427,871
51.623.713
Georgia-Atlanta
+3.3
1,856,856
1,918,219
Augusta
15.6
+
1,830,161
2,116.386
Macon
a
a
Savannah
-27.
23244,387
17,323,914
Fla--Jack'nville
8,305,805 -49.
4,171,000
Miami
23,999,355 -5.7
22,635,859
Ala.-Birming'm.
2,080,026 -16.0
1.746,621
Mobile
1,801,794 +36.0
2,450,000
Miss.-Jackson_
580,451 -32.4
392,631
Vicksburg _
63,125,351 -6.4
59,114,285
La.-NewOrleans
1927.
C.OMOONOQMM COV
WOO.-.QNW,NVCOM,
6,871,000
4,345,896
87,529,089
122.867,405
16.188,300
a
a
2,268,907
a
a
4.734,040
a
182,814,038
1928.
cOM o6c4Mnic,5WaiM
c;MmiecimuiV,..i4,641,4
10MoO t.wcp
..CONLONt-.60,
.....VCON.140t..OMOOM=00.a.01,0
;.4.eitZeDa.it:a4C,i4C4
C.
OM
Fourth Feder al Reserve D strict--Clev eland
5,336,000 +27.0
Ohio-Akron_ _ _ _
d6,776,000
3,778,418 +6.9
Canton
4,039.627
84,067.157
Cincinnati_ _ _ _
83,421.892
Cleveland
126,747.705 122,654,863 +3.3
16,752,900 +8.9
Columbus _ _ _ _
18,244,100
a
Dayton
a
a
a
Lima
a
a
1,811,851 +25.7
Mansfield
112,278,151
a
a
Springfield_ _ _
a
a
Toledo
a
a
4.022,368 + 16.7
Youngstown _
4,695,320
a
Pa.-Erie
a
a
Pittsburgh,_ _
172,858,990 178,099,550 -2.9
Week Ended January 21.
Clearings at
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Jan. 18. d Week ended Jan. 19. e Week ended Jan. 20. *Estimated
JAN. 28 1928.]
FINANCIAL CHRONICLE
THE CURB MARKET.
The Curb Market was active and strong this week. A
selling movement started on Wednesday which lowered prices
somewhat but the market made a brisk recovery the next
day. Public utilities were prominent, the heavy demand
and advance of Lehigh Power Securities being the outstanding feature. An exchange of the shares for those of the
National Power & Light stock was the basis for the advance
from 215
% to 275
%,the close to-day being at 26%. Electric
Bond & Share Securities, after a decline from 813
% to 78%
jumped to 86%, the final transaction to-day being at 863%.
Northern Ohio Power advanced from 195% to 243/ and ends
the week at 23. Northern States Power gained over
eight points to 135%,reacting finally to 1344 United Gas
Improvement on heavy transactions gained about 3 points
to 1183(, the close to-day being at 117. Among miscellaneous issues chain stores were firm, H. C. Bohack common
advancing from 259 to 297, with a final reaction to 285.
Fanny Farmer Candy shops moved up from 33 to 393
4,
closing to-day at 393j. Kroger Grocery & Baking common
advanced from 70M to 768
%,reacted to 74M and sold finally
7
at 75%.
Metropolitan Chain Stores was up 2M points to
56. Neisner Bros. common rose from 723' to 80, but
reacted to 74. Sanitary Grocery improved from 215 to
227, easing off finally to 223. Aluminum Co. common
sold up almost 8 points to 129%,closing to-day at 129. F.&
W. Grand Stores sold up from 473 to 58, closing to-day at
563. American Rolling Mill common after early loss from
108% to 104 sold up to 110M and finished to-day at 110.
Bancitaly Corp. was off from 149 to 1433.,recovering finally
to 1455
%. Celluloid Co. common dropped from 106 to 100
and sold finally at 101. Johns-Manville common gained
over 8 points to 122% and finished to-day at 1217
%. Lehigh
Coal& Navigation sold up from 116% to 126,reacting finally
to 1233
%. Niles-Bement-Pond from 303% reached 4234,
closing to-day at 40. Royal Baking Powder common sold
up from 249 to 287. In oils most of the improvement was
- small. Buckeye Pipe Line improved from 58 to 61% and
closed to-day at 618
%. N. Y. Transit sold up from 41 to
4.Southern Pipe Line gained almost 8 points to 33,
463
reacting finally to 31.
A complete record of Curb Market prices for the week
will be found on page 564.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ended Jan. 27.
STOCKS (No. Shares).
Ind&Mtsc
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
OS.
187,505
356,570
375,440
441,305
567,061
552,565
58,650
130,410
133,700
110,350
94,800
94,820
2,480,446
618,730
Mining.
BONDS (Par Value).
Domestic. Foreign Govt.
$1,878,000
3,591.000
5,972,000
4,002,000
2,939,000
3,276,000
$256.000
415.000
572.000
451,000
416,000
371,000
399.340 $21,658,000
82,481,000
38,900
45,810
95,130
72.250
65.300
81,950
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Jan. 11 1928:
GOLD.
The Bank of England gold reserve against notes amounted to £151.412,225 on the 4th inst., as compared with £151.468,435 on the previous
Wednesday.
Bar gold to the value of £883,000 was available in the open market
yesterday. The home and Continental trade absorbed £100,000 and
India £30,000, practically all the balance being secured by the Bank of
England as shown below.
The following movements of gold to and from the Bank of England
have been announced:
Jan. 5.
Jan. 6.
Jan. 7.
Jan. 9.
Jan. 10. Jan. 11.
Received____
Nil £1,000,000
Nil £1,000,000 £748,000
Nil
Withdrawn--£5,000
25,000 £5,000
13,000
Nil £14,000
The receipts shown above consisted of the following: £1,000,000 in
sovereigns released from "set aside" account of Switzerland on the 6th
inst., £500,000 sovereigns from Canada, and £500,000 sovereigns released
from "set aside" account of South Africa on the 9th inst., £748,000 bar
gold from South Africa on the 10th inst. The £45,000 sovereigns withdrawn
were destined as follows: Spain, £38,000, and India, E7,000. During
the week under review the Bank has received on balance £2,686,000, the
largest net influx for any one week since July 9-15 1925. The net efflux
this year is now £3,319,000. Since the resumption of an effective gold
standard there has been a net efflux or £3.220,000, as set out in the daily
bulletins at the Dank.
During the week ended the 10th inst., $9,250,000 in gold from Canada
was received in New York, and the following shipments were announced:
$900,000 to India, $5,500,000 to Argentina, $3,000,000 to Uruguay, and
$6,000,000 to Brazil.
The following were the United Kingdom imports and exports
of gold
registered in the week ended the 4th inst.:
ImportsExportsRussia (U. S. S. R.)
£24,100 Poland
£364,997
British West Africa
32,248 Germany
63,600
British South Africa
597,261 France
15,400
Canada
250,000 Straits Settlements
21.200
Other countries
1,467 Other countries
12,044
£905,076
£477,241
537
The Transvaal gold output for December 1927 amounted to
851,225
fine ounces, as compared with 848,059 fine ounces for November
1927.
and 836.157 fine ounces for December 1926.
SILVER.
Throughout the week there has been little inclination to open fresh
commitments so that business has been mostly confined to covering and
prolongation of positions already open. China and India have operated
both ways. America has kept in touch with this market without any
pronounced activity. At the present level the tone seems fairly steady.
The following were the United Kingdom imports and exports of silver
registered in the week ended the 4th inst.:
ImportsExportsUnited States of America_ - £16,100 Iraq
£100,000
Other countries
7,490 Other countries
15,906
£23,590
£115,906
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Dec. 15. Dec. 22. Dec. 31.
Notes in circulation
17858
18165
18264
Silver coin and bullion in India
11046
10254
10853
Silver coin and bullion out of India
Gold coin and bullion in India
2976
We
Gold coin and bullion out of India
Securities (Indian Government)
5ii§i
3696
Securities British Government)
140
143
343
Bills of exchange
400
400
No silver coinage was reported during the week ended the 31st ult.
The stock in Shanghai on the 7th inst. consisted of about 48.500,000
ounces in sycee, 74,000,000 dollars, and 580 silver bars, as compared with
about 48.500,000 ounces in sycee, 74,000,000 dollars and 1.460 silver
bars on the 31st. ult.
-Bar Silver per Oz. Std.Bar Gold per
QuotationsCash.
2Mos.
Oz. Fine.
January 5
26 11-16d.
26%d.
845. 11%el.
January 6.267-16d. 84s. 110.
January 7
269-16d.
263d.
84s. 11 WI.
January 9
263id.
26 5-16d.
84s. 1130.
January 10
2630.
26 5-16d.
84s. lino.
January 11
2634d.
26%d.
845. 115i .
Average
26.562d.
26.385d.
84s. 11.3d.
The silver quotations to-day for cash and two months' delivery are
respectively 1-16d. above and the same as those fixed a week ago.
..513
5§
CURRENT NOTICES.
-Sherman Damon, known as an authority in New England on corporation law and management and for the past six years associated with the
Corporation Department of Harris, Forbes & Co., in Boston, has been
transferred to the New York office of that organization where he will serve
In like capacity.
-Chatham Phoenix National Bank and Trust Co. has been appointed
fiscal agent under agreement dated Jan. 10 1928, executed by the Municipality of Buenos Aires, Argentine Republic,securing an issue of $3.396.000
City of Buenos Aires external sinking fund 6% gold bonds, series C3, due
Oct. 1 1960.
-Elbert A. Harvey announces the opening of an office in Suite 910,
Chamber of Commerce Building, 80 Federal St.. corner of Franklin St.,
Boston. Mr. Harvey who was with Lee, Higginson & Co.,for eighteen
Years will act as Investment Counsel and as Agent in the investment of
funds.
-Koeppe, Langston. Loper & Co.. 39 South LaSalle St., Chicago,
have prepared for distribution a circular entitled "Recent Review of Joint
Stock Land Banks" which was compiled from articles appearing in leading
newspapers of the country. Copies may be had upon request.
-The Chatham Phenix National Bank & Trust Co. has been appointed
transfer agent for 10,000 shares of common stock, par value $100; $10,000
shares of preferred stock, par value $100, and 10,000 shares management
stock, no par value, of the Northern Capital Corporation.
-Harry C. Watts & Co., Inc., announce the opeing of offices at 39 S.
LaSalle St., Chicago, for the transaction of a general investment securities
business. The firm members are Harry C. Watts, Charles C. Dawes and
Edward J. Lehmann, Jr.
-Tooker & Co., members of the New York Stock Exchange. have opened
a Newark, N. J.. office at 519,520 Kinney Bldg.. Broad and Market Ste.,
under the management of George A. Bond, who has been connected with
them for the last three years.
-George S. Goode and Walter L. Goode announce the formation of
Goode & Goode, Inc., with offices at 74 Trinity Place, New York, for the
transaction of an investment securities business, specializing in bank and
.
insurance stocks.
-In connection with the listing of the common stock of the Kroger
Grocery & Baking Co. on the New York Stock Exchange, Lansburgh
Brothers, members of New York Stock Exchange, have issued an analysis
of the company with comparisons of number of stores, sales and earnings
since 1914.
-Watson & White, members of the New York Stock Exchange,announce
the opening of a branch office on the ground floor of the Barclay Hotel,
corner 49th St. and Lexington Ave.,under the managementof H.B. Guthrie
-James J. Ritz,formerly with B. J. Van Ingen St Co.and more recently
with the St. Louis Commerce Co., Inc., has become associated with the
New York office of Morris Mather & Co., Inc., in the sale department.
-G, E. Barrett & Co., Inc.. 120 Broadway, N. Y., have
prepared an
Illustrated 80-page survey of the natural gas industry together with a list
of the outstanding securities of representative natural gas companies.
-Ralph B. Leonard & Co., 25 Broad St., New York, have prepared an
analysis of the First National Bank of Rockville Centre, L. I., and a 1928
analysis showing the four year earnings of 77 New York City banks.
-Mrs. D. Lloyd Fulton, formerly with Guile, Winmill & Co., is now
associated with the uptown office at 20 East 57th St., New York. of De
Saint Phalle & Co., members of the New York Stook Exchange.
-Bonbright & Co. have opened a branch office at 314 East Fayette St.,
Syracuse in charge of John D. Shove, who was formerly in the investment
department of First Trust and Deposit Co. of Syracuse.
-Bradford, Kimball & Co.. dealers in government, municipal and
corporation bonds, have moved their offices to the twenty-first floor of the
Hunter-Oulin building 111 Sutter St., San Francisco.
-Bonner, Brooks & Co., 120 Broadway, New York, have prepared a
comparison of Consolidated Laundries pref. stock, and the pref. stocks of
13 other leading industrial corporations.
-The New York Stock Exchange firm of Clement & Whitney will expire
by limitation on Jan. 31 and the business will be continued as of Feb. 1
under the name of Gordon & Whitney.
538
,
[VOL. 126.
FINANCIAL CHRONICLE
-Richard J. Hennessey, formerly with Redmond & Co., has become
VOLUNTARY LIQUIDATIONS.
Capital.
associated with J. A. Ritchie & Co., Inc., 43 Exchange Place, N. Y., in
Jan. 10-The Farmers National Bank of Grapevine. Tex
3100,000
charge of their trading department.
Effective Dec. 28 1927. Liq. Comm., John S. Estill,
M. A. Buchanan and J. B. Wood, Grapevine, Tex.
-Charles D. Robbins 3c Co., members of the New York Stock Exchange.
Absorbed by The Tarrant County National Bank of
44 Wall St., New York, have opened a branch office at the Imperial Hotel,
Grapevine, No. 12708.
Broadway and 32d St., New York.
The Farmers National Bank of Beggs, Okla
50,000
-J. Roy Prosser & Co., 52 William St., N. Y., are distributing their
Effective 4 p. m. Dec. 30 1927. Liq. agent, Louis R.
Okla.
Beggs,
Steigleder,
January "Over-the-Counter Quotation Bulletin" which contains an anThe First National Bank of Aurora, Minn
25,000
alysis of the National Park Bank.
Effective Jan. 9 1928. Liq. Comm., Aug. Knuti,
-Paul Bauer & Co., 7 Wall St.. New York, have prepared a review of
Marcus Levin, Ira B. Luther, Aurora, Minn.; John
A. Barton, Two Harbors, Minn., and Theo. Alleading New York bank stocks, showing earnings for 1924, 1925, 1926
brecht, Minneapolis, Minn.
and quarterly earnings for 1927.
Jan. 13-The Witt National Bank, Witt, Ill
50.000
-Lansburg Brothers, 30 Broad St., N. Y., are distributing an analysis
Effective Jan. 111928. Liq. agent, H.S. Armentrout,
of The Kroger Grocery & Baking Co. with comparisons of number of stores,
Witt. Ill. Succeeded by, The National Bank of
Witt. No. 13144.
sales and earnings since 1914.
-The First National Bank of Witt, Ill
$50,000
-Bartlett & Gordon, Inc., Chicago, announce that P. A. Reinertson, Jan. 16 Effective Jan.
101928. Liq. Comm.:0.11. Lockhart,
who for many years was with Paine, Webber & Co., has become associated
H. F. Hoehn, Witt, Ill., and Henry C. Weber, Nokomis, Ill.
with them as Vice-President.
Succeeded by The National Bank of Witt, No. 13144.
-The Guarnaty Trust Co., of Now York has been appointed Transfer
-The First National Bank of Findlay, Ill
17
Jan.
25.090
consisting
Inc.,
of
oj
shares
50,000
Shops,
Pack
of
stock
the
Agent for
Effective Dec. 31 1927. Liq. Agent, J. E. Dazey,
common stock, no par value.
Findlay, Ill. To be succeeded by a new State bank.
The National Bank of Commerce in Philadelphia, Pa. 500,000
.-Chauncey F. Doughty, formerly with the National City Co.. has beEffective Dec. 1 1927. Liq. Agent, Jacos Netter, 713
come associated with Brooklyn Commerce Co., 215 Montague St., BrookChestnut St., Philadelphia, Pa.
lyn, as Assistant Treasurer.
Jan. 19-The First National Bank of Fort Lauderdale, Fla_
100,000
Effective Jan. 10 1928. Liq. Agent, Harold S. Dal,
-Schluter & Co.. Inc., announce that Norman L. Green is now repreFort Lauderdale, Fla. Absorbed by Fort Laudersenting them as Manager of the bond department of the Bankers Trust
Fort
Co.,
Trust
Lauderdale, Fla.
dale Bank &
Co. In Atlantic City, N. J.
The Merchants National Bank of Scobey, Mont
25,000
Effective Dec. 31 1927. Liq. Agent, F. E. Dillon,
Scobey, Mont. Absorbed by The First National
Bank of Scobey, Mont.. No. 10838.
•
CONSOLIDATIONS.
gounuercial and MiscellaneousItairs
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.
Merchandise Movement at New York.
Imports.
!with.
1927.
I
1926.
1927.
1928.
3
January -- 176.319.795 215,137.735 155,804.975 153,410,759
February .. 154.108.688 185.930.212 129.846.153 135.855.812
185.002,29 234,703,468 150.860,298 147,798.478
March
188,933.508193,961,303 164,037,393 164,810.083
April
163.149,501 161,807.859 139,497.479 124,551,837
May
105.089.895175,031.076 127,325,100 112.535,945
June
138.284.513 132.903,105
,
.
July
August- 166.332.013 181.973,351 142.861,747 116,821.090
128.772.0881151.629,613
182.914.678
172.707.698
September
October_ _ 175.855,280 177,239.687 137.849.7331123,823.326
November 179,611,688 185.959.035 156,060.057 149,662,955
-
Total_
Customs Receipts
at New York.
Exports.
1927.
1928.
$
24.850.299
23.681,705
26.675,460
28,635.472
24,059.482
27,940.184
28,620,038
30.852.625
32,593.222
31.626,401
29.487,856
26,628.880
25.131,733
29,523,243
24.280,726
20.333.749
25,280.529
24,619.552
29.183,549
32.000.997
31,369.820
30,431.598
18852799622049452766 1568799 536 1513802803305,022,744 298.784,374
Movement of gold and silver for the eleven months:
Silver-New York.
Gold Movement at New York.
Month.
Imports.
1927.
1926.
705.698
January __ 17.840.866
February - 14.060.641 10.707,020
1.512.363 3.201.667
March___
895.895
6,853.056
April
819,245
27.257.858
May
8.031,123 4,267.601
June
846.762
5.215.929
July
662.486
A ugust-- 8,107.889
972,617
September 1.714.313
523.979
495.910
October_
652,888
727,412
November
Exports.
1927.
1926.
$
14.466,637 2.569,831
2.084.371 2.012.359
1,628.544 2,038,148
802,731
1,928,638
901,208
756,245
932,108 2,174,510
1,090.730 1,508,540
883,618 21.154.974
24,188.981 21.675,322
9.147,118 1,013,790
34,200.361 1,463,905
Imports.
Exports.
1927.
1927.
1.105.628 3,881,180
955,028 3.757.076
1,702,278 3.745,506
1,154.664 4,766.576
1,514.513 3,854.017
1,501,913 2.833,622
1,554,118 3,470.003
1.492.026 2.727,989
2.154,705 4.450.040
1,796,403 2.402.526
2,007,426 2,988,534
Total.-- 89,817,160 24.055.838 91.285,351 57,405,318 16.938.702 38,877,089
National Banks.-4-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
9-The Merchants National Bank of Vicksburg, Miss_ _
250,000
The National Peoples Savings Bank & Trust Co. of
Vicksburg. Miss., consolidated under the Act of
Nov. 7 1918, as amended
100,000
Feb. 25 1927. under the charter of The Merchants Na•
tional Bank of Vicicsburg, No. 3430, and under the
corporate tite of "The Merchants National Bank &
Trust Co. of Vicksburg" with capital stock of
300.000
Jan. 17-Citizens National Bank of Hammond, Ind
100,000
The Hammond Trust Sr Savings Bank,Hammond,Ind. 100,000
Consolidated under the Act of Nov.7 1918, as amended
Feb. 25 1927, under the charter of the Citizens National Bank of Hammond. No. 8199, and under the
corporate title of "Hammond National Bank &
Trust Co.• with capital stock of $400,000.
' National Bank of Milwaukee, Wis.- 6,000,060
Jan. 21-First Wisconsin
The American National Bank of Milwaukee, Wis__-_ 1,000,000
Consolidated under the Act of Nov. 7 1918, under the
charter and corporate title of "First Wisconsin National Bank of Milwaukee," No. 64, with capital
stock of $6,000,000.
Jan.
Auction Salea.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Sons, New York:
S per sh.
Shares. Stocks.
2,052 Amer. Silver Corp.; 28 Baron
Hirsch Cemetery; $12,000 Cairo
& Norfolk RR. 1st mtge. s. I.
58 and 24 coupons attached, due
1928; 1,000 Cobalt Silver Queen,
Fuel
Ltd.; 150 Eastern Light
Co.; 215 Ferdinand Munch Brewery, partly liquidated; 15 Gibraltar Realty Co.;328 Hansen,Langham Corp., corn.; 20 Bank of
Newcastle (Va.); $720 bonds of
N. Y. Bottling Co.; $2.000 notes
of North Amer. Smelting Co.,
Ltd.; 34,000 Stanley Smelting
Works; 300 Tropical Timber Co.,
Inc.; all right, title and int. in and
to sundry claims and choses in
action,aggregating approx.$220,000 in amt. and shown on list
flied In office of auctioneers_.1930 lot
&
Shares. Stocks.
$ per sh.
2,200 Cellacote Co., Inc
$25 lot
10 Dues Press Corp.; 150 United
Sulphur Mines; 50 American SDIMite Co
$5 lot
250 Johnson Educator Biscuit Co.,
class B
$22 lot
275 Southern Mfg. Co.. com----57001c4
25 Bokl Realty Co., Inc.(N. Y.).
$10108
Par $50
By Barnes & Lofland, Philadelphia:
$ per share.
Shares. Stocks.
14,000 Spiro Film Corp., no par
(formerly Urban-Kineto Corp)..$10 lot
965 Olney Coal & Builders Supply
$400 lot
Co., no par
10 John B.Stetson Co.,com., no par 103
50 Frankford Trust Co., par 550.._405
30
30 Victory Ins. Co., Dar $10
10 Phila. Co. for Guar. Mtges. 336
295H
35 Colonial Trust Co., par 350
600 Continental-Equitable Title &
275
Trust Co.. par 850
4 Real Estate-Land Title & Tr. Co.717
10 Farm. Park dr Hadd. Pass. Ry. 45
12 Fairm. Park & Hadd. Pass. Sty. 43
20 Hestonv. Mantua & Fairmount
4254
Passenger Sty.. pref
7534
4 Contbaental Pass. IV
505 Macfadden Publications. Inc ,
3
Par $5
2 Porter's Truloods, Inc., corn ,
$1 lot
no par; 10 pref., par $10
5 Market St. Title & Tr.. par $50_467
18054
5 Erie National Bank
775
10 Central National Bank
721
3 Penn National Bank
1 Phila. Girard National Bank...-798
4 Phlia.-Girard National Bank_ __.797
430
5 Quaker City National Bank
15 Tmdesmeas National Bank.. 650
10 Corn Exchange National Bank_844
10 Corn Exchange National Bank_8434
7 Franklin-Fourth St. Nat. Bank 725
17554
3 Overbrook National Bank
175
2 Overbrook National Bank
5 First Nat. Bank of Paulsboro,N.J 425
14 First Nat. Bank dr Trust Co ,
300
Merclumtville, N. J
358
20 Union Bank & Trust Co
2 Oxford Bank dr Tr. Co., par 850_326
5 Bank of No. Amer. & Trust Co-478
3 Bank of No. Amer. dr Trust Co..477
Shares. Stocks.
$ per share.
5 West End Trust Co
711
2 Fidelity-Phila. Trust Co
F154
15 Provident Trust Co
840
13 Provident Trust Co_,,
841
5 United Security Life Ins.& Trust 244
5 United Security Life Ins.& Trust 2423,
10 Delaware County Trust Co ,
301
Chester. Pa
10 Glecutide Trust Co.. par $50
55
10 Burlington County Trust Co.,
361
Moorestown, N. J
10 Burlington County Trust Co ,
361
Moorestown, N. J
4 Broadway Merchants Trust Co.,
380
Camden, N. J
270
2 South Camden Trust Co
$255 lot
70 Hare & Chase, Inc., pref
45 Hare dr Chase, Inc., corn,.
$17 lot
no par
66
10 East Pennsylvania RR
4 Amer. Druggist Synd., par $10
5
90 Girard Ave. Farmers Market,
35
Par $50
20 Commonwealth Casualty Co..
22
Par $10
11454
10 Union Passenger Ry
10 Phila. & Suburban Mtge. Guar- 15°
5 United Security Title WS. Co..100
10 First Nat. Bank, Philadelphia-550
60
6 Empire Title & Trust
20 2d & 3d Ste. Passenger Sty... 176i
per
Rtght•
$
Rights.
34054
5 Nat. Bank of Germantown
340
10 Nat. Bank of Germantown
Cent.
Per
Bonds.
$82,823.01 American Manganese
Mfg.Co.6% 2d general durnbar,
Ctrs. of Fidelity-Phila. Trust Co..
Paid assessment of $500 Per bond
$40 lot
endorsed thereon
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
•
Jan. 17-The National Fruit & Produce Bank of New York,N.Y $1,000,000
Correspondent. R.S. Nichols, 117 Liberty St., N.Y.C.
Jan. 19-The Santa Monica National Bank,Santa Monica, Cal. 200,000
Correspondent, E. H. Seaver, 230 Wilshire Blvd.,
Santa Monica, Calif.
50,000
The Mahwah National Bank. Mahwah, N..1
Correspondent. Raymond F. Dater, Mahwah, N. J.
50,000
The National Bank of Island Park, New York
Correspondent, Charles N.Talbot Jr., Island Park,N.Y.
APPLICATIONS TO ORGANIZE APPROVED.
Jan. 19-The Third National Bank & Trust Co. of Camden,N.J. 200,000
Correspondent, Harold F. Stephenson, 2637 Westfield
Ave., Camden, N. J.
50,000
The Leola National Bank, Leola, Pa
Correspondent, R. E. DeWalt, Leola, Pa.
100,000
Jan. 21-The Washington National Bank of Scranton, Pa
Correspondent, Joseph S. Nemethy, P. 0. Box 292,
Scranton, Pa.
CHARTERS ISSUED.
Jan. 21-The Cumberland National Bank of Fayetteville, N. C. 150,000
Conversion of Cumberland Savings & Trust Co., Fayetteville, N. C.
President, Frank H.Stedman: Cashier, Albert Stewart.
25,000
The First National Bank in Madan& La
President, H. A. Sherman; Cashier, L. T. Baker.
25,000
The First National Bank in Glen Rose, Tex
President, Geo. P. Snyder: Cashier, C. A. Bridges.
CHANGES OF TITLES.
Benton Harbor, Mich. to
Jan. 16-The American National Bank ofTrust
Co.of Benton Harbor."
"The American National Bank &
Ga., to "Moultrie
Moultrie,
Bank,
National
Moultrie
The
National Bank."
to "The First NaPa.,
Newtown,
of
Bank
National
First
Jan. 17-The
tional Bank & Trust Co. of Newtown."
to "The Peoples
Pa.,
Monessen,
of
Bank
National
Peoples
-The
Jan. 20
By A. J. Wright & Co., Buffalo:
National Bank & Trust Co. of Monessen."
$ per sh.
Perth. Shares. Stocks.
Calif., to "The Citi- Shares. Stocks.
60,
Jan. 21-The Citizens National Bank of Riverside,
500 Apex Mines, par $1
4 Buff. Niag. dr East. Power, Prof..
Riverside."
of
Bank
Savings
&
Trust
National
zens
$28
100 Candy Products Corp., par $2,
Par $25
lot
50c.
FEB.
OF
ACT
1927.
25
THE
UNDER
peso._
1
par
Mines,
lot
_11
4,300 Adargas
BRANCHES AUTHORIZED
200 Thermiodyne Radio, no par_ _ _$1 tot
2 Buff. Niag. & East. Power, no
Mass.
lc.
Jan. 18-The Boston National Bank, Boston,
$1
par
Mines.
Reef
3534
par
Gold
500
Location of Branch-Vicinity of the corner of Blue Hill and 1,912 Adargas Mines, par 1 peso.-31 lot
Woodrow Avenues, Boston,
JAN. 28 1928.]
FINANCIAL CHRONICLE
By R. L. Day & Co., Boston:
Shares. Stocks.
$ Per eh.
5 First Nat.Bank
513
2 Federal Nat.Bank
265
14 Merchants Nat.Bank
43131-435
2 Second Nat. Bank
420
10 Old Colony Trust Co.
410
5 Beacon Trust Co
28231
13 First Nat. Bk. Haverhill, Mass...122
4 Warren Nat. Bk.,Peabody, Mass.160X
10 Pepperell Mfg.Co
10434
50 United States Worsted Corp,com 500
30 Lancaster Mills, pref
1631
1 Farr Alpaca Co
152
225 Western Mass. Cos
8331-6331
120 Dyer Mfg. Co., pref par $10__$4 lot
15 Quincy Mkt.Cold Stor.& W'h'se'
Co..common
3654
Shares. Stocks.
$ per sit.
5 Bausch Machine Tool Co., pfd..
1 Bausch Mach. Tool Co.,com- _ 35
25 Alaska Gold Mines, par $10; 50
Truro Steel Co., Ltd.;$300 Alaska
Alaska Gold Mines 68, Mar.1926,
ser "B"
S8 lot
14 Draper Corp
7231
21 Quincy Mkt. Cold Stor. &
W'h'se com
3631
Rights$ per right.
174 First Nat.Bank
4231
BondsPer Cent.
$500 Dartmouth Stuart Realty Co..
8s. Feb.15 1953
95
$1000 Y.D.Sexy. Gar.. Worcester.
634s,July 1955
95
By Wise, Hobbs & Arnold, Boston:
Shares. Storks.
$ per sit.
11 Webster & Atlas Nat,Bank__-186-187
30 First National Bank
511
45 Old Colony Trust Co
409
14 National Shawmut Bank_ _.33631-337
50 Natunkeag Steam Cot, Co
17234
27 Arlington Mills
44
36 Farr Alpaca Co
15434
7 Pepperell Mfg. Co
10431
3 Wampanoag Mills
5
14 Bates Mfg. Co
108
50 Canad. Conn. Cot. Mills., Ltd.,
common, class B
750
18 Conn. Mills, 1st pref
1331
10 Maas. Real Estate Co
45
44 Brockton Gas Light Co., v. t. c. 5434
5 Boston Insurance Co
956-963
Shares. Stocks.
Spot oh.
5 Attleboro Steam & El. Co., v.t.c. 93
2 Converse Rub. Shoe Co., pref.__ 16
50 New Eng.Pow. Assn..6% Pf-- 99
10 Maas. ULU. Inv. Trust
1231
50 Eastern Mfg. Co., pref
3931
10 Draper Corp
7344
5 Laconia Car Co
6
25 New Bedford G.& Eds. Lt. Co.,
(undependent)
10031
9 Rockland Light & Power Co.,
cony. pref. V. C.c
8734 ex-dIv.
33 American Glue Co
39
50 West Boston Gas Co., V. t. c
3834
33 Sullivan Machine Co
5034
56 Springfield G., Lt. Co.,v.t.c.88 X-68 X
15 Merrimac Hat Corp
69
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.
Railroads (Steam).
Centralof NewJersey(quar.)
Delaware & Hudson Co. ((oar.)
Green Bay & Western
Maine Central, corn. (quar.)
Preferred (quar.)
Norfolk & Western, corn. ((uar.)
Pennsylvania RR. (guar.)
Reading Co.. 1st pref. (quar.)
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
*2
Feb. 15 *Holders of rec. Feb. 6a
*24 Mar.20 *Holders of rec. Feb. 27a
Feb. 6 Holders of rec. Feb. 4
5
*1
Apr. 2 *Holders of rec. Mar. 15
*131 Mar. 1 *Holders of res. Feb. 15
Mar. 19 *Holders of rec. Feb. 29a
*2
'8714c Feb. 29 *Holders of rec. Feb. 1
*500. Mar. 8 *Holders of rec. Feb. 16
Public
Arkansas Natural Gas (guar.)
•12c. Mar.31 *Holders of rec. Feb. 24
Brooklyn Edison Co. (guar.)
Mar. 1 *Holders of rec. Feb. 9
'2
Charlestown Gas dc Elec.(guar.)
"$1.50 Feb. 1 *Holders of rec. Jan. 20
Consolidated Gas(N. Y.). corn.(guar.). *31.25 Mar.15 *Holders of rec. Feb. 6
Havana Elec. Ry., pref. ((uar.)
114 Mar. 1 Holders of rec. Feb. 10
,,Kansas City Pow. ALL., Pt. A (quar.)_ "$1.75 Apr. 1 *Holders of rec. Mar. 14
Los Angeles Gas & Elec.. Prof.(quar.).. •134 Feb. 15 *Holders of rec. Jan. 31
Louisville Gas & Elec.(Del.), A & B (qu) 4331c. Mar.24 Holders of rec. Feb. 29
Lowell Electric Light (guar.)
62310. Feb. 1 Holders of rec. Jan. 210
Marconi Wireless Teleg., Lond.. ord.cup. 4.8d Jan. 27 Holders of coup. No.28m
National Power de Light, corn. (guar.)._ *250. June 1
Northern Liberties Gas Co
Mar.12 Feb. 5 to Mar.
$1
Northern Ohio P.& L.,8% pt. (quar.)_ _ '131 Apr. 2 *Holders of rec. Mar. 1
1
7% preferred (arias.)
*131 Apr. 2 *Holders of rec. Mar. 1
Philadelphia Co.,5% pref
*S1.25 Mar. 1 *Holders of too. Feb. 1
Set.
Corp.
Public.
of N. J., corn. ((ah)._
50c Mar.31 *Holders of rec. Mar.
7% preferred (guar.)
134 Mar. 31 *Holders of rec. Mar.
g% preferred (quar.)
Mar.31 *Holders of rec. Mar.
2
6% preferred (monthly)
*500 Feb. 29 *Holders of rec. Feb.
6% preferred (monthly)
*50c Mar.31 *Holders of rec. Mar.
Public Service Elec. & Gas,6% pL ((u.)
'
134 Mar.31 *Holders of rec. Mar.
Radio Corp. of Amer., Prof. A (guar.)._ 87310 Apr. 1 Holders of rec. Mar. la
Securities Corp. General, corn.(quar.)_ *SI
Feb. 1 *Holders of rec. Jan. 23
First preferred (guar.)
'$1.75 Feb. 1 *Holders of roe. Jan. 23
United Gas & Elec. Corp., coin
(a) Feb. 3 Holders of rec. Jan. 31
Fire Insurance.
Bankers & Shippers, Ins. (guar.)
24.5 Feb. 1 Holders of roe. Jan. 28
Commonwealth Insurance
10
Jan. 25 Holders of rec. Jan. 25a
General RCIRSUrtillee Corp.(guar.)
21.25 Feb. 15 Holders of rec. Jan. 31a
Globe & Rutgers Insurance (quar,)
11
Jan. 3 Jan. 24 to Jan. 31
Mercantile Ins. Co. of America
15
Holders of tee. Jan. 26a
Pulite Fire Insurance
21.25 Jan. 25 Holders of roe. Jan. 24
Miscellaneous,
Amer. Art Works, corn. (extra)
*4
Feb. I *Holders of rec. Jan. 14
American Chicle, corn. (quar,)
*750. Apr. 1 *Holders of rec. Mar.15
Prior preferred (quar.)
•144 Apr. 1 *Holders of rec. Mar. 15
Amer. Home Products (monthly)
200. Mar. 1 Holders of rec. Feb. 14
American Metal, corn. (quar.)
*75e. Mar. 1 *Holders of rec. Feb. 18
Preferred (guar.)
•131 Mar. 1 *Holders of rec. Feb. 18
American Radiator, com. (quar.)
$1.25 Mar.31 Holders of roe. Mar. 15a
Preferred (quar.)
134 Feb. 15 Holders of rec. Feb. 6
American Tobacco, corn. Acorn.B (qu.). $2
Mar. 1 Holders of rec. Feb. 10
Ampere Mining (quar.)
'1 Feb. 10 *Holders of rec. Jan. 31
Appleton Company, pref. ((uar.)
*131
Feb. 1 *Holders of rec. Jan. 26
Bachmann, Emerich & Coduc., pfd.(qu) $2
Jan. 31
Not closed
Bates Manufacturing
*4
Feb. 1 *Holders of rec. Jan. 24
Beech-Nut Packing ((uer.)
60e. Apr. 10 Holders of rec. Mar.24
Benesoh (I.) & Sons, Inc. coin. A (aunt.) •75c. Jan. 31 *Holders of rec. Jan. 20
Preferred (tiar.)
•500. Jan. 31 *Holders of rec. Jan. 20
Bethlehem Steel. prof. (quar.)
Apr. 2 *Holders of rec. Mar. 5
Bohack (II. C.) Co., corn.((oar.)
•234 Feb. 1 *Holders of rec. Jan. 18
Brill (J. G.) Co., corn. (quar.)
"51.25 Feb. 1 *Holders of rec. Jan. 28
Preferred ((uar.)
'134 Feb. 1 *Holders of rec. Jan. 28
Buckeye Pipe Line (quar.)
$I
Mar. 15 Holders of rec. Feb. 17
Extra
$1
Mar.15 Holders of rec. Feb. 17
Bunker Hill & Sullivan Mining & Concentrating (monthly)
*25e. Feb. 4 *Holders of rec. Jan. 31
Extra
*50c. Feb. 4 *Holders of rec. Jan. 31
Butler Bros. (quar.)
*50c. Feb. 15 *Holders of rec. Feb. 3
By-Products Coke, com.((uar.)
*500. Mar.20 *Holders of rec. Mar. 6
Bess. Limestone & Cement class A (qu.) 750. Feb. 1 Holders of roe. Jan. 25
California Petroleum ((oar.)
"250. Mar. 1 *Holders of rec. Feb. 3
Canadian Vickers, Ltd., pref. (guar.)._ _
134 Feb. 15 Holders of rec. Jan. 31
Caterpillar Tractor (guar.)
•350. Feb. 25 *Holders of rec. Feb. 15
Extra
*20c. Feb. 25 *Holders of rec. Feb. 15
0.0.Spring & Bumper,com.((uar.)._ _ 200. Feb. 15 Holders of rec. Jan. 2130
Obilds CO., cont. (quar.)
800. Mar. 10 Holders of rec. Feb. 24
Preferred ((uar.)
131 Mar. 10 Holders of rec. Feb. 24
Chile Copper Co.(quar.)
•62310 Mar.30 *Holders of rec. Mar. 2
Colorado Fuel & Iron, Prof. mar.)_ _
*2
Feb. 25 *Holders of rec. Feb. 10
(Zloty, Inc. (quar.)
•51.25 Mar.30 *Holders of rec. Mar. 18
Stook dividend
*6
Mar .12 *Holders of rec. Mar. 1
Delaware Division Canal
lob. 15 Feb. 5 to
$1
Feb. 14
Dlamond Match ((oar.)
•2
Mar.15 'Holders of rec. Feb. 28
Dow Chemical, common (tsar.)
•S1.25 Feb. 15 *Holders of tee. Feb. 1
Preferred (quar.)
Feb. 16 *Holders of rec. Feb. 1
Ebsary Gypsum Co., Inc
10
Mar. 15 Holders of rec. Dec. 31
•134
4.131
539
When
Per
Cent. Payable,
Books Closed.
Days Inclusive:
Miscellaneous (Continued).
Educational Pictures, Inc., pref. (qu.)-- *S2
Feb. 1 *Holders of rec. Jan. 14
Elsemann Magneto, pref. (quar.)
134 Feb. 1 Holders of rec. Jan. 20
Eisenstadt Mfg., pref. (quar.)
134 Feb. 1 Holders of rec. Jan. 25
Fairbanks, Morse & Co., corn.((uar.)._ "750. Mar.31 "Holders of rec. Mar.
•131 Mar. 1 'Holders of rec. Feb. 12
Preferred (guar.)
11
Federal Motor Truck (guar.)
•20c. Apr. 2 *Holders of rec. Mar. 17
Stock dividend
*e234 Apr. 5 "Holders of rec. Mar.17
Fifth Ave. Bus Securities (guar.)
*180 Apr. 17 'Holders of rec. Apr. 3
Finance Service Co.(Baltimore).com
4
Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
141 Mar. 1 Holders of rec. Feb. 15
Fitz'mons& Connell Dred-Dock,com.qu. *50c. Mar. 1 "Holders of rec. Feb. 18
Gen. Outdoor Advertising, cl A ((uar.)_ *21 Feb. 15 'Holders of rec. Feb. 6
Preferred (guar.)
"21.50 Feb. 15 *Holders of rec. Feb. 6
Globe-Democrat Pub. Co., pref. (qu.)- 134 Mar. 1 Holders of rec. Feb. 20
Goodrich (B. F.) Co., com.(quits.)
.51
Mar. 1 *Holders of rec. Feb. 10
.
1% Apr. 2 *Holders of reo. Mar.
Preferred ((uar.)
9
Preferred (quer.)
*154 July 2 *Holders of rec. June 8
Gotham Silk Hos., vot. & non-vot. corn _ *4
Feb. 15 *Holders of rec. Feb. 1
Great Lakes Dredge & Dock (quar.)
2
Feb. 15 Holders of rec. Feb. 8
Extra
2
Feb. 15 Holders of rec. Feb. 8
Harmony Mills, pref.((uar.)
•1,4 Feb. 1 *Holders of rec. Jan. 26
Hart Schaffner & Marx, Inc., corn.(qu.) *2
Feb. 29 'Holders of rec. Feb. 15
Hawaiian Comm'l & Sugar (monthly).250. Feb. 6 *Holders of rec. Jan. 25
Hibbard,Spenser, Bartlett & Co.(mthlY)
Jan. 27 Holders of rec. Jan. 20
35c.
Monthly
35c Feb. 24 Holders of rec. Feb. 17
Monthly
350 Mar. 30 Holders of rec. Mar. 23
Hood Rubber Products, prof.((uar.).Mar. 1 *Holders of rec. Feb. 20
Household Products (quar.)
*87)4c Mar. 1 *Holders of rec. Feb. 15
Houston Oil, preferred
41,3
Feb.
Imperial ou, Ltd.(guar.)
•250
Extra
•1231c
Imperial Tob.of G.B.& Ire., ord.(extra)
Final dividend
•10
Independent Packing,corn.((tear.)
32)4c Feb.
Holders of rec. Jan. 20
Preferred (quar.)
1)4 Feb.
Holders of roe. Jan. 20
Industrial Finance Corp., 7% pf. (qu.). 154 Feb.
Holders of rec. Jan. 200
Six per cent preferred (quits.)
1)4 Feb.
Holders of rec. Jan. 200
Debentures(quar.)
134 Feb.
Holders of rec. Jan. 200
Ingersoll-Rand Co.,com.((oar.)
•75e. Mar. *Holders of rec. Feb. 4
International Silver. coin. (guar.)
134 Mar.
Holders of rec.
Interstate Term. Warehouse, pf. (guar.) 25c. Feb. 10 Holders of rec. Feb. 156
Jan. 31
Jones & Laughlin Steel. corn. (guar.)
'134 Mar. 1 *Holders of rec. Feb. 15
Preferred (quar.)
•134 Apr. 2 *Holders of rec. Mar.1$
Jordan Motor Car, preferred-Dividend °mitt ed
Joske Bros.(quar.)
*75c. Feb. 20 *Holders of rec. Feb. 6
Kruskal & Kruskal. Inc.(quar.)
500. Feb. 15 Holders of rec. Jan. 31
Laclede-Christy Clay Products,com.(qu)
50e. Feb.
Holders of rec. JIM. 21
Laguna Land & Water(monthly)
•1
Feb. 10 *Holders of rec. Feb. 1
Monthly
•1
Mar.10 *Holders of rec. Mar. 1
Monthly
•1
Apr. 10 *Holders of roe. Apr. 1
Monthly
May 10 *Holders of rec. May 1
Lamson & Hubbard Corp., pf. acer.div.) 9•5
Mar,20 *Holders of rec. Mar.10
Lehigh Coal to Navigation (guar.)
•1
Feb. 29 *Holders of rec. Feb. 4
Liggett & Myers Tob., com. B (quar.)_
Mar. 1 Holders of rec. Feb. 15
Common and common B (uttra)
Mar. 1 Holders of rec. Feb. 15
Lima Locomotive Wks.,Inc.,com.(qu.)
Mar. 1 *Holders of rec. Feb. 15
Lindsay Light, pref. (guar.)
Feb. 10 Holders of rec. Feb. 46
Loew's Ohio Theatres. pref. (quar.)---Feb. 1 Holders of rec. Jan. 26
McCord Radiator & Mfg., Cl. B (guar.)Feb. 10 *Holders of rec. Feb. 4
Manufactured Rubber, pref.(quer.)---Feb. 10 Holders of rec. Jan. 31
Mark (Louis) Shoes, Inc., pref. (quar.)_
Feb. 1 Holders of rec. Jan. 20a
Martin Parry Corp.-Dividend omitted
Mathleson Alkali Works, corn. (quar,),... *21.50 Apr. 2
*Holders of rec. Mar. 16
Preferred (guar.)
Apr. 2 *Holders of rec. Mar.16
McIntyre Porcupine Mines, Ltd. (qu.)25e Mar. 1 Holders of rec. Feb. 1
McKesson dr Robbins, com.(quar.)
250 Feb. 10 Feb. 1 to Feb. 9
Common(extra)
25c Feb. 10 Feb. 1 to Feb. 9
Preferred ((uar.)
131 Feb. 10 Feb. 1 to Feb. 9
Preferred (extra)
31 Feb. 10 Feb. 1 to Feb. 9
Merchants Manufacturing-Dividend pa ssed.
Mid-Continent Petrol corp., pt. (guar.)
Mar. 1
of rec. Feb. 15a
Minneap-Honeywell Regul. com.(No. 1) 6214c Feb. 15 Holders
Holders of rec. Feb. 4
Common
$1.250 Aug. 15 Holders of rec. Aug. 4
Preferred ((uar.), (No. 1)
131 Feb. 15 Holders of rec. Feb. 4
Preferred ((uar.)
134 May 15 Holders of rec. May 4
Preferred ((uar.)
144 Aug. 15 Holders of rec. Aug. 4
Preferred ((uar.)
154 Nov.15 Holders of rec. Nov. 3
Mirror (The), pref. ((uar.)
*134 Feb. 1 *Holders of rec. Jan. 25
Missouri Portland Cement (guar.)
50c Feb. 1 Holders of rec. Jan. 20
Morris Plan Bank, Cleveland
3
Feb. 1 Holders of rec. Jan. 25
Muller Bakeries, class A ((uar.)
*82)4 Feb. 1 *Holders of rec. Jan. 25
Preferred (guar.)
Feb. 1 *Holders of rec. Jan. 25
Alunsingwear, Inc. ((uar.)
• 750 Mar. 1 Holders of rec. Feb. 16
National Brick, Ltd., pref. (qum%)
Feb. 16 Holders of roe. Jan. 31
N. Y.Transportation (quar.)
*50e. Apr. 16 *Holders of rec. Apr. 2
Nichols & Shepard Co., pref.((uer.).
*S1.75 Apr. 1 *Holders of rec. Mar.15
Preferred Neel accum. dividends)._ •$5.25 Feb. 4 *Holders of rec. Feb. 1
Omnibus Corp., pref. ((tsar,)
*S2
Apr. 2 *Holders of reo. Mar.16
Ontario Steel Prod., com., $100 par(qu.) 131 Feb. 15 Holders of rec. Jan. 31
Common (no par), ((oar.)
3734c. Feb. 15 Holders of rec Jan. 31
Preferred ((uer.)
131 Feb. 15 Holders of rec. Jan. 31
Oppenheimer (S.) to Co., pref. ((Iran)._
2
Feb. 1 Holders of rec. Jan. 25
Pacific Coast Biscuit, com. ((uar.)
*25c Feb. 1 *Holders of rec. Jan. 14
Preferred (guar.)
*8731 cFeb. 1 *Holders of rec. Jan. 14
Packard Motor Car (monthly)
"250 Mar.31 *Holders of rec. Mar.15
Monthly
*250 Apr. 30 *Holders of rec. Apr. 14
Monthly
*25c May 31 *Holders of rec. May 15
Peabody Coal, corn. (monthly)
"50 Feb. 1 *Holders of rec. Jan. 21
Preferred (monthly)
*59c Feb. 1 *Holders of rec. Jan. 21
Peoples Drug Stores, pref. (guar.)
$2
Feb. 15 *Holders of rec. Feb. 1
Phillips-Jones Co., common (guar.)._ *S1
Mar. 1 *Holders of rec. Feb. 20
Pratt & Lambert,Inc.,com.((uar.)._
*750. Apr. 2 *Holders of rec. Mar. 15
Pressed Steel Car, pref. (guar.)
154 Mar.31 Holders of rec. Mar. 1
Procter & Gamble, corn. ((uar.)
sy
Feb. 15 *Holders
Pure Food Stores, Ltd., 1st to 2d pf.((11.) 134" Feb. 1 Holders of rec. Jan. 25
of rec. Jan. 27
Seacrest Laundry,common ((uer.)
*25e. Feb. 1 *Holders of rec. Jan. 15
Preferred (guar.)
4.134 Feb. 1 *Holders of rec. Jan. 15
Sherwin-Williams Co., corn. (Qum.) -75c Feb. 15 Holders of rec. Jan. 31
Common (extra)
12310 Feb. 15 Holders of rec. Jan. 31
Preferred ((uar.)
144 Mar. 1 Holders of rec. Feb. 15
Skouras Bros., class A (quar.)
750 Feb. 1 Holders of rec. Jan. 25
Standard Oil (Ohio). pref.(quar.)
154 Mar. 1 Holders of rec. Feb. 10
Stewart-Warner Speedometer ((uar.)$1.50 Feb. 15 Holders of rec. Feb. 4a
Stromberg-Carlson Tel. Mtg.(quar.)
*250. Mar. 1 *Holders of rec. Feb. 14
Extra
*12)4c Mar. 1 *Holders of rec. Feb. 14
Sun OIL preferred ((uar.)
131 Mar. 1 Holders of rec. Feb. 10
Swan-Finch Oil Corp., pref. (quar.)
*43Sic
1 *Holders of tee. Feb. 10
Transue to Williams Steel Forg.((uar.). •25c. Mar.
Mar.15 *Holders of rec. Mar. 1
Troxel Mfg.,common ((tsar,)
$1.50 Feb. 1 Holders of rec. Jan. 20
Preferred (guar.)
144 Feb. 1 Holders of rec. Jan. 20
Union Cotton Mfg.(quar.)
*S1.50 Feb. 1 *Holders of rec. Jan. 25
Union Sugar, pref. ((uer.)
*44c. Feb. 10 *Holders of rec. Feb. 3
United Engineering to Fdy., corn. ((u.)_ *40c.
Feb. 10 *Holders of rec. Jan. 31
Common (extra)
•200. Feb. 10 *Holders of rec. Jan. 31
Preferred ((tsar,)
*$1.75
Feb. 10 *Holders of rec. Jan. 31
U.S. Realty & Improvement (tten).- SI
Mar.15 Holders of rec. Feb. 24
U.S.Dairy Products, 1st pref.(guar.)
U.
•$1.75 Mar. 1 *Holders of rec. Feb. 15
Second preferred ((uar.)
vs2
Mar. 1 *Holders of rec. Feb. 15
U.S. Hoffman Machinery(qu.)
*S1
Mar. 1 *Holders of rec. Feb. 17
Vulcan Last ((ttar.)
•750. Apr. 2 *Holders of rec. Mar. 15
Stock dividend
*5
Apr. 2 *Holders of rec. Mar. 15
Wilson & Jones((w.)
*500. Mar. 1 *Holders of rec. Feb. 24
Extra
•280. Mar. I *Holders of rec. Feb. 24
Winter (Benjamin), Inc., pref.(quar.)..., $1.25 Feb. 15 Holders of rec. Feb. 1
Worth, Inc., convertible A
*20c. Feb. 1 *Holders of rec. Jan. 20
Wright-Hargreaves Mines, Ltd
'Sr. Feb. 1 *Holders of rec. Jan. 17
Name of Com:mint/.
131
134
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
540
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Data Inclusive.
Railroads (Steam).
$1.75 Feb. 13 Holders of rec. Jan. 13
Alabama Great Southern preferred
$1.50 Feb. 13 Holders of roe. Jan. 13
Preferred (extra)
Atch. Topeka & Santa Fe, corn.(quar.)_ 1% Mar. 1 Holders of rec. Jan. 27a
Common (extra)
760. Mar. 1 Holders of rec. Jan. 270
Preferred
234 Feb. 1 Holders of roe. Dec. 300
•3,1 July
5 *Holders of rec. June 15
Augusta & Savannah (extra)
134 Mar. 1 Holders of rec. Jan. 140
Baltimore At Ohio, common (guar.)
Mar. 1 Holders of rec. Jan. 14a
1
Preferred (quarterly)
134 Feb. 1 Holders of rec. Dec. 300
Canada Southern
Feb. 1 Holders of roe. Jan. 1
Connecticut & Passumpsic Rivers. p1......
a Feb. 1 Holders of rec. Jan. 160
CubaRR. preferred
2%
Feb. 1 Holders of rec. Dec. 27a
preferred
Great Northern,
Hudson & Manhattan,pref.(semi-ann.)- 234 Feb. 15 Holders of rec. Feb. la
Internat. Rys. of Cent. Am., pref. (qu.) 13( Feb. 15 Holders of rec. Jan. 31a
3% Feb. 10 Holders of rec. Jan. 16a
Louisville & Nashville
Mahoning Coal RR.. common (gutu'.)- $12.50 Feb. 1 Holders of rec. Jan. 180
3
Feb. 1 Holders of rec. Jan. 1
Massawippi Valley
20
Jan. 28 Holders of rec. Dec. 30a
Michigan Central
$1.25 Feb. 1 Jan. 13 to Jan. 31
Mine Hill & Schuylkill Haven
334 Feb. 1 Holders of rec. Jan. 20
Nashville Chatt. & St. Louis
2
Feb. 1 Dee. 31 to Jan. 25
New York Central RR.(guar.)
1
Feb. 18 Holders of rec. Jan. 310
Norfolk & Western, adj. pref. (quar.).
134 Feb. 1 Holders of roe. Dec. 30a
Northern Pacific (quar.)
13,4 Feb. 1 Holders of rec. Jan. 100
Pere Marquette, prior prof.(guar.)
134 Feb. 1 Holders of rec. Jan. 100
Five per cent preferred (guar.)
$2.50 Feb. 1 Holders of rec. Dec. 30a
Pittsburgh & Lake Erie
134 Jan. 31 Holders of rec. Jan. 18a
Pittsburgh West Va,corn.(quar.)
$1
Feb. 9 Holders of rec. Jan. 12a
Reading Co., corn.(guar.)
1h Feb. 1 Holders of rec. Jan. 140
St. Louis-San Francisco Ry., pref.(qu.)
154 May 1 Holders of rec. Apr. 7a
Preferred (guar.)
13.4 Aug. 1 Holders of rec. July 14a
Preferred (guar.)
154 Nov. 1 Holders of rec. Oct. 155
Preferred (guar.)
2
Feb. 1 Holders of rec. Jan. 3a
Southern Ry.. common (guar.)
*3
Feb. 1 *Holders of rec. Jan. 14
Virginian Ry.. preferred
134 Feb. 25 Holders of rec. Jan. 250
Wabash, pref. class A (guar.)
Feb. 6 Holders of rec. Dec. 310
5
Preferred B
Public Utilities.
American Commonwealths Power Corp.
$1.75 Feb. 1 Holders of rec. Jan. t 4
First preferred (guar.)
$1.75 Feb. 1 Holders of rec. Jan. 14
Second preferred (guar.)
Jan. 30 *Holders of rec. Jan. 16
Amer. Dist. Teleg. of N. J., corn. (qu.).. *$1
154 Feb. 1 Holders of rec. Jan. 10
Amer. Gas dr Elec., pref.(guar.)
2
Feb.
1 Jan. 17 to Jan. 26
(guar.).corn.
Light
dr
Trac.,
American
135 Feb. 1 Jan. 17 to Jan. 28
Preferred (guar.)
500 Feb. 15 Holders of rec. Jan. 31
Amer.Superpower, partic. pfd.(quar.)_
250. Feb. 15 Holders of rec. Feb. is
Amer Water Works & Elec., corn.(qu.)(I) Feb. 15 Holders of rec. Feb. la
Common (1-40th share corn. stock)
Associated Gas& El.,class A (guar.)_-- _ 1500. Feb. 1 Holders of rec. zJan.10
1250. Feb. 1 Holders of rec. zJan.10
Class A (extra)
31.50 Mar. 1 Holders of rec. Jan. 31
$6 preferred (guar.)
I f1.6234 Mar. 1 Holders of rec. Jan. 31
$634 preferred (guar.)
Bangor Hydro-Electric Co., corn. (on.)- *134 Feb. 1 *Holders of rec. Jan. 10
134 Mar. 1 Holders of rec. Jan. 31
Brazllian Tr., Lt. & Pow., ord (quar.)
13.4 Feb. 1 Holders of rec. Jan. 16
Broad River Power, pref. (guar.)
Bklyn.-Manhat. Tran., pf.. ser. A (au) $1.60 Apr. 16 Holders of rec. Apr. la
*81
Feb. 1 *Holders of rec. Jan. 20
Cambridge Electric Light (quar.)
Central Hudson Gas & Elec. corn. v t o_ 600. Feb. 1 Holders of rec. Dec. 31
$1.50 Apr. 14 *Holders of rec. Mar. 31
Central Ill. Pub. Serv., pref. (quar.)
134 Feb. 1 Holders of rec. Jan. 14a
Central Power & Light. Pref. (guar.)
Central & S. W. Utilities$1.75
_
(guar.)
Feb. 15 Holders of ere .Jan. 31
preferred
stocks
and
lien
Prior
Chicago Rapid Tran.. prior pref. A (qu.) 650. Feb. 1 Holders of rec. Jan. 17a
650. Mar. 1 Holders of roe. Feb. 2I0
Prior pref. A (guar.)
60o. Feb. 1 Holders of rec. Jan. 17a
Prior pref. series B (guar.)
60c. Mar. 1 Holders of rec. Feb. 21a
Prior prof. series B (guar.)
Columbia Gas & Elec., common (guar.). $1.25 Feb. 1 5Holders of rec. Jan. 20a
.
Preferred (guar.)
134 Feb. 1 5Holders of rec. Jan. 20a
Feb. 1 *Holders of rec. Jan. 14
Commonwealth-Edison Co. (quar.)-___ *2
Commonwealth Power Corp.,corn.(qu.) 6254c. Feb. 1 Holders of rec. Jan. lla
134 Feb. 1 Holders of rec. Jan. 11
634% preferred (guar.)
*650. Jan. 28 *Holders of rec. Jan. 14
Community Power & Light. corn
*$1.75 Feb. 1 *Holders of rec. Jan. 21
First preferred (guar.)
Mar. 1 *Holders of rec. Jan. 21
Second preferred (guar.)
*S2
Consolidated Gas of N.Y., pref.(quar.)- 61.25 Feb. 1 Holders of rec. Dec. SO
134 Apr. 2 Holders of rec. Mar. 15
Consumers Power, pref.(quar)
6.6% preferred (guar.)
1.85 Apr. 2 Holders of rec. Mar. 15
134 Apr. 2 Holders of rec. Mar. 15
7% preferred (guar.)
50c. Feb. 1 Holders of rec. Jan. 14
8% preferred (monthly)
500. Mar. 1 Holders of rec. Feb. 15
6% preferred (monthly)
50o. Apr. 2 Holders of rec. Mar. 15
6% preferred (monthly)
550. Feb. 1 Holders of rec. Jan. 14
6.6% preferred (monthly)
55c. Mar. 1 Holders of rec. Feb. 15
6.6% preferred (monthly)
550. Apr. 2 Holders of reo. Mar. 15
6.8% preferred (monthly)
134 Feb. 1 Holders of rec. Jan. 14
Cumberland Pow.& Lt., pref. (quar.)
13.4 Feb. 1 Holders of rec. Jan. 21
Dallas Power & Light, pref.(guar.)
13.4 Feb. 1 Holders of rec. Jan. 21
Dallas Ry.& Terminal, pref.(guar.)Derby Gas & Elec. Corp.,$7 p1. (qu.)..- $1.75 Feb. 1 Holders of rec. Jan. 20
$1.62.34 Feb. 1 Holders of rec. Jan. 20
$634 preferred ((Pox.)
Feb. 1 Holders of rec. Jan. 14
3
Eastern Mass. St. Ry., pref., B
Feb. 15 Holders of rec. Jan. 31
First pref. and sinking fund stocks_ - _ 3
$1.75 Feb. 1 Holders of rec. Jan. 15a
Eastern States Power, pref.(guar.)
Feb. 1 Holders of rec. Jan. 10
3
Edison Elec. 111.01 Boston (guar.)
Edison Elec. 111.01 Brockton (guar.).- 8230 Feb. 1 Holders of rec. Jan. 230
Feb. 1 Holders of rec. Jan. 14
134
pref.
Electric Bond & Share Co.,
(guar.)$1.75 Feb. 1 Holders of rec. Jan. 14
Electric Investors, Inc., pref. (quar.)
$1.50 Feb. I Holders of rec. Jan. 14
$6 preferred (guar.)
Elec. Power & Light, 2nd pf. A (au.)--- '1.75 Feb. 1 *Holders of rec. Jan. 16
Empire Gas & Fuel,7% pf. (monthly).... *581-3 Feb. 1 *Holders of rec. Jan. 14
8% Preferred (monthly)
*66 2-3 Feb. 1 *Holders of rec. Jan. 14
750. Feb. 1 Holders of rec. Jan. 24a
Fall River Gas Works(guar.)
Fort Worth Pow. & Lt., Prof.(quar.)
134 Feb. 1 Holders of rec. Jan. 14
$1.50 Feb. 1 Holders of rec. Jan. 9a
General Public Service, $6 Pf.(qu.)
$1.75 Feb. 1 Holders of rec. Jan. 9a
Convertible preferred (guar.)
154 Feb. 1 Holders of rec. Jan. 15
Grand Rapids RR.,7% pref. (guar.)__ _
Havana Elec. & Utilities Co. lot pf (qu.) $1.50 Feb. 15 Holders of rec. Jan. 20
$1.25 Feb. 15 Holders of rec. Jan. 20
Preference(guar.)
Idaho Power, 7% pref. (guar.)
131 Feb. 1 Holders of rec. Jan. 14
$6 Preferred (guar.)
81.50 Feb. 1 Holders of rec. Jan. 14
Illinois Nor Utilities, 6% pf. (quar.)
'
5134 Feb. 1 *Holders of rec. Jan. 14
*$1.75 Feb. 1 *Holders of rec. Jan. 14
Junior preferred (guar.)
Indianapolis Power & Light, 1st pf.(qu.) $1.75 Feb. 1 Holders of rec. Jan. 18
International Utilities. $7 pref.(quar.)
$1.75 Feb. 1 Holders of roe. Jan. 18a
Interstate Railways, common
350. Feb. 1 Jan. 21 to Jan. 31
Kentucky Utilities, Junior pref. (grim.). *134 Feb. 20 *Holders of rec. Feb. 1
Keystone Telephone, pref.(guar.)
511 Mar. 1 *Holders of rec. Feb. 17
$1.75 Feb. 1 Holders of rec. Jan. 20
Knoxville Power & Light, $7 p1. (qu.)
$8 preferred (guar.)
$1.50 Feb. 1 Holders of rec. Jan. 20
630. Feb. 1 Holders of rec. Jan. 18
Lawrence Gas & Elec. (guar.)
750. Feb. 1 Holders of rec. Jan. 18
Long Island Lighting, common (guar.).
Manila Electric Corp.. (guar.)
62340 Feb. 1 Holders of rec. Dec. 300
$1.25 Feb. 1 Holders of rec. Jan. 14
Massachusett Gas Cos., corn.(quar.)
Middle West Utilities, corn. (guar.)..-- $1.50 Feb. 15 Holders of rec. Jan. 31
Milwaukee Elec. Ry.& Light, pf. (flu.). 1)4 Jan. 31 Holders of rec. Jan. 200
$1.75 Feb. 1 Holders of rec. Jan. 20
Mohawk & Hudson Power, pref. (qu.)
Montreal L.,H.& P. Cons., (quar.)
600. Jan. 31 Holders of rec. Dec. 31
450. Feb. 1 Holders of rec. Jan. 20
National Elec. Power, corn. cl. A (qu.)_ _
250. Mar. 1 Holders of rec. Feb. 14a
National Power & Light. corn.(guar.).134 Feb. 1 Holders of rec. Dec. 30
Nevada-Calif. Elec., pref. (guar.)
61.50 Mar. 1 Holders of rec. Feb. 150
North Amer.Edison, pref.(guar.)
No.Amer. UHL Securities let p1.(qu.)- _ $1.50 Mar. 15 Holders of rec. Feb. 29
$1.50 Mar. 15 Holders of rec. Feb. 29
First pref.allot. ctfs.(guar.)
of rec. Jan. 14
Northern New York Utilities, pref.(qu.) 134 Feb. 1 Holders
Feb. 1 Holders of rec. Deo. 31
North. States Pow.(Del.) corn. A (qu.).. 2
154 Feb. 15 Holders of rec. Jan. 31
North West Utilities. pref.(guar.)
134 Mar. 1 Holders of rec. Feb. 15
Ohio EdLson Co..6% Pref.(Qum%)
1.65 Mar. 1 Holders of rec. Feb. 15
6.6% preferred (guar.)
13.1 M. 1 Holders of rec. Feb. 15
Seven per cent preferred (quar.)
50c. Feb. 1 Holders of rec. Jan. 16
Six per cent preferred (monthly)
500. Mar. 1 Holders of rec. Feb. 15
Six per cent preferred (monthly)
550. Feb. 1 Holders of rec. Jan. 16
6.6% preferred (monthly)
550. Mar. 1 Holders of rec. Feb. 15
6.6% preferred (monthly)
[VoL. 126.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Ohio Public Serv., 1st pf. A (monthly) '581-3 Feb. 1 *Holders of rec. Jan. 16
Pacific Gas & Elec., pref. (guar.)
*3734o Feb. 15 *Holders of rec. Jan. 31
Pacific Power & Light, pref.(guar.)._
154 Feb. 1 Holders of rec. Jan. 18
Penn-Ohio Edison Co.. corn.(quar.)
25e, Feb. 1 Holders of rec. Jan. 16
Seven per cent prior pref.(guar.)
154 Mar, 1 Holders of rec. Feb. 15
Penn-Ohio Power & Light. $8 pref.(qu.) 61.50 Feb. 1 Holders of rec. Jan. 20
Seven per cent preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 20
6.6% preferred (monthly)
550. Feb. 1 Holders of rec. Jan. 20
7.2% preferred (monthly)
Mk. Feb. 1 Holders of reo. Jan. 20
Penn-Ohio Securities, corn. (guar.)
18o, Feb. 2 Holders of rec. Jan. 15
Philadelphia Co.,corn.(guar.)
$1
Jan. 31 Holders of rec. Jan. 90
Common (1-120 sh. com.stock)
(f) Jan. 81 Holders of rec. Jan. 90
Phila. Rapid Transit, corn. (guar.)
$1
Jan. 31 Holders of roe. Jan. 160
134 Mar, 1 Holders of rec. Feb. 10a
Phila.Suburban Water. pref.(o.)
Portland Gas & Coke, pref.(guar.)
131 Feb. 1 Holders of rec. Jan. 18
Power & Light Securities Trust500 Feb. 1 Holders of rec. Jan. 9
Shares of beneficial interest
Shares of beneficial interest (extra).- (r) Feb. 1 Holders of rec. Jan. 9
Pub.Serv. Corp.of N.J.,6% pf(mthly.) 500. Jan. 31 Holders of rec. Jan. 8
Pub. Ser. Nor. Ill., com. $100 Dar (M.) *2
Feb. 1 *Holders of rec. Jan. 14
Common,no par (guar.)
512
Feb. 1 *Holders of roe. Jan. 14
*134 Feb. 1 *Holders of rec. Jan. 14
Six per cent preferred (guar.)
Seven per cent preferred (guar.)
'134 Feb. 1 *Holders of rec. Jan. 14
Railway 4: Light Securities, corn.(guar.) 50c. Feb. 1 Holders of rec. Jan. 20a
Common (extra)
$2
Feb. 1 Holders of rec. Jan. 200
134 Feb. 1 Holders of rec. Jan. 20a
Preferred (guar.)
Rhode Island Pub.Serv., ol. A (guar.).- $1 Feb. 1 Holders of rec. Jan. lea
50c Feb. 1 Jan. 16 to Jan. 18
Preferred (guar.)
Rockland Light & Pow., corn. (quar.) •$1.12 Feb. 1 *Holders of rec. Jan. 16
Sierra Pacific Elec. Co.,corn.(guar.).- 50c Feb. 1 Holders of rec. Jan. 200
Proferred (guar.)
134 Feb. 1 Holders of rec. Jan. 20a
60c. Feb. 15 Holders of rec. Jan. 200
Southern Calif. Edison, corn. (quar.)
Feb. 15 Holders of rec. Jan. 31
Southern Canada Power Co., corn.(qu.) $1
500. Feb. 25 Holders of roe. Jan. 31
Southern Colorado Pow.,corn A.(qu.)- $1.25 Feb. 20 Holders of reo. Feb. Ca
South Pittsburgh Water Co. 5% prof
Standard Power & Light, pref. (guar.)._ $1.75 Feb. 1 Holders of rec. Jan. 16
500. Feb. 15 Holders of rec. Jan. 25
Tampa Electric Co., corn. (quar.)
Common (one-fiftieth share corn. stk.) (f) Feb. 15 Holders of rec. Jan. 25
134 Mar. 1 Holders of rec. Feb. la
Tennessee East Elec.,6% pref. (quar.)_
$1.75 Mar. 1 Holders of rec. Feb. la
$7 pref.(guar.)
Tennessee Electric Pow.,8% 1st pf.(qu.) 154 Apr. 2 Holders of rec. Mar. 15
7% lot preferred (guar.)
134 Apr. 2 Holders of rec. Mar. 15
1.80 Apr. 2 Holders of rec. Mar. 15
7.2% first preferred (guar.)
50c Feb. 1 Holders of rec. Jan. 14
6% first preferred (monthly)
50c. Mar, 1 Holders of rec. Feb. 15
6% first preferred (monthly)
50c. Apr, 2 Holders of rec. Mar. 15
6% first preferred (monthly)
600. Feb. 1 Holders of rec. Jan. 14
7.2% first preferred (monthly)
600. Mar, 1 Holders of rec. Feb. 15
7.2% first preferred (monthly)
60c. Apr. 2 Holders of rec. Mar. 15
7.2% first preferred (monthly)
134 Feb. I Holders of reo. Jan. 18
Texas Power & Light, pref.(guar.)
*50c. Feb. 1 *Holders of rec. Jan. 14
Toledo Edison,6% pref. (monthly)--58 1-3c Feb. I *Holders of roe. Jan. 14
Preferred A (monthly)
•350.
Union National Gas(guar.)
*50.
Extra
United Lt. & Pow, old corn. A&B (qu.). 60c. Feb. 1 Holders of roe. Jan. 18
120. Feb. 1 Holders of rec. Jan. 18
New common A dz B (guar.)
U. S.& Foreign Securities, 1st gd. (qu.).. $1.50 Feb. 1 Holders of rec. Jan. 11
Western Power Corp.,6% prof.(guar.). 134 Feb. 1 Holders of rec. Jan. 50
WestPenn.Electric Co.7% pfd.(guar.)- 134 Feb. 15 Holders of reo. Jan. 20a
134 Feb. 15 Holders of rec. Jan. 200
8% preferred (guar.)
West Penn Power Co.,7% pref.(quar.)_ 13.4 Feb. 1 Holders of rec. Jan. 50
3
Mar. 1 Holders of rec. Feb. 10a
Wilmington Gas Co.. preferred
I% Mar.15 Holders of roe. Feb. 29
Wisconsin Power & Light, pref.(qu.)
6254c. Jan. 31 Jan. 16 to Jan. 24
YorkRailways, preferred (guar.)
Banks.
Berardinl(M) State Bank (Instock). .*e50
4
Feb. 1 Holders of rec. Jan. 270
Continental
5
Feb. I Holders of rec. Jan. 310
Corn Exchange(guar.)
Mar.31 Holders of reo. Mar. I
Public Nat. Bank & Trust, stock div--- e20
Trust Companies.
*6'2
Jan. 28 *Holders of rec. Jan. 10
Bansicilla Corp.(stock dividend)
4
Feb. 1 Holders of roe. Jan. 200
Farmers' Loan & Trust (guar.)
$15 Feb. 1 *Holders of rec. Jan. 24
Kings County Trust (Brooklyn) (1111.)
$1
Feb. 1 *Holders of rec. Jan. 24
Extra
4
Feb. 15 Holders of rec. Feb. 61
Manufacturers, extra
5
Mar.131 Holders of reo. Mar.22
Title Guar.& Trust (extra)
Fire Insurance.
4
Apr. 10 Holders of rec. Mar.31
City of New York (quarterly)
$1.25 Jan. 28 Holders of roe. Jan. 23
Guardian Fire Assurance (guar.)
5
Apr, 9 Holders of roe. Mar.31
Home Insurance (quarterly)
134 Jan. 30 Jan. 25 to Jan. 30
Stuyvesant (guar.)
Miscellaneous.
154 Feb. 1 Holders of rec. Jan. 150
Abraham & Strauss, pref. (guar.)
411.25 Apr. 1 *Holders of rec. Mar. 20
Acme Steel(guar.)
2
Feb. I Holders of rec. Jan. 18
Acme Wire, pref. (guar.)
$2
Feb. 10 Holders of roe. Jan. 31
Alaska Packers Assn.(guar)
$2
Extra
Feb. 10 Holders of rec. Jan. 81
Allied Chemical & Dye Corp., com.(qu.) $1.50 Feb. 1 Holders of rec. Jan. 110
61.60 Feb. 15 Holders of rec. Jan. 240
Allis Chalmers Mfg., corn. (guar.)
Amalgamated Laundries. prof.(mthly.)_ 581m. Feb. 1 Holders of roe. Jan. 150
59110. Mar, 1 Holders of rec. Feb. 150
Preferred (monthly)
5811c. Apr. 1 Holders of roe Mar. 150
Preferred (monthly)
5811c. May 1 Holders of rec. Apr. 16a
Preferred (monthly)
Preferred (monthly)
681zo. June, I Holders of rec. May 150
Amerada Corporation (guar.)
600. Jan. 31 Holders of reo. Jan. 16a
American Art Works, corn. (extra)
4
Feb. 1 Holders of roe. Jan. 14
American Brick, corn. (guar.)
•250. Feb. I Holders of rec. Jan. 26
Preferred (guar.)
*50e. Feb. 1 Holders of rec. Jan. 28
American Can,common (guar.)
50c. Feb. 15 Holders of rec. Jan. 310
2
American Cigar.corn.(guar.)
Feb. 1 Holders of rec. Jan. 14
American Coal (quar.)
$1
Feb. 1 Jan. 12 to Feb. 5
Amer. European Securities Co., pf.(qu.) $1.50 Feb. 15 Holders of rec. Jan. 31
Amer. Fork & Hoe, Corn. (guar.)
13.4 Mar, 16 Holders of reo. Mar. 50
American Founders Trust, corn.(quar.)_
25c Feb. 1 Holders of reo. Jan. 14
Corn,(1-140 share corn. stk.)
(1) Feb. 1 Holders of rec. Jan. 14
7% 1st pref.(guar.)
8734c Feb. I Holders of rec. Jan. 14
6% let pref.(guar.)
75c Feb. 1 Holders of rec. Jan. 14
6% 2nd pref.(guar.)
3734c Feb. 1 Holders of rec. Jan. 14
American Glue, pref. (guar.). 2
Feb. 1 Holders of rec. Jan. 18
American Home Products, corn.(mthly) 200, Feb. 1 Holders of rec. Jan. 14a
American Machine& Fdy..corn.(guar.)
500. Feb. 1 Holders of roe. Jan. 19a
Preferred (guar.)
194 Feb. 1 Holders of rec. Jan. 190
American Meter (guar.)
'1.25 Jan. 31 *Holders of rec. Jan. 18
Amer. Shipbuilding, corn. (guar.)
2
Feb. 1 Holders of rec. Jan. 140
Preferred (guar.)
154 Feb. 1 Holders of roe. Jan. 140
Amer. Smelt & Refg., corn. (quar.)
2
Feb. I Holders of rec. Jan. 13s
Preferred (guar.)
IN Mar. I Holders of rec. Feb. 30
Amer.Sumatra Tobacco, pref.(guar.)._ 154 Mar. 1 Holders of roe. Feb. 15
Amer. Vitrified Products, pref.(quar.)_ _ 5.134 Feb. 1 Holders of rec. Jan. 20
Anaconda Copper Mining (guar.)
750. Feb. 20 Holders of rec. Jan. 140
Archer-Daniels-Midland Co., corn.(qu.) 7543. Feb. 28 Holders of roe. Jan. 210
Preferred (guar.)
134 Feb. 28 Holders of rec. Jan 210
Arizona Commercial Mining
25c. Jan. 31 Holders of rec. Jan. 19
Artloom Corp., pref. (guar.)
I% Mar, 1 Holders of rec. Feb. 170
Associated Dry Goods,common (guar.). 63c. Feb. 1 Ho ders of rec. Jan. 140
First preferred (guar.)
Mar. I Holders of rec. Feb. Ha
Second preferred (guar.)
1m Mu. 1 Holders of rec. Feb. lla
Atlantic Relining, pref.(guar.)
131 Feb. 1 Holders of reo. Jan. 18a
Atlas Powder, pref.(guar.)
.250. Feb. I Holders of rec. Jan. 20a
Babcock & Wilcox Co.(qua:.)
13.4 Apr. I Holders of roe. Mar.200
Balaban & Katz, corn.(monthly)
.250. Feb. I Holders of roe. Jan. 20
Common (monthly)
•25c. Mar. 1 Holders of roe. Feb. 20
Common (monthly)
154 Apr. 1 Holders of roe. Mar.20
Mar. 20
Preferred (guar.)
*IN Apr. 1 Holders of rec.
Bancroft (Joseph) & Sons CO.. pf.(qu.)_
Jan. 31 Holders of rec. Jan. 18
Barnhart Bros. & SpindlerFirst and second pref.(guar.)
1Z. Feb. 1 Holders of roe. Jan. 23a
16a
6..
Barnsdall Corp.. class A & B
62340. Feb. 6 Holders of reo. Jan.
(guar.)
•
Beacon Oil, pref.
81.8754 Feb. 15 Holders of reo. Feb. 1
1151
JAN. 28 19281
Name of Company
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Bastian-Blessing Co.. pref. (quar.)
$1.75 Apr. I Holders of rec. Mar.200
Preferred (quar.)
$1.75 July 1 Holders of rec. June 20a
Preferred (qua!'.)
$1.75 Oct. 1 Holders of rec. Sept.20a
Bigelow-Hart. Carpet, corn. & pfd. (till.) $1.50 Feb. 1 Holders of rem Jan. 19
Blaw-Knox Co.(quar.)
75e. Feb. 1 Jan. 22 to Jan. 31
Bloch Brothers Tobacco, corn (quar.)_ _ 3740. Feb. 15 Feb. 10 to Feb. 14
Common (quar.)
373.4c. May 15 May 10 to May 14
Common( uar.)
3744c. Aug. 15 Aug 10
Aug. 14
to
Common (quar.)
37)4e. Nov.15 Nov. 10 to Nov. 14
Preferred (quar.)
1% Mar. 31 Mar. 26 to Mar. 30
Preferred (quar.)
1% June 30 June 25 to June 29
Preferred (quar.)
1% Sept. 30 Sept. 25 to Sept. 29
Preferred (quar.)
154 Dee. 31 Dec. 28 to Dec. 30
Bloomingdale Bros., pref. (quar.)
1% Feb. 1 Holders of rec. Jan. 203
Bon Ami Co..com.el. A (quar.)
Jan. 31 Holders of rec. Jan. 14a
$1
Bond & Mortgage Guarantee (quar.)_
Feb. 15 Holders of rec. Feb. 8
5
Borden Company. corn. (quar.)
$1.50 Mar. 1 Holders of rec. Feb. 15a
Boss Manufacturing,corn.(quar.)
2% Feb. 15 Holders of rem Jan. 31
Preferred (quar.)
1% Feb. 15 Holders of roe. Jan. 31
British-Amer. Breweries (quar.)
•6234 C Feb. 1 *Holders of rec. Jan. 10
Brit. Col. Fish dr Pack., corn,(quar.)
$1.25 Mar. 10 Holders of rec. Feb. 28
Preferred (guar.)
154 Mar. 10 Holders of rec. Feb. 28
British Columbia Pulp & Paper, V.(qm) 134 Feb. 1 Holders of rec. Jan. 16
Broadway Dept. Stores. pref.(quar.). - .11.75 Feb. 1 *Holders of rec. Jan. 13
Brockway Motor Truck (quar.)
•50c Feb. 1 *Holders of rec. Jan. 14
Extra
•25c Feb. 1 *Holders of rec. Jan. 14
Brown Shoe, pref.(guar.)
14( Feb. 1 Holders of rec. Jan. 20a
Brunswick-Balke-Collender. corn. (qu.)- 75c. Feb. 15 Holders of rec. Feb. d4a
Bucyrus-Erie Co., corn. (No. 1)
25e. Apr. 2 Holders of rec. Mar. 100
Convertible preferred (No. 1)
824.5c Apr. 2 Holders of rec. Mar.10a
Preferred (quar.)
$1.75 Apr. 2 Holders of rec. Mar. 10a
Bullocks, Inc., 7% pref
•$2.33 Feb. 1 *Holders of rec. Jan. 11
Bunte Bros., corn
*5
Feb. 1 *Holders of rec. Jan. 15
Preferred (quar.)
*154 Feb. 1 *Holders !of rec. Jan. 15
Bums Bros., corn. cl. A (quar.)
Feb. 15 Holders of rec. Feb. la
$2
Preferred (quar.)
154 Apr. 2 Holders of rec. Mar.13a
Burroughs Adding Mach., (special)--- $1
Feb. 14 Holders of rec. Jan. 31a
Bush Terminal Co.,corn.(quar.)
50e. Feb. 1 Holders of rec. Dec. 270
Common (payable in corn. Mock)
fl 44 Feb. 1 Holders of rec. Dec. 27a
Byers (A. M.) Co., pref. (quar.)
154 Feb. 1 Holders of reo. Jan. 15a
California Packing (quar.)
$1
Mar. 15 Holders of rec. Feb. 29a
Calumet & Heels, Consol. Corp.(guar.).
50e. Mar. 15 Holders of rec. Feb. 283
°median Bronze, Ltd., pref. (quer.)--- $1.75 Feb. 1 Holders of rec. Jan. 20
Canadian Converters (quar.)
134 Feb. 15 Holders of rec. Jan. 31
Canfield Oil, coo.(quar.)
Mar.31 *Holders of rec. Mar. 20
•2
Common (quar.)
June 30 *Holders of rec. June 20
•2
Common (quar.)
Sept. 30 *Holders of rec. Sept. 20
*2
Common (guar.)
Dee. 31 *Holders of rec. Dee. 20
•2
Preferred (quar.)
4
154 Dec. 31 Dec. 21 to Jan
Preferred (quar.)
'154 Mar. 31 *Holders of rec. Mar. 20
Preferred (guar.)
'154 June 30 "Holders of rec. June 20
Preferred (quar.)
•154 Sept.30 *Holders of rec. Sept. 20
Preferred (quar.)
•0134 Dee. 31 *Holders of rec. Dec. 20
Carrier Engineering Corp.,cony. pt.(qu.) *50c Feb. 1 *Holders of rec. Jan. 20
Carter (William) Co.. pref. (quar.)
144 Mar. 15 Holders of rec. Mar. 10
Cartier. Inc., pref. (quar.)
Ili Jan. 31 Holders of rec. Jan. 14a
Celluloid Co., pref.(quar.)
•134 Mar. 1 *Holders of rec. Feb. 10
First preferred (quar.)
*31.75 Mar. 1 *Holders of rec. Feb. 10
Centrifugal Pipe Corp. (quar.)
15c Feb. 15 Holders of rec. Feb. 16
Century Ribbon Mills, pref. (quar.)
154 Mar. 1 Holders of rec. Feb. 18a
Cerro de Pasco Copper Co. (quar.)_ _ _ $1
Feb. 1 Holders of rec. Jan. 12a
Chelmsford Co., class A (quar.)
154 Feb. 1 Ilolders of rec. Dec. 31
let pref. (quar.)
154 Feb. 1 Holders of rec. Dec. 31
Chicago Ry. Equip. prof.(quar.)
•154 Dec. 31 *Holders of rec. Dec. 20
Chic., Wilmington & Franklin Coalpreferred (guar.)
1% Feb. 1 Holders of rec. Jan. 230
Chicago Yellow Cab (monthly)
331-3 Feb. 1 Holders of rec. Jan. 20o
Monthly
331-3 Mar. 1 Holders of rec. Feb. 20o
Chief Consol. Copper (quar.)
•10e Feb. 1 *Holders of rec. Jan. 10
Christie. Brown & Co.,corn.(quar.).__
30e. Feb. 1 Holders of rec. Jan. 15o
Preference (quar.)
134 Feb. 1 Holders of rec. Jan. 20
Cities Service, corn.(monthly)
44 Feb. 1 Holders of rec. Jan. 14
Corn.(payable In corn. stock)
fyi Feb. 1 Holders of rec. Jan. 14
Pref. & pref. B. B (monthly)
44 Feb. 1 Holders of rec. Jan. 14
Preferred B (monthly)
5o Feb. 1 Holders of rec. Jan. 14
Cities Service, corn. (monthly)
*34 Mar. 1 *Holders of rec. Feb. 14
Caro.(payable in common. stock).. _
Mar. 1 *Holders of rec. Feb. 14
Preferred and pref. BB (monthly).._ _
•;.5 Mar. 1 *Holders of rec. Feb. 14
Preferred B (monthly)
•5e. Mar. 1 'Holders of rec. Feb. 14
Ice
&
Fuel (Cleveland) (quar.) _ _ 75e. Mar. 1 Holders of rec. Feb. 10a
City
City Stores Co., class A (quar.)
8744c Feb. 1 Holders of rec. Jan. I5o
Cleveland Stone (quar.)
50e. Mar. 1 Holders of roe. Feb. 15o
Quarterly
50o. June 1 Holders of roe. May 15a
Quarterly
500. Sept. 1 Holders of rec. Aug. 154
Clinchfield Coal, pref. (quar.) •
•1% Feb. 1 *Holders of rec. Jan. 25
Cluett,Peabody & Co.,corn.(guar.)._ 81.25 Feb. 1 Holders of rem Jan. 213
Columbian Carbon v.t.c. (qu.)
$1 Feb. 1 Holders of rec. Jan. 200
Consolidated Cigar Corp.
Prior preferred (quar.)(No. I)
1.62% Feb. 1 Holders of roe. Jan. 18a
Consolidated LaundriesCorn.(one-half oh. pt. per 100 oh.corn) tf)
Feb. 1 Holders of rec. Jan. 20
Preferred (quar.)
Feb. 1 Holders of rec. Jan. 20
$I
Consumers Company, pref
344 Feb. 21 Holders of rec. Feb. lOn
Continental Can., Inc., corn. (guar.)
$1.25 Feb. 15 Holders of rec. Feb. 6a
Continental Motors Corp.(quar.)
20c. Jan. 30 Holders of rec. Jan. I4a
Crucible Steel, common (quar.)
1% Jan. 31 Holders of rec. Jan. 14a
Cuba Company, pre!
3% Feb. 1 Holders of rec. Jan. 18o
Cushman Sons, Inc., corn. (quar.)
$1
Mar. 1 Holders of rec. Feb. 15a
Common (payable In 8% pref.)
/83 Mar. 1 Holders of rec. Feb. 153
% preferred (quar.)
1% Mar. 1 Holders of rec. Feb. 153
8% preferred (guar.)
Mar. 1 Holders of rec. Feb. 15a
2
Davegn. Inc. (quar.)
*25c. Feb. 1 *Holders of rec. Jan. 18
Extra
*25c. Feb. 1 "Holders of rem Jan. 16
Decker (Alfred) & Cohn,corn.(quar.).__ *500. Mar. 15 *Holders of rec. Mar. 5
Preferred (quar.)
1% Mar. 1 Holders of rec. Feb. 20a
Preferred (quar.)
151 June 1 Holders of roe. May 190
Preferred (quar.)
1% Sept. 1 Holders of rec. Aug. 20o
Deere & Co., corn. (No. 1) (quar.)
134 Apr. d2 Holders of rec. Mar. 15
Preferred (quar.)
1% Mar. 1 Holders of rec. Feb. 15
Detroit Motor Bus. corn. (quar.)
200 Jan. 16 Holders of rec. Dec. 31
Dome Mines, Ltd.,(quar.)
25e. Apr. 20 Holders of rec. Mar. 31
Dominion Bridge (guar.)
65c. Feb. 15 Holders of rec. Jan. 31
Dominion Engineering Wks.(quar.)_ _
65c. Apr. 14 Holders of rec. Mar. 31
Dunhill International, corn. (quar.)._.... $1
Apr. 10 Holders of roe. Apr. la
Eastern Bankers Corp., common
30e. Feb. 1 Holders of rem Dec. 31s
Common (extra)
30e. Feb. 1 holders of rec. Dec. 31a
Preferred (quar.)
Feb. I Holders of rec. Dec. 3Ia
Eastern Theatres. Ltd.. preference
33.6 Jan. 31 Holders of rec. Dec. 31
Eaton Axle & Spring (quar.)
50e. Feb. 1 Holders of rec. Jan. 143
82% Feb. 1 Holders of rec. Jan. 14a
Elgin Nat. Watch (quar.)
Erie Steam Shovel, pref. (quar.)
15j Mar. 1 Holders of rec. Feb. 154
Esmond Mills, corn. (quar.)
$1.75 Feb. 1 Holders of rec. Jan. 25
Preferred (quar.)
13.4 Feb. 1 Holders of rec. Jan. 25
$I
Feb. 1 Holders of roe. Jan. 18
Eureka Pipe Line(guar.)
$1
Feb. 1 Holders of rec. Jan. 20a
Eureka Vacuum Cleaner (quar.)
50c. Feb. 1 Holders of rec. Jan. 20a
Extra
•$2
Mar. 15 *Holders of rec. Mar. 5
Ewa Plantation (extra)
3734e. Jan. 31 Holders of rec. Jan. 18a
Exchange Buffet Corp.(quar.)
20e Feb. 1 Holders of roe. Jan. 21.
Fair (The), corn.(monthly)
20e. Mar. 1 Ilolders of rec. Feb. 20a
Common(monthly)
20e. Apr. 2 Holders of rec. Mar.d2la
Common (monthly)
•20e. May I *Holders of rec. Apr. 20
Common (monthly)
11 3.4 May 1 *Holders of
Preferred (quar.)
rec. Apr. 20
2% Feb. 1 Holders of rec. Jan. 16
Fajardo Sugar(quan)
Caned.
lot
(qu.)
Corp.,
Pt.
Players,
2
Mar, 1 Holders of roe. Jan. 31
Pam.
Federal Knitting Mills,corn.(quar.)_ _ 82%c Feb. 1 Holders of rec. Jan. 5
1244c Feb. 1 Holders of rec. Jan. 5
Common (extra)
•62440 May I *Holders of rec. Apr. 15
Common (guar.)
*12 he May 1 *Holders of rem Apr. 15
Common (extra)
154 Feb. 1 Holders of rec. Jan. 210
Federal Terra Cotta, pref.(quar.)
Firestone Tire & Rubber,7% pref
13.4 Feb. 16 Holders of rec. Feb. 1
Name of Company.
541
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Flak Rubber, 1st pref.(quar.)
134 Feb. 1 Holders of rec. Jan. 14a
Convertible let pref.(guar.)
154 Feb. 1 Holders of rec. Jan. 14a
Second preferred (quar.)
154 Mar. 1 Holders of rec. Feb. 15a
Foster & Kleiser Co.,corn.(quar.)
"25c. Feb. 15 "Holders of rec. Jan. 31
Franklin (H. H.) Mfg., pref. (quar.)--- •lfi Feb. I 'Holders of rec. Jan. 20
Freeport Texas Co.(quar.)
$1
Feb. 1 Holders of rec. Jan. 14a
Extra
750. Feb. 1 Holders of rec. Jan. I46
Galesburg Coulter-Disc.(No. 1)
*80c. Feb. 1 'Holders of rec. Jan. 21
General Cigar, corn. (quar.)
Feb. 1 Holders of rec. Jan. 16a
$1
Preferred (quar.)
134 Mar. I Holders of rec. Feb. 21a
General Motors,6% pref. (quar.)
144 Feb. 1 Holders of rec. Jan. 90
Seven per cent preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 90
Six per cent debenture stock (quar.)
134 Feb. 1 Holders of rec. Jan. 90
General Steel Wares Ltd., pref. (qu.).
lli Feb. 1 Holders of rec. Jan. 15
General Tire dr Rubber, corn. (quar.)--- 75c. Feb. 1 Holders of rec. Jan. 20
German Credit dr Invest.. bat pref
8744e. Feb. 1 Holders of rec. Jan. 20
Gilchrist Company (quar.)
75e. Jan. 31 Holders of rec. Jan. 18a
Gillette Safety Razor (quar.)
$1.25 Mar. 1 Holders of rec. Feb. la
Gimbel Bros., pref.(quar.)
134 Feb. 1 Holders ef rec. Jan. 14a
Glidden Co., prior pf. (quar.)
'134 Apr. 1 'Holders of rec. Mar.15
Globe Grain & Milling, corn. (quer.)._ _ •$1.50 Apr. 2 *Holders of rec. Mar.28
First preferred (quar.)
411.75 Apr. 2 *Holders of rec. Mar. 28
Second preferred (guar.)
•$2 Apr. 2 'Holders of rec. Mar.28
Gebel(A.) Inc. pref.(quar.)
154 called for redemption Feb. 10
Gold Dust Corp.(quar.)
75e. Feb. 1 Holders of roe. Jan. 176
Gossard (II. W.) Co., corn. (monthly)..'33 1-3c Feb. 1 "Holders of rec. Jan. 20
Common (monthly)
•33 1-3c Mar. 1 *Holders of rec. Feb. 17
Common (monthly)
•33 1-30 Apr. 1 'Holders of rec. Mar.21
Common (monthly)
•331-3c May 2'Holders of rec. Apr. 20
Common (monthly)
•33 1-3e June 1 *Holders of rec. May 21
Common (monthly)
•33 1-3c July 1 *Holders of rec. June 20
Preferred (quar.)
•154 Feb. 1 *Holders of rec. Jan. 20
Preferred (quar.)
•151 May 1 *Holders of rec. Apr. 20
Gotham Silk HosieryCorn. voting (in voting corn, stock) _
f4
Feb. 15 Holders of rec. Feb. 1
Corn. non-vol. (in non-vot. corn. stk.) 14
Feb. 15 Holders of rec. Feb. 1
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 16a
Great Lakes Steamship (quar.)
$1.25 Apr. 1 Holders of roe. Mar. 22a
Halle Bros., prof. (quar.)
134 Jan. 31 Jan. 25 to Jan. 31
Hall(W.F.) Printing (qua!'.)
250. Jan. 31 Holders of rec. Jan. 20
Hamilton-Brown Shoe (monthly)
12lie Feb. 1 Holders of rec. Jan.d23
Hammermill Paper (quar.)
•25c Feb. 15'Holders of rec. Jan. 31
Harbison-Walker Refract., corn.(qu.)- 134 Mar. 1 Holders of rec. Feb. 200
Common (extra)
2
Jan. 30 Holders of rec. Jan. 200
Preferred (quar.)
13.4 Apr. 20 Holders of roe. Apr. 106
Harris. Seybold, Potter CO., prof.
•151 Feb. 1 "Holders of rec. Jan. 20
*150 Jan. 31 'Holders of rec. Jan. 21
Pineapple
(qu.)Hawin
Hazeltine Corp. (quar.)
•25e Feb. 24 *Holders of rec. Feb. 4
Hercules Powder. pref.(quar.)
"I% Feb. 15'Holders of rec. Feb. 4
Hershey Chocolate, prior. pref. (qu.) _ _ _
134 Feb. 15 Holders of rec. Jan. 25a
Convertible preferred (quar.)
1
Feb. 15 Holders of rec. Jan. 253
Higbee Co., let preferred (quar.)
154 Feb. 1 Jan. 22 to Feb. 1
Second preferred (quar.)
2
Mar. 1 Holders of rec. Feb. 18
Hollander(A.)& Sons.(quar.)
62Sic Feb. 15 Holders of rec. Feb. la
Hollinger Consol. Gold Mines,(monthly)
100 Jan. 28 Holders of rec. Jan. 11
Holly Sugar Corp., pref.(quar.)
134 Feb. 1 Holders of rec. Jan. 16
Homestead Funds Corp., corn
250 Mar. 1 Holders of rec. Feb. 25
Hood Rubber, pref.(quar.)
134 Feb. 1 Jan. 21 to Feb. 1
Preference stock (qua!'.)
1.87 Feb. 1 Jan. 21 to Feb. 1
Horn-Hardart(N.Y.)(quar.)
3714( Jan. 30 Holders of rec. Jan. 103
Extra
25e Jan, 30 Holders of rec. Jan. 10a
Hudson Motor Car (quar.)
S1.25 Apr. 2 Holders of rec. Mar. 123
Hunt Bros. Packing, class A (quar.)_ - _ _ *50c Feb. 1 *Holders of rec. Jan. 16
Hupp Motor Car (guar.)
25c Feb. 1 Holders of rec. Jan. 14a
Illinois Brick (guar.)
60c. Apr. 14 Apr. 4 to
Apr. 18
Quarterly
60c. July 14 July 4 to July 15
Quarterly
60e. Oct. 15 Oct. 4 to Oct. 15
Illinois Pacific Glass, corn.(quar.)
*50c Feb. 1 *Holders of rec. Jan. 20
Common (extra)
*25c Feb. 1 *Holders of rec. Jan. 20
Incorporated Investors (stock dividend) _ e2
July 16 Holders of rec. June 296
Independent Oil & Gas (quar.)
250 Jan. 30 Holders of rec. Jan. 160
Independent Royalties Co., pref
1 14, Jan. 30 Holders of rec. Jan. 254
Indiana Pipe Line (quar.)
$1
Feb. 15 Holders of rec. Jan. 20
Extra
$1
Feb. 15 Holders of rec. Jan. 20
Interlake Steamship (quar.)
$1.50 Apr. 1 Mar. 18 to Apr. 1
Internat. Cigar Machinery (quar.)
•50c Feb. I "Holders of rec. Jan. 19
Internat. Harvester, pref. (quar.)
134 Mar. 1 Holders of rec. Feb. 43
International Nickel, pref. (quar.)
144 Feb. I Holders of rec. Jan. 190
International Paper,corn.(guar 1
60e. Feb. 15 Holders of rec. Feb. la
International Shoe, pref.(monthly)
% Feb. 1 Holders of rec. Jan. 15
IntertYPe Corp., bet pref.(guar.)
$2 Apr. 1 Holden' of rec. Mar.21
Isle Royale Copper
50c Mar. 15 Holders of rec. Feb. 28
Intertype Corp.,corn.(quar.)
250 Feb. 15 Holders of rec. Feb. la
Common (extra)
25.c Feb. 15 Holders of roe. Feb. la
Jaeger Machine, corn. (quar.)
'6234cMar. 1 *Holders of rec. Feb. 17
Kaufman Department Stores, corn.(qu.) 2
Jan. 28 Holders of rec. Jan. 20
Rayne° Company, common (extra)
1234c.Apr. 1 Holders of rec. Mar. 200
Commor (extra)
12 3.4c July 1 Holders of rec. June Sna
Kayser (Julius) & Co., corn.(quar.)
Feb. 1 Holders of rec. Jan. 18a
$1
Kellogg Switchboard & SuPp.,corn (qu.)- 32 SIc Jan. 31 Holders of rec. Jan. 7a
Preferred (quar.)
lq Jan. 31 Holders of ree. Jan. 76
Kelsey-Hayes Wheel, pref. (quar.)
13.4 Feb. 1 Holders of rec. Jan. 20a
Kentucky Cash Credit Co. Corn.(qua!'.) 15c. Mar.24 Holders of rec. Mar. 12
Preferred (qua!'.)
15c. Mar.24 Holders of rec. Mar.12
Preferred (extra)
15e. Mar.24 Holders of rec. Mar.12
Keystone Watch Case Corp., pref.(quar. 154 Feb. 1 Holders of rec. Jan. 190
Kinney (G.R.) prof.,(guar.)
Mar. 1 Holders of rec. Feb. 17a
2
Knox Hat, panic. A stk.
1315 Feb. 1 Holders of rec. Jan. 14
Preferred (quar.)
134 Apr. 2 Holders of rec. Mar. 15
Kress (S. II.) Co., corn.(guar.)
.250. Feb. 1 Holders of rec. Jan. 200
Special preferred (guar.)
•15e. Feb. 1 *Holders of rec. Jan. 20
Kroger Groc.& Bak., corn.(qu.)(No. 1) •25c. Mar. 1 *Holders of rec. Feb. 10
Corn.(payable in corn stock)
Mar. 1 *Holders of rec. Feb. 10
.5
Corn.(payable in corn stock)
"15
Apr. 2 'Holders of rec. Mar. 10
Lake of the Woods Milling, corn.(quar.) 3
Mar. 1 Holders of rec. Feb. 15
Preferred (quar.)
154 Mar. 1 Holders of rec. Feb. 15
Landay Bros., Inc.. class A (quar.)750. Feb. 1 Holders of rec. Jan. 160
Lanston Monotype Mach.(quar.)
'134 Feb. 29 *Holders of rec. Feb. 18
Lehigh Portland CementCommon (in pref. stock)
/100 Feb. 1 Holders of rec. Jan. 14
Lehigh Valley Coal Co
$1.25 Feb 1 Jan. 15 to
Jan. 31
Lemur Co., common
25c. Feb. 1 Holders of rec. Jan. 10
Lessings, Inc.(quar.)
•1
Jan. 31 *Holders of rec. Dec. 29
Liquid Carbonic Corp.(quar.)
90e. Feb. 1 Holders of rec. Jan. 20a
Lit Brothers Corp
50c Feb. 20 Jan. 26 to Feb. 9
Loew's Boston Theatres (quar.)
150. Feb. I Hold,rs of rec. Jan. 21
Loose-Wiles Biscuit, corn. (quar.)
400. Feb. I Holders of rec. Jan. 18a
Second preferred (quar.)
•134 Feb. 1 "Holders of rec. Jan. 18
Lord & Taylor, let pref.(quar.)
134 Mar. 1 Holders of rec. Feb. 17a
2nd preferred (quar.)
2
Feb. 1 Holders of rec. Jan. 170
Louisiana 011 Refining, pref. (guar.)._ -- 151 Feb. 15 Holders of rec. Feb. la
Macy (R. H.) & Co.. corn. (quar.)
$1.25 Feb. 15 Holders of rec. Jan. 28*
Common (payable in common stOck)- - 15
Feb. 15 Holders of rec. Jan. 28a
Mascot Oil (monthly)
*1
Jan. 30 *Holders of rec. Jan. 13
Massey-Harris Co., prof.(qua!'.)
154 Feb. 15 Holders of rec. Jan. 31
McCrory Stores Corp., Prof. (quer.). _ _
81.50 Feb. 1 Holders of rec. Jan. 200
McIntyre Porcupine Mines (quar.)
"25e. Mar. 1 *Holders of rec. Feb. 1
Meted() Sea Food, pref. (quar.)
Jan. 25
154 Feb. 1
Melville Shoe,corn.(quar.)
Feb. 1 Holders of rec. Jan. 24
$1
Preferred (quar.)
Feb. 1 Holders of rec. Jan. 24
2
Mercantile Stores Co.., Inc., corn. (qu.). $1
Feb. 15 Holders of rec. Jan. 31
Preferred (quar.)
154 Feb. 15 Holders of rec. Jan. 31
Merrimack Mfg.,corn.(quar.)
234 Mar. 1 Holders of rec. Jan. 17
Preferred
244 Mar. 1 Holders of rec. Jan. 17
Metrop. Chain Stores 1st & 2d pt.
*81.75 Feb. 1 "Holders of rec. Jan. 21
Copper Co.(quar.)
3744e. Feb. 15 Holders of rec. Feb. la
(qu.)Miam1
Miller Rubber. pref. (quar.)
Mar. 1 Holders of rec. Feb. 10
2
Mirror(The) pref.(quar.)
•154 Feb. 1 *Holders of rec. Jan. 25
Missouri-Ills. Stores, pref. (quar.)
Feb. 2 Holders of rec. Jan. 21
2
Mohawk Mining (quar.)
Mar. 1 Holders of rec. Jan. 28
$1
Moloney Electric, prof.(quar.)
154 Feb. 1 Holders of rec. Jan. 14
542
Name of Company.
When
Per
Cent. Payable.
Books1Closed.
Days Inclusive.
Miscellaneous (Continued).
Montgomery Ward & Co.. corn. (quar)*$1
Feb. 13 *Holders of rec. Feb. 2
Common (extra)
Feb. 13 *Holders of rec. Feb. 2
*El
Class A (quar.)
*$1.75 Apr. 1 *Holders of rec. Mar. 20
*50c Feb. 1 *Holders of rec. Jan. 20
Motor Products, com. (quar.)
Preferred (guar.)
*151 Feb. 1 *Holders of rec. Jan. 20
Mulford (H. IC.) Co., corn
*51.50 Feb. 15 *Holders of rec. Jan. 14
*$1
Feb. 15 *Holders of rec. Jan. 14
Common (extra)
Mullins Mfg., pref.(quar.)
$2
Feb. 1 Holders of rec. Jan. 16a
Feb. 1 Holders of rec. Jan. 20a
$1
Nash Motors, com.(qual.)
60c Feb. 1 Holders of rec. Jan. 200
Common (extra)
*50c Feb. 1 *Holders of rec. Jan. 15
National American Co. (quar.)
*50c. May 1 *Holders of rec. Apr. 15
Quarterly
*50c. Aug. 1 *Holders of rec. July 15
Quarterly
*50c. Nov. 1 *Holders of rec. Oct. 15
Quarterly
51.50 Apr, 14 Holders of rec. Mar. 30a
National Biscuit, corn. (qual.)
Preferred (quar.)
134 Feb. 29 Holders of rec. Feb. 15a
2
Feb. 1 Holders of rec. Jan. 20a
National Carbon. pref. (quar.)
Nat. Dept. Stores, 1st pref. (quar.)-- - 134 Feb. 1 Holders of rec. Jan. 160
National Food Products, Cl. A (qu.)_ _ _ _ 6234c. Feb. 15 Holders of rec. Feb. 4a
National Lead, pref. A (quar.)
134 Mar. 15 Holders of rec. Mar. 2a
Preferred B (quar.)
134 Feb. 1 Holders of rec. Jan. 13a
Feb. 1 Holders of rec. Jan. 20a
National Radiator, pref. (qual.)
75c. Feb. 1 Holders of rec. Jan. 20
Nat. Recording Pump (quar.)
25c. Feb. 1 Holders of rec. Jan. 20
Extra
51
Feb. 15 Holders of rec. Feb. a
National Supply, com.(quar.)
154 Feb. 1 Holders of rec. Jan. 16
National Tea, preferred (qua!'.)
75c. Feb. 1 Holders of rec. Jan. 18
National Tile (quar.)
134 Feb. 1 Holders of rec. Jan. 15
Neisner Bros., pref. (qual.)
Apr. 2 *Holders of rec. Mar.16
Nelson (Herman) Corp.. stock dividend_ 'Cl
July 2 *Holders of rec. June 19
'el
Stock dividend
Oct. 1 *Holders of rec. Sept.18
*el
Stock dividend
New Amsterdam Casualty, Bait.(quar.) •70c. Feb. 1 *Holders of rec. Jan. 19
50c. Feb. 20 Holders of rec. Feb. 3a
New Cornelia Copper (quar.)
50c. Feb. 1 Holders of rec. Jan. 16
New England Equity Corp., corn.(No.1)
Feb. 10 *Holders of rec. Jan. 20
*2
New Jersey Zinc
134 Feb. 1 Holders of rec. Jan. 27
New Process Co., pref.(qual.)
75c. Feb. I Holders of rec. Jan. 50
New York Air Brake (quar.)
25c. Jan. 28 Holders of rec. Jan. 18
N. Y.& Honduras Rosario Mining (qu.)
25c. Jan. 28 Holders of rec. Jan. 18
Extra
*50c. Feb. 1 *Holders of rec. Jan. 20
New York Merchandise (quar.)
*$1.75 Feb. 1 *Holders of rec. Jan. 20
Preferred (quar.)
Feb. 7
*55
Nichol Grain & Milling
150. Mar. 1 Holders of rec. Feb. 10
North Central Texas 011(quar.)
81.75 Feb. 1 Holders of rec. Jan. 12a
011 Well Supply pref. (quar.)
Feb. 15 Holders of rec. Jan. 27
Oppenheins. Collins & Co., cons. (qu.)-- 11
110
Feb. 15 Holders of rec. Jan. 27a
Coin. (payable in corn, stock)
Feb. 29 Holders of rec. Feb. 150
$1
Otis Elevator, corn. (extra)
$1
Feb. 1 Holders of reo. Jan. 20a
Outlet Co.,com.(quar.)
154 Feb. 1 Holders of rec. Jan. 20a
First preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 23a
Pacific Coast Co., lot pref (qua!'.)
Feb. 1 *Holders of rec. Jan. 20
*$2
Pacific Finance, pref. A.& B.(qua!'.)
25e. Jan. 31 Holders of rec. Jan. 14a
Packard Motor Car, monthly
25e. Feb. 29 Holders of rec. Feb. 15e
Monthly
2
Feb. 1 Called for redemption
Paramount Famous Lasky, pref
Parker Rust Proof Co.,com.(quar.)
3734c Feb. 21 Holders of rec. Feb. 10
35e. Feb. 21 Holders of rec. Feb. 10
Preferred (qual.)
50c. Apr. 1 Holders of rec. Mar. 15
Fender (David) Grocery, el. B
25e. Apr. 1 Holders of rec. Mar. 15
Class B (extra)
$1
Feb. 15 Holders of rec. Feb. 6
Penmans Ltd.. common (quar.)
1% Feb. 1 Holders of rec. Jan. 21
Preferred (quar'.)
Penn Traffic
734g. Feb. 1 Holders of rec. Jan. 150
52
Feb. I Holders of rec. Jan. 16a
Philadelphia Insulated Wire
50c. Feb. 1 Holders of rec. Jan. 16a
Extra
154 Feb. 1 Holders of rec. Jan. 20a
Phillips-Jones Corp., pref.(guar.)
Pick(Albert),Barth & Co., part. pf.(qu.) 4354c Feb. 15 Holders of reo. Jan. 26
Pierce, Butler & Pierce Mfg2
Feb. 1 Holders of rec. Jan. 20
8% Preferred (quar.)
151 Feb. 1 Holders of rec. Jan. 20
7% Preferred (quar.)
piggiy Wiggly Western, A (qual.)
.3734c Feb. 1 Holders of rec. Jan. 20
40c. Mar. 1 Holders of rec. Feb. 15a
Pillsbury Flour Mills, corn. (qua!'.)
Preferred (quar.)
134 Mar. 1 Holders of rec. Feb. 15a
75e. Mar. 1 Holders of rec. Feb. 15a
Pines Winterfront Co., el. A & B (guar.)
$1.25 Feb. 1 Holders of rec. Jan. 160
Postum Co..(quar.)
Prairie Pipe Line (quar.)
234 Jan. 31 Holders of rec. Dee. 31a
*2
Feb. 15 Holders of rec. Jan. 25
Procter at Gamble. pref. (quar.)
*134 Mar.15 *Holders of rec. Feb. 29
Pro-phy-lac-tic Brush. pref. (quar,)_
$1
Feb. 15 Holders of rec. Jan. 21
Pullman, Inc. (qua!'.)
$1.50 Feb. 15 Holders of rec.Jan. d3la
Pullman Company (quar.)
20e. Feb. 1 Jan. 21
to Jan. 31
Pyrene Manufacturing (quar.)
134 Feb. 19 Holders of rec. Feb la
Quaker Oats, preferred (quar.)
*50c. Apr. 16 Holders of rec. Apr. 2
sQ. R. S. Music, common (quar.)
*154 Mar.31 Holders of rec. Apr. 2
Preferred (guar.)
Quincy Mkt. Cold Stor. & Whse.,pf.(qu) *51.25 Feb. 1 *Holders of rec. Jan. 19
50e. Feb. 1 Holders of rec. Jan. 21
Reed (C. A.) Co., class A (qual.)
El
Mar. 1 Holders of rec. Feb. 15
Republic Iron & Steel, com.(guar.).*134 Apr. 2 *Holders of rec. Mar. 15
Preferred (qual.)
3734e. Feb. 1 Holders of rec. Jan. 15
RIce-Stix Dry Goods, common (quar.)
25c. Feb. 1 Holders of rec. Jan. 5a
Richfield 011, common (quar.)
43510 Feb. 1 Holders of rec. Jan. 5a
Preferred (quar.)
20c. Feb. 15 Holders of rec. Feb. 1
River Raisin Paper (qua!'.)
Rockland at Rockford Lime 1st pref..- 334 Feb. 1 Holders of rec. Jan. 14
*3
Feb. 1 *Holders of rec. Jan. 14
Second preferred
51.34 Jan. 28 Holders of rec. Jan. 16
Royal Dutch Co.(Amer. shares)
'134
Russell Manufacturing, common
4
Feb. 1 Holders of rec. Dec. 31
Russell Motor Car, common
134 Feb. 1 Holders of rec. Dec. 31
Preferred (quar.)
50c Mar.20 Mar. 10 to Mar.20
St. Joseph Lead (qual.)
25c Mar.20 Mar. 10 to Mar.20
Extra
Quarterly
50e June 20 June 10 to June 20
Extra
250 June 20 June 10 to Juno 20
Quarterly
50c Sept.20 Sept. 9 to Sept. 20
Extra
25c Sept.20 Sept. 9 to Sept.20
Quarterly
50e Dot. 20 Dec. 9 to Dec. 20
Extra
25c Dec. 20 Dec. 9 to Dec. 20
St. Lawrence Flour Mills, pref. (qu.)_ _
134 Feb. 1 Holders of roe. Jan. 20
St. Louis Car Co., corn.(quar.)
60c. Feb. 15 Holders of rec. Jan. 31
Preferred (guar.)
134 Feb. 1 Holders of ref. Jan. 21
Salt Creek Producers Assn.(quar.).
750. Feb. 1 Holders of rec. Jan. 140
Savage Arms, 2d pref.. (qual.)
'134 Feb. 15 *Holders of rec. Feb. 1
Savannah Sugar, corn. (quar.)
$1.50 Feb. 1 Holders of rec. Jan. 17
Preferred (qual.)
134 Feb. 1 Holders of rec. Jan. 17
Schulte Retail Stores, corn.(quar.)
8734c Mar. 1 Holders of rec. Feb. 15a
Common (quar.)
8734c June 1 Holders of rec. May 15a
Common (qua!'.)
8734e Sept. 1 Holders of rec. Aug. 15a
Common (quar.)
8734c Dec. 1 Holders of rec. Nov. I5a
Scott Paper. pref. (quar.)
154 Feb. 1 Holders of rec. Jan.d24a
&
Sears-Roebuck Co.,(quar.)
6234c Feb. 1 Holders of roe. Jan. 14a
Seeman Brothers. Inc.. corn.(quar.)---50c. Feb. 1 Holders of rec. Jan. 16
Silver (Isaac) & Bros., pref. (quar.)___. '154 Feb. 1 *Holders of roe. Jan. 20
Sinclair Consolidated OIL pref.(qual.)_ _ 2
Feb. 15 'Holders of rec. Feb. la
50e. Mar. 15 Holders of rec. Feb. 15a
Skelly Oil (quar.)
Square Deal Investment Corp
•1
Jan. 28
Stock dividend
Feb. 15
*5
Stamford's, Limited, 15t & 2nd pf. (qu.) 134 Feb. 1 Holders of rec. Jan. 16
75e. Jan, 31 Holders of reo. Jan. 20a
Steel & Tubes Co., common (quar.)_.
134 Feb. 1 Holders of rec. Jan. 7
Steel Co. of Canada, com. & pt. (qu.)__
$1.25 Feb. 1 Holdess of rec. Jan. 16a
Sterling Products(guar.)
Stone (H. 0.) & Co.
15
Feb. 1 Holders of rec. Jan. 16
Common (payable in corn.stock). _
•154 Feb. 1 *Holders of rec. Jan. 20
Stover Mfg. & Eng., prof. (quar.)
60c Feb. 15 Holders of rec. Jan. 14
Swift International
be. Feb. 1 Jan. 18 to Jan. 31
Teek Hughes Gold Mines, Ltd
Sc. Feb. 1 Jan. 18 to Jan. 31
Extra
20c. Feb. 1 Holders of rec. Jan. 14a
Telautograph Corp.. Corn.(quar.)
00e, Feb. 15 Holders of rec. Feb. 40
Thatcher Mfg., pref. (guar.)
30c. Feb. 1 Holders of rec. Jan. 230
Thompson (John R.) Co.(monthly)__
30c. Mar. 1 Holders of roe. Feb. 23a
Monthly
134 Feb. 15 Holders of roe. Jan. 16a
Tide Water 011, eons% pref. (quar.)- - - 154 Feb. 15 Holders of rec. Jan. 270
Tobacco Products Corp., class A (quar.)_
51.50 Feb. 1 Holders of reo. Jan. 20
Troxel Manufacturing, corn.(qual.)
134 Feb. 1 Holders of reo. Jan. 20
Preferred (qual.)
[VoL. 126.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
Truscon Steel, corn. (in com. stock)
Feb. 1 Holders of rec. Jan. 170
f6
*20c. Feb. 1 'holders of rec. Jan. 20
Tung Sol Lamp Works,corn.(quar.)_
Class A (quar.)
*45e. Feb. 1 'Holders of roe. Jan. 20
Union 011 of Calif., corn. (qua!'.)
50c Feb. 10 Holders of rec. Jan. 19
Union Storage (quar.)
*6234c Feb. 10 *Holders of rec. Feb. 1
Quarterly
.132%c May 10 *IIolders of rec. May 1
Quarterly
*62%c Aug. 10 *Holders of rec. Aug. 1
Quarterly
*62Xe Nov. 10 *Holders of rec. Nov. 1
Un. Biscuit of Amer., com.(qu.)(No. 1) 40e. Mar. 1 Feb. 19 to Feb. 29
Preferred (quar.)(No. 1)
Feb. 1 Jan. 27 to Jan. 31
Unit. Bond & Share Corp., nartic pt(qu.)
25e Feb. 1 Holders of rec. Jan. 160
134 Feb. 1 Holders of rec. Jan. 130
United Cigar Stores of Amer. pfd.(qu.)_
United Drug, corn. (qual.)
2% Mar, 1 Holders of rec. Feb. 15a
1% Feb. 1 Holders of rec. Jan. 160
1st preferred (quar.)
United Paper Board. pref (guar.)
1% Apr. 16 Holders of rec. Apr. 2a
._
U. S. Bond & Mortgage Corp. of Mass.,
51.75 Jan. 31 Holders cf rec. Jan. 20
preferred (quar.)
U.S. Cast Iron Pipe & Fdy., com.(qu.). 2% Mar. 15 Holders of rec. Mar. 1
2% June 15 Holders of rec. June 1
Common (quay.)
254 Sept. 15 Holders of rec. Sept. 1
Common (quar.)
2% Dec. 15 Holders of rec. Dec. 1
Common (quar.)
Preferred (quar.)
1% Mar. 15 Holders of rec. Mar. 1
134 June 15 Holders of rec. June 1
Preferred (quar.)
Preferred (qual.)
134 Sept. 15 Holders of rec. Sept. 1
1% Dec. 15 Holders of rec. Dec. 1
Preferred (quar.)
U.S. Industrial Alcohol. corn. (qual.)_. 1% Feb. 1 Holders of rec. Jan. 16a
2
Feb. 15 Holders of res. Jan. 20a
U. S. Rubber, 1st pref. (qua!'.)
United Verde Extension Mining
50c. Feb. 1 Holders of rec. Jan. 4a
Universal Leaf Tobacco, corn. (quar.) _ _ 75e. Feb. 1 Holders of rec. Jan. 20a
154 Feb. 1 Holders of rec. Jan. 160
Universal Pipe & Radiator, pref.(quar.)_
75c. Feb. 15 Holders of rec. Feb. la
Vanadium Corp. (qua!'.)
5c Feb. 15 Holders of rec. Jan. 31
Venezuelan Petroleum (quar.) (No. 1)._
Feb. 1 IIolders of rec. Jan. 113a
Vick Chemical (quar.)
51
15( Feb. 1 Holders of rec. Jan. 3a
Victor Talking Mach., pr. pref. (qu.)._ _
$1.50 Feb. 1 Holders of rec. Jan. 3a
$6 cony. pref.(qual.)
V. Vivaudou. cons. (pay In cons. stk.)... f234 Mar. 31 Holders of rec. Mar. 5
15( Feb. 1 Holders of rec. Jan. 3a
Preferred (quar.)
Washburn-Crosby Co., pref. (qua!).... 134 Feb. 1 Holders of rec. Jan. 240
Wayagamack Pulp & Paper, corn. (qu.) 750. Mar. 1 Holders of rec. Feb. 15a
Weber Hellbroner. preferred (quar.)..... 1% Feb. 1 Holders of reo. Jan. 180
60o. Jan. 31 Holders of rec. Dec. 31a
Westinghouse Air Brake (quar.)
$1
Jan. 31 Holders of rec. Dec. 30
Westinghouse El. & Mfg.. com.(qu.)
SI
Feb. 1 Holders of reo. Jan. 19a
White Sewing Mach., pref. (quay.)
50o Feb. 10 Holders of rec. Jan. 15
Wilcox (II. F.) 011 & Gas (qua!'.)
$1.25 Mar. 1 Holders of rec. Feb. 10a
Woolworth (F. W.) Co.(quar.)
250. Feb. 1 Holders of reo. Jan. 200
Wrigley (Wm.) Jr. Co.(monthly)
25c. Mar. I Holders of rec. Feb. 20a
Monthly
250. Apr. 2 Holders of rec. Mar. 200
Monthly
25e. Feb. 15 Holders of rec. Feb. 4
Zonite Products Co.(No. 1)
• 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. 5 The
New York Curb Market Association has ruled that stook will not be quoted ex.
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. I Payable in preferred stook.
d Correction. e Payable in stock. f Payable In common stock. g Payable In
scrip. h On account of accumulated dividends.
I Associated Gas & Electric dividends payable either in cash or class A stook
as follows: On class A stock one-fortieth share class A stock; on $6 pref. 3 40-100ths
share of class A stock: on $6.50 pref. 3 69-100ths share of class A stock.
m Ex-dividend on N. Y. Curb Market Jan. 27. n United Gas & Electric div.
Is one-third of a share of Lehigh Power Securities Corp. $6 pref. for each share of
United Gas & Electric corn, stock.
r Power dr Light Securities Trust extra dividend Is three one-hundredths of a
share of beneficial interest on its shares of beneficial interest.
Changed from monthly payment to quarterly payment.
I Knox Hat (class A) dividend is payable in prior pref, stock.
u Called for redemption April 1.
o Payable in class A stock.
z Holders of record date changed from Dec. 31 to Jan. 10.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the Now York City
Clearing House members for the week ending Jan. 21. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
Net
CapflaLlProfits pL
isocaons
un
.
Week Ended
Jan. 21 1928. Nat'l. Dec. 311 InvestState, Nov.151 ments,
rte.
(000 omitted) Tr.Cos.Nov.151
Reserve
Cash
with
Net
Time Bank
in
'freer
Legal Demand
DeVault. Deposi- Deposits, posits. salon,
tortes,
Members of Fed. Res.1 Bank, Average. Average Average
S
$
$
Bank of N Y &
$
514 8.039
Trust Co.... 6,000 12,6901 81,473
13k of Manhara 12,500, 18.8841 184,338 3,427 20,375
13ank of America 6,500 5,4271 86,803 1,007 12,133
Nat City Bank.; 75,0001 71,176, 897,303 4,610 90,141
Chemical Nat'1.1 6,0001 19,075 149,416 1,507 17,519
449, 45,905
Nat Bk of Comm 25,000 44,438, 402,931
ChatPh N 11&Tr 13,500, 14,356 228,203 2,442 23,543
Ilanover Nat'l.' 5,000, 26,474 144,330 1,464 17,697
Corn Exchange.' 11,000, 16,4941 207,509 4,469, 24,957
878 19,215
National Park..1 10,000, 24,719 188,850
75,297 2,1111 7,169
Bowery & E lily 4,000, 7,115
5571 33,958
First National..1 10,0001 82,799 374,791
Am Ex Irving Tr 32,000 31,0151 461,020 3,184,1 54,014
8,640
1231 1,171
Continental Bk_ 1,000 h.3531
Chase National_ 50,000, 55,674 691,253 4,839 78,769
685 3,783
500, 3,2611 29,125
Fifth Avenue__
17,424
504 2,545
Garfield Nat'l__ 1,000, 1,871
720 16,744
Seaboard Nat'l_ 8,000, 12,213 135,451
899 42,464
Bankers Trust. 20,000, 41,374 393,123
67,04
739 8,400
S Mtge & Tr. 3,000 5,497
Guatanty Trust 30,000; 33,980 518,016 1,263 53,293
47,758
622 5,483
Fidelity Trust.. 4.000, 3,459
633 19,152
10,000, 23,539 187,656
N Y Trust
582 16,143
Farmers L & Tr 10,000 21,385 148,08
Equitable Trust 30,0001 25.155 302,508 1,239 31,909
Average. Average
$
50,080 7,458
144,761 29,937
90,223 4,056
*894,701 157,807
133,326 4.860
342,205 27,674
169,571 42,902
132,232
174,167 30,536
144,219 16,394
49,069 22,724
258,544 10,963
49
0
103
4
2
402,668 56,5
6,800
*603,306 69,775
28,338 1,235
17,181
125,238
*361,302 4:9/1
63,39
*466,65
03.
:92
13
2536
9
40,936 94
140,93 30,764
27
3010
*119.37 2
*351,150
99
347
6,120
4,680
2,963
6,797
2,472
45
Total of averages383,000 603.4226,028,380 39,487654,621c4,810,549 715,796 23,523
Totals, actual co ndltion 1 Jan. 215.959,342' 40.734621.831 c4,760,456 715,017 23,535
Totals, actual condition'Jan. 14 6,074,925 42,115 616,728 c4,810,521 718,246 23,418
Totals, actual condition Jan. 7 6,206,795 48,215 592.930c4.889,257 721,81523,584
State Bank,
Not Members of
Fed'I Res. Bk.
5,000 8,292 107,24
40,418 61,990
State Bank__
5,035 2,304
28,645 0,497
Colonial Bank_ _ 1,400 3,520
34,682 3,510 2,346
141,926
8,545
4,650
69,063 68,487
Totals, actual co ndition 1Jan. 21 141,70
Totals, actual condition Jan. 14 145,900
Totals, actual condition Jan. 7 141,956
8,220
8,213
8,305
5.413
4,041
6,071
60,362 68,340
71,971 68,636
69,609 69,185
Total of averages
6,400
9.812
JAN. 28 1928.]
FINANCIAL CHRONICLE
Net
Capital. Profits Loans,
Reserve
Week Ended
Time Bank
with
Discount, Cash
Net
De- CircuJan. 21 1928. Nat'l, Dec. 31 InvestLegal Demand
in
State, Nov.15 merits, Vault. Deposi- Deposits. posits. lotion.
(000 omitted) Tr.Cos.Nov.15 &c.
tortes.
Trust Co's
Not Memberso
Fedi Res. Bk
Title Guar & T
Lawyers Trust
10,000 21,171
3,000 3,602
Total of average
13,000 24,773
Totals. actual c ndltion Jan. 21
Totals. actual c miltion Jan. 14
Totals,actual e ndition Jan. 7
8
$
Average Average Average Average Average Av'ye
s
$
$
s
i
$
41,493
20,040
1.857
1,694
1,929
930
4,334
2,129
94,914
2,859
6.463
61.533
3,551
96,112
94,753
96,112
2,820
2,858
2,991
7.163
6,662
6,701
62,717
62,251
63,901
3.614
3,532
3,469
69,153
25,761
_-
543
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.
Loans and
Investments.
_
Total Cash
in Vaults.
Demand
Deposits.
Reserve in
Depositaries.
Week Endeds
$
$
$
Sept.24
81,144,800 760.449.500
7,290,010.700 5,885.011.200
Oct. 1
82,314.800 760.172,500
7,304,600,300 5,897,049,400
Gr'd aggr., av's 402,400638.0076,265,190 50,871665,634 4,941,145787,83423,523 Oct. 8
83,304.200 774,359,100
7,406.023,400 5,971.040,300
Comparison wit h prey.week . 101,0
5,273-11,661 -57.270 -232 +33 Oct. 15
86.248,900 770.304.400
7.315,962,900 5,903,629,300
Oct. 22
82,589.900 777.194.400
7.307.457.600 5,952,316.500
Gr'd aggr., act' cond'n Jan. 2116.227,161 51.774634.407 4,882.535786,971 23,535 Oct. 29
84,457,300 773.177.400
7,322.438,700 5.960,174,600
Comparison wit h prey.week -.-88,426-1.410+6,976 -62,208-3,443 +119 Nov. 5
83.515.500 791.129,000
7.369,553,800 6,030,524,900
Nov. 12
7,421.396,900 6,058,967.900
87.395.500 778.567.000
Gr'd aggr., ad' cond'n Jan. 146.315,587 53,184627,431 4,944,743790,41423,416 Nov. 19
85,950,800 802,801,300
7,501,257,200 6,148,900,500
Gr'd aggr., ad' cond'n Jan. 76,444,863 59.511605.702 5,022,767794,46923,564 Nov.26
86,031.600 800,450.800
7,526,722,000 6,183,811,700
Gr'd aggr., act' cond'n Dee.31 6,597,933 58.392637,8I 7 5,193,108768,11023,524 Dec. 3
7,601,347,100 6,266,367,500
86.962,900 818.811.500
Gr'd aggr., act' 000d'n Dec.246.205,670 68,546664,781 4,861,625747,781 23,645 Dec.10
89.085.500 811.488,000
7,587,309.500 6,286,819,400
Gr'd agar., act' oond'n Dec. 176.162.235 64.406670.883 4,918,610718,80123,741 Dec. 17
97,111,900 822.545,300
7,567,275,900 6.292.581,100
Dec. 24
7,632,582.400 6,261.887.800 105,223,300 808.138,600
7,757,544,200 6,324,178,700
98,285,100 825,703,100
Note.-U. S. deposits deducted from net demand deposits in the general total Dec. 31
Jan.
7 1928
8,004,166,800 6,578,552,700
90,382,500 873,495,100
above were as follows: Average total Jan. 21, 825,753,000. Actual totals Jan. 21,
7,818,901,000 6,403,172,400
87,029.800 842.208,300
323448.000 Jan, 14, 829,334.000 Jan. 7, 836,635,000 Dec. 31, 848,052.000 Dec. Jan. 14
7.709.982.100 6.336.686.500
79_986.800 832.138.000
24. $50,051,000 Dec. 17, 150.052,000
Bills payable. rediscounts, acceptances Jan. 21
and other liabilities, average for week Jan. 21, 5807,204,000: Jan, 14, 8862.620,000,
Jan. 7, 890,035,000; Dec. 31, 3891,128,000: Dec. 24. 3830,487.000: Dec. 17, 3789,531,000. Actual totals Jan. 21, 3796.808.000: Jan. 14. $816,893,000; Jan. 7,
New York City Non-Member Banks and Trust Com$856,564,000; Dec. 31.8865.148.000; Dec. 24,$883,220,000; Dec. 17, 8787,413,000.
Includes deposits in foreign branches not Included in total footings as follows panies.-The following are the returns to the Clearing
National City Bank, 8253,292,000; Chase National Bank. 814,282,000; Bankers' House by clearing non-member institutions and which are not
Trust Co., $46,202,000: Guaranty Trust Co., $77,055,000; Farmers' Loan & Trust
Co., $2.913,000; Equitable Trust Co., 8115,079,000. Balances carried in banks in included in the "Clearing House Returns" in the foregoing:
foreign countries as reserve for such deposits were: National City Bank, $37,654,000;
Chase National Bank, $2,059,000; Bankers Trust Co.. 81,094.000; Guaranty Trust
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
Co., 34,111,000; Farmers' Loan & Trust Co., $2,313,000; Equitable Trust Co.,
CLEARING HOUSE.
$6,542,000.
(Stated in thousands of dollars, the is, three cipher* 10001 omitted.)
c Deposits in foreign branches not Included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank_ _
State banks.
Trust companies,'..
Total Jan. 21
Total Jan. 14...,,
Total Jan.
Total Dec. 31_ _ _ _
8,545,000
2,859,000
Total
Reserve.
Reserve
Required.
$
654,521,000 654,521,000 646,845.250
4,650,000 13,195,000 12,431,340
6,463,000 9,322,000 9,229,950
Members Federal
Reserve Bank
State banks*
Trust companies...1._ _
Total Jan. 21
Total Jan. 14._
Total Jan.
Total Dec. 31....__
8
8,200,000
2,820.000
2,003
Average Average. Average. Average. Average.
$
$
$
1.27
16,124
8,263
4,265
99
745
9,491
365
2,748
25,615
-274
464
-66
7,675,750
763,660
92,050
Gr'd
Gr'd
Gr'd
Ord
2,747
2.747
2,682
2,682
25,889
26,248
25,832
25,716
530
5111
418
443
aggr., Jan. 14
aggr.. Jan. 7
aggr., Dec. 31
aggr., Dec. 24
1,500
1.500
1,500
1,500
Surplus
Reserve.
15.455,500
30.707.540
62,374.630
51.651.000
•Not members of Federal Resrve 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 the amount of reserve required on net time deposits. which was,,follows:
Jan. 21, 821,450.510; Jan. 14, 821,547,380; Jan. 7, 821,654,450: Dec. 31, 520.840,130; Dec. 24, $20,251.410; Dec. 17.519,390,030.
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:
susimAnv OF STATE BANKS AND TRUST COMPANIES IN GREATER
3,721j
5.801
1,485 211.984
--31 -1,263
10,066
+63
206
1.523 13,247 10,003
9,917
1,5581 13,637
1,4471 12,780, 9,749
1,469 12,711' 9,689
a United States deposits deducted, 382,000.
Bills payable. rediscounts, acceptances and other liabilities, $3,564,000. Excess
In reserve, $69,730 Increase.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Jan. 25
1927.
$
621.831,000 621,831.000 639,009,790 -17,178.790
5.413,000 13.633.006 12,485,160 1,147.840
7.163,000 9,983,000 9,407,550
575.450
11.040,000 634,407,000 645,447,000 660,902.500
11,069,000 627,431,000 638,500,000 669.207.540
11,296,000 605,702,000 616,998,000 679,372.630
11,212.000 637,837,000 649,049,000 700,700,040
1,000
500
Actual Figures.
Total
Reserve.
Member of
Fedi Res've Bank.
Grace Nat Bank_ _ _
Trust Company
Not Member of the
Federal Reserve Bank
Mech Tr, Bayonne_
Reserve
u4th
Nd
Net
Cash
Time
in
Legal Daman
Vault. Deposi- Deposits. Deposits.
taries.
Gr'd aggr., Jan. 21
1,500
Comparison with prey. week
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits, which was as follows:
Jan. 21, 321,473.880; Jan. 14. $21,469,950; Jan. 7, 521,252,300: Dec. 31, $20,387,940; Dec. 24, $19,794,210* Dec. 1/, $19,503,090.
a
Reserve
Required.
Week Ending
Jan. 21 1928.
Loans.
DUNet
counts,
Profits. Investments.
,Sc.
Surplus
Reserve.
11,404,000 665,634,000 677,038,000 668,508,540 8,531,460
11,493,000 677,295,000 688.788,000 676,089,070 12.698,930
11,463,01)0 697.319,000 708,782,000 699.755,520 9.026,480
11.456,000 663,845.000 675.301.000 668.171.820 7,129.180
Cash
Reserve
Reserve
In
in Vault. Depositaries
CLEARING
NON-MEMBERS Capital.
Changes from
Previous Week.
Jan. 18
1928.
Jan. 11
1928.
$
$
$
$
Capital
78.400,000
78,400,000
78,400,000 Unchanged.
Surplus and profits_
95.350.000
94,215,000
94,215,000 Unchanged.
Loans, disc'ts & invest. 1,103.498,000 Dec. 10,684,000 1,114,182,000 1,114,757.000
Individual depositsDec. 17.951,000 722,363,000 712,830.000
. ,
Due to banks
168,541,000 Dec. 13,464,000 182.005,000 186.454,000
Time deposits
276,012,000 Dec. 3,694,000 279,706,000 284,846,000
United States deposits_
10,299,000
12,966.000
8,565,000 Dec. 1,734,000
Exchanges for Crg II'se
40,065,000
40,711,000
32,247,000 Dec. 7,818,000
Due from other banks
98,619.000
98,991,000
88,435,000 Dec. 10,184,000
Res've in legal deposles
88,032,000
88,592,000
86,612,000 Dec. 1,420,000
Cash in bank
11,087,000
298,000
11,695,000
10,789,000 Dec.
Res've excess In 1" it lair
ass non inn
151 non
651.000
1 411ft 000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Jan. 21, 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."
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Week Ended Jan. 21 1928.
Differences from
Two Ciphers (00)
Jan. 7
Jan. 14
Jan. 21.
Previous Week.
omitted.
Trust
Members of
1928.
1928.
Loans and investments
$1,444,792,100 Dec. 37,854.900
Total.
F.It. System Companies
Gold
5,335,700 Dec.
169,500
Currency notes
23,780,100 Dec. 1,600,500 Capital
61,800.0
61,800,0
9,500,0
61,800.0
52,300,0
Deposits with Federal Reserve Bank of New York_
119,197,800 Dee. 2,811,900 Surplus and
_
165,840,0
17,449,0 183,289,0 183,289,0 183.296,0
Time deposits
1,489.154,700 Dec. 10,653,400 L'ns, disc'ts profits_
& invest_ 1,009,265,0
97,705,0 1,106,970,0 1,119,911.0 1,113,392,0
Deposits,ellminating amounts due from reserve deExch. for Clear. Ho
54,673,0
45,753.0
House
38,945,0
38,041,0
904,0
positaries and from other banks and trust comDue
banks
100,289,0
366.0 100,6.55,0 101,219,0 712,624,0
panies in N.Y. City, exchanges & U.S. deposits 1,395,541.500 Dec. 9,215,900 Bankfrom
deposits
153,699,0
152,156,0
150,853,0
147,062.0
3,791,0
Reserve on deposits
195,619,800 Dec.
171,300 Individual deposits_ _ _ 642,992,0
50,806.0 693,798,0 707,493,0 712.9,04,0
Percentage of reserve, 21.00%.
Time deposits
191.375,0
26,613.0 217.983,0 217,052.0 217.005,0
RESERVE.
Total deposits
81,210,0 1,062,639,0 .076,701.0 1,083,608,0
981.429.0
9.362,0
11,333,0
9,179,0
-State Banks
9,179.0
- -Trust Companies- Res. with legal depos_
72,391,0
Cash In vault
74,084.0
74,33 ,6 0
•137,261,900 17.21%
74,336,0
8111,051,700 15.60% Res. with F. R. Bank_
13,670,0
8
3
5
1
.
.
0
4
Deposits in banks and trust cos._ _
Cash
in
9
1
6
2
.
.
9
18
3
:0
0
9
18
2
:9
42
vault
1:9
73
5
8
9
:0
0
12
13,830,300 06.39
33,475,900 04.70%
97,394,0
Total res. & cash held..
893.'969054.1
83,257,0
82,910,0
Total
82,260,0
9.994,0
72,266,0
851,092,200 23.60%
$144,527,600 20.30% Reserve required
Excess reserve & cash
13,174,0
*Includes deposits with the Federal Reserve Bank of New York, which for the
14.484,0
13,668,0
in vault
1.944,0
11.724,0
State banks and trust companies combined on Jan.21 wa $119,197,800.
• Cash in vault not counted as reserve for Federal Reserve members
[voL. 126.
FINANCIAL CHRONICLE
544
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Jan. 26, 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) give sdetails regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 507, 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. 25 1928.
Jan. 25 1928. Jan. 18 1928.1 Jan. 11 1928. Jan 4 1928, Dec. 28 1927. Dec. 21 1927. Dec. 14 1927. Dec 7 1927 Jan. 26 1927.
$
$
$
RESOURCES.
1.465,875,000 1.530,476.000 1,524,657,000 1.477.638.000 1,489.255.000 1.505.098.000 1.585.009.000 1.530.667.000 1,601,114,000
Gold with Federal Reserve agents
54,681.0001 53.925.000
51,447.000
47.952.000
53.955.0001 51,068,000
47,455.000
46.190.000
51,921,000
Gold redemption fund with U. S. Treas.
Gold held exclusiv ly agst. F. R. notes 1.513,330.000 1.584,431.000 1,575.725,000 1.529.085,000 1.523.936.000 1.559.023.000 1.632.961.000 1,576.857,000 1.653,035,000
636.954.0001 551.1.53.000 572.502.000 594.958.000 595.110.000 554,358.0001 487.463.000 586.044.000 507,931,000
Gold settlement fund with F. R. Board
Gold and gold certificates held by banks. 668.794.000 672.044.000 659.672,000 618.458,000 620.054.000: 628.942.000 671.778.000 663.834,000 805,824,000
I
2,819,078.000 2,807.628,000 2,807.899,000 2.742,501.000 2,739.100.0002,742.323.0002 792.202.000 2.826.735.000 2.966,790,000
Totalgold reserves
168.956,000 167,934.0001 159,324.000 146.719.000 123.096.000, 115,219.000, 125.764.000 126.540.000 166,072.000
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
2.988,034,000 2.975.562,000 2,967,223.000 2.889.220.000 2,862.196.000 2,857,542.000 2.917.966.000 2.953.275.000 3,132,862,000
56.310.000
69.647,0001 55,211.000
92,558.0001 94.118,0001 93.146,0001 81.352.000
79,109.000
53,728.000
262,785.000
122,439.000
284,781.000! 297.370.000
127.278.000' 141.771,000
350,933.000
169.946.000
411,824.000
197.385.000
390,830.000
187,326.000
347.586.000
147.387.000
294.613.000
149.294.000
189,939,000
175,218,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
385,224,000
347.305,000
412,059.000
369.035.000
439.141,000
392,567,000
520.879.000
387.131.000
609,209,000 578,156.000
385.527.0001 365.772.000
494.973.000
381.125.000
443.907.000
379.998.000
365,157,000
301,827,000
56.184,000
244.266.000
140,447,000
65.033.000
243.857,000
190.478.000
226.765.060
100.581.000
217,917.000
293.322,000
104.583.000
229.498.000
287.746.000, 276.390.000
62.531.000
53.907.000
252.849.000 257.655.000
270.980.000
59.245.000
267.670.000
266.243.000
56.105,000
281.8.3.000
51.327,000
93,395,000
158,043,000
Total U. S. Government securities
Other securities (see note)
440.897.000
500.000
499.368.000
500.000
545.263.000
760.000
627,403.000 603.126.000
980.000
880.0001
597.895.000
950.000
604,201.000
915.000
302.765,000
2,500,000
Total bills and securities (see note)_
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
1,173.926,000 1.286,962.000 1,377,731.000 1,536.293.000 1.598,842.000 1,532,860.000 1.474,943.000 1,429,021.000
972,249,000
Total resources.
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
4,942,522,000 5.126.861,000 5.181,732.000 5.440.513.000 5,333.839,0005.280.080.000 5.353.632,000 5,158,349,000 4.883,090,000
568.000
568.0001
618,190.000 705,805.01)0
58,731.000: 58.724.000
11.122.000
10,515.000
Total liabilities
Ratio of gold reserves to deposits and
F. it, note liabilities combined
Ratio of total reserves to deposits and
F. R. note liabilities combined.,
Contingent liability on bills purChased
for foreign correspondents
568,0000!
569.000
566.0001
860.067.000 728.018.000 759.246.000
60.190.000
57,972.000
60.185.1100
14.462.000
15.043.000
14.383.0001
566.000
828.912.000
60.176.000
14,759,000
566.000
647.516.000
60.067.000
14.176.000
657,000
627,766.000
58.258.000
12,189,000
2.354.712.000 2,431.764.000 2,473.358.0002.485.757,000 2,431.845.000 2.394,335,000 2,418.572.000 2.397.062,000 2,191,753,000
15,425.000
15.160,000
16.680.000
17,134.000
15.752.000
4.040.000
21.78 ,.000
28,999,000
1,771.000
4.338.000
4.423.1100'
4.473.000
5,658.000
4.825,000
5,652,000
5.801,000
5,410.000
5,487,000
19.905.000
19,061.000
20.328.0001
20.894,000
19.310.000
22,126.000
29.138.000
23.010.000
19.072,000
-2.401.614.000 2.471,643.1)00 2.517.443.000 2,536.299.000 2.473.276.000 2.434.003.000 2,447.979.000 2.427.253,000 2,245,311,000
577.945.000 654,526.000 609,065.000,, 768.850.000 666.322,000 644.451.000 758.776.000 602.517.000 584,540,000
134.209.000 133.775.000 132,585.000' 132,512.000 132.460.000 132.403.000 132,315.000 131.738.000 125,523,000
233,319.000 233.319,000 233.319.000 233,319.000 228,775,000 228.775.000 228.775,000 228.775.000 228,775,000
19.808.000
19.116.000
9.813.000
8.823.000
19.052,000
10 513 000,
9.696.000
10,456,000
18,271,000
1
4 942,522,000 5,126,861,000 5,181,732,000 5,440,513,000 5.333.839.000 5,280,080,000 5,353,632,000 5,158,349,000 4,883,090,000
Distribution by Maturities1-15 days bills bought in open market.
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness.
1-15 days municipal warrants
16-30 days bills bought in open market.
16-30 days bills discounted
16-30 days U S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought In open market.
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market.
61-90 days bills discounted
61-90 days 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 indebtedness
Over 90 days municipal warrants
F. R. notes received from Comptroller
F. R. notes held by F. R. Agent
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
566.000
670.056.000
58.122.000
14.888.000
1,584.922,000 1,623.785.000 1.679,624.000 1,760,710.000 1,813.198.000 1.821,332.000 1.766,735,000 1,749.795,000 1,688,485,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Issued to Federal Reserve Banks
587.952.000
980.000
1
70.7%
68.6%
66.9%
63.8%
63.9%
64.4%
66.2%
67.7%
75.0%
72.7%
70.7%
67.2%
66.8%
67.2%
69.2%
70.7%
79.6%
231,881,000
232,291.000
233,812,000
232.181.000
226.904.000
223.870.000
201,112,000
187.587,000
94,674,000
122,510.000
318,991,000
93,000
149,752.000
347,115.000
93.000
172.388,000
372.923.000
15,272.000
123,999,000
266,642,000
80.578,000
14.383,000
141,772.000
515.415.000
22,479.000
100.000
99.627.000
20.455.000
155,324,000
386.039,000
59,932,000
73,298.000
15.342,060
172.348.000
537.482.000
20.851.000
100.000
110.201.000
18.330.000
153.976.000
438,526.000
46,165.000
73.182,000
14,912.000
88.522,000
16,835,000
77.774.000
17.465,000
72,313,000
25,299,000
74,684.000
26,751.000
57,519.000
67.676.000
28.255.000
90,841,000
79.449.000
27,294,000
182,427.000
449.909.000
1,606.000
100.000
102.696.000
18.059.000
35.473.000
20.000
75,568.000
27.010.000
120 000
78.434.000
26,892.000
120.000
98.268.000
20.781,000
100.000
107.092.000
19,288,000
155,000
115.489.000
21.386,000
81,778,000
41,069,000
57.376.000
16.186.000
105.220.000
26.341.000
17.995.000
114.569.000
23.207.000
18.617,000
153,370.000
24.786.000
13.368.000
157.098.000
90.000
29.673,000
11,844,000
29,346.000
11,440,000
17,618,000
22,479,000
2.776,000
8.355.000
27.738.000
2.099.000
7.906.000
77.850.000
1.337.000
7.888.000
78.628.000
1,319.000
8.137.000
12.225.000
1,862,000
8.480.000
221,605,000
2,065,000
7.577.000
221,921,000
6.119,000
9,668,000
158,043,000
73,660,000
17.352.000
3.269,000
7.318.000
82.835.000
75.015.000
14.264,000
3,294.000
7.083.000
99,544.000
75.4%
2.945,157.000 2.971.203.000 2.991.317.000 3.020.347.000 3.043.440.000 3,037.792.000 3,017.610.000 2,975,476.000 2,967,911,000
900.551,000 845.755.000 817.415.000 801.857.000 779.860.000 776.640.000 794,750.000 800,190,000 855.743,000
2,044,606,000
2,125.448.0 2.173,902.000 2,218,490,000 2,263,580.000 2,261,152,000 2,222,860,000 2,175,286,000 2,112,168,000
414.240.000 411.341.000 408.950.000
97.197.000 100.781.000
107.902.000
943.733.000 1,021.9:18.000 1,014.926.000
704,650.000 755.142.000 808,940.000
407.951.000
105.359.000
964.328.000
873.849.000
407.928 000
106.794.000
954.533.000
938.890.000
406.579.000 405.778,000 405,467,000 321,246,000
100.483.000
99.126.000 100,783.000 102.401,000
998,036,000 1,080.105,000 1,024.417.000 1,177,467,000
907.392.000 826,502,000 790,318,000 651.717,000
2.170.525.000 2.285.618.000 2.333.597.000 2.351,487.000 2.408.145.000 2,412.490.000 2.411.511.000 2,320.985,000 2,252,831,000
in order to show separately the amount of balances held abroad and amounts duo
statement
of Oct. 7 1925, two new tems were added
NOTE.-Beginning with the
earning assets,- previously made up or Foreign Intermediate Credit Bank debentures, was changed to
to foreign correspondents. In addition, the caption. "All other'Total
hills and securities,- The latter item was adopted as a more accurate description of the total of
"Other securities." and the caption, "Total earning assets" to
of sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only Items Included
the discounts, acceptances and securities acquired under the provision
therein.
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 25 1928
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
Total
Two ciphers (00) omitted.
Federal Reserve Bank of-
Total.
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap, Kan.City. Dana. San Fran.
RESOURCES.
$
Gold with Federal Reserve Agents 1,465.875,0 105,152,0
8.101.0
Gold redo fund with U.S. Treas.
47.455.°I
113,253.0
1.513.330.0
notes
Gold held excl. agst. F. R.
Gold settle't fund with F.R.Board 636.954,0 37.612,0
668.794,0 36,464,0
Gold and gold certificates
$
324.359,0 107,679,0 181,599,0 47,107,0 129.214,0 227.077,0 37.882,0 47,123,0 54,436,0 28.033,0 176.214,0
11,327,0 3,734,0 4,641.0 1,865,0 1,649.0 5.349,0 2,805,0 2,096.0 1.792,0 1,660.0 2.436.0
1,819,078,0 187.329,0
168,956.0 14.121,0
992,895.0 176,181.0 287.010.0 72,449.0 149.591,0 412.377,0 73,650,0 72.926,0 93,613.0 55,544.0 245,513,0
32.051.0 11,815,0 13,390.0 11,219,0 15,566.01 21.340,0 15,698,0 4,695.0 7.632.0 10,231,0 11.298,0
2,988.034.0201.400,0
Total reserves
92,558.0 9,819.0
Non-reserve cash
Bills discounted:
8,557.0
262,785.0
Sec. by U. S. Govt. obligations
122.439.0 8.284,0
Other bills discounted
385,224,0 16.841.0
Total bills discounted
347.305.0 42,773.0
Bills bought in open market
securities:
U. S. Government
708.0
56,184.0
Bonds
244,266.0 16,054.0
Treasury notes
9.932.0
140,447,0
Certificates of Indebtedness
1,024.946.0 187,996.0 300,400.0 83,668,0 165,157,0433,717,0 89.348,0 77,521,0 101,245.0 65.775,0256,811,0
31.538.0 2.277.0 5.779,0 9.495,0 5,154,0 9,081.0 5,707,0 1,709,0 2,922.0 4,006.0 5,071,0
Total gold reserves
Reserves other than gold
Total U. S. Gov't securities
440,897,0 26,694,0
335.686,0 111,413,0 186.240,0 48.972.0 130.863,0 232,426.0 40.687,0 49,219,0 56.228,0 29,693.0 178,650,0
235,079.0 40,032,0 57,546,0 12,583,0 10,838,0 122.558,0 18.768,0 17.909,0 29,436.0 18,008.0 36,585,0
422.130.0 24.736,0, 43.224,0 10,894.0 7,890,0, 57,393,0 14.195,0 5,798.0 7,949,0 7.843,0 30.278,0
91,326.0 22.332.0 28,664,0 11,018,0 8.140,0 26,756,0
23.747.0 8,209,0 6,819,0 13,545.0 20.630,0 18,402,0
9,445,0
5,848.0
2,096.0
1,548,0
5.574,0
8,098,0
1.949,0 46.928.0
2,666.0 4,643,0
115.073.0 30,541,0 35.483,0 24,563.0 28,770,0 45,158,0 15,293,0 3,644,0 13,672.0 4,615,0 51,571,0
79,983,0 30.875,0 26,947.0 29,744,0 7,769,0 59.527,0 10.244.0 13.759,0 10,821,0 20,115,0 14,748,0
51,0
24.0 20,077,0 7,125,0 4,499.0 10,140,0 7,819,0
5,928,0 29.421,0 18,730,0 10.060,0 13,102.0 12,020.0 25,230,0
4.883,0 20,254,0 7,887,0 4,932,0 9.107,0 6,929,0 10,982,0
619,0
3.384,0
585.0
48,137,0 20,458.0 40,285,0
33,909.0 16,400,0 11,822.0
1,153.0
4,841.0
3,410.0
85,430,0 37,443,0 52,726,0
9,404,0 10,835,0 69,752,0 33,742,0 19 491 0 32 349 0 26,768,0 36,263,0
JAN. 281928.1
FINANCIAL CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Boston.
Total.
Phila.
New York.
545
Cleveland. Richmond Atlanta. Chicago. St. Louis.
$
$
Kan.City. Dallas. San Fran.
$
5
500,0
500.0
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
1,173,926,0 86 308 0
37.0
568,0
618,190.0 61,839.0
58.731,0 3.824.0
101,0
10.515,0
98,859,0 115,156,0 63,711,0 47,374.0 174,437,0 59,279,0 37,394.0 56,842,0 51,498.0 102,582,0
46,0
51.0
17.0
18.0
13.0
25,0
21,0
21.0
35.0
68.0
54,613.0 58,814,0 49,872,0 25,890.0 71.315.0 31,650,0 12,092.0 35,901,0 24,228.0 3 3,471.0
1,754,0 6.865,0 2.890,0 2.825.0 8.615,0 3,791.0 2.202,0 4,308.0 1,785.0 3,374,0
181,0 1,052,0
521,0
456,0
730,0 1.064,0
409.0 1,4600 1.297,0
634,0
280 486.0
216.0
158,505.0
16,498,0
2,610.0
4,942,522,0 363.378,0 1,514.799,0 345.726.0 488,117,0 210,070,0 247,881,0 698,530,0 190,526,0 131.995,0 201,692.0 147.830,0 401,978,0
Total resources
LIABILITIES.
F. R. notes In actual circulation. 1,584.922,0 122,905.0 342,292,0 118.033.0 199,908,0 68,672,0 134,044.0 230,928,0 53,686,0 56,798.0 62,248,0 41,184,0 153,324,0
Deposits:
Member bank-reserve Reel_ 2,354,712.0 149,496,0 910.546.0 139,670,0 188.579,0 72,219.0 70.499.0 347,878,0 85,935.0 52,788,0 89,963.0 67,351,0 179,788.0
4,040,0
899,0 1,728.0 2,199.0 1,975.0 1,554,0 1,344,0 1,052.0 1,441,0 1,209,0 2,248,0
21,736,0 2.097.0
Government
2,331,0
460,0
363.0
503,0
5.806,0
Foreign bank
344.0
169.0
174.0
131.0
247.0
208,0
673,0
203.0
10.011,0
101,0 1,512,0
178.0
19.310,0
89,0 4.227.0
896,0
153.0
Other deposits
287.0
377.0
124,0 1,355,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2.401,614,0 152,134.0
577,945.0 60.641.0
134,209,0 9,403.0
233,319.0 17.893.0
402,0
10,513,0
926,928,0 141,130,0 192.322,0 74,818.0 72.801,0 351,460.0 87.864,0 54,258.0 92.474.0 68.818,0 186.607.0
138,361.0 51.336.0 56,522,0 47,191.0 24.621.0 63.017.0 32.570.0 10.064.0 33,185.0 24,694.0 35,743,0
41.613,0 13.218.0 14.124.0 6.238,0 5.179,0 18.096,0 5,341.0 3,023.0 4.252.0 4,265,0 9,457.0
63,007,0 21,662.0 24.021,0 12,324,0 9,996,0 32.778.0 10,397,0 7.039.0 9,046,0 8.527,0 16,629,0
2.598,0
347.0 1.220,0
827.0
342.0
487,0
340.0 2.251,0
218.0
813.0
668.0
Total liabilities
4,942,522,0 363,378,0 1,514,799,0 345,726,0 488.117,0 210,070,0 247,881,0 698,530,0 190,526,0 131.995,0 201,692,0 147,830.0 401,978,0
Met!,oranda.
72.5
80.8
73.2
Reserve ratio (per cent)
76.6
75.0
58.3
79.5
75.5
65.4
74.5
63.1
69.8
59.8
Contingent liability on bills pur64.614.0 22.132,0 24,228,0 11,881.0 9,784,0 32,382,0 10,017,0 6,290.0 8,387,0 8,154,0 16,540,0
chased for foreign eorrespond'ts 231,881,0 17,472,0
F. It. notes on hand (notes reed
from F. R. Agent less notes In
459,684,0 38,164,0 130,891,0 48,646.0 37.203,0 22,724.0 30.149,0 47,837,0 7.531,0 4.982,0 10.005,0 10.118,0 71,434.0
circulation
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JANUARY 25 1928.
Federal Reserre Agent at-
Boston.
Total.
Two ciphers (00) omitted.
F.R. notes reed from Comptroller 2.945,157.0 237,439.0
F.R. notes held by F. It. Agent__ 900,551,0 76,370.0
F. R. notes Issued to F. R. Bank. 2,044.606,0 161,069,0
Collateral held as security for
F. R. notes issued to F. It. Bk.
Gold and gold certificates...- 414,290.0 35.300,0
Gold redemption fund
107,902.0 16.852.0
Gold fund-F. It. Board
943,733,0 53,000.0
Eligible paper
704,650,0r 59,614.0
Total collateral
2.170,525.0 164,768,0
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
779,663.0 200.779.0 231,791,0 116.995,0 227.583,0 466,765,0 78.387,0 82.789.0 110.073,0 70.835.0 292,058.0
306,480.0 34.100,0 44,680.0 25,599.0 62.490,0 188.000,0 17.170.0 21,009,0 37,820.0 19,533,0 67.300,0
473,183.0 166,679,0 237,111,0 91,396,0 165.093,0 278,765,0 61.217,0 61,780.0 72,253,0 51,302,0 224,758,0
205.150,0
42,600,0 31,020.0 20.000,0
8.700,0 14,167.0
17,303.0
19.209.0 12.902.0 13,999,0 9,587.0 5.114,0 2,077.0 2.682.0
956.0 3.576,0 4.730,0
100,000.0 94,777,0 125.000.0 6,500.0 104.100,0 225,000.0 26,500.0 32,000,0 50.860.0 6,000.0
178.997.0 60.721,0 60.330,0 46,439,0 36.210,0 104.512.0 25,366.0 17,199.0 24,307.0 24,644,0
40,000.0
16.218,0
119.996,0
66.251,0
503.356,0 168,400.0 241,929,0 93,546,0 165,424.0 331.589,0 63,248,0 64,322,0 78.803.0 52,677,0 242,465,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 657 member hanks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 507, immediately following which
we also give the figures of New York reporting member banksfor a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JANUARY 18, 1928. (In thousands of dollars).
Federal Reserve District-
Total.
Boston. 'New York! Phila.
I
Cleveland. Richmond' Atlanta. Chicago. St. Louis. lifinneap. Kan. City
s
.oans and investments-total
3
$
$
IS
21.870.134 1,534.571 8,357,208 1.235.848 2,104,792
Anna and discounts-total
15.326.105 1,060,653 5.940.354
I
Dallas. San Fran.
$
$
$
699,5181 623,589 3,188.557
$
733,747
S
383.019
$
648,151
$
$
437,147 1.923,987
802,452 1,391,387 523,908 494.275 2,285,494
-8.340
15.441
3.105
5.286
17.619
445,007 620,258 163,602 117.621 1,006,097
349.105 755,688 357,2011 371,368 1,261,778
519,156
249.634
426.022
333,285 1.299.485
6,262
53.467
402.989 2.922.210
651,402 2,964,677
4,198
212,215
302,743
2.280
81.521
165,833
3,354
128,280
294,388
2,609
86.395
244,281
4,681
343.557
951,247
6,544,029
473,918 2.416,854
433,396
713.405
175.610
129,314
903.063
214,591
133,385
222.129
103,862
624,502
U. S. Government securities_ _ 2.960,521
Other bonds, stocks and securities 3.583.508
177.501 1.156.794
296,417 1.260.060
I
104,562 848.574
20,089
66.586
1
975,862 6,179.382
483,440 1,622.708
7,777, 29,409
I
71.817 155.362
177,438 1,384,929
121,352
312,044
313.344
400.061
78,043
97,567
63.241
66,073
374,873
528,190
85.129
129.462
69,754
63,631
104,358
117.771
73.036
30,826
343.096
281.406
85,565
15.065
129,951
30.120
45.106
13,294
41.732
11.114
269.559
43.602
50.627
7,517
25,082
5,813
55,730
11,939
33.895
9,629
113.872
21,699
797,311 1.062.254
295,067 893.169
9,011
7,736
387.359
246.039
3.098
349.887 1,909.080
238,076 1,203,416
4,872
7,746
430.509
245,935
1.665
223,320
138.295
762
491.734
163,047
1,918
304.784
116.298
4.842
845,491
988,701
10,436
59.316
185.610
104.079
261,592
57,482
124.333
86.086
134.182
226.418
525,283
63,468
162,908
48.416
99,654
128.469
227.749
65,417
119 365
178,215
235,864
Secured by U.S. Gov't obliga's
126.642
Secured by stocks and bonds.... 6.529,752
All other loans and discounts.-- 8.669.711
nvestments-total
Reserve balances with F. R. Bank
Dash in vault
Vet demand deposits
rime deposits
3overnment deposits
Due from banks
Due to banks
1.804,255
256,4137
13.956,973
6,634,191
89,272
1,244,545
3,638,907
1
Borrowings from F. 1t. Bank-total
290.635
9.3841
64,239
17.006
40,391
18,815
18,110
46,905
9,771
2,250
10.175
4,400
49,189
Secured by U.S. Gov't obliga'ns_
All other
215.913
74.722
5.888
3,496,
I
36
51.049
13,190
13,510
3,496
32.116
8.275
6,445
12,370
4,850
13,260
37,460
9,445
3,935
5,836
2,250
7,435
2,740
2.900
1.500
48,075
1,114
83
48
71
66
33
95
30
24
65
48
A.
lumber of report Mg banks
653
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. 25 1928, in
comparison with the previous week and the corresponding date last year:
Resources-Gold with Federal Reserve Agent
Gold reclean). fund with U.S. Treasury_
Gold held exclusively agst. F. It. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills d!scour)tedSecured by U. S. Govt. obligations...
Other bills discounted
Jan. 25 1928. Jan. 18 1928, Jan. 26 1927.
$
$
324,359,000 374,538,000 427,658,000
11,327,000
13,150,000
9,283,000
335,686,000
235.079.000
422,130,000
387,688.000
262,620.000
421.810.000
436,941,000
111,637,000
524,205,000
992.895.000 1,072,118.000 1.072,783,000
32,051.000
33,231,000
32,960,000
1,024.946.000 1.105,349,000 1,105,743,000
31,538.000
30,188.000
25,268,000
91.326,000
23,747,000
64.778.000
20.124.000
41,628,000
18,564,000
115.073,000
79,983.000
84.902,000
78.620.000
60,192,000
59,852,090
3,384.000
48,130.000
33,910.000
5.745.000
48.021.000
47,346,000
1,892,000
12,557,000
39,669,000
Total U.S. Government securities._
85.430,000
101,112,000
54,118,000
Note)._
Total bills and securities (See
280.486,000
264,634,000
174,162,000
Total bills discounted
Buis bought in open market
Government securitiesU.S
Bonds
Treasury notes
Certificates of Indebtedness
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Jan. 25 1928. Jan, 18 1928. Jan. 26 1927.
216.000
158,505.000
16.498.000
2,610,000
216.000
185,653,000
16,498,000
2,935.000
LiabilitiesFedi Reserve notes in actual circulation
Deposits-Member bank, reserve sect_
Government
Foreign bank (See Note)
Other deposits
342,292,000
910,546.000
4,040,000
2,331,000
10,011,000
348,726,000
974,016.000
1,688.000
2.183.000
10.525.000
395,571.000
830,699.000
4,437,000
1,845.000
10,498.000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
926.928.000
138,361,000
41,613.000
63,007,000
2,598.000
988,412,000
161,496,000
41,460.000
63,007,000
2,372.000
847,479,000
139,333,000
36,966.000
61,614,000
2,238,000
Total resources
Total liabilities
Ratio of total reserves to deposit and
Fedi Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
657,000
159,121.000
16,276,000
1,974,000
1,514,799,000 1,605,473,000 1.483,201,000
1,514,799,600 1,605,473.000 1.483,201,000
80.8%
82.7%
89.0%
64,614,000
65,024,000
26,322,000
NOTE,-Beginning with the statement of Oct. 7 1925, two new items were added In order to show separately the amount of balances held abroad and amounts due to
In addition
., the eaPtIon "All other earning assets.- Previously made up of Federal Intermediate Credit bank debentures, was chanced LO
foreign correspondents.
and the caption "Total
Total earning assets" to "Total bills and securities." The latter term
"Other securities,"
was adopted as a more accurate description of the total cal he
discounts, accePtanees and securities acquired tn.der the provisions of Sections 13 and 14 of the Federal Reserve Act, which,It wasstated,are the only items included therein.
546
[VOL. 126.
FINANCIAL CHRONICLE
New York City Banks and Trust Companies.
j3an er
Gazette.
Wall Street, Friday Night, Jan. 27 1928.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 534.
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. 27.
Sales
for
Week.
Par. Shares
Rangefor Week.
Range Since Jan. 1.
Lowest.
Highest.
Lowest.
Highest.
per share.
per share. $ per share $ per share.
RailroadsAtch Top & S Fe rights__ 9,430 334 Jan 27 334 Jan 27 3%
Jan 27 597(
500 5974 Jan 26 61
100
Boston & Maine
Jan 27 96
10 96 Jan 27 96
Buff Roch & Pitts p1.100
20 50
Jan 23 50 Jan 23 50
Detroit & Mackinac _100
20 8434 Jan 25 8434 Jan 25 8474
Detroit Hills& So'w'n100
100 1,200 434 Jan 26 44 Jan 21 4
Duluth SS & A
100 734 Jan 24 774 Jan 24 7
100
Preferred
Jan 27 4
Jan 27 4
100 4
Nat Rys Mex let p1_100
Jan 24 180
100 180 Jan 24 181
Nash Chat & St L....100
200 2634 Jan 24 28 Jan 24 264
Y State Rys pref._100
Pitts Ft W & Chic_ _ _100
3015334 Jan 2415334 Jan 24 15334
Preferred
100
40 163 Jan 2316434 Jan 25 163
Pitts Young & Ash pf 100
100170 Jan 26 170 Jan 26 170
So Ry-M &0 ctfs_ _ _100 4,410 115 Jan 23 145 Jan 21 100
Twin City Rap Tran_100
500 4834 Jan 24] 49
Jan 24 48
Jan 23 1034
Vicks Shrev & Pac
100 260106 Jan 24 111
Preferred
1010574 Jan 2410534 Jan 24 103%
100
Indus. & Maven.
Adams Express pref_ 100 1,100 954 Jan 21 96 Jan 24 93
Alliance Realty
Jan 271 70 Jan 27 53
• 130 68
Am Foreign & Pow righ 72,600 44 Jan 251 574 Jan 23 3%
Am Mach dr Fdy pf ex war
25011234 Jan 26 113 Jan 23 112%
Austrian Credit Anstalt_
300 7374 Jan 25 744 Jan 24 72
Autosales
• 5,700 634 Jan 24 874 Jan 27 674
Preferred
50 1,700 30 Jan 26, 35 Jan 27 30
Bank of N Y & Tr Co 100
10690 Jan 26690 Jan 26 690
Jan 21 86
Belg Nat Rys part pf w i 4.200 8634 Jan 251 87
Borden Co
50 3,800 169% Jan 2517534 Jan 21 163%
Brit Empire SteeL _ _ _ 100 2,000 334 Jan 21 44 Jan 27 174
1st preferred
100 600 394 Jan 24 414 Jan 27 32
100 2,100 534 Jan 21 634 Jan 27 271
British 2d pref
10 5.000 2874 Jan 21 2934 Jan 24 26%
Bucyrus-Erie Co
15,100 3634 Jan 25 3734 Jan 23 34%
Preferred
Jan 23 107
30 110 Jan 23 110
Cent Alloy Steel pf_100
100
50144
Jan 25 145 Jan 25 144
City Investing
Jan 24 114
Jan 27 108
80 113
Devoe & Rayn 1st pf_100
Jan 26 20
10, 20 Jan 26 20
Duluth-Superior Tr 100
ELsenlohr Bros pref 100
240 974 Jan 21 984 Jan 21 88%
30 184
Jan 21 184
Jan 21 17876
Equit Office Bldg p1.100
Fuller Co prior pref.__ _*
80010634 Jan 2710734 Jan 26 10634
*
600; 22
Jan 26 224 Jan 26 22
General Cable
General Cable class A .7 5,500 564 Jan 21 60 Jan 24 5654
General Gas & El cl B* 300 40 Jan 26 404 Jan 21 37
Gold & Stock Teleg_ _100
100 128
Jan 24 128
Jan 24 128
Goodrich rts
99,8001 274 Jan 21 334 Jan 24 1%
Gotham SilkHosiery pref
ex-warrants
100
170 109
Jan 25 109 Jan 25 109
Graham-Paige Motors...741,800 18
Jan 25 204 Jan 27 174
Gulf States St 1st p1.100
210 105
Jan 23 106
Jan 25 104
Hackensack Wat pf A 25
20, 264 Jan 24 264 Jan 24 2534
Harbison Walker Refrac
Preferred
100
101120
Jan 23 120 Jan 23 120
Hershey Choc
* 1,4017 3234 Jan 25 34 Jan 21 3234
Preferred
* 6,900 7234 Jan 26 7454 Jan 24 7234
Prior pref
100
50010234 Jan 2610334 Jan 23 10134
Internat Paper rts
46,200 1-128 Jan 24 1-32 Jan 24 1-128
Kelsey-Hayes Wh pf_100
190 1084 Jan 23 110 Jan 26 10834
Kroger Groc & Bak Co_*87,700 77 Jan 26 8034 Jan 27 77
Kuppenhelmer
10,1 50
Jan 21 50 Jan 21 4534
• 1,400, 59 Jan 27 6134 Jan 27 60
McCall Corp
NationalRadiator
2,7001 364 Jan 27 3734 Jan 21 364
Preferred
3001 96
Jan 27 9634 Jan 23 96
National Supply pre/ 100
7011734 Jan 24 119 Jan 26 117
Penick & Ford pref__100
150 105
Jan 25 10634 Jan 27 1034
Phillips Jones Corp_ _ _ _*
400 51
Jan 27 53 Jan 24 5034
Prophylactic Brush Co_*
530 7734 Jan 23 80
Jan 26 6934
PS of N Jersey rts
4.500 1-128 Jan 26 1-64 Jan 26 1-128
Pullman Co old
100
10 169 Jan 27 169 Jan 27 169
Reo Motor Corp
10 8,200 234 Jan 21 24 Jan 231 234
Richfield Oil of Callf_25 3,000 2534 Jan 25 2634 Jan 211 2534
The Fair pref
1010434 Jan 2610434 Jan 26 10474
100
'Fob Prod Div ctIs A.10 2,400 25 Jan 25 2574 Jan 21 25
United Biscuit
• 7,200 3834 Jan 24, 424 Jan 26 38
Preferred
100
100 118
Jan 23 11434
Jan 23 118
Universal Leaf Tob____* 3,600 7634 Jan 27 8034 Jan 24 73
US Express
100 2,200 3.4 Jan 24 6 Jan 24 371
Warren Bros 1st pre1.50
220 50
Jan 27 52 Jan 23 50
Wells Fargo & Co
1
200 24 Jan 24 24 Jan 24 134
West Dairy Prod cl A_..... 1,800 55 Jan 21 554 Jan 21 5374
Class B
* 3,700 244 Jan 23 2554 Jan 24 2034
West Penn El pref(6) 100
830 101
Jan 2510234 Jan 26 101
Jan
Jan 61
Jan 98
Jan 50
Jan 84%
Jan 634
Jan 934
Jan
Jan 200
Jan 28
Jan 1537(
Jan 16474
Jan 170
Jan 159%
Jan 50%
Jan 111
Jan 105%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 98
Jan 70
Jan 54
Jan 116
Jan 74%
Jan 834
Jan 36
Jan 69574
Jan 87%
Jan 187
Jan 44
Jan 414
Jan 64
Jan 29%
Jan 37%
Jan 111
Jan 145
Jan 115%
Jan 20
Jan 984
Jan 184
Jan 107%
Jan 224
Jan 60
Jan 404
Ja 128
Jan 374
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 110
Jan 204
Van 106
Jan 26%
Jan
Jan
Jan
Jan
Jan 120
Jan 374
Jan 74%
Jan 103%
Jan
34
Jan 110%
Jan 8034
Jan 50
Jan 6134
Jan 40%
Jan 9854
Jan 119
Jan 1087(
Jan 5334
Jan 80
Jan 1-16
Jan 189
Jan 26
Jan 27%
Jan 10454
Jan 25%
Jan 42%
Jan 118
Jan 8434
Jan 6
Jan 53
Jan 24
Jan 56%
Jan 26
Jan 103
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.86 13-160
4.8734 for checks and 4.87 3-1604.87 7-16 for cables. Commercial on
banks, sight, 4.86 9-1604.86%, sixty days 4.82%04.83%, ninety days
4.8134®4.8134, and documents for payment, 4.823404.8354. Cotton for
payment 4.86 3-16 and grain for payment 4.86 3-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.92%0
3.93 for short. Amsterdam bankers' guilders were 40.29040.34 for short.
Exchange at Paris on London 124.02 francs, week's range, 124.02 francs
high and 124.02 francs low. .
The range for foreign exchange for the week follows:
Cables.
Checks.
Sterling. ActualHigh for the week
4.87 11-16
4.78 5-16
4.87 3-16
Low for the week
4.86 13-16
Paris Bankers' FrancsHigh for the week
3.9334
3.93
Low for the week
3.92%
3.9294
Amsterdam. Bankers Guilders40.36
High for the week
40.35
40.3334
Low for the week
40.29
Germany Bankers' Marks23.84
23.84
High for the week
23.81
23.82
Low for the week
AU prices dollars per share.
343
Ask
7434 Mtge Bond._
350 Nat Surety...
470 N Y Title &
Mortgage-340
U S Casualty.
348
Bid
173
325
572
510
Ask
Bid
183 Realty Assoc'
335
(Rely,,)con 280
let pref____ 94
578
2d pref.__ _ 89
520 Westchester
Title & Tr_ 600
4118
416
700
998
395
1345
453
450
422
713
363
550
821
273
-795
332
800
682
250
195
785
470
2975
1100
1325
2900
ano
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
lea
June 15 1928___ 334%
Mar. 15 1928._. 34%
Dec. 15 l928.__ 338%
Bid.
Asked.
Maturity.
-..
lit;te.
Bid.
99"ss 99"n Mar. 15. 1928_
3% 997.s2
Sept. 15, 1930-2 313% 9917 et
997122 100
99",, Mar. 15,1930-32 354% 99"n
993-4
Dec. 15, 1930 32 3%% 997122
Asked
99,111
9911,1
9974
99752,
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Jan. 21 Jan. 23 Jan. 24 Jan. 25 Jan. 26 Jan. 27
-High 1017722 101742 1017722 10171n 101742 101742
First Liberty Loan
374% bonds of 1923-47-- Low- 1011.22 1011122 1011.22 101nss 101,031 101.77ss
Close 1011.22 1017722 1017122 1017722 10170 2 1017022
(First 33-4*)
85
55
Total sales in $1.000 units__
'
9
179
123
71
.
._ __
Converted 4% bonds of High____
{Close
Total sales in $1,000 units_ - _
Converted 4yi% bondrigb
of 1932-47 (First 44s) Low_
Close
Total sales in $1,000 units__
Second Converted 454 %fillet
bonds of 1932-47 (First Low.
Second 44s
Total sales in $1,000 units.. _
righ
Third Liberty Loan
Low.
44% bonds of 1928_ _
Close
(Third 448)
Total sales in $1,000 Units... _
Fourth Liberty Loan(High
6X % bonds of 1933-38._ Low_
Close
(Fourth 4545)
Total sates in 31.000 units__ _
Treasury
{High
Low_
4148, 1947-52
Close
Total sales in $1,000 units-{High
Low_
le. 1944-1954
Close
Total sales In $1,000 unity_ __
(High
Low_
at.
m 1946-1956
(Close
Total sales in $1.000 units__.
IR Ig b
Low_
3345. 1943-47
Close
Total sale* in 81.000 units. _ _
__
____
103722 1031as
_103-11, 10-3-132 103',, 103',,
103722 103.22 1031n 1032n 1031s3 103
103722 103.22 103722 103,23 1031$3 103
53
32
6
4
10
27
____
____
_ ___
____
___
____
____
100",2
100142
10017,1
103
1031in
1037722
1037.22
65
113"tt
1151111
1151in
3
---____
-----__
-___
------____
102",,
1021222
1027722
10
_
____
100,322 100-lis
100"n 1001722
100172,
33 100"s
55
1031132 103173
1037722 103772
1037722 1037722
135
104
110"sr 11518:
115",, 11511,
115"s2 11511i
536
115
110",,110,,,,
110,an 11014,3
110"s1 1101.22
1
7
107",, 107"41
107ust 107nts
1071112 107",,
I
10211,1 1022ias
1021.12 1021722
1021721 102742
200
27
_
100-lio
100142
100" i
17
'
7
10337ss
103742
1037422
209
1151111
Muss
114311,
168
1108,1
109"tt
10917n
162
107041
107%
107%
28
1027722
102',,
102722
1.170
_
_
0-1111
100-lio 101001121 100".7
1001411 10011rt
39
62
10317sr 10311,2
1037722 103.722
1037122 103.7n
135
92
11511gr 1151ss
1141131 115
115nu 115
105
251
1110",,------110
110142
-- -136
10718,1 107-in
107',, 1074sa
10615,, 1074si
8
26
1021722 10217n
102,ts 102
1021122 102.22
112
245
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
33 3d 445
1001722 to 10017221 7 4th 474s
103742 to 1031111
NOITCES.
-Announcement is made of the formation of Marlon S. Emery & Co.,
Inc., with offices at 50 Broadway, N. Y., to conduct a general investment
business.
-Cabell Halsey formerly with Estabrook & Co., is now associated
with the sales department of Arthur Sinclaid, Wallace & Co., 57 William
St.,N. Y.
-Macaulay St Co., 42 Broadway, N. Y., have prepared a quotation
sheet on Brooklyn, Long Island and Staten Island bank, trust and title
stocks.
-Stanley C. Eaton,formerly of F. J.
Lisman & Co., has been appointed
resident Vice-President in New York City of Sawyer Brothers, Inc.
-Thomas H. Hanson, formerly cashier
of the Bronx Borough Bank,
has been elected a director of Bankinstocks Holding Corporation.
-Curtis & Sanger have issued a weekly
quotation pamphlet of bank and
Insurance company stocks, the first issue being dated Jan. 23.
-C. Lester Horn & Co., Inc., 60 Broadway, New York, have Prepared
and are distributing a manual of chain store companies.
-Ames Talcott, Inc., 225 Fourth
Ave., N. Y., has been appointed
factor for the Columbia Silk Mills of Paterson, N. J.
-In their current investment suggestions Estabruuk & Co. list public
utility preferred stocks yielding from 5.37 to 6.10%•
New York City Realty and Surety Companies.
Bid
65
340
460
335
Ask
Banks.
Bid Ask
Trust Coe. Bid
390 Harriman___ 870 --_
New York.
224 Manhattan* _ 570 577 Am Ex Iry Tr 412
555 Nati nal City 764 768 Bank of N Y
690 New Neth'ds• 640 665
& Trust Ca 890
675 Park
847 654 Bankers Trite 993
250 Penn Each
220 230 Bronx Co Tr.. 375
Port Morris_ 700 800 Central Union 1335
310 Public
695 705 County
445
Seaboard ___ 780 790 Empire
444
303 Seventh
230 240 Equitable Tr_ 418
220 State*
590 610 ,Farm L & Tr_ 707
569 Trade*
270 285 Fidelity Trust 355
United
300
Fultor.
530
640 Yorktown* _ _ 200 220 Guaranty Tr_ 617
330
Brooklyn.
Interstate___ 268
935 Dewey•..... ..... 300 ;Lawyers Trust ...
_._ First
435 445 1Manufacturer 785
562 Mechanics'* _ 340 345 ,Murray Hill__ 325
400 Municipal* _ _ 418 428 Mutual(West615 Nassau
390 410 1 cheater) ___ 280
450 People's
850
_ ._ N Y Trust _.... 675
2325
Terminal Tr.. 235
3700
Times Square 190
515
Title Gil & Tr 775
290
US Mtg dr Tr 460
.
finitedStates_ 2925
1280 *State banks.
Westchest'rTr 1000
S New stock.
Brooklyn.
x Ex-dlvidend
Brooklyn..__ _ 1270
e Ex-stock dividend.Kings Co._._ 2700
411 vrices Rolla r* per 'hare. v Ex-rtehts.
MIthonnel
250
CURRENT
•No par value.
Alliance R'lty
Amer Surety_
Bond & M 0_
Lawyers Mtge
Lawyers Title
& Guarantee
Banks-N.Y
Bid
America* ___ 385
Amer Union*. 220
Bowery EastR 650
dronx Boma_ 670
Bronx Nat__ 625
Bryant Park* 220
Capitol Nat.
Bank dr Tr_ 300
Cent Mere Bk
& Trust Co. 298
Central
215
564
Chase
Chath Phenix
NatIsk &Tr 630
Chelsea Exch. 326
Chemical_ _ _ _ 925
Colonial.... ___ 1100
Commerce_ _ _ 555
Continental_• 375
Corn Exch.. 611
Cosmoplan•_ 400
Fifth Avenue..2250
First
3650
7arfield_ _
500
31obe Exch.... 250
325
Irate
1270
lanover
290
95
92
650
-The Chase National Bank has been appointed Registrar for the common stock, no par value, of the Pack Shops, Inc.
-A. D. Watts & Co., 1 Wall St., New York, have issued an analysis
of Brazilian Traction, Light & Power Co., Ltd.
-Thomas F. Ford has become associated with Brokaw & Co., Chicago
as Manager of the trading service department.
517
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SEVEN PAGES
For sales during the week of stocks usually inactive. see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 21.
Monday.
Jan. 23.
Tuesday,
Jan. 21.
Wednesday, Thursday,
Jan. 26.
Jan. 25.
Friday.
Jan. 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Highest
Lowest
PER SHARE
Range for Previous
Year 1927.
Lowest
Highest
$ per share $ per share $ per share
Par $ per share
Railroads.
$ per share $ per share $ per share $ per share $ per share $ per share Shares
19312 19534 d18812 19034 34,100 AG% Topeka & Santa Fe--100 18812 Jan 27 19534 Jan 6 16184 Jan 200 Aug
19414 1953 19314 194
19214 1934 193 195
9938 Jan 1064 Dec
Jan 25
Jan
5
10514
10212
100
Preferred
1.300
10434
135
*10414
1043
10414
4
/
4 10515
10514
10518 10518 105 10512 1051
4,100 Atlantic Coast Line RR_-100 18212 Jan 16 18614 Jan 4 17478 Apr 20/512 Aug
18414 186
18312 184
18434 18534 18312 185
185 185
*183 188
100 11414 Jan 19 119 Jan 7 10612 Jan 125 Oct
1
4 11514 15,800 Baltimore & Ohio
11532 1157 11434 11532 115 1154 114/
116 11532 11512 116
7314 Jan 88 June
100 8112 Jan 4 84 Jan 16
700 Preferred
8152 83
82
82
83
*83 8312 *83 8312 *82
82 82
44 Jan 10312 May
50 69 Jan 5 8414 Jan 11
8,100 Bangor & Aroostook
7878 80
8212 79
8112 81
8014 80 80
80 8112 81
10112
Jan 122 June
Jan
10
Jan
3
115
11012
100
Preferred
90
113
*112
113
*112
*112
113
113
113
11218
113
113
113
Jan
27
53 Aug 7078 Jan
61
31,900 BkIn-Manh Trao v t 0-NO Par 5338 Jan 17
57
5878 5852 81
5612 57/
1
4 5634 57
5632 57
5812 57
784 Oct 88 Jan
No Par 82 Jan 4 8434 Jan 19
8334 8418 834 844 10,600 Preferred v t o
84 84
8334 84
84 84
84 84
74 Oct 1938 Dec
1738 174 16,600 Brunswick Term & Ry Seo_100 1412 Jan 5 1914 Jan 23
18
18/
1
4 1734 18
1818 1812 1812 1914 1818 19
40 Apr 58 June
Buffalo & Susq prat
100 5014 Jan 5 5012 Jan 13
*5034 5234 *504 5034 *504 5234 *5012 5234 *5012 5234 *5012 5234
75/
1
4 75/
1
4 *7514 78 *7514 78 *7514 78
10 Buffalo Rochester & Pitts_100 7414 Jan 6 80 Jan 7 70 Dec 115 Mar
*751
/
4 78
*7514 78
59 Jan 65 Dec
Canada Southern
100 6212 Jan 19 63 Jan 14
*6212 64 *6212 64 *6214 64 *6212 64 *6212 64 *6212 64
100 204 Jan 181 21534 Jan 7 165 Jan 219 Dec
.20634 20752 20712 210 20914 2103 20538 108 207 20814 20638 20838 26,400 Canadian Pacific
208 Jan 4 21212 Jan 6 2034 Dec 21512 Dec
2nd inst paid
202 209 *203 20812 *202 212 *201 207 *200 207 *200 207
8332 Jan 9514 Den
Caro Clinchf & Ohio
100 95 Jan 4 96 Jan 14
.*94
*95 96 *95 __
96
96 *94
9812 Feb 106 Oct
100 10358 Jan 14 1034 Jan 14
110 Cants stamped
1
4 *10352
10352 103/
*10352 _
103/
1
4 103/
1
4 *10358 _
;10352
Jan 348 June
285
Jan
18
Jan10
30912
300
Central
RR
of
New
200
305
305
Jersey-100
308
*300
303 308 303 303 *300 208 *300 308
100 19514 Jan 18 20514 Jan 6 15134 Jan 21812 Oct
7,800 Chesapeake dr Ohio
19812 20114 198 199
198 199
19834 19914 19914 20112 200 201
434 Jan 1052 June
714 Jan 3
852 Jan 27
100
/
4 1,300 Chicago & Alton
61
/
4 61
834 64 •658 64
64 64
*672 7
68 67
184 July
100 104 Jan 27 1214 Jan 6
104 1012 1,580 Preferred
117 1172 *111
1112 1072 11
111
/
4 111 *11
/
4 12
51 July
500 Chic & East Illinois RR_100 4112 Jan 25 4312 Jan 4
41
41
41
41
41
41
4112 *41
42
*41
43 *41
78 Oct
Jan
84
43
Jan
3
Jan
19
76
100
70
Prel.irred
300
71
*6912
71
*6912
70
70
7058 70/
1
4 *71
*71
72
72
2212 May
3,500 Chicago Great Western. _ _100 12 Jan 17 1332 Jan 6
12
12
12
127
124 1234 1212 124 12
*12
1214 12
447g June
Jan
aa
3087
34
1:323 j
Janj
Ja
1
4 Jan 6
2
100 2738 Jan 18 29/
2732 2752 5.100 Preferred
*2912 2814 2712 2914 2872 2875 2752 284 2758 28
9 Jan 194 Dec
1
4 17/
1
4 1732 1772 1718 1758 16,300 Chicago Milw & St Paul _.. _100 174 Jan 27 2072 Jan 11
1838 1758 184 17/
1712 1778 18
9 Jan 1914 Dec
100 1718 Jan 27 20 Jan 9
1734 1772 1734 18
1752 1814 1712 1772 1732 1712 1712 1712 19,300 Certificates
1858 Jan 3712 Dec
100 33 Jan 27 39 Jan 11
3332 9.800 Preferred
3314 3334 33
3312 34
3432 337 34
3418 3438 34
1
4 Dec
1878 Jan 37/
100 33 Jan 27 3812 Jan 9
3314 11,900 Preferred certificates_
1
4 33
334 33/
3438 337 3414 3332 34
34
3438 34
9712 3ept
8412 8412 3,100 Chicago dr North Western_100 84 Jan 18 8812 Jan 6
85
.84
8412 85 85
85
8512 84 8512 85
78381244
Jan
Jan
24
150
Oct
148
143
Jan
18
Preferred
100
100
*143
14812
145 148 *146 148
148 148 *143 14812 *143 14812
116 July
7,300 Chicago Rock Is!& Pacing:1_100 108 Jan 5 11214 Jan 3
10912 110
.110 11012 11014 11034 11034 11134 109 1103s 110 110
62
8'
4
2 Jan 11134 Dec
100 10812 Jan 6 110 Jan 3 10
200 7% preferred
.109 10912 *109 10932 109 109 *10834 10914 10834 10834 *10814 10914
100 102 Jan 3 10212 Jan 7 95,4 Jan 104 Nov
900 6% preferred
/
4
10212 1021
.102 10214 *102 10214 102 10214 10214 10214 102 102
Colorado & Southern
100 115 Jan 10 116 Jan 6 84 Jan 1374 July
110 115 *110 120 *110 117 •110 116 •110 116 *110 116
78 Dec
First
preferred
100 75 Jan 141 7734 Jan 3
120
76
76
7512
75
764 •75
76 *7512 76
*75
7834 *75
1
4 Jan 3 68 Jan 75 Oct
preferred
724 Jan 3 75/
Second
100
*74
7512 *74 7512 *74 7512 *74
7512
7512 *74
7512 *74
2,300 Consol RR of Cuba pref. _100 891s Jan 26 7212 Jan 3 65 Aug 77 May
70
70
70
70
6934 8934 694 70
70
7012 7012 70
Cuba RR pref
100 8814 Jan 16 8812 Jan 191 7914 Apr 93 Dec
*8814 90 *8814 90
*8834 90
*8814 90 *8814 90 *8814 90
100 17614 Jan 27 186 Jan 6 1714 Jan 230 June
17614 17712 8,400 Delaware & Hudson
1771
/
4 179
17652 178
17912 180
17934 17934 17934 182
13334 13414 134 134
13312 13312 133 13334 3,100 Delaware Lack de Western.. 50 133 Jan 27 140 Jan 5, 1304 Oct 173 Mar
134 134
13334 134
Rio
Or
Weld
prof
100
56 Jan 4 5834 Jan 5! 4112 Jan 674 June
Deny
&
561
/
4
800
561
/
4
57
*56
5634 57
5612 5612
5632 5612 5712 574
3912 Jan 6934 Sept
100 6012 Jan 18 6812 Jan 4
6112 6332 6252 63/
/
4 21,800 Erie
6112 62
1
4 6114 6232 6114 6218 6112 611
52% Jan 664 Aug
100 6058 Jan 18 63/
1
4 Jan 7
6112 6158 5,800 First preferred
62
6112 6134 6112 6174 6112 6172 62
62
61
Jan 644 Aug
49
62
Jan
6
5938
Jan
20
Second
preferred
100
601
*59
61
6034 *59
*58 6012 *58
6034 *5934 6034 *59
5,900 Great Northern preferred....100 95 Jan 16 98 Jan 41 7958 Jan 1034 Sept
/
4 96% 9512 9632 964 9E08 9812 961
9484 9534 9512 9678 961
101 Sept
Mar
854
9634
Jan
7
93
/
1
4
Jan
19
Pref
100
certificates
1,400
95
94
95
94
94
94
*94 95
9512 9512 95 95
18 July 2884 Sent
24
2432 2412 2432 24/
24
1
4 25
2434 244 2434 2418 2452 39,800 Iron Ore Properties__No par 2214 Jan 16 25 Jan 24
35% Jan 7658 July
1,800 Gulf Mobile & Northern 100 53 Jan 18 5814 Jan 7
54
54
58
*55
57
• 5614 5612 5512 5634 *56
55
56
100 106 Jan 16 10712 Jan 7 105 Jan 11214 Apr
100 Preferred
106 106 *106 107 *108 107 *108 107
•106 107 *108 107
1412 Dec 3078 Jan
Havana Electric Ry_ No par
*1234 14
*1234 14
14 *1234 14
*124 14
*1234 14
68 Dec 8312 July
68 Jan 23 69 Jan 26
Preferred
400
70
*68
69
69
69
*68
100 355 Jan 12 360 Jan 16 200 Jan 425 Oct
Hocking Valley
355 38334 *380 38334 *360 375 *350 370 *350 370 *350 370
100 51 Jan 3 5712 Jan 9
41312 Jan 657s May
3.800 Hudson & Manhattan
5438 55
54
5412 547
5434 534 537/ 538 5434 5334 533
100 88 Jan 7 92 Jan 10
78 Jan 9011 May
200 Preferred
8812 881
*89
92 *89
92
9112 *8812 9112 *88
*8812 91
100 13134 Jan 11 14434 Jan 27 12118 Jan 13938 Oct
14012 1443 26,500 Illinois Central
133 13414 13412 135
134 13638 136 144
13312 134
100 1304 Jan 13 144 Jan 27 172)78 Jan 140 Oct
•
700 Preferred
143 144
135 135 *13412 137
133 133 •133 135
13518 139
74 Jan 83 Oct
740 Railroad Sec Series A1000 80 Jan 4 817s Jan 12
/
4 *8118 8158 *814 8152 *814 8152
*80 814 *80 8118 814 811
23 Apr 4212 Oct
1,300 Int Rye of Cent America_ _100 37.1 Jan 18 414 Jan 26
39
394 404 4034 3912 40
4114 4114 *3952 41
*36% 39
6972
Jan
3
7112
Jan
5
100
62
Preferred
7414 Oct
AD
290
7112
7112
7112
7012
7012
7112
71*2
7112
*71
*7114
7012
7012
29
Jan
5
355
8
Jan
27
Tran
v
t
o_100
5218 Feb
3012 Au
Interboro
Rapid
3372 3552 10,200
1
4 3214 3212 3134 32
3214 35
3234 3312 3212 33/
212 Jan 16
212 Jan 16
100
Jan
612 Feb
1
5.212 314
100 Iowa Central
214 212 •212 31
.5212 314 *212 314 *212 3
59
Jan
27
834
100
4114
Jan
7
Southern
7012 July
Jan
City
Kansas
61
/
1
4
11,500
6012
6214
60
6012
5912 6018 5912 6058 59
5975
5914
100 7212 Jan 5 734 Jan 25
6478 Jan 7312 Dec
7314 73% 7372
700 Preferred
7272 7272 7312 7312 734 7372 73
*7234 75
so 914 Jan 10 9754 Jan 14 8812 Oct 13712 June
4,300 Lehigh Valley
9534 938 95
92
9278 9152 9232 9134 92
94 944 95
100 14812 Jan 17 155 Jan 11 1283s Jan 15918 Oct
150 150
15012 15072 1,400 Louisville & Nashville
150 150
149 150
150 150
150 150
7814 Dec 90 Feb
8212 *77
50 Manhattan Elevated guar_100 75 Jan 9 8212 Jan 26
8212
8212 821 *76
821
7712 7712 •7612 8212 *76
4134 Dec 5478 Feb
100 40 Jan 10 45 Jan 27
3,700 Modified guaranty
4212 45
42/
1
4 4014 41
4112 42
4334 4334 4274 4334 42
678 June
438 Nov
414 Jan 17
578 Jan 17
100
800 Market Street Railway
*412 51
*434 512 *44 6
44 434
*434 6
*434 6
18 Feb 2512 June
100 25 Jan 17 25 Jan 17
Preferred
30
30 *22
*22
30
*22
30
*22
30
•20 30 *20
4158 Feb 5934 Aug
100 48 Jan 13 5412 Jan 17
500 Prior preferred
5212 53
*4912 52
5214 5214 514 514 *4912 51
55214 53
1112 Oct 1712 June
100 15 Jan 17 15 Jan 17
Second preferred
*13
*14
1452
18 *13
18
18
18
*13
*13
18
*14
44 Feb
138 Jan
314 Jan 11
24 Jan 25
27
272 272 2,000 Minneapolis & St Louis_ 100
*234 314
2/
1
4 23
34 314
27s
*272 3
27 Jan 5612 Dec
7,900 Minn St Paul dr S S Marle_100 4752 Jan 19 5232 Jan 6
48
48
50
52
49
4932 4972 49
474 474 4814 51
Dec
8812
Apr
50
Jan
11
84
100
7914
Jan
5
Preferred
200
*81
85
*82
8214
85
85
8214
*80
*81
85
84
•80
71 Nov
5,34 Ma
100 8714 Jan 10 7112 Jan 9
80 Leased lines
no 7034 70 7034 *7012 71 71 71 7012 71
71
*70
3112 Jan 564 June
1
4 3812 394 38
/
4 8,600 Mo-Kan-Texas RR_ ---No Par 3634 Jan 27 4112 Jan 3
3832 375s 3832 3634 371
3832 3852 3812 39/
9534 Jan 10912 Dec
100 10714 Jan 3 10834 Jan 6
3,700 Preferred
10734 10734 10772 10758 10712 10734 10732 1071 10712 1074 10714 1071
377g Jan 62 Apr
100 50 Jan 21 53 Jan 6
30 504 5038 5184 5118 5134 50
511
5018 5072 504 5052 10,800 Missouri Pacific
1
4 Jan 27 11552 Jan 9 9018 la 11858 Nov
100 110/
1114 11178 11158 11234 1121g 11212 111 1121 11112 11112 11072 11172 19,200 Preferred
14 Aug
314 Oct
26
3
Jan
7
Jan
212
1,000 Nat Rya of Mexico 2d pref _100
234 23
234 24
•24 24
212 234
234 23
*234 3
Jan 1597* June
60 New On Texas lc Mexico 100 13614 Jan 6 139 Jan 11 121
138 138
•13012 140 •13912 140
13614 13614 *13614 139
13612 140
/
4 16232 162 16252 160 161
100 15812 Jan 18 16412 Jan 3 13714 Jan 17112 Oct
1811
18012 16112 16014 18114 21,600 New York Central
16112 162
133 13532 19,200 NY Chic & St Louis Co_ 100 128 Jan 10 13712 Jan 23 b110 June 2404 May
131 13114 133 13713 135 13632 133 13452 134 135
100 109 Jan 10 110 Jan 4 102 Mar 110 Dec
300 Preferred
1
4 10978 1091
/
4 10912 10934 10934
10284 1094 *10912 110 *10934 110 .5109/
50 168 Jan 3 186 Jan 27 167 Dec 185 Apr
179 180 I 175 175
280 N Y & Harlem
185 186
179 184
18334 185
175 175
4158 Jan 6314 Dec
6114 8252 6212 8514 8332 8558 8212 6432 8334 6534 6434 657s 132,100 N Y N H & Hartford
1
4 Jan 16 6634 Jan 5
100 59/
11352 Jan 3 11434 Jan 26 11038 Oct 1144 Nov
7,200 Preferred
11412 114's 11414 11438 11414 11438 11438 11413 11412 11434 11458 1143
Jan
4
234 Jan 414 Sept
3234
27
Jan
29
2974
27
2812 2934 28
2812 28
2958
274 7,400 N Y Ontario & Western_ -100
2812 27
29
526 5/
418 Dec 1534 Jan
1
4 •512 612 *554 7
612 Jan 7
54 Jan 24
200 N Y Railways pref otfo_No par
514 514
*51
/
4 6
*512 6
Jan
11
3714 Jan 644 June
4912
Jan
18
46
100
*46
49
*47
49
Norfolk
Southern
300
.
54612
49
48
46
46
461
/
4
4614
*47
18712 18812 188 1881 18834 187*2 1864 18714 185/
100 18414 Jan 19 192 Jan 6 156 Jan 202 Nov
18654 187
1
4 1861
/
4 7,900 Norfolk 08 Western
83 June 90 July
*87 89 I 874 871 *87
100 87 Jan 5 8712 Jan 25
89
100 Preferred
*87
*87
89
89
•87
89
78 Jan 10218 Dee
100 94 Jan 18 9872 Jan 3
9532 95/
1
4 9532 9612 96
9,100 Northern Pacific
963
954 95/
1
4 9534 97 I 9812 97
9414 9472 9452 9454 9314 931
100 93 Jan 19 974 Jan 4 84 July 9978 Dec
94
9438 2,800 Certificates
9334 94
94 94
12
*22
27
26
Jan
Jan
12
22
27
1514 Feb 3134 Dec
26
100
*22
*22
27
27
Pacific
Coast
*22
27
30
*22
5634 Jan 68 Oct
6434 65/
1
4 65 651
1
4 Jan 12 6514 Jan 23
50 64/
6472 6518 6474 65
65
6514 10,600 Pennsylvania
644 65
*32
*32
35
20 Jan 4634 July
36
*30
35
100 3212 Jan 6 35 Jan 6
*30
*30
35
36
Peoria & Eastern
35
*32
127 12812 12734 129 *127 129
12712 12712 128 129
100 125 Jan 5 12912 Jan 13 11412 Jan 14012 May
1,600 Pere Marquette
127 127
*9912 1001 *9912 1011 *9912 10112 9912 int
100 99 Jan 19 10014 Jan 16
93 Jan 9914 Dec
200 Prior preferred
9912 991 *9912 100
894 Jan 9712 Dee
*9712 99
100 9734 Jan 11 9914 Jan 13
*9712 99
*9712 99
/
4 2784 *974 99
49734 99
100 Preferred
9711
140 140
1
4 Jan 3 1224 Jan 174 May
13972 13972 .138 140
100 134 Jan 27 147/
134 138
1,700 Pittsburgh & West Va
*13812 141 *140 142
/
4 1021 10014 10072 10012 10112 10052 1011
ao 100 Jan 18 10512 Jan 3 94 Jan 12314 June
5,600 Reading
10214 10212 10134 1034 1011
43 *43 433
*4252 4312 *43
4252 43
ao 4252 Jan 25 43 Jan 11 404 Jan 434 Dec
1,200 First preferred
431
*43 434 43
44
4432 *4414 45
4314 Jan 60 Feb
50 44 Jan 26 454 Jan 6
900 Second preferred
*4414 45 *4414 45 *444 45 *444 45
*55
57
57 *54
*53
*58
*56
57
57
43 Jan 69 May
Rutland RR pref
100 55 Jan 10 5714 Jan 5
57
58
•53
11212
11312
114
11412
11438
11312
4
11232
11212
10912
Jan
115
St
Louis-San
8,600
11314
/
1
4 Jan 7 10014 Jan 11714 June
Franciaco
100
1
4
11334
113 113/
101 101 *100 102 *100 102 *100 101 •100 102
100 Preferred A
96 Jan 104 July
100 101 Jan 5 102 Jan 4
*100 101
7714 78
3,200 St Louis Southweetern
7734 773
76
77
1
4 Jan 18 79/
1
4 Jan 7 61 Jan 93 June
100 74/
7658 7734 764 787
*784 77
93
1
4 94
9334 •9272 9314 93/
924 9234 *9334 94
800 Preferred
7678 Jan 9434 Dec
100 9112 Jan 11 95 Jan 3
*9258 94
2814 2832 27/
414 Feb
28
1
4 2778 27
3.200 Seaboard Air Line
27
27
284 Ma
100 2678- Jim 21 3012 Jan 3
2712 27
2672 27
1
4 357
364 3672 3632 3832 354 3512 35/
2,000 Preferred
36
37
35
35
3212 Apr 4538 July
100 3458 Jan 18 38 Jan 3
12134 12232 12034 121
12012 1211
/
4 12114 1213
9,900 Southern Pacific Co
100 11958 Jan 16 124 Jan 3 10814 Jan 1267/ Dec
/
4 121 122
1204 1211
1
4 14414 14632 144 14532 14334 14514 1444 14552 15.700 Southern Railway
100 14214 Jan 17 147 Jan 3 119 Jan 149 Dec
14412 14412 14414 144/
1
4 *10032 10012 10012 10012 10032 10032 100 10052 10012 1001
94 Mar 10118 Dec
1007, 100/
2,800 Preferred
100 100 Jan 26 10214 Jan 17
106
10714
107
1087s
14,800
108
111
107
107
Texas
&
Pacific
1
0
9
8
11
1
4
2
4
537s Jan 10378 Nov
100 9912 Jan 3 111 Jan 27
1073
10738
*106
2834 Aug 41 Feb
31
32
*30
31
4,400
32
33
*3012
31
Third
31
2818
27
Avenue
100
*3012
Jan 10 33 Jan
31
31
18934 19012 19012
19034 192
19014 19158 5,100 Union Pacific
100 188 Jan 18 193 Jan 7 1594 Jan 1974 Dee
189% 19032 1904 191
77 Mar 854 Dec
86
87
2,000 Preferred
*8612 871
8634 8634 8612 8634 8612 87
100 8438 Jan 5 8714 Jan 20
83684 33
404 Jan 81 June
6438 6518 6412 65
100 6312 Jan 10 6672 Jan 14
644 647
9,700 Wabash
65 6614 6514 66
*6412 85
76 Jan 101 June
93
93
93
9452 9452 *93 9412 93
100 93 Jan 26 95 Jan 10
800 Preferred A
9414 9414 9412 9412 *90
Jan 98 June
65
14
93
Jan
*89
93
89
89
88
Preferred
B
100
100
93
*89
Jan
6
9212
93
*90 93 *90
1334 Jan 11778 June
4752 4552 4834 4618 4714 464 47
100 4434 Jan 18 5014 Jan 7
11,100 Western Maryland
4534 4634 4634 4832 4652 48
23 Jan 6711 June
6
*45
45
Jan
Second
100
*46
*4518
48
47
*46
Jan
10
50
preferred
200
48
47
47
47
*46
234 Apr 4712 June
3512 *35
100 3412 Jan 25 3712 Jan 13
351
300 Western Pacific new
*3558 354 344 3412 *35
36
36
36
*35
55 Apr 764 Feb
100 5934 Jan 27 6218 Jan 6
900 Preic-red new
5934 6032
*8014 6012 6018 6018 6014 601
6012 8052 *6012 61
27
/
1
4 Jan 130 Feb
Ry
_
_
WO
Jan
27
Erie
3;
Lake
70
Wheeling
70
Jan
27
*70
78
76
200
70
70
*70
76
*70
76
na 76 *70 797
474 Jan 97 May
79/
1
4 77
100 77 Jan 11 77 Jan 11
79/
1
4 *77
797s *77
100 Preferred
77
2 *77
•77 7972 *77
•Bid and asked peleos. x Ex-dividend.
Ex-thy. & ex-rights.
New York Stock Record-Continued-Page 2
548
For sales during the week of stocks usually inactive. see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 21, I
per share
Monday,
Jan. 23. I
Tuesday,
Jan. 24.
j
Wednesday 1 Thursday,
Jan. 26.
Jan. 23.
S per share $ per share $ per share
Friday,
Jan. 27.
S per share 5 per share
Sales
for
the
Week.
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
5 per share
Highest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
per share $ per share $ per share
Industrial & Miscellaneous.
15412 15512 15514 164
162 163
158 16012 160 16012 159 162
11,300 Abitibi Power & Paper_No par 14012 Jan 11 163 Jan 24 83
Jan 15014 Deo
•103 107 I 10314 107% 107 107
104 104
10214 103
104 104
220 Abraham & Straus
No par 100 Jan 16 10034 Jan 5 6214 Mar 118% Nov
111 11112 111 11112 11118 11118 •11.1 11112 11112 11112 *111 11112 1.100 Preferred
100 111 Jan 13 113 Jan 10 109 Aug 11312 Feb
241 243
241 265
279 295
285 29412 273 285
277 28012 6.200 Adams Express
100 195 Jan 4 295 Jan 24 124
Jan 210 Nov
11
1141 11
11
11
13
1234 14
12% 1312 1234 1234 4,200 Advance Rumely
100
II Jan 19
1312 Jan 26
7% Oct
1$.4 Feb
*3414 35
35
•3414 35
39
39
39
4234 39
3734 3918 7,200 Advance Rufnely pref
100 3414 Jan 17 4234 Jan 25 2218 Oct 453. Nov
3
3
3
318
3
312
3
314
3
318
3
318 8,800 Ahumacia Lead
1
234 Jan 17
4 Jan 11
618 Sept
234 June
182 18514 184 18938 188 1957 189% 19812 188 191
18412 187
24,900 Air Reduction, Ino____No p^r 178 Jan 10 19812 Jan 25 13412 Jan 19918 July
1258 1234 12.4 1314 1314 1434 1314 14
13% 14% 1334 1418 209,100 Ajax Rubber, Inc
No par
11% Jan 3 1438 Jan 24
712 June
1334 Mar
2521 3l
234 2%
278 34
23* 212
234 3
278 3
92,100 Alaska Juneau Gold Nib]. _ 10
1 Jan 5
1 June
34 Jan 23
214 Feb
2714 2714 2758 28
*2612 2714 *27
2934 29% 3114 30
31 14 37,500 Albany Pert Wrap Pap_No par
25 Jan 9 3114 Jan 26
18
Apr 32 Sept
99
9912 9912 99
99
99
9912 10112 10434 108% 10712 109
1,610 Preferred
100 9812 Jan 17 108% Jan 26 96 June 102 Sept
15412 155% 15434 15634 15812 1577 15414 15678 155% 158
158 1573 39,400 Allied Chemical & Dye.No par 15114 Jan 5 15812 Jan 9 131
Jan 16914 Sept
12314 12314 *123 12312'0123 12312 123 123 *123 12312 *123 12312
200 Allied Chemical & Dye pref _100 12214 Jan 4 123% Jan 6 120 Mar 124 Aug
117 11712 117 118 211758 11836 11512 11678 11511 11612 11514 11618 5,200 Allis-Chalmers Mfg
100 11514 Jan 16 12012 Jan 6 88
Jan 11834 Deo
Preferred
100
109
Feb 11212 Apr
1212 123 *1214 1234 1238 123 •12
1212 1112 1112
1212 *12
600 Amalgamated Leather_No par
1112 Jan 3 1314 Jan 4 1132 Nov
2418 Feb
7018 7018 7018 7018 *71
72 ' 70
70
7012 7012 *69
70
500 Preferred
70 Jan 16 74 Jan 9 68
Dec 108 Feb
3134 32 1 3134 32
3112 32 I 3114 3134 3118 3112 3112 3134 9,100:Amerada Corp
par
304 Jan 5' 3234 Jan 6
27% Apr 37% Feb
19
19
19
20
1914 20
1834 19
*1834 1934 1834 19
3,900 Amer Agricultural Chem_o
18 Jan 5 2178 Jan 9
N
84 Apr 2112 Des
65% 6534 6512 6612 66
6738 6538 6534 66
67
66
6638 5,100 Preferred
100 6334 Jan 19 7138 Jan 7
284 Apr yas, Dec
76
76 I 77
77
78
804 7812 8412 84
87
85
8714 7,400 Amer Bank Note
10 7434 Jan 17, 8714 Jan 27
41
Jan 98 Nov
6412 6412 62
64
64
64 , *62
63 I 6234 6234 6234 6234
120 Preferred
50 62 Jan 23, 657 Jan 3
6612 Jan 65 Sept
17
1778 *1614 17
*1614 1712 *1614 1712 1614 1614 *17
174
800 American Beet Sugar__No par
1614 Jan 261 1712 Jan 11
1518 Oct 23% Mar
*39
4112 *40
41 14 *38
4338 *38
40 1 •38
40
38
38
100 Preferre 1
100 38 Jan 19, 39 Jan 9
35 Dec 6018 Jan
2012 2012 *2012 2034 2012 20% 20
19% 20
20
20
20
2,000 Amer Bosch Magneto..No par 1934 Jan 26 228 Jan 4
13
Jan 2634 Oct
4358 4418 44
44 i 437 4414 44
4418 4414 47
464 494 31,700 Am Brake Shoe & F newNo par 4234 Jan 5 4918 Jan 27
35', May 46 July
•126 12618 12618 12618' 126 126 *126 130 ,•126 129 *126 129200 Preferred
100 12418 Jan 4 1264 Jan 23 117.4 Feb 128 Mar
1512 1512 1512 16 1 1512 1512 1434 1512 15
15
15
1534 3,400 Amer Br wn Boveri El_No par
1412 Jan 5 17 Jan 10
54 Aug 3912 Jan
*58
60 I 6014 6014 60
61 r *5858 60 1 *5834 59
100 58 Jan 16 63 Jan 3
100 Prefened
59
59
40 Aug 98 Feb
7218 7212 724 7414 7334 7712 7434 7612 7534 78
757 7712 334,300 American Can
26 7012 Jan 18 78 Jan 26
43% Mar 7752 Dec
*137 138
13714 13712 13812 13812 13778 1377 *13734 13812 13812139to
o 13634 Jan 10 140 Jan 3 126
800 Preferred
Jan 14134 Dec
108 10912 10834 109% 109 110 , 107 10734 108 10812 10778 110
11.200 American Car & Fdy___No par 105 Jan 16 11112 Jan 3
95 July ill
Dec
•13011 ____ .13034 ____ *13114 ____ *13134 ____ •1313* ____ *13134 ____ ______
100 131 Jan 13 13114 Jan 9 12414 Oct 13434 June
Preferred_
*100 101
101 101 *100 101 1 101 101 I 101. 101
tot 101
400 American Chain pref
100 101 Jan 7 1017* Jan 5
9812 Dec 103 Sept
*69
70
6914 70
70
70 I 6912 6912 69
6912 70
7018 1,900 American Chicle
No Par 69 Jan 12 73 Jan 3
36
Jan 7434 Nov
108 109
108 108 *108 109 *108 109 1'108 109
109 109
50 Prior preferred
No par 107 Jan 5 110 Jan 3
90
Jan 110 Deo
13
1318 1318 1314 1318 14
1314 1312' 1314 1312 1318 1312 8,300 Amer Druggists Syndicate. 10
13 Jan 19, 14 Jan 10
938 Apr
1512 Nov
63
8514 84
87
68
67
64
6638 6412 66% 66
6652 6,700 Amer Encaustic Tiling_ No par 53 Jan 4 67 Jan 231
3838 Aug 574 Nov
176 17714 17534 17912 180 19112 182 189 I 181 185
20,600 American Express
100 169 Jan 10 191 12 Jan 211 127
18134 183
Jan 183 Nov
26
2658 2512 274 2512 26
25
26 1 2514 2534 23
34.700 Amer & For'n Power__No par 2234 Jan 16 2718 Jan 23
26
1878 Feb 31 Deo
O10714 1073 10734 108 1 10734 108
10712 107121 10732 10712 10714 10712 2,5001 Preferred
No par' 10512 Jan 10 10812 Jan 31
8612 Feb 10934 Dec
13141 13
*13
1334 1314 1314
1338 13
13
13
1214 1252 1,300 American Hide & Leather_ 100' 1034 Jan 3 1414 Jan 12
7% Apr
1278 Oct
6214 6238 6218 6214. 6214 6214 62
6218 6212 6212 6234 6212 2,000 Preferred
100 55 Jan 5 6458 Jan 111
48 Mar 6678 July
6212 6234 6234 63% 6334 6612 65
6612 65
6612 6512 6612 10.4001 Arner Home Products__No par 6218 Jan 20 6712 Jan 3
3038 Jan 71 Nov
31
31
31141 31
3178 3178 3238 3238 3434 84,100,American Ice New
31141 3114 323
No par 28 Jan 10 312 Jan 27
25% Oct 32 Aug
92
*92
92 I 917 92
92
93
92
9134 9134 92
93
1,7001 Preferred
100 90 Jan 7 93 Jan 27
84
Jan 9612 May
85
83
8512' 84
81
8312 83
84
8212 8418 82
8338 14,400 Amer Internat. Corp___No par 71 Jan 5 89 Jan 13
37 Mar 7238 Den
1
•614 638
614 614;
6 4 614
514 Jan 12
64 64
614 634 8,200 Amer La France & Foarnite 10
614 614
634 Jan 27
4 June
Jan
10
74 I .61
*62
74 1 *61
74
*61
74
*61
74
*61
74
100 56 Jan 10 5838 Jan 16
1 Preferred
60 4 Dec 9018 Jan
6018 6012 597 6034 5934 597
583 6612 17.100,American Linseed
6834 594 5858 593
100 58% Jan 13 6612 Jan 27
2018
Nov
Apr
7212
8714 88 1 874 8714 87
*8712 88
87
*87
8712 8712 9314 5,0001 Preferred
100 8612 Jan 13 9314 Jan 27
4638 Mar 9212 Nov
11212 11234 11212 11212 112 112
no 110
1101,111
11034 113
4,600 American Locomotive_No par
Jan
994 Oct 116 May
127 127 *12412 12712 12812 12612 12512 12512 *126 12712
127 127
600, Preferred
1113P2 • 2461, 11313 it
an 111 11912 Feb 127 July
•168 169 *166 168 1 167 17634 171 178
178 178 *175 180
3,300 Amer Machine & Fdy __No par 163 Jan 10 178 Jan 25.
7314 Jan 18812 Deo
*224 250 .224 250 .230 250 *230 250 *230 250
230
Preferred
100 22512 Jan 17 22512 Jan 17, 12518 Jan 247 Dec
*14
45 1 4412 4534 431 4334 44
44
44
45
4334 4412 5,600, Amer Metal Co Ltd.,_No par 42 Jan 10 4612 Jan31
3612 Noy 49% Dec
115 11578 1157 116
11512 11512 11514 11512 11434 11512 115 115
1.270: Preferred
100 11012 Jan 11 116
108
Jan D312 Dec
20
20
2018 2014 2014 •20
20
204 204 2018 20
20
No par 20 Jan 18 21 Jan 1 3,'1
1,300 American Plano
2012 Dec 4314 June
*85
86
85% 8578 834 8578 8314 8314 8418 8418 *85
8914
100 8314 Jan 24 90 Jan 3' 84 Nov 1104 Mar
4201 Preferred
65
6514 6434 6532 6514 653 6434 684 6534 67% 6734 6914 26.400 Am Power & Light_ __No par 1(24
8 Jan
o 119,
1.4 1 4 j
Ja
ge
n2
27
1
54
Jan 7333 Oct
131 132
131 12 132 1 132 133 1 133 13612 13412 13612 13512 13834 24,400 American Radiator
11012 Jan 147% Sept
11734 12012 11912 12012 11934 135
12514 13212 126 12934 125 127
12,300 Amer Railway Express_
100 11012 Jan 4' 1188 Jan 20
8712 Apr 11614 Nov
68344 6718 657 69 ' 664 68
6513 667
6514 67
6512 6634 12,200 American Republies___No par 6312 Jan 10 7612 Jan 3'
wa Jan 824 Dee
*57
5814 58
5841 58
58121 574 57341 *57
58
5612 57
2,100 American Salty Ra3or____100 56 Jan 1(11, 5812 Jan 31 42 July 64% Nov
40
40
404 404 4012 397 40
40
3934 3934 3934 40
No par
1,500 Am Seating v t c
3934 Jan 281 4052 Jan 71 8878 Oct 61 July
4
4
4
4 1 *4
414
4
4
37 Jan 3
4
4
4
4
1,200 Amer Ship Ai Comm....No par
684 Jan
414 Jan 7,'
213 Oct
110 110
10934 110
110 110 *108 110
108 108 *108 110
160 American ShIpbuildIng____100 108 Jan 26 119 Jan 6' 80
4 Nov
Jan 12.3,
17534 17612 177 18012 17512 17938 17718 17812 178 17912 44,100 Amer Smelling & Refining_ 100 113721333. Jan 16
17514 176
9 ,
13238 Jan 1884 Deo
118441132 Jan
134 134 1 134 134
133 134
•133 134
134 13412 13412 13412 1,100 Preferred
Jan
Deo
n26
4
j
J
a
133
119.4
Mar
. 14434 14434 14634 14634 14414 147 *145 148
*145 1463
14514 14514
600 American Snuff
141 Jan 5 14834 Jan 14 11038 Jan 146.4 Nov
104 10512 .10412 10512 1054 106 *10538 107
107 107 .10538 10634
50, Preferred
1101 102 Jan 5 107 Jan 26
10612
9412
Jan
Oct
6714 67% 6712 6834 6738 6814 6512 673* 66
6712 66
6714 40,200 Amer Steel Foundries_ _No par 6338 Jan 5 703* Jan 11
4I12 Apr 72% Des
11438 114% 114 114
114 115 I 11412 115
11334 11412 11312 114%
320: Preferred
100 11234 Jan 71 115 Jan 21 1104 July 115
Jan
763 7638 76
7614 7434 75
76
7512 76
78
76
7638 2,400 Amer Sugar Refining
100 7012 Jan 5 7814 Jan 12
6514 Nov 95% May
110 110 i 110 no
110 110
•10912 1101 110 110
110 110
600 Preferred
100 10812 Jar 5 110 Jan 12 104 Nov 11,,, stag
6112 6212 61
6214 61% 6178 6138 6214 7,100 Am Sum Tob v t a
62
62
62
62
No par 5812 Jan 16 6212 Jan 7
4114 Jan 684 Oct
32
*29
32 I *30
3014 3014 *3013 3134
32
*3013 3134 .29
100 Amer Telegraph & Cable...100 3014 Jan 6 32 Jan 17
26
Apr 36.4 Aug
17914 18018 17912 18014 14.200 Amer Telep & Teleg
1793* 17978 17912 17978 17912 18038 179 180
100 17814 Jan 16' 181 Jan 6 14,4 Jan 18512 Oct
168 16812 16614 16614 168 17234 169 17212 170 17114 16914 17212 7,600 American Tobacco com
50 165 Jan 18 176 Jan 3 120
Jan 189 Nov
170 170 I 16734 16734 168 17278 170 1733* 1694 17112 16914 1707 12,900, Common Class Li
50 16514 Jan 18 177 Jan 3 1l9'4 Jan 186 NoV
•119 120 1'118 120 *118 120 1 119 11934 *117 120 .117 120
2001 Preferred
100 118 Jan 10 120 Jan 41 11018 Jan 120 Dec
1173
4
118
120
1•11914
1
120
120 *11914 120
11934 120
•119 121
900 American Type Founders...100 11784 Jan 25' 12634 Jan 3, 11978 Nov 148 Feb
11212 113 ..110., 11212 eliOt, 11212 *11012 11212
113 114
113 113
170 Preferred
100 10734 Jan 71 114 Jan 10' 1074 Feb 116 Sept
581, 5834 58
5934' 5812 5914 5914 6014 8,100 Am Wtr Wks & Elc newNo par 105817,82 Jan
58
5712 .58
58
Jan.Ia 118'
0
Jan
48 Aug 721s Sept
*103 10312 *103 10312 103 103
103 103
103 103
103 104
500 1st preferred104
61 Ja n 271
3 9978 Oct 10312 Des
227 23
2212 2212 2212 224 2234 235 2238 22% *2258 23
5,500 American Woolen
100 2018 Jan 31 233* Jan 13
1612 June 33% Jan
5412 5334 5514 4,100 Preferre
5418 56I 5314 5412 55
5334 55181 5418 547
100 4974 Jan
3 58 Jan 20
d12
4672 June 8611 Jan
•1512 1612! 16
1612 2,300 Am WrItIng Paper ctfs_No par
1678 168 •16
1734 1712 1712 1612 1678
1534 Jan 11
1814 Jan 3
9% May 244 Oct
44
44
*4334 35
4834 *4212 45
•42
4512 *42
44 ' 44
1.400 Preferred certificates_
100 41 Jan 5 4512 Jun 23
25.
3 Apr 67,,, Aug
712 818 3,900 Amer Zinc, Lead & Smelt.. 2
*812 7
714
.612 714 .7
7141 *7
714 8
,
5
e
n1
10
0 49
818
Jan
27
5
34 Sept
10,4 Feb
4938 4812 49% 10,100 Preferred
4412 4434 45
4413 443. 4412 45
45
45
40
6% Jan
% Jan 27
35
Oct $1.4 Feb
5412 5512 55
561_2 _______ Anaconda Copper Mining_ _50 54 Jan 18 59%
573*
Jan
4
6012
4114
Dec
June
5513 55
7
59
59
59
5834 61
*57
4.800 Archer. Dan'Is. Midl'd_No Jar IV331 Jan 15 81 Jan 27
5634 5714 5734 58
*57,3 58
5512 57
38 Mar 63 Deo
6614
.
,4 "7%15152%14
.
.•112
1124 _ _ •112.4
..112t4
__
Preferred
•11214
2 11384 Jan 12 106
Dec
Jan
11312
8812 -88-12 8834 -8-9
8914
8
978
19
-3
8
897
Armour
91
89
12
&
-if.i00
Co (Del) pref
8
1
4 8934 -817100 8638 Jan 3 9112 Jan 27
Oct gel4 Feb
79
8
1234 13
1234 1378 1312 1414 69,800 Armour of Illinois Class A.12 16
1278 13141 13
1314 1 1238
1:4 j
Ja n 16 1433 Jan 4
814 may
1578 Jan
75
73
77
7% 8
Class B
8% 131,300
8
73s 814
714 7%
734
918 Jan
Jan 5
0
812
Dec
5
3
3
1
7018 7032 71
7312 77
73
7318 7312 7434' 72
78 4 7932 34,900 Preferred
100 6718 Jan 12 79% Jan 27
8614
Jan
Apr
60
4912 51
60
5012 5012 5114 4812 4912' 4912 4912 4812 50
7,600 Arnold Constable Corp_No par 44 Jan 17 6114 Jan 21
21
Apr 5512 Nov
*2518 26
*2512 27 1 *2512 29
2614 2614
2534 253. .2534 30
200 Art Metal ConstructIonme_ p
_ ig?. L112 Jan 10 2614 Jan 27
June
32
Jan
22
'41
.42
*42
43
43 '41
43
43
Artioom Corp
43
*42
*42
43
• 4 43 Jan 5
40.4 Dec 5434 Jan
.11014 1111! 110 1104 .110
120 Preferred
____ 11012 11012 11114 111.2 *110,2 1114
100 110 Jan 23 111 14 Jan 26
Nov 11412 Nov
4612 4634 47
4834 48
4812 4612 474 4634 4714 4634 467 10,900 Assoc Dry Goods
No par 4512 Jan 18 484 Jan23 IOU's
14 Nov
394
Feb 53,
112 112 *111 11212 *111 11212 *111 11212 *111 1124 *111 11212
100 1st preferred
100 112 Jan 4 11218 Jan 13
97,4 mar 112 Dec
11912 11912
•11912 121 .11912 121 *11912 121 *11912 121
11912 121
100 2d preferred
100 112 Jan 3 11912 Jan 27 105 mar 114 Dec
3914
3914
39
39
39
3940
40 4 39
70 Associated Oil
40
39 1 39
25 3834 Jan 5 413 Jan 3
5014 Feb
Oct
35
4278 4414 443* 4558 43
25,200 At 0 & W 158 Line__No par 39 ja
423 4334 4338 4438 4314 44
45
Jan
n 11 4533 Jan 23
3038 Mar 4312 Nov
44
427 437
4,700 Preferred
4318 4414 4312 4438 42
43% 4312 4334 44
10 4132 Jan 24
41%
Nov
Mar
293
4
10712 10712 10712 108 ' 10734 10814 107 10712 106 10714 107 107
2,500 Atlantic Refining
Jan
Jan
Deo 13133 Aug
104
•11614 11612 .11612 116341 11658 11658 •11614 11634 *11614 11634 *11614 1164
31
100 Preferred
1170 19
16
614 Jan
Ja 9
6 109%
11814 Jan 6 215i2 Feb 119 Aug
6712 66
64
*64
65 I 64
65
84
6734 3,000 Atlas Powder
*64
65
65
No par 63 Jan 3 87% Jan 27
5612 Mar 70 June
104 104
70' Preferred
103 103 *103 104 1 106 104 *10414 106 *10414 106
100 10212 Jan 20 106 Jan 13
Jan 107 July
98
1034 1034 1134 1234 3,500 Atlas Tack
11
11
1112 1134 12 1 11% 1134 11
No par
814 Jan 5 1314 Jan 13
1218 Apr
,inne
53* *538 512 4,100 Austin. Nichols&Co vtelgo car 24
518
514 512
512 512
538
538 53
5
038 j
Jan 3
104 Jan
6 jaa
Mar
414
Jan
nti
234
5
3314
32
33
32
1,700 Preferred
37
37 I 4132
37% 37% *35
37,2 39
Jan
5 39 Jan 21
61
2312
Dec
45
45
45
46
6,500 Autostr Sal Razor A _ _ _No par
44
4412 45
4712 45
45,4
4814 46
3
4678 Nov
43 Nov
500 Baldwin Locomotive Wk8.100 24
•250 252
251 252
252 252 •250 252 *250 252 *250 252
50'8 la
Sept
a n 19 213::
2653
,
14312 Jan
Dg
1204 1204 120 120 *120 121 4'120 12112 0120 121 *120 121200 Preferred100
11934 Jan 6 121 Jan 13 116
Ian 12514 July
(L) & Co pref _ _100 1088 Jan 24 11173 Jan
NTB aPnri
•11012 112 •111 112
10912 111 ,•109 112 *109 112
10834 111
5 10684 Mar 11078 Doe
4934 *46
4934
4034 .46
100 Barnett Leather
.48
48
48
4913 *46
48 .46
No par 4712 Jan 12 4912 Jan 12
Jan 59% Feb
40
105
•105
105
___10 Preferred
*105 ____
100 104 Jan 3 105 Jan 27
9514 Mar 106 Nov
2518 2458 25
13,500 Hamadan Corp class A
2518 25
25
2518 25
2512 25
2512 25
N 12084 Oct 3512 Feb
*24
*24
26
28
1 Clam B
26
26 I *24
*24
*25
*25
28
2
' 33
4 .1
.1a
an 11 N.
2012 Oct 3212 Feb
a
"
n
m 11
i2
4
la
106 10614 10512 10634 4,000 Bayuk Cigars, Inc
105 10634 106 10612 106 10612 105 105
No mrs, .^7
1 Jan
4912 Jan 109 Dec
108 108
10812 10812
190 First preferred
010712 108 *10712 108
108 108 I 10778 108
1‘
0 3144
n 13 127
Jan 110 Aug
,
34 In 1 101
16
16
1618
16
1512 1512 16
1614 4,500 Beacon 011
No par
1612 1614 1614, 16
15 Jan 20, 1712 Jan 5
1814 June
Oct
14
7478 7634 7612 7934 8.900 Beech Nut Packing
7518 7534' 7413 75
7513 7512 76
76
Jan
6014 Apr 74,4 Nov
_ _ __ _ 1 Preferred
1P1 1716153
n 17
91 17
arni 4 1141e Jan 119 mar
1r ja
"5- -1-9-3; -1-014 -1-6r; "i6f4 -10-3s, 191a 1914 -i5- 1972 -ioT4 -2-6;2 _______ Belding Hem'way Co...No par 1818 Jan 20' 22 Jan 12 1513 July 27,4 Jan
No par 533.i Jan 19 557 Jan 3
5414 547 1 544 5412 5418 5434 5438 5434 3,800 Best & Co
5413 545* 5434 55
4938 Aug 59% Nov
net, Sept
5834 5712 5812 5778 58% 33,9001 Bethlehem Steel Corp
5712 5814 5734 5812 5814 59141 57
100 5512 Jan 181 59,4 Jan24
4334 Jan
• Bid and asked prices: no sales on this day. 2 Ex-dividend. a Ex rights.
New York Stock Record-Continued-Page 3
549
For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Jan. 21.
Monday,
Jan. 23.
Tuesday,
Jan. 24.
Wednesday, Thursday,
Jan 25.
Jan 26.
Friday.
Jan. 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
Lowest
Highest
PER SHARE
Range for Previous
Year 1927
-Lowest
Highest
$ per share $ per share $ per share
8 per share $ per share $ per share 8 per share $ per share $ Per share Shares Indus. & Miscel.(Con.) Par $ per share
12014 12014 12014 12014 12038 12012 12014 1204 12014 12014 12014 12014 1,700 Beth Steel Corp pt (7%) _100 120 Jan 3 121 Jan 9 10434 Jan 120 Dec
34 June 5278 Nov
4212 4212 1,000 Bloomingdale Bros____No par 4114 Jan 20 444 Jan 5
*4112 4213 *4112 42
42
4212 4113 43 .4212 43
230 Preferred
100 10912 Jan 11 111 Jan 11 10912 Jan 114 Nov
11013 11013 111 111 *11012 111 .11012 111 .11012 111
109% 110
44
Jan 95 Dec
300 Blumenthal & Co pref_ .100 9414 Jan 3 9612 Jan 20
95
95
95
95
95
95
96
9613 96
*954 9612 96
531 Jan 6938 Dec
7834 69,500 Bon Amt. class A
70
7634 76
No par 6514 Jan 3 7834 Jan 27
71
67/
1
4 6812 7114 69
65/
1
4 65/
1
4 68
41y Sept
5812 7
838 Apr
713 Jan 9
7
3,700 Booth Fisheries
.8
.6
7
514 Jan 4
No par
7
7% 713 .614 7
74
36 Sept 5714 May
50
50 •44
49 .44
1st preferred
100 4578 Jan 4 49 Jan 11
50 .43
&) •44
•44
50 .44
18 May 3012 Sept
20
2018
300 Botany Cons Mills class A-50 20 Jan 27 23 Jan 4
*2018 21
*2018 21
*2018 21
*2018 21
*2018 23
1912 Sept 3638 Feb
2318 2234 2314 2234 2312 224 2312 11,500 Briggs Manufacturing_No par 2234 Jan 20 2514 Jan 4
2314 23
2278 2278 23
Dec
22614 229
22312 228
44,900 Brooklyn Edison. Inc
22112 22512 221 225
217 21834 219 223
100 20624 Jan 10 229 Jan 27 14812 Feb 225
154 15578 154 154
8933 Apr 1574 Dec
9,800 Bklyn Union Gas
15414 155
153/
1
4 15413 15312 156
15334 154
No par 14714 Jan 11 156 Jan 24
304 Feb 5014 Dec
48
2.500 Brown Shoe Inc
48
*4814 49
No par 47 Jan 10 4978 Jan 3
4833 4813 4878 4814 4814 4712 4712 48
3238 3212 3214 3273 8,400 Brunsw-Balke-Collan'r_No par 3214 Jan 24 34 Jan 4
33
3378 334 3378 3214 3312 3213 33
2578 July 3878 Jan
100 Burns Bros new clAcomNo par 99 Jan 10 9978 Jan 11
*98 100
*98 10034 9934 9934 *9514 100 .98 100
8513 June 12534 Jan
*9814 100
1614 Mar 3434 Jan
900 New class B com___ _No par
.1613 17
17 Jan 5
1678 Jan 24
.17
1834 *1678 1814 1678 164 1678 1873 .1678 17
*985
Jan
40
90 June 100
9812 99
*9818 99
Jan
5
Preferred
4
Jan
20
100
*9833 99 .995* 99
*985* 99
993
9818
99
14934 14934 14834 149
1.700 Burroughs Add Mach__No par 139 Jan 14 161 Jan 20 sli0 Mar 145 Dec
148 14834
148 149
14834 14834 147 148
62
6338 8.300 Bush Tannins,. new___ _No par 60 Jan 6 6338 Jan 27
2934 Jan 89 Nov
62
61
6218 62
624 6214 627
6212 6234 61
911
/
4 Jan 11178 Dec
109 109
150: Debenture
10814 109
100 10714 Jan 4 10912 Jan 17
10814 10812 10814 10813 10813 10812 .10712 10812
210 Bush Term Bldgs, pref
*116 11778 118 116
118 116
11678 117
11612 117
11758 118
100 116 Jan 3 118 Jan 11 10318 Feb 120 Aug
413 412 2,900 Butte Copper & Zinc
41
518 May
414
414 412
438 438
3/
1
4 Mar
414 438
413 413
438 Jan 4
44 Jan 19
5
Oct61/
1
4 Feb
4913 50 .4812 50 .48
44
1,500 Butterick Co
•4612 48
.46
49
49
100 46 Jan 5 5278 Jan 7
48
50
1114 Jan
738 Nov
200 Butte & Superior Mining
9 Jan 11 1018 Jan 4
10
.9
912
933 933 *914 912 *9
913 91
912
*914 912
6978 894 7438 2,700 By-Products Coke
*8914 7012 *6914 70 .69
66
Jan 9213 June
694 6978 68
70
No par 68 Jan 26 7438 Jan 27
9734 10033 984 1007
Jan 10224 Dec
42
No par 904 Jan le 11712 Jan 27
99 10014 9614 9838 9878 10533 107 11712 174.800 Byers & Co(AM)
*110_. *110
.11014 114
Preferred
__ *11014 _ _ *112
_ •110
100 11112 Jan 11 11212 Jan 14 10534 May 11212 Deo
7578 7578 754 -773
75 -f714 7414 -74-12 74% --6014 Apr 79 Dec
7534 7534 7,200 California Packing.___No par 74 Jan 16 7912 Jan 7
76
2614 2638 2614 2633 264 281
, 57,900 California Petroleum
Ott 3278 Jan
25 24 Jan 5 26% Jan 9
2618 2638 2618 2614 2618 263
20
.218 214
214 233
238 Jan
114 Sel,t
258 Jan 6
10
178 Jan 5
218 218 3,700 Callahan Zino-Lead
218 214
214 238
218 214
10334 10618 10434 10758 10612 10833 28.100 Calumet Arizona Mining_ 10 10134 Jan 16 12014 Jan 3
106 10738 10434 10634 10534 109
6113 June 12312 Dec
2212 24,000 Calumet & Hecla
2158 2214 22
2138 2112 21
1
4 Dec
1414 July 24/
25 2018 Jan 10 2338 Jan 3
2134 2112 2238 2114 22
36
Jan 6018 Aug
5634 573 24.600 Canada Dry Ginger Ale.No par 5478 Jan 5 5834 Jan 9
5612 57
56
57
5713 58
5714 5738 .574 58
100 250 Jan 18 276 Jan 9 132
3,300 Case Thresh Machine
259 261/
1
4 .258 261
•250 253
252 2611 265 268
Jan 2834 Ocf
259 261
200 Case Thresh Mach pref_100 1264 Jan 14 12912 Jan 11 111
•126 130 *126 128 *126 129
Feb 129 Deo
127 127 .12612 12713 .126 129
24 Apr 33 Apr
30
3014 3018 3012 304 30'o 2914 30
30
3033 3013 304 6,100 Central Alloy Steel____No par 2812 Jan 16 3212 Jan 4
100 2318 Jan 26 233 Jan 26
*23
25
938 Jan 2478 Nov
100 Central Leather
2412
*23
2434 234 234 .23
25 .23
243 *23
1511 May
Certificates
100
714 Jan
Preferred
'too" -_-_-_-_ 4,1645 __ *ioo" -_-_-_ *165- ____ •105 ____ .105
E4
Jan 94
100
Oct
Preferred certificates__. 100
54
Jan 7824 July
____ ____ ____ ---- ---- ---- ---1212 1212 1234 1213 1212
.12
RN Aug
1012 Jan
12 Jan 16 1234 Jan 26
800 Century Ribbon Mills_ _No par
13
•12
*12
13
1212 •12
70
Jan 88/4 Dec
100 8112 Jan 18 82 Jan 12
90 Preferred
8112 8112 *8112 87
8112
8112 8112 *8112 8612 8112 8112 *75
58 June 7212 Dec
6578 6614 6578 6633 6512 6714 651* 6634 657 66% 6534 6612 12,600 Cerro de Paso Copper_No par 5812 Jan 3 6978 Jan 3
42 Jan 5534 May
6812 5914 5812 5914 59
6212 5918 6213 60% 6158 60% 6134 56.800 Certain-Teed Products-No par 5412 Jan 3 624 Jan 24
1,100 1st preferred
*11834 119 *11834 119 *115 119 *11834 119
100 119 Jan 26 120 Jan 26 108 Feb 11814 Dec
120 120
119 120
65 Dec 7878 Aug
No par 7314 Jan 5 77 Jan 12
1,100 Certo Corp
76
75
.75
76
76 .75
7613 75
75
75
75
75
14 Mar
412 Nov
*6
612 .13
7 Jan 4
ChandlerCievelandMotNo par
634 .814 612 •13
533 Jan 3
634 .64 634 '614 6%
13 June 2814 May
164 1818 16
No par 1534 Jan 18 1778 Jan 4
16/
1
4 1712 5.700 Preferred
1612 17
17
17
1733 1634 173
7912 8014 7812 7938 7812 7934 7813 794 9,900 Chesapeake Corp
7913 80
No par 7812 Jan 18 8178 Jan 8
7833 79
6434 June 8878 Oct
133 133 *134 135
134 135
1
4 Mar
135 135
1351* 13512 1351 1365, 1.100 Chicago Pneumatic Tool_ _ 100 130 Jan 16 136 1 Jan 27 12012 Jan 137/
*4113 4238 *41
70:Chicago Yellow Cabs
Oct
No par 40'8 Jan 26 43 Jan 14
4212 .41
38 July 47
4114 4114
4078 41
41
41
42
17,100 Childs Co
48
No par 47 Jan 27 5212 Jan 7
5012 5012 5018 5012 495* 51
48
485* Mar 6538 Aug
495* 4712 4818 47
4014 4012 408 4138 405* 4178 404 4114 4038 413
25 40 Jan 5 4278 Jan 7
4018 4013 12,500: Chile Copper
3318 June 443* Dec
Chino Copper
Apr
221g Jan 24
5
______ ____ ___ ___
125 1265, 11,200 Christie-Brown tern ctfallo par 85 Jan 4 131 Jan 23
116 117% 120 131
3478 Jan 9078 Dee
128 13014 125 12778 125 127
554 5914 5858 60
99,700:Chrysler Corp
No par 5434 Jan 16 63 Jan 3
5838 574 59
3818 Jan 8313 Dec
5733 594 563* 5734 57
No par 1135* Jan 9 11518 Jan 10 10238 Apr 116 Dec
1001 Preferred
*114 115 .114 115 .114 115 *114 115 .11413 11478 11412 11412
No par 5114 Jan 19 5314 Jan 4
100 City Stores class A
4614 Mar 64 Dec
524 5214 •5178 53
*5213 53
*5214 54 .524 5312 *5214 5312
No par 62 Jan 5 72 Jan 24
684 7113 7114 72
6834 89
4112 Apr 6412 Dec
69/
1
4 7114 7112 7112 7,3001 Class B
70
70
8412 Oct
8512 8512 8713 904 89
51 Jun
8833 8712 8814 20.100:Cluett Peabody & Co No par 7712 Jan 10 9138 Jan 24
9133 8712 884 87
122 122
100 11813 Jan 11 122 Jat123 11114 Jan 12514 Nov
60 Preferred
11912 120
•120 122
11912 11912 *11912 12134
120 120
No par 12734 Jan 3 13758 Jan 16 c9612 Apr 19913 Apr
13512 13512 136 13613 136 137
13412 13614 135 13534 13614 13638 8,000:Coca Cola Co
41.000 Collin* & Aikman new_No par 103 , Jan 27 11134 Jan 3
105% 10712 106 10734 10514 10733 10314 105
86 Aug 11338 Dec
10313 10412 1034 104
108 108 *108 109 *108 109
100 10713 Jan 271 109 Jan 3 1024 Sept10934 Deo
400 Preferred
10712 10712
0107 109
108 108
7834 8014 7914 82
Colorado Fuel & Iron
100 76 Jan 16 82 Jan 24
49,100
78%
804
7833 79
78
7914
7814 80
425* Jan 9658 July
spitz 9212 9213 9212 9312 9814 95
684 Jan 10114 Nov
9534 9634 8.700 Columblan Carbon v t eNo par 904 Jan 5 9814 Jan 24
97
974 96
91
90% 91
9238 9218 927
9314 943 36.900 Colum Gas & Else new_No par 8933 Jan 41 9433 Jan 27
8278 Feb9834May
9238 935
9112 93
100 108 Jan 41 11018 Jan 3
10818 10812 *108 10814 10832 10838 *108 10812 108 10838 •10718 10838 1.000 Preferred new
9912 Jan 11018 Dec
6514 65% 6438 6538 65
17.300 Commonwealth Power_No par 6214 Jan 11 68 Jan 27
6612 68
6513 64% 665* 65% 67
4833 May 7814 Oct
2234 227
14 JUne 2413 Dec
2234 2284 2214 2212 2218 2214 2214 2232 2214 2212 2,000 Commercial Credit____No par 2218 Jan 19 2358 Jan 4
24
25 23 Jan 27 24 Jan 24
200 Preferred
23
24/
1
4
24 .2314 244 .2314 24
*2314 24
24
17 June 2413 Sept
*23
1
4 Jan 27 25 Jan 7
130 Preferred B
1878 June 25 Dec
25 23/
244 244 .2434 2478 *2434 2478 2434 2434 .2412 2434 2334 24
89
89
8812 8833 8838 8812 8812 8834 .885* 89
69 July 8958 Deo
140 1st preferred (6 A %)
•8858 89
100 8814 Jan 7 89 Jan 9
5912 .57
594 *57
594
5713 5712 .57
414 May 62 Deo
400 Comm Invest Trust___No par 5713 Jan 24 625* Jan 7
5912 5812 59
*59
9412 Sept102 Dec
100 99 Jan 27 102 Jan 12
190 7% preferred
99 100
*99 102 .99 102 .99 102 .99 100
.99 100
•9514 96
.95
8838 July 984 Dec
100 95 Jan 4 954 Jan 3
98
96
Preferred (6 4)
.9514 96
*95
*9514 96 .9514 96
165 16814 16712 16712 •160 165
16212 164
162 16412 160 16112 3,500 Commercial Solvents__ No par 15713 Jan 18 16934 Jan 3 145 Nov203 Sept
5012 5034 51
5112 5172 517s *5112 5134 5113 5112 51
39 Aug53 Dec
900 Conde Nast Publica__No par 48 Jan 14 51'g Jan 24
51
265* 27
1714 Jan 291 Dec
2634 274 2612 264 2614 26/
1
4 2618 26% 31.800 Congoleum-Nairn Inc__No par 26, Jan 27 2912 Jan 3
2658 27
*7712 78
784 7834 784 80
47 Mar 8812 Dec
1.800 Congress Cigar
80
No par 78 Jan 18 814 Jan 3
78% 7833 7812 7818 79
.38
*32
12
8.82
.32
12
*22
12
*32
12
13
12
18 Jan
14 Feb
14 Jan 10
Conley Tin Foil stpd
14 Jan 10
No par
8158 82
82
82
7414 Oct 8634 July
83
12.400 Consolidated Cigar
8114 82
82
No par 8114 Jan 25 85 Jan 4
815* 8218 814 84
99
98
•98
.98
99
694 Aug 10834 Aug
99
300 Preferred
9934 993
•98 100 .98 100
100 98 Jan 24 101 Jan 4
72
14
%
118
110 14
24 Fel)
4 Oct
14
118
118
14
118
14 2,900 Consolidated DiatrlifereNo par
112 Jan 12
78 Jan 21
123% 124
1244 12478 1244 12638 125 12634 12612 128
12612 l281s 51,300 Consolidated Gas(NY) No par 11932 Jan10 12812 Jan 27
94 Mar 12534 Dec
102 10214 10134 1023, 10178 10214 10238 1023* 2.900 Preferred
93 Mar 103 Dec
10178 10172 102 102
No par 1013, Jan 11 10212 Jan 4
35
31
35
35
35, 3%
35, 31/4
34 Mar
718 June
334
312 358 4,500 Consolidated Textile_ No pa
3/
1
4
34 Jan 3
45* Jan 4
5112 51
50/
1
4 5112 51
3312 Apr 7478 Jan
5112 5018 51
5012 5014 5014 5078 6,700 Continental Baking clANo
par 48 Jan 5 5312 Jan 13
53, 534
512 552
534 534
4 May
54 532
1014 Jan
532 55, 8.700 Class B
512 53
6 Jan 13
514 Jan 3
No par
9612 9612 95/
1
4 9012 9518 9518 9434 '9512 95
72 Apr 9784 Nov
2,500 Preferred
96
954 96
100 9234 Jan 3 9612 Jan 20
85
8512 8412 87
83
85
5834 Apr 8878 Der
85
8612 85
1
4 871 36,400 Continental Can. Ino_No par 804 Jan 10 8714 Jan 27
8835 85/
125 125 .124/
1
4 125 *124/
1
4 125
*124/
Jan 126 Juni
80 Preferred
125 125 .125 126
1
4 125
100 123 Jan 5 125 Jan 23 120
8214 8212 8312 8134 8212 8118 811s 8174 8282 8,100 Continental Ins temp ttfs__10 765* Jan 10 8378 Jan 17
7412 Dec 9334 Dec
8112 8173 82
11
1114
878 Nov
11
1138 1158 1138 1134 1133 1134
1114 111 48,000 Continental Motors__.No par
113
1334 Jat
1012 Jan 5 1134 Jan 23
67/
1
4 6918 6813 694 6918 8978 55,300 Corn Products Refining____25 6438 Jan 3 7133 Jan 11
4678 Jan 68 NON
6814 69% 6812 69% 6918 70
*1384 139's 13913 13912 .139 140 •139 140 .13834 140
200 Preferred
Jan 1424 Del
1384 1384
100 13812 Jan 16 1403s Jan 11 128
13412
13578 13312 13678 13234 1354 13312 13934 13514 142
1344 1351
56
23,600 Cots'. Inc
Jan 123 De(
No par 123 Jan 3 142 Jan 27
8714 884 885* 89
8812 895* 8714 89
86
87/
1
4 8,100 Crucible Steel of America. 100 8412 Jan 14 90 Jan 3
87
88
7612 Oct9614 Mal
400 Preferred
114/
1
4 1151 .115 116
*114 115 •114 115 *11412 115 *11413 115
Jan 115 Sep
100 113 Jan 3 11518 Jan 26 103
2633 2633 264 2812 2618 27
2658 27
27
27
2614 2814 2,500 Cuba Co
1812 Aug 3414 Jai
No par 254 Jan 10 2812 Jan 13
61s 612 *64 613 .614 67
64 61
634 634
612 634 1,100 Cuba Cane Sugar
478 Oct10/
714 Jan 12
1
4 Jal
6- Jan 23
No par
3014
313
3033
313s
31
3014 3014 304 301
2913 3035 2.800 Preferred
31
100 2912 Jan 27 3238 Jan 12
2835 Nov 5034 Jai
224 223
2214 2234 22
2212 2134 22
2113 2134 2112 2178 3,600 Cuban-American Sugar
10 2112 Jan 26 232 Jan 3
1878 Nov 284 Jai
*105
110
*10534
110
110
•
.1053
*105
3
4
110
110 .10534 110
*105
Preferred
9712 Nov 107 Aui
100 10318 Jan 10 10512 Jan 17
124 .11
1118 114 *11
1212 .11
12
100 Cuban DortecariSugnewNo par
1212
121 .11
*11
18
Jai
1012 Nov
11 x Jan 23 12 Jan 4
5738 57
5612 5718 57
573* 5534 5635 5578 62
6014 62
55.100 Cudahy Packing new
4312 Apr 5834 Sep
50 54 Jan 3 62 Jan 26
61% 6258 6134 6412 61
5958 8012 5934 627
62
6012 62
11,900 Curtis Aer & Mot Co__No par 584 Jan 18 6458 Jan 3
4518 Nov69
/
1
4 Del
300 Preferred
124 12434 *125 12812 12514 12514 .125 12812 .125 1281 .125 12812
1
4 Jan 5 12514 Jan 24 111 Nov 118 Des
100 117/
15012 15278 152 157
157 16014 16114 16414 164 165
150 150
2,600 CushnNan's Sons
Oc
No par 14434 Jan 13 165 Jan 27 103 Apr 152
120 120 .114 120 *114 120 .114 120 .114 120
10 Cuahman% Sons pref (7)..i00 114 Jan 11 125 Jan 20 107
*120 123
Apr 125 De
544 5484 534 64
5478 55
551
534 5313 534 5314 3,100 Cuyaniel Fruit
54
30
Apr 5512 Oc
1
4 Jan 20
No par 51 Jan 3 55/
4232 433* 425* 444 4312 444 4212 4312 425* 4378 4235 43/
1
4 16,000 Davison Chemical v te_N0 par 4115 Jan 18 468 Jan 6
2614 Apr 4812 De
11612 11512 11612 11612 *11613 117 *11612 117
116 11612
11612 117
850 Deere & Co prat
100 116 Jan 91 119 Jan 4 1051 Jan 12512 Nos
17214 174
172 172
17312 17412 174 17414 1.800 Detroit Edison
17413 17478 *174 175
100 1664 Jan 11 1764 Jan 14 13312 Jan 17012 De
4938 50
50
49
4712 48
50
1
4 5014 10.900 Devoe & Raynolds A._No par 40 Jan 3 5035 Jan 12
48
4912 48/
49
3612 Aug 4278 De
14078 14378 14034 14134 1424 145/
1
4 142
1
4 142 14313 1,965 Diamond Match
140 1404 138/
100 1343, Jan 18 145/
1
4 Jan 28 115 Feb 14734 Sep
195 203
194 1978 1938 2014
1918 1978
1913 204 195* 2012 56,100 Dodge Bros Class A____No par
Jan 19 2418 Jan 4
187
1314 Oct 2712 Jai
7114 7118 723* 7014 711
/
4 7078 72
70% 70
7112 724 21,200 Preferred certlf
70
5812 Oct 85 Fel
No par 69 Jan 16 7578 Jan 4
125 12%
1212 12/
1
4 1,700 Dome Mines, Ltd
125* 1238 1212 1233 12% 1272 125* 1234
7 June 1414 De
1235 Jan 5 134 Jan 6
No par
Douglas Pectin
48
Jan 80 Jul)
No par
iii 12
6314 65
8218 6314 6278 64% 63
6318 65
sioi -2-6,566 Dunhill International_No par 5512 Jan 9 65 Jan 23 49 Aug 6212 Oe
118
116
116
116
116
116
116 116
116 116
2,550 Duquesne Light 1st pref___100 11512 Jan 3 118 Jan 21 11414 Mar 11733 Noi
116 116
165 155
1644 1667 16572 166
1641
/
4 1643 16514 169
1657 16634 5,500 Eastman Kodak Co____No par 16312 Jan 12 169 Jan 24 12614 Jan 1754 Sets
130 130
130 130 .12914 12934 .12914 130
30 Preferred
•127 130 .129 130
100 129 Jan 3 130 Jan 24 11914 Jan 13112 Oc
2735 2733 273* 2778 2634 274 264 273
27
2114 Oct 2934 Juns
2733 10.900 Eaton Axle & Spring_..No par 26 Jan 11 28 Jan 13
273* 271
315 316
315 31834 31834 320
319 319
Jan 3437 Oc
31712 319
6.200 E I du Pont de Nem new _No par 310 Jan 10 3234 Jan 4 168
31412 315
117 11718 117 117
411612 117
117 117
11612 118 •11612 118
700 6% 000-vot deb
100 1164 Jan 19 12018 Jan 4 10513 Feb 118 De,
1714 183* 16
19
18
1812 Fel
163
1034 Nov
1612 27,100 Eisenlohr & Bros
164 16/
1
4 16
18
25 1218 Jan 3 19 Jan 23
17
10912 11012 110 111
6312 Jan 102 De
16,200 Electric Autoilte
10814 1091 10912 11112 11018 1114 10812 110
No par 98 Jan 3 11112 Jan 23
1414 1438 143* 1412 14
1412 1423 1412 147
1312 Mar 2218 Aui
1412 6.800 Electric Boat
6
1434 143
Jan
155
8
14
Jan
271
No
par
33
3334 3212 3374 33
335 343
34
1612 Jan 3238 De
3314 344 92,100 Electric Pow & Lt
341
No par 2834 Jan 10 3413 „ran 19
34
123 123
*1234 125 *12312 125 *12312 125 .123 125 .12212 125
Allot afs for pref 40% pd_. 12034 Jan 17 123 Jan 27 103% Jan 1224 De
500
1
4 10714 1077 .1074 107/
10778 10734 107/
Jan 109 No,
96
1
4 10712 10738 2,500 Preferred
No par 10612 Jan 10 10778 Jan 19
4110712 1074 107
118 127* 12
1212 1218 125s
115* 12
534 Nov 3735 Jai
123* 1284 23,600 Electric Refrigeration_No par
1114 Jan 10 137s Jan 3
115 12
71
7114 7033 71
8314 Ma, 7912 Jai
703 727fi, 7119 7271 12 400 Else Stoma, Rsatara 717, nag. RM. inn 18 7a3.• Jan 3
7034 71
*vri
71
.Bid and risked prices. no sales on this clay. s Ex-dividend. a Et-rights. b Ex-warrants.
New York Stock Record-Continued-Page 4
550
For sales during the week of stocks usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
&turd°V,
Jan. 21.
Monday,
Jan. 23.
Tuesday,
Jan. 24.
Wednesday, Thursday,
Jan. 26.
Jan. 25.
Friday,
Jan. 27.
t Per share t per share $ per share $ per share $ per share n Per share
41734 8% *738 818
*734 9
*734 9
*734 9
*734 9
19
19 •18
•16
•18
19
19
*17
816
19
*16
19
712 713
738 74
712
7
*612 7
713
7
614 634
*2813 33
*2812 34
*28
*2812 34
*2812 34
33
*284 34
7978 795* 79
7814 784 784
798 79% 7934 7818 7814 78
12114 12114
*12114 12414 *12114 12414 124 124 *12114 12414 *121 123
3534 3634 3614 3634
3534 3534 3534 36% 3513 36
3512 36
108 108 *10734 10812
8108 10812 *108 10812 107 108 *107 108
3712 3812 3812
3658 3713 37
37
3678 3834 37
1536
37
___-__ ____ ____ ____
8110 11512 1154 116 *110 118 *112 118 *110 118 *110 118
9812 984 9812 10338
99
9834 9918 98
98
9713 97% 98
75
744 7412 7413 7514 7412 7538 7438 7413 7414 7414 74
21
*20
2112 2012 2012 *20
*185s 20
*1858 20
*1858 20
*36
3812 36
364
39
536
3913 398 3812 3812 3812 3812 '
5106 110 .106 110 *106 110
8106 112 15106 112 *108 110 '
11214 11334 11258 1141* 11212 11358
113 11314 113 11438 11314 115
122 122 *12134 12212 *12138 12214 12134 12134 *12134 12212 *12134 12212
49
5078
474 4614 5113 495* 51
4413 4512 4434 4514 45
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. St Miscel.(Con.) Par
Elk Horn Coal Corp--No par
50
Preferred
2,000 Emerson-Brant Class A.No par
No par
Emporium Corn
2,300 Endicott-Johnson Corp- 50
100
200 Preferred
5,800 Engineers Public Serv_No par
No par
800 Preferred
4,300 Erle Steam Shovel
5
______
Certificates
5
100
300 Preferred
6,900 Equitable Office Bldg__No par
5,500 Eureka Vacuum Clean_No par
100 Exchange Buffet Corp_No par
No par
800 Fairbanks Morse
100
Preferred
43,500 Famous Players-Lasky-NO par
100
2001 Preferred (8%)
15
94,800 Federal Light & Trao
No par
110 Preferred
10112 10112 102 10212 103 105 *10334 10412 10412 10412
103 103
Federal Mining & SmeWg-100
'126 145 •126 145 *126 145 •126 145 *126 145 *126 145
100
300 Preferred
*9312 95
*9312 95
94
94
•9212 94
94
94
89213 94
20
198 2014 1978 1978 7,400 Federal Motor Truck__No par
213* 1934 2014 1912 2034 20
20
20734 20734 2,900 Fidel Phan Fire Ins of N Y. 25
208 208
20712 210 210 21212 20814 210
20434 205
No par
13
13
140 Fifth Ave Bus
1278 1112 12
*12
1278 *12
12
12
_ 12
12
400 First Nat'l Plc, 1st pref___100
106 106
106 106 *106 107 *106 107 *106 107
'10412 106
No par
3112 3212 3214 3313 31,800 First Nat'l Stores
32
2812 2812 2834 2834 2834 3038 30
No par
16
1612 1614 1614 7,800 Fisk Rubber
1614 16
16
16
167
1618 1612 16
91
500 1st preferred stamped___100
8912 8912 *88
894 90
*8912 91
*8914 9212 *8912 91
100
1st preferred cony
594
98
*94
98 '
*94
98
*94
98
*94
98
*94
98
735
725 735* 7313 7414 141,800 Fleischman Co new ____No par
704 7112 7138 7312 7313 7412 72
4612 15,100 Foundation Co
46 '544
No par
4612 4434 46
4614 4612 *4434 453 *44
46
No par
864 40,200 Fox Film Class A
8712 87/
86
8612 86
1
4 8814 8534 86% 865 8734 85
Franklin-Simon pre!
100
5111 11234 *111 11234 *111 112% *11112 11234 111 112 51111 112
No par
37,200 Freeport Texas Co
10278 10534 10418 105
10212 10334 103 10534 10418 10534 10212 104
2338 1934 23
No par
15.600 Gabriel Snubber A
2334 23
23
2518 2538 251s 2534 2312 25
1312 11,200 Gardner Motor
No pa'
1212 1234 1234 1314 1314 1314 124 1312 127 1314 13
6434 6318 644 9,300iGen Amer Tank Car-No par
6412 625* 6334 63
64
6312 6414 64
65
100
600 Preferred
110 11012 11018 11018
'11038 111 1511034 111 *11012 111 *11012 111
100
8812 90% 8712 894 8712 8834 8512 8714 8558 8734 854 877 50,400General Asphalt
100
Preferred
130 130 *128 138 *128 12838
133 133 *133 13434 133 133
3001
130 General Baking pref___No par
'134 136 '5134 13412 *134 13412 13412 1344 134 13413 *134 13412
707 70% -7013 7212 20,800 General Cigar. Inc new-No par
69% 71
684 6812 6812 6912 695* 72
.*128
Preferred (7)
100
*128
_
*128
_
_ *128
__ •128
-4 58% -5-8-18 *5814 5812
300 Gen Outdoor Adv A___No par
-4 *58 -583
5834 5834 -583
0128*58
583
; *5818 -493
50
5012 485* 4918 7,800 Trust certlficates____No par
5012 49
5012 50
501s 5014 50
13284 1335* 13234 13412 133 13414 131% 13272 13158 13212 13118 13234 33,100 General Electric New __No par
113* 1138 1114 1138 1138 1138 1114 1138 1114 11% 1114 1134 3,800 General Electric special_ _10
38a 37
3734 3718 3934 3858 3912 5,500 General Gas & Elec A_-No par
37122 385* 38
3734 378
200 (len Gas & Elea of A (7) No par
110 110
10913 10912 *10914 110 *10914 110 *10914 110
0109 110
_ . ___
.•123
__ *123
___ *123
___ *123
'123___
Preferred A (8)
No par
_ *123
400 Preferred B(7)
- 14
- -6- 106 1011
106 106
-- *105 10
No par
0105 106 *105 106 *105 1-06
13334 1353 13358 1353* 505,800 General Motors Corp new _25
13318 13534 13538 13638 13534 13714 133 135
100
12312 124
12312 124
1
4 12418 12414 124 12434 12334 124
3,600 7% Preferred
12414 124/
_ __ *108
_ *108
__ 108
'108
. _ 108
'108_. '
Gen Motors Corp 6%deb pf100
5108
119 lil% 11918 120
11818 120
.67,400 Gen Ry Signal new ____No par
458 11812 1211 11834 123
121 122
7538 7612 7534 77
7514 77
39,900 General Eeiractories___No par
7534 7814 7613 78
7534 77
1094 10112 101 10212 10234 104
101 10214 10114 10134 10138 10212 24,200 Gillette Safety Razor__No par
12,100 Gimbel Bros
384 39
3814 387
No par
39% 3958 395* 4013 384 395* 3838 39
100
1.500 Preferred
96
96
96
96
96
98
96
96
96
96
968 96
21
2114 2058 2114 20% 2114 14,800 Glidden Co
2012 213
No par
2118 2118 205* 21
100
97
9714 97
97
97
97
97
97
930 Prior preferred
9712 0612 97
97
93
9714 9512 9812 298,200 Gold Dust Corp vs o---No par
96
827 9034 88
82
72
7212 72
93
925* 9438 9013 924 9178 938 9214 933 74,900 Goodrich Co (B F)_ _No par
8913 9014 90
112 112
11114 11138 11134 11134 *111 11112 11112 11112 111 112
100
2,300 Preferred
68
68
695* 6814 6918 67
25.600 Goodyear T & Rub____No par
6934 6768 60
67
67% 67
No par
99
99j 99
99
99
9914 99
993 9918 984 99
9914 2,500 1st pre
8214 8312 8212 8212 8334 847 14,200 Gotham Silk Hosiery-No par
8012 8212 Ms 844 8334 84
83
8212 8278 8212 8418 11,000 New
845* 834 8418 82
No par
8078 8212 83
100
1,300 Preferred New
11812 11812 11838 11912 119 11938 11713 1174 *118 119 *11812 119
87
9
No par
9
913 1.700 Gould Coupler A
834 834
878 88
878
81
84 834
407 425* 4114 4214 4118 4178 407 4112 7,000 Granby Cons M Sin & Pr_100
4018 40% 4014 407
34
317 3313 43,800 Great WesternSugarnewNo par
3534 3434 3512 335* 3434 31
3512 3534 35
100
520 Preferred
119% 1197 *11938 120
11934 11938 *11914 11978 1197s 11978 120 120
13314 137
134 13612 137 141
13312 137
1383* 146 172.900 Greene Cananea Copper-100
135 139
812 812
*812 9
500 Guantanamo Sugar_ __No par
*812 9
814 814 *812 9
834 84
_
100
20 Preferred
4 - - *10634 --_ --_ *10634
4 - *106,
4 *106,
10634--- 10612 106,
100
1,400 Gulf States Steel
*5334 -54
,
4 53 -5i58 5213 5212 525* -6-3,
2 5312 54
5314 -53
25
30 Hackensack Water
*231g 2314 2314 2314 *234 2314 *2318 2314 *234 2314 2314 2314
75
7612 7412 77
7814 7894 77
2,040 Hanna 1st prat class A____100
764 7734 7634 788 77
2638 1,500 Hartman Corp class A_No par
2534 2534 2538 25% *2512 2612 26
27
25
•25
26
No par
22% 2314 2314 2418 2318 2513 2318 2378 2334 2434 2414 257 41,300 Class B
No par
_
_
Hayes Wheel
- ___
iii- iii,
i .piiii2 fa *iiiii ifi iii fii Hi ill iiii2 117-12
25
iiii Home (c) vv)
__ •128
100
___ *128
_ *128
_ ___
128*128
Preferred
._
•128
2778 28
*27,
4 --28
No par
900 Hoe(R)& Co
28
28-12 2812 2-8-12 28 -.
2734 -2-818 281g .
337
3214 3318 3178 3178 6,100 Hollander & Son (A)-No par
3212 333* 345* 28
*32
3234 32
100
*6912 70
6712 *6912 70
300 Homestake Mining
67
69% 6914 6914 70
•68
71
695* 7,209 Honseh prodanc.tem ctfNopor
663* 6734 6934 68
6634 6634 664 '566
•66
6634 *66
147
14914
ctfs100
148
tern
15112
4
149
36,300 Houston Oil of Tex
14934 15312 1463
14758 14914 148 153
4214 4278 4212 427 10,000 Howe Sound
No par
43
4378 4212 427
425* 4314 4314 44
791 818 8234 8512 229,800 Hudson Motor Car- -No par
8118 8234 8238 8414 8212 8334 7914 82
4018 4134 581,000 Hupp Motor Car Cori
413
10
3512 3714 3634 384 3818 3934 3634 3913 39
2658 2678 26
2612 27
2634 27
2678 18,500 Independent Oil& Gas_No par
267 2714 2614 27
43
No par
*42
43
4234 428
43
500 Indian Motocycle
43
*43
4312 4214 4212 *42
*10258 103
100
.•103
30
10212 10212 103 103 *103*103
10
4
1012 101 102g 11
4,900 Indian Refining
1113 1112 1112 1134 11 111
4 1012 -11
97
97 1014 10
97
10
10
9,500 Certificates
914 934 10
912 934
1038
100
5105 109
106 108 •106 109
100 Preferred
106 106 *106 109 *105 109 '
*92
93
92
200 Ingersoll Rand new.---No par
924 92
9234 9234 *92
1592
93
*92
93
100
116 118 *116 118 *116 118 *116 118 *116 118 *116 118
Preferred
5734 584 23,000 Inland Steel
59
No par
5812 5913 5914 60
594 58
59
5934 57
11512 118 *11512 118 *11514 116 *11514 116 *11514 118 *11514 116
Preferred
100
*1834 19
183* 19
1935 20
1914 1934 6,300 Inspiration Cons Copper-20
19
2014 1912 20
194 1912 1834 1934 1734 1834 18
/
4 185* 8,200 Intercontl Kubber____No par
185s 181
1814 18
144 1438 147
1412 1412 2,400 Internat Agricul
•14
No par
1334 147o •1458 15
15
15
100
5714 5714 57% 58
57/
1
4 5714 *5712 60
1,000 Prior preferred
57
5713 5713 57
122 123
123% 12414 124 1244 121 12378 123 12312 12314 12572 15,100 lot Business Machlnes_No par
59
60
58% 5918 59% 5932 2,500 International Cement. No par
*59
5934 5834 597
5812 59
100
400 Preferred
•10814 1094 *10814 10914 10938 1094 •10814 10912 10934 10934 *109 110
5134 5238 52% 5414 5212 535* 5012 525s 511
/
4 523* 515* 5212 65,600 Inter Comb Eng Corp__No par
105 10514 *105 10538 *10514 10538 10514 10514 *105 10512'5105 10514
100
100 Preferred
2394 24034 2393 24458 24412 246
8,400 International Harvestar....100
240 24018 238 242
239 240
13712 13712 13814 13814 13912 13912 *13812 13912 1394 13934
100
13812 140
800 Preferred
*44 434 *412 434
*413 47
418 414
414 413
412 412
600 Int Mercantile Marine-100
4212 4314 42
4234 433
100
4113 18,600 Preferred
41
4134 41
4234 4034 417
10514 10772 1055* 10734 10518 10734 10214 105
104 10514 1044 1054 60,000 International Match pref__35
9458 9578 9434 9534 9512 9738 9438 96/
1
4 9534 994 9714 9934 222,600 Internationa Nickel (The)-25
737
714 7112 72
76
743* 764 72
724 74 8 7178 7434 56,700 International Payer___No par
Preferred (6%)
100
102 109 *102 109 *102 107 *102 107 *102 107 *102 107
2 10734 10712 10712 2,100 Preferred (7%)
100
10778 10778 10712 1077 10734 10734 10734 10772 107,
8912 *64
International Salt
*64
69
6812 *64
100
•64
69
69
6934 *64
*64
International Shoe_ _No par
100
i88i4 116 iii- 11122 55- 111- iiiiz fii" ilio" 111 *iii" 113 3,300 International13-Iver
20 Preferred
131 131
130 130 *12818 13412 •12818 13412 *12818 131
100
130 132
146 147
14514 14734 14518 14714 145 14634 14513 146
10,600 Internet Teen & Takla---100
14412 146
3,600 Intertype Corp
36
3514 3534 36
No par
3513 3734 3512 3612 353* 36
3678 37
54
5312 5358 *53
800 Island Creek Coal
•53
5378
53
53
1
524 53
55
553
•83
84
8258 825* 1,800 Jewel Tea. Inc
No par
83's 84
8314 8312 8318 8314 835* 84
Preferred
100
1.20 12312 *120 12312 15120 12312 •120 12312 *120 122 *120 122
540 Jones & Laugh Steel prof _100
1211
/
4 121% *121% 12112 12118 12134 12118 12138 •12118 12112 12112 12112
9,900 Ames Bros Tea, Inc.... No par
304 88
3634 37141 375* 3914 3714 393* 3634 3718 377 377
10
1012
11
1012
Jordan Motor Car
Hops,
20.100
104
1112
7
95*
913
1114
123*
1
11
10
400 Kan City P&L lot Di ANo par
1151. 1151, *11512 11712' 11512 11512 *11512 11534 *11512 11534 11512 11512
a
Ex
192..
Ex-dtvldend
rights
8 Bid and asked price., no ann.. on
lay
s
PER SHARE
Range Sines Jan. 1.
On basis of 100-share tots
Lowest
Highest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
$ per share $ per share $ per share
$ Per share
8 Jan 19
9 Jan 9
7 Dec 1588 May
15 Dec 2734 May
712 Jan 24
3 Oct 13 Apr
614 Jan 23
30 July 3712 Mar
7534 Jan 10 8078 Jan 13
643* Jan 8114 Dee
12114 Jan 27 12434 Jan 11 11638 Jan 125 Sept
2134 Jan 3958 Oct
341 Jan 4 3638 Jan 26
107 Jan 24 109 Jan 4
938 Jan 10838 Dee
35 Jan 10 3838 Jan 23
2434 Jan 35% Dec
35 Jan 5 37 Jan 13
304 Sept 3518 Dec
112 Jan 6 116 Jan 13 10112 Jan 11358 July
9018 Jan 7 10334 Jan 27
8438 Sept 9312 Dec
7334 Jan 20 79 Jan 3
50 Aug 77% Nov
2012 Jan 10 2113 Jan 5
1518 Jan 23 Dec
3212 Jan 5 4014 Jan 20
3014 Nov 434 May
104 Jan 9 104 Jan 9 107 Dee 112 Mar
11114 Jan 16 11734 Jan 9
92 July 11534 Dec
12118 Jan 3 124 Jan 6 11478 July 1243* Jan
42 Jan 10 5112 Jan 25
374 Jan 47 May
98 Jan 6 105 Jan 25
9113 Feb 100 Aug
60
Feb 187 June
9114 Jan 3 94 Jan 23
7513 Jan 97 Mar
1814 Jan 18 2134 Jan 4
17 Dec 301 Jan
18312 Jan 11 21212 Jan 24
934 Feb 230 Dec
1114 Jan 9 15 Jan 18
10 Nov
1478 May
10514 Jan 13 106 Jan 23
9712 Jan 10612 Dec
2818 Jan 6 3312 Jan 27
1914 May 30 Feb
16 Jan 18 1734 Jan 4
Apr
1434 Oct 20
8914 Jan 13 9112 Jan 10
81
Jan 100 Sent
9413 July 102 Sept
9634 Jan 19 9734 Jan 5
4628 Feb 71% Dec
6814 Jan 5 7412 Jan 24
43 Jan 10 5134 Jan 3
35 Nov 8834 Apr
50 June 8512 Dec
82 Jan 5 8814 Jan 24
111 Jan 5 112 Jan 9 109 Dec 115 Aug
102 Jan 10 10914 Jan 11
3414 Jan 10612 Dec
1938 Jan 27 2812 Jan 5
22 Dec 59 Aug
111 Jan 17 147 Jan 3
613 Jan 1512 Dec
6112 Jan 16 6612 Jan 4
46
Jan 648 Dec
110 Jan 9 11012 Jan 26 10634 Mar 11212 Sept
81 Jan 3 9314 Jan 9
65 Aug 9634 Mar
126 Jan 5 14014 Jan 7 10714 Aug 14472 Mar
134 Jan 26 138 Jan 10 11813 Apr 140 Oct
67 Jan 19 7212 Jan 27
52 Jan 741k Dec
116
Jan 136 Sept
5734 Jan 17 588 Jan 3
5458 Apr 597 Nov
4778 Jan 3 525* Jan 7
37 Jan 5878 Nov
81 • Jan 14634 Sept
130 Jan 16 13814 Jan 3
11 June 1138 Jan
1114 Jan 23 115* Jan 6
3514 Jan 18 3934 Jan 26
34 Apr 474 Feb
10812 Jan 4 110 Jan 27 100
Jan 11018 Oct
123 Jan 11 12618 Jan 19 11314 Mar 12338 Nov
10512 Jan 171 10614 Jan 27
96
Jan 10518 Dec
130 Jan 10 13912 Jan 4 11314 Aug 141
Oct
12312 Jan 26 1265* Jan 6 11812 Mar 12534 Dec
104 Mar 1093 Dec
1175* Jan 5 12358 Jan 3
8218 Jan 15314 Sept
7314 „Ian 16 82 Jan 3
Dec
38
Jan 81
953 Nov 10912 Oct
9812 Jan 16 104 Jan 24
351 Jan 10 404 Jan 23
3512 Dec 59 Sept
9434 Jan 13 98 Jan 12
91 Nov 10813 July
2038 Jan 27 223* Jan 5
1412 May 22 Mar
95 Jan 4 9712 Jan 13
86 Aug 101 June
71 Jan 16 9812 Jan 27
42 Mar 78% Dec
864 Jan 16 9938 Jan 4
4284 Jan 964 Dec
11014 Jan 3 112 Jan 131 95 Jan 11112 Dec
65% Jan 18 7212 Jan 4
483 Aug 6938 Dec
9734 Jan 5 9912 Jan 13
9213 Nov 98% Dec
78 Jan 4 847 Jan 27
5738 Jan 8558 Dec
7812 Jan 5 845* Jan 23
58
Jan 854 Dec
1155* Jan 16 11922 Jan 23 104
Jan 122 Sent
8 Jan 3
4
Oct 1114 Nov
912 Jan 27
3912 Jan 18 4312 Jan 3
3118 Jan 45 May
31 Jan 26 38 Jan 7
35% Dec 4438 Sept
11938 Jan 24 120 Jan 3 11612 Feb 123 Sept
124 Jan 10 16412 Jan 4
29% Jan 15112 Dec
814 Jan 23
95* Jan 4
7 Oct 1114 May
10512 Jan 6 107 Jan 7
957 Jan 106 Dec
51 Jan 9 54 Jan 23
40 Oct 64 Feb
23 Jan 5 2314 Jan 20
22 Aug 27 July
654 Jan 5 7934 Jan 19
56
Jan1 7238 Dec
24 Jan 5 27 Jan 23
2212 Oct 2714 Mar
1914 Jan 4 2578 Jan 27
1812 Dec 2934 Apr
1512 Feb 284 Mar
112 Jan 17 11713 Jan 27
Oot
7612 Jan 125
121 Jan 3 128 Jan 16 11814 Jan 130 July
274 Jan 19 3078 Jan 20
Jan 4178 July
22
2913 Jan 10 345* Jan 24
3114 June 4034 Oct
67 Jan 4 7412 Jan 7
Oct
Jan 75
60
654 Jan 4 693s Jan 26
4314 Jan 703* Nov
14414 Jan 18 15618 Jan 3
Oct
6018 Jan 175
42 Jan 12 4478 Jan 3
3434 July 48% Dec
75 Jan 16 8613 Jan 4
4814 Jan 9113 Aug
29 Jan 16 4134 Jan 27
Oct 3614 Dee
16
25% Jan 4 2814 Jan 9
1752 May 3234 Feb
4214 Jan 25 4412 Jan 4
13 Mar 47 Dec
10014 Jan 3 105 Jan 9
92
Jan 10234 Dec
93 Jan 3 125 Jan 13
712 May 1218 Sent
84 Jan 16 103* Jan 13
714 June 12 Sent
101 Jan 4 109 Jan 19
99
Oct 112 Mar
91 Jan 3 94 Jan 6
964 Apr
871
/
4 Nov
116 Jan 4 116 Jan 4 10634 July 120 May
57 Jan 16 63 Jan 3
Feb 2438 Dec
41
11512 Jan 6 116 Jan 10 111
Oct
Jan 118
1813 Jan 16 215* Jan 3
1212 June 2513 Jan
173 Jan 24 2134 Jan 4
11 Nov 25 Nov
1334 Jan 25
157 Jan 3
618 Apr 1638 Deo
5634 Jan 18 60 Jan 3
33 Mar 6612 MaY
114 Jan 16 1241 Jan 24
5318 Jan 11934 Dec
56 Jan 3 6214 Jan 6
45/
1
4 Jan 6538 May
10812 Jan 4 1097 Jan 9 100
Oct 113 Dec
49 Jan 5 557 Jan 3 018 Oct 04 Mar
10412 Jan 51
23113 Jan 16'
13712 Jan 23
418 Jan 16
3934 Jan91
9312 Jan 3'
8114 Jan 5
674 Jan 16,
102 Jan 9,
107 Jan 3
65% Jan 101
10512
24734
142
538
4458
10812
9934
7614
103
108
6834
Jan 3
Jan 7
Jan 7
Jan 9
Jan 17
Jan 7
Jan 27
Jan 24
Jan 6
Jan 14
Jan 12
185 Jan 6,
128 Jan 3
14314 Jan 19,
32 Jan 5
5212 Jan 23
80 Jan 171
120 Jan 18
12034 Jan 4
3214 Jan 3
81
/
4 Jan 16
115 Jan 9
196
131
1495*
384
58
85
123
12178
4034
1434
11ni.
Jan 24
Jan 27
Jan 4
Jan 20
Jan 4
Jan 3
Jan 18
Jan 17
Jan 10
Jan 3
inn 21
Oct
101
13538 Jan
12634 Jan
313 Oct
3213 Oct
62 Mar
3814 Jan
a3913 May
8514 July
9612 Jan
63 Sept
Jan
160
13512 Mar
109 Mar
12214 Jan
1912 Jan
48% Mar
5313 Jan
1114 July
Feb
ily
105* Jan
July
1234
109 Dec
10514 Dec
255% Dec
139 Dec
834 May
55% May
954 Dec
8912 Dec
8113 Nov
106 Dec
11234 Den
75 Dec
Oct
239
198 Nov
Oct
128
1587 Belot
394 June
67 Sept
86 Dec
12512 Mar
123
Oct
3434 Deo
2213 Jan
11512 Dec
New York Stock Record-Continued-Page 5
551
For sales during the week of stocks usually Inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 21.
Monday,
Jan. 23.
Tuesday,
Jan. 24.
Friday,
Jan. 27.
Wednesday, Thursday,
Jan. 26.
Jan. 25.
$ Per share 8 per share g per share $ per share 3 per share
66
6512 66
6612 6514 6658 6458 6512 65
6534
2318 2478 2418 2434 23
23
23
24
2514
24
*78
80
80
80
.78
80
78
79
79
801,
*75
78
78
78
80 78
78
80
*78
80
2434 2434 2412 2412 2378 24
2238 2414 23
23
8134 8214 8111 8234 8253 8478 8218 8334 83
8312
Sales
for
the
Week.
8 per share
6434 6512
2414 2538
*83
85
83
*80
231.1
*23
8258 8314
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1:
On basis of 100-share tots
Lowest
,
i
Highest
Shares Indus. & MIscel. (Con.) Par $ per share
S per share
11,700 Kayser (J) Co v t c__ __No par 6258 Jan 5 6634 Jan 18
26,300 Kelly-Springfield Tire
25 2212 Jan 5 2738 Jan 3
800 8% preferred
100 78 Jan 25 84 Jan 6
300 6% preferred
100 7512 Jan 18 80 Jan 26
1,400 Kelsey Hayes Wheel......No pat
2212 Jan 10 2558 Jan 17
32,900 Kennecott Copper
No par 8038 Jan 18 87 Jan 3
Keystone Tire & Rubb.No par,
-I
"Lai, 111-4 -----461., -43-4 -:44i4 1.7.- -4714 17-1-4 4518 47 2,000 Kinney Co
No par 3812 Jan 16 52 Jan 19
944 9612 93
95
9214 97
1,540 Preferred
9414 95
93
95
95
94
100 8914 Jan 6 97 Jan 24
6334 64
6312 6412 6334 6612 6334 6512 64
6512 64
6614 29,500 Kraft Cheese
25 5914 Jan 3 74 Jan 9
6814 7034 7012 72
7014 7114 7 38 7118 32,200 Kresge (58) Co new
7112 7312 70
72
10 6612 Jan 10 7312 Jan 24
•11312 115
114 11512 116 116 *115 11534 11534 11534 *115 11534
110 Preferred
100 11314 Jan 19 117 Jan 3
*1312 1412 *1318 15
1414
100 Kresge Dept Stores____No par
1434 1434 *13
*13
15
1412 *13
1312 Jan 18 1434 Jan 26
54
*52
*5112 5412 *5112 5412 53
100 Preferred
*5112 5412 *5112 5412
53
100 5212 Jan 16 5314 Jan 6
96
96
96
96
*99 100
800 Kress Co new
9714 9714 97
No par 93 Jan 12 9714 Jan 25
9714 96
96
210 210
209 214
2,600 Laclede Gas L (St Louis) __100 200 Jan 10 245 Jan 26
238 245 *240 250
215 21814 21434 238
*101 103 *101 103
710 Preferred
103 108
103 103
11218 12412 113 115
100 100 Jan 5 12412 Jan 26
3434 35
3412 3434 341g 345g 34
5,400 Lago 011 & Transport_No par 3314 Jan 10 3578 Jan 14
3358 :34
34
3418 34
84
8478 8478 8534 8412 85
8438 8314 8438 23,400 Lambert Co
8258 8438 83
No par 79,2 Jan 10 8534 Jan 23
1734 1734 1734 1818 1778 1814
1814 1834 1858 1938 14,100 Lee Rubber & Tire_
1758 18
No par
1714 Jan 3 20 Jan 7
*3814 3834 3812 3878 3838
2,000 Lehn & Fink
3838 *3812. 39
3878 3878 3858 39
No par 38 Jan 17 4078 Jan 3
*3012 31
315g 32
3214 3312 3234 3312 3212 3412 3418 3434 17,800 Life Savers
No par
3014 Jan 18 3434 Jan 27
120 12014 *11914 12014 11812 12012 119 119
2,700 Liggett & Myers Tobacco_ _25 118 Jan 26 12212 Jan 3
118 119 *11812 119
11978 12118 12012 121
11812 11938 11858 11938 11,400 Series B
11812 120
12018 121
25 11818 Jan 16 12312 Jan 3
*135 139 *135 139 *135 139 *135 139 *135 139 *135 139
I Preferred
100 13734 Jan 11 13814 Jan 11
6112 6112 *60
1,100 Lima Loc Wks
6014 61
61
6112 61
*60
617s *60
72
No par 59 Jan 16 6514 Jan 3
7434 75
7434 7434 7412 7478 7214 7412 7258 7478 7312 7534 17,700 Liquid Carbonic certifs_No par 7214 Jan 25 7778 Jan 13
58
5834 5712 5838 5758 5938 5858 6178 6134 6334 6212 6378 164.100 Loew's Incorporated_ _.No par 57 Jan 10 6378 Jan 27
612 658
638 658 12,200 Loft Incorporated
612 658
658 678
No par
7 Jan 4
6 Jan 3
612 678
612 634
3033 3038 3012 3012 *31
32
31
800 Long Bell Lumber A__ _No par 26 Jan 3 32 Jan 27
3138 3138 32
313g 31
5078 5178 51
93,900 Loose-Wiles Biscuit new _ _ _ .25 4918 Jan 10 58 Jan 27
5238 5158 5314 5112 5314 5312 5714 5614 58
•121 12134 *121 12134 121 121
601 let preferred
121 121 *121 12134 *121 12134
100 121 Jan 12 123 Jan 6
29 preferred
100
- 11-4 -is-78 -ii- 'WI-8 -5iTa 161; -5822 Iili 3812 3914 38 3812 35,600 Lorillard
25 3618 Jan 18 4014 Jan 21
*111 113 *II 1 113 *112 113 .112 113
3001 Preferred
11212 113
113 113
100 11212 Jan 18 11334 Jan 10
1138 1138
11
11
11
1138 1112 1114 1112 11
5,500'Louislana 011 temp ctfs_No par
1138 11
1012 Jan 3 1234 Jan 9
*8912 91
*8912 91
101 Preferred
*8912 91
*8912 91
8912 8912 *8912 91
100 8912 Jar 9 91 Jan 6
2834 2878 2812 2878 2812 2878 2838 2912 2858 29
2918 5,6001LoulsvIlle 0 dr El A__ _No par 2818 Jan 17, 2912 Jan 25
29
2918 30
2958 30
30
2912 2912 3012 3014 3114 9,500,Ludlutn Steel
31
29
No par 2558 Jan II, 3114 Jan 3
4714 4714 *48
400,MacAndrews & Forbes_ No par 46 Jan 6 514 Jan 4
48
49
4912 4812 4812 *4714 50
48
49
•111 117
800,1%lackay Companies
115 116 *115 118
116 116 *114 118 *114 118
100 115 Jan 12 11938 Jan 27
*68
70
1001 Preferred
*69
6912 6912 6912 .70
100 6814 Jan 13 6912 Jan 24
7014 *6912 7014 *6912 7014
10212 10312 10212 104
28,8001/.1fmk
102
103
Trucks. Inc
10258 104
No par 9812 Jan 16 10778 Jan 3
10014 10234 10118 10258
lot preferred
100
---29 preferred
--_ ___ ____ ___
100
250 265
273 274
1.600 Macy Co
273 275
No par 235 Jan 10 275 Jan 24
4 270- 270 *252 265
27234 27232558 2614 25
8,500 Madison Sp Garden
2578 2512 26
No par 2214 Jan 9 2634 Jan 18
2578 2512 2512 2478 25
25
4978 503s 5038 5112 5158 53
10,800 Magma Copper
No par 4938 Jan 16 5612 Jan 4
5238 5114 5218 5114 52
51
1618 1618 17
4,900 MallInson (LI It) & Co_No par
17
1734 18
1718 1831t
*1614 17
16 Jan 20 1838 Jan 26
1638 17
8712 8712 8734 8734 8734 8734 *8714 88
240 Preferred
8912 8912
8712 90
100 8738 Jan 20 92 Jan 2
.36
42
*37
Manati Sugar
41
*35
40
40
*35
035
100 39 Jan 3 41 Jan 14
40
40
*32
*80
82
814 8278 8112 8112 7912 7912 *75
800 Preferred
7712 7712
80
100 77 Jan 9 88 Jan 17
38
3858 39
1,300 Mandel Bros
40
No par 38 Jan 16 4012 Jan 24
3978 4012 *3934 4112 *4014 4112 4014 4014
53
53
5158 515s 52
5212 1,700 Mash Elec Supply
*5012 5112 52
No par 50 Jan 11 5478 Jan 2
52
5078 51
3478 35
3514 363s 3558 363* 35
3558 8,700 Manhattan Shirt
35
25 3314 Jan 3 368 Jan 22
35
355* 35
*4534 58
*4534 56
Manila Electric Corp_No pa
*4534 58
*4534 58
*4534 58
*4534 58
1718 1714 17
1,000 Maracaibo 011 Expl__No par
17
17
17
*16
1534 Jan 5 1818 Jan 12
17
17
*16
16
17
3618 3612 36s 2734 3614 3734 3614 36s 3618 365* 36
3634 80,500 Marland 011
No par 3458 Jan 5 383* Jan 16
*4914 50
4912 5034 5012 5012 *4812 50
No par 4812 Jan 6 5212 Jan (
4934 494 4912 2,6001MarlIn-Rockwell
49
1414 1412 1412 1412 *1412 1478 144 1434 1414 1414 *14
1458 1,100 Martin-Parry Corp
No par
13 Jan 19 1534 Jal 2
12438 12634 1264 1273s 12612 12912 12514 13138 12712 12878 12834 13034 23.700 Mathiesou Alkali Workallo par 12014 Jan 10 13138 Jan 2f.
*115 11612 116 116 *115 11612 115 11612 *115 11612 *115 116,2
50 Preferred
100 115 Jan 12 116 Jan 2,
8314 8312 83
84
84
25 81 Jan 16 85% Jan 1
8414 8314 8312 3,700 May Dept Stores new
8412 83
8334 84
3378 3378 3378 34
No par 3234 Jan 26 3414 Jan 11
3378 34
3318 3312 3234 3312 3234 3278 7,600 Maytag Co
*8234 8512 *8234 84
130 McCrory Stores class A.No par 83 Jan 17 88 Jan 1
*83
8512 *8518 8512 8312 8514 *8234 .85
8814 88
8578 85
*85
No par 85 Jan 16 8912 Jan 1
8634 8678 1,100 Class B
8838 86
87
*86
86
*109 10938 *109 10938 *109 10938 *109 10938 *109 10958 *109 10938
Preferred
100 111 Jan 10 111 Jan 11
*2712 2814 *2778 2834 •28
McIntyre Porcupine Mines._5 2678 Jan 11 2734 Jan 1
2834 *2818 283g *2818 2834 *2818 2834
2534 2534 2558 2558 2534 2578 2578 2578 2578 2578 2578 26
1,000 Metro-Goldwyn Pictures pf _27 2518 Jan 6 26 Jan 2
5
*5
518
5
538 2,900 Mexican Seaboard 011. _No par
518
438 Jan 19
518
5
538 Jan
5
518
5
5
*18
1838 *1838 1812 184 1834 1818 1814
5 1734 Jan 5 1938 Jan
183s 1812 1838 1812 5,100 Miami Copper
2812 2812 2838 2878 2812 2878 2818 2812 2814 2838 28
2818 5,700 Mid-Continent Petro__No par 28 Jan 10 2912 Jan
*105 106 *105 106 *105 106 *105 106 *105 106 *105 106
1511d-Cont Petrol pref
100 104 Jan 11 10578 Jan 1
278 27s
278 3
15,800 51Iddle States Oil Corp
278 3
3
27o
238 Jan 3
3
278 3
3
10
35* Jan
*178 2
2
2
2
238 Jan
2
2
1,000, Certificates
2
112 Jan 3
2
2
10
255 257 *254 258
25212 254
2,800.Midland Steel Prod pret __100 249 Jan 11 290 Jan ,
249 25412 251 251
24934 250
2412 2412 24
1,100 Miller Rubber etts
2414 2414 2438 24
No par 24 Jan 3 27 Jan :
2412 2414 2478 *2414 25
11612 12312 122 12534 12238 12538 12212 12458 124 1354 13714 14834 145,200 Montana Power
100 10214 Jan 10 14834 Jan X
12414 12912 12914 13134 1265, 12934 12734 13112 129 13138 317,100 Monte Ward & Co Ill corD__10 117 Jan 19 13134 Jan 24
120% 125
618 612
614 658
614 612
712 Jan
57g
578 Jan 25
6
614 17,200 Moon Motors
No par
614
578 638
234 278
234 27s
234 234
318 Jan
258 24 8,900 Mother Lode Coalition.No pa
234 234
234 278
2,8 Jail 27
*612 712 *612 712 *612 712 *7
812 Jan 2
712 Jan 11
812 1,500 Motion Picture
712
8
712 712
No par
21
2012 21
21
2012 21
2012 2,600 Motor Meter A
2014 2012 2014 2012 20
1958 Jan 3 2314 Jan 1
No par
*2618 2612 2612 2612 2612 2612 264 2614 *2614 2612 2614 2612 1,800 Motor Wheel
No par 2512 Jan 12 2634 Jan 1
8214 8334 83
8312 8234 8312 8012 8214 8314 84
4,200 Mullins Body Corp
8114 82
No par 73 Jan 5 8614 Jan 1
•106 110 .10714 1094 10712 10712 107 10738 107 107
70 Preferred
107 107
100 10434 Jan 17 11034 Jan
50
5212 5112 53
5112 5278 5014 6114 5013 5134 5012 5112 13,300 MunsIngwear Inc
No par 4712 Jan 10 53 Jan 2
2578 2634 2434 2738 2418 26
46,300 Murray Body new
2334 25
2458 2578 2434 25
No par 2334 Jan 25 3112 Jan
89
9078 90
8918 90
91
885g 8012 8858 8934 8714 8938 86,200 Nash Motors Co
No par 8714 Jan 27 10138 Jan 3
814 1014
8
1078 1112 1012 12
8
114 1278
1134 1178 45,600 National Acme stamped____10
74 Jan 4 1278 Jan 2
5012 52
50
50
5212 5358 5518 5978 6178 6438 5518 64
18,600 Nat Bellas liesa
No par 41 Jan 3 6438 Jan 26
94
04
94
9412 96
9612 9612 97
3,600 Preferred
9712 101
100 101
100 9014 Jan 3 101 Jan 2
173
176
17213
17434 17534 171 17912 178 18113 179 182
171
40,900 National Biscuit
25 16214 Jan 19 182 Jan 27
•140 143 .13714 14112 .140 14112 *138 14112 *13714 1411 *138 14112
Preferred
100 140 Jan 19 143 Jan 9
4712 4778 4778 4858 4858 50
4818 4914 49
5138 54,400 Nat Cash Register A w INo par 474 Jan 16 5138 Jan 27
51
50
7034 7158 7014 71
7034 7112 687g 7012 6912 71
6934 7034 50.300 Nat Dairy Prod
No par 6412 Jan 5 7238 Jan 1 3
24
24
•2312 2378 24
24
*2212 2314 2378 24
2312 2312 1,000 Nat Department Stores No par 2178 Jan 5 24 Jan 23
92
92
93
*92
9214 9112 9112 91
*91
600
9112
91
91
@FedFRASER