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The
Ofljjnrrflal
financial
nintrie
INCLUDING
Public Utility Compendium
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State St Municipal Compendium
SATURDAY, JANUARY 29 1927
VOL. 124.
hc Thronide.
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/The Passage of the McFadden Branch Banking
/
Bill, with the Federal Reserve Rider, and
Minus the Hull Amendment.
The action of the House of Representatives at
Washington on Monday, in passing the McFadden
Branch Banking Bill with the Senate rider attached
to it for extending in perpetuity the charters of the
Federal Reserve banks, and minus the so-called Hull
amendment, cannot be viewed otherwise than matter
for the deepest regret, viewed in the light of what the
action implies. The statement is true both as regards
the Federal Reserve rider and the Hull amendment.
As far as extending the charters of the Federal Reserve banks is concerned, the step denotes very hasty
action with reference to a subject of vital importance
bearing upon the future of the country's banking system and which therefore should have careful and very
deliberate consideration. The present term of these
charters is for a period of 20 years, and only a little
over 12 years out of the 20-year period has yet elapsed,
leaving therefore nearly eight years more before the
charters actually expire. There was, and is, hence
not- the slightest occasion for rushing the matter
along, and least of all was there justification for effecting the purpose sought by means of a rider to a measure dealing with a variety of other things, some of
them highly controversial in character, such as the
subject of branch banking.
The Federal Reserve Act is not to-day in the shape
in which it was originally put upon the statute book.
It was radically amended and fundamentally changed
by the amendments grafted upon it in 1917, when the
Bank and Quotation Section
Bankers' Convention Section
NO. 3214.
United States became a participant in the World
War. The gigantic struggle in which the nation then
became involved made it essential that the financial
resources of the whole country should be mobilized
in the most effective manner for the successful prosecution of the great struggle in which the whole of
mankind had so much at stake. To bring about the
financial mobilization referred to, extraordinary and
inordinate powers had to be conferred upon the Federal Reserve banks and their managers—powers so
extreme that no sanction for them can be found except
in times of war. As a prerequisite to the extension of
the charters, there should accordingly be elimination
and repeal of these war amendments and restoration
and return of the Federal Reserve system to its original scope and purpose. In a word, there should be
financial demobilization, just as there has long.since
been demobilization of the army and the navy and of
all the other activities of the nation. War powers
are dangerous and a menace in peace times, more so
when they concern the financial and banking mechanism of the country than when they involve anything
else.
Under one of the war amendments the Federal Reserve banks are given authority to acquire every dollar of gold in the country and then to make this gold
the basis for the issue of Federal Reserve notes to
23/i times the amount of the gold thus acquired. As
the total gold coin and bullion in the country Jan. 1
1927 was $4,502,429,488, this means that over $11,250,000,000 of Reserve notes could be ultimately
issued and put in circulation if the Federal Reserve
officials saw fit. This is too vast a power to confer
upon any body of men, even if they were endowed
with wisdom from on high. It is no answer to say
that there is no present likelihood of any such vast
volume of Reserve notes being put out. Some of the
Reserve officials in public addresses hardly more than
two years ago were harping-upon the alleged superiority of the Reserve note over the gold certificate,
since the gold certificate when in circulation can never
be expanded beyond 100 cents on the dollar, while
in the hands of the Reserve banks the certificate can
be represented by $2 50 in Reserve notes, and these.
officials made it equally clear that they are at all
times ready to avail of the power of expansion thus
possessed. Then look upon the growth of brokers'
loans upon the Stock Exchange. Only a few years
M6
THE CHRONICLE
[VoL. 124.
ago brokers' loans upon the Stock Exchange aggre- propaganda in favor of the rider to the Branch Bankgating $1,000,000,000 to $1,200,000,000 were looked ing bill ever since the adjournment of the long
upon as affording occasion for concern. Now brokers' session of Congress on July 10 last, when the Conloans aggregating $3,000,000,000 arelviewed with ference committees of the two Houses of Congress
complacency.
became deadlocked on the Hull amendment. BusiBy another one of the war amendments the member ness men and bankers have been flooded with literabanks are required to keep the whole of their reserves ture telling them what dire things were going to
with the Federal Reserve banks, instead of only a happen, if the Federal Reserve Bank charters were
part of such reserves. This amendment should also not immediately extended, eight years in advance
be repealed. The member banks should be obliged of their expiration. Nothing was said of the still
to hold at least a portion of their reserves in actual graver dangers that menace the country if the present
gold in their own vaults and the reason is the same as absence of restrictions on Reserve note issues and
in the other case, namely that the Federal Reserve the unlimited grant of powers should end in financial
banks should not be given the vast powers involved debauch, as it must eventually do, unless the Reserve
in entrusting them with the whole of the legal reserves Act is amended in the particulars mentioned.
of the member banks, with view to lending these
All this had its intended effect, inducing the
reserves back again to the member banks, for in the Houseto reverse its action of last spring with reference
last analysis that is what borrowing by a member to the Hull amendment, and to swallow the bill in
bank at the Federal Reserve Bank means. Inasmuch virtually the shape it was formulated by the Senate,
as the deposits of the Federal Reserve banks consist hook, line and sinker—that is, not only without the
of nothing except the reserves of the member banks Hull amendment, but accepting all the other changes
(barring the relatively small amount of U. S. Govern- made by the Senate except two or three very minor
ment deposits held), when these deposits are made the ones. But what a woeful lack of confidence in the
basis of loans to the member banks, either on the se- intrinsic merits of the Federal Reserve System the
curity of commercial bills or U. S. Government whole proceeding betrays. The long and short of
obligations, the operation or process represents noth- the matter is that those engaged in rushing the thing
ing more or less than the borrowing back by the mem- through are afraid that if they allowed the present
ber banks of their own reserves. The whole of the opportunity to give indefinite limit to the life of the
member bank reserves should never be turned over to Reserve banks to pass and left the proposal for
the Reserve banks for any such purpose, and strict consideration at some future Congress, along with
limitations should be put upon the use of such portion the question of repealing the war-time amendments,
asitis deemed proper to place in their custody and con- discussion of the shortcomings of the System would
trol. Legal reserves, after all, are merely minimums, develop and lead to so much opposition as to defeat
and they should never be trenched upon more than all efforts at renewal of the lease of life, thereby
absolutely necessary.
repeating what happened to the first United States
Other war amendments, removing previous re- Bank and the Second United States Bank. Candor
strictions and limitations, should also be repealed, compels the assertion that those who are opposed to
and previous safeguards on prudent and conservative considering extension of the Federal Reserve charters,
action and policy restored. For instance, issuance of as part of the proposition to revise the Federal
Reserve notes should be permitted Only against the Reserve Act itself, are afraid of the light of day. It is
security of commercial paper and not in any other a sorry situation when things come to such a pass
way, so that it would always be possible by a mere as this.
glance at the weekly returns of the Reserve banks to
Of course failure to revise the Reserve Act now
see what portion of their resources was being em- does not prevent future revision. But such future
ployed—that is, was being loaned back to the member revision will be much more difficult than would
banks.
revision while the life of the institutions is at stake.
Repeal of these war powers, as we have often The Federal Reserve authorities will resist to the
indicated, should precede, or be concurrent with, utmost efforts to deprive them of any of their excesthe extension of the charters of the Federal Reserve sive and inordinate powers, and it will be easy to
Banks. Not only that, but there should be a very keep constantly deferring action on the repeal of
careful and a broad and statesmanlike consideration the war amendments and rest contented without
of the operation of the Federal Reserve System, doing anything meanwhile. And not only that, but
during the period of its existence, with a view to we may suppose that the same tinkering that has
seeing whether any other changes are necessary, in been uninterruptedly in progress since the Reserve
the interest of safe and sound administration. Merely Act was passed, will continue in the future, and there
extending the life of the System, and this only by a will be piecemeal additions and changes, not always
rider to another bill, is dealing lightly and superficially desirable or meritorious, since no one will give much
with a grave and pressing problem, or showing lack attention to what is going on where no major operaof appreciation of its gravity. The Federal Reserve tion is involved. If the Reserve Act were now, once
authorities, being human, do not like to be shorn and for all, revised in a broad and statesmanlike way
of any of the excessive and extreme powers now it would have true elements of endurance and future
odged in their keeping, and there has been very active tinkering might be largely avoided.
JAN. 29 1927.]
THE CHRONICLE
547
Notwithstanding that the charters have been (or authorizes its own banks to open up branches. We
are to be by Senate action) extended, Congress will were not at first inclined to favor this amendment,
retain full control over the institutions and can but the lengthy discussions of it at the annual
decree their dissolution at any time. But that is a convention of the American Bankers Association at
different thing from letting the life of the institution Los Angeles last October convinced us that if branch
expire by limitation. With the charters extended in banking is to be limited, and confined to the States
perpetuity the Reserve banks do not have to come where it has found lodgment, the Hull amendment
before Congress at a definite date and ask judgment should form part of the measure. Without that
upon their acts. That is an advantage of the amendment national banks are given the right
greatest moment, but, as shown, will tend to the in advance to engage in branch banking, and the bill
perpetuation of evils and abuses. It is for that instead of being a bill for the limitation and restriction
reason that complete revision of the Reserve Act of branch banking, as is its aim and purport, becomes
should have been made an inseparable part of the actually a measure for its extension. To give
national banks the right in advance to engage in
proposition to extend their life.
As for the Branch Banking bill itself, it is an branch banking in the States referred to, is to extend
omnibus measure, as we have often pointed out in an invitation to the national banks to get a State
these columns, and the branch banking feature law passed for that purpose in order that they themconstitutes simply one of many different provisions. selves may engage in the practice and it requires no
Some of these provisions are goad and others are stretch of the imagination to see that in some of the
open to grave objection. The general purpose of States at least that is what actually may happen.
The Senate was adamant in its opposition to the
the bill is meritorious. This purpose can be stated
in a single sentence. It is to place the national Hull amendment and it was urged that it was a
banks on a plane of equality with the State banks. discrimination against the non-branch States. As a
That is true of the branch banking provision, no matter of fact, it is nothing of the kind. The States
less than of most of the other provisions. At present are left free to do as they like with their own institunearly half the States of the Union (22 States out of tions and, as far as the national banks are concerned
48,to be exact / have granted the right to open branches. in the same States, it would be an easy matter for
The national banks now have no such rights, though these banks to go to Congress after the State had
the law in that respect has been more or less evaded acted and ask the same privilege for themselves.
and the Comptroller of the Currency has sanctioned We say that without the Hull amendment the
the establishment of so-called tellers' windows, branch banking provision of the bill becomes a prowhich are virtual branches. The bill undertakes to vision for the extension of branch banking, rather
give the national banks the unqualified right to than a provision for its limitation. That follows
establish branches under certain restrictions and from the fact that the national banks are given the
limitations. The bill, as accepted by the House, privilege' immediately to engage in branch banking
permits national banks to operate branches within in the States where branch banking now exists, a
the limits of the city where the bank is located, but privilege which is now denied to them, and in that
the city must have a population of at least 25,000; particular the bill is unquestionably a measure for
only one branch may be established in cities of less the extension of branch banking. Keeping it out
than 50,000 and only two in cities of not more than of the States where it does not at present exist would
100,000 population. In cities over 100,000, branches have afforded a 'definite limitation, but with that
may be established in the discretion of the Comm provision also eliminated the broadest right of branch
troller and he may, of course, be depended upon to banking is given not only for the present but for the
see to it that the national banks suffer no dis- future within the limits as to population already
advantage in that respect in comparison with State mentioned.
institutions. The Hull amendment relating to branch
Even State-wide branch banking would seem to
banking, which had deadlocked the conferees since be authorized to the extent that it now exists,
last spring and which is now to be eliminated—the though not as respects any future additions which
House having completely reversed its position of are distinctly ruled out. Here is the section of the
last year (June 24) when it instructed the conferees bill dealing with that particular phase of the subject:
to insist on that amendment by a vote of 197 to 118, "Any bank incorporated by
special laws of any
having now voted the amendment out of the bill by State, or organized under the general laws of any
228 against 166—aimed to prevent branch banking State or of the United States, desiring to become a
from creeping into the 26 States which now do not member of the Federal Reserve System, may make
authorize branch banking, by denying to national application to the Federal Reserve Board, under such
banks authority to open any branches at all in 'rules and regulations as it may prescribe, for the
those States, even if any of such States should right to subscribe to the stock of the Federal Reserve
which the applyhereafter enact legislation permitting their own banks Bank organized within the district in
ing bank is located. Such application shall be for
to establish branches.
the same amount of stock that the applying bank
By the elimination of that amendment the national would be required to subscribe to as a national bank.
banks are ipse facto given the right to open branches
"The Federal Reserve Board, subject to the proany
moment
such
the
visions
of this Act and to such conditions as it may
State
in any of those States
548
THE CHRONICLE
prescribe pursuant thereto, may permit the applying
bank to become a stockholder of such Federal Reserve
bank.
"Any such State bank which, at the date of the
approval of this Act, has established and is operating
a branch or branches in conformity with the State
law may retain and operate the same while remaining
or upon becoming a stockholder of such Federal
Reserve bank; but no such State bank may retain or
acquire stock in a Federal Reserve bank except upon
relinquishment of any branch or branches established
after the date of the approval of this Act beyond the
limits of the city, town or village in which the parent
bank is situated."
[VoL. 124.
banks, and likewise permits national banks to divide
their stock into shares of less than $100 par value.
As to the remaining changes and amendments, the
following is the closing portion of an editorial on the
subject which appeared in the "Journal of Commerce"
of this city, of which H. Parker Willis, who drafted
the Federal Reserve Act, is Editor, on Wednesday
morning Jan. 26:
"The significance of the McFadden bill, should it
become law, will be found entirely in its relaxation of
the loan restrictions upon national banks, its alteration of the form of their investments, its broadening
of the power to lend on collateral security, its doubtful
changes in the criminal provisions of the law and the
increasing danger of bank failures which will increase
as a result of it. Some of these things have already
been taken cognizance of by the Federal Reserve
Board, which has strongly urged Congress to consider
with much greatq care the problem of revising Section 5200 R. S. Congress has turned a deaf ear to
these pleas and the community will, if the measure
goes to the statute books, as many assert that it
will without further delay, have to make its study of
the legislation after instead of before passage. This
has been our practice for the past ten or twelve years.
It is a conservative statement amply able of defense
that none of the numerous banking measures, major
amendments to the Federal Reserve Act and others,
that have gone through during the twelve years past
have received any real consideration on the floor."
This would seem to protect absolutely the big California banks with their branches scattered all over
the State, except that it would not permit them to
carry the process of acquiring or establishing further
branches beyond what they may have on the day
when the bill receives the approval of the President.
It will be observed that the language is very broad
and unqualified in that respect, saying: "Any such
State bank which, at the date of the approval of this
Act, has established and is operating a branch or
branches .in conformity with the State law, may
retain and operate the same while remaining or upon
becoming a stockholder of such Federal Reserve
bank; but no such State bank may retain or acquire
stock in a Federal Reserve bank except upon relinquishment of any branch or branches established after
the date of the approval of this Act beyond the limits The Comptroller of the Currency's Innovation
Regarding Bank Calls.
of the city, town or village in which the parent bank
is situated." The closing words of this clause deserve
While on the subject of national banks, it deserves
scrutiny.
In saying that after-acquired branches to be pointed out that the Comptroller of the Curclose
may not be retained "beyond the limits of the rency has recently instituted an innovation in the
city, town or village in which the parent. bank is practice of his office which seems to be of doubtful
situated," is it not to be inferred that the prohibition expediency. He has allowed a full six months to
does not extend to after-acquired branches within elapse between two successive calls upon the national
"the limits of the city, town or village in which the banks for statements of their condition. The call
parent bank is situated"?
issued at the beginning of the present month, reAs for the rest of the measure, the bill, as already quired statements as of Dec. 31. The last previous
stated, is an omnibus proposition arid covers so many call required statements as of June 30. We believe
different things that space does not permit their that never previously in the history of the national
enumeration. Suffice it, therefore, to say that banking system has so long an interval been allowed
among other things it extends from one year to five to elapse between two bank calls. It does not seem
years the time limit on loans on real estate—a very to us that an interval of that length should ever be
questionable privilege with nothing to recommend it. permitted to pass between two calls. In these days
National banks should have only liquid assets, and of rapid changes and ever-growing desire for widening
there is certainly nothing liquid in a real estate mort- publicity, six months is too long to have to wait for
gage having five years to run. Moreover, real estate full and detailed statements regarding the national
in some sections of the country, where there has banks, with their immense volume of deposits and
been serious inflation of real estate values, is liable to vast resources.
undergo sharp depreciation, where that has not alPrior to 1869 the national banking law required
ready occurred. A very praiseworthy provision is reports of condition from the banks on the first
that which removes the present 99-year limitation Monday of January, April, July and October. The
upon national bank charters and authorizes the na- country was then still in the paper money era. In
tional banks to continue their operations indefinitely, 1869 it began to be realized that to require returns
subject simply to forfeiture for violation of law or at stated dates, known in advance, was not the best
termination by Congress. This provision is com- way for ascertaining how the banks were being admendable from every standpoint and will also enable ministered and to determine whether they were being
national banks to administer long-term and perpetual conducted in accordance with sound banking princitrusts. The bill also authorizes the Federal Reserve ples. Knowing the date when a return had to be
Board to discontinue branches of the Federal Reserve filed, the banks indulged in the practice of what has
JAN:29 1927.]
THE CHRONICLE
become known all over the world as "window dressing." As the date approached for a statement, they
would put themselves in apple-pie order. All occasion for criticism was carefully guarded against.
These quarterly returns, however, gave no clue as to
what might have transpired in the interval. That
was recognized as a defect, and accordlingly, in 1869,
the law was amended so as to require not less than
five reports annually on such dates as the Comptroller
of the Currency should specify.
The theory was that the banks should not know
in advance when the call was to be made, so as
to prevent preparations on their part to make their
statements look extra fine and not reflecting their
normal situation. And this theory has been faithfully observed in the whole of the nearly 60 years
since then until the present occasion. During the
incumbency of John Skelton Williams in the Wilson
Administration, a man of sterling integrity and of
high minded purpose, but often showing an excess of
zeal on the public behalf, examinations and returns
came with such frequency that the banks rebelled.
When Comptroller Crissinger entered office he
recommended in his first annual report that the number of obligatory calls upon the national banks be
reduced from five to three, and late in 1922 Congress
acted in accord with the suggestion. The reason
given for reducing the number of calls was that "the
work of collating and publishing these returns requires practically 60 days and under the last administration the number of the reports called for was increased to six, making the work of abstracting practically continuous in so far as the office of the Comptroller of the Currency was concerned, and involving
an unusual amount of labor upon the officers and employees of the banks.'
But while the law was changed in December, 1922,
so as to require only three obligatory calls a year, no
Comptroller since then has seen fit to limit himself
to that number until the present occupant concluded
to avail of the opportunity to make a departure in
that respect. In the calendar year 1925, for example, there were four calls altogether, the dates being
April 6, June 30, Sept. 28 and Dec. 31. There were
four also in 1924 and 1923, but five in 1922 and 1921.
With the call just recently made as of date Dec. 31,
there have been only three for the calendar year 1926,
the dates having been April 12, June 30 and Dec. 31.
From what has been said it will be seen that the Comptroller is acting in strict conformity with the law as
amended when he limits himself to three calls a year,
but he is nevertheless inaugurating a departure, as
we have already said, of questionable expediency and
wisdom.
Though the number of calls has been reduced the
dates still remain in the discretion of the Comptroller
and in making his selections the Comptroller has completely ignored the theory underlying the whole procedure of making calls, and to which we have already
referred, namely that the banks should not know in
advance the dates of the call. In the present instance
two of the dates may be said to have been within the
549
knowledge of the banks, since it has long been the
custom of the Comptroller to require a statement of
condition as of June 30 inasmuch as the Comptroller
always includes in his annual report very elaborate
statistics regarding all the banks in the country,
State, national, trust companies, savings banks and
private institutions, and the aim is to have these
statistics all of the uniform date of June 30 as far as
possible. It has also become pretty well the practice
to ask a return as of Dec. 31 or some date close thereto. This has been the case at least in all recent years.
When,therefore, the banks were not called upon to
make a statement in September or October, they
could safely take it for granted that the date of the
coming call would be Dec. 31 and put their affairs in
desired shape for that date. It follows that there was
only one date in 1926, namely April 12, when the
banks were not apprised beforehand that they might.
be confronted with a call of their condition. And
that will always be the case if the Comptroller limits
himself strictly to three calls a year, since June 30
and Dec. 31 are such convenient dates for statistical
purposes that it does not seem desirable that they
should be cut out.
Another consideration deserves to be borne in
mind. There have been repeated suggestions that
the office of Comptroller of the Currency should be
abolished, or made merely an annex or subsidiary of
the Federal Reserve banks. The suggestion grew out
of the violent dislike conceived for John Skelton Williams on account of the excessive zeal displayed by the
Comptroller's office at that time. Henry M.Dawes
by his admirable and convincing presentation of the
duties and functions of the Comptroller's office, did
much to put a quietus on these suggestions. Mr.
Dawes was an incumbent of,the office for only a very
brief time, and yet left a lasting impress upon everything connected with it and we supposed that the
proposition had been definitely relegated to limbo and
would never crop up.again. Mr. McIntosh, the present Comptroller, in minimizing the importance of
the work of the ,Comptroller's office by indicating
that a statement of condition once in six months is
all-sufficient, has done, we fear, much to encourage
those who think that the Comptroller's office should
simply be made a bureau of the Federal Reserve
banks. Mr. McIntosh is a desk man, by which we
mean that he has risen from the ranks, which is highly
creditable to him, but he should guard against being
oppressed too much by office routine. The Comptroller's office should not be allowed to become a backnumber.
The Financial Situation.
The security markets are undergoing the process
of taming their speculative elements. Prices of the
high-grade bonds and other securities which tend to
move in response to variations in money conditions
have remained strong, but more speculative securities
have, for the most part, been weak now for several
weeks. On Tuesday the declines became more pronounced with an increase in the volume of trading,
transactions on that day having amounted to 2,051,-
550
TH 10, CHRONICLE
301 as compared with a recent average just above
1,500,000 shares, and the Dow-Jones average of railroad stocks having declined more than 2 points and
of industrials 1.7.
On the other hand, looking backward, the railroad
average is about where it was a month ago and several
points higher than five months ago, whereas the industrial average has declined 3 or 4 points in the past
month and about 10 points since the high point of
last August. In the meantime the Dow-Jones average of 40 investment bonds is about
point higher
than a month ago and PA points higher than five
months ago.
Perhaps more specific evidence of the repression
of the specultive element in the market than the
movement of prices referred to has been the decline
in brokers' loans. The figures reported by the
Federal Reserve Board reached a recent high of
$2,818,561,000 on Jan. 5, and have declined substantially during each of the two following weeks
•so far reported, the total shrinkage for the two weeks
being 8,389,000. It is interesting to recall that
these loans were first reported on Jan. 6 1926, just a
year before the recent high. They then stood at
$3,141,125,000, the highest figure as yet recorded.
A decline immediately started, as it has this year,
and ran until Feb. 3, the total decline for the four
weeks' period amounting to only $49,128,000, a
figure substantially the same as the decline during
the two weeks reported this year. Beginning, however, on Feb. 17 1926 total loans began a more protracted decline, shrinking almost uninterruptedly
for thirteen weeks, until they stood at $2,408,695,000
on May 19, a low point that has not yet been passed,
and $361,477,000 greater than the last reported
figure.
In view of the record made last year, it is quite
possible that the period of present decline will continue for some time longer. This seems the more
probable inasmuch as a number of the most important
industries have slowed down somewhat as compared
with activities a year ago, lending color to rather
widespread expressions that 1927 is not likely to prove
as prosperous a year as 1926. On the other hand,
this very slowing down is a matter for congratulation
and affords the best of reasons for hoping that the
year may turn out to be not so far behind 1926 after
all. Reporting of brokers' loans is most evidently
an efficacious measure, tending to prevent weak
points in market structures from developing far,
and introducing a self-correcting process.
The cautious spirit in business serves the same
purpose. Fundamentally conditions seem very
sound. Investment funds continue to accumulate
in vast volume, accompanied by easy money conditions. Car loadings remain of large volume,
exceeding corresponding shipments in any previous
year. This has been true now for many weeks,
with the single exception of the week ended Jan. 1.
Employment continues full and retail trade very
large. The declining commodity prices which the
country has been experiencing for some time, and
the slowing down of certain basic industries, have
probably been of great benefit in inducing caution
and preventing an over-speeding in business, but
even here there are signs that seasonal curtailment
is coming to an end, and the Irving Fisher index of
wholesale commodity prices reported for Jan. 21
showed an increase from 145.1 to 146.
FoL. 124.
We have come to the time of year when annual
reports are making their appearance in great number.
Although some reports have been rather disappointing, as is necessarily the case in a country so large
and containing so many varied interests, even in
the most prosperous year, nevertheless the majority
of the reports so far have been most gratifying,
justifying the opinion that 1926 was in fact the country's most prosperous year up.to the present time.
The Steel Corporation reported earnings just short
of $200,000,000, a figure never before reached
except during the war, and results during the fourth
quarter were unexpectedly satisfactory, and at a
rate considerably above the average for the year.
Western Union Telegraph Co. has reported net
earnings amounting to $15 25 a share, a recordbreaking figure and typical of public utility results
in general. New York New Haven & Hartford RR.
has reported $5 61, a figure not important in itself,
but most important as an index of reviving earning
power in a large number of roads which had no
earning power at all under conditions which existed
for a protracted period not long ago, and which are
now rapidly working back to satisfactory positions.
The increase of the Norfolk & Western dividend from
a $7 to an $8 basis is typical of the same trend and
indicative of the increasing confidence of those in
control of the more strongly established railroads.
During the week there have been a number of
interesting bond offerings, including $15,000,000
Solvay American Investment Corporation 5s, 1942,
offered on Monday by a syndicate headed by Lee,
Higginson & Co. at 993, yielding slightly over 5%.
This issue is to refund $10,000,000 6s. The offering is interesting, not only because the 5% yield
on bonds secured by stock collateral marks the present high level of the bond market, but because it
may be indirectly connected with the dividend
policy of the Allied Chemical & Dye Corporation.
The Solvay American Investment Corporation owns
a large amount of stock of the latter, the holdings
having been obtained largely from Belgian owners.
It is conceivable that the latter would prefer to have
the income paid into an American holding corporation
rather than be subjected to current high income
taxes. The recent increase in the Allied Chemical &
Dye dividend rate may have been a reflection of this
development. What further developments may occur in connection with this very conservatively
managed corporation is a matter for the future to
determine. Among other notable offerings were
$27,500,000 Narragansett Co. collateral 5s, 1957,
offered on Tuesday by a syndicate headed by Harris,
Forbes & Co. at 99, yielding 5.06%, and $25,000,000
North American Edison convertible debenture 5s,
1957, offered on the same day by a Dillon, Read &
Co. syndicate at 98, yielding 5.12%.
Formal statement of the policy of the United States
toward China was made on Jan. 26 by Secretary of
State Kellogg. "The United States," Mr. Kellogg
said in his statement, "has always desired the unity,
the independence and prosperity of the Chinese nation," adding that "it has desired that tariff control
and extraterritoriality provided by its treaties with
China should as early as possible be released." He
then declared "The United States is now and has
been ever since the negotiation of the Washington
treaty prepared to enter into negotiations with any
JAN. 29 1927.1
THE CHRONICLE
551
Government of China or delegates who can represent This resolution requests negotiations with a view to
or speak for China not only for the putting into force modifying the present treaties with China, and looks
of the surtaxes of the Washington treaty, but entirely to eventual abrogation of foreign control of China's
releasing tariff control and restoring complete tariff tariff schedules and also of extra-territoriality. The
autonomy to China." The only question, Mr. Kel- official statement of Secretary of State Kellogg, as
logg made it plain, was "with whom the United States expected, included these aspects of the case.
A special cable from London on Jan. 25 to the
should negotiate." China must agree upon the appointment of delegates "representing the authorities New York "World" said that the White House
spokesman's statement, above noted, had emphaor the people of the country."
It is stated, however, that "the United States sized what he called the "ominous diplomatic isolawould expect that it be granted most favored nation tion" of Great Britain in the Far Eastern crisis and
treatment and that there should be no discrimination he linked to it a statement ascribed to the Japanese
against the United States and its citizens in customs Foreign Minister which, he said, made it clear that
duties or taxes, in favor of the citizens of other na- Japan did not support England and was "prepared
tions, or discrimination by grants of special privileges, to give the Cantonese more rope." He added:"The
and that the open door in China should be maintained; Japanese policy is now understood here (London) as
and further,that China should afford every protection motivated by the theory that the more trouble there
to American citizens and to their property rights." is for white powers in China the better it is for
It was further set forth in the statement that "the Japan,provided Japanese interests are not involved."
Meanwhile the Tokio correspondent of the New
Government of the United States expects that the peoand
their
leaders will recognize the right York "Times," on Jan. 25 cabled as follows: "Ample of China
American
citizens
in
China to protection for life bassador Tilley of Great Britain is continuing his
of
and property during the period of conflict for which daily visits to the Foreign Office seeking Japanese
they are not responsible. In the event that the Chi- support for the British policy in China, but Japan
nese authorities are unable to afford such protection maintains the attitude that the situation does not
it is of course the fundamental duty of the United warrant sending a landing force now. It is reported
States to protect the lives and property of its citizens. that the Japanese Foreign Office definitely refused
It is with the possible necessity for this in view that Ambassador Tilley's request for assistance in the
American naval forces are now in Chinese waters." event of armed intervention. It is learned that
Copies of the statement, given in full elsewhere in Ambassador Tilley asked Japan to send a large force,
this issue, were handed to the diplomatic representa- including artillery, tanks and airplanes." On the
tives in Washington of all interested Powers and its same day the London representative of the Associated
text cabled to Peking for simultaneous publication Press said that, despite the precautionary measures
Great Britain was taking, including "the most forthere.
Secretary Kellogg on Jan. 27 added to his statement midable array of British fighting ships brought tothat if both.the Pekin Government and the Cantonese gether outside of home waters since the Great War,
in arms against it—all factions—would select dele- assembling at the China station to back up the policy
gates to act for all the nation, he would not wait for of the British Government in protecting life and
the establishment of a stable Government to enter property," officials still were hopeful that actual
into the necessary negotiations. British Ambassador trouble would be averted, "basing their attitude on
Sir Esme Howard called at the State Departnient the fact that Charge O'Malley and Eugene Chen, the
and afterward described the Secretary's statement as Cantonese Foreign Minister, were continuing their
"an excellent document," which, he added, would be negotiations at Hankow, but if any progress toward
pleasing to London. He saw no points of serious an agreement had been made, nothing of the kind is
divergence from the policy which had been an- indicated in the official dispatches given out here.'
nounced by the British Government. "I believe that
The Associated Press London dispatch said that
all Western nations recognize that there must be a "the combined army and naval forces which would
modification of relations with China," he said. "The soon be on hand for armed service in China in the
only question which must be solved is how to bring event of an emergency, would approximate from
about those modifications in an orderly manner. 19,000 to 21,000."
Although I have not given Secretary Kellogg's statement careful study,it seems to be very fair in its stateThe Robinson resolution favoring arbitration of
ment of the American attitude. Of course the United questions on American property rights arising out of
States will have to protect its citizens in China as it is the Mexican oil and land laws passed the Senate on
doing in Nicaragua, but it will be a different job in Jan. 25 without a dissenting vote. Noting the
China."
"surprising quickness" of the action, the Washington
correspondent of the New York "Times" in a disPreviously the outstanding development in the patch on the day of the passage of the resolution,
Chinese situation was a declaration by the White said it carried "no binding force," adding: "It is
House "spokesman" on Jan. 25 that the United States neither an authorization nor a direction to President
would not follow the lead of Great Britain in sending Coolidge to seek arbitration with Mexico. It is
a relatively large .military force to China, but that merely an 'expression of the Senate's opinion that
everything possible would be done to protect Ameri- arbitration of the dispute is desirable." President
cans there. The problem of Great Britain in China, Coolidge only a few days previously had made it
it was said, was distinctly different from that of the known that he was opposed to that method of settling
United States, which has no concessions there, while the current dispute with Mexico, feeling, as a disthe British have. On the same day the House patch of Jan. 21 to the "Times" from Washington
Foreign Relations Committee voted to report the stated, "that if the American people fully realized
Porter resolution favoring the taking by the United the meaning of the issue between the two governStates of an independent position as regards China. ments, which, as the President sees it, is whether
552
THE CHRONICLE
property legally owned by American citizens in
Mexico is to be confiscated, they would uphold the
attitude of the United States Government." The
Robinson resolution underwent a change at the
hands of the Senate Foreign Relations Committee
and as passed by the Senate read as follows:
"Resolved, That while by virtue of sovereignty the
duty devolves upon this government to protect the
lives and property of its nationals in foreign countries, which duty is not to be neglected or disregarded, it is nevertheless sound policy, consistent
with the honor and best interest of the United
States and promotive of international peace and goodwill, to submit to an arbitral tribunal, which shall
apply the principles of international law, the controversies with Mexico relating to the alleged confiscation or impairment of the property of American nationals and corporations in Mexico; the arbitration
agreement to provide for protection of all American
property rights pending the final outcome of the
arbitration. That in goodwill and friendliness efforts
should be made and persisted in to effect arrangements which will commit the two governments to the
policy of abiding by and executing awards that may
be made in consequence of such arrangements to
arbitrate."
[VoL. 124.
Many instances are given in a copyright dispatch
from Moscow to the New York "Times" dated Jan.
23 that are held to be indicative of "a steady growth
of Russo-Japanese rapprochement during the past
few months." It is said that "behind such political
phenomena as the recent public avowals of good-will
by the Japanese Premier and Foreign Minister, there
is being conducted in Moscow a series of economic
negotiations of a semi-official character whose importance, in view of Japan's present position, cannot
be exaggerated. No one knows better than the
Russians to what degree Japan has found herself
isolated as a result of the Washington Arms Conference and the increasing influence of the British policy
in great white dominions. The evacuation of Vladivostok on the Siberian coast and Northern Sakhalin
is the first proof in Russian eyes of the Japanese
anxiety and it is realized here that the wisest course
would be to attempt to tranquilize the island empire on
the score of foodstuffs and raw materials,which Siberia
is able to produce in immense quantities if aided in the
initial stages of development. Important coal and
oil concessions, therefore, were given to Japan in
Northern Sakhalin. Thus encouraged, the Japanese
began to raise the question of the timber concession
and a still more needed fishery convention, which
should include a fishing concession.
"For a time these negotiations were delayed by the
fact that Japan was the real paymaster and sponsor
of the Manchurian war lord, Chang Tso-lin, who was
fighting the Soviet's protege, General Feng Yusiang, and continually quarreling with the Soviet
about the jointly owned Chinese Eastern Railroad.
During recent months, however, two factors contributed to alter the Japanese attitude toward Chang.
The first was the remarkable success of the Canton
Kuomintang Nationalists, whose ties with the Soviet
are a matter of general knowledge, and the second
was the suggestion—if not prompted at least well
received by Moscow—that Russia's friendship in
Siberia and Northern Manchuria is more valuable to
Japan than Chang's." An exchange of views with
regard to the Japanese Manchurian Railroad program
is then cited and it is said that "it is unlikely that the
Russo-Japanese railroad problems will be settled in
the near future, but the day it is announced that the
Soviet has agreed to the Taonan Foo-Blagovieshtchensk road, the world may take it for granted that
the former rivals for the control of the Asiatic hinterland have reached a plane of solid friendship."
In Mexico City, according to a dispatch on Jan. 26
from that center to the New York "Times," the
passage of the Robinson resolution was seen in same
quarters as "a move to place Mexico on the defensive,
leaving it entirely up to her to take the next step
looking toward arbitration. This, they believe,
Mexico will refuse to do, until the courts have
rendered their final decision on the pending petroleum
suits." The correspondent of the New York "World"
on Jan. 24 had already reported there had been a
"remarkable shift of public opinion in Mexico
regarding arbitration which at one time was a universal hope." A report in Mexico City that mediation
by the A. B. C. powers of South America (Argentine,
Brazil and Chile) was understood to be a possibility
was followed by a statement of the Washington
correspondent of the New York "Journal of Commerce" on Jan. 24 that it was being "officially"
considered at Washington. The subject gained
additional interest after announcement followed
announcement of cancellation of drilling permits
granted since Jan. 1. These cancellations, Washington advices of the Associated Press on Jan. 24 said,
were regarded by the State Department "as tantamount to the confiscation of private property which
The publication of the terms of the treaty of
has been feared as the 'overt act' which would "friendship and alliance" between France and
advance the dispute one more step to the point of a Rumania, noted in our issue of Jan. 22, page 413,
show-down. Although the companies have embarked brought a prompt rejoinder from Russia where it
on legal proceedings in the Mexican courts, the official was disclosed that a vigorous protest was made
view here (in Washington) is that the cancellation of against it by the Soviet Government when it first
the drilling permits deprives the companies of the learned of the treaty. A copyright dispatch from
use of the property to which they have titles." At Moscow to the New York "Times" of Jan. 22 said
the same time the Mexico City correspondent of the this protest was made public the day after Foreign
New York "World" cabled: "The Government will, Minister Briand, of France, gave the treaty to the
it is understood, do nothing to antagonize Washing- press. "The protest," says the Moscow cable,
ton. Consequently, also, the Ministry of Industry, "declares that the(treaty guarantees French collabCommerce and Labor will go slow in enforcing the oration to an unlimited extent to preserve the
land laws. Every opportunity will be given oil Rumanian territorial status quo, which includes the
companies to present their cases to the Supreme Providence of Bessarabia, 'whose illegal and forcible
Court and it is believed a decision will be forthcoming occupation' the Soviet Government declines to
in record time. Venturesome prophets also forecast recognize because 'it is contrary to the solemn
declarations given by the allied representatives,
he court will hold the laws unconstitutional."
including the representative of France, at Jassy in
JAN. 29 1927.]
THE CHRONICLE
553
The visit of Winston Churchill, Chancellor of the
1917 and the formal agreement between General
Averescu and the Soviet Government in 1918.' The Exchequer, to Rome last week continued, according
signature of this treaty at a time when France and to the London correspondent of the New York
Russia were carrying on negotiations with a view to "Herald Tribune," to be the subject of much speculathe establishment of normal relations, it was declared, tion. "The raising of a £10,000,000 loan by Italy
was bound to raise doubts in the mind of the Russian in England is regarded here to-night (Jan. 22) as
people as to genuineness of the French desire for a likely as a result of his conversations with Premier
rapprochement. France is accused of supporting 'the Mussolini and Count Volpi, the Italian Finance
aggressive and grasping tendencies of the Right circles Minister," he adds. "Government denials that the
in Rumania' and increasing `the threat against the trip of the Chancellor of the Exchequer had any other
peace of Eastern Europe.' The protest concludes purpose than sightseeing have failed to stem the flow
that the Soviet Government cannot but regard the of speculation regarding the real reason, which home
Franco-Rumanian guarantee treaty as an unfriendly observers believe was the loan project, with possible
act directed against the interests of the Soviet Union political conditions attached. If the loan is granted
it will be contrary to a strong trend to check the
and the population of Bessarabia."
outflow of capital, because of stringent business conpoints
correspondent
the
parlance,
In diplomatic
sigditions. Therefore it is considered only natural that
of
is
act
strongest
unfriendly
phrase
out, the
nificance. Before the World War, he adds, "it was the Government, in return for allowing Italy to raise
at least considered a preliminary step to breaking off money here, might ask Italy to curb her activities in
diplomatic relations. This makes the publication of the Balkans. Downing Street is known to be anxious
the Russian protest all the more remarkable, as it to prevent ill-feeling, signs of which are already forthcomes simultaneously with the news that the Franco- coming, between France and Italy. Two other subRussian negotiations, after having been suspended jects which probably came up at the Rome conferfor several months, will be renewed on Feb. 20." ences have reference to Italy's desire for colonizing
The Paris correspondent of the New York "Herald- concessions in Australia and along the Red Sea.
Tribune" cabled on Jan. 22 that the publication Italy recently concluded a commercial treaty with
caused the greatest surprise and much speculation the Imam of Yemen, a small Arab State on the souththere. He said: "It is regarded as particularly ern Arabian shore of the Red Sea. The Imam is at
significant at this time because it emphasizes the loggerheads with his neighbor, Idrisi of Asir, with
feverish conditions in Eastern Europe, where the whom England has a treaty. Conversations already
relations between Poland and Lithuania and Germany had been begun, previous to the present visit of Mr.
are already strained and it indicates that Russia is Churchill, it is understood, in an effort to reach a
keenly interested in the developments along her basis delimiting the respective spheres of influence
of the two nations. If is considered unlikely that any
western frontier."
definite agreement with respect to Italian colonizaMaintenance of the franc between 122 and 123 to tion rights in Australia have been reached pending a
2 to the dollar, was report by Mr. Churchill to the Cabinet and reference
the pound sterling, or about 253/
announced as the firm intention of the French Gov- of the subject to the Dominion Government."
ernment by Premier Poincare in a discussion following
After another week of arduous labors Dr. Marx,
an extended report he made on Jan. 25 before the
Finance Commission of the Chamber of Deputies. according to Berlin dispatches yesterday (Jan. 28)
The Paris correspondent of the New York "Herald to the Associated Press, was at last able to complete
Tribune," whose summary of the French Premier's the Cabinet to succeed the one, presided over by
report appears elsewhere in this issue, said that this him also, which resigned early in December. The
announcement was followed by a statement by the Nationalists, President von Hindenburg's political
Premier that "sufficient gold had been sent to favorites, have four members in it, while Chancellor
America to constitute abroad large enough reserves Marx's own party, the Centrist, has only three,
of foreign currencies to enable the Bank of France including himself. The entire membership and their
to interfere as often as necessary to maintain the affiliations, as cabled to the Associated Press,
present level." Now the business community of follow:
Chancellor and Minister of Occupied Areas—Dr. Wilhelm
France, "which has been greatly affected by the past
fluctuations in the value of the franc," says the Paris Marx (Centrist).
Foreign Minister—Dr. Gustav Stresemann (People's
representative of the New York "Times," discussing
Party).
the Premier's announcements, "has confidence that
Vice-Chancellor and Minister of the Interior—Dr. Oskar
there will be neither any too sudden ascent or descent. Hergt (German Nationalist).
Finance Minister—Herr Koehler (Centrist).
The Bank of France is provided with sufficient
Minister of Economics—Dr. Julius Curtius (People's
foreign funds to meet all ordinary speculative attacks
Party).
and the situation has been improved by the dispatch
Minister of Labor—Heinrich Brauns (Centrist).
of a gold reserve to the United States." He adds: Minister of Justice—Walter Graef (German Nationalist).
"This announcement of the Premier has considerably
Minister of Defense—Dr. Otto Gessler (who resigned from
cleared the political air around the Palais Bourbon the Democratic Party).
Minister of Posts and Telegraphs—Karl Stingl (Bavarian
and in financial and business circles, where his long
Pasty).
hesitation between stabilization and continued re- People's
Minister of Communications—Wilhelm Koch (German
valorization has recently caused considerable disquiet. Nationalist).
Now French manufacturers and business men can
Minister of Agriculture and Food—Martin Schiele(German
adapt prices and conditions to the stable value of Nationalist).
The Cabinet is expected to make its bow and
their money, which is fixed at a rate which the
Premier believes will enable them to hold their own declare its policy when the Reichstag, which adin the world markets."
journed for a week to enable the delegates to participate in provincial elections to-morrow (Sunday),
554
THE CHRONICLE
reconvenes on Thursday of next week. It was
believed that Chancellor Marx will have a majority
of about twenty. The Chancellor's program, drafted
after his last interview with President von Hindenburg, was outlined in a Berlin cable to the New
York "Times" on Jan. 26 as follows: "Continuance
of the foreign policy hitherto pursued in the spirit of
mutual and peaceful understanding, including the
recognition de jure of the character of the Locarno
compact and loyal collaboration in the League of
Nations.
"Recognition of the legality of the republican State
founded on the Weimar Constitution; defense of the
Constitution and the constitutional national flags
against illegal attacks, and prosecution of all organizations and individuals seeking to overthrow the
existing regime. Reform of the Reichswehr along
lines indicated by Dr. Marx; absolute divorce from
anti-republican societies, with the army high command and the recruiting system designed to protect
the army from the enlistment of men antagonistic to
the Republic.
"Ratification of the Washington eight-hour day
convention as soon as that instrument is ratified by
Western European industrial nations; insurance
against unemployment, and additional State relief
for the unemployed."
FoL. 124.
of foreign markets than the monetary losses occasioned through prohibited experts."
At the same time that the munitions agreement
curtailing Germany's manufacture of arms reaches
the Council of Ambassadors at Paris, they probably
also will receive an agreement regarding the Polish
frontier forts formally signed between the Inter-Allied
Military Commission and Germany. The Paris correspondent of the New York "Evening Post" cabled
on Jan. 25 that Germany was said "to have capitulated completely to the demands of the Allies for the
demolition of four main forts on the Polish frontier."
The correspondent of the New York "Times" at the
same centre cabled on Jan. 26: "General von Pawles
and Herr Forster, the Reich delegates, still plead
Germany's right to continue improvement of her
eastern fortresses, saying that these fortifications were
begun before the war as a second line of defense, and,
if now the first line defense, that condition is not the
fault of the Reich, but due to the elimination of the
German frontier by the Versailles Treaty. However,
agreement is expected, the German delegates having
been advised by a special envoy from Dr. Stresemann
to do everything in their power to bring the negotiations to a successful conclusion."
Active efforts for the settlement of Nicaragua's
internal strife were reported at the State Department
at Washington as the week drew to a close to be under
way at Managua, that country's capital. Rear Admiral Latimer, commander of the American naval
forces in Nicaraguan waters, arrived at Managua on
Jan. 27 "and immediately went into conference with
the American Minister, Charles C. Eberhardt, on the
situation," according to Associated Press advices
from Managua on that day. The Washington correspondent of the New York "Herald Tribune" said:
"Information reaching the State Department is that
President Diaz has made peace overtures or proposals
to the Sacasa faction, and that Dr. Sacasa has also
made some proposals. The peace moves were regarded of such promise that Admiral Latimer was
directed by the State Department to go to Managua
from Bluefields, where he has for the last two weeks
maintained his headquarters." The details of the
overtures made to each other by the occupant of the
Presidency and the contender for it have not been
disclosed. The Washington correspondent of the
New York "Times", discussing this matter in his
dispatch of Jan. 27, said: "Officials are inclined to
assume that the present overtures are not necessarily
those recently put forth publicly by Diaz and Sacasa,
in which the former asked the Liberals to support his
Government through a participation in the Federal
offices, and the latter suggested that both he and Diaz
eliminate themselves for a third person to be selected
through elections supervised by the United States.
Neither proposal was accepted by the other and Diaz
announced that he also refused to accept a proffer of
mediation by Costa Rica. This offer had the support of the United States, which stood ready, as it
has from the first, to exercise its good offices for a
settlement. Meanwhile there has been no denial that
this country would welcome a solution through the elimination of both native leaders in favor of some third
person having united support, who by constitutional
selection could expectrecognition bythe United States."
An accord between the Allied Military Control
Commission and the German Government has been
formally signed definitely prohibiting Germany from
manufacturing a considerable number of war commodities hitherto largely produced there. The Berlin
correspondent of the New York "Times," cabling on
Jan. 23, said that the National Association of German
Industrialists, while declaring the terms of this
agreement "extremely unfavorable," were prompt to
accept the agreement, "considering it best to do so
for political reasons." The agreement was then to
be submitted to the Ambassadors' conference for
approval after which a bill will be drawn for presentation to the Reichstag covering the restrictions which
will have to be placed on German industry in consequence of the agreement. The dispatch says that
on the list of articles it is absolutely prohibited either
to manufacture or to export are "arms of all kinds, as
provided in the Versailles Treaty, barbed wire,
soldiers' equipment, especially helmets, army chests,
searchlights, warship engines and sound measuring
machines. Another group of articles prohibited 'in
principle' embraces short-handled spades, automobiles with trailers for troops, cooking vessels for
soldiers and wireless transmission apparatus. Should
foreign manufacturers make a complaint through
their Embassy that Germany is manufacturing these
articles, which have a war potentiality, the question
will be brought before a German court; but its decision
can be appealed to the League of Nations for final
settlement by the World Court. A third group,
including patterns for molding guns or parts, machines for making ammunition and soldiers' uniforms,
Germany may manufacture for export, but not for
her domestic market. The Reichswehr, however,
may patronize home markets for uniforms, but it is
restricted to the number absolutely necessary for
immediate needs." The resentment of the National
Association, aside from materially affecting industry,
it is said, is that "the compromise will enable foreign
No further changes have been reported in official
countries legally to maintain industrial spies, which
may be more disastrous to the Reich's development discount rates at leading European centers, from
7% in Italy;7.63/% in Paris, Belgium and Austria;
532% in Denmark; 5% in London, Berlin and
2% in Sweden and Norway, and 3
Madrid;:43/
in Holland and Switzerland. Open market discounts in London were not appreciably changed and
short bills closed at 4 3-16@43%, against 4H@,
4 3-16%, while three months' bills are now quoted
at 43/%, as compared with 4@4 1-16% a week
ago. Call money in London was strong and there
was an advance to 4/% with a ubsequent decline
4%, which compares with a closing rate last
to 43/
week of 33/2%. At Paris and Switzerland open
market discount rates continue to be quoted at
5% and 332%, respectively.
The Bank of England in its statement for the
week ending Jan. 26 showed a loss in gold of £146,613.
This leaves total gold holdings £151,344,543, as
against £144,204,841 last year and £128,569,595
in 1925 (before the transfer to the Bank of England
of the £27,000,000 gold formerly held by the redemption account of the Currency Note issue).
Note circulation 'ecreased £51,000 and reserve of
gold and notes in banking department declined
£95,000, while the proportion of reserve to deposits
liabilities was advanced to 29.22%, the highest
figure for the year to date. Last week the ratio
was 27.58% and tWo weeks ago it was 26.12%.
Loans on Government securities declined £3,765,000
and loans on "other" securities £3,424,000.• Total
note circulation stands at £137,049,000 in comparison.with £141,503,305 in 1926 and £124,456,340
in 1925. The official discount rate of the bank
was not changed from 5%. We furnish below comparisons of the different items of the Bank of
England report for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMpNT.
1923.
1924.
1925.
1926.
1927.
Jan. 31.
Jan. 30.
Jan. 28.
Jan. 27.
Jan. 26.
b137,049,000
Circulation
13,733,000
Public deposits
102,777,000
Other deposits
Governm't securities 28,118,000
Other securities-- 72,452.000
Reserve notes & coin 34,045.000
Coln and bullion...8151,344,543
Proportion of reserve
29.22%
to liabilities
5%
Bank rate
141,503,305
22,537,503
101,332,789
45,577,526
73,955.881
22,451,576
144.204,841
124,456,340
22.550,429
107,271,488
50,037,899
73,990,777
23,863,255
128,569,595
126,533,625
16,248.295
105,289,535
48,422.032
69.832.736
21,295,372
128,078,997
122,018,155
14,600.601
106,323.608
49,419,812
65,608,129
23,923,705
127,491,860
%
5%
4%
4%
4%
4%
3%
3%
a includes, beginning with April 29 1925. £27.000,000 gold coin and bullion
previously held as security for currency note issues and which was transferred to the
decision to return to gold standard.
Bank of England on the British Government's29
1925 Includes £27,000,000 of Bank
b Beginning with the statement for April
amount of gold coin and bullion held
of England notes issued in return for the same
note Issue.
currency
of
up to that time In redemption account
The Bank of France in it's weekly statement the
present week reported a contraction of 639,315,000
francs in note circulation. Totals notes in circulation
are down to 52,171,717,680 francs. At the corresponding period last year note circulation amounted
to 50,617,937,845 francs and in 1925 to only 40,515,860,220 francs. Another important change was the
repayment to the Bank of 1,100,000,000 francs by
the State. Thus total indebtedness of the Government to the Bank is brought down to 32,550,000,000
francs, against 34,200,000,000 francs last year, but
only 21,200,000,000 francs the year previous. Gold
holdings declined 900 francs to 5,547,824,250 francs
during the week. For the same time in 1926, gold
holdings aggregated 5,548,158,789 francs and in
1925 to 5,545,549,940 francs. Changes in other
items of the Bank's report were: Silver gained
251,000 francs, bills discounted 2,183,000 francs,
treasury deposits 27,771,000 francs and general
555
THE CHRONICLE
JAN. 29 1927.]
deposits 75,544,000 francs. Advances to trade
decreased 42,469,000 francs. Comparisons of the
various items in this week's return with the statement
of last week and with corresponding dates in 1926
and 1925 are as follows:
ANIC OF FRANCE'S
Changes
for Week.
Francs.
Gold Holdings—
900
Dec.
In France
Unchanged
Abroad
COMPARATIVE STATEMENT
Status as of
Jan. 26 1927. Jan. 28 1926. Jan. 29 1925.
Francs.
Francs.
Francs.
3,683.503,343 3,683.837.882 3.681,229,032
1,864,320,907 1,864,320,907 1.864,320,907
900 5,547,824,250
Dec.
Tots
341,358,186
251.000
Inc.
Sliver
Inc. 2,183,000 3,593,129,714
Bills discounted
Trade advances _Dec. 42,469,000 2,059,080,797
Note circulation Deo.639,315,000 52,171,717,680
41,518,599
Treasury deposits_Inc. 27,771,000
General deposits Inc. 75,544,000 5,924,378,275
Advs. to State__Dec. 1,100,000,000 32,550,000,000
5,548,158,789
324,687,872
3,393,154,949
2,496,230,940
50,617,937,845
40,158,352
3.148,283,105
34,200,000,000
5,545,549,940
304,557,966
5,905.728,838 .
2,949,772,600
40,515,860,220
46,185.972
1,965,885.099
21,200.000.000
A further large reduction in note circulation,
amounting to 156,385,000 marks, was shown by the
Reichsbank in its statement, issued as of Jan. 22.
As against this, there was an increase of 72,252,000
marks in other maturing obligations, while other
liabilities decreased 4,036,000 marks. Note circulation now aggregates 2,976,732,000 marks, compared with 2,341,039,000 marks the same date last
year and with 1,550,015,000 marks on Jan. 23 1925.
On the assets side the bank reported a decline of
125,448,000 marks in bills of exchange and checks
but an increase in notes on other German banks of
2,617,000 marks. Reserve in foreign currencies
gained 414,000 marks and holdings of silver and
other coin 11,966,000 marks. Advances fell off
4,362,000 marks and investments 152,000 marks.
"Other" assets, however,increased 26,626,000 marks.
Gold and bullion holdings now stand at 1,834,717,000
marks, having gained 180,000 marks during the
week. Deposits abroad, on the other hand, showed
a contraction of 26,946,000 marks. Gold holdings
last year were 1,249,806,000 marks and 813,126,000
marks the year before. Below we give a detailed
comparative statement back to 1925:
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor Week. Jan. 22 1927. Jan. 23 1926. Jan. 24 1925.
Reich:marks. Reichsmarks. Reiehsmarks. Reiehrnarks.
Assets—
180,000 1,834,717,000 1,249,806,000
_Inc.
813,126,000
bullion_
Gold and
Of which deposited
122,420,000
137,845,000
Dec. 26,946,000
198,653.000
abroad
501,450,000
414,000
378,993.000
271.041,000
Reeve in torn cur_ Inc.
1.350,627,000
1,379,704,000
125,448,000
1,607.712,000
Bills of es.& chks_Dec.
81,974,000
133,763,000
60,494,000
Silver & other coin Inc. 11,966,000
Notes on oth. Ger19,717,000
42,216,000
37,068.000
Inc. 2,617,000
man banks
9.613,000
4,663,000
7,350.000
Dec. 4,362,000
Advances
109,972,000
89,638,000
232,776,000
162.000
Dec.
Investments
656,575,000
788,317,000 1,747,605.000
Inc. 26,626,000
Other assets
LIaMI(ties—
Notos In cIrcula'n_Dec. 156.385,000 2,976,732,000 2,341,039,000 1.550,015,000
Other daily matur922,200,000
990,230,000
ing obligations Inc. 72,252,000 1,084,972,000
557,538,000 1,612.570,000
203,590,000
Other liabilities_ Dec. 4,036,000
Further improvement in surplus reserve in the
amount of $27,391,120 was reported by the Clearing
House banks and trust companies in last Saturday's
statement. Loans were heavily reduced, dropping
$175,387,000 to $5,416,635 and net demand deposits
also heavily declined, decreasing $145,744,000 to
$4,413,350,000, exclusive of $29,167,000 in Government deposits. Time deposits also decreased, namely
$8,316,000 to $658,948,000. Cash in own vaults of
members of the Federal Reserve Bank fell $1,230,000
to $43,790,000 which, however, does not count as
legal reserves. Reserves of State banks and trust
companies in own vaults declined $385,000, while
reserves kept by these institutions in other depositories rose $223,000. Member banks increased their
reserves in the Federal institution to the amount of
$8,219,000, which served with the drop in deposits
556
THE CHRONICLE
[VOL. 124.
to bring about the gain of $27,391,120, already
mentioned, im surplus reserve, making it $39,601,140
against $12,210,020 on the previous Saturday. The
above figures for surplus are based on legal requirments of 13% against demand deposits for members
of the Federal Reserve, but not including the $43,790,000 cash in vault held by these members on
Saturday last.
Commercial paper had a ready market, but
trading was again hampered by lack of offerings;
hence the volume of business transacted was small.
A good demand was reported from both local and
out-of-town banks. Four to six months' names of
choice character have not been changed from 4(4)
43%, with names not so well known still requiring
43/%. New England mill paper and the shorter
I choice names are still passing at 4%.
The weekly statement of the Federal Reserve
Banks' and bankers' acceptances remain at the
banks, issued at the close of business on Thursday, levels previously current. No increase in activity
revealed unusually striking changes. Further sub- was noted; the supply of prime names appears to be
stantial reductions were recorded in rediscounting light, and the week's turnover attained only very
operations, also in open market trading, with some moderate proportions. For call loans against bankers'
more additions to gold reserves. For the System acceptances, the posted rate of the American Accepas a whole, gold holdings increased $30,855,000. tance Council remains at 33
4%. The Acceptance
Rediscounting of bills secured by Government obliga- Council makes the discount rate on prime bankers'
tions fell $11 700 000 and other bills were reduced acceptances eligible for purchase by the Federal
5
$39,200,000; thus total bills rediscounted for the Reserve banks 34% bid and 3/%
asked for bills
week declined $50,900,000. Holdings of bills bought running 30 day, 60 days and 90 days, 37A% bid
in the open market decreased $35,500,000. In total and 3%% asked for 120 days, and 4% bid and
bills and securities (earning assets), a shrinkage 33/8% asked for 150 days and 180 days. Open
of no less than $06,400,000 occurred, while deposits market •uo s tions follow:
fell off $72,400,000 and the amount of Federal
SPOT DELIVERY.
90 Days.
30 Days.
60 Days.
Reserve notes in circulation dropped $21,500,000. Prime
bills
33%
3%@3%
33,4
DELIVERY WITHIN THIRTY DAYS.
At New York there was a gain in gold of $15,500,000. E Ibi. ember FOR
banks
3% bid
b non-member banks
Here also rediscounts in all classes of paper were
3% bid
reduced, namely $28,800,000, while open marke
There have been no changes this week in Federal
purchases fell $30,700,000. Total bills and
eserve
Bank rates. The following is the schedule
curities declined $69,100,000, deposits $63,300, 00
of
rates
now
in effect for the various classes of paper
and member bank reserve accounts $51,700,000.
at
the
different
Reserve banks:
For the banks as a group, the latter account was
RESERVE BANKS IN EFFECT
reduced a like amount—$51,700,000. As to the DISCOUNT RATES OF FEDERAL
JAN. 28 1927.
reserve ratios, the combination of augmented gold
Paper Maturing—
reserves and reduced deposits could only produce
After 90 After 6
one result, viz. advances. For the combined System
Days, but hot
Within 90 Days.
Within
Within 9
the ratio of reserve mounted 2.7% to 79.6%, while FEDERAL RESERVE
Months. Mos:AS.
BANK.
for the New York institution the increase was 5.6%,
Cosn'rcial Secured
A yric't & by U. S Bankers
Trade A pricu .• A prison
Livestock Govern't Accepto 89.0%.
Accepand
and
0911gaPaper.
n.e.s
tances.
Hons.
tances. Livestock Livestock
Paper.
Paper. I
4
4
4
4
4
4
Call money remained unchanged from last week at Boston
New York
4
4
4
4
4
4
Philadelphia
4
4
4
4
4
4
4% throughout the week and was said to be obtain- Cleveland
4
4
4
4
4
4
Richmond
4
4
4
4
4
4
able in the outside market at 33
4%. Supply was Atlanta
4
4
4
4
4
4
Chicago
4
4
4
4
4
4
large, but demand was reported heavier than pre- Elt
Louis
4
4
4
4
4
4
Minneapolis
4
4
4
4
4
4
viously, in preparation for month-end disbursements Kansas
City
4
4
4
4
4
4
Dallas
4
4
4
4
4
4
of institutions and corporations. The tone was easy San
Francisco
4
4
4
4
4
4
in all other departments of the money market also, •Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts. dm
with time money in undiminished supply at 4
but quiet and closing dull. A third shipment of gold
Sterling exchange lost ground this week, and as ad
from France this month brought the total to 14,600,- result of more or less severe and persistent selling
000 since the beginning of the year. No change was pressure rates were forced down to the lowest level
made in the Federal Reserve Bank rate. New in some little time, namely 4 84 9-16 for demand
capital flotations continued their lively pace, making bills, which contrasts with the high point of 4 85 5-32
it certain that the total for January will be of ex- established only three weeks ago. The reason for
ceptional proportions. For the second time in suc- this sudden change of tone is, of course, the serious
cession the Federal Reserve reported a decline in uneasiness experienced over the political crisis that
brokers' loans, $20,965,000 for the week ending has arisen in China.' It is generally conceded that
Jan. 19.
the whole situation with its threat of actual warfare
As to specific rates for money, call loans remained contains very unsettling, not to say alarming,
stationary throughout the entire week. There was potentialities and fears of the possibility of military
no range and on each business day of the week, from intervention being forced upon Great Britain for the
Monday to Friday, all funds on call were negotiated purpose of protecting British subjects from attack
at the single rate of 4%. Last week the range was by the rival factions of the war-torn Chinese Republic,
4@4M%.
are having a distinctly unsettling effect in British
Fixed date maturities continue inactive but steady. business circles. There was also talk of a probable
Quotations were not altered from 4%@43"2% for reduction in the Bank of England rate all of which
sixty days, and 432% for all longer periods from induced a rush by banking interests to transfer cash
ninety days to six months. There was very little balances elsewhere. Sterling bills were on offer in
doing and the market was a dull affair with large liberal volume almost from the outset. A secondary
borrowers generally absent.
influence in lowering values which is perhaps of
JAN. 29 1927.]
THE CHRONICLE
557
nearly equal importance was that the selling has a point, to 3.93. Interest in the purpose of the
emanated of late from Germany. No special sig- shipment of gold from France to this country was
nificance is ascribed to the latter movement, how- as keen as ever, and little else apparently was talked
ever, which is explained as being simply the repay- of in banking circles. As outlined in these columns
ment of dollar loans negotiated some time ago when last week, however, the most plausible explanation
monetary conditions in.Berlin were stringent. Funds is that this gold is being forwarded by the French
at that centre are decidedly easier now, so that these authorities to meet forthcoming requirements, inloans are being paid off. Aside from activity of the stead of running the risk of disturbing the "pegged"
sort outlined above, the market has been dull and rate of the franc by continued purchases of foreign
only barely steady, with speculative dealings prac- currency. It is thought that this gold is a part of
tically nil. Large operators are holding off, refrain- that recently bought by the Bank of France and not
ing from participation pending further developments included in its statement under gold reserves. According to Bank of France officials, the whole matter
in the current diplomatic crisis in the Far East.
is
exchange
receiving far more attention than it deserves; since
sterling
detail,
greater
in
As to quotations
reality (so it is alleged) it represents nothing more
in
demand
with
bills
trifle
a
easier
was
list
Saturday
on
at4 84% (one rate), while cable transfers were 4 85%; than a special transaction between banks. Premier
trading was very quiet. Monday's market was dull Poincare's utterances on finance, though creating a
and rates were again fractionally down; the day's good impression, had little or no influence on market
range was 4 84 13-16@4 84 8 for demand and quotations. French affairs, however, are thought
4 85 5-16@4 85% for cable transfers. Sterling prices to be improving steadily.
Belgian exchange was quiet, but was maintained at
continued to recede on Tuesday, when demand bills
close to 13.90, dropping % point below this
very
were lowered to 4 84%@4 84 13-16 and cable transfor only a short period. Reichsmarks continue
figure
largely
based
selling,
heavy
fers to 4 853/8@4 85 5-16;
downward and the quotation this week
move
to
was
situation,
held
Chinese
uneasiness
the
over
on
responsible for the downward drift. On Wednesday touched another new low on the current movement
demand bills were lowered to 4 84 9-16@4 84% and of 23.68. This is said to be merely a general reaction
8; trading was not brought about by a decline in investments of foreign.
cable transfers to 4 85 1-16@4 853/
particularly active, though selling was still in evi- capital in German securities. Austrian schillings redence. Price levels sustained another small loss on main unaffected by the variations in neighboring curThursday, the day's range being 4 84 19-32@ rencies. Greek exchange was steady, at close to
4 84 9-16 for demand and 4 85 3-32@4 85 1-16 for recent levels. Of the central European division, the
cable transfers. Friday irregular weakness pervaded only change of note was strength in Rumanian lei
% to 0.54, but without
operations and demand sold all day at 4 84 9-16 and which advanced from 0.523
therefor.
account
to
activity
specific
were
quotations
cable transfers at 4 85 1-16. Closing
on
rate
check
Paris closed at 123.05,
London
The
trans85
4
cable
and
for
1-16
4 84 9-16 for demand
fers. Commercial sight bills finished at 4 84 7-16, as against 122.43 a week ago. In New York sight
sixty days at 4 80 7-16, ninety days at 4 78 5-16, bills on the French centre finished at 3.93, against,
documents for payment (sixty days) at 4 80 11-16, 3.963/2; cable transfers at 3.94, against 3.973z and
and seven-day grain bills at 4 84 3-16. Cotton and commercial sight bills, 3.92, against 3.95% last week.
grain for payment closed at 4 84 7-16. Considerable Closing rates on Antwerp belgas were 13.90 for
activity in the movement of gold was recorded during checks and 13.91 for cable transfers, in comparison
the week just closed. •Another consignment of gold with 13.90 and 13.91 the previous week. Reichshas arrived from Paris via the Rochambeau, for ac- marks closed at 23.69 for checks and 23.70 for cable.
count of the American Exchange Irving Trust Co., remittances. Last week the close was 23.703/2 and
amounting to $10,200,000. The National Bank of 23.713/2. Austrian schillings continue to be quoted
8, unchanged. Italian lire finished the week at
/
Denmark has shipped $7,000,000 gold to the Bank of at 141
England, while that nstitution reports the purchase 4.28 for bankers' sight bills and at 4.29 for cable
of £124,000 in bars and exports of various small sums, transfers. This compares with 4.33 and 4.34 the
mostly in sovereigns, to Holland, Spain and India. week before. Exchange on Czechoslovakia closed at
It is understood that Russia was a buyer of gold in 2.96% (unchanged); on Bucharest at 0.54, against
the London open market this week. Some L1,045,- 0.52%; on Poland at 11.50 (unchanged), and on
000 has been taken, while an additional £1,500,000 is Finland at 2.523/i (unchanged). Greek drachmae
destined for Moscow. This metal is believed to be closed at 1.303/ for checks and 1.313/2 for cable.
part of the gold which the Soviet Government sent to transfers, in comparison with 1.303/i and 1.313 a.
week earlier.
England the early part of last year.
In the minor Continental exchanges, the former
a
exchanges
displayed
neutrals,
tendency
movements were not particularly signifiContinental
The
to weakness, in sympathy with sterling and small cant, except for Spanish pesetas which continue to.
losses were incurred in practically all of the more show the influence of heavy speculative activity.
• important European currencies. The speculative Dutch guilders while dealt in to a very moderate'
favorites (pesetas and krone) continue to attract extent, displayed unwonted firmness and rose for ai
widespread attention, while francs and lire figured while to 39.97, then reacted and finished around
more prominently in the week's dealings than has been 39.95. Swiss francs ruled at the levels current int
the case of late. The last named were dealt in quite recent weeks, that is written a point or two of 19.25..
freely and moved with considerable irregularity. The Scandinavians were generally neglected and
After opening at 4.333 there was a slump to 4.273/2, Danish and Swedish currencies remained practically
a subsequent rally to 4.313's, followed by another motionless, though closing a trifle easier. Norwegian
dip to 4.28. The French unit, though comparatively krone were slightly more active and advanced from
steady, shared in the prevailing softness of tone and 25.49 to 25.53, dropped back to 25.47, then moved
francs were eventually forced down something over up sensationally again to 25.75. Pesetas after a period
558
THE CHRONICLE
[VOL. 124.
of comparative inactivity and weakness again showed as other nations have done upon returning to a full
strength and there was a rise of 20 points early in the gold standard. Interesting events are also looked
week, to 16.37; later the quotation went as high as for with respect to the rupee, since the Indian Cur16.57, but subsequently reaction set in and there was rency Commission has at length made public three
a slump to 16.28, though closing strong at 16.54, bills containing recommendations for the stabilization
banking opinion is against the movement and the of the rupee on a gold basis. Discussion of these
general feeling is that the rise in the value of the important measures is expected shortly, and, while
peseta is not warranted by current conditions in sharp opposition is likely, it is believed that the propoSpain; cable advices are responsible for the statement sition for stabilizing the rupee at is. 6d. has the best
that the rise has not yet reached its peak. It is chance of passage.
Hong Kong currency finished sharply up at
claimed that the advance in the price of Spanish
3 , against 50 13-16@514;
pesetas has been the work of a group of prominent 51 1-16@51%
1 Shanghai at
2@63%; Yokohama, 48.85(4),
Amsterdam operators, who show no intention of 64%@64%, against 633/
liquidating. Spanish withdrawals of gold which 49.00, against 48.75@49.00; Manila, 49.50@49.60
occasioned considerable comment a week ago, appear (unchanged); Singapore, 563'@5634 (unchanged);
to have ceased.
Bombay, 363'@36% (unchanged), and Calcutta,
2@36% (unchanged).
Bankers' sight bills on Amsterdam closed at 39.95, 363/
against 39.963/
2; cable transfers at 39.96, against
Pursuant to the requirements of Section 522 of the
-39.9732, and commercial sight bills at 39.94, against
39.953/ a week ago. Swiss francs finished at 19.233/ Tariff Act of 1922, the Federal Reserve Bank is now
2 for cable trans- certifying daily to the Secretary of the Treasury the
for bankers' sight bills and at 19.243/
and 19.263/ the buying rate for cable transfers in the different coun19.25
with
fers. This compares
preceding week. Copenhagen checks closed at tries of the world. We give below a record for the
2, against 26.63 week just past:
26.633/ and cable transfers at 26.643/
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
and 26.64. Checks on Sweden finished at 26.67 and FOREIGN
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JAN. 22 1927 TO JAN. 28 1927, INCLUSIVE.
cable transfers at 26.68, against 26.69 and 26.70,
while,checks on Norway closed at 25.75 and cable reNoon Buying Rate for Cable Transfers in New York.
Value in United States Money.
roittances at 25.76, in comparison with 25.48 and Country trnuMonrdary
Jan.
22.
Jan.
24. Jan. 25. Jan. 26. Jan. 27. Jan. 28.
5.49 the previous week. Spanish pesetas finished
EUROPE3
6
$
6
$
$
the week -at 16.54 for checks and at 16.55 for cable Austria, schillIng -----14087 .14077 .14082
.14083
.14083
.14073
Belgium, belga
1390
.1390
.1390
.1390
.1390
.1390
was
16.20
and
ago
the
close
16.21.
transfers. A week
Bulgaria, lev
007267 .007223 .007225 .007223 .007250 .007250
Czechoslovakia, kron .029618 .029613 .029616 .029620 .029619 .029618
Denmark, krone
2664
.2664
.2884
.2684
.2664
.2664
England, pound sterling
4.8534
4.8532
4.8524
4.8509
4.8504
4.8505
Finland, markka
.025209 .026203 .025204 .025204 .025208 .025200
France, tram
0398
.0396
.0395
.0395
.0394
.0394
Germany, reichamark. .2370
.2370
.2370
.2369
.2369
.2369
Greece, drachma
013109 .013037 .013108 .013095 .013109 .013103
Holland, guilder
3997
.3997
.3997
.3996
.3996
.3998
Hungary, pengo ____ .1753
.1752
.1750
.1752
.1755
.1752
Italy, Urn
0434
.0430
.0430
.0430
.0431
.0429
Norway, krone
2549
.2551
.2565
.2557
.2563
.2578
Poland, zloty
1130
.1125
.1140
.1125
.1132
.1132
Portugal, escudo
.0511
.0511
.0512
.0512
.0512
.0511
Rumania,leu
.005253 .005267 .005285 .005341 .005374 .005378
Spain, peseta
.1618
.1633
.1639
.1630
.1652
.1857
Sweden, krona
2689
.2670
.2669
.2669
.2669
.2669
Switzerland, franc_ .1926
.1926
.1926
.1926
.1925
.1924
rugo8lavia, dinar_ .017627 .017626 .017627 .017628 .017625 .017626
ASIAMinaChefoo, teal
.6617
.6633
.6542
.6542
.6696
.6700
Hankow,tadl
6506
.6496
.6438
.6438
.6588
.6583
Shanghai, tad
6316
.6288
.6239
.6241
.6379
.6386
Tientain, tad
.6646
.6658
.6575
.6571
.6729
.6760
Hong Hong. dollar_ .5005
.5004
.4948
.4946
.6032
.5046
Mexican dollar__
4619
.4600
.4531
.4531
.4650
.4694
Tientsin or Pelyani
dollar
.4517
.4517
.4458
.4458
.4567
.4567
Yuan, dollar
L.4500
.4500
.4442
.4442
.4550
.4550
ndia,rupee
.3647
.3648
.3646
.3641
.3638
.3638
riven, yen
.4872
.4876
.4880
.4880
.4881
.4880
sIngavore(9.8.). do
.5594
.5602
.5602
.5602
.5602
.5600
NORTH AMER.
".lanada, dollar
998336 .998341 .998330 .998382 .998382 .998364
'fulut, peso
.999856 .999750 .999813 .999813 .999813 .999813
dexico, peso
.468167 .469667 .470500 .470500 .471667 .472167
iewfoundland, doll .996156 .996188 .996188 .996188 .996188 .996158
SOUTH AMER.agentina. Peso (gold) .9388
.9387
.9390
.9390
.9388
.9386
Wadi. milrele
1169
.1170
.1178
.1173
.1179
.1181
.1203
.1201
.1201
.1201
.1201
.1201
%lin% Peso
Trusenav man
1 nian
1 0151
1 mats
1 mat
I 01 20
I 0120
• Trading in South American exchange was generally
narrow and lacking in significance. Argentine paper
pesos were firmer and closed at 41.35 for checks and at
.4.40 for cable transfers, which compares with 41.28
and 41.33 last week. Brazilian milreis were firmer
and finished at 11.87 for checks and at 11.92 for cable
transfers, as against 11.65 and 11.70 a week ago.
Additional statements by President Luis on the sublqct of Brazil's stabilization plan indicate that the
Government contemplates the issuance of convertible
gold notes against the paper circulation that is now
outstanding, but that a free gold standard is unlikely
to be a development of the early future since exports
• of gold are to be allOwed only in abnormal times and
upon order of the President. Chilean exchange ruled
firm, advancing to 12.12, but closing easier at 11.96,
against 12.00. Peruvian exchange is apparently
commencing to reflect the efforts of Prof. Kemmerer to place the finances of that country upon a
stable basis. During the week just closed there has
been an advance to 3.70, against a recent low level
The New York Clearing House banks, in their
of 3.59, with the close at 3.68, against 3.63 at the
operations
with interior banking institutions, have
close of last week.
gained
$5,095,009
net in cash as a result of the
Far Eastern exchange, while not active, has moved
movements
currency
for the week ended Jan. 27.
with considerable irregularity, especially the silver
Their
receipts
from
the .interior have aggregated
currencies which after sharp advances turned soft
the
$5,941,942,
while
shipments have reached
and reacted downward, following fluctuations in the
$846,932,
as
per
the
following
table:
price of the metal, then closed strong and higher. CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK
BANKING
Temporary lessening in the heavy buying of silver
INSTITUTIONS.
which it was thought was incidental to payment of
Into
Out of
Gain or Loss
Banks.
Week Ended January 27.
Banks.
to Banks.
military expenditures was responsible for the de$5,941,942
Banks' interior movement
$848.932 Gain 5,095.009
covering
for
the
strength.
Japanese
short
clines and
As the Sub-Treasury was taken over by the Federal
yen continue very firm, but not changed. Now that
important
session
developments
are
Bank on Dec. 6 1920, it is no longer possible
Reserve
the Diet is in
true
that
removal
of
is
the
gold
it
While
to
show
the effect of Government operations on the
looked for.
require
Parliamentary
sanction,
Clearing
not
House institutions. The Federal Reserve
does
embargo
authorization
necessary
is
that
Bank
of
New York was creditor at the Clearing
understood
it is
desire
to
issue
foreign
credits
House
Government
each
day as follows:
the
should
THE CHRONICLE
JAN. 291927.]
559
troversy with Mexico regarding the oil and land laws.
The agreement to arbitrate, however, should provide
Aggregate
the protection of all American property pending
for
Saturday, Monday, Tuesday, Wednesd'y. Thursday, Friday,
for Week.
Jan. 22. Jan. 24. Jan. 25. Jan. 26. Jan. 27. Jan. 28.
the final decision, and efforts should be made and
$
$
548,000,000
Cr.
98,000,000
86,000.000
94,000,000
78.000,000
87.000,000 105,000000
"persisted in" to commit the two Governments to
checks which come
of the decision when
No e.—The foregoing heavy credits reflect the huge mass of in
the operation of the acceptance and enforcement
to the New York Reserve Bank from all parts of the country
credit balances,
the Federal Reserve System's par collection scheme. These large
it is made.
however, reflect only a part of the Reserve Bank's operations with the Clearing
in
House institutions, as only the Items payable in New York City are represented
of
It can hardly be necessary to point out that this
the daily balances. The large volume of checks on institutions located outside
such checks do
New York are not accounted for in arriving at these balances, asFederal
Reserve
resolution, although adopted without a dissenting
not pass through the Clearing House but are deposited with the
Bank for collection for the account of the local Clearing House banks.
vote, is not binding upon the President. It stands
only as a considered expression of Senate opinion.
The following table indicates the amount of bul- Mr. Coolidge is free to adopt the suggestion or reject
it, as he shall see fit. The weight which he may give
lion in the principal European banks:
to it, in case he ultimately favors it, will doubtless
January 28 1926.
January 27 1927.
be determined by a variety of considerations, among
Banks of
Total.
Silver.
Gold.
Silver. I Total.
Gold.
them the expediency of keeping the foreign policy of
S
£
4
I
4
144,204,881
,881
151,344,543144,204
England __ 151,344,543
the Administration in harmony with Senate opinion,
France a__ 147.340,134 13,640,000 160,980,134 147,353,516 12,960,000180,313,516
994,600 50,703,800 particularly since the Republicans are no longer in
Germany b 85,614,850 c994,600 86.609,450 49,709,20
21,164,000 127,642,000
102,283,000 27,141.000 129,424,01
Spain
35,668,000 3,394,000 39,062,000 undisputed control of that body. A long line of prece45,684,000
Italy
2,104,000 38,670,000
36,566,000
36,874,000
2,334,000
Netheri'ds. 34,540,000
Nat. Belg. 17,722,000 1,073,000 18,795,00 10,954,000 3,642,000 14,596,000 dents, on the other hand, embodied in Presidential
Switzerl'd_ 17,687,000 2,899,000 20,586,000 17,882,000 3,688,000 21,562,000
12,780,000
I 12,456, 12,780,000
12,456,000
Sweden_
diplomatic declarations, and Congres752,000 12,378,000 statements,
11,626,000
838,000 12,448,
Denmark _ 11,610,000
8,180,000
8,180,000
8,180,
8,180,000
__
Norway
sional resolutions or acts, has committed the United
Total week634,461,527 53,080,600687,542,12 576,401,597 53,690,600630,092.197
the principle and practice of arbitration in
Prey. week 633,233,804 52,903,600686,137,404576,865,343 53.478.600630,343.943 States to
disputes, provided the case at issue was
a Gold holdings of the Bank of France this year are exclusive of £74,572,866 international
held abroad. b Gold holdings of the Bank of Germany this year are exclusive
one susceptible of judicial and impartial decision.
of £8,121,000 held abroad. c As of Oct. 7 1924.
The Mexican controversy apparently presents at
least one phase to which arbitration might properly
American Relations with Mexico and China.
be applied. It has been the contention of the AmerThe developments of the past week in the field of ican Government that the enforcement of the MexiAmerican foreign relations have been of exceptional can laws affecting the tenure of oil-land leases or conimportance. On Tuesday the Senate, by a vote of cessions would amount to a• virtual confiscation of
79 to 0, adopted the Robinson resolution in favor of American rights in property lawfully acquired and
arbitrating the differences between the United States lawfully held. The Mexican Government, on the
and Mexico regarding the Mexican oil and land laws. other hand, has maintained that the laws in question
On the same day the Porter resolution, providing for are not confiscatory, that confiscation is not intended,
the negotiation of new treaties with China, and the and that the concessionaires have held their lands.subabandonment by the United States of extraterritorial ject to the constitutional right of the Mexican Govrights and special privileges in that country, was ap- ernment to regulate the tenure or use of the property,
proved by the Foreign Affairs Committee of the in accordance with the dictates of sound public policy.
House by a vote of 14 to 3. Immediately follow- Here,evidently, is a difference of interpretation which
ing the action of the House committee, President an arbitral tribunal, applying, as prescribed by: the
Coolidge let it be known informally that, while the Robinson resolution, the principles of international
United States would take whatever steps were neces- law, would be competent to settle. On the face of
sary to protect American citizens in China, he was the official statements of the representatives of the
averse to joining with Great Britain and other Powers two Governments, the only legal issue is that of Conin defending their territorial concessions there. The fiscation, and since that issue is legal and not political,"
United States, it was pointed out, has no such con- and the two parties as sovereign States have no comcessions in China. The informal pronouncement of mon judge, there would seem to be no convincing
the President was followed on Wednesday by a formal reason why either party should refuse arbitration,,
statement from Secretary of State Kellogg, declar- always provided, of course, that an impartial tribunal'
ing that the United States desired to conclude new can be assured. There is force, also, in Edmund
treaties with China whenever there was a responsible Burke's remark, made in his famous speech on conGovernment with which to negotiate, reviewing the ciliation with the American colonies, that where the
history of American policy toward China since the parties to a controversy are of unequal strength, it
Washington Conference, and expressing "sympa- is for the stronger party to offer concession.
Secretary Kellogg's statement in regard to China,
thetic interest" in the nationalist awakening among
in considerable part a reaffirmation of much
while
people.
the Chinese
While the conditions with which the United States that has been said officially before, is refreshingly
has to deal in Mexico and China are obviously quite clear in its announcement of American policy and
different, neither of the courses indicated in the reso- hope. "The United States is now," Mr. Kellogg
lutions and statements just cited involves any de- declares, "and has been ever since the negotiation
parture from the traditional foreign policy of this of the Washington treaty, prepared to enter into
country. The Robinson resolution sets forth that negotiations with any Government of China, or
while it is the duty of the Government to protect the delegates who can represent or speak for China,
lives and property of its nationals in foreign coun- not only for the putting into force of the surtaxes
tries, "it is nevertheless sound policy, consistent with of the Washington treaty, but entirely releasing
the honor and best interests of the United States and tariff control and restoring complete tariff autonomy
promotive of international peace and good will, to to China." In se doing, it would expect "that it
submit to an arbitration tribunal, which shall apply be granted most favored nation treatment, and
the principles of international law," the existing con- that there should be no discrimination against th'
BANK
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
AT CLEARING HOUSE.
I
9
0
II:
0 II
III
III
•
560
THE CHRONICLE
121.
United States and its citizens in customs duties or
taxes"; that the open door in China shall be mainA Questionnaire on Installment Buying.
tained, and that China shall "afford every protection
The importance of installment buying to general
to American citizens and their property rights." trade and its effect upon the credit structure of the
More than this, the statement goes on to say, the country continues to attract wide attention. The
United States "is prepared to put into force the Portland "Oregonian," a notable paper of the Far
recommendations of the Extraterritoriality Com- West, recently sent questionnaires to bankers in
mission which can be put into force without a treaty every city of more than 50,000 population, these
at once." Existing treaties, however, Mr. Kellogg in turn to be "distributed to fourteen diversified
points out, "cannot be abrogated by the President, business men as well as leaders in industry and
but must be superseded by new treaties negotiated economics." From a synopsis of the survey we
with somebody representing China, and subsequently learn that the questions and answers were digested
ratified by the Senate of the United States." Pend- and classified by the statistical department of the
ing the emergence of such condition, there can Lumbermen's Trust Co. of Portland, which attained
be no other course for the United States save to the following conclusions from the thousands of
protect, to whatever extent the situation may de- replies based on a majority of the answers: "Inmand, American citizens now in China.
stallment buying is the backbone of America's
In categorically disclaiming any "imperialistic atti- prosperity, by leveling out the production curve. It
tude" toward China on the part of the United has almost banished unemployment, creating more
States, whether now or at any previous time, and jobs through the increased production made necesexpressing cordial interest in the nationalist move- sary by the tremendous consumer demand. It has
ment and in "every advance made by the Chinese reduced the average cost of necessities and luxuries
people toward reorganizing their Government," through quantity manufacture. It has increased
Secretary Kellogg was obviously addressing China wages, encouraged thrift and ambition, prevented
as well as the United States. What is said about spasmodic business depression and made it possible
treaties, moreover, may well be taken as a reminder for the wage earner of America to find contentmant
to certain of the nationalist leaders that, as far at in the possession of those things which even the
least as the United States is concerned, existing rich of other countries seldom can afford. On the
treaties are not to be gotten rid of merely by de- reverse side, the minority opinion is summed up as
nouncing them. The President has no authority follows: "Installment buying and selling is a menace,
to abrogate treaties by fiat, and the United States causing the workman to pledge his future and place
cannot negotiate with chaos. It is for the Chinese a mortgage on his earning power, which will tend
to hasten as much as possible the settlement of to bring a reckoning day that will shake the credit
their differences and establish a national Govern- structure, should 'hard times' develop."
ment, if the generous policy of freedom from foreign
In the newspaper article before us no figures are
privilege or control is to be given the effect which given which show a classification of the kinds of
the United States desires, and in the orderly way business involved in the replies. Diversity is only
which the usages of Government demand. That a vague term and since majority and minority
the United States is ready to aid in such a settle- "opinions" are deduced, it is vitally important to
ment is further emphasized by the unofficial an- know the "authorities" consulted. For example, in
nouncement on Thursday that Secretary Kellogg the majority opinion is this:. It has "prevented
was ready to enter into negotiations with the leaders spasmodic business depressions." This is a very
of both the Northern and Southern Chinese factions, plain statement. In what lines of trade have "spasif they were willing to discuss treaty terms.
modic depressions" been avoided and how directly
Outside of certain circles in Egrope in which, is the effect traceable to the alleged cause? More,
according to a usually well-informed correspondent if business depressions are to be taken in a broad
of the New York "Times," there is a disposition to sense comprising all "business," then has time
hold the United States responsible for the unhappy enough elapsed, since this practice became the
state of things in the Far East, these statements of vogue, to warrant a conclusion; has time enough
the Administration's Chinese policy may be ex- elapsed to bring down its full weight on the credit
pected to do good. They ought to incline the structure? "Opinions" consolidated are still an
other Powers to reconsider more favorably the opinion. Undoubtedly the opinions of certain reBritish proposal, put forward a few weeks ago, tailers of standard goods might be secured that
and now once more under discussion in the British would say .that installment buying and selling is
press, looking to the more or less complete with- the bane of legitimate trade. So that averages
drawal of foreign control from China, at the same made up of mixed opinions might not be repretime that they may lead the British Government to sentative or broad enough to cover the case. Again,
exercise increased care that the imposing naval opinions of merchants might be quite different from
force which is being assembled in Chinese waters those of manufacturers on the same set of facts,
is held strictly to the task of protecting British while bankers might have a still different view.
nationals and their property. Anything like out- Scrambled opinions are hardly evidence we can
side intervention in China at the moment could rely on as to facts. "Estimates" of percentages
hardly fail to precipitate a catastrophe of grave were asked, and yet in a mixed assembly these may
seriousness, and the statements of Mr. Coolidge become too narrow to be reliable. Thus, specific
and Secretary Kellogg are perhaps to be interpreted opinions of percentages were asked (both through
as in part a warning to the Powers to go no further bankers in cities of more than 50,000,from diversified
than the safeguarding of their nationals requires, business men as well as leaders of industry and
lest in so doing they should delay the coming of a economics) as to the mortgaging of future wages
free and independent China whose advent the of workingmen by the purchasing on deferred payUnited States would be the first to welcome.
ment plan, and it is said the average arrived at
it
JAN. 29 1927.]
THE CHRONICLE
561
it gives to the installment
was 39%. Estimates were asked as to the per- reached the glowinglpraise
we quote at the bewhich
centage of installment buying in specific lines with buying and selling custom
ate investment,
legitim
g
reducin
the following results: Homes, 28%; automobiles, ginning. Certainly
and "plungally,
unnatur
goods
of
35%; clothing, 9%; jewelry, radios, and non-essen- increasing the price
good or good business!
tials,• 10%; and furniture, washing machines and ing," are not marks of
d the enterprise of this
commen
to
t
is
pleasan
It
essential household equipment, 18%. Now if future
established reputation. But when
wages of workingmen are mortgaged to the extent paper of old and
"questionnaire" we are compelled to
of 39% as a whole, it is a very serious condition it comes to the
into a habit of doubtful value.
upon which to enter into a possible depression. And think it is growing
it is true, is more marked in the
it is difficult, if we go no further, to argue a healthy Installment buying,
larger cities, yet there is some of it in single stores in
state of trade on such a basis.
if there be none in the small
Opinions were asked on the following specific sub- the smaller towns. And
country trade will still feel
the
jects and the classified returns, yes and no, are given: towns near the city,
ile lines in which there is
mercant
"(1) Has installment selling directly or indirectly in- the effects, just as
brunt. Encouragement
the
of
part
bear
creased production and made for general business none must
ption in the so-called luxprosperity? Yes, 1,080; no, 131." Now, 1,211 of production and consum
in the effect upon the normal
opinions, whether fairly representative of general uries must have its value
Extravagance and the habit of
trade or mere haphazard selections, is not a sufficient life of a people.
c, civic or social virtues.
base upon which to form a conclusion. The question spending are not economi
for non-income producing purat issue would seem to be how much does this form of Mortgaging the future
the usual borrowing in business
credit affect production as a whole? And, taking the poses is contrary to
demands. It is a form of credit
kinds and classes of purchases as stated, if even the lines to meet seasonal
On the whole, mortgaging
abused.
whole of the percentages were counted as increases in that can easily be
not to be commended.
is
salaries
and
production, how much would the whole of produc- future wages
to change through the
subject
are
wages
tion and the whole of prosperity be affected thereby Salaries and
They are not fixed
trade.
of
ies
necessit
and
if spread over the entire business field; and is it not trends
then, these mortgages upon the
a rash conclusion to say that installment buying has but fluid. In a way,
es, tend to hamper the conprevented unemployment? "(2) Has it cometostay? future, fixed by employe
they tend to an unwritYes, 1,200; no,62." We are here confronted with an duct of business at its source;
employers to continue wages
opinion which at best is a mere guess. Its ultimate ten compulsion upon
es have been issued. It,
effect cannot be realized until a crisis is reached. under which the mortgag
encourage wage earners
to
The important thing is, will it increase beyond these has never been the policy
their prospects.
upon
borrow
percentages evoked until it becomes a danger to all or salaried men to
salary for luxuries
his
upon
The clerk who borrows
cash trade, if it has not already reached that point?
entirely worthy.
as
d
regarde
been
ore
And if these percentages finally concentrate and lodge has not heretof
bank until the
a
in
savings
put
to
better
in banks and finance companies, since future wages It is much
and paid for.
bought
be
can
luxury
the
are ephemeral in nature, is not 39% of sales to work- time when
cases the
most
in
then
that
added
be
may
it
ingmen without any sure security? Of course it will And
denied and the necessity substituted.
be said the goods sold are security, but goods taken luxury should be
business energized by the confor debt are second hand if they are not in fact,worth- Furthermore, a general
sumption of luxuries is upon an unsound base. Of
less.
s become perforce necesThe next question and answer seems indeterminate course in time certain luxurie
by wor.k, -necessities
live
of any vital fact. "(3) Had a tendency to level the sities. But since we all
nt to point to the
argume
summer slump in buying? Yes, 804; no, 353." As co e first. And it is a weak
"prosperity" of
the
and
ons"
well ask has it not had a tendency to increase Christ- "better living conditi
over-reaching
of
custom
a
by
mas sales, to which an answer of yes would be forth- business brought about
not each of
can
We
.
luxuries
or
ies
coming, in which case the "summer slump" would either for necessit
a thousand
And
have.
may
other
any
that
only be more apparent. "(4) Affected the amount us have all
valsource,
r
whateve
from
replies
d
thousan
of savings accounts? Yes,674; no,555." The ques- or two
are not conclusive;
tion is admitted to be vague, but it is contended that uable as they are as indications,
nt innovation in
bankers believe it has had an excellent effect on sav- and our best analysis of this importa
principles involved.
ings. We cannot follow this reasoning. It may trade is based upon the economic
teach saving to meet payments, but in so far as it
does it cannot increase savings for sound investments.
Mercantile Insoleencies in 1926.
4(5) Led to a dangerous credit situation? Yes, 674;
Considering all of the circumstances, the statement
no, 622." About half and half. But if a dangerous
ile insolvencies in the United States for
credit situation does exist, is not "prosperity" so in- of mercant
is not unfavorable. Business disasters
1926
year
the
duced on a precarious footing? "(6) Materially inalways matters for regret, but no way
creased the proportion of purchases of luxuries? Yes, are, of course,
them altogether will probably ever be
1,238; no, 116." Is real prosperity induced by the of eliminating
re, only in a comparative sense
purchase of luxuries? What part of the 39% of future found. It is, therefo
demonstrated favorable or
wages mortgaged goes into luxuries? "(7) Had the that the figures can be
commercial defaults, as compsychological effect of inducing purchasers to 'plunge' unfavorable. Strictly
R. G. Dun & Co., total
without sufficient realization of eventual payment? piled from the records of
of $409,232,278. These
Yes, 980; no, 266." "(8) Reduced the amount of 21,773, with an indebtedness
failures in 1925, with
money available for investment? Yes,784; no,450." figures compare with 21,214
slight increase in
The
4,272.
4 (9) Increased the cost of goods to the consumer? liabilities of $443,74
ed for by the
account
fully
is
year
last
Yes, 981; no, 315." These various estimates contra- the number
the total of
in
year
to
year
e
from
increas
dict each other; and it is hard for us to realize, on the natural
business
that
r,
howeve
true,
It
is
s
firms.
busines
face of the returns, how the statistical committee
562
THE CHRONICLE(VOL.124.
defaults in 1926 exceeded in number those of any
Separated as to geographical divisions, the section
year back to 1922.
including the South Atlantic States is the only one
On the other hand, the indebtedness reported for that reports fewer failures in 1926 than in 1925.
1926 shows quite a marked reduction, and this has Relatively, the increase in the number of defaults
been the case each year from 1921 on. It was in the last year over the preceding year is not marked for
atter year that the total liabilities were $627,400,000, the New England States, the Central Western States
he highest on record. Commercial failures have (the latter embracing the seven States west of the
recorded almost unprecedented totals since 1920, Mississippi River, including Minnesota, the Dakotas,
both as to the number of defaults and as to the in- Missouri and Kansas) and the three Pacific Coast
debtedness, but the same is true of most other trade States. There are increases in the number of failures
statistics. Consider conditions in a disastrous year last year in the Middle Atlantic States; the Southern
ike 1915, the year following the outbreak of the war Central; the Central East, embracing Ohio, Illinois,
in Europe. Commercial defaults in that year were &c., and the Western States. The increases in each
only slightly more numerous than they were in 1926. of these sections, however, are not very marked.
Furthermore, the total liabilities recorded for 1915 As to the liabilities, small additions appear in 1926
were considerably less than for 1926; in fact, they were for the New England States and the Southern Cen26% less than the amount for last year. Reduced tral States, while in the other
six sections into which
to a percentage basis, insolvencies in the United the record is divided there were declines in 1926
States in 1926 were 1.01% of the total of business as compared with the preceding year.
firms engaged in business. For 1925 the ratio was
Fifteen or twenty States report a larger number
1%, and for the past sixty years, or since 1866, the of insolvencies last year than in 1925, but as to some
ratio has been under 1% thirty-four times and higher of these the increase is hardly worth noticing, and is
than 1% twenty-six times, so that 1% is not far not large in any instance. There was quite an augrom the average. In 1922, when the number of mentation last year over the preceding year in
commercial failures in the United States was the Massachusetts, in New Jersey, in Florida, Texas,
highest on record, the ratio was 1.19%, and for 1915 Michigan, Minnesota, Oregon and California. On
it was 1.32%. The latter is not the high-water the other hand, in some of the States the reduction
mark, however, for in 1878, a year of very great de- in the number of defaults last year as compared with
pression, the ratio was 1.55%, which is the top. In 1925 was somewhat above the average; notably in
1893, the year of the panic, the ratio was 1.27%.
Illinois, in Virginia, the Carolinas and in Georgia.
As to the indebtedness, the average amount per There was a small increase in the number of insolvenfirm in business for 1926 was $189 59; for 1925 it cies last year over 1925 in New York State, but
the
was $210 18. For the year 1921 the average was liabilities reported for that State were much lower
$325 53, while for 1915 it was $180 53; in 1893, last year than in the preceding year. In 1925 some
$290 65, and in 1878 the high-water mark $359 49. insolvencies among brokerage concerns in New York
These compilations, taken from the records of R. G. added materially to the indebtedness shorn for that
Dun & Co., which cover more than three-quarters year. In Massachusetts the increase in the
number
of a century, confirm our statement above that con- of defaults reported for 1926 was largely
among
ditions last year as to insolvencies were not wholly manufacturing concerns, for which liabilities
were
unsatisfactory.
also rather heavy. Quite a number of failures in
The progress of events for the year 1926, as re- industrial lines were reported in Connecticu
t in 1926.
flected in the insolvency returns from month to
In the South Atlantic States, the only section
month and from quarter to quarter, was quite uni- where fewer failures occurred
in 1926 than in 1925,
formly favorable. There was a normal decline from and where the indebtedness also
shows a considerable
the first to the second and third quarters of 1926, reduction, the decline in number
and liabilities was
both as to the number of defaults and as to the in- mainly in the trading division.
There were more
debtedness, with a subsequent increase for both failures last year in the South
Atlantic States among
items in the fourth quarter. Perhaps the increase agents and brokers than in 1925,
with a considerable
in the latter was a little higher than the ordinary. It increase in the indebtedness shown
for that division,
varied in quite a marked degree from the quarterly losses in Florida being particularly heavy.
The instatement for the fourth quarter of 1925, for, while crease in mercantile defaults in Texas
last year was
there was a decline from the first quarter of 1925 to also largely among trading concerns; in
fact, in the
the second and third quarters of that year, the fourth manufacturing division, as well as in
the division
quarter of 1925 showed something less than the embracing agents and brokers, there
was a decrease
average gain. It will be recalled that in the final in insolvencies for that State
in 1926.
three months of 1925 an exceptionally active trade
In the Central States, where little change appears
movement was experienced and this was reflected in the comparison between the two
years, manuin the insolvency returns.
facturing defaults were more numerous last year
Below we append a statement of the number of than in the preceding year, while trading
defaults
failures quarterly for the past two years; also the show a reduction in number. The increase
last year
amount of liabilities reported, and the averages for in this section was mainly in Ohio, Indiana and
Michieach quarter:
gan, the number of manufacturing failures in Illinois
DISTRIBUTION OF MERCANTILE FAILURES IN UNITED STATES BY last year having been less than in 1925. On
the
QUARTERLY PERIODS.
Pacific Coast an increase appears for all three classes
as to the number of defaults in 1926, although there
1926.
1925.
Average
Average is a marked falling off for 1926 in the liabilities
No.
No. Liabilities. Liabil.
attributable to manufacturing defaults for these
6,081 9108,450,339 $17,836 5.969 9128,481,780 921,525
First
5,395 101.438,162 18,802 5,451 110,916,670 20,348 Pacific Coast States.
Second
4,635 87,799,486 18,943 4,663 102,351,371 21,928
Third
5,662 111,544,291 19,699 5,131 101,994,451 19,879
Fourth
In the following table the total number of failures
21.773 9409,232,278 $18,800 21,214 9443,744,272 920,918 in the eight different geographic
Year
al divisions of the
JAN. 29 1927.]
T1TE CHRONICLE
563
ties. Another important class in which defaults
were more numerous was in printing and engraving.
An increase also appears in the class embracing the
manufacture of hats, gloves and furs; and here,
furthermore, liabilities were heavier in 1926 than in
preceding year. Smaller gains also appear for
CAL the
FAILURES IN UNITED STATES ACCORDING TO GEOGRAPHI
iron manufacturing and foundries and for cotton
SECTIONS.
Commercial Failures.
goods manufacturing. There were fewer failures last
1926.
Banking,
year than in 1925 in the large classes embracing
Number.
LiabilUies
No.
1925.
1926.
1926. 1925.
clothing manufacturers, manufacturers of machinery
547,125,038
547,803,327
2,272
2,396
tools, bakers and for leather goods, the latter
and
New England
5925,000
5,148 5,020 122,567,941 132,687,727 3
Middle Atlantic
1,998 2,083 44,279,858 48.262,236 150 71,059,471 including shoes.
South Atlantic
2,350 2,238 38,486,286 36,970,937 63 22,604,933
Southern Central
8,571,400
4,267 4,247 90,904,433 98,710,855 19
Central Eastern
In the trading division there are only three im2,208 2,062 25,465,942 30,434,488 342 102,348,775
Western
Central
3,238.420
8,482,722 10,886,355 21
727
777
Western
classes in which insolvencies exceeded those
portant
3,327,000
2,629 2,517 31,241,969 38,666,636 10
Pacific
of the preceding year. First and foremost is the
21,773 21,214 5409,232,278 5443.744,272 608 5212,074,999
United States
grocery division, which includes various allied marInsolvencies in manufacturing lines were relatively
kets. The number of defaults last year in these
more numerous last year, in comparison with the lines was much larger than in 1925, and in excess of
preceding year, than in either the trading division or
any year back to 1922. Failures in the drug trade
the division embracing agents and brokers, although in 1926 were also considerably in excess of 1925; in
as to the last two classes the number of defaults in fact, there is no previous record in excess of the figures
1926 was also larger than in 1925. In the indebtedfor druggists in 1926. In the hardware division of
ness involved all three divisions show a reduction
the trading class defaults last year were also more
for 1926 in comparison with the figures for the prenumerous than in 1925, and exceeded any preceding
ceding year. There were 5,395 manufacturing deyear back to 1922. Liabilities for these three divifaults in 1926, against 5,090 in 1925; while the liabilisions, however, show no material change from the
ties for the manufacturing •division for the two years
figures for 1925-in fact, as to two of them the
were respectively $158,042,016 and $167,684,839.
amount is somewhat less in 1926 than in the preceding
Trading failures last year numbered 15,268, as against
year. Insolvencies in the clothing trade were less
15,161 in 1925, the indebtedness for the two years
numerous last year than in 1925, and the indebtedness
being $201,333,973, against $215,268,570. As to
much reduced. Likewise, as to dealers in dry goods
agents and brokers, there were 1,110 defaults in 1926
for general stores. In the division embracing
and
and 963 in the preceding year, with the liabilities
and restaurants there were fewer failures in
hotels
$40,856,289, against $60,690,863.
in 1925, although the indebtedness rethan
1926
The South and the far Western States are the only
ported for last year shows an increase, mainly due
sections reporting fewer manufacturing defaults last
to some large hotel failures. In the shoe and leather
year than in 1925. The increase in manufacturing
goods trading lines, a marked decrease appears in
insolvencies was quite marked in the New England
both the number of insolvencies and the liabilities.
States, the Middle Atlantic and the Central States.
Defaults among dealers in furniture record a small
In trading failures a decrease in the number of dedecline from the preceding year, likewise as to dealers
faults last year appears in the South Atlantic States
in jewelry.
and in the Eastern Central States. The remaining
The larger failures in 1926 were slightly more
sections show an increase in the number of trading
numerous than in the preceding year, but the total
failures last year as compared with 1925. New
indebtedness involved in these larger defaults was
England States alone disclose a gain of any size for of
much less last year than it was in 1925, hence
very
liabilities in the manufacturing division, while for
reduction shown in the liabilities reported
heavy
the
the trading division the indebtedness reported for
e insolvencies in 1926 as compared
mercantil
all
for
1926 is less than for the preceding year in all sections,
year, as well as with several years
preceding
the
with
excepting for the Middle Atlantic States, the Southprior thereto. There were in all last year 610 of
ern Central and Pacific Coast States, where there
the larger failures, those having an indebtedness of
are small gains.
$100,000 or more in each instance, the total amount
In the following table the statement of failures
involved for 1926 being $171,617,704; for 1925 there
for three years, divided as to the three classes, is
591 similar defaults with liabilities of $208,compared;a separate line is given to show the number were
As to the remaining insolvencies for 1926,
of banking defaults, and the amount of liabilities, the 289,053.
and indebtedness are slightly higher
number
latter figures as to the banks, as already stated, not both
the average liabilities of these rebut
1925,
than in
being included with strictly commercial lines:
maining defaults show very little change for the two
DISTRIBUTION OF FAILURES IN UNITED STATES ACCORDING TO
years, being $11,228 for 1926 and $11,417 for 1925.
CLASSES.
The increase in the number of the larger insolvencies
Number.
year over 1925 is wholly in the manufacturing
last
1926.
1925.
1924.
1928. 1925. 1924.
321 of the latter for last year, contrasting
division,
5,395 5,090 5,208 11158,042,016 $167,684,839 $286,770,260
Manufacturing
15,268 15,161 14,393 201,333,973 215,368,570 203.190,115 with 282 for 1925. The total liabilities shown for
Trading
963 1,014 49,856,289 60,690,863 53,265,074
Agents and brokers_ _ 1,110
the larger manufacturing defaults last year, however,
Total commercial_ 21,773 21,214 20,615 5409.232,278 $443,744,272 $543,225,449
613
212,074,999
164.698,516
464
608
202,926,206
Banking
were considerably less than for the preceding year.
The increase in the number of manufacturing de- On the other hand, there is a marked reduction in
faults last year over 1925 was mainly in certain of the the number and indebtedness of the larger failures
larger classes into which this division is separated. last year in the other two divisions into which this
The very large lumber manufacturing division shows report is separated, namely in the trading lines and
quite an augmentation last year not only in the for agents and brokers, not only as compared with
number of defaults over 1925, but also in the liabili- 1925, but with each year back to 1920.
country, with the total of defaulted indebtedness, is
compared for the last two years. The figures showing banking suspensions last year by sections are
also given; the latter are naturally not included with
the commercial defaults.
564
THE CHRONICLE
(Tot. 124.
Below is given for ten years a comparison showing
FAILURES IN CANADA.
the number of the larger failures and the amount of
In Canadalinsolvencies in 1926 were fewer in
liabilities for each of the three classes, these figures number and for a smaller
amount of indebtedness
including, as already stated, all defaults where the than for any year back to
1920. The reduction as
amount of indebtedness is more than $100,000:
to both features of the report last year was quite
NUMBER OF FAILURES FOR OVER SI00,000 WITH THE AMOUNTS
marked. There were 2,196 commercial failures in
INVOLVED.
Canada last year with liabilities of $37,082,882, as
Manufacturing.
Trading.
Agents and Brokers.
against 2,371 similar defaults in 1925 involving
No. Liabilities. No. Liabilities. No. Liabilities.
$45,767,825. Both manufacturing and trading fail1926
321 684,195,987 221 $52,441,209 68 $34,980.508
1925
282
97,786,959 234
61,178,322 75
ures in Canada last year were fewer in number than
49,323,772
1924
353 205,766,703 225
55,152,254 72
39,425,426
1923
383 214,929,790 284
70049.189 76
35,218,676
in
the preceding year, a large reduction being shown
1922
369 132,790,993 337
73,234,665 162 117,817,168
1921
410 162,495,458 343
88,337,955 120 124,292,740 in the amount of indebted
ness reported last year for
1920
230
89,933,982 139
34,609,853 84
67,264,207
1919
100
29.644,087 38
8.156,247 53
18,188,209 manufacturing defaults.
1918
On the other hand, de132
44,171,393 46
13,780,850 52
23,610,722
1917
147
43.435.212 51
13_678.534 50
24.747.252 faults among agents
and brokers in Canada in 1926
were slightly more numerous than in 1925, and the
BANKING SUSPENSIONS.
liabilities as well show an increase, owing to some
Banking suspensions in 1926 numbered 608 and large defaults in
that division in the Province of
the liabilities were $212,074,999. With the excep- Ontario. The
only increase of any account as to
tion of 1924, when the number was 613, banking the number of
insolvencies and in the amount of
defaults last year exceeded those of any year back indebtedness for
1926 over the preceding year is in
to 1893, in which there were 642 suspensions of that Province, and
the increase in Ontario applies.
banks, owing $210,998,808. Conditions in 1926, to both manufacturing
and trading defaults.
however, were quite different from those of thirty
The Province of Quebec reports a decrease last
or more years ago. There are fully three times as year, particularly as to
liabilities, the latter having
many banks now as at that time, while total resources been very heavy for
that Province in 1925, owing
now are immensely larger. The suspensions last to some yery large failures"
that occurred in that year,
year involved mainly small Western and Southern especially in the
manufacturing division. There
banks. There were 470 State institutions with a was a reduction in the number
of defaults last year
total indebtedness of $153,625,187; 74 national banks in Manitoba, British Columbia
and other Provinces,
for $29,205,618; 19 trust companies for $17,584,094, and, while the indebted
ness reported is somewhat
and 45 savings banks involving $11,660,100. The heavier for Manitoba and
British Columbia, the
increase in banking suspensions last year over the increase is not large.
preceding year, both as to number and liabilities,
For Canadian manufacturing lines insolvencies
was practically one-third. The greater part of it were more numerous last
year than in 1925 in the
was among State banks.
clothing division and in the lumber division. Some
There was a considerable decline last year in sus- of the larger failures
in clothing manufacturing
pensions of national banks in comparison with both occurred last year, and
these defaults swelled the
preceding years, while the national banking indebt- liabilities
for that division in excess of the preceding
edness reported for 1926 is less than one-half the year; the
same remark applies to manufacturers of
amount shown for 1925 or 1924. Trust company machinery and
tools. In the trading division pracfailures in 1926 were more numerous than in 1925, tically all
of the larger classifications show fewer
and the same is true as to savings banks; but the failures last
year than in 1925, and this is true also.
figures for the two classes of institutions last named as to the
indebtedness. There was, however, a small
are relatively small. In the East only three small increase
last year in defaults for hotels and restaubanking suspensions occurred last year, and these rants; also for
dealers in hardware and for druggists.
were in western Pennsylvania and had to do with Below we compare
the Canadian figures as to number
the closing of a labor bank.
and liabilities for three years:
There were more bank failures in the South and
CANADIAN FAILURES FOR LAST THREE CALENDAR YEARS.
in the Central States last year than in 1925, and it is
in the South Atlantic States and in the Central
Number.
Western States that the large increase in indebtedness
1926. 1925. 1924.
1926.
1925.
1924.
is shown. Quite a number of bank defaults occurred Manufacturing
527
563
625 $16,465,754 $24,046,514 $36,542,658
Trading
1,693 1,720 17,320,905 19,514,049 21,324,089'
in 1926 in Georgia and Florida; also in Minnesota, Agents and brokers_ _ 1,548
121
115
129
3,296,223
2,207,282
6.684,228
Iowa, Missouri, the Dakotas and Kansas. As in Total commercial_ 2.196 2.371 2,474 $37,082.882 $45,767,825 364,530.975.
recent preceding years, the bulk of the banking suspensions last year was in these two sections—in fact, Canadian Bank of Commerce
on Country's Diversified'
the percentage was higher in 1926 than in the two
Business.
preceding years. Bank defaults last year in VirAccording to the Canadian Bank of Commerce the deginia, the Carolinas, Georgia and Florida, chiefly in velopment of mineral, oil, pulp and water power resources
the last two States, numbered 150 with $71,059,471 at present under way is the most extensive and the most
that has ever been undertaken in Canada. In its
of liabilities, and in the Central West 342 for $102,- sound
Monthly Commercial Letter of January the bank goes on
348,775 of indebtedness. In these two sections to say:
together more than 80% of the number and liabilities It is not only providing employment for a great number of men during
the construction stage but will continue to afford work on a large
scale.
of all banking suspensions for 1926 are shown. In Furthermore
, this development has not the characteristics of a "boom";
is based upon the fact that the rest of the world requires, and will
the Western section, embracing the eight far Western it
continue to require in increasing volume the products of Canada's
mines and
States, among them Montana, Idaho, Colorado, (Sze., forests. These and other natural resources,
an increasing fund of liquid
capital and a people in whom hard work and an enterprising spirit
are
banking suspensions in 1926 were very few in num- inherent,
are national assets that provide the foundation of prosperity.
Temporary setbacks will doubtless be encountered, as they
ber and for a very much smaller sum than for recent the
have been in
past, but there
no country where, at present, the business structure
preceding years. The three Pacific Coast States also is better balanced is
than in Canada, and no other country can face the.
future with more confidence.
report only a few banking defaults for last year.
JAN. 29
565
THE CHRONICLE
1927.]
CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR 1926.
Continuing the practice begun by us twenty-three years ago,we furnish below a record of the highest and
Stock
lowest prices for each month of 1926 for all the leading stocks and bonds dealt in on the Chicago
used
have
we
transactions,
Exchange. In the compilation of the figures, which are based entirely on sale
our
in
range
and
day,
each
the reports of the dealings as given in the Chicago Stock Exchange official list
we make no distinction between sales in small lots and sales in large lots.
Jan. 26
For record of previous years see "Chronicle" of Jan. 30 1926, page 533; Jan. 311925, page 505;
409;
page
1920,
31
1924, page 366; Jan.27 1923, page 349; Jan.28, 1922, page 353; Jan. 29 1921, page 415; Jan.
1915,
30
Jan.
Feb:1 1919, page 416; Jan. 261918, page 333. Feb.3 1917, page 399; Jan. 29 1916, page 380;
page 234;
page 349; Jan. 31 1914, page 347; Jan. 25 1913, page 244; Jan. 27 1912, page 256; Jan. 28 1911,
201906,
Jan. 29 1910, page 276; Feb.6 1909, page 348. Jan. 25 1908, page 205; Jan. 191907, page 138; jail.
page 135, and Jan. 211905, page 198.
October
November December
August September
July
June
May
March
April
January February
High Low High Low High
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
62 62
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Is
Rights
-747; "7212 7612 -ii 67 62 651, -554 -al; 63 66
74 7014 -7-1f1-2
25 6681 7213 67 7014 64 73 "Lift -fi"
Balaban & Katz, v t c
66 66
Certificates
100 100 10214 10212 103 100 10114 10112 102 100 1-66- "66- 1661; "65- 1.66" 100- 166- 9812 9812 100- 1-66" i5i- 102 i6i- 102
Preferred
412 334 414 4
312 512 418 5
4
8 334 4
4,
414 3
3
4
312 4
3
• 334 412
Beaver Board •t c "B"
314
4
4
8
4,
4
4
4
10
Class Av tc
36 40 32 3812 36 38 36 2-6 - 32 40 36 181-2 38 45 -56- 1612
/6- 38 Ii" 38 38
Preferred certificates_ ___100 3512 38
3012
29
261s
2712
3412
2618
38
2512
4
2512
3218
25
3312
2912
36
35
35
3452
353
3814
3314
3538
10
3812
317
2612
4
Bendix Corp class A
-22 2214
- 100
Booth Fisheries, prof
7
52's 49 16;
32 3612 -58i2 37 "5/ 41
401
-4613 547 48I lit:
3134 3412 2814 3212
2
111
• 28 30
Borg & Beck
3712 3772 3512 37,
8 2912 24 284
4 3513 3712 2712 34
3034 3252 30 3118 294 3078 30 3134 28 3114 27,
•
Brach (E J) & Sons, corn
11
1312 1312 11
• -141-1
Bridgeport Machine Co
15 16
15 "Ci"
14 1413 iii2 "fig; -"1412 16 "ii 22 -19- /6- -19" /6115 15
2 "ii- 18
10 1512 1615 16 16
Bunte Bros
96 96
100
Preferred
277
2834 /6- -2'64 /67; -igi2 161; 2773 -26;
20
5 -2734 28
Butler Bros
_
---- 84 87 8314 8812
Colotex Co, corn
8912 9112
---100
Preferred
93 93
"65- 16- "65- 16" -65- Ii"
Central Gas & Elec Co, pref__•
4 "5 - /6- 8714 90
8712 8812 88 8812 881, 91 -55" -66- 88 88'z 8712 8934
Central 111 Pub Seer. pref..___• "iii2 91 -56T, IF 88 16- 88 11i1100 89 93 91 9252 8812 9174 89 8934 8812 8912 86 88 85 8834 87 89 88 8972 8712 8914 8412 87 86 8712
Central Ind Power, pref
8312 8312 8434 87
Certificates of deposit......
56i2 9334
95 "8912 93 -el- 'id161; -iiia 93 -6i- 93 9114 93 91 93 9234 94
• 8934 94 "ii"
prof
Central SW.
•
4712 50'2 5014 5911
Common
9634 100 9514 98 96 9912 94 -1W- "65 95 6,-534 -66- -54- -11i1-4 -61 -661-2 -61 161; 98 99 9812 100
•
Prior lien preferred
13 1712 1712 2078 1914 2532 21 23 2118 2412 1912 2212 17 201
1012 1812 12 2212 16 1834 16 18
Warrants
12 1212 12
1478 1434 1512 _15 1612 1512 1612 16 1612 1614 1614 1612 174 "lois "fil;
Central Pub Serv (Del). com_ •
mos 501
5012 &pi
Iffi
---100 52 521m
Chicago City Railway
14
34
15
14
35
32
2
3
14
32
32
52
18
52
52
4
5
Chic City & Con Ry, pt sh___•
1s
8
33
514
312
414
5
214 334 212 412
4
312 4
414 3
• 5
312 434 314
512 6
7
232 512 4
Preferred
•No par value.
65i2
-55"
-56-
-aa-
-55-
55
"iii,
-92-
"iii2
14
566
STOCKS
THE CHRONICLE
[vol.. 124.
January February
March
April
May
June
July
August
September
Norember December
OcWber
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Chicago Fuse Mfg Co
* 32 34
34 35
3018 3334 31
3314 3012 32
30
33
30 3178 3012 3234 30 31
30 32
31N 32
30 32
Chicago Nipple mfg cl A____15 --------42 42
41
41
42 4234
Class B
15
2812 2812
Chic N S & Milw corn
100 49
5612 53 6112 47 55
43 51
37 43
43 55
45- 4112 45 50 -.
411447 40 4312 38 41
37 3812
Prior lien preferred
100 9912 100
9912 101
9912 100
9912 100
9912 100
9912 100
9912 100
99 100
99 101
9912 100
9912 101N
9912 100
Preferred
100 80 83
80 8012 76 78
6
77
74 76
75 78
713 73 74
7518 77
7234 7512 7312 7414 71
70 73
Chicago R T prior prat"A"_100 ____ _____
_
--9912 100
9934 10378
Chicago
'
-712 --i1-2 -io- 12
It
ys part ctf ser 1
5
5
5
5
5
6
Part ctfs series 2
N
- -i- - -52 1
12
12
112 112 112 1
112
12
34
38
'2
3a
3
2
18
12
Part ctfs series 3
____ ____
18
18
------12
13
12 112
Part ctfs series 4
l
_-__
28
---- ---Chicago Title & Trust
100 575 585 580 580 570 380 LiO- 575 LOC ii1560 ---&Hi* 666" 5701257012 582 600
Corn Chem of Tenn el B
•
158" 1-6612
Commonwealth Edison— -100 139- 1-44 - 140- 1-4-234 13924 14134 13734 141" iiiT2fifq NO12 f4-6- i5Oi2
13514 fif 136 13912 13584 111- 136 137 13014 1164
Rights
414 458 418 412 438 412
-Consumers Co new
5 534 6,4 614 1014 64 1018 634 812 6,4 684 55a 612 534 614 512 612 534 878 6
8 -"715 835 7
734
Common s t c
5
716 778 738 778 718 758 7
734
Preferred
100 8378 90
7712 93
73 80
76 7812 76
7712 75
76
7334 75
72
ii1"2
70
76
73
76
76 78
73 • 76
25
* 5
16
128
84 6
10
Continental Motors
314 5
1114 5
18
212 1014 1238 1014 1114 934 1038 1035 11
1012 1134 11
1114
1234 1034 11
1012
ION 1214 1118 1334
Crane Company
52 5812 5058 55,2 55 5514 51
55
4914 5834 5534 5734 4812 5612 4712 50
4858 52
50
51,4
Preferred
100 11612 11712 117 11712 11312 11712 115 117 11512 11612 114 11678 11634 117 117 117 11512 117 11812 117 11612 il9 117 118
_.
Cudahy Packing Co
8312 8412 8312 831
100 92 9512 93 93
8212 9112 80 83
96 10914
New
50
5284 55
Cur.eo Press"A"
50 47 4812 4812 50
47 4812 47 48
4712 49
467s 47,4 -45i2 -481-4
4834 11" -,15 16" 4918 497 4914 50
Crown (Wm) Pap 1st pref......' 100 10012 10014 10012 9712 10014 9712 98,2 9712 9812 9812 9812 9812 9812
9814 9812 9812 9812 9812 9812 97 9812
84
Daniel Boone Wool Mills___ .25
N
12
72
12
52
12
12
N 1
34
78
Decker (Alf) & Cohn, Inc_...' 28 3012 2912 31
2858 2912 2812 30
2912 2912 30 32
3121 -3118
-56- 3184 "O'i- if- "58" 11" -ii" 16"
Preferred
100 102 103 10318 10412 103 103 103 103
102 105 105 105
6_ 105 105
Deere & Co pref
100 107 109 106 10912 10612 108 10712 109 RIO" 1-66- 108 108 107 109 jai" 110" ioii2 1-161; 10782 f61" 10512 11105 108
Diamond Match
100 125 129 127 12934 116 125 119 125 118 12234 116 12012 118 120 118 120 116 119 116 11712 114 117 11512 116N
Eddy Paper Corp (The)
20 22
• 23 23
18 20
20 20
18
27
25 25
23
25
223
8
23
23
25
24 25
26
2612
2314 1612 22
Elec Househld Util Corp...10 2312 25
21
1734 2014 1312 18
1212 17
1412 16
14
1512 1212 14N 1158 14
1214 1612
1134 18
Elec Research Lab
1012 20
• 22 3212 2112 2512 19 23
912 1118 9 1334 812 1612 1512 18
1634 2112 15
10
1812
15,2
1514
18
Empire Gas & Fuel 7%pref_100 ____ ___- ---- - --- 9134 9218 91
92
9134 92
9212 9312 9212 93,2
8% preferred
100
96 97
"ii 98
98 99
Evans & Co Inc cl A
5 2612 2734 27 3012 2512 28,2 2512 2914 -ZO- 2612 26
2714 "ii" If 2684 16" 29 32 -2912 3112 29 3014 283* 3084
Class "II"
5
267g 2812 2678 29
244 28
26 2778 2518 2712
3314 2712 3214 2812 3012 27 2912 2812 2934 2778 29
Fair Co (The)
* 31N 3312 31
2778 2812 2712 28
2734 2812 2712 28
27 2934
Preferred
100 105 10652 106 107 106 106 1054 107 10412 106 10412 10612 106 106 106 106 105 106,4 104 104
104 105 102 105
Fitz Simons & Connell
20 26 28
Dock & Dredge Co
28 3018 2614 28
2612
2612 28
29
297s 32
30 31
30N 3034 28 3012 2714 2834 274 28,4 2734 28,2
Footc Bros (G & M) Co
• 1412 1514 1312 144 11
12
1312 11
9
11
1012 1212 11
1212 12
1212 1134 123s 1112 1178 1112 1212 12
1212
Preferred
100
70 75
80 85
75 90
General Box Corp coon
•
---212 212
---100 ____ ____
Preferred "A"
---45 45
---- ---Preferred "B"
100.
45 45
45 45
45 45 ---212 338 234 234 3
418 5
Gill Mfg Co
• 34 4
37s 412
3
3
512 434 5
4
412 4N 412 4
572
Godchaux Sugar
4
612 312 4
79 1
3
78 112 214 232 3
•
314
38
314 312 4
ME 312 3
312 312
Gossard Co (H W)
3834 38
32N 3438 3212 3312 327g 35
3134 37
333 35
• 36 39
3312 36
36 3834 3314 3612 3312 3412 3412 3712
Preferred
100 101 101
-„....
Rights
212 3
Great Lakes D & D
100 152 171 No" fif - iii" 152 129 fii. 130- 145 141 154 NO- 11
,
54 14612 151 Nois 166: 138 1-41- HO- fii5-4 NO- 159
Greif Bros Coop'ge"A" com_• ..-__ ___- 40 4014 3818 4014 3714 40
36 39
37 3912 38 40
3978 43
3912 40
3814 304 3814 3934 392 41
Hammermill Paper Co
10 32 32
32
32 3212
32
33 34
3412 36
36 36
33 35
35
3512 34 34
100 --------10812 109
Preferred
110 110
10712 110 109 1-11174
10714 10812
Hartman Corporation
•
2
253* -215Hart, Schaffner & Marx_:_100 11412 125 116 116 115 116 112 115 111 114 110 112N 109 111
iff 113- 10834 107 108
110 116
Hibbard, Spen, Bart & Co-25 76 77
78 78
70 7912 7818 7812 78 79
76 76
7534 7638 73N 7512 73 73
10 25
2814 243 27 -11 If1Hupp Motor
4 1958 22
19
2012 193 23 -ii 25
24 28,s 25N 2712 20 2518 2014 21 -211-4 23
• 4412 51
Hurley Machine Co
--- Illinois Brick
100 37
4 40 "44' 41 -418-2 43 161-2 -,3912 -3912 -44161-4 121-2 481 11-5-4 4812 16- 4634 57
4912 57
47 528s
Utilities,
pref
100
Illinois Nor
9014 91
9012 91
9011 92
91
92
90 9112 90 91
90 92
90 91
9284
9014 91
91
9112 93
Indep Pneumatic Tool
58 60
• 58 61
58
59
-58. 5812 5912 58 58
Ind'p'.is Pow & Lt. 1st prof..' __ ____ ____ ___ _
-9585 9514
—
-95
Inland Steel
•
-38" -66;
1
59 59 _55_ 14_
•
Interstate Power Co. pref
92 9438 9414 9512
92 -6&• -igki IA 174 -6612 -ZO" 2738 25 161Jaeger Machine Co, corn
4 2412 2614
25N 267s 25 26
2514 27
27
28
2712 3214 ZO" 16"
Kellogg Switchboard
35 3812 32 35
25 35 38
31
33
30 3212 3118 3212
.10 _
New
1534 17 "i532 "1-6- -15" "11- -1422 -11" -iii., -11- -15" Ii- -iiii
Preferred
100.
- 10018 102
981212
98 102
96
99
9614 9812 96 99
95 96
95 96
9112 94
Kentucky Hydro-Elec, pref_ 100 92 95
9312 95
92 95
92 9484
-943 9958 95 96
9234 9412 9312 9412 9378 9453 9412 95
Kentucky Utilities, cum pref50 ____ ___ ___ - __— 49 51
50 61
49 4912 50
50 5212 5112 52
5012 50 56
5112 5112 503* 51
51
51
Keystone Steel & Wire com_100 ____ ____
- --- ---- ---- --- ---- ---- ------ ---- -.-- 48 50
100.
Preferred
Kraft Cheese Co
25 8114 90N 81
86
65 8212 60 68,2
58 89 -iii34 5- -85- -di- -iiil -a-1-654 -8-i14 8
57
8112
2 6
93
114
Kup'heimer & Co (B), Inc.......5 2913 20
31
35
33 34
31
35
35 3512 3412 35
35 36
3512 3512 3512 3512 35 3532
Preferred
200 --------10134 10134 10014 10112 10112 10112
1O318 10214
105
104
105
105
Laclede Gas &El. prior lien.100 ____ ____ ____ ___. 100 100
HO" 166"IOW fOr ................08I
----4 -9114
- --- ---- --- ---:
La Salle Exten Univ (111)_—_10 10
1478 9
12319 9
1112 918 1012 9
979 9
1034 9 1014
I
9
8
9
712 1114 712 10,2
Libby- McN & Libby. new._.10814 914 834 938 714 87s 732 834 714 83s 8
834 8
812 818 834 812 1018 812 10
9 10
934 1118
Lindsay Light
10 2
212 3
2
3
2
2
212 _--- -_-_
2
2
114 IN
112 2
158 2
134 2
1'2 184 ____ ____
Preferred
10 712 713 -7
7
7
7
7
7
912
---- ---- 8
McCord Radiator Mfg A
42 -40- 111-2 38 4012 3612 38
• 41
36
39 -3834 -391-1 39 394 39 40
39
4912
-58" 16- -iii:i 16- -5ii4 "68-4
McQuay-Norrls Mfg
4. 1612 1712 1712 1912 18
19
1612 1612 1612 1612 1512 16
1512 1558 17 17
1714 17 1712 1612 18
1718 1712 17
Maytag Company
• 2134 2214 2112 23
20
2212 2014 21
20 2012 2034 2138 21
2334 23 23 ____ ____ 22 2212 ---- --.. 2314 2314
Her & Mfrs Sec Co Pa, pref__2,____ ____ ____ ____
34 3612 35 36
3512 3612 36 37
3512 3612 3512 36 __-- ..... 30 32
Prior preferred
100
Middle West Utilities
• i1514 13412 117 13412 109 122 - 10934118 - ioi" ffi- 1131211538 iiii4 fii- 661-2 fil- 19
18
112 19
1892
2 19
10
812 19
16
8'2 -Oil' ffii; i i i" ffiF2
Preferred
100 9712 1035 1051411112 m21210812 104 108 104
11041215
10534 10734 106 10712 10534 108 10438 10634 10414 10618 10534 10734
Prior lien preferred
100 1067s 11512 11512 12312 115 119 113314 11634 1°4
14 1°417%
11
98614 11534 11634 116 117 114 116 115 116 115 119 116 11812
Rights
134 238 112 178 _--Midland Steel Products
• 45 4812 4534 4912 41
48
42 4434 42 44
41
4412 -,-I322 453-4 "N" ii- -il 15-2 -"O"
42 43
42 45*1
Midland Steel prior lien____100 99 100
9914 9934 98 100
9814 9878 9818 99
9812 104 102 10212 10134 102 100 10212 99 100
99 903s 98 100
Preferred A
100 96 9612 9612 97
96
98
96 9614 96 97
96 9912 99 99
97 99*2 97 98
99
9918
98
9818
97
98
Mosser Leather Corp, corn __•__—
16
16
1812 1812 1612 1612 1612 1612 14
1412 1112 13,2
Morgan Lithograph Co
• 5614 58 —87
71-2 65 -5212 6112 -5518 16-1-2 -84" 57 -5614 59
5612 6114 5834 8112 6078 65
58
57
60
6514
62
58
Murray (J W) 51fg Co
10 1434 1434
National Carbon, pref, new.100 12712 12712 125 fif"126 161- 126 iii" iii" 115;
iii" 128 125 165: 125 1161; 124 fif" 124 11E4 126 130
Nat Elec Power A w I
• 2412 26
2234 2558 1912 23
20 22
2012 2134 2012 23
2214 284 237k 25
23 2414 2112 23
2112 24
2212 2334
Preferred
100 93 9512 93 9812 93 95
94N 9414 9312 94
92 9512 94 9512 94 95
9312 9312 9312 9312 93 95
National Leather
10 412 412 414 412 378 438 278 4
212 3
212 3
2N 3
212 3
212 278 212 252 214 234 214 25s
National Standard common_ _•
2618 277s 26
2712 2612 2878 27 30N 2918 3112 3038 32
30 3312 31
32N 31
321
National Tea preferred. _ __100 ____
21
258
_
North American Car com____• 29 -32_- "29" 3114 26 165; 27 2884 -Yr" 28
2711 11" "2914 if- 28 29
2713 2882 28
28 2934 2814 20
291g
North West Util pr lien pf_100 93 99
ova 9834 94 9812 93 96
95 97
94 95 94 95
94 98
9612 9778 95 97
9512 100
9834 100
7% preferred
100 95 9514 9314 95
93 96
93 95
9114 9334 9212 95
93 96
94
96
94
97
9214 9512
93 95
Novadel Process Co pref
•
2612 28
2612 2712 2614 2738 26
91
15414 _9
1_7
5
3
:2
;
14 2512 2632
2
2612 25 26
2512
Omnibus prof A w i
100 -65- 95
9698 -95- W - -91- -16_- 9312 9312 9014 9014 90 93
8814 94
89 90
Voting trust ctfs w i a
7 15
1812 175s 2178 1412 2012 1412 1712 1414 1912 1612 ION 15
1612 15
17
1418 16
1234 1412 14l
"1284 1638
Orpheum Circuit, Inc
1 29 29
28 28
2912 2912 2934 2934 2934 31
Peoples Gas Lt & Coke_ ___100
12613 1-661-2
Rights
218 218
Penn Gas & Elec w 1
• 2214 2234 21
23 -1912 22 -loft -2-6121 -6614 "ii- 20 "1914 22
2 21
221* 201* 21I 1912 2014 19 16- -16- -1112
Preferred
100
--- _—
73 73
9034 0034
Rights
- - -2
2
Pick (Albert) & Co
10 2134 23 - - -- "ii- -65-2
• 22N 2212 -22- -224 1914 2178 -11512
Pick Barth & Co pref A
-lb.- 26-2 -1912 -2-61; -164 16" 22 23 -204 2214 20 -2-6- -15- 21 -in" If"
Common v t c
1
1218 13
1252 1278 1278 1278 1278 13
13l 1338 1278 13
Pines Winterfront A
5 40 5914 35 -ii- -53T2 -6612 -54i244 554 43 43 47 45 5912 55 6012 5512 58 5412 59 56
51173
Pub Serv of Nor Illinois
• 130 137 134 136 130 134 12834 13112 12834 133 13212 140 13214 140 32 134 13114 133 127 133 129 13112 52 58
13012 132
Pub Serv of Nor Illinols____100 130 135 133 13412 13014 13118 12834 131 12834 131 13234 139 133 140
33 134 132 133 128 132 129 130 13012 132
Preferred
100 13012 10212 101 102 101 10214 101 103 101 103 103 10412 104 106
02 10412 101 10234 9912 10114 101 102 10112 10214
70% preferred
160 112 115 11412 11614 116 11638 114 116 114 11434 114 11514 11334 11612 1314 114 114 115 11234 11412 113 114
113 114
• 128 132
Quaker Oats Co
30 134 130 136 12834 138 139 14118 145 165 175 180
75 185 168 175 170 185 180
100 10518 10612 106 107 106 10612 10512 10712 106 107 10614 108 10678 10812 08 107 10612 107 10614 107 106 190 185 105
Preferred
108
107
108
OR S Music Co, The, corn....'
2834 28
2512 29
2612 3714 34
3738 34 38
10 -8.1,- -igi-2 -Hi1 164
- -ioi4 15-1-2 -3614 WI; -5824 -476;
Real Silk Hosiery Mills
433 5012 3712 4712 39 4578
-5N4
47 5214 4914 52
45 -4411 50
2
pre(
100 8712 8712 90 90
Reliance Mfg Co
91
91
--10 228 2512 2312 2414 1934 23
Reo Motor
1978 2214 -164 163-2
19 -2-0-1-if - 197 -161-2 -in 23 -tio"
8 -5- 161; 10 1614
25 1512 16
1512 16
123 15
Ryan Car Co (The)
1314 1312 1234 1314 1112 12
1112 1112 1012 1112 1052 11
10
11
10
11
11
1134
100 ----------------180 180
Sears. Roebuck & Co
54
5514 5534 4934 5412 51
5334 5,584
Sou Cities Util Class Acorn.._•
3412 35
35 35
-38" 12-4
36 36
3412
36
- -iii-2 Ii1-2 -iii2 1i— -ii" 14:" 2212 2238 23
sou Colo Power class A corn.25 -iL- -2-E34
24
24
25
25
24
25
25
24
2412 24
2614 2534 2814
Southwest Gas & El 7% pf_100 ____ ____ 96 96
9578 98
93 96
94 96
93 95
9312 97
96
9612 95 9712 9412 96
9412 953 94 96
_
3014 30 30,4 29 3012 30 3034 29 30
30
Sprague-Sells Corp class A._30 ____ ____ -__
2812 2912 2734 2834 ---- -- 27
2714
1257s 27
• 54
5612 8412 -641Standard Gas & Electric
-2
5412 56
554 58
55 55
54
54
50 ........56 5812
Preferred
5814 5614
56
5412 56
5412 5614 56
8112 8712 7l' 857
Stewart-Warner Speedom____* 8212 93
6812 75
7012 7738 7212 77
6211 8612 81 V616114 89
6734 77
4 64 -6F2
• 57 57
Studebaker Corporation
574 5714
100 113 11512 Hi- Ili - HZ- Ili'
111 1164 112 1-148-2 11214 114 11314 11-61-2 11412 11634 114 115 i Nis ilia;
Swift &Company
1-1112
15 1934 2258 2012 2212 171 20,2
1434 1752 1634 2012 1734 2038 1878 2212 2084 2134 18 2014 1858 2478 21
Swift International
2438
•No par value.
zaa-
J6.621-1-6
1638
--iiii
-2-64
JAN. 29 1927.]
STOCKS
567
THE CHRONICLE
November December
July
August September October
May
June
March
April
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low Hie. Low High
14
..
11
11 --------10
•
10 10
10 10
15 154 1114 Ilh 1012 1114 --------10 10
Tenn Pred GorP corn
25 4434 46 4518 48 43 4612 42 4412 4214 4312 43% 48 45 47 4412 4812 4734 5012 46 4812 4634 4712 4634 4712
Thompson 0 R)
0111
Union Carbide & Carbon......• 7712 8034 80% 8434 78 8614 79h 831g 7934 84 8114 8514 8332 8578 84h 9214 8712 9234 89 948 94 97 94 11,
35 3614 3572 40
• 50 5812 46 53 38 48 4012 4512 41 4432 41 431 4114 4434 42 431 40 43 3412 41
United Biscuit class A
21s 23
3
334 2
2
4%
134 134 2
2
312 17
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*
3
378
Cowmen
United Light & Power—
11
1314 1.3. 1414 1134 1434
•
16 171 1534 1718 123 16
1414 17
25 2812 1478 2512 1312 143 1334 15
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17 18
16 18
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17 1734
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100 3112 348 3234 36
22 38 2412 27% 2312 25
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100 ----------------75 75 --------------------------------65 65 ------------------------6434 66
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166
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70 138 16112 145 153 125 147 130 144 12914 140 .
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100 11412 115 11534 11534 114 117 11314 114 115 11512 11612 11812 120 120 118 121 118 119 117 118 11634 117
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560 9712 9712
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14
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1214 13
16 isi2 111 17
Vesta Battery Corp corn_... _i0 18 25
71
734
812
834
812
9
71
712
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534 6
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7
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The Banking Situation in the Middle West.
By M. A. TRAYLOR, President of the First National Bank of
Chicago and the First Trust & Savings Bank.
tions, at least in the larger centres, have had relatively
few serious losses. In the Central West the number
of commercial failures this year was 2,208, with liabilities of 25 million dollars, as against 2,062 last year
with liabilities of 30 million dollars. As long as this
remains the situation, the commercial banks will
probably be prosperous even though rates remain
low.
The banking situation in the Middle West shows
little change from last year. This is borne out by the
annual reports of most of the larger banks, whose
'earnings for 1926 differ little from those of the previous year. The bank call as of Dec. 31 showed
loans and discounts and total deposits to be the high- Agricultural Conditions Not Disturbing—The
est on record. The same may be said of clearings,
Favorable Features.
which, while they were 1.4% less than last year for
By Jorm A. BUNNELL, President Chicago Board of
Trade.
the city of Chicago, were 0.6% more for the whole
While there are conditions in agriculture that must
Seventh Federal Reserve District. Most of the cities
in the Seventh Federal Reserve District showed in- be corrected before permanent prosperity is assured,
creases in clearings. Notable exceptions were Jack- agriculture as a whole is by no means in distress.
son, Michigan, with a decline of 15.4%; Davenport, The ills of the farmer have been so enormously magIowa, with a decline of 15.3%, and Decatur, Illinois, nified that a large part of the public is wondering
with a decline of 10.1%.
whether agriculture is indeed a total wreck.
Bank failures, both for the country as a whole as
When we brush aside the gloomy pictures conjured
well as for the Central West, show a sharp increase up by some farm leaders, it is easy to find facts that
compared with 1925. Dun's Review for 1925 gave are in no way disturbing. They prove that agriculthe number of bank failures for the whole country as ture as a whole is not in distress. Moreover, an un464, of which 239 were banks located in the Central biased survey of the farm problem will convince the
West. This compares with 608 banking failures for open-minded man that the outlook for agriculture in
the year just past for the whole country, of which 342 America during the next decade is one worthy of
are listed as in the Central West, their liabilities optimism.
amounting to approximately 102 million dollars as
There is a section of the corn belt that has suffered
against 70 million dollars last year. This increase of from a surplus, and the noise of the self-appointed
failures in the Central West is undoubtedly due to spokesmen has caused widespread confusion, some
the situation in the agricultural districts. It. has political disturbance, and has tended to churn the
proved necessary to liquidate those banks which channels of commerce through which the crops must
proved too weak to be restored to solvency following pass. Nor has this in any sense benefited the farmer.
the slump in farm land values a few years ago.
The corn grower's woes have been enlarged out of all
Business throughout the Middle West was as in proportion to the facts. Consequently a psychologithe rest of the country very satisfactory. Building cal condition has been created which discourages
and automobile sales have fallen off in recent months, rather than encourages investment, and,incidentally,
but the iron and steel markets in the Chicago district depresses land values as well as crop prices.
have continued unusually satisfactory for this time
Underlying conditions in the corn belt, if we are to
of the. year. It is generally expected that business accept the reports of the Department of Agriculture,
conditions will remain satisfactory during most of are better than last year. During the autumn and
1927, though possibly at a lower level than in 1926. early winter corn prices were slightly higher, but still
This expectation is based upon the fact that on the low enough to encourage feeders. Hog prices have
whole inventories are not excessive, money rates are been relatively high and reports have indicated a
low and price levels declining.
.materially larger crop of pigs in prospect;
As, despite the small increase in the number of
The small 1925 crop of hogs, now in pack, cost the
commercial failures last year, liabilities were consid- packers nearly $1,200,000,000, and it brought proerably less throughout the country, banking institu- ducers more money than any year except the wartime.
568
THE CHRONICLE
[VoL. 124.
inflation years. Measured in terms of corn prices be corrected by sound advice of disinterested econduring the marketing season, it was probably the omists than by the dangerous tinkering of theorists.
most profitable ever marketed.
Certainly there is nothing dark in the future outlook
Turning from corn to cotton, we find the situation of American agriculture as a whole.
somewhat more unpleasant. Cotton has been aptly
Municipal Bonds in 1926.
termed "the misery crop." For many years it has
been obvious that the cotton grower should mend his STACY C. Moska,President, Mosser, Willaman & Co., Inc.
ways. This can be done by diversification. For
For the last six consecutive years, from 1921 to
four years cotton growers have been making the mis- 1926 inclusive, municipal bonds issued by the polititake that other producers make when business is cal subdivisions of the United States and placed on
profitable; they steadily increased production, and the market have amounted to more than one billion
have turned out more than 58,000,000 bales in four dollars annually. In 1926 $1,329,074,892 permanent
years. In forty consecutive months the average farm bonds were issued and sold. This amount is $70,price of cotton never sank below 20 cents a pound. 563,100 less than the amount issued in 1925, but is
Much of that time it was higher. The prosperity the third largest amount issued in any one year in
was too great and growers increased their acreage from this country. While the decrease from the previous
30,000,000 in 1921 to 47,653,000 acres in 1926. In year may indicate a turn in the tide and lead to a rethat brief statement lies the whole story of the cotton duction in future years, it seems probable that the
farmer's trouble. A temporary "swearing off" of future output of municipal bonds will be over the one
excessive production will be but a temporary remedy. billion dollar mark annually for some time to come.
That the market has absorbed these bonds readily
Something more fundamental is necessary. The
ridiculous game of chasing prices with acreage and is shown by the high level of prices maintained durproducing more of a commodity than the world can ing the year and the none too large amounts in dealers'
use should be stopped. Price-fixing, Governmental hands at any one time. During the year a new revsubsidy or any other artificial makeshift can do no enue measure was passed by Congress which further
more than postpone steps necessary for a permanent reduced income taxes, and this naturally affected the
solution. The past year cotton farmers produced by buying by a certain class of investors. Probably
far the biggest crop in history on top of the enormous due largely to this fact, there was a rather marked dip
crops of the preceding two years. An interesting in prices in the middle of the year lasting through the
sidelight is the fact that, in spite of lower cotton summer. The fall demand, however, was such as to
prices, Texas is expected to produce more than bring prices back and the end of the year found the
81,000,000,000 in agricultural products this year, a price level as high, and perhaps on the average a
little higher, than at the beginning. It is true, howgain of about 10%.
Wheat has been somewhat lower in price than a year ever, that prices of municipal bonds did not advance
ago. But it should be remembered that as the during 1926 in the same proportion as prices of corwheat crop is about 178,000,000 bushels larger than poration bonds, the latter having made a marked
last year, the total return to American growers has advance.
been larger. Corn and oats up to early winter
Bonds from certain sections, notably Florida, were
ranged aboirt 5 cents above last year's price in the greatly depressed in price. The causes are wellChicago market. These crops have been slightly known and this does not reflect in any way upon
smaller.
municipal bonds in general.
Livestock on the Western ranges went into the
One of the most interesting developments in the
winter in fine shape with only a few exceptions in municipal field the last year was in Texas. This
scattered localities. Prices of sheep have been firm, State went through a strenuous political campaign in
while returns on wool have been such as to indicate which the main issue developed was as to the integrity
of the many counties which had issued bonds for road
good conditions.
Harvesting is practically completed in all crops improvements, both direct county obligations and
and from the standpoint of output the showing is obligations of road districts. The United States
very satisfactory. The Department of Agriculture Supreme Court in the Archer County decision had
recently estimated a 3.4% gain in volume over a year declared invalid the law under which these issues had
ago. The grossfinancialreturnsto agriculture probably been authorized and put out. In spite of the fact
will not be far from the previous year's figures.
that the State Courts had sustained this law, the
Quite likely strong efforts will be made in Congress bonds issued under it had been approved by the Atfor legislation that would increase the price of corn torney-General and the bonds issued in good faith;
and cotton. In such price-fixing legislation, by which nevertheless a large political faction appealed to the
agriculture would be expected to lift itself by its own voters of the State to repudiate these outstanding
bootstraps, a most unhealthy situation would be obligations. The other faction went before the peocreated and eventually would react upon the farmer ple on the platform that these obligations were issued
in a drastic and unpleasant manner. Excessive cot- in good faith and that they should be recognized, and
ton production cannot be corrected by any price- if their legality was questioned that the Legislature
fixing scheme. Just as the solution of the cotton should be invoked to pass enabling Acts to legalize
grower's problem rests upon diversification of his them. The latter faction won the election • by an
crops, so the problem of the corn or wheat grower overwhelming vote.
Isn't this a wholesome decision? Here the direct
rests with mixed farming. A long, hard lesson has
-production
and
low
over
prices
go
hand
question was put up to all the voters in the State of
proved that
rare
very
those
instances
where
the
in
Texas as to whether these municipal obligations
in hand, save
our
for
produce
clamors
because
of
should
be recognized and whether their credit should
outside world
maintained. The voters spoke in no uncercrops.
deficient
thus
be
their own
Legislation never has and never will change eco- tain tones and in doing so, I believe have established
nomic laws and our agricultural problem can better themselves as worthy of trust and credit. The people
JAN. 29 1927.]
THE CHRONICLE
569
These figures indicate that while the building projects
of Texas have taken this position when the matter
was put up to them clearly, and it would seem that undertaken during 1926, as compared with the immediately
years, were smaller in number, they were larger
they are only typical of the country as a whole and precedingand
importance. This same tendency is also resize
in
States,
that if a similar situation should arise in other
vealed by an analysis of the new real estate security issues
it would be met as promptly and as thoroughly as it released during the year. The total volume of new issues
was in Texas. This episode is encouraging to the in 1926, as compared with 1925, shows a decrease of about
municipal bondholder and should make him feel more 4%, while the total number of new issues shows a decrease
secure in holding the obligations of any of our States of about 16%.
the statistical
or political subdivisions, whether they be large or ThomasS.Holden,Vice-Presidentin charge of1926
as a year
division of F. W. Dodge Corp., characterizes
small.
of stabilized prosperity in building and construction fields,
Agitation .continues for less extravagance in mu- in which a well-tempered conservatism guided the policies
nicipal affairs and more proposed bond issues are be- for the most part. Speculative excesses were checked,
ing defeated than a year ago. The tax burden, al- reactionary tendencies were kept within very moderate bounds
though being relieved by the Federal Government, and the total volume of construction, as well as the total
is still heavy. However, there does not seem much volume of general business, exceeded all previous records.
Some one has described the general character of business
likelihood that the many improvements demanded by
1926 as "prudent prosperity." It was prudent foresight
in
our high standard of living will be voted down so that caused business leaders to anticipate the collapse of
long as the credit and the reasonable debt limits of the Florida boom, the early spring market reaction and
our municipalities make it possible to provide these the decline'of real estate speculation, so that these adverse
improvements. More and more the policy of issuing influences did not cause serious set-backs to the general
serial bonds is being adopted, and in this way munici- prosperity of the country.
It was this same sort of prudent foresight that caused the
pal issues are being constantly retired. The result
in the real estate bond field and in the construction
leaders
is, as shown in the compilations given in the June 1926
to agitate for a closer scrutiny of the credit of
industry
issue of the "State and Municipal Compendium" of promoters of new building projects during 1926. It made for
the "Chronicle," that over 20% of the amount of new greater conservatism in appraisals of property against which
issues brought out is paid off in retiring former issues mortgage bonds were to be issued and it brought about a
through serial payments and sinking funds. On careful and more cautious study of proposed construction
the whole, therefore, municipal financing is still in a to determine whether it was designed to fit the real economic
very sound condition and we can look forward to needs of the community in which it was to be erected.
is the exercise of cautious and prudent foresight that
about the same volume of business the coming year, It brought
about the condition in the construction field
has
with perhaps rising prices.
which Mr. Holden has characterized as stabilized prosperity.
1926 in Real Estate Financing and Building
Construction Fields.
By CHARLES FORMAN, Vice-President George M.Forman & Company.
The real estate financing and building construction fields
are so closely related—their activities so interwoven—that
a discussion of one is hardly possible without the other.
The year 1926 in this field was quite a remarkable one. The
prevailing tendency through most of the year was downward,
yet the total construction volume as compared with the year
1925 did not decline but actually showed some increase and
reached the unprecedented total of $6,800,000,000.
At the beginning of the year, most business analysts
anticipated such a downward tendency. The fact that the
year 1926 followed the big record construction period of the
last half of 1925, suggested a period of coming reaction
which most analysts expected would be reflected by a reduced volume of construction for the coming year. Throughout the country as a whole, the first half of 1926 showed an
increase in contract volume over the first half of 1925 of
approximately 11%. The second half of the year 1926,
while it ran behind the second half of 1925 in volume of
construction, the falling off was not sufficient to wipe out
the margin of increase accumulated in the first half of the
year.
In Chicago the situation did not quite parallel that
existing in the country as a whole, the early part of the
year showing some falling off in building activity as compared with 1925, estimates placing the percentage of drop'off
up to May 1 at about 5%. The latter part of the year,
however, increased activity developed in the Chicago field,
so that the total construction as revealed by the Chicago
Building Department permit figures reached a total of
$366,586,400, as compared with $360,794,250 for 1925.
It is an interesting fact that while the total construction costs as shown by permits issued in Chicago actually
increased in amount, the number of structures covered by
these permits record a considerable decrease—permits granted
for 1926 totaling 14,363, as compared with 17,501 for 1925,
16,253 for 1924, and 15,494 for 1923. Construction costs
as shown by these permits for the same period were: $366,586,400 for 1926, $360,794,250 for 1925, $296,893,985 for
1924, and $329,604,312 for 1923.
The construction industry has been for years one of the
primary factors contributing to the general prosperity of
the country. It has reached the point where building
shortage and necessity demands have been caught up with.
Building activities for the immediate future will be governed
by the current needs for additional space and the demands
created by general prosperity of the country.
A most important element to assure procedure along
cautious and conservative lines lies in the action taken
the latter part of 1926 by the first mortgage bond business
itself under the auspices of the American Construction
Council. The mortgage bond business is now making a
survey of the first mortgage real estate securities field, with
the view of standardizing practice and procedure in that
field of finance on a basis that will assure the greatest
measure of protection to the interest of all concerned.
Such steps are not ordinarily taken during period of great
prosperity, but they are characteristic of the trend of the
times and are further evidence of the care and caution which
mark the present era of prudent prosperity. The first
mortgage bond business is thus taking the initiative in further
strengthening the fundamental safeguards which have made
first mortgage bonds one of the most popular,investments
in the securities market and have won for real estate securities the confidence of the investing public which is essential
to continued large construction volume and the stabilizing
of general business conditions.
Public Utility Development in the Chicago
District
By BERNARD J. MIILLANET, Director Illinois Committee on Public
Utility Information.
"Chicago District" is the designation of a populous industrial and commercial entity, regardless of city, county
and State lines, surrounding the southern end of Lake Michigan. It lies along 100 miles of lake shore from the Wisconsin-Illinois State line at the north to the Indiana-Michigan
line at the southeast and arches sharply into the hinterland.
This area of some 5,000 square miles has a population of
more than 4,000,000. Prof. J. Paul Goode, specialist in
the economics of geography, calls it "the great economic
vortex," destined by nature to be the commercial and industrial center of the continent. By others it is called "the
Workshop of America."
570
THE CHRONICLE
[Vor... 124.
Public utility development in this district—meaning elecThe Indiana part of the district, embracing the more
tric light and power, telephone, gas and electric transporta- highly industrialized section of that State, deserves pertion service—has reached an average level probably un- haps a special word. Its individuality is derived from iron
excelled, anywhere in the world. This development has and steel and collateral industries, to which new impetus
provided productive investment opportunities for about has been given by the abolition of "Pittsburgh plus."
$1,000,000,000 of capital. Nearly half of this investment
Here the development of electric service, gas service and
has been made within ten years and the curve is still upward. much local and interurban transportation is co-ordinated
In the twelve months ended June 30, 1926, the new utility under the guidance of an investment or holding company.
financing for the district approached $150,000,000.
This company is closely affiliated with the predominant
In attempting to make this development visible by means electric, gas and rapid transit interests of the entire Chicago
words, electric light and power and electric transportation district, but is especially concerned with the Indiana segment.
naturally come into the foreground of the picture because Consequently it is specializing, as it were, in electric, gas
they are so concretely conspicuous and are so obviously and transportation development to fit the special circumtied in with other industries
stances of an area in which iron and steel and collateral
Electricity supply companies of the Chicago district now heavy manufacturing are paramount.
have a generating capacity, installed, and in productive
Among these special circumstances are: Enormous pooperation, which aggregates 1,193,000 kilowatts—about tential demand for electric power; increasing use of gas in
1,600,000 horsepower. Apparatus already ordered will in- the heat-treating operations of manufacturing; great quanticrease the present generating capacity by 40%—to 1,683,000 ties of by-product gas from the steel industry to be made
kilowatts or nearly 2,250,000 horsepower—within the next available to other industries; increasing demand for transtwo or three years. The one company operating exclusively portation that will permit mill districts to be segregated. For
in Chicago now has more generating capacity than any other this co-ordinated development in the Indiana segment of the
electricity supply company in the world.
district alone, the subsidiaries of the investment company
These generating facilities are completely interconnected referred to have a combined 1927 construction and equipby means of high-voltage overhead transmission lines (up ment budget of approximately $6,000,000.
to 132,000 volts capacity) and underground cables. ReLocal transportation development within the city of
serve facilities in any part of the district are thus made Chicago is retarded by the franchise situation of the street
available, in case of emergency, to users of electricity in (surface line) railways. Their franchise will expire in Febany other part of the district by simply throwing a switch.
ruary. Negotiations for a renewal or some other form of
This complete inter-connection, assuring abundance and readjustment are pending. The matter of subways through
reliability of service, promotes intensive use of electricity. the congested heart of the city is also involved. If this
Per capita consumption of current is higher in this district situation is cleared up during the year, as hoped for, extenthan it is in any other comparable area on earth Where elec- sive reorganization and expansion of local transportation
tricity has to be generated by steam.
facilities will ensue. Meanwhile, there is progress.
The most ambitious application of mass production yet
The Chicago street railways carried 1,571,915,030 pasundertaken anywhere, in the economical generation of elec- sengers in 1926,an increase of 56,341,400 over 1925. Almost
trical energy, is also in this district—State Line station where $3,000,000 was spent for improvements,including $1,600,000
the Illinois-Indiana line meets the Lake Michigan. Its first for 100 new cars. These ears increased the number of seat
turbo-generator of 200,000 kilowatts (270,000 horsepower) miles by 140,000,000.
capacity, the largest ever designed, will go into operation in
The past year has brought more development in rapid
1929. At least four additional turbo-generators are con- transit facilities of the district than has been seen in any
templated, all as large as or larger than the first. This other one year. This was more pronounced outside the city
one station, as planned, will have a rated capacity of not limits of Chicago than within the city itself.
less than 1,000,000 kilowatts—approximately 1,335,000
Three of the interurban lines entering Chicago made extenhorsepower.
sive improvements and extensions. On the north, a new
Another interesting circumstance is that hereafter no route was opened which reduces the running time between
generating units of less than 50,000 kilowatts capacity will Milwaukee and the heart of Chicago to two hours. The
be installed anywhere in the district—not even in the out- added route also provides a direct service between Chicago
skirts of the 5,000-square-mile area. Only six years ago and suburban terminals about 30 miles from the Loop,
30,000 kilowatt units were thought to be large enough for bringing those communities within an hour's ride of the
the largest stations in Chicago. Since then units of 50,000, heart of the city and opening up great areas for settlement.
60,000 and 75,000 kilowatts capacity have been put into
Road bed and power equipment improvements were made
operation in the district, one of 90,000 kilowatts is being by an interurban company entering Chicago on the west
installed, another of 100,000 kilowatts is being built, and at a cost of more than $1,000,000.
the first 200,000 kilowatt unit for State line has been ordered.
On the south, another electric interurban spent over
Plans already in process of execution contemplate expan- $2,865,000 for new steel cars, for rebuilding its tracks and
sion of these electricity supply resources to five times the substations and for various other betterments. During
present amegate within twenty or twenty-five years, as 1926, it installed a direct service to downtown Chicago,
conditions warrant. Inter-connection will keep pace with giving an hourly service between the Loop and South Bend,
generating capacity. The district is, therefore, on the way Ind., and a half-hourly express service to Gary, Ind. Its
to a fully-connected electricity supply capacity of 6,000,000 1927 budget for new and increased facilities calls for an
kilowatts or 8,000,000 horsepower, as soon as needed.
expenditure of $2,379,000.
Inter-connection of the district's electrical resources with
The elevated lines of Chicago made several noteworthy
neighboring systems is also provided for. Some of it has improvements, including extension of their service to western
been completed. Electrical energy can now be continuously suburbs. Within the city platform extensions, 100 new steel
transmitted or relayed from Wisconsin via the Chicago dis- cars and other changes in equipment provided for the operatrict to Pennsylvania, West Virginia and Kentucky. En- tion of longer trains. As a result, up to Jan. 8 1924, four
gineering and financial plans for further inter-connection are new records were successively established in the number of
in process of execution.
cars passed through the Loop during the peak hour of the
This means that,from the Wisconsin River and Milwaukee day.
to Cincinnati and Louisville and beyond, and from Detroit
The elevated lines carried about 13,000,000 more revenue
to St. Louis, the large central station systems are to be closely passengers in 1926than in the previous year or approximately
connected by transmission lines of great capacity converging 229,000,000.
The addition of 76,000 telephones during 1926 in the
in the Chicago district. The intervening territory, to say
nothing of territory reached by further connections to the Chicago territory makes it the greatest year in the history
east and south and west, will be covered by a network of of the company serving this area. On Jan. 1 1927, there
secondary transmission and distribution lines. The central were 1,075,000 telephones in service in the Chicago region.
stations feeding into this network will be equipped with The company spent $26,000,000 for additions to its plant in
large and, therefore, economical turbo-generators comparable 1926 and an additional investment of $27,000,000 is planned
for 1927.
to those of the Chicago district.
JAN. 29 1927.]
THE CHRONICLE
571
Stock Exchange in the new State Bank of
Besides the local extensions and improvements, communi- the Chicago
The Exchange has completed negotiaBuilding.
Chicago
been
have
country
the
of
parts
other
to
cation highways
Bank and will shortly sign a formal
State
the
with
tions
added and made more secure from storms and other damage.
of 20 years for the space in the
a
period
covering
lease
put
cable,
Louis
t.
is
Chicago-S
the
these
Principal among
on the bank floor, which will
building
the
of
end
south
its
into service Dec. 15 1926. In addition to reach:ng
of the block on La Salle Street
centre
the
in
exactly
it
bring
route.
its
along
cities
all
principal
serves
termini, the cable
Streets. The building will
Adams
and
Monroe
between
In 1927, a third line between Chicago and the Pacific
1928. With splendid new
1
May
y
occupanc
for
ready
be
.
0
coast will be completed
modern in every respect—
room
trading
and
offices
Local calls in the Chicago region now number 5,100,000 quarters—
should be given
impetus
added
an
located,
centrally
and
an
increase
is
This
210,000.
daily and long distance calls,
.
Exchange
Chicago
the
of
of slightly less than 500,000 over the daily number of local to the business
Plans are being considered for the establishment of an
calls a year ago.
for Stock Exchange and brokerage
Many economic trends—conservation of coal and its con- educational institute
curriculum will cover training in
The
.
employees
house
gas
of
merits
special
the
and
t
stituents, smoke abatemen
brokerage accounting, business
stock
finance,
fuel for industrial and residence use—are multiplying the corporation
al law, economics and
commerci
writing,
letter
in
English,
increase
of
e
percentag
use of gas in the district. The
practice. Through the
and
procedure
gas consumption since 1910 has been about twice the popu- Stock Exchange
is expected that the morale
it
institute
an
such
of
medium
lation rate.
with the Exchange and its members
The Chicago company's plants and mains are already of employees connected
that a higher type of employee
and
raised
be
greatly
will
and
g
d
generatin
the heart and arteries of an inter-connecte
district.
financial
distributing system that serves a large part of the greater will be attracted to the
earnestly endeavoring to
is
Exchange
Stock
Chicago
with
The
ections
Chicago district. There are eight interconn
every safeguard in its
public
neighboring gas supply systems. Existing facilities are or- assure the great investing
Exchange. Not
Chicago
the
on
listed
stocks
in
ut
dealings
ganized for expansion to fit future requirements througho
co-operation
close
in
works
only that, but the Exchange
the area bordering Chicago.
Protective
Investors
the
of
activities
the
s
encourage
The main artery, across the western flank of Chicago, and
years has
several
last
the
in
is 4 feet in diameter and 22 miles long—the longest gas main Bureau of Chicago, which
purpose
useful
very
a
served
and
work
great
a
hed
of its diameter in the country—with a carrying capacity, at accomplis
security swindling in all
against
campaign
its
on
carrying
every
in
of
gas
feet
00
cubic
of
100,000,0
pressures,
ordinary
24 hours. This can be easily doubled, when necessary, by its forms.
The many problems of the Chicago Stock Exchange can
increasing the pressure. Inter-connection, as in electrical
process of education
systems, enables one company in case of emergency to draw be solved only by a slow and careful
such problems—
into
enter
that
factors
various
the
all
for
of
another.
n
facilities
upon the reserves and productio
least, members
the
not
and,
investors
This "pooling" is prompted by the increasing use of gas banks, industries,
s. The officers
themselve
Exchange
Stock
Chicago
one
the
of
for
has,
example,
in industry. The Chicago company,
look forward to 1927 with
industrial customer that takes more than 1,000,000 cubic and Governors of the Exchange
their best thought to
giving
are
and
optimism
and
a
feet
courage
cubic
0
feet of gas every day—more than 30,000,00
may take the
Exchange
Stock
month. Less than two years ago, that customer was using the end that the Chicago
and the
Chicago
of
future
the
in
deserves
it
which
position
only 10,000,000 cubic feet a month. Although this increase
great Central West.
is greater than the average, it indicates the trend.
The Chicago Stock Exchange and Its Aims.
Business on the Chicago Stock Exchange.
The transactions at the Chicago Stock Exchange in 1926
stocks
The volume of business transacted on the floor of the were smaller than in 1925, but trading in some of the
Exchange
Stock
York
New
the
to
as
not
was
d
has been transferre
Chicago Stock Exchange for the year 1926
large as that transacted during the year 1925. This is and it must also be remembered that the volume of business
accounted for in a considerable degree by the listing of a done in stocks in 1925 was in excess of that of any previous
and
large number of our local stocks on the New York Stock year, and that with the exception of the Philadelphia
s
exchange
stock
other
the
of
all
Exchange. By reason of the New York call-money market, Los Angeles Exchanges,
in
business
in
reduction
a
suffered
and
the
larger
and
likewise
stocks
loan
and
borrow
to
country
ability
the
of
the
broader market, business in many of our stocks has gone 1926 as compared with 1925.
to a certain extent to the floor of the New York Stock
The stock sales at the Chicago Stock Exchange during
Exchange.
the 12 months of the calendar year 1926 aggregated
How to make the Chicago Stock Exchange the market 10,253,664 shares, against 14,102,892 • shares in 1925,
place for the great capital resources of the Mississippi Valley and 10,849,173 shares in 1924 and 13,302,187 shares in
and the Middle West and how it can function as the centre 1923, but comparing with 9,953,637 shares in 1922, 5,for their investment in the business and industrial enter- 175,972 shares in 1921, 7,382,145 shares in 1920 and 7,408,prises of this great section, is the outstanding problem 915 shares in 1919. Back in 1918 the sales were only
of the Chicago Exchange. A detailed survey of this whole 1,955,151 shares, in 1917 only 1,696,428 shares, in 1916
problem has been made and the Board of Governors is 1,611,317, in 1915 but 715,567 shares, and in 1914 no more
even now giving the subject its most careful thought, in the than 385,783 shares. The 1926 bond sales were only $7,941,300, against $8,748,300 in 1925, $22,604,300 in 1924,
expectation that the problem may be satisfactorily solved.
The Chicago Stock Exchange enjoyed a considerable $11,979,650 in 1923, $10,017,200 in 1922 and $4,170,450
volume of new and additional listings of stocks and bonds, in 1921.
SALES FOR SERIES OF YEARS!
although the total par amount of stated par value stocks
Bonds.
No. Shares.
Bonds.
Shizres
No.
of
decrease
a
40
256,
$56,866,9
listed aggregates $218,939,
4,466.200
895.984
1907
17,941,300
10.253.664
1926
1,234,537 $5.858.050
compared with 1925. This is offset by .the admission of 1925
14.102,892 $8,748.300 1906
9.556.500
1.544,948
10,849,173 22,604.300 1905
no par value stocks, which total 15,171,786 shares, or an 1924
5.432.700
1.251,177
11,079.650 1904
13.302.187
1923
shares.
Bond
listings
8,226,916
of
year
last
over
increase
3,364.160
1,024,002
1903
10,017,200
9.953.637
1922
100
in
$126,841,
1926 com- 1921
8,967.100
1,356.558
reached a total par amount of
4,170.450 1902
5.175,972
9,338,700
1,877,883
4,652.400 1901
7.382.145
pared with $65,550,000 in 1925. It is not a matter of com- 1920
8,735.900
1.424.252
5,232,150 1900
7.408.915
mon knowledge that 56 stocks, aggregating 45,710,845 shares, 1919
12.483,650
3.300.385
4.590.620 1899
1.955.151
1918
on
the
Chicago
Exlisted
Stock
originally
9.856,800
them
1,845.313
many of
9.012.400 1898
1.696.428
1917
6.575.000
987.772
1.611.317 11.889.400 1897
change, are now also listed on the New York Stock Exchange; 1916
4.853.950
1.726.400
1896
9,237.600
715,567
1915
as
s
companie
such
American
Steel
find
we
among them
8,382.500
1,386.657
1895
9,085.500
385.783
1914
1,553.947 10,213,500
Foundries, American Telephone & Telegraph, Corn Products 1913----,.- 1.001.417
9,391.000 1894
6.575.650
1,157.701
' 1,174,931 13,757.000 1893
Refining, Peoples Gas, Pullman, Sears Roebuck and Mont- 1912
1,175.031 14.198.000
1.040,068 14,752.000 1892
1911
gomery Ward.
9.435.000
710,000
7.347.000 1891
894.362
1910
1.097.000 18.368.000
One of the outstanding events of the past year has been 1909
1,623,495 14.800.000 1890
150.100 18.530.000
619.216 15.259.0001889
the acquisition of modern and commodious quarters for 1908
By Jour(.1. BRYANT JR., President Chicago Stock Exchange.
572
T1TE CHRONICLE
[VOL. 124.
Indications of Business Activity
Friday Night, Jan. 28 1927.
creased sales are reported at the reduced quotations, though
Trade is still variable. It has suffered more or less from as a
rule business is slow. Coffee has latterly advanced in
low temperatures in all parts of the country, with snow and
response to higher prices in Brazil, and it may be a significant
rain in the northern sections. Heavy rains in the central fact
that that Brazilian exchange advanced to 12 cents
and southwestern portions have interfered with transportahere to-day, being the outstanding feature of the foreign
tion. The roads are bad in many States. That hurts retail exchang
e
trade. Also it tends to delay buying for spring needs. advance market, with heavy transactions. This shows an
in a week of about 20 points. Brazilian exchange
Naturally, the low temperatures have helped the coal trade
on
London
showed a slight rise. But in this country the
more or less. Also the fear of a strike by bituminous miners
coffee trade is dull, though it may turn out that the roasting
on April 1 has tended to stimulate precautionary buying.
concerns and others are delaying their purchases unduly.
It is reflected partly in the gain in railroad car loadings over
Sugar has declined as might have been expected with increasthose in January of last year. One hopeful feature is that
ing supplies. Sales of jewelry are said to be smaller in the
purchasers of cotton goods show less timidity about buying
East than a year ago. The automobile business is less active
ahead. There is a demand for certain cotton goods
for than at this time in 1926, but February is expected to make
March and even April delivery. Moreover, a sign of
the a better showing as to output. Detroit has 214,733 operatimes is the sharp demand for some descriptions of cotton
tives employed, an increase of about 2,500 over last week,
goods for prompt delivery, even at premiums. It shows that but
some 46,900 less than a year ago.
buyers had allowed their stocks to become badly depleted.
In the retail trade special sales have still been something of
A large percentage of the business has been in print cloths,
a feature in many parts of the West, but it may be a someshootings and convertibles. The scarcity is mainly in print what
significant fact that a large department store at Chicago
cloths, which is so great that the demand could not be satis- has
reduced its hours of labor somewhat. The January
fied, and recent advances in prices have been firmly main- showing
in the wholesale trade of this country is better than
tained. There is a steady broadening of trade in finished that
of December. The same is true of some of the induscotton goods.
tries, notably the textiles. While bituminous coal has been
Woolen and worsted goods for the fall of 1927 were opened more active,
anthracite trade has slowed down and there is
by the American Woolen Co. with prices unchanged in some much
unemployment in that branch of trade. Also in the
eases and 23/ to 10c. a yard higher in others as compared Central
West the wages of miners in the bituminous field
with spring prices. Wool has been firmer and sales at have
in many cases been reduced. What the effects of this
London have in the main resulted in satisfactory prices. will
be in the spring remains to be seen.
They are firm or esle 5% higher. Australian wool sales
The stock market has been irregular and at times weak.
were also at firm prices. Cotton, after declining somewhat, But
to-day there was an advance with a notable rise in
partly owing to the Chinese crisis and some consequent Wheelin
depression in Liverpool, suddenly advanced to-day as the bonds g & Lake Erie. What is of more real importance,
have moved steadily upward into new high territor
y.
Chiese situation showed signs of clearing. Moreover, there A
promising statement has been made of the French finances
is a steady demand for raw cotton, at home and abroad. by M.
Poincaxe. The French franc is to be stabilized for
For two weeks past the remarkable spot sales in Liverpool
the present at about 253' to the dollar but it would seem that
on most days have been 10,000 to 15,000 bales and they were
the French have not given up hope of its rising ultimately
12,000 bales to-day. The significance of this is, of course, to
the old
that Manchester is more hopeful. It has been doing quite a Sterling par of 19.3 cents, thus obviating re-valorization.
exchange has declined during the week but closed
good business with India and the Continent, though naturally steady.
Brazilian exchange has made a noteworthy advance
its trade with China has suffered because of the disturbed and
Spanish is the highest in seven years. Of course the
conditions there. There is a ground-swell in the world's
outstanding feature of the week in the world's news is the
cotton trade which will become more manifest as soon as
the menacing situation in China. But this has been met by the
Chinese question has been adjusted. The crop estimateof
the American Government with admirable promptitude.
Government on Dec. 8 of 18,618,000 bales may be ginned,
It has been made plain to China that this Government
but there is a scarcity of the higher grades of cotton at the has no desire
to interfere with its nationalistic aspirations,
South. And Russia has been buying for October delivery and
seeks only to make new treaties as soon as responsible
while Germany, France and Japan have been steady buyers represen
tatives of the contending factions appear. It reof the actual staple. The weather for some little time past calls to
the Chinese that this Government has never possessed
has been so cold and rainy at the South as to interfere with concessi
ons in China. It might have been added that in the
picking and ginning. Some believe that considerable cotton Rooseve
lt administration this Government refused a proffered
will ultimately be abandoned. This is not so clear because grant of
territory by the then Government of China. Secthe farmer is apt to pick cotton in the winter if there is any
retary of State Hay reminded the badly harassed Chinese
to pick. He has little esle to do. The Department of Government
which in a pathetic though needless effort to
Agriculture at Washington insists that a reduction in the concilia
te the United States Government that it was connext cotton acreage of 30% is imperative if the balance be- trary
to American principles to accept the territory. The
tween consumption and production is to be restored. Very United
States has at all times manifested a friendly spirit
few believe that such a decrease can be brought about. towards
the Chinese Empire and later towards the Chinese
Nature may withhold a big crop for the third year in
suc- Republic. And it is pleasing to notice that the Chinese
cession, however.
readers express their gratification at Secretary of State
Wheat has advanced owing to some increase in the estiKellogg's announcement of the American attitude to-day
mates of what Europe will have to import. One estimate
of toward the rising republic of the Far East. It is hoped that
late has 80,000,000 bushels higher than some previous estithe example of the United States will have a salutary effect
mates. Of late the export demand in this, country has inupon other Governments, which have not always been as
creased somewhat and the shipments from Argentina and
considerate of Chinese rights and interest as they might have
Australia have not been as large as were expected. A singubeen.
lar fact is that the stock of wheat at Liverpool disappeared
At Fall River, Mass., the Ancona Co. plant was closed on
to-day, something that contributed to an advance in New the 24th
inst. to allow of making needed repairs. No stateYork and Chicago. There has been a steady inquiry from ment
was forthcoming relative to the prospect of opening the
Europe for American rye and Germany it seems will need about plant
in the near future. Even a large production of cotton
25,000,000 bushels. France's supply of grain and potatoes
goods has been exceeded for three successive weeks by the
ft is said, is likely to show some deficit, apparently necessitat- volume of sales. Stocks available are
smaller than were
ing rather large imports. Meanwhile there is a fair covering expected. Many goods are not
available for
of snow for the winter wheat crop west of the Mississippi ment. At Lawrence, Mass., members of prompt shipthe Lawrence
River. Texas and Oklahoma have been getting good rains Industrial Commission will confer with
mill
executiv
es and
and there may be an increase in the wheat yield in those members of the State Legislature on Feb.
1 with a view
States. Building has naturally been less active. Building to taking some action to keep the textile
materials for this reason have sold less freely. Some decline rence, as the mills have moved machine industry in Lawry to the South or
In iron and steel prices has occurred, and in some cases in- discontinued its use. More than 4,000
operatives in the
THE CHRONICLE
JAN. 29 1927.]
573
American Bond & Mortgage Co. Reports Favorable
Business Trend—Finds No Overbuilt Situation
—Differing Views of Building Restrictions
Urged by S. W. Straus & Co.
Based upon reports from all sections of the country relative to the building situation, the American Bond & Mortgage Co. of this city issued a statement on Jan. 22 in which
it said that "reports from the various cities and towns indicate a favorable building trend and failed to disclose any
important overbuilt situation." Last week (page 443) we
quoted a statement by S. W. Straus, of S. W. Straus &
Co., in which he declared that "current conditions lead me
to the conclusion that there should be a temporary breathing
spell in the construction of office buildings, hotels, apartment hotels and apartment houses throughout the United
States," the saturation point in these four types of structures,
he asserted, having been reached. The survey completed
Federal Reserve Board's Summary of Business Conditions by the Building Economic Research Bureau of the American
in the United States. Decline in Industrial ProBond & Mortgage Co. was made with the co-operation of
duction. Greatest Recession in Autorepresentatives of the Associated General Contractors, the
mobile Industry.
National Association of Building Trades Employers, State
The Federal Reserve Board, in its summary of business and city officials and executives of local real estate boards
conditions in the United States, made public Jan. 27, states and Chambers of Commerce. The survey shows that new
that "in December, for the third consecutive month, there 1927 building operations totaling more than $3,500,000,000
was a decrease in industrial production and the Board's are already planned, under way or about to be started in
new index, with adjustment for seasonal variations, was the United States, and estimates that not less than $6,250,105 on the basis of the average for 1923, 1924 and 1925, as 000,000 will be expended on new construction during the
100. Continuing the Board says:
year. Reports from the leading cities and industrial disand
This compares with 113 in September, the high point of the year,
country, the survey stated, revealed that conhas been tricts of the
with 108 a year ago. The decline since the recent high point
are proceeding at a high rate and give
activities
was
minerals
struction
of
output
the
as
industries,
entirely in the manufacturing
decline further assurance that there is little likelihood of any decline
slight
a
only
showed
and
in
November
level
high
record
a
at
in December. By far the greatest recession of recent months has been of major importance in the near future. The survey_ sumthe
in the automobile industry, output of passenger cars and trucks in
as follows:
United States decreasing from 425,000 in August to 165,000 in Decem- marized the building situation
textile plants have been dropped in the last 18 months.
were
At Charlotte, N. C., unfilled orders in December 1926
in
greater than in the same month of 1925, and production
1925.
December
in
than
larger
much
was
December
There was a cold wave here on the 27th inst. which sent the
temperature down to 1 degree below zero at 6 a. m., and it
by
remained there until 7 a. m.,then began slowly to rise and
4 p. m. was up to 27 degrees. There was much suffering.
It was 22
In parts of the East it was 22 degrees below zero.
at
degrees
4
was
It
South.
of
the
parts
to 28 degrees, even in
Albany, 20 at Boston, 30 at Chicago and Pittsburgh, 34 at
Cincinnati, 32 at Cleveland, 36 at Kansas City, 24 at Mil-.
waukee and 20 at St. Paul, but 2 degrees the day before, with
was 31
14 at Chicago and 12 below at Montreal. To-day it
higher
and
rain
for
forecast
the
with
m.,
p.
degrees here at 3
temperatures to-night and on Saturday.
ber. Reduction in the manufacture of automobiles is usual at the end
of the year, when plants close for inventory taking and repairs, but
in December, 1926, the decline, was considerably larger than usual. Production of iron and steel has also been sharply reduced since the middle
of autumn, and activity in the woolen and worsted and silk industries
has been somewhat curtailed. Production of lumber, cement, and other
building materials has reflected the usual winter decrease in demand.
Cotton consumption, on the other hand, was larger than in any previous
December.
Factory employment and payrolls declined further in December, reflecting decreases in nearly all industries except cotton goods, clothing,
foundries and machine shops, and printing and publishing.
The value of building contracts awarded in December, as in November,war larger than in the corresponding period a year earlier, but for
the first three weeks of January contracts were in smaller volume than
during the same weeks of 1926. The decline in January was largely
concentrated in the New York and Atlanta Federal Reserve Districts,
where building was unusually active a year ago. Residential contracts
were smaller in December than a year earlier in nearly all districts, the
increase in the total for the month being in other types of building.
Trade.
Retail sales during the holiday trade in December exceeded all previous records. Sales of department stores were approximately 4%
larger than in December of last year, and sales of mail order houses,
while slightly smaller than in 1925, were larger than in the corresponding
month of any other year. Sales at wholesale, on the other hand, declined
in December and were smaller than a year ago in practically all leading
lines, except shoes. Merchandise stocks carried by department stores
were reduced slightly more than is usual in December, and were somewhat smaller at the end of the month than in 1925, and wholesale stocks
were also slightly smaller than a year ago. Freight car loadings showed
about the usual seasonal decline in December, with shipments of all
groups of commodities, except coal and merchandise in less than car load
lots, in smaller volume than a year earlier.
Prices.
Wholesale prices declined further in December, and the Bureau of
Labor Statistics index at 147 for that month was at the lowest level
since the middle of 1924. Prices of agricultural products, which declined considerably in October and November, increased slightly in
December, owing to advances in prices of grains and cattle. In the
first three weeks of January there were further increases in grains,
and advances also in cotton, hogs and flour. Prices of nonagricultural
products declined in December owing chiefly to decreases in bituminous
coal, clothing materials, nonferrous metals and building materials. In
January iron and steel prices were slightly reduced and there were
further declines in bituminous coal and nonferrous metals, while prices
of cotton goods and coke advanced.
Bank Credit.
At the reserve banks during the four weeks following the peak of
the seasonal currency demand, there was a return flow of Federal
reserve notes and other cash from circulation amounting in the aggregate
to about $400,000,000. This return flow of currency was in about the
same valume as a year ago, and, together with substantial gold imports,
was reflected in a reduction of the volume of reserve bank credit in
use to a level on January 19 lower than at any time since the summer
of 1925.
Loans and investments of member banks in leading cities, after increasing to a record level at the end of the year, declined sharply in
January. Commercial loans, which had reached their seasonal peak in
November were in the middle of January about $200,000,000 below the
maximum figure but still more than 300,000,000 above the level of a
year ago.
Loans on securities of the reporting banks also declined after the turn
of the year following a large increase in December and were slightly
smaller than in January of last year.
Easier money conditions prevailed in the money market in January,
and
and rates on prime commercial paper declined from 435
a range of 3N to nos.
those on bankers' acceptances from
34 to
to 4%,
for
Housing shortage created by war has ended but normal requirements
will
homes and the demand for industrial, commercial and public building
keep construction industry highly active.
need certain
There is practically no overbuilding, and a number of cities
types of industrial, commercial and public buildings.
that labor
anticipated
No reduction in building wages is expected and it is
will ask for further increases in some localities this spring.
until perMaterial prices are well stabilized and no reductions expected
be vrey
haps the latter part of the year, and even then if there is any it will
slight.
The survey says:
Figures now at hand indicate that at least $3,500,000,000 in now construction for 1927 is already assured. This amount is being increased daily by
announcements of new projects, and it would not be surprising if the present
year recorded a volume of construction in excess of $6,250,000,000. There
Is some doubt, however, if fetal building operations for the year will reach
the record-breaking total of approximately $6,850,000,000 attained in
1926, as a number of large cities mport that they expect some gradual decline in activity toward the latter part of the year.
Reports from the various cities and towns indicate a favorable building
trend and failed to disclose any important over-built situation. On the
other band, a shortage in certain types of industrial, commercial and public
buildings wasshown to be quite general. Among the cities reporting a shortage in those classes of buildings was Milwaukee, Denver, St. Louis, Los
Angeles, St. Petersburg, Fla., Columbia, S. C., Galveston, Tex., Washington, D. C., Lakeland, Fla., Jackson, Miss., Detroit, Cleveland and
Albany. While expecting some tapering off in building operations, reports
from all sections of the country were favorable and no predictions of a gemoral building depression were received. Cities anticipating slight decline in
construction included Cleveland, Philadelphia, Denver, Hartford, Conn..
Washington, D. C., St. Paul, Minneapolis. Boston and St. Louis.
Cities reporting that they expected building operations to be at or in excess
of 1926 volume included Detroit, Los Angeles, Dallas, Seattle, St. Petersburg,Fla., Dayton,Ohio,Salt Lake City,Columbia,S.C., Galveston, Tex.,
Akron, 0., Houston, New Orleans, La., Shreveport, La., Portland, Ore.,
Abilene, Tex., Jackson, Miss., and Ventura, Cal., and cities and towns
throughout the States of Utah, Nevada, Wyoming, Idaho, Montana and
Mississippi. Cincinnati, Galveston, Tex., Shreveport, La., and Chicago
were practically the only cities to report a labor shortage, which was in the
mason trades. Reports from practically ovrey city agreed that no reduotion in labor or material costs could be expected for many months.
Electrical Industry to Spend Billion.
Although residential and commercial building will constitute a large
part of the 1927 building program, there is a large amount of industrial,
public works and utilities construction planned. Estimates compiled by
the "Electrical World" show that light and power companies throughout
the country will spend $958,000,000 for 1927 construction as compared
with actual expenditures of $841,000,000 in 1926.
The Southern California Edison Co. has also announced that it will spend
approximately $42,000,000 in constructive work in southern and central
California. This is 33% more than the total amount called for in the 1926
budget. More than $7,500,000 will be spent in Long Beach, Calif., in
the erection of a steam power plant. The board of directors of the New
York Telephone Co. have already authorized appropriations totaling
$74.901,943 for new construction and enlargements of plant facilities in
the New York territory. The Savannah River Electric Co. has announced
plans for the erection of a $20,000,000 power project at Clarks Hill, S.0.
The Loyal Order of Moose has announced a $150,000,000 building program
in various parts of the country.
$100,000,066 for Automobile Plants.
The automobile industry Plans an extensive building program amounting
to approximately $100,000,000. Of this amount, "Motor," al trade
publication, states $75,000.000 is to be spent for new plant construction,
and upwards of $15,000,000 for expansion of retail establishments,,
The $165,000,000 Government public building construction will also
give Impetus to the building industry. Large port development work Is
574
THE CHRONICLE
also contemplated by cities along the South Atlantic, Gulf and the Pacific
Coast. Plans have just been completed for a $5,000.000 development of
the waterfront at Berkeley, Calif.
l• Despite the huge building program carried out in the South in 1925 and
1926.a vast volume of new construction is still under wayand much planning
Is being done. It is estimated that approximately $150,000,000 worth of
new school and church buildings will be built during the present year.
Besides this amount there will be large expenditures for hydro-power,
textile and other industrial developments, as well as for modern commercial
apartment houses and hotel buildings.
University and college building will also occupy a prominent place in
the 1927 building Program.
•
New York Work Totals $400,000,000.
In New York the money value of work carried over from 1926, well under
way or committed, is estimated to total approximately $400,000,000. In
addition, plans for another $100,000,000 worth of new structures, such as
hotels, apartment hotels, theatres and office buildings are about ready for
announcement. About $20,000,000 worth of new school buildings are to
be erected. Housing projects, however, continue to lead in construction
activity, with commercial building second. There is every indication that
1927 will be another billion-dollar building year in the metropolitan area.
Somewhere in the neighborhood of $200.000,000 will be spent in Philadelphia for new construction during the next twelve months, according to
the Bureau of Building Inspection.
It was estimated $300,000,000 worth of building is planned in Chi...ago,
while Detroit expects to spend during the coming year about $50,000,000
for residential building, $50,000,000 for commercial buildings. $25,000,000
for industrial buildings, and $20,000.000 to $25.000,000 for public buildings.
Huge St. Louis Public Works Program.
More than $60,000,000 in public works is under construction or will be
during the next six months in St. Louis, according to city authorities. It
was estimated that construction of hundreds of buildings and improvements
during the next few years, due to this municipal development program, will
• amount to about $450,000,000.
Houston. Texas, reported more than $26,000,000 worth of building construction already in sight. Plans have already been announced for new
building projects in Akron, Ohio, totaling close to $10,000,000. Denver
has a $12,000.000 building program, and new commercial, industrial and
residential building planned in Idaho, Utah and Nevada,is expected to total
close to $3,000,000. Besides a State building program of approximately
$3,500,000. cities and towns in Mississippi report an equal amount of construction under way at Jackson, and in the Gulf Coast cities of Biloxi, Bay
St. Louis. Pass Christian, Pascagoula. and Gulfport.
Los Angeles anticipates a building program of at least $125,000,000. while
Seattle. Wash., expects to run up a total of more than $30.000,000. Milwaukee is spending between $6,000.000 and $8,000.000 on public buildings.
Dallas. Tex., reports that between $20.000,000 and $25,000,000 in new
construction is in process of development in that city.
In the New York "Times" of Jan. 23, Arthur L. Lee,
of the Hotel MeAlpin, was one of those who was reported as
oNiorsing the stand taken by Mr.Straus. The"Times"said:
supporting the attitude of S.W.Straus,that New York building activities
had reached the saturation point, Arthur L. Lee, managing director of
the Hotel McAlpin, and Treasurer of the New York City Hotel Men's
Association, urged yesterday that immediate steps be taken by the financial
concerns to curb the program of hotel construction. Hotels in this city
now under construction will add more than 30,060 additional rooms to
the thousands now empty in the newer hotels, Mr. Lee said, urging that
the building industry direct its activities toward building homes rather
than apartment hotels and hotels.
'The people who seek 'quiet hotel rooms' will certainly find plenty of
them," he declared, "for most of the rooms are liable to be empty in
many of the new hotels now being built.
"The present activity in hotel building is bringing about a return to
the conditions which existed nearly 20 years ago, when many hotels failed
because they were uanble to pay the overhead and operating expenses."
H. Struckmann, President of the International Cement Corp., said:
"Undoubtedly there has been overbuilding in some localities and in
come classes of construction. However, the facts clearly indicate that
this is strictly a localized condition in some parts of the country and that
such overbuilding as has occurred has been at the expense of underbuilding
in other localities.
"In pre-war years the annual volume of building in the United States
was about $3,000,000.000. That was considered a normal condition.
Last year the total volume was approximately $7,000,000,000.
"According to the Federal Reserve Balm it took approximately $2
in 1926 to buy what $1 bought in 1913. At 1926 prices, 1913 would
have been a $6,000,000,000 building year. The seven-billion-dollar
volume of 1926 would have been $3,500,000,000 at 1913 prices.
There has undoubtedly been overbuilding in some localities and in
some clams of construction, but the building industry as a whole has
been closer to normal than has been generally supposed."
The same paper on Jan. 22 noted that there is a wide
difference of opinion among construction and real estate
interests regarding the note of caution issued by S. W.Straus
warning of the danger of overbuilding in New York and
other large cities. The "Times" account went on to say:
.
Many were of the opinion that the statement was uncalled for, as similar
warnings has been voiced several times in 1926, and that it had a blighting effect on the market in general. Others commended Mr. Straus and
the other loaning institutions that endorsed his views.
L. W.Flaunlacher, Vice-President & Treasurer of Thoens & Flaunlacher,
who represent large real estate interests in the midtown section of Manhattan, was of the opinion that the warning was ill-advised and that a
certain amount ofsurplus space was necessary to a healthy market condition.
Says Surplus is Needed.
Mr. Flaunlacher said: "It is regrettable that, following one of the
greatest years real estate has enjoyed and with the new year starting so
well, disturbing thoughts should be expressed at this time. The real
estate market is in excellent condition, and every indication is that it
will continue that way during 1927, unless we unnecessarily frighten
the buying and investing public.
"The statements made that there is a surplus of commercial space are
true. There should be a surplus. The moment that we roach a condition
where the amount to be had is less than that for which there Is a demand we
face a situation that can only lead to Nery serious if not disastrous results.
"We must have a surplus ofspace, with reasonable limitations,in order to
keep real estate in a healthy condition. Buyers of buildings, commercial
[VOL. 124
and residential, and renters ofspace are entitled to enough variety iii the way
of location, size and cost to permit them to take that which they feel is
best fitted for their respecthe requirements. Surplus of space means
competition, which, as has been said many times before, is 'the life of trade.'
"Frankly,I would rather see an over-production than a shortage ofspace
We in the real estate business know what troubles come with shortage of
space. None of Us want this condition to happen again. There is a happy
medium between over and under production, and I feel that this is what
exists now.
"Leading bonding institutions and others who furnish the funds needed
for buildings can regulate corstruction if regulation is needed. If they
will refuse to finance buildings which are obviously poor risks, few buildings of that kind will be built."
We likewise quote from the "Times" of Jan. 21 the following:
Two Opinions of Warning.
The Straus warning was said by C. Stanley Taylor. Consulting Editor
of "Building Investment and Maintenance and The Architectural Forum,"
to be somewhat premature and perhaps unnecessary. He declared the
building situation here showed every sign of taking care of its Interesting
future. He admitted there was a saturation condition here if old buildings
were considered, but said a study of conditions so far as new buildings were
concerned, actually revealed facts to the contrary. Prosperous enterprises.
he declared, demand space in the best localities and he insisted New York
had far frem satisfied the needs of modern commercial expansion. He
called the city and suburban building program entirely sensible.
F. T. H. Bacon, consulting building engineer, counseled against waste
and declared economies were essential if owners want to meet the inevitable
competition this spring. He declared there was no reason for alarm in
having to face facts. Most buildings can face reduction in rents with assurance, he said, if waste now present in operation methods is eliminated.
Plans Show Falling Off,
If New York, and especially Manhattan Island, is overbuilt,
it will not
be for the lack of warning, for more than a year ago
Walter Stabler, Controller of the Metropolitan Life Insurance Co., made a statement very
similar to that of Mr. Straus.
There are indications, however, that these warnings are being
heeded.
Plans filed with the Building Bureau of Manhattan during
the first two
weeks of the year show a falling off of more than
$5,000,000.
The following tables show the estimated cost, according
to classification
of building plans filed with the Building Bureau of Manhattan
during the
first two weeks of January 1926 and January 1927:
1927.
1926.
Stores and lofts
$704.000 Stores and lofts
$2,800,000
Public buildings
500.000 Public buildings
660,000
Tenements
4,425,000 Tenements
4,195.000
Offices
1.000,000 Offices
65.000
Hospitals
1,000.000 Hotels
900.000
Manufacturing buildings.
850,000 Other residential buildings 1,650.000
Stables and garages
16,300 Manufacturing buildings. 3,200,000
Other structures
250 Stables and garages
80,000
Other structures
300
Total
$8,495,550 Total
$11,550,300
Kelsey Agrees with Straus.
Clarence H. Kelsey, President of the Title Guarantee & Trust Co..
said yesterday: "I think Mr. Straus is correct in the opinion that there
should be a decided let-up for the present, in the construction in this
city of mercantile buildings,apartment houses, hotels and office buildings.
"Certainly for the good of the city and for the wholesomeness of the
whole building indastry, there should be a cessation of new production and
a chance given to the buildings already built, to secure tenants and
be
put en a substantial earning basis. It has been too easy to get
money
from the public by the sale of high-rate mortgage bonds, and
construct
buildings with the owner and building having very little of his own
money.
and sometimes none at all, invested in the operation."
Frank Bailey, Chairman of the board of directors of The Prudence
Co.,
said:
"The apparent recent discovery of over-construction in apartment
hotel.
and office buildings, has been evident for over six months. For a
long time
The Prudence Co. has refused to consider any loans on apartment
hotel.
unless the amount was away below their normal amount of lending.
"There are three kinds of real estate, however, at the present time which
do not seem to be over-constructed; first, good store property (this
does not
apply to excessive small stores in developing sections); second, apartments
of five to seven rooms renting from $150 to $300 per room, and walk-up
apartments renting for less; third, houses semi-suburban in character which
can be bought by a man earning $5,000 a year, and which can be sold upon
easy terms."
Capital Investments in Real Estate Coming from New
Sources According to W. Burke Harmon—
Loans by Life Insurance.
Capital being invested in American real estate from wholly
new sources, as shown by a survey of loans made by life
insurance companies, is having a far-reaching effect on
property valuation, according to W. Burke Harmon,
President of the Harmon National Real Estate Corp.
Between 1921 and 1926 loans of insurance companies on city
property have almost tripled, increasing from $1,252,000,000
to $3,123,000,000. At the present time 42.8% of life
insurance assets are invested in mortgages on real estate
properties. Not only has this percentage been increasing
steadly over a period of years, but according to the survey
the amount of life insurance written annually has also shown
a regular increase until to-day 3.6% of America's national
wealth is represented by the assets of life insurance companies. Mr. Harmon, says:
The fact that almost half of the life insurance written each year
now
becomes a direct investment in real estate is a stabilizing influence of
great
importance on property values. Probably the most important
single
influence of certain recent legislation, permitting insurance companies to
invest more heavily in real estate security has been a diversification or
property ownership. This means a very large increase in
competitive
bidding for properties.
JAN. 29 1927.]
THE CHRONICLE
money on good
To-day it is easier for the small property owner to borrow
interest, than ever
real estate holdings, and at lower long-time rates of
capital is now
before. In consequence even a few hundred dollars in cash
development is
sufficient to enable a man to acquire his own home. Such a
stable when
most
highly desirable in its political effect, since government is
effect Is far
property ownership is most general. In addition toe economic
reaching.
as one piece or
It is common knowledge that a large estate is worth less
owners in the
property than when it is subdivided and sold to numerous
a subdivision
as
limited;
form of lots. As an estate the number of buyers is
The same
the number of competitive buyers is expanded enormously.
economic
principal can be applied to metropolitan property generally. Any
real estate autofactor which increases the number of potential buyers of
matically raises real estate values.
indicate
These facts, apart from any other constructive influences, would
real estate
that we should have for an indefinite period an advancing
market in our larger cities where life insurance companies lend most heavily
a
on mortgages. Already values have become such that in recent years
have been
large proportion of our great country and suburban estates
of life are
broken up and sold in small lots. Similarly people in all walks
small, in
finding it possible to invest part of their capital, no matter how
to
real estate holdings. So anxious are banks and investment companies
years
recent
obtain mortgages on small properties of this character that in
borrowers.
for
they have actually begun to advertise
Politically and economically we are enjoying more stability to-day than
such
ever before in our national history. It is hardly a coincidence that
stability is developed in a period when individual ownership of property is
made universally possible.
The Executive Council of the Bulding Trades Department has asked
the co-operation of the affiliated international unions in the important
men
matter of vocational education and apprenticeship of the young
actually working at the building trades. Instead of restricting apprentices,
we want to supply the industry with as many new workers as the different
elements will absorb. -The building trades have been wrongfully accused
productivity
of limitation of output. There is ample evidence that the
last year
of the building worker is constantly increasing and during the
It has been an important factor in keeping down the cost of construction.
1927 should be another prosperous year for the building
industry and "should the contract volume be reduced, it
appears at the moment that the worst possible decrease will
not be more than half a billion dollars," in the opinion of
Thomas S. Holden, Vice-President in charge of statistics
for the F. W. Dodge Corporation. Discussing the "Building Outlook for 1927" in the January issue of the "American
Builder-Economist," Mr. Holden states that "it seems safe
to set $6,300,000,000 as a minimum estimate for the new
year." His article follows:
Views on Outlook in Building Industry—Building
Costs and Labor's Demand for Increased Wages.
The building trades employers' view of the "Building Outlook for 1927" is expressed in the "American BuilderEconomist" by A. W. Dickson, Executive Secretary of the
National Association of Building Trades Employers, who
states that "another great year of building activity is in
prospect for 1927, if organized labor will assume a reasonable
attitude and not attempt to further increase costs by agitation
for wage advances Und the five-day week." Mr. Dickson
said:
The public is tiring of high building costs, due chiefly to labor's continued
demand for increased wages and restrictions on production. Unless building
wages are stabilized or reduced to a more moderate level there will be a
real slackening in building and labor will find that it has killed the goose
that laid the golden egg and before long will be clamoring for more work
and an opportunity to make a living.
Neither wage increases nor the five-day week will be permitted to gain
headway in 1927 if it is within the power of the building trades employers
of the country to prevent it. The employers feel that lower costs are
necessary to stimulate a sufficient volume of building to keep the construtIon industry on a prosperous basis and the workers well employed. The
building trades employers are not trying to crush the building unions and
have no desire to do so. They want to co-operate with labor and bring
about a period of stabilization in the industry that will be beneficial to the
country as a whole and all interests concerned. This, however, can only
be done by mutual co-operation.
The building trades employers have signed agreements with labor unions
in many of the largest cities and in a number of the smaller towns throughout
the country extending the majority of present scales to 1928. This should
be an insurance against further wage advances during the coming year.
Careful and thorough analysis based on prevailing wage rates and general
conditions throughout the United States, with the proper consideration
given to all the elements which should be considered, fails to reveal any
economic reason for any advance in the already high wage rates paid in
the building trades.
will reach
The 1926 total for contracts for all kinds of construction
5% over
approximately 86.300,000,000—showing an increase of about
business
general
in
rise
the
as
great
1925. This advance is not quite so
the increase
volume, which is estimated at 5%. The major portion of
traceable to the inin the volume of construction during the last year is
part of this
dustrial and civil engineering classes of work. The greater
the first half of
with
year,
the
rise developed in the first few months of
the previous year.
1926 showing a marked increase over the same period in
months of 1926,
A smaller volume of contracts was made in the last six
of 1926 equalled
as compared with that part of 1925, but the second half
the first half.
boom, but that
A declining trend is expected after a big speculative
remarkable evidence of
It should keep within such moderate bounds is
(which it is quite posstability. So as to prevent an overbuilt condition
policy of watchsible may develop in any section of the country). a rigid
well-known fact that
fulness should prevail throughout 1927. It 18 a
both for the conoverproduction might result in serious consequences,
struction industry and general business.
-planned work, as well
There Is also noticeable a slight decline in newly
to point to a
as in contract volume. Consideration of the facts seems
a part of 1927
continued moderate decline in contract volume, through
within reasonable bounds
at least. Should the contract volume be kept
develop which would
during the first part of 1927, new demands might
part of the year.
hold activity at satisfactory levels during the latter
year for the building
On the whole, 1927 should be another prosperous
volume of contracts
Industry, although present indications are that its
contract volume be
may not quite reach the 1926 total. Should the
decrease will
reduced, it appears at the moment that the worst possible
to
not be more than hate billion dollars,and it seems safe set $6,300,000.000
as a minimum estimate for the new year.
Building construction costs will "probably never fall
below their present level; not sufficiently, at least, to warrant
building and financial interests in postponing contemplated
construction projects," in the opinion of William J. Tracy,
Secretary-Treasurer of the Building Trades Department of
the American Federation of Labor. In an article on the
"Building Outlook for 1927," published in the January issue
of the "American Builder-Economist," published by the
American Bond & Mortgage Co., Mr. Tracy said that high
wages had not retarded building but had been a stimulant
to national prosperity. He urged better building and said
that labor fully realized the importance of co-operation with
capital, adding:
Throughout 1927 it will be my purpose to do everything that is humanly
possible toward creating a feeling of sincere friendship and harmony between financial and banking interests and the Building Trades Department
of the American Federation of Labor. When it is considered that construction is one of the greatest factors of our national wealth—that building
is preceded only by agriculture, among the industries of this country—it
behooves all of the various elements, either directly or indirectly identified
with the construction industry, to use every honorable means to promote
its influence and prosperity. This is a duty which should be shared equally
with the financial interests, which supply the capital; the architects; the
engineers; the contractors or builders and the building material interests.
We. of the building trades, stand for a better building program; for improved building laws and codes; for the protection of the investing public
and home owner; for the legitimate builder; for the skilled and qualified
mechanic; and, as a guarantee against inferior workmanship, for a safe,
sanitary and durable building erected by master craftsmen. Naturally,
we do not favor cheap construction or so-called "hurry-up" jobs, for after
their completion these prove unsatisfactory to their unfortunate owners,
are constantly in need of repair and, In short, are a menace to the entire
building industry.
We are opposed to destroying the morale of our mechanics, who have
served from four to five years as apprentices in order to become masters
of their trades, by permitting unscrupulous employers to compel them
to install or erect work in an inferior manner. Fortunately such employers
concerned about the
are in the very small minority. We are as much
mechanical and trade skill of our membership as the minister, the priest
t.r the rabbi is about th0 morals of his congregation,
575
Objects to Halt in City's Building—B. F. Yoakum Tells
Empire Bond & Mortgage Co. That Shortage Would Result.
At the annual meeting of the Empire Bond & Mortgage
Corporation in the' National City Building, 42d St. and
Madison Ave., B. F. Yoakum, Chairman of the board of
directors, declared on Jan. 24 that there was nothing to
justify the assertion of S. W. Straus, President of S. W.
Straus & Co., that there should be a cessation of building for
six months in New York City. The foregoing is quoted
from the New York "Times," which adds:
"Such a stopping of building," he said. "would create another building
shortage, cause higher rents and hit hardest several hundred thousand
workers employed in the building industry who would be out of jobs.
"There is nothing in the real estate situation in New York City to justify
the current pessimistic comment," he said. "Every survey which has been
made by competent authorities indicates that, as a result of its splendid
building achievements of 1926 the city to-day enjoys a happy medium between underproduction and oversupply, and that there is still an active
demand for moderate-priced apartments. To argue, therefore, that building should stop for a period of six months is equal to saying that the city
will enjoy no growth in that period.
"The city is growing in population, wealth,number of industries and total
volume of trade. A normal, sane building program is needed to keep pace
with this growth. If such a program is not carried through,there will be a
shortage of space with higher rents resulting. It would be much wiser to
have an adequate supply of space, at least enough to prevent the stifling
of competition and the increase of rentals.
"Mr. Strauss assertion that building in New York City should cease to
six months is rather alarming as to its effect and doubtful as to its necessity.
"If the effect of the cessation of building wereconfinedto the mortgage
and financial institutions supplying the necessary funds therefore, it might
be passed over without second thought, but such is not the case."
The following officers and directors were elected for the coming year:
Chairman of the board, B. F. Yoakum; President, W. Albert Pease Jr.;
First Vice-President, G. J. Fleischmann; Second Vice-President, Charles S.
Wills; Third Vice-President, C. II. Gifford; Secretary and Treasurer, W.F.
Hull; Assistant Secretary and Treasurer, John J. Dunphy; General Counsel,
Kenneth O'Brien; Chairman of the Executive Committee. William C
Demorest; directors, Robert Adamson, George Le Boutilier, W. W.
Crawford. William C. Demorest, Howard Thayer Kingsbury, Maurice
Martens, Kenneth O'Brien, W. Albert Pease Jr., Charles S. Wills and
B. F. Yoakum.
M. J. Murphy, Formerly Director of Federal Reserve
Bank of Philadelphia, Sees No OverBuilding in Smaller Cities.
Commenting on the fact that metropolitan centres face
the possibility of an oversupply of buildings as recently •
asserted by S. W. Straus, M. J. Murphy, for eight years
Director of the Federal Reserve Bank of Philadelphia and
now Executive Vice-President of M-W. Braderman Company, Inc., said that "it was well known that real estate
576
THE CHRONICLE
bonds secured by property in the large cities enjoy greater
popularity with investors than bonds secured by real estate
in smaller cities and towns, regardless of the respective
value of the mortgaged properties. The'reason, of course,
is clear," he continued. "Every one thinks of real estate
in New York, Chicago, Philadelphia and the other big cities
as being highly valuable-it is easy to take it for granted
that any bond issue secured by such property must be good.
As a natural result of this situation, bond issues secured
by property in the larger cities have been much sought after
by real estate bond underwriting houses simply because
such bonds sell readily." He added:
Two evils have grown out of this condition: First, the keen competition
among bond houses for large city issues has placed borrowers in a bargaining
position. Their loans, so much in demand. Is often "shopped around"
among the competing houses in an effort to get the largest loan possible.
• In many instances this has resulted in "100% loans"-and a consequent
element of danger to the investor.
That New York City faces the possibility of over building at the present
time seems to be fairly well expected by real estate authorities. With
these circumstances in mind, the investor should consider a contrasting
situation.
Throughout the United States there are thousands of thriving communities enjoying a healthy and consistent growth which has brought about
a demand for needed and economically sound financing.
What happens when a borrower In such a community seeks a loan, as
compared with the borrower on large city projects? Very likely he will
find that his propositior. meets with little enthusiasm from the large bond
underwriters. His loan is admittedly good; but the issue is small: the
bonds will not sell rapidly simply because the city where the security is
located is not widely known to investors.
As a result, the borrower in such a case, in order to make the issue as
attractive as possible to investors, is compelled to pledge an amount of
security unheard of in metropolitan financing. This,therefore,brings about
an opportunity of decided advantage to the investor who is seeking an
unusual degree of safety for his invested funds.
Decrease in Number and Value of Automobiles Sold in
Philadelphia Federal Reserve District.
Business in automobiles during December was not satisfactory in this district, according to reports received from
14 distributors, says the Federal Reserve Bank of Philadelphia in its monthly report on the automobile trade. Continuing, the Bank says:
While retail sales of medium-priced new mit; during December increased
both in number and value over the November volume and that of a year
before, automobiles selling under $1,000 and over $2.000 registered a noticeable decline. The total sale of used cars, while showing a slight gain in
number, was loss in value than that of a year ago. Deferred payment
business, however, though under that of last November, exceeded the
volume of December 1925.
December purchases of now cars of all classes by local dealers were considerably below the total number and value of a year before. Compared
with last November's volume, sales also were smaller, except for those of
high-priced cars which were larger.
While stocks of new cars were heavier at the end of December than on the
same date in the previous month, the total held by 14 distributors is this
district was substantially smaller both in number and value than that on
Dec. 31 1925. Supplies of used cars,however, were greater than a year
ago.
Autartiolrile Trade.
Philadelphia Federal Reserve District.
14 lXstributors.
December
November
1926, Change from-
1926.
December
Number. Value. Number
of new cars at wholesale
Cars selling under $1.000
Cars selling from $1,000 to 92,000
Cars selling over 82.000
Sales of new cars at retail
Cars selling under $1.000
Cars selling from $1,000 to $2.000
Cars selling over $2,000
Sales
Stocks of new cars
Cars selling under 21,000
Cars selling from 81.000 to $2.000
Cars selling over $2.000
Sales of used cars
Stocks of used cars
Retail sales, on deferred payment
1925.
Value.
-42.3% -34.8% -45.0% -44.3%
-47.3% -45.8% -3.65% -37.1%
-41.5% -38.8% -66.6% -68.1%
+18.1% +9.0% -27.4% -23.8%
-68.3% -59.3% -28.2% -20.5%
-73.1% -73.1% -26.5% -26.7%
+19.8% +12.7% +6.4% +17.9%
-14.3% -15.2% -34.8% -16.5%
+3.0% +22.9% -50.0% -34.8%
-28.0% -27.1% -63.0% -62.5%
+16.9% +18.8% +2.87% +36.7%
+80.9% +78.7% -18.4% -17.4%
-25.1% -26.0% +0.3% -11.2%
+13.9% -2.1% +19.3% +12.7%
-33.9%-i0.0% +6.9% +24.1%
Merchandising Conditions in Chicago Federal Reserve
District. Gains in Wholesale and Retail Trade.
Gains in both wholesale and retail trade are reported in
the Chicago Federal Reserve District by the Federal Reserve Bank of Chicago, which in its February Monthly
Business Report has the following to say regarding merchandising conditions:
Wholesale Trade-With the exception of grocery and shoe firms, each
with a gain of slightly more than one per cent over December, 1925,
sales for all five reporting lines of wholesale trade declined during
December from both November and a year ago. All but shoe dealers
showed reduced stocks, and all lines indicated smaller accounts outstanding in the comparison with November; both these items varied as
compared with a year ago. Only shoe firms had smaller collections
than in November, and all but dry goods showed this item ahead of
December last year.
Groceries-December sales totaled 9.1% below November and of
thirty-two reporting firms, twenty-seven reported decreases in the monthly and sixteen in the yearly comparison. Inventories were 8.0% less
than in November and 10.0% lower than in December, 1925. All but
one firm reported smaller outstanding accounts, the total decline being
11.6% from the preceding month, but there was an increase of .08%
over a year ago. Collections increased approximately 7% in both comparisons.
[VoL. 124.
Hardware-Sales declined 12.8% in the comparison with a month
previous and 8.6% in the yearly comparison; inventories were reduced
by 1.5% from November and increased 0.3% over December, 1925;
receivables fell 12.2% below November and were 1.7% above a year
ago; and collections were larger by 14.1% and 13.6% in the same
comparisons. Some dealers report outstandings at the end of December
as smaller than for several years past. Present reduced business is
attributed partly to the inclement weather conditions.
Dry Goods-All reporting wholesale dry goods firms had a smaller
volume of sales in December than in November, and about two-thirds
showed decreases from a year ago. Percentage declines were 27.0%
and 2.8%, respectively. Inventories also decreased in both comparisons,
declining 8.5% from the preceding month and 13.1% from December,
1925. Collections improved over November by 10.3% but were 4.5%
smaller than a year ago. Receivable dropped 17.9% from the previous
month, with all reporting firms showing smaller outstandings, and 3.4%
from December, 1925, with about two-thirds reporting a contraction in
the item.
Drugs-Sales of wholesale drug firms decreased in December as compared with November and a year ago, declining 12.3 and 11.5%, respectively. Stocks were reduced by 8.1% from the preceding month,
but were about equal to ecember last year. Collections were better in
both comparisons, increasing 16.0% over November and 2.0% over December, 1925. Outstanding accounts decreased 9.9% and 6.8% in the
respective comparisons.
Shoes-Individually, wholesale shoe dealers were almost unanimous
in reporting smaller sales for December than for the previous month;
the decline averaged 35.8%, but the item was 1.1% larger than a year
ago. Stocks increased 8.8% in the monthly and 8.0% in the yearly
comparison. Outstanding accounts and collections were smaller than
in November but somewhat larger than a year ago.
Department Store Trade-Eighty-four firms reported an aggregate December sales increase of 2:6% over December, 1925, which month previously held the record, and brought the gain in total sales for 1926 to
6.6% above the figures for 1925. An increase of 48,3% over November
sales reflects gains at all but three stores and is somewhat ahead of the
average November-December expansion. Stocks were reduced 17.4%
from the November 30 figure but were approximately the same as a
year ago. Sales represented 51.8% of average stocks for the month as
compared with 50.5% for December, 1925; for the twelve-month period,
sales amounted to 395.3% of average stocks as against 380.3% for
1925. Collections were not quite so good as in November. Outstanding
accounts reached a seasonal peak which was larger than the same figure
for December a year ago.
Retail Furniture Trade-Total sales of twenty-one department stores
and sixteen retail furniture dealers were 10.8% greater than in November and approximated those of a year ago. Inventories at the end of
December declined 9.5% from the month previous, and were 5.9% larger
than on December 31, 1925. Furniture dealers reported total outstanding accounts as somewhat larger than for either a month or a year ago,
and collections were better in both comparisons. Installment payments
fell below November, but were ahead of December, 1925.
Retail Shoe Trade-December business among reporting retail shoe
dealers increased 25.3% over the previous month and 10.7% over a
year ago. Stocks at the end of the month were 6.9% smaller than a
month earlier and 8.8% larger than at the end of December, 1925.
The ratio of outstanding accounts to sales stood at 82.1%, as compared
with 89.5% for November and 84.6% a year ago.
Slowing Down in Philadelphia Federal Reserve District
of Sales of Electricity.
Industrial slackening in December is reflected by a decline
of 5.4% in sales of electricity to industries by 12 systems in
the Philadelphia Federal Reserve District. Total sales in
that month, however, says the Federal Reserve Bank of
Philadelphia, were about equal to those in November, as
lighting sales were seasonally larger. Compared with the
previous year output and sales of electricity showed large
increases in December. The large gains in hydro-electric
output were chiefly attributable to the absotption of a small
station by one of the reporting systems. The following table
is supplied by the.Bank:
Eleetric Power
Philadelphia Federal Reserve District.
12 Systems.
Rated generated capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales
December
1926.
1,343,000 k.w.
436,602,000 k.w.h.
23,480,000 k.w.h.
350,441.000 k.w.h.
62,681.000 k.w.h.
331.755,000 k.w.h.
77,090,000 k.w.h.
9,710,000 k.w.h.
67.380,000 k.w.h.
218.637.000 k.w.h.
1.817.000 k.w.h.
54.320.000 k.w.h.
162,500.000 k.w.h.
36.028.000 k.w.h.
Change
Change
from
from
November December
1926.
1925.
+3.7%
+5.2%
+32.6%
+5.9%
-5.7%
+0.0%
+12.0%
+9.5%
+12.3%
-1.2%
-2.9%
+14.1%
-5.4%
-13.4%
+15.9%
+20.9%
+184.8%
+14.5%
+33.8%
+21.5%
+18.3%
+7.9%
+20.0%
+20.9%
+0.4%
+15.2%
+23.2%
+34.0%
Large Volume of Industrial Output and Full Employment
Reported in San Francisco Federal Reserve District
During I926-December Activity Slightly Below That of Same Month in 1925.
According to Isaac B. Newton, Chairman of the Board
and Federal Reserve Agent of the Federal Reserve Bank
of San Francisco, in the Twelfth (San Francisco) Federal Reserve District, the year 1926 was characterized by
a large volume of industrial output; full employment of
workers; a record volume of trade at retail; a substantial volume of trade at wholesale; and business activity
which, in the aggregate, was probably greater than in
any previous year. Mr. Newton's review, dated Jan. 20,
goes on to say:
JAN. 29 1927.1
THE CHRONICLE
577
East North Central.
was larger in 1926
Volume of farm crops produced in the district
the
Large yields offset,
The yearly increase of 6% In this section is well distributed in all
than in any other year of record, except 1923.
products, how- States comprising the section. The average gain in the section for December
l
agricultura
for
paid
price
in
reduction
a
only partially,
smaller than in 1925.
is 9%. State increases do not vary widely from the section average.
ever, and financial returns to farmers were
1926 was adequate for
West North Central.
The supply of bank credit available during
steady at moderate levels,
the average
the disCrict's needs, interest rates remained
Iowa leads this section with a gain of 15% for the month,
were
Francisco
San
of
Bank
Reserve
Federal
all States
and demands upon the
increase being 3%. The sectional increase for the year is 3%,
heavy.
not unduly
showing a gain.
Dakota
South
except
of
volume
and
Signs of recession in industrial and trade activity
South Atlantic.
December, 1925; with•
employment at levels slightly below those of
of December
levels; and with retail
West Virginia, with a gain of 19%, leads in the increase
distribution at wholesale at moderately low
inventories than at any 1926 over last December. The South Atlantic section shows an average
trade active, but apparently carrying larger
consection in the yearly
credit conditions
yearly gain of 3%. Florida leads all the States in the
time since the spring of 1924.. Banking and
marked decrease over
gain of 14%. although the monthly figures show a
tinued sound.
to prevailing indus- last December. Sales have been falling off in volume in Florida since
Building construction again contributed largely
number and value of last July although a slight gain was recorded in August
trial activity during 1926, although figures of
cities of .the district were
building permits issued in 20 principal
East South Central.
volume of lumber was
this section
smaller than in any year since 1922. A record
Kentucky, Tennessee, Alabama and Mississippi comprise
curtailment during
the
cut during the year, although greater than seasonal
gain over the record of a year ago. Kentucky leads
5%
than
a
show
less
and
was
which
cut
1926,
December,
a
in
recent months resulted
during section in a yearly gain of 7%.
larger
was
district
the
in
of
flour
Output
1925.
that of December,
was smaller than in any
West South Central.
1926 than in 1925 but, excepting that year,
vegetable pack in California
this section is
year since 1920. The canned fruit and
The amount of insurance purchased during the year in
A
of
all
record.
pack
largest
the
year, although a decrease is shown for the month in
last
amounted to 30,521,975 cases in 1926,
of
ahead
2%
important factor in
Oklahoma continues to lead in a yearly gain of 6%.
revision of canned fruit prices was announced by an
States.
the
new quotations, which are guaranthe trade on January 3, 1927. The
Mountain.
which contain concessions
teed against decline until June 1, 1927, and
identical with sales
opening prices named in
Sales in this section in December were practically
to buyers, are generally lower than the
3% higher than
in December of last year. For the year, sales averaged
July, 1926.
a 14% gain.
with
year. Idaho leading
during
last
of
reported
was
months
same
which
the
activity
in
sales
trade
in
decline
The moderate
temporarily, by an active
Pacific.
the latter part of 1926 was checked, at least
by more
year. The
holiday season in December. Sales at wholesale increased
n shows a yearly gain of 7% over the record oflast
Washingto
in
value
ely
equal
approximat
the year.
than the usual seasonal amount and were
gains in the section as a whole averaged 3% for
when
e
acquires
significanc
fact
This
1925.
to sales during December,
level was 6% lower
it is remembered that the general wholesale price
bank's Increase in Postal Receipts at Fifty Selected Cities.
during December, 1926, than during December, 1925. This
usual seasonal
index of sales at retail, in which allowance is made for
of
Postal receipts at 50 selected cities throughout the country
variation, again advanced during December, 1926; and its index
06
seasonal
usual
for
adjusted
also
is
which
debits,
for the month of December 1926 increased $1,625,8 over
daily average bank
according to figures made
1925,
in
movements, advanced for the first time since last July.
month
same
the
for
those
During recent weeks condition statements of 65 reporting member
This would
District public Jan. 6 by Postmaster-General New.
banks in the principal cities of the Twelfth Federal Reserve
$3,000,000
over
spent
for'
demand
people
n
in
changes
America
indicate that the
have reflected the usual holiday and year-end
for
r of last year, than was excredit accommodation. Prior to the Christmas holidays, demand
Decembe
in
postage
for
more
credit and currency increased, and interest rates advanced slightly.
December 1925, and which will be shown when
With the passing of the year•end this seasonal demand ceased, and by pended in
e. The total
mid-January the volume of total loans and discounts of these banks figures covering the entire country are availabl
$40,381,559,
were
1926
r
had declined to December 1st levels.
Decembe
for
cities
50
the
for
receipts
Member bank demands for funds at the Federal Reserve Bank of
of 1925.
month
nding
correspo
the
for
$38,655,752
San Francisco increased temporarily during December, but neither as against
ge of increased
before Christmas nor at the year-end were demands so great as those Atlanta, Ga.,led all the cities in the percenta
experienced during the autumn harvest season. On January 12, 1927, receipts, with 21.70% increase. Dayton, Ohio, came next,
total bills and securities held by the Reserve Bank were 5 million dollars
to with an increase of 18.40%, and Fort Worth, Texas, ranked
larger in amount than one year ago. The usual increase in hand
y
reChristmas
preceding
the
month
during
nts
requireme
currency
band
third, showing an increase of 14.90%. The summar
sulted in a temporary expansion of 4 million dollars in Federal reserve follows:
note circulation of this bank and a decline of approximately 25 million
de- STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
dollars in its cash reserves. Subsequent contraction in currency
FOR THE MONTH OF DECEMBER 1926.
Federal
%
%
mands exceeded the previous expansion, and the volume of
%
Septemsince
level
lowest
the
1924 1925 1924
to
declined
circulation
December
in
notes
December
reserve
Increase. Over Over Over
1925.
1928.
ber, 1918, while reserves again increased.
1925. 1924. 1923.
$
$
Agricul$
OfficesPreliminary estimates of the United States Department of
87,334 17 1.20 12.54 7.68
7,393,450 77 7,306,116 80
during New York, H.Y
53 237,589 77 3.64 12.86 13.23
6,522,401
ture indicate the acreage of winter wheat planted in the district
30
6,759,991
III
planted Chicago,
47,014 08 2.07 18.32 11.45
2,316,082 27 2,269,068 19
the autumn of 1926 was approximately 13% larger than that
Philadelphia, Pa
54,67971 3.03 10.69 8.76
a generous Boston. Maas
1,858,304 81 1,801,825 10
during the autumn of 1925. Favorable weather, including
36 10.43 6.24 7.47
137,676
55
1,320,313
1
1,457,9899
l
St. Louis. Mo
seasonal railfall, has marked the beginning of the 1927 agricultura
50,490 00 4.70 17.54 9.02
1.073.584 78
Kansas City, Mo__- 1,124,054 78
season over most of the Twelfth Federal Reserve District. A mod- Detroit, Mich
1,237,938 54 1,125,679 90 112,258 64 9.97 23.18 11.67
12,159 44 1.32 11.99 11.40
921,973 02
934,132 46
erately heavy snowfall in mountain areas of the territory gives promise Cleveland, Ohio
65 1,075,447 95 130,255 70 12.11 6.93 6.25
of an adequate supply of Water for agricultural purposes later in the Los Angeles, COL.__ 1,205,703
30 6.53 5.47 8.08
57.840
80
886,286
10
944,127
San Francisco, Calif
season.
984,609 04 125,018 05 12.70 11.99 2.89
1,109,627 09
Brooklyn, N.Y
94,853 56 11.78 8.13 6.08
49
804,893
05
899,747
Pittsburgh, Pa
5.428'
"0.72 16.41 15.11
771,920 74
766.377 89
Ohio
2,908 91 0.41 7.04 2.09
704,717 66
Highest Year on Record for Ordinary Life Insurance Cincinnati,
Minneapolis, Minn_ _ _ 707,626 57
"0.22 32.94 7.76
73
"1,676
71
756,578
98
754,899
Baltimore, Md
Sales-Record December Sales.
18,886 79 3.14 17.80 13.35
601,930 95
620,817 74
Milwaukee, Witt
50.59686 8.07 13.74 6.26
97
627,061
83
677,658
C..D.
,
Washington
The total amount of ordinary life insurance purchased in Buffalo,
592,867 03 *35,867 31 "6.05 15.47 11.87
558,999 72
N. Y
800 71 0.16 5.74 10.89
502,447 40
503,248 11
Paul, Minn
the United States in 1926 is well ahead of any previous year. St.
10,015 91 2.06 14.13 8.79
485,584 58
49
495,600
_
_
s, Ind__
Indianapoli
20 21.70 12.82 6.55
82,046
5%
00
from
to
4%
378,105
460,151 20
The increase of sales for the year ranges
Atlanta, Ga
40.54697 9.37 14.93 13.97
432,539 26
473,088 23
Newark, N. J
s
g
to
statistic
compiled
accordin
41 4.66 9.10 7.86
1925,
18,004
32
of
386,841
record
73
404,645
over the
Denver, Cola
6,329 16 1.66 13.52 3.65
382,214 58
388,543 74
Dallas, Texas
7.50 14.28 7.78
30,20048
by two organizations representing the majority of the Seattle,
87
402,671
35
432,872
Wash
4,255 00 1.39 5.14 "3.13
306,970 84
311,225 84
Neb
life insurance companies in the United States. December Omaha,
'1.29 15.25 *1.15
36
"4,249
89
329,145
53
324,896
_
Iowa.
Moines,
Des
18,746 95 5.44 16.08 1.12
344,771 38
363,518 33
sales increased $74,365,000 over the sales of last December, Portland, Ore
6.10490 2.01 16.47 5.52
304,123 72
310,228 82
Ky
16,510 43 5.44 7.24 13.51
303,50908
which was the highest record ever made. The largest Louisville,
51
320.019
Rochester, N. Y
"1,468 99 "0.48 13.89 7.69
306,628 53
305,159 54
Ohio
sectional increase in sales this month over the sales in Columbus,
10,397 95 3.40 8.45 "1.83
305,558 79
315,956 74
New Orleans, La
g
accordin
States,
England
16,106 68 6.57 15.69 3.10
New
46
the
245,300
261,407 14
Toledo, Ohio
December 1925 is 22% in
3,47524 1.45 18.15 10.13
40
239,865
64
243.140
Va
Richmond,
1,78943 0.67 18.14 10.24
267,283 67
269,073 10
to figures just published by the Life Insurance Sales Research Providence, R.I
'67143 *0.30 17.54 7.98
224,752 00
57
224,080
Tenn
Atlantic
section
Middle
The
Memphis.
Conn.
,
Hartford
Bureau of
73 18.40 8.61 22.12
36,801
91
198,875
64
235.477
Ohio
Dayton,
81 10.17 14.58 4.65
20,426
80
.
The
for
200,928
records
221,355 61
Hartford, Conn
follows closely with a 20% increase
1,608 52 0.85 6.23 6.76
48
189,835
00
191,444
Tenn
Nashville,
in
gains
Maine
and
greatest
the
show:
24 9.82 25.37 2.29
18,781
States
79
191,321
03
al
210,103
individu
Houston,Texas
8,21559 4.57 11.01 8.36
179,642 17
187,857 76
N.Y
Rhode Island. Gains of at least 10% for the month were Syracuse,
13 13.40 10.39 10.82
23.787
93
06
177,465
201,253
Conn.__
New Haven,
13,469 70 7.74 17.55 13.68
173,922 64
Grand Rapids, Mich_ 187.382 34
recorded by 28 States. The Bureau adds:
19,014 33 11.97 20.86 11.98
158,792 43
76
177,806
Ohio
Akron,
23,333 09 14.90 27.48 7.87
156,626 22
Dunes 1926 all sections have shown increases for the whole year of at Fort Worth, Texas_ _ _ 179,959 31
the year have increased Jersey City, N. J
3.809 05 2.39 20.31 16.22
159,164 05
162,973 10
least 2% over the sales of 1925. Actual sales for
2,40745 1.59 12.99 2.76
26
151.064
71
153,471
.
Mass.
Springfield
approximately $333,000,000 over 1925 sales.
3.53802 2.37 8.77 15.14
149,430 98
Salt Lake City, Utah_ 152,969 00
*2,758 36 "1.85 43.40 16.92
149,237 78
146,479 42
New England.
Jacksonville, Fla
92 14.59 9.93 8.11
18,165
30
22
124,475
142,641
Worcester, Maas
During the month, sales in the New England section averaged 22%
in
the
nine
any
of
increase
31 4.21 13.20 8.92
highest
the
1,625,806
52
December83
38,655,752
for
last
40.281.558
sales
Total
more than
1926 over
•Decrease. September 1926 over September 1925, 4.99; October
geographical sections. Maine, with the very high increase of 41%. shows
6.36.
its
1925,
in
monthly
gain.
November
States
October 1925, 1.14; November 1926 over
the best gain in this section. and leads all the
year. The average
Maine also leads the section in a 15% gain for the
ial Cities.
yearly increase for the section is 5%•
Increase in Postal Receipts at Fifty Industr
Middle Atlantic.
out the
through
cities
l
industria
at
50
receipts
Postal
for approximately oneSales in the Middle Atlantic section, which pays
increase
an
showed
1926
for
gain
20%
a
r
the
show
Decembe
States,
country for the month of
third of the total business in the United
in each State, Pennsylvania
those for the same month of
over
5.20%,
0
month. An increase of at least 13% was made
or
46,
of
$214,72
this section are 4% ahead
leading with a 27% gain. Sales for the year in
1925, according to figures made public Jan. 7 by Postmasterof sales of last year.
578
THE CHRONICLE
General New. The total receipts of the 50 cities for December 1926 were $4,340,343, as against $4,125,622 for the
month of December 1925. Albany, N. Y., with a gain of
18.28%, led all the cities in the percentage of increase.
Shreveport, La., came next with an increase of 13.08%,
while Bridgeport, Conn., ranked third with an increase of
11.09%. The summary follows:
STATEMENT OF POSTAL RECEIPTS AT FIFTY INDUSTRIAL
OFFICES
FOR THE MONTH OF DECEMBER 1926.
%
%
%
December
December
1926 1925 1924
1926.
1925.
Incrase.
Over
Over
Over
Offices$
$
$
1925. 1924. 1923.
Springfield, Ohio__ 204,348 24 194,989 81
9.35843 4.80 12.60 45.98
Oklahoma, Okla__. 154.761 93 151,703 41
3,058 52 2.02 22.44 2.55
Albany, N. Y
170.000 12 143,723 74
26,276 38 18.28 4.95 18.24
ecranton, Pa
127.713 38 123.371 93
4.34145 3.52 4.74 0.80
Harrisburg, Pa
171,401 24 160,496 49
10,904
75 6.79 19.31 3.92
San Antonio, Texas_ 144,967 54 132.774 20
12,19334 9.18 11.58 9.33
Spokane, Wash
132,454 60 120,687 71
11.766
89
9.75 6.85 3.35
Oakland, Calif
257,775 34 237,097 57
20,677 77 8.72 27.74 17.46
Birmingham, Ala
173,945 25 158,620 32
15,324 93 9.66 16.90 16.49
Topeka, Kan
133,696 56 123,233 99
10,462 57 8.49 7.82 7.49
Peoria, III
108,527 23 101,589 44
6,93779 8.83 11.99 5.70
Norfolk, Va
114,746 53 112,432 67
2,31386 2.06 16.30 8.33
Tampa, Fla
105,154 94 110,263 81
*6,10887 *4.63 46.84 13.13
Fort Wayne, Ind
112,741 48 105,119 77
7,62171 7.25 8.64 7.07
Lincoln, Neb
95,403 56
87,915 47
7,48809 8.52 3.20 4.05
Duluth, Minn
103,377 48 100.24354
3,13364 3.13 14.92 9.01
Little Rock, Ark..
90,401 22
91.10734
*706 12 *0.77 7.08 15.80
Sioux City.Iowa_ _ _ _ 91,079 35
87,402 00
3,677 35 4.21 9.79 4.81
Bridgeport. Conn_._ 113,14484 101,845 91
11.298 93 11.09 7.49 11.25
Portland, Me
96.691 84
90.65567
6.036 17 6.66 0.55 21.24
St. Joseph, Mo
75,994 14
74,137 16
1,86698 2.50 6.27 11.12
Springfield, Ill
81.96253
78,385 77
3,57676 4.56 25.69 7.50
Trenton, N. J
93,192 67
88,642 68
4,54999 5.13 10.03 15.78
Wilmington, Del___ _ 87,359 06
86.76791
591 15 0.68 21.07 12.97
Madison, Wis
85,955 71
78,104 84
7,85087 10.05 21.94 5.25
South Bend, Ind_ _ _ 90.60116
83,202 92
7,39824 8.89 25.96 0.69
Charlotte. No.Caro_ 81,034 41
80,224 96
809 45
1.01 18.08 14.64
Savannah. Ga
64,079 79
58.720 89
5.35890 9.12 13.21 *9.23
Cedar Rapids, Iowa- 60.735 49
56,251 13
4,484 36 7.97 6.84 0.50
Charleston, W. Va
66,163 12
70,659 16
'4,49604 *6.36 22.95 1.94
Chattanooga, Tenn_ 89,338 59
90,860 13
*1,521 54 *1.67 24.53
1.21
Schenectady, N.Y
71,872 20
69,164 45
2,70775 3.91 6.49 8.23
Lynn, Mass
68,620 77
64,000 68
4,62009 7.22 4.85 21.41
Shreveport, La
58,410 93
51,655 39
6,75554 13.08 6.76 13.86
Columbia, So. Caro- 50,733 25
55,706 73
*4,973 48 *8.93 28.05 8.24
Fargo, No. Dak
43,026 11
41,628 58
1,39753 3.36 19.90 5.08
Sioux Falls, So. Dak_ 37,879 99
41,116 78
*3,236 79 *7.87 16.40 4.55
Waterbury, Conn
51.357 65
48,903 05
2.45460 5.02 13.24 9.67
Pueblo, Colo
40,551 22
38,609 90
1,941 32 5.03 5.11 11.58
Manchester, N. K.
41,530 32
43,182 59
'1,65227 *3.83 12.35 12.98
Lexington, Ky
43,225 33
41,275 79
1,94984 4.72 8.93 14.98
Phoenix, Aria
50.92823
47,749 12
3,179 11 6.66 19.16 13.71
Butte, Moot
33.92426
32,872 42
1,05184 3.20 15.68 *0.89
Jackson, Miss
37,00387
34,96177
2,042 10 5.84 10.49 15.54
Boise, Idaho
25,730 00
25,88700
'15700 *0.61 6.02 8.31
Burlington. Vt
27,86784
20,34723
1,52031
5.77 12.93 2.23
Cumberland, Md._ _ 22.13098
21.56395
56703 2.63 20.00 *0.37
Reno, Nev
20,421 45
18,655 99
1.76540 9.46 8.41 9.46
Albuquerque, N. M_ 22,924 02
28,074 20
*5,150 18 *18.37 46.34 5.54
Cheyenne, Wyo
13,455 25
13,033 99
421 26
3.23 *2.15 30.49
Total
4 340,342 71 4,125,622 25 214,720 46 5.20 14.19 9.24
• Decrease. September 1926 over September 1925, 5.58: October 1926
over
Oct. 1925, 2.06: November 1926 over November 1925, 8.75.
1926 Highest Year on Record for Sales of Life Insurance
in Canada-December Sales Ahead of Last Year.
, Sales of ordinary life insurance in Canada exceed all
previous records with $471,649,000 paid for during the
year. Figures just issued by the Life Insurance Sales
Research Bureau of Hartford, Conn., indicate a gain of
11%,or $46,777,000 over the paid-for business in 1925. The
Bureau's advices further state:
During December the records of the reporting companies show
sales of
$47,366,000. This is 6% higher than sales in June 1926, which had held
the highest record. This follows previous sales records which show December sales usually lead in volume with June the second largest month. The
gain for the month is 13% over December 1925, an increase in volume
of
$5,544,000. High records for December are gains of 37% in New Brunswick and 29% in Quebec.
The yearly increase of 11% is well distributed throughout the Dominion.
Saskatchewan leads the provinces with a 22% gain over last year's record.
Quebec follows with an increase of 17%.
Substantial gains during December are recorded by the reporting cities.
Increases for the month range from 12% in Vancouver to 98% in Hamilton.
Among the cities Montreal shows the highest gain for the year.
Railroad Revenue Freight Car Loading Running Heavier
Than in 1926 and 1925.
Cars loaded with revenue freight for the week ended
on Jan. 15 totaled 950,045, according to the Car Service
Division of the American Railway Association. This was
an increase of 18,310 cars over the corresponding week last
year and an increase of 16,023 cars over the same week
two years ago. The total for the week of Jan. 15 was also
an increase of 9,245 cars over the preceding week. Coal
loading for the week of Jan. 15 totaled 229,407 cars, an
increase of 36,882 cars above the same week last year and
20,176 cars above the corresponding week in 1925. This
Item, it will be seen, contributes more than the whole increase. Further details follow:
Grain and grain products loading totaled 45,306 cars, a decrease of
3,938 cars under the corresponding week last year and 6,372 cars below
the same week two years ago. In the western districts alone, grain
and grain products loading totaled 27,703 cars, a decrease of 3,581 cars
below the same week last year.
Miscellaneous freight loading totaled 313,823 cars, a decrease of
6,256 cars below the same week last year but an increase of 12,596
cars above the same week in 1925.
Live stock loading amounted to 33,159 cars, a decrease of 1,410 cars
under the same week last year and 5,358 cars below the same week
two years ago. In the western districts alone, live stock loading totaled
25,460 cars, a decrease of 868 cars under the same week last year.
[VoL. 124.
Loading of merchandise and less than carload
lot freight for the
week totaled 242,657 cars, an increase of 734
cars over the corresponding week last year and 7,001 cars above
the same week in 1925.
Forest products loading totaled 65,159 cars, 742
cars below the corresponding week last year and 8,290 cars below
the same week two
years ago.
Ore loading totaled 8,562 cars, 1,197 cars
under the same week in
1926 and 1,953 cars below the corresponding week
two years ago.
Coke loading totaled 11,972 cars, 5,763 cars below the
same week
last year and 1,777 cars below the corresponding
week in 1925.
All districts except the Northwestern and Southwestern
showed increases in the total loading of all commodities compared
with the corresponding week in 1926 while all except the Northwestern
and Centralwestern showed increases over the same week in 1925.
Loading of revenue freight this year compared with the
two previous
years follows:
1927
1926
1925
Week ended January 1
740,348
741,560
767,098
Week ended January 8
940,800
907,622
934,170
Week ended January 15
950,045
931,735
934,022
Total
.. 2,631,193
2,580,917
2,635,290
Building Construction in Illinois During DecemberValue of Construction Lower than Previous Month
but Higher than for December 1925.
In its summary of building construction in Illinois during
December, the Illinois Department of Labor, through its
Bureau of Industrial Accident and Labor Research, has the
following to say under date of Jan. 22:
At the year's end building authorizations continued to be issued
at a
pace which set a higher record in any December since 1922. The value
of
construction planned for in December 1926 shows an increase over December
1925 of $4.137,066, though there was a decrease of nearly 82,400,000 from
November 1926. This decrease, which was to be expected in view of the
advance of winter, amounted to only 7.1% as compared with a
decrease
of 29.4% between November and December a year ago and with a drop
of 22.7% between the corresponding months of 1924. The new year's
immediate building prospects are extremely reassuring.
The total value of building authorized in 24 Illinois cities during
the
year 1926 is $465,633,754, which is a gain of $4,098.766 over
the year 1925.
For the entire year 1926 13 cities show a gain over the year 1925.
These
are Chicago, Aurora, Bloomington, Blue Island, Decatur, East St.
Louis,
Elgin, Highland Park, Moline, Quincy, Springfield, Rock
Island and
Winnetka. Only 8 cities show gains in December 1026 over November
1926. They are Aurora, Bloomington, Danville. East St. Louis. Moline,
Peoria, Springfield, Winnetka. Thirteen cities, however, increased
in
December 1926 in value of construction over that authorized in December
1925. These cities are Chicago, Aurora, Bloomington, Blue Island,
Decatur, East St. Louis. Elgin, Highland Park, Moline, Quincy, Rock
Island, Springfield, Winnetka.
Home building in December fell off 16% from November 1926 but nonresidential building increased 29% in December. During this month,
provision was made to house.3,384 families, which compares with 4,590
families in November. During the entire year houses and apartments
have teen built or planned to accommodate 50.630 families in the 24
principal cities of the State,at a total estimated cost of$299.957,438. Nonresidential buildings have been provided for within the year which will
cost 5144,415,876.
In Chicago alone 1,346 buildings were planned for in December at a
cost of $25,940,705. This figure compares with $28,537.560 in November
1926. $19,293,800 in December 1925 and $22,115,630 in December 1924.
The families provided for in now housekeeping dwellings in Chicago in
December number 2,821. During the year 1926 Chicago has provided
dwellings for 41,371 families, Berwyn for 1,414 and Evanston for 1,271.
Outside the metropolitan area. Aurora, in December 1926, ranks first
in value of new building, amounting to $1,077,190. Winnetka is second
with $708.200. The remaining cities are far below this figure. During
the year 1926, Rockford leads all other cities in housekeeping
dwellings
which are to accommodate 880 families. East St. Louis is second in this
respect with 708 families, Decatur third with 568, Aurora fourth with
dwellings for 526 families. For this period Peoria with building valued
at $5.685.410, leads all other cities outside the metropolitan district:
Rockford is a close second with $5,543.124;Decatur third with $5.420,302:
East St. Louis fourth with 84.522,790 and Springfield fifth with $4,269.586.
The following tables are supplied by the Bureau:
NUMBER AND COST OF BUILDINGS AS STATED BY PERMITS ISSUED
IN ILLINOIS CITIES FROM JANUARY TO DECEMBER 1926 BY
CITIES ACCORDING TO KIND OF BUILDING.
Cities.
Total.
Residential.
Buildings.
Jan. to Dec. 1926. Jan. to Dec. Jan. to Dec. 1925.
1925.
Estimated
No.
Estimated
No.
Estimated
Blrigs
Cost.
Coat.
Bldg:.
Cost.
Whole State
49,004 1465,633,754 $461,534,988 18,797 $299,957,438
Chicago
Outside Chicago
Aurora
Berwyn
Bloomington
Blue Island
Canton
Cicero
Danville
Decatur
East 51. Louis
Elgin
Evanston
Highland Park
Joliet*
Moline
Murphysboro
Oak Park
Peoria
Quincy
Rockford
Rock Island
Springfield
Wilmette
Winnetka
29,473 $380,533,530 $373,886,625 12,247 8242,064,750
19,531 85,100,224 87,648,363 5,550 57,892,588
1,337
4,962,592
4,408,259
518
3,642,453
1,929
8,704,200
9,010,400
969
8,009,800
242
1,215,650
1,112.750
117
811,100
486
1,418,561
1,413,391
128
972.700
39
151,060
156,460
5
15,300
720
5,322,458
5,711,305
324
3,988,600
160
1,362.900
2,862,100
129
795,400
1,424
5,420,302
5,416,552
559
2,651,500
1,557
4,522,790
4,429,872
508
3,386,983
1,311
3,620,857
3,580,437
297
1,528,178
1,300 15.825,670 16,829,520
448 11.160,370
421
2,654,273
2,556,673
193
2,252,941
•
••
*
991
1,406,804
1,385,421
152
834,025
24
266,400
280,100
10
35,300
6,469,914
960
7,100,195
256
5,090.900
1,459
5,885,410
5.748,790
341
3,268,550
421
1,327,618
1,327,293
191
764,050
2.014
5,543,124
5,684,649
885
3,338,300
1,215,282
832
1,195,180
154
560,950
4,269,586
1,374
4,286,024
357
2,081,888
305
1,577,968
1,610,907
111
1,370,400
225
2.156.805
1.574.105
98
1.333.100
•Figures not available before April 1926.
JAN. 29
1927.]
THE CHRONICLE
579
management per worker. The extent to which New York manufacturers
have been able to adjust themselves to increasing wage costs IS indicated
by the fact that they were able to obtain nearly as much production for a
Residential Mos. given wage expenditure in 1923 as in 1914.
Total.
Opposition to the proposed 48-hour law, the Conference Board finds. is
Dec. 1926.
based not so much upon the restricted number of hours as upon the inflexiDec. 1925.
Nov. 1926.
Dec. 1926.
bility of the proposed measures, excepting in certain inthistries already
Cities.
No. Estimated No. Estimated Estimated No. Estimated
subject to severe competitive disadvantages because of conditions prevailing
Cost.
Mips
Cost.
Cost.
Bldos
Cost.
Bldgs
in other States. It is pointed out by the Board that plants now voluntarily
proposed
$
$
$
operating on a 48-hour schedule are generally opposed to the
$
2 200 31,487,657 3,523 33,878,632 27,350,591 939 22,811.050 legislation largely because of the handicap it places upon industry in times
Whole State
of peak production. Such provisions as are proposed for occasional over1 346 25,940,705 2,233 28,537,560 19,293,800 632 18.698,800
Chicago
4,112,250
307
8,056,791
time operation, the Board finds, are generally considered inadequate, and
5,341,072
1,290
5,546,952
Outside Chicago_ 854
17 1,028,000 take no account of possible changes In business conditions.
522,857
268,039
90
45 1,077,190
Aurora
316,900
665,300 41
483,400
73 359,100 119
Berwyn
The Conference Board points out that the proposed 48-hour legislation,
13,000
4
38,000
18,500
10
140,900
men's
12
Bloomington
51,500 while intended to apply to women only, in effect also would restrict
7
61,300
97,494
28
66,470
27
Blue Island
None working bouts in plants which employ a large proportion of women. In
5,400 None
8.130
5
None
None
Canton
finds
Board
137,000
14
the
553,697
workers,
214,838
31
164,850
22
upon women
Cicero
14,400 the case of plants not dependent
5
14,600 1,526,800
7
27,600
would be sup7
Danville
77,250 that "there is ample evidence" that the women workers
26
141,225
231,275
79
144,975
71
Decatur
167,300 planted by men if the proposed measure became a law.
20
122,335
115,645
215,253 84
94
East St. Louls
of the
84,900
10
138,180
382,943
178,600 106
29
The Conference Board's report questions the soundness of some
Elgin
985,000
29
2,040,600
1,230,400
113
63 1,026,750
-hour legislation based on the
48
the
of
support
in
Evanston
advanced
arguments
224,800
8
150,550
296,743
38
248,150
shorter
20
Highland Park
24,000 expected increase in the individual worker's activity during a
*
(6)
103,400
33
38.300
(25)
Joliet
84.700 working day. While the fatigue element may play a part in such occupa7
55,624
68,770
58
97.007
23
Moline
None
13,700 None
5,000
1
None
part of handwork, in machine work, the
None
Murphysboro
273,400 tions as consist purely or in large
10
919,540
74 693,614
289,259
there could result
28
Oak Park
71.500 report declares, "the machine sets the pace," and hence
17
215,180
89.930
153,800 49
55
Peoria
38,000 no material speeding up of activity on part of the worker, no matter how
12
41,950
52.745
27
42.275
21
Quincy
142,000 much hours are reduced, nor how willing the worker may be to increase his
30
358.875
518,625
217,350 168
81
Rockford
41,000
12
35.655
93.905
59
55,777
52
Rock Island
73,600 output.
12
212.484
107.260
63
216.046
69
State are most
. Springfield
777.50(
Workingmen's compensation benefits in New York
112.039
170.286
22
79,100
12
Wilmette
cne liberal as compared with other States, the Conference Board finds in a
15/1
12
190. son
70. 0.20
25
ma non
911
1nneatIro
1,11,
in the
comprehensive review of compensation legislation and practice
York State
various states. The indicated benefits to the worker in New
a State generally claimed to be
Industrial Development of New York State Not Equal are found to be 44% higher than in Ohio,and
to have a most liberal comon a par with New York in this respect,
to That of United States as Whole-Increase in
is limited at
pensation law. While the death benefit in Ohio. for instance
Wage Costs Compared.
$6.500 the amount in New York is unlimited.
payroll, is found to be
The cost of compensation, measured per $100 of
of Penn"The industrial development of the State of New York 190%
higher in New York State than in the neighborhing State
the
of compensation is
of
cost
sylvania. In New Jersey, the Board finds, the
has not kept pace with the industrial development
than
and in Massachusetts and Connecticut a little more
United States as a whole during the past decade, and New Just about half
half of what it is in New York.
the
as
own
its
hold
to
in New York State is
York will find it increasingly difficult
The average cost of compensation per wage earner
the average wage
leading industrial State of the country in the future unless found to have increased 320% from 1914 to 1925. while
of industries includgroup
a
increased 120% in
period
same
the
on
the
during
based
is
cost
h
hencefort
industry
to
public policy relating
industry, that of
the metal trades, iron and steel, the boot and shoe
chemical industry, the
most thorough scientific analysis of conditions and on most ing
textiles and textile products, food products, the
lumber and
careful appraisal of the probable effects of proposed changes paper and pulp industry, that of printing and publishing,
Compensation rates in all lines of
e.
manufactur
furniture
and
by
work
n
reached
mill
conclusio
in policy." That, in substance, is the
only 48%
activity, including non-industrial, on the average had increased
the National Industrial Conference Board, 247 Park Avenue, since 1914. but the total cost has increased from about $12.000.000 in 1914
according to the
New York, in its report to the Associated Industries of New to nearly $55,000,000 in 1925 for insured employers,
reductions in rates as
report, while in some occupations there have been
York, as summed up by Magnus W. Alexander, President of for
great increase is
of
instance in the case of office workers. An instance
the Conference Board, for the New York State Industrial the iron and steel erection industry, where the average cost of compensation
per $100 of payroll between 1914 and
Survey Commission, which has been holding hearings at the has risen from $13 77 to $27 45has
risen from $1 36 per $100 of payroll
1926; in machine shops, the rate
City.
York
New
St.,
44th
W.
42
building,
on
Associati
Bar
to $0.98.
in 1914 to $2 93 in 1926; in newspaper publishing, from $0.65
including
iaon
investiga
in total cost, since
an
of
The report embodies the results
These differences in rates do not indicate the increase
y increased
extensive field work by the Conference Board's staff over a payrolls upon which rates are calculated have also considerabl
during this period.
BY PERMITS ISSUED
NUMBER AND COST OF BUILDINGS AS STATED
G
IN ILLINOIS CITIES IN DECEMBER 1926 BY CITIES ACCORDIN
OF
BUILDING.
KIND
TO
period of six months.
Emphasizing that regulatory legislation is an indispensable element in measuring relative competitive conditions in
different States, the report also stresses the necessity of a
fair balance in the relative industrial position between States,
lest too heavy a competitive disadvantage be put on the in.dustry of any one State, a condition from which both employers and employees of such State would suffer in equal
degree. Striking symptoms of a relative decline in industrial development in New York State as compared with industrial development in the rest of the country are cited in
the Conference Board's report, submitted to the legislative
commission by Mr. Alexander, as follows:
Organization of American Rice Export Corporation to
Operate in Louisiana, Texas and Arkansas.
According to the New Orleans "Times-Picayune" of
Jan. 23 the organization of the American Rice Export Corporation as a million-dollar concern with headquarters at
New Orleans was completed on Jan. 22 with the announcefinanced and- officers and
_ment that the company has been _
directors selected. Regarding the new corporation and its
purpose the account in the "Picayune" said:
in the forRice-growing interests of Southwest Louisiana were prominent
deal of the
a
mation of the company, and are said to have supplied good
and Arkansas
capital. The concern plans to operate in Louisiana. Texas
United and will immediately open branch offices in Crowley, Lake Charles, Beau(a) While the number of manufacturing establishments in the
and StuttRock
Little
in
will be opened later
States as a whole has remained fairly constant in proportion to population mont and Houston. Offices
York gart, Ark., and Memphis, Tenn. Representatives will be appointed in
growth during the past decade, the number of establishments In New
New York and London, according to present plans.
State has declined about 30%•
List of Officers.
in the country as a whole in
(6) The number of wage earners inindustry
the last ten years;
Officers and directors of the export corporation are: A. Kaplan Crowley,
proportion to populationhasincreased about 13% during
earners has decreased 3% President; E. R. Kaufman, Lake Charles, D. C. Ritchie, Jennings, and
inNew York State the number of industrial wage
A. H. Boyt, Beaumont, Vico-Presidents; J. W. Gardiner, Lake Charles,
in proportion to population.
for the entire United States in- Secretary; and A. H. Chalkley, Lake Charles, Treasurer. Other directors
(c) The value of manufactured products
110%.
only
State
York
are Frank Roberts, Rudolph Krause, W.F. Weber,C. A. McCoy and Edgar
creased 120% during the decade; in New
the United States as a whole
of Lake Charles; T. F. Davis, L. M. Pool, John E. Bouden Jr..
(d) While capital investment in industry in
in New York Miller,
only
80%
increased
it
years,
ten
the
J. V. DeGruy, J. M. Koonce, M. M. Lemann and J. P. Butler, New
increased 90% during
State.
Orleans, and A. R. McBurney, Welsh.
The objects stated are to develop a larger market for rice and its byIn discussing the main casual factors in the relative decline products
in European countries, where American rice is already established.
e
the
ent,
Conferenc
developm
industrial
York's
of New
and is recognized by trade and consumers as of prime quality.
that are pret
Board points out that wage costs per worker in New York
"It is only the antiquated methods of exportation in vogue
foreign fields.
venting the expansion of the market for American rice in export
company
increased 130% from 1914 to 1923, while wage costs per says
the
the official statement,"and it is this condition that
of a fair
will correct, to the end that the farmers will always be assured
worker in the country as a whole increased only 113% return
rice.
rough
producing
in
employed
for their labor and the capital
milling interests are prospering, while the
during the same span of time, a distinct competitive handi- The exporting, dealingofand
suffering.
is
the
industry,
foundation
the
Conthe
farmer,
for American
cap to the New York manufacturer, in the view of
"Europe is not, as is generally regarded, a dumping ground
market.
if rice.
It has been developed into a regular, constant consuming
will
company
ference Board. The increase in wage costs per worker,
export
The
Union.
the
as much so as any State In
ut just
prices to our
develop it as such, and not as a dumping ground at starvation
compared with wage costs in the same industries througho
em- farmers."
but some of
the country has been greatest in those industries which
Beyond this the organizers would not talk for the present,
The United States, with
ploy the greatest proportion of women workers, the report the information obtained was interesting. rice
than it consumes. The
Louisiana as the main grower, produces more
finds. The Board's statement,issued Jan. 21, also says:
living prices,
result is that the growers have never been able to obtain
rising
wage
the
costs
by
industries
York
salvation. Their complaints have
The pressure exerted upon New
Board finds, by intensive though they have tried various plans of
the
indicated,
the way by
of
is
out
handicaps
their surplus
and other competitive
by large scale produc- usually been met with the advice to get
policies on part of management to effect economies size of
Europe.
it
on
dumping
nts
establishme
the
to utilize the idea
tion, reflected in the relatively larger increase in
The export corporation was devised in the rice country
country as a whole, and in the
employing modern methods
in New York State as compared with the
of in a way upon which the scoffers did not ffgure,
cost
the
increased
in
and
worker
per
power
greater increase of installed
580
THE CHRONICLE
[VOL. 124.
in every phase of the plan and turning foreign consumption into an asset.
vember, 254 for October, 253/i for September, 26 for
Even a market as close as Cuba will be converted into a more powerful
August, and 26 for July. Based on an activity of 8.78 hours
ally. . . .
The inclusion of T. F. Davis, President; J. V. DeGruy, Treasurer, and per day, the average number of spindles operated
during
J. M. Koonce, Secretary, of the Federal Land Bank; President Bouden of
the Whitney Bank, and President Pool of the Marine Bank, and President December. as 37,511,552, or at 100.3% capacity on a single
Butler of the Canal Bank & Trust Co., is taken to mean mostly moral shift basis. This percentage compares with 101.2 for Nosupport, which is regarded as quite as valuable under the circumstances.
vember, 98.9 for October, 98.5 for September, 87.4 for
The remainder of the group is considered as powerful a combination of
the various phases of the rice industry as has ever been gotten together. August. 78.9 for July, and 99.4 for December 1925. The
Mr. Kaplan. though prominent in the milling and other phases, is classed average number of active spindle hours per spindle in place
as the largest rice grower in the world. The extent of his operations may be for the month was 229.
The total number of cotton spinjudged from the fact that he uses 60.000 bushels of seed annually and irrining spindles in place,the number active, the number of
gates 75,00.0 acres of land, principally in Acadia and Vermilion parishes.
Mr. Roberts is President of the Calcasieu National Bank. Mr. Krause active spindle hours and the average spindle hours per
is President of the Lake Charles Trust & Savings, of the Louisiana Home- spindle in
place, by States, are shown in the following statestead League, and also of the Houston River Canal Co. Mr. Weber is a
wholesale grocer, prominent in banking and irrigation. J. W. Gardiner is ment:
President of a big land company.
Mr. Chalkley is President of the American Rice Growers, and Mr. Boyt
Spinning Spindles. Active Spindle HoursforDee
is in charge of its headquarters at Beaumont, and is a large owner. Mr.
State.
In
Active
Average per
Kaufman, an attorney, is President of the Sabine Canal Co. Mr. Ritchie
Place
During
Total.
Spindle
Is President of the Jennings Bank and several canal companies. Mr.McCoy
Dec. 31. December.
in Place.
is an attorney ind canal officer. Mr. Miller is planter, oil man and canal
17,936,264 17,395,284 5,404,787,979
official. Mr. Lanz heads the Welsh and Kinder canal systems. Mr. Cotton growing States
301
New England States
17,751,526 13,603,022 2,843,756,094
160
Lemann is a well-known New Orleans attorney.
All Other States
1,716,682 1,497,944 314,592,916
183
Alabama
1,484,666 1,440,298 433,213,383
292
Increase in Canadian Exports of Pulp and Paper in Connecticut
1,192,956 1,034,728 223,501,945
187
Georgia
2,918,146 2,840.142 838,665,024
287
December.
Maine
1,130,576
930,234 174,640,783
154
Massachusetts
11,344,526 8,423,320 1,735,580,125
153
From the Montreal "Gazette" of Jan. 20 it is learned New
Hampshire
1,427,094
981,402 221,859,313
155
that according to the report issued by the Canadian Pulp New Jersey
415,604
69,171,713
391,324
166
New York
887,182
726,780 156,421,187
176
& Paper Association, the exports of pulp and paper from North Carolina
6,108,582 5,887.702 1,838,180,800
301
123,372
111,526
24,600,344
199
Canada in December were valued at $15,202,140, which Pennsylvania
Rhode Island
2,511,566 2,095,510 456,333,161
182
South Carolina
5,361.292 5,316,724 1,709,230,344
was a decline of $350,000 from the November total, but Tennessee
336
575,802
561,096 164,844,039
286
Texas
an increase of $77,000 over the figures for December 1925.
247,260
234,556
73,017,720
295
Vrginia
711,394
689,594 145,642,138
205
The total for the month was made up of exports of wood- All other States
964,454
831,314 208,234,970
216
pulp, valued at $4,354,177, and exports of paper valued at
United States
37.404,472 32,496,250 8,563.136,989
229
$10,847,963, the corresponding figures for November being
$4,718,435 and $10,833,090, respectively. The following
Fall Opening by American Woolen Co. of Men's Wearfigures are from the "Gazette":
Staple Worsteds Up 23/ to 10 Cents a Yard
Details of the various grades of pulp and paper are as follows:
Over Spring Levels.
The American Woolen Co., at the first fall opening of
December 1926.
December 1925.
men's wear staple worsted suitings and overcoatings on
Tons.
Value.
Tons.
Value.
Jan. 26, says the New York "Journal of Commerce," elecPulpMechanical
31,290
$929,576
37,340 $1,126,211 trified the industry and applied a rosy tinge of cheerfulness
Sulphate
13,234
819,432
13,972
864,133
Sulphite, bleached
13,272
1,243,523
14,159
1,139,445 throughout the trade by announcing steady to firm prices
Sulphite, unbleached
24,254
1,361,646
27,948
1,495,451 for the new heavy weight season.
The paper quoted further
84,050 $4,354,177
93,419 $4,625,240 observed that:
PaperNewsprint
Wrapping
Books (cwts.)
Writing (Owls.)
All other
156,400 $10,344,574
1,029
117,766
5,263
47,267
1,842
15,428
322.928
137.140
1,519
7,511
2,491
$9,779,855
205,616
57,424
19,931
436,880
Expressions of satisfaction were heard on every hand among selling
offices, because this was the first time in several seasons that prices failed
to show a decline. Pall 1927 prices on men's staples in Department 1
are either unchanged or from 2Y6 to 53.c. a yard higher than current
spring levels, the advance averaging 1 1-3% on 48 representative numbers.
$10,847,963
$10,499,706
According to Boston advices Jan. 26 to the "Journal of
For the year 1926 total exports of pulp and paper were valued at $173.
491,635, as compared with a total of $154,555,951 for the year 1925, an Commerce," the reaction in that city both among the jobbers
and the wool trade to the initial prices of the American
increase for the past 12 months of $18,935,684, or over 12%.
Exports of wood-pulp in 1926 were valued at $52,077.122,and exports Woolen Co. for the new heavy
weight season was a very
of paper at $121,414,513, an increase over 1925 of $4.145,217 in the value
of pulp exports and of $14.790.467 in the value of paper exports. The cordial one. The Boston dispatch went on to say:
The prices named were considered as forming the most encouraging event
greatest Increase was shown in the exports of newsprint, which rose from
1,401,655 tons, valued at $98,945,337 in 1925 to 1,731.986 tons, valued at of the last two years, indicating a healthier and more .stable basis for
$114.089,595, an increase of 330,331 tons in quantity, and $15,144,258 wool, as well as a little more facile price basis for goods.
In value.
The present price tendency in wool values makes the new price basis
in goods logical, although the prices named for goods do not afford any
Details for the year are given below:
reason for rushing the contracting of wool on the sheep's back which has
commenced rather generally In the West, so that it is estimated that
Year 1926.
Year 1925.
6,000.000 to 7,000,G00 pounds of wool have already been placed under
Tons.
Value.
Tons.
contract.
Value.
Mechanical
Sulphate
Sulphite, bleached
Sulphite. unbleached
PaperNewsprint
Wrapping
Books (owns.)
Writing (owls.)
All other
382,077 $11,505,818 360,205 $10.573,273
165,433 10,443,538 149,722
9,158,861
200,995 15,734,220 185,890 14,049,500
254,576 14,393,546 263,854 14,150,271
1,003,081 $62,077,122
959,671 $47,931,905
1,731,986 $114,089,595 1,401,655 $98,945,337
18,522
2,259,663
20,535
2,779,298
60,545
520,337 47,765
434,693
19,044
145,806
12,371
102,039
4,401,112
4,362,679
$121,414,513
$106,624,046
Exports of pulp-wood were somewhat smaller In 1926, the total being
1,391,738 cords, valued at $14,066,030, as compared with 1,423,502 cords,
valued at $14,066,030, exported in 1925.
Activity in the Cotton Spinning Industry for
December 1926.
The Department of Commerce announced on Jan. 20 that,
according to preliminary figures compiled by the Bureau of
the Census, 37,404,472 cotton spinning spindles were in
place in the United States on Dec. 31 1926, of which 32,496,250 were operated at some time during the month, compared with 32,586,770 for November, 32,592,806 for October,
32,134,682 for September, 31,321,936 for August, 31,082,482
for July, and 32,951,136 for December 1925. The aggregate number of active spindle hours reported for the month
was 8,563,136,959. During December the normal time of
operation was 26 days (allowance being made for the observance of Christmas Day), compared with 253 for No-
The following account of the new price lists announced
Jan. 26 is from the "Journal of Commerce" of Jan. 27:
44 Style Changes.
Of the 48 styles 4 show no change in price, 26 aro up 2%c. a yard, 13 up
Sc., 4 are 73, c. higher and one up 10c. a yard. The sultings include staple
serges, Frenchbacks, unfinished worsteds and cheviots in plain and fancy
weaves. A line of worsted overcoatings on the cheviot order, hard-faced
through-and-through weaves in piece dyes and mixtures, stressing blue.
black, brown and gray staples, show a reduction of about 7
to 10%
under a year ago. This bears out the opinion of the trade that goods were
liquidated to a close basis at the last spring opening,for that was the average
reduction named at that time.
The American Woolen Co. will mako another opening on Monday of
plain and fancy back staple overcoatings, piece dye staple millings and
specialty cloths in Department 3, and plain and fancy back wool overcoatings, worsted overcoatings and London shrunk staple sultIngs In
Department 7. Fancy and semi-staple woolens and worsteds will ho
added during the week of Feb. 14 and women's goods will be shown later
in the month or early in March. It is believed that steady prices will be
shown on all the additional lines, except on heavy weight fabrics, which
may only be compared with values ruling a year ago, in which case they
should average from 7M to 10% lower.
Liquidation at Last Opening.
When men's wear staples opened for the spring of 1927 last July, It was
the general opinion of the trade that prices reflected the decline of the wool
market during the first half of 1926, and that the mills marked the goods
so close to costs that no legitimate profit could be shown. This is a general
condition for the industry. Since the last spring opening, wool and yarn
values have stiffened and it was expected by market observers that
the
American Woolen Co. must name unchanged or slightly higher prices for
the coming fall; this forecast has been fully fulfilled.
It is not contended by any factor in the trade that stronger price tendency
In cloth is likely to stimulate business to any greater activity than has
been
prevalent the last few seasons because the conservative, hand-to-mouth
THE CHRONICLE
JAN. 29 1927.]
policy of doing business remains with the clothiers and retailers. The new
trend, however, is expected to give buyers more confidence, and if they do
not anticipate further ahead than they have been doing, at least they will
take their nearby requirements in a steady way, unafraid of price reductions
for the season in prospect.
Jobbers along Fourth Avenue freely express their pleasure over the steadier
market; during the last few seasons every price reduction at the opening
had to be passed on to the buyers on goods in stock. On the new basis,
jobbers will be able to maintain values and continue to do both late spring
and early fall business at steady price levels. Jobbers say a very satisfactory trade in spring goods was experienced during the first two weeks of
January, but that a lull followed pending the American's opening.
581
Lumber Buying is Equal to Last Year's Level.
Reports to the National Lumber Manufacturers Association received by telegraph from 359 of the larger soft-wood
lumber mills of the country, for the week ending Jan. 22,
show that lumber buying is in about the same volume as a
year ago, but production and shipments have fallen off
noticeably. As compared with the previous week, however,
it is orders that have decreased, while production and
shipments show some gains. Employment of 15,000 men
is affected by suspension, or reduced running time, of West
Coast mills.
Reports from 129 hardwood mills reveal an emphatic
expansion of current orders, which is paralleled by produotion, with shipments also notably increased, in comparison
with the preceding week. Compared with a year ago,
however, hardwood orders are about the same, production
is heavier and shipments a little less, reports the National
Association, giving further details as follows:
Buyers Seek Spot Shipments.
Buyers re-entered the market yesterday, calling for immediate shipments,and jobbers are confident that an expansion of business is in prospect
as retailers begin to replenish their store stocks for the new season. Manufacturing clothiers have taken the bulk of their spring cloth requirements,
but direct-to-the-consumer factors remain to place a large portion of their
nearby needs.
The lowest-priced fabric in the American's line is No. 312-32, a 12-ounce
cheviot of the Washington Mill, which is priced at 91 45, against $1 4234
in the spring. The dearest is No. 9116-58, a 16-ounce Frenchback of the
Wood Worsted Mill, also up 234c. to $4 05. The well known key numbers,
3192 and 3844, 11 and 16-ounce serges, are unchanged in price, and No.
Unfilled Orders.
9613-1, 13-ounce wool-filled unfinished herringbone worsted,is now $2 1214
against 32 10 in the spring, $2 3234 last fall, $2 4234 in the spring 1926.
The unfilled orders of 218 Southern Pine and West Coast mills at the
and
1917
$1
in
75
0734
31
1920,
in
$4
1922,
1234
in
$2
1925,
spring
$3 35
end of last week amounted to 549,224,100 feet, as against 541,513,132
in 1914.
feet for 220 mills the previous week. The 117 identical Southern Pine
disWashington's No. 200 16-ounce clay worsted has been temporarily
mills in the group showed unfilled orders of 204,732,972 feet last week, as
continued and succeeded as a key number by No. 414-1, 14-ounce cheviot, against 196,388,658 feet for the week before. For the 101 West Coast milts
gives
list
The
following
several
seasons.
for
cloth
popular
a
been
has
which
the unfilled orders were 344,491,128 feet. as against 345,124,474 feet for
a comparison on the three numbers now used as key indicators:
103 mills a week earlier.
Fulton's
Washington's-Altogether the 343 comparably reporting softwood mills had shipments
No.3844
No. 3192
No. 414-1
101%. and orders 110%, of actual production. For the Southern Pine
11-02.
16-oz.
14-oz.
mills those percentages were respectively 87 and 100; and for the West
serge.
Serge.
cheviot.
82.2734
$3.17
81.8734
Coast mills 102 and 108.
1927-Fall
3.17
2.2734
1.85
Spring
Of the reporting mills, the 317 with an established normal production
2.5235
3.50
2.05
1926-nu
for the week of 213,810,235 feet, gave actual production 86%, shipments
3.50
2.5234
2.0234
Spring
3.95
87% and orders 95% thereof.
2.75
2.27
1925-Fall
2.6234
3.75
2.0234
Spring
The following table compares the softwood lumber movement, as re3.82ji
2.67
2.12
1924-Fall
floated by the reporting mills of seven regional associations, for the three
4.2234
2.87
Spring
weeks indicated:
6.45
4.50
1920-Fall
Preceding
Corresponding
1.55
•1.60
1914-Fall
Week 1927
Week
Past
• 1913.
(Revised).
1926.
Week.
345
338
343
The following five numbers in staple worsted overcoatings, showing re- Mills
188.980,700
203,148,303
from
192,780,565
readjustment
average
the
with
yard,
of
to
a
4c.
,
Production
423
ductions
1734c.
183,844,934
211,244,642
194,981,881
Shipments
734 to 10% under a year ago:
226,450,304
223,616,376
211,999,449
Decline. Orders(new business)
Fall, 1927.
Fall. 1926.
Ounces.
25c.
$2.97 Yi
83.22
28
328-2
The following revised figures compare the softwood lumber movement
17%c.
2.90
3.07%
30
3820
of the same seven regional associations for the first three weeks of 1927
20c.
3.05
32
3.25
3821
223,4c. with the same period of 1926:
3.0734
3.30
30
3834
Orders.
Shipments.
42jic.
Production.
4.45
4.87 Ji
32
6813
600,736,154
531.317,663
546,427,183
1927
648,801,644
593,188,536
FIFTY REPRESENTATIVE STAPLE NUMBERS IN DEPARTMENT 1
558,403.711
1926
COMPARED.
The mills of the California White and Sugar Pine Association make
Fail
Spring
Fall
Fall
Spring
Fall
weekly reports, but not being truly comparable, are not included in the
1926. 1927. 1927.
1926. 1927. 1927.
foregoing tables. Sixteen of those mills, representing 58% of the cut of
Wood Worsted (Continued)Washingtonthe California pine region, gave their production for the week as 9,040,000
___ 2 5734 23234235
9629
312-32___ ______ 31 4234 5145
A
380
375
9733.._400
185
414-1 ___$2.05
18734
feet, shipments 13,873,000, and new business 15,096,000. Last week's
0734
3
)4
330
02
3
___
9771
2123.4 215
___ 235
3379
report from 16 mills, repersenting 50% of the cut, was: Production, 11,523,___ 4 12)4 38734 395.
9782
315
320
___ 350
3487
and new business, 18,126,000.
9812-1 __ 280
840
335
23234 23734 000 feet; shipments, 18,911,000,
3488
_-- 375
9813-7 ___ 2 6734 2 4234 245
3554 .__ 2473.4 22234 2323.4
West Coast Movement.
250
2 52)4
_280
___ 2 37)4 2173.4 22234
3564
4 10
9816-3
3 8234 390
I 7234
1 70
___ 1.90
3631
The West Coast Lumbermen's Association wires from Seattle that new
2 6734 270
9816-7 .__ 3 00
__ 190
3657
16734 170
business for the 101 mills reporting for the week ended Jan.22 was8% above
9841 -__ 2 52)4 230
1 70
1 7234
23234
3753-2 ___ 1 90
2 0734 185
9975
1 87)4 production, and shipments were 2% above production. Of all new business
3754-2 ___ 190
16734 170
Ayer1 5234
taken during the week, 46% was for future water delivery, amounting to
___ 1 7234 1 50
3756
50
690
2
_
230
BB
235
)4
205
07
2
225
__
3804
44,410,683 feet, of which 31,016.816 feet was for domestic cargo delivery,
1814-44- _ 295
Wood Worsted26734 270
business by rail amounted to 47.882.233
6192 ._- 2 50
22734 22734 and 13,393,867 foot export. New
2 75
2 80
AA 9606 -__ 3 00
feet, or 50% of the week's now business. Forty-eight per cent of the week's
Fulton___ 3773.4 3 42)4 3 50
994
364
300
_-_ 325
3 02)4 shipments moved by water, amounting to 43,792,352 feet, of which 29,2 97)4 302)4 D
9115-14___ 325
_ 3 87H 350
3 5234
744
___ 1 7734 1573,4 1 60
9028
and intercoastal, and 14,484,160 feet export.
3192 - - 25234 2273.4 2 2734 308,192 feet moved coastwise
230
___ 250
9070
23234
Rail shipments totaled 43,593,139 feet, or 48% of the week's shipments.
3194 -_ 295
265
2 17)4
265
2 15
___ 235
9075
feet. Unshipped domestic cargo orders
350
3844
......
3,715,696
05
4
deliveries
and
local
40234
31734 31734
9116-56.... 4 30
5048 - - 29234 265
26734 totaled 114,133,976 feet;foreign,99,585,016 foot,and rail trade, 130,772,136
9308 - 270
24734 2 52)4
Shatosheers2 05
2 00
9413-1 ___ 225
feet.
2 35
24234 DD 8020 - - 295
2673.4 270
9591-1 ___ 2 65
Southern Pine Reports.
205
210
8066 -- 2 30
2 12)4
9613-1 -_- 2 3234 2 10
285
255
8095
300
-_260
__ 3 32)4 2 9734
9625
The Southern Pine Association reports from New Orleans that for 117
3 05
30734
___ 340
9627
mills reporting, shipments were 13.11% below production, and orders
The following is a description of some of the leading numbers in the line: 0.19% below production and 14.86% above shipments. New business
No. 312-32, 12-oz. cheviot; 414-1, 14-oz. piece dye cheviot; 3657, 14-0z. taken during the week amounted to 64,478.790 feet, shipments 56,134,476
cheviot; 994, 16-oz. Frenchback; 9413-1, 13-oz. unfinished worsted; feet, and production 64,603,936 feet. The normal production of these mills
9613-1, 13-oz. unfinished; 9627, 16-oz. serge; 9812-1, 12-oz. unfinished; 74,378.201 feet. Of the 114 mills reporting running time, 84 operated full
9813-7, 13-oz. unfinished; 1814-44, 14-oz. serge; 3192, 11-oz. serge; 3194. time, 17 of the latter overtime. Four mills were shut down, and the rest
14-oz. serge. 3844, 16-oz. serge, and 8020, 15-oz. serge.
operated from three to five and one-half days.
The Western Pine Manufacturers Association of Portland, Oregon reports some decrease in production and slight decreases In shipments and
business.
West Coast Lumbermen's Association Weekly Report. new
The California Redwood Association of San Francisco, Calif. with one
One hundred and three mills reporting to the West Coast more mill reporting, shows production about the same, considerable inLumbermen's Association for the week ended Jan. 15 1927 crease in shipments, with new business somewhat below that reported fbr
the preceding week.
manufactured 87,877,536 ft., sold 109,920,061 ft. and shipped
The North Carolina Pine Association of Norfolk, Va., with five more
ft.
than
22,042,525
more
was
business
mills reporting, shows substantial increases in all three items.
84,267,947 ft. New
The Northern Pine Manufacturers Association of Minneapolis, Minn..
production and shipments 3,609,589 ft. less than production. with
one more mill reporting, shows production about the same, a nominal
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS, decrease in shipments and new business slightly above that reported for
SHIPMENTS AND UNFILLED ORDERS.
the week earlier.
Jan. 1.
Dec. 25.
The Northern Hemlock and Hardwood Manufacturers Association of
Jan. 8.
Jan. 15.
Week Ended-99
102 Oshkosh. Wis.(in its softwood production) with three more mills reporting,
102
103
Number of mills reporting
36,304,010
74,464,047
70,986,881
87,877,536
Production (feet)
66,421,374
58,874,200 shows marked increases in all three factors.
72.762,589
109.920,061
New business (feet)
58,886,055
73,100.876
64,041,372
84,267,947
Shipments (feet)
Hardwood Reports.
Unshipped balances:
99,770,587
130,258,404 109,880,654 108,662,473
The Northern Hemlock and Hardwood Manufacturers Association re
Rail (feet)
94,727,162
98,854,568 ported from 18
Domettic cargo (feet) 113,637,490 103,424,962
mills, production as 5,540,000 feet, shipments 3,202.000
82.707.609
96.496,878
101,228,580 102.633,150
Export (feet)
and orders 2,690,000.
The Hardwood Manufacturers Institute of Memphis. Tenn.. reported
345,124,474 315,938,766 286,097,244 295,122,033
Total (feet)
1925.
1924.
1926.
from 111 units, ',reduction as 15,636,000 feet, shipments 15,070,000 and
1927.
First Two Weeks of118
129
104
103
Average number of mills_
orders 18,649,000. The normal production of these units is 18,648,000 feet.
158,864,417 144,427,768 199,223,194 193,463,404
Production
The two hardwood groups totals for the week as compared with the
185,267,108
204,035,303
204.959,148
182,682,650
New business
148,309,219 168,171,284 196,117,808 175,258,913 preceding week were.
Shipments
M
582 •
THE CHRONICLE
[VOL. 124.
Mills. Shipments. Shipments.
Orders.
Crude Oil Prices Unchanged. Some Advances Occur in
Week ended Jan. 22
129 21,176.000 18.272,000 21.339,000
Week ended Jan. 15
Gasoline Prices.
106 16362,000 14,485,000 14,200.000
The following revised figures compare the hardwood lumber moyement
On the whole, the week was a quiet one in regard to
of the same two regional associations for the first three weeks of 1927 with
cha4es in the price of crude oil and gasoline, the only
the same period of 1926:
notable revisions being that announced effective as of Jan.
Production. Shipments.
Orders.
1927
74.308.000 08,157,000 72,208,000 27, when the Sinclair Refining Co. advanced the price of
1920
65.608.862 63462,907 66,320.263
. bunker oil at its Philadelphia' terminals 10c a barrel to
•
$1.85. Earlier, in the week, on Jan. 22, the Standard 011
Tire Production Being Increased-Leading Companies - Co. of New Jersey had reduced export kerosene 1h cent a
Will Be Operating at 90% of Capacity by Feb. 1
gallon, making the new price of refined oil 18.65 tents and
-Rubber PoolS as Stabilizer.
water white 20.15 cents.
Gasoline prices showed a greater number of changes, all
Regarding the operations of the fire companies we quote
the following Akron advices from the "Wall Street Journal" being in the nature of advances. The earliest of these
was announced Jan. 24 at Boston, when the Beacon Oil Co.
of Jan. 20:
After running between 75% and 80% of capacity for the past few months, advanced regular gasoline 1c a gallon to 23c retail and 21c
most automobile tire plants in the Akron district put into effect higher tank
wagon and ethyl gas lc to 26c retail and 24c tank
production schedules about the middle of January. The increase in total
wagon, effective on Jan. 25th. The Standard 011 Co. of
output averages shoat 10%.
A canvass of the leading rubber companies shows they are operating at New York on Jan. 26 advanced the price of gasoline in
' a little over 85% of capacity, and are preparing to increase to about 90% New England
one cent a gallon, to 23 cents at service staby Feb. 1. Total output of automobile casings at present is between
105,000 and 110,000 a day, compared with a production of around 95,000 tions and 21 cents from tank wagons, followed the same
the first of this month.
day by similar changes announced by the Tidewater 011 Co.
Manufacturers bought crude rubber for their first quarter's requirements
on a fairly large scale in November and December when the price level was Also on Jan. 26th, the Jenney Mfg. Co. announced that it
around 38 cents a pound, but after the rise recently above 40 cents there would not at present advance the price, while the Texas
has been a cessation of buying interest. Many rubber companies now ap- Co. at once followed the advance of
1 cent a gallon and on
pear to be staying out of the market in the belief that a drop from present
the 27th the Mayflower Oil Co. also quoted 21 cents wholelevels of about 2 cents a pound is due.
In some quarters the upward tendency of the market is attributed largely to purchases by the $40.000,000 sale and 23 cents retail.
rubber pool of tire and automobile manufacturers, and further orders may
On Jan. 27, the Standard Oil Co. of New York advanced
be expected from this source on declines, it Is believed. For this reason
tank wagon and service station prices of gasoline 1 cent a
the trade does not look for any substantial recession in crude rubber prices.
gallon in Albany, making the new prices 20 and 22 cents
Textile Mills Benefiting.
respectively.
Representatives of textile mills in Akron are pleased with the larger volOn Jan. 28, the-wholesale prices at Chicago were quoted
ume of orders being booked from the tire manufacturers for their first and
second quarters' requirements. The majority of manufacturers are fairly as follows: United States motor grade gasoline, 8%@9;
well covered on fabric until next June, and some, particularly those having 41-43 water white kerosene,
5%@6; 24-26 fuel oil, $122/
1
2@
their own textile mills, have commitments for cotton two years ahead.
Firestone Tire & Rubber Co. is among the latter, having purchased cotton $1.30.
Late on Jan. 28, it was reported that the Tide Water Oil
contracts at the prevailing low prices to cover a large part of the company's
requirements for 1927. 1928 and 1929.
Co. had advanced the tank wagon price of gasoline one
In addition to the forward bookings, the textile mills are getting a considerable quantity of "fill-in" business now. Manufacturers finding that cent a gallon in New Jersey, Maryland and District of
their requirements for the first quarter of the year will be higher than was Columbia, the new price being 19 cents a gallon.
anticipated last summer and fall, are ordering fabric and tire yarn in 10,000
to 100.000 pound lots for immediate dellvery. These orders are being filled
at advances of one to two cents a pound over prices prevailing four or five
months ago.
Goodyear Tire & Rubber Co. has increased production at its main plant
at Akron from about 35.000 tires a day to nearly 40,000. and is expected to
add several thousand more casirgs to the daily ticket within the next six
weeks. Plant additions are being completed and new machinery installed
to provide for a capacity output of 55.000 tires later this year. The company has been behind orders on rubber chains for automobiles, owing to
the heavy demand this winter. The new Goodyear balloon tire has brought
Increased orders from dealers. Numerous applications for dealerships also
have been received.
Firestone to Increase Output.
More than 30.000 tires a day are being manufactured at the Firestone
Tire & Rubber Co. plant here. This figure will soon be increased about
5.000. it is mderstood, as a result of larger orders from dealers and substantial contracts taken from automobile manufacturers for original equipment. Construction of an $800,000 addition to the Friestone Plant 2 is
under way, which will nearly double the capacity for manufacturing small.
size tires. Capacity operations are reported at the Firestone Footwear Co.
factory in Massachusetts. December tire business at both the Akron and
Canadian plants is said to have been well ahead of the preceding month.
Tire production at the B. F. Goodrich Co. plant is slightly. over 20,000
casings a day. The tiff) ticket will be increased by about 2,000 units this
month, it is reported. Continued cold weather and snow storms have
accelerated the demand for rubber footwear, resulting in full-time operations in the footwear department. Upwards of 35,000 pairs of rubber boots
and shoes a day are being manufactured, a new high record for the company. Growing popularity of the "Zipper" boot has greatly helped footwear sales. Large sales of rubber devices for automobges and other mechanical rubber goods are reported.
Miller Rubber Co. plant is producing over 7,000 tires a day in addition
to large quantities of rubber sundries and novelty goods. The General
and Seiberling plants are running better than 58% of capacity.
Employment Conditions Improving.
As a result of increased activity in the rubber industry, employment
conditions are improving In Akron. For the first time in several months,
employment agencies report a decrease in the number of unemployed
men. A good demand exists for skilled workers, but there is still a surplus
of unskilled labor. It is estimated that several thousand men have been
hired in the past few weeks by the various rubber companies. The Goodyear, Firestone, Goodrich and Miller plants are operating with three
eight-hour shifts a day.
Practically all authorities agree that the volume of tire business will
be greater during 1927 than in the past year. II. S. Firestone, President
of the Firestone company, expresses the opinion that sales will be 10%
larger, while other estimate the increase as much as 15%.
Earnings will also undoubtedly be greater this year than last, but it Is
fairly certain-the rubber companies will not make anything like the extraordinary profits reported for 1925. Profits on tires at present prices, the
lowest in the history of the industry, are less than 10%.
There is already talk of an upward revision of prices early in the opening,
provided the crude rubber market holds at present levels or advances,
and if such action is taken manufacturers will be in a position to make
what is generally considered a fair profit. The only other alternative is
for the industry to take further steps in reducing factory overhead and
selling expensed.
Several large rubber manufacturers are reported to be experimenting
with new balloon tires similar to the semi-flat tread type just developed
by Goodyear. Most of them contend, however, that their present tires
give the utmost in value and wearing qualities
Small Decline Occurs in Crude Oil Output.
A small decline amounting to 2,350 barrels per day
brought the gross crude oil output close to the figure of
two weeks ago, according to the statement compiled by the
American Petroleum Institute, which estimated that the
daily average gross crude oil production in the United States
for the week ended Jan. 22 was 2,388,650 barrels, as compared with 2,391,000 barrels for the preceding week and
2,389,850 for the week of Jan. 8. The daily average production east of California for the week of Jan. 22 was 1,732,050 barrels, as compared with 1,739,500 barrels, a decrease
of 7,450 barrels. The following are estimates of daily average gross production by districts for the weeks mentioned:
DAILY AVERAGE PRODUCTION.
Jan. 22 '27. Jan. 15 '27.
Barrels)Oklahoma
Kansas
Panhandle Texas_
North Texas
West Central Texas
East Central Texas
Southwest Texas_ _
North Louisiana_ _
Arkansas
Coastal Texas_ __
Coastal Louisiana _
Eastern
Wyoming
Montana
Colorado
New Mexico
California
597.650
117,800
133,400
100.650
138,500
51,600
39,300
53.550
130,850
162,350
13,300
107,500
59.600
12.600
7,850
5,550
656,600
594,650
118,900
140.450
101,350
136.200
52.400
39.800
53,300
133.550
166,800
12,150
108,000
57.000
12.600
7.900
4,450
651.500
Jan. 8 '27.
587,200
116.600
137.550
101,450
133,800
52,950
40.250
51.150
133,250
170,650
13,000
108,500
59,900
11,550
7.750
5.500
658,800
Jan. 23 '26.
442,450
98,400
1,800
76,900
75,950
63,250
37,450
43,900
182,000
82,600
10,450
100,500
77,700
12,150
5,850
4,000
613,000
Total
2,391.000
2,388.650
2,389.850
1,928.350
The estimated daily average gross production of the Mid-Continent field,
including Oklahoma, Kansas, Panhandle, North, West Central, East
Central and Southwest Texas, North Louisiana and Arkansas, for the week
ended Jan. 22, was 1.363,600 barrels. as compared with 1,370,600 barrels
for the preceding week, a decrease of 7.300 barrels. The Mid-Continent
production,excluding Smackover, Arkansas heavy oil, was 1,260,150 barrels
as compared with 1,264,900 barrels, a decrease of 4,750 barrels.
In Oklahoma production of North 13raman is reported at 10,350 barrels
against 12,450 barrels; South Braman, 4,300 barrels against 4,750 barrels;
Toakawa, 26.350 barrels against 27,250 barrels; Garber, 19,150 barrels
against 19,350 barrels; Burbank. 47,250 barrels against 48,100 barrels;
Bristow-Slick, 27,450 barrels against 27,400 barrels: Cromwell, 13.550 barrels against 13.950 barrels; Papoose. 8.100 barrels against 8,200 barrels;
Wewoka, 23,000 barrels against 23,750 barrels; Seminole, 181,000 barrels
against 172,700 barrels.
In Panhandle Texas. Hutchinson County is reported at 115,350 barrels,
against 124,200 barrels, and Balance Panhandle, 18,050 barrels against
16,250 barrels. In East Central Texas, Corsicana Powell, 23.600 barrels
against 23,800 barrels; Nigger Creek, 8.400 barrels against 9,000 barrels:
Reagan County, West Central Texas, 28.650 barrels against 28,450
barrels;
JAN. 29 1927.]
THE CHRONICLE
583
promising.
Railroad demand for cars and locomotives continuesBaltimore &
for the
Orders in the week of 3525 cars, including 3000
The Canadian
Ohio, make the total so far this year about 15,000.sad the BurlingNational Railways are asking for bids on 3100 cars, g to 5200. Inton on 1000, with the total of all inquiries amountin
indicates that two or
terest in car underframes and superstructures own shops.
three roads are planning to build cars in their
Pacific, 29,650
Southern
Rail buying includes 43,150 tons for the
Alabama, and 2900 tons
tons going to the Colorado mill, 10,600 tons to electric roads call for
and
to Bethlehem. Needs of various steam
10,000 tons.
of pipe. Some failures
Two oil company purchases cover 11,700 tons
disclosed in the stetel pipe
to adhere to quoted discounts have been
trade.
the talk of a soft coal
The recent pig iron price recessions and buyers more receptive to
strike April 1 have helped to make pig ironwages by important indethe solicitation of sellers. Reductions in Connellsville region indipendent producers of coal and coke in the
furnaces are more remote than
cate that increased fuel costs at blast
that a strike of long
had been generally believed. It is still conceded
production notwithstanding,
n
non-unio
and
stocks
coal
large
duration,
would eventually stiffen coke prices.
at Cleveland, where
Activity in pig iron has been most marked
England diswas sold, and in the New York and New
tons
25,000
But Lower
tons. At Chicago competition
tricts, where sales totaled about 45,000
Larger Sales Volume in Lead, Zinc and Tin,
50c. a ton.
decline
to
prices
from outside producing centers has caused Alabama iron has enabled
Prices-Copper Quiet-Antimony Firm on
the recent $2 reduction in
i
Cincinnat
At
while Ironton prices under
Chinese Developments.
Southern producers to sell 16,000 tons,
on from the South and the North are
London quotations for non-ferrous.metals have suffered the double pressure of competiti
Pa., has been put into
the weakness weakening. A merchant stack at Sharon,
a drastic decline in the last few days, and
.
operation
prices
iron pipe for Boston were
there has been reflected on this side. At the lower
All bids on 3000 tons of 6 to 16-in, cast
at
were asked for. German pipe was offered
obtaining for lead, tin, and zinc, a good business has been rejected and new ones
bid.
domestic
lowest
the
the
than
ton
$3.35 less per
Cleveland. Generally the semibooked, "Engineering and Mining Journal" reports. Some
Sheet bars have been sold at '$34, deadlocked with the price situahowcopper sellers have made slight concessions, without,
finished steel market is described as
at present not clearly defined.
479,375 net tons,
ever, attracting any buying worthy of the name. Present tion
d steel plate bookings in 1926 were for
Fabricate
1924.
since
lowest
the
are
ed oil storage tanks. The
represent
3654%
or
prices for copper, lead, and zinc
tons,
174,826
of which
slumped sharply to less than
Antimony is slightly higher owing to expected difficulties total was 30% above 1925, but December
tonnage.
r
Novembe
the
one-half
1926, aggregating 990,246 net
with Chinese shipments.
Commercial steel castings booked in
The large producers of copper, it is stated, generally tons, made the highest total since 1923. The 1925 figure was exceeded
quote 13% cents in the East, and 13% cents a pound in by more than 7%. pig iron composite price has dropped to $19.30.
The "Iron Age"
was $2.50 higher. The finthe Middle West. Smaller sellers have shaded these prices, from
$19.39 last week. One year ago it per lb. against 2.439c. last
last
the
In
.
nothing
lly
practica
do
to
able
been
but have
ished steel composite price is now 2.396c.
level is equal to that of September, 1925. The
day or two copper has been offered by certain sellers at week. The present
follow:
tables
price
usual
13.20 cents, delivered in the East. Manufacturers, though
No Iron,
Finished Steel.
Jan. 25 1927, 81930 Per Gross Ton.
not up to capacity, are nevertheless active, but report adJan. 25 1927, 2.396c. Per Pound.
819 39
ago
week
One
2.4390.
ago
week
19 88
2.4530. One month ago
vance orders not coming in so well as earlier in the win- One
One month ago
21 79
ago
2 439c. One year
year ago
15 72
average
ter. Foreign sales of copper have been slack. Twice One
pre-war
10-year
6890.
1
average
10-year pre-war
plates, Based on average of basic iron at ValBased on steel bars, beams,tank
during the last week the leading interest has lowered its
and foundry Irons at Chicago.
furnace
ley
pipe
black
rails,
th
open-hear
wire,
plain
ia. Buffalo. Valley and Bircontract price for lead. The price basis now is 7.40 cents and black sheets. constituting 87% of Philadelph
mingham.
States output.
Low.
High.
a pound, New York. In total volume the business of the the United High.
18 1926_221 54, Jan. 5 $19 46. July 13
1926_2.453c., Jan. 5; 2.403c., May
Jan, 13 1896, July 7
week has been excellent. Big consumers apparently feel 1925.-2.56
Jan. 6:2,3060., Aug. 18 1925.. 2250;
00.,
1921, Nov. 3
15; 2.460e.. Oct. 14 1924_ _ 22 88. Feb. 26
that the price is low and that they can afford to buy 1924_2.789o.. Jan.
.. Jan, 2 I923__ 3086. Mar.20 2077. Nov.90
a pound. There was 1923.-2.824h.. Arm. 24:2.4460
29,800 barrels; and in the
Crane and Upton Counties, 29,600 barrels against
18,150 barrels: Laredo
Southwest Texas field, Luling, 17,950 barrels against Springs, 2,850 barrels
Lytton
District, 15,600 barrels against 15.800 barrels;, Haynseville is reported at
against 2,900 barrels. In North Louisiana
barrels; Utania, 13,600 barrels against 12.700
8,350 barrels against 8,400
barrels against 12,500
barrels; and in Arkansas, Smackover light. 12,450
barrels; and Lisbon, 5,600
barrels; heavy. 103,150 barrels against 105,700 Hull is reported at 18,850
barrels, no change. In the Gulf Coast field,
12,800 barrels against
barrels against 19,300 barrels; West Columbia, 88,550 barrels; Orange
against
barrels
80,600
p,
Spindleto
barrels;
11,700
and South Liberty, 4,650
County, 6,500 barrels against 6,300 barrels;
barrels against 4,400 barrels.
barrels against 39,250
In Wyoming, Salt Creek is reported at 42,550
no change.
barrels,
10,000
Mont.,
,
Sunburst
and
barrels;
at 47,000 barrels against
In California, Santa Fe Springs is reportedchange; Huntington Beach,
93,000 barrels, no
43.000 barrels; Long Beach,
o change;
92,000 barrels; Torrance, 26,000 barrels,n
93,000 barrels agairst
barrels, no change:
12.500
s,
Rosecran
change;
no
barrels,
19.000
ez,
Domingu
Sunset, 90,500 barrels, no
Inglewood. 39,000 barrels, no change; Midway55,000 barrels; and Seal
change; Ventura Avenue. 54.300 barrels against
Beach, 10,300 barrels against 9,500 barrels.
ahead. Zinc sold as low as 6.35 cents
Not in many months has the finished steel market been
a good demand for zinc from galvanizers and brass
Review" in
day
so highly competitive, says the "Iron Trade
makers, lower prices attracting buyers. On Wednes
come back as
having
not
s
conBusines
Both
resume.
6.45
cents.
at
27
closing
d,
Jan.
its
steadie
the market
after it in
sumers and dealers who were short bought heavily on the expected 'after holidays producers have gone
have sucdrop in tin and as a consequence the market became firm vigorous fashion and in a moderate way they
ements in
improv
further
seen
has
week
past
The
ceeded.
toward the close.
the general tone of the market With new business and production on a somewhat higher plane, but casualties among
Steel Orders Increase Moderately As Prices Pall-Pig Iron
prices continue, as noted last week, soft steel bars and
es.
Activity Continu
structural shapes working down toward the 1.90c., PittsBookings of steel have increased in the past week, but
burgh, observes the "Review" in summarizing events in
prices have given way, declares the Jan. 27 market sum- the market. This price 'applies more generally to sizable
mary issued by the "Iron Age." Tests of the price of 2c., business and in some instances to material shipped against
Pittsburgh, for steel bars and shapes for 1927 needs have 2 cents contracts is being billed at 1.90c. Sheet prices
finally established that 1.90c. will apply on sizable orders. still are subjected to considerable strain due to the conThe situation grows out of the short range scale of buy- tinued aloofness of the automotive industry and new coming, which has made for an expansion in the classification petition of strip interests has resulted in extras on some
of preferred buyers, observes the "Age" in reviewing con- of minor steel products being waived, adds the "Review"
ditions in the market, adding:
as follows:
as to kind of steel and from which we quote further
Demand, though moderate, is broad both
Pig iron in the Pittsburgh and Mahoning Valley districts has rehas come from the
consuming industry. The only notable increase
itself, following a sudden decision of Connellsville coke operaversed
in
pro•
a
step-up
February
for
preparing
automobile trade, which is
to. reduce wages to the 1922 scale which was $6. An immediate
tors
ed
conter
pronounc
any
first-quar
of
lacking
is
duction. Evidence
reaction has been the revision downward of furnace coke prices from
tracting by large users.
No. 2
the end of January will prob- .25 to 50 cents per ton and of foundry coke 25 to 75 cents. ton
as
Production has been maintained, and
beginning. Ingot output at foundry iron in the Mahoning Valley has gone off 25 cents a
ably show bigger backlogs than did the
quoted
is
now
iron
and No. 2 foundry
malleable
At
Chicago,
result.
a
the
h
but
district
Pittsburg
mark,
80%
Chicago has again reached the
blown in a blast furnace at $20.50 to $21, contrasted with a former flat $21 price.
still averages 70%. The Steel Corp. has
Four thousand more freight cars have been placed including 3000 for
& Tube Co. are to go
Sheet
own
Youngst
the
of
stacks
Two
Gary.
Baltimore & Ohio, bringing the total awards for January past 17,000.
, more
out for repairs.
unsettled, but for large lots Since the present car buying movement set in late in December
Prices in sheets are still very much Pittsburgh, and black Sheets than 23,000 cars, requiring nearly 350,000 tons of iron and steel
2.20c.,
at
Pittsburgh
blue annealed may be quoted
respectively, a week ago. Business products have been bought. Plate orders booked by the
in large
at 2.85c., against 2.25c. and 2.90c.,
and irregularities have ex- district makers this month' will set a record for January duemills
levels,
these
below
and
look
above
is reported
mills. Galvanized sheets have measure to this activity in cars. The Chicago district steel
weeks.
two
next
tended to naming prices at various Ohio Pittsburgh.
the
to develop in
car
steel
of
ions
heavy
for
specificat
as
well
been quoted at 3.75c., Valley, as
January is closing with evidence of improvement, especially in findisregard of width as bearand
Weakness in strip steel has resulted in a
olled product have sold ished steel discernible in practically all districts. Orders for car for
hot-r
the
of
lots
round
and
ing on the price,
structural steel booked last week by Chicago mills were heaviest
of the extras.
at 2c., Pittsburgh, with a waiving of some on by expansion of pro- any week since early October. The Illinois Steel Co. has blown in a
stacks in the Chicago
Increasing competition in tin plate, brought
preferential terms to tonnage stack at Gary, making 25 of the 36 steel works
ductive capacity, threatens to widen
the base district active. Some sheet mills in Mahoning Valley have accumuboxes,
250,000
tely
approxima
of
order
buyers. On a recent
lated small backlogs.
price was shaded about 30c.
The "Iron Trade Review's" composite price on 14 leading iron and
long sluggish, has developed
The market in wire and wire products,
products this week is $37.38. This compares with $35.47 last
steel
East
the
in
and
the
in
chiefly
levels,
sales at $1 a ton below recent
week and $37.78 the previous week.
Chicago district.
584
THE CHRONICLE
Demand for Bituminous
Coal and Anthracite Continues
Good—Prices Somewhat Unsettled.
Low temperatures served to maintain a steadying influence on the market for bituminous coal, according to the
observations made Jan. 26 by the "Coal Age" of New
York. Though there was an undercurrent of weakness,
there was no real breaks in prices, the "Coal Age" reports. Demand for sizes suitable for household consumption was fairly active. Purchases for reserve stocks by
large industrial consumers also was a factor. While a
goodly portion of this buying was of "no bill" coal by the
railroads, its importance as a safety valve on the general
situation was far-reaching, continued the "Age," adding:
An interesting development in the labor situation in the past week
was the sudden announcement of a reduction in wages by the Pittsburgh Coal Co. A number of independents in the Connellsville coke
region quickly followed in making proportionate reductions, bringing
the basic day rate to $6.
The "Coal Age" index of spot bituminous prices on January 24 was
188 and the corresponding weighted average price was $2.28, a recession for the week of 4 points and 4 cents, respectively. Lower spot
quotations on high-volatile coals of southern West Virginia as well on
those of the Pittsburgh district and the Ohio No. 8 field were largely
responsible for the decline. The situation in New England and at
New York and. Philadelphia remains reasonably steady. The Midwest reported a barely steady market.
Domestic anthracite has been firmer on moderate improvement in
demand, especially in New York. No. I buckwheat continues to
stiffen, some independent tonnage moving at $5 in the New York market and $1.50 less in Philadelphia. Nevertheless, practically all of
the mines have seen fit to curtail production.
It is unavoidable that the coal industry should approach
the first of April with a feeling of uneasiness, and the
disturbance is bound to be reflected in various ways, declares the "Coal & Coal Trade Journal" in its review of
the week's events, issued Jan. 27.
This statement constitutes the tenor of the news that
comes from the different sections of the country at this
time, observes the "Journal."
The tendency has been to prepare, and the preparations that have have been and are being made for a
struggle to overthrow the main stipulation of the Jacksonville Agreement are felt to an extent in the nonunion
fields as well as the union fields. One might theoretically
profit by the distress of the others, or both may be very
practically adversely affected, bat whatever happens the
coal world has decided to make arrangements to be ready
for it, adds the "Journal" from which we further quote:
[VOL. 12.1
the end of last year. Accumulations must be made somewhere, or
prices are likely to suffer. The possibility of their decline is before
the big buyers. It is hard for these to resist the temptation to take
advantage of delay.
In the anthracite field there are troubles to be met that are distinctly
its own and this portion of the coal world is not impervious to the
condition in bituminous. Philadelphia has rather an uncomfortable
story to relate from the anthracite fields near at hand.
Shutdowns have been frequent. There is a hint that the cause has
been over large production. But at the bottom of any rtouble in this
realm is the weather. Never did the cold seem so fickle; its ability to
disappear is decidedly distressing to the coal dealer.
But he knows the bins are not full, and the buying ability of the
householders and others is particularly good just now. If his patience
holds out the ice and snow will give him his day, and it will be a good
one when it comes. The coal market can not be described as in a
highly comfortable condition just now, but it is probably at the bottom
of the immediate curve. The swing upward is likely to come at any
time.
The bituminous operator and dealer is prepared for April, and his
worst fears may suffer disappointment.
The anthracite man will prosper with the coming seasonable cold and
cold is to be expected in February and March. Altogether there is
little place for the pessimist.
Output of Bituminous Coal Continues to Increase—
Anthracite Makes Rapid Gain—
Coke Also Improves.
Topping last week's production report by 297,000 net
tons, the bituminous coal output rose to 13,550,000 net tons
during the week ended Jan. 15, according to statistics prepared by the United States Bureau of Mines. The output
of anthracite made the notable gain of 34%, reaching
1,834,000 net tons, while coke, although the gain was not
so large, rose 9,000 net tons to 179,000 net tons, after an
extended period of dropping off from week to week, adds the
Bureau, from which we quote further:
Production of bituminous coal continues to increase. The total output
for the week ended Jan. 15 is estimated at 13.550.000 net tons, a gain of
297,000 tons, or 2.2% over the revised estimate for the precedin,,
ESTIMATED UNITED STATES PRODUCTION OF BITUMINOUS
COAL (NET TONS), INCLUDING COAL COKED.
1926-1927
1925-1926
-Coal Year to
Coal Year to
Week.
Date.
Week.
Date.a
Jan. 1
10,711,000 432,551,000
10,704,000 393,436.000
Daily average_ _
2,021,000
1,867,000
2,020.000
1,700,000
Jan.8 b
13,253.000 445,805.000
13,031 ,000 406,487,000
Daily average
2.209.000
1,876,000
2,172,000
1,712,000
Jan. 15 c
13,550,000 459,355.000
13.068,000 419,535,000
Daily average_ _
2,258,000
1,885.000
2.178,000
1.724,000
a Minus one day's production first week in April to equalize number of
days in the two years. b Revised since last report. c Subject to revision
.
ANTHRACITE.
The total production of anthracite during the week ended Jan. 15 is
estimated at 1.834.000 net tons, an increase of 466.000 tons, or 34% over
In Toledo last week a meeting was held that is likely to have impor- the output in the preceding week. The average daily rate of production
tant results. In the sections represented, unionism is severely felt. in the first two weeks in January has been 267,000 tons, as against 290,000
Here the operators are joining together to face the coming situation. tons in the month of December.
They are asking others nearby to join them. The evidence of their
Estimated United States Production of Anthracite (Net Tons).
strength may have a salutary effect upon those who are aligned against
926-1927—
—1925-1926----them.
Coal Year
Coal Year
Week Ended—
Week.
to Date.
Week. to Date.a
Throughout the whole coal industry the necessity of dealing with Jan.
1
1,128,000 73.976,000
28,000 40,408,000
the demands of the organized miners is realized. Many believe that Jan. 8
1,368,000 75,344,000
47,000 40.455.000
little will happen, that the miners will make hardly more than
1,834,000 77,178,000
37,000 40,492,000
a Jan. 15-b
gesture; others look forward to a decidedly different result
a Minus one day's production first week in April to equalize number of
One prevailing opinion is that conditions will be such that a union days in the two years. b Subject to revision.
strike can begin and end without much harm being done. Those who
BEEHIVE COKE.
entertain this opinion believe that there will be coal enough to last
The output of beehive coke increased to 179,000 net tons as the following
for a considerable time, so that the nonunion mines can with full
pro- table shows:
duction keep the supply reasonably sufficient for an indefinite time.
Estimated Production of Beehive Coke (Net Tons).
But all this speculation and preparation and the effort to accumulate
—
Week Ended
reserves has disarranged the market of the minute. Prices are being
1927
1926
Jan. 15 Jan.8 Jan. 16
to
to
affected by unnatural conditions rather than normal ones. The market
1927.b
1927.c
1926.
Dale.
Date.a
must accept this situation and do the best it can with it.
United States total
179,000 170,000 311.000 378,000 649,000
With thirteen million tons of bituminous mined each week for Daily average
30.000 28,000 52,000 29,000 49,000
a Minus one day's
several weeks production is unquestionably large compared with that
first week in April to equalize number of
of days in the two years.production
b Subject to revision. c Revised since last report
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Jan. 26, made public by the Federal Reserve Board, and which deals with the results for the twelve
Reserve banks combined, shows a further donne of $96,400,000 in bill and security holdings, of $51,700,000 in
member bank reserve deposits and of $21,400,000 in Federal
Reserve note circulation, and an increase of $37,400,000 in
cash reserves. All classes of bill and security holdings declined during the week, discounts by $50,900,000, acceptances purchased in open market by $35,500,000 and Government securities by $10,000,000. After noting these
facts, the Federal Reserve Board proceeds as follows:
Most of the Federal Reserve banks report a smaller volume of Federal
Reserve notes in circulation than a week ago, the principal decreases being
Chicago $8,400,000, Boston $5,300,000, and San Francisco $4,000,000.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages—namely, pages 614 and 615.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Jan. 26 1927, is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted. total
Secured by U.S. Govt. obligations
Discount holdings of the New York Reserve bank declined $28,800,000
Other bills discounted
during the week, of Chicago $7.500,000. Cleveland $7,400,000, and St.
Bills bought in open market
U. S. Government securities, total
Louis $4,100,000, while the Federal Reserve Bank of Boston reports an
Bonds
increase of $4.100.000 in the discounts. The New York bank also shows a
Treasury notes
decrease of 330.700.000 in open-market acceptance holdings. The SysCertificates of indebtedness
tem's holdings of Treasury notes were $4,400,000. of United States bonds Federal Reserve notes in circulation
34,100.000 and of Treasury certificates $1,500,000 below the preceding Total deposits
Members' reserve deposits
week's totals.
Government deposits
Increases(+1 or Decreases(—)
During
Week.
Year.
+437,400,000 +$179,700,000
+30.900,000 +165.600,000
—96,400,000 —146.400,000
—50,900,000 --83,400.000
—11,700.000 —68,300,000
—39,200,000 —15,100,000
—35,500.000
+6,400,000
—10,000,000 —62,300,000
—4,100,000
—8,400,000
—4,400.000 —89.600,000
—1,500.000 435,600,000
—21,400.000
+21,200,000
—72,500.000 —26,900,000
—51,700.000 —25.100.000
--7,200,000
+100,000
JAN. 29 1927.]
585
THE CHRONICLE
CANADA.
Federal Reserve System—
Retailers are holding their usual January clearance sales. Toronto
Week—Brokers' Loans
wholesalers report a considerable increase in new orders over mid-January
last year.
In New York City.
Canada Imported goods to the value of $1,008,342,000 during the calendar
'issue
to
Board
year 1926, In contrast to $890,193,000 during 1925. The large increase was
It is not possible for the Federal Reserve
principally because of the much heavier requirements of Canadian industries
the weekly returns of the member banks as promptly as the for
raw and partly manufactured materials, but a general expansion in the
Both
themselves.
banks
returns of the Federal Reserve
purchasing power of consumers in the Dominion was an important factor.
the
Exports of domestic goods, valued at $1,268,582,000. showed a slight
cover the week ending with Wednesday's business, and
decline from the 1925 calendar year aggregate Of $1,270.987,000. This
out
given
always
are
banks
Reserve
returns of the Federal
business was adversely affected directly by the British coal stoppage, the
of Canadian agricultural
after the close of business the next day (Thursday). The United Kingdom having taken smaller quantities
and, indirectly by the extrernely high ocean freight rates acstatement of the member banks, however, including as it products;
trade because of the
coal
the
to
vessels
of
diversion
companied by the
does nearly 700 separate institutions, cannot be tabulated British temporary reliance upon imported fuel. Among prominent Canadian
shows substantial gains, especially
until several days later. Prior to the statement for the week exports in 1926 the pulp and paper group
shipments of automotive vehicles were
foreign
but
pulp,
wood
on
and
ready
newsprint
them
have
to
practice
the
was
it
ending May 19 1926
somewhat smaller than in 1925, and dairy products declined materially.
Thursday of the following week, and to give them out conThe Canadian newsprint mills operated during December at 92.4% of
was 1,882,000 tons, an increase of
currently with the report of the Reserve banks for the next their rated capacity. The year's output
24% over 1925. The first pulp and paper mill in the Prairie Provinces.
week. The Reserve authorities have now succeeded in (located
north of Winnipeg), commenced
nines
90
at Pine Falls, Manitoba,
expediting the time of the appearance of the figures, and manufacturing on Jan. 17.
GREAT BRITAIN.
they are made public the following week on Monday instead
10% loss miners are employed, coal production Is now back to
of on Thursday. Under this arrangement the report for the theAlthough
pre-stoppage level. Coal supplies generally continue to exceed requireweek ending Jan. 17 was given out after the close of business ments and this situation is resulting in further price declines and in transport
week.
congestion. The coal export market is improving. Unemployment
on Monday of the present
of persons out of work.
The Federal Reserve Board's condition statement of 682 registers list a smaller number
THE NETHERLANDS.
shows
19
Jan.
of
as
cities
leading
in
banks
reporting member
Business in the Netherlands has entered the new year under favorable
declines of $135,000,000 in loans and discounts, $20,000,000 auspices. General economic and financial conditions are better than a
of competition from French and Belgian
in investments, $149,000,000 in net demand deposits and year ago, there is less dangercurrency
and conditions in the Dutch East
arising from depressed
$57,000,000 in borrowings from the Federal Reserve banks. firms
debt on Dec.31 was 2,794,000,000
consolidated
prosperous. The
are
Indies
Member banks in New York City reported reductions of florins and outstanding Treasury notes totaled 149,000,000florins. Ordinary
an increase of 25.000.$118,000,000 in loans and discounts, $26,000,000 in invest- budgetary receipts amounted to 489,000,000 florins,
000 florins over the year 1925 and extraordinary receipts were 107,000.000
ments,$124,000,000 in net demand deposits and $33,000,000 florins,
Bank has
The
Netherlands
florins.
an increase of 5,000,000
in borrowings from the Federal Reserve Bank.
maintained its good position. There is increasing activity on the stock
advancing and petroleum shares are firm with
Loans on stocks and bonds, including United States exchange. Rubber shares are
lively demand. Living costs in December showed practically no change
Government obligations, were $84,000,000 below the Jan. 12 aover
the preceding month. The number of unemployed in December
total, $75,000,000 of the reduction being at banks in the marked an increase. Business failures continued to show a moderate,
Total foreign trade returns for 1926 showed an
New York district. "All other"loans and discounts declined though steady decline.
increase of 46.000,000 florins in the adverse balance as compared with 1925.
disYork
New
the
in
of
$36,000,000
decline
a
$51,000,000,
The grain market in the Netherlands is active, while with certain exceptions
trict and smaller declines in seven of the other districts being other commodities are generally strong.
FRANCE.
partly offset by an increase of $11,000,000 in the Kansas
Government revenues from normal, permanent and exceptional sources
City district. Total loans to brokers and dealers, secured
the year 1926 totaled 39.333,000.000 francs, marking a large increase
by stocks and bonds, made by reporting member banks in for
over tax returns in 1925. Imports in 1926 were valued at 59,515,000,000
balance of
New York City were $21,000,000 below the previous week's francs and exports at 59,535,000,000 francs, leaving a favorablemetric
tons
francs. The volume of imports was 45.513,000
figure, loans for their own account having declined $65,000,- 20.000,000
imports
both
value
of
and of exports 32,429,000 metric tons. The nominal
000, while loans for out-of-town banks and for others in- and exports showed a large increase over 1925. Imports by volume dropped
creased $40,000,000 and $4,000,000, respectively. As 1.912.000 metric tons, while exports increased by 2,204,000 metric tons in
already noted, the figures for these member banks are always 1926.
GERMANY.
a week behind those for the Reserve banks themselves.
It is announced that the Leipzig Spring Fair will be held between March
The statement goes on to say:
6 and 12; the Technical and Machinery Exhibition will run in conjunction
The Member Banks of the
Reports for Preceding
Holdings of U. S. Government securities increased $22,000,000, principally in the San Francisco. Kansas City, Chicago and Philadelphia districts. Holdings of other bonds, stocks and securities were $42,000,000
below the Jan. 12 total at all reporting banks and $28,000,000 below at
reporting banks in the New York district.
Net demand deposits declined $149.000.000 during the week, the principal changes including reductions of $123,000.000 in the New York district,
$24,000,000 in the Chicago distria and $13,000.000 in the Philadelphia
district, and an increase of $11.000,000 in the Kansas City district. Time
deposits were $8.000,000 less than a week ago at all reporting members
and $11,000,000 below at reporting members in the New York district.
Borrowings from the Federal Reserve banks were reduced $57.000.000
during the week. The principal changes in this item by districts were
reductions of $35,000,000 in New York,$12,000,000 in Boston,$11,000.000
and $9,000,000 in Cleveland and San Francisco, respectively, and an increase of $15.000,000 in Chicago.
On a subsequent page—that is, on page 615—we give the
figures in full contained in this latest weekly return of the
—rnil;
member banks of the Reserve System. In triTiollow
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Loans and discounts. total
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other
Investments, total
U. 8. securities
Other bonds,stocks and securities
Reserve balances with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Total borrowings from F. It. banks
Increase (+) or Decrease (—)
During
Week•lwweno year.
—$135,000.000 +$260.000.000
—17,000.000 —24,000.000
—67.000,000 —33.000.000
—51.000,000 +317.000,000
—20.000.000
+78.000,000
+22.000.000 —197.000.000
—42,000,000 +275,000,000
—11,000.000
+1.000.000
—25.000.000 —17,000,000
—149,000.000 —133,000,000
—8.000.000 +495.000.000
—82.000.000
—57,000,000 —2,000.000
Summary of Conditions in World's Market According
to Cablegrams and Other Reports of the
Department of Commerce.
of Commerce at Washington releases
Department
The
for publication to-day (Jan. 29) the following summary of
conditions abroad, based on advices by cable and other
means of communication:
with the Fair from March 6 to March 20. The Spring Fair of Frankfort
on Main will take place between March 27 and 30. The Leipzig Fall Fair
will be held between June and September and the Frankfort Fall Fair will
run from Sept. 18 to Sept. 21.
ITALY.
The Italian trade deficit was lowered during 1925 with total exports
amounting to 18.607.000.000 lire and total imports to 25.765.000;000 lire.
The resulting trade deficit amounted to 7,158.000.000 lire whereas during
1925 the corresponding figure was 7,875,000.000 lire. The last five months
of the year are accountable for the improvement shown in the trade balance,
as during these months imports showed a_sizeable reduction and exports a
slight increase.
SPAIN.
The consolidation of that part of the Spanish floating debt which is to be
presented for reimbursement on Feb. 4 has been provided for by a royal
decree of Jan. 19. At present the entire floating debt amounts to 5,225.000.000 pesetas and the three year issue of Feb. 4 1924 amounting to 1,095.407,000 pesetas falls due en Feb. 4 1927. The holders of this issue have
the option of fifty year amortizable 5% tax free bonds at 94, or fifty year
amortizable 5% bonds subject to 20% utilities tax at 85.5, or they may
have cash reimbursement upon these issues. All floating debt issues that
are consolidated at present are credited with 1% amortization bonus as
specified in the original conditions for short term obligations.
The preliminary statement of the budget for the last six months of 1926
shows expenditures at 1,402.000,000 pesetas and collections at 1,043.000,000
pesetas. Increases were shown in territorial and industrial contributions.
utilities tax, royal dues, sugar and tobacco taxes, stamp taxes and lotteries
but a customs duty showed a falling off.
AUSTRIA.
January developments in Austria show a continued improvement in the
general economic position of the country, and prospects remain moderately
favorable for the next few months. Many industries, including the textile,
iron and steel. electro technical, timber, leather;shoe, and clothing, report .
increased orders, particularly for export shipments. The weather remains
mild with abundant moisture, and winter crops are generally in good condition. The money market remains easy and a reduction in the discount
rate is under consideration. The situation of the Austrian National Bank
remains favorable and government accounts for the month of November
showed a surplus of $3,390;000. Renewed activity has been noted on the
Vienna stock market. The leading industries were generally active and
Increases were noted in the production of pig iron and lignite. The value
of October imports advanced over that for September, mainly on account
of heavy cereal imports. The value of total exports remained steady.
HUNGARY.
With the introduction of the new pengo currency in Hungary effective
Jan. 1 1927, drafts and bills of exchange executed in kronen or on the old
blanks for kronen have no legal value from that date.
SWEDEN.
The outstanding feature in the economic situation in Sweden during
December was increased business activity. Preliminary figures show that
586
THE CHRONICLE
the credit demands were somewhat lighter than usual for December, during
which month tax payments are made. The State budget proposal for the
fiscal year 1927-1928 presented and favorably received during the early
part of Jan. 1926, balances at 709,000,000 crowns without recourse to the
Treasury Reserve. This represents a decrease of 35.000,000 crowns from
the current budget. The proposed budget provides for increased revenue
through higher automobile, stamp, and tobacco taxes. The lumber outlook
remains hopeful but there was a seasonal lull in sales during the past few
weeks. Sales for future delivery now total approximately 643,500,000
board ft. The iron and steel industry, although still in a state of depression,
is slowly assuming a more favorable position. Shipping, export industries,
and trade in general have benefited by the favorable weather. The volume
of exports was satisfactory during December even though each of the
leading items showed a considerable decrease as compared with November.
According to preliminary indications foreign trade during 1926 was somewhat more passive than that of the preceding year.
[Vol,. 124.
($1,425,000) to 102.736,000 dollars ($57,532,000). Preliminary totals for
the year 1926 show a slight decrease of 1% in exports, compared with the
export trade of 1925, and an increase of about 4% over the previous year in
imports. The decline in value of export trade was undoubtedly due to the
fall in'rubber prices the latter half of 1926. The increased import trade.
however, reflected the sustained prosperity of the region. Exports for the
year totaled 1,258,516.000 Straits dollars ($708,545,000) and Imports.
1,002,711,000 dollars ($564,526.000).
Rubber prices in December declined further from the November level,
but prices of tin advanced slightly, the average for the month being 153.78
Straits dollars ($86 12) per picul of 133 1-3 pounds. Tin exports totaled
7,272 long tons, of which 67% went to the United States, 22 to Great
Britain, and to Europe. Exchange rates during December on New York
London, and Hongkong remained steady.
INDIA.
Notwithstanding a 20% decrease in India's exports and only a slight
JAPAN.
increase in imports during 1926.the value of goods received into that country
The general business depression in Japan, which prevailed in the latter from the United
States increased approximately 25% and' aggregated
part of 1926 and was further augmented by the National mourning, has $60.000,000 invalue.
Practically all lines imported from the United States
continued so far in the new year. Practically all markets are dull and except copper,
hardware, lubricating oils and stationery shared in the
prices remain low. Business prospects are such that a number of com- increase.
panies are contemplating dividend cuts. However, it is believed in Japan
Indian business generally throughout the year was characterized by dull
the drop in prices will have a stimulating effect on domestic trade. Finan- trade, industrial
declines, political uncertainties, and aggravated communal
cial statistics indicate declines in Japan's National Debt; exchange rates; differences. While
some industries, particularly jute mills and cotton mills.
postal savings; and the open market discount rate, during the month of had a bad year,
the outlook for the future is said to be more encouraging.
December. The silk and cotton markets remained quiet during the month. Harvests have been
good,although price levels have been low for most comJapan's foreign trade for December totaled 328.700,000 yen compared modities. Tea was
prosperous but is reported to have been overproduced.
with 334,200.000 yen in November. Exports totaled 166,400,000 yen Raw cotton has
enjoyed better price levels than in the United States but
against 177,600.000 the preceding months, while imports aggregated 156.- has moved slowly,
as mills were buying from hand to mouth, and Japan
600,000 yen and 162,300,000 in November and December, respectively. came into the market
late.
Smaller shipments of cotton textiles and yarns, raw silk, refined sugar and
AUSTRALIA.
aquatic products account for the bulk of the export decline.
Australian business was generally prosperous during 1926, although the
British coal strike caused a falling off in demand for Australian goods, and
NORTH CHINA.
North China business during 1926 was continually subjected to irregular exports did not come up to expectations. All States except Queensland.
and often extremely heavy taxations. Another adverse factor was the which suffered from drought conditions, had good crop seasons and in most
rapid decline in silver exchange from August onward, which naturally Instances price levels were satisfactory. Wool brought good prices
raised the price level on all foreign imports. Despite the unsatisfactory throughout the year and the clip was fair. Owing to the poor 1925-26
conditions, however, business managed to maintain itself in satisfactorily wheat crop, exports declined, but the 1926-27 crop, which was coming into
good volume. On Jan. 14 the Peking Government announced by public the market as the year closed, indicated good yields. The present price is
mandate the imposition of customs surtaxes of 214% ad valorem on low and farmers are not disposed to sell.
Trade during the first 11 months of the year 1926 showed an adverse
ordinary goods, and 5% on luxuries, to be effective Feb. 1. At the year's
end the Manchurian Provincial Government, acting independently at balance of somewhat larger proportions than for the corresponding period
in
1925. Exports in this period reached £133,233,000 as against £142,562,Peking, issued regulations with regard to radio broadcasting in Manchuria.
000 for the correspordirg period in 1925, while imports increased from
PHILIPPINE ISLANDS.
£144.250,000 to £145,162,000.
Philippine business in December was moderately active, with wholesale
ARGENTINA.
trade fairly good the first half of the month and seasonally quiet the latter
half. Retail trade compared favorably with that of December a year
The usual midsummer seasonal dullness is being experienced in most
previous. Following the holiday season and annual inventories, January import lines in Argentina. Harvesting operations have been somewhat
has resumed a quiet tone. The general outlook for the ensuing year, how- hindered by rains but no serious rest1ts are anticipated. The second official
ever, is said to be encouraging. Rains have somewhat delayed sugar grind- crop estimate is as follows (in metric tons), wheat, 6.065,000; linseed
ings, but most centrals are operating at capacity, and about one-fourth 1,750,000; oats, 1,041,000; and barley, 421,000. High returns from initial
the crop is now harvested. December's copra market was qufet and abaca threshing operations have strengthened the wheat estimate, which, at
trade was steady, with production low because of rains. Sales of small present expectations will total approximately 222,888,000 bushels as comcars and trucks continued excellent. The textile market was seasonally pared with 191.140,000 bushels obtained last season. The wool market
quiet, reflecting dullness caused by the recent drop in cotton prices.
continues active and there Is some improvement in the hide market. The
cattle and sheep markets are weak. A loan of 11,000,000 Paper Pesos
HAWAII.
(approximately $4,500,000) has been nogotiated in New York by the
The year just closed was unusually active in Hawaii. Crops were favor- Municipality
of Cordoba.
able, building and construction active, and tourist trade set new records.
BRAZIL.
More ships made Honolulu a port of call, and tonnage entered and cleared
Business was extremely quiet in Brazil during the week ended Jan. 22
was of record proportions. The outlook is reported to be better than it has
been for several years, owing to the relatively high price level of sugar, and 1927. Coffee shipments were light and prices slightly lower, quotations for
the business community is unusually optimistic as the new year opens Santos fours for February delivery having opened on Monday at 27.775
Building permits issued and construction programs, both municipal and milreis (approximatley $3 24) per 10 kilos and closed Friday at 27.450
mllreis (approximately $3 20) per 10 kilos. Stocks of over a million bags
Federal, indicate considerable activity along this line during 1927.
were in Santos on Friday despite the decreased daily entries to 36,000 bags.
NETHERLANDS EAST INDIES.
Exchange has been steady, the average sight rate for the week being 8.554
Economic and commercial conditions of Netherlands India in 1926 were milreia to the dollar.
generally satisfactory, showing considerable improvement the latter half
MEXICO.
of the year. Government finances were in excellent shape, with increased
The commercial situation continues difficult and banks are now granting
revenues and a substantial reduction in the public debt. New investments practically no credit, the only exceptions being small sums to the very beet
offoreign capital, especially in agricultural enterprises, were made. Leading clients. Evidences of unrest continue to be manifest throughout the
export crop returns, with the exception of sugar, were good and export country. The sales of light trucks in Mexico City have been excellent as a
markets, in spite of generally lower prices, were satisfactory. Import lines result of the enforcement of the ordinance prohibiting the use of vehicles
mainly for native consumption were somewhat disappointing, as the native with iron tires. As a result of the curtailment of operations, oil companies
purchasing power was affected by the severe drought of 1925 and lower are reducing the number of employees.
rubber prices the latter part of 1926. Some piece goods importers sustained
COSTA RICA.
heavy losses in the last quarter, as a result of the raw cotton situation.
Importers of high priced commodities, such as automobiles and heavy
Preliminary figures of the declared exports to the United States through
machinery, reported satisfactory business. The general outlook for the Port Limon, Costa Rica, for 1926 show a substantial increase. The total
ensuing year is considered good.
export trade of Costa Rica in 1925 was $16,416,095 of which $14,471,534
was exported through Port Limon. Taking Port Limon alone Into conSIAM.
sideration
the participation of the United States in the export trade in 1926
Bangkok's export trade in December, valued at approximately 19,000.000
ticals, registered an increase of 2.000,000 ticals over the previous month. was $5,916,851, as compared with $5,121.397 in 1925. or an increase of
About 1,500.000 Mats of the advance was due to increased rice shipments. $795,454. The most noticeable increases in Costa Rican exports in 1926
were shipments of bananas, cacao and crushed pineapples. In addition to
(1 tical equals $0.44). A large surplus of rice for export is expected in
Siam from January on. Profitable shipments, however, may be somewhat the above items there was a large increase in coffee shipments to the United
States
during the year. Total declared banana exports in 1926 were
hindered on account of a rising tendency in freight rates. The value of
December's import trade of 16.700.000 ticals was about 300,000 ticals under 5,481.155 stems, as compared with 4.857,356 stems in 1925, or an increase
of 623.799 stems. The total production of cacao is estimated to be about
the unusually high figure of November.
Total imports for the year 1926 into the port of Bangkok, through which 30% greater than in 1925. The largest market for Costa Rican cacao is
in
South America and Europe, but as prices were better in New York,
practically 85% of the trade of Siam passes, approximated171.109.000
ticals in value, which is a very substantial increase of about 12,276,000 during the period under review, good-sized shipments were diverted to that
ticals over the import trade of 1925. Exports in 1926 of 196,575,000 ticals port.
were approximately 4.500.000 Heals in advance of the total export trade the
previous year. Bangkok's foreign trade in 1926 netted a favorable balance
Gold Shipments from France.
of 25,464,000 ticals.
Recent
shipments
of gold from France have been attractINDO-CHINA.
General seasonal business improved in December, but the country's rice ing attention; in all, it is stated, $14,400,000 has been retrade continued dull, awaiting further reduction in price. Old rice stocks ceived from that country during the last few weeks, these
are now practically exhausted and harvesting of the new crop is well started. Shipments representing
the first consignments since the war.
Shipments of rice in December were somewhat heavier than the previous
month, totaling 84,932 metric tons, of which 62,162 tons consisted of In reporting the arrival of the third shipment the "Times"
white rice. Preliminary reports of total rice exports for the year show of yesterday (Jan. 28) said:
shipments of 986.190 tons of white rice and 215,408 tons of broken& The
A shipment of $6,200,000 in gold, the third to be sent from France
official exchange rate of the piaster on Dec. 31 was 12.40 francs, or a dollar to New York in the last three weeks, arrived on the
steamship France
value of $0.4875.
yesterday and created renewed interest in financial circles as to the
BRITISH MALAYA.
purposes behind the movement.
British Malayan trade in December was about 10% larger than in NovemThe gold received yesterday was consigned to the American Exber both exports and imports making sabstantial advances. The latter change Irving Trust Company as were the two previous shipments.
Increased about 13,000.000 Straits dollars ($7.000,000) to a total of 90.558. The bank announced merely that the metal had been sent for the
000 dollars ($50,732,480) and exports advanced 2.544.000 Straits dollars account of a correspondent in Paris. The metal was placed in the
JAN. 29 1927.)
THE CHRONICLE
vaults of the Federal Reserve Bank of New York after having been
carted through the streets in armored trucks.
The gold comes from special holdings acquired under a new law in
France by which the Bank of France purchases from peasants and
other citizens their hoardings of coins. The Government also purchases foreign exchange and in many cases turns gold over to private
bankers. It is shipped abroad under special permits, which represent
a reversal of the Government's policy of holding all gold at home
since the war. It is estimated that the special holdings in this class
amount to the equivalent of $52,000,000 of gold, silver and foreign
exchange, a large proportion of it being gold. So far none of the gold
reserves of the Bank of France have been included in the gold sent
out of the country.
While the purpose of the gold shipments has not been officially announced, it is taken for granted that it works in with whatever plans
France has for official stabilization of her currency this year. One of
the things that will be served by the credits being built up here is
the $400,000,000 post-armistice debt contracted by France in the purchase of American supplies. France pays interest regularly on this
debt, which it recognizes as "commercial." The principal will be due
in 1939. Under the debt agreement, not yet ratified, this obligation
would be added to the war-time debts.
The gold here, it is pointed out, could be utilized also as part of a
credit to protect the franc at the time of a return to the gold standard.
Premier Poincare and his associates now are holding the franc at
approximately 3.95 cents. France has holdings of approximately
$375,000,000 in foreign countries, much of it in the United States,
and the Premier has announced that provision has been made for all
foreign payments in 1927.
The first shipment of gold from France came a few weeks ago and
amounted to $4,000,000. This was followed by $4,200,000, received
on last Saturday. Bankers are waiting with interest to see if the
movement continues. France may still send •large amounts without
disturbing her reserves.
On Jan. 25 the Associated Press reported the following
from Washington:
Part of the $8,000,000 in gold bullion shipped here by France recently is expected by the Treasury to be used in payment of interest
due to the United States Government on Feb. 1 on the war supplies
debt. France will owe the United States $10,000,000 on that date.
A Paris cablegram Jan, 24 to the New York "Times"
(copyright) with reference to the shipments, stated:
The explanation here of the recent shipments of gold metal from
France to the United States, notably the consignment which arrived
in New York aboard the Rochambeau on Saturday, is that this gold
represents the value, in part, of the gold pieces recently purchased by
the Bank of France from the French populace at rates in paper francs
based on the exchange rates. The Bank of France kept the coins
and sent the equivalent in ingots to New York, where it was sold to
an American bank against liquid dollar securities. These securities
are being held as part of the enormous fund Premier Poincare has
built up for the defense of the franc.
Had the Bank of France added this gold to the regular metallic
reserve of the bank, the Government would then, in case Of need, have
run up against a strong sentiment in France against using the gold
reserve of the Bank of France in the exchange market. Considering
the heavy gold reserve of the bank, which is more than $700,000,000,
the Government and the Bank of France agreed that it was better to
put this money in revenue-producing securities ever available for ready
use in the exchange market.
Credits in Four Countries.
The Poincare Government has acquired foreign gold credits to a
total of about $350,000,000 since the rise in the franc started. These
credits are held in London, Paris, New York and Amsterdam. In
addition, through loans in Holland and Switzerland to French municipalities, railroads and industries, which the Government takes
over in exchange for franc credits, the Treasury has rounded up
nearly $100,000,000 extra, and plans are now under way for the
cession of the match monopoly in a deal which calls for an advance
of $80,000,000 to the State. Thus it will be seen that in addition to
the Bank of France gold reserve of $730,000,000, plus the silver value
of $70,000,000, the French Government has built up a credit of half
a billion dollars approximately, which is labeled as a "masse de
manoeuvre."
The Government has spent in this process some seven or eight
billion paper francs, which it obtained first through the Treasury
loan of last Fall for about three billions, and the rest through establishing open franc credits against advances for French industries and
banks.
•
It will at once be asked why M. Poincare has built up such a huge
credit. The answer foresees the failure of the French Parliament to
ratify the Berenger and Churchill debt accords, and thus the difficulty,
if not impossibility, of borrowing in l-ondon and New York.
Won't Stake Cabinet on Debt.
There is reason to believe that within the last week M. Poincare
has notified the American Government that he will not, as previously
announced, place the Berenger agreement before the Chambers and
pose a question of confidence on ratification. The reason given to
the Americans is that it is impossible to get a majority in the French
Parliament. Meanwhile, the reason given to the French is that neither
England nor America is pressing for payment.
Premier Poincare Says Government Will Seek to Keep
Franc at 25 Cents to Dollar—No Announcement
As to Stabilization Plans.
Before the Finance Committee of the French Chamber
of Deputies on Jan. 25, Premier Poincare refused (according to the Associated Press accounts) to reply to precise
questions regarding his stabilization plans, but told the
committee the opinion of all competent authorities was
that the formal legal stabilization of the franc could be
effected only after a long period of natural stabilization
from the normal play of economic and financial factors.
It was noted in the same cablegram that the premier, who
also holds the Finance portfolio, said that his Ministry
had no intention of stabilizing the franc at the present
587
time, but that as far as the monetary question was concerned, his Government's policy for the time being, in
agreement with the Bank of France, was to keep the francaround 25 to the dollar. We also quote herewith the advices by cablegram from Paris on the same date to the
New York "Times" (copyright):
The maintenance of the franc near 255' to the dollar for a considerable time to come was announced today by Premier Poincare
the Finance Commission of the Chamber as the firm intention before
of the
Government.
"We will do everything within our power," he said, "to
the franc stable at between 122 and 123 to the pound sterling."maintain
At the same time he held out strong hope that this intention
would
be easily realizable. He made no promise, however,
as to what will
be done finally. That; he said, depends on factors and
arrangements.
at present indefinite and incomplete, such as, for
instance, though no
specific mention was made of it, the ratification of the
debt
Meanwhile, the business community of France, which accords.
has been
greatly affected by the past fluctuations in the value of
the
confidence that there will be neither any too sudden ascent franc, has
or descent.
The Bank of France is provided with sufficient foreign
all ordinary speculative attacks and the situation has funds to meet
been
improved
by the dispatch of a gold reserve to the United States.
This announcement by the Premier has considerably
cleared
thepolitical air around the Palais Bourbon and in financial
circles, where his long hesitation between stabilization and business
and continued
revalorization has recently caused considerable disquiet.
Now French manufacturers and business men can adapt
conditions to the stable value of their money, which is fixedprices and
at a rate
which the Premier believes will enable them to hold their
own in the
world markets.
Premier Reviews Stewardship.
The Premier's statement came to an end with a long account
of his
stewardship of the Treasury since last July, when the franc was
just half what it is today. Point by point, with that historicalworth
precision which always characterizes his statements, he accounted
he had done from the time when at the end of last July he for all
saved
a
desperate situation by obtaining from the banks of the country
an advance of 930,000,000 francs.
During August and September the sale of Treasury defense
bond
over and above the amount repaid to the bond holders, the
influx
taxation and the improvement in the value of the franc enabled of
Government to meet all its budgetary and foreign debt obligations the.
and
to repay the advances to the banks.
By Sept. 30 the margin at the disposal of the Treasury at the Bank
of France, which had practically disappeared in July, amounted
to
1,850,000,000 francs.
The part played by the sinking fund in relieving the Treasury
situation the Premier showed had been very remarkable. Sooner
than was
expected measures were taken to suppress the further issue
month bonds, as the legal limit had been reached. And the of threesame time
the interest rate was reduced. Three billions of national defense
bonds
were consolidated in securities guaranteed by the National
Tobacco
Office, repayable in forty years, while the creation of
two-year defense
bonds effected a further step in consolidation.
Treasury Position Now Strong.
Despite the allocation of important revenues, such as those
from the
tobacco monopoly, to the sinking fund, the Treasury was
able easily to
meet all its obligations and create important reserves
of foreign moneys on the market. Not only was the by the purchase
Treasury
constitute a reserve larger than the Morgan fund, but, the able to
said, it now possesses foreign moneys which will enable it to Premier
meet all
the foreign debt service during 1927.
The only bond issue which the Treasury has made is the
of ten-year Treasury bonds with which it will meet the new series
maturity of
1,395,000,000 francs of Credit Nationale bonds due on
Feb.
tween September and the end of the year foreign loans on 1. Berailways,
which did not increase the indebtedness of the State,
amounted to
250,000,000 gold francs. This does not take account of the latest
loans
recently announced.
These measures, the Premier said, had secured for the
Treasury an
easy situation and had enabled it at the end of the year to reduce the
legal limit of the advance from the Bank of France to the
State to
36,500,000,000 francs.
Since the beginning of the year the position had been made
even
easier by the issue of a new series of Treasury bonds of 5,000,000,000
francs, from which 2,744,000,000 francs had been received to
date,
thus giving the Treasury a margin of 3,500,000,000 francs.
French Holders Also Gain.
The Premier made a strong point by stressing the effect of
the
provement in the situation so far as it concerned the French imbond
holder. The difference between the Bourse quotation of
French
on July 23 and today amounted to a total of 17,000,000,000 rentes
francs.
This amount had been saved for investors and when
calculation was
made of the increase in the value of the franc the amount
is doubled.
Abroad improvement of the situation is shown in the
fact that the
new railway bond issue in Switzerland was being
made on greatly improved terms. Since the beginning of the year, the Premier
concluded,
the Treasury has not purchased any foreign money
and
France, which is supervising the exchange market, has the Bank of
succeeded in
assuring stability at about 122 to the pound sterling.
When asked concerning his intentions regarding
the leasing of the
match monopoly he postponed discussion on the
net has not yet considered the various proposals ground that the Cabimade.
Asked by a member of the commission whether
he intended to hasten
ratification of the Washington accords, the
Premier repeated once more
.that there is no need to hurry.
"As the French Treasury situation improves,"
he said, "there is a
corresponding increase of confidence in the United States
in our power
to meet obligations. When the proper time
comes the Government wilt
take the initiative by asking the commission and
the Chamber to examine the accords."
Following is the resume of Id. Poincare's report cabled
by the Paris representative of the New York "HeraldTribune":
M. Poincare stressed the amazing financial recovery of the nation
and cited columns of figures in support. He made three impressive
points: the tremendous increase in tax receipts, the amazing recovery
588
THE CHRONICLE
of the franc from about 249 to the pound to 122 and the repayment
by the government to the Bank of France of more than 3,000,000,000
francs.
Morgan Credits Aid Recovery.
M. Poincare announced that when he took over the Finance portfolio
six months ago the state owed the Bank of France 38,500,000,000 francs
and that there were only 1,000,000 francs in the Treasury. Three days
later the Treasury has 771,000,000 francs, as a result of the use of
the Morgan credits.
The first steps toward recovery were traced in August and September. Even in August money from the sale of national defense and
Treasury bonds reached 1,340,000,000 francs and in September were
338,000,000 above the monthly obligations. The franc's recovery permitted the Treasury to buy foreign currencies to meet the maturities
of the external debts.
The extent of the franc's recovery was shown by the fact that the
average rate in July was 199 to the pound; in August, 172, and in
September, 170. The Treasury, therefore, was able to repay the Bank
of England £3,500,000, the British Treasury £2,000,000 and the
government of Uruguay 1,500,000 pesos.
M. Poincare added that the excess in buying bonds over the refunding of government obligations amounted in October to 2,000,000,000
francs; in November to 2,500,000,000 francs and in December to 500,000,000. He said the situation was so improved on December 1 that a
decree was issued lowering the interest rate on the National Defense
bonds from 3.60 to 3 per cent. By January 30 he will be able to complete the suppression of the short-term three-month bonds.
Poincare listed tax receipts as follows:
October, direct taxes, 1,700,000,000, and others, 3,100,000,000; November, direct taxes, 1,700,000,000, and others, 2,400,000,000; December, direct taxes, 1,300,000,000, and others, 2,500,000,000.
These compared with the 1925 receipts as follows:
October, direct, 500,000,000, and others, 2,200,000,000; November,
direct, 1,700,000,000, and others, 1,700,000,000; December, direct taxes,
1,500,000,000, and others, 2,000,000,000.
Large Reserves Accumulated.
M. Poincare said the Treasury was able easily to face all public
expenses and had at the same time accumulated large reserves abroad
to buy foreign currencies in the event of another drive against the
franc, and to pay its foreign obligations. He believes the Treasury
has all the foreign currencies necessary to meet obligations during the
entire year.
The only new series of Treasury bonds contemplated will be a tenyear issue for 1,300,000,000 francs to refund the bonds of the Credit
Nationale which mature on February 1, and a fifteen-year issue to meet
the September maturities on bonds issued in 1922.
He enumerated certain loans abroad for the French railways.
In September a Swiss loan of 60,000,000 Swiss francs; in October a
Dutch loan of 30,000,000 gulden; in November a Swiss loan of 75,000,000 Swiss francs and in December a Dutch loan of 25,000,000 gulden.
With the products of these loans the state railways repaid the Treasury
all of the advances granted by the state since 1920.
Legal Borrowing Rate Cut.
The Premier reminded the commission that for the first time in years
the Bank of France an annual amount of 2,000,refunded
had
the state
000,000 francs legally due, and therefore had lowered the legal borrowing limit from 38,500,000,000 francs to 36,500,000,000 francs.
Comparing the Bourse rates for state "rentes" and securities which
were issued by the Treasury, M. Poincare said the bondholders had
realized in the last six months in increased value in these holdings of
17,000,000,000 paper francs. If the franc continues .to recover this
amount. will be doubled.
[vol.. 124.
bonds, due May 1, 1930, and payable in Canadian Dollars
or Pounds Sterling at 4.802/3. The bonds are priced to
2%. The New York "Times" of Jan. 22 said:
1
yield 6/
The offering does not constitute new financing, but is made up of
bonds which are traded in here and which have been accumulated by
the bankers. New loans to France, her municipalities or industries are
under what amounts to an embargo, as it is the Government's policy
not to approve of loans to countries which have not funded their debts
to the United States. Many French issues are traded in here, however, and recently they have advanced steadily in price as the result
of improved financial and economic conditions in France. Large French
financing is expected in this market when the debt agreement is ratified.
The last French public financing in this market consisted of a $20,000,000 bond issue of the Est Railroad, underwritten by a syndicate
headed by Dillon, Read & Co., in February, 1925. The last French
national loan here amounted to $100,000,000 and was brought out by
J. P. Morgan & Co. in November, 1924.
France Tightens Law on Foreign Exchange—Purchase Is
to Be Limited to Drafts Actually Needed to
Pay for Imports.
Control of French purchases of exchange is to be tightened, in order to limit exchange movement to drafts
actually needed to pay for imports, according to an announcement just issued by the Department of Commerce,
so the "United States Daily" of Jan. 24 reports. That
paper further says:
The Minister of Finance has ruled, it also is stated, that foreign
credits may not be brought back in foreign exchange, as this would
require legislative action. The full text of the announcement follows:
Stricter control over the permits issued to citizens of France authorizing them to purchase foreign exchange for the purpose of paying for
imports will be exercised according to instructions made public by the
French Minister of Commerce, states a report from Commercial Attache
C. L. Jones, at Paris.
This is to be accomplished by requiring additional proof that exchange bought has actually been used for payment for imports. Even
where the exchange would be used for such payment, the purchase is
not to be authorized when the payments would actually be made to a
house established in France. Furthermore, each settlement with foreign
concerns must be made by a single purchase of exchange.
The law of March 22, 1924 as interpreted by the ministerial decree
of October 4, 1925, made precise the rules governing conditions under
which foreign exchange could be purchased to pay for imports into
France. The actual administration of these rules was turned over to
the Chambers of Commerce. These bodies in the districts in which
they are active, receive all requests for permits to purchase foreign
exchange in any but very small amounts. They have thus become important agencies for the enforcement of the law prohibiting the export
of capital.
Up to the present, the control the Chambers of Commerce have exercised has not been strict. Purchasers of exchange have been allowed
to buy exchange for goods purchased or to be purchased.
Borrows $26,000,000 from Switzerland for
Railways.
France to Issue New Series of Amortization Bonds.
According to a Paris cablegram Jan. 19 to the New York
On Jan. 21 Associated Press advices from Paris said:
"Times," another loan of 130,000,000 Swiss francs ($26,The French government will issue a new series of fifteen-year amort- 000,000) has been arranged by the French Government in
ization bonds, to the extent of between 4,000,000,000 and 5,000,000,Switzerland. The cablegram says:
000 francs, in order to meet payments on short-term securities coming
for
due in September, the Council of Ministers decided today at the suggestion of Premier Poincare. The rate of interest will be fixed by
decree.
The short-term bonds thus amortized will be the 6% five-year treasury
bonds issued in 1922.
Regarding the issue a copyright cablegram from Paris
to the New York "Times," on Jan. 21, stated:
France
As in the case of the previous loan last fall, the loan is technically
the French State Railways.
Of the total, 25,000.000 SWISS francs will be offered for public subscription in Holland, the same amount in Sweden, and 50,000,000 Swiss
francs, it is stated, will be offered in other countries. The interest rate
is 7%.
The convention, authorizing the loan has boon signed by Finance Minister
Poincare and the Credit Suisse at Zurich.
'The signature of the President of the Republic, Gaston Doumergue,
to a
was obtained today by the Finance Minister, Premier Poincare,
decree authorizing the emission of fifteen-year bonds with which, it is Two Vienna Banks in Record Merger—Boden-Kredithoped, to meet the maturity of 4,500,000,000 francs of 6% short-term
anstalt Absorbs Union as Result of LiquiTreasury bonds issued in 1922 and due on Sept. 23.
dation of $11,500,000 Debt.
During this year the French Treasury has to meet two maturities, of
which the first falls due on Feb. L This, amounting to 1,395,000,000
In a copyright cablegram from Vienna (Jan. 14) the
francs, was met in advance by the issue of last December of ten-year
new
the
by
met
be
York "Times" said:
will
New
maturity
second
The
Treasury bonds at 7%.
bond issue.
The process of financial and industrial concentration—which has been
recently
Some criticism is being expressed in the press of the amount
going on steadily for the last two years here took a long stop forward to-day
borrowed abroad, either by the Government and municipalities or by when the Boden-Kreditanstalt absorbed the Union Bank in tho largest
nch
Swiss-Fre
franc
the
130,000,000
corporations. Among these are
merger yet made in Vienna. This loaves only four important banks of
loan, issued by Zurich, Amsterdam and Stockholm for the French State those which formerly dominated tho financial and industrial life of tho
railways; the City of Paris loan issued yesterday by Holland and Austrian Empire.
Switzerland for 28,000,000 florins, two State railway loans made reThe fusion was the result of the $11,500,000 of debts, which Sigmund
Alsace Bosol, former President of the Union Bank, owed to the Postal Savings
cently for 20,000,000 florins, and 60,000,000 Swiss francs; the
the Morocco Bank, to which be gave a majority of the stock of tho Union Bank as
and Lorraine Railways for 75,000,000 Swiss francs, and
the security to
security. Bosol, unable to pay the Government, sold
Railways for 30,000,000 florins.
add another the 13oden-Kreditanstalt, which paid, not cash, but by increasing the
The lease of the match monopoly will, it is expected,
one
Postal
counthe
Boden-Kreditanstalt
capital, printing new stock and giving tho
$80,000,000 to the foreign money which is being brought into
and New York markets are closed share for every three shares of tho Union Bank.
try. In this way, though the London
criticized in some
is
stock"
"watered
debt
accords,
with
the
of
ratification
payment
the
until
Government
This method of
to the French
present of foreign credits.
financial circles as being disguised inflation.
there is no lack for the
the merger
for
allowing
doses what the experts advised should
Tho Socialists strongly attack the Government
M. Poincare is doing in small
movement, though for the adoption of their pro- before the new commission for control of savings banks, which a special
mass
a
in
done
be
conditioned on ratification of the debt accords, M. law provided for, has. been established. They allege that the Government
posal, which was
the Boden-ICreditanstalt
last Administration.
allowed Bosel more for his shares than the rate
Caillaux was defeated in the
Paid, and demand full clarification.
as a necessary weeding
merger
the
The Conservative press welcomes
York of $1,000,000 Bonds of
New
big banks are quite sufficient at the present day in Austria.
four
saying
out,
in
Offering
Private
and publisher
Dr. Rudolf Sieghart, President of the Boden-ICreditanstalt
City of Paris (France).
was one of the outof tho "Tageblatt," one of Vienna's biggest papers,
offered
Peake
and Mann, Pell &
standing enemies of Bosel, when that inflation millionaire was at the
F. J. Lisman & Co.
6%
France,
Paris,
of
height of his influence.
City
$1,000,000
Jan. 22
privately on
JAN. 29 1927.]
THE CHRONICLE
589
Increase in Capital of Kompass Guaranty & Exchange Russian Government, Trade, and Finance Described
Bank of Vienna.
by American Bankers Association.
From the New York "Times" of Jan. 20 we take the
A pamphlet on "Industry, Government, Finance and
following:
Foreign Trade in Soviet Russia" has been published by the
The Kompass Guaranty & Exchange Bank of Vienna has increased Commission
on Commerce and Marine of the American
Its capital from 2,300,400 schillings to 6,750,000 schillings, according to
advices received in Wall Street yesterday. This is the first increase made Bankers Association, largely based on documents and
by an Austrian bank strictly to care for additional business, other increases publications in the files of the Department of Commerce*.
having been for mergers or other purposes.
The pamphlet says:
The additional Kompass stock has been bought by a syndicate
composed
of the Swiss Banking Corp., Bavarian Mortgage 8; Exchange Bank and
Munich Reinsurance Co. H. Murray Jacoby, New York banker, a
director of the bank, also was a participatant in the purchase. The action
is taken as an indication of improvement in Austrian finances. The bank
is the only one of medium size to Weather the Austrian banking crisis.
Its credits are covered through international credit reinsurance treaties.
There will be no public offering of the newly authorized stock.
Russia under the Soviets is to many in America an even greater mystery
than was Russia under the Czars. It is impossible to present in brief form
the changes which have taken place since the "revolution from Czarist
misrule and the Bolshevik coup d'etat, now called the Revolution." This
pamphlet outlines in general form the machinery which the Soviets have
set up in the domains of government, industry, finance, and foreign trade,
and suggests the tendencies and results of Soviet policy in these fields.
Fred I. Kent, Vice-President Bankers Trust Co., New
York,
is Chairman of the American Bankers Association
German Deliveries in Kind—United States Treasury
Commission on Commerce and Marine.
Receives Part of Reparations Payments in Imports
—Chemicals Said to Be Basis.
Russian Gold to Leave London for Moscow.
The "Wall Street Journal" announced the following adThe following Associated Press advices from London
vices from its Washington Bureau Jan. 14:
Jan. 21 are from the New York "Journal of Commerce":
American importers the past year aided the Treasury to receive what
amount to deliveries in kind from Germany as part of the payments made
out ef reparations on account of mixed claims of the United States. Special
arrangement between the Treasury and the German Government have
come to light, under which the United States receives part of the annual
Payments from Germany through a three-cornered transaction whereby
American importers pay in dollars to the Treasury for German goods.
Share of the United States in German reparations payments during the
annuity year ended Aug.31 1926 was about 33,000,000 gold marks. During
the year the United States received the dollar equivalent of 14,000,000 gold
marks as a cash transfer. It had also taken at the end of the annuity year
10,000,000 gold marks in their dollar equivalent, as a result of special arrangements with the German Government substantially analogous to
an agreement for the financing of deliveries in kind. Balance of the
6,000,009 gold marks remaining at the end of the year to the credit of the
United States on books of the Agent-General for Reparations Payments
was later transferred to the United States through another arrangement
similar to the financing of deliveries in kind. It is supposed German dyes
and chemical products furnished the basis for the transfers.
The "Daily Mail" says that the Soviet Government has ordered its
gold in the Bank of England transferred to the Soviet State's Bank
in Moscow. The paper says that twelve tons of gold, valued at approximately £1,600,000, were removed today, with the greatest secrecy,
under guard, to a steamship lying in the Thames, and that the steamer
sailed immediately for Leningrad.
The "Daily Mail" says that the removal order has aroused curiosity
in diplomatic and financial circles. The explanation of Russian agents
that the shipment was to pay for grain bought in Russia is characterized by the paper as a mere excuse. The paper suggests that Soviet
Russia, alarmed by the anti-red campaign in Britain, is eager to secure
its assets.
This is stated to be the first movement of gold in Russia from Great
Britain since the World War.
Norway Again Reduces Surtax on Gold Imports.
Norway has again reduced the surtax on gold imports,
according to an announcement issued by the'Department
Berlin Banks Cease Warning on Stocks—Now Confine of Commerce. The full text of the announcement as given
Themselves to Saying Price Movement Will
in the "United States Daily" of Jan. 15 follows:
The Norwegian gold surtax for the payment of specific duties in
Depend on Money.
crowns has again been reduced from 30% to 20%, according to
Berlin advices Jan. 23 to the New York "Times" (copy- apaper
cable to the Department from Commercial Attache Harry Sorensen,
right) said:
Copenhagen.
In last week's firm market the average of Boerse quotations went well
above the highest point of 1926. Tuesday's rise. reaching 10 points in
many stocks, was regarded as overdone; nevertheless, the business week
ended with heavy buying, notably of Darmstadter Bank stock and Mannesmann Tubes.
The monthly reports of German banks have ceased to warn the public
that stocks are too high. These warnings began last summer, when quotations were about half of the present values. Just now the banks confine
themselves to showing that the future of the stock market depends on
conditions in the money market.
The Statistical Board's index shows average quotations of stocks in
December to have been 140.04, against 74.16 in January of last year.
New Surtax Start at Shanghai.
Under date of Jan. 18 a copyright cablegram to the
New York "Times" from Shanghai said:
The mandate enforcing the Washington surtaxes is effective here tomorrow. Marshal Sun Chuan-fang will collect them directly through
the Bank of China, and it is believed he will receive more than 1,000,000 Haikwan taels, about $625,000 monthly. Shanghai now becomes
the chief objective of the Nationalists, but Sun will possess larger
funds to maintain his position. This, however, may cause the Nationalists to struggle more for the capture of Shanghai.
Interest Payment on German Loans Abroad—Leipsic
Cuban Sugar Crop Limitation to be Adhered To.
Court Discriminates Between Foreign-Currency
The sugar commission, headed by Rafael Sanche Aballi,
Contract for Interest and Principal.
From the New York "Times" we take the following Berlin former ambassador to the United States, after conferring
with President Machado, announced on Jan. 17 that the
cablegram (copyright) Jan. 23:
The Supreme Court at Lelpsic has decided that any borrowers who uncer- president remained firm against altering the 4,500,000 ton
take to repay the capital of their loan in foreign currencies, do not thereby sugar crop limit. Associated Press advices from Havana
bind themselves to pay interest in foreign currency, unless such payment is
to this effect published in the New York "Journal of Comexpressly provided for in the contract. On this ground the Court ruled
that Swiss lenders to Germany in 1918 must accept depreciated paper merce," in addition said:
marks in payment of interest—this although the contract provided for
repayment of the principal in Swiss francs.
The advisory board on questions of foreign loans, attached to the Finance
Ministry,reports that up to Oct. 16 it had sanctioned only 461 million marks
out of proposals for municipal borrowings abroad whose aggregate was 891
millions. On the other hand, it sanctioned 409 millions out of 464 millions
of State loans applied for and 213 millions out of 238 millions of industrial
loans.
This is taken to express Schacht's policy of curtailing municipal borrowing
abroad on the ground that it is largely unproductive. The view is that
through such restruction the market may be reserved for productive industrial borrowings.
The president, it was added, saw no reasons for variation of his decision, but, on the contrary, many motives for inflexible application of
his decree.
In the opinion of President Machado this serious as well as delicate
question, which affects the government, must remain unalterable.
Hungarian General Savings Bank Puts Its Stock on Gold
Basis.
Zimmerman Company, specialists in foreign securities,
have received cable advices from their foreign correspondents that the Hungarian General Savings Bank stock has
Award in Favor of Zimmermann & Forshay Handed been placed on
a gold basis, and the old Kronen shares
Down by Mixed Claims Commission at Washington.
will be exchangeable on the basis of 25 old for 4 new gold
The Mixed Claims Commission at Washington, D. C., shares. Definite date as to when these
shares will be
has handed down an award in favor of the Zimmermann & exchanged will be announced later.
Forshay Assets Realization Corporation of $817,134 84,
with interest at the rate of 5% per annum from Jan. 1 1920,
Tenders Asked for Argentine Government Gold Bonds.
aggregating approximately $1,100,000—in settlement of a
J. P. Morgan & Co. announce under date of JannarY 28,
claim against the Government of Germany arising from losses
1927, that they have been authorized to receivet enders
sustained on pre-war mark deposits with the Deutsche Bank for the
amortization on or before March 31 next for $578,of Berlin. As soon as payment of the award is made, a pro- 000 Argentine
gold pesos, approximately £115,760, of the
rata distribution among the creditors will be effected, in Argentine
Government 5% internal gold loan of 1909. Tenaddition to the substantial payment already received by ders for the
sale of bonds with coupons due September 1,
them. The firm of Zimmermann & Forshay is conducting 1927, that they
have been authorized to receive tenders
As business as formerly at 170 Broadway, New York City. must be
lodged not later than 3 P. M. on February 14 next
THE CHRONICLE
590
[VOL. 124.
with J. P. Morgan & Co. at 23 Wall Street, New York. Parliament and received in Wall Street by cablegram on
Tenders will be received also in London by Baring Brothers Jan. 20, according to the New York "Times" of Jan. 21.
& Co., Limited, and in Buenos Aires by the Creditor Pub- That paper says:
After citing the effects to date of the Japanese policy ofretrenchment,the
lico Nacional.
Minister announced the following policies for the fiscal year which will begin
Equitable Trust Co. Confirms Report of First American
Loan to New South Wales (Australia). Public
Offering of $25,000,000 Bonds Expected Next Week.
The Equitable Trust Company 'of New York heading a
group including Harris, Forbes & Company, the First National Corporation of Boston and Estabrook and Company,
has confirmed reports of the purchase of $25,000,000 thirtyyear 5% bonds to be used for various public works of the
State of New South Wales, Australia.
This, it is pointed out, is the first loan ever made by
American bankers to the State of New South Wales whose
financing has previously been handled in London, and is an
Interesting evidence of the increasing importance of New
York as a centre of international finance. New South
Wales has always enjoyed a high credit rating in the London market where the State Loans covered by the British
"Trustee Act of 1893" are legal for Trustee investments.
Prior to this loan the entire external debt of New South
Wales was in the form of Sterling bonds placed in London
at an average interest rate of 4'5(3%. The revenues of New
South Wales are derived principally from an income tax,
land and stamp taxes, and income from Government public
works, fees and services, together with an annual subsidy
from the Australian Government received in lieu of customs
revenues given up at the time of confederation. I The
Prime Minister of Australia, the Rt. Hon. S. M. Bruce, P.C.,
M.C., in a speech delivered before an audience of bankers
in London last November said that:
"The census of 1921 revealed that 97%% of the population of Australia was British stock. He stated that the rapid increase in Australia's
ability to finance her own needs was shown by the fact that between
the years 1901 and 1925 the proportion of the public debt held by Australian lenders increased from 14% to 51%.
"He is also called attention to the fact that during the war Australia
bore every penny of the cost of her war effort. In doing so she incurred
a debt to Great Britain fo rmunitions, sea transport, hospitals, pay food
and other expenses of £92,000,000. This debt Australia funded and
made provision to repay before any other nation had recognized its obligations for assistance by its allies during the war. Australia dealt with
her debt to Britain before Britain came to her funding arrangement with
America and in settling her obligations with Great Britain she did so
on far more onerous terms than when accepted in her debt settlement
with America."
on April 1:
Application of part of the budget surplus to the redemption of national
loans with the aim of advancing the price of the bonds and facilitating
arrangements for piivate financing; supplementing expenditure for the
building of naval auxiliary ships so as got to diminish present naval strength;
establishing a second colonization program in Hokkaido, a northern island
in Japan proper, for its further development; limiting the total amount
of loans to be floated in the coming fiscal year to 150,000,000 yen without
recourse to the open market flotations; carrying out a second tax reform
program to achieve fairer distribution of the tax burden; extension and
improvement of the railway systems in Formosa, Korea and elsewhere;
encouragement of external and internal migration, and improvement of
housing conditions.
The total amount to be applied to the redemption of loans in the coming
fiscal year is approximately 98,500,000 yen,of which 54,000,000 yen are to
come from the sinking fund in accordance with the present Act, and
44.500,000 yen from a proposed increase in the fund through an amendment
to the law.
The loans to be floated in the fiscal year to a total of 150,000,000 yen are
as follows: General account, reconstruction loans, 64,000,000 yen; special
accounts, extension and improvement of railways, 59,000,000 yen: public
works in Korea, 19,000.000: public works in Formosa, 5,000,000; public
works in Kwantung, 1,000,000; public works in Saghalien, 2,000,000.
Minister Kataoka said economic improvement had been evidenced by a
decrease in the Bank of Japan note issue, reduction of the official discount
rate, improvement in the price of securities, downward trend of commodity
prices and advance in the price of the yen. He said every necessary step
was being taken in preparation for lifting the embargo on exports of gold.
The return to the gold standard, toward which Japan has been working
for more than a year, is expected to be announced with the arrival of the
Japanese exporting season about the middle of the year. Externally. Japan
is in a position to resume gold payments, as evidenced by the holding of
large supplies of gold in New York and elsewhere and the strength in yen
exchange, which now is virtually at par. There are still internal measures
to be taken, however, one of which is the further strengthening of the
Japanese banking system. Many banks.have been merged, and further
consolidations are planned in a program of stabilization.
Japanese to Get Funds Here.
From the New York "Times" of Jan. 21, we take the
following:
A revival of Japanese financing in this market is considered a possibility
of the next few months, and it would be welcomed by investment bankers,
for Japanese bonds in the last year have enjoyed an extended advance and
the country's credit rating is high. Present discussions are concerned with
a loan to the City of Tokio, but It Is not expected that this will materialize
for about two months. The project represents the conclusion of earthquake
reconstruction financing. Tokio some time ago obtained financing in
London, and the possibility of a loan here has been discussed some time.
holding down foreign borrowing to small
As a rule, however, Japan
tive purposes, and is taking other measures
amounts, exclusively for pr ,eti,
in preparation for a rettnn t., the gold standard.
Secretary Hoover ;Ai Foreign Loans—Expects 1927'
Issues to Continue Large—Report that United
Japanese Internal Bond Issues.
States May Modify Credit Policies.
An internal bond issue of 80,000,000 yen of the Japanese
Government was offered on Jan. 22. Details are supplied
Secretary Hoover expects American foreign loans during
as follows:
1927 to continue in somewhat the same large volume as these
5% loan, series No. 37. Amount of Issue, 80,000,000 yen; purpose, investments were made during _the past year, says the "Wall
conversion of 5% loan series "No" and No. 31; price, subscription in cash,
Street Journal" of Jan. 18 in advices from its Washington.
92.00 yen; subscription in bonds, 91.50 yen; redemption, on or before
bureau. The advices go on to say:
1
June 1939; yield, 6.1%.
Ile (Mr.Hoover)said that he saw no reason why investments of American
Earlier in the month the "Wall Street News" of Jan. 7 capital
abroad should not continue as a regular part of the economic system>
loan:
Japanese
internal
following
the
reported
of this country.
An issue of 27.000,000 yen 5% mark MO at a price of 86.30 yen to yield
5.83% was offered to-day. The loan is non-callable for five years and
redeemable 50 years thereafter and is totally subscribed by funds in Government deposit section.
Mr. Hoover Is not alarmed by pessimistic suggestions that American
foreign loans were assuming too large proportions. He points out that before the war British foreign investments were in the neighborhood of $24.000,000,000 and apparently did not discommode world conditions.
American foreign investments, he said, have not as yet reached any such
size as that, and furthermore, the present is a time of much larger figures
than before the war.
Gold Shipmentsfrom Japan to United States Since 1925.
A gold shipment, Jan. 22, of $2,000,000 from Japan is
The same paper reported the following from Washington
announced; the following official data covering the shipments Jan. 19:
circles here in favor of
since 1925 has been made available:
Sentiment is becoming evident in some official
Amount modification of the Administration's policy of supervising the flotation of
$2,000,000 foreign bond issues in the United States. Belief is taking shape that the
2,000.000
the Government should abandon its position of
1,000,000 time is approaching when
of any foreign securities in this coun2.000,000 claiming the right to object to the sale
2,000.000 try. Until the French debt funding agreement is disposed of, there appears
2.000,000 to be little possibility of the Administration changing its credit policy.
of the Mellon-Berenger pact it is to be expected
$11,000,000 However, on ratification
Total for 1925
least reconsider the question of its credit policy.
at
will
Administration
$2.000,000
the
Tokyo
1926
7. Jan. 22
2.000,000 There will then only remain Greece, with a very small amount due, of the
8. Feb. 4 1926 Korea
to the United States are unrecognized foreign nations whose war debts
(Suspension.)
$2,000,000 funded, and one of the primary purposes of the credit embargo will have dis9. Oct. 16 1926 Taiyo
2.000,000 appeared.
10. Oct. 28 1926 Tenyo
2,000,000
been some consideration given to the fu11. Nov. 13 1928 Korea
It may be said there already has
2.000,000
12. Nov.28 1928 Shiny°
sale of foreign bond issues in
2,000.000 ture position of the Administration toward the
13. Dec. 9 1926 Siberia
2,000,000 this country, although no conclusion seems to have been reached. Secre14. Dec. 14 1926 Norway
of the credit policy
modification
be expected to favor
816,000.000 tary Mellon may
Total for 1926
comes. His policies in the conduct of the affairs of the Treastime
the
when
$2,000.000
Taiyo
15. Jan. 22 1927
inclination to advocate Government
ury have given no indication of an
a normal procedure.
regulation of foreign investments as
hand, has urged the use of credit control
Secretary Hoover, on the other
Japan Announces Financial Program Government to
foreign monopolies of raw materials, such as
as a weapon of offense against
Limit Its Bond Issues for Next Fiscal Year
His ideas would furnish a reason
coffees.
Brazilian
German potash and
to 150,000,000 Yen.
policy when the question of war debt settlefor continuance of the present
given no indication of what
has disappeared. State Department has
A far-reaehing program for the financial and economic ments
from Secretary Kellogg, although it may be said that he
expected
be
may
betterment of Japan and the developmentof public works will have to listen to arguments on both sides of the question.
in the present policl
There is a disposition in some official circles to see
was outlined in the budget speech of Finance Minister
against underwriters in favor of banks, which 10
delivered to the Lower House of the Japanese a certain discrimination
No.
1.
2.
3.
4.
5.
6.
Date.
Sept.20 1925
Oct. 4 1925
Oct. 15 1925
Nov. 14 1925
Nov. 28 1925
Dec. 11 1925
Hataoka,
Steamer.
Shiny°
Siberia
Taiyo
Korea
Shiny°
Siberia
1
JAN. 29:1927.] •
THE CHRONICLE
regarded as conclusively silencing any proposal to coniider the present
foreign credit policy of the Administration as other than a temporary expedient.
Under the present policy the State Department reserves the right ,with
the advice of the Treasury and Commerce departments, to object to the
sale of any foreign bond buses in this country which it does not believe to
be In the national interest. Thus, underwriters of foreign securities are to
that extent subject to Government regulation.
Attitude of President Coolidge Toward Foreign Loans.
With reference to the attitude of President Coolidge toward
loans in the United States in behalf of nations abroad, Asso.
ciated Press advices from Washington Jan. 21 said:
The American Government intends to interfere as little as possible with
American loans abroad. President Coolidge taking the view that the American public has the right to make such use of its available resources as it
wishes. He feels, however, that some kind of control is advisable to see
that investments by individuals or banks do not conflict with the interests
of the country as a whole.
Possible objection by the American Government to foreign loans, it was
said to-day at the White House, can be based chiefly on whether they are
to be used for the establishment of foreign monopolies to the disadvantage
of this country, and whether America has sufficient funds to permit the
transfer abroad of large sums of money.
Owing to the questions involved, the Secretary of State consults with
the Secretaries of the Treasury and Commerce when State Department
approval is requested of a foreign loan.
Offering of $6,060,000 Lombard Electric Co. (Italy) First
Mortgage 7% Bonds.
A syndicate headed by Blair & Co., Inc., and including
B. H. Rollins & Sons, Stone & Webster and Blodget, Inc.,
and Banca Commerciale Italiana Trust Co., on Jan. 24
offered a new issue of $6,000,000 first mortgage 7% bonds
of the Lombard Electric Co. of Italy. The bonds, offered
at 94 and interest, to yield over 7/
1
2%, were oversubscribed
the day of offering. The bonds will be secured by first
mortgage on the hydro-electric and steam generating
plants of the Lombard Electric Co., which is one of the
oldest and best known of the Italian electric companies,
having been incorporated in 1897. The mortgaged properties include plants with an installed capacity of 162,000
h. p., sub-stations, transmission and distribution lines, etc.,
which have been appraised by Stone & Webster, Inc., at
over $16,000,000. The net earnings of the company for
the year 1926, partly estimated, were $1,383,220, or about
3.30 times annual interest requirements on the proposed
issue of $6,000,000 first mortgage bonds.
The bonds will carry detachable stock purchase warrants, entitling the holder of each $1,000 bond to purchase
30 shares of the full paid issued Capital Stock of Societa
Idroelettrica Piemonte (S.I.P.) at the price of $10 per
share, but not less than the equivalent at the then current exchange rates, of 125 Lire. All rights under the
warrants expire on Dec. 1, 1931. S.I.P., which owns a
majority of the stock of the Lombard Electric Co., constitutes one of the largest and most important hydroelectric groups in Italy. Dividends paid on S.I.P. stock
in recent years have been at the rate of 8% from 1922
to 1924, 9% in 1925 and 12% in 1926, for the period of 15
months ending March 31, 1926. Further data regarding
the offering and a description of the properties securing
the bond issue are given in our "Investment News" department, page 645.
591
the artificial silk industry. Proceeds of the issue are to
be used for extension and improvements to existing facilities, for the construction of a plant near Venice for the
recovery of aluminum front bauxite and two new hydroelectric plants in connection with the proposed aluminum
plant and synthetic nitrate works now under construction,
and for additional working capital and general corporate
purposes.
Net profits of Montecatini applicable to interest, after
depreciation and depletion but before income taxes, for
the four years ended Dec. 31, 1925, averaged more than
4/
1
2 times total annual interest requirements upon completion of this financing. Such net profits for the nine months
ended Sept. 30, 1926, were at the rate of more than 7%
times interest charges. These earnings reflect no benefits
from proceeds of this issue and only limited benefits in
1926 from an extensive development program stated in 1924
on which over $10,000,000 has already been expended. Further data regarding this offering and the property securing
the bonds are given in our "Investment News" Department,
page 657.
Proposed Extension of Field of New York Stock Exchange
With View to Making It a World Market.
Reports that the New York Stock Exchange plans to
broaden its market so as to include foreign industrial and
public utility stocks, as a result of which it would partake
of the aspect of a world market, were among the news
features of the week. Nothing of an official nature has
been given out in the matter, and only newspaper accounts
are thus far available regarding the movement. The
"Herald-Tribune" of Jan. 26, in its reference to the plans.
said:
Members of the New York Stock Exchange may shortly be dealing
in leading industrial railroad and public utility stocks of nearly every
foreign country if a plan which has been evolved as the result of conferences between the New York Stock Exchange and international
bankers is carried through.
A bill involving a small change in the laws of the State of New
York covering securities has been drafted and will be presented to the
Legislature within a few days, it was announced yesterday. This
special legislation, it was explained, is designed to permit the trading
in shares of foreign corporations in their original form in the New
York market.
Present Method Cumbersome.
The proposed law has the backing of several of the largest investment firms, including Dillon, Read & Co., who regard this as another
step toward making New York the greatest international financial
center and providing it with the same facilities as obtain in London,
Amsterdam, Berlin, Paris and other large foreign capitals.
At present the only manner in which such stocks may be legally
traded in is by depositing a large block of stock with a trustee and
issuing certificates against it, the certificates being admitted by trading in the various security markets. Many foreign corporations have
objected to this method as cumbersome and unwieldy, as they do not
want large blocks of their stock trusteed in the various financial centers.
Change in Law Awaited.
It was said that informal assurance by the Committee on Stock List
of the Stock Exchange, headed by Robert Gibson, has been given to
the international bankers that the listings of the foreign securities
would be considered as soon as the law is changed, so that bearer
shares in a foreign language will constitute good delivery in New
York.
The drafting of the bill for the Legislature made it so simple as to
form that the text covers little more than one sheet of typewritten
paper.
The lawyyers who have co-operated in the drafting of the bill include counsel for the New York Stock Exchange as well as counsel
Offering of $10,000,000 "Montecatini" Bonds.
for the international bankers. As it was explained yesterday the
A syndicate headed by Guaranty Co. of New York and change involves merely ythe cutting of the red tape which prevents
the opening up of the New York market to the European "bearer"
Including Marshall Field, Glore, Ward & Co., International shares.
It also was said that legislators at Albany had been sounded as to
Acceptance Bank, Inc., Blyth, Witter & Co. and Banca Commerciale Italiana Trust Co. yesterday offered $10,000,000 their attitude toward the proposed bill and that no objection had been
raised to the enactment of the law.
"Montecatini" Societa Generale per l'Industria Mineraria
It was pointed out that hitherto the foreign companies had declined
ed Agricola (Italy) 10-year sinking fund 7% gold deben- to list their shares on the New York market because of the complifinancial maneuvering involved. Royal Dutch was cited as an
1
2 and interest, to yield cated
ture bonds due Jan. 1, 1937, at 96/
example of the few companies which list their shares here. In this
over 7.50%. The bonds will carry detachable stock pur- case it was necessary for the corporation, in order to list its shares
chase warrants which will entitle the holder to purchase on the Stock Exchange, to deposit the actual certificates with a trus50 shares in the case of a $1,000 bond and 25 shares in the tee, which is the Equitable Trust Company, which issued its own
trustee certificates against the stock deposited with it. This stock
case of a $500 bond of fully paid capital stock of the com- virtually is in escrow and is not available to transfer as needed.
pany of the par value of 100 Lire each at $11.50 per share
between July 1, 1927, and June 30, 1930, and at $12 per
share between July 1, 1930, and June 30, 1932, provided,
however, that the price shall not be less than 100 Lire per
share. The present price of the stock is 222 Lire, equivalent at the current exchange rate to about $9.50.
The company, generally known as "Montecatini," with
its affiliated companies is the largest manufacturer of chemical fertilizers and allied products in Italy and one of the
largest in the world, as well as the largest producer in
Italy of sulphuric acid, copper sulphate, nitrocellulose, dynamite and gunpowder and chemical raw materials for
Will Find Good Market Here.
If the present plan goes through, and there seemed little doubt
yesterday but that it would, the representative issues of England,
France, Germany, Belgium, Holland and Italy will be listed on the
New York exchange and find good markets here. It also was pointed
out that a greater amount of arbitrage between this country and
foreign markets would result, since there always is a differential between the "American" shares listed and shares of the same corporations in foreign markets.
Ninety-eight foreign corporate issues are now listed on the New
York Stock Exchange, representing sixty-seven companies and of
these seventy-six are bonds and twenty-two list stocks.
Bankers who discussed the plan yesterday said these seemed to be
no doubt that the American investor and speculator would immediately
become interested in the foreign issues when they found their way
592
THE CHRONICLE
to the New York market. Foreign industrial bond issues long have
been popular with American investors.
According to an Albany dispatch Jan. 26 to the New
York "Times," both Governor Smith and the legislative
leaders professed to be completely in the dark and parties
to no agreement with regard to prospective legislation that
would enable the New York Stock Exchange to extend its
powers, looking to extensive listing of foreign securities.
The dispatch also said:
(You ISA.
cannot command. The Exchange should either be incorporated or it
should be licensed to do business in this State, and in either case it
should be under the State Banking Department."
Mr. Cuvillier said he understood the Exchange was planning to ask
the Legislature to amend the law so as to permit it to list foreign
securities. This, he said, would increase the business of the Exchange
more than $1,000,000,000 a year.
"It must be remembered," he added, "that the London Stock Exchange, the Paris Bourse and the Berlin Boerse are under the control
of the Government and all are protected. For over fifteen years I
have tried to have the Stock 'Exchange see it in this light for its
own good and for the good of the people and to take away the odium
of 'financial gamblers of Wall Street' and place its name and business
on a solid basis."
,Governor Smith expressed surprise when told that there was an
impression in New York City that an understanding existed which
would culminate in speedy favorable action' upon a measure that the
promoters of the plan were said to have prepared for introduction in
the Senate and Assembly at an early date. Republican leaders in the
Call Money Market.
law-making body generally said it was news to them.
The following are the daily statements issued this week
Senator Bernard Downing, Democratic leader in the upper house,
said:
by the New York Stock Exchange regarding the call money
"In view of the vast interests that are involved in the proposed ex- market:
ExStock
York
New
the
of
tension of the corporate powers, if any,
change, the statement this morning in the New York "Times" is
CALL LOANS ON THE NEW YORK STOCK EXCHANGE.
illuminating, particularly that part of it whiah refers to the acquies- Jan. 24—Renewal, 4%; high, 4%; low, 4%; last, 4%. Small volume,
abundance of funds all day.
cence of political leaders in Albany who in advance have agreed upon
prompt and almost unanimous passage of a bill( permitting the exten- Jan. 25—Renewal, 4%; high, 4%; low, 4%; last, 4%. Yesterday's condition of money freely offered maintained throughout to-day.
sion of the Exchange's powers to include almost universal listing of
foreign securities. As one, who presumably is a leader, I must dis- Jan. 26—Renewal, 4%; high, 4%; low, 4%; last, 4%. Ample supply al/
day at the renewal rate.
claim any knowledge of such a bill or the intention of any one to
present it, and I am quite sure that the Senate, at least, and not Jan. 27—Renewal, 4%; high, 4%; low, 4%; last, 4%. Light turnover;
the
widen
activities
to
as
proposition
among the least, will give such a
money freely offered all day.
of the New York Stock Exchange a great deal of serious considera- Jan. 28—Renewal, 4%; high, 4%; low, 4%; last, 4%. Quiet day; light
tion."
turnover.
The following Albany advices were contained in a disStatements of previous weeks have appeared weekly in
patch to the New York "Journal ,of Commerce" Jan. 26: our issues since July 10 1926; last week's statement will be
The listing of foreign securities on the New York Stock Exchange found on page 460 of our issue of Jan. 22.
is a matter that is wholly subject to the discretion of the executive
and administrative officials of the exchange. Such is the view of the
legislative leaders here and their legal advisers. A story published in
a New York newspaper this morning to the effect that the Stock
Exchange, in conference with international bankers, had evolved a
plan to open the doors of the exchange to the stocks of leading industrial, railroad and utility securities of foreign countries aroused
such widespread interest that inquiries poured into legislative circles
from all over the State and some from outside the State as to the
prospects for legislation on the subject.
After going over the matter with the leaders in both branches of
the Legislature and the officials of the bill drafting department your
correspondent took up the subject with several lawyers who are known
to advise the leaders on questions of legislation. While none of these
dared to be quoted at this time and under the prevailing circumstances
they all agreed that the question of listing foreign securities on the
American exchange was solely and purely a matter for determination
by the Stock Exchange itself or its officials.
The reasons given for declining to be quoted on the subject were
that pending the submission of any proposed bill for enactment there
was nothing to be said on the subject from the legislative point of
view further than to state offhandedly what the general viewpoint was
here on the proposal. It is possible that it may be found advisable to
make some minor amendments in the Stock Corporations Law.
The announcement that lawyers for the exchange and representatives
of foreign bankers have agreed on a proposed legislative enactment
has aroused keen interest here, and the submission of such a bill, if
there is one, will command marked attention.
Borden H. Mills, Deputy Attorney General in charge of the Bureau of Fraudulent Securities, declared that the only law he knows
of regulating the sale of securities in New York State is the Martin
law, which provides for the listing of all securities offered for sale,
the publication of a notice in the State paper and investigation by the
Attorney General to determine that the security is what it is advertised to be. The definition of securities under the Martin law is broad
enough to cover practically every evidence of indebtedness that might
be offered for sale, foreign or otherwise, Mr. Mills said.
"It has always been supposed," said Mr. Mills, "that the stock exchange regulated itself and its methods of practice, and the only
State regulation so far as I know, is contained in the provisions of
the Martin Act."
Mr. Mills further declared that it is the custom of the bureau to
accept as bona fide the stocks and securities listed by the New York
Stock Exchange.
Both in bill drafting circles and the Legislative Bureau of the office
of the Attorney General, the necessity for any amendment to New
York State law to expedite the listing and sale of foreign securities
was seriously questioned, the point being raised that the stock exchange should not need State law to amend its own rules.
Cuvillier Bill for State Supervision of New York Stock
Exchange.—Would Impose $1,000 Tax on Seats.
A bill placing the New York Stock Exchange under the
supervision of the New York State Banking Department
was introduced in the State Assembly at Albany on Jan. 26
by Assemblyman Cuvillier of New York City (Democrat).
The bill would also impose a tax of $1,000 annually on
every seat on the Stock Exchange and would require brokers to post a bond of $100,000 for each seat, to guarantee
solvency. A license fee from brokers of $500 annually
would likewise be called for. The State Superintendent of
Banks would be authorized to audit and inspect the books
of the Exchange four times each year. Assemblyman Cuvillier is quoted in the "Times" as saying:
"The Stock Exchange should be subject to the supervision of the
State Banking Department, the same as banks, trust companies and
bond and mortgage companies. Today the Exchange is practically
a secret financial club, depending upon the word of honor of all its
members in businesg deals. The Exchange fixes a standard value on
all stocks and bonds listed on the Exchange, which is accepted as the
true value.
Refers to Foreign Securities.
"The Stock Exchange has the benefit of the law in call loans which
permits it to borrow money at an interest which other financial houses
McCown & Co., Philadelphia, Assigns.
On Tuesday of this week (Jan. 25) the Philadelphia
Stock Exchange firm of McCown & Co., with main offices in
the Franklin Trust Building, that city, made an assignment
to the Fidelity-Philadelphia Trust Co. for the benefit and
protection of its creditors. The trust company qualified as
assignee under a bond of $200,000. The assignment followed a sharp drop in the price of Estey-Welte Corporation
A stock on the New York Curb Market Monday, Jan. 24.
McCown & Co. was largely interested in the issue. Following the assignment, the firm gave out the following
statement:
A sudden decline in the market price of Estey-Welte Corporation
stock, in which McCown & Co. had large commitments, resulted today
in an assignment by McCown & Co. to the Fidelity-Philadelphia Trust
Company for the benefit and protection of its customers and creditors,
under the supervision of the Court of Common Pleas of Philadelphia
County.
Reorganization plans are under discussion. The assignee has taken
possession of all the assets and is engaged in balancing the accounts,
so that detailed report may be submitted to customers and creditors at
a meeting to be called within ten days.
The entire organization of McCown & Co. is co-operating with the
assignee to the fullest extent.
The Estey-Welte Corporation is not involved in the assignment and
its affairs are reported to be in excellent condition.
Frank C. McCown, Jr., sole member of the firm of
McCown & Co., is a director of the Estey-Welte Corporation.
The Philadelphia "Ledger" of Jan. 26, in regard speaking with reference to the assignment of the firm, stated
that a protective committee of some of the creditors of
McCown & Co. had met in the Racquet Club in that city
on the afternoon of Jan. 25 and initiated a movement,
which if carried to a successful conclusion, may result in
the rehabilitation of the firm. Representatives of some of
the largest banking houses and institutions in Philadelphia
and New York, it was stated, were present at the meeting
and resolutions were adopted to the following erect:
That a committee of three be appointed to take charge of all stocks
held by these creditors for the account of McCown & Co., under the
agreement of trust, the stock to be handled by the committee at its
discretion.
That the meeting be adjourned until Monday afternoon next (Jan. 31),
at which time there will be presented a deposit agreement and a report
of the financial condition of McCown & Co., and representatives of the
creditors who were present at yesterday's meeting are to make known
their decisions whether or not they will deposit their stock under the
agreement.
Percy C. Madeira, Jr., of the law firm of Ballard, Spahr,
Andrews & Madeira, counsel for some of the Stock Exchange houses represented at the meeting, acted as spokesman for the group. He was reported in the "Ledger" as
saying:
"It was the sense of the meeting, although all present did not pledge
themselves, and the Estey-Welte stock held by them should not be sold
prior to the decision of next Monday's meeting."
According to the paper mentioned more than 40,000 shares
of Estey-Welte stock were represented at the meeting. No
customers of the firm, it was stated, were present. The
"Ledger" further went on to say that no statement of the
firm's liabilities could be obtained the previous day (Jan.
25), although unofficial estimates placed them in excess of
$2,000,000. Andrew R. McCown, counsel for the firm, estimated the assets, it was stated, at $2,250,000. The firm of
McCown & Co. was established in 1919. It maintains a
JAN. 291927.]
THE CHRONICLE
New York office and has branches in Allentown, Harrisburg, Lancaster and Reading, Pa.; Burlington, N. J., and
Wilmington, Del. Following the assignment of the house,
the committee on insolvency of the Philadelphia Stock Exchange suspended the firm for insolvency.
593
responsible by the public for supervision of the banks,itshould be authorized
to accept that responsibility."
"Willsuch a change increase the stability of the System?" Mr.Williamson
asked.
"Undoubtedly." Mr. Dewey responded, "and it should result in a reduction of interest rates to the farmers."
On Jan. 12, when Mr. Dewey and E. C. Alvord, special
assistant to the Secretary of the Treasury, were heard by
C. S. Dewey in Explanation of McFadden Bill Placing
the committee, the Washington correspondent of the "JourExaminations of Federal Farm Loan Banks Under
nal of Commerce" had the following to say:
Jurisdiction of Treasury Department—Views
The plight of the Southern farmer, who, unable to meet his obligations to
of Representative Luce.
the banks, faces foreclosure proceedings, was discussed to-day with the
At the hearings which have been conducted during the
month by the House Banking and Currency Committee on
the McFadden-McLean bill amending the Federal Farm
Loan Act, Charles S. Dewey, Assistant Secretary of the
Treasury, has frequently been heard in support of the
measure. As was stated in our issue of Jan. 8 (page 174),
the bill proposes to transfer to the Treasury Department the
duty of examining banks in the Federal Farm Loan system.
In our Jan. 8 item we referred to what Mr. Dewey had to
say early in the month at the committee's hearing. According to the New York "Journal of Commerce" the committee
on Jan. 18, behind closed doors, heard from Assistant Secretary of the Treasury Dewey and Farm Loan Commissioner
A. C. Williams, the reasons why the pending bill should be
adopted. The account added:
membersof the House Committeecm Banking and Currency during a hearing
on the pending farm loan legislation. . . .
South Powerless.
For some weeks the Georgia delegation in Congress has been seeking from
the board an expression as to its policy with respect to delinquents. Senator
George of Georgia and Representative Brand of that State have been
advised by the board to take the matter up direct with the bank at Columbia,
S. C., since that organization handles the territory in which they are
interested.
Specific matters were presented to that bank and to the Joint Stock Land
Bank at Atlanta,and the answer from the Columbia institution was delivered
by Judge Brand to the Banking and Cnrrency Committee to-day.
"Under the present law it is impossible for the Federal Land Bank to wait
on people who owe the bank for their installments until theyhave a chance
to make another crop," wrote D. T. Gerow, Treasurer of the institution.
"If you can get the law amended In any way that will provide money for
paying interest which this bank must pay on the money borrowed to lend
to farmers, then perhaps these extensions could be made to the farmer
but as it stands at present the only way we can pay interest is to collect
installments from borrowers. The interest we owe is interest to bondholders
who purchase our bonds in order that we might have money to lend farmers.
Opposition Seen.
"We are not going to foreclose on a borrower if there is any other way to
It was indicated to-day that all of next week would be occupied with the get the money.
hearings on this bill, with the probable result of there being insufficient
Burden on Borrower.
time remaining within which to secure any action by the House.
"In this connection permit me to say that if we allow one man to go
While there is considerable sentiment in favor of permitting the duty
without
paying
he
will
hesitate to tell his friends and neighbors that
not
of examining the banks to go to the Treasury Department, there is opposiwe have granted him an extension, and we would have to do it for all.
tion to some of the other features of the measure. To these features repre"We have Co authority under the law to grant extensions. When a man
sentatives of the farm organizations next week will address themselves.
It was declared by the witnesses that when there were only five examiners borrows money from the bank he enters into an agreement to pay the
installments
on certain dates, and there are no ifs and ands about it. Under
available it was difficult to have the desired supervision thrown around
the
many banks in the Farm Loan system, but when the number was increased the circumstances we have to collect installments when they are due,otherto 17, as it was last year, the opportunity came for a thorough investigation wise this bank and all others doing business in the same way would be in
the hands of a receiver."
of the methods of operating employed by the various banks.
The contention was that if the banks proceed with their foreclosure
proceedings not only would they break the farmers, but they also would be
Position Outlined.
They stated that most of the troubles were centred in the banks that were unable to get back the full extent of their loans. There was some criticism
under a single operating system, which, it was said, was named to the com- made of rapacity of the banks in demanding payments of interest, looking
mittee, with the further explanation that since the completion of this in- too closely after the due money of the investors. It was asserted that the
banks should be given some discretion whereby they would be able to
vestigation the matters most complained of have been righted.
It is to prevent a recurrence of the situation that existed before the flying carry the borrowers along into another crop season where the evidence was
squadron visited the Land banks and uncovered irregularities in bookkeep- clearly that the original loan was a sound investment and that the character
ing and operating methods,that the proposed legislation is desired,the com- of the borrower was such as to show such action would be good banking
mittee was informed. Some Democratic members are understood to have policy.
Judge Brand announced to-day that before conclusion of the consideration
been rather dissatisfied with the meagreness of the information presented by
Mr.Williams.since it was believed they had expected that he would uncover of the pending bill he would propose an amendment vesting the desired
that concerning which there has been more or less talk over a period of discretionary powers in the banks.
many months.
It was related that troubles were found to have arisen when the stock of
some of these banks was"bulled" to a high point,later to tumble when it was Break in Stock of Estey-Welte Corporation on New York
revealed that premiums were used to pay dividends. Those members deCurb Market—Marked Advance in Common Stock
clared that they could see no reason why to-day's discussion should have
of Wheeling & Lake Erie on Stock Exchange.
been behind closed doors, since nothing developed of a sensational nature
Two marked movements in stock tradings were witnessed
that might affect the standing of the institutions involved.
On Jan. 14, when Mr. Dewey was also heard, theday's this week, one having to do with the sharp drop in the
hearing was reported as follows in the "United States Daily": stock of the Estey-Welte Corporation on the New York
Representative Luce (Rep.) of Waltham, Mass., questioned
the ad- Curb Market on Monday, Jan. 24, which was followed on
visability of creating a special bureau within the Department of
the Treasury Jan. 25 by an assignment of the Philadelphia Stock Exto supervise the practices and examinations of the Farm Loan
banks and change house
of McCown & Co., which was largely inasked Mr. Dewey of it would not be better to place the
responsibility of
supervision on the Comptroller of the Currency, who now
exercises a terested in the Estey-Welte stock. The break in the latsimilar authority over national banks. Mr. Luce suggested the
examining ter's stock was described as follows in the New York
system for national banks might be expanded to include supervision
over "Times" of Jan. 25:
the Farm Loan System.
An extremely violent break in the open market value of the two
"National banks are commercial institutions," responded Mr. Dewey,
classes of stock of the Estey Welte Corporation on the New York
"and Farm Loan banks, of course, involve an entirely different
class of
Curb Market yesterday (Jan. 24) was described after the market had
business. Proper examination of Farm Loan banks requires a
peculiar
closed as the result of a "vicious professional raid" on the stock.
and extensive knowledge of real estate menages which is not
essential
More than half of the open market value was suddenly lopped off these
In the examination of commercial institutions.
"For instance, a national bank loans money on short-term notes— shares by heavy offerings which met no nearby purchasing orders.
The two classes of stock were in a demoralized condition
usually 90-day paper. On the other hand, farm loan paper may,
all day
and
and did not rally from their lowest prices. The A stock,
often does,run for as long as 40 years. It would be impossible for
of which
national
18,300 shares were dealt in, opened at 48;4 and declined
bank examiners to properly examine Farm Loan banks because
by wide
they
would not be educated along the proper lines. It requires a special stages to a low of 22, closing with a net loss of 204 points.
The B
knowledge."
shares, of which 2,100 were dealt in, opened at 18 and declined
to nee,
"If there is a need for such careful supervision of these banks," Mr. a net loss from the previous day of 1034 points.
Luce continued, "should we not create a bureau with a permanent head,
The A stock is on a 2% cash basis, and last year in
addition to the
who, having become an expert in his line, will stay on. Under present cash dividend the company paid a 2% stock dividend
in class A stock
conditions, with changing administrations, the Secretary of the Treasury on both the A and B shares. The shares of the
corporation have been
And his assistants change, and the result might be confusion or at least persistent gainers during the Fall and Winter owing
to published reports
uncertainty."
of excellent earnings. Starting at 24 in 1926 the stock
moved up to
Mr. Dewey said the Department of the Treasury contemplates, if the more than double that price by easy stages.
There was considerable
bill is approved by Congress. to name a chief bank examiner for the Federal speculation in it on the way up.
Farm Loan System and build up an organization of examiners similar
It became evident early yesterday that there were difficulties
for the
to the national hank examining system.
stock in the market and each fresh sale that came to the
specialist
"Why,"inquired Representative Williamson (Rep.) of Custer, So. Dak., found no nearby orders. Since these
sales were all "at the market"
should the Treasury wish to take over control of these Federal Farm Loan he was obliged to fill them at
the best offered price.
banks from the Board when the Government has no financial interest
It is understood that the governors of the Curb Market Association
in the banks?"
met last night to consider the market action of the stock. No announce"Tho bonds issued by these banks are instrumentalities of the Govern- ment was made by them,
however, as to any action which may be
ment under the law," Mr. Dewey said, "and they are sold to investors taken to bring about an
orderly market in the shares. It has been the
with the assurance that the Government is behind them, or that the understanding in the financial
district that a large brokerage house in
Treasury Department has examined the condition of the issuing bank.
the financial district has been "protecting the market" in Estey Welte
"Further the Farm Loan System has grown to great proportions in shares.
recent years and will continue to grow. There should be a lino drawn
George W. Gittins, President of the Estey Welte Company, issued a
between administrative and supervisory functions. The Board should statement last night in which he said:
give its time to the administrative functions with which it is charged,
"No officer of this corporation is in the market either as a buyer or
the development of the System and constant study of ways in which the seller of Estey Welte stock, nor are they personally interested in
the
System may be of help to agriculture. And if the Treasury is to be held market movement of the corporation's securities. I had no
informa-
'594
THE CHRONICLE
tion of today's market action until after 2 P. M. Today's break in
the market price of our stock does not in the slightest degree reflect any
condition in our business. Our present operations are larger and more
profitable than at any time in the past, and our prospects are encouraging, to say the least. Our financial condition is excellent. The
market action in the stock today is in our opinion entirely the result of
, professional trading."
The Estey Welte Corporation is a holding company for musical instrument compttnies.
It was noted in the same paper that on the curb market
13n Jan. 25 the Estey-Welte issues found support, both the
A and B classes moving up from their low points.
The marked advance in Wheeling & Lake Erie stock
trading on the New York Stock Exchange occurred yesterday (Jan. 28) the Wall Street News Slips noting the
advance as follows:
The feature of the market all through the forenoon was .the excited
trading and violent advance in Wheeling & Lake Erie as a natural
result of the calling in of borrowed stock yesterday. Efforts to borrow
stock for delivery today forced the premium up to yt of I% but those
short of the stock later became urgent buyers for cash with sales of
cash stock ranging 1 to 2% points above the prices at which transactions were made at the same time on contracts in the regular way calling
for delivery on Monday. The high level for the regular stock was 63,
a gain of 9 points in all while the high poitn for the cash transactions
was 65%.
Trading was halted in a number of other issues because of the devotion of interest to Wheeling but leading stocks were well maintained,
'General Motors after a I point reaction moving back to its opening
price of 148% and Hudson Motor ranged above 54 showing a fractional gain at midday. United States Steel also showed a fractional
gain around noon. New York Central was in supply and dropped 14
to 1374.
McNary-Haugen Farm Bill Ordered Favorably Reported
by Senate Committee.
The new McNary-Haugen bill was approved by the Senate
Agricultural Committee on Jan. 22. The House Committee
on agriculture ordered a favorable report on the bill on
Jan. 13, as was announced in these columns Jan. 15, page
317. In referring to the Senate Committee's action, Associated Press dispatches from Washington, Jan. 22, said:
The measure, which would levy an equalization fee on basic crops,
with a view to controlling surpluses, was reported recently by the
House Agricultural Committee, three of whose members, opposed to it,
'filed a minority report to-day setting forth their views.
The proposal, sponsored jointly by Chairman McNary and Haugen, of
the two committees, is now on both the Senate and House calendars,
with proponents determined to force a vote on it before March adjournment, and opponents resorting mainly to the Curtis-Crisp bill as a
weapon to defeat the equalization fee provision.
Managers of each bill plan to press them forward next week with
sponsors predicting that modifications made in the bill will overcome the
opposition that resulted in its defeat in both the Senate and House at
the last session.
Chairman McNary declared in a statement that his bill "provides a
way for producers of the basic agricultural crops to adjust supply to
demand in their most profitable markets to their best interests," while
the minority report of the House Committee members—Representatives
Tincher, of Kansas; Pratt, of New York, and Fort, of New Jersey,
Republicans, branded the measure as "more objectional and certainly
more constitutional than the original proposal presented at the last
session."
Senate Committee Unanimous.
The action of the Senate Committee, with two absentees, was unanimous and without amendment. Under the measure, a Federal revolving fund of $250,000,00 would be appropriated to be administered by a
Federal farm board for the report of the surplus of cotton, wheat, corn,
swine and rice, which would be repaid by an equalization fee collected
against the crops at the processing point. Limitation of outstanding
loans for any one commodity at one time would be fixed at $25,000,000.
While the Senate committee was acting the House Agriculture Committee approved the Tincher bill to enable members of farmers co-opertaive associations to obtain seats on grain exchanges.
[VoL. 124.
and getting the best brains of the country to manage it as a constructive force for the best interest of the banks and the country at large."
Although Mr. Hendricks has been with the Federal Reserve System for fourteen years, he said he felt now much
as he did when he was invited to join that system—that
It would interest him to be part of a movement for betterment of banking conditions by joining the American Rediscount Corporation, which is the new rediscount system
for credit finance companies. One of the present problems
in banking is the financing of deferred payment sales. The
automotive industry contributes the largest proportion of
such sales. Many bankers realize that the keen competition in the automotive industry may place the manufacturers to a severe test. Many manufacturers, on the other
hand, in order to sell their product, are endeavoring to
induce their dealers and finance companies to reduce the
down-payment and in that way increase their distribution. If the manufacturers are unable at any time to
move their output, the usual result is to overload the
dealers, who turn to the finance companies and through
them to the banks. Should such cars not sell readily, the
models be discontinued or the manufacturers go out of
business, a serious situation would be created, it is pointed
out. It is stated that as a measure of safety to the banks
and the public the American Rediscount Corporation is
sending out a questionnaire to all the finance companies
endeavoring to get data as to the exact conditions of their
dealer, customers, the number of new and second-hand
cars they now have on the floor, as well as the possibility
of selling new cars to people who have not had cars heretofore or to present users of cars in replacement of their
old cars. Mr. Hendricks says:
"It will be the aim of the corporation to have its membership stand
for safe and conservative management and thus give the banking fraternity and the public greater confidence in the operations of its members. It may be of interest to state that the many applications for
membership are being scrutinized in the minutest detail and that many
have already been rejected because they cannot qualify as to their
management, integrity and safety of paper.
"This corporation will not be in competition with the banks, but will
endeavor to be an aid and a factor for safety as to the paper they
handle. It will stand morally behind the operations of its members.'
Business Summary of Bank of Montreal—Pulp and
Paper Production in Front Rank of Canadian
Industries.
The development of the pulp and paper industry in Canada
is referred to as follows in the summary of business conditions
in the Dominion, issued under date of Jan. 22 by the Bank
of Montreal:
Pulp and paper production has moved into the front rank of Canada's
industries. Working in 1926 at 96.9% of rated capacity, Canadian mills
turned out 1,881,737 tons of newsprint, about 200,000 tons more than were
produced in the United States and more than double the output of 1921,
while consumption was so constant that mill stocks at the end of the year
were equivalent to only two days' production. This year additional mills
will be in operation,and it Is estimated that within 12 months the production
capacity of Canadian plants will reach a daily newsprint output of 8,500
tons, as compared with an output at the close of 1926 of 7,300 tons per
day. There is, then, some danger of supply over-running demand, a
condition incurable by price cutting, in view of which fact the recently
announced conservation policy of the Government of Quebec is of the
highest importance. The announcement made in the speech from the
throne on Jan. 11 was as follows:
"The success of the pulp and paper industry in Quebec has brought
hither the establishment or great mills which made considerable demand
on our forest resources. The Government Intends to protect these mills
by following up actively its policy of safeguarding the forest. replanting,
wise exploiting of the new Quebec reserves and the Inventory of our forests,
an inventory now completed over an extent of eleven millions of acres. At
the same time it thinks that before favoring the establishment of additional
mills, it would be wise to see that there is an abundant forest reserve for
the mills already in existence or the construction of which has been decided
upon, except, however, in those new regions where such mills might become
the source of unlooked-for activities.
Laurence H. Hendricks Resigns as Comptroller of the
New York Reserve Bank to Head American
Rediscount Corporation.
At a luncheon to Laurence H. Hendricks, Comptroller
Summarizing business conditions in the Dominion the
of the Federal Reserve Bank of New York, given by a few
says in part:
bank
Stock
the
at
firms
bankers and members of stock exchange
The year began with tempered optimism in nearly all branches of trade,
Exchange Club, on Jan. 24, Mr. Hendricks announced his encouraged and strengthened by the confident note struck in addresses
retirement (effective Jan. 31) from the Federal Reserve of bankers and in the annual reviews of newspapers. A slowing down of
active holiday turnover is in the course of things,
Bank and his election as President of the American Re- retail business after anmerchandise
exceeds that of 12 months ago and of
but the movement of
paydeferred
for
reserve
system
the
discount Corporation,
any like period since the collapse of the post-war boom. Car loadings,
ment credits recently organized. For over forty years Mi. which had increased every month in 1926 save September, as compared
were larger by 4.957 carloads in the first week in January
Hendricks has been a member of the banking fraternity, with a year ago,
than in the corresponding week in 1926, and by 8,343 carloads than in
Commercial
starting his apprenticeship in the National
1925. Reflection of better business Is found, too, in railway gross earnings
Bank of Albany, N. Y. After serving in an official capacity in the first two weeks of January, Canadian Pacific Railway Co. receipts
rising $721,000, and Canadian National Rys. $514,000. This gain was
in two other banks, he joined the staff of the Federal Re- spread
over all commodity classes. Bank debits tell the same tale, having
serve Bank of New York when it was first established. been nearly 20% larger in 1926 than in the preceding year. While all
state of business. not excepting the
The New York Federal Reserve Bank had only sixteen provinces"participated in the improved
Maritimes, British Columbia seems to have been highly favored, having
employees when Mr. Hendricks joined it. Referring to its had large production of minerals, fisheries, pulp and paper and farm
progress, Mr. Hendricks said:
products, and extensive building operations.
"This tremendous force which has become internationally known and
is being copied my many of the foreign countries was wisely started in
a small way. A few years after the Federal Reserve Bank of New
York was opened it had over 3,500 employees and its success is
attributed to the manner of starting the system, training the personnel
Building permits authorized by the 63 principal cities last month totaled
the highest value for December since the records were begun in 1920.
$11.472.000, as compared with $7.363,000 in December 1925. Commodity prices have not undergone other than seasonal fluctuation, the
Dominion Bureau Index number on Dec. 31 being 150.5, a variation or
JAN. 29 1927.]
THE CHRONICLE
only one point as compared with November. At the end of December 1925
the index number was 163.5.
595
In my opinion, the outlook to-day is more promising than at any
time
since the war.
The text of Mr. Goodenough's remarks as received here
Death of Lyman J. Gage, former Secretary of the Treas- follows. After the usual preliminaries
, he referred to the
ury and Formerly President of the American
affiliated institution, Barclays Bank (Dominion, Colonial
Bankers' Association.
and Overseas). He added.
At the age of 90 years, Lyman J. Gage, Secretary of the
That bank has had a very satisfactory year and after writing off a large
Treasury in the cabinets of Presidents McKinley and Roose- sum representing the whole preliminary expenses and making substantial
addition to reserve, directors have recommended payment of a dividend
velt, died at his home at Point Loma, San Diego, Cal., on upon a conservative
basis, leaving a large amount to be carried forward.
London Clearing House returns show a reduction of 1612,000,000 or
Jan. 26. Mr. Gage retired from active business 20 years
during the year as compared with 1925. It is satisfactory to note.
ago. Mr. Gage was President of the American Bankers' 1.5%
however, that despite this general reduction, the figures of Barclays Bank
Association in the eighties, at which time he was Vice- in clearings and outclearings
have increased. The articles handed by our
President of the First National Bank of Chicago. With clearing department during the past year were, in number and amount,
larger
than
in
any
previous
year.
The balance sheet shows a substantial
reference to his career we quote the following from the increase
in deposits as compared with 1925, the growth being in part due
"Herald-Tribune" of Jan. 27:
to developments in our overseas connections and to new customers opening
Lyman Judson Gage emerged from the economic battles of the late
nineteenth century as one of the strongest figures of the Middle Western
money markets. First as cashier and later as president of the First
National Bank of Chicago, he had weathered the days of panic following the Chicago fire, the panic of 1873, and the turmoil of the Greenback
party campaign when he was appointed Secretary of the Treasury by
President McKinley in 1897. He occupied the post for four years and
eleven months of the terms of Presidents McKinley and Roosevelt, at a
time when the nation's most absorbing problems were financial.
He was the first Secretary of the Treasury to popularize a war loan.
In 1898, at the beginning of the Spanish-American War, Congress authorized $200,000,000 in bonds at 3% interest. Despite the difficulties
of floating such a loan at a rate so low, the entire issue was absorbed
by individual offers for amounts of less than $4,500 from 320,000 buyers.
Commenting in his annual report upon the success of the loan,
Secretary
Gage wrote that it "exhibited to all countries the spirit of the people
as
nothing else could, and instantly impressed other powers with a sense
of the resources at the command of the United States should a larger
struggle arise."
accounts. There has been a considerable increase in advances. Owing te
the coal stoppage, many municipal authorities have borrowed from the
banks in addition to ordinary requirements. Moreover, gas companies
and many industrial institutions have had to seek additional assistance
from banks and, further, notwithstanding labor disputes, there has been
considerable internal activity, notably in the building trade, and a large
general demand for bank advances.
In the face of adverse factors we have had to meet installments of debt to
America, amounting in a year to about 133,000,000 and it is a cause for
great satisfaction that notwithstanding, it has been possible to maintain
American exchange well above the gold export point throughout the greater
part of the year. It is also most satisfactory that there has been no necessity for using the credit facilities which America agreed to grant for the
purpose of maintaining exchange. The purchase by foreign investors of
British securities has contributed substantially towards this result.
Strikes have had a far-reaching influence in the reduction of internal
purchasing power which will continue for a long time until the lossess have
been made good. The general movement towards stabilization of currencies
and the return to the gold standard here and in certain countries of Europe
should produce more favorable conditions for Continental trade.
The rapid recovery of Germany should lead to greater purchases
raw
F. C. Goodenough of Barclay's Bank Says Banking materials, especially from the British dominions and colonies whichof
are o
the kind she chiefly needs and this step should tend to improve our export
Along Lines of Federal Reserve System in Place
trade. The holding of the Imperial Conference and the clear definition
of Bank of England Would Not be Successful
reached in regard to the important question of the status of the dominions
in Great Britain—Review of Year.
should open the way for much closer ties. The outlook for trading conditions
with the Empire has been greatly improved and every endeavor should be
Gratification at the ability of Great Britain to maintain made
to ascertain each other's needs and provide funds for capital and
dollar exchange during the greater part of last year well trading purposes. In the latter respect our new Dominion.
Colonial and
above the gold export point without recourse to the credits Overseas Bank has proved its value.
Perhaps the most important lesson brought home as a result of the eventsarranged in the United States was expressed by Frederick of the last year is the necessity for increasingly improved
organization in
C. Goodenough, Chairman of Barclays Bank, Ltd., of industry. It seems clear that where good reasons exist the amalgamation
London, in his address at the annual meeting of share- of coal properties or of other undertakings identical in character should be
capable of producing increased efficiency together with economy ofadminisholders of that institution held on Jan. 20. The purchase tration and already there are signs
that many of our big industrial concernsof British securities by foreign investors, he said, had will adopt such a policy.
Monetary System.
proved of considerable assistance in the maintenance of
A very important question will arise in regard to our monetary system
the dollar exchange rate in the face of payments on account
when the transfer to the Bank of England of the currency note issue takes
of the war debt approximating £33,000,000. Mr. Good- place. The currency notes
issued by the Treasury during and since the
enough's remarks, the text of which was received here by war are now required to have a backing of gold or Bank of England notes
excess of E246.000.000, which may be covered by Government securities.
in
cablegram, stressed among other things, the necessity for With the exception of the currency
note our
monetary system is
increasingly imrpoved organization in industry and sug- regulated by the provisions of the Bank Charterpresent
Act of 1844, which governs
gested the greater efficiency and economy possible through the duties and powers of the Bank of England in regard to currency.
Apart from the Bank of England's fiduciary issue which gives the bank
amalgamations of coal properties and other undertakings power
to issue notes against Government
other securities up to E19.of similar character. Mr. Goodenough predicted several 750,000, the only currency of the countryand
as contemplated by the Bank
large industrial consolidations in Great Britain. The rapid Charter Act would be gold token coin and Bank of England notes covered
gold. Our system has had the great advantage of being largely autorecovery of Germany, Mr. Goodenough pointed out, should by
matic besides being free from Government control. It has often been suglead to greater purchases of raw materials, especially from gested that this country should adopt permanently
a ratio system on the
the British dominions and colonies with a consequent im- lines of those in operation in the United States and Germany and the
Federal Reserve System of the United States has been quoted as a model
provement in Britain's export trade.
which we might well adopt.
Mr. Goodenough, in commenting on the monetary probThe Federal Reserve banks issue notes against a backing of no less than
lems confronting Great Britain, took occasion to answer the 40% of gold, the balance being covered by approved notes or bills of exThey have also to maintain a reserve of not less than 35% in goldagitation in favor of substituting for the Bank of England change.
against deposits. After the first twelve months of the
the outbreak
a banking system modeled along the lines of the Federal of which followed very shortly after the adoption of thewar,
Federal Reserve
System,
has
there
been
a
large
surplus
of
gold
in America and the ratioReserve banks. "The Federal Reserve System so far has system, therefore,
as such has not been
practical purposes operative.
proved successful in the United States," declared Mr. If, however, the surplus should entirely for
disappear and the ratios become
Goodenough, "but in my opinion conditions here are suf- fully operative, gold movements might cause a monetary disturbance since
it would then be possible for the export of $40 in gold to involve the
withficiently different to justify the conclusion that it would drawal
of $100 in currency and as currency Is the basis of bank credit thdre
not necessarily or even probably be successful here." He would follow a still greater contraction
of credit. Under the system of
fixed fiduciary issue with excess covered pound for pound in gold,
noted that:
the withOur external trade is far more important in relation to our total trade drawal of El in gold would tend to involve the withdrawal of Ll in notes
instead of a possible E2 10s. as under the Federal Reserve System,
than is the export trade of the United States. As a consequence of
and as
this might be the case if our
notes were issued against a 40% ratio of gold.
and of our position as an international monetary centre, we are very
liable
The Federal Reserve System so far has proved successful
to external demands for gold. For this reason, the rapidity with which
in the United
States, but in my opinion conditions here are sufficiently
the Bank of England rate will correct the position and the minimum
different to Justify
of the conclusion that it
would not necessarily or even probably be successful
disturbance which it will cause are an undoubted advantage.
here.
Until we returned to free gold exports, our ability to release gold quickly
Our external trade is far more important In relation
With a minimum of contraction was of no practical importance and
to our total trade
the
increasing ratio system would, I think, have provided a satisfactory bridge than is the export trade of the United States. As a consequence of this
and
of our position as an international monetary center we
by which we could have returned gradually to our pre-war methods.
are very liable
It, to external
demands for gold. For this reason, the rapidity with which
however, is no longer a question as it was then of a ratio system as a temporary alternative to any system at all but of a ratio system as permanent the Bank of England rate will correct the position and the minimum of
alternative to the Bank Act of 1844. That being so, it seems clear that disturbance which it will cause are an undoubted advantage.
Until our return to free gold exports, our ability to release gold quickly
it would be a mistake to make permanent alteration in the, principles
with a minimum of contraction was of no practical importance and
of that Act.
the
increasing ratio system would I think have provided a satisfactory bridge
In concluding his remarks, Mr. Goodenough said:
by which we could have returned gradually
pre-war
to
methods.
our
It.
I do not wish to hold out unduly sanguine expectations in regard to the however, is no longer a question as it was then of a ratio system as a temfuture, but I think there is definite evidence that the purchasing power porary alternative to no system at
all but of a ratio system as permanent
of the world is increasing and on balance the factors that I have mentioned alternative to the Bank Act of 1844. That
being so, it seems clear that it
seem favorable.
would be a mistake to make permanent alteration in the principles of that
The past year has emphasized certain fundamental truths, the principal act.
of which are the ever-increasing inter-dependence of industries, the futility
Conclusions.
of strikes and lockouts and the need for constant progress in industrial
I do not wish to hold out unduly sanguine expectations in regard to
the
organization and equipment. If we have learned these lessons, then, future but I think
there is definite evidence that the purchasing power of
596
THE CHRONICLE
the world is increasing and on balance, the factors that I have mentioned
seem favorable.
The past year has emphasized certain fundamental truths, the principal
Of which are the ever increasing interdependence of industries, the futulity
of strikes and lockouts and the need for constant progress in industrial
organization and equipment.
If we have learned these lessons, then in my opinion the outlook to-day
Is more promising than at any time since the war.
House Accepts McFadden Branch Banking Bill Without
Hull Amendments.
The House of Representatives agreed on Jan. 24 to the
elimination of the Hull Amendments from the McFadden
branch banking bill, and at the same time accepted the
provisions for indeterminate charters for the Federal Reserve Banks. The action of the House was on motion of
Representative McFatIden, who said:
The resolution which I have presented embodies the terms of what
would have been a conference report had the conferees not been operating under blanket instructions from the House to adhere to all of
the branch-banking provisions of the House bill. This motion gives
the House an opportunity to vote on substantially the agreement which
was tentatively' reached by the conferees at the close of the last session of Congress. The Hull amendment, which denies the right of
national banks to have city branches in all States which may hereafter
permit branch banking, is eliminated.
I wish for a moment to compare this. resolution with the conference
report which the House rejected on June 24, last. Many members no
doubt voted against that report because it permitted branch banking
in contiguous territory, permitted State-wide consolidations of National and State banks in certain States, and which had the population
requirements for cities in which branch banking would be permitted.
Thd present motion restores the original provisions of the House bill
with respect to these three provisions. The only provision of this
resolution subject to controversy is its elimination of the Hull amendrnent.
The question might arise in minds of members as to whether the
Senate will approve the terms of this resolution. I wish to say that
they have gone over it and had it been in the form of a conference
report they would have signed it. I have here in my possession a
letter signed by all of the Senate conferees to the effect that they will
advocate concurrence by the Senate if the House adopts the resolution.
This bill has been in conference since May, 1926, and the purpose
of this motion is to break the deadlock and pass the bill. A vote for
the motion is a vote for the bill without the Hull amendment, and a
vote against the motion is a vote for no branch-banking legislation.
Representative Stevenson in the debate which followed,
.put to Representative McFadden the following question:
The gentleman speaks of what was agreed to by the conferees before; I notice that the extension of the Federal reserve charter is different now in the gentleman's motion from what it was in the report
made last year. Did the gentleman overlook that? In other words,
the report agreed on before provided for an extension of 50 years
from the beginning, which would be 30 years from the expiration of
the present charter, whereas the present motion seems to make it a
perpetual charter.
In answer Mr. McFadden said:
I will say to the gentleman, in answer to that, the original House
bill contained no provision with regard to the renewal of the charter
of the Federal reserve system. The Senate put that provision in the
bill. The House conferees have accepted the Senate provision for an
indeterminate period for the renewal of the charter of the Federal
reserve system, upon the theory that Congress always has authority
and control over the Federal reserve system. Whether the time is
definitely fixed or whether an indeterminate period is granted, Congress always retains its authority over the system.
Representative McFadden added:
I do not think it is necessary for me to go into any detailed disof
cussion of the technical terms of the resolution. I sent a copy
it to each Member of the House with a copy of the bill marked to
conform to it, along with explanatory data showing the comparative
differences between this compromise proposal and the House and
Senate branch banking provisions. I shall, therefore, simply say that
the proposition here presented for adoption by the House has the
approval of the Treasury Department and of banking and business
opinion throughout the country. This is a nonpartisan and nonpolitical bill.
This resolution contains the fundamental anti-branch banking policy
of the House bill. It is an anti-branch banking measure severely restricting the further spread of branch banking in the United States.
So far as it lies within the power of Congress, the bill as here proposed
restricts the future establishment of branches to the corporate limits of
a few large cities in the United States. This restriction applies both
to national and State member banks of the Federal Reserve System.
No national bank can establish a branch anywhere in any State which
which
does not permit State banks to have branches, and in States
permit branch banking all branches of national banks are confined to
the corporate limits of cities above 25,000 population.
In the Senate, on Jan. 25, Senator Pepper, in presenting
the conference report, said:
"It will be recalled that this measure was passed by the House of
Representatives and was subsequently amended in the Senate. In
conference a deadlock developed because the House conferees were
subject to an overriding instruction from the House on the most imIn the presportant feature in disagreement between the two houses.
it was impossible for the conferees
ence of that overriding instruction
report a disagreement. That has now been
to do anything but to
the presentation of that report the
done in the House, but upon
which it receded on many of the points
House passed a resolution in the most important ones with which
all of
of difference, including
accepted the Senate amendment in regard
the Senate was concerned;the single exception that I shall presently
with
to branch banking,
upon which the Senate had most
provisions
specify, accepted those
for a recession on our part only in the
strenuously insisted, and asked
provisions which the Senate conferees had
case of a number of minorconference.
been prepared to yield in
[VoL. 124.
"The one point in connection with branch banking which the Senate will yield if the motion which I shall presently offer prevails,
is this: The Senate inserted an amendment in the bill authorizing
the Comptroller of the Currency under certain circumstances to include within the limits of a municipality for purposes of branch banking, contiguous territory. The House declined to agree to that enlargement of the political boundaries of a municipality, and the Senate
conferees have yielded on that point. So with respect to a similar
power given by a Senate amendment to the Federal Reserve Board
to do the like in the case of members of the Federal reserve system
having branches. Senate conferees were strongly in favor of the
contiguous territory provision but it was found that there was an
irreconciliable difference of opinion on the subject and the vote of the
House yesterday settled it conclusively so far as that body is concerned."
A question put by Senator Overman as to what the conferees had done with regard to the amendment authorizing
when
the Federal Reserve Board to abolish branch banks
in their judgment that should be done, brought from Senator Pepper the following statement:
the
Section 7 of the bill on the subject of branch banks containsIt is
provision to which the Senator from North Carolina refers.
instance, be
provided in Section 7 that a branch may not in the first
established without the consent of the Comptroller of the Currency.
in
It is provided in the second instance, that it cannot be changed
location or be moved from one place to another without his consent;
and the powers of the Comptroller of the Currency as to the parent
institution are by the act extended also to all the branches.
The vote whereby the House on Jan. 24 approved the
elimination of the Hull amendments from the bill, was
228 to 166. The renewal of the Federal Reserve Bank
the
charters for an indeterminate period was agreed to by
was
issue
this
on
call
A
to
roll
92.
298
of
vote
by
a
House
refused. Stating that the other features were accepted
without question, the "Journal of Commerce" reported the
following from its Washington Correspondent Jan. 24.
The vdtes followed four hours of general debate during which supporters of the Hull amendments urged the House to stand fast by the
instructions previously given by it that the conferees refuse to accept
the demands of the Senate.
House Assured of Passage.
Assurances were given to the House that if it would but adopt the
McFadden proposals there would be no difficulty in getting the Senate
to agree to those provisions upon which the House would insist that
its views be respected.
The Hull amendments would • forever preclude, in the absence of
additional Congressional legislation, national bangs from establishing
branches in existing non-branch banking States even should those
to
States adopt new legislation granting branch tanking privileges
the State banks.
explanaan
for
Kansas
of
Hoch
Pressed by Representative Homer
face of the
tion of the need for removing the Hull amendments in
whether
statements of the opponents that it would make no difference McFadT.
these restrictions are retained or not, Representative Louis
acceptthe
to
bar
a
are
den, co-author of the bill, admitted that they
ance of the legislation by the Senate.
"Misleading Propaganda."
vote, the
The debate was rather spirited, although, as shown by the
opponents of the McFadden proposal to reject the Hull amendments
amendHull
were not very convincing. It was openly stated that the
the
ments were overpropagandized. Representative Hoch assured
House that not in the eight years of his service in the House had he
"viewed in any instance so much misleading propaganda throughout
the country as in this case," but, he added, it was not confined to
either side of the controversy.
A telegram from the League of Independent Bankers of California,
urging the passage of the bill minus the Hull amendments, read by
Mr. McFadden, was received with applause and a few moments later
Mr. Hoch was applauded when he declared that the impression
sought to be created was that with the Hull amendments there would
be no relief and demanded to know from Mr. McFadden whether if
the bill was passed with the Hull amendments it would not give as
much relief to the California bankers. Pushed for an answer, after
he stated that it is necessary to reject the Hull amendments because
of a deadlock from which the Senators would not recede, Mr. McFadden admitted that the California bankers would, in any case, be benefited
by the other provisions of the bill.
Mr. Hoch stated he objected to the propaganda which asserted that
the responsibility for the success of the legislation rested with the
House and he intimated that there was quite a show of obstinacy on
the part of the Senate. He told the House that the Senators should
have again taken the matter to the Senate to see whether that body
would not be willing to make the concessions that on their part they
asked of the House. He added that it seemed inconsistent to him that
the Senate and the McFadden bill group in the House insisted upon
the rejection of the Hull amendments while willing to accept a provision prohibiting the acquisition by banks entering the Federal Reserve
System of branches after the date of the passage of this bill.
Representative Fort of New Jersey was equally strong in his objections to the rejection of the Hull amendments. The small banks, he
said, are for the restrictions and he asked the House if they were desirous of seeing capital centralized "downtown" in the cities. According
to the New Jersey Congressman, if support of the bill rested alone on
the argument of public interest convenience of location, there is not a
city in the United States with over 25,000 population wherein sufficient
capital to start a bank could not be raised. Ten new insittutions, one
with a capital of $5,000,000, have been established in Newark during
the last two years, he said. If the public interest is the solvency of
the banks, he continued, if that is why branch banking is wanted, it is
necessary, but to increase the capitalization and restrict loan and investment powers.
Warns of Credit Control.
"Does any one want to see a central board of directors downtown in
our cities given control of the commercial loans of our own neighborhoods in which the small banks are located?" he inquired. "When you
vote on this bill, if you ignore the Hull amendments, you put the control credit 'downtown' in every city in the United States."
JAN. 29 1927.]
THE CHRONICLE
The opponents of the Hull amendments made stirring speeches in
support of their contentions, while Representative Hull, of Illinois,
urged the House to stand steadfast behind the amendments. Representative Black, of Texas, gave his support to the amendments, and
favored many of the other features of the measure, but he opposed the
provision giving indeterminate charters to the reserve banks.
"The wide powers given the Federal Reserve Board and the Federal
Reserve banks by law might easily be turned to abuse if the system
should fall into wrong hands," said Mr. Black.
It was pointed out in the "Times" account from Washington, Jan. 24, that another important provision of the bill
extends rout one to five years the time limit of loans on
real estate by national banks. The "Times" also said:
Still another eliminates the ninety-nine-year charters now issued to
national banks and provides that they shall be authorized to do business an indefinite number of years subject to forfeiture for violation
of law or termination by Congress. The bill authorizes the Federal
Reserve Board to discontinue branches of the Federal Reserve banks.
It was argued today that one of the principal advantages of the indeterminate charter was to enable a bank to administer long-term and
perpetual trusts.
State Banks in Reserve System. ,
Here are provisions which affect State banks in their relations with
the Federal Reserve System.
"Any bank incorporated by special laws of any State, or organized
under the general laws of any State or of the United States, desiring
to become a member of the Federal Reserve System may make application to the Federal Reserve Board, under such rules and regulations
as it may prescribe, for the right to subscribe to the stock of the
Federal Reserve Bank organized within the district in which the
applying bank is located. Such application shall be for the same
amount of stock that the applying bank would be required to subscribe to as a national bank.
"The Federal Reserve Board, subject to the provision of this act
and to such conditions as it may prescribe pursuant thereto, may permit the applying bank to become a stockholder of such Federal Reserve Bank.
"Any such State bank which, at the date of the approval of this
act, has established and is operating a branch or branches in conformity with the State law may retain and operate the same while
remaining or upon becoming a stockholder of such Federal Reserve
Bank; but no such State bank may retain or acquire stock in a Federal Reserve Bank except upon relinquishment of any branch or
branches established after the date of the approval of this act beyond
the limits of the city, town or village in which the parent bank is
situated."
From the United States Daily of Jan. 25 we take the
following regarding the action of the House on Jan. 24:
Proposed Revision of Bill.
The bill, as approved by the House on the motion of Mr. McFadden,
makes provision for the establishment of branches by national banks
in cities of over 25,000 population, except that it denies national banks
the right to open home-city branches in any city in the twenty-six
non-branch banking States.
The retention of branches by State banks upon nationalization, conversion, or consolidation of all branches established before the enactment of the proposed legislation is also permitted by the measure.
It extends the charter of the Federal Reserve System "until dissolved by act of ongress or until forfeiture of franchise for violation
of law.'
Senate Amendments Approved.
The acceptance of the motion of Representative McFadden gives the
assent of the House to the Senate amendments, as summarized by
Mr. McFadden, providing for the following:
Elimination of the Hull amendment which would prevent national
banks from having branches in States which hereafter permit branch
banking;
Permission to State banks upon entering the Federal Reserve System, or upon nationalization, to retain all extra city branches in lawful
existence at the time of enactment of this bill;
Elimination of House provisions giving power to Federal Reserve
Banks to rediscount a greater quantity of eligible paper;
Permission for national bank stock to be divided into shares at less
than $100 par value;
Extension of Federal Reserve charter;
Authorization for the Federal Reserve Board to discontinue branches
of the Federal Reserve Banks.
Senate Amendment Rejected.
The motion, as passed by the House, also provides that the House
reject amendments of the Senate, summarized by Mr. McFadden, as
follows:
State-wide consolidations of State and national banks under certain
conditions;
Amendment to the Clayton Anti-Trust Act modifying the provisions
as to interlocking directors of banks;
Branch banking in territory contiguous to cities;
House provisions dealing with regulation of purchase and sale of
investment securities by national banks is also stricken out.
In opening the general debate, Mr. McFadden explained briefly the
provisions of his motion. He stated that he had received a letter
signed by all the Senate conferees, expressing their willingness to
concur if the motion were accepted by the Ilouse. Mr. McFadden
described that the bill was a non-partisan, non-political measure for
restriction of branch banking.
Representative Hull (Rep.), of Chicago, Ill., spoke in favor of the
amendment offered by him to the McFadden bill. In his opinion, he
said, a satisfactory ultimate result would not be attained without the
Hull amendment.
Mr. Hull said that the fact that Secretary Mellon did not favor
the amendment did not detract from its merit.
"If Secretary Mellon should advise me as to how to make money, I
would listen to him," Mr. Hull remarked. "But if he were to advise
me as to branch banking, I would take into account the economic
group to which he belongs."
California Situation Cited.
The Bank of Italy, which operates in California, was cited by Mr.
Dull as an example of the evils existing in practices of branch banking. He stated that he believed it is dangerous to allow any financial.
politicalpower to flourish.
597
Mr. McFadden answered from the floor that he was in accord with
Mr. Hull as to the necessity for remedying the situation in California.
He added that he believed that the McFadden motion would accomplish this purpose.
He offered for the record a telegram from the California League of
Independent Bankers, representing, Ile said, some 540 banks, which
stated that the McFadden bill without the Hull amendment would
afford the relief asked by the independent banks of California, but
that the adoption of the Hull amendment would leave the independent
banks "without protection."
Federal Reserve Charter.
Representative Luce (Rep.), of Waltham, Mass., explained that the
bill before the House contained many features which will benefit
national banking in the United States. He also pointed out that
it contains provisions for the extension of the charter of the Federal
Reserve System.
"Delay is threatened for these needed changes in national banking
laws," Mr. Luce asserted, "by the so-called lIull amendments. The
first reason why the Hull amendments should not actuate your vote
on this bill, Is because the Hull amendments are dead. Everyone
knows that the Senate will never accept them."
The measure, as proposed to be agreed to by the motion of Representative McFadden, and without the incorporation of the Hull
amendments, "will be a check on the extension of branch banking in
this country," declared Representative Hooper (Rep.), of Battle Creek,
Mich. He quoted an extract from a letter of the Comptroller General,
to the effect that:
"I should regard it as not less than a calamity if this bill is defeated by the insistence of those favoring the Hull amendments."
Equal Relief Assured.
Representative McFadden was asked by Representative Hoch (Rep.),
of Marion, Kans.:
"If the bill was passed with the Hull amendments, would it not
give the same relief as without them?"
"Yes, they would," Mr. McFadden replied. "But the bill cannot
be enacted into law with the Hull amendments."
"This House has voted for the Hull amendments several times,"
Mr. Hoch commented, "and ye? the impression has gone out that if
the House does not accede to the Senate amendments there will be
no legislation. Put it the other way, if the Senate does not recede,
there will be no legislation."
Representative Strong (Rep.), of Blue Rapids, Kans., one of the
House conferees on the bill, in urging the passage of the motion by
Mr. McFadden, stated that "the only hope to get the restrictive features in this bill against branch banking is to recede from the Hull
amendments."
"But," retorted Representative Chindblom (Rep.), of Chicago, Ill.,
"you are not willing to go the whole route of branch banking restriction."
Value of Hull Proposals.
Mr. Strong, in his address, explained that the Hull amendments do
not apply to those States which may later permit branch banking, but
only to those States which do not now have branch banking. "The
Hull amendments would not do any harm now," he said, "but will not
do much good."
He urged that the bill be accepted by the House without the amendments in question, since, as he contended, the Senate will not accept
these amendments.
Representaive Steagall (Dem.), of Ozark, Ala., stated in favor of the
Hull amendments, that the leading thinkers in financial circles have
expressed themselves as opposed to branch banking. He said that
branch banking is monopolistic, and, therefore, injurious to the best
financial interests of the country.
Mr. Steagall gave as examples of injuries, failures in Canada which
resulted in widespread losses, and the recent failure of a bank and
trust company in Atlanta, Ga. He said that the latter had "mowed
down 10 banks." According to Mr. Steagall, the Hull amendment
would "keep the hands of Congress on the national banking system."
Bankers Endorse Bill.
Mr. Steagall said that the American Bankers' Association had endorsed the McFadden bill provided that the Hull amendment be adopted
for the purpose of keeping branch banking from spreading in the
future. So far, he said, the Senate has not been given the opportunity
to vote upon the bill with the amendment.
In speaking of the extension of the Federal Reserve &after, Mr.
Steagall made a plea to the House not to confuse the extension of the
charter with the anti-branch-banking legislation. He said that he was
"a friend to the Federal Reserve System," but that he believed that
the Federal Reserve Board wields a far-reaching power, and for that
reason should be kept continuously under Congress. He urged the
extension of the charter for 20 or 30 years, but not for an indefinite
period.
"The adoption of the Hull amendments," Representative Rudspeth
(Dem.), of El Paso, Tex., contended, "would destroy the Federal
Reserve System."
Representative Celler (Dem.), of Brooklyn, N. Y., urged the acceptance of the Senate amendments to the bill, "so as to place the national
banks on a parity with State banks" in establishing branch banks.
"This resolves itself into one of two things," Representative Williams (Dem.), of Decatur, Tex., stated: "Are you going to use the
Hull amendments as a smoke screen against branch banking, or are
you going to place national banks in such a position that they can have
branch banks as the State banks have?
"If we don't take the bill without the Hull amendments we are not
going to have any national banking legislation."
Representative Connally (Dem.), of Marlin, Texas, stated that he was
in favor of the Hull amendment because he believed it would prevent any future spread of the practice of branch banking.
Peril to Reserve System.
The Federal Reserve System would be undermined by the approval
of the Hull amendment, it was stated by Representative Newton (Rep.),
of Minneapolis, Minn., who quoted figures to show withdrawals of
banks front the Federal Reserve System. He said the Hull amendment
was the principal issue in the effort for agreement between the two
houses of Congress, and that it would have to be given up before
accord could be reached.
It was stated by Representative Barkley (Dem.), of Paducah, Ky.,
that the Hull amendment would allow discrimination against national
banks in certain States, by allowing State banks the privilege of branch
banking, provided that such privilege were granted by the State legislature.
598
THE CHRONICLE
Representative Fort (Rep.), of East Orange, N. J., said that the
adoption of the McFadden Bill without the Hull amendment would
automatically spread instead of restrict branch banking, in that it
would make New Jersey a branch banking State.
Mr. Fort stated that as a bank president he did not know of any
officer of a small bank who wanted the McFadden Bill without the
Hull amendment. According to Mr. Fort, unless the Hull amendment
were included, the control of credit would be concentrated in the downtown district of every community.
Representative Burns (Dem.), of Nashville, Tenn., said he believed
the Hull amendment would in no way act toward disintegration of the
Federal Reserve System.
In the last speech of the opposition to Mr. McFadden's motion,
Representative Stevenson (Dem.), of Cheraw, S. C., predicted that if
the motion were rejected, the Senate would yield within 48 hours
and would accept the Hull amendment. The supposed danger to the
Federal Reserve System from the amendment, he said, had been overemphaeixed.
Blocking of Senate action on the report was announced
In the "Wall Street Journal" of last night (Jan. 28) as
follows:
Senator Wheeler, Montana, blocked efforts of Senator Pepper (Pa.),
to fix a time for Senate consideration of the conference report, already
adopted by the House, on the McFadden branch banking bill. Pepper
tried to get unanimous consent for consideration next Tuesday or
Wednesday.
[VOL. 124.
nesota, had signed the petition on the 24th at which time
Mr. Garrett was reported as stating that three absent
Democrats and five who were ill would be added to the
signers.
In the Senate a move toward tax reduction was also.
made, Senator Reed (Dem.) of Missouri, on Jan. 26 proposing to amend the Deficiency Bill by adding a provision
calling for a tax reduction amounting to 10% for all tax
payers on the basis of the 1926 returns.
The Democratic plan to force tax reduction at the present
session of Congress was blocked on Jan. 27 when VicePresident Dawes twice sustained points of order against
the efforts of Senator Reed of Missouri to attach to the
Urgent Deficiency bill a rider along the lines of the President's original tax refund plan. The Washington dispatch.
to the New York "Times" from which the foregoing Is
quoted, went on to say:
The Democratic side launched another tax reduction move later in
the afternoon when Senator Pat Harrison offered an amendment to
cut corporation taxes from their present rate to one of 11% on income received during 1927 and subsequent calendar year. Under the
Revenue law of 1926 the corporation tax was raised from 145% to
13% for 1925 and 13'/2% for 1926.
The Harrison amendment is almost certainly doomed to the same
fate as the Reed amendments, against which Senator Lenroot made
the point of order that they involved modification of existing law and
accordingly could not be attached to an appropriation bill. Senator
Reed appealed from the Chair's ruling, but immediately withdrew
the appeal and offered a second amendment, which he attempted to
word so as to avoid its being discarded under the Senate's rules. The
Vice President held that amendment out of order on the same ground.
$50,000,000 Fund Urged to Protect Depositors in Banks
in Federal Reserve System.,
Necessity for appropriate legislation to protect depositors
in Federal Reserve member banks against loss was discussed in the House when Representative Brand of Georgia,
Democratic member of the House Committee on Banking
Last night's "Sun" (Jan. 28) in advices from its Washand Currency, explained the provisions of a bill which he is
sponsoring, said the New York ‘`Journal of Commerce" in ington bureau, said in part:
The Democratic effort to force tax reduction at this session fizzled'
Washington advices Jan. 16. The bill of Representative
today. In the Senate the effort sputtered feebly for two days and
Brand was referred to in these columns Dec. 25 (page 3260). finally was snuffed out by Vice President Dawes when he ruled that
.In its reference to Representative Brand's statement the an amendment by Senator Harrison dl Mississippi reducing corporation taxes was out of order.
"Journal of Commerce" said:
The $184,000,000 deficiency appropriation bill was passed'
The ultimate end to be accomplished by the proposed legislation, he
;aid, is to give complete protection to depositors in the member banks of yesterday (Jan. 28) by the Senate.
aside
set
be
would
which
fund
a
the Federal Reserve System by creating
In reporting Representative Madden (Rep.) as indias a guaranty to depositors that they will be'able to recover losses that
cating on Jan. 26 that action toward tax reduction would
would otherwise be sustained upon failure of any such bank.
"There is no provision In this bill which requires the strong banks to be deferred until the next session of Congress, the Unites
protect the weak or puts upon the strong banks any burden of this character." asserted Mr. Brand. "It gives protection against bank failures States Daily said:
Prediction that there would be tax reduction legislation at the next
session of Congress which would cut the rates sufficiently to insure
a saving of at least $350,000,000 to American taxpayers, was made
on January 26 at the White House by Representative Martin B.
Madden (Rep.), of Chicago, Ill., Chairman of the House Committee
on Appropriations.
Mr. Madden made that prediction after a conference with President
Coolidge in which, he stated orally, they discussed the general situation in the House relative to appropriations. Sentiment in the House,
he stated, is largely in favor of applying the 1926 Treasury surplus
to the reduction of the national debt and added that any effort to
enact legislation to use this surplus for any other purpose, such
as refunding it to the taxpayers, as was proposed by the President,
would be defeated.
Francisco
Rights—San
United States to Test Bank
Mr. Madden said there is every reason to believe that the business
of the country will not experience any real depression between now
Federal Attorney to Seek Information Reand the next time Congress reassembles next winter and that the
garding Depositor's Accounts.
revenues will roll into the Treasury in such a liberal way as to warAssociated Press advices from San Francisco,Jan. 19, were rant another very substantial reduction in taxes. He said the
Treasury figures to date indicate that those who will frame legisreported as follows in the New York "Evening Post":
lation for further tax revision will have a surplus of between
United States Attorney-General George Hatfield announced to-day he $450,000,000 and $500,000,000 as a working basis to fix new rates.
had received instructions from Washington to Institute a test suit in Federal
He based his prediction for tax reduction legislation, Mr. Madden
Court here to determine how far the Government can proceed in compelling said, on his conviction that a substantial lowering of the tax rates
banks to reveal information bearing upon the accounts of depositors.
next winter will undoubtedly serve to increase the revenue of the
Federal agencies said the test would determine the legality of the present Government sufficiently to pile up surplus large enough to warrant
in
Department
method of procedure followed by the Internal Revenue
the reduction.
seeking information from banks and might lead indirectly to the Govern-
whether on account of stealing, embezzlement, mis-management or bad
Judgment on the part of officers and against any fraudulent and illegal
conduct on the part of any one connected with a banking institution in
the use and misuse ofthe money of the people. For the purpose ofestablishing the depositors' guaranty fund provided for in the bill there is authorized
to be appropriated out of the Treasury a sum not to exceed 850.000,000.
This fund would be decreased from time to time by the franchise tax which.
under the present law, the twelve Federal Reserve banks are required to
pay into the Treasury out of the net earnings of these banks.
"This bill provides that as this franchise tax accumulates from year to
year the amount of the yearly payments shall take care of that much of
the guaranty fund appropriated from the Treasury."
ment obtaining valuable information concerning the activities of bootleggers
If it held that the banks should furnish information about their depositors'
accounts.
Proclamation of President Coolidge on Rights of World
War Veterans with Respect to Conversion of
War Risk Life Insurance.
by President Coolidge dated Jan. 11 and
proclamation
A
made public Jan. 16 calls attention to the rights of veterans
of the World War in the matter of war risk insurance, and
states that the law provides that no reinstatement for war
risk insurance which has lapsed shall be made after July 2
1927. Prior to that date such insurance may be reinstated
and converted into one or more of the seven standard forms of
life insurance provided by the Government. The proclamation, as given in the "United States Daily," follows:
Efforts of Democrats of House and Senate to Force Action
on Tax Reduction Legislation.
On Jan, 24 Representative Garrett of Tennessee, Democratic floor leader in the House, opened what is termed the
final fight of the minority to force consideration by the
present Congress of the question of tax reduction. He filed
for signatures a petition to relieve the Ways and Means
Committee from consideration of the Garner bill to cut
4% to 11% and to repeal the
1
the corporation tax from 13/
taxes on admissions, automobiles, club dues and sales of
By the President of the United States of America
produce on exchanges.
A PROCLAMATION.
It was stated in Associated Press accounts from WashingDuring the World War the United States Government insured, at an exton on Jan. 24 that Mr. Garrett announced just before ceedingly low premium rate, nearly 5.000,000 members of the armed forces
death or total permanent disability. The insurance
the House adjourned that 174 Democrats had signed the of the country against
of the insured and their dependthus granted was for the greater protection
petition, and, in an appeal to the Republicans to join in ents than was afforded in the compensation,independently of insurance and
provided
for death or disability resulting
was
which
he
remarked:
unconnected therewith,
reducing the tax burden,
injury, or disease contracted in the military service.
"It will require the signatures of 218 members to set machinery in from personalprovision
was made for the continuance of this war risk insurmotion on this measure. Of these, the Democrats can furnish only
signatures
182; so, if results are obtained, we shall have to have the
of a considerable number of Republicans."
Messrs. Kvale, Independent, of Minnesota; Schaefer, Republican, of Wisconsin, and Carss, Farmer-Labor of Min-
Statutory
ance after the termination of the war, and its conversion within a limited
time into such form or forms of insurance, usually issued by life insurance
companies. as the insured might request. Many veterans do not seem to
have had knowledge of this continuing privilege, and for one reason or another have permitted their war risk insurance to lapse. Under the terms
JAN. 29 1927.]
THE CHRONICLE
provided for the re-establishment of lapsed insurance, normal health conditions will permit reinstatement upon the payment of two monthly premiums; and for those whose service disabilities render them otherwise not
Insurable, and who are not permanently and totally disabled, provision is
'made for reinstatement upon the payment of premiums and interest for the
period oflapse. Even these payments may be temporarily waived for those
whose resources do not permit immediate compliance.
•
Time for Reinstatement Limited.
The law provides that no reinstatement for war risk insurance which has
ilapsed shall be made after July 2 1927. After that date such war risk term
insurance cannot be reinstated. On or prior to that date, therefore, such
,insurance must be reinstated and converted at the election of the applicart,
into one or more of the seven standard forms of life insurance provided by
,the GoNernment. If such insurance is now in force, the insured must convert it into one of the forms above mentioned on or before the above date.
The potential protective value of the insurance thus provided is apparent,
as affecting the future economic*. am, domestic welfare of veterans and their
dependents. Provision is made for extended insurance, paid up values,loan
values, cash surrender values, and dividend participations. No premium
is charged during total permanent disability. Thousands of our national
defenders are passing on each year. All veterans of the World War should
,be generdly and fully informed of their right to procure the safe and certain protection for themselves and their dependents of the insurance afforded
by the Government.
Detailed information with reference to such insurance may be obtained
from the Central Office of the United States Veterans'Bureau,Washington.
D. C., or(rem its Regional Offices located throughout the country.
Employers Asked to Co-operate.
Wherefore, I, Calvin Coolidge, President of the United States, do hereby
designate the period Jan. 31 to Feb. 7 1927, as a time during which special
effort should be made to inform all veterans of the World War of the right
they have to reinstate lapsed war risk life insurance, and to convert it
into United States Government life insurance; and, that all such veterans
may,in some manner, be properly informed,I urge all citizens, particularly
employers,the press,labor organizations. womens'associations, professional
groups and civic and patriotic bodies, to secure full information and use
such means of informing the veterans as may be most effective.
In witness whereof. I have hereunto set my hand and caused the seal of
the United States to be affixed.
Done at the City of Washington, this eleventh day of January in the
year of our Lord one thousand, nine hundred and twenty-seven, and of the
Independence of the United States the one hundred and fifty-first.
(Seal.) By the President:
CALVIN COOLIDGE.
FRANK B. KELLOGG, Secretary of State.
Ruling of Federal Reserve Board on Loans by Reserve
Banks on Promissory Notes Secured by Notes of
World War Veterans.
The Federal Reserve Board announces in its January
"Bulletin" the following ruling regarding loans by Federal
Reserve Banks on promissory notes of other banks secured
by notes of veterans of the World War, which notes in turn
.are secured by adjusted service certificates.
The question has arisen whether member banks or non-member banks
may barrow from Federal Reserve Banks on their own promissory notes
secured by adjusted service certificates issued under the provisions of the
World War Adjusted Compensation Act.
Section 502 of the World War Adjusted Compensation Act authorizes
banks and trust companies to make loans to veterans on their promissory
notes secured by adjusted service certificates issued under the provisiens
of that act. This section also makes such notes eligible for rediscount with
Federal Reserve Banks. but it does not contain any provision authorizing
Federal Reserve Banks to make loans to member or non-member banks
on the promissory notes of such banks secured by notes of veterans. in
turn secured by adjusted service certificates.
That provision of Section 13 of the Federal Reserve Act which authorizes
Federal Reserve Banks to make advances to member banks for periods
not in excess of 15 days on the promissory notes of such member banks
requires that such notes must be secured by paper eligible for rediscount
or for purchase by Federal Reserve Banks under the provisions of the
Federal Reserve Act or by bonds or notes of the United States. Section
502 of the World War adjusted compensation act does not purport to amend
or become a part of Section 13 of the Federal Reserve Act,but is an entirely
Independent statutory provision. Notes secured by adjusted service certificates, therefore do not come within the above-mentioned provision of
Section 13.
Neither a member nor a non-member bank, therefore, may borrow from
a Federal Reserve Bank on its own promissory note secured by notes of
veterans, in turn secured by adjusted service certificates; because neither
the Federal Reserve Act nor the World War Adjusted Compensation Act
authorizes Federal Reserve Banks to make such loans.
This, of codrse, does not in any way affect the right of the Federal Reserve Banks to rediscount for member or non-member banks' notes of veterans secured by adjusted service certificates.
SHIM
Statement of Secretary of State Kellogg Defining Attitude
of the United States in the Chinese Situation.
A statement of the policy of the United States toward
China, regarded as in part a reply to the recent British
memorandum urging a more conciliatory attitude by the
powers toward that country, was issued by Secretary of
State Kellogg on Jan. 26. Saying that in view of so much
discussion of the Chinese situation he deemed it his duty
to "state clearly the position of the Department of State
on the questions of tariff autonomy and the relinquishment
of extraterritoriality rights" he announced that the United
States was prepared "to enter into negotiations . . . for
entirely releasing tariff control and restoring complete
*tariff autonomy to China" but would expect most favored
nation treatment and that "China should afford every
protection to American citizens and their property and
599
rights." However, China must first agree upon the appointment of delegates representing the authorities or the
people, the only question now being "with whom the
United States shall negotiate." Meanwhile, he said, it
was "the fundamental duty of the United States to protect the lives and property of its citizens," adding: "It is
with the possible necessity of this in view that American
naval forces are now in Chinese waters."
Following is the full text of the statement:
At this time, when there is so much discussion of the Chinese situation, I deem it my duty to state clearly the position of the Department
of State on the questions of tariff autonomy and the relinquishment of
extraterritorial rights.
The United States has always desired the unity, the independence
and prosperity of the Chinese nation. It has desired that tariff control
and extraterritoriality provided by our treaties with China should as
early as possible be released. It was with that in view that the United
States made the declaration in relation to the relinquishment of extraterritoriality in the Treaty of 1903 and also entered into
the Treaty
of Washington of February 6, 1922, providing for a Tariff Conference
to be held within three months after the coming into force
of the
Treaty.
The United States is now and has been, ever since the negotiation
of the Washington Treaty, prepared to enter into negotiations
with any
Government of China or delegates who can represent or speak for China
not only for the putting into force of the surtaxes of the Washington
Treaty, but entirely releasing tariff control and restoring complete tariff
autonomy to China.
The United States would expect, however, that it be granted most
favored nation treatment and that there should be no discrimination
against the United States and its citizens in customs duties, or taxes,
in favor of the citizens of other nations or discrimination by grants of
special privileges and that the open door with equal opportunity for
trade in China shall be maintained; and further that China should
afford every protection to American citizens, to their property and
rights.
,The United States is prepared to put into force the recommendations of the Extraterritoriality Commission which can be put into force
without a treaty at once and to negotiate the release of extraterritorial
rights as soon as China is prepared to provide protection by
law and
through her courts to American citizens, their rights and property.
Treaty Revision Proposed.
The willingness of the United States to deal with China in the most
liberal spirit will be borne out by a brief history of the events
since
making the Washington Treaty. That Treaty was ratified by
the last
one of the Signatory Powers on July 7, 1925, and the
exchange of
ratifications took place in Washington on August 6, 1925. Before
the
treaties finally went into effect and on June 24, 1925, the
Government addressed identic notes to the Signatory Powers Chinese
asking
for the revision of existing treaties. On the first of July,
1925, I sent
instructions to our Minister in Peking, which instructions
I also communicated to all the other governments, urging that this should
be
made the occasion of evidencing to the Chinese our willingness
to consider the question of treaty revision. I urged that the
Powers expedite
preparations for the holding of the Special Conference regarding
the
Chinese customs tariff and stated that the United States
believed that
this special tariff conference should he requested, after
accomplishing
the work required by the treaty to make concrete recommendatio
ns
upon which a program for granting complete tariff autonomy
might be
worked out. The delegates of the United States were given
full
to negotiate a new treaty recognizing China's tariff autonomy. powers
At the
same time, I urged the appointment of the commission to
investigate
extraterritoriality, with the understanding that the commission
should
be authorized to include in its report recommendations for
the gradual
relinquishment of extraterritorial rights.
Prior to this, the Chinese Government urged the
United States to
use its influence with the interested powers to hasten
the calling of
the conference
on tariff matters and the appointment of the
Extraterritorial Commission and for each government to grant
to its
sentatives the broad power to consider the whole subject of the reprerevision
of the treaties and to make recommendations upon the
subject of the
abolition of extraterritorial rights. This was in harmony
with the
views of the United States. Accordingly, on Sept. 4, 1925,
United States and each of the other powers having tariff treaties the
with
China evidenced their intention to appoint their delegates to the
Tariff
Conference. By a vote which has been published, the powers
informed
China of their willingness to consider and discuss any
posal that might be made by the Chinese Government reasonable proon the revision
of the treaties on the subject of the tariff and also
intention of appointing their representatives to the announced their
Commission for the purpose of considering the whole Extraterritorial
subject of extraterritorial rights and authorizing them to make
recommendations for
the purpose of enabling the governments
concerned to consider what,
it any, steps might be taken with a view
to the relinquishment of
extraterritorial rights. Delegates were promptly
appointed and the
Chinese Tariff Conference met on Oct. 26,
1925.
Levying of Surtaxes Urged.
Shortly after the opening of the
the American delegation proposed thatconference and on Nov. 2, 1925,
the levying of a surtax of 254% on the conference at once authorize
necessaries, and, as soon as the
requisite schedules could be prepared,
authorize the levying of a
surtax of up to 5% on luxuries, as
provided
for by the Washington
Treaty. Our delegates furthermore
announced
that the Government
of the United States was prepared to
proceed
at
once with the negnli•
ation of such an agreement or
agreements as might be necessary for
making effective other provisions of
the
1922. They affirmed the principle of Washington Treaty of Feb. 6,
omy and announced that they were respect for China's tariff autona new treaty which would give effect prepared forthwith to negotiate
to that principle and which should
make provision for the abolition of
likin, for the removal of tariff
restrictions contained in existing treaties and
for the putting into effect
of the Chinese National Tariff Law.
On Nov. 19, 1925, the Committee
on Provisional Measures of the Conference,
Chinese delegates participating, unanimously adopted the following resolution:
"The delegates of the powers assembled
at this conference resolve to
adopt the following proposed article relating to tariff autonomy
with a
view to incorporating it, together with other matters,
to be hereafter
agreed upon, in a treaty which is to be signed at this
conference.
THE CHRONICLE
600
The Contracting Powers other than China hereby recognize China's
right to enjoy tariff autonomy; agree to remove the tariff restrictions
which are contained in existing treaties between themselves respectively
and China; and consent to the going into effect of the Chinese National
Tariff Law on Jan. 1, 1929.
"The Government of the Republic of China declares that likin shall
be abolished simultaneously with the enforcement of the Chinese National Tariff Law; and further declares that the abolition of likin shall
be effectively carried out by the first day of the first month of the
eighteenth year of the Republic of China (Jan. 1, 1929)."
Negotiations Interrupted.
Continuously from the beginning of the conference, our delegates
and technical advisers collaborated with the delegates and technical advisers of the other powers, including China, in an effort to carry out
this plan—viz, to put into effect the surtaxes provided for in the
Washington Treaty, and to provide for additional tariff adequate for
all of China's needs until tariff autonomy should go into effect. Until
about the middle of April, 1926, there was every prospect for the successful termination of the conference to the satisfaction of the Chinese
and the other powers. About that time the Government which represented China at the conference was forced out of power. The delegates
of the United States and the other powers, however, remained in
China in the hope of continuing the negotiations and on July 3, 1926,
made a declaration as follows:
"The Delegates of the foreign powers to the Chinese Customs Tariff
Conference met at the Netherlands Legation this morning. They expressed the unanimous and earnest desire to proceed with the work of
the Conference at the earliest possible moment when the Delegates of
the Chinese Government are in a position to resume discussion with
the foreign Delegates of the problems before the onference."
The Government of the United States was ready then and is ready
now to continue the negotiations on the entire subject of the tariff and
extraterritoriality or to take up negotiations on behalf of the United
States alone. The only question is with whom it shall negotiate. As
I have said heretofore, if China can agree upon the appointment of
delegates representing the authorities or the people of the country, we
are prepared to negotiate such a treaty. However, existing treaties
which were ratified by the Senate of the United States cannot be abrogated by the President but must be superceded by new treaties negotiated with somebody representing China and subsequently ratified by
the Senate of the United States.
Advances in China Welcomed.
The Government of the United States has watched with sympathetic
interest the nationalistic awakening of China and welcomes every advance made by the Chinese people toward reorganizing their system
of Government.
During the difficult years since the establishment of the new regime
in 1912, the Government of the United States has endeavored in every
way to maintain an attitude of the most careful and strict neutrality
as among the several factions that have disputed with one another for
control in China. The Government of the United States expects,
however, that the people of China and their leaders will recognize the
right of American citizens in China to protection for life and property
during the period of conflict for which they are not responsible. In
the event that the Chinese Authorities are unable to afford such protection, it is of course the fundamental duty of the United States to
protect the lives and property of its citizens. It is with the possible
necessity for this in view that American naval forces are now in
Chinese waters. This Government wishes to deal with China in a most
liberal spirit. It holds no concessions in China and has never manifested any imperialistic attitude toward that country. It desires, however, that its citizens be given equal opportunity with the citizens of
the other Powers to reside in China and to pursue their legitimate
occupations without special privileges, monopolies or spheres of special
interest or influence.
On the following day Secretary Kellogg amplified his
statement, saying that rather than await formation of a
stable government he would enter into negotiations with
delegates who might be selected by the various factions
in China and authorized by them to act for the nation.
Approval of the Secretary's attitude was widely indicated in the House. Senator Borah, Chairman of the
Senate Committee on Foreign Relations, making his first
statement on the Chinese situation on Jan. 27, said:
"The most magnificent scecne in the world is to see a great people,
after years of turmoil and strife and oppression by outside powers,
coming into their own. And that is what we are witnessing in China.
The nationalistic spirit, in my judgment, is uniting those people and
I look to see them ultimately accomplish their complete redemption as
a great power and take their rightful place among the family of nations. I thoroughly sympathize with what they are doing.
Use of Force Opposed.
"It is inevitable, of course, that some wrongs will be committed and
some injuries done to innocent people in the bringing about of the
final results. But I see every indication upon the part of the Chinese
at the present time to protect the lives and property of foreigners to
the utmost of their ability. The only thing which, in my judgment,
may change that program will be just such things as the sending of
fleets and armies to China with a view of crushing this spirit through
force. I am in favor of protecting our people, but I am in favor of
protecting them at the present time if necessary by bringing them out
of danger until all danger is passed. I would not embarrass, or seem
to impede, China in her great struggle. I think, if I may say so, that
the action of Great Britain in sending a large fleet and larger forces to
China may have a very disastrous result.
"China is entitled to be rid of the old antiquated, unjust and unilateral treaties. She is entitled to enjoy tariff autonomy. She is
entitled, in my judgment, to be rid of extraterritorial rights. I ventrue
to express the belief that she will achieve these things. If the
nations do not assist, do not voluntarily aid, in bringing it about, we
shall likely see the same thing accomplished through the decree of
the Chinese people.
"The United States should not hesitate to announce her own policy
if it be necessary to do so. Our interest and the interest of justice
demand a free and disenthralled China and our policy should look to
that achievement."
[VoL. 124.
Secretary Kellogg's statement received favorable notices in the London press on Jan. 28. The correspondent
of the New York "Herald Tribune" cabled the followin2;
excerpts:
America's attitude, the Liberal "Daily Chronicle" says, is quite wel•
come in London diplomatic circles as being in keeping with the policy
Of safeguarding lives and rights which may be endangered, and yet
not entering into any alliance or bond which might be considered
menacing toward any of the established authorities in China.
Adopting a similar tone, "The Daily Telegraph" speaks of Mr. Kellogg's considered statement of the American policy toward China as
having been received with undisguised satisfaction. Precisely because
London and Washington both have acted in accordance with their
respective rights, this Conservative newspaper says:
It is perhaps more significant and, needless to say, gratifying that
the conclusions arrived at by the British Cabinet and the American
Administration should be well-nigh identical in scope and purpose.
The Tokio representative of the Associated Press cabled
on Jan. 28 that "Premier Wakatsuki, Foreign Minister
Shidehara and other officials . today expressed high approval of Secretary Kellogg's statement regarding China,"
and the correspondent added:
It is felt in official circles that the statement will have considerable
effect upon the Chinese, causing the central Peking government to
realize that before any treaties are signed it will be necessary to
accord protection to foreign lives and property. The foreign office
stated that Japan holds the same views as America, wishing to assist,
China attain rightful aspirations, and not intending to dispatch further
troops. The foreign office expressed a belief that no present serious
danger threatens foreigners in China.
Similarly Great Britain, according to a London
despatch of Jan. 27 to the Associated Press, is expected
to offer to China what are described as "generous" terms.
The despatch adds:
The impression drawn from the ministerial hints is that while the
proposals may go far enough to satisfy the government's Liberal and
Labor critics, they will prove too conciliatory to please the ultra-conservative supporters of the government and the British business communities in China.
Though it is understood that the terms will provide for the eventual
surrender of the British concessions in China, including extraterritoriality, nothing has been allowed to leak concerning a question which
is considered vastly more important, namely, what are the guaranties
that will be required from China and in what way does the government
propose to get over the difficulty that there is no single government
body in China at the present time by which such guaranties could be
extended?
It is generally assumed that the government, in drafting its proposals, has looked beyond existing difficulties to something which will
provide security and a satisfactory basis for trading of a permanent
character.
L. C. Amery, Secretary of the Colonial Department, in a speech at
Kilmarnock to-night, said that when the terms were published it would
be found that the modifications proposed to the present treaty position
would be so far-reaching, so generous and so considerate that it would
be impossible to conceive of their being rejected by any section in
China. If they were rejected, he declared, it would be owing to the
dominance of Bolshevik agents and policy over the real will of China.
Nomination of Cyrus E. Woods as Member of Inter-State
Commerce Commission Rejected by U. S. Senate.
In executive session on Jan. 24, the U. S. Senate, by a
vote of 49 to 28, rejected the nomination of Cyrus E. Woods
as a member of the Inter-State Commerce Commission.
The nomination of Mr. Woods to the post by President
Coolidge was referred to in these columns Dec. 25, page
3270. In our issue of Jan. 15, page 329, we indicated that
the Senate Committee on Inter-State Commerce had reported adversely on the nomination. Regarding the Senate
vote this week the New York "Journal of Commerce"
stated:
The vote came after three days of debate on the Woods nomination and was something of a surprise since while it was not expected
that confirmation would occur it was not thought that the margin
would be so great. Lined up against this nomination were Progressives, regular Republicans and Democrats, the principal opponents
being Senators Goff, Neely and Reed (Mo.), while the sponsors of
Mr. Wood included Senators Reed (Pa.) and Pepper.
The opposition was based in part on the nominee's connection with
the Pepper campaign in Pennsylvania, in which large sums of money
were expended, and there was also involved the so-called Lake Cargo
Coal case. In this the A. F. of L. was greatly interested, for they
saw in the presence of Mr. Woods on the commission an opportunity
a decision would
to have this case reopened with the possibility that
the country. On
follow favorable to the unionized soft coal section of
by
favored
existing condithe other hand, Senators front the section
since he appeared
tions were opposed to his appointment, particularly
years ago.
some
Company
Coal
Pennsylvania
as an attorney for a
According to Associated Press Accounts from Washington on Jan. 25, it was stated at the White House that Mr.
Woods' nomination will not be resubmitted to the Senate.
New York Bankers and Railway Executives on Inspection
Trip Over Southern Pacific Lines.
James S. Alexander, Chairman of the Board of the Naand
tional Bank of Commerce in New York and a Director
Pacific
member of the Executive Committee of the Southern
Company, is leaving on an inspection trip over the Southern
Pacific Lines in company with Angus D. McDonald, ViceChairman of the Executive Commitee of the Road. With
JAN. 29 1927.]
THE CHRONICLE
them will be H. M. Lull, Executive Vice-President of the
Southern Pacific Lines in Texas and Louisiana, and J.
Howard Ardrey, Vice-President of the National Bank of
Commerce in New York. Mr. McDonald and Mr. Lull will
leave the party at San Antonio. Mr. Alexander and Mr.
Ardrey will continue west over the Southern Pacific Lines
to the Pacific Coast, returning to New York early in March.
601
of his belief the opinion of the Supreme Court of the
United States in the
case of Conally versus General Construction Co. as follows:
'
kra7rhat the term of a penal statute creating a new offense must be
sufficiently explicit to inform those who are subject to it what
their part will render them liable to its penalties is a well- conduct on
recognized
requirement, consonant alike with ordinary notions of fair play
and the
settled rules of law: and a statute which either forbids
or requires the
doing of an act in terms so vague that men of common intelligence
must
necessarily guessat its meaning and differ as to its application violates
the
first essential of due process of law."
The Tennessee law, passed in 1925 and resulting in the Scopes
trial.
was designed to make it a misdemeanor to teach in State-supported schools
any theory that denies the story of the divine creation of man as taught
by the Bible and to teach instead that man has descended from
a lower
order of animals.
After signing the anti-evolution Act Governor Peay expressed the
opinion that it might never be actively enforced, but finally a
group of
men at Dayton deeded to test it by causing the arrest May
5 1925 of
Mr. Scopes.
At the trial a heated legal battle was waged, with the Fundamentalists'
views for conviction put forth by Mr. Bryan, and Mr. Darrow as an outstanding figure in the argument for acquittal. Among other attorneys
who aided in the defense were Dudley Field Malone. New York; Arthur
Garfield Hays and Dr. John R. Neal; while, in addition to Mr. Bryan.
the State has as its aides several local lawyers.
The trial reached its climax in popular interest when Bryan took the
stand and was questioned by Darrow and Malone on his literal
belief
in the Bible.
Tennessee Supreme Court Upholds State Law Prohibiting Teaching of Evolution—Reverses Verdict
Against Professor Scopes.
While upholding the constitutionality of the Tennessee
law prohibiting the teaching of evolution in the public
schools, the Tennessee Supreme Court on Jan. 15 reversed
the verdict against Prof. John T. Scopes, a Dayton (Tenn.)
high school teacher who had been convicted of violating the
law on July 21 1925. The State Supreme Court on Jan. 15
barred recourse to the United States Supreme Court by
recommending that the case be nolle prossed instead of
retried. This was done late that day and the case dismissed. The Associated Press accounts from Nashville on
The conviction of Prof. Scopes was noted in these columns
Jan. 15 reporting this said:
Without a dissenting vote, the Court recommended to L. D.
Smith, Aug. 1 1925, page 539. In stating that no rehearing would
State Attorney-General, that the "peace and dignity" of the State would
be sought, Associated Press advices from Nashville on
beet be served by a nolle pros, thus ending what the Court termed "this
Jan. 22 stated:
bizarre case," once and for all. Mr. Smith at once announced
he would
follow the recommendation and not seek a retrial.
The opinion declaring the law constitutional was delivered by Chief
Justice Green and concurred in by two other Justices, but Justice McKinney
dissented on the ground that the Act's "uncertainty of meaning"
rendered
it
The conviction of Mr. Scopes, who was a science teacher in Dayton High
School, was reversed because Judge John T. Ralston, presiding, fined
him
$100, when the Jury failed to fix a fine. The high Court held that
only a
jury may fix a fine of more than $50 under Tennessee law.
While obviously disappointed over the action of the Court,
counsel for
the Scopes defense pointed to some features as indicating a partial
victory
for the opponents of the law. Expressing satisfaction with
the dissenting
opinion of Justice McKinney, they viewed as favorable also
a part of
Justice Chambliss's opinion, which differed in one
phase from the majority
decision.
Justice Chambliss, while agreeing with Chief Justice Green
and Justice
Cook as to the organic soundness of the law, declared his
belief that the
Act "only prohibits the teaching of the materialistic
theory of evolution
which denies the hand of God in the creation of man."
Commenting on this opinion, Henry E. Colton, attorney
for the Tennessee Academy of Science and an associate in the Scopes counsel,
asserted
that this view was not opposed to the known position of many
recognized
scientists everywhere.
Chief Justice Green in reading the majority opinion, spoke in
a low tone
which was heard with dificulty by the several score persons who
filled the
small courtroom. The color and heat of the Dayton trial were marked
by
their absence. None of the leading members of opposing counsel,
whose
fame drew great and impatient throngs eighteen months ago to
the East
Tennessee town was present. William Jennings Bryan is dead.
Clarence
Darrow learned of the decision to-day while he was in Mobile.
A small
group of newspaper reporters were present.
Before the reading of the opinions, Chief Justice Green made
a statement
in summary of the results of the Court's deliberations.
"The majority of the Court holds the Act to be constitutio
nal—Judge
Cook, Judge Chambliss and myself," the Chief Justice
said. "Judge
McKinney believes the Act invalid and will state his reasons.
"Judge Cook and I think the Act prohibits broadly the teaching
in the
schools of the State that man descended from a lower
order of animals.
Judge Chambliss thinks the Act only prohibits the
teaching of the materialistic theory of evolution, which denies the hand of
God in the creation of
man. Ile will state his reasons.
"All of us agree that the Judgment herein must be reversed
on account of
the error of the Trial Judge in attempting himself to fix a fine
of $100 upon
Scopes. Under the Constitution of Tennessee a fine in
excess of $50 can
only be assessed by a jury. The jury in this case returned
a verdict of
guilty, but did not assess the fine and the Judge undertook
to do this
himself.
"Since the minimum punishment authorized by the statute
is a fine of
$100 and no tribunal except a jury can levy such a fine in this
error pointed out can only be corrected by awarding a re-trial. State, the
"All of us agree that nothing is to be gained by prolonging the
life of this
bizarre case. On the contrary, we think that the peace and dignity
of the
State, which all criminal prosecutions are brought to redress,
will be subserved by the entry of a nolle prosequi herein. Such a course is
suggested
to the Attorney-General."
Regarding the effect of to-day's ruling, the majority opinion
said:
"As the law thus stands, while the theory of evolution of man may
not be
taught in the schools of the State, nothing contrary to that
theory is required to be taught. It could scarcely be said that the statutory
scriptural
reading would amount to teaching of a contrary theory."
"Our school authorities." it added."are, therefore, quite free to
determine
how they shall act in this state of the law." and "this course
of study may
be entirely omitted from the curriculum of our schools."
The opinion declares it seems plain that the Legislature only intended
"to
forbid teaching that man descended from a lower order of
animals. The
denunciation of any theory denying the Bible story of creation
is restricted
by the caption and by the final clause."
Justice Chambliss asserted in his separate opinion concurring with
the
majority decision that the teaching of materialistic evolution
only was
forbidden by the Act. •
"It follows," said the Chambliss opinion, "that to forbid the teaching
of the biblical account of divine creation does not expressly or
by fair
implication involve acceptance or approval of instantaneo
us creation
held by some literalists.
"One is not prohibited by teaching, either 'days' as used in the
book
of Genesis, means days of24 hours, the literalist view,or days of'a
thousand
years' or more, as held by liberalists, so long as the teaching does
not
exclude God as the author of human life."
Dissenting Opinion.
Justice McKinney's dissenting opinion declared his belief that
the
statute is invalid "for uncertainty of meaning." He quoted in
support
Nashville counsel associated with the defense of John T. Scopes dedared to-day that they had decided not to file a petition to rehear in
the anti-evolution case.
"We are powerless to move further," said a formal statement issued
to-day by Henry E. Colton and Thomas H. Malone. "And if the State
after expending thousands of dollars from its Treasury wishes to confess
an ignominious defeat, pay the costs and drop the case, we must, perforce,
be content."
They asserted that they saw in the three opinions filed by members of
the Supreme Court "a victory for Mr. Scopes." and pointed out the "error
against the State."
The Supreme Court's ruling in reversing the conviction of Scopes because of the action of the trial Judge in fixing a fine higher than the law
alloWs "is in favor of our client and can afford no ground or asking a rehearing," the statement added.
Mr. Colton, counsel for the Tennessee Academy of Science, filed an
amicus curiae brief in Scopes's defense while the case was on appeal before
the Supreme Court.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Three New York Stock Exchange memberships were reported posted for transfer this week, that of B. C. Read to
Harold J. Barneson and that of Jesse L. Boskowitz to
John W. Watling, the consideration in each case being
stated as $185,000. The membership of Leon Moyse was
posted for transfer to Lew Wallace Jr., the price being stated
as $180,000. The last preceding sale was for $185,000.
Of the above it is reported that Mr. Barneson is a resident
of San Francisco and Mr. Watling of Detroit.
George F. Baker, Chairman of the First National Bank
of New York, has gone to Jekyll Island, Ga., for his annual
winter trip. He is accompanied by E.E. Loomis, President
of the Lehigh Valley Railroad Co.
Percy B. Johnston, President of the Chemical National
Bank of New York, left on Jan. 20 on the Santa Ana for a
South American trip. He will visit the Bahamas, Cuba,
Peru, Bolivia, Chile, Argentina, Brazil, Trinidad and Porto
Rico.
At a meeting of the Board a Directors of The Farmers'
Loan and Trust Company of New York on Jan. 21, Howard
S. Butterweck was appointed Trust Officer. Thomas F.
Godwin, Harry F. Ayers, Charles C. Jordan and Alexander
D. Marks were appointed Assistant Trust Officers; Sidney
R. Craig and Wilfred L. Pool Assistant Secretaries, and
Harry W. Jones, Assistant Cashier.
Frederick Larnac Eldridge, formerly Vice-President of
the Empire Trust Co. of this city, died on January
25th
at his home at Ardsley, N. Y. He was a graduate
of the
Harvard Class of 1882.
J. Norris Oliphant, a member of the New York
Stock
Exchange firm of James H. Oliphant & Co., died
January
22nd of npeumonia.
The opening of the new Seward National Bank
of this
city is expected to occur about March 1. The bank will be
located at Park Avenue and 32nd Street in a new twentyfive story building now under construction on the site of
the Park Avenue Hotel. The bank has been organized with
a capital of $2,000,000 and a surplus of $1,000,000. Alexander Stewart Webb, who was President of the Lincoln
Trust Company of this city prior to its merger with the
Mechanics & Metals National Bank will be President of
602
THE CHRONICLE
the new Seward National. Clayton L. Mosk, heretofore
identified with the Chase National Bank, of this city, has
been elected Vice-President of the newly organized Seward
National. The directors of the bank are: Howard E.
A tterbury, Charles C. Davis, R. W. Evans, Charles A.
Ernest, Patrick McGovern, Patrick F. Murphy, Henry NV.
Nuckols, Lionel F. Straus, Arlen G. Swiger, Alexander S.
Webb and Clayton L. Moak. The approval by the Comptroller of the Currency of Plans to organize the bank was
noted in our issue of December 18, page 3138.
[VOL. 124.
after a brief illness. Mr. Vz mey entered the employ of
the Bay State National Bank fifty-three years ago and had
been its Cashier since 1893. He was to have been elected
President of the institution at the forthcoming March meeting of the 'directors. The deceased was in his seventyfourth year.
At the annual meeting of th- e shareholders of the Union
Trust Co. of Springfield, Mass., held on Jan. 19, the recommendation of the directors that the capital of the institution be increased from $500,000 to 1,000,000 by the declaration of a stock dividend of $500,000 to be taken from the
surplus of the bank (noted in these columns on Dec. 18,
1926) was ratified, according to the Springfield "Republican" of Jan. 20. Philip S. Case, President of the Blair
Manufacturing Co., was added to the Board of Directors
at the same meeting. At the subsequent meeting of the
directors, it is understood, the officers of the company,
headed by William E. Gilbert, President, were re-elected.
Frank Williams, Presiden- t of the Broadway Central
Bank of this city until the sale of the institution on Jan.
10 to the Central Mercantile Bank & Trust Co. during a
heavy "run" brought about by the arrest of three trusted
officials of the institution, died at his home, 995 Fifth
Avenue, on Jan. 20. Grief and worry over the straits of
his institution are said to have caused his death. The late
banker's interests had been closely bound up with those of
Shareholders of the Old C- olony Trust Co. of Boston at
the Broadway Central Bank since 1914. He was a Viceof
Bank
Exchange
their annual meeting on Jan. 24, created the new office of
President and a director of the Chelsea
New York when he and a group of associates, deciding "Assistant Vice-President" and elected John A. Tuckerman
"Tranthere was need for an independent uptown banking insti- and W. Herrick Brown, according to the Boston
following
tution, formed the Broadway Central Bank, taking over script" of Jan. 25. At the same meeting the
Gordon
a branch of the Chelsea Exchange Bank at Broadway and officers were re-elected: Chairman of the Board,
Philip
President,
Hart;
WillMr.
R.
Francis
field,
Vice
Chairman,
Abbott;
banking
97th Street. Prior to entering the
Jefferson
iams was a hay and straw dealer in this city. He was Stockton; Vice-Presidents, James C. Howe, T.
Humphrey, Fredborn in Pierrepont Manor, Jefferson Co., N. Y., in 1865. Coolidge, Julius R. Wakefield, Chester B.
eric G. Pousland, Fred M. Lamson, George W. Grant, F.
Edwin G. Forster heretof-ore First Vice-President and Winchester Denio, S. Parkman Shaw, Jr., Edwin R. Marshall, W. Davies Sohier, Jr., and Oliver Wolcott (the two
Cashier of the Montauk Bank of Brooklyn was elMne
President at the annual meeting succeedingJeremiah Wood latter having been elected first during the past year), Secretired. Mr. Forster joined the bank about six years ago, retary, Charles B. Wetherbee ; Cashier, Llewellyn D. Serand had prior thereto served as Cashier, having previously ver; Actuary, Frederick J. Bradlee; Trust Officer, Rollin
been associated with the City Savings Bank. The pther B. Fisher, and Manager of the credit department, Rogers
officers of the Montauk Bank elected are: Charles E. West, D. Clarke. The remaining officers, it was stated, would be
Vice-Pros.; George W.Rogers, Cashier; George Gunther and elected by the directors at their meeting on Feb. 1.
John B. Paddi, Assistant Cashiers.
mer has been elected President of
William C. HeppenheiTrust Company of Weehawken, N. J., succeeding
At the annuanneetineof the stockholders of the Lafayette The Park
C. Heppenheimer is
two new names were added to William Schmalz. General William of
National Bank of
New Jersey, with
Company
Trust
The
of
President
also
the list of directors. Willet C. Evans, who is President of
Company is affiliated. William C. Heppenheithis
which
Brook
and
Dairy
Willow
Inc.,
Co.,
theiFf. M.Evans Dairy
Edwin H. Stratford, both Vice-Presidents of
Fairfield Dairy Co., and other industrial organizations, was mer, Jr., and
of New Jersey, were named directors
Company
Trust
The
elected to the board, as was also Granville R. Rome, ViceCompany. The other changes in The
Trust
Park
the
of
a
and
former
Bank,
President of the Brevoort Savings
Company's personnel were as follows: John F.
President of the Long Island Real Estate board. All the Park Trust
Vice-President; Frederick G. Baumann, SecFirst
Justin,
A.
Burgun,
Joseph
namely:
old directors of the bank,
ent; Arthur H. Strickland, Third ViceVice-Presid
ond
S.
Conover,
Walter Jeffreys Carlin, George B. Case, Henry
J. Fanning, Secretary and Treasurer.
William
President;
Jeremiah J. Dalton, Augustus M. Dauemheim, George F.
a Director of this institution.
remains
Schmalz
William
S.
George
Findley,
P.
Norman
Driscoll, Emil H. Ecklebe,
Horton, Harry N. Lewis, Percy J. Smith, George J. Sowter,
and Charles Tisch were re-elected. The officers of the
Bank, George S. Horton, President, Percy J. Smith and
George F. Driscoll, Vice-Presidents, W. Howard Wyatt,
Cashier and Russell N. Banta, Assistant Cashier, were
re-elected. President Horton presented to the meeting a
statement showing that the deposits of the Bank had been
practically doubled within the last five months.
a number of years a director of
Samuel H. Coombs, for
the First NationalBank of Brooklyn has been elected a VicePresident of the bank. Mr.Coombsis a member of the firm of
Coombs & Wilson and is identified with other interests.
Milton W. Merrill and Harold J. Bennetter were appointed
Assistant Cashiers of the First National Bank on Jan. 18.
Changes in the personnel of the Providence National
Bank, Providence, R. I., were made by the directors on
Jan. 11 as follows, according to the Providence "Journal"
of Jan. 12: Moses J. Barber retired from the Presidency of
the institution and was made Chairman of the Board;
Thomas L. Pierce, formerly First Vice-President, was
elected President, and Earl G. Batty was promoted to First
Vice-President. A resolution, setting forth their affection
for Mr. Barber and their appreciation of his work, was
adopted by the board of directors and a copy of the resolution in engrossed form, it was stated, would be presented
to Mr. Barker. Mr. Pierce became associated with the
Providence National Bank in August 1926 in the capacity
of First Vice-President. Previous to that time he was
President of the Liberty Trust Co. of Cumberland, Md.
•
Justin E. Varney, Vice-President and Cashier and a
director of the Bay State National Bank of Lawrence, Mass.,
and one of the prominent men of that city, died on Jan. 19
- President of the Montclair
W. Hetherington Taylor,
(N. J.) Chamber of Commerce, has been elected President
of the People's National Bank of Montclair and Samuel
B. Girdler has been elected Vice-President. Mr. Taylor
succeeds P. H. Johnston in the Presidency.
The application to organize the Security National Bank
of Trenton, N. J., was approved by the Comptroller of the
Currency on Dec. 23. The institution will have a capital
of $200,000 and surplus of $50,000, the selling price of the
stock (par $100) being fixed at $125 per share. The bank
will begin business about July 1. The officers are : President, J. Henry Fell; Vice-President, Stewart H. O'Donnell,
and Cashier, Stephen Wenczel.
Harry L. Hilyard, an Assistant Vice-President of the
Philadelphia-Girard National Bank, Philadelphia, resgined
on Jan. 25. Mr. Hilyard had expected to study engineering
before entering the banking field, and he is retiring from
the services of the Philadelphia-Girard to return to this
profession. He will complete his engineering course at
Cornell.
On Jan. 17 the title of the City National Bank of Evanston, III., was changed to the "City National Bank & Trust
Co. of Evanston."
The Board of Directors of the National Bank of Monmouth, Ill., announce the resignation of D. E. Gayer as
President of this bank, effective December 31st. Mr.
Gayer retires after thirty-three years of efficient service
because of his health and he carries with him the good
will and best wishes of his associates. At a meeting of
the Board of Directors, January 12, the following officers
were elected for the ensuing year: J. A. Tubbs, President;
F. A. Martin, Vice-President; 0. S. French, 2nd Vice-Presi-
JAN. 29 1927.]
THE CHRONICLE
dent; J. E. Zimmer and L. F. Boyer, Assistant Cashiers.
The new' President, Mr. Tubbs, had previously held the
office of Cashier. It is announced that there will be no
change of policy under the new management.
At the recent annual meeting of the directors of the Security
National Bank of Oklahoma City on Jan. 11, Charles W.
Gunter, a Vice-President, was made Active Vice-President;
W. F. Haven was promoted from Manager of the new
business department to Assistant Vice-President, while
retaining his old duties, and J. A. Shirley and J. C. Harrington were added to the official staff as Assistant Cashiers,
according to the "Oklahoman" of Jan. 12. At the stockholders' meeting, E. E. Grimes, Cashier, and William
Mee Jr., an Assistant Cashier of the bank, were elected
as directors.
603
years, Cashier, and Edwin Horn, an employee for twenty
years, Assistant Cashier. Announcement was made by
the bank on the same day that the institution would move
to its new building at 403 East Market Street on Washington's Birthday, Feb. 22. The Security Bank was founded
in 1867 and has occupied its present quarters since that
date, according to Mr. Dohrmann, who urther stated, it
is said, that the bank's first published statement showed
deposits of $89,300, and its last statement, published Dec.
31, showed deposits aggregating $2,059,337.
According to the Nashville "Banner" of Jan. 14, Harry
Williamson and William P. Smith were elected Vice-President and Cashier,respectively, of the Fourth & First National
Bank of Nashville at the annual meeting of the directors on
that day. Mr. Williamson, it is understood, was formerly
Cashier, and Mr. Smith, an Assistant Cashier of the instituLeon G. Voorhees was elected a Vice-President and a tion. Both men
had been with the bank for more than 20.
director at the annual meeting on Jan. 11 of the Tradesyears, starting as runners, and their promotion came as a
men's National Bank of Oklahoma City; Glen L. Dark was reward for
their long and faithful service.
promoted from Cashier to a Vice-President, and J. C.
Campbell was advancea from an Assistant Cashier to
Failure of the Texas County Bank of Houston, Mo., on
Cashier, according to the "Oklahoman" of Jan. 12. Mr.
Coalgate, it is said, is President of two Oklahoma banks, Jan. 14 was reported in the following dispatch by the Associated Press from Jefferson City on that date, printed in the
namely the First National Bank of Ardmore and the First
St. Louis "Globe Democrat" of Jan. 15:
National Bank of Coalgate. The stockholders of the
The Texas County Bank of Houston, Texas County. with $360,000 total
Tradesmen's National Bank at their meeting elected him resources, to-day was ordered closed by its board of directors, the board informed the State Finance Department here. No reason was given for the
a director.
closing. It was the second State bank to close in 1927. The last statement
of the bank to the Finance Department showed loans of $278,206 87 re-.
The St. Louis "Globe-Democrat" of Jan. 15 stated that sources
$360,600 99, capital $50,000, surplus $10,000, total deposits $288.Erastus Wells, formerly Secretary of the Liberty Central 943, and bills payable $5,000. F. P. Rutherford is President
and J. A.
Smallwood
Cashier.
Trust Co. of that city, had been promoted to Vice-President
and Secretary at the annual directors' meeting on Jan. 14,
Several promotions were made by the directors of the
and H. J. Miller, formerly Assistant Trust Officer, had been
American Exchange National Bank of Dallas on Jan. 11.
made Trust Officer.
These, as reported in the Dallas "News" of Jan. 12, were:
William R. Compton has retired as Chairman of the board E. A. Houser, formerly Auditor, made an Assistant Cashier;
of the American Trust Co. of St. Louis on Jan. 10, accord- B. F. Sims, formerly paying teller, promoted to Auditor;
ing to the St. Louis "Globe Democrat" of Jan. 11. Coin- John J. Kettle made an Assistant Cashier in charge of the,
cident with his retirement from the institution Mr. Compton new business department, and E. M. Bruhns made Manager
announced that he had disposed of the major part e his hold- of the foreign department.
ings in the American Trust Co. to Henry H. Hopkins, PresiAt the recent annual meeting of the City National Bank
dent of the bank, and other strong financial interests. These
same interests, it was stated, also acquire ownership of the of Dallas, Souls J. Smyth resigned as Cashier in order to
Compton Building, at Seventh and Locust streets, which is enter private business, and C. J. Savage, formerly Assistant
the present home of the trust company. In commenting on Cashier, was promoted to fill the vacancy, according to.
the sale of his interests, Mr. Compton was reported in the the Dallas "News" of Jan. 12.
paper mentioned as saying:
Mr.Hopkins is my friend for many years. I have confidence in his ability
J. F. Parks and Cullen F. Thomas, directors of the North
as a banker and in his associate officers. My natural desire is to pass the
mantle of authority and control upon those who deserve and who have Texas National Bank of Dallas, were made honorary Vicebeen so instrumental in making a success of the American Trust Company. Presidents of the institution at the annual meeting of the
I am only too happy to see them acquire my interests now that I have directors on Jan. 11, according to the
Dallas "News" of
reached a decision to retire from the commercial banking field. To my
friends who have contributed to the success of the American Trust Com- Jan. 12. At the same meeting Stanley A. Longmoore,
pany lam grateful,and I bespeak for the new interests their continued good heretofore Vice-President and Cashier, was relieved of the
will and patronage.
Cashiership and re-elected a Vice-President, and D. W.
Mr. Compton is head of the investment house of William Forbes, formerly an Assistant
Cashier, was promoted to
R. Compton Co., which he founded some forty years ago. Cashier.
He is also Chairman of the board of the St. Louis Joint Stock
& Land Bank, which he organized in 1922. The William
At a meeting of the board of directors of the Hibernia
R. Compton Co. relinquishes all interest in the trust com- Bank & Trust Co. of New Orleans on Dec.22, A. C. Lapeyre,
pany through the sale, it was stated. Three new directors who for several years has been associated with the trust
have been elected to the board of the trust company, as fol- department of the bank, was appointed Assistant Trust
lows: Manson C. Brown, President of the Hamilton-Brown Officer. The stockholders of the Hibernia Bank & Trust
Shoe Co.; Warner S. McCall, who, after developing the Co. at their annual meeting on Jan. 11 re-elected the entire
Central Power & Light Co., which had extensive public board of directors, as follows: C. E. Allgeyer, Gus B.
utility holdings in Texas, sold out a year ago to the Insult Baldwin, A. Brittin, E. J. Caire, R. E. Craig, H. Generes
interests, and Cyrus Crane Willmore, well-known promoter Dufour, Peter F. Dunn, C. P. Ellis Jr., Fred W. Ellsworth,
of subdivisions in St. Louis. Except for the change in con- F. W. Evans, John T. Gibbons Jr., Geo. J. Glover, H. R.
trol and the election of the new directors, it was stated, there Gould, R. S. Hecht, Alvin P. Howard, Paul F. Jahncke,
will be no further changes in the management or direction Jas. H. Kepner, Gustave Lembo, Frank L. Levy,
J. J.
of the institution, and it is not contemplated to have a new Manson, Bernard McCloskey, Hugh McCloskey, Mike M.
Chairman of the board. Mr. Hopkins, the present head of Moss, William H. Nalty, E. R. Oliver, J. S.
Otis, W. L.
the institution, was elected to that office in the fall of 1925. Richeson, E. G. Schlieder, W.P. Simpson, Hugh E. Vincent,
He has been with the institution, it is understood, since 1909. Frederic Wilbert, R. W. Wilmot and S. Zemurray. The
directors of the Hibernia Bank & Trust Co. held the annual
According to the Louisville "Courier-Journal" of Jan. organization meeting
of the bank on Jan. 19, and received
19, the directors of the Security Bank of Louisville at from President
Hecht and his associates on the executive
their annual meeting on Jan. 18 elected George Gutig, a staff reports of
the activities of the various departments:
Vice-President of the institution, President to succeed during the past
year. These reports indicate that the
Charles H. Bohmer,'who became Chairman of the Board of bank has enjoyed a
prosperous year (showing capital, surplus
Mr.
Bohmer
has
been an officer in the bank for and undivided
Directors.
profits of $4,720,000, deposits of $52,032,000,
fifty-five years. Other officers elected at the same meet- and total resources
of $62,200,000. The directors re-elected
ing were: Charles Gutig, who has been with the bank for the entire official force.
fifty-one years, and H. Nellis Kraft, who has a record of
service of thirty-one years, Vice-Presidents; Samuel J.
The vacancies recently created in the official staff of the.
Dohrmann, who has been with the institution thirty-four HiLernia Securities Co.,
Inc., of New Orleans, were filled,
604
THE CHRONICTJE
at a meeting of the board ofldirectors7by the promotion/of
five men, all of whom have been connected with the company
practically ever since its organization. George H. Nusloch,
J. Albert Baudean, Willis G. Wilmot, were elected VicePresident; A. Palmer Smith Jr. was elected Treasurer, and
Kenner S. Baetjer was elected Secretary. At a meeting of
the directors of the Hibernia Mortgage Co., A. Palmer
Smith Jr. was designated as Active Vice-President of that
company.
Fox. 124.
John E. Barber was elected President of the First Securities Co. of Los Angeles at the annual meeting of the
company, held Jan. 20. The members elected to the Board
of Directors, in addition to Mr. Barber, were George E.
Farrand, member of the law firm of Farrand & Slosson;
W. P. Jeffries, President, Jeffries Lithograph Co.; Henry
M. Robinson, President of the First National Bank of Los
Angeles, and Chairman of the Board, Pacific-Southwest
Trust & Savings Bank, and Charles F. Stern, President,
Pacific-Southwest bank. The First Securities Co. Is one
The Los Angeles "Times" in its issue of Jan. 14 stated of the largest underwriting and distributing houses on the
that acquisition of the Marine Trust & Savings Bank of Long Pacific Coast. The capital of the company was increased
Beach, Calif., by the Bancitaly Corp.(the holding company ill 1926, out of earnings, from $500,000 to $1,000,000. The
of the Bank of Italy) had been announced on Jan. 11 by company is identical in ownership with The First National
A.P. Giannini, the President of the holding company. The Bank of Los Angeles and the Pacific-Southwest Trust &
acquisition of the bank, Mr. Giannini, was quoted as Savings Bank. The aggregate resources of the three instisaying, will add about $5,000,000 in deposits to the large tutions are in excess of $324,000,000. Mr. Barber has been
number of banks already controlled by the Bancitaly Corp. In the banking business for seventeen years. Prior to coming to Los Angeles in 1920, he was associated with Harris,
Continuing, the "Times" said:
Under the presidency of E. J. Wightman, the Marine Trust & Savings Forbes & Company in New York City. During the war,
Bank has grown rapidly since its inception 12 years ago. The bank now
he was connected with the U. S. Shipping Board, acting
operates four branches in addition to the head office, according to the
announcement made by Mr. Giannini. As part of the deal, the Bancitaly as Vice-President of the Emergency Fleet Corporation, and
Corp. also acquired the six-story building housing the head office and serving as Special Commissioner for the Shipping Board
assumed a 99-year lease on the neighboring property.
1924 he was
All of the branches of the Marine Trust will be continued in operation. at the Peace Conference in Paris in 1919. In
according to the office, and the bank and its branches will remain under associated with the work of the Dawes Commission in
the management of the present officers and staff. The three existing Europe. He was decorated by the Italian Government in
branches of the Bank of Italy in Long Beach will continue to operate
1926 with the Order of the Crown of Italy, Commendatore
at their present locations.
Mr. Wightman, who is prominentaly identified with business activities Rank. Mr. Barber is also a Vice-President and Director
in Long Beach, will have the support of the same directors and officers of the First National Bank of Los Angeles and a director
who have been associated with him in the conduct of the banks affairs.
organizaJulius Blum, Vice-President, and Max R. Wallace, Cashier and Secretary, in a number of important financial and industrial
will continue in their respective offices, and will also serve on the board tions, including the Pacific-Southwest Trust & Savings
of directors along with I. H. Hellman. D. M. Smith. R. G. Swaffield, Bank, Pacific Indemnity Company, Pacific Joint Stock
John W.Buol, C. Malcolm and C. C. Lewis.
Land Bank of Los Angeles, the Celite Co., California-EastFour new officers were elected at the organization meeting ern Oil Co. and the Southern California Iron & Steel Co.
of the Citizens Trust & Savings Bank of Los Angeles:
K.B. Wilson, Vice-President; Frank H.Partridge, Assistant
Cashier; B. A. Steen, Assistant Cashier, and Wm. A.
McFarlane, Assistant Trust Officer at Broadway Office.
Kenreth B. Wilson has been with the banks since 1922,
first as Manager of the Washington-Arlington Branch and
since the consolidation of the Southwest State Bank in 1925
he has been in charge of the Central Manufacturing District
and Maywood branches. He was formerly Cashier of
Olympia National Bank, Olympia, Wash. Mr. Partridge
was formerly Assistant Cashier of Hayes & Hayes, bankers,
of Aberdeen, Wash. He has been with the Citizens Trust &
Savings Bank since January 1925. Mr. Steen, originally
from Chicago, was with the First National Bank, Bakersfield, until 1921. He is in charge of commercial loans.
Mr. McFarlane has been with the bank since 1923, prior
to which he was with Canada Assurance Co., at Vancouver,
B. C.
Effective Jan. 17 the Natio- nal Bank of Hollywood in Los
Angeles, Cal., became "The Hollywood National Bank in
Los Angeles."
San Francisco, according to the
The Liberty Bank ofSan Francisco "Chronicle" of Jan. 19, showed a gain of
approximately $1,000,000 in its invested capital account for
the past year on the basis of the report made to the stockholders o the institution at their annual meeting on Jan.
18. Half a million dollars was added to surplus and over
$400,000 to undivided profits. Total invested capital is now
$3,594,000, as compared with $2,689,000 at the close of 1925.
Deposits increased $8,000,000 and a parallel growth was
made in total resources. At the same time the bank increased its patronage by 16,000 customers. All the officials
of the institution were re-elected by the directors.
E. R. Alexander, formerly Assistant Vice-President of the
Anglo & London Paris National Bank of San Francisco, was
W. A. Polk and Frank L. Thomas were made Assistant made a Vice-President of the institution at the directors'
Cashiers at the recent annual meeting of the directors of the annual meeting on Jan. 11, according to the San Francisco
Merchants' National Bank of Los Angeles, according to the "Chronicle" of Jan. 12.
Los Angeles "Times" of Jan. 15.
At the directors' annual mee- ting of the Bank of California,
Announcement that the German-American Savings Bank N. A., San Francisco, James J. Hunter was promoted from
now organizing in Los Angeles (of which mention was made an Assistant Cashier to a Vice-President, and Leonard D.
in these columns on Nov. 6 last) had obtained a five-year Hitchman was named Assistant Manager of the Seattle
lease on the major portion of the ground floor of the Lane branch of the institution, according to the San Francisco
Mortgage Building at Eighth and Spring streets and would "Chronicle" of Jan. 12.
begin alteration of the premises on Feb. 1, was reported in
R. S. Walker, heretofore a V- ice-President of the National
the Los Angeles "Times" of Jan. 21. It is expected that Bank of Commerce of Seattle, was advanced to 1st Vicethe new banking quarters will be ready for occupancy by President, and A.V. Godsave,formerly an Assistant Cashier,
March 1. The new bank, which is capitalized at $500,000 was promoted to an Assistant Vice-President at the recent
with surplus of $125,000, is being organized for the purpose annual meeting of the directors, according to the Seattle
of furnishing banking facilities to the German-speaking "Post" of Jan. 12. At the meeting of the stockholders
population of Los Angeles and its environs. It will engage Vice-President Dietrich Schmidtz was elected a director
solely in a savings bank business, no checking accounts of the institution.
being handled. The officers chosen for the institution,
At the annual general meeting,of the shareholders of the
according to the Los Angeles "Times" of Nov. 20, are:
W. N. Hamaker, a Vice-President of the Commercial Na- Royal Bank of Canada (its 58th) held in Montreal on Jan.
tional Trust & Savings Bank, President; Carl L. Schloess- 17, a resolution was passed increasing the authorized capital
mann, President of the Schloessmann Steamship Agency and of the institution from $30,000,000 to $40,000,000. The
prominent in the organization of the Kaspare Cohn Com- bank's directors recently decided to increase the bank's
mercial & Savings Bank a number of years ago, First Vice- capital by $5,600,000, thereby raising it from $24,400,000
President; H. R. Kleinbach, Auditor of the Title Guarantee to $30,000,000. Sir Herbert Holt, President of the Royal
Canada, in his annual address to the shareholders
& Trust Co., Second Vice-President; R. F. Guedemann, for Bank of
in the Montreal "Gazette" of Jan. 17) referred
printed
(as
associated
with
Union
the
&
years
Bank
the last eleven
increase in capital as follows:
proposed
the
to
chosen
bank
for
directors
new
the
The
Cashier.
Co.,
Trust
In order to take care adequately of our steadily broadening business and
Los
business
men,
Angeles
prominent
of
list
include a long
to continue our traditional policy of maintaining a conservative ratio
of capital and surplus to deposits, your directors have considered it advisboth German and American-born.
able to increase the paid-up capital of the bank by the amount of the
JAN. 29 1927.]
THE CHRONICLE
unissued balance of the authorized capital. This additional capital stock
has been allotted pro rata to shareholders of record on the 17th December
last for subscription at the price of 8200 per share. In accordance with
custom, the premium realized in respect of this issue will be credited to
reserve fund. When payments are completed the paid-up capital of the
bank will be $30,000,000, with a reserve fund of equal amount and substantial undivided profits. A resolution increasing the authorized capital
.or the bank to $40,000,000 will be submitted for your approval to-day.
That the Bank of Nova Scotia (head office, Halifax) had
a very satisfactory year is indicated in the ninety-fifth
annual report of the institution, printed elsewhere in our
pages to-day. The statement, which covers the twelve
months ended Dec. 31, 1926, shows net earnings, after estimating and providing for losses by bad debts, of $2,243,243,
and this amount together with $450,644, the balance to
credit of profit and loss brought forward from 1925, made
the sum of $2,693,887 available for distribution. From this
amount, the report shows, the following allocations were
made: $1,600,000 to take care of dividends for the year at
the rate of 16% per annum; $100,000 to cover war tax on
circulation to Dec. 31, 1926; $85,000 contributed to officers'
pension fund and $250,000 written off bank premises account, leaving a balance to be carried forward to the
current year's profit and loss account of $658,887. The
bank's total assets are shown in the report as $246,721,584
(comparing with total assets of $244,455,833 the previous
'year), of which $136,393,829 are quick assets, or 62.98%
of the institution's liabilities to the public. Total deposits
are given as $190,382,242, as against $189,456,839 last year.
The paid-up capital is $10,000,000 and the reserve fund
$19,500,000. G. S. Campbell is President and J. A. McLeod,
General Manager.
S. A. Bogert, Vice-President and General Manager of the
Dominion Bank, at the annual meeting held in Toronto on
Jan.26,in the course of his address to the shareholders said:
Beginning in 1913 the affairs of Canadian banks were administered for
twelve years under conditions wholly abnormal and without precedence
In the banking history of this country. The threatened depression of 19131914 was followed by four years of conflict, two years of over-production
and speculation. Then four years of drastic deflation which swept away
war profits and brought adverse features into many balance sheets. Canada
has now had two years of gradual improvement, and we can say with
confidence that the period of unsettlement that existed for a third of a
The Discount Bank (Banco de Descuento) of Guayaquil,
Ecuador, in its statement for the six months ending Dec. 31
1926, shows net, earnings of $31,851, calculating the sucre
at 20 cents. This figure compares with. 30,356 for the
period ending June 30 and $37,638 a year ago. Dividends
at the annual rate of 5% called for $19,800 and an addition
of $3,600 made the surplus $83,600. The following figures
are also taken from the current report: Cash on hand,
$68,823; deposits in banks, $107,600; funds in foreign countries, $72,590, and total assets, $3,223,600, this last being a
decrease of $63,000 from the June figure and of $171,000 in
comparison with a year ago. The Discount Bank which has
paid 5% annually in dividends since 1922 has paid in capital
of nearly $700,000, namely 3,968,795 snores.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The upward swing of the low-priced railroad securities
was again in evidence during the past week, and except for
the brief set-back on Tuesday and again during the final
hour on Thursday the trend of prices in this group has been
toward higher levels. The general list, however, has been
irregular and unsettled. The demonstration in low-priced
rails was again the feature in the short session on Saturday,
Pittsburgh & West Virginia leading the upswing with an
advance of 7 points, followed by New Haven, Kansas City
Southern and Ontario & Western. Seven new tops were
recorded during the morning, including such stocks as
Western Maryland common and 2d prefered, Erie common,
Wabash pref., Wheeling & Lake Erie corn. and pref. Specialties, particularly the high-priced line, yielded sharply,
Du Pont receding about 3 points and United States Cast
Iron Pipe & Foundry over 6 points. Oil shares made little
or no progress, the single exception being Producers & Refiners, which advanced nearly 2 points to a new peak at
21%, though it dropped back to 21 later in the day. Motor
stocks were heavy, General Motors receding nearly 2 points
from the opening and Hudson Motors moving sharply downward. Heavy buying in low-priced rails was the outstanding
feature of the market on Monday. Interest centered
around Wheeling & Lake Erie pref., which bounded forward
7 points and Western Maryland which closed with a net
gain of more than 5 points. United States Steel common
and General Motors were under pressure and closed with
sizable losses. On the other hand, Colorado Fuel & Iron,
605
Baldwin Locomotive and Producers & Refiners were in strong
demand at improving prices.
On Tuesday the market experienced the sharpest break
of the year, the downward reaction being in a measure due
to the impression spread that large operators had been
quietly liquidating during the excitement in low-priced rails
and that they were out of the market. Most of the issues
that have been steadily moving upward during the past ten
days came down with a crash and losses ranging from 1 to 8
*points were numerous at the close of the session. The weak
stocks included Baldwin Locomotive, Allied Chemical,
Lehigh Valley, Southern Ry., Western Maryland and
Wheeling & Lake Erie. Railroad shares again moved to the
front in the early trading on Wednesday, several of the leading issues making gains of from 1 to 7 points. As the day
advanced the market suddenly turned downward and many
of the final quotations were substantially below the best
levels of the day, though there were a number of prominent
stocks among the various groups that ended the day with
good gains. Included in the latter class were American Locomotive, United States Cast Iron Pipe & Foundry, American
Smelting, Adams Express, Timken Roller Bearing and Pittsburgh & West Virginia. In the early trading United States
Steel common moved forward about a point, but closed
with a small loss.
Alternating waves of buying and selling characterized the
movements of the market on Thursday, and while a few
stocks recorded substantial gains the list as a whole worked
lower. The outstanding feature of the session was the heaviness of United States Steel common, which sagged to the lowest level since Dec. 17. In the early trading considerable
bear pressure was concentrated on the railroad stocks, resulting in the loss of 3 points by New York Central and within
a short period numerous other railroad stocks registered
losses of from 1 to 2 points. Motor stocks were strongly
held, Hudson Motors making a net gain of 2 points and
General Motors advanced the same number of points, though
half of this gain was lost in the later trading. Consolidated
Gas slipped back more than a point and mercantile stocks
such as Kresge and Woolworth dropped back 2or more points.
The notable feature of the trading on Friday was the spectacular rise of Wheeling & Lake Erie corn. and pref., both of
which touched 65 at the high for the day. Earlier in the month
the common sold at 0000 and the pref. at 0000. Aside
frota the heavy trading in this stock, the market moved
along in more or less irregular fashion. Industrial issues
improved somewhat, especially Allied Chemical, which
climbed to 13534 and Missouri Pacific pref. which closed
with a net gain of 1% points. • Motor stocks were fairly
steady, General Motors advancing more than a point to
1483/s. Railroad shares were somewhat irregular, Southern
Ry. breaking 2 points to 1203', Southern Pacific selling at
10638, while New York Central and Baltimore & Ohio sold
around the low levels of the present movement. The final
tone was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended Jan. 28.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks.
Number of
Shares.
Railroad,
&e.,
Bonds.
State,
Municipal &
Foreign Bonds.
1,097,330
1,859,340
2,051.301
1,426,815
1,227,693
1,231,900
$6,221,000
9,861,000
10,269,500
10,642,400
8,051.000
8.266,000
$2,631,500
5.713,500
5,194.500
5,746,000
4,567.500
3,636,000
$431,900
600,550
694,200
836.800
517,500
420.000
8.894.379
$53.310.900
$27.489.000
13.600,950
Week Ended Jan. 28.
Sales at
New York Stock
Exchange.
Stocks-No,of shares.
Bonds.
Government bonds...
Stateand foreign bonds
Railroad dr misc. bonds
United
States
Bonds.
Jan. 1 to Jan. 28.
1927.
1926.
1927.
1926.
8,894,379
8,209,218
32,214,931
38.580,073
$3,500,950
27,489,000
53.310,900
$8,361,250
13,987,750
58,000.500
$24,829,850
102,769.200
219,361,200
$29,434,750
53,541,250
206.244,000
Total bonds
384,300,850 $80,349,500
$346,960,250
1289.220.000
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Jan. 28 1927.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Philadelphia.
Shares. Bond Sales. Shares. Bond Sales
•
Total
Prey, week revised
Baltimore.
Shares. Bond Sales.
21,915
40,152
3%975
*33,017
*25,841
16,723
83,100
16,000
45,500
23.700
19.000
15,000
22,236
31,623
16,806
30,049
27,110
27,358
816.100
19,900
30,000
53,000
18,000
24.000
123,005
a1,903
a3,866
a3,122
01,564
al.440
$36,000
33,200
17,000
38.000
89.300
45.000
173,623
1122.300
155,182
$161,000
14,900
8258,300
148.691
$70.800 201,214 1105.800
12.602 3378.790
•In addition, as as of rights were: Wednesday 680: Thursday. 330.
a In addition, as as of rights were: Saturday. 228; Monday. 362; Tuesday. 279:
Wednesday, 46: Thursday, 13: Friday. 136:
[vol.
THE CHRONICLE
606
124.
Imports-
ExportsTHE CURB MARKET.
France
£58,651
E27,808 Austria
United States of America
71,217
49,738 China
Curb prices for the most part of the week ranged downward British West Africa
12.104 British India
65,778
14,161
6,224 Other countries
on a moderate volume of business. Strength appeared at Other countries
.C209,807
£95,874
A
followed.
usually
movement
times but a reactionary
INDIAN CURRENCY RETURNS.
sensational break in the stock of the Estey-Welte Corp. was
(In jars of rupees.)
Dec. 22. Dec. 31. Jan. 7.
the dominant feature, the class A stock dropping from 489' Notes in circulation
18118
18112
18169
coin
in
and
Silver
10352
bullion
10346
India
10403
to-day
close
to 173 and the class B from 18 to 73. The
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2232
2232
was at 193 for the former and 9 for the latter. American Gold
coin and bullion out of India
2. Glen Alden Coat Securities (Indian
4977
4977
4977
Cigar corn. improved from 118 to 1223/
Government)
557
557
(British Government)
557
sold down from 174 to 167 and up finally to 1683/2. Adolph Securities
No sliver coinage was reported during the week ending the 7th inst.
Gobel, Inc., cora, weakened from 279' to 259. InterThe stock in Shanghai on the 10th inst. consisted of about 64,800,000
national Silver corn, declined from 112 to 1073 and recovered ounces in sycee. 70.800,000 dollars, and 2.900 silver bars, as compared
with
about 65.800,000 ounces in sycee, 70,200,000 dollars, and 3,020 silver
to 1087
8. Johns-Manville new stock3 were active the corn. bars on
the 4th inst.
from
1163
off
was
pref.
new
%
Bar Gold,
The
points
to
6
583/2.
losing
-Bar Silver, Per Oz. Std.Per Oz. Fine.
Quotations
During Week- Cash.
2 Mos.
and
to 115. Warner Bros. Pictures fell from 31% to 273,
Jan. 6
84s. 11 Yid.
. 243d.
25-1.
845. 1134d.
7
24l3-16d.
2415-16d.
recovered finally to 30. Public Utilities were as a rule
84s. $13-4d.
8
25d.
247-4d.
84s. 11 d.
10
251-16d.
253-15-1.
fractionally lower. American Gas & Electric corn. declined
84s. 10 d.
11
25 3-16d.
2534d.
from 703' to 683j, the close to-day being at 69. Common84s. 11 d
257-16d.
12
25 Yid.
84s. 11. d.
25.010d.
25.177d.
wealth Power was off from 447 to 429/i and ends the week Average
The silver quotations to-day for cash and two months' delivery aro,
at 429/8. Electric Investors fell from 353/i to 33 and sold respectively, 11-16d. and %d. above those fixed a week ago.
finally at 34. In oils, Buckeye Pipe Line weakened from
77 to 45. Continental Oil was off from 22 to 209s. Humble
ENGLISH FINANCIAL MARKETS-PER CABLE.
Oil & Refining eased off from 61% to 5834. Prairie Cil &
daily closing quotations for securities, &c., at London,
The
at
to-day
finished
and
to
55
from
down
529/i
Gas moved
2. Prairie Pipe Line weakened from 135 to 1333.. as reported by cable, have been as follows the past week:
523/
Sat.,
Mon., Tues., Wed., Thurs., Fri.,
London,
Standard Oil (Indiana) from 72% fell to 699j, the final
Week Ending Jan. 28- Jan. 22. Jan.24. Jan. 25. Jan. 26. Jan. 27. Jan.28.
down
moved
Oil
Vacuum
703.
at
being
26 15-16 2614
d 265-16 267-16 2634
transaction to-day
Silver, per oz
2634
84.11
Gold, per fine ounce
84.1134 84.1134 84.1034 84.11
84.1134
from 102 to 98.
cents
5534
234
5514
per
5554
Consols,
5534
5534
A complete record of Curb Market transactions for the BritLsh 5 per cents
10134
10111
10134
10134
101.34
9634
9634
9634
9634
9634
British 434 per cents
week will be found on page 632.
•
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No. Shares).
Week Ended Jan. 28.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Ind& Misc
66,255
165,288
159,480
125,750
88,098
85,103
Oil.
BONDS(Par Value).
1 Mining. Domestic. Poen Gott.
76,080
152,150
148,050
79,275
143,860
105.800
French Rentes On Paris)_ _fr. ---_
French WarLoan(lnParis)_fr.
53.45
64
53.30
64.30
53.60
65
53.75
67.50
53.60
67.55
The price of silver in New York on the same days has been:
Silver in N.Y., per oz. (eta.):
5631
Foreign
5634
563-4
5634
5734
5734
56,520 $1,348,000 $187,000
343,000
116,200 2,515,000
296,000
84,660 2,166,000
292,000
125.900 2,147,000
258,000
123.080 2,204,000
246,000
87,940 2,692,000
COURSE OF BANK CLEARINGS.
Bank clearings the present week will again show a small
decrease compared with a year ago. Preliminary figures com705,215
591,300 13,072,000 $1.622,000
689,974
Total
piled by us, based upon telegraphic advices from the chief
cities of the country, indicate that for the week ending to-day
(Saturday, Jan. 29), bank exchanges for all the cities of the
THE ENGLISH GOLD AND SILVER MARKETS.
of
circular
weekly
United States from which it is possible to obtain weekly
the
from
following
We reprint the
Samuel Montagu & Co. of London, written under date of returns will be 3.7% below those for the corresponding week
last year. The total stands at $9,417,494,332, against
Jan. 12 1927:
GOLD.
$9,782,355,255 for the same week in 1926. At this centre
£150,145,555
to
amounted
notes
against
reserve
The Bank of England gold
there is a loss for the five days of 2.4%. Our comparative
Wednesday.
previous
the
on
£149,856,430
with
compared
as
inst.,
5th
on the
of summary for the week is as follows:
Over £500,000 bar gold was on offer in the open market yesterday,
which Holland bought £100,000, India £30,000, and the home and Continental trade £130,000. The balance was secured by the Bank of England,
as will be seen below.
The following movements of gold to and from the Bank of England have
been reported since our last issue:
Jan. 6. Jan. 7. Jan. 8. Jan. 10. Jan. 11. Jan. 12.
£250,000
Received
30,000 £86,000
£22,000
Withdrawn
Africa. The
South
from
gold
bar
of
Yesterday's receipt was in ths form
Spain, £75,000
£110,000 sovereigns withdrawn were destined as follows:
under review
India, E20,000, and Holland, £15,000. During the week
increasing the net influx this
the Bank has received .C112,000 on balance,
at the
posted
announcements
year to E340.000. According to the daily
resumption of an
Bank, there has been a net efflux of £4,984,000 since the
of gold dureffective gold standard. United Kingdom imports and exports
ing the week ended the 5th inst. were:
ImportsFrance
British West Africa
British South Africa
Other countries
Exports£27,717 Germany
32,957 Netherlands
389,726 France
1,010 British India
Other countries
£498.665
16,400
68.800
18,000
7,716
£609,581
£451,410
A preliminary estimate by the Dominion Bureau of Statistics returns
ounces,
the gold production of Canada during the year 1926 as 1,729,377 fine
slightly less than that for the preceding year, which was 1,735,735 fine
ounces.
The Transvaal gold output for December 1926 was 836,157 fine ounces,
and 791,455
as compared with 840,276 fine ounces for November 1926
fine ounces for December 1925. The total output for the year 19269,962,852 fine ounces, constitutes a record and is 363,150 fine ounces above
the previous year's output-9,599,702 fine ounces.
SILVER.
approach of the
The acute crisis in China, coinciding with the near
considerable buying of silver on
provoked
2),
(Feb.
Year
Chinese New
Indian purchases and
China account. This was accompanied with some
moved sharply upward until
covering by nervous bears. Prices therefore
for two months'
and
5-16d.
cash
25
25Y4d. was recorded yesterday for
delivery-the highest fixed since Nov. 8 last.
satisfactory reports from Hankow seem to point
The apparently more
affairs, and this was reflected in quotations to-day
to a favorable turn in
case.
which eased 1-16d. in each
the Dominion Bureau of Statistics gives a preA statement issued by
silver output for 1926 as 21,907.000 fine
Canadian
the
liminaty estimate of
fine ounces over that for the preounces, an increase of about 1,700.000
vious year.
of silver during the week ended
exports
United Kingdom imports and
the 5th inst. were:
1927.
1926.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$4,465,000,000
526,740.181
430,000,000
391,000.000
117,296,504
118,700.000
136,519,000
148.261.000
148.784,593
132,119,659
93,297,195
87,463,131
55,646,884
$4,574,225,284
596,383,764
470,000,000
379,000,000
106,853,179
121,100,000
145,681,000
125,722,000
145,783.023
130,409,263
97,200,764
79,709,760
61,963,007
-2.4
-11.7
-8.5
+3.2
+9.8
-2.0
-6.3
+17.9
+2.1
+1.3
-4.0
+9.7
-10.2
Thirteen cities, five days
Other cities, five days
$6,850,828,147
997,417,130
17,034.031,044
1,025.108,080
-2.6
-2.7
Total all cities, five days
All cities, one day
$7,848,245,277
1,569,249,055
$8,059,139,124
1,723.216,131
-2.6
-8.9
Tntal all eltloa far svaalr
89.417.494.332
89.782.355.2E6
-27
Clearings-Returns by Telegraph.
Week Ended January 29.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Jan. 22. For
that week there is a decrease of 2.3%, the 1927 aggregate of
clearings being $10,470,288,235, and the 1926 aggregate
$10,720,243,634. Outside of New York City the decrease is
3.4%, the bank exchanges at this centre having shown a
loss of 1.6%. We group the cities now according to the
Federal Reserve districts in which they are located, and from
this it appears that in the New York Reserve District
(including this city) the totals are smaller by 1.4% and in the
Philadelphia Reserve District by 7.6%, but in the Boston
Reserve District there is a gain of 8.3%. The Cleveland
Reserve District records a falling off of 2.6%, the Richmond
Reserve District of 10.1% and the Atlanta Reserve District
JAN. 291927.]
THE CHRONICLE
of 20.3%, the latter due largely to the decrease at the
Florida points, Miami showing a loss af 64.7% and Jacksonville of 36.6%. The Chicago Reserve District has a decrease of 6.2%, the St. Louis Reserve District of 4.2% and
the Minneapolis Reserve District of 3.7%. The Kansas
City Reserve District shows a gain of 2.3% and the San
Francisco Reserve District of 2.4%, but the Dallas Reserve
District falls 2.9% behind.
In the following we furnish a summary by Federal Reserve
districts:
•
SUMMARY OF BANK CLEARINGS.
Week End. Jan. 22 1927
1927.
Federal Reserve Dists.
let Boston_ -12 cities
2nd New York _11 "
3rd Made!phial°
4th Cleveland- 8
5th Richmond _ 6 ••
6th Atlanta_ __13
7th Chicago .....20
815 St. Louis _ 8
9th Minneapolis 7 .1
10th Kansas City12
5
11th Dallas
12th San Fran _17 1.
1926.
602,730,370
6,206,458.016
610.356,245
416,523,107
187,707,081
209,958,773
970,181,188
237,799,034
109,964,570
265,799,876
84,901,784
567,908,191
556,498,694
8,293,526,058
659,477,606
427,618,675
208,759,441
263,392,810
1,033,769,309
248,127,311
127,445,836
259,857,11
87,484,599
554,3135,782
Inc.or
Dec.
1925.
+8.3
-1.4
-7.6
-2.6
-10.1
-20.3
-6.2
-4.2
-3.7
+2.3
-2.9
+2.4
483,401,066
6,069,268,985
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
438,630,186
4,495,397,972
499,034,627
360,370,474
183,907,644
251,993,780
795,458,646
244,832,330
100,3E4,127
211,676,980
62,757,892
454,578,265
-2.3 10,007,139,753
-3.4 4,049,142,789
8,049,027,923
3,656,793,249
129 cities 10,470,288,235 10,720,243,634
Total
4,395,641,121 4,550,558,672
Outside N. Y. City
Canada
29 cities
759.040,806
310,236,316 +15.7
292,135,089
1924.
284,500,587
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending Jan. 22.
Clearings el1927.
1926.
Inc.or
Dec. -
1925.
1924.
$
$
%
3
$
First Federal Reserve Dist rict-Boston Maine-Bangor_
802,354
647,009 +24.0
Portland
3,849,685
3,299,718 +16.7
Mass.-Boston _ 545.000,000 495,000,000 +10.1
Fall River_ _
2,040.729
2,158,326 -5.5
Holyoke
a
a
a
Lowell
1,239.251
1,147.096
+8.0
Lynn
a
a
a
New Bedford_ _
1,257,900
1,365,508 -7.9
Springfield..
5,928,982
6,623,833 -10.5
Worcester _ _
3,985,545
3,755,316
+6.2
Conn.-Hartford
16,232.164
18,398,506 -11.8
New Haven_.
7,487,709
7,348,133 +1.9
R.I.-Providence
14,346,400
16,123,600 -11.0
N.H.-Manche'r.
559,651
631.649 -11.4
Total(12 cities)
602,730,370
556,498,694
+8.3
605,290
3,232,616
431,000,000
2,319.892
a
1,001,683
a
1,565,161
5,775,488
3.376,753
13,713,837
6,382,079
13,833,300
594,967
483,401.066
628,427
2,526,732
393,000,000
2,251,356
a
1,212,177
a
1,220,048
4,834.295
3,036,000
12,100,866
6,075,726
11,213,100
531,459
438,630,186
Second Fede al Reserve D istrict-New
N. Y.-Albany_ _
5,450,314
5.395,403
Binghamton _
1,281,300
1,175,645
,Buffalo
53,884,205
56,519,176
Elmira
1.029,497
977,339
Jamestown_ _
c1,678,024
1,387,698
New York.... 6,074,647,114 6,169,684,962
.Rochester
13.443,731
12,133,950
Syracuse
6,943,683
5,502.557
Conn.-Stamford
c4.029,833
4.184.126
N. J.-Montelal
1.008,428
628.066
• Northern N. J.
44,063,887
35,958.036
York-+1.0
5,404,516
4,300,354
+9.0
1,050,182
877,300
-4.7
52,158,639
41,037.748
+5.3
1,004,864
654,113
+21.0
1,388,831
1,117,922
-1.6 5.957,996,974 4,392,234,674
+10.9
10,813,654
8,898,813
+8.0
4.283,514
3,708,759
-3.2
2,795,823
2,518.086
+58.2
521.057
449,549
31,850,931
+22.5
39,600,659
Total (11 cities) 6,206,458,016 6,293,526,958
-1.4 6,069,268,985 4.495,397,972
Third Federal Reserve Dist riot-Phliad elphie Pa.-Altoona ..
1,608,255
1,507,157
+6.7
1,271,992
1,158,039
Bethlehem_ _ _
3.942,459
4.087,421 -3.6
3,951,553
3.720.176
Chester
1.452,614
1,347,137
+7.8
1,213,130
1,234,510
Lancaster
1,881,547
2,441,275 -22.9
2.289,312 . 2,590,957
Philadelphia. 579,000,000 629,000,000 -8.0 569,000,000 473,000,000
Reading
3,670,013
3,993,857 -8.1
3,551,772
3,126,114
Scranton
6,475,822
5,764,304 +12.3
6,630,633
5.260,589
Wilkee-Barred4,275,733
3,765,103 +13.5
4,074,551
3,943,530
York
1,639,727
1,797,253 -8.8
1,468,019
1,206,028
N.J.-Trenton.,
6.410,075
5,773,096 +11.0
5,543,323
3,794,684
Del.-Wilmingt'
a
a
aa
a
Total (10011169
610,356.245
659,477,606
-7.6
598.994,285
Fourth Fede r at Reserve D istrict-Clev efand-Ohlo-Akron_ _-.
5,336.000
6.871.000 -22.3
9.885,000
Canton
3,778,418
4,345,896 -13.0
4.808,792
Cincinnati _ ..
84,067,157
87,529,089 -4.0
71,898,851
Cleveland_ _ --. 122,654,863 122,867,405 -0.2 108,129,345
16,752,900
Columbus_
.
16,188,300 +3.5
13,643,900
Dayton
a
aa
a
Lima
a
a
a
a
2,268,907 -20.1
Mansfield.....
1,811,851
1,992,209
Springfield__ _
a
a
a
a
Toledo
a
a
a
a
4,734,040 -15.0
Youngstown .
4.022.368
4,462.702
Pa.-Erie
a
_
a
a
a
Pittsburgh_ _ . 178,099,550 182,814,038 -2.2 177,473,634
Total(8 cities). 416,523,107
499.034,627
8.383,000
4,751,943
67,315,690
98,417,662
12,089,400
a
a
2,025,003
a
a
3,838,656
a
163,649.120
-2.6
392,294,433
380,370,474
Fifth Federal Reserve Dist rict-Richm ondW.Nra.-Hunt'g'a
1,508,858
1,518,337 -0.7
Va.-Norfolk.- _ _
d4,754,446
8,911,724 -46.6
Richmond __ _ _
58,236,000 -21.2
45,904,000
8.C.-Chariesto a
*2,500,000
2,764,780 -9.6
Md.-Baltimore. 104,359,100 111,698,988 -6.3
D.C.-Washing'a
28,680,677
25,629,612 +11.9
. 1,754,131
8,148,534
52,554,000
2,561.488
94,218.267
24,425,628
1,703,790
6,968,543
59,931.000
2,476,359
90,791,952
22,036,000
208.759.441 -10.1
183.662,048
183.907,644
Sixth Federal I eserve Distri ct-AtlantaTenn.-Chatt'g . d8,137,163
8,068,949 +1.1
Knoxville..-- _
*3,200,000
3,125,520 +2.4
Naahville..... -. 20,649,553
20,345,304 +1.5
50,427.871
Ga.-Atlanta-- -71,701,023 -29.7
Augusta
1,856,856
2,339,800 -20.6
Macon_ _ - - -.
1,830,161
1,441,175 +27.0
Fia.-Jack'nvil s.
23,944,387
37,762,682 -36.6
Miami
_
8,305,805
23,500,174 -64.7
Ala.-131rming' i.
23,999,355
26,258,852 -8.6
Mobile
2,080,026
1.1
2.104,204
Miss -Jackson _
1.801,794
1,700,000
+5.9
_
Vicksburg- - 580,451
571,135 +10
La.-NewOrlea LB
63,125,351
64,474,092 -2.1
7,519,234
3,095,669
19,660,872
58,646,121
1,627,084
1,150,259
9,214,705
8,888,723
24,644,755
1.900,424
1.375.000
379.826
61.995.902
6.372.207
3,348.836
20,369,248
61,802,151
1,800,000
1.354,597
16,157,852
3.791.003
29.209,898
2,054,937
1.481.316
467,992
59,192,516
70000R 1174
201 008 7811
Total(6 cities). 187,707.081
Total (13 cal A
/AO OUI 77/
427,618,675
OR's 10q gin __on o
607
Week Ended January 22.
Clearings at1927.
1926.
Inc.or
Dec.
$
$
Seventh Feder al Reserve D !strict-Chi casioMich.-Adrian -261,773 + 11.9
292,183
Ann Arbor__ _ _
946,489 +10.1
1,042.559
Detroit
177,055,926 192,789,197
Grand Rapids9,538,163 -9.0
8.679.638
Lansing
2,257,00
*2,300,000 -1.9
Ind.-Ft. Wayne
2,903.917
2,707,416
+7.2
Indianapolis__ _
20,590,000 +12.2
23,149,000
South Bend _ _
2,821,300 +1.3
2,858.700
Terre Haute_ _
5.632.035
4,918,130 +14.5
Wis.-1111waukee
48,498,217 +5 0
43,590,507
Ia.-Cedar Rap_
2,563.043 +0.9
2,587,214
Des Moines...
0,310,215
10,410,952 -10.6
Sioux City_ _ _ _
0,628,214
7,120.316 -6.
Waterloo
1,234,627
1,136,792 +8.6
111.-Bloomington
1,350,332
1,804,376
+8.6
Chicago
669,094.282 720,248,070
Danville
a
a
a
Decatur
1,218,592
1,269,974 -4.0
Peoria
4.891,756
5.061,267
Rockford
3,272,328
3.003,426 +9.0
Springfield..
3,132,163
2,780.408 +12.
1925.
1924.
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
241,149
831,531
141,891,807
5,308.399
2,310.761
1,898,621
18,104,000
2,211,500
5,399,101
31,808,098
2,143,418
9,784,224
6,131.062
1.138,000
1,194.853
555,512,764
a
1,046,985
4,203.382
2,002,497
2,296,494
Total(20 cities) 970.181.188 1,033,769.309 -6.2
Eighth Federe !Reserve Dis trict-St. Lo uisInd.-Evansville.
5,224,704
4,998,240 +4.5
Mo.-St. Louis.. 157,200,000 162,743,354 -3.6
Ky.-Louisville..
35,322,792 +4.3
36,857,890
Owensboro_ _
448,203
560,836 -29.0
Tenn.-Memphis
22.116.038
27,477,000 -19.5
Ark.-Little Rock
14,180,029
14,916,644 -4.1
Ill.-Jacksonville.
341,248
376,220 -9.3
Quincy
1,439,922
1,732,225 -17.4
934,072,159
795,458,646
4,881,512
143,600,000
34,282,497
539,456
25,498,605
13,059,978
426,671
1,725,870
4,413,430
173,300,000
29,679,781
429.750
24,915,901
10,608,802
227,025
1,257,641
Total(8 cities)
237,799.034 248.127,311
Ninth Federal Reserve Die trict-Minn eapolis
Minn.-Duluth
d5,846,620
7,640,263 -23.5
MinneapolLs__ _
68,631,942
80,871,057 -15.1
Bt. Paul
28,885,211
32,572.974 -11.3
No. Dak.-Fargo
1,881,482
1.675.556 +12.3
S. D.-Aberdeen
1,261,233
1,353,297 -6.8
Mont.-Billings _
554,835
487,740 +13.7
2,903,247
2,844,949 +2.0
Helena
224,013,689
244.832,330
6,745,953
80,381,889
30.089,450
1,598,019
1,338,367
532,244
2,901,731
5,027.059
55,690,189
34,520,180
1,335,148
1.152,151
375.078
2,284,322
Total(7 cities). 109,964,570 127,445.836 -3.7 123,587,653
Tenth Federal Reserve Dia trict-Kane As CityNeb.-Fremont__
d411.025
328,355 +25.3
• 402,051
Hasting8
424.365
554,222 -23.5
606,692
Lincoln
4,742,270
4,371,724 +8.5
3.876,163
40,109,867
Omaha
41,903,112 -4.3
40,448,166
Kan.-Topeka _
2,833,081
3,598,814 -21.3
3,926,817
Wichita
d8,975,981
8,296,416 +8.2
7,911,853
Mo.-Kan. City_ 147,488.494 138,338.808 +6.6 134,376,691
d7,625,927
St. Joseph__ _ _
0,292,039 -17.9
9,695,321
a
Okla.-Muskogee
a
•
a
d31,663,645
Okla. City.
31,365,598 +1.
28,097,195
a
Tulsa
a
U
a
1,153,262
Colo.-Col. apes.
1,027,597 +12.3
988.453
19.129.688
19,647.638 -2.6
Denver
19,771,432
1.242,271
1,132,790 +9.7
Pueblo
966,978
100,384,127
319,497
430,819
3,150,821
33,238,580
2.976,068
7.178,000
113,001,473
7.555,264
a
22.360,526
a
937.953
19,641,871
886,108
Total(12 cities) 265.799.876 259.857,113
Eleventh Fede ral Reserve District-Da
1,593,858
Texas-Austin _
1.642,891
54,149,085
55,084,278
Dallas
Fort Worth... d12,220.681
14,182,620
Galveston
11,314,000
11,347.000
a
Houston
a
La -Shreveport.
5.624,160
5,207.810
+2.3
las--3.0
-1.7
-13.8
-0.3
a
+8.0
84,901,784
Total(5 cities).
87.464.599
Twelfth Feder al Reserve D istrict-San
Wash -Seattle..
43,704,047
49,843,876
11,802,000
Spokane
11,578,000
a
Tacoma
a
1,292,046
Yakima
1,324,658
35,303,838
37,620,089
Ore.-Portland..
17.759,619
19,819,708
Utah-S. L. City
Ariz.-Phoenlx _ _
a
a
a
a
Cal.-Bakersfield
3,697,281
3,974,073
Fresno
Long Beach_ _ _
7,442.976
7,647,303
Los Angeles_ _ _ 202,873,000 174,098,000
Oakland
18.374,756
21,525,196
Pasadena
8,308,573
7,181,625
Sacramento_ _ _
8,644,620
8,933,452
San Diego_ _ _
6,552,087
5,669,113
San Frandsen_ 192,790,000 194,900,000
San Jose
2,573,765
2,825.310
Santa Barbara_
1,408,758
1,614,670
2.164,125
2,642,00
Santa Monica_
Stockton
3,216,700
3,108,200
-2.9
Francl
-12.3
-2.1
a
-2.4
-0.7
-10.4
a
a
-7.0
-2.7
+16.1
-14.6
+15.7
+15.7
+15.6
-1.0
-8.9
-12.8
-18.1
+3.5
+2.4
469,785,931
454,578,265
251,067,810
211,676,980
1,706.698
47,591,4
13,347,315
9.750,455
a
4,497,178
1,544,000
36,045,863
11,185,979
9,218,690
a
4.763,360
76.893,130
62,757,892
38.540,613
10,366,000
a
1,324,904
32,662,270
20,319,917
a
a
2,485,757
6,869,625
143,846,000
19,106,237
6,660,741
7.347,403
4,574,728
167,700,000
2,233.87
1,229,630
1,968,234
2,550,000
37,994,120
10,237,000
a
1,180,493
32,771,694
14,150,383
a
a
3,688,616
8,615,846
156,218,000
15,341,135
6,263,998
6.753,232
3,589,166
130,100,000
1,938.919
1,172,846
2,197,017
2,365,800
Total(17 cities) 567,908,191 554,305,282
Grand total (129
10470288.235 10720243.634
cities)
-2.3 10007139,763 8,049,027,923
Outside N. Y____ 4,395,641,121 4,550,558.672
-3.4 4,049,142,789 3.656.793.249
Week Ended January 20.
Clearinos at1927.
1926.
Inc.or
Dec.
1925.
s
$
%
s
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _ _
New Westminster
Medicine Hat_ - _
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert_ _
Moncton
Kingston
109,199,538
135,436,790
38,858,820
15,556,011
7,488,480
6,075,312
- 2,716,518
5,645,127
7,324,462
2,870,754
1,865,969
2,927,324
4,835.191
3,563,881
531,556
480,414
1.626,059
1,184,145
937,029
824,018
588.492
256,700
728,550
802,803
1.116.213
3,633,616
391,694
868.114
707,216
90.896,995
97,115,628
.45,811,308
16,819,244
7,410,493
4,989,610
2,921,251
4,909,19
8,630,39
2.841,616
2,025,07
2,750,77
4,733,80
4,413,87
513.77
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
788,977
700,973
+ 19.9
+39.2
-15.2
-7.5
+1.1
+21.8
-7.0
+15.0
-15.1
+1.0
-7.9
+6.4
+2.2
-19.3
+3.5
-21.1
-3.3
+10.4
+2.5
+6.0
-20.5
-4.1
+9.6
+12.6
+23.4
+9.8
+23.3
+10.4
+1.0
Total(29 cities)
359.040.806
nut 225 51g
4-15.7
I
90,361,641
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
246.909
709,206
680.236
849.412
2,631.865
340,201
703,516
801.818
1924.
S
93,321,113
91,738,360
35,610.577
14,308,235
5,204,642
5,446,030
2,494,364
4,958.123
5,905,194
2,283,380
1,713,819
2,379,391
3,664,139
2,730,645
459,462
395,839
1,445,682
1,198,377
815,340
788,886
490,188
312.654
882,091
725,157
834,418
2,791,926
278,957
755,310
567,788
292.135.0891 284,500,587
a No longer report clearings. b Do not respond to requests for fl•rures. c Week
ended Jan, 19. 41 Week ended 'Jan. 20. e Week ended Jan. 21. • Estimated.
gommercial antiMiscellantonsgems
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Jan. 22 to Jan. 28, both inclusive, compiled from official sales lists:
Stocks--
[VOL. 124.
THE CHRONICLE
608
pores
8 may
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High Shares.
Amer Wholesale pref_100
Arundel Corp new stock_ _.
Atian Coast L(Conn)_ _ _50
50
Baltimore Trust Co
100
Baltimore Tube
25
Beneath (I) pref
Canton Co corn
•
50
Century Trust
Ches & Po Tel of Balt p1100
100
Commerce Trust
Commercial Credit
•
Preferred
25
Preferred B
25
Consul Gas, EL dr Pow_ _•
100
6% Preferred
100
644% preferred
100
7% preferred
8% preferred
100
Consolidation Coal_ _ _ _100
100
Continental Trust
East Roll Mill new stock_•
50
Fidelity & Deposit
Finance & Guar Co pref _25
Finance Co of America_ _25
25
Series B
Finance Service class A_10
Ga So & Fla 2d pref _ _ _100
Hare & Chase pref
100
Home Credit
Houston Oil pref v t c _ _100
_100
EIurst(J E) let pref
Manufacturers Fihance_25
25
let preferred
25
2d preferred
Trust preferred
25
Maryland Casualty Co_ _25
March & Miners new__.
Monon Vail Trac pref _ _25
Mt V-Woodb Mills v t r 100
100
Preferred v t r
New Amsterd'm Cas Co_10
50
Northern Central
Penns Water & Power_100
Roland Park Homeland100
First preferred
Sharpe & Dohme pref d u I
3111ca Gel Corp
•
United Por Ric Sug com •
United Ry dr Electric_ 50
U S Fidelity & Guar_ _50
Rights
50
Wash Bait & Annap_ __ _50
West MU Dairy pref.
50
BondsBalt Spar Pt& C 4%8_1953
Century Psrkwas 63
Consol. Coal 55 __ _ _1950
Consolidated Gas 53_1939
General 444s
1954
Consol G E L & P pf 581965
6% notes ser A
1949
Elkhorn Coal Corp 6448'32
Georgia & Ala cons 58_1945
Render Creamery 6s_1946
Lexington (Ky) St 58.1949
Md Elec Ry 644s__1952
Memphis St Ry 58_._1945
United Porto Rican Bug 7s
United Ry .84 E 48.._ _1949
1949
Income 4s
Funding 55
1936
6% notes
1927
65 when issued
1949
Wash Balt & Annan 5E11941
•No par value.
10234 10234 102%
32
3234
230 232
130 130
1134
1134 10
2634 2634 2644
250 250
250
18234 185
116 117
116
57
57
15%
1554 1714
22
2134 22
21
21
21
51% 5134 52
107 10734
111 111%
11334 11334
12634 127
36
36
250 250
26
25
25
145 150
145
15
1544
153
93-4 914
9%
93-4 974
18
1744 18
140 140
87%
80
80
25
25
86 • 87
87
68
68
4344 4374
22
22
22
2134 2134 2134
20
20
104% 10434
4144
41
41
24%
24% 24
17
16% 17
8234
79
79
5444
5434 54
8114 82
178 180
10034 10034
103 103%
1814
17
18
3714 38
20%
20
252 25634
333-4 3334 36%
18
14
14
51% 5134
55
10434
9934
99)4
100
100
101
704
5234
98
87
87
85
85
8144 8134
104% 10444
99%
99
102 102%
107% 107%
9844 99%
99% 9944
100 100
98 100
97
97
72
72
101 101
7044 70%
5214 5274
7644
76
100% 1003-4
9754 98
7234 77
155
3,040
140
51
105
65
3
77
73
50
923
'114
80
375
32
29
7
18
130
55
498
193
91
145
5
169
3
111
50
159
20
240
690
123
4
230
238
227
103
601
789
50
51
Range Since Jan. 1.
Low.
102
3134
230
130
10
2634
250
170
115
56
15%
2144
21
51
106%
111
11344
126
35%
250
25
13544
15
944
974
1734
140
80
25
86
68
4314
2134
21%
20
98
40
24
16%
784
5244
81
176
5 100%
10 103
2,055 15
92 3744
3,078 20
9 23134
1,064 3134
844
770
3 51
8.000
2,000
1,000
1,000
13,000
4,000
11,000
7,000
1,000
4,000
1,000
1,000
2,000
8,000
58,000
21,000
6,000
7,000
29,000
75,000
87
85
8134
10334
99
102
10744
98
9914
100
98
9644
72
101
7034
51
75%
100
9734
65
High.
10234
3234
232
130
12
27
250
185
117
5744
17%
2214
23
52
10734
11134
114
127
3734
250
2744
1503-4
15%
974
974
18
140
92
25
92
68
44
22%
22
20
105
43
2444
18%
85
5544
82
180
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 100%
Jan 10334
1834
Jan
Jan 38%
Jan 2034
Jan 259
Jan 38
18
Jan
Jan 52
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
87
85
8134
104%
99%
102%
107%
9934
9934
101
100
97
72
101
707-4
52)4
7634
10034
98
77
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
$ Per share..
$ per M. Shares. Stocks.
Shares. Stocks.
100 North Boston Ltg.Prop., pref._11034 12 Gardner Electric Light, pref..--8534
corn
100
Co.,
Mfg.
Amer.
5
25 President Suspender Co., pref.- 4015
47534
50 Tenn. East. Elec. Co.,6% pref. 8944 2 Boston Insurance Co
3334
25 Southern Groceries, class A
80 Worcester Suburban Elec. Co.,
125
6434 15 Plymouth Cordage Co
Par $25
125
17 Malden dr Melrose Gas Light
38 Plymouth Cordage Co
5044
Co., par $25
60
30 units First People Trust
7134 5 units Commercial Finance Corp.. 52
3 units Mutual Finance Corp
5 Converse Rubber Shoe Co., com_ 2844 100 Massachusetts Investors Trust,
68 ex-div.
Par $50
5 Converse Rubber Shoe Co., pref. 7034
16044
714 8 Merrimac Hat Corp.,corn
3 units Mutual Finance Corp
2844 25 Brockton G. Lt. Co.. par $2.5... 51
10 Converse Rubber Shoe, com
10 Converse Rubber Shoe. pref.-- 70%
Per cent..
Bonds.
50 Thomson Electric Welding Co.,
42
$100 Central Vermont Rwy. Co. 58,
Par $20
95
May 1930
3654
110 American Glue Co.. corn
By Wise, Hobbs & Arnold Boston:
$ per sh.
Shares. Stocks.
337
10 Old Colony Trust
137
10 Citizens National Bank
25634
44 National Shawmut Bank
26034
5 Atlantic National Bank
3 Webster & Atlas National Bank .223
110 Saco Lowell Shops, 1st pref__20-2214
30
10 Hamilton Woolen Co
34
80 Nonquitt Spinning Co
169
30 Naumkeag Steam Cotton
50
5 Nashua Manufacturing Co
18 National Fabric & Finishing.... 35
10434
10 Quissett Mills
0744
30 Arlington Mills
11734, ex-div.
50 Pepperell Mfg
' 911s
5 Nashua Mfg. Co., pref
28 Lancaster Mills
1834
72
10 Boston Mfg. Co., met
19
15 Otis Co
8
40 Gosnold Mills
7144-72
3 Mutual Fin Corp units
3244
2 State Street Exchange
70
4 First Peoples Trust units
135
137 Springfield Gas Light Co
10444
10 Flintkote Co., pref
160
7 Merrimac Hat Corporation
7954
2 Haverhill Electric Co
23%
20 R. Marston Co., pref
5 Commonwealth Gas& El.Co., pf. 8244
48
50 Western Mass. Cos., w. 1
5344
10 Winchester Co., let pref
3 Lamson & Hubbard Corp.,7% pf. 5934
25 Central Mass. Lt. dr Pow.Co.. 80
292%
12 Great Northern Paper Co
38%
3 Bay State Fishing Co
1,250 North Boston Ltg.Prop., w.i.
2)4-2 7-16
$ per sh.
Shares. Stocks.
14
12 Bay State Fishing Co., pref _
149%
20 Worcester Electric Light Co_
8344
3 Atlantic Coast Fisheries, pref
10 Atlantic Coast Fisheries, prof_ _10144
4 Cambridge Gas Light Co_ _ _82, ex-div.
5034
1 Commercial Fin. Corp. unit
7514
4 Massachusetts Lighting Cos
5044
26 Sullivan Machinery Co
65%
23 Grinnell Man Corporation
25 Turners Falls Pow.& Elec. Co_ _193
334
32 B. J. Baker & Co., class A
$1 lot
60 York Utilities
113
25 Boston Wharf Co
125 Walter Baker dr Co., Ltd_ _121-121g
51 Blackstone Val. Gas dr Elec. Co_105
50 G. Siegel Corp. of America 8%
1st pref.; G.Siegel Corp.of Amer11
ica, 6% 2d pref
10 First Peoples Trust special units 5
30 George H. Adams Co., pref
9 F. L. Horton Corp
30 F.L. Horton Corp., pref
60 F.L.Horton Corp., prior pref.
25 Needham Tire Co
$1.000
100 Needham Tire Co., pref
lot
10 Plymouth & Brockton Street
Railway Co
133 Mass. Cities Realty, part. pf.
10 The Wids Co
20 The Wids Co., let prof
Per Cent.
Bonds.
82.000 Washington Central Trust 7s
88
1940
$1.000 North Packing da Provision
99%
Co. 5s, Jan. 11)45
By Adrian H. Muller & Sons, New York:
Per cent.
Bonds.
$ per sh.
Shares. Stocks.
$330,000 La. & N.W. RR. let
620
25 Hudson Trust Co.(N.J)
1
And!
due
5s,
1935
J.)
62544
(N.
Co.
Trust
Hudson
25
20 James H.Dunham dr C /.. 1st PL 7534 - .000 Middle States 011
Corp.7% ser.sec. gold notes,
Cec.
30 Anticor Mfg. Co.. par $10
dat...d Aug. 1 1924. Last $300,000
16 2-3 United Confectimers Supmaturity being Feb. 1 1929.
IS
ply Co., par $25
Metropolitan Trust Co. att.
160 Hudson Dispatch, pref....SI 000 lot
of deposit No.57
75 Milw. G.Lt. Co..corn., par 350_ 95
1 82 $100 381 Park Ave. Corp. 1st M.
5 Tyson Co., Inc., pref
92
63-is, Jan. 11928
5 Tyson Co..Inc.,cam., no par. _I lot
$100 Embassy Apts. let M. 6558.
Sundry accounts receivable amount92
May 1 1930
ing to approximately $8,043 26.325 lot
$200 Embassy Apts. let M. 6145,
1,000 Hard Shell Min. Co., par $1.
91%
May 1 1934
40 Mother Goose 011 Co., par $10.
$300 Concourse Plaza Apt. Bldg.
30 Physicians Medical Hotel Co.,
9134
lat M.6%s, Aug. 1 1938
pref., par $10
$1,200 Kew Plaza Apts. let M.
15 Physicians Medical Hotel Co..
11934-193l...92
April
7s.
corn., no par
$1,000 220 East 18th St. Apts. let
500 Engineers Petrol. Co., par $1...
9044
M.6345, Jan. 11936
30 Kendall Products Corp., pref.,
$27 $100 Bestbern Apts. let M. 7s,
no par
9034
May 1 1930
41 Kendall Products Corp., corn., lot
$100 20 Nassau St. Bldg., Princeno par
ton, N.J., let M.78, Apr. 11937. 9034
100 Williams Incandescent Ltg.
$100 120 West 70th St. Apts. 1st
Co., par $5
9034
M.65, Sept. 1 1935
3,055 Black Diamond Anthracite
$100 ClIveden Hall Apts. let M.78,
Coal Co., par $1
92
1
April
1930
Ltd.,
Mines,
2,500 L,augham Cobalt
350,000 bond & 2d M. on premises
par $1
No. 2 East 129th St., Boro. of
7,750 Cymrik Gold Mining Arsoc.,
Manhattan, City of N. Y., with
par $1
Interest at 6% from May 8 1926.
1,000 reorganized Silver King Dito prior M. of 173,000.35,000 lot
Subj.
10c
vide Mining Co., par
$6,000 bond & 2d M. on premises
8 Mackenzie Oil & Drilling Co.,
East 129th St., Bore. of
8
No.
$1
Dar
Manhattan. City of N. Y., rePer cent.
Bonds.
duced to 85.400 with interest at
$1,000 No.2 Park Lane West Apts.
$2,550 lot
07 from Dec. 4 1926
90
1st M 644s March 11936
Capital.
APPLICATIONS TO ORGANIZE RECEIVED.
$50,000
Jan. 22-First National Bank in Detroit Lakes. Minn
Correspondent, P. S. Peterson. Detroit Lakes, Minn.
By Barnes & Lofland, Philadelphia:
25,000
Jan. 22-The Bay Head National Bank, Bay Head, N. J
$ DV sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
Correspondent, James H. Chafey, Bay Head. N. J.
200
6 Chelten Trust Co
Equitable Loan Society, pref.,
(7)
APPROVED.
ORGANIZE
TO
APPLICATION
Deposit
Safe
&
Trust
Guarantee
I
80c.
_
_
bonus_
as
corn,
shs.
5,000
with
$50,000
Jan. 21-The Wheeler National Bank of Interlaken, N. Y
310
Co., par $100
400 Equitable Loan Society, pref.,
Correspondent, James K. Wheeler, Interlaken, N. Y.
80c. 25 Guarantee Trust & Sale Deposit.3104
with 100 she, coin. as bonus
Succeeds the banking house of 0. G. & D. C. Wheeler,
Tr.
&
350.200
par
Co..
Ilk.
Peoples
13
Gas
&
011
12,000 Charles F. Noble
Interlaken, N. Y.
$400 lot 17 Finance Co. of Pa., 2d pr -- _301
Co. cam., par $1.
VOLUNTARY LIQUIDATIONS.
Oil Co.. par 310_ _3100 lot 2 United N. J. RR. dr Canal Co--209
$25,000 375 Marquette
Jan. 18-The Home National Bank of Caldwed, Kan
40 Scranton Life Insurance Co_ __ _ 12% 82 Reliance Insurance Co., par $10_ 2234
Effective Oct. 18 1926. Liquidating agent, Leonard
195 Camden Fire Insurance Ass'n_ 1544 40 Commonwealth Casualty Co..
Massengill, Caldwell, Kan. Absorbed by the Cald26
par $10
10 Haddonfield National Bank_...276
well State Bank. Caldwell, Kan.
100
167 Folwell Brothers Co
First Nat. State Bank, Camden,
7
Jan. 21-The Shenandoah National Bank, Shenandoah, Iowa_ _ _ 100.000
10 Horn & Madan Baking Co.,
381
J
N.
Effective Jan. 20 1927. Liquidating Committee: Maxie
260
Philadelphia
4 Phila. Bourse, corn., par $50.... 2634
Jewett, R.S. Lake and H.E. Ross, Shenandoah, Iowa.
69 Phila. Bourse, pref., par $25--- 25
1 Phila. Wholesale Drug Co., com.605
Succeeded by Shenandoah Nat. Bank,Shenandoah,Ia.
$25._
par
28
pref.,
_
_
Bourse,
Phila.
25
.116
pref.
Co..
Drug
Wholesale
40,000 3 Phila. Co., cam., no par
Jan. 21-The Tremont National Bank, Tremont, Ill
8 Phila. Bourse, corn., par $50_ _ _ 2634
23
5 Midvale
Effective Jan. 20 1927. Liquidating Agent, A. C.
10 F. G. Vogt dr Sons, Inc., pref.,
60
Co., par $50
Trust
Manheim
6
Schneider, Tremont. Ill. To be absorbed by the First
5034
Pa
3 Phila.-Girard National Bank_ __ _665
National Bank of Tremont, Ill.
71
10 Hare & Chase, Inc., prof
St. Nat. Bank_600
25,000 22 Franklin-Fourth
pref
70
Inc.,
Chase,
Jan. 22-The First National Bank of Hartsville, South Carolina
&
Hare
10
Philadelphia_47034
of
Bk.
Nat.
First
3
Effective Jan. 18 1927. Liquidating Agent, Bank of
61
10 Hare & Chase. Inc., pref
128
5 Queen Lane National Bank
Hartsville, S. C. Absorbed by Bank of Hartsville, S.C.
171
10 Eighth Nat. Bk.of Philadelphia.1001 4 Overbrook National Bank
Inc
23
Victory,
10
..250
Commerce.
53 National Bank of
Bank. par 350_200%
Rights.
$ per Rfghr.
Auction Sales.-Among other securities, the following, 30 Kensington Nat.Tr.
Co., par $50 60
&
Title
Allegheny
5
12 Central Trust & Savings Co--108%
not actually dealt in at the Stock Exchange: were sold at auction Bank of North &Medea & Trust Co.
10 Central Trust & Savings Co.---106
as follows: 3 at 391: 4 at 390; 3 at
77 Central Trust & Savings Co__ --103
in New York, Boston and Philadelphia on Wednesday of
at
38634:5
at
38734:5 at 38034:5
Central Trust & Savings Co- -100
2-3
week:
this
3853-4. and 4 at 38.54i.
Bonds.
Peetent.
2 Continental Equitable Title &
By R. L. Day & Co., Boston:
Ilona refunding 6s, 1936... 9334
$1,000
262%
$ per share.
Trust Co., par $50
$ per sh. Shares. Stocks.
Shares. Stocks.
$5,000 Quaker City Cold Storage
Co.,
Trust
&
Title
34
1
Jefferson
260%
Co
York
Bank
10
Manufacturing
National
20 Atlantic
Co. cony. deb. 614s, 1941
7134
974
1944
14034 1 Hill Manufacturing Co
par $50
4 Milford National Bank
7 Merrimack Mfg. Co., common_ .115
Wright & Co., Buffalo:
10 Naumkeag Steam Cotton_16944-170
J.
A.
By
12
&
10
,
Storage
Quint)
Cold
Market
14 Manomet Mills
$ per sa
3 Per sh. Shares. Stocks.
Warehouse Co., con)
15
5334 Shares. Stocks.
4-8 Pepperell Manufacturing Co
4c. 500 Chaput Hughes, Dar $1
430.
a 114% 1,000 Night Hawk, par $1
9154 2 American Glue Co., pre!
6 Nashua Mfg. CO.. pref
Buff.
Pow.,
.
East.
5
&
pref.,
17e.
Mag.
10c
par
70
200 March Gold,
16434 6 units First People's Trust
5 Farr Alpaca Co
par $25
26%
East. Pow., no par_ 290.
units
3
Mutual
_23-23%
&
Corp
Mag.
Finance
Buff.
7134
5
_
__
Mills_
Suffolk
&
36 Tremont
$2 lot
4644-48 10 Greenfield Tap & Die Corp.,8%
50 &rah Oil, par $25
72 Wamsutta Mills
97
preferred
C0_6514-6554
Manufacturing
Co.
&
Baltimore:
Bruton
Grinnell
Weilepp
46
By
71%
2314 4'twits Mutual Finance Core
25 Tremont & Suffolk Mills
Bonds$ per sh.
PteCtlii.
Shares. Stocks.
1534 10 Puget Sound Power dt Light Co.,
25 Everett Mills
xi 10554 100 Kentucky Counties Oil Co., pi-32 lot $1,000 Baltimore & Annapolis S. L.- A .
pref
prior
91
Co
Mfg.
25 Newmarket
16
7034
5s, 1946
Co.,
$25
Light
par
Co.,
&
Pow.
Lyric
Sound
2
Puget
100
244
15 Hamilton Mfg Co
8434 32 Seaboard Ins. Co., par $10
I631
6% pref
16931
3 Naumkeag Steam Cotton Co
JAN. 29 1927.1
THE CHRONICLE
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 th's week are:
Ntpne of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Central RR. of New Jersey (quar.)
*2
Feb. 15 *Holders of rec. Feb. 1
Cleveland & Pittsburgh, quar. (qaar.)_ _ '874c Mar. I *Holders of rec. Feb. 10
Special guaranteed (quar.)
*50c. Mar. 1 *Holders of rec. Feb. 10
*I
Cripple Creek Cent al, pref.(quar.)
Mar. 1 *Holders of rec. Feb. 15
Delaware & Hudson Co. (Var.)
*24 Mar.21 *Holders of rec. Feb. 26
Green Bay & Western (annual)
5
Feb. 7 Holders of rec. Feb. 4
.01
Illinois Central, common (quar.)
Mar. 1 *Holders of rec. Feb. 4
*3
Preferred
Mar. 1 *Holders of rec. Feb. 4
Loulsv. Hend.& St. Louis. corn
*24 Feb. 15 *Holders of rec. Feb. I
*2
Preferred
Feb. 15 *Holders of rec. Feb. 1
New Orleans Texas & Mexico (quar.). _ _ *14 Mar. 1 *Holders of rec. Feb. 15
Norfolk & Western, common (guar.)._ _ *2
Mar. 19 'Holders of rec. Feb. 28
Pennsylvania RR. (quar.)
•8734c Feb. 28 *Holders of rec. Feb. 1
Reading Company, 1st pref.(quer.)_ _ _ _ *500 Mar. 10 *Holders of rec. Feb. 18
Public Utilities.
Bangor Hydro-Electric, common (quar.) 14 Feb. 1 Holders of rec. Jan. 17
Brooklyn City RR.(quar.)
10e. Mar. 1 Holders of rec. Feb. ha
Brooklyn Edison Co. (quar.)
*2
Mar. 1 *Holders of rec. Feb. 10
Cedar Rapids Mfg.& Power (quar.)__
•4 Feb. 1 *Holders of rec. Jan. 31
Charlestown Gas & Elec.(quar.)
'1.50 Feb. 1 *Holders of rec. Jan. 20
Electric Finance Corp., Preferred
143
Feb. 1 Holders of rec. Jan. 21
Empire Gas & Fuel,8% pref.
66 2-3c Mar. 1 Holders of rec. Feb. 150
per cent preferred (monthly)
_ _ 58 1-3c Mar. 1 Holders of rec. Feb. 15a
(monthly).Sev
Kentucky Utilities, junior pref. (quar.)- •8734c Feb. 20 *Holders of rec. Feb. 1
Penna.-Ohio Pow. & L.. 8% pref.(au.). 2
May 2 Holders of rec. Apr. 20
Seven per cent preferred (guar.)
14 May 2 Holders of rec. Apr. 20
7.2% preferred (monthly)
600. Mar. 1 Holders of rec. Feb. 21
7.2% preferred (monthly)
600. Apr. 1 Holders of rec. Mar. 21
7.2% preferred (monthly)
60e
May 2 Holders of rec. Apr. 20
6.6% preferred (monthly)
55e. Mar. 1 Holders of rec. Feb. 21
6.6% preferred (monthly)
55c. Apr. 1 Holders of rec. Mar.21
6.6% preferred (monthly)
55c. May 2 Holders of rec. Apr. 20
Peoples Lt. & Pow., corn. A (mthly.). _ *200. Feb. 10 *Holders of rec. Jan. 31
Common B (monthly)
"200. Feb. 10 *Holders of rec. Jan. 31
Seven per cent preferred (monthly)_ _ *580. Feb. 10 *Holders of rec. Jan. 31
Phila. & Western Ry.. common (No. 1). *50c. Feb. 15 *Holders of rec. Feb. 5
Public Serv. Corp. of N.J., corn.(quar.) 50c. Mar. 31 Holders of rec. Mar. 4
Seven per cent preferred (quar.)
14 Mar. 31 Holders of rec. Mar. 4
Eight per cent preferred (quar.)
2
Mar. 31 Holders of rec. Mar. 4
Six per cent preferred (monthly)
50c. Feb. 28 Holders of rec. Feb. 4
Six per cent preferred (monthly)
150e. Mar. 31 Holders of rec. Mar. 4
Public Serv. Elec.& Gas,7% pref.(cm.). 191 Mar. 31 *Holders of rec. Mar. 4
Six per cent preferred (quar.)
Mar. 31 *Holders of rec. Mar. 4
United Rys.& Elec.(Balto.), corn.(qu.) 50o. Feb. I Holders of rec. Jan. 29
Washington (D. C.) Gas Light
90e. Feb.
Holders of rec. Jan. 15
West Penn Railways.6% pref.(quar.)
134 Mar. 15 Holders of rec. Feb. 25
Banks.
Amalgamated (quar.)
2
Feb.
Holders of rec. Jan. 250
National City (interim)
2
Feb. 1
Holders of rec. Feb. .5
National City Company (interim)
2
Feb. I
Holders of rec. Feb. .5
Fire Insurance.
Pacific
$1
Jan. 2 Holders of rec. Jan. 250
United States (quar.)
*8
Feb.
Holders of rec. Jan. 25
Quarterly
*8
May
Holders of rec. Apr. 25
Miscellaneous.
Acme Wire Co., pref. (quar.)
2
Feb.
Holders of rec. Jan. 22
American Chicle, corn. (quar.)
"75e. Apr.
*Holders of rec. Mar. 15
Preferred (quar.)
*14 Apr.
*Holders of rec. Mar. 15
Amer. Dept. Stores. 1st & 2d pf.(No. 1). •15,4 Feb.
*Holders of rec. Jan. 20
American Home Products (monthly)..... 200. Mar.
Holders of rec. Feb. 15a
American Metal, corn. (qua!'.)
•75e. Mar.
*Holders of rec. Feb. 18
Preferred (quar.)
*14 Mar.
*Holders of rec. Feb. 19
American Radiator, corn. (quar.)
$1.25 Mar.3 Holders of rec. Mar. 15
Preferred (quar.)
134 Feb. 1
Holders of rec. Jan. 31
American Railway Express (guar.)
'1.50 Mar.3 *Holders of rec. Mar. 17
Amer. Tobacco. com. and corn. B (qu.)_ $2
Mar.
Holders of rec. Feb. 10
Amparo Mining (quar.)
2
Feb. I
Holders of rec. Jan. 31
Bachmann, Emmerich & CO.. Inc..
Preferred (quar.)
2
Jan. 31
Not closed
Bates Manufacturing
*4
Feb. 1 *Holders of rec. Jan. 26
Bethlehem Steel, pref. (quar.)
*14 Apr. 1 'Holders of roe. Mar. 5
Bond & Mortgage Guarantee Co.(guar.) 4
Feb. 15 Holders of rec. Feb. 8
British Columbia Fish & Pack (quar.)._
Mar. 10 Holders of rec.
Brunswick-Balke-Collender Co...com _ _ _ • 75c. Feb. 15 Holders of tee. Feb. 28
Feb. 5
Butler Brothers (quar.)
62340. Feb. 15 Holders of rec. Jan. 29
Celite Company. common (quar.)
50e. Feb. 1 Holders of rec. Jan. 25
Class A & B preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 25
Centrifugal Pipe (qua!'.)
•25e. Feb. 15 *Holders of rec. Feb. 7
Childs Company, common (quar.)
60c. Mar. 10 Holders of rec. Feb. 250
Common (payable In no-par cons. stk.) fl
Apr. 1 Holders of rec. Feb. 250
Common (payable in no-par corn. stk.) 11
July I Holders of rec. May 27a
Common (payable in no-par corn.stk.) 11
Oct. 1 Holders of rec. Aug 26a
Common (Payable in no-par corn.stk.) 11
Dee. 30 Holders of rec. Nov.250
Preferred (guar.)
1% Mar. 10 Holders of rec. Feb. 25e
Chill Copper Co.(quar.)
*6234c Apr. 1 *Holders of rec. Mar. 4
hurngold Corp.(guar.)
*75c Feb. 15 *Holders of rec. Feb. 1
City Mfg.(quar.)
*134 Feb. 1 *Holders of rec. Jan. 27
Congoleum-Nairn Co., pref. (guar.).*14 Mar. 1 *Holders of rec. Feb. 15
Consolidated Cigar Corp., pref. (quar.). 151 Mar. 1 Holders of rec. Feb. 160
Consumers Company, preferred
*34 Feb. 20 *Holders of rec. Feb. 10
Crown Willamette Paper, 1s1 pref. (qu.) 441.75 Apr. 1 'Holders of rec. Mar. 15
Cumberland Pipe Line (quar.)
*2
Extra
*33
Curtiss Aeroplane & Motor, pref
$3.50 Mar. 15 Holders of rec. Mar. 1
Deere & Co., preferred (quar.)
*14 Mar. I *Holders of rec. Feb. 15
Preferred (account accum. dividends). .1.1; 750. Mar. 1 *Holders of rec. Feb. 15
Delaware Division Canal
Feb. 1
$1
Feb. 6 to Feb. 14
Diamond Match (quar.)
Mar. 1 *Holders of rec. Feb. 28
*2
Dominion"Textile. common (quar.)
$1.25 Apr.
Holders of rec. Mar. 15
Preferred (quar.)
13( Apr. 1 Holders of rec. Mar. 31
Dow Chemical, corn. (quar.)
Feb. 1 *Holders of rec. Feb. 5
*81
•1f.1 Feb. 1 *Holders of rec. Feb. 5
Preferred (quar.)
Erie Steam Shovel, corn. (quar.)
*Holders of rec. Feb. 14
'62340 Mar.
Preferred (quar.)
*Holders of rec. Feb. 14
•14 Mar.
Fair (The)(monthly)
*Holders of rec. Feb. 20
'20c. Mar.
Monthly
*Holders of rec. Mar. 20
*200. Apr.
Monthly
*Holders of rec. Apr. 20
*20e. May
•1m May
Preferred (quar.)
*Holders of rec. Apr. 20
Famous Players Can. Corp., 1st p1.(qu.) 2
Holders of rec. Jan. 31
Mar.
Federal Motor Truck (quar.)
*20e. Apr.
*Holders of roe. Mar. 19
Stock dividend
*24 Apr. 5 *Holders of rec. Mar. 19
Federal Purchase Corp.. clam A (qua!'.)- 75c. Feb. 1 Holders of rec. Jan. 15
Class B (quar.)
25c. Feb. 1 Holders of rec. Jan. 15
Franklin Company
Feb. 1 Holders of rec. Jan. 21
6
Fifty-Five Park Ave.. Inc., pref
Mar. I Holders of rec. Feb. 14
3
Fifty-Nine East 540 Street, Inc., pref. _
Mar. 1 Holders of rec. Feb. 14
3
General Outdoor Advertising, Cl. A (a1.) $I
Feb. 15 Holders of rec. Feb. 5
Preferred (quar.)
134 Feb. 15 Holders of rec. Feb. 5
General Hallway Signal, corn. (quar.). _ *$1.25 Apr.
*Holders of rec. Mar. 10
•1H Apr.
Preferred (guar.)
*Holders of rec. Mar. 10
Globe Automatic Sprinkler, cl. A (quar.) 6234c. Feb.
Holders of rec. Jan. 21
Goodrich (B. F.) Co., corn. (quar.)
•SI
Mar. 'Holders of rec. Feb. 15
Preferred (quar.)
*Holders of rec. Mar. 15
*14 Apr.
Preferred (quar.)
*Holders of rec. June 15
'134 July
Guenther Publishing Co., pref.(quar.)..
Feb. 20 Holders of rec. Jan. 20
Quarterly
May 20
Quarterly
Aug. 20
Quarterly
Nov. 20
Bali(W. F.) Printing (quar.)
25e. Jan. 31 Holders of rec. Jan. 20
Halle Brothers. preferred (auar.)
1% Jan. 31 Holders of rec. Jan. 24
Name of Company.
609
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Hamilton United Theatres (Can.). pref.
334 Mar.31 Holders of rec. Feb. 28
HarmonyMills, pref. (quar.)
131 Feb. 1 Holders of rec. Jan. 27
Harris-Beybold-Potter, pref.(2 mOs.).-- *$1.17 Feb. 1 *Holders of rec. Jan. 25
Hart, Schaffner & Marx, Inc., com.(qu.) 134 Feb. 28 Holders of rec. Feb. 14
Common (extra)
Feb. 28 Holders of rec. Feb. 14
2
•1N Mar. 15 *Holders of rec. Feb. 25
Hayes Wheel, preferred (qua!'.)
Hibbard, Spencer, Bartlett & Co(mthly) 30c. Jan. 31 Holders of rec. Jan. 27
Monthly
30c. Feb. 25 Holders of rec. Feb. 18
Monthly
30c. Mar.25 Holders of rec. Mar. 18
Hollander (A.) & Son, Inc. (qua!'.)
624c. Feb. 15 Holders of rec. Feb. 1
Household Products (quar.)
*8734e Mar. 1 *Holders of rec. Feb. 15
*3
Houston Oil, preferred
Feb. 1 *Holders of rec. Jan. 20
Hunt Bros. Packing, class A (quar.)
50e. Feb. 1 Holders of rec. Jan. 15
Imperial 011, Ltd.(quar.)
*25e. Mar. 1 *Holders of rec. Feb. 15
Extra
*1234c Mar. 1 'Holders of rec. Feb. 15
Independent Oil de Gas(quar.)
250. Apr. 18 Holders of rec. Mar. 31
Inland Steel, corn.(quar.)
"6234c Mar. 1 *Holders of rec. Feb. 15
Preferred (quar.)
*14 Apr. 1 *Holders of rec. Mar. 15
International Silver, corn,(quar.)
135 Mar. 1 Holders of rec. Feb. 15a
•134 Mar. 1 'Holders of rec. Feb. 15
Jones & Laughlin Steel, corn.(qua!'.)-Preferred (guar.)
Apr. 1 *Holders of roe.'Mar. 15
Keiner-Williams Stamping (guar.)
40c. Jan. 30 Holders of rec. Jan. 25
Kinney (G. R.)& Co., Inc., pref.(quar.)
Mar. 1 Holders of rec. Feb. I80
Laclede-Christy Clay Prod., corn.(quar.) 500. Feb. 1 Holders of rec. Jan. 21
Lake of the Woods Milling, coin. (qua!'.) 3
Mar. 1 Holders of rec. Feb. 19
Preferred (quar.)
131 Mar. 1 Holders of rec. Feb. 19
Lehigh Coal & Navigation (quar.)
Feb. 28 Holders of rec. Jan. 31
$I
Extra
25e. Feb. 28 Holders of rec. Jan. 31
Lima Locomotive Works, corn
Mar. I Holders of rec. Feb. 15
$1
Lindsay Light, pref. (qua!'.)
•17340 Feb. 15 *Holders of rec. Feb. 10
Preferred (In full of all accum. divs.)- .435c. Mar. 15 *Holders of rec. Feb. 10
*3
Lyman Mills
Feb. I *Holders of rec. Jan. 27
Marmon Motor Car (mar.)
Mar. 1 *Holders of roe. Feb. 15
"$1
Mar in-Parry Corp. (quar.)
50c. Mar. 1 Holders of rec. Feb. 154
Massey-Harris Co., Ltd., pref.(quar.)
14 Feb. 15 Holders of rec. Feb. 5
Missouri Portland Cement(quar.)
50c. Feb. 1 Holders of rec. Jan. 21
Morse Twist Drill (quar.)
441.50 Feb. 15 *Holders of rec. Jan. 27
Motor Products Corp., corn.(quar.)_ _ _ *50e. Feb. 1 *Holders of rec. Jan. 20
Preferred (quar.)
41.25 Feb. 1 'Holders of rec. Jan. 20
Motor Wheel Corp. pref. (quer.)
Feb. 15 Holders of rec. Jan. 31
2
National Brick, prof. (quar.)
131 Feb. 15 Holders of rec. Jan. 31
New Jersey Zinc (quar.)
Feb. 10 Holders of rec. Jan. 20
Ontario Steel Producte, corn. (quar.)1
Feb. 15 Holders of rec. Jan. 31
Preferred (quar.)
14 Feb. 15 Holders of rec. Jan. 31
Pathe Exchange, Inc., pref. (guar.)._ _ _
2
Mar. 1 Holders of rec. Feb. 9
Phillips-Jones Corp. (guar.)
Mar. 1 *Holders of rec. Feb. 20
.$1
Phoenix Hosiery, lst & 2d pref.(quar.(.. "14 Mar. 1 *Holders of rec. Feb. 17
Pierce, Butler & Pierce. 8% prof.((Mar.) 2
Feb. 1 Holders of rec. Jan. 20
Seven per cent preferred (guar.)
154 Feb. 1 Holders of rec. Jan. 20
Planet Steamship Corporation
$1
Feb. 11 Holders of rec. Feb. 1
Pratt & Lambert,corn.(quar.)
*75e. Apr. 1 *Holders of rec. Mar. 15
Pressed Steel Car, preferred (guar.).- 14 Mar. 31 Holders of rec. Mar. 1
Providence Ice, 2d pref.(guar.)
134 Feb. 1 Holders of rec. Jan. 26
Pure Oil, corn. (guar.)
•374e Mar. 1 *Holders of rec. Feb. 10
Common (extra)
•12340 Mar. 1 *Holders of rec. Feb. 10
Quissett Mill (quar.)
*2
Feb. 15 *Holders of rec. Feb. 5
Rice-Stix Dry Goods, corn.(guar.)
37340. Feb. 1 Holders of rec. Jan. 15
Rolls-Royce of America. Inc., pref.(qu.) *$1.75 Feb. 15 *Holders of rec. Jan. 31
Sagamore Mfg. (quar.)
•2
Feb. 3 *Holders of rec. Jan. 26
Savage Arms, com.(quar.)
Mar. 1 *Holders of rec. Feb. 15
•15i Apr. 1 *Holders of rec. Mar. 15
First preferred (guar.)
Second preferred (quar.)
*134 May 16 *Holders of rec. May 1
Beaten, Dillon Co.(quar.)
*30c*. Feb. 15 *Holders of rec. Feb. 7
Extra
*70c. Feb. 15'Holders of rec. Feb. 7
Scruggs-Vandevoort-Barney D.G.,rem _
2
Feb. 1 Holders of rec. Jan. 21
Shawmut Mfg., pref. (quar.)
*14 Mar. 31 *Holders of rec. Mar.21
Skouras Bros. cl. A (qua!'.)
750. Feb. 2 Holders of rec. Jan. 27
Smith (A.0.)
'
Corp.. corn.(qua!'.)
$1
Feb. 15 Holders of rec. Feb. 1
Preferred (quar.)
151 Feb. 15 Holders of rec. Feb. 1
Stewart-Warner Speedometer (qua!'.) _ _
$1.50 Feb. 15 Holders of rec. Jan. 310
Stromberg-Carlson Telep. Mfg.
*25c. Mar. 1
(quar.)Ext
'1234c Mar. 1
*1yi Feb. 1 *Holders of rec. Jan.
Taber Mill. preferred (quar.)
19
Texas Pacific Coal & Oil (quar.)
15e. Mar. 31 Holders of rec. Mar. 10
Union Cotton Mfg.(quar.)
*(135 Feb. 1 'Holders of rec. Jan. 26
Union Tank Car (quar.)
134 Mar. 1 Holders of rec. Feb. 10
United Biscuit, class A (quar.)
Mar. 1 *Holders of rec. Feb. 10
"131
United Drug, common (quar.)
2
Mar. 1 Holders of rec. Feb.
5750, Mar. 1 *Holders of rec. Feb. 15
U.S. Hoffman Machinery (qua!'.)
18
Extra
*25e. Mar. 1 'Holders of rec. Feb. 18
United States Steel Corp.. corn. (quar.). 14 Mar.30 Holders of rec. Feb. 250
Preferred (quar.)
131 Feb. 26 Holders of rec. Jan. 200
U.S.Stores Corp., 1st pref.(quar.)
14 Mar. 1 Holders of rec. Feb. 190
Van Raalte Co.. pref.(quar.)
*14 Mar. 1 'Holders of rec. Feb. 15
Va.-Carolina Chemical, prior pref. (qu.) '131 Mar. 1 *Holders of rec. Feb. 14
White (J. G.) Engineering Co., Pf. (qu.) 14 Mar. 1 Holders of rec. Feb. 15
Will & Baumer Candle, corn.(quar.)
25e. Feb. 15 Holders of rec. Feb. 1
Wolverine Portland Cement (quar.)_ _
•134 Feb. 15 'Holders of rec. Feb. 5
Below we give the div.dends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
Alabama Great Southern, preferred
$1.75 Feb. 14
Preferred
$1.75 Feb. 14
Preferred (extra)
50e. Feb. 14
Atchison Topeka & Santa Fe. corn.(qu.) 134 Mar.
Common (extra)
750. Mar.
Preferred
231 Feb.
Baltimore & Ohio. corn.((Mar.)
14 Mar.
Common (extra)
34 Mar.
Preferred (quar.)
1
Mar.
Canada Southern
134 Feb.
Cuba RR., pref. (qua!'.)
3
Feb.
Lirest Northern. preferred
234 Feb.
Hudson & Manhattan. preferred
234 Feb. 15
Internat. Rys. of Cent. Am.. Pt. (q11.)-131 Feb. 15
Louisville & Nashville
334 Feb. 10
Mabonirrg Coal RR., corn. (quar.)
$12.50 Feb. 1
Michigan Central
1734 Jan. 29
Mine Hill & Schuylkill Haven
$1.25 Feb. 1
Missouri-Kansas-Texas, pref. A (quar.).
I 4 Feb. 1
Nashville Chattanooga & St. Louis
334 Feb. 1
N. Y. Central RR.(qua!'.)
14 Feb. 1
New York Ontario & Western
Jan. 3
Norfolk & Western. adj. pref. (quar.)
Feb. 1
Northern Pacific (quer.)
1' Feb.
Pere Marquette. prior pref. (quar.).--- 134 Feb.
Preferred (guar.)
131 Feb.
Pittsburgh & Lake Erie
$2.50 Feb.
Extra
$s Feb.
Pitts. & West Virginia. aim.(quar.)....
14 Jan. 3
Reading Company, corn. (quar.)
$1 Feb. 10
Common (extra)
Si
Feb. 10
St. Louis-San Francisco, Prof.
((Mar.)
134 Feb. 1
Preferred (quar.)
' 134 May 2
Preferred (guar.)
134 Aug. I
Preferred(
(Mar.)
131 Nov. 1
Southern Railway, corn. (quar.)
14 Feb. 1
Virginian Ry., preferred
3
Feb. 1
Wabash Railway, Prof. A (quar.)
131 Feb. 25
Books Closed.
Days Inclusire.
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 14
Holders of rec. Jan. 286
Holders of rec. Jan. 250
Holders of rec. Dec. 316
Holders of rec. Jan. 15a
Holders of rec. Jan. 15a
Holders of rec. Jan. 15a
Holders of rec. Dec. 300
Holders of rec. Jan. 15a
Holders of rec. Dec. 300
Holders of rec. Feb. Ia
Holders of rec. Jan. 31a
Holders of rec. Jan. 144
Holders of rec. Jan. 14a
Holders of rec. Dec. 30a
Jan. 14 to Jan. 31
Holders of rec. Jan. 15a
Holders of rec. Jan. 250
Dee. 31 to Jan. 26
Holders of rec. Jan. 140
Holders of rec. Jan. 310
Holders of rec. Dec. 310
Holders of rec. Jan. 15a
Holders of rec. Jan. 15a
Holders of rec. Jan. 176
Holders of MC. J. n. 17a
Holders of rec. Jan. 156
Holders of rec Jan. 130
Holders of rec. Jan. 136
Holders of rec. Jan. I56
Holders of rec. Apr. 90
Holders of rec. July 15a
Holders of rec. Oct 156
Holders of rec. Jan. 10a
Holders of roe. Jan. 21e
Holders of rec. Jan. 250
Public Utilities.
Amer. Dist. Teleg. of N. J., cons. (qu.). *75c. Jan. 29 "Holders of rec. Jan. 15
American Gas & Electric Co.
No par value pref.. unstamped (guar.) 134 Feb. 1 Holders of rec. Jan. 10
No par value pref.. stamped (mthly.) 500 Feb. I Holders of rec. Jan. 10
Name of Company.
When
Per
Cent, Payable.
Books Closed.
Days Inclusive.
Name of Company.
Public Utilities (Concluded).
Feb. I Jan. 15 to Jan. 27
Amer. Light & Traction, common (qu.)- 2
114 Feb. 1 Jan. 15 to Jan. 27
Preferred (quar.)
23( Apr, 15 Holders of rec. Mar. 150
American Telep. dr Teleg. (quar.)
Amer. Water Wks.& Elec.. corn.(qu.)-. 40e. Feb. 15 Holders of rec. Feb. la
Common (payable in corn,stock)
f234 Feb. 15 Holders of rec. Feb. la
7% first preferred (quar.)
14•1 Feb. 15 Holders of rec. Feb. la
Associated Gas & Electric,class A (qua:.) (z) Feb. 1 Holders of rec. Dec. 31
851.50 Mar. 1 Holders of rec. Jan. 31
$6 preferred (quar.)
$634 preferred (quar.)
IS 1.6234 Mar. 1 Holders of rec. Jan. 31
Brazilian Tr. Lt. Os Pow.. ord. (guar.).- 1% Mar. 1 Holders of rec. Jan. 31
Feb. 1 Holders of rec. Jan. 15
Broad River Power, pref. (guar-)
Bklyn.-Manhat. Transit, pref. sec. A(qu) 114 Apr, 15 Holders of rec. Apr. 1
Feb. 1 *Holders of rec. Jan. 20
Cambridge Electric Light (quar.)
*El
Central Power & Light. preferred ((Plan) 134 Feb. 1 Holders of rec. Jan. 15
Central & Southwest Utilities. corn
$1.50 Feb. 1 Holders of tee Dec. ale
Prior lien (quar.)
51.75 Feb. 15 Holders of rec. Jan. 81
Preferred (quar.)
$1.75 Feb. 15 Holders of rec. Jan. 31
Chicago gawk!Transit, prior pt.(mtbly.) 650. Feb. 1 Holders of reo. Jan. lea
Mar. 1 Holders of rec. Feb. 15a
Prior PrEferred (monthly)
650
Columbia Gas & El., coin.(M.)(No.1)- $1.25 Feb. 15 Holders of rec. Jan. 20.1
6% preferred ser. A (quar.)(No.0- 134 Feb. 15 Holders of rec. Jan. 2eo
Columbia Gas & Elec. Co., corn.(quar.), $1.25 Feb. 15 Holders of rec. Jan. 20a
Preferred A (quar.)
134 Feb. 15 Holders of rec. Jan. 20a
Feb. 1 Holders of rec. Jan. 15
2
Commonwealth Edison (qua:.)
Commonwealth Power,common (quar.)- 500. Feb. 1 Holders of rec. Jan. 7
Preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 7
Community Power & Light, 1st pt.(qu.) 134 Feb. 1 Holders of rec. Jan. 21
Mar. 1 Holders of rec. Feb. 18
Second preferred (quar.)
Connecticut Ry.& Ltg.,common & pref. 1% Feb. 15 IFeb. 1 to Feb. 15
Consolidated Gas of N. Y.. pref. (quar.) 11.10 Feb. 1 Holders of reo. Dec. 18.1
Derby Gas & El. Corp., Pref. (qua:.)..... $1.75 Feb. 1 Holders of rec. Jan. 20
Duquesne Light Co., 1st pref.(guar.).- 1% Mar. 15 Holders of rec. Feb. 15a
Feb. 1 Holders of rec. Jan. 15
Eastern Massachusetts Bt. Ry. pref. B. 3
3
Feb 15 Holders of rec. Jan. 31
First pref. and sinking fund ;Mock
Feb. 1 Holders of rec. Jan. 15
3
Edison Elec. III. of Boston (quer.)
•
Feb. 1 Holders of rec. Jan. 20
62)4c.
Edison Elec. Ill. of Brockton (quer.)--134 Feb. 1 Holders of rec. Jan. 15
Electric Bond & Share, pref. (quar.)___
Electric Investors, Inc., $7 pref.(qua:.)- $1.75 Feb. 1 Holders of rec. Jan. 12.1
81.50 Feb. 1 Holders of rec. Jan. I2a
*6 Preferred (quar.)
Electric Power & Light,2d pref A (qu.). $1.75 Feb. 14 Holders of rec. Jan. 15
Feb. 1 Holders of rec. Jan. 15a
662-3c
Fuel,
Empire Gas &
8% pf.(mthly.)__-d Seven per cent preferred (monthly), 58 1-3c Feb. 1 Holders of rec. Jan. 15
750. Feb. 1 Holders of rec. Jan. 21a
Fall River Gas Works(guar.)
Feb. 1 Holders of reo. Jan. 15
Fort Worth Power & Light, pref.((than)
Feb. 25 Holders of rec. Jan. 5
1
Foshay(W.B.) Co., common (extra)._ _
Feb. 25 Holders of rec. Jan. 5
2
Seven per cent preferred (bonus)
Feb. 25 Holders of reo. Jan. 5
1
Eight per cent preferred (bonus)
Holders of rec. Jan. 15a
Gas & Elec. Securities, corn.(monthly),
fi Feb.
Holders of rec. Jan. 15a
Common (payable in common stock).._
134 Feb.
Holders of rec. Feb. 15a
Mar,
Common (monthly)
Holders of rec. Feb. 15.
Mar,
Common (payable in common stock)
Holders of rec. Mar. I5a
Common (monthly)
34 Apr.
Holders of rec. Mar. 15a
Apr.
Common (payable in common stock)_
Holders of rec. Jan. 15a
7-12 Feb.
Preferred (monthly)
Holders of rec. Feb. 15a
7-12 Mar.
Preferred (monthly)
Holders of rec. Mar. 15a
7-12 Apr.
Preferred (monthly)
Holders of rec. Jan. 10a
General Public Service Corp.,$6 pf.(qu.) $1.50 Feb.
Holders of rec. Jan 10.
51.75 Feb.
Convertible preferred (quar.)
Havana Electric & Utilities. 1st pf.(qu ) $1.50 Feb. 15 Holders of rec. Jan. 21
$1.25 Feb. 15 Holders of rec. Jan. 21
Cumulative preferred (quar.)
Idaho Power, preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 15
Illinois Northern Utilities. pref.(quar.). 134 Feb. 1 Holders of ree. Jan. Ina
45e. Feb. 10 Holders of rec. Jan. 31
Illuminating & Power Secur., common
Preferred (quar.)
134 Feb. 15 Holders of rec. Jan. 31
Indiana Consum. Gas & By-Prod.
1st pref.(No. 1)
$2.33 Feb. 1 Holders of rec. Jan. 15
Indianapolis Power & Light, let pf.(qu.) *1% Feb. 1 *Holders of rec. Jan. 25
International Utilities. $7 Pref.(qua:.)-- $1.75 Feb. 1 Holders of rec. Jan. 21.
Interstate Railways. common
30c. Feb. 1 Jan. 21 to Jan. 31
Mar. 1 Holders of rec. Feb. 17a
Keystone Telep. of Phila., pref.(quar.)_ $1
Key System Transit, prior pref. (quar.)_ $1.75 Feb. 15 Holders of rec. Jan. 31
1 Holders of rec. Jan. 20
Feb.
Knoxville Power & Lt., pref.(guar.)
131
Lawrence Gas & Electric (Qua:.)
234 Feb. 1 Holders of rec. Jan. 15a
Long Island Lighting, common
500. Feb. 1 Holders of rec. Jan. 21
Lowell Electric Light (quer.)
62Sic. Feb. 1 Holders of rec. Jan. 210
Massachusetts Gas Coe.. corn. (Guar.)._ $1.25 Feb. 1 Holders of rec. Jan. 15
Michigan Gas& Elea., prior lien (guar.)- •1% Feb. 1 *Holders of rec. Jan. 15
.1% Feb. 1 *Holders of rec. Jan. 15
Preferred (quar.)
Middle West Utilities,common (guar.)-- $1.50 Feb. 15 Holders of rec. Jan. 31
Milwaukee El. Hy. & Lt.. 6% p1. (qu.). 14 Jan. 31 Holders of rec. Jan. 20.1
Mohawk & Hudson Power. pref.(qua:.)- $1.75 Feb. 1 Holders of reo ,Jan. 20
Second preferred (guar.)
$1.75 Feb. 1 Holders of rose. Jan. 20
Montreal Lt. Heat & Pow. Consolidated
No par value stock (2 months d iv.). 33 1-3 Jan. 31 Holders of rec. Dec. 31
Montreal Water & Power, corn.(qua:.), 82Sic Feb. 15 Holders of rec. Jan. 31
1% Feb. 15 Holders of rec. Jan. 31
Preferred (qua:.)
National Electric Power.com..cl. A (qu) 45c. Feb. 1 Holders of rec. Jan. 20
200. Mar. 1 Holders of rec. Feb. 150
National Power & Light, coin. (quar.)
Nevada-Callf. Elec. (Ann.. pref. (qu.)-.
134 Feb. 1 Holders of reo. Dec. 30
Holders of rec. Jan. 15
131 Feb.
Northern N. Y. Utilities. pref. (qua:.)_
$1.75 Feb. 1 Holders of rec. Jan. 31
Northwest Utilities, pref. (quar.)
Holders of ree. Dec. 31
Feb.
Nor. States Pow.(Del.). Cl. A com.(qu.) 2
Holders of rec. Feo. 15 •
134 Mar.
Ohio Edison,6% pref. (qua:.)
Holders of rec. Feb. 15
1.65 Mar.
6.6% preferred (qua:.)
Holders of rec. Feb. 15
Mar,
7% preferred (quar.)
Holders of rec. Jan. 15
50e. Feb.
6% preferred (monthly)
Holders of rec. Feb. 15
50e. Mar.
6% preferred (monthly)
Holders of rec. Jan. 15
550. Feb.
6.6% preferred (monthly)
Holders of rec. Feb. 15
Mar.
6:6% preferred (monthly)
550
of rec. Jan. 15
*Holders
Feb.
•14(
-Ontario Power & Light. pref.(quar.)
Holders of rec. Jan. 18
Feb.
Pacific Power & Light, preferred (quar.)_
Holders of rec. Feb. 21
Mar.
Penn-Ohio Edison 7% prior pref.(qu.)
Jan. 3 Holders of ree. Jan. 24.1
Philadelphia Co., corn.(qua:.)
Holders of rec. Feb. 10a
$1.25 Mar,
Five per cent preferred
Jan. 3 Holders of rec. Jan. 15n
SI
Philadelphia Rapid Transit (guar.)
Holders of rec. Feb. 1th
Philadelphia Suburban Water, pref.(qu.) 134 Mar.
Holders of ree. Jan. 18
Feb.
Portland Gas & Coke, preferred (quar.)_
Holders of rec. Jan. 20
Power & Light Securities Trust(quar.)_ _ 500. Feb.
Holders of rec. Jan. 20
Extra
500. Feb.
Public Service Co. of No. IllinoisHolders of res. Jan.
Feb.
Common, $100 par value (quer.).-- 2
Holders of rec. Jan.
Feb.
Common (no par) (guar.)
$2
Holders of rec. Jan. 15
Feb.
134
Six per cent preferred (qua:.)
Holders of ree. Jan. 15
Feb.
Seven per cent preferred (quar.)
Holders of rec. Jan. 144
Public Service Elec. Power. pref. (qu.),.. 131 Feb.
Holders of rec. Jan. 21a
Feb.
81
Hallway & Light Securities, corn
Holders of tee. Jan. 214
Feb.
$2
Common (extra)
Holders of red, Jan. 21a
Feb.
$3
Preferred
Holders of ree. Jan. 20
Feb.
Securities Corp. General, corn. (qua:.).., $1
Holders of rec. Jan. 20
$1.75 Feb.
First preferred (guar.)
Holders of rea. Jan. 19s
Sierra Pacific Elec. Co., corn.(quar,).. 500. Feb.
Holders of reo. Jan. 19a
134 Feb.
Preferred (guar.)
Holders of rec. Jan. 20,1
1
Feb.
SO
corn.
Edison.
(MO Southern California
Southern Colorado Power. corn. A (au.) 50e. Feb. 2 Holders of rec. Jan. 4,
Mu,
$1.75
Holders of rec. Feb. la
(qua:.)
pref.
$7
Teleph.,
E.
N.
Southern
Holders of rec. Feb. la
134 Mar,
6% preferred (guar.)
$1.25
Holders of rec. Feb. 50
1
Feb.
pref
Water,
Pittsburgh
South
Holders o' rec. Jan. 17
Feb.
81.75
(qua:.)
Standard Power dr Light, pref.
*50e. Feb. 1 *Holders of rec. Jan. 31
Tampa Electric Co., corn. (qua:.)
of ree. Feb. 9
(r)
*Holders
stock)
common
in
(payable
Common
Holders of rec. Mar. 15
Tennessee Electric Pow.,6% let pf.(qu.) 1)4 Apr,
of rec. Mar. 15
Apr,
Holders
(quar.)_
Preferred
first
cent
per
Seven
Holders of rec. Mar. 16
Apr.
(guar.)
7.2% first preferred
Holders of rec. Jan. 15
Feb.
(monthly)_
Six per cent first preferred
Holders of rec. Feb. 15
(monthly). 500. Mar.
Sir per cent first preferred (monthly).
Holders of rec. Mar. 16
50e. Apr.
Six per cent first preferred
600, Feb.
Holders of rec. Jan. 15
(monthly)
preferred
7.2% first
Mar.
Holders of rec. Feb. 15
60c.
(monthly)
first preferred
Holders of rec. Mar. 15
600. Alan
7.2% &et pregured (monthly)
Holders of rec. Jan. 19
Feb.
14(
(quer.).
preferred
Texas Power & Light,
[VOL. 124.
THE CHRONICLE
610
134
134
134
$1
134
15
15
134
134
1.80
50c.
When
Per
Cent. Payable.
Book.. Closets.
Days Inclusive.
Public Utilities (Can'inued)
Union St. fly.(New Bedford) (qua:.),.. •1.4 Feb. 1 *Holders of rec. Jan. 21
United Light & Pow.,new corn. A (guar.) 12e. Feb. 1 Holders of rec. Jan. 15
60e. Feb. 1 Holders of rec. Jan. 15
Old common A (quar.)
12c. Feb. 1 Holders of rec. Jan. 15
New common B (quar.)
60c. Feb. 1 Holders of rec. Jan. 16
Old common B (guar.)
(qu.)
pref.
7%
Co.,
Electric
131 Feb. 15 Holders of rec. Feb. la
West Penn
134 Feb. 1 Holders of rec. Jan. 15a
West Penn Power,7% preferred (quar.)
Rix per cent preferred (quar.)
11,4 Feb. I Holders of rec. Jan. 15a
Mar. I Holders of rec. Feb. 12a
3
Wilmington Gas Co., preferred.,
52)0. Jan. 31 Jan. 22 to Jan. 30
York Rya., pref. (quar.)
Banks
Feb. 1 Holders of rec. Jan. 270
4
Continental
Feb. I Holders of rec. Jan. .3.a
5
Corn Exchange (guar.)
Trust Companies.
Feb. 1 Holders of rec. Jan. 20a
4
Farmers' Loan & Trust (quar.)
Feb. 1 *Holders of rec. Jan. 25
*15
Kings County (Brooklyn) (quar.)
Mar.31 Holders of rec. Mar.22
6
Title Guarantee & Trust. extra
Fire Insurance.
11 Holders of rec. Mar. 31
Apr.
5
Home (quarterly)
Miscellaneous
Abbotts Alderney Dairies, 1st pref.(qu.) 1% Mar. 1 Holders of rec. Jan. 15a
Abraham it Straus. Inc.. nref. (guar ).
134 Feb. 1 Holders of rec. Jan. 15.1
Feb. 10 Holders of rec. Feb. 25
h5
Aeolian, Weber Plano & Planola,
Feb. 10 Holders of rec. Jan. 31
2
Alaska Packers Assn. (guar.)
Feb. 10 Holders of rec. Jan. 31
2
Extra
$1.50 Feb. 1 Holders of rec. Jan. 14a
Allied Chemical & Dye, corn. (quar.)
Allis-Chalmers Mfg., common Mar.)... $1.50 Feb. 15 Holders of rec. Jan. 241
Feb. 1 Holders of rec. Jan. 15
American Art Works, common (extra)._ 4
25c. Feb. 1 Holders of rec. Jan. 21
American Brick, common (quar.)
50c. Feb. 1 Holders of rec. Jan. 21
Preferred (qua:.)
Holders of rec Jan. 158
50c. Jan. g
Amerada Corporation. corn. (qua:.) _ _
50e Feb. 15 Holders of rec. Jan. 31a
American Can.corn.(guar.)
C. Mar.31 Mar.22 to Mar. 31
American Chain,8% pref. class A (qu.)
Feb. 1 Holders of rec. Jan. 15
2
American Cigar. common (guar.)
Feb. 1 Jan. 12 to Feb. 1
$1
American Coal (quar.)
1 Holders of rec. Feb. 5
Feb.
Corp.,
(quar,),.
class
A
Amer. Electrice
4334
Amer.European Securities, pref (quar.) $1.50 Feb. 15 Holders of rec. Jan. 31
Holders of rec. Jan. 13
Feb.
American Glue. preferred (guar.)
Holders of rec. Jan. 15a
0. Feb.
American Home Products (monthly)
Amer.-La France Fire Engine. com.(qn.) 250. Feb. 1 Holders of rec. Feb. la
Holders of rec. Feb. 21
Mar.
Amer. Laundry Machinery. corn. (qu.). 31
Holders of rec. Mar. 18
131 Apr.
American Linseed. preferred (quar.) _
Holders of rec. Jan. 22a
Feb.
Amer. Machine & Foundry. pref. (qu.).
*51.75 Mar.3
Amer.Pneumatic Service, 1st pref
Holders of rec. Mar. 20
25e. Apr.
American Seating, corn.(extra)
250. July
Holders of rec. June 20
Common (extra)
Holders of rec. Sept. 20
25e. Oct.
Common (extra)
2
Holders of ree. Jan. 154
Feb.
Amer. Shipbuilding, corn. (qua:.)
Feb.
144
Holders of rec. Jan. 150
(guar.)
Preferred
2
Holders of rec. Jan. I4a
Feb.
Amer. Smelt. & Refg., common (quar.)
134 Mar.
Holder. of rec. Feb. 46
Preferred (guar.)
Mar.22 to Apr. 1
American Stores Co., common (quar.)_ 50c. Apr.
IN Mar.
Holders of rec. Feb. 146
Amer. Sumatra Tobacco, pref.(quer)._
Holders
Feb.
pref.
of rec. Jan. 20
154
Prod.,
Vitrified
(guar.)._
American
75e Feb. 2 Holders of rect. Jan. 15a
Anaconda Copper Mining (guar.)
Archer-Daniels-Midland Co.
750. Feb.
Holders of rec. Jan. 21a
Common (guar.)(No. 1)
141 Feb.
Holders of rec. Jan. 21a
Preferred (qua:.)
Holders of rec. Jan. 15
131 Feb.
Ltd. lst pref.(quar.),..
Arnold
2
Holders of rec. Jan. 15
Feb.
preferred (quar.)
Bros..
Second
Holders of rec. Feb. 17a
154 Mar.
Artloom Corporation, pref.(qua:.)
250. Feb.
Holders of rec. Jan. 24
Art Metal Construction (quar.)
Holders of ree Jan. 15a
Associated Dry Goods Corp., corn.(qu.) 63c Feb.
Holders of rec. Feb. Ila
11,4 Mar.
First preferred (qua:.)
Holders of rec. Feb. ha
131 Mar.
Second preferred (quar.)
Holders of roe. Jan. ISa
14( Feb.
Atlantic Refining. preferred (quar.)..
Holders of rec. Jan. 20a
154 Feb.
Atlas Powder, preferred (quar.)
Holders of ree. Jan. 156
144 Feb.
Austin Nichols & Co., pref.(qua:.)
Holders of rec. Mar.20
144 Apr.
Babcock & Wilcox (quar.)
Holders of rec. Jan. 20
25o. Feb.
Balaban & Katz, coin. (monthly)
Holders of ree. Feb. 17
25o. Mar,
Common (monthly)
Holders of rec. Mar.21
Apr.
25e
Common (monthly)
Holders of rec. Mar.21
15‘ Apr.
Preferred (quar.)
Barnhardt Bros. & SpindlerHolders of rec. Jan. 24a
14‘ Feb.
First and second preferred (quar.)Feb.
Holders of rec. Jan. 15
3
Belding-Corticelli, Ltd., common
Benesch (Isaac) & Sons, Inc., common
750, dFeb. 1 Jan. 21 to Feb. 1
and common A (qua:.)
50c. ifFeb. 1 Jan. 21 to Feb. 1
Preferred (quar.)
Bigelow-Hartford Carpet Corp..common
$1.50 Feb. 1 Holders of rec. Jan. 14
and preferred (quar.)
75e. Feb. 1 Holders of rec. Jan. 21
Blew-Knox Co.. corn. (guar.)
134 Feb. 1 Holders of rec. Jan. 21
First preferred (quar.)
Bloch Bros. Tobacco, common (guar.)._ 37%c Feb. 15 Holders of rec. Feb. 10
37Sic May 15 Holders of rec. May 10
Common (quar.)
37Sic Aug. 15 Holders of rec. Aug. 10
Common (quar.)
37Sic Nov. 15 Holders of rec. Nov. 10
Common (quar.)
154 Mar. 31 Holders of rec. Mar. 26
Preferred (quar.)
1% June 30 Holders of rec. June 25
Preferred (quar.)
134 Sept.30 Holders of rec. Sept.25
Preferred (quar.)
134 Dec. 31 Holders of rec. Dec. 26
Preferred (quar.)
1% Feb. I Holders of rec. Jan. 204
Bloomingdale itroa., preferred (titian).81
Jan. 31 Holders of rec. Jan. 150
Bon-Arni Co., class A (qua:.)
51.25 Mar. 1 Holders of rec. Feb. Ifia
Borden Company,common (guar.)
•1
Feb. 1 *Holders of rec. Jan. 19
Bourne Mills (guar.)
Feb. 1 Holders of ree. Dec. 22a
Bowman-Biltmore Hotels, wet.(annual) 5
70e. Mar. I Holders of rec. Feb. 20/
Brach (E. J.) & Sons (quar.)
31.25 Feb. 1 Holders of rec. Jan. 29a,
Brill (J. G.), common
134 Feb. 1 Holders of rec. Jan. 29a
Preferred (quar.)
N Feb. 1 Holders of rec. Jan. 15
British Columbia Pulp & Pap. 7% pref
'
500. Feb.' 1 Holders of re. Jan. 21
Brockway Motor Truck (guar.)
25e. Feb. 1 Holders of rec. Jan. 21
Extra
(to) Feb. 1 Holders of rec. Jan. 21
Stock dividend
134 Feb. 1 Holders of rec. Jan. 20a
Brown Shoe, preferred (guar.)
Mar. 15 Holders of rec. Feb. 18
Si
Buckeye Pipe Line (qua:.)
50c. Feb. I Jan. 26 to Jan. 31
common
Dante
13( Feb. 1 Jan. 26 to Jan. 31
(quar.)
Bros.,
Preferred
Burns Bros., common. class A (qua:.)-- $2.50 Feb. 15 Holders of rec. Feb. la
50e. Feb. 15 Holders of rec. Feb. la
Common, class B (guar.)
14( Feb. I Holders of rec. Jan. 14a
Prior pref.(guar.)
Burroughs Adding Machine/33 1-3 Mar. 1 Holders of rec. Feb. I5a
Common (payable in corn.stock)
131 Feb. 1 Holders of rec. Jan. 15s
Byers (A. M.) Co., pref. (quar.)
Mar. 15 Holders of rec. Feb. 250
$1
California Packing (quar.)
Calumet & Hecla Consol. Copper Co..___ 500. Mar. 1 Holders of rec. Feb. 250
Feb. 16 Holders of rec. Jan. 31
Canada Cement, preferred (qua:.)
1% Feb. 1 Holders of rec. Jan. 31
Canadian Converters (quar.)
Mar.
Holders of rec. Feb. l8a
(guar.),
pref.
131
Mills,
Century Ribbon
Feb. 1 Holders of rec. Jan. 13a
$1
Cerro de Pasco Copper Corp. (quar.)Feb. 1 Holders of rec. Jan. 31
Chase (A.M.) Co., Ltd., 8% pref. (qu.) 2
Holders of rec. Jan. 17a
Chic. Wain. & Franklin Coal, Pref.(111.) 114 Feb.
33 1-3c Feb.
Holders of rec. Jan. 29e
Chicago Yellow Cab Co.(monthly)
Mar.
I-3c
33
Holders of reo. Feb. 18s
Monthly
Holders of ree. Jan. Igo
Christie. Brown & Co., Ltd., corn.(qu) 300. Feb.
Holders of rec. Jan. 20.1
131 Feb.
Preferred (quar.)
Holders of rec. Jan. 15a
34 Feb.
Cities Service, common (monthly)
Holders of rec. Jan. 15/
134 Feb.
Common (payable In common stock)
*Holders of rec. Feb. 15
34 Mar.
.
Common (monthly)
*Holders of rec. Feb. 15
•13.4 Mar.
Common (payable in corn. stock)
Holders of ree. Jan. 15s
14 Feb.
Preferred and preferred B (monthly)-50c. Feb.
Holders of rec. Jan. 15a
Preferred BB (monthly)
34 Mar.
*Holders of rec. Feb. 15
Preferred and pref.B (monthly)
Mar.
of rec. Feb. 15
*Holders
'3-4
(monthly)
BB
Preferred
50e. Mar.
Holders of reo. Feb. 10a
City Ice & Fuel (qua:.)
50e. June
Holders of ree. May 100
Quarterly
Holders of rec. Aug. 100
50e. Sept.
Quarterly
50c. Mar. I. Holders of ree. mar. 5a
Cleveland Stone (quar.)
1
June
500.
Holders of rec June eta
Quarterly
Holders of rec. Sept. ba
500. Sept. 1
Quarterly
JAN. 29 1927.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
611
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Clinchfield Coal, pref. (guar.)
•15( Feb. 1 *Holders of rec. Jan. 25
Ipswich Mills, pref. (guar.)
15( Feb. 1 Holders of rec. Jan. 20
Cluett. Peabody & Co..common (guar.). $1.25 Feb. 1 Holders of roe. Jan. 20 Iron Product r Corporation, corn
52.75 Jan. 31 Holders of ree. Jan. 150
Cockshutt Plow, preferred
*4
Feb. 8 *Holders of rec. Jan. 31
Island Creek Coal (stock dividend)
*400 Subj. to stockh'rs meeting Jan.31
Collins & Alrkman Co., corn. (guar.)... $1
Feb. 1 Holders of roe. Jan. ha Isle Royale Copper Co
50c. Feb. 19 Holders of rec. Feb. 4
Preferred (guar.)
15( Feb. 1 Holders of rec. Jan. ha Jaeger Machine Co. (guar.)
6254e Mar. 1 Holders of tee. Feb. 18*
Colombian Carbon (guar.)
Feb. 1 Holders of rec. Jan. Ise Kayser (Julius) & Co., corn, (quar.)- -- - $1
$1
Feb. 1 Holders of rec. Jan. 17.
•1X
Conlon Corporation, pref.(guar.)
Feb. 6 *Holders of roe. Jan. 21
Kellogg Switchboard dr Supply,com.(gu) 32550 Jan. 31 Holders of rec. Jan. 100
Consolidated Laundries, corn.(guar.)_ 500. Jan. 31 Holders of roe. Jan. 20
Preferred (guar.)
194 Jan. 31 Holders of rec. Jan. 100
Common (payable in common stock)_ 11
Jan, 31 Holders of rec. Jan. 20
Kelsey Wheel, pref. (guar.)
154 Feb. I Holders of rec. Jan. 21a
Continental Call, corn.(guar.)
$1.25 Feb. 15 Holders of rec. Feb. 5a Kinney (G. R.) Co., met.(guar.)
2
Mar. 1 Holders of rec. Feb. 18
Continental Motors Corp.(guar.)
20e. Jan. 31 Holders of rec. Jan. 150 Knox Hat, Inc., class A panic. stock_
Feb. 1 Holders of rec. Jan. 15
$5
Coty.Inez.(guar.)
$1.25 Mar.31 Holders of rec. Mar.21a
Second preferred
$3.50 Feb. 1 Holders of rec. Jan. 15
Crucible Steel. corn.(guar.)
1% Jan. 31 Holders of rec. Jan. 15a Kress (S. H.) & Co., new com. (qu.)
Cuba Company, preferred
35( Feb. 1 Holders of rec. Jan. 15
(No. I)
250. Feb. 1 Holders of rec. Jan. 240
Cushman's Sons, Inc., corn. (guar.)_
$1
Mar. 1 Holders of rec. Feb. 15
Kruskal & Kruskal, Inc.(No. 1)((Mara 50o. Feb. 16 Holders of rec. Jan. 311
Common (payable in $8 pref. stock)__ u$1.50 Mar. 1 Holders of rec. Feb. 15
Quarterly
500. May 16 Holders of rec. Apr. 29a
Common (payable in $8 pref. stock)_ _ u$1.50 Sept. 1 Holders of rec. Aug. 15
Landay Bros., Inc., class A (guar.)
75c. Feb. 1 Holders of rec. Jan. 144
$8 preferred (guar.)
$2
Mar. 1 Holders of rec. Feb. 15
Lanston Monotype Mach.(guar.)
155 Feb. 28 Holders of rec. Feb. 180
Seven per cent preferred (guar.)
15( Mar. 1 Holders of rec. Feb. 15
Lehigh Valley Coal
$1.25 Feb. I Jan. 9 to Jan. 31
Davega, Inc. (guar.)
25c. Feb. 1 Holders of rec. Jan. 15
Extra
25c. Feb. 1 Jan. 9 to Jan. 31
Extra
25e. Feb. 1 Holders of rec. Jan. 15
Liggett & Myers Tob., corn.&com.B(qu) 75e. Mar. 1 Holders of rec. Feb. 10
Davis Mills (guar.)
1
Mar.26 Holders of rec. Mar. 120
Common & common B (extra)
Si Mar, 1 Holders of rec. Feb. 10
Decker (Alfred) & Cohn,Inc.,corn.(qu.) 50c. Mar. 15 Holders of rec. Mar. 5a
Corn. dr corn. II (pay.in corn. B stk.). 10
Mar. 1 Holders of rec. Feb. 10
Preferred (quara
151 Mar. 1 Holders of rec. Feb. 18a Liquid Carbonic Corp.(guar.)
900. Feb. 1 Holders of rec Jan 200
DeBee-s Consol. Mince, Amer. shares_ $1.45 Jan, 29 liolde-s of re. Jan. 26a Lit Brothers Corporation
50e. Feb. 21 Jan. 26 to Feb. 9
Dominion Bridge(guar.)
1
Feb. 15 Holders of rec. Jan. 31
Loblaw Groceterias, common (guar.).- *250. Mar, 1 *Holders of rec. Feb. 15
*62340 Apr, 1 *Holders of rec. Mar. 20
Early & Daniels, common Mara
Common (bonus)
*250. Mar. 1 *Holders of rec. Feb. 15
Common (extra)
*25c. Apr. 1 *Holders of rec. Mar. 20
Loew's Boston Theatres(num.)
15c. Feb. 1 Holders of rec. Jan. 220
Common (guar.)
'6254c July 1 *Holders of rec. Tune 20
Loew's Ohio Theatres, first pref. (guar.) $2
Feb. 1 Holders of rec. Jan. 24
*62340
Common (guar.)
Oct. 1 *Holders of rec. Sept. 20
Loose-Wiles Biscuit. 2d pref.(qua:.)...- 154 Feb. 1 Holders of rec. Jan. 180
*62340 Jan 1'28 *Holders of rec. Dec. 20
Common (guar.)
Lord dr Taylor, 1st preferred (guar.).-- 155 Mar, 1 Holders of rec. Feb. 170
Preferred Mara
.$1.75 Apr.
*Holders of rec. Mar.20
Second nreferred (guar.)
2
Feb. 1 Holders of rec. Jan. 17
Preferred (guar.)
*51.75 July
*Holders of rec. June 20
Louisiana 011 Refining (guar.)
1.62)4 Feb. 15 Holders of rec. Feb. 10
Preferred (guar.)
*51.75 Oct.
*Holders of roe. Sept. 20
Luther Manufacturing (guar.)
2
Feb. 1 Holders of rec. Jan. 18a
Preferred (guar.)
*$1.75 Jan 12 *Holders of rec. Dee. 20
MaeFadden Publications Inc
4
Feb. 2 Holders of rec. Dee. 31
Eastern Dairies, corn.(guar.)
*50c. Feb.
*Holders of rec. Jan. 20
Madison Square Garden Co.(qua:.)..... 25e. Apr. 15 Holders of rec. Apr. 5
Preferred (guar-)
'$175 Feb.
*Holders of rec. Jan. 20
Quarterly
250.
July
15 Holders of rec. July 5
Eastern Theatres, Ltd.(Toronto), pref._ 334 Jan. 8 Holders of roe. Doe. 31
Quarterly
25e. Oct. 15 Holders of rec. Oct. 5
Eaton Axle & Spring. corn.(guar.)
50c. Feb.
Holders of rec. Jan. 15a McCall Corporation, corn.(qua:.)
50e, Feb. 1 Holders of rec. Jan. 20e
Eisernann Magneto Corp., pref.(qu.),. 15( Feb.
Holders of rec. Jan. 20
McCord Radiator & Mfg.. class B (qu.). 50e. Feb. 1 Holders of rec. Jan. 21
Electric Refrigeration (guar.)
500. Feb. 2 Holders of rec. Jan. 31a McCrory Stores Corp.. pref.(qua:,).... 15( Feb. I Holders of rec. Jan. 200
Elgin National Watch (guar.)
6254c Feb.
Holders of reo. Jan. 14
Preferred (guar.)
15( May 2 Holders of rec. Apr. 20.
Elyria Iron & Steel. Corn.(guar.)
75e. Jan. 3 Holders of rec. Jan. 24a
Preferred (guar.)
15( Aug. 1 Holders of rec. July 200
Esmond Mills, common (guar.)
134 Feb.
Holders of rec. Jan. 25
Preferred (guar.)
15( Nov. 1 Holders of rec. Oct. 200
Preferred (guar.)
15( Feb.
Holders of rec. Jan. 25
McIntyre Porcupine MInes .Ltd. (qua - 25c, Max. 1 Holders of rec. Feb. 10
Eureka Pipe Line (guar.)
1
Feb.
Holders of rec. Jan. 15
Melville Shoe Corporation, corn. (guar.) 75e. Feb. 1 Holders of rec. Jan. 27
Eureka Vacuum CleanerPreferred (guar.)
2
Feb. 1 Holders of rec. Jan. 27
Common (guar.)
$1
Holders of rec. Jan. 200 Mercantile Stores, common (guar.)
Feb.
$1
Feb. 15 Holders of rec. Jan. 31
Common (extra)
25c. Feb.
Holders of roe. Jan. 200
Preferred (guar.)
$1.75 Feb. 15 Holders of rec. Jan. 31
Common (payable in common stock). 1.5
Holders
of rec. Feb. 1‘a Merchants Mfg. (guar.)
Mar.
*1
Feb. 1 *Holders of rec. Jan. 22
Common (payable in common stock).. 15
Aug.
Holders of rec. July 20a Merrimac Mfg., common (guar.)
$1.75 Mar, 1 Holders of rec. Jan. 14
Exchange Buffet (quay.)
37 55e. Jan. 3 Holders of rec. Jan. IS"
Preferred
$2.50 Mar, 1 Holders of ree. Jan. 14
Fair (The). common (monthly)
20e. Feb.
Holders of rec. Jan. 20a Metrop. Chain Stores 148.2d lg.
$1.75
Feb. I Holders of roe. Jan. 20
Blua
Preferred (qua:.)
13( Feb
Holders of rec Jan. 200 Miami Copper Co.(guar.)
3754c Feb. 15 Holders of roe. Feb. lo
Fairbanks, Morse dr Co., corn.(guar.)._ 75c. Mar.3 Holders of rec. Mar. 151 Mid-Conti
nent Petrol. Corp.. Dt. (qua - •1% Mar. 1 *Holders of rec. Feb. 15
Common (guar.)
75e June 30 Holders of rec. June 15a Mirror (The), pref.(guar.)
114 Feb. 1 Holders of rec. Jan. 27
Preferred (guar.)
Holders of rec. Feb. 15a Mohawk Mining (guar.)
15( Mar,
Si Mar. 1 Holders of rec. Jan. 29
Preferred (guar.)
15( June
Holders of rec. May 14a Moloney Electric, pref. (guar.)
15(
Feb. 2 Holders of rec. Jan. 11
Fajardo Sugar (guar.)
2 1s Feb. i Holders of rec. Jan. 17
Montgomery Ward & Co., corn. (qu,).. Si
Feb. lb Holders of rec. Feb. 40
Famous Players-Lasky Corp., pref.(qua 2
Feb. 1 Holders of rec. Jan. 15a
ClassA (guar.)
$1.7
Apr. 1 Holders of rec. Mar.210
Firestone Tire & Rub..7% pref.(qua:,). 15( Feb. 15 Holders of rec. Feb. 10 Moore Drop Forging, class A
(quar.)_ $1.50 Feb. 1 Holders of rec. Jan. 17
Fisk Rubber, 1st pref. (guar.)
134 Feb. 1 Holders of roe. Jan. 151 Morris Plan Co. (guar.)
Holders of rec. Jan. 25
234 Feb.
First convertible preferred ((Mara
-- 15 Feb. 1 Holders of rec. Jan. 15a Mulford (H. K.) CO
$1.50 Feb. 16 Holders of rec. Jan. 15
Franklin (H. H.) Mfg., pref. (guar.).Stock dividend
114 Feb. 1 Holders of rec. Jan. 20
10
Feb. 15 Holders of tee. Jan. 15
Freeport Texas Co.(guar.)
50c. Feb. 1 Jan. 16 to Feb. 1
Mullins Body, pref. (quay.)
2
Feb. 1 Holders of rec. Jan. 18
French (Fred F.) Companies. pref
3
Nash Motors, common (guar.)
Feb. 1 Holders of rec. Jan. 15
SI Feb. 1 Holders of rec. Jan. 200
General Box Corp., pref. A & B (qtr.)-Mar. 1 *Holders of rec. Feb. 18
National American Co.,Inc.(qtra(No.1) *75o. May
*Holders of rec. Apr. 15
General Cigar, common (guar.)
Si
Feb. 1 Holders of rec. Jan. 220 National Biscuit. common (guar.)
$1.2 Apr, 1 Holders of roe. Mar.310
Preferred (guar.)
1M Mar. 1 Holders of rec. Feb. 21a
Common (extra)
25e. Jan. 31 Holders of rec. Jan. 140
Debenture preferred (quay.)
151 April 1 Holders of rec. Mar.240
Preferred (guar.)
13( Feb. 2 Holders of rec. Feb. 140
General Development (guar.)
25e. Feb. 21 Holders of roe. Feb. 10
National Carbon. pref.(guar.)
2
Holders of rec. Jan. 20
Feb.
General Motors Corp., pref. (qua:).... 134 Feb. 1 Holders of rec. Jan. 10a
vat. Dept. Stores. 1st pref. (guar.)._
134 Feb. 1 Holders of rec. Jan. 150
Six per cent debenture stock (guar.). _
134 Feb. 1 Holders of rec. Jan. 100 National Food Products, class A (qua:,). 62540. Feb. 1 Holders of rec. Feb.
Seven per cent debenture stock (guar.) 15( Feb, 1 Holders of reo.
104 National Lead, pref.(guar.)
134 Mar. 1 Holders of rec. Feb. 18
General Tire & Rubber, corn.(num.)._ *60e. Feb. 1 *Holders of rec. Jan.
National Refining, corn. (guar.)
Jan. 20
37 A Feb. 1 Holders of rec. Feb. la
Gilchrist Company (guar.)
75e. Jan. 31 Holders of rec. Jan. 15
Common (extra)
50e.
Feb. 1 Holders of rec. Feb. la
Gillette Safety Razor (quar.)
$1
Mar. 1 Holders of rec. Jan. 31
National Supply. corn.(guar.)
Feb. 15 Holders of rec. Feb. 5a
$1
Extra
1234c Mar. 1 Holders of rec. Jan. 31
National
Tea,
pref.
654%
(guar.)
155
Feb. 1 Holders of rec. Jan. 18
Gimbel Bros., Inc.. pref. (guar.)
134 Feb. 1 Holders of rec. Jan. 15a Neisner Bros. (guar.)
$1.76 Feb. I Holders of ree. Jan. 15
C. G. Spring & Bumper, corn. (qua:.).. 10e. Feb. 15 Holders of rec.
Nelson (Herman) Corp.(guar.)
Feb. 8a
30e. Apr. 1 Holders of rec. Mar. 17
Common(extra)
Sc. Feb. 15 Holders of rec. Feb. 8a
Stock dividend
el
Apr. 1 Holders of rec. Mar. 17
Common (in corn. stk. on each 10 slur.) 13-10 Feb.
Holders of rec. Feb. 8a
Quarterly
300. July 1 Holders of rec. June 20
Globe-Democrat Publishing, pref.(qu.). 134 Feb. 15
1 Holders of rec. Jan. 20
Stock dividend
el
July 1 Holders of rec. June 20
Gobel (Adolf), me., cony. pref. (guar.). 134 Feb. 1 Holders of
rec. Jan. 20
Quarterly
30e. Oct. 1 Holders of rec. Sept. 19
Gossard(H. W.)Co.,corn.(monthly)... 33 1-3c Feb. 1 Holders of rec.
Jan. 20
Stock dividend
el
Oct. 1 Holders of ree. Sept. 19
Common (monthly)
33 1-3c Mar, 1 Holders of rec. Feb. 20
Newberry
(J.
J.)
Co.,
Prof.
151 Mar, 1 Feb. 17 to Feb. 20
(guar.)
Common (monthly) '
33 1-3c Apr, 1 Holders of rec. Mar. 20
New Cornelia Copper Co
50c. Feb. 21 Holders of rec. Feb. 40
Preferred (guar.)
15( Apr. 1 Holders of rec. Mar.20
New England Invest. Trust, IncGeese Packing, Ltd., pref.(guar.)
15( Feb. 1 Holders of rec. Jan. 10
Collateral Trustee shares
5355c Jan. 31 Holders of rec. Jan. 1
Grand(F.& W.)5-10-26e.Stores. pt.(qu.) *154 Feb. 1 *Holders of
rec. Jan. 15
New River Company, pref.(guar.)
$1.50 Feb. 1 Holders of rec. Jan. 15
Great Lakes Dredge & Dock )quar.)-2
Feb. 15 Holders of rec. Feb. 8
New
York Air Brake. common (guar.)
75e. Feb. 1 Holders of rec. Jan. 6.
Extra
2
Feb. 15 Holders of rec. Feb. 8
N.Y.
&
Honduras Rosario Mining (au) 25e. Jan, 29 Holders of rec. Jan. 19
Hamilton Bank Note
6c. Feb. 15 Holders of roe. Feb. 1-Extra
25e. Jan. 29 Holders of rec. Jan. 19
Hamilton Bank Note
60. Aug. 15 Holders of rec. Aug. 1
New York Merchandise Co.,som.(No.1) 500. Feb. 1 Holders of rec. Jan. 200
Hamilton-Brown Shoe(monthly)
25e. Feb. 1 Jan. 23 to Jan.'31
Preferred (guar.)
154 Feb. 1 Holders of rec. Jan. 200
Hammermill Paper, common (No. 1) _ _ 250. Feb. 15 Holders of rec. Jan.
15( Feb. 1 Holders of rec. Jan. 200
Harbison-Walker Refrac., corn. (guar.). 134 Mar. 1 Holders of rec. Feb. 310 North American Cement, pref.(quar.)
190 North Central Texas Oil
15e. Mar. 1 Holders of rec. Feb. 10
Common (extra)
2
Jan. 2 Holders of rec. Jan. 190 011 Well Supply (Corn.),(guar.)
15( Feb. 1 Holders of rec. Jan. 154
pref. (qua:.)_
Preferred Mara
15( Apr. 2 Holders of rec. Apr. ea OntarioBiscuit,
COMII1011 (guar.)
50c. Feb. 1 Holders of rec. Jan 15a
Hartman Corporation, class A (guar.).- 500. Mar.
Holders of tee. Feb. l5a
Common (extra)
Feb. 1 Holders of rec. Jan. 150
25e.
Claes A (guar.)
500. June
Holders of tee. May 17a
Preferred (guar.)
2
Feb. I Holders of rec. Jan. 15a
Class B (guar.) in class A stock
(0) Ma:,
Holders of rec. Feb. 15a Oppenbelm Collins & Co.,
corn.
$1 Feb. 15 Holders of rec.
. Jan.
. Na
Class B (guar.) In class A stook
Holde s of rec. May 17a Oppenheimer (S.) dr
(0) June
Co., pref. (guar.).- 2
Feb.
Hawaiian Pineapple (extra)
•200. Feb. 28 *Holders of rec. Feb. 18
Orprieum Circuit, corn.(monthly)
162-ac Feb.
Holders of rec. Jan,. 200
Stock dividend
Subj. to stkhldrs meeting in Feb.
•10
Preferred (guar.)
Apr.
Holders of rec. Mar. Hio
2
Hayes Ionia Co.(monthly)
100. Feb 1 Holders of tee. Jan. 25a Otis Elevator
Monthly
10e. Mar. I Holders of tee Feb. kso
Common (payable In common stock).- 125
Feb.
Holders of rec. Jan. ba
Hellman (Richard),Inc., pectic. pf.(qu.) 62340. Feb.
Holders of rec. Jan. 21
Outlet Company, corn
75c. Feb.
Holders of rec. Jan. 200
Hercules Powder. pref. (guar.)
134 Feb. 1 Holders of rec Feb. 5
First preferred (guar.)
15( Feb.
Holders of rec. Jan. 20a
Holly Sugar, pref.(guar.)
154 Feb.
Holders or rec. Jan. 16
Second preferred (guar.)
•13.4 Feb.
*Holders of rec. Jan. 20
Hood Rubber, 734% preferred (guar.).- $1.87 Feb.
Jan. 21 to Feb. 1
Overseas Securities, class A
50e. Feb. 1 Holders of rec. Feb. 1
Seven per cent preferred (qua:.)
15( Feb.
Jan. 21 to Feb. 1
Owens Bottle, corn.(guar.)
75e. Apr.
Horn & Hardart (guar.)
Holders of rec. Mar. 16.
Holders of roc Jan 11
8754e Feb.
Preferred (guar.)
111( Ape,
Holders of roe. Mar. 16a
Extra
12550 Feb.
Holders of rec. Jan. 11
Pacific Coast Co.. let pref. (flUar.)
15( Feb.
Holders of tee. Jan. 240
s3
Houston Oil, preferred
*Holders of rec. Jan. 21
Feb.
Second preferred (quar.)
1
Feb.
Holders of rec. Jan. 24a
Hudson Motor Car (guar.)
Holders of rec. Mar. 152 Packard Motor Car8734 April
Hunt's Theatres. Inc., met
4
Feb.
Holders of rec. Dec. 31
Common (monthly)
20e. Jan. 3 Holders of red. JAIL 115•
Hupp Motor Car(qua:.)
35e Feb.
Holders of rec. Jan. 15a
Common (monthly)
20e. Feb. 28 Holders of tee. Feb. lba
Illinois Brick (guar.)
Apr, 1 Apr. 5 to Apr. 15
Monthly
20c. Mar.3 Holders of tee. Mar. 154
Quarterly
60e. July 1 July r to July 15
Monthly
20o. Apr. 30 Holders of rec. Apr. 154
Quarterly
60e. 01. 1 Oct. 5 to Oct. 16
Monthly
200. May 3 Holders of rec. May 144
Imperial Royalties Co.(monthly)
155 Jan. 3 Holders of rec. Jan. 25
Pan-Amer. Western Petrol. A & B (qua
50o. Jan. 30 Holders of ree. Jan. 10a
Imperial Tobae.of Gr.Brit.& Ire.(final) *9
Mar. *Holders of roe. Feb. 12
Pathe Exchange. class A & B (Qua:.)...75e. Feb.
Holders of tee. Jan. 10a
Bonus
• Is. 6d. Mar. *Holders of rec. Feb. 12
Peabody
pref.
Coal.
(monthly)
Feb.
*590.
*Holders of ree. Jan. 21
Independent Packing, corn. (guar a - 3254c. Feb.
Holders of rec. Jan. 20
Penmans, Ltd., corn. (quay.)
2
Feb. 15 Holders of roe. Feb. b
Preferred (guar.)
1% Feb.
Holders of rec. Jan 20
Preferred (guar.)
155 Feb. 1 Holders of roe. Jan. 21
Indiana Pipe 1.1ne
Feb. 1 Holders of res. JIM. 21
$1
Penn Traffic
74c. Feb. 1 Holders of nee. Jan. 15
Industrial Finance Corp., deb.stk.(qu.) 15( Feb.
Holders of rec. Jan. 22
Peoples Drug Stores, Inc., pre:.(qua:.)
2
Feb. 15 Holders of rec. Feb. la
7% preferred (guar.)
15( Feb.
Holders of ree. Jan. 22
Pepperell Manufacturing
4
Feb. 1 Holders of ree. Jan. 18
6% Preferred (guar.)
Holders of ree. Jan. 22
154 Feb.
Petroleum Royalties Co. (monthly)....... 1
Feb. 1 Holders of rec. Jan. 25
Ingersoll-Rand Co., common (qua:.)
Holders of rec. Feb. 2a Pnlladelphia Insulated Wire
750. Mar.
Feb. 1 Holders of rec. Jan. lis
$2
Interlake Steamship (guar.)
Holders of rec. Mar. 16
$1.50 Apr.
Flstra
50c. Feb. I Holders of rec. Jan. 15a
Internat. Agricul. Corp., prior pref.(qu.) 1.5( Mar,
Holders of rec. Feb. 15a Phillips-Jones Corp.. Prof (guar.)
Feb. 1 Holders of rec Jan. 200
134
Internat. Cigar Machinery (guar.)
Holders of rec. Jan. 22
Feb.
Pick (Albert), Barth & Co., part.pf.(qu.) 435(e. Feb. 15 Jan. 27 to Feb. 14
International Harvester. pref. (guar.)._
15( Mar,
Holders of rec. Feb. 10
Pittsburgh Plate Glass (extra)
$5 Feb. 15 Holders of res. Jan. 31
International Nickel, pref.(guar.)
Holders of rec. Jan. 1Ja Postum Cereal (guar.)
154 Feb.
$1.25 Feb. I Holders of me. Jan. 214
International Paper. corn. (guar.)
50e Feb. 1 Holders of rec. Feb. la Prairie 011 & Gas
50o.
Feb. 28 Holders of rec. Jan. 310
Internat. Shoe, preferred (monthly).Holders of rec. Jan 15
34 Feb.
Prairie Pipe Lim (guar.)
Jan. 81 Holders of rec. Dee. 81.
2
ietertype Corporation (guar.)
25c. Feb. 1 Holders of ree. Jan. 3la Procter & Gamble,
corn. (guar.)
$1.75 Feb. 15 Holders of rec. Jan. 254
Extra
25c. Feb. 1 Holders of rec. Jan. 3Ia Pullman Co.(qua:.)
Feb. 15 Holders of reg. Jan. 31
2
•
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days inclusive.
Miscellaneous (ronctuded)
750. Mar. 1 Holders of rec. Feb. 157
Purity Bakeries, Class A (guar.)
50c. Mar. 1 Holders of rec. Feb. 1.5a
Class B (guar.)(No. 1)
14 Mar. 1 Holders of rec. Feb. 150
Preferred (guar.)
Feb. 1 Jan. 21 to Jan. 31
2
Pyrene Mfg.(guar.)
14 Feb. 28 Holders of rec. Feb. la
Quaker Oats, preferred (guar.)
Feb. 1 *Holders of rec. Jan. 20
Quincy Mkt. Cold Stor. & Whse.,pf.(qu)
50c. Feb. 1 Holders of rec. Jan 21
Reed (C. A.) Company. Class A (gu.)
Reliance Manufacturing. pref. (guar.)._ •1t.i Mar. 1 *Holders of rec. Feb. 18
Mar. 1 Holders of rec. Feb. 15
1
Republic Iron & Steel. corn.(guar.)._
14 Apr. 1 Mar.d14 to Apr. 13
Preferred (guar.)
Reynolds(R.J.) Tobacco. core.& com.B p25 Feb. 15 Holders of rec. Feb. la
25e Feb. 1 Holders of rec. Jan. 5
Richfield 011 of California
15c Feb. 1 Holders of rec. Jan. 5
Extra
$5 Feb. 19 Holders of rec. Feb. 15
Richman Bros.(extra)
el() Feb. 10 Holders of rec. Dec. 22
Stock dividend
Rockland & Roekport Lime. let pref....- 3)4 Feb. 1 Holders of rec. Jan. 15
Feb 1 Holders of rec. Jan. 15
3
Second preferred
500. Mar.21 Mar. 10 to Mar. 21
St. Joseph Lead (guar.)
250. Mar. 21 Mar. 10 to Mar. 21
Extra
50c. June 20 June 10 to June 20
Quarterly
250. June 20 June 10 to June 20
Extra
50e. sent.20 Sept. 10 to Sept.20
Quarterly
250. Sept.20 Sept. 10 to Sept.20
Extra
50c. Dec. 20 Dec. 10 to Dec. 20
Quarterly
250. Dec. 20 Dec. 10 to Dec. 20
Extra
14 Feb. 1 Holders of rec. Jan. 20
St. Lawrence Flour Mills. pref.((PO
14 Feb. 2 Holders of rec. Jan. 22
St. Louis Car Co., pref.(guar.)
Salt Creek Producers Association (guar.)62340. Feb. 1 Holders of rec. Jan. 15a
Savage Arms, first preferred (guar./ - - -. '134 Feb. 15 *Holders of rec. Feb. •
*1 •-r Feb 15 *Holders of ree Feb 1
Second preferred (guar.)
Holders of rec. Jan. 15
$1.50 Feb.
Savannah Sugar, corn. (quer.)
Holders of rec. Jan. 15
50c. Feb.
Common (extra)
Holders of rec. Jan. 15
14 Feb.
Preferred (guar.)
*Holders of rec. Feb. 15
Schulte Retail Stores. coin. (guar.)
'8734c Mar.
*Holders of rec. May 15
'87)4c June
Common (guar.)
Common (guar.)
•8734c Sept. *Holders of rec. Aug. 15
Holders of rec. Nov. 15
Common (guar.)
8734c Dec.
Holders of rec. Jan. 247
14 Feb.
Scott Paper, pref. (guar.)
Holders of rec. Jan. I5a
62340 Feb.
Sears. Roebuck & Co.(quer.)
Holders of rec. Jan. 14a
Beeman Bros.. Inc., common (guar.)._ 60e. Feb.
Holders of rec. Jan. 26a
134 Feb. 1
Shell Union 011, pref. ser. A (guar.)
Sherwin-Williams Co.. corn. (guar.).... 50e. Feb. 1 Holders of rec. Jan. 31
of rec. Jan. 31
Holders
15
Feb.
250.
Common (extra)
14 Mar. 1 Holders of rec. Feb. 157
Preferred (guar.)
14 Feb. 1 Holders M rec. Jan. 15a
Simmons Co., pref.(guar.)
Feb. 15 Holders of rec. Feb. la
2
Sinclair Consul. 011. pref. (guar.)
500. Mar. 15 Holders of rec. Feb. 157
Skelly 011 (guar.)
3 Holders of rec. Jan. 15a
Jan.
$I
Southern Dairies, class A (guar.)
Holders of rec. Feb 10
Mar.
10
Southern Pipe Line. new $50 par stock.
Holders of rec. Feb. 15a
Spalding (A. G.) & Bros., lot pf.(guar.) 14 Mar.
of rec. Feb. 15
Holders
Mar.
2
Second Preferred (guar.)
Holders of rec. Jan. 28
14 Mar.
Standard Oil (Ohio) pref. (guar.)
rec. Jan. 7
of
Holders
Feb.
14
Steel Co. of Canada, corn.& pf.(guar.).
1
Jan. 15 to Feb
$1.26 Feb.
Sterling Products. Inc.(guar.)
Jan. 22 to Jan. 31
14 Feb.
Stover Mfg. & Engine. pref. (guar.)_ _
15
Jan.
rec.
of
Holders
600. Feb. 15
Swift International
Sc. Feb. 1 Jan. 20 to Jan. 31
Took-Hughes Gold Mines
75c. Mar. 31 Holders of rec. Mar. 9a
Texas Company (guar.)
75c. Apr. 1 Holders of rec. Mar. 9a
Texas Corporation (guar.)
Apr. 2 Holders of rec. Mar. 4a
10
Stock dividend
30e. Feb. 1 Holders of rec. Jan. 24a
Thompson (J. R.) Co.(monthly)
Monthly
30e. Mar. 1 Holders of rec. Feb. 230
14 Mar. 1 Holders of rec. Feb. 19a
Thompson Products, pref.(quar.)
Tide Water Associated 011 common..,.., 300. Feb. 1 Holders of rec. Jan.• 15
TideWater Oil, pref. (guar.)
134 Feb. 15 Holders of rec Feb. la
Tobacco Products, class A (guar.)
134 Feb. 15 Holders of rec. Jan. 28a
Troxel Manufacturing, pref. (guar.)- 134 Feb. 1 Holders of rec. Jan. 20
Tung-Sol Lamp Works, corn. (guar.)._ _ 20c. Feb. 1 Holders of rec. Jan. 20
45c. Feb. 1 Holders of rec. Jan. 20
Class A (guar.)
50e. Feb. 10 Holders of rec. Jan. 15
Union 011 Associates (guar.)
47e. Feb. 10 Holders of rec. Jan. 15
Extra
*50e. Feb. 10 'Holders of rec. Jan. 15
Union Oil of Calif. (guar.)
*500. Feb. 10 *Holders of rec. Jan. 15
Extra
•6234c Feb. 10 *Holders of rec. Feb. 1
Union Storage (guar.)
Quarterly
*62.34c May 10 *Holders of rec. May 1
Quarterly
'62340 Aug. 10 *Holders of rec. Aug. 11
*6240 Nov. 10 *Holders of rec.Nov.
Quarterly
Holders of rec. Jan. 15
United Bond dr Share Corp.. panic. pref. 250. Feb.
8734c. Feb. 1 Holders of ree.Jan. 157
United Drug. lot pre!. (guar.)
Feb. 1 Holders of rec. Jan. 6
United Verde Extension Mining (guar.). 75e
U.S. Cast Iron Pipe & Fdy., corn.(qU.)- 24 Mar. 15 Holders of rec. Mar.
Common (guar.)
234 June 15 Holders of rec. June
24 Sept. 15 Holders of rec. Sept.
Common (guar.)
Common (guar.)
23.4 Dec. 15 Holders of rec. Dee.
14 Mar. 15 Holders of rec. Mar.
Preferred (guar.)
14 June 15 Holders of rec. June
Preferred (guar.)
14 Sept. 15 Holders of roe. Sept.
Preferred (guar.)
14 Dec. 15 Holders of rec. Dec.
Preferred (guar.)
$1.25
7ree
Feb. 1 Holders of rec. Jan. 150
Alcohol
U.S. Industrial
Feb. 15 Holders of roe. Jan. 200
United States Rubber, let pref. (quer.). 2
U. S. Steel CorporationSubj. to stockholders' meet. Apr.18
.40
Common (payable In corn, stock)._
14 Feb. I Holders of rec. Jau. loG
Universal Pipe & Radiator. pref (qu.).
May 2 Holders of roe. Apr. 15a
14
Preferred (guar.)
13.4 Aug. 1 Holders of rec. July 15a
Preferred (guar.)
14 Nov. I Holders of roe. (let. 15a
Preferred Bluer.)
75c. Feb. 15 Holders of rec. Feb. la
Vanadium Corporation(guar.)
Holders of rec. Jan. 15a
Vick Chemical (guar.)
8734c Feb.
Holders of rec. Jan. 150
154 Feb.
Vivaudou (V.). Inc., pref.(guar.)
Holders of rec. Feb. 15
75c. Mar.
Wayagamack Pul • & Paper (guar.)
Holders of rec. Jan. 19
Waltke (William) & Co.. pref. (guar.).- 14 Feb.
Holders o rec. Jan. 19
Waltke (William) dr Co.. common
$1.20 Feb.
Holders of rec. Jan. 226
Washburn-Crosby Co.. pref.(guar.). -- 14 Feb.
Holders of rec. Feb. 15a
Mar.
Weber ar Hellbroner. pref.(coat.)
194
Mar.30 *Holders of rec. Mar. 15
Wesson 011 & Snowdrift, corn. (guar.)._ *$1
$1.75 Jan. 3 Holders of rec. Dec. 316
Westinghouse Air Brake (guar.)
Extra
Jan. 3 Holders of rec. Dee. 316
$1
Jan. 3 Holders of tee. Dec. 317
Westinghouse Elec.& Mfg..corn.(Muir) $1
Holders of rec. Mar.20
'Whitaker Paper. pref. (guar.)
14 Apr.
Holders of rec. Jan. 20
Preferred (account accum. dividends)_ h7
Feb.
Holders of rec. Jan. 26
Feb.
White (J. G.) & Co., Inc., corn
6
Holders of rec. Feb. 15
14 Mar.
Preferred (guar.)
Holders of rec. Jan. I90
Feb.
White Sewing Machine, pref (guar.)._ $1
50c. Feb. 10 Holders of rec. Jan. 15
Wilcox (H. F.) Oil & Gas(guar.)
Williams 011-0-Matic Heat. Corp.(qu.). 373.4c Feb. 15 Holders of rec. Feb. 1
Feb. 1 Holders of rect. Jan. 110,,
Woolworth (F.W.) Co..com.(in com.stk. /50
$1 .25 Mar. 1 Holders of rec. Feb. lea
Quarterly
23.4c,Feb. 1 Holders of rec.Jan. 15
Wright-Hargreaves mines (titian)
Extra
1234c. Feb. 1 Holders of rec. Jan. 15
Wrigley (Wm.) Jr. & Co.(monthly)...- 25e. Feb. 1 Holders of rec. Jan. 204
Feb 204
Mar 1 Holder. of
14e
Monthly
•From unofficial sources. t The New York Stock Exchange has ruled that stock
The
notice.
and
date
not
further
this
on
until
ex-dividend
quoted
be
not
will
New York Curb Market Association has ruled that stock will not be quoted ex
dividend on this date and not until further notice.
in stock.
a Transfer books not closed for this dividend. d Correction. e Payable
accumulated
f Payable in common stock. g Payable In scrip. h On account of
stock.
dividends. m Payable In preferred
and
o Less $2 per share to cover legal expenses of extending second mortgage
third and fourth Installments of 1925 income tax.
P Payable In class B stock.
one one-hundredth of a share of corn, stock.
r Tampa Electric stock dividend Is
rate of 4 6-100ths of a share of class A
s Payable either in cash or In stock at the
share of class A for each share of $634 prof.
for each share of $6 pref. and 5-100ths of aW.
Woolworth Co. corn, stock be quoted
F.
rules
Exchange
I New York Stock
ei the stock dividend on Feb. 2.
Is payable in $8 preferred tit the
dividend
stock
common
Sons
&
u Cushman
valuation of $100 for preferred stock. 1927.
v For fifteen months ending Jan. 31 one-fiftieth of a share.
to Brockway motor Truck dividend is
hell,
% of one share of Class A stock for etch share
s At rote of
[Vol,. 124
THE CHRONICLE
612
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Jan. 22. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
I New
Reserve
Capital. Profits. Loans,
Tine Bank
Net
with.
Discount. Cash
Week Ending
De- Circa.
Legal Demand
in
Jan. 22 192r. Nat'l, June 30 Investments, Vault. Deposi- Deposits. posits. lotion
State, Nov 1
tories.
dtc.
(000 omitted.) Tr.Cos. Nov.1
Members of Fed. Res.Bank. Average. Averag Average
$
$
.,
Bank of 4 Y &
502 8,071
75,4
Trust Co_ _ _ _ 4,000 13,354
Bk of Manhat'n 10.700 15,854 173,960 3.201 18,343
77,132 1.141 11,900
6,500 5,286
Bank of Amerlc
National City- 50,000 66,287 689,532 4,561 76,775
Chemical Nat.. 4,500 19,061 139,419 1,371 16.625
742 42,062
Nat Bk of Corn- 25,000 42,479, 366,05
2,479, 23,762
13,500 13,329 220,74
Chat Ph N B&
5511 14,179
Hanover Nat..., 5,000 26,605 122,94
4,813 24.560
Corn Exchange. 10.000 lS,269208,00
805 16,868
National Park..I 10,000 24,319 165,683
59.352 1,6271 5,895
Bowery dr E R.I 3,000 3,524
545 27,436
First National. I 10,000 77,448 298,344
AmExIrvingTi 32,000 28.808 430.179 4,354 51,155
925
125'
7,957
Continental.... 1,000 1,269
Chase National_ 40,000 38,221 563,706 6,529 67,051
752 3,462
Fifth Avenue..
26,323
500 2,985
740
13.167
800
Commonwealth
508 2,891
17,388
1.000 1.830
Garfield Nat'l.
832 15,810,
Seaboard Nat'l. 6,000 11,007 126,122
893 37,032
Bankers Trust. 20,000 35.540 345,331
755 7.578,
59,527
US Mtge & Tr_ 3,000 4,965
Guaranty Trust 25,000 25,202 456,736 1.446 47,990
724 5.374
44,817
4,000 3,235
Fidelity Trust
514 17,980
New York Trust 10,000 21,813. 167.933
447 14,586
Farmers L & Tr 10,000 19,908 140.174
Equitable Trust 30,000 22,907 276,553 1,759 28,877,
Average. Average AVM
59.896 8,742
130,227 24.829
86.351 3,645
*782,520 133,403
127,122 3,035
318,892
167,804 43;667
-108.104
176,051 31.380
128,808 6,619
40,872 18,899
208,527 11,179
383,719 38,682
430
6,375
1'523,011 39,454
26.606
9,691 4,230
565
17,120
120,368 4.364
*303,347 42.047
56,799 4,076
.429,010 71,360
39,717 3,369
133,277 22,284
409,918 18,749
.302,358 31,441
94
346
6:165
- 3,624
1.485
6,404
_2,476
_
_41
_
__
-- _
-___
Total of averages 335,500 541,2545,272.610 42,478588,576 c4,359.958591,318 20.570
Totals, actual condition ,Jan. 225.197,762 43.790 614,925c4,293,055590,863 20,613
Totals, actual colndltion 'Jan. 155,359.821 45,020 606.700c4.434.273 598,94220.386
Totals, actual colnditionl.fan. 85,349,451 49.452 517,656 c4,378.293608,22219.815
State Banks Not Members of Fedi Res's° Bank.
1,938 2,519
25,40
Greenwich Bank 1,0001 2,64
State Bank__ 5,0001 5,761 107.501 4,670 2,594
24,008 2,7811 -39,750 63,463
Total of averages
6,0001 8,40
Totals, actual condition Ran. 22
Totals, actual condition Jan. 1
Totals, actual condition Ran.
132,901
6,60
5,113
63,758 66,244 --
132,649
134,64
134,319
6,608
6,954
7,024
5,070
4,782
5,311
63,519 66,155 -65,336 66,3941 --65,315 66,775'
Trust Comps lea NotiMem re of Fed '1 Res'ye Bank.
37,834
1.730 3,979
62,65
Title Guar & Tr 10,000 19,506
19,200
894 2.053
23,701
Lawyers Trust. 3.0001 3.42
1
965 - 9671
Total of averages 13,000: 22,936
86,3
2.624
6,032
57,034
1,9321
15
Totals, actual condition Ran. 221
Totals, actual condition 'Jan.
Totals, actual co ndltIon!Jan. 81
86,22
87,55
87.273
2,598
2,637
3.006
6,173
6,238
5,960
56,776
59,485
58,543
1,930
1,928
1.891
Gr'd aggr., avec 354,500 572,5975,491,889 51,710599,721 g4,480,750 659,494 20,570
Comparison with prey. week _ _ -09,146-5.123-4,317 -50,315-8.7791 -I- 128
Gr'd aggr., act'tcoilJan. 225.416.635 62.996620.108 4,413,350 658,94820,613
Comparison wit h prey. week _1-175,387-1.615 +8.442 -145,744-8,3161 +227
Gr'd
Gr'd
Gr'd
Geri
Ord
Gr'd
agar., act&cond'n
aggr. acrteons'n
aggr.. sell cond'n
aggr., actleond'n
aggr., acqcond'n
agar., actlcond'n
Jan. 1515,592,022
Jan. 85,571,043
Dec. 3115,771,022
Dec.255,531.52i
Dee. 18.5,428,150
ec 1115,414,521
D.
54.611 617,726
59,482528,917
66,230642,710
76.170 632,916
65.510578,982
59,695 596.498
'20.386
4,559,094 667,264.
4,502,151 676,888119,815
4,693,702851,045,20,545
4,462.828661,81620,518
4.420.609651,23220,468
4.388,535053,939J25,430
1Vole.-tr. S. deposits deducted from net demand deposits in the general totals
above were as follows: Average total Jan. 22, 129,167.000. Actual totals Jan. 22,
$29,167,000: Jan. 15, $29,168.000; Jan. 8. $33,313,000; Dec. 31, 839.680.000;
Dec.25, 139.681.000; Dec. 18, $39,680,000. Bills payable, rediscounts, acceptances
and other liabilities, average for week Jan. 22, 8614.045.000; Jan. 15, $639,126,000;
Jan. 8, $673,392.000; Dec. 31, $688,516,000: Dec. 25, $851.340,000: Dec. 18, $615,714.000. Actual totals Jan. 22, $627,857,000: Jan. IS. $655.189,000; Jan. 8, $596,858.000; Dec. 31, $721,662,000: Dec. 25, 8712,139.000; Dec. 18, $610,740,000.
•Includes deposits In foreign branches not Included In total footings as follows:
National City Bank, $224.114,000; Chase National Bank. $12.602,000; Bankers
Trust Co.. 128.958,000; Guaranty Trust Co., 874.320,000; Farmers' Loan & Trust
Co., $3,326,000; Equitable Trust Co., 193.212,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank, $36,461,000:
Chase National Bank. $1.469.000: Bankers Trust Co., $1,510.000; Guaranty Trust
Co.,
Co.. 15,504.000; Farmers' Loan & Trust Co.. $3,326.000: Equitable Trust
$6,483.000.
included.
not
branches
in
foreign
c Deposits
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.
I
tee
Reserve
Cash
in
Reserve
Os Vault. Depositaries
Members Federal
Reserve Bank_
State banks.
Trust companies....
6,608,000
2,624,000
Averages.
Total
Reserve.
Reserve
Required.
$
$
$
588,576,000 588,576.000 584,534,080
5,113,000 11.721.000 11,476,440
6,032,000 8.656,000 8,555,100
S rplus
R48eIfe,
$
4,041.920
244,560
100 900
9,232.000 599,721,000 608,953,000 604,565,620 4,387.380
Total Jan. 22_
Total Jan. 15..-- 9.709,000 604,038,000 613.747,000 611,460.640 2,2'46.160
Total Jan. 8--- 10,019.000 625.960.000 635,979,000 626.013,950 9.1165.050
- 10.438.000 614.981.000 626.419,000 609,658,050 16,760,950
Total Jan.
• Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank.
Includes also amount of reserve required on net time deposits, which was as follows:
Jan.22,$17,739,540;Jan. 15,817,995,800: Jan.8.118,074.230: Dec :11. $17.527,590:
Dec. 25, 117,546,970; Dec. 18, 817.517.870.
p
JAN. 29 1927.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks*
Trust companies_ _
6,608,000
2.598,000
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
$
614,925,000 614,925,000 575,823,040 39,101,960
5,070,000 11,678,000 11,433,420
244.580
8,173,000 8,771,000 8.516,400
254,600
Total Jan. 22_ _ _ - 9,206,000 626,168,000 635,374,000 595,772,860 39.601,140
Total Jan. 15__. 9,591,000 617,726,000 627,317,000 615,106.980 12.210,020
Total Jan. 8__._ 10,030,000 528.917,000 538,947,000 607,962,000 69,015,900
Total Jan. I__
10,399.000 642,710,000 653,109,000 632.021.870 21.087,130
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Jan.22,317,725,890;Jan. 15,$17,968,260:Jan.8,$18,248,660; Dec.31, 317,456,640:
Dee. 25, $17,784,960; Dec. 18, $17,401,380.
613
BOSTON CLEARING HOUSE MEMBERS.
Jan. 26
1927.
•
Changes from
Previous Week.
Jan. 19
. 1927.
Jan. 12
1927.
$
$
$
$
Capital
69,650,000 Unchanged
69,650.000
69.650.000
Surplus and profits__ _. 92,428,000 Unchanged
92,428.000
92,602,000
Loans, disc'ts & Invest_ 1,016,000,000 Inc. 4,515,000 1,011,485.000 1,013,172,000
Individual deposits_. 680,573,000 Dec. 17,430,000 698,003.000 680,608,000
Due to banks
142,626,000 Dec. 5,904,000 148.530,000 147,318.000
Time deposits
233,595,000 Inc. 1,337,000 232.258.000 233,188,000
United States deposits_
13,002,000 Dec.
4,000
13.006.000
14,345.000
Exchanges for erg H'Se
31,143,000 Dec. 10,328,000
41,471,000
35.019.000
Due from other banks
77,133,000 Dec. 12,439,000
89,572,000
86.175,000
Res've In legal depos'i
81,204,000 Dec. 457,000
81.661,000
81.275,000
Cash In bank
10,971,000 Dec.
49,000
11,020.000
11,789.000
Reeve excess in F.R.Bk
350,000
712.000 Inc.
362,000
970.000
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.-The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows: return for the week ending Jan. 22, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding, is given below. Reserve
NEW YORK: NOT INCLUDED IN CLEARING HOUSE STATEMENT.
requirements for members of the Federal Reserve System
(Figures Furnished by State Banking Department.)
Differences from are 10% on demand deposits and 3% on time deposits, a11
Jan. 22.
Previous Week. to be kept with the Federal Reserve Bank. "Cash in vaults"
Loans and investments
$1,263,686,500 Inc. $5,043,600
Gold
4,857.000 Dec. 356,700 is not a part of legal reserve. For trust companies not
Currency notes
24,526,200 Dec. 4,694,400
Deposits with Federal Reserve Bank of New York
104.757,500 Dec. 3,507.100 members of the Federal Reserve System the reserve required
Total deposits
1,320,314,500 Dec. 18,922,800 is 10% on demand deposits and
includes "Reserve with
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust comlegal depositaries" and "Cash in vaults."
panies in N.Y.City,exchange, and U.S.deposIts.1,243,852,300
Reserve on deposits
Percentage of reserves. 20.4%.
Cash in vault
Deposits in banks and trust cos__
175,839,400
Dec. 14,390,900
Dec. 11.583,00)
We.k Ended Jan 22 1927
RESERVE.
State Banks
$40,140,300 16.92%
12,954,500 5.46%
-Trust CompaniesS94.000,400 15.14%
28.774.200
4.63%
Total
853,094,800 22.38%
5122.774,600 19.77%
•Includes deposits with the Federal Reserve Bank of New York,
which for the
State banks and trust companies combined on Jan. 22 was
$104,757,500.
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.
Wee Ended-Sept.25
Oat. 2
Oat. 9
Oat. 16
Oat. 23
Oat. 30
Nov. 6
Nov.13
Nov.20
Nov.27
Dee. 4
Dec. 11
Dec. 18
Dec. 25
Dec. 31
Jan. 8
Jan. 15
Jan. 22
•
Reserve in
Depositaries.
Loans and
Investments.
Demand
Deposits.
Total Cash
in Vaults.
$
6,616,162,700
6,683,007,800
6,668,046.700
6,617,799.100
6,559.420,600
6,553,253,200
6,615,890.200
6,553,162,600
6,570,297,600
6,599,992,200
6,689,295,600
6,667,713.300
6,664,332,100
6,713,433,300
6,837.671.900
6,954,175.000
6,819,657,900
6756566m0
$
5,576,966.700
5.662,751,200
5,660,177.400
5.628,365,000
5,542,973,000
5,539,644,900
5,562,041,000
5,511.751.000
5,551,891,300
5,556,678,300
5,716,914,900
5,586.288,800
5.630.977.800
5,636,517,700
5.741.187.400
5,898.416,700
5,789,308,200
ARAI 054 gnn
8
83.168,800
84,153,500
85.684,200
89,206.200
84,662,600
86,186,300
86,272,300
87,381,300
84.480.000
864.684,000
76,615,500
88,536,500
96.557.700
105,590,700
95.908.300
91,552,900
91.267.300
RI nos nnn
s
718,452,500
733,798,400
730,174,600
719,799.100
722,780.700
717,062,800
723,552,600
721.151,800
724,021.000
728,368,600
734,203.700
726,827,700
738.221,800
734,688,400
761,848,70C
786,239,701
757.056,100
Ina on,,on,
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, that is, three ciphers (000] omitted.)
Loans,
CLEARING
DisNON-MEMBERS Capital. Net
counts,
Profits. InvestWeek Ending
ments,
Jan. 22 1927.
etc.
Members of
Fed'I Res've Bank.
Grace Nat Bank__
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. Hui_
Colonial Bank
Total
Trust Company.
Not Member of the
Federal Reserve Bank.
Mech.Tr.. Bayonne
1,000
1,950
14,509
1,
1.950
14,509
Reserve
Cash
with
Net
Net
in
Legal Daman
Time
Vault. Deport- Deposits Deposits.
tortes.
Average. Average. Average Average
8
39
1,156
7,721
3,803
39
1,156
7,721
3.803
3.052
5.600
35.527
8.852
400
1,200
1,028
3,305
9,7211
34,000
7971
3,600
1
404
6,727
1,750 28,800
1.600
4.334
43,721
4,397
2.154
500
Total
or'd aggr., Jan. 22 3,100
Comparison with p ev. week
6:0
9,404
4571
204
4,08
5,861
610
9,404
4571
204
4,087
5.861
6,945
67,634
-713
4,893
-2
3,514 a47,335
+39 -874
18,316
+143
Gr'd seer.. Jan. 15
3,100
6,045 68,347
4,92
3,475 a48.009 18,173
Ged aggr., Jan. 8
3,100
6,828 66,833
4,84
3,606 a47.349 18,188
Or'd eggs.. Dec. 31
3,100
6,828 66,692
3,414 a45,767 18,000
4.823
Gr'd seer.. Dec. 24
3.100
6,828 66,163
5,042
3,403 845,471 17,773
&United Staters deposits deducted, $22,000.
Bills Payable, rediscounts, acceptances. and other liabilities, $3.314,000.
Excess reserve. $118,840 Increase.
Two Ciphers MO.
omitted.
Capital
Surplus and profits
Loans, clIsc'ts & investm'ts
Exchanges for Clear.Houee
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Reeve with legal deposits_
Reserve with F. It. Bank_
Cash in vault •
Total reserve &cash held_ Reserve required
Excess res. & cash in vault
Ilembersol Trust
F.R.System Companies
$50,225,0
152,972,0
951,691.0
36.890,0
104,736,01
138.599,0
640.564,0'
155,228,0
934,391,01
70,527,0
•9.439,0
79,966,0
70,161.0
9.805,0
$5,000,0
17,812,0
46.661.0
278.0
15,0
899,0
26,273,0
2,282,0
29,454,0
3,591,0
1,396,0
4.987,0
4,145,0
842,0
1927
Total
Jan 15
1927
Jan. 8
1927
$55,225,0 $55,225.0 $55,225,0
170,784,0 170,784,0 170.220,0
998,352,0 1007,306.0 1010,816,0
37,168,0
. .
104,751,0 104.064,0 117,775,0
139,498,0 141,972,0 144,164,0
666,837,0 674.391,0 678,716,0
157,510,0 159,691,0 162,056,0
663,845.0 976.054,0 984,936,0
3,591,0
3.470.0
3.652,0
70,527.0 71,885,0 70,865,0
10.835,0 11,583.0 11,858.0
84,953,0 86,938,0 86.375.0
74,306,0 75,296,0 74,928,0
10,647,0 11.642.0 11,447,0
•Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Jan. 26 1926 in
comparison with the previous week and the corresponding
date last year:
Jan. 26 1927. Jan. 19 1927. Jan. 27 1926.
R4SOUITES-Gold with Federal Reserve Agent
427,658,000 377,791,000 439,750,000
Gold redemp. fund with U. S. Treasury9,283,000
11,077,000
8,083,000
Onld held exclusively agst. F.R.notes_ 436,941,000
Gold settlement fund with F. R. Board.. 111,637,000
Gold and gold certificates held by bank
524,205,000
388,868,000
148,947,000
519.390,000
447,833,000
192,512,000
375,358,000
Total gold reserves
Reserves other than gold
1,072,783,000 1,057,205,000 1,015,703,000
32,960,000
31,531,000
39,224,000
Total reserves
Non-reserve rash
Bills discountedSecured by U.S. Govt. obligations
Other blUs discounted
1 105,743,000 1,088,736,000 1,054.927,000
25,268,060
24,800,000
27,598,000
41,628,000
18,564,000
47,288,000
41,732,000
85,976,000
19,820,000
Total bills discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates of Indebtedness
60,192,000
59,852,000
89,020,000
90,595,000
105,796,000
26,485,000
1,892,000
12,557,000
39.669,000
6,330.000
16,110,000
41,233,000
1,934,000
39,633,000
11,182,000
Total U.S. Government securities__
Foreign loans on gold
54,118,000
63,673.000
51.749,000
1,755,000
Total bills and securities (See Note)
174.162,000
243,288.000
186,785,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
657,000
159,121,000
16.276,000
1,974,000
657.000
176,594,000
16,276,000
1.683,000
642,000
145,319,000
16,666,000
4,384,000
Total resources
1 483,201,000 1,552,034,000 1,436,321,000
LiabilitiesFed'I Reserve notes In actual circulation. 395,571,000
Deposits-Member bank, reserve encl._ 830,699,000 394,145,000 360,393.000
882,386,000 839,680,000
Government
4,437.000
4,540,000
10,764,000
Foreign Rank (See Note)
1,845,000
2.057,000
3,205,000
Other deposits
10,498,000
15.538,000
8,447.000
Total deposits
847.479,000 910,745,000 855,872,000
Deferred availability items
139.333,000 148,393,000 124,692,000
Capital paid in
36,966,000
33.215,000
36,966.000
Surplus
61,614,000
59,964,000
61,614,000
All other liabilities
2.238,000
2,185,000
2,171,000
Total liabilities
1 483,201.000 1.552.034,000 1.436,321,000
Ratio of total reserves to deposit and
Fed) Res've note liabilities combined_
89.0%
86.7%
83.4%
Contingent liability on bills purchased
tor foreign correspondence
26,322,000
24,954,000
22,898,000
NOTE.-Beginning with the statement of Oct. 7 1925, two new Items were added
In order to show separately the amount
of balances held abroad and amounts due to
foreign correspondents. In addition, the caption. "All
other earning assets." previously made of Federal intermediate credit bank debentures,
was changed to "Other
securities." and the caption "Total earning assets" to "Total bulls and securities."
The latter term was adopted as a more accurate description of the total
of the dlecounts, acceptances and securities acquired under the provisions of
Sections
and 16
o: the Federal Reserve Act, which, It was stated, are the only itemsIncluded 13
therein.
[Vol.. 124.
THE CHRONICLE
614
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Jan. 27, 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 rpsources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 584 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JANUARY 26 1927.
Jan. 26 1927. Jan. 19 1927. Jan. 12 1927. Jan. 5 1927. Dec. 29 1926. Dec. 22 1926. Dec. 15 1926. Dec. 8 1926. Jan. 27 1926.
$
$
$
$
$
8
$
$
$
RESOURCES.
1,601,114.000 1,575,495,000 1.523,670,000 1,419,755,000 1,369,124.000 1,376,776,000 1,435,352,000 1.348,339,000 1,511,514,000
Gold with Federal Reserve agents
58,314,000
49,604,000
65,407,000
56,229,000
65,712,000
67,927,000
50,318,000
52,633,000
51,921,000
Gold redemption fund with U. S. Treas.
Gold held exclusively agst. F. R. notes 1,653,035,000 1,628,128,000 1,573,988,000 1,487,682,000 1,434,836,000 1,442,183,000 1,491,581,000 1,406,653,000 1,561,118,000
507,931,000 503,513,000 555,673.000 637,805,000 658,330,000 657,023,000 622,656,000 731,402,000 578,327,000
Gold settlement fund with F.II, Board
Gold and gold certificates held by banks. 805,824,000 804,294,000 786,382,000 729,956,000 721.645,000 704,074,000 716.480.000 690,338,000 661,709,000
Total gold reserves
Reserves other than gold
2,966,700,000 2,935,935,000 2.916.043,000 2,855,443,000 2,814,811.000 2,803,280,000 2,830,717,000 2,828,393,000 2,801,154,000
166,072,000 159,566,000 155,054,000 142,816,000 129,404,000 106,985,000 121,331,000 121,060.000 152,053,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,132,862,000 3,095,501,0003.071.097,000 2,998,259.000 2,944,215,000 2,910,265,000 2,952,048,0002,949.453,050 2,953,207,000
81,250,000
51,007,000
48,920,000
47.073,000
68,348,000
81,808,000
76,180,000
81,174,000
79,109,000
189,939,000
175,218,000
201,611,000
214,448,000
254.077,000
236,401,000
360,532,000
272,950,000
383.388,000
327,543,000
422,397,000
293,027,000
321.981.000
240,326,000
348,334.000
256,392.000
258,227,000
190,330,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
365,157,000
301,827,000
416,059,000
337,360,000
490,478,000
338,142,000
633,482,000
388,837,000
710,931,000
378,798,000
715,424,000
387,593,000
562,307,000
384.125,000
604,726,000
390.989,000
448,557,000
295,417,000
51,327,000
93,395,000
158,043,000
55,463,000
97,774,000
159,505,000
52,992,000
93,606,000
164,453,000
54,108,000
93.659,000
166,106,000
47,525,000
86,279,000
183.400,000
46,858,000
89,844,000
177,704,000
46,428,000
82.216,000
349,595,000
56.436,000
118,214,000
148,933,000
59,733,000
182,873,000
122,457,000
Total U. S. Government securities
Other securities (see note)
Foreign loans on gold
302,765,000
2,500,000
312,742,000
2,500,000
311,051,000
3,500,000
313,873,000
3,621,000
317,204,000
2.596.000
314,406,000
2,596,000
478,239,000
2,564.000
323.583,000
2,563,000
365,063,000
3,150,000
6,500,000
Total bills and securities (see note).Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
972,249,000 1,068,661,000 1,143,171,000 1.339,813,000 1,409,529,000 1,420,019,000 1.427,235,000 1.321,861,000 1,118,687,000
642,000
651,000
650,000
650,000
651,000
657,000
657,000
657,000
657,000
627,766,000 722,746,000 706,362,000 814,912.000 728,043,000 785,171,000 894,699.000 669.517,000 635,749,000
60,271,000
60,148,000
59,323,000
60,1°,5,000
60,273,000
58,168,000
58,131,000
58,231,000
58,258,000
13,91.000
13,154,000
17,071,000
15,710,000
13,074,000
12.302,000
12,108,000
12,053,000
12,189,000
4,883,090,000 5,039,023,000 5,073,371,000 5.300,254,000 5,224,133.000 5,236,603,000 5.399,706,000 5,066.237.000 4,865,929,000
Total resources
LIABILITIES.
F. R. notes In actual circulation
DepositsMember banks-reserve account
Government
Foreign banks (see note)
Other deposits
1,C88.485,000 1,709,919,000 1,750,464,000 1.812,698,000 1,8.57.015,000 1.913.960,000 1.840.132,000 1,803.787,000 1,667,266,000
2,191.753,5002.243,429,000 2,273,647,000 2,351,953,000 2,264,144.000 2,218,095,000 2.353,883,000 2,230,971,000 2,216,882,000
6,170,000
67,848,000
25,798.000
28,935,000
38,579,000
6,451,000
22,989,000
36,238,000
28,999,000
6,204,000
5,506,000
13,459,000
8,796,000
25,882,000
25,308.000
5,632,000
5,699,000
5,487,000
26,223,000
16,513.000
18,361,000
17,623,000
17.133,000
25,657.000
21,571.000
32,429,000
19,072,000
2,245,311,000 2,317,795,000 2,323,839,000 2,409.369.000 2,345,738,000 2,307,962,000 2,392.480,000 2,288,589,000 2,272,236,000
584,540,000 646,976,000 635,148,000 714,682.000 650,096,000 644,012,000 797,018.000 604,185,000 576,385,000
125,523,000 125,480,000 125,066,000 125.011,000 124,824,000 124,763,000 124,752,000 124,734,000 118,251,000
228,775,000 228,775,000 228,775,000 228.775.000 220,310,000 220,310.000 220.310,000 220,310,000 220,310,000
25.014.000
24,632,000
25,596,000
11,481,000
26.150,000
9,719,000
10,079,000
10,078,000
10,456,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
4,883,090,000 5,039,023,000 5,073,371,000 5,300,254,000 5,224,133,000 5,236,603,000 5,399,706,000 5,066,237,000 4,865,929,000
Total liabilities
Ratio of gold reserves to deposit and
66.9%
69.1%
67.2%
71.1%
66.9%
71.6%
67.6%
F. R. note liabilities combined
72.9%
75.4%
'
Ratio of total reserves to deposit and
69.7%
72.1%
68.9%
75.0%
70.1%
71.0%
75.4%
F. R. note liabilities combined
79.6%
76.9%
Contingent liability on bills purchased
50,491,000
52,437,000
48,837,000
83,647,000
65,857,000
60,718,000
86.273,000
90,382,000
for foreign correspondents.___
94,674,000
Distribution by Maturities-$
1-15 days bills bought in open market_ 123,999,000
1-15 days bills discounted
266,642,000
1-15 days U. S. certif. of indebtedness
1-15 days municipal warrants
16-30 days bills bought in open market
72.313,000
16-30 days bills discounted
25,209,000
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
31-60 days bills bought In open market81.778,000
31-60 days bills discounted
41,069,000
31-60 days U. S. certif. of Indebtedness
31-60 days municipal warrants
17.618,000
61-90 days bills bought In open market61-90 days bills discounted
• 22,479,000
81-90 days U. S. certif. of Indebtedness
61-90 days municipal warrants
6,119.000
Over 90 days bills bought in open market
9,668.000
Over 90 days bills discounted
158,043,000
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
$
155.744,000
575,544,000
4.500,000
$
157,087,000
583.639,000
100,000
$
142,583,000
446,952,000
183.000.000
8
150,949,000
483,009,000
32,041,000
$
86,940,000
332,309,000
76,818,000
38,865.000
80,459,000
37,193,000
77,340,000
39,153,000
72,986,000
37,705.000
55,640,000
31.428,000
98,299,000
47,635,000
96,000
90.963,000
49,876.000
96,000
86,642,000
52,688.000
97,685,000
42,924,000
105,149,000
48,069,000
90,439,000
48,595,000
27,344,000
24,270,000
10,000
36,144,000
27.090,000
49,382,000
37.232.000
56,469,060
33,150,000
20,000
64.000
59,468,000
26,096,000
1.000
63,000
54,301,000
26,172,000
52,939,000
26,772,000
6,785,000
9,835,000
158,777,000
6,032,000
10,520,000
158,246,000
5,891.000
9,414,000
178,900,000
6,936,000
8,754,000
177,584,000
7,049,000
7,182,000
161,594.000
7,604,000
9,771,000
116.892,000
9,459,000
9,453,000
122,457,000
$
147,001,000
310,773,000
1.564,000
$
130,158,000
382,115,000
5,676,000
71,170,000
21,613,000
78.201,000
28,768,000
$
170.212,000
517,727,000
7,860,000
111,060
78,150,000
39,510.000
90,754,000
43,411,000
95,654,000
45,490,000
21,060,000
24,448,000
7,375,000
9,814,000
157,941,000
2,967,911.000 2,983,478,000 3,002,781,000 3.023,052,0003.039.590,000 3,022,190,000 2.994,086.000 2.953,343,000 2,898,753,000
855,743,000 820,473,000 792,378,000 770,918,000 774.815,000 755,030.000 805,711,000 795.801,000 850,030,000
Issued to Federal Reserve Banks.-- 2,112.168,0002,163.005,000 2,210.403,000 2,252,134,000 2.264,775,000 2,267,160,000 2,188,375.000 2,157.542,000 2,048,723,000
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
••••-•-•
321,246,000 306,280,000 306,281,000 306.096,000 306,095,000 306,151,000 306,274,000 306.453.000 309,121,000
95,989,000
102,401,000 105,659,000 106,287,000 111,071.000 109.052,000 111.978,000 104.828,000 109,610,000
1,177,467,000 1,163,556,000 1.111,102.000 1,002,588.000 953.977.000 958,647,000 1.024,250,000 932,276,000 1,106,404,000
651,717,000 733,266,000 812,610,000 996,817.000 1.058,364.000 1,066,858,000 919,193,000 975.741,000 692,387.000
....- .-„.... ....,.., ,.. gark0 noi nnn 7 995 75A AM 9 41. 579 Ann 9497 4512 AM 9 44n 514 nnn 2 354 545 000 2.324.080.006 2.203,901.005
NOTE.-Beginning with the statement of Oct. 7 1925, two new items were added in order to show separately the amount of balances held abroad and amounts due
to foreign correspondents. In addition, the caption, "All other earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption," "Total earning assets" to "Total bills and securities.' The latter item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 26 1927.
Two ciphers (00) Omitted.
Federal Reserve Bank of-
Boston.
New York,
Phila.
Cleveland. Richmond Atlanta, Chicago, St. Louis. Minneap. Kan. City Dallas. San Fran
Total.
RESOURCES.
$
Gold:with Federal Reserve Agents 130,515,0
Gold red'n fund with U.S. Tress_
5,523,0
$
3
3
$
$
$
$
$
$
$
$
$
427,658,0 113,974,0 165,099.0 67,001,0 143,074.0 177,715,0 31,902,0 60,689,0 60,798,0 35.271,0 187,418,0 1,601,114,0
51,921.0
9,283,0 11.604,0 7.808,0 1,540.0 2,124,0 4,834,0 1,533,0 2,012,0 1,768,0 1,216,0 2,676,0
Gold held excl. agst. F.R. notes 136,038,0
Gold settle't fund with F.R.Board 28,397,0
Gold and gold certificates
36,580,0
436,941,0 125,578,0 172,907,0 68,541,0 145,198,0 182,549,0 33,435,0 62,701,0 62,566,0 36.487,0 190,094.0 1,653,0350
'
0
111,637,0 36,090.0 53,567,0 19,819,0 25,159,0 121.885,0 23,252,0 13,882,0 30,274,0 16,578,0 27,391,0 507,931
624,205,0 28.982,0 50,116,0 13,452,0 4.717.0 64,090,0 16,993,0 6,733,0 7,604,0 .8,469,0 43,883,0 805,824:0
Total gold reserves
Reserves other than gold
100,444,0 61,543,0 261,368,0 2,966,7900
201,015,0 1,072,783,0 190,650,0 276,590,0 101,812,0 175,074,0 368,524,0 73,680,0 83,316,0 6,087,0 8,434,0
0,077,0 166,072:0
32,960,0 7,658,0 11,362,0 11,577,0 13,233,0 27,316,0 17,565,0 4,080,0
16,723,0
106,531,0 69,968,0 270,445,0 3,132,8820
217,738,0 1,105.743,0 198,308,0 287,952,0 113,389,0 188,307,0 395,840,0 91,245,0 87,396,0
79,109:0
25,268,0 1.812,0 4,635,0 7,742,0 5,026,0 10,095,0 5,291.0 1,280,0 2,609,0 2,847,0 4,129,0
8,375,0
Total reserves
Non-reserve cash
Bills discounted:
Sec. by U. S. Govt. obligations 10,222.0
13,097,0
Other bills discounted
23,319,0
Total bills discounted
Bills bought in open market. _ _ _ 41,476,0
U. S. Government securities:
641,0
Bonds
2,425,0
Treasury notes
Certificates of Indebtedness- 6,590,0
Total U. S. Govt. securities --
a seen
945,0 12.582,0
3,168,0 18,978,0
189,9390
175,218:0
60,192,0 36.185.0 51,185,0 21,232,0 28,071,0 82,635,0 12,388,0 4,297,0 10,988,0 4,113,0 31,560,0
59,852,0 26,096,0 27,903,0 11,927,0 16,617,0 40,995,0 10,301,0 10,585,0 16,282,0 13,288,0 26,505,0
365 157 0
301,827.0
598,0 50,059,0
41,628,0 22,957,0 33,280,0 5,805,0
18,564,0 12,228,0 17,905,0 15,427,0 27,473,0 32,576,0
7,658,0
4,722,0
429,0
3,868,0
3,776,0
7,212,0
1,891,0
634,0 1,301,0
12,558,0 15,543,0 18,683,0
39,669,0 3,751,0 15,359,0
1,251,0
1,436,0
4,373,0
238,0 20,469,0 2,636,0
1,557,0 6,723,0 7,455,0
2,0 19,844,0 10,674,0
7,659,0 8,372,0 5,850,0
385,0
2,122,0 4,707,0 4,395,0 15,791,0
6,710,0 14,489,0 13,885,0 22,697,0
51 327,0
93:395.0
158.043.0
so 115 n 10 0250 35.343.11
7 060 0
1 7970 47.036.0 20.765.0 16.491.0 27.566.0 24.130,0 38,873.0
302.755.0
JAN. 29 1927.]
RESOURCES (Concluded)Two ciphers (00) omitted.
THE CHRONICLE
Boston.
New York.
$
5
$
2,000.0
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
Phila.
615
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
$
$
$
$
$
$
500,0
3
$
$
$
2,500,0
174,162,0 83,209,0 114,431,0 40,219,0 46,485,0 170,666,0 43,446,0 31,873,0 54,838,0 41,531,0 96,938,0
657,0
159.121,0 53,144,0 62,750,0 54,970,0 29,178,0 74,889.0 28.832,0 11,757,0 36,164,0 23,926,0 35,820,0
16,276,0
1,709,0 7,119,0 2,136,0 2,864,0 7,842,0 3,957,0 2,774,0 4,459,11 1,752,0 3,424.0
334,0 1,013,0
1,974,0
277,0
748,0 2.683,0
419,0 1,142,0
550,0
820,0 2,034.0
74,451,0
57,215,0
3,946,0
195,0
Total.
972,249,0
657,0
627,766,0
58,258,0
12.189,0
361,920,0 1,483,201,0 338,516,0 477,900,0 218,733,0 272,608,0 662,015,0 173,591,0 137,114,0 205,151,0 140.443,0 411,898,0 4,883,090,0
Total resources
LIABILITIES.
F. It. notes in actual circulation_ 129,866,0 395,571,0 119,353,0 201,188,0 75,208,0 157,191,0 216,873,0 45,905,0 64,344,0 68,400,0 43,459,0 171,127,0 1,688,485,0
Deposits:
Member bank-reserve aec't 146,469,0 830,699,0 133,489.0 178.497,0 69,130,0 69,194,0 319,403,0 79,681,0 49.596,0 88,592,0 57,223,0 169,780,0 2,191,753,0
2,090,0
4,437,0
Government
1,120,0
771,0 3,794,0 2,583,0 6,114,0 1,661,0 1,283,0 1,363,0 1,001,0 2,782,0
28,999,0
378,0
464,0
1,845,0
Foreign bank
262.0
534,0
206,0
151,0
217,0
695,0
186,0
176,0
353,0
5,487,0
10,498,0
194,0
192,0 1,122,0
94,0
Other deposits
847,0
91,0
172,0
407,0
43,0 5,321,0
91,0
19,072,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
149,131,0
56.170,0
8,800,0
17,606,0
347,0
847,479,0 135,285,0 180,924,0 73,280,0 72,074,0 327,059,0 81,966,0 51,202,0 90,232,0 58,443,0 178.236,0 2,245,311.0
139,333,0 49,736,0 57.168,0 51,221,0 28,265.0 67,113,0 29,707,0 10,038,0 32,775,0 25,598.0 37,416,0 584,540,0
36,966,0 12,584,0 13,773,0 6,107,0 5,016,0 16,787,0 5,294,0 3.048,0 4,195.0 4,306.0 8,647,0 125,523,0
61,614,0 21,267,0 23,746,0 12,198,0 9,632,0 31,881,0 9.939,0 7,527,0 9,029,0 8,215,0 16,121,0 228,775,0
2,238,0
291,0 1,101,0
719,0
430,0 2,302,0
520,0
955.0
780,0
422,0
351,0
10,456,0
361.920,0 1,483,201.0 338,516.0 477,900,0 218,733,0 272,608,0 662,015,0 173,591,0 137.114,0 205,151,0 140,443,0 411,898,0 4,883,090.0
Total liabilities
Memoranda.
78.0
Reserve ratio (per cent)
89.0
77.9
75.4
76.4
82.1
71.4
72.8
75.6
68.7
67.2
77.4
79.6
Contingent liability on bills pur
7,090,0
26,322,0 9,076,0 10,021,0 4,916,0 3,876.0 13,047,0 4,065,0 2,836,0 3,498,0 3,309,0 6,618,0
chased for foreign correspond't
94,674,0
F. It. notes on hand (notes rec.
from F. It. Agent less notes It
39.336.0 120.441.0 48.621.0 28.964.0 20.962.0 28.605.0 50.916.0 4.992.0 5.979.0 15.425,0 7,947,0 51,295.0 423.683.0
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JAN. 26 1927.
Federal Reserve Agent at-
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
Total.
$
(Two ciphers (00) omitted.)
F.R.notes reed from Comptroller 257,402,0
F.R.notes held by F. It. Agent__ 88,200,0
$
$
$
$
$
5
$
$
3
$
$
S
804,092,0 201,474,0 284,092.0 121,624,0 248,956,0 435,589,0 71,597.0 89,875,0 112,135,0 69.153,0 271,922,0 2,967,911,0
288,080,0 33,500,0 53,940,0 25,454,0 62,960,0 167,800,0 20.700,0 19,552,0 28,310,0 17.747,0 49,500,0 855.743,0
5'.R.notes issued to F. R. Bank 169,202,0
Collateral held as security for
F. R. notes issued to F. It. Bk.:
Gold and gold certificates_ __ 35,300.0
11,215,0
Gold redemption fund
84,000,0
Gold fund-F.It. Board _
Eligible paper
64.795,0
516,012,0 167,974,0 230,152,0 96,170,0 185,996,0 267,789,0 50.897,0 70,323,0 83,825,0 51,406.0 222,422.0 2,112,168,0
.
Total collateral
195.310.0
183,664,0
8,780,0 28,805,0 15,397,0
7,450,0 13,507,0
18,343,0 10,000,0 321,246,0
22,994,0 12,097,0 11,319,0 5,196,0 6,677,0 2.715.0 3.152,0
1,182,0 4,938,0 3,928,0 16,988,0 102,401,0
221,000,0 101,877,0 145,000,0 33,000,0 121,000,0 175,000.0 21,300,0 46,000,0 55,860,0 13,000,0 160,430,0 1,177,467,0
110,472,0 58.803.0 78.078,0 32.254,0 44,389,0 123,385,0 22.554,0 14,616,0 27,197,0 17,336,0 57,838.0 651,717,0
1136.130.0 172.777.01243.177.0 99.255.0 187.463.0 301.100.0 54,456,0 75.305,0 87,995,0 52,607,0 245.256.0 2.252.831.0
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 682 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 585.
I. Data for all reporting member banks in each Federal Reserve District at close of business JANUARY 19 1927. (Three ciphers (000) omitted.)
Federal Reserve District.
Boston. New York
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and discounts_
37
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap Kan. City Dallas. San Fran.
92
50
74
67
S
$
45,009
8,933
344,557 2,299,728
631,682 2,827,753
$
10.471
429,593
376,804
$
21.483
553,541
786,061
985,172 5,172,490
816,868 1,361,085
135,056 933,113
253,289 1,209,385
89,199
272,563
260,280
359,393
388,345 2,142,498
361,762
619,673
133,604
Total loans and investments__ _ 1,373,517 7,314,988 1.178,630 1,980,758
Reserve balances with F. It. Bank__
90,417 773,832
87,208 125,223
Cash In vault
21,282
73,095
15,552
30,924
Net demand deposits
910.028 5,641,405 794,295 1,015,856
Time deposits
423,147 1,362,397 251,505 818,910
Government deposits
12,272
36,206
17.036
9,610
Bills pay. & redis. with F. R. Bk.:
Secured by U.S.Gov't obligations
726
35,461
7,185
22,889
All other
5,165
33,570
3,171
17,691
652,453
41,077
14,450
392,498
212,143
3,443
Total loans and discounts
Investments:
U. S. Government securities
Otber bonds, stocks and securities
Total investments
Total borrowings from F.R.Bank
Bankers' balances of reporting member banks in F. R. Bank cities:
Due to banks
Due front banks
5,891
69,031
10,356
136,786 1.071,573
45,138
99,055
171,575
53.715
Total.
97
31
24
66
46
$
4,679
151,103
363,067
$
3
19,158
5,519
108,452 863,987
390.895 1,265,971
$
5,922
189,449
309,171
$
3,348
76,654
162,774
S
4,258
116,554
308,381
$
2.265
72,345
240,877
518,849
504.866 2.149,116
504,542
242,776
429,193
316,487 1,282,533 14,283,977
36,614
59,327
278,732
448,778
65,723
121,916
63,928
48,580
103,013
95,381
95,941
727,510
187,639
112,508
198,394
600,807 2,876,626
43,681 244,433
47,270
10,933
344.668 1,746,133
225,526 1,052,603
11,645
7.614
692,181
47,087
7,750
409,161
226,375
3,082
355,284
25.283
5,665
211,180
126,350
628
627,587
53,331
12,521
502,994
152.276
1,697
65,210
68,394
35
63
682
S
S
6,029
137,074
317.031 5,523,994
959,473 8.622,909
48,712
23,482
251,752 2,331,332
230,970 3,191,458
72,194
482,722 5,522,790
388,681 1,765,255 19,806,767
29,847 110,150 1,671,569
10,247
21,870
271,559
271,749 500.39113,040.358
102.986 916,039 5,870,257
3,997
12,297
119,527
1,869
4,348
7
14,263
39,866
21,591
2,969
3,347
1,175
3,032
1,611
1,412
2,244
10,691
13,464
126.107
121,640
40,580
6,217
14,270
61,457
6,316
1,175
4,643
.3.656
24,155
247,747
48,226
24.491
31,530
18.962
19.202
15.206
367,062
144.684
97,849
34.536
51,949
17.719
100,867
43.564
31,342
26.861
103.821 2,231,782
.51.039
575 2111
2. Data of reporting member banks in New York City, Chicago, and for the whole country.
All Reporting Member Banks.
Reporting Member Banks in N. Y, City.
Reporting Member Banks in Chicago.
Jan. 19 1927. Jan. 12 1927. Jan. 20 1926. Jan, 19 1927, Jan. 12 1927. Jan. 20
1926. Jan. 19 1927. Jan. 12 1927. Jan. 20 1926.
Number of reporting banks
682
683
718
54
54
61
Loans and discounts, gross:
S
s
$
S
$
$
137,074,000
Secured by U.S. Gov't obligations
154,193,000
161,288,000
42,050,000
59,796,000
49,909,000
Secured by stocks and bonds
5,523,994,000 5.591,023,000 5,556,865,000 1,994.245,000 2,060,493,000 2,229,780,000
8,622,909,000 8,673.529,000 8,305.382.000 2.475,645,000 2,509,400,000
All other loans and discounts
2,249.368,000
45
$
13,510,000
647,302,000
700,709,000
45
S
12,703,000
647,211,000
708,129,000
46
$
16,733,000
616,776,000
688,003,000
14,283,977,000 14,418,745,000 14,023,535,000 4.511,940,000 4,629,689,000
Total loans and discounts
4,529,057,000 1.361,521,000 1,368,043,000 1,321,512,000
Investments
2,331,332,000 2,309,660,000 2,528,356,000 843,800,000 842,693,000
U. S. Government securities
Other bonds, stocks and securities_ 3,191,458,000 3,233,308,000 2,916,824,000 894,879,000 921,818,000 917,816,000 146.638,000 146,310,000 173,017,000
794,166,000 209,108,000 210,232,000 193,449,000
Total investments
5,522,790,000 5,542,968,000 5,445,180,000 1,738,679,000 1,764,511,000
1,711,982,000 355,746,000 356,542,000 366,466,000
19,806,767,000 19,961,713,000 19,468,715,000 6,250,619,000 6,394,200,000
Total loans and investments
Reserve balances with F. R. Banks._ 1,671,569,000 1,682,734,000 1,670,595,000 712,280.000 722,509,000 6,241,039,000 1,717,267,000 1,724.585,000 1,687.978,000
707,397,000 172,967,000 167,451,000 164,964,000
Cash in vault
271,559,000 .296.776,000
288,917,000
58,782,000
64,460,000
66.659,000
21,158,000
23,101,000
22,541,000
Net demand deposits
13.040,358,000 *13189240,000 13,173,725,000 5,066,949,000 5,191.145,000.5,157,748,
000 1,178,835.000 1.193,074,000 1,173.263,000
Time deposits
5,870,257,000 5,878,283,000 5,374,934.000 911,633,01)0 922,559,000
802,214,000
518,812,000
499,623,000
520,874,000
119,527,000
Government deposits
.119,595,000
201,145,000
33,518,000
33,518,000
49,995,000
5,644,000
5,644,000
12,947,000
Bills payable and rediscounts with
Federal Reserve Banks:
Secured by U. S. Gov't obligations
126,107,000
171,495,000
161,575,000
23,100,000
49,100,000
35,562,000
11,591,000
5,864.000
5,440,000
121,640,000
All other
133,754,000
110,839,000
32,918,000
39,738,000
15,615,000
4,238.000
5.656,000
2,646,000
247,747,000
305,249,000
Total borrowings from F. It. bke
272,414,000
56,018,000
88,838,000
51,177,000
8,086.000
10,102,000
17,247,000
------Loans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
For own account
882,901,000 947,891,000 1,231,691,000
For account of out-of-town banks
1 140,604,000 1,100,475,000 1,306,294,000
For account of others
746,667,000 742,769,000 593,004,000
Total
2,770,172,000 2,791,135,000 3,130,989,000
On demand
2,081,944.000 2,105,791,000 2,184,780,000
On time
688.228,000 685.344,000 946.209,000
• Revised figures.
616
Vaniters'
NewlYork City Banks and TrustICompanies.
azette.
All prices dollars per share.
Wall Street, Friday Night, Jan. 28 1927.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page r,05.
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. 28.
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Railroads.
Par. Share. $ per share. $ per share. $ per share.1$ per share.
Jan.119
Jan
Jan 25 119
Ala & Vicksburg_ __ _1
Jan 25 119
200 119
Jan
Jan 27 83% Jan' 85
Caro Clinch /Sc Ohio_ _101
it 85
Jan 27 85
Jan1162
Jan
Jan 22 162
Ches & Ohio pref_.._ _10
Jan 22 162
1 162
Jan 104% Jan
C C C & St 1. prel__ AO
1 10434 Jan 24 104% Jan 24 103
Chic Ind & Loulsv pf 10
1 70% Jan 24 70% Jan 24 7034 Jan 70% Jan
Jan 74
Jan
Jan 24 74
Clev & Pittsburgh _ _ 5
Jan 24 74
20 74
Duluth S S & Atl _ _ __ID
100 5% Jan 22 5% Jan 22 43,9 Jan 534 Jan
Preferred
10
600 7% Jan 22 7% Jan 22 534 Jan 7% Jan
Havana El Ry Pr ctfs__. 1,200 9334 Jan 22 9399 Jan 22 9334 Jan 9534 Jan
Jan 2634 Jan
Jan 27 26% Jan 25 26
Preferred ctfs
• 700 26
Jan 1% Jan
Iowa Central
1
370 134 Jan 22 1% Jan 24 I
Minn & St Louis ctfs_ 100 2,200 1% Jan 22 134 Jan 22 1% Jan 1% Jan
Jan
N Y & Harlem
5
10 172% Jan 26 172% Jan 26 172% Jan 176
Jan 98
Jan
Jan 24 98
Jan 24 98
NY Rys ctN stmpd _•
40 98
Jan
Jan 24 3439 Jan 36
Jan 24 36
Preferred
100
100 36
Jan 65
Jan
Jan 25 62
Twin City Rap Tran_100
100 64 • Jan 25 64
Indus.& Miscell.
%
34 Jan 22 1-32 Jan
7,100
94 Jan 22
Ajax Rubber rights
Jan 90
Jan 24 ao
Am Chicle prior pref_—
10 90 Jan 24 90
Jan 107
Jan 24 105
40 105 Jan 24 106
Amer Piano pref.. _1 ii
Am Radiator pref10l
2013434 Jan 27 134 34 Jan 27 134% Jan 134%
Jan 22 9434 Jan 98
2201 98
Jan 22 98
Amer Snuff pref _ _10
Jan 24 107% Jan 109
Jan 24 109
100108
Am Type Fdrs pref.. _100
Jan 46%
600 42 Jan 22 56% Jan 26 40
Barnet Leather
*
Jan 102%
90 10y34 Jan 26102% Jan 22 101
Bayuk Bros 1st pref..100
Jan
45
Jan
24
44
24
45
.
Jan
45
Blumenthal & Co pL101
200
Jan 106
Jan 28 106
Jan 28 106
100 106
Byers & Co pref_ __ _100
Jan 27 10634 Jan 107%
600 10614 Jan 25 107
Central Alloy St'l pf _100
Central Leather ctfs_10
600 8% Jan 28 9 Jan 25 73.4 Jan 93,9
Jan 57%
Pref ctfs
10 2,500 54% Jan 25 5534 Jan 25 54
Gas
&
Elec
r
54,420
2% Jan 27 3% Jan 22 2% Jan 3%
Columbia
Jan 434
75,658 3% Jan 28 439 Jan 25
Consolidated Gas rts_
%
% Jan 25
34 Jan 25
43,676
% Jan
Pref rights
Jan 124
Jan 28 120
60 12214 Jan 28 124
Continental Can pref ill
Jan 91
Jan 22 90
100 90
Jan 22 90
Crown Wm T&C lst pf _•
Jan 24 10534 Jan 108
30010734 Jan 22 108
Deere AC Co pref..10I
Jan 10
Jan 25 9
Jan 25 10
Elk Horn Coal Corp_ • 200 10
Jan 25 794 Jan 9
Jan 28 9
Emersm-Brant el A__.• 500 8
100 13% Jan 26 13% Jan 26 13% Jan 13%
Ifth Ave Bus Corp _ _*
Jan 22 10934 Jan 111
10 111
Jan 22111
Franklin-Simon pref_ 10
ran 25 120
Jan 125
20 12 k 14 Jan 28 122
Gen Baking pref
Jan 28 39
Jan 39%
Jan 28 39
100 39
Gen Gus & Elea el B
Gold&StkTeiegCo.i0l
30116% Jan 261173.4 Jan 27 116% Jan 117%
Jan 27 124% Jan 125
10 125
Jan 27 125
100
Preferred
Jan 1063.4
700 104
Jan 26 105% Jan 24 104
Gotnam S Hos pf new100
Jan 24 95% Jan 96
120 95% Jan 24 96
Guantanamo Sug pf _100
Jan 27 99% .Jan 102
80 10134 Jan 26 102
Gulf States 511 1st pf 1001
Jan 101%
Hayes Wheel pref.._ _1001 10010134 Jan 28 101% Jan 28 101
Jan
Jan 26 65
Internal Salt
100,
70 70
Jan 28 71
Jan 240
Jan 26 219
Island Creek Cm1
1
10240
Jan 26240
Jan 28 116% Jan 24111% Jan 117
Kayser & Co 1st prof....0 1,000116
Jan 86%
120 84
Jan 25 84% Jan 22 83
Kinney Co pref
100
Jan 61
Jan 28 59
Jan 28 59
Kress Co new
*: 200 59
Jan 36%
Jan 22 34
Kuppenhelmer
30 34
Jan 22 34
5
Jan 22 105
Jan 105
Preferred
50 105
Jan 22 105
100
Jan 100
Laclede Gas pref. _ 100
10 9634 Jan 22 96% Jan 22 95
Jan 6
Rights
4,000 534 Jan 26 '5% Jan 24 5
11,745
% Jan 26
Jan 24
14
Rights
3.4 Jan
Jan 118 34
200 118
Jan 27 118% Jan 24 118
Loose-Wiles B lat pf _100
Jan 75
200. 62 Jan 28. 63 Jan 27 62
McCrory Stores
Preferred
100 260110% Jan 24 111% Jan 24 110% Jan 116%
Jan 137%
Jan 24 124
* 1.400130% Jan 26 136
Macy (R H) Co
Jan 105
Jan 28 103
20 103
Jan 28 103
Mathieson Alkali pf_100
Jan 45
900 4236 Jan 28 45
Jan 2 41
100
Minati Sugar
Jan 1%
May DeptStoresrts..4 6.984 I% Jan 27 134 Jan 2
Montana Power preL100
100118% Jan 25118% Jan 2 118% Jan 118%
100 30% Jan 271 32 Jan 27 30% Jan 32
Murray Corp new
I
Niag Leap &0Pr pflO
10113% Jan 25 113% Jan 2 112% Jan 1133.4
Jan 108%
Jan 22 105 Jan 26 103
Oil Well Supply pref.100 2,600 103
Ja 116
Jan 22 115
60 115 Jan 26 116
Owens Bottle pref_ _ ..100
94 Jan 24
% Jan 241
% Jan
Pacific Gas & Mee rights 1,100
Jan 10734
90107
Jan 25 107% Jan 22 107
Pacific Tel & Tel pref 100
Jan 27 24% Jan 25
Patin° M & E etre__.2 2.200 24% Jan 271 25
43%
40
Jan
Jan
25
Jan
25
43%
1,200
41
Terminal
100
Pitts
Jan 26 80% Jan 9134
500 81% Jan 22 86
Porto-Rican Am Tob 10
Jan 99
Jan 24 99
Jan 24 99
100 99
_100
Reid Ice Cream pref.
100 7334 Jan 25 733-4 Jan 25 73% Jan 73%
Rels(Robt)&Co 1st pf100
Jan 24 107% Jan 110
30 108% Jan 25 109
Sherwin Wins pref__ A
Jan 108
Jan 28 107
100 108
Jan 28 108
Sloss-Sheff S & I pf __I
Jan 104%
10 104% Jan 27 104% Jan 27 103
Spalding Bros 1st pt.!
21 1500 Jan 25 1800 Jan 27 1500 Jan 2090
Tex Pacific Land Tr 100
Jan 6
Jan 22
Jan 22 6
30 6
United Dyewood_ _10
Jan 3834
Jan 22 38% Jan 22 38
Victor Talking Mach_.58,600 38
Jan 92%
221
90%
Jan
92
Jan
28
• 4,800 90%
Cut prof
Jan 99
Jan 25 98% Jan 22, 98
Prior preferred _ _ _10 3,500 98
Vulcan Detinning- - -I
340 20% Jan 24 23% Jan 221 16% Jan 24
Jan 106%
Jan 22, 90
20 103 Jan 22 103
Preferred
1
Jan 20
Jan 22 16
Jan 27, 20
Series A
1
310 16
85%
Jan
82%
Jan
28
84%
Jan
28
Preferred
1
100 84%
Jan 28 120 • Jan 123
Underwood Type pf_100
Jan 28 123
40 121
100 8234 Jan 25 82% Jan 2 82% Jan 83
West'h'se Elec 1st pf_
Jan 103
190101% Jan 24 102% Jan 24 100
West Penn Pr 6% pL100
Wollworth Co
2514.20017634 Jan 27 18234 Jan 22 175% Jan 18434
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
•No par value.
The Curb Market.—The review of the Curb Market is
given this week on page 606.
A complete record of Curb Market transactions for the
week will be found on page 632.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Matwily.
[VOL. 124.
THE CHRONICLE
Jul.
Role.
Bid.
Mar. 15 1927_ -- 414% 100•11
June 15 1927._ 334% 100
Asked.
Maturity.
Int.
Rate.
Bid.
Asked.
100•32 Sept. 15 1927._
314% 9931, 100
100,11, Dec. 15 1927_. 434% 1009,6 100%
New York City Realty and Surety Companies.
All prices dollars per share.
IBid.
R'Ity 49
Affice
an
Amer Surety_ 207
Bond & M G. 330
Lawyers Mtge 271
Lawyers Title
& Guarantee 280
Ask.
53 Mtge Bond_
212 Nat Surety..
335 N Y Title &
Mortgage__
276
U S Casualty_
290
Bid.
145
282
441
325
I
Ask.
150 Realty Assoc's
(Bklyn)com
288
lot pref._ __I
446
2d pref._ __
340 Westchester
Title & Tr_
Bid.
Ask.
227
90
89
234
93
93
550
banks—N.Y. Bid. Ask.
America._ _. 3)0 320
Amer Union
198 205
Bowery East R 410 410
130
Broadway Con 90
Bronx Duro._ 1375 475
Bronx Nat_ _ 490 510
Bryant Park• 210 225
Capitol Nat._ 215 225
Cent Merean 297 304
i 47
Central
142
421 425
Chase
Chath Phenix
NatIlk & Tr 394 3.8
Chelsea Exch• 268 274
Chemical_
_ 0855 875
Colonial._
900 000
Commerce_ _ _ 4 3 428
CoMnwealth• 290 320
Contlnental_. 265 28;
Corn Exch.__ 542 548
Cosmoplan•
. 290
Fifth Avenue* 2190 2250
First
2675 2725
Franklin
I 160 168
Garfield
375 385
Globe Excb•_ 225 250
Grace
350
Greenwich',.
550
21
10
2
Hamllton.....' --- 12
Hanover
1185
Bid.
Banks.
Harriman._._ 630
Manhattan •_ 233
650
Mutual*
National City y509
New Nethffis• 820
Park
501
Penn Exch._ 155
Port Morris_ 400
Public
, 590
Seaboard ___. 690
160
Seventh
Standard _. _ 670
500
State.
Trade.
100
1)10
United
United:41,bn* 325
Wasli'n Ms*. 700
Yorktown *_ 135
Brooklyn.
.lsland• 325
Dewey
200
300
First
335
Mechanics'*
360
Montauk 0_
307
Municipal•
Nassau
y320
People's
700
Queensboro ... —
i
Ask. Trust Co.. Bid.
New York.
650
238 Am Ex Iry Tr. 318
___ Bunk of N Y
& Trust Co. 775
515
330 Bankers Trust 668
510 Bronx Co Tr_ 320
165 Central Union 952
325
_ _. County
368
550 Empire
705 Equitable Tr_ 300
170 Farm L & Tr. 552
800 Fidelity Trust 310
450
605 . Fulton
200 Guaranty Tr_ 430
205 Interstate__ 200
335 LawyersTrust
900 Manufacturer $44
142 Murray Hill.. 215
Mutual(Westcheater) — 225
375
_ N Y Trust_ _ _ 590
455 Terminal Tr_ 200
340 Times Square 135
375 Title Gu d, Tr 684
312 U S Mtg & Tr. 400
326 United States 1975
___ Westchest'rTr 550
___ ' Brooklyn.
Brooklyn_ .. _ _ 820
Kings County 100
265
Midwood
•Banks marked (*) are State banks. I New stock.
y Ex-rights.
Ask.
322
800
674
330
957
335
374
305
557
320
475
435
205
548
225
250
547
205
140
687
415
025
830
150
280
o Ex-stook div.
z Ex-div.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
—Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. B.Bond Prices. Jan. 22 Jan. 24 Jan. 25 Jan. 26 Jan. 27 Jan. 28
First Liberty Loan
High 101",, 101",, 101",, 101% 10I•ss 101"ss
334% bonds of 1923-47_ _ Low_ 1017,, 101',, 1011131 101% 1019,, 1019,1
(First3%s)
Close 1011°3 101°33 101°32 101.13 101P33 101%
Total sales in $1,000 units__
12
9
52
19
3
75
Converted 4% bonds of(High
1
-_-_ 100931
1932-47 (First 4s)_ __ _ Low_
____ 1009s,
--- ------ ---Total sales in $1,000 units_ __
Converted 434% bondrigh
of 1932-47 (First 4Ms) Low_
Close
Total sales in $1,000 unUs___
Second Converted 494% High
bonds of 1932-47 (First Low_
Second 4%s
Total sales in $1,000 units_ _ _
Second Liberty Loan
High
4% bonds of 1927-42 _ _ _ _ Low_
(Second 4s)
Close
Total sales in $1,000 antis...
Converted 434% bondsrigh
of 1927-42 (second
Low_
4%0
Close
Total sales in $1,000 units__
Third Liberty Loan
High
434% bonds of 1928
Low_
(Third 434s)
Close
Total sales in $1,000 watts_
Fourth Liberty Loan
High
434% bonds of 1933-38
Low_
(Fourth 434,
Close
)
Toted sales in $1,000 units__
Treasury
(High
434s, 1947'52
Low_
Close
Total sales in 81,000 units
{High
4s, 1944-1954
Low_
Close
Total sales in 51,000 units..
{High
33,1s, 1946-1956
Low_
Close
Total sales in $1.000 units_ _ _
--- 1039,, 103",, 10-3-14, 103',,10-3-4, 103-14,
103°33 10371, 103•8, 1037,1 10371, 103•,,
1039,1 1037,, 103•1, 103,
,, 103•as
,, 103,
3
13
1
9
20
30
-----------------------------------— _
-___
------100",,
1009,,
100933
23
1019,,
10110,2
10100,,
100
10325,,'
103",,
10391
88
1109
,
,,
1109,,
1102.31,
1
1062333
1069s,'
10691
11
10391,
1039,,'
1039s,1
1
- -lei%
100•1,
100•3,
---------_
----
---...---------
-1111
10071,1 100
71
1009,, 100,,
1002°31 1001133
242
47
1019,, 101",,
10114, 10193s
101113, 10110,,
36
49
10324,, 1039s,
10377,, 1039,,
1039,, 1039s,
69
85
110",, 110•Is,
1109,, 1109,,
110"32 110"S1
1
48
1061113 1062°33
10617s, 106",,
106",,1069,,
181
3
1039s, 1037'31
1039,1 103•01,
1039s, 1039,1
76
1
100
-1is,
1009s,
1009,,
243
101",,
101":,
1019,1
76
10391,
103",s
103"s,
397
110"ss
1109ss
11031
10
---____
_ - -____
-- - ____
-- -____
---------- 1009,4
---- 10098,
---- 100911
5
100",,100"ss
1007
-1009,1 100"so
100"s, 1009n
207
154
1019, 101"0,
101'ss 101,u
101•31 101•6,
31
52
1037•1 1031%,
103"s 1039,1
103", 103"n
74
157
---- 110"n
---- 1109n
...-.. 1109,1
37
106
---9, 1069n
,
10691 106",
1069
, 1069u
1
2
1039,, 103"s,
103",, 103741,
103", 103"ss
80
1
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 334s
1 1st 434,1
5 2d 434s
101•,, to 101•,, 136 3d 4346
103•,, to 103:,, 43 4th 4%s
100"s, to 100"s:
101h, tO 1017s,
1039s, to 1039,,
Foreign Exchange.—Sterling was easier and moderate
declines in rates were sustained as a result of selling due to
the uneasiness felt over the Chinese imbroglio. In the
Continental exchanges irregularity prevailed but price
changes were not particularly significant, except in the case
of pesetas and krone, which continue to be swayed by
speculative activity.
To-day's (Friday's) actual rates for sterling exchange were 4 84 9-16(4
4 84 9-16 for checks and 4 85 1-16(44 85 1-16 for cables. Commercial on
banks, sight, 4 84 7-16@4 84 7-16: sixty days, 4 80 7-16(44 80 7-16:
ninety dews.4 78 5-168i4 78 5-16, and documents for payment (sixty days).
480 11-16(44 80 11-16. Cotton for payment, 484 7-16@4 84 7-16, and
grain fcr payment, 4 84 7-16844 84 7-16.
To-day s (Friday's) actual rates for Paris bankers' francs were 3.92 for
short. German bankers' marks are not yet quoted for long and short bills.
Amsterdam bankers' guilders were 39.94 for short.
Exchange at Paris on London, 123.05: week's range, 122.4834 high and
123.05 low.
The range for foreign exchange for the week follows:
Ch,cks.
Sterling Actual—
Cables.
484%
4 8534
High for the week
4 84 9-16
4 85 1-16
Low for the week
Paris Bankers' Francs—
3.953
High for the week
3.9634
3.93
3.94
Low for the week
Germany Bankers' Marks—
23.693
,
2
23.7034
High for the week
23 68
23.69
Low for the week
Guilders—
Amsterdam Bankers'
39973.
39.98%
High for the week
39.95
39.96
Low for the week
Exchange.—Chicago,
par.
St.
Louis,
150'425c. per $1,000
Domestic
discount. Boston. par. San Francisco. par. Montreal. 51.5625 per
51.000 discount. Cincinnati, par.
617
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIT PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Jan. 22.
Monday,
Jan. 24.
Tuesday,
Jan. 25.
Wednesday, Thursday,
Jan. 26.
Jan. 27.
Friday.
Jan. 28.
$ per share $ per share $ per share $ per share $ per share $ per share
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares.
Railroads.
Par
16718 16914 166 16814 164 1664 16458 16612 16458 166 516134 16312 48,100 Atch Topeka & Santa Fe__100
100
9912 9912 9912 9912 993 9912 100 10018 *10038 10012 10038 10012 1,800 Preferred
33 4,200 Atlanta Birm & Atiantio 100
52
58
34
*58
84
84
84
34
34
84
34
18514 19014 187 188
5,100 Atlantic Coast Line RR
183 185
18314 186
100
190 19258 1875 190
35,500 Baltimore & Ohio
100
111 11238 1104 11138 10812 11014 109 11018 10812 1097 10734 109
74
700 Preferred
7418 7418
*7358 738 *7312 734 7334 738 74
100
74
74
4812 5058 4834 524 50
4912 5012 10,400 B mgor & Aroostook
52
4718 487
4778 48
50
10518 106
105 105
105 106 *105 106
104% 105
285 Preferred
*1045 106
100
6712 6712 6712 6712 4,600 BkIn-Manh Trao v t o..No par
6812 6918 674 68
69
6818 6812 69
87
87
87
8634 864 *8612 88
8812 87
400 Preferred v to
*87
No par
*8714 88
94 11
11
1018 11 10,200 Brunswick Term & Ry Sec 100
12% 1238
98 1078 1018
13
13
*82
83
8434 *82
83
8434 *82
82
150 Buffalo Rochester & Pitts.100
8434
82
82
*80
*59
*59
60
*59
60
60
*59
60
60
*59
Canada Southern
59
100
*58
.16738 16558 16738 16618 16634 4,375 Canadian Pacific
16812 16812 168 16812 167 16838 1667
100
100 Central RR of New Jersey-100
290 290 *290 300
*294 300 *290 300 *290 295 *290 300
15278 154
83,800 Chesapeake & Ohio
15978 16118 159 16088 15134 1587 152 1558 152 155
100
7
718 734
714 2
758
6
7
612 658
614 614 14,100 Chicago & Alton
100
97 1018 12,900 Preferred
934 1034 10
934 1012
10
1058 1134 1014 1114
'
100
100 C C C & St Louis
100
27514 27514 "251 305 *251 305 *252 300 *25252390 *252 300
*32
33
*30
33
*31
32
32
*3234 3312 *31
600 Chic & East Illinois RR
3234 34
100
4738 4778 4612 4712 4712 478 *4612 4714 *4612 47
100
4612 4612 2,200 Preferred
938 1038 10
10
1012 10
108 10
21,000 Chicago Great Western---100
103s 1118 1038 11
2614
2618
267
8
253
4
2718
27
283
8
253
4
2538
4
2614 36,400 Preferred
2734 283
100
1012 1012 1012 1014 1012 5,000 Chicago Milw & St Paul---1155
1034 1114 *10
11
1034 1134 11
108 1012 1018 1018
*912 1012 1012 1012 3,500 Certificates
1114 1112 1114 1114
100
2012
20
19% 1978 7,400 Preferred
208 2018 2014 20
2034 2112 2058 21
100
2018 20
2018 *1958 197
7,500 Preferred certifloates
2034 2138 2078 208 2014 20% 20
100
8134 794 81
783 80
7858 7912 16,900 Chicago ex North Western-100
8134 8258 8112 8212 80
*127 130 *127 130 *128 130 *128 130 *128 130 *128 130
100
Preferred
7114 733
7112 7334 7188 7318 7212 7338 36,900 Chicago Rock 181 & Pacifie 100
7312 7434 7234 74
10412 10478 10434 10434 *10412 10478 10478 10512 1,200 7% preferred
*104 105 *104 105
100
. 96
9612 96% 9514 96
96
9612 9612 9618 961
97
*96
100
1,300 6% preferred
92
8912 8912 *89
*89
92
*89
92
92
9214 92
*90
300 Colorado & Southern
100
*73
*73
*73
75
75
*73
75
*73
75
75
75
*73
100
First preferred
*68
*68
*68
73
73
"68
75
*68
73
73
73
*68
100
Second preferred*71
7112 71
70
71
7012 70
7014 71
70
70
7172 2,500 Consol RR of Cuba pref.- _100
1725. 1731 17112 17214 17118 172
100
3,300 Delaware & Hudson
176 17612 17414 1754 173 175
141 l42's 1404 141
143 14334 14034 142
1444 145
14014 141
3,700 Delaware Lack & Western. 50
48
4934 4734 4812 14,600 Deny & Rio Or West pref 100
4814 4934 4712 4914 4714 493
494 507
4338 42
100
428 4112 4234 28,000 Erie
4138 4212 4178 4378 4214 43% 42
5612 5512 57
5434 5738 56
5412 5512 55
100
5712 5514 57
77,500 First preferred
4934 5038 5012 51
5034 5112 5112 52
100
5158 5218 507 5112 8,600 Second preferred
8538 86
8438 864 844 86
8414 8434 844 8514 23,000 Great Northern preferred._100
84
88
2012 2012 2212 2112 2212 2134 2214 2158 2178 38,000 Iron Ore Properties__No par
2012 2034 20
4414 42
39
4012 3912 4134 4114 4512 4314 45'2 43
4314 38,200 Gulf Mobile & Northern-100
*10612 10712 10714 10734 10712 108 *107 10712 107 107
100
106 106
800 Preferred
4358 437
44
4318 438
4238 431
. 7,500 Hudson & Manhattan-100
438 4412 437 4438 44
*80
8012 8012 8012 *8014 81
81
81
*8014 81
*8014 81
100
200 Preferrea
122% 12312 122 122
*12212 124
12212 123
1224 123
123 123
100
2,500 Illinois Central
•12212 126 *12212 125
12318 12318
123 123 *123 125 *123 125
100
300 Preferred
7612 7612 7612 7612 7618 7612 *7612 7634 7658 7638 *76
360 Railroad Sec Series A__1000
7638
. 2612 *1818 2612 *2312 261 *2312 26
*2314 2612 •181
*23
26
Int Rye of Cent America...100
*6278 65
100
*6278 6418 *627
*6278 65
. 641 *6318 --- _ *64
Preferred
6418
4534 4612 4458 4554 34414 46
4538 4534 4412 4614 5,500 Interboro Rapid Tran v t c-100
45
45
4514 4634 4334 4612 4334 4434 4214 4414 4258 4312 38,400 Kansas City Southern
4512 47
108
100
6634 67
6714 "6512 7114
6714 *65
67
67
67
67
800 Preferred
*65
50
115 11812 11514 11812 1147 11534 11518 11534 23,500 Lehigh Valley
121 12134 119 121
100
12912 131 "12912 131 "1294 13112 129 12914 1287 12918 2.100 Louisville & Naahville
131 132
200 Manhattan Elevated guar 100
'3844 86
*841
. 87
*8518 89
*86
89
'85
89
100
Modified guaranty
4912 2,600
4918 4912 49
4834 491
49
49
50
50
5014 51
*44 512 '4'2 52
*412 512 *412 512 412 512 *44 51
Market Street Railway_ _100
100
*20
26
*20
26
*20
26
26
Preferred
*20
*20
26
*20
26
100
*43
44
*43
44
*43
45
45
43
4312 *43
43
43
300 Prior preferred
100
*12
15
*12
15
*12
15
15
1212 1212 *12
*13
16
300 Second preferred
212 234
258 27
238 23. 6,500 Minneapolis & St Louls--.100
27
318
234 3
28 34
*29
32
*29
32
*29
32
30
30
32
3138 3138 *30
200 Minn St Paul & SS Marie_100
100
*50
54
52
5134 5134 52
52
52
*52
54
*53
55
300 Preferred
100
*61
*61
62
62
62
*6112 62
62
62
614 6112 62
140 Leased lines
355 3634 3514 3634 35
3612 3458 35
3412 19,200 Mo-Kan-Texas RR____No par
3438 3514 34
7
5
9812 9712 9818 7,600 Preferred
9814 9734 9858 98
9812 97
984 988 97
100
3912 4134 3934 41
4078 417
4312 4118 437
4218 4438 42
100
65,200 Missouri Pacific
9334 92
9358 9434 26,800 Preferred
93
9314 9514 92
9412 967
9412 97
100
*
*4
5
*
*4
5
*4
5
•
Nat Rya of Me: 1st pref.-100
184
134
17
134
*134 17
1%
17
*134 2
*134
100
17
500 Second preferred
*123 12612 12638 1263. 12412 12412 *12312 126 *123 126
123 123
300 New On Texas & Mexico...100
13858 1424 13918 14034 13714 14012 13712 139
14318 14434 14214 144
100
76,700 New York Central
188 18912 1865s 18712 18612 1861 18612 18634 186 188
*189 190
3,000 N Y Chic & St Louis Co__ 100
1034 1041 10412 105
10312 10312 10338 10312 10312 104
10414 10414 2,200 Preferred
100
4658 4414 4614 4412 4538 319,100 NY N H & Hartford
4458 4758 45
454 48
457 47
100
2512 2738 2558 2614 62,700 N Y Ontario & Western___100
. 2614 277
29
264 281
26
2712 25
*13
14
14
*1312 15
1318 1458 1414 1412 14
13
13
1.300 N Y Railways pret cUs_No par
. 18
18
161
. 161
3'16
18
*15
24
*1614 24
*1514 21
800 New York State Rallway8-100
3812
3914
384 *384 3958 1,900 Norfolk Southern
4114 4012 4012 3914
394 3912 39
100
158 15934 157 15838 158 158g 158 15812 *157 158
15934 160
5,900 Norfolk & Western
100
8512 *84
8412 8412 *8414 853 '384
85
85
8412 8412 *83
200. Preferred
100
8284
8158 8212 8134 8212 27,100 Northern Paciflo
82
818 837
8314 84
838 84
100
*15
18
*15
18
*15
18
*15
18
18
*15
20 '315
Pacific Coast
100
7
7
5814
58
583
8
57
5712
583
8
5818 25,100 Pennsylvania
585 5812 588 588 57
50
*2018 2212 *2012 23
23
2434 23
24
2412 2212 2478 20
100
6,500 Peoria & Eastern
12178 12212 117 1214 11718 12184 119 12112 1184 120
11934 122
100
10,900 Pere Marquette
*944
95
9412 9412
9412 941
95
9434 *93
300 Prior preferred
*93
93
93
100
391
914 *91
91
9118 1,200 Preferred
9012 • 91
90
90
90
90
90
100
130 13834 130 1323
, 37.900 Pittsburgh & West Va
13012 13612 130 1357 130 137
124 130
100
7
9534 9634 29.000 Reading
99 10038 9814 9912 9612 9858 9634 9814 9612 97
50
*4012 4112 *4012 411 *4012 4112 *4012 414
First preferred
*4012 4112 *4012 42
60
4458 4458 4418 45
*4334 45
4412 45
45
600 Second preferred
*4334 4512 45
40
1,400 Rutland RR pref
5212 5112 5134 5138 51z 5112 5112 *5014 51
51
5114 51
100
10114 102
15,600 St Louis-San Frano1030----1.00
10334 10518 10118 1035 1015. 10278 10114 102
10412 105
*96
9612 96
96
96
974 9758 97
1,400 Preferred A
9712 9612 9612 96
100
6412 6334 634 63
63
6412 *63
1,200 St Louis Southwestern---100
6514 *63
65 658 65
8014 7912 7912 7912 7912 7912 7912
80
82
800 Preferred
100
7912 7912 *80
3434 3618 3412 35
37
36
3618 3834 355. 38
23,700 Seaboard Air Line
364 37
100
3914 4012 *3912 4012 4,800 Preferred
41
424 340
100
4172 4214 4034 4212 40
10812 1093. 10814 10914 107 1083 107 10738 107 10738 10614 1067g 24.500 Southern Pacific CO
100
12378 12434 1235s 12438 121 1238 122 1231z 12112 12338 119 12138 28,100 Southern Railway
100
7
5
preferred
9458
1,700
9438
94
943
4
94
8
945
945
8
9414
9412 944 9412 9412
100
5518 5434 5514 15,200 Texas & Pacific
57
5778 5634 5738 5434 5614 5434 5558 54
100
3858 3812 3812 2,100 Third Avenue
3814 38
*38
3712 38
69
38
39
39
100
15912
16114
15952
16012
16014
16034
12,200 Union Pacific
16258 16314 16214 16314 16018 16212
100
. 808 8038 8014 801 *8014 8012 8012 8012 1,200 Preferred
8058 8058 80% 805
100
458 4312 4512 4358 4458 95,400 Wabash
4558 4614 4458 4758 4458 4734 45
100
7742 10,400 Preferred A
77
57734 78% 7712 7814 7712 78
80
7912 7934 79
100
*70
75
75
*70
75
*70
75
100 Preferred B
*70
75
*73
74
74
100
2518
27
284
243
4
2412
278
3114
467,400 Western Maryland
22
2618 2434 3014 2518
100
293 3012 41,200 Second preferred
2934 31
3034 328 314 348 2812 338 28% 31
100
*29
*29
30
2914
30
31
3012
293
4
5,300
3134
Western
3012
Pacific new
100
308 3138
745 75
75
75
7518 1,800 Preferred new
7412 7412 75
7458 75
75
75
100
6512 424,500 Wheeling & Lake Erie Ry.-100
508 5334 5214 5512 56
56
4814 5714 50
4314 495
6212
65
6018
6412
5812
6012
6312
53,700 Preferred
5812
6412 69
6212 68
100
83
8312 *8134 83
*83
85
86
*83
88
*84
*85
90
6614 6614 66
6634
*6712 6912 6712 6712 6712 674 '36612 67
*11014
112
*11012 112
*11012
112
112
*11012
112
•11012 112 *11012
*140 150 *140 150 *140 150 *140 150 *140 150 *140 150
134 134
13412 137
129 133
128 128
*130 1317 *127 130
10
10
10
1014 1014 1014 1038 10
10
3'10
1014 10
•Bid and sand plies.. S Hz-dividend. •Ex-rights.
PEK .511555;
I
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share
$ per share $ per share $ Per share
16134 Jan 6
998 Jan 5
58 Jan 3
183 Jan 28
10612 Jan 4
7314 Jan 3
44 Jan 6
1014 Jan 10
6718 Jan 5
8534 Jan 27
94 Jan25
8014 Jan 8
59 Jan 18
165 Jan 6
285 Jan 4
15134 Jan25
434 Jan 8
74 Jan 5
27514 Jan 22
3012 Jan 10
43 Jan 6
812 Jan 6
2314 Ja 1 7
9 Jan 4
9 Jan 4
1833 Jan 3
1878 Jan 3
788 Jan 27
12414 Jan 3
6812 Jan 4
10234 Jan 4
9514 Jan 28
84 Jan 3
70 Jan 4
68 Jan 14
17138 Jan 3
101 Jan 3
34 Jan 3
205 Jan 3
11318 Jan 10
7418 Jan 23
5212 Jan 2 I
106 Jan 18
70% Jan 20
88 Jan 4
1518 Jan 7
83 Jan 2"
5912 Jan 8
16918 Jan 19
29934 Jan 17
16234 Jan 5
8 Jan 22
1134 Jan 22
27514 Jan 22
34 Jan 22
48 Jan 17
11'. Jan 22
2834 Jan 22
12 Jan 20
1112 Jan 20
2112 Jan 22
2138 Jan 22
8312 Jan 17
128 Jan 20
7434 Jan 15
10512 Jan28
96% Jan 21
93 Jan 15
73 Jan 13
714 Jan 15
122 Mar
9418 Mar
12 May
18112 Mar
8312 Mar
6712 Jan
33 Mar
977 Feb
5418 Mar
78 Mar
812 Mar
6934 Mar
58 Jan
14612 Jan
240 Mar
112 Mar
414 Sept
618 May
17314 Mar
30 Dec
3612 Mar
734 Mar
1614 Mar
814 Dec
734 Dec
1418 Mar
14 Apr
654 Mar
11812 Jan
4012 Mar
96 Mar
834 Mar
52 Mar
62 Mar
59 Jan
172 Dec
102 Dec
10
Jan
26212 Jan
10934 Sept
737 Aug
46 Feb
103 Dec
77% Dec
8934 Dec
1858 Nov
8734 July
61 June
17014 Dec
305 Jan
17838 Sept
1158 Feb
1814 Feb
275 Aug
37 Feb
5134 Feb
1218 Sept
3138 Sept
1412 Jan
14
Jan
24 Aug
2338 Aug
8334 Sept
12612 Apr
7114 Dec
108 Dec
98 Nov
9614 Oct
74
Oct
72 Sept
6912 Jan 15
1711, Jan 28
14014 Jan 27
4118 Jan 5
3912 Jan 3
5238 Jan 4
49 Jan 4
7958 Jan 4
1914 Jan 13
3518 Jan 6
105 Jan 14
4012 Jan 3
78 Jan 6
12118 Jan 10
12078 Jan 12
74 Jan 4
24 Jan IS
63 Jan 4
4312 Jan 7
4114 Jan 4
64% Jan 7
9934 Jan 6
1284 Jan 14
85 Jan 2
48 Jan 6
72 Jan 20
6834 Nov
17814 Jan 17 15014 Mar
14634 Jan 17 129 Mar
50's Jan 22
3712 May
43% Jan 22 '2212 Mar
5712 Jan 27
3334 Mar
524 Jan 27
30 Mar
8818 Jan 17
6812 Mar
2212 Jan25
18 Dec
4512 Jan25
2518 Apr
10814 Jan 19
95 Mar
4412 Jan 24
3458 Jan
81 Jan 28
6734 Mar
1237 Jan 19 11312 Mar
1234 Jan 19 11512 Mar
7638 Jan 27
7114 Jan
25 Jan 15
24 Dec
644 Jan 10
62 Mar
2412 Jan
478 Jan 3
3414 Mar
47 Jan 22
67 Jan 22
6058 Mar
125 Jan 19
7512 Mar
13334 Jan 10 118 Mar
88 Jan 4
84 Mar
52 Jan 19
381
. Jan
418 July
1912 Oct
4414 Jan 7
3918 June
12., Jan 24
1134 Oct
31 Jan 21
118 Dec
3134 Jan 19
257 Dec
53 Jan 13
50 Dec
63 Jan 13
60
Oct
3634 Jan 22
2912 Oct
99 Jan 20
82 Mar
44% Jan 22
27 Mar
9734 Jan 18
7112 Mar
412 Jan 12
434 Apr
17 Jan 18
134 Oct
12638 Jan 24 120 Mar
14434 Jan22 117 Mar
190% Jan 5 130 Mar
105 Jan 27
93 Mar
48 Jan 21
3058 Mar
2o Jan 24
1934 Mar
1534 Jan 14
6
Jan
1818 Jan 8
13 Dec
4114 Jan 24
277 Apr
16114 Jan 17 13914 Mar
8312 Nov
86 Jan 3
85 Jan 17
6534 Mar
15
Oct
5838 Jan 24
4838 Mar
2434 Jan 21
1578 Oct
67 Mar
122-2 Jan 24
9512 Jan 11
79 Mar
91 Jan 26
7034 Mar
13834 Jan 27
85 Mar
10214 Jan 18
79 Mar
41 Jan 3
3934 Dec
4512 Jan 19
40 Mar
52'2 Jan 24
42 Apr
1057 Jan 19
85 Mar
8312 Apr
9812 Jan 15
5712 Mar
66% Jan 21
72 Mar
8014 Jan 25
3834 Jan 24
2712 Mar
4258 Jan 17
3112 Mar
11058 Jan 3
9618 Mar
127 Jan 3 10358 Mar
9538 Jan 11
874 Apr
4218 Mar
578 Jaw22
40 Jan 6
1312 Jan
16438 Jan 19 14112 Mar
807
.Jan 18
7434 Jan
337 Mar
4734 Jan25
68 Mar
80 Jan 17
74 Jan 22
57 Mar
11 Mar
3114 Jan25
163 Mar
348 Jan 21
2712 Dec
3134 Jan 24
72 Dec
7518 Jan 28
18 Mar
6.512 Jan 28
37 Mar
69 Jan 24
7212 Dec
18312 Sept
15312 Jan
47
Jan
42 Dec
5514 Deo
5914 Dec
8418 Dec
2714 Feb
4114 Sept
10912 Sept
414 Dec
80 Dec
131 Sept
12952 Sept
77 June
31
Feb
66 June
0334 Dec
5138 Sept
683 Sept
106 Dec
144 Sept
9234 Apr
6178 May
10 Feb
40 Feb
5158 Feb
2212 Feb
378 Jan
5212 Feb
79 Feb
66% Feb
471
. Feb
963 Dec
45 Sept
95 Sept
834 Jan
412 Jan
13212 Jan
14712 Sept
20412 Sept
106 July
4838 July
287 Feb
2014 Feb
2812 Jan
4458 Sept
17078 Oct
8558 Aug
8212 Aug
48
Jan
5718 Oct
2634 Jan
122 Dec
96 July
9178 July
13514 Dec
10114 Dec
42 Apr
453 Dec
6114 Aug
10312 Dec
9712 Dec
74 Feb
8014 July
51 Dec
4838 Feb
11214 Dee
43
1212
138
27
51
59
3112
9534
378
9018
44
134
121
13714
186
103
41%
2314
1212
164
3718
156
8438
78
Jan 18
Jan 21
Jan 13
Jan 6
Jan 12
Jan 6
Jan 6
Jan 4
Jan 4
Jan 4
Jan 12
Jan 7
Jan 8
Jan 27
Jan 8
Jan 3
Jan 4
Jan 15
Jan 21
Jan 26
Jan 14
Jan 4
Jan 15
Jan 3
5634 Jan 3
20 Jan25
11412 Jan 6
93 Jan 22
8934 Jan 4
1224 Jan 18
94. Jan 4
4012 Jan 13
4334 Jan 12
43 Jan 7
10034 Jan 6
91 Jan25
61 Jan 6
7678.Jan 8
3412 Jan 28
394 Jan 27
10814 Jan 28
119 Jan 28
9414 Jan25
5378 Jan 7
3712 Jan 21
15912 Jan 27
8018 Jan 4
4012 Jan 4
76 Jan 3
65 Jan 15
1334 Jan 6
23 Jan 7
2734 Jan 12
73 Jan 3
2712 Jan 3
4712 Jan 7
Industrial & Miscellaneous.
800 Abitibi power & Paper-No pat 83
900 Abraham & Stralla----No pat 63
Preferred
109
All America Cables
100 145
4,800 Adams Express
100 124
1,100 Advance Rumely
100
912
Jan 27
Jan 18
877 Jan 12
70 Jan 21
Jan 3 150 Jan 10
Jan 5 137 Jan 27
Jan 3 114 Jan 8
13114 Sept
954 Aug
6158 Jan
43 Apr
16838 Oct
8114 Aug
52 Jan
78% Jan
72 Jan
165
. Jan
2438 Sept
3914 Jan
8634 Sept
32 Jan
5012 Jan
7034 May98
43 May 72
10418 Mar 112
131
Jan 155
997 Mar 136
8 Dec _ 22 _
Sept
Dec
Dec
July
Sept
Sept
New York Stock Record-Continued-Page 2
618
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. 22.
Monday,
Jan. 24.
Tuesday,
Jan. 25.
Wednesday,' Thursday,
Jan. 27.
Jan. 26.
IS
Friday,
Jan. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
I'LL AWIAMC.
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
y- i.all9
.
A
Range or Previous
Year 1926
Lowest
Highest
per share $ Per share Shares. Indus. & Miscel. (Con.) Par $ per share $ per share S per share $ Per share
$ per share $ per share $ Per share $ per share
287 Dec 6534 Sept
100 3014 Jan 25 3518 Jan 13
32
3214 3014 3214 3012 3012 3014 3014 308 3012 2,000 Advance Rumely pref
*3218 335
9% Jan
5% Jan 3
434 Nov
1
433 Jan 28
47
434 47
45s 434 2,500 Ahumada Lead
434 478
478
434 47
434 434
12
10714
May 14634 Dec
Jan
Jan
28
14214
4,300
13412
136
136
par
13512 136
Air Reduction, Ino-No
13412 135
13734 13734 13738 13814 135 137
71 Oct 16 Feb
97 1018 1012 118 43,700 Ajax Rubber, Ine
9 Jan 4 118 Jan 28
No par
912 10
/
4
10
1038
933 978
933 101
78 Oct
2 Jan
113 112 1,000 Alaska Juneau Gold Min__ 10
114 Jan 8
112 Jan 20
113
114
112
*114
112
112 112
2
lasI *1i4
1341 138
13312 13514 131 1337 1315s 13334 13112 13334 13212 13512 100,400 Allied Chemical & Dye_No par 131 Jan 25 13914 Jan 10 106 Mar 14878 Dec
500 Preferred
100 12012 Jan 5 12112 Jan 17 11834 Mar 12234 Dec
121 121
121 121 *12014 12114 12114 12114 *12034 12112
121 121
784 Mar 9433 Jan
8812 8812 2,100 Allis-Clialmers Mfg
100 88 Jan 25 9238 Jan 19
Nis 9111 *8912 90
8818 8933 8878 89
88
89
100 110 Jan 6 111 Jan 10 105 Apr 11112 Dec
11014 11014 110 11014 110 11014 110 110 *10814 10912 1,100 Preferred
110 110
5
1434 Oct 21 Sept
Jan
Jan
25
173
8
183
4
900
16
*1814
Amalgamated
par
*1614
163
4
Leather-No
1814
1814
4
163
*1812 1834 1812 1612 16
2414 May 3278 Aug
No par 3112 Jan 6 3858 Jan 17
1
4 3378 3318 3312 11,300 Amerada Corp
/
4 33/
3414 3412 3438 3412 3414 3412 337 341
Oct 3438 Jan
9
13
13
1234 1234 1234 1234 1233 1233 *1212 1234 1,400 Amer Agricultural Chem__100 1114 Jan 13 14 Jan 10
*13
14
353 Oct 9612 Jan
48
48
1,600 Preferred
100 4518 Jan 26 514 Jan 10
*4812 47
4518 47
*47
4712 4834 47
49
*47
3433 Mar 46
Oct
4714 1,900 Amer Bank Note, new
10 41 Jan 8 4833 Jan 20
*4612 4712 462 4834 46% 4678 413% 46% 4612 4612 47
Jan 5812 July
55
20 Preferred
50 5812 Jan 4 595 Jan 22
5958 5958 *5612 5812 *5612 5812 *5612 581 *5612 5812 *5612 5812
2012 Sept 3834 Feb
1,100 American Beet Sugar
100 22% Jan 17 2538 Jan 5
22% 2278 2234 224 2234 2234 2278 2278 234 24
*2278 23
55 Nov 83 Feb
100 Preferred
*5814 58
100 58 Jan 271 6018 Jan 3
58
58
*5814 61
81
*5814 6012 *5814 60
*58
16 May 341 Jan
1418 1418 2,800 Amer Bosch Magneto_No par 13 Jan 20 1718 Jan 5
14
13
14
1312 1312 1314 1358 1312 1333 13
800 Ara Brake Shoe gc F-No par 134 Jan 26 13612 Jan 3 110 May 180 Feb
13412 13412 *133 138
*138 13712 13612 13612 13412 13514 134 134
Preferred
100 118 Jan 13 11814 Jan 10 11014 Mar 12814 Feb
*11714 1.1814 *11714 11814 *11714 1173 *116 1173 *11714 118 *11714 118
3014 Mar 50 Aug
37
371 - 35
3518 3614 7,800 Amer Brown /loved El_No par 35 Jan 27 3912 Jan 5
37% 3733 37
3734 3734 3733 38
8612 Mar 9718 Jan
300
Preferred
100 9678 Jan 6 9734 Jan 28
9734 9734 9734
9678 967 *97
97
97
*9678 98
*9678 98
388 Mar 8318 Aug
42,200 American Can WI
25 4518 Jan 28 4914 Jan 3
4818 4678 4512 4638 4512 4638 4512 4838 4538 46
4833 47
Jan 13018 Dec
200 Preferred
100 126 Jan 14 12918 Jan 5 121
12778 1277s 12734 12734 *12734 12812
*12734 130 *12734 130 *12734 130
9112 Mar 11478 Jan
4,100 American Car & Fdy _No par 9912 Jan 28 10212 Jan 10
10118 10118 10014 10078 9934 10014 9933 10058 9958 10034 9912 100
Oct 13014 Dec
17
12012
Jan
100
Jan
6
130
130
*12812
130
*12812
Preferred
12812
130
100
*12811
12812
1281
130
13012
*1281
•12812
2314 Mar 2614 July
2633 2612 2712 2733 2738 271 2734 4,100 American Chain,class A____25 2514 Jan 7 2734 Jan 28
2614 26
2578 26
28
Jan
Oct 51
31
3658 3658 1,200 American Chicle
3612 38
No par 36 Jan 26 3958 Jan 10
36
3714 3714 37% 37'8 38
*3718 387
Oct 4714 Jan
28
500 Do certificates
No par 35 Jan 4 3858 Jan 27
3612 36% 3612 3512 353 *3512 3812 3812 3633 *3612 38
*36
414 Jan
1033 Aug
1014 1014 1038 8,800 Amer Druggists Syndlcate_10
933 Jan 3 1112 Jan 13
1018 1014 1018 1014 10% 1014 1018 1014 10
Jan
700 American Express
131 131 *12812 131
100 127 Jan 17 133 Jan 14 10578 Mar 140
130 131
12738 12738 *12833 130
129 129
1414 Nov 4238 Jan
1918 5,203 Amer & For'n Pow new_No par
19 Jan 27 23 Jan 6
1912 19
1914 1912 1912 1934 19
*20
2034 1933 20
Oct 98 Feb
79
88
8712 8712 1,300 Preferred
No par 8712 Jan 28 89% Jan 13
88
88
8814 8814 88
8834 8834 884 89
1712 Feb
7 May
812
812 *8
100 American Hide & Leather 100
912 Jan 6
812 *8
818 Jan 20
812 *8
818 818 *8
812
*8
3312 May 6714 Feb
100 5918 Jan 26 5278 Jan 12
5034 1,000 Preferred
5014 5012 5012 5012 5018 5018 5014 5012 *50
5078 51
2358 Oct 3058 Dec
8 8,300 Amer Home Products-No par 303 Jan 3 33/
Jan 8
31
323
1
4
31
304
307
307
8
31
s
31
3033
31
3012
3034
117 11714 3,600 American Ice
100 114% Jan 28 12614 Jan 5 109 Mar 136 June
11514 117
11612 11812 117 11818 115 11614 11418 115
81% Oct 864 June
200 Preferred
100 84 Jan 7 8514 Jan 19
*8412 85
8412 8412 *8412 85
85
8512 85
851 *85
*66
3134 July 464 Feb
5
2,900
Amer
38
373
4
International
Corp
100 3714 Jan 12 40 Jan 17
373
8
375
8
38
37
373
4
373
4
383
4
381
SP
39
97 Dec 157 Jan
3
7,500
American
Jan
8
10
Jan
8%
La
France
E...._10
73
4
85
814
F
812 878
838 888
gri 888
gal 858
88
2558 Oct 52% Jan
2234 2512 7,500 American Linseed
100 2234 Jan 28 3012 Jan 12
27
28
*2714 2812 25
27
28
2$
2833 28
Jan
2,200
28
7118
Jan
3
673
4 Oct 87
66
100
614
Jan
614
Preferred
8814
86
88%
8818
*68 1 6912
69
*6814 69
69
904 Mar 11978 Jan
10614 10712 106 10678 8,500 American L000m new_No par 10534 Jan 19 10933 Jan 21
108 10834 10712 10834 10612 107% 107 108
12414
Dec
200 Preferred
100 11934 Jan 4 121 Jan 21 116 Aug
12012 12012 *12012 12218 *12014 122
*1207e 12218 *12018 12218 *120 122
6514 Oct 8012 Aug
900 Amer Machine & Fdy __No par 7314 Jan 3 78 Jan 28
7712 7778 78
76
71312 7612 *7534 76
77
*7612 7712 *76
Preferred
100 12518 Jan 6 12518 Jan 6 114 July 125 Dec
*128
__ *128 -_ _ *128
__ *128
*128
*128
4314 Dec 5738 Feb
Jan 28 44 Jan 20
42
2,800
Amer
Metal
par
4112
411
Co
Ltd-No
4
*4333
*417
8
42
1
4218
4218
43
38
42
44
43
3
8
4338 300 Preferred_
100 108 Jan 6 11012 Jan 24 11312 Apr 120 Feb
10933 10933
110 11012 *109 112 *10918 112 *10912 112
*11012 112
5034 May 7212 Sept
5533 5478 5534 15,000 Am Power & Light----No par 54 Jab 27 6112 Jan 3
5612 54
55
568 5734 5614 57
5712 58
1,300 American Radiator
25 11012 Jan 21 11514 Jan 11 10114 May 1223s Aug
111 111 *1101 Ill
11058 11033 11012 11012 11012 11012 112 112
7738 Mar 90 Dec
200 Amer Railway Express__ _100 8812 Jan 7 9212 Jan 27
9212
921 9212 *92
93
- - - *92
*90
90
90
*90
200 American Republics_No par 3518 Jan 4 48 Jan 28
48
48
398 Nov 74 Jan
45
45
*41
48
.41 -48
48
*40
*40 -48
Apr 7034 Aug
28
55
Jan
3
42
7,100
Jan
American
Rasor_-.100
48
4912
Safety
50%
48
493
4
50 , 5014 50
51
5033 51
51
50
117 Mar
634 Jan 7
538 Dec
512 Jan 26
534 634 *635 572 1,200 Amer Ship & Comm___No par
512 533
534 534
534 534
*534 6
14338 Jan 3 10958 Apr 152 Aug
Jan
25
Refining.100
44,2190
Amer
Smelting
&
13412
1347
13233
13312
13558
13314
1338
136
8
1325
13812 13914 136 138
1223
8 Dec
25
122
Jan
28
1127
8
Mar
Jan
1201
/
4
122
1,100
100
121
Preferred
121
121
*12012 12112 12012 12034 12014 12014 121 • 121
200 American Snuff •
100 1193s Jan 17 12634 Jan 11 12134 Oct 165 Feb
12234 12234 *122 124
12334 12334 *123 124 *122 124
*122 125
Aug
May
47
4512
Jan
19
40
44
Jan
3
par
6,100
Amer
Steel
Foundries_No
4514
4512
45%
453
8
4512
447
8
45
4478
45
4514 45
45
600 Preferred
100 113 Jan 7 115 Jan 13 11014 Sept 115 Feb
11318 11318 *113 11318 113 113 *112 114 *112 11418
*113 114
8514 Apr 8714 Nov
5 7934 7934 8134 7,700 Amer Sugar Refining
Jan 25 84 Jan 5
100
79
8014
79
8
,
793
8
8
803
79
81
8112
80
818
100 108 Jan 11 10934 Jan 13 100 June 11012 Nov
400 Preferred
109 109
109 109
10833 109 *108 110
*108 110 *108 109
2914 Aug 44 Dec
9,300 Am Sum Tob new etfs-No par 4112 Jan 3 464 Jan 17
4334 4312 443
43
4318 44
4434 4234 44
44
4412 45
2512 July 411 Feb
28 Jan 5 29 Jan 7
Amer
Telegraph
&
Cable-100
29
*28
29
*28
29
*28
*28
29
29
*2814
*2814 29
Jan
8
1395
8 June 151 Dec
4
Jan
3
1553
14914
Tales
100
8,000
Amer
Telep
&
15218 15212 152 15212 152 15238 15214 152%
15212 153
15234 153
1,500 American Tobacco
50 120 Jan 7 12258 Jan 21 1113s Mar 12434 Sept
12018 121 *12114 12212 122 122
12038 121
122 12234 121 121
100 11018 Jan 4 11278 Jan 5 10818 Jan 113 May
300 Preferred
e11012 112 *11012 112 *112 11214 11 2 11212 *11012 11214 *11012 11214
50 11914 Jan 5 12214 Jan 3 11018 Mar 124 Sept
3,500 Common Class B
12018 12018 11933 12014 .11933 11938 120 12014 12038 121
12058 121
Jan 135 Feb
1,200 American Tyne Founders_100 125 Jan 7 137 Jan 21 114
13014 13014 13014 131
13012 131
/
4 133 133
134 1341
134 134
4334 Apr 74 Jan
6414
6618
10,400
20 6214 Jan 3 6714 Jan 21
m
Water
Works
&
Eleo
6414
86
65'8
6412
66%
6514
6714
6612 6714 66
10112
21
10814 Jan
Mar
Jan
1107
Jan
7
s
1st preferred (7%)
100 10534
301
10912 10912 *109 10978 109 109 *10812 10978 *10812 10934 10812 10812
19 June 427a Jan
100 2414 Jan 27 3338 Jan 5
25
2514 9,800 A-1erican Woolen
2612 2534 2612 2414 28
2512 2614 2512 2578 26
Apr
9014 Dec
66
Jan
7
18
8812
Jan
78
2,800
Preferred
100
785
787
8
*80
8034 7734 8014
8118 8118 8014 81
8014 81
55 Jan
% Aug
1% Jan 8
1 Jan 3
*1
I% *1
118
300 Amer Writing Paper pref_100
118
*I
1
1
s1
114 *1
118
518 May 1218 Feb
8
10
Jan
Jan
3
812
Smelt_25
1,900
Amer
Zinc,
Lead
&
83
4
8
3
4
812
4
812
83
918
84
83
4
-.812
834
912
9
May
54
Dec
20
Jan
8
5
4812
Jan
42
45
45
3,600 Preferred
25
46
4458 44 '4418 46
44
4434 46
4612 47
4748 4678 4714 8,900 Anaconda Copper Mlning_50 48/8 Jan 28 4912 Jan 12 • 4112 Mar 517 Aug
4712 4734 4714 4712 47
4733 4734 4738 48
3
4
Jan
8
June
44
Jan
18
347
42
27
40
Jan
Archer.
Hangs.
par
40
40
40
700
Midi'd_No
4034
40
*40
*3934 40
4012 41
41
41
Oct
30 Preferred
100 108 Jan 4 10734 Jan 11 100 Mar 108
10734 *106 10734
*106 10734 106 106 *10614 10634 106 106 *108
9014 May 977 Jan
Jan
24
*65
6514
1,400
9518
6514
Armour
8
Jan
5
95
/
1
4
9514
&
927
Co
100
95
(Del)
pref
9514
9514
9514
9518
95
95
Feb
May
2512
1318
157
8
Jan
7
Jan
14
145
8
.
1434
147
145
8
147
A__25
1478 15
5,100 Armour of Illinois Class
1518 1434 15
1518 15
15
77 Jan 14
Jan
534 May 17
918 Jan 6
8
700 Class B
8
8
25
*77
8
8
g
8
814
838 *8
,._
80 Apr 93 Feb
800 Preferred
100 82 Jan 7 8814 Jan 37
8534 8614 8614 *8534 86
8418 8434 35
I 8414 *8312 84
18 Apr 3134 Jan
2312 *2312 24
23
1,600 Amn Cons Corn tern ctf No par 22 Jan 11 25 Jan 20
2312 2312 2314 24
24
24
*2312 24
19% Jan 2334 Oct
Art Metal Construction_-10 22 Jan 11 2212 Jan 21
2212 *2134 2214 *2134 2214 *2184 2214 *2184 2214 *2134 2214
*22
4634 Sept 6312 Jan
51
300 Artioom
*50
51
*50
No par 497 Jan 20 5434 Jan 5
5018 50
50
50
5018 4.50
ea°
50
108 Mar 113 Dec
*110
Preferred
*110
1141g
*110
11418
100
11412
1141g
*110
11418
*110
11418
*112
3714 Mar 547 Jan
4034 4034 5,700 Associated Dry Goods--100 4018 Jan 18 4258 Jan 12
4034 4034 408 41
411s 4134 4033 41
4158 42
96 Mar 10212 Jan
500 let preferred
100 10114 Jan 17 102 Jan 2
1017s 1017s 102 102 *10178 103,
101% 1017s *101 102
‘010012 102
102 May 110 Dec
110
2d preferred
100
107 109 *106 109 *106 109 *107 109 *107 110 *106
.
4434 Jan 60 Mar
51
500 Associated Oil
25 4834 Jan 27 49% Jan 11
4834 4912 *49
51
5012 *49
5012 *49
5012 *49
*49
Oct 6838 Jan
29
Jan
5
7
42
28
3814 4,200 All Gulf & W I IS El Line__ _100 3578 Jan
3814 361g 3734 3612 3714 3678 3712 35
3718 3734 37
3314 Oct 5614 Jan
600 Preferred
100 36 Jan 26 3812 Jan 8
*3512 3612 3612 3658
36
e3611 2712 3658 3658 3612 3612 36
97
Mar
12838 May
Jan
13
115
Jan
28
10,000
Atlantic
Refining
100
107
107
10818 10914
10833
112 11258 110 11235 108 11014 10814 110
500 Preferred
100 11534 Jan 27 117 Jan 13 11518 Oct 120 June
11534 11534 *1155s 116
•*111 11812 *116 11812 116 11618 *115% 116
Mar 64 Nov
54
Jan
20
Jan
5
6212
300
60
6112
Atlas
Powder
No
par
*6114
6112
6112
6212
6212
*6112 8212 *8112 6212 *6112 8212
94 Jan 973 Dec
30 Preferred
100 98 Jan 6 100 Jan 8
*9812 9932 9812 9812
9812 9812 *9812 99
9958 9938 *9812 985
Oct 1712 Jan
8
812 Jan 19
300 Atlas Tack
814 Jan 21
No par
84 8% *814 812
812 812 *814 812
84 814 *84 812
7% Oct 28 Jan
3
Jan
1014
Jan
28
800
8
Austin,
par
Nichols&Co
vte
No
8
8
812
812 *8
834 834 *8
84 84
84 84
54 Nov 93 Jan
220 Preferred
100 53 Jan 14 81 Jan 5
5518
55
7
55
55
56
56
57
*56%
4
573
57
5712
-1'56
218 Feb
14 Oct
38 Jan 7
14 Jan 3
14
14
14 3,200 Auto Knitter Hosiery_No par
14
38
*14
14
14
%
38
38
38
921 Mar 16734 Dec
14614 148 121,700 Baldwin Locomotive Wirs_100 14318 Jan 18 155 Jan 3
14612 14912 14634 15112 14658 15112 147 14978 14614 149
/
4 Nov
200 Preferred
100 118 Jan 14 118 Jan 27 105 Mar 1191
*11612 118 *11612 118 *117 118 *11718 11734 11734 118 *11718 11814
2312 May 3312 Jan
4 Jan 13
25 27 Jan 4 32,
3014 3034 3014 3012 3018 3012 27,600 Barnsdall Corp clam A
3034 3114 3012 31
3034 311
13
2212
Oct
Jan
3912
Jan
3018
Jan
4
2814 2,100 Class B
25 25
2814 2812 2814 2812 *2814 2812 28
*2812 29
2838 29
39 Mar 553 Nov
No Par 4912 Jan 25 5334 Jan 5
492 5118 4912 4912 5012 5012 *5014 5012 3,600 Ba• uk Cigars. Inc
5114 517
525
*52
717
s
Jan
10
5214
Oct
Feb
24
584
Jan
5412
1,000
20
Beech Nut Packing
5614 5614 *551 58
56
*5814 58
56
5612 5612 5512 56
26 Dec 3934 Jan
38 Jan 28 2714 Jan 7
241
/
4 2433 2214 2414 2112 2234 2038 2178 2134 2234 227 2234 13,200 Beld'g H'way Co tem MIN° par 25 4 Jan 27 4734 Jan 13
3714 May 511 Sept
100 431
4434 28,400 Bethlehem Steel Corp
4334 4434 43
47
4514 4814 4434 .47
46
465 47
Jan
18
99
June 1058 Dec
3
108%
Jan
4
100 1043
10712 10712 1071 10712 2,400 Preferred (7%)
107% 10734 10712 10712 10712 10712 10712 108
28 June 42 Dec
1,000 Bloomingdale Brog____No par 37 Jan 25 4133 Jan 11
38
3812 37% 3714 *3712 3812 38
37
3934 397
*3934 41
20
Jan
10414
June 110 Dec
10912
20
Jan
10912
100
Preferred
4110912 -___ *10912 ____ nooiz ____ *19012 _.-- *10912 ____ *10912 --__ ......
53% Dec 5618 Dec
No par 5318 Jan 5 5518 Jan 13
5378 5333 5333 5333 5378 5412 537 5434 2,300 Bon Aml, class A
5378 54
54
. 54
418
Mar
934 Jan
714 Jan 5
614 Jan 28
No par
400 Booth Fisheries
6%
614 614
*6% 633
612 612 *6
7
*812 714 *61
3434 Oct 5112 Jan
100 45 Jan 11 45 Jan 11
43
1st preferred
*40
43
*40
43
*41
4212 *40
49
*41
48
*41
20
May
41% Jan
Jan
5
17
2812
Jan
02614 2612 2838 2812 2812 2812 1,200 Botany Cons Mille class A__50 2514
2714 2714 2714 '
*2638 2712 *28
Oct 3712 Jan
2838 Jan 3 31% Jan 20 '24
2912 297
2912 3018 2938 2933 8,300 Briggs Manufacturin
30
3012 29
30
31
30
3 Jan
34 Jan 24
% May
8.88
1
1
888
1
34 Jan 24
48
-100
200 British Empire Seel
338 1
34
78
34
*34
2,800 Brooklyn Edison, Inc
100 14912 Jan 25 15414 Jan 5 133 Mar 183 Sept
15114
15012
150
150
1517s
151
14912
152
4
1513
15012
150 15014
8
68
Mar
933
4
Jan
98
Jan
28
Dec
8
897
par
No
91
91
903
4
1,800
91
91
9018
89%
Bklyn
Union
Gas
9018
9234 9234 9134 92
2912 June 485 Jan
3178 Jan 28 3412 Jan 5
No pa
3212 3214 3214 3172 3212 1,400 Brown Shoe Inc
3214 3278 321g 3218 32
*3212 33
Jan 5 11212 Jan 7 107 June 111 Mar
1103
4
100
120
*110
120
*110
120
*110
Preferred
120
*110
120
4110 120 *110
2438 Mar 3934 Sent
3733 7.400 Brunew-Balke-Collan'r.No par 3612 Jan 3 3878 Jan 10
3738 377
3734 378 37
36% 38
3612 37% 3612 3818 111
11634 118
117
113 115
9,000 Burns Bros new clAcom No par 111 Jan 25 12534 Jan 20 121 Mar 144 July
11433 115
11712 12312
1244 125
2612 Nov 44 Feb
25 3434 Jan 27
Jan
26
26
2214
2413
26
*2312
par
-No
2412
corn._
2214
234
New
class
B
2,600
2518 2718
28
*27
97 Mar 10312June
100 9818 Jan 25 100 Jan 3
*9818 100
*9818 100
100 Preferred
9818 98% *9818 100
99
*98
e9833 69
7712 Apr 124 Dec
120 120
119 120
11818 119
122
1,200 Burroughs Add Mach_No par 118 Jan 4 123 Jan 21
1224 1224 122 122 *120
12
343
4
Jan
27
1834 Mar 3414 July
Jan
294
par
____No
3238 3412 34
3434 3414 3412 8,800 Bush Terminal new
3314 3212 33
3314 33
33
86 Apr 93 Aug
,
2
100 9114 Jan 5 94 Jan 13
2
*9214
94
*92
94
923
8
92
300
Debenture
4
94
*913
91
914
*9112 9212
5
109
Jan
18
Jan 104 Nov
Jan
9912
105
prel-,...100
106
1073
4
*104
107
10414
10414
50
Bush
Term
Bldge,
10818
10618
/
4 *108 108
10814 1081
4 Dec
6
4 Jan 20
412 Jan 4
614 Feb
4% 1,000 Butte Copper & Zino
418 418 *4
418 418
414
*4
4
4
4
4
1734 Mar 71 Sept
5012 Jan 3 5414 Jan 11
100
5214
52
5212
5212
52
3
4
523
4
1,800
Co
528
Butted*
5212
53
524
Jae
1614
45234 535
May
718
Jan
3
113
4
Jan
7
1012
10
Mining_
11
1012 1034 *1012 1034 1,100 Butte & Superior
104 104 1034 1034 11
1078 11
53 June 90 Sept
/3 678 6618 6814 6618 6858 1,300 By-Products Coke____No par 8818 Jan 27 8812 Jan 5
'6712 6734 *6712 874 *6712 874 683
Mar 4478 Nov
28
Jan
3
477
8
Jan
28
42
7
7
par
No
4733
(AM)...
44
44
45
44
Co
44
8.600
Byers
&
4588
4514 4478 4534 4412
44
- - -- -.
•Bid and asked prisms no salsson uiia.uay.
*P
New York Stock Record-Continued-Page 3
For sales during the week
(
- GIL
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CE NT.
Saturday,
Jan. 22.
Monday,
Jan. 24.
Tuesday,
Jan. 25.
Wednesday, Thursday,
Jan. 26.
Jan. 27.
Friday,
Jan. 28.
Sales
for
the
IVeek.
STOCKS
NEW YORK STOCK
EXCHANGE
$ Per share $ per share 8 per share 8 per share g per share $ per share Shares. Indus. 8c Silscell.(Con.) Par
6712 6758 6634 6734 6612 67
66
67
66
6612 6612 6612 6,100 California Packing__ __No par
3118 3114 31
3112 314 3114 31
3118 31
3118 8,600 California Petroleum
3118 31
25
*218 214
2
218 24
218
2
2
*2
218
178 2
3,400:Callahan Zinc-Lead
10
*661 2 6712 *6612 6712 *6612 6712 *6612 6712 6612 6612 *6612 6712
4001Calumet Arizona Mining
10
1614 1612 1612 1612 1638 1612 *1534 1614
16
16 1534 1534
901Caluinet & liecla
25
38
3812 3812 394 38
3812 3812 39
3834 3914 3812 3338 5,200 Canada Dry Ginger Ale.No par
139 139
134 13512 132 13512 133 135
135 139
139 139
6,4001Case Thresh Machine
100
*114 115
1144 11414 *11414 115 *11414 115
11414 11414 *11414 115
2001 Preferred
100
2712 2712 2734 2734 *2712 28
2714 274 *27
2712 27
2712
800 Central Alloy Steel____No par
•834 9
834 9
878 878 *834 912 *84 914
8001 Central Leather
100
912 912
56
56
56
56
56
5534 56
5618 5578 56
5512 5534 3,800 Preferred
100
•1112 12
1112 1012 11
11
*1112 12
1012 1012 1212 1212 1,600 Century Ribbon Mills__No par
73
73
70
77
71
*73
*73
75
*73
75
*73
75
5751 Preferred
100
*61
6178 6118 6118 605* 61
6014 6038 6014 604 3.100'Cerro de Pasco copper_No par
6058 61
4312 4334 4258 4314 42
4212 42
43
4218 4314 4212 4278 4,403 Certain-Teed Products_No par
10814 .10814 *107 10812 *107 10812 *107 10812 *107 10812 10678 10678
9001 1st preferred
100
*94 10
9
*9
9
914 912
1012 10
10
*912 10
900 Chandler Cleveland Mot No par
*2214 2212 2138 22
21 18 2178 2178 2238 2178 2178 2214 2214 3,1001 Preferred
No par
130 13014 129 129
125 128
124 12512 12512 12534 125 12612 2,300 Chicago Pneumatic Tool.,.,100
*5012 5134 5012 51
5012 5012 5012 51
5012 5112 *50
51
1,7001 Childs Co
No par
3534 3578 3538 3558 3514 3538 3514 3512 3518 3538 3514 3534 8,500 Chile Copper
25
•2258 25
*2238 25
*2238 25
*2238 25
*2258 25
*2238 25
Chino Copper
5
40
*394 40
40
3778 3918 *38
3912 *3812 3934 40
40
1,000 Christle-Brown certifs_No par
4012 4112 4014 41
40
4078 3934 4038 39
40$8 3818 3938 119,300 Chrysler Corp new_ _ _ _No par
10458 10458 *104 10412 10338 10334 10312 10312 *10318 10312 103 103
1,100
No par
Preferred
6112 62
6238 6634 6434 6612 64
65
*6312 65
65
65
5,700 Ciuett, PeaboariECE_T_ MO
*11418 1144 114 114
11418 11418 *113 114 *113 114
11378 11418
150 Preferred
100
170 17078 16918 170
16812 170
16818 16912 168 16812 168 169
9,700 Coca Cola Co
No par
68
6978 6618 68
6634 6712 6612 67
6712 6312 6712 69
14,100 Collins & Aikman
No par
*134 139 *132 140 *132 138 *133 138
138 13814 *134 139
400 Preferred
100
4814 4914 4812 5234 4918 5218 5014 5112 4938 51
4918 51 118,100 Colorado Fuel & Iron
100
6934 7034 6934 7134 7034 7412 7318 7538 7338 7434 7312 74
22,500 Columbian Carbon v to No par
8712 8812 8634 8818 8538 87
85
8578 8418 85
8318 84's 17,500 Colum Gas Sr Eine new_No par
10012 10012 9912 10038 100 10018 9978 1004 9912 100
100 100
4,300 Preferred new
100
1718 174 1634 1718
1614 1678 1618 1618
16
1638 1578 161
3,900 Commercial Credit_s_No par
*2134 22
*2134 22
*2134 22
*2112 22
2112 22
1912 1958
110 Preferred
25
*2112 2234 *2112 2234 *2112 2234 *2112 2234 *2112 2234 2112 2158
40 Preferred B
25
*8212 87
89
8312 8312 *83
*84
85
*80
87
*50
87
200
100
1st preferred (8b4)
*5512 57
5512 5552 *53
57
*5314 5512 "53
5512 *53
100 Comm Invest Trust_ __No par
5512
.9812 99
*9812 99
*9812 99
*9812 984 9812 9812 9614 9614
200 7% preferred
100
*9012 9178 *9012 9112 9012 9012 *90
91
*90
91
*90
9012
100 Preferred (653)
100
24034 24312 234 241
2284 23312 229 234
229 23312 23212 23512 20,400 Commercial Solvents B No par
18
1812 1738 1814
174 1818 1714 174 1714 *1734 174 1834 24,700 Congoleum-Nairn Ino__No par
5312 5312 53
5378 5212 53
5212 5212 6112 52
*5112 52
3,100 Congress Cigar
No par
"8
34
"8
34
*58
34
58
34
34 *_ _
118 *- _ _ _
100 Conley Tin Foil stpd_ No par
8078 81
7912 8014 73
7938 7778 7934 7838 7858 7834 7878 9,000 Consolidated cigar.,.._No par
•100 103 *100 103 *100 103 *100 103 *100 103 *100 103
100
Preferred
134 2
14 2
134
2
178 2
134
2
134
l78 14.200 Consolidated Distrib'rs No par
10412 10514 1024 1044 9934 1024 9978 10031 9914 10034 994 9934 123,875 Consolidated Gas(NY) No par
34 34
334 34
334 334
314 334
312 334
314 338 8,100 Consolidated Textile_ _No par
6612 6938 664 6734 6712 694 68
69 12 6814 6912 6858 71 14 44,800 Continental Baking elAN°
par
812 858
8
838
818 814
814 838
814 838
838 834 17,6001 Class B
No par
93
9318 9212 9318 93
93
93
93
93
93
93
93
100
Preferred
3,1001
714 7112 7138 72
7118 7112 6934 7112 70
7018 7012 7012 11,200 Continental Can, Ine__No par
139 139
13714 1371 13612 13612 136 13612 135 136 *134 13712 1,900 Continental Insurance_ __ _ 25
1178 12
1158 117
1138 12
1158 1134
1112 1134
114 1158 19.700 Cont'l Motors tern ctfs_No par
4714 4878 4812 497
474 494 4712 4878 • 4758 4918 4778 49
58,700 Corn Products Refill WI... 25
•1284 12912 *128 1291 *128 12912 *128 12912 *12812 12912 *12812 12912
100
Preferred
*6118 6138 6012 60i 6012 6012 60
6012 559
6012 559
No par
6018 1,100 Coty, Inc
79
791
77
79
7714 7812 7812 7834 78
794 78
784 6,100 Crucible Steel of Amerloa__100
104 104 *10312 10414 1033.1 10334 *10334 1041 4 10414 10414 *104 10434
100
400 Preferred
32
3214 3178 3214 3114 324 *31
3178 31
No par
3118 3012 31
6,700 Cuba Cu..
•10
1018 *10
101
10
10
10
10
10
10
10
1012 2,600 Cuba Cane Sugar
No par
4812 4812 48
48s 4758 4834 43
4812 4734 4814 4814 49
100
7,4001 Preferred
27
27
2634 2634 2634 2634 2612 2634 26
10
26
2612 2714 5,103.Cuban.Amerlean Sugar
*102 105 *102 105 *102 105 *102 105 *102 105 *102 105
100
1 Preferred
•1712 18
51712 18
17
1712 17
3,000,CubanDom'canSugnewNopar
171. •1712 18
17
171
5218 5218 5134 52
50
5112 51
50
514 5114 5114
5118 511
4,9001Cudahy Packing new
*108 10934 *104 110 *105 108 *105 110 .106 108 *106 108
No par
'Cushman's Sons
*3314 3412 534
3412 3312 3312 3314 3314 3318 3318 3258 33
No par
600,Cuyamel Fruit
20
2978 2978 31
2918 3038 29
2914 28
28
5,900IDavison Chemical v t o_No Par
*28
291
135 135
135 135
13434 135
13434 13434 *13412 135 *13412 135
100
600D
It Edison
40
40
39
3971i 3738 3812 38
39
3814 3814 3912 4058 4,600 Devoe & Raynolds A__No par
244 25
2414 2478 2414 2434 24
244 244 2434 244 2478 31,600 Dodge Bros Class A___No par
824 8238 82
8212 8218 8212 8218 8212 8218 8212 824 824 3.400 Preferred cantle
No par
*94 10
Vs 978
934 978
934 934
958 958 1,700 Dome Mines, Ltd
No par
934 978
5114 5114 5112 5312 *5112 5212 51 12 5112 .5134 52
*5134 62
No par
2,300 Douglas Pectin
*11512 115% *i1512 116 *11512 11534 11534 1154 11538 11578 11534 11534
1,200 Duquesne Light 1st Pref---100
13278 1324 13012 13238 12734 13012 12812 129
128 12934 1264 12814 5,500 Eastman Kodak Co
No par
2518 2614 2514 2538 2412 254 244 2514 *2478 254 2478 25
3,300 Eaton Axle & spring...No par
17012 17314 16812 171
168 170
16818 17178 16814 171
16918 17012 25,700 EI durontde Nem new_No pa
*10738 108
1064 10678 10714 10714 10714 10714 10612 10612 10614 10614 1,303 6",r non-vat deb
100
1238 1212 1212 1234 1214 1214
12
1218 *1178 12
12
12
3,900.Elsalohr & Bros
25
644 644 65
65
6412 6412 *6.3
65
*64
65
64
64
400 Electric Autollte
No par
14
1414
14
1438 1358 1411
134 1514 1414 1514 1438 1514 19,900 Electric Boat
No
par
1712 1778 1712 174 17
1712 17
1714 1612 1718
1612 1634 15,80090eo Pow & Lt ctrs_ _ _ _No par
*10378 10412 *10378 10414 10414 10412 *1034 10414 *10334 104
10378 10378
3001 40% pr pd
*10312 ____ *10312 ----*10312 ____ *10312 ---- *103...12 ..
*10312 ----------I Fret full paid
*99
9612 96
9638 9612 9658 964 9612 *9612 9634 9618 964 1,2001 Preferred certlfs
3438 354 3334 3434 344 3514 3418 3534 344 3434 344 3412 26,300 Electric Refrigeration__No par
7712 7818 77
76's 76
7778 76
7612 7512 7634 734 7812 9,509 Elee Storage Battery_.No par
*1
2
‘111.
2
*1
2
51
2
*I
2
*1
2
Emerson-Brantinglaam Co-100
*6612 67
6612 6612 6612 6658 6638 6658 65
6614 6434 6512 3,000 Endicott-Johnson Corp-- 50
*11714 120 *11712 120 *11712 120
11712 11712 *11712 120 *11712 120
100 Preferred
I®
2234 2234 2212 2234 2212 223i 224 2258 "2212 224 2212 2234 1,500 Engineers Public Serv_No par
08
98
*9758 98
9734 973
9712 9758 *974 974 97
971 1
900 Preferred
No par
2758 28
264 2758 264 2712 264 2738 2634 2714 11,700 Erie Steam Shovel
2714 28
5
*104 105
103 104
104 104 *10334 105 *10312 105
104 104
400 Preferred
100
11914 11914 *11912 121 *11912 121 *121 122
119 119 *119 12012
200 Equitable Office Bldg pfd_100
6212 6378 6112 6312 6078 6134 GI
6234 *62
6212 62
63
13,300 Eureka Vacuum Clean_No par
•15
1514 *15
1514
1518 1518 *15
1514 *15
1514 *15
1514
100 Exchange Buffet Corp_No par
4212 4278 4278 4278 4238 4238 *4158 4214 41
4112 4012 4012 1,700 Fairbanks Morse
No par
•108 109 *107 109 *107 10812 *107 10312 *107 10812 *107 1081*
Preferred
108 10934 109 11114 10812 1104 10918 11014 10914 1107* 10958 11112 35,100 Famous Players-Lasky_No 100
par
*12112 122 *121 124 *12112 123 *121 122
12158 12214 12214 1224
500 Preferred (8%)
100
4018 40,2 •40
4012 39,2 40
39,2 38
39,2 39,2 39
3812 2,200 Federal Light & Trite
15
*91
94
*91
94
*91
*91
94
94
*93
94
*91
94
Preferred
No par
88
88
*80
*75
87
88
88
*80
*80
88
"75
87
100 Federal Mining & SmelVg..100
77
77
7678 7678 76
7612 754 7538 *7512 7614 7512 76
1,300 Preferred
100
2812 29
2812 2812 28
2778 2778 274 28
28
284 28
5,100 Federal Motor Truck__No par
99
09
97
98
94
9612 97
9514 94
95
94
94
1,800 Fidel Phan Fire Ins of NY., 25
*98
9912 98
98
98
*96 100
98
*98 101
*96 100
200 First
2314 2838 2812 2812 2812 2834 *2838 2834 2812 2812 2814 2838 1,100 Flrst Nat'l PR, 1s1 pre!., _100
Nat'l Stores
No par
16
1614 1614
1638 16
16
1614 16
16
1618 16
164 7,400 Fisk Rubber
No par
84
84
84
84
84
84
8378 844 8438 8612 85
8512 2,100 1st preferred stamped...100
*97 102
97
07
*98 10212 *98 10218 *98 102
*98 102
103 litt preferred cony
100
47
4714 461:3 4678 4612 464 464 47
4634 47
4612 4678 12,600 Fleischman Co new____N0 par
78
78
*77
77
7812 77
78
7638 77
*76
77
78
3,000 Foundation Co
No par
67
6812 67
683s 65
6714 6512 66'2 6612 6778 12,700 Fox Film Class A
6714 65
No par
3812 3938 38
3834 37
38
374 374 3714 372 3714 404 53,500 Freeport Texas Co_
No par
314 3118 3034 3138 30
3014 3038 3058 3,000 Gabriel Snubber A
3034 30
3018 30
No par
*1112 7
*612 7
634 634
612 6t3
64 658
6'2 7
300 Gardner Motor
No par
4714 4778 4714 4734 47
46
47
4734 47
4638 467s 46
3,100 Gen Amer Tank Car
100
*10712 109 *108 109 *108 109
10712 10712
10818 10818 108 108
300 Preferred
100
824 8314 8112 83
7812 814 7918 8034 7712 80
7734 7938 47,200 General Asphalt
100
126 126 *122 130
120 123 *11812 125 *116 124 *116 125
509 Preferred
100
*534 5412 5312 631
5218 5318 52
53
53
5218 5212 623
3,600 General Clgar, Ina new_No par
•11612 121 *11612 121 *11612 121 *11612 121 *11612 121 *11612 121
Preferred (7)
100
*116 11712 *116 1171 *116 11712 916 1171 *116 1171 *116 11712
Debenture preferred (7).100
5518 56
53
5612 5612 *56
67
*5618 571
57
57
57
2,500 Gen Outdoor Adv A_ _ _No par
3718 3712 3714 3778 37
38
38
374 38
3778 38
38
4,700 Trust certificates_ __No par
8312 84
83
834 82
8414 82
834 81
8212 81
8212 44,800 General Electric New __No par
1138 11,4 7,000 General Electric special____10
114 114 114 114 114 1112 1158 1112 1112 Il's
4412 45
4234 4414 42
4212 417. 434 4134 424
4.400 General Gas & Elea A__No par
- and
askedprices: no sales on this day. s Exdlvidefla. a x-r
619
stock. usually Inactive, see third page preceding
II.11,G
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
!Co. 4311 .(1!VG
I
Range for Precious
Year 1926
1
Lowest
Highest
S per share 1$ per share $ per share
70 Jan 5
6614 Oct 17912 Feb
3278 Jan 18
2934 Oct 3818 Feb
258 Jan 17
258 Jan
112 Mar
6758 Jan 20
5512 Mar 7358 Aug
1612 Jan 20
1338 Mar 1812 Aug
3912 Jan 10
3212 Oct 49 Sept
14934 Jan 8
6212 Jan 176 Aug
117 Jan 12
96
Jan 11812 Aug
2812 Oct 3314 Aug
2878 Jan 4
7 Nov 2012 Jan
1034 Jan 7
5814 Jan 6
4314 Apr 6834 Jan
1258 Jan 4
1014 Oct 3278 Jan
7814 Jan 4
7814 Dec 00
Jan
6258 Jan 12
5712 Jan 7312 Aug
44 Jan 19
3618 May 4912 Jan
10814 Jan 22 103 May 10614 Nov
11 Jan 13
812 Nov 26 Feb
2418 Jan 12
2034 Dec 4514 Feb
13214 Jan 20
9412 Apr 12814 Dee
5358 Jan 11
4518 May 6638 Jan
3612 Jan 19
30 Mar 3638 Jan
2318 Jan 6
16 Mar 26 Nov
42 Jan 18
2912 Oct 6334 Jan
4312 Jan 6
2812 Mar 5478 Jan
105 Jan 12
93 Mar 108 Jan
60 Dec 6812 Jan
6634 Jan 24
,
11418 Jan25 10314 Jan 116 Sep"
173 Jan 19 128 Mar 17434 Dec
7078 Jan 21
3434 May 9912 Dec
140 Jan 21
9834 May 13312 Dec
5234 Jan24
2738 Mar 4938 Oct
7518 Jan 26
5558 Jan 704 Dec
9158 Jan 12
8558 Nov 91 Dee
9878 Nov 10158 Nov
10112 Jan 19
1734 Jan 8
4712 Jan
1612 Nov
2212 Jan 5
2114 Nov 2614 Jan
23 Jan 7
20 Nov 274 Jan
8518 Jan 12
8512 Dec 9912 Feb
5512 Jan 24
5412 Dec 72
Jan
9812 Jan27
97 June 104
Jan
9178 Jan 10
89 May 100
Jan
255 Jan 13 1184 Jan 237 Nov
21 Jan 5
1212 May 2938 Sept
55 Jan 5
4012 May 57 Dec
58 Jan 5
38 Dec
1 Mar
8478 Jan 5
4514 Apr 8714 Dec
102 Jan 12
91 Mar 10738 July
2 Jan 22
112 Aug
612 Jan
10912 Jan 10
87 Mar 11538 Aug
418 Jan 15
14 May
414 Nov
7478 Jan 6
5012 Oct9378 Aug
1014 Jan 5
758 Oct1518 Sept
9714 Jan 13
87
Oct9612 Aug
7312 Jan 3
70 Ma
9212 Jan
14112 Jan 19 122 Mar 14434 Jan
1334 Jan 0
978 May 1378 Dec
4978 Jan 24
3558 Mar 5158 Dec
12938 Jan 18 12212 Jan 13014 Dee
6112 Jan 15
4412 Mar 62 Dee
81 Jan 11
64 Apr 8234 Dec
10414 Jan 14
96 Star 104 Dec
3414 Jan 8
2814 Oct6338June
1034 Jan 5
858 Ma
1112 Jan
5034 Jan 4
35'zJune 5038 Dec
2812 Jan 3
2014 Aug 304 Jae
9734 Jan 105 NO
17 Jan25
18 Jan 21
1512 Sept 2014 June
50 Jan25 5234 Jan 4
5118 Nov 55 Dee
1064 Jan 12 112 Jan 17
7712 Mar 108 Dec
3218 Jan 3 34 Jan 15
32 Nov 51
Jan
2718 Jan 3 '3134 Jan 11
2318 Oct 4634 Feb
13312 Jan 21 13612 Jan 19 12312 Nlar 14112 Dec
37,8 Jan25 41 Jan 3
31
Oct 10418 Feb
2312 Jan 18 2712 Jan 5
2114 May 4714 Jan
8112 Jan 4 834 Jan 10
7912 May 90 July
958 Jan 28
1114 Jan 4
8
Oct 20 Mar
46 Jan 3 5312 Jan24
19 Mar 46 Nov
11558 Jan27 1164 Jan 3 11112 Mar 11634 Aug
12614 Jan 28 13412 Jan 13 1064 Mar 13634 Deo
2412 Jan 4 2634 Jan 21
23
Oct 3234 Feb
164 Jan25 17712 Jan 10 15434 Nov 18112 Dec
1064 Jan 28 1091z Jan 4 10334 Apr11018 Dec
1178 Jan 3 1234 Jan24
1034 Oct2012 Feb
6312 Jan 13 6512 Jan 5
6134 Star 82 Feb
1338 Jan25 1614 Jan 10
4 Star
16 Dec
16 2 Jan271834 Jan 6
1514 Oct3412 Feb
10378 Jan 28 10438 Jan 11
9912 Mar 115 Feb
____
__ _
____
__ __ 10212 Oct11012 Feb
96 Jan 14 9634 Jan 4
8912 Mar 9814 Sell
3212 Jan 20 3738 Jan 3
3338 Dec7812 June
734 Jan 28 7912 Jan 6
7118 Star 9418 Aug
___
__ __ ____ . __ __
1 May
4 Feb
6434 Jan 28 6714 Jan 8
6512 Mar 7258 Feb
1163* Jan 5 11712 Jan26 114
Jan 120 Sept
2134 Jan 11 24 Jan 13
1914 Oct2412 July
9334 Jan 8 98 Jan 22
924 Nov9612 Aug
2434 Jan 3 2938 Jan 17
2112 Oct 2538 Nov
10112 Jan 6 10712 Jan 17 100
Oct 102 Nov
119 Jan27 122 Jan 7
9978 June 13214 July
6078 Jan25 6712 Jan 5
43 Slay 6838 Dec
154 Jan25
1538 Jan 10
1434 July
17 Apr
394 Jan 4 4278 Jan 22
374 Dec 5934 Feb
108 Jan 4 10812 Jan 11 10612 Nov 115 Feb
108 Jan 22 11438 Jan 6 10318 Jan 12712 June
12114 Jan 14 12438 Jan 12 115 Mar 12412 Dec
3712 Jan 17 4218 Jan 10
28 Mar 4712 Dec
____ -_ ____
__ __
86 June 94 Dec
88 Jan 18 90 Jan 15
41 May 11134 Jan
7513 Jan 28 77 Jan 15
61 Mar 105
Jan
2612 Jan 4 304 Jan 10
Oct3438 Aug
23
94 Jan26 193 Jan 6 160 Apr 20014 Jan
9712 Jan 13 9818 Jan 17
96 May 107 Feh
2814 Jan 4 2938 Jan 12
23 Nov 4938 Feb
16 Jan24 174 Jan 6
1414 May 2614 Jan
81 Jan 5 8612 Jan27
7678 Apr 8414 mar
97 Jan24 99 Jan 7
94 June 107 Mar
464 Jan 3 4878 Jan 11
3214 Mar 5612 Feb
7638 Jan 28 8178 Jan 13
7314 Dec 17934 Jan
65 Jan25 7412 Jan 6
5518 Star 85 Jan
344 Jan 4 4014 Jan 13
1958 Jan 36 Dec
2918 Jan 3 3112 Jan 12
2558 Nov 42 Feb
612 Jan27734 Jan 11
934 Jan
538 Nov
46 Jan 3 4814 Jan 19
39 Mar 5538 Jan
10012 Jan 5 10312 Jan 12
9912 June 109 Dec
7712 Jan27884 Jan 4
50 Star 9414 Aug
120 Jan25130 Jan 10
9478 Star 14018 Aug
52 Jan265578 Jan 15
46 Mar 5912 Feb
116 Jan 5 11712 Jan 15 109 Jan 118 Dec
116 Jan 11 116 Jan 11 10914 Apr 11812 Feb
554 Jan25 57741 Jan 19
51 Mar 564 Aug
37 Jan 18 39 Jan 3
2658 Mar 3978 Dec
81 Jan27 854 Jan 13
79 J,lne I19512 Aug
1114 Jan 3 1158 Jan 5
Jan
1134 Dec
11
41 Jan 19 45 Jan 22
34 Mar 59
Jan
8 per share
61,
Jan26
3058 Jan 4
112 Jan 3
6538 Jan 3
1412 Jan 4
Jan 5
36
Jan27
132
11414 Jan24
27
Jan28
838 Jan 3
54 Jan14
1012 Jan26
Jan24
70
6014 Jan27
42
Jan25
10614 Jan 8
818 Jan 6
2118 Jan25
12012 Jan 3
504 Jan 4
3438 Jan 3
2218 Jan 7
3478 Jan 5
3318 Jan 28
103 Jan 3
6018 Jan 4
11114 Jan 6
16712 Jan 4
63 Jan 4
126 Jan 4
4258 Jan 4
6678 Jan 3
834 Jan 28
9912 Jan 24
15-8 Jan 28
1912 Jan 28
2112 Jan 21
832 Jan25
5314 Jan 4
9614 Jan 28
9012 Jan25
223 Jan 3
174 Jan26
51.2 Jan27
12 Jan 11
7778 Jan26
102 Jan 12
112 Jan 3
9918 Jan 28
314 Jan27
6614 Jal 24
8 Jan24
92 Jan 21
6912 Jan 7
135 Jan27
114 Jan 28
4678 Jan 12
128 Jan 11
56 Jan 3
77 Jan 4
103 Jan 18
3012 Jan 28
10 Jan 19
474 Jan 20
26 Jan 18
620
New York Stock Record -continued-Page 4
For sales during the week of stocks usually Inactive, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Jan. 22.
Monday,
Jan. 24.
Tuesday,
Jan. 25.
Wednesday. Thursday,
Jan. 26. I Jan. 27.
Friday,
Jan. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscall. (Con.) Par
300 Gen Gas & Elec pf A (7)No par
nos to734 10712 10712 *105 107 10512 10512 105 105 *103 105
11534 11534
100 Preferred A (8)
*11512 118 *116 118 *11512 118 *11512 118 *11512 117
No par
Preferred B (7)
No pa
*9612 9812
*96
99
*9718 99
*97
99
*97
99
*974 99
1
4 14934 14658 14878 14713 149 409.600 General Motors Corp-No pa
14513 14712 146/
148 149/
1
4 14578 148
100
120 12112 12112 12158 •121 12112 2,400 7% preferred
*121 122
121 1214 121 121
100
_ *104 - . --___ *104
_ .*104
6% preferred
*104
_ *104
87 1834 87
8-8- 18,600 Gen Ry Signal new _---No pa
*1048634 875
-8 864 -86
- -34 8518 !Wiz 8512 -87
*40
43
*40
43
*41
43
General Refractories___No pa
*41
43
*41
43
43
*41
4134 42/
1
4 4212 4414 6,600 Gimbel Bros
42
4212 *4134 42
42
42
411
/
4 42
No par
200 'Preferred
*103 10312 *10314 10312 103 10318 *10212 10314 *10214 10314 *10214 10314
100
4,200 Glidden Co
19
19
No par
1914 1912 1834 1918 18/
1
4 1914 1812 1878 1918 1918
4318 2,000 Gold Dust Corp v IC-No Par
1
4 4314 43
*4334 4414 *4334 44
4312 4334 4234 434 42/
No par
46/
1
4 4713 4714 4778 8,300 Goodrich Co (B F)
4612 47
*4612 48
4512 4612 4534 47
500 Preferred
97
97
98
100
*97
97
*96
9614 9612 9612 9612 9612 97
900 Goodyear 'I'& Rub of v t e_loo
*97
98
*99 100
9934 9934 9914 99 4 9918 9918 9818 99
400 Prior prererrea
*106 108 *107 10712 *107 10712 1064 10718 *107 10718 *107 10712
100
5918 5912 5978 3,800 Gotham Silk Hosiery_Ne par
5914 5914 59
5858 5912 5912 60
*5912 60
5912 5914 604 2,000 New
No par
*5914 5912 *59
59
5912 5912 60
*5914 60
Preferred
100
11034'112 *11034 112 *11034 112 *11114 112 *11114 112 *11114 112
300 Gould Coupler A
No par
1
4 9/
1
4
912 912 *9/
912 912
/
4 958
1
4 *91
*912 9/
1
4 *911 9/
3118 3134 3138 31/
1
4 13,000 Granby Cone M Sm & Pr_100
3134 3212 3158 3134 3158 32
3258 33
109 11012 10934 11012 11034 11312 11,200 Great Western Sugar tern otf25
11314 11314 11218 11314 10934 113
12034 12034
200 Preferred
100
*121 12114 121 121
121 121 *121 12112 121 121
100
3,300 Greene Cananea Copper
3014 2914 30
293* 30
*31
3178 3118 3238 3014 3112 30
1
4 1,300 Guantanamo Sugar____Ne par
*814 878 *814 8/
*818 9
8
8
818 9
*9
912
55
100
55
5518 5,700 Gulf States Steel
*5514 5614 5513 5512 5512 5512 5458 5712 55
320 Hanna let prat class A__ _100
1
4
1
4 58/
1
4 58/
583* 59/
63
63
65
65
66
66
66
66
100 Hartman Corp class A_No par
*25
264 *254 2612 *2518 2612 *2518 2612
*25
27
25
25
No par
2412 2412 2412 2412 2413 2412 2412 2412 2418 2412 1,400 Class B
2412 25
1
4 1714 1714 6,000 Hayes mow
1
4 1718 1738 1714 17/
No par
1
4 17/
1814 16/
1812 1812 18
.781
/
4 7938 *73
200 Helme(13 W)
80
25
7934 *79
1
4 1378
1
4 79/
79/
1
4 79/
1
4 7958 79/
23
24
500 Hoe(R) & Co tern ctfa_No par
25/
1
4 2578 *2412 25
:326
2712 2614 2614 *2512 26
100 Homestake Mining
1358
62
100
*5912 62
*60
62
60
6158 60
1359
6134 1358
9,300 Househ Prod,Ina.tem criNopar
48
4412 444 4412 4434 4434 4434 46
4412 45
4458 45
1
4 7,400 Houston 011 of Tex tern :313100
664 664 6578 714 6734 6912. 6812 69/
1
435
69
*65
69 /
39
No par
4,000 Howe Sound
38/
1
4 3812 3812 3934 394 3912 39
39
3958 3834 39
No par
52/
1
4 5434 260,700 Hudson Motor Car
504 5078 4814 5038 494 5158 504 5238 5134 54
2118 211
/
4 21 18 2114 6.900 Hupp Motor Car Corp____10
21
2114 21
2112 2134 2118 2112 21
22,800 Independent Oil & Gas_No par
1
4 3014 2914 30
1
4 3112 2938 3058 2938 3018 29/
3114 31/
1
4 30/
1,400 Indian Motooyoie
154 *1434 17
No par
15
*15
17
17
*15
*15
17
'15
17
734 8
10
734 734 2,000 Indian Refining
7/
1
4 812
8
8
814 814 *814 812
Certificates
10
1,500
*734 8
814 *734 814 *75* 8
778 7/
1
4 *8
7/
1
4 734
100 Ingersoll Rand new____Nipar
95
9434 9434 *93
*93
95
95
*93
*9312 95
1393 96
No par
42
4218 4112 4112 4134 4134 1,400 Inland steel
*42
42/
1
4 4112 42
4112 42
Preferred
100
*106 113 *106 11214 *106 112, 13106 11214 *106 11214 *106 11214
2414 2414 2414 1,300 Inspiration Cons Copper---20
2414 2414 2411 2412 2412 2412 2418 2414 24
12/
1
4 121
/
4 •12' 1234 1,600 Intercont'l Rubber-No Par
12
1212 1212 1212 1212 1212 1212 12
No par
*914 10
1,000 Intemat Agrioul
*914 10
918 94 *914 10
1
4
912 9/
9/
1
4 934
100
800 Prior preferred
63
63
63
1
4 *60
62
6212 6134 6134 604 60/
64
*63
5412 5412 3,500 Int Business Machines_No par
1
4 55
5518 54/
1
4 55
56
56/
1
4 5512. 5638 5514 55/
1
4 4712 9,500 International Cement-_No par
4713 46/
46
4714 4534 4658 4558 4638 464 4714 47
103 103 *10212 103
100
200 Preferred
*102/
1
4 10312 103 103 *103 104 *103 104
4672 4838 4512 4712 434 4614 4438 4512 4358 4434 434 4518 35,000 Inter Comb Eng Corp__No par
100
137 13712 137 13734 6,500 International Harvester
13712 139
/
4 138
/
4 1361
13912 13978 13814 1391
100
300 Preferred
/
4 12714 12712 12712
1
4 12634 12634 1271
*127 12712 *127 12733 *12634 127/
.7 71
/
4
7
7
7/
1
4
1
4 *7
7/
1
4 7/
1
4
7/
1
4 7/
400 Int Mercantile Marine
714 714
100
1
4 38/
1
4 3912 38/
100
1
4 9,800 Preferred
1
4 3812 3778 3814 37/
3834 37/
3818 3858 38
6234 641s 7,300 International Match pref_35
64
63/
1
4 6312 6312 6318 6358 63
.6318 63/
1
4 63
/
4 3912 3934 3912 3978 3912 4018 24,900 International Nickel (Tha)-25
/
4 401
1
4 4014 391
40
4018 39/
108_
100
100 Preferred
- _ *106
___ *106
*106__ *106
106 106 *106*106
100
5712 8,000 International Paper
5434 -5513 5512 -57-58 5614 -5412 55
55
56
56
100
9938 9912 9918 991 *9918 9958 9958 9958 1,400 Preferred (7)
99
99
99
99
International Shoe_ _No par
13159 16412 *157 15812 *157 16412 :3157 16412 *157 16014 *157 16412
100
123 12434 18,900 Internal Telep & Telreg
1
4 12414 12238 124
12558 126/
1
4 12458 12614 12214 12434 122/
No par
300 Inter-type Corp
1
4 1934 1934
*2018 211
/
4 *2018 2178 *2018 2178 *2018 2178 *2018 21/
100
53/
1
4 5412 1,800 Jewel Tea. Ina
5414 5414 5413 55
*5512 5534 5514 5538 544 55
100
100 Preferred
12334 12334
*120 124 *120 124 13120 124 *120 124 *120 124
1414 6,500 Jones Bros Tea. Ino,stpd 100
1514 1412 1458 1358 1438 14
1458 1534 15
16
16
No par
18/
1
4 18/
1
4 1812 1812 2,800 Jordan Motor Car
19
19
1812 19
1858 19
1834 19
•54
48
ia4
38
*18
38
*14
38
*14
58
ing
38
10
Kansas Gulf
100 Kan City P&L lat pf A_No par
*11218 11314 *11218 113 1311218 11234 1124 1121 *112 11234 *11212 113
5414 5212 5334 8,300 Kayser (J) Co•t o_ __No par
54
5438 54
54
55
54
55
5414 55
25
9/
1
4 934 2,703 Kelly-Springfield Tire
912 958
934 93
934 978
10
*10
1014 10
400 8% preferred
*37
39
100
38
38
41
1
4 39/
1
4 3712 3712 *38
39/
1
4 3978 39/
*42
47
100
*42
47
48
6% preferred
1342
*42
48
*43
48
48
1343
100
500 Kelsey Wheel, Inc
*77
80
80
77
7934 *77
*80
82
84
*80
*80
85
No par
5158 517
518 8134 61% 6112 8114 6138 24,300 Kennecott Copper
5158 517
8134 82
12
38
12
12
48
*12
52
*12
52
900 Keystone Tire & Rubb_No par
12
12
'2
400 Kinney Co
32
No par
1330
3112 1330
30
1
4 30
3013 3012 31304 3112 3018 30/
57/
1
4 5714 *56
25
800 Kraft Cheese
55
5518
5712 5612 5612 5514 56
5712 *56
48/
1
4 45/
10
1
4 4712 52,600 Kresge (5 S) Co new
1
4 47
5012 50/
1
4 5014 5034 4934 5034 4878 49/
100
Preferred
*105 11212 *105 11212 *105 11212 *105 112
13105 11212 *105
19
*16
19
1812 *16
Kresge Dept Starer,- __No par
1116
19
*16
*16 -1-9
19
*16
1370
80
*70
80
100
*70
80
Preferred
*70
80
*70
80
80
*70
17434 17434
1
4 174
500 Laclede Gas L (St Loula)_100
17412 17412 173/
13170 180 *170 180 *170 180
700 Lago Oil & Transport-No Par
*21
2134 *2012 2112 2012 2112 2013 2034 2138 2138 *204 21
7,100 Lambert Co
67
1
4 66
No par
6612 66/
67
/
4 671
/
4 6634 6738 67
67/
1
4 6758 661
700 Lee Rubber & Tire---No par
7
7
7
7
7
714
74 714
*714 712 *714 712
No-par
3558 3618 2,600ILehn & Fink
36
3612 36
1
4 *36
1
4 3738 364 36/
3714 374 36/
600 Life Savers
23
No par
2234 2234 2234 2234 23
23
23
23
*2234 2314 23
10012 10012 1,300 Liggett & Myers Tob new__25
9938 9918 9912 100 100
99/
1
4 9934 9934 9934 99
100
400 Preferred
1
4 126 126
12434 124/
13126 128 41126 127 *1244 126 *12412 126
25
9,000 "B" new
9918 997
/
4 991
1
4 984 9918 9918 994 991
1
4 9718 98/
9818 98/
2,500 Lima Loa Wks
No par
63
6314 63
1
4 63
64
6412 6312 6312 6312 64/
64
64
5214 5484 4,500 Liquid Carbonic certifs-No par
54/
1
4 5534 *5312 54
52
5314 5114 521
5312 53
1
4 5138 5014 5184 80,400 Loew's Incorporated-No Par
1
4 5014 49/
47/
4734 48
4758 4734 4712 48
7,200 Loft Incorporated
No par
71
7
74
137
718
7
7
714
7
74
74 71
/
4
700 Long Bell Lumber A
41
4112 41
NO par
41
41
41
41
*4158 42 • 41
134112 42
100
2,700 Loose-MINIM/mutt
153 153
151 15634 151 151
150 160
154/
1
4 157
157 157
100
2d preferred
*150 165 *150 165 *150 165 *150 160 *150 160 *150 160
3114 3,900 Lorillard
25
314 3114 31
1
4 3078 3058 3118 3012 3012 *31
3118 30/
100
100 Preferred
13114 118 *117 11734 117 117 *114 118 13114 118 *114 118
1614 25,600 Louisiana Oil temp cifs-No par
1658 16
1
4 17
15/
1
4 1638 15/
1658 16
18
1678 16
100
200 Preferred
964 9614
9638 96/
1
4 :39638 97
*9638 97
*964 97
97
a96
1,300 Louisville(I & El A---No par
1
4 2434 2412 2478 *2412 25
2434 24/
1
4 24/
2478 25
25
25
8,600 LudlumNo par
1
4 27
2712 26/
2712 27
2834 2912 2814 29:8 2658 2812 27
100
600 Mackay Companies
122 122
124 124 *122 123 10122 123
12318 12318 122 123
100
1,000 Preferred
72
72
*7158 72
711
/
4 7178 7178 72
711
/
4 7112 *7138 72
No par
9234 97,700 Mack Trucks, Inc
1
4 9058 9274 91
8934 9258 8814 894 8834 9012 9012 91/
100
300
let
preferred
109
109
109
*107
110
110
109 *108 10912 *108 109
*108
100
2d preferred
13101 105 13101 105 *102 105 *102 104 13100 104 *100 104
NO par
1
4 3438 85,300 Magma Copper
1
4 3414 3412 34/
3418 3418 3414 3438 3338 3138 3334 34/
par
2,500
Co-No
15
Mallinson
(H
R)
&
15
1512
1412 15
*1412 16
*15
15
15
144 15
100
Manati Sugar pref
75
•70
75
1372
*72
75
*70
75
*72
75
75
*71
1,700 Manh Elea Supply--No par
54
1
4 54/
1
4 54
534 531
/
4 5334 5334 53/
55
5418 5412 54
25
600 Manhattan Shirt
1
4 2518 2518 25
2514 2514
25
*2518 2512 *2518 2512 *2518 25/
700 Manila Electric Corp_-No par
1
4 *4114 4334
4334 43/
41
40
40
41
43
41
41
41
par
011E:pl.-No
191
2,800
1912
20
2012
Maracaibo
20
2018
2012
193
4
20
20
4
2114 213
No par
5758 564 574 5618 56/
5678 5512 5638 54,400 Marland 011
1
4 56
5714 5734 57
No par
11,600 Marlin-Rockwell
3114 3178 3112 3238 3034 3214 3012 3158 3058 3112 3034 31
par
*21
22
*213
8
*2012
22
Corp_-__No
22
2112
*2112 22
21
3000 Martin-Parry
*2112 22
86
1385
1,700 Mathleson Alkali Wkstem ott50
85
85
8514 85
8614 *8412 85
86
86
86
25
new
68
Stores
6714
67
/
1
4
675*
67
/
1
4
6712
May
Dept
4,400
6714
677
8
68
68
6818 6818
No par
2638 11,100 Maytag Co
2638 2714 2612 2678 2618 2678 26
1
4 27
26/
1
4 2714 18/
par
Ns
B
Class
Stores
635
8
*6312
72
800
63
74
64
8
McCrory
63
6318
633
/
1
4
63
6412
644
200 McIntyre Porcupine Mines__5
2534 *2512 2584
*25
2614 26
'
2 *2653 26
*2538 25% 325% 26
400 Metro-Goldwyn Pictures pf_27
1
4 *2534 2578 2512 2512 2512 2512 255* 2514 32514 2584
25/
1
4 25/
872 7
678 7t8
714 714
714 714
4,300 Mexican Seaboard 011_ _No par
714 714
.718 7/
1
4
5
1558 1534 1534 1534 15/
2,400 Miami Copper
1
4 1578 1534 157
15/
1
4 1534 1534 16
1
4 37
361
/
4 36'2 50,100 Mid-Continent Petro_No par
1
4 3818 3658 3712 36/
384 3834 36/
38/
1
4 39
100
pref
1041
Petrol
*104
10412
13104
10412
*104
*10312
10412
Mid-Cont
*10312 10412 *10312 10412
-10
17
2
2/
1
4 29,100 Middle Stated OD Corp
2
2
214
21g 234
1
4
2'4 2/
214 212
10
114
118
11
14 14
1,8
118
14
3,000 Certificates
112
114
113 112
100 Midland Steel Prod pref___100
111 111 *110 111 13110 111 41110 111
*111 113 *111 112
-right.,
Ms
•Bid and sated WM:00 WM on sbla day. z Ex-dividend. a
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share tots
_
Lowest
Highest
$ per share $ per share
100 Jan 3 107.2 Jan 24
115 Jan 15 11534 Jan 28
96 Jan 13 9714 Jan 21
14512 Jan 25 15578 Jan 10
120 Jan 26 122 Jan 7
105 Jan 3 105 Jan 3
8218 Jan 14 8834 Jan 27
38 Jan 14 4212 Jan 15
40 Jan 4 4414 Jan 28
1
4 Jan 11
103 Jan 17 104/
1812 Jan •‘13 2134 Jan 3
1
4 Jan 10
4-34 Jan 16 45/
4234 Jan 3 4812 Jan 8
95 Jan 3 97 Jan 26
984 Jan 27 10034 Jan 10
105 Jan 7 107 is Jar 26
5738 Jan 12 6034 Jan 18
58 Jan 12 6038 Jan 13
11118 Jar 7 11118 Jan 7
958 Jan 13
912 Jan 10
3118 Jan 27 35 Jan 3
109 Jan 26 11478 Jan 17
11813 Jan 4 12178 Jan 17
2914 Jan 27 3212 Jan 21
8 Jan 25 10 Jan 4
53 Jan 4 573* Jan 26
5838 Jan 2/ 67 Jan 19
25 Jan 22 27 Jan 8
2418 Jan 28 2612 Jan 3
161
/
4 Jan 25 20 Jan 3
7613 Jan 14 83 Jan 8
23 Jan 3 28 Jan 12
6) Jan 25 6318 Jan 12
4314 Jan 3 48 Jan 28
604 Jan 11 7134 Jan 20
38 Jan 11 40 Jan 3
4814 Jan 24 5912 Jan 5
21 Jan 17 231
/
4 Jan 10
29 Jan 3 3214 Jan 15
15 Jan 21 1514 Jan 15
734 Jan 27
8/
1
4 Jan 13
812 Jan 21
7/
1
4 Jan 12
92 Jan 10 9534 Jan 3
4112 Jan 22 4334 Jan 3
111 Jan 3 111 Jan 3
24 Jan 27 254 Jan 12
1112 Jan 3 1318 Jan 7
918 Jan 25 1034 Jan 4
634 Jan 26 61 Jan 28
534 Jan 13 5714 Jan 19
454 Jae 21 5178 Jan 10
10214 Jan 21 10412 Jan 7
43 ,i Jan 28 491
/
4 Jan 3
13538 Jan 18 14312 Jan 5
12634 Jan 12 128 Jan 3
7/
1
4 Jan 5
614 Jan 4
1
4 Jan 20
.3718 Jan 6 40/
6212 Jan 17 6438 Jan 4
3814 Jan 3 4338 Jan 11
105 Jan 11 106 Jan 17
5318 Jan 3 6014 Jan 10
9612 Jan 3 9958 Jan 28
160 Jan 21 161 Jan 4
122/
1
4 Jan 25 12912 Jan 8
19/
1
4 Jan 28 2114 Jan 18
5312 Jan 3 5812 Jan 5
12334 Jan 28 12334 Jan 28
1
4 Jan 3 1612 Jan 19
10/
1812 Jan 18 2212 Jan 5
14 Jan 11
14 Jan 11
1124 Jar 26 11418 Jan 13
50 Jan 4 57 Jan 17
912 Jan 27 1113 Jan 10
3712 Jar 25 43 Jan 4
44 Jan 19 48 Jan 10
77 Jan 26 85 Jan 4
614 Jan 28 6214 Jan 3
58 Jan 3
12 Jan 3
28 Jan 17 45 Jan 5
55 Jan 28 59 Jan 13
45/
1
4 Jan 28 55 Jan 7
112 Jan 10 11258 Jan 5
_ __
__ __ ___
____
80 Jan 4 80 Jan 4
17334 Jan 27 176 Jan 3
2012 Jan 13 2178 Jan 2i
66 Jan 28 6878 Jan 19
712 Jan 3
7 Jan 4
1
4 Jan 11
3513 Jan 3 37/
22 Jan 7 2312 Jan 13
99 Jan 21 10278 Jan 4
12434 Jan 27 12614 Jan 21
974 Jan 24 10234 Jan 18
62 Jan 6 65 Jan 6
51 Jan 5 5712 Jan 19
46/
1
4 Jan 4 518 Jan 28
758 Jan 20
618 Jan 10
1
4 Jan 7
401
/
4 Jan 15 42/
150 Jan 18 16434 Jan 5
15814 Jan 18 16434 Jan 5
1
4 Jan 3
3012 Jan 25 32/
117 Jan 25 11812 Jan 13
1578 Jan 22 1818 Jan 5
95 Jan 10 9638 Jan 26
2358 Jan 3 25 Jan 14
2618 Jan 12 2912 Jan 22
120 Jan 14 126 Jan 4
Ms Jan 7 72 Jan 27
8814 Jan 24 9712 Jan 3
109 Jan 25 111 Jan 4
102 Jan 18 104 Jan 4
1
4 Jan 4
3338 Jan 25 35/
1412 Jan 24 16 Jan 5
72 Jan 18 76 Jan 6
5318 Jan 25 5718 Jan 4
2414 Jan 18 2612 Jan 12
40 Jan 22 4334 Jan 27
18 Jan 6 2234 Jan 18
5513 Jan 28 5812 Jan 17
27 Jan 10 3238 Jan 24
1
4 Jan 10
1
4 Jan 6 22/
20/
82 Jan 6 8634 Jan 13
1
4 Jan 10
6714 Jan 27 69/
1
4 Jan 15 2712 Jan 21
23/
58 Jan 20 7512 Jan 3
2514 Jan 25 2634 Jan 8
2434 Jan 3 2578 Jan 22
734 Jan 5
61
/
4 Jan 27
1538 Jan 8 1618 Jan 3
3434 Jan 3 391
/
4 Jan 21
103 Jan 10 10414 Jan 19
11
/
4 Jan 3
2/
1
4 Jan 11
2 Jan 10
14 Jan 25
110 Jan 14 11314 Jan 20
PEW SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share
95 May 100 Dec
10512 Apr 113 Sent
9214 Apr 96
Jan
11314 Mar 22534 Aug
11312 Jan 12214 Dec
9814 Apr 105 June
1
4 Aug
6012 Mar 93/
36 May 49
Jan
4114 Nov 78/
1
4 Jan
/
4 Jan
100 Nov 1111
1538 June 2534 Jan
1
4 Feb
4112 Mar 56/
3912 Nov 7034 Feb
9412 Dec 100 Feb
9612 Dec 10978 Aug
10414 Dec 109 Sept
3314 Mar 6912 Nov
1
4 Nov
4712 July 68/
98 Apr 125 Aug
8
Oct2112 Jan
1
4 Dec
164 Mar 36/
89 Apr 11312 Dec
10812 Mar 11814 July
9/
1
4 Apr 3434 Dec
1078 Feb
518 Jan
1
4 Jan
511
/
4 Oct 93/
45 June 6012 Dec
Oct 2812 Nov
26
2458 Dec 30 Sept
Jan
174 Dec 46
68 Mar 88 Dec
1712 May 354 Aug
474 Jan 63
Oct
1
4 Jan
40 Mar 48/
Jan
5014 Mar 71
Jan 45 Sept
27
4034 Oct 12314 Jan
1
4 Jan
17 Mar 28/
1958 Mar 34 Jan
1412 Dec 2414 Feb
/
4 Feb
734 Oct 131
712 Oct 1112 Feb
Mar
104
Jan
8014
3412 May 4334 Dec
10834 Mar 115 Feb
2034 Mar 2858 Nov
12 Dec 2134 Feb
918 Dec 2614 Jan
56/
1
4 Dec 95 Jan
3818 Mar 567 Dec
44/
1
4 Oct 7178 Jan
Jan
1011
/
4 Oct 106
3313 Mar 6412 Jan
11214 Mar 1584 Dec
118
Jan 129 Dec
1
4 Feb
6 Sept 12/
27 Mar 4638 Feb
1
4 Feb
5312 Mar 66/
32/
1
4 Mar 4614 Jan
10118 Jan 10412 Dec
444 Apr 6334 Aug
89 May 100 Dec
135 May 175 Jan
Jan
111 Mar 133
1812 July 29
Jan
25 Jan 5612 Dec
11512 Jan 12712 Nov
9 Dec 1912 Feb
12 Nov 66 Feb
/
1
4 Jan
14 Mar
10714 Mar 115 Nov
3314 May 5134 Dec
9
Oct 2112 Feb
4312 Oct 7434 Feb
45 Dec 7314 Feb
7634 Nov 126 Feb
4934 Mar 6414 Nov
218 Jan
12 May
39 Nov 8218 Jan
56/
1
4 Dec 68 Nov
4234 Mar 82 Jan
11212 Nov 11434 Feb
1518 Mar 3338 Jan
7014 Mar 9314 Feb
146 Mar 19614 Dec
1918 May 24l3 June
391
/
4 May 72 Nov
614 Dec 14 Jan
3034 Mar 4118 Jan
1714 May 25 Dec
7218 Mar 103 Dec
11934 Jan 12934 May
71 Mar
7234 Dec
5312 Mar 6.34 Jan
4312 Oct 58/
1
4 Nov
34/
1
4 Mar 4838 Deo
6
Oct 1114 Feb
4134 Dec 5012 Feb
88 Mar 1771
/
4 Dec
12014 Mar 175 Dec
27/
1
4 Oct. 4214 Feb
11118 Apr 120 Aug
12 Mar 19/
1
4 June
93 Dec 98 Dec
2234 Mar 2618 Feb
2258 Oct 5814 Feb
122
Oct 138 Feb
68 Mar 734 Feb
8958 Nov 159 Jag
10712 Nov 113 June
102
Oct 10834 Sept
34 Apr 44/
1
4 Feb
1258 Nov 284 Jan
55 June 82 Feb
44
Oct 8734 July
21/
1
4 Oct 32/
1
4 Jan
2712 Mar 4538 Sept
1612 Oct 28 Feb
4914 Mar 6338 June
2413 Oct 33 Mar
17 May, 23 June
/
4 Jan
6212 May 1081
691
/
4 Dec 70 Deo
19 Mar 2412 Sept
72 Mar 121
Jan
2214 Oct 30 Feb
2214 Jan 2512 Nov
6 Feb 13/
1
4 July
11 Mar 1738 Oct
Jan
2712 July 37
90 Mar 10414 Dec
24 Jan
34 Nov
138 Dee
12 Oct
107 Mar 13312 Feb
New York Stock Record-Continued-Page 5
621
For sates during tbs week of stocks usually Inactive. see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
SoJurday.
Jan. 22.
Monday,
Jan. 24.
Tuesday,
Jan. 25.
Wednesday, Thursday,
Jan. 26.
Jan. 27.
Friday,
Jan. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rISIC •Nli ANIL
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PISK MARS
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Week. Indus.& Miscall.(Con.) Par $ per share $ per share $ per share $ per share
32
39
32
32
1.000 Miller Rubber etfe_-_-No par 311
33
33
32
3213 3214 3214 3158 32
/
4 Jan 25 35 Jan 10
30 May 4434 Feb
8214 8212 8212 8134 8134 811
8213 821z 8214 8214 82
/
4 814 1,700 Montana Power
100 8112 Jan 23 8312 Jan 5
6938 Mar 8612 Nov
6318 6312 62
1
4 601
63/
1
4 6118 6214 6118 62/
/
4 6178 6114 6134 49,000 Manta Ward & Co In corp--10 6034 Jan 27 6738 Jar 5
56 May 82
Jan
834 1014
1012 1078 1012 1 034
10/
1
4 11
9/
1
4 10
7,100 Moon Motors
914 10
No par
814 Jan 21 1212 Jan 5
934 Nov 37/
1
4 Feb
1
4
44 4/
414 4/
1
4
414 414 2,900 Mother Lode CoalltIon_No par
414 4/
438 438
438 438
1
4
418 Jan 3
4/
1
4 Jan 3
4 Nov
7/
1
4 Feb
•1214 13
1214 1214 *12
1212 1212 1212 *12
1212 *12
1212
400 Motion Picture
No par 1134 Jan 17 13 Jan 17
1034 Dec 2312 June
33/
1
4 34
3418 3418 34
34
34
34
34
3418 34
34
1,300 Motor Meter A
No par 3312 Jan 19 3,534 Jan 5
3334 May 53/
1
4 Feb
/
4 22
22
2238 2158 2214 211
22
22
22
22
*22
2214 1,700 Motor Wheel
/
4 Jan 7
No par 2034 Jan 3 241
1918 Nov 33/
1
4 Feb
101
/
4
1018
10
*958 1012 10
101
/
4 *10
10
*10
11
11
600 Mullins Body Corp
No par 10 Jan 5 1012 Jan 19
8 Nov
1934 Feb
3713 3712 3713 374 38
*374 384 *3712 384 3712 38
38
500 MunsIngwear Co
No par 37 Jan 3 39/
3434 Apr 38/
1
4 Jan 11
1
4 July
.3_
712 *__ _ _
712 •____
712 *---71
/
4 *__-Murray Body
74 *-712
6 Jan 4
3 May 15/
No par
64 Jan 10
1
4 Feb
ears 6714 6638 6634 644 6512 6414 6514 63/
1
4 64/
6418 52.100 Nash Motors Co
1
4 63
52 Mar 70/
1
4 Jan 5
No par 63 Jan 28 73/
1
4 Dec
*5/
*558 6
1
4 613
6
6
6
6
*5/
1
4 612 1.900 National Acme stamped___100
5/
1
4 534
514 Jan 18
5 Nov
658 Jan 7
12/
1
4 Jan
1
4 9434 96/
9712 9734 9578 9738 9534 96/
963
9734 98
8
9514
1
4
11,000 National Biscuit
25 9434 Jan 27 10113 Jan 10
74 Jan 102 Dec
*13012 132 *13012 13114 •13012 132 *13012 132
13012 13012 13012 13034
300 Preferred
100 130 Jan 10 132 Jan 3 126
Jan 13112 Apr
4112 41/
411
/
4 42
1
4 4112 4134 414 4112 41/
1
4 4112 41
4112 7.700 Nat Cash Register A W I NO par 39/
1
4 Jan 3 42 Jan 2!
3712 Oct 54 Jan
19
*1814
1814 1814 *18
18
*1814 19
1834 *1814 20
20
1,200 National Cloak az Salt
/
4 Jan 10
100 18 Jan 22 211
18 Nov 57 Jan
65
4930
*65
*65
65
6612 6512 6512 65
67
*58
65
300
Preferred
100 65 Jan 21 67/
1
4 Jan 13
5818 Nov 9212 Jan
74/
1
4 751
/
4 7414 75
7412 76
7414 754 19.800 Nat Dairy Prod tern ctrabro par 7038 Jan 3 76/
754 76
75
76
53 Apr 80
1
4 Jan 21
Jan
1
4 2512 2518 25/
1
4 36
2518 *25/
25
*25
2513 1,300 Nat Department Stores No par 25 Jan 18 2612 Jan 10
25
2512 25
24
Oct 4238 Jan
9114 911
/
4 *91
*9113 92
*914 93
*92
92
94
*9112 921s
151 preferred
200
100 9114 Jan 21 944 Jan 10
89/
1
4 Oct 97
Jan
*1834 1914 *184 1914
•1834 19
1812 19
19
19
1834 1884
700 Nat Distill Prod ctfs___No par 1812 Jan 24 2034 Jan 17
1212 May 34 Jan
*43
45
44
*44
*45
1
4 4414 44
52
4612 44/
*4312 45
600
Preferred temp otf_-No par 44 Jan 25 48/
1
4 Jan 18
37/
1
4 Aug 7318 Jan
27
*25
*25
*25
27
27
27
27
*25
27
*25
27
200 Nat Enam & Stamping-100 24/
1
4 Jan 11 2934 Jan 17
2118 July 404 Jan
*8212 8312 *8214 84
*83
85
/
4 83'2
8278 83
83/
1
4 83'8 831
400
Preferred
100 81 Jan 4 8312 Jan 23
76 July 89/
1
4 Jan
16034 162
165 165
160 162
164 164'2 163 163
160 160
2,100 National Lead
100 16) Jan 27 168 Jan 10 138 Apr 181 Dec
*117 118 *117 118 *117 118 *117 118 *117 118 *11! 118
Preferred
100 11712 Jan 14 11834 Jan 8 116
.
Jan 120 May
2012 20
2012 19/
2012 20s 2038 2034 20
1
4 2014 1958 20
17,300 National Pr & Lt otio--No pa,? 193 Jan 24 22 Jan 6
1634 Mar 38/
1
4 Jan
8512 8658 854 87'4 8778 89
8512 86
8558 863
90
904 14,000 National Supply
50 8212 Jan 3 9434 Jan 28
554 Jan 88 Dec
116 116 *116 120 *116 120
*116 123
116 117 *116 120
400 National Tea Co
No par 11412 Jan 11 118 Jan 6 11612 Nov 238
Jan
1458 144 1438 1458 1412 144 *1412 1558 1438 1458 1458 14'2 7,600 Nevada Consul Conner
5 1438 Jan 24 15 Jan 3
1158 June 1614 Nov
4134 4058 4118 41
42
42
41
4314 4238 4212 4134 .
42
5,700 N Y Air Brake
No par 4038 Jan 8 4314 Jan 2
364 Jan 4612 Sept
18
1714
1812
18
185
1818
18
8
20
1818
19's
1934 20
7,020 NY
1714 Jan 24 2178 Jan 3
Ityr_ emp ctfe_No par
2018 Nov 8434 Jan
*68
72
68
72
68
*66
•65
72
72
*66
*66
72
100
Preferre I
No par 68 Jan 2i 72 Jan 13
704 Dec 85
Apr
34
34
*3312 35
*3358 3433 3358 34
34
*3312 34
34
800 New York Dock
100 34 Jan 14 35 Jan 10
32
Oct 45/
1
4 Feb
7434
73
*73
73
743 *73
*72
7334 *72
7312 *72
7312
500 Preferred
100 73 Jan 25 7412 Jan 10
69 May 77 Dec
*2818 2858 *2818 281
281
/
4 2818 2818 2818 28
28
2814 2814 1,100 Niagara Falls Power pf new_25 28 Jan 27 29 Jan 5
2758 Mar 29/
1
4 Dec
48
4734 48'4 47
47
48
46
4658 4618 4634 46
461
/
4 23,200 North American Co
1
4 Jan 14 4934 Jan 19
10 45/
42 Mar 67
Jan
51
*5012 511
51
/
4 *5034 51
50/
1
4 5034 5034 51
51
51
800 Preferred
50 50 Jan 10 5114 Jan 7
49
Jan 5214 Aug
9913 9934 9912 lOO's 99/
1
4 10014 9914 9912? 99
9912 99
99
3,500 No Amer Edison pref __No par 9658 Jan 8 100 4 Jan 2;
9118 Mar 97 Deo
*41
/
4 41
418 41
*4
414 *4
4141
41
/
4 438 *4
4/
1
4
800 Norwalk Tire & Rubber. _10
418 Jan 1
414 Jan 10
418 Oct 1518 Jan
*13
14
13
13
*13
14
*13
14
*13
14
14
*13
200 Nunnally Co (The)---No par
13 Jan 19 13 Jan 19
1234 Dec 171z Jan
*3012 321 *3058 32
*3012 32
*34
3434 *31
3134 3114 3114
100 Oil Well Supply
25 3114 Jan 28 3458 Jan 4
30 July 3638 Oct
1314 1314 1314 l31s 13
1314 13
1318 13
13
1234 13
5,300 Omnibus Corp
No pa
1234 Jar 2S 1438 Jan 6
12
Oct 2214 Feb
*58
60
*5814 60
*58
5934 *58
60
*5834 598 55914 5958
100 Oppenheim Collins & CoNo pa
59 Jan 4 6012 Jan 18
47
Jan 6358 Sept
3418 3458 3418 3458 3312 3418 32/
1
4 33/
1
4 32/
1
4 3338 33
3314 6,600 Orpheum Circuit, Inc
1 3018 Jan 4 341
/
4 Jan 2.
2712 Mar 3318 Nov
*105 107 *1054 107 *1054 108 *10513 108
10614 10614 •10511200 Preferred
100 105 Jan 20 1064 Jan 27 101
Jan 105 Apr
13034 13034 12934 12924 129 12912 12834 12914 12818 12818 .128 1-2-984 2,400 Otis Elevator
60 12678 Jan 4 131 Jan 18 106 May 136 Dec
*10912 110 *10912 110 *10912 110
10912 10912 *10418 110 *107 109
10
100 109 Jan 5 111 Jan 14 10234 Jan 10912 Aug
Preferred
8
8
8
8l8
8
8
778 778 1,400 Otis Steel
8
8
*734 8
734 Jan 6
No par
812 Jan 14
8
Oct 14/
1
4 Jan
*6412 67
6412 644 *6214 64
6214 6214 6212 6258 62/
1
4 6214
400 Prior pref
100 6214 Jan 26 66 Jan 3
63 Nov 74 Sept
7618 761
/
4 75/
1
4 7618 *7512 76
76
7718 78
78
7858 78
3,500 Owens Bottle
25 7518 Jan 18 7834 Jan 3
53/
1
4 Mar 9034 Dec
*5212 5412 5234 5234 •5112 5212 *5113 55
*52
55
*52
55
10C Outlet Co
No par 5234 Jan 24 5712 Jan 3
44 May 5514 Dee
*104
*105
_ *107
_ _ •107
_ _ 107 107 *104
_
100
100 107 Jan 27 107 Jan 27
Preferred
9712 Apr 1074 Dec
3258 -321
4 3212 1234 3258 -3234 a3214 1212 32
32
32 -ii38 3,600 Pacific Gas & Elee new
25 32 Jan 27 33 Jan 19
158
158
158
1/
1
4
158
158
l5
11
158
/
4 134
158 2,700 Pacific 011
158
No par
112 Jan 12
11
/
4 Jan 7
ni May -834 -Feb
3434 35
34/
1
4 34/
1
4 34
3412 34
3412 3414 3458 34
3414 20,100 Packard Motor Car
10 34 Jan 25 3638 Jan 4
3134 Mar 45/
1
4 July
•1058 1034 1058 1054 1012 1012 10
1012 10
10
10
1012 3,000 Paige Del Motor Car-_No par
10 Jan 26 1178 Jan 6
9 Nov 2812 Jan
64/
1
4 6478 6312 644 6112 602 6214 6238 62
62's 62
62
1,775 Pau-Amer Petr & Trane
50 6034 Jan 6 65/
1
4 Jan 19
5618
Mar
7612
Jan
6458 6518 6312 64/
1
4 62/
1
4 6334 62/
1
4 6358 6212 6234 26,925
1
4 6312 62/
Class B
50 61 Jan 3 66/
1
4 Jan 20
567s Mar 78/
1
4 Jan
36
3712 36
37/
1
4 *3558 37
*3558 3714 3518 36
*3558 36
1
4 Jan 27 37,8 Jan 24
5.601 Pan-Am West Petrol B_No par 35/
30
Oct46 Jan
1612 17
1512 1614
1538 16
15/
1
4 16
14 Jan 5 1878 Jan 17
4,700 Panhandle Prod & Ref _No par
*16
1618 154 16
412 Jan 32 June
*76
80
*75
79
*75
78
*75
79
*75
79
*75
100 7014 Jan 15 8134 Jan 17
79
Preferred
51
Jan 9938 June
•204 2118 204 2018 2018 2018 2018 2018 20
20
2014 2014 1,300 Park az Tilford tern otfs-No par 20 Jan 27 23 Jan 3
1858 Oct2818 Jan
61
/
4 618 *618 64 '6,8 6,4 "634 6,4
614 64 2,800 Park Utah C M
61
/
4 6/
1
1
4
6 Jan 3
612 Jan 11
518 Sept812 Feb
4112 42
4114 4112 38/
*394 40
1
4 4012 3914 40
39
1
4 Jan 3 4234 Jan 19
3934 3,400 Pathe Exchange A----610 par 38/
3214 Nov83 Jan
28
28
28
28
27
2758 27
27
27'2 27
*2634 28
2,100 Peerless Motor Car
50 27 Jar 25 32 Jan 8
23/
1
4 Nov3112 Nov
21
2118 2138 23
2178 2234 2118 2l's 2118 2158 2114 2114 4,700 Penick &'Ford
No par 21 Jan 17 23 Jan 24
16/
1
4 Jan 24 Dec
*12
13
13
14
14
14
1378 137 *12
14
13/
1
4 14
1,500 Penn Coal & Coke
50 1014 Jan 10 14 Jan 2
7 Aug19 Oct
35
3514 35
35
35
3518 35
3514 35
3S's 35
1
4 Jan 21 3958 Jan 13
3612 6,800 Penn-Dixie Cement_ __No par 34/
38 Dec
41 Dec
99
99
99
991 *9912 100
*99 100
99
100 99 Jan 4 9978 Jan 13
9912
994 *99
Preferred
900
99 Nov10012 Nov
34
78
h
78
71/
4
34
7
34
78
34
78 7,000 Penn-Seaboard SO vtc No par
58 Jan
/
1
4 Jan 12
5
6
Oct2
14 Jan
*12512 128
136 196138 128
127 197 *12512 196
128 12812 1,100 People's 0 L & C (Chic)_100 126 Jan 14 12812 Jan 113 117 Jan 131 Dec
*88
90
*86
88
*83
87
87
87
*84
86
86
8614
400 Philadelphia Co (Pitteb)---50 8514 Jan 18 88 Jan 21
5918 Mar 91 Dec
5058 5058 5058 5024 5034 503
5012 5 034 51
51
*5034 51
1,400 6% preferred
50 50 Jan 6 51 Jan 27
45
Oct5114 July
4214 4934 42
/
4 44
4212 411
4214 431
42
42
4158 4212 21,600 Pinta & Read C & I___No par 411
/
4 Jan 23 47 Jan 3
361
/
4 Apr 4838 Feb
43
4112 411 *41
43
43
411
/
4 423 *4112 4234 42
42
1,700
/
4 Jan 28 43/
1
4 Jan 11
Certificates of Int-No par 411
365iJune 4613 Jan
*50
56
50
50
*4634 50
•4634 50
*46/
1
4 50
*46/
1
4 4912
100 Phillips-Jones Corp-No par 47 Jan 3 50 Jan 24
45 Dec5534 Jan
3812 38's 3734 38
3534 3758 3512 3634 36
36
351
/
4 36
4,600 Phillip Morris az Co, Ltd
10 3511 Jan 23 4118 Jan 10
16 Apr 41 Deo
5658 57
5618 5678 5538 56
55/
1
4 56
554 5534 5514 5558 51,300 Phillips Petroleum--No par 5434 Jan 3 58/
1
4
Jan
17
40 Mar 57/
1
4 Dec
43/
1
4 44
42
43
4212 43
*42
437 *42
43/
1
4 *4212 43
700 Phoenix Hosiery
5 42 Jan 7 45 Jan 19
31 Mar 46/
1
4 Nov
*10412 10434 104/
1
4 10434 *10412 1043 *1044 1043 *10412 10434 *10412 10434
20
100 103 Jan 5 10434 Jan 2.
Preferred
94 Mar 103 Oct
1934 2014 1814 19/
1
4 1818 1878 1858 lO1s 18/
1
4 20/
1
4 191
/
4 2018 32,000 Pierce-Arrow Mot Car No par
1818 Jan 25 2278 Jan 3
19 May 4318 Jan
90
92
87
88
87
88
8712 90
8812 91
90
91
6,800
100 85 Jan 17 10212 Jan 3
Preferred
7612 Apr 12714 Aug
*58
34
34
34
58
34
58
3
*58
34
*58
34 2,700 Pierce 011 Corporation
/
1
4 Jan 5
34 Jan 4
25
1/
1
4 Jan
4 Oct
*15
18
16
1734 1518 1518 *15/
1
4 16
*15
18
15/
1
4 1534 1,100
100 1518 Jan 25 17 Jan 13
Preferred
1118 Nov 2718 Jan
312 3/
1
4
358 3/
1
4
334 3/
1
4
334 334
334 334
3/
1
4 334 8,200 Pierce Petrol'm tern ctfsNo par
3 Jan 5
3/
1
4 Jan 13
2/
1
4 Aug
7
Jan
*34
36
*34
36
35
3512 *34
36
*34
36
*34
36
400 Pittsburgh Coal of Pa.....100 33/
1
4 Jan 11 3658 Jan 3
29 June 4212 Jan
*71
74
*71
74
*71
74
*71
74
*71
73
73
73
100
Preferred
100
28
73
7413
Jan
Jan
7
70
June
85
Jan
*101 103 *101 103
10012 10054 10034 1003 *100 101 *100 101
400 Pittsburgh Steel pre
100 100 Jan 4 101 Jan 18
94 Mar 10018 Dec
9814 99/
1
4 98 101
9812 9958 9658 981s 9658 9734 97
9712 16,60 Poet'm Car Co Inc new_No par 9612 Jan 4 10234 Jan 14
7512 Mar 124/
1
4 Feb
45/
1
4 4612 4434 4612 45
45
47
4058 43
45/
1
4 41
43/
1
4 44,500 Pressed Steel Car new
100 38 Jan 12 47 Jan 25
3418 May 44 Nov
83
84
83
8312 83's 8312 8312 83
83
83
8234 8234 1,100
100 77 Jan 7 84 Jan 22
Preferred
7712 Dec 95/
1
4 Jan
204 2138 3112 261
2212 2434 2234 25's 2334 2412 2318 2412 92,100 Producers
& Refiners Corp_50 168 Jan 5 2614 Jan 24
11 Mar 2034 Oct
39/
1
4 40/
1
4 40
43
1
4 46
47
441
/
4 4612 4312 4534 4,690
43's 43/
Preferred
50 3678 Jan 6 47 Jan 24
3034 May 4134 Oct
344 347k 33
341
1
4 3412 3312 34
/
4 3478 33/
334 3318 3312 27,900 PubServCorp
pa
Jnew
32
No
Jan
of
6
N
35
Jan
21
3114
Oct 33/
1
4 Nov
*9812 9912 *9812 991 *99
991 *99
991 *99
9912 9912 9912
10
100 99 Jan 14 9912 Jan 5
6% Preferred
9612 Apr 101
Oct
*109 11014 10934 1093 *109 1101 *10912 1101 *10913 11014 *10912 11014
10
100 10812 Jan 5 1104 Jan 17 10318 Jan 110 Nov
7% preferred
0126 128 *126 128 •126 128 *126 128
126 126 *126 128
100 125 Jan 10 126 Jan 30 115 Mar 12434 Nov
100 8% Preferred
10214 10214 10212 10212 102/
10318 1031 1034 10312 10312 10312 2,200
1
4 103
Else
Pub Serv
& Gas pfd_100 102 Jan 4 10312 Jan 26
97
Jan 10418 Sept
*11414 115 *11414 1141 *11414 115 "11214 1127 1144 11414 *11414 114/
1
4
100 Pub Service Elea Pr pref _100 113/
1
4 Jan 18 11412 Jan 21 106
Jan 114 Aug
185 18614 1844 186
18214 18614 184 186
1821
/
4 185
184 18678 31,000 Pullman Company
100 18134 Jar 18 18912 Jan 3 14514 Mar 19912 Sept
*43
43
4412 *42
4214 43
42
421s 4134 42
43
4334 1.300 Punta Alegre Sugar
60 4134 Jan 26 4678 Jan 3
33 Apr 4914 Dec
2834 2878 2814 2814 28
28/
1
4 28
2814 28
28's 28
28
21,600 pure Oil (The)
26 2714 Jan 3 2934 Jan 17
2514 Oct31
Jan
*112 113
112 112 *1111
/
4 113 '11158113 *112 113
11238 112/
1
4
20
8% preferred
100 11138 Jan 11 112.2 Jan 18 106 Apr 11234 June
4734 4734 54734 48
*4734 48
4734 47$
4778 4778 48
481
/
4 1,100 Purity Bakeries class A__25 46/
1
4 Jan 20 48/
1
4 Jan 10
47
Oct49/
1
4 Nov
43
43
43
43
43
43
*4258 43
43
4318 43
43/
1
4 1.000
Class
B
par
No
413
4
Jan
3 44 Jan 12
4112 Nov 44 Dec
'10258__ -- *10234 _
*10234
_ *10234 105 *10234
*10254
- -- -Preferred
10 10114 Jan
99
OctDec
103 D
47/
1
4 4834 4712 -511
4 -53
- -58 5158 -541
/
1
4 50/
5034 52/
1
4 511
/
4 53 171,20 Radio Corp of Amer-No par 4712 Jan 24 10234 Jan 14
5412 Jan 10
32 Mar 6158 Nov
*5158 52
*511
/
4 52
52
5134 513 *5018 52
52
*51
52
200
Preferred
60 5012 Jan 8 52 Jan 11
4458 Mar 53/
1
4 Dec
*41
4312 *4058 43'2 40/
1
4 403 *41
431 *4034 431
/
4 *41
43/
1
4
20 Rand Mines, Ltd
No par 40 Jan 5 41 Jan 7
3234 Apr 4134 Oct
1538 1538 1538 15/
1
4 1514 1514 15
151 *15
1514 1518 151
/
4 1,300 Ray Consolidated Copper--10 15 Jan 10
15
3
8
Jan
22
1012 Mar 16/
1
4 Nov
41
41
3914 401
394 41
4078 41
3912 404 40
4012 3,600 Real Silk Hosiery
10 3918 Jan 25 5658 Jan 5
3712 Nov5014 Oct
*91
*91
99
99
99
*91
*91
99
*91
99
*91
99
Preferred
100 9314 Jan 8 9314.Jan 8
393g 39
9314 Dec 100 Nov
3858 38/
39
1
4 3813 391 *38
*3812 39
*3812 39
600 Reid Ice Cream
No
par
38
/
1
4
Jan 21 4018 Jan 8
3934 Dec56 Jan
8
8
*818 8/
8
1
4
818 8's
8
8
8
8
8
1,000 Reis (Robt) & Co
No par
8 Jan 25
9 Jan 10
128/
1
4 13112 13034 136
712 July 1834 Feb
128 13512 128 133'g 131 134
13113 135
46,900 Remington Typewriter____100 11212 Jan 12
136 Jan 24
834 Apr 127 Feb
113/
1
4 11312 114 116
11418 ll4ls 112 113
114 114 *114 115
460
7%
1st
preferred
100
112 Jan 7 116 Jan 24 106
Oct
Apr 118
*114 116
1154 116 *114 11534 114 114 *114 117
114/
1
4 116
430 8% 2d
100 111 Jan 6 116 Jan 18 105 Apr 11514 Aug
1134 12
11/
1
4 1158 111
/
4 1158 1034 111
1 113 117
/
4 1012 1034 7,300 Replogle preferred
Steel
No par
1012 Jan 22. 1312 Jan 10
5914 59
1
4 Jan
Oct15/
8
59
611
/
4 59
591
5912 59
/
4 6012 584 60
59
11,400
Republic Iron & Steel
100 5612 Jan 4 63/
9912 9912 9938 99t
99i8 9914 9912 9958 99
44 May 6358 Jan
99
994 9914
1
4 Jan 13
800
Preferred
100 9658 Jan 3 99/
9114 Mar 99 Sept
1
4 Jan 19
4/
1
4 41
*438 41s
*438 41
/
4 •438 41
458 438
435 4/
1
4
500 Reynolds Spring
No
414 Jan 5
4/
1
4 Oct1058 Jan
4/
1
4 Jan 13
122/
1
4 12212 122 l221s 12112 1224 12118 l2lSt 12112 192
12134 1221
/
4 12,200 Reynolds (RJ) Tob Class Spar
25 11912 Jan 13 124 Jan 14
/
4 Nov
90 Mar 1211
*79
80
86
80
83
*77
80/
83
1
4 8018 *81
*79
82
200 Rosana Insurance Co
26 74 Jan 13 8358 Jan 21
Jan
764 Dec 100
50/
1
4 5138 5058 50/
1
4 50/
1
4 51
51
5112 5112 51
50/
1
4 51
1,600 Royal Dutch Co(NY shares) '5012 Jan
1
4 Jan
25 53/
4738 Oct57/
1
4 Jan 10
41
41
*41
4134 4158 4134 4118 4118 41
4112 414 414 2,000 St Joseph Lead
10 41 Jan 23 4238 Jan 5
3658 May 4818 Feb
5434 5534 5434 5434 5412 55
56
55
55/
1
4 56
5412 5434 2,700 Safety Cable
No
par 5234 Jan 13 5614 Jan 19
4218 Mar 554 Nov
13314 6314 62
62
*61
6214 6134 6134
63
63
84
65
800 Savage Arms Corporation-100 61/
6714 Nov 1021z Feb
1
4 Jan 28 71 Jan 4
358 358
3/
1
4 3/
1
4
312 3's
312 312
312 312
338 3/
1
4 1,200 Seneca Copper
No par
234 Jan 4
212 Dec 1014 Jan
334 Jan 10
5814 *5634 57/
1
4 5734 5734 *54
5812 *54
58/
1
4 5838 58
56
700 Shubert Theatre Corp_No par 561
52 Mar 7058 July
/
4 Jan 12 5834 Jan 20
1
4 4758 4818 4734 48
47/
1
4 48/
48
47/
1
4 47/
48
1
4 4758 47/
1
4 3,800 Schulte Retail Stores---No par
47
4212
Jan
Ma 1384 Jan
18
3
Jan
49
/
1
4
120
*11612 120 *11612 120 *11612 120
1
4 11614 •11612 120 •1164
116/
100
Preferred
100 11614 Jan 22 118 Jan 12 112/
1
4 Jan 120 Sept
1
4 1278 13
13
"1234 13/
1
4 1314 12/
1
4 13
*1278 134 *12/
1318
900 netturavr Corn
No par
1234 Jan 19 1353 Jan 3
1212 Mar 1434 Ma)
*Bid and asked luting; no sales on tab, dal. X Hz-dividend. a Hx-righta. n
Ez-dividend one share of Standard Oil of California, new.
-_
622
New York Stock Record-Continued--Page 6
For sales during the week of stocks usually inactive, see sixth page preceding
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 22.
Monday,
Jan. 24.
Tuesday.
Jan. 25.
Wednesday. Thursday, • Friday,
Jan. 26.
Jan. 27.
Jan. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share
per share $ per share Shares. Indus. & Miscall.(Con.) Par
Per share $ per share $ per share
521a 5238 524 525e 5112 5238 5118 518 5112 5214 52
5254 17,000 Sears,Roebuck de Co newNopar
5814 5812 5612 5734 57
5712 *57
58
*57
58
5714 5714 1,100 Shatuck (F CO
No par
4512 4512 4518 45% *4412 458 *444 4538 *4478 46
*447 46
900 Shell Transport & Trading.£2
3
3014 30% 3014 3012 3012 3034 3012 3034 30
3034 3018 3012 19,800 Shell Union Oil
No par
'108 10878 *108 10812 *108 1088 *107 108
10712 10712 *10712 10812
200 Preferred
100
2112 2134 2114 2134 2034 2112 2034 2078 2012 2034 20% 2038 13,000 Simms Petroleum
10
36
35
343 3434 3438 347 *3412 3434 3438 3438 2,500 Simmons Co
354 35
No par
*10714 10712 10714 10714 10814 10814 *1074 109 *10734 109 *10734 109
80 Preferred
100
2118 2138 21
213* 2012 21
205* 2078 2012 2034 2018 2012 40,000 Sinclair Conn 011 Corri-No par
101% 101% 10112 1017 10134 102
10134 102
10114 10112 10118 102
2,900 Preferred
100
3512 3534 3514 3512 3434 3514 3458 3478 3412 3478 3414 3438 14,300 Skelly 011 Co
25
*125 127
126 126 *123 127
126 126 *123 12314 *123 125
300 loss-Sheffield Steel & Iron 100
161 161
15512 159
154 15812 15412 15614 *15512 1594 155 16352 7,300 South Porto Rico Sugar....100
'
122 122 *11812 123 1311812 12212 *11812 1224 *11812 120 *11812 120
100 Preferred
100
33
33
33
3314 33
3314 3234 3354 3234' 3234 3238 32% 3,400 Southern Calif Edison
25
4212 4212 4234 4234 *42
4234 3712 42
38% 40
40
40,2 11,100 Southern Dairies ol A_No par
1712 1734 174 18
1712 1434 1518 1514 1512 9,200 Class B
1712 1738 14
No par
*13
14
*13
13
*13
14
*13
1334 *13
14
13
13
100 Spear & Co
No par
7812 7812 37714 80
*7712 79
*7712 79
*7712 79
*7712 80
100 Preferred
100
*2234 2314 2212 2212 *224 2212 2138 2178 2012 2112 2012 21
3,100 Spicer Mfg Co
No par
*10018 106 *10018 105[2 *10018 104[2 *10018 1045* •10018 10412 *100,8 10412
Preferred
100
56
5514 5434 55
54
5434 54
543
54
5412 54
5434 9,100 Standard Gas & El Co_No par
*5734 58
5814 5814 5712 5814 *575* 58
.5758 573s *5712 58
900 Preferred
ao
71
7118 471
72
71
71
*7012 72
*71
7114 *71
300 Standard Milling
100
7114
*86
8614 *86
8614 8614 8614 *8612 88
864 8612 *8612 88
180 Preferred
100
5914 5914 59
5914 5834 5914 59
5918 5834 5914 5838 58% 7.500 Standard 011 of Cal new.No par
3858 3914 3818 3838 38[8 388 37% 3818 37% 3814 377 381a 37,000 Standard 011 of New Jersey_25
116 116
116 116
116 116
116 116
116 116
116 116
2,500 Pref non-voting
100
3318 3312 334 3314 327 3318 3234 327
324 327
3214 325* 22,900 Standard 011 of New York_ _25
3% 3%
314 312 *3
312
34 338 1,000 Stand Plate Glass Co__No par
334 334 *312 4
9534 9534 96
9512 9478 954 *95
9612 95
9512 9512 9512 2,900 Stealing Prodifots
No par
6.558 66
654 66
6412 6512 6518 654 6518 658 647 65,4 8,100 Stewart-Warn Sp Corp_No Rey
*50
*50
51
51
5012 5012 4150
5012 50
504 *50
51
500 Stromberg Carburetor_No par
5518 5538 54
554 5358 54[2 5312 5438 5312 5414 534 5334 50,100 Studeb'rCorp(The) new No par
*11912 122 *11912 122
11912 122 *11912 122 *11912 122
11912 119,2
100 Preferred
100
318 314
234 3
24 3
278 34
34 318 9,800 Submarine Boat
27s 31g
No par
34
*3212 34
*3212 34
*3212 34
34,2 34% 3414 3412 34
1,800 Sun 011
No par
5
514
518
434 5,8
434 5
434 5
434 5
20.200 Superior 011
5
No par
*2414 2514 20
20
20
21
21
*20
22
2514 1958 20
3,000 Superior Steel
100
*1112 12
*1112 12
11% 1138 *1118 12
*1138 12
*1112 20
100 Sweets Co of America
50
512 512 *512 6
512 512 *512 57
*512 57
54 512
400 Symington temp otfs__No par
*1212 13
*1212 13
*1212 13
1212 124 *1212 13
*1212 13
100 Class A temp otfs___No par
13% 1338 *1112 134 12
121 *12
131 *12
121 *1212 13
700 Telautograph Corp----No Par
1214 12
1134 12
1218 1218 12
118 1134 5,800 Tenn Copp & C
128 1134 1134
No pa
*57
5712 5714 573* *56
561
5512 55'S 558 555
5538 5578 2,800 Texas Company (The)
25
57
5714 565* 5718 5618 5634 56
56'4 56
56'8 558 56
26,400 Texas Corporation
25
52% 5318 515* 5238 51
517
507 5134 51
518 Si
5218 71,400 Texas Gulf Sulphur new No pa,
15% 15% 155* 157
154 155* 1438 1514 1418 14*4
1434 15
42,900 Texas Pacific Coal & 011_
10
17
1714 1638 1678 1512 165* 1618 1734 1614 1684 163s 1635 4,500 Texas Pae Land Trust new...1
*2712 2734 2712 2712 *2712 2734 274 2784 2712 2712 274 2712
No par
600 The Fair
47
*4812 481
*48
4812 24734 4734 *47
4812 4812
25
900 Thompson (.1 R) Co
4734 47
28
28
28
28
*2712 28
28
*2812 29
28
2712 2712
100
800 Tide Water 011
8912 *89
8912 89
*884 891 *8834 8912 89
89
89
100
*89
300 Preferred
854 8734 86
9014 8814 9238 90
88
93
87
894 9134 173,300 Timken Roller ftearIng_No par
10814 10914 10718 10838 107 10814 107 109
10834 109
10814 10914 22,600 Tobacco Products Corp
100
115 11538 *115 116 *115 116 *115 116
11614 1164 116 116
500 Class A
100
47
412
414 434
414 4'2
414 438
434 4%
4% 4,2 32,200 Transc't'l Oil temotf newNopar
1512 1115
1512 *15
*15
151
15
15
1512 *15
*15
100 Transue & Williams St'l No par
1512
4612 4634 4612 4872 4512 46
47
47
4512 451 *45
1,400 Underwriter Typewriter.___25
4534
41
4214 3812 4012 3912 40
41% 42.
39% 40
41
41
5,700 Union Bag & Paper Corp-100
10178 101% 10014 10138 9934 10112 9918 10034 9912 10034 9934 10014 18,200 Union Carbide & Carb-No par
5414 5434 537 55
53
54
5312 5458 534 533
533 537 17,600 Union 011 California
25
97
97
'9634 97% 964 9634 9634 964 *9612 97
*95
100
97
700 Union Tank Car new
9614 9314 9512 95
9614 96,2 95
96
95
96
25
94
9518 10,900 United Cigar Stores
12618 12618 *1264 127 *12618 132
*127 132 *127 132 *127 135
100
40 Preferred
167 167
159 166
15912 1621, 161 161
168 168
16114 162
100
4,300 United Drug
597 *5914 5934 *5914 5934 594 5912
59
*59
60
*59
59
200 let Preferred
50
114 115
115 1157s 11534 116
11312 11414 11312 11414 114 1144 4,800 United Fruit new
No par
1812 *17
1712 *17
*17
1814 '17
1712 *17
1712 *17
1712
United Paperboard
100
101
*99
101
*99
101
*994 10112 *99 101
*9814
Universal Pictures 1st pfd.100
*99 101
3014 274 29
2712 2812 2712 2814 2734 29
2912 3018 29
28,100 Universal Pipe & Rad__No par
*8412 8514 83% 8412 8234 8234 *8214 8312 8134 8134 83
8458 1,000 Preferred
100
202 207
20412 209
207 21334 204 208
206 208
20,90C U Et Cast Iron Pipe & FdY-100
20412 206
*112 114 *112 114 *109 114 *109 114 *109 114
1137 1137
100 Preferred
100
57
53
5534 5378 5434 5334 5412 • 53
5634 57,4 56
54
12,200 lj El Distrib Corp tem otf No par
5514 54
5614 5512 5534 5512 5512 55
56
55
5212 5312 3.200 US Hoff Mach Corp vtcNo pa,
8138 7812 80
7858 7914 79
79
8034 82,8 80
7858 78% 11,500 1:1 S Industrial Alcohol_ _100
3110812 11034 *108 11034 *10812 11012 *10812 11012 1085* 10914 *109 110
300 Preferred
100
634 63% 6314 63% 63
634 6118 6238 6138 6214 10,200 US Realty & Impt new.No par
63% 64
5834 594 5738 585* 564 5818 567s 5818 5718 5734 57,8 5814 31,800 United States Rubber
100
10734 10734 10712 10734 10712 10758 10714 10758 10718 10714 10714 10712 1,333 let Preferred
100
34
34
3334 3378 335* 3338 *3312 35
*34
3514 3334 34
800 US Smelting. Hof & Min--50
46
46
*4612 47
4612 47
46
4634 47
46
*4634 467
900 Preferred
ao
15358 155% 15312 15434 254,600 United States Steel Corp--100
15618 45714 1553 15612 15418 15534 15412 158
11112 11238 1113 1123s 140,500
1134 113731 11238 1133 11178 1121s 11,2 113
New w 1
130% 130% 13014 1301 13018 130% 13018 13038 130 1303 x129 129,8 4,710 Preferred
100
6812 6818 6818
*68
69
300 II S Tobacco
*68
6834 *68
No par
124 124 *12312 125 *12312 125
*12312 125 *12312 125 *12312 124
100 Preferred
100
100 Utah Copper
*11312 11434 *11312 11434 *11312 11414 *11312 11434 11312 11312 *11312 114
10
29
2838 285* 285* 2838 27
2812 *2712 28
*2834 2914 29
900 Utilities Pow & Lt A-No yco
3812 3812 .383 385*
3812 3812 39
900 Vanadium Corp
39
3812 3812 *3812 39
No par
5412 55
5414 55
5334 5412 5312 '54
5334 5414 5414 5658 12,600 Vick Chemical
No par
934 97
98 934
934 934
98 934
934 934 3,900 Virg-Caro Chem new No par
*934 10
34
*3378 34l
337 338 3338 335* *33
34% 34% 34
3334
900 6% prof w 1
100
8418 8418 8418 8418 8438 85
*8414 7514 *8414 85
845* 843
80
7% prof w 1
100
*47
50
45
45
*43
*47
50
50
*43
45
*43
200 Virginia Iron Coal & Coke-100
50
3212 3318 33
33
3312 324 33
3314 3334 34
34
3412 9,500 Vivaudou (V) new....-No Par
105 105
*105 108
105 105
10434 10434 10458 105 *10412 10512 1,000 Preferred
100
2278 22% 22I 2234 *22% 23
22% 2258 225 2278 23
24
6,000 Waldorf System
•
No par
•1842 1912 1854 1814 185 18% *1812 1912 *1812 1914 31812 1914
200 Walworth Co ctfs
No par
*100 ____ *100 ____'
*107
3107 115 *107 115 *107 116
Ward Baking Class A.-No par
29
3014 2914 30
*3012 3112 31 31
2918 294 2912 21
3,000 Class B
No par
9112 914 92
92
*9112 93
9212 9212 9212 921
9212 9212
900 Preferred (100)
No par
3714 39
40
4014 3858 40
3718 4014 39
4132 3912 42
58,800 Warner Bros Matures A----10
6612 6612 *6514 6612 6612 Ms *6512 6638 *6412 66
700 Warren Bros
66
No par
664
57
5718 5718 57
57
57
57
57
*57
58
*5714 58
1,000 Weber & Hellbr, new e.-No par
*14612 14714 1454 14612 146 14634 14514 148
149 15012 149 149
3,100 Western Union Telegraph_100
13414 13534 13334 135
134 136
136 138
13514 13614 1348 135
3,600 Westinghouse Air Brake---50
6834 6912 6812 688 6858 6812 6838 6812 6814 6834 6818 688* 4,100 Westinghouse Elan & Mfg--50
*1514 1534 1534 1534 1558 1558 1518 1534 157 1678 17
17
3,300 Weston Eleo Instrument
32
3218 3214 3238 3238 3212 33
32
32
3312 34
3438 3,700 Class A
311005* 10178 310058 10172 10114 10114 10034 10034 *10058 1011 *101 1011
1020 West Penn Elea cl A vtf No Par
10618 10678 10612 107
10612 107
107 10714 10714 1071
100
*106 107
925 Preferred
11212 1121
'112 114 *112 114 *112 11312 *112 113 *112 113
10 West Penn Power Pref
100
2612 26
26
26% 2638 2618 2614 26
26
No par
2618 26
26
1,400 White Eagle 011
5434 5334 5414 54
5412 5334 541
54% 5534 54
50
5334 5414 15,500 White Motor
2612 26
273* 273 *26
26
*2614 27
2638 2638
*2734 28
300 White Reck Min Sp otf_No par
4812
485
4714
475
*47
48
4712
4712 48
48
48
1,700 White Sewing Mach pf_No par
4712
58
34
12
38
58
32
52
52
'1 2
58
12
55 7,300 Wickwire Spencer Steel int1978 2012 1934 2014 20
2038 1978 2014 69,900 Willys-Overiand (The)
5
2118 21$8 1912 21
9212 9212 9212 9214 9212 *92,4 92,2
9212 *9134 921 *92
100
300 Preferred
*92
1214 124 123* 3,200 Wilson 43 Co.Inc. new_No par
1212 12% 1218 1234 124 1238 124 1218 1012
2614 2712 28
Thu8
8 2912 273* 28
281
28
27
No par
2712 3,900
Class A
28%
.
7712 28%
78
78
78
7718 78
78
77 78% 78 7812 1,000 Preferred
100
11814 119
11814 11878 11,000 Woolworth Corp new w 1
12212 12338 120 12114 11934 12012 11938 120
21
2112 21
2012 2012 1,100 Worthington P & M
*91
_ _14 2134 21
201 21
100
*2112 22
*44
47
47
*45
*46
47
*44
47
100
47
100 Preferred A
*45
46
46
*39
*40
41
41
*39
41
41
*39
100
41
Preferred B
340
42 '
*40
3058 3112 3012 31
31
31
2,600 Wright Aeronautical-No par
242 31% 3214 3134 32
32
112 5
:
53 2
52
*5112 52
*5112 52
*5134 52
No par
400 Wrigley(Wm Jr)
5112 51% 52
72
7112 7112 *7112 72
7218 72
72
25
800 Yale & Towne
37112 72
'711 72
8 2612 2534 2678 2614 27% 26
27
64,900 Yellow Trunk & Coach__100
2634 2714 2612 27% 253 95
*95
9512
9512
9512
95
*9512
100
97
%
500
Preferred
95
9512 95
95
8618 8618 *8512 864 3,600 Youngstown Sheet ,n T.No par
8512 8758 854 87
874 *87,4 88
87
•Elm and asked prices: no salsa nn Vila day. x 12x-dividend. 0 El-dividend and IX-right,.
PER SHARE
Range Sines Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
$ per share
51 Jan 17
5638 Jan 17
4412 Jan 4
2834 Jan 3
10712 Jan 27
19 Jan 3
3312 Jan 6
10714 Jan 4
19 Jan 3
97 Jan 6
3414 Jan 4
12314 Jan 20
154 Jan 25
119 Jan 6
31% Jan 3
3712 Jan 26
14 Jan 26
13 Jan 20
77 Jan 12
2012 Jan 27
106 Jan 10
54 Jan 25
5718 Jan 3
7014 Jan 4
84 Jan 5
58 Jan 3
3734 Jan 10
11558 Jan .3
3212 Jan 10
3 Jan 11
9012 Jan 4
64% Jan 3
47% Jan 3
53% Jan 28
11912 Jan 23
234 Jan 4
3134 Jan 10
412 Jan 3
1938 Jan 25
1138 Jan 27
512 Jan 22
1218 Jan 14
1158 Jan 10
10% Jan 4
5512 Jan 26
56 Jan 26
49 Jan 3
1418 Jan 27
1512 Jan 25
2414 Jan 11
47 Jan 26
2712 Jan 3
8812 Jan 7
78 Jan 3
107 Jan 26
11318 Jan 4
418 Jan 13
15 Jan 18
45% Jan 26
38 2 Jan 25
9918 Jan 26
53 Jan 25
94 Jan 3
93% Jan 25
125 Jan 5
159 Jan 25
5812 Jan 6
11312 Jan 26
$ per share
5358 Jan 3
6112 Jan 19
47 Jan 10
30% Jan 19
10812 Jan 10
2178 Jan 17
36% Jan 10
10912 Jan 12
22% Jan 20
102 Jan 25
3614 Jan 10
13112 Jan 10
17354 Jan 10
12212 Jan 17
3414 Jan 13
45% Jan 13
20 Jan 7
13 Jan 20
7812 Jan 22
2358 Jan 19
106 Jan 10
55% Jan 5
5814 Jan 12
7134 Jan 10
8734 Jan 21
6034 Jan 19
3934 Jan 14
116 Jan 21
34% Jan 18
414 Jan 3
9612 Jan 12
6734 Jan 5
51 Jan 7
5612 Jan 7
120 Jan 4
334 Jan 8
34% Jan 17
514 Jan 21
2514 Jan 21
12 Jan 19
6 Jan 14
13% Jan 14
13% Jan 22
1314 Jan 13
58 Jan 17
58 Jan 17
5314 Jan 21
1638 Jan 12
2014 Jan 13
2754 Jan 14
4812 Jan 15
29% Jan 13
8958 Jan 19
93 Jan 27
110% Jan 5
11012 Jan 18
4% Jan 21
1514 Jan 6
4712 Jan 19
43% Jan 3
105% Jan 7
56l Jan 6
984 Jan 19
100 Jan 6
128 Jan 5
17114 Jan 10
• 60 Jan 12
119% Jan 5
98
2712
8134
202
1131
53
5212
7718
10858
612
5634
1074
33%
45%
15312
11138
129
67
123
Jan 14
Jan 25
Jan 27
Jan 25
Jan 28
Jan 25
Jan 28
Jan 3
Jan 27
Jan 27
Jan 25
Jan 27
Jan 13
Jan 18
Jan 28
Jan 28
Jan 28
Jan 4
Jan 14
9914
33
90
22812
115
6078
56%
8212
10934
6514
6212
110
36%
4734
15914
116
130%
70
124
Jan 14
Jan 3
Jan 11
Jan 3
Jan 5
Jan 12
Jan 19
Jan 18
Jan 17
Jan 10
Jan 10
Jan 11
Jan 4
Jan 4
Jan 10
Jan 10
Jan 5
Jan 11
Jan 26
11312 Jan 4 11312 Jan 4
27 Jan 8 2914 Jan 20
37 Jan 20 39% Jan 5
48 Jan 3 5758 Jan 19
9% Jan 24 1038 Jan 17
3278 Jan 6 3514 Jan 12
8418 Jan 22 8718 Jan 3
45 Jan 25 51 Jan 4
3212 Jan 24 3512 Jan 5
10438 Jan 27 10778 Jan 4
2212 Jan 6 24 Jan 28
18 Jan 14 2034 Jan 20
29 Jan 25
91% Jan 7
37% Jan 26
65 Jan 14
5612 Jan 5
14412 Jan 8
13312 Jan 4
67% Jan 4
15 Jan 8
3014 Jan 6
97% Jan 4
102 Jan 4
111 Jan 15
2534 Jan 3
5334 Jan 25
26 Jan 26
4714 Jan 21
12 Jan 26
1912 Jan 24
91 Jan 8
1114 Jan 17
2614 Jan 26
7618 Jan 3
11734 Jan 11
2012 Jan 27
46 Jan 22
40% Jan 19
3012 Jan 27
50% Jan 4
7014 Jan 8
25 Jan 14
94 Jan 6
851 2 Jan 2.
3312 Jan 5
93 Jan 21
4512 Jan 6
6818 Jan 10
58 Jan 10
15012 Jan 27
139 Jan 3
7058 Jan 10
17 Jan 28
34% Jan 28
102 Jan 20
10712 Jan 28
114 Jan 13
27 Jan 12
5714 Jan 5
2858 Jan 11
59 Jan 17
78 Jan 3
2378 Jan 10
95 Jan 11
1418 Jan 6
3158 Jan
8158 Jan
12338 Jan 2
24 Jan
4812 Jan
4212 Jan
3514 Jan
5234 Jan 2
72,8 Jan
2978 Jan
99 Jan
90 Jan 1
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ Per share $ per share
4414 Mar 58% Sept
47 Mar 6958 Jan
4012 July 4858 Jan
24 Mar 31 Nov
103 Mar 114 July
1518 Aug 28% Jan
28% Oct 54% Jan
10512 Nov 109% July
1684 Oct 24% Feb
90 Mar 9912 June
2658 Mar 37% June
103 Apr 14212 Aug
92 Apr 16912 Dee
110
Oct 121 Deo
30 Dec 33 July
41
Oct 5512 July
1712 Oct 3534 Mar
10 Dec 1734 Feb
72 Apr 8212 Jan
1834 Apr 3138 Feb
Jan 10714 Dec
101
51 Mar 69 Feb
5334 Mar 57% Feb
6718 Oct 9212 Feb
80 Mar 90
Feb
52% May 6358 Sept
3738 Dec 4688 Jan
115 Nov 11918 May
3212 Dec 3314 Dec
1078 Feb
312 Nov
75 Mar 9614 Nov
61 Nov 9278 Jan
47% Dec 7714 Jan
47 May 62 Sept
114% Feb 12212 June
1% July
334 Feb
3018 Mar 4158 Jar
1 July
514 Dec
1912 Apr 34% Sept
8% Apr
17% Sept
1412 Jan
4 Nov
10% Oct 2078 Feb
11
Apr 1478 Jan
10% Dec
16 Feb
48 Mar 58 Aug
5312 Nov 57% Dec
39
Oct 52% Nov
12 Oct 19% Jan
265* Dec
4214 May
27 Nov
8714 Nov
4478 Mar
9514 Apr
103 Mar
3 Mar
15 Aug
4314 Nov
35 May
7712 Ma
3714 Jan
93 Dec
8318 Feb
114% Ma
134 Ma
5512 Ma
98
Apr
17 Dec
90 Ma
13% Ma
52 Ma
150 May
100% Ma
39 Ma
45% Jan
45% Ma
9914 Apr
4818 Ma
5014 may
10112 Ma
30
Oct
42
Oct
Apr
117
11378 Dec
12412 Ma
5612 Jan
112 Ma
34 Jan
5012 Sept
3914 Jan
103 Jan
85% Nov
11638 Sept
118% Sept
512 July
Jan
27
6334 Jan
7114 Jan
10034 Dec
5838 Sept
95% Dec
10934 Aug
125 June
174 DOO
59 Jul„
126 No
3812 Ma
984 Dec
34% Dec
9012 Dec
24812 Aug
118 Dec
6112 Feb
593s Feb
8412 Dec
114% Nov
7178 Jan
8814 Jan
Jan
109
49% Jan
Jan
50
16012 Dec
117 Dec
13034 Dec
67 Deo
123 Dec
93 AD
2738 Dec
29 Ma
43% July
9
Oct
3138 Oct
83
Oct
40 May
26 Mar
9434 Jan
17
Jan
1214 June
99 June
2114 Oct
8812 Oct
12 June
43% Apr
53 Apr
13412 Mar
10514 Mar
65 • May
1334 May
2714 Jan
8812 Jan
95% May
108 Mar
2518 Apr
5118 Apr
22
Oct
4612 Oct
38 Dec
18 May
8812 Oct
6 May
14 May
42 May
12054 Dec
19 Nov
44 Nov
3714 Nov
2412 Mar
47 Apr
6012 Mar
20 May
914 Apr
69 May
116 Nov
37 Feb
43 Aug
52 Aug
2512 Feb
69
Jan
98% Jan
6012 Nov
3612 Dec
110% Dec
23 Dee
2314 Jan
195
Jan
85% Feb
11012 Jan
6914 Sept
69 Dec
8512 Jon
157% Sept
146 Dec
7912 Feb
19% July
3212 Oct
981 Oct
102% Dec
115 Sept
204 Feb
90 Feb
3888 Feb
6414 Oct
338 Jan
34 Jan
99 Feb
1438 Dec
3058 Dec
81% flea
128 Dec
ddk Jan
80 Feb
65 Feb
3934 duly
sok Feb
7212 Aug
39% sot
107% Sept
9514 Aug
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
623
Jan. 1 1909 Ike Exchange method of Quoting bonds was changed and prices are now "and interest"—excepl for income and defaulted bonds.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan. 28.
Price
Friday.
Jan. 28.
Week's
Range or
Last Sate
Range
Since
Jan. 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 28.
.4
Price
Friday,
Jan. 28.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
High
High No. Low
Ask Low
Bid
Iligh
Bid
Ask Low
High No. Low
U. S. Government.
10214 68 10014 10214
Leipzig (Germany) a f 7s_ ___I947 F A 10214 Sale 10112
First Liberty Loan216
9732
9312
N
NI
8
Sale
973
8
957
9714
3D
68..1934
Lyons
13
(City
15-year
of)
101,
h,
8,1011
101
1011233
101308
3,
Sale
834% of 1932-1947
9314 9712
3D 1002°33 --- - 1003.3,100"n
1 100,Ta,10013., Marseilles (City of) 15-yr 65_1934 MN 973s Sale 9578
9712 239
Cony 4% of 1932-47
30 Mar 26
_
)3 103133 Sale 103fs, 103014, 76 1022.2210300M klexlcan Irrigation 4345_ __ _1943 Ill N
% of 1932-47
Cony
5
31'.
3412 Sale 3412
3412
3D 1021°33
1943 _
Assenting a f 43441
1021038Dee'26 _
26 oonv 434% of 1932-47
5112 Oct 26
Mexico(U S) extl 5s of 1899 £ '45 @ J
Second Liberty Loan—
4034 -;;653
8
Sale
453
0
4314
MN
45
--1945
Assenting
5801)899
a100.32
100
Sale
100108,
10010i,
1003n
la of 1927-1942
3958 4014
4054 Jan 27
MN 1002033 Sale 100,188100.0 916 10010311012n
Assenting 58 large
Cony 434% of 1927-1942
3712 May 25
Assenting 513 small
Third Liberty Loan0
July
34
S
J
M
33
26
3212
1904
344
01
1954
Gold
48
13
deb
u101141
,
101
Sale
u
101,
,
101
101 42
434% of 1928
2434 3234
3158 Sale 2934
3234 440
Assenting 4501 1904
Fourth Liberty Loan27 Dec 26
AO 103,13, Sale 103,3,1103.0 020 10311,2103"u
Assenting 4s of 1904 large..
431% of 1933-1938
2G
Sept
8
255
AO
0,:110
21
small
97
413011904
110
Assenting
13n
1947-1952
1102233 Sale 110103,110 n
Treasury 434o
2738 Jan 25
3dl 30
_____--273* 273*
31
Assenting 4502 1910
1944-1954 JO 1082°,, Sale 106033110623n 198 106.8,106"n
Treasury 48
2618 30%
3078 -173
3018 Sale 2914
Assenting 48 of 1910 large..... ____
1946-1956 MS 1031138 Sale 103,0,1103,7u 159 1035a2103,73,
Treasury 34113
23% 2i'8
2618 131
26 Sale 25
Assenting 4.of 1910 email-------State and City Securities.
4534
42
4554
45
J 4-14 46
Tress es of '31 assent (large)'33 1J
10078 22 10038 1007s
NY City-4'ea Corp stock_1960 MS 10012 ____ 10078
51
4112
4573
MS
Sale
4574
4
443
8
457
Small
10212
10212
1964
10238
10212 Jan'27
etta Corporate stock
10172 28 101 102
10112 Sale 13114
Montevideo 7s
1966 AO 10232 103 10178 Oct'26
63(8 Corporate stock
7 10714 10734
AO
13754
S
D
10712
M
j
2
7
5
9
Sale
1
4
1073
yrices)__1
8
1027
8
68
1027
Netherlands
10278
(flat
1972
Jan'27
10212
stock
10318
Corporate
434s
10334 114 10312 1031s
30-year external 88 (fiat) 1954 A 0 10358 Sale 10312
10634 Oct'26
1971 J
10634
6345 Corporate stock
36 101 14 10214
102
1943 F A 102 Sale 10158
10534 1063-4 Norway 20-year extl 65
10634 Jan'27
4345 Corporate stock_July1987 Ii 10612
56 10114 102
102
3D
4
A
1013
F
Sale
1944
106
102
106
68
external
20-year
1985
1063
10658
1065s
8
4345 Corporate stock
16 100 102
102
1952 A 0 10158 Sale 100
1063M S 10614 10718 10612 Jan'27
106% 10612
30-year external 8s
4345 Corporate stock
9834 10014
10012 52
10012 Sale 9978
99
99
40-year a 1 5l4s temp
1959 M N 99
Jan'27
99
4% Corporate stock
35
10034 10112
N
M
1968
D
101
il
MN
5
96
955
10114
1
10114
99
101
99
Oslo(City) 30-year 5165
Jan'27
97
99
4% Corporate stock
9932
97
9938 51
A 99 Sale 9878
F D
6J
90
194
9872 100
Sinking fund 534s
Jan'27
10612
100
11% Corporate stock
10212 Sale 10212 10212 11 10212 10212
Panama (Rep) extl 53is
1 W3 1.5411 1‘,14 98,4
1
9812 Nov'26
6% Corporate stock
12 10312 10514
1944 A 0 10514 108 10458 10514
9778 Oct'26
Peru (Rep of) external 8s
1955 M N 9814
4% Corporate stock
10035 10134
10118 6
1940 MN 101 Sale 101
Eat!sink fd 730 temp
1936 M N
99 Slar'26
6% Corporate stock
7612 85
8414 48
1940 A 0 84 Sale 8312
10678 Jan'27
10558 1-0-978 Poland (Rep of) gold 811
634% Corporate stock _ _1957 MN 1061,
315
9314 9652
96
2 10534 101 , •
1950 J J 9512 Sale 9512
10612 10612
EMI sink fd g 8s
7 Corporate stock.._1957 M N
10314 105
105
MN
8
1037
D
J
105
85------261
10412
897
of)
(City
1954
8
Jan'27
Alegre
90
_May
8
897
stk
Porto
8
897
Corporate
834%
897e 8978 Queensland (State) extl a I 751941 A 0 11212 Sale 11112 11258 45 111 11252
8978 Jan'27
33.4% Corporate oak _Nov 1954 MN 90
10538 82 104 10532
1947 F A 10514 Sale 10458
25-year external Os
89 Apr'26
1955 MN
334s Corporate stock
14 10338 105
J
10212
Oct'26
Rio Grande do Sul extl It 185,1046 A 0 10412 Sale 10412 105
Mew York State Canal Im 413.1961
21 10218 101
Rio de Janeiro 25-yr 5185._ _1946 A 0 105 Sale 10434100
10212 Aug'26
1060
48 Canal
47 10214 10452
10412
4
0
1033
A
Sale
1947
10414
May'26
102
88
1962
extl
25-yr
48
10258 Mar'25
1942 JJ
Rotterdam (city) extl 813_ _1964 M N 10378 10414 10372 10434 29 10334 10434
48 Canal
2 10712 10814
1952 SA N 108 10834 108 2 1083
102
1064 J J
Apr'26
Sao Paulo (City) s f 88
(Ilia Canal inapt
---1017
Mar'28
8
San Paulo (State) ext 5 f 8s 1936 J 4.2 10478 Sale 10413 13514 31 10412 10512
de Highway kept regLst'd_1958
56
105 106
106
1950 J .1 106 Sale 10518
111
1063 MS
Dee'26
External 81 813 lot rects
Highway improv't 434s
9834 9912
9912 42
1991 j j
_-__
External water loan 7s.._ _ _1956 SI S 9938 Sale 99
7812 Feb'25
Virginia 2-3e
141
1
9334 9614
9.512
S
M
Sale
4
7s_1942
I
953
96 4
Santa Fe (Prov Are Rep)
Foreign Gov't and Municipal's
9758 10214
74
1942 J J 10158 Sale 9918
10214 502
98
9758 983s Seine (France) extl 78
Argentine Govt Pub Wks 68_1960 k 0 9734 Sale 9734
82
9714 101
101
N
8
997
NI
FA
Sale
88_1962
101
10112
Slovenes
0978
2
9972
997
8
997
&
100
Croata
of)
Serbs,
Govt
75.1927
Argentine (Nat
I
154
91 14 97
97
1936 SI N 964 Sale 9412
9734 9858 Solasons (City) extl 65
9814 90
Sink fund 66 of June 1925.1959 3D 9832 Sale 9734
10412 24 10358 10412
1939 J D 10418 13438 104
9814 71
Esti s f 138 of Oct 1925__1959 40 9814 Sale 9734
9734 9834 Sweden 20-year 65
34
8 101
1025
104
4
S
SIN
1033
111
Sale
1954
104
9834
9834 Sale 9814
973s 9814
External loan 53511
Sink fund es Series A__ ..1957
11312 18 11314 11378
97% 9812 Swiss Confed'n 20-yr St 8E3_1940 J J 11314 Sale 11314
9838 45
External 65 series B_ _Dee 1958 JO 9814 Sale 9778
18 10258 104
104
52
98
9734 9812 Switzerland Govt ext 530_ A946 A 0 104 10412 10314
Ext15166 of May '26 temp 1960 MN 98 Sale 9734
7558 7958
795s 78
9814 9838 Tokyo City 5s loan 011912.,1952 M S 7958 Sale 7834
9838 20
EMI Os Sanitary Works..._1961 PA 9838 Sale 9814
13
9912 101
101
S 9112 Sale 9012
7
91
90% 9178 Trondhjem (City) extl 63.48,19442 J 10034 Sale 10012
Argentine 'treasury 58 E
1945
43
97
94
D
J
97
96
189
Sale
_1945
J
J
_
9614
7e_
9714 98 2 Upper Austria (Prov)
9812
9758 Sale 9758
Australia 30-yr 5... _July lb 1955
10834 10912
90 10114 10
Austrian (Govt) a f 7s
1943 JO 105 Sale 10378 105
Uruguay (Republic) extl 88_ _1946 F A 10858 109 10914 Jan 27
95
9612
9618 69
1960 MN 96 Sale 9534
9812 100,4
Externals 168
Bavaria (Free State) 6 lie_ 1945 F A 10014 Sale 9912 10014 130
556
9314 97
1961 J D 97 Sale 96
97
D 11314 Sale 11318
11378 70 111 114
Yokohama (City) extl 6s
Belgium 25-yr ext s I 730 8_1945
60 109 109
Railroad
109
1941 PA 10812 Sale 108
20-year of 85
1943 J D 10318 10312 103 Dec 26 -9634 10118 Ala Gt Sou 1st eons A 5s
1949 NI S 10118 Sale 10012 10118 113
25-year external 634s
1928 M N 10012 102 10012 Sept 26 -338
J 9634 Sale 9512
97
9252 97
Ala Mid let guar gold ba
External a f 6e
1955
1946 A 0 8734 _-_- 8734
5 -87e IA;
474 10212 105
8734
Alb & Susq cony 3.30
External 30-year s I 7s_ 1955 3D 10434 Sale 10378 105
____ 8411( Nov 26 -4.s_._ _1998 A 0 85
g gu4.
t 1geutar
en
r
1956 NI N 10358 Sale 10212 10334 506 10132 10334 Al
Stabilization loan 7s
1942 M S 953s 9534 96
Jan 27 -- -9514 95
27 11212 11334 A
113
g Ar Va1
e8
ellle
Bergen (Norway) s 1 88
1945 NI N 113 Sale 113
7912 81
8014 80
80
3
July 1995 Q J 80
100
9912 10014 Ann Arbor 1st g ela
25-year sinking fund 08_ .1949 AO 9912 1001 100
9414 94
9234 9434
9818 100% Atch Top & S Fe—Gen g 48_1995 A 0 9334 Sale 9358
Berlin (Germany)630
19541 40 10018 Sale 9952 100% 317
1
A 0
92
0 10234 104
104
Registered
Bogota (City) ext.!s1 85_ _ _1945 40 10312 Sale 10318
874, 91
4
91
Adjustment gold 4...July 1995 Nov
10478 66 104 105
Bolivia (Republic of) 88 ..A947 MN 10412 Sale 104
Nov -84-12
112 Spet 26 -- -4
992
8
Registered
9712 192
9332 9712
Bordeaux (City of) I5-yr 65_1934 MN 9738 Sale 9578
N
14
91
M
1995
July
8
905
105
Sale
91
8758 If"
3D
107
Stamped
104
107
10612 Sale 106
Brazil(U S of) external 88.._1941
MN 8412 8812 85 Sept 26 -Registered
89
9178
9478 785
External 1311330 of 1928..1957 AO 9458 Sale 9312
D
1
9)I
-55T2
19553
8812
8812
8812
253
89
1909
4s
D
gold
9918
9412
Cony
9812
Sale
8
987
1952
75 (Central Railway)
8734 89
1
19553 D 8812 Sale 8812
8812
8 10412 106
Cony 48 1905
734s(coffee aecur) £ (flat).1952 AO 10458 105 10452 10458
1960 1 13 8634 8778 8778 Jan 27
86
38 102% 10412
877s
Cony g 48 issue of 1910
Bremen (State of) ext'l 78_ _.1935 MN 104 Sale 103% 104
26
M
1928
9914 99%
4a._
g
1st
35
Div
ii
Okla
East
4
993
Sale
100
100
9914
100
Buenos Alma (City) esti 6 451951
891, 90
1985 1
9418 221
Rocky Mtn Div let 45_
92
94%
Bulgaria (Kingdom) a 1 78_1967 JJ 93 Sale 93
9012 9152
7g
277
992
Jan
12 j
152
909
811e71 9
2 S9
1
4114
39
:
89
98
Trans-Con Short L 181 48,1958 J .1 190
9834
9834 87
9838 Sale 98
Cit1011,1 Dept ottColombial 712s'4i, J J
9812 9914
2
9914
9832 ---- 9878
10114 14 10014 10112
Cal-Ariz 1st & ref 4345 A..1962 M
1931 AO 10138 Sale 10114
Canada(Dominlon of) 5a
68 10112 102
__ 10312 Apr 26
1948 J D
Atl Knoxv & Nor 1st g 5s
1020 FA 10178 Sale 10134 102
10-year 530
156- 1-0-6Jan 27 _
-993-4 100
10412 40 104 10512 Atl & Charl AL 1st A 4345_1944 J
1952 MN 10438 Sale 10414
58
10414 105
1944 J .1 10414 10538 105 Jan 27
9812 103
98% 9812
1930 PA 9812 Sale 9838
let 30-year 55 series B
414s
_
8634 Dec'28
. 90
Jan'27
104 105 105
10312 105
Atlantic City let cons 4a__ 1951 J J 851
1954
Carlsbad (City) 6f 88
'A 10812 Sale 10832 10834 28 108 10834 Atl Coast Line lat cons 48 July '52,M B 9412 Sale 9412
9578 17 -5iT8 08
Chile (Republic) ext'l a f 85. 194_
23 10458 10512
105
1930 M N 105 Sale 105
10034 48 100 101
1942 NI N 10058 Sale 10014
10-year secured 7s
20-year external 76
9734 9814
1
98
98
19643 D 9814
General unified 4348
25-year sinking fund 88.. _1946 MN 10812 Sale 10812 10852 43 10734 109
9112 9278
9312 648
9234 14
9214 9312
External sinking fund 68. _1960 40 9338 Sale 9314
L & N coil gold 48..._Oct 1952 MN 9252 Sale 9214
80
81 12
1948J .1 8132 Sale 8118
8112 10
9612 55
95% 9612 Atl & Danv 1st g 45
Chile Mtge Ilk 634s June 30 1957 JD 9534 Sale 0534
7.517
7312 7534
7
1948J J 75,2 Sale 7518
9714 98,4
13 f 6248 of 1926_ _June 30 1961 JO 9758 Sale 9714
9734 49
2645
D 26
8218 84
Jan'27 _ _
84
2714 26
2612 16
2412 2634 Atl & Yad let g guar 48_ ,,1949 A 0 8332 85
Chinese (Illikuang Ry)5s. _ .1951
4 100 10112 Austin & N W let gu g 55
Jan'27 _ _ _ _ 103 103
19414 J
103
10112
Christiania (Oslo) 30-yr 8 f 681954 MS 10014 10114 101
432
9378 95,4
65
95
9958 Sale 9914
2 9412 Sale 94
A 0
48 Q
94
19
100
J ul y 1
9752 100
Cologne (City) Gertnany6 3.681098 M
Balt & Ohio 1st g 48____.lu
100
9212 Dec 26 ____
100 10014
Registered
Colombia (Republic)6 148.._1927 40 9934 10012 100
136
J
J
- 9818
-6i
95
211
Sale
9512
9512
S
9734
M
1933
981e
._1945
94
7s
ny 4348
9512
98 Sale
A.
Dept of Antionnia
gi cored
Rene
20-year
_
9512 28
1945 J J 9512 Sale 'J5
94
9638 Nov 26
9512
External e f 78 aer 13_
44
8
10212 191 ionis 1E1100
48
9914 100
8 102 Sale 10112
M 13
51J
Refund & gen Es series A 199
Copenhagen 25-years 1530_1944 J J 9978 Sale 9934
10
99
10614 56 10434 10612
111554 Sale 10534
9734 99,4
1st g 5a
Cordoba (Prov) Argentina 761942 J J 9812 Sale 9814
9954 100 10012 10012 10 100,8 100%
1944 M
13234 79 10214 10234
1929 J J 10234 Sale 102
10-year tle
Cuba be of 1904
10112
1 10114 10134
101%
19552 D 108% Sale 10818
10858 54 10758 10834
External 513 of 1914 eer A.1949 FA 10112
Ref & gen 6s aeries C
2
9258 9514
9452
23
1949 FA 9412 0538 9452
95
94
94%
P L E & W Vu Sys ref 48 1941 M N 95 Sale 9412
External loan 43.4s
J 10214 Sale 10238 102% 24 10112 103
1950 J J 102,4 Sale 10218
10234 132 10138 10234
1953
Southw Div 1st Es
Sinking fund 53.48
84
108 . 52 105 108
82
84
8358 19
83
Tol & Cin Div 1st ref 48 A.1959 J J 83
Csechoelovakta(Rep of) 136_ _1951 40 100 Sale 10714
Ref & gen 55 series D.. _ __2000 MS 102 Sale 10112 10234 181 1003. 10234
Sinking goon! 88 sec _ _1952 A0 10758 Sale 10612 107% 75 10434 107%
278
A0
1053
Sale
4
1053
4
106
65
64
1043
O
J
4
__1945
38_1989
A
gu
1st
aeries
Slur
&
106
64
Battle Crk
External sf7 lie
8634
11012 34 10938 11012 Beech Creek 1st gu g 45-1936 J
9512 9512
9512 Jan 27
Danish Cons Municip 8s A_ _1046 PA 11014 Sale 110
9534 9614 65
1946 FA 11014 Sale 10972 11014 29 10914 11014
1,5.2 9512
J O 95
Registered
9512 Jan 27
Series B s f 88
2 10412 Sale 10404 1043
52 10332 10434 Beech Crk Ext 1st g 3345___1951 A0 82
1942
83 Nov 28 ___
Denmark 20-year 115
10012 10018 Big Sandy 1st 4.
1944 3D 915s 92
9114 Dec 26 _Dominican Rep Con Ado:8153'58 FA 10158 __ _ 10018 Jan'27
20
MS
755 81
Sale
9912
4
993
0912
9912 10012 Boat & NY Air Line 1st 4s_1955 FA 8034 Sale 7912
530_1942
8034 20
Administrn
Custom
31 10012 103
9558 Dec 26 _ _
Bruns & W 1st go gold 4s___1938• J 9558 97
Dresden (City) external 75._1945 St N 10318 10312 10212 103
J 10234 Sale 10258 10318 33 10258 10334 Buffalo R dc P gen gold ba___1937 MS 10258 10312 10312 Jan 27
104 1-931-2
Dutch East Indies esti 68_ _1947
10234 Sale 10234 10312 29 10 34 10312
1962 M
9418 9614
1957 MN 9614 Sale 9514
Conaol 4448
40-year 6s
08,4 35
4 10118 102
10118
1953 MS 10114 Sale 10118
MN
Registered
80-year external 545
90 Dec 26 _ _ _
N
4 10014 10158 Burl C R & Nor let 58
51
4 Sale 10034
1003
10118
1953
5%5
1934 A0 101
external
5 lOt 101
101
101
80-year
11
1948 J J 106 107 10612 107
103 1210778 Canada Sou cone gu A 58___ _1962 A0 106 Sale 10578
11 10512 106
El Salvador (Remit)) 88
106
9512 62
93
97
95,2 Canadian Nat 4346-Sept 15 1954 MS 963,3 Sale 98
95
Finland (Republic) extl Os_ _1945 SI S 95 Sale 9434
9058 48
9918 99,2
5-year gold 43.4.. _Feb lb 1930 FA 9914 9912 9914
External sink fund 75_ _ _1950 MS 10058 Sale 10012 10078 43 100 102
9912 11
125
99
96
9912 Canadian North deb 5 f 75_1940 J
1956 MS 9814 Sale 98
External a 163413
11558 48 11434 11558
11512 Sale 11538
9834 11
96
9834
20-year a f deb 6345
Finnish Mon Loan 6146 A 1954 AO 9834 Sale 9814
1948 J J 11812 Sale 11814
11812 10 11738 11812
9834 10
957g 99
9712 9812
I0-yr gold 43411__ _ _Feb 15 1935 FA 9814 9812 9818
External 8345 aeries It_ __ _1954 AO 9834 Sale 9812
5
9812
535 10814 110
110
8435 8512
43
Canadian Pac By 4% deb Stock.. J
French Repub 25-yr ext'i 88_1945 M S 10934 Sale 109
85
8458
8
847
8514
623 105 110
110
Carb & Shaw 1st gold 45___ _1932 MS 9558 _ _ 9558 Jan 27 _ _
9558 955
20-year external loan 7345_1941 J 1) 110 Sale 10714
1940 JO 10314 Sale 10138 10314 1881
99 10314 Caro Cent let eons g 4,
External 78 of 1924
1949 3D 86
8634 8714 Dec 26 _
10914 613 10612 10914 Caro Clinch & 0 1st 3-yr 58_1938 3D 103 10358 10312 10358 10 10234 1033*
German Republic ext'l 75._ _1949 40 10914 Sale 10738
58
101 10352
108 10834
1st & con g 611 series A
German Cent Agri° Bank 75_1950 NI S 10234 Sale 102% 103
4
108236
1952 J O 10812 Sale 190
2 Dee
08113
N 10218 Sale 101%
7 10112 10234 Cart & Ad let gu g 4a
10218
1954
Gras (Municipality) 88
_
1981 JO 9314
85
10514 84 10418 10514 Cent Branch U P 1st g 4a
8.5
5
01 Brit & Ire](UK of) 5345_1937'A 10514 Sale 104%
85
1948 3D 85 Sale 85
A 11678 117 11672
11678 32 11634 11714 Central of Oa 1st g 5a_Nov 1945 FA 10412 105 105
1 104'l 105
1929
10-year cony 5346
105
84 10358 105
105
104
4
1033
N 105 Sale 10378
21
104
Conaol gold 58
MN
Greater Prague(City)734a1952
104 105 104
1945
9314 95,4
1964 MN 9478 9538 94
05,4 52
Registered
Greek Government 76
MN 10012 102 10156 Feb 26
9914 15
99 10014
1952 AO 9914 Sale 09
10212 -55 152- 1-625;
10-year secured 6s .June 1929• D 10218 Sale 102
Haiti (Republic) 8 165
24
4
1043
10514
10312
Sale
105
J
105
10514 24 10412 10512
(Germany)
Ref & gen 53413 series B...1959 A0 10412 Sale 10412
ext 734850
Heidelberg
89
89
9752 10012
Jan'27
Chant Div pun money a 48_1951 ID 8912 9034 89
Hungarian M Mlle Loan 74s 1945 J J 10012 Sale 9912 10038 154
9778 184
J 97 Sale 9634
9514 97,2
Dee'28
Sept 1194)
Mac & Nor Div isle 58_1946
10214
External s f 78
___100
_ 1017e 102
8178 Dec'26
Mobile Division 58
Hungary (hingd of) a 1730.1944 F A 10412 Sale 10258 10412 99 10014 10412
101% 104 100
1948
78,2 80'5
8012 43
Ind Bank of Japan 6% notes 1927 FA 10038 Sale 10038 10012 133 100 10058 Cent New Eng let gu 48
80 Sale
1961
9612 1746
9234 96,2 Central Ohlo more 4Si a_
9934 Dec'26
1930 M S 9878
Italy (Kingdom of) ext'l 75..1951 Jo 9612 Sale 9534
9212 30
9234 92
92
90
9212 Central RR of Oa coil g 5a...1937 MN 100 10052 10012 Dec'26
Japanese Govt loan 4a_ _ _ _1931 .1
247
102
99% 102
3 112 1l4i
113141
1954 F A 10112 Sale 10114
Central of NJ gen gold 5a
1987
J 11314 Sale 11314
_ 80-year f 634e
3 11238 113
9778 273
113 I
9712 Sale 9634
94
0778
Registered
alental Development 88.1953 M
113 Sale 113
1987
624
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan. 28.
New York Bond Record-Continued-Page Z
Price
Friday,
Jan. 28.
Week's
Range or
Last Sale
861
Ask Low
High No.
Cent Pao lilt ref gu g 4a____1949 FA 9214 Sale 9214
0218 26
Registered
FA 9018
90 Sept'26
Mtge guar gold 34s_Aug 1929 JD
9734 Jan'27
Through St L 1st gu 48_1954 AO
3
90
90
Guaranteed g be
1980 FA 10
92:314
4 9a-1e- 102
102% 137
Charleston & Savannah 58.. _1936 J J
11812 Oct'26
Choi & Ohio fund & Imps ts_1929 J J
Sale 10034
6
10114
let consol gold 58
1939 MN :0
6
104 103% 10378
913
803s Sale
Registered
1939 MN
_
- 10212 Jan'27
General gold 44a
1992 M
98 Sale 98
9812 32
Registered
1992 MS
94% Oct'26
29-year cony 4g
1930 FA -9912 161
3 99% 99% 34
Craig Valley let g be
5
1946 JJ 101 10134 10078 100%
Potta Creek Branch let 46_1948
.1 8418 8812 8712 Dec'26
R & A Div 1st con g 4a
2
1989
88
8734 90
88
2d consol gold 46
2
1989
86
85% 86
86
Warm SpringaV latgse..194l MS 99%
2
99%
99%
Chic & Alton RR ref g 3s__ _1949 AO 7234 73
7234
7234 26
Ctf dep land Apr 1926 int__
71% Jan'27
7134 72
BaUway first lien 314s
Sale 6314
6412 39
1950
Ctfs dep Jan '23 & sub COW)
1
6238
66331%4
62%
Chic Burl & Q-II1 Div 3349_1949
4
87
8734 8712
88%
Registered
3, 85
8614 Dec'26
Illinois Division 48
1949 33 95 Sale 95
9534 21
Nebraska Extension 40_1927 MN 99% Sale 99%
5
99%
Registered
MN 9878
9912 Nov'26
General 4s
1958 MS 93% Sale 93%
9414 23
Registered
MB 9138
92Is Mar'26
1st & ref be series A
1971 FA 10634 Sale 10634 10678 40
Chicago & East 111 let 88.. 1934 AO 106 10712 106
5
106
C & Ill Ry (new co) gen 58_1951 MN
8234
83% 312
Ohio de Erie let gold bs
1982 MN 10
87
311'12 8
-61
- -7- 10734 Jan'27
Chicago Great West let 48-1959 MS 7012 Sale 7012
7134 1003
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan, 28.
Price
Prtdati,
Jan, 28.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
Low
High
Bid
Ask Low
High No. Low
High
915s 9212 Day 55 Mich lat cons4 48-1931 J J 9838
1
08%
98%
9838 9858
Del & Hudson 1st et ref 48___1943 M N 94 Sale 93%
P418 118
9358 0413
1573
- 4 17-3-4
30-year cony bs
1935 A 0 114% Sale 11114
101 11412 11818
117
90
15-year 5548
9234
1937 M N
13414
42 103 105
105
10134 103
10-year secured 76
1930.3 D 106
44
2 10678 1067 Jan 27
10638 106%
D RR & Bdge lst gu 46 g_1936 F A
95 Apr 26
111(1T8 1-0- -1; Den&RG-lstconsa4s..1936J J 91% Sale 9138
49 -91.F8 92)2
92
103% 10378
Consol gold 4345
1936 J J 95 Sale 95
1
95
9458 9534
10212 10212
Improvement gold 58....1928 J D 9912 9934 9912 100
14
9912 100
9718 98% Den & R 0 West gen 158_Aug 1955 MN 78 Sale 7712
682
80
73% 81)
Des M & Ft D let gu 4s...1935i J
71
2
71
7134
713
4
9914 995
Temporary ctfa of deposit__
3312 -31" 33%
1
3318 3418
3318
100% 10078 Des Plaines Val let 44s
1947
9634 Aug 26
Oct & Mack-let lien g 4s-1995 1 D 70
73% 7014
2 -7
7012
76r2 703
874 88
Gold 48
1995 J D 65
66% 65 Nov 26
Detroit River Tunnel 4146_1981 M N 9712 98
8534 86
9712
9712 10 -5irs 9734
99% 0978 Dul Missabe & Nor gen 58_1941 J J 105
10334 Dec 26
71
73
Dul & Iron Range let 5s
1937 A 0 10134
1021* 116"
10258 Jan 27
7178 71% Dul Sou Shore & All g 5s
1937 J J 78 Sale 78
5
78
7518 78
6114 6412
60
6212 East Ry Minn Nor Div let 48248 A 0 934 ____ 9212 Dec 26
86% 8818 East T Va & Ga Div g 58_1930 J J 10034 Sale 10034
3 10084 102 10134
Cons 1st gold bs
1956 M N 106 10612 10612 Jan 27
9 106 10612
9412 95% Elgin Joliet & East 1st g ba 1941 MN 10318 10312 10312
10358 30 102 103%
99% 10018 El Paso & S W lat 56
1985 A 0 10512 Sale 10512 10512
1 10434 10512
1st consol gold 78 ext 1930 M S 106% Sale 10634 10634
1 10634 10712
935 94'! Erie
let cons g 48 prior
1996J J 835* Sale 8312
84
8118 84
87
Registered
1997 J
79
79
Jan 27
10614 106%
let consol gen lien g 46
1998 J J -7131;3 Sale- 76
7714 752
7312 7714
614
Registered
1906.3 J
73
74
Jan 27
-864 8:33-4
Penn coil trust gold 48
1951 F A
9814 9914
15
99,4
10678 10734
50-year cony 4s aeries A..1953 A 0 811* 8
114
S--a--i
l
886746
1
56
82
78% 82
Series B
694 7134
1953 A 0 81 Sale 81
79
8218 288
82,8
Gen con. 48 series D
1953 A 0 8712 Sale 865s
8918
84%
1918
89%
Mc Ind & Loulav-Ref 86_1947 J J 11378 115 11312 Nov'26 --Erie & Jersey 1st s Ss
1955 J .1 113 1133s 11258 113
13 11112 113
Refunding gold bs
1947.1.1 19
00
338
12 10412 10338 Jan'27 -- 1033* 1„31°
Geneses River 1st s f 50_1957 I J 11212 Sale 11238 11212 13 111% 11312
Refunding 46 Series C
1947 J,
9038 Dec'26--Erie & Pitta gu g 346 B
1940
J 88% ---- 8812 Nov 26
General 55 A
10 100- 1-61-7;
1988 MN 10012 1-0-1-1101
4 101
Series C 346
1940 J J 888 -___ 8838 Sept 26
General Be S
May 1988 J J 1068 107 1067
3 10634 107
10678
Est RR esti s f 76
1954 M N 100 Sale 0858 100
953
338
Chic Ind & Sou 50-year 48._1958 J J 93% 9312 93
9314
7
9218 9314
Chic L S & East let 44s____1989 JD 9718 99
9718 Nov'26 --Fla Cent & Penn 1st ext g 58_1930 J .1 10018 10058 10012 Dec
_
26
QM & Puget Eld 1st gu 4s___1949
J 5812 .5934 5814
5912
Consol gold bs
9
1943.1 J
1038
9
101%
5,554 5) Florida East Coast 1st 446_1959 J D 1015* Sale 1015*
II El Tr certifs of deposit ______ ____
5814 Sale 58
9818 9812
_
Jan 27
ChM & St P gen g 48 Ser A.e1989 J .1 8614 8634 8614
17
0
6
87
612 2
let & ref 5s series A
86
88
1974 M S 9
99
83'8
101%
4 9-8
-6c1 gg's
9912
10118
87
Registered
Q J 8314 _____ 84 Dec'26 --Fonda Johns & Glov 454e...1952 M N 63
6114 63
6312
8
63
General gold 3 Sis ser B__e1989 J J 7612
7612
2
7612
75% 7612 Fort St U D Co 1st g 448_1941 J J 9414 __-- 6212
9414 9414
9414 Jan 25
Gen 44s Series C__May 1989.1 .1 97 Sale
Ft W& DenC 1st g 5 46
- 97
96
98
9712
7
1961 J D 10612 ___ 10633 1)6%
1063
8 10634
Registered
9234 Dec'26 ---Ft Worth & Rio Gr let g 46 1928 J J 98
9812 9838
97% 9812
4
9812
Gen & ref ser A 44s._Jan 2014 A 0 60 Sale 60
607s 77 "Li 16)i Frem Elk & Mo Val 1st 88
1933 A 0 10712 109 108
10712
108
Jan
27
250
Guar Tr cortifs of deposit
61
____
60 Sale 60
5678 6.
Gen ref cony ser B bs.Jan 2014 F A 5838 Sale 5814
5512 5934 GH&SAM&Plat 56..._1931MN 10034
5934 59
101
Jan 27
10034 101
--Guar Tr certifs of deposit_ _ _ ____
62
Sale
2d eaten/ bs guar
5838
5534 5934
5838
5034
1931 J J 100 10018 10018
10018
9 1001s 10018
let sec es
31 103 2 10612 Gal. Hone & Bend let 5a
1934.1 J 10312 Sale 10312 104
1933 A 0 9738 981 1 98
9812 98%
9814 17
Debenture 41Es
5612 601. Ga & Ala Ry 1st cons 58.013 1945 J J 9914 9934 98%
1932 .1 D 5914 Sale 59
6014 25
99
9812 99
18
Bankers Tr certife of deposit ,___
117
6014
5918 Sale 59
56
6014 Ga Caro & Nor 1st gu g 56._1929 J .1 1004 Sale 10014
10014
99 10014
6
Debenture 48
1925.1 D 5914 60
5912
6014 37
5612 6014 Georgia Midland 151 38
1946 A 0 7213 73% 7212 Jan 27
7212 7212
II 8 Mtge & Tr Ws of dep__ .___
6018 261
ext
59 Sale 59
&
6612 6118 Gr R
1st
24 46_1941 J 1 9712
_ _ 963 Dec 26
25-year debenture 421
37
1934.1 .1 59 Sale 59
60
Grand Trunk of Can deb 78_1940 A 0 11512 Sale 11512 11512 __ _
5612 63
66
Farm L & Tr cifs of dep___ ____
125
5638 60
15-year 8 f 86
59 Sale 5834
1936M S 107% Sale 10733 10712 15 10878 108
60
& Mo RI, Div 58
1926 J .1
9912 June'26
6_ Grays Point Term let 58....1947 J D 9518 _
9514 Oct 26 __ _ _
Ohio & N'weet gen g 34s
10 -78T8 -81987 MN -ifi" 6Lie 7912
Great Nor gen 78 series A-1936
80J 113% Sale 11334
114
292 ii5; ifix;
Registered------Q F 7812
7612 Jan'27
Registered
7612 7612
J
- _ 11338 Nov 26
General 48
__34
1987 MN 9114 95 8
91.
2182
1st & ref 44s wise A____1981 J J 9734 Sale 97'z
97
1 Aug
9012 91,2
98
23 -1174
Registered
General 5)48 series 13
Q F 89
1952.1 J 10912 Sale 13918
10912 54 108 10912
Stpd 4e non-p Fed In tax '87 M N '9114
9012 9012
General 58 series C
9012 Jan'27
1973 J J 10318 Sale 133
1035s
16 102% 10334
Gen 44sstpd Fed Inc tax,1987 MN 106 Einl-e- 106
1 105 107
106
General 4158 Berle. D
1978.1 J 9514 Sale 951s
9418 9534
0554 241
General be stamped__ __1987 MN 110 Sale 110
1 10814 110
110
Green Bay & West deb Ws A____ Feb
84
Oct 26
_
Sinking fund tle
Jan'27
1879-1929 A 0 10258 10312 103
Debentures ctfs B
10114 103
Feb 22 Sale 22
22 I 25 -22- -2-2-1;
Registered
Jan'27
A 0 10214 ____ 101
101 101
Greenbrier Ry 1st gu 4a____1940 M N
92 Dec 26 ____
Sinking fund bs
3
1879-1929 A 0 19112_ 10112 10112
Gulf Mob & Nor 1st 5 4s___1950 A 0 10534
106
Jan 27 ____ 10558 106
Registered
1879-1929 A 0
Oct'26
101
Gulf&SI lat ref & ter g 58 _61952 J J 106% ---- 107
Jan 271____ 107 107
Sinking fund deb 58
3 ioit" 1-02
1933 M N ioii, iiii 10134
10134
Registered
MN 10114 10214 1011 Jan'27
10118 10118 flocking Val 18t cons g 4546_1999 J J 98
9838 98
98
9814
9812
2
10-year secured 78 g
1930 .1 D 10614 10612 10618
Registered
10612 19 106 10658
1999 J J
90 Mai, 26 ____
15-year secured 648 g
5 11158 112
1938 M 8 11158 Sale 1115* 1117s
Housatonic Ry cons g 58
1937 M N -6iT4 9912 9912
9912
961;
9912,
1
let & ref g be
May 2037.1 D 105 Sale 1047
& T C let g int guar
10518 16 10314 10538
1937J J 10158
10038 Jan 271____ 10038 100%
Chic R I & P-Raiiway gen 01988 .1 .7 8834 Sale 8812
11
89
Waco & N W lates
87% 8
1930 M N 102
10134 Mar 26
Registered
Jan'27
Houston Belt &Term let 58.1937 J J 9914 100
.1 J 8658 87% 87
8612 87
9912
9912
4 -9913 100
Refunding gold 45
9314 222
1934 A 0 93 Sale 93
9214 9312 Houston E & W Tex Ist g 58_1933 MN 10018
10014 Oct 26
1
Registered
925*
928
A 0
1st guar bs red
1933 M N 10034 101 10034 10034
0-D-374
2 10034 1Ch St L & NO Mem Div 48_1951 J D 8958 ____ 90
Jan'27
90
Hud & Manhat be series A 1957 F A 99 Sale 983
90
9814 9934
9912 135
St L & P let COBB g 5a____1932 A 0 10238 103 10218
4 10114 10)18
10218
Registered
F A
97
Apr 26
_
Chic St P M & 0 cone 6e.„1930 .1 D 10312 Sale 10312 104
6 10312 104
.Adjustment income ba Feb1957 A 0 8658 Sale 8614
84
87
864 190
Cons 88 reduced to 348.. _1930 .1 D 10312 104
95 Nov'26
Debenture be
1930 M 8 945 9512 9934 Jan'27
10-6- Illinois Central 1st gold 413___1951 J .1 94Sale 94
99'!
94
91
95
1
3
Stamped
9934
9912 9934 9934
34 9934
Registered
1951 J J
93 Mar 26 ____
51
ChM TB & So East let 66-1960 J D 9614 Sale 9614
97
9358 97
let gold 3348
1951 J
3 Jan 27
74
8712
ni
,
t
Ws;
62
Inc gu 56
903
91
Dec 1 1980 M 5 905* Sale
8734 91%
Registered
J J
8234 Jan 25
Chic lin Sta'n lst gu 446A-1963 J D 98 Sale 98
9812 18
Extended let gold 346_-1951 A 0
9714 98
87
Jan 27 ____
87
87-1;
9 10412 10534
let bs series B
1045*
1963 J J 10533 Sale 10434
let gold 3s sterling
1951 M 13 73
73
Jan 27 ___
73
74%
5
Guaranteed g 58
10533
1944.1 D 10278 Sale 10278
10112 105 .8
Collateral trust gold 4s
1952 A 0 91% Sale 91%
9112 19
9012 9112
5 118 11834
lst 846 series C
11818
1983 J J 117 118 118
Registered
A 0
8034 Nov 25
_
Chic & West Ind gen a 68_4,1932 Q M 10512 106 10512 Jan'27
10512 10512
let refunding 48
1955 M N 9412 Sale 943
0412 12
03'z 95
68
CO11901 50-year 48
88
8658 8814
1952 J 11 8712 Sale 8714
Purchased lines 334e
1952 J J 8612 88
84 Dec 26
let ref 646 ser A
1962 M S 10412 Sale 104% 10412 34 10418 10434
Registered
J
8412
July
25
___
_
Choc Okla & Gulf cone be
1952 MN 10414 10514 10418 Jan'27
10418 10418
Collateral trust gold 48_1953 M N
ii3-4 8812 88% 15 88 114
CM H & D 2d gold 44s
1937 J J 9734 ____ 9734 Jan'27
97% 9734
Registered
M N
8511 Oct 26 ____ --- -C I St L & C let g 4$.,Aug 1936 Q F 95% 9534 9514
Refunding 56
9514 9934
9534 32
1955 M N 1077e 10812 108
108
14 10758 10812
3
Registered
95% 95 •
Aug 1938 Q F 9.518 Sale 9518
95,8
15-year secured 548
1934 J J 102% Sale 102
10234 31 102 103%
3
CM Leb & Nor gu 4e g
9114
1942 M N 9534 Sale 9114
9014 9114
I5-year secured 646 g____1938 J .1 11258 11278 1123* Jan 27
112% 11314
Cln S & Cl cons let g 5s
____ 10038 Nov'26
1928 J J 100
40-year 43is
Aug 1 1966 F A 97,2 Sale 0718
9784 100
96% 97%
17 -89
Cleve CM Co & St L gen 48,1993J D 90 Sale 8914
90
90
Cairo Bridge gold 46
1950 J D 9212
9212 Jan 27
9212 9212
20-year deb 484s
Jan'27
1931 J J 98% 9912 9914
98% 9914
Litchfield Div let gold 38_1951 1 J 7638 ____ 7612 Jan 27 ____
7612 7612
General 58 Series B
1993.1 13 1075* Ill 108 Dec'26
Louis. Div &Term g 34s-1953 J .1 82% ____ 8312 Dec 26 ___
Ref & Impt 68 series A_, 1929 J .1 10212 Sale 10238 10234 34 10238 10224
Registered
J J
81,8 AIM 26
1 10712 10712
68 series C
1941 J J 10712 ____ 10712 10712
Omaha Div 1st gold 3s____1951 F A
77
77
77
3
77
56 series D
1044 15 10312 105
1963 J .1 10418 Sale 10418
St Louis Div & Term g 35_1951 J J 765
;
7612 Jan 27 _
7612 76%
Cairo Div let gold es__ _1939 .1 J
93% Dec'26
95
Gold 3 kis
1951 J
86 -87
86
____
Jan
27
86
813
Cin W & M Div let g 48-1991 i J
8712 16 -1i1-378 -97-1;
87
Springfield Div let g 341_1951 J J
84 Sept 26 ___
12
90
St L Div lat colt tr g g 4s1990 MN
8812 8758
87% 90
88
Western Linea let g 4s
1951 F A 90% Sale 90%
90%
3
10
-3;
Registered
M N
8314 Feb'26
1951 F A
Registered
84 Aug 25 ____
Spr & Col Div let g 4s___1940 M S 9212 __ 91% Jan'27
91% 9178 Ill Central& Chic St L & NOW W Val Div let g 4s__1940 J 1 9114 _-_- 9314 Jan'27
91
Joint let ref be seriee A...1983 Jo 104 Sale 10312 104
9314
11 10314 104
1 10714 10714
C C C & 1 gen cons g 86...__1934 .1 .7 10714 108 10714
10714
Gold 56
D 10512 10712 10512 10512
1951
1 10512 10512
Clev Lor & W con let g 5e__1933 A 0 1015* ____ 10238 Jan'27
102% 10238
D 10314
Registered
10214 Apr 28 ____
5s____1938
J J
Cleve & Mahon Val g
995* Sept'26
Gold 348
1951
D 79%
Feb
_
7812
26
____
1935 M N 9812 9934 985* Jan'27
a& Mar let gu g 4345
-iiEs 985* End Bloom & West let ext 40_1940 *0 9212 ____ 933 Dec 26 ____
Cleve & P gen gu 44s aer 13_1942 A 0 10018 ____ Nis Aug'26
Ind III AL Iowa let g 48
1 935 9412 931*
93%
1950
7
933* Vis;
1942.1 J 10018 ____ 100
Jan'27
Series 43411
ioo" icki" Ind & Louisville Mt gu 451-1956
J 8614 87
8614
8614
6
86
8614
1948 MN 8712 ---- 8314 Oct'26
Series C 345
Ind Union Ry gen bs ser A 1985 J J
10212
10318
11 10212 10318
8534
F
A
1950
8458 Sept'26
Serbia D 3345
Gen & ref 58 serles H
1985 j J 1023 10312 10238 102%
5 102% 102%
Cleve Boor Line let gu 448_1981 A 0 10112 ____ 10112 10112 10 101% 10112 lot & Grt Nor 1st ea ser A..1952 J J
Bale107
10714 52 10618 107%
106%
16 108% 10912
1972 A 0 10958 110 10912 110
Cleve Urdon Term 54e
Adjustment 138 ser A July 1952 Airl 8934 Sale 8612
ill34 1834
83% 9134
1973 A 0 10438 Sale 1043*
let a f 56 ser B
1047s 23 10378 105
Aprl 86
Stamped
8712 8234
88% 70
8112 8818
1
Coal River Ry let gu 48_ _1945 .1 D 885* _--- 885*
885*
88% 8858 Int Rye Cent Amer Mt Se_ __1972 MN 7658 Sale 7612
774 27
7578 77,4
9834
Colorado & Bouth let a 45_1929 F A 985* 99
9834 9912
MN 49
1941 MN
let coil tr 6% notes
9.5
9514 95
954
95
5
9514
9712 13
Refunding & exten 4345_1935 M N 9714 Sale 9714
97
99
Iowa Central let gold fel_ -1938 3D 51
523 5312 Jan 27 5318 54
1948 A 0 913 92
8912 Nov'26 ---Col & 13 V let ext g 48
5312 54
Certificates of deposit______
53
53
6
53
5312
A
1955
9012
F
____
8934 Nov'26 ---Col & Toilet ext 4e
1951 MB 1714 178 174
Refunding gold 48
4
18
1718 18
88 Nov'26 --_ _
Conn & Passum RI, let 4..i943 A 0
---James Frank & Clear let 48_1959
9234 9318 9134 Jan 27 ____
9134 92
1930 F • 9318 ____ 925 Dec'26 _ __ _
Consol Ry deb 48
7614 77
1964.1 J
75
Non-cony 48
7612
1938 J
Ka A & R Ist gu g be
10212 10512 101
Apr 26 _-79 Sept'26 _ 20 "ioTz
J D
Registered
1990 A0 8538 87
Kan & M let RU 48
87
87
1
SiT8 li76
Non-conv debenture 4s___1955 J J -ibE8 -fe: 76
2
6918 76
J 10018 10014 10014
1927
2d 213-year bs
1(10,4
5 mo loose
76
Non-cony d.•bsnture 4.4.._ _1956 .1 .1 ____ ____75
38
6918 76
KCFtfi&Mconeg135
1928 MN 10134 Sale 10138
10134 17 101% 101%
Cuba RR let b0year 58 g._1952 J J 9534 Sale 95
96
46
94% 96
KCFtEl&MRyrefg 4s._1938 AO 9234 Sale 9212
927
17
9212 93
let ref 74s
1936 J D 10712 10812 108
10814
8 107 10834 KC&MR&B let gu 58..1929 A0 9958 __ 100
10018
9912 10018
5
In 1nm 4 ref 68 ger B
1936.1 D 10012 Sale 10012 19012 18
9912 10012 Kansas City Sou let gold 36_1950 *0 735 7414 7278
74
53
7278 744
1965.1 1 103 Sale 101
Cobs Northern R. let 68
103
43
9934 103
.1
Ref & impt 58
APr 1950
995* Sale 1 99%
10012 63
99,4 100,S
b Due Fob. e Due Mag. f Due Dee.
New York Bond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan. 28.
?.1
Price
Friday,
Jan. 28.
Week's
Range or
Last Sale
22.2
Bid
High No.
Ask Low
Kansas City Term let 49___1960 J J 8334 Sale 8834
27
89
Kentucky Central gold 49..1987 3 3 89
90
8812 Jan 27 --__
Kentucky & Ind Term 43.9_1961 3 J 8534 8634 8514 Dec 26 -- Stamped
1
1981 J J 8834
89
89
Lake Erie 6c West 1st g 58..1937 J J 10214 ____ 10214 Jan 27 -2d gold be
1941 2 .1 10038
10012 Jan'27 Lake She & Mich S g 3355-1997 2 D 814 ---- 8138 Jan 27 -Registered
8012 Jan'27 -995
9914
67
Debenture gold 45
25-year gold 49
9938 29
1931 M N 98 Sale 9778
Registered
96 Dec 25 Leh Val Harbor Term 58_ 11
)
15
3,14 M11 10478 10534 105
105
6
Leh Val N Y lst gu g 4%9_1940 3 3 9918 ____ 9812
9812 31
Lehigh Val (Pa) cons g 48-2003 M N 88
8834 10
8814 88
M N
8012 May 26 Registered
General cons 4%5
9812 Sale 9734
9834 13
Lehigh Val RR gen be series.2
1
200
993
3 M N 10558 ____ 10558 10558
0
Leh V Term Ry lst gu g 59 1941 A
10212 ____ 10212 Jan'27
9112 9014 Jan 27 Leh dc /4 Y lst guar gold 4s 1945 M 5 90
Lez de East let 50-yr be gu 1965 A 0 10934 110 10934 Jan'27 ---Little Miami 45
90
Jan 27 ---1952 M N
1935 A 0
Long Dock consol 9 68
109
Jan 27 Long Isld let con gold 59July1931 Q J 100% ____ 10034 10034
1
1st consol gold 4s____Ju1y1931 Q J 96
98
9712 Aug 26 ---General gold 49
1938 J D
93 Dec'26
s
ivi D
91
97
Jan 27 ---942
193
Unified gold 49
8912 8934 8912 Jan 27 -1
Debenture gold 59
9934
10034 10034
12
20-year p m deb 59
99
1934
7j
MD
N 99 Sale 9812
1949 M S 894 Sale 8914
Guar refunding gold 49
8978
Nor Sh B let con gu 5s_0c,'32 Q J 103 10034 100
5
100
1
Louisiana & Ark 1st g 59_1927 M S 100 10012 100
100
Lou &Jeff Bdge Co gU 9 4s 1945 M 13 8959 9012 9012 Jan 27 -Louisville & Nashville 59_1937 M N 10434 ____110518 Dec'26 ---55
Unified gold 49
1940 J J 9634 Sale 9612
97
Gollateral trust gold 56
1931 M N 10118 10114 10118 Nov 26 ---10-year secured 75
1930 M N 105 Sale 10478
10534 24
1st refund 5165 series A 2003 A 0 10814 10812 108
10858 15
A 0 10618 10612 10618
6
lat & ref fa series
10618
4
let & ref 4Si cc series
2003
3 A 0 100 10058 100
B299
C
101
N 0& M lst gold 68
1930 J J 10334 107 1 10334 Jan'27
2d gold 66
1930 J J 10334 10414 10358 Jan'27 12
Paducah & Mem Div 49_1946 F A 94 Sale I 9378
94
St Louis Div 2d gold 36_1980 M S 6714 6712 6712 Dec'26 -Mob & Montg 1st g 4 )4 .1945 M S 10012 102 110012 Jan'27
South Ry joint Monon 49_1952 J 3 8712 88
8712
8734
All Knox," & On Div 49._1955 M N 9414 Sale 9414
9478 58
Lousy Cin dr Lex Div g 4%6'3 i MN 100 10012 10014 Jan 27 ---Mahon Coal RR 1st 55
1934 J 2 103
103 Dec 26 Manna RR (South Linea) 48_1939 MN 6712 Sale 6612
6712 34
1st 48
Jan 27 ---1959 M N
75
Manitoba S W Colonizala 55 1934 .1 D 100 1-0012 10012 Dec'26 -Man GB & N W 1st 3%s.....1941 J _J 8614 ____ 8312 Oct 26 -Mich Cent Det& Bay City 55_'31 8 m 10158 ____ 10158 1015/31
5
Registered
(3M
_ 101 Dec 26 ---Mich Air Line 4e
1940 J J 9518
9612 Dec'26 ---3 J ____
Registered
92 Nov 26 --J L & S let gold 3%6
1951 M S 8378 ____ 79 Nov 26 ---let gold 3 qs
1952 M N 864 87
8614 Jan'27
20-year debenture 49
10
99
1929 A 0 99 Sale 9834
1940A 0 96 Sale 9512
Mid of N J 1st ext ba
49
96
1411w L El & West imp g 59 1929 F A 101 10114 10034 Jan'27
Mil & Nor let ext 4 Lis(blue)1934 J
9412 Dec 25'--D 95'3 98
Cons ext 414s (bnwn) 1934 2 D 9512 96
9578
95791
3
Mil Spar & N W 1st gu
1947 M 13 9134 94
3
9212
9212
Mllw & State L 1st gu 3%6_1941
8138 Dec 251-"
,13378 ti E.' -6612 Sale-
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan. 28.
rr8
it
625
Price
Friday.
Jan. 28.
Week's
Range or
Last Sale
is
tf2'4
Low
88
88
High
Bid
Ask Low
High No, Low
High
8914 N Y Central & Hudson River9,014 8134
8812
1997! J 8012 Sale 8012
Mortgage 3Sie
8114 16
Registered
1997.9 J
7912 Jan'27
79
7912
"iW2 89
Debenture gold 48
1934 M N 97 Sale 9634
9738 127
9612 973a
10214 10214
Registered
MN
_
9458 Dec'26
30-year debenture 49
10038 10012
1942 J .1 -65l4 -9-578 9634 Jan'27
6711.2 IA;
8118 8138
Registered
93 Feb'25
Lake Shore coil gold 3%6_1998 F A 7912 Sale 7912
8012 8012
7912 10
161;
9878 99,8
Registered
1998 F A 7812 80
7834 Jan'27
7834 7834
Mich Cent coil gold 3Me 1998 F A 8018 8112 8014
97% 9878
7978 8011
8014
Registered
1998 F A 788 8112 7834 Sept'26
10412 10514 N Y Chic & St L Ea 9 49
1937 A 0 9518 954 9518 Jan'27
-56 96
Registered
98 2 987s
1937 A 0
9314 Mar'26
25-year debenture 46
8614 8878
1931 M N 9654 97
9634
6-4
964 13 -98; -92d 6s series A B C
1931 M N 10212 Sale 10212 103
27 10218 103
97
Refunding 5%s series A 1974 A 0 1054 Sale 10558 10614 36 10418 10614
9834
10514 10534
Refunding 5%a series B 1975 J J 10534 Sale 10534 10618 85 10418 106
10212 10212 N Y Connect let gu 4%9 A_1953 F A 9712 Sale 9712
4
967g 9712
9712
1st guar 58 series B
90
9014
1953 F A 10334 Sale 10338 104
6 103/
1
4 10412
10934 10934 N Y & Erie 1st ext gold 46_1947 M N 91
9134 Oct'26
86% 90
3d ext gold 4Sis
1933M (3 9812 ____ 9812 Jan'27
98'1 98'z
10834 109
4th ext gold 59
2 10018 10015
1930 A 0 10018 ____ 10018 10018
10034 10034
5th ext gold 45
1928 .1 D 0012
19091
9884
'N Y & Greenw L gu 9 59
Mar'26Dec
1946 M N
N Y & Harlem gold 3%9
8184 8134
2000 M N 8134 Sale 8134
1
8134
Registered
M N
80 Dec'26
8918 8912
99 10034 N Y Lack & W 1st & ref 59-1973 M N
-_ 80 July'25
9818 99
First & ref 4)48
1 10214 10214
1973 MN 10014 Sale 1024 10214
89
8978 N Y LEA W at 75 ext
1930 M S 106___ 106 Nov'26
100 10034 N Y & Jersey lst bs
9 i56:34 CO;
1932 F A 10034 1-02 10112 10112
100 10034 NY & Long Branch gen g 481941 M S
90 Dec'26
90
9012 N V & N E Bost Term 49 1939 A 0 90
9138 Oct'26
NYNH&Hn-cdeb48
Jan'27
1947M S 7814 -81.
74
74 If"
957 97
Registered
M S
60 July'25
Non-cony debenture 3%6_1947 M S 7212 7412 7212 Jan'27
72l 721
15,-114 106
Non-cony debenture 3165_1954 A 0 71 Sale 7034
71
6
6934 7118
10712 10812
Non-cony debenture 49___1955 J 3 7912 80
7912
77
7912 15
7934
10534 10634
Non-cony debenture 45_1956 M N 7914 8014 80
8012 15
7714 804
9934 101
Cony debenture 3165
1956 J J 71 Sae 71
2
71
6934 71
10334 10334
Cony debenture 69
1948 3 J 10812 Sale 10778 10834 52 10512 109
10358 10358
J J
105
Jan'27
Registered
103 105
9378 94
Collateral trust 65
1940 A 0 10478 Sale 10434 105
82 10314 10514
74
1957 M N 73 Sale 7234
60
Debenture 48
6912 74
i00' 100'2 Harlem R & Pt Chet'let 481954 M N 8878 8958 8934 Jan'27
8914 8934
87 2 8734 N Y & Northern lat 9 fa
____ 9978 Nov'26
1927 A 0 100
9334 9478 NY 0& W ref 151 g 4s_June 1992 M S 7812 Sale 7758
7812 52 .04 Ill;
100 10014
7212 Dec'26
42
M S
Registered $5,000 only
743
10
General 49
19553 D 7312 744 74
73
66
6712 N Y Providence & Boston 49.1942 A 0 8834__ 8612 Dec'26
7312 75
NY & Putnam let con gu 49 1993 A 0 8912 -9
.
01 8958 Dec'26
Jan'27
1927MS 100
___ 100
NY&RBIstgoldfa
9978 100
NY Susq & West let ref 58_1937 J J 8912 Sale 8912
8712 9112
9112 40
161E2 1-61-4 2d gold 4165
70
79
3
73
75
1937 F A
7314 75
7312 21
General gold 55
1940 F A 7234 Sale 7212
7118 7312
Terminal let gold 56
9918
1943 M N 9912 Sale 9918
7
981s 9318
7812 934
1.7 Y W'ches & B 1st ser I 4%6'46 J J 8134 Sale 8138
8234 107
853
9838
95
10058
863*
10034
96
10034
Nord Ry ext'l f 6 Sis
1950 AO
Norfolk South let de ref A 59_1961 FA
Norfolk & South let gold 59_1941 MN
Norfolk & West gen gold 69.1931 MN
Improvement & ext 69
1934 FA
New River 1st gold 6s
1932 AO
N & W Ry 1st cons g 46
1996 AO
Registered
1996 A0
Dly'l 1st lien & gen g 48.1944
3
10-yr cony. Os
1929 It S
Pocah C & C joint 45
1941 JO
North Cent gen & ref fa A 1974 MS
North Ohio 1st guar g 58
1945 A0
North Pacific prior lien 4s
1997
Registered
.1
1997
Gen'l lien gold 3s____Jan 2047
Registered
Jan2047
Ref&impt416sserlesA..2047
1
Registered
Ref & Impt 69 series B____2047
Registered
Ref & impt be series C -2047
Ref & inapt 58 series D__-2047
Nor Par Term Co 1st g 66__1933
Nor of Calif guar g 55
1938 A 0
North Wisconsin let 66
1930
9714 382
92
33
Jan'27
106
6
Dec'26
Dec'26
9378 15
Oct'26
9334 13
158
2
96
29
Jan'27
96
28
9234 45
Jan'27
6714 49
Jan'27
9712 10
Jan'25
11378 109
Mar'26
10612
8
10634 17
10934
3
Jan'27
Oct'26
Mob & Sir prior lien g fe
10078 ____ 99 Sept'25 -1945
"
Mortgage gold 49
8618 Jan'27
1945 J J 8634
Small
1945
"82 __ __82
Jan'27
Mobile & Ohio new gold 68 1927 J D 101 10112 10112 1014
1
let extended gold 69__2u1y1927 (3 J 10018 19078 10012 Jan 27 -General gold 49
1938 M S 9318 94
9318 Jan 27 -Montgomery Div let g 59_1947 F A 10038 ____ 130 Dec'26
St Louis Division 55
1927 J D 10014 Sale 10014
10014
1
Mob & Mar let gu gold 49 1991 M S 91
92
90 Dec'26
Mort C let gu g 69
11118 11212 11178 Jan 27 1937
"
J J
Registered
_10914 Oct 26 ---1st guar gold 58
1937 J
10334 10414 10312 Jan'27 Morris & Essex 1st gu 3%5..2000 J D 8038 Sale 8038
8118 20
Neshir Chatt & St L let 59..1928 A 0 10059 10112 10058 10034
8
1937F A 10212 10312 102% Jan 27 ---N Fla & S 1st gu 9158
Nat Ry of Mex Dr lien 414e 1957 J
30 Sept'24
July 1914 coupon oh'
19 Apr'25
Assent cash war ret No 3 on
1612 Sale 1512
1612 15
Guar 70-year 614e
8712 Aug'25
1977 ";),- .1)
Assent cash war rct No 3 on
2218 100
2178 1812
19
NM RR Mex prior lien 4451926 :1--i
3812 July'25 ---J J
July 1914 coupon on
24 Sept 25 ___ Ascent cash war rct No 3 on.
23
Jan 27
2512 23
1st consol 4s
28
Apr'25
1951 ;1,A
0
April 1914 coupon on
1812 June 26 --Assent cash war rct No 3 on_ ---- 14 Sale 1312
14
8
51'4 54
1712 1934
13
144
87
8812
9712 983s
9712 9812
101 10178
1001s 10134
87
89
9734 9734
9512 961s
863s 8
101 10238
8534 87
10258 10312
96
9934 Og & L Cham let gu 49 g
1948 J
Ohio Connecting Ry let 46._1943 M
9934 101
Ohio River RR let g 59
1936 J D
10612 10758
General gold 58
1937 A 0
10612 10712 Oregon & Cal let guar g 59_1927 J J
76
7918 Oregon RR & Nay eon g 48_1946 J D
93
93
Ore Shore Line let cons g 5(1_1946 J J
Guar cons 55
1946 3 J
Guar refunding 49
1929 J D
-1-36T8 10t; Oregon-Wash let & ref 49_1961 J J
82
82
Pacific Coast Co 1st g 58
1946 J D
10118 10134 Pac RR of Mo 1st eat' g 48_1938 F A
9934 10012
2d extended gold be
1938 J J
93
9318 Paducah & Ills let s 14 165 1955 J J
Paris-Lyons-Med RR 69
1958 F A
100 1-6614 Sinking fund external 79_1958 M S
Paris-Orleans RR 51 78
1954 M
11134 1.12- Paulista Railway 76
1942
Pennsylvania RR cons 949_1943 M N
1Viti Consol gold 49
1948 M N
8033 8118
48 sterl stpd dollar_May 1 1948 M N
10038 100,4
Consolidated 4169
1963 F A
10238 102%
General 4%6 series A
1965 J D
General 55 series B
1968 J D
10-year secured 7/1
1930 A 0
14
1612 15-year secured 6165
1936 F A
F A
Registered
-iiT2 1212 40-year gold 56
1964 M N
Pa Co gu 3 Sig cog tr A reg 1937 M S
Guar 3%5 eon trust ser B_1941 F A
23
23
Guar 3166 trust etre C
1942 J D
Guar 349 trust efts D
1944 J D
Guar 15-25-year gold 48_1931 A 0
jai; 14
Guar 48 series E
1952 MN
9634 Sale 95
9134
9134 92
1004 ___ 10112
___ 106
106
10812 ___ 10834
107
107.8
9378 Sale 9338
935* 937 9012
93.8 9334 9314
158 165 158
96 Sale 9412
10512 10712 105%
96 Sale 9518
9238 Sale 9134
8978 92
9058
6718 6714 67
6418 6618 6514
9714 9734 9712
9234 ___ 8534
11334 Sale 11312
11014
105 Sale 105
10412 10512 10534
10934 __ 10934
10518 106 10518
10278 105 10258
8212 ____ 8278
9214 __ 9034
____ 1015*
10212 __ 10114
10018 10038 100
9214 Sale 9214
10738 Sale 107
107 10738 10758
9812 Sale 9812
8834 Sale 88
9212 93
94
____ 9434
102
____ 10218
9814 9912 98
9434 Sale 9212
10014 Sale 9914
9978 Sale 99
102 10238 102
96 Sale 96
95 Sale 95
9478 9534 947g
10218 Sale 10218
9934 Sale 9934
109 Sale 10878
10612 Sale 10618
11134 Sale 11134
11118 __ 11114
1034 Sale 103
87
____ 87
86
89
8639
85
8684 8612
8438 ____ 8412
9734 ___ 9734
8812 ____ 8834
83
Dec'25
Oct'26
Jan'27
1001s
9234
1074
10758
9834
8834
Jan'27
Jan 27
Jan'27
Jan'27
9412
10038
10034
10238
9618
95
9514
10214
10038
10934
10634
11212
Oct'26
10312
Oct'26
Dec'26
Jan'27
Jan'26
9734
Jan'27
1945.1
New England cons 58
Consol guar 4s
1945 J J
1986 F A
11J June RR guar 1st 49
NO&NE 1st ref&imp 4%9 A'52 J
New Orleans Term 1st 4s
1953
N 0Tema & Max n-e lee 56_1935 A 0
1954 A 0
114 1Se series B
1954 A 0
1st 516s series A
f4 & C Edge gen guar 4165_1945
NYB&MBletcong 56_1935 A 0
y Cent HR cony deb 68 1935 M N
M N
Registered
1998 F A
Consol 48 Belles A
Ref & !rapt 4 %II A"
2013 A 0
Ref & inapt be series 0-.2013 A 0
A 0
Registered
9912 9912 Peoria & Eastern 1st cons 43_1940 A 0
Income 43
April 1990 Apr.
8512
15.1-2 Peoria & Pekin Un let 5169_1974 F A
9612 97 2 Pere Marquette let ser A 59_1956 J J
8718 87%
1st 46 series B
19563 J
100 10012 Phila Halt & Wash let g 49_1943 M N
10018 10034
General 59 serifs] B
1974 F A
10434 10518 Philippine Ry 1st 30-yr s 148 19373 .1
Pine Creek registered 69
1932 J D
10034 101 PCC&StLgu
410A
1940 A 0
10658 108
Series B 4 %a guar
1942 A 0
Series C 4165 guar
1942 MN
90
92
Series D 46 guar
1945 M N
9778 9934
Series E 3 As guar goid__ _1949 F A
10514 10738
Series F 49 guar gold
19533 D
10512 10512
Series G 46 guar
1957 M N
8614 Sale 86
42
43
43
10414 ____ 10434
10434 Sale 10434
8912 90
8912
9584 ____ 9538
11012 111 11012
43 Sale 4214
10638 ____ 10612
10012 10hz 10012
10012
9938
10012
100
0512
96
9558
9512
9734
9512
97
9512
87
4314
Jan'27
105
8934
Jan'27
Jan'27
43
Dec'26
10112
Nov'26
Dec'26
96
Nov'26
Dec'26
Jan'271
Minn & St Louis let 75
1927 J D 983 9914 9812
let guar g 79
1927
13 100 101 100
1st consol gold 68
5312
1934 M N 5412 56
M N 52
Temp ctts of deposit
52
53
let & refunding gold 45___1949 M S 19 Sale 19
Rot & ext 50-yr be ser
1312
1962 Q F 1314 15
StP&SSMcong 48intgu'38" 88
8838 884
lstcona5s
1938 J J 9758 Sale 9712
let cons bilgu 99 to Int
1938
"9758 9818 981s
10-year coil trust 6%s
1931 M S 10118 Sale 101
let & ref 136 series A
101 1)134 10134
1946
"
25-year 516s
1949 M S 87 Sale 87
let Chicago Term 9 f 4s
9734
1941 M N 9658
Mississippi Central let Ss .l949
"9618 ____ 9618
Mo Kan & Tex-1st gold 45_1990
Sale 863*
D
Mo-K-T RR-Pr 159 ser A 1962 J J 102 Sale 10134
60-year 48 series B
1962
J 8612 Sale 86
10-year 66 series C
1932 J J 10234 Sale 10234
Cum adjust 59 eer A Jan-1967 A 0 9878 Sale I 9834
Missouri Pacific
1st & refunding 58 ser A 1965 F A 100 Sale 100
1st & refunding (laser D 1949 F A 10758 Sale 10612
let & refund 69 ser E
1955 M N 107 Sale 10612
General 48
1975 M S 7778 Sale 77
Mo Par 3d 75 ext at4% July 1938 MN 9278 ____ 93
8n.
Dec 261Nov 26 -Dec 26 ---_
52
4
1934 23
3
1418
8814 27
17
98
9814 10
10134 93
Jan 27
6
88
Jan'27
Jan 27 --26
88
13238 72
8612
7
10318 68
9934 528
23
101
10758 194
10712 439
900
79
Jan'27
1
9912
9914 -- 9912
8758 89
87 Dec'26
8512 Jan'27
9634 9712 9714
9714
873 883s 8712
8758
6
1004 Sale 10014
10012 12
13034 Sale 10012 10034 41
105 Sale 10478
10518 20
97
98
9 34 Dec'26
10034 102 101
101
6
10714 108 10718
108
2
10612 May'26
92
91% Sale 9114
64
99 Sale 9ms
9958 10
10634 Sale 10612 10714 127
10512 Jan'27
Range
Since
Jan. 1.
955 96
9214 9212
9314
9078
10114
106
9714
92
10112
106
93
937
-83's
158 158
9312 96
105% 10,588
9412 96
9114 9234
9038 9038
6538 6714
65
6514
96
9712
Hi- Ili'
161; 10654
10318 10634
10934 109114
10518 10519
8158 834
5
7
2
g
82
63
_
_
____
843
333
187
2
8
4
7
12
93
67
73
28
58
10114 10184
100 10014
9212 93
10714 1074
107% 107%
98% 9834
867s 8914
9212 93
9334 9434
10218 10213
98
98
9712 9112
9612 10038
9514 10014
102 10212
96 964
9414 96
9478 9514
102 10214
9912 101
10678 1094
10658 10759
11134 11212
102
1031t
85
8O'z
_
10
9712 9734
8834 8834
40
46
8514 87
4178 4314
104 10434
103% 105
89
90
9.5% 9614
11012 11034
42
43
52
3
19
7
995
fcifi;
5
96
96
"ii" If
626
BONDS
N. Y.STOCK EXCHANGE
Week Ended Jan. 28.
New York Bond Record-Continued-Page 4
40.
Pitts CM Chic & St L(Concluded)
Sr1esH4
1980 FA
Series I cons guar 4Me____1963PA
Series J 433a
1984 MN
General M Es series A--1970 3D
Registered
JD
Gen mtge be aeries B
1976 AO
Pitts & L Erie 2d g 58......Tan 1928 AO
Pitts McK & Y let gu
.73
2nd guar 6a
1934 „I
Pitts Sh & LE let g be
1940 AO
let consol gold be
J
1943
Pitts Vs & Char let 4e
1943
N
Pitts Y & Ash let cons &L....1927 MN
lst gen 4e series A
1948 3D
let gen be series B
1982 FA
Providence Secur deb 4e___ A957 MN
Providence Term let 48
1958 MS
Pries
Friday.
Jan. 28.
Bid
Week's
Range or
Last Bale
All Low
eat%
Risk No. Low
9712 Nov'26
95%
10012 102 9958 Jan'27
100 Jan'27
10012
108 Sale 108
10858
102 Oct.28
1084 Sale 10818 109
100 10014 99% Jan'27
10578 Jan 27
1054
10334 - - 10134 Nov'28
102 1-03-12 102 Jan'27
10014 ____ 10134 June'28
9114 May 25
9238
10014 ---- 10014 Dec'28
9374
93 Dee28
1051g
10514 10513
72 /312 73
73
8458 Aug 28
45
72
2
100 •
100
100
44% May'25
92
92
9234 92
98% Sale 98%
9914
9978 100 109 Jan 27
80
7934 83 80
1024
_ 10212 Dec'26
10058 101 10058 Jan 27
718 Dec'26
712 9
713 12
6 May'25
9134
9158 Sale 9158
85%
8558 Sale 85
9534 Sale 95%
98
8318 83% 83 Jan 27
9214
9214
9218
89
8814 Sale 8718
88 Nov 28
10518 Dec'26
99
9712
9634 9718 9634
10038 Sale 13038 10034
10012 Sale 100 18 Sept'26
9818 Sale 9818
2
93 Sept'25
93%
9378 Sale 9312
10014 101 10014 10014
8812
86 Sale_ 8534
8212 Oct'28
ioiis Sale 10114 101%
10134 Sale 101% 101%
10212 Sale 10238 102%
100
9958 Sale 99
98%
9758 Sale 9712
10514 10512 10534 10534
10058 Sale 10053 100%
103% 107 10512 Jan 27
97 9718 Jan'27
98
88% 87% 8712
8734
83
83 84 83
95 Sale 95
9534
98 •s
9812 Sale 9734
9334 Sale 9314
9334
10158
10114 Sept'26
92 Jan 27
98
9514 -- 98
9812 Jan'27
9734
10778 10814
1077s J n27
106
108 Aug 28
10018
10058 Jan'27
9812 Aug 28
96
98 Jan'27
941a _
9512 Jan 27
9112
91
9112
106
10534 108
13 A & Ar Pass let gu g 4e__1943 J J
Santa Fe Pres & Phen 53._ _ _1942 M S
Say Fla dr West let g Ca
1934 A 0
let gold be
1934 A 0
Scioto V & N E let gu g 43..1989 M N
Seaboard Air Line g 4s
1950 A 0
Gold 4e stamped
1950 A 0
Adjustment be
Oct 1949 F A
Refunding 48
1959 A 0
1st& cons 8s series A
1946M S
All & firm 30-yr let g 4841933 M S
Seaboard All Fla let gu 8s A_193b F A
Seaboard & Roan 58 extd
193I J J
BO Car & Ga 1st ext 530_1929 MN
S&NAlaconegugbe
1936
Gen cons guar 50-yr be__ A983 A 0
So Pat coil 45(Cent Pao coil) k'49.7 D
J D
Registered
20-year cony 4s
June 1929M 8
20-year cony be
1934 J D
20-year gold be
1944 PI N
San Fran Yernal let 4e_ _ _.i950 A 0
Registered
IA 0
1937,M N
SO PAC of Cal-Cu g be
So Pat Coast let gu g 4e___ _1937,J J
So Pao RR let ref 48
1955J J
8912 Sale 8912
102
10212
10858 ____ 10234
10234
10228
9212 Sale 9213
8158 Sale 8112
82 Sale 82
88 Sale 87
7814 Sale 7534
99 Sale 9834
9214 9212 9234
98 Sale 9734
100 _ _ 1004
101 10158 10112
10378
104
11014 11012 111
88% Sale 88%
844 87 88
99 Sale 9834
10112 Sale 10112
10112 Sale 10112
9028 9113 9012
88
___ 10312
1041
2-96 9514
9512
94 Sale I 9334
Southern-1st cons g 6e__1994 N J
Registered
J J
Dave!& gen 48 seriee A___19158 A 0
Develop & goo 6e
1956 AG
Devel & gen 6358
1958 A 0
Mem Div 1st g 58
.19963 J
St Lou& Div let g 4a
1951
J
East Tenn reorg lien 9 58-1938 M
Mob&Ohlo coil
M S
Spokane Internal ist g 58,-1985 J
Sunbury & Lewiston 1st 43._1938 J J
Superfor Short Line 1st 63_31930 M
Term Awn of St L let g 4Sie..1939 A 0
letconegoldSs
1944F A
Gen refund t g
19533 .7
Texarkana & Ft B let 530A 1950 F A
Tex & N 0con gold 58
19433 J
Texas & Pao let gold E8
2000 D
La Div B L 1st 958
1931 J J
Tex Pac-Mo Pac Ter 530_1984 M S
Tol & Ohio Cent let gu 5a_ _.1935J J
Western Div 1st g be
1935 A 0
1935 J D
General gold 5s
Toledo Peoria & West 4a_ _ __I917 J J
Tol St L & W 130-yr g 48_1950 A 0
Tol W V &0 gu 430 A_____1931 J 3
let guar 430 series B._ _1933 J J
1942 M S
let guar 45, series C
1948 J 13
for Ham & Buff 1st g 4e
10712 105
10728 Sale 107
104 Jan'27
87 Sale 8678
8738 137
11518 Sale 11428 11514 70
1207s Sale 12078 12112 101
111634 10812 10634 Jan 27
3
8934
90
90
91
10134 ____ 10018 Nov 28
9112 9212 92 Jan 27
6
85
8534 8512
8534
9234 ____ 9212 Jan'27
10012 5 V.iff
982 9834 988 Jan 27
4
1027 Sale 10278 1021k
8818 89 8884
8812 32
1047 Sale 10484 10478 42
1
1014 Sale 10118 13118
106
_ _ 108
10812 2(3
1004 10084 1003e 10032
10414 10434 10511 Jan 27
10134 ____ 10212 10212
10012
10058 10058 10
10014 10112 10018 10018
2
15 Jan'27
9012 91
60oz
1
9012
99 Jan'27
9628 Dec 25
9334 ____ 94 Jan'27
9018 9034 9012
2
1,078
41
19
51
74
1
30
13
31
81
101
3
290
83
28
29
98
917
1
18
4
5
33
42
47
5
4
9012 24
Dec'26 -Jan 27 Oct'28
924
4
11
82
8212 59
8812 1078
7812 1022
9914 285
Jan'27 9814 388
8
10018
10112
1
Jan 27
Dec'26
8912 10
Jan'27
994 122
10112
3
10112
9124
8
Dec'26 Oct 28
5
9514
9413 108
64
& Del let eons g 68-1928 J D 6312 65 64
• Ulsterrefunding
1952 A 0
g 48
let
1941.7 J
Sale
4l
r1 4
8
Union Pacific let g 411
948
.1 1 943$ 9534 945
Registered
gips
1927.7 J 9934 Sale 9934
20-year cony M
J J ____ ____ 944 Dec'28
Registered
924
Sale
92
,June
2008
M
S
48
refunding
let &
June 2008 M S 108% 11012 10828 181111
let lien & ref 58
68-1928 _. 132 Sale 10134 102
10-year perm
_ secured
d;Due May. e Due June. 1 Due August.
,12738,
9958 9958
100 100
10634 110
10634 110
9978 9974
10578 10574
3
2
47
1
52
12
8
29
104% 10514
72
73
92
98
100
80
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan. 28.
.41.
High
1Ol7 102
Reading Co gen gold 48
1997 J J
Registered,
J
Jersey Central coil g 0_1951 AO
Gen Ss ref 4393 series A _ _1997 J J
Richm & Danv deb 58 stmpd 1927 AO
Rich & Meek let g 48
1948 MN
EMI= Term Ry 1st gu 58 1952 J J
Rio Grande June 1st gu 58-1939 JD
Rio Grande Sou let gold 4&A940.73
Guaranteed (Jan 1922 coup on)
J
Rio Grande West let gold 42_1939
J
Mtge & coil trust 45 A____1949 AO
RI Ark & Louis 1st 435e___ _1934 M
Rut-Canada let gu g 4e____1949 NJ
Rutland let con g 433e
1941 J J
St Joe & Grand 151 let g 4s._1947'N
St Lawr &Adis'1st g 58
1998 J J
2d gold 83
1998 AO
St L & Cairo guar g 48
1931 J J
St LIr Mt & Sgencong 58_1931 AO
Stamped guar be
1931 AO
Unified & ref gold 48
1929 J J
Registered
J J
Riv &0 Div let g 4s...___1933 MN
St L M Bridge Ter gu g 5a___1930 AO
St L& San Fran (reorg co)481950 J J
Registered
NJ
Prior lien series B 58
1950 J J
Prior lien aeries C is
1928
J
Prior lien 530 series D _1942 J J
Cum adjust eer A 6s_ _July 1955 AO
Income series A 68 July 1960 Oct.
Mt Louie de San Fr Ry gen 85-1931.7,
General gold be
1931.7,
St L Peor & N W let gu 58_1948.7,
Elt Louie Sou 1st gu g 48___1931 MS
St L SW 1st g 45 bond etfs_1989 MN
2d g 4s Inc bond ctfs.Nov 1989 J
Consol gold 43
1932 JD
1st terminal & unifying 68_1952 J J
St Paul & K C SD L lat 430_1941 FA
St Paul & Duluth 1st Ss
1931 FA
let consol gold 48
1968 JD
St Paul E Or Trunk 433e
1947ii
St Paul Minn & Man con 43.1933 J J
1st consol g (is
1933 J J
Registered
J J
65 reduced to gold 435e___1933
J
Registered
1933 J J
Mont ext let gold 4s
1937 3D
Registered
3D
Pacific ext guar 4e (sterling)'40 J
St Paul Union Depot 5a__ _ _1972'.7
195.784
Range
Since
Jan. 1.
92%
10012
100
80
Price
Friday.
Jan. 28.
Week's
Range or
Last Sale
Rance
Sinte
Jan. 1.
Bid
N J RR & Can gen 4a____1944 M
Utah & Nor 1st ext 48
1933J J
Vandalla cons g 45 series A-1955 F A
Consol 45 series B
1967 M N
Vera Cruz & P let gu 4 30-1934 J J
July 1914 coupon on
J J
Assenting let 430
1934
Virginia Mid 58 series F
1931 J J
General be
1936
N
Va & Southw'n let gu 6s_2003 J J
let eons 50-Year 58
1958 A 0
Virginian let 5e series A----1962 MN
Wabash 1st gold 55
1939 M N
2d gold bs
1939 F A
Ref s 1 530 series A
1976 M
Debenture B Os registered_1939 M S
1st lien 50-yr g term 4a---1954 J J
Det & Chi ext let g
_1941 J J
Dee Moines Div let g 48__1939 J J
Om Div let g 330
1941 A 0
Tol & Ch Div g 48
1941 M S
Warren 1st ref gu g
_2000 F A
Wash Cent let gold 48
1948 Q M
Wash Term let gu 3338
1945 F A
let 40-year guar 42------1945 F A
Ask Low
HIgk No. Low
High
9414 Dec'26
96 Oct'28
9212 12
9212 Jan'27
.
f
.
2
0012 Oct'28
20 Sept'25
24 Apr'26
2312 Sale 23
2412 25
23
24l
100%
101 Sept'28
10212 10278 10238 Jan'27
1021-2 1-01C
8
102
102 102
102 Jan'27
9513 Sale 9512
98
24
9514 98
103 Sale 10274 103% 81 102% 103/
1
4
10414 Sale 10414 10414
2 103 10412
1 10118 102
10112 102 10158 10158
10418 Sale 0414 10438 55 1037e 10434.
83 Feb'25
8618 -- 8412 Aug.28
8712 871;
104 105 0414 1041s
104 104,8
8912
_ 8878 Dec'26
8384
8418 ____ 84 Jan'27
91
9012 9114 91
Jan'27
91
80
8138 Sale 8138
1
8138
81%
8712 8834 8714 Jan'27
8714 8718
8512 8612 8538 Dec'26
9212
8712 Jan'26
971s
9212
9212
2312
9834
_ _
_ _
24
WI;
100E8 10-614 WMinW&NW 1st gu be_1930 F A 9914 9934 9834 Dec'26
_
7614 801;
West Maryland let g 48-1952 A 0 79% Sale 7912
8012 484
West N Y & Pa lst g 58--1937 J J 10134 10914 0134 102
5 10128 102
"51; 93
Gen gold 43
1943 A 0 88
89 88 Jan'27
88 89
8412 85,s
Income g be
Apr 1 1943 Nov
45 Feb'25
9438 96
Western Pao 1st ser A 58_1948 M 8 9934 100 9934
9934 11 -1554
8212 83
let gold 85 series B
1946M 8 1034 10412 0412 . 10412
2 10314 10412
9118 9214 West Shore let 48 guar
2381 J J 8612 Sale 8612
87% 30. 86,8 8734
8714 89
Registered
2381 J J 884 Sale 8634
8614 87
87
Wheeling & Lake Erie
Wheeling Div 1st gold 55_1928 J
9978 10014 00 Jan'27
9934 100
9614 Vi
Ext'n & Impt gold be
1930 F A 100
9714 Dec'26 „...
10014 10134
Refunding 430 smite A1988 M S 91
9218 9112
92
11 -9011 93
RR 1st consol 48
1949 M S 8758 Sale 87%
8712 8834
8758 10
97% 9813 Wilk & East 1st gu g 58____1942 J D 75
7778 75
7214 76
70
42
Will & SF let gold be
19383 13 10338 10412 10:3 Nov'26
934 93% Winston-Salem 813 1st 49,...1960'7 J 8632 8812 8878 Dec'28
100 101
WIB Cent 50-yr let gen 48_ _1949 J J 8312 Sale 8312
83 WI;
844
4
8412 8812
Sup de Dul div & term let 48'38 M N 91 Sale 9012
89
9034
91
5
Wor & Con East 1st 430_1943 J J
89 Jan'27
89 89
997k 201
ionz 10184
INDUSTRIALS
10218 10234 Adams Express coil tr g 4a...1948
8914 8912 90%
8914 91
90%
1
99 .10014 4.1ax Rubber let 16-yr sf58.1936
10834 Sale 10814 1087s 10 10578 107
314 312 34
9514 9914 Alaska Gold M deb 88 A.___1925
314
314 312
1
105 105%
1928
Cony deb 8s series B
314 4
311 Dec'28 _
10012 1004 Alpine-Montan Steel 711----1955
98 Sale 95
0211 9712
98
98
105 10512 Am Agile Chem 181 58
1928 A
103
Oct'28
974 974
1941
loiTs Sale 104
1st ref f 730 13
19412 31 104 l04'
98
8858 8312 Amer Beet Bug cony deb 88_1935
9734 9712
9734
054 98
83
10218 Sale 10158 10218 12 101 10218
81
American Chain deb 8 188....1933 A
9414 963s Am Cot Oil debenture 5e___1931
98 Sale 9512
96
9514 98
95
98, km Dock & Impt gu6s
1936 J
1054
10512 Nov'26
_
- . 104
92% 93% Am Mach & Fdy a 68
1939 AG 104 10412
104
1 104 fa'
0918
Am Republic Corp deb 85_ _1937 A0 99 Sale 99
99
9918
7
02 92
Am Sm & R let 30-yr 68 sec A '47 A0 101 Sale 101
10138 83 10012 10134
98
98
1947 AO 108 108% 108
1st M Os series B
10838 32 107% 108%
9814 9812 Amer Sugar Ref 15-yr 85_ _1937''7 1.05 Sale 10412 105
20 1041s 105
10778 108
Am Telep & Teleg coil tr 48_1929 J J 98% Sale 9812
9834 251
984 98%
9412
1938 MS 9412 Sale 9412
Convertible 48
9314 98
2
98'2
10018 100%
1933 MS
983g 9812
984 99
20-year cony 430
4
80-year coil tr be
1948 JD iogs Sale 103
10334 57 102% 103%
103 June'26
9512 96
JD
Registered
_
Sale 10178 10212 275 101 10212
9512 9512
1980 .1 .1
35-yr t deb 58
91
92
1943 MN 10814 Sale 10618 10612 121 10534 10812
20-year f 630
10514 106
104
Am Type Found deb 135
1940 AO 10414 105 104
2 10312 104
99
98
99
Am Wat Wks & Elec 58_ _1934 A0 9838 Sale 9838
17
8838 91
80
1939'3 5358 60 80 Jan'27
8012
Am Writ Paper s t 7-8e
_ 67 80 80
60
594 804
Temp interchangeable etts dep _
17
10284 f6i34
Anaconda Cop Min 1st 83.-1953 PA 10434 Sale 10414 10434 177 104 10434
91 -1;21-2
10434 Dec'26
Registered
8114 8
16-year cony deb 7s
1938 PA 10712 Sale 10712 10874 124 10711 1091*
8112 8314 Andes Cop Min eons( deb 76_1948 .1 I 107% Bale 10712 10812 _181 lova ion
8318 8812 Anglo-Chiltern Nitrate 7sww1945 MN
97 Nov'26
73
7634
8958 Sale 8914
Without warrants
87s 90
90 351
9712 99% Antlila(Comp (Azue)7358-.1939 33 9818 Sale 98
9714 30
9434 9714
9114 9234 Ark & Mem Bridge & Ter 58_1984 MS 10014 ---- 10014 100% 10 10014 10034
9634 983s Armour de Co let real est 4 Sie '39 3D 92% Sale 924
9178 934
9234 97
10012 10012 Armour & Cool Del 634 _ _ 1943
.1 9538 Sale 954
95
9584
9512 229
10112 10158 Associated 011833 gold notes 1935 MS 10234 Sale 10258 10234
5 10258 1027s
1037s 10378 Atlanta Gas I. 1st Se
1947 3D 102% 10312 9958 Mar'25 - ---1558 Dec'26 - - - - ---Atlantic Fruit Ts Ws dep._ _1934 3D 15%
884 WI;
17% -24
Stamped We of deposit
2018 Jan'27 - - - 86
86
AU Gulf & W I SS L col tr 58.1959 3J 7214 Sale 7012
76
74 -Kira les
9814 9918 Atlantic Refg deb 68
1937 3, 1014 10134 101% 10134 82 101 1017s
101 102
101 10112 Baldw Loco Works 1st 68._ _1940 MN 10812 108 10613 107
13 108 107
901s 91% Baragua (Co•cp Az) 7'4s,,j937 J
10734
108
108
1 10611 108
Barnsdall Corp 13s with warr.1940 3D 9314 Sale 9314
93% 417
89 9334
Deb 8s (without warrant).1940 3D 10312 Sale 10314 104% 405
9812 10628
9514 9514 BeldIng-IlemingwaY 613
9814 26
9712 9818
J 9712 98 97%
1936
93% 9412 Bell Telephone of Pa Ss
1948 .11 .1 10312 Sale 10318 104
48 10318 104
196(1 AO 103% Sale 10334 10414 107 10334 10494
let & ref Se series C
1067s 10712 Beth Steel let & ref Is guar A .42 MN 10012 Sale 10014 101
18 100,4 102
10338 104
99 Sale 9812
99
30-yr pm & imp if 58_ _ _ _193(3 J
35
9812 10018
86
8812
151 10134 103
Cone 30-year 13/1 series A _ _1948 FA 10234 Sale 1C238 103
11328 11514
9912 151
9714 100
Cons 30 year 5335 series 13.1953 PA 9912 Sale 99
11914 122
9234
Bing & Bing deb 13335
195() MS 9234 9334 9234
1
924 94
10614 10634 Booth Fisheries deb 5 1 tle___1926 AG 100 _ _ 100 Nov'26
8934 92
92
9014 92
62
Botany Cons Mills 833e_ --_1034 A0 91% Sale 914
105
Briar Hill Steel let 558s...1942 AO 105 Sale 104
24 104 105
-92- 12-- B'way & 7th Av let g be....1943 ND 79 Sale 77
7912 200
72% 7912
7134 7812 78
8412 8514
78
74
9
78
Ctfa of dep stmpd June *26 lot
9412
9212 9212 Brooklyn City RR be
94 95
1941 NI 934 9414 94
.1 10318 Sale 10318 105
11 1034 106
Bairn Edison Inc gen fie A 1949
10318 10412 10234 10234
984 9894
General 135 series 13
1930 J
3 102% 10412
991
99 Sale 9878
9874 9678
84
Bklyn-Man It T see 65
1988 j
877s 88 2 Bklyn Qu Co & Sub COU lOd be'41
N 8334 854 657k Jan'27
64 66
801s Sale 79 Nov'26
103% 105
1941 J
let 58
J
8812 Aug'26
1011s 1011s Brooklyn It Tr let cony g 48-2002
13612 Nov'25
105% 107%
3-yr 7% secured notes,,-1921 J
12812 Mar'25
100 10012
Ctfe of deposit stamped
9514
104% 10514 Bklyn Un El let g 4-58
SW 9514
1950 PA -95- 96 9514
10212 10:12
9512 11
1950 PA 95 Sale 95
94
9512
Stamped guar 4-68
100 8 100• Bklyn Un Gas 1st cons g bs_ _1945 MN 10312 Sale 10334 10312 31 102% 103%
114
114
100'8 10114
6 113% 11434
let lien & ref 88 series A_ _1947 MN 114 Bale
15814 48 158 182
1938 3' 158 Sale 158
15
15
Cony deb 630
1932 ID 9214 93 9214 Jan'27
9018 9034 Butt & Susq Iron s t be
9214 9214
90%
1952 A0 9078 9112 90%
99
99
Bush Terminal 1st 45
90% 9112
98 Sale 98
97
38
1955 .1
9511 97
Comm! be
"6:1 94
12
Bush Term Ridge 118 gu tax-ex '80 A0 101 Sale 10038 101
0914 101
901s 9078
101%
101%
Sale
MN
101%
2 10128 10214
Cal()& E Corp unit &ref 66-1937
6312 64 Cal Petroleum I g 5s----1933 AO 10312 Sale 10312 103%
9 10312 10414
1938 MN 10034 Sale 10034 10138 102 10038 1024
3934 4134
Cony deb s t 5348
9478 98 Camaguey Sug let s g 74.- 1942 AO 99% 9978 9912
9912
1
99 10014
94% 9438 Cent Diet Tel let 30-yr be_ _ 11943 3D 10312 10418 103% 1035s
1 • 10214 103311
9634 9624 Jan'27
9958 100 Cent Foundry let ef 6e_May1931 PA 96
9614 964
6/1_ _1945 3' 101 18 Sale 101
10118 80 101 1004
Cent Leather let lien
9194 9214
10858 109'2
10134 10238
•
627
New York Bond Record-Continued-Page 5
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan. 28.
Price
Friday.
Jan. 28.
Range
Since
Jan. 1.
Week's
Range or
Last Sate
Ask Low
Bid
High
Central Steel let get 8s____1941 MN 11812 11915 1194
11918
Chic City & Conn Rya 5a3an1927 AO 55
544
5512 544
J 102 Sale 102
102
Ch
L & Coke lat gu g 5a__1937
1927 FA 7534 Sale 7514
Chicago Rye let 55
7618
Chile Copper cony 6e ser A__1932 AO 11014 Sale 1104
11032
Cincin Gas & Else let & ref 55'56 AG 102 10214 102
10218
Jan 1 1961 AO 10484
10458 10478
5398 ser B due
Cities Seri,Pow & Let 68..__1944 MN 101 Sale 9914
101
Clearfield Bit Coal let 453._1940 J J
82 May 26
9714 9838 98
Colo F & I Co gen s f 5a____1943 FA
9814
Col Indus let & coll So gu...1934 PA 9414 Sale 9334
9414
Col dc 9th Av let gu g 5a___A993 NI
10
Oct 25
3
97
Columbus Gas let gold 58___1932
98
97
97,4
Commercial Cable let g 48_2397 Q ,
8134 81
8114
Commercial Credit s f (93_1934 MN 97 Sale 97
97
J 9158 Sale 9112
1935
Col tr s f 5 % notes
914
Commonwealth Power es_ __1947 MN 10434 105 10434 105
Computing-Tab-flee e f 6s194 I J, 105 1054 105
10518
9314 Noy'26
Conn Ry & L let & ref g 43951951 .3.3 964 98
1951 '.3 9618 Sale 961a
Stamped guar 430
9615
Consolidated Clear a f fis_. _1036 AO 100 Sale 9938 100
Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s_1956 Si 1004 Sale 100
1004
Cone Coal of Md ist & ref 5s_1950 JO 8112 Sale 81
8134
Congo] Gas(N Y)deb 599s_ _1945 FA 10578 Sale 10558 106
FA
7612 77
76
Cont Pap & Bag Mills 63913_ _1944
7612
Consumers Gas of Chic gu 581936 JD 10134 Sale 10134
10134
10212
Consumers Power let 5s____1952 MN 10214 Sale 102
Copenhagen Telep ext 68...19541 150 9814 10034 100
Jan 27
N 10212 10312 102
Corn Prod Refg let 25-yr s f 58'34
Jan'27
Crown Cork & Seal let et 6e.1942 FA 9612 Sale 9578
9634
Crown-Willamette Pap 6s_1951 '.3 10014 Sale 10018
10014
Cuba Cane Sugar cony 7s_ _ _1930'3 9858 Sale I 973a
98s
J
J 10034 Sale 10012 101
Cony deben stamped 8%.l931)
Cuban Am Sugar let coil 8e..1931 MS 108 Sale 10734 108
Cuban Dorn Sag let 799s___1944 MN 9934 Sale 9912
100
J 10112 10134 10114
Cumb T & T 1st & Ron 55___1937
10112
Cuyamel Fruit late f as A__194(1 AO 9412 9478 9458
9478
No Low
High
7 11918 120
3
53
544 102 10214
106
7434 7634
245 1094 11034
34 102 10212
11 1043,3 104.8
974 101
330
4
17
6
10
5
8
13
4
1
199
2
14
87
4
2
33
_
111
4
28
131
9
48
12
6
Davison Chemical deb 690_1931'S
Deny City Tramw let con 58 1933 AO
Den Gas & EL 1st At ref s f 59'51 MN
M
Stamped as to Pa tax
Dery Corp (13 G) let a f 7e_ _1942 MS
Detroit Edison let,
oll tr 58..1933 J J
1st dr ref Es series A_July 1940 MS
Gen & ref 58 series A
1949 40
let & ref 65 aeries B_ _July 1940 MS
Gen&ref5sserll
1955 JD
Del United let cons g 4398._1932 J
Dodge Bros deb 6s
19411 MN
Dold (Jacob) Pack 1st 6a: 1942 MN
Dominion Iron & Steel 513_1939 M
J
Donner Steel at ref 7,
1942
.0
Duquesne I.t let & coil 6s...1949
let coil trust 53913 series B_1949
J
9812 Sale
9812 Sale
7912 7978
102 Sale
10234 Sale
10212 Sale
1081z Sale
10212 Sale
9434 Sale
9488 Sale
8912 Sale
48
53
96 Sale
1054 Sale
10514 Sale
East Cuba Sug I5-yr at g 790'37 M
Ed El III Bku 1st con 5 4s_..1939 J
Ed Elec III let cons g Es_ _1995
J
Elea Pow Corp (Germany)634e'.0 MS
Elk Horn Coal 1st & ref 63913.1931 JO
Deb 7% notes (with warr'te'31 JO
Empire Gas & Fuel 7 34e... _1937 MN
let & ref 639s(with warets)'41 AG
Equip Gas Light 1st con 58_1932 MS
Federal Light & Tr let 6e_ 1942 MS
1st lien 5 f 5s stamped___ 1942 MS
let lien 6s atamped
1942 MS
30-year deb es ser B
1954 JO
Federated Metals a f 7e
1939 JD
Flat deb is (with warr)
1946
Flak Rubber 1st s f Ss
1941 M
Ft Smith Lt & Tr let g As_ _1936 M B
Framerie Ind & Dev 20-yr 730'42 /
Francisco Sugar 1st ef 730_1942 M N
French Nat Mall 58 Lines 75 1949.3 D
10734 Sale 10735 108
9412 ____ 95
95
1074 ____ 10678 1067a
99 Sale 9812
99
9914 Sale 9812
99,4
95
964 95
9514
10714 Sale 106
108
106 Sale 10212 106
9934 101 10012 Jan 27
95's 9512 96
96
9514 Sale 9514
961s
10314 Sale 10314
10314
974 98
9758
9758
90
91
9014 Jan'27
9778 Sale 9714
984
11512 Sale 1134
11512
8712 90
8712
884
1.33 Sale 102
10314
10758 Sale 10714
10758
9912 Sale 97
9912
Hati & El of Berg Co cones 5131949 JD
Gen Asphalt cony es
1939 AO
Gen Electric deb g 33913
1942 FA
Gen Elec(Germany) 7s Jan 15.'45 J J
8 f deb 64a with war
1940 JO
Without warets attach'd '40 JO
Gen' Petrol islet 58
1940 FA
Gen Retr 1st f g es ser A
1952 FA
Good Hope Steel &I see 7a_ _1945 A0
Goodrich (B F) Co let 6396.1947 /
Goodyear Tire & Rub let 89_1941 MN
10-year a f deb g es Nis, 1931 F A
Gotham Silk Hosiery deb 68_1936 J D
Gould Coupler lat
08.-- -1940 F A
Granby Cons M S & P con es A'28 MN
Stamped
1923 M N
tem M N
Cony deb 713
Gt Cons El Power(Japan)7c1944
A
Great Falls Power lets f 58...1940 MN
Hackensack Water let 433
1952 J
Hartford St Ry 181 45
1930 MS
Havana Elec ronsol g 58_
1952 FA
Deb 539s series of 1951_ 1951 M
Hershey Choc 151k ooll 1301940 J .1
Hoe(R)dr Co 1st6 90 ,
- er A .1934 AO
Holland-Amer Line Se (far)_1947 MN
Hudson Co Gas 1st g 5e_ _ _1940 MN
Humble Oil& Refining 590_1932 J
991s 9912 10134
1064 108 10658
9113
10118 Sale 10434
11712 Sale 117
10514 Sale 10012
10114 Sale 101
103 105 10312
103 Sale 102
10634 Sale 10612
12115 12112 121
11014 Sale 11014
9912 Sale 9912
85 Sale 84
100 102 100
100 101 P3034
12712 Sale 12712
9914 Sale 9812
10334
_ _ 1034
87
8712 874
934 - - -. 90
96
9634 96
90 Sale 90
102 Sale 10178
100 Sale 100
9638 Sale 9515
1024 10312 103
10212 Sale 13218
Illinois Bell Telephone 14_1956 3D
Illinois Steel deb 430
1940 150
Raeder Stee'Corp a f:,
1946 AO
Ind Nat Gas & 011 58
1936 MN
Indiana Steel let 5s
1952 MN
Ingersoll-Rand 1st 5e Dee 311935 J
Inland Steel deb 530
1945 MN
Inspiration Con Copper 6 Sic 931
B
Interboro Metrop colt 4 3.4e__ 1 1 56 AO
Guaranty Tr Co ctfe deP-----CU dep stpd send RI 7, sub__
Interboro Rap Tran let 14...186
Stamped
.3 .1
10-year 613
1932 AO
10-year cony 7% notes__ _1932 MS
lot Aerie Corp let 20-yr 58_ _1932 MN
Stamped extended to 1942_ _ _ MN
Inter Mercan Marine s Os...1941 AO
International Paper 5s
1947.3
Ref s f 6s ser A
955M S
tot Telen A Teleg cony 5 tis 545 M S
Italian Public Utility ext 78_1952
10318 Sale 10318
10312
96
974 974
9814
1014 Sale 101
10234
98
Jan'27
9812 98
10312 104 1034 1043s
10014 9934 Dec 25
1024 Sale 102
10234
10114 10112 1013s
10112
20
11
Apr'25
13 Mar 26
104 May 26
7818 Sale 7734
7938
Sale
7734
78
7914
81 Sale 8012
82
98 Sale 974
9812
90 Sale 90
90
Jan'27
811s 83
83
9838 Sale 98
984
09 Sale 9712
9912
10214 Sale 10114
10258
11018
10914 Sale 10918
944 Sale 931z
9414
Jargons Works6s Mat a/1541_1947 J J
Kansas City Pow dr Lt 5a_1952 M
ganglia Gas & Electric 65_ _1952 M
gayser (Julius) & Co let at 79'421F A
geltb (13 F) Corp let 6e.___1946'M S
gene-SI/ring(Tire 8% notes_1931,M N
geyiton Telep Co 1st 5c...1935'J J
gings County El & P g fs1937 A 0
purchase money es
1997 A 0
105 Sale 105'
1074 18
25
1034 Sale 10314 104
41
105 Sale 10412 105
107 10712 10714
5
10714
99
14
981z 99
9834
10212 Sale 10112 105
132
2
9314 Sale 9314
9314
10312 105 1031z Jan'27
1244 125 1244 12412
9414 954 9512
984
9812
764
102
1024
10238
10778
10212
943
9414
8914
4912
96
10512
10514
654 25
Aug 25
9834 31
9812
8
81
106
10234
7
10234
9
1024 10
10812
10278 67
9514 17
95,4 67
8912 229
50
5
96
1
10614 24
10514 41
Dec 26
107
9112
1054
119
10138
1014
10312
10314
10634
12138
11012
10015
85
Oct'26
Dec 26
13114
994
10334
Jan 27
Oct 26
96
9014
102
10014
96
Jan 27
10212
85
2
1
76
7
3
306
313
3
7
6
2
_
285
6
3
100
10
769
____
14
3
65
158
31
161
1
47
88
20
75
183
25
_
84
84
10
_
.1
67
26
39
65
__ _ _
44
16
42
33
_
36
14
26
182
350
33
110
1
548
72
48
379
670
Wiz
9312 95
97
81
9512
904
10438
10434
9714
82
97
92
10514
1054
4 -661i
9812 100
100 101
81
8318
1054 10614
75
76_
10 34 102
102 102
9912 100
101 12 103
9334 9634
9958 101
95
9912
9814 102
10712 108
9912 10034
10012 10214
9412 95
9314 97
-91
9814
7612
10134
10238
1023s
10712
101 2.
944
9414
88
48
96
105
10478
-0-8-1.
4
9812
81
10234
10358
10438
108
10314
9512
96
8958
51
964
10612
10514
BONDS
N.Y.STOCK EXCHANGE
Week Ended Jan. 28.
Kings County Elec let g 413__1949 PA
Stamped guar 45
1949 PA
Kings County Lighting 5e
1954 J J
First & ref 6395
1954 J J
Kinney(GR)& Co 799% notes'36 JO
Kresge Found'n coll tr 6s
1936 JD
Lackawanna Steel let 5a A__1950 M
Lac Gas Lot St Lref&ext 5s_1934 150
Coll & ref 539s series C_1953 FA
Lehigh C & Nay f 499e A..1954 J J
Lehigh Valley Coal lst g 5a1933 J J
1st 40-yr gu lot red 1o4%.1933 .1 -1
1st dr ref s f 58
1934 FA
1st At ref a f 55
1944 FA
let & ref 55
1959 FA
1st & ref 5s
1969 FA
1st & ref s f 5s
1974 FA
Lox Ave & P F let gu g 58 1993 M
Liggett & Myers Tobacco 75_1944 A0
AO
u Registered
1951 FA
PA
Registered
Liquid Carbonic Corp 65_1941 FA
Loew's Inc deb 6s with warr_1941 40
Lorillard (P) Co 7s
1944 AO
AO
Registered
5s
1951 FA
FA
Registered
Louisville Gas de Elec (Ky) 58 52 MN
Louisville Ry lst cone 5s__1930 J J
Lower Austrian Hydro Elec Pow1st ef 690
1944 FA
Price
Friday.
Jan. 28..
Veek's
Range or
Last Sale
High No. Low
Bid
Ask Low
High
1
8314 84
83
83
83
86
2
8412 83
8312
83
83
86
10112 10112 26 10112 10178
10114
1 1124 11314
11212 Sale 11212 1124
16 1007s 10414
102 Sale 10078 102
6 102 10312
103 Sale 10278 10314
8
1004 Sale 100 8 101
9912 101
14 10034 10138
10034 Sale 10024 101
1044 105 10428 10478 56 10412 105
9834 9912 9914 Nov'26
10158 102 10112 Jan'27
115 rg 161;
7
Jan'27
97
97
964 ____ 97
Jan'27
101
101
101 101
9978 1-0012 10014 Jan'27
9978 10014
9934 10014 10012 10012
9934 100,2
10018 10012 9958 Jan'27
9958 9958
10012 10012
100 2 10012
10012 _
4012 Feb'26
12218
9 120 1225,
120 Sale 120
11714 -- 12012 May'28
_1024 Sale 10234 10378 17 10234 1034
9918 Sept'26
994
10712 sale 107
10818 227 i5i104 Sale 10234 10414 349 101 10413
13 11734 120
120
120 Sale 120
11812 June'26
io5ix Sale 9812 10012 14
10;
1
9734 97/
1
4
994 _ _ 9734
9734
994 10012
100 Sale 100
1003,3 31
1
94
95
96
9515
9512 9515
29
8978 9512
10512 21
73
71
1
624
4
96
9714 62
Jan'27
10034 21
1
10588
Jan'27
10518 80
9812 91
9812 11
4
994
9918 38
1
9934
4
1024
Jan'27
10034 37
8912 104
Dec'26
46
98
974 38
Dec'26
Jan'27
10412 10512
674 7134
6234
60
9334 96
9612 9714
10512 10814
100 10034
10535 10552
76
80
10434 1051a
974 99
981s 99
9934 1004
98 100
9958 100
10134 10252
9858 994
994 10034
864 8912
6112 Sale 61
621s 85
10012 1004 10012 10012
5
10138 Sale 10114
10112 52
101 10212 102
Jan'27
9934 100
9914 Oct'26
104 10418 104
10418 12
1024 Sept'26
9a-le 10278 10278
1
10315 Sale 103
10334 51
964 Sale 9618
9612 103
96 Sale 9534
9614 82
96 Sale 9534
9618 67
10112 10134 101/2 10112
2
83
854 8434
8534 10
11512 11534 11558 11574 38
1034 Sale 103
10334 51
10612 -- 1065g
5
10653
9214 Sale 9214
4
93
101 July'26
ioii.
8
10112 Jan'27
101 1-Cd 10112 Jan'27
674 Dec'26
60
Oct'26
8 Dec'26
8 Dec'26
16
2834 Sale 28
3014 26
1
84 Sale 84
85
10212 Sale 10212 1021s 402
40
574 Sale 5514
59
804 Sale 7212
82
25
106 Sale 106
10614 36
9814 Sale 9834
99
11012 Sale 11012 11034 16
10834 Sale 10812 109
33
101 10114 10114 Jan'27
105 Sale 105
9
105
100 Sale 10012 10078 24
93
9212 93
931
10
10632 Sale 10534 1061
59
57
10514 Sale 10518 106
9534 9614 96
53
961
10012 Sale 10038 10078 50
9914 Sept'26
ioi 106 10518 1051
4
9713 9812 9815 Jan'27
6212
61
10 4 102
100 102
102 102
1154 11515 11518 11514 11
11412 115 115
115
37
10618 Sale 106
10618 22
01
9334 91
91
35
10112 Sale 10112 102
6
101 Sale 101
101
1
95 Sale 95
961 152
10014 Sale 100
1001
48
10014 10038 10018
1004 10
10214 10212 10214
1021
30
10272 Sale 10212 1027
57
1054 Sale 105
105
222
1054 10538 105,4 1051
3
10038 Sale 100
1001
44
9172 Sale 917g
921
19
10238 10314 92 Jan'27
10038 Sale 100
1007
65
11312
1007g Jan'27
10212 Sale 10214
1021
io
8
1034 Sale 10358 1037
1011
59
10034 10138 101
14
10012 Sale 10012 102
21
10614 Sale 1057s
1061
10038 102 1035s Jan'27
10218 105 10314 Jan'27
9913 Sept'26
23
921
9112 9214 9214
2
105
105 10538 105
3
1043g 10434 10435 1043
12
10012 Sale 10012 102
10034 102 1004 Jan'27
2
941
9412 9512 9412
5
9338 9412 93
935a
12
10012 Sale 10013 101
4
10658 10712 1064 1064
11414 1153s
114 115
10518 10612
91
9134
1014 102
10034 101
9334 9612
100 10012
9934 10114
102 1024
10134 103
1044 10512
10434 1054
98 10012
9034 93,2
954 Sale
9414
Manati Sugar 1st s f 730_1942 AO 105 Sale 105
Manhat Ry(NY)cons g 48.1990 AO 7014 Sale 6912
2d 48
2013 3D 6212 6312 6234
Manila Elec Ry & Lt e f 5a._1953 MS 9512 Sale 9512
9714 Sale 9634
Market St Ry 7e ser A Apr111940(3
Metr Ed 1st & ref g ea ser B_1952 FA 0512 96 10818
let & ref as series C
1953 J J 10018 Sale 10018
Metropolitan Power 1st ea A1953 JD 10538 10534 10558
Metr We, Side El(Chic) 45_1938 FA 78
7912 80
1054 Sale 1044
Mid-Coot Petrol let 6398_ _ _1940 M
9812 Sale 98
Midvale Steel &0cony s f 5a 1936 M
ISilw Elec RydrLt ref&ext 43913'31'S 9814 Sale 9814
1951 JO 9978 Sale 9934
General & ref Es A
1961 -ID 9834 Sale 9834
1st & ret 5s B
9934
Milwaukee Gas Light let 433_1927 MN 9918 100
Montana Power let 5s A ___1943 .1 3 10134 10214 1014
9918
Montreal Tram let & ref 5e_ _1941 3'
Gen & ref s f
series A__1955 150 9958 Sale 9958
Morris & Co 1st 5 f 439e_ _ __1939 3' 8938 Sale 8918
81
Mortgage-Bond Co 45 ser 2_1966 AO 81
1932 ii 97 -977.5 97
10-25-year 5s series 3
Murray Body let 630
1934 JO 9714 Sale 9714
Mutual Fuel Gas 1st gu g 58_1947 MN 10112 102 10112
Mat Un Tel god b ext 4% 1941 MN 10134 ---- 10134
106 108
95
954
10 74 10712
07
99
9812 9 14
95
96
10512 103
98 106
9934 10034
9512 9638
9514 9614
103 10312
97
98
89
91
9212 98 2
J
1951
Nassau Elec guar gold 4e
National Acme 1st s f 7 t9s_1931 J
Nat Dairy Prod 6% note8
1940 MN
Nat Enam & Stampg let 58_1929 JD
Nat Starch 20-year deb 58..1930
1952 MN
National Tube 1st 5 f 5s
MN
Registered
Newark Consol Gas cons 5s.1948 3D
New England Tel & Tel 58 A 1952 .1 D
1961 M N
1st g 4Ss aeries 13
New On Pub Serv 1st 513 A_1952 A 0
First & ref 55 series B.__1955.3 D
N Y Air Brake let cony ea__1928 M N
N Y Dock 50-year let g 48_1951 F A
115
11614 NY Edison 1st dr ref OM A_1941 A 0
8712 89
1944A 0
First lien & ref Es B
9812 10314 N Y Gas El Lt & Pow g 5s__1948 J D
10634 10758
Purchase money gold 4a_ _1049 F A
9434 9312 NYLE&WC&RR 5395_1942 MN
.3
N Y LE& W Dock & Imp 581943
N Y & Q El L & P Ist g 58_1930 F A
10614 2083
, N Y Rye 1st R E & ref 4a_1942 J
91
91
Certificates of deposit
103 105
Si) year ad) Inc Es_ __Jan 1942 A 0
11313 111
Certificates of deposit_ _
9914 1013s N Y Rye Corp Inc ea___Jan-19651Apr
101 102
1965 J J
Prior lien 6s series A
10 4 10315 NY & Richm Gas 1st 6s
1951 M N
9912 1004 NY State Rya let cone 430.1962 MN
10578 10634
let cons 630 eeriest:3
1962 MN
121 122
NY Steam let 25-yr 68 ser A.1947 M N
11018 11034 N Y Telep 1st & gen a 14 sis.1939 MN
992 10018
30-year deben 5f 138...._Feb 1949 F A
84
85
20-year refunding gold 68_1941 A 0
Niagara Falls Power let Es_ _1932
J
Ile( & gen 6s
Jan 1932 A 0
127.2 13938 'Rag Lock & 0 pr ist 5s A _ _1955 A 0
98
9912 No Amer Cement deb 630 A.19413 M
10312 10334 North American Edison 613..1952 M 8
8612 8715
Secured s f 1339s ser B__1948 NI
Nor
Trac & Light 6s..._1947 M 8
-5T2 16- NoraOhio
States Pow 25-yr 53 A_1941 A 0
90
9038
Registered
A 0
10134 10212
let & ref 25-yr es series B_1941 A 0
98 10012 North W T let fd g 499s gtd_1934
J
9112 904
10234 103
Ohio Public Service 7398 A__1948 A 0
1024 1024
let & ref Ts seriesBF
J A
i
Ohio River Edison 1st 65_21994487
10234 10378 Old Ben Coal let 135
9714 9814 Ontario Power N F let 58_1
194
943
4F A
10038 102 4 Ontario Transmission 5a____1945 M N
98
98
Otis Steel 1st 116,ser A._
M S
1034 10412 Pacific Gas* El gen & ref 513_1942 J J
Pac Pow & Lt Ist&ref 20-yr 58'30 F A
ioiT8 10234 Pacific Tel & Tel let 58
1937 J J
10114 10158
Ref mtge 5s aeries A
1952 M N
Pan-Amer PAT cony 0165_1934 M N
let lien cony 10-yr 7s
1930 F A
Paramount-Bway let 530 1951 J
793g Park-Lox at leasehold 639e__1953
77
7612 79 . Pat& Passaic(3 & El 0008 68.1949 M 13
8012 8212 Penn-Dixie Cement Eis A..1941 at S
97
99
Peon Gas & C 1st eons g 63_ _1943 A al
50
90
Refunding gold 5s
1947 M
82
83
Philadelphia Co coil tr Sc A.1944 F A
9538 9838
15-year cony deb 5S48-•--I938 M
97i8 9 112 Phi% & Re-ading C & I ref 58_1973
J
9933 10 38 Pierce-Arrow Mot Car deb 881943 M 13
10912 1103, Pierce Oil deb s f 8s_Dec 15 193i J D
0058 9412 Pillsbury Fl Mills 20-yr 68..1943 A 0
Pleasant Val Coal 1st g a f 533_1928 J J
105 10912 Pocah Con Collieries lets f 531957 J J
10314 104
Port Arthur Can & Dk es A.1953 F A
10412 10534
1st M es series 13
1953 F A
10 '2 10712 Portland Elec Pow let 68 13_1947 M N
9834 9913 Portland Gen Else let 58_1935 J .1
10112 1054 Portland Ry let At ref 5C
1930 M N
9314 9312 Portland Ry LA P let ref 58.1942 F A
10312 10312
1st lien & ref es series B
1947 M N
12414 125
1st & refund 7340 series A.1944 M N
0
Range
Since
Jan. 1,
954
9684 98
9612 98
1014
1-61-4
1034 10414
1025, fo-2-7;
103 10334
9558 964
9534 9612
9512 9614
10112 10234
8458 854
11514 116
1034 104
106 10652
924 93
10112 10112
101 10112
28
84
102
5334
71
10514
985s
3Q7
8514
10212
5)
82
10674
992
11014 11034
10812 109
101 10112
105 1053s
100 2 1014
93
9514
10414 10612
1051s 10634
9512 96,2
100s 10114
joiis
98
984
2 101
102 foil;
10312 104,11
10012 10112
100 102
1044 10714
1034 10358
1024 10314
ii2 1213
105 10518
10438 10434
10014 102
10032 101
9412 97
6138 9358
10012 1004
10612 10634
THE CHRONICLE
628
NewYork Bond R.ecord-Concluded-Page 6
[VoL. 1.24.
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked
BONDS
N. Y.STOCK EXCHANGE
Week Ended Jan. 28.
*s
Pressed Steel Car cony g 5e__1933 J J
Prod & Refit 85(with warts)'31 J D
Without warrants attached.. J D
Pub Berv Corp of NJ sec 68.1944 FA
Pub Seri
,Elec A Gas let5 is1959 AO
1964 AO
let & ref 5l.8
Pub Serv El Pow e f let 88...1948 AO
Punta Alegre Sugar deb 7s..1937 J J
Rand Kardex 54s(with warr)'31 J J
N
Remington Arme 611
1937
RepubI&S1O-30-yr5sif194O AO
Ref & gen 5558 series A_ 1953 J J
Rhelnelbe Union 7e with war 1946 j
Without etk purch war143.1946• J
Rhine-Main-Danube 75 A_.1950 MS
Rhine-Westphalla Elec Pow 7550 MN
Rims Steel let at 75
__1955 FA
Robbins & Myers 1st ef 7s....1952 J D
Rochester Gas & El 71 ser B_1946 MS
Genmtee5sseriesC1948 MS
Roch & Pitts C &Ipm 5e1946 MN
Rogers-Brown Iron gen&ref 75'42 MN
N
Stamped
Price
Friday.
Jan. 28.
Week's
Range or
Lan Sale
sz
Range
Since
Jan. 1.
High
High No. Levi
Low
9512
14
96
9514 9614
11034 Jan'27
11034 11112
11112 Jan'27
62 10334 10514
105
104
2 105,8 106
10512
10518
10514 35 105 105,2
10514
6 10634 107,2
10714
10718
60 110 11112
111
110
5 13018 163
155
155
30
9512 96
96
96 Sale 9512
11 10012 10138
19034 Sale 10012 101
41
9838 100
9934 Sale 9934 100
104 11812 126
126
12412 Sale 12418
9978 10314
10234 Sale 10234 10314 124
10412 29 102 10412
10312 104 103
10434 16 10134 105
10412 Sale 104
14
9334 98
98
96
9734 9712
63
63
Jan'27
6212 63
60
11 11114 112
112
112 Sale 112
106 10614
10534 10614 10614 Jan 27
9012 9212 9012 Sept'26
- -_
50 Dec'26
1
50
50
50
50
50
Ask
Bid
9512 Sale
9512 9614
112
105 Sale
10518 Sale
10514 Sale
10718 Sale
11012 Sale
B$JosRyLt&Pr1st5&l937 MN
St Joseph Stk Yds lst 4Sis__1930 J J
St L Rock Mt& P55 etmpd_1955• j
St Paul City Cable cons 5s..1937 J J
San Antonio Pub Eery 114135_1952 J J
Saxon Pub Wks(Germany) 75'45 FA
1946 J J
Schuleo Co guar 6lie
1948 AO
Ouarsf64sissueB
Sharon Steel Hoop let 88 ser A '41 MS
Sheffield Farms 1st A ref6s'42 AO
Sierra & San Fran Power 55_1949 FA
Silesian-Am Exp col tr 7s_ _ _1941 FA
Simms Petrol 6% notes__ _1929 MN
Sinclair Cone 011 15-year 78_1937 MS
lert l'n col tr 68 C with war _1927 J D
1938 J
let lien 6)45 series B
Sinclair Crude 011 3-yr 65 A_1928 FA
Sinclair Pipe Line if 5e
1942 AO
Smith (A 0)Corp 1st 634e 1933
N
1
9614
9614
95% 97
9734 Jan'27
9734
_
JanI27
76
7814 -783
- -4
_
95% 9534 9512 Jan 27
7
10712
107 Sale 107
10312 129
10314 Sale 10234
10012 11
100 101% 100
10012 25
100 10014 100
1
108,4
10814 10812 10814
2
107%
10778 Sale 10778
96% 18
9614 Sale 9614
130
100% Sale 10012 101
45
104
103% Sale 103
293
101% Sale 10012 102
101% 106
101 Sale 101
102% 672
99% Sale 97%
54
101 Sale 10034 101
9514 356
9412 Sale 9414
4
10134 102 10134 10214
95%
9734
75%
9514
10512
10114
100
99%
10712
10718
95
9834
1002
9734
10014
9214
10038
9214
1004
9638
9734
76
9512
10758
104
10112
10114
10812
108
96%
10112
104 18
102
1017a
10238
101
9514
10234
South Porto Rico Sugar 75_1941 J D
South Bell Tel & Tel 1st Sf 561941 J J
Southern Colo Power (ie A_ _1947• J
S'weet Bell Tel let & ref 58 1954 FA
1943
N
Spring Val Water lst g 5e
Standard Milling let 55
1930 MN
let & ref 5 qe
1945•S
Stand Oil of NJ deb 5s.Dec 1546 FA
Stevens Hotel let fis ser A _ _ _1945 J J
Sugar Estates (Oriente) 78_1942 M S
Superior 011 1st 8 175
1929 FA
Syracuse Lighting 1st g 581951 ID
Tenn Coal Iron & RR gen 5e_1951 J J
Tenn Copp & Chem deb 6s194 I AO
Tennessee Elec Powlet 65 1947 J D
Third Ave let ref 4s
1980 J J
Adj in° 58 tax-ex N Y Jan 1960 AO
Third Ave Ry let g 5s
1937 J J
Tolle Elec Pow 1st 75
1955 MS
6% gold notes _ _July 15 1929 J J
Tokyo Elec Light 6% notes_1928 FA
Toledo Edison let 75
1941 MS
Toledo Tr L & P 55,i% notes 1930 J
Trenton 0 & El lst g 541__ _1949 MS
Trumbull Steel let if 6e_1940
N
Twenty-third St Ry ref 5s
1962 J J
Tyrol Hydro-Elec Pow 7)48-1955 MN
107% Sale 10714
10234 Sale 10234
10118 Sale 10118
10314 Sale 10314
100 10038 10038
100
100
10234 Sale 10234
10238 Sale 102
9934
10234 103
9912 Sale 99,4
10114
101
1027---- 10234
104 10514 10414
100 Sale 100
10538 Sale 1053s
65% Sale 654
6214 Sale 6214
9812 9718
98
9914 Sale 98%
9814 Sale 98
9834 Sale 9834
108 Sale 108
9912 Sale 9914
99% 9912 10218
9834 Sale 98%
5918. 70 67
100% Sale 1004
38
108
6
10278
10112 15
10312 40
_
Nov 26
10014
10314 10
10234 314
9
10014
10014 50
10114 10
Jan'27
7
10414
10034 25
10534 45
65% 38
103
63
9813 21
9912 147
9834 54
98% 81
10813 55
9934 26
Dec'26
37
99
Jan 27
10078 41
10714
10234
1004
10314
109
10312
102
103%
Elligawa El Pow 8178
1945 M
Underged of London 4iis 1933• J
Income (Se
1948
Union Elec Lt & Pr(Mo)58_1932 MS
Ref & ext 58
1933 MN
On E LAP(111)lets 5Sie eer A1954 J J
Union Elev Ry (Chic)5a_ _1945 AO
Union Oil let lien s 58
1931 J J
30-yr 6s series A
May 1942 P A
let lien 5 1 531 series C Fsb _1935 AO
United Drug 20-yr Os_Oct 15 1944 AO
United Fuel Gas let 51 8s.__1938 J J
United Rye St L let g 4e1934 J J
1937 MN
United SS Co 15-yr (is
United Stores Realty 20-yr 6e '42 AO
US Rubber let & ref 55 tier A 1947 J J
J J
Registered
10-yr 71')% secured notes_1930 FA
N
S Steel Corp(coupon Apr 1983
of 10-60-yr fairegist__ A pr 1983 MN
Utah Lt A Trac 1st & ref 65_1944 AO
1944 FA
Utah Power & Lt let 58
1950 .1 .1
Utica Elec L & P lst 58
Utica Gas A Elec ref & ext 58 1957 J J
Vertlentes Sugar let ref 78._1942 J D
1953 J J
Victor Fuel 1st s 1 55
Va-Caro Chem let 7s
1947 J D
BUM as to payt 40% of Prin
1st 78
1947
_
Ctf of deposit mad
Ctf of deposit stPd ------Va Iron Coal & Coke let g 55 1949 MS
Va Ry Pow let & ref 58
1934 J J
Walworth deb 6 iie(with war)'35 AO
let sink fund 68 series A._ _1945 AO
Warner Sugar Satin 1st 75....1941 JO
1939• J
Warner Sugar Corp let 78
Wash Water Power s I 58... _1939• j
Weetches Ltg g58 strops gtd 1950 J O
N
1944
West Ky Coal let 7e
West Pena Power ser A be__ _1948 MS
1983 M
let bowies E
1953 AO
let 5Sin series F
1956 J D
let sec 58 series0
1950 J J
West Va C & C lst 65
9914 86
9914 Sale 99
Apr'26 96
9758 ---- 95 Aug'26 - 10112 Sale 10112 10134 16
3
12112 10134 10113 10112
102 10218 10214 Jan'27
6
8312
8314 8312 83
Jan'27
10112 102 102
7
10878
10834 109 10878
6
9934
9914 9913 9912
7
10714
10714 10712 107
10314 Sale 10234 10314 31
Jan'27
7612 7734 77
12
93
93 Sale 92%
6
10434 105 10434 10434
9512 250
9614 Sale 96
9278 Sept'26
106% 34
loilz Sale 10612
10712 76
10714 Sale 10714
2
106%
106%
34
95
94% Sale 94%
26
994
9834 Sale 98%
10238 Oct 26
103
6
102%
102% Sale 10214
9914 Sale 9914
9912 45
55
6714 584 Jan 27
107
_ _ 10714 Jan'27
1944 AO
Western Electric deb 58
Western Union coil tr cur 58_1938 J J
1950 MN
Fund & real eat g 4)45
1935 FA
S.5 g
15-year 6(
Wee'house E & M 20-yr g 50_1946 MS
J O
1
4
5.1950
Pow
6
El
Westphalia Un
Wheeling Steel Corp 1st 5;is 1948 ii
'
3
war)
'36
Mach
6e(with
Sew
White
Wickwire Spen SO let 7s_ _ _1935 .1 .1
Wickwire Sp St'l Co 75 Jan 1935 MN
_ _1932 MS
Willye-Overland s f 6
AO
Wilson & Co let 25-yr f 13s_ _1941
AO
Registered
1941 AO
Winchester Arms 7348
Yosarn Sheet & T SOwyr 68_1943• J
10214
10234 68
7
10314
10414
9934
9934 17
32
11112
112
102
10212 164
9838
9878 90
98
9812 50
9814
9834 40
53
Jan 27
3912
40% 23
102
10214 11
10114 10214 48
_
93 Feb'25
9
105 Sale 105
10518
10414 Sale 10414
1041 112
102
_ _ _ 10812 Dec 26
107
_ _ 10812 Sept'26
107
___ 1081z Sept 26
9412 _ *9458 Jan'27
99% Sale 9914
99% 55
2
93
9312 93
9378
9
95
95
954 9312
103 Sale 10218
10434 405
284
91 Sale 01
9334
9118 9134 10234 Jan 27
10313 Sale 10312
10312
12
1017
8- 10113 102
8
101 1-6114
- 101
10138
8
101 10114 100%
10118
1
105
10514
10514
22
10014 Eii;le 10014
101
79 Sale 79
7912 13
10212 Sale
10334 Sale
9934 100
111% Sale
10214 Sale
98% Sale
9812 Sale
9812 Sale
50
52
40 Sale
10214 Sale
10114 Sale
ioo- 1-6155;
10234
10134
99
9914
100
10234
104
100
10518
63
6214
97
97%
98
984
108
0834
10334
102%
10014
100 4
1014
10234
105%
10114
10534
66
6513
9812
992
98%
904
10834
9934
-97's -0-918
67
67
98% 100%
9834 100
10114 102
10114
10134
83
10112
10834
99
107
10212
7612
90
104%
9434
101%
10212
8412
102
10878
99%
10712
10338
77
9312
105
9812
106" 1-6A3
10718
10673
93%
98
10734
106%
95
9914
102'4
99,4
5614
10714
i028
100
5614
10714
10714 10734
5:158 1458
9834
92
9314
9178
7818
10234
10238
10112
10018
10013
10514
10018
79
99%
93%
9513
10134
9334
10234
10312
102
10112
10118
10514
10113
80
10134
10138
9813
11138
10114
9634
9634
9734
51
3912
10134
10114
103
10414
9934
112
10234
98 8
9813
9834
55
4412
10214
10234
10413 1051*
10334 10412
Standard Oil Stocks Pat Bid. A St.
Anglo-Amer Oil vot stock_ £1 *2038 2034
El *1978 20
Non-voting stock
100 107 10734
Atlantic Refining
16
15
5%
12 16
16
100 *
Preferred
8
Borne Scrymser Co new___
46
Buckeye Pipe Line Co____50 *45
Chesebrough Mfg
25 *78
80
2
1034 207
10 :5
17 8
Continental 011 v t c
50
Crescent Pipe Line Co
CumberlandPlpeLine__100 122 130
Eureka Pipe Line Co____100 48
49
Galena Signal 011 com_ _ _ 100 1114 12
5 4
100 1812
5,i2
4
Preferred old
Preferred new
100
Humble 011& Refining_ _25 *58
5813
100 12713 12812
Illinois Pipe Line
*394 3912
Imperial Oil
64
Indiana Pipe Line Co____50 *63
*3218 3214
International Petroleum_ _
National Transit Co_ _12.50 *1338 1334
New York Transit Co__ _100 3112 32
Northern Pipe Line Co_ _100 *7212
7
13
81.
17
25 *60
Ohio Oil
601z
25
Penn Me: Fuel Co
53
214
z 13
Prairie 011 & Gas new __..25 73
54
258
Prairie Pipe Line new_ 100
100 197 199
Solar Refining
:3
28
5
3
26
Southern Pipe Line Co
834
25
South Penn Oil
Southwest Pa Pipe Lines.100 5512 5612
Standard Oil (Californta)__ _ *5812 5834
Standard 011 (Indiana)__ _25 *704 7014
Standard Oil (Kansas)_ _25 *1914 1934
Standard Oil (Kentucky)_25 11812 120
25 *4818 4812
Standard Oil (Neb)
Standard 01101 New Jer._25
11
37678 1316814
Preferred
100 *
*3712 37%
Part paid receipts
Standard Oil of New York.25 *3258 3234
100 337 340
Standard 011(Ohio)
100 211614 118
Preferred
1512
100 15
Swan & Finch
714
Union Tank Car Co_ _ __.100 434, 98
25
Vacuum 011 new
10
Washington 011
Other Oil Stocks
Atlantic Lobos Oil
50
Preferred
25
Gulf 011
10
Mountain Producers
100
National Fuel Gas
Salt Creek Consol Oil__ _10
Salt Creek Producers.. _ _ _10
s1
112
*3
4i4
*94
943
*2512 2534
192 195
*734 738
*3012 3058
Pet et Oasis
Railroad Equipments
5.05 4.90
Atlantic Coast Line 65
4.90 4.70
Equipment6145
5.05 4.95
Baltimore & Ohio 68
Equipment 434s& 5t._._ 4.85 462
Buff Roch & Pitts equip 68. 5.20 5.00
Canadian Pacific 4348 & 65_ 4.95 4.65
5.05 4.90
Central RR of NJ 65
5.05 4.93
Chesapeake & Ohio 68
4.90 4.75
Equipment6345
4.80 4.65
Equipment5s
5.05 4.90
Chicago Burl & Quincy 6s
5.10 4.95
Chicago& North West 6s
4.95 4.75
Equipment634s
4.85 4.70
Chic R I & Par 4345 & 58
5.10 4.95
Equipment65
5.20 5.00
Colorado & Southern 6s
5.05 4.90
65
Delaware
u
E
Dr
eileawArs & Hudson
5.00 4.75
5.25 5.05
Equipment65
5.10 4.95
Great Northern 65
4.85 4.70
Equipment 58
4.85 4.70
Hocking Valley 55
5.10 4.95
Equipment6s
4.75 4.60
Illinois Central 4345 & 5s_
5.05 4.90
Equipment 6s
4.85 4.70
Equipment 7s& 634s
5.20 5.00
Kanawha & Michigan 6s
Kansas City Southern 5345.. 5.10 4.85
5.05 4.90
Louisville & Nashville 6s__
4.90 4.75
Equipment6345
Michigan Central 55 & Ss__ _ 4.95 4.75
Minn St P AS S M 4345.4 5s 5.10 4.85
5.25 4.90
Equipment 634s &
Missouri Pacific Os & 6Xs- 5.20 4.90
4.90 4.70
Mobile & Ohio 55
New York Central 4348 & 511 4.80 4.60
5.05 4.90
Equipment 6s
4.80 4.70
Equipment is
4.70 4.55
Norfolk & Western 4345_
5.00 4.75
Northern Pacific 7s
Pacific Fruit Express 75_ _ - 4.90 4.75
Pennsylvania RR eq 5s & Oh 5.10 4.65
5.05 4.80
Plush & Lake Erie 634t._..
5.10 4.95
Equipment65
4.70 4.55
Reading Co 434s & 58
St Louis ic San Francisco 55_ 4.85 4.70
Seaboard Air Line 5345 di 65 5.25 4.95
Southern Pacific Co 430_ _ 4.70 4.60
4.93 4.70
E
:
uli p
p me
en
nt6
75
.
4.85 4.70
Southern Ry 430 & 55
5.10 4.95
5.12 4.95
Toledo & Ohio Central 65__
4.81) 4.70
Union Pacific 75
Short Term Securities
Anaconda Cop Min 65'29.1&J 10178 1024
Chic R I & Pat 55 1929_J&J 1004 10012
10014 10012
5% notes 1929
M
J.:11 9934 100
412% notes 1928
82
86
Federal Sag Ref Os'33.M&N
Missouri Pacific 55'27_ _J&J 1004 10038
Sloss-Sheff S & I 65'29_ FAA 102 10212
993 10018
15927.
WI rd C
us
e
.
n 5/1'
IsAprcGI
84
25 *82
American Hardware
100 11612 11812
Babcock & Wilcox
*20
22
Bliss(E W)Co new
50 *57
Preferred
Borden Company corn. _ _ *104 105
21
100 18
Celluloid Company
70
7"
Preferred
Childs Company pref._ _100 11613 11812
100 175 180
Hercules Powder
100 11612 11812
Preferred
International Sliver pref _100 105 107
*97
99
Sales_50
Lehigh Valley Coal
100 127 130
Phelps Dodge Corp
Royal Baking Pow com_100 160 168
100 100 102
Preferred
Singer Manufacturing_ _.1O0 375 379
*5
8
.£1
Ltd
Singer Mfg
Per CL, Basis
Public Utilities
American Gas & Electric„t *6812 8912
9712
*97
6% preferred new
MAN 101% 10214
Deb 88 2014
re
rfL
erig
rehdt & Trao com_100 228 230
Am
pe
100 111 11434
Amer Pow it Light pref _100 974 98
M&S 101 10114
Deb 6s 2016
67
Amer Public Util com___100 60
80
1 00
efrr
ere
rd_00
e0 :
arttoprperre
prior
4
7a,
75
Associated Gas & Elec pref_t *5112 53
Blackstone Val G&E com_50 103 106
Com'w'ith Pow Corp new-t *4212 43
100 9172 9213
Preferred
50 5512 5612
Consol Gas 6% pref
Elec Bond & Share pref _100 10712 10734
Elec Bond & Share Secur--t 684 6834
164
Lehigh Power Securities_.-t *16
Mississippi Rly Pow pref.100 94
First mtge 55 1951.._J&J 10114
S F g deb 7e 1935__M&N 102
Naptrle
ofneared
lrPow & Light pref t *101 1E"
North States Pow corn_ _100 110 11013
100 10134 10212
29
32
m
Nor
p Texasxas Elec Co co_100
71
100 68
Ohio Pub Serv, 7% pref-100 10512 106
PacsitficprGeraen&
l
let pref_100 100
2534
25 *25
new
10
t *5
Power Securities corn
*30
33
Second preferred
9312
Coll trust 65 1949___J&D 92
Incomes June 1949_ _F&A *8512 8713
33
Put Sound Pow & Lt__100 31
100 8312
6% preferred
100 106 108
7% preferred
1949__J&D 100% 10113
1st
R-public Ry & Light__ 100 119 123
100 117
P f&
errred
ef 5M8
South Cal Edison 8% Pt .25 *34
10412 lOtIj
S
Tenn
Powerr rt P
pe
-17
1%
) 10234 10334
adElec
e:PEo
Toledo Edison 7% pref 100 106 107
100 11512 11612
8% preferred
W stern Pow Corp pref _100 99 100
Chic it Stk Ld Bk Bonds
5345 Nov 1 1951 opt 1931__ 100 102
1:: 9912 10034
5,
5s m
Noav 11 195
52
10
o
,
pt 1932
y.9934 101
98 101
4345 Nov 1 1952 opt 1932__
4345 Nov 1 1952 opt 1932__ 9812 100
4345 May 1 1963 opt 1933__ 99 101
98 10012
513 Nov 1 1963 opt 1933__
9612 100
434s Nov 1 1964 opt 1934__
4345 Oct 1 1965 opt 1935._ 97 100
Pac Coast of Portland.Oreto 1955 opt 1935___M&N 10012 10314
55 1954 opt 1934_ _ _M&N 10012 1034
Sugar Stocks
Caracas Sugar
50 *112 3
99
Cent Aguirre Sugar corn_ _20 *98
Fajardo Sugar
100 15612 15713
40
Federal Sugar Ref com_ 100
60
Preferred
Godschaux Sugar,Inc
t *212 413
23
Preferred
100 18
37
-t *33
Holly Sugar Corp com-1_00
83
86
Preferred
National Sugar Refining_ 100 135 138
100 70
78
New Niquero Sugar
4
Santa Cecilia Sug Corp pill
*135 140
Savannah Sugar corn
100 118 120
Preferred
76
Sugar Estates Oriente pf.100 74
Tobacco Stocks
00 119 122
American Cigar corn __.100
100
Preferred
*2312 14-14
British-Amer
mer Tobae
*2312 2414
Imperial Tob of G B & Irel'd *2613 2812
Int Cigar Machinery _ _100 112 120
Johnson Tin Foil & Met_100 65
MacAndrews
Preferred1100
& Forbes_ _00 40 11"
101 104
100 32
37
Mengel Co
86
Porto Rican-Amer Tob 100 82
45
_ 00
t *43
Universal Leaf Tob corn 1
102 105
Preferred
100 115 119
Young (.1 El) Co
100 105 108
Preferred
Rubb Stk.(Cleve'd puoiatn)
4
Falls Rubber corn
25
Preferred
15
Firestone Tire & Rub com.10 *122 124
100 103 105
6% preferred
100 9934 10012
7% preferred _ _ _
150
General Tire & Rub com_ _25
100 10212 11012
Preferred
Goody'r It & R of Can pf 100 29512 97
31
India Tire & Rubber new _- t
Mason Tire els Rubber com-t *114 1%
100 16
18
Preferred
Miller Rubber preferred 100 103
25
Mohawk Rubber
100
Preferred
65
Sciberling Tire & Rubber_ _ t *2112 2313
Preferred
100 96 100
Water Bonds.
Arkan Wat let 58'56 A A&O 95
9534
Birm WW ist 534sA'54.A&O 10412 105
1st M 55 1954 ser B__JAD 9814 98%
Butler Wat Co 5f68'27.J&J 100
9612 98
Ea Sept 2 1931____M&S 1
CityW(Chatt)5345'54AJI0D 1044 10434
1st M
1954
J&D 97
9734
City of New Castle Water
55 Dec 2 1941_ __J&D 1 93
95
Clinton WW 1st 58'39_F&A 89
Com'w'th Wat let 530A '47 10212 fa;
Connellsv W 5sOct2'39A&01 92
9315
E St L & Int Wat 58'42.J&J 9338 9411
1st M 6s 1942
J&J 101 102
Huntington 1st 65'54-M&S 104
55
1954 9512 -6615
Mid States WW 65'36 MAN 100
MonmConW let 55.56AJAD 95
/Alon s V Wt 534 + '50 J&J 9913 18012
Muncie WW Ea Oct 239 A01 92
StJoseph Water 551941A&O 9412
So Pitts Wat let 58 1960 J&J 9613 97
lit M 58 1955
F&A 974 98
_
Ter II WW 63 '49 A JAD 102
1st M 5s 1958 ser B F&A 94 -65
Wichita Wat 1st 65'49_M&S 103
95
1st M
1958 ser B_ _F&A 94
Per share. t No par value. S Basis. d Purchaser also pays acerued dividend.
a New stock. f Flat price. k Last sale. a Nominal. s Hi-cUvIdend. vEl-righN.
r Canadian quotation. a Sale price.
•
BOSTON STOCK EXCHANGE-Stock Record...trPeas
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Jan. 22.
Monday,
Jan. 24.
Tuesday,
Jan. 25.
Wednesday,IThursday,
Jan. 26.
Jan. 27.
Friday,
Jan. 28.
Saks
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1.
Lowest
Highest
629
PER SHARE
Range for Previous
Year 1926
Louses!
Highest
Railroads.
524 Boston & Albany
178 178
180 180
17378 17378 17378 17378 175 17612 17712 183
100 171 Jan 7 183 Jan 26 159
Jan 17512 Dec
3,203 Boaton Elevated
8512 8714 8612 8712 8712 9012 8914 9114 8814 91
8334 86
77 May 8512 July
100 83 Jan 4 94 Jan 15
10012 10012'101
_88 Preferred
100 10012 100 100 *100
89 Feb 103 Dec
100 99 Jan 4 10012 Jan 22
112 1-13
115 116
116 1st preferred
113 113
113 113
113 113
100 11012 Jan 4 116 Jar 26 11212 Dec 122
Jan
105 105
104 104
214 2d preferred
105 10514 105 10514
*104 10512 104 104
Jan
9812 Jan 112
100 101 Jan 20 106 Jan 6
531 *5112 53
5234 53
5234 5278 53
302 Boston & Maine
5234 53
35 Mar 5812 July
100 5214 Jan 18 5312 Jan 11
19 Preferred
100 .56 Jan 22 6112 Jan 8
-66" 16- 5612 561
32 Apr 6112 Dec
;i6i2 86 ii51-2 16- *791 86
Series A 1st prof
+7812 ____ *7912 80
Apr 86 Dec
100 7634 Jan 15 80 Jan 8
59
+122
•122
*122 ____ *122
Series B 1st pref
"122
84 Apr 130 Dec
100 125 Jan 8 125 Jan 8
*105
*105
*105
•105
+105
74 Apr 110 Sept
Series C 1st pref
100 105 Jar 10 110 Jan 8
*155
-- *155
*155 165 '155 _ - *155
Jan 165 Dec
Series D let pref
100 155 Jan 15 160 Jan 11 105
10612 10612 '10534 10612 1563* 1013106 1-07
475 Prior preferred
10574 106
106 106
105 Jan 13 107 Jan 25
8
94
Apr 10712 Dec
19712 199
199 200
67 Boston & Providence
"197 199 '196 199 *195 199 *196 199
100 195 Jan 18 200 Jan 28 517512 Mar 20712 Dec
29
30
*29
29
25 East Mass Street fly Co.....100 29 Jan 14 2112 Jan 24
30
*2912 31,2 2912 2912 '29
Jan
28
Oct 61
*69
71
70
70
71
200 let preferred
*70
71
*69
71
-io- 71
Jan
5912 Apr 71
"69
100 68 Jan 4 71 Jan 11
66 *263
66 *.r63
66 *.r63
66
25 Preferred B
64 +.263
Jan
64
56 May 69
100 63 Jan 20 67 Jan 5
47
4712 48
4718 *4612 4712
48
48
425 Adjustment
48
48
40
Apr 4914 Jan
100 47 Jan 7 4814 Jan 4
5412
55
55
60
55
61
64
54
65- -61" 5,768 Maine Central
5334 54
100 4712 Jan 13 65 Jan 24
49 Sept 60 Feb
4538 477g 4478 4734 4533 4714 44% 46
14,489 NY N EI & Hartford
4434 45
47
44
3178 Mar 4838 July
100 4118 Jan 6 4778 Jan 24
*9812
*98% __-13INorthern New Hampahlre_100 9212 Jan 13 9838 Jan 22
98% 98%
81
Apr 9812 Dec
*127
127
"127
*127
127
----25 Norwich & Worcester pref-100 127 Jan 4 128 Jan 12 120 Apr 132 Dec
"127
125 12534 12534 126
125 ii&
125 125
---115 Old Colony
125 125
Jan 125 Sept
100 122 Jan 4 126 Jan 27 111
•no
'110
*no ____*no
"110
Vermont & Maasachusetta_100 107 Jan 6 109 Jan 20
9934 Mar 107 Dec
Miscellaneous.
278
212 238 *214 278 *214
225 Amer Pneumatic Service__-25
. 2 Nov
234 234 *212 278
5
Jan
278 Jan 11
214 Jar 3
1912 1812 19
19
19
19
19
1918 1914 20
18 Dec 2414 June
285 Preferred
50 1512 Jan 12 20 Jan 21
1,892 Amer Telephone & Teleg__100 14912 Jan 3 15534 Jan 8 13912 June 15034 Feb
15212 15318 15238 15314 15034 15234 15134 15214 152 15258
53 *__ 5212 51
5112 50,8 5012
5278 5278 *52
605 Amoskeag Mfg
Jan
No par 48 Jan 17 5314 Jan 20
4812 July 71
*74
*74
75
*74
75
75 '7412 75
Preferred
*7334 75
No par 7338 Jan 10 7334 Jan 4
7212 Nov 78 Feb
5512 *53 5512 *53
5512 *53
5512
*53
Atlas Plywood tr etfe
5512 *53
5212 Apr 6334 Jan
54 Jan 19 5778 Jan 3
8
8
10 Atlas Tack Corp
No par
814 Oct 1714 Jan
818 Jan 21
8 Jan 22
19
;i5" 19
'1814 1914 l87o 19 ;-16- -16- '18
1418 May 2012 Jan
60 Beacon 011 Co nom tr ctfe____
1878 Jan 24 2012 Jan 3
8112 eats 8012 81 If'
X8214 8412 8212 8212 8138 8112 80
305 Bigelow-Hartf Carpet No par 80 Jan 26 8612 Jan 7
74 Nov 9812 Jan
*10714 108 *10714 108 *10714 108 *10714 108 *10714 108
Boston Cons Gas pref 644%100 10718 Jan 4 10712 Jan 11 10512 Jan 10912 June
3
3
3
3
*312 4
212 3
212 Jan 20
1,110 Cold dr Corp.. class AT C
3
3,2
5 Jan 3
*66
69
68
68
67
67
67
69
-677 68
67
*66
190 Dominion Stores. Ltd__No par 67 Jan 26 69% Jan 3
57 May 71 Dec
*112
2
13
8
312 Jan
138
112 112 *112 2
*112 2
112 Dec
134 Jan 20
1 12 Jan 26
400 East Boston Land
10
512 512 *5
412 6
534 *412 6
*412 6
*412 5,2
73i, Oct
100 Eastern Manufacturing
312 Mar
6 Jan 15
5
3,2 Jan 11
4953 50
49
5018 *4912 50
51
4912 52
*49
5112 52
44 Nov 8812 Jan
1,273 Eastern SS Linea. Ins
25 45 Jan 4 52 Jan 27
*3612 37
*3614 37
*3614 3612 3612 3612 3622 37
Jan
3614 3712
34 Nov 45
255 Preferred
No par 36 Jan 21 3712 Jan 28
9112 9112 9112 91
*90
911 *90
91
9012 9112
9014 Oct 9912 Jan
290 let preferred
100 9112 Jan 27 9112 Jan 12
rr
*___ 15 •__ _ _ 15 *_ _ 15
*1412 15 '1412 15
14 Nov 26 Feb
1434 Jan 18 1434 Jan 18
Economy Grocery Stores
220 221
220 221
220 220
21812 22014 21812 221
216- 220
Jan 250 Feb
412 Edison Electric Illum
100 21812 Jan 22 22912 Jan 3 :207
2814 29
2834 283
29
29
293
2834 291
29
293
29
2814 Jan 21 2934 Jan 28
2,305 Federal Water Serv corn
2512 2512 *2512 27 '2512 271 *2512 27
+2512 271
Oct
14 June 27
25 Galveston-Houston Elee__100 2512 Jan 14 2714 Jan 12
*212
1214 *x1212 1312 "21212 131 *51212 131 *51212 131
1134 Jan 11 12 Jan 18
11 Dec 17 Jan
General Pub Serv Corp com__
3534 37
3534 36
*23634 37
36
36
36
494 Gilchrist Co
No par 3538 Jan 24 37 Jan 13
36
36
36
3414 Apr 4038 Jan
9312 93
94
93
92
921
9112 9238 92% 93
No par 9134 Jan 19 9514 Jan 11
93
9312 3,433 °Ilene Safety Rasor
8812 Mar 11312 Feb
*1012 12
*1112 12
*1012 12
•1012 12
*1012 12
25 11 Jan 10 12 Jan 20
10 May 14 Sept
Greenfield Tap & Die
12
12
12
•12
12
*12
13
*12
13
13
12 Jan 17 1218 Jan 21
12
12
125 Hathaway Baking corn
4614 46,4 4614 4612 46
461
4512 4614
46
4578 461
No par 4512 Jan 28 47 Jan 3 15146
4 -nee WY:4 Feb
675 Hood Rubber
Internat Cement Corp.No par
52 May 6814 Feb
---Jan .30 Nov
International Producte_No par
.10
---Jan
100
.30 May .55
Preferred
;56;51 -_-_-_-_ ;56-56
95
*95
50 Kidder,Peab Amen A pref-100 95 Jan 10 95 Jan 10 r93 Apr 96 July
1014 1014 *1018 1012 *10 1012 1014 1014 *934 16
_10 10 Jan 12 1012 Jan 6
612 Aug 1034 Dec
-12
322 Libby, McNeill & Libby
*2614 7
612 612 "x614 612
6 Jan 3 10 Jan 18
612 612
1218 Jan
25
6 July
33 Loew's Theatres
612 612
88
8812 87
8812 88
8838 8812 8812 89
88
80 Apr 9412 Nov
358 Massachusetts Gas Coe..100 87 Jan 24 8912 Jar 5
7312 7312 7312 74
100 70 Jan 3 75 Jan 25
7412 7412 7412 75
7412 75
Jan 7018 Feb
488 Preferred
65
11112 112
11112 11112 *11012 11178 *11012 11178 *11012 11112
163 Mergenthaler Linotype_No par 10812 Jan 3 112 Jan 21 5104 June 1110 May
95
95
*95
_ _ *97
100 95 Jan 22 95 Jan 22
_ _ *95 100
Jan
10 Miss fly Pow stpd pref
*95
____
89 Apr 96
438 Jan 20
238 Jan 4
10
278 318
3,2 3,2
3
3
318 318
312 334
412 Jan
2 Aug
1,288 National Leather
3,8 314
"25
2512 25
5 2414 Jan 28 2614 Jan 4
2412 2412 2414 2412
2412 25
2412 25
25
669 Nelson (Herman) Corp
1512 Jan 2912 July
•.20 .30 ".20 .30 *.20 .30 ".20 .30 *.20 .30
New Eng Oil Ref Co tr ate_ _
.20
Jan .95 Apr
4 Jan 4
312 Jan 11
100
e____
4
1011 Jan
Preferred tr ctfe
3 July
*x9314 9312 9314 9314 94
94
94
94 •x9314
130 New England Pub Serv $7 pref 91 Jan 18 94 Jan 25
9834 99
99
99 "299 100
9714 Jan 26 101 Jan 23
100 100
9714 100
675 Prior preferred
100 100
95 Sept 101 Sept
4,1
112 134 *114 218 *114 218
"1
2
114 Jan 3 .50 Dec
150 New Eng South Mille__No par .80 Jan 7
8 Feb
4 Jas 5
100
7
7
'6
712 '6
7 Jan 25
*7
*7
8
712
2 Dec 28
25 Preferred
8
Jan
118 11812 118 11812 118 11812 11818 11812 11812 119
119- 116692 New Eng Telep & Teleg--100 11512 Jan 4 119 Jan 17 11078 Apr 11834 Feb
*9014 9012 *
*90
__ _ _
_
'9014
90 Jan 5 90 Jan 5
No Amer Intl let pf full paid_ _
89 Feb 96 Feb
4014 41
4014 4014 *40
*40
*40
42
90-4240 Jan 6 42 Jan 5
42
1434 Dec 27 Feb
52 1st pref 50% paid
42
42
42
4212 4218 4218 4112 4212 41
100 4012 Jan 19 4312 Jan 7
411 42
42
3512 July 55 Jan
1,125 Pacific Mills
*30
41
40
*30
40
40
30
*30
40 Mar 6814 Jan
30
15 Plant (Thos 0), 1st Pre'-100 30 Jan 27 4238 Jan 3
1538 1512 1538 15$8 15% 1538 1518 1538 1514 1514
10 1518 Jan 26 1512 Jan 11
15 Feb
235 Reece Button Hole
1714 Aug
11
112
112
*112 138 •138
138
112
112 *114
10
138 Jan 11
112 Jan 4
118 Dec
2 Nov
175 Reece Folding Machine
109 109
10812 10812 108 10812 10814 10812 107 1081 ioi- 1073*
98 May 110 Aug
521 Swed-Amer Inv part pref 100 1052 Jan 5 110 Jan 17
11814 119
11814 119
11818 11812 118 11814 11712 11778 117117 118
100 115 Jan 3 119 Jan 19 111
Apr 11814 Dec
670 Swift & Co
*68
6812 6812 68,2 6812 6812 68
6812 *68
68
25 66 Jan 3 69 Jan 19
6712 68
54 Mar 72 Sept
205 Torrington Co
878 9
834 878
834 834
834 834
834 878
9 Jan 21
812 834
814 Jan 18
600 Tower Manufacturing
14
13
14
1412 1312 1412 1312 1312 1312 1312
_
7
Jan
1,590 Union Twist Drill
5 11 Jan 4 1412 Jan 21
1512 Feb
5112 52
5112 5134 5112 5134 5112 .
5112 52
52
52
47 Mar 5314
Aug
25 50 Jan 3 52 Jan 10
511
4 1,522 United Shoe Mach Carp
*28
2812 2818 2812 2818 281s 2814 2814 2814 2814 *28
2822 1,057 Preferred
28
25 28 Jan 3 2812 Jan 13
Jan 30 June
88
89
88
88 *.r88
88
88
88
88
8812 88
88
82 Nov 135 Feb
830 US & Foreign Sec let pref I Pd 8712 Jan 13 89 Jan 3
79
7912 8012 80
80
80
80
8012 80
80
80
80
60 May 90 Apr
740 1st pref 75% paid
79 Jan 21 81 Jan 3
23
2238 2278 2234 23
22% 23
2212 23
23
2278 24
17
Jan
2234 Oct
4,075 WaldorfSys,Ino, new sh No par 2212 Jan 8 21 Jan 28
41
42
4034 4034 "40
41
*4012 42
41
41
41
41
29
Jan 41 Dec
318 Walth Watch Cl B com_No Par 4012 Jan 21 4118 Jan 13
62
62
6112 6112 6138 6138 *6114 63
*6114 63
4818 Nov 61 Dec
123 Preferred trust etre
100 61 Jan 3 62 Jan 5
11214 11214 *11214 116 *11214 116
112 112
"11214 116
20 Prior preferred
100 112 Jan 10 11214 Jan 17 101 Sept 112 Dec
*18
19
19
*19
19
19
20
1834 1834 *18
1234 May
23 Jan
120 Walworth Company
20 1734 Jan 18 2038 Jan 20
66
66
66
6634 66
6612 6618 67
6614 66
44 Mal
875 Warren Bros
69 Dec
50 6518 Jan 13 6812 Jan 10
44
45
44
45
4414 4414 45
*44
45
45
39 Apr
46 Dec
50 44 Jan 5 45 Jan 6
35 let preferred_
*46
____ *46
_ *46
'46
42 Apr 47 Feb
2d preferred
50 45 Jan 17 45 Jan 17
16 1
1512 1534 •1512 16,4 *1512 161
1614 1614
614
- *46_1.100 W111.1 Baumer Candle oom___ 14 Jan 12 1614 Jan 22 1034 Aug 1712 Jan
Mining.
.10 •.10 .15
+.10 .25 *.10 .25 ".10 .25 *.10 .25 *____
Adventure Consolidated____2
.05 Jan 14 .05 Jan 14 .05 Mar .40 July
.60 .60 "(1.50 .60 *a.50 .60 *a.55 .60 *0.55 .60
110 Arcadian Consolidated
.50 .55
2 .50 Jan 2.3 .89 Jan 15 .25 Mar
138 Aug
*9
91
9
9
*.r9
91
9
914 938
9
9
9
405 Arizona Commercial
1234 Jan
r9 Jan 17 1014 Jan 6
914 May
44
45
43
441
4218 43
4334 4438 44
4434 4418 45
7,822 Bingham Mines
1
29 June 5534 Jan
30 Jan 3 45 Jan 25
1614 1612 16
16
161
1612 16% 1612 1634 1614 1634
16
1,801 Calumet & Recta
1314 June
1838 Aug
1438 Jan 7 1634 Jan 25
2
.12 .1'
*.10 .20
*.10 .20 •.10 .20 •.10 .20
.11 .1
135 Carson Hill Gold
.10 Jan 7 .12 1 Jan 19 .10 Dec 50
Jan
14
14
14
1418 1414 14
1212 1212
1414
342 Copper Range Co
14,2 141 •14
25 122 Jan 28 1434 Jan 13
13 May 20
Jan
*214 234
212 212
214 21
*238 234 *214 234
214 214
20 East Butte Copper Mining_ 1
214 Oct
214 Jan 18
234 Jan 4
4 Feb
'
a.20 .40 *a.20 .40 'a.20 .40
.25 .25 *a.20 .40 +0.20 .40
100 Franklin
114 Jan
2 .20 Jan 6 .25 Jan 22 .25 Nov
.75 .7
*.60 .75
.50 .50
".60 .75 '.60 .75 ".60 .75
15 Hancock Coneolldated___. 2 .50 Jan 10 .75 Jan 13 .27 Dec
114 July
1614 1612
1612 1612 1612 17
"1612 17
*1612 17
*1612 17
110 Hardy Coal Co
14 Mar 2114 Jan
1614 Jan 22 18 Jan 7
1
80
*.80
1
.80 .80
".80
1
•.80
1
*.80
1
50 Helvetia
2 .80 Jan 7 .85 Jan 6 .75
Oct
2 Jan
233 234
232 23212 232 234
234 235
23212 235
233 233
260 Island Creek Coal
19712 Jan 3 240 Jan 7 141 Mar 19912 Dec
*10514•10514
Preferred
106 Jan 21 106 Jan 21
9912 Jan 106 July
- *10514 106 '10514 106 *10514 106
11
"11
1138 11
1112
- - '11
- *10514•11
111
1112 111
Ilia 1112
310 Isle Royale Copper
2
10 Jan 8 1138 Jan 19
912 June 14 Aug
214 23
212 1,650 Keweenaw Copper
*2
23*
214
178 2
2
2
134 2
2
112 Jan 6
212 Jan 28 .50
Jan
278 Sept
•.90
.90
.90
'.90
114
114
+.90
1
1
114 +.90
200 Lake Copper Co
114
2 .80 Jan 7
1 Jan 17 .60
Oct
138 July
*,50 .90
".50
.85
.70 .80 *.75 .85 *.75 .85 *.75
185 La Salle Copper
.85
.70 Jan 24 .80 Jan 24 .80 June
2
212 Mar
4.158 2
*112 2
*112 2
*112 2
*112 2
*112 2
MIL,3013 Valley Mine
2 Jan 4
134 Jan
2 Jan 4
238 Sept
*.35 .50 +.35 .50 *.35 .50 *.35 .50 *.35 .50
".35
Mass Consolidated
1
2 .30 Jan 7 .85 Jan 3 .15 Dec .75 July
1
.60 .6 "a.75
'
1
_ a.75
312 Mayflower-Old Colony
.75 .80 **(3.fr 54
•a.65 .80
2 .45 Jan 3
112 Jan
112 Jan 11 .40 Dec
215 Mohawk
40
40
1 -16
' 3912 393 3912 40 '38 39
40
40
2
39 Jan 7 4114 Jan 13
30 Mar 46
Oct
223
4
23
23
23
415 New Cornelia Conner
23
23
2312 231 *23
23
2334 23
2214 Jan 13 24 Jan 20
1812 May 24 Aug
New Dominion Copper
*.05 .15 +.05 .15 e.05 .15 •.05 .1
".05 .1
Jan .20 June
.05
•16
20
20
*18
•16
New River Company
20
*18
20
*18
20
•18
20
100
18 Dec 25 Feb
*6384 65
"x6334 65 *.•6334 64 *56334 65 *.r6334 65 *56334 65
Preferred
100 6334 Jan 19 66 Jan 12
45 July 72 Feb
912 91
912 912 2,060 NlplesIng Mines
912 10
9
10
9
918
912 934
5 July 1012 Dec
5
8 s Jan 5 10 Jan 24
318
278
27
23
4
8
1,249
North
27
3
3
27
8
234 27s
3
3
Butte Mining
378 Sept
2 Apr
15
234 Jan 26
338 Jan 5
114
11
114
313 09bway Mining
'a.90
1
114 *0.95
11
112 *0.55
11 *0.90
2 Nov
Jan
25 .80 Jan 18
114 Jan 23 .50
"1312 14
1312 1312
130 Old Dominion Co
'14
*14
•14
15
15
15
15 '14
13 Dec 20 July
25 1312 Jan 4 1412 Jan 3
11
11%
1114 1114 *1118 1114
*11
655 Pd Cek Pocahontas Co No par
1118 1118 •1118 111
1114
Jan
1012 Mar 15
11 Jan 4 12 Jan 7
•1534 1012
16
100 Quincy
161 *16
16
1612 16
1612 *16
1612 161
1512 May 25 July
25 15 Jan 10 1712 Jan 3
24
24
24
*2438 2434 24% 2438 *2314 2438 *2312 2434 24
190 St Mary's Mineral Land
25 Dec 3812 Feb
25 23 Jan 11 2514 Jan 6
*31,
37
+312 4
*314 4
'312 4
*312 4
*312 4
Seneca Mining
234 Dec
958 Jan
312 Jan 14
312 Jan 14
+.30 .40 •.30 .40 •.30 .40 *.30 .40 *.30 .40 •.30 .40
Shannon
Jan
10 .20 Jan 6 .40 Jan 12 .15 Dec .80
*.30 .40
*.30 .45 •.30 .40 *.30 .40 *.30 .40 •.30 .4
Superior & Boston Copper- 10 .30 Jan 6 .31 Jan 13 .20 Nov
14; Mar
cps 614
6
61
6
61, 2,060 Utah-Apex Mining
614 638
614 638
63a 631i
434 Oct 1134 Feb
578 Jan 3
634 Jan 12
138
11
138
138
138
112
138
1,2 9,945 Utah Metal & Tunnel
114
1%
112
138
138 Jan 21 .25 Dec 2% Mar
1 Jan 3
1
.65 .65 •.60 .75 '.70 .75 •.70 .75 ".50 .7
*.60 .75
5q Victoria
25 .65 Jan 22 .85 Jan 1 I. .40 May .75 Feb
.11 .20
•.11 .20 •.11 .20 •.11 .20 *.11 .20 ".11 .20'
Winona
25 .12 Jan 7 .21 Jan 17 .10 Sept .40 July
•Bid and Liked pricei; no aalds on this day. a Assessment paid. S Ex-stock dividend. I New stock. a Ex-dividend. r Ex rights. • Ex-dividend sari ngina.
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
'leek.
Stocks (Continued) Par Price. Low. High Shares
Evans & Co Inc el A
5 30%
Class B
5 28%
Fair Co (The)
• 27%
Preferred
100
Fitz Simons & Connell
Dock & Dredge Co
27%
Foote Bros G & M Co_ _.• 144
Gen'l Box Corp pfd A..100
Preferred B
100
Gill Mfg Co
10
Gossard Co (II W)
• 34%
Great Lakes D & D._ _100 145
Greif Bros C'page A coin.* 38%
HarnmermIll Paper Co_ _10
Preferred
100
Hart, Behar & Marx_ _100
Hibbard,Spencer, Bartlett & Co
25
Illinois Brick
25 49
Illinois Nor Util prat...100
Illinois Wire & Cable corn10 24%
Jaeger Machine Co
Kellogg Switchb new _ _ _10 1455
Preferred
100
Keystone St & W corn.100
Preferred
100
Kentucky Util Co pfd. 50 51
Ky Hydro-Eiec pfd _100 96
Kraft Cheese Co
25 55
Kup'heimer & Co(B)Inc.5
La Salle Ext Unlv (III). _10
8
Libby,MeN & Libby,newl0 1055
McCord Radiator Mfg A.
39
MeQuay-Norris Mfg
•
2635
Maytag Co
Mer & Mfrs Sec part pfd_25
Middle West Utilities._ • 112
Preferred
in0 107%
Prior lien preferred_ _100 118%
Midland Steel Products •
Midland Util prior Ilen.100 98
100 97
Preferred A
Morgan Lithograph Co-• 58%
Mosser Leather corn
*
Nat Elee Power A w L. • 25
160
Preferred
National Leather
10
28
14%
44
45
5
34%
145
38%
35
108;5
110
59%
49
9234
2454
28
13%
9655
50
92
51
95
55
36
8
10
38
18
26
31
11055
107
118
42%
98
97
58
15%
24
9555
3
470 28
28
2,475 12
15
102 44
47%
45
' 25 45
5
5%
200
750 3335
35
146
90 144
50 3855
3855
10 35
35
109
100 108%
111
200 110
Jan
Jan 29
Jan
1454 Jan
Jan 50
Jan
Jan
Jan 45
Jan
555 Jan
Jan 36
Jan
Jan
Jan 152
Jan
Jan 40
Jan
Jan 35
Jan
Jan 109
Jan 112% Jan
200
2,020
10
250
Jan
Jan 70
Jan 5255 Jan
Jan 9355 Jan
Jan
Jan 25
Jan 2955 Jan
Jan
15% Jan
Jan
Jan 98
Jan 50
Jan
Jan 92
Jan
Jan 5114 Jan
Jan 96
Jan
Jan 69
Jan
Jan 38
Jan
Jan
9
Jan
Jan
10% Jan
Jan 40
Jan
Jan
21
Jan
2735 Jan
Jan
Jan
Jan 31
Jan 113;5 Jan
Jan 10754 Jan
Jan 118% Jan
Jan
Jan 45
Jan 9855 Jan
Jan
Jan 98
Jan
Jan 60
Jan
Jan
16
Jan
Jan 25
Jan 9534 Jan
Jan
4% Jan
62
50%
92%
25
28
14%
97
50%
92
51
96
5755
38
8%
1035
39
21
27
31
112
10734
11855
45
984
9751
58%
16
25
95%
3%
ao
5954
49
92
24%
28
13%
96
50
91
51
575
21
94
75
20
110 mu
1,000 55
100 36
665
8
3,436 10
215 38
725 17
1,380 26
150 31
1,405 110
535 1054,
1,330 117%
407 42%
458 98
220 97
685 58
38 11
2,120 23%
40 9315
1,820
214
7455
9755
7755
5654
76
5334
36
103
100 100
9754 98
100
8434
10131
8355
100
85
10134
8355
• No par value. z Ex-dividend.
74
9714
75
6234
7434
52
35
103
Jan 75
Jan 9734
Jan 79
Jan 5654
Jan 76
Jan 54
Jan 36
Jan 10474
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9955 Jan 100
96
Jan 98
Jan
Jan
100
Jan 100
8455 Jan 85
10155 Jan 102
8355 Jan 8354
Jan
Jan
Jan
Jan
St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange Ja',. 22 to Jan. 28, both
inclusive, compiled from official sales lists:
Bank Stocks.
Boatmen's Bank
100
First National Bank_ _100
Merchants-Laclede Nat 100
Nat'l Bank of Comm_ _.100
State National Bank_ _100
Range Since Jan. 1.
Low.
154
257
280
160
165
5
65
1
10
4
Trust Company Stocks
American Trust
100
165
Mercantile Trust
430
100
Title Guaranty Trust..10040
165
430
40
50
2
5
Miscellaneous Stocks.
Amer Credit Indemnity.25
Boyd-Welsh Shoe
•
Brown Shoe,coin
100
Cert-Teed Prod, 1st Pf-100
Chic Ry Equip, corn_ _ _25 30
E L Bruce, pref
100
Ely & Walker D G,com 25
Second preferred_ _100
Fulton Iron Works, corn...*
Hamilton-Brown Shoe. 25 39
Hussman Refr., corn
•
Iluttlg S dr D. corn
• 2954
Hydr Press Brick, com_100
654
Preferred
100 80
*
Indep Packing. corn
International Shoe, coca_ • 15934
Preferred
loo ma
Laclede Steel Co
100
.
•
MeQuay-Norris
afo-111 Storm, pref
100
Mo Portland Cement_ .25
Moleny Electric. pref..100100
National Candy, com_100
• 32
Pedigo-Weber Shoe
Polar Wave 1 & F "A" • 3234
Rice-Stlx Dry Goods,com •
First preferred
100
Second preferred_ _100
Scruggs-V-D DC,corn..25 2055
First preferred
100
• 3654
Securities Inv, corn
* 2655
Sheffield Steel, corn
Sieloff Packing, corn
•
Southw Bell Tel, pref. _100 116
St Louis Amustment"A".'
St Louis Car Co, coin_ _10
100 97
Preferred
Stlx-Baer & Fuller. corn_ •
Wagner Electric, corn....'
Wagner Elec Corp, pret.100
5334
4034
33
10634
30
97
35
90
1154
39
36
2955
634
81
25
160
109
185
2135
109
52
100
8855
3255
33
2154
108
993.1
21
84
3655
2655
18
11655
45
1834
97
31
2355
72
80
205
55
55
62
10
2,864
15
510
60
10
125
1,510
145
30
199
16
30
60
100
45
90
17
325
100
215
42
75
270
40
50
75
30
258
60
315
45
10
103
10
154
256
280
15934
165
X
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
6334
4034
3234
10655
2935
97
34
90
11
38
3354
29
634
80
2454
15955
los
182
2136
109
5155
9934
8834
32
3234
2155
107
99
2034
84
3655
2635
18
116
45
17
97
31
2231
72
_ Mining
_ Stocks.
_
_
_
------ '
Onsol Lead & Zinc o..
"•""
."
X
119%
12%
lossi
595
141
734
78
1355
.52
118
90
5255
50%
28
107%
119%
1434
1255
31
2834
2834
107
7454
9734
7755
5434
76
63
36
103
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High.
,,,, ,,,, ,,,,,,
ENgtgn'Egggn*MgEggnglIPPAVASEWPWAStIN tE5 PPP..
10107MO
50
9855
54
334
30
3335
99
102
590
138
6%
7455
11%
50
117%
90
51%
49%
2754
106
116
11
9
2855
24%
25%
10555
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
83%
91
89
87%
1851
9635
66%
101%
%
4%
30
30%
100
4334
BondsCal de So Chicago 53_ _1927
Cent West PS con debt '36 9754
Chicago City Ry 5s_1927
Chic City & Con Rys 5527
Chicago Railways 55..1927
1927
5s, Series A
1927
5s, Series B
Commonw Edison 5s _1943
Crown (W111) Pap 1st M
1951
assfgb
Hone G G Cos f g 655s 1931 9734
Holland Fur Co s f 6% g
1936 •
deb
Northwestern Elev 5s.1941
Swift & Co 1st s f g 59.1944 10134
Union Elevated RR 55 1945
31%
30
100
97
26
1331
2034
127
2034
13
5154
133
133
104
114
186
10834
36
4634
2355
2655
29
'9634
2634
87
6755
11855
23
1235
4834
105%
4134
431
1535
18
8855
51
17
60
109
116
4
3134
13%
67
117
40
1554
654
8
53
2734
2934
45%
155
257
284
163
165
Jan
Jan
Jan
Jan
Jan
165
430
40
Jan
Jan
Jan
5435
4055
3455
10634
30
9755
35
90
12
3936
36
30
7
8155
25
16034
109
185
2154
109
64
100
90
33
33
2254
108
9914
22
84
3834
2655
18
117
45
1834
9814
31 51
24
74
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4
;
50%
118
90
so%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3931
15
655
6
5154
2534
10. , .....INCW..
0....
MOM..
004fl
Ot00.4.
140
7%
70
89
88%
86%
17
93%
13
-
30
275
101
236
160
685
454
5,105
1,720
1,100
2,800
50
250
62
260
10
905
4,225
110
320
296
131
200
10
110
245
202
225
520
600
2,815
4,850
990
75
9654
11554
4
X
9655
65
101%
72
79
89
90
88% 88%
87
8755
17% 18%
95% 96%
62% 66%
99% 10155
X
X
4
4%
30
30
34% 35%
99% 100
102 10355
505 595
139% 140%
6% 734
76
78
113,5 12
50
51.54
118 118
90
90
51% 515,
50
5055
27% 27%
107 107%
11735 119%
12
13
10;5 11
3034 31
2714 28%
2755 28%
106 107
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
OQ 00QQI
Q. 000.
00_ 0
.
000
.
78
89%
High.
Jan 2754
Jan
10
Jan 9655
Jan 20
Jan 7555
Jan 82
Jan
455
Jan
4
Jan
1
Jan 9555
Jan 86
Jan
16
Jan 3634
Jan 8755
Jan 63
Jan 102
Jan
4
Jan 38%
Jan 38
Jan 5854
Jan 25%
Jan 2035
Jan 26
4%
17
88
4,
otic.i,
,_. ,
Celotex Co corn
•
Preferred
100
Central 111 Pub Serv pret•
Central Ind Power prat _100
Central Pub Serv(Del). _*
Central S W 7% pref....*
Common
•
•
Prior lien pre(
Chic City & Con Ry pt sh •
Preferred
Chicago Fuse Mfg Co....*
Chic N S & Milw com_100
Prior lien pref
100
Chic Rap Tr or pref A.100
Chicago Title & Truat_100
Commonwealth Edison_100
Consumers Co new
5
Preferred
100
Continental Motors
Crane Co
25
Preferred
100
Crown (Will) Pap 1st Di-•
Cudahy Packing Co_ _100
Cuneo Press A
50
Decker (Alf) & Cohn, Inc.*
Deere & Co pref
100
Diamond Match
100
El Household Util Corp_10
Low.
200 2555
27%
415
8
8%
45 94
96%
100 19%
19%
10 74
74
129 79;5
82
3%
4,245
4
3%
445
4
55
450
34
1,106 93%
95%
2,975 83%
86
175 14%
14%
185 soi,
3635
22,000 68%
87
62%
505 6155
44 102
102
50
334
4
425 38
38
3,870 36%
38
5855 16,585 53
225 24%
25%
ao 17
1855
25% 5,825 23
4834
9935
XX
Adams Royalty Co corn. _• 27% 27%
All America Radio Cl A._5
8
Amer Pub Serv pref. _ _100 96% 96%
Amer Multigraph nom_ •
19%
Am Pub Util Co par pfd 100
74
American Shipbuilding.100
82
Amer States Secur Corp A •
3%
Class B
4
4
54
Warrants
54
95
Armour dr Co(Del) pf....100
Armour & Co pref
100 85% 83%
14%
1434
Common el A v t c_ _ _25
Associated Invest Co._ _ _* 3655 36%
Auburn Auto Co -.tom_ _ _25 86% 81
61%
_25
Balaban & Katz v t
102
100
Preferred
334
354
Beaver Board v t c A_ _ _ 10
38
Preferred card ficates_100 38
Bendix Corp cl A
10 37% sog
Borg & Beck com
55
10 57
Brach & Sons(E J) corn..•
25
Bunte Bros
10
18%
Butler Bros
20 z23%
23%
Range Since Jan. 1.
65
117%
2155
XX
Stocks-
Sales
Friday
Last Week's Range for
TVeek.
ofPrices.
Sale
Par. Price. Low. High. Shares.
3455
2155
...
.
Jail
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange to. . 22 to Jan. 28, both inclusive,
compiled from official sales lists:
13234
13234
104
.
ossi
10154
99
101%
9655
9935
95
102
10135
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Xg
High.
75
8154
90
101%
68
7255
85
85
100%
104
9654
100%
XX
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
.
Low.
72
81%
90
100%
65
69
84
8255
100%
10355
95%
99%
9854
100
99
100%
9655
9931
95
10156
100%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
g
$3,000
2.000
6,000
3.000
3,000
1,400
4,500
1,200
1,000
9.000
10.000
2.000
1.000
2,000
15.000
9.000
1,000
5,000
15.000
9,000
12.000
2535
13
High
Low.
3055
2234
9834
9455
2555
13
19
127
1931
1234
4135
13034
132
102
11334
180
107
32%
3934
20
2555
25%
9455
25
86
64
11554
2155
1234
47
99
3955
255
1355
1634
87
50
17
60
9231
11555
4
2754
8%
6054
114
3734
15
534
534
51
25
2534
4255
X
72%
81%
90
10154
68
7254
85
88
100%
104
9555
99%
98%
101%
99
101
96%
99%
95
102
100%
100
3055 3131
2931 2931
0855 100
9634 97
2555 2554
13
13
1955 2034
127 127
1954 2055
1234 1234
42
433.4
132 13214
13254 133
10254 104
11355 11334
180% 184%
10735 10834
3455 36
3954 4154
2134 22
26
2655
2534 2534
95
9655
25
2555
8634 87
6434 66
11735 118%
2155 23
1255 123.5
4755 4834
99 10155
3955 4155
354 454
1434 1434
16% 17
8755 88
5055 51
17
17
60
60
9234 9834
11554 116
4
4
31
3131
1034 13%
6054 6254
114 11554
39
40
15
154
655 654
5% 6
5155 5255
26
25
26
27
4534
43
00000000
00000000
00000000
.I.,-,406CiIi
72
81%
90
101% 101%
67%
71
84
83
100%
103%
9515
99%
98%
100
99
100% 10054
96%
99%
95
101% 10155
100% 100%
7255
3134
.00N.MC0,
300IPOWQ0000.0.0.000000.00000.MON0000c,0.0Q....pc,
N 0Qh0C5 C..0=Q0NMCCNM..1,
..A.-e.NCMCDC.M.,0.-..0C.NO•TNN.C.CCAOCIMNCA
CI
ON. Qcc*.-Icq..c1QQ
cl*Q.N.QCCWNIC,
-,
-.
C1CINCCO.I.TMCIQMM.N00
. .
v4.
v4
•-•,
-.CO ,
-.
p.m,.
CO
.1.
1-, CI
0
BondsAtl G & W I SS L 55..1959
Boston & Albany 3553.1952
Chic Jet Ry & U S Y 48 '40
55
1940
E Mass St RR 4555 A_1948
55 series B
1948
6,3 series C
1948
(Wearies D
1948
Gen Am Invest 5s._ _ _1952
Hood Rubber 7s
1937
Jot Power Sec Corp 78.1952
Mass Gas 4%s
1929
4%s
1931
Miss River Power 53..1951
Narragansett Co 55._ 1957
New Engl Tel & Tel 55.1932
Scoeita Gen 78
1937
Solvay Am Inv Corp 5s '42
So Caro Pow Co 55_ _1957
Swift & Co 5s
1944
Western Tel & Tel 5s _1932
Range Since Jan. 1.
National Standard
*
North American Car corn •
Nor West Util pr In pre 100
7% preferred
100
Novadel pref
•
Omnibus vol tr etts w 1 a.*
Penn Gas & Elec w I
•
People's Gas Lt & Coke 100
Pick Barth & Co pref A_ •
Common vot tr ctfs_ _1
Pines WInterfront A
5
*
Pub Serv of Nor III
Pub Serv of Nor II1_ _ _100
Preferred
100
100
7% preferred
Quaker Oats Co
•
Preferred
100
Q ES Music common_ _ _.•
Real Silk Hosiery Mills_ _10
Reo Motor
10
So Colo Pr Elec A eon)_ _25
Southern City Util A corn.*
Southw Gas & El pref__100
30
Sprague Sells
St Louis Nat Stk Yds_ _100
Stewart-Warner Sppedom •
100
Swift & Co
Swift International
15
Tenn Prod Corp com
*
25
Thompson (J R)
Union Carbide & Carbon.*
•
United Biscuit class A_
United Iron Works v t c.50
United Lt & P A w I new_ •
*
B w I new
Preferred el Awl a...."
Preferred cl B w I a_
•
United Paper Board_ _100
Preferred
100
20
U S Gypsum
100
Preferred
Unlv Theatres Cone el A.5
Vesta Battery Corp_ _10
*
Wahl Co
Ward(Montgomery)&Col0
Class A
•
Waukesha Motor Co_ _ _.•
Williams 011 0 Mat corn.'
*
Wolff Mfg Corp
Wolverine Portland Cem 10
•
Wrigley Jr
Yates Machines part pfd..*
Yellow Tr &Coach Mfg B 10
Yellow Cab Co Inc (Chic)•
.4
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Jan. 22 to Jan. 28, both inclusive:
Range Since Jan. 1.
,...c4Qt-mar-,.MWOON=OCCWW0,00.0..00.N..4 WWW.....WOWA.CA
000.00,10.W0.00.000....0..000.000620.0.W11-.0b,I0.0000
Outside Stock Exchanges
Friday
Last Week's Range Sales
for
Sale
ofPrices.
Price. Low. High Week.
[Vol,. 124.
•
>
630
...
Jul
Jan
Jan
Jan
Jan
Jan
Jan
jail
Jan
Jan
Jan
Jan
Jan
_
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
High Shares.
Stocks (Continued) Par Price. Low
Street Railway Bonds.
East St Louts & Sub as 1932
1934
United Railways 4s
4.s. cent( of deposit-1934
8834
76%
87% 88% 82.000
7634 7714 76.000
764 76/1 33,000
Sales
Fritlau
Last !Week's Ranee for
Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High Shares
Range Since Jan. 1.
High.
Low.
884 Jan
764 Jan
7614 Jan
884 Jan
7754 Jan
Jan
77
Miscellaneous Bonds.
Jan 10354
1935 1034 1034 1034 82.500 103
Houston 011 6545
Jan 100
1.000 100
100 100
Kinloch Long Dist 58.1929
Jan 99
9854
2,000
99
99
_serial
Mfg
78.
Elec
Wagner
Jan
Jan
Jan
• No par value.
Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange J: n. 22 to Jan. 28, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Amer Laund Mach,com_25 11134
100 125
Preferred
American Products
Amer Rolling Mill, com.25 4534
100 11134
Preferred
American Thermos, pref..
Buckeye Incubator
Carey (Philip), com _ _ _100
Cincinnati Car
Churngold Corporation...*
•
City Ice & Fuel
Cooper Corp (new). _100
100
New preferred
Crown Overall, pref _100
Dalton Add Mach,com.100
Eagle-Picher Lead, com.20
Early & Daniel, prof. _100
*
Formica Insulation
*
Gibson Art, corn
Globe Soap Special, pf_100
Globe Wernicke, corn. _100
Gruen Watch, corn
100
Preferred
Hatfield-Reliance, pref.100
Hobart
Jaeger
Kahns, panic
First preferred
Kroger, coin
10
100
New preferred
Lake Shore
Meade Pulp
Nash "A"
Paragon Refining, com .25
Procter & Gamile, com_20
100
8% preferred
100
6% preferred
Pure Oil, 6% pref
100
8% preferred
100
Richardson, corn
100
Standard Drug
100
U S Can, eon
*
U S Playing Card
20
U S Print & Litho, com_100
Preferred
100
US Shoe, preferred_ _ _100
Whitaker l'aper, corn.....°
100
Preferred
4754
2211
24
2634
103
89
10934
2834
424
133
11234
10534
110
186
112
97
112
12
177
98
Banks.
Citizens National
100
Fifth-Third-Union units100
First National
100
110 112
125 125
22
221.4
45
4534
11114 11134
3751 3734
954 914
44
48
200 200
2234 23
43
43
2334 24
6934 70
10234 10234
104 105
50
50
2634 2754
102 103
2234 2434
4354 434
50
50
89
89
47
4734
1094 10934
1034 1034
28% 2934
28
28
4134 425(
99 100
133 135
1124 1124
1054 1054
100 100
110 110
74 73-4
183 190
164 164
112 11234
9634 97
112 112
150 150
12
12
39
40
176 177
76
76
97
93
414 414
574
57
974 98
260
310
338
260
310
338
Range Since Jan. 1.
High.
Low.
Jan 11534 Jan
1,201 110
Jan 11234 Jan
15 112
Jan
87 223.4,Jan 23
Jan 47
Jan
1,036 44
219 1113.4 Jan 1123.4 Jan
Jan 374 Jan
10 34
Jan
11
25
934 Jan
Jan 454 Jan
2,336 44
Jan 200
Jan
1 190
Jan 234 Jan
570 22
Jan
41 42
Jan 45
Jan
422 2234 Jan 24
70'
694 Jan 70
Jan ,
2 102
Jan 103
Jan
Jan 105
Jan
30 104
Jan 51
Jan
15 50
1,357 264 Jan 264 Jan
8 102
Jan 103
Jan
Jan 25
Jun
80 22
126 4254 Jan 4354 Jan
13 50
Jan 50
Jan
Jan 89
Jan
5 89
Jan 543.4 Jan
27 47
Jan
115 1094 Jan 110
Jan 10334 Jan
20 102
2834 Jan 294 Jan
581
62 28
Jan 294 Jan
Jan 424 Jac
305 40
41 99
Jan 100
Jan
Jan
1,747 12934 Jan 135
Jan 113
Jar
32 112
6 10554 Jan 10554 Jar
Jan 100
Jar
5 100
Jar
10 110
Jan 110
116
63-4 Jan
734 Jar
Jan 1914 Jar
1,338 183
Jan 164
Jar
21 164
Jar
44 11234 Jan 113
Jai
220 9754 Jan 98
Jan 112
Jar
6 111
Jar
32 150
Jan 150
Jan
12
Jai
100 12
Jan 41
Jai
370 39
Ja]
40 176
Jan 178
784 Ja
25 7534 Jan
Ja
40 9234 Jan 98
Ja
30 414 Jan
43
Jan 59
Ja
32 51
41 954 Jan 1024 Jao
30 250
10 310
30 338
Jan 260
Jan 310
Jan 343
Ja
Ja
Ja
Public Utilities.
93
9354
Cincinnati & Sub Tel_ _ _50 93
Cincinnati Gas & Elec _ _100 94
94
11434
1124 114
Gino Gas Transport'n_ _100
904
C N & C Lt & Trac, com100
90
7151
Preferred
100
71
Ohio Bell Tel, pref ___ _100 11211 112 1124
131 9034
275 934
54 1124
71 894
88 70
115 11034
Jan 9334
Jan 954
Jan 114
Jan 0234
Jan 73
Jan 11234
Jon
Jan
Jan
Jan
Jan
Jan
Tractions.
Cincinnati Street Ry _ _ _ _50
Colum Sty, P & L, pref _100
580
50
Jan
Jan
Ja n
Jo n
Railroads.
CNO&TP,com
Preferred
3834
100
100 105
3834 383-4
9934 9934
363 363
10434 105
383.4
9951
39
99%
3 363
Jan 365
15 10434 Jan 105
Js
Jo
•No par value.
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Jan. 22 to Jan. 28, both
inclusive, compiled from official sales lists:
Stocks-
631
THE CHRONICLE
JAN. 291927.]
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Par, Price. Low. High, Shares
963
15
15
Almar Stores
153.4
4954
210
10 494 49
Alliance Insurance
3,558
• 71
703-4 73
American Stores
147 14914
20
Baldwin Locomotive_ 100
92
40
92
Bearings Co of Amer pref._
48
Bell Tel Co of Penn pref._ 1123.4 1124 113%
170
Cambria Iron
50 404 4034 4074
13
444 444
Catawissa 1st preferred.50
395
Congoleum Co Inc
•
1734 1854
42
41
860
Consol Traction of N J.100
7611 78
Electric Storage Batt'y _100
87
534 5334
5
Fire Association new_
10
400
General Asphalt
100
803,4 8234
467
Giant Portland Cement 50
8234 85
45
45
10
Preferred
50
55
235
53
Horn & Hardart(N Y)com
337
Huntington 13od dr Top_50
134 14
5134 5354 2,348
Insurance Co of N A _ _ _10 52
5
5
100
Keystone Telephone_ _50
18
18
Preferred
50
50
77
8
77
Keystone Watch Case_ ...• 77
114 2
300
Lake Superior Corp._ _ _100
13-4
8,344
50 1124 1124 117
Lehigh NavIgation
•
164 1754 13,945
Lehigh Pow Sec corn
11551 12211 6,675
50
Lehigh Valley
1,210
10 2654 2654 2751
Lit Brothers
114
134
100
10
Man Rubber
53% 54
31
Minehill Sr Schuyl Hav_50
83
83
200
North Pennsylvania_ _50
108
72
7254
Penn Cent L & P,cum pf _• 72
5734 5834 13,100
Pennsylvania RR
50
100
7534 7534
Pennsylvania Salt Mfg...50
114
151
100
24
Penn Traffic
874 8754
20
Philadelphia Co (Pitts)_ _50
503.4 5034
200
Preferred (cumul 6%).50
31,353
25 4931 4934 53
Phila. Electric of Pa
8,984
25 214 2054 24
Warrants
Range Since Jan. 1.
Low.
15
49
704
147
92
11234
4034
444
1754
355.4
7554
5234
8036
80
43
53
154
5134
4
18
76
151
110
1554
100
264
14
53%
82
7114
5651
7514
154
874
4934
4934
204
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High.
1711
5474
734
154%
92
1134
41
4454
2034
42
794
55
874
93
4874
55
134
554
5
18
78
2
11954
1834
125
28
114
54
83
7234
5834
7634
134
88
5034
54
24
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Phil El Pow Co_Pow Recta
Mita Rapid Transit_ __50
Philadelphia Traction_ _ _50
Preferred
50
Shreve El Dorado Pipe L 25
South Eastern Pow & Lt.•
Stanley Co of America ..°
Tono-Belmont Devel_ _1
Tonopah Mining
1
Union Traction
50
United Gas Impt
50
United Lt & Pow "A"cm •
Victor Talking Machine_ _1
New
6%
7%
Warwick Iron dr Steel_..10
West Jersey & Sea Shore_50
Westmoreland Coal new_50
York Railways pref
50
1154
53
53
57
57
1334
134
2154
30%
8534 84%
234
33-1
3634 3654
8934 894
1454
15231
38
91
98
154
41
534 523-4
3434
BondsAmer Gas & Elec 5s_ _ _2007 98%
Bell Tel 1st ref 5s w I_ _1948
Cons T.lic N .1 1st 5s. _1932 70
Elec & Poop tr ctfs 48.1945
48
1945
Keystone Telcp 1st 5s_1935
Lehigh Nay cons 5148
Lehigh C & N ten 4 54s 1924
Penn RR gen 44s._ _ _ 1965
Peoples Pass tr ctfs 4s _1943
Phlla Elec lot at 4s_ _1966
1st 58
1966 105
1953
534s
6s
1941 10734
1972 104
53.4s
United Rys gold tr etn 49'49
Range Since Jan. 1.
Low.
9
1,228
12
2,576 52%
5354
262 57
57%
3,175 111(
14
735 21%
234
100 30%
304
20,402 82
90
430
234
234
3
600
34
913 36
37%
92% 11,411 8934
100 14
1434
564 z15154
1534
5,572 3714
364
1.023 8734
92
633 97
98%
114
750
154
27 40
41
40 521.4
534
120 34%
3551
97 100
1034 10351
7434
70
57
5834
5734 584
9354 9354
994 994
9934 99%
10114 10134
70
69
89%
89
10434 10534
107 107%
107 1074
103% 104
AF
03
10.300
5.000
6.000
15.500
11,000
12,000
8,000
8.000
5,000
4,000
2,000
46,700
7,000
2.000
13,000
o.,
.no
96
1034
62
54
5714
933-1
993.4
994
101%
66
88
104
107
107
103
C.)
High.
12
Jan
5434
Jan
Jan 5754
Jan
1454
Jan
2474
Jan 31
Jan 9034
Jan
254
Jan 3 11-16
Jan 384
Jan 93%
15%
Jan
Jan 1593,4
39%
Ja
Jan 9234
Jan 99
Jan
14
Jan 41
Jan 57
Jan 3554
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
jan
100
1033-4
76
584
5.334
03 3.4
9934
100
101%
70
894
105%
107%
107%
104
r 14
•No par value. x Ex Div.
San Francisco Stock and Bond Exchange.-RPcord of
transactions at San Francisco Stock and Bond Exchange
Jan. 22 to Jan. 28, both inclusive, compiled from official
sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par, Price. Low. High. Shares.
Range Since Jan. 1.
Low.
I
High.
Jan' 350
192 300
330 332
Jan 2113.4
35 195
2064 207
8934 Jan 31934
94
9934 22.63
50 262
Jan 270
262 265
1,173 528
Jan 575
546 575
4.50 Jan
5
100
4.50 4.50
134 10234 Jan 1041.4
1024 10334
Jan 6934
66
68
3.390 66
2.660 304 Jan 33
3074 3114
2854 2934 8,010 2734 Jan 2934
Jan 944
94
75 94
9434
Jan 9754
9754 974
570 96
10654 10634
5 10534 Jan 10634
3654 364
145 3654 Jan 3654
5
Jan
200
674
5
54
3.50 3.50
3.50 Jan
100
3.50
10
104 1,555 10
Jan 1034
Fed
ornandels
Ce
orm
almB
91
9211
140 9051 Jan 9234
Fireman's Fund Insurance.
Jan
13
13
134
135 13
133-4
Foter & Kleiser, corn
343 1034 Jan 10434
10334 10434
Great Western Power, pref 104
3554 354 3634
260 36
Jan 364
Hale Bros Stores
49
790 49
Jan 50
50
Hawaiian Com'l & Sugar_ ______
5434
54
78 54
Jan 5554
54
Hawaiian Pineapple
75 4034 Jan 4154
4134 414 4134
Hawaiian Sugar
35 31
Jan 32%
32
3254
Home Fire & Marine Ins.. ......32
210 3734 Jan 3934
3834 .3834 39
Honolulu Cons Oil
960 2551 Jan 264
253-4 2554 26
Hunt Bros Pack "A"corn
12% 1254
13
100 1234 Jan
Hutchinson Sugar Plant'n_
1,975 3234 Jan 334
334 3274 3354
Illinois Pacific Glass "A"_ _
170 60
Jan 64
60
6234
Key System Transit, pr pf _
330 24
Jan 3154
24
27
24
Preferred
1254 124
1,100 1214 Jan
Langendorf Baking
1234
185 99
Jan 100
9954 99)4 9911
LA Gas & Electric, pref.__
.40 Jan
.55 2.65
.55
.45
Magnavox Co
.55
1.540 2554 Jan 283-4
Magnin. I, common
2674 2614
1
9234 Ja
93
Nor Am Investment.
03
414 0
43
314 2.035 4034 Jan 44
North American 011 pref..__
36
25
35
Jan 3614
3674
rr
Oahuclaa
85/ 834
400
8
Jan
9
Sugar
384 974 Jan 99
9814 9854 99
Tac Light Corp 6% pref.__
45 136
Jan 139
139 139
Pacific Tel & Tel corn....
469 1064 Jan 1104
Preferred
1094 1084 1104
179 11054 Jan 11834
11551 11551 1164
Paraffine Co's, Inc corn
Jan 5851
1,070 54
5534 57
Phillips Petroleum corn... 55.54
19
,
Ja
11944
8
119
8
4
30
90
8 44
, 2
10
8u
1914
Pigsty Wiggly W States, A_
Plg'n Whistle, pref
254 25
Richfield 011
265-4 4,150 2414 Jan 26 54
115 10654 Jan 1093.4
S J Lt & Pow prior pref.__ 10934 10874 1093.4
Jan 23
855 21
214 21
21 54
Schesinger B F A com
Preferred
9031 9034 92
250 9)34 Jan 92
Shell Union 011 corn
305-4 3014 305-4 6.285 2834 Jan 3054
240 934 Jan 96
Sherman & Clay 7% pref._
9574 9554 96
Jan 9134
Sierra Pacific Elec pref.... 90
90
30 87
9134
150 107
Jan 11054
Southern Pacific
1064 10654 10714
260 9214 Jan 94
Sperry Flour Co pref
95
93
95
Spring Valley Water
10254 10254
135 1014 Jan 10214
Jan 604
Standard 011 of Cal
5914 5834 5934 11,300 58
Teleph Investment Corp._ ------ 254 2554
268 2534 Jan 26
______
Texas Consolidated Oil
.50 Jan
.65
.60 .60 1,200
Traung Label & Litho Co
______21
21
20 2054 Jan 21
Union Oil Association
Jan 563-1
53
53%
1.065 53
Union Oil of California _ _ _
Jan 5614
5334 53
5454 6,630 53
Union Sugar Prof
2654 264
6 264 Jan 2614
United Bank & Trust Co__ 149
15 149
Jan 15754
149 149
1.15
U S Petroleum
1.15 Jan
318.15 318
.15
100
Universal Cons 011
64 3754 Jan 41
Wells Fargo Bk & Un'n Tr_
Jan
9
9
750
05( 994
98
Western Dairy Prod. A_ __ _
Jan 99
30 98
Yellow & Checker Cab....
954
9
9
260
834 Jan
934
Zellerbach Paper 6% pref._
Jan 9734
974 9634 974
250 96
Zellerbach Corporation_ _ _ _
294
Jan 2974
29
2954
960 28
• No par value.
330
American Trust Co
Anglo & London P N Bk.. 207
Bancitaly Corporation..... 99
Bank of California. N A_ _ _ ______
575
Bank of Italy
California Copper
Calif-Oregon Power,
California Packing Corp...
pref..__
California Petroleum, torn. 303-4
Caterpillar Tractor
2834
Coast Co Gas & El, lstpref
East Bay Water "A," pref. 974
"13," preferred
Emporium Corp, The
Fageol Motors. pref
%
4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
n
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange Jan. 22 to Jan. 28, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Am Wind GI Mach tom 100
50
Preferred
100
78%
Ark Nat Gas corn
100
74
74
Blaw-Knox Co corn_ _ _25
7254
Preferred
104
100
Byers (A M) Co pref. MO 107
1065-h
52
79
71.6
73
104
107
Range Since Jan. 1.
Low.
812 40
20 78
774
1.095
130 70
10 104
50 1064
High.
Jan 52
Jan
Jan
Jan 80
Jan
774 Jan
Jan 73
Jan
Jan 104
Jan
Jan
Jan 108
632
THE CHRONICLE
h'rtaay
Sales
Last Week's Range for
Sale
ofPrices.
Wed.
Stocks (Continued) Par Price. Low. High. Shares
Carnegie Metals Co
_10
Colonial Trust Co
100
Columbia Gas & El com_ •
Preferred
100
Conley Tank Car pfd_ _100 105
Consol Ice common
_50
Preferred
50
Devonian 011
10 1434
Diamond Nat'l Bank_ _100
First Nat Bank
100
Harb-Walker Refr pref_100
Houston Gulf Gas
651
•
Indep Brewing pref
50
Jones-Laughlin St pfd_100
Lone Star Gas
25 39
Nat'l Fireproofing com _100
8
Preferred
100 28
Ohio Oil & Gas
a
Okla Nat Gas at of dep_ _ 2131
Pitts Brewing cam
50
Preferred
11
Pitts Coal pref
100
Pitts Plate GI com____100 250
Salt Creek Cons Oil ____10
734
San Toy Mining
1
60
Standard Plate Glass
•
Preferred
100
Stand Sanitary Mfg cow 25 90
Tidal Osage Oil
100
United States GI Co____25
Waverly Oil Wks el A_ •
West'house Air Brake-50
Rights(InItImhIn C:sca 16 Plan
Range Mara Jan. 1.
Low.
High.
1351 1334
825 1151 Jan
255 255
50 255
Jan
x8551 88
110 x8594 Jan
100 10094
93 100
Jan
104 105
125 104
Jan
200
3
231 Jan
3
250 14
1834 20
Jan
1441 1494
90 14
Jan
400 400
5 400
Jan
305 305
25 305
Jan
108 108
50 107
Jan
63.4 634
800
1394 Jan
554 594
190
531 Jan
50 118
11834 119
Jan
14,006 3731 Jan
3734 42
75
8
834
8
Jan
270 27
28
Jan
2834
6
6
100
Jan
6
21
1,586 2034 Jan
22
30
451 431
Jan
4
11
50 11
11
Jan
72
72
30 72
Jan
250 263
320 250
Jan
751 734
754 Jan
205
60
1,000
Sc
60
Jan
100
3
3
3
Jan
150 18
18
18
Jan
979 85
90
Jan
9234
2331 1,010 22
22
Jan
15
15
30 15
Jan
4254 4234
100 42 - Jan
134 135
200 134
Jan
1354
260
9134
10154
105
3
20
15
400
307
108
734
534
119
4431
854
2851
6
22
454
1134
72
270
734
6e
3
18
9234
2534
1554
4251
139
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
S
34r 1.825
3
Jan
334 Jan
• No par value. z Ex-dividend and rights.
Nole.-Sold last week and not reported: 20 Slaw-Knox Co. pref. at 104: 20 Columbia Gas & Elec. corn, at 88, ex-div. and rights: 65 Harbison-Walker Refractories
pref. at 108: 50 Pittsburgh Brewing pref. at 11.
San Francisco Stock Exchange.-For this week's record
of transactions on the San Francisco Stock Exchange see
Page 608.
New York Curb Market.-Official transactions in the
New York Curb Market from Jan. 22 to Jan. 28, inclusive:
Friday
Sales
Last Week's Range for
Sale.
Week.
ofPrices.
Par. Price. Low. High. Shares.
West Ended Jan. 28.
Stocks-
Range Since Jan. I.
Low.
Indus. & Miscellaneous.
Ala Gt Sou RR corn_ _50
125 12634
400 124
Preferred
50 125
125 12634
425 125
Allied Packers,com
•
131 134
151
500
134
Alpha Portland Cement_ _•
150 39
40
41
Aluminum Co common__ •
500 7054
7051 7134
Preferred
100 10251 102 10234
200 10194
American Arch Co
100 103
103 10431
225 10234
Am Brown Boveri El Corp
Founders shares
19
19
100 19
Founders shares v t c • 17
17
19
800 17
Amer Cellulose & Chem_ * 92
89
92
70 74
Preferred
uio
107 107
10 100
Amer Cigar common_ _ _100 12234 118 12254
255 e117
Amer Cyanamid cl B com20
34
3451
500 34
Preferred
100 8834 8851 8834
60 8831
Amer Electrice Corp v t c_*
334 334
100
334
Class A
25
1234 1251
200 1294
Amer Gas & ElecCorn (new ex-stk div)_-• 69
6851 7035 8,400 6831
Preferred
• 9734 9754 9794
800 9634
American Hawaiian SS_ _10
954 1034
400
9
Amer Laundry Mach.com• Ill
111 111
100 111
Amer Lt & Trac nom__ _100 229
1,500 22251
22854 233
Preferred
114 114
114
25 114
American Meter Co
•
9051 91
50 8954
Amer Pow & Lt pref_ _100
250 9734
9751 9854
Amer Pub Util, prior 1)1100 8851 8851 8854
10 8751
American Rayon Products*
751
751 751
200
7
Amer Rolling Mill com_ _25
45
4534
520 45
Preferred
100 11135 11134 112
70 110
Amer Seating Corn V t c• 4354 4354 4454 1,600 4334
Convertible Preferred....t 4334 4354 4334
300 4334
Amer Superpower Corp A_• 2834 2834 29
1,900 2731
Class B
• 29
3,400 2831
2854 29
Panic preferred
25 2754 2751 2731 1,200 2631
First preferred
400 9354
9454 95
•
American Thread prat _ _ _ 5
354
33fi 341 3,100
334
Amer Writ Paper v t c____
1054 10
1055 2,300 10
Anglo-Chili Nitrate Corp_* 15
2,100 15
16
15
Arizona Power com___ _100 23
300 22
23
23
Assoc Gas & Elec class A_• 37
3654 3734 10,000 35
Atlantic Fruit & Sugar_ _ _•
141
134 134 2,500
154
Atlas Portland Cement__ *
900 40
4134 4331
Auburn Automobile com.25 87
900 69
81
87
Bancitaly Corp
9451 9834 2,300 8594
25 98
Bancroft(Jos)& Sons,com• 35
35
25 35
35
Beaverboard Cos pref_ _100
38
300 38
38
Bell Tel of Pa 651% pf_100
10 11234
11234 11234
Bliss(E W)& Co com* 2041 2051 21
200 2031
Borden Co common_ _ _ _50 10454 10434 10534 1,400 101
Brazilian Tr L & P ord_100 z113 zI13 115
300 107
Bridgeport Machine com.•
6,100
431
431 5
Brill Corp(new) class A_ _•
4534 4634 1.000 45
Class B
• 2134 2134 2151
400 2134
Brit-Amer Tob ord bear_21 2354 2354 2334 7.700 2334
Brooklyn City RR
5
655 10,000
5
554
10
Bucyrus Co new corn__ _25
54
400 54
5734
Buff Niag & East Pow com• 28
200 2554
2734 28
Caterpillar Tractor
400 2834
2831 2834
•
Celluloid Co. pref
71
71
10 6534
100
Central Aguirre Sugar___50 9854 9754 9834
500 9754
Central Public Serv. com.• 18
18
100 1751
18
Central States Elec. com_•
1851 1834
100 1854
8% Preferred
9234 9334
110 9234
100
Centrifugal Pipe
_* 1654 1651 1751 1,900 1654
Chicago Nipple Mfg
443
Corp__600 4334
cl A50 4434 44
Class B
3254 33
2,100 31
50 33
Cities Service common_20 5431 6234 5454 44.100 5034
Preferred
100 9154 9131 9151 8.600 9154
Preferred B
854 834
200
854
854
10
Preferred BB
500 8151
100 8134 8151 8241
2634 27
Bankers shares
300 2551
27
351a 135.600
3
Colombian Syndicate
3544
2544
13036 14154
Com'wealth Edison_._ _ 100
20 139
Com'wealth Power Corp•
4251
4254 4454 11.500 4251
Common
400 9151
9134 9254
100
Preferred
151 151
100
134
Consol Dairy Products.....•
2.700 5041
Con Gas E L & P Balt com• 5154 5154 52
Consol Gas(N Y)
97
94
3,300 94
94
New common w 1
9234 9144 9334 18,700 9134
Preferred w I
• 21
2051 2154 6,500 2031
Consol Laundries
Copland Products Inc--.
fl 12 1114
grin
II
-_
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High.
12734
130
134
4234
72
10251
109
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan 21
Jan 21
Jan 92
Jan 107
Jan v123
Jan 3551
Jan 89
Jan
451
Jan 1334
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7454
98
1051
115
233
11494
92
9834
8831
8
4654
112
45
4434
29
2951
2751
95
3514
1034
1651
2434
3751
154
44
87
9834
35
38
113
2254
10534
115
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4751
2234
24
634
5951
2854
31
72
101
1854
1836
9334
1854
4454
33
5454
92
851
8234
27
35t4
142
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
45
9254
234
5254
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
97
9354 Jan
2234 Jan
Tan
11
ssi
1.Z
TAn
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Continued) Par Price. Low. High. Shares
[Vol,. 124.
Range Since Jan. I.
Low.
High.
Courtaulds Ltd
1
27% 2834
200 24% Jan 2854 Jan
Curtiss Aeropl & M Qom_ _• 2254 2041 2254 7,300 19
Jan 22% Jan
Preferred
100
8634 89
200 845( Jan 89
Jah
Curtis Pub Co corn
•
17531 175%
20 17054 Jan 178
Jan
57 preferred
• 117% 116% 118
Jan 118
2,430 114
Jan
Davies(Wm)class A
*
27
Jan 27
27
100 27
Jan
Deere & Co corn
100 85
75
Jan 85
85
475 70
Jan
De Forest Radio Corp •
854 Jan 10% Jan
9% 10
1,600
Vot tr etfs of deposit_ _ _ _ ......
syi 800 7% Jan 10% Jan
9
Dinkier Hotels Co cl A
with purchase warrants•
22% 225(
100 2151 Jan 2234 Jan
Dixon (Jos) Crucible.. _100
158 158
Jan 163
20 153
Jan
Doehler Die-Casting
•
18
Jan 193( Jan
800 18
1951
Dubilier Condenser Corp_•
35.4
354 Jan
334 341
4
400
Jan
Dunhill International_
•
22
Jan 25
23%
800 22
Jan
Durant Motors Inc
•
551 Jan
6
754 Jan
551 651 10,100
Duz Co class A
•
954 Jan
951 9%
200
93.4 Jan
Class A v. t. c.
•
85( Jan 11
834 854
300
Jan
Eastern Rolling Mill corn.*
25
Jan 27
25
100 25
Jan
Eitington Schild Co corn....' 3451 3451 3454
200 3351 Jan 3451 Jan
E'en Bond & Share pfd. 100 10751 107% 1075(
630 107% Jan 109
Jan
Elec Bond & Share Secur_• 68% 68% 70
10.300 6851 Jan 7251 Jan
Elec Invest without war_• 34
33
Jan 37
Jan
3554 11,000 33
E'en Pow & Lt, 2d pf A_ _• 9154 90
Jan 91% Jan
9151
450 90
Option warrants
654 Jan
751 Jan
400
6% 654
Empire Pow Corp part atk•
Jan 27% Jan
28% 2651
100 26
Estey-Weite Corp class A_• 1951 1754 48% 53,900 1734 Jan 4841 Jan
Class 13
•
9
7% Jan 1851 Jan
7% 18
7,300
Fageol Motors Co com__10
3% Jan
334
451 Jan
344 454 3,000
Preferred
7
Jan
6
Jan
6
6
100
Fajardo Sugar
100 15754 156% 160
Jan
190 15834 Jan 164
Fanny Farmer Candy St_•
29
Jan 33
Jan
3034
500 27
Federal Purch Corp Cl B..*
Jan
554 555
65( Jan
5
100
Federated Metals
"•
1354 1354
100 12% Jan 14% Jan
Feltman & Curme Shoe A_• 34% 3454 3451
100 3444 Jan 34% Jan
Film Inspect Mach
•
431 514
554 Jan
451 Jan
800
Firestone T & R 7% pf _100 100
9951 100
Jan 100
Jan
250 99
6% preferred
100
120 120
Jan 120
Jan
50 120
Foote Bros 0 & M corn...•
14% 14%
200 1454 Jan 14% Jan
Ford Motor Co of Can.110
418 420
Jan 424
310 410
Jan
Forhan Co, class A
• 18
18
19
Jan
4,200 1751 Jan 19
Foundation CoForeign shares, class A_* 1654 16% 1741 2,200 16
Jan 1851 Jan
Fox Theatres Cl A COM-- -a 22% 21% 22% 2,400 2151 Jan 2331 Jan
Franklin(H H) Mfg corn..' 1751 1751 17%
400 17% Jan 1951 Jan
Preferred
79
Jan 7934 Jan
7934
50 79
Freed-Eisemann Radio__ _•
334 631 8,400
4
331 Jan
741 Jan
Freshman (Cash) Co
• 2051 19% 2251 5,700 18% Jan 23% Jan
Fulton Sylphon Co
• 3931 3954 41
2,400 3934 Jan 41% Jan
Gamewell Co corn
•
5855 5951
175 5354 Jan 5951 Jan
Garod Corp
g 151 2% 5,200
•
1% Jan
351 Jan
General Baking cl A
" 5734 5651 5744 4,900 5631 Jan 6354 Jan
Class B
6%
•
544 6% 22,100
541 Jan
751 Jan
Gen'i Fireproofing com • 5254 51
54
450 51
Jan 54
Jan
General Ice Cream Corp_ _•
43
43
100 43
Jan 4351 Jan
General Pub Serv corn.. _ _• 1351 1241 13% 1,300 1134 Jan 13% Jan
General Silk Corp nom_ _ _•
954
934 10% 2,600
951 Jan 1041 Jan
First preferred
88
100
88
10 88
Jan 88
Jan
Gillette Safety Razor _ _ _• 9351 9151 9441 7,300 91% Jan 95
Jan
CO Spring dr Bump corn_•
951 951
951 Jan 10% Jan
300
Gleasonite Prod com _ _ _ _10 11% 1154 1151 2,000 11% Jan 1251 Jan
Glen Alden Coal
166 174
5,400 166
Jan 179
Jan
Gobel(Adolph) Inc corn_
25% 27% 2,100 25% Jan 28
Jan
Goodyear T & R nom...100 29
28% 2951 4,400 28% Jan 31% Jan
Grand (F&W)5-10-25e St•
62
62
62
100
Jan 6341 Jan
Greif (L) & Bros Inc 7% pf
with warrants
106 106
100
100 104
Jan 106
Jan
Grimes Radio & Cam Rec•
50c 500
500 50c Jan 800 Jan
Habishaw Cable & Wire...* 1954 1954 2051
Jan 20% Jan
400 15
Happiness Candy St el A_•
6%
6
6% 7
Jan
4,500
7
Jan
Founders shares•
6% 63( 7,400
6%
6
6% Jan
Jan
Hazeltine Corp
12% 13
•
600 12% Jan 13
Jan
Hayden Chemical
134 Jan
1% 151
•
100
134 Jan
Hires(Chas) Co CIA com_• 21% 2151 21%
200 21% Jan 22
Jan
Hobart Mfg Co
• 2831 28% 29
500 2851 Jan 29
Jan
Hoover Steel
10% 1055
100 1054 Jan 1051 Jan
Horn & Hardart corn.. •
53
5351
Jan 55
300 53
Jan
Hunt Bros Pack COM CI A..*
2554 2554
100 25% Jan 2534 Jan
Imperial Tobacco of Can_ 5
7
7
7
7
Jan
500
Jan
Industrial Rayon class A.*
641
654 631 3,300
434 Jan
731 Jan
Insur Co of No America..10 52
52
53%
125 62
Jan 5454 Jan
Int Concrete Ind fdrs sha 10
334 314
3
400
454 Jan
Jan
International Silver nom_ _ 108% 10751 112
1,150 102
Jan 11551 Jan
Internat Text Book._ ....100 28
28
28
100 28
Jan 28
Jan
Internat Utilities class A _ 31
30
31
Jan 31
600 28
Jan
Class B
451 431 1,500
•
3
Jan
551 Jan
Johns-Manville Inc
216 • 220
•
50 204
Jan 225
Jan
New common w I
5854 5854 6454 9,000 55% Jan 65
Jan
New preferred w I_ _100
115 11654 1,075 114% Jan 117% Jan
Kawneer Co
29% 2954
•
500 29
Jan 2951 Jan
Keiner-Williams Stpg_ •
1731 1751
100 1751 Jan 17% Jan
Keystone Solether
12e 12c
10
1,000 100 Jan 12c Jan
Kruskal & Kruskal, Inc....' 17% 1751 18
200 173( Jan 1851 Jan
Land Co of Florida
•
2634 2651
100 2654 Jan 36
Jan
Landover Holding CorpClass A stamped
1
14
1454
400 14
Jan 14% Jan
Lehigh Coal dt Navig'n_ _50
11341 115
200 113% Jan 121
Jan
Lehigh Power SecuritiesNew consolidated corp.• 16% 16% 1754 20,300 15
Jan 18
Jan
Lehigh Val Coal Ws new..
4151 40% 43
9,100 40% Jan 40
Jan
Lehigh Valley Coal Sales.50 9854 97
Jan 99
360 96
Jan
98%
Libby, McNeill & Libby _10 1051 10
Jan 1051 Jan
1051
300 10
Libby Owens Sheet Glass25
Jan 159% Jan
140% 145
300 135
Liberty Radio Chain Sts •
150 15e
2,000 150 Jan 200 Jan
Long Island Ltg pref_ _100
108 108
10 10751 Jan 109
Jan
MacAnd & Forbes corn •
100 4051 Jan 41% Jan
4054 4034
Preferred
Jan 102
102 102
30 102
Jan
100
Madison Sp Gard Co v to• 17
1651 1851 3,900 1651 Jan 1851 Jan
Marconi Wirel of Canada_l
100 79e Jan 90c Jan
550
Mare Wirel Tel of Lend_ £1
354 Jan
800
3c51 4
454 Jan
Marmon Motor Car corn.' 5694 56
2,900 47% Jan 6251 Jan
59
McCall Corporation
53% 55
150 52
Jan 5651 Jan
*
McCord Rad & Mfg v t 0..* 19
20
400 19
19
Jan 21
Jan
McCrory Stores warrants_
19
20 19
19
Jan 19
Jan
Mead Johnson & Co corn ..a 4031 3951 4031
725 3941 Jan 40% Jan
Melville Shoe common_ •
64
25 62
64
Jan 64
Jan
Metropolitan Chain Stores*
100 30% Jan 3351 Jan
30% 3051
32
32
25 32
Metropol 51450c St. pf_100 32
Jan 37
Jan
90
3 85
Miag Mill Mach warrant,. 98
98
Jan 98
Jan
110 112
MiddleWest UM corn.... -• 112
300 110
Jan 113
Jan
Prior lien stock
350 11751 Jan 11854 Jan
100 11851 118 11831
550 10551 Jan 108
100 10731 10631 10751
7% Preferred
Jan
100 2351 Jan 2434 Jan
Midvale Co
• 2454 2454 24%
40 101
Miller Rubber prof.... _100 10334 102 10351
Jan 10354 Jan
9154 91%
50 9154 Jan 9151 Jan
Mirror (The) 7% Pref....100
2251 2351 9,600 2041 Jan 235( Jan
Mohawk dr Hud Pow corn• 23
10151 10251
12 101% Jan 105
First preferred
Jan
38% 3851 3851
Jan 385( Jan
Mohawk Valley Co
600 38
200 5434 Jan 60
54% 5654
Moore Drop Fore class A..•
Jan
10
100 10
10
Jan 10
Municipal Service
Jan
32
3231
Murray Corp of Amer w I
800 32
Jan 3454 Jan
9
954
National Baking corn......
9
400
Jan
954 Jan
2434 25
3,000 235( Jan 25
Nat Elec Power,class A-• 25
Jan
3
331
600
10
National Leather
231 Jan
451 Jan
500 10151 Jan 103
NatPower& Light, pref.. • 10154 10134 10234
Jan
20% 2034 215( 2,80
Nat Pub Serv COM class A.
18% Jan 2134 Jan
• 15
1441 1651 2,20
14
Common,class B
Jan 1651 Jan
2
2
200
2%
2
Warrants
Jan
354 Jan
250 37% Jan 3951 Jan
37% 3754 3854
Neisner Bros, Inc, corn......
96
96
1
100
Jan 98
96
Preferred
Jan
2434 2554
Nelson (Herman)Corp.. -5
200 2454 Jan 26
Jan
633
THE CHRONICLE
JAN. 29 1927.]
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High Shares
Neptune Meter class A_ *
Newberry (J J) Co, pref 100
New Mex & Ariz Land__ _1
New On Grt Nor RR_ _100
NY Telep 651% pref-100 11431
Niles-Bement-Pond corn.*
North Amer Car Co,corn.'
Northeast Power, corn_.' 1731
Northern Ohio Power C0_' 11
Nor Ont L & Pow, pref_100
Nor StatesP Corp,00=100 11054
100
Preferred
Nor Texas Elec Co,com100 80
Ohio Bell Telep 7% pf_100
Ovington Bros partic pref.*
Pao Gas & Elec 1,t pf new.
*
Pacific Steel Boiler
25
Parke Davis & Co
_*
el
A
Pender(David) Groc
Penney (J C) Co A pf--100
Penn-Ohio Edison new w!
* 8055
86 preferred
Warrants
9
Penn Ohio Secur Corp_._ _*
*
6% preferred
Pa G & E CIA Part stk...'
•
Penna Pow & Lt pref
Penn Water & Power__100 178
*
Stores
Drug
Peoples
25 4931
Phila Electric. corn
Phillip-Morr Cons Inc corn* 1835
25 20
Class A
Pick (Albert) Barth & Co*
Preferred class A
Pillsbury Flour Mills_ _ _50
Pittsb dr Lake Erie com_50 16734
Por Rico Am Tob A corn 100
*
Class B common
* 5134
Pratt & Lambert
Procter & Gamble corn_ _20 186
105
Prudence Co 7% pref
Puget Sound P&L,com.100 3151
Seven per cent pref._100
10
934
Pyrene Mfg
When issued
Rand-Kardex Bureau____' 6655
550
Warrants
Realty Associates com_* 230
Rem Noise'Ty pew corn A.*
10 2134
Reo Motor Car
Republic Mot Trk v t C.
Richmond Radiator corn.*
100 47
Preferred
Rickenbacker Motor
1
•
Royal Bak Powd pref._100
Safety Car Htg & Ltg_ _100
Safeway Stores corn
• 234
St Regis Paper Co
*
Savannah Sugar com_ •
Schulte Real Estate Co_ *
Schwartz(Bernard)cow A•
Seeman Brothers, corn...'
Serval Corp (Del) coin...*
8/5
Sherw Williams Co com_25
Sierra Pacilic Elec com_100
Silica Gel Corp corn v t c_* 17
Silver (I) Bros, Inc,corn._'
Singer Mfg
100 385
Singer Mfg,Ltd
El.
Snia Viscosa ord (200 lire).
8
Dep rects Chase Nat Bk_
855
Sou Calif Edison prat A..25
Preferred B
25
Southern G & P. class A_.' 2151
Ereastern Pow & Lt com _* 3055
Corn vot trust certifs_.* 28
•
$7 preferred
Participating preferred _• 6734
831
Warrants to pur corn stk_
Southwest Bell Tel pi_ _100 115%
Southw Pr & Lt 7% pf _100
Splitdorf-Bethlehem Elec.* 19
Stand Comm'i Tobacco_ _4, 22
Stand a & El 7% prat _100
Stand Pr & Lt class A_ _25 23
Stand Publishing cl A_ _25
Standard Textile pref B 100
•
Stern Bros class A
Stromberg-Carlson Tel Mf*
*
Stroock (S) & Co
*
Stutz Motor Car
Swift & Co
100
15 2251
Swift International
• z5855
Tampa Electric Co
Thom pson(RE)Radio v tc*
Timken-Detroit Axle_ _10
354
Tobacco Prod Exports.„*
Todd Shipyards Corp_ _ _* 4991
Trans-Lux Day Pict Screen
734
*
Class A common
25
Trumbull Steel corn
10
Truscon Steel
Tubize Artificial Silk cl B_• 145
Tung Sol Lamp Wks cl A-*
*
Common
Union & United Tob corn.* 85
United Artists Theatre Co
Allot etts for coin & pf stk 9555
831
(Jnited Biscuit class B....*
United Elm Coal Cos v t c * 23
50 8955
United Gas Impt
United Light & Power A_ _4. 1351
*
Common class B
*
Preferred A
*
Preferred B
United Profit Sharing corn*
U 13 Distributing corn_ _ _ _4, 1335
100 8831
7% cony prat
U S Gypsum corn
20 97
Preferred
100
US Light & Heat corn_ _10 8455
10
Preferred
U S Stores Corp, class A_ _* 14
oi
•
Class B
Univ Leaf Tobacco cons...* 4355
• 80
Universal Pictures
Utilities Pr & Lt class B. *
Utility Shares Corp corn- •
2
Option warrants
Van Camp Packing prof_
Victor Taik'g Mach old 100
Warner Bros Pictures....' 30
Warner-Quinlan 00
*
Wesson 0&SD com v t ii_•
•
Preferred
Western Dairy Prod el A_*
• 16
Class 13 vot tr at
West Md Ry lst pref. _100
Western Power, pref-_100 9955
Wheel& L E Ry pr 1 stk 100 165
White Sewing Mach corn.* 19
1134
2334
23
85
85
1151 1236
2834 3034
11334 115
183.4 19
2951 2934
1731 18
1074 1234
88
88
110 11111
10174 10135
30
30
111 112
935 935
253.4 2514
12
1234
13934141
48
48
100 100
2734 2734
8034 81
1035 1134
9
931
81
81
20
2034
10734 10715
178 181
30
3054
4951 51
18
1934
20
2034
300
70
2,200
2,300
175
400
50
3,700
7,300
100
1,300
50
100
70
400
200
400
170
100
10
400
80
2.400
2,000
100
1,100
50
350
800
100
4,400
700
400
1234 13
50
5454 5434
16734 17334 1,100
100
81
81
200
35
35
2,200
51
53
620
182 186
125
10334 105
100
3154 3154
10
106 106
700
93,4 914
300
955 915
66
693.6 39,400
20
550 605
70
230 232
300
3451 36
2134 213,4 4,200
1,200
414 5
800
21
22
400
47
4711
1
134 3,600
120
101 101
40
12534 126
550
233 238
50
4315 4334
10
133 133
75
1531 1531
100
955 934
100
2751 2734
831 954 7,500
100
4455 4411
200
2755 2755
1854 3,600
17
50
3151 3154
190
375 387
100
531 555
1,500
73,4 8
734 854 2,500
400
2855 2854
200
25
2534
2154 2255 1,500
3134 10,100
30
100
28
28
70
105 105
300
6734 6754
855 874 1,100
180
11554 118
70
104 10554
800
1855 19
4,900
203.4 22
50
10534 106
300
2436
23
536 055 1,800
200
15
15
25
45
45
800
3934 4034
300
4015 4234
900
1655 1715
350
118 11931
4,700
2151 23
5754 5954 1,300
900
250 250
300
1251
12
500
331 334
500
4951
48
754
1054
24
145
1751
9
8154
734
1034
2431
151
1754
9
85
4,400
400
500
170
400
500
2,600
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Range Since Jan. 1.
Low.
High.
Jan
100 15
15
15
Jan Williams 011-o-Matic Heat* 15
Jan
700 32
33
3331
Jan Yellow Taxi of New York.* 33
Jan
RightsJan
200 550 Jan
63c 630
Jan Bancitaly Corporation-- 630
43,4 Jan
17,500
411 5
Jan Consolidated Gas(N Y)_ _ _ ______
500 80o 18.000 500 Jan
Jan
Preferred rights
Jan
Former Standard Oil
Jan
Subsidiaries.
Jan
700 1934 Jan
Jan Anglo-AmerOil(votsh).R1 2054 2036 2055
300 1915 Jan
Non-voting sock....1 1934 1954 1935
Jan
Jan
150 63
65
65
Jan Borne-Scrymser Co_ _ _ _100 65
Jan
400 45
47
45
50 45
Jan Buckeye Pipe Line
200 7655 Jan
8034 81
25
Jan Chesebrough Mfg
Jan
18,200 20
Jan Continental 011 v t c_ - _ _10 203.4 2034 22
Jan
90 106
110 117
Jan Cumberland Pipe Line_100 117
47
Jan
100
4835
483.4
100
Jan Eureka Pipe Line
1,600 1051 Jan
1255 13
Jan Galena-Signal Oil com_100
80 4515 Jan
4534 4754
100
Jan
New preferred
Jan
30 60
50
50
100
Old preferred
Jan
Jan Humble Oil & Refining _ _25 5855 5834 6134 8,900 5815 Jan
4150 12334 Jan
12734 1283.4
100
Jan Illinois Pipe Line
4234 27,600 3734 Jan
Jan Imperial Oil (Canada)___* 3954 39
Jan
200 61
6134 63
50 63
Jan Indiana Pipe Line
1334 1334 1,200 1334 Jan
Jan National Transit_ __12.50
300 3134 Jan
3135 3155
100
Jan New York Transit
Jan
350 70
7234 73
Jan Northern Pipe Line__ _ _100 73
25 6055 6035 6134 3,300 5935 Jan
Jan Ohio 011
200 1655 Jan
19
18
25
Jan Penn-Mex Fuel
Jan
14,400 52
25 z5231 z5255 55
Jan Prairie Oil& Gas
Jan
750 132
13331 135
100
Jan Prairie Pipe Line
Jan
100 194
197 200
100 197
Solar Refining
Jan
400 38
25 3834 3855 40
1235 Jan 1334 Jan South Penn 011
Jan
100 24
2534 2534
50
8214 Jan 5711 Jan Southern Pipe Line
16755 Jan 17855 Jan Standard 011(Indiana)_25 7034 6934 7234 71,900 6734 Jan
Jan 85
Jan Standard 011 (Kansas)__25 log 1934 2054 1,000 1934 Jan
81
1,100 11844 Jan
25 11934 11834 121
Jan Standard Oil(Ky)
35
Jan 35
900 4611 Jan
4834
25 4831 48
Jan 5355 Jan Standard Oil(Neb)
51
Jan 19234 Jan Standard Oil N J new par
180
3755 Jan
1,600
3754
3854
373.4
Jan
10234 Jan 105
paid sub receipts
Jan
200 335
338 346
3036 Jan 3331 Jan Standard 011(0) coin_ _100 341
118
Jan
70
120
t11751
z11731
100
106
Jan
Preferred
Jan
10336
Jan
100 15
15
15
951 Jan 1434 Jan Swan & Finch Oil Corp__ _ _ 15
7.100 9535 Jan
98 102
25 98
9% Jan Vacuum Oil
955 Ja
Jan 703.4 Jan
57
Jan
Jan 610
Other Oil Stocks.
400
Jan
Jan 245
225
134 Jan
134 215 58,000
131
Jan 36
Jan Amer Contr 011Fields._ _ _ 5
34
474 Jan
434 654 26,900
551
•
Jan Amer Maracaibo Co
Jan 23
20
755
Jan
600
754
73.1
Gas_
_10
551 Jan Arkansas Natural
435 Jan
135 Jan
100
151 111
*
Jan Atlantic Lobos coin
Jan 23
21
Jan 49
Jan Barnsdall Corp stk perch
47
511 Jan
534 534 1,500
Jan
warrants
151 Jan
1
1855 1835 5.900 1855 Jan
*
Jan 10115 Jan Beacon Oil Co corn
100
2014
Jan
1,500
20/5
2255
2255
new
12534 Jan 12751 Jan British Amer 011
3,000 24c Jan
24c 260
10
Jan 238
Jan Cardinal Petroleum
233
2455 2435 2531 6,2(0 2334 Jan
Jan Carib Syndicate
4034 Jan 46
Jan
2,300 24
24
25
Certificates of deposit_ _ _ 24
Jan
Jan 133
133
855 Jan
100
9
9
Jan Consolidated Royalties_ _1
1534 Jan 17
13
Jan
37.800
1354
1434
14
*
Syndicate
934 Jan Creole
914 Jan
234 Jan
255 234 3,200
214
Jan Crown Cent Petrol Corp_ _*
Jan 28
27
855 1015 5,200
434 Jan
851
*
974 Jan Darby Petroleum
774 Jan
834 Jan
835
834 1055 11,400
Voting trust certificates_
Jan
4455 Jan 45
Jan
100 10
1014 1034
2655 Jan 2755 Jan Derby 011 & R.efin, pref'
255 Jan
35,500
234
331
3
Corporation_
_1
011
1434 Jan 1815 Jan Gibson
1
Jan
500
13.4
134
13.4
313(1 Jan 3234 Jan Gilliland Oil, cons. v t c__*
Jan Gulf MCorp of Penna_25 9434 9414 9555 3.800 9231 Jan
Jan 387
365
555 Jan International Petroleum_.* 3254 3254 3334 26,500 31% Jan
Jan
5
111 Jan
134 211 8,500
251
*
8
Jan Kirby Petroleum
Jan
5
811 Jan
851 934 4,900
835
5
Jan
834 Jan Leonard 011 Develop't_ _25
Jan
5 2615 2435 2635 4,800 24
27% Jan 2855 Jan Lion 011 Refining
400 750 Jan
75c 90c
243.4 Jan 2556 Jan Livingston Petroleum_ •
Jan
2,500 37
37
41
2154 Jan 2234 Jan Lone Star Gas Corporation 37
155 Jan
155 235 20,000
135
30
Jan 3234 Jan Magdalena Syndicate_ _ _ _1
200 1211 Jan
* 1254 1251 1236
Jan Margay Oil
Jan 31
28
2
Ja
100
2
2
Jan Marland Oil of Mexico_ _I
10151 Jan 105
211 Jan
231 231 7,300
251
Jan Mexican Panne.) 011.. _ _ _ 10
673.4 Jan 68
1151 1141
Jan
100 11
*
9
Jan Mexico Ohio 011
855 Jan
260 310 26,000 26c
Jan
11434 Jan 118
Jan Mexico 011 Corporation_10 270
100
155 155
131 Jan
1
104
Jan 10555 Jan Mountain & Gulf 011
Jan
Jan Mountain Producers--10 2534 2555 26% 4,700 25
Jan 22
18
20 192
Jan
195 195
100
Jan National Fuel Gas
1934 Jan 22
5
Jan
1,500
535
531
535
Bradford
011
5
10455 Jan 106
Jan New
100
934 Jan
911 931
931
25
23
Jan 2435 Jan New York 011
511 Jan
655 Jan North Central Texas 011_* II% 1154 1155 1,200 1134 Jan
711 Jan
73,4 815 3,200
751
15
Jan 15
Jan Pandem 011 Corporation_*
3,900 1174 Jan
1135 12
45
Jan 45
Jan Pantepec 011of Venezuela.* 12
1236
Jan
200
1251
1251
Corporation_
•
011
3955 Jan 42
Jan Pennok
Jan
1,300 19
19
23
25
4055 Jan 44
Jan Red Bank 011
1331 1,000 1254 Jan
13
14
Jan 1774 Jan Reiter Foster Oil Corp_ _ _'
21.0 270 11,400 2Ic Jan
11574 Jan 11911 Jan Royal-Can 011 Syndicate_* 250
5
Jan
500
65,
1 655
S
2135 Jan 23
Jan Ryan Consol Petrol
73,4 Jan
400
751 751
49
Jan 6034 Jan Salt Creek Consol Oil_ _ _10
250 Jan 260 Jan Salt Creek Producers_ _ _10 3055 303.4 3134 3,900 3055 Jan
314 651 2,100
655
5
3
Jan
12
Jan 1254 Jan Savoy Oil
2255 1,200 21 4 Jan
21
351 Jan
335 Jan Tidal Osage voting stock_* 21
2,900 1955 Jan
1954 21
• 20
4631 Jan 4951 Jan
Non-voting stock
Tide water Associated 011* 2251 2234 2334 9,100 213.6 Jan
100 94% 9454 9555 2,900 9336 Jan
734 Jan
Preferred
834 Jan
6% Jan
034 651 6,800
955 Jan 1035 Jan Venezuela Petroleum _ _ _ _5
655
24
Jan . 263.4 Jan Wilcox (H F)011.5 Gas' 3034 3034 3235 15,300 2855 Jan
100
735 . 754
145
Jan 159
Jan Woodley Petroleum
6% Jan
*
4
4
Jan
300
455
1731 Jan 1855 Jan "Y" Oil& Gas new
9
85,4 Jan
Jan
8151 Jan 8874 Jan
Mining Stocks-
23
85
113.4
1955
11334
1834
29
1611
974
84
10951
10054
27
111
955
2555
12
13934
47
100
2734
8055
1034
9
81
19
106
17551
30
4931
17
1934
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
400 9555 Jan
9555 9555
7
Jan
93,4 7,300
8
Jan
200 23
24
23
2,900 8915 Jan
8951 92
1336 1494 13,200 1315 Jan
Jan
1635 1,300 14
14
Jan
50 85
8854 8834
50 5034 Jan
5054 6051
Jan
200 10
1034 1054
1234 1551 4,100 1254 Jan
1,000 8851 Jan
8831 90
Jan
300 94
98
94
Jan
450 115
115 116
Jan
3251 3454 1,200 29
73.4 Jan
400
756 754
Jan
100 13
14
14
515 Jan
100
04 536
4235 4314 13,700 3734 Jan
Jan
500 30
38
30
800 1354 Jan
14
1455
Jan
100 10
10
10
1,700
134 Jan
13.4 2
400 1514 Jan
153.4 1655
152 15314 1,200 15015 Jan
2731 8151 12,100 273,4 Jan
300 2535 Jan
2534 2551
850 52% Jan
54 . 5534
130 9755 Jan
9714 99
200 4851 Jan
4851 4836
1555 Jan
900
1535 16
Jan
165 98
11634 123
Jan
20 98
9934 9955
90 165 ' Jan
165 171
1834 2054 5,840 1534 Jan
2336
85
1236
3055
115
19
2931
1834
1234
88
1113.4
10134
30
112
10
263.4
1234
146
48
102
273.4
82
1134
1034
81
2034
108
181
3155
53
2055
22
9555
93.4
2654
93
1511
1635
8851
5031
1051
1531
9055
110
116
3451
8
14
534
4534
41
1454
1031
234
1655
1593.4
3354
26
5934
9915
4954
1634
123
100
171
2034
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
700 51c
700 Doc
American Exploration__ _1 900
50 110 43,100
4c
Amer Tin & Tungsten__ _1
5,000
So
60
Sc
Arizona Globe Copper_ _1
45
100 45
45
Bingham Mines Co
10
400 1211
13
1355
Carnegie Metals
10
331 331
311
100
1
Chief Consol Mining
235 2Z511 1,400
234
Consol Copper Alines_ _I
80
1
7c
2,000
80
Cortez Silver Mines
2n1r 2I11
234
100
Cresson Cons G M & M _1
60
70
Divide Extension
1
50
7,000
70
5
Engineer Gold Mines,Ltd 5
43.4
451 '9454 3,700
1
5c
60 21,000
50
Eureka Croesus
Sc
Falcon Lead Mines
1
6,500 700
70c 720
First Thought Gold Mines1
3c
1,000
3c
3e
60
3,000
60
60
Forty-Nine Mining
1
154
I% 155 2,400
Golden Centre Mines__ _5
131
9,000
40
50
Golden State Mining_ _ _10c
30
50
Goldfield Consolidated _1
90
1,000
90
9e
Hawthorne Mines, Inc_ _ _ 1
60
6c
60
80 57,000
Hecia Mining
25c 1431 1435 1434 2,000 1434
Hollinger Cons Gold Mln_5
100 2031
2034 2051
Kay Copper Co
154
114
1
151 PH 255,300
Kerr Lake
900 78e
800 820
5
Mason Valley Mines
131
200
131 151
5
131
Mining Corp of Canada-5
334
200
351 355
300 2255
New Cornelia
23
2354
5 23
200 184
New Jersey Zinc
100 18531 184 187
800 6751
Nevrmont Mining Corp_10
6835 6931
100 11
N Y &Hond Rosario Min_
11
11
8
NipissIng Mines
9 1055 22,800
955
5
Noranda Mines, Ltd
• 20
1036 2154 17,100 1934
254
900
231 355
North Butte
15
8,000 45c
450 480
Ohio Copper
1 450
25
2534 3,600 25
Patino Mines & Ent Cono20
15
Jan
3434 Jan
75c
5
80e
Jan
Jan
Jan
2134
2054
85
48
82
2234
117
4934
13
5934
6034
6234
1283.4
4234
63
14
3134
7334
6234
19
5535
13534
200
4135
2554
7454
2034
12234
4834
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jam
Jan
Jan
Jan
Jas
Jan
Jan
Jan
Jar
Jan
Jar
Jar
Jar
Jar
Jar
• 3955
354
121
16
103
Jar
Jar
Jar
Jar
Jar
Vis
734
751
134
Jan
Jar
Jar
Jar
63.4
2055
2215
26c
283.1
26
915
1434
3
1015
103.4
12
39-1
13,
1
9634
3336
236
934
2655
9.50
4336
236
1234
. 2
3
1234
38c
155
2674
203
535
1036
1154
844
12
1354
2454
1515
30c
7
8
3174
651
2554
23
2334
95%
7
3294
8
6
Jar
Jai
Jai
Jai
Jai
Jai
Jar
Jai
Jai
Jai
Jai
Jai
Jai
Jai
Jai
Jas
Jai
Jai
Jai
Jar
Jai
Jai
Ja]
Jai
Jai
Jar
Ja
Jo
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Jo
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Ja
Jan 90c
Jan 110
130
Jan
Jan 45
Jan 1334
Jan
331
3
Jan
Jan 12e
2110;
Jan
7c
Jan
534
Jan
Jan
60
Jan 78e
40
Jan
70
Jan
155
Jan
60
Jan
Jan 110
Jan 11e
Jan 1551
Jan 2015
Pis
Jan
Jan 82e
255
Jan
340)
Jan
Jan 24
Jan 193
Jan 6931
Jan 11
Jan 1034
Jan 24
355
Jan
Jan 490
Jan 2534
Ja
Js
Js
Ja
Js
Js
Ja
is
Is
Js
Js
Js
Jr
Js
Je
is
Jo
Js
is
Ji
is
Js
Js
Js
,Js 11
Js
Jr
Jr
Jr
Js51
is51
Ja 51
Js51
Js
634
THE CHRONICLE
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Mining (Concluded) Par Price. Low. High Shares.
Premier Gold Mines
1
Red Warrior Mining
1
Reorg-West Divide M__10c
San Toy Mining
Shattuck Den Mining
Silver King Coalition M in.5
South Amer Gold & Plat...I
Spearhead Gold Mining__ 1
Standard Silver-Lead__ _I
1
Teck-Hughes
Tonopah Belmont Deve1 1
1
Tonopah Mining
Tr -Bullion Smelt&Dev.10c
United Eastern Mining._ _ I
United Verde Extension.50c
Utah Apex
5
Utah Metal & Tunnel._ _1
Wenden Copper Mining_ _1
West End Consolidated_ _5
West End Extension
1
Western Utah Copper....
Yukon Gold Co
5
134
19e
50
Sc
80
54
5%
834
835
334
3e
19e
53(
534
235
311, 31,8
70
500
22%
6
6
14
235
3
9c
30
30
40e
40t/
1141, 1.100
24e
4.000
Sc
6 000
6c
8.00 1
400
6
300
84
200
335
30 16.000
1.000
19e
635 4,600
235
900
335
900
70
1,000
100
500
23
900
6g 1.300
r,
2.500
3g 2.600
0c
2.000
30
5.600
2,000
3c
400
1,000
Range Since Jan. 1.
Low.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
235 Jan
ge
Jan
30 Jan
3o
Jan
40e
Jan
134
16e
40
50
531
835
34
Sc
160
534
235
3Its
70
50c
22%
5%
High.
Iteit
24e
60
130
6
831
335
4c
20c
631
21),
3%
100
530
24%
635
Iii,
3%
90
3c
30
40e
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
BondsAlabama Power 5s___ _1956
99% 99% $5.000 9935 Jan 99% Jan
Allied Pack deb 85_ __ _1939 73g 7335 7414 17.000 73
Jan 76
Jan
Debenture 68
Jan 66
593( 6035 17.000 .58
1939
Jan
Aluminum Co 75
1933 10514 1054 105% 50.000 105% Jan 10531 Jan
Amer 0 & El 68, new 2014 103% 103% 10314 317,000 10114 Jan 10334 Jan
American Power & Light13s. old without warr 2016 102% 102 1024 268.000 101
Jan 1034 Jan
Amer Roll Mill 6s
Jan 10331 Jan
1938 1034 103% 1034 7.000 103
Amer Seating 6s
103% 104% 123 000 10134 Jan 1044 Jan
1938 104
American Thread 68..1928
9.000 101% Jan 102
101% 102
Jan
Am Wat Wks & El 68.1975
Jan 1034 Jan
101% 1024 69.0001 99
Am Writing Paper 68.1947 834 83
Jan 8335 Jan
8335 20.0001 82
Anaconda Cop MM 6s.1929 10235 101% 10231 37.000 10114 Jan 1024 Jan
Andlan Nat Corp 68_1940
Jan 102
5.00(1 101
Without warrants
Jan
102 102
Appalachian El Pr 58_1956 964 96% 964 106.0001 9534 Jan 96% Jan
Arkansas Pr & Lt 5s_ _1956 95% 9531 96
12 000 95g Jan 96
Jan
Associated G & El 65.19.35 103% 103% 10435 225,000 102% Jan 104% Jan
Jun 9755 Jan
Assoe'd Sim Hardw 6348'33 9714 97
97% 61.000 97
Jan 20
Atlantic Fruit 8s
1.000 19
20
Jan
1949
20
Batavian Petr deb 4355 '42 964 96% 96% 105.000 96% Jan 96% Jan
Jan 10335 Jan
Beacon Oil 6s, with warr'36 10235 102% 1024 36,000 102
Jan 99
Beaver Board 8a
16.000 98
Jan
1933 984 98
99
Bell Tel of Canada 58_1955 101% 101% 101% 42.000 10114 Jan 10135 Jan
Berlin City Elec 6358-1951 9831 98% 99 472.000 9734 Jan 91
Jan
Jan 10034 Jan
Berlin Electric 834o. _ _1929 10034 100% 10034 12.000 100
Berlin Elec Elev 630_1956 9835 9831 9931 582.000 96% Jan 9931 Jan
Boston & Maine RR 138 '33 10134 10155 10135 14.000 100% Jan 10135 Jan
Brunner Tur & Eq 7358 '55
89% 904 29,000 85% Jan 904 Jan
Buffalo Gen Elea 55 1956
19,000 103
Jan 1034 Jan
103 103
Burmeister & Wain Co of
Copenhagen 15-yr Os '40 944 9431 9431 2,000 94
Jan 95
Jan
Calif Petrol deb 4358_1939 97
96% 9731 137.000 96% Jan 974 Jan
Canadian Nat Rya 75_1935 1114 11114 11135 30 000 1113( Jan 111% Jan
Canadian Pacific 4355_1946
964 96% 33.000 9535 Jan 96h Jan
Carolina Pr & Lt 58_1956 10034 10034 100% 25.000 100
Jan 1001
4 Jan
Chile Copper 55
1947 9614 064 96% 159.000 964 Jan 96% Jan
Cities Service 14
09% 100 514.000 984 Jan 100
1966 100
Jan
Cities Service 75, ser D 1966
Jan 126
4.000 123
1244 125
Jan
Cleve Elec 11114. ser B 1961
103% 103g 36.000 103% Jan 103% Jan
Cleve Term Bldg 68..1941 100
22.000 100
wo
Jan 100
ioo
Jan
Columbia Gas & El 58.1928
wog 100% 3 000 1004 Jan 10035 Jan
Commander-Larabee 88 '41 9735 97
50.000 954 Jan 98
98
Jan
Coos 0 El & P68, ser A '49
1074 107% 15,000 10735 Jan 1084 Jan
58. series F. new--_1965
,1.000 102
102 102
Jan 102% Jan
5358. series E
1952
106% 1064 7.000 10831 Jan 1064 Jan
Consul Publishers 634s '36 9831 98% 98% 5.000 91331 Jan 99
Jan
Consul Textile 85
1941 96
054 9634 35.000 8931 Jan 96% Jan
Container Corp 613
1946 9814 98
984 39.000 9731 Jan 984 Jan
Cuba Co 6% notes...1929 974 974 9731 18,000 964 Jan 98
Jan
Cuban Telephone 7358 '41 1104 11031 11031 4.000 110% Jan 11135 Jan
Cudahy Pack deb 5358 1937 974 9735 98
40.000 9431 Jan 98
Jan
55
1946 9931 9935 9931 37.000 9754 Jan 9931 Jan
Detroit City Gas 68-1947 1074 107 10735 17,000 1064 Jan 107% Jan
5s. series B
1950 1004 1004 10034 02.000 100
Jan 100% Jan
Det Edis cony deb 784...1928
133% 133% 2,000 13335 Jan 13334 Jan
Duke-Price Pr 1st 68.1966 105
105 105% 57.000 1044 Jan 10556 Jan
E Tenn Off Bldg 6358_1943 99
2.000 99
99
99
Jan
Jan 99
Eitingon-Schild 138...A938
9734 9735 10.000 974 Jan 97% Jan
Elec Refrigeration 8.5 1936 9214 92
95% 32.000 92 .Jan 9735 Jan
Federal Sugar 6s
72.000 85
89
Jan
Jan 89
88
1933
Fisk Rubber 5358....1931 974 9734 98
88.000 974 Jan 98
Jan
Florida Power & Lt 58_1954 94)4 9435 94% 58.000 934 Jan 94% Jan
Gair (Robert) Co 78_ _1937
1044 1044 4.000 1044 Jan 10431 Jan
Jan 92
Galena-Signal 011 75_1930 91
Jan
90
9135 18.000 90
Gatineau Power 5&_.1956 974 97
9735 39.000 944 Jan 9735 Jan
82.000 984 Jan 100
6s
Jan
1941 99% 99% 100
Jan 10135 Jan
General Petroleum 68.1928
10131 101% 48.000 101
Jan
Jan 98
Georgia & Florida RR 6516
15.000 98
98
98
75.000 974 Jan 98
Jan
Goodyear T & R 5s-1928 98
9734 98
Jan 974 Jan
14.000 95
Goodyear T&R Cal 5358'31 97
964 97
Jan
Grand Trunk Ry 6358.1938 10814 10814 10831 34,000 108.4 Jan 109
Great Cons Elea 00 1950 9614 95% 96% 96.000 93% Jan 964 Jan
1937 10014 1004 100% 39.000 wog Jan 1004 Jun
Gulf Oil of Pa 58
Ss
1947 10014 100% 100% 28,000 100% Jan 1004 Jan
Gulf States Mils 58.-1956 954 9531 9535 130,000 9431 Jan 95% Jan
Jan
Hamburg Elec Co 73-1935 102
23.000 1004 Jan 102
100% 102
Jan 9834 Jan
Hood Rubb 5355_Oct 15'36 9731 9735 98
39.000 97
78
103 1034 31,000 102% Jan 103% Jan
1936
Illinois Pow& Lt 53,
25.1954
10035 100% 5,000 100% Jan 10035 Jan
Indep Oil & Gas648_ _1931
Jan
13.000 101% Jan 102
101% 102
Indiana Limestone 138_1941 9814 98% 99
73,000 98% Jan 993( Jan
Indianapolis P & L 6s 1936 104
1034 10435 73.000 100% Jan 104% Jan
58 series A
Jan 984 Jan
1957 98
98
984 32,000 98
Internat Gt Nor 5s B_1956 9935 994 9931 83.000 9731 Jan 9935 Jan
Internat Paper 68.___1941 9831 98
Jan 9831 Jan
98% 190,000 98
Interstate Nat Gas(4_1936
Without warrants
102 102% 23.000 10034 Jan log Jan
Jeddo-Highland Coal 68 '41 10214 102% 102% 23.000 102
Jan
Jan 103
Keystone Telep 5%8_1955 9014 90% 91
Jan
10,000 904 Jun 01
Krupp (Fried) Ltd 7s.1929 10235 1024 10231 48,000 994 Jan 1024 Jan
Laclede Gas Lt 5558-1935
10135 10135 7.000 101
Jan 1014 Jan
Lehigh Pow Secur 83-2026 984 984 984 229,000 9535 Jan 98% Jan
Leonard Tints Inc 735s '48
With stk pur warrants-- 11231 1124 113% 38.000 109
Jan 114% Jan
1034 104
8,000 103% Jan 1044 Jan
Libby McN & Lib 7s. 1931
4,000 108% Jan 10.1
10831 109
Jan
Ligg Winchester 78...1942
Lombard Elec Co 75-_1952 9531 9435 953i 353,000 944 Jan 054 Jan
Long fold Ltg Co 68...1945 1024 102% 1034 18,000 10214 Jan 1034 Jan
70,000 98
Jan 100% Jan
Manitoba Power 5158.1951 9936 9935 100
Mansfield Min & Smelting
109 11034 82.000 104
Jan 1104 Jan
(Germany)78 with war'41 109
10035 100% 101
17,000 99
Jan 1014 Jan
Without warrants
Mass Gas Cos 5411-1940 10314 103% 103% 43.000 103% Jan 1044 Jan
92
92
3,000 92
Jan 95% Jan
McCallum Hosiery 6148 '41
984 43.000 98
98
Jan 98% Jan
McCrory Stores 5358-1941 98
Jan
Mlag Mid Mach 78-.1956 10631 106 10714 145,000 9735 Jan 108
9735
97
33.000
Jan
warrants
98
93
Jan
put
stk
Without
9734 9834 36.000 9735 Jan 100
Jan
1936
Midwest Gas 78
Missouri Pacific RR 551927 10034 10034 10031 4.000 1004 Jan 100)4 Jan
Jan
Montecatini (Italy) 79.1937 9734 97% 98 307,000 9735 Jan 98
98% 36.000 974 Jan 984 Jan
.48 984 98
Montgomery Ward 58_19
45,000
99%
994
99%
99%
Jan
Jan
99
51
A
P68
Montreal L H &
104% 1.000 102% Jan 10435 Jan
Morris & Co 748----1930 10414 103%
78.000 98% Jan 100
984 100
Jan
Nat Dist Prod 6%8.-1945 100
1004
62,000 99% Jan 100% Jan
994
99/4
Nat Pow & Lt 65 A---2026
Bonds (Concluded)-
[VOL. 124.
Friday
Last Week's Ranw Sales
Sale
ofPrices.
for
Price. Low. High Week
Range Since Jan. 1.
Low.
High.
Nebraska Power 13s. _2022
10335 10334 10.000 102% Jan -.
10
-3-34 Jan
Nevada Cons 58
1941 10034 100% 10234 16.000 10035 Jan 102% Jan
New Orl Tex & M RR 5858 10314 10335 103% 70.000 1024 Jan 1034 Jan
N Y Trap Rork 1st 6s.1996 98% 9835 9834 6.000 964 Jan 9834 3Jan
Niagara Falk Pow 6s 1950
Jan 107
106 107
21.000 106
Jan
Nor States Pow 6 hs._1933 111% 11135 113
18.000 11 35 Jan 1134 Jan
634s gold notes
1933 10335 103 1034 19.000 103
Jan 1034 Jan
North,Amer Edis 55 A_1957 98% 9831 9834 2.000 984 Jan
Ohio Power 75 ser A..- _1951 106
Jan 10
96
831 j
5.000 165
106 106
Ja
mil
Ssserlesfl
1952 gag 984 984 86 000 9731 Jan 99
Jan
44s series D
1956 903( 9031 90% 85 000 893( Jan 9035 Jan
Ohio River Edison 53.1951 9734 9731 974 42.000 07
Jan
Jan
Okla Natural Gas (3s_ _1941 9931 9955 9935 22.000 99
993
8 i Jan
Jan 9
Pan Amer Petrol 68_1940 100
100 10034 95.000 9035 Jan 100% Jan
Park & Tilford 138
1931
963( 9635 5.000 964 Jan
34
Penn-Ohio Edison 13s_ _195,2
.
j
J
1a
atta
117% 1194 20 000 11535 Jan 171
n
Without warrants
3.4
9731 9731 9735 92.000 953( Jan
Penn Pow & Light 511..1952
Jan 10'
Jan
09% 100
9 000 99
58 series D
1953 99% 9935 09% 16 000 9935 Jan
Jan
Phila.Electric 68
1941
10734 10731 3 0(10 107 14 Jai
55
93
9794 j
1960 103
Jan
103 103
3 000 1024 Jan 10
Phil& Elec Pow 5355._1972 1034 1034 104 113 000 1024 Bo 104
Jan
Phila Rap Transit 135_ _1962 100
9931 100
8.000 9931 Jan 170(4 Jan
Pnrto Rican Am Tob 68'42 99
Jan
99
9934 65.000 99
Potomac Edison 5s...1956 0674 96% 964 18.000 9635 Jan 97
934 j
Ja9
n
Pub Sere Corp NJ 534s'58 101
11304 101
72.000 1004 Jan 10131 Jan
Pure 011 Co 6358
Jan 1034 Jan
1933 10335 10331 103% 22.000 103
Rand Kardex 5358 w'thout
warrants_
1931
100% 1004 1.000 9831 Jan 100% Jan
Richfield 011 of Calif 681941
Jan 99
Jan
99
99
2.000 99
Banda Falls Co 58....1955 9834 98
9874 38.000 974 Jan 984 Jan
Saxon Pub Works 63581951 9931 98g 99% 131.000 97
Jan 994 Jan
Schulte RE Co Os....1935 95
95
95% 28 000 93% Jan 0535 Jan
6s without corn stock1935
Jan
864 8635 4 000 854 Jan 87
Servel Corporation 68.1931 81
81
85
73 000 7035 Jan 654 Jan
Shawsheen Mills is. _ _1931 1004 1004 101
10 000 1004 Jan 101% Jan
Rieman & Hasske is., _1935 102% 1024 103
Jan
27,000 10171 Jan 103
Siemans & Haiske SS
635s with warranta.1951 10235 10235 1034 665.000 98
Jan, 1034 Jan
Sloss-Sheff S & I (4. _1929 1024 1024 1024 5.000 10131 Jan 10231 Jan
Solvay Am In 58 ser A.1942 9931 9931 994
10 99% Jan 994 Jan
Su vay & Cie Os
1934
1044 10431 10.000 104% Jan 1044 Jan
Southeast P & L 6s...2025
Without warrants
98% 9934 350.000 9634 Jan 9911 Jan
99
Sou Calif Edison 5s...._1951
• 9835 9835 63 000 973' Jan 984 Jan
New
Jan 984 Jan
983( 33 000 98
9835 98
58
1944
Jan 10234 Jan
102 102% 18.000 101
Southern Gas Co 6356_1935 102
Jan 10235 Jan
102 102
15.000 102
SWG&E So tier A-1957
Jan
Jan 102
102 102
1.000 102
Southwest P & L 68_2022 10031 10031 101
Jan
8,000 9951 Jan 101
Stand Oil of NY 648.1933 105
105 1053( 73 000 104% Jan 10531 Jan
4(5s when Issued...1951 97% 9734 974 177.000 97% Jan 9735 Jan
Stinnes (Hugo) Corp 7%
notes Oct 1 '36 with warr 9934 9935 9934 43 000 09% Jan 99% Jan
75 1946 with warrants
9935 994 9114 70.1200 9914 Jan 9935 Jan
Sun 011 5
160 100
100 1004 17.000 99% Jan 10034 Jan
Swift & 0)5 Oct 15 1.132 9935 9936 994 100.000 994 Jan 9914 Jan
Texas Power & Light 58 '56
9634 9715 18 000 9631 Jan 97% Jan
Thyssen (Aug) I dc El 781930
103 1034 23.000 1024 Jan 10334 Jan
Trans-Cont'l 011 76
1930 9935 99
9935 57.000 9731 Jan 99% Jan
Ulen & Co 13358
1936 094 9931 100
Jan
21.000 9914 Jan 100
United El Sent (Unes) 7858 9435 9435 953.4 471.000 93
Jan 95% Jan
United Industrial 6358.1941 9835 98
9834 185.000 974 Jan 98% Jan
United 011 Pro c 8s. _1931
Jan
28.000 eog Jan 78
1334 70
United Rys of Slav 735s '36
Jan 112
Jan
112 112
8.000 Ill
U S Rubber 64% notes '27
1004 10034 10.000 loog Jan 10074 Jan
Serial eg% notes-1929
10234 10235 7.000 10 34 Jan 103% Jan
Serial 635% notes_ _1930 10234 1023( 1024 7.000 102% Jan 103
Jan
Serial 64% notes 1931 102)4 10234 10255 13 000 102
Jan 102% Jan
Serial 134% notes-1932 10231 102% 103
Jan 103
Jan
16,000 102
Serial 635% notes__1933
10234 10235 1.000 102g Jan 102% Jan
Serial 635% notes 1934
10235 10234 1.000 102g Jan 102g Jan
Serial 635% notes_ _1935 10234 10214 10235 10.000 10234 Jan 103
Jan
Serial 635% notes_ _1936 10234 10234 10235 3.000 10231 Jan 103
Jan
Serial 635% notes_ .1.537 10235 10234 10235 18,000 102% Jan 10235 Jan
Serial 634% notes_ _1938
Jan
Jan 103
102% 1024 1.000 102
Serial 6.34% notes 1939
Jan
103 103
1.000 102% Jan 103
Serial 635% notes--1940 103
103 103
9.000 102% Jan 10351 Jan
US Smelt & Ref 546.1935 102
102 1024 3,000 wig Jan 102% Jan
United Steel Wks Burlach
Luxemburg 75
1951 103% 1024 1033( 93,000 984 Jac 103% Jan
US Steel Works A 6481951
With stk our warr ser A. 10935 logg nog 659.000 102% Jan 1103( Jan
Without stock our. warr 100% wog 1009( 34.000 9535 Jan 1003( Jan
Series C
Jan
58.000 10234 Jan 110
1094 10931 110
Valvoline 011 65
Jan
1937
105 105
1.000 1044 Jan 105
Wabash Railway 55_ _ _1976 99% 9931 9931 206.000 9734 Jan 99% Jan
Warner Bros P106345.1928 1044 10435 10635 101.000 105
Jan 108% Jan
Webster Mills
_1933 98% 9835 9835 23.000 9735 Jan
Jan
Western Power635a_655s.B1954
98
Jan
Jan 08
98
5.000 08
Western Union Tel 55.1951 10134 101% 102 227.000 101
Jan 102
Jan
Wisconsin Central By 58'30 99
Jan
Jan 99
99
99
20,000 99
Foreign Government
and Municipalities
Austria (Prov of Lower)735s
1950
Baden (Germany) 78-1951
Buenos Aires(Prov)7448 '47
78
1936
78
1952
78
1957
Costa Rica (Rep) 78-1951
Cundinamarca (Dept of)Colombia ext 7s
1946
Danish Cons Munic 54555
Denmark (KIng'm)545'65
6s
1970
French Govt 4s
1943
German Cons Muni() 78 '47
Hamburg (State) Ger Os'46
Hungarian Land Mtge hist
74s series A
1961
Indus Mtge 13k of Finland
1st mtge coil s f 7s...1944
Medellin (Colombia) 88 '48
7s
1951
Mendoza (Prov) Argentina
1951
735s
Montevideo (City) 1335s '59
Mtge Bk of Chile 646.1961
1956
Peru 748
Prussia (Free State) 648'51
Rio Grande Do Sul (State)
1966
Brazil ext 75
1919
Russian Govt 634a
635% certificates_ _ _1919
1921
535s
5348 certificates_ -- _1921
Saxon State Mtge Inv 75'45
1946
635s
Switzerd Govt 534s.-1929
9935 100 $25.000
10134 1004 1014 28,000
87.000
98% 99
99
42,000
97
91334 96
964 9635 97 114.000
95% 9636 235.000
96
9534 9534 9531 48.000
944 9434 943(
9974 98% 9934
10034 100 10034
100% 100%
2031 203(
10114 10134 101 3(
MS 984 99.4
983i 100
9834
99
97%
954
9535
9535
954
Jan 10034 Jan
Jan 102% Jan
Jan 99
Jan
Jan 9735 Jan
Jan 97
Jan
Jan 06% Jan
Jan 9.531 Jan
51,000 94% Jan 954
59,000 974 Jan 9935
50.000 9935 Jan 100%
7.000 10031 Jan 10131
10,000 204 Jan 204
178.000 9935 Jan 10134
158,000 95% Jan 9931
22,000
9831 Jan 100
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
18,000 99% Jan 1014 Jan
Jan 104
24,000 103
Jan
98,000 93% Jan 94
Jan
98%
Jan 9951 Jan
984 994 59.000
Jan 9335 Ian
9335 66,000 93
93
984 eeg 9831 10.000 98% Jan 9835 Jan
Jan 10034 Jan
100 100% 146.000 100
100
10034 9934 10034 247,000 984 Jan 10035 Jan
1003( 101
1034 104
934 933( 94
98
984
14% 144
1435 1434
1434 1434
1434 143(
10134 10134 102
98% 9934
99
10171 10134 ung
98
6.000 9834
10.000 1434
18.000 14
19,000 144
22,000 1434
56,000 100
83.000 97%
45,000 10135
Jan 984
Jan 15
Jan 15
Jan 15
Jan 1531
Jan 102
Jan 994
Jan 1014
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
•No par value. k Correction. ;Listed on the Stock Exchange this week, where
additional transactions will be found. m Sold under the rule. n Sold for cash.
o Nesi stock. r Ex 33 1-3% stook dividend: sold at 1483.4 on Jan. 3 1027 with stook
dividend on. s Option sale. I Ex-rights and bonus. v Ex-cash and stock dividends' w When Issued. x Ex-dividend. y Ex-rights. z Ex-stock dividend,
puestutent and faxitaati 3,ntelligtude.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separatelyjthe earnings for the third week
of January. The table covers 9 roads and shows 0.76%
decrease from the same week last year.
Third Week of January.
1927.
Increase. Decrease.
1926.
380,707
Buffalo Rochester & Pittsburgh
350,293
4,623.943 4,355,868
Canadian National
Canadian Pacific
3,148,000 3,105,000
Minneapolis & St. Louis
258,256
292,938
340.329
Mobile & Ohio
379,260
St. Louis Southwestern
478,700
515,256
3,562,223 3,918,673
Southern Railway System
688,713
Texas & Pacific
677,254
450,532
Western Maryland
443,789
30,414
268,075
43,000
13.931.403 14,038,331
359.691
Total (9 roads)
Net decrease (0.76%)
34,682
38,931
36,556
356,450
11,459
6,743
466,619
106,928
In the table which follows we also complete our summary
of the earnings for the second week of January.
Second Week of
@FedFRASER